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Multiplans Net Operating Income (NOI) reaches R$116 millionand Net Income increases 34.2% in 1Q11

Rio de Janeiro, May 9th, 2011 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3), announces its first

quarter 2011 results. The following financial and operational data were prepared and are being presented in accordance withaccounting 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 financialreporting standards (IFRS) issued by IASB applicable to real estate development entities in Brazil and approved by the BrazilianFASB (CPC), by the Brazilian Securities Commission (CVM) and by the National Association of State Boards of Accountancy(CFC).

Highlights (R$'000)

Continued demand for new space71% of stores leased

in the four malls under constructionR$16 million in signed Key Money

while new projects for lease expenses fall 46%

and the solid performance of the malls

Sales in Multiplan malls rise 13%boosted by SAS growth of 7% in 1Q11 Net Operating Income (NOI) grows 16%and reaches R$116 million with margin of 88%

result in a positive effect on the Company.Sustainable growth:

Same Store Rent registers consistent increasesOperational leverage:

Shopping Center EBITDA margin reaches 72%

86.2%

81.7%

71.5%

54.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

LeasedStores

ParkShoppingSoCaetano

VillageMall

JundiaShopping

ParkShoppingCampoGrande

13,67515,799

6,362

3,445

1Q10 1Q11 1Q10 1Q11

Projects Signed Key Money New Projects for Lease Expenses

-45.9%

15.5%

R$1.0 Bi.

R$1.3 Bi.

R$1.6 Bi.

R$1.8 Bi.

1Q08 1Q09 1Q10 1Q11

+12.7%CAGR: +21.6%

52,109

73,721

99,728

115,570

78.0%

82.0%

86.7%88.2%

1Q08 1Q09 1Q10 1Q11

15.9%CAGR: +30.4%

15.9%CAGR: +30.4%

5.6%

6.7%8.6%

10.7%11.1% 10.0%

7.3%2.9%

0.2%-0.3%

0.6%

4.0%

7.3%

2.1%

2.2%

2.8%

2.9% 1.9% 3.6%

0.8%

3.4%

3.7% 4.8%

6.0%

7.7%2.8%7.7%

9.0%

11.6%

13.9%13.2%

14.0%

8.1%

6.5%

3.9%4.4%

6.6%

12.0%

10.3%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Real SSR IGP-DI Adjustment Effect

79.5%82.9%

87.9% 89.0%

59.7%

65.7% 67.4%72.2%

14.4%18.7%

14.7% 13.7%

5.

15.

25.

35.

5.

55.

1Q08 1Q09 1Q10 1Q11

NOI + Key Mo ney Margin Sh op ping Cen ter EBIT DA Margin

G&A/Net Revenues


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2

Leasing success: The percentage of leased stores of

the whole portfolio under construction reached an

average 71.3% (575 out of 806 stores), in April, 2011.Seven months after launching, ParkShopping Campo

Grande has more than 50% of its stores already leased.

New project: two high class commercial towers for

lease project with a total GLA of 74.2 thousand m2and an

estimated CAPEX of R$445.6 million was launched by

Multiplan in the city of So Paulo. Expected delivery is at the

end of 2013. Based on market information, Multiplan expects

NOI to be in the R$84 million area.

Projects under construction: Multiplan greenfield

projects currently under development will demand a total

CAPEX of R$1.3 billion (2011 2013). The projects are onschedule and Shopping Macei should start construction

works shortly.

Malls under construction NOI Yield: The combination

of improvement in projects of shopping centers under

construction and leasing success resulted in an increase

inits 3rd NOI yield from 15.2% in 4Q10 to 16.0% in 1Q11.

Sales in Multiplan shopping centers reached R$1.8

billion in 1Q11, 12.7% higher than in 1Q10. Same Store

Sales (SSS) increased 6.6% (1Q11/1Q10) and Same Area

Sales (SAS) grew 7.0% (1Q11/1Q10).

Shopping Santa rsula and Shopping Vila Olmpia,

the latter in operation since November 2009, posted an

exceptional organic sales increase of 41.2% and 48.9%,

respectively, in 1Q11 versus 1Q10.

Gross Revenue reached R$173.2 million in 1Q11,

15.5% higher than in 1Q10. Once again, Multiplan presentedan increase in Same Store Rent, which registered growth of

10.3%, with a contribution from the IGP-DI adjustment effect

(+7.3%).

Net Operating Income (NOI) + Key Money reached

R$124.7 million in 1Q11, 12.5% higher than in 1Q10,

resulting in an NOI + Key Money margin of 89.0% versus

87.9% in 1Q10. NOI was R$115.6 million in 1Q11, 15.9%

higher than in 1Q10 due to strong revenue growth and flat

(+0.7%) shopping center expenses.

Headquarter Expenses (G&A) as a percentage of Net

Revenues went down to 13.7% in 1Q11 from 14.7% in

1Q10, representing a 100 bps improvement. With the

impact of nonrecurring items excluded, G&A increased

only 5.4%, 70 bps less than inflation as measured by the

IPCA in the same period, and represented 12.1% of net

revenue versus 13.2% in 1Q10.

Shopping Center EBITDA recorded R$105.0 million,

21.6% higher than 1Q10, with a margin of 72.2% in 1Q11,

a 482 bps increase in the same period. If adjusted by new

projects for lease expenses, adjusted shopping center

EBITDA margin increases to 74.6%. Consolidated

(shopping centers + real estate for sale) EBITDA

recorded R$102.8 million in 1Q11, a 20.6% growth

compared to 1Q10 and margin of 65.2%, +263 bps higher

than 1Q10.

Up 34.2%, net income reached R$63.7 million, with a

net margin of 40.4% versus 34.8% in 1Q10. Adjusted Net

Income increased 11.3% in 1Q11, to R$88.7 million.

Adjusted Funds from Operations (AFFO) grew 14.2%,reaching R$103.1 million in 1Q11.

Recent Events

15.5% sales increase in April, compared to the same month of 2010, in Multiplan Shopping Centers.

The Shareholders Meeting held on April 29th, 2011 approved the distribution of dividend for a total of R$102.9 million

(R$0.57872 per share), equivalent to 50.0% of the net income of Multiplan Empreendimentos Imobilirios S.A. in 2010, after the

deduction of legal reserves.

Multiplan announced on April 13th, 2011, an agreement for the acquisition of an 11.2 thousand m2 land plot adjacent to

RibeiroShopping (SP). It has a construction potential of 56.1 thousand m2 for the development of commercial and

residential real estate projects in addition to shopping center expansion projects.

Changes 1Q11/1Q10

Shopping Center Sales Rental Revenue NOI EBITDA Net Income

+12.7% +17.2% +15.9% +20.6% +34.2%


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1Q11MULT3

Multiplan's Financial Evolution

R$ Million 2006 2007 (IPO) 2008 2009 2010 Change %(2010/2006)

CAGR %(2010/2006)

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 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 101.9 176.5 199.4 236.8 323.5 217.6% 33.5%

Historical Performance of Multiplans Results (R$ Million)

As for the Net Income, the calculation compares 2010 with 2007. Adjusted for expenses related to the company's IPO. Adjusted for deferred income and social contribution taxes.

