35 Years: Earnings Release

35 YEARS
MULTIPLYING THE BEST THINGS IN LIFE.
Investor Relations
Earnings Release 4Q10
Armando d’Almeida Neto Conference Call
CFO and IRO
English
Rodrigo Krause dos Santos Rocha March15th, 2011
Superintendent of IR 11:30 (New York)
12:30 pm (Brasília)
Leonardo Oliveira Tel.: +1 (888) 700-0802 (US)
Senior IR Analyst +1 (786) 924-6977 (other countries)
+55 (11) 4688-6361 (Brazil)
Franco Carrion Code: Multiplan
IR Analyst Replay: On the website
www.multiplan.com.br/ir
Diana Litewski
IR Analyst Portuguese
March 15th, 2011
Hans Melchers 10:00 (New York)
Planning Manager 11:00 (Brasília)
Tel.: +55 (11) 4688-6361
ri@multiplan.com.br Code: Multiplan
Tel: +55 (21) 3031-5224 Replay: On the website
Fax: +55 (21) 3031-5322 www.multiplan.com.br/ri
Multiplan‟s Net Operating Income (NOI) increases 18.2% to
R$425 million and Net Income reaches R$218 million in 2010
th
Rio de Janeiro, March 14 , 2011 – Multiplan Empreendimentos Imobiliários S.A. (BM&F Bovespa: MULT3), announces
its fourth quarter and year-end 2010 results. The following financial and operational data have been prepared and are
being presented in accordance with accounting practices adopted in Brazil, and of the consolidated financial statements in
accordance with International Financial Reporting Standards (IFRS) applicable to real estate development entities in Brazil
and, as approved by the Brazilian Accounting Pronouncements Committee (CPC), by the Brazilian Securities Commission
(CVM) and by the National Association of State Boards of Accountancy (CFC).
Highlights (R$'000)
Owned GLA growth of 66% until 2013 65% leased stores

considering only projects already announced in the four malls under leasing phase
90% ParkShopping SãoCaetano
83.0%
617,111 m² 617,111 m² Village Mall
80% 78.0%
543,711 m² Shopping Jundiaí
73,400 m² 90,230 m² 70% ParkShopping CampoGrande
16,830 m²
410,647 m² 64.8%
stores
116,234 m² 60%
LeasedStores
155,285 m²
371,596 m²
39,051 m² 50%
Leased 44.0%
Owned GLA growth: +66.1% 40%
Of f ices f or rent under development
371,596 m² 371,596 m² 30%
Malls under development
Malls in operation 20%
10%
2010 2011E 2012E 2013E Total announced
(2013E) 0%
4Q09 1Q10 2Q10 3Q10 4Q10
R$87 million in signed key money Sales in Multiplan malls rise 22%
contracts in 2010 resulting from successful leasing boosted by SAS growth of 14.6% in 2010
34,530 CAGR: +20.8% +22.4%

New projects f or lease expenses R$7.5 Bi.
Signed key money R$6.1 Bi.

R$5.1 Bi.
19,584
R$4.2 Bi.
16,940
15,944
13,145
10,685
8,882
6,362
1Q10 2Q10 3Q10 4Q10 2007 2008 2009 2010
Gross revenue increases 24% Net Operating Income (NOI) grows 18%
helped by strong real estate development and margin expands to 86.6% in 2010
CAGR: +23.8% +24.0% 662,624 CAGR: +26.1% +18.2%

424,839
534,368 359,361
422,994 283,126
349,622
212,076
2007 2008 2009 2010 2007 2008 2009 2010

Change 4Q10/4Q09 Change 2010/2009
Shopping Shopping
Rental Adjusted Adjusted Rental Adjusted Adjusted
Center EBITDA Center EBITDA
Revenue NOI Net Income Revenue NOI Net Income
Sales Sales
▲20.1% ▲17.5% ▲16.9% ▲17.5% ▲13.4% ▲22.4% ▲15.5% ▲18.8% ▲15.2% ▲36.6%
Leasing success: investments in marketing have paid Projects delivered: Three expansions at Pátio Savassi,
off by increasing interest in the leasing of stores, which BH Shopping and ParkShoppingBarigüi were delivered in
reached 64.6% of the available stores for lease. 2010, adding 18,625 m² of GLA to the portfolio and a
potential NOI of R$19.2 million in 2011.
Projects under construction: Two office towers for
sale and one for lease are already under construction and Minority interest increase: Multiplan acquired a 25%
another two office tower project recently announced should interest in Shopping Santa Úrsula, in the city of Ribeirão
start construction in 1Q11. Multiplan has also began Preto. The purchase increased Multiplan‟s interest from
building four of its five recently announced shopping centers 37.5% to 62.5% in the property.
and a fifth one should start in the next few months. The
projects currently under development will demand a total
CAPEX of R$1.3 billion (2011 – 2013).
Sales in Multiplan shopping centers reached R$7.5 Headquarter Expenses (G&A) in 2010 increased a
billion in 2010, another double digit increase on top of a modest 5.6%, slightly below the year‟s inflation of 5.9% as
strong base, growing 22.4% YoY. Sales in the last ten years measured by IPCA, reducing its G&A/Net Revenues ratio
recorded a 17.6% compounded annual growth rate (CAGR). from 18.3% in 2009, to 15.4% in 2010. In 4Q10, G&A
Same Store Sales (SSS) increased 12.4% (2010/2009) and decreased 11.5% to R$23.0 million, and the G&A/Net
12.6% (4Q10/4Q09). Same Area Sales (SAS) grew 14.6% revenues ratio from 16.4% in 4Q09 to 12.9% in 4Q10.
in the year and 13.8% in the quarter, consistently reflecting
EBITDA recorded R$350.2 million in 2010, a growth of
the successful change in tenant mix.
15.2% against 2009, with a margin of 57.9%. EBITDA in
Net Revenue reached R$604.4 million in 2010, 25.2% the 4Q10 totaled R$111.0 million. EBITDA margin went up
higher than in 2009. In the 4Q10, net revenue increased 2.5 p.p to 62.2% when compared to the margin for 4Q09,
12.8% to R$178.4 million. The result was mostly led by explained mainly by the significant reduction in headquarter
rental, key money and real estate (for sale) revenues, expenses in the quarter, both in absolute terms and as a
bringing an extra R$113.7 million in 2010. Growth in rental percentage of Net Revenue.
revenue was driven by a combination of new areas, real
The Adjusted Net Income increased 36.6% in 2010, to
organic growth, and higher IGP-DI adjustment effect
R$323.5 million, and 13.4% in 4Q10, to R$93.1 million.
specifically in the 4Q10. In this context, Same Store Rent
Adjusted Funds from Operations (AFFO) grew 35.1%,
grew 6.9% in 2010.
reaching R$368.2 million in 2010, and 15.7% in 4Q10, to
Net Operating Income (NOI) reached R$424.8 million R$106.0 million.
in 2010, 18.2% higher than in 2009, impacted by a strong
Dividends to be submitted to Shareholders‟ Meeting
revenue growth and a minor increase on the expenses side.
totals to R$102.9 million, equivalent to 50.0% of the net
Excluding the straight line effect, NOI reached R$419.7
income of Multiplan Empreendimentos Imobiliários S.A. in
million in 2010, 18.8% higher than in 2009, and R$139.9
2010, after the deduction of legal reserves.
million in 4Q10, 16.9% higher when compared to 4Q09.
Recent Events
Office towers for lease: Multiplan has launched a new project with two new commercial towers for lease in the city of São
2
Paulo with a total GLA of 73.4 thousand m , CAPEX of R$444.1 million and expected delivery in the end of 2013.
nd
New stock buyback program: The Company approved on February 22 , 2011, its third stock buyback program, maintaining
rd
similar terms and conditions of the former program. The term for the stock buyback is of 365 days, effective February 23 ,
2011.
Sales in Multiplan shopping centers continued to present a strong growth in January and February 2011, of 13.5% and
17.9% compared to 2010, respectively.
4Q10
MULT3
Letter from the CEO
Dear investors,
The year that just ended was full of accomplishments and a significant part of it resulted from the strong domestic demand and
to our capacity to meet it. This is possible because of our entrepreneurial spirit that makes us continuously develop our
properties, and due to the level of quality that characterizes our Company. An example of this are the sales of tenants in our
thirteen malls that, together, reached R$7.5 billion in 2010, a growth of 22.4% compared to 2009. It is important to notice that all
our properties delivered double digit sales growth on top of the previous year.
Among the excellent results obtained in 2010, we highlight the net income of R$218 million that increased 23%, along with the
15% increase in EBITDA which totaled R$350 million. These numbers show the financial solidness of the company and signal
that our success is the result of work well done. The secret of success is to do it well done. This is the philosophy that has
guided Multiplan throughout its existence.
Faced with a solid economic activity, Multiplan ended 2010 with an important number of projects under development and is
living a unique moment in its existence. All things considered, there are five shopping centers under development: two in the
state of São Paulo, two in the city of Rio de Janeiro and one in Maceió, state of Alagoas. We are also building four commercial
buildings in the areas surrounding our shopping centers, in the cities of Porto Alegre, Ribeirão Preto, Brasília and São Paulo.
Still in February 2011, we had the opportunity to announce our fifth commercial building - being the third for lease - Morumbi
Corporate. It will have two office towers across from MorumbiShopping, in São Paulo. With these projects we strengthen even
more our strategy of mixed-use complexes.
Also noteworthy were the delivery of three expansions in the second half of 2010, in BH Shopping and Pátio Savassi, in Belo
Horizonte, and ParkShoppingBarigüi, in Curitiba. These new areas are already contributing for the growth in sales and to the
development of the economies of the cities in which they are located. As service providers to society and making consumers
dreams come true, we are permanently innovating and investing in the best available for our developments.
To strengthen Multiplan´s growth in its assets, other important steps were taken such as the 25% stake increase, in 2010, in
Shopping Santa Úrsula, in Ribeirão Preto (SP), increased from 37.5% to 62.5%. We also increased our stake in Pátio Savassi,
from 80.9% to 96.5%. With this acquisition Multiplan expanded its owned GLA to 371.6 thousand m², increasing to 67.3% its
average interest in its shopping center portfolio.
We couldn´t not mention the implementation of the integrated data platform, SAP, connecting all our shopping centers, the
offspring of work started in 2008. The system is an important management tool that will provide more flexibility, speed and
quality in the access and in managing our operational data.
With its activities based on the long term vision, Multiplan has also invested in the strengthening of its management oriented
towards sustainable growth. In this sense, we have strived to reach out to society and provided support for demands of
communities by means of social and corporate responsibility such as funding cultural events, educational projects, campaigns
among other social initiatives.
We are optimistic with regards to the potential of retail sales in Brazil and the macroeconomic fundamentals that continue to
strengthen the confidence in a prosperous future. We intend to continue to invest and contribute to the growth of the country by
generating new jobs and by creating new spaces for the expansion of commerce and services.
For all the excellent results achieved in 2010 and throughout our solid trajectory we thank our colleagues for their commitment
and dedication as well as our shareholders and customers for their trust and confidence in our business.
Thank you all.
José Isaac Peres
Chairman & CEO
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4Q10
MULT3
Overview
Multiplan Empreendimentos Imobiliários S.A is the leading shopping center Company in Brazil in terms of revenues. Established
as a full service Company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios, 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 2010, Multiplan owned - with
an average interest of 67.3% - and managed 13 shopping centers with a total GLA of 551,830 m², 3,600 stores and an
estimated annual traffic of 159 million consumers.
Table of Contents
01. Consolidated Financial Statements ............................................................................................. 5
02. New Accounting Principles .......................................................................................................... 6
03. Project Development.................................................................................................................... 8
04. Operational Indicators ................................................................................................................ 16
05. Gross Revenues ........................................................................................................................ 19
06. Results From the Shopping Center Ownership .......................................................................... 20
07. Results From the Shopping Center Management ...................................................................... 25
08. Results From the Shopping Center Development ...................................................................... 26
09. Results From the Real Estate – Commercial Towers ................................................................ 28
10. Financial Results ....................................................................................................................... 29
11. Portfolio...................................................................................................................................... 34
12. Ownership Structure .................................................................................................................. 35
13. Stock Market .............................................................................................................................. 36
14. Appendices ................................................................................................................................ 38
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4Q10
MULT3
1. Consolidated Financial Statements
(R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %

Rental revenue 138,075 117,533 ▲17.5% 416,114 360,180 ▲15.5%
Services revenue 18,793 17,870 ▲5.2% 72,926 73,372 ▼0.6%
Key money revenue 9,328 7,680 ▲21.5% 35,241 26,990 ▲30.6%
Parking revenue 21,179 17,752 ▲19.3% 69,504 54,959 ▲26.5%
Real estate revenue 26,453 7,102 ▲272.5% 61,428 11,869 ▲417.5%
Straight line effect (18,658) 6,000 n.a. 5,104 6,000 ▼14.9%
Other revenues 167 308 ▼45.8% 2,307 998 ▲131.2%
Gross Revenue 195,337 174,245 ▲12.1% 662,624 534,368 ▲24.0%
Taxes and contributions on sales and
(16,949) (16,148) ▲5.0% (58,249) (51,634) ▲12.8%
services
Net Revenue 178,388 158,097 ▲12.8% 604,375 482,734 ▲25.2%
Headquarters expenses (22,962) (25,945) ▼11.5% (93,098) (88,182) ▲5.6%
Stock-option-based remuneration
(1,749) (1,047) ▲67.0% (5,675) (3,415) ▲66.2%
expenses
Shopping centers expenses (19,313) (15,612) ▲23.7% (65,883) (61,778) ▲6.6%
New projects for lease expenses (8,882) (11,445) ▼22.4% (39,074) (18,187) ▲114.8%
New projects for sale expenses (2,796) (770) ▲263.1% (4,362) (1,085) ▲302.0%
Cost of properties sold (12,498) (4,527) ▲176.1% (32,295) (8,539) ▲278.2%
Equity pickup (337) (4,576) ▼92.6% (3,511) (20,031) ▼82.5%
Other operating income/expenses 1,119 258 ▲333.7% (10,282) 22,438 n.a.
EBITDA 110,970 94,433 ▲17.5% 350,195 303,955 ▲15.2%
Financial revenue 22,214 19,964 ▲11.3% 89,122 36,274 ▲145.7%
Financial expenses (13,600) (11,183) ▲21.6% (45,579) (41,388) ▲10.1%
Depreciation and amortization (12,862) (9,549) ▲34.7% (44,613) (35,753) ▲24.8%
Earnings Before Taxes 106,722 93,665 ▲13.9% 349,125 263,088 ▲32.7%
Income tax and social contribution (10,382) (11,982) ▼13.5% (14,972) (26,284) ▼43.0%
Deferred income and social contribution
(20,746) (50,815) ▼59.2% (105,155) (73,476) ▲43.1%
taxes
Minority interest (3,246) 377 n.a. (10,615) 11 n.a.
Net Income 72,348 31,245 ▲131.5% 218,383 163,339 ▲33.7%
(R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %

EBITDA 110,970 94,433 ▲17.5% 350,195 303,955 ▲15.2%
EBITDA margin 62.2% 59.7% ▲248 b.p 57.9% 63.0% ▼502 b.p
Adjusted Net Income 93,094 82,060 ▲13.4% 323,538 236,815 ▲36.6%
Adjusted Net Income margin 52.2% 51.9% ▲28 b.p 53.5% 49.1% ▲448 b.p
Adjusted FFO 105,956 91,609 ▲15.7% 368,151 272,568 ▲35.1%
Adjusted FFO margin 59.4% 57.9% ▲145 b.p 60.9% 56.5% ▲445 b.p
NOI - net of straight line effect 139,941 119,673 ▲16.9% 419,735 353,361 ▲18.8%
NOI - net of straight line effect margin 87.9% 88.5% ▼59 b.p 86.4% 85.1% ▲131 b.p
NOI - with straight line effect 121,283 125,673 ▼3.5% 424,839 359,361 ▲18.2%
NOI - with straight line effect margin 86.3% 88.9% ▼269 b.p 86.6% 85.3% ▲124 b.p
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4Q10
MULT3
2. New Accounting Principles
First-time adoption of all CPC technical pronouncements
In all previous periods, including 2009, the Company prepared its financial statements in accordance with accounting practices
adopted in Brazil (BRGAAP). Financial statements for 2010 are the first ones prepared in accordance with all the CPC
st
pronouncements. For these financial statements, the beginning balance considered was that of January 1 , 2009, the transition
date to the CPCs. Below is a description of the main reclassifications and adjustments made in accordance with the new
accounting pronouncements affecting Company‟s financial statements:
OCPC 04 - Real Estate for Sale Construction Contracts
OCPC 04 addresses, among other things, the accounting of revenue and the associated costs of entities that carry out the
development and/or construction of real estate properties for sale directly or through subcontractors. The Company follows the
accounting practice of recognizing revenue and related costs of real estate development operations based on the percentage of
completion method. Under OCPC 04, a real estate construction contract may fall within the scope of CPC 17 (Construction
Contracts) or CPC 30 (Revenue).
If the contract falls within the scope of CPC 17, income (loss) will be recognized according to the progress of the work.
Assuming the contract falls within CPC 30, the discussion shifts to the transfer of control, significant risks and rewards in a
continuous manner or in a single event (“Delivery of the Keys”). If the transfer is continuous, income (loss) should be recognized
as the work progresses. Otherwise, such recognition will occur only upon delivery of the keys.
The Company conducted a thorough analysis of its contracts and identified that the control, risks and rewards are transferred as
the work progresses. Thus, the result of its real estate for sale activity is recognized under the percentage-of-completion (POC)
method.
CPC 23 - Accounting Policies, Changes in Accounting Estimates and Errors
The Company (i) fully wrote-off the deferred charges balance in January 1, 2009, with consequent impact of the reversal of the
related amortization expenses in 2010 and 2009, net of deferred taxes impacts (previously, the Company opted to keep the
deferred charges capitalized until December 31, 2008 as permitted by the Brazilian Corporate Law – Law No. 11.941/09); and
(ii) reversed the discretionary dividends liability at December 31, 2008 classifying them as a separate reserve in equity.
CPC 26 - Presentation of Financial Statements
The Company reclassified its (i) deferred non-current tax asset balances, and (ii) minority shareholders interest under equity as
non-controllers‟ interest.
ICPC 08 - Accounting for Proposed Dividend Distribution
This interpretation sets out that the dividends statement, exceeding the mandatory minimum, after the accounting period
referred to by the financial statements shall not be recognized as liability, since they do not meet the obligation criteria at
financial statements date, as defined by Technical Pronouncement CPC 25 - Provisions, Contingent Liabilities and Contingent
Assets.
CPC 28 - Investment Properties
CPC 28 addresses the procedures applicable to the recognition, measurement and disclosure of properties considered as
Investment Properties.
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4Q10
MULT3
Shopping centers in operation, shopping center projects, expansions and office buildings for lease are classified as Investment
Properties, and thus are measured either (i) at fair value, with changes to fair value affecting profit and losses; alternatively, (ii)
at cost, with the disclosure of their respective fair values. The Company adopted the second option, maintaining the assets at
cost value and disclosing their fair value, without any financial impact on Company financial statements. All headquarters assets
were kept in fixed assets as property and equipment.
Multiplan valued internally its Investment Properties and determined their fair value based on the Discounted Cash Flow (DCF)
method. The Company calculated the present value of the future cash flows using a discount rate based on the CAPM (Capital
Asset Pricing Model). Risk and return assumptions were considered based on (i) studies conducted by “Aswath Damodaran”
(Professor at NYU), (ii) the stock market performance of Brazilian publicly traded shopping center companies (Adjusted Beta), in
addition to (iii) macroeconomic perspectives (Brazilian Central Bank Focus Report), and (iv) data on the risk premium of the
domestic market (sovereign risk premium). Based on these assumptions, the Company estimated a nominal unleveraged
discount rate of 13.0% for December 31, 2010 and 13.4% for December 31, 2009.
Shareholders‟ cost of capital 2010 2009
Risk free rate 3.7% 3.7%

Market risk premium 5.7% 5.6%
Adjusted beta 0.72 0.69
Sovereign risk 202 304
Shareholders‟ cost of capital - US$ nominal 9.8% 10.6%
Inflation assumptions
Inflation (Brazil) 5.3% 4.5%
Inflation (USA) 2.3% 1.9%
Shareholders‟ cost of capital – BRL nominal 13.0% 13.4%
The consolidated future cash flow was estimated based on the individual cash flows of shopping centers and office towers,
including the (i) Net Operating Income (NOI), (ii) Recurring Key Money (based only on “mix” turnover, and considering key
money from projects under development), (iii) Revenue from Services (given the Company‟s control position in its properties),
(iv) Taxes on Revenues and (v) investments in revitalization and constructions in progress. Perpetuity was calculated
considering a real growth rate of 2.0% for shopping centers and of 0% for office towers.
The Company classified its investment properties in accordance with their status and used a higher discount rate for projects
that are not in operation. The nominal discount rate of projects under development for lease, whether announced or not
(composed only by expansions in 2010), was increased by 100 basis points, reaching 14.0% in 2010 and 14.4% in 2009. The
table below describes the value calculated for each category of property and presents the value of assets according to the
Company‟s interest and total ownership (100%):
2010 2009
Valuation of investment properties Company 100% Company 100%
Shopping malls in operation R$ 9,690 M R$ 15,047 M R$ 6,931 M R$ 11,033 M

Projects under development (announced) R$ 1,836 M R$ 1,951 M R$ 947 M R$ 1,036 M
Projects under development (not announced) R$ 760 M R$ 858 M R$ 660 M R$ 681 M
Total R$ 12,286 M R$ 17,856 M R$ 8,538 M R$ 12,750 M
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4Q10
MULT3
3. Project Development
2010: New projects, strong Capex, successful leasing, consistent leadership
Multiplan ended 2010 with nine projects under development, and if the announcement of the new commercial real estate project
in São Paulo in February 2011 is included, the Company has currently ten projects underway: five shopping center greenfields
and five office tower projects, of which three will be for lease.
One office tower and one shopping center are expected to be delivered in 2011. One year later, four shopping centers and three
office towers are to be inaugurated. The remaining office tower project is expected to be delivered in 2013. The total estimated
CAPEX between 2011 and 2013, not including project expenses, is of R$1.3 billion and the current owned GLA should increase
by 66.1%, reaching 617.1 thousand m² by 2013, in addition to projects to be announced.
Expected owned GLA growth (2010 – 2013)
617,111 m² 617,111 m²
543,711 m² 73,400 m² 90,230 m²

16,830 m²
+1 Office tower project
116,234 m²
410,647 m² 155,285 m²
371,596 m²
39,051 m² +4 Shopping centers
+2 Office tower project
+1 Shopping center
371,596 m² 371,596 m²
Owned GLA growth: +66.1%
2010 2011E 2012E 2013E Total announced (2013E)
Malls in operation Malls under development Of f ices f or rent under development
728.5 M
180.3 M 536.2 M
CAPEX (R$´000) 4Q10 2010 2011E 2012E 2013E
0.8 M
Mall Development 40,566 124,361 526,618 354,854 - 442.4 M
Mall Expansion 25,046 107,017 805 - - 18.5 M 181.4 M
107.0 M
Office for Lease 4,684 18,467 180,303 181,364 71,077
526.6 M
Renovation & Others 23,698 91,525 20,818 n.a. n.a. 124.4 M
354.9 M
Acquisitions 45,020 101,007 n.a. n.a. n.a. 101.0 M 71.1 M
Subtotal 139,014 442,377 728,544 536,217 71,077 91.5 M 71.1 M
20.8 M
Asset reclassification* 106,547 106,508 - - -
2010 2011E 2012E 2013E
Total 245,560 548,885 728,544 536,217 71,077 Renovation & Others Acquisitions
* Lands and construction permit costs for the surroundings of MorumbiShopping were Mall Development Mall Expansion
reclassified from 'Land and properties held for sale' to „Investment Properties'. Office for Lease
Capex Breakdown (2010 – 2013) Announced investment (2010 – 2013)

Does not Include projects expenses Does not include projects expenses and asset reclassification
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4Q10
MULT3
Solid growth, positive outlook
The chart below plots sales (weighted by Multiplan‟s interest), rental revenue, average owned GLA, IGP-DI inflation index and
national retail sales index, in order to analyze the Company‟s performance. It is important to highlight that rental revenue
reached 721 bps (Base = 2001) in 2010, while sales growth outperformed this mark, by reaching 957 bps in the same period.
This gap partially explains the healthy environment Multiplan malls operate in, also confirmed by the all-time low delinquency
registered in Multiplan‟s malls (for more information please see page 18). Considering projects already announced, Multiplan‟s
average owned GLA should see strong expansion in the following years, as depicted in the chart below.
Weighted Sales (% Multiplan)

957
Rental Revenues
721 690
Average Owned GLA
390 Average Owned GLA under

Development
207 IGP-DI Index

163
National Retail Sales
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E
Historical Analysis (Base 100 = 2001)
3.1 Shopping Center Greenfields
Five greenfields ready to be delivered in two years
Multiplan launched five new shopping centers of which four are already under construction and the last one should start shortly.
The ParkShoppingSãoCaetano, JundiaíShopping (both in the state of São Paulo), VillageMall and ParkShopping Campo
Grande (both in the city of Rio de Janeiro) projects are all under construction and moving forward to be delivered as scheduled.
The project in the northeast of Brazil, Shopping Maceió (state of Alagoas) is due to begin construction works in the next few
months. The first four malls are currently under leasing phase and have already reached a high percentage (65%) of signed
aetano lease contracts, confirming the success of these projects.

2
These five projects should add 177.4 thousand m of GLA and are expected to generate a first and third year NOI of R$127.7
million and R$163.2 million respectively. Key money generated by these malls is expected to reach the R$150.1 million mark.
1 2 3 4 5
Shopping centers under construction/Approval Multiplan‟s Share (R$‟ 000)

GLA CAPEX Key NOI 1st NOI 3rd
Project Opening % Mult. CAPEX¹
(100%) Invested Money year year
1 ParkShoppingSãoCaetano Nov/11 39,051 m² 100.0% 250,325 43% 33,095 34,323 46,158
LUSTRATION 2 JundiaíShopping Oct/12 34,927 m² 100.0% 272,049 22% 25,356 27,401 34,145
3 VillageMall Nov/12 25,581 m² 100.0% 410,000 35% 39,204 39,117 44,975
4 ParkShopping Campo Grande ² Nov/12 41,991 m² 100.0% 215,469 8% 43,226 19,710 27,586
5 Shopping Maceió Dec/12 35,868 m² 50.0% 90,994 5% 9,257 7,119 10,293
Total 177,419 m² 89.9% 1,238,837 27% 150,138 127,671 163,157
¹ Considers only the first phase of the project. Includes new projects expenses.
² Multiplan will have 90% of the Net Operating Income after opening.
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4Q10
MULT3
High investment, record leasing!

90% ParkShopping SãoCaetano
83.0%
The percentage of leased stores Village Mall
Leased 80%
To be 78.0%
evolved rapidly in the last quarters, stores Shopping Jundiaí
leased
65% 70% ParkShopping CampoGrande
reaching an average of 65% for the 35%
64.8%
stores
60%
LeasedStores
four projects being leased (523 out
50% 44.0%
of 809 stores), as of February,
Leased
40%
2011. Leasing evolution
(As of February 2011) 30%
The successful leasing effort comes as a consequence of the 20%
positive retail expansion in Brazil, associated to Multiplan‟s 10%
strong name recognition as a shopping center developer and 0%
manager, and the effective marketing campaign of each 4Q09 1Q10 2Q10 3Q10 4Q10
Leasing evolution
project. (Updated on February 2011)
Tenant mix is king!
Quality is more important than speed when the issue is leasing. Because Multiplan‟s malls are built to last and to produce the
highest returns possible, the effort to attract the best tenants for the planned tenant mix is extremely important. The combination
of marketing and brand awareness campaigns in 2010 led to the expected results in attracting suiatble tenants‟ interest towards
the projects, and mitigating new development risks in its initial phase.
34,530
New projects f or lease expenses
Signed key money
19,584
16,940
15,944
13,145
10,685
8,882
6,362
1Q10 2Q10 3Q10 4Q10
Marketing campaigns for the four projects currently under the leasing phase New projects for lease expenses vs. signed key money
New projects for lease expenses of R$39 million generated R$87 million in key money
In 2010, the company had expenses of R$39.1 million with new projects for lease, which led to the signing of R$87.0 million in
key money contracts. Record high, 4Q10 signed key money contracts amounted R$34.5 million, counterbalancing almost all
(88.4%) of the expenses of new projects for lease for the full year.
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4Q10
MULT3
3.1.1 Project descriptions
ParkShoppingSãoCaetano
Status: Under construction
ParkShoppingSãoCaetano had over 80% of its stores leased in less than 70% of the time between its announcement and the
expected opening. The construction started in March 2010 and is following the planned schedule, having already recorded
42.2% of its estimated project costs. The mall is expected to be delivered in November 2011.
Time between launching

64.3%
and delivery *
Leased Stores * 83.0%
CAPEX Invested
43.1%
(Total CAPEX) **
Project Costs
42.2%
(Capitalized CAPEX) **
Development Expenses
65.0%
(Expensed CAPEX) **
Construction Works Leasing Rhythm and CAPEX Invested

(Reference: *as of February 2011; ** as of December 2010)
JundiaíShopping
Located in the city of Jundiaí, distant 60 km from São Paulo, its construction started in October 2010 and the mall is expected to
open in October 2012. The project showed a quick leasing rhythm, with 64.8% of its stores leased in 40.1% of the launching-to-
delivery period. The Company has already disbursed 20.4% of its cost, which is being recorded as „investment properties‟, and
65.5% of its project expenses, which were already recorded in the income statement.

