MULT3

4Q09
4Q09

EARNINGS RELEASE
 MULT3
4Q09
Sales Analysis
(100% interest)
Sales Analysis National Retail x Multiplan SC
4Q09 (%)
+22.6%
27.9% National Retail Sales Growth Multiplan Sales Growth
National Retail Sales Growth
26.0% Multiplan Sales Growth
20.5% 24.2%
+12.9% 22.6% 19.3% 18.7%
26.0% 22.0%
+10.6% 20.0% 24.2%
15.1% 20.2% 19.9%
+8.8% 22.6% 13.8%22.0% 13.1% 22.9%
20.0% 9.2% 20.2% 15.8% 19.9% 16.7% 20.6%
9.7% 9.1%
+4.2% 15.8% 16.7% 6.2% 12.9%
5.9%
4.8%
12.9% 8.6% 8.
6.0% 7.0% 6.0%
8.6% 5.7%
8.6% 9.1% 4.7% 5.0%
7.0% 3.8% 2.9%
6.0%
IPCA National Same Stores Same Area 2003
Sales
5.7% 6.0%
2004 2005
1.3% 5.0% 2006 2007 2008 2009
3.8%
Retail Sales Sales Sales
4.7%
2.9%
Growth 1.3%
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09
Sales Growth by Aug-09
Mall ¹ Sep-09 Oct-09 N
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 2009 (%)
Nov-09 Dec-09

19.0% 19.2%
15.5% 15.9%
13.4% 12.4%
11.6% 11.5% 2009 National
7.8% Retail Sales
Growth:
+5.9%

-1.1%

PSS
PKB
DMM
PKS
MBS
BHS

NYCC

SAF
RBS

BRS

BarraShopping, opened in October, 1981

1Considered only malls with full year operations during 2008. ShoppingSantaÚrsula, Shopping Vila Olímpia and BarraShoppingSul were excluded. Acronyms: BHS - BH Shopping,
RBS – RibeirãoShopping, BRS – BarraShopping, MBS – MorumbiShopping, PKS – ParkShopping, DMM - DiamondMall, NYCC - New York City Center, SAF - ShoppingAnáliaFranco,
PKB – ParkShoppingBarigüi, PSS - Pátio Savassi. 2
 MULT3
4Q09
Rent Analysis
(MTE interest)
Rent Analysis
4Q09 (%)
+26.2%

+6.5% +7.0%
+2.9% +4.2%

IGP-DI IPCA ² Same Store Same Area Rental

Adjustment Rent ³ Rent ³ Revenue
Effect ¹
ParkShopping Brasília - Expansion

2.4%
IGP-DI Adjustment Effect Rent Revenues Growth by Mall 4
Quarterly Breakdown 2009 (%)
25.9%

20.2%
0.9%
14.9%
13.7%
10.4% 10.7% 10.8%
0.2% 9.1%
7.3%
2009 IPCA:
+4.3%

-0.5%
1Q09 2Q09 3Q09 4Q09 -3.2%

PSS
PKB
DMM
PKS
MBS

NYCC
BHS

SAF
BRS
RBS

1 Quarter average of the 12 months accumulated IGP-DI variation.

2 Variation average in the quarter.
3 100% interest.
4 Considered only malls with full year operations during 2008. ShoppingSantaÚrsula, Shopping Vila Olímpia and BarraShoppingSul were excluded. Acronyms: BHS - BH Shopping,

RBS – RibeirãoShopping, BRS – BarraShopping, MBS – MorumbiShopping, PKS – ParkShopping, DMM - DiamondMall, NYCC - New York City Center, SAF - ShoppingAnáliaFranco,
PKB – ParkShoppingBarigüi, PSS - Pátio Savassi. 3
 MULT3
4Q09
Gross Revenue and Rental Revenue Breakdown
Gross Revenue Growth Breakdown Gross Revenue Breakdown
Revenue Analysis 4Q09 vs. 4Q08 (R$’000) 4Q09 (%)

n.a. Real Estate

+1,283%
+46.4% 3.8%
+84.8%
+23.1% 307
+26.2% 6,589 187,264
9,755
Base
3,349 3,525
25,610 Parking 81.3%
16.4% Rental
Revenue
138,129 66.0%
Key money
4.1% Overage
+35.6%
Services 3.9%
Straight Line Merchand.
9.5% 10.0%
4.9%
Gross Rental Services Key Parking Real Others Gross
Revenue Revenue money Estate Revenue
4Q08 4Q09

Gross Revenue Breakdown

(R$’000)

+ 21.3% + 45.1% + 3.8% n.a.

