Third Quarter Of 2007

Third Quarter of 2007 Results and Supplementary Financial Information Report

Conference Call Portuguese November 13, 2007 11:00 am (Brasília) 8:00 am (US EST) Tel.: +55 (11) 4688-6301 Replay: +55 (11) 4688-6312 Code: MULTIPLAN

English November 13, 2007 12:30 pm (Brasília) 9:30 am (US EST) Tel.: +1 (480) 293-1744 Replay: +1 (303) 590-3030 Code: 3797968 1

3Q07 Earnings Release

Multiplan announces third quarter results with a Profit growth of 69% and 58% increase in the EBITDA Rio de Janeiro, November 12, 2007 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), the largest mall company by revenue in Brazil and most profitable company in its industry, with a portfolio of 12 owned malls, all market leaders in their cities, with two malls under construction with inauguration expected in August 2008 and May 2009, and four third party malls under management, announces its 3Q07 results. Except where stated otherwise, the following financial and operational information is based on consolidated figures in Brazilian Real, in accordance with generally accepted accounting principles in Brazil. All comparisons refer to the 3Q06, except where noted otherwise.

OPERATING AND FINANCIAL HIGHLIGHTS Change 3Q07/3Q06 Gross Revenue

Headquarters

Adjusted EBITDA

Adjusted Income

▲39.4%

▼31.9%

▲57.7%

▲69.0%

Multiplan recorded gross revenue in 3Q07 of R$93.1 million, an increase of 39.4% in relation to the R$66.8 million in 3Q06. Headquarter office expenses fell 31.9% to R$13.1 million in 3Q07, versus R$19.2 million in 3Q06. Adjusted EBTIDA rose 57.7% to R$48.9 million in the quarter, from R$31.0 million in 3Q06. Adjusted Income grew by 69.0% to R$40.4 million, against R$23.9 million in 3Q06. In partnership with WTorre group, Multiplan has launched a new business strategy of leasing corporate towers complex under a real estate mix used development. We are now exploring the opportunity to develop two towers and one hotel adjacent to MorumbiShopping. The expansion timeline was moved forward in the third quarter to increase Multiplan’s estimated GLA by 99,1% until 2009, from 18,905 sq.m. to 37,642 sq.m., leading its GLA from 252 thousand sq.m. to 350 thousand sq.m. in 2009, considering its two shopping under construction. Acquisition of several land parcels, in particular the 27,370 sq.m. lot adjacent to the mall ParkShoppingBarigüi, which will allow a future expansion linked to a multiuse project, which among other benefits, will provide the mall with a direct access to BR277, a heavy traffic expressway.

Operating Highlights (R$ '000) Gross Revenue Net Revenue Adjusted Income Income Margin EBITDA Shopping EBITDA ShoppingMargin Adjusted EBITDA Adjusted EBITDAMargin GLA Administered SC's GLA Own SC's Multiplan GLA

3Q07 93,081 85,095 40,357 47.43% 44,536 68.02% 48,936 57.51% 510,670 sq.m. 392,170 sq.m. 252,063 sq.m.

3Q06 66,773 61,313 23,887 38.96% 34,232 63.11% 31,033 50.61% 481,634 sq.m. 368,269 sq.m. 211,597 sq.m.

Chg. % ▲39.40% ▲38.79% ▲68.95% ▲8.47 p.p ▲30.10% ▲4.91 p.p ▲57.69% ▲6.89 p.p ▲6.03% ▲6.49% ▲19.12%

2

3Q07 Earnings Release

LETTER FROM THE CEO Dear Investors, It is with great pleasure that I present the results of Multiplan for the third quarter of 2007. These results underscore the Company’s excellent financial and operating performance, and its industry leadership in terms of profitability and revenue per square meter, with a portfolio that boasts the malls BarraShopping in Rio de Janeiro, MorumbiShopping in São Paulo, and BHShopping in Belo Horizonte. Multiplan’s strategy focuses on creating value for shareholders over the long term and sustainable growth supported by four pillars: Development of greenfield projects (in new areas with no infrastructure or buildings), expansion of the current portfolio, acquisitions and organic growth of operations. Since we already have one of the highest Gross Leasable Areas (GLA) in the industry, our focus is on higher value-added. In this light, and aligned with the international trend, we are launching greenfield projects comprising a multiuse concept: a single development that combines commercial and residential towers, entertainment centers and hotels, all located adjacent to malls, which naturally can take advantage of the heavy traffic of potential consumers. With this model we capture for our shareholders all of the value surrounding a mall’s development. Our mall portfolio generated gross revenue of R$84.5 million in the third quarter, an increase of 37.3% from the same quarter last year, while our sales per square meter rose by 14.12% and our mall occupancy rate stood at 97.5%. We also earned R$8.6 million from our real estate developments located adjacent to our shopping malls. These excellent results leave us feeling both very proud and hopeful. Proud, because we are now enjoying the fruit of what we planted over a long path of much work and effort. And hopeful because we believe in the future and because we want to build more, sell more and create more value for our shareholders. That is what drives us. Projects currently under construction include BarraShoppingSul, a R$190 million mall project to be opened in August next year in the city of Porto Alegre, which is already more than 90% leased. We also launched sales of space in a new mall in São Paulo, Shopping VilaOlímpia, which will be inaugurated in May 2009. We believe there is vast room for growth in Brazil, not only because the country has few malls, but primarily because today we are enjoying a new reality, with inflation under control, strong credit growth, higher income levels and specially the increase in the retail (14,2%). These factors, in combination with the chaotic urban situation of our main cities – with Brazilians preferring to shop and seek entertainment within the safety of a mall environment – lead us to project consistent visitor traffic in our malls. Lastly, I would like to reinforce our commitment to growth accompanied by quality and responsibility while pursuing all of the opportunities in Brazil’s mall industry. Sincerely,

