COMPANY PRESENTATION

June 2008
 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.

2
COMPANY OVERVIEW
GROWTH STRATEGY
1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

3
 Who We Are
Quality Shopping Centers Leadership in the Sector
(Same Store Rent/sq.m.) – 1Q08 (R$ millions) – 1Q08
1 00
89
90
Iguatemi Multiplan BRMalls
+23% 235 +46% 80 72
58
70

51 47
191
60

50
41
161 40

26
25
30
19
20

10

Iguatemi Multiplan BRMalls Gross Revenue Adj. EBITDA Adj. FFO

Source: Companies report Source: Companies Report

Low Risk High Returns

Average unleveraged IRR > 14%
Interest, Management and Control

82%
64%
46% 45% 41%
32%
ParkShopping – BarraShoppingSul –
Exterior Expansion New Development

Iguatemi Multiplan BRMalls

Avg. Interest 1Q08

# SC >=50% Interest 1Q08

Source: Companies report MorumbiShopping – Shopping SantaÚrsula -

Mixed-use Acquisition

4
MorumbiShopping: The Best of São Paulo!

5
 Control of the Leading Shopping Centers in the Market
15 10 6
14
Numbers confirm leadership in each city
Sales 1Q08 Top Of
# Shopping State % Total GLA 1Q08 NOI/sq.m Occupancy
R$ M Mind *
5
Operating Shoppings
AL 1 BHShopping MG 80.0% 34,739 sq.m. 273 R$/sq.m. 119.9 94.7% 1º
2 RibeirãoShopping SP 76.2% 39,188 sq.m. 133 R$/sq.m. 76.1 97.9% 1º
1 3 BarraShopping RJ 51.1% 69,829 sq.m. 317 R$/sq.m. 224.3 97.5% 1º
4 MorumbiShopping SP 65.8% 54,958 sq.m. 350 R$/sq.m. 183.6 99.7% 1º
5 ParkShopping DF 60.0% 39,775 sq.m. 162 R$/sq.m. 115.0 97.6% 1º
6 DiamondMall MG 90.0% 20,806 sq.m. 247 R$/sq.m. 60.0 97.4% 5º
2
7 New York City Center RJ 50.0% 22,068 sq.m. 112 R$/sq.m. 35.7 99.6% 1º **
8 Shopping AnáliaFranco SP 30.0% 39,310 sq.m. 218 R$/sq.m. 93.9 97.7% 7º
DF
MG 9 ParkShoppingBarigüi PR 84.0% 41,405 sq.m. 108 R$/sq.m. 93.1 98.8% 1º
7 10 Pátio Savassi MG 83.8% 15,538 sq.m. 220 R$/sq.m. 43.9 98.8% 7º
11 Shopping SantaÚrsula SP 37.5% 24,043 sq.m. - - - n/a
BarraShoppingSul (BIG) RS 100.0% 14,400 sq.m. - - 100.0% n/a
SP Sub-Total 64.0% 416,058 sq.m. 229 R$/sq.m. 1,045.4 97.9%
11
Shoppings Under Development
RJ 12 BarraShoppingSul RS 100.0% 52,229 sq.m.
PR 13 Shopping VilaOlímpia SP 30.0% 26,901 sq.m.
3 14 Shopping Maceió AL 50.0% 36,000 sq.m.
15 LagoSul Shopping DF 65.0% 25,811 sq.m.
Total 64.8% 556,998 sq.m.
8
RS
* Researches from Veja SP, IPDM, DataFolha and Tribuna & Recall between 2005 and 2008 in each city
** Considered as part of BarraShopping
4

9 13
12

Already Operating

Under Development/Approval

6
Partnership with Ontario Teachers Pension Fund and the Market
US$ M
Ownership Structure
Company Country Market Value (147,799,441 shares)
Unibail-Rodamco France/Holland 28,558
Simon Property Group United States 23,478
Land Securities United Kingdom 20,263 Free-Float
British Land United Kingdom 16,319 25%
Cadillac Fairview Canada 14,297 Preferred
Common Stocks
General Growth Properties United States 14,074 Ontario 16%
Metrovacesa Spain 13,327 35% Stocks
19%
Ivanhoe Cambridge Canada 11,603 MTP & Peres
Kimco Realty Corporation United Kingdom 10,734 40%
Hammerson United Kingdom 9,791
Source: BNDES (2007)

Cadillac Fairview
Financial Index US$ M
Gross Revenue 1,590
NOI 845
Asset Value 16,797
Operational Index '000 sq.m.
Shoppings 3,066 sq.m.
Office 1,301 sq.m.
Source: Company

