Earnings Release 1Q14

First Quarter 2014
Earnings Release
Conference Call
Date: May 7, 2014 (Wednesday)
English: 11:30 a.m. (EDT New York)
12:30 p.m. (Braslia)
Teleconferncia (Em portugus)
Data: 25 de fevereiro de 2013 (tera-feira)
Horrio:
11h00min (horrio de Braslia)
9h00min (EST Nova York)
Telefone de conexo:
+55 (11) 4688-6361
Cdigo de acesso: Multiplan
Replay: www.multiplan.com.br/ri
Portuguese: 10:00 a.m. (EDT New York)

11:00 a.m. (Braslia)
Webcast: www.multiplan.com.br/ir
Divulgao de Resultados
Connection numbers:
USA: 1 (855) 281-6021
quarto trimestre de 2013

Brasil: 55 (11) 3193-1001
55 (11) 2820-4001
Other countries: 1 (786) 924-6977

Access Code: Multiplan
1Q14
MULT3
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on
expectations of the Companys management and on the information available. The Company has no obligation to update said
statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to
identify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,
market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking
statements. Many factors and values that can establish these results are outside the Companys control or expectation. The
reader/investor should not make the 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,
demand by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be
altered in part or totally by the company with no previous warning.
Non-accounting information has not been reviewed by the external auditors.
In this release the company has chosen to present the consolidated data form a managerial perspective, in line with
st
the accounting practices in use until December 31 , 2012, as disclosed in the next page.
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.
1Q14
MULT3
Managerial Report
Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete operational data.
Please refer to the Companys financial statements on its website www.multiplan.com.br/ir to access its Financial Statements in
compliance with the Brazilian Accounting Pronouncements Committee CPC.
Please see on page 31 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and
the conciliation between the accounting and managerial numbers.
1Q14
MULT3
Table of Contents
01.
02.
03.
04.
05.
06.
07.
08.
09.
10.
11.
12.
13.
14.
15
16.
17.
Consolidated Financial Statements ............................................................................................. 6

Project Development.................................................................................................................... 7
Operational Indicators .................................................................................................................. 9
Gross Revenues ........................................................................................................................ 12
Properties Ownership Results ................................................................................................... 12
Shopping Center Management Results ..................................................................................... 16
Shopping Center Development Results ..................................................................................... 17
Real Estate for Sale Results ...................................................................................................... 18
Equity Pickup and Other Operating Income (Expenses) ............................................................ 18
Financial Results........................................................................................................................ 19
MULT3 Indicators & Stock Market ............................................................................................. 24
Portfolio...................................................................................................................................... 25
Ownership Structure .................................................................................................................. 27
Operational and Financial Data ................................................................................................. 29
Conciliation between IFRS (with CPC 19 R2) and Managerial Report....................................... 31
Appendices ................................................................................................................................ 34
Glossary and Acronyms ............................................................................................................. 37
Multiplan's Financial Indicators Evolution

2007
(IPO)
2008
2009
2010
2011
2012
2013
Change %
(2013/2007)
CAGR %
(2013/2007)
Gross Revenue
368.8
452.9
534.4
662.6
742.2
1,048.0
1,074.6
191.4%
19.5%
Net Operating Income
212.1
283.1
359.4
424.8
510.8
606.9
691.3
225.9%
21.8%
EBITDA
212.2
247.2
304.0
350.2
455.3
615.8
610.7
187.8%
19.3%
FFO
200.2
237.2
272.6
368.2
415.4
515.6
426.2
112.9%
13.4%
21.2
74.0
163.3
218.4
298.2
388.1
284.6
1,245.1%
54.2%
R$ Million
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
1,113
915 948
686
644
573
474
381
218
305
385
441
708
543 584
527
213 256
648
329 368
214 233
310
381
473 457 453

359 334
24
Gross Revenue
NOI
Consolidated EBITDA
FFO
106
166
235
296
Net Income
Historical Performance of Multiplans Results (R$ Million)
Overview
Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center companies in Brazil, established as a full
service Company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country.
The Company is also strategically active in the residential and commercial real estate development sectors, generating
synergies for shopping center-related operations by creating mixed-use projects in adjacent areas. In the end of 1Q14, Multiplan
owned - with an average interest of 73.9% - 18 shopping centers with a total GLA of 756,694 m, of which 17 shopping centers
managed by the Company, over 4,800 stores and an estimated annual traffic of 170 million visits. In addition, Multiplan owned with an average interest of 92.4% - two corporate office complexes with a total GLA of 87,558 m.
1Q14 EBITDA, up 23% to R$197 million

and Net Income up 17% to R$82 million
Rio de Janeiro, May 6th, 2014 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3) announces its first quarter 2014
results. During fiscal year 2012, the Accounting Pronouncements Committee (CPC) issued the following pronouncements that impact the
companys activities and its subsidiaries, among others (i) CPC 18 (R2) Investment in affiliated companies, subsidiaries and in joint control
developments; (ii) CPC 19 (R2) Combined business. These pronouncements required their implementation for fiscal years starting January
1st, 2013. Such pronouncements determine, among other issues, that developments controlled jointly be recorded in financial statements via
Equity pick-up. In this case the company no longer consolidates proportionally the 50% interest in Manati Empreendimentos e Participaes
S.A., a company that owns a 75% interest in Shopping Santa rsula, and a 50% stake in Parque Shopping Macei S.A., a company that owns a
100% interest in the shopping center of the same name. This report adopted the managerial format and, for this reason, does not consider the
requirements of CPCs 18 (R2) and 19 (R2). In this manner, the information and/or performance analyses presented herein include the
proportional consolidation of Manati Empreendimentos e Participaes S.A. and Parque Shopping Macei S.A. For additional information,
please refer to note 9.4 of the Quarterly Financial Report dated March 31st, 2014.
Highlights 1Q14 (R$)

Strong Same Store Sales (SSS) and Same Area Sales (SAS) Results
Highest first-quarter SSS since 1Q10
16.5%
13.3%
15.1%
SAS
10.3%
11.9% 13.7% 12.6%
6.6%
1Q10
2Q10
3Q10
4Q10
10.0%
9.7%
7.7%
7.0%
14.9%
SSS
13.8%
1Q11
9.5%
9.4%
8.8%
7.4%
7.7%
5.7%
9.4%
7.5%
8.3%
8.2%
8.1%
8.5%
6.8%
8.1%
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
8.4%
7.6%
3Q13
4Q13
5.8%
2Q13
8.0%
9.3%
8.3%
1Q14
SAS and SSS Evolution (year/year)
Consistently High Occupancy Rate

Highest recorded first-quarter occupancy rate in company data
Total GLA ('000)
850
97.2%
98.4%
97.9%
Occupancy rate
98.5%
97.5%
100.0%
800
757
750
700
84.0%
650
600
550
592
76.0%
551
533
92.0%
699
Total GLA CAGR 1Q10-1Q14:

9.2%
68.0%
500
450
60.0%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
Total shopping center GLA and occupancy rate evolution: 1Q10 1Q14
Solid Top and Bottom-Line Results

EBITDA increases 23.4% and FFO grows 26.1%
23.4%
26.1%
128.6 M
196.6 M
159.3 M
71.3%
1Q13
102.0 M
0.69
76.4%
0.57
1Q14
1Q13
EBITDA Evolution and EBITDA margin
1Q14
FFO Evolution and FFO per share
Shares outstanding adjusted for shares held in treasury
1Q14
MULT3
Performance Highlights
1Q14 (R$)
1Q14 vs. 1Q13
Shopping center
tenants sales
2,723.0 M
Rental revenue
NOI + KM
EBITDA
Net Income
FFO
167.9 M
196.0 M
196.6 M
82.3 M
128.6 M
+8.7%
+7.7%
+23.4%
+16.8%
+26.1%
+11.2%
OPERATIONAL AND FINANCIAL HIGHLIGHTS

Consistent Sales Performance: Multiplan shopping centers tenants posted total sales of R$2.7 billion in 1Q14, 11.2%
higher than in 1Q13. The three malls opened in 4Q12 posted combined sales growth of 35.2%.
Same Area Sales (SAS) accelerated 9.3% in 1Q14, and Same Store Sales (SSS) increased 8.3% in the quarter. SSS for
satellite stores showed a strong performance: grew 8.7% in the quarter, while anchors increased 5.8%. In the last twelve
months, sales per m from stores under 1,000m amounted to R$24,348/m, while from stores under 200m totaled
R$27,756/m.
Delinquency rate and rent loss remained at historical low levels, with 1.9% and 0.5%, respectively. Occupancy costs fell
back to 13.7%, same level recorded in 1Q11.
Occupancy rate at the end of the quarter was 98.5%, 100 b.p. higher than 1Q13, with 97.5%, in spite of the new areas
recently added.
Same Store Rent (SSR) increased 6.8% in 1Q14, on top of an already high growth in 1Q13 of 11.4%, and higher than the
IGP-DI adjustment effect of 5.9%. Rental revenue, including the straight line effect, saw an increase of 9.4% reaching R$179.3
million in 1Q14.
Solid top-line growth. Gross revenue increased 15.5% in 1Q14 versus 1Q13, reaching R$284.0 million.
Net Operating Income (NOI) + Key Money (KM) reached R$196.0 million in 1Q14, 7.7% higher than in 1Q13. In the last twelve
1
months, NOI + KM increased 10.0% to R$754.6 million. In 1Q14 NOI + KM per share was of R$1.05, implying a five-year CAGR of
14.3%.
Consolidated EBITDA was R$196.6 million in 1Q14, 23.4% higher than in 1Q13, impacted by the double-digit net revenue
growth and non-recurring items.
Net debt/EBITDA fell from 3.03x in 4Q13 to 2.94x in 1Q14 and weighted average cost-of-debt increased 54 bps to 10.4%
st
p.a., while the basic interest rate increased 75 bps to 10.75% p.a. as of March 31 , 2014.
Strong growth in Net income and FFO, of 16.8% and 26.1%, respectively. Net income achieved R$82.3 million and FFO
was R$128.6 million in 1Q14. These results were impacted by the organic growth, new areas opened in 2013, non-recurring items,
as well as higher net financial expenses and depreciation.
Recent Events:
th
Chairman and CEO segregation: Multiplan Shareholders Meeting, held on April 29 , 2014, elected Mr. Jose Paulo Ferraz
do Amaral as the Chairman of the Board, and Mr. Leonard Peter Sharp as a Board member replacing Mr. Manoel Joaquim R.
Mendes. Mr. Jos Isaac Peres was elected by the Board members as the CEO of the company for a two-year mandate.
Sales in Multiplan shopping centers increased 14.9% in April 2014, compared to the same period in 2013.
1
Total shares on March, 31st, 2014 net of stocks held in treasury, totaling 187,437,520 shares.
1Q14
MULT3
1.
Consolidated Financial Statements Managerial Report

(R$'000)
1Q14
1Q13
Chg. %
167,921
154,436
8.7%
Services revenue
32,187
24,827
29.6%
Key money revenue
10,256
12,802
19.9%
Parking revenue
35,416
30,196
17.3%
Real estate for sale revenue
25,853
14,111
83.2%
Straight line effect
11,411
9,546
19.5%
Rental revenue
Other revenues
907
na
Gross Revenue
283,952
245,923
15.5%
Taxes and contributions on sales and services
(26,703)
(22,377)
19.3%
Net Revenue
257,249
223,547
15.1%
Headquarters expenses
(24,495)
(19,860)
23.3%
(3,085)
(2,324)
32.8%
(25,544)
(24,897)
2.6%
Stock-option-based remuneration expenses

