Multiplan Er 20080813 Eng

Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Second Quarter 2008 Earnings Release and Supplementary Financial Information

Conference Call English August 14, 2008 10:30 am (Brasília) 9:30 am (US EST) Tel.: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 57096995 Portuguese August 14, 2008 11:45 am (Brasília) 10:45 am (US EST) Tel.: +55 (11) 2188-0188 Replay: +55 (11) 2188-0188 Code: Multiplan

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Multiplan announces adjusted FFO growth of 49.3% to R$62.0 million in 2Q08 Rio de Janeiro, August 13, 2008 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), the largest shopping center company in Brazil by revenue, and the most profitable company in the sector, announces its results for the second quarter of 2008. The following financial and operating data, except where otherwise stated, is based on consolidated data in Brazilian Reais (R$) according to generally accepted accounting principles in Brazil.

FINANCIAL AND OPERATING HIGHLIGHTS Net Revenue

▲32.2%

Change 2Q08/2Q07 Adjusted EBITDA Adjusted Net Income

▲38.2%

▲48.3%

Adjusted FFO

▲49.3%

Net Revenue increased 32.2% to R$104.1 million YoY for the quarter. Rent and parking revenue were some of the main drivers for the increase. Rent revenue grew 26.5%, to R$68.8 million, boosted by a 20.7% increase of minimum and overage rent and a 66.7% increase in merchandising. Key money grew 79.4% to R$8.7 million, as Multiplan’s efforts to rebalance its portfolio mix at select properties resulted in a turnover of 1.5% this quarter and 2.6% for 1H08. NOI increased from R$48.7 million to R$64.1 million showing growth of 31.5% YoY for the quarter. In addition the increase noted above, the NOI was further enhanced by a margin increase from 82.5% to 83.2%. Adjusted EBITDA rose 38.2%, from R$45.5 million to R$62.8 million, showing a significant improvement in efficiency (from 57.7% to 60.3%) and in all company’s activities. Adjusted FFO increased 49.3% to R$62.0 million, the largest figure among listed Brazilian Shopping Center companies in 2Q08. Adjusted Income increased 48.3% to R$53.7 million, when compared to R$36.2 million in 2Q07. R$90.3 million was invested in shopping center developments and expansions in 2Q08, including BarraShoppingSul, Shopping VilaOlímpia, Shopping Maceió, seven expansions, and R$28.7 million due to one new acquisition. Multiplan has focused on the development of its pipeline, and has more than doubled the investments in 2Q08, over the previous quarter. Mixed-use project pipeline started with the announcement of an office tower project integrated to the coming BarraShoppingSul. It has over R$70 million in total sell out and is planned to be opened in the first half of 2011. Multiplan owns a further land bank of 905,198 sq.m. for future projects. More than 80% of over 800 stores which will be added to the shopping centers under expansion and new greenfields through 2009, have been pre-leased. This reflects the success of the company’s projects and the strength of Multiplan’s commercial leasing team. Operating Highlights (R$'000) Gross Revenue Net Revenue Adjusted FFO Adjusted Income Adjusted EBITDA Adjusted EBITDA Margin NOI NOI Margin Total Sales/sq.m. Same Stores Sales/sq.m. Same Stores Rent/sq.m. GLA Own SC's Multiplan GLA

2Q08 113,984 104,107 61,951 53,703 62,813 60.3% 64,057 83.2% 2,910 R$/sq.m. 3,057 R$/sq.m. 237 R$/sq.m. 416,416 sq.m. 266,314 sq.m.

2Q07 86,254 78,764 41,498 36,214 45,464 57.7% 48,721 82.5% 2,562 R$/sq.m. 2,744 R$/sq.m. 217 R$/sq.m. 393,614 sq.m. 255,927 sq.m.

Chg. % ▲32.2% ▲32.2% ▲49.3% ▲48.3% ▲38.2% ▲2.6 p.p ▲31.5% ▲0.7 p.p ▲13.6% ▲11.4% ▲9.0% ▲5.8% ▲4.1%

1H08 203,323 184,998 119,954 104,122 114,038 61.6% 116,166 80.8% 5,511 R$/sq.m. 5,931 R$/sq.m. 471 R$/sq.m. 416,416 sq.m. 266,314 sq.m.

1H07 163,347 149,128 85,202 74,746 96,013 64.4% 93,840 83.0% 4,843 R$/sq.m. 5,283 R$/sq.m. 436 R$/sq.m. 393,614 sq.m. 255,927 sq.m.

Chg. % ▲24.5% ▲24.1% ▲40.8% ▲39.3% ▲18.8% ▼2.7 p.p ▲23.8% ▼2.2 p.p ▲13.8% ▲12.3% ▲8.2% ▲5.8% ▲4.1%

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

LETTER FROM THE CEO Dear shareholders, We are pleased to present Multiplan’s results for the second quarter of 2008. In 2Q08, we had impressive operational results, increasing the efficiency of our malls, and continuing to invest in the development of new projects. Comparing results against the previous quarter, we invested 141% more capital on the development of new shopping centers and 282% more on mall expansions - summing to R$90 million, which represents 80% of investments in malls and expansions made through all of 2007. This increase of capital expenditure in development and redevelopment continues to support our core strength and longevity in the marketplace. Our FFO increased 49% over the same period of 2007, as a result of our operations and healthy financial position. The Brazilian economy, still growing considerably, is establishing ever stronger ties with the global market and solidifying its position as a leader among emerging markets. While retail growth has slowed down in Brazil in recent months, it is still increasing consistently. We are even more proud to see our malls performing above the growing Brazilian retail average, with 20% growth in sales from 2T07 to 2T08. Although domestic inflation is higher in 2008, prudent fiscal policy increasing interest rates is expected to contain the inflation rates over the medium-term. We are cautious with respect to the near-term prospects for the world economy, however we consider the Brazilian market a promising opportunity among the turmoil. Led by our COO, Eduardo Peres, our operations gained in productivity. As mention, sales grew by 20% over the same period last year, reaching R$1.17 billion. Parking revenue increased 52%, driven in part by new parking operations in ParkShoppingBarigui and Shopping AnáliaFranco. Merchandising in our malls was also a meaningful revenue boost, growing 67% over 2Q07, and highlighting the competence of our team, our good relationships with Brazil’s biggest marketing companies, and our speed to answer to new market trends, like São Paulo’s “Cidade Limpa”. Marcello Barnes, our CIO, together with his team, boosted Multiplan’s development pipeline. This quarter we announced the development of Cristal Tower, a commercial tower with 22,000 sq.m. The project integrates BarraShoppingSul, the company’s new shopping center and the biggest in the southern region of Brazil, with its opening scheduled for the second half of this year. Multiplan currently has two shopping centers under development, two under approval, and five being expanded. Through 2009, more than eight hundred stores will be added to our portfolio, from which more than 80% have already been pre-leased. Building and managing shopping centers can be a challenging task, one at which Multiplan has proven to excel. Following this core strength, several projects are being developed and will soon be formally announced. Our CFO and investors’ relations officer, Armando d’Almeida Neto, has helped restructure the organization to improve efficiency and competitiveness in the marketplace. By hiring new talent, restructuring the IR team, and launching a new web-site, we have fortified the relationship between Multiplan and its investors. We have also opened a new office in São Paulo, where we are increasing our team in order to dedicate even more to the projects in the region. Earlier this month, we were very proud that Standard & Poor’s gave Multiplan the best rating in the Brazilian shopping center and real estate sectors. I would like to thank all the support we have from our Canadian partner, Cadillac Fairview, one of the biggest mall operators in North America. Through exchanging knowledge, we have improved our corporate governance as well as many other operational areas. Multiplan was considered the best Brazilian company in the construction and engineering sector on 2008, by the newspaper Valor Econômico. Being recognized for our efforts is something that motivates us to continue our path of consistent growth and improved efficiency, making our malls places of both shopping and leisure for all our customers. The results you are about to read demonstrate our team’s motivation, effort and commitment to executing on bold development and management strategies, innovating, perpetuating our brand, and achieving positive results for our shareholders. My best regards, José Isaac Peres

