Multiplan Apres 1tq8 20080611 Eng

PRESENTATION OF FIRST QUARTER 2008 RESULTS Teleconference English

May 15th of 2008 15:00 (Brasília time) 14:00 (East Time)

Tel.: +1 (973) 935-8893 Replay: + 1 (706) 645-9291 Code: 45435072

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.

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COMPANY OVERVIEW GROWTH STRATEGY

1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

3

Who We Are Quality Shopping Centers

Leadership in the Sector

(Same Store Rent/sq.m.) – 1Q08

(R$ millions) – 1Q08

89

1 00

Iguatemi

90

235

+23%

+46%

Multiplan

BRMalls

72

80

58

70

191

51

60

50

161

41

40

47

25

30

26

19

20

10

0

Iguatemi

Multiplan

BRMalls

Source: Companies report

Low Risk

46% 45%

Iguatemi

Adj. EBITDA

Adj. FFO

Source: Companies Report

High Returns

Interest, Management and Control

64%

Gross Revenue

IRR Greenfiled SC IRR Expansions

82% 41%

Multiplan Avg. Interest 1Q08 # SC >=50% Interest 1Q08

32%

% >15% >20%

Source: Multiplan

BRMalls Mixed-Use project: BarraShoppingSul

Source: Companies report

4

Control of the Leading Shopping Centers in the Market 15

10

6 14

Numbers confirm leadership in each city # Shopping

5 AL 1

2 DF

MG

7

SP

11

RJ PR

8

3

Operating Shoppings 1 BHShopping 2 RibeirãoShopping 3 BarraShopping 4 MorumbiShopping 5 ParkShopping 6 DiamondMall 7 New York City Center 8 Shopping AnáliaFranco 9 ParkShoppingBarigüi 10 Pátio Savassi 11 Shopping SantaÚrsula *** BarraShoppingSul (BIG) Sub-Total Shoppings Under Development 12 BarraShoppingSul 13 Shopping VilaOlímpia 14 Shopping Maceió 15 LagoSul Shopping Total

%

Total GLA

1Q08 NOI/sq.m

Sales 1Q08 R$ M

Occupancy

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

80.0% 76.2% 51.1% 65.8% 60.0% 90.0% 50.0% 30.0% 84.0% 83.8% 37.5% 100.0% 64.0%

34,739 sq.m. 39,188 sq.m. 69,829 sq.m. 54,958 sq.m. 39,775 sq.m. 20,806 sq.m. 22,068 sq.m. 39,310 sq.m. 41,405 sq.m. 15,538 sq.m. 24,043 sq.m. 14,400 sq.m. 416,058 sq.m.

273 R$/sq.m. 133 R$/sq.m. 317 R$/sq.m. 350 R$/sq.m. 162 R$/sq.m. 247 R$/sq.m. 112 R$/sq.m. 218 R$/sq.m. 108 R$/sq.m. 220 R$/sq.m.

119.9 76.1 224.3 183.6 115.0 60.0 35.7 93.9 93.1 43.9

94.7% 97.9% 97.5% 99.7% 97.6% 97.4% 99.6% 97.7% 98.8% 98.8%

229 R$/sq.m.

1,045.4

100.0% 97.9%

RS SP AL DF

100.0% 30.0% 50.0% 65.0% 64.8%

52,229 sq.m. 26,901 sq.m. 36,000 sq.m. 25,811 sq.m. 556,998 sq.m.

State

Top Of Mind * 1º 1º 1º 1º 1º 5º 1º **

7º 1º 7º NA N/A

RS * Researches from Veja SP, IPDM, DataFolha and Tribuna & Recall between 2005 and 2008 in each city ** Considered as part of BarraShopping

4 9

12

*** Recent acquisition

13

Already Operating Under Development/Approval

5

Partnership with Ontario Teachers Pension Fund US$ M Company Unibail-Rodamco Simon Property Group Land Securities British Land Cadillac Fairview General Growth Properties Metrovacesa Ivanhoe Cambridge Kimco Realty Corporation Hammerson

Country France/Holland United States United Kingdom United Kingdom Canada United States Spain Canada United Kingdom United Kingdom

Ownership Structure

Market Value 28,558 23,478 20,263 16,319 14,297 14,074 13,327 11,603 10,734 9,791

(147,799,441 shares)

Free-Float 25% Ontario 35% MTP & Peres 40%

Stocks ON 19%

Stocks PN 16%

Source: BNDES (2007)

Cadillac Fairview Financial Index Gross Revenue NOI Asset Value Operational Index Shoppings Office

US$ M 1,590 845 16,797 '000 sq.m. 3,066 sq.m. 1,301 sq.m.