Shopping centers expenses
Office towers for lease expenses
(3,430)
New projects for lease expenses
(6,334)
(4,370)
44.9%
(3,713)
(2,510)
48.0%
(15,459)
(11,841)
30.6%
New projects for sale expenses

Cost of properties sold
Equity pickup
11,009
(450)
na
Other operating income/expenses
10,364
1,993
420.1%
196,560
159,287
23.4%
Financial revenues
9,527
9,665
1.4%
Financial expenses
(49,495)
(40,038)
23.6%
Depreciation and amortization
(39,292)
(28,104)
39.8%
Earnings Before Taxes
117,300
100,810
16.4%
Income tax and social contribution
(28,021)
(26,938)
4.0%
(6,974)
(3,443)
102.5%
EBITDA
Deferred income and social contribution taxes

Minority interest
Net Income
(R$'000)
NOI
NOI margin
NOI + Key Money
(20)
(7)
211.3%
82,286
70,422
16.8%
1Q14
1Q13
Chg. %
185,774
169,281
9.7%
86.5%
87.2%
67 b.p
196,031
182,082
7.7%
NOI + Key Money margin
87.1%
88.0%
85 b.p
Shopping Center EBITDA
182,687
162,533
12.4%
79.9%
77.1%
274 b.p
196,560
159,287
23.4%
76.4%
71.3%
515 b.p
82,286
70,422
16.8%
Shopping Center EBITDA margin

EBITDA (Shopping Center + Real Estate)
EBITDA margin
Net Income
Net Income margin
32.0%
31.5%
48 b.p
Adjusted Net Income
89,259
73,865
20.8%
34.7%
33.0%
166 b.p
128,551
101,969
26.1%
50.0%
45.6%
436 b.p
Adjusted Net Income margin

FFO
FFO margin
1Q14
MULT3
2. Project Development
R$90.4 million invested during 1Q14
Pushing forward with its growth plans, Multiplan invested R$90.4 million in
Investment (R$)
1Q14
the first quarter of 2014. This total includes R$40.5 million in mall
Mall Development
7.4 M
expansions, R$21.5 million in IT and other, and R$15.8 million in land

acquisition, a land plot acquired in the city of Canoas, as announced last
Mall Expansions
40.5 M
Office Towers for Lease
4.2 M
Renovations
0.9 M
year. Final investments in the new shopping center as well as investments
IT and other
21.5 M
in projects to be detailed in the future summed R$7.4 million in 1Q14.
Land Acquisition
15.8 M
Investment
90.4 M
The variations in the lines of Investment Properties, Property, Plant and Equipment and Intangibles on the Companys balance
sheet was of R$91.9 million in 1Q14. The balance between this variation and the recorded CAPEX results from the accounting
adjustment when implementing the technical pronouncement CPC-19 (R2). As a consequence, the Interests in Joint
Ventures/Companies/Special Purpose Corporations (SPCs) with shared control are now recorded as Investments instead of
Investment Properties.
After the delivery of 263.4 thousand m of gross leasable area between 2011 and 2013, which boosted the companys owned
GLA by 70.9%, Multiplan has currently only one project for lease under construction, while the company is dedicated to develop
a new pipeline of projects.
2.1 Shopping Center Expansions
BarraShopping: Getting ready for delivery; 98.3% leased
The seventh expansion of BarraShopping, composed of 45 new stores in two retail floors, and another two upper floors totaling
4.5 thousand m of corporate office space for lease, is nearing completion and will add a total of 9.5 thousand m in new GLA.
The retail segment is scheduled to open in June and the office floors in 4Q14. This expansion will increase the size of the
BarraShopping Complex, which includes the New York City Center, reaching 101.0 thousand m of GLA. By April 2014, 98.3%
of the available stores were already leased. The CAPEX for the project, based on a 51% Multiplan interest, is of R$107.0
million. The company estimates a third-year NOI yield of 15.4% and an estimated internal rate of return (IRR) of 18.8% p.a., real
and unleveraged.
BarraShopping Expansion VII illustration
Construction Works (April 2014)
Multiplans Interest (R$)
Projects for lease under construction

Project
BarraShopping Exp. VII
Opening
June/4Q14
GLA
(100%)
%Mult.
CAPEX
Invested
CAPEX
Key
Money
NOI 3rd
year
3rd year
NOI Yield
IRR
9,479 m
51.1%
107.0 M
65%
12.0 M
14.7 M
15.4%
18.8%
Retail GLA is expected to open in June. The corporate office space for lease is scheduled to be delivered by 4Q14.
1Q14
MULT3
2.2 Mixed-use: Office and Residential Towers for Sale
Towers in Porto Alegre: construction nearing

the end
Diamond Tower and Rsidence du Lac, a
condo-office tower and a residential building at
the BarraShoppingSul site, have sold 93.0%
and 99.5%, respectively, of their units and their
combined potential sales value (PSV) is of
R$252.7 million. Both projects are scheduled
to be delivered in the second half of 2014.
Diamond Tower and Rsidence du Lac Construction works (April 2014)
Towers for Sale

Project
Location
Type
Opening
Diamond Tower
Rsidence du Lac
Total
BarraShoppingSul
BarraShoppingSul
Condo Offices
Residential
2H14
2H14
Area
%Mult.
PSV
Average
price/m
13,800 m
9,960 m
23,760 m
100.0%
100.0%
100.0%
136.5 M
116.2 M
252.7 M
9,894
11,667
10,637
Potential Sales Value
2.3 Future Growth and Land Bank

Multiplan currently holds 725 thousand m of land for future developments. Most sites are integrated to shopping centers owned
by Multiplan and should foster new project announcements in due time. The company also sees a potential GLA increase of
more than 150 thousand m through mall expansions, in shopping centers in operation.
City (State)
Belo Horizonte (MG)
Land Area
Type
% Multiplan
2,606 m
Retail
97%
Canoas (RS)
93,600 m
Curitiba (PR)
843 m
Curitiba (PR)
27,370 m
Office/Retail
94%
Jundia (SP)
4,500 m
Office/Retail
100%
Macei (AL)
140,000 m
Porto Alegre (RS)
4,396 m
Retail, Office
N.A.
Apart-Hotel
84%
Residential, Office/Retail, Hotel
50%
Hotel, Office/Retail
100%
100%
Ribeiro Preto (SP)
207,092 m
Residential, Office/Retail
Rio de Janeiro (RJ)
141,480 m
Residential, Office/Retail
Rio de Janeiro (RJ)
36,000 m
Office/Retail
100%
So Caetano do Sul (SP)
36,948 m
Office/Retail
100%
So Paulo (SP)
29,800 m
Residential
36%
Total
724,635 m
90%
N.A.
1Q14
MULT3
3. Operational Indicators
3.1 Tenant Sales

New shopping centers post sales increase of 35% in 1Q14
+11.2%
+7.4%
With an 11.2% increase over 1Q13, Multiplan shopping centers posted total sales of
R$2.7 billion in 1Q14. According to IBGE - Brazilian Institute for Geography and
Statistics - national retail sales increased 7.4% in January and February 2014, when
compared to the same period in 2013. March figures had not been released by the
National retail
Multiplan
sales
tenants' sales
Sales analysis
time this report was published.
January and February 2014 compared

to the same period in 2013.
The three malls opened in 4Q12 (JundiaShopping,

ParkShoppingCampoGrande
and
VillageMall)
Shopping Center Sales (100%) Opening
1Q14
1Q13
Chg.%
5.2%
posted combined sales growth of 35.2% and show
BH Shopping
(1979)
246.2 M
234.1 M
continued progress as they enter their second year
RibeiroShopping
(1981)
165.6 M
144.0 M 15.0%
in operation. VillageMall boosted sales 66.9%,
BarraShopping
(1981)
391.7 M
380.9 M
positively
MorumbiShopping
(1982)
332.0 M
296.5 M 12.0%
consolidation, benefiting from the opening of new
ParkShopping
(1983)
232.5 M
213.9 M
8.7%
stores. Parque Shopping Macei, opened during
DiamondMall
(1996)
131.2 M
120.6 M
8.8%
New York City Center
(1999)
58.1 M
58.1 M
0.0%
Shopping Anlia Franco
(1999)
207.0 M
189.0 M
9.5%
ParkShoppingBarigi
(2003)
186.1 M
181.6 M
2.5%
Ptio Savassi
(2004)
79.5 M
77.9 M
2.1%
affected
by
the
malls
continuous
4Q13, contributed with R$49.4 million in its first full

quarter, and Shopping Vila Olmpia, shows another
quarter of improvement, with sales growth of 10.4%
and an enhanced tenant mix.
2.8%
Shopping Santa rsula
(1999)
42.4 M
41.2 M
3.1%
Consolidated malls also showed an important
BarraShoppingSul
(2008)
157.8 M
149.6 M
5.4%
progress, presenting a combined 7.8% sales
Shopping Vila Olmpia
(2009)
77.8 M
growth of malls with 30+ years in operation. The
ParkShoppingSoCaetano
(2011)
109.2 M
main highlights among the longstanding malls sales
JundiaShopping
(2012)
84.4 M
66.7 M 26.6%
were
ParkShoppingcampoGrande
(2012)
79.8 M
67.8 M 17.7%
MorumbiShopping (+12.0). While RibeiroShopping
VillageMall
(2012)
92.4 M
55.4 M 66.9%
saw a large contribution from the recently opened
Parque Shopping Macei
(2013)
49.4 M
expansions VII and VIII, MorumbiShopping was
Total
RibeiroShopping
positively
impacted
by
(+15.0%)
an
important
and
tenant
reshuffling across the mall, resulting in an improved

tenant mix.
70.4 M 10.4%
100.1 M
9.1%
n.a.
2,723.0 M 2,447.7 M
11.2%
Ptio Savassi was acquired by Multiplan in June, 2007, and opened in 2004.
2
Shopping Santa rsula was acquired by Multiplan in April, 2008, and opened in 1994.
Parque Shopping Macei opened on November 7th, 2013.
The gap started to close
+66.9%
Monthly sales/m from malls operating for less than five years in
1Q14 was R$841/m, or 76.5% lower than malls operating for over
five years, at R$1,484/m. In 1Q13, the same analysis indicated a
+26.6%
+17.7%
gap of 90.8% between new and consolidated malls.

