1Q13 Earnings Release

Earnings Release First Quarter 2013
1Q13
1Q13
MULT3
Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the Companys management and on the information available. These prospects include statements concerning our managements 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 int ended to identify statements. 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 Companys control or expectation. The reader/investor should not make the decision to invest in Multiplan shares based exclusively on the data disclosed on this report. This document also contains information on future projects which could differ materially due to market conditions, changes in law or government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be altered in part or totally by the company with no previous warning.
1Q13
MULT3
Table of Contents 01. 02 03. 04. 05. 06. 07. 08. 09. 10. 11. 12. 13. 14. 15. Consolidated Financial Statements As Reported ...................................................................... 5 Accounting Pronouncements Committee CPC 19 ....................................................................... 6 Consolidated Financial Statements Managerial Report .......................................................... 10 Project Development.................................................................................................................. 11 Operational Indicators ................................................................................................................ 19 Gross Revenues ........................................................................................................................ 22 Shopping Center Ownership Results ......................................................................................... 22 Shopping Center Management Results ..................................................................................... 27 Shopping Center Development Results ..................................................................................... 28 Real Estate for Sale Results ...................................................................................................... 30 Financial Results........................................................................................................................ 31 Portfolio...................................................................................................................................... 36 Ownership Structure .................................................................................................................. 38 MULT3 Indicators & Stock Market ............................................................................................. 40 Appendices ................................................................................................................................ 42
For more detailed information, please check our Financial Statements and other relevant information on our investor relations website www.multiplan.com.br/ir. Multiplan's Financial Evolution
2007 (IPO) 368.8 212.1 212.2 200.2 21.2 Change % (2012/2007) 184.2% 186.1% 251.6% 157.6% 1,734.2% CAGR % (2012/2007) 23.2% 23.4% 28.6% 20.8% 78.9%
R$ Million Gross Revenue Net Operating Income EBITDA FFO Net Income
2008 452.9 283.1 247.2 237.2 74.0
2009 534.4 359.4 304.0 272.6 163.3
2010 662.6 424.8 350.2 368.2 218.4
2011 742.2 510.8 455.3 415.4 298.2
2012 1,048.0 606.9 615.8 515.6 388.1
2007 EBITDA adjusted for expenses related to the Company's IPO in 2007.
LTM 1Q08
915 948
LTM 1Q09
LTM 1Q10
LTM 1Q11
LTM 1Q12
LTM 1Q13
686 573 474 381

305
644 527 385 218 441 329 256 175 368 310
214 233 235
543
584 473 457 381 359 334 166 106 24
Gross Revenue
Net Operating Income
EBITDA
FFO
Net Income
Historical Performance of Multiplans Results for the Last Twelve Months Ended March, 31st (R$ Million)
Overview Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center companies in Brazil, established as a full service Company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country. The Company is also strategically active in the residential and commercial real estate development sectors, generating synergies for shopping center-related operations by creating mixed-use projects in adjacent areas. In the end of 1Q13, Multiplan owned - with an average interest of 74.8% - and managed 17 shopping centers with a total GLA of 698,685 m, over 4,600 stores and an estimated annual traffic of 164 million consumers. In addition, Multiplan owns a 50.0% interest in the corporate building, ParkShopping Corporate, which has total GLA of 13,360 m.
Net Operating Income (NOI), up 28% to R$169 million and Shopping Center EBITDA up 34% to R$161 million
Rio de Janeiro, May 6, 2013 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3), announces its first quarter 2013 results. The financial statements of the company herein presented include (a) the consolidated quarterly results, prepared in compliance with the Accounting Pronouncements Committee CPC 21 (R1) Intermediate demonstrations, the CPC Orientation OCPC 04 pertaining to the application of the Technical Interpretation ICPC 02 to Real Estate companies in Brazil, and the IAS 34 - Interim Financial Reporting, issued by the International Accounting Standard Board IASB, and presented in compliance with the norms issued by the Brazilian regulator, Comisso de Valores Mobilirios - CVM, applicable to the preparation of the quarterly results, Informaes Trimestrais - ITR; and (b) the individual quarterly results of the controlling company, prepared in accordance with the accounting practices adopted in Brazil. The accounting practices adopted in Brazil include the norms established in the Brazilian Corporate Law, the CPC21 (R1) Intermediary Demonstrations and the OCPC 04 orientation regarding the application of the Technical Interpretation ICPC 02 to real estate companies in Brazil, and presented in compliance with the norms issued by the Brazilian Regulatory Agency Comisso de Valores Mobilirios - CVM, applicable to the preparation of the quarterly results, Informaes Trimestrais - ITR.
Highlights (R$) A high quality portfolio result in

Continuous high occupancy rates
Total shopping center GLA Occupancy rate
97,5% 699
850 800 750 700 650 600 550 500 450

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
108,0% 100,0% 92,0% 84,0% 76,0% 68,0% 60,0%
1Q13
SAS reaches 8.8% in 1Q13, and SSS accelerates to 8.1%

14.1%
Double digit growth in SSR, reaching 11.4%

16.0%
14.5% 11.9%
4.8%
10.3% 7.0% 7.7% 9.4% 6.6%
10.0%
9.7%
9.5%
9.4%
8.8%
10.3% 2.8%
7.4%
8.5%
4.9%
5.8%
10.4% 3.9% 3.9%

7.7% 1.8%
11.4% 8.6%
2.6%
4.3%
7.5%
8.3%
8.2%
8.1%
6.8%
8.1%
7.3%
8.8%
9.6%
9.3%
7.7%
6.3%
5.7%
5.9%
6.8%
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
Same Area Sales
Same Store Sales
IGP-DI Adjustment Ef f ect
Real SSR
improved performance and efficiency

NOI + KM up 29.1% to R$182.1 million, and margin of 88.0%
+29.1%
106.0%
Shopping Center EBITDA up 33.7% to R$161.3 million and margin of 76.5%

+33.7%
97.0% 92.0% 87.0% 82.0% 77.0% 72.0% 67.0% 62.0% 57.0% 52.0%
1Q08-1Q13 CAGR: +26.2%

124.7 M 89.0% 141.1 M
182.1 M
101.0% 96.0% 91.0%
1Q08-1Q13 CAGR: +27.3%

105.0 M 86.4 M 66.1 M 48.3 M 65.7% 59.7% 1Q08 1Q09 1Q10 1Q11 1Q12 67.4% 72.2% 120.6 M
161.3 M
110.9 M 78.9 M 56.9 M 72.9% 1Q08 1Q09 1Q10 83.0% 87.9%
88.5%
88.0%
86.0%
81.0%
76.5%
71.7%
76.0%
71.0% 1Q11 1Q12 Margin 1Q13 NOI + Key Money
1Q13
Shopping Center EBITDA
Margin
and lead to further growth.

Projects under construction expected to boost owned GLA in 20% by the end of 2013
74.2
628.1
105.5 522.7
522.7
18.9
12.4
Owned GLA: +20.2%

