Multiplan Er 20080813 Eng

Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São
Paulo
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
2Q08
Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São Paulo
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
2Q08
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
2Q08
FINANCIAL HIGHLIGHTS
Overview
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 mall-
related 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 3rd 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
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)

+5,051 -5,188
120,000
113,984
+3,858
+9,600
110,000
Minimum, 79.3%
+14,408
100,000
Parking, 13.0%
+ 32.1%
90,000 86,254
Key Money, 7.6%
80,000
Rent, 60.3%
70,000
Services, 19.1%
60,000
Overage, 4.1%
50,000
Merchandising,
Gross Rent Services Key Parking Real Gross 16.6%
Revenue Money Estate Revenue
2Q07 Sales 2Q08
Gross Revenue Growth – 2Q07 vs. 2Q08 Gross Revenue Breakdown – 2Q08
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
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.
1 2 .0%
11.0%
10.0% 10.2% 10.3% 10.3%
10.0%
9.0% 8.9% 9.1% 9.3% 9.6%

8.7%
8.1%
8 .0%
7.6%
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%
7 0
, 00
2 ,5 00,000
2,215,423 5,931 R$/sq.m

5,283 R$/sq.m
6 0
, 00
+ 20.4% 1,836,379
+ 11.4%
2 ,000,000
5 0
, 00
1 ,5 00,000 4 0
, 00
1,169,981 3,057 R$/sq.m

971,737 3 0
, 00
2,744 R$/sq.m
1 ,000,000
2 0
, 00
500,000
1 0
, 00
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 years1.
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
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%

Before After
7 00
, 00
4,558 68,772
490
6 50
, 00
9,357
6 00
, 00
5 50
, 00
54,368
5 00
, 00
4 50
, 00
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
2Q08
250
.%
23%
+ 8.2%
2 00
.%
5 00
471
150
.% 436
12%
4 50
11% 11% 10% + 9.0%

4 00
9% 9% 9%
1 00
.%
8% 7% 8% 8% 3 50
7% 6% 6% 7%
5% 6% 6% 6%
5% 3 00
4% 4% 237
50
.%
3% 2 50
217
2 00
1 50
00
.%
jul/07 ago/07 set/07 out/07 nov/07 dez/07 jan/08 fev/08 mar/08 abr/08 mai/08 jun/08 1 00
50
Contract Renovations* IGP-DI** -
* Based on the contract GLA 2Q07 2Q08 1H07 1H08
** Contracts are revised once a year using the IGP-DI of the month before
and percentage of monthly contracts renewal Same Store Rent (R$/sq.m.)- 2Q07 vs. 2Q08 (R$‘000)
2. Services
Very successful pre-leasing activity To be leased 18%
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 Leased 82%
through expansions and developments, 668 of which have already
been leased.
New shopping center and expansion stores leased
3. Key Money
Tenant mix changes lead to key money accrual
In 2Q08 key money revenue increased 79.4% to R$8.7 million. This was primarily driven by the 1.5% of
turnover, as well as tenants that were moved from the centers to allocate space for expansions and
refurbishment. One year ago Multiplan brought one of the best gourmet restaurants in Rio de Janeiro to
BarraShopping. Despite pre-launch critics, after only 11 months of its opening the restaurant registered a flow of
75,000 people2, a customer record for the restaurant, breaking the record held by the original location in the
famous Leblon neighborhood. Since that event, the demand to create a Gourmet Center in BarraShopping has
increased, encouraging Multiplan to focus on attracting some of the best restaurants in the city. With this
investment Multiplan plans to increase the flow and satisfaction of customers and further boost performance. This
strategy was already applied at MorumbiShopping, which owns the largest Gourmet Center in Latin America, with
23 restaurants, which are visited by 30% of the mall’s customers and contribute 8.3% to total mall sales.
Key Money Revenue/Type (R$'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 25th, 2008
8
2Q08
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$27.3 million, when compared to the same quarter of
last year. General and administrative expenses increased primarily due to:
A new office in São Paulo - this quarter Multiplan opened a new office in the office tower at
MorumbiShopping in São Paulo which will host part of the development, engineering and marketing
team.
Delivering the pipeline - in order to deliver the existing projects and strong pipeline of developments,
Multiplan improved its development structure and made investments in human capital to increase
operational efficiency.
Bonus - a provision for 2008 bonus (to be paid in 2009) was accrued this quarter, and last year’s bonus
was paid in 2Q08. The provision was created in recognition of the new formal bonus structure of the
company.
Corporate Governance - Multiplan made meaningful investments, such as receiving the S&P risk rating,
improving its real-estate system, launching a new homepage, staffing at its IR department, hiring new
talent and investing in professional development in order to better serve its shareholders.
9
2Q08
G&A Expenses (R$'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$5.5 million. The strong
development of the Royal Green Peninsula project was the main driver for this increase, as construction continues
at a very strong pace, leading the revenues of sold apartments to be accrued in company results. Multiplan
expects to conclude the project by the end of this year. As at June 30th, 2008, 89% of the apartments in this
project had been sold. While construction contracts needed to be reviewed as a result of higher construction
costs generally and the fact that suppliers were forced to keep up with Multiplan’s quick pace of construction,
nothing has occurred to cause a deviation from the strong positive returns expected on this project.
Equity pickup
(R$'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
2Q08
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
Loans and Financings

