Quarterly Financial Report 1Q15

Multiplan Empreendimentos Imobilirios S.A.
Quarterly information - ITR

March 31, 2015
KPDS 115628

Quarterly information
March 31, 2015
Contents
Management report
Independent auditors' report on quarterly information
50
Balance sheets
53
Statements of income
57
Statements of comprehensive income
59
Statements of changes in shareholders equity
60
Statements of cash flows
62
Statements of value added
66
Notes to the quarterly information
68
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 totally or in part by the
Company with no prior notice.
Non-accounting information has not been reviewed by 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 force on December 31, 2012, as disclosed below.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de
Referncia) and other relevant information on our investor relations website 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.
Table of Contents
01.
02.
03.
04.
05.
06.
07.
08.
09.
10.
11.
12.
13.
14.
15
16.
17.
Consolidated Financial Statements ......................................................................................... 8

Fair Value of Investment Properties According to CPC 28 .......................................................... 9
Operational Indicators ................................................................................................................ 11
Gross Revenues ........................................................................................................................ 14
Properties Ownership Results.................................................................................................... 16
Shopping Center Management Results ..................................................................................... 20
Shopping Center Development Results ..................................................................................... 21
Real Estate for Sale Results.................................................................................................... 22
Financial Results ..................................................................................................................... 23
Project Development ............................................................................................................... 29
MULT3 Indicators & Stock Market .......................................................................................... 32
Portfolio .................................................................................................................................... 34
Ownership Structure ............................................................................................................... 36
Operational and Financial Data .............................................................................................. 38
Reconciliation between IFRS (with CPC 19 R2) and Managerial Report ............................. 40
Appendices............................................................................................................................... 43
Glossary and Acronyms .......................................................................................................... 46
The Evolution of Multiplan's Financial Indicators

2007
(IPO)
R$ Million
2008
2009
2010
2011
2012
2013
2014
Change %
(2014/2007)
CAGR %
(2014/2007)
Gross Revenue
368.8
452.9
534.4
662.6
742.2
1,048.0
1,074.6
1,245.0
237.6%
19.0%
Net Operating Income
212.1
283.1
359.4
424.8
510.8
606.9
691.3
846.1
299.0%
21.9%
EBITDA
212.2
247.2
304.0
350.2
455.3
615.8
610.7
793.7
274.0%
20.7%
FFO
200.2
237.2
272.6
368.2
415.4
515.6
426.2
552.9
176.2%
15.6%
21.2
74.0
163.3
218.4
298.2
388.1
284.6
368.1
1,639.7%
50.4%
Net Income
2007 EBITDA adjusted for expenses related to the Company's IPO.
LTM 1Q08
LTM 1Q09
LTM 1Q10
LTM 1Q11
LTM 1Q12
LTM 1Q13
LTM 1Q14
LTM 1Q15
1,254
1,113
915 948
381
474
573
880
686
218
305
385 441
527
644
791
708
213 256
543
329 368
584 648
214
233
310
381
473 457 453
539
24
Gross Revenue
Net Operating Income
EBITDA
FFO
106
166
235
359 334
296 355
Net Income
Historical Performance of Multiplans Results (R$ Million)
Overview
Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center operating companies in
Brazil, established as a full service Company that plans, develops, owns and manages one of the largest
and highest-quality mall portfolios in the country. The Company is also strategically active in the residential
and commercial real estate development sectors, generating synergies for shopping center-related
operations by creating mixed-use projects in adjacent areas. At the end of 1Q15, Multiplan owned 18
shopping centers with a total GLA of 767,554 m - with an average interest of 73.8% -, of which 17
shopping centers were managed by the Company, with over 5,400 stores and an estimated annual traffic
of 180 million visits. 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 855,112 m.
1Q15 Rental Revenue increases 16% to

R$194 million
and NOI is up 18%, to R$219 million
Rio de Janeiro, April 29, 2015 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3) announces its earnings
results for the first quarter 2015. During fiscal year 2012, the Accounting Standards Committee (CPC) issued the following
pronouncements that impacted the Companys activities and its subsidiaries including, among others: (i) CPC 18 (R2) Investments in
affiliated companies, subsidiaries and in jointly controlled projects; (ii) CPC 19 (R2) Joint business. These pronouncements required
that they be implemented for fiscal years starting January 1, 2013. The pronouncements determine, among other issues, that joint
projects be recorded on the financial statements via equity pick-up. In this case, the Company is no longer consolidating the 50% interest
in Manati Empreendimentos e Participaes S.A., a Company that owns a 75% stake in Shopping Santa rsula, and a 50% stake in
Parque Shopping Macei S.A., a Company that has a 100% ownership interest in the shopping center of the same name on a
proportional basis. This report adopted the managerial information format and, for this reason, does not consider the requirements of
CPCs 18 (R2) and 19 (R2) to be applicable. Thus, the information and/or performance analyses presented herein include the proportional
consolidation of Manati Empreendimentos e Participaes S.A. and Parque Shopping Macei S.A. For additional information, please
refer to note 9.4 of the Financial Statements Report dated March 31, 2015.
1Q15 Highlights
Multiplans High Quality Malls Sustain Solid Operational Indicators and
Delinquency Rate
Rent as Sales %
Other as Sales %
98.5%
98.6%
97.5%
1Q13
14.2%
13.7%
13.5%
5.9%
5.4%
8.1%
7.8%
8.1%
1Q13
1Q14
1Q15
6.0%
1Q14
1Q15
Shopping Center Occupancy Rate
Shopping Center Occupancy Cost
Rent Loss
2.2%
0.2%
1Q13
1.9%
1.8%
0.5%
0.5%
1Q14
1Q15
Shopping Center Deliquency and Rent Loss
1Q15
MULT3
a Continued Rental Revenue Increase

14.1%
10.3%
4.9%
16.0%
5.8%
IGP-DI Adjustment Effect
Real SSR
14.5%
4.8%
2.8%
11.9%
3.9%
3.9%
11.4%
11.4%
10.4%
7.7%
8.6%
1.8%
2.6%
10.1%
8.8%
4.3%
8.0%
0.6%
3.5%
8.0%
1.2%
6.8%
0.9%
4.1%
2.7%
7.4%
7.6%
6.7%
5.9%
5.8%
5.9%
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
7.3%
8.8%
9.6%
9.3%
7.7%
6.3%
5.7%
5.9%
6.8%
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
Same Store Rent
Which Combined with Efficient Cost Control
Shopping center expenses and

as a % of shopping center net revenues
G&A expenses and

as a % of net revenues
Resulted in Strong Net Operating Income Growth.
Net Operating Income (NOI)
Performance Highlights
1Q15 (R$)
1Q15 vs. 1Q14
Shopping center tenant sales
Rental revenue
NOI + Key Money
2,916.9 M
194.2 M
227.1 M
+7.1%
+15.7%
+15.9%
OPERATIONAL AND FINANCIAL HIGHLIGHTS

In spite of the challenging economic environment in Brazil, Multiplan had strong operational
performance coming from its properties in 1Q15.
Average shopping center occupancy rate was 98.6% during the quarter, reflecting the high demand for
space in the companys malls. Occupancy costs dropped 20 b.p. to an average of 13.5% and rent delays
(delinquency) remained at 1.8% during the quarter.
1Q15
MULT3
Shopping center sales increased 7.1% in 1Q15, showing resiliency in mature operating assets as well
as a robust growth coming from malls under consolidation. The portfolio recorded average monthly sales
per square meter of R$1,376, attributable to the companys homogeneous high quality shopping centers.
Same Area Sales increased 5.7%, on top of an already strong growth of 9.3% in 1Q14.
Gross Revenues were R$293.0 million in 1Q15, led by a 15.7% growth in rental revenues. Morumbi
Corporate continues to increase its revenue contribution, recording R$14.5 million in 1Q15. The shopping
center portfolio ended the quarter with a monthly rent of R$108/m. Same Store Rent grew 9.5%, implying
a real increase of 4.1%, above the simple average of 3.7% calculated since the IPO, or 3.3% in the last
five year.
Following the low mall vacancy rate and efforts by the company to reduce condominium costs,
shopping center expenses dropped 10.1% in 1Q15, and reached the lowest percentage of mall net
revenues ever recorded, of 9.3%.
The rent increase and a reduction in expenses led to Net Operating Income (NOI) + Key Money growth
of 15.9% in the quarter, with a margin of 89.7%. NOI in the twelve months ending in March 2015 was
R$914.1 million, or R$4.85 per share, equivalent to a five-year CAGR of 15.7%.
G&A expenses totaled R$25.7 million in 1Q15, representing a small 4.8% increase compared to 1Q14,
being entirely offset by services revenue of R$27.6 million in the quarter.
The consolidated EBITDA recorded R$193.7 million, with a 73.2% margin. Excluding non-recurring
results reported in 1Q14, EBITDA grew 10.6% in the quarter. The Shopping Center EBTIDA margin was
76.7% during the quarter.
On the debt side, the company ended the quarter with a net debt-to-EBTIDA ratio of 2.23x, and an
average cost of gross debt of 11.53% p.a., 122 b.p. below the SELIC basic interest rate in March 2015, of
12.75%.
Net Income was R$69.6 million in 1Q15. If non-recurring events is excluded from 1Q14, growth
would have been 14.2% in the quarter. In the twelve months ending in March 2015, FFO was R$539.0
million, corresponding to a FFO per share of R$2.86, equivalent to a five-year CAGR of 10.6%.
Recent Events:
General Shareholders Meeting: On April 29, 2015, the General Shareholders Meeting approved (i) the
payment of additional dividends in the amount of R$19.9 million referring to the 2014 fiscal year results,
and (ii) the election of a new board member, Mr. Salvatore Iacono, who replaces Mr. Russell Goin.
1Q15
MULT3
1.
Consolidated Financial Statements Managerial Report

(R$'000)
Rental revenue
Services revenue
Key money revenue
Parking revenue
Real estate for sale revenue
Straight line effect
Other revenues
Gross Revenue
Taxes and contributions on sales and services
Net Revenue
Headquarters expenses
Stock-option expenses
Shopping centers expenses
Office towers for lease expenses
New projects for lease expenses
New projects for sale expenses
Cost of properties sold
Equity pickup
Other operating income/expenses
EBITDA
Financial revenues
Financial expenses
Depreciation and amortization
Earnings Before Taxes
Income tax and social contribution
Deferred income and social contribution taxes
Minority interest
Net Income
1Q15
194,216
27,617
7,895
42,492
11,286
8,690
764
292,961
(28,259)
264,702
(25,664)
(3,930)
(22,958)
(3,230)
(1,754)
(652)
(8,334)
1
(4,482)
193,700
11,211
(56,161)
(39,196)
109,555
(34,037)
(5,906)
(18)
69,593
1Q14
167,921
32,187
10,256
35,416
25,853
11,411
907
283,952
(26,703)
257,249
(24,495)
(3,085)
(25,544)
(3,430)
(6,334)
(3,713)
(15,459)
11,009
10,364
196,560
9,527
(49,495)
(39,292)
117,300
(28,021)
(6,974)
(20)
82,286
Chg. %
15.7%
14.2%
23.0%
20.0%
56.3%
23.8%
15.8%
3.2%
5.8%
2.9%
4.8%
27.4%
10.1%
5.8%
72.3%
82.4%
46.1%
100.0%
na
1.5%
17.7%
13.5%
0.2%
6.6%
21.5%
15.3%
10.3%
15.4%
(R$'000)
NOI
NOI margin
NOI + Key Money
NOI + Key Money margin
1Q15
219,211
89.3%
227,106
1Q14
185,774
86.5%
196,031
Chg. %
18.0%
282 b.p.
15.9%
89.7%
87.1%
254 b.p.
Shopping Center EBITDA

Shopping Center EBITDA margin
EBITDA (Shopping Center + Real Estate)
EBITDA margin
Net Income
Net Income margin
Adjusted Net Income
Adjusted Net Income margin
FFO
FFO margin
185,221
76.7%
193,700
73.2%
69,593
26.3%
75,499
28.5%
114,695
43.3%
182,687
79.9%
196,560
76.4%
82,286
32.0%
89,259
34.7%
128,551
50.0%
1.4%
315 b.p.
1.5%
323 b.p.
15.4%
570 b.p.
15.4%
618 b.p.
10.8%
664 b.p.
1Q15
MULT3
2. Fair Value of Investment Properties According to CPC 28

Multiplan valued its investment properties internally and assessed their fair value based on the Discounted
Cash Flow (DCF) methodology. The Company calculated the present value of the future cash flows using
a discount rate based on the Capital Asset Pricing Model (CAPM). Risk and return assumptions were
considered based on (i) studies conducted and published by Mr. Aswath Damodaran (Professor at New
York University), (ii) stock market performance of Multiplan shares (Beta), in addition to (iii)
macroeconomic projections published in the Central Banks Focus Report, and (iv) data on the risk
premium of the domestic market (country risk measured by the Emerging Markets Bond Index Plus Brazil).
Using these assumptions, the Company estimated a weighted average, nominal and unleveraged,
discount rate of 15.11% on of March 31, 2015, as a result of a basic discount rate of 14.66% calculated
according to CAPM, and a weighted average risk spread of 44 base points. The risk spread was calculated
according to internal analysis and added to the basic discount rate in a range between zero and 200 base
points for each shopping mall, office tower and project evaluation.
Shareholders cost of capital
Mar-15
2014
2013
2012
Risk free rate

Market risk premium
Adjusted beta
Sovereign risk
Spread
Shareholders cost of capital - US$ nominal
3.49%
6.11%
0.72
230 b.p.
44 b.p.
10.65%
3.49%
6.11%
0.72
230 b.p.
44 b.p.
10.65%
3.53%
6.02%
0.77
205 b.p.
43 b.p.
10.66%
3.57%
5.74%
0.74
184 b.p.
59 b.p.
10.25%
Inflation assumptions
Inflation (Brazil)
Inflation (USA)
Shareholders cost of capital BRL nominal
6.53%
2.40%
15.11%
6.53%
2.40%
15.11%
5.98%
2.30%
14.64%
5.47%
2.30%
13.66%
The investment properties valuation reflects the market participant concept. Therefore, the Company does
not consider in the discounted cash flows calculation taxes on revenues, income taxes, revenue and
expenses relating to management and brokerage services.
The future cash flow of the model was estimated based on the properties individual cash flows, including
the net operating income (NOI), recurring Key Money (based only on mix changes, except for projects
under development and future projects), revenues from transfer fees, investments in revitalization, and
investments in constructions in progress. Perpetuity was calculated assuming a real growth rate of 2.0%
for shopping centers and zero for office towers.
1Q15
MULT3
The Company classified its investment properties in accordance with their status. The table below
describes the fair value calculated for each category of property and presents the amounts in the
Companys share:
Fair Value of investment properties
Shopping malls and office towers in operation ,
Mar-15
2014
2013
2012
R$ 16,049 M
R$ 15,683 M
R$ 14,089 M
R$ 13,418 M
R$ 35 M
R$ 32 M
R$ 123 M
R$ 715 M
R$ 312 M
R$ 284 M
R$ 430 M
R$ 569 M
R$ 16,396 M
R$ 15,999 M
R$ 14,642 M
R$ 14,702 M
Projects under development (disclosed) ,

Future projects (not disclosed)
Total
In 2012, the JundiaShopping, ParkShopping Campo Grande, Village Mall, ParkShopping Corporate, and Expansion VI of the
RibeiroShopping projects were completed and their assets transferred from the line Projects under development to Shopping malls and
office towers in operation.
In 2013, the Expansion VII and Expansion VIII projects of RibeiroShopping and Morumbi Corporate were completed, and their assets
were transferred from the line Projects under development to Shopping malls and office towers in operation.
In 2014, the BarraShopping Expansion VII project was completed, and the assets were transferred from the line Projects under
development to Shopping malls and office towers in operation.
Following the pronouncement CPC 19 (R2) Joint business, issued by the Accounting Standards
Committee (CPC), the 37.5% ownership interest in Shopping Santa rsula and 50.0% in Parque Shopping
Macei project through the joint controlled investees were not considered in the fair value calculation.
Future projects (not disclosed)
Properties under development (disclosed)
Properties in operation
Fair
Value
17.5 B
16.4 B
15.0 B
82.45
12.5 B
10.0 B
68.87
7.5 B
84.99
87.10
2014
Mar-15
78.06
73.21
5.0 B
2.5 B
2010
2011
2012
2013
2014
Mar-15
Evolution of Fair Value (R$)
Fair Value - properties in operation

NOI - properties in operation
Owned GLA - properties in operation
163
143
120
100
2010
111
111
2011
140
160
2010
2011
2012
2013
Fair Value per share (R$)
204
197
32%
166
167
162
166
10.6 B
2014
Mar-15
Valor de
Mercado
16.4 B
12.4 B
145
138
2012
2013
Growth of Fair Value, NOI and owned GLA

(Base 100: 2010)
Enterprise
Value (EV)
Fair Value
Market Cap vs. Enterprise Value vs. Fair Value

March 31, 2015
10
1Q15
MULT3
Fair Value
Enterprise Value (EV)
13.0 B
12.3 B
Discount of Enterprise Value (EV) / Fair Value
14.7 B
14.6 B
12.3 B
11.3 B
16.4%
22.6%
2012
2013
16.4 B
16.0 B
12.4 B
10.9 B
7.3 B
6.4 B
48.2%
44.0%
2010
2011
31.9%
24.3%
2014
Mar-15
Enterprise Value and Fair Value (R$)

Calculated according to CPC 28
Based on stock price on March 31, 2015, of R$56.05
The sum of Market Cap and Net Debt
3. Operational Indicators
3.1 Tenant Sales
Positive figures in spite of the economic downturn
Multiplans shopping centers sales reached R$2.9 billion in 1Q15, an increase of 7.1% when compared to
the same period during the previous year. The result follows a strong 12.1% growth in sales achieved in
2014, and again shows the operating resiliency of matured assets as well as a robust growth coming from
malls under consolidation.
In 1Q15 the portfolio recorded average sales per square meter of R$1,376, attributable to the companys
homogeneous and high quality shopping centers. Multiplan believes that its strategy of having the best
assets in the cities where it is located, with an intensive mall management and a diversified mix of retailers,
should continue to lead the company to record strong operating metrics.
As expected, the younger shopping centers
under consolidation have outperformed the
average growth rate recorded by the portfolio.
The
four
malls
opened
since
4Q12
(JundiaShopping,
ParkShoppingCampoGrande, VillageMall and
Parque
Shopping
Macei),
presented
combined sales increase of 21.0%. Their

combined average monthly sales/m reached
R$925 in 1Q15, up from R$757 in 1Q14. Sales
per square meter in the newer assets have
considerably reduced the gap with regard to
the rest of the portfolio (a gap of 88.9% in
1Q14 compared to 59.7% in 1Q15), even
Shopping Center Sales (100%)

BH Shopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
New York City Center
Shopping Anlia Franco
ParkShoppingBarigi
Ptio Savassi
Shopping Santa rsula
BarraShoppingSul
Shopping Vila Olmpia
ParkShoppingSoCaetano
JundiaShopping
ParkShoppingCampoGrande
VillageMall
Parque Shopping Macei
Total
Opening
(1979)
(1981)
(1981)
(1982)
(1983)
(1996)
(1999)
(1999)
(2003)
(2007)
(2008)
(2008)
(2009)
(2011)
(2012)
(2012)
(2012)
(2013)
1Q15
1Q14
253.4 M
246.2 M
173.9 M
165.6 M
417.8 M
391.7 M
345.7 M
332.0 M
249.1 M
232.5 M
132.9 M
131.2 M
54.9 M
58.1 M
217.9 M
207.0 M
195.9 M
186.1 M
85.0 M
79.5 M
41.3 M
42.4 M
171.0 M
157.8 M
90.9 M
77.8 M
116.6 M
109.2 M
95.1 M
84.4 M
88.2 M
79.8 M
108.5 M
92.4 M
78.9 M
49.4 M
2,916.9 M 2,723.0 M
Chg.%
2.9%
5.1%
6.7%
4.1%
7.1%
1.3%
5.5%
5.3%
5.3%
6.9%
2.7%
8.4%
16.9%
6.8%
12.7%
10.5%
17.4%
59.7%
7.1%
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.
though mature assets continue to improve their

numbers.
11
1Q15
MULT3
In terms of total sales productivity, mature

malls remain at the top of the list, led by
MorumbiShopping,
R$2,153/m,
with
and
monthly
followed
sales
closely
of
by
BarraShopping and DiamondMall, with the

same numbers for the quarter: R$2,103/m.
Twelve month Sales/m analysis

In the 12 months ending in March 2015, portfolio sales/m
totaled R$19,098. Stores with less than 1,000 m posted
25.817/m
sales of R$25,817/m whereas the majority of stores, with
29.808/m
19.098/m
200 m or less, had sales of R$29,808/m.

Methodology: Sales/m calculation considers only the
GLA from stores that report sales, and excludes sales
Sales
Sales Sales (Anchors & stores under stores under
Satellites)
1,000m
200m
from kiosks, since they are not counted in the total

GLA.
Sales/m March 2015 (LTM)
Same Area Sales reach monthly average of R$1,292 per square meter in 1Q15, growing 5.7%
In spite of the challenging economic environment in Brazil, Same Area Sales (SAS) and Same Store Sales
(SSS) metrics presented growth on top of an already strong sales base in 1Q14. SAS hit monthly rate of
R$1,292/m, increasing 5.7% in the quarter, after having increased 9.3% in 1Q14, while SSS recorded
growth of 4.3% in 1Q15, reaching R$1,295/m, on top of a 8.3% growth recorded in 1Q14. The spread
reinforces the success of the tenant mix improvement strategy, increasing the leverage of the pace of
sales growth in Multiplan shopping centers.
Same Area Sales
12.0%
10.3%
6.6%
1Q11
10.0%
9.7%
7.7%
7.0%
9.4%
2Q11
Same Store Sales
9.5%
9.4%
7.4%
7.5%
8.3%
3Q11
4Q11
8.2%
8.1%
8.5%
1Q12
2Q12
3Q12
8.8%
7.7%
8.0%
9.3%
8.8%
6.7%
5.7%
6.8%
8.1%
4Q12
1Q13
5.8%
2Q13
8.4%
3Q13
7.6%
8.3%
4Q13
1Q14
9.4%
2Q14
6.1%
3Q14
5.7%
7.9%
4Q14
4.3%
1Q15
SAS and SSS Evolution (year/year)
Same Store Sales for anchor stores increased 7.0% in 1Q15, highlighted by a strong increases in the
Apparel (+12.0%) and Services (+15.4%) segments and despite the weak performance of the Home &
Office segment (-10.1%), after a strong growth recorded in 1Q14 (+9.0%). The latter segment, being
more affected by the domestic economic environment and by the end of tax subsidies also weighted (4.9%) over the satellite stores SSS growth of 3.4%, which was offset by solid increases coming from
Services (+10.8%) and Food Court & Gourmet Area (+9.5%).
12
1Q15
MULT3
For illustration purposes only, if the Home & Office segment was excluded from the calculation, the SAS
and SSS would have increased 7.3% and 6.0%, respectively.
By having 32% of the GLA occupied by Food and Services operations, the company reinforces the
portfolios defensive position, which is leveraged by its premium locations and intensive management.
Same Store Sales
1Q15 x 1Q14
Anchor Satellite
Food Court & Gourmet Area
9.5%
9.5%
Apparel
12.0%
0.1%
2.9%
Home & Office
10.1%
4.9%
6.9%
Miscellaneous
8.3%
7.3%
7.5%
Services
SAS
7.0%
3.4%
IPCA
172
162
144
100
15.4% 10.8% 12.1%
Total
SSS
Total
1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15
4.3%
Same Store Sales growth breakdown by segment
Same base sales and IPCA (Inflation Index) - Base 100: 1Q09
3.2 Operational Indicators

The highest first quarter occupancy rate since the IPO
The average shopping center occupancy rate maintained its high level and stood at 98.6% in 1Q15, even
considering the addition of 51,700 m of total GLA in the last two years, spread between the opening of
three expansions Expansion VII and VIII in RibeiroShopping and Expansion VII in BarraShopping, and
a new mall, Parque Shopping Macei. At the end of the first quarter of 2015, 14 out of 18 malls had an
occupancy rate of 98% or better with two malls fully occupied and eight malls with over 99.0% occupancy
rate. The lowest occupancy rate in the portfolio was 94.0%, due to a change in the tenant mix. Taking into
account only malls in operation for more than five years, the average rate was 98.9%, showing the
successful process of consolidation in these shopping centers. The high occupancy rate is an indication of
attractiveness of the Multiplan portfolio.
100.0%
99.8%
100.0%
97.9%
98.4%
97.2%
85.8%
100.0%
97.5%
88.3%
100.0%
98.5%
91.4%
100.0%
98.6%
94.0%
82.8%
70.4%
1Q10
1Q11
Occupancy Rate
1Q12
1Q13
1Q14
1Q15
Highest / Lowest Occupancy Rate
Evolution of shopping center occupancy rate: 1Q10 1Q15
13
1Q15
MULT3
Healthy indicators reflect quality

asset
Occupancy costs were 13.5% in
1Q15, lower by 20 b.p. compared to
the same period in the previous
13.7%
13.5%
14.0%
14.2%
5.8%
6.0%
5.7%
5.8%
13.7%
13.5%
5.9%
5.4%
year, and lowest first-quarter figure

recorded in the last five years. This
decline
is
the
result
of
to
reduce
8.0%
8.2%
8.1%
7.8%
8.1%
1Q10
1Q11
1Q12
1Q13
1Q14
1Q15
the
combination of sales growth and an

effort
7.7%
common
Rent as Sales %
condominium expenses.
In spite of the additions to GLA over
Other as Sales %
Occupancy cost breakdown 1Q10 1Q15
Delinquency Rate
Rent Loss
3.2%
the last year, the delinquency rate of

Multiplans malls (rental payments
2.1%
2.2%
0.4%
0.3%
0.2%
1Q11
1Q12
1Q13
1.7%
more than 25 days overdue) was
1.9%
1.8%
0.5%
0.5%
1Q14
1Q15
1.8% in 1Q15, in line with the same

period in 2014, when it was 1.9%.
0.6%
Rent loss was flat at 0.5% in 1Q15.

1Q10
Historical delinquency rates and rent losses: 1Q10- 1Q15
4. Gross Revenue
Gross Revenue was R$293.0 million in 1Q15, led
by 15.7% growth in rental revenue
Real Estate for

Sale
3.9%
Gross revenue totaled R$293.0 million in 1Q15,
Others
0.3%
Parking
14.5%
and had growth of 3.2% compared to 1Q14, a
Rental Revenue
66.3%
Base Rent
90.2%
strong result considering that the latter quarter Key Money

2.7%
benefited from real estate for sale revenues R$14.6

million greater than in 1Q15.
As the construction cycle for the two real estate for
sale projects comes to an end, the accrual of
Services
9.4%
Straight Line Effect

3.0%
Merchandising Overage
3.6%
6.1%
Gross revenue breakdown 1Q15
revenues and expenses related to these projects

was reduced, therefore impacting first quarter
revenue comparison.
14
1Q15
MULT3
Rental revenue was the main source for the quarterly results, which increased from 15.7% to R$194.2 million,
followed by parking revenue, which grew by 20.0% to reach R$42.5 million.
Rental revenue is composed of base rent, merchandising and overage rent, which represent 90.2%, 6.1%, and
3.6% of total rent, respectively.
The March 2015 12-month gross revenue was R$1,254.0 million, an increase of 12.7% compared to the
previous period.
1Q15 Gross revenue growth breakdown (Y/Y) (R$)
Twelve months ended March 2015 - Gross revenue growth breakdown (Y/Y) (R$)
15
1Q15
MULT3
5. Property Ownership Results

5.1 Rental Revenue
Base rent grows 16.5% to R$175.2 million in 1Q15, led by new malls
Rental revenue grew by 15.7% in 1Q15, when compared to the same period in the previous year, reaching
R$194.2 million. The portfolios average monthly rent was R$108/m in the quarter, reflecting Multiplans
malls high productivity, which continued to increase in spite of the strong rent base.
Base (or fixed) rent recorded growth
of 16.5% in 1Q15 over the same
period of the previous year. Base
rent
has
benefited
from
the
contractual rent step-ups applied to

three malls that entered the third
year in operation, as well as the
1Q15
increase in rental revenue coming
Rental revenue growth breakdown (Y/Y) (R$)
from Morumbi Corporate.

Overage rent and merchandising
increased
16.0%
and
4.3%
respectively in the quarter.
Using the straight-line effect, which corresponded to R$8.7 million in 1Q15, the rental increase would have
been 13.1% in 1Q15. It is worth mentioning that the straight-line effect does not represent a cash event.
Newer assets: another step towards consolidation
As mentioned above, the three malls opened in
4Q12 entered the third year in operation and,
therefore,
had
rent
adjustments
108/m
60.6%
118/m
74/m
(step-ups)
executed according to the terms of the lease

agreements. As a result, the rent/m gap between
new shopping
centers
and
the
consolidated
portfolio declined from 68.4% in 1Q14 to 60.6% in

1Q15.
Additional data on shopping centers results can be
Portfolio
New Shopping
Centers
Consolidated
Shopping
Centers
Rental revenue per m/month in 1Q15

Shopping centers in operation over 5 years.
Shopping centers in operation for less than 5 years.
downloaded from the Fundamentals Spreadsheet

on Multiplans investor relations website:
(www.multiplan.com.br/ir).
16
1Q15
MULT3
The four malls opened since 2012 increase rental revenue by 22.7% in 1Q15
Rental revenue grew by 15.7% in 1Q15,
Rental Revenue (R$)
compared to the same period in the
BH Shopping
previous year. The portfolios average
RibeiroShopping
(1981)
11.3 M
10.3 M
9.4%
monthly rent
BarraShopping
(1981)
23.5 M
20.2 M
16.0%
was R$108/m in the
quarter, reflecting the high productivity,

which continued to increase in spite of
the strong rent base.
Opening
(1979)
1Q15
1Q14
Chg.%
18.4 M
17.2 M
6.7%
MorumbiShopping
(1982)
23.7 M
23.1 M
2.5%
ParkShopping
(1983)
12.0 M
10.5 M
14.6%
DiamondMall
(1996)
9.8 M
9.0 M
8.9%
(1999)
2.0 M
1.6 M
24.7%
The four malls opened since 4Q12
(1999)
6.1 M
5.7 M
6.0%
reported a combined growth of 22.7% in
ParkShoppingBarigi
(2003)
11.6 M
10.7 M
8.6%
1Q15. The two main highlights were
Ptio Savassi
(2007)
6.4 M
6.0 M
7.3%
VillageMall
(2008)
1.2 M
1.3 M
5.4%
BarraShoppingSul
(2008)
12.8 M
11.2 M
13.7%
(2009)
4.3 M
4.1 M
3.9%
(2011)
9.8 M
9.4 M
4.8%
Malls with more than 30 years in
JundiaShopping
(2012)
7.4 M
6.3 M
17.6%
operation, despite having the highest
(2012)
8.0 M
7.3 M
9.6%
rent/m among the portfolio properties (a
VillageMall
(2012)
8.7 M
6.1 M
43.5%
monthly average of R$148/m in the
(2013)
2.9 M
2.3 M
23.7%
Morumbi Corporate
(2013)
14.5 M
ParkShopping Corporate
(2014)
0.0 M
and
Parque
Shopping
Macei, with rental revenue increases of

43.5% and 23.7% respectively.
quarter) were able to achieve another

solid quarter of combined growth - 9.2%
in
1Q15,
highlighted
by
Subtotal
the
BarraShopping and ParkShopping rental

increases
of
16.0%
and
14.6%
respectively.
BarraShoppingSul, in its seventh year of
n.a.
194.2 M 167.9 M
15.7%
8.7 M
Total
5.6 M 157.3%
11.4 M
23.8%
202.9 M 179.3 M
13.1%
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
operations, recorded rental growth of

13.7%, up to R$12.8 million in the
quarter.
2014: 40.2 M
Morumbi Corporate records R$14.5 million rent in 1Q15

10.1 M 11.1 M
Morumbi Corporate, the two-tower office complex located

across from MorumbiShopping, contributed with R$14.5
13.4 M 14.5 M
5.6 M
1.3 M
million in rental revenue in 1Q15, an increase of 8.2%

over 4Q14, and 157.3% compared to 1Q14. As of April
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

Morumbi Corporate rental revenue evolution
2015, 76% of the tower area had been leased.

