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4Q11

4Q11 Earnings Release
Conference Call Presentation

4Q11
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the Company’s management and on the information available. These prospects include statements concerning our management’s current intentions or expectations.

Readers/investors should be aware that many factors may mean that our future results differ from the forwardlooking statements in this document. The Company has no obligation to update said statements. The words "expect“, “foresee“, “intend“, "plan“ and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above. This document also contains information on future projects which could differ materially due to market conditions, changes in law or government

policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand
by tenants and consumers, commercial negotiations or other technical and economic factors.

For more detailed information, please check our Financial Statements and other relevant information on our investor relations website www.multiplan.com.br/ir. Note: All figures are presented in Brazilian Reais (R$). 2

4Q11
Shopping Center Sales¹
Multiplan Shopping Center Sales vs. National Retail (2011/2010)
16.5%
17.4% 16.1%
13.2%

Historical Same Store Sales Evolution (YoY)
Anchors Satellites

2%

16.5% 12.7%

11.8%

15.1%
9.0%

12.5% 12.1% 8.9%

12.9%
7.6%

13.3%

13.8%

9.0% 6.3% 10.3%

8.0%

6.7%

8.4% 12.2%

8.5%

9.4% 7.2% 9.8%
3.7% 2.5%14.9%
3.8%

10 7.7%

7.0% 9.4%

3.8%

14.4% 11.4%

14.0% 11.4%
SAS

National Total Sales Retail Sales (IBGE)

9.9%

10.6% 5.6%
1Q11

11.9%
2Q11

13.7% 12.6%
3Q11

SSS 7.9%

5.1%

6.6%

7.5%

4Q11

Q07

2Q07

3Q07
16.5%

4Q07
17.4%

1Q08
16.1%

19.2%

2Q08 3Q08 4Q08 Same Area Sales Growth Growth (YoY) 3Q10 Same Store and 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

4Q10

1Q11

2Q11

3Q11

4

SAS
12.7% 12.1% 12.5% 8.4% 8.5% 9.4%

SSS
12.9%

16.5% 15.1% 13.3% 13.8% 10.3% 10.0% 7.7%

7.2% 9.8% 5.1% 5.6% 10.6%

13.8%

12.2%

14.4% 11.4%

14.0% 11.4% 9.9%

14.9% 11.9%

7.0%

13.7% 12.6%
9.4% 6.6% 7.5% 8.3%

7.9%

1Q07
1 Considering

2Q07

3Q07

4Q07

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

100% of shopping center sales.

SAS

SSS

3

4Q11
Operational Highlights
Total GLA (‘000) and Occupancy Rate Evolution
98.1%

98.2%

97.4% 95.5%
94.2% 484 m² 378 m²

95.4%

96.0%

96.1%

96.6%

96.5% 592 m² 534 m² 552 m²

341 m²

345 m²

351 m²

359 m²

299 m²

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Shopping Vila Olímpia Operational Highlights (2011/2010)

Shopping Santa Úrsula Sales and Occupancy Rate Evolution
93.6% 79.1%

80.4%
137.0 M

+151.9%

67.3% 109.8 M
83.8 M

+46.0%

74.5 M

+31.6%

Foot Traf f ic

Parking Turnover

Sales

2008

2009

2010

2011

Sales

Average Occupancy Rate

4

4Q11
Revenue Analysis
Rental Revenue Growth Analysis (4Q11/4Q10)

