Quarterly Financial Report 2Q14

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KPDS 93067

Multiplan Empreendimentos Imobilirios S.A.

Quarterly Information - ITRJune 30, 2014

(A free translation of the original report issued in Portugueseas published in Brazil containing financial statements prepared

in accordance with accounting practices adopted in Brazil)


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Mul tipl an Empreendimentos Imobil ir ios S.A.Quarterly information as of

June 30, 2014

2

Contents

Management report 3

Independent auditors' report on the quarterly information 44

Balance sheets 47

Statements of operations 51

Statements of comprehensive income 53

Statements of changes in equity 54

Statements of cash flows 56

Statement of added value 61

Notes to the quarterly information 62


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KPDS 93067

Disclaimer

This document may contain prospective statements, which are subject to risks and uncertainties as they were based on

expectations of the companys management and on the information available. The company has no obligation to update said

statements.

The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are int ended to

identify statements.

Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results,

market share and competitive positioning may differ substantially from those expressed or suggested by said forward-looking

statements. Many factors and values that can establish these results are outside the companys control or expectation. The

reader/investor should not make the 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,

demand 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 previous 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 31st, 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 results in a managerial format to provide the reader with a more complete operational data

perspective. 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 Pronouncements CommitteeCPC.

Please see on page 36 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and

the conciliation between the accounting and managerial numbers.


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Table of Contents

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

09. Financial Results .......................................................... ................................................................. .. 24

02. Project Development ............................................................... .......................................................... 7

03. Operational Indicators ............................................................. ........................................................ 11

04. Gross Revenues .......................................................... ................................................................. .. 16

05. Properties Ownership Results ............................................................ ............................................. 17

06. Shopping Center Management Results............................................. .............................................. 21

07. Shopping Center Development Results ....................................................... ................................... 22

08. Real Estate for Sale Results .............................................................................................. ............. 23

11. Portfolio ............................................................. ................................................................. ............. 30

10. MULT3 Indicators & Stock Market ................................................................ ................................... 29

12. Ownership Structure................................................................ ........................................................ 32

13. Operational and Financial Data .......................................................... ............................................. 34

14 Conciliation between IFRS (with CPC 19 R2) and Managerial Report ............................................ 36

15. Appendices ....................................................... ................................................................. ............. 39

16. Glossary and Acronyms .......................................................... ........................................................ 42


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Overview

Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center companies in Brazil, established

as a full service company that plans, develops, owns and manages one of the largest and highest-quality mall

portfolios in the country. The company is also strategically active in the residential and commercial real estate

development sectors, generating synergies for shopping center-related operations by creating mixed-use projects in

adjacent areas. At the end of 2Q14, Multiplan owned 18 shopping centers with a total GLA of 762,429 m - with an

average interest of 73.8% -, of which 17 shopping centers managed by the company, over 5,300 stores and an

estimated annual traffic of 170 million visits. Multiplan also owned - with an average interest of 92.4% - two

corporate office complexes with a total GLA of 87,558 m.


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Performance Highlights

Shoppingcenter

tenants sales

Rentalrevenue

NOI + KM EBITDA Net Income FFO

2Q14 (R$) 3,011.4 M 186.2 M 213.6 M 187.1 M 93.4 M 143.9 M2Q14 vs.2Q13

+15.2% +21.6% +23.6% +25.6% +32.7% +31.5%

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Same Store Rent (SSR) increased 10.1% in 2Q14, with real growth of 4.1%. Rental revenue saw an

increase of 21.6%, reaching R$186.2 million in 2Q14, boosted by portfolio consolidation and new areas delivered.

Strong sales growth:Multiplan shopping centers posted total sales of R$3.0 billionin 2Q14, 15.2% higherthan

in 2Q13. In 1H14, total sales reached R$5.7 billion, up 13.3% from 1H13.

Same Area Sales (SAS) increased 12.0%in 2Q14,and Same Store Sales (SSS) grew 9.4% in the quarter.

SSSfor satellite storesshowed a strong performance: an increase of 9.7% in the quarter, led by a 19.2% growth in

the food segment, while anchors increased 8.0%, with a solid contribution from the home & office segment.

Following the fast sales growth, occupancy cost was 12.7% in 2Q14, a 100 bps drop from 2Q13.

Delinquency rate and rent loss remained at low levels,with2.1% and 0.6%, respectively.

Occupancy rate was 98.4% in 2Q14, 80 bps higher than 2Q13, even with the new areas recently added.

Gross revenue increased 13.5% in 2Q14 versus 2Q13,reachingR$298.3 million.

Net Operating Income (NOI) +Key Money (KM) increased 23.6%in 2Q14 to R$213.6 million, with a margin

of 88.6%. In the last twelve months, NOI+ KMincreased 12.4%to R$798.8 million. In 2Q14 NOI + KM per share1was

of R$1.14, implying a five-yearCAGR of 14.0%.

Consolidated EBITDA increased 25.6% in 2Q14toR$187.1 million, with a margin increase of 591 bps, to

68.6%. EBITDA in the last twelve months was R$686.1 million.

Multiplan funding costwas 10.5% at the end of 2Q14 and remained below Selic, 50 bps inside the curve.

Net income and FFO increased 32.7% and 31.5%, respectively. Net income was R$93.4 millionand FFO

achieved R$143.9 millionin 2Q14. FFO per share reached R$0.77 in 2Q14, representing a significant CAGR 2009-14 of

15.4%.

On June 30th, 2014, Multiplan announced the payment of interest on shareholders equity of R$70.0

million before taxes.


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FUTURE GROWTH

Announced:the signing of a land swap agreement for a 111 thousand m land plot , which should be usedfor the development of a new shopping center, in Parque Global, a mixed use real estate project in the south area of

So Paulo.

Announced: the preleasing of ParkShoppingCanoas, the companys 19th mall, located in the city of

Canoas, state of Rio Grande do Sul. It will have 48.0 thousand m in GLAin its first phase.

Delivered:in June, 2014, the Expansion VII in BarraShoppingadded 51 new stores. The total GLA of the

BarraShopping Complex, which includes New York City Center, reaches 101.0 thousand m, and has 760 operations.

Recent Event

By the date this report was published, Morumbi Corporatehad 65.0% of its GLA leased.

1 Total shares on June, 30 th, 2014 net of stocks held in treasury, totaling 187,873,311 shares.


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1. Consolidated Financial StatementsManagerial Report

(R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %Rental revenue 186,249 153,123 21.6% 354,171 307,559 15.2%

Services revenue 27,548 27,234 1.2% 59,735 52,061 14.7%

Key money revenue 9,495 14,164 33.0% 19,751 26,966 26.8%

Parking revenue 38,633 30,902 25.0% 74,048 61,098 21.2%

Real estate for sale revenue 28,543 26,612 7.3% 54,396 40,723 33.6%

Straight line effect 6,599 9,027 26.9% 18,010 18,573 3.0%

Other revenues 1,201 1,778 32.5% 2,108 1,783 18.2%

Gross Revenue 298,268 262,840 13.5% 582,220 508,763 14.4%

Taxes and contributions on sales and services (25,794) (25,417) 1.5% (52,497) (47,794) 9.8%

Net Revenue 272,474 237,423 14.8% 529,723 460,970 14.9%

Headquarters expenses (31,587) (32,123) 1.7% (56,082) (51,983) 7.9%

Stock-option expenses (3,540) (2,439) 45.2% (6,626) (4,763) 39.1%

Shopping centers expenses (24,841) (34,386) 27.8% (50,385) (59,283) 15.0%

Office towers for lease expenses (2,540) - na (5,969) - na

New projects for lease expenses (2,493) (1,192) 109.2% (8,827) (5,562) 58.7%

New projects for sale expenses (2,288) (3,090) 25.9% (6,002) (5,600) 7.2%

Cost of properties sold (17,919) (17,186) 4.3% (33,379) (29,027) 15.0%

Equity pickup 406 (235) na 11,415 (685) na

Other operating income/expenses (622) 2,179 na 9,742 4,172 133.5%

EBITDA 187,050 148,951 25.6% 383,610 308,238 24.5%

Financial revenues 9,451 13,777 31.4% 18,978 23,442 19.0%Financial expenses (48,781) (41,465) 17.6% (98,276) (81,503) 20.6%

Depreciation and amortization (40,059) (29,295) 36.7% (79,351) (57,399) 38.2%

Earnings Before Taxes 107,662 91,968 17.1% 224,962 192,778 16.7%

Income tax and social contribution (3,794) (11,832) 67.9% (31,815) (38,770) 17.9%

Deferred income and social contribution taxes (10,470) (9,783) 7.0% (17,444) (13,226) 31.9%

Minority interest (23) (9) 151.4% (43) (16) 176.7%

Net Income 93,375 70,344 32.7% 175,660 140,766 24.8%


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(R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

NOI 204,101 158,666 28.6% 389,875 327,947 18.9%

NOI margin 88.2% 82.2% 598 b.p 87.4% 84.7% 268 b.p

NOI + Key Money 213,596 172,830 23.6% 409,626 354,912 15.4%

NOI + Key Money margin 88.6% 83.4% 523 b.p 87.9% 85.7% 222 b.p

Shopping Center EBITDA 178,635 148,923 20.0% 361,287 311,194 16.1%

Shopping Center EBITDA margin 75.3% 69.8% 553 b.p 77.5% 73.4% 416 b.p

EBITDA (Shopping Center + Real Estate) 187,050 148,951 25.6% 383,610 308,238 24.5%

EBITDA margin 68.6% 62.7% 591 b.p 72.4% 66.9% 555 b.p

Net Income 93,375 70,344 32.7% 175,660 140,766 24.8%

Net Income margin 34.3% 29.6% 464 b.p 33.2% 30.5% 262 b.p

Adjusted Net Income 103,845 80,127 29.6% 193,104 153,992 25.4%

Adjusted Net Income margin 38.1% 33.7% 436 b.p 36.5% 33.4% 305 b.p

FFO 143,904 109,422 31.5% 272,454 211,391 28.9%

FFO margin 52.8% 46.1% 673 b.p 51.4% 45.9% 558 b.p

2. Project Development

Investments during 2Q14 sum R$79.6 million

Multiplan invested R$79.6 million during 2Q14, of which R$41.0

million went to mall expansions, R$21.7 million to land acquisition

and R$10.8 million to renovations. The figure for the first half of2014 was of R$169.9 million.

