4Q16
Earnings Release
Conference Call
Date: March 10, 2017 (Friday)
English: 10:30 a.m. (EDT New York)
Portuguese: 09:00 a.m. (EDT New York)
Webcast: ir.multiplan.com.br
Connection numbers:
USA: 1 (888) 700-0802
Brazil: 55 (11) 3193-1001
55 (11) 2820-4001
Other countries:
1 (786) 924-6977
Access Code: Multiplan
 Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations
of the Companys management and on available information. The Company is under no obligation to update these statements.

The words "anticipate, wish , "expect , foresee, intend, plan, "predict, forecast, aim" and similar words are intended to
qualify statements.

Forward-looking statements refer to future events 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 8.4 of the Financial Statements Report dated December 31, 2016.

Multiplan is presenting its quarterly and annual results in a managerial format to provide the reader with a more complete
perspective on operational data. Please refer to the Companys financial statements on its website (ir.multiplan.com.br) to access
the Financial Statements in compliance with the CPC.

Please see on page 46 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and
the reconciliation of the accounting and managerial numbers.

2
 Table of Contents

1. Consolidated Financial Statements ........................................................................................... 8

2. Minority stake acquisitions......................................................................................................... 9
3. Operational Indicators ............................................................................................................. 11
4. Gross Revenue ....................................................................................................................... 16
5. Property Ownership Results .................................................................................................... 17
6. Shopping Center Management Results ................................................................................... 23
7. Shopping Center Development Results .................................................................................. 24
8. Real Estate for Sale Results.................................................................................................... 25
9. Financial Results ..................................................................................................................... 26
10. Project Development ............................................................................................................. 33
11. MULT3 Indicators & Stock Market ......................................................................................... 37
12. Fair Value of Investment Properties According to CPC 28 .................................................... 38
13. Portfolio ................................................................................................................................. 40
14. Ownership Structure .............................................................................................................. 42
15. Operational and Financial Data ............................................................................................. 44
16. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report .............................. 46
17. Appendices............................................................................................................................ 49
18. Glossary and Acronyms ....................................................................................................... 53

The Evolution of Multiplan's Financial Indicators

Change % CAGR %
2007
R$ Million 2008 2009 2010 2011 2012 2013 2014 2015 2016 (2016/ (2016/
(IPO)
2007) 2007)
Gross Revenue 368.8 452.9 534.4 662.6 742.2 1,048.0 1,074.6 1,245.0 1,205.2 1,257.5 +241.0% +14.6%
Net Operating Income 212.1 283.1 359.4 424.8 510.8 606.9 691.3 846.1 934.8 964.6 +354.8% +18.3%
EBITDA 212.2 247.2 304.0 350.2 455.3 615.8 610.7 793.7 789.2 818.3 +285.6% +16.2%
FFO 200.2 237.2 272.6 368.2 415.4 515.6 426.2 552.9 530.7 484.2 +141.9% +10.3%
Net Income 21.2 74.0 163.3 218.4 298.2 388.1 284.6 368.1 362.2 311.9 +1,374.4% +34.8%

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

1,245 1,205 1,258

1,048 1,075
935 965
846 818
742 691 794 789
663 607 616611
534 511 516 553 531
453 455 484
425 426
369 359 350 368 415 388 368 362 312
283 247 304 200 237
273 298 285
212 212 163 218
21 74

Gross Revenue Net Operating Income EBITDA FFO Net Income

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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 2016, Multiplan owned 18
shopping centers with a total GLA of 775,575 sq.m. - with an average interest of 75.9% - 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 sq.m., leading to a total GLA of 863,133
sq.m.

3
 RENTAL REVENUE GROWS DOUBLE DIGITS
IN 4Q16, REACHING R$298 MILLION IN 4Q16
AND R$929 MILLION IN 2016
A time of opportunities: Recent stake acquisitions increased the
Companys ownership in top producing assets. On the operational
front, data showed substantial improvement throughout 2016, in spite
of a challenging economic scenario.

Evolution of Same Area Sales Base: 2013

Tenants Same Area Sales (SAS) grew 3.3% in
+460 19,370
2016, replicating the 2015s increase and +528
+1,518
accumulating a 14.9% growth since 2013. In 4Q16, 16,864
14.9%
the tenant mix improvement led SAS to grow
2.5%, again surpassing Same Store Sales (SSS).
2013 2014 2015 2016 2016

Gross delinquency rate fell sequentially Evolution of Delinquency Rate

as % of Rental Revenue
throughout the year, reaching 2.4% in 4Q16. Strong
4.5% 4.5%
recoveries led net delinquency to drop even further. 4.0% 4.0%
3.1% 3.1%
3.5%
The average occupancy rate in 2016 stood at 2.4% 2.4%
1.9% 1.9% 3.6% 3.6%
1.9%
97.5%. 2.4% 2.4%
0.9%
0.9%
Rental revenue speeded up and grew 11.7% in 4Q15 4Q15
1Q16 1Q16
2Q16 2Q16
3Q16 3Q16
4Q16 4Q16
2015 2016
4Q16, or 7.9% in 2016, with parking revenue also Gross Delinquency Rate

growing 7.9% in the year. The NOI of R$964.6 Net Delinquency Rate

million presented a margin of 86.4%. Evolution of Shopping Center

Occupancy Rate (%)
97.5%
Morumbi Corporate presented strong figures in 97.3%
98.3%
98.0%

