Second Quarter 2008 Earnings Release and Supplementary Financial Information

Second Quarter 2008 Earnings Release and Supplementary Financial Information Conference Call English August 14, 2008 10:30 am (Brasília) 9:30 am (US EST) Tel.: +1 (973) 935-8893 Replay: +1 (706) 645-9291 Code: 57096995 Portuguese August 14, 2008 11:45 am (Brasília) 10:45 am (US EST) Tel.: +55 (11) 2188-0188 Replay: +55 (11) 2188-0188 Code: Multiplan

Multiplan announces adjusted FFO growth of 49.3% to R$62.0 million in 2Q08 Rio de Janeiro, August 13, 2008 Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), the largest shopping center company in Brazil by revenue, and the most profitable company in the sector, announces its results for the second quarter of 2008. The following financial and operating data, except where otherwise stated, is based on consolidated data in Brazilian Reais (R$) according to generally accepted accounting principles in Brazil. FINANCIAL AND OPERATING HIGHLIGHTS Change 2Q08/2Q07 Net Revenue Adjusted EBITDA Adjusted Net Income Adjusted FFO 32.2% 38.2% 48.3% 49.3% Net Revenue increased 32.2% to R$104.1 million YoY for the quarter. Rent and parking revenue were some of the main drivers for the increase. Rent revenue grew 26.5%, to R$68.8 million, boosted by a 20.7% increase of minimum and overage rent and a 66.7% increase in merchandising. Key money grew 79.4% to R$8.7 million, as Multiplan s efforts to rebalance its portfolio mix at select properties resulted in a turnover of 1.5% this quarter and 2.6% for 1H08. NOI increased from R$48.7 million to R$64.1 million showing growth of 31.5% YoY for the quarter. In addition the increase noted above, the NOI was further enhanced by a margin increase from 82.5% to 83.2%. Adjusted EBITDA rose 38.2%, from R$45.5 million to R$62.8 million, showing a significant improvement in efficiency (from 57.7% to 60.3%) and in all company s activities. Adjusted FFO increased 49.3% to R$62.0 million, the largest figure among listed Brazilian Shopping Center companies in 2Q08. Adjusted Income increased 48.3% to R$53.7 million, when compared to R$36.2 million in 2Q07. R$90.3 million was invested in shopping center developments and expansions in 2Q08, including BarraShoppingSul, Shopping VilaOlímpia, Shopping Maceió, seven expansions, and R$28.7 million due to one new acquisition. Multiplan has focused on the development of its pipeline, and has more than doubled the investments in 2Q08, over the previous quarter. Mixed-use project pipeline started with the announcement of an office tower project integrated to the coming BarraShoppingSul. It has over R$70 million in total sell out and is planned to be opened in the first half of 2011. Multiplan owns a further land bank of 905,198 sq.m. for future projects. More than 80% of over 800 stores which will be added to the shopping centers under expansion and new greenfields through 2009, have been pre-leased. This reflects the success of the company s projects and the strength of Multiplan s commercial leasing team. Operating Highlights (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Gross Revenue 113,984 86,254 32.2% 203,323 163,347 24.5% Net Revenue 104,107 78,764 32.2% 184,998 149,128 24.1% Adjusted FFO 61,951 41,498 49.3% 119,954 85,202 40.8% Adjusted Income 53,703 36,214 48.3% 104,122 74,746 39.3% Adjusted EBITDA 62,813 45,464 38.2% 114,038 96,013 18.8% Adjusted EBITDA Margin 60.3% 57.7% 2.6 p.p 61.6% 64.4% 2.7 p.p NOI 64,057 48,721 31.5% 116,166 93,840 23.8% NOI Margin 83.2% 82.5% 0.7 p.p 80.8% 83.0% 2.2 p.p Total Sales/sq.m. 2,910 R$/sq.m. 2,562 R$/sq.m. 13.6% 5,511 R$/sq.m. 4,843 R$/sq.m. 13.8% Same Stores Sales/sq.m. 3,057 R$/sq.m. 2,744 R$/sq.m. 11.4% 5,931 R$/sq.m. 5,283 R$/sq.m. 12.3% Same Stores Rent/sq.m. 237 R$/sq.m. 217 R$/sq.m. 9.0% 471 R$/sq.m. 436 R$/sq.m. 8.2% GLA Own SC's 416,416 sq.m. 393,614 sq.m. 5.8% 416,416 sq.m. 393,614 sq.m. 5.8% Multiplan GLA 266,314 sq.m. 255,927 sq.m. 4.1% 266,314 sq.m. 255,927 sq.m. 4.1% 2

LETTER FROM THE CEO Dear shareholders, We are pleased to present Multiplan s results for the second quarter of 2008. In 2Q08, we had impressive operational results, increasing the efficiency of our malls, and continuing to invest in the development of new projects. Comparing results against the previous quarter, we invested 141% more capital on the development of new shopping centers and 282% more on mall expansions - summing to R$90 million, which represents 80% of investments in malls and expansions made through all of 2007. This increase of capital expenditure in development and redevelopment continues to support our core strength and longevity in the marketplace. Our FFO increased 49% over the same period of 2007, as a result of our operations and healthy financial position. The Brazilian economy, still growing considerably, is establishing ever stronger ties with the global market and solidifying its position as a leader among emerging markets. While retail growth has slowed down in Brazil in recent months, it is still increasing consistently. We are even more proud to see our malls performing above the growing Brazilian retail average, with 20% growth in sales from 2T07 to 2T08. Although domestic inflation is higher in 2008, prudent fiscal policy increasing interest rates is expected to contain the inflation rates over the medium-term. We are cautious with respect to the near-term prospects for the world economy, however we consider the Brazilian market a promising opportunity among the turmoil. Led by our COO, Eduardo Peres, our operations gained in productivity. As mention, sales grew by 20% over the same period last year, reaching R$1.17 billion. Parking revenue increased 52%, driven in part by new parking operations in ParkShoppingBarigui and Shopping AnáliaFranco. Merchandising in our malls was also a meaningful revenue boost, growing 67% over 2Q07, and highlighting the competence of our team, our good relationships with Brazil s biggest marketing companies, and our speed to answer to new market trends, like São Paulo s Cidade Limpa. Marcello Barnes, our CIO, together with his team, boosted Multiplan s development pipeline. This quarter we announced the development of Cristal Tower, a commercial tower with 22,000 sq.m. The project integrates BarraShoppingSul, the company s new shopping center and the biggest in the southern region of Brazil, with its opening scheduled for the second half of this year. Multiplan currently has two shopping centers under development, two under approval, and five being expanded. Through 2009, more than eight hundred stores will be added to our portfolio, from which more than 80% have already been pre-leased. Building and managing shopping centers can be a challenging task, one at which Multiplan has proven to excel. Following this core strength, several projects are being developed and will soon be formally announced. Our CFO and investors relations officer, Armando d Almeida Neto, has helped restructure the organization to improve efficiency and competitiveness in the marketplace. By hiring new talent, restructuring the IR team, and launching a new web-site, we have fortified the relationship between Multiplan and its investors. We have also opened a new office in São Paulo, where we are increasing our team in order to dedicate even more to the projects in the region. Earlier this month, we were very proud that Standard & Poor s gave Multiplan the best rating in the Brazilian shopping center and real estate sectors. I would like to thank all the support we have from our Canadian partner, Cadillac Fairview, one of the biggest mall operators in North America. Through exchanging knowledge, we have improved our corporate governance as well as many other operational areas. Multiplan was considered the best Brazilian company in the construction and engineering sector on 2008, by the newspaper Valor Econômico. Being recognized for our efforts is something that motivates us to continue our path of consistent growth and improved efficiency, making our malls places of both shopping and leisure for all our customers. The results you are about to read demonstrate our team s motivation, effort and commitment to executing on bold development and management strategies, innovating, perpetuating our brand, and achieving positive results for our shareholders. My best regards, José Isaac Peres 3

