Multiplans Shopping Center EBITDA increases 74% to R$116 million and reached a 74.

4% margin in 3Q11
Rio de Janeiro, November 9 , 2011 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3), announces its third quarter 2011 results. The following financial and operational data were prepared and are being presented in accordance with accounting policies adopted in Brazil, which comprise the standards and pronouncements issued by the Brazilian Securities and Exchange Commission (CVM) and the Brazilian FASB (CPC), which are in conformity with the international financial reporting standards (IFRS) issued by IASB applicable to real estate development entities in Brazil and approved by the Brazilian FASB (CPC), by the Brazilian Securities Commission (CVM) and by the National Association of State Boards of Accountancy (CFC).
th

3Q11 Highlights (R$'000) Quality Projects

87% of stores leased
in the four malls under construction
120% 96.8% 100%
Leased Stores (units)

Sustainable Growth
Highest Same Store Rent increase in 3 years: 16%
leading to a 19% rental revenue growth
16.0%
85.7% 82.5% 82.3%

13.9% 13.2%14.0% 11.6%

14.1% 12.0% 10.3%

80% 60% 40% 20% 0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

8.1%
6.5% 3.9% 4.4% 6.6%

ParkShoppingSoCaetano VillageMall JundiaShopping

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

Improved Performance and Efficiency

G&A expenses dropped 15%
and new projects expenses fell 49%
CAGR: +1,4%
24,744
20,119 19.9% 18,695 16.9% 20,955

Shopping Center EBITDA up 74%

and margin improved to 74.4%
CAGR: +25.9%
40.0% 35.0%

3Q11

ParkShoppingCampoGrande

-15.3%

+73.7%

116,188

120.0%

110.0%
100.0% 90.0% 74.4%

92,312 81.3% 66,884 58,314 63.4% 49.9%

30.0%
25.0% 20.0%

80.0% 70.0%

16.0%

12.6%

15.0% 10.0%

60.0%
50.0% 40.0%

5.0%
3Q08 3Q09 3Q10 3Q11

3Q08

3Q09

3Q10

3Q11
Margin

G&A

% of Net Revenue

Shopping center EBITDA

Leading to Solid Returns

Net Income increased 41%
and FFO improved 19%
120,000

Record NOI + Key Money margins

and Net Income in 3Q11
99,731

CAGR Net Income: +92.9%

84,110 72,533 54,514 40,857 46,354

+18.6%

100,000 CAGR FFO: +22.3% 80,000 60,000 40,000 20,000 3Q08 Net Income 3Q09 FFO 9,086

79.1%
+40.8%

83.6% 81.3%

88.2%

89.5%

1 2 5 .0 %

1 0 5 .0 %

65,268

74.4%
57.4% 49.9% 60.2%

8 5 .0 %

63.4% 62.2% 53.9% 35.0%

6 5 .0 % 4 5 .0 %

39.4%
2 5 .0 %

9.0%

31.6%
5 .0 %

3Q10

3Q11

3Q08 3Q09 NOI + Key Money margin

3Q10 3Q11 Shopping Center EBITDA Margin

FFO Margin

Net Income Margin

Highlights (YoY) Shopping Center Sales 3Q11 9M11 +11.8% +13.1% Rental Revenue +18.7 +17.0 NOI +17.2% +16.7% Shopping Center EBITDA +73.7% +42.6% Net Income +40.8% +30.1%

PROJECTS UNDER DEVELOPMENT Demand for space in Multiplan greenfields remains strong, with 86.8% of spaces in the new projects leased. The highlight in the quarter was ParkShoppingCampoGrande with 82.3% of stores leased.

OPERATIONAL AND FINANCIAL With an 11.8% increase, sales in Multiplan shopping centers reached R$2.0 billion in 3Q11. Same Area Sales grew 7.7% in the period, showing a strong performance of Multiplan shopping centers. A new record high, Same Store Rent recorded a +16.0% increase in 3Q11, with a real growth of 5.8% on top of the inflation adjustment effect. Rental revenue increased 18.7% in the same period. Higher shopping center margin, driven by a stronger performance of Multiplan shopping centers, and shopping center expenses running below inflation. Shopping center gross revenue grew 17.1%, while shopping center expenses increased a modest 2.6% in 3Q11 versus 3Q10. 131 bps improvement in Net Operating Income (NOI) + Key Money margin, reaching 89.5% in 3Q11 up from 88.2% in 3Q10. NOI + Key Money reached R$131.6 million or a 17.1% increase when compared to 3Q10. In 9M11 NOI + key Money reached R$383.3 million, up 16.4%. Headquarters expenses (G&A) down 15.3% in 3Q11, dropping to 12.6% as percentage of net revenue in 3Q11, from 16.9% in 3Q10. In 9M11 G&A expenses decreased 10.7% to R$ R$62.7 million. 73.7% increase in Shopping Center EBITDA while margin increased to 74.4%, up from 49.9%, as a result of strong revenue growth and lean expenses. In 9M11 shopping center EBITDA increased 42.6% to R$330.6 million. 40.8% increase in net income, despite increase in gross debt, recording R$65.3 million. This outcome is a result of Multiplan focus on generating value for its shareholders through strong sales performance, efficiency gains and dilution of expenses. In 9M11, net income reached R$190.1 million, up 30.1%. FFO reached R$ 99.7 million and FFO margin gain of almost 280bps. In 9M11, FFO was R$283.6 million, an increase of 8.2%. As a consequence of investments totaling R$198.0, Multiplan net debt position reached R$ 62.7 million, or 0.14x net debt/ LTM EBITDA.

RECENT EVENTS DELIVERED! ParkShoppingSoCaetano opened, as originally announced, on November 9 , 2011. The mall is 96.8% leased and is expected to generate a 3rd year NOI of R$47.1 million, leading to an NOI yield of 21.1%. Multiplan announced a R$223.5 million PSV mixed-used project in BarraShoppingSul, composed of one condo office tower (Diamond Tower) and a residential building (Rsidence du Lac), which are expected to be delivered in 2H14. In October 2011, Multiplan issued non-convertible debentures equivalent to R$300 million at CDI + 1,01% per annum. Multiplan signed, in October 2011, a R$99.8 million 7-year financing contract with the Brazilian Development Bank (BNDES) to fund the construction of ParkShoppingCampoGrande. For the second year in a row BarraShopping was elected the best shopping center in Rio de Janeiro, for quality, attention to customers, brand identity and evolution. The research was commissioned by one of the most recognized newspapers in Brazil. 2
th

3Q11
MULT3
Multiplan's Financial Evolution R$ Million Gross Revenue Net Operating Income
Adjusted EBITDA Net Income Adjusted Net Income

2006 276.5 169.6

143.8 (32.2) 101.9

2007 (IPO) 368.8 212.1

212.2 21.2 176.5

2008 452.9 283.1

247.2 74.0 199.4

2009 534.4 359.4

304.0 163.3 236.8

2010 662.6 424.8

350.2 218.4 323.5

Change % (2010/2006) 139.7% 150.4%

143.5% 932.2% 217.6%

CAGR % (2010/2006) 24.4%

25.8% 24.9% 117.7% 33.5%

As for the Net Income, the calculation compares 2010 with 2007. Adjusted for expenses related to the company's IPO. Adjusted for deferred income and social contribution taxes.

663 534 453 369 276 170 212 283

2006 425 359

2007 (IPO)

2008

2009

2010

212 144

247

304

350
163

324 218
102

176 199

237

21 -32 Gross Revenue Net Operating Income Adjusted EBITDA

74

Net Income

Adjusted Net Income

Historical Performance of Multiplans Results (R$ Million)

Overview Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center 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. In the end of 3Q11, Multiplan owned - with an average interest of 67.4% - and managed 13 shopping centers with a total GLA of 551,759 m, over 3,600 stores and an estimated annual traffic of 159 million consumers.

Table of Contents

01. Consolidated Financial Statements .............................................................................................. 4 02. Project Development....................................................................................................................... 5 03. Operational Indicators................................................................................................................... 11 04. Gross Revenue .............................................................................................................................. 13 05. Shopping Center Ownership Results ......................................................................................... 14 06. Shopping Center Management Results ..................................................................................... 17 07. Shopping Center Development Results ..................................................................................... 18 08. Real Estate for Sale Results ........................................................................................................ 20 09. Financial Results ........................................................................................................................... 21 10. Portfolio ........................................................................................................................................... 26 11. Ownership Structure ..................................................................................................................... 27 12. MULT3 Indicators & Stock Market .............................................................................................. 28 13. Appendices..................................................................................................................................... 29

3Q11
MULT3
1. Consolidated Financial Statements Consolidated Financial Statements (R$000)
(R$ '000) Rental revenue Services revenue Key money revenue Parking revenue Real estate for sale revenue Straight line effect Other revenues Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Other operating income/expenses EBITDA Financial revenue Financial expenses Depreciation and amortization Earnings Before Taxes Income tax and social contribution Deferred income and social contribution taxes Minority interest Net Income 3Q11 111,301 23,644 9,802 19,775 10,515 6,050 731 181,818 (16,160) 165,658 (20,955) (2,040) (15,378) (2,537) (4,497) (9,852) 141 1,020 111,560 18,406 (9,593) (15,134) 105,239 (17,313) (19,329) (3,329) 65,268 3Q10 93,765 18,347 8,384 16,825 13,719 8,319 591 159,950 (13,438) 146,512 (24,744) (1,382) (14,990) (13,145) (795) (7,420) 1,777 (12,801) 73,012 24,567 (9,208) (10,755) 77,616 (1,676) (27,001) (2,585) 46,354 Chg. % 18.7% 28.9% 16.9% 17.5% 23.4% 27.3% 23.7% 13.7% 20.3% 13.1% 15.3% 47.6% 2.6% 80.7% 465.7% 32.8% 92.1% na 52.8% 25.1% 4.2% 40.7% 35.6% 933.0% 28.4% 28.8% 40.8% 9M11 325,202 64,056 29,009 57,374 32,575 19,807 1,453 529,476 (47,323) 482,153 (62,652) (5,549) (48,054) (9,278) (6,973) (33,234) 1,523 3,614 321,550 65,112 (37,128) (44,392) 305,142 (57,867) (49,144) (8,069) 190,062 9M10 278,039 54,133 25,913 48,325 34,975 23,762 2,140 467,287 (41,300) 425,987 (70,136) (3,926) (46,571) (30,192) (1,566) (19,797) (3,174) (11,401) 239,224 66,908 (31,979) (31,750) 242,403 Chg. % 17.0% 18.3% 11.9% 18.7% 6.9% 16.6% 32.1% 13.3% 14.6% 13.2% 10.7% 41.3% 3.2% 69.3% 345.3% 67.9% na na 34.4% 2.7% 16.1% 39.8% 25.9% 41.8% 9.5% 30.1%

