Earnings Release 1Q16

1Q16
Earnings Release
Conference Call
Connection numbers:
Date: April 28, 2016 (Thursday)
USA: 1 (888) 700-0802
English: 11:30 a.m. (EDT New York)
Brazil: 55 (11) 3193-1001
Portuguese: 10:00 a.m. (EDT New York)
55 (11) 2820-4001
Webcast: ir.multiplan.com.br
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 that 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 in 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. The Company may alter
these projects totally or in part with no prior notice.
External auditors have not reviewed non-accounting information.
In this release the Company has chosen to present the consolidated data from a managerial perspective, in line with the
accounting practices in force on 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 ir.multiplan.com.br.
Managerial Report
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 is no longer consolidating the 50% interest in
Manati Empreendimentos e Participaes S.A., a company that owns a 75% stake in ShoppingSantarsula, 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 March 31, 2016.
Multiplan is presenting its quarterly 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 (ir.multiplan.com.br) to access the Financial
Statements in compliance with the CPC.
Please see on page 35 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
1. Consolidated Financial Statements Managerial Report ......................................................................... 5

2. Fair Value of Investment Properties According to CPC 28 ....................................................................... 6
3. Operational Indicators ............................................................................................................................... 8
4. Gross Revenue ....................................................................................................................................... 11
5. Property Ownership Results ................................................................................................................... 12
6. Shopping Center Management Results .................................................................................................. 16
7. Projects for Lease Results ...................................................................................................................... 17
8. Real Estate for Sale Results ................................................................................................................... 17
9. Financial Results..................................................................................................................................... 18
10. Project Development............................................................................................................................. 25
11. MULT3 Indicators & Stock Market ........................................................................................................ 28
12. Portfolio ................................................................................................................................................. 29
13. Ownership Structure ............................................................................................................................. 31
14. Operational and Financial Data............................................................................................................. 33
15. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report .............................................. 35
16. Appendices ........................................................................................................................................... 38
17. Glossary and Acronyms ........................................................................................................................ 42
The Evolution of Multiplan's Financial Indicators
R$ Million
2007
(IPO)
2008
2009
2010
2011
2012
2013
Gross Revenue
368.8
452.9
534.4
662.6
742.2
1,048.0
1,074.6
Net Operating Income
212.1
283.1
359.4
424.8
510.8
606.9
691.3
846.1
EBITDA
212.2
247.2
304.0
350.2
455.3
615.8
610.7
FFO
200.2
237.2
272.6
368.2
415.4
515.6
21.2
74.0
163.3
218.4
298.2
388.1
Net Income
2015
Change %
(2015/2007)
CAGR %
(2015/2007)
1,245.0 1,205.2
226.8%
16.0%
934.8
340.8%
20.4%
793.7
789.2
271.9%
17.8%
426.2
552.9
530.7
165.1%
13.0%
284.6
368.1
362.2
1,611.9%
42.6%
2014
2007 EBITDA adjusted for expenses related to the Company's IPO.
1.2541.222
1.113
915 948
945
880
686
474
381
644
573
218
305
385441
708
543584
527
791 794
648
329368
213256
310
214233
381
473457453
539531
24
Gross Revenue
Mar/08 (LTM)
Mar/09 (LTM)
Net Operating Income

Mar/10 (LTM)
Mar/11 (LTM)
EBITDA
Mar/12 (LTM)
FFO
Mar/13 (LTM)
Mar/14 (LTM)
235
106166
363
359334
296355
Net Income
Mar/15 (LTM)
Mar/16 (LTM)
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 1Q16, Multiplan owned 18
shopping centers with a total GLA of 770,206 m - with an average interest of 73.8% - of which 17 shopping centers were managed
by the Company, with over 5,400 stores and estimated annual traffic of 180 million visitors. Multiplan also owned - with an average
interest of 92.4% - two corporate office complexes with total GLA of 87,558 m, representing a total GLA of 857,764 m.
EBITDA REACHES R$199 MILLION AND

OCCUPANCY RATE STANDS AT 98% IN 1Q16
Good start to an expected
tough 2016: Steady operating
metrics lead to revenue growth
in spite of strong comparable
margins; overall, net income
remains stable.

Evolution of Tenants Sales
1Q16 vs. 1Q15 comparison, unless otherwise stated:
Tenants sales increase 3.1% and Same Area

Sales grow 4.2% in 1Q16. The record spread
between SAS and SSS of 2.6% highlights the
continuous positive changes in the tenant mix.
Evolution of Margins
Occupancy rate is kept at 97.9% in the

quarter, a 10 b.p. drop compared to 4Q15.
Rental revenue increases 6.7% and shopping
center Same Store Rent grows 5.8% in 1Q16.
Parking revenue increases 9.4%, and the NOI
achieved R$229.3 million, 4.6% higher.
85.5%
88.5%
89.0%
64.0%
69.5%
72.2%
44.7%
47.4%
48.3%
29.3%
31.2%
33.0%
Mar-14 (LTM)
Net debt/EBITDA ratio sees slight decrease

to 2.33x, given the increase in cash and cash
availability to R$464.1 million. All of Multiplans
debt is in local currency (R$).
Mar-15 (LTM)
Mar-16 (LTM)
NOI + Key Money Margin
EBITDA Margin
FFO Margin
Net Income Margin
Evolution of Net Debt / EBITDA
2.44x
2.42x
2.44x
2.33x
Net income reaches R$70.1 million, in line with

the R$69.6 million recorded in 1Q15. In the last
12 months, net income recorded R$362.7
million and FFO R$530.6 million, implying a
CAGR of 10.6% and 8.3%, respectively, over
the previous two 12-month periods.
2.23x
1Q15
2Q15
3Q15
4Q15
1Q16
Evolution of MULT3 in BM&FBOVESPA
MULT3 stock quote (in BM&FBOVESPA)

increased 41.3% during 1Q16, priced at
R$53.70 by the end of the quarter. Average
daily traded volume was R$40.6 million in the
period.
150
MULT3 price
+41.3%
Ibovespa
+16.9%
140
130
120
110
100
90
80
Dec-15
Jan-16
Feb-16
Mar-16
1Q16
MULT3
1. Consolidated Financial Statements Managerial Report

(R$'000)
Rental revenue
Services revenue
Key money revenue
1Q16
1Q15
Chg. %
207,233
194,216
6.7%
37,103
27,617
34.3%
3,518
7,895
55.4%
46,474
42,492
9.4%
Real estate for sale revenue
3,930
11,286
65.2%
Straight-line effect
9,663
8,690
11.2%
Parking revenue
Other revenues
1,328
764
73.7%
Gross Revenue
309,248
292,961
5.6%
Taxes and contributions on sales and services
(30,424)
(28,259)
7.7%
Net Revenue
278,824
264,702
5.3%
Headquarters expenses
(31,900)
(25,664)
24.3%
Share-based compensations
(5,314)
(3,930)
35.2%
Shopping centers expenses
(32,108)
(22,958)
39.9%
Office towers for lease expenses
(1,943)
(3,230)
39.8%
New projects for lease expenses
(1,493)
(1,754)
14.9%
(871)
(652)
33.6%
(2,148)
(8,334)
74.2%
New projects for sale expenses

Cost of properties sold
Equity pickup
Other operating income/expenses
EBITDA
Financial revenue
859.0%
(4,257)
(4,482)
5.0%
198,799
193,700
2.6%
21,160
11,211
88.7%
Financial expenses
(70,327)
(56,161)
25.2%
Depreciation and amortization
(39,550)
(39,196)
0.9%
Earnings Before Taxes
110,082
109,554
0.5%
Income tax and social contribution
(34,975)
(34,037)
2.8%
(4,976)
(5,906)
15.7%
Deferred income and social contribution taxes

Minority interest
Net Income
(R$'000)
NOI
NOI margin
NOI + Key Money
NOI + key money margin
Property EBITDA
Property EBITDA margin
EBITDA (Shopping Center + Real Estate)
EBITDA margin
(51)
(18)
179.0%
70,079
69,593
0.7%
1Q16
1Q15
Chg. %
229,319
219,211
4.6%
87.1%
89.3%
226 b.p.
232,837
227,106
2.5%
87.2%
89.7%
242 b.p.
200,232
195,382
2.5%
72.7%
76.8%
403 b.p.
198,799
193,700
2.6%
71.3%
73.2%
188 b.p.
70,079
69,593
0.7%
Net income margin
25.1%
26.3%
116 b.p.
Adjusted Net Income
75,055
75,499
0.6%
26.9%
28.5%
160 b.p.
114,605
114,695
0.1%
41.1%
43.3%
223 b.p.
Net Income
Adjusted net income margin

FFO
FFO margin
1Q16
MULT3
2. Fair Value of Investment Properties According to CPC 28

Multiplan valued its investment properties internally and assessed 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 (Professor at New York University), (ii) stock market performance of Multiplan shares (Beta), in addition to (iii)
macroeconomic projections published by the Central Bank, and (iv) data on the risk premium of the domestic market (country risk
measured by the Emerging Markets Bond Index Plus Brazil). Using these assumptions, the Company estimated a weighted
average, nominal and unleveraged, discount rate of 14.73% on March 31, 2016, as a result of a basic discount rate of 14.19%
calculated according to CAPM, and a weighted average risk spread of 52 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
1Q16
2015
2014
2013
2012
Risk free rate