José Isaac Peres CEO of Multiplan

3

3Q07 Earnings Release

FINANCIAL HIGHLIGHTS Overview Multiplan is the largest mall company in Brazil, developing, operating and holding one of the largest and highestquality mall portfolios in the country, with more than 30 years of experience in this industry. The company is also a strategic player in the residential and commercial property development industry, creating synergies with its mall-related projects and taking advantage of the rising value of properties adjacent to its malls. On September 30, 2007, Multiplan managed 14 malls, including own and third-party malls, for total GLA of 510,670 square meters (sq.m.), 3,222 stores and estimated traffic of 155 million consumers in 2006. According to data from ABRASCE, Multiplan is one of the largest mall administrators in Brazil, as borne out by the innumerable awards received from the entity. Considering the two malls under constrution, Multiplan will have majority control of ten of the 16 malls in its portfolio. Consolidated Financial Statements (R$ '000) Rent Service Revenue Key Money Parking Revenue Real Estate Sales Other Gross Revenue Revenue Tax Net Revenue Headquarters Non-recurring expenses Shopping Center Parking Cost of Real Estate Sold Equity pickup Amortization Financial Revenue Financial Expenses Non-recurring financial expenses Depreciation Other Operating Revenues/Expenses Operational Income Non-Operating Income Income Before Taxes Tax Income and Social Contribution Deferred Taxes Participation of the minority stockholders Net Income Adjusted EBITDA* EBIT FFO Adjusted Income

3Q07

3Q06

9M07

9M06

Chg. %

55,572 12,942 4,385 11,637 8,545 (0) 93,081 (7,986) 85,095 (13,069) (35,683) (13,583) (6,209) (5,012) 1,660 (30,022) 8,835 (5,771) (5,993) 53 (19,698) 0 (19,698) 842 (6,412)

44,269 11,657 3,353 2,288 5,206 66,773 (5,461) 61,313 (19,199) (3,548) (7,551) (2,738) (1,405) (28,694) 2,781 (2,057) (4,170) 613 (4,655) (744) (5,399) (1,816) -

Chg. % ▲25.5% ▲11.0% ▲30.8% ▲408.7% ▲64.1% ▲0.0% ▲39.4% ▲46.3% ▲38.8% ▼31.9% ▲905.8% ▲79.9% ▲100.0% ▲83.1% ▼218.2% ▲4.6% ▲217.7% ▲180.5% ▲0.0% ▲43.7% ▼91.3% ▲323.2% ▼100.0% ▲264.9% ▼146.4% ▲0.0%

162,393 35,931 13,811 25,385 18,908 (0) 256,428 (22,205) 234,223 (37,400) (37,044) (32,834) (13,687) (10,981) 3,833 (86,376) 11,899 (17,655) (16,449) 811 (1,659) 983 (675) (838) (6,726)

121,820 36,385 8,823 6,340 12,987 64 186,419 (15,281) 171,138 (52,510) (13,852) (21,044) (7,040) (702) (55,852) 8,949 (9,967) (30,530) (12,546) (18) (23,974) 951 (23,023) (13,015) (826)

▲33.3% ▼1.2% ▲56.5% ▲300.4% ▲45.6% ▼100.0% ▲37.6% ▲45.3% ▲36.9% ▼28.8% ▲167.4% ▲56.0% ▲100.0% ▲56.0% ▼645.7% ▲54.7% ▲33.0% ▲77.1% ▼100.0% ▲31.1% ▼4,711.3% ▼93.1% ▲3.4% ▼97.1% ▼93.6% ▲714.4%

(81) (25,348)

(1,140) (8,355)

▼92.9% ▲203.4%

(77) (8,316)

(7,167) (44,031)

▼98.9% ▼81.1%

48,936 12,921 46,350 40,357

31,033 (1,831) 28,057 23,887

▲57.7% ▼805.6% ▲65.2% ▲69.0%

143,966 41,141 131,553 115,104

89,824 21,426 68,749 56,203

▲60.3% ▲92.0% ▲91.4% ▲104.8%

*Adjusted EBITDA details on page 8.

Gross Revenue from Leases and Services

Multiplan’s gross revenue grew 39.4% to R$93.1 million in 3Q07, compared to the R$66.8 million in 3Q06, driven mainly by the higher revenue from leases in the quarter, as shown in the table below and detailed in the following paragraphs.

Revenue Increase

4

3Q07 Earnings Release 93,081

+39.40%

66,773 Real Estate Sales Parking Key Money Services

3Q06

3Q07

Rent Revenue

Revenue from rent in 3Q07 was R$55.6 million, up 25.5% over the R$44.3 million in the same period last year, spurred by the organic growth in revenue from malls, as well as the acquisitions made in the quarter – with conclusion of the acquisitions of 83.8% of Shopping PátioSavassi and 45% of IBR no DiamondMall – and inauguration of the expansion of MorumbiShopping. This amount does not include the revenue of R$1.3 million generated in the quarter from the additional acquisition of a 20% interest in the mall RibeirãoShopping.

Rent Revenue/Shopping 3Q07 (R$ '000) Minimum Overage Rent Merchandising

BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi BarraShoppingSul (BIG) Portfolio Total

7,301 2,937 10,502 9,701 3,474 4,155 1,077 2,200 4,338 1,205 7 46,896

307 134 339 387 342 325 22 171 223 188 2,438

3Q06 Minimum Overage Rent

900 449 998 1,369 617 352 167 459 654 271 6,237

6,776 2,601 9,259 7,307 3,355 1,889 942 2,037 3,799 7 37,971

Merchandising

158 84 201 137 303 95 11 99 304 1,393

914 368 909 1,191 484 163 142 296 438 4,905

Minimum rent rose by 23.5%, from R$38.0 million in 3Q06 to R$46.9 million in 3Q07. Overage rent was R$2.4 million, growing by 75.1% in relation to the 3Q06. Minimum and Overage Rent

BHShopping RibeirãoShopping

(R$ '000) 3Q07 7,608 3,071

3Q06 6,934 2,685

Chg. % ▲9.71% ▲14.37%

R$/sq.m. 3Q07 268 140

3Q06 245 122

Chg. % ▲9.71% ▲14.37%

5

3Q07 Earnings Release BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi BarraShoppingSul (BIG) Portfolio Total

