Multiplan Apr 20090625 Eng

1Q09

COMPANY INITIAL PRESENTATION

Version 2.0

1Q09

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

2

1Q09

Highlights: Brazil, Retail and SC’s Purchase Power Classes A/B

Class C

11%

12%

12%

13%

14%

15%

42%

44%

46%

48%

50%

52%

Lack of Shopping Centers Total GLA (m²) / 1,000 habitants

Credit Increase

Source: IPDM (2008)

47%

1,800

Classes D/E

44%

42%

38%

GLA/'000 Habitants

400. 0Bi

36%

32%

Consumer Credit (R$) Interest Rate 17.7%

300. 0Bi

1,262

250. 0Bi

16.3%

200. 0Bi

2003

2004

2005

2006

2007

2008

150. 0Bi

Source: CPS/FGV based on data from PME/IBGE

100. 0Bi

88.0 Bi

113.0 Bi

22. 0%

334.4 Bi

18.5%

350. 0Bi

155.0 Bi

20. 0%

192.0 Bi

235.0 Bi

18. 0%

16. 0%

13.2%

11.2%

13.7%

14. 0%

12. 0%

231

USA

Canada

50. 0Bi

105

France

45

Mexico

0. 0Bi

Sales Evolution

Brazil

27.9%

Inflation Under Control

13.3%

15.8%

7.9% 5.7%

7.7%

2003

7.6%

2004

Source: IBGE/FGV

1.2% 2005

9.1%

2006

-3.7% 2003

2004 Retail

3.1% 3.8%

9.3% 4.8%

12.1% 9.3%

13.1%

9.2%

IPCA - Consumer Price Index IGP-DI - General Price Index

4.5% 2007

5.9%

2008

2004

2005

2006

2007

2008

Source: BACEN

19.3% 13.8%

10. 0%

2003

2005

15.1%

16.0%

10.0% 9.6% 6.2%

2006

18.7%

2007

11.0% 9.1%

2008

Shopping Centers Multiplan Source: IBGE and ABRASCE

Retail Sales * – SC share in the market Canada

65.5%

USA

51.3%

Mexico

50.0%

France

28.0%

Brazil

18.3%

Source: ICSC of 2006 and 2007; ABRASCE of 2008 *Does not consider fuel and lubrificants; Construction material, tools, etc...; GLP.

3

1Q09

Shopping Centers in Brazil North

2.5% of the GLA

Shopping Centers: 9 GLA: 219,220 m² Population: 14.6 million GDP per Capita: R$ 8.2 thousand GLA/1,000 habitants: 15

Total GLA: 8.7 million m²

Northeast

13.6% of the GLA

Shopping Centers: 51 GLA: 1,178,187 m² Population: 51.5 million GDP per Capita: R$ 6.0 thousand GLA/1,000 habitants: 23

Midwest

Federal District

Shopping Centers: 22 GLA: 462,316 m² Population: 13.2 million GDP per Capita: R$15.6 thousand GLA/1,000 habitants: 35

Shopping Centers: 12 GLA: 253,937 m² Population: 2.5 million GDP per Capita: R$ 36.5 thousand GLA/1,000 habitants: 102

Southeast

152

15.2% of the GLA

Shopping Centers: 74 GLA: 1,314,367 m² Population: 26.7 million GDP per Capita: R$ 14.5 thousand GLA/1,000 habitants: 49

Around 325 per month

million visitors

2.9% of the GLA

5.3% of the GLA

South

377 shopping centers under operation, from which 194 are located in the 20 largest cities

60.4% of the GLA

5,412

Cities with Shopping Center

Shopping Centers: 209 GLA: 5,219,638 m² Population: 77.8 million GDP per Capita: R$ 17.3 thousand GLA/1,000 habitants: 67

5 largest companies hold 20% of total own GLA GLA/1,000 habitants São Paulo

159

Belo Horizonte 112

Rio de Janeiro

147

Curitiba

159

Porto Alegre

208

Brasília

99

Source: Abrasce (2009), IBGE (2008)

Cities without Shopping Center

Fonte: Abrasce (2008) and IBGE (2007)

4

1Q09

Advantages of the Sector High operational margins (NOI > 80%) Entertainment Area in BarraShoppingSul

Results leveraged by retail growth

Synergy with the real estate sector (mixed-use projects)

Gourmet Area in BarraShopping

Leasing contracts indexed to the inflation index (IGP-DI)

Cash flow’s predictability (standard 5-year contract)

Shopping center as a urban chaos solution

Medical Center in BarraShopping

5

1Q09

USA and Brazil Shopping Center Sectors

USA

Brazil

. Consolidated market

. Lack of shopping centers

. Low revenue increase

. High revenue growth, indexed to the inflation

. Reit structure . Real Estate driven . Large tenants with high bargain power . Payment of TI (Tenants induction) . Dividend play