97.6%
97.9%

2016, with rental revenue growing 27.6% in the

97.4%

year. The towers occupancy rate reached 96.2%

as of December 2016. 4Q15 1Q16 2Q16 3Q16 4Q16 2015 2016

2016s CAPEX was the highest in the last four Morumbi Corporates Rental Revenue (R$) and its Average
Occupancy Rate (%) evolution
years, and the second highest since the Companys
+27.6%
IPO in 2007, reaching R$952.1 million, driven by
the minority stake acquisitions in BarraShopping 81.1 M
83.8 M
76.8 M
and MorumbiShopping. 72.5 M
94.9%
65.7 M
92.1%
91.5% 91.5%
90.5%

Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

Rental revenue (LTM) Occupancy rate

4
 Net Debt to EBITDA Evolution
Following stake acquisitions aforementioned, Net
debt to EBITDA ratio increased to 3.04x by year-
end, maintaining a comfortable spread to the
nearest debt covenant, at 4.00x. In 2016, Net
income stood at R$311.9 million and FFO
R$484.2 million.

The Company issued in December 2016 Real

Estate Receivables Certificates (CRI), totaling
CAPEX Evolution (R$)
R$300.0 million with a 6-year tenor, at 95.0% of
1,344.4 M
the CDI. The issuance extended the Companys
debt amortization schedule, and was rated 952.1 M
775.0 M
BrAAA by Fitch Ratings Agency.
301.7 M 297.2 M
A sum of 56,500 sq.m. of total GLA is scheduled
to inaugurate in 2017. The pipeline includes 2012 2013 2014 2015 2016
ParkShoppingCanoas, 76.0% leased by
% of GLA to open in 2017
December 2016, as well as RibeiroShopping
2017's new GLA
Medical Center Expansion and the second phase 6.8%

of Ptio Savassi Expansion II.

Multiplans stock price (MULT3 in

BM&FBOVESPA) appreciated 56.3% in the year,
with an average daily traded volume of R$39.5 Mall total GLA
93.2%
million.

Recent events: on January 9th, 2017, Multiplan

announced a new minority stake acquisition at
Evolution of MULT3 in BM&FBOVESPA
ParkShoppingBarigi, raising its stake by 9.3% to a
MULT3 IBOV
total of 93.3% of the malls GLA. +38.9%
+56.3%
180
On the same date, the Board of Directors
160
approved a Private Capital Increase. The
140
operation was concluded on March 8th, 2017, in
120
the amount of R$600.0 million, which represent MULT3 /
IBOV: +480 b.p.
100
10,256,411 common, nominative and book-entry
80
new shares, at an issuance price of R$58.50 per Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
share.

5
 4Q16
MULT3

Message from the CEO

Dear Shareholders,

In July 2017, we will be completing ten years since the Company concluded its Initial Public Offering, when
Multiplans market cap was priced at R$3.7 billion. Today (March 2017) the Company is valued at BM&FBovespa
in excess of R$12.0 billion. In this last decade, Multiplan invested in dozens of projects, expansions of shopping
centers, construction of office and residential buildings, culminating in a value increase of more than three times
compared to 2007, while returning to its shareholders R$1.1 billion in dividends and interest on shareholders equity.

Analyzing the main economic indicators between 2007 and 863 th. sq.m .

2016 Gross Revenue, EBITDA, FFO, Net Income and

Stock Price we can see that the company's growth was +512 th. sq.m .
241%, 367%, 142%, 1,374% and 138%, respectively.

This retrospective summarizes part of our history and

highlights how important it was to have the support of the
capital markets and the trust of our shareholders. If we look +171 th. sq.m .
at the full period, we will see how much a 43-year-old
company has grown over the last ten years. +60 th. sq.m.
+101 th. sq.m .
It should be noted that most of this growth was built within
19 th. sq.m .
the company itself, with projects developed and executed by
our technical staff and our employees. 1979-85 1986-95 1996-05 2006-16
Evolution of Multiplans total GLA 1979-2016

We have contributed significantly to the mall industry in Brazil through several innovations. This movement will
certainly become even more important in these difficult times that the country is experiencing, in which the
company's creative effort is being overcome.

We never fear crises, because we have always seen in these situations a great opportunity for growth. The numbers
themselves and history attest to a highly dynamic and creative company.

In 2016, a year the Brazilian people wanted so much to leave behind, we still made investments of around R$950
million, the second largest since our IPO, including three major acquisitions (two at BarraShopping and one at
MorumbiShopping, not considering one at ParkShoppingBarigi in January 2017) and investments in our existing
and developing projects.

We ended yesterday, March 8, 2017, a fantastic achievement in the capital market that started from an idealized
project in 2016. The company concluded a private capital increase, increasing its capital in R$600 million, with
100% of the shares subscribed. The stock acquired at R$58.50 in the capital increase offered a gain of 10.0%
compared to the closing price of R$64.35 of yesterday, March 8, a day we also celebrated the Women's Day, who
are the main protagonists of our country.

This year, we will inaugurate our 19th shopping center, ParkShoppingCanoas, a project that has 76% of the area
leased. The construction works are in an advanced stage and will be completed in November 2017.

6
 4Q16
MULT3

We would like to emphasize that this project is one of the most important contributions to the city of Canoas, in Rio
Grande do Sul. We made roadworks, urbanization, and the renovation of Getlio Vargas Park, located in an area
adjacent to the new mall, giving to that region a new energy and real estate appreciation.