1Q13 Parque Shopping Macei Ribeiro Shopping Expansions VII & VIII Morumbi Corporate 4Q13
1Q13
MULT3
Performance Highlights Shopping center sales 1Q13 (R$) 1Q13 vs. 1Q12 FUTURE GROWTH Projects under construction expected to boost owned GLA in 20.2% by the end of 2013. The Company has currently five projects for lease under construction one shopping center, three mall expansions and an office tower project, resulting in a total owned GLA of 110.3 thousand m. OPERATIONAL AND FINANCIAL HIGHLIGHTS Another quarter with strong growth: Multiplan shopping centers posted total sales of R$2.5 billion in 1Q13, 19.3% higher than in 1Q12. Same Store Sales (SSS) accelerates to 8.1% in 1Q13, reaching R$1,406/m per month in 1Q13. Anchor stores posted a SSS growth of 13.7% and satellites grew 6.1%. Same Area Sales (SAS) reached 8.8%, highlighting the positive impact of the intensive management of the malls. 4.3% real increase in Same Store Rent (SSR) in 1Q13 on top of an already strong growth in 1Q12 of 3.9%. In the last five years, average real SSR growth was of 3.7%. Nominal SSR totaled 11.4% in 1Q13 and SSR per m reached R$111 per month. Same Area Rent (SAR) increased 9.7% in the quarter. Together with the new area opened in the last quarter, this lead to an increase of 28.1% in rental revenue to R$163.2 million in 1Q13. 29.1% increase in Net Operating Income (NOI) + Key Money (KM) to R$182.1 million in 1Q13. NOI + KM per share was of R$1.02, implying a five year CAGR of 17.8%. G&A expenses decreased 22.3% in 1Q13 versus 1Q12. As a percentage of net revenue, G&A expenses was of 8.9%, 559 b.p. lower than in 1Q12 . Shopping center revenue increased 28.8% in 1Q13 versus 1Q12. Adding the gain in scale mentioned above resulted in a Shopping Center EBITDA of R$161.8 million, 33.7% higher than in 1Q12, while Shopping center EBITDA margin increased 480 b.p. to 76.5% in 1Q13. Strong Net Income growth of 25.0% in 1Q13, totaling R$70.4 million, despite the higher leverage and consequent increase in net financial expenses to R$30.4 million from R$7.4 million. FFO was of R$102.0 million in 1Q13, 10.7% higher than in 1Q12. Significant increase in stock liquidity. Multiplans stock average daily traded volume increased 77.3% in 1Q13, reaching an average of R$28.1 million/day, compared to R$15.9 million in 1Q12. Considering the daily average number of shares traded in 1Q13, the volume increased 21.9% over 1Q12. RECENT EVENTS Multiplan successfully completed a 100% primary follow on offering, increasing its capital by 10.8 million shares, equivalent to R$624.6 million. The net proceeds from the follow on were transferred to the Company on April 3rd, 2013. In April 2013, a ceremony was held in Parque Shopping Macei to deliver keys to tenants . The ceremony is a landmark for tenants and allows them to begin the construction works in their stores. The mall should open in October, 2013. The shareholders meeting held on April 29 , 2013 approved the proposed distribution of R$183.7 million (R$1.0305 per share) in dividends and interest on shareholders equity, before taxes, equivalent to 50.0% of Multiplans net income after deduction of capital reserves.
1
Rental revenue 164.0 M +28.0%
NOI + KM 182.1M +29.1%
SC EBITDA 161.3 M +33.7%
Net income 70.4 M +25.0%
2,445.6 M +19.3%
th
Total shares on March 31st, 2013 adjusted for stocks held in treasury, totaling178,141,269 shares (prior to the effect of the follow on). 2 Not including Morumbi Business Center sale in 1Q12
1Q13
MULT3
1. Consolidated Financial Statements As Reported
(R$'000) Rental revenue Services revenue Key money revenue Parking revenue Real estate for sale revenue Straight line effect Other revenues Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Other operating income/expenses EBITDA Financial revenue Financial expenses Depreciation and amortization Earnings Before Taxes Income tax and social contribution Deferred income and social contribution taxes Minority interest Net Income
1Q13 153,627 24,934 12,717 30,056 14,111 9,526 6 244,977 (22,283) 222,694 (19,835) (2,324) (24,428) (3,488) (2,509) (11,841) (1,166) 1,994 159,097 9,496 (40,035) (27,813) 100,745 (26,888) (3,428) (7) 70,422
1Q12 121,264 20,426 8,856 22,339 166,054 6,054 112 345,105 (22,599) 322,506 (25,538) (2,101) (17,839) (2,040) (5,982) (80,165) 819 819 190,479 19,970 (27,144) (16,983) 166,322 (22,078) (18,505) (1,248) 124,491
Chg. % 26.7% 22.1% 43.6% 34.5% 91.5% 57.4% 94.6% 29.0% 1.4% 30.9% 22.3% 10.6% 36.9% 71.0% 58.1% 85.2% na 143.5% 16.5% 52.4% 47.5% 63.8% 39.4% 21.8% 81.5% 99.4% 43.4%
(R$'000) NOI NOI margin NOI + Key Money NOI + Key Money margin Shopping Center EBITDA Shopping Center EBITDA margin EBITDA (Shopping Center + Real Estate) EBITDA margin Net Income Net Income margin Adjusted Net Income Adjusted Net Income margin FFO FFO margin
1Q13 168,781 87.4% 181,498 88.1% 161,786 77.1% 159,097 71.4% 70,422 31.6% 73,850 33.2% 101,663 45.7%
1Q12 131,818 88.1% 140,674 88.7% 120,627 72.1% 190,479 59.1% 124,491 38.6% 142,996 44.3% 159,979 49.6%
Chg. % 28.0% 72 b.p 29.0% 61 b.p 34.1% 500 b.p 16.5% 1,238 b.p 43.4% 698 b.p 48.4% 1,118 b.p 36.5% 395 b.p
1Q13
MULT3
2. Accounting Pronouncements Committee CPC 19 (R2)
As of January 1st, 2013, the corporations that have incorporated the technical pronouncement CPC 19 (r2) - Joint Arrangements, which determines that the developments a corporation controls together with one or more parties must be characterized as joint arrangements or a joint venture and should be classified under one of these two categories. A Joint Operation is defined as such when both parties recognize their assets, liabilities revenues and expenses proportionally to their economic interest, while in a joint venture the parties involved recognize their economic interest in the business/development by the equity pick up method. As defined by the pronouncement, the difference in classification between joint operations and joint venture is determined by the legal form in which the business was set up, but also by the terms of the contracts signed by the parties involved and other facts and circumstances such as the providing of guarantees, independence from shareholders and rights over the assets and obligations to liabilities of the business. In the course of normal business, a corporation has interests in assets (shopping centers) by means of an interest in proindiviso condominiums and/or interests in SPEs (Special purpose Entities). As defined by the pronouncement, the interests a corporation has in a pro-indiviso condominium should be classified as joint operations, whereas the interest in SPEs, with shared control, must be classified as joint ventures as our external auditors have interpreted the norm. This interpretation, however, takes into consideration only the legal format of the structured investment vehicle that holds ownership of the shopping center, but does not take into consideration other facts and circumstances such as (i) administrative, strategic and financial dependence the SPE has; (ii) the guarantees given and responsibilities by the parties with indebtedness and obligations committed by the SPE; and (iii) the offering of commercial spaces by the SPEs and which are leased and managed by their shareholders who normally operate in this line of business. This accounting practice difference brings distortions to the analysis of a companys performance, based on the fact that the legal structure for the combined business is the determining in the classification of the type of business. Based on this, some developments in which the company has interests are classified as joint operations whereas others, due to their legal structu re, are classified as joint ventures. With the intention of making the Companys performance analyses easier, the data disclosed were prepared as managerial reports based on the accounting practices adopted prior to this pronouncement, that is, with information on the same base of December 31st, 2012. As a consequence of the measures explained above, the impact resulting from the application of Instruction CPC19 (R.2), although restricted to only two joint ventures, has affected the accrual of Shopping Santa rsula, via its holding company Manati, direct owner of 75.0% in which the company has a direct 50.0% interest in the asset, and Parque Shopping Macei, in which the company has a direct 50% interest, in a partnership with Aliansce. Although the effect is present in different lines of the companys Financial Statement and the Balance Sheet, it is worth highlighting some of the lines that had a greater impact, as per the table below:
1Q13
MULT3
1 - Variations on the Financial Statement:
Financial Statements (R$ '000) Rental revenue Services Key money Parking Real estate Straight line effect Others Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Other operating income/expenses EBITDA Financial revenue Financial expenses Depreciation and amortization Earnings Before Taxes Income tax and social contribution Deferred income and social contribution taxes Minority interest Net Income
Managerial 1Q13 154.456 24.827 12.802 30.196 14.111 9.526 5 245.923 (22.377) 223.546 (19.860) (2.324) (24.897) (4.371) (2.509) (11.841) (450) 1.993 159.287 9.665 (40.038) (28.104) 100.810 (26.938) (3.443) (7) 70.422
Disclosed 1Q13 153.627 24.934 12.717 30.056 14.111 9.526 6 244.977 (22.283) 222.694 (19.835) (2.324) (24.428) (3.488) (2.509) (11.841) (1.166) 1.994 159.097 9.496 (40.035) (27.813) 100.745 (26.888) (3.428) (7) 70.422 Variation (829) 107 (85) (140) 1 (946) 94 (852) 25 469 883 (716) 1 (190) (169) 3 291 (65) 50 15 -
The main variations concerning the 37.5% interest in shopping Santa rsula are: (i) reduction of R$0,8M in rental revenues; and (ii) reduction of R$0.5M in Shopping Center Expenses. With regards to Parque shopping Macei, the main variation concerning the 50.0% interest Consists in the reduction of R$0.9M in Expenses with new projects for lease. As a result of the variations mentioned above, there was an increase of R$0.7M in the result for equity pick up, given that the result of these companies are now accrued on this line.
1Q13
MULT3
2 - Variations on the Balance Sheet:
ASSETS Current Assets Cash and cash equivalents Short Term Investments Accounts receivable Land and properties held for sale Related parties Recoverable taxes and contributions Other Total Current Assets Noncurrent Asset Accounts receivable Land and properties held for sale Related parties Deposits in court Other Investments Investment Properties Property and equipment Intangible Total Non Current Assets Total Assets
Managerial 1Q13 229,222 2,178 174,262 195,116 6,803 5,649 66,491 679,721 58,226 335,532 15,523 25,816 4,752 4,330 4,215,348 17,114 342,875 5,019,516 5,699,237
Disclosed 1Q13 225,376 2,178 173,113 195,116 6,647 5,318 66,491 674,239 58,206 335,532 15,523 25,816 1,280 96,072 4,107,748 17,114 341,844 4,999,135 5,673,374
Variation (3,846) (1,149) (156) (331) (5,482) (20) (3,472) 91,742 (107,600) (1,031) (20,381) (25,863)
1Q13
MULT3
Managerial 1Q13 125,621 1,575 184,322 44,350 23,013 106,997 55,485 9,913 5,062 556,338 1,357,301 300,000 106,075 44,020 510 22,880 44,500 1,875,286 1,761,662 967,597 568,725 (21,016) (47,584) (89,996) 58,726 69,361 138 3,267,613 5,699,237 Disclosed 1Q13 125,150 1,575 183,156 44,350 22,489 106,997 46,077 9,913 5,058 544,765 1,336,121 300,000 106,075 44,020 510 22,880 50,878 1,860,484 1,761,662 967,595 568,725 (21,016) (47,584) (89,996) 58,726 69,875 138 3,268,125 5,673,374
LIABILITIES Current Liabilities Loans and financing Debentures Accounts payable Property acquisition obligations Taxes and contributions payable Dividends to pay Deferred incomes Clients anticipation Other Total Current Liabilities Non Current Liabilities Loans and financing Debentures Deferred income and social contribution taxes Property acquisition obligations Taxes paid in installments Provision for contingencies Deferred incomes Total Non Current Liabilities Shareholders' Equity Capital Capital reserves Profit reserve Share issue costs Shares in treasure department Capital transaction effects Proposed dividends Retained earnings Minority interest Total Shareholder's Equity Total Liabilities and Shareholders' Equity
Variation (471) (1,166) (524) (9,408) (4) (11,573) (21,180) 6,378 (14,802) (2) 514 512 (25,863)
The main variations referring to the 37.5% interest in shopping Santa rsula, and the 50% interest in Parque Shopping Macei are: (i) reduction of R$107.6M in Properties for Investment; (ii) reduction of R$21,6M Loans and financing, given the exclusion of the 50% in project Parque Shopping Macei, which signed a contract to finance it via the Banco do Nordeste; and (iii) reduction of R$3,0M in revenues and costs, in deferred income. As a result of the variations mentioned above, there was an increase of R$91.7M in investments given that the assets and liabilities of these companies are now accrued on this line. For the data presented in this report, the impact of the CPC 19 (R2) Will not be considered.
1Q13
MULT3
3. Consolidated Financial Statements Managerial Report
1Q13 154,436 24,827 12,802 30,196 14,111 9,546 5 245,923 (22,377) 223,546 (19,860) (2,324) (24,897) (4,371) (2,509) (11,841) (450) 1,993 159,287 9,665 (40,038) (28,104) 100,810 (26,938) (3,443) (7) 70,422
1Q12 121,975 20,447 8,907 22,418 166,054 6,114 111 346,026 (22,677) 323,349 (25,561) (2,101) (18,360) (2,343) (5,982) (80,165) 1,064 816 190,717 20,058 (27,166) (17,263) 166,346 (22,079) (18,528) (1,248) 124,491
Chg. % 26.6% 21.4% 43.7% 34.7% 91.5% 56.1% 95.5% 28.9% 1.3% 30.9% 22.3% 10.6% 35.6% 86.6% 58.1% 85.2% na 144.2% 16.5% 51.8% 47.4% 62.8% 39.4% 22.0% 81.4% 99.4% 43.4%
1Q13 169,281 87.2% 182,083 88.0% 161,260 76.5% 159,287 71.3% 70,422 31.5% 73,865 33.0% 101,969 45.6%
1Q12 132,147 87.8% 141,054 88.5% 120,628 71.7% 190,717 59.0% 124,491 38.5% 143,019 44.2% 160,282 49.6%
10
1Q13
MULT3
4. Project Development R$214 million invested during 1Q13 Multiplan invested R$213.9 million in the first quarter of 2013. This total is composed of (i) R$107.7 million invested in mall developments, such as Parque Shopping Macei, in Alagoas, expected to open in October 2013, as well as remaining investments in shopping centers opened in the previous quarters and in future projects, (ii) R$70.6 million in the construction of RibeiroShopping Expansions VII, VIII in So Paulo, and BarraShopping Expansion VII in Rio de Janeiro, (iii) R$28.7 million invested in the construction of Morumbi Corporate, a two-tower office complex located across from MorumbiShopping in So Paulo to be delivered in September 2013, and (iv) R$6.9 million spent with mall renovation, investments in information technology, and other.
Investment breakdown*
* The variation in the lines of Investment Properties, Property, plant and equipment and intangibles on the Companys balance sheet was of R$106.0 million. The balance between the variation and CAPEX results from the accounting adjustment when implementing the technical pronouncement CPC-19 (R2). As a consequence, the interests in companies and special purpose corporations (SPEs) controlled by other entities are new recorded as investments through the equity pick up line.
CAPEX (R$) Mall Development Mall Expansions Office Towers for Lease Renovations, IT and other Total CAPEX
1Q13 107.7 M 70.6 M 28.7 M 6.9 M 213.9 M
Projects under construction expected to boost owned GLA in 20% by the end of 2013 The company has currently five projects for lease under construction one shopping center, three mall expansions and one office tower project, resulting in a total owned GLA of 110.3 thousand m. All projects except for BarraShopping Expansion VII are expected to open during 2013, increasing the existing portfolio owned GLA by 20.2%. This estimate only considers projects announced to date.
74.2 18.9 12.4
628.1
105.5
522.7
522.7
Owned GLA: +20.2%
1Q13
Parque Shopping Ribeiro Shopping Morumbi Corporate Macei Expansions VII & VIII
4Q13
Expected owned GLA growth (1Q13-4Q13) in thousand m
11
1Q13
MULT3
4.1 Shopping Center Greenfield
Parque Shopping Macei