Market risk premium
Adjusted beta
Sovereign risk
Spread
Shareholders cost of capital - US$ nominal
3.45%
6.05%
0.76
247 b.p.
52 b.p.
11.05%
3.45%
6.05%
0.78
232 b.p.
51 b.p.
11.00%
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) (1)
Inflation (USA)
Shareholders cost of capital BRL nominal
5.79%
2.40%
14.73%
6.53%
2.40%
15.47%
6.53%
2.40%
15.11%
5.98%
2.30%
14.64%
5.47%
2.30%
13.66%
(1) Estimated inflation (BR) for 1Q16 considers the 4-year average between April 2016 and March 2020. The estimated inflation (BR) for 2012, 2013, 2014 and 2015
models considered the inflation forecast for the following 12 months.
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. Perpetuity was calculated assuming
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 Centers and office towers in operation ,,
Projects under development (disclosed) ,,
Future projects (not disclosed)
Total
1Q16
2015
2014
2013
2012
R$ 15,131 M
R$ 15,465 M
R$ 15,683 M
R$ 14,089 M
R$ 13,418 M
R$ 223 M
R$ 181 M
R$ 32 M
R$ 123 M
R$ 715 M
R$ 366 M
R$ 379 M
R$ 284 M
R$ 430 M
R$ 569 M
R$ 15,720 M
R$ 16,024 M
R$ 15,999 M
R$ 14,642 M
R$ 14,702 M
In 2012, the JundiaShopping, ParkShoppingCampoGrande, VillageMall, 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.
1Q16
MULT3
Following the CPC 19 (R2) Joint business pronouncement, issued by the Accounting Standards Committee (CPC), the 37.5%
ownership interest in ShoppingSantarsula and 50.0% in Parque Shopping Macei project through the joint controlled investees
were not considered in the fair value calculation.
Fair
Value
Future projects (not disclosed)

Properties under development (disclosed)
Properties in operation
17.5 B
15.7 B
15.0 B
12.5 B
10.0 B
7.5 B
5.0 B
2.5 B
.0 B
2010
2011
2012
2013
2014
2015
1Q16
Evolution of Fair Value (R$)
Fair Value per share (R$)
Growth of Fair Value, NOI and owned GLA

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

March 31, 2016
Enterprise Value and Fair Value (R$)
Calculated according to CPC 28

Based on stock price on March 31, 2016, of R$53.70
The sum of Market Cap and Net Debt
1Q16
MULT3
3. Operational Indicators
3.1 Tenant Sales
A positive start in a tough scenario
Tenants in Multiplans shopping centers recorded sales of R$3.0 billion in
1Q16, an increase of R$91.3 million on top of 1Q15, equivalent to a 3.1%
growth, another consecutive increase despite the challenging macro scenario
affecting retail performance in the country.
In the twelve months ended on March 31, 2016, the satellite stores recorded
sales of R$26,015/m, equivalent to US$620 per square foot (based on an
average exchange rate of USD/BRL 3.90 in 1Q16).
Evolution of tenants sales (billion R$)
Shopping Center Sales (100%)
Opening
BH Shopping
1979
1Q16
1Q15
Chg.%
246.2 M
253.4 M
2.8%
RibeiroShopping
1981
166.6 M
173.9 M
4.2%
BarraShopping
1981
433.8 M
417.8 M
3.8%
MorumbiShopping
1982
374.3 M
345.7 M
8.3%
ParkShopping
1983
245.1 M
249.1 M
1.6%
DiamondMall
1996
136.0 M
132.9 M
2.4%
New York City Center
1999
60.8 M
54.9 M
10.8%
Shopping Anlia Franco
1999
226.4 M
217.9 M
3.9%
ParkShoppingBarigi
2003
196.2 M
195.9 M
0.2%
Ptio Savassi
2007
88.5 M
85.0 M
4.1%
ShoppingSantarsula
2008
37.0 M
41.3 M
10.4%
BarraShoppingSul
2008
170.1 M
171.0 M
0.5%
ShoppingVilaOlmpia
2009
93.4 M
90.9 M
2.7%
ParkShoppingSoCaetano
2011
124.9 M
116.6 M
7.1%
JundiaShopping
2012
96.0 M
95.1 M
0.9%
ParkShoppingCampoGrande
2012
99.8 M
88.2 M
13.2%
VillageMall
2012
122.2 M
108.5 M
12.7%
Parque Shopping Macei
2013
90.9 M
78.9 M
15.2%
3,008.2 M
2,916.9 M
3.1%
Total
Ptio Savassi opened in 2004 and was acquired by Multiplan in June 2007
ShoppingSantarsula opened in 1999 and was acquired by Multiplan in April 2008
Same Area Sales growth of 12.1% in two years

Same Area Sales (SAS) increased 4.2% in the quarter,
compared to the same period of the previous year, the highest
increase over the last four quarters, while Same Store Sales
were up 1.6% over the same period. The record spread between
SAS and SSS of 260 b.p., the highest ever recorded together
with 2Q14, underscores the value added to the portfolio by the
successful tenant mix improvement strategy.
Evolution of Same Area Sales (LTM) Base: Mar-13
1Q16
MULT3
Services segment grows 7.3% in SSS
Same Store Sales
1Q16 x 1Q15
Anchor Satellite
SSS continued to be driven by the Services, Miscellaneous and
Food Court & Gourmet Area
Total
3.9% 3.9%
Food Court & Gourmet Area segments, with increases of 7.3%,
Apparel
2.2%
0.3% 0.8%
4.3% and 3.9%, respectively. In the Services segment, pharmacies
Home & Office
8.3%
2.6% 4.7%
and movie theaters recorded the strongest performances, while the
Miscellaneous
8.7%
1.9% 4.3%
Services
8.0%
7.2% 7.3%
Total
1.5%
1.6% 1.6%
Miscellaneous segment was led by computing, fragrances and

variety products stores.
Breakdown of Same Store Sales per segment
Same Area Sales
Same Store Sales

12.0%
9.7%
9.5%
9.4%
7.4%
8.2%
1Q12
8.1%
2Q12
8.5%
3Q12
8.8%
7.7%
8.0%
9.3%
8.8%
6.7%
5.7%
6.8%
8.1%
4Q12
1Q13
5.8%
2Q13
8.4%
3Q13
7.6%
4Q13
8.3%
1Q14
9.4%
2Q14
5.7%
6.1%
7.9%
3Q14
4Q14
3.9%
4.2%
2.8%
2.7%
4.3%
1.2%
0.6%
2.1%
1.6%
1Q15
2Q15
3Q15
4Q15
1Q16
SAS and SSS Evolution (year/year)
1Q16
MULT3
3.2 Operational Indicators

Occupancy rate drops 10 b.p. at a still strong 97.9%
The average shopping center occupancy rate stood at 97.9% in 1Q16, almost in line when compared to the end of 2015. The
occupancy remains also in line with the average of the last five first-quarters of 97.9%, therefore representing a strong start in a
challenging year. Multiplans first ten opened shopping centers presented an average occupancy rate of 98.9%, reinforcing the
thesis of consolidated high-productivity malls being more resilient, retaining higher occupancy rates compared to the market
average.
98.6%
98.5%
3Q14
4Q14
1Q15
98.0%
2Q14
98.1%
1Q14
98.4%
4Q13
99.0%
3Q13
98.8%
2Q13
98.4%
1Q13
98.6%
4Q12
98.1%
3Q12
97.6%
98.1%
2Q12
98.5%
97.8%
97.2%
1Q12
97.9%
97.5%
2Q15
3Q15
4Q15
1Q16
Evolution of shopping center occupancy rate: 1Q12 1Q16
Occupancy cost 47 b.p. higher over 1Q15

Occupancy cost in 1Q16 was 13.9%, 47 b.p. higher compared to the
14.0%
14.2%
13.7%
13.5%
13.9%
5.8%
6.0%
5.9%
5.4%
5.8%
8.2%
8.1%
7.8%
8.1%
8.1%
same period of the previous year, due to a slower pace in sales and
higher inflation effect on rent and common costs in the period.
The occupancy cost remained at the same level of 1Q12, showing that
the Company managed to maintain the tenants healthy in this tough
scenario.
1Q12
1Q13
1Q14
1Q15
1Q16
3Q10 3Q11 3Q12 3Q13 3Q14 3Q15
Rent as % of Sales
Other as % of Sales
Occupancy cost breakdown: 1Q12 1Q16
Multiplan shopping center tenants gross delinquency rate (rental payments more than 25 days late) was 4.5% in 1Q16. The
challenging economic environment as well as specific tenants special situations impacted overall retailers capital availability,
which, along with the December double-rent charge, prompted the increase in delinquency rate. If considering recoveries for past
periods, the delinquency rate (net) would be of 3.6%. In the same period of comparison, rent loss was 1.0%.
6.6%
5.8%
3.2%
4.5%
3.2%
2.2% 1.9% 1.8%
1.7% 2.1%
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
1.0%
1.0% 1.0%
0.4%
0.6%
0.5% 0.5%
0.4% 0.3%
0.2%
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16
Delinquency Rate (Gross)
Rent Loss
Historical Delinquency Rate (Gross) and Rent Loss: 1Q07 1Q16
10
1Q16
MULT3
4. Gross Revenue
Gross revenue grows 5.6% in 1Q16 or 8.4% when excluding real estate for sale revenues
Gross revenue totaled R$309.2 million in 1Q16, a growth of 5.6%
compared to 1Q15. Rental, services and parking revenue were the
main drivers, with a combined addition of R$26.5 million. Real estate
for sale revenue, as expected, was down 65.2% when compared to
the same period in the previous year.
As mentioned in previous reports, the Company develops mixed-use
projects for sale with an opportunistic approach, searching for market
conditions that maximize margins and returns. Due to the markets
downbeat mood, the Company did not identify these opportunities,
holding potential launchings and thus reducing the real estate for
sale revenue compared to the years before.
Gross revenue growth (R$) 1Q16
Gross revenue breakdown 1Q16
Real estate for sales as a percentage of gross revenue
1Q16 gross revenue growth breakdown (Y/Y) (R$)
11
1Q16
MULT3
5. Property Ownership Results

