Multiplan Presentation 20090302 Eng

3Q08

2009 Global Property CEO Conference March 2009

3Q08

Who We Are Quality Shopping Centers

Leadership in the Sector

Same Store Rent 3Q08 (R$/m²)

244

+48%

+5%

(R$ millions) – 3Q08

232

BRMalls

111

Multiplan

Iguatemi

89 55

54

165

BRMalls

Multiplan

Iguatemi

Low Risk Multiplan

Gross Revenue

30

47 23

20

Adjusted FFO Adjusted Net Income

High Returns

Interest, Management and Control

BRMalls

37

Average unleveraged IRR > 14%

Iguatemi 83%

64% 44%

51%

Average. 1Interest 3Q08 Source: Companies report

35%

45%

Malls with 50% or 2 more of interest 3Q08

ParkShopping – Frontal Expansion (IRR>20%)

MorumbiShopping – Mixed-use (IRR>20%)

BarraShoppingSul – New Development (IRR>20%)

Shopping SantaÚrsula – Acquisition (IRR>14%)

2

3Q08

Shopping Center Portfolio 10

6

1

7

Numbers confirm leadership in every city Shopping

State

% MTE

Total GLA

5

No. of Stores

Occupancy Top of 3Q08 Mind*

In Operation

DF

2

MG

SP 11 11

PR

RS 88

3

1 BHShopping

MG

80.0%

36,895 m²

295

95.8%

1º

2 RibeirãoShopping

SP

76.2%

46,221 m²

232

98.7%

1º

3 BarraShopping

RJ

51.1%

69,501 m²

583

97.6%

1º

4 MorumbiShopping

SP

65.8%

54,988 m²

481

99.4%

1º

5 ParkShopping

DF

59.9%

43,210 m²

271

97.1%

1º

6 DiamondMall

BH

90.0%

20,809 m²

228

96.9%

5º

7 New York City Center

RJ

50.0%

22,068 m²

39

98.4%

1º **

8 Shopping AnáliaFranco

SP

30.0%

39,310 m²

236

99.6%

7º

9 ParkShoppingBarigüi

PR

84.0%

42,967 m²

195

98.5%

1º

10Pátio Savassi

BH

83.8%

16,172 m²

127

98.5%

2º

11Shopping SantaÚrsula

SP

37.5%

24,043 m²

114

82.4%

N/A

12BarraShoppingSul***

RS

100.0%

68,187 m²

245

68.3%

484,371 m²

3046

Total In Operation

-

N/A

97.2%

-

-

-

Under Construction 9

12

Already Operating

4

13Shopping VilaOlímpia**** 13

Under Development/Approval

Portfolio Total

SP

42.0%

29,538 m²

221

66.8%

513,909 m²

3267

* Researches from Veja SP, IPDM, DataFolha and Tribuna & Recall between 2005 and 2008 in each city ** Considered as part of BarraShopping *** Opened November 18th, 2008 **** Interest during construction

3

3Q08

Protected Revenues Leasing Concentrated in Fixed Rent (3Q08)

Consumers of A&B classes are Less Volatile

Overage 4.0%

Minimum 83.1%

Merchandising 12.9%

Money Available *

40% 20% 0% -20% -40% -60% -80%

Source: IBGE between July of 2002 and July of 2003 *Money Available = (Income – Expense) / Income

Fragmented Tenants

Quick Decision Making

(% of Rent of the Largest Tenants) 100%

120%

83%

100%

80%

64%

60%

40%

20%

0%

Average interest

Malls with 50% or more of interest

Control over management

35% % of the minimum and overage rent

(3Q08)

30% 25% 20% 15% 10% 5% 0%

Tenants 1

6 11 16 21 26 31 36 41 46 4

3Q08

Operational Highlights* Shopping Sales Growth

Same Store Rent vs IGP-DI Growth

(R$ ’000)

(3Q08)

16.2%

3,419,102

Real growth of 233 bps

2,943,431

9.3%

16.9% 1,029,860

11.6%

1,203,680

IGP-DI renewal effect 3Q07

3Q08

9M07

9M08

The IGP-DI renewal effect is the weighted average of the annual IGP-DI increase, by the percentage GLA renewed on the respective month

