RDI 407 - 2011 - RJO - Relat

Quartely Information - ITR
Multiplan Empreendimentos
Imobiliários S.A.
September 30, 2011
with Review Report of Independent Auditors
MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.
Quartely Information - ITR

September 30, 2011
Contents
Review report of independent auditors ................................................................................1
Interim financial statements
Balance sheets of the company and consolidated ..............................................................4

Statements of operations of the company and consolidated ...............................................6
Statements of changes in shareholder‟s equity of the company and consolidated ..............8
Statements of cash-flow of the company and consolidated ...............................................11
Statements of value added of the company and consolidated...........................................12
Notes to the financial statements ......................................................................................14
Centro Empresarial Botafogo
Praia de Botafogo nº 300 - 13º andar
22250-040 - Rio de Janeiro - RJ - Brasil
Tel: (5521) 2109-1400
Fax: (5521) 2109-1600
www.ey.com.br
A free translation from Portuguese into English of Independent Auditor‟s Review Report on
interim financial information prepared in accordance with accounting practices adopted in
Brazil
Review report on quarterly information

The Board of Directors and Officers
Multiplan Empreendimentos Imobiliários S.A.
Rio de Janeiro - RJ
Introduction
We have reviewed the individual and consolidated interim financial information contained
in the Quarterly Financial Information (ITR) of Multiplan Empreendimentos Imobiliários
S.A. (“Company”) as of September 30, 2011, comprising the balance sheet at September
30, 2011 and the related statements of income for the three-month and nine-month
periods then ended, and the changes in equity and of cash flows for the nine-month period
then ended, including the main accounting policies and explanatory notes.
Management is responsible for the preparation of the individual interim financial

information in accordance with CPC 21 - Interim Financial Reporting, and of the
consolidated interim financial information in accordance with CPC 21 and with IAS 34 -
Interim Financial Reporting, which also considers Guideline OCPC 04 on the application of
Technical Interpretation ICPC 02 to real estate development entities in Brazil, issued by
the Brazilian FASB (Comitê de Pronunciamentos Contábeis - CPC) and approved by the
Brazilian Securities Commission (Comissão de Valores Mobiliários - CVM) and by Brazil‟s
National Association of State Boards of Accountancy (Conselho Federal de Contabilidade
- CFC), as well as for the fair presentation of this information in conformity with the
standards issued by the Brazilian Securities Commission applicable to the preparation of
Quarterly Financial Information (ITR). Our responsibility is to express a conclusion on this
interim financial information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on

Review Engagements (NBC TR 2410 - Review of Interim Financial Information Performed
by the Independent Auditor of the Entity, and ISRE 2410 - Review of Interim Financial
Information Performed by the Independent Auditor of the Entity, respectively). A review of
interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion
.
1 Uma empresa-membro da Ernst & Young Global Limited

Conclusion on the individual and consolidated interim financial information
prepared in accordance with CPC 21
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying individual and consolidated interim financial information included in the
Quarterly Financial Information (ITR) referred to above is not fairly presented, in all
material respects, in accordance with CPC 21 applicable to the preparation of Quarterly
Financial Information (ITR), consistently with the standards issued by the Brazilian
Securities Commission.
Conclusion on the consolidated interim financial information prepared in

accordance with International Financial Reporting Standards (IFRS) applicable to
real estate development entities in Brazil and approved by the Brazilian FASB (CPC),
by the Brazilian Securities Commission (CVM) and by the National Association of
State Boards of Accountancy (CFC)
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial information included in the Quarterly
Financial Information (ITR) referred to above is not fairly presented, in all material
respects, in accordance with CPC 21 and IAS 34, which considers Guideline OCPC 04 on
the application of Technical Interpretation ICPC 02 to real estate development entities in
Brazil, issued by the Brazilian FASB (CPC) and approved by the Brazilian Securities
Commission (CVM) and by Brazil‟s National Association of State Boards of Accountancy
(CFC), applicable to the preparation of Quarterly Financial Information (ITR), consistently
with the standards issued by the Brazilian Securities Commission.
Emphasis of a matter
As mentioned in Note 2, the individual and consolidated financial statements were

prepared in accordance with accounting practices adopted in Brazil (CPC 21). The
consolidated financial statements prepared in accordance with IFRS applicable to real
estate development entities also consider OCPC Guideline No. 4, issued by the Brazilian
FASB (CPC), which addresses revenue recognition by this industry segment, as detailed
in Note 2.5.
Some matters referring to the meaning and application of the concept of continuous
transfer of risks, rewards and control in connection with real estate sales will be analyzed
by the International Financial Reporting Interpretation Committee (IFRIC). The outcome of
this analysis may lead real estate development entities to review their accounting practices
concerning revenue recognition.
2
Other matters
Interim statements of value added
We have also reviewed the individual and consolidated interim statements of value added
for the nine-month period ended September 30, 2011, the presentation of which in the
interim financial information is required by the standards issued by the Brazilian Securities
Commission (CVM) applicable to the preparation of Quarterly Financial Information (ITR),
and considered as supplementary information under the IFRS, whereby no statement of
value added presentation is required. These statements have been subject to the same
review procedures previously described and, based on our review, nothing has come to
our attention that causes us to believe that they have not been fairly prepared, in all
material respects, in relation to the individual and consolidated interim financial information
taken as a whole.
Rio de Janeiro, November 7, 2011
ERNST & YOUNG TERCO

Auditores Independentes S.S.
CRC - 2SP 015.199/O-6 - F - RJ
Márcio F. Ostwald Roberto Martorelli

Accountant CRC - 1RJ 086.202/O-4 Accountant CRC-1RJ 106.103/O-0
3
A free translation from the Original in Portuguese

Balance sheets
September 30, 2011 and December 31, 2010
(In thousands of reais)
September 30, 2011 December 31, 2010

Company Consolidated Company Consolidated
Assets
Current
Cash and cash equivalents (Note 3) 490,725 532,860 764,694 794,839
Accounts receivable (Note 4) 164,017 179,108 167,210 180,122
Sundry loans and advances (Note 5) 16,933 19,162 14,808 17,177
Recoverable taxes and contributions (Note 6) 63,817 66,444 19,156 21,892
Others 12,760 12,929 14,100 14,153
Total current assets 748,252 810,503 979,968 1,028,183
Noncurrent
Long-term receivables
Accounts receivable (Note 4) 34,029 36,767 32,676 36,154
Land and properties held for sale (Note 7) 32,897 77,060 33,183 33,183
Sundry loans and advances (Note 5) 18,120 10,038 76,898 8,658
Receivables from related parties (Note 19) 148 74 149 75
Deferred income and social contribution taxes (Note 8) - - 7,545 8,737
Deposits in court (Note 18) 23,784 24,901 22,291 23,200
Others - 11 - 11
108,978 148,851 172,742 110,018
Investments (Note 9) 186,671 10,799 91,164 12,018

Goodwill (Note 10) 48,573 - 49,400 -
Investment properties (Note 10) 2,614,958 2,922,756 2,191,003 2,496,675
Fixed assets (Note 11) 12,063 18,395 11,864 18,504
Intangibles (Note 12) 317,154 318,218 319,505 320,588
Total noncurrent assets 3,288,397 3,419,019 2,835,678 2,957,803
Total assets 4,036,649 4,229,522 3,815,646 3,985,986
4
Liabilities
Current
Loans and financing (Note 13) 51,089 51,089 61,798 61,798
Accounts payable 97,321 104,117 70,158 79,384
Property acquisition obligations (Note 15) 33,150 38,892 41,989 41,989
Taxes and contributions payable 50,539 57,301 18,918 25,900
Proposed dividends (Note 21) - - 51,469 51,469
Deferred incomes (Note 20) 28,534 38,326 31,828 42,163
Payables to related parties (Note 19) - 450 - 94,274
Taxes paid in installments (Note 16) - 297 - 290
Clients antecipation - - 10,879 10,879
Debentures (Note 14) - - 100,709 100,709
Others 2,668 3,170 1,901 1,987
Total current 263,301 293,642 389,649 510,842
Noncurrent
Loans and financing (Note 13) 402,622 402,622 246,378 246,378
Property acquisition obligations (Note 15) 82,252 102,949 98,961 98,961
Taxes paid in installments (Note 16) - 952 - 1,122
Provision for contingencies (Note 17) 20,726 21,338 20,852 21,662
Deferred income and social contribution taxes (Note 8) 41,103 40,408 - -
Deferred incomes (Note 20) 149,779 168,766 113,918 141,570
Total noncurrent liabilities 696,482 737,035 480,109 509,693
Shareholders‟ equity (Note 21)

Capital 1,761,662 1,761,662 1,761,662 1,761,662
Share issue costs (21,016) (21,016) (21,016) (21,016)
Shares in treasure department (40,340) (40,340) (34,769) (34,769)
Capital reserve 968,237 968,237 969,186 969,186
Profit reserve 408,323 405,958 270,825 268,060
3,076,866 3,074,501 2,945,888 2,943,123
Non-controllers‟ interest - 124,344 - 22,328

Total shareholders‟ equity 3,076,866 3,198,845 2,945,888 2,965,451
Total liabilities 4,036,649 4,229,522 3,815,646 3,985,986
See accompanying notes.
5
Statements of operations
Three-month and nine-month periods ended at September 30, 2011 and 2010
(In thousands of reais, except basic and diluted earnings per share, in reais)
Company
07/01/2011 to 01/01/2011 to 07/01/2010 to 01/01/2010 to
09/30/2011 09/30/2011 09/30/2010 09/30/2010
Gross revenues from sales and services

Leases 111,222 326,891 97,370 287,344
Parking 9,474 27,144 8,002 22,990
Services 23,246 63,429 18,335 53,844
Key Money 6,598 19,986 4,484 16,810
Sale of properties 10,515 32,575 13,719 34,975
Others 676 1,401 587 2,080
161,731 471,426 142,497 418,043
Taxes and contributions on sales and services (13,545) (39,715) (11,094) (35,035)
Net revenues 148,186 431,711 131,403 383,008
Operating income (expenses)

General and administrative expenses (headquarters) (18,196) (50,382) (21,959) (56,692)
General and administrative expenses (shopping malls) (9,320) (28,515) (8,729) (28,747)
Expenses with projects for lease (2,131) (8,732) (13,127) (30,128)
Expenses with projects for sale (1,858) (3,966) (796) (1,566)
Management fees (Note 26) (2,766) (11,932) (2,747) (13,026)
Stock-option-based remuneration expenses (Note 21) (2,040) (5,549) (1,382) (3,926)
Cost of properties sold (9,774) (33,156) (7,420) (19,797)
Equity in earnings of affiliates (Note 9) 1,526 10,291 4,735 5,115
Net Financial result (Note 22) 8,630 25,354 14,788 33,210
Depreciation and amortization (13,329) (39,008) (9,341) (27,559)
Other operating income 950 3,249 (12,547) (11,149)
Income before income and social contribution taxes 99,878 289,365 72,878 228,743
Income and social contribution taxes (Note 8) (15,122) (51,750) - -

Deferred income and social contribution taxes (Note 8) (18,994) (48,648) (26,919) (84,165)
Net income for the period 65,762 188,967 45,959 144,578
Basic earnings per share (Note 27) - 1.0612 - 0.8115
Diluted earnings per share (Note 27) - 1.0605 - 0.8113
6
Statements of operations (Continued)
Three-month and nine-month periods ended at September 30, 2011 and 2010
(In thousands of reais, except basic and diluted earnings per share, in reais)
Consolidated
07/01/2011 to 01/01/2011 to 07/01/2010 to 01/01/2010 to
09/30/2011 09/30/2011 09/30/2010 09/30/2010
Gross revenues from sales and services
Leases 117,351 345,009 102,084 301,801
Parking 19,775 57,374 16,825 48,325
Services 23,644 64,056 18,347 54,133
Key Money 9,802 29,009 8,384 25,913
Sale of properties 10,515 32,575 13,719 34,975
Others 731 1,453 591 2,140
181,818 529,476 159,950 467,287
Taxes and contributions on sales and services (16,160) (47,323) (13,438) (41,300)
Net revenues 165,658 482,153 146,512 425,987
Operating income (expenses)

General and administrative expenses (headquarters) (18,189) (50,720) (21,997) (57,110)
General and administrative expenses (shopping malls) (15,378) (48,054) (14,990) (46,571)
Expenses with projects for lease (2,537) (9,278) (13,145) (30,192)
Expenses with projects for sale (4,497) (6,973) (795) (1,566)
Management fees (Note 26) (2,766) (11,932) (2,747) (13,026)
Stock-option-based remuneration expenses (Note 21) (2,040) (5,549) (1,382) (3,926)
Cost of properties sold (9,852) (33,234) (7,420) (19,797)
Equity in earnings of affiliates (Note 9) 141 1,523 1,777 (3,174)
Net Financial result (Note 22) 8,813 27,984 15,359 34,929
Depreciation and amortization (15,134) (44,392) (10,755) (31,750)
Other operating income 1,020 3,614 (12,801) (11,401)
Income and social contribution taxes (Note 8) (17,313) (57,867) (1,676) (4,590)
Deferred income and social contribution taxes (Note 8) (19,329) (49,144) (27,001) (84,409)
Income before non-controllers‟ interest 68,597 198,131 48,939 153,404
Non-controllers‟ interest (3,329) (8,069) (2,585) (7,369)
Net income for the period 65,268 190,062 46,354 146,035
Basic earnings per share (Note 27) - 1.0674 - 0.8197

Diluted earnings per share (Note 27) - 1.0666 - 0.8195
7
Statements of changes in shareholders equity of the company
Nine-month periods ended September 30, 2011 and 2010
Company
Capital reserve Profit reserve
Treasury Stock options Special goodwill Goodwill reserve on Legal Expansion Earnings
Capital Share issue costs shares granted reserve on merger issuance of shares Reserve reserve (accumulated) Total
Balances at December 31, 2009 1,745,097 (20,837) (4,624) 29,266 186,548 745,877 10,645 115,305 - 2,807,277
Capital increase 16,565 - - - - - - - - 16,565

Share issue costs - (179) - - - - - - - (179)
Stock options granted - - - 1,164 - - - - - 1,164
Net income for the period - - - - - - - - 46,546 46,546
Balances at March 31, 2010 1,761,662 (21,016) (4,624) 30,430 186,548 745,877 10,645 115,305 46,546 2,871,373
Exercise of stock options - - 2,784 1,918 - - - - - 4,702

Payment of supplementary dividends - - - - - - - - (20,367) (20,367)
Balances at June 30, 2010 1,761,662 (21,016) (1,840) 33,728 186,548 745,877 10,645 115,305 78,252 2,909,161
Repurchase of shares to be held treasury (Note 21.e) - - (3,611) - - - - - - (3,611)

Balances at September 30, 2010 1,761,662 (21,016) (5,451) 35,110 186,548 745,877 10,645 115,305 124,211 2,952,891
Balances at December 31, 2010 1,761,662 (21,016) (34,769) 34,941 186,548 747,697 21,481 249,344 - 2,945,888
Repurchase of shares to be held in treasury (Note 21.e) - - (5,974) - - - - - - (5,974)

Utilization of shares held in treasury department for payment
of stock options exercised - - 664 - - (117) - - - 547
Balances at March 31, 2011 1,761,662 (21,016) (40,079) 36,286 186,548 747,580 21,481 249,344 62,435 3,004,241
Repurchase of shares to be held in treasury (Note 21.e) - - (8,416) - - - - - - (8,416)

of stock options exercised - - (15,334) - - (6,339) - - - 8,995
Stock options granted - - - 2,164 - - - - 2,164
Payment of supplementary dividends - - - - - - - - (51,469) (51,469)
Balances at June 30, 2011 1,761,662 (21,016) (33,161) 38,450 186,548 741,241 21,481 249,344 71,736 3,016,285
Repurchase of shares to be held treasury (Note 21.e) - - (7,335) - - - - - - (7,335)

of stock options exercised - - 156 - - (42) - - - 114
Balances at september 30, 2010 1,761,662 (21,016) (40,340) 40,490 186,548 741,199 21,481 249,344 137,498 3,076,866
8
Statements of changes in shareholders equity of the consolidated
Nine-month periods ended in September 30, 2011 and 2010
Consolidated
Special Goodwill Proposal for
Goodwill reserve goodwill reserve on Adjustments payment of Non-
Share issue Treasury upon exercise of Stock options reserve on issuance of Legal Expansion on Company Earnings supplementary controllers‟
Capital costs shares stock options granted merger shares reserve reserve (Note 2.2) (accumulated) dividends Total interest Total
Balances at December 31, 2009 (restated) 1,745,097 (20,837) (4,624) - 29,266 186,548 745,877 10,645 115,305 (3,542) - - 2,803,735 12,073 2,815,808
Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - - (793) - (793) 2,597 1,804

Capital increase (Note 21.a) 16,565 - - - - - - - - - - - 16,565 - 16,565
Share issue costs (Note 21.a) - (179) - - - - - - - - - - (179) - (179)
Stock options granted - - - - 1,164 - - - - - - - 1,164 - 1,164
Adjustments from deferred assets
written-off in subsidiaries (Note 2.2) - - - - - - - - - 158 (158) - - -
Quotaholders‟defict in subsidiaries - - - - - - - - - 151 - - 151 - 151
Net income for the period - - - - - - - - - - 47,497 - 47,497 - 47,497
Balances at March 31, 2010 (restated) 1,761,662 (21,016) (4,624) - 30,430 186,548 745,877 10,645 115,305 (3,233) 46,546 - 2,868,140 14,670 2,882,810
Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - - 44 - 44 1,927 1,971

Exercise of stock options - - 2,784 1,918 - - - - - - - - 4,702 - 4,702
Payment of supplementary dividends - - - - - - - - - - - (20,367) (20,367) - (20,367)
written-off in subsidiaries
(Note 2.2) - - - - - - - - - 157 (157) - - - -
Balances at June 30, 2010 (restated) 1,761,662 (21,016) (1,840) 1,918 31,810 186,548 745,877 10,645 115,305 (3,076) 98,618 (20,367) 2,906,084 16,597 2,922,681
Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - - (237) - (237) 2,418 2,181

Repurchase of shares to be held in
treasury - - (3,611) - - - - - - - - - (3,611) - (3,611)
written-off in subsidiaries
(Note 2.2) - - - - - - - - - 157 (157) - - - -
Balances at September, 30, 2010 1,761,662 (21,016) (5,451) 1,918 33,192 186,548 745,877 10,645 115,305 (2,919) 144,578 (20,367) 2,949,972 19,015 2,968,987
9
Statements of changes in shareholders equity of the consolidated (Continued)
(In thousands of reais
Consolidated
Goodwill
Special goodwill reserve on Adjustments on
Share issue Stock options reserve on issuance of Expansion Company Earnings Non-controllers‟
Capital costs Treasury shares granted merger shares Legal reserve reserve (Note 2.2) (accumulated) Total interest Total
Balances at December 31, 2010 1,761,662 (21,016) (34,769) 34,941 186,548 747,697 21,481 249,344 (2,765) - 2,943,123 22,328 2,965,451
Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - (1,163) (1,163) - (1,163)

Adjustments from deferred assets written-
off in subsidiaries (Note 2.2) - - - - - - - - 124 (124) - - -
treasury (Note 21.e) - - (5,974) - - - - - - - (5,974) - (5,974)
Utilization of shares held in treasury
department for payment of stock
options exercised 664 (117) 547 547
Stock options granted - - - 1,345 - - - - - 1,345 - 1,345,
Payment of Advance for future Capital
Increase (Note 9 c) - - - - - - - - - - - 93,949 93,949
Non-controllers‟ interest - - - - - - - - - - - 2,736 2,736
Net income for the period - - - - - - - - - 63,722 63,722 - 63,722
Balances at March 31, 2011 1,761,662 (21,016) (40,079) 36,286 186,548 747,580 21,481 249,344 (2,641) 62,435 3,001,600 119,013 3,120,613
Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - (160) (160) - (160)

treasury (Note 21.e) - - 15,334 - - - - - - - 15,334 - 15,334
options exercised (8,416) (6,339) (14,755) (14,755)
Stock options granted - - - 2,164 - - - - - - 2,164 - 2,164
Payment of supplementary dividends - - - - - - - - - (51,469) (51,469) - (51,469)
Non-controllers interest - - - - - - - - - - - 2,002 2,002
Balances at June 30, 2011 1,761,662 (21,016) (33,161) 38,450 186,548 741,241 21,481 249,344 (2,499) 71,736 3,013,786 121,015 3,134,801
Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - 628 628 - 628

treasury (Note 21.e) - - (7,335) - - - - - - - (7,335) - (7,335)
options exercised - - 156 - - (42) - - - - 114 - 114
Stock options granted - - - 2,040 - - - - - - 2,040 - 2,040
Non-controllers interest - - - - - - - - - - - 3,329 3,329
Balances at September 30, 2011 1,761,662 (21,016) (40,340) 40,490 186,548 741,199 21,481 249,344 (2,365) 137,498 3,074,501 124,344 3,198,845
10
Statement of cash flows
2011 2010
Cash flows from operations

Adjustments
Depreciation and amortization 39,008 44,392 27,559 31,752
Equity pickup (10,291) (1,523) 4,355 6,728
Stock-option-based remuneration 5,549 5,549 3,926 3,927
Non-controllers‟ interest - 1,682 - (743)
Apropriation of deferred income (19,986) (29,009) (16,810) (25,913)
Interest and monetary variations on debentures 5,739 5,739 8,107 8,107
Interest and monetary variations on loans and financing 6,106 6,106 6,232 6,232
Interest and monetary variations on property acquisition
obligations 6,619 6,619 6,672 6,672
Interest and monetary variations on sundry loans and advances (1,766) (1,766) (1,854) (1,854)
Earnings from subsidiaries not recognized previously, and capital
deficiency of subsidiaries - (697) - (2,527)
Net adjusted income 320,343 342,234 266,930 274,784
Variation in operating assets and liabilities
Lands and properties 286 (43,877) 3,122 3,122
Accounts receivable 1,840 401 (35,040) (28,608)
Receivable taxes (44,661) (44,552) 18,444 18,921
Deposit in court (1,493) (1,701) (1,678) (1,678)
Other assets 1,340 1,224 (7,019) (7,861)
Accounts payable 27,163 24,733 11,198 6,393
Amortization of property acquisition obligations (32,167) (5,728) (45,468) (45,468)
Taxes and mandatory contributions payable (20,129) (26,466) (11,217) (13,019)
Installment taxes - (163) - (167)
Provision for contingencies (126) (324) 610 913
Deferred revenue 52,553 52,368 52,141 52,467
Clients anticipation (10,879) (10,879) (9,559) (9,559)
Others obligations 767 1,186 660 630
Cash flows generated by operations 294,837 288,456 243,124 250,870
Cash flows from investments
Decrease (increase) in loans and sundry advances 58,209 (1,809) 9,215 14,007
Decrease (increase) in receivables from related parties 1 1 212 -
Rate receipt on loans and other advances 210 210 158 158
Decrease (increase) of investments (85,216) 2,742 (8,105) (3,187)
Increase of property, plant and equipament (1,222) (1,259) (3,638) (3,684)
Investment properties increase (458,455) (466,186) (265,656) (289,868)
Additions to intangibles (307) (549) (9,728) (9,737)
Cash flows used in investing activities (486,780) (466,850) (277,542) (292,311)
Cash flows from financing activities
Raise in loans and financing 207,217 206,947 132,855 132,855
Payment of loans and obtained financing (44,240) (43,970) (13,895) (13,895)
Rate payment of loans and obtained financing (23,548) (23,548) (18,160) (18,160)
Increase (reduction) on payable to related parties - (93,824) (16) 2,060
Capital increase - - 16,565 16,565
Repurchase of shares to be held in treasury (5,571) (5,571) (827) (827)
Goodwill reserve set up upon exercise of stock options (6,498) (6,498) 1,740 1,918
Share issue cost - - - (179)
Debentures Payment (106,448) (106,448) (4,872) (4,872)
Profit reserve reduction - - (20,366) (21,262)
Non-controllers‟ interest - 92,265 - (91)
Paid dividends (102,938) (102,938) (40,520) (40,520)
Cash flows generated by (used in) financing activities (82,026) (83,585) 52,504 53,592
Cash flow (273,969) (261,979) 18,086 12,151
Cash and cash equivalents at the beginning of the period 764,694 794,839 801,894 827,967
Cash and cash equivalents at end of the period 490,725 532,860 819,980 840,118
Changes in cash (273,969) (261,979) 18,086 12,151
11
Statement of value added
Company
2011 2010
Revenues
Gross revenues from sales and services 471,426 418,043
Others revenues 4,433 (8,994)
Allowance for doubtful accounts 3,888 (913)
479,747 408,136
Inputs purchased from third parties
Cost of sales and services (64,839) (49,227)
Energy, third party services and others (36,724) (66,894)
(101,563) (116,121)
Gross value added 378,184 292,015
Withholdings
Depreciation and amortization (39,008) (27,558)
Net value added 339,176 264,457
Value added received in a transfer

Equity 10,291 5,115
Financial revenue 62,157 64,677
72,448 69,792
Value added to share 411,624 334,249
Value added ditribution

Personnel
Direct remuneration (30,773) (25,211)
Benefits (2,503) (2,016)
FGTS (737) (560)
(34,013) (27,787)
Taxes, fees and contributions
Federal (145,447) (123,518)
State (29) (1)
Municipal (4,483) (3,371)
(149,959) (126,890)
Third party capital remuneration
Interests, exchange variation and monetary correction (33,873) (29,474)
Leases expenses (4,812) (5,518)
(38,685) (34,992)
Remuneration of own capital
Retained earnings (188,967) (144,580)
(188,967) (144,580)
Value added distributed (411,624) (334,249)
12
Statement of value added (Continued)
Consolidated
2011 2010
Revenues
Gross revenues from sales and services 529,476 467,286
Others revenues 4,504 (9,243)
Allowance for doubtful accounts 4,362 (1,062)
538,342 456,981
Inputs purchased from third parties
Cost of sales and services (81,288) (63,535)
Energy, third party services and others (40,440) (67,754)
121,728 (131,289)
Gross value added 416,614 325,692
Withholdings
Depreciation and amortization (44,392) (31,752)
Net value added 372,222 293,940
Value added received in a transfer

Equity 1,523 (3,174)
Financial revenue 65,105 66,908
66,628 63,734
Value added to share 438,850 357,674
Value added ditribution

Personnel
Direct remuneration (31,720) (26,310)
Benefits (2,869) (2,317)
FGTS (799) (588)
(35,388) (29,215)
Taxes, fees and contributions
Federal (154,948) (130,735)
State (33) (21)
Municipal (11,305) (8,740)
(166,286) (139,496)
Third party capital remuneration
Interests, exchange variation and monetary correction (34,197) (29,985)
Leases expenses (4,848) (5,572)
(39,045) (35,557)
Remuneration of own capital
Interest of non-controlling shareholders in retained earnings (8,069) (7,369)
Retained earnings (190,062) (146,037)
(198,131) (153,406)
Value added distributed (438,850) (357,674)
13
Notes to financial statements
September 30, 2011
(In thousands of reais, excepted when indicated)
1. Company
The individual and consolidated financial statements for Multiplan Empreendimentos
Imobiliários S.A. (“Company”, “Multiplan” or the “Multiplan Group” when in reference to
its subsidiaries) for September 30, 2011 were authorized for issue by management on
November 7, 2011. Incorporated as a “limited liability corporation” headquartered in
Brazil, the Company‟s shares are traded on the São Paulo Stock Exchange
(BM&FBovespa). The Company is headquartered on Avenida das Américas, 4200,
Bloco 2nd - 5th floors, Barra da Tijuca, Rio de Janeiro, Brazil.
The Company was incorporated in 2005 with the business purpose of (a) the planning,
construction, development and sale of real estate of any nature, including and mainly
applying to urban shopping malls developed by it; (b) the purchase and sale of real
estate and the acquisition and disposal of real estate rights, their performance, in any
other manner including leasing; (c) rendering management and administrative
services for its own shopping malls, or those of third parties; (d) consulting and
technical support on real estate issues; (e) civil construction, the performance of
construction and engineering services and those linked to the real estate market;
(f) development, promotion, administration, planning and intermediation of real estate
developments; (g) import and export of goods and services related to its activities; and
(h) the acquisition of equity holdings and controlling interests in other corporate
entities, as well as equity holdings in other companies where it is authorized to make
agreements with shareholders in order to meet or support its business objectives.
14
Notes to financial statements
September 30, 2011
1. Company (Continued)
The Company holds direct and indirect interest at September 30, 2011 and
December 31, 2010 in the following enterprises:
% ownership
Beginning of September December
Real estate development Location operations 2011 2010
Shopping Centers
BHShopping Belo Horizonte 1979 80.0 80.0
BarraShopping Rio de Janeiro 1981 51.1 51.1
RibeirãoShopping Ribeirão Preto 1981 76.2 76.2
MorumbiShopping São Paulo 1982 65.8 65.8
ParkShopping Brasília 1983 60.0 60.0
DiamondMall Belo Horizonte 1996 90.0 90.0
Shopping Anália Franco São Paulo 1999 30.0 30.0
ParkShopping Barigui Curitiba 2003 84.0 84.0
Shopping Pátio Savassi (a) Belo Horizonte 2004 96.5 96.5
BarraShopping Sul Porto Alegre 2008 100.0 100.0
Vila Olímpia São Paulo 2009 30.0 30.0
New York City Center Rio de Janeiro 1999 50.0 50.0
Santa Úrsula (b) São Paulo 1999 62.5 62.5
(a) On July 22, 2010 the Company acquired 15.6% of equity holding in Shopping Pátio Savassi, through the exercise of a purchase
option agreed with MK Empreendimentos e Participações Ltda. Multiplan invested R$51,777 to increase its equity holding from
80.9% to 96.5. The Company also acquired on this date assets and equity in land located in the area surrounding the shopping
mall amounting to R$4,223, ear-marked for further expansion.
(b) On November 5, 2010 the Company acquired 25% of equity in Shopping Santa Úrsula. Multiplan invested R$ 45,000 to increase its
participation from 37.5% to 62.5%. This acquisition resulted in a greater degree of venture control and management mainly with
regard to refurbishment, modernization and expansion.
The majority of the shopping centers are managed in accordance with a structure
known as “Condomínio Pro Indiviso" - CPI (undivided joint property). The shopping
centers are not corporate entities, but units operated under an agreement by which
the owners (investors) share all revenues, costs and expenses. The CPI structure is
an option permitted by Brazilian legislation for a period of five years, with possibility of
renewal. Pursuant to the CPI structure, each co-investor has a participation in the
entire property, which is indivisible. On September 30, 2011, the Company holds the
legal representation and management of all above mentioned shopping centers.
15
Notes to financial statements (Continued)
September 30, 2011
The activities carried out by the major investees are summarized below (see detailed
Multiplan‟s equity interest in its subsidiaries in Note 2):
a) Multiplan Administradora de Shopping Centers Ltda.
Is committed to manage its own shopping malls, also performing the

management, administration, promotion, installation and development of third
party shopping malls.
b) SCP - Royal Green Península
On February 15, 2006, an unconsolidated partnership (Portuguese acronym SCP)

was set up by the Company and its parent company Multiplan Planejamento e
Participações S.A. (“MTP”), for the purpose of developing a residential real estate
project named “Royal Green Península”. The Company holds 98% of the total
capital of SCP. However, MTP controls SCP.
c) MPH Empreendimentos Imobiliários Ltda.
The Company holds 41.96% interest in MPH Empreendimentos Imobiliários Ltda.,

which was incorporated on September 1st, 2006 and is specifically engaged in
developing, holding interest in and subsequently exploiting a Shopping Mall
located at Vila Olímpia district in the city of São Paulo, where MPH
Empreendimentos Imobiliários Ltda holds 71.50% interest.
d) Manati Empreendimentos e Participações S.A. (“Manati”)
Carries out commercial exploration and management, whether directly or

indirectly, of a car park and Santa Úrsula Mall, located in the city of Ribeirão
Preto, in the São Paulo State. Manati is jointly controlled by Multiplan
Empreendimentos Imobiliários S.A. and Aliansce Shopping Centers S.A., as
defined in the Shareholders‟ Agreement dated April 25, 2008.
16
September 30, 2011
e) Parque Shopping Maceió S.A.(previously named Halleiwa Empreendimentos
Imobiliários S.A)
Committed to the construction and development of real estate projects, including

shopping malls, with car parking on land located at Av. Gustavo Paiva s/n, Cruz
das Almas, Maceió. Parque Shopping Maceió is jointly controlled by Multiplan
Empreendimentos Imobiliários S.A. and Aliansce Shopping Centers S.A., as
defined in the Shareholders‟ Agreement dated May 20, 2008.
f) Danville RJ Participações Ltda.(“Danville”)