The potential upside for new malls productivity, as expected, has
already started to close.
ParkShopping
CampoGrande
Jundia
Shopping
VillageMall
Sales growth
(1Q14/1Q13)
1Q14
MULT3
SAS increases 9.3% and SSS accelerates 8.3% in 1Q14, the highest first-quarter growth since 1Q10
Once more, the same-basis metrics reflect the strong
portfolio. In 1Q14 Same Area Sales (SAS) increased
27,756/m
24,348/m
9.3%, and Same Store Sales (SSS) presented the
+9.3%
highest first-quarter growth since 1Q10, of 8.3%.
+8.3%
17,916/m
SSS
Sales (Anchors &

Satellites)
In the last twelve months, the portfolio sales/m was of

R$17,916/m. Stores with less than 1,000 m posted
sales
of
R$24,348/m
while
the
most
SAS
numerous
operations in the portfolio, with 200m or less, had sales
Sales Sales stores under stores under

1,000m
200m
of R$27,756/m.
SAS and SSS 1Q14/1Q13
16.5%
13.3%
15.1%
SAS
10.3%
11.9% 13.7% 12.6%
2Q10
3Q10
4Q10
10.0%
7.7%
6.6%
1Q10
SSS
13.8%
7.0%
14.9%
Sales March 2014 (last twelve months)
1Q11
9.7%
9.5%
9.4%
7.4%
8.8%
5.7%
9.4%
7.5%
8.3%
8.2%
8.1%
8.5%
6.8%
8.1%
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
5.8%
2Q13
7.7%
9.3%
8.0%
8.4%
7.6%
3Q13
4Q13
8.3%
1Q14
SAS and SSS Evolution (year/year)
Satellite stores SSS increase 8.7% in 1Q14

Satellite stores showed a strong performance in 1Q14, reporting SSS of 8.7%, while Anchor stores recorded a 5.8% growth for
the same period. The top performing segments among satellite stores in the quarter were miscellaneous and food court and
gourmet area with strong increases of 12.2% and 8.1%, respectively. Home & office anchor stores also presented an
expressive result, with sales growth of 9.0% in 1Q14.
Anchor stores
Satellite stores
1Q14 x 1Q13
Same Store Sales
Anchors
Satellites
Total
Apparel
4.8%
7.3%
6.8%
Home & Office
9.0%
6.2%
7.4%
Miscellaneous
1.0%
12.2%
8.4%
8.1%
8.1%
Food Court & Gourmet Area

Services
Total
4.5%
3.7%
5.3%
5.8%
8.7%
8.3%
13.7%
6.1%
1Q13
Same Store Sales growth breakdown
8.7%
8.0%
6.8%
7.2%
3Q13
4Q13
8.7%
6.3%
5.4%
2Q13
5.8%
1Q14
Anchors versus satellite stores SSS
10
1Q14
MULT3
3.2 Operational Indicators
Quality operations translate into healthy indicators

Occupancy cost in 1Q14 decreased 50 b.p. from 1Q13, to 13.7%, as a result from higher sales in the quarter, and the turnover,
measured by GLA, decreased from 1.1% in 1Q13 down to 0.7% in 1Q14.
Multiplan shopping center tenants delinquency rate (rental payment delay beyond 25 days) was 1.9% in 1Q14 versus 1.8% in
1Q13. Rent loss reached 0.5%, up from 0.2% in 1Q13, remaining well within the lowest level range for the company.
Occupancy cost
14.0%
13.7%
13.5%
Delinquency rate
Turnover
Rent loss
3.2%
14.2%
13.7%
2.1%
1.7%
0.6%
1.1%
0.8%
0.9%
1.1%
1Q10
1Q11
1Q12
1Q13
1Q10
Historical turnover and occupancy cost: 1Q10-1Q14
1.9%
0.4%
0.3%
0.2%
0.5%
1Q11
1Q12
1Q13
1Q14
0.7%
1Q14
1.8%
Historical delinquency rate and rent loss: 1Q10-1Q14
Highest first-quarter occupancy rate in companys history

The average shopping center occupancy rate was 98.5% in 1Q14, 100 b.p. higher than in 1Q13. The number is the highest
recorded by Multiplan in a first quarter in its history. It is worth mentioning that the high occupancy rate was achieved and
sustained even though two expansions and one mall were delivered in 2013.
Total GLA ('000)

850
97.2%
98.4%
97.9%
Occupancy rate
98.5%
97.5%
100.0%
800
757
750
700
84.0%
650
600
550
592
76.0%
551
533
92.0%
699
Total GLA CAGR 1Q10-1Q14:

9.2%
68.0%
500
450
60.0%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
Total shopping center GLA and occupancy rate evolution: 1Q10 1Q14
11
1Q14
MULT3
4. Gross Revenue
Gross revenue increases 15.5% to R$284.0 million in 1Q14
Real estate
for sale
9.1%
Gross revenue totaled R$284.0 million in 1Q14, increasing

15.5% compared to 1Q13. Real estate, rental, services and
Base rent
89.6%
Parking
12.5%
parking revenues were the main drivers, with a combined

Key money
3.6%
addition of R$32.2 million on top of 1Q13s gross revenue.
Rental Revenue
59.1%
Services
11.3%
The main components of the quarters gross revenue were

rental revenue with 59.1%, followed by parking revenue with
Merchandising Overage
3.6%
6.8%

4.0%
12.5% and services with 11.3%.
Gross revenue breakdown 1Q14
+8.7%
245.9 M
+19.3%
+29.6%
-19.9%
+17.3%
1.8 M
7.4 M
(2.5 M)
5.2 M
13.5 M
+83.2%
N.A.
11.7 M
0.9 M
284.0 M
Other
Gross Revenue
1Q14
15.5%
Gross Revenue
1Q13
Rental revenue
Straight line
effect
Services
Key money
Parking revenue
Real estate for

sale
1Q14 Gross revenue growth breakdown (Y/Y) (R$)
5. Properties Ownership Results

5.1 Rental Revenue
Rental revenue totals R$167.9 million in 1Q14, up 8.7%
Rental revenue grew 8.7% in 1Q14 when compared to 1Q13, reaching R$167.9 million. Merchandising presented strong growth
in the quarter, up 17.4% and reaching R$11.4 million, while overage rent reached R$6.1 million, 4.7% higher than in 1Q13.
Base rent in 1Q14 was R$150.4 million, an 8.3% increase when compared to 1Q13, of R$138.9 million. It is worth mentioning
that a non-recurring rental revenue, of R$2.8 million, was recorded in 1Q13 and resulted from a rental settlement with a tenant,
which contributed for a higher rental revenue in the first quarter of 2013, thus distorting the comparability.
If considering the straight line effect, which recorded R$11.4 million in the quarter, the rental revenue increase would be of
9.4%. The straight line effect does not represent a cash event.
+8.3%
+4.7%
+11.5 M
+0.3 M
+17.4%
+1.7 M
+19.3%
+1.9 M
179.3 M
Straight line
effect
Rental Revenue
1Q14
9.4%
164.0 M
Rental Revenue
1Q13
Base rent
Overage
Merchand.
1Q14 Rental revenue growth breakdown, considering the straight line effect (Y/Y) (R$)
12
1Q14
MULT3
Portfolio upside potential

58.3%
The shopping center portfolio average monthly rental revenue

reached
R$100/m
in
1Q14.
When
considering
111/m
100/m
the
70/m
consolidated portfolio, the monthly rental rate was R$111/m

in the quarter, and is a good reference for the meaningful
upside potential of newer shopping centers going forward, as
Portfolio
shown in the chart on the right. Additional data on shopping
New Shopping
Centers
centers results can be downloaded from the Fundamentals

Spreadsheet
on
Multiplans
investor
relations
website
(www.multiplan.com.br/ir).
Rental revenue per m/month in 1Q14

Shopping centers in operation over 5 years.
Shopping centers in operation for less than 5 years.
Rental Revenue (R$)
Rental revenue grows 8.7% in 1Q14
Consolidated
Shopping
Centers
1Q14
1Q13
Chg.%
BH Shopping
17.2 M
19.2 M 10.3%
8.6 M 20.2%
RibeiroShopping
10.3 M
Rental revenue reached R$167.9 million in 1Q14, 8.7% higher
BarraShopping
20.2 M
18.8 M
than in 1Q13, when it was R$154.4 million.
MorumbiShopping
23.1 M
20.9 M 10.3%
RibeiroShopping reported the highest increase in rental revenue
ParkShopping
10.5 M
10.1 M
3.4%
with 20.2% in 1Q14, reaching R$10.3 million, boosted by the
DiamondMall
9.0 M
8.7 M
3.5%
successfull delivery of expansions VII and VIII throughout 2013.
1.6 M
1.8 M 12.9%
Shopping Anlia Franco
5.7 M
5.3 M
7.6%
10.7 M
10.3 M
3.9%
Ptio Savassi
6.0 M
5.5 M
8.7%
1.3 M
1.3 M
3.7%
11.2 M
10.9 M
3.3%
MorumbiShopping was also a highlight, with a strong 10.3%

growth, benefiting from important increases in overage rent
(+18.7%) and merchandising (+40.5%), as a result of the
improvement of its tenant mix.
ParkShoppingBarigi
BarraShoppingSul
BH Shopping decreased its rental revenue by 10.3% in the
7.9%
4.1 M
4.6 M 10.6%
quarter, due to a non-recurring positive impact recorded in 1Q13,
9.4 M
8.6 M
8.7%
coming from a rental settlement with a tenant, which led the mall
JundiaShopping
6.3 M
6.3 M
0.1%
in 1Q13 to a 27.2% increase when compared to 1Q12. Shopping
7.3 M
7.5 M
3.0%
Vila Olmpia was impacted by recent tenant mix changes, and
VillageMall
6.1 M
6.0 M
1.0%
posted rental revenue 10.6% smaller in 1Q14. The mall, in
2.3 M
n.a.
consolidation, showed a 10.4% sales increase in the quarter.
Morumbi Corporate
5.6 M
n.a.
167.9 M 154.4 M
8.7%
Subtotal
9.5 M
18.2%
179.3 M 164.0 M
9.4%
11.3 M
Morumbi Corporate ramping-up: R$5.6 million in 1Q14

Total
Morumbi Corporate, the two-tower office complex located across

from MorumbiShopping, recorded R$5.6 million in rental revenue
in 1Q14. The project ended the first quarter with 48.0% leased,
Shopping
Centers
96.6%
and as of April 2014, 55.0% of its total GLA was already leased.
Office Towers
3.4%
Rental revenue breakdown in 1Q14
13
1Q14
MULT3
Albeit new malls weighing down, Same Store Rent increases 6.8% in 1Q14
Same Store Rent (SSR) grew 6.8% in 1Q14, compared to 1Q13. The IGP-DI adjustment effect was of 5.9% in the quarter,
leading to a real growth of 0.9%. The Same Area Rent (SAR) increased 6.3% in 1Q14.
JundiaShopping, ParkShoppingCampoGrande and VillageMall entered their second year in operation and their stores opened
for more than one year begin to participate in the same store metrics. As these new malls are still consolidating, with a
combined rent/m lower than the portfolio average, and saw only inflation rental adjustments in the first anniversary (no real
step-ups), they technically do not yet contribute with real increases in the same store rent metric. As a matter of fact, the
addition of a relevant area to this metric with no real increases in year one, dilutes the positive impact coming from rental
increases in other malls. If the new malls are not considered, the SSR real increase would be 1.2%, remaining unchanged from
4Q13.
IGP-DI Adjustment Effect
16.0%
14.1%
12.0%
6.6%
3.9%
4.4%
3.7%
0.2%
4.8%
-0.3%
2Q10
1Q10
6.0%
7.7%
10.3%
4.9%
5.8%
14.5%
11.9%
4.8%
3.9%
2.8%
7.3%
8.8%
9.6%
1Q11
2Q11
3Q11
Real SSR
9.3%
3.9%
11.4%
11.4%
10.4%
8.6%
7.7%
1.8%
2.6%
4.3%
8.0%
0.6%
3.5%
8.0%
1.2%
6.8%
0.9%
7.7%
6.3%
5.7%
5.9%
6.8%
7.4%
7.6%
6.7%
5.9%
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
4.0%
0.6%
3Q10
4Q10
4Q11
Same Store Rent (SSR) breakdown - Nominal and real growth
5.2 Parking Revenue

