Multiplan Er 2t09 En

Second Quarter 2009 Earnings Release and Supplementary Financial Information

Conference Call English August 13th, 2009 12:30 pm (Brasília) 11:30 am (US EST) Tel.: +1 (412) 858-4600 Code: Multiplan Replay: +1 (412) 317-0088 Code: 432432#1 Portuguese August 13th, 2009 11:00 am (Brasília) 10:00 am (US EST) Tel.: +55 (11) 4003-9004 Code: Multiplan Replay: +55 (11) 4003-9004 Code: Multiplan

2Q09 MULT3

Multiplan announces NOI growth of 24.8% to R$79.9 million in 2Q09 Rio de Janeiro, August 12th, 2009 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), the largest shopping center company in Brazil by revenue, announces its results for the second quarter of 2009. The following financial and operating data, except where otherwise stated, are consolidated data and in Brazilian Reais (R$) in accordance with the generally accepted accounting principles in Brazil.

FINANCIAL AND OPERATING HIGHLIGHTS null NOI

▲24.8% null

Change 2Q09/2Q08 Net revenues Same Store Rent ▲12.7% ▲14.0%

Sales ▲20.3%

Sales null in Multiplan‟s malls reached R$1.4 billion in 2Q09, exceeding 2Q08 figures by 20.3%. Anchor stores´ Same Store Sales showed a growth of 13.6% in the quarter, and contributed to the increase of null in Same Store Sales (SSS) as a whole in 2Q09 vs. 2Q08. Same Area Sales (SAS) also 9.8% increased with a growth of 9.4% in the quarter. null Multiplan‟s rental revenue was 18.5% higher than in 2Q08, totaling R$81.5 million. Both Same Store Rent null (SSR) and Same Area Rent (SAR) showed double digit increases, recording 14.0% and 12.7% growth respectively, when compared to the same period of 2008. null increased 24.8% in 2Q09 when compared to 2Q08, totaling R$79.9 million for the quarter, or NOI R$153.3 million in 1H09 - a growth of 32.0% when compared to 1H08. NOI margin reached 84.8%, DESTAQUES FINANCEIROS boosted by increases of 56.6% in net parking revenue and 18.5% in rental revenue. EBITDA increased 7.4% in the quarter when compared to the same period in 2008, reaching R$ 63.4 million. Core EBITDA, which only considers shopping center related revenues and expenses, grew 18.1%. Core EBITDA margin also improved, up to 62.4% in 2Q09 from 58.6% in 2Q08. The company‟s first Debentures were issued in June, for a total of R$100 million at 117% of the CDI. Net Debt/EBITDA was 0.8x on June 30th, 2009, confirming the company‟s low leverage position. Projects under construction in 2009 continue to progress as scheduled, and should bring a combined 3rd year NOI of R$ 46 million to the company. Subsequent events: Shopping AnáliaFranco Expansion opened on August 12th fully leased, adding 11,689m² of GLA to the mall. On July 30th, Shopping Vila Olímpia delivered the stores to its tenants, so that they can prepare them for the official opening, in November 2009. The keys to ParkShopping Frontal Expansion were delivered to tenants on July 21st. The expansion will add 8,591m² of GLA and will open in October 2009. Operational Highlights (R$ '000) Gross revenue Net revenue NOI NOI Margin EBITDA Core EBITDA Core EBITDA Margin Rental Revenue Net Parking Revenue Sales Same Stores Sales/m² Same Area Sales/m² Same Store Rent/m² Same Area Rent/m² Occupancy Rate * Total GLA Own GLA

2Q09 129,717 117,369 79,930 84.8% 63,445 67,744 62.4% 81,498 12,807 1,407,614 3,389 3,355 264 269 98.7% 484,873 330,830

2Q08 113,984 104,107 64,057 83.2% 59,100 57,357 58.6% 68,772 8,179 1,169,981 3,086 3,068 231 239 98.2% 416,416 266,314

Chg. % 1H09 1H08 247,790 203,323 ▲13.8% 225,471 184,998 ▲12.7% ▲24.8% 153,304 116,166 ▲151 b.p 83.2% 80.8% ▲7.4% 123,392 110,009 144,955 127,860 ▲18.1% ▲373 b.p 65.4% 65.6% 160,888 129,336 ▲18.5% ▲56.6% 23,347 14,403 ▲20.3% 2,668,827 2,215,423 ▲9.8% 6,295 5,922 6,348 5,850 ▲9.4% 519 459 ▲14.0% 533 473 ▲12.7% ▲49 b.p 98.7% 98.2% ▲16.4% 484,873 416,416 ▲24.2% 330,830 266,314

Chg. % ▲21.9% ▲21.9% ▲32.0% ▲239 b.p ▲12.2% ▲13.4% ▼16 b.p ▲24.4% ▲62.1% ▲20.5% ▲6.3% ▲8.5% ▲13.2% ▲12.7% ▲49 b.p ▲16.4% ▲24.2%

* Does not include BarraShoppingSul and Shopping Santa Úrsula

2

2Q09 MULT3

LETTER FROM THE CEO Dear Shareholders, It is with great pleasure that we present Multiplan‟s results for the second quarter of 2009. We recorded consistent operating growth, with net operating income (NOI) increasing by 25% year-on-year to R$80 million, accompanied by an 85% margin, while core EBITDA, predominantly related to our shopping center business, totaled R$68 million in 2Q09, with an 18% increase compared to the same period in 2008. Despite fears of a sharp drop in Brazilian consumption, sales outperformed the national average moving up by 20% in the quarter. Same store sales increased 10%, led by the strong recovery of anchor stores, whose sales grew by 14% in the quarter, versus 4% in the previous quarter. It is with pride that we see our sales DESTAQUES outgrowing continuously the retail average: in April and May 2009, the Company recorded sales growth of 23% FINANCEIROS and 18%, respectively, while the retail sector´s growth was of 7% and 4% respectively. The first five malls in our portfolio, BH Shopping, RibeirãoShopping, BarraShopping, MorumbiShopping and ParkShopping, all with more than 25 years of operation, continue to represent the Company's strength and market share in the shopping center segment, generating substantial revenue growth and record sales. The second quarter presented an average growth in sales of 13.5% compared to the same period last year – which also exposes the strong upside potential of the newer projects. Thanks to the positive sales performance and our tenants‟ confidence in the success of our operations, rent revenue grew by 18% over 2Q08 to R$81 million, accounting for 62% of gross revenue. Same-store rent increased 14% when compared to 2Q08, while same-area rent had a similar growth reaching 13%, in 2Q09. It is worth mentioning that Shopping Santa Úrsula is currently undergoing extensive renovation to align its tenant mix with Multiplan‟s standards, allowing the Company to charge more appropriate rents in the future in line with the average for our malls; and BarraShoppingSul, which opened in 4Q08, has only been operational for a few months and has great growth potential. Additionally, ParkShoppingBarigüi, which opened in November 2003, is recording substantial operating progress, with average weighted annual sales and rent growth of 21% and 18%, respectively, since it opened. The Company continues to invest considerably in its own assets. Today, August 12, we are opening the first expansion of Shopping AnáliaFranco, adding 11,689 m² of gross leasable area (GLA) to the complex, which is now our third largest mall in terms of total GLA. In addition to the four expansions currently under construction, Shopping Vila Olímpia, the new Multiplan center in São Paulo, is scheduled to open in November. The symbolic hand-over of the keys to our tenants occurred on July 30. I would like to make it clear that our Company‟s business is project development. We will always privilege the talent that has consecrated us and has allowed us to accomplish all we have conquered. As we like to say at Multiplan “the secret of success is to do things properly.” By “properly”, I mean the series of principles that have guided our activities throughout almost 35 years of operations: pioneering and the courage to always look forward. Investing in the development of cities, the modernizing and the expansion of our projects, the excellent relationship with tenants and in creating mixed-use projects that benefit from and are benefitted by the performance of our assets without ever losing our focus on the client. I would like to thank our shareholders for their support and emphasize that we are constantly engaged in making Multiplan a source of pride for its partners. Sincerely, José Isaac Peres

3

2Q09 MULT3

FINANCIAL HIGHLIGHTS Overview null

Multiplan is the leading shopping center company in Brazil in terms of revenue, in addition to developing, owning and managing null one of the largest and highest-quality mall portfolios and 34 years of experience in the sector. The company also has strategic operations in the residential and commercial real estate development sectors, nullsynergies for mall-related operations and adjacent owned land destined for mixed-use projects. On generating th June 30 null 2009, Multiplan owned – with an average interest of 68.2% - and managed 12 shopping centers totaling a GLA of 484,873 m², 3,026 stores, and an estimated annual traffic of 146 million consumers. This has nullcompany among the largest shopping center operators in Brazil according to the Brazilian Shopping ranked the Centers Association (ABRASCE). Seeking to control and exercise its management excellence, Multiplan owns null controlling positions in 10 out of the 12 shopping centers in its portfolio and currently manages all operating shopping null centers in which it has an ownership interest.

