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Fourth Quarter of 2007

Earnings Release and Supplementary Financial Information

Conference Call

Portuguese English
March 25, 2008 March 25, 2008
11:00 a.m. (Brasília) 12:30 a.m. (Brasília)
10:00 a.m. (U.S. EST) 11:30 a.m. (U.S. EST)
Tel: +55 (11) 2188-0188 Tel: +1 (973) 935-8893
Replay: +55 (11) 2188-0188 Replay: +1 (706) 645-9291
Code: MULTIPLAN Code: 34843673

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4Q07 Earnings Release

Multiplan announces EBITDA Growth


in 2007 of 48% to R$212.2 million
Rio de Janeiro, March 24, 2007 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), the
largest mall owner and manager in Brazil in terms of revenue, the most profitable company in the sector, with a
portfolio of 13 owned malls (three under development and ten operational and consolidated, five of which are
being expanded), announces its results for the fourth quarter of 2007. Except where stated otherwise, the
financial and operating data herein is based on consolidated data in Brazilian real, in accordance with generally
accepted accounting principles in Brazil.

FINANCIAL AND OPERATING HIGHLIGHTS

Change 2007/2006
Gross Revenue Adjusted EBITDA Ajusted Income Adjusted FFO
▲33.4% ▲47.5% ▲73.2% ▲67.7%

Gross revenue was R$112.4 million in the quarter, up 24.8% versus the R$90.1 million in 4Q06. In 2007,
gross revenue totaled R$368.8 million, growing 33.4% in relation to the R$276.5 million in 2006.
Adjusted EBITDA increased 26.8% to R$67.2 million, from R$53.0 million in 4Q06. In the year, Adjusted
EBITDA grew by 47.5% to R$212.2 million, from R$143.8 million in 2006.
Adjusted Income in the quarter increased by 34.4% to R$61.4 million, compared with R$45.7 million in
4Q06. In 2007, Adjusted Income was R$176.5 million, 73.2% higher than R$176.5 million a year earlier.
Adjusted FFO was R$68.6 million in the quarter, 35.5% higher year on year. In 2007, FFO grew by
67.7% to R$200.2 million, from R$119.4 million in 2006.
Two expansions were announced at the ParkShopping mall, in Brasília, increasing GLA by 27%. Only the
front mall area expansion should increase by 20% its operating income. (page 18)
New greenfield project: Shopping Maceió, in partnership with Aliansce, a project that will pave the way
for Multiplan’s operations in the North and Northeast regions of Brazil. (page 19)
Two separate acquisitions of minority interests in MorumbiShopping, increasing our interest in one of
Brazil’s most profitable malls from 56.3% to 65.8%. (page 20)
Acquisition of a 36,748 sq.m. land for future commercial development in the Barra da Tijuca
neighborhood of Rio de Janeiro, one of the cities fastest-growing real estate markets. (page 21)

Operating Highlights
(R$ ‘000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Gross Revenue 112,364 90,068 ▲24.8% 368,792 276,487 ▲33.4%
Net Revenue 102,170 81,833 ▲24.9% 336,393 252,970 ▲33.0%
Adjusted Income 61,358 45,664 ▲34.4% 176,462 101,867 ▲73.2%
Income Margin 60.06% 55.80% ▲4.3 p.p 52.46% 40.27% ▲12.2 p.p
Adjusted EBITDA 67,213 53,029 ▲26.7% 212,163 143,804 ▲47.5%
Adjusted EBITDA Margin 65.79% 64.80% ▲1.0 p.p 63.07% 56.85% ▲6.2 p.p
EBITDA Shopping Centers 66,776 55,452 ▲20.4% 204,809 153,889 ▲33.1%
EBITDA Shopping Margin 74.19% 72.20% ▲2.0 p.p 71.98% 66.83% ▲5.1 p.p
GLA Own SC's 392,295 m² 373,480 m² ▲5.0% 392,295 m² 373,480 m² ▲5.0%
Multiplan GLA 257,377 m² 214,529 m² ▲20.0% 257,377 m² 214,529 m² ▲20.0%

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4Q07 Earnings Release

LETTER FROM THE CEO

Dear Shareholders,

It is a pleasure to present you our 2007 financial statements.

The year was marked by the increase of the economic stability in Brazil initiated with the Real Plan which lead to
an inflation reduction, increase in per capita income, credit expansion, primary surplus in public accounts,
reduction on the country’s risk, among other positive indicators. Several bottlenecks that obstructed growth were
eliminated, allowing a significant increase in the volume of foreign direct investment and making the country one
of the most promising economies in the international scenario.

We continue to be very optimistic and confident in the Brazilian economy, although cautious and observant of
possible unfoldings in the international market which might affect the business environment in Brazil.

By concluding 2007 with the results which will be presented shortly, Multiplan once again proves its management
capability. Our long experience and track record of recognized success in the real estate market and also relevant
participation in the Brazilian shopping centers market, our main focus, qualify us to face new challenges, raising
us to a level above our competition.

It was an intense year in Multiplan’s history, marked by our IPO in July which raised R$ 666 million and speeded
up the Group’s expansion program. We began the construction of two new shoppings, one in Porto Alegre and
other in São Paulo; acquired Patio Savassi, consolidating our position in Belo Horizonte by owning the three main
shopping center’s of Minas Gerais’ capital; and announced the expansion of five of our projects. Looking forward
to future developments, we are dedicated to select and purchase land in strategic locations. Efforts are also being
made to acquire participation of minority stakes in our already consolidated portfolio.

Why do we stand out? Because we have the characteristics that highlight our responsible management, such as
ethics and transparency, and our long term focus which are able to bring the best and most profitable projects,
maximizing shareholders’ returns.

Multiplan’s brand is on the country’s most sophisticated and with highest quality shopping centers, with an
intense traffic of consumers and a well planned tenant mix. Due to our quality standards we have a strong
relationship with retailers - our attractiveness is among the highest in the country. Today we own and manage
12 shopping centers, two of which are under construction, with over 2600 stores and an annual traffic of
approximately 141 million consumers.

To our shareholders we can assert that we are pleased with our results. In 2007 our shopping center portfolio
had expressive sales, over R$ 4.3 billion, a 20% increase when compared to the previous year. Our gross
revenues reached R$ 369 million, growing above 33% and the occupancy rate of our shoppings was 97,4%, that
is practically fully leased. Our adjusted net income reached R$ 176 million, a 73% growth over 2006 figures. Our
adjusted EBITDA was R$ 212 million, a significant increase of 50% over last year results.

Besides the existing developments, we are also working on new projects. Among them is BarraShoppingSul, the
largest shopping center in the southern region of the country. The project, which is already 100% leased,
forecasts 66 thousand square meters of GLA and will be inaugurated in the second semester of 2008 in Porto
Alegre, Rio Grande do Sul. We also recently strated to lease areas in a new shopping center in São Paulo,
Shopping Vila Olimpia, which is currently under construction and will be ready by 2009.

In 2008 our growth rhythm will be even more intense. We are preparing to launch Maceio Shopping Center in
Alagoas, our first investment in the Northeasrtern region of the country as well as other developments which will
be announced soon.

Aware of consumers’ desire to solve their everyday demands in a single location, we are investing on a new trend
in Brazil, the mixed-use projects. A project with commercial and residential buildings, entertainment facilities,
shopping center and hotel is being foreseen beside the highly valued MorumbiShopping in São Paulo. The
project’s concept expects to take advantage of the high traffic of potential consumers, capturing for our
shareholders all the value surrounding a shopping center project.

We will continue to evaluate all opportunities to acquire third party shopping centers. But, due to our team’s large
experience and our focus on maximizing shareholders’ returns, we will pursue the strategy to develop Greenfield

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4Q07 Earnings Release

projects – an important characteristic of Multiplan’s history in which we acquire areas, create projects with
innovative concepts and manage them after construction.

During the year of 2008 we will announce new projects both in the residential and commercial real estate
segments. We will also announce several new shopping centers, in line with our strategy of having the best
shopping centers and to be the best developer in each city we are present.

Thank you very much,

José Isaac Peres


CEO of Multiplan

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4Q07 Earnings Release

FINANCIAL HIGHLIGHTS
Overview
Multiplan is the largest mall 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 sector, generating synergies for its mall-related
operations and capitalizing on the price appreciation our malls create on adjacent land properties. On December
31, 2007, Multiplan managed 10 own shopping malls, for total GLA of 392,295 sq.m., 2,631 stores and estimated
annual traffic of 141 million consumers, placing the company among the largest mall operators in Brazil,
according to the Brazilian Shopping Mall Company (ABRASCE). The company's position as a major player is also
borne out by the significant number of awards it has garnered, including winning the "Management Excellence"
award – the most coveted and disputed recognition among shopping mall managers – for three straight years.
Seeking to control and exercise its management excellence, Multiplan holds majority equity interests in 10 of the
13 malls in its portfolio (including the three malls under development) and currently manages all operating malls.