(4,590) 1,160.7% (84,409) (7,369) 146,035

(R$ '000) NOI NOI margin NOI + Key Money NOI + Key Money margin Shopping Center EBITDA Shopping Center EBITDA margin EBITDA (Shopping Center + Real Estate) EBITDA margin Net Income Net Income margin Adjusted Net Income Adjusted Net Income margin FFO FFO margin

3Q11 121,748 88.8% 131,550 89.5% 116,188 74.4% 111,560 67.3% 65,268 39.4% 84,597 51.1% 99,731 60.2%

3Q10 103,919 87.4% 112,303 88.2% 66,884 49.9% 73,012 49.8% 46,354 31.6% 73,355 50.1% 84,110 57.4%

Chg. % 17.2% 139 b.p 17.1% 131 b.p 73.7% 2,451 b.p 52.8% 1,751 b.p 40.8% 776 b.p 15.3% 100 b.p 18.6% 279 b.p

9M11 354,329 88.1% 383,338 88.9% 330,570 73.1% 321,550 66.7% 190,062 39.4% 239,206 49.6% 283,598 58.8%

9M10 303,555 86.7% 329,468 87.6% 231,877 58.8% 239,224 56.2% 146,035 34.3% 230,444 54.1% 262,194 61.5%

Chg. % 16.7% 136 b.p 16.4% 125 b.p 42.6% 1,422 b.p 34.4% 1,053 b.p 30.1% 514 b.p 3.8% 448 b.p 8.2% 273 b.p

3Q11
MULT3
2. Project Development

Nearly R$200 million invested during 3Q11 The Company invested R$198.0 million in 3Q11, of which 86.5% were allocated to the eight projects for lease, all under construction. The accumulated investment in the first nine months is R$468.1 million and an additional R$996.1 million should be invested throughout 2013 in the announced projects.

CAPEX (R$ 000) Mall Development Mall Expansions Office towers for lease Renovations & other Total

3Q11 137,743 19,549 33,427 7,258 197,977

CAPEX Breakdown

9M11 345,203 30,806 64,993 27,088 468,090

The following chart shows the quarterly investments in new shopping centers, which tends to increase as the opening date gets closer. Mall development CAPEX set a new record high in 3Q11, reflecting Multiplans current strong development pipeline of five shopping centers under construction.
Openings: BarraShoppingSul Shopping Vila Olmpia ParkShoppingSoCaetano

136 M 106 M 94 M 73 M 30 M 41 M 33 M 24 M 23 M 37 M 41 M 95 M 79 M

138 M 128 M

30 M 16 M 2M 2Q07 3Q07 4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

Mall Development Capex evolution (R$)

The Company estimated owned gross leasable area (GLA) after the delivery of one shopping center in 2011, three shopping centers and two office tower projects in 2012 and one shopping center and an office tower project in 2013, is described in the chart below. The new projects will add 245,371 m of owned GLA by 2013, a 66.0% growth when compared to 3Q10 final owned GLA, of 371,730 m.

+66.0%
617,101 m 524,857 m 17,315 m 410,390 m 371,730 m 38,660 m Office Towers for Lease Under Development 371,730 m Malls Under Development Malls in Operation 3Q11 2011E 2012E
Expected Owned GLA Growth (3Q11-2013)

617,101 m 91,513 m 153,858 m

74,198 m 18,046 m

97,152 m

371,730 m

2013E

Total Announced (2013E)

3Q11
MULT3
Strong demand for space in new shopping centers: 87% of leased stores! Demand for space in Multiplan greenfields remained strong during 3Q11. By October 2011, there were 86.8% of spaces in the new projects under construction leased, confirming the success of the Companys efforts in the pre-operational phase. The fast leasing rhythm at ParkShoppingCampoGrande was the highlight for the quarter: twelve months after the start of its leasing phase and more than one year away from its opening, the mall has already signed 82.3% of its available stores. In the final leasing phase Multiplan uses the last spaces available to allocate stores envisaging the fine tuning of the planned tenant mix: this is the phase in which very fine mix adjustments in new projects are carried out. Parque Shopping Maceis leasing phase started in September 2011, and the mall quickly leased 50% of its available GLA.
120% 96.8%
Leased Stores (units)

Leased stores 87%

100% 80% 60% 40% 20% 0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Leasing Evolution (As of October 2011)

85.7% 82.5% 82.3%

Total stores: 783

ParkShoppingSoCaetano VillageMall JundiaShopping ParkShoppingCampoGrande

To be leased 13%

Leasing Status (As of October 2011)

The Company expects the five malls to generate R$157.2 million in key money revenue, and R$175.6 million in their 3

rd

year

oCaetano

NOI. Some projects had their CAPEX adjusted mainly by the increase in the Brazilian construction cost index (INCC) of the preceding twelve months. The table below shows updated information on the greenfield projects.

5 5

Shopping centers under construction Project

1 ParkShoppingSoCaetano 2 JundiaShopping 3 VillageMall 4 ParkShoppingCampoGrande 5 Parque Shopping Macei

Multiplans Interest (R$000) GLA (100%) %Mult. CAPEX Invested CAPEX Key Money NOI 1st year 35,296 27,876 41,093 25,562 10,432 140,259 NOI 3rd year 47,111 34,331 46,855 34,147 13,184 175,627 3rd year NOI Yield (%) 21.1% 13.9% 12.1% 18.6% 15.7% 15.6%

Opening Nov-11 Oct-12 Nov-12 Nov-12 Apr-13

EW ILLUSTRATION

Total
1

38,660 m 35,754 m 23,583 m 42,016 m 36,092 m 176,106 m

100.0% 260,579 100.0% 271,006 100.0% 426,620 90.0% 229,000 50.0% 93,333 87.4% 1,280,539

89% 37,083 45% 24,763 54% 40,975 27% 45,075 13% 9,259 51% 157,155

Considers only the first phase of the project (disregarding any future expansions). Includes project expenses. 2 Multiplan will invest 100% of the CAPEX.

3Q11
MULT3

ParkShoppingSoCaetano aerial pictures (as of September 2011)

Internal pictures (as of October 2011)

ParkShoppingSoCaetano: a new mall is coming to town! Delivered on November 9 , 2011, ParkShoppingSoCaetano had on October 96.8% of its stores already leased. While Multiplan focused on the malls final details, tenants prepared their stores looking forward to the Christmas season. ParkShoppingSoCaetano is expected to generate a 3
rd th

year NOI of R$47.1 million, which, compared to the CAPEX of

rd

R$260.6 million and the key money revenue of R$37.1 million, leads to a 3 year NOI yield of 21.1%. Full steam ahead Construction works in JundiaShopping, VillageMall and ParkShopping CampoGrande progress quickly, as seen in the pictures below. Parque Shopping Maceis site has been prepared for the upcoming construction, which should begin as soon as the mall leases a significant percentage of its spaces. At the end of the 3Q11, 42% of the estimated investments in the four malls mentioned had been disbursed, including the cost of land. If we add ParkShoppingSoCaetano, the investments in the five malls already represent more than half of their total estimated cost.

JundiaShopping

VillageMall

ParkShoppingCampoGrande

Parque Shopping Macei

3Q11
MULT3
2.2 Office Towers for Lease
Artists Rendering

Morumbi Business Center

ParkShopping Corporate Construction works

Morumbi Corporate

Morumbi Business Center

ParkShopping Corporate

Morumbi Corporate

The construction of all three office tower projects for lease has progressed significantly in 3Q11. The invested CAPEX so far is 73%, 24% and 27% for Morumbi Business Center, ParkShopping Corporate and Morumbi Corporate, respectively. The projects, together, should generate a stabilized NOI of R$102.3 million, with a yield of 18.3%. Morumbi Business Center will be the first to be delivered, in March 2012.

Office Towers for Lease Project Morumbi Business Center ParkShopping Corporate Morumbi Corporate Total Opening Mar-12 Nov-12 Sep-13 GLA (100%) 10,635 m 13,360 m 74,198 m 98,193 m %Mult. 100.0% 50.0% 100.0% 93.2%

Multiplans Interest (R$000) CAPEX (R$000) 74,391 38,629 445,759 558,779 Invested CAPEX 73% 24% 27% 33% Stabilized NOI (R$`000) 11,486 7,152 83,701 102,339 Stabilized NOI Yield (%) 15.4% 18.5% 18.8% 18.3%

3Q11
MULT3
2.3 Towers for Sale BarraShoppingSul: the quintessential mixed-use development With the delivery of Cristal Tower in August 2011, the condo office tower integrated to BarraShoppingSul, in Porto Alegre, should contribute with an increase in the daily flow of customers to the mall. In line with the shopping centers masterplan and due to the strong demand seen during Cristal Towers sales, Multiplan announced the launching of two new towers for sale: a condo office and a residential building, both integrated to the mall. Diamond Tower, the condo office tower, will have 13,855 m of saleable area with 273 units and an estimated potential sales value (PSV) of R$121.9 million. The residential building, Rsidence du Lac, will have 200 apartments, with 9,960 m of saleable area and an estimated PSV of R$101.6 million. Both projects are expected to be delivered in 2H14. The company believes that the BarraShoppingSul complex will continue to boost the development of the region.

BarraShoppingSul Complex: The mall, Cristal Tower and artists rendering of Diamond Tower and Rsidence du Lac

Cristal Tower delivered

Skywalk connecting Cristal Tower to BarraShoppingSul

3Q11
MULT3
After Cristal Towers successful delivery, Multiplan opted to sell additional units which were previously considered for company use. These 17 remaining units should generate an additional PSV of R$6.4 million. Fast-paced construction at Ribeiro Preto The development the of office Centro tower Profissional integrated to

RibeiroShopping,

RibeiroShopping, in the state of So Paulo, is moving ahead according to plan, and the construction works are at an advanced stage. The project has 96% of its units already sold.
Centro Profissional RibeiroShopping

Towers for Sale Project Cristal Tower Centro Profissional RBS Diamond Tower Rsidence du Lac Total
1

Location BarraShoppingSul RibeiroShopping BarraShoppingSul BarraShoppingSul

Type Condo Offices Condo Offices Condo Offices Residential

Opening Aug-11 Dec-12 2H14 2H14

Area 11,912 m 12,563 m 13,855 m 9,960 m 48,290 m

%Mult. 100.0% 100.0% 100.0% 100.0% 100.0%

PSV (R$000) 82,237 75,040 121,924 101,592 380,793

Average price/m 6,904 5,973 8,800 10,200 7,886

Potential Sales Value

2.4 Land Bank More than half a million square meters available for future growth Location
BarraShoppingSul Campo Grande Macei Jundia ParkShoppingBarigi ParkShoppingBarigi Ptio Savassi RibeiroShopping So Caetano Shopping AnliaFranco Total

% Multiplan
100% 90% 50% 100% 84% 94% 97% 100% 100% 36% 82%

Type
Hotel Residential, Office/Retail Residential, Office/Retail, Hotel Office/Retail Apart-Hotel Office/Retail Retail Residential, Office/Retail, Medical Center Retail Residential

Land Area
4,396 m 141,480 m 140,000 m 4,500 m 843 m 27,370 m 2,606 m 207,092 m 24,948 m 29,800 m 583,035 m

The table above lists the different land plots held by Multiplan and their potential use. The recently announced towers for sale to be built in Porto Alegre will use 7,704 m of land, reducing BarraShoppingSuls available land to 4,396 m down from 12,099 m. The land bank will be employed to fuel the Companys main strategy based on the development of shopping centers and its mixed-use strategy, by adding condo office towers and residential buildings, aiming at capturing the value generated by the mall and strengthening of the existing portfolio.