Another strong quarter: Parking revenue increases 17.3% to R$35.4 million in 1Q14
Parking revenue reached R$35.4 million in 1Q14, a growth of 17.3% when compared to 1Q13. The combination of organic
growth coming from recently opened new shopping centers (JundiaShopping, ParkShoppingCampoGrande, VillageMall and
Parque Shopping Macei) together with a deck parking delivered in RibeiroShopping in 2H13 contributed to this performance.
Parking gross revenue increased faster than the number of parking spaces, mainly due to higher vehicle flow and longer
consumer average stay.
5.3 Shopping Center Expenses
As expected, shopping center expenses decrease as a percentage of mall
revenues in 1Q14
2.6%
Shopping center expenses grew 2.6% in 1Q14, from R$24.9 million in
revenue, mall expenses decreased 90 b.p. in 1Q14 when compared to
38.4 M
34.4 M
1Q13 to R$25.5 million in 1Q14. As a percentage of shopping center net
26.8 M
24.9 M
25.5 M
1Q13, reaching 11.5%. Comparing the 1Q14 figure with the previous
quarter, shopping center expenses fell 33.6%, and recorded a percentage
of shopping center net revenues 270 b.p. lower than in 4Q13. The
temporary higher brokerage fees and condominium expenses faced last
year, linked to the three malls and two expansions inaugurated since 4Q12
12.4%
16.8%
12.9%
14.2%
11.5%
1Q13
2Q13
3Q13
4Q13
1Q14
Shopping center expenses evolution (R$)

and as % of shopping center net revenue
(excluding real estate for sale revenue and taxes, and
straight-line effect)
as mentioned in the 4Q13 report, have come down and Multiplan believes
that as the new operations mature, margins should continue to improve
and converge towards those of the consolidated malls.
14
1Q14
MULT3
5.4 Office Tower Expenses

More than half of the GLA leased
Morumbi Corporate, the two-tower office complex located across from MorumbiShopping, recorded R$3.4 million in lease
expenses in 1Q14, mostly related to vacant areas. The project ended the first quarter with 48.0% leased and, as of April 2014,
55.0% of its total GLA was already leased.
5.5 Net Operating Income NOI

NOI + Key money up 7.7% in 1Q14, to R$196.0 million
Multiplan recorded a Net Operating Income (NOI) + Key Money (KM) of R$196.0 million in 1Q14, 7.7% higher than in 1Q13,
when the metric had already increased 29.1% versus 1Q12. The NOI + Key Money margin in 1Q14 was 87.1%, 85 b.p. lower
than in 1Q13. In the last twelve months, NOI + Key Money increased 10.0% to R$754.6 million.
The NOI + Key Money per share reached R$1.05 in 1Q14, implying a strong five-year CAGR of 14.3%. For the last twelve
months, NOI + Key Money was R$4.03, equivalent to a five-year CAGR of 12.7%.
10.0%
7.7%
182.1 M
NOI Calculation (R$)

Rental revenue
1Q13
Chg.%
167.9 M 154.4 M
1Q14
8.7%
11.3 M
9.5 M
17.9%
Parking revenue
35.4 M
30.2 M
17.3%
Operational revenue
214.7 M 194.2 M
10.6%
Shopping center expenses
(25.5 M) (24.9 M)
2.6%
Real estate for lease expenses

NOI
NOI margin
(3.4 M)
N.A.
185.8 M 169.3 M
9.7%
86.5%
12.8 M
19.9%
8.7%
NOI + Key Money

10.3 M
196.0 M
87.1%
88.0%
87.1%
89.4%
1Q13
1Q14
1Q13 (LTM)
182.1M
7.7%
85.1%
1Q14 (LTM)
NOI + Key Money (R$) and margin (1Q14/1Q13)
3.85
4.03
1.02
1.05
1Q13
1Q14
3.18
87.2% 67 b.p.
Operational revenue + Key money 225.0 M 207.0 M
Key Money
754.6 M
685.7 M
196.0 M
CAGR:
12.7%
2.66
2.21
2.34
0.54
0.62
0.70
0.79
1Q09
1Q10
1Q11
1Q12
CAGR:
14.0%
88.0% 85 b.p.
NOI + Key money per share
NOI + Key money per share (LTM)
NOI + Key Money per share* evolution (R$)

*Shares outstanding adjusted for shares held in treasury
15
1Q14
MULT3
6. Shopping Center Management Results

6.1 Services Revenue
Services revenue up 29.6% to R$32.2 million in 1Q14, highest Services/G&A ratio (1.31x) since IPO
Services
revenue
composed
mainly
by
portfolio
management, brokerage and transfer fees - presented a
+29.6%
29.6% increase in 1Q14 compared to 1Q13. The most
32.2 M
important driver of higher services in 1Q14 was a 35.0%

increase
in
management
fees,
related
mainly
to
27.2 M
24.8 M
constructions works management fee.
27.1 M
26.0 M
In 1Q14, services revenue was equivalent to 131.4% of

General and Administrative expenses for the quarter, the
highest level since the IPO, showing that this revenue line
1Q13
2Q13
3Q13
4Q13
Quarterly services revenue evolution (R$)
1Q14
covers all Company headquarters expenses.

1.31 x
0.94 x
2007
0.84 x
0.83 x
0.78 x
2008
2009
2010
0.93 x
0.98 x
0.97 x
1.00 x
2011
2012
2013
1Q14
Services revenue/G&A (x)
6.2 General and Administrative Expenses (Headquarters)

G&A increased 23.3% in 1Q14, equivalent to 9.5% of net revenue
In 1Q14, General and Administrative (G&A) expenses increased
+23.3%
23.3% when compared to 1Q13, mainly due to non-recurring reversal
40.0%
35.0%
of provisions for taxes and expenses recovery of R$1.8 million, in
30.0%
32.1 M
1Q13.
Excluding the impact of these non-recurring items, and for analysis
28.2 M
24.5 M
19.9 M
8.9%
11.2%
10.5%
9.5%
5.0%
1Q13
2Q13
3Q13
4Q13
1Q14
Quarterly G&A evolution (R$)

and as a % of net revenues (%)
in 1Q14.
+23.3%
+13.1%
25.0%
24.5 M
19.9 M
25.0%
24.5 M
23.0%
21.7 M
21.0%
19.0%
17.0%
8.9%
9.5%
17.0%
(+)
15.0%
13.0%
11.0%
9.0%
9.7%
9.5%
9.0%
7.0%
5.0%
1Q14
G&A evolution (R$) and as a % of

net revenues (%)
13.0%
11.0%
(1.8 M)
7.0%
1Q13
23.0%
21.0%
19.0%
15.0%
5.0%
1Q13
1Q14
Non-recurring items (R$)
15.0%
10.0%
1Q13. Even with the positive non-recurring impact in 1Q13, G&A

expenses margin remained below double digits mark, reached 9.5%
25.0%
20.0%
13.5%
purposes only, G&A would have increased 13.1% when compared to
27.8 M
1Q13
1Q14
Recurring G&A evolution (R$) and

as a % of net revenues (%)
16
1Q14
MULT3
7. Shopping Center Development Results

7.1 Key Money Revenue
Key Money Revenue (R$)
1Q14
Operational (Recurring)
Projects opened in the last 5 years (Non-recurring)
Key Money Revenue
1Q13
Chg. %
1.3 M
1.8 M
24.9%
9.0 M
11.0 M
19.1%
10.3 M
12.8 M
19.9%
Key money revenue totals R$ 10.3 million in 1Q14.

Key money revenue recognition in 1Q14 decreased 19.9% to R$10.3 million, impacted by BarraShoppingSul after completing its
first five years in operation (the accounting period for most of the mall's key money contracts), partially compensated by the key
money from new areas (Parque Shopping Macei and RibeiroShopping Exp. VIII) delivered in 4Q13.
Key money revenue is composed of (i) recurring or operational revenue, from key money accrued from areas with more than
five years in operation, and the turnover in the same period. This reflects the Companys effort to improve the tenant mix in its
malls, and (ii) non-recurring revenue, from key money of lease contracts of greenfields and expansions delivered in the last five
years.
7.2 New Projects for Lease Expenses

In 1Q14, new projects for lease expenses increased 39.9% to
R$6.3 million, compared to R$4.4 million in 1Q13. In 1Q14, new
projects
for
lease
expenses
were
composed
mainly
by
13.7 M
16.0 M
14.0 M
12.0 M
expenditures with projects that the company decided not to pursue,
10.0 M
6.3 M
8.0 M
the delivery of RibeiroShopping Expansion VIII, and future

projects not yet announced.
6.0 M
4.4 M
3.9 M
4.0 M
1.2 M
2.0 M
These expenses are incurred mostly in the planning, launching and
1Q13
2Q13
3Q13
4Q13
1Q14
the opening of projects and are an important tool to implement the

Companys strategy to attract the best tenants and create the ideal
mix for each mall.
Quarterly New Projects for Lease Expenses (R$)
17
1Q14
MULT3
8. Real Estate for Sale Result

8.1 Revenue
+83.2%
Multiplan recorded real estate for sale revenues of R$25.9 million in

35.0 M
1Q14, 83.2% higher than in 1Q13. Real estate for sale revenues,
according to the percentage of completion method PoC, were
BarraShoppingSul Complex, including the Diamond Tower (93.0%
60.0%
25.5 M
25.9 M
25.0 M
50.0%
35.4%
20.0 M
composed mainly by revenues from the real estate projects in the
70.0%
30.9 M
26.6 M
30.0 M
36.3%
36.4%
40.2%
40.0%
14.1 M
15.0 M
30.0%
16.1%
10.0 M
20.0%
5.0 M
10.0%
sold) and Rsidence du Lac (99.5% sold), with construction works are
0.0%
running to plan in both projects.

