Earnings Release 4Q14

Fourth Quarter 2014
Earnings Release
4T13
Conference Call
Date: February 25, 2014 (Wednesday)

English: 10:30 a.m. (EDT New York)
12:30 p.m. (Braslia)
Teleconferncia (Em portugus)
Data: 25 de fevereiro de 2013 (tera-feira)
Horrio:
11h00min (horrio de Braslia)
9h00min (EST Nova York)
Telefone de conexo:
+55 (11) 4688-6361
Cdigo de acesso: Multiplan
Replay: www.multiplan.com.br/ri
Portuguese: 9:00 a.m. (EDT New York)

11:00 a.m. (Braslia)
Webcast: www.multiplan.com.br/ir
Divulgao de Resultados
Connection numbers:
USA: 1 (888) 700-0802
quarto trimestre de 2013

Brasil: 55 (11) 3193-1001
55 (11) 2820-4001
Other countries: 1 (786) 924-6977

Access Code: Multiplan
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on
expectations of the Companys management and on available information. The Company is under no obligation to update these
statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to
qualify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,
market share and competitive position may differ substantially from those expressed or suggested by these forward-looking
statements. Many factors and values that may impact these results are beyond the Companys ability to control. The
reader/investor should not make a decision to invest in Multiplan shares based exclusively on the data disclosed on this report.
This document also contains information on future projects which could differ materially due to market conditions, changes in
laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance,
demands by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be
altered in part or totally by the Company with no prior warning.
Non-accounting information has not been reviewed by the external auditors.
In this release the Company has chosen to present the consolidated data from a managerial perspective, in line with the
accounting practices in use until December 31, 2012, as disclosed below.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia) and other
relevant information on our investor relations website www.multiplan.com.br/ir.
Managerial Report
Multiplan is presenting its quarterly and annual results in a managerial format to provide the reader with a more complete
perspective on operational data. Please refer to the Companys financial statements on its website www.multiplan.com.br/ir to
access the Financial Statements in compliance with the Brazilian Accounting Standards Committee CPC.
Please see on page 38 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and
the reconciliation of the accounting and managerial numbers.
Table of Contents
01.
02.
03.
04.
05.
06.
07.
08.
09.
10.
11.
12.
13.
14.
15
16.
17.
Consolidated Financial Statements ............................................................................................. 6

Fair Value of Investment Properties According to CPC 28 .......................................................... 7
Operational Indicators .................................................................................................................. 9
Gross Revenues ........................................................................................................................ 13
Properties Ownership Results ................................................................................................... 14
Shopping Center Management Results ..................................................................................... 19
Shopping Center Development Results ..................................................................................... 20
Real Estate for Sale Results ...................................................................................................... 21
Financial Results........................................................................................................................ 22
Project Development.................................................................................................................. 27
MULT3 Indicators & Stock Market ............................................................................................. 30
Portfolio...................................................................................................................................... 32
Ownership Structure .................................................................................................................. 34
Operational and Financial Data ................................................................................................. 36
Reconciliation between IFRS (with CPC 19 R2) and Managerial Report ................................... 38
Appendices ................................................................................................................................ 41
Glossary and Acronyms ............................................................................................................. 44
The Evolution of Multiplan's Financial Indicators

R$ Million
2007
(IPO)
2008
2009
2010
2011
2012
2013
2014
Change %
(2014/2007)
CAGR %
(2014/2007)
Gross Revenue
368.8
452.9
534.4
662.6
742.2
1,048.0
1,074.6
1,245.0
237.6%
19.0%
Net Operating Income
212.1
283.1
359.4
424.8
510.8
606.9
691.3
846.1
299.0%
21.9%
EBITDA
212.2
247.2
304.0
350.2
455.3
615.8
610.7
793.7
274.0%
20.7%
FFO
200.2
237.2
272.6
368.2
415.4
515.6
426.2
552.9
176.2%
15.6%
21.2
74.0
163.3
218.4
298.2
388.1
284.6
368.1
1,639.7%
50.4%
Net Income
2007 EBITDA adjusted for expenses related to the Company's IPO.

2007
2008
2009
2010
2011
2012
2013
2014
1.245
1.075
1.048
846
663
369
453
742
534
212
Gross Revenue
283
359
425
511
607
794
691
616 611
212 247
Net Operating Income
516
455
304 350
200
EBITDA
237 273
368 415
553
426
21 74
FFO
163
218
298
388
285
368
Net Income
Historical Performance of Multiplans Results (R$ Million)
Overview
Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center operating 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. At the end of 4Q14,
Multiplan owned 18 shopping centers with a total GLA of 764,413 m - with an average interest of 73.8% -, of which 17 shopping
centers were managed by the Company, over 5,400 stores and an estimated annual traffic of 180 million visits. Multiplan also
owned - with an average interest of 92.4% - two corporate office complexes with a total GLA of 87,558 m, for a total portfolio
GLA of 851,971 m.
4Q14 EBITDA increases 61% to R$224 million

and Net Income is up 117%, to R$124 million
Rio de Janeiro, February 24, 2015 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3) announces its earnings results for the fourth
quarter and the 2014 fiscal year. During fiscal year 2012, the Accounting Standards Committee (CPC) issued the following pronouncements that impacted the
Companys activities and its subsidiaries including, among others: (i) CPC 18 (R2) Investments in affiliated companies, subsidiaries and in jointly controlled
projects; (ii) CPC 19 (R2) Joint business. These pronouncements required that they be implemented for fiscal years starting January 1, 2013. The
pronouncements determine, among other issues, that joint projects be recorded on the financial statements via equity pick-up. In this case, the Company no
longer consolidates the 50% interest in Manati Empreendimentos e Participaes S.A., a Company that owns a 75% stake in Shopping Santa rsula, and a 50%
stake in Parque Shopping Macei S.A., a Company that has a 100% ownership interest in the shopping center of the same name on a proportional basis. This
report adopted the managerial information format and, for this reason, does not consider the requirements of CPCs 18 (R2) and 19 (R2) to be applicable. Thus,
the information and/or performance analyses presented herein include the proportional consolidation of Manati Empreendimentos e Participaes S.A. and
Parque Shopping Macei S.A. For additional information, please refer to note 9.4 of the Financial Statements Report dated December 31, 2014.
Highlights
Continuous Search for Quality Leads to Record High Occupancy Rate
100.0%
99.0%
98.5%
98.4%
98.4%
98.1%
97.5%
97.8%
97.2%
97.6%
98.0%
97.0%
98.8%
99.0%
2014
98.5%
98.6%
2013
98.1%
98.1%
2012
98.1%
98.0%
2011
3Q
4Q
96.0%
1Q
2Q
Total shopping center occupancy rate evolution
Resilient Operations
14.1%
10.3%
4.9%
16.0%
5.8%
IGP-DI Adjustment Effect

11.9%
4.8%
3.9%
2.8%
7.3%
8.8%
9.6%
1Q11
2Q11
3Q11
Real SSR
14.5%
7.7%
3.9%
11.4%
11.4%
10.4%
1.8%
8.6%
2.6%
8.8%
9.2%
6.8%
0.9%
4.1%
2.7%
3.4%
7.6%
6.8%
5.9%
5.8%
5.9%
5.6%
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
3.5%
9.3%
7.7%
6.3%
5.7%
5.9%
6.8%
7.4%
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
10.1%
8.0%
1.1%
4.3%
8.0%
0.6%
Same Store Rent Evolution (year/year)
Efficiency Increase
NOI Margin
EBITDA Margin
85.3%
76.3%
Shopping Center EBITDA Margin

86.6%
78.0%
66.7%
60.1%
52.1%
59.3%
51.8%
57.7%
2007
2008
68.8%
63.0%
56.5%
2009
89.8%
89.0%
75.3%
74.1%
62.6%
67.3%
64.0%
60.9%
61.4%
53.6%
57.9%
FFO Margin
84.7%
87.4%
76.2%
68.6%
70.2%
62.4%
48.9%
43.6%
2010
2011
2012
2013
2014
Evolution of Margins
and Value Added to Shareholders.

Dividends
50.0%
Interest on Shareholders' Equity

52.8%
149.0 M
102.9 M
2010
100.0 M
50.0%
Total payout as a % of net income after legal reserve

50.0%
183.7 M
135.0 M
125.0 M
49.0 M
58.7 M
2011
2012
50.0%
174.9 M
155.0 M
19.9 M
2013
2014
Distribution of dividends and interest on shareholders equity

The R$19.9 million dividend related to 2014 is subject to approval of the Annual General Meeting
4Q14
MULT3
4Q14 (R$)
Shopping center
tenants sales
4,062.2 M
4Q14 vs. 4Q13

2014 (R$)
2014 vs. 2013
Performance Highlights
NOI + Key
Rental revenue
EBITDA
Money
262.7 M
258.2 M
223.8 M
Net Income
FFO
124.2 M
163.2 M
+11.3%
+21.2%
+26.7%
+61.2%
+117.3%
+84.0%
12,760.6 M
801.3 M
883.0 M
793.7 M
368.1 M
552.9 M
+12.1%
+18.0%
+18.7%
+30.0%
+29.3%
+29.7%
OPERATIONAL AND FINANCIAL HIGHLIGHTS

Same Store Rent (SSR) increased 9.2% in 4Q14, and 8.8% in 2014, recording a real growth of 3.4% and 2.8%
respectively. Rental revenue saw an increase of 18.0%, reaching R$801.3 million in 2014.
As published in the preliminary report, shopping center sales reached R$12.8 billion in 2014, 12.1% higher than in 2013.
Same Area Sales (SAS) were up 9.0% in the year, the highest mark in the last four years. Same Store Sales (SSS) grew
7.9% in the quarter and reflected the strong operating results recorded at the end of 2014.
Occupancy rate of 99.0% in the end of 2014, the highest mark since Multiplan went public. Malls operating for more
than five years recorded average occupancy rate of 99.5% in 4Q14.
Gross revenue increased 20.5% in 4Q14, reaching R$355.5 million. In 2014, gross revenue was R$1,245.0 million, a
15.9% growth over 2013.
Net Operating Income (NOI) + Key Money (KM) of R$258.2 million in 4Q14, an increase of 26.7% with a margin of
1
88.1% (+394 b.p.). 2014 NOI + KM was R$883.0 million (+18.7%), with margin of 87.9%. NOI + KM per share was R$4.72 in
2014, with a five-year CAGR of 16.7%.
Shopping Center EBITDA increased 55.2% in 4Q14, to R$213.6 million, with a margin of 76.1%, and reached R$752.4
million in 2014, up 23.4% when compared to 2013, with a margin of 76.2%. Consolidated EBITDA increased 30.0% in 2014,
to R$793.7 million, hitting a record-high margin of 70.2%.
Multiplans average cost-of-debt increased only 42 b.p. in 4Q14 to 10.96% p.a., while the basic interest rate increased 75
b.p. in the quarter to 11.75%. Net debt-to-EBITDA was 2.36x at the end of 2014, a meaningful reduction from the 3.03x ratio
recorded a year before.
Net income and FFO recorded strong increases in 4Q14 of 117.3% and 84.0%, respectively, reaching R$124.2 million
and R$163.2 million. In 2014, Net Income was R$368.1 million (+29.3%) while FFO was R$552.9 million (+29.7%). FFO per
share reached R$2.94 in the year, implying a five-year CAGR of 13.8%.
RECENT EVENTS
Multiplan enters Ibovespa: The Company joined the new portfolio of the Ibovespa, which is valid for a four-month-period
th
from January to April of 2015, with the 47 most representative position in the index, of a total of 68 listed assets.
Additional dividends: On February 20, 2015, Multiplans Board of Directors proposed the payment of additional
dividends in the amount of R$19.9 million, totaling on 2014 fiscal year results, including the Interest on Shareholders Equity
declared, the amount of R$174.9 million. The proposal will be submitted to the Annual General Meeting in 2015.
Sales in Multiplan Shopping Centers increased 11.5% in January 2015, compared to the same month in 2014.
1
Total shares on December 31, 2014 net of stocks held in treasury.
4Q14
MULT3
1.
Consolidated Financial Statements Managerial Report
(R$'000)
Rental revenue
Services revenue
Key money revenue
Parking revenue
Real estate for sale revenue
Straight line effect
4Q14
4Q13
Chg. %
2014
2013
Chg. %
262,723
216,686
21.2%
801,340
679,048
18.0%
29,309
27,085
8.2%
119,070
105,147
13.2%
7,313
12,935
43.5%
36,835
52,860
30.3%
45,649
37,977
20.2%
157,570
131,605
19.7%
32,508
25,461
27.7%
117,318
97,130
20.8%
(22,517)
(25,435)
11.5%
9,227
5,179
78.2%
491
333
47.4%
3,611
3,588
0.6%
Gross Revenue
355,476
295,042
20.5%
1,244,970
1,074,557
15.9%
Taxes and contributions on sales and services
(32,978)
(26,447)
24.7%
(114,592)
(96,344)
18.9%
Net Revenue
322,497
268,595
20.1%
1,130,378
978,213
15.6%
Headquarters expenses
(31,335)
(28,200)
11.1%
(116,951)
(108,026)
8.3%
Stock-option expenses
(4,008)
(3,209)
24.9%
(14,679)
(11,034)
33.0%
(29,267)
(38,443)
23.9%
(106,557)
(124,575)
14.5%
Other revenues
Shopping centers expenses

Office towers for lease expenses
(5,712)
na
(15,436)
na
New projects for lease expenses
(1,950)
(13,726)
85.8%
(13,148)
(23,488)
44.0%
(823)
(3,767)
78.1%
(8,808)
(12,322)
28.5%
(20,110)
(16,213)
24.0%
(71,363)
(64,912)
9.9%
New projects for sale expenses

Cost of properties sold
Equity pickup
Other operating income/expenses
EBITDA
(241)
(331)
27.1%
10,457
(532)
na
(5,237)
(25,869)
79.8%
(175)
(22,633)
99.2%
223,815
138,837
61.2%
793,719
610,691
30.0%
Financial revenues
13,518
12,770
5.9%
40,671
50,001
18.7%
Financial expenses
(56,812)
(48,495)
17.1%
(205,643)
(162,664)
26.4%
Depreciation and amortization
(40,218)
(36,164)
11.2%
(161,564)
(124,928)
29.3%
Earnings Before Taxes
140,304
66,948
109.6%
467,182
373,100
25.2%
Income tax and social contribution
(17,308)
(14,369)
20.5%
(75,871)
(71,826)
5.6%
1,175
4,583
74.4%
(23,264)
(16,654)
39.7%
Deferred income and social contribution taxes

Minority interest
33
(14)
na
15
(50)
na
124,204
57,148
117.3%
368,062
284,570
29.3%
4Q14
4Q13
Chg. %
2014
2013
Chg. %
250,876
190,785
31.5%
846,144
691,257
22.4%
87.8%
83.2%
453 b.p.
87.4%
84.7%
267 b.p.
NOI + Key Money

