Multiplan Release 1q09 20090513 En

Firs st Qua arter 2009 2 Earnings Rele ease and Sup pplementary y Financial In nformation

Con nference Call English May 14, 2009 12:3 30 pm (Brasília) 11:3 30 am (US EST) Tel.:: +1 (973) 935--8893 Code e: 97299428 Repllay: +1 (706) 64 45-9291 Code e: 97299428 Porttuguese May 14, 2009 11:0 00 am (Brasília) 10:0 00 am (US EST) Tel.:: +55 (11) 2188 8-0188 Code e: Multiplan Repllay: +55 (11) 2188-0188 Code e: Multiplan

1Q Q09 Multiplan announce s NOI growth of 40.8% to es R$73.4 million in 1Q09 Rio de Janeiro, May 13, 2009 – Multiplan Emp preendimentos Imobiliários S.A. (Bovespa: MULT3), the t largest any in Brazil by b revenue, announces its results for the e first quarterr of 2009. The e following shopping center compa a operating data, except where otherw wise stated, is based on con nsolidated data a in Brazilian Reais (R$) financial and according g to generally accepted acco ounting princip ples in Brazil.

FINANCIAL AND OPERATING HIGHLIGHTS NOI ▲ ▲40.8%

Chan nge 1Q09/1 1Q08 Net Revenue e Rental R Revenue ▲33.6% ▲31.1% %

Sales ▲20.6% %

Sale es in 1Q09 grew 20.6% com mpared to 1Q Q08, boosted not n only by the e Same Area a Sales (SAS) growth of 8.5% %, but also byy the sales of R$110.4 R millio on from the ne ew projects de elivered in 4Q0 08. Sam me Store Ren nt (SSR) grew w 13.2% on 1Q09, 1 when compared c to the t same quarter of the ye ear before. Tota al rental reve enue increase ed 31.1% qua arter over qua arter, once aga ain boosted b by a double dig git growth of 12.6% 1 in Sam me Area Ren nt (SAR), butt also by the e performance e of the company’s new operations. o Projects opened in i 4Q08 gene erated rental revenues r in th he amount off R$8.4 million n in 2009, rep presenting 5% of the com mpany’s total rental r revenue e. 10.5 NOII has shown an increase of o 40.8% from m 1Q08 to 1Q Q09, achievin ng R$73.4 million. Main driivers were renttal revenue an nd net parking g revenue witth growth of 31.1% 3 and 69 9.4%, respecttively. Furtherrmore, the NOII margin incrreased 357 base points, from m 78.0% to 81.6%. EBIITDA achieved d R$59.9 million in 1Q09, being b 17.8% above a 1Q08 and amounted R$259.3 milliions in the last 12 months lea ading to a Ne et Debt/ EBIT TDA of 0.68x.. New w ERP syste em is operatio on in the com mpany’s headq quarters and shopping s centters since Feb bruary 1st, 2009 9. The system m already sho ows great potential for be etter disclosure, faster repo orting, compliiance with IFRS S, and to help manage futurre growth. Projjects under developmen nt have 84.1% % of the storess leased and the t first expan nsion is scheduled to be delivvered in July 2009. 2 In 1Q09 9, the companyy invested R$61.3 million in n refurbishmen nts and develo opments. Sub bsequent eve ent: During the t Annual Ge eneral Shareh holders Meetin ng, on April 3 30th, it was approved a diviidends distriibution of R$ $20.1 million (R$0.1362 ( perr share), which will be entirrely paid until June 30th of 2009. 2 The amo ount to be pa aid correspond ds to 50% of Multiplan’s acccumulated ne et income for fiscal year 2008 8. Operatin ng Highlights s (R$ '00 00) Gross Revenue R Net reve enues NOI NOI Margin EBITDA A Core EB BITDA Core EB BITDA Margin Rental Revenue R Net Parkking Revenue Sales Same Sttores Sales/m² Same Area A Sales/m² Same Sttore Rent/m² Same Area A Rent/m² Occupan ncy Rate * Total GLLA Own GLLA

1Q0 09 118,07 74 108,10 02 73,37 74 81.6% % 59,94 47 77,21 14 68.3% % 79,38 89 10,54 40 1,261,21 12 2,96 61 2,87 78 25 58 26 63 98.3% % 484,89 94 330,78 86

1Q08 89,339 80,892 52,109 78.0% 50,910 61,456 69.7% 60,564 6,224 1,045,791 2,817 2,653 228 234 97.9% 392,015 257,063

Chg. % ▲32.2% ▲33.6% ▲40.8% ▲ ▲357 b.p ▲17.8% ▲25.6% ▼ ▼140 b.p ▲31.1% ▲69.4% ▲20.6% ▲5.1% ▲8.5% ▲13.2% ▲12.6% ▲40 b.p ▲23.7% ▲28.7%

* Does nott include BSS and SSU

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1Q Q09 LETTER FROM THE CEO estors, Dear Inve ere were conccerns that the financial insta ability would la ast so long that countries, companies c In the end of 2008, the and secto ors of the eco onomy would be impacted by the creditt restrictions and, a consequently, by a de ecrease in consumpttion. The foreccasts for 2009 9 were pessim mistic with exp pectations of bad b news and weak results. However, this year has been possitive for the Brazilian econ nomy. Our na ation shifted from f being an n IMF debtor to an IMF a index has outperformed d other releva ant internatio onal stock ind dexes. The pessimistic p creditor. The Bovespa sentimentt is slowly fading. The first quarter of 200 09 was solid for f Multiplan. The sales in our o shopping centers c increa ased by 21% in i 1Q09 in on with 1Q08 8, confirming the success of our portfo olio. EBITDA grew g 17.8% iin the quarte er to R$60 compariso million ass the adjusted net income re eached R$44.2 2 million. al revenue, bo oosted by the additional spa ace opened du uring 2009 an nd the excellen nt sales perfo ormance of Our renta the tenan nts in the rece ent quarters, increased by 31% 3 in compa arison with 1Q Q08. The mercchandising rev venue was also very good, growing 35%. o sid de, we implem mented in the e quarter, ourr new informa ation system ERP to bette er process, On the operational organize and store data by integrating all areass of the comp pany and improving considerably the effficiency of es. Our IT team made a gre eat effort in ex xchanging the systems as sm moothly as po ossible and administrative processe pany already recognizes th he benefits off this change. This is a strrategic investm ment that pro ovides the the comp company with a more agile adminisstration and information i management, m w which also im mpact the gen neration of b in th he second qua arter. reports, beginning The proje ects inauguratted last year already run successfully s and a generate return to the company. Th he newest member of the Multiplan family, th he BarraShopp pingSul, is a source of a lot of pride to o our team. Opened O in er 2008, this development d a already acts as a a central co ommunity loca ation in Porto Alegre. We are a certain Novembe that the south s side of the city will undergo a hu uge transformation in the upcoming u years, attracting more and more peo ople, develop pments and, consequently,, investmentss. Cristal Tow wer, our officce tower con nnected to BarraShop ppingSul alrea ady has 69% of o its units sold and its consstruction will start s in May. ader of Multip plan for overr thirty yearss, I had the e privilege to o participate and witness incredible As a lea transform mations in the main capital cities of this country, for example e in the e south area of Belo Horizo onte, as a result of the constructtion of the BH H Shopping and a the west side of Rio de d Janeiro, with the develo opment of pping. The sa ame happened d in other larg ge cities such as São Paulo o and Ribeirão o Preto. I see the south BarraShop area of Porto P Alegre as a an addition nal source of pride. I am profoundly p gra atified and insspired to know w that our shopping centers contrribute directly for the develo opment of larg ge cities and re egions of this country. ains engaged in pursuing the best For this reason, we continue to develop projjects and our team rema e fact that we e will have an additional 600 0 stores in ourr shopping opportuniities and returrns to our shareholders. The centers by b 2010, besid des the deman nd for new space in our pro operties, demo onstrates the growth poten ntial of our company.. Shopping Vila Olímpia, the e next shoppin ng center to be b inaugurated d in 4Q09, hass 87% of its GLA G leased and its co onstruction is in full swing. This shopping g center will benefit b from th he large numb ber of people that work and live in n the region, as a it offers resstaurants and entertainment areas, includ ding bowling, theaters and cinemas. c o shareholde ers for their support s and confidence c an nd emphasize that our who ole team is engaged to I thank our make 200 09 a year of significant grow wth and rewarrding results. Sincerely,, José Isaac Peres

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1Q Q09 FINANCIAL HIGHLIGHTS w Overview Multiplan is the leading g shopping ce enter companyy in Brazil in terms t of reven nue, furtherm more developin ng, owning aging one of the largest an nd highest-qu uality mall porrtfolios, with 34 3 years of exxperience in the t sector. and mana The comp pany also hass strategic operations in th he residential and commerccial real estate developmen nt sectors, generatin ng synergies for f mall-relate ed operations and adjacentt owned land destined for mixed-use pro ojects. On March 31 1st, 2009, Multtiplan owned – with an avverage interesst of 68.2% - and manage ed 12 shoppin ng centers totaling a GLA of 484,8 894 m², 3,016 6 stores, and an estimated d annual trafficc of 146 millio on consumerss. This has ranked th he company among a the largest shopping g center opera ators in Brazill according to o the Brazilian Shopping Centers Association A (A ABRASCE). Se eeking to control and exerrcise its mana agement exce ellence, Multip plan owns controlling g positions in 10 of the 12 shopping s centters in its porttfolio and curre ently managess all operating g shopping centers in n which it has an ownership p interest. Consolid dated Financ cial Statemen nts R$ (000)

1Q09

1Q0 08

Chg. %

79,389 15,389 5,168 17,700 427 118,074

60,56 64 11,25 54 4,76 64 12,72 24 3 33 89,33 39

▲31.1% ▲36.7% ▲8.5% ▲39.1% ▲0.0% ▼100.0% ▲32.2%

(9,972)

(8,447 7)

▲18.1%

108,102 (18,761)

80,89 92 (11,712 2)

▲33.6% ▲60.2%

(510)