Consolidated Financial Statements


(R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Rent 77,001 71,259 ▲8.1% 239,394 193,079 ▲24.0%
Service Revenue 16,401 8,360 ▲96.2% 52,332 44,744 ▲17.0%
Key Money 5,091 4,782 ▲6.4% 18,902 13,606 ▲38.9%
Parking Revenue 13,333 3,082 ▲332.5% 38,718 9,422 ▲310.9%
Real Estate Sales 154 2,585 ▼94.0% 19,062 15,572 ▲22.4%
Other 384 - ▲0.0% 384 64 ▲497.5%
Gross Revenue 112,364 90,068 ▲24.8% 368,792 276,487 ▲33.4%
Revenue Tax (10,194) (8,236) ▲23.8% (32,399) (23,517) ▲37.8%
Net Revenue 102,170 81,833 ▲24.9% 336,393 252,970 ▲33.0%
Headquarters (17,551) (15,014) ▲16.9% (54,951) (67,524) ▼18.6%
Non-recurring expenses (IPO) - (6,229) ▼100.0% (13,344) (20,081) ▼33.5%
Shopping Center (14,032) (11,826) ▲18.7% (46,866) (32,870) ▲42.6%
Parking (6,437) - ▲0.0% (20,123) - ▲0.0%
Cost of Real Estate Sold (1,638) (1,658) ▼1.2% (12,618) (8,698) ▲45.1%
Equity pickup 4,194 (826) na 8,027 (1,529) na
Amortization (31,884) (27,594) ▲15.5% (118,260) (83,446) ▲41.7%
Financial Revenue 11,570 2,570 ▲350.3% 23,470 11,519 ▲103.8%
Financial Expenses (4,595) (4,630) ▼0.8% (22,250) (14,597) ▲52.4%
Non-recurring financial expenses - - ▲0.0% (23,700) (30,530) ▼22.4%
Depreciation (7,263) (4,965) ▲46.3% (23,712) (17,511) ▲35.4%
Other Operating Revenues/Expenses 434 522 ▼17.0% 1,245 505 ▲146.7%
Operational Income 34,968 12,182 ▲187.0% 33,309 (11,792) na
Non-Operating Income 74 (2) na 1,057 949 ▲11.4%
Income Before Taxes 35,042 12,180 ▲187.7% 34,366 (10,843) na
Tax Income and Social Contribution (975) (603) ▲61.8% (1,813) (13,618) ▼86.7%
Deferred Taxes (4,504) 1,150 na (11,230) 324 na
Participation of the minority interests (88) (886) ▼90.0% (165) (8,053) ▼97.9%
Net Income 29,474 11,841 ▲148.9% 21,158 (32,190) na

Adjusted EBITDA* 67,213 53,029 ▲26.7% 212,163 143,804 ▲47.5%


EBIT 28,066 20,470 ▲37.1% 70,191 42,847 ▲63.8%
FFO 68,621 50,629 ▲35.5% 200,174 119,378 ▲67.7%
Adjusted Income 61,358 45,664 ▲34.4% 176,462 101,867 ▲73.2%
* Adjusted EBITDA is described on page 13.

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4Q07 Earnings Release

Gross Revenue
Growth in all revenue lines
Multiplan's gross revenue grew by 24.8% to R$112.4 million in 4Q07, compared with R$90.1 million in 4Q06,
driven mainly by the higher revenues from rent, services and parking operations. In 2007, gross revenue was
R$368.8 million, 33.4% higher versus 2006.

Revenue Growth and Breakdown - 4Q07 and 2007 (R$ ‘000) (R$ ‘000)
+10,250 +384 112,364
-2,431 Others, 0.1%

+308 Real Estate Sales, Minimum, 84.3%


+8,041
5.2%

Parking, 10.5% Rent, 64.9%


+5,742

Key Money, 5.1%


90,068

Services, 14.2%
Overage, 4.5%
Merchandising,
11.2%
Gross Rent Services Key Money Parking Real Estate Others Gross
Revenue Sales Revenue
4Q06 4Q07

Gross Revenue 4Q07 vs. 4Q06 Revenue Breakdown - 2007

1. Store Rent
Increased due organic growth, expansions and acquisitions
Rent revenue in 4Q07 was R$77.0 million, up 16.5% in relation to the R$66.1 million recorded in 4Q06. The main
driver of rent revenue was the organic growth in revenue from the shopping mall operations, as well as the
acquisitions made in the period (conclusion of the acquisition of the interests of 83.8% in Shopping PátioSavassi,
45% in IBR in the DiamondMall and 9.5% in MorumbiShopping) and the opening of the expansion at
MorumbiShopping.
This figure does not include the revenue of R$1.7 million generated in 4Q07 from the acquisition of an additional
20% interest in RibeirãoShopping, which will be included in the company's balance sheet and operating income in
2008, but does consider the 6% interest reduction in ParkShoppingBarigüi, in exchange for a land adjacent to the
mall.
Rent Revenue/Shopping (R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
BHShopping 11,217 11,315 ▼0.9% 36,755 34,189 ▲7.5%
RibeirãoShopping 4,652 4,218 ▲10.3% 14,972 12,197 ▲22.8%
BarraShopping 15,264 15,249 ▲0.1% 50,773 44,121 ▲15.1%
MorumbiShopping 17,420 13,466 ▲29.4% 52,031 36,314 ▲43.3%
ParkShopping 5,954 5,700 ▲4.5% 19,101 16,499 ▲15.8%
DiamondMall 6,519 4,450 ▲46.5% 20,711 10,802 ▲91.7%
New York City Center 1,427 1,363 ▲4.7% 5,067 4,101 ▲23.5%
Shopping AnáliaFranco 3,685 3,268 ▲12.8% 11,928 10,394 ▲14.8%
ParkShoppingBarigüi 7,275 7,085 ▲2.7% 22,791 19,272 ▲18.3%
Pátio Savassi 3,580 - ▲100.0% 5,245 - ▲100.0%
BarraShoppingSul 7 7 ▲0.4% 20 53 ▼62.6%
Sub-Total 77,001 66,121 ▲16.5% 239,394 187,941 ▲27.4%
Increase in Accounts Receivables - 5,138 ▼100.0% - 5,138 ▼100.0%
Portfolio Total 77,001 71,259 ▲8.1% 239,394 193,079 ▲24.0%

+9,6%

Lease revenue benefited by the 1,011


increase in SSR R$/sq.m. 922
The 9.0% increase in same store
rent/sq.m. was a key factor in this
+9,0%
growth, showing Multiplan's capacity to
deliver services, as well as its strong 285 310
brand and sales growth that translates
into higher rent rates.
4Q06 4Q07 2006 2007

Same Store Rent R$/sq.m. Evolution ‘

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4Q07 Earnings Release

Tenants success reduces delinquency and boosts revenue


Similarly, the good financial health of tenants led to lower deliquency rates supporting revenues increase.

6.4%
6.6% 6.7% 6.8%
4.8% 5.5% 5.8%
4.7% 5.0%
4.3% 4.1%
3.6%
2.7%
2.1%

2006 2007
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Average delinquency in 2007 vs. 2006 Delinquency by Month in 2007

High occupancy rates open up expansion opportunities


The average occupancy rate in 2007 was 97.4%, one of the factors that stimulate Multiplan to accelerate its
expansion plans and announce new expansions.
97,4% 98.9% 99.4% 98.9% 99.0%

98.0% 98.1%
BHS: BHShopping
96,0% 96,1% 97.0% RBS: RibeirãoShopping
BRS: BarraShopping
95,4% MBS: MorumbiShopping
95.4%
PKS: ParkShopping
94.4% 94.3%
94,2% DMM: DiamondMall
NYCC: New York City Center
SAF: Shopping AnáliaFranco
PKB: ParkShoppingBarigüi
PSV: Pátio Savassi
MBS

DMM
BHS

RBS

BRS

PSV
PKB
PKS

SAF
NYCC

2003 2004 2005 2006 2007

Annual Occupancy Rates Average Monthly Occupancy Rate by Mall in 2007

Due to these expansion and renovation projects, some tenants were relocated in the shopping mall or in the
future expansion, generating temporary vacancies in malls such as BHShopping, BarraShopping, DiamondMall
and ParkShopping. The vacancy at Shopping AnáliaFranco is related to the anchor store FastShop, which is
scheduled to open in 2008 (GLA of 1,999.30 sq.m.).