Lastly, gross real estate margin inched 2.411 bps, increase from 16.2%
1Q13
2Q13
3Q13
4Q13
1Q14
Quartely Real Estate for Sale Revenues (R$)

and Gross Real Estate Margin* (%)
* Real estate revenue minus cost divided by real estate revenue

80.0%
in 1Q13, to 40.2% in 1Q14. In line with the last five years margin, which
reached 39.6%.
70.0%
60.0%
47.4%
46.7%
40.2%
50.0%
33.2%
39.6%
40.0%
30.0%
9.4%
20.0%
8.2 Cost of properties sold
10.0%
0.0%
2010
The Company recorded cost of properties sold of R$15.5 million in
2011
Gross Real Estate Margin
2012
2013
1Q14
Average Gross Margin since 2010
1Q14, in line with the evolution of construction works, driven mainly by

costs from the real estate projects in the BarraShoppingSul Complex.
Gross Real Estate Margin Evolution (%)
8.3 New Projects for Sale Expenses

New projects for sale expenses increased to R$3.7 million in 1Q14, compared to R$2.5 million in 1Q13. In 1Q14, new projects
for sale expenses were composed mainly by (i) marketing efforts, (ii) brokerage fees, (iii) property taxes (IPTU) for the
landbank, and (iv) expenses related to future projects not yet announced.
9. Equity Pickup and Other Operating Income (Revenues)

Real Estate settlement benefits Equity Pick up Line
Multiplan recorded an R$11.3 million result relative to an agreement reached with regards to the real estate project Royal
Peninsula Green, delivered in 2009.
Selling air rights generates R$10.4 million

Multiplan had surplus air rights (CEPACs) from Shopping Vila Olmpia, of the development in 2009, and the additional stake
acquired in 2012. These CEPACs were sold in the first quarter 2014 and generated a result of R$10.4 million.
18
1Q14
MULT3
10. Financial Results

10.1 EBITDA
Consolidated EBITDA 23.4% higher in 1Q14 at R$196.6 million, while also increasing margins
Consolidated EBITDA margin increased to 76.4% in 1Q14, 515 bps higher than the 1Q13 margin, positively impacted by (i)
double digits net revenue growth (+15.1%) and (ii) non-recurring items, as detailed in item 9.
Consolidated EBITDA (R$)
1Q14
1Q13
Chg. %
Net Revenue
257.2 M
223.5 M
15.1%
(24.5 M)
(19.9 M)
23.3%
(3.1 M)
(2.3 M)
32.8%
(25.5 M)
(24.9 M)
2.6%
(3.4 M)
na
(6.3 M)
(4.4 M)
44.9%
(3.7 M)
(2.5 M)
48.0%
(15.5 M)
(11.8 M)
30.6%
Equity pickup
11.0 M
(0.4 M)
na
Others
10.4 M
2.0 M
420.1%
196.6 M
159.3 M
23.4%
76.4%
71.3%
515 b.p

Consolidated EBITDA
Consolidated EBITDA Margin
The Companys Consolidated EBITDA margin is normally lower than the Shopping Center EBITDA margin, reflecting the lower
margins of the real estate for sale business, when compared to those of projects for lease.
Shopping Center EBITDA totals R$182.7 million in 1Q14
Multiplan recorded in 1Q14 a 12.4% Shopping Center EBITDA growth, while shopping center net revenues increased 8.5% in
the same period. However, in 1Q14, the expenses increased 12.4% mainly due to headquarter expenses and new projects for
lease expenses, being fully compensated by the other operating income (sale of air rights). As a result, Shopping Center
EBITDA margin increased from 77.1% in 1Q13 to 79.9% in 1Q14.
For illustration purposes only, if new projects for lease expenses were excluded from the Shopping Center EBITDA calculation,
Shopping Center EBITDA margin would increase to 82.6% in 1Q14 and 79.2% in 1Q13.
Shopping Center EBITDA (R$)
1Q14
1Q13
Chg. %
Shopping Center Gross Revenue
252.5 M
231.8 M
8.9%
(23.7 M)
(21.1 M)
12.6%
Net Revenue
228.7 M
210.7 M
8.5%
(21.8 M)
(18.7 M)
16.3%
(2.7 M)
(2.2 M)
25.2%
(25.5 M)
(24.9 M)
2.6%
(6.3 M)
(4.4 M)
44.9%
Other operating income (expenses)
10.4 M
2.0 M
420.1%
182.7 M
162.5 M
12.4%
79.9%
77.1%
274 b.p
6.3 M
4.4 M
44.9%
189.0 M
166.9 M
13.3%
82.6%
79.2%
344 b.p


Shopping Center EBITDA Margin
(+) New projects for lease expenses
SC EBITDA before New Projects Expenses
SC EBITDA before New Projects Expenses Margin
19
1Q14
MULT3
196.6 M
182.7 M
189.0 M
100.0%
95.0%
90.0%
79.9%
82.6%
76.4%
85.0%
80.0%
75.0%
70.0%
65.0%
60.0%
55.0%
50.0%
1Q14 Consolidated
EBITDA
Shopping Center
EBITDA
Shopping Center
EBITDA before New
Projects for Lease
Expenses
Consolidated EBITDA, Shopping Center EBITDA, and Shopping Center EBITDA

before New Projects for Lease Expenses (R$) and Margins (%)
(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.
20
1Q14
MULT3
10.2 Financial Results, Debt and Cash

Multiplan ended 1Q14 with a net debt of R$1,904.5 million, compared to R$1,852.0 million in the previous quarter. The current
figure represents a net debt-to-EBITDA (last 12 months) ratio of 2.94x. In 1Q14, the balance between the interest from the
invested cash position and financial expenses generated a negative financial result of R$40.0 million.
March 31st, 2014
December 31st, 2013
Chg. %
Current Liabilities
246.0 M
247.8 M
0.7%
Loans and financing
202.5 M
203.2 M
0.4%
2.4 M
9.7 M
75.4%
41.1 M
34.9 M
17.7%
Non Current Liabilities
1,912.3 M
1,955.8 M
2.2%
Loans and financing
1,574.2 M
1,620.6 M
2.9%
300.0 M
300.0 M
0.0%
8.3%
Debentures
Obligations from acquisition of goods
Debentures
Obligations from acquisition of goods
Gross Debt
Cash and Equivalents
Net Debt
38.1 M
35.1 M
2,158.3 M
2,203.6 M
2.1%
253.8 M
351.5 M
27.8%
1,904.5 M
1,852.0 M
2.8%
Cash and Equivalents in 1Q14 was impacted mainly by the cash outflows of (i) CAPEX of R$90.4 million in the period, (ii)
payment of R$45.0 million in interest on shareholders equity for fiscal year 2013, and (iii) payment of R$59.8 million in short
term bank debt; which were offset mainly by (iv) cash generation of current operations.
Loans and financing (banks)
Obligations from acquisition of goods (land and minority interest)
Debentures
311 M
271 M
247 M
228 M
230 M
198 M
150 M
150 M
120 M
110 M
62 M
35 M
31 M
2M
2014
2015
12 M
1M
2016
2017
2018
2019
2020
2021
>= 2022
Multiplans debt amortization schedule on March 31st, 2014 (R$)
EBITDA LTM increase (6.1% vs 2.8% Net Debt) contributed to change the net debt-to-EBITDA (LTM) ratio from 3.03x in 4Q13,
to 2.94x in 1Q14. Additionally, net debt/ fair value remained stable at 12.6% in 1Q14. The weighted average maturity of the
Company debt at the end of 1Q14 was of 50 months, compared to 48 months in 1Q13 and 53 months in 4Q13.
Financial Position Analysis*

Net Debt/EBITDA (12M)
Gross Debt/EBITDA (12M)
EBITDA/Financial Expenses (12M)
Mar. 31st,
2014
2.94x
Dec. 31st,
2013
3.03x
3.33x
3.61x
3.76x
3.75x
Net Debt/Fair Value
12.6%
12.6%
Net Debt/Equity
48.9%
48.5%
50
53
Weighted Average Maturity (Months)
55
53
50
48
45
1Q13
2Q13
3Q13
4Q13
1Q14
* EBITDA and Financial Expenses are the sum of the last 12 months.
Weighted Average Maturity
21
1Q14
MULT3
Multiplan funding cost below Selic!

While the basic interest rate increased 75 bps in the quarter, weighted average cost of debt increased only 54 bps to 10.41%
p.a. on March 31st, 2014, from 9.87% p.a. on December 31st, 2013, and presented a increase in the spread between Company
weighted average cost of funding and Selic basic interest rate to 34 bps in 1Q14, from 13 bps in 4Q13.
11.08%
10.52%
9.98%
9.48%
11.00%
9.08%
8.95%
9.20%
9.34%
4Q11
1Q12
2Q12
7.50%
7.25%
7.25%
3Q12
4Q12
1Q13
8.00%
2Q13
Multiplan Cost of Funding
10.75%
10.41%
9.75%
8.50%
10.00%
9.00%
3Q13
9.87%
4Q13
1Q14
Selic Rate
Weighted average cost of funding (% p.a.)
On a 12-month basis, weighted average cost of debt increased by 146 bps, up from 8.95% p.a. on March 31 st, 2013, while the
basic interest rate increased 350 bps, from a record low of 7.25% p.a. on March 31 st, 2013, to 10.75% p.a. as of March 31 st,
2014, and 11% as of April 30th.
22
1Q14
MULT3
10.3 Net Income and Funds From Operations (FFO)

FFO reaches R$128.6 million in 1Q14, up 26.1%
In 1Q14, net income was R$82.3 million, 16.8% higher than in 1Q13, mainly due to (i) no recurring items that were mentioned
in topic 9 and (ii) 15.1% increased on net revenue, driven by service revenue and real estate activities. This result was partially
offset by higher (iii) net financial expenses and (iv) higher depreciation and amortization expenses, due to the deliver of one
greenfield, two expansions and one office tower in 2H13.
Funds From Operating (FFO) reached R$128.6 million in 1Q14, 26.1% higher than in 1Q13. Additionally, FFO per share (LTM)
was R$2.42, representing a five-year CAGR of 27.4%.
Net Income & FFO Calculation (R$)
1Q14
1Q13
Chg. %
Net revenue
257.2 M
223.5 M
15.1%
Operating expenses
(60.7 M)
(64.3 M)
5.6%
Financial results
(40.0 M)
(30.4 M)
31.6%
(39.3 M)
(28.1 M)
39.8%
(28.0 M)
(26.9 M)
4.0%
Minority interest
(0.0 M)
(0.0 M)
211.3%
Adjusted net income
89.3 M
73.9 M
20.8%
Deferred income and social contribution
(7.0 M)
(3.4 M)
102.5%
Net income
82.3 M
70.4 M
16.8%
39.3 M
28.1 M
39.8%
7.0 M
3.4 M
102.5%
128.6 M
102.0 M
26.1%
0.69
0.57
19.8%
Deferred income and social contribution

FFO
FFO per share
1
Shares outstanding at the end of each period, adjusted for shares held in treasury.
2.57
2.22
2.42
CAGR:
27.4%
1.32
0.72
0.93
0.90
0.36
1Q09
0.51
0.58
1Q10
1Q11
FFO per share
1Q12
0.57
0.69
1Q13
1Q14
CAGR:
13.8%
FFO per share (LTM)
FFO (R$) per share evolution
23
1Q14
MULT3
11. MULT3 Indicators & Stock Market

