1Q17

Discussion Material
BH Shopping, Belo Horizonte May, 2017
 1Q17
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based
on expectations of the Companys management and on the information available. The Company has no obligation to
update said statements.

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

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

This document also contains information on future projects which could differ materially due to market conditions,
changes in law or government policies, changes in operational conditions and costs, changes in project schedules,
operating performance, demand by tenants and consumers, commercial negotiations or other technical and
economic factors. These projects may be altered in part or totally by the company with no previous warning.

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

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

2
 1Q17
Multiplan at a Glance
High Productivity Portfolio Historical growth strategy breakdown
Recognized developer of top-of-mind shopping centers in regions with the (% of total GLA2)
largest GDP in Brazil;
Full service Company that plans, develops, owns and manages one of the most
efficient shopping center portfolios in the country;
Long-term planning including expansions and mixed-use projects;
Greenfields
Top line growth and efficiency gains leading to a strong 5-year CAGR1 of 13.3%
65%
in NOI and 8.2% in FFO.
Acquisitions
5%
A Seasoned 42-year Company
Proven track record in the real estate industry;
Offices for lease Expansions
Management and control of its shopping centers, allowing great flexibility to
10% 20%
implement improvements;
18 shopping centers with an average interest of 76.6% and 775,189 sq.m. of
total GLA2, besides 2 office towers for lease. Interest, management and control in
properties

Value Creation 19/20 19/20

Market capitalization of R$13.3 billion3,
the largest among publicy traded real 78.2%
estate companies in Brazil;
97.4% of average occupancy rate in 1Q17;
5-year contracts, adjusted by inflation;
Development DNA: developed 95% of total GLA;
Potential mall expansion pipeline of over 150,000 sq.m. of GLA;
Landbank of 820,519 sq.m. to develop mixed-use projects.
Managed Properties with Portfolio
5
1 CAGR: Compound Annual Growth Rate. properties 4 interest of 50% or ownership
3 GLA: Gross Leasable Area.
2 Share price of R$63.20 on Macrh 31st, 2017 (Bloomberg).
more 4
4 Over Companys properties (18 shopping centers and 2 office towers).
5 % of Gross Leasable Area of shopping centers and office towers.

Source: Multiplan 3
 1Q17

Leading shopping center portfolio in Brazil

Multiplans Portfolio Footprint: Portfolios Market Share:

SHOPPINGS
SHOPPINGS
SHOPPINGS ABL TotalABL
(m)Total
ABL(m)
Total (m) Vendas (R$)
VendasVenda
(R$)
Shopping Centers (2016) Total GLA (2016) Tenants Sales (2016)

Other Other Other Other Other Other Other Other Other

Shopping ShoppingShopping Shopping ShoppingShopping Shopping Shopping Shopping8
3.2% 3.2% 3.2% 5.1% 5.1% 5.1% 8.7%
Centers Centers Centers Centers Centers Centers Centers Centers Centers
96.8% 96.8% 96.8% 94.9% 94.9% 94.9% 91.3% 91.3% 91.3%
AL

DF
MG

SP

PR RJ
Multiplans Portfolio Size: States Exposed to:
RS

18 775 54% of 72% of

Shopping thousand sq.m. countrys countrys
Centers of GLA population GDP
Source: Multiplan, Abrasce and IBGE 4
 1Q17
Operating Efficiency
Tenants sales: Multiplan & USA malls Operating efficiency: Multiplan & Brazilian malls
Tenants sales USD/sq.f. Tenants sales USD/sq.f. (anchor + Rental Revenue USD/sq.f. (anchor +
(satellite stores only) - 2016 satellite stores) - 2016 satellite stores) 2016

+53% 723
+92% 566
+71% 41
472 295
24

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

malls malls malls malls malls

Store Segment GLA Distribution

Multiplan (Mar-2017) USA (Sep-2016) 4
Home &
Home &
Office
Office
Food Court, 7,4% 7,0%
Gourmet Area Food Court,
and Mini- Gourmet Area
markets and Mini-
Apparel markets
11,6% 35,9% 21,0%
Apparel
50,0%

Miscellaneous
21,8%
Miscellaneous
11,0%

Services Services
1 Source: ICSC International Council of Shopping Centers 23,4% 11,0%
2 Source: Abrasce Associao Brasileira de Shopping Centers.
3 2016 final Exchange rate of R$3.2585 / US$ (Bloomberg).
4 Source: ICSC International Council of Shopping Centers and JLL Jones Lang LaSalle.
5
 1Q17
Shopping Centers Sales
Evolution of Evolution of Same Area and Same Breakdown of Same
tenants sales (R$) Store Sales growth (%) Store Sales per segment in 1Q17