2.1 Shopping Center Expansions

BarraShopping Expansion VII opens 100% leased with 51 new stores

The seventh expansion of BarraShopping opened on June 10 th, 2014, with a total GLA of 9.5 thousand m, and

added 51 new stores in this first phase, 100% leased. Pursuing the companys strategy of renovating and

enhancing the choice of operations, the expansion brings, in addition to important domestic and foreign brands,

new designer stores, restaurants and services, several of them new to the city, further consolidating the shopping

center. Additionally, with the goal of enhancing costumer experience, the company added 628 parking spots in a

modern underground parking.

The project also has a second phase, to be delivered in the fourth quarter of 2014, which will add a two-floor

medical center, expanding the existing BarraShopping Medical Center, the countrys first of its kind integrated to a

shopping center, with 30 clinics, a diagnosis center and a Day-Hospital.

With expansion VII, the total GLA of the BarraShopping Complex, which includes New York City Center, reaches

101.0 thousand m, and 760 operations.


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2.2 Mixed-use: Office and Residential Towers for Sale

Towers at BarraShoppingSul: delivery just ahead

On its final stage, Diamond Tower and Rsidence du Lac, a condo-office tower and a residential building

at BarraShoppingSul, have 97% and 100% of its units sold, respectively. Both buildings have a combined

potential sales value (PSV) of R$256.9 million and are scheduled to be delivered in the second half of

2014.

2.3 Future Growth and Land Bank

New land in a premium zip code in So Paulo

Multiplan announced in June 2014 the signing of a land swap agreement with BNI Empreendimentos e

Participaes S.A. and an affiliate, for a 111 thousand m land plot, which will be used for the development of a new

shopping center, in Parque Global, a mixed use real estate project located in Av. Marginal do Rio Pinheiros, in the

south area of So Paulo.

The company plans to develop a new shopping center of approximately 80 thousand m of Gross Leasable Area

(GLA), when including future expansion. The agreement also considers the potential development of office and

residential towers integrated to the shopping center, subject to future permits by the local authorities.

Multiplan begins preleasing ParkShoppingCanoas

Multiplan has begun preleasing stores in ParkShoppingCanoas, its 19th shopping center, located in the city of

Canoas, state of Rio Grande do Sul. ParkShoppingCanoas will have in its first phase 48.0 thousand m in Gross

Leasable Area (GLA), an innovative architectural project and a large area for leisure and services distributed among

258 stores. The development will offer a hypermarket, a ice rink, a gym, an indoor amusement park, five movie

theaters stadium type, six gourmet restaurants with a varanda overlooking the municipal park Getlio Vargas, and a

food court with 28 operations.

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. Multiplans interest in the shopping center will be

of 80.0%, and the inauguration is scheduled for the second half of 2016. The companys stake in the projectsdevelopment costs (CAPEX) will be of 94.7%


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Land bank of 874 thousand m for future mixed-use projects

Multiplan currently holds 874 thousand m of land for future developments. All sites showed in the list below areintegrated to the companys shopping centers and should be used to foster the development of mixed use projects ,

primarily for sale1. Based on current internal projects assessments, the company estimated a total 1.0 millionm of

area for sale.

Land location Land areaPrivate

AreaProject type % Multiplan

BarraShoppingSul 159,587 m 304,515 m Hotel, Apart-Hotel, Office, Residential 100%

JundiaShopping 4,500 m 11,616 m Office 100%

ParkShoppingBarigi 28,214 m 43,376 m Apart-Hotel, Office 94%

ParkShoppingCampoGrande 317,755 m 92,774 m Office, Residential 90%

ParkShoppingCanoas 18,721 m 22,457 m Hotel, Apart-Hotel, Office n.a.

ParkShoppingSoCaetano 36,948 m 138,000 m Office 100%

Parque Shopping Macei 140,000 m 164,136 m Office, Residential 50%

RibeiroShopping 102,295 m 138,749 m Hotel, Apart-Hotel, Office, Residential 100%

Shopping AnliaFranco 29,800 m 89,600 m Residential 36%

VillageMall 36,000 m 36,077 m Office 100%

Total 873,819 m 1,041,299 m 86%

1This information is merely informative for the better understanding of the companys growth potential and should

not be construed as a commitment to develop them, and that they may be changed or cancelled without any

previous warning.

3. Operational Indicators

3.1 Tenant Sales

15.2% growth in shopping center sales in 2Q14, reaching R$3.0 billion

Multiplan shopping centers posted total sales of R$3.0 billion in 2Q14, an increase of 15.2% compared to

2Q13. In 1H14, sales reached R$5.7 billion, growing 13.3% on top of 1H13. Sales in Multiplan malls have

been growing consistently higher than national retail sales, as reported by IBGE - Brazilian Institute for

Geography and Statistics. In April and May 2014 (data for June had not yet been released by the date this

report was issued) according to IBGE, national retail sales increased 5.7% when compared to the same

period in 2013.

Consolidated and growing stronger

Four out of the five malls with 30+ years in operation showed double digit sales growth in 2Q14 and an

average growth of 13.7% in the quarter. RibeiroShopping, benefited from expansions VII and VIII, and

MorumbiShopping, strengthened by a recent tenant-mix reshuffling, were the highlights with sales

increases of 20.4% and 16.5% respectively.

Results were also impressive in recently opened shopping centers. ParkShoppingSoCaetano, in its third


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year in operation, continues to show a strong sales pace (+13.5%). ParkShoppingCampoGrande and

JundiaShopping, two quarters away from their second year anniversary recorded sales growth of 22.4%

and 28.4% respectively.

And the quarters most notable highlight was VillageMall, with a remarkable 91.8% sales growth, as a

consequence of a 45.2% Same Store Sales growth and boosted by the opening of new stores which has

energized the malls productivity and enhanced its customer flow. In 2Q14, VillageMall was the fifth largest

sales/m in the portfolio (please refer to page 30 for the portfolios sales/m information).

Shopping Center Sales (100%) Opening 2Q14 2Q13 Chg.% 1H14 1H13 Chg.%

BH Shopping (1979) 263.4 M 246.8 M 6.7% 509.5 M 480.9 M 5.9%

RibeiroShopping (1981) 181.1 M 150.4 M 20.4% 346.7 M 294.4 M 17.8%

BarraShopping (1981) 417.9 M 379.1 M 10.2% 809.6 M 758.5 M 6.7%

MorumbiShopping (1982) 386.3 M 331.5 M 16.5% 718.3 M 628.0 M 14.4%

ParkShopping (1983) 247.1 M 223.3 M 10.7% 479.6 M 437.0 M 9.7%

DiamondMall (1996) 146.0 M 129.0 M 13.2% 277.2 M 249.6 M 11.1%

New York City Center (1999) 51.1 M 48.9 M 4.6% 109.2 M 106.8 M 2.3%

Shopping Anlia Franco (1999) 234.2 M 213.8 M 9.5% 441.1 M 402.8 M 9.5%

ParkShoppingBarigi (2003) 198.4 M 194.0 M 2.3% 384.5 M 375.6 M 2.4%

Ptio Savassi (2004) 85.1 M 81.5 M 4.5% 164.7 M 159.5 M 3.3%

Shopping Santa rsula (1999) 42.0 M 44.8 M 6.3% 84.4 M 86.0 M 1.8%

BarraShoppingSul (2008) 175.4 M 161.8 M 8.4% 333.2 M 311.5 M 7.0%

Shopping Vila Olmpia (2009) 81.7 M 78.0 M 4.8% 159.4 M 148.4 M 7.5%

ParkShoppingSoCaetano (2011) 127.5 M 112.3 M 13.5% 236.6 M 212.4 M 11.4%

JundiaShopping (2012) 98.9 M 77.0 M 28.4% 183.3 M 143.5 M 27.8%ParkShoppingcampoGrande (2012) 92.2 M 75.3 M 22.4% 172.0 M 143.1 M 20.2%

VillageMall (2012) 127.8 M 66.6 M 91.8% 220.3 M 122.0 M 80.5%

Parque Shopping Macei (2013) 55.4 M - n.a. 104.8 M -. n.a.

Total 3,011.4 M 2,614.2 M 15.2% 5,734.4 M 5,059.8 M 13.3%

Ptio Savassi was acquired by Multiplan in June, 2007, and opened in 2004.2Shopping Santa rsula was acquired by Multiplan in April, 2008, and opened in 1999. Parque Shopping Macei opened on November 7 th, 2013.The gap started to closeagain and again

As mentioned in the last quarters report, the three new malls opened in 4Q12 continue to speed up

sales/m, increasing the metric by 75.2% from 1Q13 (R$648/m/month) to 2Q14 (R$1,135/m/month).

Multiplans portfolio, excluding these new malls, saw sales/m increase 13.8% in the same period, to

R$1,565/m/month. As a result, the sales/m gap between the new malls and that of the portfolio dropped

from 112% in 1Q13, to 38% in 2Q14, thus indicating the consolidation process positively impacting the

operational metrics. New malls productivity is expected to maintain this fast pace as they consolidate.

In the last twelve months, the portfolios sales/m was of R$18,311/m. Stores with less than 1,000

m posted sales of R$24,789/m while the majority of stores, with 200m or less, had sales of

R$28,321/m.


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Case Study - FIFA World Cup Impact on Multiplan Sales; Better than Expected

Multiplan had sales increase of 18.3% in the first eleven days of June, and 1.4% between June 12 thand July 13th,adding R$1.35 billion in sales in the period.

