35 YEARS

MULTIPLYING THE BEST THINGS IN LIFE.

Earnings Release 2Q10

Investor Relations Conference Call
Armando d’Almeida Neto English
CFO and IRO August 12, 2010
11:30 am (New York)
Rodrigo Krause dos Santos Rocha 12:30 pm (Brasília)
Superintendent of IR Tel.: +1 (800) 860-2442 (US)
+1 (412) 858-4600 (other countries)
Leonardo Oliveira Code: Multiplan
Senior IR Analyst Replay: + 1 (412) 317-0088
Code: 442715#
Franco Carrion
IR Analyst Portuguese
August 12, 2010
Hans Melchers 10:00 am (New York)
Planning Manager 11:00 am (Brasília)
Tel.: +55 (11) 4003-9004
ri@multiplan.com.br Code: Multiplan
Tel: +55 21 3031-5224 Replay: +55 (11) 4003-9004
Fax: +55 21 3031-5322 Code: Multiplan
 MULTIPLAN ANNOUNCES NET OPERATING INCOME (NOI) OF
R$100 MILLION AND EBITDA OF R$81 MILLION IN 2Q10
Rio de Janeiro, August 11, 2010 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), announces
its second quarter 2010 results. The following financial and operational information, except where otherwise
stated, is shown in Reais (R$), and based on consolidated figures, in accordance with the generally accepted
accounting practices in Brazil (BR GAAP).

Variation 2Q10/2Q09 Variation 1H10/1H09

Shopping Shopping
Net Adjusted Net Adjusted
Center NOI EBITDA Center NOI EBITDA
Income Net Income Income Net Income
Sales Sales
▲21.8% ▲22.9% ▲27.5% ▲12.7% ▲68.1% ▲23.7% ▲28.8% ▲34.7% ▲9.3% ▲74.5%

HIGHLIGHTS
Multiplan‟s
null
Shopping Center Sales climbed 21.8% Deferred Income reached the record high amount of
in the quarter or 23.7% in the first half of 2010, with R$150.0 million, benefitting from R$19.6 million of
null showing double digit increases in both
all malls Key Money signed in the quarter. Multiplan invested
periods.
null R$17.2 million in marketing campaign at the
Same Store Sales (SSS) went up 11.9% company and project level this quarter, which should
null
(2Q10/2Q09) and 13.2% (1H10/1H09) boosted by further boost the leasing and selling effort of the ten
null
food court & gourmet areas and home & office current projects and future launchings.
sectorsnullsales. As for the Same Area Sales (SAS), Multiplan continues to benefit from economies of
recent changes in store mix led to a growth of 13.3% scale. While NOI growth exceeded 22.9% over 2Q09
null
(2Q10/2Q09) and 14.8% (1H10/1H09), above the reaching R$99.9 million, the leverage of this hike led
SSS for each DESTAQ
period. EBITDA, AFFO and Adjusted Net Income to grow
27.5%, 58.8% and 68.1% respectively. AFFO
UES
Net Revenue grew 33.6% in the quarter reaching
reached R$178.1 million in 1H10 with a margin of
R$143,1 million, reinforcing the company´s
FINANCEIRO
efficiency in delivering high returns per sq. m. 63,7%, providing a sustainable cash generation to
ThisSaccount was also boosted by a R$12.2 million fund the company´s expected development pipeline.
revenue due to the fast pace development of its The company plans to invest over R$1.0 billion
office tower at BarraShoppingSul, planned to be only in the recently announced projects until 2012,
delivered in less than a year. which should increase the company‟s owned GLA
Rental Revenue, went up 23,5% reaching R$100.7 by 44.0% to over half a million m².
million in 2Q10, despite a negative carry-over from Multiplan has ten projects under development:
contract indexation to IGP-DI. The figure for the first four shopping centers, three expansions and three
half 2010 was R$199.7 million, a gain of 24.1% over office towers.
1H09. Overage exceeded by 59.2% 2Q09 figures, The three Greenfield and three expansion projects
suggesting a strong momentum for shopping center under leasing have 58.4% of its 772 stores already
tenants. Besides the success of current operations, leased.
the rapid growth of new shopping centers and
expansions recently opened were one of the
drivers for this performance.
Recent events and projects under development:
On July 1, Standard&Poor´s updated its corporate credit ratings for Multiplan, raising it from brAA to brAA+
on the Brazilian National Scale, and reaffirming the BB+ rating on the global scale, with a stable perspective.
On July 22, the company increased its ownership interest in Pátio Savassi through the acquisition of an
additional 15.6% of the mall, reaching 96.5%.
On that same date, the company also acquired assets and interest in land parcels located in the
surrounding areas of the shopping center for future expansion. In November of this year, a 1,109 m² expansion
in GLA is expected to open in Pátio Savassi, with addition of 5 new stores.
On July 28, Multiplan announced the development of ParkShopping Corporate, a class A project integrated
to ParkShopping with two office towers for lease (Multiplan‟s interest is 50%). The buildings will have a total
GLA of 13,360m², with 391 exclusive parking spaces. Construction is expected to start in 1Q11 and the towers
should be delivered by 4Q12.

2
 2Q10
MULT3

OPERATING AND FINANCIAL HIGHLIGHTS

Financial (MTE %) (R$‟000) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
null
Gross Revenue 157,373 119,417 ▲31.8% 307,337 230,331 ▲33.4%
Net Revenue null 143,096 107,069 ▲33.6% 279,476 208,011 ▲34.4%
Headquarters 25,325 24,657 ▲2.7% 45,393 43,542 ▲4.3%
null
Rental Revenue 100,666 81,498 ▲23.5% 199,717 160,888 ▲24.1%
Rental Revenue/m² DESTAQUES FINANCEIROS 303 R$/m² 258 R$/m² ▲17.5% 576 R$/m² 486 R$/m² ▲18.4%
Rental Revenue USD/sq. foot 15.6 US$/sqf 12.3 US$/sqf ▲27.0% 29.6 US$/sqf 23.2 US$/sqf ▲27.9%
EBITDA 80,922 63,445 ▲27.5% 166,214 123,392 ▲34.7%
EBITDA Margin 56.6% 59.3% ▼271 b.p 59.5% 59.3% ▲15 b.p
Net Operating Income (NOI) 99,907 81,305 ▲22.9% 199,635 155,026 ▲28.8%
Net Operating Income/m² 300 R$/m² 257 R$/m² ▲16.9% 575 R$/m² 469 R$/m² ▲22.8%
Net Operating Income USD/sq. foot 15.5 US$/sqf 12.2 US$/sqf ▲26.3% 29.6 US$/sqf 22.3 US$/sqf ▲32.7%
Net Operating Income Margin 86.0% 86.2% ▼21 b.p 86.3% 84.1% ▲220 b.p
Adjusted Net Income 76,238 45,344 ▲68.1% 154,808 88,738 ▲74.5%
Adjusted FFO 87,831 55,318 ▲58.8% 178,085 108,370 ▲64.3%
Adjusted FFO/m² 264 R$/m² 175 R$/m² ▲51.1% 513 R$/m² 328 R$/m² ▲56.7%
Adjusted FFO US$ 48,668 28,368 ▲71.6% 98,679 55,574 ▲77.6%
Adjusted FFO USD/sq. foot 13.6 US$/sqf 8.3 US$/sqf ▲63.2% 26.4 US$/sqf 15.6 US$/sqf ▲69.3%
Market Performance 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
Number of Shares (Total) 179,197.214 147,799.441 ▲21.2% 179,197.214 147,799.441 ▲21.2%
Common Shares 167,338.867 135,941.094 ▲23.1% 167,338.867 135,941.094 ▲23.1%
Preferred Shares 11,858.347 11,858.347 - 11,858.347 11,858.347 -
Avg. Share Price R$ 31.00 R$ 18.24 ▲69.9% R$ 30.73 R$ 16.26 ▲89.0%
Final Share Price R$ 33.01 R$ 19.80 ▲66.7% R$ 33.01 R$ 19.80 ▲66.7%
Average Daily Traded Volume (R$ '000) 9,100 1,725 ▲427.6% 9,868 1,543 ▲539.7%
Dollar (USD) end of Quarter $1.80 $1.95 ▼7.5% $1.80 $1.95 ▼7.5%
Market Cap (R$ '000) 5,915,300 2,926,429 ▲102.1% 5,915,300 2,926,429 ▲102.1%
Gross Debt (R$ '000) 558,617 401,983 ▲39.0% 558,617 401,983 ▲39.0%
Cash (R$ '000) 933,011 187,213 ▲398.4% 933,011 187,213 ▲398.4%
Net Debt (R$ '000) (374,393) 214,646 ▼274.4% (374,393) 214,646 ▼274.4%
EPS R$ 0.29 R$ 0.31 ▼7.0% R$ 0.55 R$ 0.61 ▼9.8%
NOI per Share R$ 0.56 R$ 0.55 ▲1.4% R$ 1.11 R$ 1.05 ▲6.2%
P/AFFO (Last 12 months) 16.76 x 13.09 x ▲28.1% 16.76 x 13.09 x ▲28.1%
EV/EBITDA (Last 12 months) 16.31 x 12.05 x ▲35.3% 16.31 x 12.05 x ▲35.3%
Net Debt/EBITDA (Last 12 months) (1.10) x 0.82 x ▼233.8% (1.10) x 0.82 x ▼233.8%
Operational (100%) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
Final Total GLA 532,902 m² 484,873 m² ▲9.9% 532,902 m² 484,873 m² ▲9.9%
Final Owned GLA 347,757 m² 330,833 m² ▲5.1% 347,757 m² 330,833 m² ▲5.1%
Owned GLA (%) 65.3% 68.2% ▼297 b.p 65.3% 68.2% ▼297 b.p
Adjusted Total GLA (avg.) ¹ 515,953 m² 470,525 m² ▲9.7% 530,286 m² 484,906 m² ▲9.4%
Adjusted Owned GLA (avg.) ¹ 332,574 m² 316,458 m² ▲5.1% 346,908 m² 330,819 m² ▲4.9%
Total Sales 1,714,591 1,407,614 ▲21.8% 3,300,184 2,668,827 ▲23.7%
Total Sales/m² 3,323 R$/m² 2,992 R$/m² ▲11.1% 6,223 R$/m² 5,504 R$/m² ▲13.1%
Total Sales USD/sq. foot 171.1 US$/sqf 142.5 US$/sqf ▲20.0% 320.4 US$/sqf 262.2 US$/sqf ▲22.2%
Same Store Sales/m² 1,182 R$/m² 1,056 R$/m² ▲11.9% 1,134 R$/m² 1,002 R$/m² ▲13.2%
Same Area Sales/m² 1,154 R$/m² 1,019 R$/m² ▲13.3% 1,113 R$/m² 969 R$/m² ▲14.8%
Same Store Rent/m² 82 R$/m² 78 R$/m² ▲4.4% 80 R$/m² 77 R$/m² ▲4.2%
Same Area Rent/m² 83 R$/m² 80 R$/m² ▲3.7% 82 R$/m² 79 R$/m² ▲3.7%
Occupancy Costs ² 12.9% 13.5% ▼59 b.p 13.2% 14.1% ▼85 b.p
Rent as % of Sales 7.3% 7.9% ▼54 b.p 7.5% 8.2% ▼71 b.p
Others as % of Sales 5.6% 5.7% ▼05 b.p 5.7% 5.9% ▼14 b.p
Turnover ² 1.3% 1.1% ▲24 b.p 2.3% 2.3% ▲01 b.p
Occupancy Rate ² 98.1% 96.5% ▲159 b.p 98.1% 96.5% ▲159 b.p
Delinquency (25 days delay) ² 1.5% 4.7% ▼322 b.p 1.4% 5.2% ▼380 b.p
Rent Loss ² 0.8% 0.4% ▲36 b.p 0.7% 0.4% ▲29 b.p
¹ Adjusted GLA corresponds to the period‟s average GLA excluding 14,000 m² of BIG supermarket at BarraShoppingSul

² Excluding Shopping Vila Olímpia

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MULT3

LETTER FROM THE CEO

Dear Investors,

It is with great pleasure that we present Multiplan´s the second quarter and first half of 2010 results. The figures
disclosed reveal the solidness of our company and reflect the growth phase the national retail business is going
through. Sales in our shopping centers reached R$1.7 billion, a growth of 21.8%. The first six months saw sales
at R$3.3 billion, representing an increase of 23.7% compared to the same period in 2009. These results pushed
rental revenues up, reaching R$100.7 million. This is a 23.5% increase, while the figure for six months reached
R$199.7 million, or 24.1% higher.

Adjusted Net Income increased 68%, up from R$45.3 million to R$76.2 million in the second quarter. Adding up
the first six months of the year, the adjusted net income was R$ 154.8 million, a 74.5% increase over the first
semester of 2009. EBITDA went up 27.5% in the quarter, totaling R$81 million. The increase for the first half was
of 34.7%, and equivalent to R$166.2 million, and a margin of 60%.

Net Operating Income (NOI) reached the Mark of R$100 million in the quarter, and R$200 million in the semester,
both with margins at 86%. Adjusted Funds From Operations (AFFO) went up 59%, reaching the total amount of
R$87.8 million in the quarter, and ending the first six months of the year with R$178 million, a positive variation of
64.3%. The Company has, additionally, about R$1 billion in cash. This means that it is in a comfortable position
to push forward with its growth plans.

