3Q14

3Q14 Conference Call

www.multiplan.com.br/ir
ir@multiplan.com.br
3Q14
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations of the
companys management and on available information. The company is under no obligation to update these statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to qualify
statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market
share and competitive position may differ substantially from those expressed or suggested by these forward-looking statements. Many
factors and values that may impact these results are beyond the companys ability to control. The reader/investor should not make a
decision to invest in Multiplan shares based exclusively on the data disclosed on this report.
This document also contains information on future projects which could differ materially due to market conditions, changes in laws or
government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demands by
tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be altered in part or totally
by the company with no prior warning.
Non-accounting information has not been reviewed by the external auditors.
In this release the company has chosen to present the consolidated data from a managerial perspective, in line with the accounting
practices in use until December 31, 2012, as disclosed below.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia) and other relevant
information on our investor relations website www.multiplan.com.br/ir.
3Q14
Managerial Report
Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete perspective on
operational data. Please refer to the companys financial statements on its website www.multiplan.com.br/ir to access the Financial
Statements in compliance with the Brazilian Accounting Standards Committee CPC.
Please see on page 34 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and the
reconciliation of the accounting and managerial numbers.
The following pages present a brief description of the changes determined by Technical Pronouncement CPC19 (R2), and the
conciliation between the accounting and managerial numbers.
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 1
st
, 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 September 30
th
, 2014.
3Q14
R$ 1.7 B
R$ 2.0 B
R$ 2.2 B
R$ 2.7 B
R$ 3.0 B
3Q10 3Q11 3Q12 3Q13 3Q14
CAGR: 14.2%
10.8%
4
Same Store and Same Area Sales growth (YoY)
Shopping Center Sales
Considering 100% of shopping center sales.

Shopping Center Sales evolution
3Q10 3Q14
19.2%
16.5%
17.4%
16.1%
12.7%
12.1%
12.5%
8.4% 8.5%
9.4%
7.2%
12.9%
16.5%
13.3%
15.1%
13.8%
7.0%
10.3%
7.7%
10.0%
9.7% 9.5% 9.4%
7.4%
8.8%
5.7%
7.7%
8.0%
9.3%
12.0%
6.7%
13.8%
12.2%
14.4%
11.4%
14.0%
11.4%
9.9%
7.9%
5.1%
9.8%
5.6%
10.6%
14.9%
11.9%
13.7%
12.6%
6.6%
9.4%
7.5%
8.3% 8.2% 8.1% 8.5%
6.8%
8.1%
5.8%
8.4%
7.6%
8.3%
9.4%
6.1%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
SAS SSS
18,478/m
25,042/m
28,663/m
Sales -
(Anchors &
Satellites)
Sales -
stores under
1,000m
Sales -
stores under
200m
Shopping Center Sales evolution
9M10 9M14
Sales/m
September 2014 (LTM)
12.7%
12.1%
12.5%
8.4% 8.5%
9.4%
7.2%
12.9%
16.5%
13.3%
15.1%
13.8%
7.0%
10.3%
7.7%
10.0%
9.7% 9.5% 9.4%
7.4%
14.0%
11.4%
9.9%
7.9%
5.1%
9.8%
5.6%
10.6%
14.9%
11.9%
13.7%
12.6%
6.6%
9.4%
7.5%
8.3% 8.2% 8.1% 8.5%
6.8%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Same Area Sales (SAS) Same Store Sales (SSS)
R$ 5.0 B
R$ 5.7 B
R$ 6.5 B
R$ 7.7 B
R$ 8.7 B
9M10 9M11 9M12 9M13 9M14
CAGR: 14.6%
12.5%
3Q14
Selected Operational Data
5
Historical turnover
and occupancy cost: 3Q10-3Q14
Total shopping center GLA and occupancy rate evolution: 3Q09 3Q14
497
534
545
552
592
711
762
98.4%
99.1%
98.4% 98.1% 98.5% 98.1%
98.8%
60.0%
68.0%
76.0%
84.0%
92.0%
100.0%
450
500
550
600
650
700
750
800
850
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Total GLA ('000 m) Occupancy Rate
Total GLA CAGR 3Q09-3Q14:
8.9%
Historical deliquency rate
and rent loss 3Q10-3Q14
12.7%
13.1% 13.1% 13.0% 13.1%
1.2%
0.6%
1.6%
1.1%
0.8%
3Q10 3Q11 3Q12 3Q13 3Q14
Occupancy Cost Turnover
3.2%
0.9%
1.3%
1.5%
1.7%
1.1%
2.4%
0.1%
0.7%
0.8%
3Q10 3Q11 3Q12 3Q13 3Q14
Delinquency Rate Rent Loss
3Q14
270.8 M
307.3 M
29.6 M 1.7 M 4.0 M
(3.2 M) 5.3 M (0.5 M) (0.5 M)
Gross Revenue
3Q13
Rental Revenue Straght Line
Effect
Services Key Money Parking Revenue Real Estate for
Sale
Other Gross Revenue
3Q14
13.5%
+19.1% +14.1% +15.5% -24.6% +16.4% -1.7% -31.3%