Overview

Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center companies in Brazil. Established as a full

service Company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios, the Companyis 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 1Q11, Multiplan owned - with an

average interest of 67.4% - and managed 13 shopping centers with a total GLA of 551,368 m, 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 ............................................................ .................................................... 1004. Gross Revenue ........................................................... ............................................................... 11

05. Shopping Center Ownership Results .......................................................... ............................... 11

06. Shopping Center Management Results ................................................................. .................... 13

07. Shopping Center Development Results ................................................................. .................... 14

08. Real Estate for Sale Results Commercial Towers .............................................. .................... 15

09. Financial Results......................................................... ............................................................... 16

10. Portfolio ............................................................ ................................................................. ......... 19

11. Ownership Structure .............................................................. .................................................... 20

12. Stock Market ............................................................... ............................................................... 21

13. Appendices ...................................................... ................................................................. ......... 22

276

170 144

-32

102

369

212 212

21

176

453

283247

74

199

534

359304

163237

663

425350

218

324

Gross Revenue Net Operating Income Adjusted EBITDA Net Income Adjusted Net Income

2006 2007 (IPO) 2008 2009 2010


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1Q11MULT3

1. Consolidated Financial Statements

(R$ '000) 1Q11 1Q10 Chg. %

Rental revenue 105,476 90,020 17.2%

Services revenue 19,068 14,709 29.6%

Key money revenue 9,162 11,179 18.0%

Parking revenue 18,553 15,995 16.0%

Real estate for sale revenue 13,592 9,016 50.8%

Straight line effect 6,974 9,031 22.8%

Other revenues 328 15 2,086.8%

Gross Revenue 173,153 149,965 15.5%

Taxes and contributions on sales and services (15,340) (13,585) 12.9%

Net Revenue 157,813 136,380 15.7%

Headquarters expenses (21,626) (20,068) 7.8%

Stock-option-based remuneration expenses (1,345) (1,164) 15.6%

Shopping centers expenses (15,433) (15,318) 0.7%

New projects for lease expenses (3,445) (6,362) 45.9%

New projects for sale expenses (1,202) (264) 355.4%

Cost of properties sold (13,992) (5,094) 174.7%

Equity pickup 604 (3,954) n.a.

Other operating income/expenses 1,468 1,136 29.2%

EBITDA 102,842 85,292 20.6%

Financial revenue 24,897 20,346 22.4%

Financial expenses (13,340) (11,208) 19.0%

Depreciation and amortization (14,317) (10,537) 35.9%

Earnings Before Taxes 100,082 83,893 19.3%Income tax and social contribution (8,605) (1,414) 508.6%

Deferred income and social contribution taxes (25,017) (32,219) 22.4%

Minority interest (2,738) (2,763) 0.9%

Net Income 63,722 47,497 34.2%

(R$ '000) 1Q11 1Q10 Chg. %

Shopping Center EBITDA 105,044 86,405 21.6%

Shopping Center EBITDA Margin 72.2% 67.4% 482 b.p

EBITDA (Shopping Center + Real Estate) 102,842 85,292 20.6%

EBITDA margin 65.2% 62.5% 263 b.p

Adjusted Net Income 88,739 79,716 11.3%

Adjusted Net Income margin 56.2% 58.5% 222 b.p

Adjusted FFO 103,056 90,253 14.2%

Adjusted FFO margin 65.3% 66.2% 87 b.p

NOI 115,570 99,728 15.9%

NOI margin 88.2% 86.7% 153 b.p

NOI + Key Money 124,732 110,907 12.5%

NOI + Key Money margin 89.0% 87.9% 112 b.p


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1Q11MULT3

2. Project Development

1Q11: Multiplan launches a two office tower complex for lease in So Paulo

In 1Q11, Multiplan announced the development of Morumbi Corporate, a two high class office tower complex for lease, across

from MorumbiShopping, in the city of So Paulo. The towers will add 74.2 thousand m 2 to Multiplans owned GLA and are

expected to be delivered in the second half of 2013. The estimated CAPEX is R$445.6 million. Multiplan expects a stabilized

18.8% NOI yield for the project, representing R$83.7 million based on market data assumption.

Multiplan invested R$104.3 million in 1Q11, of which 83.1% were directed to shopping centers and office towers for lease under

development, as disclosed in the chart below. The total estimated CAPEX for the period 2011 to 2013, is R$1.3 billion which

should boost current owned GLA of 371,503 m2 by 66.6%, to 618.805 m by 2013.

CAPEX (R$000) 1Q11 1Q10

Mall Development 79,254 23,642

Mall Expansion 5,729 24,743

Office Towers for Lease 7,422 1,632

Renovation & Other 11,864 12,406

Total 104,269 62,423

CAPEX Breakdown (1Q11 and 1Q10) Expected Owned GLA Growth (2011 2013)

2.1 Shopping Center Greenfields

ParkShoppingSoCaetano: opening countdown

Among the five shopping centers under development, ParkShoppingSoCaetano will be the first to be delivered, scheduled for

the second half of 2011.

ParkShoppingSoCaetano (SP)

Construction site in 4Q10 Construction site in 1Q11 Project Illustration

On April 29th, 2011, 86.2% of its stores were already leased while, at the end of 1Q11, 57% of the CAPEX had been accrued.

ParkShoppingSoCaetano continuous to prove itself as a successful investment and is expected to deliver a robust 3rd year NOI

yield of 22.4%, or R$48.0 million.

Multiplans new shopping centers (including Shopping Macei) should add 155.8 thousand m2 of owned GLA and are expected

to generate a first and third year NOI of R$135.8 million and R$171.5 million respectively. Key money generated by these malls

is expected to reach R$151.7 million.

371,503 m 371,503 m410,164 m

544,607 m

371,503 m

38,661 m

117,128 m155,789 m

17,315 m 74,198 m 91,513 m

371,503 m410,164 m

544,607 m

618,805 m 618,805 m

1Q11 2011E 2012E 2013E Total Announced(2013E)

Office T owers for Lease Under Development

Malls Un der Development

Malls i n Operation

+66.6%


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1Q11MULT3

Project Illustrations

Shopping centers under construction/approval Multiplans Interest (R$000)

Project Opening GLA (100%) % Mult. CAPEXCAPEX

InvestedKey

MoneyNOI 1st

yearNOI 3rd

year1 ParkShoppingSoCaetano Nov-11 38,661 m 100.0% 250,033 57% 36,022 35,443 48,0002 JundiaShopping Oct-12 35,655 m 100.0% 270,180 28% 24,873 28,641 35,1123 VillageMall Nov-12 25,580 m 100.0% 410,000 41% 39,618 39,924 45,7444 ParkShoppingCampoGrande Nov-12 41,878 m 100.0% 215,431 9% 42,785 23,471 31,4225 Shopping Macei3 Dec-12 36,405 m 50.0% 91,387 5% 8,445 8,356 11,181

Total 178,179 m 89.8% 1,237,031 33% 151,743 135,835 171,459

Considers only the first phase of the project. Includes new projects expenses. Multiplan will own 90% of the Net Operating Income after opening.3 Under approval

Leasing beats expectations

Considering the whole portfolio under construction, the percentage of leased stores reached an average of 71.3% (575 out of

806 stores) and all above 50%, on April, 2011. The leasing pace is continuously surpassing the Company s expectations, even

with the additional effort for the in-depth search to attract the best tenants for the planned tenant mix.

The leasing success can be measured not only by the speed with which tenants are signing up (see chart below right), but also

by the increase in the expected NOI. The estimated first year NOI increased 5.7% for the four malls being built, when compared

to the 4Q10.

The combination of improvement in shopping centers under development projects, which allowed a reduction in its CAPEX, and

the leasing success, translated into higher NOI and key money, resulted in an increase in its 3rd NOI yield, from 15.2% in 4Q10

to 16.0%, in 1Q11. The actual 3rd NOI yield is higher than the one initially announced.