40.1%
and delivery *
CAPEX Invested
22.0%
(Total CAPEX) **
Project Costs
20.4%
65.5%
(Expensed CAPEX) **

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4Q10
MULT3
VillageMall
As a result of the increasing demand for stores in the VillageMall project, and in line with Company‟s high expectation for it,
changes were made to the project. The objective is to bring to future tenants and customers an improved shopping center
infrastructure and convenience with the construction of an additional underground VIP parking that will add approximately 440
parking slots to the mall, with a total of 1,770 slots.
Multiplan plans to invest an additional R$40.5 million for this 33% increase in the parking area. The company estimates a total
investment of R$410.0 million in the project. This amount has already been adjusted to the inflation in the period.
The variation in CAPEX should not have a significant impact in the project‟s expected return, as a result of the additional income
from the parking expansion and the new lease contracts signed in 4Q10. These changes increased the estimated 3rd year NOI
in 8.1%, resulting in an estimated 12.0% NOI Yield for the same year.
Launched in February 2010, construction works started in October of the same year. As of February 2011, the project reached
78% of stores leased. The shopping center has already invested 76.1% of its expected project expenses during the leasing
phase, mainly with marketing efforts to boost its initial leasing rhythm. VillageMall is expected to open in November 2012.

37.9%
and delivery *
CAPEX Invested
35.2%
(Total CAPEX) **
Project Costs
32.8%
76.1%
(Expensed CAPEX) **

ParkShopping Campo Grande
Announced in September 2010, the project starts its construction works in March 2011. With 44% of its 276 stores already
leased within five months, ParkShopping Campo Grande is expected to open in November 2012.

19.8%
and delivery *
CAPEX Invested
8.0%
(Total CAPEX) **
Project Costs
5.8%
58.5%
(Expensed CAPEX) **
Project Illustration Leasing Rhythm and CAPEX Invested

12
4Q10
MULT3
3.2 Office Towers Development
Office towers for lease and for sale: one new project announced, one about to be delivered
As part of its strategy, Multiplan buys land for its shopping center developments seeking to develop additional projects such as
commercial and residential buildings in its surroundings. These projects are normally for sale and take advantage of the
appreciation of the region as the shopping center develops and matures. More recently, due to important changes in the market,
Multiplan has identified new opportunities to develop projects for leasing in some selected largest Brazilian cities, particularly for
corporate office buildings. These niche markets are located primarily in the cities of São Paulo, Rio de Janeiro and Brasília.
3.2.1 Office Towers for sale
Multiplan has two office towers for sale under construction, Commercial Real Estate for Sale
one with 93% of the units sold, Cristal Tower, in Porto Project Opening Interest Area PSV *
(R$‟000)
Alegre, and the other one with 100% of its units sold,
Cristal Tower May-11 100% 11,915 m² 70,000
Centro Profissional RibeirãoShopping, in Ribeirão Preto. Centro Profissional RBS Dec-12 100% 12,563 m² 75,040
Total 100.0% 24,478 m² 145,040
* Potential sales value
Centro Profissional RibeirãoShopping

Cristal Tower, in Porto Alegre
Illustration (top) and construction site (bottom)
Illustration (top) and construction site
(bottom)
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4Q10
MULT3
3.2.2 Office Towers for lease
There are three other projects – in Brasília and in São Paulo – Commercial Real Estate for Lease
for lease: one tower across from MorumbiShopping, Morumbi Project Opening Interest GLA CAPEX
Business Center, two other commercial towers at the opposite (R$‟000)
side of the same mall, Morumbi Corporate, and two at Morumbi Business Center Jan-12 100% 10,150 m² 74,000
ParkShopping Corporate Nov-12 50% 13,360 m² 39,800
ParkShopping, ParkShopping Corporate, in the capital city of
Morumbi Corporate Sep-13 100% 73,400 m² 444,132
Brazil, Brasília. Total 93.1% 96,910 m² 557,932
While Morumbi Corporate was just launched, Morumbi Business Center is already on the fourth level of its construction, and
should be ready to be delivered in less than a year.
Morumbi Business Center illustration Morumbi Corporate illustration
Morumbi Business Center – ParkShopping Corporate illustration

Construction site
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4Q10
MULT3
3.3 Shopping Center Expansions
Three expansions delivered – more to come

2
The fourth quarter also saw the delivery of three expansions with a total GLA added of 18.6 thousand m . The largest of the
2
three was at BH Shopping, in Belo Horizonte. With a total GLA of 10,707 m , a whole new fourth floor was added to the
2
shopping center. The second largest expansion inaugurated was at ParkShoppingBarigüi, in Curitiba, with 6,883 m in new
GLA. Finally, Pátio Savassi, also in Belo Horizonte, a shopping center in which Multiplan recently increased its stake to 96.5%,
2
delivered its first expansion since its acquisition, a third floor with 935 m .
The company expects R$19.2 million NOI (Multiplan‟s share) from its recently inaugurated expansions in its first year of
operation (2011). Multiplan will continue to use the expansions of its existing malls as an important strategy not only to increase
GLA but also to further improve returns.
Expansions delivered in 2010 (from left to right): at BH Shopping, ParkShoppingBarigüi and Pátio Savassi.
3.4 Land Bank
Fueling future growth with over 500,000 m² of land
Multiplan is known for developing mixed-use projects that integrate shopping centers with office and residential developments.
Acquiring land located near the malls is an important strategy for the company and should be considered when estimating its
future growth. The areas listed in the table below (510 thousand m²) have been in Multiplan‟s land bank for different periods of
time, and should be used for future projects. Please note that the land related to the ten projects under development by the
company (five malls and five office tower projects including recently announced Morumbi Corporate) have been excluded from
the list below.
Location % Type Land Area

BarraShoppingSul 100% Residential, Hotel 12,099 m²
Campo Grande 90% Residential, Office/Retail 71,480 m²
Maceió 50% Residential, Office/Retail, Hotel 140,000 m²
Jundiaí 100% Office/Retail 4,500 m²
ParkShoppingBarigüi 84% Apart-Hotel 843 m²
ParkShoppingBarigüi 94% Office/Retail 27,370 m²
Pátio Savassi 96% Retail 2,606 m²
RibeirãoShopping 100% Residential, Office/Retail, Medical Center 195,875 m²
São Caetano 100% Office/Retail 24,948 m²
Shopping AnáliaFranco 36% Residential 29,800 m²
Total 81% 509.521 m²
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4Q10
MULT3
4. Operational Indicators
4.1 Tenants‟ Sales
2010 Sales recorded by tenants in Multiplan shopping centers presented the highest increase in the last six years: 22.4%
Retail in Brazil grew strong in 2010, up 10.9% when compared with 2009. This increase, according to IBGE, was positively
impacted by the growth in purchasing power, improved consumer credit conditions and the lowest unemployment rate recorded
in the country since the historical data series was created in 2002.
Tenants at Multiplan malls had the highest annual sales growth in the last six years, 22.4%, a twofold growth on top of the
strong results presented by the national retail sales index, released by IBGE. Once more, the combination of sales growth in
consolidated malls (confirmed by the increase in Same Area Sales) and sales generated by areas delivered throughout the
year, led to this result. Three expansions were inaugurated in the second half of 2010 (at Pátio Savassi, ParkShoppingBarigüi
and BH Shopping) and Shopping Vila Olímpia, opened in November 2009, contributing with the growth in 2010 sales. In the
fourth quarter of 2010, sales increased 20.1% over those of 4Q09.
National Retail Sales Growth Multiplan Sales Growth

30.3%
25.1% 25.6%
24.0% 24.1% 24.4% 24.0%
22.9%
21.0% 21.0%
15.7% 16.5%
16.9%
12.2% 11.4% 12.0%
10.4% 10.2% 11.1% 10.5%
9.2% 9.9%
8.7%
10.1%
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Total sales monthly growth (Year over Year)
Every shopping center in Multiplan‟s portfolio presented double digit growth in sales in 2010. The portfolio presented a sales
compounded annual growth rate of 17.6% in the last ten years as shown below.
CAGR: 17.6% +22.4%
7.5
6.1
5.1
4.3
3.6
2.8 3.1
1.9 2.2
1.7
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Multiplan historical sales growth (R$ billion)
16
4Q10
MULT3
Recently opened shopping centers already show strong sales improvement
Shopping Vila Olímpia, inaugurated in November 2009, presented strong growth in sales in December 2010, when compared to
December 2009: 34.5%. BarraShoppingSul, opened in November 2008, recorded annual sales 19.9% higher in its second year
of operation (2010/2009).
After important improvements, Shopping Santa Úrsula recorded sales 31.0% higher in 2010, compared to 2009. Located in the
same city, RibeirãoShopping had a growth of 15.8% in sales for 2010.
30.0% 31.3% 31.0%

27.9%
20.6% 19.9%
17.7% 17.8% 16.3%
15.8% 14.5%
National Retail 12.0%
Sales Growth
(IBGE): +10.9%
Shopping center sales growth (2010/2009)
Consolidated malls growing like new ones
In operation for 31 years and having opened its fifth expansion at the end of 3Q10, BH Shopping presented sales 20.6% higher
in 2010 when compared to the previous year. This performance shows the company‟s ability to add value to its already
consolidated assets. A similar effect can be seen at Shopping AnáliaFranco, which opened an expansion in 3Q09 and
registered sales increase of 31.3%, in 2010.
BarraShopping and DiamondMall, which will complete 30 and 15 years in operation in 2011 respectively, also presented strong
2010 annual sales performance. BarraShopping registered an increase of 17.7% and DiamondMall 30.0%, without adding any
expansion.
Sales 100% (R$ '000)

Shopping Centers 4Q10 4Q09 Chg. % 2010 2009 Chg. %
BH Shopping 273,554 206,681 ▲32.4% 766,250 635,203 20.6%
RibeirãoShopping 151,630 134,032 ▲13.1% 477,448 412,146 15.8%
BarraShopping 434,730 372,359 ▲16.8% 1,350,607 1,147,705 17.7%
MorumbiShopping 368,055 325,821 ▲13.0% 1,148,926 1,003,088 14.5%
ParkShopping 247,583 220,702 ▲12.2% 775,376 658,024 17.8%
DiamondMall 129,343 113,241 ▲14.2% 431,528 331,972 30.0%
New York City Center 50,829 41,955 ▲21.1% 178,513 139,539 27.9%
Shopping AnáliaFranco 229,041 189,277 ▲21.0% 687,744 523,877 31.3%
ParkShoppingBarigüi 185,508 148,529 ▲24.9% 541,103 465,390 16.3%
Pátio Savassi 88,330 81,432 ▲8.5% 283,955 253,573 12.0%
Shopping Santa Úrsula 36,158 25,177 ▲43.6% 109,792 83,822 31.0%
BarraShoppingSul 162,185 135,406 ▲19.8% 510,281 425,442 19.9%
Shopping Vila Olímpia ¹ 73,898 29,236 ▲152.8% 214,401 29,236 633.3%
Total 2,430,844 2,023,848 ▲20.1% 7,475,923 6,109,019 ▲22.4%
¹ Opened in November 2009.
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4Q10
MULT3
SSS and SAS performance confirm strong real sales progress in existing malls
Same Store Sales (SSS), which measures sales performance in stores that operate in both compared periods, registered an
increase of 12.4% in 2010, compared with 2009. For comparison purposes, the consumer inflation index (IPCA) for 2010 was
5.9%, i.e. 650 basis points below tenants‟ sales growth in Multiplan shopping centers. The analysis based on Same Area Sales
(SAS), which considers sales growth in the same existing leasable area in both periods, shows that the indicator improved
14.6%, confirming that the company made successful changes to its portfolio‟s tenant mix throughout the last few years.
14.4% 14.9%
22.4% 13.8% 14.0% 13.7%
12.2% 12.6%
11.4% 11.4% 11.9%
10.6%
14.6% 9.9% 9.8%
12.4% 7.9%
10.9%
5.1% 5.6%
5.9%
National Total Sales SAS SSS IPCA 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Retail Sales
(IBGE)
Sales growth analysis (2010/2009) Historical Same Store Sales growth (YoY)
Satellite stores outperform anchor stores
2010 registered double digit same store sales increases in every segment except for apparel anchors stores, which nonetheless
showed strong sales growth of 8.1%. In the fourth quarter, satellite stores showed better performance when compared to anchor
stores. While satellites stores performed quite well in every segment – highlighting services segment, with 38.8% higher sales
led by the strong demand for travel agencies in the malls – the anchor stores were positively impacted by a noteworthy increase
in movie theaters sales, which contributed to the anchors services segment 18.4% growth in 4Q10/4Q09. Lastly, food court
operations posted the highest growth for the year, increasing sales by 25.4% (YoY).
Same Store Sales 4Q10x4Q09 2010x2009

