2Q10

35 Years

35 YEARS
MULTIPLYING THE BEST THINGS IN LIFE.

2Q10 Earnings Release

 2Q10
35 Years
Who We Are
Quality Shopping Centers Leadership in the Sector
Rent Revenue in 2Q10 (R$ million) – 2Q10
Aliansce Iguatemi BRMalls Multiplan
101 R$/m² 143
123
73 R$/m² 76 R$/m²
88
56 R$/m² 81 76
67 69
49 45
34 35
16

Aliansce BRMalls Iguatemi Multiplan Net Revenues Adjusted FFO Adjusted Net Income

Low Risk High Returns

Interest, Management and Control – 2Q10 Real, unleveraged IRR >15%

BRMalls Aliansce Iguatemi Multiplan

100%
85%83%
77%
65% 63%
53%55% 50%
47% JundiaíShopping ParkShoppingSãoCaetano
40%38%

Average interest in Shopping centers with Managed shopping

portfolio 50% or more of centers in portfolio
interest
VillageMall Cristal Tower

Source: Companies’ report 2

 2Q10
35 Years
Leading Presence in Top and Selected Regions

Multiplan Geographical Footprint Multiplan Shopping Centers and Projects

Avg.
Portfolio State Multiplan % Total GLA Occupancy
Rate
Operating SCs (100%)
BH Shopping MG 80.0% 36,840 m² 99.1%
RibeirãoShopping SP 76.2% 46,784 m² 98.8%
BarraShopping RJ 51.1% 69,319 m² 99.3%
MorumbiShopping SP 65.8% 55,085 m² 99.9%
ParkShopping DF 59.6% 51,532 m² 99.8%
DiamondMall MG 90.0% 21,388 m² 99.3%
New York City Center RJ 50.0% 22,269 m² 99.7%
Shopping AnáliaFranco SP 30.0% 50,974 m² 99.2%
ParkShoppingBarigüi PR 84.0% 42,985 m² 98.2%
AL Pátio Savassi ¹ MG 80.9% 16,319 m² 100.0%
Shopping SantaÚrsula SP 37.5% 23,088 m² 76.2%
BarraShoppingSul RS 100.0% 68,229 m² 98.6%
DF Shopping VilaOlímpia SP 30.0% 28,091 m² 91.4%
Sub-Total Operating SCs 65.3% 532,902 m² 97.8%
71% of the SCs under Development
Country’s GDP(*)
ParkShoppingSãoCaetano SP 100.0% 39,005 m² -
MG Shopping Maceió AL 50.0% 35,470 m² -
55% of
the Country’s Shopping Jundiaí SP 100.0% 35,418 m² -
population(*) SP Village Mall RJ 100.0% 25,653 m² -
Expansions under Development
PR RJ BH Shopping Exp. MG 80.0% 11,121 m² -
78% of the
ParkShoppingBarigüi Exp. II PR 100.0% 8,600 m² -
Country’s total
GLA is in South Pátio Savassi MG 80.9% 1,109 m²
and Southeast Sub-Total SCs and Exp. under Development 87.1% 156,376 m²
regions RS Leasing Projects under development
Morumbi Business Center SP 100.0% 10,150 m² -
ParkShopping Corporate DF 50.0% 13,360 m² -
Source: IBGE and ABRASCE Portfolio Total 68.8% 712,788 m² 97.8%
* 2006 Data
¹ Not including the acquisition of additional 15.6% stake on July 2010

3
 2Q10
35 Years
Shopping Centers Sales*
Multiplan Sales vs. Retail and Inflation (2Q10/2Q09) Same Store Sales Growth (2Q10/2Q09)

+21.8%
Segments Satellites Anchors Total
Food Court /Gourmet ▲22.4% n.a. ▲22.4%
+13.3%
+11.9% Diverse ▲11.0% ▲4.0% ▲9.4%
+10.2%
Home & Office ▲14.5% ▲19.2% ▲16.7%
+5.1% Services ▲1.7% ▲4.3% ▲3.3%
Apparel ▲9.2% ▲8.1% ▲8.9%
Portfolio ▲12.3% ▲11.1% ▲11.9%
IPCA National Sales in Same Stores Same Area
Retail Sales Multiplan Sales Sales
Growth

