Earnings Release 3Q14

Divulgao de Resultados
quarto trimestre de 2013

4T13
Teleconferncia (Em portugus)
Data: 25 de fevereiro de 2013 (tera-feira)
Horrio:
11h00min (horrio de Braslia)
9h00min (EST Nova York)
Telefone de conexo:
+55 (11) 4688-6361
Cdigo de acesso: Multiplan
Replay: www.multiplan.com.br/ri
Third Quarter 2014
Earnings Release
Conference Call
Date: October 31
st
, 2014 (Friday)
English: 10:30 a.m. (EDT New York)
12:30 p.m. (Braslia)
Portuguese: 9:00 a.m. (EDT New York)
11:00 a.m. (Braslia)
Webcast: www.multiplan.com.br/ir

Connection numbers:
USA: 1 (888) 700-0802
Brasil: 55 (11) 3193-1001
55 (11) 2820-4001
Other countries: 1 (786) 924-6977
Access Code: Multiplan

2

Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on
expectations of the companys management and on available information. The company is under no obligation to update these
statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to
qualify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,
market share and competitive position may differ substantially from those expressed or suggested by these forward-looking
statements. Many factors and values that may impact these results are beyond the companys ability to control. The
reader/investor should not make a decision to invest in Multiplan shares based exclusively on the data disclosed on this report.
This document also contains information on future projects which could differ materially due to market conditions, changes in
laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance,
demands by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be
altered in part or totally by the company with no prior warning.
Non-accounting information has not been reviewed by the external auditors.
In this release the company has chosen to present the consolidated data from a managerial perspective, in line with the
accounting practices in use until December 31, 2012, as disclosed below.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia) and other
relevant information on our investor relations website www.multiplan.com.br/ir.

Managerial Report

Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete perspective on
operational data. Please refer to the companys financial statements on its website www.multiplan.com.br/ir to access the
Financial Statements in compliance with the Brazilian Accounting Standards Committee CPC.
Please see on page 34 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and
the reconciliation of the accounting and managerial numbers.

3

Table of Contents
01. Consolidated Financial Statements ............................................................................................. 6
02. Project Development .................................................................................................................... 7
03. Operational Indicators ................................................................................................................ 10
04. Gross Revenues ........................................................................................................................ 13
05. Properties Ownership Results ................................................................................................... 14
06. Shopping Center Management Results ..................................................................................... 18
07. Shopping Center Development Results ..................................................................................... 19
08. Real Estate for Sale Results ...................................................................................................... 20
09. Financial Results........................................................................................................................ 21
10. MULT3 Indicators & Stock Market ............................................................................................. 27
11. Portfolio ...................................................................................................................................... 28
12. Ownership Structure .................................................................................................................. 30
13. Operational and Financial Data ................................................................................................. 32
14 Reconciliation between IFRS (with CPC 19 R2) and Managerial Report ................................... 34
15. Appendices ................................................................................................................................ 37
16. Glossary and Acronyms ............................................................................................................. 40

The Evolution of Multiplan's Financial Indicators
R$ Million
2007
(IPO)
2008 2009 2010 2011 2012 2013
Change %
(2013/2007)
CAGR %
(2013/2007)
Gross Revenue 368.8 452.9 534.4 662.6 742.2 1,048.0 1,074.6 191.4% 19.5%
Net Operating Income 212.1 283.1 359.4 424.8 510.8 606.9 691.3 225.9% 21.8%
EBITDA 212.2 247.2 304.0 350.2 455.3 615.8 610.7 187.8% 19.3%
FFO 200.2 237.2 272.6 368.2 415.4 515.6 426.2 112.9% 13.4%
Net Income 21.2 74.0 163.3 218.4 298.2 388.1 284.6 1,245.1% 54.2%
2007 EBITDA adjusted for expenses related to the company's IPO.

Historical Performance of Multiplans Results (R$ Million)
Overview
Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center operating companies in Brazil, established as
a full service company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the
country. The company is also strategically active in the residential and commercial real estate development sectors, generati ng
synergies for shopping center-related operations by creating mixed-use projects in adjacent areas. At the end of 3Q14,
Multiplan owned 18 shopping centers with a total GLA of 762,443 m - with an average interest of 73.8% -, of which 17 shopping
centers managed by the company, over 5,300 stores and an estimated annual traffic of 170 million vi sits. Multiplan also owned -
with an average interest of 92.4% - two corporate office complexes with a total GLA of 87,558 m, for a total portfolio GLA of
850,001 m.

427
255
234 244
64
498
332
290
248
171
642
429
334
354
177
725
476
433
390
262
994
570 578
489
368
1,046
694
643
496
356
1,185
786
709
478
301
Receita Bruta NOI EBITDA FFO Lucro Lquido
Sep08 LTM Sep09 LTM Sep10 LTM Sep11 LTM Sep12 LTM Sep13 LTM Sep14 LTM

4

3Q14 NOI, up 19% to R$205 million
and EBITDA up 14% to R$186 million

Rio de Janeiro, October 30
th
, 2014 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3) announces its third quarter 2014
results. During fiscal year 2012, the Accounting Standards Committee (CPC) issued the following statements that impacted the companys
activities and its subsidiaries, among others (i) CPC 18 (R2) Investment in affiliated companies, subsidiaries and in jointly controlled
developments; (ii) CPC 19 (R2) Joint business. These pronouncements required that they be implemented for fiscal years starting January 1,
2013. The statements determine, among other issues, that developments controlled jointly be recorded in financial statements via Equity pick-
up. In this case the company no longer consolidates the 50% interest in Manati Empreendimentos e Participaes S.A., a company that owns a
75% interest in Shopping Santa rsula, and a 50% stake in Parque Shopping Macei S.A., a company that owns a 100% interest in the
shopping center of the same name on a proportional basis. This report adopted the managerial information format and, for this reason, does not
consider the requirements of CPCs 18 (R2) and 19 (R2) to be applicable. Thus, the information and/or performance analyses presented herein
include the proportional consolidation of Manati Empreendimentos e Participaes S.A. and Parque Shopping Macei S.A. For additional
information, please refer to note 9.4 of the Quarterly Financial Report dated September 30, 2014.
Highlights 3Q14 (R$)
Highest Occupancy Rate in the Last Five Years Despite 43% Growth in GLA

Evolution of total shopping center GLA and occupancy rates: 3Q09 3Q14

Continuous Real Rental Growth

Same Store Rent Evolution (year/year)

Solid Evolution of Margins

Evolution of Margins
497
534 545
552
592
711
762
98.4%
99.1%
98.4% 98.1% 98.5% 98.1%
98.8%
60.0%
68.0%
76.0%
84.0%
92.0%
100.0%
450
500
550
600
650
700
750
800
850
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Total GLA ('000 m) Occupancy Rate
7.3%
2.9%
0.2% -0.3%
0.6%
4.0%
7.3%
8.8%
9.6% 9.3%
7.7%
6.3% 5.7% 5.9%
6.8% 7.4% 7.6%
6.8%
5.9% 5.8% 5.9%
0.8%
3.4%
3.7%
4.8%
6.0%
7.7%
2.8%
4.9%
5.8%
4.8%
3.9%
3.9%
1.8%
2.6%
4.3%
0.6%
3.5%
1.1%
0.9%
4.1%
2.7%
8.1%
6.5%
3.9%
4.4%
6.6%
12.0%
10.3%
14.1%
16.0%
14.5%
11.9%
10.4%
7.7%
8.6%
11.4%
8.0%
11.4%
8.0%
6.8%
10.1%
8.8%
IGP-DI Adjustment Effect Real SSR
76.3%
78.0%
85.3%
86.6%
89.8%
89.0%
84.7%
87.2%
52.1%
60.1%
63.0%
57.9%
67.3%
64.0%
62.6%
70.5%
66.7%
59.3%
68.4%
61.0%
74.3%
71.7% 70.9%
76.3%
51.8%
57.7%
56.5%
60.9%
61.4%
53.6%
43.6%
48.2%
2007 2008 2009 2010 2011 2012 2013 9M14
NOI Margin EBITDA Margin Shopping Center EBITDA Margin FFO Margin
Total GLA CAGR 3Q09-3Q14:
8.9%

5

3Q14
MULT3
Performance Highlights

Shopping center
tenants sales
Rental revenue Net revenue NOI
NOI + Key
Money
EBITDA
3Q14 (R$) 2,963.2 M 184.4 M 278.2 M 205.4 M 215.2 M 186.3 M
3Q14 vs. 3Q13 +10.8% +19.1% +11.9% +19.1% +16.0% +13.9%

9M14 (R$) 8,697.6 M 538.6 M 807.9 M 595.3 M 624.8 M 569.9 M
9M14 vs. 9M13 +12.5% +16.5% +13.8% +18.9% +15.6% +20.8%

OPERATIONAL AND FINANCIAL HIGHLIGHTS
Occupancy rate was 98.8% in 3Q14, the highest rate since the record 99.1% in 4Q09, in spite of the delivery of 228,700 m
of GLA since 2009. Malls operating for more than five years recorded average occupancy rate of 99.5%.
Same Store Rent (SSR) increased 8.8% in 3Q14, with real growth of 2.7%. Rental revenue saw an increase of 19.1%,
reaching R$184.4 million in 3Q14, boosted by portfolio consolidation and new areas delivered.
Multiplan shopping centers recorded sales of R$3.0 billion in 3Q14, 10.8% higher than in 3Q13. In 9M14, total sales
reached R$8.7 billion, up 12.5% from 9M13.
Same Area Sales (SAS) increased 6.7% in 3Q14, and 9.1% in 9M14. Same Store Sales (SSS) grew 6.1% in the quarter
and 8.4% in the nine-month period. SSS for satellite stores presented an increase of 7.3% in the quarter, and 9.0% in 9M14.
Delinquency and rent loss rates remained at 1.7% and 0.8%, respectively.
Gross revenue increased 13.5% in 3Q14, reaching R$307.3 million.
Solid Margins: Net Operating Income (NOI) + Key Money (KM) recorded margin of 87.8% in 9M14 (+ 152 bps). Shopping
Center EBITDA and FFO margins in 9M14 were 76.3% (+ 300 bps) and 48.2% (+ 68 bps), respectively.
NOI + KM increased 16.0% in 3Q14 to R$215.2 million. In the last twelve months, NOI + KM increased 11.3% to R$828.5
million. In 3Q14 NOI + KM per share
1
was R$1.14, with a five-year CAGR of 14.2%.
Consolidated EBITDA increased 13.9% in 3Q14 to R$186.3 million. EBITDA in the last twelve months grew 10.2% to
R$708.8 million.
Multiplan funding cost remained at 10.5% p.a. at the end of 3Q14, another quarter below Selic, 46 bps inside the curve.
Net income and FFO reached R$68.2 million and R$117.2 million in 3Q14, respectively. FFO per share was R$0.62 in
the quarter, and R$2.54 in the last twelve months.

RECENT EVENTS
In October 2014, Multiplan completed a debentures (local bond) issue, equivalent to R$400 million, with five and six-
year terms, at CDI + 0.87% p.a.
Simultaneously, the company prepaid the existing debentures (R$300 million) issued in 2011 at CDI + 1.01% p.a. and
due 2015/2016. As a result of this liability management action, Multiplan extended its debt amortization schedule
and reduced its average cost-of-debt.
Also in October 2014, the Company signed a ten-year R$100 million financing contract at TR + 8.90% p.a.