Segments Satellites Anchors Total Satellites Anchors Total
Food Court and Gourmet Area ▲20.2% - ▲20.2% ▲25.4% - ▲25.4%
Diverse ▲11.8% ▲7.9% ▲10.9% ▲10.6% ▲10.6% ▲10.6%
Home & Office ▲18.9% ▲3.5% ▲11.4% ▲13.7% ▲12.8% ▲13.2%
Services ▲38.8% ▲18.4% ▲27.5% ▲11.6% ▲11.5% ▲11.5%
Apparel ▲13.2% ▲4.6% ▲11.1% ▲10.3% ▲8.1% ▲9.7%
Portfolio ▲15.3% ▲5.7% ▲12.6% ▲13.2% ▲10.6% ▲12.4%
4.2 Other operational highlights
Strong sales, healthy environment, lower tenant delinquency
The delinquency, or delay of 25 days or more, in rental monthly payment, was already low in 2009 at 2.7% of the total rental
revenue. In 2010, the number dropped to less than half, setting a new record low: 1.2%. The result confirms the healthy
environment experienced by retailers in 2010. In this same perspective, rent loss, defined as past due over 6 months, has not
changed and remained at a low 0.9% in 2010. Again, due to the strong economic environment and a consistent micro-
management of tenant mix, Multiplan managed to increase its occupancy rate up 165 basis points, to 98.6% up from 96.9%.
This increase in occupancy rate reflects, among other variables, the arrival of new tenants at Shopping Santa Úrsula, which
underwent an important renovation in its interior along with a strong effort to adjust the tenant mix to the local consumer profile.
The effort brought the occupancy rate at this particular shopping center up to 88.3% from a low 65.6% at the peak of the re-
tenanting process. The positive consequence of this higher occupancy rate is that Multiplan should see some reduction in its
specific shopping center expenses line in the next quarters.
18
4Q10
MULT3
5. Gross Revenues
Gross revenues more than doubled in the last five years
Multiplan‟s gross revenue was R$662.6 million in 2010, a hefty Straight Line Ef f ect
0.8%
growth of 24.0% compared to 2009, in line with the 24.4% gross Services
11.0%
revenue CAGR since 2006. After five years, the company was
Base
able to more than double its gross revenue (140% increase 84.7%
Real estate
compared to 2006). Strong increases in key money, parking and 9.3%
Rental Revenue
62.8%
real estate revenues contributed to the result. Considering 4Q10,
Parking
gross revenue jumped up 12.1% against 4Q09, reaching R$195.3 10.5%
Others Overage
million. Merchandising 4.9%
0.3%
Key money 10.4%
5.3%
Base (or fixed) rental revenue increased 14.0% in 2010, and was
Gross revenue breakdown – 2010
responsible for 84.7% of rental revenue (and 53.2% of gross
revenue). Merchandising and overage (percentage rent)
revenues grew 12.6% and 60.8% respectively in 2010.
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4Q10
MULT3
6. Results From the Shopping Center Ownership
6.1 Rental Revenue
Strong and steady growth
Rental revenue increased 15.5% in 2010 when compared to 2009, reaching R$416.1 million, before the straight-line effect
adjustment.
According to the straight line accounting method and as stated in the 2009 earnings release, the company began recording its
store rental operations under Operational Leasing. The base rent signed with tenants, including the applicable real increases or
step-ups, and seasonal “double-rent”, and excluding inflation-indexed readjustments, is accrued proportionally to the company‟s
interest in each development using the straight line accounting method regardless of the actual billing value.
Since the method was first used in 4Q09, the resulting effect of the straight line accounting in 2009 (+R$6.0 million) impacted
that quarter alone, and therefore distorts the comparison with 4Q10 data (straight-line effect of -R$18.7 million in the fourth
quarter, and a net result in +R$5.1 million in the year).
All shopping centers posted rental revenue increases in 2010, as a result of organic growth and GLA expansion.
Rental Revenue/SC (R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %
BH Shopping 17,705 13,237 ▲33.8% 49,240 44,080 ▲11.7%
RibeirãoShopping 9,298 8,373 ▲11.0% 29,366 27,194 ▲8.0%
BarraShopping 20,523 20,309 ▲1.1% 65,671 62,570 ▲5.0%
MorumbiShopping 24,786 22,841 ▲8.5% 77,703 72,474 ▲7.2%
ParkShopping 11,165 9,798 ▲14.0% 34,518 27,239 ▲26.7%
DiamondMall 9,101 8,392 ▲8.4% 30,169 26,619 ▲13.3%
New York City Center 1,673 1,555 ▲7.6% 5,793 5,300 ▲9.3%
Shopping AnáliaFranco 5,712 5,167 ▲10.5% 18,010 15,335 ▲17.4%
ParkShoppingBarigüi 11,348 8,306 ▲36.6% 29,421 26,112 ▲12.7%
Pátio Savassi ¹ 6,591 4,674 ▲41.0% 19,037 15,329 ▲24.2%
Shopping Santa Úrsula ² 1,356 409 ▲231.8% 2,735 1,586 ▲72.4%
BarraShoppingSul 12,881 11,244 ▲14.6% 35,719 33,114 ▲7.9%
Shopping Vila Olímpia ³ 5,936 3,227 n.a. 18,731 3,227 n.a.
Sub-Total Portfolio 138,075 117,533 ▲17.5% 416,114 360,180 ▲15.5%
Straight Line Effect -18,658 6,000 n.a. 5,104 6,000 ▼14.9%
Total 119,417 123,533 ▼3.3% 421,218 366,180 ▲15.0%
¹ After the 16.5% minority interest acquisition in August 2010, Multiplan‟s interest in Pátio Savassi increased to 96.5%
² After the 25.0% minority interest acquisition in November 2010, Multiplan‟s interest in Shopping Santa Úrsula increased to 62.5%
³ Opened in November 2009
+14.0% +60.8% +12.6% -14.9%
4,862 421,218
Satright Line
Contractual
43,399 7,673
(Step-ups)
1.4% -896
Base rent 99.8%
98.6% Seasonality
(Double-Rent) 366,180
0.2%
+15.0%
Rent 2009 Base Overage Merchand. Straight Line Rent 2010

Effect
Base rent and straight line effect breakdown – 2010 Rental revenue growth breakdown – 2010 (R$‟000)
Numbers in bold refer to the 2010/2009 percentage change
20
4Q10
MULT3
Rental Revenue/Shopping Center 2010 2009

(R$ '000) Base Overage Merchand. Base Overage Merchand.
BH Shopping 43,210 1,617 4,412 38,552 1,103 4,425
RibeirãoShopping 24,626 1,015 3,725 23,039 748 3,408
BarraShopping 57,345 2,231 6,095 55,515 1,590 5,465
MorumbiShopping 65,035 3,096 9,572 61,345 2,163 8,965
ParkShopping 28,955 1,844 3,720 21,957 1,847 3,435
DiamondMall 25,149 2,677 2,343 23,084 1,372 2,164
New York City Center 4,880 271 642 4,492 161 647
Shopping AnáliaFranco 15,518 850 1,642 13,230 533 1,572
ParkShoppingBarigüi 23,777 1,827 3,817 21,786 803 3,522
Pátio Savassi ¹ 13,794 3,161 2,082 12,264 1,605 1,460
Shopping Santa Úrsula ² 2,083 183 468 1,028 9 548
BarraShoppingSul 30,533 1,188 3,999 29,447 670 2,996
Shopping Vila Olímpia ³ 17,425 339 968 3,191 19 17
Portfolio Total 352,331 20,297 43,486 308,932 12,624 38,624
Straight Line Effect 5,104 - - 6,000 - -
Total 357,435 20,297 43,486 314,932 12,624 38,624
¹ After the 16.5% minority interest acquisition in August 2010, Multiplan‟s interest in Pátio Savassi increased to 96.5%
² After the 25.0% minority interest acquisition in November 2010, Multiplan‟s interest in Shopping Santa Úrsula increased to 62.5%
³ Opened in November 2009
High sales and strong real growth boost SSR in 2010
Same Store Rent (SSR) went up 6.9% in 2010, when compared with 2009, while Same Area Rent (SAR) grew 6.2% in the year.
With the increase in inflation as measured by the IGP-DI index, the value of contracts was adjusted in 2010 in approximately
1.1% (please see IGP-DI adjustment effect in the glossary). It is worth mentioning that the growing IGP-DI index recorded during
2010 should positively impact future contract adjustments, as the values are updated according to the last-twelve-months‟
inflation. In 4Q10, the SSR real growth, i.e. discounted IGP-DI readjustment impact, reached a new record high for the last three
years: 7.7% in the quarter, on top of the highest inflation adjustment for the year, of 4.0%.
+17.5%
+15.5%
Avg. IGP-DI adjustment effect
+12.0% 10.7% 11.1%
10.0% IGP-DI growth (12 months)
+10.5% 8.6%
6.7% 7.3%
+6.2% +6.9% 5.6%
4.6%
4.0% 3.9% 4.0%
2.9%
1.1%
0.2% 0.6%
IGP-DI SAR SSR Rental IGP-DI SAR SSR Rental -0.3%

Adjustment Revenue Adjustment Revenue
Effect ¹ Effect ¹ 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
4Q10 2010
Rent analysis IGP-DI adjustment effect over base rent

¹ Average of the 12 months accumulated IGP-DI variation
Real SSR IGP-DI Adjustment Effect 7.7%
13.9% 14.0%
13.2%
6.0%
11.6% 12.0%
10.7% 11.1%
10.0% 4.8%
9.0% 8.6%
7.7% 8.1% 3.6% 3.7%
3.4%
6.7% 7.3% 6.5% 6.6%
2.8% 2.9%
5.6%
4.4% 2.1% 2.2% 1.9%
3.9% 4.0%
2.9%
0.8%
0.2% 0.6%
-0.3%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Breakdown of Same Store Rent (SSR) Real growth of Same Store Rent (SSR)
21
4Q10
MULT3
3.5% of real SAR CAGR over the last four years!

+8.4% +8.0%
Multiplan has been increasing its SSR by 10.6%, 9.4% and 6.9% between 2007 and
2010, respectively, equivalent to a geometric average of 8.8%. Please note that the SSR +4.7%
and SAR bases change daily, therefore in order to demonstrate the rental increase of its
tenants base since 2007, excluding any external influence, the Company elaborated this
study considering the growth of the stores and areas that were operating since 2007.
The contracts considered in this exercise add up to approximately 50% of the existing IGP-DI SAR SSR
Adjustment
contracts and 60% of base and overage rental revenues in the nine shopping centers Effect
considered. SSR and SAR CAGR (2007 – 2010)
The nine shopping centers (in operation since the IPO) registered a same store rent and same area rent CAGR of 8.0% and
8.4% respectively, between 2007 and 2010. In the same period, the IGP-DI adjustment effect was 4.7%, resulting in an SSR
real CAGR of 3.1% and SAR real CAGR of 3.5%. It demonstrates that not only the new tenants led to increases in rental
revenue base, but also the stores that have been in the mall many years, which grew on top of a strong base.
6.2 Parking Revenue (net of transfers to partners and malls)

Improvements in existing and new operations push parking revenue to a 26.5% increase in 2010
Parking revenues reached R$69.5 million, up 26.5% in 2010, compared to 2009. In 4Q10, the revenue line jumped 19.3% over
4Q09 figures, recording a solid R$21.2 million. New parking operations in ParkShopping and Shopping Vila Olímpia contributed
with R$8.5 million to the annual increase.
During 2010, the company installed new parking equipment in 10 out of the 13 shopping centers in the portfolio, seeking more
efficiency and in line with sustainable practices.
Technological solutions are also being put into use in MorumbiShopping. Electronic displays now lead drivers to empty parking
spaces, helping costumers to quickly find a spot and improving the shopping experience. Also in MorumbiShopping, parking
spaces destined for the handicapped have now voice alerts activated by the vehicle upon arrival, warning drivers about the
particularity of that area and preventing the wrongful use of the parking spot.
Parking revenue net of transfers to partners and malls
Since the beginning of 2010 the Company reports parking revenues net of transfers to partners and malls, given that the
Company is only a collecting and transfer agent. Parking operating expenses continue to be recorded under the shopping
center expenses line, and taxes related to parking revenue have not changed. The table below shows parking revenues per
shopping center before transferring to Multiplan partners and malls.
Parking Revenue/Shopping (R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %
BH Shopping 3,289 2,615 ▲25.8% 10,131 8,865 ▲14.3%
RibeirãoShopping ¹ 2,109 2,015 ▲4.7% 7,067 4,286 ▲64.9%
BarraShopping 7,488 5,923 ▲26.4% 24,357 21,262 ▲14.6%
MorumbiShopping 7,963 6,718 ▲18.5% 25,767 23,021 ▲11.9%
ParkShopping ² 2,549 1,770 ▲44.0% 7,357 1,770 ▲315.5%.
DiamondMall 1,438 1,486 ▼3.2% 5,286 4,851 ▲9.0%
New York City Center 1,520 1,340 ▲13.4% 5,257 4,738 ▲11.0%
Shopping AnáliaFranco 3,118 2,816 ▲10.7% 10,420 8,860 ▲17.6%
ParkShoppingBarigüi 2,976 2,191 ▲35.8% 8,919 7,576 ▲17.7%
Pátio Savassi 1,594 1,844 ▼13.6% 5,725 5,627 ▲1.7%
Shopping Santa Úrsula 548 285 ▲92.1% 1,415 737 ▲91.9%
BarraShoppingSul ¹ 2,024 1,639 ▲23.5% 6,492 3,612 ▲79.7%
Shopping Vila Olímpia ³ 516 127 ▲305.7% 1,109 127 ▲772.0%
Parking Gross Revenue 37,132 30,771 ▲20.7% 119,302 95,332 ▲25.1%
Parking Transfer (15,953) (13,019) ▲22.5% (49,798) (40,373) ▲23.3%
Parking Net Revenue 21,179 17,752 ▲19.3% 69,504 54,959 ▲26.5%
¹ RibeirãoShopping and BarraShoppingSul started parking operations in May, 2009.
² ParkShopping started its parking operation in October, 2009.
22
4Q10
MULT3
³ Shopping Vila Olímpia started its parking operation in November, 2009.
6.3 Shopping Center Expenses
Higher occupancy rate, lower shopping center expenses
Shopping center expenses of R$65.9 million in 2010 increased

+6.6%
6.6% when compared with 2009. The growth came lower than
the 8.3% increase in adjusted owned GLA in the same period, 65,883
61,778
indicating a dilution of mall expenses throughout the year.
Additionally, condominium-related expenses decreased as
portfolio vacancy was reduced from 3.1% in 2009 down to +23.3%
1.4% in 2010. Vacancy in Shopping Santa Úrsula, which
underwent deep transformation in its internal architecture and 19,313
15,669
tenant mix, dropped from nearly 35% in December 2009, to
10% in the same month of 2010.
Even with the opening of six expansions and two shopping 4Q09 4Q10 2009 2010
centers in the last two years, which normally increases vacancy Shopping center expenses (R$‟000)
temporarily, the Company was able to increase its portfolio
occupancy rate given the demand for space in operating shopping centers in addition to the successful projects inaugurated.
100.0% 600,000 m²
Total GLA Occupied GLA %
550,000 m²
98.0%
500,000 m²
96.0% 450,000 m²
400,000 m²
94.0% 350,000 m²
300,000 m²
92.0%
250,000 m²
90.0% 200,000 m²
1Q01 4Q01 3Q02 2Q03 1Q04 4Q04 3Q05 2Q06 1Q07 4Q07 3Q08 2Q09 1Q10 4Q10
Total GLA and occupancy rate evolution
Parking expenses, after the modernization of parking equipment in 10 out of 13 shopping centers, were responsible for 22.1% of
shopping center expenses in 2010. In the 4Q10, mall expenses grew 23.3% compared with 4Q09, to R$19.3 million, mostly due
to an increase in promotion and publicity funds contribution aiming at the Christmas season. This investment was offset by
higher sales and a 61.3% overage rental revenue increase in the 4Q10.
23
4Q10
MULT3
6.4. Net Operating Income – NOI
NOI margin keeps growing and reaches 86.6% in 2010; NOI + Key Money, 87.5% in the same period
Net Operating Income (NOI) reached R$424.8 million in 2010, 18.2% higher than 2009. As previously mentioned, strong
revenue growth together with a small increase in shopping center expenses were the main drivers for the NOI growth and the
NOI margin improvement, which grew from 85.3% in 2009 to 86.6% in 2010. If taken into consideration the key money revenue
for the year, NOI would jump to R$460.1 million, a 19.1% increase and a NOI margin of 87.5%.
In the fourth quarter of 2010, the NOI variation was affected by the straight line accounting effect, as explained in the rental
revenue analysis (please see page 20). If the impact of straight line effect in both periods is not considered, NOI in 4Q10 would
have grown 16.9%, in line with the presented NOI annual growth.
NOI Calculation - R$(„000)
WITH Straight Line Effect 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Rental revenue 138,075 117,533 ▲17.5% 416,114 360,180 ▲15.5%
Straight line effect (18,658) 6,000 na 5,104 6,000 ▼14.9%
Parking revenue 21,179 17,752 ▲19.3% 69,504 54,959 ▲26.5%
Operational revenue 140,596 141,285 ▼0.5% 490,722 421,139 ▲16.5%
Shopping expenses (19,313) (15,612) ▲23.7% (65,883) (61,778) ▲6.6%
NOI 121,283 125,673 ▼3.5% 424,839 359,361 ▲18.2%
NOI margin 86.3% 88.9% ▼269 p.b. 86.6% 85.3% ▲124 p.b.
Key money 9,328 7,680 ▲21.5% 35,241 26,990 ▲30.6%
NOI + Key money 130,611 133,353 ▼2.1% 460,080 386,351 ▲19.1%
NOI + Key money margin 87.1% 89.5% ▼240 p.b. 87.5% 86.2% ▲126 p.b.
WITHOUT Straight Line Effect 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Rental revenue 138,075 117,533 ▲17.5% 416,114 360,180 ▲15.5%
Parking revenue 21,179 17,752 ▲19.3% 69,504 54,959 ▲26.5%
Operational revenue 159,254 135,285 ▲17.7% 485,618 415,139 ▲17.0%
Shopping expenses (19,313) (15,612) ▲23.7% (65,883) (61,778) ▲6.6%
Adjusted NOI 139,941 119,673 ▲16.9% 419,735 353,361 ▲18.8%
Adjusted NOI margin 87.9% 88.5% ▼59 p.b. 86.4% 85.1% ▲131 p.b.
Key money 9,328 7,680 ▲21.5% 35,241 26,990 ▲30.6%
Adjusted NOI + Key money 149,269 127,353 ▲17.2% 454,976 380,351 ▲19.6%
Adjusted NOI + Key money margin 88.5% 89.1% ▼54 p.b. 87.4% 86.0% ▲132 p.b.
200,000 110.0% 200,000 16.9% 110.0%

