Multiplan DF 3T07 Eng

A free translation from the Original in Portuguese
Quarterly Information - ITR
Multiplan Empreendimentos
Imobiliários S.A.
Quarter ended September 30, 2007

with Special Review Report of Independent
Auditors
MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.
QUARTERLY INFORMATION
September 30, 2007
Contents
Special Review Report of Independent Auditors on Quarterly Financial Information –

ITR…………………………………………………………………………………………..1
Interim Financial Statements
Balance Sheets ....................................................................................................................... 2

Statements of Operations ....................................................................................................... 4
Notes to the Financial Statements ......................................................................................... 5
REPORT OF INDEPENDENT AUDITORS ON SPECIAL REVIEW
To the
Board of Directors and Shareholders of
Multiplan Empreendimentos Imobiliários S.A.
1. We have performed a special review of the Quarterly Information (ITR) of Multiplan

Empreendimentos Imobiliários S.A. for the quarter ended September 30, 2007,
including the balance sheets, statements of operations, report on the Company’s
performance and other significant information of the Company and it subsidiaries. This
financial information was prepared in accordance with accounting practices adopted in
Brazil.
2. Our review was conducted in accordance with specific standards established by the
Brazilian Institute of Independent Auditors - IBRACON, and the Federal Accounting
Board - CFC, and consisted mainly of: (a) inquiries of and discussions with officials
responsible for the Company’s accounting, financial and operational areas in respect to
the main criteria adopted for preparing the Quarterly Information; and (b) review of
information and subsequent events which have, or may have, significant effects on the
financial position and operations of the Company.
3. Based on our special review, we are not aware of any material modification that should
be made to the Quarterly information referred to above for it to comply with
accounting practices adopted in Brazil, applicable to the preparation of quarterly
information, consistently with specific standards established by the Brazilian Securities
and Exchange Commission (CVM).
4. The quarterly information for the quarter ended September 30, 2006, presented for
comparison purposes, was not reviewed by independent auditors.
Rio de Janeiro, October 6, 2007
ERNST & YOUNG

Auditores Independentes S.S.
CRC - 2SP 015.199/O-6 - F - RJ
Paulo José Machado

Accountant - CRC - 1RJ 061.469/O - 4
BALANCE SHEETS
September 30, 2007 and June 30, 2007
(In thousands of reais)
September 30, 2007 June 30, 2007

(unaudited) (unaudited)
Company Consolidated Company Consolidated
Assets
Current assets:
Cash and cash equivalents (Note 4) 469,620 475,243 8,220 12,039
Accounts receivable (Note 5) 54,069 58,830 45,955 45,996
Receivables 750 816 848 897
Sundry loans and advances (Note 6) 2,091 3,884 41,694 41,850
Recoverable taxes and contributions (Note 7) 6,459 8,210 5,807 6,837
Other - - 152 152
Total current assets 532,989 546,983 102,676 107,771
Noncurrent assets:
Long-term receivables:
Related party receivables (Note 20) 3,855 - 142 1,192
Accounts receivable (Note 5) 11,690 12,088 10,996 10,995
Receivables 210 210 353 355
Land and properties held for sale (Note 8) 76,032 76,032 74,917 74,917
Loans and advances (Note 6) 2,914 2,915 3,061 3,061
Judicial deposits 13,320 14,404 13,320 14,222
Deferred income and social contribution taxes
(Note 9) 187,552 187,815 193,963 193,963
Other - 840 - 44
295,573 294,304 296,752 298,749
Permanent assets:
Investments (Note 10) 211,950 153,784 50,966 42,804
Property and equipment (Note 11) 644,780 711,650 635,600 644,750
Intangibles (Note 12) 395,539 395,539 423,715 423,715
Deferred charges (Note 13) 18,862 21,365 15,956 17,436
Total noncurrent assets 1,566,704 1,576,642 1,422,989 1,427,454
Total assets 2,099,693 2,123,625 1,525,665 1,535,225

BALANCE SHEETS
September 30, 2007 and June 30, 2007
September 30, 2007 June 30, 2007 (unaudited)

(unaudited)
Liabilities and shareholders’ equity
Current liabilities:
Loans and financing (Note 14) 13,890 17,532 27,212 27,212
Accounts payable 7,667 9,471 4,608 5,955
Property acquisition obligations (Note 15) 44,874 44,874 53,008 53,008
Taxes and contributions payable 2,788 6,564 3,890 6,398
Dividends payable 211 211 429 429
Acquisition of shares (Note 16) 48,994 48,994 44,114 44,114
Payables to related parties (Note 20) 3 3 110 858
Taxes paid in installments (Note 17) - 253 67 317
Advances from clients 340 - -
Other 875 2,633 664 664
Total current liabilities 119,302 130,875 134,102 138,955
Noncurrent:
Long-term liabilities:
Loans and financing (Note 14) 23,414 25,260 51,829 51,829
Acquisition of shares (Note 16) - - 47,211 47,211
Property acquisition obligations (Note 15) 21,137 21,137 25,644 25,644
Taxes paid in installments (Note 17) 1,807 - 1,849
Provision for contingencies (Note 19) 14,759 17,271 14,865 16,488
Total noncurrent liabilities 59,310 65,475 139,549 143,021
Deferred income (Note 21) 76,248 81,194 70,024 70,023
Minority interest - 1,280 - 1,236
Shareholders’ equity (Note 22):

Capital 952,747 952,747 264,419 264,419
Goodwill reserve 932,425 932,425 932,425 932,425
Retained earnings (accumulated losses) (40,339) (40,371) (14,854) (14,854)
1,844,833 1,844,801 1,181,990 1,181,990
Total liabilities and shareholders’ equity 2,099,693 2,123,625 1,525,665 1,535,225
See accompanying notes.

STATEMENTS OF OPERATIONS
Quarter ended September 30, 2007 and 2006
(In thousands of reais, except earnings (loss) per share, in reais)
September 30, 2007 September 30, 2006

(unaudited) (unaudited)
Gross revenues from sales and services
Leases 160,661 162,393 66,118 121,820
Services 35,885 35,931 170 36,384
Key money 13,711 13,811 5,036 8,824
Parking 8,542 25,385 3,333 6,340
Sale of properties 18,908 18,908 5,206 12,987
Other - -
237,707 256,428 79,863 186,419
Taxes and contributions on sales and services (20,513) (22.205) (6,379) (15,281)
Net revenues 217,194 234,223 73,484 171,138
Operating income (expenses)

General and administrative expenses (50,545) (50,744) (29,203) (66,362)
(headquarters)
General and administrative expenses (31,587) (32,221) (15,324) (21,044)
(shopping malls)
Cost of properties sold (10,981) (10,981) (2,737) (7,040)
Cost of Parking (891) (14,300) - -
Equity in earnings of affiliates (Note 10) 5,082 3.833 20,874 (702)
Goodwill amortization (86,376) (86,376) (55,852) (55,852)
Financial income 11,132 11,899 3,693 8,949
Financial expenses (41,624) (41,354) (35,342) (40,497)
Depreciation and amortization (15,300) (16,499) (5,547) (12,546)
Other operating expenses (Income) 714 811 (115) (18)
Operating income (losses) (3,182) (1,659) (46,069) (23,974)
Non-operating income 981 983 452 951
Income (loss) before income and social (2,201) (676) (45,617) (23,023)
contribution taxes
Income and social contribution taxes (Note 9) - (838) (334) (13,015)

Deferred income and social contribution taxes (6,726) (6,726) - (826)
Minority interest - (77) - (7,167)

Net income (loss) for the period (8,927) (8,317) (45,951) (44,031)
Earnings (loss) per share (0,06040) (0,05627) (0,38208) (0,36611)

NOTES TO QUARTERLY INFORMATION

September 30, 2007

September 30, 2007
1. Operations
The Company was incorporated on December 30, 2005 and is engaged in real
estate related activities, including the development of and investment in real
estate projects, purchase and sale of properties, purchase and disposal of rights
related to such properties, civil construction, and construction projects. The
Company also provides engineering and related services, advisory services and
assistance in real estate projects, development, promotion, management, planning
and intermediation of real estate projects. Additionally, the Company holds
investments in other companies.
After a number of acquisitions and capital reorganizations involving its

subsidiaries, the Company started holding direct and indirect interest at
September 30, 2007 and December 31, 2006 in the following enterprises:
% ownership
Beginning of September 30, December 31,
Real estate development Location operations 2007 2007
Shopping Centers:
BHShopping Belo Horizonte 1979 80,0 80,0
BarraShopping Rio de Janeiro 1981 51,1 51,1
RibeirãoShopping Ribeirão Preto 1981 76,2 76,2
MorumbiShopping São Paulo 1982 56,3 51,7
ParkShopping Brasília 1983 60,0 60,0
DiamondMall Belo Horizonte 1996 90,0 90,0
Shopping Anália Franco São Paulo 1999 30,0 30,0
ParkShopping Barigui Curitiba 2003 90,0 90,0
Shopping Pátio Savassi Belo Horizonte 2004 83,8 -
BarraShopping Sul Porto Alegre In project 100,0 100,0
Vila Olímpia São Paulo In project 30,0 -
New York City Center Rio de Janeiro 1999 50,0 50,0
Others:
Centro Empresarial Barrashopping Rio de Janeiro 2000 16,67 16,67

September 30, 2007
1. Operations (Continued)
The majority of the shopping centers are managed in accordance with a special
structure known as “Condomínio Pro Indiviso" – CPI (undivided joint property).
The shopping centers are not corporate entities, but units operated under an
agreement by which the owners (investors) share all revenues, costs and
expenses. The CPI structure is an option permitted by Brazilian legislation for a
period of five years, with possibility of renewal. Pursuant to the CPI structure,
each co-investor has a participation in the entire property, which is indivisible,
and the legal representation and management of the shopping centers are
provided by the subsidiary RENASCE.
The commercial unit tenants generally pay the higher of a minimum monthly
rent restated annually according to the IGP-DI (General Price Index – Domestic
Supply) inflation index and a rent based on percentages of each tenant’s monthly
gross sales ranging from 4% to 8%.
On February 24, 2006 the Company acquired the following interest in various
enterprises through a share purchase and sale agreement:
Real estate development (%)

Shopping Malls:
BHShopping 40,0
BarraShopping 18,7
RibeirãoShopping 36,2
MorumbiShopping 31,0
ParkShopping 30,0
ParkShopping Barigui 45,0
New York City Center 25,0
• Barrashopping
Through correspondence dated December 22, 2005, Fundação Previdenciária IBM

informed to the other Barrashopping investors of its decision to sell its stake held
in said investment, corresponding to 18.31%, for R$ 110,000. On February 6,
2006, the Barrashopping investors, which include the subsidiaries Multishopping,
Bozano and Realejo, formally declared their interest in the acquisition, thus
exercising their right of first refusal provided for in the 7th clause of the CPI. The
amount funded by the Company (through its then subsidiaries Multishopping
Empreendimentos Imobiliários, Bozano Simonsen Centros Comerciais S.A. and
Realejo Participações S.A.) and settled in the first quarter of 2006, corresponding
to an 11% interest in the enterprise, reached R$ 65,923.

