4Q16

Discussion Material - 2016

March, 2017
 4Q16
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based
on expectations of the Companys management and on the information available. The Company has no obligation to
update said statements.

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

Forward-looking statements refer to future events which may or may not occur. Our future financial situation,
operating results, market share and competitive positioning may differ substantially from those expressed or
suggested by said forward-looking statements. Many factors and values that can establish these results are outside
the Companys control or expectation. The reader/investor should not make the decision to invest in Multiplan shares
based exclusively on the data disclosed on this report.

This document also contains information on future projects which could differ materially due to market conditions,
changes in 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. These projects may be altered in part or totally by the company with no previous warning.

For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia)
and other relevant information on our investor relations website ir.multiplan.com.br.

Note: All financial figures presented are in Brazilian Reais (R$).

2
 4Q16
Multiplan at a Glance
High Productivity Portfolio Historical growth strategy breakdown
Recognized developer of top-of-mind shopping centers in regions with the (% of total GLA2)
largest GDP in Brazil;
Full service Company that plans, develops, owns and manages one of the most
efficient shopping center portfolios in the country;
Long-term planning including expansions and mixed-use projects;
Top line growth and efficiency gains leading to a strong 5-year CAGR1 of 13.6% Greenfields
65%
in NOI and 12.4% in EBITDA.
Acquisitions
5%
A Seasoned 42-year Company
Proven track record in the real estate industry;
Offices for lease Expansions
Management and control of its shopping centers, allowing great flexibility to 10% 20%
implement improvements;
18 shopping centers with an average interest of 75.9% and 775,575 sq.m. of
total GLA2, besides 2 office towers for lease. Interest, management and control in
properties

Value Creation 19/20 19/20

Market capitalization of R$11.3 billion3, the largest among publicy traded real 77.6%
estate companies in Brazil;
97.5% of average occupancy rate;
5-year contracts, adjusted by inflation;
Development DNA: developed 95% of total GLA;
Potential mall expansion pipeline of over 150,000 sq.m. of GLA;
Landbank of 820,519 sq.m. to develop mixed-use projects.
Managed Properties Portfolio
5
1 CAGR: Compound Annual Growth Rate. properties 4 with interest of ownership
3 GLA: Gross Leasable Area. 4
2 Share price of R$59.38 on December 31th, 2016 (Bloomberg). 50% or more
4 Over Companys properties (18 shopping centers and 2 office towers).
5 % of Gross Leasable Area of shopping centers and office towers.

Source: Multiplan 3
 4Q16
Properties Portfolio

Multiplans Portfolio Footprint: Portfolios Market Share:

Total GLA (2016) Tenants Sales (2016)

Other
Other
Shopping
5.1% Shopping
Centers
Centers 8.7%
AL 94.9%
91.3%

DF
MG

SP

PR RJ
Multiplans Portfolio Size: States Exposed to:
RS

18 776 54% of 72% of

Shopping thousand sq.m. countrys countrys
Centers of GLA population GDP

Source: Multiplan,IBGE (2010) and ABRASCE

4
 4Q16
1

Operating Efficiency
Tenants sales: Multiplan & USA malls Operating efficiency: Multiplan & Brazilian malls
Tenants sales USD/sq.f. Tenants sales USD/sq.f. (anchor + Rental Revenue USD/sq.f. (anchor +
(satellite stores only) - 2016 satellite stores) - 2016 satellite stores) Sep-16 (LTM)

+53% 723
+92% 566
+73% 41
472 295
24

USA malls Multiplan's Brazilian Multiplan's Brazilian Multiplan's

malls malls malls malls malls

Store Segment GLA Distribution

Multiplan (Dec-2016) USA (Sep-2016) 4
Home & Home &
Office Office
8.5% 7.0%
Food Court & Food Court,
Gourmet Area Apparel Gourmet Area
11.2% 35.9% and Mini-
markets
21.0%
Apparel
50.0%

