Earnings Release 1Q14

Divulgação de Resultados

quarto trimestre de 2013

Teleconferência (Em português)

Data: 25 de fevereiro de 2013 (terça-feira)

Horário:

11h00min (horário de Brasília)

9h00min (EST Nova York)

Telefone de conexão:

+55 (11) 4688-6361

Código de acesso: Multiplan

Replay: www.multiplan.com.br/ri

First Quarter 2014 Earnings Release

Conference Call

Date: May 7, 2014 (Wednesday)

English: 11:30 a.m. (EDT New York)

12:30 p.m. (Brasília)

Portuguese: 10:00 a.m. (EDT New York)

11:00 a.m. (Brasília)

Webcast: www.multiplan.com.br/ir

Connection numbers:

USA: 1 (855) 281-6021

Brasil: 55 (11) 3193-1001

55 (11) 2820-4001

Other countries: 1 (786) 924-6977

Access Code: Multiplan

1Q14

MULT3

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. The Company has no obligation to update said

statements.

The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are in tended 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 should not make the decision to invest in Multiplan shares based exclusively on the data disclosed on this

report.

This document also contains information on future projects which could differ materially due to market conditions, changes in

laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance,

demand by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be

altered in part or totally by the company with no previous warning.

Non-accounting information has not been reviewed by the external auditors.

In this release the company has chosen to present the consolidated data form a managerial perspective, in line with

the accounting practices in use until December 31st

, 2012, as disclosed in the next page.

For more detailed information, please check our Financial Statements, Reference Form (Formulário de Referência) and other

relevant information on our investor relations website www.multiplan.com.br/ir.

1Q14

MULT3

Managerial Report

Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete operational data.

Please refer to the Company´s financial statements on its website www.multiplan.com.br/ir to access its Financial Statements in

compliance with the Brazilian Accounting Pronouncements Committee – CPC.

Please see on page 31 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and

the conciliation between the accounting and managerial numbers.

1Q14

MULT3

Table of Contents

01. Consolidated Financial Statements ............................................................................................. 6 02. Project Development .................................................................................................................... 7 03. Operational Indicators .................................................................................................................. 9 04. Gross Revenues ........................................................................................................................ 12 05. Properties Ownership Results ................................................................................................... 12 06. Shopping Center Management Results ..................................................................................... 16 07. Shopping Center Development Results ..................................................................................... 17 08. Real Estate for Sale Results ...................................................................................................... 18 09. Equity Pickup and Other Operating Income (Expenses) ............................................................ 18 10. Financial Results........................................................................................................................ 19 11. MULT3 Indicators & Stock Market ............................................................................................. 24 12. Portfolio ...................................................................................................................................... 25 13. Ownership Structure .................................................................................................................. 27 14. Operational and Financial Data ................................................................................................. 29 15 Conciliation between IFRS (with CPC 19 R2) and Managerial Report....................................... 31 16. Appendices ................................................................................................................................ 34 17. Glossary and Acronyms ............................................................................................................. 37

Multiplan's Financial Indicators Evolution

R$ Million 2007

(IPO) ¹ 2008 2009 2010 2011 2012 2013

Change % (2013/2007)

CAGR % (2013/2007)

Gross Revenue 368.8 452.9 534.4 662.6 742.2 1,048.0 1,074.6 ▲191.4% ▲19.5%

Net Operating Income 212.1 283.1 359.4 424.8 510.8 606.9 691.3 ▲225.9% ▲21.8%

EBITDA 212.2 247.2 304.0 350.2 455.3 615.8 610.7 ▲187.8% ▲19.3%

FFO 200.2 237.2 272.6 368.2 415.4 515.6 426.2 ▲112.9% ▲13.4%

Net Income 21.2 74.0 163.3 218.4 298.2 388.1 284.6 ▲1,245.1% ▲54.2%

¹2007 EBITDA adjusted for expenses related to the Company's IPO.

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 1Q14, Multiplan

owned - with an average interest of 73.9% - 18 shopping centers with a total GLA of 756,694 m², of which 17 shopping centers

managed by the Company, over 4,800 stores and an estimated annual traffic of 170 million visits. In addition, Multiplan owned -

with an average interest of 92.4% - two corporate office complexes with a total GLA of 87,558 m².

381

218 213 214

24

474

305256 233

106

573

385329 310

166

686

441368 381

235

915

527 543473

359

948

644584

457

334

1,113

708 648

453

296

Gross Revenue NOI Consolidated EBITDA FFO Net Income

LTM 1Q08 LTM 1Q09 LTM 1Q10 LTM 1Q11 LTM 1Q12 LTM 1Q13 LTM 1Q14

1Q14 EBITDA, up 23% to R$197 million and Net Income up 17% to R$82 million

Rio de Janeiro, May 6th

, 2014 – Multiplan Empreendimentos Imobiliários S.A. (BM&F Bovespa: MULT3) announces its first quarter 2014

results. During fiscal year 2012, the Accounting Pronouncements Committee (CPC) issued the following pronouncements that impact the

company´s activities and its subsidiaries, among others (i) CPC 18 (R2) – Investment in affiliated companies, subsidiaries and in joint control

developments; (ii) CPC 19 (R2) – Combined business. These pronouncements required their implementation for fiscal years starting January

1st, 2013. Such pronouncements determine, among other issues, that developments controlled jointly be recorded in financial statements via

Equity pick-up. In this case the company no longer consolidates proportionally the 50% interest in Manati Empreendimentos e Participações

S.A., a company that owns a 75% interest in Shopping Santa Úrsula, and a 50% stake in Parque Shopping Maceió S.A., a company that owns a

100% interest in the shopping center of the same name. This report adopted the managerial format and, for this reason, does not consider the

requirements of CPCs 18 (R2) and 19 (R2). In this manner, the information and/or performance analyses presented herein include the

proportional consolidation of Manati Empreendimentos e Participações S.A. and Parque Shopping Maceió S.A. For additional information,

please refer to note 9.4 of the Quarterly Financial Report dated March 31st, 2014.

Highlights 1Q14 (R$)

Strong Same Store Sales (SSS) and Same Area Sales (SAS) Results

Highest first-quarter SSS since 1Q10

SAS and SSS Evolution (year/year)

Consistently High Occupancy Rate

Highest recorded first-quarter occupancy rate in company data

Total shopping center GLA and occupancy rate evolution: 1Q10 – 1Q14

Solid Top and Bottom-Line Results

EBITDA increases 23.4% and FFO grows 26.1%

EBITDA Evolution and EBITDA margin FFO Evolution and FFO per share¹

¹ Shares outstanding adjusted for shares held in treasury

16.5%

13.3%15.1%

13.8%

7.0%

10.3%7.7%

10.0% 9.7% 9.5% 9.4%7.4%

8.8%

5.7%7.7% 8.0%

9.3%

14.9%11.9% 13.7% 12.6%

6.6%9.4% 7.5% 8.3% 8.2% 8.1% 8.5% 6.8% 8.1%

5.8%8.4% 7.6%

8.3%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

SAS SSS

533551

592

699

757

97.9% 98.4% 97.2% 97.5%98.5%

60.0%

68.0%

76.0%

84.0%

92.0%

100.0%

450

500

550

600

650

700

750

800

850


Total GLA ('000) Occupancy rate

Total GLA CAGR 1Q10-1Q14: 9.2%

159.3 M

196.6 M

71.3%76.4%

1Q13 1Q14

23.4%

102.0 M

128.6 M

0.570.69

1Q13 1Q14

26.1%

5

1Q14

MULT3

Performance Highlights

Shopping center

tenants’ sales Rental revenue NOI + KM EBITDA Net Income FFO

1Q14 (R$) 2,723.0 M 167.9 M 196.0 M 196.6 M 82.3 M 128.6 M

1Q14 vs. 1Q13 +11.2% +8.7% +7.7% +23.4% +16.8% +26.1%

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Consistent Sales Performance: Multiplan shopping centers tenants posted total sales of R$2.7 billion in 1Q14, 11.2%

higher than in 1Q13. The three malls opened in 4Q12 posted combined sales growth of 35.2%.

Same Area Sales (SAS) accelerated 9.3% in 1Q14, and Same Store Sales (SSS) increased 8.3% in the quarter. SSS for

satellite stores showed a strong performance: grew 8.7% in the quarter, while anchors increased 5.8%. In the last twelve

months, sales per m² from stores under 1,000m² amounted to R$24,348/m², while from stores under 200m² totaled

R$27,756/m².

Delinquency rate and rent loss remained at historical low levels, with 1.9% and 0.5%, respectively. Occupancy costs fell

back to 13.7%, same level recorded in 1Q11.

Occupancy rate at the end of the quarter was 98.5%, 100 b.p. higher than 1Q13, with 97.5%, in spite of the new areas

recently added.

Same Store Rent (SSR) increased 6.8% in 1Q14, on top of an already high growth in 1Q13 of 11.4%, and higher than the

IGP-DI adjustment effect of 5.9%. Rental revenue, including the straight line effect, saw an increase of 9.4% reaching R$179.3

million in 1Q14.

Solid top-line growth. Gross revenue increased 15.5% in 1Q14 versus 1Q13, reaching R$284.0 million.

Net Operating Income (NOI) + Key Money (KM) reached R$196.0 million in 1Q14, 7.7% higher than in 1Q13. In the last twelve

months, NOI + KM increased 10.0% to R$754.6 million. In 1Q14 NOI + KM per share1 was of R$1.05, implying a five-year CAGR of

14.3%.

Consolidated EBITDA was R$196.6 million in 1Q14, 23.4% higher than in 1Q13, impacted by the double-digit net revenue

growth and non-recurring items.

Net debt/EBITDA fell from 3.03x in 4Q13 to 2.94x in 1Q14 and weighted average cost-of-debt increased 54 bps to 10.4%

p.a., while the basic interest rate increased 75 bps to 10.75% p.a. as of March 31st, 2014.

Strong growth in Net income and FFO, of 16.8% and 26.1%, respectively. Net income achieved R$82.3 million and FFO

was R$128.6 million in 1Q14. These results were impacted by the organic growth, new areas opened in 2013, non-recurring items,

as well as higher net financial expenses and depreciation.

Recent Events:

Chairman and CEO segregation: Multiplan Shareholders’ Meeting, held on April 29th

, 2014, elected Mr. Jose Paulo Ferraz

do Amaral as the Chairman of the Board, and Mr. Leonard Peter Sharp as a Board member replacing Mr. Manoel Joaquim R.

Mendes. Mr. José Isaac Peres was elected by the Board members as the CEO of the company for a two-year mandate.

Sales in Multiplan shopping centers increased 14.9% in April 2014, compared to the same period in 2013.

1 Total shares on March, 31

st, 2014 net of stocks held in treasury, totaling 187,437,520 shares.

