1Q09

COMPANY PRESENTATION
June 2009
 1Q09

Who We Are
Quality Shopping Centers Leadership in the Sector
Rental Revenue/m² - 1Q09 (R$ million) – 1Q09

251 R$/m² BRMalls Multiplan Iguatemi

30% 29%
108
193 R$/m² 194 R$/m²
82

48 51 54
44
37
25
16

BRMalls Multiplan Iguatemi Net Revenue FFO Net Income

Low Risk High Returns

Interest, Management and Control Average 3rd year NOI Yield > 15%

BRMalls Multiplan Iguatemi

83%
68%
56% ParkShopping – Frontal BarraShoppingSul – New
50% Expansion Shopping Center
44%
35%

Average. Interest Malls with 50% or more

1 2
1Q09 of interest - 1Q09 MorumbiShopping – Shopping Santa Úrsula –
Mixed-use Acquisition

Source: Companies report 2

 1Q09

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
% 1Q09 Mind ²

In Operation
AL 1 BH Shopping MG 80.0% 36,895 m² R$770.4 M 99.1% 1º
2
6 2 RibeirãoShopping SP 76.2% 46,221 m² R$523.3 M 96.8% 1º
3 BarraShopping RJ 51.1% 69,503 m² R$1,083.7 M 98.0% 1º
4 MorumbiShopping SP 65.8% 54,988 m² R$1,145.6 M 99.6% 1º
5 ParkShopping DF 59.1% 43,178 m² R$429.6 M 96.9% 1º
DF MG
6 DiamondMall MG 90.0% 21,360 m² R$301.5 M 99.1% 5º
11
7 7 New York City Center RJ 50.0% 22,068 m² R$85.0 M 97.5% 1º

SP 8 ShoppingAnáliaFranco SP 30.0% 39,310 m² R$320.7 M 98.6% 7º

11 9 ParkShoppingBarigüi PR 84.0% 42,968 m² R$677.0 M 99.1% 1º

PR 10 Pátio Savassi MG 83.8% 16,172 m² R$ 221.3 M 98.8% 2º

11 Shopping Santa Úrsula SP 37.5% 24,043 m² R$56.3 M 69.8% N/A
9 3 12 BarraShoppingSul RS 100.0% 68,187 m² R$ 573.0 M 93.9% N/A
8 RS Sub-Total In Operation 68.2% 484,894 m² R$ 6,187.3 M 96.3% -
Under development (% constr.)
3
13 Shopping Vila Olímpia SP 42.0% 29,538 m²
14 Shopping Maceió AL 50.0% 27,582 m²
12 8 13 4 Portfolio Total 65.8% 542,062 m²

¹ According to Jones Lang LaSalle evaluation done in 2008, 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 Interest during construction

3
 1Q09

Solid Growth
Brazillian Indexes vs Portfolio Performance Diversified Mix of Tenants
(CAGR)(2000-2008) (% Rent of the Largest Tenants in 2008)
15.8% 35%
14.5% 30%
13.6%

% of minimum rent
and overage total
25% *
20%

6.2% 15%
4.1% 10%
2.9%
5%
0%
Tenants 1 6 11 16 21 26 31 36 41 46
GDP IPCA Retail Sales Sales Rent NOI
* Largest 25 tenants contribute with 23% of rental revenue
Brazil Portfolio

Investing in Our Enterprises

Occupancy Rate Annual Average
Sc’s in Operation State Age Expansions¹
1 BH Shopping MG 29 5
2 RibeirãoShopping SP 28 5 100% 99.4%
3 BarraShopping RJ 27 6 98.2%*
4 MorumbiShopping SP 27 5 98% ParkShopping
5 ParkShopping DF 25 9 Barigüi
6 DiamondMall MG 12 3 96%
7 New York City Center RJ 9 - 96.6%
8 ShoppingAnáliaFranco SP 9 1 94.5%
94%
9 ParkShoppingBarigüi PR 5 2
10 Pátio Savassi² MG 1 - Shopping BarraShoppingSul and
11 Shopping Santa Úrsula³ SP - 92%
1 AnáliaFranco Shopping Santa Úrsula
12 BarraShopping Sul4 RS - - 90.7%
¹ Including expansions under construction Total of 36 90%
² Acquired in April 2008
³ Acquired in June 2007
4 Opened in November 2008
*Disregarding BarraShoppingSul and Shopping Santa Úrsula
4
 1Q09