Opening date: October, 2013
Parque Shopping Macei Construction works (February 2013)
The companys first shopping center in the northeast of Brazil continues to show great progress in its construction site. Parque Shopping Macei is a joint venture between Multiplan and Aliansce Shopping Centers S.A. and will have 37.7 thousand m of GLA with 168 stores, movie theaters, fast-food and restaurant operations as well as 1,800 parking spaces. The mall is located in the growth vector in the city and should be integrated with Boulevard Parque, a mixed-use project with planned residential and office towers, green area, with 52 thousand m of built area, in a land plot of 98 thousand m for future development. Recent event: In April 2013, a ceremony was held in Parque Shopping Macei to deliver keys to tenants. The ceremony is a landmark for tenants and allows them to begin the construction works in their stores. The mall should open in October, 2013. As of March 31, 2013, the project had 89.9% of leased GLA.
Shopping centers under construction Project Parque Shopping Macei
1
Multiplans Interest (R$) GLA (100%) %Mult. 50.0% CAPEX 106.7 M Invested CAPEX 73.2% Key Money 8.1 M NOI 1st year 13.0 M NOI 3rd year 15.3 M 3rd year NOI Yield 15.5% IRR 19.2%
Opening Oct-13
37,722 m
Considers only the costs of the first phase of the project (disregarding any future expansions).
12
1Q13
MULT3
Parque Shopping Macei Construction works (March 2013)
Parque Shopping Macei Construction works (February 2013)
13
1Q13
MULT3
4.2 Shopping Center Expansions RibeiroShopping close to adding 87 new stores in a 16 thousand m GLA expansion The first of two expansions to be delivered in Ribeiro Preto, Expansion VII will add 6.3 thousand m of GLA with 23 stores and a fitness center. The area is nearing completion and is expected to be delivered in 3Q13. The shopping center also has a deck parking for 1,200 vehicles operating since November 2012. The second project, Expansion VIII, will increase the malls GLA by 10.0 thousand m, with 64 stores, and delivery scheduled for December 2013.
RibeiroShopping Expansion VII - illustration and construction works (April 2013)
RibeiroShopping Expansion VIII - illustration and construction works (April 2013)
The three expansions altogether will contribute with 20.3 thousand m of total GLA and will increase the leasable area in RibeiroShopping to 66.9 thousand m, a 43.6% increase over the original area. Adjusting Multiplans interest (76.2%) on NOI, the expansions should contribute with a third year NOI of R$16.9 million, an NOI yield of 9.4%, and an IRR of 11.6%, real and unleveraged.
14
1Q13
MULT3
BarraShopping Expansion VII speeding up development Scheduled to open in May, 2014, the seventh expansion of BarraShopping will add 9.5 thousand m of total new GLA with 45 new stores along with 4.2 thousand m of corporate office space for lease, increasing the size of the BarraShopping complex, which includes New York City Center, to 101.2 thousand m of total GLA.
BarraShopping Expansion VII illustration
The CAPEX for the project, based on the interest of 51% to be held by Multiplan, is of R$102.8 million. The company estimates that this expansion will generate Key Money revenues of R$32.6 million and a third year Net Operating Income (NOI) of R$14.2 million, resulting in a third year NOI yield of 20.2%. The estimated internal rate of return (IRR) for the project is 23.3% per annum, real and unleveraged.
Shopping centers expansions under construction Project

1 RibeiroShopping Exp. VI, VII, VIII 2 BarraShopping Exp. VII
Multiplans Interest (R$) GLA (100%) 20,303 m 9,479 m 29,783 m %Mult. 76.2% 51.1% 68.2% CAPEX 190.7 M 102.8 M 293.6 M Invested CAPEX 58.3% 36.0% 50.5% Key Money 11.0 M 32.6 M 43.6 M 3rd Year NOI 16.9 M 14.2 M 31.1 M 3rd Year NOI Yield 9.4% 20.2% 12.5% IRR 11.6% 23.3% 15.8%
Opening Dec-13 May-14
Total
Expansion VI opened in November 2012, expansion VII is planned to open in 3Q13 and expansion VIII in December 2013
15
1Q13
MULT3
4.3 Mixed-use: Office Towers for Lease
Morumbi Corporate approaching delivery time Morumbi Corporate, a 74.2 thousand m two-tower project for lease located across from MorumbiShopping, reaches its final stage of construction. The Company is beginning the leasing phase and the project is scheduled to open in September, 2013. Multiplan has a 100% interest in the development and will be responsible for its management. The expected yearly NOI generated by this project is of R$91.5 million, with a NOI yield of 19.1%.
Morumbi Corporate Construction works (April 2013)
Office Towers for Lease Project Morumbi Corporate Opening GLA (100%) Sep-13 %Mult. CAPEX 478.7 M Invested CAPEX 77% Stabilized NOI 91.5 M Stabilized NOI Yield 19.1% IRR 18.6%
74,198 m 100.0%
16
1Q13
MULT3
4.4 Mixed-use: Office and Residential Towers for Sale
Construction and sales advance in Porto Alegre By 1Q13, Diamond Tower and Rsidence du Lac have already recorded sale of 68.5% and 92.0% of its units, respectively. The construction is evolving as planned and the delivery date remains unchanged as scheduled for the second half of 2014. Both towers have a combined potential sales value (PSV) of R$238.7 million and will integrate the BarraShoppingSul Complex, which is currently composed by BarraShoppingSul and Cristal Tower.
Diamond Tower and Rsidence du Lac - Artists rendering
Diamond Tower and Rsidence du Lac Construction works (April 2013)
Towers for Sale Project Diamond Tower Rsidence du Lac Total

1
Location BarraShoppingSul BarraShoppingSul
Type Condo Offices Residential
Opening 2H14 2H14
Area 13,800 m 9,960 m 23,760 m
%Mult. 100.0% 100.0% 100.0%
PSV 128.7 M 110.0 M 238.7 M
Average price/m 9,327 11,045 10,047
Potential Sales Value
17
1Q13
MULT3
4.5 Future Growth and Land Bank Multiplan currently holds 619.0 thousand m of land for future growth, of which 72% is located in the Southeast region of Brazil. The company also sees a potential GLA increase of more than 150 thousand m through mall expansions, only in shopping centers in operation.
City (State)
Belo Horizonte (MG) Curitiba (PR) Curitiba (PR) Jundia (SP) Macei (AL) Porto Alegre (RS) Ribeiro Preto (SP) Rio de Janeiro (RJ) Rio de Janeiro (RJ) So Caetano do Sul (SP) So Paulo (SP) Total
Land Area
2,606 m 843 m 27,370 m 4,500 m 140,000 m 4,396 m 207,092 m 141,480 m 36,000 m 24,948 m 29,800 m 619,035 m
Type
Retail Apart-Hotel Office/Retail Office/Retail Residential, Office/Retail, Hotel Hotel, Office/Retail Residential, Office/Retail Residential, Office/Retail Office/Retail Office/Retail Residential
% Multiplan
97% 84% 94% 100% 50% 100% 100% 90% 100% 100% 36% 82%
18
1Q13
MULT3
5. Operational Indicators 5.1 Tenant Sales Strong and resilient portfolio leads to sales increase of 19.3% to R$2.5 billion Multiplan shopping centers posted total sales of R$2.4 billion in 1Q13, 19.3% higher than in 1Q12. Excluding the malls that opened in the last twelve months, total sales grew 10.0%. The main highlights in the quarter were Shopping Santa rsula (+25.3%), RibeiroShopping (+21.2%), ParkShoppingSoCaetano (+16.4%), ParkShoppingBarigi (+12.5%), Shopping Anlia Franco (+12.2%) and ParkShopping (+11.3%). In 1Q13, average monthly sales per m reached R$1,305 for Multiplans portfolio, composed by R$1,505/m from malls operating over 5 years and R$867 from malls operating less than five years. As explained in previous releases, this difference represents a potential upside for the new malls productivity, as they consolidate going forward. The highlight is VillageMal l which, in less than four months in operation, posted sales per m/month that exceeded the Com panys initial expectation, reaching R$1,141, or already 75.8% of the consolidated shopping centers performance.
Shopping Center Sales (100%) BH Shopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping Anlia Franco ParkShoppingBarigi Ptio Savassi1 Shopping Santa rsula BarraShoppingSul Shopping Vila Olmpia ParkShoppingSoCaetano JundiaShopping ParkShoppingcampoGrande VillageMall Total Ptio Savassi was acquired by Multiplan in June, 2007. 2 Shopping Santa rsula was acquired by Multiplan in April, 2008.
2
Opening (1979) (1981) (1981) (1982) (1983) (1996) (1999) (1999) (2003) (2004) (1999) (2008) (2009) (2011) (2012) (2012) (2012)
1Q13 234.1 M 144.0 M 379.3 M 296.5 M 213.7 M 120.6 M 57.9 M 189.0 M 181.6 M 78.0 M 41.1 M 149.6 M 70.4 M 100.0 M 66.5 M 67.8 M 55.3 M 2,445.6 M
1Q12 218.3 M 118.8 M 348.1 M 280.6 M 192.0 M 109.2 M 52.9 M 168.5 M 161.4 M 73.0 M 32.8 M 139.6 M 69.3 M 86.0 M 2.050,6 M
Chg.% 7.2% 21.2% 9.0% 5.7% 11.3% 10.5% 9.5% 12.2% 12.5% 6.8% 25.3% 7.2% 1.6% 16.4% n.a. n.a. n.a. 19.3%
According to IBGE - Brazilian Institute for Geography and Statistics - national retail sales increased 2.8%, in the period of January and February, 2013, when compared to the same period in 2012 (March 2013 figure had not yet been released by the publishing date of this report).
2.8%
19.3%
National Total sales retail sales 1Q13/1Q12

Sales analysis 1 January and February 2013, compared to the same period in 2012.
19
1Q13
MULT3
SAS accelerates to 8.8% in 1Q13 from 7.4% in 4Q12 Same Area Sales (SAS) growth reached 8.8% in 1Q13, showing an acceleration in the pace of growth when compared to 4Q12, when it increased by 7.4%. Same Store Sales (SSS) also presented strong performance, up 8.1% in the quarter versus 6.8% in 4Q12. In absolute terms, SSS reached R$1,406/m per month, while in stores under 1,000m it was of R$1,753/m per month. The consistent growth in all sales metrics is a consequence of the high quality of the portfolio and the intensive management of the malls, as the higher performance of SAS vis--vis SSS shows.
1,753
1,406 1,388
8.8%
1,305
8.1%
SAS
SSS
Sales (R$)/m (stores under 1,000m)
SSS (R$)/m
SAS (R$)/m
Sales (R$)/m
1Q13/1Q12
1Q13
16.5% 12.9% 8.5% 9.4% 7.2% 15.1% 13.3% 13.8% 10.3% 10.0% 7.7% 9.4% 8.3% 9.7% 9.5% 9.4% 7.4% 8.8%
14.9%
9.8% 5.1% 1Q09 2Q09 5.6% 3Q09 4Q09 1Q10 10.6%
7.0% 11.9% 13.7% 12.6% 6.6% 2Q10 3Q10 4Q10 SAS 1Q11 SSS
7.5% 3Q11
8.2%
8.1%
8.5%
6.8% 4Q12
8.1%
2Q11
4Q11
1Q12
2Q12
3Q12
1Q13
Same Store Sales and Same Area Sales Evolution (year/year)
The main performing segments in 1Q13 were Food Court and Gourmet Area, with 13.7%, followed by Services (+11.5%) and Miscellaneous (+7.5%). Differently from the twelve previous quarters, anchor outperformed satellite stores growth in the period, posting a SSS increase of 13.7% versus 6.1% of the satellites. The highlight among the anchor stores segment was apparel, which grew 25.1%. Anchors from Services and Home & Office segments also posted a robust growth of 12.3% and 9.9%, respectively.
Anchor stores
Satellite stores 13.7%
Same Store Sales Apparel Home & Office Miscellaneous
1Q13 x 1Q12 Anchors 25.1% 9.9% 6.2% n.a. 12.3% 13.7%
Satellites 2.3% 0.5% 8.2% 13.7% 10.6% 6.1%
Total 6.6% 4.5% 7.5% 13.7% 11.5% 8.1%
10.5%
9.2%
5.2% 2.4%
9.3% 6.1%
8.3% 6.1%
Food Court and Gourmet Area Services Total
2.3%
1Q12
2Q12
3Q12
4Q12
1Q13
Same Store Sales Growth
Anchors versus satellite stores SSS
20
1Q13
MULT3
5.2 Occupancy Rate, Delinquency Rate and Rent Loss The average occupancy rate was 97.5% in 1Q13, 30 b.p. higher than in 1Q12, regardless of the impact of the inauguration of three new shopping centers and one expansion in 4Q12, which added 106.4 thousand m of total GLA to the portfolio. This was mainly the result of the improvement in occupancy rate of ParkShoppingSoCaetano, Shopping Santa rsula and Shopping Vila Olmpia, in which occupancy rates are currently at 98%, 96% and 90%. Occupancy cost was 14.2% in 1Q13 versus 14.0% in 1Q12. In the same period, turnover decreased from 0.9% to 0.4%. These figures show the strong demand for area in Multiplans shopping centers and indicate the growth potential of the Company. Despite the addition of 106.4 thousand m in total GLA in 4Q12, Multiplan shopping center tenants delinquency rate (rental payment delay beyond 25 days) reached 2.2% in 1Q13, in line with 1Q12 of 2.1%. In the same period of comparison, rent loss (delinquency over six months) decreased 10 b.p., reaching 0.2%.
Turnover
Occupancy cost
Deliquency rate
Rent loss
5.8%
14.6%
13.5%
13.7%
14.0%
14.2%
3.2% 1.7% 2.1%