6

1Q14

MULT3

1. Consolidated Financial Statements – Managerial Report

(R$'000) 1Q14 1Q13 Chg. %

Rental revenue 167,921 154,436 ▲8.7%

Services revenue 32,187 24,827 ▲29.6%

Key money revenue 10,256 12,802 ▼19.9%

Parking revenue 35,416 30,196 ▲17.3%

Real estate for sale revenue 25,853 14,111 ▲83.2%

Straight line effect 11,411 9,546 ▲19.5%

Other revenues 907 5 na

Gross Revenue 283,952 245,923 15.5%

Taxes and contributions on sales and services (26,703) (22,377) ▲19.3%

Net Revenue 257,249 223,547 15.1%

Headquarters expenses (24,495) (19,860) ▲23.3%

Stock-option-based remuneration expenses (3,085) (2,324) ▲32.8%

Shopping centers expenses (25,544) (24,897) ▲2.6%

Office towers for lease expenses (3,430) -

New projects for lease expenses (6,334) (4,370) ▲44.9%

New projects for sale expenses (3,713) (2,510) ▲48.0%

Cost of properties sold (15,459) (11,841) ▲30.6%

Equity pickup 11,009 (450) na

Other operating income/expenses 10,364 1,993 ▲420.1%

EBITDA 196,560 159,287 23.4%

Financial revenues 9,527 9,665 ▼1.4%

Financial expenses (49,495) (40,038) ▲23.6%

Depreciation and amortization (39,292) (28,104) ▲39.8%

Earnings Before Taxes 117,300 100,810 16.4%

Income tax and social contribution (28,021) (26,938) ▲4.0%

Deferred income and social contribution taxes (6,974) (3,443) ▲102.5%

Minority interest (20) (7) ▲211.3%

Net Income 82,286 70,422 16.8%

(R$'000) 1Q14 1Q13 Chg. %

NOI 185,774 169,281 9.7%

NOI margin 86.5% 87.2% ▼67 b.p

NOI + Key Money 196,031 182,082 7.7%

NOI + Key Money margin 87.1% 88.0% ▼85 b.p

Shopping Center EBITDA 182,687 162,533 12.4%

Shopping Center EBITDA margin 79.9% 77.1% ▲274 b.p

EBITDA (Shopping Center + Real Estate) 196,560 159,287 23.4%

EBITDA margin 76.4% 71.3% ▲515 b.p

Net Income 82,286 70,422 16.8%

Net Income margin 32.0% 31.5% ▲48 b.p

Adjusted Net Income 89,259 73,865 20.8%

Adjusted Net Income margin 34.7% 33.0% ▲166 b.p

FFO 128,551 101,969 26.1%

FFO margin 50.0% 45.6% ▲436 b.p

7

1Q14

MULT3

2. Project Development

R$90.4 million invested during 1Q14

Pushing forward with its growth plans, Multiplan invested R$90.4 million in

the first quarter of 2014. This total includes R$40.5 million in mall

expansions, R$21.5 million in IT and other, and R$15.8 million in land

acquisition, a land plot acquired in the city of Canoas, as announced last

year. Final investments in the new shopping center as well as investments

in projects to be detailed in the future summed R$7.4 million in 1Q14.

Investment (R$) 1Q14

Mall Development 7.4 M

Mall Expansions 40.5 M

Office Towers for Lease 4.2 M

Renovations 0.9 M

IT and other 21.5 M

Land Acquisition 15.8 M

Investment 90.4 M

The variations in the lines of Investment Properties, Property, Plant and Equipment and Intangibles on the Company´s balance

sheet was of R$91.9 million in 1Q14. The balance between this variation and the recorded CAPEX results from the accounting

adjustment when implementing the technical pronouncement CPC-19 (R2). As a consequence, the Interests in Joint

Ventures/Companies/Special Purpose Corporations (SPCs) with shared control are now recorded as Investments instead of

Investment Properties.

After the delivery of 263.4 thousand m² of gross leasable area between 2011 and 2013, which boosted the company’s owned

GLA by 70.9%, Multiplan has currently only one project for lease under construction, while the company is dedicated to develop

a new pipeline of projects.

2.1 Shopping Center Expansions

BarraShopping: Getting ready for delivery; 98.3% leased

The seventh expansion of BarraShopping, composed of 45 new stores in two retail floors, and another two upper floors totaling

4.5 thousand m² of corporate office space for lease, is nearing completion and will add a total of 9.5 thousand m² in new GLA.

The retail segment is scheduled to open in June and the office floors in 4Q14. This expansion will increase the size of the

BarraShopping Complex, which includes the New York City Center, reaching 101.0 thousand m² of GLA. By April 2014, 98.3%

of the available stores were already leased. The CAPEX for the project, based on a 51% Multiplan interest, is of R$107.0

million. The company estimates a third-year NOI yield of 15.4% and an estimated internal rate of return (IRR) of 18.8% p.a., real

and unleveraged.

BarraShopping Expansion VII – illustration Construction Works (April 2014)

Projects for lease under construction Multiplan’s Interest (R$)

Project Opening

GLA (100%)

%Mult. CAPEX Invested CAPEX

Key Money

NOI 3rd

year 3

rd year

NOI Yield IRR

BarraShopping Exp. VII June/4Q14¹ 9,479 m² 51.1% 107.0 M 65% 12.0 M 14.7 M 15.4% 18.8%

¹ Retail GLA is expected to open in June. The corporate office space for lease is scheduled to be delivered by 4Q14.

8

1Q14

MULT3

2.2 Mixed-use: Office and Residential Towers for Sale

Towers in Porto Alegre: construction nearing

the end

Diamond Tower and Résidence du Lac, a

condo-office tower and a residential building at

the BarraShoppingSul site, have sold 93.0%

and 99.5%, respectively, of their units and their

combined potential sales value (PSV) is of

R$252.7 million. Both projects are scheduled

to be delivered in the second half of 2014.

Diamond Tower and Résidence du Lac – Construction works (April 2014)

Towers for Sale

Project Location Type Opening Area %Mult. PSV¹ Average price/m²

Diamond Tower BarraShoppingSul Condo Offices 2H14 13,800 m² 100.0% 136.5 M 9,894

Résidence du Lac BarraShoppingSul Residential 2H14 9,960 m² 100.0% 116.2 M 11,667

Total

23,760 m² 100.0% 252.7 M 10,637 1 Potential Sales Value

2.3 Future Growth and Land Bank

Multiplan currently holds 725 thousand m² of land for future developments. Most sites are integrated to shopping centers owned

by Multiplan and should foster new project announcements in due time. The company also sees a potential GLA increase of

more than 150 thousand m² through mall expansions, in shopping centers in operation.

City (State) Land Area Type % Multiplan

Belo Horizonte (MG) 2,606 m² Retail 97%

Canoas (RS) 93,600 m² Retail, Office N.A.

Curitiba (PR) 843 m² Apart-Hotel 84%

Curitiba (PR) 27,370 m² Office/Retail 94%

Jundiaí (SP) 4,500 m² Office/Retail 100%

Maceió (AL) 140,000 m² Residential, Office/Retail, Hotel 50%

Porto Alegre (RS) 4,396 m² Hotel, Office/Retail 100%

Ribeirão Preto (SP) 207,092 m² Residential, Office/Retail 100%

Rio de Janeiro (RJ) 141,480 m² Residential, Office/Retail 90%

Rio de Janeiro (RJ) 36,000 m² Office/Retail 100%

São Caetano do Sul (SP) 36,948 m² Office/Retail 100%

São Paulo (SP) 29,800 m² Residential 36%

Total 724,635 m² N.A.

9

1Q14

MULT3

3. Operational Indicators

3.1 Tenant Sales

New shopping centers post sales increase of 35% in 1Q14

With an 11.2% increase over 1Q13, Multiplan shopping centers posted total sales of

R$2.7 billion in 1Q14. According to IBGE - Brazilian Institute for Geography and

Statistics - national retail sales increased 7.4% in January and February 2014, when

compared to the same period in 2013. March figures had not been released by the

time this report was published.

Sales analysis ¹January and February 2014 compared

to the same period in 2013.

The three malls opened in 4Q12 (JundiaíShopping,

ParkShoppingCampoGrande and VillageMall)

posted combined sales growth of 35.2% and show

continued progress as they enter their second year

in operation. VillageMall boosted sales 66.9%,

positively affected by the mall’s continuous

consolidation, benefiting from the opening of new

stores. Parque Shopping Maceió, opened during

4Q13, contributed with R$49.4 million in its first full

quarter, and Shopping Vila Olímpia, shows another

quarter of improvement, with sales growth of 10.4%

and an enhanced tenant mix.

Consolidated malls also showed an important

progress, presenting a combined 7.8% sales

growth of malls with 30+ years in operation. The

main highlights among the longstanding malls sales

were RibeirãoShopping (+15.0%) and

MorumbiShopping (+12.0). While RibeirãoShopping

saw a large contribution from the recently opened

expansions VII and VIII, MorumbiShopping was

positively impacted by an important tenant

reshuffling across the mall, resulting in an improved

tenant mix.

Shopping Center Sales (100%) Opening 1Q14 1Q13 Chg.%

BH Shopping (1979) 246.2 M 234.1 M ▲5.2%

RibeirãoShopping (1981) 165.6 M 144.0 M ▲15.0%

BarraShopping (1981) 391.7 M 380.9 M ▲2.8%

MorumbiShopping (1982) 332.0 M 296.5 M ▲12.0%

ParkShopping (1983) 232.5 M 213.9 M ▲8.7%

DiamondMall (1996) 131.2 M 120.6 M ▲8.8%

New York City Center (1999) 58.1 M 58.1 M ▲0.0%

Shopping Anália Franco (1999) 207.0 M 189.0 M ▲9.5%

ParkShoppingBarigüi (2003) 186.1 M 181.6 M ▲2.5%

Pátio Savassi (2004)¹ 79.5 M 77.9 M ▲2.1%

Shopping Santa Úrsula (1999)² 42.4 M 41.2 M ▲3.1%

BarraShoppingSul (2008) 157.8 M 149.6 M ▲5.4%

Shopping Vila Olímpia (2009) 77.8 M 70.4 M ▲10.4%

ParkShoppingSãoCaetano (2011) 109.2 M 100.1 M ▲9.1%

JundiaíShopping (2012) 84.4 M 66.7 M ▲26.6%

ParkShoppingcampoGrande (2012) 79.8 M 67.8 M ▲17.7%

VillageMall (2012) 92.4 M 55.4 M ▲66.9%

Parque Shopping Maceió (2013)³ 49.4 M - n.a.

Total 2,723.0 M 2,447.7 M 11.2%

¹ Pátio Savassi was acquired by Multiplan in June, 2007, and opened in 2004. 2 Shopping Santa Úrsula was acquired by Multiplan in April, 2008, and opened in 1994. ³ Parque Shopping Maceió opened on November 7th, 2013.

The gap started to close

Monthly sales/m² from malls operating for less than five years in

1Q14 was R$841/m², or 76.5% lower than malls operating for over

five years, at R$1,484/m². In 1Q13, the same analysis indicated a

gap of 90.8% between new and consolidated malls.

The potential upside for new malls productivity, as expected, has

already started to close.

Sales growth (1Q14/1Q13)

+7.4%

+11.2%

National retailsales¹

Multiplantenants' sales

+17.7%+26.6%

+66.9%

ParkShoppingCampoGrande

JundiaíShopping

VillageMall

10

1Q14

MULT3

SAS increases 9.3% and SSS accelerates 8.3% in 1Q14, the highest first-quarter growth since 1Q10

Once more, the same-basis metrics reflect the strong

portfolio. In 1Q14 Same Area Sales (SAS) increased

9.3%, and Same Store Sales (SSS) presented the

highest first-quarter growth since 1Q10, of 8.3%.