Monthly Sales Growth: Multiplan vs. Retail (year/year)

National Retail Sales Growth Multiplan Sales Growth

30.3%

24.2% 24.0% 24.1% 25.1%

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

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

* Considering 100% of shopping center tenant sales 4

 2Q10
35 Years
Gross Revenue Analysis
2Q10 Gross Revenue Growth Breakdown* (R$’000)

+23.5% +16.4% +5.2% +21.1% +1288.2%+1618.9%

€1. 00 170, 000

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

150, 000

2,970 317 2,698

€( 399, 999
, 99.00)

19,167 140, 000

130, 000

€( 599, 999
, 99.00)

119,417
120, 000

€( 799, 999
, 99.00)

+31.8% 110, 000

€( 999, 999
, 99.00) 100, 000

Gross Rental Services Key Net Real Others Gross

Revenue revenue money Parking Estate Revenue
2Q09 2Q10

* Percentage figures refer to 2Q10 /2Q09 growth. 5

 2Q10
35 Years
Revenue Breakdown
Gross Revenue Breakdown (2Q10)
Others
Real Estate 1.0% Rental Revenue Growth* (2Q10 – R$’000)
7.8%
Base
Parking 84.5%
9.9% Rent
64.0%
Key money + 12.5% + 59.2% + 26.7% n.a.
4.0% 6,412 100,666
Services Merchand. Overage 2,331
13.4% 8,744 1,680
11.0% 4.5%
81,498

Base Rent Breakdown (2Q10)

+ 23.5%

Seasonality Rent 2Q09 Base Overage Merchand. Straight Rent 2Q10

Straight Line
(double-rent) Line Ef f ect
7.5%
Base rent 79.2%
92.5%

Contractual
(step-ups)
20.8%

* Percentage figures refer to 2Q10/ 2Q09 growth. 6

 2Q10
35 Years
Rental Revenue Analysis
Rental Revenue vs. IGP-DI Effect (2Q10/2Q09) Same Store Rent Real Growth
+23.5% Spread between Same Store Rent and IGP-DI Adjustment Effect

+4.7%

+3.6% +3.7%
+3.4%
+2.8% +2.9%
+2.1% +2.2% +1.9%
+3.7% +4.4% +0.8%

-0.3%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
IGP-DI Same Area Same Store Rental
Adjustment Rent Rent Revenue
Effect
IGP-DI Adjustment Effect on Base Rent*
Avg. Effect IGP-DI
10.7% 11.1%
10.0%
8.6%
6.7% 7.3%

3.6%
2.9%

0.2% 0.6%

-0.3%

2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
* Projected figures for 3Q10 and 4Q10 are based on the current contract adjustment schedule considering a 8.7% inflation for 2010,
according to Central Bank Focus Report expected IGP-DI figures. 7
 2Q10
35 Years
Financial Highlights
NOI + Key Money Revenue (R$‘000) Adjusted FFO

217,165 178,085
+30.6% +64.3%
166,228
+21.7% +58.8% 108,370
106,257 87,831
87,339
55,318
61.4% 63.7%
87.0% 86.7% 87.3% 51.7% 52.1%
85.1%

2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10

Net Income Adjusted Net Income

+9.3%
98,175 +74.5% 154,808
89,806
+12.7%
+68.1% 88,738
51,434 76,238
45,628
45,344
42.6% 43.2% 53.3% 55.4%
35.9% 35.1% 42.3% 42.7%

2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10

8
 2Q10
35 Years
EBITDA Analysis
EBITDA and EBITDA Margin Impact of Real Estate Development and
(R$’000) Pre-operational Expenses in 1H10 EBITDA Margin (R$’000)

