4Q15

Conference Call
4Q15

ir.multiplan.com.br
ri@multiplan.com.br
1

4Q15
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations
of the companys management and on available information. The company is under no obligation to update these statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to
qualify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,
market share and competitive position may differ substantially from those expressed or suggested by these forward-looking
statements. Many factors and values that may impact these results are beyond the companys ability to control. The reader/investor
should not make a 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 laws or
government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demands
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 prior warning.
Non-accounting information has not been reviewed by the external auditors.
In this release the company has chosen to present the consolidated data from a managerial perspective, in line with the accounting
practices in use until December 31, 2012, as disclosed on the next page.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia) and other
relevant information on our investor relations website www.multiplan.com.br/ir.

4Q15
Managerial Report

Multiplan is presenting its quarterly and annual results in a managerial format to provide the reader with a more complete perspective
on operational data. Please refer to the companys financial statements on its website www.multiplan.com.br/ir to access the
Financial Statements in compliance with the Brazilian Accounting Standards Committee CPC.
During fiscal year 2012, the Accounting Pronouncements Committee (CPC) issued the following pronouncements that impact the
companys activities and its subsidiaries, among others (i) CPC 18 (R2) Investment in affiliated companies, subsidiaries and in
joint control developments; (ii) CPC 19 (R2) Combined business. These pronouncements required their implementation for fiscal
years starting January 1st, 2013. Such pronouncements determine, among other issues, that developments controlled jointly be
recorded in financial statements via equity pick-up. In this case the company no longer consolidates proportionally the 50% interest
in Manati Empreendimentos e Participaes S.A., a company that owns a 75% interest in Shopping Santa rsula, and a 50% stake
in Parque Shopping Macei S.A., a company that owns a 100% interest in the shopping center of the same name. This report
adopted the managerial format and, for this reason, does not consider the requirements of CPCs 18 (R2) and 19 (R2). In this
manner, the information and/or performance analyses presented herein include the proportional consolidation of Manati
Empreendimentos e Participaes S.A. and Parque Shopping Macei S.A. For additional information, please refer to note 9.4 of the
Financial Statements dated December 31, 2015.

4Q15
Shopping Centers Sales
Evolution of tenants sales (R$ billion)
CAGR: +15.6%

Satellite
stores sales
(R$/m)

Evolution of Same Area Sales

(R$/m/year)

25,795 R$/m

+4.3 x

+4.5%

+1.8 x

4.2 B 5.1 B
3.1 B 3.6 B

6.1 B

7.5 B

8.5 B

+529 R$/m 18,910 R$/m

9.7 B

11.4 B

+1,518 R$/m

12.8 B 13.3 B

+12,1%

16,864 R$/m

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2013
SAS

2014

2015

2015
SAS

2015

Same Store and Same Area Sales growth (YoY)

Same Area Sales

Vendas na Mesm

Same Store Sales

12.0%
10.0% 9.7% 9.5% 9.4%
9.3%
12.0%
8.8%
8.8%
7.7% 8.0%
7.4%
7.0% 10.3% 7.7% 10.0% 9.7% 9.5% 9.4%
6.7%
9.3%
8.8%
8.8%
5.7%
5.7%
7.7%
7.7% 8.0%
7.4%
7.0%
6.7%
5.7%
5.7%
9.4%
9.4%
7.9%
7.5% 8.3% 8.2% 8.1% 8.5% 6.8% 8.1% 5.8% 8.4% 7.6% 8.3%
6.6%
6.1%
4.3%
9.4%
9.4%
2.8%
8.5% 6.8% 8.1%
8.4% 7.6% 8.3%
8.3%
8.2%
8.1%
7.9%
7.5%
6.6%
6.1%
5.8%
4.3% 1.2%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

Same Store Sal

10.3%

8.9% 8.9%

2.8% 2.7%
3.9%
2.7%
1.2% 0.6%
2.1%
0.6%
2Q15 3Q15

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Vendas na Mesma rea
Using 2013 as the base
Source: Multiplan