NOI + Key Money margin
258,189
203,720
26.7%
882,980
744,117
18.7%
88.1%
84.1%
394 b.p.
87.9%
85.7%
220 b.p.
Shopping Center EBITDA
213,584
137,641
55.2%
752,441
609,765
23.4%
76.1%
56.4%
1,970 b.p.
76.2%
68.6%
759 b.p.
223,815
138,837
61.2%
793,719
610,691
30.0%
69.4%
51.7%
1,771 b.p.
70.2%
62.4%
779 b.p.
124,204
57,148
117.3%
368,062
284,570
29.3%
Net Income
(R$'000)
NOI
NOI margin
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
38.5%
21.3%
1,724 b.p.
32.6%
29.1%
347 b.p.
123,030
52,565
134.1%
391,326
301,224
29.9%
38.1%
19.6%
1,858 b.p.
34.6%
30.8%
383 b.p.
163,247
88,729
84.0%
552,891
426,152
29.7%
50.6%
33.0%
1,759 b.p.
48.9%
43.6%
535 b.p.
4Q14
MULT3
2. Fair Value of Investment Properties According to CPC 28

Multiplan valued internally its investment properties and determined their fair value based on the Discounted Cash Flow (DCF)
methodology. The Company calculated the present value of the future cash flows using a discount rate based on the Capital
Asset Pricing Model (CAPM). Risk and return assumptions were considered based on (i) studies conducted and published by
Mr. Aswath Damodaran (New York University professor), (ii) stock market performance of Multiplan shares (Beta), in addition
to (iii) macroeconomic projections published in the Central Banks Focus Report, and (iv) data on the risk premium of the
domestic market (country risk measured by the Emerging Markets Bond Index Plus Brazil). Based on these assumptions, the
Company estimated a weighted average, nominal and unleveraged, discount rate of 15.11% as of December 31, 2014, as a
result of a basic discount rate of 14.66% calculated according to CAPM, and a weighted average risk spread of 44 base
points. The risk spread was calculated according to internal analysis and added to the basic discount rate in a range between
zero and 200 base points for each shopping mall, office tower and project evaluation.
Shareholders cost of capital
2014
2013
2012
Risk free rate

Market risk premium
Adjusted beta
Sovereign risk
Spread
Shareholders cost of capital - US$ nominal
3.49%
6.11%
0.72
230 b.p.
44 b.p.
10.65%
3.53%
6.02%
0.77
205 b.p.
43 b.p.
10.66%
3.57%
5.74%
0.74
184 b.p.
59 b.p.
10.25%
Inflation assumptions
Inflation (Brazil)
Inflation (USA)
Shareholders cost of capital BRL nominal
6.53%
2.40%
15.11%
5.98%
2.30%
14.64%
5.47%
2.30%
13.66%
The investment properties valuation reflects the market participant concept. Therefore, the Company does not consider in the
discounted cash flows calculation taxes on revenues, income taxes, revenue and expenses relating to management and
brokerage services.
The future cash flow of the model was estimated based on the properties individual cash flows, including the net operating
income (NOI), recurring Key Money (based only on mix changes, except for projects under development and future projects),
revenues from transfer fees, investments in revitalization, and investments in constructions in progress. The perpetuity was
calculated considering a real growth rate of 2.0% for shopping centers and zero for office towers.
The Company classified its investment properties in accordance with their status. The table below describes the fair value
calculated for each category of property and presents the amounts in the Companys share:
Fair Value of investment properties
Shopping malls and office towers in operation ,
,
Projects under development (announced)

Future projects (not yet announced)
Total
2014
2013
2012
R$ 15,683 M
R$ 14,089 M
R$ 13,418 M
R$ 32 M
R$ 123 M
R$ 715 M
R$ 284 M
R$ 430 M
R$ 569 M
R$ 15,999 M
R$ 14,642 M
R$ 14,702 M
In 2012, the JundiaShopping, ParkShopping Campo Grande, Village Mall, ParkShopping Corporate, and Expansion VI of the RibeiroShopping projects were
completed and their assets transferred from the line Projects under development to Shopping malls and office towers in operation.
In 2013, the Expansion VII and Expansion VIII projects of RibeiroShopping and Morumbi Corporate were completed, and their assets were transferred from the
line Projects under development to Shopping malls and office towers in operation.
In 2014, the BarraShopping Expansion VII project was completed, and the assets were transferred from the line Projects under development to Shopping malls
and office towers in operation.
The 37.5% ownership interest in Shopping Santa rsula and 50.0% in Parque Shopping Macei project through the joint
controlled investees were not considered in the fair value.
4Q14
MULT3
Future projects (not disclosed)
Fair
Value
Properties under development (disclosed)

Properties in operation
17.5 B
84.99
82.45
16.0 B
78.06
15.0 B
73.21
12.5 B
68.87
10.0 B
7.5 B
5.0 B
2.5 B
2010
2011
2012
2013
2014
Evolution of Fair Value (R$)
2010
2011
2012
2013
2014
Fair Value per share (R$)
Fair Value - properties in operation

NOI - properties in operation
Owned GLA - properties in operation
197
163
143
120
111
100
2010
140
47%
166
162
160
16.0 B
10.9 B
9.0 B
145
138
111
2011
2012
2013
2014
Growth of Fair Value, NOI and owned GLA
Market Cap
Enterprise Fair Value

Value (EV)
Market Cap vs. Enterprise Value (EV) vs. Fair Value 2014
(Base 100: 2010)

Based on stock price in December 31, 2014.
The sum of Market Cap and Net Debt
Calculated according to CPC 28
4Q14
MULT3
3. Operational Indicators
3.1 Tenant Sales
Shopping center sales increased 12.1% in 2014, showing the resilience of a premium portfolio
4Q14 - Total sales in the quarter reached R$4.1 billion, an increase of 11.3% when compared to the same period in the previous
year, reflecting the high volume of end of year sales. While all months showed strong sales growth, the highlight was November
with the Black Friday sales event, which is becoming more popular among retailers and consumers in Brazil.
2014 - Shopping center sales reached R$12.8
+4.6 x
+2.1 x
+12.1%
billion in 2014, up 12.1% over 2013. In the last five
12.8 B
11.4 B
years, sales more than doubled, from R$6.1 billion

in 2009 to the current number. In a ten year period,
since 2004, Multiplan doubled its shopping center
portfolio and added R$10.0 billion to total sales, an
3.6 B 4.2 B
2.8 B 3.1 B
5.1 B
6.1 B
7.5 B
8.5 B
9.7 B
increase of 4.6 times over the initial amount.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Sales evolution (R$)
Shopping Center Sales (100%)
Opening
4Q14
4Q13
Chg.%
2014
2013
Chg.%
BH Shopping
(1979)
362.0 M
335.0 M
8.1%
1,128.1 M
1,070.2 M
5.4%
RibeiroShopping
(1981)
246.4 M
221.4 M
11.3%
772.7 M
676.4 M
14.2%
BarraShopping
(1981)
605.0 M
559.6 M
8.1%
1,857.6 M
1,728.2 M
7.5%
MorumbiShopping
(1982)
490.2 M
436.8 M
12.2%
1,572.6 M
1,381.4 M
13.8%
ParkShopping
(1983)
344.8 M
318.3 M
8.3%
1,067.5 M
985.7 M
8.3%
DiamondMall
(1996)
175.5 M
169.9 M
3.3%
594.9 M
551.1 M
8.0%
New York City Center
(1999)
60.3 M
58.9 M
2.3%
218.3 M
219.3 M
0.5%
Shopping Anlia Franco
(1999)
314.8 M
297.8 M
5.7%
978.4 M
914.3 M
7.0%
ParkShoppingBarigi
(2003)
266.0 M
250.2 M
6.3%
845.5 M
815.9 M
3.6%
Ptio Savassi
(2007)
114.7 M
105.7 M
8.6%
367.2 M
347.9 M
5.5%
Shopping Santa rsula
(2008)
54.3 M
54.8 M
0.9%
180.0 M
186.9 M
3.7%
BarraShoppingSul
(2008)
243.3 M
217.6 M
11.8%
748.2 M
690.6 M
8.3%
Shopping Vila Olmpia
(2009)
110.6 M
97.5 M
13.4%
350.1 M
322.5 M
8.6%
ParkShoppingSoCaetano
(2011)
165.0 M
154.7 M
6.7%
521.1 M
481.5 M
8.2%
JundiaShopping
(2012)
127.8 M
108.9 M
17.3%
402.8 M
331.2 M
21.6%
ParkShoppingCampoGrande
(2012)
145.0 M
126.3 M
14.8%
407.4 M
350.9 M
16.1%
VillageMall
(2012)
141.0 M
91.6 M
53.9%
481.9 M
286.1 M
68.5%
Parque Shopping Macei
(2013)
95.5 M
44.2 M
116.1%
266.3 M
44.2 M
502.4%
4,062.2 M
3,649.1 M
11.3%
12,760.6 M
11,384.3 M
12.1%
Total
Ptio Savassi opened in 2004 and was acquired by Multiplan in June, 2007.
2
Shopping Santa rsula opened in 1999 and was acquired by Multiplan in April, 2008.
Parque Shopping Macei opened on November, 2013.
Multiplans shopping centers delivered strong performances throughout the year. The result was achieved by the sustained
increase of sales in consolidated malls, demonstrated by combined 9.5% sales growth of malls with 30+ years in operation, and
leveraged by the 44.2% sales increase of malls with less than five years in operation, where productivity continued to improve.
4Q14
MULT3
New shopping centers opened in 2012 posted sales of R$1.3 billion in 2014
VillageMall, JundiaShopping and ParkShoppingCampoGrande, which opened during 4Q12, progressed with robust sales in
2014 of 68.5%, 21.6% and 16.1% respectively. The strong upsurge in sales demonstrates a continuous process of consolidation
of the new shopping centers.
Sales/m portfolio analysis
In 2014, the portfolios sales/m totaled
R$16,693 /m
R$18,904/m. Stores with less than

25,573 /m
1,000 m posted sales of R$25,573/m

whereas the majority of stores, with
200
or
less,
had
sales
29,381 /m
R$10,277 /m
18,904 /m
of
R$29,381/m.
Sales/m calculation does not consider
areas that do not report sales, as well
Sales
Sales Sales (Anchors & stores under stores under
Satellites)
1,000m
200m
Brazilian Shopping
Centers
as sales from kiosks since these
Multiplan
2014 Total sales/ / GLA

According to Abrasce (Brazilian Shopping Center
Association)
Sales/m 2014
operations do not comprise GLA.
Total sales per GLA, calculated without the adjustments mentioned above in order to be comparable to the data released by
ABRASCE (Brazilian Shopping Center Association), indicates a difference of 62.4% between sales per GLA from Multiplan
and the Brazilian shopping center industry, as presented in the top right chart.
Highest 4Q SAS and SSS of the last three years
4Q14 - Despite the challenging economic scenario, Same Area Sales (SAS) and Same Store Sales (SSS) results were
higher than in 4Q13 and 4Q12. SAS increased by 8.8% in 4Q14, compared to 4Q13 and outpaced SSS. The spread reflects
again the positive changes in tenant mix. Same Store Sales increased by 7.9% in 4Q14 over the same period the year
before.
Same Area Sales
Same Store Sales

12.0%
10.3%
1Q11
9.7%
9.5%
9.4%
7.7%
7.0%
6.6%
10.0%
7.4%
8.8%
7.7%
8.0%
9.3%
8.8%
6.7%
5.7%
9.4%
2Q11
7.5%
8.3%
8.2%
8.1%
8.5%
6.8%
8.1%
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
5.8%
2Q13
8.4%
7.6%
8.3%
9.4%
3Q13
4Q13
1Q14
2Q14
7.9%
6.1%
3Q14
4Q14
SAS and SSS Evolution (year/year)
The highest Same Store Sales growth in four years

Same Area Sales
2014 - Same Area Sales in 2014 reported the highest growth in the last four
Same Store Sales
years, of 9.0%. The increase represents a significant achievement in a year of
8.9%
8.9%
low economic growth, and reinforces the success of the tenant mix
improvement strategy, leveraging the growth pace in Multiplan shopping
7.6%
centers. Same Store Sales increased by 7.9% in 2014 a strong result obtained
over the already high basis of comparison for sales/m in 2013.
2011
8.4%
2012
7.5%
7.4%
2013
9.0%
7.9%
2014
Same Area and Same Store Sales

(year/year)
10
4Q14
MULT3
Food Court & Gourmet Areas record SSS growth of 12.0%

Same Store Sales for satellite stores increased 7.8% in 4Q14, led by Food Court & Gourmet Area operations, which
performed resiliently throughout 2014. The full year result was highlighted by 9.6% growth in the Miscellaneous segment and
7.6% increase by Apparel stores. Also worth mentioning is the improvement in anchor stores in 4Q14, driven by the strong
15.3% increase of the Apparel segment in 4Q14.
Same Store Sales
4Q14 x 4Q13
2014 x 2013
Anchor
Satellite
Total
Anchor
Satellite
Total
12.0%
12.0%
12.0%
12.0%
15.3%
5.7%
8.1%
9.3%
7.0%
7.6%
Home & Office
6.2%
2.8%
3.8%
1.0%
1.9%
1.6%
Miscellaneous
6.0%
10.9%
9.5%
4.2%
11.9%
9.6%
Services
1.6%
12.9%
9.3%
0.2%
3.8%
3.1%
Total
8.3%
7.8%
7.9%
5.4%
8.7%
7.9%
Food Court & Gourmet Area

Apparel
Same Store Sales growth breakdown
Food segment increases appetite for space in Multiplan's portfolio.

The growing search for convenience in large cities and mixed-use projects, especially in recent years, continues to increase
consumers interest for diverse eating options, intensifying Multiplan's search for new food retailers in its shopping centers.
Throughout its history the Company
Food operations sales / Total sales (same mall basis)
has sought to anticipate trends and
Food operations sales / Total sales
identify its customers desires, and
Food operations GLA / Total GLA
therefore different models of food

spaces have been tested over the
13.7%
14.0%
13.0%
13.0%
12.3%
years. One highlight is Morumbi

Shopping, which today features 26
12.0%
prestigious restaurants in the city of
11.0%
So Paulo, and a large offering of
11.1%
10.0%
9.0%
The chart on the right shows the
Gourmet
Area
segment
as
reflecting
the
trend
8.0%
10.0%
10.0%
10.1%
2012
2013
2014
9.5%
8.9%
2010
2011
percentage of total sales and since

2010,
12.4%
11.9%
fast-food operations.
evolution of the Food Court &
13.0%
11.5%
ABL evolution and Food Court & Gourmet Sales in Multiplans portfolio
The same mall basis analysis considered the shopping centers opened by 2009
of
increased demand for these areas.