Miscellaneous Miscellaneous
21.3% 11.0%

Services
Services 11.0%
1 Source: ICSC International Council of Shopping Centers 23.1%
2 Source: Abrasce Associao Brasileira de Shopping Centers.
3 2016 final Exchange rate of R$3.2585 / US$ (Bloomberg).
4 Source: ICSC International Council of Shopping Centers and JLL Jones Lang LaSalle. 5
 4Q16
2016 Preliminary Operating Performance
Tenants Sales and Shopping Center Occupancy Rate

Total tenants sales (R$) Same Area and Same Store Sales
(year/year)
12.0%
17
. 0B

7.2B
12.0%
9.7% 9.5% 9.4% +2.9%
16
. 0B

9.7% 9.5% 9.4%

+3.0% 8.8% 8.0%
9.3%8.8% 8.8%8.0% 9.3%
8.9% 9.0% 8.8%
7.7%
6.2B

7.7%
15
. 0B

7.4% 13.7 B 7.4% 7 6.7%

13.3 B 6.7%
5.2B
14
. 0B

5.7% 5.7% 8.4% 5.7% 5

4.2 B 4.4 B 3.9% 4.2% 4.1% 7.4% 7.9% 3.9% 4.2%
2.8% 9.4%
13
. 0B

8.2% 8.1% 8.5% 6.8% 8.1%8.2% 8.1% 8.4%8.5% 8.3%8.1%9.4% 8.4% 3.2% 8.3% 2.7%
3.3% 3.3%7.9%
7.6%6.8% 7.9%7.6% 2.5%
4.2B

12
. 0B

5.8% 6.1%
5.8% 6.1%
3.2B
4.3% 1.2% 0.6% 2.1% 1.6%
2.8%
11
. 0B

2.1% 1.6% 2.3% 1.5% 1.8% 1.9%

2.2B 10
. 0B

4Q15 2Q12
1Q12 4Q163Q12 2015 1Q13
4Q12 2016
1Q122Q132Q12
3Q133Q12
4Q134Q12
1Q141Q13
4Q15 2Q142Q13
1Q16 3Q143Q13
2Q16 4Q14
2012 4Q13
3Q161Q15
2013 1Q14
4Q1620142Q14
2Q15 20153Q14
3Q15 4Q15 4Q14
2016 1Q161
Same Area Sales Same Area Sales Same Store Sales

Satellite stores sales/sq.m. (R$) Shopping center occupancy rate

+716 27,106
+777
+1,675 97.3%

98.0%

97.9%

97.6%
+13.2%

97.4%
23,938

2013 2014 2015 2016 2016 4Q15 1Q16 2Q16 3Q16 4Q16

Source: Multiplan 6
 4Q16
2016 Preliminary Operating Performance
Tenant Mix Management
Turnover in GLA and as % of total GLA (%) SAS and SSS spread (%)
5.2%
5.2% 5.1%
5.1% 5.1% 6.0%
4.8%
4.8%
4.3%
4.3% 5.0%
3.9% 1.5%
35,438 34,001 36,491 4.0% 1.4%
31,003 35,438 34,001 1.1%
30,727
3.0%
31,003 1.9% 30,727 27,613
2.1% 1.7%
1.3% 2.0% 0.5%
2.4% 0.1%
1.0%

2012 2013 2014 2015 9M16

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Turnover GLA (m) Turnover (%) Vacancy (%)

SAS and SSS Spread (%)

Breakdown of the mall GLA turnover by retail segment 2016

2007 2015
38,8% 2007 2015
37,1%
38,8% 2007 2015
37,1% 48.6%
38,8%
37,1% Out In
22,4% 22,6% 20,9% 21,1%
22,4% 22,6% 20,9% 21,1%
33.1% 22,4% 22,6% 20,9% 21,1% 10,7%
8,0% 30.3%
10,0% 8,6%
10,7% 10,0% 8,6%
8,0% 25.3% 10,7% 10,0% 8,6%
8,0% 2007 2015
18.8% 38,8%
Apparel Services
15.5% Miscellaneous Food Court & Home & Office 37,1%
Apparel Services Miscellaneous Food Court & Gourmet Area
Home & Office 11.4%
Apparel Gourmet Area
Services Miscellaneous Food Court & Home & Office
Gourmet Area 5.7% 5.5% 5.8%
22,4% 22,6% 20,9% 21,1%