-3.5%
105.0% 70,000 105.0%
150,000 125,673 50,000 150,000 139,941
121,283 100.0% 119,673 100.0%
30,000
100,000
88.9%
86.3%
95.0% (+/-)
10,000 6,000 = 100,000
88.5% 87.9%
95.0%
90.0% (10,000) 90.0%
50,000 50,000
85.0% (30,000) (18,658) 85.0%
- 80.0% (50,000) - 80.0%
4Q09 4Q10
4Q09 4Q10 (70,000) 4Q09 4Q10
4Q09/4Q10 NOI evolution (R$‟000) 4Q09/4Q10 straight line 4Q09/4Q10 NOI evolution (R$‟000) and NOI Margin
and NOI Margin accounting effect (R$‟000) net of straight line accounting effect
24
4Q10
MULT3
7. Results From the Shopping Center Management
7.1 Services Revenue
Management fees improve 16.4% following third party GLA increase

-0.6%
Management fees revenue increased 16.4% in 2010, or R$6.2 million,
80,000 73,372 72,926
following the 11.0% increase in average third party GLA in the same period,
70,000
when compared with 2009. 60,000
50,000 37,457
43,604
Brokerage fees, on the other hand, decreased 37.0% in 2010, or R$5.3 Management fee
40,000
million, as a result of a higher ownership of projects under the leasing phase, Brokerage fee
30,000 14,412
97.8% (ParkShoppingSãoCaetano, VillageMall, JundiaíShopping, 9,086 Transfer fee
20,000
9,039 10,228
ParkShopping Campo Grande and three expansions) compared to 2009,10,000
of Merchandising
8,680 8,022
70.7% (Shopping Vila Olímpia, ParkShoppingSãoCaetano, and five - 3,784 1,986 Other revenues
2009 2010
expansions).
The combination of these factors led to the decrease of 0.6% in services Services Revenue Breakdown 2009 vs 2010 (R$‟000)
revenue in 2010, while the growth in management and transfer fees revenues was offset by lower brokerage fees,
merchandising and other revenues.
In 4Q10, services revenue increased 5.2%, from R$17.9 million to R$18.8 million, mainly due to a management fee revenue
increase of 31.8% and transfer fee revenue increase of 27.3%. During the same period, brokerage fee revenue decreased
30.2%.
7.2 General and Administrative Expenses (Headquarters)
G&A expenses grew less than inflation in spite of non-recurring items
In 2010 G&A increased a modest 5.6%, slightly below the year‟s inflation of 5.9%60,000 -11.5%
as measured by the Brazilian CPI (IPCA) in striking contrast with the increase in50,000 -7.2%
40,000
management fee revenue of 16.4%. It is worthwhile to notice that G&A increased30,000 25,945 25,325 24,744 22,962
20,068
very little in spite of a provision reversal of R$1.6 million in 2009, and non-20,000
10,000
recurring items in 2010 for a total of R$14.4 million. -
4Q09 1Q10 2Q10 3Q10 4Q10
Excluding the impact of these non-recurring events and for analysis purposes G&A expenses quarter-by-quarter (R$‟000)
only, G&A in 2010 would have decreased 12.4% when compared to 2009. Under
the same metrics, the recurring G&A/Net revenues ratio would have fallen to 13.0% in 2010, equivalent to 2/3 of the adjusted
18.6% ratio in 2009.
+5.6% 38,000 -12.4%

30.0% 30.0%
100,000 93,098 28,000 100,000 89,776
88,182
25.0% 78,663 25.0%
80,000 18,000 14,435 80,000
60,000 18.3% 60,000 18.6%
40,000 15.4%
20.0%
(+/-) 8,000 = 40,000
20.0%
15.0% (2,000) 13.0% 15.0%

20,000 (1,594) 20,000
- 10.0% 2009 2010 - 10.0%
2009 2010 2009 2010
2009/2010 G&A evolution (R$‟000) 2009/2010 2009/2010 Recurring G&A evolution (R$‟000)
and G&A/Net revenues Non-recurring items (R$‟000) and Recurring G&A/Net revenues
25
4Q10
MULT3
In 4Q10 G&A decreased 11.5%, to R$23.0 million, down from R$25.9 million, in 4Q09. 40,000 -11.5% 30.0%
35,000
This resulted in an improved G&A/Net revenues ratio of 12.9% in 4Q10, down from 16.4% 30,000 25,945 25.0%
22,962
25,000
in 4Q09. 20,000 20.0%
16.4%
15,000
10,000 12.9% 15.0%
5,000
- 10.0%
4Q09 4Q10
4Q09/4Q10 G&A evolution (R$‟000)

and G&A/Net revenues
8. Results From the Shopping Center Development
8.1 Key Money Revenue
Key Money Signed: strong leasing rhythm, R$87.0 million in key money signed in 2010; R$34.5 million in 4Q10
Deferred income benefited from the intense leasing rhythm during

183,733
2010, resulting from a development pipeline of four new shopping Delivery of
projects
centers and three shopping centers expansions under the leasing
138,788 141,224137,099 158,531
phase. Deferred income line increased 39.2% in 2010, compared 126,298 149,975
121,479 136,741
to 2009, and key money contracts signed and recorded in the 131,976
110,506 New
110,183
deferred income line reached R$183.7 million in December 2010. 96,381 projects
81,194 launched
The deferred income balance will only be accrued as key money

revenue when leasing contracts become effective and during its
contractual period, i.e., when the tenant takes charge of his store Deferred Income Evolution (R$‟000)
and starts operating.
The Company signed key money agreements of R$34.5 million in 4Q10 and R$87.0 million in 2010. Key money from
expansions at BH Shopping, Pátio Savassi and ParkShoppingBarigüi, opened in 2010, and accumulated R$27.3 million which is
being recognized in 5 years starting in the opening month.
Key Money Accrued: 75,9% from new projects
In 2010, key money revenue increased 30.6%, reaching R$35.2 million, and benefiting mainly from the opening of Shopping
Vila Olímpia (considering the interest of MPH SPC in the mall) in November 2009, responsible for 1/3 of the key money revenue
accrued in 2010. On a quarterly basis, key money revenues increased 21.5%, from R$7.7 million in 4Q09 up to R$9.3 million in
4Q10, with Shopping Vila Olímpia contributing with 29.5% of the 4Q10 revenues. Projects opened in the last five years were
responsible for 75.9% of the key money revenue generated in 2010, contributing with a larger share than the 53.3% in 2009.
Key Money Revenue/Type (R$ „000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Operational (Recurring) 2,417 4,039 ▼40.2% 8,481 12,608 ▼32.7%
New Projects opened in the last 5 years 6,911 3,641 ▲89.8% 26,759 14,381 ▲86.1%
Key Money Revenue 9,328 7,680 ▲21.5% 35,241 26,989 ▲30.6%
26
4Q10
MULT3
8.2 New Projects for Lease Expenses
Pre-Operational Expenses, now called New Projects Expenses, refers to the portion of the CAPEX which is recorded as an
expense in the income statement as determined by the CPC 04 pronouncement in 2009. Composed mainly by advertising,
feasibility studies, brokerage fees and other development expenses, the bulk of the CAPEX portion assigned to new projects
expenses is recorded in the launching and opening phases of the projects, with a residual portion distributed throughout the
construction phase, and a final expense at the inauguration.
Signed Key Money added twice as much as New Projects for Lease Expenses in 2010
+122.6%
The Company presented New Projects for Lease Expenses of R$39.1 million in 2010.
86,998
The result of the investments in new projects expenses and marketing efforts throughout
2010 can be measured by the number of lease contracts signed, 428 in the period, and 39,074
by the volume of signed key money, R$87.0 million, 122.6% higher than the new
projects for lease expenses in the same period.
New projects for Contracted key
lease expenses money
New Projects Expenses of R$8.9 million contribute with R$34.5 million in contracted key
money New Projects for Lease Expenses and
Contracted Key Money in 2010 (R$‟000)
In 4Q10, Multiplan presented new projects expenses of R$8.9 million, composed mainly
+288.8%
by investments to promote existing projects, which resulted in the signing of 158 new
contracts - its largest volume of new contracts signed on a quarterly basis in the last 34,530
three years - amounting R$34.5 million in contracted key money in 4Q10. 8,882
New projects for Contracted key

lease expenses money
New Projects for Lease Expenses and

2011 expected new projects for lease expenses for announced projects Contracted Key Money in 4Q10 (R$‟000)
Projects for lease, such as ParkShoppingSãoCaetano, Shopping Maceió, ParkShopping Corporate and Morumbi Corporate
among others, should be responsible for new projects expenses between R$9.2 million and R$11.3 million in 2011. The bulk of
the expenditures for the current projects under development have already been incurred, as can be noticed by the 2010 figures.
The next several months shouldn‟t see any important disbursements other than the normal construction CAPEX as expected for
the announced projects.
ParkShoppingSãoCaetano has already disbursed 65.0% of its planned new project expenses, which contributed with the strong
pace of leasing contracts being signed. The shopping center in the city of Maceió is expected to start construction works and
leasing phase in the next few months, also demanding necessary marketing incentive in its initial phase.
Please note that these data are related to projects already announced and may change when, and if, new other projects come
forward.
27
4Q10
MULT3
9. Results From the Real Estate – Commercial Towers
9.1 Real Estate Revenues and Cost of Properties Sold
In 2010, Multiplan recorded, via the percentage of completion method – PoC, real estate for sale revenues of R$61.4 million,
composed mainly of R$56.6 million from Cristal Tower and R$3.5 million from Centro Profissional RibeirãoShopping, the latter
only in 4Q10.
Cristal Tower: number of units sold increased from 72% in 4Q09 to 93% in 4Q10
In 4Q10, number of units sold reached 269, equivalent to 93% of the 290 units for
sale. These sales, together with the progress of construction, were responsible for
the accrual (via PoC) of revenues of R$22.9 million from real estate sales in 4Q10
and R$56.6 million in 2010. The progress in the construction of Cristal Tower led to
the accrual of costs of R$9.9 million in 4Q10 and R$29.7 million in 2010.
Centro Profissional RibeirãoShopping: increasing gross revenue
With potential sales value (PSV) of R$75.0 million and 100% of its 288 units sold
during the pre-launching phase, the proceeds and related costs are being recorded
as real estate sales and cost of properties sold according to the progress of its
construction. In 4Q10, Multiplan accrued sales of R$3.5 million and costs of R$2.6
Cristal Tower construction site
million. Multiplan has a 100% interest in the project, which is scheduled to be (As of February 2011)
delivered in December, 2012.
New Projects for Sale Expenses
New Projects Expenses for office towers for sale reached R$4.4 million in 2010, of which R$2.8 million in 4Q10, mainly due to
the marketing efforts with Centro Profissional RibeirãoShopping.
2011 expected new projects for sale expenses for announced projects
Projects for sale, including Cristal Tower and Centro Profissional RibeirãoShopping, should be responsible for new projects
expenses in the range of R$4.1 million and R$5.0 million in 2011. The former is about to be delivered and the new projects
expenses to be incurred should be related mostly to brokers‟ fees which will be accrued with the evolution of construction wo rks
(PoC – percentage of completion method).
Please note that these data are related to projects already announced and may change when, and if, new other projects come
forward.
9.2 Equity Pickup
Legal fees and maintenance costs led to negative R$300 thousand in 4Q10
Equity pickup from the real estate development Royal Green Peninsula presented a significant reduction, from a negative
impact of R$20.0 million in 2009 down to R$3.5 million in 2010. On a quarterly basis, the reduction was of 92.6%, from R$4.6
million in 4Q09 down to R$300 thousand in 4Q10, mainly due to legal fees and maintenance costs with the remaining units
available for sale. At the end of 2010, there were only four units for sale with a PSV (potential sales value) of approximately
R$8.2 million, to be recognized, when sold, in the equity pickup line.
28
4Q10
MULT3
10. Financial Results
10.1 Other operating income/expenses
In 2009, the Company presented R$22.4 million in the Other Operating Income line. The largest portion, or R$18.7 million,
resulted from a non-recurring tax compensation effect related to a PIS/COFINS credit inherited from an acquisition in 2006.
In 2010, Multiplan presented Other Operating Expenses of R$10.3 million, which resulted from (i) R$2.3 million recorded as
Other Operating Income and, (ii) a provision for R$12.6 million on the balance sheet, as explained in the 3Q10 earnings release,
which fixed the revised amount of the PIS/COFINS credit from R$18.7 million to R$6.1 million.
10.2 EBITDA
2010 EBITDA reached R$350.2 million, 15.2% higher than 2009
The Company‟s operating results benefited from a 25.2% improvement in net revenues in 2010, together with a lower growth in
shopping center expenses and headquarter expenses. On the other hand, higher new projects expenses and the negative
impact of the PIS/COFINS provision offset part of the net revenues gains, resulting in an EBITDA growth of 15.2% in 2010 when
compared to the same period of the previous year.
4Q10 EBITDA was R$111.0 million, 17.5% higher than 4Q09
EBITDA presented a 17.5% growth in the 4Q10, compared to the same quarter of the previous year, higher than the 12.8%
increase in net revenues, mainly due to a decrease in headquarter expenses. As a result, EBITDA margin increased from
59.7% in 4Q09 to 62.2% in 4Q10.
EBITDA (R$'000) 4Q10 4Q09 Ch. % 2010 2009 Ch. %