X

. Company structure . Real Estate & retail driven . Small tenants with low bargain power . Key money Revenue . Growth play

6

1Q09

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

7

1Q09 Reference to the Sector since 1975

554,290 m²

*

484,374 m²

Multiplan’s Historical Total GLA Growth

345,180 m²

289,946 m²

177,195 m² 18,974 m²

140,034 m²

Growing 26x with CAGR of 12% in almost 30 years, Developing 10 shopping centers and 36 expansions 1984

1989

1994

1999

2004

2009

Partners

Aquisições

Developments

1979

115,160 m²

* Considering the projects under construction in 2009

5

1Q09

Ownership Structure 147,799,441 Stocks Free Float * 25.01%

MTP & Peres 40.53%

Ontario Teachers' Pension Plan 34.70%

Partnership with Ontario Teachers’ Pension Plan (OTPP)

Common Stocks 26.67% *

Preferred Stocks 8.02%

The Ontario Teachers’ Pension Plan is the pension fund of 284 thousand Canadian teachers, with assets valued at U$87.4 billion (on December 31, 2008). In 1999, OTPP acquired Cadillac Fairview, that became Multiplan’s partner in June 2006.

* 0.2% of the total stocks are in Treasury

Cadillac Fairview: Integrated Part of the OTPP

One of the largest mall developers, managers and owners in North America, with a portfolio valued more than USD$ 16 million and a GLA of approximately 15 million m², Cadillac Fairview holds stake in ventures located in Canada, USA, England and Brazil, through a partnership with Multiplan. Source: Ontario Teachers’ Pension Plan and Cadillac Fairview

Champlain Place

Toronto Eaton Centre

Richmond Centre

9

1Q09

Multiplan Effect BH Shopping (MG)

RibeirãoShopping (SP)

1997

1984

2007

BHS

1999

2007

2006

1997

GLA 18,974 m² Interest 32.5% Nº of Stores 130

2008 36,895 m² 80.0% 295

1984 RBS GLA 17,268 m² Interest 20.0% Nº of Stores 110

ShoppingAnáliaFranco (SP)

2008 46,221 m² 76.2% 232

SAF

1999

GLA 39,636 m² Interest 30.0% Nº of Stores 236

2008 39,310 m² 30.0% 236

10

1Q09

Cycle of High Returns of our Leading Shoppings High Returns Same Store Rent (R$/m²) + 10.6%

1,034

935

Higher Sales

More Investments

Same Store Sales (R$/m²) + 10.3%

Increase in GLA ( ’000 m²)

13,030

+ 88.9% 11,810

Tenant 2007

Multiplan Ranking for Multiplan Stores / Tenant Total Stores (1)

2007

# Ranking 1Multiplan7for/ 60 Multiplan Stores /

Tenant

295 m²

2008

Original GLA

2008

Best Tenants

Tenant

#1

#1

4/4

#1

#1

#1 #1

Total Stores (1)

557 m²

Future GLA*

* After expansions

Higher Atraction Power

7 / 60 4/4

6 / 11

6 / 11 6 / 84

11

1Q09 98,0%

Control, Management & Innovation 97,9%

Majority interest in the shopping malls represents a key competitive advantage to achieve long-term performance in the industry

Average Interest & Control in Malls

68%

Rationale Strategic Control of the Malls

83%

100%

Strategic Approach Ability to change tenant mix and a higher capacity to negotiate with retailers

Ability to Expand and Adapt to Market Trends

Full control over the refurbishment and expansions in terms of timing, size and tenant mix

Control over the Malls

Majority interest allows MTE to implement its state-of-the-art management tools and techniques