53,183 Share Acquisition
Banks
Obligations for acquisition of good
12%
42,025 42,854
38,841
34,867
14,620
Others
7,935
4,454
88%
2,302
2008 2009 2010 2011
11
2Q08
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 Expenses EBITDA Margin
Revenue Revenue
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
2Q08
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
2Q08
GROWTH STRATEGY
Timetable of Expansions and New Developments - '000 sq.m.

Growth of 60% in own GLA
+ 60%
4 5 0m²
426 426
404
4 00m²
366
354
340
328
3 5 0m²
3 00m²
266
2 5 0m²
New Mall Development
Mall Expansions
2 00m²
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.
2 0 ,0 0 0
+ 141% 73,142
17,207
+ 282%
1 8 ,0 0 0
8 00
, 0 0
1 6 ,0 0 0
7 00
, 0 0
1 4 ,0 0 0
6 00
, 0 0
1 2 ,0 0 0
5 00
, 0 0
1 0 ,0 0 0
30,297
4 00
, 0 0
8 ,0 0 0
4,510
3 00
, 0 0
6 ,0 0 0
2 00
, 0 0
4 ,0 0 0
1 00
, 0 0
2 ,0 0 0
1Q08 2Q08 1Q08 2Q08

Investments in shopping development 2Q08 vs. 1Q08 Investments in shopping expansions 2Q08 vs. 1Q08
CAPEX (R$'000) 2Q08 % Reference Renovations

Acquisitions 14%
All Shoppings, Gourmet Project (BRS) 20%
Renovations 19,578 13.9%
and new branch in SP
Shopping Development 73,142 52.2% BSS, SVO, Maceió
Lands
Shopping Expansion 17,207 12.3% BHS, RBS, PKS (Fashion & Frontal), SAF 1%
Land Acquisition 1,473 1.1% Projects not announced Expansions

Shopping Acquisition and Minority 12%
28,668 20.5% Shopping Santa Úrsula
Acquisition
Total 140,067 100.00%
New SC's
53%
14
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
BHS, RBS, PKS (Fashion, Gourmet &
Shopping Expansion 119,800 11,431 21,717 117,186 60,901 2,848
Frontal), PKB Gourmet, SAF
Barra da Tijuca, São Caetano,
Land Acquisition 93,200 16,183 102,532 123,300 - -
Jundiaí, Campo Grande and others
Shopping Acquisition and
273,000 287,765 28,668 - - - Shopping Santa Úrsula
Minority Acquisition
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.
79 0,000
707,357
69 0,000
Renovation 59%
59 0,000
484,953
49 0,000
New SC's 36%

39 0,000
205,116
29 0,000
Expansions 15%
19 0,000
87,262
9 0,000
Lands 49%
(1 0,000)
2007 2008 2009 2010

Renovations Shopping Development Acquisitions 100%
Shopping Expansion Land Acquisition
Shopping Acquisition and Minority Acquisition Working Capital
CAPEX used until 2Q08 and to be expended (until 2010)

