Earnings Release 1Q17

Earnings Report
BH Shopping, Belo Horizonte

Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations
of the Companys management and on available information. The Company is under no obligation to update these statements.
The words "anticipate, wish , "expect , foresee, intend, plan, "predict, forecast, aim" and similar words are intended to
qualify statements.
Forward-looking statements refer to future events that may or may not occur. Our future financial situation, operating results,
market share and competitive position may differ substantially from those expressed or suggested by these forward-looking
statements. Many factors and values that may impact these results are beyond the Companys ability to control. The
reader/investor should not make a decision to invest in Multiplan shares based exclusively on the data disclosed in this report.
This document also contains information on future projects, which could differ materially due to market conditions, changes in
laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance,
demands by tenants and consumers, commercial negotiations or other technical and economic factors. The Company may alter
these projects totally or in part with no prior notice.
External auditors have not reviewed non-accounting information.
In this release, the Company has chosen to present the consolidated data from a managerial perspective, in line with the
accounting practices in force on December 31, 2012, as disclosed below.
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.
Managerial Report
During fiscal year 2012, the Accounting Standards Committee (CPC) issued the following pronouncements that impacted the
Companys activities and its subsidiaries including, among others: (i) CPC 18 (R2) Investments in affiliated companies,
subsidiaries and in jointly controlled projects; (ii) CPC 19 (R2) Joint business. These pronouncements required that they be
implemented for fiscal years starting January 1, 2013. The pronouncements determine, among other issues, that joint projects be
recorded on the financial statements via equity pick-up. In this case, the Company is no longer consolidating the 50% interest in
Manati Empreendimentos e Participaes S.A., a company that owns a 75% stake in ShoppingSantarsula, and a 50% stake in
Parque Shopping Macei S.A., a company that has a 100% ownership interest in the shopping center of the same name on a
proportional basis. This report adopted the managerial information format and, for this reason, does not consider the requirements
of CPCs 18 (R2) and 19 (R2) to be applicable. Thus, the information and/or performance analyses presented herein include the
proportional consolidation of Manati Empreendimentos e Participaes S.A. and Parque Shopping Macei S.A. For additional
information, please refer to note 8.4 of the Financial Statements Report dated March 31, 2017.
Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete perspective on
operational data. Please refer to the Companys financial statements on its website (ir.multiplan.com.br) to access the Financial
Statements in compliance with the CPC.
Please see on page 34 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and
the reconciliation of the accounting and managerial numbers.
2
Table of Contents
1. Consolidated Financial Statements Managerial Report ................................................................................. 5

2. Minority stake acquisitions................................................................................................................................. 6
3. Gross Revenue .................................................................................................................................................. 9
4. Property Ownership Results .............................................................................................................................. 9
5. Shopping Center Management Results ..........................................................................................................14
6. Shopping Center Development Results ..........................................................................................................15
7. Real Estate for Sale Results ...........................................................................................................................15
8. Financial Results .............................................................................................................................................16
9. Project Development .......................................................................................................................................21
10. MULT3 Indicators & Stock Market .................................................................................................................25
11. Fair Value of Investment Properties According to CPC 28 ...........................................................................26
12. Portfolio .........................................................................................................................................................28
13. Ownership Structure ......................................................................................................................................30
14. Operational and Financial Data .....................................................................................................................32
15. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report .....................................................34
16. Appendices ....................................................................................................................................................37
17. Glossary and Acronyms ...............................................................................................................................41
The Evolution of Multiplan's Financial Indicators
Change % CAGR %
2007
R$ Million 2008 2009 2010 2011 2012 2013 2014 2015 2016 (2016/ (2016/
(IPO)
2007) 2007)
Gross Revenue 368.8 452.9 534.4 662.6 742.2 1,048.0 1,074.6 1,245.0 1,205.2 1,257.5 +241.0% +14.6%
Net Operating Income 212.1 283.1 359.4 424.8 510.8 606.9 691.3 846.1 934.8 964.6 +354.8% +18.3%
EBITDA 212.2 247.2 304.0 350.2 455.3 615.8 610.7 793.7 789.2 818.3 +285.6% +16.2%
FFO 200.2 237.2 272.6 368.2 415.4 515.6 426.2 552.9 530.7 484.2 +141.9% +10.3%
Net Income 21.2 74.0 163.3 218.4 298.2 388.1 284.6 368.1 362.2 311.9 +1,374.4% +34.8%
2007 EBITDA adjusted for expenses related to the Company's IPO.
1,254 1,222 1,258

1,113
948 945 986
915 880
807
686 708 791 794
644 648
573 527 543 584 539 531
474 473 457 453 462
381 385 441 329 368 381 359 334 355 363
305 310 296 296
218 213 256 214 233 166
235
106
24
Gross Revenue Net Operating Income EBITDA FFO Net Income

Mar-08 (LTM) Mar-09 (LTM) Mar-10 (LTM) Mar-11 (LTM) Mar-12 (LTM) Mar-13 (LTM) Mar-14 (LTM) Mar-15 (LTM) Mar-16 (LTM) Mar-17 (LTM)
Historical Performance of Multiplans Results (R$ Million)
Overview
Multiplan Empreendimentos Imobilirios S.A. is one of the leading shopping center operating companies in Brazil, established as
a full service company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country.
The Company is also strategically active in the residential and commercial real estate development sectors, generating synergies
for shopping center-related operations by creating mixed-use projects in adjacent areas. At the end of 1Q17, Multiplan owned 18
shopping centers with a total GLA of 775,189 sq.m. - with an average interest of 76.6% - of which 17 shopping centers were
managed by the Company, with over 5,400 stores and estimated annual traffic of 180 million visitors. Multiplan also owned - with
an average interest of 92.4% - two corporate office complexes with total GLA of 87,558 sq.m., leading to a total GLA of 862,747
sq.m.
3
NOI GROWS 9.5% IN 1Q17, REACHING
R$251 MILLION
A solid start to the year: Tenants sales show robust growth in the first
quarter, especially in March, and other operational indicators
demonstrate stability despite a still uncertain but improving macro
scenario. Following minority stake acquisitions and a private capital
increase, the Companys balance sheet continues to support its growth
strategy.
Evolution of Same Store Sales (%)
Tenants sales increase 6.1% in 1Q17, and Same Store
5.6%
Sales (SSS) growth twofold from 1Q16, reaching 3.2% in 4.2% 4.1%
3.2%
2.5%
the quarter. The tenant mix improvement leads Same 3.2%
1.6% 2.3% 2.8% 1.5%
Area Sales (SAS) to grow 5.6%, again surpassing the SSS.
1Q16 2Q16 3Q16 4Q16 1Q17
The quarters occupancy rate increases to 97.4%, from
Evolution of Shopping Center
97.3% in 4Q16. Occupancy Rate (%)
The rental revenue grows 10.2% and the Shopping Center

97.9% 97.6% 97.4% 97.3% 97.4%
expenses fall 3.6% in 1Q17, resulting in an NOI growth of
9.5%, to R$251.2 million, with a margin of 88.6%.
Gross delinquency rate falls 148 b.p. yoy reaching 3.0% 1Q16 2Q16 3Q16 4Q16 1Q17
in 1Q17, and net delinquency also reduces 90 b.p. to
2.7%. Evolution of NOI (R$)
A minority stake acquisition in January increases CAGR: +10.4%

+9.5%
Multiplans ownership in ParkShoppingBarigi to 93.3%.
251 M
Together with another three minority stake acquisitions 219 M 229 M
169 M 186 M
concluded in 4Q16, Multiplan adds a total of R$59.0
million NOI .
1Q13 1Q14 1Q15 1Q16 1Q17

In March 2017, Multiplan concluded a Private Capital
Increase of R$600.0 million, representing 10,256,411 new Evolution of Net Debt to EBITDA
shares.
Lowest Covenant: 4.00x
4.00x
As a result, the Net debt to EBITDA ratio decreased from

3.00x
3.04x in December 2016 to 2.39x in March 2017, 3.04x
maintaining a comfortable spread to the nearest debt 2.43x
2.00x 2.33x 2.40x 2.39x
covenant, at 4.00x.
1.00x
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
Considering the NOI for the past 12-month period ended on June 2016 for BarraShopping I and MorumbiShopping, and September 2016 for BarraShopping II
and ParkShoppingBarigi, weighted by the acquired stakes.
4
1Q17
MULT3
1. Consolidated Financial Statements Managerial Report
(R$'000) 1Q17 1Q16 Chg. %

Rental revenue 228,468 207,233 +10.2%
Services revenue 25,053 37,103 -32.5%
Key money revenue 2,225 3,518 -36.7%
Parking revenue 45,824 46,474 -1.4%
Real estate for sale revenue (2,243) 3,930 n.a.
Straight-line effect 9,084 9,663 -6.0%
Other revenues 1,265 1,328 -4.7%
Gross Revenue 309,676 309,248 +0.1%
Taxes and contributions on sales and services (30,942) (30,424) +1.7%
Net Revenue 278,733 278,824 -0.0%
Headquarters expenses (31,802) (31,900) -0.3%
Share-based compensations (26,148) (5,314) +392.1%
Shopping centers expenses (30,960) (32,108) -3.6%
Office towers for lease expenses (1,205) (1,943) -38.0%
New projects for lease expenses (1,129) (1,493) -24.4%
New projects for sale expenses (997) (871) +14.5%
Cost of properties sold 1,565 (2,148) n.a.
Equity pickup 18 7 +145.8%
Other operating revenues/expenses (760) (4,257) -82.2%
EBITDA 187,315 198,799 -5.8%
Financial revenues 30,646 21,160 +44.8%
Financial expenses (88,503) (70,327) +25.8%
Depreciation and amortization (45,782) (39,550) +15.8%
Earnings Before Taxes 83,677 110,082 -24.0%
Income tax and social contribution (36,799) (34,975) +5.2%
Deferred income and social contribution taxes 7,409 (4,976) n.a.
Minority interest (10) (51) -81.2%
Net Income 54,277 70,079 -22.5%
(R$'000) 1Q17 1Q16 Chg. %

NOI 251,210 229,319 +9.5%
NOI margin 88.6% 87.1% +158 b.p.
NOI + Key Money 253,436 232,837 +8.8%
NOI + Key Money margin 88.7% 87.2% +150 b.p.
EBITDA 187,315 198,799 -5.8%
EBITDA margin 67.2% 71.3% -410 b.p.
Net Income 54,277 70,079 -22.5%
Net Income margin 19.5% 25.1% -566 b.p.
FFO 92,650 114,605 -19.2%
FFO margin 33.2% 41.1% -786 b.p.
5
1Q17
MULT3
2. Minority stake acquisitions
2.1 Tenants Sales
A welcoming start to 2017: 6.1% sales increase in the quarter

+6.1%
Tenants in Multiplans shopping centers kicked off the year with robust sales 3.2 B
3.0 B
performances. While January and February sales increases averaged 4% yoy,
March 2017 sales grew close to 12% over March 2016, leading the quarter to a
R$3.2 billion sales mark, a 6.1% increase when compared to 1Q16.
The 1Q17 sales increase was the strongest in the last eight quarters and led to
unprecedented sales-per-square-meters results, of R$26,703/sq.m. (last 12 1Q16 1Q17
months) for satellite stores, equivalent to 789 USD1/sq.f. Evolution of tenants sales (billion R$)
Among the most consolidated malls in the portfolio, with more than 30 years in operation, the highlights were BarraShopping,
MorumbiShopping and ParkShopping, which recorded sales increases of 11.7%, 7.6% and 7.6%, respectively. Other highlights
included ShoppingVilaOlmpia, ShoppingAnliaFranco, JundiaShopping, ParkShoppingBarigi and
ParkShoppingCampoGrande, where sales growth varied from 7.3% to 13.9% in the quarter.
Shopping Center Sales (100%) Opening 1Q17 1Q16 Chg.%

