Pioneirismo, Qualidade e Inovao.

Earnings Release
Investor Relations Armando dAlmeida Neto CFO and IRO Rodrigo Krause dos Santos Rocha Superintendent of IR Leonardo Oliveira Senior IR Analyst
Conference Call (in English) Date: August 11, 2011 (Thursday) Time: 11:30 a.m. (EST New York) 12:30 p.m. (Braslia time) Participants calling from: - the US: 1(888) 700-0802 - other countries: 1 (786) 924-6977 - Brazil: 55 (11) 4688-6361 Access Code: Multiplan Replay: On the website: www.multiplan.com.br/ri

Franco Carrion IR Analyst Diana Litewski IR Analyst Hans Melchers Planning Manager ri@multiplan.com.br Tel: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322

Multiplans Shopping Center EBITDA increases 39.1% and NOI + Key Money reaches R$127 million in 2Q11
Rio de Janeiro, August 10 , 2011 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3), announces its second quarter 2011 results. The following financial and operational data were prepared and are being presented in accordance with accounting policies adopted in Brazil, which comprise the standards and pronouncements issued by the Brazilian Securities and Exchange Commission (CVM) and the Brazilian FASB (CPC), which are in conformity with the international financial reporting standards (IFRS) issued by IASB applicable to real estate development entities in Brazil and approved by the Brazilian FASB (CPC), by the Brazilian Securities Commission (CVM) and by the National Association of State Boards of Accountancy (CFC).
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2Q11 Highlights (R$'000) Quality Projects

79% of stores leased
in the four malls under construction
100%
ParkShoppingSoCaetano VillageMall
JundiaShopping

ParkShoppingSoCaetano close to delivery;

Multiplans CAPEX in the quarter: R$166 million
93.3% 85.3% 78.1% 65.9%

90% 80% 70%

ParkShoppingCampoGrande

Leased Stores

60% 50%
40%

30% 20% 10% 0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

Improved Performance and Efficiency

Highest Same Store Rent increase in 3 years: 14%
leading to a 19% base rental revenue growth
13.9% 14.0% 13.2% 11.6% 9.0% 14.1%

G&A expenses dropped 21%

and new projects expenses fell 59%
CAGR: -10.0%
27,539
24,657 26.5%

-20.7%
25,324
20,071 40.0% 35.0% 30.0% 25.0% 17.7% 12.6% 20.0%

12.0% 10.3%
6.6%

8.1% 6.5%

23.0%

4.4% 3.9%

15.0%
10.0% 5.0%

3Q08

3Q09

2Q08

4Q08

1Q09

2Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

2Q08 G&A

2Q09

2Q10

2Q11

% of net revenue

Leading to Solid Returns

Shopping Center EBITDA grew 39%
and margin improved to 72%
CAGR: +24.3%

Net Income increased 17%

and FFO improved 21%
97.0% 80,000 CAGR Net Income: +68.6% 92.0% 70,000 CAGR FFO: +53.6% 87.0% 55,240 60,000 82.0% 46,327 50,000 77.0% 40,000 72.0%
30,000 67.0% 20,000 62.0%
57.0% 10,000

+39.1%

109,333

76,013

62,645 52,185

61,072

78,579
66,620 56,980 62.7% 59.5% 54.7% 72.4%

20,987 12,739

52.0%
2Q08 2Q09 2Q10 Margin 2Q11

2Q08 2Q09 2Q10 2Q11

Shopping center EBITDA

Net Income

FFO

Highlights (YoY) Shopping Center Sales 2Q11 1H11 +14.7% +13.7% Rental Revenue +15.0% +16.1% NOI +17.1% +16.5% EBITDA +32.4% +26.3% Net Income +17.0% +25.2%

HIGHLIGHTS OF NEW DEVELOPMENTS Stores at ParkShoppingSoCaetano were delivered to tenants in the end of June, 2011. The mall is 93% leased and is expected to open in November 2011, in line with its initial announcement. The four Greenfield projects average 79% stores leased. The expected 3
rd

year NOI yield for all shopping center projects is

16.0%, and the office towers for lease under development have an expected stabilized NOI yield of 18.3%. Projects under construction contributed with the investment (CAPEX) of R$166 million in 2Q11. Multiplan disclosed a master plan for the development of the RibeiroShopping Complex. The plan includes three shopping center expansions, luxury residential buildings, one new condo office tower and one mixed use project.

OPERATIONAL AND FINANCIAL HIGHLIGHTS Sales in Multiplan shopping centers reached R$2.0 billion in 2Q11, 14.7% higher than in 2Q10. Same Area Sales grew 10.3% in the period, even higher than the strong growth recorded in 1Q11, of 7.0%. Same Store Rent recorded the highest increase in last three years of +14.1% in 2Q11, with real growth of 4.9% on top of the inflation adjustment effect. Base rental revenue increased 19.0% in the same period. Shopping center expenses increased 6.0% in 2Q11x2Q10, and are proportionally lower leading to an efficiency improvement given the stronger growth of owned GLA (+6.9%) and net revenue (+10.9%) as well as the inflation growth in the period (+6.6%). Net Operating Income (NOI) + Key Money of R$127.1 million increased 19.6% in 2Q11. NOI + Key Money margin increased to 88.1% in 2Q11, up from 86.7% in 2Q10. Headquarters expenses (G&A) dropped 20.7% in 2Q11, compared to 2Q10, and reduced 27.1% since 2Q08. As a percentage of net revenue, it fell down to 12.6% in 2Q11 from 17.7% in 2Q10. New project expenses fell 58.9% in the same period. Shopping Center EBITDA margin increased to 72.4% up from 59.5%, recording a significant 39.1% growth, to R$109.3 million. Net income posted a 17.0% increase in 2Q11 over 2Q10, totaling R$61.1 million. Net margin reached 41.5% versus 36.5% in 2Q10. Net cash position dropped to R$41.1 million. As of June 30 , 2011, there was R$405.8 million in already signed financing contracts not drawn yet.
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RECENT EVENTS Cristal Tower delivered: the office tower connected to BarraShoppingSul was successfully delivered on July 26 . The project recorded gross margin of 30.7% and gross profit of R$25.3 million. New funding signed: The Company signed an R$124.1 million 7-year financing contract with the Brazilian Development Bank (BNDES). The best mall of So Paulo and the best project in Latin America: MorumbiShopping was once again elected the best mall of So Paulo, the most competitive market in Brazil, according to Estado de S. Paulo newspaper, and VillageMall, in Rio de Janeiro, received the VIII Corporate Architecture Grand Prize for the best commercial project in Latin America. Sales in July 2011: Growth of 14.5% compared to July 2010.
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2Q11
MULT3
Multiplan's Financial Evolution
R$ Million Gross Revenue Net Operating Income Adjusted EBITDA Net Income Adjusted Net Income 2006 276.5 169.6 143.8 (32.2) 101.9 2007 (IPO) 368.8 212.1 212.2 21.2 176.5 2008 452.9 283.1 247.2 74.0 199.4 2009 534.4 359.4 304.0 163.3 236.8 2010 662.6 424.8 350.2 218.4 323.5 Change % CAGR % (2010/2006) (2010/2006) 139.7% 150.4% 143.5% 932.2% 217.6% 24.4% 25.8% 24.9% 117.7% 33.5%

663 534 453 369 276 170 212 283

2006 425 359

2007 (IPO)

2008

2009

2010

212 144

247

304

350
163

324 218
102

176 199

237

21 -32 Gross Revenue Net Operating Income Adjusted EBITDA

74

Net Income

Adjusted Net Income

Historical Performance of Multiplans Results (R$ Million) As for the Net Income, the calculation compares 2010 with 2007. Adjusted for expenses related to the company's IPO. Adjusted for deferred income and social contribution taxes.

Overview Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center companies in Brazil. Established as a full service Company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country. 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 2Q11, Multiplan owned - with an average interest of 67.4% - and managed 13 shopping centers with a total GLA of 551,592 m, 3,600 stores and an estimated annual traffic of 159 million consumers.

Table of Contents

01. Consolidated Financial Statements .............................................................................................. 4 02. Project Development....................................................................................................................... 5 03. Operational Indicators................................................................................................................... 12 04. Gross Revenue .............................................................................................................................. 13 05. Shopping Center Ownership Results ......................................................................................... 14 06. Shopping Center Management Results ..................................................................................... 17 07. Shopping Center Development Results ..................................................................................... 18 08. Real Estate for Sale Results ........................................................................................................ 19 09. Financial Results ........................................................................................................................... 20 10. Portfolio ........................................................................................................................................... 24 11. Ownership Structure ..................................................................................................................... 25 12. MULT3 Indicators & Stock Market .............................................................................................. 26 13. Appendices..................................................................................................................................... 27

2Q11
MULT3
1. Consolidated Financial Statements

(R$ '000) Rental revenue Services revenue Key money revenue Parking revenue Real estate for sale revenue Straight line effect Other revenues Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Other operating income/expenses EBITDA Financial revenue Financial expenses Depreciation and amortization Earnings Before Taxes Income tax and social contribution Deferred income and social contribution taxes Minority interest Net Income

2Q11 108,425 21,344 10,045 19,046 8,468 6,783 394 174,505 (15,823) 158,682 (20,071) (2,164) (17,243) (3,296) (1,273) (9,390) 778 1,125 107,148 21,808 (14,194) (14,941) 99,821 (31,949) (4,798) (2,002) 61,072

2Q10 94,254 21,077 6,350 15,505 12,240 6,412 1,534 157,372 (14,277) 143,095 (25,324) (1,380) (16,263) (10,685) (507) (7,283) (997) 266 80,922 21,996 (11,564) (10,460) 80,894

Chg. % 15.0% 1.3% 58.2% 22.8% 30.8% 5.8% 74.3% 10.9% 10.8% 10.9% 20.7% 56.8% 6.0% 69.2% 151.1% 28.9% na 322.9% 32.4% 0.9% 22.7% 42.8% 23.4% 81.0% 0.9% 17.0%

1H11 213,901 40,412 19,207 37,599 22,060 13,757 722 347,658 (31,163) 316,495 (41,697) (3,509) (32,676) (6,741) (2,475) (23,382) 1,382 2,593 209,990 46,705 (27,534) (29,258) 199,903 (40,554) (29,815) (4,740) 124,794

