ER2Q11Multiplan

8/6/2019 ER2Q11Multiplan

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Investor Relations

Armando dAlmeida Neto

CFO and IRO

Rodrigo Krause dos Santos Rocha

Superintendent of IR

Leonardo Oliveira

Senior IR Analyst

Franco Carrion

IR Analyst

Diana Litewski

IR Analyst

Hans MelchersPlanning Manager

[email protected]

Tel: +55 (21) 3031-5224

Fax: +55 (21) 3031-5322

Earnings Release

Pioneirismo, Qualidade e Inovao.

onference Call (in English)

ate: August 11, 2011 (Thursday)

me: 11:30 a.m. (EST New York)

2:30 p.m. (Braslia time)

articipants calling from:

the US: 1(888) 700-0802

other countries: 1 (786) 924-6977

Brazil: 55 (11) 4688-6361

ccess Code: Multiplan

eplay: On the website:

www.multiplan.com.br/ri
mailto:[email protected]:[email protected]:[email protected]


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Multiplans Shopping Center EBITDA increases 39.1% andNOI + Key Money reaches R$127 million in 2Q11

Rio de Janeiro, August 10th

, 2011 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3), announces its

second quarter 2011 results. The following financial and operational data were prepared and are being presented in accordancewith accounting policies adopted in Brazil, which comprise the standards and pronouncements issued by the Brazilian Securities

and Exchange Commission (CVM) and the Brazilian FASB (CPC), which are in conformity with the international 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).

2Q11 Highlights (R$'000)

Quality Projects

79% of stores leasedin the four malls under construction

ParkShoppingSoCaetano close to delivery;Multiplans CAPEX in the quarter: R$166 million

Improved Performance and Efficiency

Highest Same Store Rent increase in 3 years: 14%leading to a 19% base rental revenue growth

G&A expenses dropped 21%and new projects expenses fell 59%

Leading to Solid Returns

Shopping Center EBITDA grew 39%and margin improved to 72%

Net Income increased 17%and FFO improved 21%

93.3%

85.3%

78.1%

65.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

LeasedStores

ParkShoppingSoCaetano

VillageMall

JundiaShopping

ParkShoppingCampoGrande

9.0%

11.6%

13.9%13.2%

14.0%

8.1%

6.5%

3.9%4.4%

6.6%

12.0%

10.3%

14.1%

2Q0

8

3Q0

8

4Q0

8

1Q0

9

2Q0

9

3Q0

9

4Q0

9

1Q1

0

2Q1

0

3Q1

0

4Q1

0

1Q1

1

2Q1

1

27,53924,657 25,324

20,07126.5%

23.0%

17.7%

12.6%

2Q08 2Q09 2Q10 2Q11

G&A % of net revenue

-20.7%CAGR: -10.0%

56,980

66,620

78,579

109,333

54.7%

62.7%59.5%

72.4%

2Q08 2Q09 2Q10 2Q11

Shopping center EBITDA Margin

+39.1%CAGR: +24.3%

12,739

46,32752,185

61,072

20,987

55,24062,645

76,013

2Q08 2Q09 2Q10 2Q11

Net Income FFO

CAGR FFO: +53.6%

CAGR Net Income: +68.6%


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2

HIGHLIGHTS OF NEW DEVELOPMENTS

Stores at ParkShoppingSoCaetano were delivered to tenants in the end of June, 2011. The mall is 93% leased and is

expected to open in November 2011, in line with its initial announcement.

Thefour Greenfield projectsaverage 79% stores leased. The expected 3rd year NOI yield for all shopping center projects is

16.0%, and the office towers for lease under development have an expected stabilized NOI yield of 18.3%. Projects under

construction contributed with the investment (CAPEX) of R$166 million in 2Q11.

Multiplan disclosed a master plan for the development of the RibeiroShopping Complex. The plan includes three shopping

center expansions, luxury residential buildings, one new condo office tower and one mixed use project.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Sales in Multiplan shopping centers reached R$2.0 billion in 2Q11, 14.7% higher than in 2Q10. Same Area Sales grew10.3% in the period, even higherthan the strong growth recorded in 1Q11, of 7.0%.

Same Store Rent recorded the highest increase in last three years of +14.1% in 2Q11, with real growth of 4.9% on top of the

inflation adjustment effect. Base rental revenue increased 19.0% in the same period.

Shopping center expenses increased 6.0% in 2Q11x2Q10, and are proportionally lower leading to an efficiency improvement

given the stronger growth of owned GLA (+6.9%) and net revenue (+10.9%) as well as the inflation growth in the period (+6.6%).

Net Operating Income (NOI) + Key Money of R$127.1 million increased 19.6% in 2Q11. NOI + Key Money marginincreased

to 88.1% in 2Q11, up from 86.7% in 2Q10.

Headquarters expenses (G&A) dropped 20.7% in 2Q11, compared to 2Q10, and reduced 27.1% since 2Q08. As a

percentage of net revenue, it fell down to 12.6% in 2Q11 from 17.7% in 2Q10. New project expensesfell 58.9% in the same

period.

Shopping Center EBITDA margin increased to 72.4% up from 59.5%, recording a significant 39.1% growth, to R$109.3

million.

Net income posted a 17.0% increase in 2Q11 over 2Q10, totaling R$61.1 million. Net margin reached 41.5% versus 36.5% in

2Q10.

Net cash position dropped to R$41.1 million. As of June 30th, 2011, there was R$405.8 million in already signed financing

contracts not drawn yet.

RECENT EVENTS

Cristal Tower delivered: the office tower connected to BarraShoppingSul was successfully delivered on July 26th. The project

recorded gross margin of 30.7% and gross profit of R$25.3 million.

New funding signed: The Company signed an R$124.1 million 7-year financing contract with the Brazilian Development

Bank (BNDES).

The best mall of So Paulo and the best project in Latin America: MorumbiShopping was once again elected the best

mall of So Paulo, the most competitive market in Brazil, according to Estado de S. Paulonewspaper, and VillageMall, in Rio de

Janeiro, received the VIII Corporate Architecture Grand Prize for the best commercial project in Latin America.

Sales in July 2011: Growth of 14.5% compared to July 2010.

Highlights (YoY)

Shopping Center Sales Rental Revenue NOI EBITDA Net Income

2Q11 +14.7% +15.0% +17.1% +32.4% +17.0%

1H11 +13.7% +16.1% +16.5% +26.3% +25.2%


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3

2Q11MULT3

Multiplan's Financial Evolution

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

(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 in the country.

The Company is also strategically active in the residential and commercial real estate development sectors, generatingsynergies for shopping center-related operations by creating mixed-use projects in adjacent areas. In the end of 2Q11, Multiplan

owned - with an average interest of 67.4% - and managed 13 shopping centers with a total GLA of 551,592 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................................................................................................................... 1204. Gross Revenue.............................................................................................................................. 13

05. Shopping Center Ownership Results ......................................................................................... 14

06. Shopping Center Management Results ..................................................................................... 17

07. Shopping Center Development Results ..................................................................................... 18

08. Real Estate for Sale Results ........................................................................................................ 19

09. Financial Results ........................................................................................................................... 20

10. Portfolio........................................................................................................................................... 24

11. Ownership Structure ..................................................................................................................... 25

12. MULT3 Indicators & Stock Market .............................................................................................. 26

13. Appendices..................................................................................................................................... 27

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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4

2Q11MULT3

1. Consolidated Financial Statements

(R$ '000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Rental revenue 108,425 94,254 15.0% 213,901 184,274 16.1%

Services revenue 21,344 21,077 1.3% 40,412 35,786 12.9%Key money revenue 10,045 6,350 58.2% 19,207 17,529 9.6%

Parking revenue 19,046 15,505 22.8% 37,599 31,500 19.4%

Real estate for sale revenue 8,468 12,240 30.8% 22,060 21,256 3.8%

Straight line effect 6,783 6,412 5.8% 13,757 15,443 10.9%

Other revenues 394 1,534 74.3% 722 1,549 53.4%

Gross Revenue 174,505 157,372 10.9% 347,658 307,337 13.1%

Taxes and contributions on sales and services (15,823) (14,277) 10.8% (31,163) (27,862) 11.8%

Net Revenue 158,682 143,095 10.9% 316,495 279,475 13.2%

Headquarters expenses (20,071) (25,324) 20.7% (41,697) (45,392) 8.1%

Stock-option-based remuneration expenses (2,164) (1,380) 56.8% (3,509) (2,544) 37.9%

