4Q10

35 YEARS
MULTIPLYING
MULTIPLYINGTHE
THE BEST
BEST THINGS IN LIFE.

4Q10 Earnings Release

 4Q10
Shopping Center Sales*
Multiplan Shopping Center Sales vs. SSS Growth (YoY)
National Retail and Inflation (2010/2009)

22.4% 14.9%
14.0% 13.7%
12.6%
17.6% 11.4% 11.9%
10.6%
14.6% 9.9% 9.8%
12.4%
10.9% 7.9%

5.9% 5.1% 5.6%

National Total Sales Total Sales SAS SSS IPCA 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Retail Sales 10-yr CAGR

Sales Growth Analysis (2010/2009)

Sales Growth
SAS Growth
30.0% 31.3% 31.0%
IBGE national Retail Growth (+10.9%) 27.9%

20.6% 22.4%
19.9%
17.7% 17.8% 16.3%
15.8% 14.5%
12.0%

* Considering 100% of shopping center sales. 2

 4Q10
Gross Revenue Analysis
2010 Gross Revenue Growth Breakdown

+ 15.5% - 0.6% + 30.6% + 26.5% + 417.5% - 14.9% + 131.2%

+49.6 M +1.3 M 662.6 M

-0.9 M
+14.5 M
+55.9 M +8.3 M

534.4 M -0.4 M

+24.0%

Gross Rental Services Key money Parking Real estate Straight Line Other Gross
Revenue 2009 revenue Effect Revenue 2010
2010 Gross Revenue Breakdown (%)

Straight line ef f ect

0.8%
Services
11.0%
Contractual
Base Straight Line (Step-ups)
Real estate revenue Rental 84.7% Base rent 1.4% 99.8%
9.3% Revenue 98.6% Seasonality
62.8% (Double-Rent)
Parking 0.2%
10.5%
Others Overage
0.3% Merchandising 4.9%
Key money 10.4%
5.3%

3
 4Q10
Rental Revenue Analysis
Rental Revenue Growth Analysis (2010/2009) Same Store Rent – Real Growth (YoY)

7.7%
15.0%
6.0%

4.8%

3.6% 3.7%
6.9% 3.4%
6.3% 2.8% 2.9%
2.1% 2.2%
1.9%

0.8%
1.1%

IGP-DI SAR SSR Rental 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Adjustment Revenue
Effect

Same Store Rent – Breakdown (YoY)

13.9% 13.2% 14.0%

11.6% 12.0%
2.9% 1.9% 3.6%
9.0% 8.1% 7.7%
7.7% 2.8%
2.2% 6.5% 6.6%
2.1% 0.8% 4.4%
10.7% 11.1% 10.0% 3.9% 6.0%
8.6% 3.4%
6.7% 7.3% 3.7% 4.8%
5.6% 4.0%
2.9% 0.6%
0.2% -0.3%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
IGP-DI Adjustment Effect Real SSR

4
 4Q10
Shopping Center Expenses and NOI
Shopping Center Expenses Key Money Accrued (2010/2009)
and as % of Net Revenue (2010/2009)
+6.6% +30.6% 35.2M
65.9M
61.8M 27.0M

12.8%

10.9%

2009 2010 2009 2010

NOI and Margin (2010/2009) NOI + Key Money and Margin (2010/2009)

+18.2% 424.8M +19.1% 460.1M

359.4M 386.4M

87.5%
86.6%
86.2%
85.3%

2009 2010 2009 2010

5
 4Q10
Key Money and New Projects for Lease Expenses
New Projects for Lease Expenses Deferred Income Evolution
And Signed Key Money in 2010
183.7M
Delivery of
87.0M projects

138.8M 141.2M 137.1M 158.5M

126.3M 150.M
39.1M 121.5M 136.7M
132.M
110.5M New
110.2M
96.4M projects
81.2M
launched

New Projects for Signed Key Money

Lease Expenses
Leasing Evolution Leasing Status
(as of February 2011)
90% ParkShopping SãoCaetano
83.0%
Village Mall
80% 78.0%
Shopping Jundiaí
70% ParkShopping CampoGrande
Leased Stores

64.8%
60%
Leased Stores

50% 44.0%
Leased Number To be
40% stores of Stores: leased
65% 809 35%
30%

20%

10%

0%
4Q09 1Q10 2Q10 3Q10 4Q10
6
 4Q10
EBITDA Margin Analysis
G&A Expenses EBITDA and Margin (2010/2009)
and as % of Net Revenue (2010/2009)
+5.6% +15.2%
93.1M
88.2M 350.2M
304.0M

18.3% 63.0%
15.4% 57.9%

2009 2010 2009 2010

Impact of Real Estate Development and New Projects for Lease Expenses (R$’000)
+ 1,245 bps

+ 230 bps 70.4%

500.M + 713 bps 80.0%
+ 303 bps 68.1%
450.M 61.0% 70.0%
57.9%
373.4M 386.M 60.0%
400.M
350.2M 50.0%
350.M 334.3M
40.0%
300.M
30.0%
250.M 20.0%
200.M 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
7
 4Q10
Financial Results
Net Income and Net Margin (2010/2009) Adjusted Net Income and Adjusted Net Margin (2010/2009)
+33.7% +33.6% 323.5M
218.4M
236.8M
163.3M