123,533
454 6,000
17,669 1,487

97,923
+ 26.2%

Rent 4Q08 Base Overage Merchand. Straight line Rent 4Q09

Shopping Vila Olímpia, opened in November, 2009 4
 MULT3
4Q09
Key Money, Parking Revenue and G&A
Accrued Key Money Parking Gross Revenue
(R$’000) (R$’000)

+27.1% 26,990
95,332
21,242 +41.2%

67,509

+84.8% +46.4%
7,680 30,771
4,155 21,016

4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009

Deferred Revenue Headquarter Expenses (G&A) and

(R$’000) G&A / Net Revenues
(R$’000)
141,224
138,788 137,099 +11.5%
126,298 88,182
121,479 79,121
131,976
110,183 110,506
+31.1%

96,381 25,946
19,791
81,194

Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 4Q08 4Q09 2008 2009
5
 MULT3
4Q09
Financial Highlights
EBITDA and Margin Core EBITDA and Margin
(R$’000) (R$’000)

+15.7% 327,216
+21.2% 303,721 282,823
250,620

+17.5% +9.3%

94,198 94,561 103,362

80,163
74.7% 70.7% 68.5% 68.1%
64.1% 60.9% 58.1%
55.0%

4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009

Net Income Adjusted Net Income

(R$’000) (R$’000)
+121.5% 171,448 +16.4%
243,525
209,185

-16.0% +41.6%
77,397
83,407
39,217 32,934 58,922

4Q08 4Q09 2008 2009 4Q08 4Q09 2008 2009

6
 MULT3
4Q09
2009 CAPEX - R$ 480 million
Total CAPEX invested on expansions in 2009: R$ 104.9 million

Total CAPEX invested on shopping centers development in 2009: R$ 275.1 million

Total CAPEX invested (including renovations and land acquisition) in 2009: R$ 479.8 million

Greenfield CAPEX Expansion CAPEX

(R$’000) (R$’000)
105,811
95,056

41,054 34,654
33,174 26,058 25,866
18,360

1Q09 2Q09 3Q09 4Q09 1Q09 2Q09 3Q09 4Q09

7
 MULT3
4Q09
Announced Future Growth ¹
Malls and Expansions under Development Planned Investments
GLA (m2) (R$’000)

Malls + Expansions + Renovations Real estate to be sold

Own GLA 3rd Party GLA

533,741 m² 552,865 m² 688,295 m² 688,295 m²

479,831
462,059
17,735 m²
433,288
205,694 m² 8,539 14,349
2,203 m² 37,483

185,756 m² 117,695 m²

16,921 m²
471,292 157,866
482,601 m² 447,710
395,805
347,985 m²
Own GLA: +38.6%
157,866
Total GLA: +28.9%

Malls in operation Expansions under Malls under Total announced 2009 2010 2011 2012
development development

Shopping Centers Under Development

Shoppings Under Development
Multiplan's Share (R$ ‘000)
CAPEX
Project Opening GLA % Mult. CAPEX Key Money NOI 1st year NOI 3rd year IRR
Invested
ParkShoppingSãoCaetano Nov-11 38,889 m² 100.0% 260,000 9% 37,200 35,000 45,800 23.5%
Village Mall May-12 25,653 m² 100.0% 350,000 25% 37,500 36,900 41,300 15.6%
JundiaíShopping Sep-12 35,418 m² 100.0% 240,000 9% 21,600 24,500 31,700 15.8%
Shopping Maceió ² Oct-12 35,470 m² 50.0% 82,000 17% 5,500 7,800 9,800 17.0%
Total 135,430 m² 86.9% 932,000 16% 101,800 104,200 128,600 18.0%
¹Please see disclaimer on page 13.
² Subject to approval. 8
 MULT3
4Q09
Growth Resources
Debt Position and Cash Generation Landbank for over 25 projects
(R$’000)
827,967 Location % Land Area
BarraShoppingSul 100% 12,099 m²
Campo Grande 90% 338,913 m²
461,684 Maceió 50% 140,000 m²
366,283 Jundiaí 100% 4,500 m²
303,721 283,160
MorumbiShopping 100% 21,554 m²
ParkShoppingBarigüi 84% 843 m²
ParkShoppingBarigüi 94% 27,370 m²
Pátio Savassi 81% 1,111 m²
Cash Gross Debt Net Cash EBITDA AFFO RibeirãoShopping 100% 200,970 m²
Position
São Caetano 100% 24,948 m²
Standard & Poor’s raised Multiplan’s credit rating to Shopping AnáliaFranco 36% 29,800 m²
Total 84% 802,108 m²
BB+ (global scale) and brAA (national scale).

