| 1Q13 Conference Call

1Q13

www.multiplan.com.br/ri | ri@multiplan.com.br

1Q13
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. This presentation includes statements concerning our managements current intentions or expectations.

Readers/investors should be aware that many factors may mean that our future results differ from the 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 companys control or expectation. The reader/investor is encouraged not to completely rely on the information above. This document also contains information on future projects which could differ materially due to market conditions, changes in law or government

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

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 financial figures presented are in Brazilian Reais (R$). 2

Shopping Center Sales

Sales Growth: Multiplan vs. National Retail (1Q13/1Q12)
19.3%

1Q13
Montlhy Sales/m in 1Q13 (R$)
1,753
1,406

Same Area and Same Store Sales Evolution (1Q13/1Q12)

8.8%

1,305

8.1%

2.8% National Retail Sales (IBGE) 4T12/4T11 Portfolio Sales

SAS

SSS

Sales/m (stores under 1,000m)

SSS/m

Tota Sales/m

Same Store and Same Area Sales Growth (YoY)

Same Area Sales (SAS)
16.5% 12.9% 15.1% 13.3%

Same Store Sales (SSS)

15.1%

12.7%
8.5%

16.5% 13.8%

12.1% 12.5% 9.4% 7.2% 8.4%

11.4%

12.9%

13.3%
7.0% 12.6% 14.9%
11.9%

13.8% 10.3%
7.7%

14.0%

9.8%

8.5% 9.4% 14.9% 7.2% 13.7% 11.9% 10.6%

9.8% 10.6% 5.6%

10.0% 9.7% 10.3%

9.5% 9.4% 10.0% 9.7% 8.1%

8.3%

7.0%
6.6%
13.7% 9.4% 12.6%

7.7%
8.3%
9.4%

8.8% 9.5% 7.4% 9.4% 7.4%

8.1%

5.1% 1Q09 1Q08

9.9% 5.6%

7.5%

8.2%
7.5%

8.5%
8.2%

7.9%

6.8%

8.1%
8.5% 6.8%

5.1%

6.6%

2009

2010

SAS: SSS: 7.2%

SSS: 12.4%

SSS: 7.6%

2012

2011

2Q09 2Q08

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 9.3% SAS: 14.6% SAS

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 SAS: 8.9% SAS: 8.9% SSS

SSS: 8.4%

1) Considering 100% of shopping center sales. 2) January to February 2013 compared to same period of the previous year.

1Q13
Selected Operational Data
Same Store Sales Breakdown Same Store Sales Anchors vs. Satellites
Anchor stores
1Q13 x 1Q12 Same Store Sales

Satellite stores
13.7%

Anchors

Satellites

Total

10.5%

Apparel
Home & Office Miscellaneous Food Court and Gourmet Area Services Total

25.1%
9.9% 6.2% n.a. 12.3% 13.7%

2.3%
0.5% 8.2% 13.7% 10.6% 6.1%

6.6%
4.5% 7.5% 13.7% 11.5% 8.1%

9.2%
5.2%

9.3%

8.3% 6.1% 2.3%

6.1%

2.4%

1Q12

2Q12

3Q12

4Q12

1Q13

Shopping Center Total GLA (000 m) and Occupancy Rate Evolution

750

97.5% 699

100.0% 92.0% 84.0% 76.0% 68.0% 60.0%

700 650
600

550 500
450

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Total shopping center GLA Occupancy rate

1Q13
Gross Revenue Analysis
1Q13 Gross Revenue Breakdown
Real estate for sale revenue 5.7% Parking revenue 12.3%

Key money 5.2% Services 10.1%

Straight line effect 3.9%

Rental Revenue 62.8%

Base 89.9%

Merchandising 6,3%

Overage 3.8%

1Q13 Gross Revenue Growth Breakdown*

+26.6% +56.1% +21.4% +43.7% +34.7% +0.4% -95.5%

194.0 M

32.5 M

3.4 M

4.4 M

3.9 M

7.8 M

0.1 M

(0.1 M)

245.9 M

+26.7%

Gross revenue Rental revenue Straight line 1Q12 effect

Services

Key money

Parking revenue

Real estate for Other revenuesGross revenue sale revenue 1Q13

*Excluding the sale of the corporate tower Morumbi Business Center in 1Q12.

1Q13
Rental Revenue Analysis
Rental Revenue Growth Analysis (1Q13/1Q12) Monthly Rent/m in 1Q13 (R$)
124

28.0%
110

+12.7%

6.6%

6.8%

9.7%

11.4%

Portfolio

IPCA

IGP-DI Adjustment Effect

SAR

SSR

Rental revenue

Portfolio Excluding New Malls*

IGP-DI Adjustment Effect SSR Same Store Rent GrowthReal (YoY)

IGP-DI Adjustment Effect

13.2% 14.0% 1.9% 3.6% 13.2% 14.0% 8.1% 0.8% 8.1% 7.3% 0.8%

Real SSR
16.0% 5.8% 16.0% 14.5% 11.9% 4.8% 14.5% 3.9% 11.9% 10.4% 3.9% 10.4% 6.3% 3.9% 7.7% 1.8% 7.7% 5.7% 1.8% 11.4% 8.6% 2.6% 8.6% 5.9% 2.6% 4.3% 11.4%