The company carries out real estate ventures including, purchase, sale, lease and
development of its own real estate as well as holding equity in other entities. It
does not provide services to third parties.
g) Multiplan Greenfield I Empreendimento Imobiliário Ltda.
It operates with (i) planning, implementation, development and sale of real estate
developments of any nature; (ii) real property purchase and sale and acquisition
and sale of real estate rights, and the exploration thereof; (iii) rendering of
commercial center management and administration services; (iv) technical
consulting and assistance services related to real estate matters; (v) civil
construction, construction work execution and rendering of engineering and
related services in the real estate sector; (vi) real estate development, promotion,
administration and planning.
h) Barrasul Empreendimento Imobiliário Ltda.
17
September 30, 2011
i) Multiplan Ribeirão Empreendimento Imobiliário Ltda.
j) Others
In September 2006, the Company entered into an Agreement for the Assignment of
Services Agreements with its subsidiaries Renasce - Rede Nacional de Shopping
Centers Ltda., Multiplan Administradora de Shopping Centers Ltda., CAA -
Corretagem e Consultoria Publicitária S/C Ltda., and CAA - Corretagem Imobiliária
Ltda. Under this agreement, beginning October 1, 2006, the aforementioned
subsidiaries assigned and transferred to the Company all the rights and obligations
resulting from the services agreements executed between those subsidiaries and the
shopping centers.
Therefore, the Company also started to perform the following activities:

(i) provision of specialized activities related to brokerage, advertising and publicity
advisory services, commercial space for lease and/or sale (“merchandising”);
(ii) provision of specialized services related to real estate brokerage and business
advisory services; e (iii) shopping mall management.
18
September 30, 2011
2. Presentation of financial statements and accounting policies

2.1. Presentation of financial statements
The consolidated financial statements was prepared and is being presented in

accordance with accounting practices adopted in Brazil, , which comprise the
standards and pronouncements issued by the Brazilian Securities and
Exchange Commission (CVM) and the Brazilian FASB (CPC), which are in
conformity with the international financial reporting standards (IFRS) issued by
IASB applicable to real estate development entities in Brazil and approved by
the Brazilian FASB (CPC), by the Brazilian Securities Commission (CVM) and
by the National Association of State Boards of Accountancy (CFC).
2.2. Financial statements consolidated
The consolidated financial statements are represented by the financial

statements of the Company and its subsidiaries at September 30, 2011 and
December 31, 2010, as presented below:
Company Name % ownership

Direct Indirect Direct Indirect
RENASCE - Rede Nacional de Shopping Centers

Ltda. (b) 99.00 - 99.00 -
County Estates Limited (a) - 99.00 - 99.00
Embassy Row Inc. (a) - 99.00 - 99.00
EMBRAPLAN - Empresa Brasileira de
Planejamento Ltda. (c) 100.00 - 100.00 -
CAA Corretagem e Consultoria Publicitária S/C
Ltda. (b) 99.00 - 99.00 -
Multiplan Administradora de Shopping Centers
Ltda. 99.00 - 99.00 -
CAA Corretagem Imobiliária Ltda. (b) 99.61 - 99.61 -
MPH Empreendimentos Imobiliários Ltda. 41.96 - 41.96 -
Manati Empreendimentos e Participações S.A. 50.00 - 50.00 -
Parque Shopping Maceió S.A. 50.00 - 50.00 -
Danville RJ Participações Ltda 99.99 - - -
Multiplan Holding S.A 100.00 - - -
Multiplan Greenfield Empreendimento Imobiliário
Ltda. 100.00 - - -
Barrasul Empreendimento Imobiliário Ltda. 100.00 - - -
Multiplan Ribeirão Empreendimento Imobiliário
Ltda. 100.00 - - -
(a) Foreign entities.

(b) During 2007, the operations of aforementioned subsidiaries were transferred to the Company.
(c) Dormant company.
19
September 30, 2011

(Continued)
2.2. Financial statements consolidated (Continued)
The financial statements of the subsidiaries are prepared for the same reporting
period as the Company‟s, using consistently applied accounting policies. All
intra-group balances, revenues and expenses deriving from intragroup
transactions are completely eliminated.
For subsidiaries Manati Empreendimentos e Participações S.A. e Parque
Shopping Maceió S.A., whose shareholders agreements foresee shared control,
the consolidation implies merging assets, liabilities and P&L accounts
proportionally to the total interest held in the capital of the related wholly-owned
subsidiary, based on the September 30, 2011 quarterly information of the
following companies:
Manati Empreendimentos e Participações S.A.
Assets Liabilities
Current 8,420 Current 1,430
Noncurrent 962
Noncurrent
Accounts receivable 238
Deferred income and
social contribution taxes 1,682 Shareholders‟ equity
Property and equipment 57,794 Capital 72,636
Intangibles 2,122 Retained earnings (4,772)
61,836 67,864
Total 70,256 Total 70,256
Statements of operations
Gross revenues from sales

Leases 4,508
key money 306
Others revenue 322
5,136
Taxes and contributions on sales (462)
Net revenues 4,674
General and administrative expenses (shopping malls) (3,054)
Depreciation and amortization (1,506)
Net financial result 656
770
Income and social contribution taxes (98)
Deferred income and social contribution taxes 908
20
September 30, 2011
Loss for the period 1,580

(Continued)
2.2. Financial statement consolidated (Continued)
Parque Shopping Maceió S.A.
Assets Liabilities
Current 1,276 Current 220
Noncurrent Noncurrent 15,012

Property and equipment 41,440
Intangible 4 Shareholdersèquity
Deferred 1,018 Capital 29,894
42,462 Retained earnings (1,388)
28,506
Total 43,738 Total 43,738
Reconciliation between net assets and net income for the periods ended September
30, 2011 and 2010 between the company and the consolidated is as follows:
2011 2010
Shareholders‟ Net income Shareholders‟ Net income
equity for the period Equity for the period
Company 3,076,866 65,762 2,952,891 45,959

Quotaholders‟ déficit of subsidiaries
Equity in the earnings of County for the
period (a) - (628) - 238
Deferred assets (b) (2,365) 134 (2,919) 157
Consolidated 3,074,501 65,268 2,949,972 46,354
(a) Adjustment referring to the Company‟s equity in the earnings of County not reflected on equity in the earnings of
Renasce.
(b) Adjustment referring to the write-off of subsidiaries deferred assets just for consolidation purposes.
2.3. Investment in affiliates
Multiplan's investments in its affiliates are accounted for based on the equity
method. An affiliate is an entity on which Multiplan exercises significant
influence, without controlling it.
Based on the equity method, the investment in the affiliate is accounted for in
the balance sheet at cost, plus changes following the acquisition of equity
interest in the affiliate. The goodwill related to the affiliate is included in the
carrying value of investment and it is not amortized. Since the goodwill based on
future profitability is part of the investment carrying value in the affiliate (not
21
September 30, 2011
separately recognized), it is not separately tested for impairment.
22
September 30, 2011

(Continued)
2.3. Investment in affiliates (Continued)
The income statement reflects the amount of the associate‟s results of

operations. When a change is directly recognized in the associate‟s net equity,
the Company will recognize its share of the related changes and disclose that
fact, where applicable, in the statement of changes in shareholders‟ equity. The
unrealized gains and losses resulting from transactions between the Company
and the associate are eliminated to the extent of the Company‟s interest held in
the associate.
Interest held in the associate will be shown in the income statement as equity
pickup, representing the net income attributable to the associate‟s shareholders.
The associate‟s financial statements are prepared for the same reporting period
as the Company. Where necessary, adjustments are made to bring the
accounting policies in line with those of the Company. After application of the
equity method, Multiplan Group determines whether it is necessary to recognize
an additional impairment loss on the Company‟s investment. The Company
determines at each reporting date whether there is any objective evidence that
the investment in the associate is impaired. If this is the case the Company
calculates the amount of impairment as the difference between the recoverable
amount of the associate and its carrying value and recognizes the amount in the
income statement. Upon loss of significant influence over the associate, the
Company measures and recognizes any retaining investment at its fair value.
Any difference between the carrying amount of the associate upon loss of
significant influence and the fair value of the retaining investment and proceeds
from disposal is recognized in profit or loss.
2.4. Functional currency and presentation of financial statements

The functional currency of the Company and its subsidiaries in Brazil is the Real
(BRL or R$), which is the same currency adopted for preparation and
presentation of the financial statements (Company and consolidated).
The assets and liabilities of foreign subsidiaries are translated into Reais
at the rate of exchange prevailing at the reporting date and their income
statements are translated at exchange rates prevailing at the dates of the
transactions. The exchange differences arising on the translation are
separately recognized in net equity.
23
September 30, 2011

(Continued)
2.5. Revenue recognition
Leases
The tenants of commercial units generally pay a rent consisting of a minimum

monthly amount, annually adjusted by the change in the General Price Index -
Internal Availability (IGP-DI) or an amount resulting from the application of a
percentage on each tenant‟s gross revenues.
The Company records the rent of stores as operating lease. The minimum
amount of rent, including fixed increases from time to time set forth in the
contracts and excluding inflation adjustments, is recognized proportionally to the
Company‟s interest in each enterprise, on a straight-line basis during the
effectiveness of the related contracts, regardless of the way of receipt.
The difference between the minimum amount and that resulting from the
application of percentages on gross sales revenues is deemed to be contingent
payments and thus recognized in P&L when actually incurred.
The effects of inflation adjustments are also recognized when incurred.
Key money
The contracts for assignment of rights (key money or assignment of technical

structure of shopping malls) are recorded as deferred revenues, in liabilities,
upon execution thereof. The result from assignment of rights, including revenues
from assignment of rights, point repurchases and key money, is recognized on
the straight line basis, over the rent contract term of the related stores to which
they refer, as from beginning of rent.
Sale of property
For installment sale of completed units, income is recognized upon the sale of
such units irrespective of the period for receipt of the contractual amount.
Fixed interest rates set in advance are allocated to profit and loss under the
accrual method, irrespective of its receipt.
24
September 30, 2011
2. Presentaiton of financial statements and accounting policies

(Continued)
2.5. Revenue recognition (Continued)
Sale of property (Continued)
The Company adopts the accounting practice of recognizing revenues and

corresponding costs of real estate development based on OCPC 01, i.e., based
on the work progress percentage. According to OCPC 04, a real estate
construction contract could fall under the scope of CPC 17 (Construction
Contracts) or CPC 30 (Revenue). Should the contract fall under CPC 17,
revenue recognition will take place according to the progress of the works. On
the other hand, if under CPC 30, the discussion moves to the issue of transfer of
significant control, risks and benefits continuously or in a single event
(“handover of keys”). If the transfer is continuous, revenue should be recognized
according to the progress of the works. Otherwise, revenue recognition occurs
only upon handover of keys. After an in-depth analysis of its contracts, the
Company confirmed that the transfer of control, risks and benefits occurs during
the works. As such, revenue from real estate activities is recognized based on
the work progress percentage. The Company conducts the following
procedures:
• The costs incurred are recorded as inventories (construction in progress) and

fully allocated to the result of operations as the units are sold. After the sale
occurs, the costs to be incurred to conclude the unit‟s construction will be
allocated to the result of operations as they are incurred.
• The percentage of costs incurred of sold units, including land, is determined

in relation to the total budgeted cost and estimated through to the
completion of construction work. This rate is applied to the price of units
sold and adjusted for selling expenses and other contractual conditions. The
resulting figure is recorded as revenues and matched with accounts
receivable or any advances received.
From then through to the completion of construction work, the unit‟s sale
price will be recognized in the result of operations as revenues as the costs
required to conclude the unit‟s construction are incurred, in relation to the
total budgeted cost.
25
September 30, 2011
2. Accounting policies (Continued)

2.5. Revenue recognition (Continued)
Sale of property (Continued)
Any changes to the project execution and conditions and in estimated

profitability, including changes resulting from contractual fines and
settlements that may lead to a review in costs and revenues, are recognized
in the period in which such reviews are conducted.
• Revenues determined from sales, including monetary restatement, net of

installments already received, are recorded under accounts receivable or
advances from clients, as applicable.
Parking
It consists of revenues from parking lots at shopping malls. These revenues are
allocated to P&L on an accrual basis and stated net of amounts transferred to
shopping malls.
Services
It consists of revenues from provision of services such as brokerage,

advertising and promotion assistance, rent and/or sale of merchandising
spaces, revenues from provision of specialized services on brokerage
and real estate business assistance in general; revenue from construction
work administration and revenues from management of shopping malls.
These revenues are allocated to P&L on an accrual basis.
2.6. Expenses recognition
The expenses are recorded on an accrual basis.
26
September 30, 2011

(Continued)
2.7. Financial Instruments - Initial recognition and subsequent measurement
Financial instruments are recognized when the Company becomes party to the
contractual provisions of said instruments. They are initially recognized at fair
value plus transaction costs directly attributable to their acquisition or issue,
except for financial assets and liabilities classified at fair value through profit or
loss, when such costs are directly charged to P&L for the year. Subsequent
measurement of financial assets and liabilities is determined by their
classification at each balance sheet.
(i) Financial assets
Initial recognition and measurement
Financial assets are classified as financial assets at fair value through profit
or loss (FVTPL), loans and receivables, investments held to maturity,
available for sale financial assets, or derivatives classified as effective
hedging instruments, depending on the situation. The Company determines
the classification of its financial assets at the time of their initial recognition,
when it becomes part of the contractual provisions of the instrument.
Financial assets are initially recognized at fair value plus - in case of

investments not designated at fair value through profit or loss - transaction
costs attributable to the acquisition of financial assets.
Main financial assets recognized by the Company are cash and cash
equivalents, trade accounts receivable and loans and sundry advances.
Subsequent measurement
The measurement of financial assets depends on their classification, which

can be as follows:
27
September 30, 2011

(Continued)
(Continued)
(i) Financial assets (Continued)
Financial assets measured at fair value through profit or loss (FVTPL)
Include financial instruments held for trading and assets initially recognized
at FVTPL. They are classified as held for trading if originated for the
purpose of sale or repurchase in the short term. They are measured fair
value at each balance sheet date. Interest, monetary variation and foreign
exchange gains/losses and fluctuations arising from measurement at fair
value are recognized in profit or loss, as incurred, under financial income or
financial expenses.
Held-to-maturity financial assets
Include non-derivative financial assets with fixed or determinable payments

and fixed maturities for which the Company‟s management has the positive
intention and ability to hold to maturity. After their initial recognition, they are
measured at amortized cost using the effective interest rate method. Under
this method, the discount rate applied on future estimated receivables over
the financial instrument expected term results in their net book value.
Interest, monetary variation and foreign exchange gains/losses, less
impairment, if applicable, are recognized in profit or loss, as incurred, under
financial income or financial expenses
Loans (granted) and receivables
Include non-derivative financial assets with fixed or determinable payments

which, however, are not traded in an active market. After their initial
recognition, they are measured at amortized cost using the effective interest
rate method. Interest, monetary variation and foreign exchange
gains/losses, less impairment, if applicable, are recognized in profit or loss,
as incurred, under Financial income or Financial expenses.
28
September 30, 2011

(Continued)
(Continued)
(ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified as financial liabilities at fair value through

profit or loss, loans and financing, or as derivatives classified as hedging
instruments, as the case may be. The Company determines the
classification of its financial liabilities at the time of their initial recognition.
Financial liabilities are initially recognized at fair value, and in case of loans
and financing, are increased by the directly related transaction costs.
Main financial liabilities recognized by the Company are loans and

financing, debentures and property acquisition obligations
Subsequent measurement
The measurement of financial liabilities depends on their classification,

which can be as follows:
Financial liabilities measured at fair value through profit and loss
Include financial liabilities usually traded before maturity, and liabilities

designated at fair value through P&L upon first time recognition. They are
measured fair value at each balance sheet date. Interest, monetary
restatement and foreign exchange gains/loss from fair value measurement,
when applicable, are recognized in profit or loss, as incurred.
Financial liabilities not measured at fair value through profit and loss
Include non derivative financial liabilities not usually traded before maturity.
They are initially measured at amortized cost using the effective interest
rate method. Interest, monetary restatement and foreign exchange
gains/loss, when applicable, are recognized in profit or loss, as incurred.
29
September 30, 2011

(Continued)
2.8. Discount to present value assets and liabilities
The noncurrent monetary assets and liabilities are monetarily restated and,
therefore, adjusted to present value. The adjustment to present value of current
monetary assets and liabilities is calculated and recorded only if deemed material
in relation to the overall financial statements. For purposes of registration and
determination of materiality, the adjustment to present value is calculated
considering the contractual cash flows and the explicit and sometimes implied
interest rates, of the related assets and liabilities.
2.9. Treasury shares
Own equity instruments which are repurchased (treasury shares) are recognized
at cost and deducted from shareholders‟ equity. No gain or loss is recognized in
the income statement in the purchase, sale, issue or cancellation of the
Company's own equity instruments. Any difference between the book value and
the consideration is recognized in goodwill reserves.
2.10. Investment property
The investment properties are stated at acquisition, buildup or construction cost,
less accumulated depreciation calculated by the straight-line method at rates that
take into consideration the assets‟ estimated useful lives. Repair and maintenance
expenses are recorded only if the economic benefits associated with these items
are likely to occur and the amounts can be measured reliably, while other
expenses are directly charged to income when incurred. The recovery of fixed
assets through future operations as well as their useful lives and net book value
are regularly monitored and adjusted prospectively, if so necessary. The fair value
of the investment properties is determined annually at December for purposes of
disclosure.
30
September 30, 2011

(Continued)
2.11. Fixed assets
Property and equipment are recorded at acquisition, formation or construction

cost, reduced by the related accumulated depreciation, calculated by the
straight-line method at rates that consider the economic-useful life of the assets.
Expenses incurred with repair and maintenance are recorded if the economic
benefits embodied in these assets are likely to be generated and the amounts
can be reliably measured, whereas other expenses are charged to P&L directly
as incurred. The recovery of property and equipment by means of future
operations, their useful lives and the residual value are periodically monitored
and adjusted prospectively, if necessary.
2.12. Commercial leasing
Operating lease agreements are recognized as expenses on a systematic basis

that represents the period over which the benefit from the leased asset is
obtained, even if lease payments are not made on the same basis.
2.13. Cost of loans
Interest and financial charges relating to financing taken out for use in
construction in progress are capitalized until the assets start operating and are
depreciated considering the same criteria and useful life determined for the fixed
asset item or the investment properties item into which they were incorporated.
All other borrowing costs are expensed in the period they are incurred.
2.14. Intangibles
Intangible assets purchased separately are initially measured at cost and

subsequently recognized net of accumulated amortization and impairment losses,
as applicable. Goodwill on investment acquisitions and investments fully
incorporated though December 31, 2008 based on future profitability were
amortized by the straight-line method until December 31, 2008 for the term
provided for recovery, over a maximum five-year term. As from January 1, 2009,
these are no longer amortized and continue to be submitted to annual impairment
testing.
31
September 30, 2011

(Continued)
2.14. Intangibles (Continued)
Intangible assets with finite useful life are amortized over their estimated useful
life and subject to an impairment test if there is any indication of impairment.
Intangible assets with an indefinite useful life are not amortized, but are subject
to annual impairment test.
2.15. Land and properties held for sale
Land and properties held for sale are valued at acquisition or construction cost.
2.16. Provision for impairment of nonfinancial assets
Management annually reviews the net book value of assets for purposes of
evaluating events or changes in economic, operational or technological
conditions that may indicate impairment loss. When such evidence is identified
and the net book value exceeds the recoverable amount, a valuation allowance
is set up, adjusting the net book value to the recoverable amount.
The recoverable amount of an asset or a particular cash generating unit (CGU)

is defined as the higher of value in use and net sales value.
In estimating the value in use of an asset, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects the
weighted average cost of capital to the industry in which the CGU operates. The
net sales value is determined, whenever possible, based on a firm sales
contract in a transaction on cumulative bases, between knowledgeable, willing
parties, adjusted for expenses attributable to the asset sale, or, when there is no
firm sales contract, based on the market price observable in an active market, or
the price of the most recent transaction involving similar assets.
2.17. Cash and cash equivalents
These include cash, positive balances held in current accounts, short-term

investments redeemable at any time and bearing a low risk of change in their
market value. Short-term investments included in cash equivalents are classified
as “financial assets at fair value through profit or loss.”
32
September 30, 2011

(Continued)
2.18. Accounts receivable
These are stated at realizable value. A provision for bad debts was set up in an
amount considered sufficient by management in the event of default.
2.19. Provision for contingencies
The Company is part to various judicial and administrative proceedings.

Provisions are set up for all contingencies related to lawsuits for which an
outflow of funds is likely to occur to settle the contingency/obligation and a
reasonable estimate can be made. The assessment of probability of loss
includes evaluating available evidence and doctrine, the hierarchy of laws, latest
cases formerly adjudged by courts and their relevance within the legal system,
and an assessment of outside counsel. Provisions are reviewed and adjusted to
take into account changes in circumstances, such as the applicable statutes of
limitation, findings of tax audits or additional exposures identified based on new
matters addressed or decisions awarded by courts.
The contingencies for which the risks were assessed as possible are disclosed
in the accompanying notes.
2.20. Other liabilities and assets
Liabilities are recognized in the balance sheet when the Company has a legal or
constructive obligation arising from past events, the settlement of which is
expected to result in an outflow of economic benefits. Some liabilities involve
uncertainties as to term and amount, and are estimated as incurred and
recorded as a provision. Provisions are recorded reflecting the best estimates of
the risk involved.
Assets are recognized in the balance sheet when it is likely that their future
economic benefits will be generated on the Company‟s behalf and their cost or
value can be safely measured.
Assets and liabilities are classified as current whenever their realization or

settlement is likely to occur during the following twelve months. Otherwise, they
are recorded as noncurrent.
33
September 30, 2011

(Continued)
2.21. Taxation
Revenues from sales and services are subject to the following taxes and
contributions, at the following basic tax rates:
Rate
Tax Abbreviation Company Subsidiaries
Social Contribution Tax on Gross Revenue PIS 1.65 0.65

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

income. Credits resulting from non-cumulative taxation of PIS/COFINS are
presented as deductions from the group of accounts of operating income and
expenses in the statement of income. Debits resulting from financial income, as
well as credits resulting from financial expenses are presented as deduction
from those specific lines in the statement of income.
Taxation on net profit includes income and social contribution taxes. Income tax
is computed on taxable profit at a 25% whereas social contribution is computed
at a 9% tax rate on taxable profit, recognized on an accrual basis. Therefore,
additions to the book profit of expenses, temporarily nondeductible, or
exclusions from revenues, temporarily nontaxable, for computation of current
taxable profit generate deferred tax credits or debits.
As provided for in tax legislation, all companies that are part of the Multiplan
Group, which had gross annual revenue for the prior year lower than R$ 48,000
opted for the presumed-profit method. The provision for income tax is set up
quarterly, at the rate of 15%, plus 10% surtax (on the portion in excess of R$ 60
of presumed profit computed as a percentage of gross revenue), applied to the
tax base of 32% of revenue from sales. CSLL is computed at the rate of 9%
applied to the tax base of 32% of revenue from sales. Financial income and
other revenues are fully taxed by IRPJ and CSLL at their normal rates.
34
September 30, 2011

(Continued)
2.21. Taxation (Continued)
Advances or amounts to be offset are presented under current or noncurrent

assets, according to their expected realization.
As provided in Law No. 9065 dated June 20, 1995, the Company offset its
income and social contribution tax losses with net income adjusted by additions
and exclusions as provided for in income and social contribution tax legislation
and in observance of the maximum offset limit of 30% (thirty percent) on that net
income.
Deferred tax credits deriving from Corporate Income Tax (IRPJ) and Social
Contribution Tax on Net Profit (CSLL) losses are calculated at the rate of 34% and
are recognized only to the extent that a positive taxable base for which temporary
differences may be used is likely to occur.
2.22. Share-based payment
The Company granted administrators, employees and services providers,

eligible for the program stock purchase options that are only exercisable after
specific grace periods. These options are measured at fair value based on their
values determined by the Black-Scholes method and on the dates the
compensation programs are granted, and are recorded in operating income
under “stock-option-based remuneration expense”, on a straight line basis
during the corresponding grace periods, the contra entry being to “share options
granted” account in capital reserves in shareholders‟ equity. For further details
see Note 21.g.
35
September 30, 2011

(Continued)
2.23. Significant accounting estimations
Used to measure and recognize certain assets and liabilities in the Company‟s
and its subsidiaries‟ financial statements. These estimates were determined
based on past and current events‟ experience, assumptions in respect of future
events, and other objective and subjective factors. Significant items subject to
such estimates include selection of useful lives of property, plant and equipment
and intangible assets; allowance for doubtful accounts; the budgeted cost of real
estate ventures; analysis of recoverability of property, plant and equipment and
intangible assets; deferred income and social contribution taxes; the rates and
terms applied in determining the discount to present value of certain assets and
liabilities; provision for contingencies; fair value measurement of share-based
compensation and financial instruments; and estimates for disclosure in the
sensitivity analysis table of derivative financial instruments pursuant to CVM
Instruction No. 475/08. Settlement of transactions involving these estimates may
result in amounts different from those recorded in the financial statements due to
the uncertainties inherent in the estimate process. The estimates and
assumptions are based on current expectations and projections of the
Company's management about future events and financial trends that affect or
may affect the Company's business and, consequently, its Financial Statements.
Such estimates and assumptions are developed based on information currently
available and known by management. Many important factors may adversely
impact the Company's results, and in view of such risks and uncertainties,
estimates and future prospects may not materialize. The Company reviews its
estimates and assumptions at least quarterly.
3. Cash and cash equivalents

Cash and banks 27,635 49,849 18,533 36,222

Short-term investment - Bank Deposit
Certificates 463,090 483,011 746,161 758,617
490,725 532,860 764,694 794,839
Short-term investments represent bank deposit certificates and/ or bank commitments,

which provide an average remuneration of approximately 100% in the variation in the
CDI and can be redeemed at any time with no loss in recognized revenue.
36
September 30, 2011
4. Accounts receivable
Leases 68,453 75,642 82,282 88,655

Key money 97,839 106,396 85,019 96,621
Acknowledgment of debt (a) 1,806 1,941 2,173 2,175
Parking 3,106 3,568 4,734 3,673
Administration fees (b) 5,003 5,003 5,319 5,319
Sales 1,571 1,571 1,573 1,573
Advertising 583 583 4,108 4,108
Sale of properties (c) 28,858 28,858 30,254 30,254
Others 3,073 5,708 1,137 2,317
210,292 229,270 216,599 234,695
Allowance for doubtful accounts (12,246) (13,395) (16,713) (18,419)
198,046 215,875 199,886 216,276
Noncurrent (34,029) (36,767) (32,676) (36,154)
Current 164,017 179,108 167,210 180,122
(a) Refers to balances regarding acknowledgment of debt, rent and others, which were overdue, have been renegotiated and are to
be paid in installments.
(b) Refers to administration fees receivable by the Company and the subsidiary Multiplan Administradora, charged from investors or
shopkeepers of the shopping centers administered by them, which correspond to a percentage applied on store rent (7% on the
net income of the shopping malls, or 6% of the minimum rent, plus 15% on the portion exceeding minimum rent or fixed amount),
on common shopkeeper charges (5% of expenses incurred), on financial management (variable percentage on expenses
incurred in shopping center expansions) and on promotional fund (5% of promotional fund collection).
(c) In accordance with CPC 20 -Present Value Adjustment, approved by CVM Rule No. 564, dated December 17, 2008, the
Company internally values certain assets and liabilities in order to analyze the need to present these at present value. The
methodology used was the Discounted Cash Flow method (DCF), using the discount rates described as follow.
The future cash flow model was based on the portfolio of receivables from real estate for sale in accordance with monetary variation
assumptions (INCC and IGP-M) and interest (price table) used in the market. Accordingly, to determine the present value of cash flows
(AVP), three pieces of information were utilized: (a) the monthly value of future cash flows, (b) the period relating cash flows and (c) the
discount rate.
(i) Monthly value of future cash flows: These are comprised of receivables from the real estate developed by the Company
(Cristal Tower and Centro Professional Ribeirão Shopping ). Cash flow includes monthly payments in accordance with each
customer‟s contract. The portfolio is monetarily readjusted at the INCC (National Civil Construction Cost) rate during the
construction period and by the IGP-M (General Market Price Rate) after delivery of the project. In addition the monetary
correction the of the portfolio (post-delivery of the project) is restated at the price table interest rate (not considered as shown
below);
(ii) Related cash flow term: Cash flows are projected on a monthly basis as from the present date considering monthly and
intermediate installments. Given the fact that interest is incurred after delivery of the projects the Company conservatively
records the pre-payment of all trade accounts receivable on delivery of keys, and thereby does not include discounts, penalties
or interest benefits.
(iii) Discount rate: The discount rate for cash flow to present value during construction is the SELIC rate in force. This choice was
based on the same that can be considered as customer cost opportunity thereby “pre-payment” is paramount in their decision
making process
37
September 30, 2011
4. Accounts receivable (Continued)