BH Shopping 1979 255.3 M 246.2 M +3.7%
RibeiroShopping 1981 171.5 M 166.6 M +3.0%
BarraShopping 1981 484.6 M 433.8 M +11.7%
MorumbiShopping 1982 402.8 M 374.3 M +7.6%
ParkShopping 1983 263.7 M 245.1 M +7.6%
DiamondMall 1996 136.1 M 136.0 M +0.0%
New York City Center 1999 62.2 M 60.8 M +2.3%
ShoppingAnliaFranco 1999 245.1 M 226.4 M +8.3%
ParkShoppingBarigi 2003 219.7 M 196.2 M +11.9%
Ptio Savassi 2007 92.8 M 88.5 M +4.8%
ShoppingSantarsula 2008 36.6 M 37.0 M -1.1%
BarraShoppingSul 2008 156.8 M 170.1 M -7.9%
ShoppingVilaOlmpia 2009 100.2 M 93.4 M +7.3%
ParkShoppingSoCaetano 2011 133.1 M 124.9 M +6.6%
JundiaShopping 2012 104.5 M 96.0 M +8.8%
ParkShoppingCampoGrande 2012 113.7 M 99.8 M +13.9%
VillageMall 2012 118.0 M 122.2 M -3.5%
Parque Shopping Macei 2013 93.9 M 90.9 M +3.3%
Total 3,190.6 M 3,008.2 M +6.1%
Ptio Savassi opened in 2004 and was acquired by Multiplan in June 2007
ShoppingSantarsula opened in 1999 and was acquired by Multiplan in April 2008
1 Considers 1Q17 daily average exchange rate of R$3.1457, from January 1 to March 31, 2017 (source: Bloomberg).
6
1Q17
MULT3
In 1Q17 Same Store Sales increase twofold over 1Q16
Same Store Sales (SSS) presented 3.2% growth in the quarter when compared to 1Q16, a twofold increase over the 1.6% rise
presented in the compared quarter, and the highest quarterly increase in the last eight periods since 1Q15.
Same Area Sales (SAS) also presented significant growth, of 5.6% in 1Q17, representing a 234 b.p. SAS/SSS spread that
continues to underscore the value added to the portfolio by the successful tenant-mix improvement strategy.
12.0% 12.0%
4% 9.7% 9.5% 9.4% 9.3% 8.8% 9.3%
8.8% 8.8% 8.8%
7.4% 7.7% 8.0%
5.7%
7.4% 7.7% 8.0% 5.6%
6.7% 6.7%
5.7% 5.7% 5.7% 4.1%
4.2% 5.7%
3.9% 3.9% 4.2% 4.1% 3.2% 3.9% 4.2% 4
2.8% 9.4%2.7% 3.2%
2.8% 9.4% 2.8% 2.7%
.5% 8.4% 8.5%
8.1% 8.2% 8.1% 8.3%
7.6% 6.8% 8.1% 8.4%
7.9% 7.6% 8.3% 2.7% 2.5% 7.9% 2.5%
6.8% 5.8% 6.1%
5.8% 6.1%
4.3% 4.3% 1.2% 0.6% 2.1% 1.6% 4.3%
1.2% 0.6% 2.1% 2.3% 2.8% 1.5% 3.2%2.3% 1.2%
2.8% 0.6%
1.5% 2.1% 1.6%
1.6%
Q12 4Q12 1Q13 1Q12

2Q13 2Q12
3Q13 3Q121Q15
4Q13 1Q142Q15
4Q12 2Q14 3Q15
1Q13 3Q14 4Q15
2Q13 3Q13 1Q16
4Q14 4Q13 2Q16 2Q14
1Q15 1Q14
2Q15 3Q163Q14
3Q15 4Q164Q14
4Q15 1Q17
1Q16 1Q15
2Q16 2Q15
3Q16 3Q15
4Q16 4Q15 1Q16
Same Area Sales Same Area Sales Same Store Sales Same Store Sales
SAS and SSS Evolution (year/year)
Home & Office and Services segments excel with double-digit SSS increases in the quarter
The Same Store Sales breakdown highlights two segments Same Store Sales 1Q17 x 1Q16
that led the way during the quarter: the Home & Office Anchor Satellite Total
segment (+17.1%), with strong performances coming from Food Court & Gourmet Area - +0.2% +0.2%
home appliances and electronics operations, as well as the Apparel +1.2% +2.4% +1.6%
Home & Office +8.7% +21.4% +17.1%
Services segment (+14.6%), which was boosted by the
Miscellaneous -4.1% -1.3% -2.3%
pharmacy and movie theaters operations.
Services +6.1% +18.9% +14.6%
Total +1.1% +4.4% +3.2%
5.1% 5.1%
4.8% 4.9%
4.3% 2.6%
36,491 2.3%
35,438 34,941
34,001
30,727 1.4%
1.0%
0.7%
2013 2014 2015 2016 Mar-17

(LTM) 1Q13 1Q14 1Q15 1Q16 1Q17
Turnover in GLA (m) and as % of total GLA (%) SAS

SAS and
and SSS
SSS Spread
spread (%)(%)
7
1Q17
MULT3
2.2 Operational Indicators
First quarter occupancy exceeds the fourth quarter: a strong message
The quarterly average shopping center occupancy rate ended 1Q17 at 97.4%, representing an increase compared to 4Q16s
rate of 97.3%. The first quarter is normally a challenging quarter, counting with a high turnover and vacancy after the Christmas
season, yet it is the first time in 10 years that the first quarter occupancy rate is above the previous fourth quarter.
BarraShopping and MorumbiShopping presented occupancy rates of 99.8% and 99.4% respectively, indicating the demand for
premium locations. In its fifth year of operation, VillageMall has showed a 99.6% occupancy rate, although some new stores are
in construction phase.
98.5% 98.6%
97.5% 97.9% 97.4%
99.0%
98.8%
98.6%
98.4%
98.4%
98.1%
98.1%
98.0%
97.6%
97.6%
97.4%
97.3%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
Evolution of the shopping center occupancy rate: 1Q13 1Q17
Occupancy cost: stable on condo dilution 12,4% 12,2%

14.0% 11,7%
11,7% 13.5%
13.7% 14.0%
13.9% 11,6% 13.8%
The occupancy cost in 1Q17 was 14.0%, in line with the same 4,5%
6.0% 4,3% 5.4%4,3%5.8%
5.9% 5.8%
4,1% 4,4%
5.8%
period of the previous year, which was 13.9%. Despite the rent
increase, higher sales and controlled condominium expenses led
8.1% 7.8% 8.1% 8.1% 8.2% 8.1%
the occupancy cost to remain stable compared to 1Q16. 7,9% 7,4% 7,4% 7,5% 7,7%
The occupancy cost also remained in line with the average of the 1Q13 1Q14 1Q15 1Q16 1Q17 Five
4Q12 4Q13 4Q14 4Q15 quarters
4Q16
last five first quarters, which was 13.8%. Average
Other as sales % Occupancy cost
Rent as sales % Other as sales %
Occupancy cost breakdown: 1Q13-1Q17
Gross delinquency rate drops in annual comparison
The gross delinquency rate of the rental revenue (rental payments more than 25 days late) in 1Q17 fell to 3.0% compared to the
same period of the previous year, when it reached a peak of 4.5%.
Following the same trend, the net delinquency rate, which considers past delinquency recoveries, fell to 2.7%. This trend could
also lead to lower provisions in the following quarters. In the same period, the rent loss was 1.1%.
4.5%
3.0%
1.8%
2.2% 1.9% 1.8% 3.6% 1.1%
1.0% 1.1%
2.7% 0.5% 0.5%
0.2%
1Q13 1Q14 1Q15 1Q16 1Q17 1Q13 1Q14 1Q15 1Q16 1Q17 4Q16 1Q17
Gross Delinquency Rate Rent Loss

Net Delinquency Rate
Historical delinquency rate and rent loss: 1Q13 1Q17
8
1Q17
MULT3
3. Gross Revenue
Gross revenue reaches R$309.7 million in 1Q17, driven by rental revenue growth
Gross revenue totaled R$309.7 million in 1Q17, varying 0.1% compared to 1Q16. Rental revenue was the main driver, adding
R$21.2 million over 1Q16, growing 10.2%, and was compensated by (i) the high base of comparison service revenue in 1Q16
due to an one off-revenue and (ii) the combination of no new launches of projects for sale and contract cancellations with created
a negative figure in the quarters real estate for sale revenue account.
Key
Other revenues money Others
309.2 M +0.1% 309.7 M 0.7% 2.6%
Services
Real estate for sale 8.1%
revenue
Parking revenue
Parking 14.8%
Key money revenue

+10.2%
228.5 M Services revenue
207.2 M Rent
73.8%
Straight-line Effect
Rental revenue
1Q16 1Q17
gross revenue growth breakdown 1Q17 Gross revenue breakdown 1Q17
Others includes real estate for sale, straight-
line effect and other revenues
4. Property Ownership Results
4.1 Rental Revenue
Rental revenue totals R$228.5 million in 1Q17, a double-digit growth of 10.2%
Rental revenue increased 10.2% over 1Q16, from R$207.2 million to R$228.5 million in 1Q17, with 91.5% of it represented by
the base rent.
Merchandising
6.1%
Overage 2.4% +11.3% -11.7% +5.3%
+21.3 M +0.7 M 228.5 M

207.2 M
(-0.7 M)
+10.2%
Base
rent
91.5%
Rental Base rent Overage Merchand. Rental

revenue 1Q16 revenue 1Q17
1Q17 Rental revenue breakdown 1Q17 Rental revenue growth breakdown (Y/Y) (R$)
9
1Q17
MULT3
BarraShopping, MorumbiShopping and ParkShoppingBarigi presented the highest growths, of 32.5%, 23.1% and 26.3%,
respectively, boosted by recent stake acquisitions, but also by the consolidation of the BarraShopping Medical Center expansion,
contract renewals and new contracts with some anchor stores at MorumbiShopping and ParkShoppingBarigi.
JundiaShopping and ParkShoppingCampoGrande grew 10.4% and 8.5% respectively, as both shopping centers entered the
fifth year of operation and had rent adjustments. ParkShoppingCampoGrande was also benefited by the opening of new
operations.
After completing five years in operation, ParkShoppingSoCaetano recorded 8.0% growth in the quarter, ensuring that it
continues its consolidating path.
BarraShoppingSul has been impacted by the economic conditions in the region, presenting an increase in vacancy area and a
7.8% decline in rental revenue.
97.5% 98.5% 98.6% 97.9% 97.4%
228.5 M
194.2 M 207.2 M
154.4 M 167.9 M
90.6% 91.5%
89.5% 90.2%
89.9%
1Q13 1Q14 1Q15 1Q16 1Q17

Base rent (and as % of total) Merchandising
Overage Average Occupancy Rate (%)
Rental revenue breakdown (R$) and occupancy rate (%)
Rental revenue (R$) Opening 1Q17 1Q16 Chg.%

BHShopping 1979 19.9 M 19.3 M +3.2%
RibeiroShopping 1981 10.4 M 10.8 M -3.5%
BarraShopping 1981 33.7 M 25.4 M +32.5%
MorumbiShopping 1982 31.0 M 25.1 M +23.1%

ParkShopping 1983 13.4 M 13.2 M +2.1%
DiamondMall 1996 11.3 M 10.4 M +8.6%
New York City Center 1999 2.4 M 2.2 M +5.3%
ShoppingAnliaFranco 1999 6.6 M 6.2 M +6.2%
ParkShoppingBarigi 2003 15.1 M 11.9 M +26.3%
Ptio Savassi 2007 7.6 M 7.0 M +7.4%
ShoppingSantarsula 2008 1.1 M 1.1 M -1.2%
BarraShoppingSul 2008 12.3 M 13.4 M -7.8%
ShoppingVilaOlmpia 2009 4.5 M 4.4 M +2.1%
ParkShoppingSoCaetano 2011 10.6 M 9.8 M +8.0%
JundiaShopping 2012 7.2 M 6.5 M +10.4%
ParkShoppingCampoGrande 2012 8.8 M 8.1 M +8.5%
VillageMall 2012 7.5 M 7.8 M -3.1%
Parque Shopping Macei 2013 3.3 M 3.1 M +5.7%
Morumbi Corporate 2013 21.6 M 21.2 M +1.7%
ParkShopping Corporate 2014 0.4 M 0.3 M +21.7%
Total 228.5 M 207.2 M +10.2%
Ptio Savassi opened in 2004 and was acquired by Multiplan in June 2007
2 ShoppingSantarsula opened in 1999 and was acquired by Multiplan in April 2008
10
1Q17
MULT3
Morumbi Corporate presents growth in occupancy rate
Morumbi Corporate, the two-tower office complex located across from MorumbiShopping and integrated with it through a
skywalk, contributed with R$21.6 million to rental revenue in 1Q17, an increase of 1.7% over 1Q16. Considering the last 12-
month periods, the rental revenue increased 16.1% in March 2017, compared with March 2016.
As of March 2017, 96.2% of the projects GLA had been leased, an increase of 480 b.p over March 2016. As of April 2017, the
projects GLA had already reached 98.1% of leased.
+16.1%
83.8 M 84.2 M
81.1 M
76.8 M
72.5 M
96.2% 96.2%
91.4% 92.4%
91.4%
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
Rental revenue (LTM)
Occupancy rate
Skywalk connecting MorumbiShopping to Morumbi Corporate The evolution of Morumbi Corporate rental revenue (R$) and
So Paulo occupancy rate (%) LTM
SSR grows 8.7% in 1Q17, above the previous quarters
Multiplan recorded Same Store Rent (SSR) of R$116/sq.m. per month in 1Q17, an increase of 8.7% over 1Q16, when SSR
posted a 5.8% growth.
The IGP-DI adjustment effect was 9.8% in the quarter, leading to a negative real growth of 1.0%, a better figure than the previous
quarters.
The SSR of base rent only, increased 10.0%, up by 0.2% in real terms in the quarter.
Real SSR:
4.3% 0.6% 3.5% 1.2% 0.9% 4.1% 2.7% 3.4% 4.1% 2.4% 2.4% 0.3% -1.7% -3.3% -2.2% -2.4% -1.0%
11.4% 11.4%
10.1% 8.8% 9.5%
8.0% 8.0% 9.2% 10.8% 10.7% 9.8%
6.8% 7.0% 6.8% 6.2% 9.3%
6.8% 7.4% 7.6% 7.5% 8.7%
6.7% 5.9% 5.9% 5.9% 8.4% 8.1%
5.8% 5.6% 5.2% 4.5% 4.4% 5.8% 6.0%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
SSR IGP-DI Adjustment Effect
Same Store Rent (SSR) breakdown - Nominal and real growth
11
1Q17
MULT3
4.2 Parking Revenue
Parking revenue totals R$45.8 million in 1Q17