14.8%

16.6% 14.5%

9.0%

IGP-DI Adjustment Effect

Real SSR

IGP-DI Total Adjustment effect

SAR

SSR

Rental Revenue

Same Store Rent – Growth (YoY)
IGP-DI Adjustment Effect SSR Real Growth Total

16.0% 14.1% 12.0% 8.1% 6.5% 3.4% 2.9% 6.6% 7.7% 10.3% 4.9% 2.8% 5.8%

9.4%
6.5% 2.6%
9,4%

10.4% 10.6%
6.6% 6.4%

11.6% 9.0% 4.2% 4.6% 7.7% 9.0% 2.8%

13.9% 13.2% 14.0%

14.5% 4.8%

2.9%

1.9%

3.6%

2.1%
5.6%

2.2%
6.7%

3.6%

3.9%

10.7% 11.1% 10.0% 0.8% 8.6% 7.3% 13,9% 14,0%
13,2% 1,9%

10,4% 10,6%

11,6% 9,0%

9,0% 4,2%

2,9%
2,8%

3,6%

2007

2008

2009

2010

Real SSR: 5.7%

2,1%

5,6% 3,6% 3,9% 4,6% 2,6% Nominal SSR : 9.6%

6,7%

7,3%

Nominal SSR: 10.6%

Nominal SSR: 9.4% 2,9% 3,7%

0,2%

2011

6,5%

6,5% 1Q07 6,6% 6,4% 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

7,7%

8,1%

2,2%

0,8% 10,7% Real SSR: 2.5% 11,1% 10,0% Real SSR:3,4% 3,9% 1.5% 8,6%

9.6% 9.3% 16,0% 7.3% 8.8% 14,5% 14,1% 4.0% 3.7% 12,0% 5,8% 0.2% -0.3% 0.6% 10,3% 4,8% 4,9% 7,7% 1Q10 6,6% 2Q10 3Q10 2,8% 4Q10 1Q11 2Q11 3Q11 4Q11 4,4% Real SSR: 5.7% Real 9,3% 9,6% SSR: 5.0% 6,0% 7,3% 8,8% 4,8% Nominal4,0% 6.9% SSR: Nominal SSR: 14.1% -0,3% 0,6%
6.0% 4.8%

3.9%

4.4%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

5

4Q11
Net Operating Income (NOI)
NOI + Key Money and Margin (4Q11/4Q10)
+27.6%
130.6 M 94.2%
90.4% 460.1 M 87.5%

NOI + Key Money and Margin (2011/2010)
+19.5%
550.0 M

166.6 M

87.1% 4Q10 4Q11
2010 2011

Shopping Center Expenses and as a % of Shopping Center Net Revenue
-47.1%

-11.6%

19.3 M
12.5% 15.4 M 10.6%

17.2 M 11.4%

65.9 M

15.4 M 9.9% 10.2 M 5.7%
12.0%

58.3 M

9.2%

4Q10

1Q11

2Q11

3Q11

4Q11

2010

2011

6

4Q11
EBITDA Analysis
EBITDA and Margin Analysis

4Q11
79.0% 77.3%
141.1 M
500,000 80.0% 490,000

2011
76.2% 74.3%
481.0 M

80.0

000

75.0

75.0% 480,000 70.0% 470,000
460,000 65.0% 450,000

000

68.9%
133.7 M

138.2 M

67.3%
455.3 M

468.8 M

70.0

000

65.0

000

60.0% 440,000 55.0% 430,000 Shopping Center EBITDA Shopping Center EBITDA Consolidated EBITDA bef ore New Projects f or Lease Expenses

60.0

000 Consolidated EBITDA

55.0 Shopping Center EBITDA Shopping Center EBITDA bef ore New Projects f or Lease Expenses

Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, and new projects for sale expenses from real estate activity.

7

4Q11
Net Income and FFO
Net Income and Net Margin (4Q11/4Q10)
+49.4%
108.1 M
218.4 M

Net Income and Net Margin (2011/2010)
+36.5%
298.2 M

72.3 M

55.7%
44.1%

40.6%

36.1%

4Q10

4Q11

2010

2011

FFO/Share Growth Analysis *
CAGR 07-11: 14.6%

R$2.33 R$2.06 R$1.76
415 M 368 M
273 M

R$1.60
R$1.35
237 M 148 M

200 M

148 M

155 M

179 M

178 M

2007

2008 Average # of Shares

2009 FFO

2010

2011

FFO per Share

* Considers the averge number os shares including the Follow On issue in September, 2009.