Operational Highlights ¹
Sales Growth Multiplan Sales vs. IPCA vs. Retail
(R$’000)
+18,410 1,261,212
+92,006 20.6%

+21,051
+83,954
8.5%
1,045,791
+20.6% 5.6% 5.1%
3.8%

IPCA Retail SSS/m² SAS/m² Sales

Total Sales Operating SSU BSS 4Q08 Total Sales Sales
1Q08 Expansions 1Q09

Turnover vs. Vacancy SSR vs. SAR vs. IGP-DI Growth

4.8% 38.0%
Turnover ²
Vacancy²

2.6%
2.1% 13.2% 12.6%
1.7% 11.1%
1.4%
1.0% 1.1% 5.6%
0.8%

IPCA IGP-DI SSR/m² SAR/m² Rent

1Q06 1Q07 1Q08 1Q09 Adjustment
Effect

¹ Considering 100% of the shopping centers.

² Does not include BarraShoppingSul and Shopping Santa Úrsula. 5
 1Q09

Revenue Highlights
Gross Revenue Growth Gross and Rental Revenue Breakdown
(R$ ’000) (1Q09)
+4,976 +427 118,074
Real Estate Minimum
+4,135 +404 -33
0.4% 87.3%
+18,826
Parking
+32.2%
Rental
15.0%
67.2%

Key money
89,339 4.4%

Services
Merchandising
13.0%
Gross Rental Services Key Parking Real Other Gross
10.3%
Revenue Money Estate Revenue Overage
1Q08 1Q09 2.5%

Rental Revenue Growth Parking Result

(R$ ’000) (R$ ’000)
+33.2% -22.5% +34.8%
+33.2% -22.5% +34.8%
10,540
2,110 79,389 +69.4%
17,281

-566

+31.1%
6,224
60,564

Rental 1Q08 Minimum Overage Merchandising Rental 1Q09 1Q08 1Q09

6
 1Q09

Company Results
NOI vs. NOI + Key Money Growth NOI vs. NOI + Key Money Margins
(R$ ’000) (R$ ’000)
+28.8% 91,031 +180 b.p.
+40.8% 84.6%
73,374 82.8%
70,675 +357 b.p. 81.6%

52,109 78.0%

1Q08 1Q09 1Q08 1Q09 1Q08 1Q09 1Q08 1Q09

NOI NOI + KM NOI NOI + KM

EBITDA vs. Core EBITDA Net Income vs. Adjusted Net Income
(R$ ’000)
+25.6% (R$ ’000)
77,214
+17.8% -11.8%
59,947 61,456 50,101
50,910 +240.8% 44,178 44,178

12,962

1Q08 1Q09 1Q08 1Q09 1Q08 1Q09 1Q08 1Q09

EBITDA Core EBITDA Net Income Adjusted Net Income

7
 1Q09

Net Debt/EBITDA of 0.7x brAA-

BB
Debt Breakdown Debentures issuance
900.000

Others Conclusion of the Bookbuilding: June 10th, 2009

1%
Fixed TJLP Type: Simple, non-convertible, without collateral
12% 4% Non-
CDI Amount: R$100 million
25% Bank
35%
Remuneration: 117% of CDI
IPCA
22% Term: 721 days

Bank Rating by Standard & Poor s: brAA-

TR 65%
36% 900.000
Covenant:
Net Debt/ EBITDA <= 2.75x
EBITDA/ Net Financial Result >= 2,75x

Debt Amortization * Debt vs. Cash Generation

(R$ million) (R$ ’000)
80.2 Cash Position: R$ 187.2 million
364,337

Loans and financings

51.8
Obligations for acquisition of goods 259,341
40.4
230,074
33.1
24.9 24.9 177,125
20.6 19.0 19.0 18.7
13.4 13.4
5.0

2009 2010 2011 2012 2013 2014 2015 >=2016 Gross Debt Net Debt Adjusted FFO (12M)* EBITDA (12M)*

* Debt amortization on March 31, 2009 considering the refinancing of R$30 * From April 2008 to March 2009
million occurred in April 2009 8
 1Q09

Generating Value
Own GLA Growth Our Stores
(‘000m²)
364 m²
+10.2%
25 m² +19.8%
3,614