100,000 +27.5% 100.0%

90,000 80,922
80,000 90.0%
63,445 100.0%
70,000 80.0%
60,000 184,032 95.0%
50,000 70.0% 182,031
40,000 59.3% 90.0%
56.6%
30,000 60.0%
85.0%
20,000 50.0%
10,000 80.0%
- 40.0%
166,214 75.0%
2Q09 2Q10 164,213 70.0%
65.8% 70.0%
63.1%
65.0%
59.5%
200,000 +34.7% 100.0% 60.0%
180,000 166,214
160,000 90.0% 55.0%
140,000 123,392 80.0% 1H10 EBITDA EBITDA Before EBITDA Before EBITDA Before
120,000 Margin Real Estate Result Pre-operational Real Estate Result
100,000 70.0% (+taxes) Expenses and Pre-operational
80,000 59.3% 59.5%
Expenses
60,000 60.0%
40,000 50.0%
20,000
- 40.0%
1H09 1H10

9
 2Q10
35 Years
The Cost of Growth
Pre-operational Expenses and Deferred Income Balance
Signed Key Money Contracts (R$’000) (R$’000)
Pre-operational Expenses Signed KM Contracts
149,975
35,528 138,788 141,224 137,099
126,298 136,741
121,479
110,183 110,506 131,976
19,584 17,818
15,944
11,191
6,626 96,381

81,194

1Q10 2Q10 1H10

New Stores of Projects in Leasing Phase* 3rd Year NOI from Announced Projects*: R$ 150 million
100% = 772 stores (excluding office towers for lease) (R$’000)

Shopping Maceió 9,800

Stores to
Leased
be leased Shopping Jundiaí 31,700 Shopping Center
42%
Stores Greenfield:
58%
Village Mall 41,300 R$ 128.0 million

ParkShoppingSãoCaetano 45,162
* Stores Breakdown:
Shopping Center Greenfields: 570 stores at Expansions 22,324
ParkShoppingSãoCaetano, VillageMall, and JundiaíShopping.
Shopping Center Expansions: 202 stores at
BH Shopping, ParkShoppingBarigüi and Pátio Savassi. * Please see disclaimer on the last page
10
 2Q10
35 Years
Case: Pátio Savassi
Increase in Sales of Multiplan Shopping Centers in Percentage of Overage Rent / Base Rent and
Belo Horizonte in the Last 3 Years (R$ million) Base Rent / Sales in the Last 12 Months*
+44.9%
18. 0% 8. 0%

7.2%
CAGR: 13.2% 16. 0%

6.3% 7. 0%

14. 0% 5.6% 6. 0%

679.0 M
+87.4%
12. 0%

5. 0%

+72.1% CAGR: 23.3% 10. 0%

CAGR: 19.8% 4. 0%

468.5 M 8. 0%

387.8 M 6. 0%
17.0% 3. 0%

268.5 M
2. 0%

4. 0%

206.9 M 8.7%
156.0 M
1. 0%
2. 0%

0. 0%
3.4% 0. 0%

BHS PSS DMM

BHS PSS DMM Overage rent Base rent/Sales

Sales jun/07 (12M) Sales jun/10 (12M)

Annual Base Rent/m² in the Last 12 Months* Consolidated Position in Belo Horizonte (Minas Gerais)
+43,8% +23,5%
1,322 R$/m² Diamond Mall
11
1,136 R$/m²
1,7 km
920 R$/m²
22

Pátio
5,3 km Savassi

2.503
4,3 km
R$/m²

BH
33
BHS PSS DMM Shopping

* As of June 2010
Acronyms: BHS - BH Shopping; DMM – DiamondMall; PSS - Pátio Savassi 11
 2Q10
35 Years
10 Projects under Development; R$1.2 Billion CAPEX*
6 projects under leasing phase: 772 new stores / 448 already leased
R$35 million in signed key money contracts in 1H10
4 shopping centers under development: 3 in leasing phase; 1 in construction
3 shopping center expansions under construction to be delivered in 2H10
3 office towers already launched; 2 for lease; 2 under construction
Estimated growth of 44.0% in owned GLA (1H10 – 2012)

Announced Owned GLA Growth* 1H10 - 2012 ParkShoppingSãoCaetano (SP)