Toronto Eaton Centre, Toronto

7
COMPANY OVERVIEW
GROWTH STRATEGY
1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

8
 Potential Growth
Expansions New Shopping Centers
(High Occupancy Rate - %GLA MTE) (Lack of SC’s – GLA/’000 Hab.)
97.9% 1,872.2
97.4%
96.0% 96.1%
95.4%
1,127.9
94.2%

Growth Strategies
212.9
81.0 43.2
2003 2004 2005 2006 2007 1T08 Expansions
19% USA Canada France Mexico Brazil
Return (IRR)

Mixed-Use Projects Source: ABRASCE

New SC’s
Minority
16% Acquisitions
Third Party
SC’s

13%

Minority Acquisitions Low Medium High Third Party Acquisitions

(Shares to be acquired - % GLA) (Fragmented market - % Own GLA)
PREVI Risk
11.9% Savoy
A.FRANCO 5.3% BRMalls
6.6%
Multiplan
FAPES
4.6%
3.1%
Sonae
78.0% 3.2%
MTE
SISTEL 2.6% Iguatemi
64.0%
2.8% 2.5% Aliansce
USIMINAS 2.1%
2.2%
Brascan/Malzoni
Others
1.8% Others
9.5% Source: ABRASCE, BNDES and companies
9
 Investment
+59% Shopping Centers/Expansions
Own GLA 424 sq.m.
402 sq.m.
7 expansions under development + 44,166 sq.m.
365 sq.m.
353 sq.m.
338 sq.m. 4 expansions approved + 40,336 sq.m.
327 sq.m.

2 shoppings under construction + 79,130 sq.m.

266 sq.m.

Mall Expansions New Mall Development 2 shoppings under approval + 61,811 sq.m.

… Not considering lands for + 795,198 sq.m

Current ¹ 2H08 1H09 2H09 1H10 2H10 2H14 Mixed-Use projects
¹ Considering Shopping SantaÚrsula acquisition 100% Project

Use of Proceeds (R$ '000) 2007 2008 2009 2010 Reference > 2008
BHS, RBS, BRS, MBS, PKS, DMM, NYCC,
Renovation 22,814 49,245 10,367 6,795
SAF, PKB, PSV
Shopping Development 102,646 261,959 142,942 45,445 BSS, SVO, Maceió, LagoSul
BHS, SAF, PKS Fashion, PKS Frontal, RBS,
Shopping Expansion 11,431 139,391 56,133 31
PKS Gourmet, PKB Gourmet
Barra da Tijuca, São Caetano, Jundiaí,
Land Acquisition 16,183 224,058 - -
Campo Grande
Shopping Acquisition and Minority Acquisition 287,765 28,668 - - SantaÚrsula

Working Capital 44,114 - - - General

Total 484,953 703,321 209,441 52,271

10
 Mixed-Use Projects
Cristal Tower – Porto Alegre (RS) Land Bank

Location % Type Area

ParkShoppingBarigüi 90% Apart-Hotel 843 sq.m

BarraShoppingSul 100% Res., Com., Hotel 16,164 sq.m

RibeirãoShopping 100% Res., Com., Medical 200,970 sq.m

Campo Grande 50% Residencial 338,913 sq.m

Shopping AnáliaFranco 36% Residencial 29,800 sq.m

Cristal Tower
Bridge connecting Cristal Tower to MorumbiShopping 100% Comercial 1,554 sq.m
BarraShoppingSul.
Morumbi Shopping 50% Comercial 40,000 sq.m

ParkShoppingBarigüi 94% Comercial 27,370 sq.m

BarraShoppingSul

Barra da Tijuca 100% Comercial 36,748 sq.m

Jundiaí 100% Comercial 57,836 sq.m

São Caetano 100% Comercial 45,000 sq.m

Total 74% 795,198 sq.m

Contracs with ground lease or buy option are not included
BarraShoppingSul complex
plexo BSS (Futuro): dois prédios residenciais, um comercial e um hotel
Barra Shopping Complex (RJ)
Project Details (MTE %)
Opening First Quarter of 2011

Private area to be sold 11,915 sq.m

PSV Over R$ 70 M Barra Shopping Centro Royal Green New York City
Empresarial Barra Península Center
Shopping

11
 Shoppings Under Development
Shoppings Under Construction Shoppings Under Approval

BarraShoppingSul: Opening in the 2nd Half! Shopping Maceió: First Shopping in Northeast!
Project Details (MTE %) Project Details (MTE %)

Opening Oct/08 Opening Sep/10

Interest 100.0% Interest 50.0%

GLA (sq.m.) 66,629 sq.m. GLA (sq.m.) 36,000 sq.m.