CAPEX schedule (R$‘000) – 2007 to 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
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.
1 6 .0 %
14.0%
1 4 .0 %
Diamond Mall 1 2 .0 %
1 1 0.0 %
7.6%
1,7 km 8 .0 %
6.9%
6 .0 %
4 .0 %
2 2 .0 %
0.0 %
Pátio Expected 1 year with MTE Target IRR

5,3 km Savassi
Pátio Savassi yields on acquisition price
▲35.56%
Shoppings ▲32.30%
4,3 km Portfolio
▲16.23%
▲13.57%
BH
33
Shopping
PSS BHS DMM

Belo Horizonte’s consolidation strategy DMM, PSS and BHS Sales/sq.m. 2Q08 x 2Q07
16
2Q08
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)
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%
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
2Q08
LagoSul Shopping
GLA 25,811 sq.m.

Launch September 2008 (expected)
Opening November 2010 (expected)
Interest 65% (35% ground lease)
CAPEX Invested 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
Interest 80%
CAPEX Invested 15 %

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%
CAPEX Invested 10 %

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
2Q08
RibeirãoShopping Expansion
GLA 7,079 sq.m.

Launch October 2007
Opening November 2008
Interest 76.2%
CAPEX Invested 25 %

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
Interest 60%
CAPEX Invested 41 %

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%
CAPEX Invested 7%

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
2Q08
ParkShopping Gourmet Expansion
GLA 1,327 sq.m.

Launch 1H 2009
Opening 2H 2010
Interest 60%
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) -
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
2Q08
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
2Q08
Cristal Tower
The project follows the consecrated mixed-use model, of the BarraShopping Complex
The success achieved by BarraShoppingSul, in the city of Porto Alegre, resulted in the creation of the Cristal
Tower project, an office tower integrated to BarraShoppingSul. The project has 290 commercial offices and
11,915 sq.m. of saleable area, in order to satisfy the high demand for offices in the city. Multiplan holds a 100%
interest and estimates a nominal total sell out of over R$70 million. Delivery of space is scheduled for the first
half of 2011 and the project’s unleveraged IRR in nominal terms is expected to be over 25%. In the last five
years, Porto Alegre saw a 70% increase in the price per sq.m. for offices properties, according to real estate
developers in the region3. In the same area in which Cristal Tower will be built, Multiplan expects to build two
residential buildings and a hotel in future years.
Cristal Tower and BSS perspective Cristal Tower perspective
Bridge connecting Cristal Tower to BarraShoppingSul Cristal Tower – Interior perspective of a project
3
Source: Lopes Dirani
22
2Q08
CURRENT PORTFOLIO
15 10 6
14
5
AL
DF
MG
7
SP
11
RJ
PR
3
8
RS
9 13
12
Already Operating
Under Development/
Development/Approval
Shopping State Multiplan % Total GLA Rent 2Q08 Rent 2Q07 Sales 2Q08
Operating SC's (100%)

1 BH Shopping MG 80.0% 35,105 sq.m. 11,618 10,863 132,726
2 RibeirãoShopping SP 76.2% 39,188 sq.m. 7,695 4,641 84,662
3 BarraShopping RJ 51.1% 69,812 sq.m. 25,918 23,257 231,668
4 MorumbiShopping SP 65.8% 54,958 sq.m. 24,264 20,528 214,998
5 ParkShopping DF 59.9% 39,775 sq.m. 8,228 7,450 124,180
6 DiamondMall BH 90.0% 20,808 sq.m. 6,402 5,291 68,916
7 New York City Center RJ 50.0% 22,068 sq.m. 2,756 2,373 32,409
8 Shopping AnáliaFranco SP 30.0% 39,310 sq.m. 10,860 9,373 105,943
9 ParkShoppingBarigüi PR 84.0% 41,411 sq.m. 6,836 6,082 106,383
10 Pátio Savassi BH 83.8% 15,537 sq.m. 3,725 - 49,555
11 Shopping Santa Úrsula SP 37.5% 24,043 sq.m. 613 - 18,542
BarraShoppingSul (BIG)¹ RS 100.0% 14,400 sq.m. 7 7 -
Sub-Total Operating SC's 64.0% 416,416 sq.m. 108,922 89,866 1,169,981
Under development SC's/Exp (% constr.)²
12 BarraShoppingSul RS 100.0% 53,978 sq.m. - - -
13 Shopping VilaOlímpia SP 42.0% 26,901 sq.m. - - -
14 Shopping Maceió AL 50.0% 36,000 sq.m. - - -
15 LagoSul Shopping DF 100.0% 25,811 sq.m. - - -
BH Shopping Exp. MG 80.0% 10,869 sq.m. - - -
Shopping AnáliaFranco Exp. SP 30.0% 11,786 sq.m. - - -
RibeirãoShopping Exp. SP 76.2% 7,079 sq.m. - - -
ParkShopping Exp. Fashion DF 60.0% 2,985 sq.m. - - -
ParkShopping Exp. Frontal DF 62.5% 8,571 sq.m. - - -
ParkShopping Exp. Gourmet DF 60.0% 1,327 sq.m. - - -
ParkShoppingBarigüi Exp. Gourmet PR 100.0% 1,192 sq.m. - - -
Sub-Total Under development
72.8% 186,499 sq.m. - - -
SC's/Exp
Portfolio Total 66.7% 602,915 sq.m. 108,922 87,350 1,169,981