It is worth mentioning the new shopping centers (represented in the chart by the red line) are born incorporating new trends,
and opened with higher percentage of food areas, aimed at providing a diversity of operations, meeting the needs of
consumers that seek fast food shops as well as those who enjoy sophisticated restaurants.
11
4Q14
MULT3
3.2 Operational Indicators

The highest annual occupancy rate since the IPO in 2007
The Multiplans portfolio ended 2014 with an occupancy rate of 99.0%, the highest rate registered since the Company went
public. Multiplan also recorded the highest average occupancy rate in 2014, of 98.7% and in 4Q14, of 99.0%, in spite of the
addition of 51.700 m total GLA in the last two years, a result of the opening of two expansions Expansion VIII in
RibeiroShopping and Expansion VII in BarraShopping, and a new mall, Parque Shopping Macei.
At the end of the year three malls were fully occupied, eight malls had over 99.0% occupancy rate and, considering only
malls with more than five years in operation, the average rate was 99.5%. The lowest occupancy rate in the portfolio was
95.7%.
The occupancy rate underscores the strong demand for space in the Multiplans portfolio. The highlights are Shopping Vila
Olmpia, RibeiroShopping and ParkShoppingSoCaetano, which posted significant occupancy rates growth compared to
3Q14, reaching 98.0%, 99.0% and 98.9%, respectively.
100.0%
99.0%
98.5%
98.4%
98.4%
98.1%
98.0%
97.0%
97.5%
97.8%
97.2%
97.6%
98.8%
99.0%
2014
98.5%
98.6%
2013
98.1%
98.1%
2012
98.1%
98.0%
2011
96.0%
1Q
2Q
3Q
Evolution of shopping center occupancy rate last four years
4Q
Healthy indicators reflect quality assets

The occupancy cost in 4Q14 was 11.7%, in line with 4Q13. After the precise tenant mix changed, the turnover rate,
measured as a percentage of GLA, decreased from 1.4% in 4Q12, 0.7% in 4Q13 to 0.5% in 4Q14. In spite of the additions to
GLA over the last year, the delinquency rate of Multiplans malls (rental payments more than 25 days overdue) was 1.7% in
4Q14, in line with the same period in 2013, when it was 1.8%. Rent loss was 0.6% in 4Q14, remaining well within the lowest
range for the Company.
Occupancy Cost
Delinquency Rate
Turnover
2.1%
11.9%
12.4%
12.4%
11.7%
11.7%
1.6%
1.9%
0.7%
0.9%
4Q10
4Q11
4Q12
1.8%
1.5%
1.1%
1.4%
Rent Loss
1.1%
0.6%
0.3%
0.7%
4Q13
1.7%
0.5%
4Q14
Historical turnover and occupancy cost: 4Q10-4Q14
4Q10
4Q11
4Q12
4Q13
4Q14
Historical delinquency rates and rent losses: 4Q10-4Q14
12
4Q14
MULT3
4. Gross Revenue
Gross Revenue increases 20.5% in 4Q14, to R$355.5 million
4Q14 Gross revenue totaled R$355.5 million in 4Q14,
increasing 20.5% compared to 4Q13. The main drivers of this
performance were rental revenue (+21.2%), parking revenue
(+20.2%) and real estate for sale revenue (+27.7%).
Straight line Others

effect
0.3%
0.7%
Key money
3.0%
Real estate for
sale revenue
Rental
9.4%
Services
revenue
9.6%
64.4%
Base rent
88.7%
Parking
12.7%
2014 Gross revenue in 2014 achieved R$1,245.0 million,

representing a growth of 15.9% when compared to the
Merchandising
7.4%
previous year. The main component was rental revenue,
Overage
3.9%
which increased R$122.3 million to a total R$801.3 million

Gross revenue breakdown 2014
(+18.0%) in the year.
Rental revenue is composed of base rent, merchandising and overage rent, which represent 88.7%, 7.4%, and 3.9% of total rent,
respectively.
In five years, from 2009 to 2014, the Company was able to more than double its gross revenue, which grew from R$534.4 million
in 2009 to R$ 1,245.0 million in 2014.
+21.2%
-11.5%
+8.2%
-43.5%
+20.2%
+27.7%
+47.4%
355.5 M
2.2 M
(5.6 M)
7.7 M
0.2 M
2.9 M
7.0 M
46.0 M
Real estate for

sale revenue
Others
Gross Revenue
4Q14
+20.8%
+0.6%
20.2 M
0.0 M
1,245.0 M
Real estate for

sale revenue
Others
Gross Revenue
2014
20.5%
295.0 M
Gross Revenue
4Q13
Rental revenue Straight line effect
Services
Key money
Parking
4Q14 Gross revenue growth breakdown (Y/Y) (R$)
+18.0%
+78.2%
+13.2%
-30.3%
+19.7%
122.3 M
4.0 M
13.9 M
(16.0 M)
26.0 M
15.9%
1,074.6 M
Gross Revenue
2013
Rental revenue
Straight line
effect
Services
Key money
Parking
2014 Gross revenue growth breakdown (Y/Y) (R$)
13
4Q14
MULT3
5. Property Ownership Results

5.1 Rental Revenue
Base (fixed) rent increases 21.2% to R$232.3 million in 4Q14
Rental revenue grew 21.2% in 4Q14 when compared to 4Q13, reaching R$262.7 million. In 2014, rental revenue increased
18.0% when compared to 2013, up to R$ 801.3 million.
Base rent recorded a strong growth in 4Q14 and
+18.2%
2014, increasing 21.2% and 18.2%, respectively,
+10.6%
+19.8%
3.0 M
9.8 M
801.3 M
Merchand.
Rental
Revenue 2014
over the same periods of the previous year.

109.6 M
When considering the straight-line effect, which

corresponds to a negative R$22.5 million in 4Q14
18.0%
679.0 M
and net positive impact of R$9.2 million in 2014,

the rental increase would have been of 25.6% in
the quarter and 18.5% for the year. It is worth
mentioning that the straight-line effect does not
Rental
Revenue 2013
Base rent
Overage
2014 Rental revenue growth breakdown (Y/Y) (R$)
represent a cash event.
Younger malls keep improving

Multiplans
portfolio
average
rental
revenue
reached
R$147/m per month in 4Q14, or R$113/m per month in
68.5%
113/m
2014.
127/m
76/m
For the consolidated portfolio, the monthly rate was

R$167/m in the quarter, or R$127/m for the year, showing a
meaningful upside potential for younger malls, which
recorded an average monthly rental revenue of R$94/m in
4Q14 or R$76/m in 2014.
Additional data on shopping centers results can be
downloaded
Multiplans
from
the
Fundamentals
investor
Spreadsheet
relations
on
Portfolio
New Shopping
Centers
Consolidated
Shopping
Centers
Rental revenue per m/month in 2014

Shopping centers in operation over 5 years.
Shopping centers in operation for less than 5 years.
website
(www.multiplan.com.br/ir).
14
4Q14
MULT3
Malls with more than 30 years in operation increase rental revenue by 22.2% in 4Q14
The five malls with 30+ years in operation recorded a combined growth of 22.2% in 4Q14, and 13.9% in 2014. The main
highlight was BarraShopping, with 53.9% growth in the quarters rental revenue, driven by the opening of an expansion
project and the signing of new contracts, due to a legal agreement.
RibeiroShopping also showed strong growth of 18.6% in 4Q14 and 23.6% in 2014, led by the successful delivery of two
expansions during 2013.
The younger assets (malls with five or less years in operation) saw increased rental revenue of 10.6% in 4Q14 and a robust
16.0% in 2014, led by the rising productivity in VillageMall and general rent increases in ParkShoppingSoCaetano, which
was in its third year in 2014.
Rental Revenue (R$)
Opening
4Q14
4Q13
Chg.%
2014
2013
Chg.%
BH Shopping
(1979)
25.2 M
22.1 M
14.3%
77.7 M
75.0 M
3.7%
RibeiroShopping
(1981)
15.6 M
13.2 M
18.6%
49.0 M
39.6 M
23.6%
BarraShopping
(1981)
40.2 M
26.1 M
53.9%
104.3 M
83.3 M
25.2%
MorumbiShopping
(1982)
31.2 M
28.6 M
9.2%
101.3 M
91.3 M
11.0%
ParkShopping
(1983)
15.7 M
14.7 M
6.6%
49.2 M
45.8 M
7.4%
DiamondMall
(1996)
12.6 M
11.8 M
6.3%
40.6 M
38.0 M
6.8%
(1999)
2.2 M
2.4 M
6.4%
7.4 M
7.8 M
5.7%
Shopping Anlia Franco
(1999)
8.4 M
7.6 M
11.0%
26.0 M
24.0 M
8.2%
ParkShoppingBarigi
(2003)
16.0 M
14.8 M
8.5%
49.4 M
46.8 M
5.4%
Ptio Savassi
(2007)
8.5 M
7.6 M
11.5%
26.7 M
24.4 M
9.3%
(2008)
1.7 M
1.9 M
6.4%
5.7 M
6.1 M
5.7%
BarraShoppingSul
(2008)
19.0 M
16.9 M
12.4%
54.7 M
49.9 M
9.7%
(2009)
5.8 M
6.4 M
8.9%
19.3 M
19.4 M
0.3%
(2011)
12.7 M
12.4 M
2.5%
41.8 M
37.7 M
10.8%
JundiaShopping
(2012)
10.0 M
9.0 M
11.2%
30.1 M
28.5 M
5.6%
(2012)
10.2 M
9.8 M
4.9%
32.2 M
31.7 M
1.4%
VillageMall
(2012)
10.8 M
9.1 M
18.3%
34.8 M
27.2 M
28.2%
(2013)
3.4 M
1.2 M
187.1%
10.7 M
1.2 M
814.9%
Morumbi Corporate
(2013)4
13.4 M
1.3 M
941.2%
40.3 M
1.3 M
3019.6%
Subtotal
262.7 M
216.7 M
21.2%
801.3 M
679.0 M
18.0%
(22.5 M)
(25.4 M)
11.5%
9.2 M
5.2 M
78.2%
Total
240.2 M
191.3 M
25.6%
810.6 M
684.2 M
18.5%
Ptio Savassi opened in 2004 and was acquired by Multiplan in June, 2007
2
Shopping Santa rsula opened in 1999 and was acquired by Multiplan in April, 2008
Parque Shopping Macei opened on November, 2013
4
Morumbi Corporate was concluded on September, 2013
13.4 M
10.1 M
Morumbi Corporate records rental revenue of R$40.3 million in 2014

4Q14 Morumbi Corporate, the two-tower office complex located
11.1 M
5.6 M
across from MorumbiShopping, contributed with R$13.4 million in

rental revenue in 4Q14, an increase of 21.2% over 3Q14.
2014 In 2014, rental revenues for the project totaled R$40.3 million,
1.3 M
4Q13
1Q14
2Q14
3Q14
4Q14
and 67.0% of the complex had been leased by the end of the year.
As of February 2015, 74.3% of the towers area had been leased.
Morumbi Corporate rental revenue evolution
15
4Q14
MULT3
Same Store Rent grows 9.2% in the quarter, implying a real increase of 3.4%
4Q14 Same Store Rent (SSR) achieved in 4Q14 a monthly average of R$134/m, an increase of 9.2% over the metric in
4Q13, when SSR posted 8.0% growth. Considering the IGP-DI adjustment effect of 5.6%, real growth in 4Q14 was 3.4%. The
Same Area Rent (SAR) increased 8.2% in 4Q14.
16.0%
14.1%
10.3%
5.8%
4.9%

11.9%
4.8%
2.8%
8.8%
9.6%
1Q11
2Q11
3Q11
7.7%
3.9%
11.4%
11.4%
10.4%
3.9%
7.3%
Real SSR
14.5%
8.6%
4.3%
8.0%
0.6%
3.5%
10.1%
8.0%
1.1%
8.8%
9.2%
6.8%
0.9%
4.1%
2.7%
3.4%
1.8%
2.6%
9.3%
7.7%
6.3%
5.7%
5.9%
6.8%
7.4%
7.6%
6.8%
5.9%
5.8%
5.9%
5.6%
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Same Store Rent (SSR) breakdown - Nominal and real growth
SSR increases 8.8% in the year

2014 SSR in 2014 went up 8.8%, with a
14.1%
real growth of 2.8%. The IGP-DI adjustment

effect was 5.8% in the year and the monthly
rent
average
achieved
in
2014
4.9%
6.9%
10.4%
8.8%
5.7%
Given the intense changes in mix Multiplan

actively promoted in the past quarters, rental
9.6%
3.7%
2.5%
6.4%
6.9%
2012
2013
was
R$108/m.
2015
9%
2020+
31%
8.8%
2017
16%
2.8%
5.8%
2019
17%
1.1%
2010
2011
2018
17%
2014
Rental revenue expiration schedule
(% of GLA)
Same Store Rent (SSR) breakdown

Nominal and real growth
contracts average maturity was pushed
2016
10%
forward and only 9% of the contracts (% of

GLA) are expected to expire during 2015.
IPCA
16.0%
SSR
12.0%
8.8%
8.0%
6.4%
5.8%
4.0%
0.0%
2007
2008
2009
2010
2011
2012
2013
2014
Evolution of IPCA, IGP-DI adjustment effect and Same Store Rent
5.2 Parking Revenue

Parking revenue up 20.2% to R$45.6 million in 4Q14
Parking revenue reached R$45.6 million in 4Q14, growth of 20.2% when compared to 4Q13. In 2014, parking revenue was
R$157.6 million, 19.7% higher than in 2013.
The main reasons for this performance were: new parking facilities in BarraShopping and RibeiroShopping, the increase in
traffic as a result of the new malls consolidation process, and organic growth.
16
4Q14
MULT3
5.3 Shopping Center and Office Tower Expenses

Shopping center expenses drop 23.9% in 4Q14
4Q14 Shopping center expenses totaled R$29.3 million in 4Q14, down
23.9%
38.4 M
23.9% compared to 4Q13. The drop was achieved in spite of the delivery
25.5 M
24.8 M
26.9 M
29.3 M
11.5%
10.4%
11.4%
9.7%
of new areas, and was helped by the reduction of temporary higher

brokerage fees and condominium expenses incurred during 2013. As a
percentage of shopping center net revenue, mall expenses reduced 450
14.2%
b.p. from 14.2% in 4Q13 to 9.7% in 4Q14.
4Q13
1Q14
2Q14
3Q14
4Q14
Shopping center expenses evolution (R$)
and as % of shopping center net revenue
2014 Shopping center expenses were R$106.6 million in 2014, 14.5%

less than in 2013. Mall expenses as a percentage of shopping center net
14.5%
revenue was 10.9% in 2014, 320 b.p. better than in 2013.