Key Money R$ 30.8 M Key Money R$ 10.5 M

CAPEX R$ 241.0 M CAPEX R$ 82.3 M

NOI 1st year R$ 25.8 M NOI 1st year R$ 8.9 M

NOI 3rd year R$ 39.6 M NOI 3rd year R$ 12.3 M

Shopping VilaOlímpia: Construction Started! LagoSul Shopping: First Class location in Brasília!
Project Details (MTE %) Project Details (MTE %)

Opening May/09 Opening Nov/10

Interest * 30.0% Interest * 65.0%

GLA (sq.m.) 26,901 sq.m. GLA (sq.m.) 25,811 sq.m.

Key Money R$ 20.0 M Key Money R$ 19.5 M

CAPEX R$ 60.8 M CAPEX R$ 130.5 M

NOI 1st year R$ 7.4 M NOI 1st year R$ 13.2 M

NOI 3rd year R$ 8.4 M NOI 3rd year R$ 16.8 M

* During construction, Multiplan interest is 42%. Due to a ground lease, Multiplan * 35% ground lease
interest will be 30% after opening. Multiplan will be responsible for its management.

12
 Expansions
Expansions Under Construction Expansions Approved

Project GLA MTE % Open. Project GLA MTE % Open.

BHShopping Expansion 12,157 sq.m. 80.0% oct/09 ParkShoppingBarigüi Exp. II 8,505 sq.m. 84.0% may/10

Shopping AnáliaFranco Expansion 11,786 sq.m. 30.0% may/09 BarraShopping Exp. VII 4,894 sq.m. 51.1% nov/10

RibeirãoShopping Expansion 7,313 sq.m. 76.2% nov/08 DiamondMall Exp. II 5,299 sq.m. 90.0% mar/10

ParkShopping Exp. Fashion 2,985 sq.m. 60.0% oct/08 BarraShoppingSul Exp. I 21,638 sq.m. 100.0% dec/14

ParkShopping Exp. Frontal 7,406 sq.m. 60.0% aug/09 Total 40,336 sq.m. 89.4%

ParkShopping Exp. Gourmet 1,327 sq.m. 60.0% sep/09 Total Own GLA 36,051 sq.m.  13.5%

ParkShoppingBarigüi Exp. Gourmet 1,192 sq.m. 84.0% dec/08

Total 44,166 sq.m. 60.8%

Total Own GLA 26,861 sq.m.  10.1%

+24%
BHS Expansion SAF Expansion RBS Expansion PKS Expansions Own GLA 329 sq.m. 329 sq.m.

307 sq.m.
305 sq.m.

293 sq.m.

278 sq.m.
274 sq.m.
266 sq.m.
Expansions approved
Expansions under construction

Current 2H08 1H09 2H09 1H10 2H10 2H14 1H15

13
 Acquisitions: Shopping SantaÚrsula
Third Party Acquisition Investment: R$ 28.7 million (IRR > 14%)

+211% $13,224
Shopping
SantaÚrsula Ribeirão Shopping

GLA 24,043 sq.m. 39,188 sq.m.

+57% $6,225
Interest 37.50% 76.20%
5,000 R$/sq.m.
Management Multiplan Multiplan 3,180 R$/sq.m.
Vacancy (Mar 31, 2008) 18.20% 2.20%

Rent/sq.m. (2007) R$ 258.93 R$ 550.00

Nº. of stores 170 220 Acquisition Cost Construction Cost Rent Revenue Rent Revenue
(GLA) (GLA) 2007 2007¹
People flow 7.3 million 14.5 million ¹ Considering RibeirãoShopping rent/sq.m. in 2007 (550 R$/sq.m.)

Multiplan Shopping Centers in the region SantaÚrsula main entrance Shopping SantaÚrsula inside view

14
 Land Acquisitions
Barra da Tijuca (RJ) São Caetano (SP) Jundiaí (SP)

Size: 36,748 sq.m. Size: 57,836 sq.m. Size: 45,000 sq.m.