5.1 Rental Revenue
Rental revenue totals R$207.2 million in 1Q16, up 6.7%
Rental revenue grew 6.7% compared with 1Q15, to R$207.2 million in 1Q16, despite the 74 b.p. increase in the vacancy rate
compared to the same period of the last year. Rental revenue is composed of base rent, merchandising and overage rent, which
in 1Q16 represented 90.9%, 6.2%, and 2.9% of total rent, respectively. New York City Center and Ptio Savassi were the main
positive highlights, growing 13.7% and 10.1% in the quarter, respectively, benefiting from new store openings. New York City
Center occupancy rate was also benefited, reaching 100% in 1Q16 versus 97.5% in 1Q15. VillageMall, JundiaShopping and
ShoppingSantarsula combined rental revenue decreased 11.4%, due to the higher turnover, higher temporary discounts and
higher vacancy rate in the malls.
Additional data can be obtained from the Fundamentals Spreadsheet on Multiplans investor relations website:
(ir.multiplan.com.br).
Rental revenue breakdown 1Q16
1Q16 Rental revenue growth breakdown (Y/Y) (R$)
Morumbi Corporates rental revenue grows 46.4% over 1Q15

Morumbi Corporate, the two-tower office complex
LTM: R$72.5 M
(Diamond Tower and Golden Tower) located across

from MorumbiShopping, added R$21.2 million to
rental revenue in 1Q16, an increase of 46.4%
compared to 1Q15. In the last twelve months, the
10.1 M 11.1 M
tower contributed with R$72.5 million, an increase of

47.6% over the year before. As of March 2016,
13.4 M 14.5 M
15.0 M
17.2 M
19.0 M
21.2 M
5.6 M
1.3 M
91.5% of the projects GLA was leased, a slight

increase over the previous quarter.
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
The evolution of Morumbi Corporate rental revenue (R$)
12
1Q16
MULT3
Rental Revenue (R$)
Opening
1Q16
1Q15
Chg.%
BH Shopping
1979
19.3 M
18.4 M
4.9%
RibeiroShopping
1981
10.8 M
11.3 M
4.8%
BarraShopping
1981
25.4 M
23.5 M
8.2%
MorumbiShopping
1982
25.1 M
23.7 M
6.3%
ParkShopping
1983
13.2 M
12.0 M
9.5%
DiamondMall
1996
10.4 M
9.8 M
6.0%
1999
2.2 M
2.0 M
13.7%
ShoppingAnliaFranco
1999
6.2 M
6.1 M
2.7%
ParkShoppingBarigi
2003
11.9 M
11.6 M
2.9%
Ptio Savassi
2007
7.0 M
6.4 M
10.1%
ShoppingSantarsula
2008
1.1 M
1.2 M
12.6%
BarraShoppingSul
2008
13.4 M
12.8 M
4.4%
ShoppingVilaOlmpia
2009
4.4 M
4.3 M
2.8%
2011
9.8 M
9.8 M
0.6%
JundiaShopping
2012
6.5 M
7.4 M
12.0%
2012
8.1 M
8.0 M
2.4%
VillageMall
2012
7.8 M
8.7 M
10.7%
2013
3.1 M
2.9 M
6.4%
Morumbi Corporate
2013
21.2 M
14.5 M
46.4%
ParkShopping Corporate
2014
0.3 M
207.2 M
194.2 M
6.7%
Total
Ptio Savassi opened in 2004 and was acquired by Multiplan in June, 2007
2 ShoppingSantarsula opened in 1999 and was acquired by Multiplan in April, 2008
SSR grows 5.8% in 1Q16

Multiplan reported Same Store Rent (SSR) of R$107/m per month in 1Q16, an increase of 5.8% over this metric in 1Q15, when
SSR posted a 9.5% growth. The IGP-DI adjustment effect was 7.5% in the quarter, leading to a negative real growth of 1.7%.
Real SSR:
3.9%
11.9%
7.7%
1Q12
3.9%
1.8%
10.4%
2.6%
4.3%
0.6%
3.5%
1.2%
0.9%
8.0%
6.8%
6.7%
5.9%
4Q13
1Q14
11.4%
11.4%
7.7%
8.6%
6.3%
5.7%
5.9%
6.8%
7.4%
2Q12
3Q12
4Q12
1Q13
2Q13
8.0%
7.6%
3Q13
SSR
4.1%
2.7%
3.4%
4.1%
8.8%
9.2%
9.5%
5.8%
5.9%
5.6%
2Q14
3Q14
4Q14
10.1%
2.4%
2.4%
0.3%
-1.7%
7.0%
6.8%
6.2%
7.5%
5.8%
5.2%
4.5%
4.4%
1Q15
2Q15
3Q15
5.9%
4Q15
1Q16
IGP-DI Adjustment Effect
Same Store Rent (SSR) breakdown - Nominal and real growth
13
1Q16
MULT3
5.2 Parking Revenue

Parking revenue up 9.4% to R$46.5 million in 1Q16
In 1Q16 parking revenue reached R$46.5 million, a growth of 9.4% when
compared to 1Q15, boosted by longer consumer stays and parking fee
increases in shopping centers. Car flows basically remained unchanged.
Parking revenue evolution (R$)
5.3 Properties Expenses

Shopping center expenses reaches R$32.1 million in 1Q16
Shopping center expenses totaled R$32.1million in 1Q16, 39.9%
higher than in 1Q15. The main drivers of this increase were common
costs and rent provisions related to the higher delinquency and
temporary vacancy expenses resulting from turnover.
As a percentage of shopping center revenues, mall expenses
reached 13.9% in 1Q16.
Shopping center expenses evolution (R$) and as % of
shopping center revenues
(mall rental and parking revenues)
Office towers margin reach 91.0%

The 48.6% increase in revenues and the 39.8% decrease in expenses
in 1Q16 led the office towers activity to record a 91.0% operating
margin. Morumbi Corporate currently has 91.5% of its GLA leased.
Office towers expenses evolution (R$)
14
1Q16
MULT3
5.4 Net Operating Income NOI

NOI up 4.6% in 1Q16 to R$229.3 million
Multiplan recorded a Net Operating Income (NOI) of R$229.3 million in 1Q16, an increase of 4.6% over 1Q15, and the margin
in the quarter was 87.1% down by 226 b.p. In the last 12 months, NOI increased 7.4%, totaling R$944.9 million, implying a twoyear CAGR of 15.5%.
The NOI + Key Money reached R$232.8 million, 2.5% higher when compared to the same period in 2015. The NOI + Key Money
margin decreased 242 b.p. to 87.2%, when compared to 1Q15. Strong rental revenue and parking revenue and lower office for
lease expenses, contributed to maintaining margins at a high level.
NOI and NOI margin (R$)

NOI (R$) and NOI margin (%) evolutions LTM
NOI Calculation (R$)

Rental revenue
Parking revenue
1Q16
1Q15
207.2 M
194.2 M
9.7 M
8.7 M
46.5 M
42.5 M
6.7%
Mar-16
(LTM)
874.7 M
Mar-15
(LTM)
827.6 M
11.2%
8.9 M
6.5 M
36.6%
9.4%
180.7 M
164.6 M
9.8%
Chg.%
Chg. %
5.7%
Operational revenue
263.4 M
245.4 M
7.3%
1,064.3 M
998.8 M
6.6%
Shopping center expenses
(32.1 M)
(23.0 M)
39.9%
(110.2 M)
(104.0 M)
6.0%
Office for lease expenses
(1.9 M)
(3.2 M)
39.8%
(9.2 M)
(15.2 M)
39.9%
229.3 M
219.2 M
4.6%
944.9 M
879.6 M
7.4%
NOI margin
87.1%
89.3%
226 b.p
88.8%
88.1%
72 b.p
Key Money
3.5 M
7.9 M
55.4%
20.5 M
34.5 M
40.4%
Operational revenue + Key Money
266.9 M
253.3 M
5.4%
1,084.8 M
1,033.3 M
5.0%
NOI + Key Money
232.8 M
227.1 M
2.5%
965.5 M
914.1 M
5.6%
87.2%
89.7%
242 b.p
89.0%
88.5%
53 b.p
NOI
NOI + Key Money margin
5.12
4.85
3.85
4.06
1.02
1.05
1.20
1.24
1Q13 /
Mar-13
(LTM)
1Q14 /
Mar-14
(LTM)
1Q15 /
Mar-15
(LTM)
1Q16 /
Mar-16
(LTM)
CAGR:
+11.8%
3.18
0.79
1Q12 /
Mar-12
(LTM)
CAGR:
+12.7%
NOI + Key Money per share (1Q)

NOI + Key Money per share (LTM)
NOI + Key Money per share (R$)
Shares outstanding adjusted for shares held in treasury
15
1Q16
MULT3
6. Shopping Center Management Results

6.1 Services Revenue
Services revenue totals R$37.1 million in 1Q16
Services revenue totaled R$37.1 million in 1Q16, 34.3% higher
than in 1Q15, impacted by a non-recurring service fee. The
services revenue account is mainly composed of portfolio
management, brokerage and transfer fees, and represented in
1Q16 116.3% of the G&A expenses in the quarter.
Quarterly services revenue evolution (R$)
6.2 General and Administrative Expenses (Headquarters)

G&A expenses sum R$31.9 million in 1Q16
In 1Q16 G&A expenses totaled R$31.9 million, 4.6% below G&A
expenses in 4Q15 and 24.3% higher than in 1Q15, when the nonrecurring reversal of R$5.7 million in provisions benefited the
headquarters account. As a percentage of net revenues, G&A
represented 11.4% in the quarter.
The share-based compensantions account increased 35.2%, from

R$3.9 million in 1Q15 to R$5.3 million in 1Q16, due to the impact
Quarterly G&A evolution (R$)
of Multiplans share price increase (of 41.3% in the quarter) on the

phantom stock option plan valuation. It is worth to mention that this
expense does not represent a cash event.
G&A evolution (R$) excluding non-recurring items
16
1Q16
MULT3
7. Projects for Lease Results