Resiliency check: SSR grows 9.5%, implying a real increase of 4.1% in 1Q15
17
1Q15
MULT3
Same Store Rent (SSR) reported a monthly average of R$102/m in 1Q15, an increase of 9.5% over the
same metric in 1Q14, and accelerating over the SSR growth in 4Q14 of 9.2%, even with lower inflation
adjustment in 1Q15. In March 2015, the IGP-DI inflation index increased 3.5% over March 2014, compared
to a 7.6% growth recorded in March 2014 over the same period in the previous year. Considering the IGPDI adjustment effect in 1Q15 of 5.2%, real rental growth in the quarter was 4.1%. Same Area Rent (SAR)
increased by 7.7% in 1Q15.
14.1%
10.3%
4.9%
16.0%
5.8%
IGP-DI Adjustment Effect
Real SSR
14.5%
4.8%
2.8%
7.3%
8.8%
9.6%
9.3%
1Q11
2Q11
3Q11
4Q11
11.9%
3.9%
11.4%
11.4%
10.4%
7.7%
3.9%
8.6%
10.1%
4.3%
8.0%
0.6%
3.5%
8.0%
1.2%
6.8%
0.9%
4.1%
9.2%
8.8%
9.5%
1.8%
2.6%
2.7%
3.4%
4.1%
7.7%
6.3%
5.7%
5.9%
6.8%
7.4%
7.6%
6.7%
5.9%
5.8%
5.9%
5.6%
5.2%
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
Same Store Rent (SSR) breakdown - Nominal and real growth
Real SSR above the five-year average

The reported real SSR of 4.1% in 1Q15 came in higher than the five-year average of 3.3% as well as the
average figure since the IPO, of 3.7%. The result reinforces the quality of Multiplans shopping center
portfolio.
4.9%
5.8%
4.8%
3.9%
4.3%
3.9%
2.8%
1.8%
0.6%
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
4.1%
3.5%
2.6%
2Q13
3Q13
2.7%
1.2%
0.9%
4Q13
1Q14
2Q14
3Q14
3.4%
4Q14
4.1%
Average:
3.3%
1Q15
Same Store Rent (SSR) real growth
5.2 Parking Revenue

Parking revenue increases 20.0% to R$42.5 million
in 1Q15
Parking revenue grew 20.0% in 1Q15, reaching
R$42.5 million. The delivery of a new parking facility
in BarraShopping, as well as the increase in traffic
in new malls and organic growth, were the main
reasons for this evolution.
Parking revenue evolution (R$)
18
1Q15
MULT3
5.3 Shopping Center and Office Tower Expenses

Shopping center expenses drop 10.1% in 1Q15, and reach the lowest percentage of mall net revenues
ever recorded
The company was able to hold shopping center
expenses at R$23.0 million in 1Q15, 10.1% less than
in 1Q14. The result was driven by lower marketing
investments due to a more consolidated portfolio,
added to lower vacancy costs as a result of the higher
occupancy rate.
As a percentage of shopping center net revenue, mall
expenses declined 180 b.p. from 11.5% in 1Q14 to
9.3% in 1Q15. This is the lowest percentage recorded
since the companys IPO. It is also worth noting that
Shopping center expenses evolution (R$)

and as % of shopping center net revenue
(excluding real estate for sale revenue and taxes, and
straight-line effect)
this drop was achieved in spite of the delivery of new

areas.
Office tower expenses totaled R$3.2 million in 1Q15, 5.8% lower than in 1Q14. Morumbi Corporate
currently has 76% of its GLA leased, and as the project occupancy rate improves, the operating margin is
expected to increase.
5.4 Net Operating Income NOI

NOI + Key Money increases by 15.9% in 1Q15, and margin reaches 89.7%
The company recorded a strong Net Operating Income (NOI) + Key Money (KM) of R$227.1 million in
1Q15, an increase of 15.9% over 1Q14. The NOI + Key Money margin improved 254 b.p. to 89.7%,
resulting from the combination of solid shopping center revenue growth and a reduction in mall expenses
in the quarter.
NOI Calculation (R$)
Rental revenue
Parking revenue
15.7%
Mar-15
(LTM)
827.6 M
Mar-14
(LTM)
692.5 M
19.5%
23.8%
6.5 M
7.0 M
7.7%
1Q15
1Q14
Chg.%
194.2 M
167.9 M
8.7 M
11.4 M
Chg.%
42.5 M
35.4 M
20.0%
164.6 M
136.8 M
20.3%
Operational revenue
245.4 M
214.7 M
14.3%
998.8 M
836.4 M
19.4%
Shopping center expenses
(23.0 M)
(25.5 M)
10.1%
(104.0 M)
(125.2 M)
17.0%
Office for lease expenses
(3.2 M)
(3.4 M)
5.8%
(15.2 M)
(3.4 M)
344.2%
219.2 M
185.8 M
18.0%
879.6 M
707.8 M
24.3%
NOI
NOI margin
89.3%
86.5%
282 b.p.
88.1%
84.6%
345 b.p
Key Money
7.9 M
10.3 M
23.0%
34.5 M
50.3 M
31.5%
Operational revenue + Key Money
253.3 M
225.0 M
12.6%
1,033.3 M
886.7 M
16.5%
NOI + Key Money
227.1 M
196.0 M
15.9%
914.1 M
758.1 M
20.6%
89.7%
87.1%
254 b.p.
88.5%
85.5%
297 b.p
19
1Q15
MULT3
In the last 12 months as of March 2015, NOI + Key Money increased to R$914.1 million, 20.6% higher
than in the previous period, with a margin of 88.5%, better by 297 b.p.
The NOI + Key Money per share reached R$1.20 in 1Q15, implying a five-year CAGR of 14.2%. In the 12month period ending in March 2015, NOI + Key Money was R$4.85 per share, equivalent to a five-year
CAGR of 15.7%.
NOI + Key Money per share (1Q)
NOI + Key Money per share (LTM)
2.34
2.66
3.85
4.06
4.85
CAGR:
15.7%
3.18
0.70
0.79
1.02
1.05
1.20
0.62
1Q10 /
Mar-10
(LTM)
1Q11 /
Mar-11
(LTM)
1Q12 /
Mar-12
(LTM)
1Q13 /
Mar-13
(LTM)
1Q14 /
Mar-14
(LTM)
1Q15 /
Mar-15
(LTM)
CAGR:
14.2%
NOI + Key Money per share* evolution (R$)

*Shares outstanding adjusted for shares held in treasury
NOI + Key Money (R$) and margin
NOI + Key Money (R$)
6. Shopping Center Management Results

6.1 Services Revenue
Services revenue reaches R$27.6 million in 1Q15, once again greater than headquarters expenses in
1Q15
Services revenue, composed of portfolio management, brokerage and store transfer fees, recorded R$27.6 million in
1Q15, and was equivalent to 108% of the general and administrative expenses (G&A). Compared to 1Q14, when a
one-time construction management fee was paid to the company, services revenue fell 14.2%.
20
1Q15
MULT3
1.31 x
1.08 x
1.02 x
1.00 x
1Q14
0.94 x
0.87 x
2Q14
3Q14
4Q14
1Q15
Services revenue/G&A (x)
Quarterly services revenue evolution (R$)
6.2 General and Administrative Expenses (Headquarters)

G&A
expenses
increase
4.8%
to
R$25.7
million,
representing 9.7% of net revenue

General and Administrative (G&A) expenses increased 4.8%
in 1Q15 when compared to 1Q14, below the national
inflation rate for the same period, mainly due to higher
services and payroll expenses, which were partially offset by
lower marketing, travel expenses and provisions reversals.
G&A expenses as a percentage of net revenue remained in
the single-digit figure of 9.7% in the quarter.
Quarterly G&A evolution (R$)

and as a % of net revenues (%)
7. Shopping Center Development Results

7.1 Key Money Revenue
Key money revenue totals R$7.9 million in 1Q15
Key money revenue recognized and reported in 1Q15 decreased 23.0% to R$7.9 million, impacted by
lower recognition from Shopping Vila Olmpia which completed its first five years in operation (the
accounting accrual period for most key money contracts), and partially compensated by the key money
from BarraShopping Expansion VII, delivered in 2Q14.
Key Money Revenue (R$)
1Q15
1Q14
Operational (Recurring)
1.4 M
1.3 M
Chg. %
7.7%
Projects opened in the last 5 years (Non-recurring)
6.5 M
9.0 M
27.8%
Key Money Revenue
7.9 M
10.3 M
23.0%
21
1Q15
MULT3
7.2 New Projects for Lease Expenses
New Projects for Lease expenses decline 72.3% in 1Q15

New projects for lease expenses totaled R$1.8 million in 1Q15, a
drop of 72.3% when compared to 1Q14. New projects for lease
expenses were related to new greenfield and mall expansion
projects under development in the pre-operational phase, mainly
expenses
associated
with
ParkShoppingCanoas,
new
shopping center in the south of Brazil where construction work

Quarterly New Projects for Lease Expenses (R$)
has begun.
These expenses are incurred mostly in the planning, launching and opening of projects, and represent an
important tool to implement the Companys strategy of attracting the best tenants and creating the ideal mix for
each mall.
8. Real Estate for Sale Results
Real estate for sale revenue contribution of R$11.3 million in 1Q15

The BarraShoppingSul Complex forthcoming towers,
Rsidence du Lac and Diamond Tower, are mostly
concluded and therefore generated a real estate for
sale revenue of R$11.3 million in 1Q15, reducing by
56.3% the contribution when compared to the
previous quarters.
When both towers were launched in 4Q11, the
combined potential sales value (PSV) was R$223.5
million or R$9.385/m. Close to the projects delivery
date and considering that 98% of the units have been
sold, the Company expects to reach an average of
Real Estate for Sale Revenues (R$)
R$11,275/m, or a PSV of R$267.9 million, equal to a

19.9% improvement on an already high initial value.
New projects for sale expenses drop to R$0.6 million

Multiplan recorded cost of properties sold of R$8.3 million in 1Q15, mainly due to the evolution of
contruction projects at the towers for sale in BarraShoppingSul. New projects for sale expenses,
composed mainly of brokerage fees and property taxes (IPTU) for the land bank (shown in topic 10.3),
decreased to R$0.6 million in 1Q15, compared to R$3.7 million in 1Q14.
Real estate for sale activities added R$2.3 million to the Companys results in 1Q15, following a strong
R$37.1 million net contribution in 2014.
22
1Q15
MULT3
9. Financial Results
9.1 EBITDA
Excluding non-recurring items in 1Q14, EBITDA would grow 10.6%

Consolidated EBITDA presented a small decline (-1.5%) in 1Q15, compared to 1Q14, mainly due to (i) a
slight net revenue growth (+2.9%), highlighted by rental (+15.7%) and parking (+20.0%) revenues, partially
offset
by
lower
real
estate
for
sale
(-56.3%) and services (-14.2%) revenues, (ii) a decline in the expenses account of 12.6%, driven by
shopping
centers
(-10.1%) and new projects (-76.1%) expenses; which were fully offset (iii) by one-time non-recurring
revenues (real estate project legal settlement and air rights sale) in 1Q14, which summed R$21.4 million.
In 1Q15 the Consolidated EBITDA margin was 73.2%. The
1Q14 margin, impacted by non-recurring items mentioned
above, was 76.4%. For illustrative purposes only, adjusting
the EBITDA margin in 1Q14 for non-recurring items (R$21.4
million) would result in a margin of 68.1%, representing an
increase of 508 b.p. comparing 1Q15 to 1Q14 and a
Consolidated EBITDA growth of 10.6%.
Consolidated EBITDA (R$)
Net Revenue
264.7 M
257.2 M
2.9%
Mar-15
(LTM)
1,137.8 M
(25.7 M)
(24.5 M)
4.8%
(118.1 M)
(112.7 M)
4.8%
(3.9 M)
(3.1 M)
27.4%
(15.5 M)
(11.8 M)
31.6%
Consolidated EBITDA (R$)
1Q15
1Q14
Chg. %
Mar-14
(LTM)
1,011.9 M
12.4%
Chg. %
(23.0 M)
(25.5 M)
10.1%
(104.0 M)
(125.2 M)
17.0%
(3.2 M)
(3.4 M)
5.8%
(15.2 M)
(3.4 M)
344.2%
(1.8 M)
(6.3 M)
72.3%
(8.6 M)
(25.2 M)
65.9%
(0.7 M)
(3.7 M)
82.4%
(5.7 M)
(13.8 M)
58.4%
(8.3 M)
(15.5 M)
46.1%
(64.2 M)
(68.5 M)
6.3%
0.0 M
11.0 M
na
(0.6 M)
10.9 M
na
Equity pickup
Other operating income (expenses)
Consolidated EBITDA
Consolidated EBITDA Margin
(4.5 M)
10.4 M
na
(15.0 M)
(14.3 M)
5.3%
193.7 M
196.6 M
1.5%
790.9 M
648.0 M
22.1%
73.2%
76.4%
323 b.p.
69.5%
64.0%
547 b.p.
In the last 12 months Consolidated EBITDA reached R$790.9 million, implying a five-year CAGR of 19.2%. In
the same period, the CAGR of shopping center owned GLA reached 10.3% and Consolidated EBITDA
margin increased 597 b.p. to 69.5% when compared to March 2010 (LTM), showing the efficiency gains.
23
1Q15
MULT3
EBITDA Evolution
Shopping Center EBITDA reached R$185.2 million, growing 7.5% excluding non-recurring items
In 1Q15 Multiplan reported a 1.4% growth in Shopping Center EBITDA (excluding real estate for sale
results), benefitting from a shopping center net revenue increase of 5.5% in the same period. G&A and
mall
related
expenses
had
significant
decline
(-12.6%), driven by shopping center expenses (-10.1%) and new projects for lease expenses (-72.3%);
partially offset by non-recurring result in 1Q14 (air rights sale), which summed R$10.4 million. Shopping
Center EBITDA margin remained strong at 76.7%.
For illustrative purposes only, if non-recurring

items (mentioned above) were excluded from
Shopping Center EBITDA, the margin in 1Q15
(76.7%) would present an increase of 139 b.p.
when compared to 1Q14 (75.3%), while growing
7.5%, as shown on the right.
Shopping Center EBITDA (R$)
24
1Q15
MULT3
Shopping Center EBITDA (R$)
1Q15
1Q14
Chg. %
Mar-15
(LTM)
Mar-14
(LTM)
Chg. %
Shopping Center Gross Revenue
267.2 M
252.5 M
5.8%
1,102.1 M
996.8 M
10.6%
(25.8 M)
(23.7 M)
8.5%
(102.1 M)
(90.2 M)
13.2%
Shopping Center Net Revenue
241.4 M
228.7 M
5.5%
1,000.0 M
906.6 M
10.3%
(23.4 M)
(21.8 M)
7.5%
(103.8 M)
(100.9 M)
2.9%
(3.6 M)
(2.7 M)
30.6%
(13.6 M)
(10.6 M)
29.1%
(23.0 M)
(25.5 M)
10.1%
(104.0 M)
(125.2 M)
17.0%
(1.8 M)
(6.3 M)
72.3%
(8.6 M)
(25.2 M)
65.9%
Other operating income (expenses)
(4.5 M)
10.4 M
na
(15.0 M)
(14.3 M)
5.3%
185.2 M
182.7 M
1.4%
755.0 M
630.5 M
19.8%
76.7%
79.9%
315 b.p.
75.5%
69.5%
596 b.p.
1.8 M
6.3 M
72.3%
8.6 M
25.2 M
65.9%
187.0 M
189.0 M
1.1%
763.6 M
655.6 M
16.5%
77.5%
82.6%
519 b.p.
76.4%
72.3%
404 b.p.

Shopping Center EBITDA Margin
(+) New projects for lease expenses
SC EBITDA before New Projects Expenses
SC EBITDA before New Projects Expenses
Margin
(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.
9.2 Financial Results, Debt and Cash

Further decrease in leverage, maintaining the desired range
Multiplan finished 1Q15 with a net debt of R$1,759.8 million, compared to R$1,876.2 million in the previous
quarter. The current figure represents a net debt-to-EBITDA (last 12 months) ratio of 2.23x and the net
debt was equivalent to 10.7% of the investment property fair value, 99 b.p. lower when compared to 4Q14
(11.7%).
In 1Q15, financial revenue reached R$11.2 million, being fully offset by financial expenses, which reached
R$56.2 million, generating a negative financial result of R$45.0 million.
Financial Position Breakdown (R$)

Current Liabilities
Loans and financing
Debentures
Obligations from acquisition of goods
Non Current Liabilities
Loans and financing
Debentures
Obligations from acquisition of goods
Gross Debt
Cash and Cash Equivalents
Net Debt
EBITDA LTM
Fair Value of Investment Properties
March 31, 2015

259.9 M
211.5 M
21.9 M
26.6 M
December 31, 2014

248.6 M
206.5 M
9.7 M
32.4 M
Chg. %
4.6%
2.4%
124.5%
17.9%
1,912.7 M
1,501.0 M
398.2 M
13.5 M
2,172.7 M
412.9 M
1,759.8 M
790.9 M
16,396.3 M
1,965.9 M
1,550.2 M
398.2 M
17.5 M
2,214.5 M
338.3 M
1,876.2 M
793.7 M
15,999.3 M
2.7%
3.2%
0.0%
22.7%
1.9%
22.0%
6.2%
0.4%
2.5%
25
1Q15
MULT3
Cash and Cash Equivalents were impacted mainly by the cash outflows of (i) CAPEX of R$30.3 million in
the period, (ii) amortization of R$50.4 million in short term debt, (iii) payment of R$10.6 million in
obligations from acquisition of goods; which were fully offset by (iv) cash generation of current operations.
Multiplans debt amortization schedule on March 31, 2015 (R$)
Deleveraging driven by strong cash generation

When compared to 4Q14, the increase
in Cash and Cash Equivalents (22.0%)
Financial Position Analysis*
combined with a decrease in Gross Debt
Net Debt/EBITDA (LTM)
2.23x
2.36x
(1.9%), contributed to reduce the net
Gross Debt/EBITDA (LTM)
2.75x
2.79x
debt-to-EBITDA (LTM) ratio from 2.36x

in December 2014, to 2.23x in March
Mar. 31, 2015 Dec. 31, 2014
EBITDA/Financial Expenses (LTM)
3.73x
3.86x
Net Debt/Fair Value
10.7%
11.7%
Net Debt/Equity
42.3%
46.1%
2015. In 2Q15, the companys leverage
Net Debt/Market Cap
16.5%
20.8%
should be impacted by planned cash
Weighted Average Maturity (Months)
52
54
disbursements related to (i) payment of

additional dividends approved in the
* EBITDA and Financial Expenses are the sum of the last 12 months.
General Shareholders Meeting, to be

paid by May 31, 2015, (ii) payment of
Interest
on
Shareholders
Equity
announced in December 2014, to be

paid by May 31, 2015, and (iii) potential
CAPEX.
Additionally, Net Debt/Fair Value dropped to 10.7% in 1Q15, driven by a 2.5% increase in fair value,
combined with a 6.3% decrease in Net Debt position. The weighted average maturity of the Company debt
at the end of 1Q15 was of 52 months, compared to 54 months in the previous quarter.
26
1Q15
MULT3
The spread between the average cost of indebtedness and Selic keeps increasing
While the basic interest rate increased 100 b.p. in the quarter to 12.75%, weighted average cost-of-debt
increased 57 b.p. to 11.53% p.a. on March 31, 2015, up from 10.96% p.a. on December 31, 2014,
presenting a spread between the Companys weighted average cost of funding and the Selic basic interest
rate of 122 b.p.
11.08%
11.00%
10.52%
9.98%
8.50%
Dec-11
9.48%
9.08%
8.95%
9.20%
9.75%
Mar-12
Jun-12
7.50%
Set-12
7.25%
7.25%
8.00%
Dez-12
Mar-13
Jun-13
9.34%
9.00%
Set-13
10.00%
9.87%
Dez-13
10.75%
11.00%
11.00%
10.41%
10.50%
10.54%
Mar-14
Multiplan Cost of Funding (gross debt)
Jun-14
Set-14
11.75%
10.96%
Dez-14
Selic Rate
Weighted average cost of funding (% p.a.)
Multiplans weighted average cost-of-debt remained below the Selic rate for the sixth consecutive quarter,
as a consequence of the financing strategy implemented in 3Q13, increasing the share of gross debt
indexed to TR, up from 30.9% in 2Q13 to 42.6%, in 1Q15. Thus, Multiplans indebtedness continues to
show a wide selection of indices, with debt linked to the TR and the CDI indexes representing the largest
share of the total debt outstanding. Multiplans Indebtedness is in local currency only (Real).
Indebtedness interest indices on March 31, 2015
TR
CDI
TJLP
IGP-M
IPCA
Others
Total
Index
Performance
0.90%
12.75%
5.50%
3.16%
8.13%
0.00%
6.75%
Average
Interest Rate
8.93%
1.02%
3.25%
1.62%
7.62%
8.03%
4.75%
Cost of
Debt
9.89%
13.77%
8.80%
4.78%
15.75%
8.03%
11.53%
Gross Debt
(R$)
925.8 M
1,003.2 M
138.5 M
40.4 M
19.8 M
44.9 M
2,172.7 M
Weighted average annual interest rate.

Index performance for the last 12 months.
Multiplan Debt Indices on

March 31, 2015
9.3 Net Income and Funds From Operations (FFO)
Net Income up 14.2% in 1Q15, excluding non-recurring items
27
12.75%
11.53%
Mar-15
1Q15
MULT3
Net Income decreased 15.4% in 1Q15, compared to 1Q14,

reaching R$69.6 million, mainly due to (i) one-time results (real
estate project legal settlements and air rights sale) in 1Q14,
which totaled R$21.4 million, combined with a (ii) higher tax
burden, impacted by non-deductible expenses in 1Q15. This
result was partially offset by higher (iv) net revenues and (v)
lower expenses, highlighted by shopping center expenses (10.1%) and a decline in new project for lease expenses
Net Income (R$)
(-72.3%).
* Impact on taxes not considered
For illustrative purposes only, if non-recurring items were excluded, the Net Income would present a 14.2%
growth, as shown on the right, and a margin increase of 261 b.p. when compared to 1Q14.
Net revenue
264.7 M
257.2 M
2.9%
Mar-15
(LTM)
1,137.8 M
Operating expenses
(71.0 M)
(60.7 M)
17.0%
(347.0 M)
(364.0 M)
4.7%
Financial results
(44.9 M)
(40.0 M)
12.5%
(170.0 M)
(122.3 M)
39.0%
(39.2 M)
(39.3 M)
0.2%
(161.5 M)
(136.1 M)
18.6%
12.3%
Net Income & FFO Calculation (R$)
1Q15
1Q14
Chg. %
Mar-14
(LTM)
1,011.9 M
Chg. %
12.4%
(34.0 M)
(28.0 M)
21.5%
(81.9 M)
(72.9 M)
Minority interest
(0.0 M)
(0.0 M)
10.3%
0.0 M
(0.1 M)
na
Adjusted net income
75.5 M
89.3 M
15.4%
377.6 M
316.6 M
19.2%
Deferred income and social contribution
(5.9 M)
(7.0 M)
15.3%
(22.2 M)
(20.2 M)
10.0%
Net income
69.6 M
82.3 M
15.4%
355.4 M
296.4 M
19.9%
39.2 M
39.3 M
0.2%
161.5 M
136.1 M
18.6%
5.9 M
7.0 M
15.3%
22.2 M
20.2 M
10.0%
114.7 M
128.6 M
10.8%
539.0 M
452.7 M
19.1%
FFO
FFO LTM reaches a 11.7% five-year CAGR

Funds From Operations (FFO) reached R$114.7 million in 1Q15, 10.8% lower than in 1Q14, impacted by
the non-recurring items mentioned above. However, in the last 12 months (LTM) FFO increased 19.1%,
reaching R$539.0 million, and a five-year CAGR of 11.7%. FFO per share (LTM) reached R$2.86 in 1Q15,
representing a five year CAGR of 10.6%.
FFO evolution
FFO (R$) per share evolution

Shares outstanding at the end of each period, adjusted for
shares held in treasury
28
1Q15
MULT3
10. Project Development

R$30.3 million invested during 1Q15
Multiplan invested R$30.3 million in the first quarter
of 2015, of which R$11.9 million was for mall
expansions, R$9.6 million was for renovation, IT and
others,
R$4.1
million
went
towards
mall
development, R$4.2 million was earmarked for land

acquisition and R$0.3 million went to office towers.
Mall expansions, 39% of the total CAPEX, includes
the final stage of BarraShopping Medical Center
Expansion
and
small
expansions
Investment (R$)
1Q15 % of total
Mall Development
4.1 M
13.7%
11.9 M
39.5%
Office Towers
0.3 M
1.1%
Renovation, IT & Others
9.6 M
31.8%
Land Acquisition
4.2 M
14.0%
30.3 M
100.0%
Mall Expansion
Investment
in
BarraShoppingSul and PatioSavassi, adding new

operations and convenience to consumers.
10.1 Greenfield
ParkShoppingCanoas: under construction
ParkShoppingCanoas, located in the state of Rio Grande do Sul, in the city of Canoas, is Multiplans 19th
shopping center. The project will feature an innovative architectural project and a large area for leisure and
services distributed among 258 stores in its 48,000 m of Gross Leasable Area (GLA). The project offers a
hypermarket, an ice-skating rink, a gym center, an indoor amusement park, five stadium-type movie
theaters, a food court with 28 operations and six gourmet restaurants with a deck overlooking Getlio
Vargas municipal park.
The mall will have 2,500 parking places, 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. Due to a land swap the Companys stake in the projects development costs (CAPEX) will
be 94.7%.
29
1Q15
MULT3
Artists rendering for illustration purposes only Project subject to changes without previous notice
10.2 Mixed-use: Office and Residential Towers for Sale

Towers in Porto Alegre: ready to be delivered in a few days
Rsidence du Lac, a 9,960m residential tower sold for an average price of R$12,348/m and Diamond Tower,
a condo-office tower, has sold its units with an average price of R$10,501/m. Their combined potential sales
value (PSV) is R$267.9 million. Both projects were scheduled to be delivered in the second quarter of 2015,
and need only an occupancy permit.
BarraShoppingSul Complex: Crystal Tower, Diamond Tower (delivery estimated to 2Q15)

and Rsidence du Lac (delivery estimated to 2Q15)
30
1Q15
MULT3
Towers for Sale

Project
Location
Type
Diamond Tower
BarraShoppingSul Condo Offices 2Q15
Rsidence du Lac BarraShoppingSul Residential
Opening
2Q15
Total
1
13,800 m
100.0% 144.9 M
Average
price/m
10,501
9,960 m
100.0% 123.0 M
12,348
23,760 m
100.0% 267.9 M
11,275
Area
%Mult.
PSV
Potential Sales Value
10.3 Future Growth and Land Bank

Multiplan currently holds 874,000 m of land for future mixed-use development projects
Multiplan owns 873,819 m of land for future mixed-use projects. All projects below are integrated with the
Companys shopping centers and will be used to develop mixed-use projects, primarily for sale. Based on
current internal project assessments, the Company estimated a total of 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
BarraShoppingSul
JundiaShopping
ParkShoppingBarigi
Land
Area
159,587 m
4,500 m
Project type
Hotel, Apart-Hotel, Office,

Residential
11,616 m Office
304,515 m
%
Multiplan
100%
100%
28,214 m
43,376 m Apart-Hotel, Office
94%
317,755 m
92,774 m Office, Residential
90%
ParkShoppingCanoas
18,721 m
36,948 m
140,000 m
RibeiroShopping
102,295 m
Shopping AnliaFranco
29,800 m
VillageMall
36,000 m
Total
Private
Area
873,819 m
22,457 m Hotel, Apart-Hotel, Office

138,000 m Office
164,136 m Office, Residential
Hotel, Apart-Hotel, Office,
138,749 m
Residential
89,600 m Residential
36,077 m Office
1,041,299
m
na
100%
50%
100%
36%
100%
86%
31
1Q15
MULT3
Mixed-use ParkShoppingBarigi project illustration

Artists rendering for illustrative 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 aforementioned projects, which may be changed or cancelled without prior notice.
11. MULT3 Indicators & Stock Market

Multiplan is included in the Ibovespa
The Company joined the new portfolio of the Ibovespa, which is valid for a four-month-period from January
to April of 2015, with a weight of 0.414%, corresponding to the 47th most representative position in the
index, of a total of 68 listed assets.
Ibovespa is the most important indicator of the average performance of the more actively traded and most
representative shares on the Brazilian stock market. The index is composed of shares of BM&FBOVESPAlisted issuers that meet the criteria for liquidity, financial volume, and trading session presence.
Average daily traded volume of R$44.3 million in 1Q15
Multiplans stock (MULT3 at BM&FBOVESPA; MULT3 BZ on
Average daily traded volume in BRL

Average daily traded volume in number of shares
868,082
Bloomberg) in the first quarter of 2015 was quoted at R$56.05/share,

15.8% higher than at the end of 1Q14. Multiplans average daily
640,868
traded volume was R$44.3 million in 1Q15, 59.7% higher than in

1Q14 (R$27.7 million). The daily number of traded shares in 1Q15
increased 35.5% over 2014.
Multiplans shares are listed in the following indexes: Bovespa Index
44.3 M
492,683
359,710
264,490
31.7 M
26.5 M
17.4 M
8.9 M
(IBOV), 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
2011
2012
2013
2014
1Q15
Evolution of daily average

number of shares traded
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.
32
1Q15
MULT3
Traded Volume (15 day average)
Multiplan
Ibovespa
58
120.0 M
53
110.0 M
48
100.0 M
43
38
90.0 M
33
80.0 M
28
70.0 M
60.0 M
Mar-14
23
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
18
Mar-15
One year analysis: MULT3, MULT3 volume and Ibovespa Index

Base 100 = March 31, 2014
On March 31, 2015, 29.1% 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 41.3%.
Shares held by management and in treasury totaled 0.8% of the outstanding shares. Total shares
outstanding are 189,997,214.
MULT3 at BM&FBOVESPA
1Q15
Average Closing Price (R$)

Closing Price (R$)
Average Daily Traded Volume (R$)
Market Cap (R$)
1Q14
Chg. %
51.32
45.80
12.1%
56.05
48.42
15.8%
44.3 M
27.7 M
59.7%
10,649.3 M
9,199.7 M
15.8%
Shareholders capital stock breakdown on March 31, 2015.