ParkShoppingCampoGrande breaks the 50% leased stores mark in 7 months

Launched in 3Q10, ParkShoppingCampoGrande

has already 54.6% of its stores leased. This

represents an important mark for shopping center

developments and has since allowed constructionworks to begin.

ParkShoppingSoCaetano, JundiaShopping and

VillageMall have also signed important contracts

and reached 86.2%, 71.5% and 81.7% of its

stores leased, respectively.

Leasing evolution(Updated in April 2011)

1 32 4 5

86.2%

81.7%

71.5%

54.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

LeasedStores


VillageMall

JundiaShopping



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1Q11MULT3

Construction Progress of Shopping Centers

JundiaShopping (SP)

Construction site in 1Q11

ParkShoppingCampoGrande (RJ)


VillageMall (RJ)


JundiaShopping (SP)

Project illustration

ParkShoppingCampoGrande (RJ)


VillageMall (RJ)


2.2 Office Towers for Lease

As can be observed from the pictures on the next page, Morumbi Business Center, ParkShopping Corporate and Morumbi

Corporate constructions are moving forward and are on schedule. According to the invested CAPEX, the construction of these

projects is at 42.4%, 3.0% and 21.4%, respectively. NOI was calculated based on values from different sources and market

surveys.

Commercial Real Estate for Lease

Project Opening Interest GLA CAPEX StabilizedNOI

(R$000) (R$000)

Morumbi Business Center Jan-12 100% 10,635 m 73,822 12,762ParkShopping Corporate Nov-12 50% 13,360 m 38,438 7,152

Morumbi Corporate Sep-13 100% 74,198 m 445,583 83,701

Total 93.2% 98,193 m 557,843 103,615


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1Q11MULT3

Construction Progress of Office Towers for Lease

Morumbi Business Center (SP)


ParkShopping Corporate (DF)


Morumbi Corporate (SP)


Morumbi Business Center (SP)

Project Illustration

ParkShopping Corporate (DF)


Morumbi Corporate (SP)


2.3 Office Towers for Sale

Multiplan has two office towers for sale under construction:

Cristal Tower, in Porto Alegre, with 93.5% of the units sold and

expected to be delivered by the end of 2Q11, and Centro

Profissional RibeiroShopping, in Ribeiro Preto, with 95.0% of

its units sold.

Construction Progress of Office Towers for Sale

Cristal Tower (RS)


Cristal Tower (RS)


Commercial Real Estate for SaleProject Opening Interest Area PSV *(R$000)

Cristal Tower Jun -11 100% 11,915 m 70,000Centro Profissional RBS Dec -12 100% 12,563 m 75,040Total 100.0% 24,478 m 145,040

* Potential Sales Value


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1Q11MULT3

Centro Profissional RibeiroShopping (SP)


Centro Profissional RibeiroShopping (SP)


2.4 Land Bank

Location % Type Land Area

BarraShoppingSul 100% Residential, Hotel 12,099 m

Rio de Janeiro 70% Residential, Office/Retail 141,480 m

Macei 50% Residential, Office/Retail, Hotel 140,000 m

Jundia 100% Office/Retail 4,500 m

ParkShoppingBarigi 84% Apart-Hotel 843 m

ParkShoppingBarigi 94% Office/Retail 27,370 m

Ptio Savassi 96.5% Retail 2,606 m

RibeiroShopping 100% Residential, Office/Retail, Medical Center 207,092 m

So Caetano 100% Retail 24,948 m

Shopping AnliaFranco 36% Residential 29,800 m

Total 77% 590,738 m

In line with the Companys strategy to improve and increase its presence in the regions in which it already has operations,

Multiplan announced on April 13th, 2011, an agreement for the acquisition of an 11.2 thousand m 2 strategic land plot adjacent to

RibeiroShopping (SP). The land has a construction potential of 56.1 thousand m 2 for the development of commercial and

residential real estate projects in addition to expansion projects. The acquisition price was R$33.0 million, of which 86.4% will be

financed in 60 months. The Company also acquired an additional 70,000 m

2

land plot in Campo Grande, Rio de Janeiro.


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1Q11MULT3

4. Gross Revenue

Gross Revenue reaches R$173.2 million in 1Q11

Multiplans gross revenue increased 15.5% in 1Q11, compared

to 1Q10, and reached R$173.2 million. The rental revenue was

equivalent to 60.9% of the gross revenue in the quarter, and

52.4% of the gross revenue came from fixed rental contracts.

Service revenues basically management and brokerage fees

were responsible for 11.0% of gross revenues. The complete

breakdown is shown on the right.

Gross revenue breakdown 1Q11

5. Shopping Center Ownership Results

5.1 Rental Revenue

Real growth leads to double digit rental increase

Rental revenue reached R$105.5 million in 1Q11, 17.2%

higher than in 1Q10. Adding the straight line effect to the

account, rental revenue increases to R$112.5 million.

Base rental revenue grew 16.4% in 1Q11, R$12.8 million

higher than 1Q10, and was followed by strong increases in

overage rental revenue and merchandising revenue (+34.9%

and +17.2% respectively). Combined with organic growth,

the higher IGP-DI adjustment effect on contract renewal of

7.3% in 1Q11 contributed to the result.

Rental Revenue 1Q11

(R$ '000) Base Overage Merchand. Total

Portfolio Total 90,769 4,520 10,188 105,476

Straight Line Effect 6,974 - - 6,974

Total 97,743 4,520 10,188 112,450

1Q10

Portfolio Total 77,981 3,349 8,690 90,020

Straight Line Effect 9,031 - - 9,031

Total 87,012 3,349 8,690 99,051Change % 16.4% 34.9% 17.2% 17.2%

Rental Revenue (R$ '000) 1Q11 1Q10 Chg. %

BH Shopping 13,726 10,132 35.5%

RibeiroShopping 7,050 6,568 7.3%

BarraShopping 16,492 14,748 11.8%

MorumbiShopping 18,263 17,124 6.7%

ParkShopping 8,750 7,590 15.3%

DiamondMall 7,100 6,772 4.8%

New York City Center 1,542 1,421 8.5%

Shopping AnliaFranco 4,472 3,984 12.3%

ParkShoppingBarigi 8,849 5,742 54.1%

Ptio Savassi 4,821 3,547 35.9%

Shopping Santa rsula 1,081 376 187.2%

BarraShoppingSul 8,945 7,413 20.7%

Shopping Vila Olmpia 4,385 4,603 4.7%

Sub-Total 105,476 90,020 17.2%


Total 112,450 99,051 13.5%

Multiplans interest in Ptio Savassi increased to 96.5% after the 16.5%minority interest acquisition in August 2010. Multiplans interest in Shopping Santa rsula increased to 62.5% after the

25.0% minority interest acquisition in November 2010.

Rental revenue growth breakdown (Y/Y) (R$000)

Key money5.3%

Parking10.7%

Real estate7.8%

Services11.0%

Base86.1%

Overage4.3%Merchandising

9.7%

Straight line eff ect4.0%

RentalRevenue60.9%

99,051

112,45012,788 1,1701,498

- 2,057

Rent 1Q10 Base Overage Merchand. Straight lineeffect

Rent 1Q11

+16.4% +34.9% +17.2%

13.5%

-22.8%


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1Q11MULT3

Strong same store rent growth of 10.3%

The rental revenue collected from the same stores that operated in 1Q10 (Same Store Rent) increased 10.3% in 1Q11, when

compared to the same period of the year before. As for the same area rent, which tracks the increase of rental revenue in the

same existing area during compared periods, growth was also strong with 9.8% in 1Q11.