124.6 M
106.6 M
The expenses related to office towers summed R$5.7 million in 4Q14 and
R$15.4 million in 2014. Morumbi Corporate has currently 74.3% of its GLA
leased, and as project occupancy rates improve, the operating margin is
14.1%
10.9%
expected to increase.
2013
2014
Shopping center expenses evolution (R$)

and as % of shopping center net revenue
(excluding real estate for sale revenue and taxes, and
straight-line effect)
17
4Q14
MULT3
5.4 Net Operating Income NOI

NOI + Key Money increases 26.7% in 4Q14, with a margin at 88.1%
Multiplan recorded a Net Operating Income (NOI) + Key Money (KM) of R$258.2 million in 4Q14, an increase of 26.7% over
4Q13. The NOI + Key Money margin improved 394 b.p. to 88.1%, as a result of strong growth of shopping center revenue in
the quarter.
NOI Calculation (R$)
4Q14
4Q13
Chg.%
2014
2013
Chg.%
Rental revenue
262.7 M
216.7 M
21.2%
801.3 M
679.0 M
18.0%
(22.5 M)
(25.4 M)
11.5%
9.2 M
5.2 M
78.2%
45.6 M
38.0 M
20.2%
157.6 M
131.6 M
19.7%
Parking revenue
Operational revenue
285.9 M
229.2 M
24.7%
968.1 M
815.8 M
18.7%
Shopping center expenses
(29.3 M)
(38.4 M)
23.9%
(106.6 M)
(124.6 M)
14.5%
Office for lease expenses
(5.7 M)
0.0%
(15.4 M)
0.0%
250.9 M
190.8 M
31.5%
846.1 M
691.3 M
22.4%
87.8%
83.2%
453 b.p.
87.4%
84.7%
267 b.p.
NOI
NOI margin
7.3 M
12.9 M
43.5%
36.8 M
52.9 M
30.3%
Operational revenue + Key Money
293.2 M
242.2 M
21.1%
1,005.0 M
868.7 M
15.7%
NOI + Key Money
258.2 M
203.7 M
26.7%
883.0 M
744.1 M
18.7%
88.1%
84.1%
394 b.p.
87.9%
85.7%
220 b.p.
Key Money
In 2014, NOI + Key Money increased to R$883.0 million, 18.7% higher than in 2013, with a margin of 87.9%.
The NOI + Key Money per share reached R$1.38 in 4Q14, implying a strong five-year CAGR of 12.9%. In the full year
analysis, NOI + Key Money was R$4.72 per share, equivalent to a five-year CAGR of 16.7%.
4.72
3.62
CAGR:
16.7%
3.97
3.09
2.18
744.1 M
203.7 M
0.73
0.94
1.14
1.09
1.38
CAGR:
12.9%
84.1%
4Q09
4Q10
4Q11
883.0 M
258.2 M
2.58
0.75
18.7%
26.7%
4Q12
4Q13
88.1%
85.7%
87.9%
4Q14
2013
2014
4Q14
4Q13
NOI + Key money per share
NOI + Key Money (R$) and margin
NOI + Key money per share (LTM)

NOI + Key Money per share* evolution (R$)
*Shares outstanding adjusted for shares held in treasury
CAGR 18.5%
883.0 M
744.1 M
644.7 M
550.0 M
386.4 M
2009
460.1 M
2010
2011
2012
2013
2014
NOI + Key Money (R$)
18
4Q14
MULT3
6. Shopping Center Management Results

6.1 Services Revenue
Services revenue covers all Company headquarters expenses in 2014
Services revenue, which is composed mainly of portfolio management, brokerage and transfer fees, presented an 8.2%
increase in 4Q14, and 13.2% in 2014, when compared to the same period of the previous year. In 2014, the services revenue
line was equivalent to 101.8% of general and administrative expenses (G&A).
The services revenue increase mainly was related to shopping center management fees and changes in tenant mix.
+8.2%
32.2 M
30.0 M
1.02 x
27.1 M
1.00 x
0.94 x
2007
0.84 x 0.83 x 0.78 x

2008
2009
2010
29.3 M
27.5 M
0.93 x 0.98 x 0.97 x
2011
2012
2013
2014
4Q13
Services revenue/G&A (x)
1Q14
2Q14
3Q14
4Q14
Quarterly services revenue evolution (R$)
6.2 General and Administrative Expenses (Headquarters)

G&A expenses as a percentage of net revenue decline 70 b.p. to 10.3% in 2014, lowest level since the IPO
4Q14 General and Administrative (G&A) expenses
+11.1%
increased 11.1% in 4Q14 when compared to 4Q13, mainly

due to higher services and payroll expenses, which were
28.2 M
partially offset by lower marketing and travel expenses.

G&A expenses as a percentage of net revenue dropped 80
10.5%
31.6 M
29.5 M
31.3 M
10.6%
9.7%
24.5 M
9.5%
11.6%
b.p. to 9.7%, in the quarter.

4Q13
1Q14
2Q14
3Q14
4Q14
Quarterly G&A evolution (R$)
and as a % of net revenues (%)
2014 In 2014, G&A expenses increased 8.3% when
+8.3%
compared to 2013. As a percentage of net revenue, G&A
43.0%
expenses were 10.3% in 2014, the lowest level since the IPO
in 2007, as a result of Multiplans ability to keep expenses
79.1 M
88.2 M
93.1 M
99.9 M
108.0 M
117.0 M
38.0%
88.4 M
33.0%
28.0%
under control and to obtain scale gains generated by organic
19.2%
23.0%
18.3%
15.4%
growth and new GLA, while maintaining its growth strategy.
18.0%
13.1%
10.4%
11.0%
10.3%
13.0%
8.0%
3.0%
2008
2009
2010
2011
2012
2013
2014
Annual G&A evolution (R$) and as a % of net revenues (%)
19
4Q14
MULT3
7. Shopping Center Development Results

7.1 Key Money Revenue
Key Money revenue of R$36.8 million in 2014
Key Money revenue recognition in 4Q14 decreased 43.5% to R$7.3 million, and dropped 30.3% in 2014 to R$36.8 million,
impacted by lower recognition from BarraShoppingSul which completed its first five years in operation (the accounting accrual
period for most key money contracts), and partially compensated by the key money from one greenfield (Parque Shopping
Macei) project delivered in 4Q13 and three expansions (RibeiroShopping Exp. VII and VIII and BarraShopping Exp. VII)
delivered in 2H13 and 2Q14, respectively.
Key Money Revenue (R$)
4Q14
4Q13
Chg. %
Operational (Recurring)
Projects opened in the last 5 years (Non-recurring)
Key Money Revenue
2014
2013
Chg. %
0.4 M
1.4 M
69.2%
6.9 M
11.5 M
40.3%
3.8 M
7.2 M
46.9%
33.0 M
45.7 M
27.7%
7.3 M
12.9 M
43.5%
36.8 M
52.9 M
30.3%
7.2 New Projects for Lease Expenses

New Projects for Lease expenses decline 85.8% in 4Q14
In 4Q14, new projects for lease expenses totaled R$2.0
million, a drop of 85.8% when compared to the R$13.7
million recorded in 4Q13. In 2014, these expenses totaled
R$13.2 million, down 44.0% when compared to 2013. New
-85.8%
13.7 M
projects for lease expenses were related mostly to new

greenfield projects under development in the pre-operational
6.3 M
phase, as well as to the opening of BarraShopping

expansion VII.
These expenses are incurred mostly in the planning,
4Q13
1Q14
2.5 M
2.4 M
2.0 M
2Q14
3Q14
4Q14
launching and opening of projects, and represent an

important tool to implement the Companys strategy to
Quarterly New Projects for Lease Expenses (R$)
attract the best tenants and create the ideal mix for each
mall.
20
4Q14
MULT3
8. Real Estate for Sale Results

8.1 Revenue
Double digit increases in 4Q14 and 2014
1.8
+20.8%
117.3 M
When launched in 4Q11, the BarraShoppingSul Complexs

97.1 M
potential sales value (PSV) was R$223.5 million or
39.2%
38.1%
36.3%
R$9.385/m. Close to the projects delivery and considering
33.2%
+27.7%
98% of units sold, the Company expects to reach the average

of R$11.173/m (PSV of R$265.5 million), representing a
32.5 M
25.5 M
19.0% improvement on an already high initial value.

4Q13
Multiplan recorded a real estate for sale revenue of R$32.5
4Q14
2013
2014
Real Estate for Sale Revenues (R$)

and Gross Real Estate Margin* (%)
million in 4Q14, mainly driven by revenues from the real
estate projects mentioned above, equivalent to a gross * Real estate for sale revenue minus cost divided by real estate for sale revenue
margin of 38.1%. In 2014, real estate revenue increased 20.8%, reaching R$117.3 million when compared to 2013, with a
gross margin of 39.2%, 600 b.p. higher than in the previous year and in line with the last eight years average margin.
58.6%
47.4%
33.8%
47.2%
33.2%
28.1%
39.2%
39.4%
9.4%
2007
2008
2009
2010
Gross Real Estate Margin
2011
2012
2013
2014
Average Gross Margin since 2007
8.2 Cost of Properties Sold and New Projects for Sale Expenses
Drop in New Projects for Sale Expenses
The Company recorded cost of properties sold of R$20.1 million in 4Q14, and R$71.4 million in 2014, in line with the evolution
of construction works, with the BarraShopingSul Complex being responsible for the largest portion in both periods.
New projects for sale expenses decreased to R$0.8 million in 4Q14 and R$8.8 million in 2014, compared to R$3.8 million in
4Q13 and R$12.3 million in 2013. In 2014, new projects for sale expenses were composed mainly by brokerage fees and
property taxes (IPTU) for the land bank (shown in topic 10.3).
8.3 Real Estate for Sale Results
Real estate contribution almost doubles in 2014
In 2014, Real estate activities added R$37.1 million to the Companys results, mainly due to the BarraShoppingSul Complex,
posting robust growth of 89.6% when compared to the previous year.
1.8
+ 89.6%
117.3 M
71.4 M
Results:
R$37.1 M
37.1 M
19.6 M
8.8 M
Real estate for sale
revenue
Cost of properties New projects for sale

sold
expenses
2014 Real Estate for Sale Activity (R$)
2013
2014
Real Estate for Sale Result (R$)
21
4Q14
MULT3
9. Financial Results
9.1 EBITDA
Highest Consolidated EBITDA margin since IPO
Consolidated EBITDA presented a strong increase (+61.2%) in 4Q14, when compared to 4Q13, driven by (i) double digit net
revenue growth (+20.1%), highlighted by rental revenue, which represented 76.2% of the gross revenue growth, (ii) a
decrease of 16.3% in the expenses account and (iii) a decrease in non-recurring expenses, resulting in a margin boost of
1,771 b.p. compared to 4Q13, up from 51.7% to 69.4% in 4Q14.
In 2014, consolidated EBITDA margin reached the highest figure since the IPO, in 2007, increasing to 70.2% from 62.4% in
2013, and resulting in a healthy 30.0% growth in Consolidated EBITDA to R$793.7 million.
Consolidated EBITDA (R$)
4Q14
4Q13
Chg. %
2014
2013
Chg. %
Net Revenue
322.5 M
268.6 M
20.1%
1,130.4 M
978.2 M
15.6%
(31.3 M)
(28.2 M)
11.1%
(117.0 M)
(108.0 M)
8.3%
(4.0 M)
(3.2 M)
24.9%
(14.7 M)
(11.0 M)
33.0%
(29.3 M)
(38.4 M)
23.9%
(106.6 M)
(124.6 M)
14.5%
(5.7 M)
na
(15.4 M)
na
(1.9 M)
(13.7 M)
85.8%
(13.1 M)
(23.5 M)
44.0%
(0.8 M)
(3.8 M)
78.1%
(8.8 M)
(12.3 M)
28.5%
(20.1 M)
(16.2 M)
24.0%
(71.4 M)
(64.9 M)
9.9%

Equity pickup
(0.2 M)
(0.3 M)
27.1%
10.5 M
(0.5 M)
na
Other operating income (expenses)
(5.2 M)
(25.9 M)
79.8%
(0.2 M)
(22.6 M)
99.2%
223.8 M
138.8 M
61.2%
793.7 M
610.7 M
30.0%
69.4%
51.7%
1,771 b.p
70.2%
62.4%
779 b.p
Consolidated EBITDA
Consolidated EBITDA Margin
Consolidated EBITDA was up almost five-fold when compared to 2007, reaching a seven-year CAGR of 20.7% and the highest
margin since the Companys IPO as mentioned above. The result stems from the portfolios consolidation and continuous control
of expenses. Consolidated EBITDA margin recorded an increase of 715 b.p. when compared to 2007, up from 63.1% to 70.2%
in 2014.
3.7 x
793.7 M
CAGR: +20.7%
615.8 M
610.7 M
455.3 M
350.2 M
304.0 M
212.2 M
70.2%
247.2 M
67.3%
64.0%
63.1%
63.0%
57.9%
2009
2010
62.4%
60.1%
2007
2008
EBITDA Consolidado (12M)
2011
2012
2013
2014
Margem EBITDA Consolidado (12M)
EBITDA Evolution
Even with high margins from real estate projects for sale, Consolidated EBITDA margin tends to be below Shopping Center
EBITDA margin, which will be shown on the next page.
22
4Q14
MULT3
Shopping Center EBITDA margin also reaches the highest level since the IPO
Multiplan recorded a robust growth in Shopping Center EBITDA in 4Q14, mainly driven by (i) shopping center net revenue
growth (+15.0%), benefiting by shopping center rental revenue organic growth and the opening of the seventh expansion in
BarraShopping and (ii) a strong decrease (-36.9%) in expenses. As a result, the Shopping Center EBITDA margin went from
56.4% in 4Q13, to 76.1% in 4Q14. In 2014, the Shopping Center EBITDA margin increased to 76.2% up from 68.6% in 2013,
reaching the highest level since the IPO.
Shopping Center EBITDA (R$)
4Q14
4Q13
Chg. %
2014
2013
Chg. %
Shopping Center Gross Revenue
309.5 M
268.3 M
15.4%
1,087.4 M
976.1 M
11.4%
(28.7 M)
(24.0 M)
19.4%
(100.1 M)
(87.5 M)
14.4%
Shopping Center Net Revenue
280.8 M
244.2 M
15.0%
987.3 M
888.6 M
11.1%
(27.3 M)
(25.6 M)
6.4%
(102.1 M)
(98.1 M)
4.1%
(3.5 M)
(2.9 M)
19.6%
(12.8 M)
(10.0 M)
27.9%
(29.3 M)
(38.4 M)
23.9%
(106.6 M)
(124.6 M)
14.5%
(1.9 M)
(13.7 M)
85.8%
(13.1 M)
(23.5 M)
44.0%
Other operating income (expenses)
(5.2 M)
(25.9 M)
79.8%
(0.2 M)
(22.6 M)
99.2%
213.6 M
137.6 M
55.2%
752.4 M
609.8 M
23.4%
76.1%
56.4%
1,970 b.p
76.2%
68.6%
759 b.p

Shopping Center EBITDA Margin
(+) New projects for lease expenses
SC EBITDA before New Projects Expenses 4
SC EBITDA before New Projects Expenses Margin
1.9 M
13.7 M
85.8%
13.1 M
23.5 M
44.0%
215.5 M
151.4 M
42.4%
765.6 M
633.3 M
20.9%
76.8%
62.0%
1,478 b.p
77.5%
71.3%
628 b.p
(1) Shopping Center Gross Revenue: does not consider real estate for sale and office towers for lease revenues.
(2) Headquarters expenses and stock options: proportional to the shopping centers revenues as a percentage of gross revenue.
(3) Shopping Center EBITDA: does not consider Real Estate: revenues, taxes, costs and expenses.
(4) Shopping Center EBITDA before New Projects for Lease Expenses: the same methodology of Shopping Center EBITDA adding back new projects fo
lease expenses, as the expenses refers to shopping centers and office towers still not in operation.
752.4 M
+55.2%
137.6 M
+23.4%
213.6 M
609.8 M
76.2%
76.1%
68.6%
56.4%
4T13
4T14
2013
2014
Shopping Center EBITDA (R$) and Margins (%)
Not including new projects for lease expenses in the Shopping Center EBITDA calculation, for illustration purposes only, the
margin increases to 77.5% in 2014, 628 b.p. higher than in 2013. In 4Q14 the increase was even better, reaching 1,478 b.p.
above 4Q13, from 62.0% to 76.8%.
23
4Q14
MULT3
9.2 Financial Results, Debt and Cash