Key Money revenue adds R$3.5 million in 1Q16
Key Money accrual in 1Q16 totaled R$3.5 million, a
Key Money Revenue (R$)
1Q16 1Q15
55.4% decrease compared with 1Q15, and mainly
Operational (Recurring)
0.7 M 1.4 M 51.3%
composed of areas delivered in the last five years.
Projects opened in the last 5 years (Non-recurring) 2.8 M 6.4 M 56.3%
The operational (recurring) key money added R$0.7
Chg. %
3.5 M 7.9 M 55.4%
Key Money Revenue
million in revenues in the quarter.
New projects for lease expenses of R$1.5 million in 1Q16

Pre-operational expenses related to feasibility studies
and brokerage fees for new projects, and property taxes
from land for future developments, were responsible for
the new projects for lease expenses of R$1.5 million.
Quarterly New Projects for Lease Expenses (R$)
8. Real Estate for Sale Results

In 2015, Multiplan delivered two towers in the
BarraShoppingSul Complex: Rsidence du Lac and
Diamond Tower. Following the PoC (percentage of
completion) accounting method, in 1Q15 R$11.3 million
of revenues and R$8.3 million of costs were accrued
and, in 1Q16, the amount dropped to R$3.9 million and
R$2.1 million respectively.
Real Estate for Sale Revenue (R$)
Given the challenging real estate market conditions and the possibility of contract terminations, the company provisioned a R$3.7
million loss in the other operating expenses account. This loss may increase or be reversed depending on legal opinions
regarding current and future contract negotiations.
Projects average sales value (PSV) was R$11,327/m and the accumulated gross margin was 34.8%.
New projects for sale expenses, composed mainly of brokerage fees and property taxes (IPTU) for the land bank, amounted to
R$0.9 million in 1Q16.
17
1Q16
MULT3
9. Financial Results
9.1 EBITDA
Consolidated EBITDA continues to grow, leading to the highest figure for a first quarter
Consolidated EBITDA totaled R$198.8 million in 1Q16, a 2.6% growth over 1Q15, mainly due to the 5.3% increase in net revenue,
driven by increases in services (+34.3%) and parking (+9.4%) revenues.
In contrast, the Consolidated EBITDA margin was 188 b.p.
lower than in the same period of last year, reaching 71.3%, due
to (i) 24.3% increase in headquarters expenses, whereas in
1Q15 a reversal of provisions reduced the G&A account and (ii)
39.9% growth in shopping center expenses when compared
with the 1Q15.
Consolidated EBITDA (R$) and EBITDA margin (%)
Consolidated EBITDA (R$)
5.3%
Mar-16
(LTM)
1,099.5 M
Mar-15
(LTM)
1,137.8 M
(25.7 M)
24.3%
(130.8 M)
(118.1 M)
10.7%
(3.9 M)
35.2%
(14.2 M)
(15.5 M)
8.7%
1Q16
1Q15
Chg. %
Net Revenue
278.8 M
264.7 M
(31.9 M)
(5.3 M)
Shared-based compensations
Chg. %
3.4%
(32.1 M)
(23.0 M)
39.9%
(110.2 M)
(104.0 M)
6.0%
Office towers for lease expenses
(1.9 M)
(3.2 M)
39.8%
(9.2 M)
(15.2 M)
39.9%
(1.5 M)
(1.8 M)
14.9%
(14.5 M)
(8.6 M)
69.6%
(0.9 M)
(0.7 M)
33.6%
(4.4 M)
(5.7 M)
23.0%
(2.1 M)
(8.3 M)
74.2%
(12.8 M)
(64.2 M)
80.1%
0.0 M
0.0 M
859.0%
0.0 M
(0.6 M)
n.a.
Equity pickup
Other operating income (expenses)
Consolidated EBITDA
Consolidated EBITDA Margin
(4.3 M)
(4.5 M)
5.0%
(9.2 M)
(15.0 M)
38.6%
198.8 M
193.7 M
2.6%
794.3 M
790.9 M
0.4%
71.3%
73.2%
188 b.p
72.2%
69.5%
273 b.p.
The last 12 months Consolidated EBITDA reached R$794.3

million, a slight increase of 0.4% over March 2015 (LTM). When
compared with the same period of 2014, the Consolidated
EBITDA was up 22.6%, implying a two-year CAGR of 10.7%.
In the same period, the Consolidated EBITDA margin increased
273 b.p. to 72.2%, up from 69.5%, with other margins following
the same trend, as shown in the chart on the next page.
Consolidated EBITDA (RS) and

EBITDA margin (%) evolutions - LTM
18
1Q16
MULT3
85.5%
88.5%
89.0%
64.0%
69.5%
72.2%
44.7%
47.4%
48.3%
29.3%
31.2%
33.0%
Mar-14 (LTM)
Mar-15 (LTM)
Mar-16 (LTM)
NOI + Key Money Margin
Consolidated EBITDA Margin
FFO Margin
Net Income Margin

Evolution of Margins (%)
Property EBITDA of R$200.2 million in 1Q16 with a margin of 72.7%

Property EBITDA, which excludes revenues and expenses
from real estate for sale and future developments, increased
2.5% compared to 1Q15, driven by an 8.4% increase in
property gross revenue.
The Property EBITDA margin, however, decreased 403 b.p., to
72.7%, down from 76.8% in 1Q15, due to the same reasons
explained in the Consolidated EBITDA topic.
In the last 12 months, the Property EBITDA margin decreased
Property EBITDA (R$) and Property EBITDA margin (%)
40 b.p. to 75.0%, down from 75.4% in the same period of the

previous year.
1Q16
1Q15
Chg. %
Mar-16
(LTM)
Mar-15
(LTM)
Chg. %
Property Gross Revenue
305.3 M
281.7 M
8.4%
1,210.0 M
1,151.2 M
5.1%
(30.0 M)
(27.2 M)
10.6%
(120.8 M)
(106.6 M)
13.3%
Property Net Revenue
275.3 M
254.5 M
8.2%
1,089.2 M
1,044.6 M
4.3%
(31.5 M)
(24.7 M)
27.6%
(129.6 M)
(108.4 M)
19.5%
(5.2 M)
(3.8 M)
38.8%
(14.0 M)
(14.3 M)
1.5%
(32.1 M)
(23.0 M)
39.9%
(110.2 M)
(104.0 M)
6.0%
(1.9 M)
(3.2 M)
39.8%
(9.2 M)
(15.2 M)
39.9%
Property EBITDA (R$)
Shared-based compensations
Office towers expenses
Other operating income (expenses)
Property EBITDA
Property EBITDA Margin
(4.3 M)
(4.5 M)
5.0%
(9.2 M)
(15.0 M)
38.6%
200.2 M
195.4 M
2.5%
817.0 M
787.7 M
3.7%
72.7%
76.8%
403 b.p.
75.0%
75.4%
40 b.p.
(1) Property Gross Revenue: does not include real estate for sale revenues.
(2) Headquarters expenses, stock options and taxes: proportional to the property revenues as a percentage of gross revenue.
(3) Property EBITDA: does not include real estate for sale activities (revenues, taxes, costs and expenses) and expenses related to future developments.
19
1Q16
MULT3
9.2 Financial Results, Debt and Cash

Leverage decreases to 2.33x net debt-to-EBITDA
At the end of 1Q16, Multiplan presented a net debt of R$1,850.7 million, a 3.9% reduction over 4Q15. The Company reduced its
net debt-to-EBITDA leverage from 2.44x in the end of 2015 to 2.33x by March 2016.
Financial Position Breakdown (R$)
March 31, 2016
December 31, 2015
Chg. %
Current Liabilities
252.3 M
233.6 M
8.0%
Loans and financing
173.8 M
168.6 M
3.1%
Debentures
26.3 M
12.0 M
118.8%
Obligations from acquisition of goods
52.2 M
53.0 M
1.5%
Non Current Liabilities
2,062.5 M
2,074.3 M
0.6%
Loans and financing
1,633.1 M
1,636.1 M
0.2%
398.2 M
398.2 M
0.0%
22.1%
Debentures
Obligations from acquisition of goods
Gross Debt
Cash and Cash Equivalents
Net Debt
EBITDA LTM
Fair Value of Investment Properties
31.2 M
40.0 M
2,314.8 M
2,307.9 M
0.3%
464.1 M
382.1 M
21.5%
1,850.7 M
1,925.8 M
3.9%
794.3 M
789.2 M
0.6%
15.720,4 M
16,024.5 M
1.9%
In 1Q16, the Company strengthened its balance sheet by boosting the cash position. Cash and cash equivalents increased 21.5%
over 4Q15, benefiting from cash generation of existing operations and ParkShoppingCanoas financing withdraws. The R$464.1
million cash and cash equivalents in March 31, 2016 exceeded the R$446.4 million of liability amortizations planned for the next
2 years. The LTM FFO of R$530.6 million also exceeds the amortization amount for this time period.
>2020
22.7%
2016
9.0%
2017
10.4%
2018
17.7%
2020
19.9%
2019
20.3%
Multiplans gross debt amortization schedule

on March 31, 2016 (%)
* Debt amortization schedule from Apr-16 to Dec-16
Multiplans debt amortization schedule on March 31, 2016 (R$)
20
1Q16
MULT3
The
EBITDA-to-financial
expenses
ratio
(LTM)
Financial Position Analysis
Mar. 31, 2016
Dec. 31, 2015
decreased from 4.22x to 4.15x, due to a 5.8% increase
Net Debt/EBITDA
2.33x
2.44x
in financial expenses in the last 12 months ended in
Gross Debt/EBITDA
2.91x
2.92x
EBITDA/Financial Results
4.15x
4.22x
11.8%
12.0%
0.54x
0.55x
18.1%
26.7%
52
53
March 2016, as a consequence of a 150 b.p. increase

in the basic interest rate (from 12.75% p.a. on March
Net Debt/Fair Value

Total Debt/Shareholders Equity
31, 2015 to 14.25% p.a. on March 31, 2016). The net
Net Debt/Market Cap
debt-to-market cap ratio decreased from 26.7% in
Weighted Average Maturity (Months)
4Q15 to 18.1%, benefiting from the 41.3% price
EBITDA and Financial Results are the sum of the last 12 months
increase of Multiplans stock, quoted at R$53.70 at the

end of 1Q16.
Multiplan continued its liability management keeping comfortable spreads in its covenants. The spread between net debt-toEBITDA ratio and net debt-to-EBITDA covenant increased to 167 b.p.
Covenant
Net Debt/EBITDA
EBITDA/Financial Results
Total Debt/Total Asset
EBITDA Margin
Total Debt/Shareholders Equity
Limit
Mar-16
<= 4.00x
>= 2.00x
<= 0.50x
>=20.0%
<= 1.00x
2.33x
4.15x
0.32x
71.3%
0.54x
Debt
Volume
1,225.4 M
773.4 M
114.7 M
114.7 M
56.7 M
Total debt with financial covenants
4.00x
Status
Comply
Comply
Comply
Comply
Comply
3.25x
3.25x
2.44x
4.00x
3.50x
2.44x
3.03x
2.36x
2.33x
1,340.1 M
EBITDA and Financial Results are the sum of the last 12 months
2012
2013
2014
Lowest Covenant
2015
Mar-16
Net Debt / EBITDA
Evolution of Net Debt / EBITDA and its lowest covenant
Cost of funding 103 b.p. below Selic