Rent analysis (1Q11/1Q10) See glossary for definition

Same Store Rent (SSR) breakdownNominal and real growth

5.2 Parking Revenue (net of transfers to partners and malls)

Parking operations generates results of R$18.6 million in 1Q11

Multiplans parking revenue increased 16.0% in 1Q11, when compared to the same period of the previous year. New parking

spaces delivered with the expansions opened in 2010, enhanced car traffic and fee adjustments contributed to the increase.

Shopping Vila Olmpia was the highlight in the period, recording a parking revenue 112.4% higher in 1Q11, given a higher flow

of visitors, which increased 88.4% in 1Q11.

5.3 Shopping Center Expenses

Shopping center expenses remain almost unchanged as occupancy continues to increase

While operational revenue increased R$16.0 million (see NOI calculation table below), shopping center expenses grew only

R$0.1 million, remaining at similar levels as in the first quarters of the last three years (in 1Q09, shopping center expenses

recorded R$16.3 million). The main reason for this result was the evolution of the occupancy rate of the portfolio, leading to a

decrease in condominium-related expenses, which represent a significant part of the expenses line.

5.4 Net Operating Income NOI

NOI + Key money increases to R$124.7 million in 1Q11, with a

margin of 89.0%

Strong operational revenue (+13.9%) combined with essentially

no variation in shopping center expenses (+0.7%) drove the net

operating income (NOI) + key money from R$110.9 million in

1Q10 to R$124.7 million in 1Q11 (+12.5%). Excluding key

money revenues from the calculation, NOI increased to R$115.6

million (15.9% higher than 1Q10).

Improved efficiency = even better margins

NOI Calculation (R$ '000) 1Q11 1Q10 Chg. %

Rental revenue 105,476 91,817 14.9%


Parking revenue (net oftransfers) 18,553 15,995 16.0%

Operational revenue 131,004 115,046 13.9%

Shopping expenses (15,433) (15,318) 0.7%

NOI 115,570 99,728 15.9%

NOI margin 88.2% 86.7% 153 b.p.

Key money 9,162 11,179 18.0%

NOI + key money 124,732 110,907 12.5%

NOI + key money margin 89.0% 87.9% 113 b.p.

As a result, NOI + KM margin rose 113 bps from 1Q10 to 1Q11, ending the quarter at 89.0%. Excluding key money revenue,

margin increased 153 bps to 88.2%, up from 86.7% registered in 1Q10.

7.3%

+9.8% +10.3%

+17.2%

IGP-DIAdjustment

Effect

Same AreaRent

Same StoreRent

RentalRevenue

5.6%6.7%

8.6%10.7%11.1%10.0%

7.3%

2.9%

0.2%-0.3%

0.6%

4.0%

7.3%

2.1%

2.2%

2.8%

2.9% 1.9% 3.6%

0.8%

3.4%

3.7% 4.8%

6.0%

7.7%2.8%7.7%

9.0%

11.6%

13.9%13.2%

14.0%

8.1%

6.5%

3.9%4.4%

6.6%

12.0%

10.3%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Real SSR IGP-DI Adjustment Effect


14/30

13

1Q11MULT3

6. Shopping Center Management Results

6.1 Services Revenue

Services Revenue increased 29.6% to R$19.1 million

Services Revenue increased in 1Q11 from a combination of (i) a 24.0%increase in management fees, following the increase in own GLA of 6.8%, when

compared with 1Q10, (ii) a 63.4% increase in brokerage fee, mainly due to

changes in the tenant mix in BH Shopping, (iii) a 63.7% increase in transfer

fees, and (iv) a 9.2% increase in merchandising brokerage revenue.

Services revenue as a percentage of gross revenues increased from 9.8% in

1Q10 to 11.0% in 1Q11.

6.2 General and Administrative Expenses (Headquarters)

100 bps improvement in G&A/Net revenues ratio to 13.7%While net revenues went up 15.7% in 1Q11, general and administrative (G&A)

expenses increased only 7.8%, resulting in a reduction of G&A/Net revenues

ratio from 14.7% in 1Q10 to 13.7% in 1Q11.

G&A expenses increased in 1Q11 mainly due to inflation adjustments and non-

recurring items, including (i) legal advisory services, (ii) improvements of its

ERP (Enterprise Resource Planning) system, and (iii) consulting services

expenses.

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

only, G&A would have increased 5.4% in 1Q11 when compared to 1Q10, below the inflation of 6.1% as measured by the

Brazilian CPI (IPCA) for the period.

Services revenue evolution (R$000)

G&A expenses (R$000) andG&A/Net revenues (%) evolution

(-) =1Q10/1Q11 G&A evolution (R$000)

and G&A/net revenues (%)1Q10/1Q11

Non-recurring items (R$000)1Q10/1Q11 Recurring G&A evolution (R$000)

and Recurring G&A/net revenues (%)

14,709

21,07718,347 18,793 19,068

1Q10 2Q10 3Q10 4Q10 1Q11

+29.6%

20,068

25,325 24,744 22,962 21,626

14.7%

17.7% 16.9%

12.9% 13.7%

1Q10 2Q10 3Q10 4Q10 1Q11

+7.8%

20,068 21,626

14.7%

13.7%

1Q10 1Q11

+7.8%

2,004 2,594

1Q10 1Q11

18,064 19,032

13.2%

12.1%

1Q10 1Q11

+5.4%


15/30

14

1Q11MULT3

7. Shopping Center Development Results

7.1 Key Money Revenue

Key Money Signed: sustained leasing pace led to R$15.8 million in key money signed in 1Q11

Deferred income benefited from the intense leasing rhythm during1Q11. This is explained by the leasing of four out of five new shopping

centers. As a result, the deferred income line increased 38.7% in 1Q11,

compared to 1Q10, and reached R$189.6 million.

The deferred income balance will only be accrued as key money

revenue in a straight line and throughout its leasing term, when the

Company delivers space to tenants.

Key Money Revenue/Type (R$ 000) 1Q11 1Q10 Chg. %Operational (Recurring) 1,848 3,390 45.5%

New Projects (Non-recurring) 7,314 7,789 6.1%Key Money Revenue 9,162 11,179 18.0%

Key money revenues is composed of (i) recurring or operational revenue, related to key money accrued from shopping centers

with more than five years in operation, and reflects the companys effort to improve store mix in its malls, and (ii) non -recurring

revenue, related to key money of leasing contracts from stores in greenfields, and expansions (opened in the last five years).

7.2 New Projects Expenses

In 1Q11, new projects for lease expenses decreased 45.9% when compared to 1Q10, down to R$3.4 million. As previouslydisclosed, these expenses are an integral part of the projects CAPEX and an important tool to implement the Company s

strategy to attract the best tenants to form the most appropriate mix for each mall. In addition, in 1Q11 Multiplan also announced

one project (Morumbi Corporate), while in 1Q10, it launched two (JundiaShopping and VillageMall). It is worthwhile noting that

these expenses are more intense in the launching phase.

In 1Q11, projects signed key money reached R$15.8 million, 4.6 times higher than new projects for lease expenses in the same

quarter.