Same Store Rent Growth

Same Store Sales Growth 11.4% 8,136 R$/m²

SSR

9.3% 9,060 R$/m²

9.9%

650 R$/m²

710 R$/m²

11.6%

2,790 R$/m²

3,066 R$/m²

3Q07

3Q08

9M07

9M08

219 R$/m²

244 R$/m²

3Q07

3Q08

* Considering 100% of the shopping centers

9M07

9M08 5

3Q08

Revenue Highlights Gross Revenue Growth (R$ ’000)

Gross and Rent Revenue Breakdown

+7,352

(3Q08) 111,461

+5,663 -6,277

-779

+12,422

Real Estate Sales 2.0%

Minimum 83.1%

Parking Revenue 17.0%

+19.7% 93,081

Rent 61.0%

Key Money 3.2%

Service Revenue 16.7% Gross Revenue 3Q07

Rent

Services

Key Money

Parking

Real Estate Sales

Rent Revenue Growth (R$ ’000)

+20.4%

+11.5%

Overage 4.0%

NOI (R$ ’000, Margin)

+41.1%

2,562 9,580

Merchandising 12.9%

Gross Revenue 3Q08

184,077

200, 000

67,994

85.8%

180, 000

280

86. 0%

141,257

160, 000

88. 0%

82.6%

84. 0%

140, 000

81.1%

120, 000

+22.4%

82. 0%

100, 000

80. 0%

77.7%

80, 000

55,572

60, 000

67,911

78. 0%

47,417

+30.3%

76. 0%

+43.2%

40, 000

74. 0% 20, 000

-

Rent 3Q07

Minimum

Overage

Merchandising

Rent 3Q08

72. 0%

3Q07

3Q08

9M07

9M08

6

3Q08

Company Results Adjusted EBITDA* (R$ ’000, Margin)

Adjusted Funds From Operations (FFO)* (R$ ’000)

18.2% 171,344

180, 000

32.9% 69. 0%

144,950

160, 000

174,786

67. 0% 140, 000

131,553

120, 000

100, 000

65. 0%

17.1%

61.9%

18.3%

63. 0%

80, 000

60, 000

40, 000

48,936

57,304

61. 0%

59.9%

57.5%

59. 0%

54,832

46,350

57. 0% 20, 000

56.7%

-

3Q07

55. 0%

3Q08

9M07

9M08

Adjusted Net Income* (R$ ’000)

31.4%

3Q08

9M07

151,221

(R$’000)

39,442

Loans and financings

39,442

Gross Debt: R$ 170.6 M Net Debt: R$ 55.9 M

16.7%

Obligations for acquisition of goods

23,941

17,001 13,638

47,099 5,277

13,108

3Q08

9M07

9M08

2008 Total: 22,278

12,016

4,465

1,510

3Q07

9M08

Debt Amortization

115,104

40,357

3Q07

2009 53,080

26

765

2010

2011

2012

>=2013

43,907

25,451

13,135

12,781

*Adjusted for excluding Non-recurring expenses, differed taxes and amortization due to the IPO, Bertolino merge and Bozano acquisition

7

3Q08

Strong Pipeline, Strong Investments Greenfield Investments (R$ ’000)

Expansion Investments (R$ ’000)

Total 9M08: 197,619 28.8%

Total 9M08: 73,920

94,180

73,142

52,203

203.4%

141.4%

17,207

281.5%

30,297

4,510 1Q08

2Q08

3Q08

Stores Leased UTD

Leased 74%

2Q08

3Q08

Investment Breakdown in 3Q08

(Out of 622 new stores)

To be leased 26%

1Q08

(R$170.6 million)

Considering the following projects: Shopping VilaOlímpia BHShopping Exp. Shopping AnáliaFranco Exp. RibeirãoShopping Exp. ParkShopping Exp. Frontal ParkShopping Barigüi Exp. II

Land Acquisition 7.9%

Shopping Expansion 30.6%

Renovations and others 5.6%

Shopping Development 55.2%

8

3Q08

Case: BarraShopping (RJ) Compound Growth (CAGR)

Sales Evolution 120 M 100 M

14%

80 M

10%

12.0% 11.3% 11.5%

12% 8%

60 M

6% 4%

40 M 20 M -

Technical Details

(2000- 2007)