Find below the accounts receivable aging list:
Overdue balance
Balance due < 30 30 - 60 60 - 90 90 - 120 >120
Company date days days days days days Total
September 30, 2011 195,314 806 463 435 488 12,786 210,292
December 31, 2010 196,588 1,347 929 720 397 16,618 216,599
Overdue balance
Balance due < 30 30 - 60 60 - 90 90 - 120 >120
Consolidated date days days days days days Total
September 30, 2011 212,262 1,112 558 576 600 14,162 229,270
December 31, 2010 212,389 1,650 1,171 928 579 17,978 234,695
As supplemental information, since it is not recorded in accounting records in view of

the accounting practices mentioned in Note 2.5., the Company‟s accounts receivable
balance at September 30, 2011 and December 31, 2010 referring to sale of units
under construction of the real estate development “Centro Profissional
MorumbiShopping”, “Cristal Tower” and “Centro Profissional Ribeirão Shopping”, less
the installments already received, is broken down as follows, by year of maturity:
September 30, December 31,

2011 2010
2011 6,626 24,033

2012 14,741 13,839
2013 onwards 52,522 50,661
73,889 88,533
These credits mainly refer to real estate developments in progress, whose title deeds
are only granted after settlement and/or negotiation of customers‟ credits and are
restated by reference to the National Civil Construction Index - INCC variation through
to keys delivery; and afterwards by reference to General Price Index - IGP-DI
variation.
38
September 30, 2011
4. Accounts receivable (Continued)

Additionally, the changes in the allowance for doubtful accounts (ADA) are shown
below:
Company
Acknowledgm
Leases Key money ent of debt Total
Balances at December 31, 2010 (11,379) (3,657) (1,677) (16,713)
Additions/reversals 2,778 748 941 4,467
Balances at September 30, 2011 (8,601) (2,909) (736) (12,246)
Consolidated
Acknowledgm
Leases Key money ent of debt Total
Balances at December 31, 2010 (12,056) (4,686) (1,677) (18,419)
Additions/reversals 3,257 832 935 5,024
Balances at September 30, 2011 (8,799) (3,854) (742) (13,395)
39
September 30, 2011
5. Loans and advances

Current
Shopkeepers 317 317 326 326
Shopping Centers Condominiums (a) 6,319 6,617 7,551 8,310
Barra Shopping Sul Association (b) 4,549 4,549 5,146 5,146
Parkshopping Barigui Association (j) 486 486 463 463
Parkshopping Association 439 439 531 531
Parkshopping São Caetano Association 445 445 - -
Parkshopping Condominiums (c) 3,617 3,617 3,781 3,781
Ribeirão Shopping Condominium (d) 1,328 1,328 1,328 1,328
New York City Center Condominiums (e) 63 63 63 63
Analia Franco Condominium 121 121 121 121
Morumbishopping Condominium 57 57 57 57
Shopping Vila Olímpia Condominium (f) - 500 - 500
Shopping Vila Olimpia Association (g) - 739 - 1,096
Advance for suppliers 4,549 4,570 2,684 2,818
Advance for ventures 370 892 - 522
Other Loans 63 63 63 63
Others 528 677 245 362
23,251 25,480 22,359 25,487
Provision for losses (a) (6,318) (6,318) (7,551) (8,310)
16,933 19,162 14,808 17,177
Noncurrent
Shopkeepers 670 670 726 726
Parkshopping Condominiums (c) 584 584 1,312 1,312
Barra Shopping Sul Association (b) 4,436 4,436 3,439 3,439
Advance for suppliers 1,232 1,232 - -
MPH Empreendimentos Imobiliários Ltda.(Note 19) 325 - 68,240 -
Parque Shopping Maceió (Note 19) 7,506 - - -
Renasce 250 - -
Parkshopping Barigui Association (j) 3,117 3,116 3,181 3,181
18,120 10,038 76,898 8,658
(a) Prepayments to condominiums of shopping malls owned by Multiplan Group. A provision for losses was recognized in the full amount, considering its
unlikely realization.
(b) Its consists of advances granted to the Association of Store Owners of Barra Shopping Sul to meet their working capital needs. A total of R$ 4,800 was
advanced in 2008, R$ 3,600 in 2009 and R$ 1,000 in 2010. These agreements are restated on a monthly basis at the CDI percentage rates and
contractual repayment terms that began in January 2009. The rate varied between 117% and 135% of CDI.
(c) Refers to advances granted to Parkshopping condominium to meet its working capital needs. The debit balance is monthly updated by 110% change in
the CDI and the limit date for repayment was fixed in 48 and 60 monthly installments beginning January 2009.
(d) Refers to advances granted to Ribeirão Shopping condominium to the parking lot implantation. These advances has not being updated.
(e) Refers to advances granted to New York City Center condominium to meet working capital needs. The debit balance is not being updated.
(f) Refers to advances granted to Shopping Vila Olimpia (controlled by MPH Empreendimentos Imobiliários) condominium to meet working capital needs
and has not being updated.
(g) Refers to advances granted to Shopping Vila Olimpia (controlled by MPH Empreendimentos Imobiliários) association, to meet working capital needs.
The debit balance is monthly updated by 8% change in the IPCA plus 8% p.y. and will be refunded as follows: R$ 1,800 until August 15, 2010, 24
monthly installments beginning on January 15, 2011.
(h) Refers to advances granted to Parkshopping Barigui Association, to meet capital needs. The debit balance is monthly updated by 117% changed in the
CDI and will be refunded in 40 and 120 monthly installments beginning in July 2011.
(i) These refer to investments made by the Company in the expansion of Ribeirão Shopping, were costs were paid by other developers at November 10,
2010. The remaining balance refers to the subsidiary, Renasce
.
6. Recoverable taxes and contributions
40
September 30, 2011

Tax credits - PIS/COFINS (a) 6,117 6,117 6,117 6,117

Recoverable Income Tax - IR 28,674 30,521 3,168 4,636
Recoverable Social Contribution Tax - CSLL 8,646 9,160 1,351 1,887
IOF overpaid 1,274 1,274 1,274 1,274
IRRF on short-term investments 17,173 17,251 5,864 6,454
IRRF on services rendered 531 531 600 602
Recoverable PIS 113 122 2 3
Recoverable COFINS 234 274 - 4
Other 1,055 1,194 780 915
63,817 66,444 19,156 21,892
(a) During 2005 Bozano Simonsen Centros Comerciais S. A., a company acquired by Multiplan Empreendimentos on February 24,
2006, filed a writ of mandamus against the Federal Government. Through this writ Bozano requested (i) declaration of
unenforceability of tax credits on the difference between the amount that would have been due in COFINS and PIS taxes in
accordance with the systematic calculation introduced by Law No. 9718/98 and the amount that would have been due without the
aforementioned changes to that law in relation to future payments; and (ii) declaration of the right to offset amounts for COFINS
and PIS paid in error from the date of the implementation of the systematic calculation under Law No. 9718/98, restated at the
Central Bank Overnight Rate SELIC, in accordance with Law No. 9430/96, with the Company‟s own tax debts in any tax or
contribution administered by the Brazilian IRS, in accordance with article 66, of Law No. 8383/91 and article 74, of Law
No. 9430/96. In September 2009, on handing down of a final decision, the Company recorded the tax credits which were approved
by the RFB on October 27,2011.
7. Land and properties held for sale

Land 26,314 68,527 23,939 23,939
Built properties 203 203 203 203
Properties under construction 6,380 8,330 9,041 9,041
32,897 77,060 33,183 33,183
41
September 30, 2011
8. Income tax and social contribution

Deferred income and social contribution taxes have the follow origin

Assets
Provision for contingencies 18,064 18,158 18,179 18,367
Allowance for doubtful accounts (a) 11,069 11,210 14,393 14,570
Provision for losses on advances and charges (a) 6,318 7,077 7,551 9,069
Goodwill at merged company (c) 146,820 146,820 181,946 181,946
Annual provision Bond 9,176 9,176 18,091 18,091
Deferred charges (f) 16,439 16,439 19,762 19,762
Tax loss and negative base 774 6,060 20,665 24,397
Deferred tax credit base 208,660 214,940 280,587 286,202
Deferred income taxes (25%) 52,165 52,710 70,147 71,551

Deferred social contribution tax (9%) 18,779 18,975 25,253 25,758
Liabilities
Future proftability goodwill not amortized (d) (273,178) (273,178) (235,799) (235,799)
Straight-line lease revenue (e) (23,816) (28,049) (8,125) (10,234)
Result from real estate projects (b) (13,604) (13,604) (14,472) (14,472)
Depreciation (g) (18,957) (18,957) - -
Deferred tax credit base (329,555) (333,788) (258,396) (260,505)
Deferred income tax (25%) (82,389) (83,448) (64,599) (65,125)

Deferred social contribution tax (9%) (29,660) (30,041) (23,256) (23,445)
Deffered net income and social contribution (41,103) (40,408) 7,545 8,737
(a) The balance in the provision for credits for bad debts used for calculating the consolidated fiscal credit had net value in the
amount of R$ 1,294, registered as a write-off to the results of future periods.
(b) According to the tax criterion, the result of the sale of real estate units is determined based on the financial realization of
revenues (cash basis) and costs are determined by applying a percentage on revenues recorded until then, and such percentage
corresponds to that of total estimated cost in relation to total estimated revenues.
(c) The goodwill recorded in Bertolino Participações Ltda. balance sheet, company merged in 2007 deriving from Multiplan capital
participation acquisition in the amount of R$ 550,330 and based on the investment‟s expected future profitability, will be
amortized by Multiplan premised on said expectations over a term of 4 years and 8 months. In consonance with CVM Instruction
No. 349/01, Bertolino set up a provision for net equity make-whole before its merger in the amount of R$ 363,218, corresponding
to the difference between the goodwill amount and the tax benefit deriving from the related amortization. This caused Multiplan to
absorb only the assets relating to the goodwill amortization tax-deductible benefit, in the amount of R$ 186,548. The referred
provision will be reversed in proportion of the goodwill fiscal amortization by Multiplan.
(d) Goodwill on acquisition of Multishopping Empreendimentos Imobiliários S.A., Bozano Simonsen Centros Comerciais S.A. and
Realejo Participações S.A. is grounded on future profitability. Such companies are later merged, and related goodwill is
reclassified as intangible assets. Pursuant to the new accounting standards, beginning January 1, 2009 such goodwill will no
longer be amortized, and deferred income tax payable on the difference between the tax base and the book value of related
goodwill will be accounted for.
(e) 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.
(f) The Company recognized deferred income taxes by fully derecognizing deferred charges, pursuant to CPC Pronouncement 23 -
Accounting Policies, Changes in Estimates and Correction of Errors.
(g) The Company recorded deferred income tax liabilities on differences between accounting and tax bases, as established in
Regulatory Statement No. 1 dated July 29, 2011.
42
September 30, 2011
8. Income tax and social contribution (Continued)

Deferred income and social contribution taxes have the follow origin (Continued)
Deferred income and social contribution taxes will be fiscal realized accordingly to
Company Management expectation as follows:

2011 2010
Company Company
2011 16,802 75,645

2012 44,954 5,480
2013 1,272 6,817
2014 onwards 7,916 7,458
70,944 95,400
43
September 30, 2011

Reconciliation of income and social contribution tax expense
Reconciliation of the income and social contribution tax expense calculated at the
applicable combined statutory rates and the corresponding amounts posted to the
statement of income is as follows:
Company
September 30, 2011 September 30, 2010
Social Social
Description Income tax contribution Income tax contribution
Earnings before income tax and social contribution 289,365 289,365 228,743 228,743
Rate 25% 9% 25% 9%
Statutory rate (72,341) (26,043) (57,186) (20,587)
Permanent add-bakcs and deductions
Equity pickup 2,573 926 1,279 460

Business gifts and homage (25) (9) (65) (23)
Contributions, donations and sponsorship (862) (310) (1,521) (548)
Pis and Cofins on unbilled revenue (400) (144) (547) (197)
Amortization of goodwil on appreciation of assets (207) (74) (207) (74)
Compensation expenses (stock option plan) (1,387) (499) (982) (353)
Managment bônus and 13th monthly salary (2,124) - (1,869) -
Share issued expenses - - 45 16
Nondeductible tax infractions (7) (2) (90) (32)
Tax loss and negative base 1,118 1,008 - -
Others (1,103) (487) (1,239) (446)
(2,424) 409 (5,196) (1,197)
Deferred income tax and social contribution on P&L (35,771) (12,877) (62,382) (21,784)
Current income tax and social contribution on P&L (38,994) (12,757) - -
Total (74,765) (25,634) (62,382) (21,784)
44
September 30, 2011

Reconciliation of income and social contribution tax expense (Continued)
Consolidated
Income Social Income Social
Descrição tax Contribution tax Contribution
Earnings before income tax and social contribution 305,142 305,142 242,403 242,403
Rate 25% 9% 25% 9%
Statutory Rate (76,286) (27,463) (60,601) (21,816)
Permanent add-bakcs and deductions

Equity pickup 2,573 926 (794) (286)
Business and homenage (25) (9) (65) (23)
Contributions, donations and sponsorship (862) (310) (1,521) (548)
Pis and Cofins on unbilled revenue (400) (144) (547) (197)
Amortization of goodwill on appreciation of assets (207) (74) (207) (74)
Compensation expenses (stock option plan) (1,387) (499) (982) (353)
Managment bônus and 13th monthly salary (2,124) - (1,869) -
Share issued expenses - - 45 16
Nondeductible tax infractions (7) (2) (94) (34)
Present value ajustment -real estate units 159 57 - -
Taxes loss and negative base 1,118 1,008 - -
Effect on the base of taxable profit of subsidiares
eliminated from the consolidated 5,160 1,858 4,236 1,525
Income tax and social contribution on companies whose
taxables profits calculated as a percentage of Gross
Sales (3,082) (1,085) (2,293) (825)
Others (4,269) (1,636) (1,244) (448)
(3,353) 89 (5,335) (1,247)
Deferred income and social contribution on P&L (36,135) (13,009) (62,561) (21,848)
Deferred income and social contribution on P&L (43,503) (14,364) (3,375) (1,215)
Total (79,638) (27,373) (65,936) (23,063)
45
September 30, 2011
9. Investments in subsidiaries
We set out below significant information on investees:

Net Income Net Income
Number of % (loss) for the Shareholder (loss) for the Shareholder
Subsidiaries units ownership Capital period sèquity period sèquity
CAA Corretagem e
Consultoria Publicitária S/C
Ltda. 5,000 99.00 50 (1) 135 50 143
RENASCE - Rede Nacional
de Shopping Centers Ltda. 45,000 99.99 950 (55) 4,355 950 4,365
CAA Corretagem Imobiliária
Ltda. 154,477 99.61 1,764 (3) 35 1,544 50
MPH Empreendimentos
Imobiliários Ltda. 839 41.96 183,683 5,674 213,864 22,000 38,278
Multiplan Admin. Shopping
Center 20,000 99.00 20 1,333 14,372 20 10,629
Pátio Savassi Administração
de Shopping Center Ltda. 1,000,000 100.00 10 624 366 10 432
SCP - Royal Green Península - 98.00 51,582 144 10,856 51,582 12,102
Manati Empreendimentos e
Participações S.A. (a) 21,442,694 50.00 72,636 262 67,866 25,668 66,290
Parque Shopping Maceió S.A (b) 29,893,268 50.00 29,605 (790) 28,508 13,922 28,978
Danville RJ Participações Ltda 8,500,000 99.99 6,759 (1,289) 9,671 - -
Multiplan Holding S.A 1,000 100.00 1 (4) 39 - -
Embraplan Empresa Brasileira
de Planejamento Ltda. 5,110,438 99.99 5,110 7 195 - 4
MTE Greenfield I Emp Imob
Rio Grande do Sul 780,930 99.99 2,226 (576) 1,650 - -
BarraSul Emp. Imob
Rio de Janeiro 579,965 99.99 1,801 (518) 1,283 - -
Multiplan Ribeirão Emp Im
Rio de Janeiro 4,999,995 99.99 6,278 (214) 6,064 - -
46
September 30, 2011
9. Investments in subsidiaries (Continued)

Investments of the Company
At At
December 31, Equity in September 30,
Subsidiaries 2010 Acquisition Disposals Dividends subsidiaries 2011
CAA Corretagem e Consultoria

Publicitária S/C Ltda. 142 - - - (9) 133
CAA Corretagem e Consultoria
Imobiliária S/C Ltda. 50 - - - (15) 35
RENASCE - Rede Nacional de
Shopping Centers Ltda. 4,366 - - - (12) 4,354
SCP - Royal Green Península 11,860 - (2,744) - 1,524 10,640
Multiplan Admin. Shopping Center 10,522 - - - 3,706 14,228
MPH Empreendimentos Imobiliários
Ltda. 16,061 67,914 - - 5,758 89,733
Manati Empreendimentos e
Participações S.A. (a) 33,144 - - - 789 33,933
Parque Shopping Maceió S.A. (b) 14,489 294 - - (529) 14,254
Pátio Savassi Administração de
Shopping Center Ltda. 432 - - (1,846) 1,780 366
Danville RJ Participações Ltda - 11,249 - (1,579) 9,670
Multiplan Holding S.A - 43 - - (4) 39
Embraplan Empresa Brasileira de
Planejamento Ltda. 4 - - - 191 195
MTE Greenfield I Emp Imob
Rio Grande do Sul - 2,225 - - (576) 1,649
BarraSul Emp. Imob
Rio de Janeiro - 1,801 - - (519) 1,282
Multiplan Ribeirão Emp Im
Rio de Janeiro - 6,278 - - (214) 6,064
Others 94 2 - - - 94
91,164 89,806 (2,744) (1,846) 10,291 186,671
47
September 30, 2011
9. Investments in subsidiaries (Continued)

Investments of the Consolidated
At Decembe 31, Equity in At September 30,

Subsidiaries 2010 Acquisition Disposals subsidiaries 2011
SCP - Royal Green Península 11,860 - (2,744) 1,524 10,640

Others 158 2 (1) - 159
12,018 2 (2,745) 1,524 10,799
(a) On February 7, 2008 the Company entered into a loan agreement with Manati by means of which it lent to the latter the amount of
R$ 23,806. On February 13, 2008, the parties entered into an amendment to this loan agreement based on which the loan amount
was increased by R$ 500. According to the minutes of the Extraordinary General Meeting (EGM) held on April 25, 2008. Manati
repaid to Multiplan the total amount borrowed, through conversion of this total loan amount into capital contribution in Manati with the
subscription, by Multiplan, of 21,442,694 new registered common shares of Manati, becoming the Company holder of 50% of Manati‟s
capital which, by its turn, holds a 75% interest in Shopping Santa Úrsula. The amount paid in this acquisition was R$ 28,668 and
goodwill on the transaction, amounting to R$ 3,218, which is supported by the assets market value (Note 10).
(b) On May 20, 2008, the Company acquired ownership interest of 50% in Parque Shopping Maceió, for R$ 50 (fifty reais). The
Extraordinary Shareholders‟ Meeting of June 23, 2008, decided to increase capital of Parque Shopping Maceió from R$ 1 to
R$ 29,893, through issue of 26,892,266 registered common shares, namely: (a) 13,446,134 shares subscribed and paid by Multiplan
in the amount of R$ 13,446, through capitalization of credits held receivable from the company resulting from loan agreement and
advances for future capital increase made on May 28, 2008 and June 2, 2008, for the acquisition of the land described in the
business purpose of Parque Shopping Maceió; (b) 1,500,000 shares subscribed but not yet paid by Multiplan.
10. Investment properties

The Multiplan internally valued its investment properties at fair value based on the
Discounted Cash Flow (DCF) method. The Company calculated the present value
using a discount rate following the CAPM (Capital Asset Pricing Model). Risk and
return assumptions were considered based on studies conducted by “Damodaran”
(New York University professor) involving the stock market performance of shopping
malls in Brazil (Beta Adjusted), in addition to market perspectives (Central Bank‟s
Focus Report) and data on the risk premium of the domestic market (sovereign risk).
Based on these assumptions, the Company estimated a nominal unleveraged discount
rate 13.0% for December 31, 2010.
December 31,
Shareholders‟ capital cost 2010
Risk free rate 3.7%

Market risk Premium 5.7%
Beta adjusted 0.72
Sovereign risk 202
Shareholders‟ capital cost - US$ 9.8%
48
September 30, 2011
10. Investment properties (Continued)
Decembe 31,
Inflation assumptions 2010
Inflation (BR) 5.3%

Inflation (USA) 2.3%
Shareholders‟ capital cost - R$ 13.0%
The model future cash flow was estimated based on the individual cash flows of
shopping malls and office towers, including the Net Operating Income (NOI),
Recurring Assignment of Rights (based only on “mix” assignment, excluding future
projects), Revenue from Mall Services (Justified by Company‟s control position in its
properties), Taxes on Revenues and investments in revitalization and construction in
progress. Perpetuity was calculated considering an actual growth rate of 2.0% for
malls and of 0.0% for office towers.
The Company categorized its investment properties in accordance with their status
and used a higher discount rate for projects that are not operational. The nominal
discount rate of future projects for lease, whether advertised or not (only expansions in
2010), was increased by 100 basis points, reaching 14.0% in 2010. The table below
describes the amount identified for each category of property and presents the value
of assets in the Company‟s share and as a whole (100%):
December 31, 2010
Valuation of investment properties Company 100%
Shopping malls in operation R$ 9,690 T R$ 15,047 T

Projects under development (advertised) R$ 1,836 T R$ 1,951 T
Projects under development (not advertised) R$ 760 T R$ 858 T
Total R$ 12,286 T R$ 17,856 T
49
September 30, 2011

Investment properties are derecognized when either they have been disposed of or
when the investment property is permanently withdrawn from use and no future
economic benefit is expected from its disposal. The difference between the net
disposal proceeds and the carrying amount of the asset is recognized in the income
statement in the period of derecognition.
Company
Annual
depreciation December 31, Capitalized September 30,
rates(%) 2010 Acquisitions Disposals interest Depreciation Transferences 2011
Cost
Land 647,880 19,706 (263) 3,941 - (2) 671,262
Improvements 2 to 4 1,340,317 241 (269) - - 170,419 1,510,708
Accumulated depreciation (193,537) - - - (25,229) - (218,766)
Net 1,146,780 241 (269) - (25,229) 170,419 1,291,942
Installations 2 to 10 123,164 147 - - - 26,376 149,687
Accumulated depreciation (47,872) - - - (7,912) - (55,784)
Net 75,292 147 - - (7,912) 26,376 93,903
Machinery, equipment,
furniture and fixtures 10 11,232 47 - - - 950 12,229
Accumulated depreciation (3,289) - - - (1,093) 78 (4,304)
Net 7,943 47 - - (1,093) 1,028 7,925
Other 10 to 20 3,652 206 - - - 2 3,860
Accumulated depreciation (809) - - - (252) (75) (1,136)
Net 2,843 206 - - (252) (73) 2,724
Construction in progress 310,265 431,369 (846) 4,162 - (197,748) 547,202
2,191,003 451,716 (1,378) 8,103 (34,486) - 2,614,958
50
September 30, 2011
Consolidated
Annual
Depreciation rates December 31, Capitalized September 30,
(%) 2010 Acquisitions Disposals interest Depreciation Transferences 2011
Cost
Land 755,878 20,106 (916) 3,941 - (17,770) 761,239
Improvements 2 to 4 1,513,636 507 (1,260) - - 129,863 1,642,746
Accumulated depreciation (204,140) - - - (27,242) 7,269 (224,113)
Net 1,309,496 507 (1,260) - (27,242) 137,132 1,418,633
Installations 2 to 10 160,920 304 - - - 24,836 186,060
Accumulated depreciation (52,889) - - - (10,622) 1,752 (61,759)
Net 108,031 304 - - (10,622) 26,588 124,301
Machinery, equipment, furniture and fixtures 10 14,810 133 - - - 266 15,209
Accumulated depreciation (4,033) - - - (1,274) 205 (5,102)
Net 10,777 133 - - (1,274) 471 10,107
Other 10 to 20 4,002 1,240 - - - 231 5,473
Accumulated depreciation (799) - - - (345) (341) (1,485)
Net 3,203 1,240 - - (345) (110) 3,988
Construction in progress 259,890 439,020 (846) 4,162 - (146,311) 555,915
2,447,275 461,310 (3,022) 8,103 (39,483) - 2,874,183
Fair value of assets
Brazilian Realty LLC.
Land 10,106 - - - - - 10,106
Improvements 27,324 - - - - - 27,324
Accumulated amortization (2,653) - - - (570) - (3,223)
Net 24,671 - - - (570) - 24,101
Indústrias Luna S.A.
Land 1 - - - - - 1
Improvements 3 - - - - - 3
Accumulated amortization - - - - - - -
Net 3 - - - - - 3
JPL Empreendimentos Ltda.
Land 2,915 - - - - - 2,915
Improvements 7,881 - - - - - 7,881
Accumulated amortization (757) - - - (165) - (922)
Net 7,124 - - - (165) - 6,959
Solução Imobiliária Ltda.
Land 398 - - - - - 398
Improvements 1,262 - - - - - 1,262
Net 1,138 - - - (31) - 1,107
Manati
Land 837 - - - - - 837
Improvements 2,381 - - - - - 2,381
Net 2,207 - - - (61) - 2,146
(a) 49,400 - - - (827) - 48,573

2,496,675 461,310 (3,022) 8,103 (40,310) - 2,922,756
(a) The goodwill deriving from the difference between market and book values of the assets of acquired investments, has been amort ized as the related
assets are realized by the subsidiaries, either by depreciation or write-off as a result of asset disposal. For consolidation purposes, and in accordance
with article 26 of CVM Instruction No. 247/96, goodwill resulting from the difference between market and book values of assets has been classified in
the account used by the parent company to record the related asset, under property, plant and equipment.
51
September 30, 2011
11. Property and equipment

Company
Annual
depreciation December 31, September 30,
rate (%) 2010 Acquisitions Disposal Depreciation Transferences 2011
Cost
Land - 1,209 - - - 1,209
Improvements 2 to 4 4,472 2 - - 50 4,524
Accumulated depreciation (416) - - (134) - (550)
Net 4,056 2 - (134) 50 3,974
Installations 2 to 10 2,508 106 - - 30 2,644
Accumulated depreciation (217) - - (188) - (405)
Net 2,291 106 - (188) 30 2,239
Machinery, equipment, furniture and fixtures 10 3,901 529 - - 40 4,470

Accumulated depreciation (1,780) - - (397) - (2,177)
Net 2,121 529 - (397) 40 2,293
Others 10 to 20 2,887 585 - - - 3,472
Accumulated depreciation (820) - - (304) - (1,124)
Net 2,067 585 - (304) - 2,348
Construction in progres 120 - - - (120) -
11,864 1,222 - (1,023) - 12,063
Consolidated
Annual
depreciation December 31, September 30,
(%) 2010 Acquisitions Dosposals Depreciation Tranferences 2011
Cost
Land - 3,113 - - - - 3,113
Improvements 2 to 4 10,343 2 - - 50 10,395
Net 8,205 2 - (307) 50 7,950
Installations 2 to 10 3,765 106 - - 30 3,901
Net 2,649 106 - (281) 30 2,504
Machinery, equipments, furniture and
fixtures 10 5,587 550 - - 40 6,177
Net 2,240 550 - (460) 40 2,370
Others 10 to 20 3,460 599 - - - 4,059
Net 2,180 599 - (321) - 2,458
Construction in progress 117 3 - - (120) -
18,504 1,260 - (1,369) - 18,395
52
September 30, 2011
12. Intangible assets

Intangible assets comprise systems use rights and goodwill recorded by the Company
upon the acquisition of new investments during 2007 and 2008, with part of these
investments being later merged.
Company
Annual
amortization December 31, September 30,
rate (*) 2010 Acquisiton Amortization 2011
Goodwill at merged company (a)

Bozano 307,067 - - 307,067
Accumulated amortization 20 (188,457) - - (188,457)
Realejo 86,611 - - 86,611
Multishopping 169,849 - - 169,849
254,671 - - 254,671
Goodwill upon acquisition of ownership
interest (b)
Brazilian Realty LLC. 46,434 - - 46,434
Indústrias Luna S.A. 4 - - 4
Accumulated amortization 20 - - - -
JPL Empreendimentos Ltda. 15,912 - - 15,912
Solução Imobiliária Ltda. 3,524 - - 3,524
Accumulated amortization 14 (554) - - (554)
48,759 - - 48,759
Copyright systems
Software license (c) 20 19,392 340 - 19,732
Accumulated Amortization (3,317) - (2,691) (6,008)
16,075 340 (2,691) 13,724
319,505 340 (2,691) 317,154
53
September 30, 2011
12. Intangible assets (Continued)