¹ Relates to supermarket BIG, already operating on the land
² Interest during the construction period
23
2Q08
OWNERSHIP STRUCTURE
The chart below shows Multiplan's ownership structure followed by the acquisitions made throughout 2007 and
2008.
24
2Q08
APPENDICES
APPENDIX I
Income Statement
(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 0 - ▲0.0% 33 0 ▲100.0%
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) ▼100.0% - (1,361) ▼100.0%
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) ▼100.0% - (5,969) ▼100.0%
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%
25
2Q08
APPENDIX II
Balance Sheet
ASSETS 2Q08 1Q08

Current Assets
Cash 263,893 362,596
Accounts Receivable 77,441 64,620
Diverse Loans and Advancings 2,839 28,108
Taxes and Contributions to Recoup 16,882 15,444
Deferred income tax 28,506 28,506
Other 508 664
Total Current Assets 390,069 499,938
Long Term Assets
Credit with related Parties 1,409 1,300
Accounts Receivable 12,177 17,806
Fixed assets to be sold 116,032 77,036
Diverse loans and advancings 1,554 1,605
Deferred income tax 143,057 149,094
Other 1,460 3,812
Total Long Term Assets 275,689 250,653
Permanent
Investments 20,250 11,613
Fixed Assets 1,213,178 1,087,241
Intangible 366,636 396,639
Deferred Assets 35,598 34,401
Total Permanent 1,635,662 1,529,894
Total Assets 2,301,420 2,280,485
LIABILITIES 2Q08 1Q08

Current Liabilities
Loans and Financings 15,726 15,846
Share Acquisition 53,041 47,337
Accounts Payable 19,653 8,115
Obligations for Acquisition of Good 52,873 58,003
Taxes and Contributions to Collect 8,652 8,035
Tax payments 262 259
Debt with Related Parties 142 142
Other 2,426 8,334
Total 152,775 146,071
Long Term Liabilities
Loans and Financings 13,584 18,028
Obligations for Acquisition of Good 106,020 113,277
Tax payments 1,671 1,718
Provision for Contingencies 4,728 3,388
Total Long Term 126,004 136,411
Expected Incomes 110,506 110,183
Participation of the minority stockholders 12,915 1,311
Equity
Capital 952,747 952,747
Goodwill Reserves 932,425 932,425
UTD Income 17,443 1,337
Asset Valuation Adjustments (3,394) -
Total Equity 2,022,642 1,998,003
Total Liabilities 2,301,420 2,280,485
26
2Q08
APPENDIX III
Cash Flow
Operational Cash Flow (R$ ‘000) 2Q08 2Q07
Net Income 16,451 6,675