14.1% 12.0% 6.5% 3.4% 6.5% 2.9% 3.4% 4Q09 2.9% 3.9% 3.7% 3.9% 0.2% 6.6% 4.4% 6.0% 6.6% 10.3% 4.9% 14.1%

1.9% 3.6% 11.1% 10.0% 11.1% 10.0% 1Q09 2Q09

2.8% 12.0% 7.7% 10.3% 7.3% 2.8%

4.9% 8.8% 8.8% 2Q11

5.8% 9.6% 9.6% 3Q11

4.8% 9.3% 9.3% 4Q11

7.3% 3Q09

2009

2010

Real SSR: 1.5%

Real SSR: 4.9%

2012

2011

1Q10 3.7% 0.2%

1Q09 Nominal 2Q09 SSR: 3Q09 4Q09 9.4%

1Q10

7.7% 4.8% 4.0% 4.4% 0.6% -0.3% 6.0% 2Q10 4.8% 3Q10 4Q10 4.0% 0.6% -0.3% Real SSR: 5.7% 2Q10 SSR: 3Q10 4Q10 Nominal 6.9%

3.9% 7.7% 7.7% 1Q12

4.3% 6.8% 6.8% 1Q13 1Q13

7.3% 1Q11

6.3% 2Q12

5.7% 3Q12

5.9% 4Q12

Real SSR: 3.7%

1Q11 Nominal 2Q11 SSR: 3Q11 4Q11 14.1%

1Q12 Nominal 2Q12 SSR: 3Q12 4Q12 10.4%

* New malls = Less than 5 years in operation (BarraShoppingSul, Shopping Vila Olmpia, ParkShoppingSoCaetano, JundiaShopping, VillageMall and ParkShoppingCampoGrande).

1Q13
Net Operating Income (NOI)
Shopping Center Expenses and as a % of Shopping Center Net Revenue
+35.6%

NOI + Key Money Growth and Margin

+29.1%

24.9 M 16.2 M
18.4 M 15.3 M

182.1 M

15.4 M

141.1 M
88.5% 88.0%

16.1%

12.0% 1Q09 1Q10

10.6%

10.9%

11.8% 1Q13
1Q12 1Q13

1Q11

1Q12

NOI + Key Money per Share Evolution (R$)

1.02
CAGR: +17.8%

0.79 0.53 0.62

0.70

1Q09

1Q10

1Q11

1Q12

1Q13

NOI + Key money/share

1Q13
EBITDA Analysis
Headquarter Expenses and as a % of Net Revenue
50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M 30.0% -22.3%

25.0% 29.2 M 25.6 M 21.2 M

11.0% 14.2% 9.9%

EBITDA and Margin Analysis (1Q13)

20.0% 24.0 M 19.9 M

8.9%
170.0 M 15.0% 168.0 M

78.6% 76.5% 71.3% 161.3 M 159.3 M 165.6 M

80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0%

7.9%

10.0% 166.0 M
164.0 M

5.0% 162.0 M

1Q12

2Q12

3Q12

4Q12

1Q13

160.0 M 158.0 M 156.0 M

New Projects for Lease Expenses

14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M 12.8 M

154.0 M 152.0 M 150.0 M Consolidated EBITDA Shopping Center EBITDA Shopping Center EBITDA bef ore New Projects f or Lease Expenses

11.2 M 7.0 M 4.4 M

2.3 M

1Q12

2Q12

3Q12

4Q12

1Q13

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

1Q13
Net Income and FFO per Share
Net Income Growth and Margin (Not considering Morumbi Business Center Sale in 1Q12)
+25.0% 70.4 M

FFO per Share Evolution (R$)

2.57
2.22
CAGR: +37.5%

56.3 M

31.9% 1Q12

31.5%
1.32

1Q13
0.72

0.93

0.90

CAGR: +12.3%

Net Income Growth and Margin (Considering Morumbi Business Center Sale in 1Q12)
124.5 M -43.4%

0.36
1Q09

0.51
1Q10

0.58 1Q11

0.52 1Q12

0.57 1Q13

FFO/share *

FFO/share

FFO LTM/share

70.4 M

* Excludes the Morumbi Business Center sale impact.

38.5%
1Q12

31.5% 1Q13

1Q13
Debt, Cash and Dividends
As of March 31st, 2013
Debt Position and Cash Generation
Net Debt = 2.81x EBITDA (LTM)
1,872.9M

Debt Index Breakdown

IPCA IGP-M 2.0% 3.9% TJLP 11.6%

Weighted Average Cost of Funding (p.a.)

11.50% 11.00% 10.52% 10.50% 9.98% 10.00% 9.48% 9.08% 8.95% 9.50% 9.00% 8.50% 8.00% 1Q12 2Q12 3Q12 4Q12 1Q13

1,643.6M

584.3M

457.3M

229.2M
Cash Gross Debt Net Debt EBITDA (LTM) FFO (LTM)

TR 31.8%

CDI 49.4%

Dividends Evolution (R$)

1.0305 0.8370 0.5787
0.3404
Dividends

184 M 149 M 103 M 49 M 100 M 59 M 125 M

Interest on Capital

0.1362 61 M 20 M

Dividends per Share

2008

2009

2010

2011

2012

10

1Q13
Announced Growth for 2013
Owned GLA: +20% Expected Growth for 2013

Multiplans owned GLA 000 m

74.2 12.4

628.1

522.7

18.9

105.5

522.7

Owned GLA: +20.2%

1Q13

Parque Shopping Ribeiro Shopping Morumbi Corporate Macei Expansions VII & VIII

4Q13

11

1Q13
Parque Shopping Macei

Construction site (February 2013)

Illustration

Construction site (March 2013)

12

1Q13
Expansions VII and VIII

Construction site (April 2013)

Illustration

Construction site (April 2013)

Illustration

13

1Q13
Expansion VII

Illustration

Illustration

Illustration

14

1Q13

Illustration

Construction site (April 2013)

Internal view (April 2013)

15

1Q13
&

Illustration

Construction site (April 2013)

Construction site (April 2013)

16

1Q13
IR Contact
Armando dAlmeida 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