September 30, 2007
• RibeirãoShopping
On December 20, 2006, the Company acquired from PSS – Seguridade Social
14,475 shares issued by SC Fundo de Investimento Imobiliário, which represent
all of its shares, which holds a 20% ownership interest in the RibeirãoShopping
project for R$ 40,000.
• DiamondMall
DiamondMall was leased on July 28, 1992 from Clube Atlético Mineiro for thirty
years, in a consortium with company IBR Administração, Participação e
Comércio S.A.
On December 15, 2006, through the Agreement for Consortium Interest

Assignment, co-investor IBR Administração, Participação e Comércio S.A.
assigned its 50% ownership interest in the consortium that holds the Diamond
Mall project lease agreement. Accordingly, the Company and its subsidiary
Renasce became the 100% owner of the consortium. Total price of assignment of
this interest reached R$ 48,000, settled on the date.
• Pátio Savassi Shopping Mall
Shopping Mall Pátio Savassi, inaugurated in 2004, is located in the city of Belo
Horizonte, State of Minas Gerais.
On May 9, 2007 the Company signed a contract to purchase total capital from a
company headquartered in Delaware, in the United States, which together with
Commander José Afonso Assunção held 100% of capital of Luna, a company that
holds 65.2% of Shopping Mall Pátio Savassi, amounting to US$ 65 million, of
which US$ 500 thousand was paid upon the option. On May 23, 2007 the
Company exercised the purchase option, making an escrow deposit for US$ 15
million.
On July 16, 2007 the acquisition price was fully paid, and Shopping Mall Pátio
Savassi started being controlled by the Company. Also, as defined in the contract,
the Company exercised the option to acquire a property adjoining Shopping Mall
Pátio Savassi, which was included in the balance sheet of Luna on the date the
negotiation was completed. In connection with this option, the Company paid an
additional amount of US$ 391 thousand.

September 30, 2007
• Pátio Savassi Shopping Mall (Continued)
On September 13, 2007 the Company completed the acquisition of 18.61%

interest in Shopping Mall Pátio Savassi from JPL Empreendimentos, whose
agreement of intent had been signed on June 6, 2007 for total price of R$ 37,826,
with a remaining balance of R$ 1,489 payable until year-end.
• Vila Olímpia
The Company holds a 41.958% interest in MPH Empreendimentos Imobiliários

Ltda., which, in its turn, holds a 71.5% interest in Shopping Mall Vila Olímpia,
effective September 1, 2006. MPH aims at the development and further
exploitation of Shopping Mall Vila Olímpia, located in São Paulo.
• Subsidiaries
a) Multiplan Administradora de Shopping Centers Ltda.
Multiplan Administradora is committed to management, administration,

promotion, installation and development of shopping malls owned by
third parties, as well as the management of parking lots in the Company’s
own shopping malls.
b) CAA Corretagem e Consultoria Publicitária S/C Ltda
Multiplan’s subsidiary CAA Publicitária renders specialized services

related to brokerage, advisory services of promotional and advertising
nature, and lease and/or sale of advertising space (merchandising).
c) CAA Corretagem Imobiliária Ltda.
Multiplan’s subsidiary CAA Imobiliária engages in specialized brokerage

and assistance in real estate business in general.
d) SCP - Royal Green Península
On February 15, 2006, an unconsolidated partnership (Portuguese

acronym SCP) was set up by the Company and its parent company
Multiplan Planejamento e Participações S.A., for the purpose of
developing a residential real estate project named “Royal Green
Península”. The Company holds 98% of the total capital of SCP.

September 30, 2007
• Subsidiaries (Continued)
e) RENASCE – Rede Nacional de Shopping Centers Ltda.
Subsidiary RENASCE is responsible for administering shopping malls

and collecting rents to be distributed among co-owners, according to
interest held by them.
• Bertolino Participações
At the Special General Meeting held on May 29, 2007, the merger into the
Company of Bertolino Participações – its minority shareholder until then - was
approved. In connection therewith, the Company was given the acquiree’s net
assets at book value, valued at April 30, 2007 based on the report on valuation
of net assets prepared by independent valuation expert Apsis Consultoria
Empresarial Ltda. for net value of R$ 186,548, consisting of goodwill adjusted
by the allowance for maintenance of integrity of net assets (see Notes 9 and
22).
After this merger, 1700480 Ontario became a direct Multiplan shareholder,

currently holding 46.3% of its capital shares.
• Company Listing
On July 25, 2007 the Company obtained the CVM approval to be a listed
company and trade capital shares on the stock exchange.
On July 26, 2007 the Company concluded its Initial and Secondary Public
Offering, issuing 27,491,409 new shares, fully subscribed by new shareholders;
and shareholders 1700480 Ontario, José Isaac Peres and Maria Helena Kaminitz
Peres sold 9,448,026 shares they owned, also fully acquired by new shareholders.
The new shares offered were traded at the price of R$ 25.00 per share. Sale of
primary offering of shares, without considering the exercise of the supplemental
stock option, amounted to R$ 687,000, which resulted in a cash inflow of
R$ 666,000 to the Company, net of estimated commission and expense amounts.
On August 30, 41,700 shares of the supplementary lot were settled for R$ 1,042,
resulting in Company’s cash inflow for R$ 1,011.

September 30, 2007
• Company Listing (Continued)
As disclosed in the Initial and Secondary Public Offering Prospectus for Common
Shares Issued by the Company, these funds will be allocated to acquisitions of
new shopping malls; continued development of projects BarrashoppingSul,
currently under construction, and Shopping Vila Olímpia, currently under
commercialization; expansion of shopping malls already within the Company
portfolio; acquisition of new land for development of new shopping malls as well
as new residential and commercial real estate development projects in areas
adjacent to those of the shopping malls within the Company portfolio; and
strengthening of its working capital. To date, the Company has allocated R$
44,000 to settle up its debt to GSEMREF Emerging Market Real Estate Fund
L.P., described in Note 16, R$ 133,000 to said acquisition of interest in Pátio
Savassi Shopping Mall, described in Note 1, and the difference has been allocated
to short-term investments.
2. Basis of Preparation and Presentation of the Financial Statements
The financial statements of the Company and its subsidiaries were prepared in
accordance with the accounting practices adopted in Brazil, observing the
accounting guidelines of Brazilian Corporation Law and the accounting standards
issued by the Institute of Independent Auditors of Brazil (IBRACON).
The financial statements were approved by the Company’s management on

October 6, 2007.
Preparing the financial statements involves the use of accounting estimates. Such
estimates are based on objective and subjective factors, supported by
management’s opinion for determining the adequate amounts to be recorded in
the financial statements. Significant items, subject to those estimates and
assumptions, include the selection of useful lives of fixed assets and their
recoverability in operations; credit risk analysis for determining the allowance
for doubtful accounts; analysis of the remaining risks for determining the other
reserves, including the contingencies, and the valuation of financial instruments
and remaining
The settlement of transactions involving such estimates may result in amounts

significantly different from those recorded in the financial statements due to
inaccuracies inherent to the process of estimates. The Company periodically
reviews estimates and assumptions.

September 30, 2007

(Continued)
Assets and liabilities are classified as current whenever their realization or

settlement is likely to occur during the next twelve months. Otherwise, they are
presented as noncurrent. Monetary assets and liabilities in foreign currencies have
been converted into Brazilian reais at the foreign exchange rate in force at the
balance sheet date. Differences resulting from the currency conversion were
recognized in the statement of operations.
a) Consolidated financial statements
Consolidated financial statements include the transactions of the Company and

the following subsidiaries, whose ownership interest percentage at the balance
sheet date or merger date is summarized below:
% ownership
Direct Indirect
Brazilian Realty 100.00

JPL Empreendimentos Ltda. 100.00
Indústrias Luna S/A 0.01 99.00
RENASCE – Rede Nacional de Shopping Centers Ltda. 99.00 -
County Estates Limited - 99.00 (a)
Embassy Row Inc. - 99.00 (a)
EMBRAPLAN - Empresa Brasileira de Planejamento Ltda. 100.00 -
CAA Corretagem e Consultoria Publicitária S/C Ltda. 99.00 -
Multiplan Administradora de Shoppings Centers Ltda. 99.00 -
CAA Corretagem Imobiliária S/C Ltda 99.61 -
MPH Empreendimentos Imobiliários Ltda. 41.96 -
-
(a) Ownership interest held on the date when the subsidiary was merged.
Fiscal years of subsidiaries included in the consolidation coincide with those

of the parent Company, and accounting policies were uniformly applied in the
consolidated companies and are consistent with those used in prior years.