0.3% 2.2%
1.4%
1.1% 1Q10
0.8%
0.9% 1Q12
0.4%
0.4% 1Q09
0.6% 1Q10
0.4% 1Q11
0.2% 1Q13
1Q09
1Q11
1Q13
1Q12
Historical turnover and occupancy cost: 1Q09-1Q13
Historical delinquency rate and rent loss: 1Q09-1Q13
850
800 97.5%
108.0% 100.0%
92.0%
Total GLA CAGR 1Q09-1Q13: 9.6%
750
700
650
600
699
84.0% 76.0%
550
500
68.0% 60.0%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
450
Total shopping center GLA
Occupancy rate
Total shopping center GLA and occupancy rate evolution: 1Q09 1Q13
21
1Q13
MULT3
6. Gross Revenues Gross revenue reaches R$245.0 million in 1Q13 Gross revenue reached R$245.0 million in 1Q13, a 26.9% increase over 1Q12, excluding the Morumbi Business Center sale effect. The main drivers of this performance were key money, parking and rental revenues, which grew 43.7%, 34.7% and 26.6%, respectively, as shown in the chart below. In 1Q12, Multiplan sold the commercial tower, Morumbi Business Center, for R$165.0 million. Based on the percentage of completion (PoC), the Company recognized R$152.0 million from the sale of the tower in the quarter. Due to this event, real estate for sale revenue dropped 91.5% in 1Q13 versus 1Q12, leading to a decrease of 28.9% in gross revenue. Rental revenue represented 62.8% of total revenue, composed by 90% of base rent, 6.3% of merchandising and 3.7% of overage.
Services 10.1%
Straigh line effect 3.9% Overage 3.8% Parking revenue 12.3% Rental revenue 62.8% Base rent 89.9% Real estate for sale revenue 5.7%
Key money 5.2%
Merchandising 6.3%
Gross revenue breakdown 1Q13
32.5 M
3.4 M
4.4 M
3.9 M
7.8 M
0.1 M
(0.1 M)
245.9 M
194.0 M
26.7%
Gross revenue Rental revenue Straigh line 1Q12* effect
Services
Key money
Parking revenue
Real estate for sale revenue*
Other revenues
Gross revenue 1Q13
*Excluding the sale of the corporate tower Morumbi Business Center in 1Q12. 1Q13 Gross revenue growth breakdown (Y/Y) (R$)
7. Shopping Center Ownership Results 7.1 Rental Revenue 28.0% increase in rental revenue to R$164.0 million in 1Q13 Rental revenue grew 28.0% in 1Q13 when compared to 1Q12, reaching R$164.0 million. Base rent presented the highest growth in the quarter, up 28.5%, reaching R$138.9 million. Overage increased 21.8% to R$5.8 million, and merchandising reached R$9.7 million, up 6.9%.
22
1Q13
MULT3
Rental Revenue (R$) Base rent 1Q13 % of rental revenue 1Q12 % of rental revenue Total change (%) 138.9 M 89.9% 108.1 M 88.6% 28.5% Overage 5.8 M 3.8% 4.8 M 3.9% 21.8% Merchand. 9.7 M 6.3% 9.1 M 7.5% 6.9% Subtotal 154.4 M 94.2% 122.0 M 95.2% 26.6% Straigh line 9.5 M 5.8% 6.1 M 4.8% 56.1% Total 164.0 M 100.0% 128.1 M 100.0% 28.0%
BH Shopping showed the highest rental revenue increase in 1Q13 of 27.2%, reaching R$19.2 million. Other highlights were ParkShopping, BarraShoppingSul, RibeiroShopping and DiamondMall, that posted rental revenue increase of 16.6%, 14.2%, 12.8% and 12.3%, respectively, demonstrating the strength of the portfolio.
Rental Revenue BH Shopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping Anlia Franco ParkShoppingBarigi Ptio Savassi Shopping Santa rsula BarraShoppingSul Shopping Vila Olmpia1 ParkShoppingSoCaetano JundiaShopping ParkShoppingcampoGrande VillageMall Managerial report subtotal Straigh line effect Managerial report total 1Q13 19.2 M 8.6 M 18.8 M 20.9 M 10.1 M 8.7 M 1.8 M 5.3 M 10.3 M 5.5 M 1.4 M 10.9 M 4.6 M 8.6 M 6.3 M 7.5 M 6.0 M 154.5 M 9.5 M 164.0 M 1Q12 15.1 M 7.6 M 18.3 M 19.8 M 8.7 M 7.7 M 1.6 M 4.8 M 9.3 M 5.1 M 1.2 M 9.5 M 4.9 M 8.1 M 122.0 M 6.1 M 128.1 M Chg.% 27.2% 12.8% 2.3% 5.7% 16.6% 12.3% 10.9% 9.6% 10.2% 7.7% 15.1% 14.2% 7.1% 6.1% n.a. n.a. n.a. 26.6% 56.1% 28.0%
(1)
Up to the 4 quarter of 2011, Multiplan held a 30% interest in Shopping Vila Olmpia and
Shopping Vila Olmpia 100% 1Q13 1Q12 Chg.% 7.6 M 7.7 M 0.8%
th
recognized its results when consolidating its subsidiary MPH, which had a 71.5% interest in the mall. As of February 2012, and with the acquisition of an additional 30% interest, Multiplan began recognizing only 60% of the shopping center. Considering these changes, and when analyzing Shopping Vila Olmpias results (100%), the rental revenue for this mall increased was flat reaching R$7.6 million.
23
1Q13
MULT3
The portfolio average monthly rental revenue per m, which does not includes the straight line effect, reached R$110 in 1Q13. Considering the consolidated portfolio, the performance was R$124 per m per month, representing a potential upside going forward. Additional data on shopping centers results can be downloaded from the Fundamentals Spreadsheet on Multiplans investor relations website (www.multiplan.com.br/ir).
Portfolio Consolidated shopping centers
110
124
Rental revenue per m/month in 1Q13
30.8 M
128.1 M
1.0 M
0.5 M
3.4 M
164.0 M
28.0%
Rental revenue 1Q12
Base rent
Overage
Merchandising
Straigh line effect
Rental revenue 1Q13
1Q13 Rental revenue growth breakdown (Y/Y) (R$)
4.3% real growth increase in SSR, totaling 11.4% Same Store Rent (SSR) went up 11.4% in 1Q13 reaching R$111/m and increasing its speed of growth when compared to the previous quarter of 8.6%. Real growth also went up at a faster pace, reaching 4.3%, compared to 2.6% in 4Q12. In the last five years, average real growth per quarter was 3.7%. In 1Q13, IGP-DI adjustment effect was of 6.8%.
111
110
28.0%
6.6%
6.8%
9.7%
11.4%
IPCA
SSR (R$)/m Rental revenue (R$)/m 1Q13
IGP-DI Adjustment Effect
SAR
SSR
Rental revenue
1Q13/1Q12
24
1Q13
MULT3
IGP-DI Adjustment Effect Real SSR
13.2% 14.0% 1.9% 3.6% 8.1% 0.8% 7.3%
14.1% 12.0% 6.5% 3.4% 2.9% 3.9% 3.7% 0.2% 1Q10 6.6% 4.4% 4.8% -0.3% 2Q10 6.0% 0.6% 3Q10 7.7% 4.0% 4Q10 10.3% 2.8% 7.3% 8.8% 4.9%
16.0% 5.8%
14.5% 11.9% 4.8% 3.9% 10.4% 3.9% 6.3% 2Q12 7.7% 1.8% 5.7% 3Q12 11.4% 8.6% 2.6% 5.9% 4Q12 6.8% 1Q13 4.3%
11.1% 10.0%
9.6%
9.3%
7.7%
1Q09
2Q09
3Q09
4Q09
1Q11
2Q11
3Q11
4Q11
1Q12
Same Store Rent (SSR) breakdown - Nominal and real growth
7.2 Parking Revenue Parking revenue up 34.7% to R$30.2 million in 1Q13 Parking revenue reached R$30.2 million in 1Q13, 34.7% higher than in 1Q12. Together with the organic growth, the recently inaugurated malls, JundiaShopping, ParkShoppingCampoGrande and VillageMall, contributed to this performance, by adding 6.7 thousand new parking slots, increasing the portfolio s figure to 45.2 thousand. These new malls represented together 12.0% of parking revenue in 1Q13. 7.3 Shopping Center Expenses Strong increase of 24.4% in owned GLA, resulting in shopping center expenses of R$24.9 million Shopping center expenses reached R$24.9 million in 1Q13 versus R$18.4 million in 1Q12, an increase of 35.6%. In the same period, owned GLA increased 24.4%, mainly due to the opening of three new shopping centers, JundiaShopping, ParkShoppingCampoGrande and VillageMall and one expansion, RibeiroShopping VI. It is worth mentioning that new shopping centers demand higher resources to promote the mall and enhance the foot traffic.
1Q09 16.1% 12.0% 1Q10 10.6% 1Q11 10.9% 1Q12 18.4 M 35.6%
24.9 M
16.2 M
15.3 M
15.4 M
11.8%
1Q13
Shopping center expenses evolution (R$) and as percentage of shopping center net revenue (not including real estate for sale revenue and taxes)
25
1Q13
MULT3
7.4 Net Operating Income NOI NOI + Key Money reaches R$182.1 million in 1Q13, up 29.1% Multiplan recorded a net operating income (NOI) + key money (KM) of R$182.1 million in 1Q13, 29.1% higher than in 1Q12. In the same period, NOI + Key money margin was roughly flat at 88.0%.
88.5% 88.0% 141.1 M
+29.1%
182.1 M
NOI + KM per share reached R$1.02, implying a five year CAGR of 17.8%.
1Q12 1Q13 NOI + Key Money and margin (1Q13/1Q12) - (R$)
NOI Calculation (R$) Rental revenue Straigh line effect Parking revenue Operational revenue Shopping center expenses NOI NOI margin Key money Operational revenue + Key money NOI + Key Money NOI + Key Money margin
1Q13 154.4 M 9.5 M 30.2 M 194.2 M (24.9 M) 169.3 M 87.2% 12.8 M 207.0 M 182.1 M 88.0%
1Q12 122.0 M 6.1 M 22.4 M 150.5 M (18.4 M) 132.1 M 87.8% 8.9 M 159.4 M 141.1 M 88.5%
Chg.% 26.6% 56.1% 34.7% 29.0% 35.6% 28.1% 62 b.p 43.7% 29.8% 29.1% 51 b.p
R$ 1.02 R$ 0.70 R$ 0.79
R$ 0.53
R$ 0.62
1Q09
1Q10
1Q11
NOI + KM/share
1Q12
1Q13
NOI + key money per share* evolution (R$)

*Shares outstanding at the end of each year, adjusted for shares held in treasury (in 1Q13: 178,141,269 shares).
26
1Q13
MULT3
8. Shopping Center Management Results 8.1 Services Revenue Services revenue increases 21.4% to R$24.8 million in 1Q13 Services revenue - composed mainly by portfolio management, brokerage and transfer fees - presented a 21.4% increase in 1Q13 compared to 1Q12. Services revenue was equivalent to 125.0% of
35.0 M 30.0 M 25.0 M 20.4 M 26.6 M 28.4 M
+21.4%
22.9 M
24.8 M
general and administrative expenses for the quarter, showing that this 20.0 M revenue line covers all Company expenses with headquarters,15.0 M including the development team. The most important drivers of the higher services revenue in 1Q13 were a (i) 29.3% increase in shopping center management fees charged by the Company, following the 18.0% growth in total GLA,1.40 x and (ii) a 113.8% increase in transfer fees.
1.30 x 1.20 x 1.10 x 1.00 x 0.90 x 0.80 x 0.70 x 0.60 x
10.0 M 5.0 M
1Q12
2Q12
3Q12
4Q12
1Q13
Quarterly services revenue evolution (R$)