Multiplan finished 2014 with a net debt of R$1,876.2 million. The current figure represents a net-debt-to-EBITDA ratio of 2.36x,
a meaningful reduction from the 3.03x ratio recorded a year before. Furthermore, this net debt is equivalent to only 11.7% of
the investment properties fair value.
In 4Q14, financial revenue reached R$13.5 million, being fully compensated by financial expenses which reached R$56.8
million, generating a negative financial result of R$43.3 million.
Financial Position Breakdown (R$)
December 31, 2014
September 30, 2014
Chg. %
Current Liabilities
248.6 M
397.4 M
37.4%
Loans and financing
206.5 M
207.1 M
0.3%
9.7 M
152.3 M
93.6%
32.4 M
38.0 M
14.8%
Non Current Liabilities
1,965.9 M
1,666.1 M
18.0%
Loans and financing
1,550.2 M
1,494.7 M
3.7%
398.2 M
150.0 M
165.5%
18.1%
Debentures
Obligations from acquisition of goods
Debentures
Obligations from acquisition of goods
Gross Debt
Cash and Cash Equivalents
Net Debt
EBITDA LTM
Fair Value of Investment Properties
17.5 M
21.4 M
2,214.5 M
2,063.5 M
7.3%
338.3 M
213.0 M
58.8%
1,876.2 M
1,850.5 M
1.4%
793.7 M
708.7 M
12.0%
15,999.3 M
15,821.0 M
1.1%
(1) Fair Value was based on internal valuation. For more details, please see chapter 2 in this report.
The 4Q14 cash position was impacted mainly by cash outflows of (i) CAPEX, which amounted to R$78.5 million, (ii) payment
of interest on shareholders equity (net of tax) of R$59.9 million, and (iii) amortization of R$48.8 million in short term debt;
which were fully offset by (iv) addition of new funds from financing contracts for the development of BarraShopping Expansion
VII (R$100.0 million) and from the balance between the prepayment of the second debentures issue and the completion of the
third debenture issue (R$100.0 million; net position); and (v) proceeds from cash generation of current operations.
As a result of the liability management action mentioned above, Multiplan extended its debt amortization schedule (as shown
in the next page), maintaining a healthy cash position.
Loans and financing (banks)
Obligations from acquisition of goods (land and minority interest)
Debentures
409 M
251 M
10 M
32 M
300 M
14 M
285 M
327 M
3M
2016
199 M
259 M
2017
299 M
284 M
199 M
324 M
209 M
2015
259 M
2018
299 M
86 M
210 M
2019
85 M
86 M
2020
2021
>= 2022
Multiplans debt amortization schedule on December 31, 2014 (R$)
24
4Q14
MULT3
Deleveraging through cash generation increase

The difference between 2014 EBITDA and the LTM EBITDA on September 30, 2014, of 12.0%, was stronger than the
evolution of net debt (+1.4%) in the same comparison period, resulting in a reduction of the net debt-to-EBITDA (LTM) ratio
from 2.61x on September 30, 2014, to 2.36x on December 31, 2014.
As a result of new financing contracts and the change in debentures, the weighted average maturity of the Companys debt
increased by eight months in 4Q14, to 54 months, compared to 46 months in 3Q14.
Dec. 31,
2014
Sep. 30,
2014
Net Debt/EBITDA (LTM)
2.36x
2.61x
Gross Debt/EBITDA (LTM)
2.79x
2.91x
EBITDA/Financial Expenses (LTM)
3.86x
3.59x
Net Debt/Fair Value
11.7%
11.7%
Net Debt/Equity
46.1%
45.9%
54
46
Financial Position Analysis*
Weighted Average Maturity (Months)
54
53
50
48
46
4Q13
1Q14
2Q14
3Q14
4Q14
* EBITDA and Financial Expenses are the sum of the last 12 months.
Weighted average maturity (months)

Weighted Average Maturity
Multiplan funding cost increases the discount to Selic rate

While the basic interest rate increased 75 b.p. in the quarter to 11.75%, weighted average cost-of-debt increased only 42 b.p.
to 10.96% p.a. on December 31, 2014, up from 10.54% p.a. on September 30, 2014, increasing the spread between the
Companys weighted average cost of funding (gross debt) and the Selic interest rate from 46 to 79 b.p..
11.08%
10.52%
9.98%
11.00%
9.48%
9.08%
9.20%
8.95%
9.34%
9.75%
Mar12
11.00%
11.00%
10.41%
10.50%
10.54%
Mar14
Jun14
11.75%
10.00%
10.96%
9.87%
9.00%
8.50%
Dec11
10.75%
Jun12
7.50%
7.25%
7.25%
Sep12
Dec12
Mar13
8.00%
Jun13
Sep13
Dec13
Multiplan Cost of Funding (gross debt)
Sep14
Dec14
Selic Rate
Weighted average cost of funding (gross debt) - % p.a.
Multiplan weighted average cost-of-gross debt remained below Selic for the fifth consecutive quarter, as a consequence of the
financing strategy implemented since 3Q13, increasing the share of gross debt indexed to the TR, up from 30.9% in 2Q13 to
42.7%, in 4Q14.
Indebtedness interest indices on December 31, 2014
TR
CDI
TJLP
IGP-M
IPCA
Others
Total
Index
Performance
0.86%
11.75%
5.00%
3.69%
6.41%
0.00%
6.17%
Average
Interest Rate
8.95%
1.00%
3.25%
1.77%
7.62%
8.03%
4.77%
Cost of
Debt
9.85%
12.75%
8.30%
5.46%
14.03%
8.03%
10.96%
Gross Debt
(R$)
946.3 M
1,004.6 M
148.8 M
50.2 M
18.8 M
45.8 M
2,214.5 M
Other
IGP-M
2.9%
2.3%
TJLP
6.7%
CDI
45.4%
TR
42.7%
Weighted average annual interest rate.

Index performance for the last 12 months.
Multiplan Debt Indices on

December 31, 2014
25
4Q14
MULT3
9.3 Net Income and Funds From Operations (FFO)

Net income more than doubles in 4Q14 driven by solid operating performance
Net income increased more than two-fold in 4Q14, up 117.3% to R$124.2 million, as a result of the improvement in the
Companys operating performance, mainly due to (i) double digit net revenue growth (+20.1%), combined with (ii) a decrease
of 23.9% in operational expenses. Therefore, net income margin increased to 38.5% in 4Q14 from 21.3% in 4Q13, up 1,724
b.p.. In 2014, net income posted solid growth of 29.3% when compared to the previous year, adding R$83.5 million to the
Companys bottom line.
Net Income & FFO Calculation (R$)
4Q14
4Q13
Chg. %
2014
2013
Chg. %
Net revenue
322.5 M
268.6 M
20.1%
1,130.4 M
978.2 M
15.6%
Operating expenses
(98.7 M)
(129.8 M)
23.9%
(336.7 M)
(367.5 M)
8.4%
Financial results
(43.3 M)
(35.7 M)
21.2%
(165.0 M)
(112.7 M)
46.4%
(40.2 M)
(36.2 M)
11.2%
(161.6 M)
(124.9 M)
29.3%
(17.3 M)
(14.4 M)
20.5%
(75.9 M)
(71.8 M)
5.6%
0.0 M
(0.0 M)
na
0.0 M
(0.1 M)
na
123.0 M
52.6 M
134.1%
391.3 M
301.2 M
29.9%
1.2 M
4.6 M
74.4%
(23.3 M)
(16.7 M)
39.7%
124.2 M
57.1 M
117.3%
368.1 M
284.6 M
29.3%
Minority interest
Adjusted net income
Deferred income and social contribution
Net income
40.2 M
36.2 M
11.2%
161.6 M
124.9 M
29.3%
Deferred income and social contribution
(1.2 M)
(4.6 M)
74.4%
23.3 M
16.7 M
39.7%
163.2 M
88.7 M
84.0%
552.9 M
426.2 M
29.7%
0.87
0.47
83.5%
2.94
2.27
29.3%
FFO
FFO per share
1
Shares outstanding at the end of each period, adjusted for shares held in treasury.
FFO records a 15.2% five-year CAGR
+29.7%
CAGR: +15,2%
368.2 M
4Q14, 84.0% higher than in 4Q13. In 2014, FFO achieved

R$552.9 million, representing a five-year CAGR of 15.2%,
552.9 M
515.6 M
Funds From Operation (FFO) reached R$163.2 million in
426.2 M
415.4 M
272.6 M
and an increase of 29.7% when compared to 2013.

2009
2010
2011
2012
2013
2014
FFO Evolution
FFO per share reaches the highest level since the IPO
In 4Q14, FFO per share almost doubled when compared to 4Q13, reaching a five-year CAGR of 10.9%. For the full year
ended in December 2014, FFO per share was R$2.94, the highest level since the Companys IPO, representing a five-year
CAGR of 13.8%.
2.94
2.89
2.33
2.27
2.06
CAGR:
+13.8%
1.76x
2.70x
2.68x
0,08x
1.54
0.52
0.74
0.59
0.89
0.47
0.87 CAGR:
61.4%
53.6%
+10.9%
43.6%
4Q09
4Q10
4Q11
FFO per share
4Q12
4Q13
FFO per share (Year)
FFO (R$) per share evolution
4Q14
2010
2011
Net Debt/EBITDA
2012
48.9%
2013
FFO Margin
Evolution of FFO margin and financial leverage
26
4Q14
MULT3
10. Project Development

Multiplans total CAPEX was R$301.7 million during 2014
4Q14 - Multiplan invested R$78.5 million in the fourth
quarter of 2014, of which R$29.1 million was for mall
expansions,
R$20.1
million
went
towards
mall
development, R$19.5 million was for renovation, IT and

others, R$6.0 million was earmarked for land acquisition
and R$3.8 million went to office towers.
2014 - In 2014, a total of R$301.7 million was invested,
Investment (R$)
4Q14 % of total
2014 % of total
Mall Development
20.1 M
25.6%
36.0 M
11.9%
Mall Expansions
29.1 M
37.0% 133.9 M
44.4%
Office Towers
3.8 M
4.9%
11.3 M
3.7%
Renovation, IT & Others 19.5 M
24.8%
72.2 M
23.9%
7.6%
48.3 M
16.0%
100.0% 301.7 M
100.0%
Land Acquisition
Investment
6.0 M
78.5 M
of which 44.4% was for mall expansions, such as the

final stage of the BarraShopping expansion and small
expansions in BarraShoppingSul, Ptio Savassi and
MorumbiShopping.
In the last five years the total amount invested was R$3.6 billion.
10.1 Greenfields
ParkShoppingCanoas: Construction work already started
ParkShoppingCanoas, Multiplans nineteenth shopping center will be developed in Canoas, in the state of Rio Grande do Sul.
The shopping center will have an innovative architectural project and a large area for leisure and services distributed among
258 stores in its 48,000 m of Gross Leasable Area (GLA). The project offers a hypermarket, an ice-skating rink, a gym center,
an indoor amusement park, five stadium type movie theaters, a food court with 28 operations and six gourmet restaurants with
a deck overlooking Getlio Vargas municipal park.
Furthermore, the mall will have 2,500 parking spots, of which approximately 1,000 will be covered. The area also offers the
potential for future developments of mixed-use projects. Multiplan will hold an 80% interest in the shopping center. Due to a
land swap the Companys stake in the projects development costs (CAPEX) will be 94.7%.
Artists rendering for illustration purposes only Project subject to changes without previous notice
27
4Q14
MULT3
10.2 Mixed-use: Office and Residential Towers for Sale

Towers to be delivered in Porto Alegre total PSV of R$265.5 million
Rsidence du Lac, a 9,960m residential tower, is completely sold out for the average price of R$12,190/m. Diamond Tower,
a condo-office tower, has sold 99% of its units with an average of R$10,440/m. The projects are scheduled to be delivered in
the first quarter of 2015. Their combined potential sales value (PSV) is R$265.5 million.
Towers for Sale

Project
Location
Type
Opening
Diamond Tower
BarraShoppingSul
Condo Offices
Rsidence du Lac
BarraShoppingSul
Residential
Total
1
Area
%Mult.
PSV
Average price/m
1Q15
13,800 m
100.0%
144.1 M
10,440
1Q15
9,960 m
100.0%
121.4 M
12,190
23,760 m
100.0%
265.5 M
11,173
Potential Sales Value
Cristal Tower
(delivered in 3Q11)
Diamond Tower
(delivery estimated for 1Q15)
Rsidence du Lac
(delivery estimated for 1Q15)
28
4Q14
MULT3
10.3 Future Growth and Land Bank

Multiplan currently holds 874 thousand m of land for future mixed-use development projects
Multiplan owns 873,819 m of land for future mixed-use projects. Based on current internal projects assessments, the
Company estimated a total of one million m of private area for sale. All projects below are integrated with the Companys
shopping centers and should be used to promote the development of mixed-use projects, primarily for sale. The Company
also sees a potential GLA increase of 150,000 m through mall expansions, which are not included in the table below.
Shopping Attached to Land Location
Land Area
BarraShoppingSul
159,587 m
JundiaShopping
4,500 m
ParkShoppingBarigi
ParkShoppingCanoas
Private Area Project type

304,515 m Hotel, Apart-Hotel, Office, Residential
11,616 m Office
100%
100%
28,214 m
43,376 m Apart-Hotel, Office
94%
317,755 m
92,774 m Office, Residential
90%
18,721 m
22,457 m Hotel, Apart-Hotel, Office
36,948 m
140,000 m
164,136 m Office, Residential
RibeiroShopping
138,000 m Office
102,295 m
138,749 m Hotel, Apart-Hotel, Office, Residential
Shopping AnliaFranco
29,800 m
89,600 m Residential
VillageMall
36,000 m
36,077 m Office
Total
% Multiplan
873,819 m
1,041,299 m
na
100%
50%
100%
36%
100%
86%
Mixed-use ParkShoppingBarigi project illustration

Artists rendering for illustration purposes only Project subject to changes without previous notice
1
This information is merely informative for the better understanding of the Companys growth potential and should not be considered as a commitment to develop
the aforementioned projects which may be changed or cancelled without prior notice.
29
4Q14
MULT3
11. MULT3 Indicators & Stock Market