September 30, 2007

(Continued)
a) Consolidated financial statements -- Continued
Significant consolidation procedures are:
- Elimination of balances of assets and liabilities between the consolidated

companies;
- Elimination of interest in the capital, reserves and accumulated profits and
losses of consolidated companies;
- Elimination of income and expense balances resulting from intercompany
business transactions.
Reconciliation between net assets and net income of company and consolidated is
as follows:
September 30, 2007 September 30, 2006

Shareholders’ (Loss) Shareholders’ (Loss)
equity Net equity Net
Company 1.844.833 (8.927) 970.706 (45.951)

Quotaholders’ déficit of subsidiaries (32) (32) - -
Equity in the earnings of County for the
Quarter (a) - 664 - 1.774
Other - (22) - 146
Consolidated 1.844.801 (8.317) 970.706 (44.031)
a) Adjustment referring to the Company’s equity in the earnings of County not reflected on equity in
the earnings of Renasce.
3. Significant Accounting Policies and Consolidaton Criteria
a) Determination of profit and loss from real estate development and sale and
others
For installment sale of completed units, income is recognized upon the sale of
such units irrespective of the period for receipt of the contractual amount.
Fixed interest rates set in advance are allocated to profit and loss under the
accrual method, irrespective of its receipt.
For sale of units not yet completed, income is recognized based on procedures
and standards set out by the Federal Accounting Board CFC Resolution No.
963, shown below:

September 30, 2007
3. Significant Accounting Policies and Consolidation Criteria (Continued)
a) Determination of profit and loss from real estate development and sale and
others (Continued)
- costs incurred are accumulated and fully allocated to result of operations

upon sale of the units. Costs incurred in the unit construction until the sale
are recorded in the land and properties held for sale account (construction in
progress);
- the percentage of costs incurred of sold units, including land, is determined

in relation to the total budgeted cost, and such percentage is applied to
revenue from units sold, adjusted according to the sale contract conditions,
and to commercial expenses, and thus commercial revenue and expenses to
be recognized are calculated. Changes in the project execution and
conditions and in estimated profitability, including changes resulting from
fines and settlement provided for in contract provisions, which may lead to
review of costs and revenues, are recognized in the period in which they
take place;
- revenues determined from sales, including monetary restatement, net of

installments already received, are recorded under accounts receivable or
advances from clients, as applicable.
Other revenues and expenses were allocated to the statement of operations on

an accrual basis.
b) Cash and cash equivalents
Cash and cash equivalents include balances in bank accounts and short-term
investments redeemable within a term of up to 90 days as from the balance
sheet date.
c) Allowance for doubtful accounts
Allowance for doubtful accounts is presented as a reduction of accounts

receivable from clients and is set up in an amount considered sufficient by
Company’s management to cover possible losses on realization of accounts
receivable.

September 30, 2007
d) Land and properties held for sale
Land and properties held for sale are valued at average acquisition or
construction cost, not exceeding market value.
e) Investments
Investments in subsidiaries are valued by the equity in earnings method, based

on the subsidiaries´ balance sheet as of the same date. The financial statements
of the indirect subsidiaries County Estates Limited and Embassy Row Inc. are
prepared consistently with the Company accounting practices, and are
translated into reais based on the exchange rate in effect on the balance sheet
date with the corresponding exchange variations being recognized in equity in
earning of affiliates.
f) Property and equipment
Property and equipment are recorded at acquisition, formation or construction

cost, reduced by the related accumulated depreciation, calculated by the
straight-line method at rates that consider the economic-useful life of the
assets. Expenses incurred with repair and maintenance intended for
improvement, increased capacity or longer useful life are capitalized, whereas
the remaining expenses are recorded in the result of operations for the year.
The recovery of property and equipment by means of future operations is
periodically monitored.
Interest and financial charges on financing obtained for application in work in

progress (construction in progress) are capitalized upon the beginning of
operation of the assets.

September 30, 2007
g) Intangible assets
Intangible assets are stated at cost less accumulated amortization and refer to
goodwill paid on the acquisitions of companies Bozano Simonsen Centros
Comerciais S.A., Realejo Participações S.A., and Multishopping
Empreendimentos Imobiliários S.A., all of them fully merged. Amortization
expense is calculated under the straight line method for the term expected for
asset recovery, and based on the expected future profitability over a
maximum 5-year term.
h) Deferred charges
Deferred charges comprise costs incurred in real estate development,

amortized over 5 years periods counting from the beginning of operation of
each project.
i) Liabilities
Liabilities are recognized in the balance sheet whenever the Company has a
legal liability or a liability set up as a result of a past event, and economic
resources are likely to be required for their settlement. Certain liabilities
involve uncertainties concerning the term and amounts, and are estimated as
they are incurred, and recorded through a provision. Provisions are recorded
based on the estimates of the risk involved.
j) Taxation
Revenues from sales and services are subject to the following taxes and
contributions, at the following basic tax rates:
Rate
Tax Abbreviation Company Subsidiaries
Social Contribution Tax on Gross Revenue PIS 1.65 0.65

Social Security Financing Tax on Gross
Revenue COFINS 7.6 3.0
Service Tax ISS 2 % to 5% 2 % to 5%
Those charges are presented as deductions from sales in the statement of

income. Credits resulting from non-cumulative taxation of PIS/COFINS are
presented as deductions, from the group of accounts of operating income and
expenses in the statement of income. Debits resulting from financial income,
as well as credits resulting from financial expenses are presented as deduction,
from those specific lines in the statement of income.

September 30, 2007
j) Taxation -- Continued
Taxation on net profit includes income and social contribution taxes. Income
tax is computed on taxable profit at a 15% tax rate, plus 10% surtax on profits
exceeding R$ 240 within a period of 12 months, whereas social contribution is
computed at a 9% tax rate on taxable profit, recognized on an accrual basis.
Therefore, additions to the book profit of expenses, temporarily nondeductible,
or exclusions from revenues, temporarily nontaxable, for computation of
current taxable profit generate deferred tax credits or debits.
As provided for in tax legislation, all companies that are part of the Multiplan
Group, except the parent Company and the merged subsidiary Multishopping,
which had gross annual revenue for the prior year lower than R$ 48,000 opted
for the presumed-profit method.
Advances or amounts to be offset are presented under current or noncurrent

assets, according to their expected realization.
Deferred tax credits, fully referring to temporary differences and arising from
the minority shareholder’s company merger operation, as mentioned in Note 1,
are stated at their realizable value.
k) Provision for contingencies
Provision for contingencies are established based on reports issued by legal

counsel, in amounts considered sufficient to cover losses and risks considered
probable. Contingencies whose risks have been considered possible are
disclosed in the notes to the financial statements.
l) Deferred income
Funds received regarding key money (received upon) assignment of rights (to
operate in the shopping centers) are recorded as unallocated income and
recognized linearly in result of operations for the period, based on the rent term of
the related stores to which they refer.

September 30, 2007
4. Cash and Cash Equivalents

Cash and banks 4,935 10,464 7,406 11,094

Short-term investment – Bank Deposit
Certificates – CDB 464,685 464,779 814 945
469,620 475,243 8,220 12,039
Investments in Bank Deposit Certificates - CDB earn average remuneration, net

of taxes, of approximately 100% of CDI and may be redeemed at any time
without affecting recognized revenue.
5. Accounts Receivable
Leases 27,831 27,851 27,680 27,700

Key money 31,391 35,099 27,767 27,780
Acknowledgment of debt (a) 4,438 4,442 4,864 4,866
Parking 509 66 862 261
Administration fees (b) 3,029 3,029 2,924 2,961
Sales 784 784 285 296
Advertising 869 869 695 695
Sale of properties 8,037 8,037 1,945 1,945
Brokerage fees - - - 8
Others - 1,870 - 550
76,888 82,047 67,022 67,062
Allowance for doubtful accounts (11,129) (11,129) (10,071) (10,071)
65,759 70,918 56,951 56,991
Noncurrent 11,690 12,088 10,996 10,995
Current 54,069 58,830 45,955 45,996
(a) Refers to balances regarding acknowledgment of debt, rent and others, which were overdue, having
been renegotiated are to be paid in installments.
(b) Refers to administration fees receivable by the Company and the subsidiaries Multiplan
Administradora, charged from investors or shopkeepers of the shopping centers administered by them,
which correspond to a percentage applied on store rent (6% to 7% of the minimum rent, plus 15% on
the portion exceeding minimum rent), on common shopkeeper charges (5% of expenses incurred), on
financial management (variable percentage on expenses incurred in shopping center expansions) and on
promotional fund (5% of promotional fund collection).