1
Total shares on September, 30
th
, 2014 net of stocks held in treasury, totaling 188,447,056 shares.

6

3Q14
MULT3
1. Consolidated Financial Statements Managerial Report
(R$'000) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
Rental revenue 184,446 154,802 19.1% 538,617 462,424 16.5%
Services revenue 30,025 26,001 15.5% 89,760 78,062 15.0%
Key money revenue 9,771 12,960 24.6% 29,523 39,925 26.1%
Parking revenue 37,872 32,530 16.4% 111,921 93,628 19.5%
Real estate for sale revenue 30,414 30,946 1.7% 84,810 71,669 18.3%
Straight line effect 13,734 12,042 14.1% 31,744 30,551 3.9%
Other revenues 1,011 1,472 31.3% 3,120 3,255 4.2%
Gross Revenue 307,274 270,753 13.5% 889,494 779,514 14.1%
Taxes and contributions on sales and services (29,117) (22,103) 31.7% (81,614) (69,897) 16.8%
Net Revenue 278,158 248,650 11.9% 807,881 709,617 13.8%
Headquarters expenses (29,534) (27,842) 6.1% (85,616) (79,826) 7.3%
Stock-option expenses (4,045) (3,062) 32.1% (10,671) (7,825) 36.4%
Shopping centers expenses (26,905) (26,849) 0.2% (77,290) (86,132) 10.3%
Office towers for lease expenses (3,754) - na (9,723) - na
New projects for lease expenses (2,372) (3,900) 39.2% (11,198) (9,762) 14.7%
New projects for sale expenses (1,983) (3,255) 39.1% (7,985) (8,555) 6.7%
Cost of properties sold (17,875) (19,672) 9.1% (51,253) (48,698) 5.2%
Equity pickup (716) 483 na 10,699 (202) na
Other operating income/expenses (4,680) (935) 400.6% 5,061 3,237 56.4%
EBITDA 186,293 163,618 13.9% 569,903 471,854 20.8%
Financial revenues 8,174 13,789 40.7% 27,152 37,231 27.1%
Financial expenses (50,555) (32,667) 54.8% (148,831) (114,169) 30.4%
Depreciation and amortization (41,996) (31,365) 33.9% (121,347) (88,764) 36.7%
Earnings Before Taxes 101,916 113,375 10.1% 326,878 306,152 6.8%
Income tax and social contribution (26,749) (18,687) 43.1% (58,564) (57,457) 1.9%
Deferred income and social contribution taxes (6,995) (8,010) 12.7% (24,439) (21,237) 15.1%
Minority interest 25 (9) na (18) (35) 49.1%
Net Income 68,198 86,669 21.3% 243,858 227,423 7.2%

(R$'000) 3Q14 3Q13 Chg. % 9M14 9M13
Chg. %

NOI 205,393 172,525 19.1% 595,268 500,471 18.9%
NOI margin 87.0% 86.5% 48 b.p 87.2% 85.3% 193 b.p
NOI + Key Money 215,164 185,485 16.0% 624,791 540,396 15.6%
NOI + Key Money margin 87.5% 87.4% 17 b.p 87.8% 86.3% 152 b.p
Shopping Center EBITDA 177,581 161,174 10.2% 538,849 472,125 14.1%
Shopping Center EBITDA margin 73.8% 73.2% 63 b.p 76.3% 73.3% 300 b.p
EBITDA (Shopping Center + Real Estate) 186,293 163,618 13.9% 569,903 471,854 20.8%
EBITDA margin 67.0% 65.8% 117 b.p 70.5% 66.5% 405 b.p
Net Income 68,198 86,669 21.3% 243,858 227,423 7.2%
Net Income margin 24.5% 34.9% 1,034 b.p 30.2% 32.0% 186 b.p
Adjusted Net Income 75,193 94,679 20.6% 268,296 248,660 7.9%
Adjusted Net Income margin 27.0% 38.1% 1,104 b.p 33.2% 35.0% 183 b.p
FFO 117,189 126,044 7.0% 389,643 337,424 15.5%
FFO margin 42.1% 50.7% 856 b.p 48.2% 47.6% 68 b.p

7

3Q14
MULT3
2. Project Development
Multiplan invests R$53.3 million during 3Q14
Multiplans total CAPEX was R$53.3 million during 3Q14 and the nine months
figure was R$223.1 million mainly driven by the R$22.9 million invested in
mall expansions in 3Q14 or R$104.4 million in 9M14. Mall expansion CAPEX
includes the final stage of BarraShopping and small expansions in
BarraShoppingSul, Ptio Savassi and MorumbiShopping, adding a
considerable number of new operations and convenience to consumers.

Investment (R$) 3Q14 9M14
Mall Development 6.7 M 15.8 M
Mall Expansions 22.9 M 104.4 M
Office Towers 2.7 M 7.5 M
Renovation, IT & Others 16.2 M 53.1 M
Land Acquisition 4.8 M 42.3 M
Investment 53.3 M 223.1 M
2.1 Greenfields
ParkShoppingCanoas
Multiplan is preleasing stores in ParkShoppingCanoas, its nineteenth shopping center, in Canoas, in the state of Rio Grande do
Sul. ParkShoppingCanoas will have an innovative architectural project and a large area for leisure and services distributed
among 258 stores in its 48,000 m first phase of Gross Leasable Area (GLA). The development will offer a hypermarket, an ice
skating rink, a gym center, an indoor amusement park, five stadium type movie theaters, six gourmet restaurants with a deck
overlooking Getlio Vargas municipal park, and a food court with 28 operations.
Furthermore, the mall will have 2,500 parking spots, of which approximately 1,000 will be covered. The area also offers the
potential for future developments of mixed use projects. Multiplan will hold an 80% interest in the shopping center whose
inauguration is scheduled to take place in the second half of 2016. The companys stake in the projects development costs
(CAPEX) will be 94.7%.

Artists rendering for illustration purposes only Project subject to changes without previous notice

8

3Q14
MULT3
2.2 Mixed-use: Office and Residential Towers for Sale
Towers at BarraShoppingSul approaching delivery time
Diamond Tower and Rsidence du Lac, a 23,760 m project
for sale, reaches its final stage of construction.
Diamond tower, a condo-office tower, has sold 97% of its
units and Rsidence du Lac, a residential tower, is sold out.
Both projects are scheduled to be delivered in the fourth
quarter of 2014. Their combined potential sales value (PSV)
is R$261.7 million.

Diamond Tower and Rsidence du Lac Illustration

BarraShoppingSul Complex, with Diamond Tower and Rsidence du Lac Construction work (October 2014)
1
Potential Sales Value

BarraShoppingSul
Towers for Sale
Project Location Type Opening Area %Mult. PSV
Average
price/m
Diamond Tower BarraShoppingSul Condo Offices 4Q14 13,800 m 100.0% 142.8 M 10,349
Rsidence du Lac BarraShoppingSul Residential 4Q14 9,960 m 100.0% 118.9 M 11,942
Total

23,760 m 100.0% 261.7 M 11,014

9

3Q14
MULT3
2.3 Future Growth and Land Bank
Focus on mixed-use projects with a land bank of 874 thousand m
Multiplan owns 873,819 m of land for future projects. All sites are integrated to the companys shopping centers and should be
used to promote the development of mixed use projects, primarily for sale. Based on current internal projects assessments, the
company estimated a total one million m of private area for sale. The company also sees a potential GLA increase of 150,000
m through mall expansions, which are not included in the table below.

Shopping Attached to Land Location Land Area Private Area Project type % Multiplan
BarraShoppingSul 159,587 m 304,515 m Hotel, Apart-Hotel, Office, Residential 100%
JundiaShopping 4,500 m 11,616 m Office 100%
ParkShoppingBarigi 28,214 m 43,376 m Apart-Hotel, Office 94%
ParkShoppingCampoGrande 317,755 m 92,774 m Office, Residential 90%
ParkShoppingCanoas 18,721 m 22,457 m Hotel, Apart-Hotel, Office n.a.
ParkShoppingSoCaetano 36,948 m 138,000 m Office 100%
Parque Shopping Macei 140,000 m 164,136 m Office, Residential 50%
RibeiroShopping 102,295 m 138,749 m Hotel, Apart-Hotel, Office, Residential 100%
Shopping AnliaFranco 29,800 m 89,600 m Residential 36%
VillageMall 36,000 m 36,077 m Office 100%
Total 873,819 m 1,041,299 m 86%

BarraShoppingSul Project Illustration
Artists rendering for illustration purposes only Project subject to changes without previous notice
1
This information is merely informative for the better understanding of the companys growth potential and should not be considered as a
commitment to develop the above mentioned projects may be changed or cancelled without prior notice.

10

3Q14
MULT3
3. Operational Indicators
3.1 Tenant Sales
Shopping center sales reach R$3.0 billion in 3Q14, increasing 10.8% over 3Q13
Multiplan tenants sales totaled R$3.0 billion in 3Q14, an increase of 10.8% when compared to the same period in the previous
year. In 9M14, shopping center sales reached R$8.7 billion, growing 12.5% over 9M13.
As mentioned in the case study disclosed in the 2Q14 Earnings
Release, Multiplan saw an overall positive effect on sales before and
during the FIFA World Cup ended in mid-July. The event, together with
the early return from school winter break, reshuffled the consumer flow,
resulting in a lower visitor flow in the second half of July. All in, the
quarter presented a robust 10.8% sales increase.
On a five-year CAGR analysis, the nine-month growth rate was of
14.6%, while the third quarter CAGR was 14.2%.

Sales evolution

Shopping Center Sales (100%) Opening 3Q14 3Q13 Chg.% 9M14 9M13 Chg.%
BH Shopping (1979) 256.5 M 254.3 M 0.9% 766.1 M 735.2 M 4.2%
RibeiroShopping (1981) 179.6 M 160.8 M 11.7% 526.3 M 455.1 M 15.6%
BarraShopping (1981) 442.6 M 409.1 M 8.2% 1,252.0 M 1,167.5 M 7.2%
MorumbiShopping (1982) 364.1 M 316.6 M 15.0% 1,082.5 M 944.7 M 14.6%
ParkShopping (1983) 243.2 M 230.3 M 5.6% 722.8 M 667.3 M 8.3%
DiamondMall (1996) 142.2 M 131.3 M 8.3% 419.4 M 380.8 M 10.1%
New York City Center (1999) 48.8 M 53.5 M 8.7% 158.0 M 160.3 M 1.4%
Shopping Anlia Franco (1999) 222.5 M 213.7 M 4.1% 663.6 M 616.5 M 7.6%
ParkShoppingBarigi (2003) 195.0 M 190.1 M 2.6% 579.5 M 565.7 M 2.4%
Ptio Savassi (2004) 87.7 M 82.8 M 6.0% 252.4 M 242.2 M 4.2%
Shopping Santa rsula (1999) 41.2 M 46.1 M 10.5% 125.7 M 132.0 M 4.8%
BarraShoppingSul (2008) 171.7 M 161.5 M 6.4% 504.9 M 472.9 M 6.8%
Shopping Vila Olmpia (2009) 80.0 M 76.6 M 4.4% 239.4 M 225.0 M 6.4%
ParkShoppingSoCaetano (2011) 119.5 M 114.6 M 4.2% 356.1 M 327.0 M 8.9%
JundiaShopping (2012) 91.4 M 78.7 M 16.1% 274.7 M 222.2 M 23.6%
ParkShoppingcampoGrande (2012) 90.4 M 81.5 M 10.9% 262.4 M 224.6 M 16.8%
VillageMall (2012) 120.7 M 72.4 M 66.6% 340.9 M 194.4 M 75.4%
Parque Shopping Macei (2013) 65.9 M

n.a. 170.7 M n.a.
Total 2,963.2 M 2,673.9 M 10.8% 8,697.6 M 7,733.7 M 12.5%
Ptio Savassi opened in 2004 and was acquired by Multiplan in June, 2007.
2
Shopping Santa rsula opened in 1999 and was acquired by Multiplan in April, 2008.
Parque Shopping Macei opened on November, 2013.

Consolidated malls continue to grow strongly
Multiplans five malls with 30+ years of operation recorded a combined sales growth of 8.4% in 3Q14, or 9.5% in 9M14,
compared to the same period last year. MorumbiShopping, strengthened by a successful tenant-mix reshuffling, and
RibeiroShopping, benefiting from expansions VII and VIII, were the main highlights with sales increases of 15.0% and 11.7%
respectively in 3Q14. Combined numbers might have been even stronger if not for a large tenant who implemented a
temporary store renovation preparing for the Christmas season.

R$ 5.0 B
R$ 5.7 B
R$ 6.5 B
R$ 7.7 B
R$ 8.7 B
9M10 9M11 9M12 9M13 9M14
+14.6% CAGR:

11

3Q14
MULT3
Three malls opened in 2012 record combined sales growth of 30.0% in 3Q14
The shopping centers opened during 4Q12, VillageMall, JundiaShopping and ParkShoppingCampoGrande, progressed with a
robust sales pace in 3Q14 of 66.6%, 16.1% and 10.9% respectively. The combined growth of 30.0% was led by the strong
sales increase in VillageMall, which is still profiting from the opening of new stores, growth in productivity and enhanced
customer flow.
Sales/m portfolio analysis
In the last twelve months, the portfolios sales/m was of
R$18,478/m. Stores with less than 1,000 m posted sales of
R$25,042/m while the majority of stores, with 200m or less, had
sales of R$28,663/m.

Sales/m September 2014 (LTM)
Same Area Sales increases 6.7% in 3Q14
Same area sales (SAS) and Same store sales (SSS) results reflected the more challenging scenario in the third quarter,
impacted by the final rounds of FIFA World Cup and early end of school winter break. SAS increased 6.7% and SSS grew 6.1%
in 3Q14. The nine-month period reflects the overall strong sales performance in the year so far. SAS expanded 9.1% in 9M14
while SSS increased 8.4%. The spread between SAS and SSS indicate the positive impacts of changes in mix in the last 12
months, as well as the fast consolidation of the younger shopping centers.

SAS and SSS Evolution (year/year)

Food Court & Gourmet Areas record SSS growth of 10.2%
Same store sales for satellite stores increased
7.3% in 3Q14, led by Food Court & Gourmet
Area operations, which have been performing
strongly throughout 2014 and increased sales
by 10.2% in the quarter. The result was
followed by a 9.6% growth in the
Miscellaneous segment and a growth of 7.5%
coming from Apparel satellite stores.

