Multiplan Earning Release 3t07 20071113 Eng

PRESENTATION OF THIRD QUARTER 2007 RESULTS Teleconference English

N November b 13th 13 h off 2007 12:30 (Brasília time) 9:30 (East Time) Tel.: +1 (480) 293293-1744 Replay: p y +1 (303) ( ) 590590-3030 Código: 3797968

Disclaimer This document may contain prospective statements. which are subject to risks and uncertainties. as theyy were bas based d on o expectations p a o s of o the Company’s Co pa y s management a ag and a d on o available a a ab information. o a o These s 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 p g results,, market share and competitive p positioning p g mayy differ substantiallyy 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 3Q07 FINANCIAL AND OPERATIONAL HIGHLIGHTS GROWTH STRATEGY

3

Who We Are Leadership in the Sector

(Gross Revenue – R$ millions) – 3Q07 93.08

186.90

64.00

+45%

+161%

Quality Shoppings

(Same Store Rent/m²) – 3Q07 216.25 +16% 6

+46% 6%

147.90

35.67

Iguatemi

Multiplan

BR Malls

Low Risk

BR Malls

High Returns

Interest, Management and Control 90%

IRR Greenfiled SC IRR Expansions

64% 46%

45% 27%

Multiplan Avg. Interest 3Q07

36%

% >15% >20%

Source: Multiplan

BR Malls

# SC >=50% Interest 3Q07

Source: Company Report

Multiplan

Source: Company Report

Source: Company Report

Iguatemi

Iguatemi

Multi-use Project BarraShoppingSul

4

Control of the Leading Shoppings in the Market 7

6 5 4

Region

Habitants (million)

% GDP

GDP Per Capita (R$ 000)

South East

76.3

55.2%

12,619.4

South

26.3

18.6%

12,671.2

2.2

2.4%

16,920.0

76.2%

11,312.8

Federal District MTE Focus

8

Brazil

MG

DF

3

SP RJ

PR

2

10 RS 1

11

12

179.0

R$1.5 trillion

8,694.5

Source: IBGE #

9

104.8

1 2 3 4 5 6 7 8 9 10

Shopping

MorumbiShopping BarraShopping New York City Center pp g BHShopping DiamondMall Pátio Savassi ParkShopping RibeirãoShopping Shopping AnáliaFranco ParkShoppingBarigüi pp g (BIG) ( ) BarraShoppingSul Subtotal 11 BarraShoppingSul 12 Vila Olímpia Total

%

GLA 3Q07

56.3% 51.1% 50.0% 80.0% 90.0% 83.8% 60.0% 76.2% 30.0% 84.0% 100.0% 64.3% 100% 30% 66.3%

54,999 sq.m. 69,822 sq.m. 22,068 sq.m. 35,450 , sq.m. q 20,757 sq.m. 15,545 sq.m. 39,293 sq.m. 39,130 sq.m. 39,310 sq.m. 41,396 sq.m. 14,400 , sq.m. q 392,170 sq.m. 52,336 sq.m. 26,997 sq.m. 471,503 sq.m.

NOI/sq.m ('07/month) 115 R$/sq.m. 98 R$/sq.m. 32 R$/sq.m. 86 R$/sq.m. $ q 73 R$/sq.m. 62 R$/sq.m. 54 R$/sq.m. 43 R$/sq.m. 68 R$/sq.m. 38 R$/sq.m. 0 R$/sq.m. $/ q 73 R$/sq.m. Under Development Under Development

Sales 3Q07 Occupancy $181.7 M $219.2 M $31.9 M $120.7 M $ $57.0 M $42.1 M $118.3 M $73.8 M $92.9 M $92.0 M $1,029.8 M

99.4% 97.5% 98.7% 95.0% 94.9% 99.5% 97.9% 99.1% 94.3% 98.1% 97.5%

Top Of Mind * 1º 1º 1º ** 1º 5º 7º 1º 1º 16º 1º N/A /

* Researches from IPDM, DataFolha and Tribuna & Recall between 2005 and 2007 in each city ** Considered as p part of BarraShopping pp g

5

Cycle of high returns of our Leading Shoppings High Returns

Same Store Rent/sq.m. - 3Q07 216 +10.6%

Higher Sales

More Investments

Same Store Sales/sq. m. – 3Q07

Increase in GLA (‘000 sq. m.)