Price: R$ 100 million Price: R$ 81 million Price: R$ 42 million
Type: Commercial Type: Commercial Type: Commercial

Highlights Highlights Highlights

Highest growth region in RJ
Last site available
One of the highest income
regions of RJ
Multiplan domain
The biggest urban reorganization One of the richest cities of SP
plan of the country Site with many access
Mixed-use project possibilities
1st shopping center of the region Possibility of mixed-use project

15
COMPANY OVERVIEW
GROWTH STRATEGY
1Q08 FINANCIAL AND OPERATIONAL HIGHLIGHTS

16
 Highlights – Brazil
Investment Grade Achieved Composition of the Brazilian Population

Class A/B 15% Class A/B 15%

34% 46%
Class C
Class C

Standard & Poors on 30 Fitch Ratings on 29 of Class D/E

of april 2008 upgraded may 2008 upgraded 51%
Class D/E 39%
Brazil's long-term foreign Brazil's long-term foreign
currency sovereign debt currency sovereign debt
to to
BBB- BBB- 2005 2007

Souce: IBGE, EXAME Magazine, Cetelem/Ipsos

Retail Growth Particip. of classes in consumption (2008)

Average Real Income (R$)
Consumer Trust Index A1 4.6%
160 1,250
Real Retail Sales
150 1,200
A2 17.5%
Source: Fecomércio SP, IBGE

140
1,150 B1 20.0%
130
1,100 B2 24.6%
120
1,050 C1 17.4%
110
1,000 9.9%
100 C2
90 950
D 5.7%
80 900
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08
E 0.3% Source: Target Marketing (Projections)

17
 Operational Highlights*
Shoppings Sales (R$ ‘000) Rent Revenue (R$ ‘000)

+15.2%
+20.7% 4,320,849
4 5 0,000
407,522
3,581,348 4 00,000
353,907
3 5 0,000

+20.9% 3 00,000

2 5 0,000
+10.9%
2 00,000

1,045,442 1 5 0,000

97,876
864,642 1 00,000
88,296
5 0,000

2006 2007 1Q07 1Q08 2006 2007 1Q07 1Q08

Same Store Sales/sq.m. (R$/sq.m.) Same Store Rent/sq.m. (R$/sq.m.)

1 ,2 00

+15.9% +9.6% 1,011

1 2 ,000 11,263 1 ,000
922
1 0,000
9,720
8 00

+14.0%
8 ,000

6 00

6 ,000
+7.7%
4 00

2,839 235
4 ,000

2,491 218
2 00
2 ,000

2006 2007 1Q07 1Q08 2006 2007 1Q07 1Q08

* Considering 100% interest 18

 Financial Highlights
Gross Revenue 1T08 (R$ ‘000) Headquarters (R$ ‘000)
-18.6%
1 00,000

9 9 ,000

9 8 ,000 67,524
9 7 ,000

9 6 ,000

9 5 ,000
+8,699

54,951
9 4 ,000

9 3 ,000

9 2 ,000

89,339
9 1 ,000

9 0,000
+33
8 9 ,000
+381 -5,175
+197
8 8 ,000

+8,111
8 7 ,000

8 6 ,000

8 5 ,000

8 4 ,000

+21.2%
8 3 ,000

8 2 ,000

8 1 ,000

8 0,000

7 9 ,000

7 8 ,000
77,093
7 7 ,000

+15.9%
7 6 ,000

11,712
7 5 ,000

9,666
7 4 ,000

7 3 ,000

7 2 ,000

7 1 ,000

7 0,000

Gross Rent Services Key Money Parking Real Estate Others Gross
Revenue Sales Revenue
1Q07 1Q08 2006 2007 1Q07 1Q08

Gross Revenue 2007 (R$ ‘000) Adj. Net Income (R$ ‘000)
+29,296 +3,490 +320 368,792 176,462
+73.2%
+5,296
+7,587
+46,315
101,867
+30.8%

276,487
50,419
+33.4% 38,533

Gross Rent Services Key Money Parking Real Others Gross

Revenue Estate Revenue
2006 Sales 2007 2006 2007 1Q07 1Q08

19
 Rent Revenue
Rent Revenue 1T08 (R$ ‘000) Gross Revenue Breakdown 1T08

+14.5% +4.2% +30.4%

Minimum, 85.8%
+1,411 60,564 Parking Revenue,
+6,598 +102 14.2%

Key money, Rent, 67.8%

5.3%
52,453
Service Revenue,
12.6% Merchandising,
10.0%
+15.5% Overage, 4.2%

Rent 1Q07 Minimum Overage Merchandising Rent 1Q08

Rent Revenue 2007 (R$ ‘000) Rent as Sales % * Historical Occupancy Rate *

+21.4% +45.6% +12.7%

Overage
+3,402
+4,940 239,394 Minimum
+43,112 0.43%
97.9%
97.4%
0.37% 96.0% 96.1%
95.4%
187,941
8.09% 94.2%

7.72%
+21.5%
2003 2004 2005 2006 2007 1T08
1Q07 1Q08
Rent 2006 Minimum Overage Merchandising Rent 2007

* Considering 100% interest 20

 Adjusted FFO & EBITDA
Adj. FFO and Adj. FFO/sq.m. (R$ ‘000) Adjusted EBITDA (R$ ‘000)