In the last twelve months, the portfolio sales/m² was of

R$17,916/m². Stores with less than 1,000 m² posted

sales of R$24,348/m² while the most numerous

operations in the portfolio, with 200m² or less, had sales

of R$27,756/m².

SAS and SSS – 1Q14/1Q13 Sales – March 2014 (last twelve months)

SAS and SSS Evolution (year/year)

Satellite stores SSS increase 8.7% in 1Q14

Satellite stores showed a strong performance in 1Q14, reporting SSS of 8.7%, while Anchor stores recorded a 5.8% growth for

the same period. The top performing segments among satellite stores in the quarter were “miscellaneous” and “food court and

gourmet area” with strong increases of 12.2% and 8.1%, respectively. “Home & office” anchor stores also presented an

expressive result, with sales growth of 9.0% in 1Q14.

1Q14 x 1Q13

Same Store Sales Anchors Satellites Total

Apparel ▲4.8% ▲7.3% ▲6.8%

Home & Office ▲9.0% ▲6.2% ▲7.4%

Miscellaneous ▲1.0% ▲12.2% ▲8.4%

Food Court & Gourmet Area - ▲8.1% ▲8.1%

Services ▲4.5% ▲3.7% ▲5.3%

Total 5.8% 8.7% 8.3%

Same Store Sales growth breakdown Anchors versus satellite stores SSS

+9.3%+8.3%

SAS SSS

17,916/m²

24,348/m²27,756/m²

Sales -(Anchors &Satellites)

Sales -stores under

1,000m²

Sales -stores under

200m²

16.5%

13.3%15.1%

13.8%

7.0%

10.3%7.7%

10.0% 9.7% 9.5% 9.4%7.4%

8.8%

5.7%7.7% 8.0%

9.3%

14.9%11.9% 13.7% 12.6%

6.6%9.4% 7.5% 8.3% 8.2% 8.1% 8.5% 6.8% 8.1%

5.8%8.4% 7.6%

8.3%


SAS SSS

13.7%

6.3%

6.8%

8.0%

5.8%6.1%5.4%

8.7%

7.2%

8.7%

1Q13 2Q13 3Q13 4Q13 1Q14

Anchor stores Satellite stores

11

1Q14

MULT3

3.2 Operational Indicators

Quality operations translate into healthy indicators

Occupancy cost in 1Q14 decreased 50 b.p. from 1Q13, to 13.7%, as a result from higher sales in the quarter, and the turnover,

measured by GLA, decreased from 1.1% in 1Q13 down to 0.7% in 1Q14.

Multiplan shopping center tenants’ delinquency rate (rental payment delay beyond 25 days) was 1.9% in 1Q14 versus 1.8% in

1Q13. Rent loss reached 0.5%, up from 0.2% in 1Q13, remaining well within the lowest level range for the company.

Historical turnover and occupancy cost: 1Q10-1Q14

Historical delinquency rate and rent loss: 1Q10-1Q14

Highest first-quarter occupancy rate in company’s history

The average shopping center occupancy rate was 98.5% in 1Q14, 100 b.p. higher than in 1Q13. The number is the highest

recorded by Multiplan in a first quarter in its history. It is worth mentioning that the high occupancy rate was achieved and

sustained even though two expansions and one mall were delivered in 2013.

Total shopping center GLA and occupancy rate evolution: 1Q10 – 1Q14

13.5% 13.7% 14.0% 14.2% 13.7%

1.1% 0.8% 0.9% 1.1%0.7%

1Q10 1Q11 1Q12 1Q13 1Q14

Occupancy cost Turnover3.2%

1.7%

2.1%1.8% 1.9%

0.6%0.4% 0.3% 0.2%

0.5%

1Q10 1Q11 1Q12 1Q13 1Q14

Delinquency rate Rent loss

533551

592

699

757

97.9% 98.4% 97.2% 97.5%98.5%

60.0%

68.0%

76.0%

84.0%

92.0%

100.0%

450

500

550

600

650

700

750

800

850


Total GLA ('000) Occupancy rate

Total GLA CAGR 1Q10-1Q14: 9.2%

12

1Q14

MULT3

4. Gross Revenue

Gross revenue increases 15.5% to R$284.0 million in 1Q14

Gross revenue totaled R$284.0 million in 1Q14, increasing

15.5% compared to 1Q13. Real estate, rental, services and

parking revenues were the main drivers, with a combined

addition of R$32.2 million on top of 1Q13’s gross revenue.

The main components of the quarter’s gross revenue were

rental revenue with 59.1%, followed by parking revenue with

12.5% and services with 11.3%.

Gross revenue breakdown – 1Q14

1Q14 Gross revenue growth breakdown (Y/Y) (R$)

5. Properties Ownership Results

5.1 Rental Revenue

Rental revenue totals R$167.9 million in 1Q14, up 8.7%

Rental revenue grew 8.7% in 1Q14 when compared to 1Q13, reaching R$167.9 million. Merchandising presented strong growth

in the quarter, up 17.4% and reaching R$11.4 million, while overage rent reached R$6.1 million, 4.7% higher than in 1Q13.

Base rent in 1Q14 was R$150.4 million, an 8.3% increase when compared to 1Q13, of R$138.9 million. It is worth mentioning

that a non-recurring rental revenue, of R$2.8 million, was recorded in 1Q13 and resulted from a rental settlement with a tenant,

which contributed for a higher rental revenue in the first quarter of 2013, thus distorting the comparability.

If considering the straight line effect, which recorded R$11.4 million in the quarter, the rental revenue increase would be of

9.4%. The straight line effect does not represent a cash event.

1Q14 Rental revenue growth breakdown, considering the straight line effect (Y/Y) (R$)

Straight line effect4.0%

Services11.3%

Key money3.6%

Parking12.5%

Real estate for sale9.1%

Rental Revenue59.1%

Base rent89.6%

Overage3.6%

Merchandising6.8%

245.9 M

284.0 M

13.5 M 1.8 M 7.4 M (2.5 M) 5.2 M11.7 M

0.9 M

Gross Revenue1Q13

Rental revenue Straight lineeffect

Services Key money Parking revenue Real estate forsale

Other Gross Revenue1Q14

15.5%

+8.7% +19.3% +29.6% -19.9% +17.3% +83.2% N.A.

164.0 M

179.3 M

+11.5 M+0.3 M

+1.7 M+1.9 M

Rental Revenue1Q13

Base rent Overage Merchand. Straight lineeffect

Rental Revenue1Q14

▲9.4%

+8.3% +4.7% +17.4% +19.3%

13

1Q14

MULT3

Portfolio upside potential

The shopping center portfolio average monthly rental revenue

reached R$100/m² in 1Q14. When considering the

consolidated portfolio, the monthly rental rate was R$111/m²

in the quarter, and is a good reference for the meaningful

upside potential of newer shopping centers going forward, as

shown in the chart on the right. Additional data on shopping

centers results can be downloaded from the Fundamentals

Spreadsheet on Multiplan’s investor relations website

(www.multiplan.com.br/ir).

Rental revenue per m²/month in 1Q14

¹Shopping centers in operation over 5 years. ²Shopping centers in operation for less than 5 years.

Rental revenue grows 8.7% in 1Q14

Rental revenue reached R$167.9 million in 1Q14, 8.7% higher

than in 1Q13, when it was R$154.4 million.

RibeirãoShopping reported the highest increase in rental revenue

with 20.2% in 1Q14, reaching R$10.3 million, boosted by the

successfull delivery of expansions VII and VIII throughout 2013.

MorumbiShopping was also a highlight, with a strong 10.3%

growth, benefiting from important increases in overage rent

(+18.7%) and merchandising (+40.5%), as a result of the

improvement of its tenant mix.

BH Shopping decreased its rental revenue by 10.3% in the

quarter, due to a non-recurring positive impact recorded in 1Q13,

coming from a rental settlement with a tenant, which led the mall

in 1Q13 to a 27.2% increase when compared to 1Q12. Shopping

Vila Olímpia was impacted by recent tenant mix changes, and

posted rental revenue 10.6% smaller in 1Q14. The mall, in

consolidation, showed a 10.4% sales increase in the quarter.

Morumbi Corporate ramping-up: R$5.6 million in 1Q14

Morumbi Corporate, the two-tower office complex located across

from MorumbiShopping, recorded R$5.6 million in rental revenue

in 1Q14. The project ended the first quarter with 48.0% leased,

and as of April 2014, 55.0% of its total GLA was already leased.

Rental Revenue (R$)

1Q14 1Q13 Chg.%

BH Shopping

17.2 M 19.2 M ▼10.3%

RibeirãoShopping

10.3 M 8.6 M ▲20.2%

BarraShopping

20.2 M 18.8 M ▲7.9%

MorumbiShopping

23.1 M 20.9 M ▲10.3%

ParkShopping

10.5 M 10.1 M ▲3.4%

DiamondMall

9.0 M 8.7 M ▲3.5%

New York City Center

1.6 M 1.8 M ▼12.9%

Shopping Anália Franco

5.7 M 5.3 M ▲7.6%

ParkShoppingBarigüi

10.7 M 10.3 M ▲3.9%

Pátio Savassi

6.0 M 5.5 M ▲8.7%

Shopping Santa Úrsula

1.3 M 1.3 M ▼3.7%

BarraShoppingSul

11.2 M 10.9 M ▲3.3%

Shopping Vila Olímpia

4.1 M 4.6 M ▼10.6%

ParkShoppingSãoCaetano

9.4 M 8.6 M ▲8.7%

JundiaíShopping

6.3 M 6.3 M ▲0.1%

ParkShoppingCampoGrande

7.3 M 7.5 M ▼3.0%

VillageMall 6.1 M 6.0 M ▲1.0%

Parque Shopping Maceió 2.3 M - n.a.

Morumbi Corporate 5.6 M - n.a.

Subtotal

167.9 M 154.4 M 8.7%

Straight line effect

11.3 M 9.5 M 18.2%

Total

179.3 M 164.0 M 9.4%

Rental revenue breakdown in 1Q14

100/m²

70/m²

111/m²

Portfolio New ShoppingCenters¹

ConsolidatedShoppingCenters²

58.3%

Office Towers3.4%

Shopping Centers96.6%

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

14

1Q14

MULT3

Albeit new malls weighing down, Same Store Rent increases 6.8% in 1Q14

Same Store Rent (SSR) grew 6.8% in 1Q14, compared to 1Q13. The IGP-DI adjustment effect was of 5.9% in the quarter,

leading to a real growth of 0.9%. The Same Area Rent (SAR) increased 6.3% in 1Q14.

JundiaíShopping, ParkShoppingCampoGrande and VillageMall entered their second year in operation and their stores opened

for more than one year begin to participate in the same store metrics. As these new malls are still consolidating, with a

combined rent/m² lower than the portfolio average, and saw only inflation rental adjustments in the first anniversary (no real

step-ups), they technically do not yet contribute with real increases in the same store rent metric. As a matter of fact, the

addition of a relevant area to this metric with no real increases in year one, dilutes the positive impact coming from rental

increases in other malls. If the new malls are not considered, the SSR real increase would be 1.2%, remaining unchanged from

4Q13.