Finally, I complete this message by addressing you, certain that the Brazilian economy is being rescued by the new
administration, whose ongoing reforms, at its end, will put us back in the status of one of the ten most important
economies in the world.

I recognize that the current governments excellent economic management, which goes far beyond the current
results, focuses on the indispensable reconstruction of the country. We will always have confidence in this nation,
believing that in 2017 we will have the satisfaction of seeing Brazil again growing economically and socially.

In the pages of this document and in our Financial Statements, you will find all the details of our 2016 result.

I hope you enjoy reading as much as we enjoy presenting it to you.

Thank you for your continued support,

Jos Isaac Peres, CEO

7
 4Q16
MULT3

1. Consolidated Financial Statements Managerial Report

(R$'000) 4Q16 4Q15 Chg. % 2016 2015 Chg. %

Rental revenue 297,585 266,527 +11.7% 929,458 861,647 +7.9%
Services revenue 24,092 27,777 -13.3% 119,914 110,435 +8.6%
Key money revenue 4,293 4,266 +0.6% 13,932 24,914 -44.1%
Parking revenue 53,930 49,690 +8.5% 190,742 176,757 +7.9%
Real estate for sale revenue (6,303) 1,467 n.a. (724) 18,859 n.a.
Straight-line effect (29,875) (16,858) +77.2% (3,489) 7,917 n.a.
Other revenues 2,541 718 +254.0% 7,698 4,709 +63.5%
Gross Revenue 346,263 333,586 +3.8% 1,257,532 1,205,238 +4.3%
Taxes and contributions on sales and services (35,196) (34,005) +3.5% (127,779) (119,811) +6.7%
Net Revenue 311,067 299,581 +3.8% 1,129,753 1,085,426 +4.1%
Headquarters expenses (34,643) (33,422) +3.7% (136,305) (124,564) +9.4%
Share-based compensations 5,299 (2,982) n.a. (13,585) (12,794) +6.2%
Shopping centers expenses (42,465) (27,654) +53.6% (144,309) (101,052) +42.8%
Office towers for lease expenses (2,361) (2,401) -1.7% (7,833) (10,451) -25.0%
New projects for lease expenses (5,646) (2,894) +95.1% (11,147) (14,796) -24.7%
New projects for sale expenses (694) (1,028) -32.4% (2,626) (4,204) -37.5%
Cost of properties sold 10,097 (2,098) n.a. 2,046 (18,954) n.a.
Equity pickup (128) (27) +366.3% (101) (2) +4,680.1%
Other operating revenues/expenses (748) 184 n.a. 2,440 (9,451) n.a.
EBITDA 239,777 227,259 +5.5% 818,331 789,157 +3.7%
Financial revenue 15,890 18,118 -12.3% 81,885 56,253 +45.6%
Financial expenses (80,760) (65,766) +22.8% (296,226) (243,392) +21.7%
Depreciation and amortization (42,397) (39,505) +7.3% (160,387) (157,645) +1.7%
Earnings Before Taxes 132,510 140,106 -5.4% 443,604 444,372 -0.2%
Income tax and social contribution (41,970) (4,416) +850.5% (119,917) (71,554) +67.6%
Deferred income and social contribution taxes (5,651) 1,989 n.a. (11,885) (10,859) +9.4%
Minority interest 271 24 +1,047.1% 139 226 -38.4%
Net Income 85,160 137,703 -38.2% 311,941 362,185 -13.9%

(R$'000) 4Q16 4Q15 Chg. % 2016 2015 Chg. %

NOI 276,815 269,303 +2.8% 964,569 934,817 +3.2%
NOI margin 86.1% 90.0% -390 b.p. 86.4% 89.3% -297 b.p.
NOI + Key Money 281,108 273,569 +2.8% 978,502 959,731 +2.0%
NOI + Key Money margin 86.2% 90.1% -385 b.p. 86.5% 89.6% -305 b.p.
Property EBITDA 241,277 232,149 +3.9% 830,725 812,279 +2.3%
Property EBITDA margin 76.2% 77.8% -166 b.p. 73.5% 76.0% -254 b.p.
EBITDA (Shopping Center + Real Estate) 239,777 227,259 +5.5% 818,331 789,157 +3.7%
EBITDA margin 77.1% 75.9% +122 b.p. 72.4% 72.7% -27 b.p.
Net Income 85,160 137,703 -38.2% 311,941 362,185 -13.9%
Net Income margin 27.4% 46.0% -1,859 b.p. 27.6% 33.4% -576 b.p.
Adjusted Net Income 90,811 135,714 -33.1% 323,826 373,044 -13.2%
Adjusted Net Income margin 29.2% 45.3% -1,611 b.p. 28.7% 34.4% -570 b.p.
FFO 133,208 175,219 -24.0% 484,213 530,689 -8.8%
FFO margin 42.8% 58.5% -1,567 b.p. 42.9% 48.9% -603 b.p.

8
 4Q16
MULT3

2. Minority stake acquisitions

Multiplan acquires stakes in its two most productive assets: BarraShopping and MorumbiShopping

In 2016, Multiplan announced two minority stake acquisitions in BarraShopping and one in MorumbiShopping, which increased
the Companys ownership to 65.8% and 73.7%, respectively, in each malls Gross Leasable Area (GLA).