CAGR: +11.0%
The parking re revenue totaled R$45.8 million in the quarter, representing -1.4%
a slight decrease of 1.4% when compared to the same period of the
46.5 M 45.8 M
previous year. The Company did not raise the shopping centers parking 42.5 M
35.4 M
fees in the first quarter of the year. 30.2 M
It is worth highlighting that the CAGR in the last five first quarter was
11.0%.
1Q13 1Q14 1Q15 1Q16 1Q17

Parking revenue evolution (R$)
4.3 Properties Expenses
After a challenging 2016, shopping center expenses fell quarter -3.6%

over quarter
32.1 M 31.0 M 35.0 M
Even considering a recent stake acquisition, shopping center 30.0 M
24.9 M 25.5 M
expenses decreased 3.6% in 1Q17 compared to 1Q16, totaling 23.0 M 25.0 M
R$31.0 million, driven by lower rent delinquency provisions, 20.0 M
13.5% 12.6% 12.7% 15.0 M
parking and legal expenses. 9.7% 11.3%
10.0 M
As a percentage of shopping center net revenue, mall expenses 5.0 M
have declined 140 b.p. from 12.7% in 1Q16 to 11.3% in 1Q17. 0.0 M
1Q13 1Q14 1Q15 1Q16 1Q17
Shopping center expenses evolution (R$) and as % of shopping

center revenues
Mall rental and parking revenues.
Office towers margin breaks record at 94.7% -38.0%
Office towers for lease expenses totaled R$1.2 million, a 38.0% decrease
from 1Q16. The office towers margin increased 350 b.p. from 91.2% in 2.4 M
1Q16 to 94.7% in 1Q17. 1.9 M 1.8 M 1.7 M
1.2 M
The slight increase in revenues and the decrease in expenses in 1Q17 led
91.2% 91.0% 92.5% 89.7% 94.7%
the office towers activity to register the highest operating margin since the
properties were delivered. Morumbi Corporate recorded an average
occupancy rate of 96.2% in the quarter. 1Q16 2Q16 3Q16 4Q16 1Q17
More to come: As of April, the occupancy rate reached 98.1%. Evolution of office towers expenses (R$) and operating
margin (%)
12
1Q17
MULT3
4.4 Net Operating Income NOI
NOI up 9.5% in 1Q17 to R$251.2 million +9.5%
The Company reported a strong Net Operating Income (NOI) of R$251.2 million in 251.2 M
229.3 M
1Q17, an increase of 9.5% over 1Q16, benefited by a 10.2% rise in rental revenue and
a combined decrease of 5.5% in shopping center and office tower expenses, boosting
the NOI margin by 158 b.p. to 88.6%. 88.6%
87.1%
Following the same trend, the NOI + Key Money reached R$253.4 million in 1Q17,
8.8% higher when compared to the same period of 2016. The NOI + Key Money margin
1Q16 1Q17
improved 150 b.p. to 88.7%.
NOI (R$) and NOI margin (%)
CAGR: +13.3% +4.4%
986.5 M
944.9 M
879.6 M
707.8 M
644.0 M
527.4 M
88.1% 88.8%
86.8%
89.6% 84.6%
88.7%
Mar-12 (LTM) Mar-13 (LTM) Mar-14 (LTM) Mar-15 (LTM) Mar-16 (LTM) Mar-17 (LTM)
NOI(R$) and NOI margin (%) evolutions

NOI NOI Margin
Mar/17 Mar/16
NOI Calculation (R$) 1Q17 1Q16 Chg.% Chg.%
(LTM) (LTM)
Rental revenue 228.5 M 207.2 M +10.2% 950.7 M 874.7 M +8.7%
Straight-line effect 9.1 M 9.7 M -6.0% (4.1 M) 8.9 M n.a
Parking revenue 45.8 M 46.5 M -1.4% 190.1 M 180.7 M +5.2%
Operational revenue 283.4 M 263.4 M +7.6% 1,136.7 M 1,064.3 M +6.8%
Shopping center expenses (31.0 M) (32.1 M) -3.6% (143.2 M) (110.2 M) +29.9%
Office towers for lease expenses (1.2 M) (1.9 M) -38.0% (7.1 M) (9.2 M) -22.6%
NOI 251.2 M 229.3 M +9.5% 986.5 M 944.9 M +4.4%
NOI margin 88.6% 87.1% +158 b.p. 86.8% 88.8% -200 b.p.
Key Money 2.2 M 3.5 M -36.7% 12.6 M 20.5 M -38.5%
Operational revenue + Key Money 285.6 M 266.9 M +7.0% 1,149.4 M 1,084.8 M +5.9%
NOI + Key Money 253.4 M 232.8 M +8.8% 999.1 M 965.5 M +3.5%
NOI + Key Money margin 88.7% 87.2% +150 b.p. 86.9% 89.0% -207 b.p.
13
1Q17
MULT3
5. Shopping Center Management Results
5.1 Services Revenue
Services revenue account for R$25.1 million in 1Q17

-32.5%
Services revenue, mainly composed of portfolio management, brokerage and other
37.1 M
fees, totaled R$25.1 million in 1Q17, lower by 32.5% when compared with 1Q16. The -7.6%
25.1 M
drop was mainly caused by two factors: a non-recurrent service fee received in 1Q16; 27.1 M
and the effect of the minority stake acquisitions in malls already managed by Multiplan,
which increased the Companys NOI, but marginally decreased the services revenues,
since the third-party owned area was reduced. 1Q16 1Q17
Evolution of services revenue (R$), and
considering the 1Q16 revenue adjusted
by the non-recurrent management fee
5.2 General and Administrative (Headquarters) and Share-Based Compensations Expenses
G&A expenses maintained at R$31.8 million, despite the Companys growth

-0.3%
The G&A expenses totaled R$31.8 million in 1Q17, a slight drop of 0.3% compared to
31.9 M 31.8 M
1Q16, and the lowest value recorded in the last eight quarters. The number was also
below the quarters average IPCA inflation of 4.9% (source: Bloomberg).
1Q16 1Q17
Evolution of G&A (R$)
Stock price appreciation of R$6.92 (+11.7%) during the quarter generates higher non-cash expenses
Following a R$5.3 million reversal in 4Q16 due to the R$3.82 stock price decrease in the fourth quarter (-6.0%), the provision
for the share based compensations expenses was R$26.1 million in 1Q17, compared to R$5.3 million in 1Q16. The mark-to-
market figure is the result of a R$6.92 appreciation (+11.7%) of the stock price during 1Q17, which impacted the quarterly
revaluation of the Phantom Stock Option Plans and generated higher provisions. Since no Phantom Stock Option Plan was
vested during 1Q17, the impact so far is considered a non-cash event.
14
1Q17
MULT3
6. Shopping Center Development Results
Key Money revenue totals R$2.2 million in 1Q17
Key Money accrual totaled R$2.2 million in 1Q17, a 36.7% decrease compared with 1Q16, and was mainly composed of areas
operating for more than five years, now undergoing the recurring turnover of stores. The Key Money coming from projects
opened in the last five years (non-recurring Key Money) added R$0.6 million to the revenues in the quarter.
Key Money revenue (R$) 1Q17 1Q16 Chg. %

Operational (Recurring) 1.6 M 0.7 M +134.7%
Projects opened in the last 5 years (Non-recurring) 0.6 M 2.8 M -78.5%
Key Money revenue 2.2 M 3.5 M -36.7%
Pre-operational expenses related to feasibility studies, brokerage fees for new projects, and property taxes from land for future
developments were responsible for the new projects for lease expenses of R$1.1 million in 1Q17.
7. Real Estate for Sale Results
In 1Q17, the delivered and sold real estate projects accounted for the R$0.7 million net loss (revenues minus cost of properties
sold) in the quarter, compared to an R$1.8 million net result in 1Q16.
The combination of no new projects for sale launches and contract cancellations created reversals in the quarter, impacting the
real estate for sale revenues and cost accounts.
New projects for sale expenses, composed mainly of brokerage fees and land bank property taxes, amounted R$1.0 million in
the quarter.
15
1Q17
MULT3
8. Financial Results
8.1 EBITDA
Excluding the effect of the share price increase, the EBITDA grows 4.6% 26
0. 0M
24
0. 0M
The EBITDA totaled R$187.3 million in 1Q17, a 5.8% decrease compared 22

0. 0M
+4.6% 213.5 M
204.1 M
to the same period of the last year, mainly due to the value increase of 20
0. 0M
phantom stocks, as discussed in topic 5.2. The EBITDA margin 26

0. 0M
18
0. 0M
198.8 M
198.8 M
24
0. 0M
22
0. 0M 187.3MM
-5.8% 187.3
decreased from 71.3% in 1Q16 to 67.2% in 1Q17.
20
0. 0M
16
0. 0M
71.3% 26.1 M
67.2%
18
0. 0M
16
0. 0M
204,112 213.5 M
14
0. 0M 14
0. 0M
12
0. 0M
Excluding the share-based compensations account in both periods, the

10
0. 0M
12
0. 0M
1Q16 1Q17
quarters EBITDA would have increased 4.6% over 1Q16, reaching 10
0. 0M
1Q16 1Q17
R$213.5 million. The EBITDA margin would have increased 338 b.p. to
76.6%, in view of the reductions in nearly all of the Companys expenses. Adjusted EBITDA
Consolidated
EBITDA EBITDA
(R$) 1Q
Consolidated
Share-based compensations account EBITDA margin
was not considered
Mar-17 Mar-16
EBITDA (R$) 1Q17 1Q16 Chg. % Chg. %
(LTM) (LTM)
Net Revenue 278.7 M 278.8 M -0.0% 1,129.7 M 1,099.5 M +2.7%
Headquarters expenses (31.8 M) (31.9 M) -0.3% (136.2 M) (130.8 M) +4.1%
Share-based compensations (26.1 M) (5.3 M) +392.1% (34.4 M) (14.2 M) +142.8%
Shopping centers expenses (31.0 M) (32.1 M) -3.6% (143.2 M) (110.2 M) +29.9%
Office towers for lease expenses (1.2 M) (1.9 M) -38.0% (7.1 M) (9.2 M) -22.6%
New projects for lease expenses (1.1 M) (1.5 M) -24.4% (10.8 M) (14.5 M) -25.8%
New projects for sale expenses (1.0 M) (0.9 M) +14.5% (2.8 M) (4.4 M) -37.8%
Cost of properties sold 1.6 M (2.1 M) n.a. 5.8 M (12.8 M) n.a.
Equity pickup 0.0 M 0.0 M +145.8% (0.1 M) 0.0 M n.a.
Other operating revenues (expenses) (0.8 M) (4.3 M) -82.2% 5.9 M (9.2 M) n.a.
EBITDA 187.3 M 198.8 M -5.8% 806.8 M 794.3 M +1.6%
EBITDA Margin 67.2% 71.3% -410 b.p. 71.4% 72.2% -81 b.p.
In the last 12 months, the EBITDA presented a 1.6% growth, reaching R$806.8 million, implying an 8.2% five-year CAGR. The
EBITDA margin presented a 690 b.p. increase, from 64.5% in March 2011 (LTM) to 71.4% in March 2017.
CAGR: +8.2%
+1.6%
790.9 M 794.3 M 806.8 M
648.0 M
584.3 M
543.2 M
72.2% 71.4%
67.8% 69.5%
64.5% 64.0%
Mar-12 (LTM) Mar-13 (LTM) Mar-14 (LTM) Mar-15 (LTM) Mar-16 (LTM) Mar-17 (LTM)
EBITDA EBITDA Margin
EBITDA (R$) and EBITDA margin (%) evolutions
16
1Q17
MULT3
8.2 Financial Results, Debt and Cash
Leverage is reduced after the Capital Increase conclusion
After the conclusion of the Private Capital Increase in March 2017, Multiplan strengthened its cash position and improved its
capital structure in order to continue its growth strategy. At the end of March 2017, the Companys cash position reached
R$1,116.7 million, a 132.8% increase over the end of December 2016. Net debt decreased 22.3%, totaling R$1,930.7 million.
As a result, net debt to EBITDA decreased from 3.04x at the end of December 2016 to 2.39x at the end of March 2017.
Financial Position Breakdown (R$) March 31, 2017 December 31, 2016 Chg. %
Current Liabilities 481.4 M 414.4 M +16.2%

Loans and financing 375.7 M 373.6 M +0.6%
Debentures 34.0 M 12.0 M +184.2%
Property acquisition obligations 71.6 M 28.9 M +148.1%
Non-Current Liabilities 2,566.0 M 2,550.5 M +0.6%

Loans and financing 1,833.2 M 1,849.9 M -0.9%
Debentures 688.5 M 688.6 M -0.0%
Property acquisition obligations 44.3 M 12.0 M +270.5%
Gross Debt 3,047.4 M 2,964.9 M +2.8%
Cash Position 1,116.7 M 479.7 M +132.8%
Net Debt 1,930.7 M 2,485.2 M -22.3%
EBITDA LTM 806.8 M 818.3 M -1.4%
Fair Value of Investment Properties 17,236.0 M 16,567.8 M +4.0%
Financial Position Analysis Mar. 31, 2017 Dec. 30, 2016