Source: Company Toronto Eaton Centre, Toronto

6

COMPANY OVERVIEW GROWTH STRATEGY

1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

7

Investment Shopping Centers/Expansions

7 expansions under development + 44,166 sq.m. +59% Own GLA

4 5 0m ²

424 sq.m. 424 sq.m. 402 sq.m.

4 00m ²

327 sq.m.

3 5 0m ²

338 sq.m.

353 sq.m.

4 expansions approved

+ 40,336 sq.m.

2 shoppings under construction

+ 79,130 sq.m.

2 shoppings under approval

+ 61,811 sq.m.

365 sq.m.

100% Project 3 00m ²

266 sq.m.

Real Estate/Lands 2 5 0m ²

Mall Expansions

New Mall Development

2 00m ²

Current ¹

2H08

1H09

2H09

1H10

2H10

2H14

2H17

11 mixed-use projects being analyzed PSV: R$ 1.2 billion

¹ Considering Shopping SantaÚrsula acquisition

4 new lands

+ 139,584 sq.m.

100% Project

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Shoppings Under Development Shoppings Under Construction BarraShoppingSul: Opening in the 2nd Half! Project Details

(MTE %)

Shoppings Under Approval Shopping Maceió: 1st shopping in Northeast! Project Details

(MTE %)

Opening

Sep/08

Opening

Sep/10

Interest

100.0%

Interest

50.0%

GLA (sq.m.) Key Money CAPEX

66,629 sq.m. R$ 30.8 M R$ 241.0 M

GLA (sq.m.)

36,000 sq.m.

Key Money

R$ 10.5 M

CAPEX

R$ 82.3 M

NOI 1st year

R$ 25.8 M

NOI 1st year

R$ 8.9 M

NOI 3rd year

R$ 39.6 M

NOI 3rd year

R$ 12.3 M

Shopping VilaOlímpia: Construction Started! Project Details

(MTE %)

LagoSul Shopping: First Class location in Brasília! Project Details

(MTE %)

Opening

May/09

Opening

Nov/10

Interest

30.0%

Interest

65.0%

GLA (sq.m.)

26,901 sq.m.

GLA (sq.m.)

Key Money

R$ 20.0 M

Key Money

CAPEX

R$ 60.8 M

CAPEX

25,811 sq.m. R$ 19.5 M R$ 130.5 M

NOI 1st year

R$ 7.4 M

NOI 1st year

R$ 13.2 M

NOI 3rd year

R$ 8.4 M

NOI 3rd year

R$ 16.8 M

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

* 35% ground lease

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Expansions Expansions Under Construction Project

Expansions Approved

GLA

MTE %

Open.

Project

GLA

MTE %

Open.

BHShopping Expansion

12,157 sq.m.

80.0%

oct/09

ParkShoppingBarigüi Exp. II

8,505 sq.m.

84.0%

may/10

Shopping AnáliaFranco Expansion

11,786 sq.m.

30.0%

may/09

BarraShopping Exp. VII

4,894 sq.m.

51.1%

nov/10

RibeirãoShopping Expansion

7,313 sq.m.

76.2%

nov/08

DiamondMall Exp. II

5,299 sq.m.

90.0%

mar/10

ParkShopping Exp. Fashion

2,985 sq.m.

60.0%

oct/08

BarraShoppingSul Exp. I

21,638 sq.m.

100.0%

dec/14

ParkShopping Exp. Frontal

7,406 sq.m.

60.0%

aug/09

Total

40,336 sq.m.

89.4%

ParkShopping Exp. Gourmet

1,327 sq.m.