1H10 184,274 35,786 17,529 31,500 21,256 15,443 1,549 307,337 (27,862) 279,475 (45,392) (2,544) (31,581) (17,047) (771) (12,377) (4,951) 1,402 166,214 42,341 (22,771) (20,995) 164,789

Chg. % 16.1% 12.9% 9.6% 19.4% 3.8% 10.9% 53.4% 13.1% 11.8% 13.2% 8.1% 37.9% 3.5% 60.5% 221.0% 88.9% na 85.0% 26.3% 10.3% 20.9% 39.4% 21.3% 48.1% 1.0% 25.2%

(1,500) 2,029.9% (25,189) (2,020) 52,185

(2,914) 1,291.7% (57,408) (4,786) 99,681

(R$ '000) NOI NOI margin NOI + Key Money NOI + Key Money margin Shopping Center EBITDA Shopping Center EBITDA margin EBITDA (Shopping Center + Real Estate) EBITDA margin Net Income Net Income margin Adjusted Net Income Adjusted Net Income margin FFO FFO margin Adjusted FFO Adjusted FFO margin

2Q11 117,011 87.2% 127,056 88.1% 109,333 72.4% 107,148 67.5% 61,072 38.5% 65,870 41.5% 76,013 47.9% 80,811 50.9%

2Q10 99,908 86.0% 106,258 86.7% 78,579 59.5% 80,922 56.6% 52,185 36.5% 77,374 54.1% 62,645 43.8% 87,834 61.4%

Chg. % 17.1% 116 b.p 19.6% 132 b.p 39.1% 1,287 b.p 32.4% 1,097 b.p 17.0% 202 b.p 14.9% 1,256 b.p 21.3% 412 b.p 8.0% 1,046 b.p

1H11 232,581 87.7% 251,788 88.5% 214,382 72.3% 209,990 66.3% 124,794 39.4% 154,609 48.9% 154,052 48.7% 183,867 58.1%

1H10 199,636 86.3% 217,165 87.3% 164,984 63.4% 166,214 59.5% 99,681 35.7% 157,089 56.2% 120,676 43.2% 178,084 63.7%

Chg. % 16.5% 134 b.p 15.9% 121 b.p 29.9% 891 b.p 26.3% 687 b.p 25.2% 376 b.p 1.6% 736 b.p 27.7% 549 b.p 3.2% 563 b.p

2Q11
MULT3
2. Project Development CAPEX: New projects evolving successfully Multiplan invested R$165.8 million in 2Q11, of which 91.9% were assigned to the construction of shopping centers and office towers for lease under development total CAPEX was of R$270.1 million. The total estimated CAPEX for the 2011 to 2013 period is
CAPEX Breakdown (2Q11x2Q10)

In 1H11, the

CAPEX (R$ 000) Mall Development Mall Expansion Office tower for lease Renovation & other Total

2Q11 128,206 5,528 24,144 7,966 165,846

2Q10 23,229 24,239 9,243 22,935 79,646

R$1.3 billion which is expected to boost the owned GLA to 619,154 m in 2013, up from 371,600 m , a 66.6% increase.
2

+66.6%

619,109 m 526,865 m 17,315 m 18,046 m 410,261 m 371,600 m 38,661 m 99,289 m

74,198 m

619,109 m 91,513 m

155,996 m

Office Towers for Lease Under Development 371,600 m Malls Under Development Malls in Operation 371,600 m

2Q11

2011E

2012E

2013E

Total Announced (2013E)

Expected Owned GLA Growth (2011-2013)

267.2 M

278.4 M

278.4 M

+11.2 M +97.1 M 170.1 M

+105.6 M
64.5 M

+58.7 M 5.8 M

2011E

2012E

2013E

2014E

2015E

Total

Expected Additional NOI* from Announced Projects Under Development

* Please see disclaimer at the end of the document.

2Q11
MULT3
2.1 Shopping Center Greenfields Greenfields leasing phase: strong rhythm continues in 2Q11 Considering Multiplan projects currently in the leasing phase, 79.2% of stores were already leased on July 29 , 2011, confirming not only the success of these projects, but also the Companys marketing strategy. In 2Q11, projects signed Key Money contracts reached R$21.0 million. Earthmoving works are almost finished at Parque Shopping Macei. The delay in the construction license approval, recently granted, led to the postponing of the opening date, now scheduled for 2Q13. The five shopping centers under development will add 156.0 thousand m of owned GLA to Multiplans portfolio. Together, they are expected to generate key money, first and third year NOI of R$153.5 million, R$137.8 million and R$173.5 million, respectively, and a 3 year NOI yield of 16.0%, which represents a 20 b.p. growth compared to 1Q11.
rd 2 th

100%

ParkShoppingSoCaetano VillageMall
JundiaShopping

93.3% 85.3% 78.1% 65.9%

90% 80%

ParkShoppingCampoGrande

Leased Stores (units)

70% 60% 50%

40%

Leased stores 79.2%

To be leased 20.8%

30% 20% 10% 0% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

oCaetano
Leasing Status (As of July 2011)

Leasing Evolution (Updated in July 2011)

Shopping centers under construction Project

1 ParkShoppingSoCaetano 2 JundiaShopping 3 VillageMall 4 ParkShoppingCampoGrande 5 Parque Shopping Macei

Multiplans Interest (R$000) GLA (100%) 38,661 m 35,820 m 25,580 m 42,099 m 36,092 m 178,252 m %Mult. CAPEX Invested CAPEX Key Money NOI 1st year 35,296 28,165 39,659 24,209 10,432 137,761 NOI 3rd year 47,746 34,649 45,362 32,511 13,184 173,452

Opening Nov-11 Oct-12 Nov-12 Nov-12 2Q13

EW ILLUSTRATION

Total
1

100.0% 250,134 100.0% 270,114 100.0% 410,000 90.0% 215,490 50.0% 93,333 89.9% 1,239,071

79% 37,130 37% 24,570 48% 39,083 15% 43,310 9% 9,259 43% 153,352

3rd year NOI Yield (%) 22.4% 14.1% 12.2% 18.9% 15.7% 16.0%

Considers only the first phase of the project (disregarding any future expansions). Includes project expenses. 2 Multiplan will invest 100% of the CAPEX.

2Q11
MULT3
ParkShoppingSoCaetano: Stores delivered! Stores at ParkShoppingSoCaetano were delivered to tenants in the end of June. Tenants can now start working on their store projects. ParkShoppingSoCaetano is scheduled to open in November, 2011 and on July 29 , 2011, 93.3% of its stores lease contracts were already signed.
ParkShoppingSoCaetano (SP)
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Internal view five months prior to opening

Construction site in 2Q11

ParkShoppingCampoGrande: high occupancy rate of 77.3% and well balanced tenant mix ParkShoppingCampoGrandes leasing is performing above planned and in line with to Multiplans expectations. In less than a year after its launching and more than a year before opening, the project has already 65.9% of its stores leased and well balanced with anchors and satellites. In terms of GLA, ParkShoppingCampoGrande reached an outstanding occupancy rate of 77.3%. JundiaShopping and VillageMall have also signed important lease contracts and reached, respectively, 78.1% and 85.3% of its stores leased. Shopping Centers Construction Evolution in 2Q11

JundiaShopping (SP) Construction site in 2Q11

VillageMall (RJ) Construction site in 2Q11

ParkShoppingCampoGrande (RJ) Construction site in 2Q11

2Q11
MULT3

10.0%
0.0%

Parque Shopping Macei

9.0% 13.0%
64.0% 15.0%

ParkShoppingCampoGrande

45.0% 73.0%
48.0%

VillageMall

35.0% 67.0% 37.0%

JundiaShopping
80.0% 75.0% 79.0%

ParkShoppingSoCaetano

Capitalized Capex

Expensed Capex

Total Capex Invested

Breakdown of CAPEX Invested

2.2 Office Towers for Lease As can be seen from the pictures below, the construction of Morumbi Business Center, ParkShopping Corporate and Morumbi Corporate are progressing and on schedule. The construction of these projects is at 58%, 11% and 24% of completion, respectively, according to the invested CAPEX. These projects should generate together an NOI yield of 18.3%.

Morumbi Business Center

ParkShopping Corporate

Morumbi Corporate Center

Office Towers for Lease Project Morumbi Business Center ParkShopping Corporate Morumbi Corporate Total Opening Jan-12 Nov-12 Sep-13 GLA (100%) 10,635 m 13,360 m 74,198 m 98,193 m %Mult. 100.0% 50.0% 100.0% 93.2%

Multiplans Interest (R$000) CAPEX (R$000) 73,946 38,444 445,759 558,149 Invested CAPEX 58% 11% 24% 28% Stabilized Stabilized NOI NOI (R$`000) Yield (%) 11,486 15.5% 7,152 18.6% 83,701 18.8% 102,339 18.3%

2Q11
MULT3
2.3 Office Towers for Sale The city authorities of Porto Alegre have granted the certificate of occupancy for Cristal Tower on July 26 , 2011. Not only the project is expected to enhance BarraShoppingSuls flow of visitors, but also contribute to the appreciation of the real estate market in the neighborhood. Furthermore, Centro Profissional RibeiroShopping construction is moving ahead on schedule, in Ribeiro Preto (SP), with 95% of its units sold and is expected to be delivered in December 2012.
Office Towers for Sale Project Cristal Tower Centro Profissional RBS Total
1

th

Opening Aug-11 Dec-12

%Mult. 100.0% 100.0% 100.0%

Area 11,912 m 12,563 m 24,475 m

PSV1 (R$ 000) 82,237 75,040 157,277

Potential Sales Value

Cristal Tower in 2Q11

Cristal Tower skywalk to BarraShoppingSul in 2Q11

Centro Profissional RibeiroShopping in 2Q11

2Q11
MULT3
2.4 Land Bank Future growth: over 590 thousand m in land plots
2

Location
BarraShoppingSul Campo Grande Macei Jundia ParkShoppingBarigi ParkShoppingBarigi Ptio Savassi RibeiroShopping So Caetano Shopping AnliaFranco Total