3Q14 x 3Q13 9M14 x 9M13
Same Store Sales Anchor Satellite Total Anchor Satellite Total
Food Court & Gourmet
Area
- 10.2% 10.2% - 12.0% 12.0%
Apparel
2.9% 7.5% 6.4% 8.8% 7.5% 7.8%
Home & Office
11.5% 3.5% 5.9% 3.2% 3.8% 3.6%
Miscellaneous
1.4% 9.6% 7.2% 3.4% 12.4% 9.6%
Services
10.7% 0.1% 3.8% 0.2% 0.9% 1.1%
Total
1.7% 7.3% 6.1% 5.5% 9.0% 8.4%
Same Store Sales growth breakdown
Home & Office anchor stores grew 3.2% in 9M14, including the 11.5% drop in 3Q14 given anticipated sales in 2Q14 for
electronic products, mostly TV sets, due to the FIFA World Cup. In 9M14 anchors stores saw an increase of 5.5%.
18,478/m
25,042/m
28,663/m
Sales -
(Anchors &
Satellites)
Sales -
stores under
1,000m
Sales -
stores under
200m
7.0%
10.3%
7.7%
10.0%
9.7% 9.5% 9.4%
7.4%
8.8%
5.7%
7.7%
8.0%
9.3%
12.0%
6.7%
6.6%
9.4%
7.5%
8.3% 8.2% 8.1% 8.5%
6.8%
8.1%
5.8%
8.4%
7.6%
8.3%
9.4% 6.1%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
SAS SSS

12

3Q14
MULT3
3.2 Operational Indicators
Highest occupancy rate in the last five years
Average shopping center occupancy rate was 98.8% in 3Q14, 70 bps higher than the 98.1% presented in 3Q13, in spite of the
addition of three expansions Expansions VII and VIII in RibeiroShopping and Expansion VII in BarraShopping, and a new
mall, Parque Shopping Macei. This is the highest occupancy rate since the record 99.1% in 4Q09, an impressive mark when
considering that since 2009 the company has delivered an additional 228,700 m of GLA. Currently two malls are fully occupied,
nine malls have over 99% occupancy rate and, taking into account only malls with more than five years in operation, the average
rate is 99.5%.
The high occupancy rate is an indication of the attractiveness of Multiplans portfolio. The highlights are ParkShopping and
JundiaShopping, which had a significant occupancy rate growth of 80bps and 170bps, respectively, compared to 2Q14,
reaching 99.7% and 98.3%

Total shopping center GLA and occupancy rate evolution: 3Q09 3Q14
Occupancy Cost: in line figures
The occupancy cost in 3Q14 was 13.1%, in line with the previous three third quarters. The turnover rate, measured as a
percentage of GLA, decreased from 1.1% in 3Q13 to 0.8% in 3Q14.
Multiplan shopping centers delinquency rate (rental payments more than 25 days overdue) was 1.7% in 3Q14 versus 1.5% in
3Q13. Rent losses were 0.8%, remaining well within the lowest range for the company.

Historical turnover and occupancy cost: 3Q10-3Q14

Historical delinquency rates and rent losses: 3Q10-3Q14

497
534 545
552
592
711
762
98.4%
99.1%
98.4% 98.1% 98.5% 98.1%
98.8%
60.0%
68.0%
76.0%
84.0%
92.0%
100.0%
450
500
550
600
650
700
750
800
850
Total GLA ('000 m) Occupancy Rate
Total GLA CAGR 3Q09-3Q14:
8.9%
12.7%
13.1% 13.1% 13.0% 13.1%
1.2%
0.6%
1.6%
1.1%
0.8%
3Q10 3Q11 3Q12 3Q13 3Q14
Occupancy Cost Turnover
3.2%
0.9%
1.3%
1.5%
1.7%
1.1%
2.4%
0.1%
0.7%
0.8%
3Q10 3Q11 3Q12 3Q13 3Q14
Delinquency Rate Rent Loss

13

3Q14
MULT3

4. Gross Revenue
Gross Revenue increases 13.5% in 3Q14
Gross revenue totaled R$307.3 million in 3Q14, a 13.5%
increase over 3Q13. The main drivers of this performance
were rental and parking revenues, with increases of 19.1%
and 16.4%, respectively. These lines represent 72.4% of
3Q14 gross revenue, increasing their contribution when
compared to the 69.2% recorded in 3Q13. Rental revenue is
composed of base rent, merchandising and overage, which
represent 89.8%, 6.7% and 3.5%, respectively.
The gross revenue for the first nine months of 2014 was
R$889.5 million, increasing 14.1% when compared to 9M13,
driven by rental revenue (+16.5%), services revenue
(+15.0%), parking revenue (+19.5%) and real estate for sale
revenue (+18.3%).

Gross revenue breakdown 3Q14

3Q14 Gross revenue growth breakdown (Y/Y) (R$)

Straight Line Effect
4.5%
Services
9.8%
Key Money
3.2%
Parking
12.3%
Real Estate for Sale
9.9%
Others
0.3%
Base Rent
89.8%
Overage
3.5% Merchandising
6.7%
Rental Revenue
60.0%
270.8 M
307.3 M
29.6 M 1.7 M 4.0 M
(3.2 M) 5.3 M (0.5 M) (0.5 M)
Gross Revenue
3Q13
Rental Revenue Straght Line
Effect
Services Key Money Parking Revenue Real Estate for
Sale
Other Gross Revenue
3Q14
13.5%
+19.1% +14.1% +15.5% -24.6% +16.4% -1.7% -31.3%

14

3Q14
MULT3
5. Property Ownership Results
5.1 Rental Revenue
Rental revenue increases 19.1% to R$184.4 million in 3Q14
Rental revenue was R$184.4 million in 3Q14, an increase of 19.1% compared to 3Q13. For the 9M14 period, rental revenue
increased 16.5% to R$538.6 million.
Base and overage rent together increased 20.3% in 3Q14, to R$172.1 million, with part of overage rent shifting to fixed (base
rent).
Merchandising revenue was R$12.3 million in 3Q14, increasing by 5.6% when compared to the same quarter of the previous
year. If the straight line effect, which recorded R$13.7 million in the quarter, is used, the rental revenue increase would be
18.8% (3Q14/3Q13). Please note that the straight line effect does not represent a cash event.

3Q14 Rental revenue growth breakdown (Y/Y) (R$)

Rental revenue per m/month in 3Q14
Shopping centers in operation over 5 years.
Shopping centers in operation for less than 5 years.

Younger malls: on the right track
Multiplans portfolio average rental revenue reached R$104/m per month in 3Q14, or R$106/m per month in 9M14.
Considering the consolidated portfolio, the monthly rate was R$116/m in the quarter, or R$114/m in the nine-month period,
showing a meaningful upside potential for younger malls, which recorded an average monthly rental revenue of R$71/m in
3Q14 and 9M14.
Additional data on shopping centers results can be downloaded from the Fundamentals Spreadsheet on Multiplans investor
relations website (www.multiplan.com.br/ir).

154.8 M
184.4 M
+29.5 M -0.5 M
+0.6 M
Rental Revenue
3Q13
Base rent Overage Merchand. Rental Revenue
3Q14
19.1%
+21.6% -7.2% +5.6%
104/m
71/m
116/m
Portfolio New Shopping
Centers
Consolidated
Shopping
Centers
63.9%

15

3Q14
MULT3
VillageMalls rental revenue increases 52.7% in 3Q14
VillageMalls performance was positively impacted by increased sales productivity and the new stores opened during 2014.
Rental revenue increased by 52.7% to R$9.1 million in 3Q14, the same amount recorded in 4Q13, when tenants pay double-
rent in December. In the 9M14, the malls rental revenue summed R$24.0 million, 33.2% higher than in 9M13.
Malls with 30+ years in operation, which represent 46.3% of the total rental revenue, recorded a combined growth of 10.8% in
3Q14. RibeiroShopping and BarraShopping, boosted by recent expansions, showed rent increases of 23.1% and 14.6% in
3Q14, or 26.0% and 12.1% in 9M14, respectively. MorumbiShopping continues to reap the benefits of recent improvements in
its tenant mix, and showed a rental growth of 10.2% in the quarter, and 11.8% in 9M14.
ParkShoppingSoCaetano, PtioSavassi and BarraShoppingSul were also highlights, with double-digit growth in 3Q14, of
13.4%, 13.1% and 10.1%, respectively.
Rental Revenue (R$) Opening 3Q14 3Q13 Chg.% 9M14 9M13 Chg.%
BH Shopping (1979) 17.4 M 17.2 M 1.2% 52.5 M 52.9 M 0.7%
RibeiroShopping (1981) 11.3 M 9.2 M 23.1% 33.4 M 26.5 M 26.0%
BarraShopping (1981) 22.4 M 19.5 M 14.6% 64.1 M 57.2 M 12.1%
MorumbiShopping (1982) 22.8 M 20.7 M 10.2% 70.1 M 62.7 M 11.8%
ParkShopping (1983) 11.5 M 10.5 M 10.2% 33.5 M 31.1 M 7.8%
DiamondMall (1996) 9.6 M 8.7 M 9.8% 28.1 M 26.2 M 7.1%
New York City Center (1999) 1.8 M 1.9 M 7.7% 5.1 M 5.4 M 5.3%
Shopping Anlia Franco (1999) 5.9 M 5.5 M 7.0% 17.6 M 16.5 M 6.8%
ParkShoppingBarigi (2003) 11.2 M 10.8 M 4.1% 33.3 M 32.1 M 4.0%
Ptio Savassi (2004) 6.4 M 5.6 M 13.1% 18.2 M 16.8 M 8.3%
Shopping Santa rsula (1999) 1.4 M 1.5 M 9.6% 4.0 M 4.3 M 5.8%
BarraShoppingSul (2008) 12.1 M 11.0 M 10.1% 35.7 M 33.0 M 8.4%
Shopping Vila Olmpia (2009) 4.4 M 4.2 M 5.4% 13.5 M 13.0 M 3.9%
ParkShoppingSoCaetano (2011) 9.6 M 8.5 M 13.4% 29.0 M 25.3 M 14.9%
JundiaShopping (2012) 6.8 M 6.8 M 0.2% 20.1 M 19.5 M 3.0%
ParkShoppingCampoGrande (2012) 7.1 M 7.3 M 2.9% 21.9 M 22.0 M 0.1%
VillageMall (2012) 9.1 M 5.9 M 52.7% 24.0 M 18.0 M 33.2%
Parque Shopping Macei (2013) 2.7 M - n.a. 7.4 M - n.a.
Morumbi Corporate (2013)
4
11.1 M - n.a. 26.8 M - n.a.
Subtotal 184.4 M 154.8 M 19.1% 538.6 M 462.4 M 16.5%
Straight line effect 13.7 M 12.0 M 14.1% 31.7 M 30.6 M 3.9%
Total 198.2 M 166.844 M 18.8% 570.4 M 492.9 M 15.7%
Ptio Savassi opened in 2004 and was acquired by Multiplan in June, 2007.
2
Shopping Santa rsula opened in 1999 and was acquired by Multiplan in April, 2008.
Parque Shopping Macei opened on November, 2013.
4
Morumbi Corporate was concluded on September, 2013
Morumbi Corporate records rental revenue of R$11.1 million, a 10% increase over 2Q14
Morumbi Corporate, the two-tower office complex located across from MorumbiShopping,
contributed with R$11.1 million in rental revenue in 3Q14. In the 9M14, rental revenues for
the project summed R$26.8 million, and the complex has 67.0% of its area leased. The
towers are connected by an indoor gourmet plaza, offering four quality restaurants, a caf
and a bombonire.

Rental revenue breakdown in 3Q14

Office Towers
6.0%
Shopping
Centers
94.0%

16

3Q14
MULT3
Same Store Rent increases 8.8% in 3Q14, with real increase of 2.7%
Same Store Rent (SSR) went up 8.8% in 3Q14, on top of a strong growth achieved in 3Q13, of 11.4%. Considering the IGP-DI
adjustment effect of 5.9% in 3Q14, the real growth was 2.7% in the quarter. The Same Area Rent (SAR) increased 7.8% in
3Q14. In 9M14, the SSR grew 8.5%, and the SAR increased 7.1%.

Same Store Rent (SSR) breakdown - Nominal and real growth
5.2 Parking Revenue
Parking revenue reaches R$37.9 million in 3Q14, an increase of 16.4%
As a result of the combination of the increase in car flow coming from new shopping centers, the increase of parking spaces
through new areas and longer consumer stays in the mall, parking revenue reached R$37.9 million in 3Q14, a growth of 16.4%
when compared to 3Q13. In 9M14, parking revenue increased 19.5% to R$111.9 million, compared to the same period of the
previous year.
5.3 Shopping Center and Office Tower Expenses
Shopping center expenses unchanged in 3Q14
Shopping center expenses totaled R$26.9 million in 3Q14, practically
unchanged when compared to 3Q13, of R$26.8 million, in spite of the
delivery of new areas. As a percentage of shopping center net revenue,
mall expenses reached 12.3% in 3Q14, 94 bps better than 3Q13.
The temporary higher brokerage fees and condominium expenses incurred
last year, have come down and Multiplan believes that as the new
operations mature, margins should continue to improve and converge
towards those of the consolidated malls.
In 9M14, shopping center expenses were R$77.3 million, 10.3% less than
in 9M13. Mall expenses as a percentage of shopping center net revenue
was 11.8% in 9M14, 252 bps better than in 9M13.
Recorded expenses related to office towers summed R$3.8 million in 3Q14
and R$9.7 million in 9M14. Morumbi Corporate has currently 67.0% of its
GLA leased, and as project occupancy rates improve, the operating margin
should increase.