Multiplan currently has ten projects under development, of which four are shopping centers, three are expansions
and three are office buildings – including the two office towers of ParkShopping Corporate, in Brasilia, announced
last July – which will contribute with an additional 43.8% owned GLA for the Company. With these projects, it will
jump from its current 347 thousand square meters to more than 500 thousand square meters of GLA. The
investment forecast through 2012 is of R$1 billion. The company also announces last July the acquisition of a
minority interest of 16.5%, in its shopping Pátio Savassi, raising our stake to 96.5%. The acquisition of minority
interest in our shopping centers constitutes a high return investment for the company.

The leasing process of shopping centers under development also presents positive results. JundiaíShopping and
ParkShoppingSãoCaetano, in the state of São Paulo, and VillageMall, in the capital city of Rio de Janeiro have
45% of their space already leased. If taking into consideration these three shopping centers and the three
expansions under construction – BH Shopping and Pátio Savassi, in Belo Horizonte; and ParkShoppingBarigui, in
Curitiba – there will be 772 new stores. Together with the existing 3,415 in operation, we will reach a total of 4,187
stores.

Our company also has a land bank with 801 thousand square meters of land, which allows us to continue to
pursue our expansion plans with new developments. We are particularly interested in mixed use projects. They
put together different types of buildings in the surrounding areas near our shopping centers, promoting synergies
between shopping, work, leisure and services. We can say more and more that our assertion that people want to
resolve all their affairs in a single location is correct, that they seek convenience and comfort in their daily chores.

We have scheduled the opening of three expansions – which will add 20 thousand square meters of owned Gross
Leasable Area, for this second half of 2010. We are also starting the construction of two new shopping centers:
JundiaíShopping, in the countryside of São Paulo, and VillageMall, in Rio de Janeiro.
We continue to be confident in the future of the Brazilian economy and especially in the potential of the retail
market, contributing more and more to the growth of consumption. We maintain our commitment to continue to
grow safely, offering projects that are distinct and of the highest quality to our consumers and tenants.

Thank you all for your support and confidence.

José Isaac Peres

CEO and Chairman

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 2Q10
MULT3

FINANCIAL HIGHLIGHTS
Overview

Multiplan Empreendimentos Imobiliários S.A is the leading shopping center Company in Brazil in terms of
revenues. Established as a full service company planning, developing, owning and managing one of the largest
and highest-quality mall portfolios, the Company is also strategically active in the residential and commercial real
estate development sectors, generating synergies for shopping center-related operations by creating mixed-use
projects in adjacent areas. In the end of second quarter, Multiplan owned - with an average interest of 65.7% -
and managed 13 shopping centers totaling a GLA of 532,902 m², 3,415 stores and an estimated annual traffic of
147 million consumers.

Consolidated Financial Statements

(R$ 000) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %

Rental revenue 100,666 81,498 ▲23.5% 199,717 160,888 24.1%
Services 21,077 18,107 ▲16.4% 35,786 33,497 6.8%
Key money 6,350 6,034 ▲5.2% 17,529 11,202 56.5%
Parking 15,505 12,807 ▲21.1% 31,500 23,347 34.9%
Real Estate 12,240 882 ▲1,288.2% 21,256 1,309 1524.4%
Others 1,534 89 ▲1,618.9% 1,549 89 1635.2%
Gross Revenue 157,373 119,417 ▲31.8% 307,337 230,331 33.4%
Taxes and contributions on sales and services (14,276) (12,348) ▲15.6% (27,861) (22,320) 24.8%
Net Revenue 143,096 107,069 ▲33.6% 279,476 208,011 ▲34.4%
Headquarters expenses (25,325) (24,657) ▲2.7% (45,393) (43,542) ▲4.3%
Stock-option-based remuneration expenses (1,380) (807) ▲71.0% (2,544) (1,317) ▲93.1%
Shopping centers expenses (16,263) (13,000) ▲25.1% (31,581) (29,209) ▲8.1%
Pre-operational expenses (11,191) (2,420) ▲362.4% (17,818) (2,643) ▲574.1%
Cost of properties sold (7,283) (481) ▲1,414.7% (12,377) (714) ▲1,634.2%
Equity pickup (997) (3,354) ▼70.3% (4,951) (9,552) ▼48.1%
Financial revenue 21,995 5,063 ▲334.4% 42,341 9,425 ▲349.2%
Financial expenses (11,564) (10,707) ▲8.0% (22,771) (20,452) ▲11.3%
Depreciation and amortization (11,593) (9,974) ▲16.2% (23,277) (19,631) ▲18.5%
Other operating income/expenses 266 1,094 ▼75.7% 1,402 2,357 ▲40.5%
Income before income and social contribution
79,760 47,827 ▲66.8% 162,506 92,734 ▲75.2%
taxes
Income tax and social contribution (1,500) (2,254) ▼33.47% (2,914) (3,540) ▼17.7%
Deferred income and social contribution taxes (24,804) 284 n.a. (56,633) 1,068 n.a.
Minority interest (2,022) (228) ▲784.8% (4,785) (455) ▲950.7%
Net Income 51,434 45,628 ▲12.7% 98,175 89,806 ▲9.3%

EBITDA 80,922 63,445 ▲27.5% 166,214 123,391 ▲34.7%

NOI 99,907 81.305 ▲22,9% 199,635 154,998 ▲28.8%
Adjusted FFO 87,831 55,318 ▲58.8% 178,085 108,370 ▲64.3%
Adjusted Net Income 76,238 45,344 ▲68.1% 154,808 88,738 ▲74.5%

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MULT3

Case Study I: Demand for Space in Multiplan Shopping Centers

The company continues to experience a solid demand for space in its shopping centers. By analyzing the
operational data for the last decade, the company identified several variables pointing to one clear trend: leasable
areas in Multiplan shopping centers have become even more valuable.

Multiplan: The power of the brand

Multiplan is known for developing, owning and managing leading shopping centers in the major cities in Brazil.
The four-leaf clover in the shopping center logo is associated to quality management and client-focused services.
The company has built a strong relationship with more than one thousand tenants throughout its 35 years of
existence. From small regional operations to large local and international retail companies, Multiplan has seen
start-up stores developing into regional or national brands and even global operations achieving a local approach
to Brazilian clients.
786
Weighted Sales (% MTE)
Sales increase eight-fold in eight Rental Revenues 626
years Average Own GLA
National Retail Sales
IGP-DI
This could only be possible with
358
strong sales performance and new
opportunities to grow. The company
186
believes to have contributed to both 147
drivers, by multiplying by three its
owned GLA since 2001 and using all
2001 2002 2003 2004 2005 2006 2007 2008 2009
its managerial knowledge to boost
sales. Sales from consolidated and Sales, Rent, Area and inflation growth analysis (Base 100 = 2001)
new areas exceed by far national
retail sales which increased 47% and inflation (measured by the IGP-DI), which went up 86%. Tenant Sales
(weighted by Multiplan‟s GLA Share) grew nearly eight times since 2001, showing a 29% CAGR in the period.
This growth is in part also a result of renovations to update and adapt the interiors to new tendencies and
customer requirements, accurate mix and services control. This strong sales performance was the catalyst for the
rental revenue growth. Even considering the lower rents normally seen in the first years of operation of a new
development, rental revenue managed to increase more than six times in the last eight years, growing above the
GLA growth, but still below tenant sales growth and sponsoring a sustainable growth of both parties.

Targeting a sustainable growth

18.0%
As a result of sales growing on top of rent,
PKB
occupancy cost was reduced throughout the 17.0%
last decade. In 2000, the company registered 16.0%
an occupancy cost of 17.4%, while in the first
15.0%
half of 2010 this figure dropped to 13.2%. It
14.0%
should be noted that his decline was due to
BSS
stronger increases in sales, which further 13.0%
enhances the returns of the shopping tenants SVO
12.0%
given its operational leverage – a 10%
11.0%
increase in sales normally leads to an even
10.0%
bigger increase in tenants‟ net income. The
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2T10
company believes that this is also a strong
stimulus for current tenants to join in on future
Occupancy Cost Evolution
Multiplan projects, sustained by the current
leasing success and high occupancy rates.

High occupancy rates – synonymous with quality

Multiplan shopping centers have recorded, since 1999, an average occupancy rate well over 90%. As expressed
in the chart on the next page, it is important to highlight that the opening of new areas, as in 1999, 2003, 2008 and

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 2Q10
MULT3

2009, along with strategic decisions related to reorganizing the tenant-mix to adapt the mall to its target
consumers, caused a temporary drop in the occupancy rate.
In spite of the slight decreases as a result of the addition of new areas to the portfolio, the chart indicates that
occupancy level go back to the upper 90´s usually the following years after the opening of the expansion or the
new mall.
As of June, 2010, of the 13 shopping centers in operation, three were entirely leased (100%) and other five had a
vacancy ratio of less than 0.5%. With the exception of Shopping SantaÚrsula, which is in the middle of a re-
tenanting process, and Shopping Vila Olímpia which is still in its first year after opening, no other shopping center
ended 2Q10 with an occupancy level of less than 97%.

99.0% 98.8%
97.7%
97.0%
BSS
SVO
95.0%
SAF
NYC
93.0% PKB

91.0%
90.0%
89.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Current Portfolio Portfolio without SSU 90%

Average occupancy rate evolution

Consolidation as a factor of attraction

Consolidated shopping centers with over 25 years of operation are among those with the highest sales per square
meter in Multiplan´s portfolio. As a consequence, they have become references in their regions, presenting the
lowest vacancy ratio and showing continued demand for space.
With occupation indices above 90%, younger shopping centers (less than 15 years in operation) are also highly
demanded, with high figures yet with some larger volatility. The highlight goes to DiamondMall, which went
through a change in mix of 26 operations, and reached the second highest sales per square meter in the entire
network, behind only one of the most profitable shopping centers in the country, MorumbiShopping.
40º
age

Consolidated

35º BHS
x axis - age of the mall RBS
Malls

30º y axis - avg. occupancy rate

BRS
size of the ball - sales/m² MBS
25º PKS

20º
DMM
Young Malls

15º
Turnaround NYC
10º SAF
Recently PKB
SSU Opened
5º PSS
BSS
SVO
0º
82.0% 84.0% 86.0% 88.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0%
-5º
average occupancy rate
Portfolio Analysis: Age of the mall vs. Average occupancy rate

Half full, half empty

Shopping SantaÚrsula, on the other hand, was acquired by the company in 2008 and concluded recently the first
phase of a restructuring program which required a total investments of R$15 million. The vacancy ratio remains
high compared to the average of Multiplan‟s portfolio, and the shopping center has an average rent per square
meter 71.2% lower than that of RibeirãoShopping, Multiplan‟s other mall in the same city, suggesting a potential
upside for Shopping SantaÚrsula, given the similar quality of tenants, the architecture and location. This rent gap
tends to disappear with the actions taken by the company´s commercial team. Of the vacant stores at the
beginning of the restructuring (vacancy reached a record high of 34.4%), the company has already signed 34 new
lease contracts with rent per square meter 51.5% higher than the average recorded in the mall in 2Q10.

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MULT3

Case Study II: Shopping Pátio Savassi

Owning 96.5% of a mall…

On July 22, 2010, Multiplan exercised an option to acquire an additional 16.5% stake in Pátio Savassi, resulting in
a total ownership of 96.5%. The option was signed with MK Empreendimentos e Participações Ltda. The
company paid R$51.8 million for this stake and another R$4.2 million for assets and land for future expansions in
the surrounding area. The acquisition of this stake will further increase Multiplan‟s control over the shopping
center and benefit from its expected future growth.

..with three expansions to come

Multiplan plans to develop three expansions in the mall. The first of the three should open by November 2010,
adding 1,109m² of total GLA to the shopping center`s third floor, and is already under construction. Furthermore,
the company expects to develop two expansions in the acquired land plots, adding another 3,000 m² of GLA and
bringing a 25% increase to the shopping center´s current GLA.

View of Future Expansion

Growing the pie
+44.9%
CAGR: 13.2%
As already reported in the past, the operation had not only a
679.0 M
financial purpose, but also a strategic one for Multiplan. With +72.1%
+87.4%
CAGR: 23.3%
the acquisition of the mall, the company owns three shopping 468.5 M
CAGR: 19.8%

centers in the south part of Belo Horizonte, Minas Gerais, 387.8 M

which are three of the best malls in the city. Each shopping 268.5 M
206.9 M
center has a distinct consumer segment target in the region, 156.0 M

and the combined tenant sales increased by 60.6% over the

last three years. This also had an impact in Pátio Savassi‟s BHS PSS DMM
results, which lead to exceeding the company‟s expected first Sales jun/07 (12M) Sales jun/10 (12M)
year cap rate.
Increase in sales of the shopping centers in the state of
Minas Gerais in the last 3 Years
Exceeding expectations year after year
+52.3%
While acquiring its first two stakes in the mall in 2007, the
CAGR: +15.1%
company expected a first year cap-rate of 6.9%. However, due 10.5%
9.8%
to the company‟s effort to review its tenant mix, the shopping
7.6%
center has outperformed this figure leading to a first year cap- 6.9%

rate of 7.6%.