The first purchase was signed on September 1, 2016 with the

100.0%
co-owner, Fundao Sistel de Seguridade Social, for a total of
R$495.9 million, split between R$311.2 million for a 10.3% 98.0%

stake of the BarraShoppings GLA and R$184.7 million for an 96.0%

8.0% stake of the MorumbiShoppings GLA. The transaction
94.0%
was concluded on October 31, 2016.
92.0%
On November 9, 2016, the Company announced a second 4Q13 4Q14 4Q15 4Q16
transaction with another co-owner, Carvalho Hosken S.A.
Portfolio BarraShopping MorumbiShopping
Engenharia e Construes, for the ideal fraction of the land 97.4% 99.5% 99.5%
corresponding to a 4.5% stake of the GLA of BarraShopping, Average occupancy rate (%)
for a total of R$143.9 million. On December 7, 2016, the
transaction was concluded.
31,820 sq.m.
28,225 sq.m.
About MorumbiShopping: the shopping center was
inaugurated in 1982 in So Paulo, SP the largest city in Brazil 19,851 sq.m.

and is located in a fast growing region of the city. Since its

opening, the Company has developed five office towers
surrounding the mall, including Morumbi Corporate, a premium
Portfolio BarraShopping MorumbiShopping
two-tower office complex for lease inaugurated in 2013. The
Total Sales/sq.m. 2016 (R$)
shopping center currently has the highest sales and rent per
square meter of the portfolio and has potential for future
40,257 sq.m.
expansions.
33,211 sq.m.
About BarraShopping: Opened in 1981 in Rio de Janeiro, RJ 27,106 sq.m.

the second largest city in Brazil BarraShopping is located

in Barra da Tijuca, the region with one of the largest
consumption potentials in the country1 and which recently
benefited from the infrastructure investments made for the
Portfolio BarraShopping MorumbiShopping
2016 Olympic Games. Since its opening, Multiplan has
Satellite Store Sales /sq.m. 2016 (R$)
developed 11 office and 20 residential towers in the influence
area of the mall. After seven expansions including the recent
2,801 sq.m.
expansion of the Medical Center BarraShopping currently 2,597 sq.m.

presents the portfolios second highest sales and rent per

square meter of the portfolio. 1,422 sq.m.

Portfolio BarraShopping MorumbiShopping

Rent/sq.m. 2016 (RS)

1 According to research from market intelligence firm Geofusion, reported by the newspaper O Globo on March 2, 2016
9
 4Q16
MULT3

Recent event: Multiplan acquires minority stake in ParkShoppingBarigi

After announcing the acquisitions mentioned in the previous page, in January 2017 the Company acquired a 9.33% stake in
ParkShoppingBarigis GLA, for a total of R$91.0 million, which will be paid in 24 installments, starting in February 2017. The
shopping center, which has potential for the development of future expansion and mixed-use projects attached, became a
reference in the state of Paran for its diversified mix. In 4Q16, ParkShoppingBarigi presented a 98.9% average occupancy rate.

These recent acquisitions reaffirmed the Companys commitment with growth and value creation to its shareholders. All the
acquisitions together totaled a CAPEX of R$730.8 million, with a NOI LTM 1 2016 of R$59.0 million.

Portfolios
NOI (LTM):
R$59.0M
NOI

Companys 2016 NOI and acquired stakes LTM NOI 1

1 Considering the NOI for the past twelve-month period ended on June 2016 for BarraShopping I and MorumbiShopping, and September 2016 for
BarraShopping II and ParkShoppingBarigi, weigthed by the acquired stakes.

BarraShopping, Rio de Janeiro MorumbiShopping, So Paulo

ParkShoppingBarigi, Curitiba

10
 4Q16
MULT3

3. Operational Indicators

In the last ten years tenants sales have grown quarter after quarter
to a record high total sales, growing 2.9% in 2016
boosted by the constant mix management in the malls (1.4% positive SAS/SSS spread)
which ended a challenging year with a high occupancy rate, of 97.4%...
and net delinquency gradually reduced to less than 1.0% - a sign of recovery.

3.1 Tenants Sales

A challenging year ends with the last quarter growing

more than the first nine months 15
. 0B

4Q16: Tenants in Multiplans shopping centers posted a 14

. 5B
+2.9%
3.0% growth in sales in 4Q16, reaching R$4.4 billion, the +3.0% 14
. 0B
13.7 B
4.4 B 13.3 B
highest sales figure recorded in a single quarter. This 4.2 B 13
. 5B

growth occurred on strong 4Q15`s sales basis, where 13

. 0B

the Company made a successful year-end marketing 12

. 5B

campaigns in Multiplan`s shopping centers. Despite the 12

. 0B

countrys challenging economic scenario in the past 4Q15 4Q16 2015 2016
year, the Companys portfolio was able to maintain its
Evolution of tenants sales (billion R$)
successful sales performance by recording growth in
every quarter since Multiplans IPO in July 2007.

The first five malls developed by Multiplan, between 1979-1983 (BH Shopping, RibeiroShopping, BarraShopping,
MorumbiShopping and ParkShopping), recorded a combined 4.1% growth in the quarter. This result is remarkable not only since
it surpasses the portfolios average, but also because it was accomplished on top of a very strong sales/sq.m. productivity level,
as detailed in the portfolios performance table, on page 40.