200,174 212,164
+67.7%
71.8%
7 0.0%

143,804
119.378 63.1% 63.3%
+32.7% 6 0.0%

56.8%
58,003
43,704
50,547 51,228 5 0.0%

2006 2007 1Q07 1Q08 4 0.0%

+47.8%
851 R$/m² 2006 2007 1Q07 1Q08
8 00

Ebitda Ajustado Margem

7 00

576 R$/m² 2007 1Q08

EBITDA Margin EBITDA Margin
6 00

5 00 +22.5% Shopping 203,910 71.9% 45,048 65.4%

4 00 Parking 13,619 40.4% 5,433 45.5%
Real Estate 12,994 33.7% 2,583 36.6%
247 R$/m²
202 R$/m² Development (22,093) 0.0% (2,511) 0.0%
3 00

2 00
Equity method Impact 1,048 -5.3% 20 -0.3%
1 00 Other Results 2,686 699.0% 656 1991.6%

Operating Results 212,164 63.1% 51,228 63.3%

0

2006 2007 1Q07 1Q08

21
 Indebtedness
Gross Debt (R$ ‘000) Gross Debt/Adjusted EBITDA – Annualized *

252,489
R$ 800 M
206,779 207,584 7.3 x
R$ 700 M

131,305 R$ 600 M

106,127 99,479 R$ 500 M

R$ 400 M
R$ 300 M 1.3 x 1.1 x
1.2 x 0.9 x 1.0 x
121,184 R$ 200 M 1.2 x 0.7 x
100,652 108,104 0.4 x
R$ 100 M
-
2006 2007 1Q08 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

Short Term Long Term Debt (Banks) Debt (Others) (#.#x) Gross Debt/Annual EBITDA

Net Debt (R$ ‘000) Bank vs. Non-Bank

NON-BANK
195,511 87%

(110,108)
(208,861)
BANK
13%

2006 2007 1Q08

* Considering that EBITDA is doubled on december 22

 Operating and Financial Performance
Financials (R$ ‘000)
Financials 1Q08 1Q07 Chg. %
Gross Revenue 89,339 77,093 ▲15.9%
Net Revenue 80,892 70,364 ▲15.0%
Headquarters 11,712 9,666 ▲21.2%
Rent Revenue 60,564 52,453 ▲15.5%
Rent Revenue/sq.m. 258 R$/sq.m. 242 R$/sq.m. ▲6.5%
Adjusted EBITDA 51,228 50,547 ▲1.3%
Adjusted EBITDA/sq.m. 218 R$/sq.m. 233 R$/sq.m. ▼6.5%
Adjusted EBITDA Margin 63.3% 71.8% ▼8.5 p.p
Shopping EBITDA 45,048 46,322 ▼2.8%
Shopping EBITDA/sq.m. 192 R$/sq.m. 214 R$/sq.m. ▼10.3%
Shopping EBITDA Margin 65.4% 74.9% ▼9.6 p.p
Adjusted FFO 58,003 43,704 ▲32.7%
Adjusted FFO/sq.m. 247 R$/sq.m. 202 R$/sq.m. ▲22.5%

Performance
Performance 1Q08 1Q07 Chg. %
Total GLA 377,615 sq.m. 359,064 sq.m. ▲5.2%
Own GLA 234,825 sq.m. 216,661 sq.m. ▲8.4%
NOI 86,613 76,293 ▲13.5%
NOI/sq.m. 229 R$/sq.m. 212 R$/sq.m. ▲7.9%
Total Sales 1,045,442 864,642 ▲20.9%
Total Sales/sq.m. 2,769 R$/sq.m. 2,408 R$/sq.m. ▲15.0%
Same Stores Sales/sq.m. 2,839 R$/sq.m. 2,491 R$/sq.m. ▲14.0%
Same Stores Rent/sq.m. 235 R$/sq.m. 218 R$/sq.m. ▲7.7%
Occupancy Costs 13.6% 14.1% ▼0.5 p.p
Rent as Sales % 8.4% 9.2% ▼0.8 p.p
Others as Sales % 5.2% 5.0% ▲0.3 p.p
Turnover 1.1% 0.8% ▲0.3 p.p
Occupancy Rate 97.9% 97.1% ▲0.8 p.p
Delinquency 3.2% 6.6% ▼3.3 p.p

23
 IR Contact
Armando d’Almeida Neto
CFO and Investors Relation Director

Hans Christian Melchers

Planning & Investor Relations Manager

Rodrigo Tiraboschi
Investor Relations Analyst Senior

Tel.: +55 (21) 3031-5224

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

http://www.multiplan.com.br/ri

24