September 30, 2007
5. Accounts Receivable -- Continued
As supplemental information, since it is not recorded in accounting records in

view of the accounting practices mentioned in Note 3a, the accounts receivable
balance at September 30, 2007 and June 30, 2007 referring to sale of units under
construction of the real estate development “Centro Profissional
MorumbiShopping”, less the installments already received, is broken down as
follows, by year of maturity:
At September 30, At June 30,

2007 2007
Maturity
2007 1,967 4,474

2008 5,786 5,652
2009 734 717
2010 404 395
8,891 11,238
Accounts receivable are restated by the National Civil Construction Index - INCC
until the end of construction, and by the IGP-DI thereafter.
These credits mainly refer to construction in progress, to which title deeds are
granted only after settlement and/or negotiation of receivables from clients.
6. Loans and Advances

Current
Shopkeepers 287 287 197 197
Shopping center Condominiums (a) 7,150 7,150 6,998 6,998
Shopping center investors - 522 - 521
Cinemark Brasil S.A. (b) 515 515 510 510
Parkshopping Barigui Condominium (c) 341 341 336 336
Related parties (Nota 20) 7 13 998 336
Patio Savassi (d) - - 39,154 39,154
Others 941 2,206 499 796
9,241 11,034 48,692 48,848
Provision for losses (a) (7,150) (7,150) (6.998) (6,998)
2,091 3,884 41,694 41,850
Noncurrent
Shopkeepers 101 101 116 116
Cinemark Brasil S.A. (b) 172 172 298 298
Parkshopping Barigui Condominium(c) 1,164 1,164 1,232 1,232
Related Parties (Note 20) 1,067 1,067 1,010 1,010
Other 410 411 405 405
2,914 2,915 3,061 3,061

September 30, 2007
6. Loans and Advances -- Continued
(a) Prepayments to shopping center condominiums owned by the Multiplan Group and shopkeepers that will be
reimbursed. Provision for losses was set up for the full balance receivable from the shopping center condominiums
considering the involved realization risk.
(b) On September 15, 2002 the merged subsidiaries Multishopping an Bozano signed a Private Intercompany Loan
Agreement with Cinemark Brasil S.A. amounting to R$2,000 to fund the acquisition of machinery and equipment and
the cost of a portion of work to set up movie theaters at Parkshopping Barigui. The release of these funds was
conditional upon the completion of the work, which took place in December 2003. The principal amount is indexed to
the long-term interest rate – TJLP, plus interest of 5.5% p.a., and will be repaid in 54 monthly tranches after a six-
month grace period as from the release of funds on February 15, 2004. Cinemark secured the operation by the pledge
of gross revenue from sale of movie tickets on behalf of Multishopping and Bozano for movie theaters in the complex
and by the pledge of machinery and equipment acquired to set up the movie theaters.
(c) Refers to advances granted to Parkshopping Barigui condominium to meet its working capital needs. The debt balance
is restated monthly by IGP-DI plus 12% p.a. and is repayable within 48 months as from March 2007.
(d) As described in Note 1, on May 9, 2007, the Company executed an agreement with Norbel to purchase and sell the
entirety of capital stock of a company established in Delaware, in the United States of America, through which it
holds 99.99% of Luna’s capital, a company that, in its turn, holds 65.2% of Pátio Savassi Shopping Mall, and 0.01%
do Luna’s capital, held by Commander José Afonso Assunção, paying the total amount of R$ 30,247. Additionally, on
June 6, 2007, the Company entered into an agreement with JPL Empreendimentos company holders expressing its
intent to purchase the entirety of their interest in referred to company, that owns 100% of Cilpar – Cil Participações
Ltda. capital, which, in its turn, holds 18.61% of Pátio Savassi Shopping Mall, for the total amount of R$ 37,115, of
which the amount of R$ 8,908 was paid on June 8, 2007. The amounts paid were recorded as advance for future
acquisition of these interests, and the deal with Norbel and Commander Assunção was closed at July 16, 2007 after all
conditions precedent have been fulfilled by the parties, and business done with JPL Empreendimentos on September
13, 2007. In connection with the operations concluded, the amount paid was written off from advance, with an offset
against the related investments recorded.
7. Recoverable Taxes and Contributions

Recoverable Income Tax - IR 3,154 3,904 3,155 3,299

Recoverable Social Contribution Tax - 815 1,168 685 789
CSLL
Recoverable COFINS 175 418 322 642
Recoverable PIS 36 355 196 528
IOF overpaid 1,274 1,274 1,274 1,274
IRRF on short-term investments 728 787 - 58
IRRF on services rendered 254 262 158 210
INSS on services rendered 23 22 17 17
Other - 20 - 20
6,459 8,210 5,807 6,837

September 30, 2007
8. Land and Properties Held for Sale

Land (a) 72,583 72,583 72,424 72,424

Built properties 344 344 147 147
Properties under construction 3,105 3,105 2,346 2,346
76,032 76,032 74,917 74,917
(a) See note 15.
9. Income Tax and Social Contribution
Deferred Income and Social Contribution Taxes
The origin of deferred income and social contribution taxes is as follows:

Credits on temporary differences

Deferred income (a) (1,580) (1,580) (3,663) (3,663)
Provision for contingencies (b) 14,735 15,508 14,831 14,831
Allowance for doubtful accounts (c) 10,019 10,019 9,130 9,130
Provision for losses on advances on charges (c) 7,150 7,150 6,998 6,998
Result from real estate projects (d) (4,954) (4,954) 2,484 2,484
Goodwill at merged company (e) 526,254 526,254 540,699 540,699
Deferred tax credit base 551,624 552,397 570,479 570,479

Deferred income tax (25%) 137,906 138,099 142,620 142,620
Deferred social contribution tax (9%) 49,646 49,716 51,343 51,343
187,552 187,815 193,963 193,963
(a) Refers to the amount of assignment of rights already taxed by the merged subsidiaries Bozano and
Realejo in the period before acquisition of these companies by the Company on February 24, 2006,
which was returned to the statement of operations for future years.
(b) Balances related to provision for contingencies at Renasce, in the amount of R$ 733, were not
considered, as said subsidiary adopts the assumed profit ruling for taxation, and nondeductible fines, in
the amount of R$499, included in the provision.

September 30, 2007
9. Income Tax and Social Contribution (Continued)

Deferred Income and Social Contribution Taxes (Continued)
(c) Deferred tax credit on balances of allowance for doubtful accounts and provision for losses on
Company prepayments was not set up, as such provisions basically refer to previous years at Bozano
and Realejo, when such companies adopted the assumed profit ruling for taxation. The allowance for
doubtful accounts balance considered for calculation of the consolidated tax credit is net of the amount
of R$ 1,110, recorded against deferred income.
(d) According to the tax criterion, the result of the sale of real estate units is determined based on the
financial realization of revenues (cash basis) and costs are determined by applying a percentage on
revenues recorded until then, and such percentage corresponds to that of total estimated cost in relation
to total estimated revenues.
(e) As mentioned in Note 1, the Company merged Bertolino Participações – its parent company until
then - on May 29, 2007. The goodwill recorded in Bertolino’s balance sheet, deriving from Multiplan
capital participation acquisition in the amount of R$ 550,330 and based on the investment’s expected
future profitability, will be amortized by Multiplan premised on said expectations over a term of 5 years
and 8 months.
In consonance with CVM Instruction No. 349, Bertolino set up a provision for net equity make-whole
before its merger in the amount of R$ 363,218, corresponding to the difference between the goodwill
amount and the tax benefit deriving from the related amortization. This caused Multiplan to absorb only
the assets relating to the goodwill amortization tax-deductible benefit, in the amount of R$ 186,548. The
referred provision will be reversed in proportion of the goodwill amortization by Multiplan, thus not
affecting the result of its operations.
Reconciliation of income and social contribution tax expense
Reconciliation of the income and social contribution tax expense calculated at the
applicable combined statutory rates and the corresponding amounts posted to the
statement of income is as follows:
Consolidated
September 30, September 30,
2007 2006
Calculation under taxable income method

Income before income and social contribution taxes (8,317) (44,031)
Income and social contribution taxes at statutory rates (34%) (3,035) (14,971)
Equity pickup and exchange variation on foreign investments (1,303) (239)
Nondeductible expenses 6,712 22,296
Temporary differences (1,685) 564
Income and social contribution taxes 689 7,650
Calculation under assumed profit method

Income tax 105 3,945
Social contribution 44 1,420
149 5,365
Income tax and social contribution in the statement of
operations 838 13,015

September 30, 2007
10. Investments in Subsidiaries
Information on subsidiaries:
June 30,
September 30, 2007 2007
Equity in
Ownership Book value earnings Book value
Subsidiaries interest -% of investments of affiliates of investments
Company
CAA Corretagem e Consultoria Publicitária S/C
Ltda. 99.00 342 (118) 351
RENASCE – Rede Nacional de Shopping Centers
Ltda. 99.00 (a) 5,276 (321) 6,465
Brazilian Realty LLC 100.00 (c) 40,779 1,078 -
Indústrias Luna S.A. 0.01 (c) 4 - -
JPL Empreendimentos Ltda. 100.00 (c) 9,966 (56) -
CAA Corretagem Imobiliária Ltda. 99.61 (a) - (57) 1
SCP – Royal Green Península 98.00 4,759 3,834 3,093
Multiplan Admin. Shopping Center 99.00 1,078 718 614
SC Fundo de Investimento Imobiliário 100.00 39,334 - 39,514
MPH Empreendimento Imobiliário Ltda 41.96 (b) 839 - 839
Others 89 4 89
102,466 5,082 50,966
Consolidated
SCP – Royal Green Península 98.00 4,758 3,834 3,093
SC Fundo de Investimento Imobiliário 39,334 - 39,514
Others 208 (1) 197
44,300 3,833 42,804
(a) The equity in earnings of affiliates covers the period beginning when these investments were acquired by the Company, during the first
half of 2006.
(b) This Company was incorporated in February 2007 (see Note 1).
(c) The equity in earnings of affiliates covers the period beginning when these investments were acquired by the Company, during the
third half of 2007.
Other information on subsidiaries:

September, 2007 June, 2007
Number of Capital Shareholders’ Net income Shareholders’ Net income

Subsidiaries units equity (loss) for the equity (loss) for the
quarter year
CAA Corretagem e Consultoria Publicitária