Consolidated
Annual
amortization December 31, September 30,
rate (*) 2010 Acquisiton Disposal Amortization 2011
Goodwill at merged company (a)
Bozano 307,067 - - - 307,067
Accumulated amortization 20 (188,457) - - - (188,457)
Realejo 86,611 - - - 86,611
Multishopping 169,849 - - - 169,849
254,671 - - - 254,671
Goodwill upon acquisiton of
ownership interest (b)
Brazilian Realty LLC. 46,434 - - - 46,434
Accumulated amortization 20 (13,232) (13,232)
Indústrias Luna S.A. 4 - - - 4
Accumulated amortization 20 - - - - -
JPL Empreendimentos Ltda. 15,912 - - - 15,912
Solução Imobiliária Ltda. 3,524 - - - 3,524
Accumulated amortization 14 (554) - - - (554)
48,759 - - - 48,759
Copyright systems
Software license (c) 20 19,392 340 - - 19,732
Accumulated amortization (3,317) - - (2,691) (6,008)
16,075 340 - (2,691) 13,724
Others 1,150 - - - 1,150
Accumulated amortization (67) - - (19) (86)
1,083 - - (19) 1,064
320,588 340 - (2,710) 318,218
(a) The goodwill recorded upon the merger of subsidiaries results from the following operations: (i) On February 24, 2006, the Company acquired all the
shares of Bozano Simonsen Centros Comerciais S.A and Realejo Participações S.A. These investments were acquired for R$ 447,756 and R$ 114,086,
respectively, and goodwill was recorded in the amount of R$ 307,067 and R$ 86,611, respectively in relation to the book value of the referred companies as
of that date; (ii) On June 22, 2006, the Company acquired all the shares of Multishopping Empreendimento Imobiliário S.A. held by GSEMREF Emerging
Market Real Estate Fund L.P, for R$ 247,514 as well as the shares held by shareholders Joaquim Olímpio Sodré and Manoel Joaquim Rodrigues Mendes
for R$ 16,587, and goodwill was recorded in the amount of R$ 158,931 and R$ 10,478, respectively, in relation to the book value of Multishopping as of that
date. In addition, on July 8, 2006 the Company acquired the shares of Multishopping Empreendimento Imobiliário S.A. held by shareholders Ana Paula
Peres and Daniela Peres, for R$ 900, resulting in goodwill of R$ 448. The referred to goodwill was based on expected future profitability of these
investments.
(b) As a result of investments acquired in 2007, the Company recorded goodwill based on future profitability in the total amount of R$ 65,874, which were
amortized until December 31, 2008 considering the term, extent and rate of results estimated in the report prepared by independent experts, not exceeding
ten years.
(c) Aimed to strengthen its internal control system while sustaining a well structured growth strategy, the Company started implementing SAP R/3 System. To
enable implementation, the Company executed a service agreement in the amount of R$ 3,300 with IBM Brasil - Indústria, Máquinas e Serviços Ltda. on
June 30, 2008. Additionally, the Company entered into two software licensing and maintenance agreements with SAP Brasil Ltda., both dated June 24,
2008, whereby SAP granted the Company a non-exclusive software license for an indefinite period of time. The license purchase amount was set at
R$ 1,795.
54
September 30, 2011
13. Loans and financing

September 30, 2011 December 31,2010
Annual
Index interest rate Company Consolidated Company Consolidated
Current
TJLP and
BNDES (a) UMBNDES 5.2% - - 1,455 1,455
Bradesco (d) CDI 129.2% CDI - - 15,509 15,509
Real (b) TR 10% 19,699 19,699 18,906 18,906
Banco Itaú SAF (c) TR 10% 2,347 2,347 2,319 2,319
Banco Itaú PSC (j) TR 9.75% 5,317 5,317 - -
Banco IBM (e) CDI 0.79% 1,179 1,179 1,290 1,290
Banco IBM (i) CDI 1.48% 2,079 2,079 1,903 1,903
BNDES PKS Expansão (g) TJLP 3.53% 9,430 9,430 9,465 9,465
Real BHS Expansão V (h) TR 10% 11,573 11,573 11,213 11,213
Raising of cost BHS EXP (h) (145) (145) (148) (148)
Raising of cost Itaú PSC (j) (266) (266) (140) (140)
Raising of Cost VLG (k) (150) (150) - -
Companhia Real de Distribuição (f) - - 26 26 26 26
51,089 51,089 61,798 61,798
Non- current
Real (b) TR 10% 73,867 73,867 85,075 85,075
Itaú PSC (j) TR 9.75% 126,268 126,268 36,687 36,687
Itaú VLG (k) TR 9.75% 56,586 56,586 - -
Itaú SAF(c) TR 10% 7,433 7,433 9,084 9,084
Banco IBM (e) CDI 0.79% 688 688 1,720 1,720
Banco IBM (i) CDI 1.48% 4,003 4,003 5,162 5,162
BNDES PKS Expansão (g) TJLP 3.53% 17,107 17,107 24,105 24,105
BNDES JDS TJLP 3.38% 40,150 40,150 - -
Real BHS Expansão V (h) TR 10% 81,013 81,013 85,966 85,966
Raising of cost Real BHS EXP (h) (653) (653) (756) (756)
Raising of cost Banco Itaú PSC (j) (1,220) (1,220) (1,426) (1,426)
Raising of cost JDS (l) (246) (246) - -
Raising of cost VLG (k) (2,886) (2,886) - -
Raising of cost CGS (m) (200) (200) - -
Companhia Real de Distribuição (f) - - 712 712 761 761
402,622 402,622 246,378 246,378
(a) Loans and financing with the BNDES, obtained for construction of Morumbi
Shopping in May 2005, that were guaranteed by a mortgage of 25% of the greater
part of Parkshopping were settled on May 15, 2011. Loans obtained for the
construction of ParkShopping Barigui have also been settled.
55
September 30, 2011
13. Loans and financing (Continued)

(b) On September 30, 2008, the Company entered into a financing agreement with
Banco ABN AMRO Real S.A. to build a shopping mall located in Porto Alegre in
the amount of R$ 122,000. This financing bears 10% interest p.a. plus the
variation in the Referential Rate (TR), and it is amortizable in 84 monthly
consecutive installments, the first of which paid in July 10, 2009. The effective
interest rate contractually provided is predicted to be renegotiated annually if
either the following condition materializes: (a) pricing (interest rate + TR) lower
than 95% of the average CDI for the last 12 months; or (b) pricing (interest rate +
TR) higher than 105% of the average CDI for the last 12 months. As such charges
incurred on financing for the period 2010/2011 were adjusted to 9.3% p.a plus TR.
As loan guarantee, the Company provided statutory lien on the property subject
matter of financing, assessed for the period at R$ 124,451, including all of its
accessions and improvements that come to be made, and constituted fiduciary
assignment of the credits referring to receivables from rent contracts and
assignment of rights in connection with the property subject matter of financing,
which shall correspond to at least 150% of the amount of a monthly installment
until full debt settlement.
This financing agreement has covenants determining that the Company must comply
with leverage index (total debt divided by net equity) equal to or below 1, also total
bank debt must be equal to or lower than 4 times EBITDA, to be computed annually
based on the Company's financial statements. At September 30, 2011, the Company
was in full compliance with all of the contractual conditions.
(c) On May 28, 2008, the Company and the other Shopping Anália Franco venturers
entered into a credit facility agreement with Banco Itaú S.A. to renovate and
expand the respective real property in the total amount of R$ 45,000, of which
30% are under the Company‟s responsibility. This facility bears 10% interest p.a.
plus TR and is amortizable in 71 monthly consecutive installments, the first of
which paid in January 15, 2010. As collateral for this debt, the Company assigned
Shopping Center Jardim Anália Franco in trust to Banco Itaú, assessed for the
period at R$ 676,834.
56
September 30, 2011

(d) In October 2008, the Company executed three unsecured credit certificates with
Banco Bradesco in the total amount of R$ 30,000 to strengthen its cash
management, as follows:
Inicial date Repact date Amount Interest rate
10/9/2008 4/7/2009 30,000 129.2% CDI
On April 7, 2009, the Company entered into a Private Instrument for Amendment
to the bank credit bill, which extended the original bill maturity date of April 7,
2009 to the following maturities: R$ 15,000 - September 29, 2010 and
R$ 15,000 - March 28, 2011, and also changed interest rate from 135% of CDI to
129.2% of CDI. This loan was settled on March of 2011.
(e) As mentioned in Note 12.c, the Company executed a service agreement with IBM
Brasil - Indústria. Máquinas e Serviços Ltda., on June 30, 2008, and entered into
two software licensing and maintenance agreements with SAP Brasil Ltda., both
dated June 24, 2008. Pursuant to the 1st Addendum to the respective
agreements, executed in July 2008, the amount of services related therewith was
the subject of lease financing by the Company to Banco IBM S.A. whereby the
Company assigned to Banco IBM S.A the obligation to pay for the services under
such conditions as established in the agreements. As consideration therefore, the
Company will refund Banco IBM for all amounts spent in connection with the
implementation, in 48 monthly successive installments of approximately 2.1% of
the total cost plus accrued DI-Over rate daily variation, added 0.79% p.a., the first
installment falling due in March 2009. To date, total amount under lease is
R$ 5,095.
(f) The balance payable to Companhia Real de Distribuição relates to the

intercompany loan agreement with subsidiary Multishopping for the beginning of
construction of BarraShopping Sul, payable in 516 monthly tranches of R$ 4, as
from the hipermarket inauguration date in November 1998, with no indexation.
57
September 30, 2011

(g) On December 21, 2009 the Company entered into Loan Facility Agreement
No. 09.2.1096.1 with the National Bank for Economic and Social Development
(BNDES) in order to raise funds to expand the ParkShopping. Such loan was
subdivided into R$ 36,624 for sub-loan “A” and R$ 1,755 for sub-loan “B”. Long-
term interest rate (TJLP), plus 3.53% p.a. (BNDES‟s fund-raising cost), will be
levied on sub-loan “A”, whilst interest of 4.5% p.a. will be levied on sub-loan “B”,
which is intended for purchase of machinery and equipment. On January 18, 2010
the Company was granted R$36,624 regarding sub-loan “A” and on March 30,
2010 received R$ 700 referring to sub-loan “B”. The amortization of both sub-
loans shall be made in 48 consecutive, monthly with the first due on August
15,2010.
(h) On November 19, 2009 the Company signed with Banco ABN AMRO Real S.A. a
private agreement to raise funds to expand BH Shopping, for R$ 102,400. The
charges levied on such fund-raising are 10% p.a. plus Referential Rate (TR),
repayable in 106 monthly and consecutive installments, the first falling paid on
December 15, 2010. As a guarantee for the funds, the Company chattel
mortgaged 35.31% of the property subject matter of the fund-raising, assessed at
R$ 153,599 and assigned in trust receivables from rent contracts and assignment
of rights on the real estate subject matter of fund-raising the Company is entitled
to, which shall consist of at least 120% of the amount of a monthly installment
until the debt is fully repaid. On September 30, 2011 Banco ABN AMRO Real S.A.
released a tranche of R$ 97,280. The contract includes an acceleration clause in
case the total debt exceeds the amount equivalent to four times EBITDA
(earnings before interest, taxes, depreciation and amortization). As of September
30, 2010 the Company was in full performance of all contractual conditions.
(i) On January 28, 2010 the Company signed with Banco IBM S.A. a loan facility
agreement for a cap amount of R$ 15,000 to purchase IT equipment and/or
software programs and IT-related products and/or services. The charges levied
on this loan are CDI + 1.48% p.a., as from the date of release of each tranche.
Repayment will be in 8 semi-annual installments, in a total of 48 months. As of
September 30, 2011, Banco IBM S.A had released R$ 7,095 relating to this
contract.
58
September 30, 2011

(j) On August 10, 2010, the Company signed an agreement with Banco Itaú
Unibanco S.A. for a bank loan for the construction of Park Shopping São
Caetano, amounting to R$ 140,000. The charges levied in this financing are the
reference rate (TR) plus 9.75% per year and amortization to be realized over the
99 consecutive monthly installments, the first falling due on June 15, 2012. As a
loan guarantee the Company set up an assignment in trust relating to receivables
stemming from lease agreements and store use rights in the financed
developments, which should be stated at 120% the value of a monthly installment
at minimum, to full settlement of the debt. Up to September 30, 2011, R$ 130,642
had been drawn down. The Company recorded the cost of raising the capital as
1% of the total loan amount, plus taxes.
(k) In November 30, 2010, the Company agreed a loan with Banco Itaú Unibanco
S.A. for the construction of Shopping Village Mall, amounting to
R$ 270,000. The charges levied on this financing are TR plus 9.75% a year and
its amortization will be made in 114 consecutive, monthly installments the first
falling due on March 15, 2013. As a loan guarantee the Company offered
mortgage in lands and all access, construction, facilities and improvements that
come to be performed at the development valued at R$ 370,000, on that date.
Accordingly, the Company set up an assignment in trust relating to lease
agreements and store use rights for the financed development. This must
represent 100% of the value of the monthly payment up to final settlement. This
contract provides for an early payment clause in the event that the EBTIDA is
equal or higher than double the value of net financial expenses, and net debt is
not lower or equal to three times EBITDA. Up to September 30, 2011, R$ 56,433
had been settled. The Company incurred capital raising costs equivalent to 1% of
the total loan amount plus respective taxes.
(l) On June 6, 2011, the Company signed opening loan agreement No. 11.2.0365.1
with the Brazilian Development Bank (BNDES) in order to finance the construction
of Jundiaí Shopping. The loan was divided into R$ 117,596 for sub-loan “A”, R$
5,304 for sub-loan “B” and R$ 1,229 for sub-loan “C”. Sub-loan “A” will incur long-
term interest (TJLP) plus 3.38% p.a., sub-loan “B”, intended for machinery and
equipment will incur TJLP plus 1.48% p.a. and sub-loan “C”, intended for
investment in social projects in the Jundiaí Municipality, incur TJLP. The
amortization of all sub-loans will be 60 consecutive, monthly installments, with the
first falling due July 15, 2013, received R$ 40,000.00 until September 30, 2011.
59
September 30, 2011

(m) On October 4, 2011, the Company entered into financing agreement No.
11.2.0725.1 with the National Bank for Economic and Social Development -
BNDES in order to fund construction of ParkShoppingCampoGrande. The
referred to credit operation was divided into sub-credit A, B, C, and D of R$
77,567, R$ 19,392, R$ 1,000 and R$ 1,891, respectively. Sub-credit “A” is subject
to interest of 2.32% p.a. above the Long-Term Interest Rate - TJLP plus spread of
1% p.a.. Sub-credit “B” is subject to interest of 2.32% p.a. above the reference
rate informed by BNDES based on the rate of return of NTN-B. Sub-credit “C”,
which is destined to investments in social projects in the municipality of Rio de
Janeiro, is subject to TJLP. Sub-credit “D”, which is destined to the purchase of
machinery and equipment, is subject to interest of 1.42% p.a. above TJLP.
Repayment of sub-credits "A", "C" and "D" will be in 60 monthly and successive
installments, the first maturing on November 15, 2013, and sub-credit "B" will be
repaid in 5 annual and successive installments, the first maturing on October 15,
2014. On June 20, 2011, the Company paid BNDES commission of 0.2% on the
amount relating to the financing study. Up to the date of this report the financing
still had not been effectively contracted.
Noncurrent loans and financing mature as follows:
2012 14,890 14,890 46,808 46,808

2013 69,588 69,588 48,205 48,205
2014 69,681 69,681 43,364 43,364
2015 onwards 248,463 248,463 108,001 108,001
402,622 402,622 246,378 246,378
60
September 30, 2011
14. Debentures
(a) 1st issuance of debentures for public distribution
On June 19, 2009, the Company completed the 1st Issue of Primary Public
Distribution Debentures, involving issue of 100 simple uncertified registered
unsecured debentures not convertible into shares, with a sole series, for public
distribution with restricted efforts, with firm guarantee, with nominal unit value of
R$ 1,000,000.00 (one million reais). The additional and supplementary lots of up
to 35% have not been exercised. The operation matures within 721 (seven
hundred and twenty-one) days, also the debentures will be remunerated at 117%
(one hundred and seventeen percent) of the accumulated variation of the average
daily rates for one-day financial deposits, “over extra group”, calculated and
disclosed daily by CETIP, in the daily bulletin on its Internet page (“DI-Over Rate”)
per year, considering 252 business days. Amortization of the amount of principal
related to the debentures was fully made on maturity date and remuneration
payment was made according to the following table as from the issue date.
1st Remuneration payment date - December 17, 2009 (181 days as from the
issue date)
2nd Remuneration payment date - June 15, 2010 (361 days as from the issue
date)
3rd Remuneration payment date - December 12, 2010 (541 days as from the
issue date)
4th Remuneration payment date - June 10, 2011 (721 days as from the issue
date)
Debentures were settled at June 10, 2011 no balance was payable at September
30, 2011.
61
September 30, 2011
14. Debentures (Continued)

(b) 2nd issuance of debentures for public distribution
On September 5, 2011, the Company carried out the 2nd issuance of debentures
for public distribution, in the amount of R$ 300,000,000.00 (three hundred million
reais). There was issuance of 30,000 simple book entry registered unsecured
debentures not convertible into shares, in a sole series, for public distribution with
limited efforts, under firm underwriting regime, with unit value of R$ 10,000.00
(ten thousand reais). The operation will have two equal repayments at the end of
the fourth and fifth year with twice-annual interest payment. The final issuance
price was established as of September 30, 2011, through book building
procedure, also compensation interest was defined and corresponded to 100%
(one hundred percent) of the accumulated variation of the average daily DI rates
increased on a compound basis by a spread of 1.01% (one point zero one
percent) p.a.
At September 30, 2011 there was no debt balance in connection with this
debenture issuance since the financial settlement of issuance took place on
October 18, 2011 for the updated amount of R$ 304,251,900.00 (three hundred
and four million, two hundred and fifty-one thousand and nine hundred reais).
62
September 30, 2011
15. Property acquisition obligations

2011 2010
Company and
Company Consolidated consolidated
Current
Land Barra (a) - - 5,848
PSS - Seguridade Social (b) 18,764 18,764 22,608
Land São Caetano (c) 7,113 7,113 6,766
Land Jundiaí (d) 7,005 7,005 6,498
Land Ribeirão (e) - 5,742 -
Others 268 268 269
33,150 38,892 41,989
Non-current PSS - Seguridade Social (b) 19,701 19,701 30,056
Land São Caetano (c) 57,297 57,297 59,157
Land Jundiaí (d) 5,254 5,254 9,748
Land Ribeirão (e) - 20,697 -
82,252 102,949 98,961
(a) With the public title registration dated March 11, 2008, the Company acquired a plot of land located in Barra da
Tijuca - Rio de Janeiro, destined for the construction of a shopping mall and other integrated structures. The
value of the acquisition was R$ 100,000, to be settled in the following manner: (a) R$ 40,000 upon the act of
signing the public title for purchase and sale; (b) R$ 60,000, in 36 equal monthly installments, plus interest in the
amount of 12% per annum, with the first installment being due 30 days after the signing date of the public title.
The last installment was settled on March, 2011. No balances was payable in September 30, 2011.
(b) In December, 2006, the Company acquired from PSS, the total number shares issued by SC Fundo de
Investimento Imobiliário, for R$ 40,000, from which R$ 16,000 were to be paid up front. in 60 monthly and
consecutive installments of R$ 494, already including annual interest of 9% by French amortization method, plus
monthly monetary restatement according to the variation of National Consumer Price Index (IPCA), the first of
which was falling due on January 20, 2007 and the remaining, on the same day of subsequent months.
Additionally, the Company acquired from PSS 10.1% of ownership interest in MorumbiShopping for R$ 120,000.
The amount of R$ 48,000 was paid on the deed date and the remaining balance will be settled in seventy-two
consecutive monthly installments, plus annual interest of 7% based on the French amortization method and
adjustments for the IPCA variation.
63
September 30, 2011
15. Property acquisition obligations (Continued)

(c) Through a purchase and sale agreement dated July 9, 2008, the Company acquired land in the city of São
Caetano do Sul. The conclusion of negotiations and the effective acquisition of the property are subject to
certain contractual obligations imposed by the selling party. The acquisition amounted to R$ 81,000, with
R$10,000 paid on signature of the contract. On September 8, 2009, through a partial renegotiation purchase and
sale private instrument agreement, among others, the parties recognized the outstanding balance to be R$
71,495, partially adjustable to be settled as follows: (i) R$ 4,000 on September 11, 2009; (ii) R$ 4,000 on
December 10, 2009; (iii) R$ 247 on October 10, 2012 adjusted in accordance with the variation in the IGP-M
index plus interest at 3% per year as from the instrument signature date; (iv) R$ 31,748 in 64 monthly
installments, adjusted in accordance with the variation in the IGP-M index, amounting to R$ 540 with the first
installment maturing on January 10, 2010; and (v) R$ 31,500 adjustable (if the amount is paid in cash), that
should be made through payment in kind of a 6,600 m² constructed area in a utilized part of a specific building as
specified in the instrument. In the event that the Company does not inaugurate the shopping center in the 36
month period from the date of the agreement signature it will be bound, as from the thirty seventh month, to
make payment of R$ 31,500 in cash, in 36 adjustable monthly installments in accordance with the IGP-M index,
to be increased by 3% per year, and from the date of the instrument‟s signature.
(d) Through a public deed of December 16, 2009 the Company purchased a plot of land in the city of Jundiaí for
R$46,533, R$ 700 paid in 2008, and R$ 20,000 on the date the deed was entered into. The remaining R$ 25,833
will be settled as follows: R$ 1,665 on February 11, 2010, R$ 1,665 in April 2010, R$ 1,670 in September 2010, and
42 monthly installments of R$ 496, the first falling due on January 11, 2010 and the others on the same days of
subsequent months. All payments will be updated by the change in IPCA, plus interest on arrears of 7.2% p.a., as
from the date of the deed.
(e) Through a deed of purchase and sale and purchase with mortgage lien clause, dated April 12, 2011, the
Company acquired through DanVille RJ Participações LTDA land located in Ribeirão Preto. The acquisition
amount was R$33,000, with R$4,500 paid on the contract date. The remaining balance of R$28,500 will be
settled in 60 monthly portions of R$475, the first falling due on May 11, 2011, and on that same day in the
months thereafter. All payments will be restated by the variation in the IGP-M plus interest of 6% p.a, as from the
contract date.
Noncurrent property acquisition obligations mature as follows:

September 30, 2011 December 31 2010
Company and
Company Consolidated consolidated
2012 7,751 9,195 32,257

2013 26,095 31,871 36,496
2014 7,113 12,889 18,873
2015 41,293 48,994 11,335
82,252 102,949 98,961
64
September 30, 2011
16. Taxes paid in installments

Consolidated
September December
30, 2011 31, 2010
Current
Tax assessments (a) 297 290
297 290
Noncurrent
Tax assessments (a) 952 1,122
952 1,122
(a) Refers to tax delinquency notices received in July 2003 resulting from underpayment of income and social
contribution taxes in 1999. The subsidiaries Multishopping and Renasce opted to participate in the installment
payment plan of Law No. 10684/03. and the amount of the obligation was divided into 180 monthly installments
beginning in July 2003. In addition, subsidiary Renasce opted to participate in the installment payment plan of
the debt referring to the tax claim of the National Institute of Social Security - INSS, due to lack of payment of
INSS on third party labor, which was secured by the bank guarantee contract with Banco ABC Brasil S.A. up to
2004. The installment payment is restated by the Long-term Interest Rate - TJLP.
17. Contingencies
Company
December 31, September 30,
Contingencies 2010 Addition Discharge 2011
Pis and Cofins (a) 12,199 - - 12,199

Civil Contingencies (c) 5,252 - - 5,252
Labor Contingencies 2,180 - - 2,180
Provision for Pis e Cofins (b) 1,064 - - 1,064
Provision IOF (b) 143 - (126) 17
Tax Contingencies 14 - - 14
20,852 - (126) 20,726
Consolidated
December 31, September 30,
Contingencies 2010 Addition Discharge 2011
Pis e Cofins (a) 12,168 - - 12,168
INSS 31 - - 31
Civil Contingencies (c) 5,347 - - 5,347
Labor Contingencies 2,214 37 - 2,251
Provision for Pis e Cofins (b) 1,064 - - 1,064
Provision IOF (b) 381 613 (974) 20
Tax Contingencies 457 - - 457
21,662 650 (974) 21,338
65
September 30, 2011
17. Contingencies (Continued)

Provisions for contingencies were established to cover probable losses in
administrative and legal proceedings related to tax and labor issues, with expectation
of probable losses, in an amount considered sufficient by Company Management,
based on the legal advice and assessment, as follows:
(a) At December 31, 2010, the Company is party to proceedings for collection of PIS
and COFINS on sales and rental income, on the terms of Law No. 9718 dated
1998, in connection with which the provisioned amount totals R$12,168 million.
Payments of these taxes have been calculated in accordance with ruling
legislation and deposited with the courts. The Company contested PIS and
COFINS levy on sales and rental income before Rio de Janeiro IRS office, i.e. on
operations not involving sale of goods and services. In addition, it deposited in
court the contested amounts. Since favorable and unfavorable rulings have been
handed down on the matter, on August 17, 2009 the Company filed an application
with Rio de Janeiro IRS Office for the judicial deposits to be converted into IRS
proceeds together with return to the company of the remaining judicial deposit
balance, after debt settlement. To date the Company has not received an answer.
The proceedings were assigned for judgment by the 9th and 16th federal courts of
Rio de Janeiro.
(b) The Company has a provision, amounting R$ 1,064, due to collections of PIS,
COFINS and IOF result from financial transactions with related parties.
(c) In March 2008, based on the opinion of its legal advisors, the Company
established a provision for contingencies, amounting to R$ 3,228, and made a
judicial deposit in the same amount. Such provision consists of claims for
damages filed by relatives of victims of a homicide on the premises of Cinema V
at Morumbi Shopping, in November 03, 1999.
The remaining balance of the provisions for civil claims consists of various minor value
claims filed against the shopping malls in which the Company holds equity interest.
66
September 30, 2011

The Company is defendant in several other contingencies such as, tax, administrative,
labor and civil proceedings assessed by the legal advisors as involving possible
losses estimated at R$ 38,532 on September 30, 2011 (R$ 38,690 on December 31,
2010) , as shown below:
Consolidated
September December
30, 2011 31,2010
Tax 12,617 11,948

Civel and adminstrative 20,265 19,335
Labor 5,650 7,407
38,532 38,690
Renasce, a Company subsidiary, is defendant in a proceeding filed by the Electoral

Court in connection with donations made in 2006 in excess of the limit of 2% of
donor‟s gross revenue. The Company‟s outside legal counsel assessed the chances
of loss as possible, estimated at R$ 5,663. An appeal was lodged alleging existence
of amount in duplicate in TRE records, besides the fact that the overall economic
group revenue should be considered and not only that of Renasce, for purposes of
calculation of the limit provided for in electoral legislation. The appeal was dismissed
by majority voting. Other appeals were lodged. Currently, the appeal against non-
admission of appeal to higher electoral court is pending judgment.
Taxes and social contributions determined and paid by the Company and your subsidiaries
are subject to review by the tax authorities for different statute barring periods.
On June 26, 1995, the consortium formed by the company (successor to

Multishopping Empreendimentos Imobiliários S/A) and the companies Bozano,
Simonsen Centros Comerciais S/A, Pinto de Almeida Engenharia S/A, and In Mont
Planejamento Imobiliário e Participações Ltda advanced the amount of R$ 6,000 to
Clube de Regatas do Flamengo. This amount should be deducted from the income
earned by the Club after opening the shopping mall located in Gávea, Rio de Janeiro,
which was the object of the consortium. However, the project was cancelled, and
Clube de Regatas do Flamengo did not return the amount advanced. The consortium
members then decided to start a lawsuit demanding due compensation. The court
decision, which became final, ordered the execution of the mentioned amount,
including any applicable adjustments. As the Company is waiting for the exactly
determination of the amounts to be reimbursed, as well as of its realization, this
contingent asset was not accounted for.
67
September 30, 2011
In March 6, 2009, the Company filed lawsuit against Paulo Aguinelo Malzoni,
Victor Malzoni Junior, Álvaro Domingos Malzoni (“Malzoni”), Brascan Shopping
Centers Ltda., Plaza Shopping Trust Spco Ltda., Manoel Bayard Monteiro
Lucas and Plaza Shopping Empreendimentos Ltda. aiming at: (i) ensuring the
tight of first refusal to acquire the quotes of MPH under the Quotaholders‟
Agreement, as a result of the indirect transfer of quotas held by Malzoni to
Brascan Shopping Centers unbeknownst to us; and (ii) compensation of losses
and damages arising from this transfer without respecting our preference
rights. The amount involved in the demand relates to the value of the quotas of
MPH at the date of the acquisition by Brascan Shopping Centers, which was
equivalent to approximately R$ 10 million, plus the amount of compensation to
be arbitrated in the settlement of sentence. The lawsuit was upheld at the first
instance and the defendants appealed, which is awaiting trial.
18. Deposits in court

Company
December September 30,
Deposit in court 31, 2010 Addition Disposals 2011
Pis and Cofins 12,199 - - 12,199

Civil deposits 3,683 1,543 - 5,226
Labor deposits 42 9 - 51
Others 6,367 - (59) 6,308
22,291 1,552 (59) 23,784
Consolidated
December September 30,
Deposit in court 31, 2010 Addition Disposals 2011
Pis and Cofins 12,920 - - 12,920

INSS 31 - - 31
Civil deposits 3,683 1,543 - 5,226
Labor deposits 42 9 - 51
Others 6,524 208 (59) 6,673
23,200 1,760 (59) 24,901
68
September 30, 2011
19. Transactions and balances with related parties

September 30, 2011
Sundry loans
Amounts and several
receivable advance
Company Non current Noncurrent
MPH Empreendimento Imobiliário Ltda. - 325

Renasce Rede Nacional de Shopping Centers Ltda - 250
Manati Empreendimentos e Participações S.A. 148 -
Parque Shopping Maceió S.A. - 7,506
Total at September 30, 2011 148 8,081
December 31, 2010

Sundry loans
Amounts and several
receivable advance
Company Non current Non current
MPH Empreendimento Imobiliário Ltda. - 68,240

Total at December 31, 2010 149 68,240
September 30, 2011

Amounts Amounts
receivable payable
Consolidated Non current Current
MPH Empreendimento Imobiliário Ltda. - 450

Total at September 30, 2011 74 450
December 31, 2010

Amounts Amounts
receivable payable
Consolidated Non current Current
Helfer Comércio e Participações Ltda. - 26,034

Plaza Shopping Trust SPCO Ltda. - 68,240
Total at December 31,2010 75 94,274
The transactions with related parties above refers to advances for future capital
increase, not impacting the interest and monetary variations.In addition, the company
has sundry loans and advances granted to ventures, in which,the company has
interest (See details in note 5)
69
September 30, 2011
20. Deferred income