3

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

FINANCIAL HIGHLIGHTS Overview Multiplan is the largest shopping center company in Brazil, developing, owning and managing one of the largest and highest-quality mall portfolios, with over 30 years of experience in the sector. The company also has strategic operations in the residential and commercial real estate development sectors, generating synergies for mallrelated operations and adjacent owned land. On June 30, 2008, Multiplan owned and managed 11 shopping centers, totaling a GLA of 416,416 sq.m., 2,813 stores and an estimated annual traffic of 149 million consumers, ranking the company among the largest shopping centers operators in Brazil, according to the Brazilian Shopping Centers Association (ABRASCE). The company's position as a market leader has been recognized by numerous industry awards, including the bi-annual "Management Excellence" award – the most distinguished recognition among shopping center managers – for the 3rd consecutive time. Seeking to control and exercise its management excellence, Multiplan owns controlling positions in 11 of the 15 shopping centers in its portfolio (including the two malls under construction and two malls under development) and currently manages all operating shopping centers in which it has an ownership interest. Consolidated Financial Statements (R$'000) Rent Service Revenue Key Money Parking Revenue Real Estate Sales Other Gross Revenue Revenue Tax Net Revenue Operational Costs Headquarters Non-recurring expenses (IPO) Shopping Center Parking Cost of Real Estate Sold Equity pickup Amortization Financial Revenue Financial Expenses Depreciation Other Operating Revenues/Expenses Operational Income Non-Operating Income Income Before Taxes Tax Income and Social Contribution Deferred Taxes Participation of the minority stockholders Net Income Adjusted EBITDA NOI Adjusted FFO Adjusted Income

2Q08 68,772 21,716 8,717 14,779 113,984 (9,878) 104,107

2Q07 54,368 12,116 4,859 9,723 5,188 86,254 (7,490) 78,764

Chg. % ▲26.5% ▲79.2% ▲79.4% ▲52.0% ▼100.0% na ▲32.2% ▲31.9% ▲32.2%

1H08 129,336 32,970 13,481 27,503 33 203,323 (18,325) 184,998

1H07 106,821 22,989 9,426 13,748 10,363 0 163,347 (14,219) 149,128

Chg. % ▲21.1% ▲43.4% ▲43.0% ▲100.1% ▼100.0% na ▲24.5% ▲28.9% ▲24.1%

(27,260) (12,895) (6,600) 5,514 (31,477) 9,503 (9,468) (8,248) (58) 23,118 4 23,122 (723) (5,775) (172) 16,451

(15,620) (1,361) (10,309) (5,061) (2,971) 596 (28,177) 1,697 (6,139) (5,285) 88 6,222 (22) 6,200 616 (120) (21) 6,675

▲74.5% na ▲25.1% ▲30.4% na ▲825.4% ▲11.7% ▲459.9% ▲54.2% ▲56.1% na ▲271.6% na ▲272.9% na ▲4,721.5% ▲721.0% ▲146.5%

(38,973) (27,573) (13,100) 8,117 (62,905) 25,125 (17,400) (15,832) 565 43,022 4 43,026 (1,493) (11,485) (317) 29,731

(24,330) (1,361) (19,251) (7,478) (5,969) 2,173 (56,354) 3,064 (11,884) (10,456) 758 18,039 983 19,022 (1,681) (314) 4 17,031

▲60.2% na ▲43.2% ▲75.2% na ▲273.6% ▲11.6% ▲719.9% ▲46.4% ▲51.4% ▼25.4% ▲138.5% ▼99.6% ▲126.2% ▼11.2% ▲3,557.8% na ▲74.6%

62,813 64,057 61,951 53,703

45,464 48,721 41,498 36,214

▲38.2% ▲31.5% ▲49.3% ▲48.3%

114,038 116,166 119,954 104,122

96,013 93,840 85,202 74,746

▲18.8% ▲23.8% ▲40.8% ▲39.3%

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

REVENUES Gross Revenue

Double digit growth in shopping center related revenues Multiplan's gross revenue grew by 32.1%, from R$86.3 million in 2Q07, to R$114.0 million in 2Q08, driven by the increase of all revenue related to the companies shopping center operations. Gross Revenue Growth and Breakdown – 2Q07 and 2Q08 (R$‘000) +5,051

120,000

+9,600

-5,188

+3,858

113,984

110,000

Minimum, 79.3%

+14,408

Parking, 13.0%

100,000

90,000

+ 32.1%

86,254

Key Money, 7.6% Rent, 60.3%

80,000

70,000

Services, 19.1% 60,000

Overage, 4.1% 50,000

Gross Revenue 2Q07

Rent

Services

Key Money

Parking

Real Estate Sales

Merchandising, 16.6%

Gross Revenue 2Q08

Gross Revenue Growth – 2Q07 vs. 2Q08

Gross Revenue Breakdown – 2Q08

1. Rent

Strong organic growth and new acquisitions Rental revenue totaled R$68.8 million in 2Q08, 26.5% higher than the R$54.4 million revenue recorded in 2Q07. The rent increase was largely driven by the organic growth in shopping center revenue, the acquisitions of Shopping Pátio Savassi (June 2007) and Shopping Santa Úrsula (April 2008) and the minority interests in MorumbiShopping (November 2007) and RibeirãoShopping (December 2006). In addition to the 20% interest acquired in the mall, RibeirãoShopping’s 66% rent increase was boosted by the strong growth within the city, which should also benefit Shopping Santa Úrsula in the future. Rent Revenue/Shopping (R$'000) BH Shopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping Santa Úrsula BarraShoppingSul (BIG) Portfolio Total

2Q08 9,294 5,861 13,236 15,957 4,925 5,762 1,378 3,258 5,742 3,122 230 7 68,772

2Q07 8,690 3,535 11,877 11,555 4,469 4,762 1,186 2,812 5,474 7 54,368

Chg. % ▲6.95% ▲65.80% ▲11.44% ▲38.10% ▲10.21% ▲20.99% ▲16.15% ▲15.87% ▲4.90% ▲0.00% ▲0.00% ▼5.49% ▲26.49%

1H08 1H07 Chg. % ▲4.84% 17,848 17,025 ▲40.54% 9,557 6,800 ▲8.34% 25,671 23,695 ▲31.53% 30,456 23,155 ▲7.66% 9,380 8,713 ▲16.17% 10,859 9,347 ▲11.49% 2,646 2,373 ▲14.23% 6,182 5,412 ▲2.98% 10,593 10,287 ▲0.00% 5,899 ▲0.00% 230 ▼2.90% 14 14 129,336 106,821 ▲21.08%

A new shopping mall: Shopping Santa Úrsula Since May 2008, Multiplan manages and owns 37.5% of Shopping Santa Úrsula. As it was mentioned when acquired, the mall currently has undermarket rents in-place, non-optimal tenant mix for its consumer base and relatively high vacancy. Multiplan plans to bring this shopping center to the same standard as that of RibeirãoShopping, that is within a similar region, and with a comparable typical consumer. The management of both shopping centers will be combined in order to create synergies and reduce costs. Multiplan recognizes that a strong effort is required to be made in this asset, and that there may be short term consequences to achieving long term gains. Nevertheless, significant upside is expected, with a forecast unleveraged real IRR of 14%. 2Q08 Sales Sales/sq.m Rent Rent/sq.m Vacancy

SSU* 27,169 1,130 R$/sq.m. 944 39 R$/sq.m. 12.9%

RBS 84,662 2,160 R$/sq.m. 7,695 196 R$/sq.m. 1.5%

Portfolio 1,169,981 2,910 R$/sq.m. 108,922 271 R$/sq.m. 2.4%

Portfolio w/ SSU 1,151,439 3,046 R$/sq.m. 108,308 287 R$/sq.m. 1.8%

* Considering April to June, despite the company did not own SSU in April, in order to compare with RBS and our portfolio quarterly results

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Strong sales, strong shopping The Brazilian retail market has grown considerably – cumulative growth for 2008 through May was 10.3%; however sales growth in Multiplan’s portfolio outperformed the market with 20.4% sales growth over the same period. Although Brazilian monetary policy has increased interest rates this year from 11.3% to 13.0%, the company views these actions as prudent fiscal policy to help ensure stability and consistent growth over the medium to long term. On a same store basis Multiplan still shows a double digits sales increase of 11.4%, which reiterates the health of its tenants and shopping centers, under present market conditions. 1 2 .0%

11.0%

10.0%

8 .0%

7.6%

8.1%

8.7%

9.0%

9.1%

8.9%

9.3% 9.6%

10.3% 10.3%

10.0% 10.2%

6 .0%

4 .0%

2 .0%

0.0%

May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Brazilian Retail Sales Growth May/07-Mai/08

Source: IBGE + 12.3%

+ 20.6% 7 0 , 00

5,931 R$/sq.m

2 ,5 00,000

2,215,423 2 ,000,000

+ 20.4%

5 0 , 00

1 ,5 00,000

5,283 R$/sq.m

6 0 , 00

1,836,379

+ 11.4%

4 0 , 00

1,169,981 971,737

3 0 , 00

2,744 R$/sq.m

3,057 R$/sq.m

1 ,000,000

2 0 , 00

500,000

1 0 , 00

-

2Q07

2Q08

1H07

1H08

-

2Q07

2Q08

Sales Growth (R$‘000)