75.3% increase in average daily traded volume in 4Q14
Volume dirio negociado (R$)
Mdia diria de aes negociadas
Average daily traded volume in BRL
Multiplans stock (MULT3 at BM&FBOVESPA; MULT3 BZ on Bloomberg)
Average daily traded volume in

number of shares
ended 2014 quoted at R$47.44/share, a 4.9% depreciation when

compared to the end of 2013. Multiplans average daily traded volume
640,868
was R$39.3 million in 4Q14 and R$31.7 million in 2014, 19.3% higher
492,683
than in 2013 (R$26.5 million). The daily number of traded shares in 2014
increased 30.1% over 2013.
359,710
26.5 M
264,490
754.6 M
685.7 M17.4 M
Multiplans shares are listed in the following indexes: Bovespa Index
31.7 M
8.9 M
(IBOV), Brazil Index (IBRX), Tag Along Index (ITAG), Corporate

89.4%
Governance Index (IGC), Real Estate Index (IMOB), Mid-Large Cap
85.1%
2011
2012
2013
2014
1Q13 Evolution
(LTM)
1Q14
(LTM)
of daily average
Index (MLCX), MSCI Brazil Index Fund, FTSE EPRA/NAREIT Global

Index, FTSE All World Emerging Index, FTSE All World EX US Index
number of shares traded
Fund, MSCI Emerging Markets Index, MSCI BRIC Index Fund, SPL Total
International Stock Index, S&P Global ex-US Property Index, Market
Vectors Brazil Index Total Return and Market Vectors Brazil Index Price.
60.0 M
Traded Volume (15 day average)
Multiplan
130
Ibovespa
120
50.0 M
110
40.0 M
100
30.0 M
90
20.0 M
80
10.0 M
70
Dec-13
Jan-14
Feb-14
Mar-14
70.0 M
60.0 M
60.0 M
Multiplan
60
Ibovespa
Apr-14 May-14 Jun-14 Jul-14 Aug-14 Aug-14 Sep-14

One year analysis: MULT3, MULT3 volume and Ibovespa Index
Base 100 = December 31, 2013
Oct-14
Nov-14
Dec-14
300
Multiplan
130
Ibovespa
250
120
50.050.0
M M
200
110
40.040.0
M M
150
100
30.0 M
30.0 M
10090
20.0 M
20.0 M
10.0 M
10.0 M
50 80
2007
Dec-13
2008
Jan-14
Feb-14
2009
Mar-14
2010
2011
2012
2013
Analysis since the IPO: MULT3, MULT3 volume and Ibovespa Index
Apr-14 May-14 Base
Jun-14
Jul-14
Aug-14
100 = July
26, 2007
(IPO)Aug-14 Sep-14 Oct-14
60
Nov-14
Dec-14
MULT3 at BM&FBOVESPA
4Q14
4Q13
Chg. %
2014
2013
Chg. %
Average Closing Price (R$)
48.81
51.80
5.8%
49.61
53.98
8.1%
Closing Price (R$)
47.44
49.90
4.9%
47.44
49.90
4.9%
39.3 M
22.4 M
75.3%
31.7 M
26.5 M
19.3%
9,013.5 M
9,480.9 M
4.9%
9,013.5 M
9,480.9 M
4.9%
Average Daily Traded Volume (R$)

Market Cap (R$)
70
2014
30
4Q14
MULT3
On December 31, 2014, 29.4% of the Companys shares were owned directly and indirectly by Mr. and Mrs. Peres. Ontario
Teachers Pension Plan (OTPP) owned 28.8% and the free-float was equivalent to 40.9%. Shares held by management and in
treasury totaled 0.9% of the outstanding shares. Total shares issued are 189,997,214.
Mgmt+Treasury
0.9%
Free Float
40.9%
OTPP
28.8%
Common Stocks
22.6%
Preferred Stocks
6.2%
MTP+Peres
29.4%
Shareholders capital stock breakdown on Dec 31st, 2014.

OTPP Ontario Teachers Pension Plan
Recent Event
Multiplan is included in the Ibovespa
The Company joined the new portfolio of the Ibovespa, which is valid for a four-month-period from January to April of 2015,
th
with a weight of 0.414%, corresponding to the 47 most representative position in the index, of a total of 68 listed assets.
Ibovespa is the most important indicator of the average performance of the more actively traded and most representative
shares on the Brazilian stock market. The index is composed of shares of BM&FBOVESPA-listed issuers that meet the
inclusion criteria of liquidity, financial volume, and trading session presence.
31
4Q14
MULT3
12. Portfolio
Opening
State
Multiplan
%
Total GLA
Rent
(month)1
Sales
(month)2
Avg.
Occupancy
Rate
BHShopping
1979
MG
80.0%
47,092 m
207 R$/m
2,603 R$/m
99.7%
RibeiroShopping
1981
SP
80.0%
68,656 m
93 R$/m
1,323 R$/m
99.7%
BarraShopping
1981
RJ
51.1%
74,739 m
333 R$/m
3,031 R$/m
99.7%
MorumbiShopping
1982
SP
65.8%
55,512 m
255 R$/m
3,047 R$/m
99.5%
ParkShopping
1983
DF
61.7%
53,509 m
156 R$/m
2,281 R$/m
99.6%
DiamondMall
1996
MG
90.0%
21,386 m
205 R$/m
2,759 R$/m
99.9%
1999
RJ
50.0%
22,271 m
59 R$/m
924 R$/m
100.0%
Shopping AnliaFranco
1999
SP
30.0%
51,005 m
163 R$/m
2,186 R$/m
98.8%
ParkShoppingBarigi
2003
PR
84.0%
50,674 m
114 R$/m
1,897 R$/m
100.0%
Ptio Savassi
2004
MG
96.5%
17,649 m
156 R$/m
2,162 R$/m
100.0%
1999
SP
62.5%
23,057 m
34 R$/m
845 R$/m
95.7%
BarraShoppingSul
2008
RS
100.0%
70,504 m
88 R$/m
1,622 R$/m
99.7%
2009
SP
60.0%
28,492 m
108 R$/m
1,390 R$/m
98.0%
2011
SP
100.0%
39,274 m
105 R$/m
1,479 R$/m
98.9%
JundiaShopping
2012
SP
100.0%
34,389 m
90 R$/m
1,282 R$/m
98.5%
2012
RJ
90.0%
42,819 m
87 R$/m
1,231 R$/m
96.2%
VillageMall
2012
RJ
100.0%
25,685 m
125 R$/m
1,902 R$/m
99.7%
2013
AL
50.0%
37,701 m
59 R$/m
879 R$/m
96.2%
73.8%
764,413 m
147 R$/m
1,919 R$/m
99.0%
Portfolio 4Q14
Operating Shopping Centers
Subtotal operating Shopping Centers

Operating office tower
ParkShopping Corporate
2012
DF
50.0%
13,360 m
Leasing
phase
Morumbi Corporate
2013
SP
100.0%
74,198 m
74.3%
92.4%
87,558 m
80.0%
48,000 m
80.0%
48,000 m
51.1%
3,522 m
Subtotal expansion under development
51.1%
3,522 m
Total portfolio
75.8%
903,493 m
Subtotal operating office tower

Malls under development
ParkShoppingCanoas
TBA
RS
Subtotal malls under development

Expansion under development
BarraShopping Medical Center Exp.
2015
RJ
Sales per m: Sales of stores that inform sales divided by their GLA.
Rent per m: Sum of base and overage rents charged from tenants divided by its occupied GLA. It is worth noting that this GLA includes
stores that are already leased but are not yet operating (i.e., stores that are being readied for opening).
32
4Q14
MULT3
Properties Portfolio
Shopping mall in operation
Tower for lease in operation
Shopping mall under development
AL
Macei, Alagoas State

Belo Horizonte, Minas Gerais State
Braslia - DF
ParkShopping
Ptio Savassi
DF
DiamondMall
MG
BH Shopping
SP
Rio de Janeiro, Rio de Janeiro State
Curitiba, Paran State
ParkShoppingBarigi
PR
RJ
BarraShopping
VillageMall
Porto Alegre
Rio Grande do Sul State
BarraShoppingSul
RS
So Paulo, So Paulo State

ShoppingAnliaFranco
MorumbiShopping
Canoas,
Rio Grande do Sul State
ShoppingVilaOlmpia
Morumbi Corporate
ParkShoppingCanoas
Jundia, So Paulo State
JundiaShopping
Ribeiro Preto, So Paulo State

RibeiroShopping
So Caetano, So Paulo State
33
4Q14
MULT3
13. Ownership Structure

Multiplans ownership structure on December 31, 2014, is described in the chart below. Of a total of 189,997,214 shares
issued, 178,138,867 are common voting shares and 11,858,347 are preferred shares held exclusively by Ontario Teachers
Pension Plan and are not listed or traded on any stock exchange.
22.25%
Maria Helena
Kaminitz Peres
43,58% ON
40,86% Total
Multiplan Planejamento.
Participaes e
Administrao S.A.
77.75%
Treasury
Free Float
23.65% ON
22.17%Total
0.98% ON
0.92% Total
1.38% ON
1.29% Total
Ontario Teachers
Pension Plan
100.0%
1700480
Ontario Inc.
24.11% ON
100.0% PN
28.85% Total
5.70% ON
5.34% Total
Jose Isaac Peres
50.00%
100.0%
1.00%
0.01%
2.00%
FIM Multiplus
Investimento
0.61% ON
0.57% Total
Multiplan
Administradora de
Shopping Centers Ltda.
Embraplan
Empresa Brasileira
de Planejamento Ltda.
98.00%
CAA - Corretagem
Imobiliria Ltda. *
100.0%
Multiplan Arrecadadora
Ltda *
100.0%
100.0%
99.99%
SCP Royal Green

Pennsula
CAA - Corretagem e
Consultoria
Publicitria Ltda. *
Renasce Rede Nacional de

Shopping Centers Ltda.**
County Estates Limited
Shopping Centers
BarraShopping
BarraShoppingSul
BH Shopping
DiamondMall
MorumbiShopping
ParkShopping
ParkShoppingBarigi
Ptio Savassi
RibeiroShopping
ShoppingAnliaFranco
ParkShopping SoCaetano
Jundia Shopping
VillageMall
ParkShopping Campo Grande
51.1%
100.0%
80.0%
90.0%
65.8%
50.0%
61.7%
84.0%
96.5%
80.0%
30.0%
60.0%
62.5%
50.0%
100.0%
100.0%
100.0%
90.0%
Corporate Towers
Morumbi Corporate
50.0%
100.0%
60.00%
99.00%
100.0%
100.0%
Ptio Savassi Administrao

de Shopping Center Ltda.
100.0%
Morumbi Business Center

Empreendimento Imobilirio Ltda. *
100.0%
MPH
Empreend. Imobilirio Ltda.
50.00%
Manati Empreendimentos e
Participaes S.A.
75.00%
50.00%
50.00%
Parque Shopping Macei S.A.

Danville SP Empreendimento
Imobilirio Ltda. *
100.0%
100.0%
Multiplan Holding S.A.

Ribeiro Residencial
Multiplan Greenfield I
100.0%
99.99%
BarraSul
Embassy Row Inc

*Multiplan Holding S.A. holds an interest equal or lower than 1.00% in these companies.
**Jos Isaac Peres has a 0.01% interest in this company.
100.0%
100.0%
100.0%
100.0%
Jundia Shopping Center Ltda. *

Multiplan Greenfield III
90.00%
0.45%
100.0%
100.0%
100.0%
Parkshopping Campo Grande Ltda. *

100.0%
50.00%
46.88%
100.0%
Multiplan Greenfield II
53.12%
100.0%
Multiplan Greenfield IV
ParkShopping Canoas Ltda.*
ParkShopping Global Ltda.
100.0%
87.0%
Multiplans ownership interests in Special Purpose Companies (SPCs) are as follows:
MPH Empreendimento Imobilirio Ltda.: Owns 60.0% interest in Shopping Vila Olmpia, located in the city of So Paulo,
State of So Paulo. Multiplan holds directly and indirectly 100.0% interest in MPH.
Manati Empreendimentos e Participaes S.A.: Owns 75.0% interest in Shopping Santa rsula, located in the city of
Ribeiro Preto, State of So Paulo. Multiplan holds 50.0% interest in Manati.
Parque Shopping Macei S.A.: Owns 100.0% interest in Parque Shopping Macei, located in the city of Macei, State of
Alagoas, in which Multiplan has a 50/50 partnership.
Danville SP Empreendimento Imobilirio Ltda.: SPC established to develop real estate project in the city of Ribeiro Preto,
State of So Paulo.
Multiplan Holding S.A.: Multiplans wholly-owned subsidiary; holds interest in other companies and assets.
34
4Q14
MULT3
Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established to develop real estate project in the city of
Ribeiro Preto, State of So Paulo.
Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established to develop an office tower in the city of Porto
Alegre, State of Rio Grande do Sul.
BarraSul Empreendimento Imobilirio Ltda.: SPC established to develop a residential building in the city of Porto Alegre,
State of Rio Grande do Sul.
Morumbi Business Center Empreendimento Imobilirio Ltda.: SPC established to develop real estate project in the city of
So Paulo, State of So Paulo, holding 30.0% indirect stake in Shopping Vila Olmpia via 50.0% holdings in MPH, which in
turn holds 60.0% of Shopping Vila Olmpia.
Multiplan Greenfield II Empreendimento Imobilirio Ltda.: Owns 46.88% interest in Morumbi Corporate, an office tower in
the city of So Paulo, State of So Paulo.
Multiplan Greenfield III Empreendimento Imobilirio Ltda.: SPC established to develop real estate projects in the city of
Rio de Janeiro, State of Rio de Janeiro.
Multiplan Greenfield IV Empreendimento Imobilirio Ltda.: Owns 53.12% interest in Morumbi Corporate. Multiplan
indirectly owns 100.0% interest in MorumbiCorporate.
Jundia Shopping Center Ltda.: Owns 100.0% interest in JundiaShopping, located in the city of Jundia, State of So Paulo.
Multiplan holds 100.0% interest in Jundia Shopping Center Ltda.
Parkshopping Campo Grande Ltda.: Owns 90.0% interest in ParkShoppingCampoGrande, located in the city of Rio de
Janeiro, State of Rio de Janeiro.
ParkShopping Corporate Empreendimento Imobilirio Ltda.: Owns 50.0% interest in ParkShopping Corporate, an office
tower located in the city of Braslia, Federal District.
ParkShopping Canoas Ltda.: SPC established to develop real estate project in the city of Canoas, State of Rio Grande do
Sul.
Ptio Savassi Administrao de Shopping Center Ltda.: SPC established to manage the parking operation at Shopping
Ptio Savassi, located in the city of Belo Horizonte, State of Minas Gerais.
ParkShopping Global Ltda.: SPC established to develop real estate projects in the city of So Paulo, State of So Paulo.
35
4Q14
MULT3
14. Operational and Financial Data