With successful sales, more stores are starting to pay overage rent
Given the sales growth of 17.4% year on year in the quarter, the overage rent at malls increased by 65.3%,
mainly due to the number of stores surpassing the equilibrium point between the minimum rent and the rent
based on a percentage of sales in the month established in the rent contract.
+20.7% +15,9%

11,263
4,320,849
9,720
3,581,348
+17.4% +11,4%

1,377,449 3,151 3,510


1,173,432

4Q06 4Q07 2006 2007 4Q06 4Q07 2006 2007


Sales Growth - 4Q07 and 2007 (R$ ‘000) Same Store Sales R$/sq.m

Higher traffic has led to an increase in merchandising revenue


The minimum rent rose by 12.0% and this growth was adversely affected by the shopping malls that were forced
to give up space for expansions and renovations. Meanwhile, merchandising revenue grew by 38.2% year on
year in 4Q07 and by 14.5% in the year, driven by an increase in rent contracts and/or higher rent rates. This
demand is supported by the increase in customer flows/year of 11% to 141 million people, offering excellent
brand exposure to a high-quality public.

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4Q07 Earnings Release

Rent Revenue/Shopping 4Q07 4Q06


(R$ '000) Minimum Overage Merchandising Minimum Overage Merchandising
BH Shopping 9,455 397 1,365 9,899 216 1,200
RibeirãoShopping 3,758 231 663 3,646 135 438
BarraShopping 13,559 411 1,295 13,690 337 1,222
MorumbiShopping 14,216 679 2,525 11,710 178 1,578
ParkShopping 4,569 463 922 4,444 482 773
DiamondMall 5,652 418 449 4,164 101 184
New York City Center 1,156 109 162 1,171 48 145
Shopping AnáliaFranco 2,902 257 526 2,659 194 416
ParkShoppingBarigüi 5,991 398 886 5,857 555 673
Shopping PátioSavassi 2,864 348 368 - - -
BarraShoppingSul (BIG) 7 - - 7 - -
Portfolio Total 64,128 3,712 9,162 57,246 2,246 6,629

Rent Revenue/Shopping 2007 2006


(R$ '000) Minimum Overage Merchandising Minimum Overage Merchandising
BH Shopping 31,385 1,145 4,225 28,955 630 4,604
RibeirãoShopping 12,446 609 1,917 10,075 397 1,725
BarraShopping 44,763 1,535 4,475 39,000 962 4,159
MorumbiShopping 43,266 2,249 6,516 30,414 586 5,314
ParkShopping 15,013 1,380 2,708 13,052 1,026 2,421
DiamondMall 17,941 1,263 1,507 9,693 325 783
New York City Center 4,302 214 550 3,495 101 505
Shopping AnáliaFranco 9,461 744 1,723 8,547 423 1,423
ParkShoppingBarigüi 18,941 1,226 2,624 15,356 1,449 2,467
Shopping PátioSavassi 4,214 474 558 - - -
BarraShoppingSul (BIG) 20 - - 53 - -
Portfolio Total 201,753 10,838 26,803 158,641 5,898 23,401

Breakdown of Rent Revenue (R$ ‘000)

+3,402
+2,532 +4,940 239,394
77,001
+43,112
+1,466
+6,882

187,941
66,121
Minimum
Minimum

Merchandising
Merchandising

Rent 2006

Rent 2007
Overage
Rent 4Q07
Rent 4Q06*

Overage

Rent Revenue – 4Q07 vs. 4Q06 Rent Revenue – 2007 vs. 2006 (R$ ‘000)
* Does not consider increase in accounts receivables
$ ‘000)

Consistent growth in rent revenue per sq.m. in the year


All malls posted a double-digit increase in rent per sq.m., demonstrating the strong potential for organic growth
in Multiplan's portfolio. Although DiamondMall posted an increase of 91.7% in its income for Multiplan, it was the
only mall not to post growth over 10%, which was due to its market place remodeling, the conclusion of which is
anxiously awaited in Belo Horizonte. In 2007, Multiplan posted an increase in rent/sq.m. of 11.1% year on year,
and expects to repeat this performance in 2008.

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4Q07 Earnings Release

Minimum and Overage Rent /Shopping R$/sq.m.


(R$ '000) 2007 2006 Chg. % 2007 2006 Chg. %
BH Shopping 32,530 29,585 ▲10.0% 1,147 1,043 ▲10.0%
RibeirãoShopping 13,056 10,472 ▲24.7% 593 476 ▲24.5%
BarraShopping 46,298 39,962 ▲15.9% 1,298 1,129 ▲15.0%
MorumbiShopping 45,515 30,999 ▲46.8% 1,258 1,001 ▲25.6%
ParkShopping 16,393 14,078 ▲16.4% 696 598 ▲16.4%
DiamondMall 19,204 10,019 ▲91.7% 1,026 1,073 ▼4.4%
New York City Center 4,516 3,596 ▲25.6% 409 326 ▲25.6%
Shopping AnáliaFranco 10,205 8,970 ▲13.8% 865 761 ▲13.8%
ParkShoppingBarigüi 20,167 16,805 ▲20.0% 580 481 ▲20.5%
Shopping PátioSavassi 4,687 - ▲100.0% 360 - ▲100.0%
BarraShoppingSul (BIG) 20 53 ▼62.6% 1 7 ▼81.3%
Portfolio Total 212,591 164,40 ▲29.2% 852 767 ▲11.1%

2. Services
Service revenue boosted by mall improvements and new malls
Revenue from services increased by 96.2%, from R$8.4 million in 4Q06 to R$16.4 million in 4Q07. The main
drivers of this increase were the new revenue stream from management of Pátio Savassi, the higher brokerage
fee revenue from the leasing of projects under development and merchandising contracts, associated with the
better performance of the shopping malls.

On the other hand, the restruction of the companies by the end of 2006 led to a reduction of R$ 2.3 million in
accounts receivable for services. Considering this adjustment, services revenue would have grown by 53.9%. This
reduction only impacted the revenues of own shopping centers and is referring to the brokerage fees charged by
CCP to Multiplan.

As announced in its 3Q07 earnings release, Multiplan no longer manages third-party malls, dedicating 100% of its
efforts and know-how in shoppings where it holds interest. As such, since December 2007, the company ceased
managing the four malls in which it does not hold any ownership: Shopping Recreio and Sider Shopping (both in
Rio de Janeiro), and Shopping Eldorado and ShoppingColinas (both in São Paulo).

Services Revenue/Group
(R$ ‘000) 4Q07 4Q06 Chg. %
Owned Shopping Centers 14,737 6,694 ▲120.1%
Third-Party Shoppings Centers 1,300 1,404 ▼7.4%
Real Estate 365 261 ▼16.9%
Portfolio Total 16,401 8,360 ▲96.2%

3. Key Money
Excellent prospects from new developments
Revenue from key money (sale of the rights for tenants to operate in the malls) grew by 6.5% in the quarter to
R$5.1 million, from R$4.8 million in 4Q06. This growth derived mainly from the expansion of MorumbiShopping
and the recent acquisition of Shopping PátioSavassi, of IBR (DiamondMall) and of Solução and Philips
(MorumbiShopping)

Key Money Revenue/Type


(R$ '000) 4Q07 4Q06 Chg. %
Operational (recurring) 2,325 2,615 ▼11.1%
New Projects Key Money (non-recurring) 2,765 2,167 ▲27.6%
Total 5,091 4,782 ▲6.5%

In 2007, Multiplan signed 534 new contracts, involving key money revenue of R$61 million and an area of 73,700
sq.m., confirming the company's lease capability as well as tenants interest in Multiplan shopping malls.

According to Brazil's accounting standards, key money should be recognized into income over the lease period,
therefore, the contracts for Multiplan's new developments are accrued in the expected income line and will be
recognized as of the respective openings. This line grew from R$57.0 million at the close of 2006 to R$96.4
million at the close of 2007, showing the increase in the stream of future revenue for Multiplan.

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4Q07 Earnings Release

4. Parking
Parking gross revenue increased by 3 fold
Revenue from parking operations in 4Q07 was R$13.3 million, increasing by 332.5% from the R$3.1 million in
4Q06. The main factor of this increase was the recognition of gross revenue from parking starting in 2Q07, which
contrasts with Multiplan's previous method of recognizing the net revenue corresponding to its interest. Multiplan
expects the revenue streams from the parking operations at ParkShoppingBarigüi and Shopping AnáliaFranco to
start in 2008.