Lowest
4.00x covenant Net Debt/EBITDA 2.39x 3.04x
(4.00x)
Gross Debt/EBITDA 3.78x 3.62x
3.00x
EBITDA/Net Financial Expenses 3.62x 3.82x
3.04x
Net Debt/Fair Value 11.2% 15.0%
2.00x 2.44x 2.43x 2.40x 2.39x
2.33x Total Debt/Shareholders Equity 0.60x 0.67x
Net Debt/Market Cap 14.5% 22.0%
1.00x Weighted Average Maturity (Months) 45 49
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
1 EBITDA and Net Financial Expenses are the sum of the last 12 months.
Evolution of Net Debt to EBITDA
New obligation from the acquisition of a minority stake in ParkShoppingBarigi
In January 2017, as announced in the 4Q16 Earnings Release, Multiplan acquired a 9.33% stake in ParkShoppingBarigis
GLA, for a total of R$91.0 million. The payment was negotiated in 24 installments, starting in February 2017, and it is classified
in the balance sheet as a property acquisition obligation.
17
1Q17
MULT3
As the Selic rate drops, Multiplans cost of debt follows along
After a 150 b.p. drop of the Selic rate during the first quarter of 2017, Multiplans cost of funding decreased from 13.18% to
12.18%, while increasing its exposure to CDI funding. At the end of March 2017, 64.2% of total debt was linked to the CDI,
compared to 52.2% at the end of March 2016.
Debt linked to the TR (reference rate) decreased from 40.4% to 32.1%, while other indexes, such as the TJLP, IGP-M and
others, decreased from 7.4% to 3.7% of total debt by March 2017. All of Multiplans debt is in local currency.
: -7 b.p.
13.75% 14.25% 14.25% 14.25% 14.25% 14.25%
13.75%
12.75% 12.25%
11.75%
11.00% 13.22% 13.23% 13.50% 13.18%
11.00% 12.81% 13.09%
10.75%
11.53% 12.29% 12.18%
10.41% 10.96%
10.50% 10.54%
Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17
Multiplan Cost of Funding (gross debt) Selic Rate
Weighted average cost of funding (% p.a.)
54 M 34 M
2017 339 M 427 M
2018 364 M 58 M 422 M

2017
14.0% 2019 600 M 4M 199 M 803 M
> 2021
25.0%
2018 2020 202 M 199 M 401 M
13.9%
2021 233 M 233 M
2021
7.6% 2022 111 M 290 M 402 M
2020 2019
13.2% 26.3% 2023 110 M 110 M
Loans and financing (banks)
2024 101 M 101 M
Property acquisition obligations
2025 149 M 149 M Debentures
Multiplans gross debt amortization

schedule on March 31, 2017 (%) Multiplans debt amortization schedule on March 31, 2017 (R$)
Debt interest indexes on March 31, 2017 Others Others

7.4% 3.7%
Index Average Cost of Gross Debt
Performance Interest Rate Funding (R$) TR
TR 1.90% 9.04% 10.95% 978.6 M TR 32.1%
CDI 12.25% 0.69% 12.94% 1,956.7 M 40.4%
TJLP 7.50% 3.25% 10.75% 57.8 M
IGP-M 4.86% 1.54% 6.40% 1.9 M
IPCA 4.57% 7.62% 12.19% 11.4 M CDI
Others 0.00% 8.03% 8.03% 40.9 M CDI 64.2%
Total 8.64% 3.54% 12.18% 3,047.4 M 52.2%
Weighted average annual interest rate.

Index performance for the last 12 months.
Mar-16 Mar-17
Multiplan Debt Indexes comparison
between Mar-16 and Mar-17
18
1Q17
MULT3
Private Capital Increase successfully concluded
After the conclusion of the subscription of shares leftovers, on March 8, 2017, the Board of Directors approved the full
homologation of a R$600.0 million Private Capital Increase. The issuance of 10,256,411 common, nominative and book-entry
new shares occurred at a price of R$58.50 per share, representing 100% of the shares related to the offer.
As mentioned in the 4Q16 Earnings Release, the Private Capital Increase aimed to strengthen the Companys corporate capital
structure, enabling the continuity of its growth strategy through acquisitions and development of new areas.
On March 31, 2017, after the conclusion of the Private Capital Increase, Mr. and Mrs. Peres owned 27.7% of the Companys
shares directly or indirectly. Ontario Teachers Pension Plan (OTPP) owned 27.4% and the free-float was equivalent to 44.4%.
Shares held by management and in treasury totaled 0.6% of the outstanding shares. Total shares outstanding increased to
200,253,625.
Mgmt. + Treasury
0.6%
Free Float
44.4% Common
OTPP Stocks Preferred
27.4% 21.5% Stocks
5.9%
MTP+Peres
27.7%
Shareholders capital stock breakdown on March 31, 2017.

OTPP Ontario Teachers Pension Plan
19
1Q17
MULT3
8.3 Net Income and Funds From Operations (FFO)
Net income clocks R$54.3 million in 1Q17, despite non-cash effect
Net income totaled R$54.3 million in 1Q17, a 22.5% reduction +6.7% 80.4 M
75.4 M
compared to the same period of the last year, mainly driven by (i)
the share-based compensations non-cash effect, (ii) a 17.7% 26
0. 0M
70.1MM
198.8
24
0. 0M
-22.5% 187.3 M
increase in net financial expenses, due to the gross debt increase
22
0. 0M
20
0. 0M
54.3 M
26.1 M
18
0. 0M
16
0. 0M
71.3% 67.2%
compared to 1Q16 and (ii) a 15.8% increase in depreciation and 14
0. 0M
12
0. 0M 204,112 213.5 M
10
0. 0M
amortization account, due to the recent stake acquisitions.

1Q16 1Q17
If the share-based compensations were excluded from the 1Q16 and 1Q16 1Q17
1Q17 results, net income would have risen 6.7%, reaching R$80.4 Adjusted Net Income
Net Income (R$) 1Q
million. The net income margin would have been 28.9% in 1Q17, up Consolidated EBITDA
Share-based compensations account was not considered
from 27.0% in 1Q16, representing a 181 b.p. evolution. Consolidated EBITDA margin
-0.0% -12.6% +392.1% +17.7% +15.8% -26.4% -81.2%

+9.4 M
70.1 M
(0.1 M) +10.6 M 54.3 M
+0.0 M
(20.8 M)
(8.7 M)
(6.2 M)
-22.5%
Net income Net revenue Operating Share-based Financial results Depreciation Income tax and Minority interest Net income
1Q16 expenses compensations and amortization social 1Q17
contribution
1Q17 net income breakdown (Y/Y) (R$)
FFO totals R$92.7 million in the quarter and R$462.3 million in LTM +5.3%
127.2 M
120.9 M
For the same reasons as the net income, the Funds From Operations
(FFO) decreased 19.2% in 1Q17, totaling R$92.7 million. The FFO 114.6 MM-19.2%
26
0. 0M 198.8
margin decreased from 41.1% in 1Q16 to 33.2% in 1Q17. 24
0. 0M
22
0. 0M 187.3 M
20
0. 0M
71.3% 92.7 MM
26.1
67.2%
18
0. 0M
16
0. 0M
The FFO would have increased 5.3% if the share-based 14

0. 0M
12
0. 0M 204,112 213.5 M
10
0. 0M
compensations were not considered, reaching R$127.2 million. The

1Q16 1Q17
FFO margin would have reached 45.6% in 1Q17, a 230 b.p. evolution 1Q16 1Q17
over the FFO margin in 1Q16.
Adjusted FFO
FFO (R$) 1Q EBITDA
Consolidated
Share-based compensations account was not considered
Consolidated EBITDA margin
FFO & Net Income Calculation (R$) 1Q17 1Q16 Chg. % Mar-17 (LTM) Mar-16 (LTM) Chg. %
Net Revenue 278.7 M 278.8 M -0.0% 1,129.7 M 1,099.5 M +2.7%
Operating expenses (91.4 M) (80.0 M) +14.2% (322.8 M) (305.3 M) +5.7%
Net financial expenses (57.9 M) (49.2 M) +17.7% (223.0 M) (191.4 M) +16.6%
Depreciation and amortization (45.8 M) (39.5 M) +15.8% (166.6 M) (158.0 M) +5.5%
Income tax and social contribution (36.8 M) (35.0 M) +5.2% (121.7 M) (72.5 M) +67.9%
Minority interest (0.0 M) (0.1 M) -81.2% 0.2 M 0.2 M -6.5%
Deferred income and social contribution 7.4 M (5.0 M) n.a. 0.5 M (9.9 M) n.a.
Net Income 54.3 M 70.1 M -22.5% 296.1 M 362.7 M -18.3%
Depreciation and amortization 45.8 M 39.5 M +15.8% 166.6 M 158.0 M +5.5%
Deferred income and social contribution (7.4 M) 5.0 M n.a. 0.5 M (9.9 M) n.a.
FFO 92.7 M 114.6 M -19.2% 462.3 M 530.6 M -12.9%
20
1Q17
MULT3
9. Project Development
9.1 CAPEX
Investments of R$174.6 million in 1Q17, over half related to the ParkShoppingBarigis stake acquisition
Multiplan invested R$174.6 million during 1Q17, of which the Investment (R$) 1Q17 % of total
largest amount, R$91.0 million was for a minority stake
Mall Development 42.6 M 24.4%
acquisition in ParkShoppingBarigi and R$42.6 million was for
Mall Expansions 32.6 M 18.7%
mall development, accounting for 52.9% and 24.4% of the
Renovation, IT & Others 4.4 M 2.5%
quarters investments respectively.
Office Towers 2.3 M 1.3%
Mall development investments focused on
Acquisitions 92.4 M 52.9%
ParkShoppingCanoas (photo and details in section 10.3) and
Land Acquisitions 0.3 M 0.2%
other future projects. Mall expansion investments totaled
Investment 174.6 M 100.0%
R$32.6 million in 1Q17 and included the RibeiroShopping
Medical Center, Ptio Savassi Expansion II and other future
expansion projects.
9.2 Shopping Center Expansions
RibeiroShopping Medical Center: opening on June 2017
In November 2016, Multiplan launched RibeiroShopping

Medical Centers second phase. The construction work is
progressing and at the end of April, 80.0% of the construction
was completed with 72.1% of the GLA leased.
The Medical Center is RibeiroShoppings 9 th expansion,

comprising 6,200 sq.m. of GLA. Multiplan delivered all spaces
to tenants, allowing the clinics to start its interior construction,
and the opening is scheduled for June 2017. After the project
delivery, the shopping center will have a total GLA of 74,842
sq.m., becoming Multiplans second largest mall by the Gross
Leasable Area criteria.
RibeiroShopping Medical Center construction works (Mar-17)
Ptio Savassi Expansion II: Fully leased and construction underway
The construction of the second phase of Expansion II at

Shopping Ptio Savassi was 60.0% concluded. The new
concrete structure is finished, and the delivery of spaces to
tenants will happen in July 2017. The opening is scheduled to
November 2017.
This fully leased phase will add two new anchor stores, with a
total GLA of 2,300 sq.m., 95 new parking spaces on two
underground levels.
Ptio Savassi with expansion II - Artists rendering - project
The expected investment in the Expansion II project is R$34.9 subject to modification
million, considering only Multiplans stake.
21
1Q17
MULT3
9.3 Greenfield
ParkShoppingCanoas: getting closer to the opening
ParkShoppingCanoas construction is progressing and its inauguration is set for November 2017. By the end of April 2017, 80.0%
of the GLA was leased and the construction works were in an advanced stage, as seen in the photo below.
The current construction stage includes the remaining concrete structures, execution of window glass in skylights, metal
structures, internal road infrastructure, porcelain tile flooring in the mall, installation of dry wall inside the stores, waterproofing,
electrical and plumbing systems, air conditioning, escalators and elevators. In April, we delivered the space for the largest anchor
store (almost 7,000 sq.m. of area) allowing the beginning of its interior construction.
ParkShoppingCanoas construction works (Apr-17)
About ParkShoppingCanoas: located in the state of Rio Grande do Sul, in the city of Canoas, the project was officially launched
in June 2015. Multiplans 19th shopping center will offer 48,000 sq.m. of GLA. Multiplan will have an 80% ownership interest in
the shopping centers income, while the Company will invest 94.7% of the projects development costs (CAPEX), which should
represent R$359.3 million in the Companys stake. Third year estimated NOI (Net Operating Income) is R$36.0 million. The third
year NOI yield, considering the net investment, is 10.8%. Following the mixed-use concept adopted by Multiplan in several of
its complexes, which combines shopping centers with real estate projects, ParkShoppingCanoass design already includes plans
for an expansion of 12,000 sq.m. of GLA and three towers integrated with the shopping center, with a total private area of 22,500
sq.m.
22
1Q17
MULT3
9.4 Stake acquisition
Multiplan acquires stake in ParkShoppingBarigi
As announced in a material fact in January 2017, Multiplan acquired a 9.33% stake in ParkShoppingBarigis GLA, for a total of
R$91.0 million, which will be paid in 24 installments, starting in February 2017.
The shopping center, which has the potential for a future expansion and mixed-use projects, became a reference in the state of
Paran for its diversified mix. In 1Q17, ParkShoppingBarigi presented a 98.1% average occupancy rate.
It is worth mentioning that in 2016 the Company announced two minority stake acquisitions in BarraShopping, in Rio de Janeiro,
and one in MorumbiShopping, in So Paulo, which increased the Companys ownership to 65.8% and 73.7%, respectively, in
each malls Gross Leasable Area (GLA).
Portfolios
NOI (LTM):
R$59.0M
NOI
Companys NOI and acquired stakes LTM NOI 1