1H07

1H08

Same Store Sales

Consistent sales growth in all shopping centers As seen in the table below, all Multiplan’s shopping centers experienced an increase in sales. Special highlight to Brazilian retail sales in May, which is traditionally leveraged by the Mother’s Day, that registered an increase of 10.3% when compared to last year’s sale. However, Multiplan’s sales in May performed much better than the market, increasing by 23.4%. Sales were boosted not only by the Brazilian retail, but also by a number of successful marketing campaigns, undertaken to increase shopper satisfaction and increase the average sales per visit. Multiplan received the “Marketing best 20 years” award as recognition of the efficiency of marketing campaigns in the last 20 years1. Sales (R$'000) Shopping BH Shopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping Santa Úrsula Total

1

2Q08 132,726 84,662 231,668 214,998 124,180 68,916 32,409 105,943 106,383 49,555 18,542 1,169,981

2Q07 115,314 71,688 213,214 190,460 114,852 51,961 30,526 95,561 88,159 971,737

Chg. % ▲15.1% ▲18.1% ▲8.7% ▲12.9% ▲8.1% ▲32.6% ▲6.2% ▲10.9% ▲20.7% ▲20.4%

1H08 252,597 160,810 455,959 398,550 239,226 128,882 68,099 199,804 199,460 93,492 18,542 2,215,423

1H07 219,756 134,977 414,205 348,932 216,167 98,616 64,679 174,156 164,892 1,836,379

Chg. % ▲14.9% ▲19.1% ▲10.1% ▲14.2% ▲10.7% ▲30.7% ▲5.3% ▲14.7% ▲21.0% ▲20.6%

Award organized and given by Editora Referência, MadiaMundoMarketing and FGV business school

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Rent revenue breakdown

The power of merchandising Rent revenue grew 26.5% in 2Q08 compared to the year before, while the base rent and overage revenue managed to grow 20.7% and 20.9% respectively. Strong demand for alternative marketing opened up opportunities for new contracts and products, leading to a 66.7% increase in merchandising across the portfolio. Multiplan believes the results illustrate the efficiency of its merchandising team, which has been dedicated to making the shopping center an attractive and profitable place for companies to market their brands. In São Paulo, a law named “Cidade Limpa” (Clean City) limited the size and frequency of exterior advertising on the street. As a result advertising demand has shifted to other forms of media, such as merchandising within shopping centers. MorumbiShopping, located in São Paulo, benefited greatly from this, as it saw merchandising almost double from R$1.5 million in 2Q07 to R$2.9 million in 2Q08. +20.7%

+20.9%

7 00 , 00

9,357

6 50 , 00

+66.7%

Before

4,558

68,772

Merchandising

Rent 2Q08

After

490

6 00 , 00

54,368 5 50 , 00

5 00 , 00

4 50 , 00

Rent 2Q07

Minimum

Overage

Rent revenue breakdown – 2Q07 vs. 2Q08 (R$‘000)

Rent Revenue/Shopping (R$'000) BH Shopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping Santa Úrsula BarraShoppingSul (BIG) Portfolio Total

Minimum 7,232 4,607 11,169 12,434 3,790 4,637 1,169 2,478 4,449 2,375 202 7 54,548

Avenida Ibirapuera (São Paulo Before and After “Cidade Limpa” law)

2Q08 Overage Merchand. 296 1,766 254 1,000 273 1,795 582 2,941 211 924 417 709 40 169 163 617 318 974 270 478 5 23 2,829 11,395

Minimum 7,249 2,901 10,232 9,706 3,472 4,020 1,048 2,167 4,388 7 45,191

2Q07 Overage Merchand. 256 1,185 132 502 332 1,313 387 1,461 315 682 308 434 8 131 188 457 414 672 2,339 6,838

Real growth on top of higher inflation As mentioned in the previous page, rent revenue grew 26.5%. Looking exclusively at minimum and overage rent, the growth was 20.7%, well above inflation during the last 12 months. For a more precise analysis the following points should be taken into consideration: 1. The contracts are indexed to inflation, but reviewed only once a year, with a one month delay, leading to an average “IGP-DI renewal effect” of 7.2%. The IGP-DI renewal effect is the weighed average of the monthly IGP-DI increase, by the percentage GLA renewed on the respective month. (see chart below). 2. The best way to analyze rent increase is through a same store basis which increased 9.0% in 2Q08, when comparing to the same period of 2007.

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

23%

250 .%

+ 8.2% 2 00 .%

5 00

436

150 .%

11% 8%

1 00 .%

7% 50 .%

4%

7% 4%

6% 5% 6%

6%

6%

7%

11% 9%

9%

8%

12% 10%

9%

6%

4 50

4 00

8%

471

+ 9.0%

3 50

5%

3 00

3%

2 50

217

237

2 00

1 50

00 .%

jul/07

ago/07

set/07

out/07

nov/07

dez/07

jan/08

fev/08

mar/08

abr/08

mai/08

jun/08

1 00

50

Contract Renovations*

IGP-DI**

-

2Q07

* Based on the contract GLA ** Contracts are revised once a year using the IGP-DI of the month before and percentage of monthly contracts renewal

2Q08

1H07

1H08

Same Store Rent (R$/sq.m.)- 2Q07 vs. 2Q08 (R$‘000)

2. Services

Very successful pre-leasing activity

To be leased 18%

Service revenues increased 79.2%, achieving R$21.7 million in 2Q08, when compared to the R$12.1 million result in 2Q07. The service revenue in 2Q08 benefited from an increase in brokerage fees due to very successful leasing. Of the 813 stores to be added in 2009 through expansions and developments, 668 of which have already been leased.

Leased 82%

New shopping center and expansion stores leased

3. Key Money

Tenant mix changes lead to key money accrual In 2Q08 key money revenue increased 79.4% to R$8.7 million. This was primarily driven by the 1.5% of turnover, as well as tenants that were moved from the centers to allocate space for expansions and refurbishment. One year ago Multiplan brought one of the best gourmet restaurants in Rio de Janeiro to BarraShopping. Despite pre-launch critics, after only 11 months of its opening the restaurant registered a flow of 75,000 people2, a customer record for the restaurant, breaking the record held by the original location in the famous Leblon neighborhood. Since that event, the demand to create a Gourmet Center in BarraShopping has increased, encouraging Multiplan to focus on attracting some of the best restaurants in the city. With this investment Multiplan plans to increase the flow and satisfaction of customers and further boost performance. This strategy was already applied at MorumbiShopping, which owns the largest Gourmet Center in Latin America, with 23 restaurants, which are visited by 30% of the mall’s customers and contribute 8.3% to total mall sales. Key Money Revenue/Type (R$'000) Operational (Recurring) New Projects opened in the last 5 yrs. Portfolio Total

2Q08 4,441 4,276 8,717

2Q07 2,731 2,128 4,859

Chg. % ▲62.6% ▲101.0% ▲79.4%

1H08 6,728 6,753 13,481

1H07 5,446 3,980 9,426

Chg. % ▲23.5% ▲69.7% ▲43.0%

4. Parking Revenue

Two new malls and two new operations, combined with strong organic growth In 2Q08 parking revenue increased 51.9% to R$14.8 million as two shopping centers started to charge for parking: ParkShoppingBarigüi and Shopping AnáliaFranco. Pátio Savassi has also strongly contributed with R$1.1 million of revenue, while Shopping Santa Úrsula has not yet come on-line, as the new parking management system is being implemented. This new investment in Shopping Santa Úrsula will bring the mall parking system up to the standards of Multiplan’s portfolio. Considering only organic growth in 2Q08, parking revenue increased 26.2%, due to higher prices charged, longer stay periods, higher car flow and new charges on the weekends in BH Shopping. Parking Revenue/Shopping (R$'000) BH Shopping BarraShopping MorumbiShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Portfolio Total 2