Apparel Food Court & Miscellaneous Services Home & Office 8,0%
Gourmet Area 7
Source: Multiplan
 4Q16
Diversified Revenues
Gross revenue breakdown in 2016 Rental revenue diversification:
Top retail chains in 2016
23%
Others 21%

% of Rental Revenues
0.3% 19%
17%
Parking 15%
Base Rent 13%
15.2%
89.7%
11%
Key Money 9%
1.1% Rental Revenue 7%
Services 73.9% 5% Top 10: Top 25:
Merchandising 12.2% 21.9%
9.5% 3%
7.1%
Overage 1%
3.2% 1 3 5 7 9 11 13 15 17 19 21 23 25

Number of Retail Chains

Same Store Rent growth (YoY)

Average Real SSR
14.1% 5 years: 1.9%
Since IPO: 3.0%
9.6% 10.6% 10.4% 9.6%
9.4% 8.8%
6.9% 7.4% 7.1%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Real SSR growth 1

5.7% 2.5% 1.5% 5.7% 5.0% 4.0% 2.5% 3.0% 2.4% (2.2%)
1Real SSR considering the IGP-DI adjustment effect in each period.
Source: Multiplan 8
 4Q16
Strong and Predictable Revenues

Rental revenue breakdown (R$)

97.4% 96.6% 96.9% 98.6% 98.2% 97.9% 98.1% 98.7% 98.3% 97.5%
929.5 M
861.6 M
801.3 M
679.0 M
561.9 M
486.3 M
416.1 M
360.2 M 89.7%
295.3 M 88.7% 88.9%
239.4 M 88.6%
86.2% 87.3%
85.8% 84.7%
84.2% 83.2%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Base Rent (and as % of total) Merchandising Overage Average Occupancy Rate (%)

Evolution of rent loss (%)

1.3% 1.3%
0.7% 0.9% 0.9% 0.9% 0.7% 0.8% 0.7%
0.4%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Multiplan 9
 4Q16
Debt and Cash
CAPEX and Net Debt/EBITDA Debt indexes Debt breakdown on
on December 31, 2016 December 31, 2016

Others Others
3.03x 3.04x 8.1% 4.3%
1,344.4 M Financial Position Analysis Dec. 31, 2016
2.36x 2.44x Net Debt/EBITDA 3.04x TR
TR 33.0%
2.44x 952.1 M Gross Debt/EBITDA 3.62x 40.4%
775.0 M EBITDA/ Net Financial Expenses 3.82x
Net Debt/Fair Value 15.0%
CDI
Total Debt/Shareholders Equity 0.67x CDI 62.7%
301.7 M 297.2 M 51.5%
Net Debt/Market Cap 22.0%
Weighted Average Maturity (Months) 49
2012 2013 2014 2015 2016 Dec-15 Dec-16

CAPEX Net Debt/EBITDA All of Multiplans debt is in local

currency Brazilian Reais

Weighted average cost of funding vs. Selic rate (% p.a.)

14.25% 14.25% 14.25% 14.25% 14.25% 13.75%

13.75%
12.75%
: -57 b.p.
11.75% 13.50%
10.75% 11.00% 11.00% 13.09% 13.22% 13.23% 13.18%
12.81%
10.00% 12.29%
10.96% 11.53%
9.87% 10.41% 10.50% 10.54%

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

Multiplan Cost of Funding (gross debt)

