Multiplan Er 4q08 Eng

Fourth Quarter 2008

Earnings Release and Supplementary Financial Information

Conference Call English March 19, 2009 12:30 pm (Brasília) 11:30 am (US EST) Tel.: +1 (973) 935-8893 Code: Multiplan Replay: +1 (706) 645-9291 Code: 88319449#1 Portuguese March 19, 2009 11:00 am (Brasília) 10:00 am (US EST) Tel.: +55 (11) 2188-0188 Code: Multiplan Replay: +55 (11) 2188-0188 Code: Multiplan

4Q08

Multiplan announces NOI growth of 36.9% to R$95.6 million in 4Q08 Rio de Janeiro, March 18, 2009 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), the largest shopping center company in Brazil by revenue, announces its results for the fourth quarter of 2008. The following financial and operating data, except where otherwise stated, is based on consolidated data in Brazilian Reais (R$) according to generally accepted accounting principles in Brazil.

FINANCIAL AND OPERATING HIGHLIGHTS NOI ▲36.9% null null

Change 4Q08/4Q07 Net Revenue Adjusted Ebitda ▲22.5% ▲17.8%

Tenants’ Sales ▲19.8%

null

BarraShoppingSul opened on November 18th increasing Multiplan‟s own Gross Leasable Area (GLA) by 20.2% nullcompared to 3Q08. In December 2008, the new mall was responsible for 9.2% of the total portfolio rental revenue. nullexpansions also opened in 4Q08 adding to our portfolio 11,458 m² of GLA. The ParkShopping Three Fashion null Expansion was opened in October, followed by RibeirãoShopping Expansion phase 1 and ParkShoppingBarigüi Gourmet Expansion in December. The projects have resulted in R$0.9 million of null in 4Q08. revenue Sales in 4Q08 grew 19.8% quarter on quarter and 18.7% year on year, achieving R$5.1 billion in 2008. Same StoreDESTAQUES Sales in the fourth FINANCEIROS quarter increased 7.9%, while Same Store Rent was up by 13.9% reflecting the success of the company in negotiating new contracts given the quality and performance of its portfolio. Net Revenue grew 22.5% to R$125.1 million in 4Q08 compared to 4Q07, and summed R$411.2 million in 2008, growing 22.2% compared to the year before. Leases and parking revenue were the main drivers for this growth, increasing 27.2% and 57.6% respectively when comparing 4Q08 with 4Q07. Net Operating Income plus Key money reached R$104.6 million in 4Q08. Without considering the Key Money, NOI increased 36.9% in the quarter when compared to 4Q07. The growth was driven by the 31.1% increase of operational revenue, leading the NOI margin to achieve 87.0% in the quarter. Dividends: The Company‟s Board of Directors will submit for the Annual General Meeting approval a proposed dividend distribution of R$ 20.1 million. Adjusted EBITDA in 2008 totaled R$250.6 million, rising 18.1% when compared to the previous year. In 4Q08 it grew 17.8% over 4Q07, to R$79.2 million with an EBITDA margin of 63.3%. CAPEX in 4Q08 was R$203.3 million with the delivery of four projects in the quarter and the construction of another four projects. The company raised an additional R$204.0 million in long term financings and short term loans to complete the capital projects currently underway. Projects under construction: Shopping Vila Olímpia, and expansions in ParkShopping, BH Shopping, ShoppingAnáliaFranco and RibeirãoShopping. Besides these projects, Multiplan plans to start the construction of Cristal Tower Offices and ParkShoppingBarigüi Expansion II in 2009. Law 11,638 had an impact of R$1.3 million in the company‟s G&A in 2008 due to stock option plan. Operating Highlights (R$ '000) Gross revenue Net revenues Adjusted FFO Adjusted income Adjusted EBITDA NOI NOI margin Total sales Total sales/m² Same Stores Sales/m² Same Stores Rent/m² Total GLA Multiplan GLA

4Q08 138,129 125,134 65,815 57,968 79,210 95,647 87.0% 1,650,592 3,701 4,064 333 484,373 330,308

4Q07 Chg. % 112,364 ▲22.9% 102,170 ▲22.5% ▼4.1% 68,621 ▼4.8% 60,903 67,213 ▲17.8% 69,865 ▲36.9% 83.3% ▲372 b.p 1,377,449 ▲19.8% ▲1.5% 3,645 ▲7.9% 3,768 292 ▲13.9% 392,279 ▲23.5% 257,367 ▲28.3%

2008 452,914 411,231 240,599 209,185 250,621 279,725 84.0% 5,071,404 12,519 13,030 1,034 484,373 330,308

2007 368,792 336,393 200,174 176,007 212,163 211,122 81.8% 4,272,289 11,338 11,810 935 392,279 257,367

Chg. % ▲22.8% ▲22.2% ▲20.2% ▲18.9% ▲18.1% ▲32.5% ▲221 b.p ▲18.7% ▲10.4% ▲10.3% ▲10.6% ▲23.5% ▲28.3%

2

4Q08 LETTER FROM THE CEO Dear Shareholders, With immense satisfaction, I bring you Multiplan‟s results for the fourth quarter of 2008. Despite the unstable market in the second half of last year, our Company performed impressively and continued growing. Our net revenue in 4Q08 was R$ 125 million, 22% up year-on-year, and net operating income (NOI) grew by 37% to reach R$ 96 million. In 2008, we invested substantially in our assets. A few of our shopping centers underwent large-scale modifications to provide our clients with greater comfort and to adapt to changing market trends. We also restructured our Company, opened a new head office in São DESTAQUES Paulo and hired staff to ensure greater control over our projects and developments, thereby FINANCEIROS guaranteeing improved operating results. The efforts to consolidate our shopping centers‟ leadership in their respective cities were responsible for maintaining the high occupancy rates in our portfolio in 2008, and in addition to the significant growth in the sales of our developments, especially in 4Q08 when uncertainty ruled the market and the economy. The last quarter of 2008 showed that Multiplan‟s pace of growth and development continues to be strong. Sales in our shopping centers grew by 20% in 4Q08, 14 percentage points above the national average which, according to IBGE data, was 6% higher in 4Q08 compared to 4Q07. The quarter was marked by the inauguration of one more shopping center and three new expansions. In November 2008, we opened BarraShoppingSul (Rio Grande do Sul), a 100% Multiplanowned development, which opened as the largest shopping center in south Brazil and the second largest in our portfolio in terms of total Gross Leasable Area (total GLA), with 68,187 m², and 215 operations, of which 35 are new to Porto Alegre. The shopping center is an astounding success among the public, with 2 million visitors and sales of R$55 million in December, representing 7% of the total sales in our portfolio that month. BarraShoppingSul follows the Company‟s line of mixed-use projects and will be connected by a ramp to the Cristal Tower complex on the same site. In just six months, 69% of the office space had been sold. The Company plans to build a hotel and two residential buildings on the site in the future. In 4Q08, we also inaugurated expansions at ParkShopping (Federal District), ParkShoppingBarigüi (Paraná) and RibeirãoShopping (São Paulo), which together with BarraShoppingSul contributed to raising total GLA by 16%, reaching 484,373 m². Considering all the growth strategy of the company in 2008, Multiplan‟s portfolio grew in total GLA by 23.5% We invested R$ 50 million in new expansions during 4Q08, which was five times more than the total investments in 2007. We have one shopping center - Shopping Vila Olímpia, in São Paulo – under construction, and four expansions - at Shopping Anália Franco (São Paulo), ParkShopping (Federal District), RibeirãoShopping (São Paulo) and BH Shopping (Minas Gerais) – in progress. To achieve these numbers and continue being recognized as a leader in the shopping center industry, our Company is making all efforts to ensure the most appropriate store mix for each of our developments. We spent R$11.4 million in 4Q08 on renovations, bringing the year‟s total to R$46.5 million, or two times the amount of 2007; an investment that brought us returns in the form of awards, honors and higher revenues. The quality of our portfolio in financial terms is evident from the appraisal conducted by Jones Lang LaSalle, which estimated the value of our shopping centers at R$9.6 billion. Note that Multiplan‟s average interest in these developments is 68%. We value maintaining frequent contact with our shareholders and hope to further strengthen this partnership in 2009. Cordially, José Isaac Peres CEO, Multiplan

3

4Q08 FINANCIAL HIGHLIGHTS null

Overview

null

Multiplan is the largest shopping center company in Brazil in terms of revenue, developing, owning and managing one of the null 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, nullsynergies for mall-related operations and adjacent owned land. On December 31th, 2008, Multiplan generating owned and nullmanaged 12 shopping centers, totaling a GLA of 484,373 m², 3,046 stores and an estimated annual traffic of 146 million consumers, ranking the company among the largest shopping centers operators in Brazil, accordingnull to the Brazilian Shopping Centers Association (ABRASCE). Seeking to control and exercise its management excellence, Multiplan owns controlling positions in 10 of the 12 shopping centers in its portfolio and null currently manages all operating shopping centers in which it has an ownership interest.