10

3Q11
MULT3
3. Operational Indicators

3.1 Tenant Sales Solid performance in sales: up 11.8% in 3Q11 over 3Q10 Multiplan shopping centers posted total sales of R$2.0 billion and continued to show a strong performance in 3Q11, increasing 11.8% when compared to 3Q10. YTD total sales were of R$ 5.7 billion, a 13.1% increase over the same period in 2010.

Sales 100% Shopping Centers BH Shopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping Anlia Franco ParkShoppingBarigi Ptio Savassi Shopping Santa rsula BarraShoppingSul Shopping VilaOlmpia Total 3Q11 213.9 M 115.1 M 349.8 M 285.6 M 187.2 M 108.2 M 47.6 M 179.9 M 157.1 M 73.1 M 32.2 M 136.3 M 64.8 M 1,950.7 M 3Q10 169.0 M 112.3 M 319.1 M 266.6 M 182.0 M 105.4 M 41.0 M 157.4 M 119.3 M 68.8 M 28.1 M 123.6 M 52.4 M 1,744.9 M Chg. % 26.6% 2.5% 9.6% 7.1% 2.9% 2.7% 16.2% 14.3% 31.7% 6.2% 14.9% 10.2% 23.5% 11.8% 9M11 615.9 M 346.3 M 1,016.9 M 846.0 M 550.5 M 311.0 M 140.2 M 527.4 M 459.7 M 215.4 M 92.9 M 388.6 M 193.1 M 5,703.8 M 9M10 492.7 M 325.8 M 915.9 M 780.9 M 527.8 M 302.2 M 127.7 M 458.7 M 355.6 M 195.6 M 73.7 M 348.1 M 140.5 M 5,045.1 M Chg. % 25.0% 6.3% 11.0% 8.3% 4.3% 2.9% 9.8% 15.0% 29.3% 10.1% 26.2% 11.6% 37.4% 13.1%

The combination of organic growth and accretive expansions translated into the strength in sales growth reported by Multiplans shopping centers in 3Q11. Shopping AnliaFranco, New York City Center and BarraShopping were the highlights in the quarter in organic growth, reporting an increase in total sales of 14.3%, 16.2% and 9.6%, respectively. It is worth noting that BarraShopping continue to report strong growth in spite of its 30
th th

anniversary, celebrated on October 27 , 2011, which

underscores Multiplans strategy to own and develop high quality assets. Furthermore, where accretive expansions are concerned, BH Shopping and ParkShoppingBarigi saw total sales increase of 26.6% and 31.7%, respectively, as a result of the expansions opened in the 4Q10. As for the newer malls, Shopping Vila Olmpia continues to present a great performance, as a result of its mix improvement plan and the undergoing of natural consolidation process in one of the most competitive cities in Brazil. In 3Q11 Shopping Vila Olmpia total sales grew 23.5% when compared to 3Q10. Shopping Santarsula continues to delivery strong sales improvements, reporting an increase of 14.9%.

11

3Q11
MULT3

According to IBGE (Brazilian Institute for Geography and Statistics), national retail sales increased 6.6% in the combined period of July and August 2011, when compared to the same months in 2010. The data for September 2011 had not been disclosed by the time this report was released.
11.8%

Same Store Sales

6.6% 7.7% 7.5% 7.1%

Anchors Satellites 7.3% 2.1% 1.4% n.a. 16.3% 3.8% 5.5% 11.5% 9.9% 11.9% 23.6% 9.0%

Total 5.9% 5.5% 6.8% 11.9% 19.2% 7.5%

Apparel Home & Office Miscellaneous Food Court and Gourmet Area

National Total Sales Retail Sales 1 (IBGE)

SAS

SSS

IPCA

Services Total

Sales analysis (3Q11/3Q10) July and August 2011, compared to the same period in 2010

Same Store Sales growth (3Q11/3Q10)

Robust Same Area Sales: 7.7% growth recorded in 3Q11 Same Store Sales (SSS) and Same Area Sales (SAS) recorded increases of 7.5% and 7.7% respectively in 3Q11. Food court and gourmet area together with services operations continued to show significant growth, with sales 11.9% and 19.2% higher than in 3Q10, respectively. In the services segment the highlights were movie theatres, gym centers, beauty salons and travel agents. Once again, satellite stores reported a solid SSS growth of 9.0%.

3.2 Occupancy Rate and Delinquency Average occupancy rate remained stable in 3Q11 at 98.1% when compared to 2Q11. Shopping Santarsula continues to improve its operation, and occupancy rate rose from 92.8% in 2Q11 to 93.3% in 3Q11. Shopping Vila Olmpia signed a new leasing contract with an anchor store after the end of the quarter, which should positively impact 4Q11 figures. Delinquency (rental payment delay beyond 25 days) was 0.9% in 3Q11, down from 1.9% in 2Q11. Rent loss (delinquency over six months) was 2.4%, up from 1.0% in 2T11, mainly due the closing of an old legal suit in a specific shopping center.

12

3Q11
MULT3
4. Gross Revenue

Consistent double digit growth in gross revenue Gross revenue grew 13.7%, totaling R$181.8 million in the 3Q11 when compared to 3Q10. Services revenue, posted the highest year-over-year growth of 28.9% and represented 13.0% of Multiplans gross revenue (see page 17), while rental revenue was 61.2%.
Other 0.4% Real estate 5.8%

For 9M11, gross revenue totaled R$529.5 million, an increase of 13.3% over 9M10, driven mainly by a 17.0% growth in rental, 18.3% in services and 18.7% in parking revenues.

Parking 10.9%
Rental revenue 61.2%

Base 85.4%

The chart to the right shows the breakdown for the third quarter.

Key money 5.4%

Services 13.0% Straight line effect 3.3%

Overage 5.0%

Merchandising 9.6%

Gross revenue breakdown 3Q11

+18.7%

+28.9%

+16.9% 1.4 M

+17.5% 2.9 M

-23.4% (3.2 M)

-27.3% (2.3 M)

+23.7%

5.3 M 17.5 M

0.1 M

181.8 M

+13.7% 160.0 M

Gross revenue Rental revenue 3Q10

Services revenue

Key money

Parking revenue

Real estate for sale revenue

Straight line effect

Other

Gross revenue 3Q11

Gross revenue growth breakdown (Y/Y) (R$)

13

3Q11
MULT3
5. Shopping Center Ownership Results

5.1 Rental Revenue Rental revenue growth accelerates in 3Q11 Multiplans rental revenue totaled R$111.3 million in 3Q11, increasing 18.7% when compared to 3Q10. The result was driven by real growth on top of the inflation adjustment of leasing contracts. In addition to recent expansions, BarraShopping and BarraShoppingSul were the organic growth highlights posting rental revenue increase of 15.5% and 24.1%, respectively. Considering the straight line effect in the calculation, rental revenue grew to R$117.4 million. In 9M11, rental revenue was R$325.2 million, showing a growth of 17.0% when compared to the same period of the previous year.
Rental Revenue (R$ '000) BH Shopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnliaFranco ParkShoppingBarigi Ptio Savassi Shopping Santa rsula BarraShoppingSul Shopping Vila Olmpia Subtotal Straight line effect Total
1

3Q11 14.7 M 7.1 M 17.5 M 19.5 M 9.1 M 7.4 M 1.5 M 4.7 M 9.3 M 5.0 M 1.2 M 9.7 M 4.6 M 111.3 M 6.0 M 117.4 M

3Q10 10.3 M 6.8 M 15.2 M 17.8 M 7.9 M 7.1 M 1.4 M 4.2 M 5.9 M 4.8 M 0.5 M 7.8 M 4.0 M 93.8 M 8.3 M 102.1 M

Chg. % 42.8% 4.3% 15.5% 9.6% 14.6% 3.9% 9.1% 13.2% 56.7% 3.8% 114.5% 24.1% 15.6% 18.7% 27.3% 15.0%

9M11 43.2 M 21.4 M 51.5 M 56.5 M 26.2 M 21.9 M 4.4 M 14.0 M 26.9 M 14.6 M 3.4 M 27.9 M 13.4 M 325.2 M 19.8 M 345.0 M

9M10 31.5 M 20.1 M 45.1 M 52.9 M 23.4 M 21.1 M 4.1 M 12.3 M 18.1 M 12.4 M 1.4 M 22.8 M 12.8 M 278.0 M 23.8 M 301.8 M

Chg. % 36.9% 6.5% 14.0% 6.7% 12.1% 4.2% 8.0% 13.7% 48.6% 17.2% 146.9% 22.3% 4.5% 17.0% 16.6% 14.3%

Multiplans interest in Ptio Savassi increased to 96.5% after the 16.5% minority interest acquisition in August 2010. Multiplans interest in Shopping Santa rsula increased to 62.5% after the 25.0% minority interest acquisition in November 2010.

Base rent, not including straight line effect, grew 19.8% in 3Q11, reaching R$95.0 million in the quarter, and contributed with 85.4% of Multiplans rental revenue in 3Q11, while representing 84.6% in 3Q10. Overage rent posted a strong increase of 18.4%, while merchandising revenue increased 9.8% in the quarter. Complementary data on the shopping centers results can be downloaded from Fundamentals Spreadsheet at Multiplans IR website (www.multiplan.com.br/ir).