6.3% 3.4%

3.3%

2%

Nominal Sales

Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

0% GDP

IPCA

Brazil

Retail Sales

Sales

Rent

NOI

BRS

Technical Information Opening: 10/27/1981 Gross Leasable Area: 69,775 m² Total Stores : 584 Anchor stores : 7 Expansions: 6 (1 under development) Consumer Profile 61% classes A/B 72% women People Flow: 26.2 millions Source: Company’s data and IPDM

Mix-Use Flow

Region Development

3

4

1980: Stores: 120 GLA: 30,158 m²

2008: Stores: 584 GLA: 69,775 m²

1

2

5

Rio de Janeiro, Barra da Tijuca. 1. BarraShopping 2. Centro Empresarial BarraShopping, 3 Royal Green Península 4. New York City Center 5. New Land

9

3Q08

Case: MorumbiShopping (SP) Compound Growth (CAGR)

Sales Evolution

Technical Details

(2000- 2007)

120 M 100 M 80 M

60 M 40 M 20 M -

Nominal Sales

Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

16% 14% 12% 10% 8% 6% 4% 2% 0%

12.2%

13.1%

14.4%

6.3% 3.4%

3.3%

GDP

IPCA

Brazil

Retail Sales

Sales

Rent

MBS

Consumer Profile 89% classes A/B 53% women People flow: 19.6 millions Source: Company’s data and IPDM

The value of being up to date and having the right mix

Region Development

1982: Stores: 232 GLA: 33,573 m²

NOI

Technical Information Opening: 05/03/1982 Gross Leasable Area: 54,958 m² Total Stores: 481 Anchor Stores : 5 Expansions: 4

2007: Stores: 481 GLA: 54,958 m² 10

3Q08

Case: BH Shopping (MG) Compound Growth (CAGR)

Sales Evolution 60 M

11.4%

12%

50 M

10%

40 M

8%

30 M

6% 4%

20 M 10 M -

Technical Details

(2000- 2007)

10.1% 10.0%

6.3% 3.4%

3.3%

2%

Nominal Sales

Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

0% GDP

Technical Information Opening: 09/13/1979 Gross Leasable Area: 35,022 m² Total Stores: 281 Anchor Stores: 6 Expansions: 5 (5th under construction)

IPCA

Brazil

Retail Sales

Sales

Rent

BHS

NOI

Consumer Profile 84% classes A/B 55% women People flow: 15.4 millions Source: Company’s data and IPDM

Consolidation of Belo Horizonte

Region Development

Diamond Mall 11

1,7 1.7 km 22 Pátio Savassi

5,3 5.3 km 2.503 R$/m²

1979: Stores: 130 GLA: 25,918 m²

2008: Stores: 281 GLA: 35,022 m²

33

4,3 4.3 km

BH Shopping 11

3Q08

Case: ParkShopping (DF) Compound Growth (CAGR)

Sales Evolution 40 M 35 M

20%

30 M

17.4%

15%

25 M

12.6%

10%

20 M

15 M

Technical Details

(2000- 2007)

5%

14.5%

6.3% 3.4%

3.3%

10 M 5M

-

Nominal Sales

Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

0% GDP

IPCA

Brazil

Retail Sales

Sales

Rent

PKS

Consumer Profile 93% classes A/B 53% women People Flow: 13.9 millions Source: Company’s data and IPDM

Constant Growth

Region Development

1983: Stores: 113 GLA: 11,993 m²

NOI

Technical Information Opening : 11/08/1983 Gross Leasable Area : 43,210 m² Total Stores : 271 Anchor Stores : 6 Expansions: 8 (1 under construction)

2008: Stores: 242 GLA: 43.210 m²

Shopping after the 7th e 8th Expansion 12

3Q08

Historical Performance Summary Sales Compound Growth (CAGR) 25.0%

Rent Compound Growth (CAGR)

Retail Sales (2001-2007) 17.4% 17.0% 15.5%

20.0%

15.0% 11.4%

11.3%

12.2%

18.0%

23.1%

SC Sales (2000-2007)

SC Rent (2000-2007)

16.0%

19.2%

14.0% 15.5%

12.9%

12.0%

15.6%

IPCA (2001-2007) 13.1% 12.6% 13.0% 11.5%

13.2%

10.1%

10.0%

8.9% 6.8%

8.0%

10.0%

14.4%

6.0% 4.0%

5.0%

2.0% 0.0%

0.0%

Brazilian Indexes vs Multiplan Portfolio

NOI Compound Growth (CAGR) 20.0% 18.0%

GDP (2000-2007) 14.4% 14.5%

16.0%

14.0% 12.0% 10.0% 8.0%

(CAGR)(2000-2007)