Average Interest Average interest 1Q09

Mallswith with 50% Malls 50%oror moreof of interest interest more

Control over Control over management management

Award - Best Shopping

Fashion Week, a success

Medical Center integrated

Mall of São Paulo

created by Multiplan

to a shopping

Source: Companies’ Reports

12

1Q09

Who We Are Quality Shopping Centers

Leadership in the Sector

Rent Revenue/m² - 2008 (R$/m²) 1,139

+46%

(R$ millions) – 2008

453

+25%

Multiplan

Iguatemi

351

912

780

BRMalls 214

241 147

209 121

77

-30 BRMalls

Multiplan

Iguatemi

Low Risk

Interest, Management and Control

BRMalls

Multiplan

Gross Revenue

Adjusted FFO

Adjusted Net Income

High Returns

Average 3rd year NOI Yield > 15%

Iguatemi 83%

68%

44%

56%

Average. Interest 1 2008 Source: Companies’ report

35%

50%

Malls with 50% or 2 more of interest 2008

ParkShopping – Frontal Expansion

BarraShoppingSul – New Shopping Center

MorumbiShopping – Mixed-use

Shopping Santa Úrsula – Acquisition

13

1Q09

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

14

1Q09

Shopping Centers Multiplan 5

1

10

14

Numbers confirm leadership in every city State

Multiplan %

1 BH Shopping

MG

80.0%

36,895 m²

R$770.4 M

99.1%

1º

2 RibeirãoShopping

SP

76.2%

46,221 m²

R$523.3 M

96.8%

1º

3 BarraShopping

RJ

51.1%

69,503 m²

R$1,083.7 M

98.0%

1º

4 MorumbiShopping

SP

65.8%

54,988 m²

R$1,145.6 M

99.6%

1º

5 ParkShopping

DF

59.1%

43,178 m²

R$429.6 M

96.9%

1º

6 DiamondMall

MG

90.0%

21,360 m²

R$301.5 M

99.1%

5º

7 New York City Center

RJ

50.0%

22,068 m²

R$85.0 M

97.5%

1º

8 ShoppingAnáliaFranco

SP

30.0%

39,310 m²

R$320.7 M

98.6%

7º

PR

84.0%

42,968 m²

R$677.0 M

99.1%

1º

MG

83.8%

16,172 m²

R$ 221.3 M

98.8%

2º

Shopping

Total GLA

Asset Value ¹ (% MTE)

Occupancy Top of 1Q09 Mind ²

In Operation AL 2

6

DF

MG

11

7 SP

9 ParkShoppingBarigüi

11

10 Pátio Savassi

PR 9

3

8

11 Shopping Santa Úrsula

SP

37.5%

24,043 m²

R$56.3 M

69.8%

N/A

12 BarraShoppingSul

RS

100.0%

68,187 m²

R$ 573.0 M

93.9%

N/A

96.3%

-

Sub-Total In Operation

RS

68.2%

Under development 13 Shopping Vila Olímpia 14 Shopping Maceió 12

8

Already Operating

13

4

Under Development/Approval

Portfolio Total

3

484,894 m² R$ 6,187.3 M

(% constr.) SP AL

42.0%

29,538 m²

50.0%

27,582 m²

65.8%

542,062 m²

¹ According to Jones Lang LaSalle evaluation done in November 2008, considering present and future expansions ² Researches from Veja SP, IPDM, DataFolha and Tribuna & Recall between 2005 and 2008 in each city. New York City Center is considered as part of BarraShopping ³ Interest during construction 15

1Q09

Historical Performance Summary Sales Compound Growth (CAGR) 25.0%

18.0%

SC Sales (2000-2008) Retail Sales (2001-2008)

20.0%

16.8%

15.7% 15.0%

Rent Compound Growth (CAGR)

11.8%

11.1%

21.1%

12.6%

14.0%

18.3%

17.9%

16.0%

13.7%

11.2%

6.8%

4.0% 2.0% 0.0%

Brazilian Indexes vs. Multiplan Portfolio

NOI Compound Growth (CAGR) SC NOI (2000-2008) GDP (2000-2008)

16.0%

14.4% 14.1%

14.0% 10.4% 10.3%

(CAGR)(2000-2008)

18.8% 18.3% 14.9%

15.8% 13.6%

14.7%

14.5%

11.9%

10.0% 8.0%

16.0% 16.3%

6.0%

0.0%

12.0%

10.2% 9.9%

8.0%

5.0%

18.0%

12.0% 10.0%

11.9%

10.0%

20.0%

SC Rent (2000-2008) IPCA (2001-2008) 13.9% 13.1% 12.5%

16.0%

6.2%

6.3%

6.0% 4.0%

4.1%

2.9%

2.0% 0.0%

GDP

IPCA

Brazil *PKB was opened in 2003, and for this calculation the 2004-2008 figures were considered

Retail Sales

Sales

Rent

NOI

Portfolio 16

1Q09

Expansions and Revitalizations Reinvesting in the Portfolio

Occupancy Rate Year Average 100%

Before Renovation

99.4%

ParkShopping Barigüi

98% 96% 94%

98.2%*

After Renovation

MorumbiShopping

96.6% 94.5%

Shopping AnáliaFranco

92%

BarraShoppingSul and Shopping Santa Úrsula 90.7%

90%

ParkShopping *Disregarding BarraShoppingSul and Shopping Santa Úrsula

Investing in Our Enterprises 1 2 3 4 5 6 7 8 9 10 11 12

Sc’s in Operation BH Shopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center ShoppingAnáliaFranco ParkShoppingBarigüi Pátio Savassi² Shopping Santa Úrsula³ BarraShoppingSul4

¹ Including expansions under construction ² Acquired in April 2008 ³ Acquired in June 2007 4 Opened in November 2008

State MG SP RJ SP DF MG RJ SP PR MG SP RS

Age 29 28 27 27 25 12 9 9 5 1 1 -

Expansions¹ 5 5 6 5 9 3 1 2 -

DiamondMall

Total of 36

17

1Q09

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

18

1Q09

Potential Growth New Shopping Centers

Opportunity to improve mix

Expansions

(Lack of SC’s – GLA/’000 Hab.)