DESTAQUES Consolidated Financial Statements FINANCEIROS

(R$ 000) Rental Revenue Services Key money Parking Real Estate Others Gross revenue Taxes and contributions on sales and services Net revenues Headquarters Stock-option-based remuneration expenses ¹ Shopping malls Parking Cost of properties sold Equity in earnings of affiliates ² Amortization ³ Financial revenue Financial expenses Depreciation Other operating income/expenses Income before income and social contribution taxes Income and social contribution taxes Deferred income and social contribution taxes ³ Minority interest Net income

EBITDA NOI Adjusted FFO Adjusted Net Income

2Q09 81,498 18,107 6,034 23,106 882 89 129,717 (12,348) 117,369 (25,701) (807) (14,375) (10,299) (481) (3,354) (256) 5,063 (10,707) (9,719) 1,094

2Q08 68,772 21,716 8,717 14,779 0 0 113,984 (9,878) 104,107 (27,260) (318) (12,895) (6,600) 0 2,120 (31,477) 9,503 (9,468) (8,248) (54)

Chg. % 1H09 1H08 ▲18.5% 160,888 129,336 33,497 ▼16.6% 32,970 11,202 ▼30.8% 13,481 40,807 ▲56.3% 27,503 1,309 n.a. 0 89 n.a. 33 ▲13.8% 247,790 203,323 ▲25.0% (22,320) (18,325) ▲12.7% 225,471 184,998 ▼5.7% (44,462) (38,973) (1,317) ▲153.9% (636) ▲11.5% (30,931) (27,573) ▲56.1% (17,460) (13,100) (714) n.a. 0 (9,552) n.a. 4,723 (531) (62,905) ▼99.2% 9,425 ▼46.7% 25,125 ▲13.1% (20,452) (17,400) ▲17.8% (19,100) (15,832) 2,357 n.a. 569

47,827

19,410

▲146.4%

92,734

38,997 ▲137.8%

(2,254) 284 (228) 45,628

(723) (5,775) (172) 12,739

▲211.6% n.a. ▲32.5% ▲258.2%

(3,540) 1,068 (455) 89,806

(1,493) ▲137.1% (11,485) n.a. ▲43.5% (317) 25,701 ▲249.4%

63,445 79,930 55,602 45,628

59,100 64,057 58,239 49,991

▲7.4% 123,392 110,009 ▲24.8% 153,304 116,166 ▼4.5% 109,437 115,923 89,806 100,091 ▼8.7%

Chg. % ▲24.4% ▲1.6% ▼16.9% ▲48.4% n.a. ▲167.8% ▲21.9% ▲21.8% ▲21.9% ▲14.1% ▲107.2% ▲12.2% ▲33.3% n.a. n.a. ▼99.2% ▼62.5% ▲17.5% ▲20.6% ▲313.8%

▲12.2% ▲32.0% ▼5.6% ▼10.3%

¹ The full amount of the stock option compensation line for the year 2008 was recorded into 4Q08 figures. In order to compare 2Q09 with 2Q08, the full 2008 expense (R$1.3 million) was equally divided by the four quarters of the year. ² In order to be compared to 2Q09 results, this line was adjusted by the fx variation of a foreign investment, which in 2Q08 had not been recorded through equity pick up. This adjustment results from the application of CPC pronouncement No. 2, as required by CVM Rule No. 534 of January 29, 2008. ³ According to the new Law 11,638/07, starting on 1Q09 the deferred taxes and amortization related to acquisitions will not be accrued on the financial statements.

4

2Q09 MULT3

SALES & OPERATIONS Sales Double digit null growth for the seventh year in a row

Multiplan was able to maintain a double digit increase 1,407,614 null performance for the last seven years. In in its sales CAGR: 16.9% 2Q09, sales reached R$1.4 billion, a 20.3% increase 1,169,981 null compared to 2Q08. The result was boosted by the 971,737 opening null of BarraShoppingSul, which brought over 834,928 R$100 million in sales in the quarter. Consolidated null as BH Shopping, RibeirãoShopping, 725,022 malls such 631,866 BarraShopping, MorumbiShopping and ParkShopping – null 488,996 all of them with over 25 years of operation – showed 403,330 422,950 sales growth ofDESTAQUES 10.1%, 13.2%, 12.0%, 12.3% and 22.1% over 2Q08 respectively, confirming that the five FINANCEIROS 2Q01 2Q02 2Q03 2Q04 2Q05 2Q06 2Q07 2Q08 2Q09 first shopping centers in Multiplan‟s portfolio continue to generate consistent growth for the company. Pátio Savassi was also a highlight, with sales 19.5% higher 2Q01 to 2Q09 (RS ‟000) Sales Evolution on the quarter. The chart on the right shows the second quarter sales evolution of Multiplan‟s portfolio since 2001. The compound annual growth (CAGR) for the nine-year period is 16.9%. Sales (R$ '000) Shoppings BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula¹ BarraShoppingSul² Total

2Q09 146,076 95,818 259,564 241,384 151,657 76,245 31,288 114,810 111,459 59,241 19,526 100,549 1,407,614

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

Chg. % ▲10.1% ▲13.2% ▲12.0% ▲12.3% ▲22.1% ▲10.6% ▼3.5% ▲8.4% ▲4.8% ▲19.5% ▲5.3% n.a. ▲20.3%

¹ Acquired in May 2008. ² The mall opened on November 18th, 2008 +20.3%

+9.4%

+9.8%

+5.2%

IPCA

SAS SSS Sales 2Q09 x 2Q08 Sales Analysis (IPCA quarter average of 12 months variation)

1H09 279,917 184,809 494,967 445,918 287,333 140,915 64,533 212,738 212,687 111,877 40,577 192,554 2,668,827

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

Chg. % ▲10.8% ▲14.9% ▲8.6% ▲11.9% ▲20.1% ▲9.3% ▼5.2% ▲6.5% ▲6.6% ▲19.7% ▲118.8% n.a. ▲20.5%

Same Store Sales boosted by anchor stores

This quarter, Same Area Sales and Same Store Sales had an increase of 9.4% and 9.8% over the second quarter of 2008, respectively. Considering the IPCA inflation index, both had a growth of more than 4%, in real terms. Same Store Sales increased again above Same Area Sales due to the performance of anchor stores that have been in our malls for many years. The organic growth, together with the impact of the new areas, led to an increase in sales of 20.3% on 2Q09.

Anchor stores showed strong recover in 2Q09

Anchor stores sales registered a 13.6% growth in 2Q09, a great improvement when compared to the growth of 4.3% in 1Q09. The highlight was the segment called Diverse (which includes large bookstores and diversified-product shops), which increased sales by 28.2%, compared to 2Q08. The Services segment also contributed to both satellite (travel agencies, beauty shops, post offices, banks and others) and anchor stores (movie theaters, entertainment areas and sport centers) growing 9.6% and 19.8% respectively. With regards to the satellite stores, the Food Court segment was up by 13.6% in the quarter, boosted by Easter holidays.

Same Store Sales * Segments Satellites ▲13.6% Food Court ▲3.9% Diverse ▲6.9% Home & Office ▲9.6% Services ▲9.3% Apparel ▲8.3% Portfolio

Anchors ▲0.0% ▲28.2% ▲12.8% ▲19.8% ▲8.2% ▲13.6%

2Q09 x 2Q08 Total ▲13.6% ▲9.1% ▲9.5% ▲15.8% ▲9.0% ▲9.8%

* Excluding kiosks, BarraShoppingSul and Shopping Santa Úrsula

5

2Q09 MULT3 Multiplan Sales

National Retail Sales

Multiplan‟s sales growth continuously outperforms national retail sales index

Multiplan‟s portfolio sales growth greatly surpassed the Brazilian average retail sales index, released monthly by IBGE (Brazilian Institute for Geography and Statistics). It was up by 22.7% in April against an increase of 7.0% for national retail, followed by an 18.2% higher figure in May, as opposed to the 4.0% growth of the Brazilian retail segment.

+22.7%

+18.2% +7.0%

+4.0%

April

May

Multiplan Sales vs. Brazilian Retail Sales (June figures had not been released by the distribution of this report)

Case: Sales evolution for Multiplan’s first five shopping centers The company‟s portfolio in the 1980‟s, composed of BH Shopping (1979), RibeirãoShopping (1981), BarraShopping (1981), MorumbiShopping (1982) and ParkShopping (1983), helped to promote the development of cities they are located in, and are still considered flagship shopping centers in the states of Minas Gerais, Rio de Janeiro, São Paulo and Distrito Federal. Although all five have been in business for more than 25 years, their operational performances continue to increase above the national retail average, as seen in the sales evolution chart on the right. The chart at the bottom shows the combined sales for the above mentioned malls since 2001. Even though their participation in total sales decreased naturally as new shopping centers were opened, their share in the portfolio´s total GLA fell even more, showing that the five malls increased their relative contribution in total sales. One of the reasons for this variation is the opening and the acquisition of malls throughout the years, and the fact that it takes a few years for new shopping centers to reach a level of performance and recognition equivalent to consolidated Multiplan shopping centers.

National Retail Sales

Multiplan's Initial Portfolio Sales

300

250

200

150

100 2001

2002

2003

2004

2005

2006

2007

2008

Retail Sales VS. Multiplan‟s Initial Portfólio*, base 100 on 2001

Initial Portfolio* Sales Evolution Initial portfolio sales / Total sales

Initial portfolio GLA / Total GLA

Spread between Sales and GLA

11.7 p.p. 6.8 p.p.

6.6 p.p.

7.3 p.p.

8.3 p.p.

7.6 p.p.

7.2 p.p.

81.0%

82.5% 75.7%

4.8 p.p.

69.7%

73.8%

100%

7.8 p.p.

90% 80%

63.4%

70%

64.8%

60% 50%

51.7% 2001

2002

2003

2004

2005

2006

2007

2008

40%

1S09

*Initial portfolio is composed by the first five shopping centers built by Multiplan: BH Shopping, RibeirãoShopping, BarraShopping, MorumbiShopping and ParkShopping.