DESTAQUES FINANCEIROS

Consolidated Financial Statements R$ 000)

4Q08

4Q07

Chg. %

2008

2007

Chg. %

Leases

97,923

77,001

▲27.2%

295,252

239,394

▲23.3%

Services

14,521

16,401

▼11.5%

66,129

52,332

▲26.4%

4,155

5,091

▼18.4%

21,242

18,902

▲12.4%

21,016

13,333

▲57.6%

67,509

38,718

▲74.4%

154 ▲233.2%

2,781

19,062

▼85.4%

Key money Parking Sales of properties Other Gross revenue Taxes and contributions on sales and services Net revenues Headquarters Stock-option-based remuneration expenses* Non-recurring expenses (IPO) Shopping malls Parking Cost of properties sold Equity in earnings of affiliates Amortization Financial revenue Financial expenses Non-recurring financial expenses (Bradesco) Depreciation Other operating income/expenses Income before income and social contribution taxes Income and social contribution taxes Deferred income and social contribution taxes Minority interest

513

na

(0)

384

na

138,129 112,364 ▲22.9%

(0)

452,914

368,792

▲22.8%

▲27.5%

(41,683)

(32,399)

▲28.7%

125,134 102,170 ▲22.5%

(12,995)

384 (10,194)

411,231

336,393

▲22.2%

(21,792)

(17,551)

▲24.2%

(83,051)

(54,951)

▲51.1%

(1,272)

-

▲0.0%

(1,272)

-

▲0.0%

-

-

▲0.0%

-

(13,344)

▼100.0%

(14,300)

(14,032)

▲1.9%

(53,116)

(46,866)

▲13.3%

(8,992)

(6,437)

▲39.7%

(29,920)

(20,123)

▲48.7%

(267)

(1,638)

▼83.7%

(1,150)

(12,618)

▼90.9%

▼87.4%

7,003

8,027

▼12.8%

526

4,194

(30,469)

(31,429)

2,311

11,570

(8,237) (7,846) 172 34,969 (7,221) 10,764

▼3.1% (124,708) (117,805)

▲5.9%

▼80.0%

34,298

23,470

▲46.1%

(4,595)

▲79.3%

(30,754)

(22,250)

▲38.2%

-

▲0.0%

-

(23,700)

▼100.0%

(7,718)

▲1.7%

(31,414)

(24,167)

▲30.0%

508

▼66.2%

897

2,302

▼61.0%

35,042

▼0.2%

98,044

34,366 ▲185.3%

(975) ▲640.6%

(12,800)

(1,813)

▲605.9%

(7,081)

(11,230)

▼36.9%

(165)

▲363.6%

(4,504)

na

(248)

(88) ▲181.0%

(766)

Net income

38,263

29,474 ▲29.8%

77,397

Adjusted EBITDA

79,210

67,213 ▲17.8%

250,621

212,163

▲18.1%

NOI

95,647

69,865 ▲36.9%

279,725

211,122

▲32.5%

Adjusted FFO

65,815

68,621

▼4.1%

240,599

200,174

▲20.2%

Adjusted income

57,968

60,903

▼4.8%

209,185

176,007

▲18.9%

21,158 ▲265.8%

*Please see further details of the law 11,638 on pages 29, 30 and 31.

4

4Q08

SALES & OPERATIONS Projects Opened null The fourthnull quarter of 2008 was marked by the opening of the company‟s second largest shopping center as well as three expansions, consolidating the leadership position of each mall in the city where it is located. Multiplan nullthan 250 stores and 65,435 m² of GLA to its portfolio, representing a 16% growth in total GLA in just added more one quarter. null

null BarraShoppingSul (Opened in November 18th)

The most anticipated development of 2008 was opened on November 18th and registered sales of R$71.2 million null in 43 days of operation, having in its first weekend the second highest car traffic of Multiplan‟s portfolio. The DESTAQUES opening was marked by a cocktail party in the new 3,300m² convention center and with over 90% of its 215 operations running, including FINANCEIROS35 stores new to the city and a gourmet center with five restaurants. On December 15th the mall opened the largest indoor entertainment center in Latin America with 4,200m², being part of 8,400m² of entertainment options in the shopping, including 16 bowling alleys and eight movie theatres. The shopping center was valued at R$573.0 million by Jones Lang LaSalle in 2008, considering industry researches and technical characteristics, among other information.

ParkShopping Fashion Expansion – (Opened on October 23rd) The first of three expansions in the company‟s mall in Brasília opened on October 23rd. The shopping center also has gone through a renovation, adapting itself to a more contemporary outlook and preparing to undergo two other expansions. The new Fashion area added 20 stores which are opening for the first time in the city and are highly recognized in their respective segment. This expansion should further improve the attractiveness and the competitiveness of ParkShopping, promoted by exclusive brands located in the mall.

5

4Q08 RibeirãoShopping Expansion (Phase 1) – (Opened on November 27th) The largest expansion of RibeirãoShopping brought three new areas to the shopping, being its opening split between two dates. The first opening was in November 2008, and brought 21 new stores to the shopping, including five new restaurants and two flagship anchor stores. Besides bringing exclusive and high-end stores to the region, the expansion helped improve the quality of the tentant mix in the mall. It increased RibeirãoShopping‟s GLA by 7,105m², representing 18.1% of the mall GLA.

ParkShoppingBarigüi – (Opened in December 9th)

Following the trends for gourmet areas in shopping centers, Multiplan brought to Curitiba the 1st expansion of ParkShoppingBarigüi, adding eight restaurants over 1,558 m² of GLA. This new area follows the successful strategy of the gourmet center in MorumbiShopping and the company plans to replicate its success in other shopping centers.

Ocupancy Rate High Occupancy rates - a product from quality malls

Since 1985 Multiplan has maintained an average occupancy rate of 96.0%. Even with the natural turnover in the malls due to tenant mix change, the shopping centers have been nearly fully occupied over this period. Multiplan‟s lowest portfolio average occupancy rate was in 1999 reaching 90.7% due to the opening of a new mall - ShoppingAnáliaFranco - in November of that year. Additionally, the largest occupancy rate variations through the years were predominantly caused by strategic decisions to change the tenant and anchor mix, leveraging market conditions where possible. In 2008 the company‟s average occupancy was 96.6%, above historical average, or 98.2% if Shopping Santa Úrsula and BarraShoppingSul were excluded, since they were below average. Shopping Santa Úrsula was purchased in April 2008 and as a consequence of the turnover strategy the occupancy rate dropped to 79.1% in 4Q08, opening space for the new tenants in 2009. BarraShoppingSul, on the other hand, with less than two months of operation had an average occupancy rate of 94.1%, showing its leasing success, as the only stores still not occupied are the fitness center (to be opened in 2009), and the remaining anchor store, which is to be negotiated. 98.7%

99.4%

98.3%

98.5% 94.5%

99.1%

98.7% 95.9%

95.4%

94.6%

95.5%

95.3%

96.3% 95.0%

95.5% 95.4%

95.3%

90.7%

97.4% 96.1%

96.0% 94.2%

91.4%

98,2%

96.6% Not considering BarraShopping Sul and Shopping SantaÚrsula

Opening of Shopping AnáliaFranco

Multiplan portfolio historical average occupancy rate (Grey line excludes BSS and SSU)

6

4Q08

Sales Multiplan‟s malls registered total sales record of R$5.1 billion in 2008

Sales in the last quarter of 2008 were R$1.7 billion, 19.8% above the same period of 2007. The sales for the year of 2008 increased 18.7% when compared to 2007, achieving the amount of R$5.1 billion. Sales (R$ '000) Shopping BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center ShoppingAnáliaFranco ParkShoppingBarigüi Pátio Savassi¹ Shopping Santa Úrsula² BarraShoppingSul³ Total

4Q08 179,402 115,527 323,019 283,649 183,735 88,001 39,875 136,013 130,004 70,571 29,645 71,152 1,650,592

4Q07 158,431 101,202 293,169 251,570 157,705 75,238 38,104 125,801 117,584 58,645 1,377,449

Chg. % ▲13.2% ▲14.2% ▲10.2% ▲12.8% ▲16.5% ▲17.0% ▲4.6% ▲8.1% ▲10.6% ▲20.3% na na ▲19.8%

2008 569,387 363,298 1,021,508 899,631 553,150 287,430 141,114 439,675 431,838 218,741 74,480 71,152 5,071,404

2007 498,928 310,015 926,584 782,230 492,207 230,866 134,710 392,899 374,471 129,379 4,272,289

Chg. % ▲14.1% ▲17.2% ▲10.2% ▲15.0% ▲12.4% ▲24.5% ▲4.8% ▲11.9% ▲15.3% ▲23.8% na na ▲18.7%

¹ Considers sales as of May 2007, when the mall was acquired. ² Acquired in May 2008. ³ The mall opened on November 18, 2008.

Multiplan‟s sales growth outperformed national retail sales.

According to the Brazilian Geography and Statistic Institute (IBGE), retail sales increased 9.1% when comparing 2008 to 2007 and 6.0% in 4Q08 when compared to 4Q07. Multiplan has maintained sales growth above the retail industry average every quarter in the last two years.

Retail Sales Growth Multiplan Sales Growth

21.8% 18.8%

9.8%

21.0%

19.8%

17.4%

9.9%

9.3%

9.8%

19.8%

19.3% 18.7%

17.0% 16.9%

11.8%

9.3%

10.2%

9.7%

9.1%

2007

2008

6.0%

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

Brazilian Retail (Source: IBGE) vs. Multipan‟s Sales Growth YoY

7

4Q08 Apparel segment sales achieved R$ 1.9 billion in 2008

Concerning the satellites stores, services segment had the best sales performance, increasing 16.3% from 4Q07 to 4Q08. Regarding the anchor stores, home & office stores were the main highlight with a sales growth of 17.4% in 4Q08 over the same quarter of the previous year. Apparel continues as the most significant segment in the company‟s malls achieving R$1.9 billion in sales and over 40% of the total sales per segment. Sales per segment (R$ '000) Satellites Food Court Diverse Home & Office Services Apparel Subtotal Anchors Food Court Diverse Home & Office Services Apparel Subtotal

TOTAL

4Q08 134,700 241,989 178,737 20,791 494,858

4Q07 116,674 220,612 159,726 17,880 427,060

Chg. % ▲15.4% ▲9.7% ▲11.9% ▲16.3% ▲15.9%

2008 386,662 606,828 520,188 56,958 1,262,243

2007 328,972 536,305 467,575 50,759 1,059,099

Chg. % ▲17.5% ▲13.1% ▲11.3% ▲12.2% ▲19.2%

1,071,075

941,952

▲13.7%

2,832,879

2,442,710

▲16.0%

4Q08 67,761 155,172 28,015 154,430

4Q07 60,434 132,168 25,775 152,617

Chg. % -

2008 265,778 640,418 271,254 632,914

2007 239,075 561,766 244,340 586,953

Chg. % -

▲12.1% ▲17.4% ▲8.7% ▲1.2%

▲11.2% ▲14.0% ▲11.0% ▲7.8%

405,379

370,993

▲9.3%

1,810,364

1,632,133

▲10.9%

1,476,454

1,312,946

▲12.5%

4,643,243

4,074,843

▲13.9%

The analysis does not consider Shoppings Pátio Savassi, Santa Úrsula and BarraShoppingSul as they were not part of Multiplan‟s portfolio during the whole year of 2007. Additionally, stores that usually do not report sales were not considered (example: kiosks and sold stores).