(High occupancy rate - %GLA MTE)

98.2%

Source: IPDM (2008)

97.4%

1,800

GLA/'000 Habitants

95.4%

Canada

France

105

Mexico

45

Cost reduction through scale

2003 2004 2005 2006 * Adjusted excluding BSS and SSU.

Brazil

Third Party Acquisitions (Fragmented market - % Own GLA)

Return (IRR)

New clients and tenants

Savoy

5.2% 4.0%

2008*

Minority Acquisitions

(Shares to be acquired - % MTE GLA) PREVI 10.7%

Expansions

Future potential for expansions

5.5%

2007

Growth Strategies

Synergies with real estate projects

75.8%

Increases competitiveness

95.1%

94.2%

231

USA

Growth of consumers flow

96.1%

1,262

Higher attraction power

BRMalls Multiplan Sonae Iguatemi

2.6% Aliansce 2.6% Brascan/Malzoni 2.1% 2.3% Others Source: ABRASCE, BNDES and companies (2008)

19%

16%

Mixed-Use Projects New SC’s

Minority Acquisitions

MTE 68.2%

A.FRANCO 5.7%

FAPES 2.6% USIMINAS 2.0% Others 8.5%

Third Party SC’s

SISTEL 2.4%

13% Low

Medium

Risk

Quick way to grow Access to new markets Consolidation and scale Possible synergy with portfolio

High

No new G&A cost to the company Higher control of mix change, expansions and revitalizations Low risk Faster decision process 19

1Q09

Investment Strategy Development Pipeline

Shopping Centers/Expansions

( ’000 m²)

Own GLA +10.2%

9 m²

331 m²

Shoppings in operation

364 m²

25 m²

Shoppings under Expansions under development development

Total

5 expansions under development

+ 39,810 m²

4 expansions approved

+ 33,158 m²

1 mall under construction

+ 29,586 m²

1 mall under development

+ 27,582 m²

… Not considering lands for mixed-use projects

100% Project

Projects’ Economic Capex *

Stores to be opened

As of April 2009 - (R$ ‘000)

Capex to be invested

2009

2010

113,387

-

Renovations

30,748

2,285

Projects to be started

47,437

33,509

Expansions under construction

124,137

6,373

Shoppings under construction

58,976

2,271

374,685

44,437

Lands

Total

971,245 m²

*Capex updated in May 2009, based on the budget review for the construction to be started in 2009.

+19.8%

3,614

3,016

Stores to be leased 16%

Stores leased 84%

Stores in 1Q09

Stores in 2010 20

1Q09

Shoppings Under Development Shopping Under Construction – Shopping Vila Olímpia (SP) Located in the heart of Vila Olímpia, a neighborhood that has become synonymous of modernity and entrepreneurship in the City of São Paulo, Shopping Vila Olímpia promises to transform the region even further. The architectural project is inspired on the aesthetics of the factories that occupied the region in the early 20th century.

Project Details

Total stores: 221

NOI 1st year

R$ 9.2 M

Anchor stores: 5

NOI 3rd year

R$ 10.9 M

(MTE %)

Launch

Jul/07

Opening

Nov/09

Interest *

42.0%

GLA (m²)

29,586 m²

Key Money

R$ 21.6 M

CAPEX

R$ 89.9 M

* During construction, MTE interest is 42%. Due to a ground lease, MTE interest will be 30% after opening.

Shopping Under Approval – Shopping Maceió (AL) In association with Aliansce Shopping

Centers S.A., Multiplan is planning a new greenfield project, Shopping Maceió. The mall will be built on a 200,000 m² land in the city’s fastestgrowing region. As a result, it will be a mixed-use project, involving residential and commercial buildings as well as a hotel complex. Total stores: 207 Anchor stores: 7

Project Details

(MTE %)

Launch

TBA**

Opening

TBA**

Interest

50.0%

GLA (m²) Key Money CAPEX

27,582 m² R$ 8.2 M R$ 67.3 M

NOI 1st year

R$ 8.3 M

NOI 3rd year

R$ 10.9 M

** To be announced

21

1Q09

Expansions Expansions Under Construction Project

Expansions Approved

GLA

MTE %

Open.

