4Q08

COMPANY INITIAL PRESENTATION

Version 1.0
 4Q08

BRAZIL AND SHOPPING CENTER MARKET

MULTIPLAN PRESENTATION
OUR PORTFOLIO
GROWTH STRATEGY
MODELING
FINANCIAL AND OPERATIONAL HIGHLIGHTS

2
 4Q08

Highlights – Brazil
Investment Grade Achieved Brazilian Social Class Structure
11.1% 11.6% 12.4% 13.3% 14.2% 15.2%

42.4% 44.4% 46.1% 48.2% 50.2% 52.3%

Class A/B

Class C

Class D/E

46.5% 44.0%
Standard & Poors on 30 Fitch Ratings on 29 of 41.5%
38.5%
35.6%
of April 2008 upgraded May 2008 upgraded 32.5%
Brazil's long-term foreign Brazil's long-term foreign
currency sovereign debt currency sovereign debt
to to
BBB- BBB- 2003 2004 2005 2006 2007 2008
Source: CPS/FGV based on the data from PME/IBGE

Retail Growth Consumption Class Division (2008)

Average Real Income (R$) R$
160 1,300 A1 4.6%
Consumer Trust Index
150 Real Retail Sales A2
1,250 17.5%
Source: Fecomércio SP, IBGE

140
B1 20.0%
1,200
130
B2
120 1,150 24.6%
110 C1 17.4%
1,100
100 C2 9.9%
1,050
90 D
5.7%
80 1,000
E 0.3%
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Source: Target Marketing (Projections)

3
 4Q08

Selected Snapshot: Brazil, Retail and SC’s

Higher Purchase Power
Avg. Income (R$/Month)
1, 300

1,260 12. 0%

1, 250
Unemployment
1,219 11. 0%

9.7%
1, 200
9.4% 1,181 10. 0%

8.9%
Inflation Under Control 8.4% Credit Increase
1,132 1,136
9. 0%

1, 150

1,118 7.4% Consumer Credit (R$)

IPCA - Consumer Price Index
8. 0%

1, 100

6.8%
Interest Rate
IGP-DI - General Price Index
7. 0%
400. 0 Bi 22. 0%

1, 050
350. 0 Bi
334.4 Bi
18.5%
6. 0%
20. 0%

12.1% 300. 0 Bi
17.7%
235.0 Bi
1, 000 5. 0%

9.3% 16.3%
18. 0%

9.1% 250. 0 Bi

7.9% 2003 2004 2005 2006 2007 2008 192.0 Bi

155.0 Bi
200. 0 Bi 16. 0%

5.7% Source: IBGE/PNAB 13.7%

3.1%
150. 0 Bi

113.0 Bi 13.2%
7.7% 88.0 Bi
14. 0%

7.6% 5.9% 11.2%

100. 0 Bi

1.2% 4.5% 12. 0%

3.8%
50. 0 Bi

0. 0 Bi 10. 0%

2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008
Source: IBGE/FGV SC Sales Evolution Source: BACEN
(Higher than retail)
Shopping Center Sales
15.8% 16.0%
Total Retail Sales
13.3%
11.0%
More Shopping Centers 10.0% 10.3% 10.0% 9.6%
Increase of Retail Sales in %
9.3% 9.3% 9.1%
377 (% of retail sales in SC)
9. 5 M
GLA (m²) 367 370
6.2%
Units 346 8.6 M 4.8% Canada 65.5%
8. 5 M

335 8.2 M 350

326 EUA 51.3%

317 7.5 M 330

-3.7%
7. 5 M
-1.3% -0.7%
Mexico 50.0%
6.2 M 6.3 M
310

6. 5 M
2001 2002 2003 2004 2005 2006 2007 2008

5.6 M
290

France 28.0%
5. 5 M
Source: IBGE and ABRASCE
Brazil 18.3%
270

Source: ICSC of 2006 and 2007; ABRASCE of 2008

4. 5 M 250

2003 2004 2005 2006 2007 2008 *Does not consider fuel and lubrificants;
Source: ABRASCE Construction material, tools, etc...; GLP.

4
 4Q08

Shopping Centers in Brazil

North Total GLA: Northeast

2.5% of the GLA 8.7 million m² 13.6% of the GLA
Shopping Centers: 9
GLA: 219,220 m²
Shopping Centers: 51 377 shopping centers under
GLA: 1,178,187 m²
Population: 14.6 million Population: 51.5 million operation, from which 194 are
GDP per Capita: R$8.2
thousand
GDP per Capita: R$6.0 located in big cities
thousand

Around 325 million

visitors per month
Southeast
60.4% of the GLA
Shopping Centers: 209
5 largest companies hold
GLA: 5,219,638 m² 36.5% of total GLA
Population: 77.9 million
GDP per Capita: R$17.3
Midwest thousand GLA of 47 m² per
8.3% of the GLA 1,000 people; in the USA this
Shopping Centers: 34 152
GLA: 713,579 m² number is 43 times greater
Population: 13.2 million South
GDP per Capita: R$15.6
thousand
5,412 15.2% of the GLA
Shopping Centers: 74
GLA: 1,314,376 m²
Population: 26.7 million
GDP per Capita: R$14.5
Cities with Shopping Center thousand
Cities without Shopping Center

5
Source: Abrasce (2008) and IBGE (2007)
 4Q08

Advantages of the Sector

Solution for the urban chaos

Synergy with the real estate sector (Mixed-use projects)

Results leveraged by retail growth (Low seasonality)

High operational margins (NOI margin > 80%)

Leasing contracts indexed to the inflation index (IGP-DI)

Cash flow’s predictability (average 5 year contracts)

Two appreciation drivers (retail and real estate sector)

= Defensive play, but with growth

6
 4Q08

USA and Brazil Shopping Center Sectors

USA Brazil
. Consolidated market . Lack of shopping centers

. Low revenue increase . High revenue growth, indexed to the inflation

X
. Reit structure . Company structure

. Real Estate driven . Real Estate & retail driven

. Large tenants with high bargain power . Small tenants with low bargain power
. Payment of TI (Tenants induction) . Key money Revenue