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

Shopping center expenses evolution (R$)
and as % of shopping center net revenue
(excluding real estate for sale revenue and taxes, and
straight-line effect)
7.3%
8.8%
9.6% 9.3%
7.7%
6.3%
5.7% 5.9%
6.8%
7.4% 7.6%
6.8%
5.9% 5.8% 5.9%
2.8%
4.9%
5.8%
4.8%
3.9%
3.9%
1.8%
2.6%
4.3%
0.6%
3.5%
1.1%
0.9%
4.1%
2.7%
10.3%
14.1%
16.0%
14.5%
11.9%
10.4%
7.7%
8.6%
11.4%
8.0%
11.4%
8.0%
6.8%
10.1%
8.8%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
IGP-DI Adjustment Effect Real SSR
26.8 M
38.4 M
25.5 M
24.8 M
26.9 M
13.2%
14.4%
12.1% 11.1%
12.3%
3Q13 4Q13 1Q14 2Q14 3Q14
0.2%
86.1 M
77.3 M
14.3%
11.8%
9M13 9M14
10.3%

17

3Q14
MULT3
5.5 Net Operating Income NOI
NOI + Key money increases 16.0% in 3Q14, with margin at 87.5%
Multiplan recorded a Net
Operating Income (NOI) + Key
Money (KM) of R$215.2 million in
3Q14, 16.0% higher than in
3Q13. In the same period, NOI +
Key Money margin reached
87.5%, in line with the margin
recorded in 3Q13 of 87.4%.
In 9M14, NOI + Key Money
increased 15.6% compared to
9M13, to R$624.8 million with a
margin of 87.8%, an increase of
152 b.p. compared to 9M13.

NOI Calculation (R$) 3Q14 3Q13 Chg.% 9M14 9M13 Chg.%
Rental revenue
184.4 M 154.8 M 21.6% 538.6 M 462.4 M 15.2%
Straight line effect
13.7 M 12.0 M 26.9% 31.7 M 30.6 M 3.0%
Parking revenue
37.9 M 32.5 M 25.0% 111.9 M 93.6 M 21.2%
Operational revenue
236.1 M 199.4 M 18.4% 682.3 M 586.6 M 16.3%
Shopping center expenses
(26.9 M) (26.8 M) 27.8% (77.3 M) (86.1 M) 15.0%
Office for lease expenses
(3.8 M) - 0.0% (9.7 M) - 0.0%
NOI
205.4 M 172.5 M 19.1% 595.3 M 500.5 M 18.9%
NOI margin
87.0% 86.5% 48 b.p 87.2% 85.3% 193 b.p
Key Money
9.8 M 13.0 M 33.0% 29.5 M 39.9 M 26.8%
Operational revenue + Key money
245.8 M 212.3 M 15.8% 711.8 M 626.5 M 13.6%
NOI + Key Money
215.2 M 185.5 M 16.0% 624.8 M 540.4 M 15.6%
NOI + Key Money margin
87.5% 87.4% 17 b.p 87.8% 86.3% 152 b.p
The NOI + Key Money per share reached R$1.14 in 3Q14, implying a strong five-year CAGR of 14.2%. In the last twelve
months, NOI + Key Money was R$4.38 per share, equivalent to a five-year CAGR of 12.7%.

NOI + Key Money per share* evolution (R$)
*Shares outstanding adjusted for shares held in treasury

NOI + Key Money (R$) and margin

NOI + Key Money (R$)
0.59 0.63
0.74
0.85
0.99
1.14
2.41
2.59
2.89
3.40
3.96
4.38
3Q09 3Q10 3Q11 3Q13 3Q13 3Q14
NOI + Key money per share
NOI + Key money per share (LTM)
CAGR:
14.2%
CAGR:
12.7%
185.5 M
215.2 M
87.4% 87.5%
3Q13 3Q14
16.0%
540.4 M
624.8 M
86.3%
87.8%
9M13 9M14
15.6%
355.1 M
462.8 M
513.9 M
607.6 M
744.1 M
828.5 M
Sep-09
(LTM)
Sep-10
(LTM)
Sep-11
(LTM)
Sep-12
(LTM)
Sep-13
(LTM)
Sep-14
(LTM)
CAGR +18.5%

18

3Q14
MULT3
6. Shopping Center Management Results
6.1 Services Revenue
Services revenue covers all company headquarters expenses in 3Q14 and 9M14

Services revenue - composed mainly of portfolio
management, brokerage and transfer fees -
presented a 15.5% increase in 3Q14, equivalent
to 101.7% of general and administrative
expenses for 3Q14.
The most important drivers of higher services
revenue in 3Q14 were (i) a 25.5% increase in
shopping center management fees and (ii) a
36.8% increase in brokerage fees.

Quarterly services revenue evolution (R$)

For the nine-month-period ended on September
30, 2014, services revenue increased 15.0%
when compared to 9M13, equivalent to 104.8%
of General and Administrative expenses in the
same period, showing that this revenue line
covered all company headquarters expenses.

Services revenue/G&A (x)
6.2 General and Administrative Expenses (Headquarters)
G&A expenses continue to be diluted
In 3Q14, General and Administrative (G&A) expenses
increased 6.1% when compared to the same period in the
year before, mainly due to higher payroll expenses which
were partially offset by lower services and travel
expenses (-28.3%).
As a percentage of net revenue, G&A expenses dropped 58
bps from 11.2% in 3Q13, to 10.6%, in 3Q14.

Quarterly G&A evolution (R$)
and as a % of net revenues (%)

In 9M14, G&A expenses as a percentage of net revenue went
from 11.2% in 9M13, down to 10.6%, reaching R$85.6
million, 7.3% higher than in 9M13. In 9M14, the company
reached it is historical lowest level (G&A as a percentage of
net revenue) since IPO, as a result of Multiplans ability to
keep expenses under control and to obtain gains from scale
generated by organic growth and new GLA.

9M G&A evolution (R$) and as a % of net revenues (%)

26.0 M 27.1 M
32.2 M
27.5 M
30.0 M
3Q13 4Q13 1Q14 2Q14 3Q14
+15.5%
0.94 x
0.84 x 0.83 x
0.78 x
0.93 x
0.98 x 0.97 x
1.05 x
1.00 x
2007 2008 2009 2010 2011 2012 2013 9M14
27.8 M
28.2 M
24.5 M
31.6 M
29.5 M
11.2%
10.5%
9.5%
11.6%
10.6%
3Q13 4Q13 1Q14 2Q14 3Q14
+6.1%
59.3 M
62.2 M
70.1 M
62.7 M
75.9 M
79.8 M
85.6 M
20.7%
19.2%
16.5%
13.0%
10.5%
11.2%
10.6%
3.0%
8.0%
13. 0%
18. 0%
23. 0%
28. 0%
33. 0%
38. 0%
43. 0%
9M08 9M09 9M10 9M11 9M12 9M13 9M14
+7.3%

19

3Q14
MULT3
7. Shopping Center Development Results
7.1 Key Money Revenue
Key money revenue totals R$29.5 million in 9M14
Key money revenue recognition in 3Q14 decreased 24.6% to R$9.8 million, impacted by BarraShoppingSul which completed its
first five years in operation (the accounting accrual period for most mall key money contracts), and partially compensated by the
key money from one greenfield (Parque Shopping Macei) delivered in 4Q13 and two expansions (RibeiroShopping Exp. VIII
and BarraShopping Exp. VII) delivered in 4Q13 and 2Q14, respectively.

7.2 New Projects for Lease Expenses
39.2% drop in New Projects for Lease expenses in 3Q14
In 3Q14, new projects for lease expenses were R$2.4
million, a drop of 39.2% when compared to R$3.9 million in
3Q13. In 3Q14, new projects for lease expenses consisted
mainly of expenses for the future greenfield projects and
expenses for the opening of BarraShopping Expansion VII.
These expenses are incurred mostly in the planning,
launching and opening of projects, and are an important tool
to implement the companys strategy to attract the best
tenants and create the ideal mix for each mall.

Quarterly New Projects for Lease Expenses (R$)

3.9 M
13.7 M
6.3 M
2.5 M 2.4 M
3Q13 4Q13 1Q14 2Q14 3Q14
-39.2%
Key Money Revenue (R$) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
Operational (Recurring) 1.0 M 2.0 M 51.9% 2.2 M 5.8 M 61.2%
Projects opened in the last 5 years (Non-recurring) 8.8 M 11.0 M 19.6% 27.3 M 34.2 M 20.1%
Key Money Revenue 9.8 M 13.0 M 24.6% 29.5 M 39.9 M 26.1%

20

3Q14
MULT3
8. Real Estate for Sale Results
8.1 Revenue
Consistent revenues and high margins
Multiplan recorded real estate for sale revenue of R$30.4 million in
3Q14, 1.7% lower than in 3Q13. Real estate for sale revenue, as per
the percentage of completion method PoC, was composed mainly of
revenues from the real estate projects in the BarraShoppingSul
Complex, including the Diamond Tower (97.0% sold) and Rsidence
du Lac (100.0% sold), with construction work expected to be concluded
in 4Q14.

8.2 Cost of properties sold
Close to conclusion
During the 3Q14, the Company recorded a cost of properties sold of
R$17.9 million, according to the development of construction work,
driven by costs from the real estate projects in the
BarraShoppingSul Complex.
Moreover, gross real estate margins grew 480 bps, from 36.4% in
3Q13, to 41.2% in 3Q14. For the nine-month-period ended on
September 30th, 2014, real estate margin reached 39.6%, in line
with the last five years average margin.

Gross Real Estate Margin Evolution (%)

8.3 New Projects for Sale Expenses
New projects for sale expenses reaches R$2.0 million in 3Q14, down 39.1%
New projects for sale expenses decreased to R$2.0 million in 3Q14, compared to R$3.3 million in 3Q13. In 3Q14, new
projects for sale expenses were composed mainly by (i) brokerage fees, (ii) property taxes (IPTU) for the land bank, and (iii)
expenses related to future projects not yet announced.

Quarterly New Projects for Sale Expenses (R$)

47.4%
9.4%
46.7%
33.2%
39.6%
39.6%
2010 2011 2012 2013 9M14
Gross Real Estate Margin Average Gross Margin since 2010
3.3 M
3.8 M
3.7 M
2.3 M
2.0 M
3Q13 4Q13 1Q14 2Q14 3Q14
-39.1%
1. 8

Quartely Real Estate for Sale Revenues (R$)
and Gross Real Estate Margin* (%)
* Real estate revenue minus cost divided by real estate revenue

30.9 M
25.5 M 25.9 M
28.5 M
30.4 M
36.4%
36.3%
40.2%
37.2%
41.2%
0.0%
10. 0%
20. 0%
30. 0%
40. 0%
50. 0%
60. 0%
70. 0%
3Q13 4Q13 1Q14 2Q14 3Q14
-1.7%

21

3Q14
MULT3
9. Financial Results
9.1 EBITDA
Consolidated EBITDA grows 13.9% in 3Q14 to R$186.3 million, while margin increases 117 bps
Consolidated EBITDA increased 13.9% in 3Q14, when compared to 3Q13, driven by (i) a double digit net revenue growth
(+11.9%), (ii) a decrease of 39.1% in new projects expenses and (iii) continued control of shopping center expenses, in spite of
the owned GLA growth of 5.4%, resulting in a margin increase of 117 bps compared to 3Q13, up from 65.8% to 67.0%, in 3Q14.
For the nine-month-period ended on September 30, 2014, consolidated EBITDA margin increased to 70.5% up from 66.5%,
following a strong 20.8% growth, to R$569.9 million.

Consolidated EBITDA (R$) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
Net Revenue 278.2 M 248.7 M 11.9% 807.9 M 709.6 M 13.8%
Headquarters expenses (29.5 M) (27.8 M) 6.1% (85.6 M) (79.8 M) 7.3%
Stock-option expenses (4.0 M) (3.1 M) 32.1% (10.7 M) (7.8 M) 36.4%
Shopping centers expenses (26.9 M) (26.8 M) 0.2% (77.3 M) (86.1 M) 10.3%
Office towers for lease expenses (3.8 M) - na (9.7 M) - na
New projects for lease expenses (2.4 M) (3.9 M) 39.2% (11.2 M) (9.8 M) 14.7%
New projects for sale expenses (2.0 M) (3.3 M) 39.1% (8.0 M) (8.6 M) 6.7%
Cost of properties sold (17.9 M) (19.7 M) 9.1% (51.3 M) (48.7 M) 5.2%
Equity pickup (0.7 M) 0.5 M na 10.7 M (0.2 M) na
Other operating income (expenses) (4.7 M) (0.9 M) 400.6% 5.1 M 3.2 M 56.4%
Consolidated EBITDA 186.3 M 163.6 M 13.9% 569.9 M 471.9 M 20.8%
Consolidated EBITDA Margin 67.0% 65.8% 117 b.p 70.5% 66.5% 405 b.p

Even with high margins from real estate projects for sale, Consolidated EBITDA margin tends to be below Shopping Center
EBITDA margin, which will be shown on the next page.

For the last twelve months consolidated EBITDA reached R$708.7 million, implying a five-year CAGR of 19.6%. In the same
period, Consolidated EBITDA margin increased 143 bps when compared to September 2009 (LTM), up from 64.4%, to 65.8% in
September 2014 (LTM).