Overview FINANCIAL HIGHLIGHTS Multiplan is the largest shopping center company in Brazil, developing, owning and managing one of the largest and highest-quality mall portfolios, with over 30 years of experience in the sector. The company also has strategic operations in the residential and commercial real estate development sectors, generating synergies for mallrelated operations and adjacent owned land. On June 30, 2008, Multiplan owned and managed 11 shopping centers, totaling a GLA of 416,416 sq.m., 2,813 stores and an estimated annual traffic of 149 million consumers, ranking the company among the largest shopping centers operators in Brazil, according to the Brazilian Shopping Centers Association (ABRASCE). The company's position as a market leader has been recognized by numerous industry awards, including the bi-annual "Management Excellence" award the most distinguished recognition among shopping center managers for the 3 rd consecutive time. Seeking to control and exercise its management excellence, Multiplan owns controlling positions in 11 of the 15 shopping centers in its portfolio (including the two malls under construction and two malls under development) and currently manages all operating shopping centers in which it has an ownership interest. Consolidated Financial Statements (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Rent 68,772 54,368 26.5% 129,336 106,821 21.1% Service Revenue 21,716 12,116 79.2% 32,970 22,989 43.4% Key Money 8,717 4,859 79.4% 13,481 9,426 43.0% Parking Revenue 14,779 9,723 52.0% 27,503 13,748 100.1% Real Estate Sales - 5,188 100.0% - 10,363 100.0% Other - - na 33 0 na Gross Revenue 113,984 86,254 32.2% 203,323 163,347 24.5% Revenue Tax (9,878) (7,490) 31.9% (18,325) (14,219) 28.9% Net Revenue 104,107 78,764 32.2% 184,998 149,128 24.1% Operational Costs Headquarters (27,260) (15,620) 74.5% (38,973) (24,330) 60.2% Non-recurring expenses (IPO) - (1,361) na - (1,361) na Shopping Center (12,895) (10,309) 25.1% (27,573) (19,251) 43.2% Parking (6,600) (5,061) 30.4% (13,100) (7,478) 75.2% Cost of Real Estate Sold - (2,971) na - (5,969) na Equity pickup 5,514 596 825.4% 8,117 2,173 273.6% Amortization (31,477) (28,177) 11.7% (62,905) (56,354) 11.6% Financial Revenue 9,503 1,697 459.9% 25,125 3,064 719.9% Financial Expenses (9,468) (6,139) 54.2% (17,400) (11,884) 46.4% Depreciation (8,248) (5,285) 56.1% (15,832) (10,456) 51.4% Other Operating Revenues/Expenses (58) 88 na 565 758 25.4% Operational Income 23,118 6,222 271.6% 43,022 18,039 138.5% Non-Operating Income 4 (22) na 4 983 99.6% Income Before Taxes 23,122 6,200 272.9% 43,026 19,022 126.2% Tax Income and Social Contribution (723) 616 na (1,493) (1,681) 11.2% Deferred Taxes (5,775) (120) 4,721.5% (11,485) (314) 3,557.8% Participation of the minority stockholders (172) (21) 721.0% (317) 4 na Net Income 16,451 6,675 146.5% 29,731 17,031 74.6% Adjusted EBITDA 62,813 45,464 38.2% 114,038 96,013 18.8% NOI 64,057 48,721 31.5% 116,166 93,840 23.8% Adjusted FFO 61,951 41,498 49.3% 119,954 85,202 40.8% Adjusted Income 53,703 36,214 48.3% 104,122 74,746 39.3% 4

120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 2Q08 REVENUES Gross Revenue Double digit growth in shopping center related revenues Multiplan's gross revenue grew by 32.1%, from R$86.3 million in 2Q07, to R$114.0 million in 2Q08, driven by the increase of all revenue related to the companies shopping center operations. Gross Revenue Growth and Breakdown 2Q07 and 2Q08 (R$ 000) 86,254 +14,408 +9,600 +3,858 + 32.1% +5,051-5,188 113,984 Parking, 13.0% Key Money, 7.6% Rent, 60.3% Minimum, 79.3% Services, 19.1% Gross Revenue 2Q07 Rent Services Key Money Parking Real Estate Sales Gross Revenue Growth 2Q07 vs. 2Q08 Gross Revenue 2Q08 Merchandising, 16.6% Gross Revenue Breakdown 2Q08 Overage, 4.1% 1. Rent Strong organic growth and new acquisitions Rental revenue totaled R$68.8 million in 2Q08, 26.5% higher than the R$54.4 million revenue recorded in 2Q07. The rent increase was largely driven by the organic growth in shopping center revenue, the acquisitions of Shopping Pátio Savassi (June 2007) and Shopping Santa Úrsula (April 2008) and the minority interests in MorumbiShopping (November 2007) and RibeirãoShopping (December 2006). In addition to the 20% interest acquired in the mall, RibeirãoShopping s 66% rent increase was boosted by the strong growth within the city, which should also benefit Shopping Santa Úrsula in the future. Rent Revenue/Shopping (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % BH Shopping 9,294 8,690 6.95% 17,848 17,025 4.84% RibeirãoShopping 5,861 3,535 65.80% 9,557 6,800 40.54% BarraShopping 13,236 11,877 11.44% 25,671 23,695 8.34% MorumbiShopping 15,957 11,555 38.10% 30,456 23,155 31.53% ParkShopping 4,925 4,469 10.21% 9,380 8,713 7.66% DiamondMall 5,762 4,762 20.99% 10,859 9,347 16.17% New York City Center 1,378 1,186 16.15% 2,646 2,373 11.49% Shopping AnáliaFranco 3,258 2,812 15.87% 6,182 5,412 14.23% ParkShoppingBarigüi 5,742 5,474 4.90% 10,593 10,287 2.98% Pátio Savassi 3,122-0.00% 5,899-0.00% Shopping Santa Úrsula 230-0.00% 230-0.00% BarraShoppingSul (BIG) 7 7 5.49% 14 14 2.90% Portfolio Total 68,772 54,368 26.49% 129,336 106,821 21.08% A new shopping mall: Shopping Santa Úrsula Since May 2008, Multiplan manages and owns 37.5% of Shopping Santa Úrsula. As it was mentioned when acquired, the mall currently has undermarket rents in-place, non-optimal tenant mix for its consumer base and relatively high vacancy. Multiplan plans to bring this shopping center to the same standard as that of RibeirãoShopping, that is within a similar region, and with a comparable typical consumer. The management of both shopping centers will be combined in order to create synergies and reduce costs. Multiplan recognizes that a strong effort is required to be made in this asset, and that there may be short term consequences to achieving long term gains. Nevertheless, significant upside is expected, with a forecast unleveraged real IRR of 14%. 2Q08 SSU* RBS Portfolio Portfolio w/ SSU Sales 27,169 84,662 1,169,981 1,151,439 Sales/sq.m 1,130 R$/sq.m. 2,160 R$/sq.m. 2,910 R$/sq.m. 3,046 R$/sq.m. Rent 944 7,695 108,922 108,308 Rent/sq.m 39 R$/sq.m. 196 R$/sq.m. 271 R$/sq.m. 287 R$/sq.m. Vacancy 12.9% 1.5% 2.4% 1.8% * Considering April to June, despite the company did not own SSU in April, in order to compare with RBS and our portfolio quarterly results 5