Same Store Rent (SSR) breakdown - Nominal and real growth

5.2 Parking Revenue

Another strong quarter: Parking revenue increases 17.3% to R$35.4 million in 1Q14

Parking revenue reached R$35.4 million in 1Q14, a growth of 17.3% when compared to 1Q13. The combination of organic

growth coming from recently opened new shopping centers (JundiaíShopping, ParkShoppingCampoGrande, VillageMall and

Parque Shopping Maceió) together with a deck parking delivered in RibeirãoShopping in 2H13 contributed to this performance.

Parking gross revenue increased faster than the number of parking spaces, mainly due to higher vehicle flow and longer

consumer average stay.

5.3 Shopping Center Expenses

As expected, shopping center expenses decrease as a percentage of mall

revenues in 1Q14

Shopping center expenses grew 2.6% in 1Q14, from R$24.9 million in

1Q13 to R$25.5 million in 1Q14. As a percentage of shopping center net

revenue, mall expenses decreased 90 b.p. in 1Q14 when compared to

1Q13, reaching 11.5%. Comparing the 1Q14 figure with the previous

quarter, shopping center expenses fell 33.6%, and recorded a percentage

of shopping center net revenues 270 b.p. lower than in 4Q13. The

temporary higher brokerage fees and condominium expenses faced last

year, linked to the three malls and two expansions inaugurated since 4Q12

as mentioned in the 4Q13 report, have come down and Multiplan believes

that as the new operations mature, margins should continue to improve

and converge towards those of the consolidated malls.

Shopping center expenses evolution (R$)

and as % of shopping center net revenue

(excluding real estate for sale revenue and taxes, and

straight-line effect)

0.2% -0.3% 0.6%4.0%

7.3% 8.8% 9.6% 9.3% 7.7% 6.3% 5.7% 5.9% 6.8% 7.4% 7.6% 6.7% 5.9%3.7% 4.8%

6.0%

7.7%2.8%

4.9%5.8% 4.8%

3.9%3.9%

1.8% 2.6%4.3%

0.6%3.5%

1.2%0.9%3.9%

4.4%6.6%

12.0%10.3%

14.1%16.0%

14.5%

11.9%10.4%

7.7%8.6%

11.4%

8.0%

11.4%

8.0%6.8%


IGP-DI Adjustment Effect Real SSR

24.9 M

34.4 M

26.8 M

38.4 M

25.5 M

12.4%16.8% 12.9% 14.2% 11.5%

1Q13 2Q13 3Q13 4Q13 1Q14

2.6%

15

1Q14

MULT3

5.4 Office Tower Expenses

More than half of the GLA leased

Morumbi Corporate, the two-tower office complex located across from MorumbiShopping, recorded R$3.4 million in lease

expenses in 1Q14, mostly related to vacant areas. The project ended the first quarter with 48.0% leased and, as of April 2014,

55.0% of its total GLA was already leased.

5.5 Net Operating Income – NOI

NOI + Key money up 7.7% in 1Q14, to R$196.0 million

Multiplan recorded a Net Operating Income (NOI) + Key Money (KM) of R$196.0 million in 1Q14, 7.7% higher than in 1Q13,

when the metric had already increased 29.1% versus 1Q12. The NOI + Key Money margin in 1Q14 was 87.1%, 85 b.p. lower

than in 1Q13. In the last twelve months, NOI + Key Money increased 10.0% to R$754.6 million.

The NOI + Key Money per share reached R$1.05 in 1Q14, implying a strong five-year CAGR of 14.3%. For the last twelve

months, NOI + Key Money was R$4.03, equivalent to a five-year CAGR of 12.7%.

NOI Calculation (R$) 1Q14 1Q13 Chg.%

Rental revenue 167.9 M 154.4 M ▲8.7%

Straight line effect 11.3 M 9.5 M ▲17.9%

Parking revenue 35.4 M 30.2 M ▲17.3%

Operational revenue 214.7 M 194.2 M 10.6%

Shopping center expenses (25.5 M) (24.9 M) ▲2.6%

Real estate for lease expenses (3.4 M) - N.A.

NOI 185.8 M 169.3 M 9.7%

NOI margin 86.5% 87.2% ▼67 b.p.

Key Money 10.3 M 12.8 M ▼19.9%

Operational revenue + Key money 225.0 M 207.0 M ▲8.7%

NOI + Key Money 196.0 M 182.1M 7.7%

NOI + Key Money margin 87.1% 88.0% ▼85 b.p.

NOI + Key Money (R$) and margin (1Q14/1Q13)

NOI + Key Money per share* evolution (R$)

*Shares outstanding adjusted for shares held in treasury

182.1 M196.0 M

88.0% 87.1%

1Q13 1Q14

7.7%

685.7 M754.6 M

89.4%85.1%

1Q13 (LTM) 1Q14 (LTM)

10.0%

0.54 0.62 0.70 0.79 1.02 1.05

2.21 2.34 2.66

3.18

3.85 4.03

1Q09 1Q10 1Q11 1Q12 1Q13 1Q14

NOI + Key money per share

NOI + Key money per share (LTM)

CAGR: 14.0%

CAGR: 12.7%

16

1Q14

MULT3

6. Shopping Center Management Results

6.1 Services Revenue

Services revenue up 29.6% to R$32.2 million in 1Q14, highest Services/G&A ratio (1.31x) since IPO

Services revenue - composed mainly by portfolio

management, brokerage and transfer fees - presented a

29.6% increase in 1Q14 compared to 1Q13. The most

important driver of higher services in 1Q14 was a 35.0%

increase in management fees, related mainly to

constructions works management fee.

In 1Q14, services revenue was equivalent to 131.4% of

General and Administrative expenses for the quarter, the

highest level since the IPO, showing that this revenue line

covers all Company headquarters expenses.

Quarterly services revenue evolution (R$)

Services revenue/G&A (x)

6.2 General and Administrative Expenses (Headquarters)

G&A increased 23.3% in 1Q14, equivalent to 9.5% of net revenue

In 1Q14, General and Administrative (G&A) expenses increased

23.3% when compared to 1Q13, mainly due to non-recurring reversal

of provisions for taxes and expenses recovery of R$1.8 million, in

1Q13.

Excluding the impact of these non-recurring items, and for analysis

purposes only, G&A would have increased 13.1% when compared to

1Q13. Even with the positive non-recurring impact in 1Q13, G&A

expenses margin remained below double digits mark, reached 9.5%

in 1Q14.

Quarterly G&A evolution (R$)

and as a % of net revenues (%)

(+)

=

G&A evolution (R$) and as a % of net revenues (%)

Non-recurring items (R$) Recurring G&A evolution (R$) and as a % of net revenues (%)

24.8 M

27.2 M26.0 M

27.1 M

32.2 M

1Q13 2Q13 3Q13 4Q13 1Q14

+29.6%

0.94 x0.84 x 0.83 x 0.78 x

0.93 x 0.98 x 0.97 x

1.31 x

1.00 x

2007 2008 2009 2010 2011 2012 2013 1Q14

19.9 M

32.1 M27.8 M 28.2 M 24.5 M

8.9%

13.5%11.2% 10.5% 9.5%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

1Q13 2Q13 3Q13 4Q13 1Q14

+23.3%

19.9 M

24.5 M

8.9%9.5%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

1Q13 1Q14

+23.3%

(1.8 M)

1Q13 1Q14

21.7 M24.5 M

9.7% 9.5%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

1Q13 1Q14

+13.1%

17

1Q14

MULT3

7. Shopping Center Development Results

7.1 Key Money Revenue

Key money revenue totals R$ 10.3 million in 1Q14.

Key money revenue recognition in 1Q14 decreased 19.9% to R$10.3 million, impacted by BarraShoppingSul after completing its

first five years in operation (the accounting period for most of the mall's key money contracts), partially compensated by the key

money from new areas (Parque Shopping Maceió and RibeirãoShopping Exp. VIII) delivered in 4Q13.

Key money revenue is composed of (i) recurring or operational revenue, from key money accrued from areas with more than

five years in operation, and the turnover in the same period. This reflects the Company’s effort to improve the tenant mix in its

malls, and (ii) non-recurring revenue, from key money of lease contracts of greenfields and expansions delivered in the last five

years.

7.2 New Projects for Lease Expenses

In 1Q14, new projects for lease expenses increased 39.9% to

R$6.3 million, compared to R$4.4 million in 1Q13. In 1Q14, new

projects for lease expenses were composed mainly by

expenditures with projects that the company decided not to pursue,

the delivery of RibeirãoShopping Expansion VIII, and future

projects not yet announced.

These expenses are incurred mostly in the planning, launching and

the opening of projects and are an important tool to implement the

Company’s strategy to attract the best tenants and create the ideal

mix for each mall.

Quarterly New Projects for Lease Expenses (R$)

4.4 M

1.2 M

3.9 M

13.7 M

6.3 M

-

2.0 M

4.0 M

6.0 M

8.0 M

10.0 M

12.0 M

14.0 M

16.0 M

1Q13 2Q13 3Q13 4Q13 1Q14

Key Money Revenue (R$) 1Q14 1Q13 Chg. %

Operational (Recurring) 1.3 M 1.8 M ▼24.9%

Projects opened in the last 5 years (Non-recurring) 9.0 M 11.0 M ▼19.1%

Key Money Revenue 10.3 M 12.8 M ▼19.9%

18

1Q14

MULT3

8. Real Estate for Sale Result

8.1 Revenue

Multiplan recorded real estate for sale revenues of R$25.9 million in

1Q14, 83.2% higher than in 1Q13. Real estate for sale revenues,

according to the percentage of completion method – PoC, were

composed mainly by revenues from the real estate projects in the

BarraShoppingSul Complex, including the Diamond Tower (93.0%

sold) and Résidence du Lac (99.5% sold), with construction works are

running to plan in both projects.

Lastly, gross real estate margin inched 2.411 bps, increase from 16.2%

in 1Q13, to 40.2% in 1Q14. In line with the last five years margin, which

reached 39.6%.

8.2 Cost of properties sold

The Company recorded cost of properties sold of R$15.5 million in

1Q14, in line with the evolution of construction works, driven mainly by

costs from the real estate projects in the BarraShoppingSul Complex.

8.3 New Projects for Sale Expenses

New projects for sale expenses increased to R$3.7 million in 1Q14, compared to R$2.5 million in 1Q13. In 1Q14, new projects

for sale expenses were composed mainly by (i) marketing efforts, (ii) brokerage fees, (iii) property taxes (“IPTU”) for the

landbank, and (iv) expenses related to future projects not yet announced.

9. Equity Pickup and Other Operating Income (Revenues)

Real Estate settlement benefits Equity Pick up Line

Multiplan recorded an R$11.3 million result relative to an agreement reached with regards to the real estate project Royal

Peninsula Green, delivered in 2009.

Selling air rights generates R$10.4 million

Multiplan had surplus air rights (CEPACs) from Shopping Vila Olímpia, of the development in 2009, and the additional stake

acquired in 2012. These CEPACs were sold in the first quarter 2014 and generated a result of R$10.4 million.