3,016
9 m² Stores to
331 m² be leased
16%
Stores leased
84%

Shoppings in Shoppings under Expansions under Total Stores in Stores in

operation development development 1Q09 2010
900.000

Projects’ Economic Capex * Impact of Future Projects’ Estimated NOI

As of April 2009 - (R$ ‘000) Average NOI 3rd year Yield: 16.3%
+R$ 9.5 M R$ 342.3 M
Capex to be invested 2009 2010 +R$ 25.7 M
Lands 113,387 -
Renovations 30,748 2,285 +R$ 6.1 M
R$ 301.0 M
Projects to be started 47,437 33,509
Expansions under
124,137 6,373
construction
Shoppings under
58,976 2,271
construction
NOI 2Q08 2009 2010 2011 2011
Total 374,685 44,437
until 1Q09
*Capex updated in May 2009, based on the budget review for the construction Estimated NOI of the projects that will be
to be started in 2009.
under construction until the end of 2009

9
 1Q09

Six Projects 84% Leased !

ShoppingAnáliaFranco Expansion RibeirãoShopping Expansion (Phase 2) BH Shopping Expansion
Opening: Jul-09 Opening: Aug-09 Opening: 2010
GLA: 11,667 m² GLA: 466 m² GLA: 11,010 m²
Stores: 93 Stores: 6 Stores: 104

Construction Construction Construction

Stores Leased 87% Stores Leased 100% Stores Leased 89%

Capex invested 64% Capex invested 18% Capex invested 36%

ParkShopping Frontal Expansion Shopping Vila Olímpia ParkShoppingBarigüi Expansion

Opening: Oct-09 Opening: Nov-09 Opening: 2010

GLA: 29,586 m² GLA: 8,075 m²

GLA: 8,591 m²
Stores: 211 Stores: 93
Stores: 91

Construction Project
Construction

Stores Leased 96% Stores Leased 87% Stores Leased 50%

Capex invested 39% Capex invested 49% Capex invested 8%

All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice. 10
 1Q09

Highlights: Brazil, Retail and SC’s

Purchase Power
Classes A/B Class C Classes D/E

11% 12% 12% 13% 14% 15%

42% 44% 46% 48% 50% 52%
Lack of Shopping Centers Credit Increase
Total GLA (m²) / 1,000 habitants
Consumer Credit (R$)
47% 44%
1,872
Source: ABRASCE (2007)

42% 38%
400. 0Bi
Interest Rate 22. 0%

36% 32% 334.4 Bi

18.5%
350. 0Bi

20. 0%

300. 0Bi
17.7%
16.3% 235.0 Bi
1,128
18. 0%

192.0 Bi
250. 0Bi

155.0 Bi
200. 0Bi 16. 0%

2003 2004 2005 2006 2007 2008 13.7%

150. 0Bi

113.0 Bi 13.2%
Source: CPS/FGV based on data from PME/IBGE 88.0 Bi
14. 0%

100. 0Bi

213
12. 0%

81 11.2%
50. 0Bi

47 0. 0Bi 10. 0%

Sales Evolution 2003 2004 2005 2006 2007 2008

USA Canada France Mexico Brazil
27.9% Source: BACEN

19.3% 18.7%
13.8% 15.8% 15.1% 16.0%
13.1%
11.0%
9.2% 10.0% 9.6% Retail Sales * – SC share in
Inflation Under Control 13.3% 9.3% 9.1%
the market
4.8% 6.2%
IPCA - Consumer Price Index
IGP-DI - General Price Index Canada 65.5%

12.1% USA 51.3%

-3.7%
9.3% 9.1% Mexico 50.0%
7.9% 2003 2004 2005 2006 2007 2008
5.7% Retail Shopping Centers Multiplan
3.1% France 28.0%
7.7% 7.6%
5.9% Source: IBGE and ABRASCE
1.2% 4.5% Brazil 18.3%
3.8%
Source: ICSC of 2006 and 2007; ABRASCE of 2008
2003 2004 2005 2006 2007 2008
*Does not consider fuel and lubrificants;
Source: IBGE/FGV Construction material, tools, etc...; GLP.