EBITDA Evolution (LTM)
289.7 M
333.7 M
432.5 M
578.1 M
643.3 M
708.7 M
64.4%
57.1%
65.5%
63.2%
67.6%
65.8%
September-09
(LTM)
September-10
(LTM)
September-11
(LTM)
September-12
(LTM)
September-13
(LTM)
September-14
(LTM)
Consolidated EBITDA (LTM) Consolidated EBITDA Margin (LTM)
CAGR: +19.6%

22

3Q14
MULT3
In 3Q14 Shopping Center EBITDA grows 10.2% and reaches a 73.8% margin

Multiplan recorded a solid growth in Shopping Center EBITDA in 3Q14, driven by (i) shopping center net revenues growth
(+9.2%), (ii) a 39.2% decrease in new project for lease expenses and (iii) reductions in G&A and shopping center expenses as a
percentage of net revenues, partially offset by (iv) an increase in other operating expenses. As a result, Shopping Center
EBITDA margin went up from 73.2% in 3Q13, to 73.8% in 3Q14. In 9M14, Shopping Center EBITDA margin was even higher,
increasing to 76.3% up from 73.3%.
Not including new projects for lease expenses in the Shopping Center EBITDA calculation, for illustration purposes only, the
margin increases to 77.9% in 9M14, 307 bps higher than in 9M13.
Shopping Center EBITDA (R$) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
Shopping Center Gross Revenue 265.8 M 239.8 M 10.8% 777.8 M 707.8 M 9.9%
Taxes and contributions on sales and services (25.2 M) (19.6 M) 28.6% (71.4 M) (63.5 M) 12.4%
Shopping Center Net Revenue 240.6 M 220.2 M 9.2% 706.5 M 644.4 M 9.6%
Headquarters expenses (25.5 M) (24.7 M) 3.6% (74.9 M) (72.5 M) 3.3%
Stock-option expenses (3.5 M) (2.7 M) 29.0% (9.3 M) (7.1 M) 31.3%
Shopping centers expenses (26.9 M) (26.8 M) 0.2% (77.3 M) (86.1 M) 10.3%
New projects for lease expenses (2.4 M) (3.9 M) 39.2% (11.2 M) (9.8 M) 14.7%
Other operating income (expenses) (4.7 M) (0.9 M) 400.6% 5.1 M 3.2 M 56.4%
Shopping Center EBITDA 177.6 M 161.2 M 10.2% 538.8 M 472.1 M 14.1%
Shopping Center EBITDA Margin 73.8% 73.2% 63 b.p 76.3% 73.3% 300 b.p
(+) New projects for lease expenses 2.4 M 3.9 M 39.2% 11.2 M 9.8 M 14.7%
SC EBITDA before New Projects Expenses
4
180.0 M 165.1 M 9.0% 550.0 M 481.9 M 14.1%
SC EBITDA before New Projects Expenses Margin 74.8% 75.0% 16 b.p 77.9% 74.8% 307 b.p

(1) Shopping Center Gross Revenue: does not consider real estate for sale and office towers for lease revenues.
(2) Headquarters expenses and stock options: proportional to the shopping centers revenues as a percentage of gross revenue.
(3) Shopping Center EBITDA: does not consider Real Estate: revenues, taxes, costs and expenses.
(4) 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 and office towers still not in operation.

Consolidated EBITDA, Shopping Center EBITDA, and Shopping Center EBITDA
before New Projects for Lease Expenses (R$) and Margins (%)
186.3 M
177.6 M 180.0 M
569.9 M
538.8 M
550.0 M
67.0%
73.8%
74.8%
70.5%
76.3%
77.9%
50. 0%
70. 0%
90. 0%
110.0%
130.0%
150.0%
170.0%
3Q14
Consolidated
EBITDA
Shopping Center
EBITDA
Shopping Center
EBITDA before
New Projects for
Lease Expenses
9M14
Consolidated
EBITDA
Shopping Center
EBITDA
Shopping Center
EBITDA before
New Projects for
Lease Expenses

23

3Q14
MULT3
9.2 Financial Results, Debt and Cash
Multiplan ended 3Q14 with a net debt of R$1,850.5 million, compared to R$1,929.8 million in the previous quarter. The current
figure represents a net debt-to-EBITDA (last 12 months) ratio of 2.61x, and the net debt is equivalent to 11.7% of the investment
property fair value. In 3Q14, the balance between the interest from the invested cash position (financial revenues) and financial
expenses generated a negative financial result of R$42.4 million.

Debt and Cash (R$) September 30
th
, 2014 June 30
th
, 2014 Chg. %
Current Liabilities 397.4 M 251.8 M 57.8%
Loans and financing 207.1 M 200.4 M 3.3%
Debentures 152.3 M 10.7 M 1,320.1%
Obligations from acquisition of goods 38.0 M 40.7 M 6.7%

Non Current Liabilities 1,666.1 M 1,873.0 M 11.0%
Loans and financing 1,494.7 M 1,543.0 M 3.1%
Debentures 150.0 M 300.0 M 50.0%
Obligations from acquisition of goods 21.4 M 30.0 M 28.6%
Gross Debt 2,063.5 M 2,124.9 M 2.9%
Cash and Cash Equivalents 213.0 M 195.0 M 9.2%
Net Debt 1,850.5 M 1,929.8 M 4.1%
Fair Value of Investment Properties 15,821.0 M 15,492.0 M 2.1%

Cash and Cash Equivalents in 3Q14 was positively impacted by R$18.0 million, mainly due to the cash outflows of (i) CAPEX of
R$53.3 million in the period, (ii) payment of R$60.5 million in short term bank debt; which were fully offset by (iii) cash
generation of current operations.

Multiplans debt amortization schedule on September 30, 2014 (R$)

61 M
192 M
273 M
312 M
247 M
199 M
28 M
85 M
305 M
20 M
22 M
13 M
4 M
2 M
150 M
150 M
83 M
364 M
436 M
316 M
247 M
199 M
28 M
85 M
305 M
2014 2015 2016 2017 2018 2019 2020 2021 >= 2022
Loans and financing (banks) Obligations from acquisition of goods (land and minority interest) Debentures

24

3Q14
MULT3
Recent events:

R$400 million six-year debenture issued at CDI + 0.87% per annum
In October 2014, Multiplan completed the issue of 40,000 non-convertible debentures equivalent to R$400 million, with five and
six year terms. After the bookbuilding process the company was able to reduce the initial pricing of CDI + 1.00% p.a. to
CDI + 0.87% p.a.. Simultaneously, Multiplan prepaid the existing debenture (R$300 M) shown in the chart below, issued in 2011
and due in 2015/2016. As a result, Multiplan extended its debt amortization schedule (as shown below) and reduced the
debenture cost-of-debt by 14 bps, from 1.01% p.a. (second debenture issued) to 0.87% p.a. (third debenture issued).

Multiplans debt amortization schedule on September 30, 2014 (R$), considering third debenture issue

R$100 million ten-year financing at TR + 8.90% per annum
In line with its policy of continuous search for alternative sources of funding, Multiplan signed a ten-year financing agreement of
R$100 million, in October 2014, at an interest rate of T.R. + 8.90% p.a., with one year grace period and 108 monthly
installments.

81 M
214 M
286 M
316 M
247 M
199 M
28 M
85 M
305 M
150 M
150 M
200 M
200 M
81 M
316 M
247 M
399 M
228 M
85 M
305 M
2014 2015 2016 2017 2018 2019 2020 2021 >= 2022
Existing debt Prepayment debenture 2nd. issue Debenture 3rd. issue
286 M
214 M

25

3Q14
MULT3
Deleveraging and extending duration
When compared to 2Q14, the increase in EBITDA LTM (3.3%) combined with a decrease in Net Debt (4.1%), contributed to
reduce the net debt-to-EBITDA (LTM) ratio from 2.81x in June 2014, to 2.61x in September 2014.
The weighted average maturity of the company debt at the end of 3Q14 was of 46 months, compared to 48 months in 2Q14. For
purposes of illustration only, considering the prepayment of the second debenture, the third debenture issuing and the new
financing, the weighted average maturity increases nine months in 3Q14, to 55 months as shown in the chart on bottom right.

In the last twelve months Multiplan funding costs remain below Selic
Multiplan weighted average cost-of-debt remained below Selic for the fourth consecutive quarter, as a consequence of the
financing strategy implemented last year, increasing the share of gross debt indexed to TR. As a result, on a 12-month basis,
weighted average cost-of-debt increased by 120 bps, up from 9.34% p.a. on September 30, 2013, to 10.54% p.a. on September
30, 2014, while the basic interest rate increased 200 bps, from 9.00% p.a. on September 30, 2013, to 11.00% p.a. as of
September 30, 2014.

Indebtedness interest indices on September 30
th
, 2014

Index
Performance
Average
Interest Rate
Cost of
Debt
Gross Debt
(R$)

TR
0.76% 9.01% 9.77% 869.4 M
CDI
11.00% 1.03% 12.03% 901. M
TJLP
5.00% 3.23% 8.23% 159. M
IGP-M
3.54% 1.87% 5.41% 59.7 M
IPCA
6.75% 7.62% 14.37% 27.9 M
Others
0.00% 8.03% 8.03% 46.5 M
Total 5.70% 4.83% 10.54% 2,063.5 M
Weighted average annual interest rate.
Index performance for the last 12 months.
Multiplan Debt Indices on
September 30
th
, 2014
TR
42.1%
CDI
43.7%
TJLP
7.7%
IGP-M
2.9%
Other
3.6%
Financial Position Analysis*
Sep. 30
th
,
2014
Jun. 30
th
,
2014

Net Debt/EBITDA (LTM) 2.61x 2.81x
Gross Debt/EBITDA (LTM) 2.91x 3.10x
EBITDA/Financial Expenses (LTM) 3.59x 3.82x
Net Debt/Fair Value 11.7% 12.5%
Net Debt/Equity 45.9% 48.9%
Weighted Average Maturity (Months) 46 48
* EBITDA and Financial Expenses are the sum of the last 12 months.

Weighted average maturity (months)

Weighted average cost of funding (% p.a.)
45
55
53
50
48
46
55
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Weighted Average Maturity
Weighted Average Maturity - New Debts + Second Debentures Prepayment
11.08%
10.52%
9.98%
9.48%
9.08%
8.95%
9.20%
9.34%
9.87%
10.41%
10.50%
10.54%
11.00%
9.75%
8.50%
7.50%
7.25% 7.25%
8.00%
9.00%
10.00%
10.75%
11.00% 11.00%
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Multiplan Cost of Funding Selic Rate

26

3Q14
MULT3
9.3 Net Income and Funds From Operations (FFO)
9M14 net income reaches R$243.9 million, an increase of 7.2%
In 3Q14, net income was R$68.2 million, 21.3% lower than in 3Q13, mainly due to (i) higher tax burden, given the provision of
interest on shareholders equity in 3Q13, which did not occur in 3Q14, (ii) higher financial expenses, due to the increase of
interest rates (presented in the previous page) and (iii) higher depreciation and amortization expenses, due to the delivery of
one greenfield, two expansions and one office tower in 2H13, and another expansion in 2Q14. This result was partially offset
by (iv) higher net revenues (11.9%). Nevertheless, net income increased 7.2% in 9M14 to R$243.9 M.
Last twelve months FFO records five year CAGR of 14.1%
Funds From Operations (FFO) which is not affected by non-cash events (depreciation and deferred taxes) fell 7.0% in 3Q14,
given the higher tax burden and financial expenses (mentioned above), but increased 15.5% in the last nine months, reaching
R$389.6 million.
Net Income & FFO Calculation (R$) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
Net revenue 278.2 M 248.7 M 11.9% 807.9 M 709.6 M 13.8%
Operating expenses (91.9 M) (85.0 M) 8.0% (238.0 M) (237.8 M) 0.1%
Financial results (42.4 M) (18.9 M) 124.5% (121.7 M) (76.9 M) 58.2%
Depreciation and amortization (42.0 M) (31.4 M) 33.9% (121.3 M) (88.8 M) 36.7%
Income tax and social contribution (26.7 M) (18.7 M) 43.1% (58.6 M) (57.5 M) 1.9%
Minority interest 0.0 M (0.0 M) na (0.0 M) (0.0 M) 49.1%
Adjusted net income 75.2 M 94.7 M 20.6% 268.3 M 248.7 M 7.9%
Deferred income and social contribution (7.0 M) (8.0 M) 12.7% (24.4 M) (21.2 M) 15.1%
Net income 68.2 M 86.7 M 21.3% 243.9 M 227.4 M 7.2%
Depreciation and amortization 42.0 M 31.4 M 33.9% 121.3 M 88.8 M 36.7%
Deferred income and social contribution 7.0 M 8.0 M 12.7% 24.4 M 21.2 M 15.1%
FFO 117.2 M 126.0 M 7.0% 389.6 M 337.4 M 15.5%
FFO per share 0.62 0.67 7.3% 2.07 1.80 15.2%

1
Shares outstanding at the end of each period, adjusted for shares held in treasury.

In the last twelve months FFO reached R$478.4 million, representing a five year CAGR of 14.1%. In the same period, FFO per
share (LTM) five year CAGR reached 12.7%.