25.0% increase in average daily traded shares in 1Q14
Multiplans stock (MULT3 at BM&FBOVESPA; MULT3 BZ on Bloomberg) ended
Average daily traded volume in BRL
the first quarter of 2014 quoted at R$48.42/share, a 16.5% depreciation when
Average daily traded volume in

number of shares
compared to the same period of 2013. In 1Q14, Multiplans average daily traded
volume was R$R$27.7 million, in line with 1Q13 (R$27.9 million), when volume
606,880
was impacted by the Follow On issue. Considering the daily number of traded
492,683
shares in 1Q14, the volume increased 25.0% over 1Q13.
359,710
Multiplan shares are part of the following indexes: Brazil Index (IBRX), Tag Along
Index (ITAG), Corporate Governance Index (IGC), Real Estate Index (IMOB),
89.4%
Global Index, FTSE All World Emerging Index, FTSE All World EX US Index
85.1%
2011
2012
2013
1Q14
1Q13 (LTM)
1Q14 (LTM)
Evolution of daily average
Fund, MSCI Emerging Markets Index, MSCI BRIC Index Fund, SPL Total
number of shares traded
International Stock Index and S&P Global ex-US Property Index.
Traded Volume (15 day average)
754.6 M
8.9 M
Mid-Large Cap Index (MLCX), MSCI Brazil Index Fund, FTSE EPRA/NAREIT
80.0 M
27.7 M
26.5 M
264,490
685.7 M
17.4 M
Multiplan
105
Ibovespa
70.0 M
100
60.0 M
95
90
50.0 M
85
40.0 M
80
30.0 M
75
20.0 M
70
10.0 M
65
Mar-13
60
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Spread analysis and volume: MULT3 and Ibovespa Index

Base 100 = March 31st, 2013
st
On March 31 , 2014, 30.1% 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 39.7%. Shares held by management and in
treasury totaled 1.4% of the outstanding shares. Total shares issued are 189,997,214.
Mgmt+Treasury
1.4%
0.0%
MULT3 at BM&FBOVESPA
1Q14
1Q13
Average closing price (R$)
45.80
57.89 20.9%
Closing price (R$)
48.42
58.00 16.5%
Average daily traded volume (R$)

Market cap (R$)
27.7 M
27.9 M
Chg.%
0.6%
9,199.7 M 10,393.4 M 11.5%
Free Float
39.7%
Common Stocks
22.6%
OTPP
28.8%
Preferred Stocks
6.2%
MTP+Peres
30.1%
Shareholders capital stock breakdown on March 31st. 2014

OTPP Ontario Teachers Pension Plan
24
1Q14
MULT3
12. Portfolio
With the implementation of the ERPs Business Intelligence, the methodology to calculate sales and rent per m was
reviewed and redefined, as follows:
Sales per m: Sales of stores that inform sales divided by its GLA.
Rent per m: Rental revenue (base and overage rents) charged from the tenant and divided by its 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).
The most impacted index was rent per m, given the large amount of area recently leased. Going forward, as the stores start
paying rent, this figure should converge to those disclosed under the former methodology.
State
Multiplan
%
BHShopping
1979
MG
80.0%
47,021 m
RibeiroShopping
1981
SP
80.0%
68,656 m
70 R$/m
913 R$/m
96.3%
BarraShopping
1981
RJ
51.1%
69,272 m
179 R$/m
2,165 R$/m
100.0%
MorumbiShopping
1982
SP
65.8%
55,512 m
188 R$/m
2,058 R$/m
99.8%
ParkShopping
1983
DF
61.7%
53,521 m
110 R$/m
1,547 R$/m
99.2%
DiamondMall
1996
MG
90.0%
21,386 m
149 R$/m
2,072 R$/m
99.1%
1999
RJ
50.0%
22,271 m
41 R$/m
890 R$/m
100.0%
Shopping AnliaFranco
1999
SP
30.0%
51,005 m
118 R$/m
1,418 R$/m
99.9%
ParkShoppingBarigi
2003
PR
84.0%
50,390 m
81 R$/m
1,330 R$/m
99.2%
Ptio Savassi
2004
MG
96.5%
17,398 m
112 R$/m
1,546 R$/m
100.0%
1999
SP
62.5%
23,057 m
28 R$/m
646 R$/m
96.6%
BarraShoppingSul
2008
RS
100.0%
69,048 m
54 R$/m
1,080 R$/m
98.3%
2009
SP
60.0%
28,371 m
98 R$/m
1,049 R$/m
96.7%
2011
SP
100.0%
39,274 m
79 R$/m
954 R$/m
99.2%
JundiaShopping
2012
SP
100.0%
34,430 m
63 R$/m
875 R$/m
95.1%
2012
RJ
90.0%
42,819 m
62 R$/m
663 R$/m
97.7%
VillageMall
2012
RJ
100.0%
25,685 m
84 R$/m
1,224 R$/m
99.7%
2013
AL
50.0%
37,578 m
46 R$/m
438 R$/m
95.4%
73.9%
756,694 m
100 R$/m
1,308 R$/m
98.5%
Total GLA
Rent
(month)1
Sales
(month)2
avg.
Occupancy
rate
Opening
Portfolio 1Q14
Operating SCs
Subtotal operating SCs
149 R$/m
1,799 R$/m
99.2%
Operating office tower

ParkShopping Corporate
2012
DF
50.0%
13,360 m
Leasing phase
Morumbi Corporate
2013
SP
100.0%
74,198 m
48.0%
92.4%
87,558 m
Subtotal operating office tower

Expansions under development
BarraShopping
2014
RJ
51.1%
5,275 m
51.1%
5,275 m
51.1%
4,204 m
Subtotal towers under development
51.1%
4,204 m
Total portfolio
75.5%
853,731 m
Subtotal expansions under development

Office towers for lease under development
BarraShopping Office
2014
RJ
25
1Q14
MULT3
26
1Q14
MULT3
13. Ownership Structure

st
Multiplans ownership structure on March 31 , 2014, is described in the chart below. From a total of 189,997,214 shares issued,
178,138,867 are common voting shares and 11,858,347 are preferred shares held exclusively by Ontario Teachers Pension
Plan and are not listed or traded on any stock exchange.
22.25%
Maria Helena
Kaminitz Peres
42.35% ON
39.71% Total
Multiplan Planejamento.
Participaes e
Administrao S.A.
77.75%
Treasury
Free Float
23.65% ON
22.17%Total
1.44% ON
1.35% Total
1.38% ON
1.29% Total
Ontario Teachers
Pension Plan
100.00%
1700480
Ontario Inc.
24.11% ON
100.00% PN
28.85% Total
6.57% ON
6.16% Total
Jose Isaac Peres
50.00%
100.00%
FIM Multiplus
Investimento
1.00%
0.01%
2.00%
0.50% ON
0.46% Total
Multiplan
Administradora de
Shopping Centers Ltda.
Embraplan
Empresa Brasileira
de Planejamento Ltda.
99.99%
SCP Royal Green

Pennsula
98.00%
CAA - Corretagem
Imobiliria Ltda. *
100.00%
CAA - Corretagem e
Consultoria
Publicitria Ltda. *
Multiplan Arrecadadora
Ltda *
100.00%
Renasce Rede Nacional de

100.00% Shopping Centers Ltda.**
County Estates Limited
Shopping Centers
BarraShopping
BarraShoppingSul
BH Shopping
DiamondMall
MorumbiShopping
ParkShopping
ParkShoppingBarigi
Ptio Savassi
RibeiroShopping
ShoppingAnliaFranco
ParkShopping SoCaetano
Jundia Shopping
VillageMall
ParkShopping Campo Grande
51.07%
100.0%
80.00%
90.00%
65.78%
50.00%
61.70%
84.00%
96.50%
80.00%
30.00%
60.00%
62.50%
50.00%
100.0%
100.0%
100.0%
90.00%
Corporate Towers
Morumbi Corporate
50.00%
100.00%
99.00%
100.00%
100.00%
99.99%
Ptio Savassi Administrao

de Shopping Center Ltda.
100.00%
Morumbi Business Center

Empreendimento Imobilirio Ltda. *
100.00%
MPH
Empreend. Imobilirio Ltda.
50.00%
60.00%
Manati Empreendimentos e
Participaes S.A.
75.00%
50.00%
Parque Shopping Macei S.A.

Danville SP Empreendimento
Imobilirio Ltda. *
Embassy Row Inc
100.00%
100.00%
Multiplan Holding S.A.
Ribeiro Residencial
Multiplan Greenfield I
100.00%
BarraSul
100.00%
100.00%
100.00%
100.00%
100.00%
Jundia Shopping Center Ltda. *
Multiplan Greenfield III
90.00%
0.45%
50.00%
100.00%
100.00%
Parkshopping Campo Grande Ltda. *

100.00%
50.00%
46.88%
Multiplan Greenfield II
53.12%
100.00%
100.00%
Multiplan Greenfield IV
*Multiplan Holding S.A. holds an interest equal or lower than 1.00% in these companies.
**Jos Isaac Peres has a 0.01% interest in this company.
Multiplan Greenfield VII

Empreendimento Imobilirio Ltda*
100.00%
The interest Multiplan holds in the following Special Purpose Companies (SPC) is as follows:
MPH Empreendimento Imobilirio Ltda.: Owns 60.0% interest in Shopping Vila Olmpia, located in the city of So Paulo,
State of So Paulo. Multiplan holds directly and indirectly 100.0% interest in MPH.
Manati Empreendimentos e Participaes S.A.: Owns 75.0% interest in Shopping Santa rsula, located in the city of
Ribeiro Preto, State of So Paulo, in which Multiplan has a 50/50 partnership.
Parque Shopping Macei S.A.: Owns 100.0% interest in Parque Shopping Macei, located in the city of Macei, State of
Alagoas, in which Multiplan has a 50/50 partnership.
Danville SP Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Ribeiro Preto,
State of So Paulo.
Multiplan Holding S.A.: Multiplans whole subsidiary; holds interest in other Companies and assets.
27
1Q14
MULT3
Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of
Ribeiro Preto, State of So Paulo.
Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established to develop a commercial tower in the city of
Porto Alegre, State of Rio Grande do Sul.
BarraSul Empreendimento Imobilirio Ltda.: SPC established to develop a residential building in the city of Porto Alegre,
State of Rio Grande do Sul.
Morumbi Business Center Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of
So Paulo, State of So Paulo, holding 30.0% indirect stake in Shopping Vila Olmpia via 50.0% holdings in MPH, which in turn
holds 60.0% of Shopping Vila Olmpia.
Multiplan Greenfield II Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of So
Paulo, State of So Paulo.
Multiplan Greenfield III Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of Rio
de Janeiro, State of Rio de Janeiro.
Multiplan Greenfield IV Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of So
Paulo, State of So Paulo.
Jundia Shopping Center Ltda.: Owns 100.0% interest in JundiaShopping. Multiplan holds 100.0% interest in Jundia
Shopping Center Ltda, located in the city of Jundia, State of So Paulo.
ParkShopping Campo Grande Ltda.: SPC established to develop ParkShoppingCampoGrande, located in the city of Rio de
Janeiro, State of Rio de Janeiro.
ParkShopping Corporate Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of
Braslia, Distrito Federal.
Multiplan Greenfield VII Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of
Canoas, State of Rio Grande do Sul.
Ptio Savassi Administrao de Shopping Center Ltda.: SPC established to manage the parking operation at Shopping
Ptio Savassi, located in the city of Belo Horizonte, State of Minas Gerais.
28
1Q14
MULT3
14. Operational and Financial Data