2Q08 1,831 4,412 4,039 1,006 983 1,259 185 1,064 14,779

2Q07 1,263 3,070 4,048 711 632 9,723

Chg. % ▲44.9% ▲43.7% ▼0.2% ▲41.5% ▲55.7% ▲100.0% ▲100.0% ▲100.0% ▲51.9%

1H08 3,399 8,733 7,982 1,869 2,074 1,259 185 2,002 27,503

1H07 1,571 3,900 6,303 1,035 938 13,748

Chg. % ▲116.3% ▲123.9% ▲26.7% ▲80.5% ▲121.1% ▲100.0% ▲100.0% ▲100.0% ▲100.1%

Jornal do Brasil, June 25th, 2008

8

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

EXPENSES 1. Mall Expenses and NOI

A new and user-friendly NOI Mall expenses increased from R$10.9 million in 2Q07 to R$12.9 million in 2Q08, growing by 18.1%. The increase was mainly due to the result of higher ownership interests in shopping centers, due to recent acquisitions. Expenses were also impacted by brokerage costs from projects under development. However, expenses increased at a slower rate than rental revenue, thereby improving operational performance. In order to increase the strength of its corporate governance, Multiplan undertook a perception study with analysts and investors, from whicha new reporting model for NOI was elected. The model shifts from a shopping center approach, based on the shopping results to a firm-level approach, based on our earnings release. This will lead to higher transparency and a better understanding of performance by analysts and investors. The NOI + KM will include the key money from signed contracts, which is not considered operational revenue by the company, but increases Multiplan’s income. Regarding parking income, it is considered on a net revenue basis, without segregating expenses and revenues, as these are an operation done by Multiplan subsidiary MTA, therefore the mall itself only receives the net result. This is simply a change in reporting to a more clear and understandable format. This change has no overall impact on Multiplan’s results. NOI Calculation (R$’000) Rent Revenue Parking Income Operational Revenue Shopping Expenses NOI NOI Margin Key Money Contracts Signed NOI + KM NOI + KM Margin

2Q08 68,772 8,179 76,951 (12,895) 64,057 83.2% 9,040 73,097 85.0%

2Q07 54,368 4,662 59,030 (10,309) 48,721 82.5% 12,576 61,297 85.6%

Chg. % ▲26.5% ▲75.4% ▲30.36% ▲25.1% ▲31.5% ▲70 b.p ▼28.1% ▲19.3% ▼60 b.p

1H08 129,336 14,403 143,739 (27,573) 116,166 80.8% 36,653 152,819 84.7%

1H07 106,821 6,270 113,091 (19,251) 93,840 83.0% 22,272 116,112 85.8%

Chg. % ▲21.1% ▲129.71% ▲27.1% ▲43.2% ▲23.8% ▼220 b.p ▲64.6% ▲31.6% ▼110 b.p

2. Parking Expenses

Increasing operational efficiency Multiplan parking expenses increased 30.4% from R$5.1 million to R$6.6 million, due to new operations and acquisitions. However, as revenue grew at a faster pace, net parking revenue increased 75.4% (before tax). Margin increased due to the new operations of ParkShoppingBarigüi, Shopping AnáliaFranco and Pátio Savassi, which do not require the owners to share half of their revenue with the condominium, as is the case with the older shopping centers’ parking operations. Net Revenues (R$‘000) Parking Revenue Parking Expenses Total

2Q08 14,779 (6,600) 8,179

2Q07 9,723 (5,061) 4,663

Chg. % ▲51.9% ▲30,4% ▲75,4%

1H08 27,503 (13,100) 14,403

1H07 Chg. % ▲100.0% 13,748 ▲75,2% (7,478) 6,270 ▲129,7%

3. Operating and Development Expenses (G&A)

Structuring for the future G&A expenses in this quarter increased by 74.5%, totaling R$27.3 million, when compared to the same quarter of last year. General and administrative expenses increased primarily due to: A new office in São Paulo - this quarter Multiplan opened a new office in the office tower at MorumbiShopping in São Paulo which will host part of the development, engineering and marketing team. Delivering the pipeline - in order to deliver the existing projects and strong pipeline of developments, Multiplan improved its development structure and made investments in human capital to increase operational efficiency. Bonus - a provision for 2008 bonus (to be paid in 2009) was accrued this quarter, and last year’s bonus was paid in 2Q08. The provision was created in recognition of the new formal bonus structure of the company. Corporate Governance - Multiplan made meaningful investments, such as receiving the S&P risk rating, improving its real-estate system, launching a new homepage, staffing at its IR department, hiring new talent and investing in professional development in order to better serve its shareholders.

9

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

G&A Expenses (R$'000) Shopping Development Total G&A

2Q08 15,175 12,085 27,260

2Q07 11,049 4,571 15,620

Chg. % ▲37.3% ▲164.4% ▲74.5%

1H08 24,376 14,597 38,973

1H07 16,654 7,677 24,330

Chg. % ▲46.3% ▲90.1% ▲64.3%

Equity Pickup

Royal Green Península revenues accelerate Equity pickup this quarter was eight times higher than the year before, reaching R$5.5 million. The strong development of the Royal Green Peninsula project was the main driver for this increase, as construction continues at a very strong pace, leading the revenues of sold apartments to be accrued in company results. Multiplan expects to conclude the project by the end of this year. As at June 30th, 2008, 89% of the apartments in this project had been sold. While construction contracts needed to be reviewed as a result of higher construction costs generally and the fact that suppliers were forced to keep up with Multiplan’s quick pace of construction, nothing has occurred to cause a deviation from the strong positive returns expected on this project. Equity pickup (R$'000) RGP Revenue RGP Cost Sub-Total Others Total

2Q08 12,980 7,556 5,425 89 5,513

2Q07 2,786 2,190 596 596

Chg. % ▲365.9% ▲245.0% ▲811.0% ▲100.0% ▲825.8%

Up to Date 59,005 39,171 19,835 19,835

Budget 72,182 51,828 20,354 20,354

10

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

RESULTS Financial Results, Debt and Cash

Ready to go In 2Q08 Multiplan’s cash position net of debt was reduced from R$110.1 million to R$22.5 million. The main reason for the company’s net cash drop was the cash reduction of R$98.7 million, decreasing from R$362.6 million in 1Q08 to R$263.9 million in 2Q08, as a result of the strong investments in development pipeline. The company still has a positive cash position net of debt, due to its precise financial planning since the IPO. Multiplan managed to balance its debt with the cash flow generation successfully throughout the years. The company has been structuring its debt operations, and after achieving one of the best ratings in the industry from Standard & Poor’s, is ready to leverage itself to finance its strong development pipeline if necessary. Due to the fact that the company’s interest rates are linked to inflation and inflation increased in 2Q08, Multiplan’s interest expense was impacted. However, the amortization period associated with current debts results in a lower overall debt balance at the end of the quarter. Debt composition in 2Q08

Indexation Short Term TJLP IGP-M IPCA Fixed Others Sub-Total Short Term Long Term TJLP IGP-M IPCA Fixed Others Sub-Total Long Term Total Debt Cash Net Debt

Interest Rate

Indebtedness (R$‘000) %

5,2% 0,5% 7,6% 12,0% 0,0%

14.764 53.068 18.321 20.391 14.302 120.846

6.7% 22.0% 7.6% 8.5% 5.8% 50.5%

5,0% 0,0% 7,4% 12,0% 0,0%

12.389 858 70.335 35.685 1.274 120.540 241.387 263.893 (22.506)

5.1% 0.4% 29.2% 14.8% 0.0% 49.5% 100.0%

Amortization Schedule (R$‘000)

53,183

Debt Type

Loans and Financings Share Acquisition Obligations for acquisition of good

Banks 12% 42,854

42,025 38,841 34,867

14,620

Others 88%

7,935 4,454

2008

2009

2,302 2010

2011

11

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Adjusted Net Income and FFO

Stronger cash flow for future developments Multiplan’s adjusted 2Q08 net income totaled R$53.7 million, 48.3% higher than the one in the same period of last year. The net accounting income grew by 146.5% to R$16.5 million in 2Q08, accumulating retained earnings of R$17.4 million. Adjusted Income Calculation Net Income Goodwill Amortization Deferred Taxes¹ Non-recurring expenses² Adjusted Income

2Q08 16,451 31,477 5,775 53,703

2Q07 6,675 28,177 1,361 36,214

Chg. % ▲146.5% ▲11.7% na na ▲48.3%

1H08 29,731 62,905 11,485 104,122

1H07 17,031 56,354 1,361 74,746

Chg. % ▲74.6% ▲11.6% na na ▲39.3%

¹ Due to the Bertolino’s reverse acquisition ² Refers to IPO costs

The FFO (Funds from operations) achieve a 49.3% year-on-year growth to R$62.0 million, being the biggest among public traded shopping center companies. FFO Calculation Adjusted Income Depreciation and Amortization Adjusted FFO

2Q08 53,703 8,248 61,951

2Q07 36,213 5,286 41,498

Chg. % ▲48.3% ▲56.0% ▲49.3%

1H08 104,122 15,832 119,954

1H07 74,746 10,456 85,202

Chg. % ▲39.3% ▲51.4% ▲40.8%

Adjusted EBITDA

All good news leads to EBITDA growth The organic growth from Multiplan’s operations made the EBITDA increase 38.2% when compared to 2Q07. EBITDA margins grew by 260 bps, as the shopping centers, parking and real estate margins have also increased. These margins were not higher due to the larger investment to deliver the pipeline, which affected G&A costs. EBITDA Calculation (R$'000) Net Income Tax Income and Social Contribution Financial Result Depreciation and Amortization Participation of the minority stockholders Goodwill Amortization Non-recurring expenses¹ Adjusted EBITDA