Rental Revenue (R$ '000) Portfolio Subtotal Straight Line Effect Total Portfolio Subtotal Straight Line Effect Total Subtotal change % Base 95,031 6,050 101,081 79,315 8,319 87,634 15.3% Overage 5,587 5,587 4,719 4,719 18.4% Merchand. 10,683 10,683 9,731 9,731 9.8%

3Q11 Total 111,301 6,050 117,350 3Q10 93,765 8,319 102,084 15.0%
Rent 3Q10 Base Overage Merchand. Straight Line Rent 3Q11 Effect 15.7 M 0.9 M

1.0 M

(2.3 M) 117.4 M

+15.0%
102.1 M

Rental revenue growth breakdown (Y/Y) (R$)

14

3Q11
MULT3
SSR record high three years in a row
18.7%

Same Store Rent (SSR) presented a strong increase of 16.0% in 3Q11, the highest increase recorded in the last three years. Once again, Multiplan reported a real increase in same store rent, recording a real rental revenue growth of 5.8%, on top of an IGP-DI adjustment effect of 9.6%. Same Area Rent (SAR) also posted a robust growth of 15.1%.
9.6%

15.1%

16.0%

IGP-DI Same Area Same Store Rental Adjustment Rent Rent Revenue effect 1
Rent analysis (3Q11/3Q10) See glossary for definition

19. 0%

16.0%
14. 0%

13.9% 10.4% 10.6% 11.6% 2.9%

13.2% 1.9%

14.0% 3.6% 8.1% 0.8% 6.5% 12.0%

14.1%

9.4%
9. 0%

9.0%
6.6% 6.4% 4.2%

7.7%

9.0% 2.8% 2.2% 10.7% 11.1% 10.0% 6.7% 8.6%

10.3% 4.9% 6.6% 7.7%

4.4% 4.8% 6.0% 4.0% 7.3% 8.8% 2.8%

5.8%

6.5%
4. 0%

2.1%
5.6%

7.3%

3.4% 3.9% 2.9% 3.7% 0.2%

9.6%

2.6%
- 1. 0%

3.6% 2Q07

3.9%

4.6%

-0.3% 0.6%
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

1Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

IGP-DI Adjustment Effect

Real SSR

Srie3

Same Store Rent (SSR) breakdown Nominal and real growth

5.2 Parking Revenue Increase in consumers flow impacts positively Shopping Vila Olmpias parking revenue Parking revenue reached R$19.8 million in 3Q11, 17.5% higher than in 3Q10. Once again, Shopping Vila Olmpia was the highlight, posting a 279% growth when compared to the same quarter in 2010. This result reflects the malls progress towards consolidation. Other drivers for the growth across the portfolio were the new parking spaces delivered with the expansions inaugurated in 2010.

5.3 Shopping Center Expenses Better margins with lower expenses The modest growth of 2.6% in expenses related to shopping centers reached R$15.4 million in 3Q11 when compared to 3Q10. This slight increase in shopping center expenses resulted from lower marketing expenses. In the same period, shopping center net revenue (net revenue without real estate for sale revenue) and inflation measured by IPCA index increased 16.5% and 7.1%, respectively. The combination of these events reduced shopping center expenses as percentage of net revenue to 9.9% in 3Q11 down from 11.2% in 3Q10.
3Q10 4Q10 1Q11 2Q11 3Q11
Shopping center expenses evolution (R$) and as percentage (%) of net revenue (not including real estate revenue and taxes)

+2.6%
19.3 M
15.0 M

12.5%

15.4 M 10.6%

17.2 M

15.4 M

11.2%

11.4% 9.9%

15

3Q11
MULT3
5.4 Net Operating Income NOI NOI + Key money up 17.1% and margin increases 131bps Multiplan recorded a Net Operating Income (NOI) + Key Money of R$131.6 million in 3Q11, 17.1% higher than in 3Q10. The stronger operational performance (rental, parking and key money revenues),
112.3 M 88.2% 89.5%
87.6%

16.4%

383.3 M

+17.1%

131.6 M

329.4 M

88.9%

compared to a much smaller increase of shopping center expenses resulted in a gain of 131 b.p. margin gain, reaching 89.5% in 3Q11, up from 88.2% in 3Q10. In 9M11, the NOI + Key Money reached a margin of 88.9% and R$383.3 million, a growth of 16.4% over 9M10.

3Q10

3Q11

9M10

9M11

NOI + Key money evolution and NOI + Key money margin

NOI Calculation (R$ '000) Rental revenue Straight line effect Parking revenue Operational revenue Shopping expenses NOI NOI margin Key money NOI + key money NOI + key money margin

3Q11 111,301 6,049 19,775 137,125 (15,377) 121,748 88.8% 9,802 131,550 89.5%

3Q10 93,765 8,319 16,825 118,909 (14,989) 103,921 87.4% 8,383 112,304 88.2%

Chg. % 18.7% 27.3% 17.5% 15.3% 2.6% 17.2% 139 b.p 16.9% 17.1% 131 b.p

9M11 325,202 19,806 57,374 402,383 (48,054) 354,329 88.1% 29,009 383,339 88.9%

9M10 278,039 23,762 48,325 350,126 (46,570) 303,556 86.7% 25,913 329,469 87.6%

Chg. % 17.0% 16.6% 18.7% 14.9% 3.2% 16.7% 136 b.p 12.0% 16.4% 125 b.p

16

3Q11
MULT3
6. Shopping Center Management Results

6.1 Services Revenue Services revenue increased 28.9% in 3Q11 Services revenue - composed mainly by management, brokerage and transfer
29,000 27,000 +28.9% 23,644

fees - increased 28.9% in 3Q11, when compared to 3Q10. This increase is25,000 the result of higher brokerage and transfer fee revenues, mainly due to tenant 23,000 mix changes in BarraShopping, MorumbiShopping, Shopping AnliaFranco 21,000 and Shopping Vila Olmpia. In 3Q11, the Company presented services revenue 12.8% higher than general and administrative expenses.
19,000 18,347

21,344 18,793 19,068

17,000 15,000
3Q10 4Q10 1Q11 2Q11 3Q11

For the nine-month period ended on September 30, 2011, services revenue increased 18.3% when compared to the same period of the previous year. Services revenue as a percentage of gross revenues increased from 11.6% in 26,000 9M10 to 12.1% in 9M11.
25,000 24,000 23,000 22,000 21,000 20,000 19,000 18,000 17,000

Services revenue evolution (R$000)

24,744 22,962 18,347 18,793 21,626 19,068 20,071
21,344 20,955

23,644

3Q10 4Q10 1Q11 2Q11 3Q11 Service revenues Headquarters expenses

Services revenue vs. G&A expenses (R$000)

6.2 General and Administrative Expenses (Headquarters) 430 bps reduction in G&A/Net revenues ratio, dropping from 16.9% to 12.6% The Company continued to benefit from the efforts to reduce its G&A as a 29,000
27,000 percentage of net revenue, with a combination of revenues growth and G&A 25,000 expenses reduction. In this 3Q11, net revenues went up 13.1% while general
24,744

-15.3%

25.0%

23.0%
21.0%

and administrative (G&A) expenses decreased 15.3%, resulting in a

23,000 21,000

22,962
16.9% 21,626

19.0%

20,071 12.9% 13.7% 12.6%

20,955

17.0%
15.0%

reduction of the G&A/Net revenues ratio from 16.9% in 3Q10 down to 12.6% 19,000 in 3Q11.
17,000
15,000 3Q10

12.6%

13.0%
11.0%

G&A expenses decreased in 3Q11 mainly due to a reduction in non-recurring events, down from R$6.0 million in 3Q10 to R$1.1 million in 3Q11.

4Q10

1Q11

2Q11

3Q11

G&A expenses (R$000) and G&A/Net revenues (%) evolution

Excluding the impact of these non-recurring events and, for analysis purposes only, G&A would have increased 6.2% in 3Q11 when compared to 3Q10, below the inflation of 7.1% as measured by the Brazilian CPI (IPCA) for the period.
30,000 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 -15.3% 24,744 20,955 25.0%

30,000 28,000 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000

+6.2%

18,717 12.8%

19,881

12.0%

20.0% 19.0% 18.0% 17.0% 16.0% 15.0% 14.0% 13.0% 12.0% 11.0%

23.0% 21.0%

(+)

30,000 25,000 20,000 15,000 10,000 5,000 -

=
6,027 1,074 3Q10 3Q11

16.9%

19.0% 17.0%

12.6%

15.0% 13.0%

11.0%
3Q10 3Q11

3Q10

3Q11

3Q10/3Q11 Recurring G&A evolution (R$000) and Recurring G&A/net revenues (%)

3Q10/3Q11 Non-recurring items (R$000)

3Q10/3Q11 G&A evolution (R$000) and G&A/net revenues (%)

17

3Q11
MULT3
7. Shopping Center Development Results 7.1 Deferred Income Line & Signed Key Money 30.6% increase in Deferred Income line year-on-year The Company continues to lease space and recorded 70 new contracts signed in 3Q11, representing 10,266 m of GLA and R$12.1 million in signed Key Money contracts, coming mainly from new areas under development. As a result, the deferred income line increased 30.6% in September 2011, compared to September 2010, and reached R$207.1 million. The deferred income balance will be accrued as Key Money revenue in a straight line and throughout the leasing term.
Deferred income evolution (R$) The deferred income line (Key money) increases when new lease contracts are signed. The deferred income line (Key money) decreases as it is accrued as key money revenues in a straight line throughout the term of the lease contract (or when a tenant leaves before its key money revenue accrual).
110.2M 96.4M 81.2M 138.8M 126.3M 121.5M 110.5M

Delivery of projects
183.7M 141.2M 137.1M 150.M 136.7M 132.M
158.5M

207.1M
204.6M 189.6M

New projects launched

7.2 Key Money Revenue

Key Money Revenue (R$ 000) Operational (Recurring) Projects opened in the last 5 years Key Money Revenue

3Q11 2,210 7,592 9,802

3Q10 1,472 6,912 8,384

Chg. % 50.1% 9.8% 16.9%

9M11 6,386 22,623 29,009

9M10 6,037 19,876 25,913

Chg. % 5.8% 13.8% 11.9%

Key Money revenues in 3Q11 increased 16.9%, benefiting mainly from (i) the expansions of ParkShoppingBarigi and BH Shopping opened in the second-half of 2010, and (ii) recurring key money revenues mainly from store turnover in BarraShopping and MorumbiShopping. Key Money revenues are composed of (i) recurring or operational revenue, from Key Money accrued from shopping centers with more than five years in operation, and reflects the Companys effort to improve tenant mix in its malls, and (ii) non-recurring revenue, from Key Money of leasing contracts for stores in greenfields and expansions delivered in the last five years.