Parking Revenue/Shopping
(R$ '000) 4Q07 4Q06 Chg. %
BHShopping 1,566 426 ▲267.6%
BarraShopping 4,535 936 ▲384.4%
MorumbiShopping 4,621 996 ▲363.8%
DiamondMall 818 356 ▲130.2%
New York City Center 951 368 ▲158.2%
Shopping PátioSavassi 842 - ▲100.0%
Total 13,333 3,082 ▲332.5%

5. Real Estate
Centro Profissional MorumbiShopping: Construction concluded!
Development revenue in 4Q07 was R$0.2 million, compared with R$2.6 million in 4Q06, mainly due to the
conclusion of Centro Profissional MorumbiShopping in October 2007, with revenue in 4Q07 coming almost
exclusively from the monetary indexation of deferred revenue.

MBS Real estate: before construction… …during… ... and successfully completed!

Expenses

1. Mall Expenses
Efficiency gains with revenue growth outpacing costs
Mall expenses increased from R$11.8 million in 4Q06 to R$14.0 million in 4Q07, growing by 18.7% and lagging
the growth of 24.8% in gross revenue. This efficiency gain was due to cost reduction in administrative areas and
in mall condominium operations. These reductions led to declines in expenses with fees of 24.1%, even
considering the expenses with stores reserved for future expansions. The increase of 18.7% in the year was
mainly generated by costs with the brokerage fees of the new projects, which totaled R$2.5 million in 4Q07,
demonstrating Multiplan's excellent success in leasing its development projects.

2. Parking Expenses
Parking Net results demonstrate the success of new operations
By fully incorporating the revenue from its new parking operations into its income statement, Multiplan also
began recording a new expense line related to the parking operations. In 4Q07, these expenses totaled R$6.4
million. Previously, the parking operations were considered as net revenue included in the company's income
statement, which distorted operating margins.

Through its administrator MTA, Multiplan was able to double its net parking revenue in 2007 versus 2006. The
result should continue to grow meaningfully, given that, at the moment, parking fees are charged in only five
shopping malls.

10
4Q07 Earnings Release

Net Revenues (R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Parking Revenue 13,333 3,082 ▲332.6% 38,718 9,422 ▲310.9%
Parking Expenses (6,437) - na (20,123) - na
Total 6,896 3,082 ▲123.8% 18,594 9,422 ▲97.3%

3. Operating and Development Expenses


Investments in developing a new pipeline
Head office expenses in the quarter increased by 16.9% year on year. These costs are directly linked to a variety
of projects under development. Also included in these expenses are purchase options and expenses with land
prospecting for future developments. Excluding the development expenses, Multiplan reduced its costs by 3% as
a result of the processes implemented at the end of 2006, such as the consolidation of subsidiaries, the
dissolution of other subsidiaries and the implementation of more advanced management systems.

G&A Expenses (R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Shopping 9,201 9,524 ▼3.4% 32,858 43,506 ▼24.5%
Development 8,349 5,490 ▲52.1% 22,093 24,017 ▼8.0%
Total 17,551 15,014 ▲16.9% 54,951 67,523 ▼18.6%

Consolidation of subsidiaries and expenses reduction yield results


Head office expenses in 2007 were down 18.6% versus a year earlier, and were 9.2% lower than the amount
planned at the start of the year of R$60.5 million, as shown in the chart below. The lower costs reinforce the
investments and consolidations described above, as well as the company's determination to cut expenses in all
sectors, seeking to achieve higher returns for investors.

67,524

-18.6%

-9.2% 60,525

54,951

2006 2007 2007 Plan

G&A Expenses: Actual 2006 vs. Actual 2007 vs. Planned 2007 (R$ '000)

Cost of Property Sold and Equity Pick-Up


As construction progresses, Royal Green Península generates revenue
The cost of property sold decreased by 1.2%, from R$1.66 million in 4Q06 to R$1.64 million in 4Q07, principally
due to the conclusion of the Centro Profissional MorumbiShopping development. These costs were recognized in
accordance with the physical and financial performance up to the issue of the occupancy license. Construction
was concluded in October and the keys were delivered in December 2007. The Centro Profissional
MorumbiShopping had total success in its sales, confirming the exceptional liquidity in mixed-use projects
integrated to shoppings. From the total offices, 6 were paid as groundlease and 12 were maintened for future
Multiplan branch in São Paulo. The total value of these offices is estimated at R$ 7.7 millions.

Royal Green Península registered very strong revenue growth given the accelerated pace of construction in 2007,
with conclusion of construction expected before the end of this year. As of December 31, 2007, almost 87% of
apartments had already been sold.

The results from the interest in Royal Green Peninsula in 4Q07 are recognized in the equity income line.

4Q07 4Q06
(R$ '000) Revenue Cost Margin Revenue Cost Margin
Royal Green Península 10,538 6,399 39.3% 1,459 2,251 -54.3%
Centro Profissional MorumbiShopping 0 1,638 -100.0% 2,585 1,658 35.9%
Others 154 0 100.0% 0 0 0.0%
Total 10,692 8,036 24.8% 4,044 3,909 3.3%

11
4Q07 Earnings Release

Details of the Real State Projects


Acummulated Budget
(R$ '000) Revenue Cost Margin Revenue Cost Margin
Royal Green Península 39,909 27,788 30.4% 72,559 42,430 41.5%
Centro Profissional MorumbiShopping 38,235 23,486 38.6% 45,694 23,839 47.8%
Total 78,144 51,274 34.4% 118,253 66,268 44.0%

Financial Results, Debt and Cash


New acquisitions impact on capital structure
As a result of the amortization of debt, total loans and financing declined from R$42.8 million in 3Q07 to R$38.3
million in 4Q07

Regarding non-bank debt, the acquisitions of interest owned by PSS in MorumbiShopping and in
RibeirãoShopping (R$92.9 million) and the acquisition of Goldman Sachs shares (R$47.0 million) accounted for
the largest part of gross debt.

Multiplan has a comfortable level of debt that is substantially lower than in 1Q07. The company aims to increase
debt as its developments require additional capital and as new attractive acquisition opportunities emerge.

Financial expenses remained practically unchanged, while the net proceeds from the IPO led to higher financial
revenue.,improving the net financial result in the quarter, when compared with 4Q06.

Historical debt

R$ 800 M
31.8 x
R$ 700 M
R$ 600 M
R$ 500 M
R$ 400 M
R$ 300 M 5.5 x
3.9 x 3.9 x 3.1 x
R$ 200 M 5.2 x 3.2 x
1.9 x
R$ 100 M
-
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07

Debt (Banks) Debt (Others) (#.#x) Gross Debt/Quarter EBITDA

Debt composition in 4Q07

Institutions (R$ '000) Indexation Interest Rate 4Q07 %


Short Term
BNDES TJLP 5.20% 16,307 7.9%
Cia Real de Distribuição IGP-M - 26 0.0%
Others IGP-M, INPC, IPCA 4.52% 91,771 44.2%
Sub-Total Short Term 108,104 52.1%
Long Term
BNDES TJLP 5.20% 21,098 10.2%
Cia Real de Distribuição IGP-M - 871 0.4%
Others IGP-M, INPC, IPCA 4.52% 77,510 37.3%
Sub-Total Long Term 99,479 47.9%
Total 207,584 100.0%

12
4Q07 Earnings Release

Amortization Schedule (R$ '000) Index Breakdown

46,996
44,775
40,718
Loans and Financings
Share Acquisition IGP-M
Obligations for acquisition of good 28%

19,400
16,333 17,392 IPCA
15,290
TJLP 51%
20% INPC
1%
4,275
2,404

2008 2009 2010 2011

Adjusted Net Income and FFO


Solid operations generate net income, despite goodwill impacts
Adjusted net income in the year grew 73.2% to R$176.5 million, from R$101.9 million in 2006, and in the quarter
was R$61.4 million, 34.4% higher than the R$45.7 million in 4Q06. Accounting income in 2007 was R$21.2
million, compared to a loss of R$32.2 million in 2006.

Pursuant to CVM Instructions 349/01 and 273/98, Multiplan began to book the amortization from the reverse
merge of Bertolino in the deferred income tax and social contribution tax line, aligning its accounting practices
with Brazil's new accounting standards.

Adjusted Income Calculation (R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Net Income 29,474 11,841 ▲148.91% 21,158 (32,190) na
Non-recurring expenses (IPO) - 6,229 ▼100.00% 13,344 20,081 ▼33.55%
Goodwill Amortization 31,884 27,594 ▲15.55% 118,260 83,446 ▲41.72%
Non-recurring financial expenses - - ▲0.00% 23,700 30,530 ▼22.37%
Adjusted Income 61,358 45,664 ▲34.37% 176,462 101,867 ▲73.23%

Highest growth potencial due to the highest FFO in the sector


The FFO (Funds From Operations) in 2007 grew 67.7% to R$ 200.1 million, due to best operational performance
and the efficient financial planning. The cash flow generation and privileged cash position, allow Multiplan to
successfully execute its growth strategy.