Tourist flow improves sales, especially in Rio de Janeiro

From a total of 64 matches played in the FIFA World Cup 2014 in Brazil, 35 games (55%) were held in cities in

which Multiplan has shopping centers. The flow of tourists in company malls was stronger than expected, especially

in the city of Rio de Janeiro: the first days of June already saw a 23.7% hike in sales, and a 10.3% increase during

the World Cup, given its attractiveness to tourists, both domestic and international. This increase in people flow did

more than offset the official holidays in the cities were games were hosted, and only marginally affected sales in the

specific cities and days.

Brazilian team games and the final match anticipated sales

On days the Brazilian team played and in the Final Match sales dropped sharply (from 11 to 61%), explained in part

by the shift in attention to the matches, and were counterbalanced by the higher sales between matches. The chart

below compares daily sales with sales of the same weekday in the previous year (i.e.: Sunday June 1 st, 2014,

compared to Sunday June 2nd, 2013).

Food Court and Gourmet Area and Miscellaneous sales growing throughout the period

While the majority of mall showed growth in sales during the

World Cup, some segments performed better than others.Services, which includes entertainment, was the only

segment that showed decreases in sales, when considering

both periods together, given the shift in attention from the

consumers. Food Court and Gourmet Area benefitted the

most from the increase in tourist flow, growing sales during

and before the World Cup.

Multiplan TenantsSales June 1st

- 11th

World

Cup

Food Court & Gourmet Area 22.1% 9.8%

Miscellaneous 18.9% 6.6%

Apparel 19.2% (0.3%)

Home & Office 22.4% (5.1%)

Services 2.5% (6.3%)

Total 18.3% 1.4%

While apparel had flat sales during the World Cup, it went up 19.2% in the days preceding the matches, and sport

apparel went up 52.1% in the same period, and kept going up, by 36.4%, during the games, especially the days

before the Brazilian team matches. Sporting Goods, which is included in the Miscellaneous segment, also grewremarkably well, up 61.9% in the first days of June, and 32.2% throughout the World Cup. As expected, the Home

and Office segment had the strongest sales growth in the period before the World Cup, driven mostly by TV sets

and Home Theaters, in which electronic appliances grew 25.3% in the period.

Wrapping it all up: Strong sales and OlympicGames to come

Multiplan saw a positive effect on sales during the World Cup. While some shopping centers benefitted more and

others less, the strong performance of malls in Rio de Janeiro creates a positive expectation with regards to the

potential impact of the Olympic Games, to be hosted in the city, in 2016.

Highest SSS and SAS growth in the last 14 quarters


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Same store sales (SSS) and same area sales (SAS) performance reflected the strong operating results in 2Q14

and recorded increases of 9.4% and 12.0%, respectively. The widening of the gap between these metrics with a

clear advantage for SAS indicates the positive impacts of changes in mix in the last 12 months, as well as the fast

consolidation of the younger shopping centers. In 1H14, SSS grew 8.8% and SAS 10.7%, compared to 1H13.

Satellite stores show another strong quarter, SSS increase of 9.7% in 2Q14

Same store sales for satellite stores in 2Q14 recorded the highest mark in the last five quarters (+9.7%)

and was boosted by Food Court & Gourmet Area operations, with a remarkable 19.2% SSS growth, as well

as Miscellaneous operations (where sporting goods stores were the main highlight), with an increase of

14.0%. Anchor stores recorded an 8.0% growth, pushed by Home & Office and Apparel stores, with 9.7%

and 8.0% increases, respectively.

2Q14 x 2Q13

Same Store Sales Anchors Satellites Total

Food Court & Gourmet Area - 19.2% 19.2%

Apparel 8.0% 6.6% 6.9%

Home & Office 9.7% 7.2% 8.1%

Miscellaneous 6.7% 14.0% 11.8%

Services 5.2% 0.8% 1.5%

Total 8.0% 9.7% 9.4%

Same Store Sales growth breakdown


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3.2 Operational Indicators

Occupancy cost drops 100 bps to 12.7%: the perks of a strong sales growth

In 2Q14, occupancy cost was 12.7%, down 100 bps when compared both to 2Q13 and 1Q14. This drop results

from the fast sales growth and puts the current occupancy cost at a lower level compared to the prior quarters.

The turnover, measured by the percentage of the GLA, decreased from 1.4% in 2Q13 down to 1.0% in 2Q14.

Multiplan shopping centers delinquency rate (rental payment delay beyond 25 days) was 2.1% in 2Q14 versus

2.0% in 2Q13. Rent loss reached 0.6%, remaining well within the lowest range for the company.

Occupancy rate remains high and healthy

In spite of the addition of three expansions Expansion VII and VIII in RibeiroShopping and Expansion VII in

BarraShopping, and a new mall, Parque Shopping Macei, the occupancy rate was of 98.4% in 2Q14, 80 bps

higher than the 97.6% presented in 2Q13 and in line with the figure for 1Q14. This high occupancy is an indication

of the attractiveness of Multiplans portfolio and of future growth opportunities.

4. Gross Revenue

Gross revenue increases 13.5% to R$298.3 million in 2Q14

Gross revenue reached R$298.3 million in 2Q14, a 13.5% increase over 2Q13. The largest contributors were

rental and parking revenues, with increases of 21.6% and 25.0%, respectively. These lines represent 75.4% of

2Q14 gross revenue, increasing their contribution when compared to the 70.0% recorded in 2Q13.

In 1H14, gross revenue increased 14.4% to R$582.2 million, driven by rental revenue (+15.2%), services

revenue (+14.7%), parking revenue (+21.2%) and real estate revenue (+33.6%).

5. Property Ownership Results

5.1 Rental Revenue

Rental revenue increases 21.6% to R$186.2 million in 2Q14

Multiplan recorded a rental revenue of R$186.2 million in 2Q14, up 21.6% when compared to 2Q13. Merchandising

revenue, which benefited from World Cup related campaigns, and overage, positively impacted by higher sales,

were the main highlights with quarterly increases of 32.2% and 21.8%, respectively. Base rent increased 20.7% to

R$155.0 million, as a consequence of organic growth and the GLA expansion in the period. In 1H14, rental revenue

increased 15.2%, to R$354.2 million, also boosted by merchandising revenue (+25.5%) and overage rental revenue

(+13.9%).


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If considering the straight line effect, which recorded R$6.6 million in the quarter, and R$18.0 million in the first half

of the year, rental revenue increase would be of 18.9% (2Q14/2Q13) and 14.1% (1H14/1H13). Please note that the

straight line effect does not represent a cash event.

Young malls rent/m upside: engaged!

Multiplans shopping centers portfolio average rent/m reached R$103/m/month in 2Q14. Breaking down this

average between malls with more than five years in operation (R$115/m), and less than five years in operation

(R$71/m), leads to a gap of 61.9%, which indicates the upside potential for younger shopping centers. This upside

is even clearer if considered the strong sales/m evolution analysis (please see page 12 for more details), indicating

that operational consolidation comes at a fast pace. Additional data on shopping centers results can be

downloaded from the Fundamentals Spreadsheet on Multiplans investor relations website

(www.multiplan.com.br/ir).

VillageMalls rental revenue grows 46.1% in 2Q14

The quarters main highlight was VillageMall, positively impacted by the malls early consolidation, clearly

accelerated by store mix improvements and the opening of new stores. The malls rental revenue increased 46.1%

in 2Q14, compared to 2Q13, reaching R$8.9 million.

ParkShoppingSoCaetano and Shopping Vila Olmpia are going through important ramp up periods (3 rdand 5th

year in operation, respectively), and recorded rental revenue growths of 23.0% and 18.3%.

Malls with 30+ years in operation were also a highlight: RibeiroShopping, boosted by the successful delivery of

expansions VII and VIII throughout 2H13, showed rent increase of 35.0% in 2Q14. BarraShopping benefited

partially from the opening of expansion VII in the end of the quarter (June 10 th), even though rental revenue grew

strongly by 13.8%.

Finally, MorumbiShopping, with a robust 15.0% rental increase, started reaping the benefits of recent

improvements in its tenant mix, which resulted in the malls strong sales performance in the quarter.

MorumbiShopping saw a remarkable 70.8% growth in overage rent in 2Q14.
http://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/ir


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Rental Revenue (R$) Opening 2Q14 2Q13 Chg.% 1H14 1H13 Chg.%

BH Shopping (1979) 17.9 M 16.5 M 8.5% 35.1 M 35.7 M 1.6%

RibeiroShopping (1981) 11.7 M 8.7 M 35.0% 22.0 M 17.3 M 27.6%

BarraShopping (1981) 21.5 M 18.9 M 13.8% 41.8 M 37.7 M 10.9%

MorumbiShopping (1982) 24.2 M 21.1 M 15.0% 47.3 M 42.0 M 12.6%

ParkShopping (1983) 11.5 M 10.5 M 9.7% 22.0 M 20.6 M 6.6%

DiamondMall (1996) 9.5 M 8.8 M 7.8% 18.5 M 17.5 M 5.7%

New York City Center (1999) 1.8 M 1.7 M 5.2% 3.4 M 3.5 M 4.1%

Shopping Anlia Franco (1999) 6.0 M 5.7 M 5.9% 11.7 M 11.0 M 6.7%

ParkShoppingBarigi (2003) 11.4 M 11.0 M 4.0% 22.1 M 21.3 M 4.0%

Ptio Savassi (2004) 5.9 M 5.7 M 3.0% 11.8 M 11.2 M 5.8%

Shopping Santa rsula (1999) 1.4 M 1.4 M 2.6% 2.6 M 2.7 M 3.1%

BarraShoppingSul (2008) 12.4 M 11.1 M 11.6% 23.6 M 22.0 M 7.5%

Shopping Vila Olmpia (2009) 5.0 M 4.3 M 18.3% 9.1 M 8.9 M 3.3%

ParkShoppingSoCaetano (2011) 10.0 M 8.2 M 23.0% 19.4 M 16.8 M 15.7%

JundiaShopping (2012) 7.0 M 6.5 M 8.9% 13.3 M 12.7 M 4.5%

ParkShoppingCampoGrande (2012) 7.6 M 7.2 M 5.7% 14.9 M 14.7 M 1.3%

VillageMall (2012) 8.9 M 6.1 M 46.1% 15.0 M 12.1 M 23.7%

Parque Shopping Macei (2013) 2.4 M - n.a. 4.7 M - n.a.