SSS Growth Anchor Satellite Total

+6.1% Food Court & Gourmet - +0.2% +0.2%
5.0%
3.2 B 5.6%
Apparel +1.2% +2.4% +1.6%
3.0 B 4.2% 4.1%
4.2%
2.5% 4.1% 3.9% 3.2%
Home & Office +8.7% +21.4% +17.1%
2.7% 3.2% 2.3% 2.8%
5.0% 2.1% 2.5% Miscellaneous -4.1% -1.3% -2.3%
0.6% 1.6%
0.0%
2.5% 3.9% 4.2% 4.1% 3.2% 3.2%
2.7%
0.6% 2.1% 1.6% 2.3% Services +6.1% +18.9% +14.6%
2.8% 2.8%
0.0%
1.6% 2.3% 1.5% Total +1.1% +4.4% +3.2%
-2.5%
-2.5%
3Q15
1Q16 1Q17 1Q16 2Q164Q15 3Q16
1Q16 2Q16
4Q16 3Q16 1Q17
Same Area Sales Same Store Sales

Same Area Sales Same Store Sales

Turnover in GLA (sq.m.) and as % of total GLA (%) SAS and SSS spread (%)

5.1% 5.1%
4.8% 4.9% 2.6%
4.3% 2.3%
35,438 36,491
34,001 34,941
1.4%
30,727
1.0%
0.7%

2013 2014 2015 2016 Mar-17 1Q13 1Q14 1Q15 1Q16 1Q17
(LTM)
SAS and SSS Spread (%)
Source: Multiplan 6
 1Q17
Selected Operating Data
Evolution of occupancy cost Evolution of delinquency rate and rent loss

14.0% 13.7% 13.5% 13.9% 14.0% 13.8%

6.0% 5.9% 5.8%

5.4% 13.0% 5.8% 5.8%
12.7% 13.1% 13.1% 13.1% 13.0% 4.5%
3.0%
5.4% 5.3% 5.4% 5.6% 5.6% 5.3% 1.8%
2.2% 1.9% 1.8% 3.6% 1.1%
8.1% 7.8% 8.1% 8.1% 8.2% 8.1% 2.7%

7.3% 7.8% 7.6% 7.4% 7.5% 7.7%

1Q13 1Q14 1Q15 1Q16

Five 1Q17 1Q13 1Q14 1Q15 1Q16 1Q17 4Q16 1Q17
quarters
3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 Average
Gross Delinquency Rate Rent Loss
Rent Other
as % ofas
Sales
sales % Other as % of Sales
Occupancy cost
Net Delinquency Rate

Evolution of shopping center occupancy rate: 1Q13 1Q17

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

Source: Multiplan 7
 1Q17
Diversified Revenues
Gross revenue breakdown in 2017 Rental revenue diversification:
Top retail chains in 2017
25%
Key Money
23%
0.7%
Others 1 21%

% of Rental Revenues
2.6% 19%
Services 17%
8.1% Base rent 15%
91.5% 13%
Rent 11%
Parking 73.8% 9%
14.8% 7% Top 10:
Merchandising Top 25:
5% 12.4%
6.1%
Overage 3% 22.1%
2.4% 1%
1 3 5 7 9 11 13 15 17 19 21 23 25
Number of Retail Chains
Same Store Rent growth (YoY)
Average Real SSR
14.1% 5 years: 1.4%
Since IPO: 2.6%

9.6% 10.6% 10.4% 9.6%

9.4% 8.8% 8.7%
6.9% 7.4% 7.1%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1T17
Real SSR growth 1

5.7% 2.5% 1.5% 5.7% 5.0% 4.0% 2.5% 3.0% 2.4% (2.2%) (1.0%)
1Real SSR considering the IGP-DI adjustment effect in each period.
Source: Multiplan 8
 1Q17
Strong and Predictable Revenues
Rental revenue breakdown (R$), rent loss and occupancy rate (%)

0M 97.4% 96.6% 96.9% 98.6% 98.2% 97.9% 98.1% 98.7% 98.3% 97.5% 97.4% 100.0%

95.0%
0M 929.5 M 950.7 M
90.0%
861.6 M
801.3 M 85.0%
0M
96.6% 96.9% 98.6% 98.2% 97.9% 98.1% 679.0 M98.7% 98.3% 97.5% 97.4% 100.0%
80.0%