Project

11,667 m²

30.0%

Jul/09

466 m²

76.2%

ParkShopping Exp. Frontal

8,591 m²

BH Shopping Expansion

GLA

MTE %

BarraShopping Exp. VII

4,894 m²

51.1%

2011

Aug/09

DiamondMall Exp. II

5,299 m²

100.0%

2011

62.5%

Oct/09

ParkShopping Exp. Gourmet

1,327 m²

60.0%

2011

11,010 m²

80.0%

Apr/10

BarraShoppingSul Exp. I

21,638 m²

100.0%

2014

ParkShoppingBarigüi Exp. II

8,075 m²

100.0%

Oct/10

Total

33,158 m²

91.2%

Total

39,810 m²

65.6%

30,232 m²

 9.2%

26,107 m²

 5.4%

ShoppingAnáliaFranco Expansion RibeirãoShopping Expansion

Total Own GLA

Total Own GLA

Own GLA (’000)

+ 16.9%

SAF Expansion

30 m²

386 m²

Expansions approved

Total

RBS Expansion

BHS Expansion

Open.

PKS Expansions

26 m²

330 m²

Shoppings in operation

Expansions under construction

22

1Q09

Acquisition of Third Party Malls Consolidation in Belo Horizonte (MG)

GLA Share Administration Vacancy Sales / m² *

Pátio Savassi

BH Shopping

DiamondMall

16,172 m²

36,895 m²

20,809 m²

83.8%

80.0%

90.0%

Multiplan

Multiplan

Multiplan

0.9%

2.8%

2.6%

R$ 13,655

R$ 15,865

R$ 14,134

127

295

228

9.4 million

14.7 million

9.0 million

Nº Stores Customers Flow

1 Diamond Mall 1 1

22 Pátio Savassi

5.3 km 2.503 R$/m²

Shopping Santa Úrsula GLA Share Administration Vacancy Sales / m² * Nº Stores Customers Flow 1

Based on 2008 figures

2

From May to December

2

4.3 km

Regional consolidation Reduce the competition Higher bargain power

33

Consolidation in Ribeirão Preto (SP)

1.7 km

BH Shopping

Operational synergy

1

Consumer segmentation

Ribeirão Shopping

24,043 m²

46,221 m²

37.5%

76.2%

Multiplan

Multiplan

27.5%

2.6%

R$ 4,276

R$ 8,503

114

232

2.4 million

15.2 million

* Sales 2008 / (Total GLA – Vacancy)

2

Improve the marketing effort

3.5km (8 mins.)

Entrance barrier 1

23

1Q09

Mixed-Used Strategy Analysis Centro Empresarial BarraShopping 1

Growth of people flow in the region

BarraShopping GLA

Private Area

R$ 1.02 billion

People Flow

27 million

59,617 m²

Price / m²

R$ 6,500

People Flow

69,501 m²

Sales (2008)

2

3.6 million

Need of living close to work location

3

Royal Green Peninsula Private Area

24,287 m²

PSV

> R$ 70 million

3

Growth of the number of consumers in the region and the demand for new expansions

Development of new commercial projects

4

1

2

5

5

4

Barra da Tijuca, Rio de Janeiro

Land Acquired Area

36,748 m²

Price

R$ 100 million

Appreciation of the area and new opportunities for investments

New York City Center GLA

22,068 m²

Sales (2008)

R$ 141 million

People Flow

8 million

24

1Q09

Mixed-Use Projects and Land Bank Land Bank

Cristal Tower – Porto Alegre (RS)

Location

Cristal Tower aerial perspective

Bridge connecting Cristal Tower to BarraShoppingSul.

Highlights: Conclusion Area PSV

2nd Half of 2011 11,910 m² > R$ 70 million

To be sold 31%

Sold 69%

%

Type

Area

Barra da Tijuca

100%

Office/Retail

36,748 m²

BarraShoppingSul

100%

Residential, Hotel

12,099 m²

Campo Grande

50%

Residential and Office/Retail

Maceió

50%

Residential, Office/Retail, Hotel

Jundiaí

100%

Office/Retail

45,000 m²

MorumbiShopping

100%

Office/Retail

21,554 m²

ParkShoppingBarigüi

84%

Apart-Hotel

ParkShoppingBarigüi

94%

Office/Retail

RibeirãoShopping

100%

Residential, Office/Retail, Medical

São Caetano

100%

Office/Retail

57,948 m²

ShoppingAnáliaFranco

36%

Residential

29,800 m²

Total

70%

338,913 m² 200,000 m²*

843 m² 27,370 m² 200,970 m²

971,245 m²

Contracts with undisclosed land swaps or buy option are not included * Shopping Maceió is included in our development pipeline and will occupy 70,000 m² of land