Morumbi Corporate (2013)4 10.1 M - n.a. 15.7 M - n.a.

Subtotal 186.2 M 153.1 M 21.6% 354.2 M 307.6 M 15.2%

Straight line effect 6.6 M 9.0 M 26.9% 18.0 M 18.6 M 3.0%

Total 192.8 M 162.149 M 18.9% 372.2 M 326.1 M 14.1% Ptio Savassi was acquired by Multiplan in June, 2007, and opened in 2004.2Shopping Santa rsula was acquired by Multiplan in April, 2008, and opened in 1999. Parque Shopping Macei opened on November 7 th, 2013.


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Morumbi Corporate contributes with R$10.1 million in rent in 2Q14; leased area increases to 65.0%

Morumbi Corporate, the two-tower office complex located across from MorumbiShopping, recorded R$10.1

million in rental revenue in 2Q14. The towers are connected by an indoor gourmet plaza, providing the

companies with quality restaurants, cafs and a bombonire. Morumbi Corporate contributed with R$15.7

million in 1H14 and ended 2Q14 with 61.2% of its GLA leased. By the date this report was published,

65.0% of the GLA was leased.

Same Store Rent growth of 10.1% in 2Q14; real increase of 4.1%

Same Store Rent (SSR) grew 10.1% in 2Q14, compared to 2Q13. As mentioned previously, the strong sales

performance in the quarter played a key role in leading to an overage rent increase of 21.8% in 2Q14, whencompared to 2Q13. The IGP-DI adjustment effect was 5.8% in the quarter, leading to a real growth of 4.1%, the

highest growth in the last five quarters. The Same Area Rent (SAR) increased 8.1% in 2Q14.

5.2 Parking Revenue

Parking revenue increases 25.0% to R$38.6 million in 2Q14

As a result of the combination of an increase in car flow coming from new shopping centers and the increase of

parking spaces through new areas, parking revenue reached R$38.6 million in 2Q14, a growth of 25.0% when

compared to 2Q13.

In 1H14, parking revenue increased 21.2% to R$74.0 million, compared to the same period of the previous year.

5.3 Shopping Center Expenses

Shopping center expenses drop 27.8% in 2Q14

Shopping center expenses decreased 27.8% to R$24.8 million in 2Q14, when compared to 2Q13, in spite

of the delivery of new areas. As a percentage of shopping center net revenue, mall expenses decreased

668 bps in 2Q14 when compared to 2Q13, reaching 10.6%. In 1H14, shopping center expenses summed

R$50.4 million, a 15.0% decrease compared to 1H13. Mall expenses as a percentage of shopping center

net revenue was 11.1% in 1H14, 376 bps lower than in 1H13.

As mentioned in the previous report, the temporary higher brokerage fees and condominium expenses incurred last

year, linked to malls and expansions delivered at that time, have come down and Multiplan believes that as the new

operations mature, margins should continue to improve and converge towards those of the consolidated malls.

5.4 Office Tower Expenses

MorumbiCorporate: expenses fell 25.9%


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As a result of the increase in signed leases (at 61.2% of total GLA in the end the quarter and 65.0% by the day this

report was published), Morumbi Corporate, the two-tower office complex located across from MorumbiShopping,

recorded R$2.5 million in lease expenses in 2Q14, a 25.9% decrease compared to 1Q14. As the project continues

to increase occupancy, operating margin should increase in the following quarters.

5.5 Net Operating IncomeNOI

The NOI + Key Money per share reached R$1.14 in 2Q14, implying a strong five-year CAGR of 14.0%. In the last

twelve months, NOI + Key Money was R$4.23 per share, equivalent to a five-year CAGR of 13.0%.

6. Shopping Center Management Results

6.1 Services Revenue

Services revenue covers all company headquarters expenses in 1H14

Multiplan recorded a Net Operating Income (NOI) + Key Money (KM) of R$213.6 million in 2Q14, 23.6% higher than

in 2Q13. In the same period, NOI + Key Money margin grew 523 bps to 88.6%.

NOI + Key money increases 23.6% in2Q14, and margin reaches 88.6%NOICalculation (R$)

2Q14 2Q13 Chg.% 1H14 1H13 Chg.%

Rental revenue 186.2 M 153.1 M 21.6% 354.2 M 307.6 M 15.2%

Straight line effect 6.6 M 9.0 M 26.9% 18.0 M 18.6 M 3.0%

Parking revenue 38.6 M 30.9 M 25.0% 74.0 M 61.1 M 21.2%

Operational revenue 231.5 M 193.1 M 19.9% 446.2 M 387.2 M 15.2%

Shopping center expenses (24.8 M) (34.4 M) 27.8% (50.4 M) (59.3 M) 15.0%

Real estate for lease expenses (2.5 M) - N.A. (6.0 M) - N.A.

NOI 204.1 M 158.7 M 28.6% 389.9 M 327.9 M 18.9%

NOI margin 88.2% 82.2% 598 b.p 87.4% 84.7% 268 b.p

Key Money 9.5 M 14.2 M 33.0% 19.8 M 27.0 M 26.8%

Operational revenue + Key money 241.0 M 207.2 M 16.3% 466.0 M 414.2 M 12.5%

NOI + Key Money 213.6 M 172.8 M 23.6% 409.6 M 354.9 M 15.4%


In 1H14, NOI + Key Money increased 15.4% compared to 1H13, to R$409.6 million with a margin of 87.9%.


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Services revenue - composed mainly by portfolio management, brokerage and transfer fees - presented a 1.2%

increase in 2Q14, resulting from the combination of a R$1.5 million increase in shopping center management

fees, partially offset by a R$1.2 million decrease in brokerage fees in 2Q14, compared to 2Q13, due to reduction

in the area to be leased.

In 1H14, services revenue was equivalent to 107.0% of General and Administrative expenses in the same

period, showing that this revenue line covered all company headquarters expenses.

6.2 General and Administrative Expenses (Headquarters)

G&A expenses decrease 1.7% in 2Q14, representing 11.6% of net revenues, down from 13.5% in 2Q13

In 2Q14, General and Administrative (G&A) expenses decreased 1.7% when compared to the same period

in the last year, mainly due to a reduction in services expenses , which decreased 7.8%, and partially offset

by higher payroll expenses (+3.7%).

As a percentage of net revenue, G&A expenses dropped 194 bps from 13.5%, in 2Q13, to 11.6%, in 2014.

In 1H14, G&A expenses as a percentage of net revenue went from 11.3% in 1H13, down to 10.6%,

reaching R$56.1 million, 7.9% higher than in 1H13.

7. Shopping Center Development Results

7.1 Key Money Revenue

Key money revenue totals R$ 9.5 million in 2Q14

Key Money Revenue (R$) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

Operational (Recurring) 1.0 M 3.7 M 74.0% 2.2 M 6.7 M 66.7%

Projects opened in the last 5 years (Non-recurring) 8.5 M 10.5 M 18.4% 17.5 M 20.2 M 13.5%

Key Money Revenue 9.5 M 14.2 M 33.0% 19.8 M 27.0 M 26.8%


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Key money revenue recognition in 2Q14 decreased 33.0% to R$9.5 million, impacted by BarraShoppingSul whichcompleted its first five years in operation (the accounting accrual period for most mall key money contracts), and

partially compensated by the key money from new areas (Parque Shopping Macei and RibeiroShopping Exp. VII

and VIII) delivered in 4Q13.

Key money revenue is composed of (i) recurring or operational revenue, from key money accrued from areas with

more than five years in operation, and the turnover in the same period. This reflects the companys effort to improve

the tenant mix in its malls, and (ii) non-recurring revenue, from key money of lease contracts of greenfields and

expansions delivered in the last five years.

7.2 New Projects for Lease Expenses

In 2Q14, new projects for lease expenses reached R$2.5 million, compared to R$1.2 million in 2Q13. In

2Q14, new projects for lease expenses were composed mainly of expenses with the new cycle of

projects.

These expenses are incurred mostly in the planning, launching and opening of projects, and are an

important tool to implement the companys strategy to attract the best tenants and create the ideal mix for

each mall.

8. Real Estate for Sale Results

8.1 Revenue

Multiplan recorded real estate for sale revenue of R$28.5 million in 2Q14, 7.3% higher than in 2Q13. Real estate for

sale revenue, as per the percentage of completion method PoC, was composed mainly of revenues from the real

estate projects in the BarraShoppingSul Complex, including the Diamond Tower (97.0% sold) and Rsidence du

Lac (100.0% sold), with construction works running according to plan in both projects.

Furthermore, gross real estate margin inched up 180 bps, from 35.4% in 2Q13, to 37.2% in 2Q14. In 1H14, real

estate margin reached 38.6%, in line with the last five yearsmargin of 39.5%.

8.2 Cost of properties sold

The company recorded cost of properties sold of R$17.9 million in 2Q14, in line with the evolution of construction

works, driven mainly by costs from the real estate projects in the BarraShoppingSul Complex.


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8.3 New Projects for Sale Expenses

New projects for sale expenses decreased to R$2.3 million in 2Q14, compared to R$3.1 million in 2Q13. In 2Q14,new projects for sale expenses were composed mainly by (i) brokerage fees, (i i) property taxes (IPTU) for the

landbank, and (iii) expenses related to future projects not yet announced.

9. Financial Results

9.1 EBITDA

While shopping centers owned GLA increases 7.6%, Consolidated EBITDA grows 25.6%

Consolidated EBITDA was 25.6% higher in 2Q14, when compared to 2Q13, driven by (i) a double digit net revenue

growth (+14.8%) and (ii) a decrease of 27.8% in shopping centers expenses, resulting in a margin increase of 591

bps when compared to 2Q13, up from62.7%, in 2Q13, to 68.6%, in 2Q14. In 1H14, Consolidated EBITDA marginincreased to 72.4% up from 66.9%, and a robust 24.5% growth, to R$383.6 million.