(318 8)

▲0.0%

(16,556) (7,160) (233) (6,198) (276) 4,362 (9,745) (9,381) 1,263

(14,678 8) (6,500 0) 2,60 03 (31,428 8) 15,62 22 (7,932 2) (7,584 4) 62 23

▲12.8% ▲10.1% ▲0.0% na ▼99.1% ▼72.1% ▲22.9% ▲23.7% ▲102.7%

Income before b income and social contribution tax xes

44,907

19,58 87

▲129.3%

Income an nd social contribution taxes

(1,286)

(770 0)

▲102.7%

784

(5,710 0)

na

Minority interest me Net incom

(227) 44,178

(145) 62 12,96

▲67.0% ▲240.8%

EBITDA NOI Adjusted FFO Adjusted income

59,947 73,374 53,835 44,178

50,91 10 52,10 09 57,68 85 50,10 01

▲17.8% ▲40.8% ▼6.7% ▼11.8%

venue Gross Rev Rental Revvenue Services Key moneyy Parking e Real Estate Others venue Gross rev Taxes and contributions on o sales and servvices nues Net reven Headquartters Stock-optio on-based remun neration expensses¹ Shopping malls m Parking operties sold Cost of pro Equity in earnings e of affilia ates Amortizatio on ² Financial re evenue Financial expenses e Depreciatio on Other operrating income/e expenses

Deferred in ncome and socia al contribution taxes t ²

¹ The full am mount of the stockk option remunera ation line for the year y 2008 entered d into 4Q08 figuress. In order to com mpare 1Q09 with 1Q08, 1 the full 2008 expensse (R$1.3 million) was equally divid ded by the four qu uarters of the yearr. ² According to the new law 11,638/07, starting g on 1Q09 the defe ferred taxes and amortization relate ed to acquisitions w will not be accrued on the financial statements. For furth her details, please e see page 15.

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1Q Q09 S ALES & OPERATIONS SA Sales Consisten nt double digitt growth in salles

Multiplan’’s malls record ded R$1.3 billion in sales du uring the 1Q0 09, an increase e of 20.6% when compared d to 1Q08. The new shopping cen nter, BarraSho oppingSul, and d the three ex xpansions that opened in the last quarte er of 2008 ed with 8.8% % of the sales of 1Q09. Bessides that, Sh hopping Pátio Savassi, whicch was acquirred in July contribute 2007 sho owed the strongest growth in the portfo olio, increasing g almost 20.0 0% from 1Q08 to 1Q09. Taking T into considera ation only the first quarter of o each year, from 1Q02 to o 1Q09, the co ompound annual growth ra ate (CAGR) in sales was w 18.2%. Sales (R R$ '000) Shoppin ng 1Q09 1Q08 C Chg. % ▲ BH Shopp ping 133,842 119,872 ▲11.7% ▲ RibeirãoS Shopping 76,224 ▲16.7% 88,991 ▲4.9% BarraSho opping 224,322 235,403 ▲ MorumbiS Shopping 183,603 ▲11.4% 204,535 ▲ ParkShop pping 115,238 ▲17.7% 135,676 ▲7.8% DiamondMall 59,966 64,670 ▼6.9% New Yorkk City Center 35,691 33,246 ▲4.3% Shopping gAnáliaFranco 93,862 97,928 ▲8.8% ParkShop ppingBarigüi 93,077 101,228 ▲ Pátio Savvassi 43,936 ▲19.8% 52,637 Shopping g Santa Úrsula¹ 21,051 BarraSho oppingSul² 92,006 ▲20.6% Total 1,261,212 1,045,791 ▲ ¹ Acquired in n May 2008. ² The mall o opened on November 18, 2008

1,261,212

+18.2%

5,791 1,045 864,642 7,675 727

653,039 55 51,471 3 390,819

1Q02

433,496

1Q03

1 1Q04

1Q05

1Q Q06

1Q07

1Q Q08

1Q09

Sale es CAGR 1Q02 to 1Q09 (R$’000)

Multiplan n’s sales vs. rettail sales

Comparattively, Multipla an’s sales outtperformed the national sales by four to o five times, p posting sales growth of 26.0% an nd 20.0% in January J and February F respe ectively. Accorrding to IBGE E (Brazilian Sta atistical and Geographic G Institute) the national retail r sales sho owed a growth of 6.0% in January J and 3.8% 3 in Februa ary.

Food cou urt sales increaased 12.4% in n 1Q09

Sales had d double digitt growth acro oss all segme ents of the satellite stores, highllighting the services seg gment that a 18.3% inccrease over th he same quarrter a year showed an before. Services S segment performance was led by sales in travel ag gencies, beautty salons and d mobile pho one stores. Regarding g anchor storres, the home e & office seg gment was the one that showed the highest increase of 7.2% 7 from s The 1Q08 to 1Q09, led byy the home & appliance stores. w the one that t improved d the most food court segment was howing a 12.4 4% increase followed f by across the portfolio, sh arel segmentss, which have e improved the servicces and appa 10.6% an nd 10.2% resp pectively

Sales per seg gment (Chg% %) * 1Q09 x 1Q08 8 Satelliites ▲12.4% Food Court ▲10.4% Diverse ▲11.9% e Home & Office ▲18.3% Services ▲12.5% Apparel 1% ▲12.1 Total

Anchors s ▲7.2% % ▲6.3% % ▲2.8% % ▲4.3% %

Total ▲12.4% ▲7.5% ▲9.9% ▲10.6% ▲10.2% ▲9.9%

* Excluding kiossks, BarraShopping gSul and Shopping g Santa Úrsula (Not on a same store basiss)

5

1Q09 20.6%

Real growth and new projects led to a 20.6% increase

The total sales have increased 20.6% from 1Q08 to 1Q09, boosted by the new expansions and Greenfields that opened in 4Q08. The Same Store Sales showed an increase of 5.1% and Same Area Sales increased 8.5% when comparing 1Q09 with 1Q08. The fact that SAS was above inflation and SSS, shows the success of the company’s tenant mix change.

8.5% 5.6%

IPCA

5.1%

SSS/m² SAS/m²

Sales

Sales Analysis 1Q09 x 1Q08

New projects show strong upside potential

In the 4Q08, the company opened its second largest shopping center and three expansions, positively impacting on sales. Comparing the sales of the new expansions with the existing malls there is a spread of -30%, however each project has a different strategy, and should be analyzed on a case by case basis. On R$'000 New Projects BarraShoppingSul¹ ParkShopping Fashion ParkShoppingBarigüi Gourmet RibeirãoShopping Expansion Total

New Projects Sales/m² 1,987 3,386 989 1,138 1,944

Original Projects² Sales/m² 2,768 2,940 2,341 1,794 2,768

Spread in sales -28% 15% -58% -37% -30%

¹ The BIG supermarket's GLA was not considered, since it does not report sales ² In order to compare BarraShoppingSul (BSS) to other malls, it was considered the rent/m² of the portfolio without BSS. As for the expansions, it was considered their original mall rent/m². In both analysis the vacancy on the quarter was discounted.

BarraShoppingSul – The sales spread of -28% over the portfolio sales, shows the potential of a shopping center opened in November 18th, 2008. Although the mall has already contributed considerably to the company’s sales, additional stores will be opening which should further enhance the mall’s contribution. ParkShopping Fashion expansion – This expansion of 23 satellites stores had the highest sales/m² in 1Q09 of all projects delivered in 2008 and even more than the main mall. Considering that the expansion is exclusively comprised of satellite stores, it is natural to show a positive impact on the mall’s sales/m²ratio, when compared to the sales average of the main mall. ParkShoppingBarigui Gourmet – This expansion has brought eight new restaurants to the new gourmet area of the mall, which has the objective of bringing more and different customers to the mall. In order to host their customers, restaurants have a larger GLA than satellite stores, and could reasonably be expected to initially have a sales/m² below the average of the mall. RibeirãoShopping Expansion – The first phase of this expansion added 26 stores and two anchor stores to two new areas in the mall. In addition to the sales potential showed on the spread, it is relevant to consider that the opening of two new anchors stores in the expansion increases the shopping center’s overall attractiveness.

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1Q Q09 REVENUES Gross Re evenue

Growth across ac in all maain revenue sttreams

All revenues grew from m 1Q08 to 1Q09, increasing the gross revenue in 32.2%. 3 Althou ugh rental an nd parking revenues continue to be leaders in n growth and d have the larger shares of o the gross revenue, therre was an increase of o 36.7% in se ervices and a double digit growth on all shopping s cente er revenues. Gross Re evenue Grow wth and Brea akdown – 1Q Q08 and 1Q0 09 (R$’000)

+4,976 6 +4,135

118,074

+427

+404

-33

+18,826

Real Estate 0.4% Parking 15.0%

+32.2%

Reent 67,,2%

Key Money M 4.4%

89,339

Services 13.0%

Gross Revenue e 1Q08

Rental

Servicess

Key Money

Parking g

Minimum 87.3%

Real Estate

Other

Merchandising 10.3% Overage 2.5%

Gross Revenue 1Q09

Gross Revenue Growth G – 1Q08 vs. 1Q09 (R$’000)

Gross Revenue B Breakdown – 1Q0 09

1. Rent

Rental Reevenue increassed over 30% %

Once morre, rental reve enue increased in all of Multiplan’s shopp ping centers, jumping j from R$60.6 millio on in 1Q08 to R$79.4 4 million in 1Q Q09. In additio on to the reve enue from new w shopping ce enters and exp pansions open ned during 2008, the e growth of 31 1.1% in renta al revenue on the quarter was w boosted by the consolid dated malls, such as BH Shopping and BarraSho opping, with a growth of 19 9.7% and 13.6 6% respective ely. Those results show thatt the good nce in sales fo ollowed by a favorable f relationship with tenants and Multiplan’s M exp pertise in the sector are performan the main ingredients fo or a continuous increase in rental r revenue e. Rental Revenu R ue/Shopping Center C (R$ '00 00) B Shopping BH R RibeirãoShopping g B BarraShopping M MorumbiShoppin ng P ParkShopping D DiamondMall N New York City Ce enter S ShoppingAnáliaF Franco P ParkShoppingBar rigüi P Pátio Savassi B BarraShoppingSu ul¹ S Shopping Santa Úrsula² P Portfolio Total