6

2Q09 MULT3 Case: ParkShoppingBarigüi

Results from a successful five-year-operation

ParkShoppingBarigüi, during its construction in 2003

The mall in operation in 2009

While the first five shopping centers are growing consistently, new projects, such as ParkShoppingBarigüi, have also shown great growth. Inaugurated in November 2003 as a genuinely innovative and modern project, ParkShoppingBarigüi has become a benchmark for quality shopping centers in the state of Paraná, in the south of Brazil. Located in the state‟s capital city, Curitiba, it employs around 3,000 people, directly and indirectly, therefore contributing to the development of the local economy. Within less than five years, the mall opened a gourmet area in 4Q08 - its first expansion - with 1,558 m² of GLA. Construction of the second expansion is ready to start, and will bring another 8,014 m² of GLA to the main structure. The opening is scheduled for October 2010, and will increase ParkShoppingBarigüi‟s total GLA to 50,989 m², or 42,831 m² in terms of own GLA – the second largest in Multiplan‟s portfolio. The chart below on the left shows ParkShoppingBarigüi‟s 12 month sales starting on the mall‟s first anniversary, in December 2004, when sales totaled R$200.6 million. It registered R$431.8 million in 2008, and R$445.0 million from July 2008 to June 2009. Twelve month sales grew 122% from December 2004 to June 2009. R$ 1,400/m²

R$ 500 M

Satellites Sales

R$ 450 M

Total Sales/m²

R$ 1,200/m²

R$ 400 M

Anchors Sales

R$ 1,000/m²

R$ 350 M

R$ 800/m²

R$ 300 M

R$ 600/m²

R$ 250 M

R$ 400/m²

R$ 200 M

R$ 200/m²

R$ 150 M

R$ 0/m²

R$ 100 M Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09

Dec-04

Sep-05

Jun-06

Mar-07

Dec-07

Sep-08

Jun-09

Sales Breakdown of ParkShoppingBarigüi (Accumulated of 12 months)

Monthly Sales Evolution of ParkShoppingBarigüi (Accumulated of 12 months)

This growth leads to high returns. The table on the right shows expected real IRRs based on the cash flow since the construction of the mall up to 2Q09 and considering different discount rates and growth rates in the perpetuity based on the NOI of the last 12 months. The real IRRs range from 28.6% to 47.1%, showing that the project is above our IRR hurdle rate of 15% mentioned by the company in the past, not taking into consideration the expansion that should open in 2010.

Growth

On a more detailed sales analysis, the chart on the upper right shows the evolution of sales/m² of satellite and anchor stores. The chart shows that the well known anchors have stabilized sales since opening, while satellite stores showed stronger growth, given that a longer time is expected for clients to get acquainted with these new stores, buy in them, and finally become “loyal consumers”. This situation is believed to happen regularly in shopping centers, given that satellite stores are expected to increase their revenues through rising exposure with customers and brand recognition, differently from anchors stores, which are usually well known names, attracting a considerable flow of clients and therefore helping in consolidating the mall in its first years of operation.

2.00% 2.25% 2.50% 2.75% 3.00%

6.0% 41.2% 42.5% 43.9% 45.4% 47.1%

Discount rate 7.0% 8.0% 36.9% 33.6% 37.9% 34.4% 38.9% 35.2% 40.0% 36.0% 41.2% 36.9%

9.0% 30.9% 31.5% 32.2% 32.9% 33.6%

10.0% 28.6% 29.2% 29.7% 30.3% 30.9%

7

2Q09 MULT3

REVENUES Gross Revenue nullgrowth led by rental and parking revenues Double digit

Gross revenue increased 13.8% from 2Q08 to 2Q09. Besides rent, parking was another driver that improved null gross revenue due to two new parking operations that started to charge in the middle of this quarter. null

Gross Revenue Growth and Breakdown null null +21.9%

null null

DESTA 129,717 QUES FINANCEIR OS

Key Money 4.7%

113,984

2Q09

Services 14.0%

1H08

Minimum 85.8%

Parking 17.8%

203,323

+13.8%

2Q08

Real Estate 0.7%

247,790

Rent 62.1%

Merchandising 10.7%

Overage 3.5%

1H09

Gross Revenue Growth – (R$‟000)

Gross Revenue Breakdown – 2Q09

1. Rent

Rental revenue increased 18.5%

Multiplan‟s rental revenue grew from R$68.8 million in 2Q08 to R$81.5 million in 2Q09. The New York City Center was the only mall in the whole portfolio not to show growth in rental revenue, given that it is going through a considerable change in its tenant mix. Stores in the Surf Gallery (satellites dedicated to the surf segment) were transferred to BarraShopping and this space has already been assigned to an anchor store. All other shopping centers showed growth this quarter, leading to a 24.4% growth in the first half of 2009. Rent at ParkShopping, which opened its fashion expansion in the 4Q08, showed a 19.1% increase in 2Q09 over 2Q08. Rental revenue/Shopping (R$ '000) BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping Santa Úrsula¹ BarraShoppingSul² Portfolio Total

2Q09 10,086 6,342 13,930 16,946 5,864 6,331 1,206 3,262 6,200 3,640 405 7,287 81,498

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

Chg. % 1H09 ▲8.5% 20,324 ▲8.2% 12,558 ▲5.2% 28,057 ▲6.2% 33,103 ▲19.1% 11,379 ▲9.9% 11,951 ▼12.5% 2,532 ▲0.1% 6,390 ▲8.0% 12,010 ▲16.6% 7,038 ▲76.0% 850 n.a. 14,694 ▲18.5% 160,888

1H08 17,848 9,557 25,671 30,456 9,380 10,859 2,646 6,182 10,593 5,899 230 14 129,336

Chg. % ▲13.9% ▲31.4% ▲9.3% ▲8.7% ▲21.3% ▲10.1% ▼4.3% ▲3.4% ▲13.4% ▲19.3% ▲269.6% n.a. ▲24.4%

¹ Acquired in May 2008 ² Opened on November 18, 2008

Base rent led rental revenue growth with 28.2%

Multiplan‟s rental revenue increase of 18.5% in 2Q09 over 2Q08 was boosted by base rent increase of 28.2%, which, given the reduction in merchandising, now represents 85.8% of rental revenue, making this revenue stream to be even more consistent. As expected for 2009, merchandising revenue was not able to increase on top of the revenue in 2Q08: companies that usually invest in alternative media (such as merchandising in shopping centers) decided to cut back on these investments when they faced restraints on their overall business. Overage rent increased 0.3% on 2Q09, when compared to 2Q08, adding R$2.8 million to rental revenue.

8

2Q09 MULT3

+28.2% 15,368

+0.3%

-23.3%

8

81,498 -2,650

68,772 +18.5%

Rent 2Q08

Base

Overage

Merchandising

Rent 2Q09

Rental revenue breakdown – 2Q08 vs. 2Q09 (R$„000) Values refer to the percentage change when comparing 2Q08 with 2Q09 (R$‟000)

Rental revenue/Shopping (R$ '000) BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula¹ BarraShoppingSul² Portfolio Total

Base 9,011 5,404 12,355 14,353 4,732 5,415 1,049 2,761 5,133 2,861 264 6,577 69,916

2Q09 Overage 196 194 319 511 325 398 16 141 198 397 2 140 2,837

Merchand. 878 744 1,255 2,082 807 518 141 360 870 382 139 570 8,746

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

2Q08 Overage 296 254 273 582 211 417 40 163 318 270 5 2,829

Merchand. 1,766 1,000 1,795 2,941 924 709 169 617 974 478 23 11,395

¹ Acquired in May 2008 ² Opened on November 18th, 2008

Same Store Rent with real growth of 4%

The highlight in Multiplan‟s mall performance is the real growth presented by all operational indicators, including Same Area Rent (SAR) and Same Store Rent (SSR). The Same Store Rent index, which measures the performance of a store that has been operating in the mall for over one year, increased 14.0% from 2Q08 to 2Q09, and had a real growth of 4% if compared to the IGP-DI adjustment effect for this quarter. The tenant mix continues to be efficiently adapted as the Same Area Rent, which shows that the rent growth of same area of the mall over the same period in the year before, increased 12.7% in 2Q09. On top of that, total rental revenue increased 18.5% when compared to 2Q08, a 13.3% real growth increase when adjusting to the national inflation index (IPCA). +18.5%

Real Growth +12.7%

+14.0%

4.0%

+10.0%

14.0%

10.0%

+5.2%

IPCA ¹

8.8%

5.2%

IGP-DI Adjustment Effect ²

Same Area Rent/m²

Same Store Rent/m²

Rent analysis 2Q09 x 2Q08

Rental Revenue ³

IGP-DI Adjustment Effect

SSR/m²

IPCA

Real SSR growth

¹ IPCA quarter average of 12 months variation ² Weighted average of the monthly IGP-DI increase with a month of delay, divided by the percentage GLA that was adjusted on the respective month. ³ Considering Multiplan‟s share in the malls

9

2Q09 MULT3 2. Services

Projects close to 100% leased

Services Revenue

Most of services revenue comes from brokerage fees charged from leasing stores, merchandising services management and its malls. Since the majority of projects were already leased in 1Q09, services revenue decreased 16.6% in 2Q09, going from R$21.7 million in 2Q08 to R$18.1 million in 2Q09. Multiplan managed to sign R$8.5 million of key money in 2Q09. ParkShoppingBarigüi Expansion II presented the highest leasing success, moving from 50% leased in 1Q09 to 70% in 2Q09. However, since Multiplan owns 100% of this expansion during the construction, there is no brokerage fee charged from the mall partners, therefore no service revenue is generated from this development. As mentioned before, merchandising revenue decreased, also affecting merchandising brokerage fees in the same way.

Third Party Signed Key Money

21,716

18,604 14,521

6,365

2Q08

5,860

3Q08

18,107

15,389

6,089

4,773

4Q08

1Q09

4,786

2Q09

Service revenue and third party Key Money (R$‟000)

1 0 ,0 0 0

3. Key Money

3 .0 0 %

Key Money

9 ,0 0 0

Key money waiting to be accrued and turnover decreased

Multiplan‟s deferred revenue increased quarter-onquarter, reaching R$141.2 million on the balance sheet, a significant part due to five expansions and one shopping center that have not yet opened, which means that the majority of the key money has not yet been accrued. Additionally, turnover on 2Q08 was 1.6%, compared to 1.0% on 2Q09, leading to a decrease in operational key money. In general, the higher the turnover, the higher the key money and the transfer fee amount for recurring spaces on the mall, as seen on the chart on the right.