Malls in operation Expansions Shopping Centers Office Towers for Lease

347.757 m² 366.150 m² 415.305 m² 500.792 m² 500.792 m²

6.680 m² 16.830 m²
78.806 m²
10.150 m² 117.812 m²
39.005 m²
18.393 m²
18.393 m²

347.757 m² 347.757 m²
+44.0%

1H10 2H10 2011 2012 Total announced

(2012P)
* Please see disclaimer on the last page
Cristal Tower (RS)
* Between 2010 and 2012 12
 2Q10
35 Years
Financial Performance
Performance (R$’ 000)
Financial (MTE %) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
Gross Revenue 157,373 119,417 ▲31.8% 307,337 230,331 ▲33.4%
Net Revenue 143,096 107,069 ▲33.6% 279,476 208,011 ▲34.4%
Headquarters 25,325 24,657 ▲2.7% 45,393 43,542 ▲4.3%
Rental Revenue 100,666 81,498 ▲23.5% 199,717 160,888 ▲24.1%
Rental Revenue/m² 303 R$/m² 258 R$/m² ▲17.5% 576 R$/m² 486 R$/m² ▲18.4%
Rental Revenue USD/sq. foot 15.6 US$/sqf 12.3 US$/sqf ▲27.0% 29.6 US$/sqf 23.2 US$/sqf ▲27.9%
EBITDA 80,922 63,445 ▲27.5% 166,214 123,392 ▲34.7%
EBITDA Margin 56.6% 59.3% ▼271 b.p 59.5% 59.3% ▲15 b.p
Net Operating Income (NOI) 99,907 81,305 ▲22.9% 199,635 155,026 ▲28.8%
Net Operating Income/m² 300 R$/m² 257 R$/m² ▲16.9% 575 R$/m² 469 R$/m² ▲22.8%
Net Operating Income USD/sq. foot 15.5 US$/sqf 12.2 US$/sqf ▲26.3% 29.6 US$/sqf 22.3 US$/sqf ▲32.7%
Net Operating Income Margin 86.0% 86.2% ▼21 b.p 86.3% 84.1% ▲220 b.p
Adjusted Net Income 76,238 45,344 ▲68.1% 154,808 88,738 ▲74.5%
Adjusted FFO 87,831 55,318 ▲58.8% 178,085 108,370 ▲64.3%
Adjusted FFO/m² 264 R$/m² 175 R$/m² ▲51.1% 513 R$/m² 328 R$/m² ▲56.7%
Adjusted FFO US$’ 000 48,668 28,368 ▲71.6% 98,679 55,574 ▲77.6%
Adjusted FFO USD/sq. foot 13.6 US$/sqf 8.3 US$/sqf ▲63.2% 26.4 US$/sqf 15.6 US$/sqf ▲69.3%

13
 2Q10
35 Years
Market Performance Data
Performance (R$’ 000)
Market Performance 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
Number of Shares (Total) 179,197.214 147,799.441 ▲21.2% 179,197.214 147,799.441 ▲21.2%
Common Shares 167,338.867 135,941.094 ▲23.1% 167,338.867 135,941.094 ▲23.1%
Preferred Shares 11,858.347 11,858.347 ▲0.0% 11,858.347 11,858.347 ▲0.0%
Avg. Share Price R$ 31.00 R$ 18.24 ▲69.9% R$ 30.73 R$ 16.26 ▲89.0%
Final Share Price R$ 33.01 R$ 19.80 ▲66.7% R$ 33.01 R$ 19.80 ▲66.7%
Average Daily Traded Volume (R$ '000) 9,100 1,725 ▲427.6% 9,868 1,543 ▲539.7%
Dollar (USD) end of Quarter $1.80 $1.95 ▼7.5% $1.80 $1.95 ▼7.5%
Market Cap (R$ '000) 5,915,300 2,926,429 ▲102.1% 5,915,300 2,926,429 ▲102.1%
Gross Debt (R$ '000) 558,617 401,983 ▲39.0% 558,617 401,983 ▲39.0%
Cash (R$ '000) 933,011 187,213 ▲398.4% 933,011 187,213 ▲398.4%
Net Debt (R$ '000) (374,393) 214,646 ▼274.4% (374,393) 214,646 ▼274.4%
EPS R$ 0.29 R$ 0.31 ▼7.0% R$ 0.55 R$ 0.61 ▼9.8%
NOI per Share R$ 0.56 R$ 0.55 ▲1.4% R$ 1.11 R$ 1.05 ▲6.2%
P/AFFO (Last 12 months) 16.76 x 13.09 x ▲28.1% 16.76 x 13.09 x ▲28.1%
EV/EBITDA (Last 12 months) 16.31 x 12.05 x ▲35.3% 16.31 x 12.05 x ▲35.3%
Net Debt/EBITDA (Last 12 months) (1.10) x 0.82 x ▼233.8% (1.10) x 0.82 x ▼233.8%