1Q09 10,239 6,216 14,127 16,157 5,515 5,620 1,326 3,128 5,810 3,398 7,408 445 79,389

1Q08 8 8,554 4 3,696 12,435 9 14,499 4,455 5,097 8 1,268 2,924 4 4,851 2,777 7 0 60,564 4

Chg. % ▲19.7% ▲68.2% 6% ▲13.6 4% ▲11.4 ▲23.8% ▲10.3% 6% ▲4.6 ▲7.0% ▲19.8% ▲22.3% % ▲31.1%

¹ Opened on Nove ember 18, 2008 ² Acquired in May 2008

Minimum m Rent and Mer erchandising reevenues increaasing over 30% %

Following the results off healthy saless performance es over recentt periods, minimum rent revvenue grew by y 33.2% g 87.3% of rental r revenue (a growth of 188 bps)). After grow wing 30.4% in n 1Q08, in 1Q09, representing dising revenue e increased 34 4.8% in the firrst quarter of 2009, 2 totaling R$8.2 million n against R$6.1 million merchand in 1Q08, a great performance consid dering the com mpany’s more e conservative e outlook for this revenue sttream in erage rent added R$1.9 million to rental revenue, alth hough it fell R$0.6 R million w when compare ed to the 2009. Ove same period of the previous year, givven the success of minimum m rent increasses.

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1Q09 +33.2%

+34.8%

-22.5%

2,110

17,281

79,389

-566

+31.1% 60,564

Minimum

Rental 1Q08

Overage

Merchandising Rental 1Q09

The values on the top of the chart refer to the percentage change when comparing 1Q08 with 1Q09 Rental revenue breakdown – 1Q08 vs. 1Q09 (R$‘000)

Rental Revenue/Shopping Center (R$ '000) BH Shopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center ShoppingAnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping Santa Úrsula¹ BarraShoppingSul² Portfolio Total

1Q09 Minimum 9,060 5,235 12,756 14,153 4,580 4,985 1,081 2,702 4,938 2,906 296 6,579 69,272

Overage 168 162 301 282 288 148 79 64 110 221 5 121 1,948

1Q08 Merchand. 1,013 820 1,062 1,724 648 488 166 364 762 272 144 708 8,169

Minimum 7,310 3,091 11,080 12,472 3,608 4,410 1,097 2,390 4,234 2,292 7 51,991

Overage 262 182 443 442 285 328 68 178 132 197 2,514

Merchand. 982 424 912 1,586 562 359 104 356 486 288 6,059

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

Same Area Rent and Same Store Rent grew a double digits pace; while total rent outperformed

Same Store Rent, which calculates the growth considering only the stores operating with the company for more than a year, increased 13.2% in 1Q09, when compared to 1Q08. On a Same Area Rent (SAR) basis, which measures the rental revenue growth of the same area of the mall over the same period of the year before, Multiplan registered a 12.6% increase, showing that the company was able to successfully adapt its tenant mix improving the attractiveness of its overall portfolio. The contracts that were readjusted in this quarter by the inflation index (IGP-DI) continued to show real growth of 2.0%, a reflection of the shopping center performance. Although the double digit growth in both analysis show the performance of Multiplan’s portfolio, the 31.1% growth in rental revenue highlights the success the company had with all of the new projects recently opened on the last quarter. Real growth of 2.0 %

38.0%

13.2%

7.6%

11.1%

11.1%

13.2%

12.6%

SSR/m²

SAR/m²

5.6%

5.6%

IPCA

IGP-DI Adjustment Effect

Rent analysis 1Q09 x 1Q08

Rent

IGP-DI Adjustment Effect

SSR/m²

IPCA

Real growth of SSR

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1Q09 The value of Multiplan’s brand

The new projects were responsible for 10.5% of the company’s rental revenue, which highlights its relevant impact on the performance of the portfolio. Furthermore, the occupancy rate achieved 98.3% on 1Q09, highlighting that the demand for stores in Multiplan malls remains very strong. As new projects need time to adapt and show their true potential, a spread between rent and sales, when compared to the original project or the average of the portfolio, is perfectly natural and well understood. Yet, the fact that spread on sales was higher than spread on rent shows the confidence tenants have in Multiplan’s shopping centers and future results. On R$'000 New Projects BarraShoppingSul¹ ParkShopping Fashion ParkShoppingBarigui Gourmet RibeirãoShopping Expansion Total

New Projects Original Projects² rent/m² rent/m² 168 160 223 230 162 100 178 93 168 155

Spread in rent -5% 3% -39% -48% -8%

¹ The BIG supermarket's GLA was not considered, since it does not report sales ² In order to compare BarraShoppingSul (BSS) to other malls, it was considered the sales/m² of the portfolio without BSS. As for the expansions, it was considered their original mall sales/m². On both analysis the vacancy was discounted

BarraShoppingSul – The second largest shopping center of the south of Brazil had strong demand by tenants when it was launched; resulting in higher rent standards and a tenant mix that held great potential for future sales. However, when the rent/m² of BarraShoppingSul is compared to the rent/m² of the company’s portfolio, it still shows a spread of -5%, showing a growth potential in the years to come. ParkShopping Fashion expansion - This expansion was focused on bringing 23 satellite stores for a well anchored and mature mall with a high demand for spaces. Furthermore, Multiplan had the opportunity of raising the bar on a mature mall, by maximizing the rent of the expansion. This strategy explains why rent/m² of the expansion is above the original project. ParkShoppingBarigui Gourmet – As office towers and business areas grew around the shopping center area, the demand for restaurants became more evident. The strategy of this expansion is to adapt to this new trend and make sure that the client will find the best restaurants at a Multiplan mall. Since the rent for restaurants are lower than a satellite store, the rent/m² of this expansion of eight restaurants will be lower when compared with the rent/m² of the mall. However this new area will attract a new flow of qualified customers to the mall, impacting overall mall sales positively. RibeirãoShopping Expansion – This expansion was divided in two phases, the first phase added two new areas to the mall, one of them being a new floor. These new areas had a major impact on the mix and flow of the mall, therefore their rent/m² may adapt and improve the average results of the mall. In addition to the spread, it is relevant to consider that not all stores have already opened, including one of the anchor stores on the new floor. 2. Services

Mall Management of new areas leading to higher service revenue

Service revenue increased 36.7% in 1Q09, rising from R$11.3 million in 1Q08 to R$15.4 million, representing 13.0% of gross revenue. As expected, the main driver for the growth was the management of the new projects opened, the management fee of current constructions and brokerage fees from merchandising revenue. 3. Key Money

New projects opened in 4Q08 increased key money revenue

Although the key money for the projects opened during the last quarter of 2008 already started to be accrued in linear installments according to the term of the leasing contracts, this was the first quarter that the revenue was accrued in all three months. Therefore the non-recurring key money line increased 15.8% on 1Q09 when compared to the same period of the year before. Key Money Revenue/Type (R$ '000) Operational (Recurring) New Projects opened in the last 5 yrs Portfolio Total

1Q09 2,300 2,868 5,168

1Q08 2,288 2,476 4,764

Chg. % ▲0.5% ▲15.8% ▲8.5%

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1Q09 4. Parking Revenue

New Parking operations on top of organic growth

Multiplan parking management expanded its operations to ParkShoppingBarigüi and ShoppingAnáliaFranco since 2Q08, which contributed to the portfolio’s 39.1% parking revenue increase in 1Q09. The company’s management team has also been able to constantly improve parking income in consolidated operations due to several strategies focused on higher-end shopping center customers. In Pátio Savassi, BH Shopping and DiamondMall, where parking revenue increased 41.3%, 30.1% and 25.4% respectively in 1Q09, an attractive monthly fee program was created in order to serve regular clients, at the same time securing their attendance at Multiplan’s malls. Additionally, initiatives such as a contactless smart card-based system – where customers enrolled in electronic toll collection systems can save time on entering the mall faster – help in reducing expenses andsubsequently improving net revenue. In the near future, the three malls remaining in Multiplan’s portfolio should initiate fee-charging operations, including BarraShoppingSul, which although opened recently, is already registering a high vehicle traffic flow. Parking Revenue/Shopping (R$ '000) BH Shopping BarraShopping MorumbiShopping DiamondMall New York City Center ShoppingAnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping Santa Úrsula¹ Portfolio Total

1Q09 2,040 4,065 4,582 1,082 1,073 1,488 2,000 1,326 45 17,700

1Q08 1,568 4,321 3,943 863 1,091 938 12,724

Chg. % ▲30.1% ▼5.9% ▲16.2% ▲25.4% ▼1.7% ▲100.0% ▲100.0% ▲41.3% ▲100.0% ▲39.1%

¹ Acquired in May 2008

5. Real Estate Sales

Cristal Tower is starting the construction phase next quarter

In 1Q09, real estate sales were once more driven by Cristal Tower, which achieved R$0.4 million. The revenues will start to be accrued according to the progress of construction, which is planned to start on the next quarter. Accrual was mainly based on land and project costs.