2,500,000 2,000,000 1,500,000 1,000,000 500,000-7,000 6,000 5,000 4,000 3,000 2,000 1,000-2Q08 Strong sales, strong shopping The Brazilian retail market has grown considerably cumulative growth for 2008 through May was 10.3%; however sales growth in Multiplan s portfolio outperformed the market with 20.4% sales growth over the same period. Although Brazilian monetary policy has increased interest rates this year from 11.3% to 13.0%, the company views these actions as prudent fiscal policy to help ensure stability and consistent growth over the medium to long term. On a same store basis Multiplan still shows a double digits sales increase of 11.4%, which reiterates the health of its tenants and shopping centers, under present market conditions. 10.0% 8.0% 7.6% 8.1% 8.7% 9.0% 8.9% 9.1% 9.3% 11.0% 10.0% 10.2% 10.3% 10.3% 9.6% 1 2.0% 6.0% 4.0% 2.0% 0.0% May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Brazilian Retail Sales Growth May/07-Mai/08 Source: IBGE + 20.6% + 12.3% + 20.4% 1,836,379 2,215,423 + 11.4% 5,283 R$/sq.m 5,931 R$/sq.m 971,737 1,169,981 2,744 R$/sq.m 3,057 R$/sq.m 2Q07 2Q08 1H07 1H08 2Q07 2Q08 1H07 1H08 Sales Growth (R$ 000) Same Store Sales Consistent sales growth in all shopping centers As seen in the table below, all Multiplan s shopping centers experienced an increase in sales. Special highlight to Brazilian retail sales in May, which is traditionally leveraged by the Mother s Day, that registered an increase of 10.3% when compared to last year s sale. However, Multiplan s sales in May performed much better than the market, increasing by 23.4%. Sales were boosted not only by the Brazilian retail, but also by a number of successful marketing campaigns, undertaken to increase shopper satisfaction and increase the average sales per visit. Multiplan received the Marketing best 20 years award as recognition of the efficiency of marketing campaigns in the last 20 years 1. Sales (R$'000) Shopping 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % BH Shopping 132,726 115,314 15.1% 252,597 219,756 14.9% RibeirãoShopping 84,662 71,688 18.1% 160,810 134,977 19.1% BarraShopping 231,668 213,214 8.7% 455,959 414,205 10.1% MorumbiShopping 214,998 190,460 12.9% 398,550 348,932 14.2% ParkShopping 124,180 114,852 8.1% 239,226 216,167 10.7% DiamondMall 68,916 51,961 32.6% 128,882 98,616 30.7% New York City Center 32,409 30,526 6.2% 68,099 64,679 5.3% Shopping AnáliaFranco 105,943 95,561 10.9% 199,804 174,156 14.7% ParkShoppingBarigüi 106,383 88,159 20.7% 199,460 164,892 21.0% Pátio Savassi 49,555 - - 93,492 - - Shopping Santa Úrsula 18,542 - - 18,542 - - Total 1,169,981 971,737 20.4% 2,215,423 1,836,379 20.6% 1 Award organized and given by Editora Referência, MadiaMundoMarketing and FGV business school 6

70,000 6 5,000 60,000 5 5,000 50,000 4 5,000 2Q08 Rent revenue breakdown The power of merchandising Rent revenue grew 26.5% in 2Q08 compared to the year before, while the base rent and overage revenue managed to grow 20.7% and 20.9% respectively. Strong demand for alternative marketing opened up opportunities for new contracts and products, leading to a 66.7% increase in merchandising across the portfolio. Multiplan believes the results illustrate the efficiency of its merchandising team, which has been dedicated to making the shopping center an attractive and profitable place for companies to market their brands. In São Paulo, a law named Cidade Limpa (Clean City) limited the size and frequency of exterior advertising on the street. As a result advertising demand has shifted to other forms of media, such as merchandising within shopping centers. MorumbiShopping, located in São Paulo, benefited greatly from this, as it saw merchandising almost double from R$1.5 million in 2Q07 to R$2.9 million in 2Q08. +20.7% +20.9% +66.7% 4,558 68,772 Before After 9,357 490 54,368 Rent 2Q07 Minimum Overage Merchandising Rent 2Q08 Rent revenue breakdown 2Q07 vs. 2Q08 (R$ 000) Avenida Ibirapuera (São Paulo Before and After Cidade Limpa law) Rent Revenue/Shopping 2Q08 2Q07 (R$'000) Minimum Overage Merchand. Minimum Overage Merchand. BH Shopping 7,232 296 1,766 7,249 256 1,185 RibeirãoShopping 4,607 254 1,000 2,901 132 502 BarraShopping 11,169 273 1,795 10,232 332 1,313 MorumbiShopping 12,434 582 2,941 9,706 387 1,461 ParkShopping 3,790 211 924 3,472 315 682 DiamondMall 4,637 417 709 4,020 308 434 New York City Center 1,169 40 169 1,048 8 131 Shopping AnáliaFranco 2,478 163 617 2,167 188 457 ParkShoppingBarigüi 4,449 318 974 4,388 414 672 Pátio Savassi 2,375 270 478 - - - Shopping Santa Úrsula 202 5 23 - - - BarraShoppingSul (BIG) 7 - - 7 - - Portfolio Total 54,548 2,829 11,395 45,191 2,339 6,838 Real growth on top of higher inflation As mentioned in the previous page, rent revenue grew 26.5%. Looking exclusively at minimum and overage rent, the growth was 20.7%, well above inflation during the last 12 months. For a more precise analysis the following points should be taken into consideration: 1. The contracts are indexed to inflation, but reviewed only once a year, with a one month delay, leading to an average IGP-DI renewal effect of 7.2%. The IGP-DI renewal effect is the weighed average of the monthly IGP-DI increase, by the percentage GLA renewed on the respective month. (see chart below). 2. The best way to analyze rent increase is through a same store basis which increased 9.0% in 2Q08, when comparing to the same period of 2007. 7