18

3Q11
MULT3
7.3 New Projects for Lease Expenses 80.7% drop in New Projects for Lease expenses in 3Q11 In the third quarter 2011, new projects for lease expenses dropped 80.7% when compared to 3Q10, from R$13.1 million in 3Q10 to R$2.5 million in 3Q11. For the nine-month-period ended September 2011, new projects for lease expenses reached R$9.3 million, of which (i) R$8.3 million refer to the Companys 2011 expected expenses for announced projects, and (ii) R$1.0 million coming from new projects announced during this year. Please note that Companys 2011 expected expenses mentioned in the 4Q10 Earnings Release are related to projects already announced at that time, and may change, when and if, other new projects come forward. As mentioned before, in most cases, these expenses are mainly incurred in the launching and the opening phases of the projects and are an important tool to implement the Companys strategy to attract the best tenants to form the best mix for each mall. In 3Q11, projects contracted Key Money reached R$12.1 million, 4.8 times higher than new projects for lease expenses in the same quarter.
20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 -80.7% 13,145
8,882
20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

4.8 x

12,101

3,445

3,296

2,537

2,537 New Projects for Lease Expenses - 3Q11 Projects Signed Key Money - 3Q11

3Q10

4Q10

1Q11

2Q11

3Q11

New Projects for Lease Expenses (R$000)

Projects Signed Key Money vs. New Projects For Lease Expenses (R$000)

19

3Q11
MULT3
8. Real Estate for Sale Results

8.1 Real Estate for Sale Revenues and Cost of Properties Sold Real Estate for Sale Revenue In 3Q11, Multiplan recorded real estate for sale revenues of R$10.5 million, according to the percentage of completion method PoC, for the Cristal Tower and Centro Profissional RibeiroShopping projects. Cost of Properties Sold During the same period, the Company recorded cost of properties sold of R$9.9 million, according to the development of construction works. New Projects for Sale Expenses More recently, Multiplan announced the launching of two new real estate for sale projects in its BarraShoppingSul Complex, in Porto Alegre, state of Rio Grande do Sul. These projects, together with feasibility studies and legal expenses from projects not yet announced, pushed new projects for sale expenses up to R$4.5 million in 3Q11 from R$0.8 million in 3Q10. For the nine-month-period ended September 2011, new projects for sale expenses reached R$6.9 million, of which (i) R$3.3 million refer to the Companys 2011 expected expenses for announced projects, and (ii) R$3.6 million coming from new projects announced during this year. .

20

3Q11
MULT3
9. Financial Results

9.1 EBITDA 3Q11 Shopping Center EBITDA grew 73.7% and reached a 74.4% margin In 3Q11, Multiplan recorded a 73.7% Shopping Center EBITDA growth (excluding real estate for sale), while its shopping center net revenues increased 16.5% in the same period. As a result of lower expenses, Shopping Center EBITDA margin increased an impressive 2,451 bps, from 49.9% in 3Q10 to 74.4% in 3Q11. This performance improvement was mainly due to reductions in G&A and new projects for lease expenses. For illustration purposes only, if excluding new projects for lease expenses from Shopping Center EBITDA calculation, margin increases to 76.1% in 3Q11, 1,632 bps higher than in 3Q10.
Shopping Center EBITDA (R$'000) SC Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses Other operating income/expenses Shopping Center EBITDA SC EBITDA Margin (+) New projects for lease expenses SC EBITDA before New Projects Expenses SC EBITDA before New Projects Expenses Margin 3Q11 171,303 (15,225) 156,078 (20,955) (2,040) (15,378) (2,537) 1,020 116,188 74.4% 2,537 118,725 76.1% 3Q10 146,231 (12,285) 133,946 (24,744) (1,382) (14,990) (13,145) (12,801) 66,884 49.9% 13,145 80,029 59.7% Chg. % 17.1% 23.9% 16.5% 15.3% 47.6% 2.6% 80.7% na 73.7% 2,451 b.p 80.7% 48.4% 1,632 b.p 9M11 496,901 (44,412) 452,489 (62,652) (5,549) (48,054) (9,278) 3,614 330,570 73.1% 9,278 339,848 75.1% 9M10 432,312 (38,209) 394,103 (70,136) (3,926) (46,571) (30,192) (11,401) 231,877 58.8% 30,192 262,069 66.5% Chg. % 14.9% 16.2% 14.8% 10.7% 41.3% 3.2% 69.3% na 42.6% 1,422 b.p 69.3% 29.7% 861 b.p

+ 872 p.b

+ 842 p.b

+ 163 p.b

76.1%
125,000 + 710 p.b

80.0%

+ 205 p.b 360,000 + 637 p.b

75.1%
75.0%

74.4%

73.1%

75.0%

350,000

120,000

118,725
67.3% 116,188
70.0% 65.0%

339,848
340,000 330,000

70.0%

66.7% 321,550

330,570
65.0%

115,000

111,560
110,000

320,000
60.0%

60.0% 310,000
300,000 55.0%

105,000

55.0%

Consolidated EBITDA 3Q11

Shopping Center EBITDA

Shopping Center EBITDA before New Projects for Lease Expenses

Consolidated EBITDA 9M11

Shopping Center Shopping Center EBITDA EBITDA before New Projects for Lease Expenses

3Q11 Consolidated EBITDA, Shopping Center EBITDA, and Shopping Center EBITDA before New Projects for Lease Expenses (R$000) and Margins (%)

9M11 Consolidated EBITDA, Shopping Center EBITDA, and Shopping Center EBITDA before New Projects for Lease Expenses (R$000) and Margins (%)

(1) Shopping Center Gross Revenue: does not consider real estate for sale revenues. (2) Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, and new projects for sale expenses from real estate activity. (3) Shopping Center EBITDA before New Projects for Lease Expenses: the same methodology of Shopping Center EBITDA adding back new projects for lease expenses, as the expenses refers to shopping centers still not in operations.

21

3Q11
MULT3
Consolidated EBITDA up 52.8% in 3Q11 to R$111.6 million Consolidated EBITDA margin reached 67.3% in 3Q11, 1,751 bps higher than in 3Q10. The Companys Consolidated EBITDA margin reflects the lower margins of the real estate for sale activity, when compared to projects for lease.
Consolidated EBITDA (R$'000) Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Others Consolidated EBITDA Consolidated EBITDA Margin 3Q11 165,658 (20,955) (2,040) (15,378) (2,537) (4,497) (9,852) 141 1,020 111,560 67.3% 3Q10 146,512 (24,744) (1,382) (14,990) (13,145) (795) (7,420) 1,777 (12,801) 73,012 49.8% Chg. % 13.1% 15.3% 47.6% 2.6% 80.7% 465.7% 32.8% 92.1% na 52.8% 1,751 b.p 9M11 482,153 (62,652) (5,549) (48,054) (9,278) (6,973) (33,234) 1,523 3,614 321,550 66.7% 9M10 425,987 (70,136) (3,926) (46,571) (30,192) (1,566) (19,797) (3,174) (11,401) 239,224 56.2% Chg. % 13.2% 10.7% 41.3% 3.2% 69.3% 345.3% 67.9% na na 34.4% 1,053 b.p

22

3Q11
MULT3
9.2 Financial Results, Debt and Cash

Indebtedness Breakdown (R$000) Short Term Debt Loans and financing Obligations from acquisition of goods Long Term Debt Loans and financing Obligations from acquisition of goods Gross Debt Cash Net Debt (Cash Position)

Sept. 30, 2011 89,981 51,089 38,892 505,571 402,622 102,949 595,552 532,860 62,692

June 30, 2011 86,990 46,629 40,361 431,382 320,036 111,346 518,372 559,467 (41,095)

Chg. % 3.4% 9.6% 3.6% 17.2% 25.8% 7.5% 14.9% 4.8% na

Multiplan ended 3Q11 with a net debt of R$62.7 million, compared to a net cash position of R$41.1 million in the previous quarter. In 3Q11, proceeds from the invested cash position generated a positive financial result of R$8.8 million, after financial expenses. The 3Q11 cash position was impacted mainly by cash outflows of (i) CAPEX, which amounted to R$198.0 million in the period, and (ii) payment of R$23.2 million in short term debt; which were offset by (iii) new funds from bank debt of R$100.4 million, divided into R$40.4 million for the development of Jundia Shopping, R$39.4 million for VillageMall and R$20.6 million for ParkShoppingSoCaetano. The R$103.8 million decrease in cash position contributed to change the net debt-to-EBITDA (last 12 months) ratio from a negative (-0.1x) in 2Q11 to a positive 0.1x in 3Q11. Gross debt-to-EBITDA (last 12 months) remains essentially unchanged, at 1.4x in 3Q11. As the Company cashes its loans and financing to face its planned investments, its gross debt should increase.

Loans and f inancing (banks) Obligations f rom acquisition of goods (land and minority interest)
69.6 55.0
36.8 11.0 11.3 31.9 12.9 1.9 4Q11 2012 2013 2014 2015 2016 2017 >=2018 69.7 62.7

94.1

47.1

50.7 41.0

Multiplans debt amortization schedule on September 30th, 2011 (R$ million)

Financially prepared for growth: R$1.2 billion already contracted, of which R$600.5 million yet to be drawn Multiplans current cash position, future cash generation, and loans and financing already contracted should sustain its planned funding requirements. On September 30 , 2011, the Company presented a gross debt of R$595.6 million, and, additionally, R$600.5 million to be drawn, composed by (i) R$300.5 million in already signed financing contracts not yet drawn, and (ii) a new R$300.0 million debenture issuance. The Company continues to analyze funding alternatives to face its development pipeline.
Multiplan Funding Breakdown on September 30th, 2011 (R$)
th

Drawn 595.6M

Loans and financing to be drawn 300.5M Debentures to be drawn 300.0M

23

3Q11
MULT3
R$300 million five-year debenture issued at CDI +1.01% per annum In October 2011, Multiplan completed the issuance of 30,000 non-convertible debentures equivalent to R$300 million. Although the distribution was on a firm basis at CDI plus a spread of 1.15% p.a., it was issued at a rate of CDI + 1.01% p.a. after the bookbuilding process. The issuance process followed the terms of Instruction CVM No. 476. R$99.8 million in new funding contract signed with BNDES to fund the construction of ParkShoppingCampoGrande In October 2011, the Company signed a R$99.8 million 7-year financing contract with the Brazilian Development Bank (BNDES) to fund the construction of ParkShoppingCampoGrande. The funding is composed of four sub-credit lines, divided as follows (i) R$77.5 million with an annual cost equivalent to TJLP +3.32% p.a., (ii) R$19.4 million with an annual cost based on the average return of NTN-B (National Treasury Notes Series B), applicable to the average amortization term of this sub-credit, +2.32% p.a., (iii) R$1.0 million with an annual cost of TJLP, and (iv) R$1.9 million with an annual cost of TJLP +1.42% p.a..