Net Revenue 178,388 158,097 ▲12.8% 604,375 482,734 ▲25.2%
Stock-option-based remuneration expenses (1,749) (1,047) ▲67.0% (5,675) (3,415) ▲66.2%
Equity pickup (337) (4,576) ▼92.6% (3,511) (20,031) ▼82.5%
Other operating income/expenses 1,119 258 ▲333.7% (10,282) 22,438 na
EBITDA 110,970 94,433 ▲17.5% 350,195 303,955 ▲15.2%
EBITDA Margin 62.2% 59.7% ▲248 b.p 57.9% 63.0% ▼502 b.p
29
4Q10
MULT3
EBITDA Analysis
+ 1245 b.p
+ 230 b.p 70.4%

500,000 + 713 b.p 80.0%
+ 303 b.p 68.1%
450,000 61.0% 70.0%
57.9%
386,011 60.0%
400,000 373,409
350,195 50.0%
350,000 334,335
40.0%
300,000
30.0%
250,000 20.0%
200,000 10.0%
EBITDA 2010 EBITDA Bef ore Real EBITDA Bef ore Real EBITDA Bef ore Real
Estate Result Estate Result and New Estate Result, New
Projects Expenses Projects Expenses and
PIS/Cof ins Provision
2010 EBITDA (R$‟000) and EBITDA Margin (%) before Real Estate Result, New Projects Expenses and PIS/COFINS Provision
The Company‟s EBITDA margin in 2010 was impacted by the lower margins of the real estate activity, when compared to
projects for lease. If we exclude revenues, costs, taxes on sales, and new projects for sale expenses for these real estate
projects from the EBITDA calculation, EBITDA margin would go to 61.0% in 2010, 303 basis points above the unadjusted
margin of 57.9% in 2010.
Furthermore, if new projects for lease expenses are also excluded from the previous scenario, the 2010 EBITDA margin would
increase to 68.1%, and EBITDA would increase to R$373.4 million, 6.6% higher than the unadjusted figures.
Also, the Company‟s performance in 2010 was negatively impacted by the PIS/COFINS provision, as mentioned earlier.
Following the same methodology and if not considered in EBITDA calculation, it would result in a 2010 EBITDA margin of
70.4%.
+ 997 p.b
+ 422 p.b + 576 p.b 72.2% 80.0%

180,000 66.4%
160,000 62.2% 70.0%
140,000 60.0%
120,000 110,970 111,325
102,443 50.0%
100,000
40.0%
80,000
30.0%
60,000
40,000 20.0%
20,000 10.0%
EBITDA 4Q10 EBITDA Bef ore Real EBITDA Bef ore Real
Estate Result Estate Result and New
Projects Expenses
4Q10 EBITDA (R$‟000) and EBITDA Margin (%) before Real Estate Result and New Projects Expenses
Excluding revenues, costs, taxes on sales, and new projects for sale expenses for real estate projects from the EBITDA
calculation, EBITDA margin would be 66.4% in 4Q10, 422 basis points above the margin of unadjusted EBITDA.
Additionally, excluding new projects for lease expenses from the last scenario, the 4Q10 EBITDA margin would increase to
72.2%.
30
4Q10
MULT3
10.3 Financial Results, Debt and Cash
Financial status and attractive funding available for new projects

10,000 -1.9%
Multiplan ended 2010 with a net cash position (or negative net debt) of R$245.0 million, 33.1%
8,000
6,000
lower than the R$366.3 million on December 2009. Compared to the previous quarter, the
4,000 8,781 8,614
company presented a 20.2% decrease in its net cash position.
2,000
In 4Q10, proceeds from the invested cash position were responsible for a positive financial result of -
(2,000) 4Q09 4Q10
R$8.6 million, 1.9% lower than the R$8.8 million in 4Q09 when Multiplan ended the quarter with a
Net Financial Result (R$‟000)
higher net cash position.
th
Net cash position in 4Q10 decreased R$61.9 million when compared to September 30 , 2010, due to (i) EBITDA generation of
R$111.0 million during the 4Q10, being offset mainly by (ii) the CAPEX in the same period, which amounted to R$139.0 million
divided between shopping center developments, expansions and renovations, acquisition of an additional interest in Shopping
Santa Úrsula, and development of real estate projects, and (iii) a R$16.7 million positive cash flow from financing, as a result of
new funds from banking debt of R$38.0 million (of which R$36.7 million are for the development of ParkShoppingSãoCaetano)
and the use of cash for the debt amortization of R$21.4 million.
R$410.0 million in new funding contracts signed, of which R$373.3 million still to be drawn
Multiplan continues to search for new financing to fund the development of its strong pipeline of projects announced and to be
announced. In the second half of 2010, R$410.0 million of the capital to fund part of this growth was already signed, including (i)
a R$140.0 million 10-year financing to fund the construction of ParkShoppingSãoCaetano, with an annual cost of TR +9.75%
p.a., of which R$36.7 million have already been cashed, and (ii) an R$270.0 million 12-year financing to fund the construction of
Village Mall, with an annual cost of TR +9.75% p.a.. The Company will draw from these facilities according to the evolution of
the construction works, avoiding capital and interest from being accrued in the balance sheet earlier than needed. The
Company continues to look for financing opportunities according to its investment needs.
Financial Position Breakdown (R$‟000) 12/31/2010 9/30/2010 Chg. %
Short Term Debt 204,496 210,208 ▼2.7%

Loans and financing 61,798 59,968 ▲3.1%
Obligations from acquisition of goods 41,989 46,619 ▼9.9%
Debentures 100,709 103,621 ▼2.8%
Long Term Debt 345,339 322,947 ▲6.9%

Loans and financing 246,378 218,759 ▲12.6%
Obligations from acquisition of goods 98,961 104,188 ▼5.0%
Gross Debt 549,835 533,155 ▲3.1%
Cash 794,839 840,118 ▼5.4%
Net Debt (Cash Position) (245,005) (306,963) ▼20.2%
100.7
Loans and financing (banks)
Obligations from acquisition of goods (land and minority interest)
Debentures
61.8
42.0 46.8 48.2
36.5 43.4
32.3 36.1 32.3
24.5
18.9 15.1
11.3
- -
2011 2012 2013 2014 2015 2016 2017 >=2018

st
Multiplan‟s debt amortization schedule on December 31 , 2010 (R$ million)
31
4Q10
MULT3
th
Financial indices remain almost unchanged when compared with data on September 30 , 2010. The net debt-to-EBITDA ratio
remains negative (-0.7x), and gross debt-to-EBITDA is at 1.6x in 4Q10.
Financial Position Analysis* 12/31/2010 9/30/2010
Net Debt (Cash Position)/EBITDA -0.7x -0.9x Non-

Bank
Gross Debt/EBITDA 1.6x 1.6x 26%
Net Debt (Cash Position)/AFFO -0.7x -0.9x
Gross Debt/AFFO 1.5x 1.5x
Net Debt (Cash Position)/Equity -8.3% -10.3% Bank
74%
Liabilities/Assets 26.5% 23.6%
Gross Debt/Liabilities 51.5% 57.9%
* EBITDA and AFFO are equivalent to the sum of the preceding 12 months.
Multiplan‟s debt on
December 31st, 2010
Reducing funding costs
CDI
Multiplan‟s indebtedness continues to present a wide selection of indices, with debt 23%
linked to the TR and the CDI indexes representing 2/3 of the total debt outstanding. In
IGP-M
4Q10, the TR indexed debt continued to increase its stake in the Company‟s total 12% Fixed
TR 1%
TJLP
indebtedness, up from 40% in 3Q10 to 45%. 45%
IPCA 6%
13%
Multiplan exercised its SWAP contract, in November 2010, which reduced the interest
rate of BarraShoppingSul banking financing from TR +9.75% p.a. to TR +9.30% p.a. for
Multiplan debt indices on
the 12-month period ending November 2011. The currently outstanding amount of this December 31st, 2010
facility was of R$103.9 million.
st
Indebtedness interest indices on December 31 , 2010
Short Term Long Term Total
Avg. Interest Avg. Interest Avg. Interest
(R$ „000) (R$ „000) (R$ „000)
Rate¹ Rate¹ Rate¹
TJLP 3.66% 10,744 3.53% 23,653 3.57% 34,397
IPCA 7.48% 29,106 7.00% 39,803 7.20% 68,909
TR 9.59% 32,150 9.68% 214,629 9.67% 246,779
CDI + 1.20% 3,193 1.31% 6,882 1.27% 10,075
CDI %² 12.75% 116,219 n.a. - 12.75% 116,219
IGP-M 2.99% 6,792 2.96% 59,918 2.96% 66,710
Fixed 11.78% 6,024 4.50% 453 11.27% 6,477
Others n.a. 269 n.a. - n.a. 269
Gross Debt 204,496 345,338 549,835
¹ Average (weighted) interest rate per annum.
² Interest figures represent the cost of debt.
Index Performance Average Cost of Debt

(last 12 months) Interest Rate¹ Debt (R$ „000)
TJLP 6.00% 3.57% 9.79% 34,397
IPCA 5.12% 7.20% 12.69% 68,909
TR 0.69% 9.67% 10.42% 246,779
CDI + 10.75% 1.27% 12.16% 10,075
CDI %² 10.75% 118.63% 12.75% 116,219
IGP-M 10.63% 2.96% 13.91% 66,710
Fixed 0.00% 11.27% 11.27% 6,477
Others -0.03% - -0.03% 269
Total 5.08% 6.54% 11.62% 549,835
¹ Weighted average of the annual interest rate.
² Interest figures represent percentage of CDI index value
32
4Q10
MULT3
10.4 Adjusted Net Income and Adjusted FFO
AFFO for 2010 of R$368.2 million represents more than the CAPEX to develop a new shopping center
Net income reached R$218.4 million in 2010, 33.7% higher than in 2009. This result was driven by the operational and financia l
performance of the company, translated into a higher generation of gross revenue vis-à-vis expenses. In 2010, Multiplan
accrued R$105.2 million of deferred income taxes due mostly to differences in timing between accounting and fiscal books. It is
worth mentioning that these deferred taxes do not necessarily represent a cash event, but rather an accounting provision, and
for this reason are not considered in the adjusted net income. In 2010, the adjusted net income increased to R$323.5 million, a
growth of 36.6% over 2009. In the 4Q10, it increased 13.4%, reaching R$93.1 million.
The Adjusted Funds From Operations (AFFO) increased 35.1% in 2010, to R$368.2 million, and would be sufficient to finance at
least one shopping center greenfield project per year. As for 4Q10, the company registered an AFFO of R$106.0 million, a
growth of 15.7% when compared to 4Q09. With a strong, steady and growing cash generation, a solid cash position and
attractive funding sources, the company is financially prepared to deliver its current and future project pipeline.
AFFO & Adjusted Net Income calculation 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Net Income 72,348 31,245 ▲131.5% 218,383 163,339 ▲33.7%
Deferred income and social contribution taxes 20,746 50,815 ▼59.2% 105,155 73,476 ▲43.1%
Depreciation and amortization 12,862 9,493 ▲34.7% 44,613 35,753 ▲24.8%
Adjusted FFO 105,956 91,609 ▲15.7% 368,151 272,568 ▲35.1%
33
4Q10
MULT3
11. Portfolio
AL
DF
71% of the
Country´s GDP
MG
55% of the
Country´s SP
population
PR RJ
74% of the
Country´s total
GLA is in South
and Southeast
regions RS
Source: IGBE (2008) and ABRASCE (2009)
4Q10 Avg.
Portfolio State Multiplan % Total GLA
Occupancy Rate
Operating Shopping Centers (100%)
1 BH Shopping MG 80.0% 47,547 m² 99.8%
2 RibeirãoShopping SP 76.2% 46,784 m² 98.8%
3 BarraShopping RJ 51.1% 69,278 m² 99.8%
4 MorumbiShopping SP 65.8% 55,085 m² 99.8%
5 ParkShopping DF 59.6% 51,526 m² 99.9%
6 DiamondMall MG 90.0% 21,388 m² 99.8%
7 New York City Center RJ 50.0% 22,271 m² 99.5%
8 Shopping AnáliaFranco SP 30.0% 50,974 m² 99.9%
9 ParkShoppingBarigüi PR 84.0% 49,917 m² 99.7%
10 Pátio Savassi MG 96.5% 17,254 m² 100.0%
11 Shopping Santa Úrsula SP 62.5% 23,132 m² 88.3%
12 BarraShoppingSul RS 100.0% 68,400 m² 98.9%
13 Shopping Vila Olímpia SP 30.0% 28,274 m² 88.5%
Sub-Total Operating Shopping Centers 67.3% 551,830 m² 98.6%
Shopping Centers under Development
14 ParkShoppingSãoCaetano SP 100.0% 38,973 m² -
15 Shopping Maceió AL 50.0% 35,470 m² -
16 Shopping Jundiaí SP 100.0% 35,418 m² -
17 Village Mall RJ 100.0% 25,653 m² -
18 ParkShopping Campo Grande ¹ RJ 90.0% 40,743 m² -
Sub-Total Shopping Centers under Development 87.6% 176,257 m²
Office Towers for Lease under Development
19 Morumbi Business Center SP 100.0% 10,150 m² -
20 ParkShopping Corporate DF 50.0% 13,360 m² -
21 Morumbi Corporate SP 100.0% 73,388 m² -
2
Sub-Total Office Towers for Lease under Development 93.1% 96,898 m
Total Portfolio 74.7% 824,986 m² 98.6%