OTPP Ontario Teachers Pension Plan
33
1Q15
MULT3
12. Portfolio
Portfolio 1Q15
Operating Shopping
Centers
BHShopping
RibeiroShopping
BarraShopping
MorumbiShopping
ParkShopping
DiamondMall
Shopping AnliaFranco
ParkShoppingBarigi
Ptio Savassi
BarraShoppingSul
JundiaShopping
VillageMall
Subtotal operating
Shopping Centers
Operating office tower
Opening
State
Multiplan
%
Total GLA
Rent
(month)1
Sales
(month)2
Avg.
Occupancy
Rate
1979
1981
1981
1982
1983
1996
1999
1999
2003
2004
1999
2008
2009
2011
2012
2012
2012
2013
MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ
RJ
AL
80.0%
80.0%
51.1%
65.8%
61.7%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%
100.0%
90.0%
100.0%
50.0%
47,097 m
68,640 m
74,759 m
55,512 m
53,524 m
21,386 m
22,271 m
51,501 m
50,650 m
17,998 m
23,057 m
73,113 m
28,369 m
39,274 m
34,385 m
42,794 m
25,685 m
37,540 m
158 R$/m
72 R$/m
194 R$/m
199 R$/m
119 R$/m
165 R$/m
54 R$/m
127 R$/m
85 R$/m
116 R$/m
28 R$/m
58 R$/m
90 R$/m
84 R$/m
71 R$/m
69 R$/m
97 R$/m
53 R$/m
1,829 R$/m
928 R$/m
2,103 R$/m
2,153 R$/m
1,637 R$/m
2,103 R$/m
866 R$/m
1,522 R$/m
1,402 R$/m
1,579 R$/m
642 R$/m
1,122 R$/m
1,141 R$/m
1,036 R$/m
960 R$/m
766 R$/m
1,470 R$/m
700 R$/m
99.3%
99.3%
99.9%
99.5%
98.8%
99.3%
100.0%
98.7%
99.7%
100.0%
95.8%
99.7%
95.6%
99.2%
98.2%
94.0%
99.8%
94.7%
73.8%
767,554 m
108 R$/m
1,376 R$/m
98.6%
ParkShopping Corporate
2012
DF
50.0%
13,360 m
Morumbi Corporate
Subtotal operating office
towers
Malls under development
ParkShoppingCanoas
Subtotal malls under
development
Expansion under
development
BarraShopping Medical
Center Exp.
Subtotal expansion under
development
Total portfolio
2013
SP
100.0%
74,198 m
Leasing
phase
76%
92.4%
87,558 m
TBA
RS
80.0%
48,000 m
80.0%
48,000 m
RJ
51.1%
3,522 m
51.1%
3,522 m
75.8%
906,634 m
2015
Rent per m: Sum of base and overage rents charged from tenants divided by its occupied GLA. It is worth noting
that this GLA includes stores that are already leased but are not yet operating (i.e., stores that are being readied for
opening).
Sales per m: Sales/m calculation considers only the GLA from stores that report sales, and excludes sales from
kiosks, since they are not counted in the total GLA.
34
1Q15
MULT3
35
1Q15
MULT3
13. Ownership Structure

Multiplans ownership structure on March 31, 2015, is described in the chart below. Of 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.
Multiplans ownership interests in Special Purpose Companies (SPCs) are 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 a 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. Multiplan holds a 50.0% interest in Manati.
Parque Shopping Macei S.A.: Owns 100.0% interest in Parque Shopping Macei, located in the city of
Macei, State of Alagoas, in which Multiplan has a 50/50 partnership.
Danville SP Empreendimento Imobilirio Ltda.: SPC established to develop real estate project in the
city of Ribeiro Preto, State of So Paulo.
36
1Q15
MULT3
Multiplan Holding S.A.: Multiplans wholly-owned subsidiary; holds interest in other companies and
assets.
Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established to develop real estate
project in the city of Ribeiro Preto, State of So Paulo.
Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established to develop an office tower
in the city of Porto Alegre, State of Rio Grande do Sul.
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
project in the city of So Paulo, State of So Paulo, holding a 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.: Owns a 46.88% interest in Morumbi
Corporate, an office tower in the city of So Paulo, State of So Paulo.
Multiplan Greenfield III Empreendimento Imobilirio Ltda.: SPC established to develop real estate
projects in the city of Rio de Janeiro, State of Rio de Janeiro.
Multiplan Greenfield IV Empreendimento Imobilirio Ltda.: Owns a 53.12% interest in Morumbi
Corporate. Multiplan indirectly owns 100.0% interest in MorumbiCorporate.
Jundia Shopping Center Ltda.: Owns a 100.0% interest in JundiaShopping, located in the city of
Jundia, State of So Paulo. Multiplan holds a 100.0% interest in Jundia Shopping Center Ltda.
ParkShopping Campo Grande Ltda.: Owns a 90.0% interest in ParkShoppingCampoGrande, located in
the city of Rio de Janeiro, State of Rio de Janeiro.
ParkShopping Corporate Empreendimento Imobilirio Ltda.: Owns a 50.0% interest in ParkShopping
Corporate, an office tower located in the city of Braslia, Federal District.
ParkShopping Canoas Ltda.: a SPC established to develop real estate project in the city of Canoas,
State of Rio Grande do Sul.
Ptio Savassi Administrao de Shopping Center Ltda.: a SPC established to manage the parking
operation at Shopping Ptio Savassi, located in the city of Belo Horizonte, State of Minas Gerais.
ParkShopping Global Ltda.: a SPC established to develop real estate projects in the city of So Paulo,
State of So Paulo.
ParkShopping Jacarepagu Ltda.: a SPC established to develop real estate projects in the city of Rio de
Janeiro, State of Rio de Janeiro.
37
1Q15
MULT3
14. Operational and Financial Data

Operational and Financial Highlights
Perfomance
Financial (MTE %)
Gross revenue R$'000
Net revenue R$'000
Net revenue R$/m
Net revenue USD/sq. foot
Rental revenue (with straight line effect) R$'000
Rental revenue R$/m
Rental revenue USD/sq. foot
Monthly rental revenue R$/m
Monthly rental revenue USD/sq. foot
Net Operating Income (NOI) R$'000
Net Operating Income R$/m
Net Operating Income USD/sq. foot
Net Operating Income margin
NOI/share
NOI + Key Money (KM) R$'000
NOI + KM R$/m
NOI + KM USD/sq. foot
NOI + KM margin
NOI + Key money/share
Headquarter expenses R$'000
Headquarter expenses/Net revenues
EBITDA R$'000
EBITDA R$/m
EBITDA USD/sq. foot
EBITDA margin
EBITDA per Share R$
Adjusted net income R$'000
Adjusted net income R$/m
Adjusted net income USD/sq. foot
Adjusted net income margin
Adjusted net income per share R$
FFO R$'000
FFO R$/m
FFO US$'000
FFO USD/sq. foot
FFO margin
FFO per share R$
Dollar (USD) end of quarter
1Q15
292,961
264,702
490.5
14.3
202,906
376.0
10.9
120.0
3.5
219,211
406.2
11.8
89.3%
1.16
227,106
420.8
12.2
89.7%
1.20
25,664
9.7%
193,700
358.9
10.4
73.2%
1.03
75,499
139.9
4.1
28.5%
0.40
114,695
212.5
35,875
6.2
43.3%
0.61
3.1971
1Q14
283,952
257,249
469.0
19.2
179,332
327.0
13.4
102.0
4.2
185,774
338.7
13.8
86.5%
0.99
196,031
357.4
14.6
87.1%
1.05
24,495
9.5%
196,560
358.4
14.7
76.4%
1.05
89,259
162.7
6.7
34.7%
0.48
128,551
234.4
56,581
9.6
50.0%
0.69
2.2720
Chg.%
3.2%
2.9%
4.6%
25.7%
13.1%
15.0%
18.3%
17.6%
16.5%
18.0%
19.9%
14.8%
282 b.p
17.3%
15.9%
17.8%
16.3%
254 b.p
15.2%
4.8%
17 b.p
1.5%
0.2%
28.8%
323 b.p
2.0%
15.4%
14.0%
38.9%
618 b.p
15.9%
10.8%
9.3%
36.6%
35.6%
13.3%
11.3%
40.7%
Values in R$/m and US$/sqf consider adjusted owned mall GLA
38
1Q15
MULT3
Operational and Financial Highlights

Performance
Market Performance
Number of shares
Common shares
Preferred shares
Average share closing price
Closing share price
Average daily traded volume (R$ '000)
Market cap (R$ 000)
Total debt (R$ 000)
Cash (R$ 000)
Net debt (R$ 000)
P/FFO (Last 12 months)
EV/EBITDA (Last 12 months)
Net Debt/EBITDA (Last 12 months)
Performance
Operational (100%)
Final total mall GLA (m)
Final owned mall GLA (m)
Owned mall GLA %
Adjusted total mall GLA (avg.) (m)
Adjusted owned mall GLA (avg.) (m)
Final total office towers GLA
Final owned office towers GLA
Final total GLA (m)
Final owned GLA (m)
Total sales R$'000
Total sales R$/m
Total sales USD/sq. foot
Satellite stores sales R$/m
Satellite stores sales USD/sq. foot
Total Rent R$/m
Total Rent USD/sq. foot
Same Store Sales
Same Area Sales
Same Store Rent
Same Area Rent
IGP-DI effect
Occupancy costs
Rent as sales %
Other as sales %
Turnover
Occupancy rate
Delinquency (25 days delay)
Rent loss
1Q15
189,997,214
178,138,867
11,858,347
51.32
56.05
44,309
10,649,344
2,172,675
412,875
1,759,800
19.8 x
15.7 x
2.2 x
1Q14
189,997,214
178,138,867
11,858,347
45.80
48.42
27,737
9,199,665
2,158,306
253,759
1,904,547
20.3 x
17.1 x
2.9 x
1Q15
767,554
566,455
73.8%
731,238
539,654
87,558
80,878
855,112
647,333
2,916,949
4,128
120
5,727
166
324
9.4
4.3%
5.7%
9.5%
7.7%
5.2%
13.5%
8.1%
5.4%
0.6%
98.6%
1.8%
0.5%
Chg.%
0.0%
0.0%
0.0%
12.1%
15.8%
59.7%
15.8%
0.7%
62.7%
7.6%
2.7%
8.2%
23.3%
1Q14
756,694
559,197
73.9%
742,219
548,500
87,558
80,878
844,252
640,075
2,723,015
3,924
160
5,506
225
300
12.3
8.3%
9.3%
6.8%
6.3%
5.9%
13.7%
7.8%
5.9%
0.7%
98.5%
1.9%
0.5%
Chg.%
1.4%
1.3%
10 b.p
1.5%
1.6%
0.0%
0.0%
1.3%
1.1%
7.1%
5.2%
25.2%
4.0%
26.1%
8.0%
23.3%
400 b.p
360 b.p
270 b.p
140 b.p
70 b.p
20 b.p
30 b.p
50 b.p
10 b.p
10 b.p
5 b.p
1 b.p
Adjusted GLA corresponds to the periods average GLA excluding the area of BIG supermarket at BarraShoppingSul.
Considers only the GLA from stores that report sales, and excludes sales from kiosks, since they are not counted in the total
GLA.
39
1Q15
MULT3
15. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report
15.1 - Variations on the Financial Statement IFRS with CPC 19 (R2) and Managerial Report
IFRS with
Financial Statements
(R$ '000)
Rental revenue
Services
Key money
CPC 19 R2
CPC 19 R2
Managerial
Effect
1Q15
1Q15
Difference
190,589
194,216
3,628
27,658
27,617
(40)
7,480
7,895
415
Parking
41,866
42,492
626
Real estate
11,286
11,286
8,439
8,690
251
759
764
Gross Revenue
288,075
292,961
4,886
(27,957)
(28,259)
(302)
Net Revenue
260,118
264,702
4,584
(25,624)
(25,664)
(40)
(3,930)
(3,930)

Others
(21,754)
(22,958)
(1,204)
(3,230)
(3,230)
(1,754)
(1,754)
(652)
(652)
(8,334)
(8,334)

Equity pickup
EBITDA
Financial revenues
1,285
(1,284)
(4,483)
(4,482)
191,643
193,700
2,057
10,737
11,211
474
Financial expenses
(55,211)
(56,161)
(950)
(38,257)
(39,196)
(939)
108,912
109,555
643
(33,928)
(34,037)
(109)
(5,372)
(5,906)
(534)
(18)
(18)
69,593
69,593

Minority interest
Net Income
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.
40
1Q15
MULT3
The main differences in 1Q15 are: (i) increase of R$3.6 M in Rental Revenues; (ii) increase of R$1.2 M in
Shopping Center Expenses, (iii) increase of R$0.5 M in Financial Results, and (iv) increase of R$0.9 M in
Depreciation and Amortization. Accordingly and as a result of the variations mentioned above, there were
decreases of R$1.3 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).
15.2 - Variations on the Balance Sheet: Total Assets
IFRS with
CPC 19 R2
CPC 19 R2
Managerial
Effect
03/31/2015
03/31/2015
Difference
Cash and cash equivalents
146,447
160,152
13,705
Short term investments
252,723
252,723
Accounts receivable
316,878
321,297
4,419
Land and properties held for sale
ASSETS
Current assets
158,462
158,462
Related parties
2,139
2,139
Recoverable taxes and contributions
2,865
3,175
310
Sundry advances
1,516
1,516
27,855
28,429
574
908,885
927,894
19,009
Other
Total current assets
Noncurrent asset
Accounts receivable
51,653
51,664
11
197,450
197,450
Related parties
10,527
10,527
Deposits in court
13,332
13,962
631
16,240
18,533
2,294
Other
16,418
20,241
3,823
136,412
6,671
(129,741)
4,965,208
5,122,282
157,074
31,999
31,999
348,984
349,990
1,006
Total non current assets
5,788,223
5,823,320
35,097
Total assets
6,697,108
6,751,214
54,106
Investments
Investment properties
Property and equipment
Intangible
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$157.1 M in investment properties; (ii) increase of
R$13.7 M in cash and cash equivalents; and (iii) increase of R$4.4 M in accounts receivable.
As a result of the variations mentioned above, there was a decrease of R$129.7 M in investments given
that the assets and liabilities of these companies are now recorded on this line as determined by CPC 19
(R2).
41
1Q15
MULT3
15.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity
IFRS with
LIABILITIES
CPC 19 R2
CPC 19 R2
Managerial
Effect
03/31/2015
03/31/2015
Difference
3,430
Current liabilities
Loans and financing
208,075
211,505
Debentures
21,851
21,851
Accounts payable
90,023
90,785
762
Property acquisition obligations
26,586
26,586
Taxes and contributions payable
49,568
50,233
665
Dividends to pay
73,059
73,059
Deferred incomes
18,493
18,555
62
Other
Total current liabilities
7,042
7,054
12
494,697
499,628
4,931
41,214
Non current liabilities

Loans and financing
1,459,754
1,500,968
Debentures
398,223
398,223
163,406
165,686
2,280
13,542
13,542
10,354
10,974
620
(234)
4,825
5,059
2,045,050
2,094,223
49,173
2,388,062
2,388,062
966,446
966,446

Others
Provision for contingencies
Deferred incomes
Total non current liabilities
Shareholders' equity
Capital
Capital reserves
Profit reserve
932,425
932,425
Share issue costs
(38,994)
(38,994)
Shares in treasure department
(75,347)
(75,347)
Capital transaction effects
(89,996)
(89,996)
71,969
71,969
Retained earnings
Minority interest
2,795
2,795
Total shareholder's equity
4,157,361
4,157,363
Total liabilities and shareholders' equity
6,697,108
6,751,214
54,106
The differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of
R$44.6 M in loans and financing, given the inclusion of the 50.0% in project Parque Shopping Macei,
which signed a contract to finance its construction via Banco do Nordeste; and (ii) the increase of R$5.1 M
in revenues and costs, in deferred income.
42
1Q15
MULT3
16. Appendices
16.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) Joint Arrangements
IFRS with CPC 19 (R2)
(R$'000)
1Q15
1Q14
Chg. %
190,589
164,803
15.6%
27,658
32,278
14.3%
7,480
9,833
23.9%
Parking revenue
41,866
35,123
19.2%
11,286
25,853
56.3%
8,439
11,257
25.0%
Rental revenue
Services revenue
Key money revenue

Other revenues
759
903
16.0%
Gross Revenue
288,075
280,050
2.9%
(27,957)
(26,493)
5.5%
Net Revenue
260,118
253,557
2.6%
(25,624)
(24,465)
4.7%
(3,930)
(3,085)
27.4%
(21,754)
(24,123)
9.8%
(3,230)
(3,430)
5.8%
(1,754)
(6,334)
72.3%

Equity pickup
EBITDA
(652)
(3,713)
82.4%
(8,334)
(15,459)
46.1%
1,285
11,807
89.1%
(4,483)
10,363
na
191,643
195,117
1.8%
Financial revenues
10,737
9,037
18.8%
Financial expenses
(55,211)
(48,398)
14.1%
(38,257)
(38,374)
0.3%
108,912
117,382
7.2%
(33,928)
(28,021)
21.1%
(5,372)
(7,081)
24.1%
(18)
(20)
10.3%
69,593
82,260
15.4%

Minority interest
Net Income
43
1Q15
MULT3
(R$'000)
NOI
NOI margin
NOI + Key Money
1Q15
1Q14
Chg. %
215,910
183,631
17.6%
89.6%
87.0%
268 b.p.
223,390
193,464
15.5%
89.9%
87.5%
241 b.p.
181,936
180,502
0.8%
76.8%
80.2%
339 b.p.
191,643
195,117
1.8%
73.7%
77.0%
328 b.p.

EBITDA margin
Net Income
69,593
82,260
15.4%
Net Income margin
26.8%
32.4%
569 b.p.
Adjusted Net Income
74,965
89,341
16.1%
28.8%
35.2%
642 b.p.
113,222
127,715
11.3%
43.5%
50.4%
684 b.p.
1Q15
194,216
27,617
7,895
42,492
11,286
8,690
764
292,961
(28,259)
264,702
(25,664)
(3,930)
(22,958)
(3,230)
(1,754)
(652)
(8,334)
1
(4,482)
193,700
11,211
(56,161)
(39,196)
109,555
(34,037)
(5,906)
(18)
69,593
1Q14
167,921
32,187
10,256
35,416
25,853
11,411
907
283,952
(26,703)
257,249
(24,495)
(3,085)
(25,544)
(3,430)
(6,334)
(3,713)
(15,459)
11,009
10,364
196,560
9,527
(49,495)
(39,292)
117,300
(28,021)
(6,974)
(20)
82,286
Chg. %
15.7%
14.2%
23.0%
20.0%
56.3%
23.8%
15.8%
3.2%
5.8%
2.9%
4.8%
27.4%
10.1%
5.8%
72.3%
82.4%
46.1%
100.0%
na
1.5%
17.7%
13.5%
0.2%
6.6%
21.5%
15.3%
10.3%
15.4%

FFO
FFO margin
16.2 Consolidated Financial Statements: Managerial Report

(R$'000)
Rental revenue
Services revenue
Key money revenue
Parking revenue
Other revenues
Gross Revenue
Net Revenue
Equity pickup
EBITDA
Financial revenues
Financial expenses
Minority interest
Net Income
44
1Q15
MULT3
(R$'000)
NOI
NOI margin
NOI + Key Money
1Q15
219,211
89.3%
227,106
1Q14
185,774
86.5%
196,031
Chg. %
18.0%
282 b.p.
15.9%

EBITDA margin
Net Income
Net Income margin
Adjusted Net Income
FFO
FFO margin
89.7%
87.1%
254 b.p.
185,221
76.7%
193,700
73.2%
69,593
26.3%
75,499
28.5%
114,695
43.3%
182,687
79.9%
196,560
76.4%
82,286
32.0%
89,259
34.7%
128,551
50.0%
1.4%
315 b.p.
1.5%
323 b.p.
15.4%
570 b.p.
15.4%
618 b.p.
10.8%
664 b.p.
16.3 Balance Sheet Managerial Report

ASSETS
Current Assets
Short Term Investments
Accounts receivable
Related parties
Sundry advances
Other
Total Current Assets
03/31/2015
12/31/2014
% Change
160,152
252,723
321,297
158,462
2,139
3,175
1,516
28,429
927,894
183,311
155,011
350,423
156,420
2,486
2,661
20,945
18,660
889,917
12.6%
63.0%
8.3%
1.3%
13.9%
19.3%
92.8%
52.4%
4.3%
Noncurrent Asset
Accounts receivable
Related parties
Deposits in court
Other
Investments
Investment Properties
Property and equipment
Intangible
Total Non Current Assets
51,664
197,450
10,527
13,962
18,533
20,241
6,671
5,122,282
31,999
349,990
5,823,320
51,543
193,784
12,422
14,000
18,453
19,992
6,670
5,128,894
32,476
349,532
5,827,764
0.2%
1.9%
15.3%
0.3%
0.4%
1.2%
0.0%
0.1%
1.5%
0.1%
0.1%
Total Assets
6,751,214
6,717,681
0.5%
45
1Q15
MULT3
LIABILITIES
Current Liabilities
Loans and financing
Debentures
Accounts payable
Dividends to pay
Deferred incomes and costs
Other
Total Current Liabilities
03/31/2015
12/31/2014
% Change
211,505
21,851
90,785
26,586
50,233
73,059
18,555
7,054
499,628
206,481
9,735
90,113
32,378
45,228
73,059
33,673
5,614
496,281
2.4%
124.5%
0.7%
17.9%
11.1%
0.0%
44.9%
25.7%
0.7%
Non Current Liabilities

Loans and financing
Debentures
Other
Provision for contingencies
Deferred incomes and costs
Total Non Current Liabilities
1,500,968
398,223
165,686
13,542
5
10,974
4,825
2,094,223
1,550,173
398,223
159,699
17,530
5
15,942
10,175
2,151,746
3.2%
0.0%
3.7%
22.7%
5.1%
31.2%
52.6%
2.7%
Shareholders' Equity
Capital
Capital reserves
Profit reserve
Share issue costs
Shares in treasure department
Capital Transaction Effects
Retained earnings
Minority interest
Total Shareholder's Equity
2,388,062
966,449
932,423
(38,994)
(75,347)
(89,996)
71,969
2,795
4,157,363
2,388,062
966,085
932,423
(38,993)
(90,704)
(89,996)
2,777
4,069,654
0.0%
0.0%
0.0%
0.0%
16.9%
0.0%
na
0.7%
2.2%
Total Liabilities and Shareholders' Equity
6,751,214
6,717,681
0.5%
17. 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.
46
1Q15
MULT3
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 20th of the following month. It has the same composition as the IGP-M (ndice
Geral de Preos do Mercado), though with a different data collection period.
IPCA (ndice de Preos ao Consumidor Amplo): Published by the IBGE (Brazilian institute of statistics), it is the
national consumer price index, subject to the control of Brazils Central Bank.
Key Money (KM): Key Money is the money paid by a tenant in order to open a store in a shopping center. The key
money contract when signed is accrued in the deferred revenue account and in accounts receivable, but its revenue is
accrued in the key money revenue account in linear installments, only on the occasion of an opening, throughout the
term of the leasing contract. Nonrecurring key money from new stores, of new developments or expansions (opened in
the last 5 years), Operational key money from stores that are moving to a mall already in operation.
Landbank: Areas acquired by Multiplan for future development.
Management Fee: fee charged from tenants and partners/owners to pay for shopping center administrative expenses.
Merchandising: leasing of space not usable for tenant stores in advertising campaigns and includes revenue from
kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall.
Minimum Rent (or Base Rent): Minimum fixed rent paid by a tenant for a lease contract. Some tenants sign contracts
with no fixed base rent, and in that case minimum rent corresponds to a percentage of their sales.
Mixed-use: Strategy based on the development of projects that integrate shopping centers with office and residential
developments.
Net Operating Income (NOI): Sum of the Operating Income (Rental Revenue, Straight Line Effect, Shopping Centers
Expenses and Office Towers Expenses) and income from Parking Operations (revenue and expenses). Revenue taxes
are not considered. The NOI + KM also include the key money revenues in the same period.
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.
47
1Q15
MULT3
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: Loss provisions due to delinquency over six months and legal opinion.
Rent per m: Sum of base and overage rents charged from tenants divided by its occupied GLA. It is worth noting that
this GLA includes stores that are already leased but are not yet operating (i.e., stores that are being readied for
opening).
Sales: Sales reported by the stores in each of the malls.
Sales per m: Sales/m calculation considers only the GLA from stores that report sales, and excludes sales from
kiosks, since they are not counted in the total GLA.
Same Area Rent (SAR): Changes on rent of the same area of the year before divided by the areas rent of the current
year, excluding vacancy.
Same Area Sales (SAS): Changes sales of the same area of the year before divided by the area that informed sales.
Same Store Rent (SSR): Changes on rent collected from stores that were in operation in both of the periods compared.
Same Store Sales (SSS): Changes on informed sales from stores that were in operation in both of the periods
compared.
Satellite Stores: Smaller stores (<1.000 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.
48
1Q15
MULT3
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
49
KPMG Auditores Independentes

Av. Almirante Barroso, 52 - 4
20031-000 - Rio de Janeiro, RJ - Brasil
Caixa Postal 2888
20001-970 - Rio de Janeiro, RJ - Brasil
Central Tel
Fax
Internet
55 (21) 3515-9400
55 (21) 3515-9000
www.kpmg.com.br
Report on the review of quarterly information - ITR

(A free translation of the original report in Portuguese, as filed with the Brazilian Securities and
Exchange Commission - CVM, prepared in accordance with the accounting practices adopted in
Brazil, rules of the CVM and the International Financial Reporting Standards - IFRS)
To
Board Members and Shareholders of
Rio de Janeiro - RJ
Introduction
We have reviewed the individual and consolidated interim accounting information of Multiplan
Empreendimentos Imobilirios S.A.(Company), contained in the quarterly information form ITR for the quarter ended March 31, 2015, which comprise the balance sheet and related
statements of income, of comprehensive income, and changes in shareholders' equity and in
cash flows for the three months then ended, including explanatory notes.
Management is responsible for the preparation of the individual interim accounting information
in accordance with the Accounting Pronouncement CPC 21(R1) - Interim Statement and
consolidated interim accounting information in accordance with CPC 21(R1) and the
international accounting rule IAS 34 - Interim Financial Reporting, which takes into
consideration OCPC 04 on the application of ICPC 02 to real estate development entities in
Brazil, issued by the CPC and approved by the CVM and the CFC , as well as the presentation
of this information in accordance with the standards issued by the Brazilian Securities and
Exchange Commission, applicable to the preparation of quarterly information - ITR. Our
responsibility is to express our conclusion on this interim accounting information based on our
review.
Scope of the review
We conducted our review in accordance with Brazilian and International Interim Information
Review Standards (NBC TR 2410 - Reviso de Informaes Intermedirias Executada pelo
Auditor da Entidade and ISRE 2410 - Review of Interim accounting information Performed by
the Independent Auditor of the Entity, respectively). A review of interim information consists of
making inquiries primarily of the management responsible for financial and accounting matters
and applying analytical procedures and other review procedures. The scope of a review is
significantly less than an audit conducted in accordance with auditing standards and,
accordingly, it did not enable us to obtain assurance that we were aware of all the material
matters that would have been identified in an audit. Therefore, we do not express an audit
opinion.
50
KPMG Auditores Independentes, uma sociedade simples brasileira e
firma-membro da rede KPMG de firmas-membro independentes e
afiliadas KPMG International Cooperative (KPMG International),
uma entidade sua.
KPMG Auditores Independentes, a Brazilian entity and a member firm

of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (KPMG International), a Swiss
entity.
Conclusion on the individual and consolidated interim financial information

prepared in accordance with CPC 21 (R1)
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying individual interim financial information included in the ITR referred to above is
not prepared, in all material respects, in accordance with CPC 21 (R1), applicable to the
preparation of Interim Financial Information - ITR, and presented in accordance with the
standards issued by CVM applicable to the preparation of Interim Financial Information - ITR.
Conclusion on the consolidated interim financial information prepared in accordance with
international standard IAS 34, which considers technical guideline OCPC 04 on the
application of technical interpretation ICPC 02 to real estate development entities in
Brazil, issued by the CPC and approved by the CVM and the CFC
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial information included in the ITR referred to above
is not prepared, in all material respects, in accordance with IAS 34, which takes into
consideration OCPC 04 on the application of ICPC 02 to real estate development entities in
Brazil, issued by the CPC and approved by the CVM and the CFC, applicable to the preparation
of Interim Financial Information - ITR, and presented in accordance with the standards issued
by CVM.
Emphasis of matters
We draw attention to Note 2 to the interim financial information, which states that the individual
and consolidated interim financial information have been prepared in accordance with
accounting practices adopted in Brazil (CPC 21 (R1)). The consolidated interim financial
information, prepared in accordance with International Financial Reporting Standards - IFRS
applicable to real estate development entities, also considers technical guideline OCPC 04
issued by the CPC. Such technical guideline addresses the recognition of real estate revenues
and involves issues related to the meaning and application of the concept of continuous transfer
of risks, rewards and control on the sale of real estate units, as detailed in note 2. Our conclusion
does not contain any qualification regarding this matter.
51
Other matters
Interim information of added value
We also reviewed the individual and consolidated Statements of added value for the three
months period ended March 31, 2015, prepared under the responsibility of the Company`s
management, for which presentation is required in the interim information in accordance with
the standards issued by the Brazilian Securities and Exchange Commission applicable to the
preparation of quarterly information - ITR, and considered as supplementary information by
IFRS, which does not require the presentation of the statements of added value. These
statements were submitted to the same review procedures described previously and, based on
our review, we are not aware of any fact that might lead us to believe that they were not
prepared, in all material respects, in accordance with the individual and consolidated interim
accounting information, taken as a whole.
Rio de Janeiro, April 28, 2015
KPMG Auditores Independentes

CRC SP-014428/O-6 F-RJ
Original in Portuguese signed by
Marcelo Luiz Ferreira
Accountant CRC RJ-087095/O-7
52

Balance sheets at March 31, 2015 e December 31, 2014
(Amounts expressed in thousands of reais R$)
Parent company
03/31/2015
12/31/2014
Current assets
Cash and cash equivalents (Note 3)
Interest earning bank deposits (Note 3)
Accounts receivable (Note 4 and 5)
Land and properties for sale (Note 7)
Accounts receivable from related parties (Note 5)
Taxes and social contributions recoverable (Note 6)
Sundry advances
Other
95,644
252,723
157,971
3,168
1,959
1,291
332
12,459
117,125
155,011
191,049
3,168
2,287
1,274
17,331
8,567
525,547
495,812
43,688
51,837
9,820
11,269
4,589
45,045
50,301
11,687
11,276
4,913
121,203
123,222
1,667,098
3,378,107
26,114
348,291
1,620,374
3,400,112
26,527
347,885
Total non-current assets
5,540,813
5,518,120
Total assets
6,066,360
6,013,932
Assets
Non-current assets
Judicial deposits (Note 18.2)
Other
Investments (Note 9 and 5)

Investment property (Note 10)
Property, plant and equipment (Note 11)
Intangible assets (note 12)
See the accompanying notes to the financial statements
53