8 ,0 0 0

2 .5 0 %

8,717

Turnover*

7 ,0 0 0 2 .0 0 %

6,034

6 ,0 0 0

5 ,0 0 0

4 ,0 0 0

1 .5 0 %

1.63%

4,859

3,402

1 .0 0 % 3 ,0 0 0

0.77%

2 ,0 0 0

1.01%

0.85%

0 .5 0 %

1 ,0 0 0

0

0 .0 0 %

2Q06

2Q07 2Q08 2Q09 Key Money and Turnover evolution (R$‟000)

*Not considering Shopping Santa Úrsula and BarraShoppingSul

Key Money Revenue/Type (R$ '000) Operational (Recurring) New Projects opened in the last 5 years Total Portfolio

2Q09 2,829 3,205 6,034

2Q08 4,441 4,276 8,717

Chg. % ▼36.3% ▼25.1% ▼30.8%

1H09 5,129 6,072 11,202

1H08 6728 6753 13,481

Chg. % ▼23.8% ▼10.1% ▼16.9%

4. Parking Revenue

Two new parking operations

Multiplan started to charge parking fees in RibeirãoShopping and BarraShoppingSul on May 18th, 2009. BarraShoppingSul, which opened in November, started to charge parking fees recently, when the original schedule was to start charging in 2010. Furthermore, RibeirãoShopping and BarraShoppingSul parking lots have been charging for only half of a quarter, and contributed with R$1.4 million in revenues. ParkShopping is currently the only mall in Multiplan‟s portfolio that does not charge parking fees. The company is planning to open a mall expansion together with 2,100 new parking spaces. Shopping Vila Olímpia, which is scheduled to open in November this year, will start charging parking fees on its first day of operation given its privileged location.

New entrance of the parking lot in MorumbiShopping, São Paulo.

10

2Q09 MULT3 Parking Revenue/Shopping (R$ '000) BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping Santa Úrsula ² BarraShoppingSul Portfolio Total

Spaces¹ 3,122 2,889 5,097 3,108 3,096 1,289 1,192 4,134 2,338 1,294 824 4,630 33,013

2Q09 2,155 761 5,897 5,903 0 1,071 1,244 2,346 1,714 1,196 185 635 23,106

2Q08 Chg. % 1,831 ▲17.7% n.a. 4,412 ▲33.7% 4,039 ▲46.1% n.a. ▲6.5% 1,006 983 ▲26.5% 1,259 ▲86.3% 185 ▲826.7% 1,064 ▲12.4% n.a. n.a. 14,779 ▲56.3%

1H09 4,160 761 10,005 10,532 2,173 2,296 3,825 3,667 2,522 230 635 40,807

1H08 Chg. % ▲22% 3,399 n.a. ▲15% 8,733 ▲32% 7,982 n.a. ▲16% 1,869 ▲11% 2,074 ▲204% 1,259 185 ▲1,882% ▲26% 2,002 n.a. n.a. 27,503 ▲48.4%

¹Does not include parking spaces from expansions that are under development ² Acquired in May 2008

5. Real Estate Sales

Cristal Tower speeds its development

Cristal Tower generated R$0.9 million of real estate sales in 2Q09 and has started to partially accrue revenues since last quarter. The development and commercialization are on schedule, and construction began on July 1st.

EXPENSES Revenue leveraging margin

NOI reached R$79.9 million in this quarter, increasing 24.8% over 2Q08, and R$153.3 million in 1H09 – a growth of 32.0% compared to 1H08. NOI margin also increased to 84.8%, leading to an improvement of 151 basis points compared to 2Q08. Since 2Q06, NOI margin has increased 304 basis points, showing the success of Multiplan‟s efficiency efforts. The company is constantly looking for cost reduction opportunities, but understands that some expenses are essential to maintain the highest quality services aimed at satisfying customers‟ needs. These expenses involve both tenant condominium expenses (paid only by tenants, i.e., cleaning, security, maintenance, electrical power, etc.) and owners‟ condominium expenses (paid only by partners, i.e., Multiplan and other mall stakeholders). Multiplan owns an average 68.2% stake in these malls and is also responsible for its proportional share in these revenues and expenses. The company is responsible only for the so called owners´ condominium revenues and expenses, as presented below. Others DESTA 7% QUES FINANCEIR OS Auditing Legal Land and 3% Projects 7%

84.8%

Condominium and Vacancy 23%

83.2% 82.5%

7%

81.7%

Land Swap 7% Brokerage 18% Promotion & Publicity 9%

Parking 18%

Breakdown of owners‟ condominium expenses 2Q09 (Excluding provisions)

2Q06

2Q07

2Q08

2Q09

Second quarter NOI margin evolution

Condominium and Vacancy – These are the expenses of vacant stores and contractual contributions, which can be reduced in two ways: increasing occupancy or reducing condo expenses. This quarter the occupancy of the 10 malls that have been operating for more than a year has reached 98.7%, which means that these expenses should not be that high. However, Shopping Santa Úrsula, a mall acquired in 2008 and currently undergoing a planned turnaround of tenant mix, is the main driver of condo expenses, given its current occupancy of 68% in June. The other mall that is contributing to the vacancy rate figure is BarraShoppingSul, which has some stores yet to be opened, including one large anchor store. Multiplan is constantly working on reducing its condo expenses, as this gives room to further improvement in its rental revenue, given the

11

2Q09 MULT3

reduction on its tenants‟ occupancy cost. However, the company will not sacrifice the quality of its service by reducing costs at a level that could jeopardize the customer‟s satisfaction in the long run. Brokerage – These fees are charged as a percentage of key money and rent contracts for stores or merchandising leased. These costs depend exclusively on the leasing success of the company and though these are expenses, they are indicative of Multiplan‟s strong performing malls as the company is constantly signing contracts. Parking – The condominium of some of the company‟s malls is responsible for the parking operation and maintenance. At BH Shopping, BarraShopping, MorumbiShopping, DiamondMall and RibeirãoShopping, 50% of the revenue is retained by the condominium, which pays for maintenance, and the other half goes to the shopping center partners and Multiplan. The parking revenue generated at the other malls is collected by Multiplan, who pays for maintenance and distributes the balance in the corresponding percentages to its partners. Promotion & Publicity – This expense is not only affected by vacant stores and contractual obligations, but also by investments intended to boost Multiplan shopping centers‟ brand exposure, position or awareness through marketing campaigns. In 4Q08, Multiplan delivered four projects and, throughout the year of 2009 four more will open. Therefore, the company invested significantly on marketing campaigns to improve the awareness of new developments. Land Swap – This line is responsible for the ground lease of the land of DiamondMall, one of our shopping centers in Belo Horizonte. Audit – The expenses the company incurs in keeping track of tenants‟ sales Land and Projects – These are the taxes and expenses related to revitalizations and expansions projects in lands adjacent to the malls. Legal – These are the legal costs spent with lease contracts, legal approvals, court process, etc. NOI Calculation Rental Revenue Parking Result Operational Result Shopping Expenses NOI NOI Margin Key Money Signed Contracts NOI + KM NOI + KM Margin

2Q09 81,498 12,807 94,305 (14,375) 79,930 84.8% 8,470 88,400 86.0%

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

Chg. % ▲18.5% ▲56.6% ▲22.6% ▲11.5% ▲24.8% ▲151 b.p ▼6.3% ▲20.9% ▲101 b.p

1H09 160,888 23,347 184,235 (30,931) 153,304 83.2% 26,128 179,431 85.3%

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

Chg. % ▲24.4% ▲62.1% ▲28.2% ▲12.2% ▲32.0% ▲239 b.p ▼28.7% ▲17.4% ▲58 b.p

2. Parking Expenses

Two more parking operations boost the net parking revenue

This quarter two new parking operations started to charge fees, RibeirãoShopping and BarraShoppingSul. Parking expenses increased 56.1% in 2Q09 when compared to 2Q08, while parking revenues grew at the same pace, increasing 56.3%. Therefore, net parking revenue posted a growth of 56.6% on 2Q09. Net Parking Revenue (R$ '000) Parking Revenue Parking Expenses Total

2Q09 23,106 (10,299) 12,807

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

Chg. % ▲56.3% ▲56.1% ▲56.6%

1S09 40,807 (17,460) 23,347

1S08 27,503 (13,100) 14,404

Chg. % ▲48.4% ▲33.3% ▲62.1%

3. General and Administrative Expenses (G&A)

G&A cost 5.7% lower in 2Q09

G&A of 2Q09 was 5.7% lower than 2Q08, reaching R$25.7 million. Since the IPO, on July 26th of 2007, the company has significantly invested to improve its structure for future growth. As these last two years were years of investment, Multiplan is now adapted to this new structure, capable of supporting future growth. The company has improved its procedures and worked to reduce costs.

27,260

-5.7%

25,701

2Q08

2Q09

G&A 2Q08 vs. 2Q09

12

2Q09 MULT3 4. Cost of Real Estate Sold

Construction began on July 1st

The construction phase of Cristal Tower began on July 1st. As costs are accrued according to the construction development, only part of the costs were accrued. In 2Q09, the cost of properties sold was R$0.5 million. Equity Pickup

Royal Green Peninsula

The residential development was already delivered in the first quarter of this year. The project required some additional work in order to guarantee that the company delivers the high quality standards found in its developments. The company expects to spend another R$8.5 million on these improvements and will start selling the last 10 units for an estimated Potential Sales Value (PSV) of R$15.7 million after the adjustments are completed.