In 2010, using the same price for the last 12 months

performance, Pátio Savassi‟s cap rate would have been
Expected 1st jun/08 (12M) jun/09 (12M) jun/10 (12M)
10.5%, as a result of its strong 66.5% increase in NOI, the Yr Cap Rate
result of the successful segmentation strategy applied to it in Development of the Cap-rate for the first two acquisitions
over initial expectation
the last 3 years. It is worth mentioning that its GLA has not
suffered any meaningful change throughout this period.

IRR boosted by expansion

The current expected IRR is nearly 300 b.p. higher than

initially planned, reaching 16.8%. If future expansions are
considered, the return is expected to reach 17.6%.

8
 2Q10
MULT3

Good perspectives to continue to grow +358 b.p.

16.8% 17.6%
Even with all this growth, the two Multiplan shopping centers in
14.0% +79 b.p.
the region, BH Shopping and DiamondMall, still had a base
+280 b.p.
rent/m² of 43.8% and 23.5% respectively, higher than Pátio
Savassi in the last 12 months, given that the company has not
yet completed its strategy to align rental contracts at this
shopping center. Two ratios that show the potential for future
growth in Shopping Pátio Savassi are: Initial expected Current IRR for Considering the
return (2007) the acquisitions future
1. Base Rent/Sales; lower than in BH Shopping and expansions
Real and unleveraged IRR for Pátio Savassi acquisitions
DiamondMall.
2. Overage/Base Rent; higher than the other two Multiplan 18. 0% 8. 0%

7.2%
malls in Belo Horizonte, which indicates that a 16. 0%

6.3% 7. 0%

5.6%
percentage of the overage rent could be transferred to
14. 0%

6. 0%

12. 0%

base rent in future contracts.

5. 0%

10. 0%

4. 0%

8. 0%

The region also shows a potential upside, due to possible 6. 0%

17.0% 3. 0%

infrastructure investments in the surrounding areas of the mall. 4. 0%

2. 0%

8.7%
This could benefit even further the shopping center‟s power of
1. 0%
2. 0%

0. 0%
3.4% 0. 0%

attraction and support its strong growth, and exceed Multiplan BHS PSS DMM
current expectations.
Overage rent Base rent/Sales

Percentage of overage over base rent and base

Rent/sales in the LTM since June 2010

+43,8% +23,5%
1,322 R$/m²
1,136 R$/m²

920 R$/m²

BHS PSS DMM

Annual base rent/m² in the LTM since Jun/10

9
 2Q10
MULT3

SHOPPING CENTERS SALES

Sales atnull
Multiplan Shopping Centers reached R$3.3 billion in 1H10
null
Multiplan shopping centers‟ tenant sales increased by 23.7% in the first half of 2010, reaching R$3.3 billion, or
null in 2Q10, a 21.8% increase compared to the same period of the previous year. All shopping centers
R$1.7 billion
recordednull
double digit increases in sales for the quarter and first half of the year.

Consolidated
null shopping centers such as BH Shopping, BarraShopping and MorumbiShopping (three of the four
highest sales per square meter in Multiplan‟s portfolio) showed consistent organic growth over 15% in sales
null
during the first half of 2010.
DESTAQUES
Shopping AnaliaFranco FINANCEIROS
and ParkShopping 3,300
+23.7%
benefited from the opening of new CAGR: +17.7% 2,669
expansions in 2H09 and increases in tenant
sales of 41.6% and 20.4% respectively in 2,217
1,914
1H10.
1,563
1,378
DiamondMall, with the second highest sales 1,183
per square meter in Multiplan‟s portfolio, and 762 814 922
New York City Center, had their tenant mix
successfully renewed over the last year and
the positive impact was shown via above
average increases of 39.6% and 34.3% in 1H01 1H02 1H03 1H04 1H05 1H06 1H07 1H08 1H09 1H10
sales in 1H10, when compared to the first First six months historical sales growth (R$ million)
half of 2009.

Shopping SantaÚrsula sales increased 28.0% in the quarter, and the mall continues to show progress after being
deeply transformed, both architecturally and in its mix of stores. As a result, occupation continues to rise after its
historical low of 65.6% in 3Q09, reaching 85.2% in 2Q10.

The chart comparing the first half year for the past nine years, above on the right, shows the solid sales growth in
the period, with a CAGR of 17.7% per period.

Total Sales (R$‟000)

Shopping Center 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
BH Shopping 166,844 146,076 ▲14.2% 323,720 279,917 ▲15.6%
RibeirãoShopping 110,145 95,818 ▲15.0% 213,525 184,809 ▲15.5%
BarraShopping 308,648 259,564 ▲18.9% 596,777 494,967 ▲20.6%
MorumbiShopping 275,052 241,384 ▲13.9% 514,271 445,918 ▲15.3%
ParkShopping 172,797 151,657 ▲13.9% 345,820 287,333 ▲20.4%
DiamondMall 103,431 76,245 ▲35.7% 196,786 140,915 ▲39.6%
New York City Center 40,481 31,288 ▲29.4% 86,700 64,533 ▲34.3%
Shopping AnáliaFranco 158,804 114,810 ▲38.3% 301,321 212,738 ▲41.6%
ParkShoppingBarigüi 122,748 111,459 ▲10.1% 236,304 212,687 ▲11.1%
Pátio Savassi 66,582 59,241 ▲12.4% 126,838 111,877 ▲13.4%
Shopping SantaÚrsula 24,991 19,526 ▲28.0% 45,569 40,577 ▲12.3%
BarraShopping Sul 117,185 100,549 ▲16.5% 224,494 192,554 ▲16.6%
Shopping Vila Olímpia¹ 46,884 - - 88,058 - -
Total Sales 1,714,591 1,407,614 ▲21.8% 3,300,184 2,668,827 ▲23.7%

Same Store Sales growth of 11.9% in 2Q10 +21.8%

In the second quarter of 2010, Sales in Multiplan‟s shopping

centers continued to grow above inflation and national retail +13.3%
+11.9%
+10.2%
sales, as disclosed by IBGE. Solid figures result from a healthy
combination of organic growth and the addition of new GLA to +5.1%

the portfolio. Total Sales increase confirms that new areas were
delivered successfully and that the efforts made by the company
IPCA National Sales in Same Same Area
to grow resulted in important contributions to sales. Retail Sales Multiplan Stores Sales
Growth Sales

Sales analysis - 2Q10 vs 2Q09

10
 2Q10
MULT3

Additionally, the chart below shows how resilient Multiplan‟s Same Store Sales (SSS) has performed, having
increased frequently on top of strong previous growths. In spite of the economic crisis in 2008, Same Store Sales
in Multiplan malls continued to expand. The spread between SSS and SAS confirms that the company was
successful in its store-mix improvement strategy.

13.8% 14.4% 14.0% 14.9%

12.2% 11.9%
11.4% 11.4%
9.9% 10.6%
9.8%
7.9%
5.1% 5.6%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Same Store Sales historical growth

Food Court & Gourmet Areas and Home & Office boosted Same Store Sales

Satellite and anchor stores posted double digit growth in Same Store Sales for the quarter and for first half of the
year. Food court & gourmet areas was the segment that contributed the most, on a percentage basis, along with
the Home & Office sector, which was boosted by TV sales due to the soccer World Cup. Apparel retailers
increased sales in absolute terms, being responsible for 2/5 of sales in Multiplan shopping centers (2Q10).
Services presented smaller increases in 2Q10 and 1H10, of 3.3% and 4.8% respectively.
Same Store Sales 2Q10/2Q09 1H10/1H09
Segments Satellites Anchors Total Satellites Anchors Total
Food Court & Gourmet Areas ▲22.4% n.a. ▲22.4% ▲26.6% n.a. ▲26.6%
Diverse ▲11.0% ▲4.0% ▲9.4% ▲11.2% ▲10.3% ▲11.0%
Home & Office ▲14.5% ▲19.2% ▲16.7% ▲14.7% ▲20.2% ▲17.3%
Services ▲1.7% ▲4.3% ▲3.3% ▲5.2% ▲4.5% ▲4.8%
Apparel ▲9.2% ▲8.1% ▲8.9% ▲8.9% ▲10.0% ▲9.2%
Portfolio ▲12.3% ▲11.1% ▲11.9% ▲13.1% ▲13.3% ▲13.2%

Historical growth confirms Multiplan’s consistent performance

Multiplan shopping centers monthly sales increase, shown in the chart below, indicates that the double digit
growth is not a onetime event, but rather a recurring achievement in the company‟s historical performance record.
In June 2010, sales presented a strong growth of 16.5% compared to the same month of 2009, in spite of being
impacted by the soccer World Cup which began on June 11, 2010.
National Retail Sales Growth Multiplan Sales Growth
30.3%

24.2% 24.0% 24.1% 25.1%

22.9% 22.9%
20.2% 19.9% 20.6%
15.7% 16.5%
12.9% 12.2%
10.4% 10.2% 11.3%
8.6% 8.6% 9.1% 9.2%
6.0% 4.7% 5.0%

Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10

Total sales monthly growth (Year Over Year)

11
 2Q10
MULT3

REVENUES
Gross Revenues
S
Solid increase across all revenue lines: 31.8%
null

2Q10 grossnull revenues reached R$157.4 million, growing in

line with 1Q10, which also increased 31.8% compared to the Others
null
same period of 2009. In the first half of 2010, gross revenue Real Estate 1.0%
null 7.8%
grew 33.4%, achieving R$307.3 million. Base
null Parking 84.5%
The main drivers for the quarter were the improvement in 9.9% Rent
64.0%
rental revenue
null and in real estate sales, which, combined, Key money
added an extra R$30.5 million to Multiplan‟s revenues. 4.0%
null
Multiplan‟s gross revenue main component continues to be Services Merchand. Overage
rental revenuesDESTA(64.0%) from stores in the company‟s 13.4% 11.0% 4.5%
QUES
shopping centers. More details for each revenue line can be Gross Revenue Breakdown – 2Q10
found in the following pages.
FINANCEIRO
€1. 00
S +23.5% +16.4% +5.2% +21.1% +1288.2%+1618.9%
170, 000

157,373
€( 199, 999
, 99.00)
11,359 1,445 160, 000

150, 000

2,970 317 2,698

€( 399, 999
, 99.00)

19,167 140, 000

Straight Line Seasonality

€( 599, 999
, 99.00)

119,417
130, 000

7.5% (double-rent)
120, 000
Base rent 79.2%
€( 799, 999
, 99.00)
92.5%
+31.8% 110, 000

€( 999, 999
, 99.00) 100, 000

Contractual
Gross Rental Services Key Net Real Others Gross (step-ups)
Revenue revenue money Parking Estate Revenue 20.8%
2Q09 2Q10
Gross Revenue Evolution – (R$‟000) Base Rent Breakdown – 2Q10
Numbers in bold refer to percentage change from 2Q09 to 2Q10

1. Rental Revenue

Steady growth across the whole portfolio

Multiplan‟s rental revenue increased 23.5% in 2Q10, when compared to the same period of the previous year, or
24.1% if considering 1H10 over 1H09. Rent for the first half reached R$199.7 million. Growth was strong
especially considering that the IGP-DI effect impact was negative -0.3%. MorumbiShopping, BarraShopping and
BH Shopping remain as the largest contributors in rent and as the malls with the highest rent per square meter.
Nevertheless, due to new areas added and the performance of the portfolio as a whole, the percentage of
revenue they contribute with was diluted from 50.3% in 2Q09 to 44.1% in 2Q10.
Rental Revenue/SC (R$ '000) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
BH Shopping 11,113 10,086 ▲10.2% 21,248 20,324 ▲4.5%
RibeirãoShopping 6,677 6,342 ▲5.3% 13,246 12,558 ▲5.5%
BarraShopping 15,193 13,930 ▲9.1% 29,919 28,057 ▲6.6%
MorumbiShopping 17,999 16,946 ▲6.2% 35,128 33,103 ▲6.1%
ParkShopping 7,848 5,864 ▲33.8% 15,441 11,379 ▲35.7%
DiamondMall 7,167 6,331 ▲13.2% 13,941 11,951 ▲16.7%
New York City Center 1,332 1,206 ▲10.5% 2,754 2,532 ▲8.8%
Shopping AnáliaFranco 4,139 3,262 ▲26.9% 8,124 6,390 ▲27.1%
ParkShoppingBarigüi 6,421 6,200 ▲3.6% 12,165 12,010 ▲1.3%
Pátio Savassi 4,090 3,640 ▲12.4% 7,639 7,038 ▲8.5%
Shopping Santa Úrsula 453 405 ▲11.9% 830 851 ▼2.5%
BarraShopping Sul 7,581 7,287 ▲4.0% 14,996 14,695 ▲2.1%
Shopping Vila Olímpia¹ 4,240 0 n.a. 8,844 0 n.a.
Sub-Total Portfolio 94,254 81,498 ▲15.7% 184,274 160,888 ▲14.5%
Straight Line Effect 6,412 0 n.a. 15,443 0 n.a.
Total 100,666 81,498 ▲23.5% 199,717 160,888 ▲24.1%
¹ Opened in November 2009

12
 2Q10
MULT3

As for the percentage increases, ParkShopping showed the strongest growth in the portfolio (2Q10/2Q09: 33.8%
and 1H10/1H09: 35.7%), as a result of the positive impact of the frontal expansion, opened in 4Q09. With this
increase in the quarter, ParkShopping consolidates its position as the fourth largest rental revenue generator in
the portfolio. Shopping AnaliaFranco also posted an excellent growth (2Q10/2Q09: 26.9% and 1H10/1H09:
27.1%), enhanced by the important contribution from its first expansion, inaugurated in 3Q09.