7.5%

7.6% 8.4% 7.4%

2011 2012 2013

Vendas nas Mesmas Lojas

4Q15
Tenant Mix Management
Same Store Sales (SSS) breakdown
Same Store
4Q15 Sales
x 4Q14
Anchor

et Area

Satellite

Turnover in GLA and as % of total GLA

20154Q15
x 2014
x 4Q14
Total

2015 x 2014

Anchor
Anchor Satellite
Satellite

Total
Total

Anchor

Satellite

Total

3.7%
3.2%

3.7%
3.2%

3.7%

3.7%

Food- Court
3.2%
& Gourmet
3.2%
Area

--

2.9%
Apparel 0.7%

0.2%

2.5%
2.9%

0.1%
0.7%

0.5%
0.2%

2.5%

0.1%

4.0%
Home & Office
0.0%

1.5%

11.3%
4.0%

4.6%
0.0%

7.1%
1.5%

11.3%

4.6%

8.5%
Miscellaneous
3.4%

5.0%

4.0%
8.5%

4.2%
3.4%

4.3%
5.0%

4.0%

4.2%

11.1%
Services 6.2%

6.9%

11.7%
11.1%

7.8%
6.2%

8.6%
6.9%

11.7%

7.8%

8.6%

2.1%

1.4%
1.6%

1.8%
2.2%

1.8%
2.1%

1.4%

1.8%

1.8%

1.6%
Total

2.2%

5.2%

5.2%

5.1%
35,438

0.5%

29,986 31,003
7.1%
2.1%
4.3%
1.8%

4.5%
4.0%

30,727

3.5%

3.0%
2.5%

1.9%

1.7%

2.0%
1.5%

2013

2014

2015

Turnover (%)

Breakdown of the mall GLA turnover during 2015, by retail segment

Vacancy (%)

SAS and SSS spread (%)

In

1.5%

60.8%

1.3%

50.1%

1.1%

19.4%
3.0% 5.3%

Source: Multiplan

34,001

5.0%

1.0%

2012

Turnover GLA (m)

Apparel

4.3%

1.3%
2011

Out

5.5%

4.8%

Services

9.4%

23.8%

0.1%

7.4%

4.8%

Home & Office

0.5%
16.0%

Miscellaneous

Food Court &

Gourmet Area

2011

2012

2013

2014

2015

SAS and SSS Spread (%)

5

4Q15
Selected Operational Data
Evolution of occupancy cost

Evolution of delinquency rate and rent loss

13.0% 13.0% 12.9% 12.7% 12.6%

12.7% 13.1% 13.1% 13.0% 13.1% 13.0%

1.8%

1.9%

1.9%

1.9%

1.5%

5.2% 5.3%
5.2%5.4%5.3%
5.3%
5.6% 4.9%
5.6%5.3%
5.4%
1.3%

0.8%

0.7%

0.4%

7.8% 7.8%
7.8%7.6%7.6%7.4%7.5%
7.7%
7.5% 7.6%
7.3%

2011

2011 3Q11
20123Q1220133Q132014
3Q10
3Q14 2015
3Q15
Rent as % of Sales
Rent as % of Sales

0.7%

Other as % of Sales
Other as % of Sales

2012

2013

2014

Delinquency Rate

2015

Rent Loss

Average occupancy rate: 2007 2015 (quarterly and year average)

99.0%
98.5%
98.0%
97.5%
97.0%

96.5%
2007

2008

2009

2010

Highest quarter
Source: Multiplan

2011
Lowest quarter

2012

2013

2014

2015

Average
6

4Q15
Gross Revenue Analysis
Real estate for sale revenues
Gross revenue (subtotal)

Gross revenue growth (R$)

355.5 M

-6.2%

32.5 M

Gross revenue breakdown: 2015

333.6 M

1.5 M
+2.8%

Services 9.2%
332.1 M

323.0 M

333.6 M
1.5 M

Key Money
Parking 14.7%
2.1%
Real Estate for
Sale 1.6%

Straight Line
Effect 0.7%

4Q14
4Q15
Real estate for sale revenues

Others 0.4%

Rental revenue
71.5%

Gross revenue (subtotal)

Real Estate for Sale Revenues

332.1 M

Gross revenue (subtotal)