FFO Evolution (LTM)

FFO (R$) per share evolution

247.7 M
353.8 M
389.6 M
488.6 M
496.3 M
478.4 M
September-09
(LTM)
September-10
(LTM)
September-11
(LTM)
September-12
(LTM)
September-13
(LTM)
September-14
(LTM)
CAGR: +14.1%
0.41
0.47
0.56 0.57
0.67
0.62
1.40
1.98
2.19
2.74
2.64
2.54
3Q09 3Q10 3Q11 3Q12 3Q13 3Q14
FFO per share FFO per share (LTM)
CAGR:
+8.7%
CAGR:
+12.7%

27

3Q14
MULT3
10. MULT3 Indicators & Stock Market
Average daily traded volume of R$29.1 million in 3Q14
Multiplans stock (MULT3 at BM&FBOVESPA; MULT3 BZ on Bloomberg) ended
the third quarter of 2014 quoted at R$50.12/share, a 5.4% depreciation when
compared to the end of 3Q13. Multiplans average daily traded volume was
R$29.1 million in 3Q14 and the same R$29.1 million in 9M14, 3.5% higher than
in 9M13 (R$27.9 million), when the traded volume was boosted by the issuance
of new shares as a result of the Follow On at the beginning of 2013. The daily
number of traded shares in 9M14 increased 4.6% over 9M13.
Multiplan shares are listed in the following indexes: Brazil Index (IBRX), Tag
Along Index (ITAG), Corporate Governance Index (IGC), Real Estate Index
(IMOB), Mid-Large Cap Index (MLCX), MSCI Brazil Index Fund, FTSE
EPRA/NAREIT Global Index, FTSE All World Emerging Index, FTSE All World
EX US Index Fund, MSCI Emerging Markets Index, MSCI BRIC Index
Fund, SPL Total International Stock Index, S&P Global ex-US Property Index,
Market Vectors Brazil Index Total Return and Market Vectors Brazil Index Price.

Evolution of daily average
number of shares traded

Spread analysis and volume: MULT3 and Ibovespa Index
Base 100 = September 30, 2013

On September 30, 2014, 29.3% of the Companys shares were owned directly and indirectly by Mr. and Mrs. Peres. Ontario
Teachers Pension Plan (OTPP) owned 28.8% and the free-float was equivalent to 41.1%. Shares held by management and in
treasury totaled 0.8% of the outstanding shares. Total shares issued are 189,997,214.

Shareholders capital stock breakdown on Sep 30
th
,2014.
OTPP Ontario Teachers Pension Plan
685.7 M
754.6 M
89.4%
85.1%
1Q13 (LTM) 1Q14 (LTM)
Average daily traded volume in BRL
Average daily traded volume in
number of shares
8.9 M
17.4 M
26.5 M
29.1 M
264,490
359,710
492,683
584,128
2011 2012 2013 9M14
Average daily traded volume in BRL
Average daily traded volume in number of shares
-
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14
60
70
80
90
100
110
120
130
Traded Volume (15 day average) Multiplan Ibovespa
MULT3 at BM&FBOVESPA 3Q14 3Q13 Chg. %
Average Closing Price (R$) 54.18 50.65 7.0%
Closing Price (R$) 50.12 53.00 5.4%
Average Daily Traded Volume (R$) 29.1 M 23.6 M 23.3%
Market Cap (R$) 10,294.9 M 9,623.9 M 7.0%
MTP+Peres
29.3%
Free Float
41.1%
Mgmt+Treasury
0.8%
Common Stocks
22.6%
Preferred Stocks
6.2%
OTPP
28.8%

28

3Q14
MULT3
11. Portfolio

Sales per m: Sales of stores that inform sales divided by their GLA.
Rent per m: Rental revenue (base and overage rents) charged divided by its occupied GLA. It is worth noting that this GLA includes
stores that are already leased but are not yet operating (i.e., stores that are being readied for opening).

Portfolio 3Q14 Opening State
Multiplan
%
Total GLA
Rent
(month)
1
Sales
(month)
2
Avg.
Occupancy
Rate
Operating Shopping Centers
BHShopping 1979 MG 80.0% 47,092 m 148 R$/m 1,840 R$/m 99.7%
RibeiroShopping 1981 SP 80.0% 68,656 m 71 R$/m 970 R$/m 98.3%
BarraShopping 1981 RJ 51.1% 74,741 m 183 R$/m 2,214 R$/m 99.7%
MorumbiShopping 1982 SP 65.8% 55,512 m 194 R$/m 2,254 R$/m 99.9%
ParkShopping 1983 DF 61.7% 53,522 m 116 R$/m 1,623 R$/m 99.7%
DiamondMall 1996 MG 90.0% 21,386 m 157 R$/m 2,233 R$/m 100.0%
New York City Center 1999 RJ 50.0% 22,271 m 46 R$/m 748 R$/m 100.0%
Shopping AnliaFranco 1999 SP 30.0% 51,005 m 122 R$/m 1,532 R$/m 99.4%
ParkShoppingBarigi 2003 PR 84.0% 50,674 m 82 R$/m 1,392 R$/m 99.4%
Ptio Savassi 2004 MG 96.5% 17,398 m 119 R$/m 1,680 R$/m 99.9%
Shopping Santa rsula 1999 SP 62.5% 23,057 m 27 R$/m 632 R$/m 95.7%
BarraShoppingSul 2008 RS 100.0% 69,058 m 58 R$/m 1,173 R$/m 99.4%
Shopping Vila Olmpia 2009 SP 60.0% 28,382 m 92 R$/m 1,077 R$/m 96.8%
ParkShoppingSoCaetano 2011 SP 100.0% 39,274 m 80 R$/m 1,065 R$/m 98.0%
JundiaShopping 2012 SP 100.0% 34,293 m 63 R$/m 937 R$/m 98.3%
ParkShoppingCampoGrande 2012 RJ 90.0% 42,819 m 58 R$/m 755 R$/m 97.0%
VillageMall 2012 RJ 100.0% 25,685 m 94 R$/m 1,641 R$/m 99.7%
Parque Shopping Macei 2013 AL 50.0% 37,618 m 51 R$/m 635 R$/m 95.9%
Subtotal operating Shopping Centers 73.8% 762,443 m 104 R$/m 1,417 R$/m 98.8%
Operating office tower
ParkShopping Corporate 2012 DF 50.0% 13,360 m - - Leasing phase
Morumbi Corporate 2013 SP 100.0% 74,198 m - - 67.0%
Subtotal operating office tower 92.4% 87,558 m
Malls under development
ParkShoppingCanoas TBA RS 80.0% 48,000 m
Subtotal malls under development 80.0% 48,000 m
Expansion under development
BarraShopping Medical Center Exp. 2015 RJ 51.1% 3,522 m
Subtotal expansion under development 51.1% 3,522 m
Total portfolio 75.8% 901,523 m

29

3Q14
MULT3

MG
SP
PR
RS
RJ
AL
DF
Macei, Alagoas State
Parque Shopping Macei
Braslia - DF
ParkShopping
ParkShopping Corporate
Curitiba, Paran State
ParkShoppingBarigi
Porto Alegre
Rio Grande do Sul State
BarraShoppingSul
So Paulo, So Paulo State
ShoppingAnliaFranco
MorumbiShopping
ShoppingVilaOlmpia
Morumbi Corporate
JundiaShopping
Shopping Santa rsula
RibeiroShopping
ParkShoppingSoCaetano
Belo Horizonte, Minas Gerais State
Ptio Savassi
DiamondMall
BH Shopping
Rio de Janeiro, Rio de Janeiro State
BarraShopping
New York City Center
VillageMall
ParkShoppingCampoGrande
Canoas,
Rio Grande do Sul State
ParkShoppingCanoas
Jundia, So Paulo State
Ribeiro Preto, So Paulo State
So Caetano, So Paulo State
Shopping mall in operation
Tower for lease in operation
Shopping mall under development
Properties Portfolio

30

3Q14
MULT3
12. Ownership Structure
Multiplans ownership structure on September 30
th
, 2014, is described in the chart below. From a total of 189,997,214 shares
issued, 178,138,867 are common voting shares and 11,858,347 are preferred shares held exclusively by Ontario Teachers
Pension Plan and are not listed or traded on any stock exchange.

The interest Multiplan holds in the following Special Purpose Companies (SPC) is as follows:

MPH Empreendimento Imobilirio Ltda.: Owns 60.0% interest in Shopping Vila Olmpia, located in the city of So Paulo,
State of So Paulo. Multiplan holds directly and indirectly 100.0% interest in MPH.
Manati Empreendimentos e Participaes S.A.: Owns 75.0% interest in Shopping Santa rsula, located in the city of
Ribeiro Preto, State of So Paulo, in which Multiplan has a 50/50 partnership.
Parque Shopping Macei S.A.: Owns 100.0% interest in Parque Shopping Macei, located in the city of Macei, State of
Alagoas, in which Multiplan has a 50/50 partnership.
Danville SP Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Ribeiro Preto,
State of So Paulo.
Multiplan Holding S.A.: Multiplans whole subsidiary; holds interest in other Companies and assets.

60.00%
Ontario Teachers
Pension Plan
24.11% ON
100.0% PN
28.85% Total
100.0%
Multiplan Planejamento.
Participaes e
Administrao S.A.
22.25%
77.75%
23.65% ON
22.17%Total
98.00%
Jose Isaac Peres
Maria Helena
Kaminitz Peres
1.00%
99.00%
Multiplan
Administradora de
Shopping Centers Ltda.
Embraplan
Empresa Brasileira
de Planejamento Ltda.
Renasce -
Rede Nacional de
Shopping Centers Ltda.**
Free Float
43.80% ON
41.07% Total
Danville SP Empreendimento
Imobilirio Ltda. *
Multiplan Holding S.A.
SCP Royal Green
Pennsula
MPH
Empreend. Imobilirio Ltda.
1.38% ON
1.29% Total
5.70% ON
5.34% Total
2.00%
99.99%
99.99%
100.0%
Manati Empreendimentos e
Participaes S.A.
Parque Shopping Macei S.A.
Treasury
0.87% ON
0.82% Total
1700480
Ontario Inc.
Shopping Centers %
BarraShopping 51.1%
BarraShoppingSul 100.0%
BH Shopping 80.0%
DiamondMall 90.0%
MorumbiShopping 65.8%
New York City Center 50.0%
ParkShopping 61.7%
ParkShoppingBarigi 84.0%
Ptio Savassi 96.5%
RibeiroShopping 80.0%
ShoppingAnliaFranco 30.0%
Shopping Vila Olmpia 60.0%
Shopping Santa rsula 62.5%
Parque Shopping Macei 50.0%
ParkShopping SoCaetano 100.0%
Jundia Shopping 100.0%
VillageMall 100.0%
ParkShopping Campo Grande 90.0%
Ptio Savassi Administrao
de Shopping Center Ltda.
CAA - Corretagem e
Consultoria
Publicitria Ltda. *
CAA - Corretagem
Imobiliria Ltda. *
100.0%
Ribeiro Residencial
Empreendimento Imobilirio Ltda. *
Multiplan Greenfield I
BarraSul
100.0%
100.0%
100.0%
50.00%
50.00%
50.00%
100.0%
100.0%
100.0%
75.00%
100.0%
Morumbi Business Center
100.0%
Multiplan Greenfield II
100.0%
Multiplan Greenfield III
100.0%
Multiplan Greenfield IV
100.0%
Jundia Shopping Center Ltda. *
Parkshopping Campo Grande Ltda. *
100.0%
100.0%
100.0%
90.00%
ParkShopping Corporate
100.0%
*Multiplan Holding S.A. holds an interest equal or lower than 1.00% in these companies.
**Jos Isaac Peres has a 0.01% interest in this company.
0.45%
50.00%
0.01%
County Estates Limited
Embassy Row Inc
100.0%
100.0%
Multiplan Arrecadadora
Ltda *
100.0%
FIM Multiplus
Investimento
100.0%
0.50% ON
0.46% Total
ParkShopping Canoas Ltda.*
100.0%
Corporate Towers %
ParkShopping Corporate 50.0%
Morumbi Corporate 100.0%
50.00%
46.88%
53.12%
ParkShopping Global Ltda.
87.0%

31

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MULT3
Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of
Ribeiro Preto, State of So Paulo.
Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established to develop a commercial tower in the city of
Porto Alegre, State of Rio Grande do Sul.
BarraSul Empreendimento Imobilirio Ltda.: SPC established to develop a residential building in the city of Porto Alegre,
State of Rio Grande do Sul.
Morumbi Business Center Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of
So Paulo, State of So Paulo, holding 30.0% indirect stake in Shopping Vila Olmpia via 50.0% holdings in MPH, which in turn
holds 60.0% of Shopping Vila Olmpia.
Multiplan Greenfield II Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of So
Paulo, State of So Paulo.
Multiplan Greenfield III Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of Rio
de Janeiro, State of Rio de Janeiro.
Multiplan Greenfield IV Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of So
Paulo, State of So Paulo.
Jundia Shopping Center Ltda.: Owns 100.0% interest in JundiaShopping. Multiplan holds 100.0% interest in Jundia
Shopping Center Ltda, located in the city of Jundia, State of So Paulo.
ParkShopping Campo Grande Ltda.: SPC established to develop ParkShoppingCampoGrande, located in the city of Rio de
Janeiro, State of Rio de Janeiro.
ParkShopping Corporate Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of
Braslia, Distrito Federal.
ParkShopping Canoas Ltda.: SPC established to develop real estate projects in the city of Canoas, State of Rio Grande do
Sul.
Ptio Savassi Administrao de Shopping Center Ltda.: SPC established to manage the parking operation at Shopping
Ptio Savassi, located in the city of Belo Horizonte, State of Minas Gerais.
ParkShopping Global Ltda.: SPC established to develop real estate projects in the city of So Paulo, State of So Paulo.