Operational and Financial Highlights
Performance
Financial (MTE %)
1Q14
1Q13
Var.%
Gross revenue R$'000
283,952
245,923
15.5%
Net revenue R$'000
257,249
223,547
15.1%
469.0
439.6
6.7%
19.2
20.2
5.0%
179,332
163,982
9.4%
327.0
322.4
1.4%
Rental revenue USD/sq. foot
13.4
14.8
9.7%
Monthly rental revenue R$/m
103.7
101.0
2.7%
Monthly rental revenue USD/sq. foot
491.4
537.8
8.6%
185,774
169,281
9.7%
338.7
332.9
1.8%
13.8
15.3
9.4%
86.5%
87.2%
67 b.p
0.99
0.95
4.3%
196,031
182,082
7.7%
357.4
358.0
0.2%
14.6
16.4
11.2%
87.1%
88.0%
85 b.p
1.05
1.02
2.3%
24,495
19,860
23.3%
9.5%
8.9%
64 b.p
196,560
159,287
23.4%
358.4
313.2
14.4%
14.7
14.4
1.8%
Net revenue R$/m

Net revenue USD/sq. foot
Rental revenue (with straight line effect) R$'000
Rental revenue R$/m
Net Operating Income (NOI) R$'000

Net Operating Income R$/m
Net Operating Income USD/sq. foot
Net Operating Income margin
NOI/share
Net Operating Income (NOI) + Key Money (KM) R$'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
76.4%
71.3% 515 b.p
1.05
0.89
17.3%
89,259
73,865
20.8%
162.7
145.2
12.0%
6.7
6.7
0.3%
34.7%
33.0% 166 b.p
0.48
0.41
14.8%
128,551
101,969
26.1%
FFO R$/m
234.4
200.5
16.9%
FFO US$'000
56,581
50,425
12.2%
Adjusted net income per share R$

FFO R$'000
FFO USD/sq. foot

FFO margin
FFO per share R$
Dollar (USD) end of quarter
9.6
9.2
4.0%
50.0%
45.6%
9.6%
0.69
0.57
19.8%
2.2720
2.0222
12.4%
29
1Q14
MULT3
Operational and Financial Highlights

Performance
Market Performance
1Q14
1Q13
Chg.%
189,997,214
179,197,214
6.0%
Common shares
178,138,867
167,338,867
6.5%
Preferred shares
11,858,347
11,858,347
0.0%
45.80
57.89
20.9%
Number of shares
Average share closing price
48.42
58.00
16.5%
27,737
27,906
0.6%
9,199,665
10,393,438
11.5%
2,158,306
1,851,216
16.6%
253,759
225,376
12.6%
1,904,548
1,625,840
17.1%
P/FFO (Last 12 months)
20.3 x
22.7 x
10.5%
EV/EBITDA (Last 12 months)
17.1 x
20.6 x
16.8%
2.9 x
2.8 x
5.0%
Closing share price

Average daily traded volume (R$ '000)
Market cap (R$ 000)
Total debt (R$ 000)
Cash (R$ 000)
Net debt (R$ 000)
Net Debt/EBITDA (Last 12 months)
Performance
Operational (100%)
1Q14
1Q13
Chg.%
Final total mall GLA (m)
756,694
698,685
8.3%
Final owned mall GLA (m)
559,197
522,661
7.0%
73.9%
74.8%
91 b.p
Adjusted total mall GLA (avg.) (m)
742,219
684,622
8.4%
Adjusted owned mall GLA (avg.) (m)
548,500
508,567
7.9%
2,723,015
2,447,683
11.2%
3,669
3,575
2.6%
150
164
8.7%
Same Store Sales
8.3%
8.1%
20 b.p
Same Area Sales
9.3%
8.8%
50 b.p
Same Store Rent
6.8%
11.4%
460 b.p
Same Area Rent
6.3%
9.7%
340 b.p
Occupancy costs
13.7%
14.2%
52 b.p
Rent as sales %
7.8%
8.1%
31 b.p
Other as sales %
5.9%
6.1%
21 b.p
0.7%
0.4%
30 b.p
Owned mall GLA %
Total sales R$'000

Total sales R$/m
Total sales USD/sq. foot
Turnover
98.5%
97.5%
100 b.p
Delinquency (25 days delay)
1.9%
2.2%
30 b.p
Rent loss
0.5%
0.2%
30 b.p
Occupancy rate
Adjusted GLA corresponds to the periods average GLA excluding 14.400 m of BIG supermarket at BarraShoppingSul
30
1Q14
MULT3
15. Conciliation between IFRS (with CPC 19 R2) and Managerial Report
15.1 - Variations on the Financial Statement IFRS with CPC 19 (R2) and Managerial Report
IFRS with
Financial Statements
(R$ '000)
Rental revenue
Services
Key money
CPC 19 R2
CPC 19 R2
Managerial
Effect
1Q14
1Q14
Difference
164,803
167,921
3,118
32,278
32,187
(91)
9,833
10,256
423
Parking
35,123
35,416
293
Real estate
25,853
25,853
11,257
11,411
154
903
907
Others
Gross Revenue
280,050
283,952
3,901
(26,493)
(26,703)
(210)
Net Revenue
253,557
257,249
3,691
(24,465)
(24,495)
(30)
(3,085)
(3,085)

(24,123)
(25,544)
(1,421)
(3,430)
(3,430)
(6,334)
(6,334)
(3,713)
(3,713)
(15,459)
(15,459)
Equity pickup
11,807
11,009
(799)
10,363
10,364
EBITDA
195,117
196,560
1,443
Financial revenues
9,037
9,527
489
Financial expenses
(48,398)
(49,495)
(1,097)
(38,374)
(39,292)
(918)
117,382
117,300
(82)
(28,021)
(28,021)
(7,081)
(6,974)
107

Minority interest
Net Income
(20)
(20)
82,260
82,286
25
The main impact between CPC 19 (R2) and the managerial reports are the 37.5% interest in Shopping Santa rsula, through a
50.0% interest in Manati Empreendimentos e Participaes S.A., and the 50.0% interest in Parque Shopping Macei, through
Parque Shopping Macei S.A.
The main differences in 1Q14 are: (i) increase of R$3.1 M in Rental Revenues; (ii) increase of R$1.4 M in Shopping Center
Expenses, (iii) increase of R$0.6 M in Financial Results, and (iv) decrease of R$0.9 M in Depreciation and Amortization.
Accordingly and as a result of the variations mentioned above, there was an increase of R$0.8 M in the result which was
recorded on the equity pickup, given that the results of these companies are recorded on this line as determined by CPC 19
(R2).
31
1Q14
MULT3
15.2 - Variations on the Balance Sheet: Total Assets
IFRS with
CPC 19 R2
CPC 19 R2
Managerial
Effect
3/31/2014
3/31/2014
Difference
154,519
92,177
236,873
163,638
2,640
2,841
63,744
716,432
161,582
92,177
240,765
163,638
2,640
14,206
64,649
739,657
7,063
3,892
11,365
905
23,225
Accounts receivable
Land and properties held for sale
Related parties
Deposits in court
Other
Investments
Investment Properties
Property and equipment
Intangible
Total Non Current Assets
54,139
350,506
12,965
27,246
11,085
5,079
139,033
4,692,853
35,202
343,743
5,671,851
54,204
350,506
12,965
27,866
11,085
9,103
15,157
4,851,454
35,202
344,756
5,712,298
65
620
4,024
(123,876)
158,601
1,013
40,447
Total Assets
6,388,283
6,451,955
63,672
ASSETS
Current Assets
Cash and cash equivalents
Short Term Investments
Accounts receivable
Related parties
Recoverable taxes and contributions
Other
Total Current Assets
Noncurrent Asset
The main differences in total assets regarding the 37.5% interest in shopping Santa rsula, and the 50.0% interest in Parque
Shopping Macei are (i) increase of R$158.6 M in Investment Properties; (ii) increase of R$7.1 M in Cash and Cash
Equivalents; and (iii) increase of R$3.9 M in Accounts Receivable.
As a result of the variations mentioned above, there was a decrease of R$123.9 M in Investments given that the assets and
liabilities of these companies are now recorded on this line as determined by CPC 19 (R2).
32
1Q14
MULT3
15.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity
IFRS with
CPC 19 R2
CPC 19 R2
Managerial
Effect
3/31/2014
3/31/2014
Difference
200,021
2,377
94,421
41,137
36,062
40,637
1,906
416,561
202,499
2,377
95,453
41,137
47,457
40,728
1,989
431,644
2,478
1,032
11,395
91
83
15,083
1,532,404
300,000
136,677
38,054
557
23,455
41,800
2,072,947
1,574,240
300,000
137,115
38,054
557
24,075
48,010
2,122,051
41,836
438
620
6,210
49,104
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
967,039
718,623
(38,628)
(128,799)
(89,996)
82,268
206
3,898,775
2,388,062
967,039
719,222
(38,628)
(128,799)
(89,996)
81,154
206
3,898,260
599
(1,114)
(515)
Total Liabilities and Shareholders' Equity
6,388,283
6,451,955
63,672
LIABILITIES
Current Liabilities
Loans and financing
Debentures
Accounts payable
Property acquisition obligations
Taxes and contributions payable
Dividends to pay
Deferred incomes
Other
Total Current Liabilities
Loans and financing
Debentures
Others
Provision for contingencies
Deferred incomes
Total Non Current Liabilities
Shareholders' Equity
The main differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of R$44.3 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 the Banco do Nordeste; and (ii) the increase of R$6.3 M in revenues and costs, in Deferred Income.
For the data presented in the pages to follow, the impact of the CPC 19 (R2) will not be considered.
33
1Q14
MULT3
16. Appendices
16.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements
IFRS with CPC 19 (R2)
(R$'000)
1Q14
1Q13
164,803
153,627
7.3%
32,278
24,934
29.5%
9,833
12,717
22.7%
Parking revenue
35,123
30,056
16.9%
25,853
14,111
83.2%
11,257
9,526
18.2%
903
na
Rental revenue
Services revenue
Key money revenue
Other revenues
Chg. %
Gross Revenue
280,050
244,977
14.3%
(26,493)
(22,283)
18.9%
Net Revenue
253,557
222,694
13.9%
(24,465)
(19,835)
23.3%
(3,085)
(2,324)
32.8%
(24,123)
(24,428)
1.2%
(3,430)
na
(6,334)
(3,488)
81.6%
(3,713)
(2,509)
48.0%
(15,459)
(11,841)
30.6%
11,807
(1,166)
na

Equity pickup
10,363
1,994
419.7%
195,117
159,097
22.6%
Financial revenues
9,037
9,496
4.8%
Financial expenses
(48,398)
(40,035)
20.9%
(38,374)
(27,813)
38.0%

EBITDA
117,382
100,745
16.5%
(28,021)
(26,888)
4.2%
(7,081)
(3,428)
106.6%
(20)
(7)
191.3%
82,260
70,422
16.8%

Minority interest
Net Income
(R$'000)
NOI
NOI margin
1Q14
1Q13
Chg. %
183,631
168,781
8.8%
87.0%
87.4%
40 b.p
193,464
181,498
6.6%
87.5%
88.1%
60 b.p
180,502
163,062
10.7%
80.2%
77.7%
251 b.p
195,117
159,097
22.6%
77.0%
71.4%
551 b.p
NOI + Key Money

EBITDA margin
82,260
70,422
16.8%
Net Income margin
32.4%
31.6%
82 b.p
Adjusted Net Income
89,341
73,850
21.0%
Net Income