% Mult.
100% 90% 50% 100% 84% 94% 97% 100% 100% 36% 82%

Type
Residential, Hotel Residential, Office/Retail Residential, Office/Retail, Hotel Office/Retail Apart-Hotel Office/Retail Retail Residential, Office/Retail, Medical Center Retail Residential

Land Area
12,099 m 141,480 m 140,000 m 4,500 m 843 m 27,370 m 2,606 m 207,092 m 24,948 m 29,800 m 590,738 m

2Q11: Multiplan announced master plan for the development of the RibeiroShopping Complex On June 20 , 2011, Multiplan announced a master plan for the development of the RibeiroShopping complex, including three expansions which is expected to add 32,000 m in GLA, representing a growth of approximately 68% over the shopping center's current GLA, and several office and residential towers integrated to the shopping center in the city of Ribeiro Preto, state of So Paulo. Additionally, throughout the ensuing years, RibeiroShopping should also get a high-end residence services building, a deck parking with 1,200 covered spaces, a convention center as well as a fitness center, all connected to the mall.
2 th

Complex Preliminary view

7 3 5 2 1 4 6

1 2

RibeiroShopping sixth expansion, with 4,200 m of GLA RibeiroShopping seventh expansion, with 4,000 m of GLA

3 4

Deck Parking, convention center, fitness center and an upper-scale hotel

RibeiroShopping eighth expansion, with 17,000 m of GLA and 1,000 parking spaces

5 6

Upper-scale hotel, apartment hotel, and commercial tower with 19,200 m Centro Profissional RibeiroShopping, 100% sold with estimated delivery to 4Q12

Four residential triple-A residential buildings, with 86.000 m of area for sale

RibeiroShopping Complex Preliminary View

10

2Q11
MULT3

Multiplans land bank in Ribeiro Preto totals 207.1 thousand square meters, of which roughly half should be used to implemen t the master plan announced recently for the city. It is worth to highlight that the RibeiroShopping complex master plan is one of a series of projects that Multiplan could implement in the medium term. The Companys main strategy is based on develop shopping centers and implement its mixed-use strategy, building office towers and residential buildings. As can be observed, among others, Multiplan s land bank is composed of properties in So Caetano (SP), Campo Grande (RJ), Jundia (SP) and Macei (AL), which will be used only to implement the mixed used strategy and it is net of the area where these shopping centers are being developed.

11

2Q11
MULT3
3. Operational Indicators 3.1 Tenant Sales Sales in Multiplan malls were R$2.0 billion in 2Q11, a 14.7% growth over 2Q10 In spite of the Brazilian current macro-prudential measures and the monetary tightening cycle, tenants in Multiplan shopping centers recorded a 14.7% sales increase in 2Q11, over 2Q10, and a 10.1% growth compared to 1Q11. Total sales reached R$2.0 billion in 2Q11 and R$3.8 billion for the first half of the year. Sales consistent performance is demonstrated by the CAGR for the 2Q02 2Q11 period of 18.6%, or 18.5% if considering first half year figures (1H02 1H11).
Sales 100% Shopping Centers BH Shopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping Anlia Franco ParkShoppingBarigi Ptio Savassi Shopping Santa rsula BarraShoppingSul Shopping Vila Olmpia Total 2Q11 208.6 M 119.5 M 349.3 M 300.5 M 187.7 M 106.6 M 44.7 M 186.6 M 159.1 M 73.5 M 31.6 M 132.0 M 67.0 M 1,966.8 M 2Q10 166.8 M 110.1 M 308.6 M 275.1 M 172.8 M 103.4 M 40.5 M 158.8 M 122.7 M 66.6 M 25.0 M 117.2 M 46.9 M 1,714.6 M Chg. % 25.0% 8.5% 13.2% 9.2% 8.6% 3.1% 10.5% 17.5% 29.6% 10.4% 26.5% 12.7% 42.9% 14.7% 1H11 402.0 M 231.2 M 667.1 M 560.4 M 363.3 M 202.8 M 92.6 M 347.5 M 302.6 M 142.3 M 60.7 M 252.3 M 128.3 M 3,753.1 M 1H10 323.7 M 213.5 M 596.8 M 514.3 M 345.8 M 196.8 M 86.7 M 301.3 M 236.3 M 126.8 M 45.6 M 224.5 M 88.1 M 3,300.2 M Chg. % 24.2% 8.3% 11.8% 9.0% 5.0% 3.1% 6.8% 15.3% 28.1% 12.2% 33.2% 12.4% 45.7% 13.7%

The positive outcome resulted from the combination of solid performance of consolidated malls and the new areas added to the portfolio. BarraShopping, which celebrates its 30 anniversary in 2011, recorded sales growth of 13.2% and reached R$349.3 million in the second quarter. BH Shopping, in its 32
nd th

year in operation, increased sales by 25.0%, with a significant

contribution from a newly opened expansion in the mall. ParkShoppingBarigi was also recently expanded, and the success of this new area contributed to the growth of 29.6% in sales for the quarter. As for the newer malls, Shopping Vila Olmpia showed a remarkable sales increase of 42.9% in the quarter, albeit sales/m still show great growth potential compared to the other two Multiplan shopping centers in the metropolitan area of So Paulo. Shopping Santa rsula is improving after its renovation in line with Company expectations, and had a sales increase of 26.5%, although when compared to the Companys first mall in the city, RibeiroShopping, it still presents growth opportunities. According to IBGE (Brazilian Institute for Geography and Statistics), national retail sales increased 8.2% in the combined period of April and May 2011, when compared to the same months in 2010. The data for June 2011 had not been disclosed by the time this report was released.
14.7%

10.3%
8.2%

9.4% 6.6%

Same Store Sales Apparel Home & Office Miscellaneous Food Court and Gourmet Area

Anchors Satellites

Total

11.1% 4.5% 3.9%

9.6% 10.0% 9.7% 9.8% 3.3% 4.9%

n.a. 18.9% 18.9% 24.6% 34.8% 28.8% 3.7% 11.8% 9.4%

National Total Sales Retail Sales (IBGE)

SAS

SSS

IPCA

Services

Total

Sales analysis (2Q11/2Q10) April and May 2011, compared to the same period in 2010

Same Store Sales growth (2Q11/2Q10)

12

2Q11
MULT3
Double digit Same Area Sales: 10.3% growth recorded in 2Q11 Same Store Sales (SSS) and Same Area Sales (SAS) recorded increases of 9.4% and 10.3% respectively in 2Q11. The apparel segment, the largest in the portfolio in terms of area, presented strong sales increase of 10.0% in 2Q11. Food court and gourmet area operations also grew significantly, with sales 18.9% higher than in 2Q10. The services segment also recorded a strong increase of 28.8%, mainly boosted by travel agents (satellites) and fitness centers (anchors).

3.2 Occupancy Rate and Delinquency Occupancy rate reached 98.1% by the end of the 2Q11, up from 97.8% in 2Q10. As expected, the rate continued to rise in Shopping Santa rsula, as the mall consolidates after a comprehensive renovation. Delinquency (rental payment delay beyond 25 days) recorded a lower percentage in the quarter, of 1.9%, and rent loss (delinquency over six months) was 1.0% in 2Q11.

4. Gross Revenue Gross revenue increases 10.9% in 2Q11, to R$174.5 million Gross revenue was R$174.5 million in the 2Q11, a growth of 10.9% over the same period of the previous year. Rental revenue represented 61.5% of Multiplans revenues, and services revenue reached the second highest stake (12.4% of gross revenue). As for the 1H11, gross revenue totaled R$347.7 million, an increase of 13.1% over 1H10. The chart to the right shows the detailed breakdown for the second quarter.
Parking 11.1% Key money 5.9%
Straight line ef f ect 4.0% Services 12.4% Real estate 4.9%

Rental Revenue 61.5%

Base 86,1%

Overage Merchandising 4.3% 9.7%

Gross revenue breakdown 2Q11

13

2Q11
MULT3
5. Shopping Center Ownership Results 5.1 Rental Revenue Companys main revenue source continues presenting double digit increase led by real growth Multiplans rental revenue totaled R$108.4 million in 2Q11, increasing 15.0% when compared to 2Q10. The result was again driven by both real growth on top of the inflation adjustment in contracts. Considering the straight line effect in the calculation, rental revenue grew to R$115.2 million. In 1H11, the rental revenue was R$213.9 million, a growth of 16.1% when compared to the same period of the previous year.
Rental Revenue (R$ '000) BH Shopping RibeiroShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnliaFranco ParkShoppingBarigi Ptio Savassi Shopping Santa rsula BarraShoppingSul Shopping Vila Olmpia Subtotal Straight line effect Total 2Q11 14,753 7,217 17,431 18,705 8,361 7,436 1,415 4,791 8,743 4,774 1,145 9,237 4,417 108,425 6,783 115,208 2Q10 11,113 6,677 15,193 17,999 7,848 7,167 1,332 4,139 6,421 4,090 453 7,581 4,240 94,254 6,412 100,666 Chg. % 32.8% 8.1% 14.7% 3.9% 6.5% 3.7% 6.2% 15.8% 36.2% 16.7% 152.6% 21.9% 4.2% 15.0% 5.8% 14.4% 1H11 28,479 14,267 33,923 36,968 17,112 14,536 2,957 9,263 17,592 9,595 2,225 18,183 8,802 213,901 13,757 227,657 1H10 21,245 13,245 29,941 35,123 15,438 13,939 2,753 8,122 12,163 7,637 830 14,994 8,843 184,274 15,443 199,717 Chg. % 34.0% 7.7% 13.3% 5.3% 10.8% 4.3% 7.4% 14.0% 44.6% 25.6% 168.3% 21.3% 0.5% 16.1% 10.9% 14.0%

Multiplans interest in Ptio Savassi increased to 96.5% after the 16.5% minority interest acquisition in August 2010.
Multiplans interest in Shopping Santa rsula increased to 62.5% after the 25.0% minority interest acquisition in November 2010.