2016: Tenants sales reached R$13.7 billion in 2016,

+716 27,106
another all-time record for Multiplans malls, growing +777
2.9% over 2015. The Companys five shopping centers +1,675
under consolidation phase, ParkShoppingSoCaetano,
JundiaShopping, ParkShoppingCampoGrande,
23,938 +13.2%
VillageMall and Parque Shopping Macei, recorded a
6.4% combined sales increase, higher than the portfolio
average, totaling R$2.4 billion. 2013 2014 2015 2016 2016
Satellite stores sales/sq.m. (R$)
Satellite stores reached sales of R$27,106/sq.m. in Multiplans shopping centers
(equivalent to 723 USD2/sq.f.), accumulating a 13.2%
growth since 2013.

2
Considers 2016-daily average exchange rate of R$3.4820, from January 1 to December 31, 2016 (source: Bloomberg).
11
 4Q16
MULT3

Shopping Center Sales (100%) Opening 4Q16 4Q15 Chg.% 2016 2015 Chg.%
BH Shopping 1979 359.5 M 352.3 M +2.0% 1,128.2 M 1,129.2 M -0.1%
RibeiroShopping 1981 256.8 M 245.6 M +4.6% 784.8 M 769.7 M +2.0%
BarraShopping 1981 647.4 M 615.8 M +5.1% 1,978.2 M 1,931.0 M +2.4%
MorumbiShopping 1982 550.7 M 533.8 M +3.2% 1,748.8 M 1,671.7 M +4.6%
ParkShopping 1983 369.5 M 350.5 M +5.4% 1,137.2 M 1,120.3 M +1.5%
DiamondMall 1996 176.0 M 178.7 M -1.5% 601.5 M 595.3 M +1.0%
New York City Center 1999 58.7 M 59.3 M -0.9% 218.7 M 205.9 M +6.2%
Shopping Anlia Franco 1999 350.1 M 333.7 M +4.9% 1,074.0 M 1,019.8 M +5.3%
ParkShoppingBarigi 2003 300.8 M 290.1 M +3.7% 924.8 M 887.0 M +4.3%
Ptio Savassi 2007 126.3 M 128.0 M -1.4% 405.2 M 395.3 M +2.5%
ShoppingSantarsula 2008 42.8 M 50.0 M -14.3% 151.1 M 173.5 M -12.9%
BarraShoppingSul 2008 221.5 M 240.9 M -8.0% 741.3 M 765.5 M -3.2%
ShoppingVilaOlmpia 2009 123.6 M 119.9 M +3.1% 422.9 M 407.5 M +3.8%
ParkShoppingSoCaetano 2011 187.4 M 178.2 M +5.2% 589.0 M 549.0 M +7.3%
JundiaShopping 2012 137.8 M 131.3 M +5.0% 439.3 M 427.3 M +2.8%
ParkShoppingCampoGrande 2012 160.1 M 148.4 M +7.9% 468.9 M 434.2 M +8.0%
VillageMall 2012 163.3 M 160.0 M +2.1% 534.1 M 506.8 M +5.4%
Parque Shopping Macei 2013 120.3 M 111.1 M +8.3% 378.4 M 348.5 M +8.6%
Total 4,352.7 M 4,227.3
12.0%M +3.0% 13,726.4 M 13,337.6
12.0%M +2.9%
9.7%
Ptio Savassi
9.5%opened
9.4%in 2004 and was acquired
9.7%by Multiplan
9.5% in9.4%
June 20079.3% 8.8% 9.3%
8.8%
ShoppingSantarsula opened in 1999 and was acquired by Multiplan 8.8%
8.9%
8.0% in April 2008
9.0% 8.8%
7.4% 7.7% 7.4% 7.7% 8.0%7
6.7% 6.7%
5.7% 5.7% 8.4%
5.7% 5.7%
3.9% 4.2% 4.1% 7.4% 7.9% 3.9% 4.2% 4.1%
Same Store Sales8.5%
outpace the previous year, and 8.5%
mix 9.4% 3.2% 2.8% 9.4%
2.7%
8.2% 8.1% 6.8% 8.1% 8.2% 8.4% 7.6% 6.8%
8.1% 8.3% 8.1% 8.4%
7.9% 7.6% 2.5% 8.3% 3.3% 6.1%3.3% 7.9%
5.8% 6.1%
5.8%
management boosts sales by 1.4% 4.3% 1.2% 0.6% 2.1% 1.6% 4.3% 2.3%
2.1% 1.6% 2.3% 2.8% 1.8% 1.9%
1.5%
4Q16: In the quarter, Same Area Sales (SAS) presented a
1Q12 2Q12 3Q12 4Q12 1Q13 1Q12
2Q13 2Q12
3Q13 3Q12
4Q13 4Q12 1Q13
1Q144Q15 2Q13
2Q141Q16 3Q13
3Q142Q16 4Q13
4Q14 3Q16
2012 1Q15 1Q14
2014 2Q14
2Q15
2013 4Q16 2015 3Q14
3Q15 20164Q14
4Q15 1Q16 1Q15
2Q16
2.5% growth when compared to 4Q15, while Same Store
Same Area Sales Same Area Sales Same Store Sales Sam
Sales (SSS) increased 1.5%. It is important to highlight that SAS and SSS Evolution (year/year)
this increase occurred on top of strong performances,
considering SAS growths of 8.8% and 3.9% in 4Q14 and +460 19,370
+528
4Q15, respectively. +1,518

16,864
2016: SAS grew 3.3% in the year, totaling a 14.9% increase 14.9%
since 2013, while SSS presented a 1.9% growth in the year.