. Dividend play . Growth play

7
 4Q08

BRAZIL AND SHOPPING CENTER MARKET

MULTIPLAN PRESENTATION
OUR PORTFOLIO
GROWTH STRATEGY
MODELING
FINANCIAL AND OPERATIONAL HIGHLIGHTS

8
 4Q08

Reference for the Sector Since the 1970’s

Creating
Foundation Competitive Edge High Growth Strategy Consolidation

1975 - 1979 1980’s 1990’s 2000 - 2006 2007 - 2008

12,000 m² 45,000 m² 72,000 m² 232,000 m² 484,373 m²

RibeirãoShopping Shopping Center BarraShoppingSul

abroad (Portugal) ParkShoppingBariguí
Acquisition of Pátio
BHShopping Barrashopping Savassi
DiamondMall Numerous acquisitions
MorumbiShopping Acquisition of
New York City Shopping Santa Úrsula
ParkShopping Center
Three expansions
Shopping Anália delivered (PKS Fashion,
RBS – 1st phase, PKB
Franco Gourmet)

Mall management Santa Elena Golden Green BarraShopping Office IPO Bovespa
company is created Residential Project Residental Project Center
Cristal Tower
Morumbi Office MorumbiShopping
Tower Project Office Complex
Peninsula Green &
Royal Green Residential
Projects

Global Partnerships

9
 4Q08

Ownership Structure 2008

Ontario Teachers Pension Fund Partnership as of Feb 2006

Ownership Structure
(147,799,441 shares)

Free-Float Financial Index* CND$ M

25% Gross Revenue 1,708
Preferred NOI 936
Ontario Asset Value 16,200
Common Stocks*
35% Stocks 16% Operational Index '000 m²
MTP & Peres Shoppings 3,000 m²
19%
40%
Office 1,500 m²
* Conversion USD$1 = CND$1.22 Source: Company (Dec 2008)
Geographies: USA, Canada, Brazil, United Kingdom, and China

IPO (July 27th, 2007) BoardTeachers

Ontario of Directors
Pension Fund Partnership (Feb 2
Name Position

Offering Type 74% primary / 26% secondary José Isaac Peres President

37.0 million common shares with voting rights and

Eduardo K. Peres Vice-President
Shares Offered 100% tag along rights (Bovespa Nível II),
Manoel Mendes Member

Price R$ 25.00 / common shares Leonard Peter Sharpe Member

Andrea Mary Stephen Member
Offering Size R$ 924.5 million
José S. Barata Independent Member
Edson de Godoy Bueno Member

* These preferred stocks were only created for Ontario Teachers Pension Fund, because the Canadian law only allows a pension fund to have a limit of 30% of the voting stocks 10
 4Q08

Multiplan Effect
BH Shopping (MG) RibeirãoShopping (SP) Shopping AnáliaFranco (SP)
1997 1984 1999

2008 2008 2008

BHS 1997 2008 RBS 1984 2008 SAF 1999 2008

GLA 18,974 m² 36,895 m² GLA 17,268 m² 46,221 m² GLA 39,636 m² 39,310 m²
Interest 32.5% 80.0% Interest 20.0% 76.2% Interest 30.0% 30.0%
Nº of Stores 130 295 Nº of Stores 110 218 Nº of Stores 236 236

11
 4Q08

Cycle of High Returns of our Leading Shoppings

High Returns
Same Store Rent (R$/m²)
1,034
+ 10.6%

935
Higher Sales More Investments
Same Store Sales (R$/m²)
Increase in GLA ( ’000 m²)
+ 10.3% 13,030 557 m²
+ 88.9%

Multiplan
11,810
2007 2008 295 m²

Ranking for Multiplan Stores /

Tenant Tenant Total Stores (1)
Original GLA Future GLA*
2007 2008
* After expansions

# Ranking
1Multiplan7for/ 60 Multiplan Stores /
Best Tenants Higher Atraction Power
Tenant Tenant Total Stores (1)

#1 7 / 60
#1 4/4
#1 4/4

#1 #1 6 / 11 6 / 11

#1 6 / 84 12
 4Q08
98,0%

Control, Management & Innovation 97,9%

Average Interest & Control in Malls

Majority interest in the shopping malls
represents a key competitive advantage to
achieve long-term performance in the industry 100%
83%
68%
Rationale Strategic Approach

Strategic Ability to change tenant mix and a

Control of the higher capacity to negotiate with
Malls retailers AverageInterest
Average interest Malls
Malls with
with 50%
50% oror Control over
Control over
4Q08 more
moreofofinterest
interest management
management

Ability to
Expand and Full control over the refurbishment and
Adapt to expansions in terms of timing, size and
Market tenant mix
Trends

Majority interest allows MTE to

Control over
implement its state-of-the-art
the Malls
management tools and techniques
Award - Best Shopping Fashion Week, a success Medical Center integrated

Source: Companies’ Reports Mall of São Paulo created by Multiplan to a shopping

Considering operating portfolio, BarraShoppingSul and Shopping Vila Olímpia ownership interest
13
 4Q08

Who We Are
Quality Shopping Centers Leadership in the Sector
Rent Revenue/m² - 2008 (R$/m²) (R$ millions) – 2008

+46% 1,139 +25% 453 BRMalls Multiplan Iguatemi

912 351
780 241
214 209
147 121
77

-30
Gross Revenue Adjusted FFO Adjusted Net
BRMalls Multiplan Iguatemi
Income

Low Risk High Returns

Interest, Management and Control Average unleveraged IRR > 14%

BRMalls Multiplan Iguatemi

83%
68%
56% ParkShopping – Frontal BarraShoppingSul – New
50%
44% Expansion (IRR>20%) Shopping Center (IRR>20%)
35%