2Q08 16,451 6,498 (33) 8,248

2Q07 Chg. % 6,675 ▲146.5% (496) na 4,441 na ▲56.1% 5,285

1H08 29,731 12,978 (7,725) 15,832

173 31,477 62,813

21 ▲721.0% ▲11.7% 28,177 1,361 na 45,464 ▲38.2%

317 62,905 114,038

1H07 Chg. % ▲74.6% 17,031 1,995 ▲550.5% 8,820 na ▲51.4% 10,456 (4) 56,354 1,361 96,013

na ▲11.6% na ▲18.8%

¹ Refers to IPO costs

EBITDA margin breakdown 2Q08

Shopping Center Parking Real Estate * Development Other Results * Operating Results

Net Revenue 91,111 12,996 14,307 (14.307) 104.107

2Q07

Expenses

EBITDA

Margin

(28,069) (6,600) (8,293) (12,085) 13.753 (41.294)

63,041 6,396 6,014 (12,085) (554) 62.813

69.2% 49.2% 42.0% 0.0% 3,9% 60,3%

Net Revenue 65,201 8,487 7,919 (2.843) 78.764

Expenses

EBITDA

Margin

(21,358) (5,061) (5,206) (4,571) 2.897 (33.299)

43,844 3,426 2,712 (4,571) 54 45.465

67.2% 40.4% 34.3% 0.0% na 57,7%

* The net revenue and expenses from the Royal Green Peninsula project are included in the real estate line and adjusted in the other results line to better show the company's margins in real estate projects.

12

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

MAIN INDICATORS Operating and Financial Performance Indicators (R$'000) Financials (MTE %)

2Q08

2Q07

Chg. %

1H08

1H07

Chg. %

Gross Revenue

113,984

86,254

▲32.1%

203,323

163,347

▲24.5%

Net Revenue

104,107

78,764

▲32.2%

184,999

149,128

▲24.1%

Headquarters

27,260

15,007

▲81.7%

38,972

23,717

▲64.3%

Rent Revenue

68,772

54,364

▲26.5%

129,336

106,816

▲21.1%

273 R$/sq.m.

248 R$/sq.m.

▲10.0%

513 R$/sq.m.

488 R$/sq.m.

▲5.3%

62,813

45,464

▲38.2%

114,038

96,013

▲18.8%

249 R$/sq.m.

208 R$/sq.m.

▲20.1%

453 R$/sq.m.

438 R$/sq.m.

▲3.3%

60.3%

57.7%

▲2.6 p.p

61.6%

64.4%

▼2.7 p.p ▲19.6%

Rent Revenue/sq.m. Adjusted EBITDA Adjusted EBITDA/sq.m. Adjusted EBITDA Margin Shopping EBITDA Shopping EBITDA/sq.m. Shopping EBITDA Margin

63,041

43,847

▲43.8%

108,959

91,132

250 R$/sq.m.

200 R$/sq.m.

▲25.0%

433 R$/sq.m.

416 R$/sq.m.

▲3.9%

69.2%

67.2%

▲1.9 p.p

67.7%

71.7%

▼4.0 p.p

61,951

41,498

▲49.3%

119,953

85,203

▲40.8%

246 R$/sq.m.

189 R$/sq.m.

▲29.8%

476 R$/sq.m.

389 R$/sq.m.

▲22.4%

2Q08

2Q07

Chg. %

1H08

1H07

Chg. %

Adjusted Total GLA

402,016 sq.m.

379,214 sq.m.

▲6.0%

402,016 sq.m.

379,214 sq.m.

▲6.0%

Adjusted Own GLA

251,914 sq.m.

219,006 sq.m.

▲15.0%

251,914 sq.m.

219,006 sq.m.

▲15.0%

Adjusted FFO Adjusted FFO/sq.m.

Performance (100%)

108,922

87,350

▲24.7%

205,349

171,796

▲19.5%

271 R$/sq.m.

237 R$/sq.m.

▲14.3%

511 R$/sq.m.

453 R$/sq.m.

▲12.7%

1,169,981

971,737

▲20.4%

2,215,423

1,836,379

▲20.6%

Total Sales/sq.m.

2,910 R$/sq.m.

2,562 R$/sq.m.

▲13.6%

5,511 R$/sq.m.

4,843 R$/sq.m.

▲13.8%

Same Stores Sales/sq.m

3,057 R$/sq.m.

2,744 R$/sq.m.

▲11.4%

5,931 R$/sq.m.

5,283 R$/sq.m.

▲12.3%

Same Stores Rent/sq.m

237 R$/sq.m.

217 R$/sq.m.

▲9.0%

471 R$/sq.m.

436 R$/sq.m.

▲8.2%

12.6%

12.8%

▼0.1 p.p

14.0%

13.1%

▲0.9 p.p

Rent as Sales %

7.7%

8.2%

▼0.5 p.p

9.0%

8.0%

▲1.0 p.p

Others as Sales %

5.0%

4.6%

▲0.4 p.p

5.0%

5.1%

▼0.1 p.p

1.5%

0.8%

▲0.7 p.p

2.6%

1.6%

▲1.0 p.p

97.6%

97.5%

▲0.0 p.p

97.6%

97.5%

▲0.0 p.p

3.9%

5.3%

▼1.4 p.p

3.6%

5.9%

▼2.4 p.p

Rent Revenue Rent Revenue /sq.m. Total Sales

Occupancy Costs

Turnover Occupancy Rate Delinquency

Multiplan's GLA is calculated below including the areas of Supermarket BIG, which is already in operation at BarraShoppingSul,. GLA Effect Multiplan Interest Initial GLA BarraShoppingSul

2Q08

2Q07

Chg. %

1H08

1H07

Chg. %

251,914 sq.m.

219,006 sq.m.

▲15.0%

251,914 sq.m.

219,006 sq.m.

▲15.0%

14,400 sq.m.

14,400 sq.m.

0.0%

14,400 sq.m.

14,400 sq.m.

0.0%

RibeirãoShopping (additional 20%)

0 sq.m.

7,826 sq.m.

na

0 sq.m.

7,826 sq.m.

na

Pátio Savassi

0 sq.m.

14,695 sq.m.

na

0 sq.m.

14,695 sq.m.

na

266,314 sq.m.

255,927 sq.m.

▲4.1%

266,314 sq.m.

255,927 sq.m.

▲4.1%

Final GLA

13

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

GROWTH STRATEGY Timetable of Expansions and New Developments - '000 sq.m. Growth of 60% in own GLA

+ 60% 4 5 0m²

426

426

2H14

1H15

404 4 00m²

366

354

340

328

3 5 0m²

3 00m²

266 New Mall Development Mall Expansions

2 5 0m²

2 00m²

Current

2H08

1H09

2H09

1H10

2H10

Investment

Development at a faster pace This quarter was marked by continued momentum in Multiplan’s developments. The investments in shopping centers under construction and development increased 141% and shopping center expansions were boosted by 282% from last quarter. Multiplan will continue to work at full speed to deliver the projects in its pipeline and prepare for emerging development opportunities. 2

8

00 , 0 0

7

00 , 0 0

6

00 , 0 0

5

00 , 0 0

4

00 , 0 0

+ 141%

73,142

0 ,0 0 0

1

8

,0 0 0

1

6

,0 0 0

1

4

,0 0 0

1

2

1

3

00 , 0 0

2

00 , 0 0

1

30,297

17,207

+ 282%

,0 0 0

0 ,0 0 0

8

,0 0 0

6

,0 0 0

4

,0 0 0

2

,0 0 0

4,510

00 , 0 0

-

1Q08 2Q08 Investments in shopping development 2Q08 vs. 1Q08

CAPEX (R$'000)

2Q08

%

1Q08

Reference

Renovations

19,578

13.9%

Shopping Development

73,142

52.2%

All Shoppings, Gourmet Project (BRS) and new branch in SP BSS, SVO, Maceió

Shopping Expansion

17,207

12.3%

BHS, RBS, PKS (Fashion & Frontal), SAF

Land Acquisition Shopping Acquisition and Minority Acquisition

Total

2Q08

Investments in shopping expansions 2Q08 vs. 1Q08

1,473

1.1%

Projects not announced

28,668

20.5%

Shopping Santa Úrsula

140,067

100.00%

Acquisitions 20%

Renovations 14%

Lands 1% Expansions 12%

New SC's 53%

14

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Uses of Capital

Continuous growth In order to keep the growth strategy, Multiplan plans to invest R$709.7 million through 2010, in addition to its 1H08 investments of R$290.0 million. These investment forecasts only consider projects currently announced and disclosed. Use of Proceeds (R$'000)