0M 561.9 M 95.0%
75.0%
486.3 M 929.5 M 950.7 M
416.1 M 90.0%
70.0%
861.6 M 89.9%
0M 360.2 M 801.3 M 89.7%
295.3 M 88.7% 88.9% 85.0%
65.0%
239.4 M 679.0 M 88.6%
87.3% 80.0%
60.0%
0M 86.2%
85.8% 84.7% 561.9 M
83.2% 75.0%
55.0%
84.2% 486.3 M
- 416.1 M 70.0%
50.0%
360.2 M 89.7% 89.9%
295.3 M 88.7% 88.9% 65.0%
M 1.3% 1.3% 1.3%
0.7% 0.9% 0.9% 0.9% 88.6% 0.7% 0.8% 0.7%
87.3% 0.4% 60.0%
86.2% 1.3%
85.8% 84.7%
83.2%
2007 2008 2009 2010 0.7%
2011
0.9%
2012
0.9%
2013 0.9%
2014 2015 2016 0.7%
55.0%
0.4%Mar/17 (LTM)
50.0%
2008 2009 2010 2011 20072012 20082013 20092014 20102015 20112016 2012
mar/17 (12M) 2013

Base rent Merchandising Overage Average occupancy rate (%) Rent loss

Source: Multiplan 9
 1Q17
Debt and Cash
Debt indexes Debt indexes evolution
Cash generation and debt position (R$)
as of March 31, 2017 on March 31, 2017
3,047.4 M
Others Others
7.4% 3.7%
Financial Position Analysis Mar. 31, 2017
Net Debt/EBITDA 2.39x TR
1,930.7 M TR 32.1%
Gross Debt/EBITDA 3.78x 40.4%
EBITDA/ Net Financial Expenses 3.62x
1,116.7 M Net Debt/Fair Value 11.2%
806.8 M CDI
Total Debt/Shareholders Equity 0.60x CDI 64.2%
462.3 M 52.2%
Net Debt/Market Cap 14.5%
Weighted Average Maturity (Months) 45
Cash Gross Debt Net Debt EBITDA FFO (LTM) Mar-16 Mar-17
(LTM)

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

14,25% 14,25% 14,25% 14,25% 14,25% 13,75%
13,75%
12,75% 14.25% 14.25% 14.25% 14.25%
13.75% 14.25% 13.75%
11,75% 13,50%12.25%
10,75% 11,00% 11,00% 12.75% 13,09% 13,22% 13,23% : -7 b.p.
13,18%
11.75% 12,81%
0% 11.00% 11.00% 12,29% 13.22% 13.23% 13.50% 13.18%
10.75% 11,53% 12.81% 13.09%
10,54% 10,96% 12.29% 12.18%
7% 10,41% 10,50% 11.53%
10.41% 10.96%
10.50% 10.54%
dez/13 mar/14 jun/14 set/14 dez/14 mar/15 Jun-15 set/15 dez/15 mar/16 jun/16 set/16 dez/16
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

Multiplan Cost of Funding (gross debt) Selic Rate
EBITDA and Net Financial Expenses are the sum of the last 12 months.
Source: Multiplan and BCB (Banco Central do Brasil) 10
 1Q17
Debt Amortization Schedule and Covenants
Evolution of Net Debt/EBITDA Financial Covenants

Lowest Debt
4.00x Covenant Lim it Mar-17 Status
covenant Volum e
(4.00x) Net Debt/EBITDA <= 4.00x 2.39x 1,578.4 M Comply
3.00x EBITDA/Net Financial Expenses >= 2.00x 3.62x 730.4 M Comply
3.04x
Total Debt/Total Asset <= 0.50x 0.35x 69.3 M Comply
2.00x 2.44x 2.43x 2.40x 2.39x
2.33x EBITDA Margin >=20.0% 67.2% 69.3 M Comply
Total Debt/Shareholders Equity <= 1.00x 0.60x 38.2 M Comply
1.00x
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Total debt w ith financial covenants 1,647.7 M

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

54 M 34 M
2017 339 M 427 M

2017 2018 364 M 58 M 422 M

14.0%
> 2021
25.0% 2019 600 M 4M 199 M 803 M
2018
13.9% 2020 202 M 199 M 401 M
2021
7.6% 2021 233 M 233 M

2020 2019 2022 111 M 290 M 402 M

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
EBITDA and Net Financial Expenses are the sum of the last 12 months.
Source: Multiplan 11
 1Q17
NOI and Stock Price Evolution
LTM NOI(1) and stock price evolution since IPO

Oct 17th, 2012(1) Mar 31st, 2017

LTM NOI(2) of 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

Source: Multiplan and Bloomberg as of March 31st, 2017.