Consolidated EBITDA (R$) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

Net Revenue 272.5 M 237.4 M 14.8% 529.7 M 461.0 M 14.9%

Headquarters expenses (31.6 M) (32.1 M) 1.7% (56.1 M) (52.0 M) 7.9%

Stock-option expenses (3.5 M) (2.4 M) 45.2% (6.6 M) (4.8 M) 39.1%

Shopping centers expenses (24.8 M) (34.4 M) 27.8% (50.4 M) (59.3 M) 15.0%

Office towers for lease expenses (2.5 M) - na (6.0 M) - na

New projects for lease expenses (2.5 M) (1.2 M) 109.2% (8.8 M) (5.6 M) 58.7%

New projects for sale expenses (2.3 M) (3.1 M) 25.9% (6.0 M) (5.6 M) 7.2%

Cost of properties sold (17.9 M) (17.2 M) 4.3% (33.4 M) (29.0 M) 15.0%

Equity pickup 0.4 M (0.2 M) na 11.4 M (0.7 M) na

Others (0.6 M) 2.2 M na 9.7 M 4.2 M 133.5%

Consolidated EBITDA 187.1 M 149.0 M 25.6% 383.6 M 308.2 M 24.5%

Consolidated EBITDA Margin 68.6% 62.7% 591 b.p 72.4% 66.9% 555 b.p

The

compa

nys

Conso

lidated EBITDA margin is normally lower than that of Shopping Center EBITDA margin, reflecting the impact of the

lower margins of the real estate for sale business when compared to those of projects for lease, which will be

shown on the next page.

Shopping Center EBITDA 20.0% higher in 2Q14, while margins increase 553 bps

In the last twelve months Consolidated EBITDA reached R$686.1 million, implying a five-year CAGR of21.4%. In the same period, the CAGR of shopping center owned GLA reached 11.2%, showing the strong

portfolio value generation, with EBITDA almost doubling the owned GLA growth.


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Multiplan recorded in 2Q14 a double digit Shopping Center EBITDA growth (+20.0%), driven by (i) shopping center

net revenues growth (+11.1%) and (ii) the decrease of 9.2% in expenses mainly due to lower shopping center and

headquarters expenses. As a result, Shopping Center EBITDA margin went up from 69.8% in 2Q13, to 75.3% in

2Q14. In 1H14, Shopping Center EBITDA margin was even better, increasing to 77.5% up from 73.4%.

For illustration purposes only, if new projects for lease expenses were excluded from the Shopping Center EBITDA

calculation, Shopping Center EBITDA margin would increase to 76.4% in 2Q14.

Shopping Center EBITDA (R$) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

Shopping Center Gross Revenue 259.6 M 236.2 M 9.9% 512.1 M 468.0 M 9.4%

Taxes and contributions on sales and services (22.5 M) (22.8 M) 1.7% (46.2 M) (44.0 M) 5.0%

Shopping Center Net Revenue 237.2 M 213.4 M 11.1% 465.9 M 424.1 M 9.9%

Headquarters expenses (27.5 M) (28.9 M) 4.8% (49.3 M) (47.8 M) 3.1%

Stock-option expenses (3.1 M) (2.2 M) 40.6% (5.8 M) (4.4 M) 33.0%

Shopping centers expenses (24.8 M) (34.4 M) 27.8% (50.4 M) (59.3 M) 15.0%

New projects for lease expenses (2.5 M) (1.2 M) 109.2% (8.8 M) (5.6 M) 58.7%

Other operating income (expenses) (0.6 M) 2.2 M na 9.7 M 4.2 M 133.5%

Shopping Center EBITDA 178.6 M 148.9 M 20.0% 361.3 M 311.2 M 16.1%

Shopping Center EBITDA Margin 75.3% 69.8% 553 b.p 77.5% 73.4% 416 b.p

(+) New projects for lease expenses 2.5 M 1.2 M 109.2% 8.8 M 5.6 M 58.7%

SC EBITDA before New Projects Expenses4

181.1 M 150.1 M 20.7% 370.1 M 316.8 M 16.8%

SC EBITDA before New Projects Expenses Margin 76.4% 70.3% 602 b.p 79.4% 74.7% 474 b.p


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9.2 Financial Results, Debt and Cash

Multiplan ended 2Q14 with a net debt of R$1,929.8 million, compared to R$1,904.5 million in the previous quarter.

The current figure represents a net debt-to-EBITDA (last 12 months) ratio of 2.81x. In 2Q14, the balance between

the interest from the invested cash position and financial expenses generated a negative financial result of R$39.3

million.

June 30th, 2014 March 31st, 2014 Chg. %

Current Liabilities 251.8 M 246.0 M 2.4%

Loans and financing 200.4 M 202.5 M 1.0%

Debentures 10.7 M 2.4 M 351.2%

Obligations from acquisition of goods 40.7 M 41.1 M 1.0%

Non Current Liabilities 1,873.0 M 1,912.3 M 2.1%

Loans and financing 1,543.0 M 1,574.2 M 2.0%

Debentures 300.0 M 300.0 M na

Obligations from acquisition of goods 30.0 M 38.1 M 21.2%

Gross Debt 2,124.9 M 2,158.3 M 1.5%

Cash and Cash Equivalents 195.0 M 253.8 M 23.1%

Net Debt 1,929.8 M 1,904.5 M 1.3%

Cash and Cash Equivalents in 2Q14 was impacted by R$58.7 million, mainly by the cash outflows of (i) CAPEX of

R$61.7 million in the period, (ii) payment of R$41.8 million in short term bank debt; which were offset mainly by (iii)

cash generation of current operations.

The increase in EBITDA LTM (5.9% vs 1.3% Net Debt, when compared to 1Q14) contributed to change the net

debt-to-EBITDA (LTM) ratio from 2.94x in 1Q14, to 2.81x in 2Q14. Gross debt-to-EBITDA (last 12 months)

decreased from 3.33x in 1Q14, to 3.10x in 2Q14. The weighted average maturity of the company debt at the end of

2Q14 was of 48 months, compared to 45 months in 2Q13 and 50 months in 1Q14.

Multiplan funding costs remain below Selic, 50 bps inside the curve

While the basic interest rate increased 25 bps in the quarter to 11.00%, weighted average cost-of-debt increased

only 9 bps to 10.50% p.a. on June 30 th, 2014, up from 10.41% p.a. on March 31st, 2014, presenting an increase in

the spread between the companys weighted average cost of funding and Selicsbasic interest rate of 50 bps.

On a 12-month basis, weighted average cost-of-debt increased by 130 bps, up from 9.2% p.a. on June 30 th, 2013,

while the basic interest rate increased 300 bps, from 8.00% p.a. on June 30 th, 2013, to 11.00% p.a. as of June 30 th,

Financial Position Analysis* Jun. 30th

, 2014 Mar. 31st, 2014

Net Debt/EBITDA (LTM) 2.81x 2.94x

Gross Debt/EBITDA (LTM) 3.10x 3.33x

EBITDA/Financial Expenses (LTM) 3.82x 3.76x

Net Debt/Fair Value 12.5% 12.8%

Net Debt/Equity 48.9% 48.9%

Weighted Average Maturity (Months) 48 50* EBITDA and Financial Expenses are the sum of the last 12 months.


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2014. For illustration purposes only, in 4Q11 when the Selic rate was also 11.0% p.a., the companys funding cost

was 8 bps higher than Selic, and now it is 50 bps below.

Indebtedness interest indices on June 30th

, 2014

IndexPerformance

AverageInterest Rate

Cost ofDebt

Gross Debt(R$)

TR 0.54% 9.01% 9.55% 889.4 MCDI 11.00% 1.03% 12.03% 923.2 MTJLP 5.00% 3.25% 8.25% 170. MIGP-M 6.24% 1.93% 8.17% 71.1 MIPCA 6.52% 7.62% 14.14% 27.2 MOthers 0.00% 8.03% 8.03% 44. MTotal 5.70% 4.81% 10.50% 2,124.9 M Annual interest rate weighted average.

Index performance for the last 12 months.

9.3 Net Income and Funds From Operations (FFO)

Net income up 32.7% in 2Q14 and 24.8% in 1H14

Net Income presented another robust growth in 2Q14, increasing 32.7% to R$93.4 million, due mainly to (i) 14.8%

increase in net revenue, driven by rental and parking revenue, (ii) lower tax burden, benefitting from the provision of

interest on shareholders equity and (iii) 3.4% decrease in operating expenses, highlighting to the shopping centers

expenses. This result was partially offset by higher (iv) net financial expenses and (v) higher depreciation and

amortization expenses, due to the delivery of one greenfield, three expansions and one office tower in the last

twelve months.

FFO per share reaches 15.4% five year CAGR

Funds From Operations (FFO) reached R$143.9 million in 2Q14, 31.5% higher than in 2Q13. FFO per share (LTM)

reached R$2.59 in 2Q14, representing a CAGR 09-14 of 10.8%. In 1H14, FFO increased 28.9%, reaching R$272.5

million.

1Shares outstanding at the end of each period, adjusted for shares held in treasury.