Consolidated
03/31/2015
12/31/2014
Current assets
Cash and cash equivalents (Note 3)
Interest earning bank deposits (Note 3)
Taxes and social contributions recoverable (Note 6)
Sundry advances
Other
146,447
252,723
316,878
158,462
2,139
2,865
1,516
27,855
170,926
155,011
345,182
156,420
2,486
2,661
20,945
18,030
908,885
871,661
Non-current assets
Judicial deposits (Note 18.2)
Deferred income and social contribution taxes (Note 8)
Other
51,653
197,450
10,527
13,332
16,240
16,418
51,517
193,784
12,422
13,369
16,045
17,134
305,620
304,271
136,412
4,965,208
31,999
348,984
135,127
4,971,154
32,476
348,527
Total non-current assets
5,788,223
5,791,555
Total assets
6,697,108
6,663,216
Assets
Investments (Note 9 and 5)

Investment property (Note 10)
Property, plant and equipment (Note 11)
Intangible assets (note 12)
54

Parent company
03/31/2015
12/31/2014
Current liabilities
Loans and financing (Note 13)
Accounts payable (Note 14)
Liabilities for acquisition of assets (Note 16)
Taxes and contributions payable (Note 17)
Interest on own capital (Note 20.g)
Deferred income and costs (Note 19)
Debentures (Note 15)
Other
126,693
58,808
9,365
34,784
73,059
10,329
21,851
5,278
122,429
59,815
15,467
28,893
73,059
24,394
9,735
2,773
340,167
336,565
Non-current liabilities
Provision for risks (Note 18.1)
Other
1,016,442
398,223
9,521
153,836
(6,400)
5
1,050,279
398,223
14,503
149,352
(1,872)
5
Total non-current liabilities
1,571,627
1,610,490
2,388,062
(38,993)
966,446
932,425
(75,347)
(89,996)
71,969
2,388,062
(38,993)
966,083
932,425
(90,704)
(89,996)
-
Total shareholders' equity
4,154,566
4,066,877
Total shareholders equity and liabilities
6,066,360
6,013,932
Liabilities
Equity (Note 20)

Capital
Expenditure with issuance of shares
Capital reserves
Profit reserves
Treasury shares
Effects on capital transactions
Income (loss) for the period
The accompanying notes are an integral part of this quarterly information
55

Consolidated
03/31/2015
12/31/2014
Current liabilities
Accounts payable (Note 14)
Taxes and contributions payable (Note 17)
Interest on own capital (Note 20.g)
Other
208,075
90,023
26,586
49,568
73,059
18,493
21,851
7,042
203,138
89,416
32,378
45,176
73,059
33,541
9,735
5,590
494,697
492,033
Non-current liabilities
Provision for risks (Note 18.1)
Other
1,459,754
13,542
398,223
10,354
163,406
(234)
5
1,507,955
17,529
398,223
15,322
157,840
4,655
5
Total non-current liabilities
2,045,050
2,101,529
2,388,062
(38,993)
966,446
932,425
(75,347)
(89,996)
71,969
2,388,062
(38,993)
966,084
932,424
(90,704)
(89,996)
-
4,154,566
4,066,877
2,795
2,777
Total shareholders' equity
4,157,361
4,069,654
Total shareholders equity and liabilities
6,697,108
6,663,216
Liabilities
Shareholders' equity (Note 20)

Capital
Expenditure with issuance of shares
Capital reserves
Profit reserves
Treasury shares
Effects on capital transactions
Non-controlling interests
56

Quarters ended March 31, 2015 and 2014
(In thousands of reais, except basic and diluted earnings per share, in reais)
Parent company
03/31/2015
03/31/2014
Net operating income (Note 21)
195,473
188,774
Cost of services rendered and properties sold (Note 22)
(33,515)
(34,813)
Gross income
161,958
153,961
Operating income (expenses):

Administrative expense Head office (Note 22)
Administrative expense Shopping centers (Note 22)
Expenses on projects for lease (Note 22)
Expenses on projects for sale (Note 22)
Expenses on share-based compensation (Note 20)
Equity in subsidiaries (Note 9)
Other operating income (expenses), net
(24,395)
(1,011)
(758)
(181)
(3,930)
10,305
(2,944)
1,146
(22,865)
(2,473)
(6,079)
(1,966)
(3,085)
25,987
(2,580)
(340)
Operating income before financial income

Net financial income (loss) (Note 23)
140,190
(33,948)
140,560
(28,934)
Income before income and social contribution taxes
106,242
111,626
Income and social contribution taxes (Note 8)

Current
Deferred assets
(29,789)
(4,484)
(21,734)
(7,624)
Total current and deferred income and social contribution taxes
(34,273)
(29,358)
Net income for the quarter
71,969
82,268
Income attributable to:

Owners of the parent company
Non-controlling interest
71,969
-
82,268
-
Basic earnings per share (Note 26)
0.3822
0.4389
Diluted earnings per share (Note 26)
0.3819
0.4382
57

(In thousands of reais, except basic and diluted earnings per share, in reais)
Consolidated
03/31/2015
03/31/2014
Net operating income (Note 21)
260,118
253,557
Cost of services rendered and properties sold (Note 22)
(62,243)
(71,110)
Gross income
197,875
182,447
Operating income (expenses):

Administrative expense Head office (Note 22)
Administrative expense Shopping centers (Note 22)
Expenses on projects for lease (Note 22)
Expenses on projects for sale (Note 22)
Expenses on share-based compensation (Note 20)
Equity in subsidiaries (Note 9)
Other operating income (expenses), net
(25,624)
(6,305)
(1,754)
(652)
(3,930)
1,285
(3,027)
(4,483)
(24,465)
(7,614)
(6,334)
(3,713)
(3,085)
11,807
(2,663)
10,363
Operating income before financial income

Net financial income (loss) (Note 23)
153,385
(44,474)
156,743
(39,361)
108,911
117,382
Income and social contribution taxes (Note 8)

Current
Deferred assets
(33,928)
(5,372)
(28,021)
(7,081)
Total current and deferred income and social contribution taxes
(39,300)
(35,102)
Net income for the quarter
69,611
82,280
Income attributable to:

69,593
18
82,260
20
Basic earnings per share (Note 26)
0.3696
0.4389
Diluted earnings per share (Note 26)
0.3693
0.4382
58

Statement of comprehensive income
(In thousands of reais R$)
Parent company
03/31/2015
03/31/2014
Net income (loss) for the year
71,969
82,268
Other comprehensive income
Total comprehensive income for the year
71,969
82,268
Total comprehensive income attributable to:

71,969
82,268
Consolidated
03/31/2015
03/31/2014
69,611
82,280
Other comprehensive income
Total comprehensive income for the year
69,611
82,280
Total comprehensive income attributable to:

18
69,593
20
82,260
59

Statements of changes in shareholders equity - Parent company
Capital reserves
Profit reserves
Goodwill
reserve
on issuance
Legal
of shares reserve
Expansion
reserve
Treasury
shares
Effects on
capital
transactions
Retained
earnings
Total
69,861
649,363
(122,628)
(89,996)
3,819,988
(6,171)
-
82,268
(6,171)
3,085
82,268
186,548
714,237
69,861
649,363
(128,799)
(89,996)
82,268
3,899,170
77,845
186,548
701,690
88,271
844,154
(90,704)
(89,996)
4,066,877
3,930
-
(3,567)
-
15,357
-
71,969
11,790
3,930
71,969
(38,993)
81,775
186,548
698,123
88,271
844,154
(75,347)
(89,996)
71,969
4,154,566
Capital
Share
issuance
costs
Stock
options
granted
Special goodwill
reserve - merger
2,388,062
(38,628)
63,169
186,548
714,237
3,085
-
Balances at March 31, 2014
2,388,062
(38,628)
66,254
Balances at December 31, 2014
2,388,062
(38,993)
2,388,062

Repurchase of shares to be held in treasury (Note 20.f)
Stock options granted
Net income for the period
Exercise of stock options

60

Statements of changes in shareholders equity - Consolidated
Capital reserves
Profit reserves
Capital
Share
issuance
costs
Stock
options
granted
Special
goodwill
reserve merger
Goodwill
reserve on
issuance of
shares
Legal
reserve
Expansion
reserve
Adjustments in the
parent company
(Note 2.2)
Effects on
capital
transactions
Treasury
shares
Retained
earnings
2,388,062
(38,628)
63,169
186,548
714,237
69,861
649,363
(836)
(89,996)
(122,628)
3,085
-
235
-
2,388,062
(38,628)
66,254
186,548
714,237
69,861
649,363
(601)
2,388,062
(38,993)
77,845
186,548
701,690
88,271
844,154
3,930
-
(3,567)
-
2,388,062
(38,993)
81,775
186,548
698,123
88,271

Amortization of deferred charges in subsidiary
(Note 2.3)
Equity in net income of subsidiary (Note 2.3)
Repurchase of shares to be held in treasury (Note 20.f)
Equity in net income of subsidiary (Note 2.3)

Exercise of stock options
61
Total
Noncontrolling
interests
Total
3,819,152
186
3,819,338
(6,171)
-
(235)
243
82,260
243
(6,171)
3,085
82,260
20
243
(6,171)
3,085
82,280
(89,996)
(128,799)
82,268
3,898,569
206
3,898,775
(89,996)
(90,704)
4,066,877
2,777
4,069,654
15,357
-
2,376
69,593
2,376
11,790
3,930
69,593
18
2,376
11,790
3,930
69,611
844,154
(89,996)
(75,347)
71,969
4,154,566
2,795
4,157,361

Parent company
03/31/2015
03/31/2014
Income (loss) before taxes
106,242
111,626
Adjustments in:
Equity in net income of subsidiaries
Share-based compensation
Recognition of repurchases of points of sale
Deferred income and cost
Inflation adjustment on debentures
Adjustment to loans and financings
Adjustments to liabilities for acquisition of assets
Restatements on related party transactions
Other
27,710
(10,305)
3,930
1,811
(4,790)
12,116
31,497
328
(366)
(5,157)
27,903
(25,987)
3,085
1,888
(5,335)
8,078
26,819
802
(388)
5,319
163,016
153,810
Variation in operating assets and liabilities

Land and properties for sale
Accounts receivable
Judicial deposits
Other assets
Accounts payable
Liabilities for acquisition of assets
Taxes paid
Deferred income and costs
Other liabilities
(1,536)
35,644
(30)
(3,658)
(1,007)
(6,430)
(19,313)
(4,602)
3,286
2,504
303
26,033
(165)
3,860
(14,144)
(6,192)
(6,888)
(6,555)
191
313
Net cash generated by operating activities
167,874
150,566
Cash flows from operating activities
62

Parent company
03/31/2015
03/31/2014
(20,624)
489
19
2,561
(881)
(19,910)
(2,056)
(97,712)
(41,172)
958
3,500
680
(18,831)
(44,733)
(2,645)
28,935
(138,114)
(73,308)
(33,827)
(29,204)
11,790
-
(35,909)
(26,938)
(6,171)
(15,359)
(38,386)
Net cash generated (consumed) in financing activities
(51,241)
(122,763)
Increase in cash and cash equivalents
(21,481)
(45,505)
Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of year
117,125
95,644
136,571
91,066
(21,481)
(45,505)
Cash flows from investment activities

Increase of Investments
Dividends received
Capital decrease
Receipt (payment) on related-party transactions
Additions in property, plant and equipment
Additions in investment property
Additions to intangible assets
Interest earning bank deposits
Net cash invested in investment activities
Cash flows from financing activities
Payment of loans and financing
Payment of interests on loans and financing
Cash from stock option exercise
Repurchase of shares to be held in treasury
Payment of charges on debentures
Dividends and interest on own capital paid
63

Consolidated
03/31/2015
03/31/2014
108,911
117,382
38,257
(1,285)
3,930
(18)
1,841
(7,480)
12,116
45,642
329
(394)
(6)
(4,131)
38,374
11,807
3,085
(20)
1,917
(9,833)
8,078
40,795
802
(418)
(165)
5,095
197,712
216,899
Variation in operating assets and liabilities

Accounts receivable
Judicial deposits
Other assets
Accounts payable
Taxes paid
Other liabilities
(5,708)
29,779
(29)
(6,769)
607
(10,763)
(20,219)
(9,521)
4,632
1,470
(5,526)
6,230
(347)
(11,806)
(23,109)
7,020
(6,466)
(12,098)
55
(771)
Net cash generated (consumed) in operational activities
181,191
170,081
Cash flows from operating activities

Income (loss) before taxes
Adjustments in:
Share-based compensation
Recognition of repurchases of points of sale
Deferred income and cost
Inflation adjustment on debentures
Adjustment to loans and financings
Adjustments to liabilities for acquisition of assets
Restatements on related party transactions
Adjustment to present value
Other
64

Consolidated
03/31/2015 03/31/2014
Cash flows from investment activities

Increase of Investments
Capital decrease
Receipt (payment) on related-party transactions
Additions in property, plant and equipment
Additions in investment property
Written-off of property investments
Additions to intangible assets
2,636
(881)
(29,506)
(2,127)
(97,712)
(19,614)
3,500
901
(18,831)
(70,781)
2,824
(2,686)
28,943
(127,590)
(75,744)
(49,694)
(40,176)
11,790
-
(54,318)
(36,063)
(6,171)
(15,359)
(38,386)
Net cash generated (consumed) in financing activities
(78,080)
(150,297)
(24,479)
(55,960)
170,926
146,447
210,479
154,519
(24,479)
(55,960)
Net cash invested in investment activities

Cash flows from financing activities
Payment of loans and financing
Payment of interests on loans and financing
Cash from stock option exercise
Repurchase of shares to be held in treasury
Payment of charges on debentures
Dividends and interest on own capital paid
Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of year
65

Parent company
03/31/2015
Income:
Net income from sales and services
Other income
Allowance for doubtful accounts
03/31/2014
215,156
1,959
(1,209)
207,829
2,443
1,714
215,906
211,986
(4,049)
(10,141)
(14,363)
(19,136)
(14,190)
(33,499)
Gross added value
201,716
178,487
Retentions
(27,710)
(27,903)
Net added value produced by the Entity
174,006
150,584
Added value received as transfer

Financial income
10,305
11,595
25,987
7,920
21,900
33,907
Total added value payable
195,906
184,491
Distribution of added value

Personnel
Direct remuneration
Benefits
FGTS
(16,761)
(1,595)
(788)
(13,892)
(1,162)
(376)
(19,144)
(15,430)
(56,033)
(16)
(1,542)
(47,910)
(10)
(1,781)
(57,591)
(49,701)
(45,822)
(1,380)
(36,291)
(801)
(47,202)
(37,092)
(71,969)
(82,268)
(71,969)
(82,268)
(195,906)
(184,491)
Inputs acquired from third parties

Costs of sales and services
Power, outsourced services and other
Taxes, rates and contributions

Federal
State
Municipal
Third-party capital remuneration

Interest, exchange rate changes and inflation adjustment
Rental expenses
Remuneration of own capital

Retained earnings
Distributed added value
66

Consolidated
03/31/2015
Income:
Net income from sales and services
Other income
03/31/2014
288,075
(3,670)
(1,605)
280,050
13,144
247
282,800
293,441
(62,967)
(15,585)
(70,031)
(26,001)
(78,552)
(96,032)
Gross added value
204,248
197,409
Retentions:
(38,257)
(38,374)
Net added value produced by the Entity
165,991
159,035
1,285
10,737
11,807
9,037
12,022
20,844
Total added value payable
178,013
179,879
Distribution of added value:

Personnel
Direct remuneration
Benefits
FGTS
(19,408)
(1,657)
(818)
(16,493)
(1,192)
(387)
(21,883)
(18,072)
(67,225)
(62)
(5,898)
(59,298)
(65)
(6,098)
(73,185)
(65,461)
(55,345)
42,011
(47,674)
33,608
(13,334)
(14,066)
(18)
(69,593)
(20)
(82,260)
(69,611)
(82,280)
(178,013)
(179,879)
Inputs acquired from third parties:

Costs of sales and services
Power, outsourced services and other
Added value received as transfer:

Financial income
Taxes, rates and contributions

Federal
State
Municipal
Third-party capital remuneration
Interest, exchange rate changes and inflation adjustment
Rental expenses
Remuneration of own capital:

Interest of non-controlling shareholders in retained earnings
Retained earnings
Distributed added value

67

March 31, 2015
Notes to the quarterly information

(In thousands of reais - R$, unless otherwise stated)
General information
The individual and consolidated quarterly information of Multiplan Empreendimentos
Imobilirios S.A. (Company, Multiplan or Multiplan Group when referred to jointly with
its subsidiaries) for the year ended December 31, 2015 were authorized for issuance by
Management on April 28, 2015. The Company was established as a publicly-traded entity
headquartered in Brazil, whose shares are traded on the So Paulo Stock Exchange
(BM&FBovespa). The Company is located at Avenida das Amricas, 4.200 - Bloco 2 - 5 andar
- Barra da Tijuca. Rio de Janeiro RJ.
The Company was established on December 30, 2005 and in engaged mainly in
(a) the planning, construction, development and sale of real estate projects of any nature, either
residential or commercial, including mainly urban shopping centers and areas developed based
on these real estate projects; (b) the purchase and sale of real estate and the acquisition and
disposal of real estate rights, and their operation, in any mean, including through lease; (c) the
provision of management and administrative services for its own shopping centers, or those of
third parties; (d) the provision of technical advisory and support services concerning real estate
issues; (e) civil construction, the execution of construction works and provision of engineering
and similar services in the real estate market; (f) development, promotion, management,
planning and intermediation of real estate developments; (g) import and export of goods and
services related to its activities; and (h) the acquisition of equity interests and share control in
other entities, as well as joint ventures with other entities, where it is authorized to enter into
shareholders agreements in order to attain or supplement its corporate purpose.
As of March 31, 2015 and December 31, 2014, the Company holds direct and indirect interests
in the following real estate developments:
Interest - %
Joint venture
Shopping Centers
BHShopping
BarraShopping
RibeiroShopping
MorumbiShopping
ParkShopping
DiamondMall
ParkShopping Barigui
Shopping Ptio Savassi
BarraShopping Sul
Vila Olmpia
Santa rsula
Parkshopping So Caetano
VillageMall
JundiaShopping
Location
Belo Horizonte
Rio de Janeiro
Ribeiro Preto
So Paulo
Braslia
Belo Horizonte
So Paulo
Curitiba
Belo Horizonte
Porto Alegre
So Paulo
Rio de Janeiro
So Paulo
So Caetano
Rio de Janeiro
Rio de Janeiro
So Paulo
68
Start-up of
operations
03/31/2015
12/31/2014
1979
1981
1981
1982
1983
1996
1999
2003
2004
2008
2009
1999
1999
2011
2012
2012
2012
80.0
51.1
80.0
65.8
61.7
90.0
30.0
84.0
96.5
100.0
60.0
50.0
62.5
100.0
100.0
90.0
100.0
80.0
51.1
80.0
65.8
61.7
90.0
30.0
84.0
96.5
100.0
60.0
50.0
62.5
100.0
100.0
90.0
100.0

March 31, 2015
The majority of the shopping centers are managed based on a structure known as Condomnio
Pro Indiviso" - CPI (undivided interest). The shopping centers are not legal entities, but units
operated under an agreement whereby the owners (investors) share all income, costs and
expenses. The CPI structure is an option permitted by Brazilian laws for a period of five years,
with possibility of renewal. Under the CPI structure, each co-investor holds an interest in
property, which is undivided. As of March 31, 2015, the Company is the legal representative
and manager of all abovementioned shopping malls.
2
2.1
Presentation of financial statements and accounting policies

Statement of conformity regarding the IFRS and Accountant Statements Committee
- CPC rules
These financial statements include:
a.
The consolidated interim financial statements, prepared in accordance with the International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board
(IASB) and the accounting practices adopted in Brazil (BRGAAP), and taking into
consideration OCPC 04 guidance on the application of Technical Interpretation ICPC 02 to
Brazilian real estate development companies, issued by the Accounting Pronouncements
Committee (CPC) and approved by the Securities Commission (CVM) and the Federal
Accounting Council (CFC);
b.
The parent companys interim financial statements, prepared in accordance with the accounting
practices adopted in Brazil, which comprise the CVM standards and the pronouncements,
interpretations and guidance issued by CPC, CVM and CFC, including OCPC 04 Guidance on
the application of Technical Interpretation ICPC 02 to Brazilian Real Estate Development
Entities.
In the parent company interim financial statements, jointly-owned subsidiaries and operations,
with or without a legal personality, are accounted for under the equity method and adjusted in
proportion to the interest held in the Groups contractual rights and obligations. The same
adjustments are made both in individual financial statements, in order to arrive at the same net
income and equity attributable to the Parent company's shareholders. In the case of Multiplan
Empreendimento Imobilirios S.A., the accounting practices adopted in Brazil applicable to the
parent company financial statements differ from IFRS applicable to separate financial
statements only in relation to the measurement of investments in subsidiaries, joint ventures and
associates based on the equity accounting method, instead of cost or fair value in accordance
with IFRS.
Since the differences between consolidated shareholders' equity and consolidated income
attributable to the parent company's shareholders, included in consolidated financial statements
prepared in accordance with IFRS and Brazilian accounting practices, and shareholders' equity
and parent company result, included in individual financial statements prepared in accordance
with Brazilian accounting practices, the Company opted to present these individual and
consolidated interim financial statements in a single set, side by side.
69

March 31, 2015
2.2
Measuring basis
The individual and consolidated interim financial statements have been prepared based on the
historical cost, except for certain financial instruments measured at fair value, as described in
the note 25 below.
2.3
Basis of consolidation
As of March 31, 2015 and December 31, 2014, the consolidated interim financial statements
incorporate the interim financial statements of the Company and its subsidiaries, as follows:
Interest %
March 31, 2015
December 31, 2014
Corporate name
Direct
Indirect
Direct
Indirect
RENASCE - Rede Nacional de Shopping Centers Ltda.

County Estates Limited (a)
Embassy Row Inc. (a)
EMBRAPLAN - Empresa Brasileira de Planejamento Ltda. (b)
CAA Corretagem e Consultoria Publicitria S/C Ltda.
Multiplan Administradora de Shopping Centers Ltda.
CAA Corretagem Imobiliria Ltda.
MPH Empreendimentos Imobilirios Ltda.
Danville SP Participaes Ltda.
Multiplan Holding S.A.
Multiplan Greenfield I Empreendimento Imobilirio Ltda.
Barrasul Empreendimento Imobilirio Ltda.
Ribeiro Residencial Empreendimento Imobilirio Ltda.
Multiplan Greenfield II Empreendimento Imobilirio Ltda.
Multiplan Greenfield III Empreendimento Imobilirio Ltda.
Multiplan Greenfield IV Empreendimento Imobilirio Ltda.
Morumbi Business Center Empreendimento Imobilirio Ltda.
Ptio Savassi Administrao de Shopping Center Ltda.
Jundia Shopping Center Ltda.
Parkshopping Campo Grande Ltda.
Parkshopping Corporate Empreendimento Imobilirio Ltda.
Multiplan Arrecadadora Ltda.
Parkshopping Global Ltda. (c)
Parkshopping Canoas Ltda.
Multishopping Shopping Center Ltda.
Multiplan Greenfield X Empreendimento Imobilirio Ltda.
Multiplan Greenfield XI Empreendimento Imobilirio Ltda.
Multiplan Greenfield XII Empreendimento Imobilirio Ltda.
Multiplan Greenfield XIII Empreendimento Imobilirio Ltda.
Multiplan Greenfield XIV Empreendimento Imobilirio Ltda.
Multiplan Greenfield XV Empreendimento Imobilirio Ltda.
99.99
99.99
99.00
99.00
99.61
50.00
99.99
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
99.99
99.99
99.99
99.99
87.00
99.90
99.90
99.90
99.90
99.99
99.99
99.90
99.90
99.00
99.00
50.00
-
99.99
99.99
99.00
99.00
99.61
50.00
99.99
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
100.00
99.99
99.99
99.99
99.99
87.00
99.90
99.90
99.90
99.90
99.99
99.99
99.90
99.90
99.00
99.00
50.00
-
(a)
Foreign companies.
(b)
Dormant company since 2003.
(c)
For further information on the change in the stake, refer to Note 9.1 a.
The interim financial statements of subsidiaries are prepared for the same reporting period that
the parent company, using consistent accounting policies.
70

March 31, 2015
All intragroup balances, income and expenses are fully eliminated.

The reconciliation between the individual and consolidated equity and net income for the
quarters ended March 31, 2015 and 2014 is as follows:
03/31/2015
03/31/2014
Shareholders'
equity
Net income
for the
period
Shareholders'
equity
Net income
for the
period
Parent company
Equity in the earnings of Countys profit or loss for the
period (a)
Deferred assets (b)
4,154,566
71,969
3,899,170
82,268
(2,376)
-
(395)
(243)
235
Consolidated
4,154,566
69,593
3,898,775
82,260
(a)
Subsidiary Renasce holds 100% in the Countys capital, whose main activity is the investment in subsidiary Embassy.
In order to properly prepare the Multiplan's individual and consolidated balances, the Company adjusted the
Renasce's capital and the investment calculation for consolidation purposes only. Adjustment relating to the
Companys equity in the earnings of County not reflected on equity in the earnings of Renasce.
(b)
Adjustment referring to derecognition of deferred assets and recognition of deferred income tax on the
aforementioned write-off in the subsidiaries only for consolidation purposes.
2.4
Accounting policies adopted in the quarterly information

Significant accounting policies adopted by the Company in this quarterly information are
consistent with those adopted in the financial statements for the year ended December 31, 2014.
Cash and cash equivalents and interest earning bank deposits

March 31, 2015

Cash and banks
Short-term investments - Bank Certificates of
Deposit (CDBs)
Interest earning bank deposits Purchase and
sale commitments
Total cash and cash equivalents
December 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
30,704
50,754
42,920
56,211
8,187
8,907
3,071
3,071
56,753
86,786
71,134
111,644
95,644
146,447
117,125
170,926
These short-term investments are made with prime financial institutions, at market price and
terms.
The short-term investments presented as cash equivalent may be redeemed at any time without
affecting earnings recognized or with no risk of significant change in value.
71

March 31, 2015
The Fixed Income Investment Funds DI are non-exclusive funds classified by the Brazilian
Financial and Capital Markets Association (ANBIMA) as short-term, low-risk funds. The
funds portfolios are managed by Bradesco Asset Management, Santander Asset and Ita Asset.
The Company does not interfere with or influence the management of the portfolios or the
acquisition and sale of the securities included in the portfolios.
March 31, 2015
December 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
Interest earning bank deposits daily

liquidity
Investment fund DI fixed income securities
252,723
252,723
155,011
155,011
Total interest earning bank deposits
252,723
252,723
155,011
155,011
The Company's exposure to interest rate risks, credit, liquidity and market risks, and sensitivity
analysis of financial assets and liabilities are disclosed in Note 25.
Accounts receivable
March 31, 2015
December 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
98,815
30,083
6,180
6,942
7,977
1,760
861
47,095
13,178
134,094
46,619
8,360
10,320
7,977
1,760
861
164,329
14,538
135,354
35,316
6,201
9,308
8,996
1,896
906
47,191
1,542
170,389
50,240
9,117
12,212
8,996
1,896
906
159,997
2,495
212,891
388,858
246,710
416,248
Allowance for doubtful accounts (d)
(11,232)
(20,327)
(10,616)
(19,549)
Non-current
201,659
(43,688)
368,531
(51,653)
236,094
(45,045)
396,699
(51,517)
Current
157,971
316,878
191,049
345,182
Rental
Key money
Debt acknowledgment (a)
Parking lots
Management fees (b)
Sales
Advertising
Sales of property (c)
Other
(a)
Refer to key money, leases and other balances, which were past due and have been restructured.
(b)
Refers to management fees receivable by the Company, charged from investors or storeowners in the shopping
centers managed by them, which correspond to a percentage on the store lease amount (7% on the net income of the
shopping centers, or 6% of the minimum lease amount, plus 15% on the portion exceeding minimum lease amount or
a fixed amount), on regular fees charged from storeowners (5% on expenditures), on financial management (variable
percentage on expenditures incurred with shopping center expansion) and on promotion fund (5% on the amount
contributed to the promotion fund).
72

March 31, 2015
(c)
In accordance with the pronouncement CPC 12 - Ajuste a Valor Presente (Present Value Adjustment), approved by
CVM Resolution 564 of December 17, 2008, the Company assessed internally certain assets and liabilities to analyze
the need to present them at present value. The Discounted Cash Flow (DCF) method was used, applying the discount
rates below.
The future cash flow of the model was based on the real estate portfolio of receivables sold and assumptions of
inflation adjustment (National Civil Construction Index, or INCC) and interest (Price table) adopted in the market.
Accordingly, to determine the present value of a cash flow (AVP), three sets of information were used: (i) the
monthly amount of future cash flows, (ii) the period of such cash flows and (iii) the discount rate.
Monthly amount of future cash flows: comprises the receivables portfolio contracted in the two real estate projects
developed by the company (Residence Du Lac and Diamond Tower). Cash flow includes monthly receivables in
accordance with each clients contract. The portfolio is adjusted for inflation based on the INCC rate over the
construction period. In addition to the inflation adjustment, the portfolio (after delivery of keys) is adjusted based on
the Price table interest rate (which was not considered as shown below):
(i)
Cash flow period: Cash flows are projected on a monthly basis as from the present date considering monthly and
intermediate installments. Since interest is charged after delivery of keys, the Company conservatively considers the
prepayment of all trade accounts receivable when keys are delivered, not including discounts, fines or interest.
(ii)
Discount rate: the discount rate used to discount cash flow to present value during construction is the prevailing SELIC
rate. This rate was selected because it can be considered as the clients opportunity cost and is decisive to the clients
prepayment decision.
On March 31, 2015, the consolidated present value adjustment balance amounts to R$ 34 (R$1,493 as of December
31, 2014). The effect on the result for the period March 31, 2015 and 2014 is as follows:
March 31, 2015
March 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
(6)
-
165
Expense
Income
(d)
The Company recognized an allowance for doubtful accounts based on the following criteria:
(i)
Store leases - past due balance over than 180 days and amounts in excess of R$5 are individually analyzed,
independently of the due date for all storeowners that already are considered in the provision for doubtful accounts;
(ii)
Assignment of rights - All past due balance over 180 days and independent individual analysis regardless of the due date
for all storeowners that already are considered in the provision for doubtful accounts;
(iii)
Debt acknowledgment - All past-due balances regardless of the maturity term.
It should be emphasized that the Company understands that there are no risks relating to the
property sales accounts receivable since such amounts are guaranteed by the property sold.
The aging list of trade accounts receivable is as follows:
Balance past-due, but without impairment loss
Parent
company
03/31/2015
12/31/2014
Balance due and without

impairment loss
191,340
227,833
< 30
days
3060
days
6190
days
91120
days
121-180
days
> 180
days
Total
1,522
2,328
1,732
1,170
2,117
1,113
1,742
590
13,712
1,030
726
12,646
212,891
246,710
73

March 31, 2015
Balance past-due, but without impairment loss

Consolida
ted
Balance due and without

impairment loss
03/31/2015
12/31/2014
352,375
381,942
< 30
days
3060
days
6190
days
91120
days
121-180
days
> 180
days
Total
3,374
5,049
2,473
2,147
3,093
1,768
2,317
1,883
22,506
2,237
2,720
21,222
388,858
416,248
The changes in the allowance for doubtful accounts are as follows:

