Multiplan Apr Junho 20090601 En

1Q09

COMPANY PRESENTATION June 2009

1Q09

Who We Are Quality Shopping Centers

Leadership in the Sector

Rental Revenue/m² - 1Q09

30%

251 R$/m²

(R$ million) – 1Q09

BRMalls

29%

194 R$/m²

193 R$/m²

Multiplan

Iguatemi

108 82 48

51

54 25

BRMalls

Multiplan

Iguatemi

Low Risk Multiplan

FFO

44 16

Net Income

High Returns

Interest, Management and Control

BRMalls

Net Revenue

37

Average 3rd year NOI Yield > 15%

Iguatemi 83%

68%

44%

56%

Average. Interest 1 1Q09

35%

50%

Malls with 50% or more 2 of interest - 1Q09

ParkShopping – Frontal Expansion

BarraShoppingSul – New Shopping Center

MorumbiShopping – Mixed-use

Shopping Santa Úrsula – Acquisition

Source: Companies report

2

1Q09

Control of the Leading Shopping Centers in the Market 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

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 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

3

1Q09

Solid Growth Diversified Mix of Tenants

Brazillian Indexes vs Portfolio Performance

(% Rent of the Largest Tenants in 2008) 35%

(CAGR)(2000-2008)

13.6%

14.5%

% of minimum rent and overage total

15.8%

6.2% 4.1%

2.9%

30% *

25% 20% 15% 10% 5% 0%

GDP

IPCA

Retail Sales

Sales

Brazil

Rent

Tenants 1

NOI

* Largest 25 tenants contribute with 23% of rental revenue

Portfolio

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 BarraShopping Sul4

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 Total of 36

6 11 16 21 26 31 36 41 46

Occupancy Rate Annual Average 100%

99.4%

ParkShopping Barigüi

98% 96% 94% 92% 90%

98.2%*

96.6% 94.5%

Shopping AnáliaFranco

BarraShoppingSul and Shopping Santa Úrsula 90.7%

*Disregarding BarraShoppingSul and Shopping Santa Úrsula

4

1Q09

Operational Highlights ¹ Sales Growth

Multiplan Sales vs. IPCA vs. Retail

(R$’000)

+92,006

+83,954

+18,410

1,261,212

+21,051

8.5%

+20.6%

1,045,791

Total Sales 1Q08

20.6%

Operating

SSU

5.6%

BSS

4Q08 Total Sales Expansions 1Q09

Turnover vs. Vacancy

IPCA

3.8%

Retail Sales

5.1%

SSS/m²

SAS/m²

Sales

SSR vs. SAR vs. IGP-DI Growth

4.8%

38.0%

Turnover ² Vacancy²

2.6% 2.1% 1.0%

0.8%

1.1%

1.4%

11.1%

1.7%

1Q07

1Q08

1Q09

¹ Considering 100% of the shopping centers. ² Does not include BarraShoppingSul and Shopping Santa Úrsula.

12.6%

SSR/m²

SAR/m²

5.6%

IPCA

1Q06

13.2%

IGP-DI Adjustment Effect

Rent

5

1Q09

Revenue Highlights Gross Revenue Growth

Gross and Rental Revenue Breakdown

(R$ ’000)

(1Q09)

+4,135

118,074

+427

+4,976 +404

-33

+18,826

Minimum 87.3%

Parking 15.0%

+32.2%

Rental 67.2%

Key money 4.4%

89,339

Gross Revenue 1Q08

Real Estate 0.4%

Rental

Services

Key Money

Parking

Real Estate

Other

Gross Revenue 1Q09

-22.5% -22.5%

Overage 2.5%

(R$ ’000)

+34.8% +34.8%

2,110

17,281

Merchandising 10.3%

Parking Result

Rental Revenue Growth (R$ ’000) +33.2% +33.2%

Services 13.0%

79,389

+69.4%

10,540

-566

+31.1%

6,224

60,564

Rental 1Q08

Minimum

Overage

Merchandising Rental 1Q09

1Q08

1Q09 6

1Q09

Company Results NOI vs. NOI + Key Money Margins

NOI vs. NOI + Key Money Growth (R$ ’000)

+28.8%

+40.8%

73,374

91,031

+180 b.p. +357 b.p.