S/C Ltda. 5,000 50 346 (9) 355 (9)
RENASCE – Rede Nacional de Shopping
Centers Ltda. 45,000 450 5,329 (101) 6,530 (148)
CAA Corretagem Imobiliária Ltda. 154,477 1,544 (30) (30) 1 (29)
MPH Empreendimentos Imobiliários Ltda 839 1,477 2,000 - 2,000 (49)
Multiplan Admin. Shopping Center 20,000 20 1,089 469 620 220
Brazilian Realtty LLC. 11.081.059 39,525 40,778 520 - -
JPL Empreendimentos Ltda. 9.309.858 9,310 9,966 (56) - -
Indústrias Luna S.A. 7 37,000 40,782 380 - -
SCP – Royal Green Península - 51,582 4,855 1,698 3,175 592

September 30, 2007
10. Investments in Subsidiaries (Continued)
At September
At June 30, 2007 Acquisition of Amortização Dividends Revenue of Exchange Equity in 30, 2007
Subsidiaries investment Goodwill do ágio received shares variation subsidiaries
Cost
CAA Corretagem e Consultoria Publicitária S/C Ltda. 351 - - - - - - (9) 342
RENASCE – Rede Nacional de Shopping Centers Ltda. (a) 6,465 - - - (1,100) - - (89) 5,276
CAA Corretagem Imobiliária Ltda. 1 - - - - - - (1) -
SCP – Royal Green Península 3,093 - - - - - - 1,666 4,759
Multiplan Admin. Shopping Center 614 - - - - - - 464 1,078
SC Fundos de Investimentos Imobiliários (b) 39,514 - - - - (180) - - 39,334
MPH Empreendimentos Imobiliários Ltda 839 - - - - - - - 839
Brazilian Realty LLC. - 40,257 - - - - (555) 1,077 40,779
JPL Empreendimentos Ltda. - 10,022 - - - - - (56) 9,966
Industrias Luna S.A. - 4 - - - - - - 4
Outros 89 - - - - - - - 89
50,966 50,283 - - (1,100) (180) (555) 3,052 102,466
Goodwill
Brazilian Realty LLC. (c) - - 83,518 (1,717) - - - - 81,801
JPL Empreendimentos Ltda. (d) - - 27,804 (129) - - - - 27,675
Indústrias Luna S.A. - - 8 - - - - - 8
- - 111,330 (1,846) - - - - 109,484
50,966 50,283 111,330 (1,846) (1,100) (180) (555) 3,052 211,950
At March 31, Acquisition of Dividends Revenue of Equity in At June 30, 2007

Subsidiaries 2007 investment received shares Profit/loss subsidiaries
Cost
CAA Corretagem e Consultoria Publicitária S/C Ltda. 360 - - - - (9) 351
RENASCE – Rede Nacional de Shopping Centers Ltda. (a) 6,614 - - - - (149) 6,465
CAA Corretagem Imobiliária Ltda. 30 - - - - (29) 1
SCP – Royal Green Península 2,501 - - - - 592 3,093
Multiplan Admin. Shopping Center 394 - - - - 220 614
SC Fundos de Investimentos Imobiliários (b) 39,772 - - (258) - - 39,514
MPH Empreendimentos Imobiliários Ltda 601 251 - - (32) 19 839
Others 85 - - - - 4 89
50,357 251 - (258) (32) 648 50,966

September 30, 2007
11. Investments in Subsidiaries (Continued)
(a) On February 24, 2006, the Company acquired the investment of Bozano Holdings Ltd. in Renasce,
equivalent to 17.10% of this company capital, for the book value of R$ 3,661. In addition, with the
purchase and merger of Bozano Simonsen Centros Comerciais S.A. as of March 31, 2006, together with
that of subsidiary Multishopping Empreendimentos Imobiliários S.A. as of June 30, 2006, which had
32.9% and 50% interest in Renasce, respectively, the Company started to hold 99% of Renasce’s quotas.
(b) On December 20, 2006, through the agreement for the purchase and sale of units of interest of real estate
investment fund, the Company acquired from PSS – Seguridade Social all the 14,475 units of interest
issued by SC Fundo de Investimento Imobiliário, which holds 20% interest in RibeirãoShopping, for R$
40,000. This investment was recorded at cost as of acquisition date. Considering the dissolution of said
investment fund approved by the Special Members’ Meeting held on February 9, 2007, the investment
will be transferred to property and equipment as cost of acquisition related to RibeirãoShopping.
(c) As mentioned in Note 1, the Company acquired on July 16, 2007 total capital of Brasilian Realty, which
holds 99.99% of capital of Indústrias Luna S.A. for R$ 123,776, and 0.01% of capital of Indústrias Luna
S.A. for R$ 12, eventually determining goodwill for R$ 83,518 and R$ 8, respectively, in relation to the
equity value of aforesaid companies on the related date. The economic basis of goodwill consisted of the
future profitability expected from the related companies.
(d) As mentioned in Note 1, the Company acquired on September 13, 2007 total capital of JPL
Empreendimentos Ltda. for R$ 37,826, eventually determining goodwill for R$27,804 in relation to the
equity value of aforesaid company on the related date. The economic basis of goodwill consisted of the
future profitability expected from the related companies.
11. Property and Equipment
Annual
depreciation
rates September 30, 2007 June 30, 2007
(%) Company Consolidated Company Consolidated
Land - 143,894 161,479 143,894 146,364

Improvements 2a4 543,002 594.,25 540,277 546,147
Accumulated depreciation (111,083) (119,631) (106,845) (107,758)
Net 431,919 474,694 433,432 438,389
Installations 2 a 10 55,128 59,242 54,657 55,913
Net 29,521 32,290 29,660 30,449
Machinery, equipment, furniture and
fixtures 10 1,950 5,206 1,897 2,413
Accumulated depreciation (901) (2,528) (854) (1,132)
Net 1,049 2,678 1,043 1,281
Other 10 a 20 4,331 4,978 4,111 6,076
Net 3,035 3,151 2,910 3,606
Construction in progress - 35,362 37,358 24,661 24,661
644,780 711,650 635,600 644,750

September 30, 2007
12. Intangible Assets
As mentioned in Note 1: (a) On February 24, 2006, the Company acquired all the
shares of Bozano and Realejo. These investments were acquired for R$ 447,756
and R$ 114,086, respectively, and goodwill was recorded in the amount of R$
307,067 and R$ 86,611, respectively in relation to the book value of the referred
to companies as of that date; (b) On June 22, 2006, the Company acquired all the
shares of Multishopping held by GSEMREF Emerging Market Real Estate Fund
L.P. for R$ 247,514 as well as the shares held by shareholders Joaquim Olímpio
Sodré and Manoel Joaquim Rodrigues Mendes for R$ 16,587, and goodwill was
recorded in the amount of R$ 158,931 and R$ 10,478, respectively, in relation to
the book value of Multishopping as of that date. In addition, on July 8, 2006 the
Company acquired the shares of Multishopping held by shareholders Ana Paula
Peres and Daniela Peres, for R$ 900, resulting in goodwill of R$ 448. The
referred to goodwill was based on expected future profitability of these
investments.
Upon merger with these companies, goodwill was classified as “Intangible asset”
and the corresponding breakdown is as follows:
Annual September 30, 2007 June 30, 2007
amortization
rates (%) Company Consolidated Company Consolidated
Goodwill upon acquisition of ownership 20 563,534 563,534 563,534 563,534
interest
Accumulated amortization (167,995) (167,995) (139,819) (139,819)
395,539 395,539 423,715 423,715

September 30, 2007
13. Deferred Charges

Annual rates September 30, 2007 June 30, 2007
of amortization
(%) Company Consolidated Company Consolidated
Parkshopping Barigui 20 4,235 4,235 4,235 4,235

Accumulated amortization (3,247) (3,246) (3,035) (3,035)
Net 988 989 1,200 1,200
Expansion – Morumbishopping 20 186 186 186 186
Accumulated amortization (60) (60) (56) (56)
Net 126 126 130 130
Other pre-operating expenses with 1,716 1,716
shopping malls 10 1,799 2,919
Other pre-operating expenses 1,238 1,475 1,221 1,453
Accumulated amortization (298) (475) (294) (465)
Net 940 1,000 927 988
Barrashopping Sul (a) - 15,009 15,020 11,983 11,983
Vila Olímpia - 1,311 - 1,419
18,862 21,365 15,956 17,436
(a) In 2005, initial works for the construction of BarraShopping Sul started, and its inauguration is planned
for 2008.
14. Loans and Financing

Average
annual September 30, 2007 June 30, 2007
Index interest rate Company Consolidated Company Consolidated
Current
Banco Bradesco S.A. CDI 0.9% - - 12,710 12,710
BNDES TJLP e 13,928 13,928
UMBNDES 5.2% 13,864 17,506
Banco Modal S.A. TJLP 6.5% - - 549 549
Companhia Real de Distribuição - 26 26 25 25
13,890 17,532 27,212 27,212
Noncurrent
Bradesco - - 24,612 24,612
BNDES TJLP e 25,978 25,978
UMBNDES 5.2% 22,536 24,382
Banco Modal S.A. TJLP 6.5% - - 354 354
Companhia Real de Distribuição - 878 878 885 885
23,414 25,260 51,829 51,829
Noncurrent loans and financing mature as follows:

2008 3,391 5,237 13,422 13,422

2009 13,562 13,562 26,391 26,391
2010 4,262 4,262 9,813 9,813
2011 onwards 2,199 2,199 2,203 2,203
23,414 25,260 51,829 51,829