1,245.0 M

-3.2%

117.3 M

4Q15

1,205.2 M
18.9 M
Base rent
88.1%

+5.2%
1,127.7 M

1,186.4 M

2014
2015
Real Estate for Sale Revenues

Gross revenue (subtotal)

1,205.2 M
Source: Multiplan

Merchandising
7.6%

Overage 4.3%

4Q15
Rental Revenue Analysis
Rental revenue growth breakdown (R$)

Evolution of Morumbi Corporate rental revenue (R$)

+63.1%

+7.8%

+9.4%

2015: 65.7 M

+3.9%

2014: 40.3 M
801.3 M

2.3 M

2.9 M

55.1 M

861.6 M

17.2 M
13.4 M

19.0 M

14.5 M 15.0 M

10.1 M 11.1 M

+7.5%

5.6 M
1.3 M
Rental
revenue 2014

Base rent

Overage

Merchand.

Rental
revenue 2015

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

Evolution of Same Store Rent

IGP-DI
Adjustment
Effect Effect
IGP-DI
Adjustment

14.5%
14.5%

4.8%
4.8%

11.9%
11.9%
3.9%

3.9%

9.3%

9.3%

7.7%

4Q11

1Q12

4Q11

7.7%

1Q12

Source: Multiplan

Real SSR

11.4% 11.4%
11.4%
11.4%
8.6%
8.0%
8.0%
7.7%
8.6%
3.5%
4.3%
8.0%
7.7%
3.9%
3.5%
4.3%
2.6%
3.9% 1.8%
0.6%
1.2%
2.6%
0.6%
1.8%
7.6%
7.4%
6.8%
6.7%
6.3%
5.9%
5.7%

10.4%
10.4%

6.3%

2Q12

2Q12

5.7%

3Q12

3Q12

5.9%

4Q12

6.8%

1Q13

4Q12

2Q13

1Q13

7.4%

3Q13

2Q13

7.6%

4Q13

3Q13

10.1%
6.8%
8.0%

10.1%
8.8%

0.9%
1.2%
5.9%
6.7%

4.1%
6.8%

2.7%
4.1%

0.9%
5.8%
5.9%

5.9%

1Q14

2Q14

3Q14

4Q13

1Q14

5.8%

2Q14

Real SSR

9.2%

9.5%

3.4%

4.1%

9.2% 7.0%9.5%6.8%
6.2% 6.8%Average Real SSR
7.0%
6.2%
3.4% 2.4%4.1%2.4%
2.7%
0.3%
2015:
2.4%
2.4%
2.4%
0.3%
5.9%
5.6%
5.2%
4.5%
4.4%
5
years:
3.2%
5.9%
5.9%
5.6%
5.2%
4.5%
4.4%
Since IPO: 3.5%
4Q14
1Q15
2Q15
3Q15
4Q15
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
8.8%

4Q15
Expenses Analysis
Evolution of G&A expenses (R$)
and as a % of net revenue

-5.5%

+6.5%

+6.7%

32.8 M 32.6 M 33.4 M

31.3 M

Evolution of shopping center expenses (R$)

and as a % of shopping center revenues

117.0 M

-5.2%
124.6 M

29.3 M
23.0 M 22.0 M

25.7 M
12.7%

9.7%

9.7%

4Q14

1Q15

28.4 M 27.7 M

2Q15

12.4%

3Q15

11.2%

8.3%

4Q15

2014

10.7%

10.0%

9.3%

4Q14

1Q15

2Q15

12.7%

11.6%
9.3%

2015

3Q15

4Q15

9.7%

2014

2015

Evolution of new projects for lease expenses (R$)

-32.3%

+12.5%

+48.4%

15.4 M

14.8 M

5.7 M

13.1 M
10.5 M

3.2 M

1.3 M

1Q15

5.4 M

3.6 M
2.4 M

4Q14

101.1 M

6.5%

Evolution of office towers for lease (R$)