Shopping SantaÚrsula underwent deep transformation and started its recovery process in 2Q10, growing 11.9%
in rental revenue after dropping 14.3% in the first quarter of 2010. The 1H10 rental performance came almost flat
(-2.5%) when compared to same period of 2009.

BarraShopping Sul contributed with R$7.6 million this quarter, an increase of 4.0% compared to 2Q09, in spite of
carrying the negative IGP-DI effect of 1.8% on contracts readjusted on their first anniversary, in November 2009.
Another recently opened mall, Shopping Vila Olímpia, contributed with R$4.2 million in rental revenue in 2Q10,
and should post higher results as the shopping center consolidates.
Lastly, New York City Center recorded a rental increase of 10.5% in 2Q10 against 2Q09, also advancing 8.8% in
the first half of 2010. The shopping center, mainly oriented to entertainment, had part of its store mix changed in
the last year, and is now reaping the rewards of its positive transformation.

Overage rent growth indicates a potential base rent

expansion
+ 12.5% + 59.2% + 26.7% n.a.
Multiplan‟s base rent (not including the straight line 6,412 100,666
effect), of approximately 4/5 of total rental revenue, 2,331
8,744 1,680
increased 12.5% in 2Q10, while overage rent and
merchandising proceeds expanded well above that 81,498
figure, as detailed below:

I. Overage rent can be seen as an indicator of how the

+ 23.5%
company is able to capture part of the continued growth
in sales. By jumping 59.2%, to R$4.5 million in 2Q10, Rent 2Q09 Base Overage Merchand. Straight Rent 2Q10
overage rent shows that base rent could improve Line Ef f ect

naturally going forward. Rental Revenue Growth Breakdown – 2Q10 (R$‟000)

II. Merchandising also posted significant gains of 26.7% in the second quarter, totaling R$11.1 million, and shows
the demand for alternative media in Multiplan‟s shopping centers.
Rent Revenue/Shopping 2Q10 2Q09
(R$ '000) Base Overage Merchand. Base Overage Merchand.
BH Shopping 9,490 369 1,254 9,011 196 878
RibeirãoShopping 5,596 206 875 5,404 194 744
BarraShopping 13,121 508 1,565 12,355 319 1,255
MorumbiShopping 14,548 757 2,694 14,353 511 2,082
ParkShopping 6,519 490 839 4,732 325 807
DiamondMall 5,879 642 646 5,415 398 518
New York City Center 1,161 27 145 1,049 16 141
Shopping AnáliaFranco 3,534 187 417 2,761 141 360
ParkShoppingBarigüi 5,259 273 889 5,133 198 870
Pátio Savassi 2,832 740 518 2,861 397 382
Shopping Santa Úrsula 378 13 62 264 2 139
BarraShopping Sul 6,420 235 925 6,577 140 570
Shopping Vila Olímpia¹ 3,923 70 248 - - -
Total do Portfolio 78,660 4,517 11,077 69,916 2,837 8,746
Straight Line Effect 6,412 - - - - -
Total 85,072 4,517 11,077 69,916 2,837 8,746
¹ Opened in November 2009

13
 2Q10
MULT3

+23.5% 4.7%

4.0%
3.7%
3.5%
3.3%
3.0%
2.1%
2.3%
2.2%

+3.7% +4.4%

0.8%
-0.3%
IGP-DI Same Area Same Store Rental
Adjustment Rent Rent Revenue 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Ef f ect ¹

Rent analysis 2Q10 x 2Q09 Historical Same Store Rent (SSR) real growth
¹ Quarterly Average of the 12 moths accumulated IGP-DI variation

Same Store Rent: posting strong real growth

Same Store Rent (SSR) went up 4.4% in 2Q10, when compared to 2Q09, or 4.2% in 1H10 against 1H09. As for
Same Area Rent (SAR), the index went up 3.7% in the quarter and in the first half of 2010. Both increased above
the IGP-DI adjustment effect on lease contracts in the period, of negative 0.3%, broken down in the chart on the
bottom left.

In the last earnings report (1Q10), SSR had already increased 3.7% in real terms, at that time the largest growth
rate in the last two years, as seen in the chart on the top right. Now, in 2Q10, as a reflex of the healthy
environment set by a strong sales growth, the number strengthened even more to a robust 4.7%.

The IGP-DI adjustment effect is the weighted average of the monthly IGP-DI increase with a one month lag,
multiplied by the percentage GLA that was subject to the rent adjustment on the respective month. The chart on
the bottom right indicates that the adjustment effect should grow in the next quarters, given the IGP-DI recent
variation.

5.07%
4.38%
0.4%
2.95%
0.2%
2.26%

0.77%
-0.4%
-0.5%
-0.54%-0.65% -0.45%
-1.01%
-1.44%
-1.76%-1.76%

3Q09 4Q09 1Q10 2Q10 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Mar-10 Apr-10 May-10 Jun-10

IGP-DI adjustment effect quarter contribution breakdown IGP-DI index evolution accumulated for the last twelve months
The sum of 12 months resulted in -0.3% for 2Q10 (Source: FGV)

14
 2Q10
MULT3

2. Services Revenue

Services revenues increased higher than GLA growth

Services revenues, which is mainly composed of managements fees, brokerage fees from contracts signed and
transfer fees, went up 16.4% in 2Q10, to R$21.1 million, while total GLA increased by 9.9% in the same period.
As for the first half of the year, services revenue rose 6.8% when compared to the same period of 2009.

In broad terms, the largest portion of the services revenue is composed of management fee, which in 1H10
represented about 3/5. It is worth mentioning that as the company launches 100% owned projects, services
revenues should post a growth rate weaker than that of the rental revenue.

3. Key Money Revenue

Keeping up to the leasing rhythm! Deferred Income totals R$150 million.

In 2Q10, R$6.4 million were accrued in the key money revenue line, a figure 5.2% higher than in the second
quarter of 2009. In the first half it reached R$17.5 million, a 56.5% growth in comparison to 1H09.

The deferred income line, which holds

149,975
key money revenues that have not yet
138,788 141,224 137,099
been accrued in the company‟s result,
126,298 136,741
totaled R$150.0 million in June 30, 121,479
2010. The chart on the right shows that 110,183 110,506 131,976

deferred income continued growing

although the strong accrual of key 96,381
money revenues in the revenue line.
81,194

As for the breakdown of key money,

new projects generated key money
revenue 61.5% higher in 2Q10 or Deferred Income Evolution (R$‟000)

113.5% in 1H10, as a result of the openings of a shopping center (Shopping VilaOlímpia) and three expansions
(at ParkShopping, Shopping AnáliaFranco and RibeirãoShopping), since June 30, 2009.
Key Money Revenue/Type (R$ '000) 2Q10 2Q09 Var. % 1H10 1H09 Var. %
Operational (Recurring) 1,174 2,829 ▼58.5% 4,564 5,129 ▼11.0%
New Projects opened in the last 5 years 5,176 3,205 ▲61.5% 12,965 6,072 ▲113.5%
Total Portfolio 6,350 6,034 ▲5.2% 17,529 11,202 ▲56.5%

4. Parking Revenue

New operations and longer customer parking time resulted in higher revenue

Parking revenue increased 21.1% in 2Q10 over the same period of the previous year, while in the first half of
2010 it increased 34.9% when compared to 1H09, reaching R$31.5 million. Starting 1Q10, Multiplan is now
presenting in its financials parking revenues net of transfers to partners in the malls, since the company is only a
collecting and transfer agent. Parking operating expenses continue to be recorded under the shopping center
expenses line, and taxes related to parking revenue have not changed.

Parking proceeds growth year-to-date can be explained by two key reasons:

I. New operations: Multiplan started charging for parking operations in RibeirãoShopping and
BarraShopping Sul (in May 2009), ParkShopping (in October 2009) and Shopping Vila Olímpia (in
November 2009). All company‟s owned shopping centers are charging for parking.
II. Longer stays: The growth of the average time a consumer stays in the shopping centers impacted the
value of the average parking ticket, also increasing parking revenue.

15
 2Q10
MULT3

The table below shows gross revenue for the parking operations before the transfer to Multiplan‟s partners and
malls. The parking revenues improved 15.9%, to R$26.8 million in the quarter. While in the first six months it
climbed 31.8%, to R$53.8 million.
Parking Revenue/Shopping (R$ '000) Spaces 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
BH Shopping 3,500 2,227 2,155 ▲3.3% 4,490 4,160 ▲7.9%
RibeirãoShopping 3,102 1,655 761 ▲117.4% 3,244 761 ▲326.2%
BarraShopping 5,097 5,525 5,897 ▼6.3% 11,012 10,005 ▲10.1%
MorumbiShopping 3,108 5,977 5,903 ▲1.3% 11,751 10,532 ▲11.6%
ParkShopping 4,005 1,423 - n.a. 3,097 - n.a.
DiamondMall 1,289 1,275 1,071 ▲19.0% 2,544 2,173 ▲17.0%
New York City Center 1,192 1,168 1,244 ▼6.1% 2,525 2,296 ▲10.0%
Shopping AnáliaFranco 4,314 2,458 2,346 ▲4.8% 4,786 3,825 ▲25.1%
ParkShoppingBarigüi 2,338 1,884 1,714 ▲9.9% 3,759 3,667 ▲2.5%
Pátio Savassi 1,294 1,352 1,196 ▲13.0% 2,718 2,522 ▲7.8%
Shopping Santa Úrsula 824 275 185 ▲48.9% 496 230 ▲115.9%
BarraShopping Sul 4,630 1,481 635 ▲133.2% 2,952 635 ▲365.0%
Shopping Vila Olímpia¹ 1,578 89 - n.a. 394 - n.a.
Portfolio Total 36,271 26,789 23,106 ▲15.9% 53,766 40,807 ▲31.8%
Parking Transfer - (11,284) (10,299) ▲9.6% (22,266) (17,460) ▲27.5%
Parking Net Revenue - 15,505 12,807 ▲21.1% 31,500 23,347 ▲34.9%
¹ Opened in 2009

4. Real Estate Sales

Less than a year to delivery, 91% of units sold

Cristal Tower‟s construction progressed through the quarter and

resulted in revenue recognition of R$12.2 million in 2Q10,
according to the PoC (Percentage of Completion) method. In
the first half of the year, the total accrued revenues reached
R$21.3 million.
As shown in the picture, the building‟s façade is being
assembled bottom up as the structure is raised to the final
floors, resulting in a more efficient construction process.
Cristal Tower, which will be connected to BarraShopping Sul
through a skywalk, is expected to be delivered in May 2011 and
has 91% of its units already sold.

Construction Site 100%

Excavation 100%
Foundation 100%
Structure 80%
Sealing 60%
Façade 20%
Finishing 0%
Painting 0%
Delivery 0%
Cristal Tower construction progress Cristal Tower will be connected to BarraShopping Sul

16
 2Q10
MULT3

EXPENSES

1. General and Administrative Expenses (Headquarters)

G&A expenses increased 2.7% in 2Q10

+2.7%
30,000 40.0%
In absolute terms, G&A expenses increased 2.7%, from R$24.6 million in 24,657 25,325
25,000 35.0%
2Q09 to R$25.3 million in 2Q10. Multiplan ended the second quarter with
general and administrative (G&A) expenses equivalent to 17.7% of net 20,000 30.0%
23.0%
revenues in the period, 530 basis points lower than the 23.0% reported15,000
in 25.0%
2Q09. The improvement in this performance indicator resulted from10,000 a 17.7%
20.0%
DESTA
double digit increase in net revenues against a slight increase in G&A
expenses, which shows the gains of scale that the company is achieving
5,000 15.0%
QUES
with the development of new projects. - 10.0%

During FINANCEIR
2Q09 2Q10
2Q10, Multiplan´s G&A expenses were impacted by mainly two
OS events, (i) marketing expenses and (ii) donations to the
non-recurring
G&A evolution (R$´000) and
G&A/Net revenues in 2Q10
victims of the floods of last April in the city of Rio de Janeiro. In 2Q10,
th
Multiplan celebrated its 35 anniversary and invested in a marketing
campaign to reinforce brand awareness in a moment of new
Non-
developments being announced. recurring
expenses
Excluding these two non-recurring events, for analysis purposes only, 26%
G&A in 2Q10 would have dropped 23.7%. Under the same metrics, the
G&A/Net revenues ratio would fall to 13.2%.
Recurring
For the 1H10, G&A expenses increased 4.3%, from R$43.6 million in expenses
1H09 to R$45.4 million in 1H10. The higher growth in net revenues, 74%
which went up 34.4% in 1H10, resulted in a decrease of G&A/Net
revenues ratio to 16.2% in 1H10, down from 20.9% in 1H09. G&A breakdown in 2Q10
(Recurring and non-recurring expenses)

2. Shopping Center Expenses

Growth in line with revenues

+1,349 +292 16,263
+1,622
13,000
Shopping center expenses increased R$3.3 million in 2Q10,
or 24.8%, up from R$13.0 million in 2Q09 to R$16.3 million.
This increase was slightly above that of the quarterly
revenues related to shopping centers only (22.4%, not +24.8%
including Real Estate sales) mainly due to the opening of
new areas and new parking operations, which, combined, Shopping Expenses at Parking Other Shopping
were responsible for 91.8% of the R$3.3 million increase. Center Shopping Expenses Expenses Center
Expenses Vila Olímpia Expenses
2Q09 2Q10
Expansions at ShoppingAnáliaFranco, RibeirãoShopping
and ParkShopping, and the opening of Shopping Vila Shopping Center Expenses Evolution in 2Q10 (R$‟000)
Olímpia, added 17,562 m² to the company‟s owned GLA
and contributed significantly to the increase in shopping center expenses, given that new areas have lower margin
than more consolidated ones, and the need of higher investment to promote its brand and to adapt its mix. This
new area growth is normally lower than the growth of expenses. Nevertheless, these investments are expected to
be strongly reduced in the long run.