Revenue related to assignment of

rights 207,250 238,547 165,299 205,469
Unallocated costs of sales (30,538) (33,056) (21,207) (23,390)
Other revenues 1,601 1,601 1,654 1,654
178,313 207,092 145,746 183,733
Current 28,534 38,326 31,828 42,163
Noncurrent 149,779 168,766 113,918 141,570
21. Shareholders‟ equity

a) Capital
The Board of Directors‟ Meeting held on January 18, 2010, approved private issue
of 1,497,773 registered common shares, with no par value, for issue price of R$
11.06 per share, to increase Company capital by R$ 16,565. This share issue
resulted from exercise of the share purchase option granted to the Company‟s
CEO, Mr. José Isaac Peres, under the Company‟s Share Purchase Plan,
approved by the Common Shareholders‟ Meeting of July 6, 2007, as described in
Note 21(g). Share issue observed authorized capital limit provided for by article 8,
paragraph 1 of the Company‟s articles of incorporation
At September 30, 2011 and December 31, 2010 the parent company‟s capital is
represented by 179,197,214 total shares. The total amount is composed by
common and preferred, registered and book entry shares, with no par value.
distributed as follows:
Number of shares
Shareholder Common Preferred Total Common Preferred Total
Multiplan Planejamento. Participações

e Administração S.A. 55,766,130 - 55,766,130 55,866,130 - 55,866,130
1700480 Ontário Inc. 40,285,133 11,858,345 52,143,478 40,285,133 11,858,345 52,143,478
José Isaac Peres 481,300 - 481,300 200,000 - 200,000
Maria Helena Kaminitz Peres 100,000 - 100,000 100,000 - 100,000
Shares outstanding 69,457,930 - 69,457,930 69,783,734 - 69,783,734
Board of Directors and Officers 41,859 2 41,861 52,494 2 52,496
Total of shares outstanding 166,132,352 11,858,347 177,990,699 166,287,491 11,858,347 178,145,838
Shares in Treasure Department 1,206,515 - 1,206,515 1,051,376 - 1,051,376
167,338,867 11,858,347 179,197,214 167,338,867 11,858,347 179,197,214
70
September 30, 2011
21. Shareholders‟ equity (Continued)

b) Legal reserve
Legal reserve is determined based on 5% of net profit as prescribed by prevailing

legislation and the Company‟s bylaws, capped at 20% of capital.
c) Expansion reserve
In accordance with provisions set forth in the Company‟s bylaws, the remaining
portion of net profit after absorption of accumulated losses, establishment of legal
reserve and distribution of dividends was earmarked for expansion reserve, which
is intended to secure funds for new investments in capital expenditures, current
capital, and expanded corporate activities.
d) Special goodwill reserve - merger
As explained in Note 8, upon Bertolino‟s merger into the Company, the goodwill
recorded on Bertolino‟s balance sheet deriving from the purchase of Multiplan capital
participation, net of provision for net equity make-whole, was recorded on the
Company‟s books, after said merger, under a specific asset account - deferred
income and social contribution taxes, as per contra to special goodwill reserve upon
merger, pursuant to the provisions set forth in article 6°, paragraph 1° of CVM
Instruction No. 319/99. This goodwill will be amortized according with the same
expected future profitability that gave rise to it, over a term of 5 years.
e) Treasury shares
On November 11, 2008, the Company Executive Board approved a share

buyback program for Company-issued shares with a term of up to 365 days, and
limited to 3,696,023 common shares with no par value without reduction to its
capital.
On February 3, 2010, the Company‟s Executive Board approved a share buyback

program for Company issued shares with a term of up to 365 days, and limited to
3,696,023 common shares with no par value without reduction to its capital.
On February 22, 2011, Executive Board approved a share buyback program for
Company issued shares with a term of up to 365 days, and limited to 3,600,000
common shares with no par value without reduction to its capital.
71
September 30, 2011

e) Treasury shares (Continued)
All the programs are intended to invest part of the Company‟s available funds in
the repurchase of shares in order to maximize the generation of value to
shareholders and, accordingly, act on any exercise of share options.
Therefore, to date the Company purchased 1,958,100 common shares (1,316,400

on December 31, 2010). In the 1st semester of 2011, 751,585 shares were used
for settlement of options exercise. At September 30, 2011, the amount of treasury
shares was 1,206,515 shares (1,051,376 shares at December 31, 2010). For
further detail, see Note 21 (g).
At September 30, 2011, the percentage of outstanding shares is 38.76% (38.94%

at December 31, 2010). The shares were purchased at a weighted average cost
of R$ 31.02 (thirty-one reais and two cents) at a minimum cost of R$ 9.80 (nine
reais and eighty cents), and a maximum cost of R$ 36.94 (thirty-six reais and
ninety-four cents). The share market value calculated by reference to the last
price quotation before year end was R$ 34.85 (thirty-four reais and eighty-five
cents).
f) Dividends
As per the Company‟s bylaws, the minimum mandatory dividend corresponds to

25% of net profit, as adjusted pursuant to the Brazilian legislation. On April 29,
2011 the Common Shareholders‟ Meeting approved proposed dividend
distribution of R$ 102,938 thousand, corresponding to the year of 2010 and 50%
of the net profit of the Company and R$ 0.57872 per share.
2010
Net profit 216,712

Apropriation to legal reserve (10,836)
Net profit adjusted 205,876
Total of proposed dividends 51,469

Complementary dividends (proposed and approved in April 29, 2011) 51,469
Total proposed dividends 102,938
Destination percentage 50%
72
September 30, 2011

g) Stock options plan
The Extraordinary General Meeting held on July 6, 2007 approved a Stock Option
Plan for the purchase of Company shares by its managers, employees and
service providers or of other Company subsidiaries.
The referred to plan is managed by the Board of Directors, and the Managing
Director is responsible for determining the beneficiaries to which the stock
purchase options will be granted.
The Grant of Options, in the context of Stock Option Plan , approved in 2007, do
not confer acquisition rights on the number of shares exceeding 7% of the
Company‟s capital at any moment. The dilution consists of the percentage
represented by the number of shares options shared by the total number of
shares issued by the Company. On September 30, 2011, the dilution percentage
is 3.38%. The dilution percentage did not include the issue of new shares.
The Stock Option Plan beneficiaries are allowed to exercise their options in a four
years‟ time from the end of the vesting period. Vesting period will be of up to two
years, with releases of 33.4% as from the second anniversary, 33.3% as from the
third anniversary, and 33.3% as from the fourth anniversary.
Shares price shall be based on average quotation on the São Paulo Stock
Exchange (Bovespa) of the Company‟s shares of the same class and type for the
20 (twenty) days immediately before option granting date, weighted by trading
volume, monetarily restated by reference to the Amplified National Consumer
Price Index (IPCA) variation published by the Brazilian Institute of Geography and
Statistics (IBGE), or by any other index determined by the Board of Directors, until
effective option exercise date.
73
September 30, 2011

g) Stock options plan (Continued)
Six stock option distributions were made, distributed over the years, 2007 to 2011
which observe the maximum limit of 7% provided for by the plan, as summarized
below:
a. Program 1 - On July 6, 2007, the Company‟s Board of Directors approved the

1st Stock Options Plan for purchase of 1,497,773 shares, which may be
exercised after 180 days as from the first public offering of shares made by
the Company. Despite the aforementioned Plan‟s general provisions, the
option exercise price is of R$ 9.80 (nine reais and eighty cents)) restated by
reference to IPCA variation, published by IBGE, or another index chosen by
the Board of Directors.
b. Program 2 - On November 21, 2007, the Company‟s Board of Directors

approved the 2nd Stock Options Plan for purchase of 114,000 shares. Out of
this total, 16,000 shares were granted to an employee who left the Company
before the minimum term to exercise the option. The exercise price of these
shares is R$ 22.84 (twenty-two reais and eighty-four cents), restated for
inflation at the IPCA rate published by IBGE, from the approval date up to the
date that the share option is exercised.
c. Program 3 - On June 4, 2008, the Company‟s Board of Directors approved

the 3rd Stock Options Plan for purchase of 1,003,400 shares. Out of this
total, 68,600 shares were granted to an employee who left the Company
before the minimum term to exercise the option. The exercise price of these
shares is R$ 20.25 (twenty reais and twenty-five cents), restated for inflation
at the IPCA rate published by IBGE, from the approval date up to the date
that the share option is exercise.
d. Program 4 - On April 13, 2009, the Company‟s board of directors approved

the 4th Share Purchase Option Plan related to shares issued by the
Company, approving granting of 1,300,100 such shares. Out of these, 44,100
shares were granted to an employee who left the Company before the
minimum period to exercise the option. The exercise price of these shares is
R$ 15.13 (fifteen reais and thirteen cents), restated for inflation at the IPCA
rate published by IBGE, from the approval date up to the date that the share
option is exercise.
74
September 30, 2011

e. Program 5 - On March 4, 2010, the Company‟s Board of Directors approved

the 5th Share Purchase Option Program of the Company, involving 966,752
shares. The exercise price of these shares is R$ 30.27 (thirty reais and
twenty-seven cents), restated for inflation at the IPCA rate published by
IBGE, from the approval date up to the date that the share option is exercise.
f. Program 6 - On March 26, 2011, the Company‟s Executive Board approved

the 6th company issued share buyback program, and approved granting
options on 1,297,110 shares. The exercise for these shares is R$ 33.13
(thirty-three reais and thirteen cents), restated for inflation according to the
IPCA rate published by IBGE, as from the approval date up to the date that
the share option is exercise.
The distributions in (b), (c), (d), (e) and (f) follow the parameters defined by the
Stock Options Plan described above.
On January 7, 2010 the President Director Mr. José Isaac Peres exercised
1,497,773 call options. Additionally, throughout the year of 2011 and the first nine
months, certain beneficiaries have exercised 746,885 stock purchase options
related to programs 2, 3 and 4. Accordingly, on September 30, 2011, the shares
making up the Company Stock Option Plan reached the amount of 3,805,777,
which consist of 2,12% of total stock at September 30, 2010.
75
September 30, 2011

The vesting period to exercise the options is as follows:
Quantity of
options
% of options Maximum exercised at
released for number of September
Vesting period as from granting exercise shares 30, 2011
Program 1
180 days after the Initial Public Offering - 01/26/08 100% 1,497,773 1,497,773
Program 2
As from the second anniversary - 12/20/09 33.4% 32,732 31,396
As from the third anniversary - 12/20/10 33.3% 32,634 31,208
As from the fourth anniversary - 12/20/11 33.3% 32,634 -
Program 3
As from the third anniversary - 06/04/11 33.3% 311,288 113,739
Program 4
As from the third anniversary - 04/13/12 33.3% 418,248 -
Program 5
As from the second anniversary - 03/04/12 33.4% 322,986 -
Program 6
As from the second anniversary - 03/23/13 33.4% 433,234 -
76
September 30, 2011

The average weighted fair value of call options at at the granted dates, described
below. was estimated using the Black-Scholes options pricing model, assuming
the assumptions listed below:
Weighted
average
Average fair value of
Volatility Risk free rate maturity options
Program 1 48.88% 12.10% 3.25 years R$ 16.40

Program 2 48.88% 12.50% 4.50 years R$ 7.95
Program 3 48.88% 12.50% 4.50 years R$ 7.57
Program 4 48.79% 11.71% 4.50 years R$ 7.15
Program 5 30.90% 6.60% 3.00 years R$ 7.28
Program 6 24.30% 6.30% 3.00 years R$ 7.03
Share-based payments outstanding at December 31, 2008 were measured and

recognized by the Company in accordance with CPC 10, and related effects were
recorded retroactively at the beginning of the year in which such payments were
granted through the transition date. Related effects on shareholders‟ equity and
P&L based on the options‟ fair value on the granting date are as follows:
Shareholders
Income equity
First-time adoption of Law No. 11638/07 24,579 24,579

2008 1,227 25,806
2009 3,460 29,226
2010 5,675 34,941
2011 7,661 42,602
2012 7,021 49,623
2013 4,787 54,410
2014 2,573 56,983
2015 570 57,553
The effect on the first nine months of 2011 for recognition of share based
payments in net equity and the income statements was R$ 5,549, with R$ 2,501
representing the portion for management. In the first six-month period of 2010 the
effect on net equity and on income statements was R$ 3,926, with R$ 1,806
representing the portion for management.
77
September 30, 2011
22. Financial income (expenses), net

Income from short-term investments 53,241 54,599 60,414 60,914

Interest on loans and financing (24,254) (24,254) (20,455) (20,455)
Interest on loans property 507 507 47 47
Bank fees and other charges (3,105) (3,243) (2,765) (2,974)
Foreign exchange fluctuations (10) 619 (17) 969
Monetary variations (1,304) (816) (2,023) (1,748)
Fines and interest on rental 3,085 3,328 1,747 1,827
Fines and interest on tax violations (205) (205) (98) (101)
Bank fees (277) (312) - -
Interest on loans 1,879 2,045 1,420 1,559
Interest on property acquisition
obligations (2,626) (2,626) (3,374) (3,374)
Others (1,577) (1,658) (1,686) (1,735)
Total 25,354 27,984 33,210 34,929
23. Segments information

For management purposes, the Company recognizes four business segments that
account for its revenues and expenses. Segment information is required, considering
that margins, appropriation of revenues and expenses and the final products are
different among them. The Company identified and distinguished four segments:
Shopping malls
This refers to the company‟s share in the civil condominium of shopping centers and in
their respective parking lots. This is the Company‟s major revenue segment,
accounting for 76.0% of its total revenue for September, 2011. The determining factor
for the amount of revenues and expenditures in this segment is the company‟s share
in each venture. The company believes that the major contributors to the growth of its
results are the other three activities performed by the company, as described later in
this report. A description of its revenues and expenses is detailed below:
Revenue: Revenue derives mainly from payments for the lease of stores and parking
revenue. Such revenue is appropriated to the proportional share of venturers in each
condominium.
78
September 30, 2011
23. Segments information (Continued)

Shopping malls (Continued)
Lease revenue: This refers to amounts collected by mall owners (the Company and its
partners) for areas leased in its shopping malls. Revenue includes four types of lease:
Minimum Lease (based on a commercial agreement indexed to IGP-DI),
Supplementary Lease (percentage of sales made by shopkeepers), Merchandising
(lease of area in the venture‟s mall) and straight-line lease revenues (remove volatility
and seasonality of minimum lease revenue).
Parking: Revenue from payments made by customers for the time their vehicles
remain in the venture‟s parking lot.
Expenses: These include vacant stores, contributions to the promotion fund, legal
fees, lease, brokerage fees, and other expenses relating to interest held in the
shopping mall. It is worth noting that the mall‟s maintenance and operating expenses
(mixed-property condominium) are to be supported by the shopkeepers.
Other: This item includes depreciation expenses.
The shopping mall‟s assets substantially comprise permanent assets of operational

malls and lease payments receivable.
Real estate
Real estate operations include revenue and expenses from the sale of properties
regularly developed around the shopping mall. As previously mentioned, this activity
contributes to generating customer flows to the mall, increasing its results.
Additionally, the appreciation and convenience brought by a mall to its surroundings
enable the company to reduce risks and increase revenues from properties sold.
Revenues are derived from the sale of properties and their related construction costs.
Both are appropriated pursuant to the percentage of completion (POC) of the
construction work. Expenses refer mostly to brokerage and marketing costs. Finally,
the account “other” is largely related to a real estate project that has been recognized
in the company‟s balance sheet and income statement as investment and equity
pickup, respectively.
This segment‟s assets are concentrated in the company‟s inventory of land and
construction in progress and trade accounts receivable.
79
September 30, 2011

Projects
Project operations include revenue and expenses from the development of shopping
malls. Development costs are recorded in the balance sheet, but expenses on
marketing, brokerage, feasibility studies and other items are posted to the company‟s
income statement. Similarly, the company believes that most of its revenue from
Assignment of Rights derives from projects initiated over the last 5 years (average
period to recognize revenue from Assignment of Rights), thus resulting from the lease
of stores during the lease process. In developing its projects, the company can ensure
the quality of the malls in which it will hold future interests.
Project‟s assets mainly comprise permanent assets of construction in progress and

trade accounts receivable from leased stores.
Administration and other
The company provides administration services to its partners and shopkeepers and
charges for these services. Additionally, the Company charges brokerage fees from its
partners for the lease of stores. The administration of malls is essential for their
success and is a major area of concern in the company. On the other hand, the
company incurs headquarter costs in these and other services that are considered in
this segment. This also includes tax, financial income and expenses and other results
as they depend on the company‟s structure and not only on the operation of each
segment previously described.
This segment‟s assets mainly comprise cash, deferred taxes and intangible assets.
80
September 30, 2011

September 30, 2011
Managment
Shopping Real state Projects and others Total
Revenue 402,382 32,575 29,009 65,509 529,475

Cost - (33,234) - - (33,234)
Expenses (48,053) (6,230) (10,019) (68,201) (132,503)
Others (44,392) 1,523 - (15,727) (58,596)
Earning before income taxes and
social constribution 309,937 (5,366) 18,990 (18,419) 305,142
Operational assets 2,365,552 116,716 1,099,997 647,257 4,229,522
September 30, 2010

Managment
Shopping Real State Projects and others Total
Revenue 327,714 34,975 54,133 50,464 467,286

Costs - (19,797) - - (19,797)
Expenses (46,570) (1,566) (30,192) (74,062) (152,390)
Others (31,752) (3,174) - (17,770) (52,696)
Earning before income taxes and
social contribution 249,392 10,438 23,941 (41,368) 242,403
Operational assets 2,157,343 161,492 299,575 1,249,087 3,867,497
24. Financial instruments and risk management

In accordance with the provisions set forth by CVM Rule No. 566 of December 17,
2008, which approved Accounting Pronouncement CPC 14, the Company measured
its financial instruments.
The amounts recorded in the asset and liability accounts as financial instruments are
restated as contractually provided for at September 30, 2011 and correspond,
approximately to their market value. These amounts are substantially represented by
cash and cash equivalents trade accounts receivable, sundry loans and advances,
loans and financing, and property acquisition liabilities. The amounts recorded are
equivalent to market values.
81
September 30, 2011
24. Financial instruments and risk management (Continued)

The Company‟s major financial instruments are as follows:
i) Cash and cash equivalents - Are stated at market values, which are equivalent to
their book value;
ii) Trade accounts receivable and sundry loans and advances - classified as
financial assets held to maturity and accounted for at their contractual amounts,
which are equivalent to market value.
iii) Property acquisition liabilities, loans and financing and debentures - classified as
financial liabilities Not measured at fair value, measured at amortized cost using
the effective interest rate method.
For disclosure purposes, the market value of debts that include borrowing costs
was calculated considering the borrowing costs over the life of the debt rather
than at inception. Thus, the borrowing costs were diluted over the number of
months of the operation plus the monthly rate of each debt, and then brought to
present value at the reporting date.
The carrying value and the market value of the Company‟s financial instruments in
September 30 and December 31, 2010 are as follows:
Company assets (liabilities)
September 30 ,2011 December 31, 2010
Category Book value Market Book value Market
Assets
Cash and equivalents Held for slaes 490,725 490,725 764,694 764,694
Accounts receivable Held-to-maturity 198,045 198,045 199,886 199,886
Sundry loans and advances Loans (granted) and receivables 35,053 35,053 91,706 91,706
Liabilities
Loans and financing Not measured at fair value 453,711 432,545 308,176 304,640
Property and aquisition obligation Not measured at fair value 115,402 115,402 140,950 140,950
Debentures Not measured at fair value - - 100,709 100,709
Consolidated assets (liabilities)

Category Book value Market Book value Market
Assets
Cash and equivalents Held for Sales 532,860 532,860 794,839 794,839
Accounts receivable Held-to maturity 215,875 215,875 216,276 216,276
Sundry loans and advances Loans (granted) and receivables 29,200 29,200 25,835 25,835
Liabilities
Loans and financing Not measured at fair value 453,711 432,545 308,176 304,640
Property and aquisition obligation Not measured at fair valued 141,841 141,841 140,950 140,950
Debentures Not measured at fair valued - - 100,709 100,709
82
September 30, 2011

Risk factors
The main risk factors to which the subsidiary companies are exposed are the
following:
(i) Interest rate risk
Interest rate risk refers to:
• Possibility of variation in the fair value of their financings at fixed rates, if such
rates do not reflect current market conditions. While constantly monitoring
these indexes, to the present date the Company does not have any need to
take out hedges against interest rate risks.
• Possibility of unfavorable change in interest rates, which would result in

increase in financial expenses as a consequence of the debt portion under
variable interest rates. At September 30, 2011 the Company and its
subsidiaries invested their financial resources mainly in Interbank Deposit
Certificates, remunerated at the percentual of CDI rate, which significantly
reduces this risk.
• Inability to obtain financing in the event that the real estate market presents
unfavorable conditions, not allowing absorption of such costs.
(ii) Credit risk related to service rendering
This risk is related to the possibility of the Company and its subsidiaries posting
losses resulting from difficulties in collecting amounts referring to rents, property
sales, key money, administration fees and brokerage commissions. This type of
risk is substantially reduced owing to the possibility of repossession of rented
stores as well as sold properties, which historically have been renegotiated with
third parties on a profitable basis.
83
September 30, 2011

Risk factors (Continued)
(iii) Credit risk
The risk is related to the possibility of the Company and its subsidiaries posting
losses resulting from difficulties in realizing short-term financial investments. The
risk inherent to such financial instruments is minimized by keeping such
investments with highly-rated banks.
In accordance with CVM Rule No. 550 of October 17, 2008, which provides for
disclosure of information about derivative financial instruments in notes to
financial statements, the Company informs that it does not have any policy on the
use of derivative financial instruments. Accordingly, no risks arising from possible
exposure associated with these instruments were identified.
Sensitivity analysis
In order to check the financial asset and liability indexes to which the Company is
exposed at September 30, 2011 for sensitivity, 5 different scenarios were defined and
an analysis of sensitivity to fluctuations in these instruments‟ indexes was prepared.
Based on FOCUS report dated September 30, 2011, CDI, IGP-DI, and IPCA indexes
were projected for year 2011 - set as the probable scenario - from which decreasing
and increasing variations of 25% and 50%. Respectively, were calculated.
Financial assets and liabilities indexes:
Probable 25% 50%

Index 50% decrease 25% decrease scenario increase Increase
CDI 5.50% 8.25% 11.00% 13.75% 16.50%

IGP-DI 2.89% 4.33% 5.77% 7.21% 8.66%
IGP-M 2.91% 4.37% 5.82% 7.28% 8.73%
IPCA 3.26% 4.89% 6.52% 8.15% 9.78%
UMBNDES 0.87% 1.30% 1.73% 2.16% 2.60%
TJLP 3.00% 4.50% 6.00% 7.50% 9.00%
84
September 30, 2011

Sensitivity analysis (Continued)
Financial assets:
Gross financial income was calculated for each scenario as at September 30, 2011,
based on one-year projection and not taking into consideration any tax levies on
earnings. The Interbank Deposit Certificate (CDI) index was checked for sensitivity at
each scenario.
Financial income projection - 2011:
Company:
Rate of September 50% 25% Probable 25% 50%

remunaration 30, 2011 decrease decrese scenario increase increase
Cash and cash equivalents
Cash and Banks N/A 27,635 N/A N/A N/A N/A N/A
Short-term investment 100% CDI 463,090 25,470 38,205 50,940 63,675 76,410
490,725 25,470 38,205 50,940 63,675 76,410
Accounts receivable
Trade accounts receivable - lease IGP-DI 59,852 1,727 2,590 3,453 4,317 5,180
Trade accounts receivable -key
money IGP-DI 94,930 2,739 4,108 5,477 6,847 8,216
Trade accounts receivable -real
state sales IGP-DI 28,858 833 1,249 1,665 2,081 2,498
Others trade accounts receivable N/A 14,406 N/A N/A N/A N/A N/A
198,046 5,299 7,947 10,595 13,245 15,894
Sundry loans and advances

Barra Shopping Sul Association 135% CDI 8,985 667 1,001 1,334 1,668 2,001
Parkshopping Barigui Association 117% CDI 3,603 232 348 464 580 696
Parkshopping Association 110% CDI 439 27 40 53 66 80
Parkshopping São Caetano
Association 110% CDI 445 27 40 54 67 81
Condomínium Parkshopping 110% CDI 4,201 254 381 508 635 762
Condomínium Ribeirão Shopping 110% CDI 1,328 80 121 161 201 241
New York City Center
Condomíninum 110% CDI 63 4 6 8 10 11
Anália Franco Condomínium N/A 121 N/A N/A N/A N/A N/A
Morumbi Shopping Condomínium N/A 57 N/A N/A N/A N/A N/A
MPH Empreendimentos
Imobiliários Ltda. N/A 325 N/A N/A N/A N/A N/A
Parque Shopping Maceió N/A 7,506 N/A N/A N/A N/A N/A
Advances for suppliers N/A 5,781 N/A N/A N/A N/A N/A
Others sundry loans and advances N/A 2,199 N/A N/A N/A N/A N/A
35,053 1,291 1,936 2,582 3,227 3,872
Total 723,824 32,060 48,089 64,117 80,147 96,176
85
September 30, 2011

Financial income projection - 2011: (Continued)
Consolidated:
Remuneratio September 50% 25% Probable 25% 50%

n rate 30, 2011 decrease decrease scenario increase increase
Cash and cash equivalents
Cash and Banks N/A 49,849 N/A N/A N/A N/A N/A
Short-term investment 100% CDI 483,011 26,566 39,848 53,131 66,414 79,697
532,860 26,566 39,848 53,131 66,414 79,697
Accounts receivable
Trade accounts receivable -lease IGP-DI 66,843 1,928 2,893 3,857 4,821 5,785
Trade accounts receivable -key
money IGP-DI 102,542 2,958 4,438 5,917 7,396 8,875
Trade accounts receivable -real
state sales IGP-DI 28,858 833 1,249 1,665 2,081 2,498
Others accounts receivable N/A 17,632 N/A N/A N/A N/A N/A
215,875 5,719 8,580 11,439 14,298 17,158
Sundry and loans advances

Barra Shopping Sul Association 135% CDI 8,985 667 1,001 1,334 1,668 2,001
Parkshopping Barigui Association 117% CDI 3,603 232 348 464 580 696
Parkshopping Association 110% CDI 439 27 40 53 66 80
Shopping Vila Olímpia Association 8% IPCA 739 2 3 4 5 6
Parkshopping São Caetano
Association 110% CDI 445 27 40 54 67 81
Parkshopping Condomínium 110% CDI 4,201 254 381 508 635 762
Ribeirão Shopping Condomínium 110% CDI 1,328 80 121 161 201 241
New York City Center
Condomínium 110% CDI 63 4 6 8 10 11
Anália Franco Condomínium N/A 121 N/A N/A N/A N/A N/A
Morumbishopping Condomínium N/A 57 N/A N/A N/A N/A N/A
Condominio Shopping Vila N/A N/A N/A N/A N/A
Olímpia N/A 500
Advance for suppliers N/A 5,802 N/A N/A N/A N/A N/A
Advance for enterpreneur N/A 892 N/A N/A N/A N/A N/A
Others sundry loans and advances N/A 2,026 N/A N/A N/A N/A N/A
29,201 1,293 1,939 2,585 3,232 3,878
Total 777,936 33,578 50,366 67,155 83,944 100,733
Financial liabilities:
Gross financial expense was calculated for each scenario as at September 30, 2011,
based on the indexes‟ one-year projection and not taking into consideration any tax
levies and the maturities flow of each contract scheduled for 2011. The indexes were
checked for sensitivity at each scenario.
86
September 30, 2011

Projected financial expenses - 2011:
Company:
Remunaratio September 50% 25% Probable 25% 50%

Loans and financing

BNDES - PKS Exp TJLP 26,537 796 1,194 1,592 1,990 2,388
BNDES - Jundiaí TJLP 40,150 1,205 1,807 2,409 3,011 3,614
Real N/A 93,566 N/A N/A N/A N/A N/A
Real BHS Exp V N/A 92,586 N/A N/A N/A N/A N/A
Itaú SAF N/A 9,780 N/A N/A N/A N/A N/A
Itaú PSC N/A 131,585 N/A N/A N/A N/A N/A
Itaú VLG N/A 56,586 N/A N/A N/A N/A N/A
CDI + 0.79%
Banco IBM p.a. 1,867 1 1 2 2 2
CDI + 1.48%
Banco IBM p.a. 6,082 5 7 10 12 15
Costs of captação Banco Itaú
PSC N/A (1,486) N/A N/A N/A N/A N/A
Costs of leveraging Real BHS Exp
V N/A (798) N/A N/A N/A N/A N/A
Cost of leveraging BNDES Jundiaí N/A (246) N/A N/A N/A N/A N/A
Cost of leveraging Itaú Village N/A (3,036) N/A N/A N/A N/A N/A
Cost of leveraging CGS N/A (200) N/A N/A N/A N/A N/A
Cia Real de Distribuition N/A 738 N/A N/A N/A N/A N/A
453,711 2,007 3,009 4,013 5,015 6,019
Property aquisition obligation

PSS - Seguridade Social IPCA + 9% 38,465 4,716 5,343 5,970 6,597 7,224
IGPM + 3%
Land São Caetano p.a. 64,410 3,807 4,744 5,681 6,618 7,555
Land Jundiaí IPCA + 7.2% 12,259 1,282 1,482 1,682 1,882 2,082
Others N/A 269 N/A N/A N/A N/A N/A
115,403 9,805 11,569 13,333 15,097 16,861
Total 569,114 11,812 14,578 17,346 20,112 22,880
87
September 30, 2011

Projected financial expenses - 2011:
Consolidated:
Remunaratio September 50% 25% Probable 25% 50%

Loans and financing

BNDES - PKS Exp TJLP 26,537 796 1,194 1,592 1,990 2,388
BNDES - Jundiaí TJLP 40,150 1,205 1,807 2,409 3,011 3,614
Real N/A 93,566 N/A N/A N/A N/A N/A
Real BHS Exp V N/A 92,586 N/A N/A N/A N/A N/A
Itaú SAF N/A 9,780 N/A N/A N/A N/A N/A
Itaú PSC N/A 131,585 N/A N/A N/A N/A N/A
Itaú VLG N/A 56,586 N/A N/A N/A N/A N/A
CDI + 0.79%
Banco IBM p.a. 1,867 1 1 2 2 2
CDI + 1.48%
Banco IBM p.a. 6,082 5 7 10 12 15
Costs of leveraging Banco Itaú
PSC N/A (1,486) N/A N/A N/A N/A N/A
Costs of leveraging Real BHS Exp
V N/A (798) N/A N/A N/A N/A N/A
Cost of leveraging BNDES Jundiaí N/A (246) N/A N/A N/A N/A N/A
Cost of leveraging Itaú Village N/A (3,036) N/A N/A N/A N/A N/A
Cost of leveraging CGS N/A (200) N/A N/A N/A N/A N/A
Cia Real de Distribution N/A 738 N/A N/A N/A N/A N/A
453,711 2,007 3,009 4,013 5,015 6,019
Property aquisition obligation

PSS - Seguridade Social IPCA + 9% 38,465 4,716 5,343 5,970 6,597 7,224
IGPM + 3%
Land São Caetano p.a. 64,410 3,807 4,744 5,681 6,618 7,555
Land Jundiaí IPCA + 7.2% 12,259 1,282 1,482 1,682 1,882 2,082
IGPM +
Land Ribeirão 6%p.a. 26,439 2,356 2,740 3,125 3,510 3,894
Others N/A 269 N/A N/A N/A N/A N/A
141,842 12,161 14,309 16,458 18,607 20,755
Total 595,553 14,168 17,318 20,471 23,622 26,774
88
September 30, 2011
25. Administrative funds