1.26 x 1.18 x 1.25 x
1.00 x
0.80 x
0.78 x
1Q12
2Q12
3Q12
4Q12
1Q13
Quarterly services revenue / G&A (x)
8.2 General and Administrative Expenses (Headquarters) G&A expenses decrease 22.3% in 1Q13 In 1Q13, General and Administrative (G&A) expenses decreased
50.0 M 45.0 M 22.3% when compared to 1Q12, mainly due to (i) reduction in 40.0 M advisory services (mostly legal fees) and (ii) non-recurring reversal of 35.0 M 30.0 M provisions. As a percentage of net revenue, G&A expenses were up 25.0 M 20.0 M from 7.9% in 1Q12 to 8.9% in 1Q13, given the very high revenues in 15.0 M 1Q12. G&A expenses as a percentage of net revenue would have 10.0 M decreased 555 bps in 1Q13, from an adjusted 14.5% in 1Q12 to 8.9%5.0 M -22.3% 30.0%
25.0%
29.2 M 25.6 M
21.2 M
11.0% 7.9%
24.0 M 14.2% 9.9%
20.0% 19.9 M
8.9% 15.0% 10.0% 5.0%
in 1Q13, when excluding the sale of Morumbi Business Center from 1Q12 net revenue. Non-recurring G&A items presented a net reduction of R$1.8 million in 1Q13 G&A, mainly due to reversal of provisions for taxes and expenses recovery. Excluding the impact of these non-recurring items and, for analysis purposes only, G&A would have increased 4.3%, when compared to 1Q12, lower than the IPCA (equivalent to the CPI) of 6.6% in LTM ended March 2013.
1Q12
2Q12
3Q12
4Q12
1Q13
Quarterly G&A expenses (R$) and G&A/Net revenues (%) evolution
40.0 M
40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M -
+4.3% 21.6 M
19.0% 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% 1Q13
35.0 M
-22.3%
19.0% 17.0% 15.0%
20.7 M
(+)
9.7%
6.4%
33.0 M 28.0 M 23.0 M 18.0 M 13.0 M 8.0 M 3.0 M (2.0 M)
30.0 M
25.0 M
25.6 M
19.9 M 8.9% 7.9%
=
4.8 M (1.8 M) 1Q13
20.0 M
13.0%
11.0% 9.0% 7.0%
15.0 M
10.0 M 5.0 M
1Q12 1Q13
5.0%
1Q12
1Q12
Recurring G&A evolution (R$) and as a % of net revenues (%)
Non-recurring items (R$)
G&A evolution (R$) and as a % of net revenues (%)
27
1Q13
MULT3
9. Shopping Center Development Results 9.1 Deferred Income Line & Signed Key Money New openings lead to a 43.7% increase in key money revenue accruals In 1Q13, the deferred income line decreased from R$116.7 million, in December 2012, to R$100.1 million in March 2013. The deferred income line was reduced mainly by the (i) accrual of key money revenues after the openings of JundiaShopping, ParkShoppingCampoGrande and VillageMall, (ii) lower volume of new lease contracts signed in 1Q13, due to the already high pre-lease status from the announced projects, (iii) impact of deferred costs from investments in commercial areas, and (iv) the buyback of leased spaces to be used in mix changes. The deferred income balance is recognized as Key Money revenue in a straight line and throughout the leasing term (usually 5 years), after the stores lease contract becomes effective.
Projects launched
183.7M
204.6M 189.6M
207.1M 196.6M 179.6M 170.3M Projects delivered 147.3M 116.7M 100.1M
158.5M 150.M 141.2M 137.1M 138.8M 136.7M 132.M 126.3M 121.5M 110.2M 110.5M 96.4M 81.2M
Sep-07
Mar-08
Sep-08
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Deferred income and costs line evolution (R$) The deferred income line (Key money) increases when new lease contracts are signed. The deferred income line (Key money) decreases as it is accrued as key money revenues in a straight line throughout the term of the lease contract.
9.2 Key Money Revenue
Key Money Revenue (R$) Operational (Recurring) Projects opened in the last 5 years (Non-recurring) Key Money Revenue
1Q13 1.7 M 11.1 M 12.8 M
1Q12 1.8 M 7.1 M 8.9 M
Chg. % 7.2% 56.6% 43.7%
Non-recurring key money revenue up 56.6% in 1Q13 Key Money revenue in 1Q13 increased 43.7%, from R$8.9 million to R$12.8 million. Key Money revenue is composed of (i) recurring or operational revenue, from Key Money accrued from areas with more than five years in operation when leased again, and reflects the Companys effort to improve the tenant mix in its malls, and (ii) non-recurring revenue, from Key Money of lease contracts for new stores in greenfields and expansions delivered in the last five years. Given the opening of three malls and one expansion in the end of 2012, the non-recurring revenue increased 56.6% in 1Q13 when compared to 1Q12.
28
1Q13
MULT3
9.3 New Projects for Lease Expenses New projects for lease expenses increased to R$4.4 million in 1Q13. 1Q13 expenses consist mainly of residual expenses with the opening of ParkShoppingCampoGrande and VillageMall, both opened in 4Q12. As mentioned in previous earnings releases, these expenses are incurred mainly in the launching and opening of projects and are an important tool to implement the Companys strategy to attract the best tenants and create the ideal mix for each mall to attract clients during its first years of consolidation.
14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 7.0 M 4.4 M 11.2 M 12.8 M
2.3 M
2.0 M
1Q12 2Q12 3Q12 4Q12 1Q13
New projects for lease expenses (R$)
29
1Q13
MULT3
10. Real Estate for Sale Results 10.1 Real Estate for Sale Revenues and Cost of Properties Sold Real Estate for Sale Revenues Multiplan recorded real estate for sale revenues of R$14.1 million in 1Q13, according to the percentage of completion method PoC, composed mainly by revenues from the real estate projects in the BarraShoppingSul Complex, including Diamond Tower (68.5% sold) and Rsidence du Lac (92.0% sold), with construction works according to plan. It is worth mentioning that the comparison between 1Q12 and 1Q13 is affected by the successful sale of Morumbi Business Center in 1Q12, for R$165.0 million, leading to R$166.1 million in real estate for sale revenue in 1Q12.
Cost of Properties Sold The Company recorded cost of properties sold of R$11.8 million in 1Q13, in line with the evolution of construction works, mainly driven by costs from the real estate projects in the BarraShoppingSul Complex.
New Projects for Sale Expenses New projects for sale expenses decreased 58.1% to R$2.5 million in 1Q13, down from R$6.0 million in 1Q12. In 1Q13, new projects for sale expenses were composed mainly by (i) marketing efforts, (ii) brokerage expenses, and (iii) property taxes (IPTU) for the landbank. The 1Q13 new projects for sale expenses consist mainly of expenses with the projects in the BarraShoppingSul Complex.
30
1Q13
MULT3
11. Financial Results 11.1 EBITDA Shopping Center EBITDA up 33.7% in 1Q13, with a record high 1 quarter margin of 76.5% Multiplan recorded in 1Q13 a 33.7% growth in Shopping Center EBITDA, reaching R$161.3 million. Shopping Center EBITDA margin increased 480 bps, from 71.7% in 1Q12 to 76.5% in 1Q13. For illustration purposes only, if new projects for lease expenses were excluded from Shopping Center EBITDA calculation, Shopping Center EBITDA margin would be of 78.6% in 1Q13.
Shopping Center EBITDA (R$) Shopping Center Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses Other operating income (expenses) Shopping Center EBITDA Shopping Center EBITDA Margin (+) New projects for lease expenses SC EBITDA before New Projects Expenses SC EBITDA before New Projects Expenses Margin 1Q13 231.8 M (21.1 M) 210.7 M (19.9 M) (2.3 M) (24.9 M) (4.4 M) 2.0 M 161.3 M 76.5% 4.4 M 165.6 M 78.6% 1Q12 180.0 M (11.8 M) 168.2 M (25.6 M) (2.1 M) (18.4 M) (2.3 M) 0.8 M 120.6 M 71.7% 2.3 M 123.0 M 73.1% Chg. % 28.8% 78.8% 25.3% 22.3% 10.6% 35.6% 86.6% 144.2% 33.7% 480 b.p 86.6% 34.7% 548 b.p
st
170.0 M
78.6% 76.5%
71.3%
80.0%
168.0 M 166.0 M 164.0 M 162.0 M

160.0 M
165.6 M 161.3 M
75.0% 70.0%
65.0%
159.3 M
158.0 M 156.0 M 154.0 M 152.0 M

150.0 M 50.0%
60.0% 55.0%
1Q13 Consolidated EBITDA
Shopping Center EBITDA
Shopping Center EBITDA before New Projects for Lease Expenses
1Q13 Consolidated EBITDA, Shopping Center EBITDA, and Shopping Center EBITDA before New Projects for Lease Expenses (R$) and Margins (%)
(1) Shopping Center Gross Revenue: does not consider real estate for sale revenues. (2) Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, and new projects for sale expenses from real estate activity. (3) Shopping Center EBITDA before New Projects for Lease Expenses: the same methodology of Shopping Center EBITDA not considering new projects for lease expenses, as the expenses refers to non-recurring expenses.
31
1Q13
MULT3
Consolidated EBITDA peak in 1Q12 reduces comparability with 1Q13
200.0 M 1Q12 Consolidated EBITDA was boosted by the sale of the office 150.0 M tower Morumbi Business Center for R$165.0 million. Real estate
100.0 M for sale revenue was equivalent to 48.0% of 1Q12 gross revenue,
-16.5%
190.7 M
159.3 M
34.7%
159.3 M
118.3 M
resulting in a very high comparable base for the 1Q13/1Q12 analysis. The 1Q13 Consolidated EBITDA was R$159.3 million, 16.5% lower when compared to the peak in 1Q12. For illustration purposes only, if the results from the sale of Morumbi Business Center were excluded, Consolidated EBITDA would increase 34.7% in 1Q13.
50.0 M 1Q12 1Q13 Consolidated Consolidated EBITDA EBITDA 1Q12 1Q13 Consolidated Consolidated EBITDA EBITDA Excluding the Sale of Morumbi Business Center
Consolidated EBITDA margin reached 71.3% in 1Q13, 1,227 bps higher than in 1Q12 EBITDA margin increased from 59.0% in 1Q12 to 71.3% in 1Q13, with lower real estate for sale activity, lower headquarter expenses and lower new projects for sale expenses. If excluded the impact from the sale of Morumbi Business Center, the Consolidated EBITDA margin would increase from 66.9% in 1Q12 to 71.3% in 1Q13. The Companys Consolidated EBITDA margin is naturally lower than that of Shopping Centers, reflecting the lower margins of the real estate for sale activity, when compared to those of projects for lease. The consolidated EBITDA margin increase in 1Q13, when compared to 1Q12, is mostly due to the smaller share of real estate for sale projects in the Companys results.
Consolidated EBITDA (R$) Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Others Consolidated EBITDA Consolidated EBITDA Margin 1Q13 223.5 M (19.9 M) (2.3 M) (24.9 M) (4.4 M) (2.5 M) (11.8 M) (0.5 M) 2.0 M 159.3 M 71.3% 1Q12 323.3 M (25.6 M) (2.1 M) (18.4 M) (2.3 M) (6.0 M) (80.2 M) 1.1 M 0.8 M 190.7 M 59.0% Chg. % 30.9% 22.3% 10.6% 35.6% 86.6% 58.1% 85.2% na 144.2% 16.5% 1,227 b.p 1Q12 ex-MBC 176.6 M (25.6 M) (2.1 M) (18.4 M) (2.3 M) (2.5 M) (9.4 M) 1.1 M 0.8 M 118.3 M 66.9% Chg.% 26.5% 22.3% 10.6% 35.6% 86.6% 0.7% 26.1% nd 143.6% 34.7% 431 b.p
Consolidated EBITDA conciliation with Financial Statements