60.0%

sep/09

Total Own GLA

36,051 sq.m.

 13.5%

ParkShoppingBarigüi Exp. Gourmet

1,192 sq.m.

84.0%

dec/08

44,166 sq.m.

60.8%

26,861 sq.m.

 10.1%

Total Total Own GLA BHS Expansion

SAF Expansion

RBS Expansion

+24% Own GLA

PKS Expansions

329 sq.m. 329 sq.m.

305 sq.m.

307 sq.m.

293 sq.m.

274 sq.m.

278 sq.m.

266 sq.m.

Expansions approved Expansions under construction

Current

2H08

1H09

2H09

1H10

2H10

2H14

1H15

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Acquisitions: Shopping SantaÚrsula Third Party Acquisition

GLA Interest Administration Vacancy (Mar 31, 2008) Rent/sq.m. (2007) Nº. of stores People flow

Investment: R$ 28.7 million (IRR > 14%) +211%

Shopping SantaÚrsula

Ribeirão Shopping

24,043 sq.m.

39,188 sq.m.

37,50%

76.20%

Multiplan

Multiplan

18.20%

2.20%

R$ 258.93

R$ 550.00

170

220

7.3 million

14.5 million

+57%

5,000 R$/sq.m.

$13,224

$6,225

3,180 R$/sq.m.

Acquisition Cost

Construction Cost

Rent Revenue

Rent Revenue¹

¹ Considering RibeirãoShopping rent/sq.m. in 2007 (550 R$/sq.m.)

Multiplan Shopping Centers in the region

SantaÚrsula main entrance

Shopping SantaÚrsula inside view 11

Land Acquisitions Barra da Tijuca (RJ)

Size: 36,748 sq.m. Price: R$ 100 million Type: Commercial Highlights Highest growth region in RJ Last site available One of the highest income regions of RJ Multiplan domain

São Caetano (SP)

Jundiaí (SP)

Size: 57,836 sq.m. Price: R$ 81 million Type: Commercial

Size: 45,000 sq.m. Price: R$ 42 million Type: Commercial

Highlights The biggest urban reorganization plan of the country Mixed-use project 1st shopping of the region

Highlights One of the richest cities of SP Site with many access possibilities Possibility of mixed-use project

12

Use of Capital Use of Proceeds (R$ '000)

2007

2008

2009

22,814

49,245

10,367

102,646

261,959

142,942

Shopping Expansion

11,431

139,391

56,133

31

Land Acquisition

16,183

224,058

-

-

287,765

28,668

-

- SantaÚrsula

-

-

-

- General

440,839

703,321

209,441

Renovation Shopping Development

Shopping Acquisition and Minority Acquisition Working Capital Total

2010 Reference > 2008 BHS, RBS, BRS, MBS, PKS, DMM, NYCC, 6,795 SAF, PKB, PSV 45,445 BSS, SVO, Maceió, LagoSul PKS Gourmet, PKB Gourmet Barra da Tijuca, São Caetano, Jundiaí, Campo Grande

52,271

CAPEX (1Q08) – R$ 150 million Renovation 9%

BHS, SAF, PKS Fashion, PKS Frontal, RBS,

Capital from IPO Minority Acquisition

100%

Shopping Acquisition

Shopping Development 20%

Land Acquisition Shopping Expansion

Land Acquisition 68%

Shopping Expansion 3%

85%

Shopping Development Renovation

49% 9% 24% 40% Used until 1Q08

To be use until 2010

13

COMPANY OVERVIEW GROWTH STRATEGY

1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

14

Highlights – Brazil Higher Price Levels

Composition of the Brazilian Population Class A/B

INCC (National Construction Cost Index) IGP-DI

15%

Class A/B

15%

9.7% Class C

34%

Class C

7.2%

46%

Class D/E

Mar-08

Feb-08

Jan-08

Dec-07

Nov-07

Oct-07

Sep-07

Aug-07

Jul-07

Jun-07

May-07

Apr-07

Mar-07

Feb-07

Jan-07

51%

Class D/E

2005

Source: FGV

39%

2007

Souce: IBGE, EXAME Magazine, Cetelem/Ipsos

Retail Growth

Particip. of classes in consumption (2008) Average Real Income (R$) Consumer Trust Index Real Retail Sales