Parent company
Stores
leased
Key money
(6,479)
Additions
Reversal due to renegotiation
(6,925)
Total
(2,594)
(1,543)
(186)
91
(229)
154
(2,689)
(1,618)
(663)
217
Debt
acknowled
gment
(10,616)
(1,078)
462
(11,232)
Consolidated
Debt
acknowled
gment
Stores
leased
Key
money
(11,324)
(6,401)
(1,824)
(19,549)
Additions
Write-offs
Reversal due to renegotiation
(1,148)
86
515
(338)
288
(549)
368
(2,035)
86
1,171
(11,871)
(6,451)
(2,005)
(20,327)
Total
Aging of trade accounts receivable included in the allowance for doubtful accounts:
March 31, 2015
Parent
company
Over 60 days
160-120 days
120-180 days
180-240 days
Over 240 days
Consolidated
December 31, 2014

Parent
company
Consolidated
(14)
(314)
(336)
(670)
(9,898)
(189)
(737)
(504)
(1,464)
(17,433)
(1,603)
(503)
(548)
(573)
(7,389)
(2,391)
(856)
(999)
(1,225)
(14,078)
(11,232)
(20,327)
(10,616)
(19,549)
The Company has operating lease agreements with the tenants of shopping center stores
(lessors) with a standard term of 5 years. Exceptionally, there may be agreements with
differentiated terms and conditions.
74

March 31, 2015
For the quarters ended March 31, 2015 and 2014, the Company had billings of R$156,680 and
R$143,423, respectively, from minimum rent in the Companys interest only in relation to
contracts prevailing at the end of each period, these presented the following renewal schedule:
Consolidated
March 31, 2015
March 31, 2014
7.8%
14.9%
19.5%
17.2%
18.5%
13.9%
8.2%
14.1%
16.2%
21.0%
17.1%
7.9%
7.3%
16.4%
100.0%
100.0%
In 2015
In 2016
In 2017
In 2018
In 2019
After 2019
Undetermined*
Total
(*)
Non-renewed agreements in which the parties may request termination via a prior legal notice (30 days).
Related party transactions
5.1
The main balances and transactions with related parties are as follow:
March 31, 2015
December 31, 2014
Parent
company
Parent
company
Consolidated
Consolidated
5,589
977
320
84
178
126
274
7,548
7,682
977
320
84
179
178
126
274
9,820
4,889
1,203
310
169
195
126
284
6,872
1,203
310
169
200
195
126
283
(5,589)
(7,682)
7,176
(4,889)
9,358
(6,872)
Total sundry loans and advances - current
1,959
2,139
2,287
2,486
Accounts receivable
Multiplan Administradora de Shopping Centers Ltda. (e)
6,942
9,308
Total accounts receivable - current
6,942
9,308
8,901
2,139
11,595
2,486
Non-current assets:
Sundry loans and advances
Consrcio Village Mall (g)
Associao Jundia Shopping (f)
Associao Village Mall
Associao Barra Shopping Sul (b)
Associao ParkShopping Barigui (d)
Loans - Others
1,233
189
6,351
2,000
47
1,233
707
189
6,351
2,000
47
1,260
221
8,123
2,013
70
1,260
735
221
8,123
2,013
70
Total sundry loans and advances - non-current
9,820
10,527
11,687
12,422
Investment
Advances for future capital increase
Parque Shopping Macei S.A.
5,000
5,000
5,000
5,000
Current assets:
Sundry loans and advances
Shopping center condominiums (a)
Associao Barra Shopping Sul (b)
Associao ParkShopping Barigui (d)
Associao ParkShopping So Caetano (c.1)
Associao Jundia Shopping (f)
Consrcio Village Mall (g)
Loans - Others
Sub Total
Provision for losses (a)
75

March 31, 2015
Parent company
03/31/2015
03/31/2014
20,182
15,912
Lease income
Hot Zone - BH Shopping (h.1)
Hot Zone - Morumbi Shopping (h.2)
Hot Zone - Barra Shopping (h.3)
Hot Zone - ParkShopping Braslia (h.4)
Hot Zone - Barra Shopping Sul (h.5)
Tantra Comrcio de Artigos Orientais Ltda. - Morumbi Shopping (i.1)
Tantra Comrcio de Artigos Orientais Ltda. - Barra Shopping (i.2)
8
29
43
11
44
17
-
14
31
35
18
74
14
17
Head office expenses

Rental expenses (l)
11
10
255
255
Services agreement
Peres - Advogados, Associados S/C (k)
661
149
Net financial income (loss)

Interest on loans and advances
366
388
Statement of income:
Income from services
Multiplan Administradora de Shopping Centers Ltda. (e)
Mall expenses
Multiplan Arrecadadora Ltda (j)
Statement of income:
Consolidated
03/31/2015
03/31/2014
Lease income
Hot Zone - BH Shopping (h.1)
Hot Zone - Morumbi Shopping (h.2)
Hot Zone - Barra Shopping (h.3)
Hot Zone - ParkShopping Braslia (h.4)
Hot Zone - Barra Shopping Sul (h.5)
HotZone - Campo Grande (h.6)
HotZone - Jundia (h.7)
Tantra Comrcio de Artigos Orientais Ltda. - Morumbi Shopping (i.1)
Tantra Comrcio de Artigos Orientais Ltda. - Barra Shopping (i.2)
8
29
43
11
44
50
4
17
-
14
31
35
18
74
71
3
14
17
Head office expenses

Rental expenses (l)
11
10
Services agreement
Peres - Advogados, Associados S/C (k)
661
149

Interest on loans and advances
393
418
(a)
Prepayments of charges granted to condominiums of shopping centers owned by Multiplan Group, in light of the default
of storeowners with the condominiums. An allowance for loan losses was set up for these advances in light of the
probable risk of non-collection.
(b)
Refer to the advances made to Associao dos Lojistas do Barra Shopping Sul to meet working capital requirements.
R$4,800 was advanced in 2008, R$3,600 in 2009 and R$1,000 in 2010. These agreements are monthly adjusted based on
the CDI fluctuation and contractual repayment terms that began in January 2009. On October 1, 2012, the agreements
were renegotiated and joined together, the consolidated debt started to pay 110% of the CDI and is repayable in monthly
installments of R$75 until the debt is fully repaid, so that the agreements final maturity does not exceed 120 months.
76

March 31, 2015
(c)
(c.1)
Refers to advances made to condominium, associations and consortiums, described below, to fund their working capital
requirements, adjusted monthly at 110% of the CDI fluctuation.
Associao ParkShopping So Caetano - to be repaid in 36 monthly installments starting July 2012.
(d)
Refer to the advances made to Associao dos Lojistas do ParkShopping Barigui to meet working capital requirements.
The outstanding balance is adjusted on a monthly basis at 117% of the CDI fluctuation and is being repaid in 40 and 120
monthly installments since July 2011.
(e)
Refers to the portion of accounts receivable and income that the Company has with subsidiary MTA manages the malls
parking lots and transfer from 93% to 97.5% of net income to the Company. Note that whenever total expenses exceeds
the revenue generated, the Company is required to reimburse such difference to MTA plus 3% of monthly gross revenue.
These amounts are billed and received on a monthly basis.
(f)
Refers to the R$1,300 loan granted to Associao de Lojistas do JundiaShopping, which bears interest equivalent to the
CDI plus 1.0% per year, to be repaid in 84 monthly installments starting January 2013.
(g)
Refers to the R$1,800 loan granted to the VillageMall Consortium, which bears interest equivalent to 110% of the CDI,
to be repaid in 120 monthly installments starting January 2013.
(h)
Refers to amount billed as Hot Zone store leases entered into with Divertplan Comrcio e Indstria Ltda, (lessee), where
Multiplan Planejamento Participaes e Administrao S/A, a Company shareholder, holds 99% of the capital. The total
amounts charged as occupancy costs account for 8% of stores gross income. The table shows the amounts actually
allocated as Rental income, since the other amounts refer to charges that are common and specific to the shopping
centers promotion fund.
(h.1)
BH Shopping - renewed lease agreement, effective from September 2009 to August 2016
(h.2)
Morumbi Shopping - renewed lease agreement, effective from June 2010 to June 2017
(h.3)
Barra Shopping - lease agreement effective from June 2012 to June 2022
(h.4)
Parkshopping Braslia - renewed lease agreement, effective from January 2012 to December 2016
(h.5)
Barra Shopping Sul - lease agreement effective from November 2008 to November 2018
(h.6)
Parkshopping Campo Grande - lease agreement effective from November 2012 to November 2022.
(h.7)
Jundia Shopping - lease agreement effective from October 2012 to November 2022.
As of December 31, 2013, the amounts receivable from rental of the Hot Zone stores totaled R$147 in the Parent
company and R$361 in the Consolidated in comparison with R$170 in the Parent Company and R$301 in the
Consolidated as of December 31, 2014. The rental amounts received from Hot Zone stores totaled R$616, Parent, and
R$884, consolidated, in the year 2013, compared to R$678, Parent, and R$1,104, consolidated as of December 31,
2014.
(i)
Refers to amounts invoiced to Tantra Comrcio de Artigos Orientais Ltda, relating to a kiosk lease agreement entered
into with a close family member (lessee) of the Companys controlling shareholder. The lease payments are annually
adjusted using the IGP-DI.
(i.1)
Morumbi Shopping - renewed agreement, effective beginning June 17, 2009 for an indefinite period
(i.2)
Barra Shopping - renewed agreement, effective beginning March 3, 2011 for an indefinite period
The agreement entered into between the BarraShopping Condominium and Tantra Comrcio de Artigos Orientais
Ltda. was terminated on March 15, 2014.
77

March 31, 2015
(j)
Refers to rental collection services, common and specific charges, income from promotion fund and other income
deriving from the operation and sale of office spaces of the Company and/or its subsidiaries.
(k)
Refers to the addendum to the legal service agreement entered into by the Company and Peres - Advogados, Associados
S/C, owned by a close family member of the Companys controlling shareholder, dated May 1st,, 2011. The contract has
an indefinite term of duration and establishes a monthly remuneration of R$ 50, adjusted by the Consumer Price Index
(IPC) on an annual basis. Additionally, on April 5, 2013, R$550 was paid as bonus.
(l)
Refers to the lease agreement entered into with close family member of the Companys controlling shareholder of an
office located in Centro Empresarial Barra Shopping, dated February 22, 2013. The agreement is effective for 24-month
period, starting April 1, 2013 and lease payments are adjusted using the IPCA.
5.2
Remuneration of key management personnel

Remuneration of key personnel
The executive officers and directors, which have the decision power and the Companys
operations control, are elected by the Board and considered key management personnel in
accordance with the Companys Bylaws.
The key management personnel compensation accounted for in the statement of income by
category is as follows:
Annual fixed remuneration

Salaries and/or Directors fee
Benefits (direct and indirect)
Variable compensation
Bonus
Stock option plan
03/31/2015
03/31/2014
2,070
79
2,011
73
2,799
1,746
2,592
1,272
6,694
5,948
On March 31, 2015, the key management personnel consisted of: 7 members of the Board of
Directors and five directors.
The Company does not grant to the executive officers and directors benefits relating to the labor
contract rescission beyond the ones foreseen in the applicable law.

March 31, 2015
Parent
company
PIS/COFINS recoverable
IR and CSLL recoverable
Tax on financial operations
recoverable
ISS recoverable
INSS recoverable
Other
December 31, 2014
Consolidated
Parent
company
Consolidated
319
984
258
869
1,274
17
-
1,274
101
167
20
1,274
-
1,274
84
165
11
1,291
2,865
1,274
2,661
78

March 31, 2015

March 31, 2015
Parent
company
Land
Property concluded
Property under construction
Current
Non-current
Consolidated
December 31, 2014

Parent
company
Consolidated
51,837
3,168
-
197,450
134,182
24,280
50,301
3,168
-
193,784
136,910
19,510
55,005
355,912
53,469
350,204
3,168
51,837
158,462
197,450
3,168
50,301
156,420
193,784
55,005
355,912
53,469
350,204
The carrying amount of a projects land is transferred to caption Construction in progress

when units are placed for sale, that is, when the project is launched.
The Company reclassifies part of its inventories into non-current assets, according to launches
scheduled for subsequent years, into the heading of land for future development or based on
the completion schedule of its constructions, into the heading construction in progress.
Loan, financing and debenture financial expenses, whose funds were used in the process of
building real estate projects, are capitalized in caption Lands and properties for sale and
recognized in income under caption Cost of Properties Sold in accordance with each projects
sales percentage.
79

March 31, 2015
Income and social contribution taxes

The origin of deferred income and social contribution taxes is presented below:
March 31, 2015
December 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
9,521
9,747
5,589
17,507
5,049
-
9,668
11,185
5,589
18,137
5,049
59,641
35
14,503
9,238
4,889
16,280
5,311
2,176
14,620
10,303
4,889
17,939
5,311
58,030
4,826
47,413
109,304
52,397
115,918
9,271
4,267
24,735
9,836
10,698
4,716
26,578
10,433
13,538
34,571
15,414
37,011
Unamortized goodwill on future earnings (b)

Straight-line revenue (c)
(316,845)
(20,131)
(316,845)
(31,759)
(316,845)
(25,027)
(316,845)
(39,459)
Income on real estate projects (a)

Depreciation (e)
Compound interest
Other
(124,509)
(31,512)
721
(117,904)
(144,449)
(31,512)
721
(112,645)
(30,088)
-
(116,200)
(128,877)
(30,088)
-
Deferred tax liabilities base
(492,276)
(641,748)
(484,605)
(631,469)
Deferred income tax liabilities (f)

Deferred social contribution liabilities (f)
(123,069)
(44,305)
(133,320)
(48,417)
(121,152)
(43,614)
(131,167)
(47,639)
Subtotal
(167,374)
(181,737)
(164,766)
(178,806)
Deferred income and social contribution taxes, net
(153,836)
(147,166)
(149,352)
(141,795)
Assets:
Provision for legal and administrative proceedings
Provision for losses on advances of charges
Accrued annual bonus (g)
Deferred (d)
Tax loss and negative basis of social contribution
Other
Deferred tax asset base
Deferred income tax assets (f)
Deferred social contribution assets (f)
Subtotal
Liabilities:
(a)
According to the tax criterion, the income (loss) on the sale of real estate units is determined based on the financial
realization of income (cash basis) while for accounting purposes such transactions are accounted for on the accrual
basis.
(b)
Goodwill on acquisition of Multishopping Empreendimentos Imobilirios S.A., Bozano Simonsen Centros

Comerciais S.A. and Realejo Participaes S.A. based on expected future earnings. Such companies were then
merged and the respective goodwill reclassified to intangible assets. These companies were subsequently merged and
the related goodwill was reclassified to intangible assets. Pursuant to the new accounting standards, beginning
January 1, 2009 such goodwill is no longer amortized and deferred income tax liabilities on the difference between
the tax base and the carrying amount of the related goodwill was accounted for. For tax purposes, the goodwill
amortization was terminated on November 2014.
(c)
The Company formed income tax and social contribution on deferred taxation of straight-line income during the term
of the contract, regardless of the receipt term. As of 2015, with the enactment of Law 12,973, of May 13, 2014, these
revenues started being taxed on an accrual basis. Thus, the deferred balance up to December 31, 2014 will be
subjected to taxation upon its realization.
80

March 31, 2015
(d)
The Company recognized deferred income tax by fully derecognizing deferred charges.
(e)
The Company recognized deferred income tax liabilities on differences between the amounts calculated based on
accounting method and criteria, as prescribed in Law 12.973 dated May 13, 2014.
(f)
In the consolidated, the basis for the deferred assets and liabilities are composed also by entities subject to the
calculation of IRPJ and CSLL by the presumed income regime. For this reason, the effect of the taxes rates includes
the taxes rates used in the income presumption, according to the federal law, and may vary depending on the income
nature.
(g)
For the calculation of deferred income tax, only the share of employee profit sharing was considered.
Deferred income tax and social contribution will be realized based on Managements
expectation, as follows:
March 31, 2015
Parent
company
2015
2016
2017
20182019
20202021
Consolidated
December 31, 2014

Parent
company
Consolidated
23,986
10,360
3,546
6,763
2,758
40,466
25,804
18,456
21,772
2,086
26,636
9,107
3,400
8,836
4,418
31,652
12,465
17,184
18,241
36,376
47,413
109,304
52,397
115,918
Reconciliation of income and social contribution tax expense

The reconciliation between the tax expense as calculated by the combined nominal rates and the
income and social contribution tax expense charged to income is presented below:
81

March 31, 2015
Parent company
March 31, 2015
Description
Income before income and social contribution
taxes
Rate
Nominal rate
Permanent additions and exclusions
Equity in income of subsidiaries
Gifts and tributes
Contributions, donations and sponsorship
Goodwill amortization on asset appreciation
Compensation expenses (stock option plan)
Executive Board bonuses and 13th salary
Tax benefits
Other
Current income and social contribution taxes in

income (loss)
no profit or loss
Total
March 31, 2014
Income tax
Social
contribution
Income tax
Social
contribution
106,242
25%
(26,561)
106,242
9%
(9,562)
111,628
25%
(27,907)
111,628
9%
(10,046)
2,576
(7)
(173)
(5)
(982)
927
(2)
(24)
(2)
(354)
499
(491)
1,417
(25,144)
(113)
432
(9,130)
6,433
(9)
(127)
(5)
(771)
529
286
6,336
(21,571)
2,316
(3)
(2)
(278)
226
2,259
(7,787)
(21,799)
(7,991)
(16,142)
(5,592)
(3,345)
(1,139)
(5,429)
(2,196)
(21,571)
(7,787)
(25,144)
82
(9,130)

March 31, 2015
Consolidated
March 31, 2015
March 31, 2014
Income tax
Social
contribution
Income tax
Social
contribution
108,911
25%
(27,228)
108,911
9%
(9,802)
117,382
25%
(29,346)
117,382
9%
(10,564)
321
(7)
(176)
(5)
(982)
(105)
511
(799)
116
(2)
(24)
(2)
(354)
(288)
2,952
(9)
(127)
(5)
(771)
529
(312)
1,063
(3)
(2)
(278)
-
1,864
671
5,391
1,941
(1,049)
(1,242)
(1,669)
(28,897)
(378)
(340)
(601)
(10,403)
(3,624)
(801)
3,535
(25,811)
(1,339)
(109)
1,273
(9,291)
(24,947)
(8,981)
(20,604)
(7,417)
(3,950)
(1,422)
(5,207)
(1,874)
(28,897)
(10,403)
(25,811)
(9,291)
Description
Rate
Nominal rate
Permanent additions and exclusions
Equity in income of subsidiaries
Gifts and tributes
Contributions, donations and sponsorship
Goodwill amortization on asset appreciation
Compensation expenses (stock option plan)
Executive Board bonuses and 13th salary
Tax benefits
Current losses without tax credit
Difference in the calculation basis for companies
taxed by the presumed profit
Income and social contribution taxes in companies
taxed by the deemed profit system
Other
Current income and social contribution taxes in

income (loss)
Deferred income and social contribution taxes no
profit or loss
Total
The Company has not adhered to the early adoption of the effects of Law No. 12,973, of May
14, 2014, in 2014.
83

March 31, 2015
Investments
Significant information on investees:
March 31, 2015
Investees
Number of
quotas/shares

MPH Empreendimentos Imobilirios Ltda. (*)
Multiplan Administr. Shopping Center
SCP - Royal Green Pennsula
Manati Empreend. e Participaes S.A.
Parque Shopping Macei S.A
Danville SP Empreendimento Imobilirio Ltda.
Embraplan Empresa Brasileira de Planejamento Ltda.
Multiplan Greenfield I Emp Imob Ltda.
Ribeiro Residencial Emp Imob. Ltda.
Morumbi Bussiness Center Empr.Imob.Ltda.
Multiplan Greenfield II Empr.Imob.Ltda.
Multiplan Greenfield IV Empr.Imob.Ltda.
Multiplan Greenfield III Empr.Imob.Ltda.
Parkshopping Campo Grande Ltda (**)
Jundia Shopping Center Ltda (**)
Parkshopping Corporate Empr.Imob. Ltda (**)
Parkshopping Global Ltda. (a)
Parkshopping Canoas.Ltda.
Multishopping Shopping Center Ltda.
Multiplan Greenfield X Empr.Imob.Ltda.
Multiplan Greenfield XI Empr.Imob.Ltda.
Multiplan Greenfield XII Empr.Imob.Ltda.
Multiplan Greenfield XIII Empr.Imob.Ltda.
Multiplan Greenfield XIV Empr.Imob.Ltda.
Multiplan Greenfield XV Empr.Imob.Ltda.
40,000
727,500
182,477
154,940,898
20,000
1,000,000
42,885,388
182,505,268
46,413,074
1,000
5,110,438
32,743,467
26,500,354
8,826,056
124,941,906
110,310,677
86,087,758
274,650,474
305,102,797
238,865,087
48,424,842
1,000
21,458,343
22,672,388
16,979
18,464,802
1,878
2,881
2,881
13,648
13,604
(*)
50.00% direct and 50.00% indirect through subsidiary Morumbi Business Center Empreendimento Imobilirio Ltda.
(**)
These companies went into operation in 2012.
84
Interest %
99.00
99.99
99.61
100.00 (*)
99.00
100.00
98.00
50.00
50.00
99.99
100.00
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
99.99
87.00
99.90
99.90
99.90
99.90
99.90
99.90
99.90
99.90
Capital
400
7,275
1,825
154,941
20
10
51,582
65,636
182,505
46,413
43
5,110
32,743
26,500
8,826
124,942
110,311
86,088
274,650
305,103
238,865
48,425
1
21,458
22,672
17
18,465
2
3
3
14
14
Net income
(loss) for the Shareholders'
period
equity
132
(6,042)
(3)
3,600
1,872
1
(113)
2,681
(178)
21
(3)
1,453
631
(70)
1,579
962
(477)
(441)
1,798
2,728
(351)
194
(7)
(278)
(4)
(56)
(1)
(1)
680
(3,440)
17
188,605
9,574
10
14,552
64,807
194,675
44,168
48
213
59,164
54,800
7,757
131,831
96,011
69,793
266,631
314,226
253,115
43,732
1,554
20,712
20,166
11
18,406
1
1
9
9
December 31, 2014

Net income
(loss) for the
year
316
(1,937)
(18)
18,454
7,682
4,416
10,672
1,155
10,504
(254)
7
11
16,669
17,679
(239)
9,008
(6,532)
(6,290)
(3,161)
4,827
7,778
(1,499)
652
(737)
(1,545)
(2)
(2)
(1)
(2)
(2)
(4)
(4)
Shareholders'
equity
549
5,211
20
185,006
7,702
496
14,551
64,920
191,994
44,016
27
215
54,611
52,269
7,577
130,252
94,021
67,922
263,422
311,754
250,010
43,602
1,360
20,719
16,938
15
10
1
1
10
10

March 31, 2015
9.1
Changes in investments of the parent company:
Investees
Investments
SCP - Royal Green Pennsula
Multiplan Admin. Shopping Center
Manati Empreendimentos e Participaes S.A.
Embraplan Empresa Brasileira de Planejamento Ltda.
Ribeiro Residencial Emp Im Ltda.
Barra Sul Empreendimento Imobilirio Ltda.
Multiplan Greenfield I Emp.Imobiliario Ltda.
Parkshopping Corporate Ltda.
Multiplan Arrecadadora
Parkshopping Global Ltda.)
Multishopping Shopping Center Ltda
Multiplan Greenfield X Ltda.
Multiplan Greenfield XI Ltda.
Multiplan Greenfield XII Ltda.
Multiplan Greenfield XIII Ltda.
Multiplan Greenfield XIV Ltda.
Multiplan Greenfield XV Ltda.
Other
Subtotal Investment
12/31/2014
Additions
Transfers
Dividends
Equity in
income of
subsidiaries
543
20
5,211
6,517
7,625
92,503
32,460
90,997
496
52,733
27
215
9,021
130,252
57,986
61,593
94,021
263,422
67,921
311,753
250,010
43,602
1,360
18,025
16,921
14
10
1
1
10
10
94
(5,211)
330
250
1,900
3,100
1,028
3,650
2,348
674
376
480
3,507
18,453
-
(489)
-
131
(3)
1
1,853
1,800
(57)
1,341
1,096
21
(2)
148
1,579
1,668
2,703
962
(441)
(476)
1,798
2,729
(350)
194
(6)
(282)
(3)
(55)
(1)
(1)
(1)
-
(19)
-
674
17
6,518
9,478
94,303
32,403
92,338
7
54,159
48
213
9,419
131,831
61,554
67,396
96,011
266,631
69,793
314,225
253,115
43,732
1,554
18,019
20,146
11
18,389
1
9
9
94
1,615,374
30,885
(489)
16,346
(19)
1,662,097
85
Capital
(Decrease)
Increase
03/31/2015

March 31, 2015
12/31/2014
Additions
Transfers
Dividends
Equity in
income of
subsidiaries
5,000
5,000
200
330
250
1,900
3,100
1,028
3,650
2,348
674
376
3,507
18,453
1
480
36,297
(200)
(330)
(250)
(1,900)
(3,100)
(1,028)
(3,650)
(2,348)
(674)
(376)
(3,507)
(18,453)
(480)
(36,296)
5,000
1
5,001
1,620,374
36,297
(5,411)
(489)
16,346
(19)
1,667,098
Renasce - Rede Nacional de Shopping Centers Ltda.
5,411
(6,041)
(630)
Subtotal (other current liabilities)
5,411
(6,041)
(630)
1,620,374
36,297
(489)
10,305
(19)
1,666,468
Investees
Advance for future capital increase
CAA Corretagem e Consultoria Imobiliria S/C Ltda.
Renasce - Rede Nacional de Shopping Centers Ltda.
Ribeiro Residencial Emp Imobilirio Ltda.
Multiplan Greenfield I Empreendimento Imobilirio Ltda.
Parkshopping Global Ltda.
Multiplan Greenfield X Empreendimento Imobilirio Ltda
Multiplan Greenfield XI Empreendimento Imobilirio Ltda.
Parkshopping Corporate Ltda
Multiplan Greenfield XII Empreendimento Imobilirio Ltda
Multiplan Greenfield XIII Empreendimento Imobilirio Ltda
Multiplan Greenfield XIV Empreendimento Imobilirio Ltda
Multiplan Greenfield XV Empreendimento Imobilirio Ltda
Subtotal - advances for future capital increase
Subtotal - investments and advances for future capital increase
Total net investments

(a)
Capital
(Decrease)
Increase
03/31/2015
On June 9, 2014, Multiplan Holding S.A. withheld from Sociedade Parkshopping Global S.A, transferring the only quota it held, with a par value of R$ 1.00, to partner Multiplan Empreendimentos Imobilirios S.A. On the same date, an increase in
capital was approved. Multiplan increased the capital of the subsidiary Parkshopping Global S.A., from R$ 54 to R$ 20,062, an increase corresponding to R$ 20,008 of new quotas. Multiplan subscribed 17,400,000 quotas, with a par value of R$
17,400, and, in this same transaction, the new partner BNI Empreendimentos e Participaes S.A. joined the partnership and subscribed 2,608,102 quotas, with a par value of R$ 2,608, subsequently paid up on the same date. After the capital
increase, Multiplan started to hold 87% of the capital of Parkshopping Global S.A., whereas the new partner BNI became the holder of 13% of the latter.
86

March 31, 2015
9.2
Changes in consolidated investments
Investees
12/31/2014
SCP - Royal Green Pennsula *

Manati Empreendimentos e Participaes S.A
Parque Shopping Macei S.A
Other
03/31/2015
6,517
32,460
90,997
153
1
(57)
1,341
-
6,518
32,403
92,338
153
130,127
1,285
131,412
5,000
5,000
Subtotal - Advance for future capital increase
5,000
5,000
135,127
1,285
136,412
Subtotal Investment
Total net investments

(*)
Equity in
income of
subsidiaries
Shareholder MTP conducts the material activities that and have the ability to affect the return on Royal Green
operations; therefore, the investment is not consolidated, since financial information of shareholder MTP includes
records of SCP operations.
87

March 31, 2015
9.3
Financial information of the subsidiaries

The main information on the Companys subsidiaries financial statements is as follows:
March 31, 2015
Current
assets
Noncurrent
assets
Current
liabilities
Noncurrent
liabilities
Net
income
CAA Corretagem e Consultoria Publicitria S/C Ltda. (a)

CAA Corretagem Imobiliria Ltda. (a)
Danville SP Empreendimento Imobilirio Ltda. (c)
Embraplan Empresa Brasileira de Planejamento Ltda. (b)
Ribeiro Residencial Emp Imob. Ltda. (c)
Morumbi Bussiness Center Empr. Imob. Ltda. (d)
Multiplan Greenfield II Empr.Imob.Ltda. (c)
Multiplan Greenfield IV Empr.Imob.Ltda. (c)
Multiplan Greenfield III Empr.Imob.Ltda. (c)
Parkshopping Campo Grande Ltda
Jundia Shopping Center Ltda
Parkshopping Corporate Empr.Imob.Ltda. (c)
Parkshopping Global.Ltda.
763
116
17
23,707
34,343
6
50
5
217
66,442
60,847
241
3,517
141,805
11,632
2,847
18,114
14,209
799
145,659
794
2,953
11
20
1
1
9
9
7,041
166,418
92
437
44,237
43
7,532
147,821
124,577
242,723
263,901
397,236
334,011
43,342
6,536
19,918
42,975
18,541
-
83
5,787
3,795
24,714
106
119
4
5,148
4,300
16
11,721
17,913
19,267
116
32,047
33,695
410
150,640
10,504
154
-
4,811
(2,276)
147
328
2,130
1,748
7,786
152,457
165,295
69,077
61,410
15,259
-
234
97
6,621
58,544
7,000
3,977
106
7,600
7,684
5
11,026
9,267
90
233
-
529,134
1,867,381
320,539
478,172
112,484
88

March 31, 2015
December 31, 2014
Current
assets
Noncurrent
assets
Current
liabilities
Noncurrent
liabilities
Net
income
CAA Corretagem e Consultoria Publicitria S/C Ltda. (a)

CAA Corretagem Imobiliria Ltda. (a)
Danville SP Empreendimento Imobilirio Ltda. (c)
Embraplan Empresa Brasileira de Planejamento Ltda. (b)
Ribeiro Residencial Emp Imob. Ltda. (c)
Morumbi Bussiness Center Empr. Imob. Ltda. (d)
Multiplan Greenfield II Empr.Imob.Ltda. (c)
Multiplan Greenfield IV Empr.Imob.Ltda. (c)
Multiplan Greenfield III Empr.Imob.Ltda. (c)
Parkshopping Campo Grande Ltda
Jundia Shopping Center Ltda
Parkshopping Corporate Empr.Imob.Ltda. (c)
Parkshopping Global.Ltda.
553
178
20
18,968
37,393
905
53
6
218
62,224
58,607
61
6,753
144,181
10,583
34
18,386
14,131
702
166,953
990
2,567
15
10
1
1
10
10
58
7,103
167,125
84
467
43,951
22
7,532
145,475
123,225
244,435
263,578
400,286
336,821
43,472
2,133
19,755
37,712
-
63
2,006
3,809
29,658
532
(11)
3
5,569
4,556
16
11,535
18,125
19,272
189
33,266
32,847
572
167,726
26
9,203
-
64
(2,721)
117
344
2,044
1,782
10,440
155,259
167,824
73,653
68,095
14,138
-
332
399
27,459
216,981
8,275
2
54,559
56,007
470
16,838
25,109
207
42,479
36,418
161
932
-
544,513 1,843,234
338,962
491,039
486,628
(a)
In 2007, these companies operations were transferred to the Company.
(b)
Dormant company since 2003.
(c)
Companies which have buildings under construction.
(d)
The result of the subsidiary Morumbi Bussiness Center Empr. Imob. Ltda., is basically the equity income for the
participation of 50% in the subsidiary MPH Empreendimentos Imobilirios Ltda.
9.4
Joint ventures information