FFO Calculation (R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Adjusted Income 61,358 45,664 ▲34.4% 176,462 101,867 ▲73.2%
Depreciation and Amortization 7,263 4,965 ▲46.3% 23,712 17,511 ▲35.4%
Adjusted FFO 68,621 50,629 ▲35.5% 200,174 119,378 ▲67.7%

Adjusted EBITDA
Higher margins and organic growth positively impacted adjusted EBITDA
The adjusted EBITDA in 4T07 was R$ 67.2 million, showing a growth of 26.8% when compared to R$ 53.0 million
in 4T06. The accumulated adjusted EBITDA of R$ 212,2 million in 2007 surpassed in 47.5%, the R$ 143.8 million
in 2006.

EBITDA Calculation (R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Net Income 29,474 11,841 ▲148.91% 21,158 (32,190) na
Tax Income and Social Contribution 5,479 (547) na 13,043 13,294 ▼1.89%
Financial Result (6,975) 2,061 na 22,480 33,608 ▼33.11%
Depreciation and Amortization 7,263 4,965 ▲46.29% 23,712 17,511 ▲35.41%
Participation of the minority stockholders 88 886 ▼90.04% 165 8,053 ▼97.95%
Goodwill Amortization 31,884 27,594 ▲15.55% 118,260 83,446 ▲41.72%
Non-recurring expenses (IPO) - 6,229 ▼100.00% 13,344 20,081 ▼33.55%
Adjusted EBITDA 67,213 53,029 ▲26.75% 212,163 143,804 ▲47.54%

13
4Q07 Earnings Release

Multiplan, as a full-service company that is constantly seeking to take advantage of the best real estate
opportunities in the areas surrounding its malls, has different margins for each of its businesses (see table
below). The head office expenses were divided across the different businesses. On a quarter-on-quarter basis
shopping mall margins expanded by 200 basis points from 72.2% to 74.2%, while on an annual basis the margin
expansion was 520 bps from 66.8% to 72.0%. This large gain in efficiency is due to the factors described in this
report, such as the growth in all revenue lines and the reduction in g&a costs.

Quarterly EBITDA margin by business

(R$ '000) 4Q07 4Q06


Net Rev. Cost EBITDA Margin Net Rev. Cost EBITDA Margin
Shopping 90,009 (23,234) 66,776 74.2% 76,801 (21,349) 55,452 72.2%
Parking 11,629 (6,437) 5,192 44.6% 2,666 - 2,666 100.0%
Real Estate * 10,686 (8,036) 2,650 24.8% 3,824 (3,909) (85) -2.2%
Development - (8,349) (8,349) 0.0% - (5,490) (5,490) 0.0%
Equity Pick-up Impact * (10,538) 10,592 54 -0.5% (1,459) 1,424 (34) 2.3%
Other Results 384 508 892 232.0% - 520 520 0.0%
Operating Results 102,170 (34,956) 67,213 65.8% 81,833 (28,804) 53,029 64.8%

Yearly EBITDA margin by business

(R$ '000) 2007 2006


Net Rev. Cost EBITDA Margin Net Rev. Cost EBITDA Margin
Shopping 284,532 (79,723) 204,809 72.0% 230,265 (76,376) 153,889 66.8%
Parking 33,855 (20,123) 13,731 40.6% 8,242 - 8,242 100.0%
Real Estate * 37,568 (25,587) 11,981 31.9% 17,860 (13,125) 4,735 26.5%
Development - (22,093) (22,093) 0.0% - (24,017) (24,017) 0.0%
Equity Pick-up Impact * (19,947) 20,995 1,048 -5.3% (3,460) 2,898 (562) 16.3%
Other Results 384 2,302 2,686 699.0% 64 1,453 1,517 2359.0%
Operating Results 336,392 (124,229) 212,163 63.1% 252,970 (109,167) 143,804 56.8%
*The income and expenses from the Royal Green Peninsula project are recognized in the real estate line and adjusted in the
effects of equity pick-up line to better show the company's margins in real estate projects.

Breakdown of Adjusted EBITDA (R$ ‘000)

+1,610 +1,169 212,163


+2,735 +7,246 +1,924
+372 67,213 +5,490
+2,526 +88
+50,920
+11,323 -2,859

53,029 143,804
Equity Pick-up
Parking

Development
Shopping
EBITDA 2006

EBITDA 2007
Other Results
Real Estate
Equity Pick-up
Parking

Development
Shopping
EBITDA 4Q06

EBITDA 4Q07
Other Results
Real Estate

Impact
Impact

Adjusted EBITDA – 4Q07 vs. 4Q06 (R$ '000) Adjusted EBITDA – 2007 vs. 2006 (R$ '000)

14
4Q07 Earnings Release

MAIN INDICATORS

Operating and Financial Performance


Improvement in all financial and operating indicators!
Indicators (R$ '000)
Financials 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Gross Revenue 112,364 90,068 ▲24.8% 368,792 276,487 ▲33.4%
Net Revenue 102,170 81,833 ▲24.9% 336,393 252,970 ▲33.0%
Headquarters 17,551 15,014 ▲16.9% 54,951 67,524 ▼18.6%
Rent Revenue 77,001 66,121 ▲16.5% 239,394 187,941 ▲27.4%
Rent Revenue/sq.m. 327 R$/sq.m. 319 R$/sq.m. ▲2.7% 1,018 R$/sq.m. 906 R$/sq.m. ▲12.3%
Adjusted EBITDA 67,213 53,029 ▲26.8% 212,163 143,804 ▲47.5%
Adjusted EBITDA/sq.m. 286 R$/sq.m. 256 R$/sq.m. ▲11.8% 902 R$/sq.m. 694 R$/sq.m. ▲30.1%
Adjusted EBITDA Margin 65.8% 64.8% ▲1.0 p.p 63.1% 56.9% ▲6.2 p.p
Shopping EBITDA 66,776 55,453 ▲20.4% 204,809 153,889 ▲33.1%
Shopping EBITDA/sq.m. 284 R$/sq.m. 267 R$/sq.m. ▲6.2% 871 R$/sq.m. 742 R$/sq.m. ▲17.4%
Shopping EBITDA Margin 74.2% 72.2% ▲2.0 p.p 71.98% 66.83% ▲5.2 p.p
Adjusted FFO 68,621 50,629 ▲35.5% 200,174 119,378 ▲67.7%
Adjusted FFO/sq.m. 292 R$/sq.m. 244 R$/sq.m. ▲19.5% 851 R$/sq.m. 576 R$/sq.m. ▲47.9%
Performance 4Q07 4Q06 Chg. % 2007 2006 Chg. %
Total GLA 377,879 sq.m. 359,080 sq.m. ▲5.2% 377,879 sq.m. 359,080 sq.m. ▲5.2%
Own GLA 235,129 sq.m. 207,329 sq.m. ▲13.4% 235,129 sq.m. 207,329 sq.m. ▲13.4%
NOI 116,062 97,748 ▲18.7% 363,180 305,148 ▲19.0%
NOI/sq.m. 307 R$/sq.m. 272 R$/sq.m. ▲12.8% 961 R$/sq.m. 850 R$/sq.m. ▲13.1%
Total Sales 1,377,449 1,173,432 ▲17.4% 4,320,849 3,581,348 ▲20.7%
Total Sales/sq.m. 3,645 R$/sq.m. 3,268 R$/sq.m. ▲11.6% 11,434 R$/sq.m. 9,974 R$/sq.m. ▲14.7%
Same Stores Sales/sq.m. 3,510 R$/sq.m. 3,151 R$/sq.m. ▲11.4% 11,263 R$/sq.m. 9,720 R$/sq.m. ▲15.9%
Same Stores Rent/sq.m. 310 R$/sq.m. 285 R$/sq.m. ▲9.0% 1,011 R$/sq.m. 922 R$/sq.m. ▲9.6%
Turnover 1.67% 0.54% ▲1.1 p.p 5.20% 3.47% ▲1.7 p.p
Occupancy Rate 97.36% 96.13% ▲1.2 p.p 97.36% 96.13% ▲1.2 p.p
Delinquency 2.77% 5.61% ▼2.8 p.p 4.83% 6.39% ▼1.6 p.p
* These areas do not include Supermercado BIG and the additional interest in RibeirãoShopping (20%).

Considering the areas of Supermercado BIG and the additional interest in RibeirãoShopping (20%), Multiplan's
GLA is calculated as shown below.