10

1Q Q09 EXPENSES E 1. Mall Expenses

Higher reevenues leveraage margins

NOI in 1Q Q09 achieved R$73.4 million, resulting in n an increase of 40.8% whe en compared to 1Q08. In addition a to that, the NOI margin im mproved from 78.0% to 81..6%, driven by y the following g improvemen nts: Ren ntal Revenue e – Boosted byy new projectts and the succcessful increa ase in the sam me stores rent of 13.2%, renttal revenue line improved 31 1.1%. Parking Result – Three new parking operrations and th he great perfo ormance of so ome malls lead d to a net parkking revenue increase of 69.4%. Sho opping Expe enses – The shopping expenses grew 12.8% from 1Q08 to 1Q Q09, however Multiplan open ned BarraShop ppingSul and three expansions in the lasst quarter of 2008, adding 1 15.8% to the company’s c total GLA. In addiition to that, Multiplan M acqu uired Shopping g Santa Úrsula a in 2Q08. Furrthermore, R$1.0 million on fund of Ba arraShoppingS Sul, in order tto boost the marketing was dedicated exxclusively for the promotio mpaign and eve ents for the ne ew mall. cam NOI Calc culation Rental Re evenue Parking Result R Operatio onal Result Shopping Expenses NOI NOI Marg gin Key Mone ey Signed Contra acts NOI + KM NOI + KM M Margin Brokerage e NOI - Brokerage NOI - Bro okerage Margin NOI + KM - Brokerage e NOI + KM M - Brokerage Margin M

1Q09 79,389 10,540 89,930 (16,556) 73,374 81.6% 17,658 91,031 84.6% 3,469 76,842 85.4% 94,500 87.8%

1Q08 60,564 6,224 66,787 (14,678) 52,109 78.0% 18,566 70,675 82.8% 3,510 55,619 83.3% 74,185 86.9%

Chg. % ▲31.1% ▲69.4% ▲34.7% ▲12.8% ▲40.8% ▲357 b.p ▼4.9% ▲28.8% ▲181 b.p ▼1.2% ▲38.2% ▲217 b.p ▲27.4% ▲92 b.p

73,3 374

+ +357 b.p. 81.6 6% 52,109

78.0%

1Q08

1Q0 09

NOI & M Margin 1Q08 vs 1Q Q09 +357 b.p.

Different margins for different d analys ysis

The company understtands that NO OI is one of the best me easures to t performan nce of its mallss and in the in nterest of uph holding the evaluate the best corp porate govern nance standarrds, the comp pany has reported and improved its NOI analyysis since its IPO. The com mpany reportss two NOI w are desccribed below: figures, which NOII - The comp pany’s operatting income, or the result of rental reve enue, shopping g expenses an nd parking nett revenue. NOII + key mo oney - Show ws the real outcome o for owning a shop pping center (except for the exclusion n of services revenue, whicch could be co onsidered sincce Multiplan also manages its i malls)., inclu uding the tota al amount of contracts c signed during a quarter, q as thesse will also gen nerate revenu ues in the future. Seeking greater g transparency and a consistent ana alysis, the cha art besides reports NOI N margins excluding e its brokerage b costt, as this costt could be classified as a non operational expen nse (being gen nerated only during d mix changes and especiallly during the e leasing proccess of new projects). Using thiss approach, Multiplan M NOI margin would have reached 85.4% and including Key Mon ney signed co ontracts it wo ould jump to an 87.8% eaching R$94.5 million. margin re

+181 b.p.

81 1.6%

84.6%

82.8%

78.0%

1Q08

1Q Q09

NOI Margin

1Q08

1Q09

NOI +K KM Margin

NOI Ma argins 1Q08 vs 1Q09

+92 b.p. +217 b.p. 85.4%

86.9%

87.8%

83.3%

1Q08

1Q Q09

NOI - Brokerage Ma rgin

1Q08

1Q09

NOI +KM ‐ Brokerage Margin

NOI Margins w without Brokerage expenses 1Q08 vs. 1Q09

11

1Q09 2. Parking Expenses

Parking revenue increased more than expenses

Parking expenses increased 10.1% in 1Q09 when compared to 1Q08, while parking revenues grew on a stronger pace and achieved R$17.7 millions, increasing 39.1% over the same period. In addition to that, the net parking revenue grew 69.4%, achieving R$10.5 million, when comparing 1Q08 to 1Q09. This growth was mainly due to two new parking operations – ShoppingAnáliaFranco and ParkShoppingBarigui - that were not charging on 1Q08 and positive results of other operations, therefore expanding the company’s revenue above expenses and leveraging its margin. Net Parking Revenues (R$‘000) Parking Revenue Parking Expenses Total

1Q09

1Q08

17,700 (7,160) 10,540

12,724 (6,500) 6,224

Chg. % ▲39.1% ▲10.1% ▲69.4%

3. General and Administrative Expenses (G&A)

G&A costs still adapting to the new structure

G&A expenses achieved R$18.7 million in 1Q09, falling for the third quarter in a row, through reduction of one-time costs and greater efficiencies. Since 2Q08 the company has significantly changed its structure for future growth, improving all departments. The development team, which is a key department for the company´s growth strategy, for example, was right-sized to the new development pipeline of the company, opening a new branch in São Paulo to control projects that were and will be in construction in the region. In the same way, the company invested to improve its corporate governance by creating a stock option plan, implementing new provisions, developing a new IR department, and setting up a new ERP system. All these and other non-recurring expenses in 1Q09 totaled nearly R$5 million.

27,260 22,287

21,792 18,761

11,712

1Q08

2Q08

3Q08

4Q08

1Q09

Performance of G&A quarter-on quarter

The new ERP system has been in place and operating since February 2009, and will be key for future cost reduction and growth of the company. In less than a year the company has implemented the system in its headquarters and all of its malls, being totally integrated and showing performance on real-time. Multiplan knows its structure has grown and expects to deliver results accordingly, in the same way it will continuously look to reduce its costs, as it has done consistently over the years. 4. Cost of Real Estate Sold

Cristal Tower costs still partially accrued

Since the construction phase will begin on the next quarter, only part of these costs was accrued. In 1Q09, the cost of properties sold was R$0.2 million. Equity Pickup

Royal Green Península (RGP) delivered

RGP was successfully delivered in 1Q09, once the COB (certificate of occupancy) was issued. However, the result in the quarter was affected by the land swap deal, which for accounting purposes was accrued in 1Q09, reducing the equity pickup by R$6.2 million together with other construction cost. Equity Pickup (R$ '000) RGP Revenue RGP Interest and Index revenue RGP Costs & Expenses Sub-Total Others Total

1Q09 0 321 6,372 (6,051) (146) (6,198)

1Q08 6,586 328 4,383 2,531 72 2,603

Chg. % na ▼2.1% ▲45.4% na na na

Up to Date 61,108 5,638 54,220 12,526

Budget 72,182 7,324 61,220 18,287

12

1Q Q09 RESULTS Financia al Results, De ebt and Cash h

Reduction n in net debt

Through Multiplan’s so olid cash gen neration, the net debt of the companyy dropped frrom R$204.0 million in December 2008, to R$177.1 million in March 2009 9. The gross debt d fell from R$371.5 millio on in Decembe er 2008 to R$364.3 million m in Marcch 2009. In ad ddition to thatt, cash increassed from R$16 67.6 million to R$187.2 million, on the same perriod. Even with the increase e in cash position the company will likelly require add ditional funds, given the Multiplan interest to lau unch its future e pipeline

Subsequeent event: In n April 2009, Multiplan re efinanced its R$30 million short-term b bank debt, which w was

originated d in October 2008. 2 Due to a more prospe erous macroeconomic outlo ook, the comp pany was able to extend its deadlin ne and decrea ase its interesst rate, which eases curren nt debt positio on. In the sam me way, on May M 6th the board of directors d apprroved the issue e of local debe entures with a total amountt of R$100 milllion. Financial Position Brea akdown

31/03 3/2009

31/12/200 08

Chg. %

15 56,618

152,58 82

▲2.6%

112,996 1

107,36 60

▲5.2%

43,622

45,22 22

▼3.5%

20 07,719

218,96 60

▼5.1%

126,110 1

128,91 12

▼2.2%

81,609

90,04 49

▼9.4%

Gross Deb bt

36 64,337

371,54 42

▼1.9%

Cash

18 87,213

167,58 85

▲11.7%

203,95 57

▼13.16%

Short Terrm Debt Loans and Financings n of good Obligationss for acquisition Long Term m Debt Loans and Financings n of good Obligationss for acquisition

Net Debt

17 77,125

Net debt represents 0.7 7x EBITDA

The comp pany’s currentt net debt, of R$177.1 milliion reached th he equivalent of 0.7x EBITDA over the last twelve months (which ( totals R$259.3 milllion). It is also important to keep in mind the pre edictable natu ure of the company’’s cash flows, led by its base e rent which represented r 87 7.3% of the company’s renttal revenue. Financial Position Ana alysis *

31/03/2009

31/12/200 08

Net Debt//EBITDA (12M)

0.7x

0.8x

Gross Deb bt/EBITDA (12M M)

1.4x

1.5x

Net Debt//FFO (12M)

0.8x

0.9x

Gross Deb bt/FFO (12M)

1.6x

1.6x

Net Debt//Equity

9.0%

6% 10.6

Liabilities//Assets

25.3%

24.7 7%

Gross Deb bt/Liabilities

54.2%

58.2 2%

NonBank 35%

Bank 65%

* EBITDA an nd AFFO (Adjusted d FFO) accumulatted from April 2008 to May 2009 Multiplan’s debt in 1Q09

13

1Q09 Debt index exposure still favourable

As pointed out previously, Multiplan’s debt levels did not materially change since 4Q08. The company has diversified its debts’ index exposure since the last quarter, including CDI and TR, and kept 99.6% of its debt in local currency. Currently, 94% of the debt in TR had its interest limited to between 95% and 105% of CDI through a financial protection mechanism. Debt Indexes in 1Q09 Short Term*

Long Term*

Total*

Avg. Interest Rate (R$ ‘000)

Avg. Interest Rate (R$ ‘000)

Avg. Interest Rate (R$ ‘000)

TJLP

6.25%

11,890

IPCA TR

7.61%

19,560

7.34%

60,367

7.41%

79,926

10.00%

13,297

10.00%

117,502

10.00%

130,799

3,782

CDI*

6.25%

0.78%

1,419

0.78%

CDI %

134.73%

85,034

-

Fixed

12.00%

21,243

12.00%

na

4,175

na

Others

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

3,984

6.25%

0.78%

5,201

-

134.73%

85,034

21,243

12.00%

42,486

na

5,017

842

156,618

15,874

207,720

364,337

110.2 Loans and financings Obligations for acquisition of goods

Fixed 12%

CDI 25% 33.1

40.4 24.8

24.9 21.8 20.6 19.0 19.0 13.4 13.4

IPCA 22% 18.7

TR 36%

5.0 2009

2010

2011

2012

2013

2014

Others 1% TJLP 4%

2015

>=2016

Multiplan’s debt indexes in 1Q09

Debt amortization schedule (R$ million)