EBITDA and Net Financial Expenses are the sum of the last 12 months
Selic Rate
Source: Multiplan and BCB (Banco Central do Brasil) 10
 4Q16
Debt Amortization Schedule and Covenants
Evolution of Net Debt/EBITDA Financial Covenants
Debt
Covenant Lim it Dec-16 Status
Volum e
Net Debt/EBITDA <= 4.00x 3.04x 1,588.6 M Comply
EBITDA/Net Financial Expenses >= 2.00x 3.82x 748.3 M Comply
Total Debt/Total Asset <= 0.50x 0.37x 79.2 M Comply
EBITDA Margin >=20.0% 72.4% 79.2 M Comply
Total Debt/Shareholders Equity <= 1.00x 0.67x 41.5 M Comply
Total debt w ith financial covenants 1,667.7 M

Debt amortization schedule (%) Debt amortization schedule (R$)

29 M 12 M
2017 375 M 416 M

2018 358 M 12 M 369 M

2017
14.0% 2019 29 M 12 M
598 M 199 M 797 M
> 2021
25.4% 2017 375 M 416 M
2018 2020 200 M 199 M 399 M
12.5% 2018
CRI2 - Debentures:
358 M 12 M 369 M
2021 231 M 231 M
2021 2019 199 M
797Amount:
M
R$300.0 M
598 M
7.8% 2022 109 M 290 M 400 M Issuance date: December
2019 2020 200 M 199 M 399 M 29th, 2016
2020
13.5% 26.9% 2023 109 M 109 M Term: 6 years
2021 231 M 231 M Loans and financing (banks) Interest Payment: semi-
2024 99 M 99 M anmual
Obligations from acquisition of goods (land and minority interest)
2022 109 M 290 M 400 M Cost: 95.0% of the CDI
2025 146 M 146 M Debentures
Rating: AAA (bra), by Fitch
2023 109 M 109 M
Ratings
Loans and financing (banks)
EBITDA and Net Financial Expenses are the sum of the last 12 months 2024 99 M 99 M
Obligations from acquisition of goods (land and minority interest)
Source: Multiplan 11
2025 146 M 146 M Debentures
 4Q16

New R$300 Million Issuance Real Estate Certificate Issuance (CRI)

Summary

Amount R$300 M

Type CRI - ICVM 400

Term / Amortization 6 years, Bullet

Interest Payment Every 6 months

Closing December 29th, 2016

Rating "AAA (bra)" by Fitch Ratings

Guaranty 40% of BarraShoppingSul (Value: R$390 M); 130% of the Issuance amount

Coordinators Ita BBA (leader), Bradesco, Banco do Brasil and XP Investimentos

Initial Cost 99.50%

Final Cost 95.00%

Source: Multiplan 12
 4Q16
NOI and stock price evolution
LTM NOI(1) and stock price evolution since IPO

Oct 17th, 2012(2) Dec 31st, 2016

LTM NOI(3) of LTM NOI of

R$570 mn R$965 mn
R$63.18/share R$59.38/share

NOI
CAGR 2007/16:
18.8%
(+371%)

Share price
CAGR 2007/16:
10.1%
(+138%)

100

Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16

Source: Multiplan and Bloomberg as of December 31st, 2016.

Note: Multiplans IPO was on July 2007.
(1) Considers the 90 days moving average of LTM NOI.
(2) The October 17th, 2012 closing price was the highest until June 30th, 2016.
(3) NOI from Oct/11 to Sep/12.
13
 4Q16
10-Year CAPEX and Interest Rate Evolution
(% Selic rate)
Acquisition Capex Capex
Development Development and other
Acquisition Capex
Capex Interest Rate (Selic) 16%
16%
1,600 1,200 16.00%

1,400
1,344 M
14%
1,000 14.00% 14%

1,200

800 12.00%
1,000 12%
986 M 12%
951 M
800 600 10.00%

600 10%
725 M 10%
400
664 M 689 M 8.00%
(2)
400

200 6.00% 8%
200 477 M 8%
437 M 442 M

- - 4.00%
2006 2007 2008
2006 2009
2007 2010
2008 2011
2009 2012
2010 2013
2011 2014
2012 2015
2013 9M16
2014 2017E 9M16
2015
253 M 229 M 6%
6%

91 M (2)
4%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 4%
2006 2007 2008 2009 2010 2011 2012 2013 2014
2014 2015
2015 9M16
2016 2017E
2017E