Base rent advanced 19.0% in 2Q11, growing R$14.9 million in the quarter, and contributed with 86.1% of Multiplans rental revenue in 2Q11, compared to 84.5% in 2Q10. Overage rent also grew, increasing 7.1%, while merchandising revenue fell 9.5% in the quarter. Complementary data about the shopping centers results can be downloaded from the Fundamentals Spreadsheet, on Multiplans IR website (www.multiplan.com.br/ir).

Rental Revenue (R$ '000) Portfolio Subtotal Straight Line Effect Total Portfolio Subtotal Straight Line Effect Total Subtotal change % Base Overage Merchand. 93,566 6,783 115,208 78,660 6,412 85,072 19.0% 4,836 4,836 4,517 4,517 7.1% 10,022 10,022 11,077 11,077 -9.5%

2Q11 Total 108,425 6,783 115,208 2Q10 94,254 6,412 100,666 15.0%
Rent 2Q10

+19.0%

+7.1% 319

-9.5%

+5.8%

14,906

371
(1,054)

115,208

100,666

14.4%
Base Overage Merchand. Straight line Rent 2Q11 effect

Rental revenue growth breakdown (Y/Y) (R$000)

14

2Q11
MULT3
Highest SSR growth in the last three years
+12.9% +14.1% +15.0%

Same Store Rent (SSR) presented a strong increase of 14.1% in 2Q11, the highest increase recorded in the last three years. Same Area Rent (SAR) grew in line with SSR, advancing 12.9% in the quarter. The Company has been successively showing real increases in same store rent. On the second quarter, for instance, the Company recorded a real rental revenue growth of 4.9%, on top of an IGP-DI adjustment effect of 8.8%.
IGP-DI Adjustment Ef f ect Same Area Rent Same Store Rent Rental Revenue 8.8%

Rent analysis (2Q11/2Q10) See glossary for definition

Real SSR 13.9% 11.6% 9.0% 7.7% 2.2% 2.1% 10.7% 5.6% 6.7% 8.6% 11.1% 10.0% 7.3% 2.9% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 2.8% 2.9% 13.2% 1.9% 14.0% 12.0% 3.6% 8.1% 0.8% 10.3% 6.6%
3.9% 4.9%

IGP-DI Adjustment Effect 14.1%

6.5% 4.4% 3.4%

7.7%

2.8%

6.0% 3.7% 0.2% 1Q10 -0.3% 2Q10 4.8% 0.6% 3Q10 4Q10 4.0%

7.3%

8.8%

1Q11

2Q11

Same Store Rent (SSR) breakdown Nominal and real growth

5.2 Parking Revenue Shopping Vila Olmpia parking revenue grows eight times over 2Q10 Parking revenue reached R$19.0 million in 2Q11, 22.8% higher than in 2Q10. The highlight was Shopping Vila Olmpia which has seen its car traffic and customer count increase significantly as the mall moves towards consolidation, recording a growth corresponding to an eight-fold increase over 2Q10. Other drivers for the growth across the portfolio were the new parking spaces delivered with the expansions inaugurated in 2010.

5.3 Shopping Center Expenses Shopping center expenses as percentage of net revenue drop to 11.4% in 2Q11 down from 12.3% in 2Q10
30.0%

Expenses related to shopping centers recorded R$17.2 million in 2Q11, a purpose, in the same period the Companys owned GLA grew 6.9%, net

35,000
30,000 25,000

+6.0%
25.0% 19,313 16,263 14,990 15,433

6.0% growth when compared to the second quarter of 2010. For analysis

20,000
15,000 10,000

revenue increased 10.9% and the inflation measured by IPCA index

17,243

20.0%

advanced 6.6%. The portfolio occupancy rate growth was the main driver

for the low expansion of the line, as the Company condominium-related 5,000 expenses dropped accordingly. The Company has reduced its shopping center expenses as percentage of the net revenue (not including real estate revenues and taxes) from 12.3% in 2Q10 to 11.4% in 2Q11, as a result of improved efficiency.

12.3%

12.5%

15.0% 10.6% 11.4%

11.2%

10.0%
2Q10 3Q10 4Q10 1Q11 2Q11

Shopping center expenses evolution (R$000) and as percentage (%) of net revenue (not including real estate revenue and taxes)

15

2Q11
MULT3
5.4 Net Operating Income NOI NOI + Key Money Margin improves on higher operational result and controlled expenses The Company recorded a Net Operating Income (NOI) + 200,000 Key Money of R$127.1 million in 2Q11, 19.6% higher 150,000 than in 2Q10. The stronger operational performance 100,000 (rental, parking and key money revenues), compared to a smaller increase of the shopping center expenses 50,000 resulted in an improvement of the margin: 88.1% in 2Q11 up from 86.7% in 2Q10. In the first half of 2011, the NOI + Key Money reached a margin of 88.5% and reached R$251.8 million, a growth of 15.9% over 1H10.
+19.6% 106,258
86.7%

200,000110.0%

+17.1% 117,011
87.2%

110.0% 105.0% 100.0% 95.0% 90.0% 85.0% 80.0% 2Q11

105.0% 150,000 127,056 100.0% 99,908 100,00095.0%

88.1%

2Q10

90.0% 86.0% 50,000 85.0% -80.0% 2Q10 2Q11

NOI+Key money evolution and NOI + Key money margin

NOI evolution and NOI margin

NOI Calculation (R$ '000) Rental revenue Straight line effect Parking revenue (net of transfers) Operational revenue Shopping expenses NOI NOI margin Key money NOI + key money NOI + key money margin

2Q11 108,425 6,783 19,046 134,254 (17,243) 117,011 87.2% 10,045 127,056 88.1%

2Q10 94,254 6,412 15,505 116,171 (16,263) 99,908 86.0% 6,350 106,258 86.7%

Chg. % 15.0% 5.8% 22.8% 15.6% 6.0% 17.1% 116 p.b. 58.2% 19.6% 132 p.b.

1H11 213,901 13,757 37,599 265,257 (32,676) 232,581 87.7% 19,207 251,788 88.5%

1H10 184,274 15,443 31,500 231,217 (31,581) 199,636 86.3% 17,529 217,165 87.3%

Chg. % 16.1% 10.9% 19.4% 14.7% 3.5% 16.5% 134 p.b. 9.6% 15.9% 121 p.b.

16

2Q11
MULT3
6. Shopping Center Management Results 6.1 Services Revenue Services revenue increased 1.3% in 2Q11 Services revenue increased in 2Q11 as a result of higher brokerage and transfer fee revenues, and partially counterbalanced by lower merchandising brokerage revenues.
35,000 30,000 25,000 20,000 15,000 On a half-year basis comparison, services revenue increased 12.9% in 1H11 10,000 5,000 2Q10 3Q10 4Q10 1Q11 2Q11 21,077
18,347

+1.3%

18,793

19,068

21,344

when compared to 1H10. Services revenue as a percentage of gross revenues remained stable at 11.6% in both periods.

Services revenue evolution (R$000)

6.2 General and Administrative Expenses (Headquarters) 500 bps reduction in G&A/Net revenues ratio, from 17.7% to 12.6% While net revenues went up 10.9% in 2Q11, general and administrative (G&A) expenses decreased 20.7%, resulting in a reduction of the G&A/Net revenues
35,000 ratio from 17.7% in 2Q10 down to 12.6% in 2Q11. 30,000 25,000 20,000 G&A expenses decreased in 2Q11 mainly due to a reduction in non-recurring 15,000 events, which in 2Q10 represented 26.0% of G&A expenses, or R$6.4 million. 10,000 5,000 Excluding the impact of these non-recurring events and, for analysis purposes -20.7%

30.0%
25,324 17.7% 24,744 22,962 25.0%

21,626

20,071 20.0%

16.9% 12.9%
13.7%

12.6%

15.0%
10.0%

only, G&A would have increased 6.1% in 2Q11 when compared to 2Q10, running behind the inflation of 6.6% as measured by the Brazilian CPI (IPCA) for the period.

2Q10

3Q10

4Q10

1Q11

2Q11

G&A expenses (R$000) and G&A/Net revenues (%) evolution

35,000 30,000 25,000 20,000 15,000 10,000 5,000 -

+6.1%
18,913
13.2% 12.6%

14.9% 14.4%

20,071

13.9% 13.4% 12.9% 12.4%

25,000 20,000 15,000 10,000 5,000 -

6,411
2Q10 2Q11

35,000 30,000 25,000 20,000 15,000 10,000 5,000 -

-20.7% 25,324
17.7%

20,071

12.6%

25.0% 23.0% 21.0% 19.0% 17.0% 15.0% 13.0% 11.0%

2Q10

2Q11

(+)

2Q10

2Q11

2Q10/2Q11 Recurring G&A evolution (R$000) and Recurring G&A/net revenues (%)

2Q10/2Q11 Non-recurring items (R$000)

2Q10/2Q11 G&A evolution (R$000) and G&A/net revenues (%)

17

2Q11
MULT3
7. Shopping Center Development Results 7.1 Signed Key Money Deferred Income breaches the R$200 million mark The Company continued its intense leasing rhythm, with 104 new contracts signed in 2Q11, representing 24.994 m of GLA, and R$21.0 million in signed Key Money contracts. As a result, the deferred income line increased 36.4% in June 2011,
138.8M

204.6M

Delivery of projects
141.2M 137.1M 132.M

189.6M 183.7M 158.5M 150.M 136.7M

compared to June 2010, and reached R$204.6 million. The deferred income balance will only be accrued as Key Money revenue in a straight line and throughout the 5 year leasing term, starting when the contract becomes effective.
110.2M 96.4M 81.2M

126.3M 121.5M 110.5M

New projects launched

Deferred income evolution (R$)

7.2 Key Money Revenue

Key Money Revenue/Type (R$ 000) Operational (Recurring) Projects opened in the last 5 years Key Money Revenue

2Q11 2,328 7,717 10,045

2Q10 1,174 5,176 6,350

Chg. % 98.3% 49.1% 58.2%

1H11 4,176 15,031 19,207

1H10 4,564 12,965 17,529

Chg. % 8.5% 15.9% 9.6%

Key Money revenues in 2Q11 increased 58.2%, benefiting mainly from the expansions of ParkShoppingBarigi and BH Shopping opened in the second-half of 2010. Key Money revenues are composed of (i) recurring or operational revenue, related to Key Money accrued from shopping centers with more than five years in operation, and reflects the Companys effort to improve tenant mix in its malls, and (ii) non-recurring revenue, related to Key Money of leasing contracts for stores in greenfields and expansions delivered in the last five years.