The increase in shopping center expenses with the opening of Shopping Vila Olímpia was of R$1.6 million. But
the contribution in revenues totaled R$6.8 million in 2Q10, more than four times its expenses.
It is worthwhile mentioning that the results from Shopping Vila Olímpia, in which the company has a 30.0%
interest, consider the revenue of MPH Empreendimentos Imobiliários Ltda, an investment vehicle that owns
71.5% of the mall – and in which Multiplan has a 42.0% interest. The portion of the result owned by the partners in

17
 2Q10
MULT3

MPH is deducted in the „minority interest‟ line of the Income Statement, and inflated shopping centers expenses
by R$0.9 million in 2Q10.

Parking expenses increased R$1.3 million mainly due to new parking operations at BarraShoppingSul, which was
responsible for 48.8% of the increase in parking expenses, adding R$0.7 million in 2Q10 being another R$ 0.6
million due to other two operations started in 2009. On the other hand, existing and new parking operations
contributed with a R$2.7 million increase to parking results.

For the first six months ended June 30, 2010, shopping center expenses increased 8.1%, from R$29.2 million in
1H09 to R$31.6 million in 1H10. The first half-year change was lower than that of the quarter due to a 5.5%
decrease in shopping center expenses in 1Q10, compared to 1Q09.

3. Pre-operational Expenses

The cost of growth

In the second quarter of 2010, R$11.2 million were invested in pre-

operational phases of new shopping centers. Most investments were 19,584
focused in promoting the existing projects, which lead to the signing of
R$19.6 million in contracted Key Money. With investments targeted for
11,191
marketing and advertising, these pre-operational expenses contributed to
a strong performance in the leasing efforts, reaching the mark of more
than 100 stores leased in the 2Q10 alone.

The investment is mostly related to marketing and advertising expenses

for VillageMall and JundiaíShopping, which together were responsible for Pre-operational Contracted Key
2/3 of the pre-operational expenses, or R$8.8 million. Expenses for the expenses Money
expansions of BH Shopping and ParkShoppingBarigüi (both scheduled to
Pre-operational Expenses and
open in 4Q10), and other projects under development, including Contracted Key Money in 2Q10 (R$´000)
ParkShoppingSãoCaetano, also added to 2Q10 pre-operational expenses
line.

As recommended in pronouncement CPC 04, the pre-operational expenses in advertising, feasibility studies and
other construction expenses that cannot be recorded as permanent assets on the Company‟s balance sheet, are
now included as pre-operational expenses.

4. Cost of Property Sold

Cristal Tower has 91% of units sold

The progress in construction of the Cristal Tower allowed the accrual of costs of R$7.3 million in 2Q10. With only
9% of the units available for sale at the end of 2Q10, the commercial tower at BarraShoppingSul, in Porto Alegre,
is scheduled to be delivered in the second quarter of 2011.

Equity Pickup

Investments in Royal Green Peninsula reduced to R$1.0 million

Investments in Royal Green Peninsula dropped from R$3.9 million, in 1Q10, to R$1.0 million, in 2Q10. At the end
of 2Q10, there were only eight units for sale with a PSV (potential sales value) of approximately R$13.5 million, to
be recognized in the line of equity pickup when they are sold.

18
 2Q10
MULT3

RESULTS
Financial Results, Debt and Cash

Financial Results

Multiplan ended 2Q10 with a negative net debt (or positive net cash position) of R$374.4 million. Proceeds from
the invested cash position were responsible for a positive financial result of R$10.4 million, compared to financial
expenses of R$5.6 million in 2Q09.

DEST
Gross debt unchanged
AQUES st
Gross debt remained practically unchanged as of March 31 , 2010, with the amortization of existing debt being
FINANCEI
offset by new funds disbursed by Banco Real. A new tranche of R$30.0 million was part of the R$102.4 million
ROSfrom Banco Real for the construction of the expansion of BH Shopping, in Minas Gerais, of which
loan obtained
th
R$90.7 million was already disbursed by Banco Real to Multiplan until June 30 , 2010.

Debentures accounted for as short term debt

During the 2Q10, short term debt presented an increase of R$100.0 million, mainly due to new maturity profile of
the debentures issued by the Company. The 2-year debenture issued on June 2009 has moved to the short term
line (expires in July 2011).

Cash of R$933.0 million ensures strategic flexibility to the Company

Recent hikes in local basic interest rate improved Company financial results due to its net cash position. Cash &
cash equivalents at the end of 2Q10 were 67% higher than gross debt. Multiplan continues to maintain a solid
cash position for its current expansion plan and to seize potential growth opportunities. At the end of 2Q10, cash
position was 4.8% lower than in 1Q10 due to investments in new projects and dividends payment in May.

Financial Position Breakdown (R$‟000) 30/6/2010 31/3/2010 Chg. %

Short Term Debt 227,161 115,677 ▲96.4%
Loans and financing 72,413 50,784 ▲42.6%
Obligations from acquisition of goods 54,207 62,130 ▼12.8%
Debentures 100,541 2,764 ▲3,537.8%

Long Term Debt 331,456 439,020 ▼24.5%

Loans and financing 221,154 223,566 ▼1.1%
Obligations from acquisition of goods 110,302 115,454 ▼4.5%
Debentures - 100,000 n.a.
Gross Debt 558,617 554,697 ▲0.7%
Cash 933,011 980,467 ▼4.8%
Net Debt (Cash Position) (374,393) (425,770) ▼12.1%

100.0
Loans and financing (banks)
Obligations from acquisition of goods (land and minority interest)
Debêntures
60.1
45.6 43.9
39.6 38.9
35.0 31.4 28.9 36.1 33.2
21.9
17.7 15.0
10.9
0.5

2010 2011 2012 2013 2014 2015 2016 >=2017

Multiplan‟s debt amortization on June 30th, 2010 (R$ million)

19
 2Q10
MULT3

The financial indices were affected by the changes in gross debt and cash positions. The net debt-to-EBITDA
ratio remains negative (-1.1x), and gross debt-to-EBITDA is at 1.6x in 2Q10.

Financial Position Analysis* 30/6/2010 31/3/2010

Non-
Net Debt (Cash Position)/EBITDA -1.1x -1.3x
Bank
Gross Debt/EBITDA 1.6x 1.7x 30%
Net Debt (Cash Position)/AFFO -1.1x -1.3x
Gross Debt/AFFO 1.6x 1.7x Bank
Net Debt (Cash Position)/Equity -12.8% -14.8% 70%

Liabilities/Assets 23.3% 24.1%

Gross Debt/Liabilities 62.7% 60.1%
* EBITDA and AFFO are equivalent to the sum of the preceding 12 months.
Multiplan‟s debt in June 30, 2010

Diversification of Indices CDI

25%
Multiplan‟s indebtedness presents a diversified base of indices, as shown IGP-M
in the chart on the right. As of the last quarter, approximately 38% of debt 12% Fixed
3%
was linked to the TR index. TR TJLP
38% 7%
During 2Q10, indebtedness indicators were positively impacted by the IPCA
increase in the TR index participation, from 35% to 38%, and decrease in 14%
st
IPCA index portion, from 16% to 14% of the total, compared to March 31 ,
2010. Considering the annual rate composed by index plus interest,
indebtedness linked to TR presented a 10.4% rate, 200 bps lower than Multiplan debt indices in June 30, 2010

IPCA.

th
Indebtedness indicators on June 30 , 2010
Short Term Long Term Total
Avg. Interest Avg. Interest Avg. Interest
(R$ „000) (R$ „000) (R$ „000)
Rate¹ Rate¹ Rate¹
TJLP 3.79% 12,333 3.53% 28,226 3.61% 40,559
IPCA 7.47% 28,032 7.13% 52,401 7.25% 80,433
TR 10.00% 26,621 10.00% 186,174 10.00% 212,795
CDI + 1.08% 2,423 1.18% 5,430 1.15% 7,853
CDI %² 12.29% 131,379 12.29% 131,379
IGP-M 2.99% 6,318 2.96% 58,680 2.96% 64,998
Fixed 11.93% 17,227 4.50% 545 11.70% 17,771
Others n.a. 2,828 n.a. - n.a. 2,828
Net Debt 227,161 331,456 558,617
¹ Average (weighted) interest rate per annum.
² Interest figure represents percentage of CDI index value

Index Performance Average Cost of Debt

(last 12 months) Interest Rate¹ Debt (R$ „000)
TJLP 6.00% 3.61% 9.82% 40,559
IPCA 4.84% 7.25% 12.44% 80,433
TR 0.37% 10.00% 10.40% 212,795
CDI + 10.25% 1.15% 11.52% 7,853
CDI %² 10.25% 119.86% 12.29% 131,379
IGP-M 5.17% 2.96% 8.28% 64,998
Fixed 0.00% 11.70% 11.70% 17,771
Others -0.02% - -0.02% 2,828
Total 4.43% 6.43% 10.86% 558,617
¹ Weighted average of the annual interest rate.
² Interest figure represents percentage of CDI index value

20
 2Q10
MULT3

NOI

NOI increased 28.8% in the 1H10, reaching a NOI margin of 86.3%, 220 bps
higher than 1H09
+28.8%
Net Operating Income (NOI) increased 28.8% in 1H10 compared to 250,000 the 300%
199,635
same period last year, reaching R$199.6 million. The operating result was
200,000 250%
boosted by rental revenue and parking results, which increased significantly 155,026
200%
higher than the shopping expenses, contributing to raise NOI margin from150,000
150%
84.1% in 1H09 to 86.3% in 1H10. 100,000 84.1% 86.3%
100%
Rental revenue for the first half increased R$38.8 million, up to R$199.7
50,000 50%
million. In absolute terms, revenues from Shopping Vila Olímpia, opened in
November 2009, and ParkShopping, benefited from the expansion delivered - 0%
in 2H09, contributed together with 55% of the rental revenues growth in 1H09 1H10
1H10.
NOI (R$´000) and NOI Margin
(1H09 vs. 1H10)
Parking revenue, after deduction of transfers, was 34.9% higher in 1H10
compared to the same period in 2009. Parking revenue is directly affected by the number of parking spaces in
operation, which increased 9.9% in 1H10, 480 basis points higher than the 5.1% increase in owned GLA.

Shopping Center expenses went up 8.1% in 1H10, due mainly to two factors, (i) increase in parking expenses due
to new parking operations at RibeirãoShopping, ParkShopping and, BarraShoppingSul, and (ii) shopping center
expenses at Shopping VilaOlímpia.

Compared to the same quarter of the previous year, NOI increased 22.9% in 2Q10 reaching R$99.9 million. The
23.2% growth in operational revenue (composed by rental revenue and parking result) and increase of 24.8% in
shopping center expenses resulted on NOI margin of 86.0% in 2Q10, remaining at the same level of 2Q09.

The opening of two shopping centers and six expansions during the last two years contributed to the 56.5%
increase in Key Money revenue accrued in 1H10, resulting in an NOI + Key Money margin 100 bps higher than
NOI margin.

As mentioned in the previous earnings release, the methodology used to calculate NOI + Key Money for the
quarters prior to 1Q10 considered the addition to NOI of Key Money contracts signed in the period. Starting 1Q10,
in line with the new accounting principles, the company started to consider in its NOI + Key Money only Key
Money accrued as revenue in the period.

NOI Calculation (R$‟000) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %

Rental Revenue 100,666 81,498 ▲23.5% 199,717 160,888 ▲24.1%
Parking Result 15,505 12,807 ▲21.1% 31,500 23,347 ▲34.9%
Operational Revenue 116,170 94,305 ▲23.2% 231,217 184,235 ▲25.5%
Shopping Expenses (16,263) (13,000) ▲25.1% (31,581) (29,209) ▲8.1%
NOI 99,907 81,305 ▲22.9% 199,635 155,026 ▲28.8%
NOI Margin 86.0% 86.2% ▼21 p.b. 86.3% 84.1% ▲220 p.b.
Key Money 6,350 6,034 ▲5.2% 17,529 11,202 ▲56.5%
NOI + KM 106,257 87,339 ▲21.7% 217,165 166,228 ▲30.6%
NOI + KM Margin 86.7% 87.0% ▼32 p.b. 87.3% 85.1% ▲225 p.b.