Despite the high basic interest rate, which remained stable at 14.25% p.a. throughout 1Q16, the spread between the Companys
weighted average cost of funding and the Selic basic interest rate was 103 b.p.
8.95%
9.20%
9.34%
9.87%
10.00%
7.25%
Mar-13
8.00%
Jun-13
10.41%
10.75%
10.50%
10.54%
11.00%
11.00%
Jun-14
Sep-14
10.96%
11.75%
13.75%
14.25%
14.25%
14.25%
12.29%
12.81%
13.09%
13.22%
Jun-15
Sep-15
12.75%
11.53%
9.00%
Sep-13
Dec-13
Mar-14
Dec-14
Mar-15
Multiplan Cost of Funding (gross debt)
Dec-15
Mar-16
Selic Rate
Weighted average cost of funding (% p.a.)
21
1Q16
MULT3
Multiplans indebtedness continues to show a wide selection of indexes, with debt linked to the CDI and the TR indexes
representing 92.6% of the total debt outstanding. The debt in CDI represented 52.2% of total indebtedness in 1Q16, up from
46.2% in 1Q15. The TR indexed debt, which was equivalent to 42.6% in 1Q15, represented 40.4% in 1Q16.
Other indexes, like TJLP, IGP-M and others, represented 7.4% in 1Q16, while in 1Q15 these indexes represented 11.2%. All of
Multiplans debt is in local currency Brazilian Reais leaving it with no exposure to exchange rate fluctuations.
Indebtedness interest indexes on March 31, 2016
TR
CDI
TJLP
IGP-M
IPCA
Others
Total
Index
Performance
1.99%
14.25%
7.50%
11.57%
9.39%
0.00%
8.71%
Average
Interest Rate
9.01%
1.02%
3.25%
1.11%
7.62%
8.03%
4.51%
Cost of
Funding
11.01%
15.27%
10.75%
12.68%
17.01%
8.03%
13.22%
Gross Debt
(R$)
934.9 M
1,208.3 M
98.3 M
15.8 M
16.4 M
41.1 M
2,314.8 M
Weighted average annual interest rate.

Index performance for the last 12 months.
Multiplan Debt Indexes as of

March 31, 2016
22
1Q16
MULT3
9.3 Net Income and Funds From Operations (FFO)

Net Income and FFO remain stable in 1Q16
Despite the increase in interest rates, net income presented a 0.7% increase in 1Q16 over the same period of the last year,
reaching R$70.1 million, mainly due to the increase of 5.3% in net revenue, driven by increases in services (+34.3%) and parking
(+9.4%) revenues, also mentioned in the topic 9.1, and considerably offset by a 65.2% drop in real estate for sale revenues and
a 9.4% loss in the financial results. The net income margin decreased 116 b.p. to 25.1% in 1Q16, down from 26.3% in 1Q15.
In the last 12 months, net income was R$362.7 million, 2.1% higher than the same period, ended in March 2015, implying a twoyear CAGR of 10.6%.
Net Income (R$) and margin (%)
FFO & Net Income Calculation
Net Income (R$) and Net Income margin (%) evolutions - LTM
1Q16
1Q15
Chg. % Mar-16 (LTM) Mar-15 (LTM)
Chg. %
Net Revenue
278.8 M
264.7 M
5.3%
1,099.5 M
1,137.8 M
3.4%
Operating expenses
(80.0 M)
(71.0 M)
12.7%
(305.3 M)
(347.0 M)
12.0%
Financial results
(49.2 M)
(44.9 M)
9.4%
(191.4 M)
(170.0 M)
12.6%
(39.5 M)
(39.2 M)
0.9%
(158.0 M)
(161.5 M)
2.1%
(35.0 M)
(34.0 M)
2.8%
(72.5 M)
(81.9 M)
11.5%
Minority interest
(0.1 M)
(0.0 M)
179.0%
0.2 M
0.0 M
997.6%
Adjusted Net Income
75.1 M
75.5 M
0.6%
372.6 M
377.6 M
1.3%
Deferred income and social contribution
(5.0 M)
(5.9 M)
15.7%
(9.9 M)
(22.2 M)
55.3%
Net income
70.1 M
69.6 M
0.7%
362.7 M
355.4 M
2.1%
39.5 M
39.2 M
0.9%
158.0 M
161.5 M
2.1%
5.0 M
5.9 M
15.7%
9.9 M
22.2 M
55.3%
114.6 M
114.7 M
0.1%
530.6 M
539.0 M
1.6%
Deferred income and social contribution
FFO
23
1Q16
MULT3
Strong cash generation

Funds From Operations (FFO) remained stable at R$114.6 million in 1Q16. In the last 12 months, FFO decreased 1.6%, totaling
R$530.6 million, still implying a two-year CAGR of 8.3%.
FFO (R$) and margin (%)
FFO (R$) and FFO margin (%) evolutions - LTM
At the end of the 1Q16, FFO per share represented R$0.61, and in the last 12 months, FFO per share reached R$2.82.
FFO (R$) per share evolution

Shares outsdanding at the end of each period, adjusted for shares held in treasury.
24
1Q16
MULT3
10. Project Development

10.1 CAPEX
Investments of R$57.9 million during 1Q16, mainly for greenfields under development
Multiplan invested R$57.9 million in the first quarter of 2016, of
Investment (R$)
1Q16 % of total
which the largest amount of R$44.0 million was for mall

44.0 M
76.0%
Mall Expansions
7.3 M
13.0%
Renovation, IT & Others
3.8 M
7.0%
future greenfields. Mall expansion investments totaled R$7.3
Office Towers
2.3 M
4.0%
million in 1Q16, and included the final stage of BarraShopping
Land Acquisition & Air Rights
0.5 M
1.0%
Medical Center expansion and small expansions.
Investment
57.9 M
100.0%
development, accounting for 76.0% of the quarters investments.

Greenfield investments were mainly for the development of
ParkShoppingCanoas (picture and details in section 10.3) and for
Mall Development
Renovation and IT investments totaled R$3.8 million in 1Q16. Office tower CAPEX totaled R$2.3 million, including the beginning
of construction of a footbridge that will integrate MorumbiShopping with Morumbi Corporate, in So Paulo.
10.2 Shopping Center Expansions
Medical Center expansion opened in BarraShopping
Recent event - The BarraShopping Medical Center expansion was delivered in April 2016, adding 3,515 m of GLA to the
shopping center. The new area is located above the seventh expansion of BarraShopping, delivered in mid-2014, and occupied
by laboratories, clinics and diagnosis centers, which will complement the services already offered in the existing Medical Center.
In 1994, the Company inaugurated the first Medical Center in BarraShopping, a pionner investment made by Multiplan with 7,204
m of GLA, enhancing an already large and diversified mixed-use complex. BarraShopping Medical Center offers approximately
40 clinics, including laboratories and a day hospital, and totaling 150 doctors. Considering appointments and exams, close to
10,000 people per day are served by the Medical Center
BarraShopping Medical Center Expansion
25
1Q16
MULT3
10.3 Greenfield
ParkShoppingCanoas: under construction
ParkShoppingCanoas is progressing on time and within budget and inauguration is planned for 2017. Currently 72.3% of its GLA
is leased.
Construction works were 39% concluded by the end of March 2016. The foundation phase is complete and the structure phase
was initiated. The structure phase includes: precast concrete structures, retentions, drainage, precast concrete panels of the
facades, waterproofing, metal structures, concrete floor for the covered parking and construction of permanent power connection
for the shopping center. The counterpart works for the expansion of the Parque Getlio Vargas are underway.
About ParkShoppingCanoas: located in the state of Rio Grande do Sul, in the city of Canoas, the project was officially launched
in June 2015. Multiplans 19th shopping center will offer 48,000 m of GLA. Multiplan will have an 80% ownership interest in the
shopping centers income, while the company will invest 94.7% of the projects development costs (CAPEX), which should
represent R$359.3 million in the Companys stake. Third year estimated NOI (Net Operating Income) is R$36.0 million. The third
year NOI yield, considering the net investment, is 10.8%. Following the mixed-use concept adopted by Multiplan in several of its
complexes, which combines shopping centers with real estate projects, ParkShoppingCanoass design already includes plans for
an expansion of 12,000 m of GLA and three towers integrated with the shopping center, with a total private area of 22,500 m.
ParkShoppingCanoas under construction (Mar-16)
26
1Q16
MULT3
10.4 Future Growth and Land Bank