Average. Interest Malls with 50% or

1 2
4Q08 more of interest - MorumbiShopping – Shopping SantaÚrsula –
4Q08 Mixed-use (IRR>20%) Acquisition (IRR>14%)

Source: Companies report 14

 4Q08

BRAZIL AND SHOPPING CENTER MARKET

MULTIPLAN PRESENTATION
OUR PORTFOLIO
GROWTH STRATEGY
MODELING
FINANCIAL AND OPERATIONAL HIGHLIGHTS

15
 4Q08

Control of the Leading Shopping Centers in the Market

5 1 10 14 Numbers confirm leadership in every city
Multiplan Occupancy Top of
Shopping State Total GLA Asset Value ¹
% 4Q08 Mind ²

In Operation
AL 1BH Shopping MG 80.0% 36,895 m² R$ 963 M 97.2% 1º
2
6 2RibeirãoShopping SP 76.2% 46,221 m² R$ 687 M 97.4% 1º
3BarraShopping RJ 51.1% 69,501 m² R$ 2,119 M 98.9% 1º
4MorumbiShopping SP 65.8% 54,988 m² R$ 1,742 M 99.4% 1º
5ParkShopping DF 59.1% 43,210 m² R$ 712 M 96.0% 1º
DF MG
6DiamondMall MG 90.0% 20,809 m² R$ 335 M 97.7% 5º
11
7 7New York City Center RJ 50.0% 22,068 m² R$ 170 M 98.2% 1º

SP 8ShoppingAnáliaFranco SP 30.0% 39,310 m² R$ 1,069 M 99.1% 7º

11 9ParkShoppingBarigüi PR 84.0% 42,968 m² R$ 806 M 99.2% 1º

PR 10Pátio Savassi MG 83.8% 16,172 m² R$ 264 M 99.1% 2º

11Shopping Santa Úrsula SP 37.5% 24,043 m² R$ 150 M 72.5% N/A
9 3 12BarraShoppingSul ³ RS 100.0% 68,187 m² R$ 7,642 M 94.1% N/A
8 RS Sub-Total In Operation 68.2% 484,373 m² R$ 16,659 M 96.4% -
(%
Under development
constr.)
4
13Shopping Vila Olímpia SP 42.0% 29,538 m²
14Shopping Maceió AL 50.0% 27,582 m²
12 8 13 4
Portfolio Total 65.8% 541,493 m²

1 According to Jones Lang LaSalle evaluation done in Nov/08, considering present and future expansions
2 Researches from Veja SP, IPDM, DataFolha and Tribuna & Recall between 2005 and 2008 in each city.
New York City Center is considered as part of BarraShopping
Already Operating Under Development/Approval
3 Opened in november 18th
4 Interest during construction
16

Shopping Centers In Operation
BarraShopping
Location: Rio de Janeiro (RJ)
One of the first shopping centers in
Rio de Janeiro, BarraShopping
became a landmark in the
development of the neighborhood in
which it is located – Barra da Tijuca –
and the city, contributing to make the
region one of the main retail centers
of Brazil.
Facade of the mall
Technical Information
Opening: 10/27/1981
Gross Leasable Area: 69,501 m²
Total stores: 583
Anchor stores: 7
Expansions: 6
Customer profile
61% classes A/B
Outside area perspective
72% women
Highlights 2008
Sales: R$1.02 billion
Customer traffic: 26.5 million people
Vehicles: 6.8 million
Inside view of the mall
4Q08
New York City Center
Location: Rio de Janeiro (RJ)
New York City Center is the first, most
comprehensive entertainment,
gourmet and service mall in Rio de
Janeiro. It has 39 stores and it is
integrated with BarraShopping.
Technical Information
Opening: 11/04/1999
Facade of the mall
Gross Leasable Area: 22,068 m²
Total stores: 39
Anchor stores: 2
Expansions: -
Customer profile
61% classes A/B
72% women
Highlights 2008
Outside area perspective
Sales: R$114.1 million
Costumer traffic: 8.2 million people
Vehicles: 1.2 million
Inside view of the mall
17

Shopping Centers In Operation
ShoppingAnáliaFranco
Location: São Paulo (SP)
The landscape concept with the
environment – natural lighting,
lounges, broad hallways, and a high
wall footprint - has become a
reference in terms of style, quality of
life and entertainment experiences, by
the neighboring residents. The mall
has a complete, highly-qualified store
mix and is also distinguished by the
Facade of the mall services offered.– improves the
cultural activities and citizenship
awareness initiatives.
Technical Information
Opening: 11/9/1999
Gross Leasable Area: 39,310 m²
Total stores: 236
Anchor stores: 6
Outside area perspective Expansions: 1 (under construction)
Customer Profile
89% classes A/B
56% women
Highlights 2008
Sales: R$439.7 million
Customer traffic: 13.7 million people
Vehicles: 4.9 million
Inside view of the mall
4Q08
MorumbiShopping
Location: São Paulo (SP)
A known trend-maker, as the first
mall to have a gym and an area
reserved for celebrated, cutting-edge
fashion brands. A point of reference is
the largest Gourmet center of Latin
America, with 23 restaurants, an
unprecedented initiative. It was
elected three times by Veja magazine
– the most well-renowned weekly
Facade of the mall informative publication in Brazil – as
the best shopping center in São
Paulo.
Technical Information
Opening: 05/03/1982
Gross Leasable Area: 54,958 m²
Total stores: 481
Anchor stores: 5
Outside area perspective Expansions: 5
Customer profile
89% classes A/B
53% women
Highlights 2008
Sales: R$899.6 million
Customer traffic: 20.3 million people
Vehicles: 4 million
Inside view of the mall
18