The Company is in charge of management of funds of investors for the following
shopping malls: BarraShopping, MorumbiShopping, BHShopping, DiamondMall,
ParkShopping, RibeirãoShopping, New York City Center, Shopping Anália Franco,
BarraShopping Sul, ParkShopping Barigui, Shopping Pátio Savassi, Shopping Santa
Úrsula and Vila Olimpia. The company manages funds comprising advances from said
investors and rents received from shopkeepers at the shopping malls, which are
deposited in bank accounts of the Company in the name of the investment, to finance
the expansion and the operating expenses of the shopping malls.
At September 30, 2011 and December 31,2010, the balance of administrative funds
amounted to R$ 13,762), which is not presented in the consolidated financial
statements because it does not representing rights or obligations of the subsidiary.
26. Management fees

The Company is managed by a Board of Directors and an Executive Board. In the
period ended in September 30, 2011, these administrators‟ compensation, recorded
under management fees expenses totaled R$ 11,932 (R$ 13,026 in September 30,
2010), which is deemed a short term benefit.
As described in Note 21.g, the Company shareholders approved a stock option plan
for the Company‟s administrators and employees.
Additionally, the company directors and employees have the right to health care plan
and life insurance.
89
September 30, 2011
27. Profit per share

Basic earnings per share amounts are calculated by dividing net profit for the year
attributable to ordinary equity holders of the parent by the weighted average number
of ordinary and preferred shares, excluded share held in treasury, outstanding during
the year. The Company opted to include preferred shares on the profity per share
calculation, once the preferred shares have the same rights on the dividends
distribution. Diluted earnings per share amounts are calculated by dividing the net
profit attributable to ordinary and preference equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year plus the
weighted average number of ordinary shares that would be issued on conversion of all
the dilutive potential ordinary shares into ordinary shares. The Company‟s exercisable
options in its option plan were included as dilutive shares.
The following reflects the income and share data used in the basic and diluted
earnings per share computations:

A Total shares issued 179,197,214 179,197,214 179,197,214 179,197,214

B Treasury 1,206,515 1,206,515 247,386 247,386
C=Average (A-B) Average common shares 178,068,269 178,068,269 178,154,635 178,154,635
D Dilutive potencial shares 125,348 125,348 40,696 40,696
E Total net income 188,967 190,062 144,578 146,035
Earnings per share
E/C (Common shares) 1.0612 1.0674 0.8115 0.8197
E/(C+D) Adjusted earnings per share 1.0605 1.0666 0.8113 0.8195
90
September 30, 2011
28. Insurance
The Company holds an insurance program for the shopping centers in which it holds
interest with CHUBB do Brasil Cia. de Seguros, in force from November 30, 2010 to
November 30, 2011 (“Insurance Program”). The Insurance Program provides three
insurance policies for each development as follows: (i) comprehensive type property
insurance to insure against property risk in the risk portfolio (ii) commercial
establishment type insurance to insure against commercial general liability and
(iii) commercial general liability insurance to insure against risks associated with the
safekeeping of vehicles. Risk cover is subject to conditions and exclusions provided
for in the respective policies, within which we stress the exclusion of damages
stemming from acts of terrorism. In addition, the Company has contracted an
engineering risks policy for any expansion, refurbishment, improvement or
construction work to insure the execution of the respective development.
As well as the policies mentioned above the Company has contracted a commercial
general liability insurance policy in the Company‟s name with a limit greater than those
contracted for each individual shopping center. The policy is intended to protect the
interests of shareholders against third party.
In addition to these policies, the Company holds 3 D&O insurance policies under 1°,
2° and 3° risks arrangement among insurers Chubb do Brasil, Itaú Seguros and
Liberty Paulista Seguros.
91
Multiplan‟s Shopping Center EBITDA increases 74% to R$116
million and reached a 74.4% margin in 3Q11
th
Rio de Janeiro, November 9 , 2011 – Multiplan Empreendimentos Imobiliários S.A. (BM&F Bovespa: MULT3), announces its
third quarter 2011 results. The following financial and operational data were prepared and are being presented in accordance
with accounting policies adopted in Brazil, which comprise the standards and pronouncements issued by the Brazilian Securities
and Exchange Commission (CVM) and the Brazilian FASB (CPC), which are in conformity with the international financial
reporting standards (IFRS) issued by IASB applicable to real estate development entities in Brazil and approved by the Brazilian
FASB (CPC), by the Brazilian Securities Commission (CVM) and by the National Association of State Boards of Accountancy
(CFC).
3Q11 Highlights (R$'000)

Quality Projects Sustainable Growth
87% of stores leased Highest Same Store Rent increase in 3 years: 16%
in the four malls under construction leading to a 19% rental revenue growth
120% 16.0%
96.8% 13.9% 14.1%
100% 13.2%14.0%
85.7% 12.0%
11.6%
Leased Stores (units)
82.5% 10.3%
80%
82.3%
8.1%
60% 6.5% 6.6%
3.9% 4.4%
40% ParkShoppingSãoCaetano
VillageMall
20% JundiaíShopping
ParkShoppingCampoGrande
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
0%
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Improved Performance and Efficiency

G&A expenses dropped 15% Shopping Center EBITDA up 74%
and new projects expenses fell 49% and margin improved to 74.4%
120.0%
CAGR: +1,4% 116,188
-15.3% CAGR: +25.9% +73.7% 110.0%
24,744 40.0% 100.0%
92,312
20,119 20,955 35.0%
81.3% 90.0%
18,695
30.0%
66,884 74.4% 80.0%
19.9% 25.0% 58,314
16.0% 16.9% 70.0%
20.0%
12.6% 60.0%
15.0% 63.4%
10.0% 50.0%
49.9%
5.0% 40.0%
3Q08 3Q09 3Q10 3Q11 3Q08 3Q09 3Q10 3Q11
G&A % of Net Revenue Shopping center EBITDA Margin
Leading to Solid Returns

Net Income increased 41% Record NOI + Key Money margins
and FFO improved 19% and Net Income in 3Q11
120,000 +18.6%
CAGR Net Income: +92.9%
99,731 88.2% 89.5% 1 2 5 .0 %
100,000 CAGR FFO: +22.3% 83.6%

84,110 79.1% 1 0 5 .0 %
+40.8%
80,000 72,533 81.3% 74.4%
65,268 8 5 .0 %
60,000 54,514 63.4%

46,354 62.2% 57.4% 60.2%
6 5 .0 %
40,857
40,000 53.9%
49.9% 4 5 .0 %
39.4%
20,000 9,086 35.0%
2 5 .0 %
9.0% 31.6%
- 5 .0 %
3Q08 3Q09 3Q10 3Q11 3Q08 3Q09 3Q10 3Q11

Net Income FFO NOI + Key Money margin Shopping Center EBITDA Margin
FFO Margin Net Income Margin
Highlights (YoY)
Shopping Center Sales Rental Revenue NOI Shopping Center EBITDA Net Income
3Q11 +11.8% +18.7 +17.2% +73.7% +40.8%
9M11 +13.1% +17.0 +16.7% +42.6% +30.1%
PROJECTS UNDER DEVELOPMENT
Demand for space in Multiplan greenfields remains strong, with 86.8% of spaces in the new projects leased. The
highlight in the quarter was ParkShoppingCampoGrande with 82.3% of stores leased.
OPERATIONAL AND FINANCIAL
With an 11.8% increase, sales in Multiplan shopping centers reached R$2.0 billion in 3Q11. Same Area Sales grew
7.7% in the period, showing a strong performance of Multiplan shopping centers.
A new record high, Same Store Rent recorded a +16.0% increase in 3Q11, with a real growth of 5.8% on top of the
inflation adjustment effect. Rental revenue increased 18.7% in the same period.
Higher shopping center margin, driven by a stronger performance of Multiplan shopping centers, and shopping center
expenses running below inflation. Shopping center gross revenue grew 17.1%, while shopping center expenses increased a
modest 2.6% in 3Q11 versus 3Q10.
131 bps improvement in Net Operating Income (NOI) + Key Money margin, reaching 89.5% in 3Q11 up from 88.2%
in 3Q10. NOI + Key Money reached R$131.6 million or a 17.1% increase when compared to 3Q10. In 9M11 NOI + key Money
reached R$383.3 million, up 16.4%.
Headquarters expenses (G&A) down 15.3% in 3Q11, dropping to 12.6% as percentage of net revenue in 3Q11, from
16.9% in 3Q10. In 9M11 G&A expenses decreased 10.7% to R$ R$62.7 million.
73.7% increase in Shopping Center EBITDA while margin increased to 74.4%, up from 49.9%, as a result of strong
revenue growth and lean expenses. In 9M11 shopping center EBITDA increased 42.6% to R$330.6 million.
40.8% increase in net income, despite increase in gross debt, recording R$65.3 million. This outcome is a result of
Multiplan focus on generating value for its shareholders through strong sales performance, efficiency gains and dilution of
expenses. In 9M11, net income reached R$190.1 million, up 30.1%.
FFO reached R$ 99.7 million and FFO margin gain of almost 280bps. In 9M11, FFO was R$283.6 million, an increase
of 8.2%.
As a consequence of investments totaling R$198.0, Multiplan net debt position reached R$ 62.7 million, or 0.14x net
debt/ LTM EBITDA.
RECENT EVENTS
th
DELIVERED! ParkShoppingSãoCaetano opened, as originally announced, on November 9 , 2011. The mall is
96.8% leased and is expected to generate a 3rd year NOI of R$47.1 million, leading to an NOI yield of 21.1%.
Multiplan announced a R$223.5 million PSV mixed-used project in BarraShoppingSul, composed of one condo office
tower (Diamond Tower) and a residential building (Résidence du Lac), which are expected to be delivered in 2H14.
In October 2011, Multiplan issued non-convertible debentures equivalent to R$300 million at CDI + 1,01% per annum.
Multiplan signed, in October 2011, a R$99.8 million 7-year financing contract with the Brazilian Development Bank
(BNDES) to fund the construction of ParkShoppingCampoGrande.
For the second year in a row BarraShopping was elected the best shopping center in Rio de Janeiro, for quality,
attention to customers, brand identity and evolution. The research was commissioned by one of the most recognized newspapers in
Brazil.
2
Multiplan's Financial Evolution
Change % CAGR %
R$ Million 2006 2007 (IPO) 2008 2009 2010
(2010/2006) ¹ (2010/2006) ¹
Gross Revenue 276.5 368.8 452.9 534.4 662.6 ▲139.7% ▲24.4%
Net Operating Income 169.6 212.1 283.1 359.4 424.8 ▲150.4% ▲25.8%
Adjusted EBITDA ² 143.8 212.2 247.2 304.0 350.2 ▲143.5% ▲24.9%
Net Income (32.2) 21.2 74.0 163.3 218.4 ▲932.2% ▲117.7%
Adjusted Net Income ³ 101.9 176.5 199.4 236.8 323.5 ▲217.6% ▲33.5%
¹ As for the Net Income, the calculation compares 2010 with 2007.
² Adjusted for expenses related to the company's IPO.
³ Adjusted for deferred income and social contribution taxes.
663
2006 2007 (IPO) 2008 2009 2010
534
453 425
369 359 350
304 324
276 283
247 218 237
212 212
170 144 163 176 199
74 102
21
-32
Gross Revenue Net Operating Income Adjusted EBITDA ² Net Income Adjusted Net Income ³
Historical Performance of Multiplan‟s Results (R$ Million)
Overview
Multiplan Empreendimentos Imobiliários 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 3Q11, Multiplan
owned - with an average interest of 67.4% - and managed 13 shopping centers with a total GLA of 551,759 m², over 3,600
stores and an estimated annual traffic of 159 million consumers.
Table of Contents
01. Consolidated Financial Statements .............................................................................................. 4

02. Project Development....................................................................................................................... 5
03. Operational Indicators................................................................................................................... 11
04. Gross Revenue .............................................................................................................................. 13
05. Shopping Center Ownership Results ......................................................................................... 14
06. Shopping Center Management Results ..................................................................................... 17
07. Shopping Center Development Results ..................................................................................... 18
08. Real Estate for Sale Results ........................................................................................................ 20
09. Financial Results ........................................................................................................................... 21
10. Portfolio ........................................................................................................................................... 26
11. Ownership Structure ..................................................................................................................... 27
12. MULT3 Indicators & Stock Market .............................................................................................. 28
13. Appendices..................................................................................................................................... 29
3
1. Consolidated Financial Statements
Consolidated Financial Statements (R$‟000)
(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Rental revenue 111,301 93,765 ▲18.7% 325,202 278,039 ▲17.0%
Services revenue 23,644 18,347 ▲28.9% 64,056 54,133 ▲18.3%
Key money revenue 9,802 8,384 ▲16.9% 29,009 25,913 ▲11.9%
Parking revenue 19,775 16,825 ▲17.5% 57,374 48,325 ▲18.7%
Real estate for sale revenue 10,515 13,719 ▼23.4% 32,575 34,975 ▼6.9%
Straight line effect 6,050 8,319 ▼27.3% 19,807 23,762 ▼16.6%
Other revenues 731 591 ▲23.7% 1,453 2,140 ▼32.1%
Gross Revenue 181,818 159,950 ▲13.7% 529,476 467,287 ▲13.3%
Taxes and contributions on sales and (16,160) (13,438) ▲20.3% (47,323) (41,300) ▲14.6%
services
Net Revenue 165,658 146,512 ▲13.1% 482,153 425,987 ▲13.2%
Headquarters expenses (20,955) (24,744) ▼15.3% (62,652) (70,136) ▼10.7%
Stock-option-based remuneration expenses (2,040) (1,382) ▲47.6% (5,549) (3,926) ▲41.3%
Shopping centers expenses (15,378) (14,990) ▲2.6% (48,054) (46,571) ▲3.2%
New projects for lease expenses (2,537) (13,145) ▼80.7% (9,278) (30,192) ▼69.3%
New projects for sale expenses (4,497) (795) ▲465.7% (6,973) (1,566) ▲345.3%
Cost of properties sold (9,852) (7,420) ▲32.8% (33,234) (19,797) ▲67.9%
Equity pickup 141 1,777 ▼92.1% 1,523 (3,174) na
Other operating income/expenses 1,020 (12,801) na 3,614 (11,401) na
EBITDA 111,560 73,012 ▲52.8% 321,550 239,224 ▲34.4%
Financial revenue 18,406 24,567 ▼25.1% 65,112 66,908 ▼2.7%
Financial expenses (9,593) (9,208) ▲4.2% (37,128) (31,979) ▲16.1%
Depreciation and amortization (15,134) (10,755) ▲40.7% (44,392) (31,750) ▲39.8%
Earnings Before Taxes 105,239 77,616 ▲35.6% 305,142 242,403 ▲25.9%
Income tax and social contribution (17,313) (1,676) ▲933.0% (57,867) (4,590) ▲1,160.7
Deferred income and social contribution (19,329) (27,001) ▼28.4% (49,144) (84,409) %
▼41.8%
taxes
Minority interest (3,329) (2,585) ▲28.8% (8,069) (7,369) ▲9.5%
Net Income 65,268 46,354 ▲40.8% 190,062 146,035 ▲30.1%
(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

NOI 121,748 103,919 ▲17.2% 354,329 303,555 ▲16.7%
NOI margin 88.8% 87.4% ▲139 b.p 88.1% 86.7% ▲136 b.p
NOI + Key Money 131,550 112,303 ▲17.1% 383,338 329,468 ▲16.4%
NOI + Key Money margin 89.5% 88.2% ▲131 b.p 88.9% 87.6% ▲125 b.p
Shopping Center EBITDA 116,188 66,884 ▲73.7% 330,570 231,877 ▲42.6%
Shopping Center EBITDA margin 74.4% 49.9% ▲2,451 73.1% 58.8% ▲1,422
b.p b.p
EBITDA (Shopping Center + Real Estate) 111,560 73,012 ▲52.8% 321,550 239,224 ▲34.4%
EBITDA margin 67.3% 49.8% ▲1,751 66.7% 56.2% ▲1,053
b.p b.p
Net Income 65,268 46,354 ▲40.8% 190,062 146,035 ▲30.1%
Net Income margin 39.4% 31.6% ▲776 b.p 39.4% 34.3% ▲514 b.p
Adjusted Net Income 84,597 73,355 ▲15.3% 239,206 230,444 ▲3.8%
Adjusted Net Income margin 51.1% 50.1% ▲100 b.p 49.6% 54.1% ▼448 b.p
FFO 99,731 84,110 ▲18.6% 283,598 262,194 ▲8.2%
FFO margin 60.2% 57.4% ▲279 b.p 58.8% 61.5% ▼273 b.p
4
2. Project Development
Nearly R$200 million invested during 3Q11

CAPEX (R$ „000) 3Q11 9M11
The Company invested R$198.0 million in 3Q11, of Mall Development 137,743 345,203
which 86.5% were allocated to the eight projects for Mall Expansions 19,549 30,806
lease, all under construction. The accumulated Office towers for lease 33,427 64,993
investment in the first nine months is R$468.1 million Renovations & other 7,258 27,088
Total 197,977 468,090
and an additional R$996.1 million should be invested
throughout 2013 in the announced projects. CAPEX Breakdown
The following chart shows the quarterly investments in new shopping centers, which tends to increase as the
opening date gets closer. Mall development CAPEX set a new record high in 3Q11, reflecting Multiplan‟s
current strong development pipeline of five shopping centers under construction.
Openings: BarraShoppingSul Shopping Vila Olímpia ParkShoppingSãoCaetano
136 M 138 M
128 M
106 M
94 M 95 M
73 M 79 M
41 M 41 M
30 M 30 M 33 M 37 M
16 M 24 M 23 M
2M
2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Mall Development Capex evolution (R$)
The Company estimated owned gross leasable area (GLA) after the delivery of one shopping center in 2011,
three shopping centers and two office tower projects in 2012 and one shopping center and an office tower
project in 2013, is described in the chart below.
The new projects will add 245,371 m² of owned GLA by 2013, a 66.0% growth when compared to 3Q10 final
owned GLA, of 371,730 m².
5
+66.0%
617,101 m² 617,101 m²
524,857 m²
74,198 m² 91,513 m²
17,315 m²
18,046 m²
410,390 m² 97,152 m² 153,858 m²
371,730 m²
38,660 m²
Office Towers for Lease Under Development

371,730 m² Malls Under Development 371,730 m²
Malls in Operation
3Q11 2011E 2012E 2013E Total Announced (2013E)
Expected Owned GLA Growth (3Q11-2013)
Strong demand for space in new shopping centers: 87% of leased stores!
Demand for space in Multiplan greenfields remained strong during 3Q11. By October 2011, there were 86.8%
of spaces in the new projects under construction leased, confirming the success of the Company‟s efforts in
the pre-operational phase. The fast leasing rhythm at ParkShoppingCampoGrande was the highlight for the
quarter: twelve months after the start of its leasing phase and more than one year away from its opening, the
mall has already signed 82.3% of its available stores.
In the final leasing phase Multiplan uses the last spaces available to allocate stores envisaging the fine tuning
of the planned tenant mix: this is the phase in which very fine mix adjustments in new projects are carried out.
Parque Shopping Maceió‟s leasing phase started in September 2011, and the mall quickly leased 50% of its
available GLA.
120%
96.8%
Leased stores 100%
85.7%
87%
Leased Stores (units)
82.5%
80%
82.3%
60%
Total stores:
783
40% ParkShoppingSãoCaetano
VillageMall
20% JundiaíShopping
To be leased ParkShoppingCampoGrande
13% 0%
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Leasing Status (As of October 2011) Leasing Evolution (As of October 2011)
6
The Company expects the five malls to generate R$157.2 million in key money revenue, and R$175.6 million
rd
in their 3 year NOI. Some projects had their CAPEX adjusted mainly by the increase in the Brazilian
construction cost index (INCC) of the preceding twelve months. The table below shows updated information
on the greenfield projects.
Shopping centers under construction Multiplan‟s Interest (R$‟000)

3rd year
GLA Invested Key NOI 1st NOI 3rd
Project Opening %Mult. CAPEX¹ NOI
(100%) CAPEX Money year year
Yield (%)
1 ParkShoppingSãoCaetano Nov-11 38,660 m² 100.0% 260,579 89% 37,083 35,296 47,111 21.1%
2 JundiaíShopping Oct-12 35,754 m² 100.0% 271,006 45% 24,763 27,876 34,331 13.9%
3 VillageMall Nov-12 23,583 m² 100.0% 426,620 54% 40,975 41,093 46,855 12.1%
4 ParkShoppingCampoGrande ² Nov-12 42,016 m² 90.0% 229,000 27% 45,075 25,562 34,147 18.6%
5 Parque Shopping Maceió Apr-13 36,092 m² 50.0% 93,333 13% 9,259 10,432 13,184 15.7%
Total 176,106 m² 87.4% 1,280,539 51% 157,155 140,259 175,627 15.6%
1
Considers only the first phase of the project (disregarding any future expansions). Includes project expenses.
2
Multiplan will invest 100% of the CAPEX.
7
ParkShoppingSãoCaetano: a new mall is coming to town!
th
Delivered on November 9 , 2011, ParkShoppingSãoCaetano had on October 96.8% of its stores already
leased. While Multiplan focused on the mall‟s final details, tenants prepared their stores looking forward to the
Christmas season.
rd
ParkShoppingSãoCaetano is expected to generate a 3 year NOI of R$47.1 million, which, compared to the
rd
CAPEX of R$260.6 million and the key money revenue of R$37.1 million, leads to a 3 year NOI yield of
21.1%.
Full steam ahead
Construction works in JundiaíShopping, VillageMall and ParkShopping CampoGrande progress quickly, as

seen in the pictures below. Parque Shopping Maceió‟s site has been prepared for the upcoming construction,
which should begin as soon as the mall leases a significant percentage of its spaces. At the end of the 3Q11,
42% of the estimated investments in the four malls mentioned had been disbursed, including the cost of land.
If we add ParkShoppingSãoCaetano, the investments in the five malls already represent more than half of
their total estimated cost.
2.2 Office Towers for Lease
The construction of all three office tower projects for lease has progressed significantly in 3Q11. The invested
CAPEX so far is 73%, 24% and 27% for Morumbi Business Center, ParkShopping Corporate and Morumbi
Corporate, respectively. The projects, together, should generate a stabilized NOI of R$102.3 million, with a
yield of 18.3%. Morumbi Business Center will be the first to be delivered, in March 2012.
Office Towers for Lease Multiplan‟s Interest (R$‟000)

CAPEX Invested Stabilized Stabilized
Project Opening GLA (100%) %Mult.
(R$´000) CAPEX NOI (R$`000) NOI Yield (%)
Morumbi Business Center Mar-12 10,635 m² 100.0% 74,391 73% 11,486 15.4%
ParkShopping Corporate Nov-12 13,360 m² 50.0% 38,629 24% 7,152 18.5%
Morumbi Corporate Sep-13 74,198 m² 100.0% 445,759 27% 83,701 18.8%
Total 98,193 m² 93.2% 558,779 33% 102,339 18.3%
8
2.3 Towers for Sale
BarraShoppingSul: the quintessential mixed-use development
With the delivery of Cristal Tower in August 2011, the condo office tower integrated to BarraShoppingSul, in
Porto Alegre, should contribute with an increase in the daily flow of customers to the mall. In line with the
shopping center‟s masterplan and due to the strong demand seen during Cristal Tower‟s sales, Multiplan
announced the launching of two new towers for sale: a condo office and a residential building, both integrated
to the mall.
Diamond Tower, the condo office tower, will have 13,855 m² of saleable area with 273 units and an estimated
potential sales value (PSV) of R$121.9 million. The residential building, Résidence du Lac, will have 200
apartments, with 9,960 m² of saleable area and an estimated PSV of R$101.6 million. Both projects are
expected to be delivered in 2H14. The company believes that the BarraShoppingSul complex will continue to
boost the development of the region.
After Cristal Tower‟s successful delivery, Multiplan opted to sell additional units which were previously
considered for company use. These 17 remaining units should generate an additional PSV of R$6.4
million.
Fast-paced construction at Ribeirão Preto
The development of Centro Profissional RibeirãoShopping, the office tower integrated to

RibeirãoShopping, in the state of São Paulo, is moving ahead according to plan, and the construction
works are at an advanced stage. The project has 96% of its units already sold.
Towers for Sale

PSV¹ Average
Project Location Type Opening Area %Mult.
(R$‟000) price/m²
Cristal Tower BarraShoppingSul Condo Offices Aug-11 11,912 m² 100.0% 82,237 6,904
Centro Profissional RBS RibeirãoShopping Condo Offices Dec-12 12,563 m² 100.0% 75,040 5,973
Diamond Tower BarraShoppingSul Condo Offices 2H14 13,855 m² 100.0% 121,924 8,800
Résidence du Lac BarraShoppingSul Residential 2H14 9,960 m² 100.0% 101,592 10,200
Total 48,290 m² 100.0% 380,793 7,886
1
Potential Sales Value
9
2.4 Land Bank
More than half a million square meters available for future growth
Location % Multiplan Type Land Area

BarraShoppingSul 100% Hotel 4,396 m²
Campo Grande 90% Residential, Office/Retail 141,480 m²
Maceió 50% Residential, Office/Retail, Hotel 140,000 m²
Jundiaí 100% Office/Retail 4,500 m²
ParkShoppingBarigüi 84% Apart-Hotel 843 m²
ParkShoppingBarigüi 94% Office/Retail 27,370 m²
Pátio Savassi 97% Retail 2,606 m²
RibeirãoShopping 100% Residential, Office/Retail, Medical Center 207,092 m²
São Caetano 100% Retail 24,948 m²
Shopping AnáliaFranco 36% Residential 29,800 m²
Total 82% 583,035 m²
The table above lists the different land plots held by Multiplan and their potential use. The recently announced
towers for sale to be built in Porto Alegre will use 7,704 m² of land, reducing BarraShoppingSul‟s available land
to 4,396 m² down from 12,099 m².
The land bank will be employed to fuel the Company‟s main strategy based on the development of shopping
centers and its mixed-use strategy, by adding condo office towers and residential buildings, aiming at capturing
the value generated by the mall and strengthening of the existing portfolio.
10
3. Operational Indicators
3.1 Tenant Sales
Solid performance in sales: up 11.8% in 3Q11 over 3Q10
Multiplan shopping centers posted total sales of R$2.0 billion and continued to show a strong performance in
3Q11, increasing 11.8% when compared to 3Q10. YTD total sales were of R$ 5.7 billion, a 13.1% increase
over the same period in 2010.
Sales 100%
Shopping Centers 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %
BH Shopping 213.9 M 169.0 M ▲26.6% 615.9 M 492.7 M ▲25.0%
RibeirãoShopping 115.1 M 112.3 M ▲2.5% 346.3 M 325.8 M ▲6.3%
BarraShopping 349.8 M 319.1 M ▲9.6% 1,016.9 M 915.9 M ▲11.0%
MorumbiShopping 285.6 M 266.6 M ▲7.1% 846.0 M 780.9 M ▲8.3%
ParkShopping 187.2 M 182.0 M ▲2.9% 550.5 M 527.8 M ▲4.3%
DiamondMa
ll 108.2 M 105.4 M ▲2.7% 311.0 M 302.2 M ▲2.9%
New York City Center 47.6 M 41.0 M ▲16.2% 140.2 M 127.7 M ▲9.8%
Shopping Anália Franco 179.9 M 157.4 M ▲14.3% 527.4 M 458.7 M ▲15.0%
ParkShoppingBarigüi 157.1 M 119.3 M ▲31.7% 459.7 M 355.6 M ▲29.3%
Pátio Savassi 73.1 M 68.8 M ▲6.2% 215.4 M 195.6 M ▲10.1%
Shopping Santa Úrsula 32.2 M 28.1 M ▲14.9% 92.9 M 73.7 M ▲26.2%
BarraShoppingSul 136.3 M 123.6 M ▲10.2% 388.6 M 348.1 M ▲11.6%
Shopping
VilaOlímpia 64.8 M 52.4 M ▲23.5% 193.1 M 140.5 M ▲37.4%
Total 1,950.7 M 1,744.9 M ▲11.8% 5,703.8 M 5,045.1 M ▲13.1%
The combination of organic growth and accretive expansions translated into the strength in sales‟ growth
reported by Multiplan‟s shopping centers in 3Q11. Shopping AnáliaFranco, New York City Center and
BarraShopping were the highlights in the quarter in organic growth, reporting an increase in total sales of
14.3%, 16.2% and 9.6%, respectively. It is worth noting that BarraShopping continue to report strong growth in
th th
spite of its 30 anniversary, celebrated on October 27 , 2011, which underscores Multiplan‟s strategy to own
and develop high quality assets. Furthermore, where accretive expansions are concerned, BH Shopping and
ParkShoppingBarigüi saw total sales increase of 26.6% and 31.7%, respectively, as a result of the expansions
opened in the 4Q10.
As for the newer malls, Shopping Vila Olímpia continues to present a great performance, as a result of its mix
improvement plan and the undergoing of natural consolidation process in one of the most competitive cities in
Brazil. In 3Q11 Shopping Vila Olímpia total sales grew 23.5% when compared to 3Q10. Shopping SantaÚrsula
continues to delivery strong sales improvements, reporting an increase of 14.9%.
11
According to IBGE (Brazilian Institute for Geography and Statistics), national retail sales increased 6.6% in the
combined period of July and August 2011, when compared to the same months in 2010. The data for
September 2011 had not been disclosed by the time this report was released.
11.8% Anchor Satellite

Same Store Sales s s Total
6.6%
7.7% 7.5% 7.1% Apparel ▲7.3% ▲5.5% ▲5.9%
Home & Office ▼2.1% ▲11.5% ▲5.5%
Miscellaneous ▲1.4% ▲9.9% ▲6.8%
Food Court and Gourmet ▲11.9
Area n.a. ▲11.9% %
National Total Sales SAS SSS IPCA ▲16.3 ▲19.2
Retail Sales1 Services % ▲23.6% %
(IBGE)
Total ▲3.8% ▲9.0% ▲7.5%
Sales analysis (3Q11/3Q10) Same Store Sales growth (3Q11/3Q10)