GLA Effect 2007 2006 Chg. %


Initial GLA 235,129 sq.m. 207,329 sq.m. ▲13.4%
BarraShoppingSul (BIG) 14,400 sq.m. 7,200 sq.m. ▲100.0%
RibeirãoShopping (additional 20%) 7,838 sq.m. 0 sq.m. ▲100.0%
Final GLA (dec/2007) 257,377 sq.m. 214,529 sq.m. ▲20.0%

15
4Q07 Earnings Release

GROWTH STRATEGY

Timetable of Expansions and New Developments - '000 sq.m. (+58% in Own GLA)
406 sq.m. 406 sq.m.

385 sq.m.
372 sq.m.

352 sq.m.354 sq.m.


340 sq.m.

320 sq.m.

257 sq.m. Mall Expansions New Mall Development

Current 2H08 1H09 2H09 1H10 2H10 2H11 2H14 1H15

CAPEX
Higher investments in development of the company's projects
In 4Q07, Multiplan invested R$175.8 million in its growth strategy and a total of R$440.8 million in the year.

CAPEX (R$ '000) 4Q07 2007 % Reference


Renovation 8,372 22,814 5.2% All shoppings
Shopping Development 29,974 102,646 23.3% BSS, SVO
BHS, SAF, PKS Fashion, PKS
Shopping Expansion 11,255 11,431 2.6%
Frontal, RBS
Land Acquisition - 16,183 3.7% BSS
PSV
Shopping Acquisition - 161,615 36.7%
PSS (MBS) e Solução (MBS)
Minority Acquisition 126,150 126,150 28.6%
Total 175,751 440,838 100.0%

Use of Proceeds
CAPEX surpassed Use of Proceeds
Multiplan estimates investments of R$592.1 million in its expansion strategy over the next two years based on the
projects already outlined. The company raised R$665.8 million at its initial public offering, and considering the
CAPEX used and budgeted for the next two years, it expects to exceed this amount by 51%.

Use of Proceeds (R$ '000) IPO 2H07 2008 2009 Capex/IPO Reference

Renovation - 10,459 52,785 11,411 na All shoppings

Shopping Development 139,800 46,012 200,250 55,116 216% BSS, SVO, MACEIÓ
BHS, SAF, PKS
Shopping Expansion 119,800 11,925 97,875 32,694 119% Fashion, PKS Frontal,
RBS
Barra da Tijuca,
Land Acquisition 93,200 11,388 142,000 - 165%
Jundiai
Shopping Acquisition and PSV, PSS (MBS),
273,000 287,750 - - 105%
Minority Interest Solução (MBS)
Working Capital 40,000 44,100 - - 110% General
Total 665,800 411,634 492,910 99,221 151%

16
4Q07 Earnings Release

Investment in expansions considers only the projects currently monitored, as listed above. This number will
increase as other expansions and new developments are announced.

Malls under Development


Three shoppings under development
Operational Data
Shopping GLA % Launch Opening
BarraShoppingSul 52,229 sq.m. 100.0% Apr-07 Sep-08
Shopping VilaOlímpia 26,901 sq.m. 30.0% Jul-07 May-09
Shopping Maceió 36,000 sq.m. 50.0% Set-08 Jul-10
Total 115,130 sq.m. 68.0%

Financial Data (R$ ‘000)


Key Money NOI 1st year NOI 3rd
100% Actual
Shopping MTE Capex (% MTE) year
Capex Capex (% MTE)
(% MTE)
BarraShoppingSul 199.5 199.5 31.7% 30.8 25.2 32.0
Shopping VilaOlímpia 123.5 51.9 9.6% 22.6 7.7 9.1
Shopping Maceió 165.3 82.6 0.0% 10.5 9.5 12.3
Total 488.3 334.0 15.4% 63.9 42.4 53.5

BarraShoppingSul
Excellent prospects for opening
BarraShoppingSul, a 100%-Multiplan project under construction in the city of Porto Alegre, had leased 100% of
its stores as of December 31, 2007. The mall's opening was postponed until September 2008, due to the heavy
summer rains. The mall's total cost is R$200 million, and Multiplan expects to receive R$31 million in key money,
for net investment of R$169 million. In addition, the project is expected to generate net operating revenue of
R$25.2 million already in its first year of operations, with this figure rising to R$32.0 million by the third year of
operation.

Aerial view of the property… ... during construction… ... and artist's rendering of the facade

Shopping VilaOlímpia
New leasings are coming faster
Shopping VilaOlímpia, a project in which Multiplan has a 30% interest, is located in the center of the city of São
Paulo and, in Dec/07, already has 35% of its 210 stores leased and 55% under negotiation. The project will cost
R$124 million, and Multiplan will be responsible for 42% of the construction cost (due to the exchange
agreement), or R$52 million. The net investment (considering the key money from the project) is estimated at
R$29 million, and the project is expected to generate net operating revenue for Multiplan in the first 12 months of
R$7.7 million, with this figure rising to R$9.1 million by the third year of operation.

Aerial view of the property Perspective of the facade Perspective of the interior

17
4Q07 Earnings Release

Shopping Maceió
Large mixed-use project in Brazil's Northeast
On February 1st, 2008, Multiplan announced its new greenfield project: Shopping Maceió, in a 50%-50%
partnership with Aliansce Shopping Centers S.A.. The new shopping mall will have approximately 36,000 sq.m. of
GLA, with anchor and satellite stores, multiplex cinemas and large entertainment and food areas. The mall will be
developed on a property of 200,000 sq.m., which allows the development of a mixed-use project. Investment in
the shopping mall is estimated at R$165 million. (page 20)

Shopping Mall Expansions


Expanding on back of demand
Operational Data
Shopping GLA % Launch Openning
BHShopping Expansion 12,819 sq.m. 80.00% Oct-07 Sep-09
RibeirãoShopping Expansion 8,191 sq.m. 76.17% Oct-07 Nov-08
Shopping AnáliaFranco Expansion 11,786 sq.m. 30.00% Sep-07 Apr-09
ParkShopping Exp. Adequação 3,053 sq.m. 59.98% Mar-07 Oct-08
ParkShopping Exp. Frontal 7,414 sq.m. 59.98% Oct-07 Jun-09
Total 43,263 sq.m. 60.81%

Financial Data (R$ ‘000)


NOI 1st NOI 3rd
Capex Capex Capex KM
Shopping year year
100% MTE Realized (% MTE)
(% MTE) (% MTE)
BHShopping Expansion 72.1 57.7 5.4% 10.1 7.9 9.2
RibeirãoShopping Expansion 23.6 17.9 2.6% 1.4 2.4 2.8
Shopping AnáliaFranco Expansion 56.7 17.0 1.5% 3.7 2.3 2.6
ParkShopping Exp. Adequação 18.7 11.2 8.9% 1.5 1.8 2.2
ParkShopping Exp. Frontal 53.1 31.8 0.9% 5.4 6.4 7.2
Total 224.1 135.7 5.5% 22.0 20.8 23.9

ParkShopping Expansions
Projects successfully launched on March 11, 2008
The ParkShopping Exp. Adequação is expected to be opened in the second half of 2008 and will add 3,053 sq.m.
of GLA. Focused on high-profile brands in the market, the project will cost R$19 million, of which Multiplan is
responsible for approximately 60%, with expected net operating income of R$1.8 million in its first year of
operation.

The ParkShopping Exp. Frontal will be opened in the first half of 2009 and will add 7,414 sq.m. of GLA. The
project targets exclusively satellite stores, providing high returns. The expansion could account for roughly 20%
of the mall's total net operating income in its first year, or approximately R$6.4 million.

Perspective of the expansion's facade Perspective of the interior of the expansion Perspective of the mall

Acquisition of Minority Interests


Shopping Owners % MBS GLA Date Value
MorumbiShopping Solução 0.58% 318 sq.m. 17/oct/07 R$ 6.2 M
MorumbiShopping Philips 8.90% 4.897 sq.m. 21/nov/07 R$ 120.0 M

18
4Q07 Earnings Release

MorumbiShopping – Acquisition of Solução and Philips


Increase in equity interests in one of Brazil's most profitable malls
In October and November, Multiplan concluded the acquisition of an additional interest of roughly 9.5% in
MorumbiShopping held by Solução Imobiliária and PSS – Philips Seguridade Social. These transactions totaled
R$126 million, and Multiplan increased its ownership interest to 65.8% in a mall with one of the highest returns
per square meter in the country, reinforcing the company's strategy to create value for shareholders. The
acquisition was paid 40% cash and 60% was financed in 72 montlhy installments at IPCA plus 7% p.a..

19
4Q07 Earnings Release

RECENT EVENTS

Shopping Maceió
Multiplan's first investment in Brazil's Northeast
Multiplan, in partnership with Aliansce, announced the construction of its first shopping mall in the Northeast
Region of Brazil. Located in the city of Maceió, Alagoas, the project involves a shopping with a GLA of
approximately 36,000 sq.m. Multiplan's holds an interest of 50% in the project. With total investment of R$165
million and opening expected for the second half of 2010, the new project has an estimated nominal and
unleveraged internal rate of return over 20%.

