Multiplan Apresentacao Empresa 20080708 Eng

COMPANY PRESENTATION June 2008

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.

2

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 26

25

30

19

20

10

0

Iguatemi

Multiplan

BRMalls

Source: Companies report

High Returns

82% 41%

32% ParkShopping – Exterior Expansion

Iguatemi

Adj. FFO

Average unleveraged IRR > 14%

Interest, Management and Control

46% 45%

Adj. EBITDA

Source: Companies Report

Low Risk

64%

Gross Revenue

Multiplan

BarraShoppingSul – New Development

BRMalls

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

Source: Companies report

MorumbiShopping – Mixed-use

Shopping SantaÚrsula Acquisition

4

MorumbiShopping: The Best of São Paulo!

5

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

State

Sales 1Q08 Top Of Occupancy R$ M Mind *

%

Total GLA

1Q08 NOI/sq.m

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

229 R$/sq.m.

1,045.4

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.

94.7% 1º 97.9% 1º 97.5% 1º 99.7% 1º 97.6% 1º 97.4% 5º 99.6% 1º ** 97.7% 7º 98.8% 1º 98.8% 7º n/a 100.0% n/a 97.9%

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

13

Already Operating Under Development/Approval

6

Partnership with Ontario Teachers Pension Fund and the Market 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%

Common Stocks 19%

Preferred Stocks 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

7

COMPANY OVERVIEW GROWTH STRATEGY

1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

8

Potential Growth Expansions

New Shopping Centers

(High Occupancy Rate - %GLA MTE)

97.4% 95.4%

(Lack of SC’s – GLA/’000 Hab.)

97.9%

1,872.2

96.0% 96.1%

1,127.9

94.2%

Growth Strategies 2004

2005

2006

2007

1T08

Expansions 19%

Return (IRR)

2003

212.9

16%

Mixed-Use Projects

USA

Canada

France

81.0

43.2

Mexico Brazil Source: ABRASCE

New SC’s

Minority Acquisitions

Third Party SC’s

13%

Minority Acquisitions (Shares to be acquired - % GLA) PREVI 11.9%

Low

Medium

Risk

High

Third Party Acquisitions (Fragmented market - % Own GLA) 5.3%

A.FRANCO 6.6% FAPES 3.1%

MTE 64.0%

SISTEL 2.8% USIMINAS 2.2% Others 9.5%

4.6% 78.0%

3.2% 2.6% 2.5% 2.1% 1.8%

Savoy BRMalls Multiplan Sonae Iguatemi Aliansce Brascan/Malzoni Others

Source: ABRASCE, BNDES and companies 9

Investment +59% Own GLA

Shopping Centers/Expansions

424 sq.m. 402 sq.m.

353 sq.m. 327 sq.m.

7 expansions under development + 44,166 sq.m.

365 sq.m.

338 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.

266 sq.m. Mall Expansions

Current ¹

2H08

1H09

New Mall Development

2H09

1H10

2H10

… Not considering lands for Mixed-Use projects

2H14

¹ Considering Shopping SantaÚrsula acquisition

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

44,114

-

-

- General

484,953

703,321

209,441

Renovation Shopping Development

Shopping Acquisition and Minority Acquisition Working Capital Total

+ 795,198 sq.m 100% Project

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

52,271 10

Mixed-Use Projects Land Bank

Cristal Tower – Porto Alegre (RS)

Location

Bridge connecting Cristal Tower to BarraShoppingSul.

BarraShoppingSul

Cristal Tower

%

Type

Area

ParkShoppingBarigüi

90%

Apart-Hotel

843 sq.m

BarraShoppingSul

100%

Res., Com., Hotel

16,164 sq.m

RibeirãoShopping

100%

Res., Com., Medical

200,970 sq.m

Campo Grande

50%

Residencial

338,913 sq.m

Shopping AnáliaFranco

36%

Residencial

29,800 sq.m

MorumbiShopping

100%

Comercial

1,554 sq.m

Morumbi Shopping

50%

Comercial

40,000 sq.m

ParkShoppingBarigüi

94%

Comercial

27,370 sq.m

Barra da Tijuca

100%

Comercial

36,748 sq.m

Jundiaí

100%

Comercial

57,836 sq.m

São Caetano

100%

Comercial

45,000 sq.m

Total

74%

795,198 sq.m

Contracs with ground lease or buy option are not included

BarraShoppingSul complex plexo BSS (Futuro): dois prédios residenciais, um comercial e um hotel

Project Details Opening Private area to be sold PSV

Barra Shopping Complex (RJ)

(MTE %) First Quarter of 2011 11,915 sq.m Over R$ 70 M

Barra Shopping

Centro Empresarial Barra Shopping

Royal Green Península

New York City Center

11

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

(MTE %)

Shoppings Under Approval Shopping Maceió: First Shopping in Northeast! Project Details

(MTE %)

Opening

Oct/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 Opening Interest * GLA (sq.m.)

(MTE %) May/09 30.0% 26,901 sq.m.

LagoSul Shopping: First Class location in Brasília! Project Details

(MTE %)

Opening

Nov/10

Interest *

65.0%

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. Multiplan will be responsible for its management.

* 35% ground lease

12

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

13

Acquisitions: Shopping SantaÚrsula Third Party Acquisition

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

Multiplan Shopping Centers in the region

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

SantaÚrsula main entrance

+57% 5,000 R$/sq.m.

$13,224

$6,225

3,180 R$/sq.m.