8

4Q11
Dividend Distribution
Dividends and Interest on Shareholders’ Equity

CAGR 08-11: 83.2% R$0.5787

R$ 0.8370 *

R$149 M R$0.3404 R$0.1362 R$ 61 M
R$100 M

R$ 103 M

R$49 M

R$ 20 M 2008 Dividend Payed 2009 2010 2011

Interest on Shareholders' Equity to be paid

Dividend to be paid

Dividend per Share

* The Interest on Sahreholders’ Equity of R$100 million (pre-tax), and Dividends of R$49 million, fiscal year 2011, will be submited to the approval of the Sahreholders’ Meeting

9

4Q11
Margin Analyses
(4Q08 – 4Q11)
94.2% 89.5%

87.1% 77.3%
66.4%

83.0%

67.9%

63.7% 53.4%

64.5%

57.9%

59.4% 55.7%

40.6% 31.3%

19.8%

4T08

4T09

4T10

4T11

NOI + Key Money margin

Shopping Center EBITDA Margin

FFO Margin

Net Margin

10

4Q11
CAPEX and Indebtedness
Em 31 de Dezembro de 2011
Debt Position and Cash Generation
1,002.3M

Debt Indexes Breakdown

Funding Breakdown

558.3M 443.9M 455.3M
415.4M

TR 40%

CDI+ 32%

Drawn 1,002.3M

Cash

Gross Debt

Net Debt

EBITDA (LTM)

FFO (LTM)

IPCA 6%

IGP-M 9%

TJLP 13%

To be drawn 291.1M

Debt Amortization Schedule
(million)
Loans and f inancing (banks) Obligations f rom acquisition of goods (land and minority interest)
Debentures 150.0 150.0 117.6

81.1 55.7
41.4 11.5 2012 2013

89.8 45.8 26.3

82.5

70.3

60.3 2.0

-

18.2
2015

2014

2016

2017

>=2018

11

4Q11
ParkShoppingSãoCaetano Creating Value for Shareholders

Opening date: November 9th, 2011
Multiplan’s Interest: 100% Gross Leasable Area: 39,025 m² Stores: 218 Opening Occupancy Rate: 96.4% 3rd year Expected NOI: R$47.5 M 3rd year Expected NOI Yield: 20.1%

Total CAPEX: R$274 M

Net CAPEX: R$237 M Asset Value 2011¹: R$628 M
¹ Independent valuation by Jones Lang LaSalle

12

4Q11
Greenfields: JundiaíShopping

Opening: October, 2012
Total GLA: 35,754 m² Multiplan’s Stake: 100% 3rd Year NOI: R$34.2 M Key Money Revenue: R$24.1 M Total CAPEX: R$279.3 M Invested CAPEX: 60%

Leasing Evolution
Leased Stores (units)

100%
80% 60% 40% 20% 0%

87.6%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

13

4Q11
Greenfields: VillageMall

Opening: November, 2012
Total GLA: 25,167 m² Multiplan’s Stake: 100% 3rd Year NOI: R$46.7 M Key Money Revenue: R$41.9 M Total CAPEX: R$439.4 M Invested CAPEX: 60%

Leasing Evolution
Leased Stores (units)

100%
80% 60% 40% 20% 0%

88.7%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

14

4Q11
Greenfields: ParkShoppingCampoGrande

Opening: November, 2012
Total GLA: 42,226 m² Multiplan’s Stake: 90% 3rd Year NOI: R$35.4 M * Key Money Revenue: R$43.7 M * Total CAPEX: R$250.8 M ** Invested CAPEX: 32%

Leasing Evolution
Leased Stores (units)

100%
80% 60% 40% 20% 0%

90.4%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

* Multiplan’s interest ** Multiplan will invest 100% of the project’s CAPEX

15

4Q11
Greenfields: Parque Shopping Maceió

Opening: 3Q 2013 Total GLA: 36,860 m² Multiplan’s Stake: 50% 3rd Year NOI: R$14.1 M *

Key Money Revenue: R$10.2 M *
Total CAPEX: R$104.7 M * Invested CAPEX: 33%

Leasing Evolution
Leased Area (GLA)