Shopping centers expenses (17,243) (16,263) 6.0% (32,676) (31,581) 3.5%

New projects for lease expenses (3,296) (10,685) 69.2% (6,741) (17,047) 60.5%

New projects for sale expenses (1,273) (507) 151.1% (2,475) (771) 221.0%

Cost of properties sold (9,390) (7,283) 28.9% (23,382) (12,377) 88.9%

Equity pickup 778 (997) na 1,382 (4,951) na

Other operating income/expenses 1,125 266 322.9% 2,593 1,402 85.0%

EBITDA 107,148 80,922 32.4% 209,990 166,214 26.3%

Financial revenue 21,808 21,996 0.9% 46,705 42,341 10.3%

Financial expenses (14,194) (11,564) 22.7% (27,534) (22,771) 20.9%

Depreciation and amortization (14,941) (10,460) 42.8% (29,258) (20,995) 39.4%

Earnings Before Taxes 99,821 80,894 23.4% 199,903 164,789 21.3%

Income tax and social contribution (31,949) (1,500) 2,029.9% (40,554) (2,914) 1,291.7%

Deferred income and social contribution taxes (4,798) (25,189) 81.0% (29,815) (57,408) 48.1%

Minority interest (2,002) (2,020) 0.9% (4,740) (4,786) 1.0%

Net Income 61,072 52,185 17.0% 124,794 99,681 25.2%

(R$ '000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

NOI 117,011 99,908 17.1% 232,581 199,636 16.5%

NOI margin 87.2% 86.0% 116 b.p 87.7% 86.3% 134 b.p

NOI + Key Money 127,056 106,258 19.6% 251,788 217,165 15.9%

NOI + Key Money margin 88.1% 86.7% 132 b.p 88.5% 87.3% 121 b.p

Shopping Center EBITDA 109,333 78,579 39.1% 214,382 164,984 29.9%

Shopping Center EBITDA margin 72.4% 59.5% 1,287 b.p 72.3% 63.4% 891 b.p

EBITDA (Shopping Center + Real Estate) 107,148 80,922 32.4% 209,990 166,214 26.3%

EBITDA margin 67.5% 56.6% 1,097 b.p 66.3% 59.5% 687 b.p

Net Income 61,072 52,185 17.0% 124,794 99,681 25.2%

Net Income margin 38.5% 36.5% 202 b.p 39.4% 35.7% 376 b.p

Adjusted Net Income 65,870 77,374 14.9% 154,609 157,089 1.6%

Adjusted Net Income margin 41.5% 54.1% 1,256 b.p 48.9% 56.2% 736 b.p

FFO 76,013 62,645 21.3% 154,052 120,676 27.7%

FFO margin 47.9% 43.8% 412 b.p 48.7% 43.2% 549 b.p

Adjusted FFO 80,811 87,834 8.0% 183,867 178,084 3.2%

Adjusted FFO margin 50.9% 61.4% 1,046 b.p 58.1% 63.7% 563 b.p


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5

2Q11MULT3

2. Project Development

CAPEX: New projects evolving successfully

Multiplan invested R$165.8 million in 2Q11, of which 91.9%

were assigned to the construction of shopping centers and

office towers for lease under development In 1H11, the

total CAPEX was of R$270.1 million.

The total estimated CAPEX for the 2011 to 2013 period is

R$1.3 billion which is expected to boost the owned GLA to

619,154 m in 2013, up from 371,600 m2, a 66.6% increase.

CAPEX (R$ 000) 2Q11 2Q10

Mall Development 128,206 23,229

Mall Expansion 5,528 24,239Office tower for lease 24,144 9,243Renovation & other 7,966 22,935Total 165,846 79,646

CAPEX Breakdown (2Q11x2Q10)

Expected Owned GLA Growth (2011-2013)

Expected Additional NOI* fromAnnounced Projects Under Development

371,600 m 371,600 m

38,661 m

99,289 m

18,046 m

155,996 m

17,315 m74,198 m 91,513 m

371,600 m410,261 m

526,865 m

619,109 m 619,109 m

2Q11 2011E 2012E 2013E Total Announced (2013E)

Office Towers fo r Lease Un der Development

Malls Under Development

Malls in Operation

+66.6%

+58.7 M

+105.6 M

+97.1 M

+11.2 M

5.8 M

64.5 M

170.1 M

267.2 M278.4 M 278.4 M

2011E 2012E 2013E 2014E 2015E Total

* Please see disclaimer at the end of the document.


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2Q11MULT3

2.1 Shopping Center Greenfields

Greenfields leasing phase: strong rhythm continues in 2Q11

Considering Multiplan projects currently in the leasing phase, 79.2% of stores were already leased on July 29 th, 2011,

confirming not only the success of these projects, but also the Companys marketing strategy. In 2Q11, projects signed Key

Money contracts reached R$21.0 million.

Earthmoving works are almost finished at Parque Shopping Macei. The delay in the construction license approval, recently

granted, led to the postponing of the opening date, now scheduled for 2Q13.

The five shopping centers under development will add 156.0 thousand m2 of owned GLA to Multiplans portfolio. Together, they

are expected to generate key money, first and third year NOI of R$153.5 million, R$137.8 million and R$173.5 million,

respectively, and a 3rd year NOI yield of 16.0%, which represents a 20 b.p. growth compared to 1Q11.

Leasing Status(As of July 2011) Leasing Evolution(Updated in July 2011)

Shopping centers under construction Multiplans Interest (R$000)

Project OpeningGLA

(100%)%Mult. CAPEX

InvestedCAPEX

KeyMoney

NOI 1st

yearNOI 3

rd

year

3rd

yearNOI

Yield (%)

1 ParkShoppingSoCaetano Nov-11 38,661 m 100.0% 250,134 79% 37,130 35,296 47,746 22.4%

2 JundiaShopping Oct-12 35,820 m 100.0% 270,114 37% 24,570 28,165 34,649 14.1%

3 VillageMall Nov-12 25,580 m 100.0% 410,000 48% 39,083 39,659 45,362 12.2%

4 ParkShoppingCampoGrande Nov-12 42,099 m 90.0% 215,490 15% 43,310 24,209 32,511 18.9%

5 Parque Shopping Macei 2Q13 36,092 m 50.0% 93,333 9% 9,259 10,432 13,184 15.7%

Total 178,252 m 89.9% 1,239,071 43% 153,352 137,761 173,452 16.0%

1 Considers only the first phase of the project (disregarding any future expansions). Includes project expenses.2 Multiplan will invest 100% of the CAPEX.

93.3%

85.3%

78.1%

65.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

LeasedStores(units)


VillageMallJundiaShopping


1 32 4 5

Leasedstores

79.2%

To beleased

20.8%


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7

2Q11MULT3

ParkShoppingSoCaetano: Stores delivered!

Stores at ParkShoppingSoCaetano were delivered to tenants in the end of June. Tenants can now start working on their store

projects. ParkShoppingSoCaetano is scheduled to open in November, 2011 and on July 29 th, 2011, 93.3% of its stores lease

contracts were already signed.

ParkShoppingSoCaetano (SP)

Internal view five months prior to opening Construction site in 2Q11

ParkShoppingCampoGrande: high occupancy rate of 77.3% and well balanced tenant mix

ParkShoppingCampoGrandes leasing is performing above planned and in line with to Multiplans expectations. In less than a

year after its launching and more than a year before opening, the project has already 65.9% of its stores leased and well

balanced with anchors and satellites. In terms of GLA, ParkShoppingCampoGrande reached an outstanding occupancy rate of

77.3%.

JundiaShopping and VillageMall have also signed important lease contracts and reached, respectively, 78.1% and 85.3% of its

stores leased.

Shopping Centers Construction Evolution in 2Q11

JundiaShopping (SP)Construction site in 2Q11

VillageMall (RJ)Construction site in 2Q11

ParkShoppingCampoGrande (RJ)Construction site in 2Q11


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8

2Q11MULT3

Breakdown of CAPEX Invested

2.2 Office Towers for Lease

As can be seen from the pictures below, the construction of Morumbi Business Center, ParkShopping Corporate and Morumbi

Corporate are progressing and on schedule. The construction of these projects is at 58%, 11% and 24% of completion,

respectively, according to the invested CAPEX. These projects should generate together an NOI yield of 18.3%.

Morumbi Business Center ParkShopping Corporate Morumbi Corporate Center

Office Towers for Lease Multiplans Interest (R$000)

Project Opening GLA (100%) %Mult.CAPEX

(R$000)Invested

CAPEXStabilized

NOI (R$`000)Stabilized NOI

Yield (%)

Morumbi Business Center Jan-12 10,635 m 100.0% 73,946 58% 11,486 15.5%ParkShopping Corporate Nov-12 13,360 m 50.0% 38,444 11% 7,152 18.6%Morumbi Corporate Sep-13 74,198 m 100.0% 445,759 24% 83,701 18.8%Total 98,193 m 93.2% 558,149 28% 102,339 18.3%

79.0%

37.0%

48.0%

15.0%

9.0%

75.0%

67.0%

73.0%

64.0%

0.0%

80.0%

35.0%

45.0%

13.0%

10.0%

Capital ized Capex Expensed Capex Total Capex Invested

ParqueShopping Macei


VillageMall

JundiaShopping



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9

2Q11MULT3

2.3 Office Towers for Sale

The city authorities of Porto Alegre have granted the certificate of occupancy for Cristal Tower on July 26 th, 2011. Not only the

project is expected to enhance BarraShoppingSuls flow of visitors, but also contribute to the appreciation of the real estat e

market in the neighborhood.