Multiplan currently holds 820,519 m of land for future mixed-use developments
Multiplan owns 820,519 m of land for future mixed-use projects. Based on current internal project assessments, the Company
estimated a total private area for sale of over one million m. All sites shown on the list below are integrated with the Companys
shopping centers and should be used to foster the development of mixed-use projects, primarily for sale.
Shopping Attached to Land
Location
Land Area
BarraShoppingSul
159,587 m
JundiaShopping
4,500 m
ParkShoppingBarigi
Potential Area
Project Type
for Sale
304,515 m Hotel, Apart-Hotel, Office, Residential
11,616 m Office
100%
43,376 m Apart-Hotel, Office
94%
317,755 m
92,774 m Office, Residential
90%
18,721 m
36,948 m
138,000 m Office
86,699 m
182,665 m Office, Residential
102,295 m
22,457 m Hotel, Apart-Hotel, Office
138,749 m Hotel, Apart-Hotel, Office, Residential
ShoppingAnliaFranco
29,800 m
89,600 m Residential
VillageMall
36,000 m
34,038 m Office
Total
100%
28,214 m
ParkShoppingCanoas
RibeiroShopping
% Multiplan
820,519 m
1,057,790 m
n.a.
100%
50%
100%
36%
100%
83%
BarraShoppingSul mixed-use project illustration

Artists rendering for illustrative purposes only Project subject to changes without previous notice
This information is merely informative to provide a 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.
27
1Q16
MULT3
11. MULT3 Indicators & Stock Market

Multiplans stock rises 41.3% in 1Q16
Multiplans stock (MULT3 at BM&FBOVESPA) was quoted at R$53.70 at the end of 1Q16, 41.3% higher than at the end of 4Q15.
This is the largest increase for a first quarter since the IPO. The daily traded volume averaged R$40.6 million in 1Q16, 5.3% higher
than 2015 (R$38.6 million). The daily number of traded shares in the quarter increased 10.2% over 2015, reaching 892,627
shares. Multiplans shares are listed on 18 indexes, including the Bovespa Index (IBOV), Brazil 50 Index (IBrX 50), Brazil Index
(IBrX), and Carbon Efficient Index (ICO2).
Traded Volume (15 day average)
150
140
Multiplan
Ibovespa
+41.3%
+16.9%
70.0 M
60.0 M
130
50.0 M
120
40.0 M
110
30.0 M
100
20.0 M
90
10.0 M
80
Dec-15
Jan-16
0.0 M
Mar-16
Feb-16
1Q16: MULT3, MULT3 volume and Bovespa Index

Base 100 = December 31, 2015
Average daily traded volume (R$)

Average daily traded volume in number of shares
809,890
892,627
41.3%
640,868
492,683
359,710
26.5 M
38.6 M
40.6 M
18.1%
31.7 M
11.4%
17.4 M
2012
2013
2014
2015
1Q12
1Q16
-3.7%
-3.0%
1Q13
1Q14
1Q15
1Q16
MULT3 share price evolution in first quarters
Evolution of daily average number of shares traded
Multiplan is included in the Carbon Efficient Index (ICO2)

As previewed in the last report, Multiplan was included in the Carbon Efficient Index (ICO2), which is valid for a four-month period
from January to April of 2016. The index comprises the shares of companies participating in the IBrX 50 that have agreed to join
the initiative by adopting transparent practices with respect to their greenhouse gas emissions (GHGs). The inclusion reinforces
the Companys commitment with issues related to the sustainability and the environment.
On March 31, 2016, 28.9% of the Companys shares were owned directly or indirectly by Mr. and Mrs. Peres. Ontario Teachers
Pension Plan (OTPP) owned 28.8% and the free-float was equivalent to 41.2%. Shares held by management and in treasury
totaled 1.1% of the outstanding shares. Total shares outstanding were 189,997,214.
MULT3 at BM&FBOVESPA
1Q16
1Q15
Chg. %
Average Closing Price (R$)
44.92
51.32
12.5%
Closing Price (R$)

Average Daily Traded Volume (R$)
Average Daily Traded Volume (# of
shares)
Market Cap (R$)
53.70
56.05
4.2%
40.6 M
44.3 M
8.3%
892,627
868,081
2.8%
10,202.9 M
10,649.3 M
4.2%
Shareholders capital stock breakdown on March 31, 2016.
OTPP Ontario Teachers Pension Plan
28
1Q16
MULT3
12. Portfolio
Opening
State
Multiplan
%
BH Shopping
1979
MG
80.0%
RibeiroShopping
1981
SP
BarraShopping
1981
MorumbiShopping
1982
ParkShopping
1983
DiamondMall
1996
Portfolio 1Q16
Avg. Total
GLA (1Q16)
Avg.
Occupancy
Rate (1Q16)
Sales (LTM)1
Rent (LTM)2
47,138 m
24,454 R$/m
2,102 R$/m
97.9%
80.0%
68,658 m
12,233 R$/m
907 R$/m
97.7%
RJ
51.1%
74,713 m
28,833 R$/m
2,550 R$/m
99.9%
SP
65.8%
56,102 m
31,191 R$/m
2,649 R$/m
99.5%
DF
61.7%
53,524 m
21,944 R$/m
1,632 R$/m
98.2%
MG
90.0%
21,386 m
28,464 R$/m
2,156 R$/m
99.5%
Operating shopping centers
1999
RJ
50.0%
22,257 m
9,735 R$/m
644 R$/m
100.0%
ShoppingAnliaFranco
1999
SP
30.0%
51,719 m
21,052 R$/m
1,675 R$/m
98.0%
ParkShoppingBarigi
2003
PR
84.0%
51,408 m
18,807 R$/m
1,163 R$/m
99.9%
Ptio Savassi
2004
MG
96.5%
19,191 m
22,218 R$/m
1,616 R$/m
98.2%
ShoppingSantarsula
1999
SP
62.5%
23,079 m
8,090 R$/m
344 R$/m
91.0%
BarraShoppingSul
2008
RS
100.0%
73,012 m
15,388 R$/m
762 R$/m
98.5%
ShoppingVilaOlmpia
2009
SP
60.0%
28,370 m
16,073 R$/m
1,158 R$/m
93.1%
2011
SP
100.0%
39,253 m
14,613 R$/m
1,039 R$/m
98.5%
JundiaShopping
2012
SP
100.0%
34,385 m
13,226 R$/m
871 R$/m
95.8%
2012
RJ
90.0%
42,819 m
11,541 R$/m
870 R$/m
95.2%
VillageMall
2012
RJ
100.0%
25,710 m
21,847 R$/m
1,206 R$/m
95.6%
2013
AL
50.0%
37,540 m
10,204 R$/m
699 R$/m
98.0%
73.8%
770,264 m
18,942 R$/m
1,410 R$/m
97.9%
Subtotal operating shopping centers

Operating office tower
ParkShopping Corporate
2012
DF
50.0%
13,360 m
Leasing phase (18.8%)
Morumbi Corporate
2013
SP
100.0%
74,198 m
91.5%
Subtotal operating office towers
92.4%
87,558 m
Total properties for lease
75.7%
857,822 m
80.0%
48,000 m
80.0%
48,000 m
51.1%
3,515 m
Subtotal expansion under development
51.1%
3,515 m
Total portfolio
75.8%
909,337 m
Malls under development

ParkShoppingCanoas
2017
RS
Subtotal malls under development
Expansion under development

BarraShopping Medical Center Exp.
2016
RJ
Sales per m: Sales/m calculation considers only the GLA from stores that report sales, and excludes sales from kiosks, since they are not
counted in the total 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).
29
1Q16
MULT3
30
1Q16
MULT3
13. Ownership Structure

Multiplans ownership structure on March 31, 2016 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.
Multiplans ownership interests in Special Purpose Companies (SPCs) are as follows:

MPH Empreendimento Imobilirio Ltda.: Owns 60.0% interest in ShoppingVilaOlmpia, located in the city of So Paulo, State
of So Paulo. Multiplan holds directly and indirectly a 100.0% interest in MPH.
Manati Empreendimentos e Participaes S.A.: Owns 75.0% interest in ShoppingSantarsula, located in the city of Ribeiro
Preto, State of So Paulo. Multiplan holds a 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.
31
1Q16
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 a 30.0% indirect stake in ShoppingVilaOlmpia via 50.0% holdings in MPH, which in turn
holds 60.0% of ShoppingVilaOlmpia.
Multiplan Greenfield II Empreendimento Imobilirio Ltda.: Owns a 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 a 53.12% interest in Morumbi Corporate. Multiplan
indirectly owns 100.0% interest in Morumbi Corporate.
Jundia Shopping Center Ltda.: Owns a 100.0% interest in JundiaShopping, located in the city of Jundia, State of So Paulo.
Multiplan holds a 100.0% interest in Jundia Shopping Center Ltda.
ParkShopping Campo Grande Ltda.: Owns a 90.0% interest in ParkShoppingCampoGrande, located in the city of Rio de
Janeiro, State of Rio de Janeiro.
ParkShopping Corporate Empreendimento Imobilirio Ltda.: Owns a 50.0% interest in ParkShopping Corporate, an office
tower located in the city of Braslia, Federal District.
ParkShopping Canoas Ltda.: a 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.: a 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.: a SPC established to develop real estate projects in the city of So Paulo, State of So Paulo.
ParkShopping Jacarepagu Ltda.: a SPC established to develop real estate projects in the city of Rio de Janeiro, State of Rio
de Janeiro.
32
1Q16
MULT3
14. Operational and Financial Data