September 30, 2007
14. Loans and Financing (Continued)
Loans and financing with BNDES, obtained for the construction of shopping
malls, are guaranteed by mortgage of the related properties, recorded under
property and equipment for R$ 72,575 (R$ 91,383 at june 2007), guarantees
provided by directors or surety furnished by parent company Multiplan
Planejamento, Participações e Administração S.A. Charges on loans and
financing vary from 11.0% to 13.0% p.a.
On February 10, 2004, subsidiary Multishopping entered into a loan facility

agreement with Banco Modal S.A., through on lending contracted with BNDES,
in the amount of R$1,500 for the expansion of Parkshopping mall. The principal
amount of debt will bear effective interest rate of 6.5% p.a. over the Long-term
Interest Rate – TJLP, as from the date funds are released. This amount will be
repaid in 36 quarterly tranches, after a two-year grace period, as from the date of
the agreement. These loan were settled on September 17, 2007.
On May 10, 2005, subsidiary Multishopping entered into a loan facility

agreement with National Bank for Economic and Social Development - BNDES,
in the amount of R$ 13,149, to be used in the expansion of MorumbiShopping.
Part of the principal amount, totaling R$ 13,019, will be subject to interest of
4.5% p.a., above the Long-term Interest Rate – TJLP, and the remaining principal
amount, totaling R$ 130, will be subject only to the Long-term Interest Rate –
TJLP, as from the date of funds drawdown. This amount will be paid in 48
months, with a 2-year grace period as from the agreement date. A mortgage of
25% over Multishopping ownership interest in Parkshopping was given as
guarantee, in the amount shown above.
On May 23, 2007 and June 6, 2007, the Company contracted with Banco
Bradesco S.A. two Bills of Credit for Working Capital purposes, in the total
amounts of R$29,000 and R$9,000, respectively, adjusted by reference to the DI
rate and repayable in 36 monthly consecutive installments, the last of which
maturing in May 2010. These loans were settled ahead of schedule on July 31,
2007.
The balance payable to Companhia Real de Distribuição relates to the

intercompany loan agreement with subsidiary Multishopping for the beginning of
construction of BarraShopping Sul, payable in 516 monthly tranches of R$2, as
from the hypermarket inauguration date in November 1998, with no indexation.

September 30, 2007
15. Property Acquisition Obligations

Current
Fundação Sistel de Seguridade Social (BHS) (a) 3,450 3,450 5,017 5,017
Companhia Brasileira de Distribuição (d) 2,838 2,838 2,712 2,712
Terreno Morumbi (b) 2,550 2,550 2,550 2,550
PSS – Seguridade Social (c) 5,122 5,122 5,021 5,021
Carvalho Hosken S.A. 270 270 286 286
Coroa Alta Emp.Imob.Ltda (e) 5,394 5,394 8,630 8,630
Valenpride Sociedade Anônima (f) 8,022 8,022 8,022 8,022
Terreno Chácara Santo Antônio (g) 3,870 3,870 5,870 5,870
Coroa Alta – Terreno Anhanguera (h) 8,032 8,032 8,032 8,032
Terreno Santo Amaro (i) 5,326 5,326 6,868 6,868
44,874 44,874 53,008 53,008
Noncurrent
Companhia Brasileira de Distribuição (d) 473 473 1,130 1,130
PSS – Seguridade Social (c) 16,648 16,648 17,574 17,574
Valenpride Sociedade Anônima (f) - - 917 917
Coroa Alta – Terreno Anhanguera (h) 4,016 4,016 6,023 6,023
21,137 21,137 25,644 25,644
(a) On March 15, 2004, subsidiaries Multishopping, Bozano and Realejo acquired from Fundação Sistel de Seguridade
Social 7.5% of its interest in BHShopping (BHS). The acquisition cost was R$32,877, of which R$12,524 was paid
upfront and the balance will be paid in 48 equal monthly tranches of R$424 beginning April 15, 2004, adjusted by
change in the National Consumer Price Index every 12 months, plus interest of 8% p.a.
(b) On December 8, 2006 the Company executed, with several individuals and legal entities, a private instrument of
irrevocable commitment to the sale and purchase of two pieces of land in Santo Amaro – SP for the total price of
R$ 19,800 to be paid as follows: R$ 4,000 on the agreement execution date and the balance of R$ 15,800 at
February 20, 2007, consisting of R$ 2,550 paid through a payment in kind referred to properties which are the
future office units of building “Centro Empresarial MorumbiShopping”, which must be readily delivered and
finished until February 28, 2008.
Also concerning the areas surrounding MorumbiShopping, on December 14, 2006, the Company acquired, from
several individuals and legal entities, four lots of land in São Paulo for R$ 2,694, integrally liquidated in the quarter.
(c) On December 20, 2006, the Company acquired from PSS – Seguridade Social, the total number of 14,475 shares
issued by SC Fundo de Investimento Imobiliário, for R$ 40,000, from which R$ 16,000 were to be paid up front,
and the balance of R$ 24,000 in 60 monthly and consecutive installments of R$ 494, already including annual
interest of 9% by French amortization method, plus monthly monetary restatement according to the variation of
National Consumer Price Index (IPCA), the first of which was falling due on January 20, 2007 and the remaining,
on the same day of subsequent months.
(d) The obligation of subsidiaries Multishopping and Bozano to Companhia Brasileira de Distribuição refers to the
acquisition on April 15, 2003 of a commercial store located in Parkshopping Brasília for R$9,100, with a down
payment of R$686 on the date of the agreement, and the remaining balance is payable in 60 monthly installments, as
from December 2003, adjusted by interest of 12% p.a.
(e) On January 19, 2007, the Company acquired from Coroa Alta Empreendimentos Imobiliários S.A 50% of land
located in Porto Alegre/Rio Grande do Sul State, in which Barrashopping Sul is being built. The price agreed for the
purchase was R$ 16,183, of which R$ 2,158 was paid in cash upon execution of the provisional title deed and R$
14,025 in 13 equal and successive monthly installments of R$ 1,079, the first maturing on February 20, 2007.
(f) On January 15, 2007, the Company acquired from Valenpride Sociedad Anónima plots of land located in Chácara
Santo Antônio/ SP, for R$ 11,750, of which R$ 1,100 was paid on demand. The remaining balance is not interest
bearing and will be paid as follows: R$ 1,100 within 90 days as from the date of execution of the agreement; R$
9,550 in 17 installments of R$ 306, the first maturing 30 days after payment of the second installment of R$ 1,100,
and the remaining R$ 4,356 upon transfer of title to the property.

September 30, 2007
15. Property Acquisition Obligations (Continued)

(g) On April 27, 2007, the Company purchased from several individuals 93.75% of land located in Chácara Santo
Antônio District, city of São Paulo, for the amount of R$ 5,980, of which R$ 110 was paid cash. The remaining
balance will be paid as follows: R$ 1,000 free of interest charges within 90 days; R$ 1,000 within 120 days, bearing
simple interest of 0.5% per month; R 3,870 through 6 monthly, equal and successive installments of R$ 645, bearing
simple interest of 0.5% p.m..
(h) On April 20, 2007, the Company executed with Coroa Alta Empreendimentos Imobiliários S.A. four purchase and
sale deeds concerning tracts of land located in the city of Ribeirão Preto/SP for the total amount of R$ 15,998, payable
as follows: in relation to three deeds, the Company paid the total amount of R$ 425 in the act, and the remaining
balance will be amortized in 23 no-interest-bearing, monthly consecutive installments in the total amount of
R$ 10,828; as to the fourth deed, the Company paid R$ 123 in the act, R$ 255 within 30 days from the agreement
execution date, and the remaining balance amortized in 22 no-interest-bearing, monthly consecutive installments in
the amount of R$ 198.
(i) On June 27, 2007, the Company purchases from several individuals land located in Santo Amaro District - SP for
R$ 3,741, of which R$ 374 was paid cash. The remaining balance will be paid as follows: R$ 2,806 in 30 days,
without bearing any interest; R$ 2,806 in 4 monthly equal consecutive installments in the amount of R$ 702,
monetarily restated by reference to the variation in the IGP-M index. Additionally, on the same date, the Company
entered into a sublease termination agreement with the former real estate sub-leasers to compensate for the works
performed there, for the sublease termination, as for expenses incurred with leaving the real estate unoccupied, in the
amount of R$ 3,500. Out of this total, R$ 350 was paid in 15 days, and the remaining balance of R$ 3,150 will be paid
in 6 no-interest-bearing monthly installments of R$ 105.
16. Acquisition of Shares

Description Company Consolidated Company Consolidated
Current
GSEMREF 47,505 47,505 44,114 44,114
Former shareholders of JPL Empreendimentos Ltda 1,489 1,489 - -
48,994 48,994 44,114 44,114
Noncurrent
GSEMREF - - 47,211 47,211
- - 47,211 47,211
The balance payable to GSEMREF Emerging Market Real Estate Fund L.P. refers
to the acquisition, on June 22, 2006, of all shares of Multishopping that it owned.
The purchase amount was R$ 247,514, from which R$ 160,000 were paid up
front, and the remaining amount was divided into two installments, the first of
which totaled R$ 42,454, payable one year after the agreement date; and the
second, totaling R$ 45,060, payable in two years, both being subject to
restatement by General Market Price Index (IGP-M). The balance outstanding at
June 30, 2007 was fully paid on July 9, 2007.
The balance payable to the former shareholders of JPL Empreendimentos Ltda.

arises from the operation concluded for the Company to acquire the interest of
this company in June 2007. (see Note 1)

September 30, 2007
17. Taxes Paid in Installments

Current
Education funding tax (a) - - 33 33
ITBI (b) - - 34 34
Tax assessments (c) - 253 - 250
- 253 67 317
Noncurrent
Tax assessments (c) - 1,807 - 1,849
- 1,807 - 1,849
(a) In 2002, subsidiary Multishopping received an unfavorable ruling in connection with

education funding tax of prior years. As such, the Company is paying its obligation in 60
monthly installments, subject to restatement by reference to Selic interest.
(b) In February 2002, subsidiary Multishopping received an unfavorable ruling in connection with
Property Transfer Tax - ITBI related to the transfer of title of BH Shopping to Multishopping
upon merger of Maramar Shopping Participações Ltda., and requested the payment in 60
monthly installments. In addition, said subsidiary applied in December 2003 for payment in 36
installments of ITBI debt referring to transfer of title of Parkshopping to Multishopping also
upon takeover of Maramar. Due to unfavorable ruling on the case, payment in installment was
only approved in July 2004, being restated by the General Consumers Price Index – IGPC.
(c) Refers to tax delinquency notices received in July 2003 resulting from underpayment of
income and social contribution taxes in 1999. The subsidiaries Multishopping and Renasce
opted to participate in the installment payment plan of Law No. 10684/2003, and the amount
of the obligation was divided into 180 monthly installments beginning in July 2003. In
addition, subsidiary Renasce opted to participate in the installment payment plan of the debt
referring to the tax claim of the National Institute of Social Security – INSS, due to lack of
payment of INSS on third party labor, which was secured by the bank guarantee contract with
Banco ABC Brasil S.A. up to 2004. The installment payment is restated by the Long-term
Interest Rate – TJLP.