-58.0%

106.6 M

2Q15

Considers mall and parking revenues

Source: Multiplan

3Q15

4Q15

2014

2015

4.7 M
2.9 M

1.9 M

1.8 M

4Q14

1Q15

2Q15

3Q15

4Q15

2014

2015
9

4Q15
Evolution of Margins

90.4%

89.6%

85.7%

67.3%
64.0%

61.4%

40.3%

2012

NOI + Key Money Margin

Source: Multiplan

70.2%

72.7%

48.9%

48.9%

32.6%

33.4%

43.6%
29.1%

2011

89.6%

62.4%

53.6%
44.1%

87.9%

2013
Consolidated EBITDA Margin

2014
FFO Margin

2015
Net Income Margin

10

4Q15
Net Operating Income (NOI)
Evolution of Net Operating Income (NOI) + Key Money (R$) and margin (%)
+6.0%

CAGR: +13.2%

258.2 M
203.7 M

883.0 M

273.6 M

203.7 M

4Q11

89.6%

4Q12

644.7 M

550.0 M

166.6 M
94.2%

+8.7%

CAGR: +14.9%

84.1%

88.1%

90.1%

4Q13

4Q14

4Q15

90.4%

744.1 M

89.6%

2011

959.7 M

2012

85.7%

87.9%

89.6%

2013

2014

2015

NOI + Key Money per share (R$) and cap rate

6.00

4.69

5.00
4.00

3.61

3.96

5.09
10.5%

3.09
8.1%

3.00

7.5%

6.6%

2.00

5.2%

1.00
-

Dec/11

Dec/12

Dec/13

NOI + Key Money per share

Shares outstanding at the end of each period, adjusted for shares held in treasury
EV considering the year-end share price and net debt
Source: Multiplan

Dec/14

0.14
CAGR:
0.13
+13.3%
0.12
0.11
0.10
0.09
0.08
0.07
0.06
0.05
0.04

Dec/15

NOI/EV (cap rate)

11

4Q15
EBITDA
Evolution of Consolidated EBITDA (R$) and margin (%)
3,7 x

- 0.6%
CAGR: +17.8%
615.8 M

793.7 M

789.2 M

70.2%

72.7%

2014

2015

610.7 M

455.3 M
304.0 M

212.2 M
63.1%

247.2 M
60.1%

63.0%

2007

2008

2009

350.2 M
67.3%

64.0%

62.4%

2012

2013

57.9%
2010

Consolidated EBITDA

2011

Consolidated EBITDA Margin

Property EBITDA(R$) and margin (%)

Consolidated EBITDA (R$) and margin (%)

+3,8%

-0.6%

+1,5%
223.8 M

227.3 M

793.7 M

4Q14

70.2%

4Q15

+5,2%
220.7 M

75.9%
69.4%

789.2 M

2014

72.7%

75.3%

2015

4Q14

782.5 M

812.3 M

76.4%

76.0%

2014

2015

232.1 M

77.8%

4Q15

Property EBITDA: EBITDA considers Multiplans core business, leasing activities. The metric excludes real estate for sale activity and future developments expenses. The calculation includes headquarters
expenses, stock options and taxes: proportional to the property revenues as a percentage of gross revenue.
Source: Multiplan

12

4Q15
FFO
Evolution of FFO (R$) and margin (%)
CAGR:+7.6%
552.9 M

530.7 M

43.6%

48.9%

48.9%

2013

2014

2015

515.6 M
368.2 M

426.2 M

415.4 M
61.4%

60.9%

2010

53.6%

2011

2012
FFO (R$)

FFO Margin (%)

FFO per share (R$)

2.94

2.89
2.06

0.59
Dec-10

2.33

Dividend and FFO Yield (%)

2.83

2.27

7.4%
CAGR:
+6.5%

5.6%

6.1%

6.1%
4.8%

0.74

Dec-11

0.89

0.87

0.93

0.47
Dec-12

FFO per share (4Q)

Dec-13

Dec-14

Dec-15

FFO per share (LTM)

Shares outstanding at the end of each period, adjusted for shares held in treasury
Share prices at the end of each period.
Source: Multiplan

4.5%

3.1%
CAGR:
+9.4%

1.6%

2010

2.2%

2011

1.7%

1.4%

2012

2013

Dividend Yield

2.0%

2014

2015

FFO Yield

13

4Q15
Net Income
Evolution of net income (R$) and margin (%)
CAGR:+10.6%
388.1 M
298.2 M