Quartely Real Estate for Sale Revenues (R$)

and Gross Real Estate Margin* (%)

* Real estate revenue minus cost divided by real estate revenue

Gross Real Estate Margin Evolution (%)

14.1 M

26.6 M

30.9 M

25.5 M 25.9 M

16.1%

35.4% 36.4% 36.3%40.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

-

5.0 M

10.0 M

15.0 M

20.0 M

25.0 M

30.0 M

35.0 M

1Q13 2Q13 3Q13 4Q13 1Q14

+83.2%

47.4%

9.4%

46.7%

33.2%40.2%

39.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

2010 2011 2012 2013 1Q14

Gross Real Estate Margin Average Gross Margin since 2010

19

1Q14

MULT3

10. Financial Results

10.1 EBITDA

Consolidated EBITDA 23.4% higher in 1Q14 at R$196.6 million, while also increasing margins

Consolidated EBITDA margin increased to 76.4% in 1Q14, 515 bps higher than the 1Q13 margin, positively impacted by (i)

double digits net revenue growth (+15.1%) and (ii) non-recurring items, as detailed in item 9.

Consolidated EBITDA (R$) 1Q14 1Q13 Chg. %

Net Revenue 257.2 M 223.5 M 15.1%

Headquarters expenses (24.5 M) (19.9 M) ▲23.3%

Stock-option-based remuneration expenses (3.1 M) (2.3 M) ▲32.8%

Shopping centers expenses (25.5 M) (24.9 M) ▲2.6%

Office towers for lease expenses (3.4 M) - na

New projects for lease expenses (6.3 M) (4.4 M) ▲44.9%

New projects for sale expenses (3.7 M) (2.5 M) ▲48.0%

Cost of properties sold (15.5 M) (11.8 M) ▲30.6%

Equity pickup 11.0 M (0.4 M) na

Others 10.4 M 2.0 M ▲420.1%

Consolidated EBITDA 196.6 M 159.3 M 23.4%

Consolidated EBITDA Margin 76.4% 71.3% ▲515 b.p

The Company’s Consolidated EBITDA margin is normally lower than the Shopping Center EBITDA margin, reflecting the lower

margins of the real estate for sale business, when compared to those of projects for lease.

Shopping Center EBITDA totals R$182.7 million in 1Q14

Multiplan recorded in 1Q14 a 12.4% Shopping Center EBITDA growth, while shopping center net revenues increased 8.5% in

the same period. However, in 1Q14, the expenses increased 12.4% mainly due to headquarter expenses and new projects for

lease expenses, being fully compensated by the other operating income (sale of air rights). As a result, Shopping Center

EBITDA margin increased from 77.1% in 1Q13 to 79.9% in 1Q14.

For illustration purposes only, if new projects for lease expenses were excluded from the Shopping Center EBITDA calculation,

Shopping Center EBITDA margin would increase to 82.6% in 1Q14 and 79.2% in 1Q13.

Shopping Center EBITDA (R$) 1Q14 1Q13 Chg. %

Shopping Center Gross Revenue ¹ 252.5 M 231.8 M 8.9%

Taxes and contributions on sales and services (23.7 M) (21.1 M) ▲12.6%

Net Revenue 228.7 M 210.7 M 8.5%

Headquarters expenses ² (21.8 M) (18.7 M) ▲16.3%

Stock-option-based remuneration expenses ² (2.7 M) (2.2 M) ▲25.2%

Shopping centers expenses (25.5 M) (24.9 M) ▲2.6%

New projects for lease expenses (6.3 M) (4.4 M) ▲44.9%

Other operating income (expenses) 10.4 M 2.0 M ▲420.1%

Shopping Center EBITDA ³ 182.7 M 162.5 M 12.4%

Shopping Center EBITDA Margin 79.9% 77.1% ▲274 b.p

(+) New projects for lease expenses 6.3 M 4.4 M ▲44.9%

SC EBITDA before New Projects Expenses 4

189.0 M 166.9 M 13.3%

SC EBITDA before New Projects Expenses Margin 82.6% 79.2% ▲344 b.p

20

1Q14

MULT3

(1) Shopping Center Gross Revenue: does not consider real estate for sale and office towers for lease revenues.

(2) Headquarters expenses and stock options: proportional to the shopping centers revenues as a percentage of gross revenue.

(3) Shopping Center EBITDA: does not consider Real Estate: revenues, taxes, costs and expenses.

(4) 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 and office towers still not in operation.

Consolidated EBITDA, Shopping Center EBITDA, and Shopping Center EBITDA

before New Projects for Lease Expenses (R$’) and Margins (%)

196.6 M182.7 M

189.0 M

76.4%79.9%

82.6%

50.0%

55.0%

60.0%

65.0%

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

1Q14 ConsolidatedEBITDA

Shopping CenterEBITDA

Shopping CenterEBITDA before NewProjects for Lease

Expenses

21

1Q14

MULT3

10.2 Financial Results, Debt and Cash

Multiplan ended 1Q14 with a net debt of R$1,904.5 million, compared to R$1,852.0 million in the previous quarter. The current

figure represents a net debt-to-EBITDA (last 12 months) ratio of 2.94x. In 1Q14, the balance between the interest from the

invested cash position and financial expenses generated a negative financial result of R$40.0 million.

March 31st, 2014 December 31

st, 2013 Chg. %

Current Liabilities 246.0 M 247.8 M ▼0.7%

Loans and financing 202.5 M 203.2 M ▼0.4%

Debentures 2.4 M 9.7 M ▼75.4%

Obligations from acquisition of goods 41.1 M 34.9 M ▲17.7%

Non Current Liabilities 1,912.3 M 1,955.8 M ▼2.2%

Loans and financing 1,574.2 M 1,620.6 M ▼2.9%

Debentures 300.0 M 300.0 M ▲0.0%

Obligations from acquisition of goods 38.1 M 35.1 M ▲8.3%

Gross Debt 2,158.3 M 2,203.6 M ▼2.1%

Cash and Equivalents 253.8 M 351.5 M ▼27.8%

Net Debt 1,904.5 M 1,852.0 M 2.8%

Cash and Equivalents in 1Q14 was impacted mainly by the cash outflows of (i) CAPEX of R$90.4 million in the period, (ii)

payment of R$45.0 million in interest on shareholders’ equity for fiscal year 2013, and (iii) payment of R$59.8 million in short

term bank debt; which were offset mainly by (iv) cash generation of current operations.

Multiplan’s debt amortization schedule on March 31st, 2014 (R$)

EBITDA LTM increase (6.1% vs 2.8% Net Debt) contributed to change the net debt-to-EBITDA (LTM) ratio from 3.03x in 4Q13,

to 2.94x in 1Q14. Additionally, net debt/ fair value remained stable at 12.6% in 1Q14. The weighted average maturity of the

Company debt at the end of 1Q14 was of 50 months, compared to 48 months in 1Q13 and 53 months in 4Q13.

110 M

228 M

271 M

311 M

247 M

198 M

120 M

62 M

230 M

31 M 35 M12 M 1 M2 M

150 M 150 M

2014 2015 2016 2017 2018 2019 2020 2021 >= 2022

Loans and financing (banks) Obligations from acquisition of goods (land and minority interest) Debentures

Financial Position Analysis* Mar. 31

st,

2014 Dec. 31

st,

2013

Net Debt/EBITDA (12M) 2.94x 3.03x

Gross Debt/EBITDA (12M) 3.33x 3.61x

EBITDA/Financial Expenses (12M) 3.76x 3.75x

Net Debt/Fair Value 12.6% 12.6%

Net Debt/Equity 48.9% 48.5%

Weighted Average Maturity (Months) 50 53

* EBITDA and Financial Expenses are the sum of the last 12 months.

48

45

55

53

50

1Q13 2Q13 3Q13 4Q13 1Q14

Weighted Average Maturity

22

1Q14

MULT3

Multiplan funding cost below Selic!

While the basic interest rate increased 75 bps in the quarter, weighted average cost of debt increased only 54 bps to 10.41%

p.a. on March 31st, 2014, from 9.87% p.a. on December 31st, 2013, and presented a increase in the spread between Company

weighted average cost of funding and Selic basic interest rate to 34 bps in 1Q14, from 13 bps in 4Q13.

On a 12-month basis, weighted average cost of debt increased by 146 bps, up from 8.95% p.a. on March 31st, 2013, while the

basic interest rate increased 350 bps, from a record low of 7.25% p.a. on March 31st, 2013, to 10.75% p.a. as of March 31st,

2014, and 11% as of April 30th.

Weighted average cost of funding (% p.a.)

11.08%10.52%

9.98% 9.48% 9.08% 8.95% 9.20% 9.34%

9.87%

10.41%11.00%9.75%

8.50%7.50% 7.25% 7.25%

8.00%9.00%

10.00%10.75%

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

Multiplan Cost of Funding Selic Rate

23

1Q14

MULT3

10.3 Net Income and Funds From Operations (FFO)

FFO reaches R$128.6 million in 1Q14, up 26.1%

In 1Q14, net income was R$82.3 million, 16.8% higher than in 1Q13, mainly due to (i) no recurring items that were mentioned

in topic 9 and (ii) 15.1% increased on net revenue, driven by service revenue and real estate activities. This result was partially

offset by higher (iii) net financial expenses and (iv) higher depreciation and amortization expenses, due to the deliver of one

greenfield, two expansions and one office tower in 2H13.

Funds From Operating (FFO) reached R$128.6 million in 1Q14, 26.1% higher than in 1Q13. Additionally, FFO per share (LTM)

was R$2.42, representing a five-year CAGR of 27.4%.

Net Income & FFO Calculation (R$) 1Q14 1Q13 Chg. %

Net revenue 257.2 M 223.5 M ▲15.1%

Operating expenses (60.7 M) (64.3 M) ▼5.6%

Financial results (40.0 M) (30.4 M) ▲31.6%

Depreciation and amortization (39.3 M) (28.1 M) ▲39.8%

Income tax and social contribution (28.0 M) (26.9 M) ▲4.0%

Minority interest (0.0 M) (0.0 M) ▲211.3%

Adjusted net income 89.3 M 73.9 M 20.8%

Deferred income and social contribution (7.0 M) (3.4 M) ▲102.5%

Net income 82.3 M 70.4 M 16.8%

Depreciation and amortization 39.3 M 28.1 M ▲39.8%

Deferred income and social contribution 7.0 M 3.4 M ▲102.5%

FFO 128.6 M 102.0 M 26.1%

FFO per share¹ 0.69 0.57 19.8%

1 Shares outstanding at the end of each period, adjusted for shares held in treasury.

FFO (R$) per share evolution

0.36 0.51 0.58

0.90

0.57 0.69

0.72 0.93

1.32

2.22 2.57 2.42

1Q09 1Q10 1Q11 1Q12 1Q13 1Q14

FFO per share FFO per share (LTM)

CAGR: 27.4%

CAGR: 13.8%

24

1Q14

MULT3

11. MULT3 Indicators & Stock Market

25.0% increase in average daily traded shares in 1Q14

Multiplan’s stock (MULT3 at BM&FBOVESPA; MULT3 BZ on Bloomberg) ended

the first quarter of 2014 quoted at R$48.42/share, a 16.5% depreciation when

compared to the same period of 2013. In 1Q14, Multiplan’s average daily traded

volume was R$R$27.7 million, in line with 1Q13 (R$27.9 million), when volume

was impacted by the Follow On issue. Considering the daily number of traded

shares in 1Q14, the volume increased 25.0% over 1Q13.

Multiplan shares are part of the following indexes: Brazil Index (IBRX), Tag Along

Index (ITAG), Corporate Governance Index (IGC), Real Estate Index (IMOB),

Mid-Large Cap Index (MLCX), MSCI Brazil Index Fund, FTSE EPRA/NAREIT

Global Index, FTSE All World Emerging Index, FTSE All World EX US Index

Fund, MSCI Emerging Markets Index, MSCI BRIC Index Fund, SPL Total

International Stock Index and S&P Global ex-US Property Index.