Furthermore, Centro Profissional RibeiroShopping

construction is moving ahead on schedule, in

Ribeiro Preto (SP), with 95% of its units sold and is

expected to be delivered in December 2012.

Office Towers for Sale

Project Opening %Mult. AreaPSV

1

(R$ 000)

Cristal Tower Aug-11 100.0% 11,912 m 82,237Centro Profissional RBS Dec-12 100.0% 12,563 m 75,040Total 100.0% 24,475 m 157,2771 Potential Sales Value

Cristal Tower in 2Q11 Cristal Tower skywalk to BarraShoppingSul in 2Q11

Centro Profissional RibeiroShopping in 2Q11


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10

2Q11MULT3

2.4 Land Bank

Future growth: over 590 thousand m2 in land plots

Location % Mult. Type Land Area

BarraShoppingSul 100% Residential, Hotel 12,099 m

Campo Grande 90% 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 97% 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 82% 590,738 m

2Q11: Multiplan announced master plan for the development of the RibeiroShopping Complex

On June 20th, 2011, Multiplan announced a master plan for the development of the RibeiroShopping complex, including three

expansions which is expected to add 32,000 m2 in GLA, representing a growth of approximately 68% over the shopping center's

current GLA, and several office and residential towers integrated to the shopping center in the city of Ribeiro Preto, state of

So Paulo.

Additionally, throughout the ensuing years, RibeiroShopping should also get a high-end residence services building, a deck

parking with 1,200 covered spaces, a convention center as well as a fitness center, all connected to the mall.

RibeiroShopping Complex Preliminary View

1

2

3

4

5

6

7

Complex Preliminary view

1

2

3

4

5

6

7RibeiroShopping sixth expansion,with 4,200 m of GLA

RibeiroShopping seventh expansion,with 4,000 m of GLA

Deck Parking, convention center, fitnesscenter and an upper-scale hotel

RibeiroShopping eighth expansion, with17,000 m of GLA and 1,000 parking spaces

Upper-scale hotel, apartment hotel, andcommercial tower with 19,200 m

Centro Profissional RibeiroShopping,100% sold with estimated delivery to 4Q12

Four residential triple-Aresidential buildings, with

86.000 m of area for sale


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11

2Q11MULT3

Multiplans land bank in Ribeiro Preto totals 207.1 thousand square meters, of which roughly half should be used to implemen t

the master plan announced recently for the city. It is worth to highlight that the RibeiroShopping complex master plan is one of

a series of projects that Multiplan could implement in the medium term.

The Companys main strategy is based on develop shopping centers and implement its mixed -use strategy, building officetowers and residential buildings. As can be observed, among others, Multiplan s land bank is composed of properties in So

Caetano (SP), Campo Grande (RJ), Jundia (SP) and Macei (AL), which will be used only to implement the mixed used

strategy and it is net of the area where these shopping centers are being developed.


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12

2Q11MULT3

3. Operational Indicators

3.1 Tenant Sales

Sales in Multiplan malls were R$2.0 billion in 2Q11, a 14.7% growth over 2Q10

In spite of the Brazilian current macro-prudential measures and the monetary tightening cycle, tenants in Multiplan shoppingcenters recorded a 14.7% sales increase in 2Q11, over 2Q10, and a 10.1% growth compared to 1Q11. Total sales reached

R$2.0 billion in 2Q11 and R$3.8 billion for the first half of the year. Sales consistent performance is demonstrated by the CAGR

for the 2Q02 2Q11 period of 18.6%, or 18.5% if considering first half year figures (1H02 1H11).

Sales 100%

Shopping Centers 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

BH Shopping 208.6 M 166.8 M 25.0% 402.0 M 323.7 M 24.2%

RibeiroShopping 119.5 M 110.1 M 8.5% 231.2 M 213.5 M 8.3%

BarraShopping 349.3 M 308.6 M 13.2% 667.1 M 596.8 M 11.8%

MorumbiShopping 300.5 M 275.1 M 9.2% 560.4 M 514.3 M 9.0%

ParkShopping 187.7 M 172.8 M 8.6% 363.3 M 345.8 M 5.0%

DiamondMall 106.6 M 103.4 M 3.1% 202.8 M 196.8 M 3.1%

New York City Center 44.7 M 40.5 M 10.5% 92.6 M 86.7 M 6.8%

Shopping Anlia Franco 186.6 M 158.8 M 17.5% 347.5 M 301.3 M 15.3%

ParkShoppingBarigi 159.1 M 122.7 M 29.6% 302.6 M 236.3 M 28.1%

Ptio Savassi 73.5 M 66.6 M 10.4% 142.3 M 126.8 M 12.2%

Shopping Santa rsula 31.6 M 25.0 M 26.5% 60.7 M 45.6 M 33.2%

BarraShoppingSul 132.0 M 117.2 M 12.7% 252.3 M 224.5 M 12.4%

Shopping Vila Olmpia 67.0 M 46.9 M 42.9% 128.3 M 88.1 M 45.7%

Total 1,966.8 M 1,714.6 M 14.7% 3,753.1 M 3,300.2 M 13.7%

The positive outcome resulted from the combination of solid performance of consolidated malls and the new areas added to the

portfolio. BarraShopping, which celebrates its 30th

anniversary in 2011, recorded sales growth of 13.2% and reached R$349.3million in the second quarter. BH Shopping, in its 32nd year in operation, increased sales by 25.0%, with a significant

contribution from a newly opened expansion in the mall. ParkShoppingBarigi was also recently expanded, and the success of

this new area contributed to the growth of 29.6% in sales for the quarter.

As for the newer malls, Shopping Vila Olmpia showed a remarkable sales increase of 42.9% in the quarter, albeit sales/m still

show great growth potential compared to the other two Multiplan shopping centers in the metropolitan area of So Paulo.

Shopping Santa rsula is improving after its renovation in line with Company expectations, and had a sales increase of 26.5%,

although when compared to the Companys first mall in the city, RibeiroShopping, it still presents growth opportunities.

According to IBGE (Brazilian Institute for Geography and Statistics), national retail sales increased 8.2% in the combined period

of April and May 2011, when compared to the same months in 2010. The data for June 2011 had not been disclosed by the time

this report was released.

Same Store Sales Anchors Satellites Total

Apparel 11.1% 9.6% 10.0%

Home & Office 4.5% 9.7% 3.3%

Miscellaneous 3.9% 9.8% 4.9%

Food Court and Gourmet Area n.a. 18.9% 18.9%

Services 24.6% 34.8% 28.8%

Total 3.7% 11.8% 9.4%

Sales analysis (2Q11/2Q10) April and May 2011, compared to the same period in 2010

Same Store Sales growth (2Q11/2Q10)

8.2%

14.7%

NationalRetail Sales

(IBGE)

Total Sales

10.3%9.4%

6.6%

SAS SSS IPCA


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2Q11MULT3

Double digit Same Area Sales: 10.3% growth recorded in 2Q11

Same Store Sales (SSS) and Same Area Sales (SAS) recorded increases of 9.4% and 10.3% respectively in 2Q11. The

apparel segment, the largest in the portfolio in terms of area, presented strong sales increase of 10.0% in 2Q11. Food court and

gourmet area operations also grew significantly, with sales 18.9% higher than in 2Q10. The services segment also recorded a

strong increase of 28.8%, mainly boosted by travel agents (satellites) and fitness centers (anchors).

3.2 Occupancy Rate and Delinquency

Occupancy rate reached 98.1% by the end of the 2Q11, up from 97.8% in 2Q10. As expected, the rate continued to rise in

Shopping Santa rsula, as the mall consolidates after a comprehensive renovation.

Delinquency (rental payment delay beyond 25 days) recorded a lower percentage in the quarter, of 1.9%, and rent loss

(delinquency over six months) was 1.0% in 2Q11.

4. Gross Revenue

Gross revenue increases 10.9% in 2Q11, to R$174.5 million

Gross revenue was R$174.5 million in the 2Q11, a growth of

10.9% over the same period of the previous year. Rental

revenue represented 61.5% of Multiplans revenues, and

services revenue reached the second highest stake (12.4% of

gross revenue).

As for the 1H11, gross revenue totaled R$347.7 million, an

increase of 13.1% over 1H10.

The chart to the right shows the detailed breakdown for the

second quarter.Gross revenue breakdown 2Q11

Key money5.9%

Parking

11.1%

Real estate4.9%

Services12.4% Base

86,1%

Overage4.3%Merchandising

9.7%

Straight line eff ect4.0%

RentalRevenue61.5%


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14

2Q11MULT3

5. Shopping Center Ownership Results

5.1 Rental Revenue

Companys main revenue source continues presenting double digit increase led by real growth

Multiplans rental revenue totaled R$108.4 million in 2Q11, increasing 15.0% when compared to 2Q10. The result was againdriven by both real growth on top of the inflation adjustment in contracts. Considering the straight line effect in the calculation,

rental revenue grew to R$115.2 million. In 1H11, the rental revenue was R$213.9 million, a growth of 16.1% when compared to

the same period of the previous year.