Adjustments
Depreciation 8,248 5,285
Amortization 31,477 28,177
Equity pickup (5,512) (596)
Minority parties interests (172) 21
Expected incomes appropriation (8,717) (4,859)
Deferred Taxes 6,943 120
Positive result of not previously recognized controlled parties and negative equity of
(345) (284)
controlled parties
Adjusted Net Income 48,373 34,539
Increase (decrease) in operational assets
Increase in inventory (38,996) (35,765)
Increase in accounts Receivable (7,192) (4,990)
Increase (decrease) in taxes and contributions to recoup (1,438) (991)
Increase in Deferred Taxes accounts (906) (187,112)
Increase (decrease) in other assets 2,508 598
Increase (decrease) in operational liabilities
Increase in accounts payable 11,538 1,304
Increase in obligations for acquisition of goods (12,387) 18,955
Increase (decrease) in taxes and contributions to collect 617 (487)
Increase (decrease) in share acquisition 5,846 (926)
Increase (decrease) in taxes parceled out (44) (233)
Increase (decrease) in contingencies provision 1,340 (385)
Increase in expected incomes 9,040 9,988
Increase (decrease) in others obligations (5,908) (1,666)
Operational Cash Flow 12,391 (167,171)
Investments Cash Flow
Increase (decrease) in diverse loans and advancings 25,356 (37,411)
Increase (decrease) in credits receivable with related parties (109) (47)
Interest receivable for diverse loans and advancings (36) (90)
Addition in investments 93 263
Addition in Fixed Assets (133,569) (8,732)
Addition in Deferred Assets (1,813) (5,510)
Addition in Goodwill 0 0
Addition in Intangible Assets (4,692) 0
Cash Flow generated by investment activities (114,770) (51,527)
Financing Cash Flow
Increase (decrease) in loans and financing (7,119) 31,463
Interest payments for diverse loans and advancings 2,555 2,306
Decrease in credits payable with related parties (142) (1,157)
Increase in capital reserve (3,394) 0
Increase in capital 0 186,548
Minority interest 11,776 309
Cash Flow generated by financing activities 3,676 219,469
Cash Flow (98,703) 771
Initial Cash 362,596 11,268
Final Cash 263,893 12,039
Cash Change (98,703) 771
27
2Q08
GLOSSARY AND ACRONYMS
Adjusted EBITDA: EBITDA adjusted for the non-recurring expenses with the IPO, restructuring costs,
depreciation and amortization.
Acronyms:
Adjusted Funds from Operations (FFO): sum of adjusted net BHS BH Shopping
BRS BarraShopping
income, depreciation and amortization. BSS BarraShoppingSul
DMM DiamondMall
Adjusted Net Income: net income adjusted for non-recurring MAC Shopping Maceió
expenses with the IPO, restructuring costs and amortization of goodwill MBS MorumbiShopping
from acquisitions and mergers. MTE Multiplan
NYCC New York City Center
Anchor Stores: Large, well known stores with special marketing and PKB ParkShoppingBarigüi
structural features that can attract consumers, thus ensuring PKS ParkShopping
PSS Shopping PátioSavassi
permanent attraction and uniform traffic in all areas of the mall. Stores RBS RibeirãoShopping
must have more than 1,000 sq.m. to be considered anchors. SAF Shopping Anália Franco
SSU Shopping Santa Úrsula
Base Rent: The minimum rent of a tenant lease contract. If the SVO Shopping VilaOlímpia
tenant does not have a base rent, the minimum rent is a percentage of LGS LagoSul Shopping
sales.
Complementary Rent: The difference between the base rent and the rent consisting of a percentage of sales,
as determined in the lease agreement. This amount is only paid if the percentage rent is higher than the base
rent.
EBITDA: Net income (loss) plus expenses with income tax and social contribution on net income, non-operating
income, financial result, depreciation and amortization, minority interest and non-recurring expenses. EBITDA
does not have a single definition, and this definition of EBITDA may not be comparable with the EBITDA used by
other companies.
Expected Income: Deferred key money and store buy back expenses.
GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus
the stores sold.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding kiosks.
Key Money (KM): Key money is the money paid by a tenant in order to have the right to be in a store. The key
money contract when signed is accrued in the expected income account and accounts receivable, but its revenue
is accrued in the key money revenue account in linear installments on the term of the leasing contract. Key
money from initial leasing is contracts from new stores of greenfields or expansions (opened in the last 5 years);
’Operating’ key money from turnover is contracts from stores that are moving in a mall already in operations.
Merchandising: Merchandising consists of all leases in a mall not involving the GLA area of the mall.
Merchandise includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other
display locations in a mall.
Net Operating Income (NOI): Refers to the sum of the operating income (rent revenue and shopping
expenses) and income from parking operations (revenue + expenses). Revenue taxes are not considered. The
NOI + KM also includes the key money from the contracts signed in the same period.
Occupancy: Total GLA of a mall divided by the leased area.
Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall.
Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. The parking
expenses is the share of the parking revenue that needs to be passed to the companies partners and
condominiums.
Potential Sales Volume (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate
development, multiplied by the list price of each.
Sales: Sales declared by the stores in each of the malls in the quarter.
Same-Store Rent/sq.m.: Rent earned from stores that were in operation for over a year.
Same-Store Sales/sq.m.: Sales of stores that were in operation for over a year.
Satellite Stores: Small stores with no special marketing and structural features located around the anchor
stores and intended for general retailing.
28
2Q08
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 second quarter 2008 results.
Teleconference
English Portuguese
August 14, 2008 August 14, 2008
10:30 a.m. (Brasília) 11:45 a.m. (Brasília)
09:30 a.m. (US EST) 10:45 a.m. (US EST)
Tel.: +1 (973) 935-8893 Tel.: +55 (11) 2188-0188
Replay: 1 (706) 645-9291 Replay: 55 (11) 2188-0188
Code: 57096995 Code: MULTIPLAN
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
Rodrigo Tiraboschi
Investor Relations Analyst Senior
Tel.: +55 (21) 3031-5224

Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br
29

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Belo Horizonte • Brasília • Curitiba • Jundiaí • Maceió • Porto Alegre • Ribeirão Preto • Rio de Janeiro • São Caetano • São

Second Quarter 2008

Multiplan announces adjusted FFO growth of

FINANCIAL AND OPERATING HIGHLIGHTS

(R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

LETTER FROM THE CEO

Consolidated Financial Statements

(R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

Adjusted EBITDA 62,813 45,464 ▲38.2% 114,038 96,013 ▲18.8%

Gross Revenue Growth and Breakdown – 2Q07 and 2Q08 (R$‘000)

Rent Revenue/Shopping (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

A new shopping mall: Shopping Santa Úrsula

2Q08 SSU* RBS Portfolio Portfolio w/ SSU

Strong sales, strong shopping

9.0% 8.9% 9.1% 9.3% 9.6%

2,215,423 5,931 R$/sq.m

1,169,981 3,057 R$/sq.m

2Q07 2Q08 1H07 1H08

Sales Growth (R$‘000) Same Store Sales

Consistent sales growth in all shopping centers

Rent revenue breakdown

+20.7% +20.9% +66.7%

Rent 2Q07 Minimum Overage Merchandising Rent 2Q08

Rent Revenue/Shopping 2Q08 2Q07

Real growth on top of higher inflation

11% 11% 10% + 9.0%

Contract Renovations* IGP-DI** -

* Based on the contract GLA 2Q07 2Q08 1H07 1H08

Service revenues increased 79.2%, achieving R$21.7 million in 2Q08,

Parking Revenue/Shopping (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

NOI Calculation (R$’000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

Net Revenues (R$‘000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

3. Operating and Development Expenses (G&A)

G&A Expenses (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

Debt composition in 2Q08

Amortization Schedule (R$‘000) Debt Type

Loans and Financings

2008 2009 2010 2011

Adjusted Net Income and FFO

Adjusted Income Calculation 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

FFO Calculation 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

EBITDA Calculation (R$'000) 2Q08 2Q07 Chg. % 1H08 1H07 Chg. %

EBITDA margin breakdown

Timetable of Expansions and New Developments - '000 sq.m.

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

1Q08 2Q08 1Q08 2Q08

CAPEX (R$'000) 2Q08 % Reference Renovations

Land Acquisition 1,473 1.1% Projects not announced Expansions

New SC's 36%

2007 2008 2009 2010

CAPEX used until 2Q08 and to be expended (until 2010)

Pátio Expected 1 year with MTE Target IRR

PSS BHS DMM

Shopping Mall - Greenfields

GLA 68,378 sq.m. (Including BIG)

Status: Under Construction

GLA 26,901 sq.m.

Status: Under construction

GLA (Estimated) 36,000 sq.m.

Status: Undergoing master plan and tenant mix

GLA 25,811 sq.m.

Status: Undergoing necessary approvals

Shopping Mall Expansions