Evolution of daily average

number of shares traded

Spread analysis and volume: MULT3 and Ibovespa Index

Base 100 = March 31st, 2013

On March 31st, 2014, 30.1% of the Company’s shares were owned directly and indirectly by Mr. and Mrs. Peres. Ontario

Teachers’ Pension Plan (OTPP) owned 28.8% and the free-float was equivalent to 39.7%. Shares held by management and in

treasury totaled 1.4% of the outstanding shares. Total shares issued are 189,997,214.

MULT3 at BM&FBOVESPA 1Q14 1Q13 Chg.%

Average closing price (R$) 45.80 57.89 ▼20.9%

Closing price (R$) 48.42 58.00 ▼16.5%

Average daily traded volume (R$) 27.7 M 27.9 M ▼0.6%

Market cap (R$) 9,199.7 M 10,393.4 M ▼11.5%

Shareholders’ capital stock breakdown on March 31st. 2014

OTPP – Ontario Teachers’ Pension Plan

685.7 M754.6 M

89.4%85.1%

1Q13 (LTM) 1Q14 (LTM)

Average daily traded volume in BRL

Average daily traded volume innumber of shares

8.9 M

17.4 M

26.5 M 27.7 M

264,490

359,710

492,683

606,880

2011 2012 2013 1Q14

-

10.0 M

20.0 M

30.0 M

40.0 M

50.0 M

60.0 M

70.0 M

80.0 M

Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

60

65

70

75

80

85

90

95

100

105 Traded Volume (15 day average) Multiplan Ibovespa

MTP+Peres30.1%

Free Float39.7%

Mgmt+Treasury1.4%

0.0%

Common Stocks22.6%

Preferred Stocks6.2%

OTPP28.8%

25

1Q14

MULT3

12. Portfolio

With the implementation of the ERP’s Business Intelligence, the methodology to calculate sales and rent per m² was

reviewed and redefined, as follows:

¹Sales per m²: Sales of stores that inform sales divided by its GLA.

²Rent per m²: Rental revenue (base and overage rents) charged from the tenant and divided by its GLA. It is worth noting that

this GLA includes stores that are already leased but are not yet operating (i.e., stores that are being readied for opening).

The most impacted index was rent per m², given the large amount of area recently leased. Going forward, as the stores start

paying rent, this figure should converge to those disclosed under the former methodology.

Portfolio – 1Q14 Opening State Multiplan

% Total GLA

Rent (month)

1

Sales (month)

2

avg. Occupancy

rate

Operating SCs

BHShopping 1979 MG 80.0% 47,021 m² 149 R$/m² 1,799 R$/m² 99.2%

RibeirãoShopping 1981 SP 80.0% 68,656 m² 70 R$/m² 913 R$/m² 96.3%

BarraShopping 1981 RJ 51.1% 69,272 m² 179 R$/m² 2,165 R$/m² 100.0%

MorumbiShopping 1982 SP 65.8% 55,512 m² 188 R$/m² 2,058 R$/m² 99.8%

ParkShopping 1983 DF 61.7% 53,521 m² 110 R$/m² 1,547 R$/m² 99.2%

DiamondMall 1996 MG 90.0% 21,386 m² 149 R$/m² 2,072 R$/m² 99.1%

New York City Center 1999 RJ 50.0% 22,271 m² 41 R$/m² 890 R$/m² 100.0%

Shopping AnáliaFranco 1999 SP 30.0% 51,005 m² 118 R$/m² 1,418 R$/m² 99.9%

ParkShoppingBarigüi 2003 PR 84.0% 50,390 m² 81 R$/m² 1,330 R$/m² 99.2%

Pátio Savassi 2004 MG 96.5% 17,398 m² 112 R$/m² 1,546 R$/m² 100.0%

Shopping Santa Úrsula 1999 SP 62.5% 23,057 m² 28 R$/m² 646 R$/m² 96.6%

BarraShoppingSul 2008 RS 100.0% 69,048 m² 54 R$/m² 1,080 R$/m² 98.3%

Shopping Vila Olímpia 2009 SP 60.0% 28,371 m² 98 R$/m² 1,049 R$/m² 96.7%

ParkShoppingSãoCaetano 2011 SP 100.0% 39,274 m² 79 R$/m² 954 R$/m² 99.2%

JundiaíShopping 2012 SP 100.0% 34,430 m² 63 R$/m² 875 R$/m² 95.1%

ParkShoppingCampoGrande 2012 RJ 90.0% 42,819 m² 62 R$/m² 663 R$/m² 97.7%

VillageMall 2012 RJ 100.0% 25,685 m² 84 R$/m² 1,224 R$/m² 99.7%

Parque Shopping Maceió 2013 AL 50.0% 37,578 m² 46 R$/m² 438 R$/m² 95.4%

Subtotal operating SCs

73.9% 756,694 m² 100 R$/m² 1,308 R$/m² 98.5%

Operating office tower

ParkShopping Corporate 2012 DF 50.0% 13,360 m² - - Leasing phase

Morumbi Corporate 2013 SP 100.0% 74,198 m² - - 48.0%

Subtotal operating office tower

92.4% 87,558 m²

Expansions under development

BarraShopping 2014 RJ 51.1% 5,275 m²

Subtotal expansions under development

51.1% 5,275 m²

Office towers for lease under development

BarraShopping Office 2014 RJ 51.1% 4,204 m²

Subtotal towers under development

51.1% 4,204 m²

Total portfolio

75.5% 853,731 m²

26

1Q14

MULT3

27

1Q14

MULT3

13. Ownership Structure

Multiplan’s ownership structure on March 31st, 2014, is described in the chart below. From a total of 189,997,214 shares issued,

178,138,867 are common voting shares and 11,858,347 are preferred shares held exclusively by Ontario Teachers’ Pension

Plan and are not listed or traded on any stock exchange.

The interest Multiplan holds in the following Special Purpose Companies (SPC) is as follows:

MPH Empreendimento Imobiliário Ltda.: Owns 60.0% interest in Shopping Vila Olímpia, located in the city of São Paulo,

State of São Paulo. Multiplan holds directly and indirectly 100.0% interest in MPH.

Manati Empreendimentos e Participações S.A.: Owns 75.0% interest in Shopping Santa Úrsula, located in the city of

Ribeirão Preto, State of São Paulo, in which Multiplan has a 50/50 partnership.

Parque Shopping Maceió S.A.: Owns 100.0% interest in Parque Shopping Maceió, located in the city of Maceió, State of

Alagoas, in which Multiplan has a 50/50 partnership.

Danville SP Empreendimento Imobiliário Ltda.: SPC established for real estate developments in the city of Ribeirão Preto,

State of São Paulo.

Multiplan Holding S.A.: Multiplan’s whole subsidiary; holds interest in other Companies and assets.

60.00%

Ontario Teachers’

Pension Plan

24.11% ON

100.00% PN

28.85% Total

100.00%

Multiplan Planejamento.

Participações e

Administração S.A.

22.25%

77.75%

23.65% ON

22.17%Total

98.00%

Jose Isaac Peres

Maria Helena

Kaminitz Peres

1.00%99.00%

Multiplan

Administradora de

Shopping Centers Ltda.

Embraplan

Empresa Brasileira

de Planejamento Ltda.

Renasce -

Rede Nacional de

Shopping Centers Ltda.**

Free Float

42.35% ON

39.71% Total

Danville SP Empreendimento

Imobiliário Ltda. *

Multiplan Holding S.A.

SCP Royal Green

Península

MPH

Empreend. Imobiliário Ltda.

1.38% ON

1.29% Total

6.57% ON

6.16% Total

2.00%

99.99%

99.99%

100.00%

Manati Empreendimentos e

Participações S.A.

Parque Shopping Maceió S.A.

Treasury

1.44% ON

1.35% Total

1700480

Ontario Inc.

Shopping Centers %

BarraShopping 51.07%

BarraShoppingSul 100.0%

BH Shopping 80.00%

DiamondMall 90.00%

MorumbiShopping 65.78%

New York City Center 50.00%

ParkShopping 61.70%

ParkShoppingBarigüi 84.00%

Pátio Savassi 96.50%

RibeirãoShopping 80.00%

ShoppingAnáliaFranco 30.00%

Shopping Vila Olímpia 60.00%

Shopping Santa Úrsula 62.50%

Parque Shopping Maceió 50.00%

ParkShopping SãoCaetano 100.0%

Jundiaí Shopping 100.0%

VillageMall 100.0%

ParkShopping Campo Grande 90.00%

Pátio Savassi Administração

de Shopping Center Ltda.

CAA - Corretagem e

Consultoria

Publicitária Ltda. *

CAA - Corretagem

Imobiliária Ltda. *

100.00%

Ribeirão Residencial

Empreendimento Imobiliário Ltda. *

Multiplan Greenfield I


BarraSul


100.00%

100.00%

100.00%

50.00%

50.00%

50.00%

100.00%

100.00%

100.00%

75.00%

100.00%

Morumbi Business Center


100.00%

Multiplan Greenfield II


100.00%

Multiplan Greenfield III


100.00%

Multiplan Greenfield IV


100.00%

Jundiaí Shopping Center Ltda. *

Parkshopping Campo Grande Ltda. *

100.00%

100.00%

100.00%

90.00%

ParkShopping Corporate


100.00%

*Multiplan Holding S.A. holds an interest equal or lower than 1.00% in these companies.

**José Isaac Peres has a 0.01% interest in this company.

0.45%

50.00%

0.01%

County Estates Limited

Embassy Row Inc

100.00%

100.00%

Multiplan Arrecadadora

Ltda *

100.00%

FIM Multiplus

Investimento

100.00% 0.50% ON

0.46% Total

Multiplan Greenfield VII

Empreendimento Imobiliário Ltda*100.00%

Corporate Towers %

ParkShopping Corporate 50.00%

Morumbi Corporate 100.00%

50.00%

46.88%

53.12%

28

1Q14

MULT3

Ribeirão Residencial Empreendimento Imobiliário Ltda.: SPC established for real estate developments in the city of

Ribeirão Preto, State of São Paulo.

Multiplan Greenfield I Empreendimento Imobiliário Ltda.: SPC established to develop a commercial tower in the city of

Porto Alegre, State of Rio Grande do Sul.

BarraSul Empreendimento Imobiliário Ltda.: SPC established to develop a residential building in the city of Porto Alegre,

State of Rio Grande do Sul.

Morumbi Business Center Empreendimento Imobiliário Ltda.: SPC established to develop real estate projects in the city of

São Paulo, State of São Paulo, holding 30.0% indirect stake in Shopping Vila Olímpia via 50.0% holdings in MPH, which in turn

holds 60.0% of Shopping Vila Olímpia.

Multiplan Greenfield II Empreendimento Imobiliário Ltda.: SPC established to develop real estate projects in the city of São

Paulo, State of São Paulo.

Multiplan Greenfield III Empreendimento Imobiliário Ltda.: SPC established to develop real estate projects in the city of Rio

de Janeiro, State of Rio de Janeiro.

Multiplan Greenfield IV Empreendimento Imobiliário Ltda.: SPC established to develop real estate projects in the city of São

Paulo, State of São Paulo.