Net Income & FFO Calculation(R$)

2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

Net revenue 272.5 M 237.4 M 14.8% 529.7 M 461.0 M 14.9%

Operating expenses (85.4 M) (88.5 M) 3.4% (146.1 M) (152.7 M) 4.3%

Financial results (39.3 M) (27.7 M) 42.0% (79.3 M) (58.1 M) 36.6%

Depreciation and amortization (40.1 M) (29.3 M) 36.7% (79.4 M) (57.4 M) 38.2%

Income tax and social contribution (3.8 M) (11.8 M) 67.9% (31.8 M) (38.8 M) 17.9%Minority interest (0.0 M) (0.0 M) 151.4% (0.0 M) (0.0 M) 176.7%

Adjusted net income 103.8 M 80.1 M 29.6% 193.1 M 154.0 M 25.4%

Deferred income and socialcontribution

(10.5 M) (9.8 M) 7.0% (17.4 M) (13.2 M) 31.9%

Net income 93.4 M 70.3 M 32.7% 175.7 M 140.8 M 24.8%

Depreciation and amortization 40.1 M 29.3 M 36.7% 79.4 M 57.4 M 38.2%Deferred income and socialcontribution

10.5 M 9.8 M 7.0% 17.4 M 13.2 M 31.9%

FFO 143.9 M 109.4 M 31.5% 272.5 M 211.4 M 28.9%

FFO per share 0.77 0.58 32.2% 1.45 1.12 29.6%


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10. MULT3 Indicators & Stock Market

Average daily traded volume of R$30.6 million in 2Q14

Multiplans stock (MULT3 at BM&FBOVESPA; MULT3 BZ on Bloomberg) ended the second quarter of 2014

quoted at R$51.30/share, a 0.9% depreciation when compared to the end of 2Q13 . Multiplans average daily

traded volume was R$30.6 million in 2Q14 and R$29.1 million in 1H14, 9.8% higher than in 1H13 (R$26.5 million),

when volume was impacted by the issuance of new shares as a result of the Follow On at the beginning of that

year. The daily number of traded shares in 1H14 increased 24.3% over 1H13.

Multiplan shares are part of the following indexes: Brazil Index (IBRX), Tag Along Index (ITAG), Corporate

Governance Index (IGC), Real Estate Index (IMOB), Mid-Large Cap Index (MLCX), MSCI Brazil Index Fund,

FTSE EPRA/NAREIT Global Index, FTSE All World Emerging Index, FTSE All World EX US IndexFund, 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.

On June 30th, 2014, 29.8% of the Companys shares were owned directly and indirectly by Mr. and Mrs. Peres.

Ontario Teachers Pension Plan (OTPP) owned28.8% and the free-float was equivalent to 40.3%. Shares held by

management and in treasury totaled 1.1% of the outstanding shares. Total shares issued are 189,997,214.

MULT3 at BM&FBOVESPA 2Q14 2Q13 Chg.%

Average closing price (R$) 49.38 55.61 11.2%

Closing price (R$) 51.30 51.79 0.9%

Average daily traded volume (R$) 30.6 M 32.3 M 5.3%

Market cap (R$) 9,746.9 M 9,840.0 M 0.9%


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11. Portfolio

Portfolio1Q14 Opening State

Multiplan

% Total GLA

Rent

(month)1

Sales

(month)2

avg.

Occupancyrate

Operating Shopping Centers

BHShopping 1979 MG 80.0% 46,999 m 152 R$/m 1,919 R$/m 99.3%

RibeiroShopping 1981 SP 80.0% 68,656 m 72 R$/m 985 R$/m 97.1%

BarraShopping 1981 RJ 51.1% 74,738 m 180 R$/m 2,265 R$/m 99.9%

MorumbiShopping 1982 SP 65.8% 55,512 m 195 R$/m 2,388 R$/m 99.9%

ParkShopping 1983 DF 61.7% 53,521 m 113 R$/m 1,634 R$/m 98.9%

DiamondMall 1996 MG 90.0% 21,386 m 157 R$/m 2,298 R$/m 100.0%

New York City Center 1999 RJ 50.0% 22,271 m 47 R$/m 784 R$/m 100.0%

Shopping AnliaFranco 1999 SP 30.0% 51,005 m 123 R$/m 1,607 R$/m 99.5%

ParkShoppingBarigi 2003 PR 84.0% 50,676 m 84 R$/m 1,416 R$/m 99.0%

Ptio Savassi 2004 MG 96.5% 17,398 m 107 R$/m 1,638 R$/m 99.8%

Shopping Santa rsula 1999 SP 62.5% 23,057 m 28 R$/m 649 R$/m 94.9%

BarraShoppingSul 2008 RS 100.0% 69,058 m 57 R$/m 1,187 R$/m 99.5%

Shopping Vila Olmpia 2009 SP 60.0% 28,370 m 95 R$/m 1,116 R$/m 96.7%

ParkShoppingSoCaetano 2011 SP 100.0% 39,274 m 79 R$/m 1,123 R$/m 98.3%

JundiaShopping 2012 SP 100.0% 34,425 m 64 R$/m 1,025 R$/m 96.6%

ParkShoppingCampoGrande 2012 RJ 90.0% 42,819 m 60 R$/m 767 R$/m 97.9%VillageMall 2012 RJ 100.0% 25,685 m 100 R$/m 1,745 R$/m 99.6%Parque Shopping Macei 2013 AL 50.0% 37,578 m 44 R$/m 517 R$/m 95.9%

Subtotal operating Shopping Centers 73.8% 762,429 m 103 R$/m 1,444 R$/m 98.4%

Operating office tower

ParkShopping Corporate 2012 DF 50.0% 13,360 m - - Leasing phase

Morumbi Corporate 2013 SP 100.0% 74,198 m - - 61.2%

Subtotal operating office tower 92.4% 87,558 m

Malls under development

ParkShoppingCanoas TBA RS 80.0% 48,000 m

Subtotal malls under development 80.0% 48,000 m

Office towers for lease under development

BarraShopping Office 2014 RJ 51.1% 4,204 m

Subtotal towers under development 51.1% 4,204 m

Total portfolio 75.8% 902,191 m

Sales per m: Sales of stores that inform sales divided by their GLA.

Rent per m: Rental revenue (base and overage rents) charged from the tenant and divided by its GLA. It is worth noting thatthis GLA includes stores that are already leased but are not yet operating (i.e., stores that are being readied for opening).


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12. Ownership Structure

Multiplans ownership structure on June 30t , 2014, is described in the chart below. From a total of 189,997,214shares 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.

The interest Multiplan holds in the following Special Purpose Companies (SPC) is 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, in which Multiplan has a 50/50 partnership.

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.

60.00%

Ontario Teachers

Pension Plan

24.11% ON100.0% PN

28.85% Total

100.0%

Multiplan Planejamento.

Participaes e

Administrao S.A.

22.25%

77.75%

23.65% ON22.17%Total

98.00%

Jose Isaac Peres

Maria Helena

Kaminitz Peres

1.00%99.00%Multiplan

Administradora de

Shopping Centers Ltda.

Embraplan

Empresa Brasileira

de Planejamento Ltda.

Renasce -

Rede Nacional de

Shopping Centers Ltda.**

Free Float

42.93% ON40.25% Total

Danville SP Empreendimento

Imobilirio Ltda. *

Multiplan Holding S.A.

SCP Royal Green

Pennsula

MPH

Empreend. Imobilirio Ltda.

1.38% ON1.29% Total

6.24% ON

5.85% Total

2.00%

99.99%

99.99%

100.0%

Manati Empreendimentos e

Participaes S.A.

Parque Shopping Macei S.A.

Treasury

1.19% ON1.12% Total

1700480

Ontario Inc.

Shopping Centers %

BarraShopping 51.1%BarraShoppingSul 100.0%BH Shopping 80.0%DiamondMall 90.0%MorumbiShopping 65.8%New York City Center 50.0%ParkShopping 61.7%ParkShoppingBarigi 84.0%Ptio Savassi 96.5%RibeiroShopping 80.0%ShoppingAnliaFranco 30.0%

Shopping Vila Olmpia 60.0%Shopping Santa rsula 62.5%Parque Shopping Macei 50.0%ParkShopping SoCaetano 100.0%Jundia Shopping 100.0%VillageMall 100.0%ParkShopping Campo Grande 90.0%

Ptio Savassi Administrao

de Shopping Center Ltda.

CAA - Corretagem e

Consultoria

Publicitria Ltda. *

CAA - Corretagem

Imobiliria Ltda. *

100.0%

Ribeiro Residencial

Empreendimento Imobilirio Ltda. *

Multiplan Greenfield I


BarraSul


75.00%

100.0%

Morumbi Business Center


Multiplan Greenfield II


Multiplan Greenfield III


Multiplan Greenfield IV


Jundia Shopping Center Ltda. *

Parkshopping Campo Grande Ltda. *

100.0%

90.00%

ParkShopping Corporate


*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.

0.45%

50.00%

0.01%

County Estates Limited

Embassy Row Inc

100.0%

100.0%

Multiplan Arrecadadora

Ltda *

100.0%

FIM Multiplus

Investimento

100.0% 0.50% ON0.46% Total

ParkShopping Canoas Ltda.*

Corporate Towers %

ParkShopping Corporate 50.0%Morumbi Corporate 100.0%

50.00%

46.88%

53.12%

ParkShopping Global Ltda.


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Danville SP Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of

Ribeiro Preto, State of So Paulo.

Multiplan Holding S.A.: Multiplans whole subsidiary; holds interest in other Companies and assets.

Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the

city of Ribeiro Preto, State of So Paulo.

Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established to develop a commercial 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 projects

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.: SPC established to develop real estate projects 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.: SPC established to develop real estate projects in

the city of So Paulo, State of So Paulo.

Jundia Shopping Center Ltda.: Owns 100.0% interest in JundiaShopping. Multiplan holds 100.0% interest in

Jundia Shopping Center Ltda, located in the city of Jundia, State of So Paulo.

ParkShopping Campo Grande Ltda.: SPC establishedto develop ParkShoppingCampoGrande, located in the city

of Rio de Janeiro, State of Rio de Janeiro.

ParkShopping Corporate Empreendimento Imobilirio Ltda.:SPC established to develop real estate projects in

the city of Braslia, Distrito Federal.

ParkShopping Canoas Ltda.: SPC established to develop real estate projects 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.