RESULTS Financial Results, Debt and Cash

Maintaining a low leverage position

Even with six projects under development, Multiplan has managed to keep its net debt below 1x last twelve months EBITDA, increasing debt from R$177.1 million, in March, to R$214.6 million in June 2009. The cash position remained at R$187.3 million, while gross debt rose from R$364.3 million to R$402.0 million in the end of the quarter. Financial Position Breakdown

6/30/2009

03/31/2009

Chg. %

74,268

156,618

▼52.6%

29,999

112,996

▼73.5%

44,269

43,622

▲1.5%

327,716

207,719

▲57.8%

254,985

126,110

▲102.2%

72,731

81,609

▼10.9%

Gross Debt

401,983

364,337

▲10.3%

Cash

187,337

187,213

▲0.1%

Net Debt

214,645

177,125

▲21.18%

Short Term Debt

DEST AQUES Obligations for acquisition of goods FINANCEI Long Term Debt ROS Loans and Financings

Loans and Financings Obligations for acquisition of goods

Debentures extended debt maturity at lower rates

On June 10th, Multiplan issued 100 non-convertible debentures, equivalent to R$100 million, under CVM instruction number 476 . Although the distribution was on a firm basis at 127% of the CDI, it was fixed at a rate of 117% of the CDI after the bookbuilding process. This issue, together with debt payments, affected positively Multiplan‟s debt amortization, increasing its duration and reducing its interest expense. Debt Amortization Schedule Evolution 153.0

110.2

Loans and Financings Obligations for acquisition of goods

Loans and financings Obligations for acquisition of goods

33.1

2009

40.4 24.9

2010

24.9 21.8 20.6 19.0 19.0 13.4 13.4

2011

2012

2013

2014

41.5

18.7

5.0 2015 >=2016 st

Multiplan‟s Debt Amortization on March 31 2009, before issuing Debentures (R$ million)

14.1

23.6

2009

28.6

2010

25.3

2011

21.0

13.9

2012

19.9

12.7

2013

19.6

2014

19.3

2015

9.5

>=2016

Multiplan‟s Debt Amortization on June 30th 2009, after issuing Debentures (R$ million)

13

2Q09 MULT3 12 month EBITDA covers net debt

The company‟s net debt of R$214.6 million in 2Q09 is 0.8x the R$260.0 million EBITDA for the last 12 months, as a result of the prudent financial position which has been part of Multiplan‟s strategy since its foundation. It is also important to mention that the credit for new projects is again being offered at more reasonable costs . Financial Position Analysis*

6/30/2009

03/31/2009

Net Debt/EBITDA (12M)

0.8x

0.7x

Gross Debt/EBITDA (12M)

1.5x

1.4x

Net Debt/FFO (12M)

1.0x

0.8x

Gross Debt/FFO (12M)

1.8x

1.6x

Net Debt/Equity

10.9%

9.2%

Liabilities/Assets

25.3%

24.7%

Gross Debt/Liabilities

59.8%

57.1%

Non-Bank 29%

Bank 71%

* EBITDA and AFFO (Adjusted FFO) accumulated from July 2008 to June 2009

Multiplan‟s debt in 2Q09

Index Diversification

Multiplan‟s average debt interest rate is favorable, considering the circumstances of the financing scenario over the year. A significant portion of its debt is indexed to the CDI, which has been falling since the beginning of the year. Another fact that contributed to lower interests was the issuance of a debenture, which had an interest of 117% of CDI, reducing the average rate from 134.7% in March 2009 to 119.9% in June 2009.

Fixed 9%

CDI 34%

Others 1% TJLP 3%

IPCA 19% TR 34%

Multiplan‟s debt indices in 2Q09

Debt Indices as of July, 31st, 2009 Index

Short Term

Long Term

Total

Avg. Interest Rate* (R$ ‘000)

Avg. Interest Rate* (R$ ‘000)

Avg. Interest Rate* (R$ ‘000)

TJLP IPCA TR

Fixed

8,936

6.25%

3,209

6.25%

12,145

7.60%

19,926

3.43%

56,579

4.51%

76,505

10.00%

18,592

10.00%

116,456

10.00%

135,048

CDI CDI %

6.25%

0.78%

1,218

0.78%

3,653

0.78%

4,871

117.00%

321

119.89%

130,828

119.88%

131,149

12.00%

21,523

12.00%

16,151

12.00%

37,675

n.a.

3,750

n.a.

841

n.a.

4,590

Others Gross Debt

74,266

327,717

401,983

*Average (weighted) interest rate P.A.

EBITDA

EBITDA steady, Core EBITDA growing

Multiplan‟s EBITDA reached R$63.4 million in 2Q09, increasing by 7.4% over the same period of the previous year. EBITDA Calculation (R$'000) Net income Income and social contribution taxes Financial result Depreciation and amortization Minority interest Amortization Deferred income and social contribution taxes ¹ EBITDA EBITDA Margin

2Q09 45,628 2,254 5,644 9,719 228 256 (284)

2Q08 12,739 723 (34) 8,248 172 31,477 5,775

Chg. % ▲258.2% ▲211.6% n.a. ▲17.8% ▲32.5% ▼99.2% n.a.

1H09 89,806 3,540 11,026 19,100 455 531 (1,068)

1H08 25,701 1,493 (7,725) 15,832 317 62,905 11,485

Chg. % ▲249.4% ▲137.1% n.a. ▲20.6% ▲43.5% ▼99.2% n.a.

63,445 54.1%

59,100 56.8%

▲7.4% ▼271 b.p

123,392 54.7%

110,009 59.5%

▲12.2% ▼474 b.p

¹ Due to the Bertolino‟s reverse acquisition and other acquisitions in 2006

14

2Q09 MULT3

Although real estate results affected EBITDA‟s margin in the quarter, Core EBITDA, which reflects the company‟s cash generation considering only its shopping center operations, increased 18.1% over 2Q08. Driven by net parking results, which brought an extra R$4.6 million to the calculation, Core EBITDA margin increased 373 basis points from 2Q08, reaching 62.4% in 2Q09. Core EBITDA (R$'000) Rental Revenue Services Key Money Signed Contracts Net Parking Core Taxes Core Revenue Headquarters Stock-option-based remuneration expenses Shopping malls Core EBITDA Core EBITDA Margin

2Q09

2Q08

Chg. %

1H09

1H08

Chg. %

81,498 18,107 8,470 12,807 (12,255) 108,627 (25,701) (807) (14,375) 67,744 62.4%

68,772 21,716 9,040 8,179 (9,878) 97,830 (27,260) (318) (12,895) 57,357 58.6%

▲18.5% ▼16.6% ▼6.3% ▲56.6% ▲24.1% ▲11.0% ▼5.7% ▲153.9% ▲11.5% ▲18.1% ▲373 b.p

160,888 33,497 26,128 23,347 (22,194) 221,665 (44,462) (1,317) (30,931) 144,955 65.4%

129,336 32,970 36,653 14,403 (18,322) 195,041 (38,973) (636) (27,573) 127,860 65.6%

▲24.4% ▲1.6% ▼28.7% ▲62.1% ▲21.1% ▲13.7% ▲14.1% ▲107.2% ▲12.2% ▲13.4% ▼16 b.p

Adjusted Net Income and FFO

New accounting principles impacting net income positively

Net income is still being positively affected by the new accounting principles reported on 1Q09, leading it to jump from R$12.7 million in 2Q08 to R$45.6 million in 2Q09. Since then, no additional accounting principle has affected our results. Adjusted net income and FFO, on the other hand, were affected by the real estate expenses and by an increase in the leverage of Multiplan, which is financing the new projects under construction. The FFO this half year amounted to R$109.4 million, and represents the total CAPEX required by Multiplan to build Shopping Vila Olímpia and Shopping Anália Franco Expansion. FFO & Net Income Calculation Net income Amortization Deferred income and social contribution taxes ¹ Adjusted Net Income Fair Value Amortization Depreciation and amortization

2Q09 45,628 0 0 45,628 256 9,719

2Q08 12,739 31,477 5,775 49,991 8,248

Chg. % ▲258.2% n.a. n.a. ▼8.7% n.a. ▲17.8%

1H09 89,806 0 0 89,806 531 19,100

Adjusted FFO

55,602

58,239

▼4.5%

109,437

1H08 Chg. % 25,701 ▲249.4% 62,905 n.a. 11,485 n.a. ▼10.3% 100,091 n.a. (15,832) n.a. 84,259

▲29.9%

¹ Due to the Bertolino‟s reverse acquisition and other acquisitions in 2006

STOCK MARKET PERFORMANCE Multiplan (MULT3 on Bovespa – São Paulo Stock Exchange; MULT3 BZ on Bloomberg) stock ended the second quarter of 2009 quoted at the same price level of May 2008, before the recent economic turmoil affected the financial markets. MULT3 ended the second quarter of 2009 with a 60.8% appreciation over the last day of 2008, outperforming IBOV, which rose 37.1% in the same period. On December 30th 2008, MULT3 closed at R$12.31 and on June 30th 2009 its closing price was R$19.80. Multiplan‟s average daily trading volume was R$1.7 million this quarter. The company‟s IR team is dedicated to increase its stock liquidity, an issue the company sees as an important variable to be improved. Multiplan Traded Volume (BRL)

Multiplan

Ibovespa Million 80% 70%

DESTAQUES FINANCEIROS

R$ 7 R$ 6

60% 50%

R$ 5

40%

R$ 4

30%

R$ 3

20%

R$ 2

10% 0% -10% 30-Dec

16-Jan

2-Feb

17-Feb

6-Mar

23-Mar

7-Apr

24-Apr

12-May

27-May

12-Jun

R$ 1 R$ 0

29-Jun

15

2Q09 MULT3

GROWTH STRATEGY Development pipeline of projects under construction in 2009 Growth of 10.2% in own GLA +8,876