196

2,707 +14.4%

+45.7% 3Q06

3Q07

2,367

249m²

Original

3Q06

362m²

3Q07 (After Expansions)

3Q07

Best Tenants

Higher Atraction Power

6

COMPANY OVERVIEW 3Q07 FINANCIAL AND OPERATIONAL HIGHLIGHTS GROWTH STRATEGY

7

Financial Highlights Gross Revenue (R$ ‘000) +37.55%

H d Headquarter t E Expenses (R$ ‘000) 52,510

256,428

-28.78%

37,400

186,419 -31.93% +39.40%

66,773

3Q06

19,199

93,081

3Q07

13,069

9M06

9M07

Adjusted EBITDA (R$ ‘000)

3Q06

3Q07

9M06

9M07

Adjusted Income (R$ ‘000) 000)

143,966

115,104

+60.28% +104.80%

89,824 +57.69%

40,357

31,033

3Q06

56,203

+68.95%

48,936 23,887

3Q07

9M06

9M07

3Q06

3Q07

9M06

9M07 8

Operational Highlights Sales Multiplan Shoppings (R$ ‘000.000)

R t Revenue Rent R (R$ ‘000)

(Shoppings 100% – Minimum+complementary+kiosk) +15.05%

+22.27%

280,733

243,999

2,943

2,407 +18.46%

+21.82%

845

1,030

3Q06

3Q07

79,704

9M06

9M07

Same Store Rent/sq Rent/sq.m. m (R$/sq (R$/sq.m.) m) +10.23%

583

3Q06

94,414

3Q07

9M06

9M07

Same Store Sales/sq Sales/sq.m. m (R$/sq (R$/sq.m.) m) +17.26%

643

7,894 6,732

+14.35% +10.57%

196

216

3T06

3T07

9M06

9M07

2,367

2,707

3Q06

3Q07

9M06

9M07 9

Gross Revenue Gross Revenue (Multiplan %) (R$ ‘000) +39.40%

93,081

Real Estate Sales 9%

Minimum 84.4%

Parking g 12.5%

Rent 59.7%

Key Money

66,773

4.7%

Complementary 4.4%

Services

Merchandising 11.2%

13.9%

ParkShopping 8% MorumbiShopping 21%

DiamondMall 9% New York City Center 2% Shopping AnáliaFranco 5% ParkShoppingBarigüi 9%

3Q06 Rent Key Money Real Estate Sales

3Q07 Services Parking

Pátio Savassi 3%

BarraShopping 22%

BarraShoppingSul 0% RibeirãoShopping 6%

BHShopping 15%

10

Adjusted Income & EBITDA Adjusted EBITDA (R$ ‘000)

Adjusted Income (R$ ‘000)

48,935

+3,897 +3,079

+154

-560

+1,028

+10,306

40,357

3Q06

3Q07

EBITDA Breakdown (R$ '000) Shopping Parking Real Estate Development Equity Pick-up Impact Other Oper Oper. Results Operating Results

EBITDA 44,536 5,155 5,364 (5,715) (458) 53 48,935

EBIITDA 3Q Q07

Other O Oper. Results

Real Esstate

Parrking

Shop pping

EBIITDA 3Q Q06

23,887

Equity Pickup Impact

+57.7%

31 033 31,033

Development

+69.0%

Margin 68.0% 45.4% 40.6% 0.0% 9.3% 0 0% 0.0% 57.5%

11

Indebtedness N t Debt/(Cash) Net D bt/(C h) (R$ ‘000)

Indebtedness (R$ ‘000)

432,451

51,828 25,260 27,212

17,532

2Q07 3Q07 (67,002)

Schedule (Long Term) (R$ ‘000) 13.562 Companhia Real de Distribuição BNDES

5.237

3T07 Long Term

Indexation IGP-M 2%

4.262 2.199

2008

2T07 Short Term

2009

2010

TJLP 98%

2011 12

Capital Market (Multiplan ( u t p a Performance) e o a ce)

IBOV, 114.2% 120%

Volume (R$ mil)

MULT3

120,000,000

IBOV

100%

MULT3, 106.8%

80%

100,000,000

80,000,000 Capital Market Index Stocks ON Free-Float Closing Price (R$/share) Maximum Price (R$/share) Minimum Price (R$/share) Market Value Period Change Coverage Bradesco Bulltick

60%

40%

20%

Target, 2008 32.19 39.00

147,799,741 25.02% 26.70 27 97 27.97 21.45 3,946,253,085 ▲6.80% Upside ▲20.56% ▲46.07%