25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 5 00 4 5 0 4 00 3 5 0 3 00 2 5 0 2 00 1 5 0 1 00 5 0-2Q08 23% + 8.2% 8% 7% 7% 5% 4% 4% 6% 6% 6% 7% 6% 12% 11% 11% 10% 8% 9% 9% 9% 8% 6% 5% 3% + 9.0% 217 237 436 471 jul/07 ago/07 set/07 out/07 nov/07 dez/07 jan/08 fev/08 mar/08 abr/08 mai/08 jun/08 Contract Renovations* IGP-DI** * Based on the contract GLA ** Contracts are revised once a year using the IGP-DI of the month before and percentage of monthly contracts renewal 2Q07 2Q08 1H07 1H08 Same Store Rent (R$/sq.m.)- 2Q07 vs. 2Q08 (R$ 000) 2. Services Very successful pre-leasing activity Service revenues increased 79.2%, achieving R$21.7 million in 2Q08, when compared to the R$12.1 million result in 2Q07. The service revenue in 2Q08 benefited from an increase in brokerage fees due to very successful leasing. Of the 813 stores to be added in 2009 through expansions and developments, 668 of which have already been leased. 3. Key Money To be leased 18% Leased 82% New shopping center and expansion stores leased Tenant mix changes lead to key money accrual In 2Q08 key money revenue increased 79.4% to R$8.7 million. This was primarily driven by the 1.5% of turnover, as well as tenants that were moved from the centers to allocate space for expansions and refurbishment. One year ago Multiplan brought one of the best gourmet restaurants in Rio de Janeiro to BarraShopping. Despite pre-launch critics, after only 11 months of its opening the restaurant registered a flow of 75,000 people 2, a customer record for the restaurant, breaking the record held by the original location in the famous Leblon neighborhood. Since that event, the demand to create a Gourmet Center in BarraShopping has increased, encouraging Multiplan to focus on attracting some of the best restaurants in the city. With this investment Multiplan plans to increase the flow and satisfaction of customers and further boost performance. This strategy was already applied at MorumbiShopping, which owns the largest Gourmet Center in Latin America, with 23 restaurants, which are visited by 30% of the mall s customers and contribute 8.3% to total mall sales. Key Money Revenue/Type (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Operational (Recurring) 4,441 2,731 62.6% 6,728 5,446 23.5% New Projects opened in the last 5 yrs. 4,276 2,128 101.0% 6,753 3,980 69.7% Portfolio Total 8,717 4,859 79.4% 13,481 9,426 43.0% 4. Parking Revenue Two new malls and two new operations, combined with strong organic growth In 2Q08 parking revenue increased 51.9% to R$14.8 million as two shopping centers started to charge for parking: ParkShoppingBarigüi and Shopping AnáliaFranco. Pátio Savassi has also strongly contributed with R$1.1 million of revenue, while Shopping Santa Úrsula has not yet come on-line, as the new parking management system is being implemented. This new investment in Shopping Santa Úrsula will bring the mall parking system up to the standards of Multiplan s portfolio. Considering only organic growth in 2Q08, parking revenue increased 26.2%, due to higher prices charged, longer stay periods, higher car flow and new charges on the weekends in BH Shopping. Parking Revenue/Shopping (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % BH Shopping 1,831 1,263 44.9% 3,399 1,571 116.3% BarraShopping 4,412 3,070 43.7% 8,733 3,900 123.9% MorumbiShopping 4,039 4,048 0.2% 7,982 6,303 26.7% DiamondMall 1,006 711 41.5% 1,869 1,035 80.5% New York City Center 983 632 55.7% 2,074 938 121.1% Shopping AnáliaFranco 1,259-100.0% 1,259-100.0% ParkShoppingBarigüi 185-100.0% 185-100.0% Pátio Savassi 1,064-100.0% 2,002-100.0% Portfolio Total 14,779 9,723 51.9% 27,503 13,748 100.1% 2 Jornal do Brasil, June 25 th, 2008 8

EXPENSES 1. Mall Expenses and NOI A new and user-friendly NOI Mall expenses increased from R$10.9 million in 2Q07 to R$12.9 million in 2Q08, growing by 18.1%. The increase was mainly due to the result of higher ownership interests in shopping centers, due to recent acquisitions. Expenses were also impacted by brokerage costs from projects under development. However, expenses increased at a slower rate than rental revenue, thereby improving operational performance. In order to increase the strength of its corporate governance, Multiplan undertook a perception study with analysts and investors, from whicha new reporting model for NOI was elected. The model shifts from a shopping center approach, based on the shopping results to a firm-level approach, based on our earnings release. This will lead to higher transparency and a better understanding of performance by analysts and investors. The NOI + KM will include the key money from signed contracts, which is not considered operational revenue by the company, but increases Multiplan s income. Regarding parking income, it is considered on a net revenue basis, without segregating expenses and revenues, as these are an operation done by Multiplan subsidiary MTA, therefore the mall itself only receives the net result. This is simply a change in reporting to a more clear and understandable format. This change has no overall impact on Multiplan s results. NOI Calculation (R$ 000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Rent Revenue 68,772 54,368 26.5% 129,336 106,821 21.1% Parking Income 8,179 4,662 75.4% 14,403 6,270 129.71% Operational Revenue 76,951 59,030 30.36% 143,739 113,091 27.1% Shopping Expenses (12,895) (10,309) 25.1% (27,573) (19,251) 43.2% NOI 64,057 48,721 31.5% 116,166 93,840 23.8% NOI Margin 83.2% 82.5% 70 b.p 80.8% 83.0% 220 b.p Key Money Contracts Signed 9,040 12,576 28.1% 36,653 22,272 64.6% NOI + KM 73,097 61,297 19.3% 152,819 116,112 31.6% NOI + KM Margin 85.0% 85.6% 60 b.p 84.7% 85.8% 110 b.p 2. Parking Expenses Increasing operational efficiency Multiplan parking expenses increased 30.4% from R$5.1 million to R$6.6 million, due to new operations and acquisitions. However, as revenue grew at a faster pace, net parking revenue increased 75.4% (before tax). Margin increased due to the new operations of ParkShoppingBarigüi, Shopping AnáliaFranco and Pátio Savassi, which do not require the owners to share half of their revenue with the condominium, as is the case with the older shopping centers parking operations. Net Revenues (R$ 000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Parking Revenue 14,779 9,723 51.9% 27,503 13,748 100.0% Parking Expenses (6,600) (5,061) 30,4% (13,100) (7,478) 75,2% Total 8,179 4,663 75,4% 14,403 6,270 129,7% 3. Operating and Development Expenses (G&A) Structuring for the future G&A expenses in this quarter increased by 74.5%, totaling R$27.3 million, when compared to the same quarter of last year. General and administrative expenses increased primarily due to: A new office in São Paulo - this quarter Multiplan opened a new office in the office tower at MorumbiShopping in São Paulo which will host part of the development, engineering and marketing team. Delivering the pipeline - in order to deliver the existing projects and strong pipeline of developments, Multiplan improved its development structure and made investments in human capital to increase operational efficiency. Bonus - a provision for 2008 bonus (to be paid in 2009) was accrued this quarter, and last year s bonus was paid in 2Q08. The provision was created in recognition of the new formal bonus structure of the company. Corporate Governance - Multiplan made meaningful investments, such as receiving the S&P risk rating, improving its real-estate system, launching a new homepage, staffing at its IR department, hiring new talent and investing in professional development in order to better serve its shareholders. 9