53.5%
33.8% 36.1% 49.1%

2009 2010 2009 2010

Adjusted FFO and Margin (2010/2009)

+35.1% 368.2M

272.6M

60.9%
56.5%

2009 2010
8
 4Q10
CAPEX and Indebtedness
Announced CAPEX (2010 – 2013): R$1.8 Billion Debt Position and Cash Generation
728.5 M (As of December 2010)
794.8M
180.3 M 536.2 M
442.4 M 20.8 M 549.8M
18.5 M 181.4 M
91.5 M
350.2M 368.2M
101.0 M 526.6 M
245.0M
107.0 M 354.9 M
71.1 M
124.4 M 71.1 M

2010 2011E 2012E 2013E

Cash Gross Net Cash EBITDA AFFO
Mall Development Mall Expansion Acquisitions
Debt Position
Renovation & Others Office for Lease

Signed Funding Debt Indexes Breakdown

(As of December 2010) (As of December 2010)

CDI
Fixed
23% IGP-M
12% 1%
To be
Drawn Drawn TJLP
549.8 373.3M TR 6%
45% IPCA
13%

9
 4Q10
NAV of Investment Properties
(as of December 31st 2010)

+ 85.8%

12.3 bi.
11.5 bi.

9.7 bi.
+ 46.5%

6.6 bi.

2.5 bi.

Investment properties Market value NAV of shopping NAV of shopping NAV of shopping
centers in operation centers in operation + centers in operation +
Announced projects Announced projects +
Future expansions

Announced projects include: ParkShoppingSãoCaetano, VillageMall, JundiaiShopping, ParkShopping Campo Grande, Shopping Maceió, Morumbi
Businnes Center, ParkShopping Corporate and Morumbi Corporate.

10
 4Q10
New Project Development
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

11
 4Q10
Project Development
Ten Projects Underway: Five shopping center greenfields and five office towers

ParkShoppingSãoCaetano Status: Under Construction

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) **

JundiaíShopping Status: Under Construction

Time between launching
40.1%
and delivery *

Leased Stores * 64.8%

CAPEX Invested
22.0%
(Total CAPEX) **

Project Costs
20.4%
(Capitalized CAPEX) **

Development Expenses
65.5%
(Expensed CAPEX) **

Reference: *as of February 2011; ** as of December 2010 12

 4Q10
Project Development
Ten Projects Underway: Five shopping center greenfields and five office towers

VillageMall Status: Under Construction Shopping Maceió

Time between launching
37.9%
and delivery *

Leased Stores * 78.0%

CAPEX Invested
35.2%
(Total CAPEX) **

Project Costs
32.8%
(Capitalized CAPEX) **

Development Expenses
76.1%
(Expensed CAPEX) **

Status: Under Approval

ParkShoppingCampoGrande Status: Under Construction

Total GLA: 35,868 m²
Time between launching
19.8%
and delivery *
Multiplan’s interest: 50%
Leased Stores * 44.0%

CAPEX Invested Opening: Dec/2012

8.0%
(Total CAPEX) **

Project Costs
5.8%
(Capitalized CAPEX) ** Estimated CAPEX: R$91 million
Development Expenses
58.5%
(Expensed CAPEX) **

Reference: *as of February 2011; ** as of December 2010 13

 4Q10
Project Development
Ten Projects Underway: Five shopping center greenfields and five office towers

Office Towers for Lease

ParkShopping Corporate Morumbi Corporate Morumbi Business Center

Office Towers for Lease Multiplan's Share (R$' 000)

Project State Status Opening GLA (100%) %Mult. CAPEX
Morumbi Businnes Center SP Construction Jan-12 10,150 m² 100% 74,000
ParkShopping Corporate DF Development Nov-12 13,360 m² 50% 39,800
Morumbi Corporate SP Development Sep-13 73,400 m² 100% 444,100
Total 96,910 m² 93.1% 557,900

14
 4Q10
Project Development
Ten Projects Underway: Five shopping center greenfields and five office towers

Office Tower for Sale

Centro Profissional RibeirãoShopping Cristal Tower

Preliminary view of Centro Profissional RibeirãoShopping Cristal Tower illustration (left) and construction works (right)

Office Towers for Sale

Project State Status Opening Area %Mult. PSV (R$'000)
Cristal Tower RS Construction May-11 11,915 m² 100% 70,000
Centro Profissional RibeirãoShopping
SP Construction Dec-12 12,563 m² 100% 75,040
Total 24,478 m² 100% 147,900

15
 4Q10
Historical Growth Analysis
(Base 100 = 2001)

957

721 690

390

207

163

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E

Weighted Sales (% Multiplan) Rental Revenues Average Owned GLA

Estimated Owned GLA IGP-DI Index National Retail Sales

16
 IR Contact 4Q10
Armando d’Almeida Neto
CFO and Investors Relation Director
Rodrigo Krause
Investor Relations Superintendent

Leonardo Oliveira
Investor Relations Senior Analyst
Franco Carrion
Investor Relations Analyst
Diana Litweski
Investor Relations Analyst
Hans Melchers
Planning Manager
Tel.: +55 (21) 3031-5224
Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br

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

Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the Company’s management and on 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
"expect“, “foresee“, “intend“, "plan“ and similar words are intended to identify affirmations. Forward-looking statements refer to future events which may or may not occur. Our
future financial situation, operating results, market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking
statements. Many factors and values that can establish these results are outside the 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.