1 Considering the NOI for the past 12-month period ended on June 2016 for BarraShopping I and MorumbiShopping, and September 2016 for
BarraShopping II and ParkShoppingBarigi, weighted by the acquired stakes.
23
1Q17
MULT3
9.5 Future Growth and Land Bank
Multiplan currently holds 820,519 sq.m. of land for future mixed-use developments
Multiplan owns 820,519 sq.m. of land for future mixed-use projects. Based on current internal project assessments, the Company
estimated a total private area for sale of over one million sq.m. All sites shown on the list below are integrated with the
Companys shopping centers and should be used to foster the development of mixed-use projects, primarily for sale.
The Company also identified potential GLA increase approximately of 150,000 sq.m. through mall expansions, which are not
included in the table below
Shopping Attached to Land Potential Area

Land Area Project Type % Multiplan
Location for Sale
BarraShoppingSul 159,587 sq.m. 304,515 sq.m. Hotel, Apart-Hotel, Office, Residential 100%
JundiaShopping 4,500 sq.m. 11,616 sq.m. Office 100%
ParkShoppingBarigi 28,214 sq.m. 43,376 sq.m. Apart-Hotel, Office 94%
ParkShoppingCampoGrande 317,755 sq.m. 92,774 sq.m. Office, Residential 90%
ParkShoppingCanoas 18,721 sq.m. 22,457 sq.m. Hotel, Apart-Hotel, Office n.a.
ParkShoppingSoCaetano 36,948 sq.m. 138,000 sq.m. Office 100%
Parque Shopping Macei 86,699 sq.m. 182,665 sq.m. Office, Residential 50%
RibeiroShopping 102,295 sq.m. 138,749 sq.m. Hotel, Apart-Hotel, Office, Residential 100%
ShoppingAnliaFranco 29,800 sq.m. 89,600 sq.m. Residential 36%
VillageMall 36,000 sq.m. 34,038 sq.m. Office 100%
Total 820,519 sq.m. 1,057,790 sq.m. 83%
Village Corporate project illustration

Artists rendering for illustrative purposes only Project subject to changes without previous notice
1
This information is merely informative to provide a better understanding of the Companys growth potential and should not be considered as a commitment to
develop the aforementioned projects, which may be changed or cancelled without prior notice.
24
1Q17
MULT3
10. MULT3 Indicators & Stock Market
Market cap increases R$3.1 billion in one year
Multiplans stock (MULT3 at BM&FBOVESPA) was quoted at R$66.30 at the end of March 2017, 11.7% higher than at the end
of December 2016. The daily traded value averaged R$52.4 million in 1Q17, a 47.0% growth over 4Q16, mainly due to the
Private Capital Increase, which contributed to the stocks liquidity. The average daily traded volume of shares was 813,250 in
1Q17.
Multiplans share is listed on 79 global indexes, including the BOVESPA Index (IBOV), Brazil 50 Index (IBrX50) and Carbon
Efficient Index (ICO2). MULT3 continued to outperform IBOV and IBrX50 since its inclusion in both indexes, as seen in the
charts below.
MULT3 / IBOV: MULT3 / IBrX50:
+981 b.p. 140
+1,155 b.p.
Multiplan +39.8% Multiplan +25.1%
145
+29.9% 80.0 M 140 IBrX50 +13.5% 80.0 M
145 IBOV
120
130 Traded Volume (15 day average) Multiplan Ibovespa
Traded Volume (15 day average) Multiplan 70.0 M Ibovespa 70.0 M
130 120
180 115 180 60.0 M 100 70.0 M 60.0 M
170 115 170
100 50.0 M 100 60.0 M 50.0 M
160 160 80
100 150 40.0 M
150 85 50.0 M 40.0 M
140 140 80
60
85 30.0 M 40.0 M
70 130 Apr-15 Aug-15 Nov-15 Feb-16 Jun-16 Sep-16 30.0 M
Dec-16
130
Dec-14 Jun-15 Dec-15 Jun-16 Dec-16
120 70 120 20.0 M 60 30.0 M 20.0 M
Dec-14 Jul-15 Feb-16 Aug-16 Mar-17
110 Apr-15 Dec-15 Aug-16 Mar-17
110 20.0 M
100 100
MULT3, Bovespa Index and MULT3 volume (since MULT3 inclusion) MULT3, IBrX50 Index10.0
andMMULT3 volume (since MULT3 inclusion)
90 90
Base 100 = December 31, 2014 Base 100 = April 30, 2015
80 80 0.0 M
Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Dec-15 Oct-16
Sep-16 Jan-16Nov-16
Feb-16Nov-16
Mar-16Dec-16
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
MULT3 at BM&FBOVESPA 1Q17 1Q16 Chg. %
Average Closing Price (R$) 64.74 44.92 +44.1%
Closing Price (R$) 66.30 53.70 +23.5%
Average Daily Traded Value (R$) 52.4 M 40.6 M +28.9%
Average Daily Traded Volume (# of shares) 813,250 892,627 -8.9%
Market Cap (R$) end of period 13,276.8 M 10,202.9 M +30.1%
Despite having reached the highest historical price in 1Q17, which is about 5% higher than the 4Q12 levels, the Companys
stock ended the quarter with a 165.2% appreciation since the IPO, while the LTM NOI rose 381.8% and the LTM NOI + Key
Money per share index increased 211.9% in the same period.
Oct 17th , 2012(1) Mar 31st, 2017

LTM NOI of (2) LTM NOI(3) of
R$570 mn R$986 mn
R$63.18/share R$66.30/share
NOI
CAGR 2007/17:
17.0%
(+381.8%)
Share price
CAGR 2007/17:
10.2%
(+165.2%)
100
Jul-07 Apr-08 Jan-09 Oct-09 Jul-10 Apr-11 Jan-12 Sep-12 Jun-13 Mar-14 Dec-14 Sep-15 Jun-16 Mar-17
LTM NOI and stock price evolution since the IPO
(1) Considers the 90-day moving average of LTM NOI.
(2) The October 17, 2012 closing price was the highest until December 31, 2016.
(3) NOI from Apr-16 to Mar-17.
25
1Q17
MULT3
11. Fair Value of Investment Properties According to CPC 28
Multiplan valued its investment properties internally and assessed their fair value based on the Discounted Cash Flow (DCF)
methodology. The Company calculated the present value of the future cash flows using a discount rate based on the Capital
Asset Pricing Model (CAPM). Risk and return assumptions were considered based on (i) studies conducted and published by
Mr. Aswath Damodaran (Professor at New York University), (ii) stock market performance of Multiplan shares (Beta), in addition
to (iii) macroeconomic projections published by the Central Bank, and (iv) data on the risk premium of the domestic market
(country risk measured by the Emerging Markets Bond Index Plus Brazil). Using these assumptions, the Company estimated a
weighted average, nominal and unleveraged, discount rate of 13.37% on March 31, 2017, as a result of a basic discount rate of
12.97% calculated according to CAPM, and a weighted average risk spread of 40 base points. The risk spread was calculated
according to internal analysis and added to the basic discount rate in a range between zero and 200 base points for each
shopping mall, office tower and project evaluation.
Shareholders Cost of Capital Mar-17 2016 2015 2014 2013
Risk free rate 3.42 % 3.42 % 3.45% 3.49% 3.53%

Market risk premium 6.11 % 6.11 % 6.05% 6.11% 6.02%
Adjusted beta 0.78 0.79 0.78 0.72 0.77
Sovereign risk 274 b.p. 270 b.p. 232 b.p. 230 b.p. 205 b.p.
Spread 40 b.p. 38 b.p. 51 b.p. 44 b.p. 43 b.p.
Shareholders cost of capital - US$ nominal 11.32% 11.30% 11.00% 10.65% 10.66%
Inflation assumptions
Inflation (Brazil) (1) 4.29 % 4.59 % 6.53% 6.53% 5.98%
Inflation (USA) 2.40 % 2.40 % 2.40% 2.40% 2.30%
Shareholders cost of capital BRL nominal 13.37% 13.69% 15.47% 15.11% 14.64%
(1) Estimated inflation (BR) for March 2017 considers the 4-year average between April 2017 and March 2021. The estimated inflation (BR) for 2013, 2014, 2015
and 2016 models considered the inflation forecast for the following 12 months.
The investment properties valuation reflects the market participant concept. Therefore, the Company does not consider in the
discounted cash flows calculation taxes on revenues, income taxes, revenue and expenses relating to management and
brokerage services.
The future cash flow of the model was estimated based on the properties individual cash flows, including the net operating
income (NOI), recurring Key Money (based only on mix changes, except for projects under development and future projects),
revenues from transfer fees, investments in revitalization, and investments in construction in progress. Perpetuity was calculated
assuming a real growth rate of 2.0% for shopping centers and zero for office towers.
The Company classified its investment properties in accordance with their status. The table below describes the fair value
calculated for each category of property and presents the amounts in the Companys share:
Fair Value of Investment Properties Mar-17 2016 2015 2014 2013
Shopping Centers and office towers in operation , R$ 16,567 M R$ 16,116 M R$ 15,465 M R$ 15,683 M R$ 14,089 M
Projects under development (disclosed) , R$ 376 M R$ 295 M R$ 181 M R$ 32 M R$ 123 M
Future projects (not disclosed) R$ 293 M R$ 156 M R$ 379 M R$ 284 M R$ 430 M
Total R$ 17,236 M R$ 16,568 M R$ 16,024 M R$ 15,999 M R$ 14,642 M
1
In 2013, the Expansion VII and Expansion VIII projects of RibeiroShopping and Morumbi Corporate were completed, and their assets transferred from the Projects
under development line to Shopping malls and office towers in operation.
2
In 2014, the BarraShopping Expansion VII project was completed, and the assets transferred from the Projects under development line to Shopping malls and
office towers in operation.
Following the CPC 19 (R2) Joint business pronouncement, issued by the Accounting Standards Committee (CPC), the 37.5%
ownership interest in ShoppingSantarsula and 50.0% in Parque Shopping Macei project through the joint controlled investees
were not considered in the fair value calculation.
26
1Q17
MULT3
Fair Future projects (not disclosed)

Value Properties under development (disclosed)
Properties in operation
85.30 87.80 86.58
17.5 B 82.45 84.99
17.2 B
78.06
15.0 B 73.21
12.5 B
10.0 B
7.5 B
5.0 B 2011 2012 2013 2014 2015 2016 Mar-17
2.5 B (LTM)
0.0 B
2011 2012 2013 2014 2015 2016 Mar-17
(LTM)
Evolution of Fair Value (R$) Fair Value per share (R$)
Fair Value - properties in operation

NOI - properties in operation
Owned GLA - properties in operation
186 186
180
164
150 152 153 153 +13.3%
144 17.2 B
135 15.2 B
127 150 150 13.3 B
119 146 144
131
125
100
2011 2012 2013 2014 2015 2016 Mar-17

(LTM) Market Value Enterprise Fair Value
Value (EV)
Growth of Fair Value, NOI and owned GLA Market Cap vs. Enterprise Value vs. Fair Value
(Base 100: 2011)
March 31, 2017
Fair Value Enterprise Value (EV) Fair Value / Enterprise Value (EV)
16.6 B 17.2 B
16.0 B 16.0 B
14.7 B 14.6 B 15.2 B
13.0 B 13.8 B
12.3 B 11.3 B 10.9 B
9.1 B
7.3 B
1.79x 1.75x
1.20x 1.29x 1.47x 1.20x 1.13x
2011 2012 2013 2014 2015 2016 Mar-17 (LTM)