Operational and Financial Highlights
Perfomance
Financial (MTE %)
4Q14
4Q13
Chg.%
2014
2013
Chg.%
Gross revenue R$'000
355,476
295,042
20.5%
1,244,970
1,074,557
15.9%
Net revenue R$'000
322,497
268,595
20.1%
1,130,378
978,213
15.6%
583.6
504.9
15.6%
2,053.5
1,883.9
9.0%
20.5
19.9
3.2%
72.1
74.1
2.7%
240,206
191,251
25.6%
810,567
684,227
18.5%
434.7
359.5
20.9%
1,472.5
1,317.7
11.7%
Rental revenue USD/sq. foot
15.3
14.1
7.9%
51.7
51.8
0.3%
Monthly rental revenue R$/m
158.5
135.8
16.7%
121.3
109.0
11.3%
5.6
5.3
4.2%
4.3
4.3
0.7%
250,876
190,785
31.5%
846,144
691,257
22.4%
454.0
358.6
26.6%
1537.1
1331.3
15.5%
Net revenue R$/m

Net revenue USD/sq. foot
Rental revenue (with straight line effect) R$'000
Rental revenue R$/m
Monthly rental revenue USD/sq. foot

Net Operating Income (NOI) R$'000
Net Operating Income R$/m
15.9
14.1
13.0%
54.0
52.4
3.0%
87.8%
83.2%
453 b.p
87.4%
84.7%
267 b.p
1.33
1.02
31.0%
4.49
3.69
22.0%
258,189
203,720
26.7%
882,980
744,117
18.7%
467.2
382.9
22.0%
1,604.0
1,433.1
11.9%
16.4
15.1
8.9%
56.3
56.4
0.1%
88.1%
84.1%
394 b.p
87.9%
85.7%
220 b.p
1.37
1.09
26.3%
4.69
3.97
18.2%
31,335
28,200
11.1%
116,951
108,026
8.3%
9.7%
10.5%
78 b.p
10.3%
11.0%
70 b.p
223,815
138,837
61.2%
793,719
610,691
30.0%
405.0
261.0
55.2%
1,441.9
1,176.1
22.6%
14.2
10.3
38.5%
50.6
46.3
9.4%
69.4%
51.7%
1,771 b.p
70.2%
62.4%
779 b.p
1.19
0.74
60.6%
4.22
3.26
29.5%
123,030
52,565
134.1%
391,326
301,224
29.9%
222.6
98.8
125.3%
710.9
580.1
22.5%
7.8
3.9
101.1%
25.0
22.8
9.4%
38.1%
19.6%
1,858 b.p
34.6%
30.8%
383 b.p
0.65
0.28
133.2%
2.08
1.61
29.4%
163,247
88,729
84.0%
552,891
426,152
29.7%
FFO R$/m
295.4
166.8
77.1%
1004.4
820.7
22.4%
FFO US$'000
61,677
37,564
64.2%
208,890
180,412
15.8%
10.4
6.6
58.1%
35.3
32.3
9.2%
50.6%
33.0%
53.2%
48.9%
43.6%
12.3%
0.87
0.47
83.3%
2.94
2.27
29.3%
2.6468
2.3621
12.1%
2.6468
2.3621
12.1%
Net Operating Income USD/sq. foot

Net Operating Income margin
NOI/share
Net Operating Income (NOI) + Key Money (KM) R$'000
NOI + KM R$/m
NOI + KM USD/sq. foot
NOI + KM margin
NOI + Key money/share
Headquarter expenses R$'000
Headquarter expenses/Net revenues
EBITDA R$'000
EBITDA R$/m
EBITDA USD/sq. foot
EBITDA margin
EBITDA per Share R$
Adjusted net income R$'000
Adjusted net income R$/m
Adjusted net income USD/sq. foot
Adjusted net income margin
Adjusted net income per share R$
FFO R$'000
FFO USD/sq. foot

FFO margin
FFO per share R$
Dollar (USD) end of quarter
Values in R$/m and US$/sqf consider adjusted owned mall GLA
36
4Q14
MULT3
Operational and Financial Highlights

Performance
Market
4Q14
4Q13
Chg.%
2014
2013
Chg.%
189,997,214
189,997,214
189,997,214
189,997,214
Common shares
178,138,867
178,138,867
178,138,867
178,138,867
Preferred shares
11,858,347
11,858,347
11,858,347
11,858,347
Average share closing price
48.81
51.80
5.8%
49.61
53.98
8.1%
Closing share price
47.44
49.90
4.9%
47.44
49.90
4.9%
Number of shares
39,345
22,439
75.3%
31,677
26,543
19.3%
9,013,468
9,480,861
4.9%
9,013,468
9,480,861
4.9%
2,214,519
2,203,574
0.5%
2,214,519
2,203,574
0.5%
338,322
351,542
3.8%
338,322
351,542
3.8%
1,876,197
1,852,032
1.3%
1,876,197
1,852,032
1.3%
P/FFO (Last 12 months)
16.3 x
22.2 x
26.6%
16.3 x
22.2 x
26.6%
EV/EBITDA (Last 12 months)
13.7 x
18.6 x
26.2%
13.7 x
18.6 x
26.2%
2.4 x
3.0 x
21.2%
2.4 x
3.0 x
21.2%
84.99
78.06
8.9%
84.99
78.06
8.9%
Average daily traded volume (R$ '000)

Market cap (R$ 000)
Total debt (R$ 000)
Cash (R$ 000)
Net debt (R$ 000)
Net Debt/EBITDA (Last 12 months)

Fair Value per share R$
Performance
Operational (100%)
4Q14
4Q13
Chg.%
2014
2013
Chg.%
Final total mall GLA (m)
766,868
749,834
2.3%
766,868
749,834
2.3%
Final owned mall GLA (m)
565,949
554,103
2.1%
565,949
554,103
2.1%
73.8%
73.9%
10 b.p
73.8%
73.9%
10 b.p
Adjusted total mall GLA (avg.) (m)
748,760
716,215
4.5%
745,901
694,862
7.3%
Adjusted owned mall GLA (avg.) (m)
552,585
531,987
3.9%
550,475
519,241
6.0%
Final total GLA (m)
854,426
837,392
2.0%
854,426
837,392
2.0%
Final owned GLA (m)
646,827
634,981
1.9%
646,827
634,981
1.9%
4,062,174
3,650,580
11.3%
12,760,553
11,385,720
12.1%
5,757
5,616
2.5%
18,904
17,617
7.3%
202
221
8.5%
664
693
4.2%
8,095
7,638
6.0%
25,573
23,935
6.8%
284
300
5.4%
898
941
4.6%
Owned mall GLA %
Total sales R$'000

Total sales R$/m
Total sales USD/sq. foot

Satellite stores sales R$/m
Satellite stores sales USD/sq. foot
Total Rent R$/m
444
405
9.6%
1,359
1,304
4.2%
Total Rent USD/sq. foot
15.6
15.9
2.2%
47.7
51.3
7.0%
Same Store Sales
7.9%
7.6%
30 b.p.
7.9%
7.4%
50 b.p.
Same Area Sales
8.8%
8.0%
80 b.p.
9.0%
7.5%
150 b.p.
Same Store Rent
9.2%
8.0%
120 b.p.
8.8%
9.6%
80 b.p.
Same Area Rent
8.2%
7.3%
90 b.p.
7.3%
8.7%
140 b.p.
IGP-DI effect
5.6%
6.7%
110 b.p.
5.8%
7.1%
133 b.p.
11.7%
11.7%
1 b.p.
12.7%
12.9%
16 b.p.
Rent as sales %
7.4%
7.4%
3 b.p.
7.5%
7.6%
10 b.p.
Other as sales %
4.3%
4.3%
2 b.p.
5.3%
5.3%
5 b.p.
0.5%
0.7%
23 b.p.
4.8%
5.1%
30 b.p.
Occupancy costs
Turnover
99.0%
98.6%
40 b.p.
98.7%
98.1%
60 b.p.
Delinquency (25 days delay)
1.7%
1.8%
10 b.p.
1.9%
1.9%
5 b.p.
Rent loss
0.6%
1.1%
50 b.p.
0.8%
0.7%
5 b.p.
Occupancy rate
Adjusted GLA corresponds to the periods average GLA excluding the area of BIG supermarket at BarraShoppingSul
Includes only stores that report sales, and does not include kiosks reported sales.
37
4Q14
MULT3
15. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report
15.1 - Variations on the Financial Statement IFRS with CPC 19 (R2) and Managerial Report
IFRS with
Financial Statements
(R$ '000)
CPC 19 R2
CPC 19 R2 Managerial
Effect
IFRS with
CPC 19 R2
CPC 19 R2 Managerial
Effect
4Q14
4Q14
Difference
2014
2014
Difference
258,373
262,723
4,350
787,212
801,340
14,128
29,313
29,309
(4)
119,266
119,070
(196)
6,933
7,313
380
35,252
36,835
1,583
Parking
45,060
45,649
589
155,875
157,570
1,695
Real estate
32,508
32,508
117,318
117,318
(22,770)
(22,517)
253
8,567
9,227
661
933
491
(442)
3,539
3,611
71
Rental revenue
Services
Key money

Others
Gross Revenue
350,350
355,476
5,126
1,227,028
1,244,970
17,942
(32,629)
(32,978)
(349)
(113,574)
(114,592)
(1,018)
Net Revenue
317,721
322,497
4,776
1,113,454
1,130,378
16,924
(31,335)
(31,335)
(0)
(116,919)
(116,951)
(32)
(4,008)
(4,008)
(14,679)
(14,679)
(27,970)
(29,267)
(1,297)
(102,031)
(106,557)
(4,526)
(5,712)
(5,712)
(15,436)
(15,436)
(1,950)
(1,950)
(13,148)
(13,148)

Equity pickup
(823)
(823)
(8,808)
(8,808)
(20,110)
(20,110)
(71,363)
(71,363)
1,058
(241)
(1,299)
15,837
10,457
(5,380)
(4,816)
(5,237)
(420)
216
(175)
(391)
222,055
223,815
1,760
787,124
793,719
6,595
Financial revenues
13,105
13,518
413
39,056
40,671
1,615
Financial expenses
(55,832)
(56,812)
(980)
(201,507)
(205,643)
(4,135)
(39,204)
(40,218)
(1,014)
(157,665)
(161,564)
(3,899)
EBITDA
140,124
140,304
180
467,007
467,182
175
(17,334)
(17,308)
26
(75,897)
(75,871)
26
1,419
1,175
(244)
(23,063)
(23,264)
(201)

Minority interest
Net Income
33
33
15
15
124,243
124,204
(38)
368,062
368,062
The differences between CPC 19 (R2) and the managerial reports are the 37.5% interest in Shopping Santa rsula, through a
50.0% interest in Manati Empreendimentos e Participaes S.A., and the 50.0% interest in Parque Shopping Macei, through
Parque Shopping Macei S.A.
The main differences in 4Q14 and 2014 are: (i) increase of R$4.4 M and R$14.1 M in Rental Revenues; (ii) increase of R$1.3
M and R$4.6 M in Shopping Center Expenses, (iii) increase of R$0.6 M and R$2.5 M in Financial Results, and (iv) increase of
R$1.0 M and R$3.9 M in Depreciation and Amortization. Accordingly and as a result of the variations mentioned above, there
were decreases of R$1.3 M and R$5.4 M in the result which was recorded in the equity pickup line, given that the results of
these companies are recorded on this line as determined by CPC 19 (R2).
38
4Q14
MULT3
15.2 - Variations on the Balance Sheet: Total Assets
IFRS with
CPC 19 R2
CPC 19 R2
Managerial
Effect
12/31/2014
12/31/2014
Difference
170,926
155,011
345,182
156,420
2,486
2,661
20,945
18,030
871,661
183,311
155,011
350,423
156,420
2,486
2,661
20,945
18,660
889,917
12,385
5,241
630
18,256
Accounts receivable
Land and properties held for sale
Related parties
Deposits in court
Other
Investments
Investment properties
Property and equipment
Intangible
Total non current assets
51,517
193,784
12,422
13,369
16,045
17,134
135,127
4,971,154
32,476
348,527
5,791,555
51,543
193,784
12,422
14,000
18,453
19,992
6,670
5,128,894
32,476
349,532
5,827,764
26
631
2,408
2,858
(128,457)
157,740
1,005
36,209
Total assets
6,663,216
6,717,681
54,465
ASSETS
Current assets
Cash and cash equivalents
Short term investments
Accounts receivable
Related parties
Recoverable taxes and contributions
Sundry advances
Other
Total current assets
Noncurrent asset
The differences in total assets regarding the 37.5% interest in Shopping Santa rsula, and the 50.0% interest in Parque
Shopping Macei are (i) increase of R$157.7 M in investment properties; (ii) increase of R$12.4 M in cash and cash
equivalents; and (iii) increase of R$5.2 M in accounts receivable.
As a result of the variations mentioned above, there was a decrease of R$128.5 M in investments given that the assets and
liabilities of these companies are now recorded on this line as determined by CPC 19 (R2).
39
4Q14
MULT3
15.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity
IFRS with
CPC 19 R2
CPC 19 R2
Managerial
Effect
12/31/2014
12/31/2014
Difference
203,138
9,735
89,416
32,378
45,176
73,059
33,541
5,590
492,033
206,481
9,735
90,113
32,378
45,228
73,059
33,673
5,614
496,281
3,343
697
52
132
24
4,248
1,507,955
398,223
157,840
17,529
5
15,322
4,655
2,101,529
1,550,173
398,223
159,699
17,529
5
15,942
10,175
2,151,746
42,218
1,859
620
5,520
50,217
Capital
Capital reserves
Profit reserve
Share issue costs
Shares in treasure department
Capital transaction effects
Retained earnings
Minority interest
Total shareholder's equity
2,388,062
966,084
932,424
(38,993)
(90,704)
(89,996)
2,777
4,069,654
2,388,062
966,084
932,424
(38,993)
(90,704)
(89,996)
2,777
4,069,654
Total liabilities and shareholders' equity
6,663,216
6,717,681
54,465
LIABILITIES
Current liabilities
Loans and financing
Debentures
Accounts payable
Property acquisition obligations
Taxes and contributions payable
Dividends to pay
Deferred incomes
Other
Total current liabilities
Non current liabilities
Loans and financing
Debentures
Others
Provision for contingencies
Deferred incomes
Total non current liabilities
Shareholders' equity
The differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of R$45.6 M in loans
and financing, given the inclusion of the 50.0% in project Parque Shopping Macei, which signed a contract to finance its
construction via Banco do Nordeste; and (ii) the increase of R$5.7 M in revenues and costs, in deferred income.
40
4Q14
MULT3
16. Appendices
16.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements
IFRS with CPC 19 (R2)
(R$'000)
4Q14
4Q13
Chg. %
2014
2013
Chg. %
258,373
214,447
20.5%
787,212
674,265
16.8%
29,313
27,159
7.9%
119,266
105,449
13.1%
6,933
12,636
45.1%
35,252
52,382
32.7%
Parking revenue
45,060
37,730
19.4%
155,875
130,877
19.1%
32,508
25,461
27.7%
117,318
97,130
20.8%
(22,770)
(25,325)
10.1%
8,567
5,179
65.4%
933
332
181.0%
3,539
3,585
1.3%
Rental revenue
Services revenue
Key money revenue

