Multiplan Presentation 4q08 Engl

4Q08

Earnings Release 4Q08

Teleconference English

March 19, 2009

12:30 pm (Brasília) 11:30 am (US EST) Tel.: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 88319449

4Q08

Highlights SALES GROWTH

Adjusted EBITDA (R$’000)

Retail vs. Shopping Centers vs. Multiplan 19.3%

18.1%

18.7%

250,621

212,163

16.0% 11.4%

9.7%

9.1%

17.8%

67,213 2007 Retail Growth

79,210

2008 SC Sales Growth

Multiplan

Source: ABRASCE and IBGE

4Q07

4Q08

2007

2008

NUMBER OF STORES*

STORES LEASED

Increase in Total Number of Stores

Out of 600 New Stores to be Opened

+38.6% 600 2,631

3,646

To be Leased 26%

415

Leased 74%

Portfolio in 2007

Added in 2008

To be Added Until 2010

Total

Considering the following projects: BH Shopping Exp. ShoppingAnáliaFranco Exp. RibeirãoShopping Exp. ParkShopping Exp. Frontal Shopping Vila Olímpia ParkShoppingBarigüi Exp. II

*Without considering the project of the shopping in Maceió

2

4Q08

Operational Highlights* Shopping Sales Growth

SSS vs. SAS vs. IPCA Growth

(R$ ’000)

(2008)

18.7%

18.7% 5,071,404 4,272,289

12.5%

10.3% 19.8% 1,377,449

4Q07

5.9%

1,650,592

4Q08

2007

IPCA

2008

SSS/m²

SAS/m²

Sales

SSR vs. SAR vs. IGP-DI Growth

Sales per Segment**

(2008)

21.5%

Same Store Sales (R$/m²) Segments Food Court Diverse Home & Office Services Apparel Portfolio

4Q07 x 4Q08 Satellites Anchors ▲12.3% ▲0.0% ▲6.8% ▲8.8% ▲5.9% ▲4.8% ▲17.8% ▲8.9% ▲11.5% ▼0.2% ▲9.7% ▲3.6%

Total ▲12.3% ▲7.4% ▲5.4% ▲12.1% ▲8.2% ▲7.9%

2007 x 2008 Satellites Anchors ▲12.5% ▲0.0% ▲12.1% ▲8.8% ▲5.9% ▲8.9% ▲14.7% ▲4.9% ▲13.3% ▲6.6% ▲11.5% ▲7.5%

** Does NOT consider PSS, SSU, BSS, and projects recently opened. Does NOT consider Stores Sold and Kiosks.

Total ▲12.5% ▲11.4% ▲7.3% ▲7.9% ▲11.2% ▲10.3%

10.6%

11.4%

SSR/m²

SAR/m²

7.9%

IGP-DI Adjustment Effect*

Rent

* 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. .

*Considering 100% of the shopping centers

3

4Q08

Rent Leveraged by Quality Shopping Centers

11.00%

Sales/m²

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

10.00% 9.00% 8.00%

7.00% 6.00%

5.00% 4.00%

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

* SSU and BSS Sales were annualized considering December as two months.

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)

4

4Q08

Preparing the Future Growth Results of Higher Sales and Efficiency 15.3% 14.9%

2006

2007

Anticipating Trends and Needs* Turnover

2008

Vacancy 6.8%

13.0% 5.2%

8.7% 8.4%

Occupancy Costs

8.0%

Rent as Sales %

6.5% 6.5%

3.2%

3.9%

5.0%

2.6%

1.8%

2006

Expenses as Sales %

2007

2008

* Not including BSS, SSU, and the expansions opened in 2008

New Trends

Renovations** (In million R$) 7.0%

80

Renovations

6.0%

R$ 69.2 R$ 56.0

Renovations/SC Revenue (Since 2000)

70

Entertainment Center in BarraShoppingSul

60

5.0% 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

R$ 3.0

R$ 2.1

R$ 1.5 R$ 1.2 R$ 2.2

10

-

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Gourmet Center in BarraShopping