New Projects for Lease Expenses (R$000) Projects Signed Key Money vs. New Projects ForLease Expenses (R$000)

6,362

3,445

1T10 1T11

-45.9%

15,800

3,445

Projects Signed KeyMoney 1Q11

New Projects for LeaseExpenses 1Q11

Deferred income evolution (R$)

81.2M

96.4M110.2M

110.5M

121.5M126.3M

138.8M141.2M

137.1M

132.M136.7M

150.M

158.5M

183.7M

189.6MDelivery ofprojects

Newprojectslaunched


16/30

15

1Q11MULT3

8. Real Estate for Sale Results Commercial Towers

8.1 Real Estate for Sale Revenues and Cost of Properties Sold

Real Estate Revenue

Multiplan recorded revenues of R$13.6 million from real estate for sale, in 1Q11, according to the percentage of completionmethod PoC, from the Cristal Tower and Centro Profissional RibeiroShopping projects.

Cost of Properties Sold

During the same period, the Company recorded cost of properties sold of R$14.0 million, according to the construction

development, reflecting recent construction costs adjustments.

New projects for sale expenses

New projects for sale expenses reached R$1.2 million in 1Q11 versus R$0.3 million in 1Q10. This increase resulted mainly from

the fees paid to brokers involved with the sales of offices in Centro Profissional RibeiroShopping, which was launched in the 3rd

quarter of 2010.

8.2 Equity Pickup

Equity pickup from the real estate development Royal Green Peninsula presented a positive result of R$0.6 million, due to the

sale of one unit. At the end of 1Q11, there were only three units left for sale with a PSV (potential sales value) of approximately

R$6.5 million.


17/30

16

1Q11MULT3

9. Financial Results

9.1 EBITDA

Shopping Center EBITDA grew 21.6% and reached a 72.2% margin

Multiplan recorded a 21.6% Shopping Center EBITDA growth in 1Q11, while its shopping center net revenues increased 13.5%in the same period. As a result, EBITDA margin increased 482 bps, from 67.4% in 1Q10 to 72.2% in 1Q11. This result was

mainly due to a reduction in G&A/Net Revenues ratio and in shopping center expenses as a percentage of net revenues.

Excluding new projects for lease expenses from Shopping Center EBITDA calculation, margin increases to 74.6% in 1Q11, 223

b.p. higher than in 1Q10.

Consolidated EBITDA up 20.6% in 1Q11 to R$102.8 million

The Companys Consolidated EBITDA margin reflects the lower margins of the real estate for sale activity, when compared toprojects for lease. Considering revenues, costs, taxes on sales, and new projects for sale expenses for these real estate

projects in the EBITDA calculation, EBITDA margin would be 65.2% in 1Q11, 263 b.p. higher than in 1Q10.

Consolidated EBITDA (R$'000) 1Q11 1Q10 Ch. %

Net Revenue 157,813 136,380 15.7%






Cost of properties sold (13,992) (5,094) 174.7%Equity pickup 604 (3,954) n.a.


Consolidated EBITDA 102,842 85,292 20.6%

Consolidated EBITDA Margin 65.2% 62.5% 263 b.p

Shopping Center EBITDA (R$'000) 1Q11 1Q10 Chg. %

SC Net Revenues 145,426 128,181 13.5%

SC EBITDA 105,045 86,405 21.6%SC EBITDA Margin 72.2% 67.4% 482 b.p.

New Project for Lease Expenses 3,445 6,362 -45.9%

SC Adjusted EBITDA 108,490 92,767 16.9%

SC Adjusted EBITDA Margin 74.6% 72.4% 223 b.p.

1Q11 Shopping Center EBITDA (R$000) and Shopping CenterAdjusted EBITDA (R$000) and Margins (%)

105,045

108,490

72.2%

74.6%

Shopping CenterEBITDA

Shopping CenterAdjusted EBITDA

+ 237 p.b


18/30

17

1Q11MULT3

9.2 Financial Results, Debt and Cash

Indebtedness Breakdown (R$000) 31/3/2011 31/12/2010 Chg. %

Short Term Debt 185,059 204,496 9.5%

Loans and financing 45,752 61,798 26.0%

Obligations from acquisition of goods 35,474 41,989 15.5%

Debentures 103,833 100,709 3.1%

Long Term Debt 348,137 345,339 0.8%

Loans and financing 253,545 246,378 2.9%

Obligations from acquisition of goods 94,592 98,961 4.4%

Gross Debt 533,196 549,835 3.0%

Cash 784,726 794,839 1.3%

Net Debt (Cash Position) (251,530) (245,004) 2.7%

Multiplan ended 1Q11 with a net cash position (or negative net debt) of R$251.5 million, 2.7% higher than the R$245.0 million in

the previous quarter. In 1Q11, proceeds from the invested cash position generated a positive financial result of R$11.5 million.

The 2-year debenture issued in June 2009 will mature on June 10 th, 2011, with the payment of interest and principal. On March

31st, 2011, the total debt outstanding was R$103.8 million, of which the principal represents R$100.0 million.

Multiplans debt amortization schedule on March 31st, 2011 (R$ million)

Financially prepared for growth: R$892 million signed in 10 and 12-year project finance.

Multiplans current net cash position, future cash generation, and loans and financing

already contracted should contribute significantly to its planned funding requirements.

As the Company cashes the funds to face its planned investments, its gross debt should

increase. A substantial portion of these sources of funds are already signed. The

Company, nonetheless, continues to analyze competitive funding alternatives.

Financial ratios remain essentially unchanged when compared with December 31 st,

2010. The net debt-to-EBITDA ratio remains negative (-0.7x), and gross debt-to-

EBITDA is at 1.6x in 1Q11.

33.6

49.0 50.9 45.838.9

27.217.6

39.535.525.8

37.6

19.511.7

-

103.8

-

2011 2012 2013 2014 2015 2016 2017 >=2018

Loans and f inancing (banks)

Obligations f rom acquisition of goods (land and minority interest)

Debentures

Multiplan Funding Breakdown onMarch 31st, 2011

Drawn533.2M

To bedrawn

359.1M


19/30

18

1Q11MULT3

Reducing funding costs

The TR indexed debt continued to increase its stake in the Companys total

indebtedness, up from 45% in 4Q10 to 48% in 1Q11. Based on a current TR index of

0.85% p.a., the TR linked debt presented an annual cost of 10.61% in 1Q11.

Multiplan debt indices onMarch 31st, 2011

Indebtedness interest indices on March 31st, 2011

Index Performance(last 12 months)

AverageInterest Rate

Cost ofDebt

Debt(R$ 000)

TJLP 6.00% 3.55% 9.76% 30,975IPCA 5.70% 7.17% 13.27% 63,577

TR 0.85% 9.68% 10.61% 257,604CDI + 11.75% 1.28% 13.18% 9,371CDI % 11.75% 1.79% 13.75% 103,833IGP-M 10.11% 2.97% 13.37% 66,981Fixed 0.00% 4.50% 4.50% 584Others 0.00% - 0.00% 269Total 5.20% 6.67% 11.87% 533,196

Annual interest rate weighted average.

Interest figures represent the spread between CDI index and cost of debt equivalent to 117.0% of the CDI index.

9.3 Adjusted Net Income and AFFO

1Q11 AFFO breaks R$100 million mark with growth of

14.2%

Adjusted net income increased 11.3% in 1Q11 to R$88.7

million, as a result of the strong operational performance of

Multiplans portfolio, and also benefiting from a positive

financial result and a lower increase on the expenses side.

AFFO & Net IncomeCalculation (R$000) 1Q11 1Q10 Chg. %

Net Income 63,722 47,497 34.2%Deferred income and socialcontribution taxes 25,017 32,219

22.4%


Depreciation and amortization 14,317 10,537 35.9%

Adjusted FFO 103,056 90,253 14.2%

The Companys Adjusted Funds From Operations (AFFO) reached R$103.1 million in 1Q11, increasing 14.2% when comparedto the same period of the previous year.