EBITDA

EBITDA increased 17.8% in 1Q09

Multiplan’s EBITDA reached the amount of R$59.9 million in the first quarter of 2009, growing 17.8% from 1Q08. The growth was mainly driven by the increase in its core business as explained bellow. EBITDA Calculation (R$'000) Net income Income and social contribution taxes Financial result Depreciation Minority interest Amortization Deferred income and social contribution taxes ¹ EBITDA EBITDA Margin

1Q09 44,178 1,286 5,383 9,657 227 (784)

1Q08 12,962 770 (7,689) 7,584 145 31,428 5,710

Chg. % ▲240.8% ▲67.0% na ▲27.3% ▲56.8% ▼100.0% na

59,947 55.5%

50,910 62.9%

▲17.8% ▼748 b.p

14

1Q09 Core EBITDA reaching R$77.2 million

Targeting a higher transparency and answering investor request for an EBITDA that may more closely reflect the company´s core business - owning, developing and managing shopping centers - Multiplan is adding a new EBITDA to its Earnings Release: the Core EBITDA. For the Core EBITDA real estate sales revenues are not considered, parking revenue will only include Multiplan’s share (Net Parking), key money will consider all the contracts signed in the period, taxes will be shared according to revenue and G&A will be deducted a 100% from the result, leading to a conservative approach, as the G&A cost also includes the real estate team. Core EBITDA (R$'000) Rental Revenue Services Key Money Signed Contracts Net Parking Core Taxes Core Revenue Headquarters Stock-option-based remuneration expenses Shopping malls Core EBITDA Core EBITDA Margin

1Q09 79,389 15,389

1Q08 60,564 11,254

Chg. % ▲31.1% ▲36.7%

17,658 10,540 (9,936) 113,041 (18,761)

▼4.9% 18,566 6,224 ▲69.4% (8,444) ▲17.7% 88,164 ▲28.2% (11,712) ▲60.2%

(510) (16,556) 77,214 68.3%

(318) na (14,678) ▲12.8% 61,456 ▲25.6% 69.7% ▼140 b.p

+1280 bps

68.3%

55.5%

EBITDA Margin 1Q09

Core EBITDA Margin 1Q09

Adjusted Net Income and FFO

New accounting principles impacting net income

Brazil is converging towards the International Financial Reporting Standards (IFRS). This way, since January 1st of 2008 the financial report of the company started to obey the law 11.638/07 and the interim measure #449/08. In order to help in this change the CPC (Comitê de Pronunciamentos Contábeis – Committee of Accounting Announcements) was created in order to write and distribute technical reports about accounting procedures and information of this kind, focusing in the convergence of the Brazilian accounting principles with the international standards. In accordance with the announcement 04 from the CPC and the subsequent Orientation OCPC 02, the goodwill due to expected incomes valuaed by the company during its acquisitions investments, were only amortized in linearly for the term of its expiry until December 31st of 2008. Starting on January 1st 2009 they will not be amortized anymore, but will continue to be submitted to the annual loss analysis of it retrievable value. Net accounting income increased more than threefold from 1Q08 to 1Q09, being R$31.4 million due to the amortization considered in 1Q08, and R$5.7 million of deferred taxes, which according to the new Brazilian accounting principles should not be accrued going forward. This amortization was always excluded from the company’s adjusted net income figures a be a more precise comparison as highlighted in the past. Yet, it should be noted that while amortization will not be accrued in the company’s profit and loss figures, it will still have a fiscal benefit to the company. Besides this benefit, the company will not need to adjust its figures anymore, as it past adjustments are in line with the new accounting principles. Another positive impact will be the increase of income for dividends purpose, increasing the dividend yield and EPS of the company on a relative basis. New announcements are expected for 2009, which might impact the companies result. FFO, which in 1Q09 was also not adjusted, but impacted by financial results, amounted to R$53.8 million in 1Q09. FFO & Net Income Calculation Net income Amortization Deferred income and social contribution taxes ¹ Net income Fair Value Amortization Depreciation

1Q09 44,178 44,178 276 9,381

1Q08 12,962 31,428 5,710 50,101 7,584

Chg. % ▲240.8% ▼11.8% ▲23.7%

Adjusted FFO

53,835

57,685

▼6.7%

15

1Q Q09 OPERATING AND FINANCIAL PERFORMANCE Indicators (R$ '000) Fin nancials (MTE %) Gro oss Revenue Ne et Revenue He eadquarters Re ental Revenue Re ental Revenue/m m² EB BITDA EB BITDA Margin Co ore EBITDA Co ore EBITDA Marg gin Ne et Operating Inccome (NOI) Ne et Operating Inccome/m² Ne et Operating Inccome Margin Adjusted FFO Adjusted FFO/m² Pe erformance (100%) Fin nal Total GLA Fin nal Own GLA Adjusted Total GLLA (avg.) Adjusted Own GLA A (avg.) ental Revenue Re Re ental Revenue /m m² Total Sales Total Sales/m² Same Stores Saless/m² Same Area Sales/m m² Same Store Rent/m² Same Area Rent/m m² Occcupancy Costs * R Rent as Sales % O Others as Sales % Turnover * Occcupancy Rate * De elinquency (25 days d delay) Re ent Loss

1Q09 118,074 108,102 18,761 79,389 251 R$/m² 59,947 55.5% 77,214 68.3% 73,374 232 R$/m² 81.6% 53,835 170 1Q09 484,894 m² 330,786 m² 470,488 m² 316,378 m² 133,022 283 R$/m² 1,261,212 2,681 R$/m² 2,961 R$/m² 2,878 R$/m² 258 R$/m² 263 R$/m² 14.6% 8.8% 5.8% 1.4% 98.3% 5.8% 0.4%

1Q08 89,339 80,892 11,712 60,564 2 R$/m² 249 50,910 62.9% 61,456 69.7% 52,109 2 R$/m² 214 78.0% 57,685 237 1Q08 39 92,015 m² 25 57,063 m² 37 77,981 m² 24 42,963 m² 96,407 2 R$/m² 255 1,045,791 2,7 767 R$/m² 2,8 817 R$/m² 2,6 653 R$/m² 2 R$/m² 228 2 R$/m² 234 13.6% 8.4% 5.2% 1.1% 97.9% 3.2% 1.0%

Chg.. % ▲32..2% ▲33..6% ▲60..2% ▲31..1% ▲0..7% ▲17..8% ▼748 b.p ▲25..6% ▼140 b.p ▲40..8% ▲8..1% ▲357 b.p ▼6..7% ▼28..3% Chg.. % ▲23..7% ▲28..7% ▲24..5% ▲30..2% ▲38..0% ▲10..9% ▲20..6% ▼3..1% ▲5..1% ▲8..5% ▲13..2% ▲12..6% ▲102 b.p ▲41 b.p ▲60 b.p ▲23 b.p ▲40 b.p ▲256 b.p ▼65 b.p

* Does D not include Ba arraShoppingSul and a Shopping San nta Úrsula

16

1Q Q09 STOCK MARKET PERFORMANCE he Brazilian stock s market) ended the first f quarter of 2009 with h 18.1% Multiplan (MULT3 on Bovespa, th ast day of 200 08, outperform ming IBOV, wh hich rose 9.0% % in 1Q09. On n December 30 0th 2008, appreciation over the la arch 31st 2009 9 it closed at R$14.54. R Multiplan’s averag ge daily traded d volume MULT3 closed at R$12..31 and on Ma t quarter. Over O the last quarters, q the company c has been able to attract new investors was R$1.4 million on the g structure. and diverrsify its current stockholding

Million 30 0%

R$ 10

25 5%

R$ 9

20 0%

8-Jan

15-Jan

22-Jan

29-Jan

5-Feb

12 2-Feb

Multiplan trade ed volume (BRL))

19-Feb

2-Mar

Multtiplan

9-Mar

16-Mar

23-M Mar

R$ 7

15 5%

R$ 6

10 0%

R$ 5

5% %

R$ 4

0% %

30-Dec

R$ 8

R$ 3 R$ 2

-5% %

R$ 1

-10 0%

R$ 0

30-Mar

Ibovespa

17

1Q Q09 GROWTH STRA TEGY AT ne of projectts under cons struction in 2009 - '000 m² Development pipelin o 10.2% in own GLA Growth of

+ 10.2%

364 m²

25 m²

9 m² m

331 m²

Shoppings in n operation

Shopping gs under Expan nsions under develop pment dev velopment

Total

How we generate g valuee: 3rd year rea eal NOI yields of o 16.3%

Multiplan continues to o invest in th he delivery of o its pipeline e, planning to o have at le east six proje ects under T six proje ects are expeccted to need an a investment of R$339.3 m million, of whicch R$123.8 construction in 2009. These as already been invested. The T key mon ney from these e six projectss is expected to sum R$61 1.5 million, million ha which lea ads to a net investment requ uirement of R$277.8 R million n. Using a sim mple yield apprroach, Multipla an expects that the 3rd 3 year NOI (not ( considering inflation) divided d by the e net investme ent (capex – kkey money), should lead to a 3rd year y yield of 16.3%. 1 When comparing th his yield with some s past acq quisitions cap--rates, it highlights how Multiplan’’s high-qualityy projects gene erate accretive e values for th he company. Inv vestment on the projects s under cons struction in 2009 2 ¹ Total 3rd yr NOI yield: 16.3%

Total Capex (% MTE): R$339.3  M; Invested Capex (% MTE): R$123.8 8 M 

Capex x (% MTE): R$ 3.9 M

R$ 0.1 M

R$ 7.1 M

Shopping Anália A Franco Exp.

64%

RibeirrãoShopping Exp.