70,675

81.6%

84.6%

82.8%

78.0%

52,109

1Q08

(R$ ’000)

NOI

1Q09

1Q08

NOI + KM

1Q09

EBITDA vs. Core EBITDA (R$ ’000)

59,947

1Q09

1Q08

NOI

1Q09

NOI + KM

Net Income vs. Adjusted Net Income +25.6%

+17.8%

1Q08

77,214

(R$ ’000)

-11.8% 50,101

61,456 +240.8%

50,910

44,178

44,178

12,962

1Q08

1Q09 EBITDA

1Q08

1Q09

Core EBITDA

1Q08

1Q09

Net Income

1Q08

1Q09

Adjusted Net Income

7

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

8

1Q09

Generating Value

Own GLA Growth

Our Stores

(‘000m²)

+10.2%

25 m²

364 m²

+19.8%

3,016

9 m²

331 m²

3,614 Stores to be leased 16%

Stores leased 84%

Shoppings in operation

Shoppings under Expansions under development development

Stores in 1Q09

Total

Stores in 2010

900.000

Projects’ Economic Capex *

Impact of Future Projects’ Estimated NOI

As of April 2009 - (R$ ‘000)

Capex to be invested

Average NOI 3rd year Yield: 16.3% 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

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

+R$ 9.5 M R$ 342.3 M +R$ 25.7 M

R$ 301.0 M

NOI 2Q08 until 1Q09

+R$ 6.1 M

2009

2010

2011

2011

Estimated NOI of the projects that will be under construction until the end of 2009 9

1Q09

Six Projects 84% Leased ! ShoppingAnáliaFranco Expansion

RibeirãoShopping Expansion (Phase 2)

Opening: Jul-09

BH Shopping Expansion Opening: 2010

Opening: Aug-09

GLA: 11,667 m² Stores: 93

GLA: 466 m² Stores: 6

Construction

GLA: 11,010 m² Stores: 104

Construction

Construction

Stores Leased

87%

Stores Leased

100%

Stores Leased

89%

Capex invested

64%

Capex invested

18%

Capex invested

36%

ParkShopping Frontal Expansion

Shopping Vila Olímpia

Construction

Construction

Capex invested

39%

GLA: 8,075 m² Stores: 93

GLA: 29,586 m² Stores: 211

GLA: 8,591 m² Stores: 91

96%

Opening: 2010

Opening: Nov-09

Opening: Oct-09

Stores Leased

ParkShoppingBarigüi Expansion

Stores Leased Capex invested

Project

87%

Stores Leased

50%

49%

Capex invested

8%

All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice.

10

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 Source: ABRASCE (2007)

Classes D/E

Credit Increase 47%

1,872

44%

42%

38%

400. 0Bi

36%

32%

Consumer Credit (R$) Interest Rate

350. 0Bi

17.7%

300. 0Bi

1,128

250. 0Bi

2003

2004

2005

2006

2007

2008

150. 0Bi

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

213

USA

Canada

Mexico

Sales Evolution

Brazil

Inflation Under Control

13.3%

9.3%

7.9%

2004

Source: IBGE/FGV

2005

14. 0%

15.8%

9.1%

2006

13.1%

9.2%

2004 Retail

3.1% 3.8%

-3.7% 2003

4.5% 2007

5.9%

2008

10. 0%

2004

2005

2006

2007

2008

Source: BACEN

9.3% 4.8%

12.1%

2003

16. 0%

13.7%

13.2%

11.2%

2003

27.9%

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

1.2%

18. 0%

0. 0Bi

19.3%

7.6%

113.0 Bi

192.0 Bi

50. 0Bi

47

13.8%

7.7%

88.0 Bi

155.0 Bi

20. 0%

235.0 Bi

12. 0%

81

France

5.7%

100. 0Bi

18.5%

16.3%

200. 0Bi

22. 0%

334.4 Bi

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.

11

1Q09

Key Performance 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.

12

1Q09

Glossary Acronyms Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO and restructuring costs. BHS BH Shopping Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization. BRS BarraShopping Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization BSS BarraShoppingSul of goodwill from acquisitions and mergers (including deferred taxes). DMM DiamondMall Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus MAC Shopping Maceió ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m² to be MBS MorumbiShopping considered anchors. MTE Multiplan Base Rent: The minimum rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent is a NYCC New York City Center percentage of sales. PKB ParkShoppingBarigüi Complementary Rent: The difference between the base rent and the rent consisting of a percentage of sales, as determined PKS ParkShopping in the lease agreement. This amount is only paid if the percentage rent is higher than the base rent. PSS Shopping Pátio Savassi 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 RBS RibeirãoShopping definition, and this definition of EBITDA may not be comparable with the EBITDA used by other companies. SAF ShoppingAnáliaFranco Deferred income: Deferred key money and store buy back expenses. SSU Shopping Santa Úrsula GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus the stores SVO Shopping Vila Olímpia sold. GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding kiosks. 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 green fields 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. 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 (rent 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 is the share of the parking revenue that needs to be passed to the companies 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-Store Rent/m²: Rent earned from stores that were in operation for over a year. 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. 13

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. 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.

14