Enterprise Value and Fair Value (R$)
Calculated according to CPC 28

Based on stock price on March 31, 2017, of R$66.30
The sum of Market Cap and Net Debt
27
1Q17
MULT3
12. Portfolio
Avg.
Multiplan Occupa
Portfolio 1Q17 Opening State
%
Avg. Total GLA Sales (month) 1 Rent (month)2
ncy
Rate
Operating shopping centers
BH Shopping 1979 MG 80.0% 47,158 sq.m. 1,869 R$/sq.m. 176 R$/sq.m. 97.2%
RibeiroShopping 1981 SP 80.0% 68,658 sq.m. 1,047 R$/sq.m. 80 R$/sq.m. 96.3%
BarraShopping 1981 RJ 65.8% 78,213 sq.m. 2,088 R$/sq.m. 209 R$/sq.m. 99.8%
MorumbiShopping 1982 SP 73.7% 56,102 sq.m. 2,417 R$/sq.m. 231 R$/sq.m. 99.4%
ParkShopping 1983 DF 61.7% 53,524 sq.m. 1,712 R$/sq.m. 138 R$/sq.m. 97.7%
DiamondMall 1996 MG 90.0% 21,385 sq.m. 2,185 R$/sq.m. 194 R$/sq.m. 99.2%
New York City Center 1999 RJ 50.0% 22,257 sq.m. 936 R$/sq.m. 63 R$/sq.m. 100.0%
ShoppingAnliaFranco 1999 SP 30.0% 51,590 sq.m. 1,631 R$/sq.m. 141 R$/sq.m. 97.3%
ParkShoppingBarigi 2003 PR 93.3% 52,361 sq.m. 1,437 R$/sq.m. 94 R$/sq.m. 98.1%
Ptio Savassi 2004 MG 96.5% 19,255 sq.m. 1,672 R$/sq.m. 134 R$/sq.m. 97.9%
ShoppingSantarsula 1999 SP 62.5% 23,057 sq.m. 612 R$/sq.m. 27 R$/sq.m. 87.7%
BarraShoppingSul 2008 RS 100.0% 72,879 sq.m. 1,090 R$/sq.m. 61 R$/sq.m. 97.7%
ShoppingVilaOlmpia 2009 SP 60.0% 28,370 sq.m. 1,288 R$/sq.m. 89 R$/sq.m. 95.6%
ParkShoppingSoCaetano 2011 SP 100.0% 39,253 sq.m. 1,166 R$/sq.m. 90 R$/sq.m. 98.8%
JundiaShopping 2012 SP 100.0% 34,411 sq.m. 1,080 R$/sq.m. 69 R$/sq.m. 97.8%
ParkShoppingCampoGrande 2012 RJ 90.0% 43,820 sq.m. 942 R$/sq.m. 73 R$/sq.m. 94.6%
VillageMall 2012 RJ 100.0% 25,705 sq.m. 1,662 R$/sq.m. 88 R$/sq.m. 99.6%
Parque Shopping Macei 2013 AL 50.0% 37,406 sq.m. 920 R$/sq.m. 60 R$/sq.m. 94.2%
Subtotal operating shopping centers 76.6% 775,403 sq.m. 1,499 R$/sq.m. 116 R$/sq.m. 97.4%
Operating office towers
ParkShopping Corporate 2012 DF 50.0% 13,360 sq.m. 22.9%
Morumbi Corporate 2013 SP 100.0% 74,198 sq.m. 96.2%
Subtotal operating office towers 92.4% 87,558 sq.m.
Total properties for lease 78.2% 862,961 sq.m.
Shopping center under development
ParkShoppingCanoas 2017 RS 80.0% 48,000 sq.m. 80.0%
Subtotal mall under development 80.0% 48,000 sq.m.
Expansions under development
RibeiroShopping
2017 SP 100.0% 6,200 sq.m. 72.1%
Medical Center Exp.
Ptio Savassi Exp. II
2017 MG 96.5% 2,300 sq.m. 100.0%
Phase 2
Subtotal expansions under development 99.1% 8,500 sq.m.
Total portfolio 78.5% 919,461 sq.m.
1
Sales per sq.m.: Sales/sq.m. calculation considers only the GLA from anchor and satellite stores that report sales, and excludes sales from
kiosks, since they are not counted in the total GLA.
2
Rent per sq.m.: Sum of base and overage rents charged from tenants divided by its occupied GLA. It is worth noting that this GLA includes
stores that are already leased but are not yet operating (i.e., stores that are being readied for opening).
28
1Q17
MULT3
Properties Portfolio
Shopping center in operation

Tower f or lease in operation
Shopping center under dev elopment
AL Macei, Alagoas State

Parque Shopping Macei
Belo Horizonte, Minas Gerais State

Braslia - DF
Ptio Sav assi
ParkShopping DF
DiamondMall
ParkShopping Corporate
MG BH Shopping
SP
Rio de Janeiro, Rio de Janeiro State
Curitiba, Paran State
PR RJ BarraShopping
ParkShoppingBarigi New Y ork City Center
VillageMall
ParkShoppingCampoGrande
Porto Alegre
Rio Grande do Sul State RS So Paulo, So Paulo State
BarraShoppingSul
ShoppingAnliaFranco
MorumbiShopping
Canoas, ShoppingVilaOlmpia
Rio Grande do Sul State
Morumbi Corporate
ParkShoppingCanoas
Jundia, So Paulo State
JundiaShopping
Ribeiro Preto, So Paulo State

Shopping Santa rsula
RibeiroShopping
So Caetano, So Paulo State
ParkShoppingSoCaetano
29
1Q17
MULT3
13. Ownership Structure
Multiplans ownership structure on March 31, 2017 is described in the chart below. Of a total of 200,253,625 shares issued,
188,395,278 are common voting shares and 11,858,347 are preferred shares held exclusively by Ontario Teachers Pension
Plan and are not listed or traded on any stock exchange.
Maria Helena Treasury

Free Float
Kaminitz Peres
22.25%
Ontario Teachers
47.16% ON 0.63% ON Pension Plan
Multiplan Planejamento,
44.37% Total 0.59% Total
Participaes e 1.31% ON
Administrao S.A. 22.36% ON 1.23% Total 100.0%
21.04%Total 1700480
77.75% Ontario Inc.
Jose Isaac Peres 22.80% ON
5.17% ON 100.0% PN 100.0%
4.87% Total 27.37% Total Multiplan Holding S.A.
Ptio Savassi Administrao 100.0%

CSHG Multiplus de Shopping Center Ltda.***
FIM 0.58% ON
0.54% Total 14.8% Multiplan Barra 1
Empreendimento Imobilirio Ltda.* 100.0%
Shopping Centers %
1.00% Multiplan Administradora 8.0% Multiplan Morumbi 1
99.00% 100.0%
de Shopping BarraShopping 65.8% Empreendimento Imobilirio Ltda.*
Centers Ltda.**** BarraShoppingSul 100.0% 100.0% Multiplan Greenfield XI 100.0%
BH Shopping 80.0% Empreendimento Imobilirio Ltda.*
0.01% Embraplan DiamondMall 90.0%
99.99% 50.0%
Empresa Brasileira MorumbiShopping 73.7% Morumbi Business Center 100.0%
de Planejamento Ltda. ** New York City Center 50.0% Empreendimento Imobilirio Ltda. *
ParkShopping 61.7% MPH 50.00%
2.00% SCP Royal Green 60.0% Empreendimento Imobilirio Ltda.
98.00% ParkShoppingBarigi 93.33%
Pennsula Ptio Savassi 96.5% 50.00%
75.0% Manati Empreendimentos e
RibeiroShopping 80.0%
CAA - Corretagem Participaes S.A.
100.0% ShoppingAnliaFranco 30.0% 50.00%
Imobiliria Ltda. * ShoppingVilaOlmpia 60.0% 100.0% Parque Shopping Macei S.A.
ShoppingSantarsula 62.5%
CAA - Corretagem e Parque Shopping Macei 50.0% 100.0%
Consultoria 100.0% Danville SP Empreendimento
ParkShoppingSoCaetano 100.0% Imobilirio Ltda. *
Publicitria Ltda. * JundiaShopping 100.0% 100.0%
VillageMall 100.0% Ribeiro Residencial
Multiplan Arrecadadora 100.0% ParkShoppingCampoGrande 90.0% Empreendimento Imobilirio Ltda. *
Ltda. * 100.0%
Multiplan Greenfield I
99.99% Empreendimento Imobilirio Ltda. *
Renasce - 100.0%
Rede Nacional de Corporate Towers % BarraSul
Shopping Centers Ltda.** 0.45% Empreendimento Imobilirio Ltda. *
ParkShopping Corporate 50.0% 100.0% 100.0%
County Estates Limited Morumbi Corporate 100.0% Jundia Shopping Center Ltda. *
100.0%
Multiplan Greenfield III
Embassy Row Inc Empreendimento Imobilirio Ltda. *
90.0% 100.0%
ParkShopping Campo Grande Ltda. *
* Multiplan Holding S.A. holds an interest equal or lower than 1.00% in these companies. 50.0% 100.0%
ParkShopping Corporate
** Jos Isaac Peres has a 0.01% interest in this company. Empreendimento Imobilirio Ltda. *
*** Renasce - Rede Nacional de Shopping Centers Ltda. has a 0.01% interest in this company.
46.88% Multiplan Greenfield II 100.0%
**** Jos Isaac Peres has a 1.00% interest in this company.
***** 17 SPCs related to future real estate for sale projects. Multiplan Holding S.A. holds an Empreendimento Imobilirio Ltda. *
interest equal or lower than 1.00% in these companies. 53.12% 100.0%
Multiplan Greenfield IV
Empreendimento Imobilirio Ltda. *
94.67%
ParkShopping Canoas Ltda.
ParkShopping Global Ltda. 87.0%
ParkShopping Jacarepagu Ltda.* 100.0%
Multiplan Greenfield XII 100.0%

Empreendimento Imobilirio Ltda.*
Multiplan Greenfield XIII 100.0%
Empreendimento Imobilirio Ltda.*
100.0%
17 SPCs *****
Multiplans ownership interests in Special Purpose Companies (SPCs) are as follows:
MPH Empreendimento Imobilirio Ltda.: Owns 60.0% interest in ShoppingVilaOlmpia, located in the city of So Paulo, State
of So Paulo. Multiplan, through directly and indirectly interests, owns 100.0% interest in MPH.
Manati Empreendimentos e Participaes S.A.: Owns 75.0% interest in ShoppingSantarsula, located in the city of Ribeiro
Preto, State of So Paulo. Multiplan owns a 50.0% interest in Manati.
Parque Shopping Macei S.A.: Owns 100.0% interest in Parque Shopping Macei, located in the city of Macei, State of
Alagoas. Multiplan owns 50.0% interest in Parque Shopping Macei S.A.
30
1Q17
MULT3
Danville SP Empreendimento Imobilirio Ltda.: SPC established to develop real estate project in the city of Ribeiro Preto,
State of So Paulo.
Multiplan Holding S.A.: Multiplans wholly-owned subsidiary; holds interest in other companies and assets.
Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established to develop real estate project in the city of Ribeiro
Preto, State of So Paulo.
BarraSul Empreendimento Imobilirio Ltda.: SPC established to develop a residential building in the city of Porto Alegre,
State of Rio Grande do Sul.
Morumbi Business Center Empreendimento Imobilirio Ltda.: Owns 30.0% indirect stake in ShoppingVilaOlmpia via 50.0%
holdings in MPH, which in turn holds 60.0% of ShoppingVilaOlmpia. Multiplan owns a 100.0% interest in Morumbi Business
Center Empreendimento Imobilirio Ltda.
Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established to develop an office tower in the city of Porto
Alegre, State of Rio Grande do Sul.
Multiplan Greenfield II Empreendimento Imobilirio Ltda.: Owns a 46.88% interest in Morumbi Corporate, an office tower in
the city of So Paulo, State of So Paulo.
Multiplan Greenfield III Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of Rio
de Janeiro, State of Rio de Janeiro.
Multiplan Greenfield IV Empreendimento Imobilirio Ltda.: Owns a 53.12% interest in Morumbi Corporate. Multiplan
indirectly owns 100.0% interest in Morumbi Corporate.
Jundia Shopping Center Ltda.: Owns a 100.0% interest in JundiaShopping, located in the city of Jundia, State of So Paulo.
Multiplan holds a 100.0% interest in Jundia Shopping Center Ltda.
ParkShopping Campo Grande Ltda.: Owns a 90.0% interest in ParkShoppingCampoGrande, located in the city of Rio de
Janeiro, State of Rio de Janeiro. Multiplan owns a 100.0% interest in Park Shopping Campo Grande Ltda.
ParkShopping Corporate Empreendimento Imobilirio Ltda.: Owns a 50.0% interest in ParkShopping Corporate, an office
tower located in the city of Braslia, Federal District.
ParkShopping Canoas Ltda.: a SPC established to develop real estate project in the city of Canoas, State of Rio Grande do
Sul.
Ptio Savassi Administrao de Shopping Center Ltda.: a SPC established to manage the parking operation at Shopping
Ptio Savassi, located in the city of Belo Horizonte, State of Minas Gerais.
ParkShopping Global Ltda.: a SPC established to develop real estate projects in the city of So Paulo, State of So Paulo.
ParkShopping Jacarepagu Ltda.: a SPC established to develop real estate projects in the city of Rio de Janeiro, State of Rio
de Janeiro.
Multiplan Barra 1 Empreendimento Imobilirio Ltda.: SPC stablished to acquire an additional stake of 14.8% in
BarraShopping.
Multiplan Morumbi 1 Empreendimento Imobilirio Ltda.: SPC stablished to acquire an additional stake of 8.0% in
MorumbiShopping.
Multiplan Greenfield XI Empreendimento Imobilirio Ltda.: SPC stablished to acquire an additional stake of 9.33% in
ParkShoppingBarigi.
31
1Q17
MULT3
14. Operational and Financial Data
Operational and Financial Highlights

Performance
Financial (MTE %) 1Q17 1Q16 Chg.%
Gross revenue R$'000 309,676 309,248 +0.1%
Net revenue R$'000 278,733 278,824 -0.0%
Net revenue R$/sq.m. 424.7 438.6 -3.2%
Net revenue USD/sq. foot 12.5 11.3 +9.8%
Rental revenue (with straight-line effect) R$'000 237,552 216,896 +9.5%

Rental revenue R$/sq.m. 361.9 341.2 +6.1%
Rental revenue USD/sq. foot 10.6 8.8 +20.3%
Monthly rental revenue R$/sq.m. 116.0 108.7 +6.8%
Monthly rental revenue USD/sq. foot 3.4 2.8 +21.1%
Net Operating Income (NOI) R$'000 251,210 229,319 +9.5%
Net Operating Income R$/sq.m. 382.7 360.8 +6.1%

Net Operating Income USD/sq. foot 11.2 9.3 +20.3%
Net Operating Income margin 88.6% 87.1% +158 b.p.
NOI/share 1.26 1.22 +3.4%
NOI + Key Money (KM) R$'000 253,436 232,837 +8.8%
NOI + KM R$/sq.m. 386.1 366.3 +5.4%

NOI + KM USD/sq. foot 11.3 9.5 +19.5%
NOI + KM margin 88.7% 87.2% +150 b.p.
NOI + Key money/share 1.27 1.24 +2.8%
Headquarter expenses R$'000 31,802 31,900 -0.3%