BarraShopping Complex

BarraShopping

BarraShoppingSul complex

Centro Empresarial

Royal Green

New York City

Barra Shopping

Península

Center

25

1Q09

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

26

1Q09

How Does a Shopping Center Work? Stores Pay Rent to Stay Pay Key Money to Open

Urban Chaos

Shopping Malls

Generate

Pay Condo and

Sales

Promotion Fund

Demand for Shopping Malls

Income: • Rent • Key Money • Service Revenue

Pay Management

• Parking

& Brokerage Fee

Expenses: • Vacant Stores Costs • Headquarter • Refurbishment

Customers drive to Shopping Malls

Parking Lots

Generate People Flow

• Auditing • Legal

Tickets charged for Parking

• Others

27

1Q09

Revenue Breakdown* Real Estate & Others Grows with demand for projects near our malls (Mixed-use)

0.6%

14.9% Key money Grows after oppenings of new SC’s

Parking Revenue Grows with people flow

4.7% 14.6% Merchandising

Service Revenue Grows with higher SC performance

12.9% 3.8%

Rent

Grows with higher demand for alternative marketing Overage Grows with higher sales

65.2%

3 types of revenue

83.2%

Minimum Grows according to indexed contracts

* Based on 2008 figures

28

1Q09

Expenses Breakdown* Operating Expenses Breakdown Depreciation 10.1% Financial expense / revenue -1.1%

Other operating income/expenses -0.3% Headquarters 26.6%

Amortization 40.0%

Shopping malls 17.0% Equity in earnings of affiliates -2.2%

Parking 9.6% Cost of properties sold 0.4%

Taxes Breakdown 3.7%

Operating Expenses Headquarters

G&A expenses and some developments

Shopping center

All expenses related to malls, such as brokerage, vacant stores and auditing

Parking

Parking revenue forwarded to the shopping centers’ condominium

Cost of real estate sold

All costs and expenses related to the construction and selling of the real estate projects

Equity in earnings of affiliates

Comes mainly from the results of the Royal Green Península SPE

Amortization

Goodwill from minority acquisitions

Financial expense / revenue

Bank and non-bank debts and interest paid

Depreciation

Malls’ equipments (avg. 5 years) and the malls themselves (avg. 25 years)

Other operating revenues / expenses

Results that do not fit in the ordinary accounts mentioned above Taxes

Minority interest

34.3%

Deferred income and social contribution taxes Income and social contribution taxes

Tax income and social contribution

25% income tax, 9% social contribution

Differed taxes

Taxes related to the Bertolino’s reverse acquisition goodwill

Participation of the minority stockholders

Amount payed to the minority stockholders in consolidated companies

62.0%

* Based on 2008 figures

29

1Q09

Greenfield Ramp-Up

Assumptions of a Shopping Center project

Construction start: 6 months after the launch Construction Duration: 12-24 months (Expansions are usually faster than greenfields) Construction Cost: 3,000-6,000 R$/m² (Vertical Shoppings are more expensive than horizontal Shoppings. The parking may influence this cost) – average of 4,500 R$/m² Land Cost: 0-20,000 R$/m² (Sometimes, expansions account the former land of the shopping center. Hence, the price varies a lot) – average of 1,000 R$/m² Store Mix: 50% satellites in new shopping centers and 70% in expansions (May vary according with the location and purpose). Key money: 0-8,000 R$/m² (Anchors usually do not pay this fee) average of 1.500 R$/m² Standard Key money contracts: 20% on the signature of the contract and the rest in 24 monthly installments, beginning at the signature date. (Multiplan accrues this revenue, in our balance sheet, in 60 monthly installments after the opening). Until this date this amount was accumulated in our deferred income account). Satellites’ Rent: 50-250 R$/² per month, indexed by the IGP-DI with a real increase of 10% after the second and fourth year, and a double rent in December – average of 80 R$/m² per month (indexed value) Anchors’ Rent: these stores usually pay a percentage over their monthly revenue instead of the base rent. This fact occurs due to the anchors’ rent be four times less than the satellites’ rent – Average of 25 R$/m² per month (indexed by the IGP-DI). Others Revenues: Complementary: 2% of rent, merchandising: 8% of the rent and parking: 10% of the rent. All of these additional revenues are accounted only after the third year, depending on the project. NOI margin: 80-90% - average of 85%. Furthermore, still using this example, one can realize that in the third year there is a stronger increase (10%+2%+8%+10% = 30% + IGP-DI) and in the fifth year, there is a lesser increase of 10%. Multiplan tries to maintain this type of contract when the company has to renew it, thus, keeping both real increases of 10%.This is just an example, for more detailed information and examples, please consult our Earnings. DISCLAIMER: These are only assumptions which may vary significantly from one Shopping Center to another, therefore showing numbers substantially Different from the ones showed above. The company uses this as an example of a greenfield project, but does not consider as a guidance or goal. 30