Operational and Financial Highlights
Performance
Financial (MTE %)
1Q16
1Q15
Chg.%
Gross revenue R$'000
309,248
292,961
5.6%
Net revenue R$'000
278,824
264,702
5.3%
502.6
478.6
5.0%
13.0
13.9
6.5%
216,896
202,906
6.9%
391.0
366.9
6.6%
Rental revenue USD/sq. foot
10.1
10.7
5.2%
Monthly rental revenue R$/m
124.5
117.1
6.4%
3.2
3.4
5.3%
229,319
219,211
4.6%
413.4
396.4
4.3%
Net revenue R$/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
Net Operating Income USD/sq. foot
10.7
11.5
7.2%
87.1%
89.3%
226 b.p.
1.22
1.16
4.9%
232,837
227,106
2.5%
419.7
410.6
2.2%
10.9
11.9
9.0%
87.2%
89.7%
242 b.p.
1.24
1.20
2.8%
31,900
25,664
24.3%
11.4%
9.7%
175 b.p.
198,799
193,700
2.6%
358.3
350.2
2.3%
9.3
10.2
8.9%
71.3%
73.2%
188 b.p.
1.06
1.03
2.9%
75,055
75,499
0.6%
135.3
136.5
0.9%
3.5
4.0
11.8%
26.9%
28.5%
160 b.p.
0.40
0.40
0.3%
114,605
114,695
0.1%
FFO R$/m
206.6
207.4
0.4%
FFO US$'000
31,904
35,875
11.1%
5.3
6.0
11.3%
41.1%
43.3%
5.1%
0.61
0.61
0.2%
3.5922
3.1971
12.4%
Net Operating Income margin

NOI/share
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
33
1Q16
MULT3
Operational and Financial Highlights

Performance
Market Performance
1Q16
1Q15
Chg.%
189,997,214
189,997,214
Common shares
178,138,867
178,138,867
Preferred shares
11,858,347
11,858,347
44.92
51.32
12.5%
Number of shares
Average share closing price

Closing share price
53.70
56.05
4.2%
40,614
44,309
8.3%
10,202,850
10,649,344
4.2%
2,314,794
2,172,675
6.5%
464,142
412,875
12.4%
1,850,652
1,759,800
5.2%
P/FFO (Last 12 months)
19.2 x
19.8 x
2.7%
EV/EBITDA (Last 12 months)
15.2 x
15.7 x
3.3%
2.3 x
2.2 x
4.7%
1Q16
1Q15
Chg.%
Final total mall GLA (m)
770,206
767,554
0.3%
Final owned mall GLA (m)
568,162
566,455
0.3%
73.8%
73.8%
3 b.p.
Adjusted total mall GLA (avg.) (m)
752,048
749,396
0.4%
Adjusted owned mall GLA (avg.) (m)
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)
Performance
Operational (100%)
Owned mall GLA %
554,767
553,054
0.3%
Total office towers GLA
87,558
87,558
Total owned office towers GLA
80,878
80,878
Final adjusted total GLA (m)
839,606
836,954
0.3%
Final adjusted owned GLA (m)
635,645
633,932
0.3%
3,008,213
2,916,949
3.1%
4,291
4,128
3.9%
Total sales R$'000

Total sales R$/m
Total sales USD/sq. foot
111
120
7.5%
5,814
5,727
1.5%
150
166
9.7%
Total Rent R$/m
328
324
1.2%
Total Rent USD/sq. foot
8.5
9.4
9.9%
Same Store Sales
1.6%
4.3%
268 b.p.
Same Area Sales
4.2%
5.7%
149 b.p.
Same Store Rent
5.8%
9.5%
371 b.p.
Same Area Rent
4.5%
7.7%
323 b.p.
IGP-DI effect
7.5%
5.2%
230 b.p.
13.9%
13.5%
47 b.p.
Rent as sales %
8.1%
8.1%
4 b.p.
Other as sales %
5.8%
5.4%
43 b.p.
1.1%
0.6%
51 b.p.
97.9%
98.6%
74 b.p.
Delinquency
4.5%
1.8%
266 b.p.
Rent loss
1.0%
0.5%
54 b.p.
Satellite stores sales R$/m

Satellite stores sales USD/sq. foot
Occupancy costs
Turnover
Occupancy rate
Adjusted GLA corresponds to the periods average GLA excluding the area of BIG supermarket at BarraShoppingSul.
Considers only the GLA from stores that report sales, and excludes sales from kiosks, since they are not counted in the total GLA.
34
1Q16
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
1Q16
1Q16
Difference
203,512
207,233
3,721
37,133
37,103
(30)
3,189
3,518
329
45,585
46,474
889
3,930
3,930
9,332
9,663
330
Other revenues
1,309
1,328
19
Rental revenue
Services revenue
Key money revenue
Parking revenue
Gross Revenue
303,990
309,248
5,258
(30,047)
(30,424)
(378)
Net Revenue
273,944
278,824
4,880
(31,873)
(31,900)
(27)
(5,314)
(5,314)
(30,678)
(32,108)
(1,430)
Office Towers for lease expenses
(1,943)
(1,943)
(1,493)
(1,493)

Equity pickup
EBITDA
Financial revenue
(871)
(871)
(2,148)
(2,148)
1,514
(1,507)
(4,264)
(4,257)
196,875
198,799
1,924
20,830
21,160
330
Financial expenses
(69,411)
(70,327)
(916)
(38,598)
(39,550)
(952)
109,696
110,082
386
(34,913)
(34,975)
(63)
(4,653)
(4,976)
(323)
(51)
(51)
70,079
70,079

Minority interest
Net Income
The differences between CPC 19 (R2) and the managerial reports are the 37.5% interest in ShoppingSantarsula, 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 1Q16 are: (i) increase of R$3.7 M in Rental Revenues; (ii) increase of R$1.4 M in Shopping Center
Expenses, (iii) increase of R$0.6 M in Financial Results, and (iv) increase of R$1.0 M in Depreciation and Amortization.
Accordingly and as a result of the variations mentioned above, there were decreases of R$1.5 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).
35
1Q16
MULT3
15.2 - Variations on the Balance Sheet: Total Assets
IFRS with
CPC 19 R2
ASSETS
CPC 19 R2
Managerial
Effect
(R$000)
03/31/2016
03/31/2016
Difference
Cash and cash equivalents
152,755
162,276
9,521
Short term investments
301,866
301,866
Accounts receivable
232,590
237,763
5,173
Current assets
Land and properties held for sale
71,330
71,330
Related parties
4,323
4,323
Recoverable taxes and contributions
4,392
4,392
Sundry advances
2,631
2,631
30,803
30,922
119
31,409
832,099
32,166
847,669
757
15,570
Accounts receivable
136,987
136,987
215,976
215,976
Related parties
12,164
12,164
Judicial deposits
13,688
14,319
631
15,493
17,557
2,064
Deferred costs
88,868
89,746
879
Other
19,878
19,929
51
128,199
2,828
(125,371)
5,250,906
5,405,611
154,705
29,872
29,872
Intangible
Total non current assets
350,119
6,262,150
351,090
6,296,079
971
33,929
Total assets
7,094,249
7,143,747
49,499
Deferred costs
Other
Total current assets
Noncurrent asset
Investments
Investment properties
Property and equipment
The differences in total assets regarding the 37.5% interest in ShoppingSantarsula, and the 50.0% interest in Parque Shopping
Macei are (i) increase of R$154.7 M in investment properties; (ii) increase of R$9.5 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$125.4 M in investments given that the assets and
liabilities of these companies are now recorded on this line as determined by CPC 19 (R2).
36
1Q16
MULT3
15.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity
IFRS with
CPC 19 R2
LIABILITIES
CPC 19 R2
Managerial
Effect
(R$000)
03/31/2016
03/31/2016
Difference
3,810
Current liabilities
Loans and financing
169,993
173,803
Debentures
26,321
26,321
Accounts payable
94,949
95,851
902
Property acquisition obligations
52,161
52,161
Taxes and contributions payable
28,980
28,766
(214)
Dividends to pay
115,783
115,783
Deferred incomes
51,044
51,130
86
7,011
546,242
6,998
550,813
(13)
4,572
37,051
Other
Total current liabilities
Non current liabilities

Loans and financing
1,596,035
1,633,086
Debentures
398,223
398,223
171,177
174,639
3,462
31,200
31,200
3,481
3,481
14,023
14,643
620
68,141
2,282,280
71,935
2,327,207
3,794
44,927
2,388,062
2,388,062
975,134
975,134
1,053,637
1,053,637
Share issue costs
(39,003)
(39,003)
Shares in treasure department
(97,996)
(97,996)
Capital transaction effects
(89,996)
(89,996)
69,658
69,658
Minority interest
Total shareholder's equity
6,231
4,265,727
6,231
4,265,727
Total liabilities and shareholders' equity
7,094,249
7,143,747
49,499

Others
Provision for contingencies
Deferred incomes
Total non current liabilities
Shareholders' equity
Capital
Capital reserves
Profit reserve
Retained earnings
The differences in total liabilities and shareholders' equity regarding the CPC 19 R2 refer to (i) the increase of R$40.9 M in loans
and financing, given the inclusion of the 50.0% in the Parque Shopping Macei project, which signed a contract to finance its
construction via Banco do Nordeste; and (ii) the increase of R$3.9 M in revenues and costs, in deferred income.
37
1Q16
MULT3
16. Appendices
16.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements
(R$'000)
Rental revenue
Services revenue
Key money revenue
Parking revenue
1Q16
1Q15
Chg. %
203,512
190,589
6.8%
37,133
27,658
34.3%
3,189
7,480
57.4%
45,585
41,866
8.9%
3,930
11,286
65.2%
9,332
8,439
10.6%
Other revenues
1,309
759
72.6%
Gross Revenue
303,990
288,075
5.5%
(30,047)
(27,957)
7.5%
Net Revenue
273,944
260,118
5.3%
(31,873)
(25,624)
24.4%
(5,314)
(3,930)
35.2%
(30,678)
(21,754)
41.0%
(1,943)
(3,230)
39.8%
(1,493)
(1,754)
14.9%
(871)
(652)
33.6%
(2,148)
(8,334)
74.2%
1,514
1,285
17.9%

Equity pickup
(4,264)
(4,484)
4.9%
196,875
191,643
2.7%
20,830
10,737
94.0%
Financial expenses
(69,411)
(55,211)
25.7%
(38,598)
(38,256)
0.9%
EBITDA
Financial revenue
109,696
108,912
0.7%
(34,913)
(33,928)
2.9%
(4,653)
(5,372)
13.4%
(51)
(18)
176.5%
70,079
69,593
0.7%
1Q16
1Q15
Chg. %
225,809
215,910
4.6%
87.4%
89.6%
225 b.p.
228,998
223,390
2.5%
87.5%
89.9%
241 b.p.
196,811
192,064
2.5%
72.8%
76.8%
406 b.p.
196,875
191,643
2.7%
71.9%
73.7%
181 b.p.