10,842 10,088 3,816 4,480 1,099 2,371 4,560 1,393 7 49,334

9,460 7,444 3,658 1,984 953 2,136 4,103 7 39,363

304 326 162 240 100 201 131 107 0 202

▲14.61% ▲35.51% ▲4.33% ▲125.85% ▲15.35% ▲10.96% ▲11.15% ▲100.00% ▲0.00% ▲25.33%

267 266 155 212 86 181 118 1 186

▲13.77% ▲22.64% ▲4.28% ▲12.93% ▲15.35% ▲10.96% ▲11.61% ▲100.00% ▼50.00% ▲8.58%

All malls in the portfolio posted higher rent in the quarter in both absolute figures and per square meter compared to the 3Q06, of 25.3% and 8.6%, respectively, Services

Revenue from services increased by 11%, from R$11.7 million in the 3Q06 to R$12.9 million in the 3Q07, driven by the management of own malls, which was boosted by the solid performance of these malls. In line with its growth strategy based on the four pillars presented earlier in this report, Multiplan does not intend to go on managing third party malls where it does not hold any expressive interest. Services Revenue/Group Own Shopping Centers Non owned Shoppings Centers Real Estate Others Portfolio Total

3Q07 10,761 1,505 216 459 12,941

3Q06 10,061 1,388 208 0 11,657

Chg. % ▼6.96% ▲8.43% ▲3.90% ▲11.01%

Key Money

Revenue from key money in 3Q07 grew by 30.8%, from R$3.4 million in 3Q06 to R$4.4 million this quarter, mainly owing to the inauguration of the MorumbiShopping expansion and the recent acquisitions of Shopping PátioSavassi and 45% of IBR in DiamondMall. Key Money/Type (R$ '000) Recurrent (Key Money due to operation) Non Reccurrent (Key Money due to construction) Total

3T07 1,533 2,852 4.385

3T06 1,373 1,979 3.353

Var. % ▲11.67% ▲44.06% ▲30,80%

Parking

Revenue from parking operations in the quarter climbed 408.8% to R$11.6 million, from R$2.3 million in 3Q06, pushed by new processes for the company’s parking operations, which since the start of the second quarter began to be operated exclusively by the subsidiary Multiplan Administradora de Shopping Centers Ltda. (MTA), which no longer allocates the gross revenue from parking operations, but rather the net in the income statement, as was previously the case. The new process has already been implemented at the malls BarraShopping, New York City Center, MorumbiShopping, DiamondMall and BH Shopping. In 2008, Shopping AnáliaFranco and ParkShoppingBarigüi will begin to use the new services provided by MTA.

Parking Revenue/Shopping (R$ '000) BHShopping BarraShopping MorumbiShopping DiamondMall New York City Center Pátio Savassi

3Q07 1,333 4,081 3,933 840 838 612

% 11.45% 35.07% 33.80% 7.22% 7.20% 5.26%

3Q06 320 887 666 153 262 -

% 13.97% 38.78% 29.13% 6.68% 11.44% 0.00%

Chg. % ▲317.06% ▲360.06% ▲490.30% ▲449.88% ▲220.37% ▲100.00%

6

3Q07 Earnings Release Portfolio Total

2,287 100.00% ▲408.77%

11,637 100.00%

Development

Revenue from property development in 3Q07 was R$8.5 million, up 64.1% on the R$5.2 million in 3Q06. This revenue came mainly from progress in the construction of the Professional Center MorumbiShopping tower in the quarter. Mall Expenses

Mall expenses increased from R$7.6 million in 3Q06 to R$13.6 million in 3Q07. The increase of R$6.0 million was chiefly due to the new operations in 4Q06 and 2007, and therefore, with consequence to 3Q07, that represents R$1.2 million and by the initiative to buyback locations in malls in preparation for future expansions, in the value of R$1.3 million. Moreover, in 3Q06, since the time of the merger of subsidiaries into Multiplan, a provision was not created for mall expenses, which was later created in 4Q06 with an aggregated value for 2S06 of R$5.0 million, in which does not represent even 2% of Multiplan annual rent revenues . Parking Expenses

Multiplan, through its new parking operations, and the full recognition of this revenue in its income statement, began reporting a new type of cost: costs with parking operations, which totaled R$ 6.2 million in the quarter. Previously, parking revenue was considered as net revenue recognized in the company’s income statement, which distorted operating margins. Operating and Development Expenses

G&A expenses in the quarter declined by 31.9% against the 3Q06, mainly due to improvements in processes and systems in the development phase. G&A (R$ '000) Shopping overhead Development overhead Total G&A

3Q07 7,354 5,715 13,069

(R$ '000) G&A Expenses

1Q07 (9,324)

% 56.27% 43.73% 100.00%

2Q07 (15,007)

3Q06 12,456 6,743 19,199

3Q07 (13,069)

% Chg. % 64.88% ▼40.96% 35.12% ▼15.25% 100.00% ▼31.93%

Total (37,400)

Cost of Property Sold and Equity Income from SCP Royal Green Peninsula

The cost of property sold increased by 83.1%, from R$2.7 million in 3Q06 to R$5.0 million in 3Q07, due to the development of Professional Center MorumbiShopping, which has already sold more than 93% of its office space and the end of construction was on October 2007. The Royal Green Peninsula results are part of the equity pick-up in 3Q07. As of September 2007, 84% of units in the project had been sold. 3Q07 (RS'000) Revenue Cost Margin Royal Green Península 4,938 2,820 42.89% CP MorumbiShopping 8,320 5,012 39.76% Others 226 0 Total 13,483 7,832 41.92%

(R$'000) Royal Green Península CP MorumbiShopping Total

Revenue 3,422 4,888 318 8,629

3Q06 Cost 472 2,710 28 3,210

Margin 86.21% 44.57% 91.21% 62.80%

Acummulated Revenue 29,371 38,081

Cost 18,143 21,849

Margin 38.23% 42.63%

Revenue 72,559 45,694

Budget Cost 42,430 23,839

Margin 41.52% 47.83%

67,451

39,992

40.71%

118,253

66,268

43.96%

7

3Q07 Earnings Release

Financial Result, Debt and Cash

The R$38 million in loans contracted with Banco Bradesco were settled in the quarter. The loans had been used to acquire the mall Shopping PátioSavassi in the city of Belo Horizonte. The debt contracted with Banco Modal S/A (BNDES onlending operation) was also settled, which in 2Q07 represented R$903,000. As a result of this retirement and amortization of debt, total loans and financing declined from R$79.0 million in 2Q07 to R$42.8 million in 3Q07. The increase in financial income was due to investment of the net proceeds raised from the company’s IPO.