368.1 M

362.2 M

29.1%

32.6%

33.4%

2013

2014

2015

284.6 M

218.4 M
36.1%

2010

44.1%

2011

40.3%

2012

Net Income (R$)

Net Income Margin

Evolution of dividends (R$)

64.7%
50.0%

52.8%

50.0%

50.0%

50.0%
225.0 M

149.0 M
102.9 M

183.7 M

174.9 M
135.0 M

2010
2011
2012
2013
2014
2015
Dividend distribution including Interest on Shareholders' Equity (R$)
Total payout as a % of net income after legal reserve
Source: Multiplan

14

4Q15
Debt and Cash
Cash generation and debt position (R$)
as of December 31, 2015
2,307.9M
1,925.8M

Net Debt
= 2.44x
EBITDA (LTM)

789.2M

530.7M

382.1M

Cash

Gross
Debt

Net Debt

Multiplan debt indices

on December 31, 2015

EBITDA
(LTM)

FFO
(LTM)

Financial position analysis

December 31, 2015

IGP-M Others
TJLP 0.9% 2.5%
4.7%
Dec. 31, 2015 Sep. 30, 2015

Financial Position Analysis

Net Debt/EBITDA
Gross Debt/EBITDA
EBITDA/Financial Expenses
Net Debt/Fair Value
Net Debt/Equity
Net Debt/Market Cap
Weighted Average Maturity (Months)

2.44x
2.92x
3.24x
12.0%
46.0%
26.7%
53

2.42x
2.75x
3.35x
12.0%
45.5%
CDI
23.6%
51.5%
47

TR
40.4%

All of Multiplans debt is in local

currency Brazilian Reais

Weighted average cost of funding vs. Selic rate (% p.a.)

12.75%

9.08%

8.95%

9.20%

9.34%

9.00%
7.25%

7.25%

8.00%

Dec-12

Mar-13

Jun-13

Sep-13

9.87%

10.00%

Dec-13

10.41%
10.75%

Mar-14

10.50%
11.00%

11.00%

Jun-14

Sep-14

Multiplan Cost of Funding (gross debt)

EBITDA and Financial Expenses are the sum of the last 12 months
Source: Multiplan and BCB (Banco Central do Brasil)

10.54%

13.75%

14.25%

14.25%

12.81%

13.09%

11.75%
10.96% 11.53%

Dec-14

Mar-15

12.29%

Jun-15

Sep-15

Dec-15

Selic Rate

15

4Q15
Debt Amortization Schedule and Covenants
Covenants

Evolution of Net Debt/EBITDA and its lowest covenant

4.00x

4.00x
3.50x
3.00x
2.50x
2.00x
1.50x
1.00x
0.50x
0.00x

3.00x

3.25x

3.25x

3.50x

5.00x
4.00x

2.44x

3.03x

2.36x

2.44x

3.00x
2.00x

0.98x

1.00x
0.00x
2011

2012

2013

Lowest Covenant

2014

2015

Covenant
Net Debt/EBITDA
EBITDA / Financial Results
Total Debt / Total Asset
EBITDA Margin
Total Debt / Shareholders Equity

<= 4.00x
>= 2.00x
<= 0.50x
>=20.0%
<= 1.00x

2.44x
4.22x
0.33x
75.9%
0.55%

Debt
Volume
1,228.1 M
768,1 M
123,9 M
123,9 M
65,5 M

Status
Comply
Comply
Comply
Comply
Comply

1,352.0 M

Net Debt / EBITDA

Debt amortization schedule (R$)

2016

2016
10.1%

208 M

2018
263 M

2020

12 M
199 M

255 M

2021
2019
20.0%

28 M 236 M
392 M

2019
2018
17.5%

53 M 12 M 234 M

169 M

2017
2017
10.2%

2020
19.7%

Dec-15

Total debt with financial covenants

Debt amortization schedule (%)

> 2020
22.5%

Limit

155 M

199 M

404 M
462 M
454 M

- 155 M

2022

95 M

95 M

2023

95 M

95 M

Loans and financing (banks)

EBITDA and Financial Results are the sum of the last 12 months
Source: Multiplan

2024

85 M

85 M

Obligations from acquisition of goods (land and minority interest)