¹ Multiplan is responsible for 100% of the CAPEX
34
4Q10
MULT3
12. Ownership Structure
st
Multiplan‟s ownership structure as described in the chart below reflects the capital interest on December 31 , 2010. The
company has 179,197,214 shares issued, of which 167,338,867 are common shares and 11,858,347 are preferred shares.
Free Float
Treasury
22.25% Maria Helena 41.70% ON
Kaminitz Peres 38.94% Total 0.63% ON
0.06% ON 0.59% Total Ontario Teachers’
Multiplan Planejamento, 0.06% Total Pension Plan
Participações e
33.39% ON
Administração S.A.
31.18%Total 100.00%
24.07% ON 1700480
77.75% 100.00% PN Ontario Inc.
0.12% ON 29.10% Total
0.11% Total
Jose Isaac Peres
1.00%
Multiplan
99.00% CAA -
Administradora de 99.00%
Corretagem e Consultoria
Shopping Centers Ltda. Shopping Centers %
Publicitária Ltda.
BarraShopping 51.07%
Embraplan BarraShoppingSul 100.0% 99.61%
100.00% CAA -
Empresa Brasileira BH Shopping 80.00% Corretagem Imobiliária Ltda.
de Planejamento Ltda. DiamondMall 90.00%
MorumbiShopping 65.78%
New York City Center 50.00% 100.00% Pátio Savassi Administração
2.00% ParkShopping 59.63% de Shopping Center Ltda.
SCP Royal Green 98.00%
ParkShoppingBarigüi 84.00%
Península
Pátio Savassi 96.50%
RibeirãoShopping 76.17% 41.96% MPH
ShoppingAnáliaFranco 30.00% Empreend. Imobiliário Ltda. 1
Shopping Vila Olímpia 30.00%
Renasce - 99.99% Shopping Santa Úrsula 62.50%
Rede Nacional de 50.00% Manati Empreendimentos e
Shopping Maceió¹ 50.00% 2
Shopping Centers Ltda. ParkShopping SãoCaetano ¹ 100.0% Participações S.A.
Shopping Jundiaí ¹ 100.0%
VillageMall ¹ 100.0% 50.00%
Haleiwa Empreendimentos 3
ParkShopping Campo Grande ¹ 90.00% Imobiliários S.A.
¹ Under development
The interest that Multiplan has in the following Special Purpose Companies (SPC), MPH, Manati and Haleiwa is as follows:
MPH: this SPC is the holding company owning a 71.5% interest in Shopping Vila Olímpia. Multiplan has a 42.0% interest in
MPH which brings it to a nominal 30.0% interest of the total capital of Shopping Vila Olímpia. Manati is the holding company
with a 75% interest in Shopping Santa Úrsula, in Ribeirão Preto, SP, in which Multiplan has a 50/50 partnership. Finally,
Haleiwa is the SPC for Shopping Maceió, in which Multiplan‟s interest is of 50%.
35
4Q10
MULT3
13. Stock Market
Multiplan‟s stock (MULT3 at BM&F BOVESPA: MULT3 BZ on Bloomberg) ended 2010 quoted at R$36.90/share, a 14%
appreciation when compared to the last price of 2009. The main index of the São Paulo Stock Exchange, Ibovespa, recorded an
appreciation of 1% during the same period.
Bps. R$ Million
Traded Value (15 days average) Multiplan Ibovespa
25
130
20
115 15
10
100
5
85 0
Dec-09 Feb-10 Mar-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Variation analysis: MULT3 and Ibovespa Index

Base 100 = December 31st, 2009
Compared to the stock market indices in which MULT3 is included (Brazil Index - IBRX, Real Estate Index - IMOB, Small Caps
Index - SMLL, Special Tag Along Stock Index – ITAG and Special Corporate Governance Stock Index - IGC), the stock has
outperformed all but the Small Caps Index, as seen in the chart below.
Pts.
MULT3 IBOV IBRX IGC IMOB ITAG SMLL
125
115
105
95
85
75
Dec-09 Feb-10 Mar-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Variation analysis: MULT3, IBRX, IMOB, SMLL, ITAG AND IGC

Base 100 = December 31st, 2009
36
4Q10
MULT3
The daily average traded financial volume increased 67.7% from 2009 to 2010, and reached R$11.1 million. Multiplan had a
market cap of R$6.6 billion at the end of 2010.
MULT3 at BM&FBOVESPA 4Q10 4Q09 Chg. % 2010 2009 Chg. %

Average Price R$ 37.34 R$ 30.22 23.5% R$ 33.02 R$ 21.59 53.0%
Closing Price R$ 36.90 R$ 32.45 13.7% R$ 36.90 R$ 32.45 13.7%
Daily Average Traded Volume R$ 16.1 M R$ 14.6 M 10.1% R$ 11.1 M R$ 6.6 M 67.7%
Average Market Cap R$ 6.7 B R$ 5.4 B 24.8% R$ 5.9 B R$ 3.4 B 73.1%
Adm+Treasury
0.6%
As of December 2010, Mr. Peres owned directly
and indirectly 31.3% of the company, and Free Float
Common Stocks
38.9%
Ontario Teachers Pension Plan (OTPP), 29.1%. 22.5%
OTPP*
The free-float was equivalent to 38.9% of total 29.1% Pref erred Stocks
6.6%
shares outstanding, which remained at
MTP+Peres
179,197,214 in December 2010. 31.3%
Shareholders structure on December 31st, 2010

(*) OTPP – Ontario Teachers Pension Plan
Stock buyback program
Multiplan‟s second stock buyback program was approved by the Board of Directors in February 2010. The underlying objectives
were to use the available Company resources to maximize value to the shareholder as well as to meet the requirements of a
st
future exercise of stock options within the scope of the Stock Option Plan issued by Multiplan. Until December 31 , 2010, a total
rd
of 976,400 shares had been acquired in the former stock buyback program, ended on February 3 , 2011.
st
The balance for stock held in treasury on December 31 , 2010, was of 1,051,376 shares.
Recent Events
nd
On February 22 , 2011, the Company approved its third stock buyback program. The term for the stock buyback is of 365 days,
rd
effective February 23 , 2011.
The program calls for the buying back of up to 3,600,000 common voting shares. This program may also be used to buy shares
to meet the future exercise of options in the scope of the Stock Option Plans issued by the Company. The total amount of
shares subject to the buyback program represents, on this date, 5.2% of the total of 69,410,628 common shares of free float, in
accordance with the definition in Article 5 of the CVM Instruction n. 10/80.
37
4Q10
MULT3
14. Appendices
Operational and Financial Highlights
Performance (R$ '000)

Financial (MTE %) 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Gross Revenue 195,337 174,245 ▲12.1% 662,624 534,368 ▲24.0%
Net Revenue 178,388 158,097 ▲12.8% 604,375 482,734 ▲25.2%
Net Revenue R$/m² 501 R$/m² 486 R$/m² ▲3.0% 1,749 R$/m² 1,513 R$/m² ▲15.6%
Net Revenue USD/sq. foot 28.0 US$/sqf 25.9 US$/sqf ▲8.2% 97.9 US$/sqf 80.6 US$/sqf ▲21.5%
Rental Revenue (with Straight Line Effect) 119,417 123,533 ▼3.3% 421,218 366,180 ▲15.0%
Rental Revenue R$/m² 335 R$/m² 380 R$/m² ▼11.8% 1,219 R$/m² 1,148 R$/m² ▲6.2%
Rental Revenue USD/sq. foot 18.8 US$/sqf 20.2 US$/sqf ▼7.3% 68.2 US$/sqf 61.1 US$/sqf ▲11.6%
Monthly Rental Revenue R$/m² 112 R$/m² 127 R$/m² ▼11.8% 102 R$/m² 96 R$/m² ▲6.2%
Monthly Rental Revenue USD/sq. foot 6.3 US$/sqf 6.7 US$/sqf ▼7.3% 5.7 US$/sqf 5.1 US$/sqf ▲11.6%
Net Operating Income (NOI) 139,941 119,673 ▲16.9% 419,735 353,361 ▲18.8%
NOI R$/m² 393 R$/m² 368 R$/m² ▲6.7% 1,215 R$/m² 1,107 R$/m² ▲9.7%
NOI USD/sq. foot 22.0 US$/sqf 19.6 US$/sqf ▲12.1% 68.0 US$/sqf 59.0 US$/sqf ▲15.3%
NOI Margin 87.9% 88.5% ▼59 b.p 86.4% 85.1% ▲131 b.p
NOI per Share R$ 0.78 R$ 0.67 ▲16.0% R$ 2.34 R$ 1.99 ▲17.8%
Headquarter Expenses 22,962 25,945 ▼11.5% 93,098 88,182 ▲5.6%
Headquarter Expenses / Net Revenues 12.9% 16.4% ▼354 b.p 15.4% 18.3% ▼286 b.p
EBITDA 110,970 94,433 ▲17.5% 350,195 303,955 ▲15.2%
EBITDA R$/m² 311 R$/m² 290 R$/m² ▲7.2% 1,013 R$/m² 953 R$/m² ▲6.4%
EBITDA USD/sq. foot 17.4 US$/sqf 15.5 US$/sqf ▲12.7% 56.7 US$/sqf 50.7 US$/sqf ▲11.8%
EBITDA per Share R$ 0.62 R$ 0.53 ▲16.5% R$ 1.95 R$ 1.71 ▲14.2%
Adjusted Net Income R$/m² 261 R$/m² 252 R$/m² ▲3.5% 936 R$/m² 742 R$/m² ▲26.2%
Adjusted Net Income USD/sq. foot 14.6 US$/sqf 13.4 US$/sqf ▲8.8% 52.4 US$/sqf 39.5 US$/sqf ▲32.6%
Adjusted Net Income Margin 52.2% 51.9% ▲28 b.p 53.5% 49.1% ▲448 b.p
Adjusted Net Income per Share R$ 0.52 R$ 0.46 ▲12.5% R$ 1.81 R$ 1.33 ▲35.5%
Adjusted FFO 105,956 91,609 ▲15.7% 368,151 272,568 ▲35.1%
Adjusted FFO R$/m² 297 R$/m² 282 R$/m² ▲5.5% 1,065 R$/m² 854 R$/m² ▲24.7%
Adjusted FFO US$ 63,829 52,513 ▲21.5% 221,778 156,244 ▲41.9%
Adjusted FFO USD/sq. foot 16.6 US$/sqf 15.0 US$/sqf ▲10.9% 59.6 US$/sqf 45.5 US$/sqf ▲31.1%
Adjusted FFO Margin 59.4% 57.9% ▲145 b.p 60.9% 56.5% ▲445 b.p
Adjusted FFO per Share R$ 0.59 R$ 0.52 ▲14.7% R$ 2.05 R$ 1.53 ▲33.9%
Dollar (USD) end of Quarter $1.66 $1.74 ▼4.8% $1.66 $1.74 ▼4.8%
38
4Q10
MULT3
Operational and Financial Highlights

Market Performance 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Number of Shares 179,197.214 177,699.741 ▲0.8% 179,197.214 177,699.741 ▲0.8%
Common Shares 167,338.867 165,841.394 ▲0.9% 167,338.867 165,841.394 ▲0.9%
Preferred Shares 11,858.347 11,858.347 ▲0.0% 11,858.347 11,858.347 ▲0.0%
Avg. Share Price R$ 37.34 R$ 30.22 ▲23.5% R$ 33.02 R$ 21.59 ▲53.0%
Final Share Price R$ 36.90 R$ 32.45 ▲13.7% R$ 36.90 R$ 32.45 ▲13.7%
Average Daily Traded Volume (R$ '000) 16,097 14,614 ▲10.1% 11,108 6,622 ▲67.7%
Market Cap (R$ '000) 6,612,377 5,766,357 ▲14.7% 6,612,377 5,766,357 ▲14.7%
Dollar (USD) end of Quarter $1.66 $1.74 ▼4.8% $1.66 $1.74 ▼4.8%
Gross Debt (R$ '000) 549,835 461,684 ▲19.1% 549,835 461,684 ▲19.1%
Cash (R$ '000) 794,839 827,967 ▼4.0% 794,839 827,967 ▼4.0%
Net Debt (R$ '000) (245,004) (366,283) ▼33.1% (245,004) (366,283) ▼33.1%
EPS R$ 0.40 R$ 0.18 ▲129.6% R$ 1.22 R$ 0.92 ▲32.6%
NOI per Share R$ 0.78 R$ 0.67 ▲16.0% R$ 2.34 R$ 1.99 ▲17.8%
P/AFFO (Last 12 months) 17.96 x 21.16 x ▼15.1% 17.96 x 21.16 x ▼15.1%
EV/EBITDA (Last 12 months) 18.18 x 17.77 x ▲2.3% 18.18 x 17.77 x ▲2.3%
Net Debt/EBITDA (Last 12 months) (0.70) x (1.21) x ▼41.9% (0.70) x (1.21) x ▼41.9%

Operational (100%) 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Final Total GLA 551,830 m² 533,741 m² ▲3.4% 551,830 m² 533,741 m² ▲3.4%
Final Owned GLA 371,596 m² 347,985 m² ▲6.8% 371,596 m² 347,985 m² ▲6.8%
Owned GLA % 67.3% 65.2% ▲214 b.p 67.3% 65.2% ▲214 b.p
Adjusted Total GLA (avg.) ¹ 534,725 m² 508,301 m² ▲5.2% 521,629 m² 477,767 m² ▲9.2%
Adjusted Owned GLA (avg.) ¹ 356,384 m² 325,169 m² ▲9.6% 345,567 m² 319,096 m² ▲8.3%
Total Sales 2,430,844 2,023,848 ▲20.1% 7,475,923 6,109,019 ▲22.4%
Total Sales R$/m² 4,546 R$/m² 3,982 R$/m² ▲14.2% 14,332 R$/m² 12,787 R$/m² ▲12.1%
Total Sales USD/sq. foot 254.4 US$/sqf 212.0 US$/sqf ▲20.0% 802.1 US$/sqf 680.9 US$/sqf ▲17.8%
Same Store Sales R$/m² n.a. n.a. ▲12.6% n.a. n.a. ▲12.4%
Same Area Sales R$/m² n.a. n.a. ▲13.8% n.a. n.a. ▲14.6%
Same Store Rent R$/m² n.a. n.a. ▲12.0% n.a. n.a. ▲6.9%
Same Area Rent R$/m² n.a. n.a. ▲10.1% n.a. n.a. ▲6.2%
Occupancy Costs 11.9% 11.8% ▲11 b.p 11.4% 11.9% ▼44 b.p
Rent as Sales % 7.6% 7.8% ▼18 b.p 7.6% 8.0% ▼42 b.p
Others as Sales % 4.3% 4.0% ▲28 b.p 3.9% 3.9% 0 b.p
Turnover 0.7% 2.1% ▼141 b.p 3.9% 6.0% ▼204 b.p
Occupancy Rate 98.6% 96.9% ▲165 b.p 98.6% 96.9% ▲165 b.p
Delinquency (25 days delay) 0.8% 0.6% ▲25 b.p 1.2% 2.7% ▼155 b.p
Rent Loss 1.6% 1.2% ▲32 b.p 0.9% 0.9% 0 b.p
¹ Adjusted GLA corresponds to the period‟s average GLA excluding 14,000 m² of BIG supermarket at BarraShoppingSul
39
4Q10
MULT3
Income Statement (R$‟000)