Financial Institutions Short-Term BNDES Companhia Real de Distribuição Sub-Total Short-Term Long-Term BNDES Companhia Real de Distribuição Sub-Total Long-Term

Indebtedness 3Q07 %

Indexation

Average Annual Interest rate

TJLP IGP-M

5.2% -

17.506 26 17.532

40,91% 0,06% 40,97%

TJLP IGP-M

5.2% -

24.382 878 25.260

56,98% 2,05% 59,03%

42.792 100,00%

Indebtedness Total

Amortization Schedule (Long Term)

Debt Indexation

13.562

IGP-M: 2,42% Companhia Real de Distribuição BNDES Total

5.237

TJLP: 97,58%

4.262 2.199

2008

2009

2010

2011

Adjusted Net Income

Adjusted net income was R$40.4 million in the quarter, an increase of 69.0% in relation to the R$23.9 million registered in 3Q06.

Adjusted EBITDA

Adjusted EBITDA was R$48.9 million in the quarter, 57.7% higher than the R$31.0 million recorded in 3Q06. In the 9M07, adjusted EBITDA was R$144 million, an increase of 60.3% in relation to the R$89.8 million in 9M06. EBITDA Calculation Net Income Tax Income and Social Contribution Non-Operating Income Financial Result Depreciation and Amortization

3Q07 (25,348) 5,569 (0) (3,064) 5,993

3Q06 (11,903) 1,816 744 2,824 4,170

Chg. % ▲112.96% ▲206.67% ▼100.00% ▼208.51% ▲43.72%

9M07 9M06 (8,316) (44,031) 7,564 13,841 (983) (951) 5,755 31,548 16,449 12,546

Chg. % ▼81.11% ▼45.35% ▲3.37% ▼81.76% ▲31.11%

8

3Q07 Earnings Release Participation of the minority stockholders Goodwill Amortization Non-recurring expenses Adjusted EBITDA

81 30,022 35,683 48,936

1,140 ▼92.93% 77 ▲4.63% 28,694 86,376 3,548 ▲905.77% 37,044 ▲ 57.69% 31,033 143,966

7,167 ▼98.92% 55,852 ▲54.65% 13,852 ▲167.43% 89,824 ▲60.28%

Multiplan, as a full-service company and because it is constantly seeking to take advantage of the best real estate opportunities in the areas surrounding its malls, has differentiated margins for each of its businesses, with head office expenses apportioned across the different businesses. Mall margins rose 491 bps, from 63.1% to 68.0%. 3Q07 3Q06 (R$ '000) Net Revenue Cost EBITDA Margin Net Revenue Cost EBITDA Margin Shopping 65,474 (20,937) 44,536 68.0% 54,239 (20,007) 34,231 63.1% Parking (6,209) 5,155 45.4% 2,076 2,076 100.0% 11,363 Real Estate* 13,195 (7,832) 5,364 40.6% 8,420 (3,210) 5,210 61.9% Development (5,715) (5,715) 0.0% (6,743) (6,743) 0.0% Equity Pick-up Impact* (4,938) 4,480 (458) 9.3% (3,422) (933) (4,355) 127.3% Other Oper.Results 53 53 0.0% 613 613 0.0% Resultados Oper. 85,094 (36,159) 48,935 57.5% 61,312 (30,280) 31,033 50.6% *The income and expenses from the Royal Green Peninsula project are booked under development and adjusted in the equity income line to better show the company’s margins for development projects.

EBITDA Breakdown

48,935

+3,897 +3,079

+154

-560

+1,028

+10,306

EBITDA 3Q07

Other Oper. Results

Equity Pickup Impact

Development

Real Estate

Parking

Shopping

EBITDA 3Q06

31,033

9

3Q07 Earnings Release

MAIN PERFORMANCE INDICATORS Operating Performance Indicators (R$ '000) Financials Gross Revenue Net Revenue Headquarters Rent Revenue Rent Revenue/sq.m.* Adjusted EBITDA Adjusted EBITDA/sq.m.* Adjusted EBITDA Margin Shopping EBITDA Shopping EBITDA/sq.m.* Shopping EBITDA Margin Adjusted FFO Adjusted FFO/sq.m.* Performance Total GLA Own GLA* NOI NOI/sq.m. Total Sales Total Sales/sq.m. Same Stores Sales/sq.m. Same Stores Rent/sq.m. Turnover Occupancy Rate Delinquency

3Q07 93,081 85,095 13,069 55,572 241.79 R$/sq.m. 48,936 212.92 R$/sq.m. 57.51% 44,536 193.77 R$/sq.m. 68.02% 46,350 201.67 R$/sq.m. 3Q07 377,770 sq.m. 229,837 sq.m. 83,366 220.68 R$/sq.m. 1,029,793 2,725.98 R$/sq.m. 2,707.00 R$/sq.m. 216.25 R$/sq.m. 1.87% 97.50% 4.48%

3Q06 66,773 61,313 19,199 44,269 216.58 R$/sq.m. 31,033 151.83 R$/sq.m. 50.61% 34,232 167.48 R$/sq.m. 63.11% 28,057 137.27 R$/sq.m. 3Q06 353,869 sq.m. 204,397 sq.m. 66,829 188.85 R$/sq.m. 845,313 2,388.77 R$/sq.m. 2,367.24 R$/sq.m. 195.57 R$/sq.m. 0.86% 96.13% 6.56%

Chg. % ▲39.40% ▲38.79% ▼31.93% ▲25.53% ▲11.64% ▲57.69% ▲40.24% ▲6.89 p.p ▲30.10% ▲15.70% ▲4.91 p.p ▲65.20% ▲46.92% Chg. % ▲6.75% ▲12.45% ▲24.75% ▲16.85% ▲21.82% ▲14.12% ▲14.35% ▲10.57% ▲1.00 p.p ▲1.36 p.p ▼2.07 p.p

* These areas do not include the BIG Supermarket and the additional interest in RibeirãoShopping. If included, Multiplan’s GLA would be calculated as shown below

Ajustes de ABL Initial GLA BarraShoppingSul RibeirãoShopping (additional 20%) Final GLA

3Q07 229,837 sq.m. 14,400 sq.m. 7,826 sq.m. 252,063 sq.m.