364,480

+24,771

+10.2%

330,833

DESTAQUES FINANCEIROS Malls in operation Expansions under development

Malls under development

Total

Investment

One greenfield and three expansions for 2009

This first half of 2009 saw investments in five expansions, Shopping Vila Olímpia, and the fine tuning of future projects. As some expansions are closer to their opening date, the company increased the investment pace in order to deliver them on schedule. The revitalization of RibeirãoShopping also increased its pace to be ready when the second phase of its expansion opens, on 2H09. Additionally, the company is tapping the market to launch its future pipeline. Although the company continues to look for all possible acquisitions, greenfield and expansion opportunities, its focus continues to be on bringing the highest return for its shareholders in the medium and long run. Capex Econômico (R$'000) Renovação & Outros

1T09

2T09

2S09

1,914

15,046

25,486

Desenvolvimento de Shopping

41,054

33,174

30,135

Expansão de Shopping

18,360

26,058

99,202

Estacionamento

14,625

Compra de Terreno

26,621

2010 Descrição > 2S09 2,285 Todos os Shopping Centers e outros 2,615 BSS, SVO 68,757 BHS, RBS, PKS, SAF, PKB 745 Deck Parking PKS

113,387

Total

61,328

88,903

294,830

74,403

Shopping Mall - New developments

Shopping Vila Olímpia 92% leased

Shopping Vila Olímpia, which is under construction and three months from opening, already has 92% of stores leased as of this quarter. Shopping Maceió continues under review in order to maximize the best use of the site, which is expected to be a mixed-use project. Shoppings Under Construction/Approval

Multiplan's Share (R$ ‘000)

Project

Opening

GLA

% Multiplan

CAPEX

Shopping Vila Olímpia Shopping Maceió Total

Nov-09 TBA ¹

29,586 m² 27,582 m² 57,168 m²

42.0% 50.0% 45.9%

90,540 67,299 157,839

Key Money NOI 3rd year Stores Leased 21,600 8,203 29,803

10,900 10,893 21,793

92.5% -

¹ Date to be announced

16

2Q09 MULT3 Shopping Vila Olímpia GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE)

29,586 m² July 2007 November 2009 42% (30% after opening) R$ 21.6 million R$ 9.2 million R$ 10.9 million R$ 90.5 million

CAPEX Invested

64%

Status: Key delivered to tenants With 92% of stores already leased, Shopping Vila Olímpia will be delivered next November. On July 30th the store keys were delivered to all the new tenants of the shopping center. The mall is being prepared to meet the expected high standards of its future customers, with a mix formed by 200 satellites (mostly fashion stores, and also a variety of restaurants and other stores) and 11 anchor stores (mainly destined to entertainment, such as bowling center, theater, movie theater and electronic products).

Shopping Maceió 27,582 m2 To be announced To be announced 50% R$ 8.2 million R$ 8.3 million R$ 10.9 million R$ 67.3 million

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

19%

Status: Project being improved The entire project is under review so that the mixed-use concept is better adapted to provoke the synergy that the company manages to achieve in all of its projects.

Shopping Center Expansions

Expansion projects 90% leased

There are three expansion projects to be delivered in 2009 and two more in 2010, with 90% of their stores already leased. The tenants from ParkShopping Frontal Expansion received their keys in July so that they could begin the construction of their stores and be ready for the opening, in October. ParkShoppingBarigüi Expansion II had the highest increase in leased area in the quarter while maintaining the highest key money per m² among the five expansions and the shopping center under construction. Expansions Under Construction Project* RibeirãoShopping Exp. ShoppingAnáliaFranco Exp. ParkShopping Frontal Exp. BHShopping Exp. ParkShoppingBarigüi Exp. II Total

Opening Aug-09 Aug-09 Oct-09 Jul-10 Oct-10

GLA 466 11,689 8,591 11,010

m² m² m² m²

8,014 m² 39,771 m²

Multiplan's Share (R$ ‘000) % CAPEX Stores CAPEX Key Money NOI 3rd year Multiplan Invested Leased 76.2% 10,489 46.2% 69 841 100.0% 30.0% 19,987 78.4% 3,575 4,287 100.0% 62.5% 54,547 48.6% 6,712 8,745 97.8% 80.0% 127,275 43.2% 11,357 12,008 93.3% 100.0%

55,556

7.4%

15,118

8,880

69.9%

65.5% 267,854

39.6%

36,831

34,760

90.4%

* This expansion does not include the investment of R$42 million and its future revenues from the new deck parking of 2,100 parking spaces.

17

2Q09 MULT3 Future Projects

Four expansions projects already planned

The current schedule is subject to change and more detailed information will be disclosed when the projects are announced. Projects to be detailed Project BarraShopping Exp. VII DiamondMall Exp. II* ParkShopping Exp. Gourmet BarraShoppingSul Exp. I Total

GLA 4,894 m² 5,299 m² 1,327 m² 21,638 m² 33,158 m²

MTE % (constr.) 51.1% 100.0% 60.0% 100.0% 91.2%

Own GLA 2,499 m² 4,769 m² 796 m² 21,638 m² 30,232 m²

* Interest during construction will be 100% and after its opening will be 90%.

Real Estate

Cristal Tower Sales Area

11,912 m2

Launch

June 2008

Opening

May 2011

Interest

100%

PSV (MTE %)

R$71.1 million

Total units

290

Units sold

70%

Status: Under Construction The office tower connected to BarraShoppingSul illustrates the mixed-use strategy adopted by Multiplan in its projects. The construction of Cristal Tower started in July 2009, and the opening is scheduled for May 2011. Cristal Tower combines modern infrastructure with the convenience of being just a few meters away from the largest shopping center in the south of Brazil, not to mention the privileged view of the Guaíba River. This proximity not only creates a flow of qualified clients to the shopping center during the week, but also a natural synergy between the conference center, located in BarraShoppingSul, and Cristal Tower. Land Bank

Land bank projects are being fine tuned

Multiplan continues to evaluate potential projects for its land bank, while waiting for the best moment to launch them. Below is the table with the locations in which the company has planned future projects. Location Barra da Tijuca BarraShoppingSul Campo Grande Maceio Jundiaí MorumbiShopping ParkShoppingBarigüi ParkShoppingBarigüi RibeirãoShopping São Caetano Shopping AnáliaFranco Total

% 100% 100% 50% 50% 100% 100% 84% 94% 100% 100% 36% 70%

Type Land Area Office/Retail 36,748 m² Residential, Hotel 12,099 m² Residential, Office/Retail 338,913 m² Residential, Office/Retail, Hotel 200,000 m² * Office/Retail 45,000 m² Office/Retail 21,554 m² Apart-Hotel 843 m² Office/Retail 27,370 m² Residential, Office/Retail, Medical Center 200,970 m² Office/Retail 57,948 m² Residential 29,800 m² 971,245 m²

*Including 70,000 m² from ShoppingMaceió, under development

18

2Q09 MULT3

SUBSEQUENT EVENTS Shopping AnáliaFranco expansion opening on August 12th ‘

After delivering the keys to its tenants on March 31st, the expansion in Shopping Anália Franco was officially opened on August 12th, 2009. The expansion added 11,689m², increasing the mall‟s total GLA to 50,998m², making it the fourth largest shopping center in Multiplan‟s portfolio, considering total GLA. The expansion is fully leased and added a total of 93 stores.

DESTAQUES FINANCEIROS

Opened (August 12th 2009) Shopping Vila Olímpia delivers store spaces to tenants on July 30th

The store keys were delivered to the tenants of Shopping Vila Olímpia at a brunch on July 30th in the mall. Almost three months before its official opening, in November, the shopping center is on schedule to start operating. Tenants are now welcome to prepare their stores for customers in November and be fully operational for Christmas.

Opening: November 2009

19

2Q09 MULT3 ParkShopping expansion to be delivered in October

Keys were delivered to tenants at a brunch ceremony on July 21st, and the expansion is expected to open at the end of October. The ParkShopping Frontal Expansion will add 8,591m² to the mall‟s GLA, and 2,100 new parking spaces, through a deck parking. This project is a leasing success, with 98% of its 91 stores (3 of them being anchors) already leased.

Opening: October 2009

20

2Q09 MULT3

CURRENT PORTFOLIO 1

5

10

14

AL

2

6

DF

DESTAQUES FINANCEIROS

MG 7

11

SP PR 3

8 8

RS

12

9

In operation

Under operation Shopping Operating SC's BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul Sub-Total Operating SC's Under development SC's/Exp Shopping VilaOlímpia ² Shopping Maceió RibeirãoShopping Exp. Shopping AnáliaFranco Exp. ParkShopping Exp. Frontal BHShopping Exp. ParkShoppingBarigüi Exp. II ² Sub-Total Under development SC's/Exp Portfolio Total ¹ Rental Revenue divided by the Adjusted Own GLA ² Interest during the construction period

13 13

Under development / Approval

Under development / approval

State

Multiplan %

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

80.0% 76.2% 51.1% 65.8% 59.1% 90.0% 50.0% 30.0% 84.0% 83.8% 37.5% 100.0% 68.2% (% constr.) 42.0% 50.0% 76.2% 30.0% 62.5% 80.0% 100.0% 53.9%

SP AL SP SP DF MG PR

4

Total GLA (100%) 36,899 m² 46,221 m² 69,320 m² 54,988 m² 43,178 m² 21,360 m² 22,068 m² 39,309 m² 42,975 m² 16,319 m² 24,043 m² 68,192 m² 484,873 m² 29,586 m² 27,582 m² 466 m² 11,689 m² 8,591 m² 11,010 m² 8,014 m² 96,939 m² 581,812 m²

342 R$/m² 180 R$/m² 393 R$/m² 469 R$/m² 230 R$/m² 329 R$/m² 109 R$/m² 277 R$/m² 172 R$/m² 266 R$/m² 45 R$/m² 135 R$/m² 258 R$/m²

Sales 2Q09 (100%) 146,076 95,818 259,564 241,384 151,657 76,245 31,288 114,810 111,459 59,241 19,526 100,549 1,407,614

-

-

-

258 R$/m² 1,407,614

96.5%

Rent 2Q09 ¹

Occupancy Rate 99.3% 96.8% 99.0% 100.0% 97.6% 99.5% 97.9% 98.8% 99.2% 99.5% 67.9% 94.0% 96.5%

(avg.)