Rental Revenue (R$ '000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

BH Shopping 14,753 11,113 32.8% 28,479 21,245 34.0%

RibeiroShopping 7,217 6,677 8.1% 14,267 13,245 7.7%

BarraShopping 17,431 15,193 14.7% 33,923 29,941 13.3%

MorumbiShopping 18,705 17,999 3.9% 36,968 35,123 5.3%

ParkShopping 8,361 7,848 6.5% 17,112 15,438 10.8%

DiamondMall 7,436 7,167 3.7% 14,536 13,939 4.3%New York City Center 1,415 1,332 6.2% 2,957 2,753 7.4%

Shopping AnliaFranco 4,791 4,139 15.8% 9,263 8,122 14.0%

ParkShoppingBarigi 8,743 6,421 36.2% 17,592 12,163 44.6%

Ptio Savassi 4,774 4,090 16.7% 9,595 7,637 25.6%

Shopping Santa rsula 1,145 453 152.6% 2,225 830 168.3%

BarraShoppingSul 9,237 7,581 21.9% 18,183 14,994 21.3%

Shopping Vila Olmpia 4,417 4,240 4.2% 8,802 8,843 0.5%

Subtotal 108,425 94,254 15.0% 213,901 184,274 16.1%


Total 115,208 100,666 14.4% 227,657 199,717 14.0%

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.

Base rent advanced 19.0% in 2Q11, growing R$14.9 million in the quarter, and contributed with 86.1% of Multiplans rental

revenue in 2Q11, compared to 84.5% in 2Q10. Overage rent also grew, increasing 7.1%, while merchandising revenue fell 9.5%

in the quarter. Complementary data about the shopping centers results can be downloaded from the Fundamentals

Spreadsheet,on Multiplans IR website (www.multiplan.com.br/ir).

Rental Revenue 2Q11

(R$ '000) Base Overage Merchand. Total

Portfolio Subtotal 93,566 4,836 10,022 108,425

Straight Line Effect 6,783 - - 6,783

Total 115,208 4,836 10,022 115,208

2Q10

Portfolio Subtotal 78,660 4,517 11,077 94,254

Straight Line Effect 6,412 - - 6,412

Total 85,072 4,517 11,077 100,666

Subtotal change % 19.0% 7.1% -9.5% 15.0%

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

100,666

115,20814,906319

(1,054)

371

Rent 2Q10 Base Overage Merchand. Straight lineeffect

Rent 2Q11

+19.0% +7.1% -9.5%

14.4%

+5.8%
http://www.multiplan.com.br/irhttp://www.multiplan.com.br/ir


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15

2Q11MULT3

Highest SSR growth in the last three years

Same Store Rent (SSR) presented a strong increase of 14.1% in 2Q11,

the highest increase recorded in the last three years. Same Area Rent

(SAR) grew in line with SSR, advancing 12.9% in the quarter. The

Company has been successively showing real increases in same storerent. On the second quarter, for instance, the Company recorded a real

rental revenue growth of 4.9%, on top of an IGP-DI adjustment effect of

8.8%.Rent analysis (2Q11/2Q10) See glossary for definition

Same Store Rent (SSR) breakdownNominal and real growth

5.2 Parking Revenue

Shopping Vila Olmpia parking revenue grows eight times over 2Q10

Parking revenue reached R$19.0 million in 2Q11, 22.8% higher than in 2Q10. The highlight was Shopping Vila Olmpia which

has seen its car traffic and customer count increase significantly as the mall moves towards consolidation, recording a growth

corresponding to an eight-fold increase over 2Q10. Other drivers for the growth across the portfolio were the new parking

spaces delivered with the expansions inaugurated in 2010.

5.3 Shopping Center Expenses

Shopping center expenses as percentage of net revenue drop to 11.4% in 2Q11 down from 12.3% in 2Q10

Expenses related to shopping centers recorded R$17.2 million in 2Q11, a6.0% growth when compared to the second quarter of 2010. For analysis

purpose, in the same period the Companys owned GLA grew 6.9%, net

revenue increased 10.9% and the inflation measured by IPCA index

advanced 6.6%. The portfolio occupancy rate growth was the main driver

for the low expansion of the line, as the Company condominium-related

expenses dropped accordingly. The Company has reduced its shopping

center expenses as percentage of the net revenue (not including real

estate revenues and taxes) from 12.3% in 2Q10 to 11.4% in 2Q11, as a

result of improved efficiency.Shopping center expenses evolution (R$000) and as

percentage (%) of net revenue(not including real estate revenue and taxes)

8.8%

+12.9%+14.1%

+15.0%

IGP-DIAdjustment

Eff ect

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%8.8%

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%

4.9%

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%

14.1%

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

Real SSR IGP-DI Adjustment Effect

16,26314,990

19,313

15,43317,243

12.3%11.2%

12.5%

10.6%11.4%

2Q10 3Q10 4Q10 1Q11 2Q11

+6.0%


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16

2Q11MULT3

5.4 Net Operating Income NOI

NOI + Key Money Margin improves on higher operational result and controlled expenses

The Company recorded a Net Operating Income (NOI) +

Key Money of R$127.1 million in 2Q11, 19.6% higherthan in 2Q10. The stronger operational performance

(rental, parking and key money revenues), compared to

a smaller increase of the shopping center expenses

resulted in an improvement of the margin: 88.1% in 2Q11

up from 86.7% in 2Q10. In the first half of 2011, the NOI

+ Key Money reached a margin of 88.5% and reached

R$251.8 million, a growth of 15.9% over 1H10.

NOI+Key money evolutionand NOI + Key money margin

NOI evolutionand NOI margin

NOI Calculation (R$ '000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Rental revenue 108,425 94,254 15.0% 213,901 184,274 16.1%Straight line effect 6,783 6,412 5.8% 13,757 15,443 10.9%

Parking revenue (net of transfers) 19,046 15,505 22.8% 37,599 31,500 19.4%

Operational revenue 134,254 116,171 15.6% 265,257 231,217 14.7%

Shopping expenses (17,243) (16,263) 6.0% (32,676) (31,581) 3.5%

NOI 117,011 99,908 17.1% 232,581 199,636 16.5%

NOI margin 87.2% 86.0% 116 p.b. 87.7% 86.3% 134 p.b.

Key money 10,045 6,350 58.2% 19,207 17,529 9.6%

NOI + key money 127,056 106,258 19.6% 251,788 217,165 15.9%

NOI + key money margin 88.1% 86.7% 132 p.b. 88.5% 87.3% 121 p.b.

106,258127,056

86.7% 88.1%

2Q10 2Q11

+19.6%

99,908117,011

86.0% 87.2%

2Q10 2Q11

+17.1%


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2Q11MULT3

6. Shopping Center Management Results

6.1 Services Revenue

Services revenue increased 1.3% in 2Q11

Services revenue increased in 2Q11 as a result of higher brokerage andtransfer fee revenues, and partially counterbalanced by lower merchandising

brokerage revenues.

On a half-year basis comparison, services revenue increased 12.9% in 1H11

when compared to 1H10. Services revenue as a percentage of gross revenues

remained stable at 11.6% in both periods.

6.2 General and Administrative Expenses (Headquarters)

500 bps reduction in G&A/Net revenues ratio, from 17.7% to 12.6%

While net revenues went up 10.9% in 2Q11, general and administrative (G&A)

expenses decreased 20.7%, resulting in a reduction of the G&A/Net revenues

ratio from 17.7% in 2Q10 down to 12.6% in 2Q11.

G&A expenses decreased in 2Q11 mainly due to a reduction in non-recurring

events, which in 2Q10 represented 26.0% of G&A expenses, or R$6.4 million.

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

only, G&A would have increased 6.1% in 2Q11 when compared to 2Q10,

running behind the inflation of 6.6% as measured by the Brazilian CPI (IPCA) for

the period.

Services revenue evolution (R$000)

G&A expenses (R$000) and

G&A/Net revenues (%) evolution

(+) =2Q10/2Q11 Recurring G&A evolution (R$000)

and Recurring G&A/net revenues (%)2Q10/2Q11

Non-recurring items (R$000)2Q10/2Q11 G&A evolution (R$000)

and G&A/net revenues (%)

21,07718,347 18,793 19,068

21,344

2Q10 3Q10 4Q10 1Q11 2Q11

+1.3%

25,324 24,744 22,962 21,626 20,071

17.7% 16.9%

12.9% 13.7% 12.6%

2Q10 3Q10 4Q10 1Q11 2Q11

-20.7%

18,913 20,071

13.2%

12.6%

2Q10 2Q11

+6.1%

6,411

-

2Q10 2Q11

25,32420,071

17.7%

12.6%

2Q10 2Q11

-20.7%


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18

2Q11MULT3

7. Shopping Center Development Results

7.1 Signed Key Money

Deferred Income breaches the R$200 million mark

The Company continued its intense leasing rhythm, with 104new contracts signed in 2Q11, representing 24.994 m of GLA,

and R$21.0 million in signed Key Money contracts. As a result,

the deferred income line increased 36.4% in June 2011,

compared to June 2010, and reached R$204.6 million.