2010

**Considering 100% invested/to be invested in the malls

5

4Q08

Revenue Highlights Gross Revenue Quarter Growth

Gross and Rent Revenue Breakdown

(R$ ’000)

(4Q08) +7,684

138,129

+359 -384

+20,922 -1,880

Real Estate Sales 0.4%

-936

112,364

Parking Revenue 15.2%

22.9%

Minimum 84.5%

Rent 70.9%

Key Money 3.0% Merchandising 12.1%

Service Revenue 10.5% Gross Revenue 4Q07

Rent

Services

Key Money

Parking

Real Estate Sales

Other

Gross Revenue 4Q08

Rent Revenue Quarter Growth

Gross Revenue Year Growth

(R$ ’000)

(R$ ’000) +55,858

+13,798

+28,791 +2,340

+29.1%

452,914 -16,281

-11.3%

18,641

-384

368,792

+29.5%

2,698

97,923

Merchandising

Rent 4Q08

- 418

77,001

22.8%

Gross Revenue 2007

Overage 3.4%

Rent

Services

Key Money

Parking

Real Estate Sales

Other

Gross Revenue 2008

Rent 4Q07

+27.2%

Minimum

Overage

6

4Q08

Net Operating Income (NOI) NOI Growth (R$ ’000)

NOI + Key Money Growth 32.5%

300, 000

(R$ ’000)

279,725

22.9%

350, 000

250, 000

211,122

269,229

300, 000

200, 000

330,883

250, 000

36.9%

150, 000

69,865

100, 000

200, 000

16.1%

95,647

150, 000

100, 000

90,143

104,622

50, 000

50, 000

-

-

4Q07

4Q08

2007

2008

4Q07

NOI Margin

2007

2008

Parking Result Growth

(R$ ’000) 88. 0%

4Q08

(R$ ’000)

87.0%

37,589

40, 000

372 b.p

87. 0%

102.2%

35, 000 86. 0%

30, 000 85. 0%

84. 0%

221 b.p

83.3%

84.0% 25, 000

20, 000

83. 0%

81.8%

82. 0%

12,024

15, 000

81. 0%

10, 000

18,594

74.4% 6,896

80. 0%

5, 000

79. 0%

-

4Q07

4Q08

2007

2008

4Q07

4Q08

2007

2008 7

4Q08

Impact of by Law 11,638 Adjusted Funds From Operations (FFO)* (R$ ’000)

+20.2%

+20.8%

241,871

Adjusted EBITDA* (R$ ’000)

240,599

200,174

+18.1% 251,893

250,621

2008 Before

2008 After

+18.7%

212,163

2007

2008 Before

2008 After

Adjusted Net Income* (R$ ’000)

General & Administrative Expenses (R$ ’000)

+18.9% 210,457

2007

209,185

+19.6%

+53.5% 83,051

84,323

2008 Before

2008 After

+51.1% 54,951

176,007

2007

2008 Before

2008 After

2007

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

8

4Q08

Financial Status Debt Breakdown

Debt: Bank vs. Non-Bank 900.000

Gross Debt: R$ 371.5 million Net Debt: R$ 204.0 million

CDI 24%

brAABB

Others 4% TJLP

Fixed 11%

5%

Non-Bank 38%

IPCA 22%

Bank 62%

TR 34% 900.000

Gross Debt Variation

Debt Amortization

(R$ ’000)

(R$ million) 107.4

+117.7%

122,312

Loans and financings

371,542

Obligations for acquisition of goods

91,939

45.2

40.1 24.1

2009

2010

152.6

64.2

Total:

21.0

24.4

2011 45.4

19.6

13.3

2012 33.0

18.6

12.2

2013 30.8

18.3

18.1 9.2

2014 18.3

2015 18.1

>=2016 9.2

170,631 (13,340) Gross Debt 3Q08 Amortization Short Term Debt Long Term Debt Gross Debt 4Q08

9

4Q08

Over R$ 700 million invested in 2008 Investment in New Developments YoY (R$ ’000)

Investment in Expansions YoY (R$ ’000)

333,704

124,314

102,646 8,100

300

800

2004

2005

2006

4,900 2007

2008

Investment in New Developments and Expansions (R$ ’000)