21

2Q09 MULT3

CAPITAL STRUCTURE The chart below shows Multiplan's ownership on June 30th, 2009. Free Float

22.50%

Jose Isaac Peres

0.25% ON 0.23% Total

0.48% ON 0.44% Total

Multiplan Planejamento, Participações e Administração S.A. 77.50%

Treasury

26.94% ON 24.78% Total

Maria Helena Kaminitz Peres

41.63% ON 38.29%Total 1.65% ON 1.52% Total

29.00% ON 100.00% PN 34.70% Total

Ontario Teachers’ Pension Plan

99.00%

DESTAQUES Multiplan 99.00% FINANCEIROS Administradora de 1.00%

2.00% SCP Royal Green

Renasce Rede Nacional de Shopping Centers Ltda.

100.00%

98.00%

99.00%

Shopping Centers

%

BarraShopping BarraShoppingSul BH Shopping DiamondMall MorumbiShopping New York City Center ParkShopping ParkShoppingBarigüi Pátio Savassi RibeirãoShopping ShoppingAnáliaFranco Shopping Vila Olímpia¹ Shopping Maceió² Shopping Santa Úrsula

51.07% 100.0% 80.00% 90.00% 65.78% 50.00% 59.07% 84.00% 83.81% 76.17% 30.00% 30.00% 50.00% 37.50%

¹ Under construction ² Under approval

CAA Corretagem e Consultoria Publicitária Ltda.

99.61%

CAA Corretagem Imobiliária Ltda.

41.96%

MPH Empreend. Imobiliários Ltda.

Shopping Centers Ltda. Embraplan Empresa Brasileira de Planejamento Ltda.

100.00%

1700480 Ontario Inc.

100.00%

100.00% 0.01%

100.00% 50.00%

50.00%

1

Solução Imobiliária Ltda.

Brazil Realty 99.99% Indústria Luna S/A JPL

Manati Empreendimentos

2

Haleiwa

3

¹ MPH Empreend. Imobiliários: Special Purpose Entity (SPE) from Shopping VilaOlímpia. ² Manati Empreendimentos: Special Purpose Entity (SPE) from Shopping Santa Úrsula ³ Haleiwa: Special Purpose Entity (SPE) from Shopping Maceió

Share buyback program

On October 13th, 2008, BM&FBOVESPA authorized the Company to repurchase its own stocks, under the terms of Announcement No. 051/2008-DP and CVM Instruction No. 10. Since October 2008, the company has purchased 340,000 common shares, reducing its free float outstanding shares percentage to 24.78% at June 30th, 2009.

22

2Q09 MULT3

OPERATING AND FINANCIAL PERFORMANCE Financial Indicators (R$ '000) (MTE %) Gross Revenue Net Revenue Headquarters Rental Revenue Rental Revenue/m² EBITDA EBITDA Margin Core EBITDA Core EBITDA Margin Net Operating Income (NOI) Net Operating Income/m² Net Operating Income Margin Adjusted FFO Adjusted FFO/m² Performance (100%) Final Total GLA Final Own GLA Adjusted Total GLA (avg.) Adjusted Own GLA (avg.) Total Sales Total Sales/m² Same Stores Sales/m² Same Area Sales/m² Same Store Rent/m² Same Area Rent/m² Occupancy Costs * Rent as Sales % Others as Sales % Turnover * Occupancy Rate * Delinquency (25 days delay) Rent Loss

2Q09 2Q08 129,717 113,984 117,369 104,107 25,701 27,260 81,498 68,772 258 R$/m² 276 R$/m² 63,445 59,100 54.1% 56.8% 67,744 57,357 62.4% 58.6% 79,930 64,057 253 R$/m² 257 R$/m² 84.8% 83.2% 55,602 58,239 176 R$/m² 234 R$/m² 2Q09 2Q08 484,873 m² 416,416 m² 330,830 m² 266,314 m² 470,525 m² 393,900 m² 316,455 m² 248,827 m² 1,407,614 1,169,981 2,992 R$/m² 2,970 R$/m² 3,389 R$/m² 3,086 R$/m² 3,355 R$/m² 3,068 R$/m² 264 R$/m² 231 R$/m² 269 R$/m² 239 R$/m² 13.6% 13.2% 8.1% 7.8% 5.5% 5.4% 1.0% 1.6% 98.7% 98.2% 4.5% 3.9% 0.4% 1.7%

DESTAQUES FINANCEIROS

Chg. % 1H09 1H08 ▲13.8% 247,790 203,323 ▲12.7% 225,471 184,998 ▼5.7% 44,462 38,973 ▲18.5% 160,888 129,336 ▼6.8% 508 R$/m² 520 R$/m² ▲7.4% 123,392 110,009 ▼271 b.p 54.7% 59.5% ▲18.1% 144,955 127,860 ▲373 b.p 65.4% 65.6% ▲24.8% 153,304 116,166 ▼1.9% 484 R$/m² 467 R$/m² ▲151 b.p 83.2% 80.8% ▼4.5% 109,437 115,923 346 R$/m² 466 R$/m² ▼24.9% Chg. % 1H09 1H08 ▲16.4% 484,873 m² 416,416 m² ▲24.2% 330,830 m² 266,314 m² ▲19.5% 470,525 m² 393,900 m² ▲27.2% 316,455 m² 248,827 m² ▲20.3% 2,668,827 2,215,423 ▲0.7% 5,672 R$/m² 5,624 R$/m² ▲9.8% 6,295 R$/m² 5,922 R$/m² ▲9.4% 6,348 R$/m² 5,850 R$/m² ▲14.0% 519 R$/m² 459 R$/m² ▲12.7% 533 R$/m² 473 R$/m² 14.2% 14.5% ▲49 b.p 8.5% 9.0% ▲36 b.p 5.7% 5.4% ▲13 b.p 2.4% 2.8% ▼63 b.p 98.7% 98.2% ▲49 b.p 5.1% 3.6% ▲54 b.p 0.4% 1.4% ▼128 b.p

Chg. % ▲21.9% ▲21.9% ▼14.1% ▲24.4% ▼2.2% ▲12.2% ▼474 b.p ▲13.4% ▼16 b.p ▲32.0% ▲3.8% ▲239 b.p ▼5.6% ▼25.8% Chg. % ▲16.4% ▲24.2% ▲19.5% ▲27.2% ▲20.5% ▲0.8% ▲6.3% ▲8.5% ▲13.2% ▲12.7% ▼24 b.p ▼49 b.p ▲25 b.p ▼40 b.p ▲49 b.p ▲155 b.p ▼98 b.p

* Does not include BarraShoppingSul and Shopping Santa Úrsula.

23

2Q09 MULT3

APPENDICES APPENDIX I Income Statement (R$ 000) Rental Revenue Services Key money Parking Real Estate Others Gross revenue Taxes and contributions on sales and services Net revenues Headquarters Stock-option-based remuneration expenses¹ Shopping malls Parking Cost of properties sold Equity in earnings of affiliates ² Amortization³ Financial revenue Financial expenses Depreciation Other operating income/expenses Income before income and social contribution taxes Income and social contribution taxes Deferred income and social contribution taxes ³ Minority interest Net income

DESTAQU

ES FINANCEIROS

EBITDA NOI Adjusted FFO Adjusted Net Income

2Q09 81,498 18,107 6,034 23,106 882 89 129,717 (12,348) 117,369 (25,701) (807) (14,375) (10,299) (481) (3,354) (256) 5,063 (10,707) (9,719) 1,094

2Q08 68,772 21,716 8,717 14,779 0 0 113,984 (9,878) 104,107 (27,260) (318) (12,895) (6,600) 0 2,120 (31,477) 9,503 (9,468) (8,248) (54)

Chg. % 1H09 1H08 ▲18.5% 160,888 129,336 33,497 ▼16.6% 32,970 11,202 ▼30.8% 13,481 40,807 ▲56.3% 27,503 1,309 n.a. 0 89 n.a. 33 ▲13.8% 247,790 203,323 ▲25.0% (22,320) (18,325) ▲12.7% 225,471 184,998 ▼5.7% (44,462) (38,973) (1,317) ▲153.9% (636) ▲11.5% (30,931) (27,573) ▲56.1% (17,460) (13,100) (714) n.a. 0 (9,552) n.a. 4,723 (531) (62,905) ▼99.2% 9,425 ▼46.7% 25,125 ▲13.1% (20,452) (17,400) ▲17.8% (19,100) (15,832) 2,357 n.a. 569

47,827

19,410

▲146.4%

92,734

38,997 ▲137.8%

(2,254) 284 (228) 45,628

(723) (5,775) (172) 12,739

▲211.6% n.a. ▲32.5% ▲258.2%

(3,540) 1,068 (455) 89,806

(1,493) ▲137.1% (11,485) n.a. ▲43.5% (317) 25,701 ▲249.4%

63,445 79,930 55,602 45,628

59,100 64,057 58,239 49,991

▲7.4% 123,392 110,009 ▲24.8% 153,304 116,166 ▼4.5% 109,437 115,923 89,806 100,091 ▼8.7%

Chg. % ▲24.4% ▲1.6% ▼16.9% ▲48.4% n.a. ▲167.8% ▲21.9% ▲21.8% ▲21.9% ▲14.1% ▲107.2% ▲12.2% ▲33.3% n.a. n.a. ▼99.2% ▼62.5% ▲17.5% ▲20.6% ▲313.8%

▲12.2% ▲32.0% ▼5.6% ▼10.3%

¹ The full amount of the stock option compensation line for the year 2008 was recorded in 4Q08 figures. In order to compare 2Q09 with 2Q08, the full 2008 expense (R$1.3 million) was equally divided by the four quarters of the year. ² In order to be compared to 2Q09 results, this line was adjusted by the fx variation of a foreign investment, which in 2Q08 had not been recorded through equity pick up. This adjustment results from the application of CPC pronouncement No. 2, as required by CVM Rule No. 534 of January 29, 2008. ² According to the new law 11,638/07, starting on 1Q09 the deferred taxes and amortization related to acquisitions will not be accrued on the financial statements.