18.3%

SC NOI (2000-2007)

15.5%

16.9%

13.2%

14.0%

14.0%

13.4%

12.0% 10.0% 9.5%

6.3% 6.4%

6.0%

3.4%

3.3%

4.0% 2.0% 0.0%

GDP

IPCA

Brazil *PKB was opened in 2003, and for this calculation the 2004-2007 figures were considered

Retail Sales

Sales

Rent

NOI

Portfolio 13

3Q08

Expansions and Revitalizations Reinvesting in the Portfolio

Occupancy Rate Year Average

Before Renovation 97.5% 97.4% 95.5% 95.0%

94.2%

95.4%

96.0%

After Renovation

MorumbiShopping

96.1%

91.4%

ParkShopping 2000

2001

2002

2003

2004

2005

2006

2007

9M08

Investing in Our Enterprises Sc's Under Operation 1 BHShopping 2 RibeirãoShopping 3 BarraShopping 4 MorumbiShopping 5 ParkShopping 6 DiamondMall 7 New York City Center 8 Shopping AnáliaFranco 9 ParkShoppingBarigüi 10 Pátio Savassi** 11 Shopping SantaÚrsula*** * Including expansions under construction ** Acquired in April 2008 *** Acquired in June 2007

State MG SP RJ SP DF BH RJ SP PR BH SP

Age 29 27 27 26 25 12 9 9 5 1 0.6

Expansions* 5 5 6 5 9 3 1 2 Total of 36

Diamond Mall

14

3Q08

Projects Opened in 4Q08 BarraShoppingSul: The largest mall of the south of the country

ParkShopping Fashion Expansion: 20 new brands for the refurbished mall

Details

(MTE %)

Details

(MTE %)

Opening

11/18/08

Opening

10/23/08

Interest

100.0%

Interest

60.0%

GLA (m²)

68,378 m²

GLA (m²)

2,985 m²

Key Money

R$ 34.2 M

Key Money

R$ 1.4 M

CAPEX

R$ 310.4 M

CAPEX

R$ 10.1 M

NOI 1st year

R$ 28.4 M

NOI 1st year

R$ 1.7 M

NOI 3rd year

R$ 46.8 M

NOI 3rd year

R$ 2.2 M

RibeirãoShopping (1st phase): Two anchors to consolidate the leading position in the city

ParkShoppingBarigüi Gourmet Expansion: A new floor with 8 restaurants improving the mix

Details

(MTE %)

Details

(MTE %)

Opening

11/27/08

Opening

12/10/08

Interest

76.2%

Interest

84.0%

GLA (m²)

6,915 m²

GLA (m²)

Key Money

R$ 2.5 M

Key Money

CAPEX

R$ 41.0 M

1,558 m² -

CAPEX

R$ 6.7 M

NOI 1st year

R$ 3.1 M

NOI 1st year

R$ 0.3 M

NOI 3rd year

R$ 3.7 M

NOI 3rd year

R$ 0.4 M

15

3Q08

Sales in 2008* Shopping Sales Growth (R$ ’000)

Sales Growth by Shopping Center 18.7%

5,071,404

19.8%

1,377,449

4Q07

4,272,289

1,650,592 *

4Q08

2007

2008

Same Store Sales Growth R$/m²

10.3%

Same Store Sales Growth by Segment (2008 vs. 2007)