18%

ParkShop pping Exp. Frontal

39%

B Shopping Exp. BH

36%

ParkShopping Barigüi Exp. II

8%

pping Vila Olímpia Shop

49%

R$ 12.6 M

R$ 16.1 M

R$ $ 21.2 M

Total Key Money

Capex invested

36%

3rd d yr NOI Yield ²::

R$18.7 M

27.2%

82%

R$10.6 M

8.0%

61%

R$48.9 M

20.7%

R$122.3 M

10.7%

R$48.9 M

28.1%

R$89.9 M

15.9%

64%

92%

51%

Capex to be invvested

¹ ParkShoppin ngBarigüi Expansion was included since s its construction is scheduled to t start this year. S Shopping Maceio was not considered since its construction date e was not announcced yet. ² The yield is calculated as 3rd yr NOI divided byy the capex subtra acted from key mo oney.

Economic c Capex (R$’00 00)

1Q09

2009

Renovation ns & Others

1,914

32,662

Shopping Development D

41,054

107,149

Shopping Expansion E

18,360

201,075

-

113,387

61,328

454,273

Land Acquisition Total

2010 D Description 2,285 A All shopping cen nters 1,535 B BSS, SVO 25,602 B BHS, RBS, PKS, PKB, SAF - 29,421

  

18

1Q09 Investment

Four projects to be delivered this year

The year of 2009 started off with a steady investment in the company’s ongoing projects. The first quarter was mainly marked by the projects under construction, such as Shopping Villa Olímpia and four expansions. The company invested R$59.4 million in the construction of these and other projects in 1Q09. Projects with opening scheduled for 2009 * ShoppingAnáliaFranco Exp. Shopping Expansions 29.9%

July

RibeirãoShopping Exp.

Shopping Developments 66.9%

ParkShopping Exp. Frontal Renovations & Others 3.1%

Shopping Vila Olímpia March 09

August October November December 09

* Estimated dates subjected to changes without previous notice

Renovations

The company’s malls at Ribeirão Preto will be the focus of investments in renovations

In 2009, Multiplan will invest in the renovations of RibeirãoShopping and Shopping Santa Úrsula. The largest investment in renovation made by Multiplan in 2009 will be destinated to RibeirãoShopping, where R$7.5 million should be invested in order to align the mall with the new standards set by the recent expansions and to better attend its customers’ needs. As a result, this renovation will supplement the upcoming deliveries to the expansion divided in two phases: the first phase being the new fast-food area and the second phase being the area where the same fast-food restaurants were previously located, now with five new stores.

Facade of the mall

Inside the mall

Surroundings of RBS: Office Tower and hotel

19

1Q09 Let the turnaround begin

On the verge of completing ten years of operation in 2009, Shopping Santa Úrsula is undergoing a turnaround that will improve its results as the company has shifted some tenants in order to realign its mix with its target consumer segment. In addition, Multiplan and partners plan to invest R$15 million in its renovation process in order to ensure that the mall measures up to the company’s legacy of quality shopping centers. The leasing process will begin in tandem with the project’s construction. Both of these procedures complement each other as the turnaround strategy started in May 2008.

Facade of the mall

Inside the mall

Inside the mall

20

1Q09 Shopping Mall - New developments

One mall under construction and one under development

The focus for this year is to deliver the projects under construction and continue with the best projects of the development pipeline. Shopping Vila Olímpia is planned to open in 4Q09 and the Shopping Maceió launch is still waiting to be announced given the market conditions. The main goal is to seek high returns and prioritize the company’s efforts in projects that have the lowest risks and the best financings. Shopping Centers Project Shopping Vila Olímpia Shopping Maceió Total

Opening

GLA

Nov/09 TBA ¹

29,586 m² 27,582 m² 57,168 m²

MTE % (constr.) 42.0% 50.0% 45.9%

MTE Capex

Key Money

89,931 67,299 157, 230

21,596 8,203 29,799

NOI 3rd year 10,860 10,893 21,753

(R$’000) 3rd yr NOI Yield 15.9% 18.4% 17.1%

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

29,586 m2 July 2007 November 2009 42% (30% after opening) R$ 21.6 million R$ 9.2 million R$ 10.9 million R$ 89.9 million 48%

Status: Under construction The leasing continues in a fast pace, even during the economic turmoil with 87% of stores successfully leased. The tenant mix is completely assembled to meet the standards of the expected customers. The mall’s delivery date is scheduled for November 2009.

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 The success of a mall development begins with a carefully detailed planning process and a well adjusted business plan, and for this reason, the company plans to continue with the 200,000 m² of area in Maceió, which allows the development of a mixed-use project. Multiplan has been working on the development of this site and will announce the date once the project reaches its final stage of planning and necessary approvals. Residential, commercial and hotel elements are all being considered in addition to the mall.

21

1Q09 Shopping Center Expansions

Four projects under construction and one under development

Multiplan maintains its spotlight on delivering all projects on their scheduled date for 2009. The tenants from ShoppingAnáliaFranco’s expansion were handed over their keys in March to prepare their stores in time to open in July and the fast-food area of RibeirãoShopping expansion will be delivered in August. As seen on the table below, there are five expansions to be delivered until mid-2010, three of them still in 2009.

Shopping Anália Franco Expansion To be delivered in July 2009

RibeirãoShopping Exp.

Aug/09 ParkShopping Frontal Exp.

Construction Phase

Future Project

Oct/09 BH Shopping Exp.

Apr/10 ParkShoppingBarigui Exp. II

Oct/10

Expansions Project

(R$’000) Opening

GLA

MTE % (constr.)

MTE Capex

Capex Invested

Key Money

NOI 3rd 3rd NOI Number Stores year Yield of Stores Leased

RibeirãoShopping Exp.

Aug-09

466 m²

76.2%

10.572

17.5%

0.07

0.84

8.0%

ShoppingAnáliaFranco Exp.

Jul-09

11,667 m²

30.0%

18.748

64.0%

4.102

3.984

27.2%

93

87.1%

ParkShopping Exp. Frontal

Oct-09

8,591 m²

62.5%

48.909

38.8%

7.028

8.689

20.7%

91

95.6%

BHShopping Exp.

Apr-10

11,010 m²

80.0%

122.265

35.7%

12.716

11.733

10.7%

104

89.4%

ParkShoppingBarigüi Exp. II

Oct-10

8,075 m² 100.0%

48.888

7.5%

16.019

9.223

28.1%

93

50.2%

65.6% 39.934

34.469

16.5%

Total

39,810 m² 65.6% 249.381

6 100.0%

387 81.1%

¹ This expansion does not include the investment of R$49 million and its future revenues from the new deck parking of 1,600 parking spaces.

The five expansions under development will add 39,810 m² to the portfolio’s total GLA, representing 7.9% of Multiplan’s own GLA (excluding Shopping Vila Olímpia). The chart on the right shows the impact of the number of stores opened from the expansion projects listed above on the total of stores in Multiplan’s portfolio. In the year of completing a decade of operations, ShoppingAnáliaFranco undergoes its first expansion. The mall will increase in one floor with 93 new stores, further expanding its attractiveness.After the inauguration of the 11,667 m² expansion, the mall’s GLA will grow 30%. The opening is scheduled for july of 2009.

Portfolio 87.2% Expansions 12.8%

Share of the expansions’ stores in the portfolio total

22

1Q09 Future Projects

Four projects to come

Multiplan plans to open three expansions in 2011 and one expansion in 2014, launching then in the best market conditions. The current schedule is subject to change and more detailed information will be added when the project are announced. Projects to be detailed Project BarraShopping Exp. VII DiamondMall Exp. II* ParkShopping Exp. Gourmet BarraShoppingSul Exp. I Total

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

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

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

Opening 2011 2011 2011 2014

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

Real Estate

Royal Green Peninsula delivered and Cristal Tower with its construction estimated to start in two months

Royal Green Peninsula’s two residential buildings were delivered in the beginning of 2009. As the only real estate project remaining under construction, Cristal Tower is expected to be delivered in 2Q11. Meanwhile, Multiplan continues to analyze the market opportunities and waits the right economic conditions to launch its real-estate development pipeline.

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: Two months away from starting construction With the engagement of the construction company, the office tower that supplements BarraShoppingSul’s mixeduse project is set to start construction in May 2009. Cristal Tower has an advantage over other office complexes because of its connection to the mall, facilitating the business executive’s daily schedule by providing a place for eating, leisure, and shopping close to their offices. Land Bank

Land bank unchanged, but projects continue

Multiplan keeps its announced land bank of nearly one million square meters for future shopping centers or mixed-use projects, however at the same time the company keeps improving each project while waiting for the most appropriate market conditions for project launch. 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 Office/Retail Residential, Hotel Residential, Office/Retail Residential, Office/Retail, Hotel Office/Retail Office/Retail Apart-Hotel Office/Retail Residential, Office/Retail, Medical Office/Retail Residencial

Land 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 70,000 m² from ShoppingMaceió, under development

23

1Q Q09 CURRENT PORTFOLIO 1

5

10

14

AL 2

6

D DF

MG 7

11 SP PR

3

8 8

RS

12

9

In operation

Shopp ping Opera ating SC's opping BHSho ãoShopping Ribeirã Shopping BarraS mbiShopping Morum hopping ParkSh ondMall Diamo Y City Centerr New York ping AnáliaFrancco Shopp hoppingBarigüi ParkSh S Pátio Savassi ping SantaÚrsula a Shopp ShoppingSul BarraS Sub-T Total Operatin ng SC's Under developmen nt SC's/Exp ping VilaOlímpia 13 Shopp ping Maceió 14 Shopp Ribeirã ãoShopping Exp p. Shopp ping AnáliaFrancco Exp. ParkSh hopping Exp. Frrontal BHSho opping Exp. ParkSh hoppingBarigüi Exp. II Sub-T Total Under de evelopment SC C's/Exp 1 2 3 4 5 6 7 8 9 10 11 12