Source: Fecomércio SP, IBGE

160

1,250

150

1,200

140 130 120 110 100

B1

1,100

B2

1,050

C1

1,000

C2

90 80

900

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

17.5%

A2

1,150

950

4.6%

A1

20.0% 24.6% 17.4% 9.9% 5.7%

D E

0.3%

Source: Target Marketing (Projections)

15

Investment Grade Achieved

Standard & Poors on 30 of April 2008 upgraded Brazil's long-term foreign currency sovereign debt to

BBB-

16

Operational Highlights* Shoppings Sales (R$ ‘000) 1 ,2 00,000

+20.9%

Rent Revenue (R$ ‘000) 1,045,442

9 8 ,000

+10.9%

864,642

1 ,000,000

97,876

1 00,000

9 6 ,000

8 00,000

9 4 ,000

9 2 ,000 6 00,000 9 0,000

4 00,000

88,296

8 8 ,000

8 6 ,000 2 00,000 8 4 ,000

8 2 ,000

1Q07

1Q08

1Q07

Same Store Sales/sq.m. (R$/sq.m.) 2,839

2 ,9 00

Same Store Rent/sq.m. (R$/sq.m.) 240

235 +7.7%

235 2 ,8 00

1Q08

+14.0% 230

2 ,7 00

225

2 ,6 00

2,491

220

218

2 ,5 00 215

2 ,4 00 210

2 ,3 00

2 05

1Q07 * Considering 100% interest

1Q08

1Q07

1Q08 17

Financial Highlights Gross Revenue

Headquarters (R$ ‘000)

(R$ ‘000)

1 00,000 9 9 ,000 9 8 ,000

1 4 ,000

9 7 ,000

+8,699

9 6 ,000 9 5 ,000

1 2 ,000

9 3 ,000 9 2 ,000

+33

9 1 ,000 9 0,000

+381

8 9 ,000 8 8 ,000

+8,111

8 7 ,000 8 6 ,000

89,339

-5,175

+197

11,712

+21.2%

9 4 ,000

9,666 1 0,000

8 5 ,000

8 ,000 8 4 ,000 8 3 ,000 8 2 ,000 8 1 ,000 8 0,000 7 9 ,000

6 ,000

77,093

7 8 ,000 7 7 ,000

4 ,000

7 6 ,000

+15.9%

7 5 ,000 7 4 ,000 7 3 ,000

2 ,000

7 2 ,000 7 1 ,000 7 0,000

Gross Revenue 1Q07

Rent

Services

Key Money

Parking

Real Estate Sales

Parking Result (R$ ‘000)

Gross Revenue 1Q08

1Q07

1Q08

Net Income & Adj. Net Income 6,224

7 ,000

Others

(R$ ‘000)

6 0,000

+30.8%

6 ,000

50,419

5 0,000

5 ,000

+142.9%

38,533

4 0,000

4 ,000

3 ,000

2,562

3 0,000

+28.2%

2 0,000

2 ,000

10,356

13,280

1 0,000

1 ,000

1Q07

1Q08

1Q07

Net Income

1Q08

1Q07

1Q08

Adj. Net Income 18

Rent Revenue Rent Revenue (R$ ‘000)

Rent as Sales %

Deliquency

Overage

6.6%

- 3.3 p.p.

Minimum

+14.5%

+4.2%

+30.4%

+1,411 +6,598

0.43%

60,564

3.2%

0.37%

+102 8.09% 7.72%

1Q07

52,453

+15.5%

1Q07

1Q08

1Q08

Historical occupancy Rate 97.9% 97.4% 96.0%

96.1%

2005

2006

95.4% Rent 1Q07

Minimum

Overage

Merchandising

Rent 1Q08

94.2%

2003

2004

2007

1Q08

19

Adjusted FFO & EBITDA Adj. FFO and Adj. FFO/sq.m.