Shopping Centers In Operation
Shopping Santa Úrsula
Location: Ribeirão Preto (SP)
Facade of the mall
Outside area perspective
Inside view of the mall
With a modern, clean, sophisticated
architectural design – the shopping
center adopted the concept of sky
lights, which allows the use of natural
light – it has a pleasant, elegant
ambience, which is combined with the
best stores and differentiated
services. Culture events – such as
Exhibits, musical shows, fairs, art
auctions, theater plays, and seminars
- are part of the shopping center’s
daily routine
Technical Information
Opening: 09/29/1999
Gross Leasable Area: 24,043 m²
Total stores: 114
Anchor stores: 5
Customer profile
69% classes A/B
85% women
Highlights 2008*
Sales: R$74.5 million
Customer traffic: 2.4 million people
Vehicles: 489.7 thousand
* from May to December
4Q08
RibeirãoShopping
Location: Ribeirão Preto (SP)
RibeirãoShopping is the main
reference in terms of shopping
centers in the city and region,
attracting customers within a radius
of up to 100 kilometers. Adjacent to
the shopping center is Centro
Empresarial Ribeirão Office Tower and
an IBIS chain hotel.
Technical Information
Facade of the mall
Opening: 05/05/1981
Gross Leasable Area: 46,221 m²
Total stores: 231
Anchor stores: 8
Expansions: 5 (the 5th under
construction)
Customer profile
Outside area perspective 73% classes A/B
53% women
Highlights 2008
Sales: R$363.3 million
Customer traffic: 15.2 million people
Vehicles: 5.4 million
Inside view of the mall
19

Shopping Centers In Operation
ParkShoppingBarigüi
Location: Curitiba (PR)
The first shopping center of Multiplan in
the South of Brazil, ParkShoppingBarigüi
has been consolidated as the
development pole of Curitiba, and is
distinguished for its complete,
diversified mix – combining shopping,
services and entertainment – which
positions it as one of the best malls in
the State of Paraná.
Facade of the mall
Technical Information
Opening: 11/12/2003
Gross Leasable Area: 42,967 m²
Total stores: 195
Anchor stores: 9
Expansions: 2 (The 2nd under
construction)
Customer profile
Outside area perspective
87% classes A/B
54% women
Highlights 2008
Sales: R$431.8 million
Customer traffic: 8.9 million people
Vehicles: 3.2 million
Inside view of the mall
4Q08
ParkShopping
Location: Brasília (DF)
ParkShopping represented a “turning
point” for trade in Brasília, bringing
top Brazilian and international brands
to the country’s capital. It quickly
became a point of reference for
fashion, entertainment and services.
The stage of large cultural events,
shows and exhibits, makes
ParkShopping the favorite mall of the
Facade of the mall city, as shown by surveys prepared by
the IPDM in 2003 and 2006.
Technical Information
Opening: 11/08/1983
Gross Leasable Area: 43,210 m²
Total stores: 271
Anchor stores: 6
Expansions: 8 (The 8th under
Outside area perspective construction)
Customer profile
93% classes A/B
53% women
Highlights 2008
Sales: R$553.2 million
Customer traffic: 13.5 million
Vehicles: 4.8 million
Inside view of the mall
20
 4Q08

Shopping Centers In Operation

DiamondMall Pátio Savassi
Location: Belo Horizonte (MG) Location: Belo Horizonte (MG)

Cosmopolitan and sophisticated mall The integration of the mall with the
located in a noble area of Belo streets of the neighborhood through
Horizonte and built in the shape of a open spaces and the landscaping
diamond – the result of a bold project makes Pátio Savassi a special
architectural project. The shopping place. It is the first lifestyle center in
center has renowned Brazilian and Minas Gerais, which combines
international brand names in the shopping and entertainment in a very
fashion industry. pleasant place.

Facade of the mall

Technical Information Facade of the mall
Technical Information
Opening: 11/07/1996 Opening: 05/25/2004
Gross Leasable Area: 20,809 m² Gross Leasable Area: 16,172 m²
Total stores: 228 Total stores: 127
Anchor stores: - Anchor stores: 1
Expansions: 3 Expansions: 1
Customer profile Customer profile
93% classes A/B 91% classes A/B
Outside area perspective Outside area perspective
62% women 59% women
Highlights 2008 Highlights 2008
Sales: R$287.3 million Sales: R$218.7 million
Customer traffic: 9 million people Customer traffic: 9.4 million people
Vehicles: 1.7 million Vehicles: 1.4 million

Inside view of the mall Inside view of the mall

21

Shopping Centers In Operation
BarraShoppingSul
Location: Porto Alegre (RS)
The largest mall in the south region
of Brazil was built under the mixed
use concept. Besides an office
tower that is currently under
development, the project, in its
surroundings, anticipates the
construction of a hotel and two
residential towers, thus benefiting
Facade of the mall from the high circulation of
potential customers.
Technical Information
Opening: 11/18/2008
Gross Leasable Area: 68,378 m²
Total stores: 215
Anchor stores: 6
Outside area perspective
Highlights 2008*
Sales: R$71.2 million
Customer traffic: 2.6 million
Vehicles: 607.1 thousand
* As of November 18, 2008
Inside view of the mall
4Q08
BH Shopping
Location: Belo Horizonte (MG)
The first shopping center developed
by Multiplan, BH Shopping was also
the first in the city and is one of the
largest shopping center in Minas
Gerais, named as the favorite by
the population in a survey prepared
by the IPDM in 2005 and 2007.
Technical Information
Facade of the mall
Opening: 09/13/1979
Gross Leasable Area: 35,022 m²
Total stores: 295
Anchor stores: 6
Expansions: 5 (the 5th under
construction)
Customer profile
Outside area perspective
84% classes A/B
55% women
Highlights 2008
Sales: R$569.4 million
Customer traffic: 14.7 million people
Vehicles: 3.7 million
Inside view of the mall
22
 4Q08

BRAZIL AND SHOPPING CENTER MARKET

MULTIPLAN PRESENTATION
OUR PORTFOLIO
GROWTH STRATEGY
MODELING
FINANCIAL AND OPERATIONAL HIGHLIGHTS

23
 4Q08

Potential Growth
New Shopping Centers Expansions Opportunity to improve mix
(Lack of SC’s – GLA/’000 Hab.) (High occupancy rate - %GLA MTE) Higher attraction power
98.2%
97.4%
1,872.2 Growth of consumers flow
Source: ABRASCE in 2008