Gross revenue growth (YoY) 3Q14
Gross revenue breakdown 3Q14
Gross Revenue Analysis
6
Straight Line Effect
4.5%
Services
9.8%
Key Money
3.2%
Parking
12.3%
Real Estate for Sale
9.9%
Others
0.3%
Base Rent
89.8%
Overage
3.5% Merchandising
6.7%
Rental Revenue
60.0%
3Q14
Rental Revenue Analysis
7
Same Store Rent (SSR) - Nominal and real growth
Shopping centers in operation for less than 5 years .
Shopping centers in operation over 5 years.
Rental revenue growth breakdown
154.8 M
184.4 M
+29.5 M -0.5 M
+0.6 M
Rental Revenue
3Q13
Base rent Overage Merchand. Rental Revenue
3Q14
19.1%
+21.6% -7.2% +5.6%
Rental revenue/m month
104 /m
71 /m
116 /m
Portfolio New Shopping
Centers
Consolidated
Shopping
Centers
63.9%
2.6%
3.6% 3.9%
4.6%
5.6%
6.7%
8.6%
10.7% 11.1%
10.0%
7.3%
2.9%
0.2% -0.3%
0.6%
4.0%
7.3%
8.8%
9.6% 9.3%
7.7%
6.3%
5.7%
5.9%
6.8%
7.4% 7.6%
6.8%
5.9% 5.8% 5.9%
6.5%
6.6% 6.4%
4.2% 2.1%
2.2%
2.8%
2.9% 1.9% 3.6%
0.8%
3.4%
3.7%
4.8%
6.0%
7.7%
2.8%
4.9%
5.8%
4.8%
3.9%
3.9%
1.8%
2.6%
4.3%
0.6%
3.5%
1.1%
0.9%
4.1%
2.7%
9.4%
10.4%10.6%
9.0%
7.7%
9.0%
11.6%
13.9%
13.2%
14.0%
8.1%
6.5%
3.9%
4.4%
6.6%
12.0%
10.3%
14.1%
16.0%
14.5%
11.9%
10.4%
7.7%
8.6%
11.4%
8.0%
11.4%
8.0%
6.8%
10.1%
8.8%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
IGP-DI Adjustment Effect Real SSR
7.3%
8.8%
9.6% 9.3%
7.7%
6.3%
5.7% 5.9%
6.8%
7.4% 7.6%
6.7%
2.8%
4.9%
5.8%
4.8%
3.9%
3.9%
1.8%
2.6%
4.3%
0.6%
3.5%
1.2%
10.3%
14.1%
16.0%
14.5%
11.9%
10.4%
7.7%
8.6%
11.4%
8.0%
11.4%
8.0%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
IGP-DI Adjustment Effect Real SSR
8.8%
6.4%
6.9%
4.9%
3.7% 2.5%
14.1%
10.4%
9.6%
2011 2012 2013
3Q14
26.8 M
38.4 M
25.5 M
24.8 M
26.9 M
13.2%
14.4% 12.1%
11.1%
12.3%
3Q13 4Q13 1Q14 2Q14 3Q14
0.2%
79.8 M
85.6 M
11.2% 10.6%
9M13 9M14
7.3%
27.8 M 28.2 M
24.5 M
31.6 M
29.5 M
11.2% 10.5% 9.5% 11.6%
10.6%
3Q13 4Q13 1Q14 2Q14 3Q14
6.1%
G&A and Shopping Centers Expenses
8
Evolution of G&A expenses (R$) and as a % of net revenues
Evolution of shopping center expenses (R$) and as a % of shopping center net revenues
86.1 M
77.3 M
14.3%
11.8%
9M13 9M14
10.3%
3Q14
0.59 0.63
0.74
0.85
0.99
1.14
2.41
2.59
2.89
3.40
3.96
4.38
3Q09 3Q10 3Q11 3Q13 3Q13 3Q14
NOI + Key money per share
NOI + Key money per share (LTM)
CAGR:
14.2%
CAGR:
12.7%
186.3 M
177.6 M
180.0 M
67.0%
73.8%
74.8%
3Q14
Consolidated
EBITDA
Shopping Center
EBITDA
Shopping Center
EBITDA before
New Projects for
Lease Expenses
Evolution of NOI + Key Money per share
Net Operating Income (NOI) and EBITDA
9
Net Operating Income (NOI) + Key Money
185.5 M
215.2 M
87.4% 87.5%
3Q13 3Q14
16.0%
540.4 M
624.8 M
86.3%
87.8%
9M13 9M14
15.6%
Shopping Center EBITDA Analysis EBITDA Shopping Center
161.2 M
177.6 M
73.2% 73.8%
3Q13 3Q14
10.2%
472.1 M
538.8 M
73.3%
76.3%
9M13 9M14
14.1%
Consolidated EBITDA
Shares outstanding adjusted for shares held in treasury
471.9 M
569.9 M
66.5%
70.5%
9M13 9M14
20.8%
163.6 M
186.3 M
65.8%
67.0%
3Q13 3Q14
13.9%
3Q14
213.0M
2,063.5M
1,850.5M
708.7M
478.4M
Cash Gross Debt Net Debt EBITDA
(LTM)
FFO (LTM)
Debt and Cash
Cash Generation and Debt Position
As of September 30, 2014