Jundiaí Shopping Center Ltda.: Owns 100.0% interest in JundiaíShopping. Multiplan holds 100.0% interest in Jundiaí

Shopping Center Ltda, located in the city of Jundiaí, State of São Paulo.

ParkShopping Campo Grande Ltda.: SPC established to develop ParkShoppingCampoGrande, located in the city of Rio de

Janeiro, State of Rio de Janeiro.

ParkShopping Corporate Empreendimento Imobiliário Ltda.: SPC established to develop real estate projects in the city of

Brasília, Distrito Federal.

Multiplan Greenfield VII Empreendimento Imobiliário Ltda.: SPC established to develop real estate projects in the city of

Canoas, State of Rio Grande do Sul.

Pátio Savassi Administração de Shopping Center Ltda.: SPC established to manage the parking operation at Shopping

Pátio Savassi, located in the city of Belo Horizonte, State of Minas Gerais.

29

1Q14

MULT3

14. Operational and Financial Data

Operational and Financial Highlights

Performance

Financial (MTE %) 1Q14 1Q13 Var.%

Gross revenue R$'000 283,952 245,923 ▲15.5%

Net revenue R$'000 257,249 223,547 ▲15.1%

Net revenue R$/m² 469.0 439.6 ▲6.7%

Net revenue USD/sq. foot 19.2 20.2 ▼5.0%

Rental revenue (with straight line effect) R$'000 179,332 163,982 ▲9.4%

Rental revenue R$/m² 327.0 322.4 ▲1.4%

Rental revenue USD/sq. foot 13.4 14.8 ▼9.7%

Monthly rental revenue R$/m² 103.7 101.0 ▲2.7%

Monthly rental revenue USD/sq. foot 491.4 537.8 ▼8.6%

Net Operating Income (NOI) R$'000 185,774 169,281 ▲9.7%

Net Operating Income R$/m² 338.7 332.9 ▲1.8%

Net Operating Income USD/sq. foot 13.8 15.3 ▼9.4%

Net Operating Income margin 86.5% 87.2% ▼67 b.p

NOI/share 0.99 0.95 ▲4.3%

Net Operating Income (NOI) + Key Money (KM) R$'000 196,031 182,082 ▲7.7%

NOI + KM R$/m² 357.4 358.0 ▼0.2%

NOI + KM USD/sq. foot 14.6 16.4 ▼11.2%

NOI + KM margin 87.1% 88.0% ▼85 b.p

NOI + Key money/share 1.05 1.02 ▲2.3%

Headquarter expenses R$'000 24,495 19,860 ▲23.3%

Headquarter expenses/Net revenues 9.5% 8.9% ▲64 b.p

EBITDA R$'000 196,560 159,287 ▲23.4%

EBITDA R$/m² 358.4 313.2 ▲14.4%

EBITDA USD/sq. foot 14.7 14.4 ▲1.8%


EBITDA per Share R$ 1.05 0.89 ▲17.3%

Adjusted net income R$'000 89,259 73,865 ▲20.8%

Adjusted net income R$/m² 162.7 145.2 ▲12.0%

Adjusted net income USD/sq. foot 6.7 6.7 ▼0.3%

Adjusted net income margin 34.7% 33.0% ▲166 b.p

Adjusted net income per share R$ 0.48 0.41 ▲14.8%

FFO R$'000 128,551 101,969 ▲26.1%

FFO R$/m² 234.4 200.5 ▲16.9%

FFO US$'000 56,581 50,425 ▲12.2%

FFO USD/sq. foot 9.6 9.2 ▲4.0%

FFO margin 50.0% 45.6% ▲9.6%

FFO per share R$ 0.69 0.57 ▲19.8%

Dollar (USD) end of quarter 2.2720 2.0222 ▲12.4%

30

1Q14

MULT3

Operational and Financial Highlights

Performance

Market Performance 1Q14 1Q13 Chg.%

Number of shares 189,997,214 179,197,214 ▲6.0%

Common shares 178,138,867 167,338,867 ▲6.5%

Preferred shares 11,858,347 11,858,347 ▲0.0%

Average share closing price 45.80 57.89 ▼20.9%

Closing share price 48.42 58.00 ▼16.5%

Average daily traded volume (R$ '000) 27,737 27,906 ▼0.6%

Market cap (R$ ‘000) 9,199,665 10,393,438 ▼11.5%

Total debt (R$ ‘000) 2,158,306 1,851,216 ▲16.6%

Cash (R$ ‘000) 253,759 225,376 ▲12.6%

Net debt (R$ ‘000) 1,904,548 1,625,840 ▲17.1%

P/FFO (Last 12 months) 20.3 x 22.7 x ▼10.5%

EV/EBITDA (Last 12 months) 17.1 x 20.6 x ▼16.8%

Net Debt/EBITDA (Last 12 months) 2.9 x 2.8 x ▲5.0%

Performance

Operational (100%) 1Q14 1Q13 Chg.%

Final total mall GLA (m²) 756,694 698,685 ▲8.3%

Final owned mall GLA (m²) 559,197 522,661 ▲7.0%

Owned mall GLA % 73.9% 74.8% ▼91 b.p

Adjusted total mall GLA (avg.)¹ (m²) 742,219 684,622 ▲8.4%

Adjusted owned mall GLA (avg.)¹ (m²) 548,500 508,567 ▲7.9%

Total sales R$'000 2,723,015 2,447,683 ▲11.2%

Total sales R$/m² 3,669 3,575 ▲2.6%

Total sales USD/sq. foot 150 164 ▼8.7%

Same Store Sales ▲8.3% ▲8.1% ▲20 b.p

Same Area Sales ▲9.3% ▲8.8% ▲50 b.p

Same Store Rent ▲6.8% ▲11.4% ▼460 b.p

Same Area Rent ▲6.3% ▲9.7% ▼340 b.p

Occupancy costs 13.7% 14.2% ▼52 b.p

Rent as sales % 7.8% 8.1% ▼31 b.p

Other as sales % 5.9% 6.1% ▼21 b.p

Turnover 0.7% 0.4% ▲30 b.p

Occupancy rate 98.5% 97.5% ▲100 b.p

Delinquency (25 days delay) 1.9% 2.2% ▼30 b.p

Rent loss 0.5% 0.2% ▲30 b.p

¹ Adjusted GLA corresponds to the period’s average GLA excluding 14.400 m² of BIG supermarket at BarraShoppingSul

31

1Q14

MULT3

15. Conciliation between IFRS (with CPC 19 R2) and Managerial Report

15.1 - Variations on the Financial Statement – IFRS with CPC 19 (R2) and Managerial Report

IFRS with CPC 19 R2

Financial Statements CPC 19 R2 Managerial Effect

(R$ '000) 1Q14 1Q14 Difference

Rental revenue 164,803 167,921 3,118

Services 32,278 32,187 (91)

Key money 9,833 10,256 423

Parking 35,123 35,416 293

Real estate 25,853 25,853 -

Straight line effect 11,257 11,411 154

Others 903 907 5

Gross Revenue 280,050 283,952 3,901

Taxes and contributions on sales and services (26,493) (26,703) (210)

Net Revenue 253,557 257,249 3,691

Headquarters expenses (24,465) (24,495) (30)

Stock-option-based remuneration expenses (3,085) (3,085) -

Shopping centers expenses (24,123) (25,544) (1,421)

Office towers for lease expenses (3,430) (3,430) -

New projects for lease expenses (6,334) (6,334) -

New projects for sale expenses (3,713) (3,713) -

Cost of properties sold (15,459) (15,459) -

Equity pickup 11,807 11,009 (799)

Other operating income/expenses 10,363 10,364 1

EBITDA 195,117 196,560 1,443

Financial revenues 9,037 9,527 489

Financial expenses (48,398) (49,495) (1,097)

Depreciation and amortization (38,374) (39,292) (918)

Earnings Before Taxes 117,382 117,300 (82)

Income tax and social contribution (28,021) (28,021) -

Deferred income and social contribution taxes ² (7,081) (6,974) 107

Minority interest (20) (20) -

Net Income 82,260 82,286 25

The main impact between CPC 19 (R2) and the managerial reports are the 37.5% interest in Shopping Santa Úrsula, through a

50.0% interest in Manati Empreendimentos e Participações S.A., and the 50.0% interest in Parque Shopping Maceió, through

Parque Shopping Maceió S.A.

The main differences in 1Q14 are: (i) increase of R$3.1 M in Rental Revenues; (ii) increase of R$1.4 M in Shopping Center

Expenses, (iii) increase of R$0.6 M in Financial Results, and (iv) decrease of R$0.9 M in Depreciation and Amortization.

Accordingly and as a result of the variations mentioned above, there was an increase of R$0.8 M in the result which was

recorded on the equity pickup, given that the results of these companies are recorded on this line as determined by CPC 19

(R2).

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15.2 - Variations on the Balance Sheet: Total Assets

IFRS with CPC 19 R2

CPC 19 R2 Managerial Effect

ASSETS 3/31/2014 3/31/2014 Difference

Current Assets

Cash and cash equivalents 154,519 161,582 7,063

Short Term Investments 92,177 92,177 -

Accounts receivable 236,873 240,765 3,892

Land and properties held for sale 163,638 163,638 -

Related parties 2,640 2,640 -

Recoverable taxes and contributions 2,841 14,206 11,365

Other 63,744 64,649 905

Total Current Assets 716,432 739,657 23,225

Noncurrent Asset Accounts receivable 54,139 54,204 65

Land and properties held for sale 350,506 350,506 -

Related parties 12,965 12,965 -

Deposits in court 27,246 27,866 620

Deferred income and social contribution taxes 11,085 11,085 -

Other 5,079 9,103 4,024

Investments 139,033 15,157 (123,876)

Investment Properties 4,692,853 4,851,454 158,601

Property and equipment 35,202 35,202 -

Intangible 343,743 344,756 1,013

Total Non Current Assets 5,671,851 5,712,298 40,447

Total Assets 6,388,283 6,451,955 63,672

The main differences in total assets regarding the 37.5% interest in shopping Santa Úrsula, and the 50.0% interest in Parque

Shopping Maceió are (i) increase of R$158.6 M in Investment Properties; (ii) increase of R$7.1 M in Cash and Cash

Equivalents; and (iii) increase of R$3.9 M in Accounts Receivable.

As a result of the variations mentioned above, there was a decrease of R$123.9 M in Investments given that the assets and

liabilities of these companies are now recorded on this line as determined by CPC 19 (R2).