3Q06 204,397 sq.m. 7,200 sq.m. 0 sq.m. 211,597 sq.m.

Var. % ▲12.45% ▲100.00% ▲100.00% ▲19.12%

10

3Q07 Earnings Release

GROWTH STRATEGY Multiplan has a consistent growth strategy focused on return on investment. In addition to organic growth, Multiplan has identified four main ways to grow: 1.

2.

3.

4.

Development of new malls and multiuse projects: New malls may be developed in less exploited areas that appeal to domestic retailers, as well as in areas with high capacity for absorbing this kind of investment. The main positive aspect of the development of new projects is the unleveraged and real return rate of more than 15%. New malls also offer potential synergies with real estate projects, in addition to future expansions. Expansion of existing malls: the expansion of already-existing malls represents a highly profitable means of consolidating a mall, since it increases consumer traffic and loyalty, improves bargaining power with tenants, defends against others competitors and increases its competitiveness and the importance of the project in its geographical base. The unleveraged real rates of return exceed 20%, since the land is already paid for and retailers are already established. Acquisition of minority interests: The acquisition of minority interests in malls in which Multiplan already hold an interest not only increases the share in the mall’s results, but also results in substantial benefits from the implementation of the management in developments. In addition to management, the consolidation or acquisition of control in malls allows Multiplan to determine the best moment for future expansions, revitalizations and changes in mix. Moreover, this growth path does not add any fixed costs to the company, since the investment consists of only the acquisition of the asset (additional interest). Acquisition of third-party malls: The acquisition of projects already in operation represents a rapid form of growth. In these cases, we look for potential improvement in performance, and especially the potential for sinergies with the existing portfolio. When assessing the acquisition of malls already in operation, Multiplan analyze the following factors: project age, size, management, expansion potential and existing lease rates.

Revision of Expansion Schedule The present timeline of projects to be developed by the company is shown below, already considering the bringing forward of some expansions give the high demand in its malls (effect shown in the smaller chart). Considering only these approved projects, weighted by the expected interest in each, and not including any future acquisitions and new projects currently being analyzed, the company is excpected to expand its own GLA by 50%, representing the addition of 127,000 sq.m..

Thousand

Growth Schedule of Multiplan GLA based in expansions and new SC announced 400 sq. m. 379 sq. m. 379 sq. m. 380 sq. m. 350 sq. m.

360 sq. m. 340 sq. m.

357 sq. m.

326 sq. m. 314 sq. m.

320 sq. m.

+99%

300 sq. m.

38 sq. m.

19 sq. m.

280 sq. m. 260 sq. m.

252 sq. m. Prospect

Current

240 sq. m. New Mall Development Mall Expansions Total

220 sq. m. 200 sq. m. Current

2H08

1H09

2H09

1H10

2H14

1H15

11

3Q07 Earnings Release

CAPEX

Multiplan invested R$85.2 million in its growth strategy in the quarter. Capex (R$ ‘000) Refurbishment

Shopping Development

3Q07 2,087

16,038

Shopping Expansion

% Reference 2.45% ▪ BarraShopping ▪ MorumbiShopping ▪ ParkShopping 18.83% ▪ BarraShoppingSul ▪ Shopping VilaOlímpia

670

0.79%

Land Acquisition

11,388

13.37%

Shopping Acquisition

54,997

64.57%

85,180

100.00%

Total

▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪

ParkShopping Exp. Fashion RibeirãoShopping Exp. V BH Shopping Exp. V Shopping AnáliaFranco Exp. I BarraShopping Antiquarius Shopping PátioSavassi MorumbiShopping Shopping VilaOlímpia Shopping PátioSavassi (Asset Value)

Use of Proceeds

Use of Proceeds Aquisition of third party shoppings and minority interest in owned shoppings Development and construction of BarraShoppingSul and Shopping VilaOlímpia Current Expansions under development Acquisition of new land parcels Working capital requirements Total

IPO

Used (2Q-3Q07)

Commited Balance until 2008 2008

273.0

161.6

0.0

111.4

139.8 119.8 93.2 40.0 665.8

17.9 1.7 46.7 44.1 272.0

135.8 66.5 0.0 0.0 202.3

0.0 51.6 46.5 0.0 209.5

Malls under Development Operating Data Shopping BarraShoppingSul Shopping Vila Olímpia Total

GLA 52,336 sq.m. 26,997 sq.m. 79,333 sq.m.

% 100.0% 30.0% 76.2%

Financial Data Shopping 100% Capex MTE Capex Used Capex Key Money BarraShoppingSul 190.9 190.9 20.2% 30.5 Shopping Vila Olímpia 119.7 50.3 2.0% 22.1 310.6 241.2 13.2% 52.6

Launch Apr-07 Jul-07

NOI 1st year 25.2 6.5 31.7

Inauguration Aug-08 May-09

NOI 3rd year 32.0 7.7 39.7

BarraShoppingSul – Complete success, with more than 90% of GLA leased and under construction

BarraShoppingSul, a 100%-Multiplan project under construction in the city of Porto Alegre, already has more than 90% of stores leased, with inauguration expected in August 2008. The progress of the mall’s construction can be viewed on the website on the mall link. Total cost is R$191 million and Multiplan expect to receive R$31 million in key money, for net investment of R$160 million. Thus, on a cash-on-cash basis, the project is expected to provide a cash-on-cash return of 15% in the first year.

12

3Q07 Earnings Release Shopping VilaOlímpia – Extremely well received!

Shopping Vila Olímpia, a project in which Multiplan has a 30% interest, is located in the city of São Paulo. Leasing process were launched on September 30, and 20% of the leased area is under negotiation. The project will cost R$120 milion, and Multiplan will be responsible for 42% of the construction cost (due to its groundlease), or R$50 million. Investment including the key money from the project is estimated at R$28 million, and the project is expected to generated net operating revenue for Multiplan in the first year of R$6.5 million, which on a cash-on-cash basis represents a return over of 23% in the first year.