14
 2Q10
35 Years
Operational Data
Performance (R$’ 000)
Operational (100%) 2Q10 2Q09 Chg. % 1H10 1H09 Chg. %
Final Total GLA 532,902 m² 484,873 m² ▲9.9% 532,902 m² 484,873 m² ▲9.9%
Final Owned GLA 347,757 m² 330,833 m² ▲5.1% 347,757 m² 330,833 m² ▲5.1%
Owned GLA (%) 65.3% 68.2% ▼297 b.p 65.3% 68.2% ▼297 b.p
Adjusted Total GLA (avg.) ¹ 515,953 m² 470,525 m² ▲9.7% 530,286 m² 484,906 m² ▲9.4%
Adjusted Owned GLA (avg.) ¹ 332,574 m² 316,458 m² ▲5.1% 346,908 m² 330,819 m² ▲4.9%
Total Sales 1,714,591 1,407,614 ▲21.8% 3,300,184 2,668,827 ▲23.7%
Total Sales/m² 3,323 R$/m² 2,992 R$/m² ▲11.1% 6,223 R$/m² 5,504 R$/m² ▲13.1%
Total Sales USD/sq. foot 171.1 US$/sqf 142.5 US$/sqf ▲20.0% 320.4 US$/sqf 262.2 US$/sqf ▲22.2%
Same Store Sales/m² 1,182 R$/m² 1,056 R$/m² ▲11.9% 1,134 R$/m² 1,002 R$/m² ▲13.2%
Same Area Sales/m² 1,154 R$/m² 1,019 R$/m² ▲13.3% 1,113 R$/m² 969 R$/m² ▲14.8%
Same Store Rent/m² 82 R$/m² 78 R$/m² ▲4.4% 80 R$/m² 77 R$/m² ▲4.2%
Same Area Rent/m² 83 R$/m² 80 R$/m² ▲3.7% 82 R$/m² 79 R$/m² ▲3.7%
Occupancy Costs ² 12.9% 13.5% ▼59 b.p 13.2% 14.1% ▼85 b.p
Rent as Sales % 7.3% 7.9% ▼54 b.p 7.5% 8.2% ▼71 b.p
Others as Sales % 5.6% 5.7% ▼5 b.p 5.7% 5.9% ▼14 b.p
Turnover ² 1.3% 1.1% ▲24 b.p 2.3% 2.3% ▲1 b.p
Occupancy Rate ² 98.1% 96.5% ▲159 b.p 98.1% 96.5% ▲159 b.p
Delinquency (25 days delay) ² 1.5% 4.7% ▼322 b.p 1.4% 5.2% ▼380 b.p
Rent Loss ² 0.8% 0.4% ▲36 b.p 0.7% 0.4% ▲29 b.p

¹ Adjusted GLA corresponds to the period’s average GLA excluding 14,000 m² of BIG supermarket at BarraShoppingSul
² Excluding Shopping Vila Olímpia

15
 2Q10
35 Years
IR Contact
Armando d’Almeida Neto
CFO and Investors Relation Director
Rodrigo Krause
Investor Relations Superintendent

Leonardo Oliveira
Investor Relations Senior Analyst
Franco Carrion
Investor Relations Analyst
Hans Melchers
Planning Manager
Tel.: +55 (21) 3031-5224
Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br

http://www.multiplan.com.br/ri
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the Company’s management and on the
information available. These prospects include statements concerning our management’s current intentions or expectations.
Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. The Company has no
obligation to update said statements.
The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify affirmations.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may
differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company’s
control or expectation. The reader/investor is encouraged not to completely rely on the information above.
This document also contains information on future projects which could differ materially due to market conditions, changes in law or government policies, changes in operational
conditions and costs, changes in project schedules, operating performance, demand by tenants and consumers, commercial negotiations or other technical and economic
factors.
16