21
 2Q10
MULT3

EBITDA

EBITDA went up 34.7% in 1H10 to R$166.2 million

Multiplan recorded a 34.7% EBITDA growth in 1H10, following the increase in its revenues. Gross revenues
presented a strong increase of 33.4%, or R$77.1 million, of which revenues from Multiplan‟s core business, rental
and parking revenues, were responsible for 72.2% of the increase.

Administrative and operating expenses composed of headquarters, stock-option-based compensation and

shopping center expenses presented a combined increase of 7.4% in 1H10 compared to the same period of the
previous year, significantly lower than the 24.3% increase in revenues of the same group, of rental, services, key
money and parking revenues.

Multiplan continued to improve its operational performance of headquarter expenses as a percentage of net
revenues, reducing it from 20.9% during 1H09 to 16.2% in 1H10.

EBITDA margin reached 59.5% in 1H10, 15 bps higher than the 59.3% recorded in 1H09.

EBITDA (R$'000) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %

Net Revenue 143,096 107,069 ▲33.6% 279,476 208,011 ▲34.4%
Headquarters expenses (25,325) (24,657) ▲2.7% (45,393) (43,542) ▲4.3%
Stock-option expenses (1,380) (807) ▲71.0% (2,544) (1,317) ▲93.1%
Shopping centers expenses (16,263) (13,000) ▲25.1% (31,581) (29,209) ▲8.1%
Pre-operational expenses (11,191) (2,420) ▲362.4% (17,818) (2,643) ▲574.1%
Cost of properties sold (7,283) (481) ▲1,414.7% (12,377) (714) ▲1,634.2%
Equity pickup (997) (3,354) ▼70.3% (4,951) (9,552) ▼48.2%
Other operating income 266 1,094 ▼75.7% 1,402 2,357 ▼40.5%
EBITDA 80,922 63,445 ▲27.5% 166,214 123,392 ▲34.7%
EBITDA Margin 56.6% 59.3% ▼271 b.p 59.5% 59.3% ▲15 b.p

EBITDA Analysis

The Company´s strategy includes the development of real

estate projects, which may have a negative impact on +1050b.p.
company margins. Excluding revenues, expenses and taxes
+685b.p.
on sales from these projects from the EBITDA calculation, 70.0%

i.e. considering only the performance of Multiplan‟s core +365b.p.

business – developing and managing shopping centers – 63.1%

EBITDA margin would be 63.1% in 1H10, 360 basis points 59.5%
above the unadjusted EBITDA margin.

In 1H10, the company accounted for R$17.8 million as pre-

operational expenses of its greenfield projects and EBITDA EBITDA Before EBITDA Before
Real Estate Result Real Estate Result
expansions under development. Composed mainly by (+taxes) and Pre-operational
marketing expenses, pre-operational expenses aim at Expenses

improving the store leasing process focusing on future 1H10 EBITDA Margins Before Real Estate Result
results. For analysis purpose only, EBITDA margin, if and Pre-Operational Expenses
excluding pre-operational expenses and real estate office towers results, would increase from 59.5% to 70.0% in
1H10.

22
 2Q10
MULT3

Net Income and Adjusted FFO

Creating shareholder value

Multiplan presented 1H10 adjusted net income of R$154.8 million, a

significant increase of 74.5% compared to 1H09. On a quarterly basis, +74.5% +450.0%
2Q10 adjusted net income jumped 68.1% compared to 2Q09, up from +400.0%
+350.0%
R$45.3 million. +300.0%
+250.0%
The adjusted net income adds back the deferred income and social +34.7%
+28.8% +200.0%
contribution taxes, since it is a non cash event. +24.1%
86.3% +150.0%
59.5% 55.4% +100.0%
As mentioned before, EBITDA followed the improvement in 1H10 net +50.0%
revenues, compared to 1H09. +0.0%
Rental NOI EBITDA Adjusted Net
After adding back the non-cash effect of depreciation and amortization to revenue Income
the adjusted net income in 1H10, the Adjusted Funds from Operations
(AFFO) reached R$178.1 million, representing an increase of 64.3% Gains of scale Impact in 1H10
(1H09 vs. 1H10 Growth and 1H10 Margins)
compared to 1H09.

AFFO & Net Income Calculation (R$‟000) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
Net Income 51,434 45,628 ▲12.7% 98,175 89,806 ▲9.3%
Deferred income and social contribution taxes 24,804 (284) n.a 56,633 (1,068) n.a
Adjusted Net Income 76,238 45,344 ▲68.1% 154,808 88,738 ▲74.5%
Depreciation and amortization 11,593 9,974 ▲16.2% 23,277 19,631 ▲18.5%
Adjusted FFO 87,831 55,318 ▲58.8% 178,085 108,370 ▲64.3%

When comparing the Net Income disclosed in the first half of 2009 with 1H10, the variation is 9.3%. It is, however,
important to note that deferred income taxes and social contribution underwent two important changes throughout
the third and fourth quarters of 2009. These changes were not reflected on the 1H09 financial results. If these
changes were to be considered in the data for the first half of 2009, the increase in Net Income in 1H10 would
have been 77.7%, as shown in the table below.

Net income with pro-rata Deferred Income tax

2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
in 2009 (R$‟000)
Net income 51,434 45,628 ▲12.7% 98,175 89,806 ▲9.3%
Deferred Income taxes and Social contribution
accrued in the third quarter of 2009 (pro-rata - (7,704) - - (15,408) n.a
effect)
Deferred Income taxes and Social contribution
accrued in the fourth quarter of 2009 (pro-rata - (9,572) - - (19,144) n.a
effect)
Net Income after pro rata 51,434 28,352 ▲81.4% 98,175 55,254 ▲77.7%

23
 2Q10
MULT3

STOCK MARKET PERFORMANCE

Multiplan‟s stock (MULT3 at BM&F Bovespa; MULT3 BZ at Bloomberg) ended the first half of 2010 at
R$33.01/share, an appreciation of 66.7% compared to the closing price on June 30, 2009. The Ibovespa, main
index of the São Paulo stock exchange, recorded an increase of 18.4% in the same period.
R$ Million
200 Average Traded Value (15 days) Multiplan Ibovespa $35

180 $30
$25
160
DESTAQUES FINANCEIROS $20
140
$15
120
$10
100 $5
80 $0
Jun-09 Aug-09 Sep-09 Nov-09 Dec-09 Feb-10 Mar-10 May-10 Jun-10

First half 2010 confirms increase in stock liquidity

After Multiplan‟s Follow-On, completed in September 2009, the company‟s stock saw its liquidity grow
significantly, jumping from a R$1.5 million average daily traded volume in 1H09 to R$9.9 million in 1H10, more
than six times its initial recorded value.
Although the company achieved an important improvement, the goal is to continue to work towards liquidity to
provide investors with improved tradability of the stocks
Multiplan‟s market cap also rose to R$5.9 billion on June 30, 2010, doubling its value when compared to the
previous year, as detailed in the table below.

MULT3 1H10 1H09 Var.%

Closing Price R$ 33.01 R$ 19.80 66.7%
Average Daily Traded Volume R$ 9,867,530.20 R$ 1,542,537.24 539.7%
Market Cap on June 30 R$ 5,915,300,034.14 R$ 2,926,434,871.80 102.1%

MULT3 outperforms indices in 12 months appreciation

Multiplan is listed in five Brazilian stock market indices: Brazil Index (IBRX), Real Estate Index (IMOB), Small
Caps Index (SMLL), Special Tag Along Stock Index (ITAG) and Special Corporate Governance Stock Index
(IGC). As seen in the chart below (Base 100 = June 30, 2009). The company‟s stock has appreciated over the
mentioned indices in the last twelve months, including the IMOB, which is composed by Real Estate Brazilian
Companies.
MULT3 IBRX IMOB SMLL ITAG IGC
190
170
150
130
110
90
70
Jun-09 Jul-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10

Capital Stock structure Adm+Treasury

0.1%
As of the end of the second quarter of 2010, total shares issued
remained at 179,197,214, and the free float represented 37.2% of Free Float Common Stocks
37.2% 22.5%
total equity (Capital stock breakdown on June 30, 2010 is OTPP
explained in the pie chart to the right). Free float increased to 29.1% Pref erred Stocks
37.2% from 36.9%, mainly due to the exercise of stock options MTP+Peres 6.6%
rights throughout the quarter. 33.6%

Shareholders structure on June 30, 2010

24
 2Q10
MULT3

GROWTH STRATEGY
In total, Multiplan has ten projects under development:
Four shopping centers: ParkShoppingSãoCaetano, JundiaíShopping, VillageMall and Shopping Maceió.
Three expansions: at BH Shopping, ParkShoppingBarigüi, and Pátio Savassi.
Three office towers: Morumbi Business Center and ParkShopping Corporate (for lease) and Cristal Tower
(for sale).

Expected growth of 44.0% in owned GLA between 2Q10 – 2012

Considering announced projects under development, by type:

Owned GLA 3rd Party GLA

532,902 m² 553,731 m² 689,278 m² 712,788 m² 712,788 m²

17,735 m² 6,680 m²
211,996 m²

2,436 m²
185,145 m² 117,812 m² 16,830 m²

18,393 m²
500,792 m²
347,757 m²
+ 44.0%

Malls in operation Expansions Shopping Centers Office Towers for Total announced
(2Q10) Lease (2012P)

By opening date:

Owned GLA 3rd Party GLA

532,902 m² 553,731 m² 602,886 m² 712,788 m² 712,788 m²

24,415 m²
211,996 m²
0 m²
2,436 m²
185,145 m² 85,486 m²
49,155 m²
18,393 m²
500,792 m²
347,757 m²
+ 44.0%

1H10 2H10 2011 2012 Total announced

(2012P)

+327 4,187
+243
+202
3,415

+772 Stores

2Q10 2H10 2011 2012 Total

Number of stores in Multiplan's portfolio,
excluding Shopping Maceió,
which has not started leasing to date.

25
 2Q10
MULT3

Investment

R$1 billion plus to be invested until 2012;

R$79.6 million in 2Q10

In 2Q10, R$79.6 million were invested in Economic Capex (R$'000) 2Q10 Description
renovations, three expansions (BH Shopping, Renovations & Others 22,935 All Shopping Centers
ParkShoppingBarigüi and Pátio Savassi), two office
Shopping Development 23,229 PSC, JDS, VLG & Others
towers for lease (Morumbi Business Center and
ParkShopping Corporate) and three shopping Shopping Expansion 24,239 BHS, PKB, PSS & Others
centers already in the leasing phase Real Estate for Lease 9,243 MBC, PKC & Others
(ParkShoppingSãoCaetano, JundiaíShopping and Total 79,646
VillageMall).

The chart on the bottom shows the Company‟s investment (CAPEX) plan for the ensuing years. From a total of
772 stores in three shopping centers and three expansions in the leasing phase, 58.4% are already leased.

Investment 2010 - 2012: R$1.2 billion Time* Leased Stores

58.4%
518.2 M 43.7%
453.4 M
24.6 M
6.2 M
351.6 M
207.9 M
447.2 M
207.9 M
142.1 M SC's and Expantions under development

2010 2011 2012 % of stores leased from total vs. % of time*

Invested during 1H10 Projects for lease and renovations Real estate for sale
*'Time' refers to the elapsed time between pre-launching
and opening date (current reference: Aug 02 2010)

1. Shopping Center Greenfields

The three shopping center projects in the

leasing phase repeated the good performance ParkShopping 58.4%
of the previous quarter. Since the beginning of SãoCaetano 36.5%
the leasing process, all three leased an
average 18.2% of total stores in 2Q10, VillageMall
32.3%

reaching 45.1% of total leased stores. 21.5%

This result reinforces the strength and 37.1%

Shopping Jundiaí
confidence in the Multiplan‟s brand in the 20.1%
market. Others reasons are the locations of the
malls, the innovative concept of the projects SC's under 45.1% Leased Stores
development
and the use of mixed-used approach. Multiplan 27.4% Time*
provides tenants the opportunity to expand their % of stores leased from total vs % of time*
businesses. *”Time” refers to the elapsed time between pre-launching and
opening date (current reference: Aug 02 2010).
The table below provides estimated data on the
recent projects announced and being
developed.

Shoppings Under Construction/Approval Multiplan's Share (R$ „000)

CAPEX Key NOI 1st NOI 3rd
Project Opening GLA % MTE CAPEX¹
Invested ³ Money year year
ParkShoppingSãoCaetano Nov-11 39,005 m² 100.0% 249,352 13% 30,876 34,225 45,162
Village Mall May-12 25,653 m² 100.0% 350,000 31% 37,500 36,900 41,300
Shopping Jundiaí Sep-12 35,418 m² 100.0% 240,000 15% 21,600 24,500 31,700
Shopping Maceió² 2012 35,470 m² 50.0% 82,100 17% 5,500 7,800 9,800
Total 135,546 m² 86.9% 921,452 21% 95,476 103,425 127,962
¹ Considers only the first phase of the project.
² Subject to approval
³ Considers the land acquisition cost in accordance with its financial flows.