7.3 New Projects for Lease Expenses New projects for lease expenses in 2Q11 decreased 69.2% when compared to 2Q10, from R$10.7 million to R$3.3 million. For the 1H2011, new projects for lease expenses reached R$6.7 million, in line with Companys 2011 expected expenses for announced projects. As mentioned before, these expenses are focused in the launching and opening phases of the projects and are an important tool to implement the Companys strategy to attract the best tenants to form the best mix for each mall.

18

2Q11
MULT3
In 2Q11, projects signed Key Money contracts reached R$21.0 million, 6.4 times higher than new projects for lease expenses in the same quarter.
30,000

25,000 20,000 15,000 10,000

5,000 10,685

-69.2%

30,000

25,000 20,000

6.4 x

20,987

13,145 8,882 3,445 3,296

15,000 10,000

5,000 -

3,296

2Q10 3Q10 4Q10 1Q11 2Q11

New Projects for Lease Expenses - 2Q11

Projects Signed Key Money - 2Q11

New Projects for Lease Expenses (R$000)

Projects Signed Key Money vs. New Projects For Lease Expenses (R$000)

8. Real Estate for Sale Results 8.1 Real Estate for Sale Revenues and Cost of Properties Sold Real Estate Revenue In 2Q11, Multiplan recorded real estate for sale revenues of R$8.5 million, according to the percentage of completion method PoC, for the Cristal Tower and Centro Profissional RibeiroShopping projects. Cost of Properties Sold During the same period, the Company recorded cost of properties sold of R$9.4 million, according to the construction development. Cristal Tower Conclusion When launched, Cristal Towers potential sales value (PSV) was R$70.0 million or R$5.8 thousand/m . Going forward, the Company expects to reach the average of R$6.9 thousand/m (PSV of R$82.2 million), representing a 17.5% improvement. Despite the fact that construction costs were adjusted in 2Q11 and in the previous quarter, Cristal Tower should present a gross profit of R$25.3 million, not including interest revenue, equivalent to a gross margin of 30.7%, in line with the Companys estimates. It is worth noting that Cristal Tower is 93.5% sold and there still are twenty units for sale, with a PSV of R$ 7.5 million. New projects for sale expenses New projects for sale expenses reached R$1.3 million in 2Q11 versus R$0.5 million in 2Q10. This increase resulted mainly from the fees paid to brokers involved with the sales of offices in Centro Profissional RibeiroShopping, which was recorded according to the percentage of completion method PoC.
2 2

8.2 Equity Pickup Equity pickup from the real estate development Royal Green Pennsula presented a positive result of R$0.8 million given the sale of one unit. At the end of 2Q11, there were only two units left for sale with a PSV (potential sales value) of approximately R$4.3 million.

19

2Q11
MULT3
9. Financial Results 9.1 EBITDA Shopping Center EBITDA grew 39.1% and reached a 72.4% margin Multiplan recorded a 39.1% Shopping Center EBITDA growth in 2Q11, while its shopping center net revenues increased 14.4% in the same period. As a result of lower expenses, EBITDA margin increased 1,287 bps, from 59.5% in 2Q10 to 72.4% in 2Q11. This performance improvement was mainly due to reductions in G&A and shopping center expenses as a percentage of net revenues. Lower new project for lease expenses also contributed to better Shopping Center EBITDA margins. Excluding new projects for lease expenses from Shopping Center EBITDA calculation, margin increases to 74.6% in 2Q11, 700 bps higher than in 2Q10.
Shopping Center EBITDA (R$'000) SC Net Revenues SC EBITDA SC EBITDA Margin New Project for Lease Expenses SC Adjusted EBITDA SC Adjusted EBITDA Margin 2Q11 150,982 109,333 72.4% 3,296 112,629 74.6% 2Q10 131,965 78,579 Chg. % 14.4%
120,000 39.1% 118,000 + 218 p.b + 489 p.b + 707 p.b

74.6%
112,629

80.0% 75.0% 70.0% 65.0%

59.5% 1287 bps 116,000 10,685 89,264 67.6%

114,000 112,000 110,000 69.2% 108,000 26.2% 106,000 104,000 696 bps 102,000 100,000

72.4%

67.5% 109,333
107,148

60.0%
55.0%

50.0%

Consolidated EBITDA 2Q11

Shopping Center EBITDA

Shopping Center Adjusted EBITDA

2Q11 Consolidated EBITDA, Shopping Center EBITDA, and Shopping Center Adjusted EBITDA (R$000) and Margins (%)

Consolidated EBITDA up 32.4% in 2Q11 to R$107.1 million Consolidated EBITDA margin achieved 67.5% in 2Q11, 1,097 bps higher than in 2Q10. The Companys Consolidated EBITDA margin reflects the lower margins of the real estate for sale activity, when compared to projects for lease.
Consolidated EBITDA (R$'000) Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Other operating income/expenses Consolidated EBITDA Consolidated EBITDA Margin 2Q11 158,682 (20,071) (2,164) (17,243) (3,296) (1,273) (9,390) 778 1,125 107,148 67.5% 2Q10 143,095 (25,324) (1,380) (16,263) (10,685) (507) (7,283) (997) 266 80,922 56.6% Chg. % 10.9% 20.7% 56.8% 6.0% 69.2% 151.1% 28.9% na 322.9% 32.4% 1097 b.p 1H11 316,495 (41,697) (3,509) (32,676) (6,741) (2,475) (23,382) 1,382 2,593 209,990 66.3% 1H10 279,475 (45,392) (2,544) (31,581) (17,047) (771) (12,377) (4,951) 1,402 166,214 59.5% Chg. % 13.2% 8.1% 37.9% 3.5% 60.5% 221.1% 88.9% na 85.0% 26.3% 688 b.p

20

2Q11
MULT3
9.2 Financial Results, Debt and Cash

Indebtedness Breakdown (R$000) Short Term Debt Loans and financing Obligations from acquisition of goods Debentures Long Term Debt Loans and financing Obligations from acquisition of goods Gross Debt Cash Net Debt (Cash Position)

30/6/2011 86,990 46,629 40,361 431,382 320,036 111,346 518,371 559,467 (41,095)

31/3/2011 185,059 45,752 35,474 103,833 348,137 253,545 94,592 533,196 784,726 (251,530)

Chg. % 53.0% 1.9% 13.8% 100.0% 23.9% 26.2% 17.7% 2.8% 28.7% 83.7%

Multiplan ended 2Q11 with a net cash position (or negative net debt) of R$41.1 million, 83.7% lower than the R$251.5 million in the previous quarter. In 2Q11, proceeds from the invested cash position generated a positive financial result of R$7.6 million. The 2Q11 cash position was impacted mainly by cash outflows of (i) CAPEX, which amounted R$165.8 million in the period, (ii) payment of R$102.9 million in dividends related to fiscal year 2010, (iii) payment of R$106.0 million in debentures principal and interest; which were offset by (iv) new funds from banking debt of R$76.2 million (of which R$56.1 million are for the development of ParkShoppingSoCaetano and R$20.1 million are for VillageMall).
Loans and f inancing (banks) Obligations f rom acquisition of goods (land and minority interest)
59.7
36.4

66.8 55.3 45.7 46.8 29.8

12.9

53.0

36.9 27.2 1.9

22.0 23.9

2H11

2012

2013

2014

2015

2016

2017

>=2018

Multiplans debt amortization schedule on June 30th, 2011 (R$ million)

R$124.1 million in new funding contract signed with BNDES, with cost of TJLP +3.38% p.a. On June 2011, the Company signed a R$124.1 million 7-year financing with the Brazilian Development Bank (BNDES) to fund the construction of JundiaShopping, with an annual cost of TJLP +3.38% per annum.

To be drawn 405,8M Drawn 518,4M

Financially prepared for growth: R$924.2 million already contracted, of which R$405.8 million still to be drawn Multiplans current net cash position, future cash generation, and loans and financing
th

Multiplan Funding Breakdown on June 30th, 2011 (R$)

already contracted should contribute significantly to its planned funding requirements. A substantial portion of these sources of funds were already signed. As of June 30 , 2011, the Company presented gross debt of R$518.4 million, and, additionally, R$405.8 million in already signed financing contracts not drawn yet. The Company continues to analyze other funding alternatives to face its development pipeline.

21

2Q11
MULT3
The R$225.3 million decrease in cash position contributed to a change in net debt-to-EBITDA ratio from a negative (-0.7x) in 1Q11 to a negative (-0.1x) in 2Q11. Gross debt-to-EBITDA remains essentially unchanged, at 1.3x in 2Q11. As the Company cashes the funds of its loans and financings to face its planned investments, its gross debt should increase.