11
 1Q09

Key Performance Figures

Indicators (R$ '000)
Financials (MTE %) 2008 2007 Var. % 1Q09 1Q08 Var. %
Gross Revenue 452,914 368,792 ▲22.8% 118,074 89,339 ▲32.2%
Net Revenue 411,231 336,393 ▲22.2% 108,102 80,892 ▲33.6%
Headquarters (83,051) (54,951) ▲51.1% 18,761 11,712 ▲60.2%
Rental Revenue 295,252 239,394 ▲23.3% 79,389 60,564 ▲31.1%
Rental Revenue/m² 1,139 R$/m² 1,021 R$/m² ▲11.5% 251 R$/m² 249 R$/m² ▲0.7%
Adjusted EBITDA 250,621 212,163 ▲18.1% 59,947 50,910 ▲17.8%
Adjusted EBITDA Margin 60.94% 63.07% ▼2.1 b.p 55.45% 62.94% ▼748.1 b.p
Adjusted FFO 240,599 200,174 ▲20.2% 53,835 57,685 ▼6.7%
Adjusted FFO/m² 928 R$/m² 854 R$/m² ▲8.7% 170 R$/m² 237 R$/m² ▼28.3%
Performance 100% 2008 2007 Var. % 1Q09 1Q08 Var. %
Adjusted Total GLA (avg.) 405,103 m² 376,827 m² ▲7.5% 470,488 m² 377,981 m² ▲24.5%
Adjusted Own GLA (avg.) 259,127 m² 234,358 m² ▲10.6% 316,378 m² 242,963 m² ▲30.2%
Rental Revenue 465,197 382,790 ▲21.5% 133,022 96,407 ▲38.0%
Rental Revenue /m² 1,148 R$/m² 1,016 R$/m² ▲13.0% 283 R$/m² 255 R$/m² ▲10.9%
Total Sales 5,071,404 4,272,289 ▲18.7% 1,261,212 1,045,791 ▲20.6%
Total Sales/m² 12,519 R$/m² 11,338 R$/m² ▲10.4% 2,681 R$/m² 2,767 R$/m² ▼3.1%
Same Stores Sales/m² 13,030 R$/m² 11,810 R$/m² ▲10.3% 2,961 R$/m² 2,817 R$/m² ▲5.1%
Same Stores Rent/m² 1,034 R$/m² 935 R$/m² ▲10.6% 258 R$/m² 228 R$/m² ▲13.2%
Occupancy Costs * 13.01% 14.90% ▼190 b.p 14.63% 13.62% ▲101.7 b.p
Rent as Sales % 7.99% 8.42% ▼43 b.p 8.81% 8.40% ▲41.3 b.p
Others as Sales % 5.02% 6.48% ▼147 b.p 5.82% 5.22% ▲60.4 b.p
Turnover * 6.83% 5.20% ▲163 b.p 1.36% 1.13% ▲22.8 b.p
Occupancy Rate * 98.16% 97.36% ▲80 b.p 98.33% 97.93% ▲39.9 b.p
Delinquency 3.63% 5.43% ▼179 b.p 5.79% 3.23% ▲256.4 b.p
*Does not include BSS and SSU.

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 1Q09

Glossary
Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO and restructuring costs. Acronyms
Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization. BHS BH Shopping
Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization BRS BarraShopping
of goodwill from acquisitions and mergers (including deferred taxes). BSS BarraShoppingSul
Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus DMM DiamondMall
ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m² to be MAC Shopping Maceió
considered anchors. MBS MorumbiShopping
Base Rent: The minimum rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent is a MTE Multiplan
percentage of sales. NYCC New York City Center
Complementary Rent: The difference between the base rent and the rent consisting of a percentage of sales, as determined PKB ParkShoppingBarigüi
in the lease agreement. This amount is only paid if the percentage rent is higher than the base rent. PKS ParkShopping
EBITDA: Net income (loss) plus expenses with income tax and social contribution on net income, non-operating income, PSS Shopping Pátio Savassi
financial result, depreciation and amortization, minority interest and non-recurring expenses. EBITDA does not have a single RBS RibeirãoShopping
definition, and this definition of EBITDA may not be comparable with the EBITDA used by other companies. SAF ShoppingAnáliaFranco
Deferred income: Deferred key money and store buy back expenses. SSU Shopping Santa Úrsula
GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus the stores SVO Shopping Vila Olímpia
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.

13
 1Q09

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.
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.

14