Extending duration and reducing the cost of funding Multiplan once again was successful in reducing its cost of funding in 3Q11. The Companys weighted average cost of funding decreased to 11.18% p.a. on September 30 , 2011, 82 bps lower than the basic interest rate of 12.00% per annum set by COPOM (The Central Bank's Monetary Policy Committee), as of September 30 , 2011. The TR indexed debt increased its stake to 65% in the Companys total indebtedness. Based on a last twelve months accumulated TR index of 1.22% p.a., the TR linked debt presented an annual cost of 10.93% in 3Q11. Indebtedness interest indices on September 30 , 2011
Index Performance (last 12 months) TJLP IPCA TR CDI+ IGP-M Fixed Others Total
Index performance for the last 12 months. Annual interest rate weighted average.
th th th

CDI 1%
IGP-M 15%

TR 65%

TJLP 10%

IPCA 9%
Multiplan debt indices on September 30th, 2011

Average Interest Rate 3.77% 7.07% 9.71% 1.32% 3.84% 4.50% 7.86%

Cost of Debt 9.77% 14.37% 10.93% 13.32% 11.29% 4.50% 0.00% 11.18%

Debt (R$ 000) 60,380 50,724 384,101 7,949 91,632 497 269 595,552

6.00% 7.30% 1.22% 12.00% 7.45% 0.00% 0.00% 3.32%

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3Q11
MULT3
9.3 Net Income and Funds From Operations (FFO) Net income of R$190 million in 9M11, up 30.1% Net Income increased 40.8% in 3Q11 to R$65.3 million, up from R$46.4 million in 3Q10, in spite of a 42.6% decrease in financial results and a 40.7% increase in depreciation and amortization expenses, when compared to the same period of the previous year. Net margin reached 39.4% in 3Q11 and, as a result of efficiency gains together with dilution of expenses, posted a 776.0 bps improvement over 3Q10. In 9M11, net income recorded R$190.1 million, a 30.1% increase when compared to 9M10.
Net Income & FFO Calculation (R$ '000) Net revenue Operational costs Financial result Depreciation and amortization Income tax and social contribution Minority interest Adjusted Net Income Deferred income and social contribution taxes Net Income Depreciation and amortization Deferred income and social contribution taxes FFO 3Q11 165,658 (54,098) 8,813 (15,134) (17,313) (3,329) 84,597 (19,329) 65,268 15,134 19,329 99,731 3Q10 146,512 (73,500) 15,359 (10,755) (1,676) (2,585) 73,355 (27,001) 46,354 10,755 27,001 84,110 Chg. % 13.1% 26.4% 42.6% 40.7% 933.0% 28.8% 15.3% 28.4% 40.8% 40.7% 28.4% 18.6% 9M11 482,153 (160,603) 27,984 (44,392) (57,867) (8,069) 239,206 (49,144) 190,062 44,392 49,144 283,598 9M10 425,987 (186,763) 34,929 (31,750) (4,590) (7,369) 230,444 (84,409) 146,035 31,750 84,409 262,194 Chg. % 13.2% 14.0% 19.9% 39.8% 1,160.7% 9.5% 3.8% 41.8% 30.1% 39.8% 41.8% 8.2%

Adjusted Net Income reached R$84.6 million, while Funds From Operations (FFO) reached R$99.7 million, representing increases of 15.3% and 18.6%, respectively in 3Q11, when compared to 3Q10. Please note that the deferred income and social contribution taxes are added to the adjusted net income and FFO as it does not represent a cash event.

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3Q11
MULT3
10. Portfolio

Office Towers for lease under development Shopping Center under development Shopping Center in operation Ptio Savassi DiamondMall BH Shopping
ShoppingMacei

Macei (AL)
ParkShopping Corporate ParkShopping

BarraShopping

Braslia (DF)
Shopping Santa rsula RibeiroShopping

New York City Center Village Mall ParkShopping Campo Grande

Belo Horizonte (MG) Ribeiro Preto (SP)

Jundia (SP) Rio de Janeiro (RJ) So Caetano (SP) So Paulo (SP)

JundiaShopping

ParkShopping So Caetano Shopping Anlia Franco MorumbiShopping Shopping Vila Olmpia Morumbi Business Center Morumbi Corporate

Curitiba (PR)
ParkShopping Barigi

Porto Alegre (RS)

BarraShoppingSul

Portfolio Operating SCs BHShopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnliaFranco ParkShoppingBarigi Ptio Savassi Shopping Santarsula BarraShoppingSul Shopping VilaOlmpia Sub-Total Operating SCs SCs under Development ParkShoppingSoCaetano JundiaShopping

State

Multiplan %

Total GLA

Rent 3Q11 (month) 129 R$/m 67 R$/m 165 R$/m 180 R$/m 100 R$/m 129 R$/m 45 R$/m 106 R$/m 74 R$/m 100 R$/m 29 R$/m 61 R$/m 90 R$/m 103 R$/m -

Sales 3Q11 (month) 1,550 R$/m 870 R$/m 1,910 R$/m 1,835 R$/m 1,311 R$/m 1,723 R$/m 732 R$/m 1,282 R$/m 1,135 R$/m 1,455 R$/m 506 R$/m 937 R$/m 953 R$/m 1,313 R$/m -

3Q11 Avg. Occupancy Rate 99.7% 99.0% 99.5% 99.8% 98.6% 99.6% 99.9% 98.1% 99.2% 99.7% 93.3% 98.5% 84.3% 98.1% -

MG SP RJ SP DF MG RJ SP PR MG SP RS SP

80.0% 76.2% 51.1% 65.8% 59.6% 90.0% 50.0% 30.0% 84.0% 96.5% 62.5% 100.0% 30.0% 67.4% 100.0% 100.0% 100.0% 90.0% 50.0% 87.4% 100.0% 50.0% 100.0% 93.2%

47,520 m 46,805 m 69,585 m 55,085 m 51,526 m 21,386 m 22,271 m 50,429 m 49,935 m 17,253 m 23,334 m 68,431 m 28,201 m 551,759 m 38,660 m 35,754 m 23,583 m 42,016 m 36,092 m 176,106 m 10,635 m 13,360 m 74,198 m 98,193 m

SP SP

Village Mall RJ ParkShoppingCampoGrande1 RJ Parque Shopping Macei AL Sub-Total SCs under Development Office Towers for Lease under Development Morumbi Business Center SP ParkShopping Corporate DF Morumbi Corporate SP Sub-Total Office T. for Lease under Develop.

Portfolio Total 74.7% 826,058 m 98.1% 103 R$/m 1,233 R$/m Multiplan is responsible for 100% of the CAPEX Rent/m/month divides rental revenue by the occupied owned GLA Sales/m/month divides total sales by the area composed by stores which report monthly sales (approximately 90% of the total GLA)

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3Q11
MULT3
11. Ownership Structure Multiplans ownership structure is detailed in the chart below. From a total of 179,197,214 shares issued, 167,338,867 are common voting shares and 11,858,347 are preferred shares.
Free Float

22.25%

Maria Helena Kaminitz Peres

41.53% ON 38.78% Total 0.06% ON 0.06% Total

Treasury 0.72% ON 0.67% Total

Multiplan Planejamento, Participaes e Administrao S.A.

77.75%

Ontario Teachers Pension Plan 100.00%

33.33% ON 31.12%Total 0.29% ON 0.27% Total

24.07% ON 100.00% PN 29.10% Total

1700480 Ontario Inc.

Jose Isaac Peres

1.00%

Multiplan Administradora de Shopping Centers Ltda.

2.00% SCP Royal Green Pennsula

99.00% Shopping Centers % 51.07% 100.0% 80.00% 90.00% 65.78% 50.00% 59.63% 84.00% 96.50% 76.17% 30.00% 30.00% 62.50% 50.00% 100.0% 100.0% 100.0% 90.00%

Ptio Savassi Administrao de Shopping Center Ltda.

100.00% 41.96%
50.00% 50.00%

98.00%

Embraplan Empresa Brasileira de Planejamento Ltda. Renasce Rede Nacional de Shopping Centers Ltda. CAA - Corretagem e Consultoria Publicitria Ltda.
CAA - Corretagem Imobiliria Ltda.

100.00%

99.99%

99.00%

99.61%

BarraShopping BarraShoppingSul BH Shopping DiamondMall MorumbiShopping New York City Center ParkShopping ParkShoppingBarigi Ptio Savassi RibeiroShopping ShoppingAnliaFranco Shopping Vila Olmpia Shopping Santa rsula Shopping Macei ParkShopping SoCaetano Jundia Shopping VillageMall ParkShopping Campo Grande
Under development

71.50%

MPH Empreend. Imobilirio Ltda. Manati Empreendimentos e Participaes S.A.

Parque Shopping Macei S.A.

75.00%

100.00%

Danville SP Empreendimento Imobilirio Ltda

Multiplan Holding S.A.

99.99%
100.00%

99.99% Ribeiro Residencial Empreendimento Imobilirio Ltda 99.99% Multiplan Greenfield I Empreendimento Imobilirio Ltda. 99.99% BarraSul Empreendimento Imobilirio Ltda. 99.99% Morumbi Business Center Empreendimento Imobilirio Ltda.

The interest that Multiplan has in the following Special Purpose Companies (SPC) is as follows: MPH Empreendi. Imobilirio Ltda.: Company owning a 71.5% interest in Shopping Vila Olmpia. Multiplan has a 42.0% interest in MPH which brings it to a 30.0% interest of the total capital of Shopping Vila Olmpia. Manati Empreendimentos e Participaes S.A.: has 75% interest in Shopping Santa rsula, in Ribeiro Preto, SP, in which Multiplan has a 50/50 partnership. Parque Shopping Macei S.A.: the SPC for Shopping Macei, in which Multiplans interest is of 50%. Danville SP Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Ribeiro Preto. Multiplan Holding S.A.: Multiplans whole subsidiary; holds interest in other Companies and assets. Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Ribeiro Preto. Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Porto Alegre. BarraSul Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Porto Alegre. Morumbi Business Center Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of So Paulo.

27

3Q11
MULT3
12. MULT3 Indicators & Stock Market Multiplans stock (MULT3 at BM&FBOVESPA: MULT3 BZ at Bloomberg) ended the third quarter of 2011 quoted at R$34.85/share, a decrease of 2.9% when compared to the end of 3Q10. During the same period, the main index of the So Paulo stock exchange, Ibovespa, recorded a 24.6% decrease.