+160%

146,383

25,900

2005

11,431 2006

2007

2008

Total Investment (R$ ’000)

458,019

+59%

701,591

440,839

+27% +62%

2004

15,100

+16%

186,480

90,348

175,751

203,281

4Q07

4Q08

34,807 1Q08

2Q08

3Q08

4Q08

2008

2007

2008 10

4Q08

Projects delivered:

65,435 m² Total GLA · 62,301 m² Own GLA · 267 Stores BarraShoppingSul Launch: 11/18/2008 GLA: 68,187 m²* MTE Share: 100% Stores: 215

* 14,400 m² was already in operations

RibeirãoShopping Expansion (1st Part)

Launch: 11/27/2008 GLA: 7,105 m² MTE Share: 76.2% Stores: 21

ParkShoppingBarigüi Gourmet Expansion

Launch: 12/9/2008 GLA: 1,558 m² MTE Share: 100%** Restaurants: 8

ParkShopping Fashion Expansion

Launch: 10/23/2008 GLA: 2,985 m² MTE Share: 60% Stores: 23

** 100% during construction and 84% after the opening

11

4Q08

What is coming… Own GLA

Total GLA +14.3%

+10.2% 24,751 m²

363,921 m²

553,763 m²

Expans ions

Total

29,538 m²

8,861 m²

484,373 m²

330,309 m²

Shoppings In Shopping Centers Operation (2008)

Expans ions

Total

Shoppings In Shopping Centers Operation (2008)

Under Development

Under Development

Number of Stores

Total CAPEX to be invested* Total capex for the project under development: R$ 403.9 M Total capex to be invested (Jan/09 to May/10): R$ 285.1 M

+19.7% 600

64.8

3,046

Capex to be invested (R$'000,000)

R$119.0M

3,646 R$93.9M

Invested Capex (R$'000,000) R$78.8M

79.8

R$49.4M 66.1

29.1

Portfolio

39,853 m²

Projects under development

Total

Shopping VilaOlímpia

39.2 12.7

47.0 2.4

R$44.0M 16.9 27.1

BHS PKS Frontal PKB RBS Expansion Expansion** Expansion II Expansion

R$18.8M 10.4 8.4

SAF Expansion

*Excluding the real estate project Cristal Tower, refurbishments, land acquisitions and investments in projects delivered during 2008. ** New parking represents R$30 M of total

12

4Q08

… One Shopping Center

Shopping Vila Olímpia GLA: 29,538 m² Launch: July/2007 Opening: November/2009 Key Money (%MTE): R$ 21.2 million NOI 1st year (%MTE): R$ 9.3 million NOI 3rd year (%MTE): R$ 11.0 million Investment (%MTE): R$ 93.9 million Share (%MTE): 42% construction cost (30% after construction) Stores: 221 Stores Leased: 76%

13

4Q08

… and Four Expansions 96% Leased

40% Leased

RibeirãoShopping Expansion (Considering only the second phase) Total Stores: 5

288 Stores 89% Leased

ParkShopping Expansion Frontal Total Stores: 90

90% Leased

ShoppingAnáliaFranco Expansion Total Stores: 90

85% Leased

BH Shopping Expansion Total Stores: 103

14

4Q08

Projects to be Started in 2009 ParkShoppingBarigüi Expansion II

Cristal Tower

Sales Area: 11,910 m² Launch: June/2008 Opening: May/2011 PSV: > R$ 70.0 million MTE Share: 100% Total Units: 290 Units Sold: 69%

GLA: 8,010 m² Opening: May/2010 Key Money (%MTE): R$ 18.0 million NOI 1st year (%MTE): R$ 7.6 million NOI 3rd year (%MTE): R$ 9.3 million Investment (%MTE): R$ 49.4 million Share (%MTE): 100% (84% after opening) Stores: 91 Stores Leased: 36%

15

4Q08

Main Figures

*Does not include BSS, SSU, and the expansions opened in 2008

16

4Q08

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

Hans Christian Melchers

Planning & 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]

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. 17