Consolidated EBITDA (R$) Net Income Minority interest Deferred income and social contribution taxes Income tax and social contribution Depreciation and amortization Financial expenses Financial revenue EBITDA 1Q13 70.4 M 0.0 M 3.4 M 26.9 M 28.1 M 40.0 M (9.7 M) 159.3 M 1Q12 124.5 M 1.2 M 18.5 M 22.1 M 17.3 M 27.2 M (20.1 M) 190.7 M Chg. % 43.4% 99.4% 81.4% 22.0% 62.8% 47.4% 51.8% 16.5%
32
1Q13
MULT3
11.2 Financial Results, Debt and Cash Multiplan ended 1Q13 with a net debt of R$1,643.6 million, compared to R$1,505.2 million in the previous quarter. The current figure represents a net debt-to-EBITDA (last 12 months) ratio of 2.81x. In 1Q13, the balance between the interest from the invested cash position and financial expenses generated a negative financial result of R$30.3 million. The funds from the 2013 follow on will impact positively the cash and equivalents line in the 2Q13.
March 31st, 2013 Current Liabilities Loans and financing Debentures Obligations from acquisition of goods Non Current Liabilities Loans and financing Debentures Obligations from acquisition of goods Gross Debt Cash and Equivalents Net Debt 171.5 M 125.6 M 1.6 M 44.4 M 1,701.3 M 1,357.3 M 300.0 M 44.0 M 1,872.9 M 229.2 M 1,643.6 M December 31st, 2012 164.4 M 106.9 M 7.4 M 50.1 M 1,735.8 M 1,385.3 M 300.0 M 50.5 M 1,900.2 M 395.0 M 1,505.2 M Chg. % 4.3% 17.5% 78.8% 11.5% 2.0% 2.0% 0.0% 12.8% 1.4% 42.0% 9.2%
Net debt in 1Q13 was impacted mainly by the cash outflows of (i) CAPEX of R$213.9 million in the period, (ii) payment of R$14.1 million in obligations from acquisition of goods, (iii) payment of R$16.1 million in short term banking debt, (iv) payment of R$11.5 million in interest from debentures, and (v) R$31.4 million in investments in land and real estate for sale. The increase in net debt contributed to change the net debt-to-EBITDA (last 12 months) ratio from 2.44x in 4Q12 to 2.81x in 1Q13. Gross debt-to-EBITDA (last 12 months) increased from 3.09x in 4Q12, to 3.21x in 1Q13. The cash proceeds from the 2013 follow on did not impact the 1Q13 financial ratios.
Loans and financing (banks)
Obligations from acquisition of goods (land and minority interest)

287 M 247 M 223 M 175 M 150 M
Debentures
165 M 94 M 37 M 1M 29 M
161 M 150 M
20 M
45 M 2M
33 M
31 M
2013
2014
2015
2016
2017
2018
2019
2020
2021
>=2021
Multiplans debt amortization schedule on March 31st, 2013 (R$)
33
1Q13
MULT3
R$626.4 Million Follow On Offering Multiplan completed a 100% primary follow on offering, increasing its capital by 10.8 million shares, equivalent to R$624.6 million. The net proceeds from the follow on were transferred to the Company on April 3 , 2013.
rd
11.50% 11.00% 10.50% The Companys weighted average cost of debt decreased from 9.08% p.a. on 10.00% st st 9.50% December 31 , 2012, to 8.95% p.a. on March 31 , 2013. On a 12-month basis, 9.00% weighted average cost of debt decreased by 157 bps, from 10.52% p.a. 8.50% on 8.00% st
157 bps reduction in cost of debt in 12 months, 13 bps lower in the quarter
10.52%
9.98%
9.48% 9.08% 8.95%
March 31 , 2012.
1Q12
2Q12
3Q12
4Q12
1Q13
Weighted average cost of funding (% p.a.)
CDI indexed debt reached 49.4% of total indebtedness in 1Q13 Multiplan increased the weight of its CDI indexed debt to 49.4% of total indebtedness in 1Q13, up from 40.0% in 1Q12. During this period, the basic interest rate dropped from 9.75% p.a. on March 31 , 2012, to 7.25% p.a. as of March 31 , 2013. The TR indexed debt, which was equivalent to 37.0% of total indebtedness in 1Q12, decreased its weight to 31.8% in 1Q13. The TJLP, which is the main index used by BNDES (The Brazilian National Development Bank), presented a slight increase in its weight of total indebtedness from 11.0% in 1Q12 to 11.6% in 1Q13. This index, which was set at 6.00% p.a. between July 2009 and June 2012, was reduced to 5.50% p.a. as of July 2012, and 5.00% p.a. as of January 2013. Indebtedness interest indices on March 31 , 2013
Index Performance CDI TR TJLP IGP-M IPCA Others Total
Annual interest rate weighted average. Index performance for the last 12 months.
st st st
TJLP 11.6%
IPCA IGP-M 2.0% 3.9%
CDI 49.4% TR 31.8%
Multiplan Debt Indices on March 31st, 2013
Average Interest Rate 0.91% 9.70% 3.27% 3.77% 7.38% 7.94% 4.31%
Cost of Debt 8.16% 9.78% 8.27% 11.82% 13.97% 7.94% 8.95%
Gross Debt (R$) 924.4 M 596.3 M 218.2 M 73.8 M 38.1 M 22.2 M 1,872.9 M
7.25% 0.08% 5.00% 8.05% 6.59% 0.00% 4.64%
34
1Q13
MULT3
11.3 Net Income and Funds From Operations (FFO) Robust 27.2% increase in net income to R$70.4 million in 1Q13 In 1Q13, net income was R$70.4 million, 25.0% higher than in 1Q12 (excluding the impact of Morumbi Business Center in 1Q12), despite the increase in leverage from 1.04x to 2.81x Net Debt/EBITDA (LTM). FFO reached R$102.0 million in 1Q13, 10.7% higher
31.9%
31.5% 1Q13
1Q12
+25.0%
70.4 M
92.1 M
10.7%
102.0 M
56.3 M
52.2%
45.6%
than 1Q12, also excluding the impact of Morumbi Business Center sale in 1Q12.
1Q12
1Q13
Net income and margin (1Q13/1Q12) (R$)
FFO and margin (1Q13/1Q12) (R$)
Net Income & FFO Calculation (R$) Net revenue Operating expenses Financial results Depreciation and amortization Income tax and social contribution Minority interest Adjusted net income Deferred income and social contribution Net income Depreciation and amortization Deferred income and social contribution FFO FFO per share
1
1Q13 223.5 M (64.3 M) (30.4 M) (28.1 M) (26.9 M) (0.0 M) 73.9 M (3.4 M) 70.4 M 28.1 M 3.4 M 102.0 M
1Q12 323.3 M (132.6 M) (7.1 M) (17.3 M) (22.1 M) (1.2 M) 143.0 M (18.5 M) 124.5 M 17.3 M 18.5 M 160.3 M 0.90
Chg.% 30.9% 51.6% 327.3% 62.8% 22.0% 99.5% 48.4% 81.4% 43.4% 62.8% 81.4% 36.4% 36.4%
1Q12 ex-MBC 176.6 M (58.4 M) (7.4 M) (17.3 M) (17.5 M) (1.2 M) 74.9 M (18.5 M) 56.3 M 17.3 M 18.5 M 92.1 M 0.52
Chg.% 26.5% 10.0% 311.2% 62.8% 54.1% 99.5% 1.3% 81.4% 25.0% 62.8% 81.4% 10.7% 10.7%
0.57
Shares outstanding at the end of each period, adjusted for shares held in treasury.
2.57
2.22
1.32
0.93
0.72
0.90
0.36 1Q09
0.51
0.58 1Q11
FFO/share
0.52 1Q12
0.57 1Q13
FFO LTM/share
1Q10
FFO/share
FFO (R$) per shrare evolution

Excludes the Morumbi Business Center sale impact.
35
1Q13
MULT3
12. Portfolio
Portfolio 1Q13 Operating SCs BHShopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnliaFranco ParkShoppingBarigi Ptio Savassi Shopping Santa rsula BarraShoppingSul Shopping Vila Olmpia ParkShoppingSoCaetano JudiaShopping ParkShoppingCampoGrande VillageMall Subtotal operating SCs Operating office tower ParkShopping Corporate Subtotal operating office tower Expansions under development BarraShopping RibeiroShopping Subtotal expansions under development SC under development Parque Shopping Macei Subtotal SC under development Office towers for lease under development Morumbi Corporate BarraShopping Office Subtotal towers under development Total portfolio
1
Opening State
Multiplan %
Total GLA
Rent (month)1
Sales (month)2
avg. Occupancy rate 98.7% 99.0% 98.9% 96.1% 97.5% 99.2% 100.0% 99.8% 99.1% 99.2% 96.1% 99.1% 89.8% 98.3% 97.2% 94.0% 89.0% 97.5%
1979 1981 1981 1982 1983 1996 1999 1999 2003 2004 1999 2008 2009 2011 2012 2012 2012
MG SP RJ SP DF MG RJ SP PR MG SP RS SP SP SP RJ RJ
80.0% 76.7% 51.1% 65.8% 61.7% 90.0% 50.0% 30.0% 84.0% 96.5% 62.5% 100.0% 60.0% 100.0% 100.0% 90.0% 100.0%
47,565 m 50,552 m 69,465 m 55,089 m 53,448 m 21,386 m 22,271 m 50,427 m 50,182 m 17,253 m 23,057 m 68,261 m 28,363 m 39,274 m 34,501 m 42,355 m 25,235 m
168 R$/m 79 R$/m 169 R$/m 185 R$/m 116 R$/m 145 R$/m 49 R$/m 110 R$/m 84 R$/m 102 R$/m 34 R$/m 77 R$/m 99 R$/m 75 R$/m 69 R$/m 71 R$/m 104 R$/m 110 R$/m
1,686 R$/m 1,045 R$/m 2,094 R$/m 1,945 R$/m 1,449 R$/m 1,924 R$/m 893 R$/m 1,297 R$/m 1,297 R$/m 1,542 R$/m 636 R$/m 1,020 R$/m 955 R$/m 877 R$/m 686 R$/m 630 R$/m 1,141 R$/m 1,305 R$/m
74.8% 698,685 m
2012
DF
50.0% 50.0%
13,360 m 13,360 m
- Leasing phase
2014 2013
RJ SP
51.1% 76.2% 69.7%
5,275 m 15,168 m 20,443 m
2013
AL
50.0% 50.0%
37,222 m 37,222 m
2013 2014
SP RJ
100.0% 51.1% 97.4%
74,198 m 4,204 m 78,402 m
75.3% 848,112 m
110 R$/m
1,305 R$/m
97.5%
Rent/m/month divides rental revenue, excluding merchandising and stores that do not report sales, by the GLA which reports sales. 2 Sales/m/month divides sales by area composed by stores which report monthly sales.
36
1Q13
MULT3
37
1Q13
MULT3
13. Ownership Structure Multiplans ownership structure on March 31 , 2013, is described in the chart below. From a total of 179,197,214 shares issued, 167,338,867 are common voting shares and 11,858,347 are preferred shares held exclusively by Ontario Teachers Pension Plan and are not listed or traded on any stock exchange.
Free Float 22.25%
st
Treasury 0.63% ON 0.59% Total

Ontario Teachers Pension Plan
Maria Helena Kaminitz Peres

0.06% ON 0.06% Total 31.51% ON 29.43%Total 1.97% ON 1.84% Total
41.76% ON 0.01% PN *** 38.99% Total
100.00% 1700480 Ontario Inc.
Multiplan Planejamento. Participaes e Administrao S.A. 77.75% Jose Isaac Peres
24.07% ON 99.99% PN *** 29.10% Total 50.00%
Ptio Savassi Administrao de Shopping Center Ltda.
100.00% 100.00% 50.00% 50.00% 50.00%
Morumbi Business Center Empreendimento Imobilirio Ltda. *

MPH Empreend. Imobilirio Ltda.
1.00% Shopping Centers

Multiplan Administradora de Shopping Centers Ltda. 0.01%
%
51.07% 100.0% 80.00% 90.00% 65.78% 50.00% 61.70% 84.00% 96.50% 76.74% 30.00% 60.00% 62.50% 50.00% 100.0% 100.0% 100.0% 90.00%
60.00% 75.00%
99.00%
Embraplan Empresa Brasileira de Planejamento Ltda. SCP Royal Green Pennsula

CAA - Corretagem Imobiliria Ltda. * CAA - Corretagem e Consultoria Publicitria Ltda. *
99.99%
2.00%
98.00%
100.00%
100.00%
100.00%
Renasce Rede Nacional de 100.00% Shopping Centers Ltda.**

County Estates Limited
99.99%
0.45%
BarraShopping BarraShoppingSul BH Shopping DiamondMall MorumbiShopping New York City Center ParkShopping ParkShoppingBarigi Ptio Savassi RibeiroShopping ShoppingAnliaFranco Shopping Vila Olmpia Shopping Santa rsula Parque Shopping Macei ParkShopping SoCaetano Jundia Shopping VillageMall ParkShopping Campo Grande
1
Manati Empreendimentos e Participaes S.A.