¹ July and August 2011, compared to the same period in 2010
Robust Same Area Sales: 7.7% growth recorded in 3Q11
Same Store Sales (SSS) and Same Area Sales (SAS) recorded increases of 7.5% and 7.7% respectively in
3Q11. Food court and gourmet area together with services operations continued to show significant growth,
with sales 11.9% and 19.2% higher than in 3Q10, respectively. In the services segment the highlights were
movie theatres, gym centers, beauty salons and travel agents. Once again, satellite stores reported a solid
SSS growth of 9.0%.
3.2 Occupancy Rate and Delinquency
Average occupancy rate remained stable in 3Q11 at 98.1% when compared to 2Q11. Shopping SantaÚrsula
continues to improve its operation, and occupancy rate rose from 92.8% in 2Q11 to 93.3% in 3Q11. Shopping
Vila Olímpia signed a new leasing contract with an anchor store after the end of the quarter, which should
positively impact 4Q11 figures.
Delinquency (rental payment delay beyond 25 days) was 0.9% in 3Q11, down from 1.9% in 2Q11. Rent loss
(delinquency over six months) was 2.4%, up from 1.0% in 2T11, mainly due the closing of an old legal suit in a
specific shopping center.
12
4. Gross Revenue
Consistent double digit growth in gross revenue
Gross revenue grew 13.7%, totaling R$181.8 million in the 3Q11 when compared to 3Q10. Services revenue,
posted the highest year-over-year growth of 28.9% and represented 13.0% of Multiplan‟s gross revenue (see page
17), while rental revenue was 61.2%.
Other
0.4%
For 9M11, gross revenue totaled R$529.5 million, an Real estate
5.8%
increase of 13.3% over 9M10, driven mainly by a 17.0%
Parking
growth in rental, 18.3% in services and 18.7% in parking 10.9% Base
Rental revenue 85.4%
revenues. 61.2%
Key money
5.4%
Services
The chart to the right shows the breakdown for the third 13.0% Merchandising
Straight line Overage 9.6%
quarter. effect 5.0%
3.3%
Gross revenue breakdown – 3Q11
+18.7% +28.9% +16.9% +17.5% -23.4% -27.3% +23.7%

(3.2 M)
2.9 M (2.3 M)
5.3 M 1.4 M 0.1 M 181.8 M
17.5 M
+13.7%
160.0 M
Gross revenue Rental revenue Services Key money Parking Real estate for Straight line Other Gross revenue
3Q10 revenue revenue sale revenue effect 3Q11
Gross revenue growth breakdown (Y/Y) (R$)
13
5. Shopping Center Ownership Results
5.1 Rental Revenue
Rental revenue growth accelerates in 3Q11
Multiplan‟s rental revenue totaled R$111.3 million in 3Q11, increasing 18.7% when compared to 3Q10. The
result was driven by real growth on top of the inflation adjustment of leasing contracts. In addition to recent
expansions, BarraShopping and BarraShoppingSul were the organic growth highlights posting rental revenue
increase of 15.5% and 24.1%, respectively. Considering the straight line effect in the calculation, rental
revenue grew to R$117.4 million. In 9M11, rental revenue was R$325.2 million, showing a growth of 17.0%
when compared to the same period of the previous year.
Rental Revenue (R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %
BH Shopping 14.7 M 10.3 M ▲42.8% 43.2 M 31.5 M ▲36.9%
RibeirãoShopping 7.1 M 6.8 M ▲4.3% 21.4 M 20.1 M ▲6.5%
BarraShopping 17.5 M 15.2 M ▲15.5% 51.5 M 45.1 M ▲14.0%
MorumbiShopping 19.5 M 17.8 M ▲9.6% 56.5 M 52.9 M ▲6.7%
ParkShopping 9.1 M 7.9 M ▲14.6% 26.2 M 23.4 M ▲12.1%
DiamondMall 7.4 M 7.1 M ▲3.9% 21.9 M 21.1 M ▲4.2%
New York City Center 1.5 M 1.4 M ▲9.1% 4.4 M 4.1 M ▲8.0%
Shopping AnáliaFranco 4.7 M 4.2 M ▲13.2% 14.0 M 12.3 M ▲13.7%
ParkShoppingBarigüi 9.3 M 5.9 M ▲56.7% 26.9 M 18.1 M ▲48.6%
Pátio Savassi ¹ 5.0 M 4.8 M ▲3.8% 14.6 M 12.4 M ▲17.2%
Shopping Santa Úrsula ² 1.2 M 0.5 M ▲114.5% 3.4 M 1.4 M ▲146.9%
BarraShoppingSul 9.7 M 7.8 M ▲24.1% 27.9 M 22.8 M ▲22.3%
Shopping Vila Olímpia 4.6 M 4.0 M ▲15.6% 13.4 M 12.8 M ▲4.5%
111.3
Subtotal
M 93.8 M ▲18.7% 325.2 M 278.0 M ▲17.0%
Straight line effect 6.0 M 8.3 M ▼27.3% 19.8 M 23.8 M ▼16.6%
117.4
Total
M 102.1 M ▲15.0% 345.0 M 301.8 M ▲14.3%
1
Multiplan‟s interest in Pátio Savassi increased to 96.5% after the 16.5% minority interest acquisition in August 2010.
²
Multiplan‟s interest in Shopping Santa Úrsula increased to 62.5% after the 25.0% minority interest acquisition in November 2010.
Base rent, not including straight line effect, grew 19.8% in 3Q11, reaching R$95.0 million in the quarter, and
contributed with 85.4% of Multiplan‟s rental revenue in 3Q11, while representing 84.6% in 3Q10. Overage rent
posted a strong increase of 18.4%, while merchandising revenue increased 9.8% in the quarter.
Complementary data on the shopping centers results can be downloaded from Multiplan‟s IR website
(http://multiplan.infoinvest.com.br/static/enu/arquivos/Fundamentos_Planilhas_Eng_2Q11.xls).
14
Rental Revenue 3Q11
(2.3 M)
1.0 M
(R$ '000) Base Overage Merchand. Total 15.7 M 0.9 M 117.4 M
Portfolio Subtotal 95,031 5,587 10,683 111,301

+15.0%
Straight Line Effect 6,050 - - 6,050
102.1 M
Total 101,081 5,587 10,683 117,350
3Q10
Portfolio Subtotal 79,315 4,719 9,731 93,765
Rent 3Q10 Base Overage Merchand. Straight Line Rent 3Q11
Straight Line Effect 8,319 - - 8,319 Effect
Total 87,634 4,719 9,731 102,084

Rental revenue growth breakdown (Y/Y) (R$)
Subtotal change % 15.3% 18.4% 9.8% 15.0%
15
SSR record high three years in a row
18.7%
15.1% 16.0%
Same Store Rent (SSR) presented a strong increase of 16.0%
in 3Q11, the highest increase recorded in the last three years. 9.6%
Once again, Multiplan reported a real increase in same store
rent, recording a real rental revenue growth of 5.8%, on top of
an IGP-DI adjustment effect of 9.6%. Same Area Rent (SAR)
IGP-DI Same Area Same Store Rental
also posted a robust growth of 15.1%. Adjustment Rent Rent Revenue
effect 1
Rent analysis (3Q11/3Q10)

¹ See glossary for definition
19. 0%
16.0%
13.9% 14.0% 14.1%
14. 0%
13.2%
11.6% 2.9% 12.0% 5.8%
1.9% 3.6%
10.4% 10.6% 10.3% 4.9%
9.4% 9.0% 9.0% 2.8%
7.7% 8.1%
2.8%
9. 0%
2.2% 0.8% 6.5% 6.6% 7.7%

6.6% 6.4% 4.2% 2.1%
6.5% 4.4%
10.7% 11.1% 10.0%
3.4% 3.9% 8.8% 9.6%
7.3% 6.0% 7.3%
4. 0%
6.7% 8.6%
4.6% 5.6% 4.8%
3.6% 3.9% 3.7% 4.0%
2.6% 2.9%
0.2% -0.3% 0.6%
- 1. 0%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
IGP-DI Adjustment Effect Real SSR Série3
Same Store Rent (SSR) breakdown

Nominal and real growth
5.2 Parking Revenue
Increase in consumers flow impacts positively Shopping Vila Olímpia´s parking revenue
Parking revenue reached R$19.8 million in 3Q11, 17.5% higher than in 3Q10. Once again, Shopping Vila
Olímpia was the highlight, posting a 279% growth when compared to the same quarter in 2010. This result
reflects the mall‟s progress towards consolidation. Other drivers for the growth across the portfolio were the
new parking spaces delivered with the expansions inaugurated in 2010.
16
5.3 Shopping Center Expenses
Better margins with lower expenses
The modest growth of 2.6% in expenses related to shopping +2.6%

centers reached R$15.4 million in 3Q11 when compared to
3Q10. This slight increase in shopping center expenses 19.3 M
17.2 M
15.0 M 12.5% 15.4 M 15.4 M
resulted from lower marketing expenses.
11.2% 11.4%
10.6%
In the same period, shopping center net revenue (net revenue 9.9%
without real estate for sale revenue) and inflation measured by
IPCA index increased 16.5% and 7.1%, respectively.
3Q10 4Q10 1Q11 2Q11 3Q11
The combination of these events reduced shopping center Shopping center expenses evolution (R$) and as
expenses as percentage of net revenue to 9.9% in 3Q11 percentage (%) of net revenue
(not including real estate revenue and taxes)
down from 11.2% in 3Q10.
5.4 Net Operating Income – NOI
NOI + Key money up 17.1% and margin increases 131bps
Multiplan recorded a Net

Operating Income (NOI) + Key 16.4% 383.3 M
Money of R$131.6 million in 131.6 M 329.4 M

+17.1%
3Q11, 17.1% higher than in
3Q10. The stronger 89.5% 88.9%
112.3 M
operational performance 88.2%

87.6%
(rental, parking and key money
revenues), compared to a
3Q10 3Q11 9M10 9M11
much smaller increase of
NOI + Key money evolution
shopping center expenses
and NOI + Key money margin
resulted in a gain of 131 b.p.
margin gain, reaching 89.5% in
3Q11, up from 88.2% in 3Q10.
In 9M11, the NOI + Key Money
reached a margin of 88.9%
and R$383.3 million, a growth
of 16.4% over 9M10.
17
NOI Calculation (R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %
Rental revenue 111,301 93,765 ▲18.7% 325,202 278,039 ▲17.0%
Parking revenue 19,775 16,825 ▲17.5% 57,374 48,325 ▲18.7%
Operational revenue 137,125 118,909 ▲15.3% 402,383 350,126 ▲14.9%
Shopping expenses (15,377) (14,989) ▲2.6% (48,054) (46,570) ▲3.2%
NOI 121,748 103,921 ▲17.2% 354,329 303,556 ▲16.7%
NOI margin 88.8% 87.4% ▲139 b.p 88.1% 86.7% ▲136 b.p
Key money 9,802 8,383 ▲16.9% 29,009 25,913 ▲12.0%
NOI + key money 131,550 112,304 ▲17.1% 383,339 329,469 ▲16.4%
NOI + key money margin 89.5% 88.2% ▲131 b.p 88.9% 87.6% ▲125 b.p
6. Shopping Center Management Results
6.1 Services Revenue
Services revenue increased 28.9% in 3Q11

29,000
Services revenue - composed mainly by management, +28.9%
27,000
brokerage and transfer fees - increased 28.9% in 3Q11, when
25,000 23,644
compared to 3Q10. This increase is the result of higher
23,000
21,344
brokerage and transfer fee revenues, mainly due to tenant 21,000
mix
18,793 19,068
19,000 18,347
changes in BarraShopping, MorumbiShopping, Shopping
17,000
AnáliaFranco and Shopping Vila Olímpia. In 3Q11, 15,000
the
Company presented services revenue 12.8% higher than 3Q10 4Q10 1Q11 2Q11 3Q11
general and administrative expenses. Services revenue evolution (R$‟000)
For the nine-month period ended on September 30, 2011,

26,000 24,744
23,644
25,000 22,962
24,000 21,626 21,344
services revenue increased 18.3% when compared to 23,000
the
22,000
21,000 18,347 18,793 19,068
20,000
same period of the previous year. Services revenue as a
19,000
18,000 20,071 20,955
17,000
percentage of gross revenues increased from 11.6% in 9M10 3Q10 4Q10 1Q11 2Q11 3Q11
Service revenues Headquarters expenses
to 12.1% in 9M11.
Services revenue vs. G&A expenses (R$‟000)
18
6.2 General and Administrative Expenses (Headquarters)
430 bps reduction in G&A/Net revenues ratio, dropping from

16.9% to 12.6% 25.0%
29,000 -15.3%
23.0%
The Company continued to benefit from the efforts27,000
to
24,744 21.0%
25,000
reduce its G&A as a percentage of net revenue, with a 22,962 19.0%
23,000 16.9%
combination of revenues growth and G&A expenses 21,626 20,955
21,000 17.0%
20,071
reduction. In this 3Q11, net revenues went up 13.1% while
19,000 13.7% 15.0%
12.9% 12.6% 12.6%
general and administrative (G&A) expenses decreased
17,000 13.0%
15,000 11.0%
15.3%, resulting in a reduction of the G&A/Net revenues
3Q10 4Q10 1Q11 2Q11 3Q11
ratio from 16.9% in 3Q10 down to 12.6% in 3Q11. G&A expenses (R$‟000) and
G&A/Net revenues (%) evolution
G&A expenses decreased in 3Q11 mainly due to a
reduction in non-recurring events, down from R$6.0 million in 3Q10 to R$1.1 million in 3Q11.
Excluding the impact of these non-recurring events and, for analysis purposes only, G&A would have
increased 6.2% in 3Q11 when compared to 3Q10, below the inflation of 7.1% as measured by the Brazilian
CPI (IPCA) for the period.
30,000 20.0% 30,000 -15.3% 25.0%

28,000 +6.2% 28,000
19.0% 23.0%
26,000 18.0% 30,000 26,000 24,744
24,000 17.0% 24,000 21.0%
25,000
22,000 19,881 16.0% 22,000 20,955
20,000 18,717 20,000 19.0%
15.0% (+) = 20,000 16.9%
18,000 15,000 17.0%
16,000 12.8% 14.0% 18,000
12.0% 13.0% 10,000 6,027
14,000 16,000 15.0%
12,000 12.0% 5,000 1,074 12.6%
14,000
10,000 11.0% - 13.0%
12,000
3Q10 3Q11 3Q10 3Q11 10,000 11.0%
3Q10/3Q11 Recurring G&A evolution 3Q10/3Q11 3Q10/3Q11 G&A evolution
3Q10 3Q11 (R$‟000)
(R$‟000) and Recurring G&A/net Non-recurring items and G&A/net revenues (%)
revenues (%) (R$‟000)
19
7. Shopping Center Development Results
7.1 Deferred Income Line & Signed Key Money
30.6% increase in Deferred Income line year-on-year
The Company continues to lease space and

207.1M
Delivery
recorded 70 new contracts signed in 3Q11, of 204.6M
projects
representing 10,266 m² of GLA and R$12.1 189.6M
183.7M
million in signed Key Money contracts, coming 141.2M
138.8M 158.5M
137.1M
mainly from new areas under development. As 150.M
126.3M 136.7M
a result, the deferred income line increased 121.5M 132.M
110.5M New
30.6% in September 2011, compared to 110.2M projects
96.4M launched
September 2010, and reached R$207.1 million. 81.2M
The deferred income balance will be accrued

as Key Money revenue in a straight line and Deferred income evolution (R$)
throughout the leasing term. 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 (or when a
tenant leaves before its key money revenue accrual).
7.2 Key Money Revenue
Key Money Revenue (R$ „000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %
Operational (Recurring) 2,210 1,472 ▲50.1% 6,386 6,037 ▲5.8%
Projects opened in the last 5 years 7,592 6,912 ▲9.8% 22,623 19,876 ▲13.8%
Key Money Revenue 9,802 8,384 ▲16.9% 29,009 25,913 ▲11.9%
Key Money revenues in 3Q11 increased 16.9%, benefiting mainly from (i) the expansions of
ParkShoppingBarigüi and BH Shopping opened in the second-half of 2010, and (ii) recurring key money
revenues mainly from store turnover in BarraShopping and MorumbiShopping. Key Money revenues are
composed of (i) recurring or operational revenue, from Key Money accrued from shopping centers with more
than five years in operation, and reflects the Company‟s effort to improve tenant mix in its malls, and (ii) non-
recurring revenue, from Key Money of leasing contracts for stores in greenfields and expansions delivered in
the last five years.
20
7.3 New Projects for Lease Expenses
80.7% drop in New Projects for Lease expenses in 3Q11
In the third quarter 2011, new projects for lease expenses dropped 80.7% when compared to 3Q10, from
R$13.1 million in 3Q10 to R$2.5 million in 3Q11.
For the nine-month-period ended September 2011, new projects for lease expenses reached R$9.3 million, of
which (i) R$8.3 million refer to the Company´s 2011 expected expenses for announced projects, and (ii) R$1.0
million coming from new projects announced during this year. Please note that Company´s 2011 expected
expenses mentioned in the 4Q10 Earnings Release are related to projects already announced at that time, and
may change, when and if, other new projects come forward.
As mentioned before, in most cases, these expenses are mainly incurred in the launching and the opening
phases of the projects and are an important tool to implement the Company‟s strategy to attract the best
tenants to form the best mix for each mall.
In 3Q11, projects contracted Key Money reached R$12.1 million, 4.8 times higher than new projects for lease
expenses in the same quarter.
20,000 20,000
18,000 -80.7%
18,000
16,000 16,000
14,000 13,145 14,000 4.8 x
12,000 12,101
12,000
10,000 8,882 10,000
8,000 8,000
6,000 6,000
4,000 3,445 3,296 2,537 4,000 2,537
2,000 2,000
- 0
3Q10 4Q10 1Q11 2Q11 3Q11 New Projects for Lease Projects Signed Key
Expenses - 3Q11 Money - 3Q11
New Projects for Lease Expenses (R$‟000) Projects Signed Key Money vs.
New Projects For Lease Expenses (R$‟000)
21
8. Real Estate for Sale Results
8.1 Real Estate for Sale Revenues and Cost of Properties Sold
Real Estate for Sale Revenue
In 3Q11, Multiplan recorded real estate for sale revenues of R$10.5 million, according to the percentage of
completion method – PoC, for the Cristal Tower and Centro Profissional RibeirãoShopping projects.
Cost of Properties Sold
During the same period, the Company recorded cost of properties sold of R$9.9 million, according to the
development of construction works.
New Projects for Sale Expenses
More recently, Multiplan announced the launching of two new real estate for sale projects in its
BarraShoppingSul Complex, in Porto Alegre, state of Rio Grande do Sul. These projects, together with
feasibility studies and legal expenses from projects not yet announced, pushed new projects for sale expenses
up to R$4.5 million in 3Q11 from R$0.8 million in 3Q10.
For the nine-month-period ended September 2011, new projects for sale expenses reached R$6.9 million, of
which (i) R$3.3 million refer to the Company´s 2011 expected expenses for announced projects, and (ii) R$3.6
million coming from new projects announced during this year.
22
9. Financial Results
9.1 EBITDA
3Q11 Shopping Center EBITDA grew 73.7% and reached a 74.4% margin
In 3Q11, Multiplan recorded a 73.7% Shopping Center EBITDA growth (excluding real estate for sale), while its
shopping center net revenues increased 16.5% in the same period. As a result of lower expenses, Shopping
Center EBITDA margin increased an impressive 2,451 bps, from 49.9% in 3Q10 to 74.4% in 3Q11. This
performance improvement was mainly due to reductions in G&A and new projects for lease expenses.
For illustration purposes only, if excluding new projects for lease expenses from Shopping Center EBITDA
calculation, margin increases to 76.1% in 3Q11, 1,632 bps higher than in 3Q10.
Shopping Center EBITDA (R$'000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %
SC Gross Revenue ¹ 171,303 146,231 ▲17.1% 496,901 432,312 ▲14.9%
Taxes and contributions on sales and services (15,225) (12,285) ▲23.9% (44,412) (38,209) ▲16.2%
Net Revenue 156,078 133,946 ▲16.5% 452,489 394,103 ▲14.8%
Shopping Center EBITDA ² 116,188 66,884 ▲73.7% 330,570 231,877 ▲42.6%
SC EBITDA Margin 74.4% 49.9% ▲2,451 73.1% 58.8% ▲1,422
b.p b.p
(+) New projects for lease expenses 2,537 13,145 ▼80.7% 9,278 30,192 ▼69.3%
SC EBITDA before New Projects Expenses ³ 118,725 80,029 ▲48.4% 339,848 262,069 ▲29.7%
SC EBITDA before New Projects Expenses 76.1% 59.7% ▲1,632 75.1% 66.5% ▲861 b.p
Margin b.p
23
+ 872 p.b + 842 p.b
+ 205 p.b
+ 163 p.b 75.1%
76.1% 80.0%
360,000 + 637 p.b
125,000 + 710 p.b 73.1% 75.0%
74.4% 350,000
75.0%
339,848 70.0%
120,000 118,725 340,000 66.7%
70.0% 330,570
67.3% 116,188 330,000 65.0%
115,000 321,550
65.0% 320,000
111,560
60.0%
310,000
110,000 60.0%
300,000 55.0%
105,000 55.0% Consolidated Shopping Center Shopping Center

EBITDA 9M11 EBITDA EBITDA before New
Consolidated Shopping Center Shopping Center Projects for Lease
EBITDA 3Q11 EBITDA EBITDA before New Expenses
Projects for Lease
Expenses
3Q11 Consolidated EBITDA, Shopping Center EBITDA, and 9M11 Consolidated EBITDA, Shopping Center EBITDA, and
Shopping Center EBITDA before New Projects for Lease Shopping Center EBITDA before New Projects for Lease
Expenses (R$‟000) and Margins (%) Expenses (R$‟000) 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
adding back new projects for lease expenses, as the expenses refers to shopping centers still not in operations.
24
Consolidated EBITDA up 52.8% in 3Q11 to R$111.6 million
Consolidated EBITDA margin reached 67.3% in 3Q11, 1,751 bps higher than in 3Q10. The Company‟s
Consolidated EBITDA margin reflects the lower margins of the real estate for sale activity, when compared to
projects for lease.
Consolidated EBITDA (R$'000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Net Revenue 165,658 146,512 ▲13.1% 482,153 425,987 ▲13.2%


Equity pickup 141 1,777 ▼92.1% 1,523 (3,174) na
Others 1,020 (12,801) na 3,614 (11,401) na
Consolidated EBITDA 111,560 73,012 ▲52.8% 321,550 239,224 ▲34.4%

Consolidated EBITDA Margin 67.3% 49.8% ▲1,751 b.p 66.7% 56.2% ▲1,053 b.p
9.2 Financial Results, Debt and Cash
Indebtedness Breakdown (R$‟000) Sept. 30, 2011 June 30, 2011 Chg. %
Short Term Debt 89,981 86,990 ▲3.4%

Loans and financing 51,089 46,629 ▲9.6%
Obligations from acquisition of goods 38,892 40,361 ▼3.6%
Long Term Debt 505,571 431,382 ▲17.2%

Obligations from acquisition of goods 102,949 111,346 ▼7.5%
Gross Debt 595,552 518,372 ▲14.9%
Cash 532,860 559,467 ▼4.8%
Net Debt (Cash Position) 62,692 (41,095) na
Multiplan ended 3Q11 with a net debt of R$62.7 million, compared to a net cash position of R$41.1 million in
the previous quarter. In 3Q11, proceeds from the invested cash position generated a positive financial result of
R$8.8 million, after financial expenses.
The 3Q11 cash position was impacted mainly by cash outflows of (i) CAPEX, which amounted to R$198.0
million in the period, and (ii) payment of R$23.2 million in short term debt; which were offset by (iii) new funds
from bank debt of R$100.4 million, divided into R$40.4 million for the development of Jundiaí Shopping,
R$39.4 million for VillageMall and R$20.6 million for ParkShoppingSãoCaetano.
25
The R$103.8 million decrease in cash position contributed to change the net debt-to-EBITDA (last 12 months)
ratio from a negative (-0.1x) in 2Q11 to a positive 0.1x in 3Q11. Gross debt-to-EBITDA (last 12 months)
remains essentially unchanged, at 1.4x in 3Q11. As the Company cashes its loans and financing to face its
planned investments, its gross debt should increase.
Loans and f inancing (banks)

Obligations f rom acquisition of goods (land and minority interest) 94.1
69.6 69.7
62.7
55.0 50.7
47.1
36.8 41.0
31.9
11.0 11.3 12.9

1.9
4Q11 2012 2013 2014 2015 2016 2017 >=2018
Multiplan‟s debt amortization schedule on September 30th, 2011 (R$ million)
Financially prepared for growth: R$1.2 billion already contracted, of which

R$600.5 million yet to be drawn Loans and
financing to be
drawn
Multiplan‟s current cash position, future cash generation, and loans and 300.5M
Drawn
financing already contracted should sustain its planned funding 595.6M Debentures to
be drawn
requirements. 300.0M
th
On September 30 , 2011, the Company presented a gross debt of
R$595.6 million, and, additionally, R$600.5 million to be drawn, composed
Multiplan Funding Breakdown on
by (i) R$300.5 million in already signed financing contracts not yet drawn, September 30th, 2011 (R$)
and (ii) a new R$300.0 million debenture issuance. The Company continues to analyze funding alternatives to
face its development pipeline.
26
R$300 million five-year debenture issued at CDI +1.01% per annum
In October 2011, Multiplan completed the issuance of 30,000 non-convertible debentures equivalent to R$300
million. Although the distribution was on a firm basis at CDI plus a spread of 1.15% p.a., it was issued at a rate
of CDI + 1.01% p.a. after the bookbuilding process. The issuance process followed the terms of Instruction
CVM No. 476.
R$99.8 million in new funding contract signed with BNDES to fund the construction of
ParkShoppingCampoGrande
In October 2011, the Company signed a R$99.8 million 7-year financing contract with the Brazilian
Development Bank (BNDES) to fund the construction of ParkShoppingCampoGrande. The funding is
composed of four sub-credit lines, divided as follows (i) R$77.5 million with an annual cost equivalent to TJLP
+3.32% p.a., (ii) R$19.4 million with an annual cost based on the average return of NTN-B (National Treasury
Notes Series B), applicable to the average amortization term of this sub-credit, +2.32% p.a., (iii) R$1.0 million
with an annual cost of TJLP, and (iv) R$1.9 million with an annual cost of TJLP +1.42% p.a..
Extending duration and reducing the cost of funding CDI

1%
Multiplan once again was successful in reducing its cost of funding in 3Q11. The
IGP-M
Company´s weighted average cost of funding decreased to 11.18% p.a. on 15%
September 30th, 2011, 82 bps lower than the basic interest rate of 12.00% per TR
annum set by COPOM (The Central Bank's Monetary Policy Committee), as of 65% TJLP
th
10%
September 30 , 2011.
IPCA
The TR indexed debt increased its stake to 65% in the Company‟s total 9%
indebtedness. Based on a last twelve months accumulated TR index of 1.22%
Multiplan debt indices on
p.a., the TR linked debt presented an annual cost of 10.93% in 3Q11. September 30th, 2011
th
Indebtedness interest indices on September 30 , 2011
Index Performance Average Cost of Debt

(last 12 months) ¹ Interest Rate ² Debt (R$ „000)
TJLP 6.00% 3.77% 9.77% 60,380
IPCA 7.30% 7.07% 14.37% 50,724
TR 1.22% 9.71% 10.93% 384,101
CDI+ 12.00% 1.32% 13.32% 7,949
IGP-M 7.45% 3.84% 11.29% 91,632
Fixed 0.00% 4.50% 4.50% 497
Others 0.00% - 0.00% 269
Total 3.32% 7.86% 11.18% 595,552
¹ Index performance for the last 12 months.
² Annual interest rate weighted average.
27
9.3 Net Income and Funds From Operations (FFO)
Net income of R$190 million in 9M11, up 30.1%
Net Income increased 40.8% in 3Q11 to R$65.3 million, up from R$46.4 million in 3Q10, in spite of a 42.6%
decrease in financial results and a 40.7% increase in depreciation and amortization expenses, when compared
to the same period of the previous year. Net margin reached 39.4% in 3Q11 and, as a result of efficiency gains
together with dilution of expenses, posted a 776.0 bps improvement over 3Q10. In 9M11, net income recorded
R$190.1 million, a 30.1% increase when compared to 9M10.
Net Income & FFO Calculation (R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %
Net revenue 165,658 146,512 ▲13.1% 482,153 425,987 ▲13.2%
Operational costs (54,098) (73,500) ▼26.4% (160,603) (186,763) ▼14.0%
Financial result 8,813 15,359 ▼42.6% 27,984 34,929 ▼19.9%
Income tax and social contribution (17,313) (1,676) ▲933.0% (57,867) (4,590) ▲1,160.7%
Deferred income and social contribution taxes (19,329) (27,001) ▼28.4% (49,144) (84,409) ▼41.8%
Net Income 65,268 46,354 ▲40.8% 190,062 146,035 ▲30.1%
Depreciation and amortization 15,134 10,755 ▲40.7% 44,392 31,750 ▲39.8%
Deferred income and social contribution taxes 19,329 27,001 ▼28.4% 49,144 84,409 ▼41.8%
FFO 99,731 84,110 ▲18.6% 283,598 262,194 ▲8.2%
Adjusted Net Income reached R$84.6 million, while Funds From Operations (FFO) reached R$99.7 million,
representing increases of 15.3% and 18.6%, respectively in 3Q11, when compared to 3Q10.
Please note that the deferred income and social contribution taxes are added to the adjusted net income and
FFO as it does not represent a cash event.
28
10. Portfolio
3Q11 Avg.
Rent 3Q11 Sales 3Q11
Portfolio State Multiplan % Total GLA Occupancy
(month) ² (month) ³
Rate
Operating SCs
BHShopping MG 80.0% 129 R$/m² 1,550 R$/m² 99.7%
47,520 m²
RibeirãoShopping SP 99.0%
76.2% 46,805 m² 67 R$/m² 870 R$/m²
BarraShopping RJ 165 R$/m² 1,910 R$/m² 99.5%
51.1% 69,585 m²
MorumbiShopping SP 99.8%
65.8% 55,085 m² 180 R$/m² 1,835 R$/m²
ParkShopping DF 98.6%
59.6% 51,526 m² 100 R$/m² 1,311 R$/m²
DiamondMall MG 99.6%
90.0% 21,386 m² 129 R$/m² 1,723 R$/m²
New York City Center RJ 99.9%
50.0% 22,271 m² 45 R$/m² 732 R$/m²
Shopping AnáliaFranco SP 98.1%
30.0% 50,429 m² 106 R$/m² 1,282 R$/m²
ParkShoppingBarigüi PR 99.2%
84.0% 49,935 m² 74 R$/m² 1,135 R$/m²
Pátio Savassi MG 99.7%
96.5% 17,253 m² 100 R$/m² 1,455 R$/m²
Shopping SantaÚrsula SP 93.3%
62.5% 23,334 m² 29 R$/m² 506 R$/m²
BarraShoppingSul RS 98.5%
100.0% 68,431 m² 61 R$/m² 937 R$/m²
Shopping VilaOlímpia SP 84.3%
30.0% 28,201 m² 90 R$/m² 953 R$/m²
Sub-Total Operating SCs 67.4% 551,759 m² 103 R$/m² 1,313 R$/m² 98.1%
SCs under Development
ParkShoppingSãoCaetano SP 100.0% 38,660 m² - - -
JundiaíShopping SP 100.0% 35,754 m² - - -
Village Mall RJ 100.0% 23,583 m² - - -
ParkShoppingCampoGrande1 RJ 90.0% 42,016 m² - - -
Parque Shopping Maceió AL 50.0% 36,092 m² - - -
Sub-Total SCs under Development 87.4% 176,106 m²
Office Towers for Lease under
Development
Morumbi Business Center SP 100.0% 10,635 m² - - -
ParkShopping Corporate DF 50.0% 13,360 m² - - -
Morumbi Corporate SP 100.0% 74,198 m² - - -
Sub-Total Office T. for Lease under
93.2% 98,193 m²
Develop.
Portfolio Total 74.7% 826,058 m² 103 R$/m² 1,233 R$/m² 98.1%