Minority interest
Net Income
(R$'000)
NOI
NOI margin
NOI + Key Money

Property EBITDA

EBITDA margin
70,079
69,593
0.7%
Net Income margin
25.6%
26.8%
117 b.p.
Adjusted Net Income
74,732
74,965
0.3%
Net Income
Adjusted Net Income margin

FFO
FFO margin
27.3%
28.8%
154 b.p.
113,330
113,221
0.1%
41.4%
43.5%
216 b.p.
38
1Q16
MULT3
16.2 Cash Flow Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements
Cash Flow Statement (R$'000)

Income before tax
1Q16
109,696
38,597
Interest and monetary variations on debentures, loans, and property acquisition
65,523
Other net income adjustments

(Increase) decrease on current assets
8,923
12,269
(Increase) decrease on land held for sale
(2,422)
Increase (decrease) on current liabilities
(53,088)
Cash Flow From Operations
179,498
(Increase) decrease of investment property
(51,823)
Increase of property, plant and equipment

Additions to intangibles
Interest earnings bank deposits
Others
Cash Flow From Investments
Increase (decrease) in loans and financing
(452)
(1,060)
(88,554)
1,958
(139,931)
(15,150)
Acquisition of shares in treasure department
Interest payment of debentures
Interest payment of loans

Paid dividends
Non-controllers interest
Others
(36,759)
89
6,008
Cash Flows from Financing Activities
(45,812)
Cash and cash equivalents at the beginning of the period
159,000
Cash and cash equivalents at end of the period
152,755
Cash Flow
(6,245)
39
1Q16
MULT3
16.3 Consolidated Financial Statements: Managerial Report
(R$'000)
Rental revenue
Services revenue
Key money revenue
1Q16
1Q15
Chg. %
207,233
194,216
6.7%
37,103
27,617
34.3%
3,518
7,895
55.4%
46,474
42,492
9.4%
3,930
11,286
65.2%
9,663
8,690
11.2%
Parking revenue
Other revenues
1,328
764
73.7%
Gross Revenue
309,248
292,961
5.6%
(30,424)
(28,259)
7.7%
Net Revenue
278,824
264,702
5.3%
(31,900)
(25,664)
24.3%
(5,314)
(3,930)
35.2%
(32,108)
(22,958)
39.9%
(1,943)
(3,230)
39.8%
(1,493)
(1,754)
14.9%
(871)
(652)
33.6%
(2,148)
(8,334)
74.2%

Equity pickup
EBITDA
Financial revenue
859.0%
(4,257)
(4,482)
5.0%
198,799
193,700
2.6%
21,160
11,211
88.7%
Financial expenses
(70,327)
(56,161)
25.2%
(39,550)
(39,196)
0.9%
110,082
109,554
0.5%
(34,975)
(34,037)
2.8%
(4,976)
(5,906)
15.7%

Minority interest
Net Income
(R$'000)
NOI
NOI margin
(51)
(18)
179.0%
70,079
69,593
0.7%
1Q16
1Q15
Chg. %
229,319
219,211
4.6%
87.1%
89.3%
226 b.p.
NOI + Key Money

232,837
227,106
2.5%
87.2%
89.7%
242 b.p.
Property EBITDA
200,232
195,382
2.5%
72.7%
76.8%
403 b.p.
198,799
193,700
2.6%
71.3%
73.2%
188 b.p.
70,079
69,593
0.7%

EBITDA margin
Net Income
Net Income margin
25.1%
26.3%
116 b.p.
Adjusted Net Income
75,055
75,499
0.6%
26.9%
28.5%
160 b.p.
114,605
114,695
0.1%
41.1%
43.3%
223 b.p.
Adjusted Net Income margin

FFO
FFO margin
40
1Q16
MULT3
16.4 Balance Sheet Managerial Report

ASSETS
03/31/2016
12/31/2015
Chg. %
162,276
301,866
237,763
71,330
4,323
4,392
2,631
30,922
32,166
847,669
168,794
213,312
273,071
72,527
3,873
10,149
8,068
30,790
21,967
802,550
3.9%
41.5%
12.9%
1.7%
11.6%
56.7%
67.4%
0.4%
46.4%
5.6%
Noncurrent Asset
Accounts receivable
Related parties
Judicial deposits
Deferred costs
Other
Investments
Investment Properties
Property and equipment
Intangible
Total Non Current Assets
136,987
215,976
12,164
14,319
17,557
89,746
19,929
2,828
5,405,611
29,872
351,090
6,296,079
135,423
212,160
12,657
13,151
18,443
77,700
21,415
2,797
5,385,981
30,841
351,419
6,261,986
1.2%
1.8%
3.9%
8.9%
4.8%
15.5%
6.9%
1.1%
0.4%
3.1%
0.1%
0.5%
Total Assets
7,143,747
7,064,536
1.1%
LIABILITIES
03/31/2016
12/31/2015
% Change
173,803
26,321
95,851
52,161
28,766
115,783
51,130
6,998
550,813
168,631
12,031
88,585
52,950
46,589
115,783
52,283
7,497
544,350
3.1%
118.8%
8.2%
1.5%
38.3%
2.2%
6.7%
1.2%
Non Current Liabilities

Loans and financing
Debentures
Other
Provision for contingencies
Deferred incomes and costs
Total Non Current Liabilities
1,633,086
398,223
174,639
31,200
3,481
14,643
71,935
2,327,207
1,636,071
398,223
170,548
40,027
597
9,912
77,407
2,332,785
0.2%
2.4%
22.1%
483.3%
47.7%
7.1%
0.2%
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
975,134
1,053,637
(39,003)
(97,996)
(89,996)
69,658
6,231
4,265,727
2,388,062
972,873
1,053,637
(39,003)
(104,314)
(89,996)
6,142
4,187,401
0.2%
6.1%
n.a.
1.5%
1.9%
Total Liabilities and Shareholders' Equity
7,143,747
7,064,536
1.1%
Current Assets
Cash and cash equivalents
Short Term Investments
Accounts receivable
Related parties
Recoverable taxes and contributions
Sundry advances
Deferred costs
Other
Total Current Assets
Current Liabilities
Loans and financing
Debentures
Accounts payable
Taxes and contributions payable
Dividends to pay
Deferred incomes and costs
Other
Total Current Liabilities
41
1Q16
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 mixed-use 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 investment properties and property and equipment plus depreciation. CAPEX can also refer to investments
other than 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: Percentage of quarterly rent coming due, but not received.
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.
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.
42
1Q16
MULT3
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 the units offered for sale.
Property EBITDA: EBITDA related to Multiplans core business, leasing activities. The metric excludes real estate for sale and future development
expenses.
Rent loss: Loss provisions due to delinquency over six months and legal opinions.
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).
Sales: Sales reported by the stores in each of the malls.

Sales per m: Sales/m calculation considers only the GLA from stores that report sales, and excludes sales from kiosks, since they are not
counted in the total GLA.
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 on sales of the same area of the year before divided by the area that informed the 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 the 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
Miscellaneous 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 Womens and mens clothing, shoes and accessories stores
43

Earnings Release 1Q16

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Earnings Release 1Q16

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1Q16

Date: April 28, 2016 (Thursday)

USA: 1 (888) 700-0802

English: 11:30 a.m. (EDT New York)

Brazil: 55 (11) 3193-1001

Portuguese: 10:00 a.m. (EDT New York)

1. Consolidated Financial Statements Managerial Report ......................................................................... 5

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)

EBITDA REACHES R$199 MILLION AND

Evolution of Tenants Sales

1Q16 vs. 1Q15 comparison, unless otherwise stated:

Tenants sales increase 3.1% and Same Area

Occupancy rate is kept at 97.9% in the

Net debt/EBITDA ratio sees slight decrease

NOI + Key Money Margin

Net Income Margin

Evolution of Net Debt / EBITDA

Net income reaches R$70.1 million, in line with

Evolution of MULT3 in BM&FBOVESPA

MULT3 stock quote (in BM&FBOVESPA)

1. Consolidated Financial Statements Managerial Report

Real estate for sale revenue

Taxes and contributions on sales and services

Shopping centers expenses

Office towers for lease 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

Net income margin

Adjusted Net Income

Adjusted net income margin

2. Fair Value of Investment Properties According to CPC 28

Risk free rate

Future projects (not disclosed)

Evolution of Fair Value (R$)

Fair Value per share (R$)

Growth of Fair Value, NOI and owned GLA

Market Cap vs. Enterprise Value vs. Fair Value

Enterprise Value and Fair Value (R$)

Calculated according to CPC 28

Shopping Center Sales (100%)

New York City Center

Shopping Anlia Franco

Parque Shopping Macei

Same Area Sales growth of 12.1% in two years

Services segment grows 7.3% in SSS

Same Store Sales

SSS continued to be driven by the Services, Miscellaneous and

Food Court & Gourmet Area

Food Court & Gourmet Area segments, with increases of 7.3%,

4.3% and 3.9%, respectively. In the Services segment, pharmacies

Home & Office

and movie theaters recorded the strongest performances, while the

Miscellaneous segment was led by computing, fragrances and

Breakdown of Same Store Sales per segment

Same Area Sales