Acquisition Cost (GLA)

Construction Cost (GLA)

Rent Revenue 2007

Rent Revenue 2007¹

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

Shopping SantaÚrsula inside view 14

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 center of the region

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

15

COMPANY OVERVIEW GROWTH STRATEGY

1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

16

Highlights – Brazil Investment Grade Achieved

Composition of the Brazilian Population Class A/B

Class C

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

BBB-

Fitch Ratings on 29 of may 2008 upgraded Brazil's long-term foreign currency sovereign debt to

15%

Class A/B

34%

Class C

15%

46%

Class D/E 51%

BBB-

Class D/E

2005

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)

17

Operational Highlights* Shoppings Sales (R$ ‘000) +20.7%

Rent Revenue (R$ ‘000) +15.2%

4,320,849

407,522

4 5 0,000

3,581,348

4 00,000

353,907

3 5 0,000

+20.9%

3 00,000

+10.9%

2 5 0,000

2 00,000

864,642

1,045,442

1 5 0,000

88,296

97,876

1Q07

1Q08

1 00,000

5 0,000

2006

2007

Same Store Sales/sq.m.

1Q07

2006

1Q08

2007

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

(R$/sq.m.)

1 ,2 00

1 2 ,000

+15.9%

+9.6%

11,263

1 ,000

1,011 922

9,720 1 0,000 8 00

+14.0%

8 ,000

6 00

+7.7%

6 ,000

4 00

4 ,000

2,491

2,839

218

235

1Q07

1Q08

2 00

2 ,000

2006 * Considering 100% interest

2007

1Q07

1Q08

2006

2007

18

Financial Highlights Gross Revenue 1T08 (R$ ‘000)

Headquarters (R$ ‘000)

1 00,000

67,524

9 9 ,000 9 8 ,000

-18.6%

9 7 ,000

+8,699

9 6 ,000 9 5 ,000

54,951

9 4 ,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

8 5 ,000 8 4 ,000

+21.2%

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

77,093

7 8 ,000 7 7 ,000

+15.9%

7 6 ,000 7 5 ,000 7 4 ,000 7 3 ,000 7 2 ,000

9,666

11,712

1Q07

1Q08

7 1 ,000 7 0,000

Gross Revenue 1Q07

Rent

Services

Key Money

Parking

Real Estate Sales

Others

Gross Revenue 1Q08

Gross Revenue 2007 (R$ ‘000) +29,296

+3,490

2006

2007

Adj. Net Income (R$ ‘000) +320

368,792

176,462

+73.2% +46,315

+7,587

+5,296

101,867

+30.8% 276,487

38,533

+33.4% Gross Revenue 2006

Rent

Services Key Money Parking

Real Estate Sales

Others

Gross Revenue 2007

2006

2007

1Q07

50,419

1Q08 19

Rent Revenue Rent Revenue 1T08 (R$ ‘000) +14.5%

+4.2%

Gross Revenue Breakdown 1T08 +30.4%

Minimum, 85.8%

+6,598

+102

+1,411

60,564

Parking Revenue, 14.2% Key money, 5.3%

52,453

Rent, 67.8%

Service Revenue, 12.6%

Merchandising, 10.0%

+15.5% Rent 1Q07

Minimum

Overage

Merchandising

Rent 1Q08

Rent Revenue 2007 (R$ ‘000) +21.4%

+45.6%

Overage, 4.2%

Rent as Sales % *

Historical Occupancy Rate *

+12.7%

+3,402 +4,940

Overage 239,394

+43,112

Minimum

0.43% 97.4%

0.37% 187,941

* Considering 100% interest

Minimum

Overage

96.0% 96.1%

94.2%

8.09% 7.72%

+21.5% Rent 2006

95.4%

97.9%

Merchandising

Rent 2007

1Q07

1Q08

2003

2004

2005

2006

2007

1T08

20

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

Adjusted EBITDA

(R$ ‘000)

(R$ ‘000)

212,164

200,174 +67.7%

71.8% 7 0.0%

143,804

119.378

63.3%

63.1%

+32.7%

43,704

2006

2007

1Q07

6 0.0%

58,003

56.8% 50,547

51,228

5 0.0%

1Q08 4 0.0%

+47.8%

2006

851 R$/m²

8 00

2007

1Q07

Ebitda Ajustado

7 00

2007

+22.5%

4 00

202 R$/m²

3 00

247 R$/m²

2 00

1 00

0

2006

Margem

Shopping Parking Real Estate Development Equity method Impact Other Results

EBITDA 203,910 13,619 12,994 (22,093) 1,048 2,686

Margin 71.9% 40.4% 33.7% 0.0% -5.3% 699.0%

1Q08 EBITDA 45,048 5,433 2,583 (2,511) 20 656

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

Operating Results

212,164

63.1%

51,228

63.3%

576 R$/m² 6 00

5 00

2007

1Q07

1Q08

1Q08 21

Indebtedness Gross Debt

Gross Debt/Adjusted EBITDA – Annualized *

(R$ ‘000)

252,489 206,779

207,584

106,127

99,479

R$ 800 M R$ 700 M

131,305

7.3 x

R$ 600 M R$ 500 M R$ 400 M R$ 300 M

100,652

108,104

121,184

2006

2007

1Q08

1.2 x

R$ 200 M

1.2 x

0.9 x

4Q06

1Q07

1.3 x 0.7 x

1.0 x

1.1 x

0.4 x

R$ 100 M -

Short Term

Net Debt

Long Term

1Q06

2Q06

Debt (Banks)

3Q06

Debt (Others)

2Q07

3Q07

4Q07

1Q08

(#.#x) Gross Debt/Annual EBITDA

Bank vs. Non-Bank

(R$ ‘000)

NON-BANK 87%

195,511

(110,108) (208,861) BANK 13% 2006 * Considering that EBITDA is doubled on december

2007

1Q08

22

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 23

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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