The 140 b.p. positive SAS/SSS spread continues to 2013 2014 2015 2016 2016
underscore the value added to the portfolio by the successful Evolution of Same Area Sales Base: 2013

tenant mix improvement strategy.

Services segment lead the way in SSS growth and Home & Office are nearly back to double digits in the quarter

4Q16: In the quarter, Same Store Sales were boosted by the Services segment, in which superior performances were recorded
by pharmacies and mobile phone stores, as well as by the Home & Office segment, which grew on the back of home appliances
satellite stores.

2016: All segments presented growth in 2016. Same Store Sales 4Q16 x 4Q15 2016 x 2015
The Services and Home & Office segments Anchor Satellite Total Anchor Satellite Total
were also a highlight in the years breakdown, Food Court & Gourmet Area - +1.2% +1.2% - +1.7% +1.7%
although the Services segment showed a Apparel -1.0% -0.6% -0.8% +1.0% +0.1% +0.4%
stronger relative performance, supported by Home & Office -3.4% +16.8% +9.7% -3.8% +7.5% +3.5%

the growing trend of having more convenience Miscellaneous +0.8% -0.9% -0.5% +3.9% +0.3% +1.4%

and entertainment-focused operations in the Services +1.6% +14.7% +11.2% +3.6% +10.8% +8.6%
Total -0.5% +2.3% +1.5% +1.5% +2.1% +1.9%
Companys shopping centers.

12
 4Q16
MULT3

Turnover continues to generate a positive impact on tenants sales

In 2016, turnover reached 5.1% of the portfolios GLA. Even in a more challenging outlook, 375 new contracts were signed in
the year, representing 36,491 sq.m. of turned over area.

Consumers convenience and experience were again improved by increasing the GLA of Food Court & Gourmet Area and
Miscellaneous segments and decreasing the area destined to Apparel and Home & Office segments.

48.6% Home &

Out In Office
8.5%
Food Court &
33.1% Gourmet Area Apparel
30.3% 11.2% 35.9%
25.3%
18.8%
15.5%
11.4%
5.7% 5.5% 5.8%
Miscellaneous
21.3%
Apparel Food Court & Miscellaneous Services Home & Office
Gourmet Area
Services
23.1%

Turnover composition of the 36,491 sq.m. in 2016, by segment Store segment GLA distribution Dec-16

13
 4Q16
MULT3

3.2 Operational Indicators

In spite of the economic environment in 2016, all quarters, all shopping centers presented occupancy rate over 90%

4Q16: The quarterly average shopping center occupancy rate ended 4Q16 almost unchanged at 97.3%, representing a minimum
decrease compared to 3Q16s rate of 97.4%, while in December the final rate reached 97.4%. BarraShopping and
MorumbiShopping, which are the shopping centers with the highest rent productivities in the portfolio, presented 99.5%
occupancy rates.

2016: The Companys portfolio maintained a high occupancy rate during the year, with an average of 97.5%. The operational
resilience and attractiveness of Multiplans portfolio are reflected by the strong average occupancy rate of the Companys first
ten shopping centers, which was 98.5% in 2016.

98.6% 99.0%
98.1% 98.0% 97.3%
98.8%

98.6%
98.5%

98.4%
98.4%
98.1%

98.1%

97.9%
97.6%

97.6%
97.5%

97.4%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Evolution of the shopping center occupancy rate: 4Q12 4Q16

While sales/sq.m. nearly doubled in ten years, occupancy cost is kept around historical levels

4Q16: The occupancy cost went up by 50 b.p. to 12.1% when compared to 4Q15, mainly as a consequence of rental revenue and
common expenses growing above tenants sales in the period.

2016: In spite of rental revenue growth outpacing sales growth for the previous quarters, the longer term sales growth enabled the
occupancy cost in 2016 to remain in line with the 10-year average. In the year, it was 13.1%, only 20 b.p. higher than the 10-year
average cost.

12,4%
12.4% 12,2%
12.1% 13,0% 12,4%
12,9% 12,7% 12,6% 13,1% 12,9%
11,7%
11.7% 11,7%
11.7% 11,6%
11.6% 11,7% 11,7% 11,6% 12,2%
4.5%
4,5% 4.4%
4,4%
4.3%
4,3% 4.3%
4,3% 4.1%
4,1% 5,2% 4,5%
5,2% 5,2% 5,3%4,4% 5,1%
4,3% 4,3%4,9%4,1%

7.9%
7,9% 7.4%
7,4% 7.4%
7,4% 7.5%
7,5% 7.7%
7,7% 7,8% 7,9%
7,8% 7,8% 7,8%7,7% 7,8%
7,4% 7,4%7,6%7,5%

4Q12
4Q12 4Q13
4Q13 4Q14
4Q14 4Q15
4Q15 4Q16
4Q16 2012 2013 2014 2015 2016 10-year
4Q12 4Q13 4Q14 4Q15 4Q16average
Rent as
Rent as sales
sales %
% Other as
Other as sales
sales %
%
Rent %
Outros como as das
salesvendas
% Other as sales
Custos %
de Ocupao
Occupancy cost breakdown: 4Q12 4Q16
Occupancy cost breakdown: 2012 2016

14
 4Q16
MULT3

Gross delinquency rate falling since first quarter, and net delinquency even more

4Q16: The gross delinquency rate of the rental revenue (rental payments more than 25 days late) continued to decrease, falling
to 2.4% in the quarter, the lowest quarterly rate in 2016.