Extending duration and reducing the cost of funding The Companys weighted average cost of funding presented a 32 bps reduction in 2Q11, from an annual cost of 11.87% on March 31 , 2011 to 11.55% on June 30 , 2011. Multiplan weighted average cost of funding in 2Q10 was 70 bps lower than the basic interest rate of 12.25% per annum set by COPOM (The Central Bank's Monetary Policy Committee), as of June 30 , 2011. The TR indexed debt continued to increase its stake in the Companys total indebtedness, up from 48% in 1Q11 to 64% in 2Q11, mainly due to the maturity of the CDI indexed debenture and new funds linked to TR. Based on a last twelve months accumulated TR index of 1.05% p.a., the TR linked debt presented an annual cost of 10.85% in 2Q11. Indebtedness interest indices on June 30 , 2011
Index Performance (last 12 months) TJLP IPCA TR CDI+ IGP-M Fixed Others Total
Annual interest rate weighted average.
th th st th

CDI 2%
IGP-M 18%

TR 64%

TJLP 5%

IPCA 11%

Multiplan debt indices on June 30th, 2011

Average Interest Rate 3.59% 7.13% 9.70% 1.30% 3.86% 4.50% 8.06%

Cost of Debt 9.80% 14.32% 10.85% 12.44% 12.84% 4.50% 0.00% 11.55%

Debt (R$ 000) 27,898 57,688 328,774 8,706 94,496 541 269 518,371

6.00% 6.71% 1.05% 11.00% 8.64% 0.00% 0.00% 3.50%

22

2Q11
MULT3
9.3 Net Income and FFO 2Q11 Net Income increased 17.0% to R$61.1 million Net Income increased 17.0% in 2Q11 to R$61.1 million, up from R$52.2 million in 2Q10, in spite of a 27.0% decrease in financial results and a 42.8% increase in depreciation and amortization expenses, when compared to the same period of the previous year. In 1H11, net income recorded R$124.8 million, a 25.2% increase when compared to 1H10.
Net Income & FFO Calculation (R$ '000) Net revenue Operational costs Financial result Depreciation and amortization Income tax and social contribution Minority interest Adjusted Net Income Deferred income and social contribution taxes Net Income Depreciation and amortization FFO Deferred income and social contribution taxes AFFO 2Q11 158,682 (51,534) 7,614 (14,941) (31,949) (2,002) 65,870 (4,798) 61,072 14,941 76,013 4,798 80,811 2Q10 143,095 (62,173) 10,432 (10,460) (1,500) (2,020) 77,374 (25,189) 52,185 10,460 62,645 25,189 87,834 Chg. % 10.9% 17.1% 27.0% 42.8% 2,029.9% 0.9% 14.9% 81.0% 17.0% 42.8% 21.3% 81.0% 8.0% 1H11 316,495 (106,505) 19,171 (29,258) (40,554) (4,740) 154,609 (29,815) 124,794 29,258 154,052 29,815 183,867 1H10 279,475 (113,261) 19,570 (20,995) (2,914) (4,786) 157,089 (57,408) 99,681 20,995 120,676 57,408 178,084 Chg. % 13.2% 6.0% 2.0% 39.4% 1,291.7% 1.0% 1.6% 48.1% 25.2% 39.4% 27.7% 48.1% 3.2%

The Companys Adjusted Net Income and Adjusted Funds From Operations (AFFO) decreased 14.9% and 8.0%, respectively in 2Q11, when compared to 2Q10, due to a one-time event which reassigned R$10.7 million from deferred to current income tax and social contribution in 2Q11. This reassignment of records was done to adjust the goodwill amortization schedule to the legal limit of 20% per year, thus extending the benefit for an additional 13 months up to January 2013 It is important to note that the deferred income and social contribution taxes are added to the adjusted net income and AFFO because it does not represent a cash event.

23

2Q11
MULT3
10. Portfolio

Office Towers for lease under development Shopping Center under development Shopping Center in operation Ptio Savassi DiamondMall BH Shopping
ShoppingMacei

Macei (AL)
ParkShopping Corporate ParkShopping

BarraShopping

Braslia (DF)
Shopping Santa rsula RibeiroShopping

New York City Center Village Mall ParkShopping Campo Grande

Belo Horizonte (MG) Ribeiro Preto (SP)

Jundia (SP) Rio de Janeiro (RJ) So Caetano (SP) So Paulo (SP)

JundiaShopping

ParkShopping So Caetano Shopping Anlia Franco MorumbiShopping Shopping Vila Olmpia Morumbi Business Center Morumbi Corporate

Curitiba (PR)
ParkShopping Barigi

Porto Alegre (RS)

BarraShoppingSul

Portfolio

State

Multiplan %

Total GLA

Rent 2Q11 (month) 130 R$/m 68 R$/m 164 R$/m 173 R$/m 92 R$/m 129 R$/m 42 R$/m 107 R$/m 70 R$/m 96 R$/m 28 R$/m 58 R$/m 86 R$/m 100 R$/m -

Sales 2Q11 (month) 1,512 R$/m 894 R$/m 1,897 R$/m 1,939 R$/m 1,307 R$/m 1,690 R$/m 690 R$/m 1,317 R$/m 1,152 R$/m 1,446 R$/m 503 R$/m 903 R$/m 951 R$/m 1,318 R$/m -

2Q11 Avg. Occupancy Rate 99.5% 98.8% 99.6% 99.7% 98.9% 99.7% 100.0% 98.7% 99.1% 99.4% 92.8% 98.1% 84.3% 98.1% -

Operating SCs BHShopping MG RibeiroShopping SP BarraShopping RJ MorumbiShopping SP ParkShopping DF DiamondMall MG New York City Center RJ Shopping AnliaFranco SP ParkShoppingBarigi PR Ptio Savassi MG Shopping Santarsula SP BarraShoppingSul RS Shopping VilaOlmpia SP Sub-Total Operating SCs SCs under Development ParkShoppingSoCaetano SP Parque Shopping Macei AL JundiaShopping SP Village Mall RJ ParkShopping Campo Grande RJ Sub-Total SCs under Development Office Towers for Lease under Development Morumbi Business Center SP ParkShopping Corporate DF Morumbi Corporate SP Sub-Total Office T. for Lease under Develop.

80.0% 76.2% 51.1% 65.8% 59.6% 90.0% 50.0% 30.0% 84.0% 96.5% 62.5% 100.0% 30.0% 67.4% 100.0% 50.0% 100.0% 100.0% 90.0% 89.9% 100.0% 50.0% 100.0% 93.2%

47,520 m 46,739 m 69,580 m 55,085 m 51,566 m 21,386 m 22,271 m 50,377 m 49,935 m 17,254 m 23,199 m 68,407 m 28,274 m 551,592 m 38,661 m 36,092 m 35,820 m 25,580 m 42,099 m 178,252 m 10,635 m 13,360 m 74,198 m 98,193 m

Portfolio Total 75.3% 828,037 m 98.1% 100 R$/m 1,318 R$/m Multiplan is responsible for 100% of the CAPEX Rent/m/month divides rental revenue by the occupied owned GLA Sales/m/month divides total sales by the area composed by stores which report monthly sales (approximately 90% of the total GLA)

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MULT3
11. Ownership Structure

Multiplans ownership structure is detailed in the chart below. From a total of 179,197,214 shares issued, 167,338,867 are common voting shares and 11,858,347 are preferred shares.

Free Float

22.25%

Maria Helena Kaminitz Peres 0.06% ON 0.06% Total

41.63% ON 38.88% Total

Treasury 0.60% ON 0.56% Total

Multiplan Planejamento, Participaes e Administrao S.A.

77.75% Jose Isaac Peres 0.29% ON 0.27% Total

Ontario Teachers Pension Plan

100.00%

33.33% ON 31.12%Total

24.07% ON 100.00% PN 29.10% Total

1700480 Ontario Inc.

1.00%
Multiplan Administradora de Shopping Centers Ltda.

99.00%
Shopping Centers % 100.00%

Ptio Savassi Administrao de Shopping Center Ltda. MPH Empreend. Imobilirio Ltda. Manati Empreendimentos e Participaes S.A. Haleiwa Empreendimentos Imobilirios S.A.
Danville RJ Participaes Ltda.

2.00%

SCP Royal Green Pennsula

Embraplan Empresa Brasileira de Planejamento Ltda.

98.00%

100.00%

Renasce Rede Nacional de Shopping Centers Ltda. CAA - Corretagem e Consultoria Publicitria Ltda. CAA - Corretagem Imobiliria Ltda.

99.99%

99.00%

99.61%

BarraShopping BarraShoppingSul BH Shopping DiamondMall MorumbiShopping New York City Center ParkShopping ParkShoppingBarigi Ptio Savassi RibeiroShopping ShoppingAnliaFranco Shopping Vila Olmpia Shopping Santa rsula Shopping Macei ParkShopping SoCaetano Jundia Shopping VillageMall ParkShopping Campo Grande
Under development

51.07% 100.0% 80.00% 90.00% 65.78% 50.00% 59.63% 84.00% 96.50% 76.17% 30.00% 30.00% 62.50% 50.00% 100.0% 100.0% 100.0% 90.00%

41.96%

50.00%

50.00%

99.99%

100.00%

Multiplan Holding S.A.

1. MPH Empreendimento Imobilirio: Special Purpose Entity (SPE) for Shopping Vila Olmpia. 2. Manati Empreendimentos e Participaes S.A.: Special Purpose Entity (SPE) for Shopping Santa rsula. Haleiwa Empreendimentos Imobilirios following Special Purpose Shopping Macei. The3.interest that Multiplan has in theS.A.: Special Purpose Entity (SPE) forCompanies (SPC), MPH, 4. Danville RJ Participaes Ltda.: xxxxxxxxxxxxxxx 5. Multiplan Holding Holding is as follows: S.A.: xxxxxxxxxxxxxxxxx

Manati and Haleiwa, Danville and

MPH Empreendi. Imobilirio Ltda.: Company owning a 71.5% interest in Shopping Vila Olmpia. Multiplan has a 42.0% interest in MPH which brings it to a nominal 30.0% interest of the total capital of Shopping Vila Olmpia. Manati Empreendimentos e Participaes S.A.: has 75% interest in Shopping Santa rsula, in Ribeiro Preto, SP, in which Multiplan has a 50/50 partnership. Haleiwa Empreendimentos Imobilirios S.A.: the SPC for Shopping Macei, in which Multiplans interest is of 50%. Danville RJ Participaes Ltda.: SPC established for real estate developments in the city of Ribeiro Preto. Multiplan Holding S.A.: Multiplans whole subsidiary; holds interest in other Companies and assets.

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MULT3
12. MULT3 Indicators & Stock Market Multiplans stock (MULT3 at BM&FBOVESPA: MULT3 BZ at Bloomberg) ended the second quarter of 2011 quoted at R$34.10/share, an appreciation of 3% when compared to the end of 2Q10. During the same period, the main index of the So Paulo stock exchange, Ibovespa, recorded a 2% increase.
Bps.

Traded Value (15 day average)

Multiplan

Ibovespa

R$ Million

125

25 20

110

15
10 95 5 80 0

Jun-10

Jul-10

Aug-10 Sep-10

Oct-10

Nov-10 Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

Spread analysis: MULT3 and Ibovespa Index Base 100 = June 30th, 2010

Adm+Treasury 0,6%

As of the end of the second quarter of 2011, 31.4% of the Companys shares were owned directly and indirectly by Mr. and Ms. Peres. Ontario Teachers Pension Plan (OTPP) owned 29.1% and the free-float was equivalent to 38.9%. Total shares issued are 179,197,214.