Mall Expansions Operating Data Shopping BHShopping Expansão RibeirãoShopping Expansão Shopping AnáliaFranco Expansão ParkShopping Exp. Adequação ParkShopping Espaço Gourmet ParkShoppingBarigüi Expansão II ParkShoppingBarigüi Espaço Gourmet BarraShopping Expansão VII DiamondMall Expansão II BarraShoppingSul Expansão Total

GLA 12,500 sq.m. 8,191 sq.m. 11,786 sq.m. 3,072 sq.m. 3,346 sq.m. 14,784 sq.m. 2,188 sq.m. 3,462 sq.m. 5,299 sq.m. 21,638 sq.m. 86,266 sq.m.

% 80.00% 76.17% 30.00% 59.98% 59.98% 84.00% 84.00% 51.07% 90.00% 100.00% 76.57%

Launch Oct-07 Oct-07 Sep-07 Mar-07 Oct-07 Aug-08 Sep-07 May-08 Mar-09 Apr-13

Inauguration Sep-09 Nov-08 Apr-09 Oct-08 Apr-10 Nov-09 Aug-08 Nov-09 Mar-10 Dec-14

Financial Data

BHShopping Expansão RibeirãoShopping Expansão Shopping AnáliaFranco Expansão Total

100% CapexMTE CapexUsed CapexKey Money NOI 1st year NOI 3rd year 71.6 57.3 0.1% 11.0 6.3 7.6 23.2 17.7 0.7% 2.7 2.4 2.8 56.8 17.0 0.2% 4.0 2.0 2.3 151.6 92.0 0.3% 17.7 10.7 12.7

Aligning expansions with the market: DiamondMall and ParkShoppingBarigui

From the viability studies of the market and considering the demand revealed for innumerable tenants. Multiplan is evaluating the anticipation of expansion II of ParkShoppingBarigüi in 22 months, which is the second bigger expansion (14.784sq.m.) planned of the company in a shopping in which it holds the second bigger participation (84%). At the same time Multiplan decided to postpone in 12 months the expansion II of DiamondMall. Future we will be released more details of the same ones.

BH Shopping Expansion V – New third floor will expand by 35% the most profitable mall in Belo Horizonte

Expansion V will be inaugurated in September 2009, with approximate GLA of 12,500 sq.m., with roughly 100 stores, two of which are anchor stores. The expansion will increase the mall’s GLA by some 35% and seeks to further strengthen BH Shopping as the top-of-mind mall in Belo Horizonte. Multiplan holds a 80% stake in this mall. The project consists of a new floor with approximately 20,000 sq.m. in area for stores and mall, and 1,000 new parking spaces, in a total area of 35,000 sq.m.. In 2006, BH Shopping generated net operating revenue of R$1,060.65/sq.m., while a study used a net operating revenue in the first year of R$634.81/sq.m.. RibeirãoShopping Expansion V – Earlier and larger expansion for the city's fastest-growing region

Given the strong preference of tenants for RibeirãoShopping, a mall located in the area of the city of Ribeirão Preto that is registering the fastest growth in residential development, the inauguration of the expansion will now take place five months ahead of schedule. Moreover, the expansion was increased by 1,398 sq.m., which will increase the mall’s total area by 8,191 sq.m., adding 21% to the mall’s current GLA, in which we hold 74% interest.

13

3Q07 Earnings Release The project involves expanding the existing main floor and adding five new restaurants near the movie theathers, for a total of 28 new stores, of which two are anchor stores. The mix includes new restaurant options, and international and national tenants, mainly from the Rio de Janeiro and São Paulo areas. Research shows that these brands are highly coveted by the local public, and the companies have shown strong interest in becoming part of the project. In 2006, RibeirãoShopping generated net operating revenue of R$471.14/sq.m., while the company study used a net operating revenue in the first year of R$376.72/sq.m. for this expansion. Shopping AnáliaFranco Expansion I – Consolidation of leadership in São Paulo’s east zone

The expansion will be inaugurated in the first half of 2009 and had GLA of 11,786 sq.m.. The expansion will increase the mall’s GLA by some 30% and seeks to further strengthen its position as one of the most visited malls in São Paulo, with approximately 15.5 million visitors in 2006. The project will be carried out on the third floor of the mall and comprise 89 new stores (with 2 anchors). In 2006, Shopping AnáliaFranco generated net operating revenue of R$735.20/sq.m., with estimated net operating revenue in the first year of R$577.00/sq.m. for this expansion.

Land Acquisition Terrain MorumbiShopping Shopping PátioSavassi

1,069 947 sq.m.

Area

Shopping Vila Olímpia

928 sq.m.

Price (%MTE) Description R$ 7,2 mm Adjacent to the Shopping R$ 2,6 mm Adjacent to the ao Shopping

R$ 2,1 mm

Adjacent to the Shopping – Acquired through the coligated MPH Ltda.

Acquisition of Third-Party Malls Shopping Shopping PátioSavassi

GLA 15,545 sq.m.

% 83.8%

Date 16-jul-07 12-set-07 Total

Payments (R$) 93.296.170 28.430.442 121.726.612

Shopping PátioSavassi – Conclusion of transaction

On September 13, Multiplan concluded the acquisition of 100% of the shares in the company Cil Participações Ltda., which holds 18.63% of Shopping PátioSavassi, located in the city of Belo Horizonte, Minas Gerais. The total value of the operation was R$37,114,712.96, which was fully settled through the payment of the balance of the acquisition price in the amount of R$28,430,441.84. Upon conclusion of the acquisition, Multiplan, advancing its strategy of increasing its interest in Shopping PátioSavassi, now holds approximately 84% of the mall, which was inaugurated in 2004 and has GLA of 15,545 sq.m.. With the objective of maintaining the integrity of the criteria adopted by the company for the calculation of GLA, the kiosk and parking areas were reclassified, generating GLA of 15,545 sq.m..