80%
60% 40% 20% 0%

61.0%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

* Multiplan’s interest

16

4Q11
Office Towers for Lease
ParkShopping Corporate
Opening: November, 2012 Total GLA: 13,360 m² Multiplan’s Stake: 50% Stabilized NOI: R$7.2 M * CAPEX: R$38.6 M * Invested CAPEX: 37%

Morumbi Corporate
Opening: September, 2013 Total GLA: 74,198 m² Multiplan’s Stake: 100% Stabilized NOI: R$83.7 M Total CAPEX: R$448.0 M Invested CAPEX: 32%

* Multiplan’s interest

17

4Q11
Announced Growth Summary
Projects for Lease
Shopping Centers 1 2 3 4 JundiaíShopping VillageMall ParkShoppingCampoGrande Parque Shopping Maceió Opening Oct-12 Nov-12 Nov-12 Apr-13 GLA 35,754 m² 25,167 m² 42,226 m² 36,860 m² % Multiplan 100% 100% 90% 50% Multiplan NOI (1st year) R$31.1 M R$39.9 M R$30.7 M R$10.8 M Multiplan NOI (3rd year) R$34.2 M R$46.7 M R$35.4 M R$14.1 M

Tower for Lease 5 ParkShopping Corporate 6 Morumbi Corporate

Delivery Nov-12 Sep-13

GLA 13,360 m² 74,198 m²

% Multiplan 50% 100%

Multiplan NOI (Stabilized) R$7.2 M R$83.7 M

Total added GLA Owned GLA

226,573 m² 197,645 m²

NOI 1st year * NOI 3rd year *

R$203.4 M R$221.3 M

* Multiplan’s interest

18

4Q11
Office Towers for Sale

Centro Profissional RibeirãoShopping
Delivery: December, 2012 Private Area: 12,563 m² Multiplan’s Stake: 100% Total PSV: R$80.3 M PSV/m²: R$6,388

Diamond Tower
Delivery: 2H14

Résidence du Lac
Delivery: 2H14 Private Area: 9,960 m² Multiplan’s Stake: 100% Total PSV: R$101.6 M

Private Area: 13,855 m²
Multiplan’s Stake: 100% Total PSV: R$121.9 M

Units Sold:

PSV/m²: R$8,800

PSV/m²: R$10,200

96%

Units Sold: 51%

Units Sold: 46%
19

4Q11
Announced Growth Summary

Projects for Sale
Towers for Sale Centro Profissional RBS Diamond Tower Résidence du Lac Delivery Dec-12 2H14 2H14 Area 12.563 m² 13,855 m² 9,960 m² % Multiplan 100% 100% 100% Total PSV R$80.3 M R$121.9 M R$101.6 M

1 2 3

Total Area

36,378 m²

Total PSV

R$303.8 M

20

4Q11
Recent Events
Stake acquisition in Shopping Vila Olímpia Sale of Morumbi Business Center

Investment: R$175 M Stake Acquired: 30%

Value: R$165 M Private Area: 9,383 m²

21

4Q11
Asset Value Comparison: December 2011

0.7 B 1.6 B 10.7 B

13.0 B

6.9 B

3.0 B

Investment Properties

Market Cap

NAV Existing Malls

NAV Announced Projetcts

NAV Future Expansions

Total Net Asset Value

Note: NAV does not consider corporate expenses such as G&A expenses, projects expenses, financial expenses, income taxes and others. Announced projects considered: Village Mall, JundiaíShopping, ParkShopping Campo Grande, Parque Shopping Maceió, ParkShopping Corporate and Morumbi Corporate.

22

4Q11
IR Contact
Armando d’Almeida Neto CFO and Investors Relation Director Rodrigo Krause Investor Relations Superintendent Leonardo Oliveira Investor Relations Senior Analyst Franco Carrion Investor Relations Analyst Diana Litewski Investor Relations Analyst Hans Melchers Planning Manager Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322 E-mail: ri@multiplan.com.br http://www.multiplan.com.br/ri