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15.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity

IFRS with CPC 19 R2

CPC 19 R2 Managerial Effect

LIABILITIES 3/31/2014 3/31/2014 Difference

Current Liabilities

Loans and financing 200,021 202,499 2,478

Debentures 2,377 2,377 -

Accounts payable 94,421 95,453 1,032

Property acquisition obligations 41,137 41,137 -

Taxes and contributions payable 36,062 47,457 11,395

Dividends to pay - - -

Deferred incomes 40,637 40,728 91

Other 1,906 1,989 83

Total Current Liabilities 416,561 431,644 15,083

Non Current Liabilities Loans and financing 1,532,404 1,574,240 41,836

Debentures 300,000 300,000 -

Deferred income and social contribution taxes 136,677 137,115 438

Property acquisition obligations 38,054 38,054 -

Others 557 557 -

Provision for contingencies 23,455 24,075 620

Deferred incomes 41,800 48,010 6,210

Total Non Current Liabilities 2,072,947 2,122,051 49,104

Shareholders' Equity Capital 2,388,062 2,388,062 -

Capital reserves 967,039 967,039 -

Profit reserve 718,623 719,222 599

Share issue costs (38,628) (38,628) -

Shares in treasure department (128,799) (128,799) -

Capital Transaction Effects (89,996) (89,996) -

Retained earnings 82,268 81,154 (1,114)

Minority interest 206 206 -

Total Shareholder's Equity 3,898,775 3,898,260 (515)

Total Liabilities and Shareholders' Equity 6,388,283 6,451,955 63,672

The main differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of R$44.3 M in

Loans and Financing, given the inclusion of the 50.0% in project Parque Shopping Maceió, which signed a contract to finance

its construction via the Banco do Nordeste; and (ii) the increase of R$6.3 M in revenues and costs, in Deferred Income.

For the data presented in the pages to follow, the impact of the CPC 19 (R2) will not be considered.

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16. Appendices

16.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements

IFRS with CPC 19 (R2)

(R$'000) 1Q14 1Q13 Chg. %

Rental revenue 164,803 153,627 ▲7.3%



Parking revenue 35,123 30,056 ▲16.9%




Gross Revenue 280,050 244,977 14.3%


Net Revenue 253,557 222,694 13.9%



Shopping centers expenses (24,123) (24,428) ▼1.2%

Office towers for lease expenses (3,430) - na




Equity pickup 11,807 (1,166) na


EBITDA 195,117 159,097 22.6%








Net Income 82,260 70,422 16.8%

(R$'000) 1Q14 1Q13 Chg. %

NOI 183,631 168,781 8.8%

NOI margin 87.0% 87.4% ▼40 b.p

NOI + Key Money 193,464 181,498 6.6%






Net Income 82,260 70,422 16.8%




FFO 127,715 101,663 25.6%

FFO margin 50.4% 45.7% ▲472 b.p

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16.2 Consolidated Financial Statements: Managerial Report

(R$'000) 1Q14 1Q13 Chg. %

Rental revenue 167,921 154,436 ▲8.7%



Parking revenue 35,416 30,196 ▲17.3%




Gross Revenue 283,952 245,923 15.5%


Net Revenue 257,249 223,547 15.1%



Shopping centers expenses (25,544) (24,897) ▲2.6%

Office towers for lease expenses (3,430) - na




Equity pickup 11,009 (450) na


EBITDA 196,560 159,287 23.4%








Net Income 82,286 70,422 16.8%

(R$'000) 1Q14 1Q13 Chg. %

NOI 185,774 169,281 9.7%

NOI margin 86.5% 87.2% ▼67 b.p

NOI + Key Money 196,031 182,082 7.7%






Net Income 82,286 70,422 16.8%




FFO 128,551 101,969 26.1%

FFO margin 50.0% 45.6% ▲436 b.p

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16.3 Balance Sheet – Managerial Report

ASSETS 03/31/2014 12/31/2013 % Change

Current Assets

Cash and cash equivalents 161,582 230,422 ▼29.9%

Short Term Investments 92,177 121,120 ▼23.9%

Accounts receivable 240,765 247,689 ▼2.8%

Land and properties held for sale 163,638 159,994 ▲2.3%

Related parties 2,640 2,882 ▼8.4%

Recoverable taxes and contributions 14,206 25,910 ▼45.2%

Other 64,649 51,790 ▲24.8%

Total Current Assets 739,657 839,807 ▼11.9%

Noncurrent Asset

Accounts receivable 54,204 56,387 ▼3.9%

Land and properties held for sale 350,506 348,624 ▲0.5%

Related parties 12,965 13,206 ▼1.8%

Deposits in court 27,866 27,549 ▲1.2%

Deferred income and social contribution taxes 11,085 - na

Other 9,103 7,034 ▲29.4%

Investments 15,157 4,149 ▲265.3%

Investment Properties 4,851,454 4,817,738 ▲0.7%

Property and equipment 35,202 17,371 ▲102.6%

Intangible 344,756 343,737 ▲0.3%

Total Non Current Assets 5,712,298 5,635,795 ▲1.4%

Total Assets 6,451,955 6,475,602 ▼0.4%

LIABILITIES 03/31/2014 12/31/2013 % Change

Current Liabilities

Loans and financing 202,499 203,213 ▼0.4%

Debentures 2,377 9,658 ▼75.4%

Accounts payable 95,453 120,637 ▼20.9%

Property acquisition obligations 41,137 34,947 ▲17.7%

Taxes and contributions payable 47,457 49,981 ▼5.0%

Dividends to pay - 38,386 na

Deferred incomes and costs 40,728 53,738 ▼24.2%

Other 1,989 2,746 ▼27.6%

Total Current Liabilities 431,644 513,306 ▼15.9%

Non Current Liabilities

Loans and financing 1,574,240 1,620,626 ▼2.9%

Debentures 300,000 300,000 ▲0.0%

Deferred income and social contribution taxes 137,115 117,761 ▲16.4%

Property acquisition obligations 38,054 35,130 ▲8.3%

Other 557 595 ▼6.4%

Provision for contingencies 24,075 24,325 ▼1.0%

Deferred incomes and costs 48,010 45,050 ▲6.6%

Total Non Current Liabilities 2,122,051 2,143,487 ▼1.0%

Shareholders' Equity

Capital 2,388,062 2,388,062 ▲0.0%

Capital reserves 967,039 963,954 ▲0.3%

Profit reserve 719,222 717,861 ▲0.2%

Share issue costs (38,628) (38,628) ▲0.0%

Shares in treasure department (128,796) (122,626) ▲5.0%

Capital Transaction Effects (89,996) (89,996) ▲0.0%

Retained earnings 81,154 - na

Minority interest 206 182 ▲13.2%

Total Shareholder's Equity 3,898,260 3,818,809 ▲2.1%

Total Liabilities and Shareholders' Equity 6,451,955 6,475,602 ▼0.4%

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17. Glossary and Acronyms

Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from

acquisitions and mergers and deferred taxes.

Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus ensuring permanent

attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m² to be considered anchors.

Brownfield: Expansion project.

CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth rate, on an annualized basis.

CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed in asset development, expansion or improvement. The

capitalized value shows the variation of property and equipment plus depreciation. CAPEX can also refer to others investments then real estate,

such as IT projects, hardware and other unrelated investments.

CDI: (“Certificado de Depósito Interbancário” or Interbank Deposit Certificate). Certificates issued by banks to generate liquidity. Its average

overnight annualized rate is used as a reference for interest rates in Brazilian Economy.

Debenture: debt instrument issued by companies to borrow money. Multiplan’s debentures are non-convertible, which means that they cannot

be converted into shares. Moreover, a debenture holder has no voting rights.

Deferred Income: Deferred key money and store buy back expenses.

Double (Seasonal) Rent: Additional rent usually charged from the tenants in December, due to higher sales in consequence of Christmas and

extra charges on the month.

EBITDA Margin: EBITDA divided by Net Revenue.

EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income (loss) plus expenses with income tax and social contribution

on net income, financial result, depreciation and amortization. EBITDA does not have a single definition, and this definition of EBITDA may not

be comparable with the EBITDA used by other companies.

EPS: Earnings per Share. Net Income divided by the total shares of the Company minus shares held in treasury.

Equity Pickup: Interest held in the subsidiary company will be shown in the income statement as equity pickup, representing the net income

attributable to the subsidiary’s shareholders.

Expected Owned GLA: Multiplan’s interest in each shopping mall, including projects under development and expansions.

Funds from Operations (FFO): Refers to the sum of adjusted net income, depreciation and amortization.

GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding merchandising.

Greenfield: Development of new shopping center projects.

IBGE: The Brazilian Institute of Geography and Statistics.

IGP-DI Adjustment Effect: Is the average of the monthly IGP-DI increase with a month of delay, multiplied by the percentage GLA that was

adjusted on the respective month.

IGP-DI: (“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 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.

Landbank: Areas acquired by Multiplan for future development.

Management Fee: fee charged from tenants and partners/owners to pay for shopping center administrative expenses.

Merchandising: leasing of space not usable for tenant stores in advertising campaigns and includes revenue from kiosks, stands, posters,

leasing of pillar space, doors and escalators and other display locations in a mall.

Minimum Rent (or Base Rent): Minimum fixed rent paid by a tenant for a lease contract. Some tenants sign contracts with no fixed base rent,

and in that case minimum rent corresponds to a percentage of their sales.

Mixed-use: Strategy based on the development of projects that integrate shopping centers with office and residential developments.

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Net Operating Income (NOI): Sum of the Operating Income (Rental Revenue, Straight Line Effect, Shopping Centers Expenses and Office

Towers Expenses) and income from Parking Operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also

include the key money revenues in the same period.

New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects, recorded

as an expense in the income statement as determined by the CPC 04 pronouncement in 2009.

New Projects Expenses for sale: Pre-operational expenses generated by real estate for sale activity, recorded as an expense in the income

statement as determined by the CPC 04 pronouncement in 2009.

NOI Margin: NOI divided by Rental Revenue, Straight Line Effect and Net Parking Revenue.

Occupancy cost: Is the occupancy cost of a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund

expenses).

Occupancy rate: leased GLA divided by total GLA.

Organic Growth: Revenue growth which is not generated by acquisitions, expansions and new areas added in the period.

Overage Rent: The difference paid as rent (when positive), between the base rent and the rent consisting of a percentage of sales, as

determined in the lease agreement.

Owned GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan’s interest in each mall.

Parking Revenue: Parking revenue is the net result of parking fees collected by the shopping centers less the amounts transferred 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 price

of each of units offered for sale.

Sales: Sales reported by the stores in each of the malls.

Same Area Rent (SAR): Rent of the same area of the year before divided by the area’s rent of the current year, excluding vacancy.

Same Area Sales (SAS): Sales of the same area of the year before divided by the area that informed sales.

Same store Rent (SSR): Changes on rent collected from stores that were in operation in both of the periods compared.

Same store Sales (SSS): Sales of stores that were in operation in that year.

Satellite Stores: Smaller stores with no special marketing and structural features located by the anchor stores and intended for general

retailing.

Straight Line Effect: Accounting method meant to remove volatility and seasonality of the minimum lease revenue. The criterion adopted to

account for revenue rent is based on straight-line revenues during the effectiveness of the contract, regardless of the receipt term.

Tenant Mix: Portfolio of tenants strategically defined by the shopping center manager.

TJLP: (“Taxa de Juros de Longo Prazo”, or Long Term Interest Rate). The usual cost of financing conceived by BNDES.

TR: (“Taxa Referencial”, or Reference interest rate). Average interest rate used in the market.

Turnover: GLA of operating malls leased in the period divided by total GLA of operating malls.

Vacancy: GLA of a shopping center available for lease.

Shopping Center Segments:

Food Court & Gourmet Areas – Includes fast food and restaurant operations

Diverse – Cosmetics, bookstores, hair salons, pet shops and etc

Home & Office – Electronic stores, decoration, art, office supplies, etc

Services – Sports centers, entertainment centers, theaters, cinemas, medical centers, banking, and etc.

Apparel – Women and men clothing, shoes and accessories stores

Documents

Earnings Release 1Q14