IPO

2007

1H08

2H08

2009

2010

-

22,814

33,676

21,125

10,518

6,964

Shopping Development

139,800

102,646

103,439

155,715

133,697

77,450

Shopping Expansion

119,800

11,431

21,717

117,186

60,901

2,848

93,200

16,183

102,532

123,300

-

-

273,000

287,765

28,668

-

-

-

Shopping Santa Úrsula General

Renovations

Land Acquisition Shopping Acquisition and Minority Acquisition Working Capital

Total

40,000

44,114

-

-

-

-

665,800

484,953

290,031

417,326

205,116

87,262

Reference > 2008 All Shoppings, Gourmet Project (BRS) and new branch in SP BSS, SVO, Maceió, LagoSul BHS, RBS, PKS (Fashion, Gourmet & Frontal), PKB Gourmet, SAF Barra da Tijuca, São Caetano, Jundiaí, Campo Grande and others

Investments may increase as other expansions and new shopping centers are announced. 79 0,000

707,357

69 0,000

59%

Renovation 59 0,000

484,953 49 0,000

36%

New SC's 39 0,000

205,116

29 0,000

Expansions

15%

19 0,000

87,262 9 0,000

Lands

49%

(1 0,000)

2007

2008

Renovations Shopping Expansion Shopping Acquisition and Minority Acquisition

2009 Shopping Development Land Acquisition Working Capital

CAPEX schedule (R$‘000) – 2007 to 2010

2010 Acquisitions

100%

CAPEX used until 2Q08 and to be expended (until 2010) according to the use of capital plan of the IPO

Acquisition Analysis

One year of Shopping Pátio Savassi In June 2007 Multiplan acquired a 83.8% share of the Shopping Pátio Savassi in Belo Horizonte, in order to control competition with Diamond Mall, and consolidate Multiplan’s position in the third largest city of Brazil. One year later sales per square meter have increased 35.5% in Pátio Savassi, 32.3% in DiamondMall and 16.2% in BH Shopping, due to the synergies achieved from Multiplan management of the three shopping centers. Highlighting that Pátio Savassi had an initial yield above expectations (actual of 7.6% vs. 6.9% expected). To achieve the results Multiplan used its expertise to upgrade new assets in a number of areas: Clear regional segmentation strategy – since the acquisition strategy, Multiplan has created clear strategies for all 3 of the owned malls in Belo Horizonte, such that each targets a distinct consumer segment in the region. BH Shopping is the largest mall of the region with a broad tenant base, therefore they have been geared towards targeting consumers in the A,B and C classes demographic; DiamondMall with its sophisticated design and triple AAA stores, offers a differentiated service to attend a premium class shoppers; Shopping Pátio Savassi aims its services towards a younger, urban class, which is also a subsection of A class regional consumers. The tenant mix balance – Multiplan decided to change the tenant mix according to the mall’s position in the market. The company seeks to balance the numbers and types of stores in the shopping center in order to attract customers and boost sales, pleasing both tenants and consumers. Optimizing space – every inch is seen as an opportunity to add extra value, therefore bringing the best store to the perfect location is a priority to maximize this value, and make access easy and clear for the consumer. Pátio Savassi adapted new areas to make space for stores that come to aggregate synergy and to demand the attention of customers, such as one of the most famous American steakhouse chain to open first in Belo Horizonte.

15

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Opportunity for higher rents – when Pátio Savassi was acquired the rent prices of some of the contracts were bellow the company’s standard, thus that was an immense upside that also contributed to make the acquisition feasible. Pátio Savassi is close to its 5 year anniversary and also the end of most of its contracts, for this reason Multiplan was able to renegotiate the 5 contracts that expired in 2008 with an average of approximately 36.9% above their former rent High quality standards – in order to keep the high quality standard of the portfolio, the companies providing services to Multiplan’s shopping centers started operating in Shopping Pátio Savassi as well. By improving quality in security, cleaning service and maintenance, Multiplan guarantees the brand awareness strength’s, the best position in the share of mind and the trust of the customers Since the acquisition, the Shopping Pátio Savassi’s NOI has increased 20.6%, which should represent a gain of R$33.1 million considering that R$160.7 million was invested to acquire this asset. Despite this growth, Multiplan believes that Shopping Patio Savassi still has room to grow and Diamond Mall will be benefited following the same path. 1 6 .0 %

14.0% 1 4 .0 %

Diamond Mall 1

1 2 .0 %

1 0.0 %

1,7 km

8 .0 %

6.9%

7.6%

6 .0 %

4 .0 %

2

2 .0 %

0.0 %

Pátio Savassi

5,3 km

Expected

1 year with MTE

Target IRR

Pátio Savassi yields on acquisition price ▲35.56%

Shoppings Portfolio

4,3 km

▲32.30%

▲16.23% ▲13.57%

33

BH Shopping PSS

Belo Horizonte’s consolidation strategy

DMM, PSS and BHS

BHS

DMM

Sales/sq.m. 2Q08 x 2Q07

16

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Shopping Mall - Greenfields

Two projects under construction and two under development Please note that NOI has been presented in accordance with the new NOI reporting model

Multiplan has intensively worked in its pipeline development. The two projects under construction are developing quickly and in August 2008 Multiplan will celebrate the delivery of the stores to tenants. The official opening, the first from the pipeline below, will happen in 2H08. The new malls will lead to an increase of 142,690 sq.m. of new GLA , from which Multiplan will own 76.5%, resulting in growth of 41.0% of the owned GLA. These malls, besides bringing cash flow to Multiplan enhance the company’s commercial capabilities and open opportunities for future expansions and mixed-use projects.

BarraShoppingSul GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

68,378 sq.m. (Including BIG) April 2007 October 2008 100% R$32.5 million R$28.1 million R$41.4 million R$241.0 million

CAPEX Invested

56 %

Status: Under Construction The largest mall in the south region of the country has seen its GLA increased again; the success in leasing this project resulted in adding an extra 1,749 sq.m of GLA, to accommodate a new fitness center.

Shopping VilaOlímpia GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

26,901 sq.m. July 2007 May 2009 42% (30% after opening) R$20.3 million R$8.8 million R$10.1 million R$61.9 million

CAPEX Invested

17 %

Status: Under construction The construction of Shopping VilaOlímpia is already past the foundation phase. The underground parking is being built and will have 5 floors beneath the ground.

Shopping Maceió GLA (Estimated) Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

36,000 sq.m. October 2008 November 2010 50% R$10.5 million R$9.6 million R$12.8 million R$84.1 million

CAPEX Invested

16 %

Status: Undergoing master plan and tenant mix The mall, will be a mixed-use project involving residential and commercial buildings, as well as a hotel complex. Many anchor stores have approached Multiplan to secure their presence in this mall.

17

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

LagoSul Shopping GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE) CAPEX Invested

25,811 sq.m. September 2008 (expected) November 2010 (expected) 65% (35% ground lease) R$19.5 million R$12.8 million R$16.1 million R$130.5 million 0%

Status: Undergoing necessary approvals The mall will consolidate the company’s position in Brasilia, is still under review and receiving necessary approvals.

Shopping Mall Expansions

Five projects under construction Please note that the NOI was recalculated according to the new NOI model

Multiplan expansions have proven to be a huge leasing successes. From the 813 stores (Greenfield and expansions) that Multiplan plans to deliver until 2009, 82% are already leased and the demand keeps growing. These expansions will lead to 43,809 sq.m. of new GLA and Multiplan will own 61.1% of this new area. Expansions are a very attractive way to grow, as in addition to yielding high returns on a low operational risk, they are also a defensive form of growth, developing the asset, bringing new important tenants and fortifying the company from future competitors.

BH Shopping Expansion GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

10,869 sq.m. October 2007 October 2009 80% R$10.8 million R$8.6 million R$10.5 million R$86.8 million

CAPEX Invested

15 %

Status: Under construction The 5th expansion of Belo Horizonte’s top-of-mind mall, will create 101 stores and a 3 floors of deck-parking. The expansion has shown a great success in its leasing process due to the synergy with the others 2 malls in the city.

Shopping AnáliaFranco Expansion GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

11,786 sq.m. November 2007 May 2009 30% R$3.9 million R$3.4 million R$3.8 million R$17.4 million

CAPEX Invested

10 %

Status: Under construction The project involves the addition of a third floor and 750 new parking spaces, therefore it will increase the mall’s GLA by 30%.

18

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

RibeirãoShopping Expansion GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

7,079 sq.m. October 2007 November 2008 76.2% R$1.6 million R$2.5 million R$2.9 million R$29.1 million

CAPEX Invested

25 %

Status: Under construction The expansion will increase its GLA by 21%, adding new restaurants and 2 anchor stores.