The deferred income balance will only be accrued as Key

Money revenue in a straight line and throughout the 5 year

leasing term, starting when the contract becomes effective.

7.2 Key Money Revenue

Key Money Revenue/Type (R$ 000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Operational (Recurring) 2,328 1,174 98.3% 4,176 4,564 8.5%

Projects opened in the last 5 years 7,717 5,176 49.1% 15,031 12,965 15.9%

Key Money Revenue 10,045 6,350 58.2% 19,207 17,529 9.6%

Key Money revenues in 2Q11 increased 58.2%, benefiting mainly from the expansions of ParkShoppingBarigi and BH

Shopping opened in the second-half of 2010. Key Money revenues are composed of (i) recurring or operational revenue, relatedto Key Money accrued from shopping centers with more than five years in operation, and reflects the C ompanys effort to

improve tenant mix in its malls, and (ii) non-recurring revenue, related to Key Money of leasing contracts for stores in greenfields

and expansions delivered in the last five years.

7.3 New Projects for Lease Expenses

New projects for lease expenses in 2Q11 decreased 69.2% when compared to 2Q10, from R$10.7 million to R$3.3 million.

For the 1H2011, new projects for lease expenses reached R$6.7 million, in line with Companys 2011 expected expenses for

announced projects. As mentioned before, these expenses are focused in the launching and opening phases of the projects andare an important tool to implement the Companys strategy to attract the best tenants to form the best mix for each mall.

Deferred income evolution (R$)

81.2M

96.4M110.2M

110.5M121.5M

126.3M

138.8M141.2M

137.1M

132.M136.7M

150.M

158.5M

183.7M

189.6M

204.6MDelivery

ofprojects

Newprojectslaunched


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19

2Q11MULT3

In 2Q11, projects signed Key Money contracts reached R$21.0 million, 6.4 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 For LeaseExpenses (R$000)

8. Real Estate for Sale Results

8.1 Real Estate for Sale Revenues and Cost of Properties Sold

Real Estate Revenue

In 2Q11, Multiplan recorded real estate for sale revenues of R$8.5 million, according to the percentage of completion method

PoC, for 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$9.4 million, according to the construction

development.

Cristal Tower Conclusion

When launched, Cristal Towers potential sales value (PSV) was R$70.0 million or R$5.8 thousand/m2. Going forward, theCompany expects to reach the average of R$6.9 thousand/m2 (PSV of R$82.2 million), representing a 17.5% improvement.

Despite the fact that construction costs were adjusted in 2Q11 and in the previous quarter, Cristal Tower should present a gross

profit of R$25.3 million, not including interest revenue, equivalent to a gross margin of 30.7%, in line with the Companys

estimates. It is worth noting that Cristal Tower is 93.5% sold and there still are twenty units for sale, with a PSV of R$ 7.5 m illion.

New projects for sale expenses

New projects for sale expenses reached R$1.3 million in 2Q11 versus R$0.5 million in 2Q10. This increase resulted mainly from

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

according to the percentage of completion method PoC.

8.2 Equity Pickup

Equity pickup from the real estate development Royal Green Pennsula presented a positive result of R$0.8 million given the

sale of one unit. At the end of 2Q11, there were only two units left for sale with a PSV (potential sales value) of approximately

R$4.3 million.

10,68513,145

8,882

3,445 3,296

2Q10 3Q10 4Q10 1Q11 2Q11

-69.2%

3,296

20,987

-

5,000

10,000

15,000

20,000

25,000

New Projects for LeaseExpenses - 2Q11

Projects Signed KeyMoney - 2Q11

6.4 x


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20

2Q11MULT3

9. Financial Results

9.1 EBITDA

Shopping Center EBITDA grew 39.1% and reached a 72.4% margin

Multiplan recorded a 39.1% Shopping Center EBITDA growth in 2Q11, while its shopping center net revenues increased 14.4%in the same period. As a result of lower expenses, EBITDA margin increased 1,287 bps, from 59.5% in 2Q10 to 72.4% in 2Q11.

This performance improvement was mainly due to reductions in G&A and shopping center expenses as a percentage of net

revenues. Lower new project for lease expenses also contributed to better Shopping Center EBITDA margins.

Excluding new projects for lease expenses from Shopping Center EBITDA calculation, margin increases to 74.6% in 2Q11, 700

bps higher than in 2Q10.

Consolidated EBITDA up 32.4% in 2Q11 to R$107.1 million

Consolidated EBITDA margin achieved 67.5% in 2Q11, 1,097 bps higher than in 2Q10. The Companys Consolidated EBITDAmargin reflects the lower margins of the real estate for sale activity, when compared to projects for lease.

Consolidated EBITDA (R$'000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Net Revenue 158,682 143,095 10.9% 316,495 279,475 13.2%






Cost of properties sold (9,390) (7,283) 28.9% (23,382) (12,377) 88.9%Equity pickup 778 (997) na 1,382 (4,951) na


Consolidated EBITDA 107,148 80,922 32.4% 209,990 166,214 26.3%

Consolidated EBITDA Margin 67.5% 56.6% 1097 b.p 66.3% 59.5% 688 b.p

Shopping Center EBITDA (R$'000) 2Q11 2Q10 Chg. %

SC Net Revenues 150,982 131,965 14.4%

SC EBITDA 109,333 78,579 39.1%

SC EBITDA Margin 72.4% 59.5% 1287 bps

New Project for Lease Expenses 3,296 10,685 69.2%

SC Adjusted EBITDA 112,629 89,264 26.2%

SC Adjusted EBITDA Margin 74.6% 67.6% 696 bps

2Q11 Consolidated EBITDA, Shopping Center EBITDA, andShopping Center Adjusted EBITDA (R$000) and Margins (%)

107,148109,333

112,62967.5%72.4%

74.6%

Consolidated EBITDA2Q11

Shopping CenterEBITDA

Shopping CenterAdjusted EBITDA

+ 489 p.b

+ 707 p.b

+ 218 p.b


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2Q11MULT3

9.2 Financial Results, Debt and Cash

Indebtedness Breakdown (R$000) 30/6/2011 31/3/2011 Chg. %

Short Term Debt 86,990 185,059 53.0%

Loans and financing 46,629 45,752 1.9%

Obligations from acquisition of goods 40,361 35,474 13.8%

Debentures - 103,833 100.0%

Long Term Debt 431,382 348,137 23.9%

Loans and financing 320,036 253,545 26.2%

Obligations from acquisition of goods 111,346 94,592 17.7%

Gross Debt 518,371 533,196 2.8%

Cash 559,467 784,726 28.7%

Net Debt (Cash Position) (41,095) (251,530) 83.7%

Multiplan ended 2Q11 with a net cash position (or negative net debt) of R$41.1 million, 83.7% lower than the R$251.5 million in

the previous quarter. In 2Q11, proceeds from the invested cash position generated a positive financial result of R$7.6 million.

The 2Q11 cash position was impacted mainly by cash outflows of (i) CAPEX, which amounted R$165.8 million in the period, (ii)

payment of R$102.9 million in dividends related to fiscal year 2010, (iii) payment of R$106.0 million in debentures principal and

interest; which were offset by (iv) new funds from banking debt of R$76.2 million (of which R$56.1 million are for the

development of ParkShoppingSoCaetano and R$20.1 million are for VillageMall).

Multiplans debt amortization schedule on June 30 th, 2011 (R$ million)

R$124.1 million in new funding contract signed with BNDES, with cost of TJLP +3.38% p.a.

On June 2011, the Company signed a R$124.1 million 7-year financing with the Brazilian

Development Bank (BNDES) to fund the construction of JundiaShopping, with an annual

cost of TJLP +3.38% per annum.

Financially prepared for growth: R$924.2 million already contracted, of which R$405.8

million still to be drawn

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

already contracted should contribute significantly to its planned funding requirements. A substantial portion of these sources of

funds were already signed. As of June 30th, 2011, the Company presented gross debt of R$518.4 million, and, additionally,

R$405.8 million in already signed financing contracts not drawn yet. The Company continues to analyze other funding

alternatives to face its development pipeline.