¹ Multiplan is responsible for 100% of the CAPEX
² Rent/m²/month divides rental revenue by the occupied owned GLA
³ Sales/m²/month divides total sales by the area composed by stores which report monthly sales (approximately
90% of the total GLA)
29
11. Ownership Structure
Multiplan‟s ownership structure is detailed 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.
Free Float
Treasury
22.25% Maria Helena 41.53% ON
Kaminitz Peres 38.78% Total 0.72% ON
0.06% ON 0.67% Total Ontario Teachers’
Multiplan Planejamento, 0.06% Total Pension Plan
Participações e
33.33% ON
Administração S.A.
31.12%Total 100.00%
24.07% ON 1700480
77.75% 100.00% PN Ontario Inc.
0.29% ON 29.10% Total
0.27% Total
Jose Isaac Peres
1.00%
Multiplan
99.00% Pátio Savassi Administração 100.00%
Administradora de
Shopping Centers Ltda. Shopping Centers % de Shopping Center Ltda.
71.50% MPH 41.96%

BarraShopping 51.07%
2.00% SCP Royal Green 98.00% BarraShoppingSul 100.0% Empreend. Imobiliário Ltda.
Península BH Shopping 80.00%
75.00% Manati Empreendimentos e 50.00%
DiamondMall 90.00%
Embraplan MorumbiShopping 65.78% Participações S.A.
100.00% 100.00%
Empresa Brasileira New York City Center 50.00% 50.00%
de Planejamento Ltda. ParkShopping 59.63% Parque Shopping Maceió S.A.
ParkShoppingBarigüi 84.00%
Renasce - Pátio Savassi 96.50% 99.99%
Danville SP Empreendimento
Rede Nacional de 99.99% RibeirãoShopping 76.17%
Imobiliário Ltda
Shopping Centers Ltda. ShoppingAnáliaFranco 30.00%
Shopping Vila Olímpia 30.00% 100.00%
Shopping Santa Úrsula 62.50% Multiplan Holding S.A.
CAA - Corretagem e 99.00% Shopping Maceió ¹ 50.00%
Consultoria 99.99%
ParkShopping SãoCaetano ¹ 100.0% Ribeirão Residencial
Publicitária Ltda.
Jundiaí Shopping ¹ 100.0% Empreendimento Imobiliário Ltda
99.61% VillageMall ¹ 100.0% 99.99%
CAA - Corretagem Multiplan Greenfield I
Imobiliária Ltda. ParkShopping Campo Grande ¹ 90.00%
Empreendimento Imobiliário Ltda.
¹ Under development
BarraSul 99.99%
Morumbi Business Center 99.99%
The interest that Multiplan has in the following Special Purpose Companies (SPC) is as follows:
MPH Empreendi. Imobiliário Ltda.: Company owning a 71.5% interest in Shopping Vila Olímpia. Multiplan
has a 42.0% interest in MPH which brings it to a 30.0% interest of the total capital of Shopping Vila Olímpia.
Manati Empreendimentos e Participações S.A.: has 75% interest in Shopping Santa Úrsula, in Ribeirão
Preto, SP, in which Multiplan has a 50/50 partnership.
Parque Shopping Maceió S.A.: the SPC for Shopping Maceió, in which Multiplan‟s interest is of 50%.
Danville SP Empreendimento Imobiliário Ltda.: SPC established for real estate developments in the city of
Ribeirão Preto.
Multiplan Holding S.A.: Multiplan‟s whole subsidiary; holds interest in other Companies and assets.
Ribeirão Residencial Empreendimento Imobiliário Ltda.: SPC established for real estate developments in
the city of Ribeirão Preto.
30
Multiplan Greenfield I Empreendimento Imobiliário Ltda.: SPC established for real estate developments in
the city of Porto Alegre.
BarraSul Empreendimento Imobiliário Ltda.: SPC established for real estate developments in the city of
Porto Alegre.
Morumbi Business Center Empreendimento Imobiliário Ltda.: SPC established for real estate
developments in the city of São Paulo.
31
12. MULT3 Indicators & Stock Market
Multiplan‟s stock (MULT3 at BM&FBOVESPA: MULT3 BZ at Bloomberg) ended the third quarter of 2011
quoted at R$34.85/share, a decrease of 2.9% when compared to the end of 3Q10. During the same period, the
main index of the São Paulo stock exchange, Ibovespa, recorded a 24.6% decrease.
Bps Traded Value (15 day average) Multiplan Ibovespa R$ Million

115 25
110
105 20
100
95 15
90
85 10
80
75 5
70
65 0
30-set 31-out 30-nov 31-dez 31-jan 28-f ev 31-mar 30-abr 31-mai 30-jun 31-jul 31-ago 30-set
Spread analysisand volume: MULT3 and Ibovespa Index

Base 100 = September 30th, 2010
Adm+Treasury
0.7%
As of the end of the third quarter of 2011,
Free Float
31.4% of the Company‟s shares were owned 38.8%
Common Stocks
22.5%
directly and indirectly by Mr. and Mrs. Peres. OTPP*
29,1% Pref erred Stocks
Ontario Teachers‟ Pension Plan (OTPP) 6.6%
owned 29.1% and the free-float was MTP+Peres

31.4%
equivalent to 38.8%. Total shares issued are
179,197,214.
Shareholders‟ capital stock breakdown on September 30th, 2011
(*) OTPP – Ontario Teachers Pension Plan
MULT3 at BM&FBOVESPA 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

R$
Average Closing Price
32.96 R$ 33.27 -0.92% R$ 33.51 R$ 31.61 6.01%
R$
Closing Price
34.85 R$ 35.90 -2.92% R$ 34.85 R$ 35.90 -2.92%
R$ 9.7
Average Daily Traded Volume
M R$ 8.7 M 11.32% R$ 9.0 M R$ 9.5 M -5.19%
R$ 5.9
Average Market Cap
M R$ 6.0 M -0.92% R$ 6.0 M R$ 5.7 M 6.01%
32
13. Appendices
Operational and Financial Highlights
Performance (R$ '000)
Financial (MTE %) 3Q11 3Q10 Chg.% 9M11 9M10 Chg.%
Gross Revenue R$ 181,818 R$ 159,948 ▲13.7% R$ 529,476 R$ 467,286 ▲13.3%
Net Revenue R$ 165,658 R$ 146,510 13.1% R$ 482,153 R$ 425,986 13.2%

1,350
Net Revenue R$/m² 464 R$/m² 432 R$/m² ▲7.4% 1,268 R$/m² ▲6.5%
R$/m²
Net Revenue USD/sq. foot 23 US$/sqf 24 US$/sqf ▼3.6% 67 US$/sqf 70 US$/sqf ▼4.4%
Rental Revenue (with Straight Line Effect) R$ 117,351 R$ 102,084 ▲15.0% R$ 345,009 R$ 301,801 ▲14.3%
1,027
Rental Revenue R$/m² 328 R$/m² 301 R$/m² ▲9.2% 898 R$/m² ▲14.3%
R$/m²
16.6 47.7 49.4
Rental Revenue USD/sq. foot 16.2 US$/sqf ▼2.0% ▼3.4%
US$/sqf US$/sqf US$/sqf
Monthly Rental Revenue R$/m² 109 R$/m² 100 R$/m² ▲9.2% 114 R$/m² 100 R$/m² ▲14.3%
Monthly Rental Revenue USD/sq. foot 5.4 US$/sqf 5.5 US$/sqf ▼2.0% 5.3 US$/sqf 5.5 US$/sqf ▼3.4%
Net Operating Income (NOI) R$ 121,749 R$ 103,921 ▲17.2% R$ 354,329 R$ 303,556 ▲16.7%
Net Operating Income R$/m² 341 R$/m² 306 R$/m² ▲11.2% 992 R$/m² 903 R$/m² ▲9.8%
16.9 49.0 49.7
Net Operating Income USD/sq. foot 16.8 US$/sqf ▼0.1% ▼1.4%
Net Operating Income Margin 88.8% 87.4% ▲139 b.p 88.1% 86.7% ▲136 b.p
NOI per Share R$ 0.68 R$ 0.58 ▲17.2% R$ 1.98 R$ 1.69 ▲16.7%
Headquarter Expenses R$ 20,955 R$ 24,743 ▼15.3% R$ 62,652 R$ 70,136 ▼10.7%
Headquarter Expenses / Net ReVenues 12.6% 16.9% ▼424 b.p 13.0% 16.5% ▼347 b.p
EBITDA R$ 111,562 R$ 73,010 ▲52.8% R$ 321,550 R$ 239,224 ▲34.4%
EBITDA R$/m² 312 R$/m² 215 R$/m² ▲45.1% 900 R$/m² 712 R$/m² ▲26.4%
11.8 44.5 39.2
EBITDA USD/sq. foot 15.4 US$/sqf ▲30.3% ▲13.5%
▲1751 ▲1053
EBITDA Margin 67.3% 49.8% 66.7% 56.2%
b.p b.p
EBITDA per Share R$ 0.62 R$ 0.41 ▲52.8% R$ 1.79 R$ 1.33 ▲34.4%
Adjusted Net Income R$ 84,598 R$ 73,354 ▲15.3% R$ 239,206 R$ 230,444 ▲3.8%
Adjusted Net Income R$/m² 237 R$/m² 216 R$/m² ▲9.5% 670 R$/m² 686 R$/m² ▼2.4%
11.9 33.1 37.8
Adjusted Net Income USD/sq. foot 11.7 US$/sqf ▼1.7% ▼12.3%
Adjusted Net Income Margin 51.1% 50.1% ▲100 b.p 49.6% 54.1% ▼448 b.p
Adjusted Net Income per Share R$ 0.47 R$ 0.41 ▲15.3% R$ 1.33 R$ 1.29 ▲3.8%
FFO R$ 99,733 R$ 84,110 ▲18.6% R$ 283,598 R$ 262,196 ▲8.2%
FFO R$/m² 279 R$/m² 248 R$/m² ▲12.6% 794 R$/m² 780 R$/m² ▲1.7%
US$ US$
FFO US$ US$ 53,072 US$ 49,840 ▲6.5% ▼2.9%
150,914 155,366
13.6 39.2 43.0
FFO USD/sq. foot 13.8 US$/sqf ▲1.1% ▼8.6%
FFO Margin 60.2% 52.6% ▲762 b.p 58.8% 56.1% ▲271 b.p
FFO per Share R$ 0.56 R$ 0.47 ▲18.6% R$ 1.58 R$ 1.46 ▲8.2%
33
Operational and Financial Highlights

Market Performance 3Q11 3Q10 Chg.% 9M11 9M10 Chg.%
Number of Shares 179,197,214 ▲0.0% ▲0.0%

179,197,214 179,197,214 179,197,214
Common Shares 167,338,867 ▲0.0% ▲0.0%
167,338,867 167,338,867 167,338,867
Preferred Shares 11,858,347 11,858,347 ▲0.0% 11,858,347 11,858,347 ▲0.0%
AVg. Share Price R$ 32.96 R$ 33.27 ▼0.9% R$ 33.51 R$ 31.61 ▲6.0%
Final Share Price R$ 34.85 R$ 35.90 ▼2.9% R$ 34.85 R$ 35.90 ▼2.9%
AVerage Daily Traded Volume (R$
9,669,080 8,685,857 ▲11.3% 8,967,410 9,458,091 ▼5.2%
'000)
Market Cap (R$ '000) 6,245,023 6,433,180 ▼2.9% 6,245,023 6,433,180 ▼2.9%
Dolar (USD) end of Quarter R$ 1.88 R$ 1.69 ▲11.4% R$ 1.88 R$ 1.69 ▲11.4%
Gross Debt (R$ '000) R$ 595,552 R$ 533,155 ▲11.7% R$ 595,552 R$ 533,155 ▲11.7%
Cash (R$ '000) R$ 532,860 R$ 840,118 ▼36.6% R$ 532,860 R$ 840,118 ▼36.6%
Net Debt (R$ '000) 62,692 (306,963) N.A. 62,692 (306,963) N.A.
P/FFO (Last 12 months) 16.0 x 18.2 x ▼11.8% 16.0 x 18.2 x ▼11.8%
EV/EBITDA (Last 12 months) 14.6 x 18.4 x ▼20.6% 14.6 x 18.4 x ▼20.6%
Net Debt/EBITDA (Last 12 months) 0.14 x (0.92) x N.A. 0.14 x (0.92) x N.A.
Operational (100%) 3Q11 3Q10 Chg.% 9M11 9M10 Chg.%
Final Total GLA 551,759 m² 544,703 m² ▲1.3% 551,759 m² 544,703 m² ▲1.3%
Final Owned GLA 371,730 m² 359,921 m² ▲3.3% 371,730 m² 359,921 m² ▲3.3%
Owned GLA % 67.4% 66.1% ▲130 b.p 67.4% 66.1% ▲130 b.p
Adjusted Total GLA (aVg.) ¹ 537,359 m² 522,663 m² ▲2.8% 537,174 m² 518,601 m² ▲3.6%
Adjusted Owned GLA (aVg.) ¹ 357,330 m² 339,308 m² ▲5.3% 357,220 m² 335,996 m² ▲6.3%
Total Sales R$ 1,950,693 R$ 1,744,895 ▲11.8% R$ 5,703,835 R$ 5,045,080 ▲13.1%
Total Sales R$/m² 3,630 R$/m² 3,338 R$/m² ▲8.7% 10,618 R$/m² 9,728 R$/m² ▲9.1%
Total Sales USD/sq. foot 179.5 US$/sqf 183.8 US$/sqf ▼2.3% 524.9 US$/sqf 535.5 US$/sqf ▼2.0%
Same Store Sales R$/m² ▲7.5% ▲13.7% ▼620 b.p ▲7.9% ▲13.0% ▼510 b.p
Same Area Sales R$/m² ▲7.7% ▲15.1% ▼740 b.p ▲8.3% ▲14.9% ▼660 b.p
Same Store Rent R$/m² ▲16.0% ▲6.6% ▲940 b.p ▲14.1% ▲4.9% ▲920 b.p
Same Area Rent R$/m² ▲15.1% ▲5.9% ▲920 b.p ▲12.6% ▲4.5% ▲810 b.p
Occupancy Costs 13.1% 13.5% ▼40 b.p 13.2% 13.3% ▼10 b.p
Rent as Sales % 7.8% 7.8% 00 b.p 7.8% 7.5% ▲30 b.p
Others as Sales % 5.3% 5.7% ▼40 b.p 5.4% 5.8% ▼40 b.p
Turnover 0.6% 1.1% ▼50 b.p 0.5% 3.3% ▼280 b.p
Occupancy Rate 98.1% 98.4% ▼30 b.p 98.2% 98.4% ▼20 b.p
Delinquency (25 days delay) 1.9% 1.6% ▲30 b.p 1.8% 1.5% ▲33 b.p
Rent Loss 2.4% 1.1% ▲130 b.p 1.3% 0.8% ▲50 b.p
¹ Adjusted GLA corresponds to the period‟s average GLA excluding 14,400 m² of BIG supermarket at BarraShoppingSul
34
Consolidated Financial Statements (R$‟000)
(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Rental revenue 111,301 93,765 ▲18.7% 325,202 278,039 ▲17.0%
Services revenue 23,644 18,347 ▲28.9% 64,056 54,133 ▲18.3%
Key money revenue 9,802 8,384 ▲16.9% 29,009 25,913 ▲11.9%
Parking revenue 19,775 16,825 ▲17.5% 57,374 48,325 ▲18.7%
Real estate for sale revenue 10,515 13,719 ▼23.4% 32,575 34,975 ▼6.9%
Other revenues 731 591 ▲23.7% 1,453 2,140 ▼32.1%
Gross Revenue 181,818 159,950 ▲13.7% 529,476 467,287 ▲13.3%
Taxes and contributions on sales and services (16,160) (13,438) ▲20.3% (47,323) (41,300) ▲14.6%
Net Revenue 165,658 146,512 ▲13.1% 482,153 425,987 ▲13.2%
Equity pickup 141 1,777 ▼92.1% 1,523 (3,174) na
EBITDA 111,560 73,012 ▲52.8% 321,550 239,224 ▲34.4%
Financial revenue 18,406 24,567 ▼25.1% 65,112 66,908 ▼2.7%
Financial expenses (9,593) (9,208) ▲4.2% (37,128) (31,979) ▲16.1%
Earnings Before Taxes 105,239 77,616 ▲35.6% 305,142 242,403 ▲25.9%
Income tax and social contribution (17,313) (1,676) ▲933.0% (57,867) (4,590) ▲1,160.7
%
Deferred income and social contribution taxes (19,329) (27,001) ▼28.4% (49,144) (84,409) ▼41.8%
Net Income 65,268 46,354 ▲40.8% 190,062 146,035 ▲30.1%
(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

NOI 121,748 103,919 ▲17.2% 354,329 303,555 ▲16.7%
NOI margin 88.8% 87.4% ▲139 b.p 88.1% 86.7% ▲136 b.p
NOI + Key Money 131,550 112,303 ▲17.1% 383,338 329,468 ▲16.4%
NOI + Key Money margin 89.5% 88.2% ▲131 b.p 88.9% 87.6% ▲125 b.p
Shopping Center EBITDA 116,188 66,884 ▲73.7% 330,570 231,877 ▲42.6%
Shopping Center EBITDA margin 74.4% 49.9% ▲2,451 73.1% 58.8% ▲1,422
b.p b.p
EBITDA (Shopping Center + Real Estate) 111,560 73,012 ▲52.8% 321,550 239,224 ▲34.4%
EBITDA margin 67.3% 49.8% ▲1,751 66.7% 56.2% ▲1,053
b.p b.p
Net Income 65,268 46,354 ▲40.8% 190,062 146,035 ▲30.1%
Net Income margin 39.4% 31.6% ▲776 b.p 39.4% 34.3% ▲514 b.p
Adjusted Net Income margin 51.1% 50.1% ▲100 b.p 49.6% 54.1% ▼448 b.p
FFO 99,731 84,110 ▲18.6% 283,598 262,194 ▲8.2%
FFO margin 60.2% 57.4% ▲279 b.p 58.8% 61.5% ▼273 b.p
35
Balance Sheet (R$‟000)
ASSETS 9/30/2011 6/30/2011 % Change

Current Assets
Cash and cash equivalents 532,860 559,467 ▼4.8%
Accounts receivable 179,108 168,683 ▲6.2%
Sundry loans and advances 19,162 21,920 ▼12.6%
Recoverable taxes and contributions 66,444 40,472 ▲64.2%
Other 12,929 14,040 ▼7.9%
Total Current Assets 810,503 804,582 ▲0.7%
Non Current Assets
Accounts receivable 36,767 37,044 ▼0.7%
Land and properties held for sale 77,060 71,004 ▲8.5%
Sundry loans and advances 10,038 9,396 ▲6.8%
Deposits in court 24,901 23,592 ▲5.5%
Other 85 86 ▼1.2%
Investments 10,799 10,657 ▲1.3%

Investment properties 2,922,756 2,739,211 ▲6.7%
Property and equipment 18,395 18,218 ▲1.0%
Intangible 318,218 319,100 ▼0.3%
Total Non Current Assets 3,419,019 3,228,308 ▲5.9%
Total Assets 4,229,522 4,032,890 ▲4.9%
LIABILITIES 9/30/2011 6/30/2011 % Change

Current Liabilities
Accounts payable 104,117 88,380 ▲17.8%
Property acquisition obligations 38,892 40,361 ▼3.6%
Taxes and contributions payable 57,301 41,312 ▲38.7%
Deferred incomes 38,326 53,125 ▼27.9%
Payables to related parties 450 325 ▲38.5%
Other 3,467 1,624 ▲113.5%
Total Current Liabilities 293,642 271,756 ▲8.1%
Non Current Liabilities
Deferred income and social contribution taxes 40,408 21,079 ▲91.7%
Property acquisition obligations 102,949 111,346 ▼7.5%
Taxes paid in installments 952 993 ▼4.1%
Provision for contingencies 21,338 21,425 ▼0.4%
Deferred incomes 168,766 151,454 ▲11.4%
Total Non Current Liabilities 737,035 626,333 ▲17.7%
Shareholders' Equity
Capital 1,761,662 1,761,662 ▲0.0%
Capital reserves 968,237 966,239 ▲0.2%
Profit reserve 405,958 340,062 ▲19.4%
Share issue costs (21,016) (21,016) ▲0.0%
Shares in treasure department (40,340) (33,161) ▲21.6%
Minority interest 124,344 121,015 ▲2.8%
Total Shareholder's Equity 3,198,845 3,134,801 ▲2.0%
Total Liabilities and Shareholders' Equity 4,229,522 4,032,890 ▲4.9%
36
Cash Flow Statement (R$‟000)
Cash Flow Statement 9M11 9M10

Cash Flow from Operations
Income before tax 305,142 242,403
Depreciation and amortization 44,392 31,752
Interest and monetary variations on debentures, loans,
18,464 21,011
and property acquisition
Other net income adjustments (25,764) (20,382)
(Increase) decrease on current assets (88,505) (16,104)
Increase (decrease) on current liabilities 34,727 (7,810)
Cash Flow from Operations 288,456 250,870
Cash Flow from Investments

Increase in loans and sundry advances (1,809) 14,007
(Increase) decrease of investment property (466,186) (289,868)
Increase of property, plant and equipment (1,259) (3,684)
Additions to intangibles (549) (9,737)
Others 2,953 (3,029)
Cash Flows Used in Investing Activities (466,850) (292,311)
Cash Flows from Financing Activities

Increase (decrease) in loans and financing 162,977 118,960
Debentures paid (100,000) -
Interest payment of loans and financing (23,548) (18,160)
Increase (decrease) in payables to related parties (93,824) 2,060
Capital increase - 16,565
Paid dividends (102,938) (40,520)
Others 73,748 (25,313)
Cash Flows Generated by (Used in) Financing
(83,585) 53,592
Activities
Cash Flow (261,979) 12,151

Cash and cash equivalents at the beginning of the period 794,839 827,967
Cash and cash equivalents at end of the period 532,860 840,118
Changes in Cash Position (261,979) 12,151
37
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 (including deferred taxes).
Anchor Stores: Large, well known stores with special marketing and structural Acronyms:
features that can attract consumers, thus ensuring permanent attraction and uniform BHS BH Shopping
traffic in all areas of the mall. Stores must have more than 1,000 m² to be considered BRS BarraShopping
anchors. BSS BarraShoppingSul
Brownfield: Expansion project. CPRBS Centro Profissional Ribeirão
CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth DMM DiamondMall
rate, on an annualized basis. MAC Shopping Maceió
CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed MBC Morumbi Business Center
in asset development, expansion or improvement. The capitalized value shows the MBS MorumbiShopping
variation of „property and equipment‟ added of depreciation. MCT Morumbi Corporate
CDI: (“Certificado de Depósito Interbancário” or Interbank Deposit Certificate). MTE Multiplan
Certificates issued by banks to generate liquidity. Its average overnight annualized rate NYC New York City Center
is used as a reference of interest rates in Brazilian Economy. JDS JundiaíShopping
Debenture: debt instrument issued by companies to borrow money. Multiplan‟s
PCG ParkShoppingCampoGrande
debentures are non-convertible, which means that they cannot be converted into equity
PKB ParkShoppingBarigüi
shares. Moreover, a debenture holder has no voting rights.
PKS ParkShopping
Deferred Income: Deferred key money and store buy back expenses.
PKC ParkShopping Corporate
Double Rent: Extra rent charged from the majority of tenants usually in December due
PSC ParkShoppingSãoCaetano
to higher sales in consequence of Christmas and extra charges on the month.
PSS Pátio Savassi
EBITDA Margin: EBITDA divided by Net Revenue.
RBS RibeirãoShopping
EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income
SAF ShoppingAnáliaFranco
(loss) plus expenses with income tax and social contribution on net income, financial
SSU Shopping Santa Úrsula
result, depreciation and amortization. EBITDA does not have a single definition, and
SVO Shopping Vila Olímpia
this definition of EBITDA may not be comparable with the EBITDA used by other
VLG VillageMall
companies.
EPS: Earnings per Share. Net Income divided by the total shares of the Company.
Equity Pickup: Interest held in the associate will be shown in the income statement as equity pickup, representing the net
income attributable to the associate‟s shareholders.
Expected Owned GLA: Multiplan‟s proportionate interest in each shopping mall, including projects under development and
expansions.
Funds from Operations (FFO): Addition 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: Shopping center project.
IBGE: The Brazilian Institute of Geography and Statistics.
IGP-DI Adjustment Effect: Is the weighted 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: (“Índice Geral de Preços - Disponibilidade Interna”) General Domestic Price Index. Inflation index published by the
Getúlio Vargas Foundation, referring to the data collection period between the first and the last day of the month in
38
reference, with disclosure date near the 20th of the following month. It has the same composition as the IGP-M (“Índice Geral
de Preços do Mercado”), though with a different data collection period.
IPCA (“Índice de Preços ao Consumidor Amplo”): Published by the IBGE (Brazilian institute of statistics), it is the national
consumer price index, subject to the control of Brazil‟s 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 already in operation.
Merchandising: consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from
kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall.
Minimum Rent (or Base Rent): Minimum 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 from the contracts signed in the same period.
New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office
tower projects. Refers to the portion of the CAPEX which is 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. Refers to the portion
of the CAPEX which is 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 cost of leasing 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.
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 Multiplan‟s interest in each mall.
Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. Parking revenue
transfers are the share of the parking revenue that need to be passed on to the Company‟s 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 list price of each.
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 area‟s rent of the current year, less
vacancy.
Same Area Sales (SAS): Sales of the same area of the year before divided by the area‟s GLA less vacancy.
Same store Rent (SSR): Rent earned from stores that were in operation for over a year.
Same store Sales (SSS): Sales of stores that were in operation for over a year.
Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and
intended for general retailing.
39
Straight Line Effect: Accounting method that has the purpose of removing volatility and seasonality of 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.
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: Leased GLA of operating malls divided by total GLA.
Shopping Center Segments:
Food Court & Gourmet Areas – Includes fast food and restaurants 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, banks operations, and etc.
Apparel – Women and men clothing, shoes and accessories stores
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on
expectations of the Company‟s management and on the information available. These prospects include statements
concerning our management‟s current intentions or expectations.
Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking
statements in this document. The Company has no obligation to update said statements.
The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended
to identify 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 Company‟s control or
expectation. The reader/investor is encouraged not to completely rely on the information above.
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.
40

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Review report of independent auditors ................................................................................1

Interim financial statements

Balance sheets of the company and consolidated ..............................................................4

Review report on quarterly information

Management is responsible for the preparation of the individual interim financial

We conducted our review in accordance with Brazilian and International Standards on

1 Uma empresa-membro da Ernst & Young Global Limited

Conclusion on the consolidated interim financial information prepared in

As mentioned in Note 2, the individual and consolidated financial statements were

Interim statements of value added

Rio de Janeiro, November 7, 2011

ERNST & YOUNG TERCO

Márcio F. Ostwald Roberto Martorelli

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A.

September 30, 2011 December 31, 2010

Investments (Note 9) 186,671 10,799 91,164 12,018

Total assets 4,036,649 4,229,522 3,815,646 3,985,986

Shareholders‟ equity (Note 21)

Non-controllers‟ interest - 124,344 - 22,328

See accompanying notes.

Gross revenues from sales and services

Net revenues 148,186 431,711 131,403 383,008

Operating income (expenses)

Income and social contribution taxes (Note 8) (15,122) (51,750) - -

Net income for the period 65,762 188,967 45,959 144,578

Basic earnings per share (Note 27) - 1.0612 - 0.8115

Diluted earnings per share (Note 27) - 1.0605 - 0.8113

See accompanying notes.

Net revenues 165,658 482,153 146,512 425,987

Operating income (expenses)

Income before non-controllers‟ interest 68,597 198,131 48,939 153,404

Non-controllers‟ interest (3,329) (8,069) (2,585) (7,369)

Net income for the period 65,268 190,062 46,354 146,035

Basic earnings per share (Note 27) - 1.0674 - 0.8197

See accompanying notes.

Capital increase 16,565 - - - - - - - - 16,565

Exercise of stock options - - 2,784 1,918 - - - - - 4,702

Repurchase of shares to be held treasury (Note 21.e) - - (3,611) - - - - - - (3,611)

Repurchase of shares to be held in treasury (Note 21.e) - - (5,974) - - - - - - (5,974)

Repurchase of shares to be held in treasury (Note 21.e) - - (8,416) - - - - - - (8,416)

Repurchase of shares to be held treasury (Note 21.e) - - (7,335) - - - - - - (7,335)

See accompanying notes.

Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - - (793) - (793) 2,597 1,804

Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - - 44 - 44 1,927 1,971

Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - - (237) - (237) 2,418 2,181

Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - (1,163) (1,163) - (1,163)

Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - (160) (160) - (160)

Equity pickup of subsidiaries (Note 2.2) - - - - - - - - - 628 628 - 628

Cash flows from operations

See accompanying notes.

Net value added 339,176 264,457

Value added received in a transfer

Value added ditribution

Value added distributed (411,624) (334,249)

See accompanying notes.

Net value added 372,222 293,940

Value added received in a transfer

Value added ditribution

Value added distributed (438,850) (357,674)

See accompanying notes.