It is important to notice that the deferred income and social contribution taxes is added to the adjusted net income and AFFO

because it does not represent a cash event.

TJLP

6%IPCA12%

TR48%

CDI21% IGP-M

13%


20/30

19

1Q11MULT3

10. Portfolio

Portfolio State Multiplan % Total GLARent 1Q11

(month)Sales 1Q11

(month)1Q11 Avg.

Occupancy Rate

Operating SCs

BHShopping MG 80.0% 47,547 m 120 R$/m 1,356 R$/m 99.8%

RibeiroShopping SP 76.2% 46,784 m 66 R$/m 796 R$/m 98.8%

BarraShopping RJ 51.1% 69,313 m 155 R$/m 1,528 R$/m 99.7%

MorumbiShopping SP 65.8% 55,085 m 168 R$/m 1,573 R$/m 99.4%

ParkShopping DF 59.6% 51,526 m 95 R$/m 1,136 R$/m 99.6%

DiamondMall MG 90.0% 21,388 m 123 R$/m 1,499 R$/m 99.3%

New York City Center RJ 50.0% 22,271 m 46 R$/m 716 R$/m 99.8%

Shopping AnliaFranco SP 30.0% 50,377 m 99 R$/m 1,065 R$/m 99.8%

ParkShoppingBarigi PR 84.0% 49,934 m 70 R$/m 958 R$/m 99.9%

Ptio Savassi MG 96.5% 17,254 m 97 R$/m 1,329 R$/m 99.4%

Shopping Santarsula SP 62.5% 23,208 m 25 R$/m 417 R$/m 91.1%

BarraShoppingSul RS 100.0% 68,407 m 55 R$/m 586 R$/m 98.6%

Shopping VilaOlmpia SP 30.0% 28,274 m 72 R$/m 723 R$/m 85.9%Sub-Total Operating SCs 67.4% 551,368 m 82 R$/m 1,109 R$/m 98.4%

SCs under Development

ParkShoppingSoCaetano SP 100.0% 38,661 m - - -Shopping Macei AL 50.0% 36,405 m - - -JundiaShopping SP 100.0% 35,655 m - - -Village Mall RJ 100.0% 25,580 m - - -ParkShopping Campo Grande RJ 90.0% 41,878 m - - -

Sub-Total SCs under Development 87.4% 178,179 m

Office Towers for Lease under DevelopmentMorumbi Business Center SP 100.0% 10,635 m - - -ParkShopping Corporate DF 50.0% 13,360 m - - -Morumbi Corporate SP 100.0% 74,198 m - - -

Sub-Total Office T. for Lease under Develop. 93.2% 98,193 m

Portfolio Total 74.8% 827,740 m 82 R$/m 1,109 R$/m 98.4%

Multiplan is responsible for 100% of the CAPEX

So Paulo (SP)

Rio de Janeiro (RJ)

Porto Alegre (RS)

Curitiba (PR)

Jundia (SP)

Ribeiro Preto (SP)

Belo Horizonte (MG)

Braslia (DF)

So Caetano (SP)

Macei (AL)

Morumbi Business Center

Morumbi Corporate

ParkShopping Corporate

BarraShopping

NewYork City Center

Village Mall

ParkShopping Campo Grande

Shopping Anlia Franco

MorumbiShopping

Shopping Vila Olmpia

ShoppingMacei

Ptio Savassi

DiamondMall

BH Shopping

ParkShopping

Shopping Santa rsula

RibeiroShopping

BarraShoppingSul

ParkShopping Barigi

JundiaShopping

ParkShopping So Caetano

Office Towers for leaseunderde velopment

Shopping Center underdevelopment

Shopping Center in oper ation


21/30

20

1Q11MULT3

11. Ownership Structure

Multiplans ownership structure remained practically unchanged compared to the last quarter (4Q10). From a total of

179,197,214 shares issued, 167,338,867 are common voting shares and 11,858,347 are preferred shares.

The interest that Multiplan has in the following Special Purpose Companies (SPC), MPH, Manati and Haleiwa is as follows:

MPH: company owning a 71.5% interest in Shopping Vila Olmpia. Multiplan has a 42.0% interest in MPH which brings it to a

nominal 30.0% interest of the total capital of Shopping Vila Olmpia. Manati has a 75% interest in Shopping Santa rsula, in

Ribeiro Preto, SP, in which Multiplan has a 50/50 partnership. Finally, Haleiwa is the SPC for Shopping Macei, in which

Multiplans interest is of 50%.

Ontario TeachersPension Plan

24.07% ON100.00% PN

29.10% Total

100.00%

Multiplan Planejamento,Participaes e

Administrao S.A.

22.25%

77.75%

33.39% ON31.18%Total

98.00%

41.96%

Jose Isaac Peres

Maria HelenaKaminitz Peres

1.00%

99.00%MultiplanAdministradora de

Shopping Centers Ltda.

EmbraplanEmpresa Brasileira

de Planejamento Ltda.

Renasce -Rede Nacional de

Shopping Centers Ltda.

FreeFloat

41.45% ON38.71% Total

CAA -Corretagem e Consultoria

Publicitria Ltda.

CAA -Corretagem Imobiliria Ltda.

SCP Royal GreenPennsula

MPH

Empreend. Imobilirio Ltda.

0.06% ON0.06% Total

0.29% ON0.27% Total

2.00%

100.00% 99.61%

99.00%

99.99%

50.00%

Manati Empreendimentos eParticipaes S.A.

50.00%

Haleiwa EmpreendimentosImobilirios S.A.

Treasury

0.72% ON0.67% Total

1700480Ontario 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 59.63%ParkShoppingBarigi 84.00%Ptio Savassi 96.50%RibeiroShopping 76.17%ShoppingAnliaFranco 30.00%Shopping Vila Olmpia 30.00%Shopping Santa rsula 62.50%Shopping Macei 50.00%Pa rkShopping S oCae tano 100.0%Jundia Shopping 100.0%

VillageMall 100.0%ParkShopping Campo Grande 90.00%

Under development

Ptio Savassi Administraode Shopping Center Ltda.

100.00%


22/30

21

1Q11MULT3

12. Stock Market

Multiplans stock (MULT3 at BM&FBOVESPA: MULT3 BZ at Bloomberg) ended the first quarter of 2011 at R$33.75/share, an

appreciation of 15% when compared to the end of 1Q10. During the same period, the main index of the So Paulo stock

exchange, Ibovespa, recorded a -3% variation.

Spread analysis: MULT3 and Ibovespa Index

Base 100 = March 31st, 2010

As of the end of the first quarter of 2011, 31.5% of the

companys shares were owned directly and indirectly by the

Peres family. Ontario Teachers Pension Plan (OTPP)

owned 29.1% and the free-float was equivalent to 38.7%.

Total shares issued are 179,197,214.

Stock Buyback Program

Multiplans third buyback program was approved by the

Board of Directors in February 2011. The program, with a

one-year term, calls for the buying back of up to 3,600,000

common voting shares and may also be used to meet the

future exercise of options from the companys stock optionplans.

The total amount of shares subject to the buyback program

represents, on this date, 5.2% of the total of 69,363,434

common shares of the free float, as defined in Article 5 of

the CVM Instruction n. 10/80.