As prescribed by CPC 19 (R2), joint ventures Manati Empreendimentos and Participaes S.A.
e Parque Shopping Macei S.A., in whose shareholders agreements the parties agree to share
control over the activities.
A joint venture is a contractual agreement whereby the Company and other parties undertake an
economic activity that is subject to joint control. Joint control exists when the strategic financial
and operating decisions relating to the joint ventures activity require the unanimous consent of
the ventures sharing the control. Join ventures are accounted for under the equity method of
accounting.
89

March 31, 2015
The main information on the financial statements of Companys joint ventures are as follow:
Manati Empreendimentos
Participaes S.A.
Parque Shopping
Macei S.A.
March 31,
2015
December
31, 2014
March 31,
2015
December
31, 2014
4,192
2,520
342
-
3,422
3,118
420
-
23,218
6,439
278
1,148
21,348
7,506
174
1,261
7,054
6,960
31,083
30,289
1,240
22
1,240
50
21
-
5,718
22
-
54,445
1,981
1,308
54,874
1,974
3,162
7,646
259,703
31
3,506
260,606
34
59,114
59,446
270,563
269,886
66,168
66,406
301,646
300,175
461
274
125
-
224
276
265
-
1,183
6,859
1,054
33
1,310
6,682
422
51
860
765
9,129
8,465
1,240
(740)
1,240
(521)
82,428
4,558
10,857
84,438
3,718
11,560
500
719
97,843
99,716
65,636
(715)
(113)
65,636
(714)
-
182,505
10,000
(512)
2,681
182,506
10,000
(512)
-
64,808
64,922
194,674
191,994
66,168
66,406
301,646
300,175
Assets
Current
Accounts receivable
Other
Non-current:
Securities
Judicial deposits
Accounts receivable
taxes
1,426
Investment property
Intangible assets
Total assets
Liabilities and shareholders equity
Current
Accounts payable
Loans and financing
Other
Non-current
Loans and financing
Provision for risks
Shareholders' equity:
Capital
Advances for future capital increase
Accumulated loss
Total liabilities and shareholders equity
90

March 31, 2015
Manati Empreendimentos
Participaes S.A.
Parque Shopping
Macei S.A.
March 31,
2015
December
31, 2014
March 31,
2015
December
31, 2014
1,559
(1,223)
1,716
(856)
8,032
(1,185)
5,849
(2,109)
336
860
6,847
3,740
Administrative expenses - headquarter

Administrative expenses Shoppings
Parking lot
Other operating income
(79)
(73)
2
(505)
(59)
(57)
(568)
(43)
(308)
(1,373)
(1,318)
Income before financial income
(319)
176
5,123
2,422
138
204
(1,089)
(1,419)
(181)
380
4,034
1,003
(50)
118
(129)
(167)
(1,186)
344
(113)
251
2,681
1,347
Statement of income
Net income
Cost of services rendered
Gross income (loss)
Financial income
Income before income and social contribution
taxes
Current
Deferred assets
The financial information referring to the joint ventures was based on the trial balances
presented by these companies on the closing date of the period.
As of March 31, 2015, the Company has no commitments assumed with its joint controlled
investees. Additionally, these joint ventures have no contingent liabilities, other comprehensive
income and other disclosures required by CPC 45 - Disclosure of Interests in Other Entities
(IFRS 12) beside the ones abovementioned.
91

March 31, 2015
10
Investment property
Multiplan measured internally its investment properties at fair value based on the Discounted
Cash Flow (DCF) method. The Company calculated the present value by using a discount rate
following the Capital Asset Pricing Model (CAPM) model. Risk and return assumptions were
considered based on studies conducted by Mr. Damodaran (New York University professor)
relating to the stock market performance of the Company (beta), in addition to market prospects
(Central Banks Focus Report) and data on the risk premium of the domestic market (country
risk). Based on these assumptions, the Company used a nominal, unlevered weighted average
discount rate of 15.11% as of March 31, 2015, resulting from a basic discount rate of 14.66%
calculated in accordance with the CAPM model, and, based on internal analyses, a spread from
0 to 200 basis points was added to this rate, resulting in an additional weighted average spread
of 44 basis points in the valuation of each shopping mall, corporate tower and project.
Cost of own capital
March
2015
December
2014
Risk free rate

Market risk premium
Adjusted beta
Country risk
Additional spread
3.49%
6.11%
0.72
230 p.b.
44 p.b.
3.49%
6.11%
0.72
230 p.b.
44 p.b.
Cost of capital - US$
10.65%
10.65%
Inflation assumptions
March
2015
December
2014
6.53%
2.40%
6.53%
2.40%
15.11%
15.11%
Inflation (BR)
Inflation (USA)
Cost of capital - R$
The investment properties valuation reflects the market participant concept. Thus, the Company
does not consider in the discounted cash flows calculation taxes, income and expenses relating
to management and sales services.
The future cash flow of the model was estimated based on the shopping centers individual cash
flows, expansions and office buildings, including the Net Operating Income (NOI), recurring
Assignment of Rights (based only on mix changes, except for future projects), Income from
Transferring Charges, investments in revitalization, and construction in progress. Perpetuity was
calculated considering a real growth rate of 2.0% for shopping centers and of 0.0% for business
towers.
92

March 31, 2015
The Company classified its investment properties in accordance with their statuses. The table
below describes the amount identified for each category of property and presents the amount of
assets in the Companys share:
Parent company
March 2015
December
2014
Shopping centers and office towers in operation

Projects in progress (advertised)
Projects in progress (not advertised)
13,426,347
291,938
13,120,697
264,137
Total
13,718,285
13,384,834
Valuation of investment property
Consolidated
March 2015
December
2014
Valuation of investment property

Shopping centers and office towers in operation
Projects in progress (advertised)
Projects in progress (not advertised)
16,049,121
35,260
311,872
15,683,574
31,763
283,916
Total
16,396,253
15,999,253
The interests of 37.5% in the Santa rsula Shopping and 50% in the Parque Shopping Macei
project through the joint ventures were not considered in the consolidated valuation.
Due to several works and expansions recently held in October 2014 the Company reviewed the
useful lives of the following investment properties: Santa rsula, Parkshopping Barigui,
Shopping Anlia Franco, Ribeiro Shopping, BH Shopping, Barra Shopping, Parkshopping
Braslia, and Barra Shopping Sul.
The effect of this review in the Company's depreciation expense in 2014 totaled R$ 2,087, and
the estimated effect for 2015 totals R$ 9,655 (decrease in both cases).
The following shopping malls had their useful life reassessed:
Shopping mall
Santa Ursula
Parkshopping Barigui
Anlia Franco
Ribeiro Shopping
BHShopping
BarraShopping
Parkshopping
Barra Shopping Sul
Useful life prior to assessment
Useful life after assessment
33 years and 8 months

44 years

93

March 31, 2015
Changes in investment property are as follows:

Parent company
Depreciation weighted
average rate (%)
Cost
Land
Buildings and improvements
(-) Accumulated depreciation
2.72
Net amount
Facilities
11.66
Net amount
Machinery, equipment, furniture and
fixtures
10
Net amount
Other
Net amount
Works in progress
Repurchases of points of sale
10
December
31, 2014
Additions
Write-offs
Compound
interest
Allocation
Depreciation
March 31,
2015
531,698
(14,834)
397
517,261
2,834,198
(392,162)
5,748
-
(14,616)
2,839,946
(406,778)
2,442,036
5,748
(14,616)
2,433,168
411,337
(133,962)
207
-
(9,025)
411,544
(142,987)
277,375
207
(9,025)
268,557
42,679
(12,572)
520
-
(977)
43,199
(13,549)
30,107
520
(977)
29,650
4,853
(2,876)
(147)
4,853
(3,023)
1,977
(147)
1,830
55,058
61,861
11,657
1,778
(1,469)
-
567
-
(1,811)
65,813
61,828
3,400,112
19,910
(16,303)
964
(1,811)
(24,765)
3,378,107
94

March 31, 2015
Consolidated
Depreciation weighted
average rate (%)
Cost
Land
2.23
Net amount
Facilities
11.98
Net amount
fixtures
10
Net amount
Other
Net amount
Works in progress
Repurchases of points of sale
(a)
10
December
31, 2014
Additions
Compound
interest
1,042,423
3,285
1,052
1,046,760
3,709,564
(430,977)
5,945
-
(19,061)
3,715,509
(450,038)
3,278,587
5,945
(19,061)
3,265,471
639,566
(182,605)
514
-
(14,711)
640,080
(197,316)
456,961
514
(14,711)
442,764
54,551
(15,513)
626
-
(1,280)
55,177
(16,793)
39,038
626
(1,280)
38,384
6,834
(4,312)
(178)
6,834
(4,490)
2,522
(178)
2,344
86,091
65,532
17,061
2,075
567
-
(1,841)
103,719
65,766
4,971,154
29,506
1,619
(1,841)
(35,230)
4,965,208
Refers to land amounts previously classified as Inventory, which were reclassified to Investment property.
95
Allocation Depreciation
March
31, 2015

March 31, 2015
11
Property, plant and equipment

Parent company
Cost
Land
Annual
depreciation
rates (%)
December
31, 2014
Additions
Depreciation
March 31,
2015
1,209
1,209
4,922
(1,158)
(49)
4,922
(1,207)
3,764
(49)
3,715
3,735
(1,395)
16
-
(92)
3,751
(1,487)
2,340
16
(92)
2,264
7,046
(4,114)
222
-
(181)
7,268
(4,295)
2,932
222
(181)
2,973
19,464
(4,081)
(947)
19,464
(5,028)
15,383
(947)
14,436
1,471
(572)
643
-
(25)
2,114
(597)
899
643
(25)
1,517
26,527
881
(1,294)
26,114
Net amount
Facilities
10
Net amount
fixtures
10
Net amount
Vehicles
10
Net amount
Other
10
Net amount
96

March 31, 2015
Consolidated
Annual
depreciation
rates (%)
December
31, 2014
3,328
3,328
11,296
(3,802)
(111)
11,296
(3,913)
7,494
(111)
7,383
4,995
(2,597)
16
-
(93)
5,011
(2,690)
2,398
16
(93)
2,321
8,733
(5,821)
222
-
(182)
8,955
(6,003)
2,912
222
(182)
2,952
Vehicles
19,464
(4,080)
(947)
19,464
(5,027)
Net amount
15,384
(947)
14,437
2,075
(1,115)
643
-
(25)
2,718
(1,140)
960
643
(25)
1,578
32,476
881
(1,358)
31,999
Cost
Land
Net amount
Facilities
10
Net amount
fixtures
10
Net amount
Other
10
Net amount
12
Additions Depreciation
March
31, 2015
Intangible assets
Intangible assets comprise system licenses and goodwill recorded by the Company on the
acquisition of new interests during 2007 and 2008; a portion of these interests was subsequently
merged. The goodwill presented below has an indefinite useful life.
97

March 31, 2015
Parent company
Annual rates of
amortization
Goodwill of merged companies (a)

Bozano
Realejo
Multishopping
Goodwill on acquisition of equity

interests (b)
Brazilian Realty LLC.
Indstrias Luna S.A.
JPL Empreendimentos Ltda.
Soluo Imobiliria Ltda.
System licenses
Software license (c)
Accumulated amortization
20
December
31, 2014
Additions
Amortization
March
31, 2015
118,610
51,966
84,095
118,610
51,966
84,095
254,671
254,671
33,202
4
12,583
2,970
33,202
4
12,583
2,970
48,759
48,759
70,330
(25,875)
2,056
-
(1,650)
72,386
(27,525)
44,455
2,056
(1,650)
44,861
347,885
2,056
(1,650)
348,291
Additions
Amortization
March
31, 2015
118,610
51,966
84,095
118,610
51,966
84,095
254,671
254,671
33,202
4
12,583
2,970
33,202
4
12,583
2,970
48,759
48,759
71,136
(26,039)
2,127
-
(1,670)
73,263
(27,709)
45,097
2,127
(1,670)
45,554
348,527
2,127
(1,670)
348,984
Consolidated
Annual rates of
amortization
Goodwill of merged companies (a)

Bozano
Realejo
Multishopping
Goodwill on acquisition of equity

interests (b)
Brazilian Realty LLC.
Indstrias Luna S.A.
JPL Empreendimentos Ltda.
Soluo Imobiliria Ltda.
System licenses
Software license (c)
Accumulated amortization
20
98
December
31, 2014

March 31, 2015
(a)
The goodwill recorded on merged subsidiaries results from the following transactions: (i) On February 24, 2006, the Company acquired
100% of the shares of Bozano Simonsen Centros Comerciais S.A. and Realejo Participaes S.A.. These investments were acquired for
R$447,756 and R$114,086, respectively, and goodwill was recorded in the amounts of R$307,067 and R$86,611, respectively in
relation to the carrying amount of the aforementioned companies as at that date; (ii) On June 22, 2006, the Company acquired 100% of
the shares of Multishopping Empreendimento Imobilirio S.A. held by GSEMREF Emerging Market Real Estate Fund L.P. for
R$247,514 as well as the shares held by shareholders Joaquim Olmpio Sodr and Manoel Joaquim Rodrigues Mendes for R$16,587,
and goodwill was recorded in the amounts of R$158,931 and R$10,478, respectively, in relation to the carrying amount of
Multishopping as at that date. In addition, on July 8, 2006, the Company acquired the shares of Multishopping Empreendimento
Imobilirio S.A. held by shareholders Ana Paula Peres and Daniela Peres for R$900, resulting in a goodwill of R$448. Such goodwill
was based on the expected future earnings from these investments and were amortized until December 31, 2008.
(b)
As a result of acquisitions made in 2007, the Company recorded goodwill based on expected future earnings in the total amount of
R$65,874, which were amortized through December 31, 2008, based on the term, extent and proportion of results projected in the report
prepared by independent appraisers, which does not exceed ten years.
(c)
In order to strengthen its internal control system while sustaining a solid growth strategy, the Company started implementing SAP R/3
System. To enable implementation, the Company entered into a service agreement in the amount of R$3,300 with IBM Brasil Indstria, Mquinas e Servios Ltda, on June 30, 2008. Additionally, the Company entered into two software license and maintenance
agreements with SAP Brasil Ltda., both dated June 24, 2008, whereby SAP granted the Company a non-exclusive software license for
an indefinite term. The license purchase price was R$1,795. The extension of the scope of these contracts increased this amount by R$
13,905, including the implementation in the malls.
The main increase in this account due to the consulting services agreement signed on November 25, 2011 and amendments up to 2014
with Accenture and SAP, for consulting services hired to implement the SAP functionalities. Up to March 31, 2015, the amount of
R$ 34,554 had already been paid and accounted for as intangible asset.
At the beginning of 2014, an investment in the implementation of a solution to support the Control of Real Estate Development Projects
started, which enables improved financial follow-up of the projects, providing increased transparency and autonomy for the companys
managers. This implementation is being carried out by the company IBM Brasil - Indstria, Mquinas e Servios Ltda., and, by March
31, 2015, the amount paid with regard to all the costs associated with this project had been R$ 3,479.
The goodwill based on future returns do not have a calculable useful life, and hence are not
amortized. The Company tests these assets' recoverable value annually by mean of an
impairment test.
The other intangible assets with defined useful life are amortized by the straight-line method
based on the table above.
Impairment test for goodwill validation was carried out considering the projected cash flow in
the malls that presented goodwill upon their establishment. The assumptions used to prepare this
cash flow are described in Note 10. In case of changes in the main assumptions used to
determine recoverable amount of cash generating units, goodwill with indefinite useful life
allocated to the cash generating units plus carrying amounts of properties for investment
properties (cash generating units) would be substantially lower than fair value of investment
properties, that is, there are no signs of impairment losses in the cash generating units since the
last evaluation conducted on presentation of quarterly information for the period ended March
31, 2015.
99

March 31, 2015
13
Loans and financing

March 31, 2015
Current
Santander BSS (a)
Banco Ita Unibanco SAF (b)
Banco Ita Unibanco PSC (c)
Santander BHS Expanso V (d)
Banco Ita Unibanco VLG (e)
BNDES JDS sub-tranche A (f)
BNDES JDS sub-tranche B (f)
BNDES JDS sub-tranche C (f)
BNDES CGS sub-tranche A (g)
BNDES CGS sub-tranche B (g)
BNDES CGS sub-tranche C (g)
BNDES CGS sub-tranche D (g)
Companhia Real de Distribuio (h)
Banco do Brasil (i)
Banco Ita Unibanco MTE(j)
Banco do Brasil (k)
Banco Bradesco (l)
Banco Santander Multiplan Greenfield IV
(m)
Banco Santander Multiplan Greenfield II (m)
Banco do Brasil BRS VII (n)
Funding costs - Santander BHS EXP
Funding costs - Ita Unibanco PSC
Funding costs - Banco Ita Unibanco
Funding costs - Banco do Brasil
Funding costs - BNDES JDS
Funding costs - BNDES CGS
Funding costs - Bradesco MTE
Funding costs - Ita Unibanco VLG
Funding costs - Multiplan Greenfield IV
Funding costs - Multiplan Greenfield II
December 31, 2014
Index
Average annual
interest rate March
31, 2015
Parent
company
Consolidated
Parent
company
Consolidated
TR
TR
TR
TR
TR
TJLP
TJLP
TJLP
TJLP
IPCA
TJLP
TJLP
% do CDI
% do CDI
% do CDI
CDI +
9.12%
10%
9.35%
8.70%
9.35%
3.38%
1.48%
3.32%
2.32%+7.27%
1.42%
110%
109.75%
110%
1.00%
23,303
1,719
10,093
13,645
25,815
53
33,781
1,741
1,025
12,257
23,303
1,719
10,093
13,645
25,815
23,602
1,064
246
15,568
4,961
200
379
53
33,781
1,741
1,025
12,257
22,994
2,304
10,068
13,478
25,751
53
38,438
4,800
1,014
2,991
22,994
2,304
10,068
13,478
25,751
23,603
1,064
246
15,569
4,702
200
379
53
38,438
4,800
1,014
2,991
TR
TR
TR
-
8.70%
8.70%
8.90%
-
7,250
(111)
(209)
(469)
(986)
(182)
(238)
(804)
(990)
-
18,434
17,933
7,250
(111)
(209)
(469)
(986)
(49)
(40)
(182)
(238)
(804)
(990)
(464)
(452)
4,516
(115)
(214)
(469)
(986)
(188)
(207)
(804)
(995)
-
18,224
17,728
4,516
(115)
(214)
(469)
(986)
(50)
(40)
(188)
(207)
(804)
(995)
(464)
(452)
126,693
208,075
122,429
203,138
100

March 31, 2015
March 31, 2015
Non-current
Santander BSS (a)
Banco Ita Unibanco PSC (c)
Santander BHS Expanso V (d)
Banco Ita Unibanco VLG (e)
BNDES JDS sub-tranche A (f)
BNDES JDS sub-tranche B (f)
BNDES JDS sub-tranche C (f)
BNDES CGS sub-tranche A (g)
BNDES CGS sub tranche B (g)
BNDES CGS sub-tranche C (g)
BNDES CGS sub-tranche D (g)
Companhia Real de Distribuio (h)
Banco do Brasil (i)
Banco Ita Unibanco MTE (j)
Banco do Brasil (k)
Banco Bradesco (l)
Banco Santander Multiplan Greenfield IV
(m)
Banco Santander Multiplan Greenfield II
(m)
Banco do Brasil BRS VII (n)
Funding costs - Santander BHS EXP
Funding costs - Ita Unibanco PSC
Funding costs - BNDES JDS
Funding costs - BNDES CGS
Loan costs - Banco Bradesco MTE
Funding costs - Ita Unibanco MTE
Funding costs - Multiplan Greenfield IV
Funding costs - Multiplan Greenfield II
(a)
December 31, 2014
Index
Average annual
interest rate
March 31, 2015
Parent
company
Consolidated
Parent
company
Consolidated
TR
TR
TR
TR
TJLP
TJLP
TJLP
TJLP
IPCA
TJLP
TJLP
% do CDI
% do CDI
% do CDI
CDI +
9.12%
9.35%
8.70%
9.35%
3.38%
1.48%
3.32%
2.32% + 7.27%
1.42%
110%
109.75%
110%
1.00%
5,826
95,045
47,757
249,549
496
95,455
100,000
50,000
300,000
5,826
95,045
47,757
249,549
53,105
2,393
554
40,217
14,882
518
980
496
95,455
100,000
50,000
300,000
11,497
97,322
50,543
255,356
509
111,364
100,000
50,000
300,000
11,497
97,322
50,543
255,356
59,008
2,659
616
44,111
14,107
568
1,075
509
111,364
100,000
50,000
300,000
TR
8.70%
172,048
174,644
TR
TR
-
8.70%
8.90%
-
90,637
(202)
(964)
(6,211)
(2,793)
(463)
(2,248)
(4,582)
(860)
-
167,366
90,637
(202)
(964)
(98)
(103)
(6,211)
(2,793)
(463)
(2,248)
(4,582)
(860)
(4,334)
(4,216)
93,021
(228)
(1,015)
(6,464)
(3,038)
(503)
(2,324)
(4,783)
(978)
-
169,891
93,021
(228)
(1,015)
(113)
(110)
(6,464)
(3,038)
(503)
(2,324)
(4,783)
(978)
(4,450)
(4,330)
1,016,442
1,459,754
1,050,279
1,507,955
1,143,136
1,667,829
1,172,708
1,711,093
On September 30, 2008, the Company entered into a financing agreement with Banco ABN AMRO Real S. A., later merged into Banco Santander, to build
a shopping center in Porto Alegre in the amount of R$122,000. This financing bore interest of 10% p.a., plus the Referential Rate (TR), and is repaid in 84
monthly installments beginning July 10, 2009. This agreement provides for the annual renegotiation of the interest rate so that it remains between 95% and
105% of CDI. Therefore, the interest rate will be changed whenever: (i) pricing (interest rate plus TR) remains below 95% of the average CDI for the last 12
months; Or (ii) pricing (interest rate plus TR) remains above 105% of the average CDI for the last 12 months. For this reason, the charges on the financing
for 2014/2015 were adjusted from 9.87% to 9.12% p.a. plus TR. All financing amount was released through March 31, 2015. As a collateral for the loan, the
Company provided a mortgage on the financed property, including all accessions and improvements to be made, and assigned the receivables from lease
contracts and the rights on the financed property, which shall correspond, at least, to a minimum volume equivalent to 150% of the amount of one monthly
installment until the debt is fully settled. On August 7, 2013, the 1st amendment to the financing agreement was signed, changing the financial covenant of
total bank debt / EBITDA less than or equal to 4 times to "net bank debt" / EBITDA less than or equal to 4 times.
Financial Covenants of the contract:
Total debt/ shareholders equity less than or equal to 1.
Net debt/ EBITDA less than or equal to 4x.
Ebtida used to calculate financial covenants follow the definition set forth in the loan agreements.
101

March 31, 2015
(b)
On May 28, 2008, the Company and co-owner Shopping Anlia Franco entered into a credit facility agreement with Banco Ita Unibanco S.A. to renovate
and expand Shopping Analia Franco in the total amount of R$45,000, of which 30% is the Companys responsibility. This financing bore interest of 10%
p.a. plus the Referential Rate (TR), and is repaid in 71 monthly installments beginning January 15, 2010. All financing amount was released through March
31, 2015. As a collateral for the loan, the Company assigned Shopping Center Jardim Anlia Franco to Banco Ita Unibanco, which was assessed at the
amount of R$676,834, until all contractual obligations are met.
(c)
On August 10, 2010, the Company entered into a bank credit note with Banco Ita Unibanco S.A. for the construction of Park Shopping So Caetano,
amounting to R$140,000. This credit note bore interest based on the Referential Rate (TR) plus 9.75% p.a. and it will be repaid in 99 consecutive, monthly
installments, the first maturing on June 15, 2012. All financing amount was released through March 31, 2015. As collateral for the loan, the Company
assigned the receivables from lease agreements and store rights in the financed developments, which should correspond, at least, to a minimal movement
equivalent to 120% of one monthly installment, since the inauguration of Park Shopping So Caetano, until the debt is fully settled. On September 30, 2013,
the 1st amendment to the financing agreement was signed, changing: (i) the contracts adjustment rate from Referential Rate (TR) + 9.75% per year to TR +
9.35% per year, and (ii) the final repayment deadline from August 15, 2020 to August 15, 2025.
(d)
On November 19, 2009, the Company entered into with Banco ABN AMRO Real S.A., later merged into Banco Santander, a loan agreement to finance the
renovation and expansion of BH Shopping, in the amount of R$102,400. Such financing bore interest of 10% p.a. plus the Referential Rate (TR), and will be
repaid in 105 monthly, consecutive installments beginning December 15, 2010. The amount of R$97,280 was released until Match 31, 2015. The loan is
collateralized by the chattel mortgage of 35.31% of the financed property, which results in an amount of R$153,599 (contract execution date) for the
collateralized portion, and assigned the receivables from lease contracts and the rights on the financed property, which correspond, at least, to a minimum
volume equivalent to 120% of one monthly installment until the debt is fully settled. On August 28, 2013, the 1st amendment to the financing agreement was
signed, changing: (i) the financial covenant of total bank debt / EBITDA less than or equal to 4 times to "net bank debt" / EBITDA less than or equal to 4
times, (ii) the rate of operation of TR + 10% p.a. to TR + 8.70% p.a.
Total debt/ shareholders equity less than or equal to 1.
Net debt/ EBITDA less than or equal to 4x.
(e)
On November 30, 2010, the Company entered into a bank credit note with Banco Ita Unibanco S.A. for the construction of Shopping Village Mall,
amounting to R$270,000. Such financing bore interest based on the Referential Rate (TR) plus 9.75% p.a. and it will be repaid in 114 consecutive, monthly
installments, the first maturing on March 15, 2013. All financing amount was released through March 31, 2015, including the additional amount of
R$50,000, signed on July 4, 2012. The credit note is collateralized by mortgage on the land and all accessions, constructions, facilities and improvements
therein, which were assessed at the amount of R$370,000 as at that date. Additionally, the Company assigned the receivables from lease agreements and
rights on the stores in the financed development, which correspond, at least, to a minimal movement equivalent to 100% of the amount of one monthly
installment, beginning January, 2015, until the debt is fully settled. On July 4th, 2012, the Company signed an amendment to the bank credit note for the
construction of Shopping Village Mall, changing the following: (i) the total amount contracted from R$270,000 to R$320,000, (ii) The covenant of net debt
to EBITDA from 3.0x to 3.25x, and (iii) The starting date for checking the restricted account from January 30, 2015 to January 30, 2017. On September 30,
2013, the 2nd amendment to the financing agreement was signed, changing: (i) the contracts adjustment rate from Referential Rate (TR) + 9.75% per year
to TR + 9.35% per year, (ii) the final repayment deadline from November 15, 2022 to November 15, 2025, and (iii) the net debt covenant from 3.25 times
the EBITDA to 4.0 times the EBITDA.
All other terms of the original contract remain unchanged.
Net debt/ EBTIDA less than or equal to 4.0 x.
EBITDA/ net financial expenses greater than or equal to 2x.
(f)
On June 6, 2011, the Company entered into loan agreement 11.2.0365.1 with the Brazilian Development Bank (BNDES) to finance the construction of
Jundia Shopping. The loan was divided as follows: R$117,596 for tranche A, R$5,304 for tranche B and R$1,229 for tranche C. Tranche A will
bear long-term interest 2.38% (TJLP) plus 1.00% p.a., tranche B, which will be used to purchase machinery and equipment, will bear TJLP plus 1.48%
p.a. and tranche C, which will be used to invest in social projects in the City of Jundia, will bear TJLP without spread. All tranches have been repaid in 60
consecutive, monthly installments, the first maturing on July 15, 2013. All financing amount was released through March 31, 2015. No guarantee was
granted for this instrument.
As mentioned in Note 1.1., the decrease in the parent refers to the transfer of the loan to the investee Jundia Shopping Center Ltda.
Total debt/Total assets less than or equal to 0.50
EBITDA margin greater than or equal to 20%
(g)
On October 4, 2011, the Company entered into financing agreement 11.2.0725.1 with the National Bank for Economic and Social Development - BNDES to
finance the construction of ParkShopping Campo Grande. Such loan was divided as follows R$77,567 for tranche A, R$19,392 for tranche B, R$1,000
for tranche C and R$1,891 for tranche D. Tranche A bears interest of 2.32% p.a. above the Long-Term Interest Rate (TJLP) plus interest of 1% p.a.
Tranche B bears interest of 2.32% p.a. above the referential rate informed by BNDES based on the rate of return of NTN-B. Tranche C, which will be
used to invest in social projects in the municipality of Rio de Janeiro, bears TJLP. Tranche D, which will be used to purchase machinery and equipment,
bears interest of 1.42% p.a. above the TJLP. Tranches "A", "C" and "D" will be repaid in 60 monthly, consecutive installments, the first maturing on
November 15, 2013, and tranche "B" will be repaid in 5 annual, consecutive installments, the first maturing on October 15, 2014. All financing amount was
released through March 31, 2015. No guarantee was granted for this instrument.
As mentioned in Note 1.1, the decrease in the parent refers to the transfer of the loan to the investee Parkshopping Campo Grande Ltda.
Total debt/Total assets less than or equal to 0.50
EBITDA margin greater than or equal to 20%
102

March 31, 2015
(h)
The balance payable to Companhia Real de Distribuio arises from the intercompany loan with merged subsidiary Multishopping to finance the
construction of BarraShopping Sul, to be settled in 516 monthly installments of R$4, as from the hypermarket inauguration date in November 1998, with no
interest or inflation adjustment.
(i)
On January 19, 2012, the Company entered into a bank credit note with Banco do Brasil in the total amount of R$175,000, in order to strengthen its cash
position. No guarantee was granted. Interest will be paid semiannually and principal as follows:
Initial date
Final date
Amount
Interest rate
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/19/2012
01/13/2014
07/13/2014
01/13/2015
07/13/2015
01/13/2016
07/13/2016
01/13/2017
07/13/2017
01/13/2018
07/13/2018
01/13/2019
15,909
15,909
15,909
15,909
15,909
15,909
15,909
15,909
15,909
15,909
15,909
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI
110.0% CDI

Net debt/EBTIDA less than or equal to 3.5x.
(j)
On August 6, 2012, the Company contracted eight credits notes (CCB), with Banco Ita BBA, in total amount of R$100,000 in order to consolidate its cash
position. No guarantee was granted for such instruments. The interests will be paid semiannually and principal in 1 installment to be paid on August 8, 2016.
Initial date
Final date
Amount
Interest rate
08/06/2012
08/08/2016
100,000
109.75% CDI

Net debt/ EBTIDA less than or equal to 4.0 x
EBITDA/ interest expense net>= 2x
(k)
On October 31, 2012, the Company contracted a bank credits note (CCB), with Banco do Brasil S/A, in total amount of R$50,000 in order to consolidate its
cash position. No guarantee was granted. Interest will be paid quarterly and principal in 1 installment to be paid on October 30, 2017.
Initial date
10/31/2012
Final date
10/30/2017
Amount
Interest rate
R$50.000
110.00% CDI

(l)
On December 11, 2012, the Company entered into a bank credit note with Banco Bradesco S/A in the total amount of R$300,000, in order to strengthen its
cash position. No guarantee was granted. Interest will be paid semiannually and principal in three annual installments as follows.
Initial date
Final date
Amount
Interest rate
12/11/2012
12/11/2012
12/11/2012
11/16/2017
11/12/2018
11/05/2019
R$100,000
R$100,000
R$100,000
CDI + 1.0% a.a.