Bps

Traded Value (15 day average)

Multiplan

Ibovespa

R$ Million

115 110 105 100 95 90 85 80 75 70 65 30-set 31-out 30-nov 31-dez 31-jan 28-f ev 31-mar 30-abr 31-mai 30-jun 31-jul 31-ago

25 20

15 10
5 0 30-set

Spread analysisand volume: MULT3 and Ibovespa Index Base 100 = September 30th, 2010

Adm+Treasury 0.7%

As of the end of the third quarter of 2011, 31.4% of the Companys shares were owned directly and indirectly by Mr. and Mrs. Peres. Ontario Teachers Pension Plan (OTPP) owned 29.1% and the free-float was equivalent to 38.8%. Total shares issued are 179,197,214.
MTP+Peres 31.4% Free Float 38.8%
OTPP* 29,1%

Common Stocks 22.5% Pref erred Stocks 6.6%

Shareholders capital stock breakdown on September 30th, 2011

(*) OTPP Ontario Teachers Pension Plan

MULT3 at BM&FBOVESPA Average Closing Price Closing Price Average Daily Traded Volume Average Market Cap

3Q11 R$ 32.96 R$ 34.85 R$ 9.7 M R$ 5.9 M

3Q10 R$ 33.27 R$ 35.90 R$ 8.7 M R$ 6.0 M

Chg. % -0.92% -2.92% 11.32% -0.92%

9M11 R$ 33.51 R$ 34.85 R$ 9.0 M R$ 6.0 M

9M10 R$ 31.61 R$ 35.90 R$ 9.5 M R$ 5.7 M

Chg. % 6.01% -2.92% -5.19% 6.01%

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MULT3
13. Appendices Operational and Financial Highlights
Performance (R$ '000) Financial (MTE %) Gross Revenue Net Revenue Net Revenue R$/m Net Revenue USD/sq. foot Rental Revenue (with Straight Line Effect) Rental Revenue R$/m Rental Revenue USD/sq. foot Monthly Rental Revenue R$/m Monthly Rental Revenue USD/sq. foot Net Operating Income (NOI) Net Operating Income R$/m Net Operating Income USD/sq. foot Net Operating Income Margin NOI per Share Headquarter Expenses Headquarter Expenses / Net Revenues EBITDA EBITDA R$/m EBITDA USD/sq. foot EBITDA Margin EBITDA per Share Adjusted Net Income Adjusted Net Income R$/m Adjusted Net Income USD/sq. foot Adjusted Net Income Margin Adjusted Net Income per Share FFO FFO R$/m FFO US$ FFO USD/sq. foot FFO Margin FFO per Share 3Q11 R$ 181,818 R$ 165,658 464 R$/m 23 US$/sqf R$ 117,351 328 R$/m 16.2 US$/sqf 109 R$/m 5.4 US$/sqf R$ 121,749 341 R$/m 16.8 US$/sqf 88.8% R$ 0.68 R$ 20,955 12.6% R$ 111,562 312 R$/m 15.4 US$/sqf 67.3% R$ 0.62 R$ 84,598 237 R$/m 11.7 US$/sqf 51.1% R$ 0.47 R$ 99,733 279 R$/m US$ 53,072 13.8 US$/sqf 60.2% R$ 0.56 3Q10 R$ 159,948 R$ 146,510 432 R$/m 24 US$/sqf R$ 102,084 301 R$/m 16.6 US$/sqf 100 R$/m 5.5 US$/sqf R$ 103,921 306 R$/m 16.9 US$/sqf 87.4% R$ 0.58 R$ 24,743 16.9% R$ 73,010 215 R$/m 11.8 US$/sqf 49.8% R$ 0.41 R$ 73,354 216 R$/m 11.9 US$/sqf 50.1% R$ 0.41 R$ 84,110 248 R$/m US$ 49,840 13.6 US$/sqf 52.6% R$ 0.47 Chg.% 13.7% 13.1% 7.4% 3.6% 15.0% 9.2% 2.0% 9.2% 2.0% 17.2% 11.2% 0.1% 139 b.p 17.2% 15.3% 424 b.p 52.8% 45.1% 30.3% 1751 b.p 52.8% 15.3% 9.5% 1.7% 100 b.p 15.3% 18.6% 12.6% 6.5% 1.1% 762 b.p 18.6% 9M11 R$ 529,476 R$ 482,153 1,350 R$/m 67 US$/sqf R$ 345,009 1,027 R$/m 47.7 US$/sqf 114 R$/m 5.3 US$/sqf R$ 354,329 992 R$/m 49.0 US$/sqf 88.1% R$ 1.98 R$ 62,652 13.0% R$ 321,550 900 R$/m 44.5 US$/sqf 66.7% R$ 1.79 R$ 239,206 670 R$/m 33.1 US$/sqf 49.6% R$ 1.33 R$ 283,598 794 R$/m US$ 150,914 39.2 US$/sqf 58.8% R$ 1.58 9M10 R$ 467,286 R$ 425,986 1,268 R$/m 70 US$/sqf R$ 301,801 898 R$/m 49.4 US$/sqf 100 R$/m 5.5 US$/sqf R$ 303,556 903 R$/m 49.7 US$/sqf 86.7% R$ 1.69 R$ 70,136 16.5% R$ 239,224 712 R$/m 39.2 US$/sqf 56.2% R$ 1.33 R$ 230,444 686 R$/m 37.8 US$/sqf 54.1% R$ 1.29 R$ 262,196 780 R$/m US$ 155,366 43.0 US$/sqf 56.1% R$ 1.46 Chg.% 13.3% 13.2% 6.5% 4.4% 14.3% 14.3% 3.4% 14.3% 3.4% 16.7% 9.8% 1.4% 136 b.p 16.7% 10.7% 347 b.p 34.4% 26.4% 13.5% 1053 b.p 34.4% 3.8% 2.4% 12.3% 448 b.p 3.8% 8.2% 1.7% 2.9% 8.6% 271 b.p 8.2%

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MULT3
Operational and Financial Highlights
Performance (R$ '000) Market Performance Number of Shares Common Shares Preferred Shares Avg. Share Price Final Share Price Average Daily Traded Volume (R$ '000) Market Cap (R$ '000) Dollar (USD) end of Quarter Gross Debt (R$ '000) Cash (R$ '000) Net Debt (R$ '000) P/FFO (Last 12 months) EV/EBITDA (Last 12 months) Net Debt/EBITDA (Last 12 months) 3Q11 179,197,214 167,338,867 11,858,347 R$ 32.96 R$ 34.85 9,669,080 6,245,023 R$ 1.88 R$ 595,552 R$ 532,860 62,692 16.0 x 14.6 x 0.14 x 3Q10 179,197,214 167,338,867 11,858,347 R$ 33.27 R$ 35.90 8,685,857 6,433,180 R$ 1.69 R$ 533,155 R$ 840,118 (306,963) 18.2 x 18.4 x (0.92) x Chg.% 0.0% 0.0% 0.0% 0.9% 2.9% 11.3% 2.9% 11.4% 11.7% 36.6% N.A. 11.8% 20.6% N.A. 9M11 179,197,214 167,338,867 11,858,347 R$ 33.51 R$ 34.85 8,967,410 6,245,023 R$ 1.88 R$ 595,552 R$ 532,860 62,692 16.0 x 14.6 x 0.14 x 9M10 179,197,214 167,338,867 11,858,347 R$ 31.61 R$ 35.90 9,458,091 6,433,180 R$ 1.69 R$ 533,155 R$ 840,118 (306,963) 18.2 x 18.4 x (0.92) x Chg.% 0.0% 0.0% 0.0% 6.0% 2.9% 5.2% 2.9% 11.4% 11.7% 36.6% N.A. 11.8% 20.6% N.A.

Performance (R$ '000) Operational (100%) Final Total GLA Final Owned GLA Owned GLA % Adjusted Total GLA (avg.) Adjusted Owned GLA (avg.) Total Sales Total Sales R$/m Total Sales USD/sq. foot Same Store Sales R$/m Same Area Sales R$/m Same Store Rent R$/m Same Area Rent R$/m Occupancy Costs Rent as Sales % Others as Sales % Turnover Occupancy Rate Delinquency (25 days delay) Rent Loss 3Q11 551,759 m 371,730 m 67.4% 537,359 m 357,330 m R$ 1,950,693 3,630 R$/m 179.5 US$/sqf 7.5% 7.7% 16.0% 15.1% 13.1% 7.8% 5.3% 0.6% 98.1% 0.9% 2.4% 3Q10 544,703 m 359,921 m 66.1% 522,663 m 339,308 m R$ 1,744,895 3,338 R$/m 183.8 US$/sqf 13.7% 15.1% 6.6% 5.9% 12.7% 7.3% 5.4% 1.1% 98.4% 1.6% 1.1% Chg.% 1.3% 3.3% 130 b.p 2.8% 5.3% 11.8% 8.7% 2.3% 620 b.p 740 b.p 940 b.p 920 b.p 40 b.p 50 b.p 10 b.p 50 b.p 30 b.p 70 b.p 130 b.p 9M11 551,759 m 371,730 m 67.4% 537,174 m 357,220 m R$ 5,703,835 10,618 R$/m 524.9 US$/sqf 7.9% 8.3% 14.1% 12.6% 13.2% 7.8% 5.4% 0.5% 98.2% 0.9% 1.3% 9M10 544,703 m 359,921 m 66.1% 518,601 m 335,996 m R$ 5,045,080 9,728 R$/m 535.5 US$/sqf 13.0% 14.9% 4.9% 4.5% 13.3% 7.5% 5.8% 3.3% 98.4% 1.5% 0.8% Chg.% 1.3% 3.3% 130 b.p 3.6% 6.3% 13.1% 9.1% 2.0% 510 b.p 660 b.p 920 b.p 810 b.p 10 b.p 30 b.p 40 b.p 280 b.p 20 b.p 60 b.p 50 b.p

Adjusted GLA corresponds to the periods average GLA excluding 14,400 m of BIG supermarket at BarraShoppingSul