24

2Q09 MULT3 APPENDIX II ASSETS Current Assets Cash and cash equivalents Accounts Receivable Sundry loans and advances Recoverable taxes and contributions Deferred income and social contribution taxes Other Total Current Assets Noncurrent Asset Receivables from related parties Accounts Receivable Land and properties held for sale Sundry loans and advances Deferred income and social contribution taxes Other

6/30/2009

03/31/2009

Chg. %

187,337 88,674 19,831 22,179 39,308 5,161 362,490

187,213 91,334 16,450 21,090 39,492 965 356,544

▲0% ▼3% ▲21% ▲5% ▼0% ▲435% ▲2%

1,722 17,457 132,210 10,968 137,726 3,422

▲1% ▼3% ▲1% ▼45% ▲0% ▼3%

▲3%

Investments Property and equipment Intangible Deferred charges Total Noncurrent Asset

16,053 1,711,326 310,035 30,588 2,371,507

1,698 18,037 131,200 19,773 137,259 3,529 17,603 1,630,588 310,529 31,648 2,301,865

Total Assets

2,733,997

2,658,409

30/6/2009

31/03/2009

29,678 61,126 44,269 21,406 273 0 26,528 55,312 321 13,083 1,439 253,435

112,996 60,108 43,622 14,189 271 20,084 21,602 54,535 11,818 1,567 340,791

▼74% ▲2% ▲1% ▲51% ▲1% ▼100% ▲23% ▲1% n.a. ▲11% ▼8% ▼26%

154,985 100,000 72,731 1,464 4,472 114,696 448,348 13,019

▲23% ▲0% ▼11% ▼4% ▼2% ▼2% ▲35% ▼0%

952,747 959,593 21,673 89,806 (4,624) 2,019,195

126,110 81,609 1,522 4,552 117,186 330,979 13,077 952,747 958,786 22,473 44,180 (4,624) 1,973,562

▲0% ▲0% ▼4% ▲103% ▲0% ▲2%

2,733,997

2,658,409

▲3%

LIABILITIES Current Liabilities Loans and financings Accounts payable Property acquisition obligations Taxes and contributions payable Taxes paid in installments Dividends payable Deferred incomes Payables to related parties Debentures Clients anticipation Other Total Current Liabilities NonCurrent Liabilities Loans and Financings Debentures Property acquisition obligations Taxes paid in installments Provision for contingencies Deferred incomes Total Noncurrent Liabilities Minority interest Shareholders' Equity Capital Capital Reserves Income Reserve YTD Income Shares in Treasure Department Total Shareholder's Equity Total Liabilities and Shareholders' Equity

▼9% ▲5% ▼0% ▼3% ▲3%

Chg. %

25

2Q09 MULT3 APPENDIX III Operational Cash Flow (R$ '000) Net income / Loss for the year Adjustments Depreciation and amortization Amortization of goodwill Equity pickup Stock-option-based remuneration expenses Minority Interest Appropriation of deferred income Interest and monetary variations on loans and financing Interest and monetary variations on property acquisition obligations Interest and monetary variations on sundry loans and advances Interest and monetary variations on receivables from related parties Stock-option-based remuneration Deferred income and social contribution taxes Earnings from subsidiaries not recognized previously, and capital deficiency of subsidiaries Net adjusted income Reduction (Increase) in operating assets Increase in Lands and properties Increase (reduction) in accounts receivable Increase (reduction) in taxes and mandatory contributions payable Increase (reduction) in deferred taxes Increase (reduction) in other assets Increase (Reduction) in operating liabilities Increase (Reduction) in accounts payable Increase in property acquisition obligations Procurement of property acquisition obligations Increase (reduction) in taxes and mandatory contributions payable Increase (reduction) in assets aquisition Increase (reduction) in installment taxes Increase (reduction) in provision for contigencies Increase in deferred revenue Proposed dividends Increase (reduction) in other obligations Increase in clients antecipation Cash flows from operating activities Cash flows from investments Increase (decrease) in loans and sundry advances Increase (decrease) in receivables from related parties Rate receipt on loans and other advances Increase (decrease) of investments Increase of property, plant and equipment Additions to deferred charges Additions to goodwill Additions to intangibles Net Cash used in financing activities Cash flows from financing activities Debentures Issuing Increase (decrease) in loans and financing Rate payment of loans and obtained financing Decrease in payables to related parties Shares held in treasury Capital reserves Minority interest Net Cash used in financing activities Cash Flow Cash at beginning of the period Cash at end of the period Increase (reduction) in net cash

2Q09 45,628

2Q08 12,739

9,719 255 3,354 807 228 (5,961) 3,145 1,390 (364) -

8,248 31,477 (2,120) 318 (172) (8,717) 815 1,674 (162)

(799) 57,402

6,943 (345) 50,698

(1,010) 3,241 (1,089) (283) (4,089)

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

1,018 (9,621)

11,538 (14,061)

7,217 (56) (80) 8,397 (20,084) (130) 1,265 42,098

617 5,846 (44) 1,340 9,040 (5,908) 13,042

5,661 (24) 126 (1,804) (90,457) 1,060 239 (85,199)

25,446 (109) 36 (3,299) (133,569) (1,813) (4,692) (118,000)

100,321 (44,013) (13,575) 778

(2,824) (2,555) (142)

(286) 43,225 124 187,213 187,337 124

11,776 6,255 (98,703) 362,596 263,893 (98,703)

26

2Q09 MULT3

GLOSSARY AND ACRONYMS Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization. Adjusted Net Income: net income adjusted for non-recurring expenses with Acronyms: the IPO, restructuring costs and amortization of goodwill from acquisitions and BHS BH Shopping mergers (including deferred taxes). BRS BarraShopping Anchor Stores: Large, well known stores with special marketing and structural BSS BarraShoppingSul features that can attract consumers, thus ensuring permanent attraction and DMM DiamondMall MAC Shopping Maceió uniform traffic in all areas of the mall. Stores must have more than 1,000 m² to MBS MorumbiShopping be considered anchors. MTE Multiplan Base Rent: The base rent of a tenant lease contract. If the tenant does not have NYCC New York City Center PKB ParkShoppingBarigüi a base rent, it becomes a percentage of sales. PKS ParkShopping Complementary Rent: The difference between the base rent and the rent PSS Shopping Pátio Savassi consisting of a percentage of sales, as determined in the lease agreement. This RBS RibeirãoShopping amount is only paid if the percentage rent is higher than the base rent. SAF ShoppingAnáliaFranco SSU Shopping Santa Úrsula EBITDA: Net income (loss) plus expenses with income tax and social SVO Shopping Vila Olímpia 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. Economic Capex: The variation of property and equipment, intangible assets and deferred charges in a period of time added to the depreciation and amortization in the same period. EPS: Earnings per Share. Net Income divided by the total shares of the company. 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. IGP-DI Adjustment Effect: Is the weighted average of the monthly IGP-DI increase with a month of delay, divided by the percentage GLA that was adjusted on the respective month. 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 deferred incomes accounts and accounts receivable, but its revenue is accrued in the key money revenue account in linear installments throughout the term of the leasing contract. Key money from initial leasing is contracts from new stores of new developments or expansions (opened in the last 5 years); ‟Operating‟ key money from turnover are contracts from stores that are moving in a mall already in operations. Merchandising: Merchandising consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall. Net Operating Income (NOI): Refers to the sum of the operating income (Rental revenue and shopping expenses) and income from parking operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also includes the key money from the contracts signed in the same period. Occupancy: Is the cost of leasing a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund expenses). 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 are the share of the parking revenue that needs to be passed on to the company‟s 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. Deferred Income: Deferred key money and store buy back expenses. Sales: Sales declared by the stores in each of the malls. Same Area Rent/m² (SAR): Rent of the same area of the year before divided by the area‟s GLA less vacancy. Same-Store Rent/m² (SSR): Rent earned from stores that were in operation for over a year. Same Area Sales/m² (SAS): Sales of the same area of the year before divided by the area‟s GLA less vacancy. Same-Store Sales/m² (SSS): 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. Shopping Center Segments :

DESTAQUES FINANCEIROS

Food Court – Includes fast food and restaurants operations Diverse – Cosmetics, bookstores, hair salons, pet shops and etc Home & Office – Electronic stores, decoration, art, office supplies, etc Services – Sports centers, entertainment centers, theaters, medical centers, banks operations, and etc. Apparel – Women and men Clothing, shoes and accessories stores

27

2Q09 MULT3

INVESTOR RELATIONS As part of the effort to better communicate with its investors, and with the best practices in corporate transparency, Multiplan invites you to a conference call to discuss the Company‟s second quarter 2009 results.

Teleconference English August 13, 2009 12:30 pm (Brasília) DESTAQUES 11:30 am (US EST) Tel.: +1 (412) 858-4600 FINANCEIROS Code: Multiplan Replay: +1 (412) 317-0088 Code: 432432#1

Portuguese August 13, 2009 11:00 am (Brasília) 10:00 am (US EST) Tel.: +55 (11) 4003-9004 Code: Multiplan Replay: +55 (11) 4003-9004 Code: Multiplan

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

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 the information available. These prospects include statements concerning our management‟s current intentions or expectations. Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The Company has no obligation to update said statements. The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company‟s control or expectation. The reader/investor is encouraged not to completely rely on the information above.

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