(R$ ‘000)

Adjusted EBITDA

(R$ ‘000)

7 0,000

+32.7%

58,003

6 0,000

5 0,000

71.8%

43,704

51,228

4 0,000

+1.3%

3 0,000

63.3%

2 0,000

50,547 1 0,000

1Q07

1Q08 1Q07 Adjusted EBITDA

1Q08 EBITDA Margin

3 00

+22.5%

247

250

202 2 00

150

1 00

50

1Q07

1Q08

Shopping Parking Real Estate Development Equity method Impact Other Results Operating Results

EBITDA 45,048 5,433 2,583 (2,511) 20 656 51,228

Margin 65.4% 45.5% 36.6% 0.0% -0.3% 1991.6% 63.3%

20

Indebtedness Gross Debt

Gross Debt/Adjusted EBITDA

(R$ ‘000)

252,489 206,779

207,584

31.8 x

R$ 700 M

131,305 99,479

106,127

R$ 800 M

R$ 600 M R$ 500 M R$ 400 M

121,184

108,104

100,652

R$ 300 M

5.2 x

R$ 200 M

2007

Short Term

Net Debt

1Q08

4Q06

1Q07

5.5 x 3.2 x

3.1 x

4.9 x

1Q06

Long Term

3.9 x

1.9 x

R$ 100 M

2006

3.9 x

2Q06

Debt (Banks)

3Q06

Debt (Others)

2Q07

3Q07

4Q07

1Q08

(#.#x) Gross Debt/Quarter EBITDA

Banks vs. Non-Banks

(R$ ‘000)

NonBanks 87%

195,511

(110,108) (208,861)

2006

2007

Banks 13% 1Q08

21

MorumbiShopping: The Best of São Paulo!

Operating and Financial Performance Financials (R$ ‘000) Financials Gross Revenue Net Revenue Headquarters Rent Revenue Rent Revenue/sq.m. Adjusted EBITDA Adjusted EBITDA/sq.m. Adjusted EBITDA Margin Shopping EBITDA Shopping EBITDA/sq.m. Shopping EBITDA Margin Adjusted FFO Adjusted FFO/sq.m.

258 218

192

247

1Q08 89,339 80,892 11,712 60,564 R$/sq.m. 51,228 R$/sq.m. 63.3% 45,048 R$/sq.m. 65.4% 58,003 R$/sq.m.

242 233

214

202

1Q07 77,093 70,364 9,666 52,453 R$/sq.m. 50,547 R$/sq.m. 71.8% 46,322 R$/sq.m. 74.9% 43,704 R$/sq.m.

Chg. % ▲15.9% ▲15.0% ▲21.2% ▲15.5% ▲6.5% ▲1.3% ▼6.5% ▼8.5 p.p ▼2.8% ▼10.3% ▼9.6 p.p ▲32.7% ▲22.5%

Performance Performance Total GLA Own GLA NOI NOI/sq.m. Total Sales Total Sales/sq.m. Same Stores Sales/sq.m. Same Stores Rent/sq.m. Occupancy Costs Rent as Sales % Others as Sales % Turnover Occupancy Rate Delinquency

1Q08 377,615 sq.m. 234,825 sq.m. 86,613 229 R$/sq.m. 1,045,442 2,769 R$/sq.m. 2,839 R$/sq.m. 235 R$/sq.m. 13.6% 8.4% 5.2% 1.1% 97.9% 3.2%

1Q07 359,064 sq.m. 216,661 sq.m. 76,293 212 R$/sq.m. 864,642 2,408 R$/sq.m. 2,491 R$/sq.m. 218 R$/sq.m. 14.1% 9.2% 5.0% 0.8% 97.1% 6.6%

Chg. % ▲5.2% ▲8.4% ▲13.5% ▲7.9% ▲20.9% ▲15.0% ▲14.0% ▲7.7% ▼0.5 p.p ▼0.8 p.p ▲0.3 p.p ▲0.3 p.p ▲0.8 p.p ▼3.3 p.p

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

Hans Christian Melchers

Planning & Investor Relations Manager

Rodrigo Tiraboschi Investor Relations Analyst Senior

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

E-mail: [email protected]

http://www.multiplan.com.br/ri

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