13,030 R$/m²

11,810 R$/m²

SSS Chg. %

7.9%

3,768 R$/m²

* Considering the period of May untill December of 2007 and 2008

Segment

Satelites

Anchors

TOTAL

Food Court

▲12.5%

▲0.0%

▲12.5%

Diverse

▲12.1%

▲8.8%

▲11.4%

▲5.9%

▲8.9%

▲7.3%

Services

▲14.7%

▲4.9%

▲7.9%

Apparel

▲13.3%

▲6.6%

▲11.2%

▲11.5%

▲7.5%

▲10.3%

Home

4,064 R$/m²

Portfolio

4T07

4T08

2007

2008

* Considering 100% of the shopping centers

16

3Q08

Why Keep Investing ? Retail Sales Growth in 2008 12%

13%

11%

11%

11% 9%

8%

10% 9% 10%

Demand for Multiplan’s malls

5%

Occupancy rate of Multiplan’s malls

Class 15% A/B

97.5%

97.4%

Dec-08

Nov-08

Oct-08

Sep-08

Aug-08

Jun-08

Jul-08

May-08

2003

Apr-08

94.2%

Mar-08

96.1%

95.4%

Feb-08

Jan-08

96.0%

Rise of Lower Social Classes 4%

Source: IBGE

2004

2005

2006

2007

Class C

34%

Class D/E

51%

Class 15% A/B Class C Class D/E

2005

9M08

46%

39% 2007

Source: IBGE, EXAME magazine, Cetelem/Ipsos

Sales of Multiplan’s SCs Average Compound Growth 2000-2007 (Sales) 16%

12.6%

14%

Lack of Shopping Centers

Low Share of Malls Sales in Retail

12%

Total of GLA (m²) / 1000 Inhabitants

10% 8%

1,872.2

6% 4%

6.3%

3.4%

3.3%

2%

1,127.9

0% GDP

IPCA

Retail Sales SC of Brasil

Source: IBGE, FGV and IPEA

212.9 USA

81.0

Canada France Mexico

Source: ABRASCE

14.0%

43.2 Brazil

SC of Multiplan

Canada

66%

USA

51%

Mexico

50%

France

28%

Brazil

18%

Source: ICSC 2006 and 2007; Abrasce

17

3Q08

What Are We Doing ? Total GLA

Own GLA

+14.3%

+10.2%

24,751 m²

364,259 m²

553,763 m²

Expansion

Total (2010)

29,538 m²

8,861 m²

484,373 m²

330,647 m²

Shoppings In Operation (2008)

39,853 m²

Shopping Centers

Expansion

Total (2010)

Number of Stores

Shoppings In Operation (2008)

Shopping Centers

Total CAPEX to be invested To be invested in projects under development– from Oct/2008 to 2010: R$ 301.1 M

+20.4%

R$ 91.0 M

622

3.668

R$ 70.5 M

R$ 42.2 M

3.046

R$ 40.6 M R$ 40.9 M

R$ 16.7 M

Portfolio

Projects under development

Total Shopping SAF PKS Frontal BHS PKB RBS VilaOlímpia Expansion Expansion Expansion Expansion II Expansion *Excluding the real estate project Cristal Tower, refurbishments, land aquisitions and investments in projects delivered during 2008. 18

3Q08

Mixed-Use Projects and Land Bank Cristal Tower – Porto Alegre (RS)

Land Bank Location

Cristal Tower aerial perspective

Bridge connecting Cristal Tower to BarraShoppingSul.

Highlights: Conclusion 1st Half of 2011

Area PSV

11,910 m² > R$ 70 million

To be sold 34% Sold 66%

%

Type

Area

Barra da Tijuca

100%

Commercial

36,748 m²

BarraShoppingSul

100%

Res., Hotel

12,099 m²

Campo Grande

50%

Res. and Com.

Jundiaí

100%

Commercial

Maceió

50%

Res., Com., Hotel

MorumbiShopping

100%

Commercial

21,554 m²

ParkShoppingBarigüi

84%

Apart-Hotel

843 m²

ParkShoppingBarigüi

94%

Commercial

27,370 m²

RibeirãoShopping

100%

Res., Com., Medical

São Caetano

100%

Commercial

57,948 m²

Shopping AnáliaFranco

36%

Residencial

29,800 m²

Total

70%

338,913 m² 45,000 m² 200,000 m²

200,970 m²

971,245 m²

Contracs with not disclosed land swaps or buy option are not included

BarraShopping Complex

Barra Shopping

BarraShoppingSul complex

Centro Empresarial Barra Shopping

Royal Green Península

New York City Center

19

3Q08

Main Figures

20

3Q08

IR Contact Armando d’Almeida Neto CFO and Investors Relation Director

Hans Christian Melchers

Planning & Investor Relations Manager

Rodrigo Tiraboschi

Investor Relations Analyst Senior

Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322

E-mail: [email protected]

http://www.multiplan.com.br/ri Disclaimer This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s management and on available information. These prospects include statements concerning our management’s current intentions or expectations. Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The Company has no obligation to update said statements. The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above. 21