Portfo olio Total

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

SP AL SP SP DF MG PR

13 13 33

4

Un nder development / Approval

MTE %

Total GL LA

Rent 1Q09

0% 36,895 m² 12,799 80.0 76.2 2% 46,221 m² 8,161 51.1 1% 69,503 m² 27,663 65.8 8% 54988 m² 24,569 59.1 1% 43,178 m² 9,336 90.0 0% 21,360 m² 6,244 50.0 0% 22,068 m² 2,652 30.0 0% 39,310 m² 10,428 84.0 0% 42,968 m² 6,917 83.8 8% 16172 m² 4,055 37.5 5% 24,043 m² 19,754 100.0 0% 68,187 m² 445 68.2% 484,894 m² m 133,022 (% constr..)¹ 42.0 0% 29,586 m² 50.0 0% 27,582 m² 76.2 2% 466 m² 30.0 0% 11,667 m² 62.5 5% 8,591 m² 80.0 0% 11,010 m² 100.0 0% 8,075 m² 96,978 m² 54.0% m 581,872 m² m

-

Sales Occupancy O Rate 1Q09 (100%) 133842 99.1% 88,991 96.8% 235,403 98.0% 204,535 99.6% 135,676 96.9% 64,670 99.1% 33,246 97.5% 97,928 98.6% 101,228 99.1% 52,637 98.8% 21,051 69.8% 92,006 93.9% 1,261,212 96.3% -

-

-

-

¹ Intere est during the con nstruction period

24

1Q Q09 OWNERSHIP STRUCTURE The chartt below showss Multiplan's ow wnership struccture on Marcch 31st, 2009. F Free Float 22.50%

Treasury

30.57% ON 24.78% Total

Maria Helen na Kaminitz Perres

0.12% ON al 0.10% Tota

0.54% ON al 0.44% Tota

Multip lan Planejamento, Parrticipações e Adm ministração S.A.

47.23% ON 38.29%Total

77.5 50%

1.88% ON 1.52% Total

Jos se Isaac Peres

19.43% ON 1 00.00% PN 4.70% Total 34

Multiplan A Administradora de Shopping Centers Ltd da.

99.00%

100.00%

2.00% SCP Royal Green

Renasce Rede Nacional de Sho opping Centers Ltd da.

98.00%

99.00%

Shopping Cen nters

%

BarraShopping Sul BarraShoppingS BH Shopping DiamondMall MorumbiShoppiing New York City Center C ParkShopping arigüi ParkShoppingBa Pátio Savassi ng RibeirãoShoppin ShoppingAnáliaFranco O Shopping Vila Olímpia¹ Shopping Maceiió² Shopping Santa a Úrsula

51.07% 5 1 100.0% 8 80.00% 9 90.00% 6 65.78% 5 50.00% 5 59.07% 8 84.00% 8 83.81% 7 76.17% 3 30.00% 3 30.00% 5 50.00% 3 37.50%

¹ Under construction ² Under approval

% 100.00%

1700480 Ontario Inc.

99 9.00%

1.0 00%

Embraplan E Empresa Brasileira de e Planejamento Ltd a.

Ontario Teachers s’ Pension Plan

CAA Corretagem e Consultoria blicitária Ltda. Pub

99 .61%

CAA Corretage em Imobiliária Ltd da.

41 1.96%

MPH Empreend d. Imobiliários Ltda a.

100 0.00%

100 0.00% 0.0 01% 100 0.00% 50..00%

50 .00%

1

Solução o Imobiliária Ltda.

B Brazil Realty 99.99% Indú ústria Luna S/A JPL Manati Empreendimentos s

2

Haleiwa

3

¹ MPH Empre eend. Imobiliários: Sp pecial Purpose Entity (SPE) from Shopping g VilaOlímpia. ² Manati Emp preendimentos: Speccial Purpose Entity (SP PE) from Shopping Sa anta Úrsula ³ Haleiwa: Sp pecial Purpose Entity (SPE) from Shopping g Maceió

Share rep purchase prog gram

On Octob ber 13, 2008, BM&FBOVESP PA authorized the Company y to repurchasse shares of itts own issue, under the terms of Announcemen A nt No. 051/200 08-DP and CVM Instruction No. 10. en decided to o invest fundss available in the repurcha ase of sharess in order to maximize The company has the der’s value. Th herefore, the company c purcchased 340,00 00 common sh hares, reducing g its outstanding shares sharehold percentag ge to 24.78% at March 31st, 2009.

25

1Q Q09 SUBSEQ UENT EVENTS QU Preferred d stock convers rsion as promissed during thee IPO

On April 30 3 th on the An nnual General Meeting, it was w voted and approved tha at 1700480 On ntario Inc, ma ay convert, on a 1:1 ratio, 16,140,165 preferred d stocks into ordinary o shares. Therefore, its interest on n common sha ares would change from f 19.43% to 29.00% and a the prefe erred shares dropped from m 27,998,512 to 11,858,34 47 shares. Neverthelless, its intere est in the total shares of Multiplan would remain r unchanged, 34.70% %. The reaso on that preferrred stocks were issued in 20 006, when the e company acq quired a 46% share of Multtiplan, was exclusivelly due to factt that the Can nadian law states that pen nsion funds may m not have more than 30 0% of the voting sto ocks of a com mpany. Given the common goal between n Ontario Teachers’ Pension n Plan and Multiplan to abide to the “Novo Mercado” bylaw ws on the Bovespa’s corpo orate governance category (both agreed d with the on as already established e in the stockhold ders agreemen nt), this may be interpreted d as the first movement m conversio towards the t total convversion of the e preferred stocks s into ord dinary stocks so that Multtiplan may acchieve this category. Before Free e Float 24 4.78% o Ontario 34.70% % Multiplan % 40.53%

After

Prefferred Sto ocks Common 18..94% Stocks 15.75%

Free Float 24.78%

Multiplan 40.53%

Ontario 3 34.70%

Commo on Stockss 26.67% %

Preferred Stocks 8.02%

pproved Dividend distribution ap

At the AG GM it was also o voted and approved the proposed p divid dends distribu ution of R$20.1 million (R$0 0.1362 per share), which w will be pa aid until June 30th. The amo ount correspo onds to 50% of o Multiplan’s a accumulated net n income as of Deccember 2008.

26

1Q Q09 APPENDICES APPEND DIX I Income Statement R$ (000)

1Q09

1Q0 08

Chg. %

79,389 15,389 5,168 17,700 427 118,074

60,56 64 11,25 54 4,76 64 12,72 24 3 33 89,33 39

▲31.1% ▲36.7% ▲8.5% ▲39.1% ▲0.0% ▼100.0% ▲32.2%

(9,972)

(8,447 7)

▲18.1%

108,102 (18,761)

80,89 92 (11,712 2)

▲33.6% ▲60.2%

(510)

(318 8)

(16,556) (7,160) (233) (6,198) (276) 4,362 (9,745) (9,381) 1,263

(14,678 8) (6,500 0) 2,60 03 (31,428 8) 15,62 22 (7,932 2) (7,584 4) 62 23

Income before b income and social contribution tax xes

44,907

19,58 87

Income an nd social contribution taxes

(1,286)

(770 0)

784

(5,710 0)

Minority interest Net incom me

(227) 44,178

(145) 12,96 62

na ▲56.8% ▲240.8%

EBITDA NOI Adjusted FFO Adjusted income

59,947 73,374 53,835 44,178

50,91 10 52,10 09 57,68 85 50,10 01

▲17.8% ▲40.8% ▼6.7% ▼11.8%

venue Gross Rev Rental Revvenue Services Key moneyy Parking e Real Estate Others venue Gross rev Taxes and contributions on o sales and servvices nues Net reven Headquartters Stock-optio on-based remun neration expensses¹ Shopping malls m Parking operties sold Cost of pro Equity in earnings e of affilia ates Amortizatio on ² Financial re evenue Financial expenses e Depreciatio on Other operrating income/e expenses

Deferred in ncome and socia al contribution taxes t ²

▲12.8% ▲10.1% ▲0.0% na ▼99.1% ▼72.1% ▲22.9% ▲23.7% ▲102.7% ▲129.3% ▲67.0%

¹ The full am mount of the stockk option remunera ation line for the year y 2008 entered d into 4Q08 figure es. In order to com mpare 1Q09 with 1Q08, 1 the full 2008 expensse (R$1.3 million) was equally divid ded by the four qu uarters of the yearr. ² According to the new law 11,638/07, 1 since 1Q09 1 the deferred d taxes and amorttization related to acquisitions will n not be accrued on n the financial statements. For further details, please see page e 15.

27

1Q09 APPENDIX II ASSETS Current Assets Cash and cash equivalents Accounts Receivable Sundry loans and advances Recoverable taxes and contributions Deferred income and social contribution taxes Other Total Current Assets

31/03/2009

31/12/2008

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

167,585 99,529 18,496 20,198 38,704 344,512

▲11.7% ▼8.2% ▼11.1% ▲4.4% ▲2.0% ▲0.0% ▲3.5%

Noncurrent Asset Receivables from related parties Accounts Receivable Land and properties held for sale Sundry loans and advances Deferred income and social contribution taxes Other Investiments Property and equipment Intangible Deferred charges Total Noncurrent Asset

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

1,687 17,762 129,457 10,328 137,263 3,029 22,847 1,573,204 309,890 32,757 2,238,224