September 30, 2007
18. Unallocated Result of Real Estate Sales and Advance from Clients
As mentioned in Note 3a, in order to comply with the procedures and standards
established by CFC Resolution No. 963 for recognizing results from sale of real
estate units under construction, the balance of estimated cost of units sold, the
result from sale of real properties to be appropriated and advances from
customers are not being reflected on the Company’s financial statements.
Enterprise “Centro Empresarial MorumbiShopping” was the only one in progress
as from 2005, and its construction was completed during the third quarter of
2007.
a) Unallocated result of real estate sales (not reflected in the financial

statements)
Consolidated
September June 30, 2007
30, 2007
Unallocated revenue from real estate sales - 7,260
Unallocated cost of real estate sales - (4,732)
Unallocated selling expenses - (149)
- 2,379
b) Provision for estimated costs to be incurred (not reflected in the financial

statements)
Consolidated
September June 30,
30, 2007 2007
Current - 15,030
Noncurrent - 6,539
- 21,569

September 30, 2007
19. Contingencies

Pis (a) 1,466 1,466 1,466 1,466

Cofins (a) 11,763 11,763 11,763 11,763
INSS - 63 - 63
Civil contingencies (b) 294 294 294 294
Provision for PIS and COFINS (c) 1,064 1,972 1,064 1,064
Provision for IOF (c) 172 1,713 278 1,838
14,759 17,271 14,865 16,488
Provisions for contingencies were established to cover probable losses in

administrative and legal proceedings related to tax and labor issues, with
expectation of probable losses, in an amount considered sufficient by Company
Management, based on the legal advice and assessment, as follows:
(a) The Company filed a suit against the Federal Government related to Pis and
Cofins levy. In 1999, said to subsidiary started to question in court Pis and
Cofins levy on the terms of Law 9718 of 1998. The payments related to
Cofins have been calculated according to ruling legislation and deposited in
court.
(b) Most proceedings have as subject matter commercial contractual rescissions

and indemnification for damages.
(c) The provisions for Pis, Cofins and IOF result from financial transactions with
related parties until December 2006. As from 2007, the Company has been
paying IOF on financial transactions with related parties.
In addition to the above proceedings the Company is defendant in several

other civil proceedings assessed by the legal advisors as involving possible
losses estimated at R$3,059.
Taxes and social contributions determined and paid by the subsidiaries are
subject to review by the tax authorities for different statute barring periods.

September 30, 2007
20. Transactions and Balances with Related Parties
Sundry loans Sundry loans Amounts Intercompany

Intercompany
and advances - and advances – payable – loans -
loans -current Dividends
current noncurrent current noncurrent Financ
assets payable
Company liabilities assets incom
Multiplan Planejamento Participações e

Administração Ltda. - - - 3 - -
Cilpar – Cil Participações S.A. - - - 466 -
CAA – Corretagem Imobiliária Ltda - 7 - 147 -
Indústrias Luna S.A. - - - 1,631 -
MPH Empreend. Imob. Ltda - - - 1,611 -
WP Empreendimentos Participações Ltda. - - 1,067 - - -
Individuals - - - - - 211
Other 11 - - - - -
Total at September 30, 2007 11 7 1,067 3 3,855 211
Intercompany Sundry loans and Sundry loans and Amounts payable

loans -current advances - advances - –current Dividends
Consolidated assets current noncurrent liabilities payable
Multiplan Planejamento Participações e Administração Ltda. - - - 3 -

G.W. do Brasil S.A. - 13 - - -
WP Empreendimentos Participações Ltda. - - 1,067 - -
G.D Empreendimentos Imobiliários S.A. 11 - - - -
Individuals - - - - 211
Total at September 30, 2007 11 13 1,067 3 211

September 30, 2007
20. Transactions and Balances with Related Parties (Continued)
Sundry loans Sundry loans Amounts Intercompany

Intercompany Intercompany
and advances - and advances – payable – loans -
loans -current loans -current Dividend
current noncurrent current noncurrent
assets assets payable
Company liabilities assets
Multiplan Planejamento Participações e

Administração Ltda. 11 173 - - - - -
RENASCE – Rede Nacional de Shopping Centers
Ltda. 1 - - - 110 - -
Multiplan Administradora Shopping Centers Ltda - - - 601 - - -
CAA – Corretagem Imobiliária Ltda - 8 - - - 142 -
CAA – Corretagem e Consultoria Publicitária
Ltda - 44 - - - - -
MPH Empreend. Imob. Ltda 710 -
Divertplan Comércio e Indústria Ltda. - 37 - - - - -
G.W. do Brasil S.A. 26 - - - - -
WP Empreendimentos Participações Ltda. - - 1,010 - - - -
Individuals - - - - - - 430
Others 11 - - - - - -
Total at June 30, 2007 23 998 1,010 601 110 142 430
Intercompany Sundry loans and Sundry loans and Amounts payable Intercompany
loans -current advances - advances - –current loans -noncurrent
Consolidated assets current noncurrent liabilities assets
Multiplan Planejamento Participações e Administração Ltda. 11 247 - - -

Divertplan Comércio e Indústria Ltda. 25 49 - - 1,192
G.W. do Brasil S.A. 25 40 - - -
WP Empreendimentos Participações Ltda. - - 1,010 - -
G.D Empreendimentos Imobiliários S.A. 11 - - - -
Helfer Comércio e Participação Ltda. - - - 148 -
Plaza Shopping Empreendimentos Ltda. - - - 710 -
Individuals - - - - -
Others - - - - -
Total at June 30, 2007 72 336 1,010 858 1,192

September 30, 2007
The balance payable and service expenses with the Parent Company Multiplan
Planejamento e Participações e Administração Ltda. basically refer to the variable
remuneration of the Company’s Chief Executive Officer as defined in the
Shareholder’s Agreement.
The balance of loan recoverable with Divertplan refers to the intercompany loan
agreement executed with subsidiary Renasce, which is updated according to 100%
remuneration of Interbank Deposit Certificate (CDI) and was paid on July 18,
2007.
The balance receivable from WP Empreendimentos Participações Ltda. refers to

advances granted for the payment of the portion to which it was entitled in
relation to maintenance costs of the land in which the property of the subsidiary
Multishopping is located, maintained together with said related party which, as
from 2005 started to be restated by IGP-DI variation plus 12% p.a. Since Campo
Grande project completion is behind schedule, the term for receiving these
advances was postponed, and the related balance reclassified to long term
liabilities.
On June 15, 2007 and July 5, 2007, the Company advanced funds to subsidiary
MPH Empreendimentos Imobiliários in the amount of R$ 710 and R$ 901,
respectively, to finance Vila Olímpia mall construction work costs, in which MPH
holds 71.5% interest. This amount is not being subject to any adjustments, and the
Company expects to convert the respective balance into capital.
On September 14, 2007 the Company signed a Private Intercompany Loan

Agreement with subsidiaries Indústrias Luna S.A. and Cilpar – Cil Participações
Ltda. for R$1,624 and R$ 464, respectively, to be adjusted with reference to
Interbank Deposit Certificate (CDI), plus 0.45% per annum, repayable over 90
days beginning on the date the agreement is signed.
Expenses from services from CAA – Corretagem e Consultoria Publicitária Ltda.,

refer to brokerage expenses paid by the Company until September 30, 2006,
resulting from pursuit of new storekeepers for the shopping centers in which the
Company holds investments and bears advertising expenses. As from October 1,
2006, these services started to be rendered by the Company.

September 30, 2007
Expenses with services of subsidiary Renasce with CAA - Corretores Associados

Ltda. refer to specialized real estate administration services, guidance for the
promotion and advertising of properties administered by the lessee, contracting
and renting, as well as the coordination of economic study projects and market
surveys, whose monthly remuneration contractually stipulated is R$ 99, restated
annually by reference to the Amplified Consumer Price Index (IPCA) variation.
These services require direct participation of Mr. José Isaac Peres, indirect
controlling quotaholder of the Company. Rendering of this service is not expected
to be continued in 2007.
21. Deferred Income

Revenue related to assignment of rights 75,912 80,858 69,824 69,824

Unallocated costs of sales (1,472) (1,472) (1,622) (1,622)
Other revenues 1,808 1,808 1,822 1,821
76,248 81,194 70,024 70,023
22. Shareholders’ Equity
a) Capital
The Company was incorporated on December 30, 2005 as a limited liability

company, and its capital is represented by 56,314,157 quotas of interest worth
R$ 1.00 each.
Under the 2nd Amendment to the Articles of Association dated February 15,
2006, Company members unanimously decided to increase Company capital
from R$ 56,314 to R$ 60,306, through onerous assignment of net assets
valuated at R$ 3,992 comprising (i) 153,877 units of interest of CAA –
Corretagem Imobiliária Ltda., corresponding to 99.61% of the capital of that
company; and (ii) rights related to 98% equity interest in a Silent Partnership
which is in charge of developing the residential real estate project
denominated “Royal Green Península”.
The quotaholders’ meeting held on March 15, 2006 approved the

transformation of the Company into a corporation, and the 60,306,216 quotas
were converted to common shares with no par value. The capital increase to
R$ 160,296 was also approved in the same meeting, with issue of 12,633,087
new common shares with no par value.