ParkShopping Fashion Expansion GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

2,985 sq.m. March 2007 October 2008 60% R$1.1 million R$1.8 million R$2.3 million R$10.4 million

CAPEX Invested

41 %

Status: Under construction This expansion will focus on exclusive brands, aiming to consolidate ParkShopping’s position as Brasília’s top of mind mall, and has shown a great leasing success.

ParkShopping Frontal Expansion GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

8,571 sq.m. October 2007 August 2009 63.0% R$5.9 million R$6.5 million R$7.7 million R$42.1 million

CAPEX Invested

7%

Status: Under construction Located at the entrance of the mall, this space will be entirely dedicated to satellite stores, generating high returns. An extra GLA of 1,165 sq.m. was added to the project, to accommodate the demand for more space.

19

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

ParkShopping Gourmet Expansion GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

1,327 sq.m. 1H 2009 2H 2010 60% R$0.7 million R$0.6 million R$0.6 million R$8.9 million 0%

CAPEX Invested

Status: Under development The project adds a new food court with five restaurants that will satisfy the market demand for this type of mix. In order to prevent any inconvenience for the mall’s operation, as two expansions in this mall are already in progress, the company decided to postpone the launch and opening date of this project.

ParkShoppingBarigüi Gourmet Expansion GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

1,192 sq.m. February 2008 December 2008 100% (84% after opening) R$0.5 million R$0.5 million R$6.6 million 0%

CAPEX Invested Status: Under development The Gourmet expansion will improve the mall area with seven new restaurants. Future Projects The approved projects listed below remain unchanged from 1Q08. Projects to be detailed Project BarraShopping Exp. VII DiamondMall Exp. II ¹ ParkShoppingBarigüi Exp. II ¹ BarraShoppingSul Exp. I Total

% 51.1% 90.0% 84.0% 100.0% 89.4%

GLA 4,894 sq.m. 5,299 sq.m. 8,505 sq.m. 21,638 sq.m. 40,336 sq.m.

Own GLA 2,499 sq.m. 4,769 sq.m. 7,144 sq.m. 21,638 sq.m. 36,051 sq.m.

Launch Jul/09 Mar/09 Oct/08 Apr/13

Opening Nov/10 Mar/10 May/10 Dec/14

¹ Multiplan will have 100% of participation during the construction, due to ground lease.

20

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Land Bank

Land Bank represents over a quarter of the size of central park in Manhattan, NY Multiplan has a current land bank of 905,198 sq.m. The development team is always evaluating new projects and controlling the current projects to achieving the best results, and generate the highest return for the company and its shareholders. The sites at Jundiai and São Caetano have just finished passing through the final approvals with local authorities. Now the two sites in São Paulo are ready for beginning projects, similar to the site at Barra da Tijuca, Rio de Janeiro. The greatest share of our land bank is located close to our shopping centers, as the company plans to continue following its strategy of developing mixed-use projects. The market trend of mixed-use projects is not a new foray for Multiplan, since the company has been doing it successfully for many years. One of the main drivers for this trend has been the economic development of Brazil, which has increased the demand for an improved quality of life. Brazilians are trying to bring entertainment, work and home together, in order to avoid traffic jams, conflict and stress. Given all these relevant factors it is imperative to continue exploring this demand trend, which means developing shopping centers together with diversified services, expansions and real estate projects that will reinforce these types of desired synergies and create a larger value for the malls and adjacent areas as well.

Location Barra da Tijuca BarraShoppingSul Campo Grande Jundiaí Maceió MorumbiShopping ParkShoppingBarigüi ParkShoppingBarigüi RibeirãoShopping São Caetano Shopping AnáliaFranco Total

Owned % 100% 100% 50% 100% 50% 100% 84% 94% 100% 100% 36% 72%

Type Commercial Res., Com., Hotel Residential Commercial Res., Com., Hotel Commercial Apart-Hotel Commercial Res., Com., Medical Commercial Residential

Area 36,748 sq.m. 16,164 sq.m 338,913 sq.m 45,000 sq.m 130,000 sq.m 21,554 sq.m 843 sq.m 27,370 sq.m 200,970 sq.m 57,836 sq.m 29,800 sq.m 905,198 sq.m

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

Cristal Tower

The project follows the consecrated mixed-use model, of the BarraShopping Complex The success achieved by BarraShoppingSul, in the city of Porto Alegre, resulted in the creation of the Cristal Tower project, an office tower integrated to BarraShoppingSul. The project has 290 commercial offices and 11,915 sq.m. of saleable area, in order to satisfy the high demand for offices in the city. Multiplan holds a 100% interest and estimates a nominal total sell out of over R$70 million. Delivery of space is scheduled for the first half of 2011 and the project’s unleveraged IRR in nominal terms is expected to be over 25%. In the last five years, Porto Alegre saw a 70% increase in the price per sq.m. for offices properties, according to real estate developers in the region3. In the same area in which Cristal Tower will be built, Multiplan expects to build two residential buildings and a hotel in future years.

3

Cristal Tower and BSS perspective

Cristal Tower perspective

Bridge connecting Cristal Tower to BarraShoppingSul

Cristal Tower – Interior perspective of a project

Source: Lopes Dirani

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

CURRENT PORTFOLIO 15

10

6 14

5 AL 1

2 DF

MG

7

SP

11

RJ PR

8

3

RS

4 9

13

12

Already Operating Under Development/ Development/Approval

Shopping

State

Multiplan %

Total GLA

Rent 2Q08

Rent 2Q07

Operating SC's

Sales 2Q08 (100%)

1

BH Shopping

MG

80.0%

35,105 sq.m.

11,618

10,863

2

RibeirãoShopping

SP

76.2%

39,188 sq.m.

7,695

4,641

132,726 84,662

3

BarraShopping

RJ

51.1%

69,812 sq.m.

25,918

23,257

231,668

4

MorumbiShopping

SP

65.8%

54,958 sq.m.

24,264

20,528

214,998

5

ParkShopping

DF

59.9%

39,775 sq.m.

8,228

7,450

124,180

6

DiamondMall

BH

90.0%

20,808 sq.m.

6,402

5,291

68,916

7

New York City Center

RJ

50.0%

22,068 sq.m.

2,756

2,373

32,409

8

Shopping AnáliaFranco

SP

30.0%

39,310 sq.m.

10,860

9,373

105,943

9

ParkShoppingBarigüi

PR

84.0%

41,411 sq.m.

6,836

6,082

106,383

10

Pátio Savassi

BH

83.8%

15,537 sq.m.

3,725

-

49,555

11

Shopping Santa Úrsula

SP

37.5%

24,043 sq.m.

613

-

18,542

BarraShoppingSul (BIG)¹

RS

100.0%

14,400 sq.m.

7

7

-

64.0%

416,416 sq.m.

108,922

89,866

1,169,981

Sub-Total Operating SC's Under development SC's/Exp

(% constr.)²

12

BarraShoppingSul

RS

100.0%

53,978 sq.m.

-

-

-

13

Shopping VilaOlímpia

SP

42.0%

26,901 sq.m.

-

-

-

14

Shopping Maceió

AL

50.0%

36,000 sq.m.

-

-

-

15

LagoSul Shopping

DF

100.0%

25,811 sq.m.

-

-

-

BH Shopping Exp.

MG

80.0%

10,869 sq.m.

-

-

-

Shopping AnáliaFranco Exp.

SP

30.0%

11,786 sq.m.

-

-

-

RibeirãoShopping Exp.

SP

76.2%

7,079 sq.m.

-

-

-

ParkShopping Exp. Fashion

DF

60.0%

2,985 sq.m.

-

-

-

ParkShopping Exp. Frontal

DF

62.5%

8,571 sq.m.

-

-

-

ParkShopping Exp. Gourmet

DF

60.0%

1,327 sq.m.

-

-

-

ParkShoppingBarigüi Exp. Gourmet Sub-Total Under development SC's/Exp

PR

100.0%

1,192 sq.m.

-

-

-

72.8%

186,499 sq.m.

-

-

-

66.7%

602,915 sq.m.

108,922

87,350

1,169,981

Portfolio Total ¹ Relates to supermarket BIG, already operating on the land ² Interest during the construction period

23

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

OWNERSHIP STRUCTURE The chart below shows Multiplan's ownership structure followed by the acquisitions made throughout 2007 and 2008.