1Q09

BRAZIL AND SHOPPING CENTER MARKET MULTIPLAN PRESENTATION

OUR PORTFOLIO GROWTH STRATEGY MODELING FINANCIAL AND OPERATIONAL HIGHLIGHTS

31

1Q09

Operational Highlights * Total Sales

Rent Revenue

(R$ ’000)

+ 18.7%

5,069,694

(R$ ’000)

+ 23.3%

+263.8%

+84.3%

295,252

239,394

4,272,289 193,079

3,581,348

3,112,137 81,160

2,751,338

2004

2005

2006

2007

Main Sales Indexes

2008

2004

91,740

2005

2006

2008

Main Rent Indexes

2008

18.7%

2008

21.5%

12.5%

10.3%

9.1%

2007

10.6%

11.4%

SSR/m²

SAR/m²

7.9% 5.9%

Retail Sales * Considering 100% interest

IPCA

SSS/m²

SAS/m²

Sales

IGP-DI Adjustment Effect*

Rent

32

1Q09

Financial Highlights Net Revenue

Adj. EBITDA

(R$ ’000)

+ 22% +257%

411,231

(R$ ’000)

+ 18% +354%

336,393

250,621

212,163

252,970

143,804 115,240

138,110

55,200

2004

2005

2006

2007

2008

2006

+ 19%

+1,454%

240,599

119,378

2004

13,460

2006

209,185

101,867

33,700

2005

2008

176,007

200,174

23,850

2007

(R$ ’000)

(R$ ’000)

+909%

2005

Adj. Net Income

Adj. FFO (Funds From Operations) + 20%

2004

75,040

2007

2008

2004

23,790

2005

2006

2007

2008

33

1Q09

Net Debt/EBITDA of 0.7x Debt Breakdown

brAABB

Debentures issuance 900.000

Fixed 12%

CDI 25%

Others 1% TJLP 4%

Conclusion of the Bookbuilding: June 10th, 2009 Type: Simple, non-convertible, without collateral NonBank 35%

Amount: R$100 million Remuneration: 117% of CDI

IPCA 22%

Term: 721 days Bank 65%

TR 36%

Rating by Standard & Poor s: brAA900.000

Covenant: Net Debt/ EBITDA <= 2.75x EBITDA/ Net Financial Result >= 2,75x

Debt vs. Cash Generation

Debt Amortization *

(R$ ’000)

(R$ million) 80.2

364,337

51.8

40.4

Cash Position: R$ 187.2 million

Loans and financings Obligations for acquisition of goods

259,341 230,074

33.1 24.9

24.9

20.6 19.0 19.0 13.4 13.4

177,125

18.7 5.0

2009

2010

2011

2012

2013

2014

2015

>=2016

* Debt amortization on March 31, 2009 considering the refinancing of R$30 million occurred in April 2009

Gross Debt

Net Debt

Adjusted FFO (12M)* EBITDA (12M)*

* From April 2008 to March 2009

34

1Q09

Main Figures Indicators (R$ '000) Financials (MTE %) Gross Revenue Net Revenue Headquarters Rental Revenue Rental Revenue/m² Adjusted EBITDA Adjusted EBITDA Margin Adjusted FFO Adjusted FFO/m² Performance 100% Adjusted Total GLA (avg.) Adjusted Own GLA (avg.) Rental Revenue Rental Revenue /m² Total Sales Total Sales/m² Same Stores Sales/m² Same Stores Rent/m² Occupancy Costs * Rent as Sales % Others as Sales % Turnover * Occupancy Rate * Delinquency

2008 2007 452,914 368,792 411,231 336,393 (83,051) (54,951) 295,252 239,394 1,139 R$/m² 1,021 R$/m² 250,621 212,163 60.94% 63.07% 240,599 200,174 928 R$/m² 854 R$/m² 2008 2007 405,103 m² 376,827 m² 259,127 m² 234,358 m² 465,197 382,790 1,148 R$/m² 1,016 R$/m² 5,071,404 4,272,289 12,519 R$/m² 11,338 R$/m² 13,030 R$/m² 11,810 R$/m² 1,034 R$/m² 935 R$/m² 13.01% 14.90% 7.99% 8.42% 5.02% 6.48% 6.83% 5.20% 98.16% 97.36% 3.63% 5.43%