40,000,000

20,000,000

9/11

2/11

26/10

19/10

12/10

5/10

28/9

21/9

14/9

7/9

31/8

24/8

17/8

10/8

3/8

27/7

0%

60,000,000

13

Capital Market (Sector Performance) (Secto e o a ce)

140% 120%

MULT3; 106,8% BRML3; 104,8% GSHP3; 103,9%

100%

IGTA3; 92,4%

80% 60%

11/12/2007 Shares Last Performance Company Value

40% MULT3 IGTA3

20%

MULT3 147,799,741 26.70 3 946 253 085 3,946,253,085

BRML3 167,966,139 24.01 4 032 866 997 4,032,866,997

IGTA3 60,964,160 29.69 1 810 025 910 1,810,025,910

GSHP3 50,480,600 28.19 1 423 048 114 1,423,048,114

BRML3 GSHP3 9/11/2007

2/11/2007

26/10/2007

19/10/2007

12/10/2007

5/10/2007

28/9/2007

21/9/2007

14/9/2007

7/9/2007

31/8/2007

24/8/2007

17/8/2007

10/8/2007

3/8/2007

27/7/2007

0%

14

COMPANY OVERVIEW 3Q07 FINANCIAL AND OPERATIONAL HIGHLIGHTS GROWTH STRATEGY

15

Potential of the Sector L k off Sh Lack Shopping i C Centers t (GLA/'000 Hab.) 1.127,9

Decentralized Market

Beneficial Facts

• • • • • • •

Inflation Control Tax Reduction Credit increase Income Increase Urban Caos Synergies with real-estate Flow preview ability

165,5

Canadá

Portugal

Source: ABRASCE

( GLA)) (% 81,0

39,5

México

Brasil

2,1% 89,6%

3,5% 4,8% Iguatemi

Multiplan

BR Malls

Others

Source: ABRASCE and Company Reports

Increase of retail sales in SC’s

Increase in Sales of SC (Higher than retail)

15,8%

13,3% 10,0%

10,3%

Sales in Shopping Center Sales in Retail

9,3%

18%

10,0%

15%

15%

19%

15% 19% 70%

13%

9 3% 9,3% -1,6%

-0,7%

-3,7%

2001

2002

2003

4 8% 4,8%

Source: IBGE and FGV 2004

2005

40%

6 2% 6,2%

2006

2001

2002

2003

2004

2005

2006

Source: ABRASCE 16

Focus in low risk with high return Retturn (IRR)

((Track (Trackac -Record eco d Multiplan) utpa )

Multiplan Interest

78 812 sq.m. 78.812

Expansion

19%

33.373 sq.m.

Multi-Use Project New Shoppings 16%

126.850 sq.m.

Minority Acquisition Third-Party Third Party Acquisition

13.028 sq.m.

Σ Multiplan GLA: 252,063 sq.m.

13%

Low

Medium

High

New Shoppings Expansions Minority Acquisition Third-Party Acquisition

Risk

17

Use of Proceeds Destination

IPO

Used

Commited until 2008

Balance 2008

Aquisition of third party shoppings and minority interest in own shoppings

273.0

161.6

-

111.4

Development of BarraShoppingSul and Shopping VilaOlímpia project

139.8

17.9

135.8

-

Actual Expansions development

119.8

1.7

66.5

51.6

Acquisition of new land

93.2

46.7

-

46,5

Working capital requirements

40.0

44.1

-

-

665.8

272.0

202.3

209.5

Total

Trimester Highlights: Conclusion of PátioSavassi aquisition Acquisition of terrains Anticipation of expansions

18

Expansions: Anticipating high returns Track-Record: Growth through Expansions

Tho ousand

Development of Expansions and new SC: +50% of GLA 400 sq. m.

379 sq. m. 379 sq. m.

380 sq. m. 350 sq. m.

360 sq. m. 340 sq. m.

357 sq. sq m. m

326 sq. m. 314 sq. m.

320 sq. m.

+99%

300 sq. sq m. m

19 sq. sq m.

280 sq. m. 260 sq. m.

38 sq. m.

252 sq. m.