14

3Q07 Earnings Release

RECENT EVENTS Office Tower besides MorumbiShopping – A major project for the company’s debut in leasing of office space

On September 27, 2007, Multiplan, in partnership with Grupo WTorre, signed a contract for the development of a new real estate project for a 40,000-sq.m. lot located between the Marginal Pinheiros expressway and Henry Dunant street. Currently under analysis is the construction of two commercial towers and a five-star hotel integrated with the mall MorumbiShopping. The implementation of a multiuse project is being studied, in accordance with the international trend in the industry, taking advantage of the mall's attractiveness and growth in the value of projects located near the mall (major consumer, entertainment and service centers) for the construction on surrounding lots of commercial and residential towers and hotels. Project Estimates

Project Interest Land (sq.m.) Construction Área(Expected) GLA (Expected) Yearly Rent (Expected) Monthly Rent (Expected)

Commercial Towers Five stars Hotel 50% 40.000 sq.m. 160.000 sq.m. 120.000 sq.m. R$ 100,8 mm 70,00 R$/ sq.m.

15

3Q07 Earnings Release

ParkShoppingBarigüi Lot – 27,400 sq.m. for multiuse project

On September 28, 2007, Multiplan acquired three lots adjacent to the mall ParkShoppingBarigüi, with total area of 27,370 sq.m.. The acquisition will enable Multiplan to develop a multiuse project and rationalize the future expansion of the ParkShoppingBarigui mall, with the construction of commercial towers, forming a multiuse complex with as much as 240,000 sq.m. in built area. Under the conditions established in the instrument, Multiplan will hold an interest of 94% in the property in exchange for the delivery to Deneli Administração e Participações Ltda. of 6% of the condominium constituting the ParkShoppingBarigui mall.

Project Estimates

Project Interest Land (sq.m) Construction Area (Potencial) Construction Area (Phase I Approved) Construction Area (Potential New Land) GLA (Potencial) Yearly Rent (Expected) Monthly Rent (Expected)

Commercial Towers Future Expansion 94% 27,370 sq.m 240,000 sq.m 187,878 sq.m 52,122 sq.m 18,000 sq.m R$ 10,8 milhões 50.00 R$/sq.m

16

3Q07 Earnings Release

CAPITAL MARKETS Volume (R$ mil)

MULT3

IBOV IBOV; 114,2%

120%

120.000.000

100%

100.000.000

MULT3; 106,8% 80%

80.000.000

60%

60.000.000

40%

40.000.000

20%

20.000.000

Capital Market Data Shares ON Free-Float Closing Price (R$/share) Maximum Price (R$/share) Minimum Price (R$/share) Market Cap Period Change

9/11

2/11

26/10

19/10

12/10

5/10

28/9

21/9

14/9

7/9

31/8

24/8

17/8

10/8

3/8

27/7

0%

27/7 to 12/11 147.799.741 25,02% 26,70 27,97 21,45 3.946.253.085 ▲6,80%

17

3Q07 Earnings Release

OUR PORTFOLIO (3Q07) 10

5

6 1

2 MG

DF

8

7

SP RJ

PR

3

9 RS 4

12

11

Shopping Operating SC's BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi BarraShoppingSul (BIG) Sub-Total Operating SC's Under development SC's/Exp 11 BarraShoppingSul 12 Shopping VilaOlímpia BHShopping Expansão RibeirãoShopping Expansão Shopping AnáliaFranco Expansão ParkShopping Exp. Adequação Sub-Total Under development SC's/Exp 1 2 3 4 5 6 7 8 9 10

State

Multiplan %

GLA 3Q07

MG SP RJ SP DF BH RJ SP PR BH RS

35,450 sq.m. 80.00% 39,130 sq.m. 76.17% 69,822 sq.m. 51.07% 54,999 sq.m. 56.30% 39,293 sq.m. 59.98% 20,757 sq.m. 90.00% 22,068 sq.m. 50.00% 39,310 sq.m. 30.00% 41,396 sq.m. 84.00% 15,545 sq.m. 83.81% 14,400 sq.m. 100.00% 64.27% 392,170 sq.m.

RS SP MG SP SP DF

52,336 sq.m. 100.00% 26,997 sq.m. 30.00% 12,500 sq.m. 80.00% 8,191 sq.m. 76.17% 11,786 sq.m. 30.00% 3,072 sq.m. 59.98% 71.42% 114,882 sq.m.

Portfolio Total 65.89% 507,052 sq.m. * Corresponding to BIG Supermarket, which is already operational.

NOI 3Q07

NOI 3Q06

Sales 3Q07

(R$ ‘000) 9,346 8,145 120,742 5,257 4,263 73,836 20,373 18,313 219,210 19,172 14,743 181,729 6,454 6,191 118,335 4,677 4,156 57,011 2,222 1,619 31,927 8,149 5,235 92,943 4,697 4,164 91,996 3,020 42,065 83,366 66,829 1,029,793 -

-

-

83,366 66,829 1,029,793

18

3Q07 Earnings Release

ATTACHMENTS ATTACHMENT I Profit and Losses (R$ '000) Rent Service Revenue Key Money Parking Revenue Real Estate Sales Other Gross Revenue Revenue Tax Net Revenue Headquarters Non-recurring expenses (IPO) Shopping Center Parking Cost of Real Estate Sold Equity pickup Amortization Financial Revenue Financial Expenses Non-recurring financial expenses Depreciation Other Operating Revenues/Expenses Operational Income Non-Operating Income Income Before Taxes Tax Income and Social Contribution Diferred Taxes Participation of the minority stockholders Net Income Adjusted EBITDA EBIT FFO Adjusted Income

3Q07

3Q06

9M07

9M06

Chg. %

55,572 12,942 4,385 11,637 8,545 (0) 93,081 (7,986) 85,095 (13,069) (35,683) (13,583) (6,209) (5,012) 1,660 (30,022) 8,835 (5,771) (5,993) 53 (19,698) 0 (19,698) 842 (6,412) (81) (25,348)

44,269 11,657 3,353 2,288 5,206 66,773 (5,461) 61,313 (19,199) (3,548) (7,551) (2,738) (1,405) (28,694) 2,781 (2,057) (4,170) 613 (4,655) (744) (5,399) (1,816) (1,140) (8,355)

Chg. % ▲25.5% ▲11.0% ▲30.8% ▲408.7% ▲64.1% ▲0.0% ▲39.4% ▲46.3% ▲38.8% ▼31.9% ▲905.8% ▲79.9% ▲100.0% ▲83.1% ▼218.2% ▲4.6% ▲217.7% ▲180.5% ▲0.0% ▲43.7% ▼91.3% ▲323.2% ▼100.0% ▲264.9% ▼146.4% ▲0.0% ▼92.9% ▲203.4%