22.0

53.059.7

55.3

45.7 36.927.2

66.8

23.9

36.429.8

12.9

46.8

1.9

2H11 2012 2013 2014 2015 2016 2017 >=2018

Loans and f inancing (banks)

Obligations from acquisition of goods (land and minority interest)

Multiplan Funding Breakdown on

June 30th, 2011 (R$)

Drawn518,4M

To bedrawn

405,8M


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22

2Q11MULT3

The R$225.3 million decrease in cash position contributed to a change in net debt-to-EBITDA ratio from a negative (-0.7x) in

1Q11 to a negative (-0.1x) in 2Q11. Gross debt-to-EBITDA remains essentially unchanged, at 1.3x in 2Q11. As the Company

cashes the funds of its loans and financings to face its planned investments, its gross debt should increase.

Extending duration and reducing the cost of funding

The Companys weighted average cost of funding presented a 32 bps reduction in 2Q11,

from an annual cost of 11.87% on March 31st, 2011 to 11.55% on June 30th, 2011.

Multiplan weighted average cost of funding in 2Q10 was 70 bps lower than the basic

interest rate of 12.25% per annum set by COPOM (The Central Bank's Monetary Policy

Committee), as of June 30th, 2011.

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

indebtedness, up from 48% in 1Q11 to 64% in 2Q11, mainly due to the maturity of the

CDI indexed debenture and new funds linked to TR. Based on a last twelve months

accumulated TR index of 1.05% p.a., the TR linked debt presented an annual cost of10.85% in 2Q11.

Multiplan debt indices on

June 30th, 2011

Indebtedness interest indices on June 30th

, 2011

Index Performance(last 12 months)

AverageInterest Rate

Cost ofDebt

Debt(R$ 000)

TJLP 6.00% 3.59% 9.80% 27,898IPCA 6.71% 7.13% 14.32% 57,688TR 1.05% 9.70% 10.85% 328,774CDI+ 11.00% 1.30% 12.44% 8,706IGP-M 8.64% 3.86% 12.84% 94,496Fixed 0.00% 4.50% 4.50% 541Others 0.00% - 0.00% 269Total 3.50% 8.06% 11.55% 518,371

Annual interest rate weighted average.

TJLP5%

IPCA11%

TR64%

CDI2%

IGP-M18%


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23

2Q11MULT3

9.3 Net Income and FFO

2Q11 Net Income increased 17.0% to R$61.1 million

Net Income increased 17.0% in 2Q11 to R$61.1 million, up from R$52.2 million in 2Q10, in spite of a 27.0% decrease in

financial results and a 42.8% increase in depreciation and amortization expenses, when compared to the same period of the

previous year. In 1H11, net income recorded R$124.8 million, a 25.2% increase when compared to 1H10.

Net Income & FFO Calculation (R$ '000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Net revenue 158,682 143,095 10.9% 316,495 279,475 13.2%Operational costs (51,534) (62,173) 17.1% (106,505) (113,261) 6.0%Financial result 7,614 10,432 27.0% 19,171 19,570 2.0%Depreciation and amortization (14,941) (10,460) 42.8% (29,258) (20,995) 39.4%Income tax and social contribution (31,949) (1,500) 2,029.9% (40,554) (2,914) 1,291.7%Minority interest (2,002) (2,020) 0.9% (4,740) (4,786) 1.0%Adjusted Net Income 65,870 77,374 14.9% 154,609 157,089 1.6%Deferred income and social contribution taxes (4,798) (25,189) 81.0% (29,815) (57,408) 48.1%Net Income 61,072 52,185 17.0% 124,794 99,681 25.2%

Depreciation and amortization 14,941 10,460 42.8% 29,258 20,995 39.4%FFO 76,013 62,645 21.3% 154,052 120,676 27.7%Deferred income and social contribution taxes 4,798 25,189 81.0% 29,815 57,408 48.1%AFFO 80,811 87,834 8.0% 183,867 178,084 3.2%

The Companys Adjusted Net Income and Adjusted Funds From Operations (AFFO) decreased 14.9% and 8.0%, respectively in

2Q11, when compared to 2Q10, due to a one-time event which reassigned R$10.7 million from deferred to current income tax

and social contribution in 2Q11. This reassignment of records was done to adjust the goodwill amortization schedule to the legal

limit of 20% per year, thus extending the benefit for an additional 13 months up to January 2013

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

because it does not represent a cash event.


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2Q11MULT3

10. Portfolio

Portfolio State Multiplan % Total GLA Rent 2Q11(month)

Sales 2Q11(month)

2Q11 Avg.Occupancy Rate

Operating SCs

BHShopping MG 80.0% 47,520 m 130 R$/m 1,512 R$/m 99.5%

RibeiroShopping SP 76.2% 46,739 m 68 R$/m 894 R$/m 98.8%

BarraShopping RJ 51.1% 69,580 m 164 R$/m 1,897 R$/m 99.6%

MorumbiShopping SP 65.8% 55,085 m 173 R$/m 1,939 R$/m 99.7%

ParkShopping DF 59.6% 51,566 m 92 R$/m 1,307 R$/m 98.9%

DiamondMall MG 90.0% 21,386 m 129 R$/m 1,690 R$/m 99.7%

New York City Center RJ 50.0% 22,271 m 42 R$/m 690 R$/m 100.0%

Shopping AnliaFranco SP 30.0% 50,377 m 107 R$/m 1,317 R$/m 98.7%

ParkShoppingBarigi PR 84.0% 49,935 m 70 R$/m 1,152 R$/m 99.1%

Ptio Savassi MG 96.5% 17,254 m 96 R$/m 1,446 R$/m 99.4%

Shopping Santarsula SP 62.5% 23,199 m 28 R$/m 503 R$/m 92.8%

BarraShoppingSul RS 100.0% 68,407 m 58 R$/m 903 R$/m 98.1%

Shopping VilaOlmpia SP 30.0% 28,274 m 86 R$/m 951 R$/m 84.3%

Sub-Total Operating SCs 67.4% 551,592 m 100 R$/m 1,318 R$/m 98.1%SCs under Development

ParkShoppingSoCaetano SP 100.0% 38,661 m - - -Parque Shopping Macei AL 50.0% 36,092 m - - -JundiaShopping SP 100.0% 35,820 m - - -Village Mall RJ 100.0% 25,580 m - - -ParkShopping Campo Grande RJ 90.0% 42,099 m - - -

Sub-Total SCs under Development 89.9% 178,252 m

Office Towers for Lease under Development

Morumbi 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 75.3% 828,037 m 100 R$/m 1,318 R$/m 98.1%

Multiplan is responsible for 100% of the CAPEX Rent/m/month divides rental revenue by the occupied owned GLA Sales/m/month divides total sales by the area composed by stores which report monthly sales (approximately 90% of the total GLA)

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 ope ration


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2Q11MULT3

11. Ownership Structure

Multiplans ownership structure is detailed in the chart below. From a total of 179,197,214 shares issued, 167,338,867 are

common voting shares and 11,858,347 are preferred shares.

The interest that Multiplan has in the following Special Purpose Companies (SPC), MPH, Manati and Haleiwa, Danville and

Holding is as follows:

MPH Empreendi. Imobilirio Ltda.: 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 Empreendimentos e Participaes S.A.: has 75% interest in Shopping Santa rsula, in Ribeiro Preto, SP, in which

Multiplan has a 50/50 partnership.

Haleiwa Empreendimentos Imobilirios S.A.: the SPC for Shopping Macei, in which Multiplans interest is of 50%.

Danville RJ Participaes Ltda.: SPC established for real estate developments in the city of Ribeiro Preto.

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

100.00%

100.00%

Ontario TeachersPension Plan

24.07% ON100.00% PN

29.10% Total

100.00%

Multiplan Planejamento,Participaes e

Administrao S.A.

22.25%

77.75%

33.33% ON31.12%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

41.63% ON38.88% Total

Danville RJParticipaes Ltda.

Multiplan Holding S.A.

SCP Royal GreenPennsula MPH

Empreend. Imobilirio Ltda.

0.06% ON0.06% Total

0.29% ON0.27% Total

2.00%

100.00%

99.61%

99.99%

99.99% 50.00%

Manati Empreendimentos eParticipaes S.A.

50.00%

Haleiwa EmpreendimentosImobilirios S.A.

Treasury

0.60% ON0.56% Total

1700480Ontario Inc.

Shopping Centers %

BarraShopping 51.07%BarraShoppingSul 100.0%BH Shopping 80.00%DiamondMall 90.00%MorumbiShopping 65.78%New York City Cente r 50.00%ParkShopping 59.63%Pa rkShoppingBa rigi 84.00%Ptio Savassi 96.50%RibeiroShopping 76.17%

ShoppingAnl iaFranco 30.00%Shopping Vila O lmpia 30.00%Shopping Santa rsula 62.50%Shopping Macei 50.00%ParkShopping SoCaetano 100.0%Jundia Shopping 100.0%

VillageMall 100.0%ParkShopping Campo Grande 90.00%

Under development

Ptio Savassi Administraode Shopping Center Ltda.

CAA - Corretagem eConsultoria

Publicitria Ltda.