96.1%
95.4% 95.1% Increases competitiveness
94.2%
1,127.9 Cost reduction through scale

212.9
81.0 43.2 2003 2004 2005 2006 2007 2008* Minority Acquisitions
* Adjusted excluding BSS and SSU.
(Shares to be acquired - % MTE GLA)
USA Canada France Mexico Brazil
PREVI
Synergies with real estate projects Growth Strategies 10.7%

Expansions A.FRANCO
Future potential for expansions 5.7%
19% Mixed-Use Projects
Return (IRR)

FAPES
New clients and tenants
New SC’s MTE 2.6%
Minority 68.2% SISTEL
16% Acquisitions
Third Party 2.4%
Third Party Acquisitions SC’s USIMINAS
(Fragmented market - % Own GLA) 2.0%
13% Others
Savoy 8.5%
Low Medium High
5.5% BRMalls No new G&A cost to the company
Risk
Multiplan
5.2% Quick way to grow Higher control of mix change,
75.8% Sonae
4.0% expansions and revitalizations
Iguatemi Access to new markets
2.6% Aliansce Low risk
2.6% Consolidation and scale
Brascan/Malzoni
2.1%
2.3% Faster decision process
Others Possible synergy with portfolio
Source: ABRASCE, BNDES and companies (2008)

24
 4Q08

Investment Strategy
Development Pipeline
( ’000 m²) Shopping Centers/Expansions
390 m ²
+ 14.4%
380 m ²
Own GLA 25 m² 378 m² 5 expansions under development + 46,958 m²

4 expansions approved + 33,158 m²

370 m ²

23 m²
360 m ²

1 mall under construction + 29,538 m²

350 m ²

330 m²
340 m ²

330 m ²

1 mall under development + 27,582 m²

320 m ²

310 m ²
… Not considering lands for + 971.245 m²
300 m ² mixed-use projects
Shoppings in Shoppings under Expansions under Total 100% Project
operation development development

Use of Proceeds (R$ '000) 2007 2008 2009 2010 Reference > 2008
Renovations & Others 22,814 46,521 32,662 2,285 All shopping centers
Shopping Development 102,646 333,704 107,149 1,535 BSS, SVO
Shopping Expansion 11,431 124,314 201,075 25,602 BHS, RBS, PKB, PKS, SAF
Land Acquisition 16,183 121,437 113,387 -
Shopping Acquisition and Minority Acquisition 287,765 28,668 - -
Others - 46,946 - -
Total 440,839 701,591 454,273 29,421

25
 4Q08

Shoppings Under Development

Shopping Under Construction – Shopping Vila Olímpia (SP)
Located in the heart of Vila Olímpia, a Project Details (MTE %)
neighborhood that has become
synonymous of modernity and Launch Jul/07
entrepreneurship in the City of São Opening Nov/09
Paulo, Shopping Vila Olímpia promises
to transform the region even further. Interest * 42.0%
The architectural project is inspired on GLA (m²) 26,538 m²
the aesthetics of the factories that
occupied the region in the early 20th Key Money R$21.2 M
century. CAPEX R$93.9 M

Total stores: 221 NOI 1st year R$9.3 M

Anchor stores: 5 NOI 3rd year R$ 11.0 M

* During construction, MTE interest is 42%. Due to a
ground lease, MTE interest will be 30% after opening.
Shopping Under Approval – Shopping Maceió (AL)
Project Details (MTE %)
In association with Aliansce Shopping
Centers S.A., Multiplan is planning a Launch TBA**
new greenfield project, Shopping
Opening TBA**
Maceió. The mall will be built on a
200,000 m² land in the city’s fastest- Interest 50.0%
growing region. As a result, it will be a
GLA (m²) 27,582 m²
mixed-use project, involving residential
and commercial buildings as well as a Key Money R$8.2 M
hotel complex.
CAPEX R$67.3 M
Total stores: 207
NOI 1st year R$8.3 M
Anchor stores: 7
NOI 3rd year R$10.9 M
** To be announced 26
 4Q08

Expansions
Expansions Under Construction Expansions Approved
Project GLA MTE % Open. Project GLA MTE % Open.
ShoppingAnáliaFranco Expansion 11,871 m² 30.0% Jul/09 BarraShopping Exp. VII 4,894 m² 51.1% 2011
RibeirãoShopping Expansion* 7,534 m² 76.2% Aug/09 DiamondMall Exp. II 5,299 m² 100.0% 2011
ParkShopping Exp. Frontal 8,571 m² 62.5% Oct/09 ParkShopping Exp. Gourmet 1,327 m² 60.0% 2011
BH Shopping Expansion 10,972 m² 80.0% Mar/10 BarraShoppingSul Exp. I 21,638 m² 100.0% 2014
ParkShoppingBarigüi Exp. II 8,010 m² 100.0% May/10 Total 33,158 m² 91.2%
Total 46,958 m² 67.0% Total Own GLA 30,232 m²  9.2%
Total Own GLA 30,173 m²  9.1%

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

Own GLA
(’000)
SAF Expansion RBS Expansion BHS Expansion PKS Expansions 390 m ²
+ 16.5% 30 m² 385 m²
380 m ²

370 m ²

360 m ²

25 m²
350 m ²

340 m ²

330 m ²
330 m²

320 m ²

310 m ²

300 m ²

Shoppings in Expansions under Expansions Total

operation construction approved
27
 4Q08

Acquisition of Third Party Malls

Consolidation in Belo Horizonte (MG)*
Pátio Savassi BHShopping DiamondMall Diamond Mall
1
1
GLA 16,172 m² 36,895 m² 20,809 m² 1,7 km
1.7
Share 83.8% 80.0% 90.0%
22
Administration Multiplan Multiplan Multiplan Regional consolidation
Pátio
Vacancy 1.2% 4.2% 2.6% 5,3 km
5.3 Savassi