Following the same trend, the net delinquency rate, which considers past delinquency recoveries, fell to 0.9%. In the same
period, the rent loss increased to 1.8%.

2016: The average gross delinquency rate was 3.5% in the year, mainly as a result of a higher delinquency rate in the beginning
of the year. The rent loss stood at 1.3% in 2016.

4.5%
4.0%
3.1%
2.4% 1.8%
1.9% 3.6% 1.2% 1.2%
1.0% 1.1%
2.4%
1.1% 0.9%
4Q15 1Q16 2Q16 3Q16 4Q16 4Q15 1Q16 2Q16 3Q16 4Q16

Gross Delinquency Rate Rent Loss

Net Delinquency Rate

Historical delinquency rate and rent loss: 4Q15 4Q16

3.5%
2.5%
1.8% 1.9% 1.9% 1.9%
1.5% 1.3%
0.8% 0.7% 0.9%
0.4% 0.7%
1.3%

2011 2012 2013 2014 2015 2016 10-year

average
Delinquency Rate Rent Loss

Historical delinquency rate and rent loss: 2011 2016

15
 4Q16
MULT3

4. Gross Revenue

Gross revenue: R$52.3 million added in 2016

even with no project for sale launching
driven by the 7.9% growth of the Company most important revenue: rent.

Gross revenue reaches R$346.3 million in 4Q16, boosted by a double-digit rental revenue growth

4Q16: Gross revenue totaled R$346.3 million in 4Q16, a 3.8% growth Key money
1.1%
over 4Q15, with rental revenue as the largest component at R$297.6 Others
Services 0.3%
million. 9.5%

Rental and parking revenues were the main drivers, jointly adding
R$35.3 million over 4Q15. Parking
15.2%
The combination of no new projects for sale launches and contract
cancellations created a negative figure in the quarters real estate for
sale revenue account.
Rental
2016: Gross revenue was R$1,257.5 million in the year, a 4.3% 73.9%

increase when compared to 2015, with rental revenue representing

73.9% of this total (R$929.5 million).
Gross revenue breakdown 2016
Others includes real estate for sale, straight-line
effect and other revenues

+11.7% +77.2% -13.3% +0.6% +8.5% n.a. +254.0%

333.6 M 31.1 M 0.0 M 4.2 M 1.8 M 346.3 M

(13.0 M) (3.7 M) (7.8 M)

+3.8%

Gross revenue Rental revenue Straight-line Services Key money Parking Real estate for Other revenues Gross revenue
4Q15 Effect revenue revenue revenue sale revenue 4Q16

4Q16 gross revenue growth breakdown (Y/Y) (R$)

+7.9% n.a. +8.6% -44.1% +7.9% n.a. +63.5%

67.8 M 9.5 M 14.0 M 1,257.5 M

3.0 M
1,205.2 M
(11.4 M) (11.0 M) (19.6 M)

+4.3%

Gross revenue Rental revenue Straight-line Services Key money Parking Real estate for Other revenues Gross revenue
2015 Effect revenue revenue revenue sale revenue 2016

2016 gross revenue growth breakdown (Y/Y) (R$)

16
 4Q16
MULT3

5. Property Ownership Results

NOI grew 3.2% in the year

despite a R$43.3 million increase in shopping center expenses
given the strong SSR growth (7.1%)
the constant revenue growth and new leased areas of Morumbi Corporate
and the still small effect of the minority acquisitions.

5.1 Rental Revenue

The largest revenue with the strongest growth

4Q16: Rental revenue increased 11.7% over 4Q15, from R$266.5 million to R$297.6 million in 4Q16. Rental revenue is
composed of base rent, merchandising and overage rent, which in 4Q16 represented 89.1%, 7.7% and 3.2% of total rental
revenue, respectively.

Merchandising
7.7%
Overage 3.2%

+12.8% -15.5% +13.1%

+30.2 M 297.6 M
266.5 M +2.6 M

-1.8 M
Base
Rent +11.7%
89.1%

Rental revenue Base rent Overage Merchand. Rental revenue

4Q15 4Q16

Rental revenue breakdown 4Q16 4Q16 Rental revenue growth breakdown (Y/Y) (R$)

In 4Q16, BarraShopping presented a 45.0% increase over 4Q15, while MorumbiShopping was up 18.5%. Both shopping centers
were boosted by the recent stake acquisitions, as detailed in the section 2. BarraShoppings rental revenue in the quarter also
benefited from the consolidation of the BarraShopping Medical Center expansion, opened in April 2016. New York City Center
continued to benefit from new restaurant operations and a solid increase in merchandising revenue, growing 9.2%.
ShoppingAnliaFranco was boosted by new operations openings, and presented a 7.7% increase in the quarter.

ShoppingSantarsula and ShoppingVilaOlmpia were impacted by higher discounts and vacancies compared to 4Q15,
presenting 24.8% and 7.9% decreases in rental revenue, respectively.

2016: In 2016 rental revenue totaled R$929.5 million, 7.9% above

the previous year. BarraShopping, New York City Center and 2017
MorumbiShopping were the main highlights in the year, adding, 12%
2022+
together, R$34.3 million in rental revenue and growing 21.2%, 12.3% 2018
30%
15%
and 10.5% respectively.