Shopping Maceió will pave the way for Multiplan's operations in the country's North and Northeast, and is aligned
with the company's growth strategy.

The project will be executed using the most advanced architectural concepts and will feature large anchor stores,
satellite stores, cinemas, entertainment areas and food courts, and will be developed on a property with 200,000
sq.m., which, in the future, will allow the addition of mixed-use project.

Shopping Maceió
Interest 50%
Land (sq.m.) 200,000 sq.m.
GLA (sq.m.) 36,000 sq.m.
Capex (R$ '000) R$ 165.3 M
Key Money (R$ '000) R$ 21.1 M
NOI 1st year R$ 19.1 M
NOI 3rd year R$ 24.6 M

Shopping
Maceió

3 1

Aerial view of the land and surrounding developments Key. Legenda: 1: Shopping Maceió perspective
Hotéis Matsubara e Reymar; 2: Supermercado G. Barbosa; 3:
Tiradentes College

20
4Q07 Earnings Release

New phase in the Investor Relations Department


New Investor Relations Officer: Mr. Armando d’Almeida Neto
In a meeting of the Board of Directors held on February 8, 2008, Mr. Armando d’Almeida Neto was elected the
Company's new Chief Financial Officer and Investors Relation Officer, replacing Mr. Mario Augusto Nogueira de
Paula, who fulfilled the mission of leading the process of structuring the company ahead of its initial public
offering. With experience in important positions in major companies such as Banco Bozano Simonsen, Santander
Investment Securities and BullTick Brasil Consultoria (the latter up until recently), and accumulating vast
experience and a long-term relationship with the capital markets participants, Multiplan aims to further narrow its
relationship with the company's shareholders and the financial community.

Land property in Barra da Tijuca, Rio de Janeiro


Land for commercial development in the fastest-growing region in Rio de Janeiro
On March 11, 2008, Multiplan signed a contract to acquire a property with 36,748 sq.m. adjacent to the Centro
Empresarial BarraShopping, located on kilometer 4 of Avenida das Américas in the Barra da Tijuca, Rio de
Janeiro. The land is located in one of the most exclusive and fastest-growing regions, and has Total Buildable
Area of 27,561 sq.m. for development of a commercial real estate project. The land was acquired for R$100
million, with 60% of this amount financed over 36 months.

Aerial view of the land and surrounding developments Key: 1: Peninsula; 2: Wal-Mart;
3: Centro Empresarial BarraShopping; 4: BarraShopping; 5: New York City Center; 6: Cidade da Música

21
4Q07 Earnings Release

PORTFOLIO (4Q07)

10
13
6

AL

DF
MG
7

8
SP

RJ
PR
3

9
RS

11 12

Operating

Under development

NOI Sales
Shopping State % MTE GLA 4Q07 NOI 4Q07 4Q06 2007
Operating SC's 100% (R$ ‘000)
1 BH Shopping MG 80.0% 35,450 sq.m. 40,372 37,602 498,928
2 RibeirãoShopping SP 76.2% 39,188 sq.m. 22,189 18,436 310,015
3 BarraShopping RJ 51.1% 69,829 sq.m. 89,646 82,764 926,584
4 MorumbiShopping SP 65.8% 54,999 sq.m. 84,116 67,568 782,230
5 ParkShopping DF 60.0% 39,299 sq.m. 28,303 26,162 492,207
6 DiamondMall BH 90.0% 20,806 sq.m. 20,249 17,540 230,866
7 New York City Center RJ 50.0% 22,068 sq.m. 9,199 8,152 134,710
8 Shopping AnáliaFranco SP 30.0% 39,310 sq.m. 34,792 28,950 392,899
9 ParkShoppingBarigüi PR 84.0% 41,401 sq.m. 21,683 17,974 374,471
10 Pátio Savassi BH 83.8% 15,545 sq.m. 12,632 - 177,939
BarraShoppingSul (BIG) * RS 100.0% 14,400 sq.m. - - -
Sub-Total SC's em Operação 65.6% 392,295 sq.m. 363,180 305,148 4,320,849
Under development SC's/Exp
11 BarraShoppingSul RS 100.0% 52,229 sq.m. - - -
12 Shopping VilaOlímpia SP 30.0% 26,901 sq.m. - - -
13 Shopping Maceió AL 50.0% 36,000 sq.m. - - -
BHShopping Expansão MG 80.0% 12,819 sq.m. - - -
RibeirãoShopping Expansão SP 76.2% 8,191 sq.m. - - -
Shopping AnáliaFranco Expansão SP 30.0% 11,786 sq.m. - - -
ParkShopping Exp. Adequação DF 60.0% 3,090 sq.m. - - -
ParkShopping Exp. Frontal DF 60.0% 7,414 sq.m. - - -
Sub-Total Under development SC's/Exp 66.1% 158,394 sq.m. - -

Portfolio Total 65.7% 550,689 sq.m. 363,180 305,148 4,320,849


* Corresponds to Supermercado BIG, already operating on the land.

22
4Q07 Earnings Release

OWNERSHIP STRUCTURE 2007

The chart below shows Multiplan's ownership structure following the acquisitions made in 2007.

Free Float
100% Ontario Teachers’
Pension Plan
22,5% Maria Helena 30,85% ON
Kaminitz Peres 0,54% ON

Multiplan Planejamento, 1700480 Ontario Inc.


Participações e
47,25% ON
Administração S.A.
38,30%Total 19,46% ON
100% PN
77,5% 34,72% Total
1,90% ON
Jose Isaac Peres
CAA
100%
Corretagem e Consultoria
1% Publicitária Ltda.

Multiplan 100% CAA


99%
Administradora de Corretagem Imobiliária
Shopping Centers Ltda. Ltda.
Shopping Centers %
MPH
Embraplan BarraShopping 51.1% 41,96%
100% Empreend. Imobiliários
Empresa Brasileira New York City Center 50.0%
Ltda.
de Planejamento Ltda. MorumbiShopping 65,8%
Shopping Anália Franco 30.0%
RibeirãoShopping 76.2% 100%
2% ParkShopping 60.0% Solução Imobiliária Ltda.
98% BHShopping 80.0%
SCP Royal Green
DiamondMall 90.0%
ParkShoppingBarigüi 84.0% 100%
BarraShoppingSul 100.0% Brazil Realty
Shopping Vila Olímpia 30.0%
Renasce 100% Pátio Savassi 83.8%
100%
Rede Nacional de Shopping Maceió 50,0% JPL
Shopping Centers Ltda.

23
4Q07 Earnings Release

ATTACHMENTS
ATTACHMENT I

Profit and Loss

(R$ '000) 4Q07 4Q06 Chg. % 2007 2006 Chg. %


Rent 77,001 71,259 ▲8.1% 239,394 193,079 ▲24.0%
Service Revenue 16,401 8,360 ▲96.2% 52,332 44,744 ▲17.0%
Key Money 5,091 4,782 ▲6.4% 18,902 13,606 ▲38.9%
Parking Revenue 13,333 3,082 ▲332.5% 38,718 9,422 ▲310.9%
Real Estate Sales 154 2,585 ▼94.0% 19,062 15,572 ▲22.4%
Other 384 - ▲0.0% 384 64 ▲497.5%
Gross Revenue 112,364 90,068 ▲24.8% 368,792 276,487 ▲33.4%
Revenue Tax (10,194) (8,236) ▲23.8% (32,399) (23,517) ▲37.8%
Net Revenue 102,170 81,833 ▲24.9% 336,393 252,970 ▲33.0%
Headquarters (17,551) (15,014) ▲16.9% (54,951) (67,524) ▼18.6%
Non-recurring expenses (IPO) - (6,229) ▼100.0% (13,344) (20,081) ▼33.5%
Shopping Center (14,032) (11,826) ▲18.7% (46,866) (32,870) ▲42.6%
Parking (6,437) - ▲0.0% (20,123) - ▲0.0%
Cost of Real Estate Sold (1,638) (1,658) ▼1.2% (12,618) (8,698) ▲45.1%
Equity pickup 4,194 (826) na 8,027 (1,529) na
Amortization (31,884) (27,594) ▲15.5% (118,260) (83,446) ▲41.7%
Financial Revenue 11,570 2,570 ▲350.3% 23,470 11,519 ▲103.8%
Financial Expenses (4,595) (4,630) ▼0.8% (22,250) (14,597) ▲52.4%
Non-recurring financial expenses - - ▲0.0% (23,700) (30,530) ▼22.4%
Depreciation (7,263) (4,965) ▲46.3% (23,712) (17,511) ▲35.4%
Other Operating Revenues/Expenses 434 522 ▼17.0% 1,245 505 ▲146.7%
Operational Income 34,968 12,182 ▲187.0% 33,309 (11,792) na
Non-Operating Income 74 (2) na 1,057 949 ▲11.4%
Income Before Taxes 35,042 12,180 ▲187.7% 34,366 (10,843) na
Tax Income and Social Contribution (975) (603) ▲61.8% (1,813) (13,618) ▼86.7%
Diferred Taxes (4,504) 1,150 na (11,230) 324 na
Participation of the minority stockholders (88) (886) ▼90.0% (165) (8,053) ▼97.9%
Net Income 29,474 11,841 ▲148.9% 21,158 (32,190) na