Prospect

Current

Shopping (100%) BHShopping RibeirãoShopping pp g BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi BarraShoppingSul Shopping VilaOlímpia Total Growth

Initial GLA Current GLA 20,838 sq.m. 35,450 sq.m. 14,510 sq.m. 39,130 sq.m. 30,158 , sq.m. q 69,822 , sq.m. q 45,808 sq.m. 54,999 sq.m. 22,764 sq.m. 39,293 sq.m. 20,757 sq.m. 11,764 sq.m. 22,068 sq.m. 22,068 sq.m. 39,310 sq.m. 39,310 sq.m. 41,396 sq.m. 41,396 sq.m. 7 986 sq.m. 7,986 sq m 15 545 sq.m. 15,545 sq m 14,400 sq.m. 14,400 sq.m. 0 sq.m. 0 sq.m. 271,001 sq.m. 392,170 sq.m. ▲44.71%

Fut. GLA 47,950 sq.m. 47,321 sq.m. 73,284 , sq.m. q 54,999 sq.m. 45,711 sq.m. 26,056 sq.m. 22,068 sq.m. 51,097 sq.m. 58,368 sq.m. 15 545 sq.m. 15,545 sq m 88,374 sq.m. 26,997 sq.m. 557,769 sq.m. ▲42.23%

240 sq. m.

M MorumbiShopping biSh i Expansion E i V

New M N Mallll Development D l t Mall Expansions

220 sq. m. 200 sq. m. Current

2H08

1H09

2H09

1H10

2H14

1H15

A ti i ti Anticipation Effect Eff t (MTE %) Prospect

Current

Year

▲GLA

▲GLA

2008

3,681 sq.m.

9,919 sq.m.

2009

18,905 sq.m.

37,642 sq.m.

19

Multi--Use: Diversifying and Innovating Multi Morumbi: Starting of leasing operations

PKB Terrain: Reducing costs and increasing results

Details of the project

Details of the Project

Project Interest Land (sq.m.) (sq m )

Commercial Towers Five Star Hotel 50% 40 000 sq 40,000 sq.m. m

Project Interest L d (sq.m.) Land ( )

Commercial Tower Future Expansion 94% 27 370 sq.m. 27,370

Constructed Area (Potential)

160,000 sq.m.

Constructed Area (New land)

52,122 sq.m.

GLA (Potential)

120,000 sq.m.

GLA (Potential)

18,000 sq.m.

Annual Revenue Estimated Monthly Rent

R$ 101M 70.00 R$/sq.m.

Annual Revenue Estimated Monthly Rent

R$ 11 M 50.00 R$/sq.m.

Mo orumbiShopping Complex

BSS Complex (Future): two residential buildings, one commercial building and a hotel

MBS Complex: one commercial building, another one under construction (MBSCP) and a future project

BarraSh hopping Complex BRS Complex: eleven commercial buildings, two residential (2 more under construction) and an entertainment center RibeirãoShopping Complex

BarraShoppingSul plex Comp

Track-Record: Internacional trend already implemented by Multiplan

RBS Complex: one commercial building and a hotel. In the near future: one commercial building, five more residentials and a hotel 20

Shoppings under Construction: Future Leaders BarraShoppingSul: More than 90% leased! Details of the Project Starting

Aug/08

Interest

100,0%

GLA (sq.m.)

52.336 sq.m.

Capex

R$ 190,91 M

NOI 1st year

R$ 25,2 M

NOI 3rd year

R$ 32,0 M

Track-Record: SC’s developed by Multiplan 1. BHShopping 2. RibeirãoShopping 3. BarraShopping 4. MorumbiShopping 5. ParkShopping 6. DiamondMall 7. New York City Center 8. Shopping AnáliaFranco 9. ParkShoppingBarigüi Total

Openning 1979 1981 1981 1982 1983 1996 1999 1999 2003

TCA 142,339 sq.m. 105,357 sq.m. 120,006 sq.m. 207,712 sq.m. 66,944 sq.m. 73,039 sq.m. 66,381 sq.m. 199,322 sq.m. 108,651 sq.m. 1,089,751 sq.m.

Stores 291 219 581 481 242 226 39 237 182 2,498

Spaces 3,122 3,717 5,097 3,108 3,096 1,289 1,192 4,134 2,338 27,093

* Multiplan Interest

1

4

7

2

5

8

3

6

9

Shopping opp g VilaOlímpia: O p G Great Reception p o Detalhes do Projeto Starting

May/09

Interest

30,0%

GLA (sq (sq.m.) m) Capex

26 997 sq.m. 26.997 sq m R$ 50,28 M

NOI 1st year

R$ 6,47 M

NOI 3rd year

R$ 7,69 M

* Multiplan M lti l Interest I t t ** During construction, Multiplan interest is 42%. Due to ground lease, after openning Multiplan interest will be 30%

21