Other revenues
Gross Revenue
350,350
292,440
19.8%
1,227,028
1,068,867
14.8%
(32,629)
(26,268)
24.2%
(113,574)
(95,813)
18.5%
Net Revenue
317,721
266,172
19.4%
1,113,454
973,054
14.4%
(31,335)
(28,206)
11.1%
(116,919)
(107,998)
8.3%
(4,008)
(3,207)
25.0%
(14,679)
(11,034)
33.0%
(27,970)
(36,506)
23.4%
(102,031)
(121,113)
15.8%
(5,712)
na
(15,436)
na
(1,950)
(13,300)
85.3%
(13,148)
(21,474)
38.8%
(823)
(3,756)
78.1%
(8,808)
(12,312)
28.5%
(20,110)
(16,214)
24.0%
(71,363)
(64,912)
9.9%
1,058
(1,221)
na
15,837
(2,212)
na

Equity pickup
(4,816)
(25,871)
81.4%
216
(22,634)
na
222,055
137,891
61.0%
787,124
609,365
29.2%
Financial revenues
13,105
12,660
3.5%
39,056
49,031
20.3%
Financial expenses
(55,832)
(48,388)
15.4%
(201,507)
(162,347)
24.1%
(39,204)
(35,429)
10.7%
(157,665)
(123,344)
27.8%

EBITDA
140,124
66,734
110.0%
467,007
372,705
25.3%
(17,334)
(14,234)
21.8%
(75,897)
(71,406)
6.3%
1,419
4,652
69.5%
(23,063)
(16,690)
38.2%
33
(15)
na
15
(55)
na
124,243
57,137
117.4%
368,062
284,554
29.3%

Minority interest
Net Income
(R$'000)
NOI
NOI margin
4Q14
4Q13
Chg. %
2014
2013
Chg. %
246,981
190,346
29.8%
834,187
689,208
21.0%
88.0%
83.9%
409 b.p
87.7%
85.1%
260 b.p
253,914
202,982
25.1%
869,439
741,590
17.2%
88.3%
84.8%
353 b.p
88.1%
86.0%
214 b.p
210,608
137,606
53.1%
740,787
610,162
21.4%
76.3%
56.9%
1,939 b.p
76.3%
69.1%
727 b.p
222,055
137,891
61.0%
787,124
609,365
29.2%
69.9%
51.8%
1,808 b.p
70.7%
62.6%
807 b.p
124,243
57,137
117.4%
368,062
284,554
29.3%
39.1%
21.5%
1,764 b.p
33.1%
29.2%
381 b.p
122,824
52,485
134.0%
391,125
301,244
29.8%
NOI + Key Money

EBITDA margin
Net Income
Net Income margin
Adjusted Net Income
FFO
FFO margin
38.7%
19.7%
1,894 b.p
35.1%
31.0%
417 b.p
162,028
87,914
84.3%
548,790
424,588
29.3%
51.0%
33.0%
1,797 b.p
49.3%
43.6%
565 b.p
41
4Q14
MULT3
16.2 Consolidated Financial Statements: Managerial Report
(R$'000)
Rental revenue
Services revenue
Key money revenue
Parking revenue
4Q14
4Q13
Chg. %
2014
2013
Chg. %
262,723
216,686
21.2%
801,340
679,048
18.0%
29,309
27,085
8.2%
119,070
105,147
13.2%
7,313
12,935
43.5%
36,835
52,860
30.3%
45,649
37,977
20.2%
157,570
131,605
19.7%
32,508
25,461
27.7%
117,318
97,130
20.8%
(22,517)
(25,435)
11.5%
9,227
5,179
78.2%
491
333
47.4%
3,611
3,588
0.6%
Gross Revenue
355,476
295,042
20.5%
1,244,970
1,074,557
15.9%
(32,978)
(26,447)
24.7%
(114,592)
(96,344)
18.9%
Net Revenue
322,497
268,595
20.1%
1,130,378
978,213
15.6%
(31,335)
(28,200)
11.1%
(116,951)
(108,026)
8.3%
(4,008)
(3,209)
24.9%
(14,679)
(11,034)
33.0%
(29,267)
(38,443)
23.9%
(106,557)
(124,575)
14.5%
Other revenues
(5,712)
0.0%
(15,436)
0.0%
(1,950)
(13,726)
85.8%
(13,148)
(23,488)
44.0%
(823)
(3,767)
78.1%
(8,808)
(12,322)
28.5%
(20,110)
(16,213)
24.0%
(71,363)
(64,912)
9.9%

Equity pickup
EBITDA
(241)
(331)
27.1%
10,457
(532)
na
(5,237)
(25,869)
79.8%
(175)
(22,633)
99.2%
223,815
138,837
61.2%
793,719
610,691
30.0%
Financial revenues
13,518
12,770
5.9%
40,671
50,001
18.7%
Financial expenses
(56,812)
(48,495)
17.1%
(205,643)
(162,664)
26.4%
(40,218)
(36,164)
11.2%
(161,564)
(124,928)
29.3%
140,304
66,948
109.6%
467,182
373,100
25.2%
(17,308)
(14,369)
20.5%
(75,871)
(71,826)
5.6%
1,175
4,583
74.4%
(23,264)
(16,654)
39.7%

Minority interest
Net Income
(R$'000)
NOI
33
(14)
na
15
(50)
na
124,204
57,148
117.3%
368,062
284,570
29.3%
4Q14
4Q13
Chg. %
2014
2013
Chg. %
250,876
190,785
31.5%
846,144
691,257
22.4%
87.8%
83.2%
453 b.p
87.4%
84.7%
267 b.p
NOI + Key Money

258,189
203,720
26.7%
882,980
744,117
18.7%
88.1%
84.1%
394 b.p
87.9%
85.7%
220 b.p
213,584
137,641
55.2%
752,441
609,765
23.4%
76.1%
56.4%
1,970 b.p
76.2%
68.6%
759 b.p
223,815
138,837
61.2%
793,719
610,691
30.0%
NOI margin

EBITDA margin
Net Income
Net Income margin
Adjusted Net Income
FFO
FFO margin
69.4%
51.7%
1,771 b.p
70.2%
62.4%
779 b.p
124,204
57,148
117.3%
368,062
284,570
29.3%
38.5%
21.3%
1,724 b.p
32.6%
29.1%
347 b.p
123,030
52,565
134.1%
391,326
301,224
29.9%
38.1%
19.6%
1,858 b.p
34.6%
30.8%
383 b.p
163,247
88,729
84.0%
552,891
426,152
29.7%
50.6%
33.0%
1,759 b.p
48.9%
43.6%
535 b.p
42
4Q14
MULT3
16.3 Balance Sheet Managerial Report

ASSETS
Current Assets
Cash and cash equivalents
Short Term Investments
Accounts receivable
Related parties
Recoverable taxes and contributions
Sundry advances
Other
Total Current Assets
12/31/2014
09/30/2014
% Change
183,311
155,011
350,423
156,420
2,486
2,661
20,945
18,660
889,917
142,920
70,112
277,998
157,647
2,538
3,356
33,571
28,010
716,152
183,311
155,011
350,423
156,420
2,486
2,661
20,945
18,660
889,917
Noncurrent Asset
Accounts receivable
Related parties
Deposits in court
Other
Investments
Investment Properties
Property and equipment
Intangible
Total Non Current Assets
51,543
193,784
12,422
14,000
18,453
19,992
6,670
5,128,894
32,476
349,532
5,827,764
51,982
365,193
12,570
22,640
16,768
19,552
9,067
4,914,089
32,971
348,216
5,793,048
0.8%
46.9%
1.2%
38.2%
10.0%
2.3%
26.4%
4.4%
1.5%
0.4%
0.6%
Total Assets
6,717,681
6,509,200
3.2%
12/31/2014
09/30/2014
% Change
206,481
9,735
90,113
32,378
45,228
73,059
33,673
5,614
496,281
207,097
152,291
77,125
38,014
38,612
59,971
37,480
2,014
612,605
0.3%
93.6%
16.8%
14.8%
17.1%
21.8%
10.2%
178.7%
19.0%
Non Current Liabilities

Loans and financing
Debentures
Other
Provision for contingencies
Deferred incomes and costs
Total Non Current Liabilities
1,550,173
398,223
159,699
17,530
5
15,942
10,175
2,151,746
1,494,713
150,000
158,406
21,410
372
21,921
13,948
1,860,770
3.7%
165.5%
0.8%
18.1%
98.7%
27.3%
27.1%
15.6%
Shareholders' Equity
Capital
Capital reserves
Profit reserve
Share issue costs
Shares in treasure department
Capital Transaction Effects
Retained earnings
Minority interest
Total Shareholder's Equity
2,388,062
966,085
932,423
(38,993)
(90,704)
(89,996)
2,777
4,069,654
2,388,062
962,077
719,224
(38,771)
(77,998)
(89,996)
170,599
2,628
4,035,825
0.0%
0.4%
29.6%
0.6%
16.3%
0.0%
na
5.6%
0.8%
Total Liabilities and Shareholders' Equity
6,717,681
6,509,200
3.2%
LIABILITIES
Current Liabilities
Loans and financing
Debentures
Accounts payable
Taxes and contributions payable
Dividends to pay
Deferred incomes and costs
Other
Total Current Liabilities
43
4Q14
MULT3
17. Glossary and Acronyms

Abrasce: Brazilian Association of Shopping Centers (Associao Brasileira de Shopping Centers).
Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs, amortization of goodwill from
acquisitions and mergers and 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 at least 1,000 m to be considered anchors.
BMF&Bovespa: So Paulo Stock Exchange (Bolsa de Valores de So Paulo).
Brownfield: Expansion and mix-used 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 plus depreciation. CAPEX can also refer to others investments then real
estate, such as IT projects, hardware and other unrelated investments.
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 for 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 shares. Moreover, a debenture holder has no voting rights.
Deferred Income: Deferred key money and store buy back expenses.
Delinquency: The percentage variation between the rent charged in the period and the rent received throughout 30 days after the end of the
period, calculated on the last business day of each month.
Double (Seasonal) Rent: Additional rent usually charged from the tenants 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 minus shares held in treasury.
Equity Pickup: Interest held in the subsidiary Company will be shown in the income statement as equity pickup, representing the net income
attributable to the subsidiarys shareholders.
Expected Owned GLA: Multiplans interest in each shopping mall, including projects under development and expansions.
Funds from Operations (FFO): Refers to the sum of adjusted net income, depreciation and amortization.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls and offices for lease, excluding merchandising.
Greenfield: Development of new shopping center projects.
IBGE: The Brazilian Institute of Geography and Statistics.
IGP-DI Adjustment Effect: The average of the monthly IGP-DI increase with a month of delay, multiplied by the base rent 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.
Landbank: Areas acquired by Multiplan for future development.
Management Fee: fee charged from tenants and partners/owners to pay for shopping center administrative expenses.
Merchandising: leasing of space not usable for tenant stores in advertising campaigns and includes revenue from kiosks, stands, posters,
leasing of pillar space, doors and escalators and other display locations in a mall.
44
4Q14
MULT3
Minimum Rent (or Base Rent): Minimum fixed 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): Sum of the Operating Income (Rental Revenue, Straight Line Effect, Shopping Centers Expenses and Office
Towers Expenses) and income from Parking Operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also
include the key money revenues in the same period.
New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects,
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, recorded as an expense in the income
statement as determined by the CPC 04 pronouncement in 2009.
NOI Margin: NOI divided by Rental Revenue, Straight Line Effect and Net Parking Revenue.
Occupancy cost: Is the occupancy cost of 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.
Organic Growth: Revenue growth which is not generated by acquisitions, expansions and new areas added in the period.
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 and office.
Parking Revenue: Parking revenue is the net result of parking fees collected by the shopping centers less the amounts transferred 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
price of each of units offered for sale.
Rent Loss: Loss provisions due to delinquency over six months and legal opinion.
Sales: Sales reported by the stores in each of the malls.
Same Area Rent (SAR): Changes on rent of the same area of the year before divided by the areas rent of the current year, excluding
vacancy.
Same Area Sales (SAS): Changes sales of the same area of the year before divided by the area that informed sales.
Same Store Rent (SSR): Changes on rent collected from stores that were in operation in both of the periods compared.
Same Store Sales (SSS): Changes on informed sales from stores that were in operation in both of the periods compared.
Satellite Stores: Smaller stores (<1.000 m) with no special marketing and structural features located by the anchor stores and intended for
general retailing.
Straight Line Effect: Accounting method meant to remove volatility and seasonality of the 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.
Tenant Mix: Portfolio of tenants strategically defined by the shopping center manager.
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: GLA of operating malls leased in the period divided by total GLA of operating malls.
Vacancy: GLA of a shopping center available for lease.
Shopping Center Segments:
Food Court & Gourmet Areas Includes fast food and restaurant 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, banking, and etc.
Apparel Women and men clothing, shoes and accessories stores
45

Earnings Release 4Q14

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Earnings Release 4Q14

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Fourth Quarter 2014

Date: February 25, 2014 (Wednesday)

Portuguese: 9:00 a.m. (EDT New York)

USA: 1 (888) 700-0802

quarto trimestre de 2013

Other countries: 1 (786) 924-6977

Consolidated Financial Statements ............................................................................................. 6

The Evolution of Multiplan's Financial Indicators

Net Operating Income

2007 EBITDA adjusted for expenses related to the Company's IPO.

Net Operating Income

Historical Performance of Multiplans Results (R$ Million)

4Q14 EBITDA increases 61% to R$224 million

Total shopping center occupancy rate evolution

IGP-DI Adjustment Effect

Same Store Rent Evolution (year/year)

Shopping Center EBITDA Margin

and Value Added to Shareholders.

Interest on Shareholders' Equity

Total payout as a % of net income after legal reserve

Distribution of dividends and interest on shareholders equity

4Q14 vs. 4Q13

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Total shares on December 31, 2014 net of stocks held in treasury.

Consolidated Financial Statements Managerial Report

Taxes and contributions on sales and services

Shopping centers expenses

New projects for lease expenses

New projects for sale expenses

Depreciation and amortization

Earnings Before Taxes

Income tax and social contribution

Deferred income and social contribution taxes

NOI + Key Money

Shopping Center EBITDA

Shopping Center EBITDA margin

2. Fair Value of Investment Properties According to CPC 28

Risk free rate

Projects under development (announced)

Future projects (not disclosed)

Properties under development (disclosed)

Evolution of Fair Value (R$)

Fair Value per share (R$)

Fair Value - properties in operation

Growth of Fair Value, NOI and owned GLA

Enterprise Fair Value

(Base 100: 2010)

2014 - Shopping center sales reached R$12.8

billion in 2014, up 12.1% over 2013. In the last five

years, sales more than doubled, from R$6.1 billion

increase of 4.6 times over the initial amount.

Shopping Center Sales (100%)

New York City Center

Shopping Anlia Franco

Shopping Santa rsula

Shopping Vila Olmpia

Parque Shopping Macei

R$18,904/m. Stores with less than

1,000 m posted sales of R$25,573/m

as sales from kiosks since these

2014 Total sales/ / GLA

operations do not comprise GLA.

Same Store Sales