Parque Shopping Macei S.A. Danville SP Empreendimento Imobilirio Ltda. *
100.00% 100.00%
Multiplan Holding S.A. Ribeiro Residencial Empreendimento Imobilirio Ltda. * Multiplan Greenfield I Empreendimento Imobilirio Ltda. *
100.00% BarraSul Empreendimento Imobilirio Ltda. * Multiplan Greenfield II Empreendimento Imobilirio Ltda. *
100.00%
100.00%
100.00%
100.00% 100.00% 100.00% 100.00%
Under development
Multiplan Greenfield III Empreendimento Imobilirio Ltda. * Multiplan Greenfield IV Empreendimento Imobilirio Ltda. *
100.00%
Jundia Shopping Center Ltda. *

100.00%
Embassy Row Inc

Multiplan Arrecadadora Ltda *
100.00%
90.00% Parkshopping Campo Grande Ltda. * 100.00% ParkShopping Corporate Empreendimento Imobilirio Ltda. *
*Multiplan Holding S.A. holds an interest equal or lower than 1.00% in these companies. **Jos Isaac Peres has a 0.01% interest in this company. ***The percentages reflect the two preferred shares transferred as assignees to the two former Board Members appointed by the controlling shareholder 1700480 Ontario Inc.
The interest Multiplan holds in the following Special Purpose Companies (SPC) is as follows: MPH Empreendimento Imobilirio Ltda.: Owns 60.0% interest in Shopping Vila Olmpia. Multiplan holds directly and indirectly 100.0% interest in MPH. Manati Empreendimentos e Participaes S.A.: Owns 75% interest in Shopping Santa rsula, in Ribeiro Preto SP, in which Multiplan has a 50/50 partnership. Parque Shopping Macei S.A.: SPC for Shopping Macei, in which Multiplans interest is of 50%. Danville SP Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Ribeiro Preto. Multiplan Holding S.A.: Multiplans whole subsidiary; holds interest in o ther Companies and assets. Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Ribeiro Preto.
38
1Q13
MULT3
Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established to develop a commercial tower in the city of Porto Alegre. BarraSul Empreendimento Imobilirio Ltda.: SPC established to develop a residential building in the city of Porto Alegre. Morumbi Business Center Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of So Paulo. Multiplan Greenfield II Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of So Paulo. Multiplan Greenfield III Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of Rio de Janeiro. Multiplan Greenfield IV Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of So Paulo. Jundia Shopping Center Ltda.: Owns 100.0% interest in JundiaShopping. Multiplan holds 100.0% interest in Jundia Shopping Center Ltda. Park Shopping Campo Grande Ltda.: SPC established to develop ParkShoppingCampoGrande. ParkShopping Corporate Corporate Empreendimento Imobilirio Ltda . SPC established to develop real estate projects in the city of Braslia.
39
1Q13
MULT3
14. MULT3 Indicators & Stock Market Multiplans daily liquidity reaches R$28.1 million in 1Q13, up 77.3% Multiplans stock (MULT3 at BM&FBOVESPA; MULT3 BZ on Bloomberg) ended 1Q13 quoted at R$58.00/share, an increase of 36.0% when compared to 1Q12, outperforming the Ibovespa index by 4,864 b.p., which depreciated 12.6% in the same period. In 1Q13, Multiplans average daily financial traded volume increased 77.3%, reaching an average of R$28.1 million/day, compared to R$15.9 million in 1Q12. Considering the daily average number of shares traded in 1Q13, the volume increased 21.9% over 1Q12.
95.944 351.137 288.156 398.11 21.9% 485.458
1Q09
1Q10
1Q11
1Q12
1Q13
Evolution of daily average number of shares traded
Multiplan shares are part of the following indexes: Brazil Index (IBRX), Tag Along Index (ITAG), Corporate Governance Index (IGC), Real Estate Index (IMOB), Mid-Large Cap Index (MLCX), MSCI Brazil Index Fund, FTSE EPRA/NAREIT Global Index, FTSE All World Emerging Index, FTSE All World EX US Index Fund, MSCI Emerging Markets Index, MSCI BRIC Index Fund, SPL Total International Stock Index and S&P Global ex-US Property Index.
Volume Mdio Negociado (Mdia de 15 dias)
Multiplan
Ibovespa
160.0 M 140.0 M
120.0 M
160 140
120
100.0 M 80.0 M 60.0 M 40.0 M 20.0 M Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
100 80 60 40 20 -
Spread analysis and volume: MULT3 and Ibovespa Index Base 100 = March 31st, 2012
MULT3 at BM&FBOVESPA Average closing price Closing price Average daily traded volume Market cap
1Q13 57.91 58.00 R$ 28.1 M R$ 10,393 M
1Q12 39.83 42.65 R$ 15.9 M R$ 7,643 M
Chg.% 45.4% 36.0% 77.3% 36.0%
40
1Q13
MULT3
On March 31 , 2013, 31.3% of the Companys shares were owned directly and indirectly by Mr. and Mrs. Peres. Ontario Teachers Pension Plan (OTPP) owned 29.1% and the free -float was equivalent to 39.0%. Shares held by management and in treasury totaled 0.6% of the outstanding shares. Total shares issued are 179,197,214.
st
Please note that this figure was prior to the follow on transaction, which closed in April, 2013. Prior and post follow on shareholders capital stock breakdown are disclosed below.
Mgmt+Treasury 0.6%
Mgmt+Treasury 0.6%
Free Float 39.0%

OTPP 29,1%
Common Stocks 22.5%

Pref erred Stocks 6.6%
Free Float 41.9%

OTPP 27.7%
Common Stocks 21.5%
Pref erred Stocks 6.2%
MTP+Peres 31.3%
MTP+Peres 29.8%
Shareholders capital stock breakdown on March 31st. 2013 (Prior to follow on) OTPP Ontario Teachers Pension Plan
Shareholders capital stock breakdown post follow on OTPP Ontario Teachers Pension Plan
41
1Q13
MULT3
15. Appendices
Operational and Financial Highlights