162,393 35,931 13,811 25,385 18,908 (0) 256,428 (22,205) 234,223 (37,400) (37,044) (32,834) (13,687) (10,981) 3,833 (86,376) 11,899 (17,655) (16,449) 811 (1,659) 983 (675) (838) (6,726) (77) (8,316)

121,820 36,385 8,823 6,340 12,987 64 186,419 (15,281) 171,138 (52,510) (13,852) (21,044) (7,040) (702) (55,852) 8,949 (9,967) (30,530) (12,546) (18) (23,974) 951 (23,023) (13,015) (826) (7,167) (44,031)

▲33.3% ▼1.2% ▲56.5% ▲300.4% ▲45.6% ▼100.0% ▲37.6% ▲45.3% ▲36.9% ▼28.8% ▲167.4% ▲56.0% ▲100.0% ▲56.0% ▼645.7% ▲54.7% ▲33.0% ▲77.1% ▼100.0% ▲31.1% ▼4,711.3% ▼93.1% ▲3.4% ▼97.1% ▼93.6% ▲714.4% ▼98.9% ▼81.1%

48,936 12,921 46,350 40,357

31,033 (1,831) 28,057 23,887

▲57.7% ▼805.6% ▲65.2% ▲69.0%

143,966 41,141 131,553 115,104

89,824 21,426 68,749 56,203

▲60.3% ▲92.0% ▲91.4% ▲104.8%

19

3Q07 Earnings Release ATTACHMENT II ASSETS Short Term Assets Cash Accounts Receivable Loans Receivable and Prepaid Acc. ST Diverse loans and advancings Taxes and contributions to recoup Other Total Short Term Assets Long Term Assets Credit with related Parties Accounts Receivable Loans Receivable and Prepaid Acc. LT Fixed assets to be sold Diverse loans and advancings Legal Deposit Differed income tax Other Total Long Term Assets Permanent Investments Fixed Assets Differed Assets Total Permanent Total Assets LIABILITIES Short Term Liabilities Loans and Financings Share Acquisition Accounts payable Obligations for acquisition of good Taxes and contributions to collect Tax payments Difered Taxes Dividends to pay Debt with Related Parties Advancings for customers Other Total Short Term Liabilities Long Term Liabilities Loans and Financings Aquisiton of Assets Debt with Related Parties Obligations for acquisition of good Tax payments Difered Taxes Provision for contingencies Total Long Term

3T07

2T07

475,243 58,830 817 3,884 8,210 (0) 546,983

12,039 45,996 897 41,850 6,837 152 107,771

(0) 210 12,088 76,032 2,915 14,404 187,815 840 294,304

1,192 355 10,995 74,719 3,062 14,222 193,963 44 298,551

153,784 711,650 416,904 1,282,338

42,804 644,750 441,349 1,128,903

2,123,625

1,535,225

3T07

2T07

17,532 48,994 9,471 44,874 6,564 253 211 3 340 2,634 130,876

27,212 44,114 5,955 53,008 6,396 319 430 858 664 138,955

25,260 0 21,137 1,807 17,271 65,475

51,829 47,211 (0) 25,644 1,849 16,488 143,021

81,194

70,023

1,280

1,236

Equity Capital Capital Reserves Income Reserve UTD Income Tax Benefit Reseve Reavalitaion Reserve Dividends to pay Equity Taxes Total Equity

952,747 932,425 (40,371) 1,927,275

264,419 932,425 (14,854) 1,253,249

Total Liabilities and shareholders equity

2,123,625

1,535,225

Expected Incomes Participation of the minority stockholders

20

3Q07 Earnings Release

GLOSSARY GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus the stores sold. GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding kiosks. Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall. Net Operating Income (NOI): Refers to the sum of the operating income and income from parking operations. To calculate NOI, the management fee is considered an expense. Revenue taxes are not considered. EBITDA: Net income (loss) plus expenses with income tax and social contribution on net income, non-operating income, financial result, depreciation and amortization, minority interest and non-recurring expenses. EBITDA does not have a single definition, and this definition of EBITDA may not be comparable with the EBITDA used by other companies. Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO, restructuring costs, depreciation and amortization. Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from acquisitions and mergers. Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization. Minimum Rent: Base rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent is a percentage of sales. Overage / Complementary / Supplementary Rent: The difference between the minimum rent and the rent consisting of a percentage of sales, as determined in the lease agreement. This amount is only paid if the percentage rent is higher than the minimum rent. Merchandising: Merchandising consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall. Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 sq.m. to be considered anchors. Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended for general retailing. Sales: Declared sales of stores in each of the malls in the quarter. Same-Store Sales/sq.m.: Sales of stores that were in operation in both 3Q06 and 3Q07 divided by the average GLA of the mall. Same-Store Rent/sq.m.: Rent earned from stores that were in operation in both 3Q06 and 3Q07 divided by the average GLA of the mall. Occupancy: Total GLA of a mall divided by the area leased. Potential Sales Volume (PSV): Refers to the total number of units for sale in a real estate development, multiplied by the list price of units.

21

3Q07 Earnings Release

INVESTOR RELATIONS As part of the good relations we aim to develop with our new investors, and with the objective of transparency, Multiplan invites you all to a conference call to discuss the Company’s third quarter 2007 results.

Conference Call Portuguese November 13, 2007 11:00 am (Brasília) 8:00 am (US EST) Tel: +55 (11) 4688-6301 Replay: +55 (11) 4688-6312 Code: MULTIPLAN

English November 13, 2007 12:30 pm (Brasília) 9:30 am (US EST) Tel: +1 (480) 293-1744 Replay: +1 (303) 590-3030 Code: 3797968

If you still have questions or need further information after the event, Multiplan is entirely at your disposal for additional clarifications. Please contact: Mário Augusto Nogueira de Paula Chief Financial and Investor Relations Officer Hans Christian Melchers Planning and Investor Relations Manager

Tel.: +55 (21) 3433-5224 Fax: +55 (21) 3433-5322 E-mail: [email protected]

22