Diverse 11% Apparel 31%

Anchors 46%

Home & Office 22%

Food Court 17%

Satelites 54%

Apparel 44%

Services 36%

Diverse 17%

Services 10%

Stores analysis by GLA – 4Q08

Home & Office 12%

Same area sales increased more than same store sales

The Same Area Sales (SAS) analysis is used to understand whether the mix has improved taking into consideration the same area of the year before, not considering the vacant areas. The Same Area Sales increased 9.3% and 12.5% when comparing 4Q08 to 4Q07 and 2008 to 2007, respectively. In a similar analysis, Same Store Sales, which only considers the sales of the stores in operation for over a year, rose 7.9% quarter over quarter and 10.3% year over year. On the next page there is an analysis of the use of each index and its correlation with the company strategy: Same Store Sales grew above national inflation index (IPCA), showing that tenants sales had a real sales growth. Same Area Sales grew above Same Store Sales, indicating that the tenant mix change implemented by the company was positive, leading the new operations to outpace the growth of past ones. Total Sales grew above Same Area Sales reflecting the result of company‟s new developments. 18.7%

19.8%

6.0%

5.9%

Retail Sales

IPCA

7.9%

SSS/m²

9.3%

SAS/m²

Sales Analysis 4Q08 x 4Q07

10.3%

9.1%

12.5%

5.9%

Sales

Retail Sales

IPCA

SSS/m²

SAS/m²

Sales

Sales Analysis 2008 x 2007

8

4Q08 REVENUES Gross Revenue null its share Rent increasing

Gross revenue increased 22.9% in 4Q08 and 22.8% in 2008 when compared to the same period in the previous null year. Rent and parking revenues continued to improve our returns, both together being responsible for 86% of the gross revenue in 4Q08. In the quarter, rental revenue alone grew 27.2% and its share over the gross revenue null rose from 68.5% to 70.9%. null

Gross Revenue Growth and Breakdown – 4Q07 and 4Q08 (R$‘000) null null null

DESTA -1,880 -936 QUES 112,364 FINANCEIR OS +20,922

+7,684

138,129

+359

-384

Real Estate Sales 0.4%

Key Money 3.0% Merchandising 12.1%

Service Revenue 10.5% Gross Revenue 4Q07

Rent

Services

Key Money

Minimum 84.5%

Rent 70.9%

Parking Revenue 15.2%

Parking

Real Estate Sales

Other

Overage 3.4%

Gross Revenue 4Q08

Gross Revenue Growth – 4Q07 vs. 4Q08 (R$‟000)

Gross Revenue Breakdown – 4Q08

1. Rent

Growth in all malls

In the last quarter of 2008, rental revenue increased 27.2% to R$97.9 million, from R$77.0 million in 4Q07. Multiplan‟s oldest shopping centers have shown strong rental revenue in the quarter, as it can be seen in BarraShopping (16.2% higher) and MorumbiShopping (growth of 24.0%). Furthermore the company finished 2008 with a rental revenue growth of 23.3% in 2008 compared to 2007. Rental revenue/Shopping (R$ '000) BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center ShoppingAnáliaFranco ParkShoppingBarigüi Pátio Savassi¹ Shopping Santa Úrsula² BarraShoppingSul³ Portfolio Total

4Q08 12,841 7,512 17,734 21,600 7,109 7,382 1,563 4,085 7,783 4,387 500 5,427 97,923

4Q07 11,217 4,652 15,264 17,420 5,954 6,519 1,427 3,685 7,275 3,580 7 77,001

Chg. % ▲14.5% ▲61.5% ▲16.2% ▲24.0% ▲19.4% ▲13.2% ▲9.5% ▲10.9% ▲7.0% ▲22.5% ▲27.2%

2008 39,930 22,630 56,545 67,518 21,638 24,035 5,473 13,341 23,942 13,478 1,275 5,447 295,252

2007 36,755 14,972 50,773 52,031 19,101 20,711 5,067 11,928 22,791 5,245 20 239,394

Chg. % ▲8.6% ▲51.1% ▲11.4% ▲29.8% ▲13.3% ▲16.1% ▲8.0% ▲11.8% ▲5.1% ▲156.9% ▲23.3%

¹ Acquired in July 2007 ² Acquired in May 2008 ³ The shopping center opened on November 18, 2008

9

4Q08 Rental revenue Breakdown

The year of merchandising

Merchandising increased on a quarter-on-quarter basis throughout the year of 2008, and several factors have contributed to its growth, as mentioned in the previous earnings release. Comparing to same period of the previous year, merchandising grew 29.5% in 4Q08 and 41.8% in 2008, totaling R$38.1 million. The company also managed to readjust its base rent leading it to outpace overage rent, growing 21.9% from 2007 to 2008 against a 4.2% growth of overage. In 4Q08 Pátio Savassi, even with a 22.5% growth in minimum rent, shows a potential to increase further. +29.1%

-11.3%

2,698

18,641

97,923

Minimum

Overage

+4.2%

+41.8% 295,252

11,229

44,175

454

Minimum

Overage

239,394

- 418

77,001

Rent 4Q07

+21.9%

+29.5%

Merchandising Rent 4Q08

Rent 2007

Rental revenue breakdown – 4Q07 vs. 4Q08 (R$„000)

Rental revenue/Shopping (R$ '000) BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi¹ Shopping SantaÚrsula² BarraShoppingSul³ Portfolio Total

Minimum 10,955 6,232 15,749 17,653 5,713 6,417 1,336 3,331 6,546 3,315 401 5,122 82,769

4Q08 Overage 371 269 324 583 325 320 26 168 239 462 13 193 3,294

Merchandising Rent 2008

Rental revenue breakdown – 2007 vs. 2008 (R$„000)

Merchandising 1,514 1,011 1,662 3,364 1,071 644 201 586 998 610 86 113 11,860

Minimum 9,455 3,758 13,559 14,216 4,569 5,652 1,156 2,902 5,991 2,864 7 64,128

4Q07 Overage 397 231 411 679 463 418 109 257 398 348

Merchandising 1,365 663 1,295 2,525 922 449 162 526 886 368

3,712

9,162

¹ Acquired in July 2007 ² Acquired in May 2008 ³ The shopping center opened on November 18, 2008

Same Area Rent and Same Store Rent on double digit growth

The Same Area Rent (SAR) measures the rent of the same area of the mall over the same period of the year before, while Same Store Rent calculates the growth considering only the stores opened for over a year. Both outperformed inflation, and SSR exceeded SAR as Multiplan‟s successful tenant mix change strategy brought new tenants. 20.2% 13.9% 10.7%

IGP-DI Adjustment Effect*

Real growth of 3.2 % 13.9%

12.8%

10.7%

SSR/m²

SAR/m²

Rent Analysis 4Q08 x 4Q07

Rent

IGP-DI Adjustment Effect*

SSR/m²

Rental revenue x IGP-DI adjustment effect (2008 x 2007)

* 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.

10

4Q08 The Occupancy cost advantage

The company believes that healthy tenants, with increasing sales performance, and therefore higher incomes, are more inclined to pay greater rent values. The chart below seeks to show this strategy, illustrating the percentage of base rental revenue as a percent of sales against the sales/m² of each shopping center. As is evident from this chart, increasing tenants‟ sales leads to an even stronger growth in rent charges. Multiplan has consistently augmented rent in recent years, but this is a result of high sales growth and the company‟s effort to have healthy tenants and a good mix. It is important to notice that the mix of anchor stores and satellite stores and the bargaining power of each tenant may influence these results. 11.00%

Sales/m²

MorumbiShopping BHShopping BarraShopping DiamondMall Pátio Savassi ParkShopping Shopping AnáliaFranco ParkShoppingBarigüi RibeirãoShopping New York City Center BarraShoppingSul Shopping SantaÚrsula

10.00%

9.00% 8.00%

7.00% 6.00% 5.00%

4.00% 3.00% 3,000 R$/m²

7,000 R$/m²

11,000 R$/m² 15,000 R$/m² 19,000 R$/m²

Base Rent/Sales (y-axis) compared to Sales/m² (x-axis) by size (GLA) of Shopping (size of the ball) – 2008.

16,360 15,433 14,698 13,813 13,526 12,801 11,185 10,050 7,860 6,395 5,217 5,034

2008 R$/m² R$/m² R$/m² R$/m² R$/m² R$/m² R$/m² R$/m² R$/m² R$/m² R$/m² R$/m²

¹ Shopping Santa Úrsula and BarraShoppingSul Sales were annualized considering December as two months.

2. Services

Potential from the new pipeline of projects

The service revenue decreased 11.5% from 4Q07 to 4Q08. The main reason was the reduction of the income coming from Management‟s decision to discontinue management of third party malls. However, we expect further increases in this revenue stream, as the most attractive projects in the pipeline are developed and come on-line. 3. Key Money

ParkShoppingBarigüi completed five years on November

ParkShoppingBarigüi, which was opened on November 12th, 2003, saw the majority of its key money contracts completing five years on November of 2008, appropriately resulting in a lower value on the line „Projects opened in the last 5 years‟. On the other hand, one shopping center and three expansions were opened during the last quarter of 2008, and the key money for those projects started to accrue in linear installments according to the term of the leasing contracts. As detailed later, due to the law 11,638, the expected income account was reclassified to differentiate between current and noncurrent expected income. Overall expected income increased 4.0% from R$121.6 million in 3Q08 to a total deferred income of R$126.3 million in 4Q08, reflecting the company‟s leasing success. Key Money Revenue/Type (R$ '000) Operational (recurring) New projects opened in the last 5 yrs Portfolio Total

4Q08 2,434 1,721 4,155

4Q07 2,325 2,765 5,091

Chg. % ▲4.7% ▼37.8% ▼18.4%

2008 14,436 6,807 21,242

2007 10,241 8,660 18,902

Chg. % ▲41.0% ▼21.4% ▲12.4%

11

4Q08 4. Parking Revenue

Parking revenue strong increase on top of new operations

Parking revenue has shown a solid growth of 57.6% in 4Q08, adding R$21 million to gross revenue. On an annual basis, it increased 74.4%, achieving R$67.5 million. During 2008, Multiplan started to charge for parking in ParkShoppingBarigüi and Shopping AnáliaFranco, which together were responsible for 20.3% of the total 4Q08 parking revenue. However, when comparing the same parking operations over the year before (excluding ParkShoppingBarigüi and Shopping AnáliaFranco) the year-on-year growth would still be 25.6%. Three new parking operations, RibeirãoShopping, ParkShopping and BarraShoppingSul are planned to start charging for parking in future periods, according to market conditions. Parking Revenue/Shopping (R$ '000) BHShopping BarraShopping MorumbiShopping DiamondMall New York City Center ShoppingAnáliaFranco ParkShoppingBarigüi Pátio Savassi¹ Shopping Santa Úrsula² Portfolio Total

4Q08 2,324 5,215 5,606 1,176 1,049 2,212 2,064 1,352 19 21,016

4Q07 1,701 4,838 4,940 730 1,123 13,333

Chg. % ▲36.6% ▲7.8% ▲13.5% ▲61.1% ▼6.6% ▲0.0% ▲0.0% ▲0.0% ▲0.0% ▲57.6%

2008 7,644 18,601 18,783 4,083 4,075 5,579 4,152 4,573 19 67,509

2007 4,605 12,820 15,176 2,605 2,899 0 0 612 0 38,718

Chg. % ▲66.0% ▲45.1% ▲23.8% ▲56.7% ▲40.5% ▲0.0% ▲0.0% ▲647.1% ▲0.0% ▲74.4%

¹ Acquired on July 2007 ² Acquired in May 2008

5. Real Estate Sales

The success of Cristal Tower

In 4Q08, real estate sales were boosted by the success of Cristal Tower, which totalled R$0.5 million. The sales process for Cristal Tower units began in 3Q08 and 69% of the available units have been sold. However, these revenues may only be accrued according to the percentage of construction concluded, which is estimated to start in 2Q09, as explained on page 32.