Performance Financial (MTE %) Gross revenue R$'000 Net revenue R$'000 Net revenue R$/m Net revenue USD/sq. foot Rental revenue (with straight line effect) R$'000 Rental revenue R$/m Rental revenue USD/sq. foot Monthly rental revenue R$/m Monthly rental revenue USD/sq. foot Net Operating Income (NOI) R$'000 Net Operating Income R$/m Net Operating Income USD/sq. foot Net Operating Income margin NOI per Share R$ Net Operating Income (NOI) + Key Money (KM) R$'000 NOI + KM R$/m NOI + KM USD/sq. foot NOI + KM margin NOI + KM per Share R$ Headquarter expenses R$'000 Headquarter expenses / Net revenues EBITDA R$'000 EBITDA R$/m EBITDA USD/sq. foot EBITDA margin EBITDA per Share R$ Adjusted net income R$'000 Adjusted net income R$/m Adjusted net income USD/sq. foot Adjusted net income margin Adjusted net income per share R$ FFO R$'000 FFO R$/m FFO US$'000 FFO USD/sq. foot FFO margin FFO per share R$ Dollar (USD) end of quarter 1Q13 245,923 223,547 439.6 20.2 164,002 322.5 14.8 107.5 4.9 169,281 332.9 15.3 87.2% 0.95 182,082 358.0 16.4 88.0% 1.02 19,860 8.88% 159,287 313.2 14.4 71.3% 0.89 73,865 145.2 6.7 33.04% 0.41 101,969 200.5 50,425 9.2 45.6% 0.57 2.0222 1Q12 346,026 323,349 789.0 40.1 128,089 312.5 15.9 104.2 5.3 132,147 322.4 16.4 87.8% 0.74 141,054 344.2 17.5 88.5% 0.79 25,561 7.91% 190,717 465.4 23.7 Chg.% 28.9% 30.9% 44.3% 49.7% 28.0% 3.2% 6.8% 3.2% 6.8% 28.1% 3.2% 6.7% 62 b.p 28.1% 29.1% 4.0% 6.0% 51 b.p 29.1% 22.3% 98 b.p 16.5% 32.7% 39.2%
59.0% 1,227 b.p 1.07 143,019 349.0 17.7 16.5% 48.4% 58.4% 62.4%
44.23% 1,119 b.p 0.80 160,282 391.1 87,739 19.9 49.6% 0.90 1.8268 48.4% 36.4% 48.7% 42.5% 53.7% 8.0% 36.4% 10.7%
42
1Q13
MULT3
Operational and Financial Highlights
Performance Market Performance Number of shares Common shares Preferred shares Avg. share price R$ Final share price R$ Average daily traded volume (R$ '000) Market cap (R$ '000) Gross debt (R$ '000) Cash (R$ '000) Net debt (R$ '000) P/FFO (Last 12 months) EV/EBITDA (Last 12 months) Net Debt/EBITDA (Last 12 months) 1Q13 179,197,214 167,338,867 11,858,347 57.91 58.00 28,115 10,393,438 1,851,216 225,376 1,625,840 22.7 x 20.6 x 2.8 x 1Q12 179,197,214 167,338,867 11,858,347 39.83 42.65 15,855 7,642,761 1,218,645 655,034 563,611 19.4 x 15.1 x 1.0 x Chg.% 0.0% 0.0% 0.0% 45.4% 36.0% 77.3% 36.0% 51.9% 65.6% 188.5% 17.4% 36.1% 168.1%
Performance Operational (100%) Final total GLA Final owned GLA Owned GLA % Adjusted total GLA (avg.) Adjusted owned GLA (avg.) Total sales R$'000 Total sales R$'000 R$/m Total sales USD/sq. foot Same Store Sales Same Area Sales Same Store Rent Same Area Rent Occupancy costs Rent as sales % Other as sales % Turnover Occupancy rate Delinquency (25 days delay) Rent loss 1Q13 698,685 522,661 74.8% 684,622 508,567 2,445,613 3,572 164 8.1% 8.8% 11.4% 9.7% 14.2% 8.1% 6.0% 0.4% 97.5% 2.2% 0.2% 1Q12 592,251 420,054 70.9% 577,836 409,830 2,050,575 3,549 180 8.2% 9.7% 11.9% 11.5% 14.0% 8.2% 5.8% 0.9% 97.2% 2.1% 0.3% Chg.% 18.0% 24.4% 388 b.p 18.5% 24.1% 19.3% 0.7% 9.1% 10 b.p 90 b.p 50 b.p 180 b.p 19 b.p 5 b.p 25 b.p 50 b.p 26 b.p 11 b.p 10 b.p
Adjusted GLA corresponds to the periods average GLA excluding 14.400 m of BIG supermarket at BarraShoppingSul
43
1Q13
MULT3
Consolidated Financial Statements (R$000)
1Q13 154,436 24,827 12,802 30,196 14,111 9,546 5 245,923 (22,377) 223,546 (19,860) (2,324) (24,897) (4,371) (2,509) (11,841) (450) 1,993 159,287 9,665 (40,038) (28,104) 100,810 (26,938) (3,443) (7) 70,422
1Q12 121,975 20,447 8,907 22,418 166,054 6,114 111 346,026 (22,677) 323,349 (25,561) (2,101) (18,360) (2,343) (5,982) (80,165) 1,064 816 190,717 20,058 (27,166) (17,263) 166,346 (22,079) (18,528) (1,248) 124,491
Chg. % 26.6% 21.4% 43.7% 34.7% 91.5% 56.1% 95.5% 28.9% 1.3% 30.9% 22.3% 10.6% 35.6% 86.6% 58.1% 85.2% na 144.2% 16.5% 51.8% 47.4% 62.8% 39.4% 22.0% 81.4% 99.4% 43.4%
1Q13 169,281 87.2% 182,083 88.0% 161,260 76.5% 159,287 71.3% 70,422 31.5% 73,865 33.0% 101,969 45.6%
1Q12 132,147 87.8% 141,054 88.5% 120,628 71.7% 190,717 59.0% 124,491 38.5% 143,019 44.2% 160,282 49.6%
44
1Q13
MULT3
Balance Sheet (R$000)
ASSETS Current Assets Cash and cash equivalents Short term investments Accounts receivable Land and properties held for sale Related parties Recoverable taxes and contributions Other Total Current Assets Non Current Assets Accounts receivable Land and properties held for sale Related parties Deposits in court Other Investments Investment properties Property and equipment Intangible Total Non Current Assets Total Assets LIABILITIES Current Liabilities Loans and financing Debentures Accounts payable Property acquisition obligations Taxes and contributions payable Dividends to pay Deferred incomes and costs Clients anticipation Other Total Current Liabilities Non Current Liabilities Loans and financing Debentures Deferred income and social contribution taxes Property acquisition obligations Taxes paid in installments Provision for risks Deferred incomes and costs Total Non Current Liabilities Shareholders' Equity Capital Capital reserves Profit reserve Share issue costs Shares in treasure department Capital transaction effects Proposed dividends Retained earnings Minority interest Total Shareholder's Equity Total Liabilities and Shareholders' Equity 31/03/2013 229,222 2,178 174,262 195,116 6,803 5,649 66,491 679,721 58,226 335,532 15,523 25,816 4,752 4,330 4,215,348 17,114 342,875 5,019,516 5,699,237 31/03/2013 125,621 1,575 184,322 44,350 23,013 106,997 55,485 9,913 5,062 556,338 1,357,301 300,000 106,075 44,020 510 22,880 44,500 1,875,286 1,761,662 967,597 568,725 (21,016) (47,584) (89,996) 58,726 69,361 138 3,267,613 5,699,237 31/12/2012 395,001 219,592 166,084 14,963 28,623 27,075 851,338 61,473 333,175 16,750 24,792 4,013 4,493 4,030,575 17,366 340,537 4,833,174 5,684,512 31/12/2012 106,928 7,425 185,325 50,093 19,126 106,997 49,929 18,373 5,232 549,428 1,385,281 300,000 101,934 50,497 579 24,663 66,790 1,929,744 1,761,662 965,271 626,696 (21,016) (37,408) (89,996) 131 3,205,340 5,684,512 % Change 42.0% na 20.6% 17.5% 54.5% 80.3% 145.6% 20.2% 5.3% 0.7% 7.3% 4.1% 18.4% 3.6% 4.6% 1.5% 0.7% 3.9% 0.3% % Change 17.5% 78.8% 0.5% 11.5% 20.3% 0.0% 11.1% 46.0% 3.2% 1.3% 2.0% 0.0% 4.1% 12.8% 11.9% 7.2% 33.4% 2.8% 0.0% 0.2% 9.3% 0.0% 27.2% 0.0% na na 5.3% 1.9% 0.3%
45
1Q13
MULT3
Glossary and Acronyms
Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from acquisitions and mergers and deferred taxes. Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m to be considered anchors. Brownfield: Expansion project. CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth rate, on an annualized basis. CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed in asset development, expansion or improvement. The capitalized value shows the variation of property and equipment plus depreciation. CAPEX can also refer to others investments then real estate, such as IT projects, hardware and other unrelated investments. CDI: (Certificado de Depsito Interbancrio or Interbank Deposit Certificate). Certificates issued by banks to generate liquidity. Its average overnight annualized rate is used as a reference for interest rates in Brazilian Economy. Debenture: debt instrument issued by companies to borrow money. Multiplans debentures are non-convertible, which means that they cannot be converted into shares. Moreover, a debenture holder has no voting rights. Deferred Income: Deferred key money and store buy back expenses. Seasonal Rent: Additional rent usually charged from the tenants in December, due to higher sales in consequence of Christmas and extra charges on the month. EBITDA Margin: EBITDA divided by Net Revenue. EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income (loss) plus expenses with income tax and social contribution on net income, financial result, depreciation and amortization. EBITDA does not have a single definition, and this definition of EBITDA may not be comparable with the EBITDA used by other companies. EPS: Earnings per Share. Net Income divided by the total shares of the Company minus shares held in treasury. Equity Pickup: Interest held in the subsidiary company will be shown in the income statement as equity pickup, representing the net income attributable to the subsidiarys shareholders. Expected Owned GLA: Multiplans interest in each shopping mall, including projects under development and expansions. Funds from Operations (FFO): Refers to the sum of adjusted net income, depreciation and amortization. GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding merchandising. Greenfield: Development of new shopping center projects. IBGE: The Brazilian Institute of Geography and Statistics. IGP-DI Adjustment Effect: Is the average of the monthly IGP-DI increase with a month of delay, multiplied by the percentage GLA that was adjusted on the respective month. IGP-DI: (ndice Geral de Preos - Disponibilidade Interna) General Domestic Price Index. Inflation index published by the Getlio Vargas Foundation, referring to the data collection period between the first and the last day of the month in reference, with disclosure date near the 20th of the following month. It has the same composition as the IGP-M (ndice Geral de Preos do Mercado), though with a different data collection period. IPCA (ndice de Preos ao Consumidor Amplo): Published by the IBGE (Brazilian institute of statistics), it is the national consumer price index, subject to the control of Brazils Central Bank. Key Money (KM): Key money is the money paid by a tenant in order to open a store in a shopping center. The key money contract when signed is accrued in the deferred revenue account and in accounts receivable, but its revenue is accrued in the key money revenue account in linear installments, only on the occasion of an opening, throughout the term of the leasing contract. Nonrecurring key money from new stores, of new developments or expansions (opened in the last 5 years), Operational key money from stores that are moving to a mall alread y in operation. Landbank: Areas acquired by Multiplan for future development. Management Fee: fee charged from tenants and partners/owners to pay for shopping center administrative expenses. Merchandising: leasing of space not usable for tenant stores in advertising campaigns and includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall. Minimum Rent (or Base Rent): Minimum fixed rent paid by a tenant for a lease contract. Some tenants sign contracts with no fixed base rent, and in that case minimum rent corresponds to a percentage of their sales. Mixed-use: Strategy based on the development of projects that integrate shopping centers with office and residential developments. Net Operating Income (NOI): Refers to the sum of the operating income (Rental revenue and shopping expenses) and income from parking operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also includes the key money revenues in the same period.
46
1Q13
MULT3
New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects, recorded as an expense in the income statement as determined by the CPC 04 pronouncement in 2009. New Projects Expenses for sale: Pre-operational expenses generated by real estate for sale activity, recorded as an expense in the income statement as determined by the CPC 04 pronouncement in 2009. NOI Margin: NOI divided by Rental Revenue and net parking revenue. Occupancy cost: Is the occupancy cost of a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund expenses). Occupancy rate: leased GLA divided by total GLA. Organic Growth: Revenue growth which is not generated by acquisitions, expansions and new areas added in the period. Overage Rent: The difference paid as rent (when positive), between the base rent and the rent consisting of a percentage of sales, as determined in the lease agreement. Owned GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplans interest in each ma ll. Parking Revenue: Parking revenue is the net result of parking fees collected by the shopping centers less the amounts transferred to the Companys partners and condominiums. Potential Sales Value (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the price of each of units offered for sale. Sales: Sales reported by the stores in each of the malls. Same Area Rent (SAR): Rent of the same area of the year before divided by the areas rent of the current year, excluding vacancy. Same Area Sales (SAS): Sales of the same area of the year before divided by the areas GLA minus vacancy. Same store Rent (SSR): Changes on rent collected from stores that were in operation in both of the periods compared. Same store Sales (SSS): Sales of stores that were in operation in that year. Satellite Stores: Smaller stores with no special marketing and structural features located by the anchor stores and intended for general retailing. Straight Line Effect: Accounting method meant to remove volatility and seasonality of the minimum lease revenue. The criterion adopted to account for revenue rent is based on straight-line revenues during the effectiveness of the contract, regardless of the receipt term. Tenant Mix: Portfolio of tenants strategically defined by the shopping center manager. TJLP: (Taxa de Juros de Longo Prazo, or Long Term Interest Rate). The usual cost of financing conceived by BNDES. TR: (Taxa Referencial, or Reference interest rate). Average interest rate used in the market. Turnover: GLA of operating malls leased in the period divided by total GLA of operating malls. Vacancy: GLA of a shopping center available for lease. Shopping Center Segments: Food Court & Gourmet Areas Includes fast food and restaurant operations Diverse Cosmetics, bookstores, hair salons, pet shops and etc Home & Office Electronic stores, decoration, art, office supplies, etc Services Sports centers, entertainment centers, theaters, cinemas, medical centers, banking, and etc. Apparel Women and men clothing, shoes and accessories stores
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1Q13 Earnings Release

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1Q13 Earnings Release

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Earnings Release First Quarter 2013

2008 452.9 283.1 247.2 237.2 74.0

2009 534.4 359.4 304.0 272.6 163.3

2010 662.6 424.8 350.2 368.2 218.4

2011 742.2 510.8 455.3 415.4 298.2

2012 1,048.0 606.9 615.8 515.6 388.1

686 573 474 381

584 473 457 381 359 334 166 106 24

Net Operating Income

Highlights (R$) A high quality portfolio result in

850 800 750 700 650 600 550 500 450

108,0% 100,0% 92,0% 84,0% 76,0% 68,0% 60,0%

SAS reaches 8.8% in 1Q13, and SSS accelerates to 8.1%

Double digit growth in SSR, reaching 11.4%

10.3% 7.0% 7.7% 9.4% 6.6%

10.4% 3.9% 3.9%

Same Area Sales

Same Store Sales

IGP-DI Adjustment Ef f ect

improved performance and efficiency

Shopping Center EBITDA up 33.7% to R$161.3 million and margin of 76.5%

1Q08-1Q13 CAGR: +26.2%

101.0% 96.0% 91.0%

1Q08-1Q13 CAGR: +27.3%

110.9 M 78.9 M 56.9 M 72.9% 1Q08 1Q09 1Q10 83.0% 87.9%

Shopping Center EBITDA

and lead to further growth.

Owned GLA: +20.2%

Rental revenue 164.0 M +28.0%

NOI + KM 182.1M +29.1%

SC EBITDA 161.3 M +33.7%

Net income 70.4 M +25.0%

2 - Variations on the Balance Sheet:

1Q13 107.7 M 70.6 M 28.7 M 6.9 M 213.9 M

74.2 18.9 12.4

Owned GLA: +20.2%

Expected owned GLA growth (1Q13-4Q13) in thousand m

Parque Shopping Macei

Parque Shopping Macei Construction works (February 2013)

Parque Shopping Macei Construction works (March 2013)

Parque Shopping Macei Construction works (February 2013)

RibeiroShopping Expansion VII - illustration and construction works (April 2013)

RibeiroShopping Expansion VIII - illustration and construction works (April 2013)

BarraShopping Expansion VII illustration

Shopping centers expansions under construction Project

Opening Dec-13 May-14

Morumbi Corporate Construction works (April 2013)

Diamond Tower and Rsidence du Lac - Artists rendering

Diamond Tower and Rsidence du Lac Construction works (April 2013)

Towers for Sale Project Diamond Tower Rsidence du Lac Total

Location BarraShoppingSul BarraShoppingSul

Type Condo Offices Residential

Opening 2H14 2H14

Area 13,800 m 9,960 m 23,760 m

%Mult. 100.0% 100.0% 100.0%

PSV 128.7 M 110.0 M 238.7 M

Average price/m 9,327 11,045 10,047

Potential Sales Value

National Total sales retail sales 1Q13/1Q12

Sales (R$)/m (stores under 1,000m)

Same Store Sales and Same Area Sales Evolution (year/year)

Satellite stores 13.7%

Same Store Sales Apparel Home & Office Miscellaneous