2025

88 M

88 M

Debentures

16

4Q15
MULT3 Performance
Evolution of Average Daily Traded Volume

Indexes

Average daily traded volume (R$)

Average daily traded volume in number of shares

809,890
640,868
492,683
359,710
264,490

38.6 M
31.7 M

26.5 M

17.4 M

8.9 M

2011

2012

2013

2014

2015

Since IPO: MULT3, MULT3 Volume and Bovespa Index

Traded Volume (15 day average)

Multiplan
+52.2%

Ibovespa
-19.6%

60.0 M

270
50.0 M
220

40.0 M
170

Source: Bloomberg

30.0 M

120

20.0 M

70

10.0 M

20
Jul-07

0.0 M
Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

17

4Q15
Fair Value Analysis
Evolution of Fair Value (R$)

Enterprise Value and Fair Value (R$)

Future projects (not disclosed)

Properties under development (disclosed)
Properties in operation

Fair
Value

Fair Value

17.5 B

Enterprise Value (EV)

Discount of Enterprise Value (EV) / Fair Value

16.0 B
14.7 B

15.0 B

13.0 B

12.3 B

12.5 B

12.3 B

16.0 B

16.0 B

14.6 B
11.3 B

10.9 B

10.0 B

9.1 B

7.3 B

7.5 B

6.4 B

5.0 B

78.6%

93.0%

2.5 B

75.2%
29.2%

19.6%

2010

2011

2012

2013

2014

2010

2015

2011

2012

2013

Market Cap vs. Enterprise Value (EV)

vs. Fair Value on December 31, 2015

Fair Value per share (R$)

46.9%

2014

2015

Growth of Fair Value, NOI and owned

GLA (Base 100: 2010)
Fair Value - properties in operation
NOI - properties in operation
Owned GLA - properties in operation

84.99

82.45

16.0 B

85.30

78.06

197

+75.2%

73.21

163

9.1 B

68.87

143

7.2 B

120
100

2010

2011

2012

2013

2014

2015

Market Value

Enterprise
Value (EV)

Fair Value

Calculated according to CPC 28. Details are available in the December 31, 2015 Financial Statements and 4Q15 Earnings Report.
Based on stock price in December 31, 2015.
The sum of Market Cap and Net Debt.
Source: Multiplan

217

2010

111
111
2011

140
138

2012

160

166

168

162

160

2014

2015

145

2013

18

4Q15
Expansions and Mixed-Use Concluded in 2015
Ptio Savassi Expansion (Belo Horizonte)

Projects concluded in 2015

7,711 m of expansions concluded in the
following shopping centers:
BarraShoppping (Medical Center) Rio de Janeiro
MorumbiShopping So Paulo

ParkShoppingBarigi - Curitiba
PtioSavassi Belo Horizonte
ShoppingAnliaFranco So Paulo
BarraShopping Medical Center Expansion (Rio de Janeiro)
23,760 m of sold private area delivered in

BarraShoppingSul Complex, in Porto Alegre:

Diamond Tower (condo-offices tower)
Rsidence du Lac (residential tower)

... and a new greenfield project is underway,

detailed in the next page.
Project illustration
Source: Multiplan

19

4Q15
Greenfield Under Construction in 2015

The projects foundation was

concluded and the structure phase
was initiated.

Total GLA: 48,000 m

Multiplans stake: 80.0%
Leased area (GLA): 71%
Expected opening: April, 2017
CAPEX(1): R$359.3M
Key Money(1): R$26.5M
3rd year NOI(2): R$36.0M
3rd year NOI yield(2): 10.8%
(1) Considering Multiplans interest in CAPEX of 94.7%
(2) Considering Multiplans interest of 80.0%

Construction works in January, 2016

Source: Multiplan

20

4Q15

IR Contact
Armando dAlmeida Neto
CFO and IRO

Hans Melchers
Investor Relations and Planning Director

Franco Carrion
Investor Relations Manager

Carolina Weil
Investor Relations Analyst

Leandro Vignero
Investor Relations Analyst

Tel.: +55 (21) 3031-5224

Fax: +55 (21) 3031-5322
E-mail: ir@multiplan.com.br
http://www.ir.multiplan.com.br