Headquarter expenses/Net revenues 11.4% 11.4% -3 b.p.
EBITDA R$'000 187,315 198,799 -5.8%

EBITDA R$/sq.m. 285.4 312.8 -8.7%
EBITDA USD/sq. foot 8.4 8.1 +3.5%
EBITDA per Share R$ 0.94 1.06 -11.0%
FFO R$'000 92,650 114,605 -19.2%
FFO R$/sq.m. 141.2 180.3 -21.7%
FFO US$'000 29,242 31,904 -8.3%
FFO USD/sq. foot 4.1 4.7 -11.2%
FFO margin 33.2% 41.1% -19.1%
FFO per share R$ 0.47 0.61 -23.7%
Dollar (USD) end of period 3.1684 3.5922 -11.8%
32
1Q17
MULT3
Operational and Financial Highlights

Performance
Market Performance 1Q17 1Q16 Chg.%
Number of shares 200,253,625 189,997,214 +5.4%
Common shares 188,395,278 178,138,867 +5.8%
Preferred shares 11,858,347 11,858,347 -
Average share closing price 64.74 44.92 +44.1%
Closing share price 66.30 53.70 +23.5%
Average daily traded volume (R$ '000) 52,355 40,614 +28.9%
Market cap (R$ 000) 13,276,815 10,202,850 +30.1%
Total debt (R$ 000) 3,047,375 2,314,794 +31.6%
Cash (R$ 000) 1,116,713 464,142 +140.6%
Net debt (R$ 000) 1,930,663 1,850,652 +4.3%
P/FFO (Last 12 months) 28.7 x 19.2 x +49.4%
EV/EBITDA (Last 12 months) 18.8 x 15.2 x +24.2%
Net Debt/EBITDA (Last 12 months) 2.4 x 2.3 x +2.7%
Performance
Operational (MTE %) 1Q17 1Q16 Chg.%
Final total mall GLA (sq.m.) 775,189 770,206 +0.6%
Final owned mall GLA (sq.m.) 593,506 569,412 +4.2%
Owned mall GLA % 76.6% 73.9% +263 b.p.
Final total office towers GLA (sq.m.) 87,558 87,558 -
Final owned office towers GLA (sq.m.) 80,878 80,878 -
Final total GLA (sq.m.) 862,747 857,764 +0.6%
Final owned GLA (sq.m.) 674,384 650,290 +3.7%
Adjusted total mall GLA (avg.) (sq.m.) 757,245 752,106 +0.7%
Adjusted owned mall GLA (avg.) (sq.m.) 575,468 554,767 +3.7%
Total office towers GLA (avg.) (sq.m.) 87,558 87,558 -
Owned office towers GLA (avg.) (sq.m.) 80,878 80,878 -
Adjusted total GLA (avg.) (sq.m.) 844,803 839,664 +0.6%
Adjusted owned GLA (avg.) (sq.m.) 656,346 635,645 +3.3%
Total sales R$'000 3,190,572 3,008,213 +6.1%
Total sales R$/sq.m. 4,497 4,291 +4.8%
Total sales USD/sq. foot 132 111 +18.8%
Satellite stores sales R$/sq.m. 6,029 5,814 +3.7%
Satellite stores sales USD/sq. foot 177 150 +17.6%
Total rent R$/sq.m. 349 328 +6.3%
Total rent USD/sq. foot 10.2 8.5 +20.5%
Same Store Sales +3.2% +1.6% +163 b.p.
Same Area Sales +5.6% +4.2% +137 b.p.
Same Store Rent +8.7% +5.8% +293 b.p.
Same Area Rent +7.3% +4.5% +282 b.p.
IGP-DI effect +9.8% +7.5% +227 b.p.
Occupancy costs 14.0% 13.9% +2 b.p.
Rent as sales % 8.2% 8.1% +8 b.p.
Other as sales % 5.8% 5.8% -6 b.p.
Turnover 0.7% 1.1% -43 b.p.
Occupancy rate 97.4% 97.9% -47 b.p.
Delinquency 3.0% 4.5% -148 b.p.
Rent loss 1.1% 1.0% +5 b.p.
Adjusted GLA corresponds to the periods average GLA excluding the area of BIG supermarket at BarraShoppingSul.
Considers only the GLA from stores that report sales, and excludes sales from kiosks, since they are not counted in the total GLA.
Considers only shopping centers results.
33
1Q17
MULT3
15. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report
15.1 - Variations on the Financial Statement IFRS with CPC 19 (R2) and Managerial Report
IFRS with CPC 19 R2

Financial Statements CPC 19 R2 Managerial Effect
(R$'000) 1Q17 1Q16 Difference
Rental revenue 224,560 228,468 3,907
Services revenue 25,059 25,053 (6)
Key money revenue 1,939 2,225 286
Parking revenue 44,869 45,824 955
Real estate for sale revenue (2,243) (2,243) -
Straight-line effect 8,906 9,084 177
Other revenues 1,252 1,265 12
Gross Revenue 304,343 309,676 5,333
Taxes and contributions on sales and services (30,563) (30,942) (379)
Net Revenue 273,779 278,733 4,954
Headquarters expenses (31,773) (31,802) (29)
Share-based compensations (26,148) (26,148) -
Shopping centers expenses (29,401) (30,960) (1,559)
Office Towers for lease expenses (1,205) (1,205) -
New projects for lease expenses (1,129) (1,129) -
New projects for sale expenses (997) (997) -
Cost of properties sold 1,565 1,565 -
Equity pickup 1,510 18 (1,492)
Other operating revenues/expenses (771) (760) 11
EBITDA 185,430 187,315 1,885
Financial revenue 30,264 30,646 382
Financial expenses (87,495) (88,503) (1,008)
Depreciation and amortization (44,826) (45,782) (955)
Earnings Before Taxes 83,372 83,677 305
Income tax and social contribution (36,768) (36,799) (31)
Deferred income and social contribution taxes 7,683 7,409 (274)
Minority interest (10) (10) -
Net Income 54,277 54,277 -
The differences between CPC 19 (R2) and the managerial reports are the 37.5% interest in ShoppingSantarsula, through a
50.0% interest in Manati Empreendimentos e Participaes S.A., and the 50.0% interest in Parque Shopping Macei, through
Parque Shopping Macei S.A.
The main differences in 1Q17 are: (i) increase of R$3.9 M in Rental Revenues; (ii) increase of R$1.6 M in Shopping Center
Expenses, (iii) increase of R$0.6 M in Financial Results, and (iv) increase of R$1.0 M in Depreciation and Amortization.
Accordingly and as a result of the variations mentioned above, there was a decrease of R$1.5 M in the result, which was
recorded in the equity pickup line, given that the results of these companies are recorded on this line as determined by CPC 19
(R2).
34
1Q17
MULT3
15.2 - Variations on the Balance Sheet: Total Assets
IFRS with CPC 19 R2
ASSETS CPC 19 R2 Managerial Effect

(R$000) 03/31/2017 03/31/2017 Difference
Current assets
Cash and cash equivalents 101,397 112,795 11,399
Short term investments 1,003,918 1,003,918 -
Accounts receivable 243,567 247,513 3,946
Land and properties for sale 46,731 46,731 -
Related parties 5,569 5,569 -
Recoverable taxes and contributions 7,218 7,750 532
Sundry advances 6,894 7,108 214
Deferred costs 34,618 35,148 529
Other 24,578 25,355 777
Total current assets 1,474,490 1,491,887 17,397
Non-current assets
Accounts receivable 107,512 107,512 -
Land and properties for sale 259,251 259,251 -
Related parties 10,460 10,460 -
Judicial deposits 15,638 16,269 631
Deferred income and social contribution taxes 14,313 16,407 2,095
Deferred costs 74,106 75,514 1,407
Other 18,485 18,708 223
Investments 127,207 2,737 (124,470)
Investment properties 6,172,302 6,324,202 151,900
Property, plant and equipment 29,718 29,718 -
Intangible 347,348 348,281 934
Total non-current assets 7,176,339 7,209,059 32,720
Total assets 8,650,829 8,700,946 50,117
The differences in total assets regarding the 37.5% interest in ShoppingSantarsula, and the 50.0% interest in Parque Shopping
Macei are (i) increase of R$151.9 M in investment properties; (ii) increase of R$11.4 M in cash and cash equivalents; and (iii)
increase of R$3.9 M in accounts receivable.
As a result of the variations mentioned above, there was a decrease of R$124.5 M in investments given that the assets and
liabilities of these companies are now recorded on this line as determined by CPC 19 (R2).
35
1Q17
MULT3
15.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity
IFRS with CPC 19 R2

LIABILITIES CPC 19 R2 Managerial Effect
(R$000) 03/31/2017 03/31/2017 Difference
Current liabilities
Loans and financing 370,793 375,725 4,932
Debentures 34,036 34,036 -
Accounts payable 104,402 105,068 666
Property acquisition obligations 71,621 71,621 -
Taxes and contributions payable 28,858 29,683 824
Interest on shareholders equity 81,341 81,341 -
Deferred income 33,603 33,659 56
Other 4,718 5,147 429
Total current liabilities 729,372 736,279 6,907
Non-current liabilities
Loans and financing 1,797,534 1,833,225 35,691
Debentures 688,474 688,474 -
Deferred income and social contribution taxes 168,242 172,989 4,747
Property acquisition obligations 44,294 44,294 -
Phantom Stock Options 33,492 33,492 -
Provision for contingencies 12,710 13,330 620
Deferred incomes 62,340 64,491 2,151
Total non-current liabilities 2,807,086 2,850,295 43,210
Shareholders' equity
Capital 2,988,062 2,988,062 -
Capital reserves 985,336 985,336 -
Profit reserve 1,270,179 1,270,179 -
Share issuance costs (43,548) (43,548) -
Shares in treasure department (56,904) (56,904) -
Capital transaction effects (89,996) (89,996) -
Retained earnings 54,163 54,163 -
Minority interest 7,079 7,079 -
Total shareholder's equity 5,114,371 5,114,371 -
Total liabilities and shareholders' equity 8,650,829 8,700,946 50,117
The differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of R$40.6 M in loans
and financing, given the inclusion of the 50.0% in project Parque Shopping Macei, which signed a contract to finance its
construction via Banco do Nordeste; and (ii) the increase of R$2.2 M in deferred incomes.
36
1Q17
MULT3
16. Appendices
16.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements
(R$'000) 1Q17 1Q16 Chg. %

Rental revenue 224,560 203,512 +10.3%
Gross Revenue 304,343 303,990 +0.1%
Net Revenue 273,779 273,944 -0.1%
Office Towers for lease expenses (1,205) (1,943) -38.0%
Equity pickup 1,510 1,514 -0.3%
EBITDA 185,430 196,875 -5.8%
Financial revenue 30,264 20,830 +45.3%
Net Income 54,277 70,079 -22.5%
(R$'000) 1Q17 1Q16 Chg. %

NOI 247,729 225,809 +9.7%
NOI margin 89.0% 87.4% +163 b.p.
NOI + Key Money 249,668 228,998 +9.0%
EBITDA 185,430 196,875 -5.8%
Net Income 54,277 70,079 -22.5%
FFO 91,421 113,330 -19.3%
FFO margin 33.4% 41.4% -798 b.p.
37
1Q17
MULT3
16.2 Cash Flow Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements
Cash Flow Statement (R$'000) 1Q17

Income before tax 83,372
Depreciation and amortization 44,826
Interest and monetary variations on debentures, loans, and property acquisition 82,727
Other net income adjustments 29,235
(Increase) decrease on current assets 69,905
(Increase) decrease on land held for sale (11,539)
Increase (decrease) on current liabilities (24,986)
Cash Flow From Operations 273,540
(Increase) decrease of investment property (160,097)

Increase of property, plant and equipment (746)
Additions to intangibles (1,200)
Interest earnings bank deposits (642,197)
Others 3,822
Cash Flow From Investments (800,418)
Capital increase 600,000

Increase (decrease) in loans and financing (20,503)
Debentures issued -
Interest payment of debentures -
Interest payment of loans (59,345)
Paid dividends -
Non-controllers interest 889
Others 1,587
Cash Flows from Financing Activities 522,628
Cash and cash equivalents at the beginning of the period 105,647

Cash and cash equivalents at end of the period 101,397
Cash Flow (4,250)
38
1Q17
MULT3
16.3 Consolidated Financial Statements: Managerial Report
(R$'000) 1Q17 1Q16 Chg. %

Rental revenue 228,468 207,233 +10.2%
Gross Revenue 309,676 309,248 +0.1%
Net Revenue 278,733 278,824 -0.0%
Office Towers for lease expenses (1,205) (1,943) -38.0%
Equity pickup 18 7 +145.8%
EBITDA 187,315 198,799 -5.8%
Financial revenue 30,646 21,160 +44.8%
Net Income 54,277 70,079 -22.5%
(R$'000) 1Q17 1Q16 Chg. %

NOI 251,210 229,319 +9.5%
NOI margin 88.6% 87.1% +158 b.p.
NOI + Key Money 253,436 232,837 +8.8%
EBITDA 187,315 198,799 -5.8%
Net Income 54,277 70,079 -22.5%
FFO 92,650 114,605 -19.2%
FFO margin 33.2% 41.1% -786 b.p.
39
1Q17
MULT3
16.4 Balance Sheet Managerial Report
ASSETS 03/31/2017 12/31/2016 % Change