September 30, 2007
22. Shareholders’ Equity (Continued)
a) Capital (Continued)
On June 9, 2006, the Company shareholders and Bertolino Participações Ltda.

(“Bertolino”) entered into an Agreement for Subscription and Purchase of
Shares through which Bertolino committed itself to making a direct investment
in the Company in the amount of R$ 850,001, by means of the subscription of
47,327,029 new shares, consisting of 19,328,517 common and 27,998,512
preferred shares.
At the Special General Meeting held on June 22, 2006, the shareholders
approved the Company’s capital increase from R$ 160,296 to R$ 264,419,
through issue and subscription of 47,327,029 new shares, of which 19,328,517
common and 27,998,512 preferred shares. The subscription price was set at
R$ 17.9601, totaling R$ 850,001, out of which R$ 104,124 earmarked for
capital and R$ 745,877 for subscription premium capital reserve. Preferred
shares are entitled to vote, except for election of the Company management
members, and are assigned priority rights to capital reimbursement, at no
premium.
The Company’s shareholders waived the preemptive right upon subscription,

thus allowing subscription and payment of all capital increase by Bertolino.
On the same date, the acquisition by Bertolino, of 8,351,829 common shares

of the Company owned by shareholders of CAA – Corretores Associados
Ltda. and Eduardo Peres, became effective.
At September 30, 2007, the Company capital is represented by 147,799,441

common registered book-entry shares, with no par value, held as follows:
Number of
Shareholder shares
Multiplan Planejamento, Participações e Administração S.A. 56.587.470

1700480 Ontário Inc. (before Bertolino Participações Ltda.) 51.304.770
José Isaac Peres 2.275.182
Maria Helena Kaminitz Peres 650.878
Shares OutStanding 36.898.979
Board of Directors and Officers 82.162
147.799.441

September 30, 2007
22. Shareholders’ Equity (Continued)
b) Goodwill reserve
As explained in Notes 1 and 9, upon Bertolino’s merger into the Company, the
goodwill recorded on Bertolino’s balance sheet deriving from the purchase of
Multiplan capital participation, net of provision for net equity make-whole,
was recorded on the Company’s books, after said merger, under a specific
asset account – deferred income and social contribution taxes, as per contra to
special goodwill reserve upon merger, pursuant to the provisions set forth in
article 6°, paragraph 1° of CVM Instruction No. 319. This goodwill will be
amortized by Multiplan premised on the expected future profitability that gave
rise to it, over a term of 5 years and 8 months.
c) Distribution of profits
According to the Company’s Articles of Association, of the total net profit for
the year, 5% is allocated to a legal reserve up to the limit of 20% of capital;
25%, adjusted in the terms of article 202 of the Brazilian Corporation Law,
will be paid as dividends; and, of the remaining amount, up to a limit of 70%,
half may be allocated to a reserve for investments, for the purpose of ensuring
the maintenance and development of social activities, and the other half to a
reserve in order to guarantee the payment of dividends to shareholders.
23. Guarantees, Sureties and Other Liabilities
Merged subsidiary Multishopping was guarantor to a loan taken out from BNDES
bank by Anália Franco Comércio e Desenvolvimento Imobiliário Ltda., the
co-developer of Anália Franco Shopping Mall. At March 31, 2007, the guarantee
provided amounted to R$ 725. The referred to loan was fully repaid on
April 16, 2007.

September 30, 2007
24. Financial Instruments and Risk Management
Risk factors
The main risk factors to which the subsidiary companies are exposed are the
following:
(i) Interest rate risk
Interest rate risk refers to:
- possibility of variation in the fair value of their financings at fixed rates,

if such rates do not reflect current market conditions. The Company and
its subsidiaries do not adopt the procedure of contracting financial
instruments to provide hedge against interest rate risk.
- possibility of unfavorable change in interest rates, which would result in

increase in financial expenses as a consequence of the debt portion under
variable interest rates. At September 30, 2007 the Company and its
subsidiaries invested their financial resources mainly in Interbank Deposit
Certificates (CDI), which significantly reduces this risk.
- Inability to obtain financing in the event that the real estate market
presents unfavorable conditions, not allowing absorption of such costs.
(ii) Credit risk related to service rendering
This risk is related to the possibility of the Company and its subsidiaries
posting losses resulting from difficulties in collecting amounts referring to
rents, property sales, key money, administration fees and brokerage
commissions. This type of risk is substantially reduced owing to the
possibility of repossession of rented stores as well as sold properties, which
historically have been renegotiated with third parties on an even more
profitable basis.

September 30, 2007
24. Financial Instruments and Risk Management -- Continued
Risk factors (Continued)
(iii) Credit risk
The risk is related to the possibility of the Company and its subsidiaries
posting losses resulting from difficulties in realizing short-term financial
investments. The risk inherent to such financial instruments is minimized by
keeping such investments with highly-rated banks.
There is no concentration of available labor or service resources or rights

which, if eliminated unexpectedly, could significantly affect the activities of
the Company and its subsidiaries.
Market value of financial instruments
The Company management does not identify, among market values and
those disclosed in the financial statements as of September 30, 2007,
significant differences generated by operations involving financial
instruments that would require specific disclosure.
Estimated market value of short-term investments, accounts receivable and

other short-term financial instruments approximates book value, since these
instruments mature within the short term. Loans and financing may not be
renegotiated and the amounts to be obtained in case of settlement
approximate those per accounting records.
25. Administrative Funds
The Company is in charge of management of funds of investors for the following

shopping malls: BarraShopping, MorumbiShopping, BHShopping, DiamondMall,
ParkShopping, RibeirãoShopping, New York City Center, Shopping Anália
Franco, BarraShopping Sul and ParkShopping Barigui. The company manages
funds comprising advances from said investors and rents received from
shopkeepers at the shopping malls, which are deposited in bank accounts in the
name of the investment by Renasce, to finance the expansion and the operating
expenses of the shopping malls.
At September 30, 2007, the balance of administrative funds amounted to

R$ 17,991 (R$11,615 in June 30, 2007), which is not presented in the
consolidated financial statements because it does not representing rights or
obligations of the subsidiary.

September 30, 2007
26. Insurance (not reviewed)
The CPI (undivided joint properties) rules governing the shopping malls in which
the subsidiary Multishopping holds ownership interest maintain insurance
policies at levels which Management considers adequate to cover any risk
associated with asset liability or claims. Management maintains insurance
coverage for civil liability, loss of profits and miscellaneous losses.
27. Management Fees
Management fees, which comprise the Executive Board and Board of Directors
members, are computed as expenses for the period, including the respective
benefits and social charges. As approved at the Annual and Special Shareholders’
Meetings held on April 30, 2007, the basic salary relating all Management
members amounts to R$ 9,317 for 2007.

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A free translation from the Original in Portuguese

Quarterly Information - ITR

Quarter ended September 30, 2007

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

September 30, 2007

Special Review Report of Independent Auditors on Quarterly Financial Information –

Interim Financial Statements

Balance Sheets ....................................................................................................................... 2

REPORT OF INDEPENDENT AUDITORS ON SPECIAL REVIEW

1. We have performed a special review of the Quarterly Information (ITR) of Multiplan

Rio de Janeiro, October 6, 2007

ERNST & YOUNG

Paulo José Machado

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

September 30, 2007 June 30, 2007

Total assets 2,099,693 2,123,625 1,525,665 1,535,225

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

September 30, 2007 June 30, 2007 (unaudited)

Total current liabilities 119,302 130,875 134,102 138,955

Total noncurrent liabilities 59,310 65,475 139,549 143,021

Deferred income (Note 21) 76,248 81,194 70,024 70,023

Minority interest - 1,280 - 1,236

Shareholders’ equity (Note 22):

Total liabilities and shareholders’ equity 2,099,693 2,123,625 1,525,665 1,535,225

See accompanying notes.

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

September 30, 2007 September 30, 2006

Net revenues 217,194 234,223 73,484 171,138

Operating income (expenses)

Non-operating income 981 983 452 951

Income and social contribution taxes (Note 9) - (838) (334) (13,015)

Minority interest - (77) - (7,167)

Earnings (loss) per share (0,06040) (0,05627) (0,38208) (0,36611)

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

NOTES TO QUARTERLY INFORMATION

A free translation from the Original in Portuguese

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

NOTES TO QUARTERLY INFORMATION

After a number of acquisitions and capital reorganizations involving its

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

NOTES TO QUARTERLY INFORMATION

Real estate development (%)

Through correspondence dated December 22, 2005, Fundação Previdenciária IBM

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

NOTES TO QUARTERLY INFORMATION

On December 15, 2006, through the Agreement for Consortium Interest

• Pátio Savassi Shopping Mall

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

NOTES TO QUARTERLY INFORMATION

• Pátio Savassi Shopping Mall (Continued)

On September 13, 2007 the Company completed the acquisition of 18.61%

The Company holds a 41.958% interest in MPH Empreendimentos Imobiliários

a) Multiplan Administradora de Shopping Centers Ltda.

Multiplan Administradora is committed to management, administration,

b) CAA Corretagem e Consultoria Publicitária S/C Ltda

Multiplan’s subsidiary CAA Publicitária renders specialized services

c) CAA Corretagem Imobiliária Ltda.

Multiplan’s subsidiary CAA Imobiliária engages in specialized brokerage

d) SCP - Royal Green Península