MULT3 at BM&FBOVESPA 1Q11 1Q10 Chg. %

Average Price R$ 32.86 R$ 30.46 7.9%

Closing Price R$ 33.75 R$ 29.46 14.6%

Average Daily Traded Volume R$ 9.4 M R$ 10.7 M -11.5%

Average Market Cap R$ 5.9 B R$ 5.4 B 8.2%

Shareholders capital stock breakdown on March 31st, 2010

(*) OTPP Ontario Teachers Pension Plan

0

5

10

15

20

25

80

95

110

125

140

Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11

Traded Value (15 day average) Multiplan Ibovespa R$ MillionBps.

MTP+Peres31.5%

Free Float38.7%

Adm+Treasury0.7%

Common Stocks22.5%

Preferred Stocks6.6%

OTPP*

29.1%


23/30

22

1Q11MULT3

13. Appendices

Operational and Financial Highlights

Performance (R$ '000)

Financial (MTE %) 1Q11 1Q10 Chg. %

Gross Revenue 173,153 149,965 15.5%

Net Revenue 157,813 136,380 15.7%

Net Revenue R$/m 442 R$/m 419 R$/m 5.3%

Net Revenue USD/sq. foot 25.2 US$/sqf 21.9 US$/sqf 14.8%

Rental Revenue 112,450 99,051 13.5%

Rental Revenue R$/m 315 R$/m 305 R$/m 3.4%

Rental Revenue USD/sq. foot 17.9 US$/sqf 15.9 US$/sqf 12.6%

Monthly Rental Revenue R$/m 105 R$/m 102 R$/m 3.4%

Monthly Rental Revenue USD/sq. foot 6.0 US$/sqf 5.3 US$/sqf 12.6%

Net Operating Income (NOI) 115,570 99,728 15.9%

Net Operating Income R$/m 324 R$/m 307 R$/m 5.5%

Net Operating Income USD/sq. foot 18.4 US$/sqf 16.0 US$/sqf 15.0%

Net Operating Income Margin 88.2% 86.7% 153 b.p

Net Operating Income (NOI) per Share R$ 0.64 R$ 0.56 15.9%

Headquarter Expenses 21,626 20,068 7.8%

Headquarter Expenses / Net Revenues 13.7% 14.7% 101 b.p

EBITDA 102,842 85,292 20.6%

EBITDA R$/m 288 R$/m 262 R$/m 9.8%

EBITDA USD/sq. foot 16.4 US$/sqf 13.7 US$/sqf 19.6%

EBITDA Margin 65.2% 62.5% 263 b.pEBITDA per Share R$ 0.57 R$ 0.48 20.6%

Adjusted Net Income 88.739 79.716 11,3%

Adjusted Net Income R$/m 248 R$/m 245 R$/m 1,3%

Adjusted Net Income USD/sq. foot 14,1 US$/sqf 12,8 US$/sqf 10,4%

Adjusted Net Income Margin 56,2% 58,5% 222 b.p

Adjusted Net Income per Share R$ 0,50 R$ 0,44 11,3%

Adjusted FFO 103,056 90,253 14.2%

Adjusted FFO R$/m 289 R$/m 278 R$/m 4.0%

Adjusted FFO US$ 63,147 50,750 24.4%

Adjusted FFO USD/sq. foot 16.4 US$/sqf 14.5 US$/sqf 13.3%

Adjusted FFO Margin 65.3% 66.2% 88 b.p

Adjusted FFO per Share R$ 0.58 R$ 0.50 14.2%

Dollar (USD) end of Quarter $1.63 $1.78 8.2%


24/30

23

1Q11MULT3

Operational and Financial Highlights


Market Performance 1Q11 1Q10 Chg. %

Number of Shares 179,197.214 179,197.214 n.a.

Common Shares 167,338.867 167,338.867 n.a.Preferred Shares 11,858.347 11,858.347 n.a.

Avg. Share Price R$ 32.86 R$ 30.46 7.9%

Final Share Price R$ 33.75 R$ 29.46 14.6%

Average Daily Traded Volume (R$ '000) 9,433,086 10,660,850 11.5%

Market Cap (final share price) (R$ '000) 6,047,906 5,279,150 14.6%

Dollar (USD) end of Quarter $1.63 $1.78 8.2%

Gross Debt (R$ '000) 533,196 461,684 15.5%

Cash (R$ '000) 784,726 827,967 5.2%

Net Debt (R$ '000) (251,530) (366,283) 31.3%

EPS R$ 0.35 R$ 0.27 33.8%

NOI per Share R$ 0.61 R$ 0.51 19.7%

P/AFFO (Last 12 months) 16.43 x 19.37 x 15.2%

EV/EBITDA (Last 12 months) 16.55 x 16.16 x 2.4%

Net Debt/EBITDA (Last 12 months) (0.72) x (1.21) x 40.4%


Operational (100%) 1Q11 1Q10 Chg. %

Final Total GLA 551,368 m 533,741 m 3.3%

Final Owned GLA 371,503 m 347,985 m 6.8%

Owned GLA % 67.4% 65.2% 218 b.p

Adjusted Total GLA (avg.) 537,369 m 508,301 m 5.7%

Adjusted Owned GLA (avg.) 357,177 m 325,169 m 9.8%

Total Sales 1,786,364 1,585,594 12.7%

Total Sales R$/m 3,324 R$/m 3,119 R$/m 6.6%

Total Sales USD/sq. foot 189.2 US$/sqf 163.0 US$/sqf 16.1%

Same Store Sales R$/m 6.6% 14.9% 829 b.p

Same Area Sales R$/m 7.0% 16.6% 962 b.p

Same Store Rent R$/m 10.3% 3.9% 636 b.p

Same Area Rent R$/m 9.8% 3.7% 614 b.p

Occupancy Costs 13.7% 14.0% 30 b.p

Rent as Sales % 8.0% 7.9% 13 b.pOthers as Sales % 5.7% 6.1% 43 b.p

Turnover 0.8% 1.0% 16 b.p

Occupancy Rate 98.4% 97.9% 45 b.p

Delinquency (25 days delay) 1.7% 3.2% 146 b.p

Rent Loss 0.4% 0.6% 17 b.p

Adjusted GLA corresponds to the periods average GLA excluding 14,400 m of BIG supermarket at BarraShoppingSul


25/30

24

1Q11MULT3

Consolidated Financial Statements (R$000)

(R$ '000) 1Q11 1Q10 Chg. %

Rental revenue 105,476 90,020 17.2%

Services revenue 19,068 14,709 29.6%Key money revenue 9,162 11,179 18.0%

Parking revenue 18,553 15,995 16.0%

Real estate for sale revenue 13,592 9,016 50.8%


Other revenues 328 15 2,086.8%

Gross Revenue 173,153 149,965 15.5%

Taxes and contributions on sales and services (15,340) (13,585) 12.9%

Net Revenue 157,813 136,380 15.7%






Cost of properties sold (13,992) (5,094) 174.7%

Equity pickup 604 (3,954) na


EBITDA 102,842 85,292 20.6%

Financial revenue 24,897 20,346 22.4%

Financial expenses (13,340) (11,208) 19.0%

Depreciation and amortization (14,317) (10,537) 35.9%

Earnings Before Taxes 100,082 83,893 19.3%Income tax and social contribution (8,605) (1,414) 508.6%