Land area located near MorumbiShopping Land area located in Campo Grande 9
 MULT3
4Q09
Operational and Financial Figures

Performance (R$ '000)

Financial (MTE %) 4Q09 4Q08 Chg. % 2009 2008 Chg. %

Gross Revenue 187,264 138,129 ▲35.6% 574,739 452,914 ▲26.9%
Net Revenue 171,114 125,134 ▲36.7% 523,105 411,231 ▲27.2%
Headquarters 25,946 19,791 ▲31.1% 88,182 79,121 ▲11.5%
Rental Revenue 123,533 97,923 ▲26.2% 366,180 295,252 ▲24.0%
Rental Revenue/m² 374 R$/m² 318 R$/m² ▲17.6% 1,173 R$/m² 1,128 R$/m² ▲4.0%
Rental Revenue USD/sq. foot 19.9 US$/sqf 12.6 US$/sqf ▲57.8% 62.6 US$/sqf 44.8 US$/sqf ▲39.6%
EBITDA 94,198 80,163 ▲17.5% 303,721 250,620 ▲21.2%
EBITDA Margin 55.0% 64.1% ▼901 b.p 58.1% 60.9% ▼288 b.p
Core EBITDA 103,362 94,561 ▲9.3% 327,216 282,823 ▲15.7%
Core EBITDA Margin 70.7% 74.7% ▼397 b.p 68.1% 68.5% ▼44 b.p
Net Operating Income (NOI) 125,438 97,968 ▲28.0% 359,127 283,126 ▲26.8%
Net Operating Income/m² 380 R$/m² 318 R$/m² ▲19.4% 1,150 R$/m² 1,081 R$/m² ▲6.4%
Net Operating Income USD/sq. foot 20.3 US$/sqf 12.6 US$/sqf ▲60.2% 61.4 US$/sqf 43.0 US$/sqf ▲42.7%
Net Operating Income Margin 88.8% 89.1% ▼32 b.p 85.3% 85.1% ▲21 b.p
Adjusted Net Income 83,407 58,922 ▲41.6% 243,525 209,185 ▲16.4%
Adjusted FFO 93,730 66,768 ▲40.4% 283,160 240,599 ▲17.7%
Adjusted FFO/m² 284 R$/m² 217 R$/m² ▲30.9% 907 R$/m² 919 R$/m² ▼1.3%

10
 MULT3
4Q09
Operational and Financial Figures

Performance (R$ '000)

Market Performance 4Q09 4Q08 Chg. % 2009 2008 Chg. %

Number of shares 177,699 147,799 ▲20.2% 177,699 147,799 ▲20.2%
Common shares 165,841 119,801 ▲38.4% 165,841 119,801 ▲38.4%
Preferred shares 11,858 27,999 ▼57.6% 11,858 27,999 ▼57.6%
Avg. share price R$ 30.22 R$ 12.71 ▲137.7% R$ 21.59 R$ 17.11 ▲26.2%
Final share price R$ 32.45 R$ 12.31 ▲163.6% R$ 32.45 R$ 12.31 ▲163.6%
Average daily traded volume 14,614 2,276 ▲542.2% 12,544 2,534 ▲394.9%
Dolar (USD) end R$ 1.74 R$ 2.34 ▼25.5% R$ 1.74 R$ 2.34 ▼25.5%
Market Cap 5,766,347 1,819,411 ▲216.9% 5,766,347 1,819,411 ▲216.9%
Gross Debt 461,684 371,542 ▲24.3% 461,684 371,542 ▲24.3%
Cash 827,967 167,585 ▲394.1% 827,967 167,585 ▲394.1%
Net Debt (366,283) 203,957 ▼279.6% (366,283) 203,957 ▼279.6%
EPS R$ 0.96 R$ 0.52 ▲84.2% R$ 0.96 R$ 0.52 ▲84.2%
NOI per Share R$ 2.02 R$ 1.92 ▲5.5% R$ 2.02 R$ 1.92 ▲5.5%
P/AFFO(12M) 20.36 x 7.56 x ▲169.3% 20.36 x 7.56 x ▲169.3%
EV/EBITDA(12M) 17.78 x 8.07 x ▲120.2% 17.78 x 8.07 x ▲120.2%
Net Debt/EBITDA(12M) (1.21) x 0.81 x ▼248.2% (1.21) x 0.81 x ▼248.2%