CDI + 1.0% a.a.
CDI + 1.0% a.a.
There are no financial covenants herein.

(m)
On August 07, 2013, the subsidiaries Multiplan Greenfield II Empreendimento Imobilirio Ltda and Multiplan Greenfield IV Empreendimento Imobilirio
Ltda signed with Banco Santander S.A. a loan agreement to finance the construction of the project Morumbi Corporate, located in So Paulo. The total
contracted amount was R$ 400,000, and each company was responsible for its interest in the project, as follows: 49.3104% to Multiplan Greenfiled II and
50.6896% to Multiplan Greenfiled IV. This financing bears interest of 8.70% p.a., plus the Referential Rate (TR), and has been repaid in 141 monthly
installments beginning November 15, 2013. As of March 31, 2015, the financing had been fully released. As a collateral for the loan, the subsidiaries
collateralized the fraction of 0.4604509 of financed property. Such fraction is represented by a number of independent units, and assigned the receivables
from lease contracts and the rights on the financed property, which shall correspond, at least, to a minimum volume equivalent to 120% of the amount of one
monthly installment until the debt is fully settled. In addition to these guarantees, the Parent Company Multiplan Empreendimentos Imobilirios was the
guarantor of the subsidiaries.
There are no financial covenants herein
103

March 31, 2015
(n)
On October 16, 2014, the Company entered into a credit facility agreement with Banco do Brasil S/A, for the construction of the seventh expansion of the
BarraShopping, located in the city of Rio de Janeiro, which was concluded in 2014. The total amount contracted was R$ 100,000. This financing bears
interest of 8.90% p.a., plus the Referential Rate (TR), and has been repaid in 108 monthly installments beginning August 15, 2015. As collateral for the loan,
the Company provided a Bank Deposit Certificate (CDB) corresponding to 120% of the amount of a monthly installment up to the full settlement of the
debt. Financing amount of R$ 97,000 was released through March 31, 2015, being R$ 94,426 net of funding costs and tax on financial transactions (IOF).
As of March 31, 2015, the Company satisfied all covenants of loan and financing agreements in effect.
As of March 31, 2015, the Company satisfied all covenants of loan and financing agreements in
effect.
Ebtida used to calculate financial covenants follow the definition set forth in the loan
agreements.
Non-current loans and financing mature as follows:
March 31, 2015
Parent
company
Consolidated
Parent
company
Consolidated
164,378
238,676
631,711
227,408
321,062
938,358
203,501
242,005
624,105
285,217
323,720
927,352
1,034,765
1,486,828
1,069,611
1,536,289
Funding costs
2016
2017
2018 onwards
(3,455)
(4,054)
(10,814)
(4,206)
(5,053)
(17,816)
(3,640)
(4,031)
(11,661)
(4,643)
(5,031)
(18,660)
Subtotal Funding costs
(18,323)
(27,075)
(19,332)
(28,334)
1,015,942
1,459,753
1,050,279
1,507,955
Loans and financing

2016
2017
2018 onwards
Subtotal Loan and financing
Total Loans and financing
14
December 31, 2014
Accounts payable
March 31, 2015
Suppliers
Contractual retentions
Compensations payable
Labor obligations
December 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
16,125
9,437
2,945
30,301
40,504
13,749
5,045
30,725
16,902
7,712
1,891
33,310
37,990
11,789
4,291
35,346
58,808
90,023
59,815
89,416
104

March 31, 2015
15
Debentures
3rd issue of debentures for primary public distribution
On October 15, 2014, the Company completed the 3rd issue of debentures for primary public
distribution, in the amount of R$400,000. 40,000 simple, non-convertible, book-entry,
registered and unsecured debentures were issued in a single series for public distribution with
restricted efforts, on a firm guarantee basis, with par value of R$10. The transaction will be
repaid in two equal installments at the end of the fifth and sixth year with bear semi-annual
interest. The final issuance price was set on September 25, 2014 through a book building
procedure with remuneration set at 100% of the accumulated fluctuation of average daily DI
rates increased on a compounded basis by a spread or surcharge of 0.87% p.a. The total
estimated debentures transaction cost was R$ 2,055. The net proceeds obtained by the Company
with the Issuance will be fully used to (i) perform the early redemption of the total simple, nonconvertible, unsecured, single-series debentures of the Company's second issuance; And (ii) the
remaining balance to defray general expenses and settle short- and long-term debts and/or
reinforce the working capital of the Company and/or its subsidiaries. The financial covenants of
these debentures was: (i) net debt/ EBITDA less than or equal to 4.0; (ii) EBITDA/ net interest
expense greater than or equal to 2.
Up to March 31, the first installment of semi-annual interest whose maturing on April 15, 2015
was not overdue.
As of March 31, 2015, the Company presents the financial ratios within the limits preestablished in the indenture.
Ebtida used to calculate financial covenants follow the definition set forth in the loan
agreements.
Any change or renegotiation of terms or conditions in the aforementioned Indenture should be
approved by debenture holders, subject to the rules and quorum set forth therein.
16

March 31, 2015
Current
Land So Caetano (a)
Land So Caetano Quadra H (b)
Land Canoas (c)
Other
Parent
company
Consolidated
Parent
company
Consolidated
9,096
269
9,096
11,442
5,779
269
15,198
269
15,198
11,227
5,684
269
9,365
26,586
15,467
32,378
7,764
5,778
10,425
7,104
13,542
17,529
9,365
40,128
15,467
49,907
Non-current
Land So Caetano Quadra H (b)
Land Canoas (c)
Total
December 31, 2014
105

March 31, 2015
(a)
Through a purchase and sale agreement dated July 9, 2008, the Company acquired a plot of land in the city of So
Caetano do Sul. The acquisition price was R$81,000, of which R$10,000 was paid when the contract was signed. On
September 8, 2009, through a partial renegotiation purchase and sale private instrument and other covenants, the parties
recognized the outstanding balance of R$71,495, partially adjustable, to be settled as follows: (i) R$ 4,000 on September
11, 2009; (ii) R$ 4,000 on December 10, 2009; (iii) R$247 on October 10, 2012 adjusted based on the IGP-M fluctuation
plus interest of 3% per year as from the instrument signature date; (iv) R$31,748 in 64 monthly installments, adjusted in
accordance based on the IGP-M fluctuation plus interest of 3%, in the amount of R$540, the first installment maturing on
January 10, 2010; and (v) R$31,500, subject to adjustment (if the amount is paid in cash), to be settled according to the
Companys choice, through transferring of the built area (6,600 m) or in 36 monthly end successive installments
monetarily restated by the IGP-M plus 3% interest per year being the first installment due on October 9, 2012, as set
forth in the instrument.
On May 22, 2012, the Company opted to pay the amount relating to item (v) above in cash.
(b)
Through a purchase and sale agreement dated June 7, 2013, the Company acquired, by means of its subsidiary Morumbi
Business Center Ltda, a plot next to ParkShopping So Caetano, located in the city of So Caetano do Sul. The
acquisition price was R$46,913, of which R$11,728 was paid on the signature date. The remaining balance of R$35,185
will be settled as follow: (i) 48 monthly installments of R$367, the first maturing on July 7, 2013 and (ii) 36 monthly
installments of R$489, the first maturing on July 7, 2013. Payments are monetarily restated by IGP-M fluctuation plus
interest of 2% p.a.
(c)
By means of the Private Instrument for Purchase and Sale dated August 15, 2013, the Company, by means of its
subsidiary, Multiplan Greenfield VII Empreendimento Imobilirio Ltda. Promised to acquire, from Unipark
Empreendimentos e Participaes Ltda., 84.5% of a piece of land measuring 93,603.611 m, located in the municipality
of Canoas, state of Rio Grande do Sul, for R$ 51,000. That amount will be settled as follows: (i) R$ 33,000 by assuming
the obligation to build a shopping center in that location (which will include the 15.5% fraction retained by the land
seller) and (ii) R$ 18,000 in cash. The cash portion, in turn, will be settled as follows: (i) R$ 2,000 as a down payment,
which was paid upon the promising agreement, and; (ii) R$ 16,000 in 36 successive monthly installments, the first of
which in the amount of R$ 446 and the others in the amount of R$ 444.4, the first maturing 30 days after the approval of
the shopping center architectural design and subsequent obtaining of the construction permit, and the other installments
on the same day in subsequent months. This condition was fulfilled on March 27, 2014, in a manner that the payment of
this portion started on April 27, 2014. Those amounts will be corrected in accordance with the positive variation of the
General Market Price Index of the Getulio Vargas Foundation (IGP-M/FGV), by adopting as base date the date when the
Instrument was signed. The instrument is subordinated to suspensive conditions.
The non-current portion for liabilities for acquisition of assets matures as follow:
2016
2017
106
March 31, 2015
December 31, 2014
Consolidated
Consolidated
9,646
3,896
14,104
3,425
13,542
17,529

March 31, 2015
17

March 31, 2015
INSS payable
PIS and COFINS payable
Service tax payable
payable
IRRF payable
Other
18
18.1
December 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
68
6,097
-
301
7,710
1,465
139
11,761
127
451
13,806
1,895
28,414
205
29,776
10,316
4,393
11,938
535
6,585
11,938
10,501
34,784
49,568
28,893
45,176
Provision for risks and judicial deposits

Provision for risks
Parent company
Provision for risks
December
31, 2014
Additions
Write-offs
March
31, 2015
1,244
9,391
3,863
5
363
318
-
(5,663)
-
1,244
4,091
4,181
5
Taxes on income (PIS and COFINS) (a)

Civil lawsuits (b)
Labor proceedings (c)
Fiscal lawsuits
14,503
681
(5,663)
9,521
Consolidated
Provision for risks
December
31, 2014
Additions
Write-offs
March
31, 2015
1,244
9,979
4,032
67
363
348
-
(5,663)
(16)
-
1,244
4,679
4,364
67
15,322
711
(5,679)
10,354
Taxes on income (PIS and COFINS) (a)

Civil lawsuits (b)
Labor proceedings (c)
Fiscal lawsuits
Provisions for administrative proceedings and lawsuits processes were recognized to cover
probable losses on administrative proceedings and lawsuits related to civil, tax and labor issues,
in an amount considered sufficient by Management, based on the opinion of its legal counsel, as
follows:
(a)
The Company was a party to lawsuits involving the collection of PIS (Social Integration Program contribution) and
COFINS (Social Contribution on Income) on lease income and other income that does not meet the definition of
gross income, pursuant to Law No. 9,718/98, referring to the period from 1999 to 2004. These taxes were calculated
in accordance with prevailing tax laws and deposited with the courts.
107

March 31, 2015
Currently, the provision comprises only the PIS amounts levied on lease income, considering final favorable court
decisions obtained in these lawsuits disputing the levy of these contributions on other income. The Company
requested in court the conversion into income of the deposits referring to the accrued portion and the release of the
other amounts. Up to now, the Company is awaiting the total fulfillment of its request.
(b)
The Companys subsidiary Renasce is a defendant in a claim filed by the Electoral Court in connection with
donations made in 2006 in excess of the limit allowed by the Electoral Law. In September 2012, based on the
opinion of its legal counsel, the Company recorded a provision for risks in the amount of R $ 5,663. In 2014, due to
the final judgment of the decision rendered by the Superior Electoral Court in the proceedings of the Electoral special
appeal, the Renasce was ordered to pay a fine in the amount provisioned electoral, which will be paid within sixty
(60) monthly installments.
(c)
In March 2008, based on the opinion of its legal counselors, the Company recognized provision for contingencies and
a correspondent escrow deposit in amount of R$3,228 relating to two indemnity claims filed by the relatives of
victims in a homicide which occurred in the Cinema V of Morumbi Shopping on November 3, 1999, requiring the
payment of indemnity for material damage (pension payment) and pain and suffering. Currently, six lawsuits relating
to the incident at the MBS cine are in the Superior Court and two have already been judged.
Given to the precedent originated by the Superior Court decision in the trial mentioned above and due to the fact, the
Companys legal counselors reassessed their prognostic in these case and classified as possible and the provision
previously formed, reversed in the quarter ended September 30, 2012.
The remaining balance of the provisions for civil contingencies consists of various claims in insignificant amount
filed against the shopping centers in which the Company holds equity interest.
(d)
The Company is also a party to a civil class action brought by the Public Prosecution Office of Labor before the
Regional Court of the State of Rio Grande do Sul, where matters related to the compliance with occupational safety
and health laws at the construction site of BarraShoppingSul are discussed. In this action, the Public Prosecution
Office of Labor requested that the Company be sentenced to pay indemnity for collective pain and suffering in the
amount of R$6,000 and daily fine by breach in the amount of R$5, by employee, and also, its joint liability for the
performance of all labor obligations of the companies engaged to carry out the construction work. The action was
assigned to the 28th Labor Court of Porto Alegre. The Company was sentenced by the lower court to pay indemnity
as collective pain and suffering of R$300 and daily fine for breach of occupational safety and health laws in
connection with the employees of companies engaged to carry out the construction work.
Additionally the Labor Court recognized the Company's joint and several liability with the companies hired to
perform the work. Recently, this action was final decision, which condemned Multiplan to pay compensation for
collective moral damages in the amount of R $ 200 and compensation for diffuse material damage the amount of $
150 Because of this conviction, on July 29 2013, we have paid the debt in the amount of R $ 393. despite the actual
payment of the debt, the process is still ongoing, since the Ministry of Labor also ascertains compliance with safety
legislation and occupational medicine in the works surrounding the BarraShoppingSul.
On the other hand, since the Public Civil Action was caused by a breach of safety and occupational medicine rules in
the performance of works of BarraShoppingsul project, and Racional Engenharia is the company responsible for the
construction, we made an agreement with Racional so that it will repay the amount of R$ 393.
108

March 31, 2015
Contingencies with possible likelihood of loss

The Company is a defendant in several other tax, labor and civil lawsuits and administrative
proceedings, whose likelihood of loss is assessed by its legal counsel as possible and estimated
amount is R$ 57,172 as of March 31, 2015 (R$59,385 as of December 31, 2014), as shown
below:
Consolidated
March 31, 2015
December 31,
2014
Tax
Civil and administrative
Labor
26,328
14,837
16,007
26,245
14,267
18,873
Total
57,172
59,385
In December 2011, the Company was notified by the Brazilian Federal Revenue Service, which
notification gave rise to two administrative proceedings:
Tax
a.
ITBI (Property Transfer Tax) collection arising from full merges of companies which owned
properties. The disputes regarding the levy of this tax are concentrated in the cities of So Paulo
(R$ 6,249), Curitiba (R$ 6,341), Braslia (R$ 1,708) and Belo Horizonte (R$ 5,494). In all
cases, the Company requests the acknowledgment of the non-applicability of ITBI (Property
Transfer Tax) based on the provisions of Article 37, paragraph 4, of the Brazilian Tax Code.
The Company filed a Writ of Mandamus to stay the collections in Curitiba and Braslia. The
lawsuit referring to the city of Curitiba obtained a favorable decision in the first instance and is
awaiting judgment of the appeal filed by the National Treasury at the Supreme Federal Court.
The disputes in Braslia obtained unfavorable decisions in the first and second instances and are
awaiting judgment by the superior courts (Superior Court of Justice and Supreme Federal
Court). In So Paulo, four tax collection proceedings have been filed and are still pending
judgment.
In Belo Horizonte, the disputes continue at the administrative level. The Company obtained a
favorable decision in the first instance in one of the lawsuits and is awaiting judgment of the
appeal.
Labor
The Company is a defendant in 201 labor claims filed against the Shopping Centers where it
holds equity interest, in a total estimated amount of R$16,007; no labor claim was considered as
individually significant.
Additionally, the Company was a party to a civil class action brought by the Public Prosecution
Office of Labor before the Regional Labor Court of the State of Paran and to a series of
administrative proceedings before the Public Prosecution Office of the State of Paran and
Minas Gerais which challenge the legality of the work in shopping centers on Sundays and
holidays.
109

March 31, 2015
As of December 31, 2014, the Company did not recognize any amount with respect to said civil
class action since its legal counsel assess the likelihood of loss as possible. As at December 31,
2014, with respect to administrative proceedings, the Company did not recognize any amount
since, despite the fine be estimated as probable, a potential penalty imposed at the
administrative level may be challenged at court. The Company believes that the likelihood of
loss of this action is possible.
Civil and administrative

Is pending before the Administrative Council for Economic Defense (Conselho Administrativo
de Defesa Econmica - CADE) Administrative procedure which is set to investigate the use
of radius clauses for certain shopping centers in Sao Paulo, including MorumbiShopping, object
Case No. 08012.012081/2007-48. Upon the end of the evidentiary phase vis--vis CADEs
General Superintendency, the proceeding was remitted to CADES Court and distributed, and is
currently under analysis by CADEs Attorney Generals Office, which will issue an opinion on
it. Should a fine be imposed for violation of the economic order, this can range from 0.1% (one
tenth percent) to 20% (twenty percent) of the gross sales of the company, group or conglomerate
obtained at the last year preceding the initiation of administrative proceedings, the business
activity in which the offense occurred, which shall not be less than the advantage obtained,
when this number can be estimated. The lawyers of the Company evaluate this procedure as a
possible loss.
Contingent assets
a.
On June 26, 1995, the consortium comprising the Company (successor of Multishopping
Empreendimentos Imobilirios S.A.) and Bozano, Simonsen Centros Comerciais S.A., Pinto de
Almeida Engenharia S.A., and In Mont Planejamento Imobilirio e Participaes Ltda.
advanced the amount of R$6,000 to the Clube de Regatas do Flamengo to be deducted from the
income earned by the Club after the opening of the shopping center located in Gvea, which
was the object of the consortium. However, the project was cancelled, and Clube de Regatas do
Flamengo did not return the amount advanced. The consortium members decided to file a
lawsuit claiming the reimbursement of the amount advanced. The Club filed motions for stays
of execution, but they were ruled as groundless by a decision of the Court of Justice of the State
of Rio de Janeiro. Currently, those stays of execution are the object of a special appeal filed by
the Club, and pending a decision. The lawyers in charge of defending the Companys interest
consider that the likelihood of a favorable outcome in that appeal is improbable, and for this
reason they expect that the decision on the groundlessness of the status of execution will be
upheld. Accordingly, they consider as probable the likelihood of a favorable outcome in the outof-court execution of the security.
Although the restated amount of the debt can be calculated, it is not feasible to determine when
it will be received, and, for this reason, the Company did not record the total amount of the debt
in its books, but only the amounts that are being received by means of constrictional acts of the
mentioned execution.
Regarding the amounts received, the Company recognized as income the amount of R$1,911 in
2012, and R$872 in 2013. No receipts during the year ended December 31, 2014.
110

March 31, 2015
18.2
Judicial deposits
Parent company
Judicial deposits
December 31, 2014
Additions
Write-offs
5,027
5,080
642
527
30
-
(37)
-
5,027
5,043
672
527
11,276
30
(37)
11,269
PIS and COFINS (a)

Civil deposits
Labor deposits
Other
Transfers
March 31, 2015
Consolidated
Judicial deposits
December 31, 2014
PIS and COFINS (a)

INSS
Civil deposits
Labor deposits
Other
(a)
19
Additions
Write-offs
5,748
31
6,007
663
920
30
-
(37)
(30)
-
13,369
30
(67)
Transfers
-
5,748
31
5,970
663
920
13,332
The balance of the PIS and COFINS deposits refers to the court disputes described in Note 18, item a.

March 31, 2015
Income from the key money

Unallocated cost of sales (a)
Other income
Current
Non-current
(a)
March 31, 2015
December 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
94,309
(91,796)
1,416
137,977
(121,134)
1,416
100,771
(79,678)
1,429
144,879
(108,112)
1,429
3,929
18,259
22,522
38,196
10,329
(6,400)
18,493
(234)
24,394
(1,872)
33,541
4,655
Refers to cost related to brokerage of assignment of rights and key money. The key money is an incentive offered by the
Company to a few storeowners for them to establish in a shopping center of Multiplan Group.
111

March 31, 2015
20
a.
Shareholders' equity
Capital
As of March 31, 2015, the Companys capital is represented by 189,997,214 common and
preferred shares (189,997,214 common and preferred shares as at December 31, 2014)
registered and book-entry, with no par value, distributed as follows:
Number of shares
March 31, 2015
Shareholder
Multiplan Planejamento. BP Participaes e
Administrao S.A.
1700480 Ontrio Inc.
Jos Isaac Peres
FIM Multiplus Investimento no Exterior Credito
Privado
Maria Helena Kaminitz Peres
Outstanding shares
Board of
Management and Executive Board
Total outstanding shares
Treasury shares
December 31, 2014
Common
Preferred
Total
Common
Preferred
Total
42,123,783
42,947,201
9,645,691
11,858,347
-
42,123,783
54,805,548
9,645,691
42,123,783
42,947,201
10,145,691
11,858,347
-
42,123,783
54,805,548
10,145,691
1,082,068
2,459,756
78,341,398
1,082,068
2,459,756
78,341,398
1,082,068
2,459,756
77,570,053
1,082,068
2,459,756
77,570,053
35,276
35,276
157
157
176,635,173
11,858,347
188,493,520
176,328,709
1,503,694
1,503,694
1,810,158
178,138,867
11,858,347
189,997,214
178,138,867
11,858,347 188,187,056
-
11,858,347 189,997,214
On March 27, 2013, the Board of Directors approved a capital increase within the authorized
limit, through the issuance of 10,800,000 new shares under the public offering mentioned in
Note 1.2 - Initial Public Offering. The operation costs amounted to R$26,660 (R$17,612 net of
taxes) recorded in Shareholders Equity. On April 3, 2013, the funds from the public offering,
considering a unit value per share of R$ 58.00, in amount of R$ 626,400 were received. There
was no Greenshoe.
b.
Treasury shares
The Company acquired 5,596,100 common shares up to March 31, 2015 (5,336,100 up to
March 31, 2014). Up to March 31, 2015, 4,092,406 shares were used to settle the exercise of
stock options. As of December 31, 2015, treasury shares totaled 1,503,694 shares (2,559,694
shares as at March 31, 2014). For further information, see Note 20(h).
As of March 31, 2015, the percentage of outstanding shares (outstanding and Board of Directors
and Executive Board shares) is 41.24% (39.71% as of March 31, 2014). The treasury shares
were acquired at a weighted average cost of R$ 50.11 (value in reais), a minimum cost of R$
9.80 (value in reais) and a maximum cost of R$59.94 (value in reais). The share trading price
calculated based on the last price quotation before period end was R$ 56.05 (value in reais).
c.
Dividends and interest on own capital

Under the article 39, item (c) of the Companys bylaws, the minimum compulsory dividend
corresponds to 25% of net income, as adjusted pursuant to the Brazilian Corporate Law.
Distribution of dividends or interest on own capital is specifically approved by the Companys
Board of Directors, as set forth in the laws and article 22 item (g) of the Companys Bylaws.
112
1,810,158

March 31, 2015
Under article 39, 3 of the Companys Bylaws, the minimum compulsory dividend will not be
paid in the year in which the Companys bodies inform to the Annual General Meeting that such
payment is incompatible with the Companys financial condition, it being understood that the
Supervisory Board, if any, will issue an opinion thereon. Dividends so retained will be paid
when the financial condition permits.
Interest on own capital approved in 2014

In 2014, the Companys Board of Directors approved the payment of interest on own capital to
the shareholders of the Company, as described below:
(i)
On June 30, 2014, the gross amount of R$ 70,000 assigned to the Companys shareholders
registered as such on the said date, corresponding to R$ 0.37265147 per share, before the
withholding of 15% of income tax, except for those shareholders who are tax-exempt or taximmune as set forth in the applicable laws. This amount was paid to the shareholders on
November 18, 2014 and was attributed to the minimum compulsory dividend for the year ended
December 31, 2014, at net value.
(ii)
On December 22, 2014, the gross amount of R$ 85,000 assigned to the Companys shareholders
registered as such on the said date, corresponding to R$0.45153429 per share, before the
withholding of 15% of income tax, except for those shareholders who are tax-exempt or taximmune as set forth in the applicable laws. This amount will be paid to the shareholders of the
Company by May 31, 2015 and was attributed to the minimum compulsory dividend for the
year ended December 31, 2014, at net value.
2014
Allocation to legal reserve
368,201
(18,410)
Net income after deduction of the legal reserve
349,791
Minimum compulsory dividends
87,448
Interest on own capital approved, net of taxes
133,033
The total amount of interest on capital is within the limits set forth in Paragraph 1, Article 9 of
Law 9,249/95.
On February 20, 2015, the Board of Directors approved the proposed for distribution of
additional dividends in the amount of R$ 19,896, based on the Balance sheet of December 31,
2014. This amount shall be paid within 60 days of the Assembly Company's Annual General.
This decision will be submitted for approval at the Company's Annual General Meeting
(occurred on April 29, 2015.
113

March 31, 2015
d.
Share purchase option plan

The Extraordinary General Meeting held on July 6, 2007 approved a Stock Option Plan to its
management, employees and service providers or those of other entities under the Companys
control.
Such plan is managed by the Board of Directors, and the Chief Executive Officer is responsible
for determining the holders of the stock options.
Options granted, under the Stock Option Plan approved in 2007, do not confer on their holders
the right to buy shares based on a number of shares exceeding 7% of the Companys capital at
any time. The dilution corresponds to the percentage represented by the number of stock options
divided by the total number of shares issued by the Company.
The issuance of our shares through the exercise of stock options under the Stock Option Plan
would result in a dilution for our shareholders since the stock options to be granted under the
Stock Option Plan can confer acquisition rights on a volume of shares of up to 5% of our
capital, not considering the options of the CEO or 7% considering it. As of March 31, 2015, the
percentage of stock options granted is 4.8084% of capital, without considering the CEOs
options, and 5.8598% when the CEOs options are considered.
The beneficiaries eligible to the Stock Option Plan can exercise their options within up to four
years as from the grant date. Each stock option granted can be converted into a Company
common share at the time of exercise of the option or settled in cash. The vesting period will be
of up to two years, with redemption of 33.4% after the second anniversary, 33.3% after the third
anniversary, and 33.3% after the fourth anniversary.
The option price shall be based on the average price of the Companys shares of the same class
and type over the last 20 (twenty) trading sessions on the So Paulo Stock Exchange (Bovespa)
immediately prior to the option grant date, weighted by the trading volume, adjusted for
inflation based on the IPCA, or based on any other index determined by the Board of Directors,
through the option exercise date.
The Company offered nine stock option plans from 2007 to March 31, 2015, which satisfy the
maximum limit of 7% provided for in the plan:
114

March 31, 2015
The vesting periods to exercise the options are as follows:

% of options
released to
be exercised
Grace periods counted as of grant date
Maximum
number of
shares (*)
Quantity of options
exercised up to
March 31, 2015
Program 1
180 days after the Initial Public Offering - 01/26/2008
Program 2
As from the second anniversary - 12/20/2009
As from the third anniversary - 12/20/2010
As from the fourth anniversary - 12/20/2011
Program 3
Program 4
Program 5
Program 6
Program 7
Program 8
Plan 9
(*)
100%
1,497,77
3
1,497,773
33.4%
33.3%
33.3%
32,732
32,634
32,634
32,732
32,634
32,634
33.4%
33.3%
33.3%
312,217
311,288
311,295
312,223
311,288
311,288
33.4%
33.3%
33.3%
419,494
418,246
418,260
419,494
406,237
406,225
33.4%
33.3%
33.3%
322,880
321,927
316,290
293,176
292,267
235,131
33.4%
33.3%
33.3%
433,228
425,277
415,295
326,193
255,433
-
33.4%
33.3%
33.3%
443,532
432,220
432,220
167,045
-
33.4%
33.3%
33.3%
544,269
542,640
542,641
33.4%
33.3%
33.3%
726,299
724,125
724,126
Number of shares cancelled due to the termination of the Companys employees before the minimum option exercise term.
115

March 31, 2015
The average weighted fair value of call options on grant dates, as described below, was
estimated using the Black-Scholes option pricing model, based on the assumptions listed below:
Program 1
Program 2
Program 3
Program 4
Program 5
Program 6
Program 7
Program 8
Plan 9
Strike price (R$)
Price on the
grant date (1)
Index of
adjustment
Quantity
9.80
22.84
20.25
15.13
30.27
33.13
39.60
56.24
48.03
R$25.00 (2)
R$20.00
R$18.50
R$15.30
R$29.65
R$33.85
R$39.44
R$58.80
R$48.90
IPCA
IPCA
IPCA
IPCA
IPCA
IPCA
IPCA
IPCA
IPCA
1,497,773
114,000
1,003,400
1,300,100
966,752
1,297,110
1,347,960
1,689,550
2,214,550
(1)
Closing price on the last day used in the pricing of the stock option plan
(2)
Issue price upon the Companys going public on June 27, 2007
Program 1
Program 2
Program 3
Program 4
Program 5
Program 6
Program 7
Program 8
Plan 9
Volatility
Risk-free rate
Average
maturity
Fair value
48.88%
48.88%
48.88%
48.79%
30.90%
24.30%
23.84%
20.58%
18.15%
12.10%
12.50%
12.50%
11.71%
6.60%
6.30%
3.69%-4.40%
2.90%-3.39%
5.22%-6.09%
3.25 anos
4.50 anos
4.50 anos
4.50 anos
3.00 anos
3.00 anos
3.00 anos
3.00 anos
3.00 anos
R$16.40
R$7.95
R$7.57
R$7.15
R$7.28
R$7.03
R$6.42
R$9.95
R$8.55
The volatility used in the model was based on the standard deviation of historical MULT3, or in
a panel of companies of the sector, in accordance with the stock fluctuation availability and
consistency presented in the market and in the appropriate period. The dividend yield was based
on Companys internal models considering the maturity of each option. The company did not
consider the options anticipated exercise and any market condition other than the assumptions
above.
116

March 31, 2015
Addition information on the stock option plan:

Amount*
Total options granted
December 31, 2012
December 31, 2013
On December 31, 2014
March 31, 2015
Options granted in 2012
Options granted during the first quarter 2015
Total stock options exercised
December 31, 2012
December 31, 2013
March 31, 2015
Options exercised in the year - 2012
Stock options exercised in 2013
Stock options exercised in 2014
Options exercised during the first three months of 2015
Total expired stock options
December 31, 2012
December 31, 2013
March 31, 2015
Options expired stock options in the year - 2012
Options matured during the first three months of 2015
Share options not exercised
December 31, 2012
December 31, 2013
March 31, 2015
(*)
(**)
Price**
(R$)
7,398,395
9,028,970
11,133,550
11,133,550
23.76
34.99
39.45
40.53
1,347,960
1,669,550
2,174,550
-
41.34
57.76
49.73
-
3,514,828
4,274,179
5,283,715
5,590,179
18.01
20.00
23.42
24.25
1,083,556
759,351
1,009,536
306,464
24.80
29.23
37.89
38.48
3,704,313
4,868,254
6,049,707
6,897,222
18.36
21.45
25.68
28.19
1,039,140
1,163,941
1,181,453
847,515
25.89
31.53
42.87
45.10
3,883,567
4,754,791
5,849,835
5,543,371
35.50
45.83
50.85
53.00
Net amount of shares canceled due to the termination of the Companys employees before the minimum option
exercise term.
Price set by the end of the period or the date of exercise.
For share options exercised during 2013, the weighted average market price of shares was R$
58.21. In 2014, the weighted average market price of the shares was R$ 53.21. In the first 3
months of 2015, the weighted average market price of the shares was R$ 48.86.
The effect of the recognition of the payment based on shares in the Shareholders equity and in
Income, in the quarter ended March 31, 2015, was R$3,930 (R$3,085 as of December 31, 2014)
of which R$1,746 (R$1,272 in 2014) refers to the managements portion.
117