Net Debt
EBITDA (LTM)
= 2.61x
Multiplan Debt Indices
As of September 30, 2014

Weighted Average Maturity (Months)
10
Weighted average cost of funding (% p.a.) vs. Selic Rate
TR
42.1%
CDI
43.7%
TJLP
7.7%
IGP-M
2.9%
Other
3.6%
45
55
53
50
48
46
55
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Weighted Average Maturity
Weighted Average Maturity - New Debts +
Second Debentures Prepayment
11.08%
10.52%
9.98%
9.48%
9.08%
8.95%
9.20%
9.34%
9.87%
10.41%
10.50%
10.54%
11.00%
9.75%
8.50%
7.50%
7.25% 7.25%
8.00%
9.00%
10.00%
10.75%
11.00% 11.00%
Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14
Multiplan Cost of Funding Selic Rate
45
55
53
50
48
46
55
Jun13 Sep13 Dec13 Mar14 Jun14 Sep14
Weighted Average Maturity
Weighted Average Maturity - New Debts + Second
Debentures Prepayment
3Q14
132.1 M
146.0 M
190.1 M
259.6 M
227.4 M
243.9 M
9M09 9M10 9M11 9M12 9M13 9M14
CAGR: +13,0%
7.2%
FFO, FFO per share and Net Income Evolution
11
Evolution of FFO per share
0.41
0.47
0.56
0.57
0.67
0.62
1.40
1.98
2.19
2.74
2.64
2.54
3Q09 3Q10 3Q11 3Q12 3Q13 3Q14
FFO per share FFO per share (LTM)
CAGR:
+8.7%
CAGR:
+12.7%
Funds From Operations (FFO)
Net Income evolution
337.4 M
389.6 M
47.6% 48.2%
9M13 9M14
15.5%
126.0 M
117.2 M
50.7%
42.1%
3Q13 3Q14
7.0%
Shares outstanding adjusted for shares held in treasury
3Q14
76.3%
78.0%
85.3%
86.6%
89.8%
89.0%
84.7%
87.2%
52.1%
60.1%
63.0%
57.9%
67.3%
64.0%
62.6%
70.5%
66.7%
59.3%
68.4%
61.0%
74.3%
71.7%
70.9%
76.3%
51.8%
57.7%
56.5%
60.9%
61.4% 53.6%
43.6%
48.2%
2007 2008 2009 2010 2011 2012 2013 9M14
NOI Margin EBITDA Margin Shopping Center EBITDA Margin FFO Margin
Evolution of Margins
12
3Q14
ParkShoppingCanoas
13
Artists rendering for illustration purposes only Project subject to changes without previous notice
Artists rendering for illustration purposes only Project subject to changes without previous notice
3Q14
14
Diamond Tower and Rsidence du Lac
Delivery
in 4Q14
Illustration
BarraShoppingSul Complex, Construction Works, October 2014
3Q14
15
Land Bank and Future Growth
Land location Land area Private Area Project type
%
Multiplan
BarraShoppingSul 159,587 m 304,515 m Hotel, Apart-Hotel, Office, Residential 100%
JundiaShopping 4,500 m 11,616 m Office 100%
ParkShoppingBarigi 28,214 m 43,376 m Apart-Hotel, Office 94%
ParkShoppingCampoGrande 317,755 m 92,774 m Office, Residential 90%
ParkShoppingCanoas 18,721 m 22,457 m Hotel, Apart-Hotel, Office n.a.
ParkShoppingSoCaetano 36,948 m 138,000 m Office 100%
Parque Shopping Macei 140,000 m 164,136 m Office, Residential 50%
RibeiroShopping 102,295 m 138,749 m Hotel, Apart-Hotel, Office, Residential 100%
Shopping AnliaFranco 29,800 m 89,600 m Residential 36%
VillageMall 36,000 m 36,077 m Office 100%
Total 873,819 m 1,041,299 m 86%
Artists rendering for illustration purposes only Project subject to changes without previous notice
3Q14
16
Investor Relations Contacts
Armando dAlmeida Neto
CFO and Investors Relation Director
Hans Melchers
IR and Planning Director
Franco Carrion
Investor Relations Manager
Ricardo Gaspar
Investor Relations Analyst
Carolina Weil
Investor Relations Analyst


Tel.: +55 (21) 3031-5224
Fax: +55 (21) 3031-5322
E-mail: ir@multiplan.com.br

http://www.multiplan.com.br/ir