G&A Expenses (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Shopping 15,175 11,049 37.3% 24,376 16,654 46.3% Development 12,085 4,571 164.4% 14,597 7,677 90.1% Total G&A 27,260 15,620 74.5% 38,973 24,330 64.3% Equity Pickup Royal Green Península revenues accelerate Equity pickup this quarter was eight times higher than the year before, reaching R$5.5 million. The strong development of the Royal Green Peninsula project was the main driver for this increase, as construction continues at a very strong pace, leading the revenues of sold apartments to be accrued in company results. Multiplan expects to conclude the project by the end of this year. As at June 30 th, 2008, 89% of the apartments in this project had been sold. While construction contracts needed to be reviewed as a result of higher construction costs generally and the fact that suppliers were forced to keep up with Multiplan s quick pace of construction, nothing has occurred to cause a deviation from the strong positive returns expected on this project. Equity pickup (R$'000) 2Q08 2Q07 Chg. % Up to Date Budget RGP Revenue 12,980 2,786 365.9% 59,005 72,182 RGP Cost 7,556 2,190 245.0% 39,171 51,828 Sub-Total 5,425 596 811.0% 19,835 20,354 Others 89-100.0% - - Total 5,513 596 825.8% 19,835 20,354 10

RESULTS Financial Results, Debt and Cash Ready to go In 2Q08 Multiplan s cash position net of debt was reduced from R$110.1 million to R$22.5 million. The main reason for the company s net cash drop was the cash reduction of R$98.7 million, decreasing from R$362.6 million in 1Q08 to R$263.9 million in 2Q08, as a result of the strong investments in development pipeline. The company still has a positive cash position net of debt, due to its precise financial planning since the IPO. Multiplan managed to balance its debt with the cash flow generation successfully throughout the years. The company has been structuring its debt operations, and after achieving one of the best ratings in the industry from Standard & Poor s, is ready to leverage itself to finance its strong development pipeline if necessary. Due to the fact that the company s interest rates are linked to inflation and inflation increased in 2Q08, Multiplan s interest expense was impacted. However, the amortization period associated with current debts results in a lower overall debt balance at the end of the quarter. Debt composition in 2Q08 Interest Indebtedness Indexation Rate (R$ 000) % Short Term TJLP 5,2% 14.764 6.7% IGP-M 0,5% 53.068 22.0% IPCA 7,6% 18.321 7.6% Fixed 12,0% 20.391 8.5% Others 0,0% 14.302 5.8% Sub-Total Short Term 120.846 50.5% Long Term TJLP 5,0% 12.389 5.1% IGP-M 0,0% 858 0.4% IPCA 7,4% 70.335 29.2% Fixed 12,0% 35.685 14.8% Others 0,0% 1.274 0.0% Sub-Total Long Term 120.540 49.5% Total Debt 241.387 100.0% Cash 263.893 Net Debt (22.506) Amortization Schedule (R$ 000) Debt Type 53,183 Loans and Financings Share Acquisition Obligations for acquisition of good Banks 12% 42,025 38,841 42,854 34,867 14,620 7,935 4,454 2,302 Others 88% 2008 2009 2010 2011 11

Adjusted Net Income and FFO Stronger cash flow for future developments Multiplan s adjusted 2Q08 net income totaled R$53.7 million, 48.3% higher than the one in the same period of last year. The net accounting income grew by 146.5% to R$16.5 million in 2Q08, accumulating retained earnings of R$17.4 million. Adjusted Income Calculation 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Net Income 16,451 6,675 146.5% 29,731 17,031 74.6% Goodwill Amortization 31,477 28,177 11.7% 62,905 56,354 11.6% Deferred Taxes¹ 5,775 - na 11,485 - na Non-recurring expenses² - 1,361 na - 1,361 na Adjusted Income 53,703 36,214 48.3% 104,122 74,746 39.3% ¹ Due to the Bertolino s reverse acquisition ² Refers to IPO costs The FFO (Funds from operations) achieve a 49.3% year-on-year growth to R$62.0 million, being the biggest among public traded shopping center companies. FFO Calculation 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Adjusted Income 53,703 36,213 48.3% 104,122 74,746 39.3% Depreciation and Amortization 8,248 5,286 56.0% 15,832 10,456 51.4% Adjusted FFO 61,951 41,498 49.3% 119,954 85,202 40.8% Adjusted EBITDA All good news leads to EBITDA growth The organic growth from Multiplan s operations made the EBITDA increase 38.2% when compared to 2Q07. EBITDA margins grew by 260 bps, as the shopping centers, parking and real estate margins have also increased. These margins were not higher due to the larger investment to deliver the pipeline, which affected G&A costs. EBITDA Calculation (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Net Income 16,451 6,675 146.5% 29,731 17,031 74.6% Tax Income and Social Contribution 6,498 (496) na 12,978 1,995 550.5% Financial Result (33) 4,441 na (7,725) 8,820 na Depreciation and Amortization 8,248 5,285 56.1% 15,832 10,456 51.4% Participation of the minority stockholders 173 21 721.0% 317 (4) na Goodwill Amortization 31,477 28,177 11.7% 62,905 56,354 11.6% Non-recurring expenses¹ - 1,361 na - 1,361 na Adjusted EBITDA 62,813 45,464 38.2% 114,038 96,013 18.8% ¹ Refers to IPO costs EBITDA margin breakdown 2Q08 2Q07 Net Net Expenses EBITDA Margin Revenue Revenue Expenses EBITDA Margin Shopping Center 91,111 (28,069) 63,041 69.2% 65,201 (21,358) 43,844 67.2% Parking 12,996 (6,600) 6,396 49.2% 8,487 (5,061) 3,426 40.4% Real Estate * 14,307 (8,293) 6,014 42.0% 7,919 (5,206) 2,712 34.3% Development - (12,085) (12,085) 0.0% - (4,571) (4,571) 0.0% Other Results * (14.307) 13.753 (554) 3,9% (2.843) 2.897 54 na Operating Results 104.107 (41.294) 62.813 60,3% 78.764 (33.299) 45.465 57,7% * The net revenue and expenses from the Royal Green Peninsula project are included in the real estate line and adjusted in the other results line to better show the company's margins in real estate projects. 12