Sales / m² 13,526 R$ 15,429 R$ 13,813 R$ 2.503

Reduce the competition
R$/m² 4,3 km
4.3
Nº Stores 127 295 228
Higher bargain power
Customers Flow 9.4 million 14.7 million 9.0 million
33 BH
Shopping
Operational synergy
Consolidation in Ribeirão Preto (SP)*

Shopping Santa Úrsula** Ribeirão Shopping Consumer segmentation

GLA 24,043 m² 46,221 m²

Share 37.5% 76.2%

2
Improve the marketing effort
Administration Multiplan Multiplan

Vacancy 21% 1.9%

Entrance barrier
Sales / m² 5,034 R$ 7,858 R$ 1

Nº Stores 114 232

Customers Flow 2.4 million 15.2 million

* Based on 2008 figures

28
** From May to December

Land Acquisitions
Barra da Tijuca (RJ) São Caetano (SP)
Size: 36,748 m² Size: 57,948 m²
Price: R$ 100 million Price: R$ 81 million
Type: Office/Retail Type: Office/Retail
Highlights Highlights
Highest growth region in RJ The biggest urban
Last site available in the region reorganization plan of the
One of the highest income country
regions of RJ Mixed-use project
Multiplan region domain The only shopping center
of the region
4Q08
Campo Grande (RJ)
Size: 338,913 m²
Price: R$5.1 million
Type: Office/Retail & Res.
Residential
Highlights
High demographic growth
High number of residential
and commercial properties
launched in the region
Possibility of a mixed-use
project
29
 4Q08

Mixed-Used Strategy Analysis

2
Centro
Empresarial
BarraShopping
1 3
Growth of Private Area 59,617 m² Need of living
people flow in close to work Royal Green
Price / m² R$6,500
BarraShopping the region location Peninsula
People Flow 3,6 million
GLA 69,501 m² Private Area 24,287 m²

Sales (2008) R$1.02 billion PSV > R$70 Million

People Flow 27 million

3
Growth of the
Development of number of
new commercial consumers in the
projects region and the
demand for new
expansions

4 1 2 5

5 4
Barra da Tijuca, Rio de Janeiro
Land New York
Acquired City Center

Area 36,748 m² Appreciation of the GLA 22,068 m²

area and new
Price R$100 million opportunities for Sales (2008) R$114 million
investments People Flow 8 million

30
 4Q08

Mixed-Use Projects and Land Bank

Cristal Tower – Porto Alegre (RS) Land Bank
Location % Type Area

Barra da Tijuca 100% Office/Retail 36,748 m²

BarraShoppingSul 100% Residential, Hotel 12,099 m²

Campo Grande 50% Residential and Office/Retail 338,913 m²

Maceió 50% Office/Retail 200,000 m²*

Cristal Tower aerial perspective Bridge connecting Cristal Tower to Residential, Office/Retail,
Jundiaí 100% 45,000 m²
BarraShoppingSul. Hotel

MorumbiShopping 100% Office/Retail 21,554 m²

Highlights:
To be sold ParkShoppingBarigüi 84% Apart-Hotel 843 m²
Conclusion 2nd Half of 2011 31%
ParkShoppingBarigüi 94% Office/Retail 27,370 m²
Area 11,910 m²
Sold 69% Residential, Office/Retail,
RibeirãoShopping 100% 200,970 m²
PSV > R$ 70 million Medical

São Caetano 100% Office/Retail 57,948 m²

ShoppingAnáliaFranco 36% Residencial 29,800 m²

Total 70% 971,245 m²

Contracts with not disclosed land swaps or buy option are not included
* The Shopping Maceió is included in our development pipeline and will occupy 70.000m² of land

BarraShopping Complex

BarraShopping Centro Empresarial Royal Green New York City

BarraShoppingSul complex Barra Shopping Península Center

31
 4Q08

BRAZIL AND SHOPPING CENTER MARKET

MULTIPLAN PRESENTATION
OUR PORTFOLIO
GROWTH STRATEGY
MODELING
FINANCIAL AND OPERATIONAL HIGHLIGHTS

32
 4Q08

How Does a Shopping Center Work?

Stores
Pay Rent to Stay
Income:
Pay Key Money to Open • Rent

Generate Pay Condo and • Key Money

Urban Chaos
Shopping Malls Sales Promotion Fund
• Service Revenue
Demand for
Pay Management • Parking
Shopping Malls
& Brokerage Fee
Expenses:
• Vacant Stores Costs
• Headquarter
• Refurbishment
Customers drive Generate People Flow
Parking Lots • Auditing
to Shopping Malls
• Legal
Tickets charged for Parking
• Others

33
 4Q08

Revenue Breakdown*
Real Estate & Others
Grows with demand for projects 0.6%
near our malls (Mixed-use)
Parking Revenue
14.9% Grows with people flow

Key money 4.7%

Grows after oppenings of new SC’s

14.6%

Service Revenue Merchandising

Grows with higher SC performance Grows with higher demand
12.9% for alternative marketing

3.8% Overage
Grows with higher sales

Rent 65.2%
3 types of revenue
83.2%

Minimum
Grows according to
indexed contracts

* Based on 2008 figures 34


Operating Expenses Breakdown
Depreciation 10.1%
Financial expense /
revenue -1.1%
Amortization 40.0%
Equity in earnings of
affiliates -2.2%
Taxes Breakdown
3.7%
34.3%
62.0%
* Based on 2008 figures
Expenses Breakdown*
Other operating
income/expenses -0.3%
Headquarters
Shopping center
Headquarters 26.6%
Parking
Cost of real estate sold
Equity in earnings of affiliates
Amortization
Shopping malls 17.0%
Financial expense / revenue
Parking 9.6% Depreciation
Cost of properties sold
0.4% Other operating revenues /
expenses
Minority interest Tax income and social
contribution
Deferred income and social
Differed taxes
contribution taxes
Income and social contribution Participation of the minority
taxes stockholders
4Q08
Operating Expenses
G&A expenses and some developments
All expenses related to malls, such as brokerage, vacant
stores and auditing
Parking revenue forwarded to the shopping centers’
condominium
All costs and expenses related to the construction and
selling of the real estate projects
Comes mainly from the results of the Royal Green
Península SPE
Goodwill from minority acquisitions
Bank and non-bank debts and interest paid
Malls’ equipments (avg. 5 years) and the malls
themselves (avg. 25 years)
Results that do not fit in the ordinary accounts
mentioned above
Taxes
25% income tax, 9% social contribution
Taxes related to the Bertolino’s reverse acquisition
goodwill
Amount payed to the minority stockholders in
consolidated companies
35
 4Q08