12

4Q08 EXPENSES 1. Mall Expenses

Higher margins, higher income

NOI plus key money totaled R$330.9 million in 2008, a 22.9% increase over 2007. On a quarter-on-quarter basis, it achieved R$104.6 million in 4Q08, 16.1% higher than 4Q07. Excluding key money, NOI grew 32.5% year-on-year or 36.9% on a quarter analyses. This achievement is due to higher income from:

+372 b.p.

87.0% +221 b.p.

84.0%

83.3%

81.8%

I. The opening of one mall and three expansions on the last quarter of 2008. II. Two new parking operations. III. Growth in revenue of operating malls. DESTA IV. Higher margins.

4Q07

QUES

4Q08

2007

2008

NOI Margin – 4Q08

From the shopping expenses side, it increased only by 1.9% from 4Q07 to 4Q08 even with a 27.2% rent growth. FINANCEIR On the margin analysis, NOI margin grew 372 b.p. to 87.0% in 4Q08 and 221 b.p. to 84.0% in 2008.

OS

NOI Calculation Rent Parking Result

4Q08

4Q07

Chg. %

2008

2007

Chg. %

97,923

77,001

▲27.2%

295,252

239,394

▲23.3%

12,024

6,896

▲74.4%

37,589

18,595

▲102.2%

109,947

83,897

▲31.1%

332,841

257,989

▲29.0%

Shopping Expenses

(14,300)

(14,032)

▲1.9%

(53,116)

(46,866)

▲13.3%

NOI

95,647

69,865

▲36.9%

279,725

211,123

▲32.5%

87.0%

83.3%

▲372 b.p

84.0%

81.8%

▲221 b.p

8,974

20,278

▼55.7%

51,159

58,106

▼12.0%

104,621

90,143

▲16.1%

330,884

269,229

▲22.9%

88.0%

86.5%

▲145 b.p

86.2%

85.2%

▲99 b.p

Operational Result

NOI Margin Key Money Signed Contracts NOI + KM NOI + KM Margin

2. Parking Expenses

Net parking revenue more than doubled in 2008

Parking revenue increased 74.4% in 4Q08 and 102.2% in 2008 when comparing to 4Q07 and 2007 respectively. Parking expenses went up 48.7% in 2008, yet revenue grew 74.4%, leading to a higher margin and the parking revenue to double. Net Revenues (R$‘000) Parking Revenue Parking Expenses Total

4Q08 21,016 (8,992)

4Q07 13,333 (6,437)

12,024

6,896

Chg. % ▲57.6% ▲39.7% ▲74.4%

2008 67,509 (29,920)

2007 38,718 (20,123)

37,589

18,594

Chg. % ▲74.4% ▲48.7% ▲102.2%

13

4Q08 3. General and Administrative Expenses (G&A) G&A costs increased from R$17.5 million in 4Q07 to R$21.8 million in 4Q08. However, this expense group fell 1.7% and 19.6% when compared to 3Q08 and 2Q08 respectively. In 2008 G&A amounted R$83,1 million and some of the highlights are: Headquarter: New branch in São Paulo and new space in Rio de Janeiro. Team/Systems: New members were added to various areas, highlighting the development and IT department, being the latest responsible to implement a new ERP (Enterprise Resource Planning) project.

27,260 21,792

3Q08

4Q08

17,551

Development: Some expenses were not capitalized to specific projects, being added to G&A. Marketing: An increase in marketing expenses. Including but not limited, to real estate projects.

22,287

11,712

4Q07

1Q08

2Q08

G&A expenses since 4Q07 (R$‟000)

Legal Expenses: A review in contingencies.

Bonus: The bonus payment which was paid in 2008 in respect of 2007 had not been accrued in 2007 and therefore was charged to G&A in 2008. There was a further accrual made in 2008 in respect to bonuses for the year.

4. Cost of Real Estate Sold

Part of Cristal Tower costs accrued

The land and brokerage expenses from the Cristal Tower offices were the only cost that was partially accrued by the company in the cost of real estate sold line item. The construction phase will begin in 2Q09, increasing the matching of costs and revenue.

Equity Pickup

Royal Green Península (RGP) waiting for the permit to deliver

The RGP plans to get in 1Q09 the COB (Certificate of Occupancy) and will start delivering its units to their owners. The cost of the units sold was accrued, and the rest of the units to be sold will have its cost accrued when the development receives the permit. Equity Pickup (R$ '000) RGP Revenue RGP Interest and Index revenue RGP Cost & Expenses Sub-Total Others Total

4Q08 2,881 690 3,078 392 134 526

4Q07 9,933 605 6,481 4,057 137 4,194

Chg. % ▼70.7% ▲15.4% ▼51.6% ▼90.3% ▼1.9% ▼87.4%

Up to Date 61,108 5,317 47,847 18,578

Budget 72,182 7,324 52,409 27,097

14

4Q08 RESULTS Financial Results, Debt and Cash

Leverage for future growth

Following the company‟s strategy of investing in high return projects and maintaining a healthy cash position, Multiplan moved its gross debt position from R$170.6 million in 3Q08 to R$371.5 million in 4Q08. In the last quarter, Multiplan increased its debt position with four banks, with two being responsible for 94.1% of the total. The first was a short term loan of R$80 million, while the second one was a seven year loan of R$119 million. Part of this debt was used for the projects that were under construction and delivered in 4Q08, which together amounted an investment of R$186.5 million in the quarter. Financial Position Breakdown Current Debt Loans and Financings Obligations for acquisition of good

31/12/2008 152,582 107,360 45,222

30/09/2008 62,287 15,704 46,583

Chg. % ▲145.0% ▲583.6% ▼2.9%

Loans and Financings Obligations for acquisition of good Gross Debt Cash Net Debt

218,960 128,912 90,049 371,542 167,585 203,957

108,344 9,978 98,367 170,631 114,716 55,915

▲102.1% ▲1,192.0% ▼8.5% ▲117.7% ▲46.1% ▲264.76%

DEST AQUES FINANCEI ROS Noncurrent Debt

Net debt is less than current EBITDA

In order to improve its cash position, Multiplan‟s net debt has reached R$204.0 million in 4Q08, an amount equivalent to 81.4% of the company‟s EBITDA in 2008. Given that 84.5% of the company‟s rental revenue is fixed, which leads to a predictable cash flow, the financial position in 4Q08 remains prudent. Financial Position Analysis Net Debt/EBITDA Gross Debt/EBITDA Net Debt/FFO Gross Debt/FFO Net Debt/Equity Liabilities/Assets Gross Debt/Liabilities Financial Revenue/Cash Financial Expenses/Gross Debt

2008 0.8x 1.5x 0.8x 1.5x 10.6% 24.7% 58.2% 20.5% 8.3%

*Considering 2008 results and 31st December 2008 balance sheet

Others 38%

Banks 62% Multiplan‟s Debt in 4Q08

New long term debt

Multiplan in the last quarter has moved from a short term to a long term debt profile. In October, the company signed a short term loan, and in November a longer one of a higher amount in order to restructure its debt profile in better alignment with its pro forma cash flow. Furthermore, the company has also diversified its debts‟ index exposure, including CDI and TR, yet keeping 99.5% of its debt in local currency. 94% of the debt in TR had its

interest limited between 95% and 105% of CDI through a financial protection mechanism.

15

4Q08 Debt Indexes in 4Q08 Short Term

Long Term

Total

Avg. Interest Rate* (R$ ‘000)

Avg. Interest Rate* (R$ ‘000)

Avg. Interest Rate* (R$ ‘000)

TJLP

6.25%

13,816

6.25%

5,618

6.25%

19,434

IPCA TR

7.60%

19,133

7.36%

63,854

7.42%

82,987

10.00%

8,517

10.00%

118,279

10.00%

126,795

CDI

0.78%

1,061

0.78%

4,034

CDI %

134.73%

82,361

-

Fixed

12.00%

20,956

12.00%

20,956

Others

-

6,738

-

6,221

-

12,958

Gross Debt *Average (weighted) interest rate P.A.

107.4

-

152,582

-

5,095

-

82,361

12.00%

41,912

218,960

371,542

Loans and financings Obligations for acquisition of goods

CDI 24% 45.2

40.1 24.1

2009

Fixed 11%

2010

21.0

24.4

2011

19.6

13.3

2012

18.6

12.2

2013

18.3

TR 34%

18.1 9.2

2014

2015

Others 4% TJLP 5%

IPCA 22%

>=2016 Multiplan‟s debt in 4Q08

Amortization schedule (R$‘000,000)

Efficient cash management

In 2009, Multiplan plans to continue investing R$340.9 million in its pipeline of developments. As shown in the chart below, in order to predict the company‟s financial position for 2009, it was considered the cash flow of R$240.6 million of 2008 as the same value for 2009, adding its current R$167.6 million of cash available. Although that financial position would be enough to cover the investments, the company has a debt amortization and other projects which would demand a further leverage. Multiplan is already looking for attractive financing opportunities to align its cash flow.