MAIN INDICATORS Operating and Financial Performance Indicators (R$'000) Financials (MTE %) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Gross Revenue 113,984 86,254 32.1% 203,323 163,347 24.5% Net Revenue 104,107 78,764 32.2% 184,999 149,128 24.1% Headquarters 27,260 15,007 81.7% 38,972 23,717 64.3% Rent Revenue 68,772 54,364 26.5% 129,336 106,816 21.1% Rent Revenue/sq.m. 273 R$/sq.m. 248 R$/sq.m. 10.0% 513 R$/sq.m. 488 R$/sq.m. 5.3% Adjusted EBITDA 62,813 45,464 38.2% 114,038 96,013 18.8% Adjusted EBITDA/sq.m. 249 R$/sq.m. 208 R$/sq.m. 20.1% 453 R$/sq.m. 438 R$/sq.m. 3.3% Adjusted EBITDA Margin 60.3% 57.7% 2.6 p.p 61.6% 64.4% 2.7 p.p Shopping EBITDA 63,041 43,847 43.8% 108,959 91,132 19.6% Shopping EBITDA/sq.m. 250 R$/sq.m. 200 R$/sq.m. 25.0% 433 R$/sq.m. 416 R$/sq.m. 3.9% Shopping EBITDA Margin 69.2% 67.2% 1.9 p.p 67.7% 71.7% 4.0 p.p Adjusted FFO 61,951 41,498 49.3% 119,953 85,203 40.8% Adjusted FFO/sq.m. 246 R$/sq.m. 189 R$/sq.m. 29.8% 476 R$/sq.m. 389 R$/sq.m. 22.4% Performance (100%) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Adjusted Total GLA 402,016 sq.m. 379,214 sq.m. 6.0% 402,016 sq.m. 379,214 sq.m. 6.0% Adjusted Own GLA 251,914 sq.m. 219,006 sq.m. 15.0% 251,914 sq.m. 219,006 sq.m. 15.0% Rent Revenue 108,922 87,350 24.7% 205,349 171,796 19.5% Rent Revenue /sq.m. 271 R$/sq.m. 237 R$/sq.m. 14.3% 511 R$/sq.m. 453 R$/sq.m. 12.7% Total Sales 1,169,981 971,737 20.4% 2,215,423 1,836,379 20.6% Total Sales/sq.m. 2,910 R$/sq.m. 2,562 R$/sq.m. 13.6% 5,511 R$/sq.m. 4,843 R$/sq.m. 13.8% Same Stores Sales/sq.m 3,057 R$/sq.m. 2,744 R$/sq.m. 11.4% 5,931 R$/sq.m. 5,283 R$/sq.m. 12.3% Same Stores Rent/sq.m 237 R$/sq.m. 217 R$/sq.m. 9.0% 471 R$/sq.m. 436 R$/sq.m. 8.2% Occupancy Costs 12.6% 12.8% 0.1 p.p 14.0% 13.1% 0.9 p.p Rent as Sales % 7.7% 8.2% 0.5 p.p 9.0% 8.0% 1.0 p.p Others as Sales % 5.0% 4.6% 0.4 p.p 5.0% 5.1% 0.1 p.p Turnover 1.5% 0.8% 0.7 p.p 2.6% 1.6% 1.0 p.p Occupancy Rate 97.6% 97.5% 0.0 p.p 97.6% 97.5% 0.0 p.p Delinquency 3.9% 5.3% 1.4 p.p 3.6% 5.9% 2.4 p.p Multiplan's GLA is calculated below including the areas of Supermarket BIG, which is already in operation at BarraShoppingSul,. GLA Effect Multiplan Interest 2Q08 2Q07 Chg. % 1H08 1H07 Chg. % Initial GLA 251,914 sq.m. 219,006 sq.m. 15.0% 251,914 sq.m. 219,006 sq.m. 15.0% BarraShoppingSul 14,400 sq.m. 14,400 sq.m. 0.0% 14,400 sq.m. 14,400 sq.m. 0.0% RibeirãoShopping (additional 20%) 0 sq.m. 7,826 sq.m. na 0 sq.m. 7,826 sq.m. na Pátio Savassi 0 sq.m. 14,695 sq.m. na 0 sq.m. 14,695 sq.m. na Final GLA 266,314 sq.m. 255,927 sq.m. 4.1% 266,314 sq.m. 255,927 sq.m. 4.1% 13

8 0,0 0 0 7 0,0 0 0 6 0,0 0 0 5 0,0 0 0 4 0,0 0 0 3 0,0 0 0 2 0,0 0 0 1 0,0 0 0 4 5 0 m² 4 00 m² 3 5 0 m² 3 00 m² 2 5 0 m² 2 00 m² 2 0,0 0 0 1 8,0 0 0 1 6,0 0 0 1 4,0 0 0 1 2,0 0 0 1 0,0 0 0 8,0 0 0 6,0 0 0 4,0 0 0 2,0 0 0-2Q08 GROWTH STRATEGY Timetable of Expansions and New Developments - '000 sq.m. Growth of 60% in own GLA + 60% 404 426 426 328 340 354 366 266 New Mall Development Mall Expansions Current 2H08 1H09 2H09 1H10 2H10 2H14 1H15 Investment Development at a faster pace This quarter was marked by continued momentum in Multiplan s developments. The investments in shopping centers under construction and development increased 141% and shopping center expansions were boosted by 282% from last quarter. Multiplan will continue to work at full speed to deliver the projects in its pipeline and prepare for emerging development opportunities. + 141% 73,142 + 282% 17,207 30,297 4,510 1Q08 2Q08 Investments in shopping development 2Q08 vs. 1Q08 1Q08 2Q08 Investments in shopping expansions 2Q08 vs. 1Q08 CAPEX (R$'000) 2Q08 % Reference Renovations 19,578 13.9% Shopping Development 73,142 52.2% BSS, SVO, Maceió All Shoppings, Gourmet Project (BRS) and new branch in SP Shopping Expansion 17,207 12.3% BHS, RBS, PKS (Fashion & Frontal), SAF Land Acquisition 1,473 1.1% Projects not announced Shopping Acquisition and Minority Acquisition Total 140,067 100.00% 28,668 20.5% Shopping Santa Úrsula Expansions 12% Acquisitions 20% Lands 1% Renovations 14% New SC's 53% 14