(R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %
Rental revenue 138,075 117,533 ▲17.5% 416,114 360,180 ▲15.5%
Services revenue 18,793 17,870 ▲5.2% 72,926 73,372 ▼0.6%
Key money revenue 9,328 7,680 ▲21.5% 35,241 26,990 ▲30.6%
Parking revenue 21,179 17,752 ▲19.3% 69,504 54,959 ▲26.5%
Real estate revenue 26,453 7,102 ▲272.5% 61,428 11,869 ▲417.5%
Straight line effect (18,658) 6,000 n.a. 5,104 6,000 ▼14.9%
Other revenues 167 308 ▼45.8% 2,307 998 ▲131.2%
Gross Revenue 195,337 174,245 ▲12.1% 662,624 534,368 ▲24.0%
Taxes and contributions on sales and
(16,949) (16,148) ▲5.0% (58,249) (51,634) ▲12.8%
services
Net Revenue 178,388 158,097 ▲12.8% 604,375 482,734 ▲25.2%
Stock-option-based remuneration
(1,749) (1,047) ▲67.0% (5,675) (3,415) ▲66.2%
expenses
Equity pickup (337) (4,576) ▼92.6% (3,511) (20,031) ▼82.5%
Other operating income/expenses 1,119 258 ▲333.7% (10,282) 22,438 na
EBITDA 110,970 94,433 ▲17.5% 350,195 303,955 ▲15.2%
Financial revenue 22,214 19,964 ▲11.3% 89,122 36,274 ▲145.7%
Financial expenses (13,600) (11,183) ▲21.6% (45,579) (41,388) ▲10.1%
Depreciation and amortization (12,862) (9,549) ▲34.7% (44,613) (35,753) ▲24.8%
Earnings Before Taxes 106,722 93,665 ▲13.9% 349,125 263,088 ▲32.7%
Income tax and social contribution (10,382) (11,982) ▼13.5% (14,972) (26,284) ▼43.0%
Deferred income and social
(20,746) (50,815) ▼59.2% (105,155) (73,476) ▲43.1%
contribution taxes
Minority interest (3,246) 377 n.a. (10,615) 11 na
Net Income 72,348 31,245 ▲131.5% 218,383 163,339 ▲33.7%
(R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %

EBITDA 110,970 94,433 ▲17.5% 350,195 303,955 ▲15.2%
Adjusted Net Income Margin 52.2% 51.9% ▲28 b.p 53.5% 49.1% ▲448 b.p
Adjusted FFO 105,956 91,609 ▲15.7% 368,151 272,568 ▲35.1%
Adjusted FFO margin 59.4% 57.9% ▲145 b.p 60.9% 56.5% ▲445 b.p
NOI - net of straight line effect 139,941 119,673 ▲16.9% 419,735 353,361 ▲18.8%
NOI - net of straight line effect
87.9% 88.5% ▼59 b.p 86.4% 85.1% ▲131 b.p
margin
NOI - with straight line effect 121,283 125,673 ▼3.5% 424,839 359,361 ▲18.2%
NOI - with straight line effect margin 86.3% 88.9% ▼269 b.p 86.6% 85.3% ▲124 b.p
40
4Q10
MULT3
Balance Sheet (R$‟000)
ASSETS 12/31/2010 12/31/2009 % Change

Current Assets
Cash and cash equivalents 794,839 827,967 ▼4.0%
Accounts receivable 180,122 115,117 ▲56.5%
Sundry loans and advances 17,177 30,985 ▼44.6%
Recoverable taxes and contributions 21,892 38,744 ▼43.5%
Other 14,153 3,483 ▲306.3%
Total Current Assets 1,028,183 1,016,296 ▲1.2%
Noncurrent Asset
Accounts receivable 36,154 18,028 ▲100.5%
Land and properties held for sale 33,183 141,268 ▼76.5%
Sundry loans and advances 8,658 9,908 ▼12.6%
Deferred income and social contribution taxes 8,737 113,891 ▼92.3%
Other 23,286 21,631 ▲7.7%
Investments 12,018 15,382 ▼21.9%

Investment properties 2,496,675 2,006,505 ▲24.4%
Property and equipment 18,504 15,582 ▲18.8%
Intangible 320,588 309,475 ▲3.6%
Total Noncurrent Assets 2,957,803 2,651,670 ▲11.5%
Total Assets 3,985,986 3,667,966 ▲8.7%
LIABILITIES 12/31/2010 12/31/2009 % Change

Current Liabilities
Loans and financings 61,798 41,660 ▲48.3%
Accounts payable 79,384 66,762 ▲18.9%
Property acquisition obligations 41,989 62,122 ▼32.4%
Taxes and contributions payable 25,900 24,904 ▲4.0%
Dividends to pay 51,469 40,521 ▲27.0%
Deferred incomes 42,163 54,279 ▼22.3%
Payables to related parties 94,274 92,214 ▲2.2%
Debentures 100,709 386 ▲n.a.
Clients anticipation 10,879 9,559 ▲13.8%
Other 2,277 1,743 ▲30.6%
Total Current Liabilities 510,842 394,150

▲29.6%
Non Current Liabilities
Loans and financings 246,378 130,035 ▲89.5%
Debentures - 100,000 n.a.
Property acquisition obligations 98,961 127,481 ▼22.4%
Taxes paid in installments 1,122 1,359 ▼17.4%
Provision for contingencies 21,662 21,435 ▲1.1%
Deferred incomes 141,570 77,698 ▲82.2%
Total Noncurrent Liabilities 509,693 458,008 ▲11.3%
Shareholders' Equity
Capital 1,761,662 1,745,097 ▲0.9%
Capital reserves 969,186 961,691 ▲0.8%
Profit reserve 268,060 122,408 ▲119.0%
Share issue costs (21,016) (20,837) ▲0.9%
Shares in treasure department (34,769) (4,624) ▲651.9%
Minority interest 22,328 12,073 ▲84.9%
Total Shareholder's Equity 2,965,451 2,815,808 ▲5.3%
Total Liabilities and Shareholders' Equity 3,985,986 3,667,966 ▲8.7%
41
4Q10
MULT3
Cash Flow Statement (R$‟000)
Cash Flow Statement (R$'000) 2010 2009

Cash Flow from Operations
Income before tax 349,125 263,088
Depreciation and amortization 44,613 35,753
Interest and monetary variations on debentures, loans, and property acquisition 42,669 11,144
Other net income adjustments (36,380) (4,740)
(Increase) decrease on current assets 29,481 (50,772)
Increase (decrease) on current liabilities 28,239 78,970
Cash Flow from Operations 457,747 333,443
Cash Flow from Investments

Increase in loans and sundry advances 17,020 (11,777)
(Increase) decrease of investment properties (524,234) (481,664)
Increase of property, plant and equipment (4,286) (1,670)
Additions to intangibles (13,186) (887)
Others 7,230 (10,933)
Cash Flows Used in Investing Activities (517,456) (506,931)
Cash Flows from Financing Activities

Increase (decrease) in loans and financing 135,016 (65,726)
Debentures issued - 100,000
Interest payment of loans and financing (37,307) (5,876)
Increase (decrease) in payables to related parties 2,060 68,434
Capital increase 16,565 792,350
Paid dividends (60,889) (20,084)
Others (28,864) (35,228)
Cash Flows Generated by (Used in) Financing Activities 26,581 833,870
Cash Flow (33,128) 660,382

Cash and cash equivalents at the beginning of the period 827,967 167,585
Cash and cash equivalents at end of the period 794,839 827,967
Changes in Cash Position (33,128) 660,382
42
4Q10
MULT3
Glossary and Acronyms
Adjusted Funds from Operations (FFO): Addition of adjusted net income, depreciation and amortization.
Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of goodwill from
acquisitions and mergers (including deferred taxes).
Anchor Stores: Large, well known stores with special marketing and structural Acronyms:
features that can attract consumers, thus ensuring permanent attraction and uniform BHS BH Shopping
traffic in all areas of the mall. Stores must have more than 1,000 m² to be considered BRS BarraShopping
anchors. BSS BarraShoppingSul
Brownfield: Expansion project. CPRBS Centro Profissional RibeirãoShopping
CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth DMM DiamondMall
rate, on an annualized basis. MAC Shopping Maceió
CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed MBC Morumbi Business Center
in asset development, expansion or improvement. The capitalized value shows the MBS MorumbiShopping
variation of „property and equipment‟ added of depreciation. MTE Multiplan
CDI: (“Certificado de Depósito Interbancário” or Interbank Deposit Certificate). NYC New York City Center
Certificates issued by banks to generate liquidity. Its average overnight annualized rate JDS JundiaíShopping
is used as a reference of interest rates in Brazilian Economy. PCG ParkShopping Campo Grande
Debenture: debt instrument issued by companies to borrow money. Multiplan‟s PKB ParkShoppingBarigüi
debentures are non-convertible, which means that they cannot be converted into equity
PKS ParkShopping
shares. Moreover, a debenture holder has no voting rights.
PKC ParkShopping Corporate
Deferred Income: Deferred key money and store buy back expenses.
PSC ParkShoppingSãoCaetano
Double Rent: Extra rent charged from the majority of tenants usually in December due
PSS Pátio Savassi
to higher sales in consequence of Christmas and extra charges on the month.
RBS RibeirãoShopping
EBITDA Margin: EBITDA divided by Net Revenue.
SAF ShoppingAnáliaFranco
EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income
SSU Shopping Santa Úrsula
(loss) plus expenses with income tax and social contribution on net income, financial
SVO Shopping Vila Olímpia
result, depreciation and amortization. EBITDA does not have a single definition, and
VLG Village Mall
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.
Equity Pickup: Interest held in the associate will be shown in the income statement as equity pickup, representing the net income attributable
to the associate‟s shareholders.
Expected Owned GLA: Multiplan‟s proportionate interest in each shopping mall, including projects under development and expansions.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding merchandising.
Greenfield: Shopping center project.
IBGE: The Brazilian Institute of Geography and Statistics.
IGP-DI Adjustment Effect: Is the weighted 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: (“Índice Geral de Preços - Disponibilidade Interna”) General Domestic Price Index. Inflation index published by the Getúlio 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 (“Índice Geral de Preços do Mercado”), though with a different data collection
period.
IPCA (“Índice de Preços ao Consumidor Amplo”): Published by the IBGE (Brazilian institute of statistics), it is the national consumer price
index, subject to the control of Brazil‟s 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.
Merchandising: consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from kiosks, stands,
posters, leasing of pillar space, doors and escalators and other display locations in a mall.
43
4Q10
MULT3
Minimum Rent (or Base Rent): Minimum 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.
Net Operating Income (NOI): Refers to the sum of the operating income (Rental revenue and shopping expenses) and income from parking
operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also includes the key money from the contracts signed
in the same period.
New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects. Refers
to the portion of the CAPEX which is 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. Refers to the portion of the CAPEX
which is recorded as an expense in the income statement as determined by the CPC 04 pronouncement in 2009.
NOI Margin: NOI divided by Rental Revenue and net parking revenue.
Occupancy cost: Is the cost of leasing 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.
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 Multiplan‟s interest in each mall.
Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. Parking revenue transfers are the share of
the parking revenue that need to be passed on to the Company‟s 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 list
price of each.
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 area‟s rent of the current year, less vacancy.
Same Area Sales (SAS): Sales of the same area of the year before divided by the area‟s GLA less vacancy.
Same store Rent (SSR): Rent earned from stores that were in operation for over a year.
Same store Sales (SSS): Sales of stores that were in operation for over a year.
Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended for general
retailing.
Straight Line Effect: Accounting method that has the purpose of removing volatility and seasonality of 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.
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: Leased GLA of operating malls divided by total GLA.
Shopping Center Segments:
Food Court & Gourmet Areas – Includes fast food and restaurants 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, banks operations, and etc.
Apparel – Women and men clothing, shoes and accessories stores
44
4Q10
MULT3
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the
Company‟s management and on the information available. These prospects include statements concerning our management‟s current
intentions or expectations.
Readers/investors should be aware that many factors may mean that our future results differ from the 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
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 Company‟s control or expectation. The reader/investor is encouraged not to completely
rely on the information above.
This document also contains information on future projects which could differ materially due to market conditions, changes in law or government
policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and
consumers, commercial negotiations or other technical and economic factors.
45

35 Years: Earnings Release

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35 Years: Earnings Release

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35 YEARS

MULTIPLYING THE BEST THINGS IN LIFE.

Owned GLA growth of 66% until 2013 65% leased stores

34,530 CAGR: +20.8% +22.4%

Signed key money R$6.1 Bi.

1Q10 2Q10 3Q10 4Q10 2007 2008 2009 2010

CAGR: +23.8% +24.0% 662,624 CAGR: +26.1% +18.2%

2007 2008 2009 2010 2007 2008 2009 2010

Letter from the CEO

Thank you all.

José Isaac Peres

Chairman & CEO

01. Consolidated Financial Statements ............................................................................................. 5

02. New Accounting Principles .......................................................................................................... 6

03. Project Development.................................................................................................................... 8

04. Operational Indicators ................................................................................................................ 16

05. Gross Revenues ........................................................................................................................ 19

06. Results From the Shopping Center Ownership .......................................................................... 20

07. Results From the Shopping Center Management ...................................................................... 25

08. Results From the Shopping Center Development ...................................................................... 26

09. Results From the Real Estate – Commercial Towers ................................................................ 28

10. Financial Results ....................................................................................................................... 29

12. Ownership Structure .................................................................................................................. 35

13. Stock Market .............................................................................................................................. 36

14. Appendices ................................................................................................................................ 38

1. Consolidated Financial Statements

(R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %

(R$ '000) 4Q10 4Q09 Chg. % 2010 2009 Chg. %

2. New Accounting Principles

First-time adoption of all CPC technical pronouncements

OCPC 04 - Real Estate for Sale Construction Contracts

CPC 23 - Accounting Policies, Changes in Accounting Estimates and Errors

CPC 26 - Presentation of Financial Statements

ICPC 08 - Accounting for Proposed Dividend Distribution

CPC 28 - Investment Properties

Shareholders‟ cost of capital 2010 2009

Risk free rate 3.7% 3.7%

Shopping malls in operation R$ 9,690 M R$ 15,047 M R$ 6,931 M R$ 11,033 M

2010: New projects, strong Capex, successful leasing, consistent leadership

Expected owned GLA growth (2010 – 2013)

543,711 m² 73,400 m² 90,230 m²

Owned GLA growth: +66.1%

2010 2011E 2012E 2013E Total announced (2013E)

Malls in operation Malls under development Of f ices f or rent under development

Capex Breakdown (2010 – 2013) Announced investment (2010 – 2013)

Solid growth, positive outlook

Weighted Sales (% Multiplan)

390 Average Owned GLA under

207 IGP-DI Index

Historical Analysis (Base 100 = 2001)

3.1 Shopping Center Greenfields

Five greenfields ready to be delivered in two years

aetano lease contracts, confirming the success of these projects.

Shopping centers under construction/Approval Multiplan‟s Share (R$‟ 000)

High investment, record leasing!

The successful leasing effort comes as a consequence of the 20%

positive retail expansion in Brazil, associated to Multiplan‟s 10%

strong name recognition as a shopping center developer and 0%

Tenant mix is king!

Signed key money

1Q10 2Q10 3Q10 4Q10

3.1.1 Project descriptions