Current Assets
Cash and cash equivalents 112,795 118,005 -4.4%
Short Term Investments 1,003,918 361,721 +177.5%
Accounts receivable 247,513 302,177 -18.1%
Land and properties for sale 46,731 47,222 -1.0%
Related parties 5,569 6,169 -9.7%
Recoverable taxes and contributions 7,750 6,560 +18.1%
Sundry advances 7,108 19,699 -63.9%
Deferred costs 35,148 33,830 +3.9%
Other 25,355 20,697 +22.5%
Total Current Assets 1,491,887 916,078 +62.9%
Noncurrent Asset
Accounts receivable 107,512 114,982 -6.5%
Land and properties for sale 259,251 247,120 +4.9%
Related parties 10,460 10,806 -3.2%
Deposits in court 16,269 18,395 -11.6%
Deferred income and social contribution taxes 16,407 16,519 -0.7%
Deferred costs 75,514 77,084 -2.0%
Other 18,708 19,908 -6.0%
Investments 2,737 2,720 +0.6%
Investment properties 6,324,202 6,201,957 +2.0%
Property, plant and equipment 29,718 30,453 -2.4%
Intangible 348,281 348,591 -0.1%
Total Non-Current Assets 7,209,059 7,088,535 +1.7%
Total Assets 8,700,946 8,004,614 +8.7%
LIABILITIES 03/31/2017 12/31/2016 % Change

Current Liabilities
Loans and financing 375,725 373,598 +0.6%
Debentures 34,036 11,977 +184.2%
Accounts payable 105,068 148,268 -29.1%
Property acquisition obligations 71,621 28,866 +148.1%
Taxes and contributions payable 29,683 39,092 -24.1%
Interest on shareholders equity 81,341 81,341 -
Deferred income 33,659 33,395 +0.8%
Other 5,147 6,091 -15.5%
Total Current Liabilities 736,279 722,629 +1.9%
Non-current Liabilities
Loans and financing 1,833,225 1,849,887 -0.9%
Debentures 688,474 688,638 -0.0%
Deferred income and social contribution taxes 172,989 180,510 -4.2%
Property acquisition obligations 44,294 11,954 +270.5%
Phantom Stock Options 33,492 7,277 +360.2%
Provision for contingencies 13,330 13,831 -3.6%
Deferred incomes and costs 64,491 73,528 -12.3%
Total Non-current Liabilities 2,850,295 2,825,625 +0.9%
Shareholders' Equity
Capital 2,988,062 2,388,062 +25.1%
Capital reserves 985,336 983,540 +0.2%
Profit reserve 1,270,179 1,270,179 -
Share issuance costs (43,548) (39,004) +11.7%
Shares in treasure department (56,904) (62,611) -9.1%
Capital transaction effects (89,996) (89,996) -
Retained earnings 54,163 - n.a.
Minority interest 7,079 6,190 +14.4%
Total Shareholder's Equity 5,114,371 4,456,360 +14.8%
Total Liabilities and Shareholders' Equity 8,700,946 8,004,614 +8.7%
40
1Q17
MULT3
17. Glossary and Acronyms
Abrasce: Brazilian Association of Shopping Centers (Associao Brasileira de Shopping Centers).

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 at least 1,000 sq.m. to be considered anchors.
BM&FBOVESPA: So Paulo Stock Exchange (Bolsa de Valores de So Paulo).
Brownfield: Expansion and mixed-use project.
CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth rate, on an annualized basis.
CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed in asset development, expansion or improvement. The
capitalized value shows the variation of investment properties and property and equipment plus depreciation. CAPEX can also refer to others
investments then real estate, such as IT projects, hardware and other unrelated investments.
CDI: (Certificado de Depsito Interbancrio or Interbank Deposit Certificate). Certificates issued by banks to generate liquidity. Its average
overnight annualized rate is used as a reference for interest rates in Brazilian Economy.
Debenture: debt instrument issued by companies to borrow money. Multiplans debentures are non-convertible, which means that they cannot
be converted into shares. Moreover, a debenture holder has no voting rights.
Deferred income: Deferred key money.
Delinquency: Percentage of quarterly rent coming due, but not received.
Double (seasonal) rent: Additional rent usually charged from the tenants in December, due to higher sales in consequence of Christmas and
extra charges on the month.
EBITDA margin: EBITDA divided by Net Revenue.
EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income (loss) plus expenses with income tax and social contribution
on net income, financial result, depreciation and amortization. EBITDA does not have a single definition, and this definition of EBITDA may not
be comparable with the EBITDA used by other companies.
EPS: Earnings per Share. Net Income divided by the total shares of the Company minus shares held in treasury.
Equity pickup: Interest held in the subsidiary Company will be shown in the income statement as equity pickup, representing the net income
attributable to the subsidiarys shareholders.
Expected owned GLA: Multiplans interest in each shopping mall, including projects under development and expansions.
Funds From Operations (FFO): Refers to the sum of adjusted net income, depreciation and amortization.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls and offices for lease, excluding merchandising.
Greenfield: Development of new shopping center projects.
IBGE: The Brazilian Institute of Geography and Statistics.
IGP-DI Adjustment Effect: The average of the monthly IGP-DI increase with a month of delay, multiplied by the base rent that was adjusted
on the respective month.
IGP-DI: (ndice Geral de Preos - Disponibilidade Interna) General Domestic Price Index. Inflation index published by the Getlio Vargas
Foundation, referring to the data collection period between the first and the last day of the month in reference, with disclosure date near the 20th
of the following month. It has the same composition as the IGP-M (ndice Geral de Preos do Mercado), though with a different data collection
period.
IPCA (ndice de Preos ao Consumidor Amplo): Published by the IBGE (Brazilian institute of statistics), it is the national consumer price index,
subject to the control of Brazils Central Bank.
Key Money (KM): Key Money is the money paid by a tenant in order to open a store in a shopping center. The key money contract when signed
is accrued in the deferred revenue account and in accounts receivable, but its revenue is accrued in the key money revenue account in linear
installments, only on the occasion of an opening, throughout the term of the leasing contract. Nonrecurring key money from new stores, of new
developments or expansions (opened in the last 5 years), Operational key money from stores that are moving to a mall already in operation.
Landbank: Areas acquired by Multiplan for future development.
Management fee: fee charged from tenants and partners/owners to pay for shopping center administrative expenses.
Merchandising: leasing of space not usable for tenant stores in advertising campaigns and includes revenue from kiosks, stands, posters,
leasing of pillar space, doors and escalators and other display locations in a mall.
Minimum rent (or base rent): Minimum fixed rent paid by a tenant for a lease contract. Some tenants sign contracts with no fixed base rent,
and in that case minimum rent corresponds to a percentage of their sales.
Mixed-use: Strategy based on the development of projects that integrate shopping centers with office and residential developments.
Net Operating Income (NOI): Sum of the Operating Income (Rental Revenue, Straight Line Effect, Shopping Centers Expenses and Office
Towers Expenses) and income from Parking Operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also
include the key money revenues in the same period.
41
1Q17
MULT3
New projects expenses for lease: Pre-operational expenses from shopping center Greenfields, expansions and office tower projects, recorded
as an expense in the income statement as determined by the CPC 04 pronouncement in 2009.
New projects expenses for sale: Pre-operational expenses generated by real estate for sale activity, recorded as an expense in the income
statement as determined by the CPC 04 pronouncement in 2009.
NOI margin: NOI divided by Rental Revenue, Straight Line Effect and Net Parking Revenue.
Occupancy cost: Is the occupancy cost of a store as a percentage of sales. It includes rent and other expenses (condominium and promotion
fund expenses).
Occupancy rate: leased GLA divided by total GLA.
Organic growth: Revenue growth, which is not generated by acquisitions, expansions and new areas, added in the period.
Overage rent: The difference paid as rent (when positive), between the base rent and the rent consisting of a percentage of sales, as determined
in the lease agreement.
Owned GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplans interest in each mall and office.
Parking revenue: Parking revenue is the net result of parking fees collected by the shopping centers less the amounts transferred to the
Companys partners and condominiums.
Potential Sales Value (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the price
of each of units offered for sale.
Rent loss: Loss provisions due to delinquency over six months and legal opinion.
Rent per sq.m.: Sum of base and overage rents charged from tenants divided by its occupied GLA. It is worth noting that this GLA includes
stores that are already leased but are not yet operating (i.e., stores that are being readied for opening).
Sales: Sales reported by the stores in each of the malls.
Sales per sq.m.: Sales/sq.m. calculation considers only the GLA from anchor and satellite stores that report sales, and excludes sales from
kiosks, since they are not counted in the total GLA.
Same Area Rent (SAR): Changes on rent of the same area of the year before divided by the areas rent of the current year, excluding vacancy.
Same Area Sales (SAS): Changes sales of the same area of the year before divided by the area that informed sales.
Same Store Rent (SSR): Changes on rent collected from stores that were in operation in both of the periods compared.
Same Store Sales (SSS): Changes on informed sales from stores that were in operation in both of the periods compared.
Satellite stores: Smaller stores (<1.000 sq.m.) with no special marketing and structural features located by the anchor stores and intended for
general retailing.
Straight-line effect: Accounting method meant to remove volatility and seasonality of the minimum lease revenue. The criterion adopted to
account for revenue rent is based on straight-line revenues during the effectiveness of the contract, regardless of the receipt term.
Tenant mix: Portfolio of tenants strategically defined by the shopping center manager.
TJLP: (Taxa de Juros de Longo Prazo, or Long Term Interest Rate). The usual cost of financing conceived by BNDES.
TR (Taxa Referencial, or Reference interest rate): Average interest rate used in the market.
Turnover: GLA of operating malls leased in the period divided by total GLA of operating malls.
Vacancy: GLA of a shopping center available for lease.
Shopping center segments:
Food Court & Gourmet Areas Includes fast food and restaurant operations
Miscellaneous Cosmetics, bookstores, hair salons, pet shops and etc.
Home & Office Electronic stores, decoration, art, office supplies, etc.
Services Sports centers, entertainment centers, theaters, cinemas, medical centers, banking, and etc.
Apparel Women and men clothing, shoes and accessories stores
42

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Earnings Release 1Q17

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Earnings Report

BH Shopping, Belo Horizonte

External auditors have not reviewed non-accounting information.

1. Consolidated Financial Statements Managerial Report ................................................................................. 5

The Evolution of Multiplan's Financial Indicators

2007 EBITDA adjusted for expenses related to the Company's IPO.

1,254 1,222 1,258

Gross Revenue Net Operating Income EBITDA FFO Net Income

Historical Performance of Multiplans Results (R$ Million)

The rental revenue grows 10.2% and the Shopping Center

A minority stake acquisition in January increases CAGR: +10.4%

1Q13 1Q14 1Q15 1Q16 1Q17

As a result, the Net debt to EBITDA ratio decreased from

1. Consolidated Financial Statements Managerial Report

(R$'000) 1Q17 1Q16 Chg. %

(R$'000) 1Q17 1Q16 Chg. %

2. Minority stake acquisitions

2.1 Tenants Sales

A welcoming start to 2017: 6.1% sales increase in the quarter

Shopping Center Sales (100%) Opening 1Q17 1Q16 Chg.%

In 1Q17 Same Store Sales increase twofold over 1Q16

Q12 4Q12 1Q13 1Q12

2013 2014 2015 2016 Mar-17

Turnover in GLA (m) and as % of total GLA (%) SAS

2.2 Operational Indicators

First quarter occupancy exceeds the fourth quarter: a strong message

Evolution of the shopping center occupancy rate: 1Q13 1Q17

Occupancy cost: stable on condo dilution 12,4% 12,2%

Occupancy cost breakdown: 1Q13-1Q17

Gross delinquency rate drops in annual comparison

Gross Delinquency Rate Rent Loss

Historical delinquency rate and rent loss: 1Q13 1Q17

Key money revenue

4. Property Ownership Results

4.1 Rental Revenue

Rental revenue totals R$228.5 million in 1Q17, a double-digit growth of 10.2%

+21.3 M +0.7 M 228.5 M

Rental Base rent Overage Merchand. Rental

97.5% 98.5% 98.6% 97.9% 97.4%

1Q13 1Q14 1Q15 1Q16 1Q17

Overage Average Occupancy Rate (%)

Rental revenue breakdown (R$) and occupancy rate (%)

Rental revenue (R$) Opening 1Q17 1Q16 Chg.%

MorumbiShopping 1982 31.0 M 25.1 M +23.1%

Morumbi Corporate presents growth in occupancy rate

SSR grows 8.7% in 1Q17, above the previous quarters

SSR IGP-DI Adjustment Effect

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

4.2 Parking Revenue

Parking revenue totals R$45.8 million in 1Q17

1Q13 1Q14 1Q15 1Q16 1Q17

4.3 Properties Expenses

After a challenging 2016, shopping center expenses fell quarter -3.6%

Shopping center expenses evolution (R$) and as % of shopping

Office towers margin breaks record at 94.7% -38.0%

4.4 Net Operating Income NOI

NOI up 9.5% in 1Q17 to R$251.2 million +9.5%

CAGR: +13.3% +4.4%

NOI(R$) and NOI margin (%) evolutions

5. Shopping Center Management Results

5.1 Services Revenue

Services revenue account for R$25.1 million in 1Q17

5.2 General and Administrative (Headquarters) and Share-Based Compensations Expenses

G&A expenses maintained at R$31.8 million, despite the Companys growth