493,468 408,184 1 Yr FFO (2008) 240,599

Investments in 2009* 340,886

Cash (Dec. 08) 167,585

Debt Amort. 2009 152,582

Cash Available

Cash Needs

Simplified model to predict financial needs at the end of 2009 (R$‟000) *Investments include: refurbishments, expansions and new developmentss

16

4Q08 Adjusted EBITDA

Record EBITDA achieved R$251 million in 2008

EBITDA reached R$79.2 million in 4Q08, after including the effects of the law 11,638, increasing 17.8% when compared to 4Q07. In 2008 it grew 18.1% over the previous year, totaling R$250.6 million – nearly the total net investment of all the expansion projects under construction in 2009. The growth was driven by organic growth and as well as by the new developments. EBITDA Calculation (R$'000)

4Q08

4Q07

Chg. %

2008

2007

Chg. %

38,263

29,474

▲29.8%

77,397

21,158

▲265.8%

Tax income and social contribution

7,221

975

▲640.6%

12,800

1,813

▲605.9%

Financial result

5,926

(6,975)

na

(3,544)

(1,220)

▲190.6%

Depreciation

7,846

7,718

▲1.7%

31,414

24,167

▲30.0% ▲363.6%

Net income

Participation of the minority stockholders Amortization

248

88

▲181.0%

766

165

30,469

31,429

▼3.1%

124,708

117,805

▲5.9%

-

-

-

-

37,044

▼100.0%

Non-recurring expenses¹ Deferred taxes

(10,764)

4,504

na

7,081

11,230

▼36.9%

Adjusted EBITDA

79,210

67,213

▲17.8%

250,621

212,163

▲18.1%

63.3%

65.8%

▼249 b.p

60.9%

63.1%

▼213 b.p

EBITDA Margin ¹ Refers to IPO costs

Adjusted Net Income and FFO

Record year for adjusted net income and FFO

Adjusted net income and adjusted FFO reached the record amount of R$209.2 million and R$240.6 million in 2008, respectively (after law 11,638). It represents an increase of 18.9% in adjusted net income and 20.2% in adjusted FFO, when compared to 2007. On a quarterly basis, the company‟s leverage led to a larger cash position but also to a slight reduction in net income, resulting in a R$58.0 million adjusted net income and a R$65.8 million adjusted FFO. Multiplan did manage to accrue a deferred fiscal credit of R$14.5 million due to fiscal losses of companies bought in the past and given that the company expects to have fiscal income in 2008. This fiscal credit led the company to R$10.8 million of deferred taxes. FFO & Net Income Calculation

4Q08

4Q07

Chg. %

2008

2007

Chg. %

Net Income

38,263

29,474

▲29.8%

77,397

21,158

▲265.8%

Amortization

30,469

31,429

▼3.1%

124,708

117,805

▲5.9%

(10,764)

-

-

7,081

-

-

-

-

-

-

37,044

▼100.0%

57,968

60,903

▼4.8%

209,185

176,007

▲18.9%

7,846

7,718

▲1.7%

31,414

24,167

▲30.0%

65,815

68,621

▼4.1%

240,599

200,174

▲20.2%

Deferred Taxes Non-recurring expenses¹ Adjusted Income Depreciation Adjusted FFO ¹ Refers to IPO costs

Dividends The Company‟s Board of Directors will submit a proposed dividend distribution of R$ 20.1 million for approval at the Annual General Meeting.

17

4Q08 Operating and Financial Performance Indicators (R$ '000) Financials (MTE %) 4Q08 4Q07 Chg. % 2008 2007 Chg. % Gross Revenue 138,129 112,364 ▲22.9% 452,914 368,792 ▲22.8% Net Revenue 125,134 102,170 ▲22.5% 411,231 336,393 ▲22.2% Headquarters 21,792 17,551 ▲24.2% 84,323 54,951 ▲53.5% Rental Revenue 97,923 77,001 ▲27.2% 295,252 239,394 ▲23.3% Rental Revenue/m² ▲1.9% 1,139 R$/m² 1,021 R$/m² ▲11.5% 334 R$/m² 327 R$/m² Adjusted EBITDA 79,210 67,213 ▲17.8% 250,621 212,163 ▲18.1% Adjusted EBITDA/m² ▼5.5% ▲6.8% 270 R$/m² 286 R$/m² 967 R$/m² 905 R$/m² Adjusted EBITDA Margin 63.3% 65.8% ▼249 b.p 60.9% 63.1% ▼213 b.p Net Operating Income (NOI) 95,647 69,865 ▲36.9% 279,725 211,122 ▲32.5% Net Operating Income/m² 326 R$/m² 297 R$/m² 901 R$/m² ▲19.8% ▲9.7% 1,079 R$/m² Net Operating Income Margin 87.0% 83.3% ▲372 b.p 84.0% 81.8% ▲221 b.p Adjusted FFO ▼4.1% 65,815 68,621 240,599 200,174 ▲20.2% Adjusted FFO/m² ▲8.7% 224 R$/m² 292 R$/m² ▼23.1% 928 R$/m² 854 R$/m² Performance (100%) 4Q08 4Q07 Chg. % 2008 2007 Chg. % Final Total GLA 484,373 m² 392,279 m² ▲23.5% 484,373 m² 392,279 m² ▲23.5% Final Own GLA 330,308 m² 257,367 m² ▲28.3% 330,308 m² 257,367 m² ▲28.3% ▲7.5% Adjusted Total GLA (avg.) 446,010 m² 377,884 m² ▲18.0% 405,103 m² 376,827 m² Adjusted Own GLA (avg.) 293,359 m² 235,133 m² ▲24.8% 259,127 m² 234,358 m² ▲10.6% Rental Revenue 151,724 121,749 ▲24.6% 465,197 382,790 ▲21.5% ▲5.6% 1,148 R$/m² 1,016 R$/m² ▲13.0% Rental Revenue /m² 340 R$/m² 322 R$/m² Total Sales 1,650,592 1,377,449 ▲19.8% 5,071,404 4,272,289 ▲18.7% ▲1.5% 12,519 R$/m² 11,338 R$/m² ▲10.4% Total Sales/m² 3,701 R$/m² 3,645 R$/m² ▲7.9% 13,030 R$/m² 11,810 R$/m² ▲10.3% Same Stores Sales/m² 4,064 R$/m² 3,768 R$/m² Same Stores Rent/m² 333 R$/m² 292 R$/m² ▲13.9% 1,034 R$/m² 935 R$/m² ▲10.6% Occupancy Costs 12.3% 13.4% ▼109 b.p 13.0% 14.9% ▼190 b.p Rent as Sales % 8.1% 8.0% 8.0% 8.4% ▼43 b.p ▲3 b.p Others as Sales % 4.2% 5.4% ▼112 b.p 5.0% 6.5% ▼147 b.p Turnover * 1.7% 1.7% 6.8% 5.2% ▲163 b.p ▲4 b.p Occupancy Rate * 98.3% 97.0% ▲133 b.p 98.2% 97.4% ▲80 b.p Delinquency (25 days delay) 3.7% 4.4% ▼67 b.p 3.6% 5.4% ▼179 b.p Rent Loss 0.6% 0.4% ▲16 b.p 0.9% 0.7% ▲24 b.p

* Do not include BarraShoppingSul, Shopping Santa Úrsula and the expansions opened in 2008

18

4Q08 GROWTH STRATEGY Development Pipeline - '000 m² Growth of 10.2% in own GLA 370 m ²

25 m²

364 m²

Expansions under development

Total

10.2%

360 m ²

9 m²

350 m ²

340 m ²

330 m² 330 m ²

320 m ²

DESTAQUES FINANCEIROS 310 m ²

300 m ²

Shoppings in operation

Shoppings under development

Investment

Investments totaled R$701.6 million in 2008

The last quarter of 2008 was marked by the opening of three expansions as well as BarraShoppingSul. The company invested R$186.5 million on the construction of these projects and others in 4Q08. The year 2008 was a record year for investment projects opening, and all the opened projects have already shown positive results in 4Q08. The four projects opened during the last quarter of 2008 and were responsible for R$90.0 million in sales, and BarraShoppingSul, the largest mall in the south region of the country, sold R$71.0 million in its first 43 days of operation. 1,017%

136,085

349%

52,203

50,395

3Q08

4Q08

94,180

73,142 17,207

30,297 4,510

1Q08

2Q08

3Q08

1Q08

4Q08

Investments in shopping center developments quarter-on-quarter

2Q08

Investments in shopping center expansions quarter-on-quarter

In the last four years, the investments in shopping center developments and expansions grew 35 times its initial value, from a total of R$13.0 million in 2004 to R$458.0 million in 2008. The construction of BarraShoppingSul was one of the main factors for the R$333.7 million spent on mall developments in 2008. 333,704

124,314

102,646 8,100

300

800

2004

2005

2006

4,900 2007

2008

Investments in shopping centers YoY (R$‟000)

2004

15,100

2005

25,900

11,431 2006

2007

2008

Investments in expansions YoY (R$‟000)

19

4Q08 Multiplan developed and delivered in 2008

In 4Q08, Multiplan dedicated most of the investments in shopping center developments in order to deliver BarraShoppingSul, which opened on November 2008. Along with the new mall, three expansions were delivered in 4Q08, and R$11.4 million was invested in renovations in order to improve each mall to match the quality and format its respective expansion. CAPEX (R$'000) Renovations Shopping Development Shopping Expansion

4Q08

%

11,416

5.6%

136,085

66.9%

50,395

24.8%

5,384

2.6%

203,281

100.0%

Land Acquisition Total

Description All shoppings and others

Shopping Development 60,3%

Renovations & Others 14,9%

BSS, SVO, LagoSul BHS, RBS, PKS (Fashion & Frontal), PKB, SAF and other projects

Land Acquisition 2,4%

Others

Shopping Expansion 22,3%

In 2008, the company‟s capex increased 55% comparing to 2007 due to these development projects. The only investment that decreased was “Shopping and minority acquisition”, as the only purchase in 2008 was Shopping Santa Úrsula, whereas in 2007 Multiplan bought Pátio Savassi and an additional interest in MorumbiShopping. Use of Proceeds

2007

2008

2009

2010

Description (2009-2010)

22,814

46,521

32,662

2,285

All shopping centers

102,646

333,704

107,149

1,535

BSS, SVO

Shopping Expansion

11,431

124,314

201,075

25,602

Land Acquisition

16,183

121,437

113,387

-

-

287,765

28,668

-

-

-

-

46,946

-

-

-

440,839

701,591

454,273

29,421

Renovations Shopping Development

Shopping Acquisition and Minority Acquisition Others (Future Projects) Total

BHS, RBS, PKS, PKB, SAF

Renovations Multiplan invested R$46.6 million in renovations in 2008, the highest amount in the company‟s history. For 2009 the company plans to invest R$32.7 million in renovations (only considering its share), with R$5.6 million specially dedicated for the turnaround strategy of Shopping Santa Úrsula. From 2000 to 2007, 3.5% of the gross revenue was invested in renovations, while the last two years were a record, achieving R$108.0 million and leading the eight-year average to reach 6.0%. The chart below shows the total investment in Multiplan‟s malls from 2000 until 2010 (estimated). 7.0%

80

R$ 69.2 R$ 56.0

Renovations

6.0%

Renovations/SC Revenue (Since 2000)

5.0%

70

60

50

4.0% 40

R$ 33.5 R$ 27.6

3.0% 2.0%

R$ 18.1

20

R$ 12.0

1.0% 0.0%

30

10

R$ 3.0

R$ 2.1

R$ 1.5 R$ 1.2 R$ 2.2

-

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Historical and future investments in renovations (R$ millions) – The amount represents 100% of renovation cost, not being adjusted to MTE share in the mall.