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ParkShoppingSãoCaetano

Status: Under construction

The construction of the building started last March. By the end of June,
350 of 402 foundation stacks were completed and the 710 meters of
underground contention walls were also delivered. The assembling of
the pre cast piles and beams, as shown in the picture, began in August.

The leasing process is moving ahead and has reached almost 60% of
the total GLA. This performance reveals the strong confidence of
tenants in the project and
the location‟s potential,
“Espaço Cerâmica”, which
was planned to host office
towers, a residential hub,
and companies in the
technology sector, retail
and services.

The project envisages

39,005m² of gross leasable
area in its first phase, and ParkShoppingSãoCaetano construction site

includes a future expansion that may add close to 13.411m², increasing the project´s capability of meeting the
region's coming developments.

VillageMall

Status: Pre-launching

Village Mall will be located in a privileged area in the heart of Barra da

Tijuca, a region with one of the highest growth rates in recent years in the
city of Rio de Janeiro. The project will have 25,653m² of GLA, 134 stores
and 1,462 parking spaces. The shopping will be distinct due to fashion
stores and sophisticated restaurant options in a modern environment
enhanced by the neighboring views. In August, a strong marketing
campaign will start enhancing the exclusiveness of the project and boost
the leasing process. The expected opening date is 2012 and construction
is planned to begin shortly.

The project will be added to the complex composed of BarraShopping, New York City Center and BarraShopping
Business Center (“Centro Empresarial BarraShopping”).

JundiaíShopping

Status: Launched

JundiaíShopping is located in the city of Jundiaí, in the countryside of the

state of São Paulo, distant 60 km from the capital city, and the eighth
largest economy in the state.

The shopping center will have a GLA of 35,418m², 197 stores and 2,079
parking spaces. The project is in line with the company´s strategy of
mixed-use complexes putting together several developments in the same
location. Additionally, it will include two ten-floor commercial towers and
13,260m² of new GLA for future expansion.
A campaign aiming to show the project and benefits to the city of Jundiaí was delivered this quarter, which
resulted in an increase the demand for stores in JundiaíShopping and raising the number of leased stores. The
company currently has 37.1% of the stores leased. Construction will begin soon.

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Shopping Maceió

Status: Under development

Shopping Maceió is Multiplan‟s first project in the northeast of the

country. The mall will be built in the city‟s highest growth neighborhood
and will benefit from the substantial expansion of the local A and B
income groups. The project is in the approval phase.

The 210,000m² land plot, makes it possible to develop the shopping

center, a hotel, commercial office towers and residential buildings. This
is a joint project with Aliansce Shopping Center SA, who will be leading the process on behalf of Multiplan.

2. Shopping Center Expansions (Brownfields)

Final adjustments: Three expansions will be delivered in 2H10.

The keys of the BH Shopping, ParkShoppingBarigüi and Pátio Savassi expansions were delivered to tenants this
quarter. All three together will add a total of 20,829m² of new GLA in the second half of 2010. These projects have
already reached 96% of leased spaces and tenants have already started working on setting up their stores,
aiming to opening doors on the day of inauguration. There are only eight stores to be leased out of over 200 new
stores.

Expansions Under Construction Multiplan's Share (R$ „000)

CAPEX Key NOI 1st NOI 3rd
Project Opening GLA % MTE CAPEX¹
Invested Money ¹ year ¹ year ¹
BH Shopping Exp. Oct-10 11,121 m² 80.0% 143,506 82% 11,875 11,463 13,054
Pátio Savassi ² Oct-10 1,109 m² 80.9% 3,303 40% 256 617 679
ParkShoppingBarigüi Exp ³ Nov-10 8,600 m² 100.0% 55,102 56% 13,079 7,084 8,591
Total 20,829 m² 88.3% 201,910 74% 25,210 19,165 22,324
¹ Multiplan‟s interest
² Not including the acquisition of additional 15.6% stake on July 2010
³ Multiplan will have 84% of the Net Operational Income after opening

BH Shopping Expansion ParkShoppingBarigüi Expansion Pátio Savassi Expansion

construction site construction site construction site

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3. Office Towers

Mixed Use Strategy

The company‟s strategy includes the development of commercial and residential buildings, usually located near
the shopping centers and forming mixed-use complexes which benefit from the synergy and from the flow of
people generated by the different projects and the development of the region.

From 1975, when the company was created, to 2009, Multiplan developed 11 shopping centers and delivered
more than 45 real estate developments in Brazil and in the world.

3.1 Office Towers for Lease

ParkShopping Corporate

Type Office rental property

Rental Area 13,360m²
Opening Fourth quarter of 2012
Interest 50%
Estimated CAPEX (% MTE) R$39.8 million
Status: Under development
In line with its growth strategy, Multiplan announced the
development of ParkShopping Corporate, a class A
project with two office towers for lease, integrated to
ParkShopping, in Brasília. The buildings will have six
floors of office space, gross leasable area (GLA) of
2
13,360m and 391 exclusive parking spaces. The total
2
built area will be of 37,572m , and the estimated total
CAPEX is R$79.6 million. Multiplan‟s interest in this
project is 50%. The construction is expected to start by
the first quarter of 2011 and the towers should be
delivered by the fourth quarter of 2012. As a
consequence of the growing demand for office space, Preliminary view of the office towers
ParkShopping Corporate is Multiplan‟s second mixed use
project announced this year.

Morumbi Business Center

Type Office rental property

Rental Area 10,150m²
Opening Second half of 2011
Interest 100%
Estimated CAPEX (% MTE) R$74 million

Status: Under construction

Morumbi Business Center is a class A commercial

building, in São Paulo, for lease and can host one tenant
or multiple occupants. With a planned GLA of 10.150 m²,
construction began in April this year and is expected to be
completed in the second half of 2011. Morumbi Business
Center complements the complex built across from
MorumbiShopping, with Morumbi Office Tower and Centro
Profissional Morumbi Shopping, integrated with the
expansion of the mall. All underground contention walls
Construction site near MorumbiShopping

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were completed by the end of 2Q10.

3.2 Office Towers for Sale

Cristal Tower

Type Office condominium for sale

Area for Sale 11,915 m²
Opening May 2011
Interest 100%
Estimated PSV (% MTE) R$70 million
Total units 290
% of units sold 91%

Status: Under construction

Cristal Tower is a condo office project for sale in the city of Porto Alegre, with 11,915 m² of private area connected
to BarraShoppingSul through a skywalk, and is expected to be delivered in the second half of 2011.
The commercial building has 290 units, equipped with modern infrastructure and the convenience of being
connected to one of the largest shopping malls in the southern region, not without mentioning the exclusive view
of the Guaíba River. With 91% of its units already sold, the proximity to BarraShoppingSul will generate a flow of
qualified consumers to the mall during the week and natural synergies, a mixed use model the company uses to
integrate shopping centers, office buildings, residential and hotels all in the same area.

Land Bank

Over 800,000 m² for future growth

Multiplan has seen a slight increase in its land bank compared to 1Q10, with the acquisition of two land plots in
the surroundings of the Pátio Savassi, which together have added 1,459 m² and will be used for future expansion
of the Pátio Savassi.

Location % Type Land Area

BarraShoppingSul 100% Residential, Hotel 12,099 m²
Campo Grande 90%¹ Residential, Retail 338,913 m²
Maceió 50% Residential, Commercial, Hotel 140,000 m²
Jundiaí 100% Office/Retail 4,500 m²
MorumbiShopping 100% Office/Retail 19,069 m²
ParkShoppingBarigüi 84% Apart-Hotel 843 m²
ParkShoppingBarigüi 94% Office/Retail 27,370 m²
Pátio Savassi² 96.5% Retail 2,541 m²
RibeirãoShopping 100% Residential, Office/Retail, Medical Center 200,970 m²
São Caetano 100% Retail 24,948 m²
Shopping AnáliaFranco 36% Residential 29,800 m²
Total 84% 801,053 m²

¹ 90% for the shopping center and 50% for the real estate projects.
² Includes recently acquired land for expansion.

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PORTFOLIO

AL

DF

71% of the
Country’s GDP(*)
MG
55% of
the Country’s
population(*) SP

PR RJ
78% of the
Country’s total GLA
is in South and
Southeast regions
RS

Source: IBGE and ABRASCE

* 2006 Data

Avg.
Multiplan Rent Sales
Portfolio State Total GLA Occupancy
% 2Q10¹ 2Q10
Rate
Operating SCs (100%) (R$‟000)
BH Shopping MG 80.0% 36,840 m² 377 R$/m² 166,844 99.1%
RibeirãoShopping SP 76.2% 46,784 m² 187 R$/m² 110,145 98.8%
BarraShopping RJ 51.1% 69,319 m² 429 R$/m² 308,648 99.3%
MorumbiShopping SP 65.8% 55,085 m² 497 R$/m² 275,052 99.9%
ParkShopping DF 59.6% 51,532 m² 255 R$/m² 172,797 99.8%
DiamondMall MG 90.0% 21,388 m² 372 R$/m² 103,431 99.3%
New York City Center RJ 50.0% 22,269 m² 120 R$/m² 40,481 99.7%
Shopping AnáliaFranco SP 30.0% 50,974 m² 271 R$/m² 158,804 99.2%
ParkShoppingBarigüi PR 84.0% 42,985 m² 178 R$/m² 122,748 98.2%
Pátio Savassi ² MG 80.9% 16,319 m² 310 R$/m² 66,582 100.0%
Shopping SantaÚrsula SP 37.5% 23,088 m² 52 R$/m² 24,991 76.2%
BarraShoppingSul RS 100.0% 68,229 m² 141 R$/m² 117,185 98.6%
Shopping VilaOlímpia SP 30.0% 28,091 m² 232 R$/m² 46,884 91.4%
Sub-Total Operating SCs 65.3% 532,902 m² 303 R$/m² 1,714,591 97.8%
SCs under Development
ParkShoppingSãoCaetano SP 100.0% 39,005 m² - - -
Shopping Maceió AL 50.0% 35,470 m² - - -
Shopping Jundiaí SP 100.0% 35,418 m² - - -
Village Mall RJ 100.0% 25,653 m² - - -
Expansions under Development
BH Shopping Exp. MG 80.0% 11,121 m² - - -
ParkShoppingBarigüi Exp. II PR 100.0% 8,600 m² - - -
Pátio Savassi MG 80.9% 1,109 m²
Sub-Total SCs and Exp. under Development 87.1% 156,376 m²
Leasing Projects under development
Morumbi Business Center SP 100.0% 10,150 m² - - -
ParkShopping Corporate DF 50.0% 13,360 m² - - -
Portfolio Total 68.8% 712,788 m² 303 R$/m² 1,714,591 97.8%
¹ Rental Revenue divided by the Adjusted Owned GLA (avg.)
² Not including the acquisition of additional 15.6% stake on July 2010

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CAPITAL STRUCTURE
Multiplan‟s capital structure has not had any changes since the first quarter of the year. On June 30, 2010, the
company had 179,197,214 shares issued, of which 167,338,867 are common shares and 11,858,347 preferred
shares.

Free Float
Treasury
22.25% Maria Helena 39.83% ON
DESTAQUES Kaminitz Peres
0.39% ON
37.20% Total 0.08% ON
0.08% Total Ontario Teachers’
FINANCEIROS
Multiplan Planejamento,
Participações e
0.36% Total Pension Plan
34.41% ON
Administração S.A.
32.14%Total 100.00%
24.07% ON 1700480
77.75% 100.00% PN Ontario Inc.
1.16% ON 29.10% Total
1.09% Total
Jose Isaac Peres

1.00%

Multiplan
99.00% CAA -
Administradora de 99.00%
Corretagem e Consultoria
Shopping Centers Ltda. Shopping Centers % Publicitária Ltda.

Embraplan BarraShopping 51.07%

100.00% BarraShoppingSul 100.0% 99.61% CAA -
Empresa Brasileira
BH Shopping 80.00% Corretagem Imobiliária Ltda.
de Planejamento Ltda.
DiamondMall 90.00%
MorumbiShopping 65.78%
New York City Center 50.00% 83.81% Pátio Savassi Administração
2.00% ParkShopping 59.63% de Shopping Center Ltda.
SCP Royal Green 98.00%
Península ParkShoppingBarigüi 84.00%
Pátio Savassi 80.87%
RibeirãoShopping 76.17% 41.96% MPH
Empreend. Imobiliário Ltda. 1
ShoppingAnáliaFranco 30.00%
Shopping Vila Olímpia 30.00%
Renasce - 99.99%
Shopping Maceió¹ 50.00% 50.00% Manati Empreendimentos e
Rede Nacional de 2
Shopping Santa Úrsula 37.50%
Shopping Centers Ltda. Participações S.A.
ParkShopping SãoCaetano ² 100.0%
Shopping Jundiaí ² 100.0%
50.00%
VillageMall ² 100.0% Haleiwa Empreendimentos 3
Imobiliários S.A.
¹ Under approval
² Under development

1. MPH Empreendimento Imobiliário: Special Purpose Entity (SPE) from Shopping Vila Olímpia.
2. Manati Empreendimentos e Participações S.A.: Special Purpose Entity (SPE) from Shopping Santa Úrsula.
3. Haleiwa Empreendimentos Imobiliários S.A.: Special Purpose Entity (SPE) from Shopping Maceió.