Greenfield Ramp-Up
Assumptions of a Shopping Center project

Construction start: 6 months after the launch

Construction Duration: 12-24 months (Expansions are usually faster than greenfields)
Construction Cost: 3,000-6,000 R$/m² (Vertical Shoppings are more expensive than horizontal Shoppings. The parking may
influence this cost) – average of 4,500 R$/m²
Land Cost: 0-20,000 R$/m² (Sometimes, expansions account the former land of the shopping center. Hence, the price varies a lot)
– average of 1,000 R$/m²
Store Mix: 50% satellites in new shopping centers and 70% in expansions (May vary according with the location and purpose).
Key money: 0-8,000 R$/m² (Anchors usually do not pay this fee) average of 1.500 R$/m²
Standard Key money contracts: 20% on the signature of the contract and the rest in 24 monthly installments, beginning at the signature
date. (Multiplan accrues this revenue, in our balance sheet, in 60 monthly installments after the opening). Until this date this amount was
accumulated in our deferred income account).
Satellites’ Rent: 50-250 R$/² per month, indexed by the IGP-DI with a real increase after the second and forth year, and a
double rent in December – average of 80 R$/m² per month (indexed value)
Anchors’ Rent: these stores usually pay a percentage over their monthly revenue instead of the base rent. This fact occurs due to
the anchors’ rent be four times less than the satellites’ rent – Average of 25 R$/m² per month (indexed by the IGP-DI).
Others Revenues: Complementary: 2% of rent, merchandising: 8% of the rent and parking: 10% of the rent. All of these additional
revenues are accounted only after the third year, depending on the project.
NOI margin: 80-90% - average of 85%.

Furthermore, still using this example, one can realize that in the third year there is a stronger increase (10%+2%+8%+10% = 30% +
IGP-DI) and in the fifth year, there is a lesser increase of 10%. Multiplan tries to maintain this type of contract when the company has to
renew it, thus, keeping both real increases of 10%.This is just an example, for more detailed information and examples, please consult our
Earnings.

DISCLAIMER: These are only assumptions which may vary significantly from one Shopping Center to another, therefore
showing numbers substantially Different from the ones showed above. The company uses this as an example of a greenfield
project, but does not consider as a guidance or goal.

36
 4Q08

BRAZIL AND SHOPPING CENTER MARKET

MULTIPLAN PRESENTATION
OUR PORTFOLIO
GROWTH STRATEGY
MODELING
FINANCIAL AND OPERATIONAL HIGHLIGHTS

37
 4Q08

Operational Highlights *
Total Sales Rent Revenue
(R$ ’000) (R$ ’000)
+ 18.7% 5,069,694 + 23.3%
+263.8% 295,252
+84.3%
4,272,289 239,394

193,079
3,581,348

3,112,137
91,740
2,751,338 81,160

2004 2005 2006 2007 2008 2004 2005 2006 2007 2008

Same Store Sales/m² Same Store Rent/m²

15.9% 13.9%
14.0%
11.6%
11.4% 10.6%
10.3% 9.6%
9.9% 9.0%
7.7%
7.9%

1Q08 2Q08 3Q08 4Q08 2007 2008 1Q08 2Q08 3Q08 4Q08 2007 2008

* Considering 100% interest 38

 4Q08

Financial Highlights
Net Revenue Adj. Ebitda
(R$ ’000) (R$ ’000)
+ 22% + 18%
411,231 250,621
+257% +354%
336,393 212,163

252,970
143,804

138,110 75,040
115,240
55,200

2004 2005 2006 2007 2008 2004 2005 2006 2007 2008

Adj. FFO (Funds From Operations) Adj. Net Income

(R$ ’000) (R$ ’000)
+ 20% + 19%
240,599 209,185
+909% +1,454%
200,174 176,007

119,378 101,867

23,850 33,700 23,790

13,460

2004 2005 2006 2007 2008 2004 2005 2006 2007 2008

39
 4Q08

Debt Position
Gross Debt Gross Debt/Adjusted EBITDA –
(R$ ’000) 371,542 Annualized *
R$ 800 M
7.5 x
R$ 700 M

218,960 R$ 600 M
206,779 207,584
R$ 500 M

R$ 400 M 1.4 x
106,127 99,479
R$ 300 M 1.3 x 1.1 x 2.7 x
1.2 x 0.9 x 1.0 x
R$ 200 M 1.2 x 0.7 x 0.7 x
152,582 0.4 x
100,652 108,104 R$ 100 M

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
2006 2007 2008
(#.#x) Gross Debt/Annual EBITDA Debt (Others) IPCA
Short Term Long Term

Net Debt Amortization Schedule

(R$ ’000) (R$ ‘000,000)