Deferred income and social contribution taxes (25,017) (32,219) 22.4%

Minority interest (2,738) (2,763) 0.9%

Net Income 63,722 47,497 34.2%

(R$ '000) 1Q11 1Q10 Chg. %

Shopping Center EBITDA 105,044 86,405 21.6%

Shopping Center EBITDA Margin 72.2% 67.4% 482 b.p

EBITDA (Shopping Center + Real Estate) 102,842 85,292 20.6%

EBITDA margin 65.2% 62.5% 263 b.p


Adjusted Net Income margin 56.2% 58.5% 222 b.p

Adjusted FFO 103,056 90,253 14.2%

Adjusted FFO margin 65.3% 66.2% 87 b.p

NOI 115,570 99,728 15.9%

NOI margin 88.2% 86.7% 153 b.p

NOI + Key Money 124,732 110,907 12.5%

NOI + Key Money margin 89.0% 87.9% 112 b.p


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Balance Sheet (R$000)

ASSETS 3/31/2011 12/31/2010 % Change

Current AssetsCash and cash equivalents 784,726 794,839 1.3%Accounts receivable 150,708 180,122 16.3%

Sundry loans and advances 19,887 17,177 15.8%Recoverable taxes and contributions 24,499 21,892 11.9%Other 17,706 14,153 25.1%Total Current Assets 997,526 1,028,183 3.0%

Non Current AssetsAccounts receivable 35,913 36,154 0.7%Land and properties held for sale 35,685 33,183 7.5%Sundry loans and advances 9,910 8,658 14.5%Deferred income and social contribution taxes 0 8,737 n.aDeposits in court 23.464 23.200 1,1%Other 86 86 0,0%

Investments 12,624 12,018 5.0%

Investment properties 2,587,533 2,496,675 3.6%Property and equipment 18,277 18,504 0.0%Intangible 319,837 320,588 0.2%Total Non Current Assets 3,043,329 2,957,803 2.9%

Total Assets 4,040,855 3,985,986 1.4%

LIABILITIES 3/31/2011 12/31/2010 % Change

Current LiabilitiesLoans and financing 45,752 61,798 26.0%Accounts payable 72,464 79,384 8.7%Property acquisition obligations 35,474 41,989 15.5%Taxes and contributions payable 31,040 25,900 19.8%

Dividends to pay 51,469 51,469 0.0%Deferred incomes 37,118 42,163 12.0%Payables to related parties 325 94,274 99.7%Debentures 103,833 100,709 3.1%Clients anticipation 1,598 10,879 85.3%Other 1,530 2,277 32.8%Total Current Liabilities 380,603 510,842 25.5%

Non Current LiabilitiesLoans and financing 253,545 246,378 2.9%Deferred income and social contribution taxes 16,281 - n.a.Property acquisition obligations 94,592 98,961 4.4%Taxes paid in installments 1,060 1,122 5.5%Provision for contingencies 21,678 21,662 0.1%

Deferred incomes 152,483 141,570 7.7%Total Non Current Liabilities 539,639 509,693 5.9%

Shareholders' EquityCapital 1,761,662 1,761,662 0.0%Capital reserves 970,414 969,186 0.1%Profit reserve 330,619 268,060 23.3%Share issue costs (21,016) (21,016) 0.0%Shares in treasure department (40,079) (34,769) 15.3%Minority interest 119,013 22,328 433.0%Total Shareholder's Equity 3,120,613 2,965,451 5.2%

Total Liabilities and Shareholders' Equity 4,040,855 3,985,986 1.4%


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Cash Flow Statement

Cash Flow Statement (R$'000) 1Q11 1Q10

Cash Flow from OperationsIncome before tax 100,082 83,893Depreciation and amortization 14,317 11,684

Interest and monetary variations on debentures, loans,and property acquisition 9,769 8,736

Other net income adjustments (10,154) (10,140)(Increase) decrease on current assets 20,728 5,712Increase (decrease) on current liabilities (21,198) (11,569)Cash Flow from Operations 113,544 88,316

Cash Flow from InvestmentsIncrease in loans and sundry advances (3,463) 10,898(Increase) decrease of investment property (103,828) (62,810)Increase of property, plant and equipment (230) 323Additions to intangibles (139) (1,083)Others 70 (2,943)

Cash Flows Used in Investing Activities (107,590) (55,615)

Cash Flows from Financing ActivitiesIncrease (decrease) in loans and financing (2,978) 97,802Interest payment of loans and financing (7,660) 3,218Increase (decrease) in payables to related parties (93,949) 2,076Capital increase - 16,565Others 88,520 138Cash Flows Generated by (Used in) FinancingActivities

(16,067) 119,799

Cash Flow (10,113) 152,500Cash and cash equivalents at the beginning of the period 794,839 827,967Cash and cash equivalents at end of the period 784,726 980,467Changes in Cash Position (10,113) 152,500


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Glossary and Acronyms

Adjusted Funds from Operations (FFO): Addition of adjusted net income, depreciation and amortization.

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 structuralfeatures that can attract consumers, thus ensuring permanent attraction and uniform

traffic in all areas of the mall. Stores must have more than 1,000 m to be considered

anchors.

Brownfield: Expansion project.

CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth

rate, on an annualized basis.

CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed

in asset development, expansion or improvement. The capitalized value shows the

variation of property and equipment added of depreciation.

CDI: (Certificado de Depsito Interbancrio or Interbank Deposit Certificate).

Certificates issued by banks to generate liquidity. Its average overnight annualized rateis used as a reference of interest rates in Brazilian Economy.

Debenture: debt instrument issued by companies to borrow money. Multiplans

debentures are non-convertible, which means that they cannot be converted into equity

shares. Moreover, a debenture holder has no voting rights.

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

Double Rent: Extra rent charged from the majority of tenants usually 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, andthis 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.

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

to the associates shareholders.

Expected Owned GLA:Multiplans proportionate interest in each shopping mall, including projects under development and expansions.

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: (ndice Geral de Preos - Disponibilidade Interna) General Domestic Price Index. Inflation index published by the Getlio Vargas

Foundation, referring to the data collection period between the first and the last day of the month in reference, with disclosure date near the 20th

of the following month. It has the same composition as the IGP-M (ndice Geral de Preos do Mercado), though with a different data collection

period.

IPCA (ndice de Preos ao Consumidor Amplo): Published by the IBGE (Brazilian institute of statistics), it is the national consumer price

index, subject to the control of Brazils Central Bank.

Key Money (KM): Key money is the money paid by a tenant in order to open a store in a shopping center. The key money contract when signed

is accrued in the deferred revenue account and in accounts receivable, but its revenue is accrued in the key money revenue account in linear

installments, only on the occasion of an opening, throughout the term of the leasing contract. Nonrecurring key money from new stores, of new

developments or expansions (opened in the last 5 years), Operational key money from stores that are moving to a mall 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.

Acronyms:BHS BH Shopping

BRS BarraShopping

BSS BarraShoppingSul

CPRBS

DMM

Centro Profissional RibeiroShopping

DiamondMall

MAC

MBC

Shopping Macei

Morumbi Business Center

MBS

MCT

MorumbiShopping

Morumbi Corporate

MTE Multiplan

NYC New York City CenterJDS JundiaShopping

PCG

PKB


ParkShoppingBarigi

PKS

PKC

ParkShopping

ParkShopping Corporate

PSC

PSS


Ptio Savassi

RBS RibeiroShopping

SAF ShoppingAnliaFranco

SSU Shopping Santa rsula

SVO Shopping Vila Olmpia

VLG VillageMall


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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 Multiplans 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 Companys partners and condominiums.

Potential Sales Value (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the 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 areas rent of the current year, less vacancy.

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

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 f inancing 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


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Disclaimer

This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of theCompanys management and on the information available. These prospects include statements concerning our managements c urrent

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 Companys control or expectation. T he 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 governmentpolicies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and

Documents

Earnings1Q11ENGLISH