FFO
FFO margin
35.2%
33.2%
207 b.p
127,715
101,663
25.6%
50.4%
45.7%
472 b.p
34
1Q14
MULT3
16.2 Consolidated Financial Statements: Managerial Report
(R$'000)
1Q14
1Q13
Chg. %
167,921
154,436
8.7%
Services revenue
32,187
24,827
29.6%
Key money revenue
10,256
12,802
19.9%
Parking revenue
35,416
30,196
17.3%
25,853
14,111
83.2%
11,411
9,546
19.5%
Rental revenue
Other revenues
907
na
Gross Revenue
283,952
245,923
15.5%
(26,703)
(22,377)
19.3%
Net Revenue
257,249
223,547
15.1%
(24,495)
(19,860)
23.3%
(3,085)
(2,324)
32.8%
(25,544)
(24,897)
2.6%

(3,430)
na
(6,334)
(4,370)
44.9%
(3,713)
(2,510)
48.0%
(15,459)
(11,841)
30.6%

Equity pickup
11,009
(450)
na
10,364
1,993
420.1%
196,560
159,287
23.4%
EBITDA
Financial revenues
9,527
9,665
1.4%
Financial expenses
(49,495)
(40,038)
23.6%
(39,292)
(28,104)
39.8%
117,300
100,810
16.4%
(28,021)
(26,938)
4.0%
(6,974)
(3,443)
102.5%

Minority interest
Net Income
(R$'000)
NOI
NOI margin
NOI + Key Money
(20)
(7)
211.3%
82,286
70,422
16.8%
1Q14
1Q13
Chg. %
185,774
169,281
9.7%
86.5%
87.2%
67 b.p
196,031
182,082
7.7%
87.1%
88.0%
85 b.p
182,687
162,533
12.4%
79.9%
77.1%
274 b.p
196,560
159,287
23.4%

76.4%
71.3%
515 b.p
82,286
70,422
16.8%
Net Income margin
32.0%
31.5%
48 b.p
Adjusted Net Income
89,259
73,865
20.8%
34.7%
33.0%
166 b.p
128,551
101,969
26.1%
50.0%
45.6%
436 b.p
EBITDA margin
Net Income

FFO
FFO margin
35
1Q14
MULT3
16.3 Balance Sheet Managerial Report

ASSETS
Current Assets
Cash and cash equivalents
Short Term Investments
Accounts receivable
Related parties
Recoverable taxes and contributions
Other
Total Current Assets
03/31/2014
12/31/2013
% Change
161,582
92,177
240,765
163,638
2,640
14,206
64,649
739,657
230,422
121,120
247,689
159,994
2,882
25,910
51,790
839,807
29.9%
23.9%
2.8%
2.3%
8.4%
45.2%
24.8%
11.9%
Noncurrent Asset
Accounts receivable
Related parties
Deposits in court
Other
Investments
Investment Properties
Property and equipment
Intangible
Total Non Current Assets
54,204
350,506
12,965
27,866
11,085
9,103
15,157
4,851,454
35,202
344,756
5,712,298
56,387
348,624
13,206
27,549
7,034
4,149
4,817,738
17,371
343,737
5,635,795
3.9%
0.5%
1.8%
1.2%
na
29.4%
265.3%
0.7%
102.6%
0.3%
1.4%
Total Assets
6,451,955
6,475,602
0.4%
03/31/2014
12/31/2013
% Change
202,499
2,377
95,453
41,137
47,457
40,728
1,989
431,644
203,213
9,658
120,637
34,947
49,981
38,386
53,738
2,746
513,306
0.4%
75.4%
20.9%
17.7%
5.0%
na
24.2%
27.6%
15.9%

Loans and financing
Debentures
Other
Provision for contingencies
Deferred incomes and costs
Total Non Current Liabilities
1,574,240
300,000
137,115
38,054
557
24,075
48,010
2,122,051
1,620,626
300,000
117,761
35,130
595
24,325
45,050
2,143,487
2.9%
0.0%
16.4%
8.3%
6.4%
1.0%
6.6%
1.0%
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
967,039
719,222
(38,628)
(128,796)
(89,996)
81,154
206
3,898,260
2,388,062
963,954
717,861
(38,628)
(122,626)
(89,996)
182
3,818,809
0.0%
0.3%
0.2%
0.0%
5.0%
0.0%
na
13.2%
2.1%
Total Liabilities and Shareholders' Equity
6,451,955
6,475,602
0.4%
LIABILITIES
Current Liabilities
Loans and financing
Debentures
Accounts payable
Taxes and contributions payable
Dividends to pay
Deferred incomes and costs
Other
Total Current Liabilities
36
1Q14
MULT3
17. Glossary and Acronyms

Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from
acquisitions and mergers 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 more than 1,000 m to be considered anchors.
Brownfield: Expansion project.
CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth rate, on an annualized basis.
CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed in asset development, expansion or improvement. The
capitalized value shows the variation of property and equipment plus depreciation. CAPEX can also refer to others investments then real estate,
such as IT projects, hardware and other unrelated investments.
CDI: (Certificado de Depsito Interbancrio or Interbank Deposit Certificate). Certificates issued by banks to generate liquidity. Its average
overnight annualized rate is used as a reference for interest rates in Brazilian Economy.
Debenture: debt instrument issued by companies to borrow money. Multiplans debentures are non-convertible, which means that they cannot
be converted into shares. Moreover, a debenture holder has no voting rights.
Deferred Income: Deferred key money and store buy back expenses.
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, excluding merchandising.
Greenfield: Development of new shopping center projects.
IBGE: The Brazilian Institute of Geography and Statistics.
IGP-DI Adjustment Effect: Is the average of the monthly IGP-DI increase with a month of delay, multiplied by the percentage GLA that was
adjusted on the respective month.
IGP-DI: (ndice Geral de Preos - Disponibilidade Interna) General Domestic Price Index. Inflation index published by the Getlio Vargas
Foundation, referring to the data collection period between the first and the last day of the month in reference, with disclosure date near the 20th
of the following month. It has the same composition as the IGP-M (ndice Geral de Preos do Mercado), though with a different data collection
period.
IPCA (ndice de Preos ao Consumidor Amplo): Published by the IBGE (Brazilian institute of statistics), it is the national consumer price
index, subject to the control of Brazils Central Bank.
Key Money (KM): Key Money is the money paid by a tenant in order to open a store in a shopping center. The key money contract when signed
is accrued in the deferred revenue account and in accounts receivable, but its revenue is accrued in the key money revenue account in linear
installments, only on the occasion of an opening, throughout the term of the leasing contract. Nonrecurring key money from new stores, of new
developments or expansions (opened in the last 5 years), Operational key money from stores that are moving to a mall already in operation.
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.
37
1Q14
MULT3
Net Operating Income (NOI): Sum of the Operating Income (Rental Revenue, Straight Line Effect, Shopping Centers Expenses and Office
Towers Expenses) and income from Parking Operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also
include the key money revenues in the same period.
New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects, recorded
as an expense in the income statement as determined by the CPC 04 pronouncement in 2009.
New Projects Expenses for sale: Pre-operational expenses generated by real estate for sale activity, recorded as an expense in the income
statement as determined by the CPC 04 pronouncement in 2009.
NOI Margin: NOI divided by Rental Revenue, Straight Line Effect and Net Parking Revenue.
Occupancy cost: Is the occupancy cost of a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund
expenses).
Occupancy rate: leased GLA divided by total GLA.
Organic Growth: Revenue growth which is not generated by acquisitions, expansions and new areas added in the period.
Overage Rent: The difference paid as rent (when positive), between the base rent and the rent consisting of a percentage of sales, as
determined in the lease agreement.
Owned GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplans interest in each mall.
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.
Sales: Sales reported by the stores in each of the malls.
Same Area Rent (SAR): Rent of the same area of the year before divided by the areas rent of the current year, excluding vacancy.
Same Area Sales (SAS): 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): Sales of stores that were in operation in that year.
Satellite Stores: Smaller stores with no special marketing and structural features located by the anchor stores and intended for general
retailing.
Straight Line Effect: Accounting method meant to remove volatility and seasonality of the minimum lease revenue. The criterion adopted to
account for revenue rent is based on straight-line revenues during the effectiveness of the contract, regardless of the receipt term.
Tenant Mix: Portfolio of tenants strategically defined by the shopping center manager.
TJLP: (Taxa de Juros de Longo Prazo, or Long Term Interest Rate). The usual cost of financing conceived by BNDES.
TR: (Taxa Referencial, or Reference interest rate). Average interest rate used in the market.
Turnover: GLA of operating malls leased in the period divided by total GLA of operating malls.
Vacancy: GLA of a shopping center available for lease.
Shopping Center Segments:
Food Court & Gourmet Areas Includes fast food and restaurant operations
Diverse Cosmetics, bookstores, hair salons, pet shops and etc
Home & Office Electronic stores, decoration, art, office supplies, etc
Services Sports centers, entertainment centers, theaters, cinemas, medical centers, banking, and etc.
Apparel Women and men clothing, shoes and accessories stores
38

Earnings Release 1Q14

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Earnings Release 1Q14

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First Quarter 2014

Portuguese: 10:00 a.m. (EDT New York)

USA: 1 (855) 281-6021

quarto trimestre de 2013

Other countries: 1 (786) 924-6977

Consolidated Financial Statements ............................................................................................. 6

Multiplan's Financial Indicators Evolution

Net Operating Income

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

473 457 453

Historical Performance of Multiplans Results (R$ Million)

1Q14 EBITDA, up 23% to R$197 million

Highlights 1Q14 (R$)

11.9% 13.7% 12.6%

SAS and SSS Evolution (year/year)

Consistently High Occupancy Rate

Total GLA CAGR 1Q10-1Q14:

Solid Top and Bottom-Line Results

EBITDA Evolution and EBITDA margin

FFO Evolution and FFO per share

Shares outstanding adjusted for shares held in treasury

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Consolidated Financial Statements Managerial Report

Key money revenue

Real estate for sale revenue

Straight line effect

Taxes and contributions on sales and services

Stock-option-based remuneration expenses

New projects for lease expenses

New projects for sale expenses

Other operating income/expenses

Depreciation and amortization

Earnings Before Taxes

Income tax and social contribution

Deferred income and social contribution taxes

NOI + Key Money margin

Shopping Center EBITDA

Shopping Center EBITDA margin

Adjusted Net Income

Adjusted Net Income margin

expansions, R$21.5 million in IT and other, and R$15.8 million in land

Office Towers for Lease

year. Final investments in the new shopping center as well as investments

in projects to be detailed in the future summed R$7.4 million in 1Q14.

BarraShopping Expansion VII illustration

Construction Works (April 2014)

Multiplans Interest (R$)

Projects for lease under construction

2.2 Mixed-use: Office and Residential Towers for Sale

Towers in Porto Alegre: construction nearing

Diamond Tower and Rsidence du Lac Construction works (April 2014)

Towers for Sale

Potential Sales Value

2.3 Future Growth and Land Bank

Porto Alegre (RS)

Residential, Office/Retail, Hotel

Ribeiro Preto (SP)

Rio de Janeiro (RJ)

Rio de Janeiro (RJ)

So Caetano do Sul (SP)

3.1 Tenant Sales

time this report was published.

January and February 2014 compared