Adjusted EBITDA* 67,213 53,029 ▲26.7% 212,163 143,804 ▲47.5%


EBIT 28,066 20,470 ▲37.1% 70,191 42,847 ▲63.8%
FFO 68,621 50,629 ▲35.5% 200,174 119,378 ▲67.7%
Adjusted Income 61,358 45,664 ▲34.4% 176,462 101,867 ▲73.2%

24
4Q07 Earnings Release

ATTACHMENT II

Balance Sheet

ASSETS 4Q07 3Q07


Short Term Assets
Cash 416.445 475,243
Accounts Receivable 80.220 58,830
Loans Receivable and Prepaid Acc. ST - 817
Diverse loans and advancings 3.087 3,884
Credit with related Parties - -
Taxes and contributions to recoup 11.384 8,210
Differed income tax 16.840 -
Other 172 (0)
Total Short Term Assets 528.148 546,983
Long Term Assets
Credit with related Parties 1,201 (0)
Accounts Receivable 16,106 210
Loans Receivable and Prepaid Acc. LT - 12,088
Fixed assets to be sold 76,810 76,032
Diverse loans and advancings 1,569 2,915
Legal Deposit - 14,404
Differed income tax 166,208 187,815
Other 1,431 840
Total Long Term Assets 263,325 294,304
Permanent
Investments 48,561 153.784
Fixed Assets 916,278 711.650
Intangible 427,793 -
Differed Assets 26,311 416.904
Total Permanent 1,418,942 1.282.338

Total Assets
2,210,415 2,123,625

LIABILITIES 4Q07 3Q07


Short Term Liabilities
Loans and Financings 16,333 17,532
Share Acquisition 46,996 48,994
Accounts payable 8,934 9,471
Obligations for acquisition of good 44,775 44,874
Taxes and contributions to collect 9,115 6,564
Tax payments 263 253
Difered Taxes - -
Dividends to pay - 211
Debt with Related Parties 1,488 3
Advancings for customers - 340
Other 6,128 2,634
Total Short Term Liabilities 134,034 130,876
Long Term Liabilities
Loans and Financings 21,969 25,260
Aquisiton of Assets - -
Debt with Related Parties 0 0
Obligations for acquisition of good 77,510 21,137
Tax payments 1,755 1,807
Difered Taxes - -
Provision for contingencies 3,363 17,271
Total Long Term 104,597 65,475
Expected Incomes 96,381 81,194
Participation of the minority stockholders 1,317 1,280
Equity
Capital 952,747 952,747
Capital Reserves 932,425 932,425
UTD Income (11,086) (40,371)
Total Equity 1,971,784 1,927,275

Total Liabilities 2,210,415 2,123,625

25
4Q07 Earnings Release

ATTACHMENT III

Cash Flow

Operational Cash Flow 2007 2006

Net Income 21.158 (32.190)


Adjustments
Depreciation 23.712 17.511
Amortization 118.260 83.446
Equity pickup (8.027) 1.529
Fixed assets sales (46) (452)
Minority parties interests 165 8.053
Expected incomes appropriation (18.902) (13.606)
Diferred Taxes 13.097 -
Positive result of not previously recognized controlled parties and negative equity of (790) (2.695)
controlled parties
Adjusted Net Income 148.627 61.596
Increase (decrease) in operational assets
Increase in inventory (50.082) (24.450)
Increase in accounts Receivable (36.637) (28.520)
Interest receivable for diverse loans and advancings (434) (550)
Increase (decrease) in taxes and contributions to recoup (6.160) 11.776
Increase in Diferred Taxes accounts (188.980) (5.560)
Increase (decrease) in other assets 2.207 1.576
Increase (decrease) in operational liabilities
Interest payment for loans and financing obtained 11.487 37.627
Interest payment for loans with related parties 9 800
Increase in accounts payable 3.614 505
Increase in obligations for acquisition of goods 67.497 37.863
Increase (decrease) in taxes and contributions to collect 2.439 (16.560)
Increase (decrease) in share acquisition (46.970) 93.966
Increase (decrease) in taxes parceled out (923) (1.656)
Increase (decrease) in contingencies provision (954) (701)
Increase in expected incomes 58.324 39.476
Increase (decrease) in others obligations 908 (2.182)
Operational Cash Flow (36.028) 205.006
Investments Cash Flow
Increase (decrease) in diverse loans and advancings 2.344 585
Increase (decrease) in credits receivable with related parties 1.131 4.042
Addition in investments 588 (42.454)
Addition in Fixed Assets (324.762) (350.624)
Addition in Differed Assets (15.468) (457)
Addition in Goodwill - -
Addition in Intangible Assets (65.528) (563.515)
Cash Flow generated by investment activities (401.695) (952.423)
Financing Cash Flow
Increase (decrease) in loans and financing (31.211) (12.559)
Decrease in credits payable with related parties (1.165) (112.699)
Increase in capital reserve 186.548 745.877
Increase in capital 688.328 208.155
Minority interest 1.069 (103.379)
Cash Flow generated by financing activities 843.569 725.395
Cash Flow 405.846 (22.022)
Initial Cash 10.598 32.620
Final Cash 416.444 10.598
Cash change 405.846 (22.022)

26
4Q07 Earnings Release

GLOSSARY

GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus
the stores sold.

GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding kiosks.

Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall.

Net Operating Income (NOI): Refers to the sum of the operating income and income from parking
operations. To calculate NOI, the management fee is considered an expense. Revenue taxes are not considered.

EBITDA: Net income (loss) plus expenses with income tax and social contribution on net income, non-operating
income, financial result, depreciation and amortization, minority interest and non-recurring expenses. EBITDA
does not have a single definition, and this definition of EBITDA may not be comparable with the EBITDA used by
other companies.

Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO, restructuring costs,
depreciation and amortization.

Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and
amortization of goodwill from acquisitions and mergers.

Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization.

Minimum Rent: Base rent of a tenant lease contract. If the tenant does not have a base rent, the minimum rent
is a percentage of sales.

Overage Rent: The difference between the minimum rent and the rent consisting of a percentage of sales, as
determined in the lease agreement. This amount is only paid if the percentage rent is higher than the minimum
rent.

Merchandising: Merchandising consists of all leases in a mall not involving the GLA area of the mall.
Merchandise includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other
display locations in a mall.

Anchor Stores: Large, well known stores with special marketing and structural features that can attract
consumers, thus ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have
more than 1,000 sq.m. to be considered anchors.

Satellite Stores: Small stores with no special marketing and structural features located around the anchor
stores and intended for general retailing.

Sales: Declared sales of stores in each of the malls in the quarter.

Same-Store Sales/sq.m.: Sales of stores that were in operation in both 3Q06 and 3Q07 divided by the average
GLA of the mall.

Same-Store Rent/sq.m.: Rent earned from stores that were in operation in both 3Q06 and 3Q07 divided by
the average GLA of the mall.

Occupancy: Total GLA of a mall divided by the area leased.

Potential Sales Volume (PSV): Refers to the total number of units for sale in a real estate development,
multiplied by the list price of units.

27
4Q07 Earnings Release

INVESTOR RELATIONS

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

Conference Call

Portuguese English
March 25, 2008 March 25, 2008
11:00 a.m. (Brasília) 12:30 a.m. (Brasília)
10:00 a.m. (U.S. EST) 11:30 a.m. (U.S. EST)
Tel: +55 (11) 2188-0188 Tel: +1 (973) 935-8893
Replay: +55 (11) 2188-0188 Replay: +1 (706) 645-9291
Code: MULTIPLAN Code: 34843673

If you still have questions or need further information after the event, Multiplan is entirely at your disposal for
additional clarifications. Please contact:

Armando d’Almeida Neto


Vice-President and Investor Relations Officer

Hans Christian Melchers


Planning and Investor Relations Manager

Tel.: +55 (21) 3433-5224


Fax: +55 (21) 3433-5322
E-mail: ri@multiplan.com.br

28