CAA -CorretagemImobiliria Ltda.

99.00%


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2Q11MULT3

12. MULT3 Indicators & Stock Market

Multiplans stock (MULT3 at BM&FBOVESPA: MULT3 BZ at Bloomberg) ended the second quarter of 2011 quoted at

R$34.10/share, an appreciation of 3% when compared to the end of 2Q10. During the same period, the main index of the So

Paulo stock exchange, Ibovespa, recorded a 2% increase.

Spread analysis: MULT3 and Ibovespa Index

Base 100 = June 30th, 2010

As of the end of the second quarter of 2011, 31.4% of

the Companys shares were owned directly and indirectly

by Mr. and Ms. Peres. Ontario Teachers Pension Plan

(OTPP) owned 29.1% and the free-float was equivalentto 38.9%. Total shares issued are 179,197,214.

Shareholders capital stock breakdown on June 30th, 2010

(*) OTPP Ontario Teachers Pension Plan

0

5

10

15

20

25

80

95

110

125

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

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

MTP+Peres31,4%

Free Float38,9%

Adm+Treasury0,6%

Common Stocks22,5%

Preferred Stock6,6%

OTPP*29,1%

MULT3 at BM&FBOVESPA 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Average Closing Price R$34.66 R$31.07 11.56% R$33.78 R$30.73 9.92%

Closing Price R$34.10 R$33,01 3,30% R$34.10 R$33,01 3.30%

Average Daily Traded Volume R$7.5 M R$9.1 M -17.50% R$ 8.5 M R$ 9.9 M -14.24%

Average Market Cap R$6.2 B R$5.6 B 11.88% R$ 6.1 B R$ 5.5 B 10.05%


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2Q11MULT3

13. Appendices

Operational and Financial Highlights

Performance (R$ '000)

Financial (MTE %) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Gross Revenue R$ 174,505 R$ 157,372 10.9% R$ 347,658 R$ 307,337 13.1%

Net Revenue R$ 158,682 R$ 143,095 10.9% R$ 316,495 R$ 279,475 13.2%

Net Revenue R$/m 444 R$/m 430 R$/m 3.3% 916 R$/m 806 R$/m 13.6%

Net Revenue USD/sq. foot 26.4 US$/sqf 22.2 US$/sqf 19.0% 54.5 US$/sqf 41.6 US$/sqf 31.0%

Rental Revenue (with Straight Line Effect) R$ 115,208 R$ 100,666 14.4% R$ 227,658 R$ 199,717 14.0%

Rental Revenue R$/m 323 R$/m 303 R$/m 6.6% 659 R$/m 576 R$/m 14.4%

Rental Revenue USD/sq. foot 19.2 US$/sqf 15.6 US$/sqf 22.8% 39.2 US$/sqf 29.7 US$/sqf 31.8%

Monthly Rental Revenue R$/m 108 R$/m 101 R$/m 6.6% 110 R$/m 96 R$/m 14.4%

Monthly Rental Revenue USD/sq. foot 6.4 US$/sqf 5.2 US$/sqf 22.8% 6.5 US$/sqf 5.0 US$/sqf 31.8%

Net Operating Income (NOI) R$ 117,011 R$ 99,908 17.1% R$ 232,581 R$ 199,636 18.8%

Net Operating Income R$/m 328 R$/m 300 R$/m 9.1% 673 R$/m 575 R$/m 16.9%

Net Operating Income USD/sq. foot 19.5 US$/sqf 15.5 US$/sqf 25.7% 40.0 US$/sqf 29.7 US$/sqf 34.7%

Net Operating Income Margin 87.2% 86.0% 116 b.p 87.7% 86.3% 134 b.p

Net Operating Income (NOI) per Share R$ 0.65 R$ 0.56 17.1% R$ 1.30 R$ 1.11 16.5%

Headquarter Expenses R$ 20,071 R$ 25,324 20.7% R$ 41,697 R$ 45,392 8.1%

Headquarter Expenses / Net Revenues 12.6% 17.7% 505 b.p 13.2% 16.2% 307 b.p

EBITDA R$ 107,149 R$ 80,922 32.4% R$ 209,991 R$ 166,214 26.3%

EBITDA R$/m 300 R$/m 243 R$/m 23.3% 607 R$/m 479 R$/m 26.8%

EBITDA USD/sq. foot 17.8 US$/sqf 12.6 US$/sqf 42.1% 36.1 US$/sqf 24.7 US$/sqf 46.1%

EBITDA Margin 67.5% 56.6% 1097 b.p 66.3% 59.5% 688 b.pEBITDA per Share R$ 0.60 R$ 0.45 32.4% R$ 1.17 R$ 0.93 26.3%

Adjusted Net Income R$ 65,872 R$ 77,374 14.9% R$ 154,611 R$ 157,089 1.6%

Adjusted Net Income R$/m 184 R$/m 233 R$/m 20.7% 447 R$/m 453 R$/m 1.2%

Adjusted Net Income USD/sq. foot 11.0 US$/sqf 12.0 US$/sqf 8.7% 26.6 US$/sqf 23.4 US$/sqf 13.8%

Adjusted Net Income Margin 41.5% 54.1% 1256 b.p 48.9% 56.2% 736 b.p

Adjusted Net Income per Share R$ 0.37 R$ 0.43 14.9% R$ 0.86 R$ 0.88 1.6%

Adjusted FFO R$ 80,812 R$ 87,834 8.0% R$ 183,868 R$ 178,084 3.2%

Adjusted FFO R$/m 226 R$/m 264 R$/m 14.3% 532 R$/m 513 R$/m 3.6%

Adjusted FFO US$ US$ 51,736 US$ 48,797 6.0% US$ 117,713 US$ 98,936 19.0%

Adjusted FFO USD/sq. foot 13.5 US$/sqf 13.6 US$/sqf 1.3% 31.6 US$/sqf 26.5 US$/sqf 19.4%

Adjusted FFO Margin 50.9% 61.4% 1045 b.p 58.1% 63.7% 563 b.p

Adjusted FFO per Share R$ 0.45 R$ 0.49 8.0% R$ 1.03 R$ 0.99 3.2%

Dollar (USD) end of Quarter $1.56 $1.80 13.2% $1.56 $1.80 13.2%


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2Q11MULT3

Operational and Financial Highlights

Performance

Market Performance 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Number of Shares 179,197.214 179,197.214 0.0% 179,197.214 179,197.214 0.0%

Common Shares 167,338.867 167,338.867 0.0% 167,338.867 167,338.867 0.0%Preferred Shares 11,858.347 11,858.347 0.0% 11,858.347 11,858.347 0.0%

Avg. Share Price R$ 34.66 R$ 31.07 11.6% R$ 33.78 R$ 30.73 9.9%

Final Share Price R$ 34.10 R$ 33.01 3.3% R$ 34.10 R$ 33.01 3.3%

Average Daily Traded Volume (R$ '000) 7,507 9,100 17.5% 8,462 9,868 14.2%

Market Cap (final share price) (R$ '000) 6,110,625 5,915,300 3.3% 6,110,625 5,915,300 3.3%

Dollar (USD) end of Quarter $1.56 $1.80 13.2% $1.56 $1.80 13.2%

Gross Debt (R$ '000) 518,371 558,617 7.2% 518,371 558,617 7.2%

Cash (R$ '000) 559,467 933,011 40.0% 559,467 933,011 40.0%

Net Debt (R$ '000) (41,095) 374,393 111.0% (41,095) 374,393 111.0%

EPS R$ 0.34 R$ 0.29 17.0% R$ 0.70 R$ 0.56 25.2%

NOI per Share R$ 0.65 R$ 0.56 17.1% R$ 1.30 R$ 1.11 16.5%

P/AFFO (Last 12 months) 33.23 x 33.22 x 0.1% 33.23 x 33.22 x 0.1%

EV/EBITDA (Last 12 months) 28.90 x 37.84 x 23.6% 28.90 x 37.84 x 23.6%

Net Debt/EBITDA (Last 12 months) (0.20) x 2.25 x 108.7% (0.20) x 2.25 x 108.7%

Performance (R$ '000)

Operational (100%) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Final Total GLA 551,592 m 532,902 m 3.5% 551,592 m 532,902 m 3.5%

Final Owned GLA 371,600 m 347,757 m 6.9% 371,600 m 347,757 m 6.9%

Owned GLA % 67.4% 65.3% 207 b.p 67.4% 65.3% 207 b.p

Adjusted Total GLA (avg.) 537,082 m 515,953 m 4.1% 535,560 m 530,286 m 1.0%

Adjusted Owned GLA (avg.) 357,175 m 332,574 m 7.4% 355,541 m 346,908 m 2.5%

Total Sales 1,966,800 1,714,591 14.7% 3,753,100 3,300,184 13.7%

Total Sales R$/m 3,660 R$/m 3,323 R$/m 10.1% 7,190 R$/m 6,223 R$/m 15.5%

Total Sales USD/sq. foot 217.7 US$/sqf 171.5 US$/sqf 26.9% 427.6 US$/sqf 321.2 US$/sqf 33.1%