32

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13. Operational and Financial Data
Operational and Financial Highlights
Perfomance

Financial (MTE %) 3Q14 3Q13 Chg.% 9M14 9M13 Chg.%
Gross revenue R$'000 307,274 270,753 13.5% 889,494 779,514 14.1%
Net revenue R$'000 278,158 248,650 11.9% 807,881 709,617 13.8%
Net revenue R$/m 503.8 477.8 5.4% 1,469.3 1,377.9 6.6%
Net revenue USD/sq. foot 19.1 20.0 4.4% 55.8 57.8 3.3%
Rental revenue (with straight line effect) R$'000 198,180 166,844 18.8% 570,361 492,975 15.7%
Rental revenue R$/m 358.9 320.6 12.0% 1,037.3 957.2 8.4%
Rental revenue USD/sq. foot 13.6 13.4 1.5% 39.4 40.1 1.7%
Monthly rental revenue R$/m 111.4 99.1 12.3% 108.8 99.8 9.1%
Monthly rental revenue USD/sq. foot 4.2 4.2 1.8% 4.1 4.2 1.1%
Net Operating Income (NOI) R$'000 205,393 172,525 19.1% 595,268 500,471 18.9%
Net Operating Income R$/m 372.0 331.5 12.2% 1082.6 971.8 11.4%
Net Operating Income USD/sq. foot 14.1 13.9 1.7% 41.1 40.7 1.0%
Net Operating Income margin 87.0% 86.5% 48 b.p 87.2% 85.3% 193 b.p
NOI/share 1.09 0.92 18.7% 3.16 2.66 18.6%
Net Operating Income (NOI) + Key Money (KM) R$'000 215,164 185,485 16.0% 624,791 540,396 15.6%
NOI + KM R$/m 389.7 356.4 9.3% 1,136.3 1,049.3 8.3%
NOI + KM USD/sq. foot 14.8 14.9 0.9% 43.2 44.0 1.8%
NOI + KM margin 87.5% 87.4% 17 b.p 87.8% 86.3% 152 b.p
NOI + Key money/share 1.14 0.99 15.7% 3.32 2.88 15.3%
Headquarter expenses R$'000 29,534 27,842 6.1% 85,616 79,826 7.3%
Headquarter expenses/Net revenues 10.6% 11.2% 58 b.p 10.6% 11.2% 65 b.p
EBITDA R$'000 186,293 163,618 13.9% 569,903 471,854 20.8%
EBITDA R$/m 337.4 314.4 7.3% 1,036.5 916.2 13.1%
EBITDA USD/sq. foot 12.8 13.2 2.7% 39.4 38.4 2.6%
EBITDA per Share R$ 0.99 0.87 13.6% 3.02 2.51 20.5%
Adjusted net income R$'000 75,193 94,679 20.6% 268,296 248,660 7.9%
Adjusted net income R$/m 136.2 181.9 25.1% 488.0 482.8 1.1%
Adjusted net income USD/sq. foot 5.2 7.6 32.1% 18.5 20.2 8.4%
Adjusted net income margin 27.0% 38.1% 1,104 b.p 33.2% 35.0% 183 b.p
Adjusted net income per share R$ 0.40 0.50 20.8% 1.42 1.32 7.6%
FFO R$'000 117,189 126,044 7.0% 389,643 337,424 15.5%
FFO R$/m 212.3 242.2 12.4% 708.7 655.2 8.2%
FFO US$'000 47,938 56,869 15.7% 159,389 152,240 4.7%
FFO USD/sq. foot 8.1 10.2 20.5% 26.9 27.5 1.9%
FFO margin 42.1% 50.7% 16.9% 48.2% 47.6% 1.4%
FFO per share R$ 0.62 0.67 7.3% 2.07 1.80 15.2%
Dollar (USD) end of quarter 2.4446 2.2164 10.3% 2.4446 2.2164 10.3%
Values in R$/m and US$/sqf consider adjusted owned mall GLA

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Operational and Financial Highlights
Performance
Market Performance 3Q14 3Q13 Chg.% 9M14 9M13 Chg.%
Number of shares 189,997,214 189,997,214 0.0% 189,997,214 189,997,214 0.0%
Common shares 178,138,867 178,138,867 0.0% 178,138,867 178,138,867 0.0%
Preferred shares 11,858,347 11,858,347 0.0% 11,858,347 11,858,347 0.0%
Average share closing price 54.18 50.65 7.0% 49.87 54.61 8.7%
Closing share price 50.12 53.00 5.4% 50.12 53.00 5.4%
Average daily traded volume (R$ '000) 29,097 23,610 23.2% 28,900 27,945 3.4%
Market cap (R$ 000) 9,522,660 10,069,852 5.4% 9,522,660 10,069,852 5.4%
Total debt (R$ 000) 2,063,525 2,206,884 6.5% 2,063,525 2,206,884 6.5%
Cash (R$ 000) 213,032 533,099 60.0% 213,032 533,099 60.0%
Net debt (R$ 000) 1,850,492 1,673,785 10.6% 1,850,492 1,673,785 10.6%
P/FFO (Last 12 months) 19.9 x 20.3 x 1.9% 19.9 x 20.3 x 1.9%
EV/EBITDA (Last 12 months) 16.0 x 18.3 x 12.3% 16.0 x 18.3 x 12.3%
Net Debt/EBITDA (Last 12 months) 2.6 x 2.6 x 0.4% 2.6 x 2.6 x 0.4%

Performance
Operational (100%) 3Q14 3Q13 Chg.% 9M14 9M13 Chg.%
Final total mall GLA (m) 762,526 710,610 7.3% 762,526 710,610 7.3%
Final owned mall GLA (m) 562,744 533,801 5.4% 562,744 533,801 5.4%
Owned mall GLA % 73.8% 75.1% 132 b.p 73.8% 75.1% 132 b.p
Adjusted total mall GLA (avg.) (m) 748,126 692,820 8.0% 745,029 687,744 8.3%
Adjusted owned mall GLA (avg.) (m) 552,117 520,437 6.1% 549,831 514,992 6.8%
Total sales R$'000 2,963,155 2,673,896 10.8% 8,697,584 7,733,697 12.5%
Total sales R$/m 3,961 3,859 2.6% 11,674 11,245 3.8%
Total sales USD/sq. foot 151 162 7.0% 444 471 5.9%
Same Store Sales 6.1% 8.4% 230 b.p 8.4% 7.3% 110 b.p
Same Area Sales 6.7% 7.7% 104 b.p 9.1% 7.3% 180 b.p
Same Store Rent 8.8% 11.4% 261 b.p 8.5% 10.5% 197 b.p
Same Area Rent 7.8% 8.9% 107 b.p 7.1% 8.5% 142 b.p
IGP-DI effect 5.9% 7.6% 170 b.p 5.9% 6.9% 100 b.p
Occupancy costs 13.1% 13.0% 9 b.p 13.2% 13.5% 34 b.p
Rent as sales % 7.5% 7.4% 11 b.p 7.5% 7.7% 19 b.p
Other as sales % 5.6% 5.6% 2 b.p 5.7% 5.8% 15 b.p
Turnover 0.8% 1.1% 30 b.p 3.4% 3.5% 10 b.p
Occupancy rate 98.8% 98.1% 70 b.p 98.6% 97.5% 107 b.p
Delinquency (25 days delay) 1.7% 1.5% 20 b.p 1.9% 1.9% -
Rent loss 0.8% 0.7% 5 b.p 0.8% 0.4% 38 b.p
Adjusted GLA corresponds to the periods average GLA excluding 14.400 m of BIG supermarket at BarraShoppingSul

34

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MULT3
14. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report
14.1 - Variations on the Financial Statement IFRS with CPC 19 (R2) and Managerial Report

IFRS with CPC 19 R2 IFRS with CPC 19 R2
Financial Statements
CPC 19 R2 Managerial Effect CPC 19 R2 Managerial Effect
(R$ '000) 3Q14 3Q14 Difference 9M14 9M14 Difference
Rental revenue 180,975 184,446 3,471 528,839 538,617 9,777
Services 30,088 30,025 (63) 89,952 89,760 (192)
Key money 9,387 9,771 384 28,319 29,523 1,203
Parking 37,434 37,872 438 110,814 111,921 1,106
Real estate 30,414 30,414 - 84,810 84,810 -
Straight line effect 13,587 13,734 147 31,336 31,744 408
Others 561 1,011 450 2,607 3,120 513
Gross Revenue 302,447 307,274 4,827 876,678 889,494 12,816
Taxes and contributions on sales and services (28,878) (29,117) (239) (80,945) (81,614) (668)
Net Revenue 273,569 278,158 4,588 795,733 807,881 12,147
Headquarters expenses (29,533) (29,534) (2) (85,584) (85,616) (32)
Stock-option expenses (4,045) (4,045) - (10,671) (10,671) -
Shopping centers expenses (26,058) (26,905) (847) (74,061) (77,290) (3,229)
Office towers for lease expenses (3,754) (3,754) - (9,723) (9,723) -
New projects for lease expenses (2,372) (2,372) - (11,198) (11,198) -
New projects for sale expenses (1,983) (1,983) - (7,985) (7,985) -
Cost of properties sold (17,875) (17,875) - (51,253) (51,253) -
Equity pickup 382 (716) (1,098) 14,779 10,699 (4,081)
Other operating income/expenses (4,686) (4,680) 6 5,032 5,061 29
EBITDA 183,645 186,293 2,648 565,069 569,903 4,835
Financial revenues 7,843 8,174 331 25,951 27,152 1,202
Financial expenses (49,595) (50,555) (960) (145,675) (148,831) (3,156)
Depreciation and amortization (41,011) (41,996) (984) (118,461) (121,347) (2,885)
Earnings Before Taxes 100,881 101,916 1,035 326,883 326,878 (5)
Income tax and social contribution (26,749) (26,749) - (58,564) (58,564) -
Deferred income and social contribution taxes (5,973) (6,995) (1,022) (24,482) (24,439) 43
Minority interest 25 25 - (18) (18) -
Net Income 68,185 68,198 13 243,820 243,858 38

The differences between CPC 19 (R2) and the managerial reports are the 37.5% interest in Shopping Santa rsula, through a
50.0% interest in Manati Empreendimentos e Participaes S.A., and the 50.0% interest in Parque Shopping Macei, through
Parque Shopping Macei S.A.
The main differences in 3Q14 and 9M14 are: (i) increase of R$3.5 M and R$9.8 M in Rental Revenues; (ii) increase of R$0. 8 M
and R$3.2 M in Shopping Center Expenses, (iii) increase of R$0.6 M and R$2.0 M in Financial Results, and (iv) increase of
R$1.0 M and R$2.9 M in Depreciation and Amortization. Accordingly and as a result of the variations mentioned above, there
were decreases of R$1.1 M and R$4.1 M in the result which was recorded in the equity pickup line, given that the results of
these companies are recorded on this line as determined by CPC 19 (R2).

35

3Q14
MULT3
14.2 - Variations on the Balance Sheet: Total Assets

IFRS with CPC 19 R2

CPC 19 R2 Managerial Effect
ASSETS 9/30/2014 9/30/2014 Difference
Current Assets

Cash and cash equivalents 130,508 142,920 12,412
Short Term Investments 70,112 70,112 -
Accounts receivable 276,344 277,998 1,654
Land and properties held for sale 157,647 157,647 -
Related parties 2,538 2,538 -
Recoverable taxes and contributions 2,814 3,356 542
Sundry advances 33,571 33,571 -
Other
27.179 28.010
832
Total Current Assets 700,712 716,152 15,440
Noncurrent Asset
Accounts receivable 51,935 51,982 46
Land and properties held for sale 365,193 365,193 -
Related parties 12,570 12,570 -
Deposits in court 22,020 22,640 620
Deferred income and social contribution taxes 14,113 16,768 2,655
Other 18,191 19,552 1,361
Investments 136,225 9,067 (127,158)
Investment Properties 4,755,713 4,914,089 158,376
Property and equipment 32,971 32,971 -
Intangible 347,219 348,216 997
Total Non Current Assets 5,756,151 5,793,048 36,897

Total Assets 6,456,863 6,509,200 52,337

The differences in total assets regarding the 37.5% interest in shopping Santa rsula, and the 50.0% interest in Parque
Shopping Macei are (i) increase of R$158.4 M in Investment Properties; (ii) increase of R$12.4 M in Cash and Cash
Equivalents; and (iii) increase of R$1.7 M in Accounts Receivable.
As a result of the variations mentioned above, there was a decrease of R$127.2 M in Investments given that the assets and
liabilities of these companies are now recorded on this line as determined by CPC 19 (R2).