107.4
203,957
Loans and financings
195,511
Obligations for acquisition of goods

45.2
(208,861) 40.1

24.1 24.4
21.0 19.6 18.6 18.3 18.1
13.3 12.2
9.2

2006 2007 2008

2009 2010 2011 2012 2013 2014 2015 >=2016

* Considering that EBITDA is doubled on December 40

 4Q08

Main Figures
Financials (R$ ’000)
Financials (MTE %) 2008 2007 Chg. % 4Q08 4Q07 Chg. %
Gross Revenue 452,914 368,792 ▲22.8% 138,129 112,364 ▲22.9%
Net Revenue 411,231 336,393 ▲22.2% 125,134 102,170 ▲22.5%
Headquarters (83,051) (54,951) ▲51.1% (21,792) (17,551) ▲24.2%
Rental Revenue 295,252 239,394 ▲23.3% 97,923 77,001 ▲27.2%
Rental Revenue/m² 1,139 R$/m² 1,021 R$/m² ▲11.5% 334 R$/m² 327 R$/m² ▲1.9%
Adjusted EBITDA 250,621 212,163 ▲18.1% 79,210 67,213 ▲17.8%
Adjusted EBITDA/m² 967 R$/m² 905 R$/m² ▲6.8% 270 R$/m² 286 R$/m² ▼5.5%
Adjusted EBITDA Margin 60.94% 63.07% ▼2.1 b.p 63.30% 65.79% ▼2.5 b.p
Shopping EBITDA 257,569 212,753 ▲21.1% 77,524 68,615 ▲13.0%
Shopping EBITDA/m² 1,021 R$/m² 925 R$/m² ▲10.3% 307 R$/m² 298 R$/m² ▲2.9%
Shopping EBITDA Margin 73.67% 75.01% ▼1.3 b.p 72.88% 76.24% ▼3.4 b.p
Adjusted FFO 240,599 200,174 ▲20.2% 65,815 68,621 ▼4.1%
Adjusted FFO/m² 928 R$/m² 854 R$/m² ▲8.7% 224 R$/m² 292 R$/m² ▼23.1%

Performance
Performance 100% 2008 2007 Chg. % 4Q08 4Q07 Chg. %
Adjusted Total GLA (avg.) 405,103 m² 376,827 m² ▲7.5% 446,010 m² 377,884 m² ▲18.0%
Adjusted Own GLA (avg.) 259,127 m² 234,358 m² ▲10.6% 293,359 m² 235,133 m² ▲24.8%
Rental Revenue 465,197 382,790 ▲21.5% 151,724 121,749 ▲24.6%
Rental Revenue /m² 1,148 R$/m² 1,016 R$/m² ▲13.0% 340 R$/m² 322 R$/m² ▲5.6%
Total Sales 5,071,404 4,272,289 ▲18.7% 1,650,592 1,377,449 ▲19.8%
Total Sales/m² 12,519 R$/m² 11,338 R$/m² ▲10.4% 3,701 R$/m² 3,645 R$/m² ▲1.5%
Same Stores Sales/m² 13,030 R$/m² 11,810 R$/m² ▲10.3% 4,064 R$/m² 3,768 R$/m² ▲7.9%
Same Stores Rent/m² 1,034 R$/m² 935 R$/m² ▲10.6% 333 R$/m² 292 R$/m² ▲13.9%
Occupancy Costs 13.01% 14.90% ▼190 b.p 12.32% 13.41% ▼109 b.p
Rent as Sales % 7.99% 8.42% ▼43 b.p 8.07% 8.04% ▲0.0 b.p
Others as Sales % 5.02% 6.48% ▼147 b.p 4.25% 5.37% ▼1.1 b.p
Turnover 6.83% 5.20% ▲163 b.p 1.71% 1.67% ▲0.0 b.p
Occupancy Rate 98.16% 97.36% ▲80 b.p 98.30% 96.98% ▲1.3 b.p
Delinquency 3.63% 5.43% ▼179 b.p 3.74% 4.41% ▼0.7 b.p

41
 4Q08

Glossary
Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO and restructuring costs.
Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization.
Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from acquisitions and mergers
(including deferred taxes).
Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus ensuring permanent attraction and uniform
traffic in all areas of the mall. Stores must have more than 1,000 m² to be considered anchors.
Base Rent: The minimum rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent is a percentage of sales.
Complementary Rent: The difference between the base rent and the rent consisting of a percentage of sales, as determined in the lease agreement. This amount is only
paid if the percentage rent is higher than the base rent.
EBITDA: Net income (loss) plus expenses with income tax and social contribution on net income, non-operating income, financial result, depreciation and amortization,
minority interest and non-recurring expenses. EBITDA does not have a single definition, and this definition of EBITDA may not be comparable with the EBITDA used by
other companies.
Expected Income: Deferred key money and store buy back expenses.
GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus the stores sold.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding kiosks.
Key Money (KM): Key money is the money paid by a tenant in order to have the right to be in a store. The key money contract when signed is accrued in the
expected income account and accounts receivable, but its revenue is accrued in the key money revenue account in linear installments on the term of the leasing
contract. Key money from initial leasing is contracts from new stores of green fields or expansions (opened in the last 5 years); ’Operating’ key money from turnover
are contracts from stores that are moving in a mall already in operations.
Merchandising: Merchandising consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from kiosks, stands, posters,
leasing of pillar space, doors and escalators and other display locations in a mall.
Net Operating Income (NOI): Refers to the sum of the operating income (rent revenue and shopping expenses) and income from parking operations (revenue and
expenses). Revenue taxes are not considered. The NOI + KM also includes the key money from the contracts signed in the same period.
Occupancy: Leased area divided by the total GLA of a mall.
Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall.
Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. The parking expenses is the share of the parking revenue that
needs to be passed to the companies partners and condominiums.
Potential Sales Volume (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the list price of each.
Sales: Sales declared by the stores in each of the malls.
Same-Store Rent/m²: Rent earned from stores that were in operation for over a year.
Same-Store Sales/m²: Sales of stores that were in operation for over a year.
Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended for general retailing.

42
 4Q08

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

Hans Christian Melchers

Planning & Investor Relations Manager

Rodrigo Tiraboschi
Investor Relations Analyst Senior

Franco Carrion
Investor Relations Analyst

Tel.: +55 (21) 3031-5224

Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br

http://www.multiplan.com.br/ri
Disclaimer
This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s
management and on available information. These prospects include statements concerning our management’s current intentions or expectations.
Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The
Company has no obligation to update said statements.
The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and
competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can
establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information
above.
43