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MULT3
Consolidated Financial Statements (R$000)
(R$ '000) Rental revenue Services revenue Key money revenue Parking revenue Real estate for sale revenue Straight line effect Other revenues Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Other operating income/expenses EBITDA Financial revenue Financial expenses Depreciation and amortization Earnings Before Taxes Income tax and social contribution Deferred income and social contribution taxes Minority interest Net Income 3Q11 111,301 23,644 9,802 19,775 10,515 6,050 731 181,818 (16,160) 165,658 (20,955) (2,040) (15,378) (2,537) (4,497) (9,852) 141 1,020 111,560 18,406 (9,593) (15,134) 105,239 (17,313) (19,329) (3,329) 65,268 3Q10 93,765 18,347 8,384 16,825 13,719 8,319 591 159,950 (13,438) 146,512 (24,744) (1,382) (14,990) (13,145) (795) (7,420) 1,777 (12,801) 73,012 24,567 (9,208) (10,755) 77,616 (1,676) (27,001) (2,585) 46,354 Chg. % 18.7% 28.9% 16.9% 17.5% 23.4% 27.3% 23.7% 13.7% 20.3% 13.1% 15.3% 47.6% 2.6% 80.7% 465.7% 32.8% 92.1% na 52.8% 25.1% 4.2% 40.7% 35.6% 933.0% 28.4% 28.8% 40.8% 9M11 325,202 64,056 29,009 57,374 32,575 19,807 1,453 529,476 (47,323) 482,153 (62,652) (5,549) (48,054) (9,278) (6,973) (33,234) 1,523 3,614 321,550 65,112 (37,128) (44,392) 305,142 (57,867) (49,144) (8,069) 190,062 9M10 278,039 54,133 25,913 48,325 34,975 23,762 2,140 467,287 (41,300) 425,987 (70,136) (3,926) (46,571) (30,192) (1,566) (19,797) (3,174) (11,401) 239,224 66,908 (31,979) (31,750) 242,403 Chg. % 17.0% 18.3% 11.9% 18.7% 6.9% 16.6% 32.1% 13.3% 14.6% 13.2% 10.7% 41.3% 3.2% 69.3% 345.3% 67.9% na na 34.4% 2.7% 16.1% 39.8% 25.9% 41.8% 9.5% 30.1%

(4,590) 1,160.7% (84,409) (7,369) 146,035

(R$ '000) NOI NOI margin NOI + Key Money NOI + Key Money margin Shopping Center EBITDA Shopping Center EBITDA margin EBITDA (Shopping Center + Real Estate) EBITDA margin Net Income Net Income margin Adjusted Net Income Adjusted Net Income margin FFO FFO margin

3Q11 121,748 88.8% 131,550 89.5% 116,188 74.4% 111,560 67.3% 65,268 39.4% 84,597 51.1% 99,731 60.2%

3Q10 103,919 87.4% 112,303 88.2% 66,884 49.9% 73,012 49.8% 46,354 31.6% 73,355 50.1% 84,110 57.4%

Chg. % 17.2% 139 b.p 17.1% 131 b.p 73.7% 2,451 b.p 52.8% 1,751 b.p 40.8% 776 b.p 15.3% 100 b.p 18.6% 279 b.p

9M11 354,329 88.1% 383,338 88.9% 330,570 73.1% 321,550 66.7% 190,062 39.4% 239,206 49.6% 283,598 58.8%

9M10 303,555 86.7% 329,468 87.6% 231,877 58.8% 239,224 56.2% 146,035 34.3% 230,444 54.1% 262,194 61.5%

Chg. % 16.7% 136 b.p 16.4% 125 b.p 42.6% 1,422 b.p 34.4% 1,053 b.p 30.1% 514 b.p 3.8% 448 b.p 8.2% 273 b.p

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3Q11
MULT3
Balance Sheet (R$000)
ASSETS Current Assets Cash and cash equivalents Accounts receivable Sundry loans and advances Recoverable taxes and contributions Other Total Current Assets Non Current Assets Accounts receivable Land and properties held for sale Sundry loans and advances Deposits in court Other Investments Investment properties Property and equipment Intangible Total Non Current Assets Total Assets LIABILITIES Current Liabilities Loans and financing Accounts payable Property acquisition obligations Taxes and contributions payable Deferred incomes Payables to related parties Other Total Current Liabilities Non Current Liabilities Loans and financing Deferred income and social contribution taxes Property acquisition obligations Taxes paid in installments Provision for contingencies Deferred incomes Total Non Current Liabilities Shareholders' Equity Capital Capital reserves Profit reserve Share issue costs Shares in treasure department Minority interest Total Shareholder's Equity Total Liabilities and Shareholders' Equity 9/30/2011 532,860 179,108 19,162 66,444 12,929 810,503 36,767 77,060 10,038 24,901 85 10,799 2,922,756 18,395 318,218 3,419,019 4,229,522 9/30/2011 51,089 104,117 38,892 57,301 38,326 450 3,467 293,642 402,622 40,408 102,949 952 21,338 168,766 737,035 1,761,662 968,237 405,958 (21,016) (40,340) 124,344 3,198,845 4,229,522 6/30/2011 559,467 168,683 21,920 40,472 14,040 804,582 37,044 71,004 9,396 23,592 86 10,657 2,739,211 18,218 319,100 3,228,308 4,032,890 6/30/2011 46,629 88,380 40,361 41,312 53,125 325 1,624 271,756 320,036 21,079 111,346 993 21,425 151,454 626,333 1,761,662 966,239 340,062 (21,016) (33,161) 121,015 3,134,801 4,032,890 % Change 4.8% 6.2% 12.6% 64.2% 7.9% 0.7% 0.7% 8.5% 6.8% 5.5% 1.2% 1.3% 6.7% 1.0% 0.3% 5.9% 4.9% % Change 9.6% 17.8% 3.6% 38.7% 27.9% 38.5% 113.5% 8.1% 25.8% 91.7% 7.5% 4.1% 0.4% 11.4% 17.7% 0.0% 0.2% 19.4% 0.0% 21.6% 2.8% 2.0% 4.9%

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Cash Flow Statement (R$000)
Cash Flow Statement Cash Flow from Operations Income before tax Depreciation and amortization Interest and monetary variations on debentures, loans, and property acquisition Other net income adjustments (Increase) decrease on current assets Increase (decrease) on current liabilities Cash Flow from Operations Cash Flow from Investments Increase in loans and sundry advances (Increase) decrease of investment property Increase of property, plant and equipment Additions to intangibles Others Cash Flows Used in Investing Activities Cash Flows from Financing Activities Increase (decrease) in loans and financing Debentures paid Interest payment of loans and financing Increase (decrease) in payables to related parties Capital increase Paid dividends Others Cash Flows Generated by (Used in) Financing Activities Cash Flow Cash and cash equivalents at the beginning of the period Cash and cash equivalents at end of the period Changes in Cash Position 9M11 305,142 44,392 18,464 (25,764) (88,505) 34,727 288,456 9M10 242,403 31,752 21,011 (20,382) (16,104) (7,810) 250,870

(1,809) (466,186) (1,259) (549) 2,953 (466,850)

14,007 (289,868) (3,684) (9,737) (3,029) (292,311)

162,977 (100,000) (23,548) (93,824) (102,938) 73,748 (83,585) (261,979) 794,839 532,860 (261,979)

118,960 (18,160) 2,060 16,565 (40,520) (25,313) 53,592 12,151 827,967 840,118 12,151

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Glossary and Acronyms
Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from acquisitions and mergers (including deferred taxes). Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m to be considered anchors. Brownfield: Expansion 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 property and equipment added of depreciation. 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 of 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 equity shares. Moreover, a debenture holder has no voting rights. Deferred Income: Deferred key money and store buy back expenses. Double Rent: Extra rent charged from the majority of tenants usually 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. Equity Pickup: Interest held in the associate will be shown in the income statement as equity pickup, representing the net income attributable to the associates shareholders. Expected Owned GLA: Multiplans proportionate interest in each shopping mall, including projects under development and expansions. Funds from Operations (FFO): Addition of adjusted net income, depreciation and amortization. GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding merchandising. Greenfield: Shopping center project. IBGE: The Brazilian Institute of Geography and Statistics. IGP-DI Adjustment Effect: Is the weighted average of the monthly IGP-DI increase with a month of delay, multiplied by the percentage GLA that was adjusted on the respective month. IGP-DI: (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. Merchandising: consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall. BHS BRS BSS CPRBS DMM MAC MBC MBS MCT MTE NYC JDS PCG PKB PKS PKC PSC PSS RBS SAF SSU SVO VLG Acronyms: BH Shopping BarraShopping BarraShoppingSul Centro Profissional RibeiroShopping DiamondMall Shopping Macei Morumbi Business Center MorumbiShopping Morumbi Corporate Multiplan New York City Center JundiaShopping ParkShoppingCampoGrande ParkShoppingBarigi ParkShopping ParkShopping Corporate ParkShoppingSoCaetano Ptio Savassi RibeiroShopping ShoppingAnliaFranco Shopping Santa rsula Shopping Vila Olmpia VillageMall

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Minimum Rent (or Base Rent): Minimum rent paid by a tenant for a lease contract. Some tenants sign contracts with no fixed base rent, and in that case minimum rent corresponds to a percentage of their sales. Mixed-use: Strategy based on the development of projects that integrate shopping centers with office and residential developments. Net Operating Income (NOI): Refers to the sum of the operating income (Rental revenue and shopping expenses) and income from parking operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also includes the key money from the contracts signed in the same period. New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects. Refers to the portion of the CAPEX which is 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. Refers to the portion of the CAPEX which is recorded as an expense in the income statement as determined by the CPC 04 pronouncement in 2009. NOI Margin: NOI divided by Rental Revenue and net parking revenue. Occupancy cost: Is the cost of leasing a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund expenses). Occupancy rate: leased GLA divided by total GLA. 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. Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. Parking revenue transfers are the share of the parking revenue that need to be passed on to the 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 list price of each. Sales: Sales reported by the stores in each of the malls. Same Area Rent (SAR): Rent of the same area of the year before divided by the areas rent of the current year, less vacancy. Same Area Sales (SAS): Sales of the same area of the year before divided by the areas GLA less vacancy. Same store Rent (SSR): Rent earned from stores that were in operation for over a year. Same store Sales (SSS): Sales of stores that were in operation for over a year. Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended for general retailing. Straight Line Effect: Accounting method that has the purpose of removing volatility and seasonality of 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. TJLP: (Taxa de Juros de Longo Prazo, or Long Term Interest Rate). The usual cost of financing conceived by BNDES. TR: (Taxa Referencial, or Reference interest rate). Average interest rate used in the market. Turnover: Leased GLA of operating malls divided by total GLA. Shopping Center Segments: Food Court & Gourmet Areas Includes fast food and restaurants operations Diverse Cosmetics, bookstores, hair salons, pet shops and etc Home & Office Electronic stores, decoration, art, office supplies, etc Services Sports centers, entertainment centers, theaters, cinemas, medical centers, banks operations, and etc. Apparel Women and men clothing, shoes and accessories stores

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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. These prospects include statements concerning our managements 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 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 is encouraged not to completely rely on the information above. This document also contains information on future projects which could differ materially due to market conditions, changes in law or government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and consumers, commercial negotiations or other technical and economic factors.

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