Share buyback program

Multiplan‟s Board of Directors approved on February 2010 the company‟s second stock buyback program. The
program has been setup among other reasons to use available company resources to maximize value to the
shareholder, and may also be used to meet the requirements of a future exercise of stock options in the scope of
the Purchase Option Plans of Shares issued by Multiplan. In the current buyback program, no shares have been
bought up to this date. The term for the repurchase of shares is of 365 days in effect as of the initial date and
ending on February 3rd, 2011.

During the first program, ended in November 2009, the company purchased 340,000 common shares, acquired at
an average weighted cost of R$13.59 per share. The current balance of stock held in treasury on June 30, 2010,
is of 135,286 shares.

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APPENDICES

APPENDIX I

Income Statement

(R$ 000) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %

Rental revenue 100,666 81,498 ▲23.5% 199,717 160,888 24.1%
Services 21,077 18,107 ▲16.4% 35,786 33,497 6.8%
Key money 6,350 6,034 ▲5.2% 17,529 11,202 56.5%
Parking 15,505 12,807 ▲21.1% 31,500 23,347 34.9%
Real Estate 12,240 882 ▲1,288.2% 21,256 1,309 1524.4%
Others 1,534 89 ▲1,618.9% 1,549 89 1635.2%
Gross Revenue 157,373 119,417 ▲31.8% 307,337 230,331 33.4%
Taxes and contributions on sales and services (14,276) (12,348) ▲15.6% (27,861) (22,320) 24.8%
Net Revenue 143,096 107,069 ▲33.6% 279,476 208,011 ▲34.4%
Headquarters expenses (25,325) (24,657) ▲2.7% (45,393) (43,542) ▲4.3%
Stock-option-based remuneration expenses (1,380) (807) ▲71.0% (2,544) (1,317) ▲93.1%
Shopping centers expenses (16,263) (13,000) ▲25.1% (31,581) (29,209) ▲8.1%
Pre-operational expenses (11,191) (2,420) ▲362.4% (17,818) (2,643) ▲574.1%
Cost of properties sold (7,283) (481) ▲1,414.7% (12,377) (714) ▲1,634.2%
Equity pickup (997) (3,354) ▼70.3% (4,951) (9,552) ▼48.1%
Financial revenue 21,995 5,063 ▲334.4% 42,341 9,425 ▲349.2%
Financial expenses (11,564) (10,707) ▲8.0% (22,771) (20,452) ▲11.3%
Depreciation and amortization (11,593) (9,974) ▲16.2% (23,277) (19,631) ▲18.5%
Other operating income/expenses 266 1,094 ▼75.7% 1,402 2,357 ▲40.5%
Income before income and social contribution
79,760 47,827 ▲66.8% 162,506 92,734 ▲75.2%
taxes
Income tax and social contribution (1,500) (2,254) ▼33.47% (2,914) (3,540) ▼17.7%
Deferred income and social contribution taxes (24,804) 284 n.a. (56,633) 1,068 n.a.
Minority interest (2,022) (228) ▲784.8% (4,785) (455) ▲950.7%
Net Income 51,434 45,628 ▲12.7% 98,175 89,806 ▲9.3%

EBITDA 80,922 63,445 ▲27.5% 166,214 123,391 ▲34.7%

NOI 99,907 81.305 ▲22,9% 199,635 154,998 ▲28.8%
Adjusted FFO 87,831 55,318 ▲58.8% 178,085 108,370 ▲64.3%
Adjusted Net Income 76,238 45,344 ▲68.1% 154,808 88,738 ▲74.5%

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APPENDIX II

Balance Sheet (R$‟000)

ASSETS 30/6/2010 31/3/2010 % Change
Current Assets
Cash and cash equivalents 933,011 980,467 ▼4.8%
Accounts receivable 116,307 98,589 ▲19.8%
Sundry loans and advances 21,300 21,471 ▼0.8%
Recoverable taxes and contributions 29,864 38,702 ▼22.8%
Deferred income and social contribution taxes 61,751 60,981 ▲1.3%
Other 10,092 8,442 ▼2.1%
Total Current Assets 1,172,325 1,208,652 ▼3.0%
Receivables from related parties 74 74 ▼0.0%
Accounts Receivable 27,362 20,793 ▲31.6%
Land and properties held for sale 136,479 142,074 ▼3.9%
Sundry loans and advances 8,494 9,001 ▼5.6%
Deferred income and social contribution taxes - 11,343 ▼100.0%
Other 7,340 7,208 ▲1.8%

Investments 14,891 14,418 ▲3.3%

Property and equipment 2,138,738 2,073,242 ▲3.2%
Intangible 313,867 310,206 ▲1.2%
Deferred charges 26,360 27,495 ▼4.1%
Total Noncurrent Asset 2,673,605 2,615,854 ▲2.2%

Total Assets 3,845,930 3,824,506 ▲0.6%

LIABILITIES 30/6/2010 31/3/2010 % Change

Current Liabilities
Loans and financings 72,413 50,784 ▲42.6%
Accounts payable 64,947 59,843 ▲8.5%
Property acquisition obligations 54,207 62,130 ▼12.8%
Taxes and contributions payable 12,543 23,754 ▼47.2%
Dividends to pay 1 40,521 ▼100.0%
Taxes paid in installments 284 281 ▲1.0%
Deferred incomes 33,154 68,878 ▼51.9%
Payables to related parties 94,290 94,290 ▲0.0%
Debentures 100,541 2,764 ▲3,537.8%
Clients anticipation - 4,533 ▼100.0%
Other 3,930 1,850 ▲112.1%
Total Current Liabilities 436,310 409,628 ▲6.5%
NonCurrent Liabilities
Loans and Financings 221,154 223,566 ▼1.1%
Debentures - 100,000 ▼100.0%
Deferred income and social contribution taxes 14,231 - ▲0.0%
Property acquisition obligations 110,302 115,454 ▼4.5%
Taxes paid in installments 1,244 1,302 ▼4.5%
Provision for contingencies 5,791 5,736 ▲1.0%
Deferred incomes 116,821 67,863 ▲72.1%
Total Noncurrent Liabilities 469,543 513,921 ▼8.6%
Minority interest 16,596 14,670 ▲13.1%
Shareholders' Equity
Capital 1,761,662 1,761,662 ▲0.0%
Capital Reserves 966,153 962,854 ▲0.3%
Profit Reserve 131,174 151,497 ▼13.4%
Share issue costs (31,842) (31,842) ▲0.0%
YTD Income 98,174 46,740 ▲110.0%
Shares in Treasure Department (1,840) (4,624) ▼60.2%
Total Shareholder's Equity 2,923,481 2,886,287 ▲1.3%

Total Liabilities and Shareholders' Equity 3,845,930 3,824,506 ▲0.6%

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 2Q10
MULT3

APPENDIX III

Cash Flow Statement

Cash flow statement (R$'000) 2Q10 2Q09

Cash flow from operations
Net income for the quarter 51,435 45,628
Depreciation and amortization 11,593 9,719
Interest and monetary variations on debentures, loans, and property acquisition 6,840 4,535
Deferred income and social contribution taxes 12,448 -
Other net income adjustments (3,300) (2,480)
(Increase) decrease on current assets 719 (3,230)
Increase (decrease) on current liabilities (44,667) (12,074)
Cash flow from operations 35,068 42,098

Cash flow from investments

Increase in loans and sundry advances 1,239 5,661
(Increase) decrease of investments (1,470) (1,804)
Increase of property, plant and equipments (75,307) (90,457)
Additions to intangibles (4,309) 239
Others (4,830) 1,162
Cash flows used in investing activities (84,677) (85,199)

Cash flows from financing activities

Increase (decrease) in loans and financing 23,579 56,308
Interest payment of loans and financing (6,457) (13,575)
Increase (decrease) in payables to related parties - 778
Others (14,969) (286)
Cash flows generated by (used in) financing activities 2,153 43,225

Cash flow (47,456) 124

Cash and cash equivalents at the beginning of the period 980,467 187,213
Cash and cash equivalents at end of the period 933,011 187,337
Changes in cash position (47,456) 124

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GLOSSARY AND ACRONYMS

Adjusted Funds from Operations (FFO): sum 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 structural features that can attract consumers, thus
ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m² to be considered
anchors.
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. Acronyms:
CDI: (“Certificado de Depósito Interbancário” or Interbank Deposit Certificate).
DESTAQUES FINANCEIROS
BHS BH Shopping
Certificates issued by banks to generate liquidity. Its average overnight annualized BRS BarraShopping
rate is used as a reference of interest rates in Brazilian Economy. BSS BarraShoppingSul
Overage Rent: The difference paid as rent (when positive), between the base rent DMM DiamondMall
and the rent consisting of a percentage of sales, as determined in the lease MAC Shopping Maceió
MBC Morumbi Business Center
agreement. MBS MorumbiShopping
Debenture: debt instrument issued by companies to borrow money. Multiplan‟s MTE Multiplan
debentures are non-convertible, which means that they cannot be converted into NYCC New York City Center
equity shares. Moreover, a debenture holder has no voting rights. JDS Shopping Jundiaí
PKB ParkShoppingBarigui
Deferred Income: Deferred key money and store buy back expenses. PKS ParkShopping
EBITDA Margin: EBITDA divided by Net Revenue. PKC ParkShopping Corporate
PSC ParkShoppingSãoCaetano
EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income PSS Pátio Savassi
(loss) plus expenses with income tax and social contribution on net income, financial RBS RibeirãoShopping
result, depreciation and amortization and non-recurring expenses. EBITDA does not SAF ShoppingAnáliaFranco
have a single definition, and this definition of EBITDA may not be comparable with the SSU Shopping Santa Úrsula
EBITDA used by other companies. SVO Shopping Vila Olímpia
VLG Village Mall
EPS: Earnings per Share. Net Income divided by the total shares of the company.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding merchandising.
IGP-DI Adjustment Effect: Is the weighted average of the monthly IGP-DI increase with a month of delay, multiplied by the
percentage GLA that was adjusted on the respective month.
IGP-DI: (“Índice Geral de Preços - Disponibilidade Interna”) General Domestic Price Index. Inflation index published by the
Getúlio Vargas Foundation, referring to the data collection period between the first and the last day of the month in reference,
with disclosure date near the 20th of the following month. It has the same composition as the IGP-M (“Índice Geral de Preços do
Mercado”), though with a different data collection period.
IPCA (“Índice de Preços ao Consumidor Amplo”): Published by the IBGE (Brazilian institute of statistics), it is the national
consumer price index, subject to the control of Brazil‟s Central Bank.
Key Money (KM): Key money is the money paid by a tenant in order to open a store in a shopping center. The key money
contract when signed is accrued in the deferred revenue account and in accounts receivable, but its revenue is accrued in the
key money revenue account in linear installments, only on the occasion of an opening, throughout the term of the leasing
contract. Nonrecurring key money from new stores of new developments or expansions (opened in the last 5 years);
‟Operational‟ key money from stores that are moving to a mall already in operation.
Merchandising: consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from
kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall.
Minimum Rent (or Base Rent): Minimum rent paid by a tenant for a lease contract. Some tenants sign contracts with no fixed
base rent, and in that case minimum rent corresponds to a percentage of their sales.
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.
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.
Owned GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan‟s interest in each mall.
Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. Parking revenue transfers
are the share of the parking revenue that need to be passed on to the company‟s partners and condominiums.
Potential Sales Value (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development,
multiplied by the list price of each.
Sales: Sales reported by the stores in each of the malls.

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Same Area Rent/m² (SAR): Rent of the same area of the year before divided by the area‟s rent of the current year, less
vacancy.
Same Area Sales/m² (SAS): Sales of the same area of the year before divided by the area‟s GLA less vacancy.
Same store Rent/m² (SSR): Rent earned from stores that were in operation for over a year.
Same store Sales/m² (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.
TJLP: (“Taxa de Juros de Longo Prazo”, or Long Term Interest Rate). The usual cost of financing conceived by BNDES.
TR: (“Taxa Referencial”, or Reference interest rate). Average interest rate used in the market.
Turnover: Leased GLA in the period divided by total GLA.
Shopping Center Segments:
Food Court & Gourmet Areas – Includes fast food and restaurants operations
Diverse – Cosmetics, bookstores, hair salons, pet shops and etc
Home & Office – Electronic stores, decoration, art, office supplies, etc
Services – Sports centers, entertainment centers, theaters, cinemas, medical centers, banks operations, and etc.
Apparel – Women and men clothing, shoes and accessories stores

Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the
Company‟s management and on the information available. These prospects include statements concerning our management‟s current intentions
or expectations.

Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this
document. The Company has no obligation to update said statements.

The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify
affirmations.

Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and
competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values
that can establish these results are outside the company‟s control or expectation. The reader/investor is encouraged not to completely rely on the
information above.

This document also contains information on future projects which could differ materially due to market conditions, changes in law or government
policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and consumers,
commercial negotiations or other technical and economic factors.

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