11
 MULT3
4Q09
Operational and Financial Figures

Performance (R$ '000)

Operational (100%) 4Q09 4Q08 Chg. % 2009 2008 Chg. %

Final Total GLA 533,741 m² 484,373 m² ▲10.2% 533,741 m² 484,373 m² ▲10.2%
Final Own GLA 347,985 m² 330,308 m² ▲5.4% 347,985 m² 330,308 m² ▲5.4%
Adjusted Total GLA (avg.) ¹ 494,769 m² 460,410 m² ▲7.5% 482,201 m² 407,503 m² ▲18.3%
Adjusted Own GLA (avg.) ¹ 330,490 m² 308,096 m² ▲7.3% 312,287 m² 261,845 m² ▲19.3%
Total Sales 2,023,848 1,650,592 ▲22.6% 6,109,019 5,071,404 ▲20.5%
Total Sales/m² 4,090 R$/m² 3,585 R$/m² ▲14.1% 12,669 R$/m² 12,445 R$/m² ▲1.8%
Total Sales USD/sq. foot 218.3 US$/sqf 142.5 US$/sqf ▲53.1% 676.0 US$/sqf 494.7 US$/sqf ▲36.6%
Same Store Sales/m² 4,310 R$/m² 3,895 R$/m² ▲10.6% 14,065 R$/m² 13,119 R$/m² ▲7.2%
Same Area Sales/m² 4,715 R$/m² 4,178 R$/m² ▲12.9% 14,260 R$/m² 13,049 R$/m² ▲9.3%
Same Store Rent/m² 321 R$/m² 302 R$/m² ▲6.5% 1,088 R$/m² 995 R$/m² ▲9.4%
Same Area Rent/m² 361 R$/m² 338 R$/m² ▲7.0% 1,152 R$/m² 1,051 R$/m² ▲9.7%
Occupancy Costs ² 12.0% 12.5% ▼54 b.p 14.6% 13.1% ▲146 b.p
Rent as Sales % 7.8% 8.2% ▼39 b.p 8.1% 8.1% ▲05 b.p
Others as Sales % 4.2% 4.4% ▼15 b.p 6.5% 5.0% ▲141 b.p
Turnover ² 1.4% 2.5% ▼102 b.p 6.6% 5.3% ▲123 b.p
Occupancy Rate ² 99.1% 98.1% ▲98 b.p 98.7% 98.2% ▲57 b.p
Delinquency (29 days delay) 0.6% 3.7% ▼317 b.p 2.7% 3.6% ▼94 b.p
Rent Loss 1.5% 0.6% ▲91 b.p 0.9% 0.9% ▲02 b.p
1 Adjusted GLA is the average GLA of the period excluding 14 thousand m² of BIG supermarket at BarraShoppingSul.
2 Occupancy rate does not include Shopping Vila Olímpia, Shopping SantaÚrsula and BarraShoppingSul.

12
 MULT3
4Q09
IR Contact
Armando d’Almeida Neto
CFO and Investors Relation Director
Rodrigo Krause
Investor Relations Superintendent

Leonardo Oliveira
Investor Relations Senior Analyst
Franco Carrion
Investor Relations Analyst
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
Disclaimer
This document may contain prospective statements. which are subject to risks and uncertainties. as they were based on expectations of the Company’s management and
on available information. These prospects include statements concerning our management’s current intentions or expectations.
Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this document. 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 affirmations.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and competitive positioning
may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values that can establish these results are outside the
company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above.