79 0,000 69 0,000 59 0,000 49 0,000 39 0,000 29 0,000 19 0,000 9 0,000 (1 0,000) 2Q08 Uses of Capital Continuous growth In order to keep the growth strategy, Multiplan plans to invest R$709.7 million through 2010, in addition to its 1H08 investments of R$290.0 million. These investment forecasts only consider projects currently announced and disclosed. Use of Proceeds (R$'000) IPO 2007 1H08 2H08 2009 2010 Reference > 2008 All Shoppings, Gourmet Project Renovations - 22,814 33,676 21,125 10,518 6,964 (BRS) and new branch in SP Shopping Development 139,800 102,646 103,439 155,715 133,697 77,450 BSS, SVO, Maceió, LagoSul Shopping Expansion 119,800 11,431 21,717 117,186 60,901 2,848 BHS, RBS, PKS (Fashion, Gourmet & Frontal), PKB Gourmet, SAF Land Acquisition 93,200 16,183 102,532 123,300 - - Barra da Tijuca, São Caetano, Jundiaí, Campo Grande and others Shopping Acquisition and Minority Acquisition 273,000 287,765 28,668 - - - Shopping Santa Úrsula Working Capital 40,000 44,114 - - - - General Total 665,800 484,953 290,031 417,326 205,116 87,262 Investments may increase as other expansions and new shopping centers are announced. 707,357 484,953 Renovation 59% New SC's 36% 205,116 87,262 Expansions 15% Lands 49% 2007 2008 2009 2010 Renovations Shopping Development Shopping Expansion Land Acquisition Shopping Acquisition and Minority Acquisition Working Capital Acquisitions 100% CAPEX schedule (R$ 000) 2007 to 2010 CAPEX used until 2Q08 and to be expended (until 2010) according to the use of capital plan of the IPO Acquisition Analysis One year of Shopping Pátio Savassi In June 2007 Multiplan acquired a 83.8% share of the Shopping Pátio Savassi in Belo Horizonte, in order to control competition with Diamond Mall, and consolidate Multiplan s position in the third largest city of Brazil. One year later sales per square meter have increased 35.5% in Pátio Savassi, 32.3% in DiamondMall and 16.2% in BH Shopping, due to the synergies achieved from Multiplan management of the three shopping centers. Highlighting that Pátio Savassi had an initial yield above expectations (actual of 7.6% vs. 6.9% expected). To achieve the results Multiplan used its expertise to upgrade new assets in a number of areas: Clear regional segmentation strategy since the acquisition strategy, Multiplan has created clear strategies for all 3 of the owned malls in Belo Horizonte, such that each targets a distinct consumer segment in the region. BH Shopping is the largest mall of the region with a broad tenant base, therefore they have been geared towards targeting consumers in the A,B and C classes demographic; DiamondMall with its sophisticated design and triple AAA stores, offers a differentiated service to attend a premium class shoppers; Shopping Pátio Savassi aims its services towards a younger, urban class, which is also a subsection of A class regional consumers. The tenant mix balance Multiplan decided to change the tenant mix according to the mall s position in the market. The company seeks to balance the numbers and types of stores in the shopping center in order to attract customers and boost sales, pleasing both tenants and consumers. Optimizing space every inch is seen as an opportunity to add extra value, therefore bringing the best store to the perfect location is a priority to maximize this value, and make access easy and clear for the consumer. Pátio Savassi adapted new areas to make space for stores that come to aggregate synergy and to demand the attention of customers, such as one of the most famous American steakhouse chain to open first in Belo Horizonte. 15

1 6.0% 1 4.0% 1 2.0% 1 0.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2Q08 Opportunity for higher rents when Pátio Savassi was acquired the rent prices of some of the contracts were bellow the company s standard, thus that was an immense upside that also contributed to make the acquisition feasible. Pátio Savassi is close to its 5 year anniversary and also the end of most of its contracts, for this reason Multiplan was able to renegotiate the 5 contracts that expired in 2008 with an average of approximately 36.9% above their former rent High quality standards in order to keep the high quality standard of the portfolio, the companies providing services to Multiplan s shopping centers started operating in Shopping Pátio Savassi as well. By improving quality in security, cleaning service and maintenance, Multiplan guarantees the brand awareness strength s, the best position in the share of mind and the trust of the customers Since the acquisition, the Shopping Pátio Savassi s NOI has increased 20.6%, which should represent a gain of R$33.1 million considering that R$160.7 million was invested to acquire this asset. Despite this growth, Multiplan believes that Shopping Patio Savassi still has room to grow and Diamond Mall will be benefited following the same path. Diamond Mall 1 1,7 km 6.9% 7.6% 14.0% 2 5,3 km Pátio Savassi 4,3 km Expected 1 year with MTE Target IRR Pátio Savassi yields on acquisition price 35.56% Shoppings Portfolio 32.30% 3 BH Shopping 16.23% 13.57% PSS BHS DMM Belo Horizonte s consolidation strategy DMM, PSS and BHS Sales/sq.m. 2Q08 x 2Q07 16

Shopping Mall - Greenfields Two projects under construction and two under development Please note that NOI has been presented in accordance with the new NOI reporting model Multiplan has intensively worked in its pipeline development. The two projects under construction are developing quickly and in August 2008 Multiplan will celebrate the delivery of the stores to tenants. The official opening, the first from the pipeline below, will happen in 2H08. The new malls will lead to an increase of 142,690 sq.m. of new GLA, from which Multiplan will own 76.5%, resulting in growth of 41.0% of the owned GLA. These malls, besides bringing cash flow to Multiplan enhance the company s commercial capabilities and open opportunities for future expansions and mixed-use projects. BarraShoppingSul GLA 68,378 sq.m. (Including BIG) Launch April 2007 Opening October 2008 Interest 100% Key Money (% MTE) R$32.5 million NOI 1st year (% MTE) R$28.1 million NOI 3rd year (% MTE) R$41.4 million CAPEX (% MTE) R$241.0 million CAPEX Invested 56 % Status: Under Construction The largest mall in the south region of the country has seen its GLA increased again; the success in leasing this project resulted in adding an extra 1,749 sq.m of GLA, to accommodate a new fitness center. Shopping VilaOlímpia GLA 26,901 sq.m. Launch July 2007 Opening May 2009 Interest 42% (30% after opening) Key Money (% MTE) R$20.3 million NOI 1st year (% MTE) R$8.8 million NOI 3rd year (% MTE) R$10.1 million CAPEX (% MTE) R$61.9 million CAPEX Invested 17 % Status: Under construction The construction of Shopping VilaOlímpia is already past the foundation phase. The underground parking is being built and will have 5 floors beneath the ground. Shopping Maceió GLA (Estimated) 36,000 sq.m. Launch October 2008 Opening November 2010 Interest 50% Key Money (% MTE) R$10.5 million NOI 1st year (% MTE) R$9.6 million NOI 3rd year (% MTE) R$12.8 million CAPEX (% MTE) R$84.1 million CAPEX Invested 16 % Status: Undergoing master plan and tenant mix The mall, will be a mixed-use project involving residential and commercial buildings, as well as a hotel complex. Many anchor stores have approached Multiplan to secure their presence in this mall. 17