12017E data consider Brazil Central Banks Mar-17 FOCUS report projection of 9.25% interest rate at the end of 2017.
22017E CAPEX is only considering the R$91.0 million acquisition announced in Jan/17.
Source: Multiplan. 14
 4Q16
R$731 Million Invested in Stake Acquisitions
R$59 million in NOI

Portfolios
NOI (LTM):
R$59.0M
NOI

BarraShopping I MorumbiShopping BarraShopping II ParkShoppingBarigi

Stake acquired: 10.3% Stake acquired: 8.0% Stake acquired: 4.5% Stake acquired: 9.3%

Stakes LTM NOI: R$24.8 M Stakes LTM NOI: R$15.5 M Stakes LTM NOI: R$11.5 M Stakes LTM NOI: R$7.2 M

Purchase price: R$311.2 M Purchase price: R$184.7 M Purchase price: R$143.9 M Purchase price: R$91.0 M

October 2016 October 2016 December 2016 January 2017

(1) Considering the NOI for the past 12-month period ended on Jun-16 for BarraShopping (1) and MorumbiShopping, and Sep-16 for BarraShopping (2) and ParkShoppingBarigi, weigthed by the acquired stakes
Source: Multiplan 15
 4Q16
Greenfield Under Construction

Multiplans Stake: 80% CAPEX(1): R$359.3M

Construction Status:
Structure assembly 48,000 Opening: Nov-17
Key Money(1): R$26.5M
3rd year NOI(2): R$36.0M
underway sq.m. of GLA Leased GLA: 76% 3rd year NOI yield(2): 10.8%

(1) Considering Multiplans interest in the CAPEX of 94.7%

(2) Considering Multiplans interest of 80.0%
Source: Multiplan
16
 4Q16

RibeiroShopping Medical Center

Ptio Savassi Expansion II
Expansion

Construction Multiplans stake: 100.0% Construction Multiplans stake: 96.5%

started in 6,200 Leased GLA: 89.0%
Expected opening: 2Q17
started in 2,300 Leased GLA: 100.0%
Expected opening: 4Q17
sq.m. of GLA sq.m. of GLA
Jul-16 CAPEX(1): R$35.5M Jun-16 CAPEX(2): R$34.9M

(1) Considering Multiplans interest in the CAPEX of 100.0%.

(2) Considering Multiplans interest in the CAPEX of 96.5%.
Source: Multiplan 17
 4Q16
Market Penetration
Share of malls in retail sales 1 2 69%
62%
52% 53% 54%

52% 53% 54
25% 28%
21% 23%
16% 17% 18% 18% 18% 19%
11% 13% 14%
10% 28%
21% 23%
16% 17% 18% 18% 18% 19%
11% 13% 14%
10%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 FR AU MX US AS CD

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 FR AU MX U

Mall penetration in the world Shopping centers Shopping center

(m of GLA per 1,000 inhabitants ratio, 2011) 1 2 in Brazil (Oct-16) 1 3 owned GLA breakdown
in Brazil 1 4 (Sep-16)
2,200 Municipalities
with a shopping
center 203

Public
1,350 Companies
22%
900

360 Municipalities
180 220 Others
68 110 without a
78%
shopping center
5,358

1 Source: Abrasce Associao Brasileira de Shopping Centers

2 Source: ICSC International Council of Shopping Centers (ICSC)
3 Source: IBGE Brazilian Statistics Bureau
4 Source: Multiplan and reports from the following public companies: Aliansce, Brmalls, CCP, General Shopping, Iguatemi, JHSF and Sonae Sierra.
18
 4Q16
Notes
 4Q16
IR Contact
Armando dAlmeida Neto
CFO and IRO

Hans Melchers
Investor Relations and Planning Director

Franco Carrion
Investor Relations Manager

Leandro Vignero
Investor Relations Analyst

Daniela Mostaert
Investor Relations Analyst

Tel.: +55 (21) 3031-5600

Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br

ir.multiplan.com.br