36

3Q14
MULT3

14.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity

IFRS with CPC 19 R2

CPC 19 R2 Managerial Effect
LIABILITIES 9/30/2014 9/30/2014 Difference
Current Liabilities
Loans and financing
204,011 207,097 3,085
Debentures
152,291 152,291 -
Accounts payable
76,387 77,125 738
Property acquisition obligations
38,014 38,014 -
Taxes and contributions payable
38,090 38,612 522
Dividends to pay
59,971 59,971 -
Deferred incomes
37,311 37,480 169
Other
1,934 2,014 80
Total Current Liabilities 608,010 612,605 4,594
Non Current Liabilities
Loans and financing
1,451,549 1,494,713 43,164
Debentures
150,000 150,000 -
Deferred income and social contribution taxes
157,108 158,406 1,298
Property acquisition obligations
21,410 21,410 -
Others
372 372 -
Provision for contingencies
21,301 21,921 620
Deferred incomes
8,321 13,948 5,626
Total Non Current Liabilities 1,810,062 1,860,770 50,709
Shareholders' Equity
Capital
2,388,062 2,388,062 -
Capital reserves
962,077 962,077 -
Profit reserve
719,092 719,224 132
Share issue costs
(38,771) (38,771) -
Shares in treasure department
(77,998) (77,998) -
Capital Transaction Effects
(89,996) (89,996) -
Retained earnings
173,698 170,599 (3,099)
Minority interest
2,628 2,628 -
Total Shareholder's Equity 4,038,792 4,035,825 (2,966)

Total Liabilities and Shareholders' Equity 6,456,863 6,509,200 52,337

The differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of R$46.2 M in Loans
and Financing, given the inclusion of the 50.0% in project Parque Shopping Macei, which signed a contract to finance its
construction via t Banco do Nordeste; and (ii) the increase of R$5.6 M in revenues and costs, in Deferred Income.

37

3Q14
MULT3
15. Appendices
15.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements

IFRS with CPC 19 (R2)

(R$'000) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
Rental revenue 180,975 153,902 17.6% 528,839 459,818 15.0%
Parking revenue 37,434 32,354 15.7% 110,814 93,147 19.0%
Other revenues 561 1,470 61.8% 2,607 3,253 19.9%
Gross Revenue 302,447 269,636 12.2% 876,678 776,427 12.9%
Net Revenue 273,569 247,691 10.4% 795,733 706,882 12.6%
Equity pickup 382 543 29.7% 14,779 (991) na
EBITDA 183,645 163,576 12.3% 565,069 471,474 19.9%
Net Income 68,185 86,662 21.3% 243,820 227,417 7.2%

(R$'000) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
NOI 205,937 171,909 19.8% 596,929 498,862 19.7%
NOI margin 88.8% 86.7% 205 b.p 89.0% 85.5% 346 b.p
NOI + Key Money 215,325 184,823 16.5% 625,248 538,608 16.1%
Net Income 68,185 86,662 21.3% 243,820 227,417 7.2%
FFO 115,169 125,905 8.5% 386,762 336,674 14.9%
FFO margin 42.1% 50.8% 873 b.p 48.6% 47.6% 98 b.p

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MULT3
15.2 Consolidated Financial Statements: Managerial Report

(R$'000) 3Q14 3Q13 Chg. % 9M14 9M13 Chg. %
Rental revenue 184,446 154,802 19.1% 538,617 462,424 16.5%
Parking revenue 37,872 32,530 16.4% 111,921 93,628 19.5%
Other revenues 1,011 1,472 31.3% 3,120 3,255 4.2%
Gross Revenue 307,274 270,753 13.5% 889,494 779,514 14.1%
Net Revenue 278,158 248,650 11.9% 807,881 709,617 13.8%
Equity pickup (716) 483 na 10,699 (202) na
EBITDA 186,293 163,618 13.9% 569,903 471,854 20.8%
Net Income 68,198 86,669 21.3% 243,858 227,423 7.2%

(R$'000) 3Q14 3Q13 Chg. % 9M14 9M13
Chg. %

NOI 205,393 172,525 19.1% 595,268 500,471 18.9%
NOI margin 87.0% 86.5% 48 b.p 87.2% 85.3% 193 b.p
NOI + Key Money 215,164 185,485 16.0% 624,791 540,396 15.6%
Net Income 68,198 86,669 21.3% 243,858 227,423 7.2%
FFO 117,189 126,044 7.0% 389,643 337,424 15.5%
FFO margin 42.1% 50.7% 856 b.p 48.2% 47.6% 68 b.p

39

3Q14
MULT3
15.3 Balance Sheet Managerial Report
ASSETS 09/30/2014 06/30/2014 % Change
Current Assets

Cash and cash equivalents 142,920 149,406 4.3%
Short Term Investments 70,112 45,621 53.7%
Accounts receivable 277,998 263,093 5.7%
Land and properties held for sale 157,647 166,529 5.3%
Related parties 2,538 2,722 6.8%
Recoverable taxes and contributions 3,356 2,688 24.8%
Sundry advances
33.571 33.571
0.0%
Other
28.010 42.749
34.5%
Total Current Assets 716,152 706,379 1.4%
Noncurrent Asset
Accounts receivable 51,982 53,047 2.0%
Land and properties held for sale 365,193 361,603 1.0%
Related parties 12,570 12,692 1.0%
Deposits in court 22,640 22,604 0.2%
Deferred income and social contribution taxes 16,768 15,443 8.6%
Other 19,552 18,917 3.4%
Investments 9,067 15,564 41.7%
Investment Properties 4,914,089 4,890,233 0.5%
Property and equipment 32,971 34,005 3.0%
Intangible 348,216 346,765 0.4%
Total Non Current Assets 5,793,048 5,770,873 0.4%

Total Assets 6,509,200 6,477,252 0.5%

LIABILITIES 09/30/2014 06/30/2014 % Change
Current Liabilities

Loans and financing 207,097 200,389 3.3%
Debentures 152,291 10,724 1,320.1%
Accounts payable 77,125 70,144 10.0%
Property acquisition obligations 38,014 40,733 6.7%
Taxes and contributions payable 38,612 20,620 87.3%
Dividends to pay 59,971 59,971 0.0%
Deferred incomes and costs 37,480 37,661 0.5%
Other
2,014 9,723
79.3%
Total Current Liabilities 612,605 449,965 36.1%
Non Current Liabilities
Loans and financing 1,494,713 1,543,005 3.1%
Debentures 150,000 300,000 50.0%
Deferred income and social contribution taxes 158,406 150,647 5.2%
Property acquisition obligations 21,410 30,004 28.6%
Other 372 476 21.7%
Provision for contingencies 21,921 21,382 2.5%
Deferred incomes and costs 13,948 37,635 62.9%
Total Non Current Liabilities 1,860,770 2,083,148 10.7%
Shareholders' Equity
Capital 2,388,062 2,388,062 0.0%
Capital reserves 962,077 965,144 0.3%
Profit reserve 719,224 719,222 0.0%
Share issue costs (38,771) (38,628) 0.4%
Shares in treasure department (77,998) (106,867) 27.0%
Capital Transaction Effects (89,996) (89,996) 0.0%
Retained earnings
170,599 105,660
61.5%
Minority interest
2,628 1,542
70.5%
Total Shareholder's Equity 4,035,825 3,944,139 2.3%

Total Liabilities and Shareholders' Equity 6,509,200 6,477,252 0.5%

40

3Q14
MULT3
16. Glossary and Acronyms
Abrasce: Brazilian Association of Shopping Centers (Associao Brasileira de Shopping Centers).
Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs, amortization of goodwill from
acquisitions and mergers and 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 at least 1,000 m to be considered anchors.
BMF&Bovespa: So Paulo Stock Exchange (Bolsa de Valores de So Paulo).
Brownfield: Expansion and mix-used 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 plus depreciation. CAPEX can also refer to others investments then real estate,
such as IT projects, hardware and other unrelated investments.
CDI: (Certificado de Depsito Interbancrio or Interbank Deposit Certificate). Certificates issued by banks to generate liquidity. Its average
overnight annualized rate is used as a reference for interest rates in Brazilian Economy.
Debenture: debt instrument issued by companies to borrow money. Multiplans debentures are non-convertible, which means that they cannot
be converted into shares. Moreover, a debenture holder has no voting rights.
Deferred Income: Deferred key money and store buy back expenses.
Delinquency: The percentage variation between the rent charged in the period and the rent received throughout 30 days after the end of the
period, calculated on the last business day of each month.
Double (Seasonal) Rent: Additional rent usually charged from the tenants in December, due to higher sales in consequence of Christmas and
extra charges on the month.
EBITDA Margin: EBITDA divided by Net Revenue.
EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income (loss) plus expenses with income tax and social contribution
on net income, financial result, depreciation and amortization. EBITDA does not have a single definition, and this definition of EBITDA may not
be comparable with the EBITDA used by other companies.
EPS: Earnings per Share. Net Income divided by the total shares of the company minus shares held in treasury.
Equity Pickup: Interest held in the subsidiary company will be shown in the income statement as equity pickup, representing the net income
attributable to the subsidiarys shareholders.
Expected Owned GLA: Multiplans interest in each shopping mall, including projects under development and expansions.
Funds from Operations (FFO): Refers to the sum of adjusted net income, depreciation and amortization.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls and offices for lease, excluding merchandising.
Greenfield: Development of new shopping center projects.
IBGE: The Brazilian Institute of Geography and Statistics.
IGP-DI Adjustment Effect: The average of the monthly IGP-DI increase with a month of delay, multiplied by the base rent that was adjusted on
the respective month.
IGP-DI: (ndice Geral de Preos - Disponibilidade Interna) General Domestic Price Index. Inflation index published by the Getlio Vargas
Foundation, referring to the data collection period between the first and the last day of the month in reference, with disclosure date near the 20
th

of the following month. It has the same composition as the IGP-M (ndice Geral de Preos do Mercado), though with a different data collection
period.
IPCA (ndice de Preos ao Consumidor Amplo): Published by the IBGE (Brazilian institute of statistics), it is the national consumer price index,
subject to the control of Brazils Central Bank.
Key Money (KM): Key Money is the money paid by a tenant in order to open a store in a shopping center. The key money contract when signed
is accrued in the deferred revenue account and in accounts receivable, but its revenue is accrued in the key money revenue account in linear
installments, only on the occasion of an opening, throughout the term of the leasing contract. Nonrecurring key money from new stores, of new
developments or expansions (opened in the last 5 years), Operational key money from stores that are moving to a mall already in operation.
Landbank: Areas acquired by Multiplan for future development.
Management Fee: fee charged from tenants and partners/owners to pay for shopping center administrative expenses.
Merchandising: leasing of space not usable for tenant stores in advertising campaigns and includes revenue from kiosks, stands, posters,
leasing of pillar space, doors and escalators and other display locations in a mall.

41

3Q14
MULT3
Minimum Rent (or Base Rent): Minimum fixed rent paid by a tenant for a lease contract. Some tenants sign contracts with no fixed base rent,
and in that case minimum rent corresponds to a percentage of their sales.
Mixed-use: Strategy based on the development of projects that integrate shopping centers with office and residential developments.
Net Operating Income (NOI): Sum of the Operating Income (Rental Revenue, Straight Line Effect, Shopping Centers Expenses and Office
Towers Expenses) and income from Parking Operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also
include the key money revenues in the same period.
New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects, recorded
as an expense in the income statement as determined by the CPC 04 pronouncement in 2009.
New Projects Expenses for sale: Pre-operational expenses generated by real estate for sale activity, recorded as an expense in the income
statement as determined by the CPC 04 pronouncement in 2009.
NOI Margin: NOI divided by Rental Revenue, Straight Line Effect and Net Parking Revenue.
Occupancy cost: Is the occupancy cost of a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund
expenses).
Occupancy rate: leased GLA divided by total GLA.
Organic Growth: Revenue growth which is not generated by acquisitions, expansions and new areas added in the period.
Overage Rent: The difference paid as rent (when positive), between the base rent and the rent consisting of a percentage of sales, as
determined in the lease agreement.
Owned GLA: or company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplans interest in each mall and office.
Parking Revenue: Parking revenue is the net result of parking fees collected by the shopping centers less the amounts transferred to the
companys partners and condominiums.
Potential Sales Value (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the price
of each of units offered for sale.
Rent Loss: Delinquency over six months after legal agreement.
Sales: Sales reported by the stores in each of the malls.
Same Area Rent (SAR): Changes on rent of the same area of the year before divided by the areas rent of the current year, excluding vacancy.
Same Area Sales (SAS): Changes sales of the same area of the year before divided by the area that informed sales.
Same Store Rent (SSR): Changes on rent collected from stores that were in operation in both of the periods compared.
Same Store Sales (SSS): Changes on informed sales from stores that were in operation in both of the periods compared.
Satellite Stores: Smaller stores (<1.000 m) with no special marketing and structural features located by the anchor stores and intended for
general retailing.
Straight Line Effect: Accounting method meant to remove volatility and seasonality of the minimum lease revenue. The criterion adopted to
account for revenue rent is based on straight-line revenues during the effectiveness of the contract, regardless of the receipt term.
Tenant Mix: Portfolio of tenants strategically defined by the shopping center manager.
TJLP: (Taxa de Juros de Longo Prazo, or Long Term Interest Rate). The usual cost of financing conceived by BNDES.
TR: (Taxa Referencial, or Reference interest rate). Average interest rate used in the market.
Turnover: GLA of operating malls leased in the period divided by total GLA of operating malls.
Vacancy: GLA of a shopping center available for lease.
Shopping Center Segments:

Food Court & Gourmet Areas Includes fast food and restaurant operations
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, banking, and etc.
Apparel Women and men clothing, shoes and accessories stores

Earnings Release 3Q14

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Earnings Release 3Q14

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Divulgao de Resultados

quarto trimestre de 2013

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