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13. Operational and Financial Data

Operational and Financial Highlights

Perfomance

Financial (MTE %) 2Q14 2Q13 Chg.% 1H14 1H13 Chg.%

Gross revenue R$'000 298,268 262,840 13.5% 582,220 508,763 14.4%

Net revenue R$'000 272,474 237,423 14.8% 529,723 460,970 14.9%

Net revenue R$/m 496.2 466.5 6.4% 965.9 906.1 6.6%

Net revenue USD/sq. foot 20.8 19.4 7.1% 40.5 37.8 7.4%

Rental revenue (with straight line effect) R$'000 192,849 162,150 18.9% 372,181 326,132 14.1%

Rental revenue R$/m 351.2 318.6 10.2% 678.6 641.1 5.1%

Rental revenue USD/sq. foot 14.7 13.3 11.0% 28.5 26.7 6.6%

Monthly rental revenue R$/m 113.1 100.3 12.7% 107.6 100.8 6.8%

Monthly rental revenue USD/sq. foot 4.7 4.2 13.5% 4.5 4.2 7.6%

Net Operating Income (NOI) R$'000 204,101 158,666 28.6% 389,875 327,947 18.9%

Net Operating Income R$/m 371.7 311.8 19.2% 710.9 644.6 10.3%

Net Operating Income USD/sq. foot 15.6 13.0 20.1% 29.8 26.9 11.1%

Net Operating Income margin 88.2% 82.2% 598 b.p. 87.4% 84.7% 268 b.p.

NOI/share 1.09 0.84 29.3% 2.08 1.74 19.5%

Net Operating Income (NOI) + Key Money (KM)R$'000

213,596 172,830 23.6% 409,626 354,912 15.4%

NOI + KM R$/m 389.0 339.6 14.5% 746.9 697.6 7.1%

NOI + KM USD/sq. foot 16.3 14.2 15.3% 31.4 29.1 7.8%

NOI + KM margin 88.6% 83.4% 523 b.p. 87.9% 85.7% 222 b.p.

NOI + Key money/share 1.14 0.92 24.2% 2.18 1.88 16.0%

Headquarter expenses R$'000 31,587 32,123 1.7% 56,082 51,983 7.9%

Headquarter expenses/Net revenues 11.6% 13.5% 194 b.p. 10.6% 11.3% 69 b.p.

EBITDA R$'000 187,050 148,951 25.6% 383,610 308,238 24.5%

EBITDA R$/m 340.6 292.7 16.4% 699.5 605.9 15.4%

EBITDA USD/sq. foot 14.3 12.2 17.2% 29.4 25.3 16.3%

EBITDA margin 68.6% 62.7% 591 b.p. 72.4% 66.9% 555 b.p.

EBITDA per Share R$ 1.00 0.79 26.2% 2.04 1.63 25.1%

Adjusted net income R$'000 103,845 80,127 29.6% 193,104 153,992 25.4%

Adjusted net income R$/m 189.1 157.4 20.1% 352.1 302.7 16.3%Adjusted net income USD/sq. foot 7.9 6.6 21.0% 14.8 12.6 17.1%

Adjusted net income margin 38.1% 33.7% 436 b.p. 36.5% 33.4% 305 b.p.

Adjusted net income per share R$ 0.55 0.42 30.3% 1.03 0.82 26.1%

FFO R$'000 143,904 109,422 31.5% 272,454 211,391 28.9%

FFO R$/m 262.1 215.0 21.9% 496.8 415.5 19.6%

FFO US$'000 65,021 49,095 32.4% 123,104 94,845 29.8%

FFO USD/sq. foot 11.0 9.0 22.7% 20.9 17.3 20.4%

FFO margin 52.8% 46.1% 14.6% 51.4% 45.9% 12.2%

FFO per share R$ 0.77 0.58 32.2% 1.45 1.12 29.6%

Dollar (USD) end of quarter 2.2132 2.2288 0.7% 2.2132 2.2288 0.7%

Values in R$/m and US$/sqf consider adjusted owned mall GLA


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Operational and Financial Highlights

Performance

Market Performance 2Q14 2Q13 Chg.% 1H14 1H13 Chg.%

Number of shares 189,997,214 189,997,214 0.0% 189,997,214 189,997,214 0.0%

Common shares 178,138,867 178,138,867 0.0% 178,138,867 178,138,867 0.0%

Preferred shares 11,858,347 11,858,347 0.0% 11,858,347 11,858,347 0.0%

Average share closing price 45.80 57.89 20.9% 53.98 49.40 9.3%

Closing share price 51.30 51.79 0.9% 51.30 51.79 0.9%

Average daily traded volume (R$ '000) 30,553 32,436 5.8% 29,133 30,403 4.2%

Market cap (R$ 000) 9,746,857 9,839,956 0.9% 9,746,857 9,839,956 0.9%

Total debt (R$ 000) 2,124,854 1,884,773 12.7% 2,124,854 1,884,773 12.7%

Cash (R$ 000) 195,027 453,224 57.0% 195,027 453,224 57.0%

Net debt (R$ 000) 1,929,827 1,431,549 34.8% 1,929,827 1,431,549 34.8%

P/FFO (Last 12 months) 20.0 x 20.8 x 3.8% 20.0 x 20.8 x 3.8%

EV/EBITDA (Last 12 months) 17.0 x 18.4 x 7.5% 17.0 x 18.4 x 7.5%

Net Debt/EBITDA (Last 12 months) 2.8 x 2.3 x 22.3% 2.8 x 2.3 x 22.3%

Performance

Operational (100%) 2Q14 2Q13 Chg.% 1H14 1H13 Chg.%

Final total mall GLA (m) 762,429 698,528 9.1% 762,429 698,528 9.1%Final owned mall GLA (m) 562,508 522,671 7.6% 562,508 522,671 7.6%

Owned mall GLA % 73.8% 74.8% 105 b.p 73.8% 74.8% 105 b.p

Adjusted total mall GLA (avg.) (m) 744,268 684,857 8.7% 743,329 684,740 8.6%

Adjusted owned mall GLA (avg.) (m) 549,109 508,908 7.9% 548,416 508,738 7.8%

Total sales R$'000 3,011,414 2,614,187 15.2% 5,734,429 5,059,801 13.3%

Total sales R$/m 4,046 3,817 6.0% 7,715 7,389 4.4%

Total sales USD/sq. foot 170 159 6.7% 324 308 5.1%

Same Store Sales 9.4% 5.8% 360 b.p. 8.8% 6.8%200

b.p.

Same Area Sales 12.0% 5.7% 630 b.p. 10.7% 7.1%360

b.p.

Same Store Rent 10.1% 8.0% 210 b.p. 8.4% 10.1% 170b.p.

Same Area Rent 8.1% 6.1% 200 b.p. 7.6% 8.4% 80 b.p.

Occupancy costs 12.7% 13.7% 100 b.p. 13.2% 14.2%100

b.p.

Rent as sales % 7.2% 7.7% 50 b.p. 7.5% 8.0% 50 b.p.

Other as sales % 5.5% 6.0% 50 b.p. 5.7% 6.1% 40 b.p.

Turnover 1.0% 1.4% 40 b.p. 2.0% 1.8% 20 b.p.

Occupancy rate 98.4% 97.6% 80 b.p. 98.5% 97.5%100

b.p.

Delinquency (25 days delay) 2.1% 2.0% 11 b.p. 2.0% 2.1% 10 b.p.

Rent loss 0.6% 0.2% 35 b.p. 0.5% 0.3% 20 b.p.

Adjusted GLA corresponds to the periods average GLA excluding 14.400 m of BIG supermarket at BarraShoppingSul


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14. Conciliation between IFRS (with CPC 19 R2) and Managerial Report

14.1 - Variations on the Financial StatementIFRS with CPC 19 (R2) and Managerial Report

IFRS with CPC 19 R2 IFRS with CPC 19 R2

Financial Statements CPC 19 R2 Managerial Effect CPC 19 R2 Managerial Effect

(R$ '000) 2Q14 2Q14 Difference 1H14 1H14 Difference

Rental revenue 183,061 186,249 3,188 347,865 354,171 6,306

Services 27,586 27,548 (38) 59,864 59,735 (129)

Key money 9,099 9,495 397 18,932 19,751 820

Parking 38,257 38,633 375 73,380 74,048 668

Real estate 28,543 28,543 - 54,396 54,396 -

Straight line effect 6,492 6,599 107 17,749 18,010 261

Others 1,142 1,201 58 2,045 2,108 63

Gross Revenue 294,181 298,268 4,088 574,231 582,220 7,989

Taxes and contributions on sales and services (25,574) (25,794) (220) (52,067) (52,497) (430)

Net Revenue 268,607 272,474 3,867 522,164 529,723 7,559

Headquarters expenses (31,586) (31,587) (1) (56,051) (56,082) (30)

Stock-option expenses (3,540) (3,540) - (6,626) (6,626) -

Shopping centers expenses (23,879) (24,841) (961) (48,003) (50,385) (2,382)

Office towers for lease expenses (2,540) (2,540) - (5,969) (5,969) -

New projects for lease expenses (2,493) (2,493) - (8,827) (8,827) -

New projects for sale expenses (2,288) (2,288) - (6,002) (6,002) -

Cost of properties sold (17,919) (17,919) - (33,379) (33,379) -

Equity pickup 2,590 406 (2,184) 14,397 11,415 (2,983)

Other operating income/expenses (644) (622) 22 9,719 9,742 23

EBITDA 186,306 187,050 744 381,424 383,610 2,187

Financial revenues 9,070 9,451 381 18,107 18,978 870

Financial expenses (47,682) (48,781) (1,099) (96,080) (98,276) (2,196)

Depreciation and amortization (39,050) (40,059) (1,009) (77,424) (79,351) (1,926)

Earnings Before Taxes 108,645 107,662 (983) 226,027 224,962 (1,065)

Income tax and social contribution (3,794) (3,794) - (31,815) (31,815) -

Deferred income and social contribution taxes (11,428) (10,470) 958 (18,508) (17,444) 1,065

Minority interest (23) (23) - (43) (43) -

Net Income 93,400 93,375 (25) 175,660 175,660 (0)

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.


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The main differences in 2Q14 and 1H14 are: (i) increase of R$3.2 M and R$6.3 M in Rental Revenues; (ii) increase

of R$1.0 M and R$2.4 M in Shopping Center Expenses, (iii) increase of R$0.7 M and R$1.3 M in Financial Results,

and (iv) increase of R$1.0 M and R$1.9 M in Depreciation and Amortization. Accordingly and as a result of the

variations mentioned above, there were decreases of R$2.2 M and R$3.0 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).