Note: Multiplans IPO was on July 2007.
(1) Considers the 90 days moving average of LTM NOI.
(2) The October 17th, 2012 closing price was the highest until December 31th, 2016.
(3) NOI from Oct/11 to Sep/12. 112
 1Q17
10-Year CAPEX and Interest Rate Evolution
(% Selic rate)
Acquisition Capex Capex
Development Development and other
Acquisition Capex
Capex Interest Rate (Selic)
16%
16%
1,600 1,200 16.00%

1,400
1,344 M
1,344 M
1,000 14.00% 14%
14%
1,200

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

600 10%
725
725 M
M 10%
400
664M
664 M 689 M 8.00%

400

200 6.00% (1)

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

- - 4.00%
2006 2007 2008
2006 2009
2007 2010
2008 2011
2009 2012
2010 2013
2011 2014
2012 2015
2013 9M16 2015
2014 2017E 9M16
253
253M M 229
229MM 6%
175 M
175 M (2) 6%

4%
2006 2007 2008 2009 2010 2011 2012
2012 2013
2013 2014
2014 2015
2015 9M16
2016 2017E
1Q17 4%
2006
2006 2007
2007 2008
2008 2009
2009 2010
2010 2011
2011 2012
2012 2013
2013 2014
2014 2015
2015 2016
2016 2017E
2017E

12017E data consider Brazil Central Banks Abr-17 FOCUS report projection of 8.50% interest rate at the end of 2017.
Source: Multiplan. 13
 1Q17
R$731 Million Invested in Stake Acquisitions
R$59 million in NOI

Portfolios
NOI (LTM):
R$59.0M
NOI

BarraShopping I MorumbiShopping BarraShopping II ParkShoppingBarigi

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

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

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

October 2016 October 2016 December 2016 January 2017

(1) Considering the NOI for the past 12-month period ended on Jun-16 for BarraShopping (1) and MorumbiShopping, and Sep-16 for BarraShopping (2) and ParkShoppingBarigi, weigthed by the acquired stakes
Source: Multiplan 14
 1Q17
Greenfield Under Construction
Multiplans Stake: 80% CAPEX(1): R$359.3 M
48,000 Opening: Nov-17
Key Money(1): R$26.5 M
3rd year NOI(2): R$36.0 M
sq.m. of GLA Leased GLA: 80% 3rd year NOI yield(2): 10.8%

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

(2) Considering Multiplans interest of 80.0%
Source: Multiplan
15
 1Q17

RibeiroShopping Medical Center

Ptio Savassi Expansion II
Expansion

Expected Multiplans stake: 100.0%

Expected Multiplans stake: 96.5%
opening: 6,200 Leased GLA: 72.1% opening: 2,300 Leased GLA: 100.0%
sq.m. of GLA sq.m. of GLA
2Q17 CAPEX(1): R$35.5 M
4Q17 CAPEX(2): R$34.9 M

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

(2) Considering Multiplans interest in the CAPEX of 96.5%.
Source: Multiplan 16
 1Q17
Market Penetration
Share of malls in retail sales 1 2 69%
62%
52% 53% 54%

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

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

Mall penetration in the world Shopping centers Shopping center

(m of GLA per 1,000 inhabitants ratio, 2011) 1 2 in Brazil (Mar-17) 1 3 owned GLA breakdown
Municipalities with a in Brazil 1 4 (Mar-17)
2,200 shopping center
205

Public
1,350 companies
22%
900

360 Municipalities
180 220
68 110 without a shopping Others
center 5,365 78%

1 Source: Abrasce Associao Brasileira de Shopping Centers

2 Source: ICSC International Council of Shopping Centers (ICSC)
3 Source: IBGE Brazilian Statistics Bureau
4 Source: Multiplan, Abrasce and reports from the following public companies: Aliansce, Brmalls, CCP, General Shopping, Iguatemi, JHSF and Sonae Sierra.
17
 1Q17
IR Contact
Armando dAlmeida Neto
CFO and IRO

Hans Melchers
Investor Relations and Planning Director

Franco Carrion
Investor Relations Manager

Leandro Vignero
Investor Relations Analyst

Daniela Mostaert
Investor Relations Analyst

Tel.: +55 (21) 3031-5600

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

ir.multiplan.com.br