20

4Q08 Shopping Mall - New developments

One mall delivered, one under construction and one under development

After the completion of BarraShoppingSul in 4Q08, Shopping Vila Olímpia is the next in line to open in 4Q09. The focus for 2009 is to deliver the projects under construction and start the best projects in the development pipeline. The main goal is to prioritize the efforts in projects that will bring the highest returns, lowest risk and the best financings. Given the difficulties to match the company‟s project for the LagoSul Shopping and the federal district requirements, the project was canceled with no major cost to the company, given that the land was acquired as part of a swap for future revenues. Shopping Centers Project Shopping Vila Olímpia Shopping Maceió Total

Opening Nov/09 TBA ¹

GLA MTE % (constr.) 29,538 m² 42.0% 27,582 m² 50.0% 57,120 m² 45.9%

MTE Capex Key Money 93,910 21,191 67,299 8,203 161,209 29,394

(R$’000) NOI 3rd year 10,959 10,893 21,582

¹ Date to be announced

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

29,538 m2 July 2007 November 2009 42% (30% after opening) R$21.2 million R$9.3 million R$11.0 million R$93.9 million 31%

Status: Under construction The leasing team has already leased 76% of Shopping Vila Olímpia‟s stores, construction has reached the last floor in 4Q08, and the delivery date is set for the second half of 2009. The roads that surround the mall are being improved to provide better traffic flow.

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

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 19%

Status: Under development Since Maceió is one of Brazil‟s top 10 beach destinations, its tourist traffic keeps rising, and the city‟s infrastructure is under improvement to accommodate and attract even more people. In order to follow up this process, the company expects to present the project to city hall in the first half of 2009.

21

4Q08 Shopping Mall Expansions

Four of the largest expansions being developed

The fourth quarter of 2008 focused on the opening of three expansions (including partially opened RibeirãoShopping Expansion), from a total of seven under development. Aside from these openings, Multiplan dedicated time and resources to deliver its expansion projects under development, as seen in the table below. Part of this effort is to improve these projects, as in ParkShopping Expansion Frontal, which will have its project scale increased by R$49 million, 62.5% of which being Multiplan‟s share, to build a new parking with 1,600 slots. Expansions

(R$’000)

Project

Opening

GLA

MTE % (constr.)

MTE Capex

Capex Invested

Key Money

NOI 3rd year

Stores Leased

ShoppingAnáliaFranco Exp.

Jul/09

11,871 m²

30.0%

18,839

44.6%

4,093

3,965

90%

RibeirãoShopping Exp. ¹

Aug/09

7,534 m²

76.2%

43,975

61.5%

2,378

3,787

78%

ParkShopping Exp. Frontal

Oct/09

8,571 m²

62.5%

78,791

16.1%

6,944

8,659

96%

BH Shopping Exp.

Mar/10

10,972 m²

80.0%

118,976

32.9%

12,366

12,315

85%

ParkShoppingBarigüi Exp. II

May/10

8,010 m²

100.0%

49,411

46,958 m²

67.0%

309,992

Total

4.9%

18,032

9,323

36%

28.9%

43,814

38,049

77%

¹ The second phase included 429m² with 11 fast food operations besides 5 new fashion stores. . The previous phase opened on November 2008 with 7,105m². 19.1%

Altogether, these five expansion projects will increase the number of stores by 12.5% and portfolio‟s total GLA by 8.2% (considering only 429m² of RibeirãoShopping Expansion phase II). The chart on the right shows the impact of these five expansions over their respective shopping centers, before and after their openings.

248,457

208,605

Current GLA

32.6%

1,630

1,229

Future GLA

Current Stores

Future Stores

The numbers on the chart only represent the malls listed above on the Expansions table

96% leased

40%* Leased

RibeirãoShopping Expansion - *(considering only the second phase) Stores: 5

ParkShopping Expansion Frontal Stores: 90

90% leased

ShoppingAnáliaFranco Expansion Stores: 90

85% leased

BH Shopping Expansion Stores: 105

22

4Q08 Future Projects

Four expansions to be delivered until 2014The company plans to launch three expansions in 2010 and one expansion in 2013.

Projects to be detailed Expansions BarraShopping Exp. VII DiamondMall Exp. II ParkShopping Exp. Gourmet BarraShoppingSul Exp. I

GLA 4,894 5,299 1,327 21,638

m² m² m² m²

MTE % (constr.) 51.1% 100% 60.0% 100%

Own GLA 2,499 m² 5,299 m² 796 m² 21,638 m²

Total

33,158 m²

91.2%

30,232 m²

Launch 2010 2011 2011 2013

Opening 2011 2011 2011 2014

Real Estate Although Multiplan is known for building and managing shopping centers, its portfolio also includes important real estate projects, which are often located adjacent to its malls. Given the planned delivery of the two residential buildings of Royal Green Península in the beginning of 2009, Cristal Tower is the only real estate project under development at the moment and is expected to be delivered in 2Q11.

Cristal Tower Sales Area

11,910 m2

Launch

June 2008

Opening

May 2011

Interest

100%

PSV (MTE %)

R$72.1 million

Total units

290

Units sold

69%

Status: Under Construction With more than 2/3 of the units sold and approximately two years away from delivering, the construction is expected to start in May 2009. As an office tower that is connected with BarraShoppingSul, Cristal Tower will provide a qualified flow of business executives that will use the shopping center for eating, leisure, and shopping. Land Bank

Priority for projects with the best risk-adjusted returns

The company ended 2008 with four shopping centers under development. However, due to market conditions, Multiplan is going to give priority to the projects with the best return and lower risks, including future projects, which may make use of the company‟s land bank (see table below, considering our land bank in December 2008). 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 Commercial Res., Hotel Res., Com. Res., Com., Hotel Commercial Commercial Apart-Hotel Commercial Res., Com., Medical Commercial Residencial

Area 36,748 m² 12,099 m² 338,913 m² 200,000 m²* 45,000 m² 21,554 m² 843 m² 27,370 m² 200,970 m² 57,948 m² 29,800 m² 971,245 m²

*Including 70,000m² from ShoppingMaceió, still under development.

23

4Q08 CURRENT PORTFOLIO 5

1

10

14

AL

2

6

DF

11 DESTAQUES FINANCEIROS

MG 7

SP PR 3

8 8

RS

9

13 13

12

In operation

Shopping

4

Under development / Approval

State

Multiplan %

Operating SC's BH Shopping MG RibeirãoShopping SP BarraShopping RJ MorumbiShopping SP ParkShopping DF DiamondMall BH New York City Center RJ ShoppingAnáliaFranco SP ParkShoppingBarigüi PR Pátio Savassi BH Shopping Santa Úrsula SP BarraShoppingSul RS Sub-Total Operating SC's Under development SC's/Exp 13 Shopping Vila Olímpia SP 14 Shopping Maceió AL BH Shopping Exp. MG Shopping Anália Franco Exp. SP RibeirãoShopping Exp. SP ParkShopping Exp. Frontal DF ParkShoppingBarigüi Exp. II SP Sub-Total Under development SC's/Exp

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%¹ 50.0% 80.0% 30.0% 76.2% 62.5% 100.0% 53.9%

36,895 m² 46,221 m² 69,501 m² 54,988 m² 43,210 m² 20,809 m² 22,068 m² 39,310 m² 42,968 m² 16,172 m² 24,043 m² 68,187 m² 484,373 m²

65.8%

581,346 m²

1 2 3 4 5 6 7 8 9 10 11 12

Portfolio Total

16,051 9,862 34,726 32,845 12,034 8,202 3,126 13,617 9,266 5,235 1,333 5,427 151,724

Rent 4Q07 (100%) 14,021 6,107 29,890 30,942 9,926 7,244 2,855 12,284 8,661 4,272 7 126,209

-

-

Total GLA Rent 4Q08

Sales 4Q08 179,402 115,527 323,019 283,649 183,735 88,001 39,875 136,013 130,004 70,571 29,645 71,152 1,650,592

29,538 m² 27,582 m² 10,972 m² 11,871 m² 429 m² 8,571 m² 8,010 m² 96,973 m² -

¹ Interest during the construction period

24

4Q08 OWNERSHIP STRUCTURE The chart below shows Multiplan's ownership structure at December 31st 2008.

Free Float 22.50%

Jose Isaac Peres

0.12% ON 0.10% Total

0.54% ON 0.44% Total

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

Treasury

30.73% ON 24.91% Total

Maria Helena Kaminitz Peres

47.23% ON 38.29%Total 1.88% ON 1.52% Total

100.00%

19.43% ON 100.00% PN 34.70% Total

DESTAQUES FINANCEIROS

99.00%

1.00%

Multiplan Administradora de Shopping Centers Ltda. Embraplan Empresa Brasileira de Planejamento Ltda.

2.00% SCP Royal Green

Renasce Rede Nacional de Shopping Centers Ltda.

99.00%

100.00%

98.00%

99.00%

1700480 Ontario Inc.

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

Ontario Teachers’ Pension Plan

CAA Corretagem e Consultoria Publicitária Ltda.

99.61%

CAA Corretagem Imobiliária Ltda.

41.96%

MPH Empreend. Imobiliários Ltda.