LagoSul Shopping GLA Launch Opening Interest Key Money (% MTE) NOI 1st year (% MTE) NOI 3rd year (% MTE) CAPEX (% MTE) CAPEX Invested 25,811 sq.m. September 2008 (expected) November 2010 (expected) 65% (35% ground lease) R$19.5 million R$12.8 million R$16.1 million R$130.5 million 0 % Status: Undergoing necessary approvals The mall will consolidate the company s position in Brasilia, is still under review and receiving necessary approvals. Shopping Mall Expansions Five projects under construction Please note that the NOI was recalculated according to the new NOI model Multiplan expansions have proven to be a huge leasing successes. From the 813 stores (Greenfield and expansions) that Multiplan plans to deliver until 2009, 82% are already leased and the demand keeps growing. These expansions will lead to 43,809 sq.m. of new GLA and Multiplan will own 61.1% of this new area. Expansions are a very attractive way to grow, as in addition to yielding high returns on a low operational risk, they are also a defensive form of growth, developing the asset, bringing new important tenants and fortifying the company from future competitors. BH Shopping Expansion GLA 10,869 sq.m. Launch October 2007 Opening October 2009 Interest 80% Key Money (% MTE) R$10.8 million NOI 1st year (% MTE) R$8.6 million NOI 3rd year (% MTE) R$10.5 million CAPEX (% MTE) R$86.8 million CAPEX Invested 15 % Status: Under construction The 5th expansion of Belo Horizonte s top-of-mind mall, will create 101 stores and a 3 floors of deck-parking. The expansion has shown a great success in its leasing process due to the synergy with the others 2 malls in the city. Shopping AnáliaFranco Expansion GLA 11,786 sq.m. Launch November 2007 Opening May 2009 Interest 30% Key Money (% MTE) R$3.9 million NOI 1st year (% MTE) R$3.4 million NOI 3rd year (% MTE) R$3.8 million CAPEX (% MTE) R$17.4 million CAPEX Invested 10 % Status: Under construction The project involves the addition of a third floor and 750 new parking spaces, therefore it will increase the mall s GLA by 30%. 18

RibeirãoShopping Expansion GLA 7,079 sq.m. Launch October 2007 Opening November 2008 Interest 76.2% Key Money (% MTE) R$1.6 million NOI 1st year (% MTE) R$2.5 million NOI 3rd year (% MTE) R$2.9 million CAPEX (% MTE) R$29.1 million CAPEX Invested 25 % Status: Under construction The expansion will increase its GLA by 21%, adding new restaurants and 2 anchor stores. ParkShopping Fashion Expansion GLA 2,985 sq.m. Launch March 2007 Opening October 2008 Interest 60% Key Money (% MTE) R$1.1 million NOI 1st year (% MTE) R$1.8 million NOI 3rd year (% MTE) R$2.3 million CAPEX (% MTE) R$10.4 million CAPEX Invested 41 % Status: Under construction This expansion will focus on exclusive brands, aiming to consolidate ParkShopping s position as Brasília s top of mind mall, and has shown a great leasing success. ParkShopping Frontal Expansion GLA 8,571 sq.m. Launch October 2007 Opening August 2009 Interest 63.0% Key Money (% MTE) R$5.9 million NOI 1st year (% MTE) R$6.5 million NOI 3rd year (% MTE) R$7.7 million CAPEX (% MTE) R$42.1 million CAPEX Invested 7 % Status: Under construction Located at the entrance of the mall, this space will be entirely dedicated to satellite stores, generating high returns. An extra GLA of 1,165 sq.m. was added to the project, to accommodate the demand for more space. 19

ParkShopping Gourmet Expansion GLA 1,327 sq.m. Launch 1H 2009 Opening 2H 2010 Interest 60% Key Money (% MTE) R$0.7 million NOI 1st year (% MTE) R$0.6 million NOI 3rd year (% MTE) R$0.6 million CAPEX (% MTE) R$8.9 million CAPEX Invested 0 % Status: Under development The project adds a new food court with five restaurants that will satisfy the market demand for this type of mix. In order to prevent any inconvenience for the mall s operation, as two expansions in this mall are already in progress, the company decided to postpone the launch and opening date of this project. ParkShoppingBarigüi Gourmet Expansion GLA 1,192 sq.m. Launch February 2008 Opening December 2008 Interest 100% (84% after opening) Key Money (% MTE) - NOI 1st year (% MTE) R$0.5 million NOI 3rd year (% MTE) R$0.5 million CAPEX (% MTE) R$6.6 million CAPEX Invested 0 % Status: Under development The Gourmet expansion will improve the mall area with seven new restaurants. Future Projects The approved projects listed below remain unchanged from 1Q08. Projects to be detailed Project % GLA Own GLA Launch Opening BarraShopping Exp. VII 51.1% 4,894 sq.m. 2,499 sq.m. Jul/09 Nov/10 DiamondMall Exp. II ¹ 90.0% 5,299 sq.m. 4,769 sq.m. Mar/09 Mar/10 ParkShoppingBarigüi Exp. II ¹ 84.0% 8,505 sq.m. 7,144 sq.m. Oct/08 May/10 BarraShoppingSul Exp. I 100.0% 21,638 sq.m. 21,638 sq.m. Apr/13 Dec/14 Total 89.4% 40,336 sq.m. 36,051 sq.m. ¹ Multiplan will have 100% of participation during the construction, due to ground lease. 20

Land Bank Land Bank represents over a quarter of the size of central park in Manhattan, NY Multiplan has a current land bank of 905,198 sq.m. The development team is always evaluating new projects and controlling the current projects to achieving the best results, and generate the highest return for the company and its shareholders. The sites at Jundiai and São Caetano have just finished passing through the final approvals with local authorities. Now the two sites in São Paulo are ready for beginning projects, similar to the site at Barra da Tijuca, Rio de Janeiro. The greatest share of our land bank is located close to our shopping centers, as the company plans to continue following its strategy of developing mixed-use projects. The market trend of mixed-use projects is not a new foray for Multiplan, since the company has been doing it successfully for many years. One of the main drivers for this trend has been the economic development of Brazil, which has increased the demand for an improved quality of life. Brazilians are trying to bring entertainment, work and home together, in order to avoid traffic jams, conflict and stress. Given all these relevant factors it is imperative to continue exploring this demand trend, which means developing shopping centers together with diversified services, expansions and real estate projects that will reinforce these types of desired synergies and create a larger value for the malls and adjacent areas as well. Location Owned % Type Area Barra da Tijuca 100% Commercial 36,748 sq.m. BarraShoppingSul 100% Res., Com., Hotel 16,164 sq.m Campo Grande 50% Residential 338,913 sq.m Jundiaí 100% Commercial 45,000 sq.m Maceió 50% Res., Com., Hotel 130,000 sq.m MorumbiShopping 100% Commercial 21,554 sq.m ParkShoppingBarigüi 84% Apart-Hotel 843 sq.m ParkShoppingBarigüi 94% Commercial 27,370 sq.m RibeirãoShopping 100% Res., Com., Medical 200,970 sq.m São Caetano 100% Commercial 57,836 sq.m Shopping AnáliaFranco 36% Residential 29,800 sq.m Total 72% 905,198 sq.m 21