Same Store Sales R$/m 9.4% 11.9% 250 b.p 8.1% 13.2% 510 b.p

Same Area Sales R$/m 10.3% 13.3% 300 b.p 8.7% 14.8% 610 b.p

Same Store Rent R$/m 14.1% 4.4% 970 b.p 12.6% 4.2% 840 b.p

Same Area Rent R$/m 12.9% 3.7% 920 b.p 11.4% 3.7% 770 b.p

Occupancy Costs 12.8% 12.9% 11 b.p 13.2% 13.2% 02 b.p

Rent as Sales % 7.5% 7.3% 23 b.p 7.8% 7.5% 27 b.pOthers as Sales % 5.3% 5.6% 35 b.p 5.4% 5.7% 29 b.p

Turnover 1.7% 1.3% 41 b.p 2.5% 2.3% 17 b.p

Occupancy Rate 98.1% 97.8% 32 b.p 98.1% 98.1% 01 b.p

Delinquency (25 days delay) 1.9% 1.5% 36 b.p 0.9% 1.4% 47 b.p

Rent Loss 1.0% 0.8% 16 b.p 0.7% 0.7% 02 b.p

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


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2Q11MULT3

Consolidated Financial Statements (R$000)

(R$ '000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

Rental revenue 108,425 94,254 15.0% 213,901 184,274 16.1%

Services revenue 21,344 21,077 1.3% 40,412 35,786 12.9%Key money revenue 10,045 6,350 58.2% 19,207 17,529 9.6%

Parking revenue 19,046 15,505 22.8% 37,599 31,500 19.4%

Real estate for sale revenue 8,468 12,240 30.8% 22,060 21,256 3.8%


Other revenues 394 1,534 74.3% 722 1,549 53.4%

Gross Revenue 174,505 157,372 10.9% 347,658 307,337 13.1%

Taxes and contributions on sales and services (15,823) (14,277) 10.8% (31,163) (27,862) 11.8%

Net Revenue 158,682 143,095 10.9% 316,495 279,475 13.2%






Cost of properties sold (9,390) (7,283) 28.9% (23,382) (12,377) 88.9%

Equity pickup 778 (997) na 1,382 (4,951) na


EBITDA 107,148 80,922 32.4% 209,990 166,214 26.3%

Financial revenue 21,808 21,996 0.9% 46,705 42,341 10.3%

Financial expenses (14,194) (11,564) 22.7% (27,534) (22,771) 20.9%

Depreciation and amortization (14,941) (10,460) 42.8% (29,258) (20,995) 39.4%

Earnings Before Taxes 99,821 80,894 23.4% 199,903 164,789 21.3%Income tax and social contribution (31,949) (1,500) 2,029.9% (40,554) (2,914) 1,291.7%

Deferred income and social contribution taxes (4,798) (25,189) 81.0% (29,815) (57,408) 48.1%

Minority interest (2,002) (2,020) 0.9% (4,740) (4,786) 1.0%

Net Income 61,072 52,185 17.0% 124,794 99,681 25.2%

(R$ '000) 2Q11 2Q10 Chg. % 1H11 1H10 Chg. %

NOI 117,011 99,908 17.1% 232,581 199,636 16.5%

NOI margin 87.2% 86.0% 116 b.p 87.7% 86.3% 134 b.p

NOI + Key Money 127,056 106,258 19.6% 251,788 217,165 15.9%

NOI + Key Money margin 88.1% 86.7% 132 b.p 88.5% 87.3% 121 b.p

Shopping Center EBITDA 109,333 78,579 39.1% 214,382 164,984 29.9%

Shopping Center EBITDA margin 72.4% 59.5% 1,287 b.p 72.3% 63.4% 891 b.p

EBITDA (Shopping Center + Real Estate) 107,148 80,922 32.4% 209,990 166,214 26.3%

EBITDA margin 67.5% 56.6% 1,097 b.p 66.3% 59.5% 687 b.p

Net Income 61,072 52,185 17.0% 124,794 99,681 25.2%

Net Income margin 38.5% 36.5% 202 b.p 39.4% 35.7% 376 b.p

Adjusted Net Income 65,870 77,374 14.9% 154,609 157,089 1.6%

Adjusted Net Income margin 41.5% 54.1% 1,256 b.p 48.9% 56.2% 736 b.p

FFO 76,013 62,645 21.3% 154,052 120,676 27.7%

FFO margin 47.9% 43.8% 412 b.p 48.7% 43.2% 549 b.p

Adjusted FFO 80,811 87,834 8.0% 183,867 178,084 3.2%Adjusted FFO margin 50.9% 61.4% 1,046 b.p 58.1% 63.7% 563 b.p


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2Q11MULT3

Balance Sheet (R$000)

ASSETS 6/30/2011 3/31/2011 % Change

Current Assets

Cash and cash equivalents 559,467 784,726 28.7%Accounts receivable 168,683 150,708 11.9%

Sundry loans and advances 21,920 19,887 10.2%Recoverable taxes and contributions 40,472 24,499 65.2%Other 14,040 17,706 20.7%Total Current Assets 804,582 997,526 19.3%

Non Current Assets

Accounts receivable 37,044 35,913 3.1%Land and properties held for sale 71,004 35,685 99.0%Sundry loans and advances 9,396 9,910 5.2%Deposits in court 23,592 23,464 0.5%Other 86 86 0.0%

Investments 10,657 12,624 15.6%Investment properties 2,739,211 2,587,533 5.9%

Property and equipment 18,218 18,277 0.3%Intangible 319,100 319,837 0.2%Total Non Current Assets 3,228,308 3,043,329 6.1%

Total Assets 4,032,890 4,040,855 0.2%

LIABILITIES 6/30/2011 3/31/2011 % Change

Current Liabilities

Loans and financing 46,629 45,752 1.9%Accounts payable 88,380 72,464 22.0%Property acquisition obligations 40,361 35,474 13.8%Taxes and contributions payable 41,312 31,040 33.1%Dividends to pay - 51,469 100.0%

Deferred incomes 53,125 37,118 43.1%Payables to related parties 325 325 0.0%Debentures - 103,833 100.0%Clients anticipation - 1,598 100.0%Other 1,624 1,530 6.1%Total Current Liabilities 271,756 380,603 28.6%

Non Current Liabilities

Loans and financing 320,036 253,545 26.2%Deferred income and social contribution taxes 21,079 16,281 29.5%Property acquisition obligations 111,346 94,592 17.7%Taxes paid in installments 993 1,060 6.3%Provision for contingencies 21,425 21,678 1.2%Deferred incomes 151,454 152,483 0.7%

Total Non Current Liabilities 626,333 539,639 16.1%Shareholders' Equity

Capital 1,761,662 1,761,662 0.0%Capital reserves 966,239 970,414 0.4%Profit reserve 340,062 330,619 2.9%Share issue costs (21,016) (21,016) 0.0%Shares in treasure department (33,161) (40,079) 17.3%Minority interest 121,015 119,013 1.7%Total Shareholder's Equity 3,134,801 3,120,613 0.5%

Total Liabilities and Shareholders' Equity 4,032,890 4,040,855 0.2%


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2Q11MULT3

Cash Flow Statement

Cash Flow Statement (R$'000) 1H11 1H10

Cash Flow from Operations

Income before tax 199.903 164.787Depreciation and amortization 29.258 20.997

Interest and monetary variations on debentures, loans,and property acquisition 14.292 13.333

Other net income adjustments (20.303) (13.442)(Increase) decrease on current assets (46.131) (5.925)Increase (decrease) on current liabilities 17.718 (14.408)Cash Flow from Operations 194.737 165.342

Cash Flow from InvestmentsIncrease in loans and sundry advances (4.454) 12.137(Increase) decrease of investment property (269.121) (135.604)Increase of property, plant and equipment (595) (1.304)Others 2.574 (9.504)Cash Flows Used in Investing Activities (271.596) (134.275)

Cash Flows from Financing ActivitiesIncrease (decrease) in loans and financing 70.054 127.817Debentures paid (100.000) -Interest payment of loans and financing (21.516) (14.547)Increase (decrease) in payables to related parties (93.949) 2.076Capital increase - 16.565Paid dividends (102.938) (40.520)Others 89.836 (17.414)Cash Flows Generated by (Used in) FinancingActivities (158.513) 73.977

Cash Flow (235.372) 105.044Cash and cash equivalents at the beginning of the period 794.839 827.967Cash and cash equivalents at end of the period 559.467 933.011Changes in Cash Position (235.372) 105.044


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2Q11MULT3

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 Center

JDS 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 the

Companys 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. The reader/investor is encouraged n ot to completely

rely on the information above.

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

policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and

consumers, commercial negotiations or other technical and economic factors.

Documents

ER2Q11Multiplan