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

Program of repurchase of shares

On October 13, 2008, BM&FBOVESPA authorized the Company to repurchase shares of its own issue, under the terms of Announcement No. 051/2008-DP and CVM Instruction No. 10. The Company has then decided to invest funds available in the repurchase of shares in order to maximize shareholder‟s value. Therefore, to date the Company purchased 147,300 common shares, reducing its outstanding shares percentage to 24.91% at December 31, 2008.

25

4Q08 APPENDICES APPENDIX I Income Statement R$ 000)

4Q08

4Q07

Chg. %

2008

2007

Chg. %

Leases

97,923

77,001

▲27.2%

295,252

239,394

▲23.3%

Services

14,521

16,401

▼11.5%

66,129

52,332

▲26.4%

4,155

5,091

▼18.4%

21,242

18,902

▲12.4%

21,016

13,333

▲57.6%

67,509

38,718

▲74.4%

154 ▲233.2%

▼85.4%

Key money Parking Sales of properties Other

DESTAQU

513 (0)

ES Gross revenue FINANCEIROS Taxes and contributions on sales and services

138,129

Net revenues

125,134

Headquarters Stock-option-based remuneration expenses* Non-recurring expenses (IPO) Shopping malls Parking Cost of properties sold Equity in earnings of affiliates Amortization Financial revenue Financial expenses Non-recurring financial expenses (Bradesco) Depreciation Other operating income/expenses Income before income and social contribution taxes Income and social contribution taxes

(12,995)

2,781

19,062

na

(0)

384

na

112,364 ▲22.9%

452,914

368,792

▲22.8%

384 (10,194)

▲27.5%

(41,683)

(32,399)

▲28.7%

102,170 ▲22.5%

411,231

336,393

▲22.2%

(21,792)

(17,551)

▲24.2%

(83,051)

(54,951)

▲51.1%

(1,272)

-

▲0.0%

(1,272)

-

▲0.0%

-

-

▲0.0%

-

(13,344)

▼100.0%

(14,300)

(14,032)

▲1.9%

(53,116)

(46,866)

▲13.3%

(8,992)

(6,437)

▲39.7%

(29,920)

(20,123)

▲48.7%

(267)

(1,638)

▼83.7%

(1,150)

(12,618)

▼90.9%

526

4,194

▼87.4%

7,003

8,027

▼12.8%

(30,469)

(31,429)

▼3.1%

(124,708)

(117,805)

▲5.9%

2,311

11,570

▼80.0%

34,298

23,470

▲46.1%

(8,237)

(4,595)

▲79.3%

(30,754)

(22,250)

▲38.2%

-

-

▲0.0%

-

(23,700)

▼100.0%

(7,846)

(7,718)

▲1.7%

(31,414)

(24,167)

▲30.0%

172

508

▼66.2%

897

2,302

▼61.0%

34,969

35,042

▼0.2%

98,044

(975) ▲640.6%

(12,800)

(1,813)

na

(7,081)

(11,230)

▼36.9%

(248)

(88) ▲181.0%

(766)

(165)

▲363.6%

38,263

29,474 ▲29.8%

77,397

Adjusted EBITDA

80,481

67,213 ▲19.7%

251,893

212,163

▲18.7%

NOI

95,647

69,865 ▲36.9%

279,725

211,122

▲32.5%

Adjusted FFO

67,086

68,621

▼2.2%

241,871

200,174

▲20.8%

Adjusted income

59,240

60,903

▼2.7%

210,457

176,007

▲19.6%

Adjusted EBITDA

79,210

67,213 ▲17.8%

250,621

212,163

▲18.1%

NOI

95,647

69,865 ▲36.9%

279,725

211,122

▲32.5%

Adjusted FFO

65,815

68,621

▼4.1%

240,599

200,174

▲20.2%

Adjusted income

57,968

60,903

▼4.8%

209,185

176,007

▲18.9%

Deferred income and social contribution taxes Minority interest Net income

(7,221)

34,366 ▲185.3%

10,764

(4,504)

▲605.9%

21,158 ▲265.8%

Before law 11.638*

After law 11.638*

*Please see further details of the law 11,638 on pages 29, 30 and 31.

26

4Q08 APPENDIX II ASSETS Current Assets Cash and cash equivalents Accounts Receivable Sundry loans and advances Recoverable taxes and contributions

31/12/2008

30/09/2008

Chg. %

167,585 99,529 18,496 20,198

114,716 75,246 5,470 20,402

▲46.1% ▲32.3% ▲238.1% ▼1.0%

38,704

28,506

▲35.8%

Other Total Current Assets Noncurrent Receivables from related parties Accounts Receivable

344,512

887 245,226

▼100.0% ▲40.5%

1,687 17,762

1,557 19,872

▲8.3% ▼10.6%

Land and properties held for sale

129,457

116,359

▲11.3%

10,328

4,650

▲122.1%

137,263

136,698

▲0.4%

Investiments Property and equipment Intangible Deferred charges Total Noncurrent Assets

3,029 299,527 22,847 1,573,204 309,890 32,757 2,238,224

1,868 281,004 18,711 1,373,033 335,866 41,987 2,050,601

▲62.2% ▲6.6% ▲22.1% ▲14.6% ▼7.7% ▼22.0% ▲9.1%

Total Assets

2,582,737

2,295,827

▲12.5%

31/12/2008

30/09/2008

107,360 55,052 45,222 25,326 267 20,084 21,264 23,780 8,600 1,512 308,467

15,704 45,898 46,583 11,474 264 -

▲583.6% ▲19.9% ▼2.9% ▲120.7% ▲1.1% ▲0.0%

190 3,538 10,849 134,500

▲12,446.2% ▲143.0% ▼86.1% ▲129.3%

128,912 90,049 1,574 4,571 105,034 330,139 12,953

9,978 98,367 1,623 4,239 121,479 235,685 12,914

▲1,192.0% ▼8.5% ▼3.0% ▲7.8% ▼13.5% ▲40.1% ▲0.3%

952,747 958,276 22,084 (1,928) 1,931,178 2,582,737

952,747 932,425 27,556 1,912,728 2,295,827

▲0.0% ▲2.8% ▲0.0% ▼100.0% ▲0.0% ▲1.0% ▲12.5%

Deferred income and social contribution taxes

Sundry loans and advances Deferred income and social contribution taxes Other

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

Chg. %

27

4Q08 APPENDIX III Cash Flow Operational Cash Net income for theFlow year(R$ '000) Adjustments Depreciation and amortization Amortization of goodwill Equity pickup Stock-option-based remuneration Minority Interest Net Book value of permanent asset disposals 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 acquisition of shares Interest and monetary variations on sundry loans and advances Interest and monetary variations on receivables from related parties Deferred income and social contribution taxes Earnings from subsidiaries not recognized previously, and capital deficiency of subsidiaries Net adjusted income Variation in operating assets and liabilities Lands and properties Accounts receivable Increase of receivable taxes Deferred taxes Other assets Payment of interests on loans capt from related parties Accounts payable Amortization of property acquisition obligations Procurement of property acquisition obligations Taxes and mandatory contributions payable Assets acquisition Installment taxes Provision for contingencies Deferred revenue Others obligations Clients anticipation Cash flows generated by (used in) operations 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 Cash flows generated by (used in) investing activities Cash flows from financing activities Decrease in loans and financing Procurement of loans and financing Rate payment of loans and obtained financing (Increase) decrease in payables to related parties Repurchase of shares to be held in treasury Increase in capital reserves Minority interest Increase of share capital Cash flows generated by (used in) financing activities Cash Flow Cash at beginning Cash at end Changes in Cash

2008 77,397

2007 21,158

31,414 124,708 (7,003) 1,272 766 (21,242) 6,087 17,009 6,364 (427) (434) 27,794 437 264,142

24,167 117,805 (8,027) 165 (46) (18,902) 5,705 5,441 (353) (269) 13,097 (791) 159,150

(52,647) (20,965) (8,814) (20,714) (1,426) 46,118 (104,023) 100,000 16,211 (53,360) (177) 1,208 51,159 (4,619) 8,600 220,693

(50,082) (36,637) (6,160) (188,980) 2,207 9 3,614 (103,347) 165,403 2,439 (46,970) (923) (954) 58,324 908 (41,999)

(23,447) (52) (294) 32,717 (686,757) (8,011) (6,824) (692,668)

2,697 1,400 (434) 588 (336,925) (3,305) (65,528) (401,507)

(16,666) 211,653 (3,105) 22,292 (1,928) 10,870 223,116 (248,859) 416,444 167,585 (248,859)

(196,262) 177,000 (6,166) (1,165) 186,548 1,069 688,328 849,352 405,846 10,598 416,444 405,846

28

4Q08 APPENDIX IV

The New Adjustments of the Law 11,638 The financial statements were prepared in accordance with the accounting practices adopted in Brazil and the Brazilian Securities and Exchange Commission (CVM) rules, in light of the accounting guidelines contained in corporation law (Law No. 6404/76), with new provisions included, amended and repealed by Law No. 11638 of December 28, 2007 and by Provisional Executive Act (MP) No. 449 of December 3, 2008. Pursuant to CVM Rule No. 565 of December 17, 2008, which approved CPC Pronouncement No. 13 – First Time Adoption of Law Nº 11638/07 and of Provisional Executive Act No. 449/08, the Company set December 31, 2007 as the transition date for adoption of the new accounting practices. Therefore, the Company followed the guideline provided for in referred to CPC and reflected the adjustments arising from the change in accounting practices against Retained Earnings as of January 1, 2008. The financial statements for the year ended December 31, 2007, presented in conjunction with year 2008 financial statements, were prepared in accordance with the Brazilian accounting practices effective through December 31, 2007. As allowed by CPC Pronouncement No. 13 – First Time Adoption of Law No. 11638/07 and MP No. 449/08, the said statements are not restated for the adjustments for purposes of comparison between referred to years. Changes in accounting practices taken into consideration when preparing or presenting the financial statements for the year ended December 31, 2008 and the opening balance sheet for January 1, 2008 were based on accounting pronouncements issued by the Brazilian FASB (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM) and the National Association of State Boards of Accountancy, as follows: Conceptual Structure for Preparing and Presenting Financial Statements, approved by CVM Rule No. 539 of March 14, 2008; CPC 01 Impairment of Assets, approved by CVM Rule No. 527 of November 1, 2007; CPC 03 Statement of Cash Flows, approved by CVM Rule No. 547 of August 13, 2008; CPC 04 Intangible Assets, approved by CVM Rule No. 553 of November 12, 2008; CPC 05 Related Party Disclosures, approved by CVM Rule No. 560 of December 11, 2008; CPC 06 Lease Transactions, approved by CVM Rule No. 554 of November 12, 2008; CPC 09 Statement of Added Value, approved by CVM Rule No. 557 of November 12, 2008; CPC 10 Share-based Payment, approved by CVM Rule No. 562 of December 17, 2008; CPC 12 Present Value Adjustments, approved by CVM Rule No. 564 of December 17, 2008; CPC 13 First-time Adoption of Law No. 11638/07 and Provisional Executive Act No. 449/08, approved by CVM Rule No. 565 of December 17, 2008; CPC 14 Financial Instruments: Recognition, Measurement and Disclosure, approved by CVM Rule No. 566 of December 17, 2008. OCPC-01 Property Development Entities, approved by CVM Rule No. 561 of December 17, 2008. The initial balance sheet as of December 31, 2007 (the transition date) was prepared considering the exceptions required and some of the elective exemptions permitted by CPC Pronouncement No. 13, as follows:

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4Q08 a) Presentation of comparative financial statements - elective exemption: The financial statements for year 2007 are prepared based on the accounting practices effective in 2007. As mentioned above, the option provided by CPC No. 13 for not adjusting 2007 financial statements to the accounting standards effective for 2008 was exercised by the Company. b) Maintenance of balances under Deferred Charges until realization - elective exemption: The Company partially reclassified the balances recognized in the Deferred charges group to the Property, Plant and Equipment group, in the amount of R$ 20,539 (R$ 11,870 in 2007), as they refer to expenses directly related to building, renovating and/or expanding shopping malls, and because they meet the criteria for recognition as fixed assets. Additionally, the Company opted for keeping the remaining balance recognized as deferred charges through its complete amortization. As required by CPC 13, the Company checked these balances for impairment under the terms of CPC 01 – Impairment of Assets and did not identify any indications of impairment loss c) Considerations on discount to present value - elective exemption: The Company calculated the discount to present value based on the contractual data of each transaction that generated monetary assets or liabilities, and also applied the discount rates based on market assumptions existing at the transition date. The effects on current asset and liability transactions were immaterial. d) Recognition of share-based payment - elective exemption: The balances of share-based payments referring to the Company‟s management and employees‟ compensation and outstanding at December 31, 2008 were measured and recognized by the Company in accordance with CPC 10, and related effects were recorded retroactively at the beginning of the year in which such payments were granted through the transition date. e) Presentation of statement of value added without disclosing the prior-year amounts - elective exemption: The Company elected to present the statement of value added solely for the year ended December 31, 2008. f)

Tax neutrality upon first time adoption of Law No. 11638/07 and MP No. 449/08:

The Company opted for the Transition Tax Regime (RTT) introduced by Provisional Executive Act No. 449/08, whereby the calculations of Corporate Income Tax (IRPJ), of Social Contribution Tax on Net Profit (CSLL), of Contribution Tax to Social Integration Program (PIS) and of Contribution Tax to Social Security Financing (COFINS), for the biennium 2008-2009, continue to be determined on the accounting methods and criteria set by Law No. 6404, of December 15, 1976, effective on December 31, 2007. As a result, deferred income taxes on the adjustments deriving from adoption of the new accounting practices set forth by Law No. 11638/08 and MP No. 449/08 were recorded in the Company‟s financial statements where applicable, in accordance with CVM Rule No. 371. The Company will disclose such option in its Corporate Income Tax Return (DIPJ) for 2009. g) Amortization of goodwill based on future profitability– elective exemption: Goodwill based on future profitability recorded by the Company was amortized under the straight line method through December 31, 2008. h) Application of the first-time periodic assessment of the useful life of fixed assets – elective exemption: The Company already reassesses annually the estimated useful lives of its property, plant and equipment, used in determining relevant depreciation rates. In accordance with first-time adoption disclosure requirements of the new accounting practices, in the following table the Company presents for current and prior year, for comparative purposes, a

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4Q08 brief description and the amounts corresponding to the impacts on shareholder‟s equity and P&L (Company and consolidated) referring to the changes introduced by Law No. 11638/07 and MP No. 449/08, which are stated solely for P&L for year 2008 given the option made by Company regarding the transition date: a)

Shareholder‟s Equity (R$'000) Shareholders‟ equity before the changes introduced by Law No. 11638/07 and MP No. 449/08 Fair value measurement for share-based payments Net effects from full adoption of Law No. 11638/07 and MP No. 449/08 Shareholders‟ equity after full adoption of Law No. 11638/07 and MP No. 449/08

2008

2007

1,957,030

1,874,086

(25,851)

(24,579)

(25,851)

(24,579)

1,931,179

1,849,507

(i) Recognition of stock-option-based compensation expense, as required by CVM Rule No. 562 of December 17, 2008, which approved CPC Pronouncement No. 10 (See Note 18).

b)

Statements of operations (R$'000)

2008

Net income for the year before the changes introduced by Law No. 11638/07 and MP No. 449/08 Fair value measurement for share-based payments Net effects from full adoption of Law No. 11638/07 and MP No. 449/08 Net income for the year after full adoption of Law No. 11638/07 and MP No. 449/08

78,669 (1,272) (1,272) 77,397

(i) Recognition of stock-option-based compensation expense, as required by CVM Rule No. 562 of December 17, 2008, which approved CPC Pronouncement No. 10 (See Note 18).

The prior-year financial statements were reclassified to improve their presentation and comparability, as follows: goodwill amortization expense reclassified to depreciation and amortization expense, in the amount of R$ 455, in the consolidated statement of income; management fees expense reclassified to administrative expenses – headquarters, in the amount of R$ 1,689, in the statement of income (parent company and consolidated); deferred income and social contribution taxes noncurrent reclassified to deferred income and social contribution taxes current, in the amount of R$ 1,595. Additionally, on account of MP No. 449/08 requirements, the Company reclassified the following balances in the financial statements for the years ended December 31, 2008 and 2007: (i) nonoperating income (expenses) was reclassified to the other operating income (expenses) line; and (ii) deferred income (expenses) was reclassified to the other deferred income (expenses) line. (R$'000) Non-operating income Deferred Income

2008 108 126,298

2007 1,057 96,381

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4Q08 APPENDIX V

Determination of profit and loss from real estate development and sale and others For installment sale of completed units, income is recognized upon the sale of such units irrespective of the period for receipt of the contractual amount. Fixed interest rates set in advance are allocated to profit and loss under the accrual method, irrespective of its receipt. For sale of units not yet completed, income is recognized based on procedures and standards set out by the Federal Accounting Board CFC Resolution No. 963 and OCPC 01 Guidance – Property Development Entities, approved by CVM Rule No. 561, shown below: • The costs incurred are recorded as inventories (construction in progress) and fully allocated to the result of operations as the units are sold. After the sale occurs, the costs to be incurred to conclude the unit‟s construction will be allocated to the result of operations as they are incurred. The percentage of costs incurred of sold units, including land, is determined in relation to the total budgeted cost and estimated through to the completion of construction work. This rate is applied to the price of units sold and adjusted for selling expenses and other contractual conditions. The resulting figure is recorded as revenues and matched with accounts receivable or any advances received. From then through to the completion of construction work, the unit‟s sale price that had not been recorded as revenues will be recognized in the result of operations as revenues as the costs required to conclude the unit‟s construction are incurred, in relation to the total budgeted cost. Any changes to the project execution and conditions and in estimated profitability, including changes resulting from contractual fines and settlements that may lead to a review in costs and revenues, are recognized in the period in which such reviews are conducted. Revenues determined from sales, including monetary restatement, net of installments already received, are recorded under accounts receivable or advances from clients, as applicable. The only impacts of Guidance OCPC 01 – Property Development Entities, approved by CVM Decision No. 561 on the Company‟s financial statements for the year ended December 31, 2008 were the accounts receivable adjustment to present value, and classification of expenses incurred in connection with the sales stand and model apartment construction under property, plant and equipment, which will be depreciated according to the assets‟ estimated useful lives.

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4Q08 GLOSSARY AND ACRONYMS Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO and restructuring costs. 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 (including deferred taxes). 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 m² to be considered anchors.

DESTAQUES FINANCEIROS

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. 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.

Acronyms: BHS BRS BSS DMM MAC MBS MTE NYCC PKB PKS PSS RBS SAF SSU SVO

BH Shopping BarraShopping BarraShoppingSul DiamondMall Shopping Maceió MorumbiShopping Multiplan New York City Center ParkShoppingBarigüi ParkShopping Shopping Pátio Savassi RibeirãoShopping ShoppingAnáliaFranco Shopping Santa Úrsula Shopping Vila Olímpia

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. 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 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 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. Law 11,638: On December 28, 2008, amendments were added to the Brazilian Corporate Law (Law No. 11,638) that introduced changes to accounting practices generally accepted in Brazil, effective for fiscal years beginning on or after 1 January 2008. The Law designed primarily to update accounting practices under Brazilian Corporate Law 'to enable the convergence of Brazilian accounting practices with accounting standards generally accepted in the international capital markets. (Source: Deloitte – IASB)

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: Leased area divided by the total GLA of a mall. 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 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. Sales: Sales declared by the stores in each of the malls. Same Area Rent/m²: Rent of the same area of the year before divided by the area‟s GLA less vacancy. Same-Store Rent/m²: Rent earned from stores that were in operation for over a year. Same Area Sales/m²: Sales of the same area of the year before divided by the area‟s GLA less vacancy. Same-Store Sales/m²: 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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4Q08 INVESTOR RELATIONS As part of the good relations that the company aims to develop with its investors, and with the objective of transparency, Multiplan invites you all to a conference call to discuss the Company‟s fourth quarter 2008 results.

Teleconference English March 19, 2009 12:30 pm (Brasília) DESTAQUES 11:30 am (US EST) Tel.: +1 (973) 935-8893 FINANCEIROS Code: Multiplan Replay: +1 (706) 645-9291 Code: 88319449#1

Portuguese March 19, 2009 11:00 am (Brasília) 10:00 am (US EST) Tel.: +55 (11) 2188-0188 Code: Multiplan 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 Franco Carrion Investor Relations Analyst Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322 E-mail: [email protected]

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