Free Float 38,9% OTPP* 29,1% MTP+Peres 31,4%

Common Stocks 22,5%

Pref erred Stocks 6,6%

Shareholders capital stock breakdown on June 30th, 2010

(*) OTPP Ontario Teachers Pension Plan

MULT3 at BM&FBOVESPA Average Closing Price Closing Price Average Daily Traded Volume Average Market Cap

2Q11 R$34.66 R$34.10 R$7.5 M R$6.2 B

2Q10 R$31.07 R$33,01 R$9.1 M R$5.6 B

Chg. % 11.56% 3,30% -17.50% 11.88%

1H11 R$33.78 R$34.10 R$ 8.5 M R$ 6.1 B

1H10 R$30.73 R$33,01 R$ 9.9 M R$ 5.5 B

Chg. % 9.92% 3.30% -14.24% 10.05%

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13. Appendices

Operational and Financial Highlights

Performance (R$ '000) Financial (MTE %) Gross Revenue Net Revenue Net Revenue R$/m Net Revenue USD/sq. foot Rental Revenue (with Straight Line Effect) Rental Revenue R$/m Rental Revenue USD/sq. foot Monthly Rental Revenue R$/m Monthly Rental Revenue USD/sq. foot Net Operating Income (NOI) Net Operating Income R$/m Net Operating Income USD/sq. foot Net Operating Income Margin Net Operating Income (NOI) per Share Headquarter Expenses Headquarter Expenses / Net Revenues EBITDA EBITDA R$/m EBITDA USD/sq. foot EBITDA Margin EBITDA per Share Adjusted Net Income Adjusted Net Income R$/m Adjusted Net Income USD/sq. foot Adjusted Net Income Margin Adjusted Net Income per Share Adjusted FFO Adjusted FFO R$/m Adjusted FFO US$ Adjusted FFO USD/sq. foot Adjusted FFO Margin Adjusted FFO per Share Dollar (USD) end of Quarter 2Q11 R$ 174,505 R$ 158,682 444 R$/m 26.4 US$/sqf R$ 115,208 323 R$/m 19.2 US$/sqf 108 R$/m 6.4 US$/sqf R$ 117,011 328 R$/m 19.5 US$/sqf 87.2% R$ 0.65 R$ 20,071 12.6% R$ 107,149 300 R$/m 17.8 US$/sqf 67.5% R$ 0.60 R$ 65,872 184 R$/m 11.0 US$/sqf 41.5% R$ 0.37 R$ 80,812 226 R$/m US$ 51,736 13.5 US$/sqf 50.9% R$ 0.45 $1.56 2Q10 R$ 157,372 R$ 143,095 430 R$/m 22.2 US$/sqf R$ 100,666 303 R$/m 15.6 US$/sqf 101 R$/m 5.2 US$/sqf R$ 99,908 300 R$/m 15.5 US$/sqf 86.0% R$ 0.56 R$ 25,324 17.7% R$ 80,922 243 R$/m 12.6 US$/sqf 56.6% R$ 0.45 R$ 77,374 233 R$/m 12.0 US$/sqf 54.1% R$ 0.43 R$ 87,834 264 R$/m US$ 48,797 13.6 US$/sqf 61.4% R$ 0.49 $1.80 Chg. % 10.9% 10.9% 3.3% 19.0% 14.4% 6.6% 22.8% 6.6% 22.8% 17.1% 9.1% 25.7% 116 b.p 17.1% 20.7% 505 b.p 32.4% 23.3% 42.1% 1097 b.p 32.4% 14.9% 20.7% 8.7% 1256 b.p 14.9% 8.0% 14.3% 6.0% 1.3% 1045 b.p 8.0% 13.2% 1H11 R$ 347,658 R$ 316,495 916 R$/m 54.5 US$/sqf R$ 227,658 659 R$/m 39.2 US$/sqf 110 R$/m 6.5 US$/sqf R$ 232,581 673 R$/m 40.0 US$/sqf 87.7% R$ 1.30 R$ 41,697 13.2% R$ 209,991 607 R$/m 36.1 US$/sqf 66.3% R$ 1.17 R$ 154,611 447 R$/m 26.6 US$/sqf 48.9% R$ 0.86 R$ 183,868 532 R$/m US$ 117,713 31.6 US$/sqf 58.1% R$ 1.03 $1.56 1H10 R$ 307,337 R$ 279,475 806 R$/m 41.6 US$/sqf R$ 199,717 576 R$/m 29.7 US$/sqf 96 R$/m 5.0 US$/sqf R$ 199,636 575 R$/m 29.7 US$/sqf Chg. % 13.1% 13.2% 13.6% 31.0% 14.0% 14.4% 31.8% 14.4% 31.8% 18.8% 16.9% 34.7% 16.5% 8.1% 26.3% 26.8% 46.1% 26.3% 1.6% 1.2% 13.8% 1.6% 3.2% 3.6% 19.0% 19.4% 3.2% 13.2%

86.3% 134 b.p R$ 1.11 R$ 45,392

16.2% 307 b.p R$ 166,214 479 R$/m 24.7 US$/sqf

59.5% 688 b.p R$ 0.93 R$ 157,089 453 R$/m 23.4 US$/sqf

56.2% 736 b.p R$ 0.88 R$ 178,084 513 R$/m US$ 98,936 26.5 US$/sqf

63.7% 563 b.p R$ 0.99 $1.80

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MULT3
Operational and Financial Highlights
Performance Market Performance Number of Shares Common Shares Preferred Shares Avg. Share Price Final Share Price Average Daily Traded Volume (R$ '000) Market Cap (final share price) (R$ '000) Dollar (USD) end of Quarter Gross Debt (R$ '000) Cash (R$ '000) Net Debt (R$ '000) EPS NOI per Share P/AFFO (Last 12 months) EV/EBITDA (Last 12 months) Net Debt/EBITDA (Last 12 months) 2Q11 179,197.214 167,338.867 11,858.347 R$ 34.66 R$ 34.10 7,507 6,110,625 $1.56 518,371 559,467 (41,095) R$ 0.34 R$ 0.65 33.23 x 28.90 x (0.20) x 2Q10 179,197.214 167,338.867 11,858.347 R$ 31.07 R$ 33.01 9,100 5,915,300 $1.80 558,617 933,011 374,393 R$ 0.29 R$ 0.56 33.22 x 37.84 x 2.25 x Chg. % 0.0% 0.0% 0.0% 11.6% 3.3% 17.5% 3.3% 13.2% 7.2% 40.0% 111.0% 17.0% 17.1% 0.1% 23.6% 108.7% 1H11 179,197.214 167,338.867 11,858.347 R$ 33.78 R$ 34.10 8,462 6,110,625 $1.56 518,371 559,467 (41,095) R$ 0.70 R$ 1.30 33.23 x 28.90 x (0.20) x 1H10 179,197.214 167,338.867 11,858.347 R$ 30.73 R$ 33.01 9,868 5,915,300 $1.80 558,617 933,011 374,393 R$ 0.56 R$ 1.11 33.22 x 37.84 x 2.25 x Chg. % 0.0% 0.0% 0.0% 9.9% 3.3% 14.2% 3.3% 13.2% 7.2% 40.0% 111.0% 25.2% 16.5% 0.1% 23.6% 108.7%

Performance (R$ '000) Operational (100%) Final Total GLA Final Owned GLA Owned GLA % Adjusted Total GLA (avg.) Adjusted Owned GLA (avg.) Total Sales Total Sales R$/m Total Sales USD/sq. foot Same Store Sales R$/m Same Area Sales R$/m Same Store Rent R$/m Same Area Rent R$/m Occupancy Costs Rent as Sales % Others as Sales % Turnover Occupancy Rate Delinquency (25 days delay) Rent Loss 2Q11 551,592 m 371,600 m 67.4% 537,082 m 357,175 m 1,966,800 3,660 R$/m 217.7 US$/sqf 9.4% 10.3% 14.1% 12.9% 12.8% 7.5% 5.3% 1.7% 98.1% 1.9% 1.0% 2Q10 532,902 m 347,757 m 65.3% 515,953 m 332,574 m 1,714,591 3,323 R$/m 171.5 US$/sqf 11.9% 13.3% 4.4% 3.7% 12.9% 7.3% 5.6% 1.3% 97.8% 1.5% 0.8% Chg. % 3.5% 6.9% 207 b.p 4.1% 7.4% 14.7% 10.1% 26.9% 250 b.p 300 b.p 970 b.p 920 b.p 11 b.p 23 b.p 35 b.p 41 b.p 32 b.p 36 b.p 16 b.p 1H11 551,592 m 371,600 m 67.4% 535,560 m 355,541 m 3,753,100 7,190 R$/m 427.6 US$/sqf 8.1% 8.7% 12.6% 11.4% 13.2% 7.8% 5.4% 2.5% 98.1% 0.9% 0.7% 1H10 532,902 m 347,757 m 65.3% 530,286 m 346,908 m 3,300,184 6,223 R$/m 321.2 US$/sqf 13.2% 14.8% 4.2% 3.7% 13.2% 7.5% 5.7% 2.3% 98.1% 1.4% 0.7% Chg. % 3.5% 6.9% 207 b.p 1.0% 2.5% 13.7% 15.5% 33.1% 510 b.p 610 b.p 840 b.p 770 b.p 02 b.p 27 b.p 29 b.p 17 b.p 01 b.p 47 b.p 02 b.p

Adjusted GLA corresponds to the periods average GLA excluding 14,400 m of BIG supermarket at BarraShoppingSul

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Consolidated Financial Statements (R$000)

(R$ '000) Rental revenue Services revenue Key money revenue Parking revenue Real estate for sale revenue Straight line effect Other revenues Gross Revenue Taxes and contributions on sales and services Net Revenue Headquarters expenses Stock-option-based remuneration expenses Shopping centers expenses New projects for lease expenses New projects for sale expenses Cost of properties sold Equity pickup Other operating income/expenses EBITDA Financial revenue Financial expenses Depreciation and amortization Earnings Before Taxes Income tax and social contribution Deferred income and social contribution taxes Minority interest Net Income