14.2 - Variations on the Balance Sheet: Total Assets

IFRS with CPC 19 R2

CPC 19 R2 Managerial Effect

ASSETS 6/30/2014 6/30/2014 Difference

Current Assets

Cash and cash equivalents 141,723 149,406 7,683

Short Term Investments 45,621 45,621 -

Accounts receivable 259,091 263,093 4,002

Land and properties held for sale 166,529 166,529 -

Related parties 2,722 2,722 -

Recoverable taxes and contributions 2,120 2,688 568

Other 75,204 76,320 1,116

Total Current Assets 693,010 706,379 13,369Noncurrent Asset

Accounts receivable 53,009 53,047 38

Land and properties held for sale 361,603 361,603 -

Related parties 12,692 12,692 -

Deposits in court 21,984 22,604 620

Deferred income and social contribution taxes 12,598 15,443 2,845

Other 17,036 18,917 1,881

Investments 141,623 15,564 (126,059)

Investment Properties 4,731,454 4,890,233 158,779

Property and equipment 34,005 34,005 -

Intangible 345,761 346,765 1,004

Total Non Current Assets 5,731,765 5,770,873 39,108

Total Assets 6,424,775 6,477,251 52,477

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$158.8 M in Investment Properties; (ii) increase of R$7.7 M in Cash

and Cash Equivalents; and (iii) increase of R$4.0 M in Accounts Receivable.

As a result of the variations mentioned above, there was a decrease of R$126.1 M in Investments given that the

assets and liabilities of these companies are now recorded on this line as determined by CPC 19 (R2).


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14.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity

IFRS with CPC 19 R2

CPC 19 R2 Managerial Effect

LIABILITIES 6/30/2014 6/30/2014 Difference

Current Liabilities

Loans and financing 197,720 200,389 2,669

Debentures 10,724 10,724 -

Accounts payable 69,361 70,144 783

Property acquisition obligations 40,734 40,733 (1)

Taxes and contributions payable 19,857 20,619 762

Dividends to pay 59,971 59,971 -

Deferred incomes 37,577 37,661 84

Other 9,677 9,723 46

Total Current Liabilities 445,621 449,964 4,343

Non Current Liabilities

Loans and financing 1,501,926 1,543,005 41,079

Debentures 300,000 300,000 -

Deferred income and social contribution taxes 149,617 150,647 1,030

Property acquisition obligations 30,002 30,004 2

Others 448 476 28

Provision for contingencies 20,762 21,382 620

Deferred incomes 31,757 37,635 5,878

Total Non Current Liabilities 2,034,512 2,083,148 48,636

Shareholders' Equity

Capital 2,388,062 2,388,062 -

Capital reserves 965,144 965,144 -

Profit reserve 718,857 719,222 365

Share issue costs (38,628) (38,628) -

Shares in treasure department (106,867) (106,867) -

Capital Transaction Effects (89,996) (89,996) -

Retained earnings 105,236 105,660 424

Minority interest 2,834 1,542 (1,292)

Total Shareholder's Equity 3,944,642 3,944,139 (503)

Total Liabilities and Shareholders' Equity 6,424,775 6,477,252 52,477

The differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of R$43.8

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 t Banco do Nordeste; and (ii) the increase of R$6.0 M in revenues and costs,

in Deferred Income.


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15. Appendices

15.1 Consolidated Financial Statements: According to the technical pronouncement CPC 19 (R2) - Joint

Arrangements

IFRS with CPC 19 (R2)

(R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

Rental revenue 183,061 152,289 20.2% 347,865 305,916 13.7%



Parking revenue 38,257 30,737 24.5% 73,380 60,793 20.7%



Other revenues 1,142 1,777 35.7% 2,045 1,783 14.7%Gross Revenue 294,181 261,814 12.4% 574,231 506,791 13.3%

Taxes and contributions on sales and services (25,574) (25,317) 1.0% (52,067) (47,600) 9.4%

Net Revenue 268,607 236,497 13.6% 522,164 459,191 13.7%




Office towers for lease expenses (2,540) - (5,969) -

New projects for lease expenses (2,493) (818) 204.8% (8,827) (4,306) 105.0%



Equity pickup 2,590 (368) na 14,397 (1,534) na


EBITDA 186,306 148,801 25.2% 381,424 307,898 23.9%

Financial revenues 9,070 13,567 33.1% 18,107 23,063 21.5%

Financial expenses (47,682) (41,462) 15.0% (96,080) (81,497) 17.9%






Net Income 93,375 70,333 32.8% 175,635 140,755 24.8%


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(R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

NOI 203,931 158,172 28.9% 390,992 326,953 19.6%

NOI margin 89.5% 82.4% 715 b.p 89.1% 84.9% 419 b.p

NOI + Key Money 213,030 172,287 23.6% 409,923 353,785 15.9%






Net Income 93,375 70,333 32.8% 175,635 140,755 24.8%




FFO 143,878 109,106 31.9% 271,593 210,769 28.9%

FFO margin 53.6% 46.1% 743 b.p 52.0% 45.9% 611 b.p


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15.2 Consolidated Financial Statements: Managerial Report

(R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

Rental revenue 186,249 153,123 21.6% 354,171 307,559 15.2%



Parking revenue 38,633 30,902 25.0% 74,048 61,098 21.2%



Other revenues 1,201 1,778 32.5% 2,108 1,783 18.2%

Gross Revenue 298,268 262,840 13.5% 582,220 508,763 14.4%

Taxes and contributions on sales and services (25,794) (25,417) 1.5% (52,497) (47,794) 9.8%Net Revenue 272,474 237,423 14.8% 529,723 460,970 14.9%




Office towers for lease expenses (2,540) - na (5,969) - na

New projects for lease expenses (2,493) (1,192) 109.2% (8,827) (5,562) 58.7%



Equity pickup 406 (235) na 11,415 (685) na


EBITDA 187,050 148,951 25.6% 383,610 308,238 24.5%

Financial revenues 9,451 13,777 31.4% 18,978 23,442 19.0%

Financial expenses (48,781) (41,465) 17.6% (98,276) (81,503) 20.6%






Net Income 93,375 70,344 32.7% 175,660 140,766 24.8%


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(R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. %

NOI 204,101 158,666 28.6% 389,875 327,947 18.9%

NOI margin 88.2% 82.2% 598 b.p 87.4% 84.7% 268 b.p

NOI + Key Money 213,596 172,830 23.6% 409,626 354,912 15.4%






Net Income 93,375 70,344 32.7% 175,660 140,766 24.8%




FFO 143,904 109,422 31.5% 272,454 211,391 28.9%

FFO margin 52.8% 46.1% 673 b.p 51.4% 45.9% 558 b.p

15.3 Balance SheetManagerial Report

ASSETS 06/30/2014 03/31/2014 % Change

Current Assets

Cash and cash equivalents 149,406 161,582 7.5%

Short Term Investments 45,621 92,177 50.5%

Accounts receivable 263,093 240,765 9.3%Land and properties held for sale 166,529 163,638 1.8%

Related parties 2,722 2,640 3.1%

Recoverable taxes and contributions 2,688 14,206 81.1%

Other 76,320 64,649 18.1%

Total Current Assets 706,379 739,657 4.5%

Noncurrent Asset

Accounts receivable 53,047 54,204 2.1%

Land and properties held for sale 361,603 350,506 3.2%

Related parties 12,692 12,965 2.1%

Deposits in court 22,604 27,866 18.9%

Deferred income and social contribution taxes 15,443 11,085 39.3%

Other 18,917 9,103 107.8%

Investments 15,564 15,157 2.7%Investment Properties 4,890,233 4,851,454 0.8%

Property and equipment 34,005 35,202 3.4%

Intangible 346,765 344,756 0.6%

Total Non Current Assets 5,770,873 5,712,298 1.0%

Total Assets 6,477,252 6,451,955 0.4%


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LIABILITIES 06/30/2014 03/31/2014 % Change

Current Liabilities

Loans and financing 200,389 202,499 1.0%Debentures 10,724 2,377 351.2%

Accounts payable 70,144 95,453 26.5%

Property acquisition obligations 40,733 41,137 1.0%

Taxes and contributions payable 20,620 47,457 56.6%

Dividends to pay 59,971 - na

Deferred incomes and costs 37,661 40,728 7.5%

Other 9,723 1,989 388.8%

Total Current Liabilities 449,965 431,644 4.2%

Non Current Liabilities

Loans and financing 1,543,005 1,574,240 2.0%

Debentures 300,000 300,000 0.0%

Deferred income and social contribution taxes 150,647 137,115 9.9%

Property acquisition obligations 30,004 38,054 21.2%Other 476 557 14.6%

Provision for contingencies 21,382 24,075 11.2%

Deferred incomes and costs 37,635 48,010 21.6%Total Non Current Liabilities 2,083,148 2,122,051 1.8%

Shareholders' Equity

Capital 2,388,062 2,388,062 0.0%

Capital reserves 965,144 967,039 0.2%

Profit reserve 719,222 719,222 0.0%

Share issue costs (38,628) (38,628) 0.0%

Shares in treasure department (106,867) (128,796) 17.0%

Capital Transaction Effects (89,996) (89,996) 0.0%

Retained earnings 105,660 81,154 30.2%

Minority interest 1,542 203 660.0%Total Shareholder's Equity 3,944,139 3,898,260 1.2%

Total Liabilities and Shareholders' Equity 6,477,252 6,451,955 0.4%


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16. Glossary and Acronyms

Adjusted Net Income: Net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization ofgoodwill 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 more than 1,000 m to be considered anchors.

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.

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, excluding

merchandising.

Greenfield:Development of new shopping center projects.

IBGE: The Brazilian Institute of Geography and Statistics.

IGP-DI Adjustment Effect: Is the average of the monthly IGP-DI increase with a month of delay, multiplied by the percentage

GLA that was adjusted on the respective month.

IGP-DI: (ndice Geral de Preos - Disponibilidade Interna) General Domestic Price Index. Inflation index pu

Documents

Quarterly Financial Report 2Q14