Var. % 1Q09 ▲22.8% 118,074 ▲22.2% 108,102 ▲51.1% 18,761 ▲23.3% 79,389 ▲11.5% 251 R$/m² ▲18.1% 59,947 ▼2.1 b.p 55.45% ▲20.2% 53,835 ▲8.7% 170 R$/m² Var. % 1Q09 ▲7.5% 470,488 m² ▲10.6% 316,378 m² ▲21.5% 133,022 ▲13.0% 283 R$/m² ▲18.7% 1,261,212 ▲10.4% 2,681 R$/m² ▲10.3% 2,961 R$/m² ▲10.6% 258 R$/m² ▼190 b.p 14.63% ▼43 b.p 8.81% ▼147 b.p 5.82% ▲163 b.p 1.36% ▲80 b.p 98.33% ▼179 b.p 5.79%

1Q08 89,339 80,892 11,712 60,564 249 R$/m² 50,910 62.94% 57,685 237 R$/m² 1Q08 377,981 m² 242,963 m² 96,407 255 R$/m² 1,045,791 2,767 R$/m² 2,817 R$/m² 228 R$/m² 13.62% 8.40% 5.22% 1.13% 97.93% 3.23%

Var. % ▲32.2% ▲33.6% ▲60.2% ▲31.1% ▲0.7% ▲17.8% ▼748.1 b.p ▼6.7% ▼28.3% Var. % ▲24.5% ▲30.2% ▲38.0% ▲10.9% ▲20.6% ▼3.1% ▲5.1% ▲13.2% ▲101.7 b.p ▲41.3 b.p ▲60.4 b.p ▲22.8 b.p ▲39.9 b.p ▲256.4 b.p

*Does not include BSS and SSU.

35

1Q09

Glossary Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO and restructuring costs. Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization. Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from acquisitions and mergers (including deferred taxes). Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m² to be considered anchors. Base Rent: The minimum rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent is a percentage of sales. Complementary Rent: The difference between the base rent and the rent consisting of a percentage of sales, as determined in the lease agreement. This amount is only paid if the percentage rent is higher than the base rent. EBITDA: Net income (loss) plus expenses with income tax and social contribution on net income, non-operating income, financial result, depreciation and amortization, minority interest and non-recurring expenses. EBITDA does not have a single definition, and this definition of EBITDA may not be comparable with the EBITDA used by other companies. Expected Income: Deferred key money and store buy back expenses. GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus the stores sold. GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding kiosks. IGP-DI Adjustment Effect: Is the weighted average of the monthly IGP-DI increase with a month of delay, divided by the percentage GLA that was adjusted on the respective month. Key Money (KM): Key money is the money paid by a tenant in order to have the right to be in a store. The key money contract when signed is accrued in the expected income account and accounts receivable, but its revenue is accrued in the key money revenue account in linear installments on the term of the leasing contract. Key money from initial leasing is contracts from new stores of new developments or expansions (opened in the last 5 years); ’Operating’ key money from turnover are contracts from stores that are moving in a mall already in operations. Law 11,638: On December 28, 2008, amendments were added to the Brazilian Corporate Law (Law No. 11,638) that introduced changes to accounting practices generally accepted in Brazil, effective for fiscal years beginning on or after 1 January 2008. The Law designed primarily to update accounting practices under Brazilian Corporate Law 'to enable the convergence of Brazilian accounting practices with accounting standards generally accepted in the international capital markets. (Source: Deloitte – IASB) Merchandising: Merchandising consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall. Net Operating Income (NOI): Refers to the sum of the operating income (rental revenue and shopping expenses) and income from parking operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also includes the key money from the contracts signed in the same period. Occupancy: Leased area divided by the total GLA of a mall. Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall. Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. The parking expenses are the share of the parking revenue that needs to be passed to the company’s partners and condominiums. Potential Sales Volume (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the list price of each. Sales: Sales declared by the stores in each of the malls. Same Area Rent/m²: Rent of the same area of the year before divided by the area’s GLA less vacancy. Same-Store Rent/m²: Rent earned from stores that were in operation for over a year. Same Area Sales/m²: Sales of the same area of the year before divided by the area’s GLA less vacancy. Same-Store Sales/m²: Sales of stores that were in operation for over a year. Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended for general retailing.

36

1Q09

IR Contact Armando d’Almeida Neto CFO and Investors Relation Director

Hans Christian Melchers

Planning & Investor Relations Manager

Rodrigo Tiraboschi

Investor Relations Analyst Senior

Franco Carrion

Investor Relations Analyst

Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322

E-mail: [email protected]

http://www.multiplan.com.br/ri Disclaimer This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s management and on available information. These prospects include statements concerning our management’s current intentions or expectations. Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The Company has no obligation to update said statements. The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above. 37