1Q09

Earnings Release
1Q09
Teleconference
English

May 14, 2009

12:30 pm (Brasília)
11:30 am (US EST)
Tel.: +1 (973) 935-8893
Replay: +1 (706) 645-9291
Code: 97299428
 1Q09

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

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

IPCA Retail SSS/m² SAS/m² Sales

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

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

(R$ ’000)
4.8% 38.0%
Turnover ²
Vacancy²

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

IPCA IGP-DI SSR/m² SAR/m² Rent

1Q06 1Q07 1Q08 1Q09 Adjustment
Effect

¹ Considering 100% of the shopping centers.

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

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

Key money
89,339 4.4%

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

Rental Revenue Growth Parking Result

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

-566

+31.1%
6,224
60,564

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

3
 1Q09

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

52,109 78.0%

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

NOI NOI + KM NOI NOI + KM

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

12,962

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

EBITDA Core EBITDA Net Income Adjusted Net Income

4
 1Q09

Net Debt/EBITDA of 0.7x brAA-

BB

Debt Breakdown Debt: Bank vs. Non-Bank

900.000

Gross Debt: R$ 364.3 million

Net Debt: R$ 177.0 million Others
1%
Fixed TJLP
12% 4% Non-
CDI Bank
25% 35%

IPCA
22%
Bank
65%
TR
36%
900.000

Debt Amortization Debt vs. Cash Generation

(R$ million) (R$ ’000)

110.2 364,337
Loans and financings
Obligations for acquisition of goods
259,341
230,074

40.4 177,125
33.1
24.8 24.9
21.8 20.6 19.0 19.0 18.7
13.4 13.4
5.0

Gross Debt Net Debt Adjusted FFO (12M)* EBITDA (12M)*

2009 2010 2011 2012 2013 2014 2015 >=2016
* From April 2008 to March 2009
5
 1Q09

Generating Value ¹
GLA Growth New Stores
(‘000 m²)
+10.2%
364 m²
25 m² +19.8%
3,614

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

Shoppings in Shoppings under Expansions under Total Stores in Stores in

operation development development 900.000

1Q09 2010

Projects Capex NOI and Yields ²

(R$ million)
(R$ ’000)
Total Capex (% MTE): R$339.3 M; Invested Capex (% MTE): R$123.8 M Total 3rd yr NOI weighted average yield: 16.3%

Capex
R$89.9 M R$48.9 M R$122.3 M R$48.9 M R$10.6 M R$18.7 M 3rd yr NOI
(% MTE):
Yield: 15.9% 28.1% 10.7% 20.7% 8.0% 27.2%
Capex to be invested
64% Capex invested R$ 11.7 M
R$ 10.9 M
51% R$ 9.2 M R$ 8.7 M
3rd yr NOI
61% 36% (% MTE) :
92% 82%
R$ 4.0 M

49% 8% 36% 39% 18% 64% R$ 0.8 M

Shopping Vila ParkShopping BH Shopping ParkShopping RibeirãoShopping Shopping Anália

3 Shopping Vila ParkShopping BH Shopping ParkShopping RibeirãoShopping Shopping Anália
Olímpia Barigüi Exp. II Exp. Exp. Frontal Exp. Franco Exp. Olímpia Barigüi Exp. II Exp. Exp. Frontal Exp. Franco Exp.

¹ ParkShoppingBarigüi Expansion was included since its construction is scheduled to start this year. Shopping Maceió was not considered since its construction date was not yet announced.
² The yield is calculated as 3rd yr NOI divided by the capex subtracted by the key money.
3 This expansion (ParkShopping Frontal) does not include the investment of R$49 million and its future revenues from the new deck parking of 1,600 parking spaces.

All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice. 6
 1Q09

Six Projects 84% Leased !

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

Construction Construction Construction

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

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

ParkShopping Frontal Expansion Shopping Vila Olímpia ParkShopping Barigui Expansion

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

GLA: 29,586 m² GLA: 8,075 m²

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

Construction Project
Construction
Project
Stores Leased 96% Stores Leased 87% Stores Leased 58%

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

All information related to the projects listed above are Multiplan’s estimates and are subject to change without previous notice.
7
 1Q09

Main Figures
Indicators (R$ '000)
Financials (MTE %) 1Q09 1Q08 Chg. %
Gross Revenue 118,074 89,339 ▲32.2%
Net Revenue 108,102 80,892 ▲33.6%
Headquarters 18,761 11,712 ▲60.2%
Rental Revenue 79,389 60,564 ▲31.1%
Rental Revenue/m² 251 R$/m² 249 R$/m² ▲0.7%
EBITDA 59,947 50,910 ▲17.8%
EBITDA Margin 55.5% 62.9% ▼748 b.p
Core EBITDA 77,214 61,456 ▲25.6%
Core EBITDA Margin 68.3% 69.7% ▼140 b.p
Net Operating Income (NOI) 73,374 52,109 ▲40.8%
Net Operating Income/m² 232 R$/m² 214 R$/m² ▲8.1%
Net Operating Income Margin 81.6% 78.0% ▲357 b.p
Adjusted FFO 53,835 57,685 ▼6.7%
Adjusted FFO/m² 170 237 ▼28.3%
Performance (100%) 1Q09 1Q08 Chg. %
Final Total GLA 484,894 m² 392,015 m² ▲23.7%
Final Own GLA 330,786 m² 257,063 m² ▲28.7%
Adjusted Total GLA (avg.) 470,488 m² 377,981 m² ▲24.5%
Adjusted Own GLA (avg.) 316,378 m² 242,963 m² ▲30.2%
Rental Revenue 133,022 96,407 ▲38.0%
Rental Revenue /m² 283 R$/m² 255 R$/m² ▲10.9%
Total Sales 1,261,212 1,045,791 ▲20.6%
Total Sales/m² 2,681 R$/m² 2,767 R$/m² ▼3.1%
Same Stores Sales/m² 2,961 R$/m² 2,817 R$/m² ▲5.1%
Same Area Sales/m² 2,878 R$/m² 2,653 R$/m² ▲8.5%
Same Store Rent/m² 258 R$/m² 228 R$/m² ▲13.2%
Same Area Rent/m² 263 R$/m² 234 R$/m² ▲12.6%
Occupancy Costs * 14.6% 13.6% ▲102 b.p
Rent as Sales % 8.8% 8.4% ▲41 b.p
Others as Sales % 5.8% 5.2% ▲60 b.p
Turnover * 1.4% 1.1% ▲23 b.p
Occupancy Rate * 98.3% 97.9% ▲40 b.p
Delinquency (25 days delay) 5.8% 3.2% ▲256 b.p
Rent Loss 0.4% 1.0% ▼65 b.p
*Does not include BSS and SSU.

8
 1Q09

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

Hans Christian Melchers

Planning & Investor Relations Manager

Rodrigo Tiraboschi
Investor Relations Analyst Senior

Franco Carrion
Investor Relations Analyst

Tel.: +55 (21) 3031-5224

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

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

Disclaimer
This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s
management and on available information. These prospects include statements concerning our management’s current intentions or expectations.
Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The
Company has no obligation to update said statements.
The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and
competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can
establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information
above.
9