March 31, 2015
21
Net operating income

March 31, 2015
March 31, 2014
Parent
company Consolidated
Gross operating income from sales and services:
Stores leased
Parking lots
Services
Key money
Sale of properties
Others
22
Parent
company
Consolidated
161,287
20,182
28,450
4,790
447
199,027
41,866
27,658
7,480
11,286
758
150,520
15,912
32,955
5,335
2,239
868
176,060
35,123
32,278
9,833
25,853
903
215,156
288,075
207,829
280,050
Taxes and Contributions on sales and services
(19,683)
(27,957)
(19,055)
(26,493)
Net operating income
195,473
260,118
188,774
253,557
Breakdown of costs and expenses by nature

During the years ended March 31, 2015 and 2014, the Company incurred in the following costs
and expenses:
Costs: arising from the interest in the civil condominiums of shopping malls in operation, costs
on depreciation of investment properties and cost of properties sold.
Cost of services rendered and properties sold
March 31, 2015
Parent
company
Consolidated
March 31, 2014

Parent
company
Consolidated
Services
Parking lot
Leases (1)
Properties (charges, IPTU, rental, common area
maintenance)
Occupancy cost
Other costs
(709)
(2,072)
(753)
(4,300)
(2,083)
(1,512)
(1,962)
(1,622)
(5,612)
(1,971)
(3,460)
(2,497)
(12)
(24,765)
(4,793)
(5)
(6,745)
(8,334)
(35,230)
(5,610)
(4)
442
(844)
(25,323)
(7,337)
(12)
(3,386)
(15,459)
(35,711)
Total
(33,515)
(62,243)
(34,813)
(71,110)
Costs:
Services rendered
Properties sold
(33,503)
(12)
(53,909)
(8,334)
(33,969)
(844)
(55,651)
(15,459)
Total
(33,515)
(62,243)
(34,813)
(71,110)
118

March 31, 2015
(1)
On July 28, 1992, the consortium between the Company and IBR Administrao e Participao e Comrcio S,A,
entered into with Clube Atltico Mineiro the lease agreement relating to one property with approximately 13,800m2
in Belo Horizonte, where the DiamondMall was built. The lease agreement is effective for 30 years counted from the
inauguration of DiamondMall, on November 7, 1996. Under the agreement, Clube Atltico Mineiro holds 15% on all
lease payments received from the lease of stores, stands or areas in DiamondMall. Therefore, a minimum lease
amount of R$181 per month is guaranteed twice every December. As of March 31, 2015, the parties were compliant
with all obligations under such agreement.
The breakdown of these expenses in their main categories is as follows:

Head office: Expenses on personnel (administrative, operational and development) of the
Multiplan groups head office and branches, in addition to expenditures on corporate marketing,
outsourcing and travel.
Shopping: expenses on civil condominium of shopping malls in operation.
Lease projects: Pre-operating expenses linked to real estate projects and shopping center
expansion.
Projects for sale: Pre-operating expenses arising from real estate projects for sale.
Administrative and project expenses
March 31, 2015
Parent
company
Consolidated
March 31, 2014

Parent
company
Consolidated
Personnel
Services
Parking lots
Marketing
Traveling
Properties (charges, IPTU, rental, common area
maintenance)
Occupancy cost
Others
(15,215)
(6,992)
(1,898)
(871)
(15,748)
(8,260)
(50)
(2,150)
(998)
(12,345)
(6,763)
(5,073)
(1,129)
(13,011)
(8,140)
(23)
(5,212)
(1,339)
(470)
(2,029)
1,130
(4,682)
(2,515)
68
(1,160)
(1,513)
(5,400)
(5,926)
(1,918)
(6,557)
Total
(26,345)
(34,335)
(33,383)
(42,126)
Expenses on:
Administrative expense Head office
Administrative expense shopping centers
Expenses on projects for lease
Expenses on projects for sale
(24,395)
(1,011)
(758)
(181)
(25,624)
(6,305)
(1,754)
(652)
(22,865)
(2,473)
(6,079)
(1,966)
(24,465)
(7,614)
(6,334)
(3,713)
Total
(26,345)
(34,335)
(33,383)
(42,126)
119

March 31, 2015
23

March 31, 2015
March 31, 2014
Parent
company Consolidated
Yield on interest earning bank deposits

Interest and inflation adjustment on loans,
financing and debentures
Interest on real estate developments
Bank fees and other charges
Foreign exchange variation
Monetary variation assets
Liability monetary variation
Fines and interest on lease and key money shopping centers
Fines and interests on tax assessment notices
Interest on related party transactions
Interest and inflation adjustment on liabilities
for acquisition of assets
Other
Total
24
Parent
company
Consolidated
7,530
8,349
4,389
5,208
(44,003)
1,253
(762)
(14)
893
(53,215)
1,253
(1,137)
(14)
892
(1)
(34,896)
1,387
(673)
401
(9)
(45,824)
1,387
(1,058)
422
(9)
1,099
(25)
366
1,290
(50)
394
1,085
(30)
388
1,291
(53)
418
(329)
44
(329)
(1,906)
(902)
(74)
(902)
(241)
(33,948)
(44,474)
(28,934)
(39,361)
Segment information
For management purposes, the Company recognizes four business segments that account for its
income and expenses. Segment reporting is required since margins, income and expense
recognition and deliverables are different among them. Profit or loss was calculated considering
only the Companys external clients.
Properties for rental

This refers to the Companys share in the civil condominium of shopping centers and their
respective parking lots, as well like real estates for rental. This is the Companys major incomegenerating segment, accounting for 83.62% of its gross operating income recognized during the
year ended March 31, 2015. The determining factor for the amount of income and expenses in
this segment is the companys share in each venture. The income and expenses are described
below:
Rental income
This refers to amounts collected by mall owners (the Company and its shareholders) in
connection with the areas leased in their shopping centers and office projects. The revenue
includes four types of rental: minimum Rental (based on a commercial agreement indexed to the
IGP-DI), Supplementary Rental (percentage of sales made by storeowners), Merchandising
(rental of an area in the mall) and straight-line rental revenues (exclude the volatility and
seasonality of minimum rental revenues).
Parking income
Income from payments made by clients for the time their vehicles are parked in the parking lot.
120

March 31, 2015
Expenses
Include expenses on vacant areas, contributions to the promotion fund, legal fees, lease, parking,
brokerage fees, and other expenses arising from the interest held in the projects. The expenses
on the maintenance and operation expenses (common condominium expenses) of the project
will be borne by the storeowners.
Other
Includes depreciation expenses.
The shopping centers assets substantially comprise investment properties of operational
shopping centers and office projects operating and rental receivable and parking lots.
Real estate
Real estate operations include income and expenses from the sale of properties normally built in
the surroundings of the shopping center. As previously mentioned, this activity contributes to
generating client flows to the mall, thus increasing its income. Additionally, the appreciation
and convenience brought by a mall to its neighborhood enable the Company to minimize risks
and increase income from properties sold. Income derives from the sale of properties and their
related construction costs. Both are recognized based on the percentage of completion (POC) of
the construction work. Expenses arise mainly from brokerage and marketing activities.
Finally, the "Other" mainly concerns a real estate project that has been recognized in the balance
sheet and income (loss) by "Investment" and "Equity income (loss)" respectively.
Assets of this segment are concentrated in the inventory of land and property completed and
under construction of the Company and in accounts receivable.
Projects
The operation of projects includes income and expenses arising from the development of
shopping centers and real estate for lease. Development costs are recorded in the balance sheet,
but expenses on marketing, brokerage, property taxes, feasibility studies and other items are
recorded to the Companys income (loss). In the same way, the company believes that most of
its income from Key Money derives from projects initiated over the last 5 years (average period
to recognize income from key money), thus resulting from the lease of stores during the
construction process.
By developing its own projects, the company is able to ensure the quality of the properties that
will compose its portfolio.
Project assets mainly comprise investment properties that have a construction in progress and
accounts receivable (key money) from leased stores.
121

March 31, 2015
Management and other

The Company provides management services to its shareholders and storeowners in
consideration for a service fee. Additionally, the Company charges brokerage fees from its
shareholders for the lease of stores. The management of its shopping centers is essential for the
Companys success and is a major area of concern in the company. On the other hand, the
Company incurs in expenses on the head office for these services and other, which are
considered in this segment. This also includes taxes, financial income and expenses and other
income and expenses that depend on the companys structure and not only on the operation of
each segment previously described. For this reason this segment presents loss.
This segments assets mainly comprise the Companys cash, deferred taxes and intangible
assets.
March 31, 2015 (consolidated)
Properties
for rental
Gross income
Costs
Expenses
Other
Income before income and social
contribution taxes
Operating assets
Real estate
Projects
Management
and other
Total
240,893
(53,909)
(6,304)
(31,229)
11,286
(8,334)
(652)
(732)
7,480
(1,754)
(9,397)
28,416
(29,554)
(37,299)
288,075
(62,243)
(38,264)
(78,657)
149,451
1,568
(3,671)
(38,437)
108,911
5,137,866
622,166
189,049
748,027
6,697,108
March 31, 2014 (consolidated)

Properties
for rental
Gross income
Costs
Expenses
Other
Income before income and social
contribution taxes
Operating assets
25
25.1
Real estate
Projects
Management
and other
Total
211,184
(55,651)
(7,614)
(11,812)
25,853
(15,459)
(3,713)
9,609
9,833
(6,334)
(10,380)
33,180
(27,550)
(33,764)
280,050
(71,110)
(45,211)
(46,347)
136,107
16,290
(6,881)
(28,134)
117,382
4,827,103
735,790
197,517
627,873
6,388,283
Financial instruments and risk management

Capital risk management
The Company and its subsidiaries manage its capital in order to ensure the continuity of its
normal operations, at the same time, maximizing the return of its operations to all interested
parties, through the optimization of the use of debt instruments and capital.
122

March 31, 2015
The Companys capital structure is comprised by the net debt (loans, financing, debentures and
liabilities for acquisition of assets detailed in notes 13, 15 and 16, respectively, less cash and
cash equivalents and short-term investments (detailed in note 3) restricted short-term
investments (recorded as other non-current assets), and the Companys shareholders equity
(which includes the capital and reserves explained in note 20).
25.1.1
Indebtedness ratio
Indebtedness ratio is as follows:
Parent company
(a)
Consolidated
03/31/2015
12/31/2014
03/31/2015
12/31/2014
Debt (a)
Cash and cash equivalents and investment
1,572,575
(348,367)
1,596,134
(272,136)
2,128,031
(399,170)
2,168,959
(325,937)
Net debt
1,224,208
1,323,998
1,728,861
1,843,022
Shareholders equity (b)

Net debt ratio
4,154,566
29.47%
4,066,877
32.56%
4,157,361
41.59%
4,069,654
45.29%
Debt is defined as short- and long-term loans, financing, debentures and liabilities for acquisition of assets, detailed in
notes 13, 15 and 16.
Of total defined in item (a) above, R$157,910 refers to the amount classified in the parent company and maturing in
the short-term on March 31, 2015 (R$ 147,631 on December 31, 2014) and R$1,414,665 classified in the long term
on March 31, 2015 (R$ 1,448,502 on December 31, 2014). In the consolidated financial statements, as of March 31,
2015, R$ 256,511 is classified as short term (R$ 245,252 December 31, 2014) and R$1,871,519 as long term as of
March 31, 2015 (R$ 1,923,707 December 31, 2014).
(b)
25.2
Shareholders equity includes the capital and the reserves.
Market risk
The Company develops real estate projects as complement of its shopping centers projects, its
main business.
In developing real estate projects neighboring our shopping centers, this activity contributes to
the generation of flow of clients to the shopping center, thus expanding results of operations.
Additionally, the appreciation and convenience that a shopping center gives to the surrounding
area, enables us to (i) mitigate real estate project risks, (ii) select part of the public who will
reside or work in the areas of influence of our shopping centers and (iii) increase income from
properties sold.
For this reason, we a substantial landbank in the surrounding areas of our shopping centers.
25.3
Objectives of financial risk management

The Companys Corporate Treasury Department coordinates access to financial markets, and
monitors and manages the financial risks related to the Companys and its subsidiaries
operations. These risks include rate risk, credit risk inherent in the provision of financial
services and credit and liquidity risk.
123

March 31, 2015
According to CVM Resolution 550 issued on October 17, 2008, which provides for the
submission of information on derivative financial instruments in the notes, the Company has not
contracted derivative financial instruments; there is no risk from a potential exposure associated
with such instruments.
25.4
Interest rate risk management

Interest rate risk refers to:
(i)
Possibility of fluctuations in the fair value of financing pegged to fixed interest rates, if such rates
do not reflect current market conditions. The Company performs ongoing monitoring of these
indexes. The Company has not identified yet the need to enter into financial instruments to hedge
against interest rate risks.
(ii)
Possibility of unfavorable change in interest rates, which would result in increase in financial
expenses as a result of the debt portion pegged to variable interest rates. As of March 31, 2015, the
Company and its subsidiaries invested their financial resources mainly in Interbank Certificates of
Deposit, yielding interest based on the CDI rate, which significantly minimizes this risk.
(iii)
Inability to obtain financing in case the real estate market presents unfavorable conditions, not
allowing absorption of such costs.
(iv)
Trade accounts receivable, liabilities for acquisition of assets both with fixed interest rates and
post-fixed ones. This risk is administrated by the Company and its subsidiaries aimed at minimize
the exposure to the risk of having an interest rate of accounts receivable equating to its debt.
Debt exposure to different indices is as follows on the following dates:
03/31/2015
TR
CDI
TJLP
IPCA
IGP-M
OTHER
25.5
12/31/2014
Parent
company
Consolidated
Parent
company
Consolidated
548,328
1,014,333
9,096
818
914,351
1,014,333
138,826
19,843
39,859
818
574,819
1,007,062
15,198
831
945,610
1,007,062
148,785
18,809
49,639
831
1,572,575
2,128,031
1,597,910
2,170,736
Credit risk related to service rendering

This risk is related to the possibility of the Company and its subsidiaries posting losses resulting
from difficulties in collecting amounts from lease, property sales, key money, management fees
and brokerage fees. This type of risk is substantially minimized owing to the possibility of
repossession of the stores leased and properties sold, which are historically renegotiated with
third parties on a profitable basis.
124

March 31, 2015
25.6
Credit risk
This risk is related to the possibility of the Company and its subsidiaries posting losses resulting
from difficulties in realizing short-term financial investments. This risk is related to the
possibility of the Company and its subsidiaries posting losses resulting from difficulties in
realizing short-term financial investments.
25.7
Sensitivity analysis
In order to analyze the sensitivity of financial asset and financial liability index to which the
Company is exposed as of March 31, 2015, five different scenarios were defined and an analysis
of sensitivity to fluctuations in the indexes of such instruments was prepared. Based on the
FOCUS report dated March 27, 2015, the IGP-DI, IGP-M and IPCA indexes and TJLP,
projections for 2015 was extracted from the BNDESs official website, The indexes CDI and
the TR rate were extracted from the CETIPs and BM&F BOVESPAs official websites, Such
index and rates were considered as probable scenario and increases and decreases of 25% and
50% were calculated.
Indexes of financial assets and financial liabilities:
Index
CDI
IGP-DI
IGP - M
IPCA
TJLP
TR
Decrease
of 50%
Decrease
of 25%
Probable
scenario
Increase
of 25%
Increase of
50%
6.38%
3.18%
3.05%
4.07%
2.75%
0.45%
9.56%
4.76%
4.58%
6.10%
4.13%
0.68%
12.75%
6.35%
6.10%
8.13%
5.50%
0.90%
15.94%
7.94%
7.63%
10.16%
6.88%
1.13%
19.13%
9.53%
9.15%
12.20%
8.25%
1.35%
125

March 31, 2015
Financial assets
The gross financial income was calculated for each scenario as of March 31, 2015, based on
one-year projection and not taking into consideration any tax levied on earnings. The sensitivity
for each scenario is analyzed below.
Financial income projection - 2015
Parent company
Cash and cash equivalents and
interest earning bank deposits
Cash and banks
Accounts receivable
Trade accounts receivable - store lease
Trade accounts receivable - key money
Trade accounts receivable - sale of units
under construction
Trade accounts receivable - sale of
completed units
Other trade accounts receivables
Balance at Decrease Decrease Probable

03/31/2015 of 50% of 25% scenario
N/A
100% CDI
Increase
of 25%
Increase
of 50%
95,644
252,723
N/A
16,111
N/A
24,167
N/A
32,222
N/A
40,278
N/A
48,333
348,367
16,111
24,167
32,222
40,278
48,333
IGP-DI
IGP-DI
91,890
27,394
2,918
870
4,376
1,305
5,835
1,740
7,294
2,174
8,753
2,609
IGP-DI
IGP-M +
12%
N/A
47,095
35,280
7,088
N/A
7,806
N/A
8,524
N/A
9,242
N/A
9,961
N/A
201,659
10,876
13,487
16,099
18,710
21,323

Associao Barra Shopping Sul
Associao Parkshopping Barigui
Associao Parkshopping So Caetano
135% CDI
117% CDI
110%CDI
N/A
7,328
2,320
84
315
631
173
6
N/A
946
260
9
N/A
1,261
346
12
N/A
1,577
433
15
N/A
1,892
519
18
N/A
Consrcio Village Mall

Other loans and advances
110% CDI
N/A
1,411
321
99
N/A
148
N/A
198
N/A
247
N/A
297
N/A
11,779
909
1,363
1,817
2,272
2,726
561,805
27,896
39,017
50,138
61,260
72,382
Total
126

March 31, 2015
Consolidated
Cash and cash equivalents and interest
earning bank deposits
Cash and banks
Accounts receivable
Trade accounts receivable - store lease
Trade accounts receivable - key money
Trade accounts receivable - sale of units
under construction
Trade accounts receivable - sale of
completed units
Other trade accounts receivables
Balance at
03/31/2015
Decrease
of 50%
Decrease
of 25%
Probable
scenario
Increase
of 25%
Increase
of 50%
146,447
N/A
N/A
N/A
N/A
N/A
252,723
16,111
24,167
32,222
40,278
48,333
399,170
16,111
24,167
32,222
40,278
48,333
IGP-DI
IGP-DI
122,223
40,168
3,881
1,275
5,821
1,913
7,761
2,551
9,701
3,188
11,642
3,826
IGP-DI
IGP-M +
12%
N/A
117,234
3,722
5,583
7,444
9,305
11,167
47,095
41,811
7,088
N/A
7,806
N/A
8,524
N/A
9,242
N/A
9,961
N/A
368,531
15,966
21,123
26,280
31,436
36,596
7,328
631
946
1,261
1,577
1,892
2,320
84
315
173
6
N/A
260
9
N/A
346
12
N/A
433
15
N/A
519
18
N/A
887
1,411
99
148
198
247
297
321
N/A
N/A
N/A
N/A
N/A
12,666
910
1,364
1,818
2,273
2,727
780,367
32,987
46,654
60,320
73,987
87,656
N/A
100%
CDI

Associao Barra Shopping Sul
Associao Parkshopping Barigui
Associao Parkshopping So Caetano
Associao Jundia Shopping
Consrcio Village Mall
Other loans and advances
Total
135%
CDI
117%
CDI
110%CDI
N/A
CDI
+1%a.a
110%
CDI
N/A
127

March 31, 2015
Financial liabilities
For each scenario the Company calculated the gross financial expense, not taking into account
the taxes levied and the flow of maturities for each contract scheduled for 2015. The base date
used was March 31, 2015 projecting indices for one year and verifying their sensitivity in each
scenario.
Financial expenses projection - 2015
Parent company
Remuneration Balance at Decrease Decrease Probable
rate
03/31/2015 of 50% of 25% scenario
Loans and financing
Santander BSS
Santander BHS Exp V
Banco Ita SAF
Banco Ita PSC
Banco Ita VLG
Banco Ita MTE
Bradesco MTE
Banco IBM
Banco do Brasil
Banco do Brasil
Banco do Brasil
Loan Costs - Ita Unibanco PSC
Funding costs - Real BHS Exp V
Loan cost Ita Unibanco MTE
Cia Real de Distribuio
TR + 7.874%
TR + 8.70%
TR + 10%
TR + 9.35%.
TR + 9.35%
109.75% do
CDI
CDI + 1.00%
CDI + 1.48%
110% do CDI
110% do CDI
TR + 8.90%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Land So Caetano
Other
IGPM + 3%
N/A
Debentures
Debentures
CDI + 0.87%
Total
Increase Increase
of 25% of 50%
29,129
61,402
1,719
105,138
275,364
2,764
5,618
180
10,724
28,087
2,830
5,756
184
10,961
28,707
2,895
5,895
187
11,197
29,326
2,961
6,033
191
11,434
29,946
3,027
6,171
195
11,670
30,565
101,741
312,257
129,236
51,025
97,887
(1,173)
(313)
(7,201)
(5,386)
(3,779)
(645)
(2,486)
(1,329)
549
7,118
23,029
9,063
3,578
9,152
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,678
32,982
13,594
5,367
9,373
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
14,237
42,935
18,125
7,156
9,593
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
17,796
52,889
22,657
8,945
9,813
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21,355
62,842
27,188
10,734
10,033
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,143,135
99,313
120,432
141,546
162,665
183,780
9,096
269
9,365
550
N/A
550
689
N/A
689
828
N/A
828
966
N/A
966
1,105
N/A
1,105
420,074
30,434
43,824
57,214
70,604
83,994
420,074
30,434
43,824
57,214
70,604
83,994
1,572,574
130,297
164,945
199,588
234,235
268,879
128

March 31, 2015
Consolidated
Remuneration
rate
Balance at Decrease Decrease

03/31/2015
of 50%
of 25%
Probable
scenario
Increase
of 25%
Increase
of 50%
Loans and financing

BNDES JDS
BNDES - JDS
BNDES - JDS
BNDES-CGS
BNDES-CGS
BNDES-CGS
BNDES-CGS
Santander BSS
Santander BHS Exp V
Banco Ita SAF
Banco Ita PSC
Banco Ita VLG
Banco Ita MTE
Bradesco MTE
Banco IBM
Banco do Brasil
Banco do Brasil
Banco do Brasil
Banco do Santander DTIY
Banco do Santander GTIY
Loan Costs - Ita Unibanco PSC
Funding costs - Real BHS Exp V
Funding costs - Ita Unibanco
VLG
Funding costs - Ita Unibanco
MTE
Funding costs - CGS
Funding costs JDS
Funding costs - DTIY
Funding costs GTIY
Cia Real de Distribuio
TJLP +3.38%
TJLP +1.48%
TJLP.
TJLP+3.32%
IPCA + 9.59%
TJLP
TJLP + 1.42%
TR + 7.874%
TR + 8.70%
TR + 10%
TR + 9.35%
TR + 9.35%
109.75% do CDI
CDI + 1.00%
CDI + 1.48%
110% do CDI
110% do CDI
TR+8.90%
TR 8.70%
TR 8.70%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
76,707
801
3,457
55,785
19,842
718
1,359
29,129
61,402
1,719
105,138
275,365
101,741
312,257
129,236
51,025
97,887
190,482
185,299
(1,173)
(313)
4,702
34
95
3,386
2,709
20
57
2,764
5,618
180
10,724
28,087
7,118
23,029
9,063
3,578
9,152
17,429
16,955
N/A
N/A
5,757
45
143
4,153
3,113
30
75
2,830
5,756
184
10,961
28,707
10,678
32,982
13,594
5,367
9,373
17,858
17,372
N/A
N/A
6,812
56
190
4,920
3,516
39
94
2,895
5,895
187
11,197
29,326
14,237
42,935
18,125
7,156
9,593
18,286
17,789
N/A
N/A
7,866
67
238
5,687
3,919
49
113
2,961
6,033
191
11,434
29,946
17,796
52,889
22,657
8,945
9,813
18,715
18,206
N/A
N/A
8,921
78
285
6,454
4,323
59
131
3,027
6,171
195
11,670
30,566
21,355
62,842
27,188
10,734
10,033
19,143
18,623
N/A
N/A
(7,201)
(5,386)
(3,779)
(645)
(2,486)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
(1,329)
(143)
(147)
(4,798)
(4,668)
548
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,667,829
144,700
168,978
193,248
217,525
241,798
9,096
19,206
11,557
269
40,128
550
223
470
N/A
1,243
689
243
705
N/A
1,637
828
264
940
N/A
2,032
966
284
1,174
N/A
2,424
1,105
305
1,409
N/A
2,819
420,074
30,434
43,824
57,214
70,604
83,994
420,074
30,434
43,824
57,214
70,604
83,994
176,377
214,439
252,494
290,553
328,611
Liabilities for acquisition of

assets
PSS - Seguridade Social
Land So Caetano
Land Quadra H
Land Canoas
Other
IPCA + 7%
IGPM + 3%
IGPM + 2%
IGPM
N/A
Debentures
CDI + 0.87%
Total:
2,128,031
129

March 31, 2015
Part of the Companys financial assets and liabilities are linked to interest rates and indexes
which may vary representing a market risk for the Company.
In the year ended March 31, 2015, the Companys financial assets and liabilities generated a net
financial loss of R$ 44,474.
The Company understands that an increase in the interest rates, in the indexes or in both may
cause an increase in the financial expenses negatively impacting the Companys net financial
result. In the same way, a decrease in the interest rates, in the indexes or in both may cause a
reduction in the financial income negatively impacting the Companys net financial income.
25.8
Liquidity risk management

The Companys management and its subsidiaries prepared a liquidity risk management model in
order to manage its capital needs and manage its short-, medium- and long-term cash needs. The
Company and its subsidiaries manage its liquidity risk keeping adequate reserves, bank credit
lines and credit lines deemed adequate through the continuous monitoring of forecasted and
realized cash flows and combination of the maturity profiles of financial assets and liabilities.
The following table shows in detail the remaining contractual maturity of financial assets and
liabilities of the Company and the contractual repayments terms. This table was prepared in
accordance with the undiscounted cash flows of financial liabilities based on the nearest date on
which the Company shall settle the respective obligations:
Parent company
March 31, 2015
Up to one year

Loans and financing
Debentures
252,723
126,694
9,365
21,851
Total
410,633
13 years
Over 3 years
Total
580,607
435,834
199,111
199,112
252,723
1,143,135
9,365
420,074
779,718
634,946
1,825,297
Consolidated
March 31, 2015
Up to one year
13 years
Over 3 years
Total

Loans and financing
Debentures
252,723
208,075
26,586
21,851
790,542
9,646
199,111
669,212
3,896
199,112
252,723
1,667,829
40,128
420,074
Total
509,235
999,299
872,220
2,380,754
130

March 31, 2015
25.9
Category of the main financial instruments

Parent company
Consolidated
03/31/2015
12/31/2014
03/31/2015
12/31/2014
Financial assets available for sale

252,723
155,011
252,723
155,011
Financial assets classified as loans and receivables at

amortized cost
Accounts receivable
Accounts receivable from related parties
201,659
11,779
236,094
13,974
368,531
12,666
396,699
14,908
Financial assets classified as loans and receivables at

amortized cost
Loans and financing
1,143,135
1,172,708
1,667,829
1,711,093
9,365
420,074
15,467
409,735
40,128
420,074
49,907
409,735

Debentures
Valuation techniques and assumptions applied for purposes of fair value calculation
The estimated fair values of financial assets and liabilities of the Company and its subsidiaries
have been determined using available market information and appropriate valuation
methodologies in conformity with the financial statements for the year ended December 31,
2014.
26
Earnings per share

The table below shows information on profit and shares used to calculate basic and diluted
earnings per share:
March 31, 2015
March 31, 2014
Parent
company
Consolidated
Parent
company
Consolidated
Weighted average number of shares

issued
189,997,214
189,997,214
189,997,214
189,997,214
Weighted average of treasury shares
1,705,053
1,705,053
2,559,694
2,559,694
C= A - B
Average shares
188,292,161
188,292,161
187,437,520
187,437,520
145,306
145,306
290,847
290,847
Dilutive
attributable to Companys
shareholders
71,969
69,593
R$82,268
R$82,260
E/C
Earnings per share
R$ 0.3822
R$ 0.3696
R$0.4389
R$0.4389
E/(C+D)
Adjusted earnings per share
R$ 0.3819
R$ 0.3693
R$0.4382
R$0.4382
131

March 31, 2015
27
Subsequents Events
Through public instrument signed on April 6, 2015, Multiplan Greenfield III Empreendimento
Imobilirio Ltda (Companys subsidiary), acquired 12,000 m of building potential from
JJCoimbra Participaes Ltda for R$ 65,400. The amount will be settled as follows: (i) R$
22,890 were paid at the date and (ii) R$ 42,510 in 36 monthly installments of R$ 1,181, paid by
the CDI rate from the date of signing to the actual settlement date of each installment.
132

Quarterly Financial Report 1Q15

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Multiplan Empreendimentos Imobilirios S.A.

Quarterly information - ITR

Multiplan Empreendimentos Imobilirios S.A.

Independent auditors' report on quarterly information

Statements of comprehensive income

Statements of changes in shareholders equity

Statements of cash flows

Statements of value added

Notes to the quarterly information

Consolidated Financial Statements ......................................................................................... 8

The Evolution of Multiplan's Financial Indicators

Net Operating Income

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

473 457 453

Net Operating Income

Historical Performance of Multiplans Results (R$ Million)

1Q15 Rental Revenue increases 16% to

Shopping Center Occupancy Rate

Shopping Center Occupancy Cost

Shopping Center Deliquency and Rent Loss

a Continued Rental Revenue Increase

IGP-DI Adjustment Effect

Same Store Rent

Which Combined with Efficient Cost Control

Shopping center expenses and

G&A expenses and

Resulted in Strong Net Operating Income Growth.

Net Operating Income (NOI)

Shopping center tenant sales

NOI + Key Money

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Consolidated Financial Statements Managerial Report

Shopping Center EBITDA

2. Fair Value of Investment Properties According to CPC 28

Risk free rate

Projects under development (disclosed) ,

Evolution of Fair Value (R$)

Fair Value - properties in operation

Fair Value per share (R$)

Growth of Fair Value, NOI and owned GLA

Market Cap vs. Enterprise Value vs. Fair Value

Enterprise Value (EV)

Discount of Enterprise Value (EV) / Fair Value

Enterprise Value and Fair Value (R$)

combined sales increase of 21.0%. Their

Shopping Center Sales (100%)

though mature assets continue to improve their

In terms of total sales productivity, mature

BarraShopping and DiamondMall, with the

Twelve month Sales/m analysis

sales of R$25,817/m whereas the majority of stores, with

200 m or less, had sales of R$29,808/m.

from kiosks, since they are not counted in the total

Sales/m March 2015 (LTM)

Same Store Sales

SAS and SSS Evolution (year/year)

Same Store Sales

Food Court & Gourmet Area

Home & Office

15.4% 10.8% 12.1%

1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15

Same Store Sales growth breakdown by segment

3.2 Operational Indicators