2Q11 108,425 21,344 10,045 19,046 8,468 6,783 394 174,505 (15,823) 158,682 (20,071) (2,164) (17,243) (3,296) (1,273) (9,390) 778 1,125 107,148 21,808 (14,194) (14,941) 99,821 (31,949) (4,798) (2,002) 61,072

2Q10 94,254 21,077 6,350 15,505 12,240 6,412 1,534 157,372 (14,277) 143,095 (25,324) (1,380) (16,263) (10,685) (507) (7,283) (997) 266 80,922 21,996 (11,564) (10,460) 80,894

Chg. % 15.0% 1.3% 58.2% 22.8% 30.8% 5.8% 74.3% 10.9% 10.8% 10.9% 20.7% 56.8% 6.0% 69.2% 151.1% 28.9% na 322.9% 32.4% 0.9% 22.7% 42.8% 23.4% 81.0% 0.9% 17.0%

1H11 213,901 40,412 19,207 37,599 22,060 13,757 722 347,658 (31,163) 316,495 (41,697) (3,509) (32,676) (6,741) (2,475) (23,382) 1,382 2,593 209,990 46,705 (27,534) (29,258) 199,903 (40,554) (29,815) (4,740) 124,794

1H10 184,274 35,786 17,529 31,500 21,256 15,443 1,549 307,337 (27,862) 279,475 (45,392) (2,544) (31,581) (17,047) (771) (12,377) (4,951) 1,402 166,214 42,341 (22,771) (20,995) 164,789

Chg. % 16.1% 12.9% 9.6% 19.4% 3.8% 10.9% 53.4% 13.1% 11.8% 13.2% 8.1% 37.9% 3.5% 60.5% 221.0% 88.9% na 85.0% 26.3% 10.3% 20.9% 39.4% 21.3% 48.1% 1.0% 25.2%

(1,500) 2,029.9% (25,189) (2,020) 52,185

(2,914) 1,291.7% (57,408) (4,786) 99,681

(R$ '000) NOI NOI margin NOI + Key Money NOI + Key Money margin Shopping Center EBITDA Shopping Center EBITDA margin EBITDA (Shopping Center + Real Estate) EBITDA margin Net Income Net Income margin Adjusted Net Income Adjusted Net Income margin FFO FFO margin Adjusted FFO Adjusted FFO margin

2Q11 117,011 87.2% 127,056 88.1% 109,333 72.4% 107,148 67.5% 61,072 38.5% 65,870 41.5% 76,013 47.9% 80,811 50.9%

2Q10 99,908 86.0% 106,258 86.7% 78,579 59.5% 80,922 56.6% 52,185 36.5% 77,374 54.1% 62,645 43.8% 87,834 61.4%

Chg. % 17.1% 116 b.p 19.6% 132 b.p 39.1% 1,287 b.p 32.4% 1,097 b.p 17.0% 202 b.p 14.9% 1,256 b.p 21.3% 412 b.p 8.0% 1,046 b.p

1H11 232,581 87.7% 251,788 88.5% 214,382 72.3% 209,990 66.3% 124,794 39.4% 154,609 48.9% 154,052 48.7% 183,867 58.1%

1H10 199,636 86.3% 217,165 87.3% 164,984 63.4% 166,214 59.5% 99,681 35.7% 157,089 56.2% 120,676 43.2% 178,084 63.7%

Chg. % 16.5% 134 b.p 15.9% 121 b.p 29.9% 891 b.p 26.3% 687 b.p 25.2% 376 b.p 1.6% 736 b.p 27.7% 549 b.p 3.2% 563 b.p

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MULT3
Balance Sheet (R$000)
ASSETS Current Assets Cash and cash equivalents Accounts receivable Sundry loans and advances Recoverable taxes and contributions Other Total Current Assets Non Current Assets Accounts receivable Land and properties held for sale Sundry loans and advances Deposits in court Other Investments Investment properties Property and equipment Intangible Total Non Current Assets Total Assets LIABILITIES Current Liabilities Loans and financing Accounts payable Property acquisition obligations Taxes and contributions payable Dividends to pay Deferred incomes Payables to related parties Debentures Clients anticipation Other Total Current Liabilities Non Current Liabilities Loans and financing Deferred income and social contribution taxes Property acquisition obligations Taxes paid in installments Provision for contingencies Deferred incomes Total Non Current Liabilities Shareholders' Equity Capital Capital reserves Profit reserve Share issue costs Shares in treasure department Minority interest Total Shareholder's Equity Total Liabilities and Shareholders' Equity 6/30/2011 559,467 168,683 21,920 40,472 14,040 804,582 37,044 71,004 9,396 23,592 86 10,657 2,739,211 18,218 319,100 3,228,308 4,032,890 6/30/2011 46,629 88,380 40,361 41,312 53,125 325 1,624 271,756 320,036 21,079 111,346 993 21,425 151,454 626,333 1,761,662 966,239 340,062 (21,016) (33,161) 121,015 3,134,801 4,032,890 3/31/2011 784,726 150,708 19,887 24,499 17,706 997,526 35,913 35,685 9,910 23,464 86 12,624 2,587,533 18,277 319,837 3,043,329 4,040,855 3/31/2011 45,752 72,464 35,474 31,040 51,469 37,118 325 103,833 1,598 1,530 380,603 253,545 16,281 94,592 1,060 21,678 152,483 539,639 1,761,662 970,414 330,619 (21,016) (40,079) 119,013 3,120,613 4,040,855 % Change 28.7% 11.9% 10.2% 65.2% 20.7% 19.3% 3.1% 99.0% 5.2% 0.5% 0.0% 15.6% 5.9% 0.3% 0.2% 6.1% 0.2% % Change 1.9% 22.0% 13.8% 33.1% 100.0% 43.1% 0.0% 100.0% 100.0% 6.1% 28.6% 26.2% 29.5% 17.7% 6.3% 1.2% 0.7% 16.1% 0.0% 0.4% 2.9% 0.0% 17.3% 1.7% 0.5% 0.2%

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Cash Flow Statement
Cash Flow Statement (R$'000) Cash Flow from Operations Income before tax Depreciation and amortization Interest and monetary variations on debentures, loans, and property acquisition Other net income adjustments (Increase) decrease on current assets Increase (decrease) on current liabilities Cash Flow from Operations Cash Flow from Investments Increase in loans and sundry advances (Increase) decrease of investment property Increase of property, plant and equipment Others Cash Flows Used in Investing Activities Cash Flows from Financing Activities Increase (decrease) in loans and financing Debentures paid Interest payment of loans and financing Increase (decrease) in payables to related parties Capital increase Paid dividends Others Cash Flows Generated by (Used in) Financing Activities Cash Flow Cash and cash equivalents at the beginning of the period Cash and cash equivalents at end of the period Changes in Cash Position 1H11 199.903 29.258 14.292 (20.303) (46.131) 17.718 194.737 1H10 164.787 20.997 13.333 (13.442) (5.925) (14.408) 165.342

(4.454) (269.121) (595) 2.574 (271.596)

12.137 (135.604) (1.304) (9.504) (134.275)

70.054 (100.000) (21.516) (93.949) (102.938) 89.836 (158.513) (235.372) 794.839 559.467 (235.372)

127.817 (14.547) 2.076 16.565 (40.520) (17.414) 73.977 105.044 827.967 933.011 105.044

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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 features that can attract consumers, thus ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m to be considered anchors. Brownfield: Expansion project. CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth rate, on an annualized basis. CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed in asset development, expansion or improvement. The capitalized value shows the variation of property and equipment added of depreciation. CDI: (Certificado de Depsito Interbancrio or Interbank Deposit Certificate). Certificates issued by banks to generate liquidity. Its average overnight annualized rate is used as a reference of interest rates in Brazilian Economy. Debenture: debt instrument issued by companies to borrow money. Multiplans debentures are non-convertible, which means that they cannot be converted into equity shares. Moreover, a debenture holder has no voting rights. Deferred Income: Deferred key money and store buy back expenses. Double Rent: Extra rent charged from the majority of tenants usually in December due to higher sales in consequence of Christmas and extra charges on the month. EBITDA Margin: EBITDA divided by Net Revenue. EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income (loss) plus expenses with income tax and social contribution on net income, financial result, depreciation and amortization. EBITDA does not have a single definition, and 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 associates shareholders. Expected Owned GLA: Multiplans 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: (ndice Geral de Preos - Disponibilidade Interna) General Domestic Price Index. Inflation index published by the Getlio 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 (ndice Geral de Preos do Mercado), though with a different data collection period. IPCA (ndice de Preos ao Consumidor Amplo): Published by the IBGE (Brazilian institute of statistics), it is the national consumer price index, subject to the control of Brazils 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. BHS BRS BSS CPRBS DMM MAC MBC MBS MCT MTE NYC JDS PCG PKB PKS PKC PSC PSS RBS SAF SSU SVO VLG Acronyms: BH Shopping BarraShopping BarraShoppingSul Centro Profissional RibeiroShopping DiamondMall Shopping Macei Morumbi Business Center MorumbiShopping Morumbi Corporate Multiplan New York City Center JundiaShopping ParkShoppingCampoGrande ParkShoppingBarigi ParkShopping ParkShopping Corporate ParkShoppingSoCaetano Ptio Savassi RibeiroShopping ShoppingAnliaFranco Shopping Santa rsula Shopping Vila Olmpia VillageMall

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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 Multiplans 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 Companys 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 areas rent of the current year, less vacancy. Same Area Sales (SAS): Sales of the same area of the year before divided by the areas 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

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Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the Companys management and on the information available. These prospects include statements concerning our managements current intentions or expectations. Readers/investors should be aware that many factors may mean that our future results differ from the 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 Companys control or expectation. The reader/investor is encouraged not to completely rely on the information above. This document also contains information on future projects which could differ materially due to market conditions, changes in law or government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and consumers, commercial negotiations or other technical and economic factors.

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