24

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

APPENDICES APPENDIX I Income Statement (R$'000) Rent Service Revenue Key Money Parking Revenue Real Estate Sales Other Gross Revenue Revenue Tax Net Revenue Operational Costs Headquarters Non-recurring Expenses (IPO) Shopping Center Parking Cost of Real Estate Sold Equity pickup Amortization Financial Revenue Financial Expenses Depreciation Other Operating Revenues/Expenses Operational Income Non-Operating Income Income Before Taxes Tax Income and Social Contribution Deferred Taxes Participation of the Minority Stockholders Net Income Adjusted EBITDA NOI Adjusted FFO Adjusted Income

2Q08 68,772 21,716 8,717 14,779 0 113,984 (9,878) 104,107

2Q07 54,368 12,116 4,859 9,723 5,188 86,254 (7,490) 78,764

Chg. % ▲26.5% ▲79.2% ▲79.4% ▲52.0% ▼100.0% ▲0.0% ▲32.2% ▲31.9% ▲32.2%

1H08 129,336 32,970 13,481 27,503 33 203,323 (18,325) 184,998

1H07 106,821 22,989 9,426 13,748 10,363 0 163,347 (14,219) 149,128

Chg. % ▲21.1% ▲43.4% ▲43.0% ▲100.1% ▼100.0% ▲100.0% ▲24.5% ▲28.9% ▲24.1%

(27,260) (12,895) (6,600) 5,514 (31,477) 9,503 (9,468) (8,248) (58) 23,118 4 23,122 (723) (5,775) (172) 16,451

(15,620) (1,361) (10,309) (5,061) (2,971) 596 (28,177) 1,697 (6,139) (5,285) 88 6,222 (22) 6,200 616 (120) (21) 6,675

▲74.5% ▼100.0% ▲25.1% ▲30.4% ▼100.0% ▲825.4% ▲11.7% ▲459.9% ▲54.2% ▲56.1% na ▲271.6% na ▲272.9% na ▲4,721.5% ▲721.0% ▲146.5%

(38,973) (27,573) (13,100) 8,117 (62,905) 25,125 (17,400) (15,832) 565 43,022 4 43,026 (1,493) (11,485) (317) 29,731

(24,330) (1,361) (19,251) (7,478) (5,969) 2,173 (56,354) 3,064 (11,884) (10,456) 758 18,039 983 19,022 (1,681) (314) 4 17,031

▲60.2% ▼100.0% ▲43.2% ▲75.2% ▼100.0% ▲273.6% ▲11.6% ▲719.9% ▲46.4% ▲51.4% ▼25.4% ▲138.5% ▼99.6% ▲126.2% ▼11.2% ▲3,557.8% na ▲74.6%

62,813 64,057 61,951 53,703

45,464 48,721 41,498 36,214

▲38.2% ▲31.5% ▲49.3% ▲48.3%

114,038 116,166 119,954 104,122

96,013 93,840 85,202 74,746

▲18.8% ▲23.8% ▲40.8% ▲39.3%

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

APPENDIX II Balance Sheet ASSETS Current Assets Cash Accounts Receivable Diverse Loans and Advancings Taxes and Contributions to Recoup Deferred income tax Other Total Current Assets Long Term Assets Credit with related Parties Accounts Receivable Fixed assets to be sold Diverse loans and advancings Deferred income tax Other Total Long Term Assets Permanent Investments Fixed Assets Intangible Deferred Assets Total Permanent Total Assets

2Q08

1Q08

263,893 77,441 2,839 16,882 28,506 508 390,069

362,596 64,620 28,108 15,444 28,506 664 499,938

1,409 12,177 116,032 1,554 143,057 1,460 275,689

1,300 17,806 77,036 1,605 149,094 3,812 250,653

20,250 1,213,178 366,636 35,598 1,635,662

11,613 1,087,241 396,639 34,401 1,529,894

2,301,420

2,280,485

2Q08

1Q08

15,726 53,041 19,653 52,873 8,652 262 142 2,426 152,775

15,846 47,337 8,115 58,003 8,035 259 142 8,334 146,071

LIABILITIES Current Liabilities Loans and Financings Share Acquisition Accounts Payable Obligations for Acquisition of Good Taxes and Contributions to Collect Tax payments Debt with Related Parties Other Total Long Term Liabilities Loans and Financings Obligations for Acquisition of Good Tax payments Provision for Contingencies Total Long Term Expected Incomes Participation of the minority stockholders Equity Capital Goodwill Reserves UTD Income Asset Valuation Adjustments Total Equity

13,584 106,020 1,671 4,728 126,004 110,506 12,915

18,028 113,277 1,718 3,388 136,411 110,183 1,311

952,747 932,425 17,443 (3,394) 2,022,642

952,747 932,425 1,337 1,998,003

Total Liabilities

2,301,420

2,280,485

26

2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

APPENDIX III Cash Flow Operational Cash Flow (R$ ‘000) Net Income Adjustments Depreciation Amortization Equity pickup Minority parties interests Expected incomes appropriation Deferred Taxes Positive result of not previously recognized controlled parties and negative equity of controlled parties Adjusted Net Income Increase (decrease) in operational assets Increase in inventory Increase in accounts Receivable Increase (decrease) in taxes and contributions to recoup Increase in Deferred Taxes accounts Increase (decrease) in other assets Increase (decrease) in operational liabilities Increase in accounts payable Increase in obligations for acquisition of goods Increase (decrease) in taxes and contributions to collect Increase (decrease) in share acquisition Increase (decrease) in taxes parceled out Increase (decrease) in contingencies provision Increase in expected incomes Increase (decrease) in others obligations Operational Cash Flow Investments Cash Flow Increase (decrease) in diverse loans and advancings Increase (decrease) in credits receivable with related parties Interest receivable for diverse loans and advancings Addition in investments Addition in Fixed Assets Addition in Deferred Assets Addition in Goodwill Addition in Intangible Assets Cash Flow generated by investment activities Financing Cash Flow Increase (decrease) in loans and financing Interest payments for diverse loans and advancings Decrease in credits payable with related parties Increase in capital reserve Increase in capital Minority interest Cash Flow generated by financing activities Cash Flow Initial Cash Final Cash Cash Change

2Q08

2Q07

16,451

6,675

8,248 31,477 (5,512) (172) (8,717) 6,943

5,285 28,177 (596) 21 (4,859) 120

(345)

(284)

48,373

34,539

(38,996) (7,192) (1,438) (906) 2,508

(35,765) (4,990) (991) (187,112) 598

11,538 (12,387) 617 5,846 (44) 1,340 9,040 (5,908) 12,391

1,304 18,955 (487) (926) (233) (385) 9,988 (1,666) (167,171)

25,356 (109) (36) 93 (133,569) (1,813) 0 (4,692) (114,770)

(37,411) (47) (90) 263 (8,732) (5,510) 0 0 (51,527)

(7,119) 2,555 (142) (3,394) 0 11,776 3,676 (98,703) 362,596 263,893 (98,703)

31,463 2,306 (1,157) 0 186,548 309 219,469 771 11,268 12,039 771

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

GLOSSARY AND ACRONYMS Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO, restructuring costs, depreciation and amortization. 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. 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 sq.m. 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.

Acronyms: BHS BH Shopping BRS BarraShopping BSS BarraShoppingSul DMM DiamondMall MAC Shopping Maceió MBS MorumbiShopping MTE Multiplan NYCC New York City Center PKB ParkShoppingBarigüi PKS ParkShopping PSS Shopping PátioSavassi RBS RibeirãoShopping SAF Shopping Anália Franco SSU Shopping Santa Úrsula SVO Shopping VilaOlímpia LGS LagoSul Shopping

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. 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 greenfields or expansions (opened in the last 5 years); ’Operating’ key money from turnover is 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 + expenses). Revenue taxes are not considered. The NOI + KM also includes the key money from the contracts signed in the same period. Occupancy: Total GLA of a mall divided by the leased area. 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 in the quarter. Same-Store Rent/sq.m.: Rent earned from stores that were in operation for over a year. Same-Store Sales/sq.m.: 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.

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2Q08 Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo

INVESTOR RELATIONS As part of the good relations we aim to develop with our new investors, and with the objective of transparency, Multiplan invites you all to a conference call to discuss the Company’s second quarter 2008 results.

Teleconference English August 14, 2008 10:30 a.m. (Brasília) 09:30 a.m. (US EST) Tel.: +1 (973) 935-8893 Replay: 1 (706) 645-9291 Code: 57096995

Portuguese August 14, 2008 11:45 a.m. (Brasília) 10:45 a.m. (US EST) Tel.: +55 (11) 2188-0188 Replay: 55 (11) 2188-0188 Code: MULTIPLAN

If you still have questions or need further information after the event, Multiplan is entirely at your disposal for additional clarifications. Please contact: Armando d’Almeida Neto Vice-President and Investor Relations Officer Hans Christian Melchers Planning and Investor Relations Manager Rodrigo Tiraboschi Investor Relations Analyst Senior Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322 E-mail: [email protected]

29