▲0.7% ▲1.5% ▲1.3% ▲91.4% ▼0.0% ▲16.5% ▼23.0% ▲3.6% ▲0.2% ▼3.4% ▲2.8%

Total Assets

2,658,409

2,582,737

▲2.9%

31/03/2009

31/12/2008

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

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

▲5.2% ▲9.2% ▼3.5% ▼44.0% ▲1.4% ▲0.0% ▲1.6% ▲129.3% ▲37.4% ▲3.6% ▲10.5%

126,110 81,609 1,522 4,552 117,186 330,979 13,077

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

▼2.2% ▼9.4% ▼3.3% ▼0.4% ▲11.6% ▲0.3% ▲1.0%

952,747 958,786 22,473 44,180 (4,624) 1,973,562

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

▲0.0% ▲0.1% ▲1.8% ▲0.0% ▲139.8% ▲2.2%

2,658,409

2,582,737

▲2.9%

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

Chg. %

Chg. %

28

1Q09 APPENDIX III Operational Cash Flow (R$ '000) Net income / Loss for the year Adjustments Depreciation and amortization Amortization of goodwill Equity pickup Minority Interest Apropriation of deferred income Interest and monetary variations on loans and financing Interest and monetary variations on property acquisition obligations Interest and monetary variations on sundry loans and advances Interest and monetary variations on receivables from related parties Stock-option-based remuneration Deferred income and social contribution taxes Earnings from subsidiaries not recognized previously, and capital deficiency of subsidiaries Net adjusted income Reduction (Increase) in operating assets Increase in Lands and properties Increase (reduction) in Accounts receivable Increase (reduction) in Taxes and mandatory contributions payable Increase (reduction) in Deferred taxes Increase (reduction) in Other assets Increase (Reduction) in operating liabilities Increase (Reduction) in Accounts payable Increase in property acquisition obligations Procurement of property acquisition obligations Increase (reduction) in Taxes and mandatory contributions payable Increase (reduction) in Assets aquisition Increase (reduction) in Installment taxes Increase (reduction) in Provision for contigencies Increase in Deferred revenue Increase (reduction) in Others obligations Increase in Clients antecipation Cash flows from operating activities Cash flows from investments Increase (decrease) in loans and sundry advances Increase (decrease) in receivables from related parties Rate receipt on loans and other advances Increase (decrease) of investments Increase of property, plant and equipment Additions to deferred charges Additions to goodwill Additions to intangibles Net Cash used in financing activities Cash flows from financing activities Increase (decrease) in loans and financing Rate payment of loans and obtained financing Decrease in payables to related parties Shares held in treasury Capital reserves Minority interest Net Cash used in financing activities Net Cash Cash at beginning of the period Cash at end of the period Increase (reduction) in Net Cash

1Q09 44,178

1Q08 12,962

9,381 276 (6,198) 227 (5,168) 3,452 3,823 (417) (4) 510 390 50,450

7,584 31,428 (2,603) 145 (4,764) 839 4,151 (81) (66) 318 6,948 (854) 56,007

(1,743) 4,009 (892) (783) (1,465)

(226) 13,900 (4,060) (1,500) (2,876)

8,966 (13,863) (11,137) (48) (19) 17,658 59 3,218 54,410

(819) 44,844 (1,080) 341 (41) 25 18,566 2,205 125,286

(6,918) (7) (64) 11,442 (65,656) (915) (62,118)

(24,934) (33) (42) 39,551 (178,548) (8,090)

(5,728) 5,109 30,754 (2,696) (103) 27,336 19,628 167,585 187,213 19,628

(274) (172,370) (8,033) 2,766 (1,346)

(151) (6,764) (53,848) 416,444 362,596 (53,848)

29

1Q Q09 GLOSSARY AND ACRONYMS Adjusted Funds from Operations (FFO): sum of o adjusted ne et income, depreciatio on and amortiza ation. Adjusted Net Income: net income ad djusted for non n-recurring expe enses with the IPO, restructuring r co osts and amortizzation of goodw will from acquissitions and mergers (in ncluding deferre ed taxes). Anchor Sttores: Large, well w known storres with special marketing and d structural features th hat can attractt consumers, thus ensuring permanent p attra action and uniform tra affic in all areass of the mall. Stores S must havve more than 1,,000 m² to be conside ered anchors. Base Ren nt: The minimum m rent of a tena ant lease contra act. If the tenan nt does not have a basse rent, it becom mes a percentag ge of sales. Complem mentary Rent: The difference e between the base rent and d the rent consisting of a percentage of sales, as determined d in the t lease agreement. This amount is only paid if the percentage ren nt is higher than n the base rent.

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

BH S Shopping BarrraShopping BarrraShoppingSul Diam mondMall Shop pping Maceió Moru umbiShopping Multtiplan New w York City Center ParkkShoppingBarigüi ParkkShopping Shop pping Pátio Savasssi Ribe eirãoShopping Shop ppingAnáliaFranco o Shop pping Santa Úrsula Shop pping Vila Olímpia a

EBITDA: Net income (lo oss) plus expen nses with incom me tax and soccial contribution n on net incom me, non-operating income, financial re esult, depreciattion and amortizzation, minorityy interest and non-recurring n exxpenses. EBITD DA does not ha ave a single definition, and this definitiion of EBITDA may m not be com mparable with th he EBITDA used by other companies. Economic c Capex: The change c between n: property and d equipment, inttangible assets and deferred ccharges in a perriod of time added to the depreciation and amortizatio on in the same period. EPS: Earnings per Share. Net Income divvided by the tottal shares of the e company. GCA: Grosss Commercial Area, A equivalentt to the sum of all a commercial areas a in malls, in other words, GLA plus the sttores sold. GLA: Grosss Leasable Area a, equivalent to the sum of all the t areas availa able for lease in malls, excluding g kiosks. IGP-DI Adjustment A Efffect: Is the we eighted average e of the monthly y IGP-DI increa ase with a montth of delay, divided by the percentage e GLA that was adjusted on the e respective month. Key Mone ey (KM): Key money is the money m paid by a tenant in orrder to have the e right to be in n a store. The key money contract when w signed is accrued a in the expected e income e account and accounts a receiva able, but its revvenue is accrued d in the key money revvenue account in i linear installm ments on the te erm of the leassing contract. Ke ey money from m initial leasing is contracts from new stores of new developments d o expansions (opened in the last 5 years); ’Operating’ keyy money from tu or urnover are contracts from f stores thatt are moving in a mall already in i operations. Merchand dising: Merchandising consistss of all leases in a mall not in nvolving the GLA A area of the m mall. Merchandiise includes revenue fro om kiosks, stands, posters, leasing of pillar space, doors and escalators and other display lo ocations in a ma all. Net Operrating Income e (NOI): Referrs to the sum of o the operating income (renttal revenue and d shopping exp penses) and income fro om parking operations (revenue and expensess). Revenue tax xes are not con nsidered. The NOI + KM also includes the key moneyy from the contrracts signed in the t same period d. Occupanc cy: Is the cost of o leasing a store as a percentage of sales. It includes rent and a other expen nses (condo and d promotion fund expen nses). Own GLA: or Company's GLA or Multipla an GLA, refers to o total GLA weig ghted by Multip plan’s interest in n each mall. Parking: Parking revenue e is the total am mount (100%) of o revenue colle ected by the sho opping centers. The parking ex xpenses are the share of o the parking revenue that nee eds to be passe ed to the compa any’s partners an nd condominium ms. Potential Sales Volume e (PSV) or Tottal Sell Out: Refers R to the tottal number of un nits for sale in a real estate de evelopment, multiplied by the list price e of each. Deferred Income: Deferrred key moneyy and store buy back expenses. Sales: Sales declared by the stores in ea ach of the malls. Same Are ea Rent/m² (S SAR): Rent of th he same area of the year beforre divided by the area’s GLA lesss vacancy. Same-Sto ore Rent/m² (SSR): ( Rent earrned from store es that were in operation o for ovver a year. Same Are ea Sales/m² (S SAS): Sales of the t same area of o the year befo ore divided by th he area’s GLA le ess vacancy. Same-Sto ore Sales/m² (SSS): ( Sales off stores that were in operation for over a year.. Satellite Stores: S Small stores s with no special s marketing and structural features locate ed around the a anchor stores an nd intended for general retailing.

30

1Q09 Shopping Center Segments : Food Court – Includes fast food and restaurants operations Diverse – Cosmetics, bookstore, hair salon, pet shops and etc Home & Office – Electronic stores, decoration, art, office supplies, etc Services – Gyms, entertainment centers, theaters, medical centers, banks operations, and etc… Apparel – Women and men Clothing, shoe and accessories stores

31

1Q Q09 IIN NVESTOR RELATIONS o the good relations that the companyy aims to deve elop with its investors, and d with the ob bjective of As part of transpare ency, Multiplan n invites you all a to a confere ence call to disscuss the Com mpany’s fourth h quarter 2008 8 results.

onference Teleco English 4, 2009 May 14 12:30 pm p (Brasília) 11:30 am a (US EST) Tel.: +1 (973) 935-8 8893 9 Code: 97299428 Replay: +1 (706) 64 45-9291 9 Code: 97299438

se Portugues May 14, 20 009 11:00 am (Brasília) ( 10:00 am (US ( EST) Tel.: +55 (11) 2188-0188 Code: Multiplan 55 (11) 2188-0 0188 Replay: +5 Code: Multiplan

mation after th he event, Multiplan is entirrely at your disposal for If you still have questiions or need further inform act: additional clarifications. Please conta Armando o d’Almeida Neto Vice-President and Inve estor Relations Officer hers Hans Christian Melch R Man nager Planning and Investor Relations Rodrigo Tiraboschi R Anallyst Senior Investor Relations C Franco Carrion Investor Relations R Anallyst Tel.: +55 (21) 3031-52 224 322 Fax: +55 (21) 3031-53 E-mail: [email protected]

Disclaimerr This document may contain prospective state ements, which are e subject to riskss and uncertaintie es as they were based on expectations of the Company’s management m and on the informatio on available. These e prospects includ de statements con ncerning our mana agement’s current intentions or expectationss. Readers/inve estors should be aware that man ny factors may mean m that our future results differ from the forwa ard-looking statem ments in this document. The T Company has no obligation to update u said statem ments. The words "anticipate“, “wissh“, "expect“, “fo oresee“, “intend“, "plan“, "predict““, “forecast“, “aim m" and similar w words are intende ed to identify affirmations. Forward-looking statements refer r to future eve ents which may orr may not occur. Our O future financia al situation, opera ating results, mark ket share and competitive positioning may differ d substantiallyy from those exprressed or suggestted by said forward-looking statem ments. Many factorrs and values that can esttablish these results are outside the e company’s contrrol or expectation.. The reader/invesstor is encouraged d not to completely rely on the information above.

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