The leasing contract expiration schedule indicates that only 12% of

2021 2019
the contracts (% of GLA) are expected to expire in 2017.
13% 17%
2020
13%

Leasing contract expiration schedule (% of GLA)

17
 4Q16
MULT3

In 2016, base rent represented 89.7% of total rental revenue, a 550 b.p. increase since 2007 (Companys IPO), showing the
strength and solidity of the Multiplans core revenue over the years.

1,100.0 M 97.4% 96.6% 96.9% 98.6% 98.2% 97.9% 98.1% 98.7% 98.3% 97.5% 100.0%

929.5 M 95.0%
900.0 M 861.6 M
801.3 M 90.0%
679.0 M 85.0%
700.0 M
561.9 M 80.0%
486.3 M
500.0 M 416.1 M 75.0%
360.2 M 89.7%
295.3 M 88.7% 88.9% 70.0%
300.0 M 239.4 M 88.6%
87.3% 65.0%
84.7% 86.2%
83.2% 85.8% 60.0%
100.0 M 84.2%
55.0%
(100.0 M) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 50.0%

Base Rent (and as % of total) Merchandising Overage Average Occupancy Rate (%)

Rental revenue breakdown (R$) and occupancy rate (%)

Rental Revenue (R$) Opening 4Q16 4Q15 Chg.% 2016 2015 Chg.%
BHShopping 1979 26.7 M 25.0 M +6.9% 84.8 M 81.4 M +4.2%
RibeiroShopping 1981 15.9 M 15.5 M +2.8% 49.0 M 49.5 M -0.9%
BarraShopping 1981 46.5 M 32.1 M +45.0% 125.7 M 103.7 M +21.2%
MorumbiShopping 1982 40.5 M 34.2 M +18.5% 119.1 M 107.8 M +10.5%
ParkShopping 1983 17.4 M 16.3 M +6.8% 56.9 M 53.7 M +5.9%
DiamondMall 1996 14.3 M 13.5 M +6.0% 46.2 M 42.8 M +8.0%
New York City Center 1999 2.6 M 2.3 M +9.2% 8.8 M 7.8 M +12.3%
ShoppingAnliaFranco 1999 8.8 M 8.2 M +7.7% 27.8 M 26.7 M +4.1%
ParkShoppingBarigi 2003 18.1 M 17.2 M +5.3% 55.4 M 52.9 M +4.7%
Ptio Savassi 2007 10.1 M 9.4 M +7.4% 31.9 M 29.2 M +9.2%
ShoppingSantarsula 2008 1.2 M 1.5 M -24.8% 4.3 M 5.3 M -19.7%
BarraShoppingSul 2008 17.5 M 17.5 M -0.3% 57.5 M 57.4 M +0.3%
ShoppingVilaOlmpia 2009 5.5 M 5.9 M -7.9% 18.6 M 19.5 M -4.5%
ParkShoppingSoCaetano 2011 14.2 M 13.5 M +5.1% 44.9 M 42.9 M +4.6%
JundiaShopping 2012 10.3 M 9.9 M +4.4% 30.2 M 32.5 M -7.0%
ParkShoppingCampoGrande 2012 10.9 M 10.5 M +4.3% 35.0 M 34.0 M +3.0%
VillageMall 2012 10.7 M 10.8 M -0.7% 34.5 M 35.3 M -2.4%
Parque Shopping Macei 2013 4.3 M 4.1 M +5.8% 13.6 M 12.9 M +5.2%
Morumbi Corporate 2013 21.7 M 19.0 M +14.5% 83.8 M 65.7 M +27.6%
ParkShopping Corporate 2014 0.5 M 0.3 M +61.2% 1.5 M 0.7 M +115.2%
Total 297.6 M 266.5 M +11.7% 929.5 M 861.6 M +7.9%
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

18
 4Q16
MULT3

Morumbi Corporate delivers steady occupancy increase in an unstable year

4Q16: Morumbi Corporate, the two-tower office complex located +27.6%

across from MorumbiShopping and now integrated with it through
a skywalk, contributed with R$21.7 million to rental revenue in
4Q16, an increase of 14.5% compared to 4Q15. The quarters 83.8 M
81.1 M
76.8 M
average occupancy rate was 94.9%. 72.5 M
65.7 M 96.2%
2016: The towers contributed with R$83.8 million during the year,
an increase of 27.6% over 2015.
91.4% 91.4% 91.4% 92.4%
As of December 2016, 96.2% of the projects GLA had been
Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
leased, an increase of 480 b.p. over December 2015.
The evolution of Morumbi
Rental Corporate
revenue (LTM) rentalOccupancy
revenue (R$) and
rate
occupancy rate (%) LTM

Skywalk connecting MorumbiShopping to Morumbi Corporate So Paulo

SSR grows 8.1% in 4Q16, ending the year better than it started

4Q16: Multiplan recorded Same Store Rent (SSR) of R$146/sq.m. per month in 4Q16, an increase of 8.1% over 4Q15, when
SSR posted a 6.2% growth. Considering only SSR of base rent, the growth would be even higher, at 9.7%, showing that tenants
respected the leasing contracts, as also highlighted by the lower delinquency rate.

2016: SSR increased 7.1% compared to 2015, a 2.2% real decline, considering the IGP-DI adjustment effect of 9.5% in the
year, the highest annual figure since the Companys IPO.

Real SSR:

2.6% 4.3% 0.6% 3.5% 1.2% 0.9% 4.1% 2.7% 3.4% 4.1% 2.4% 2.4% 0.3% -1.7% -3.3% -2.2% -2.4%

11.4% 11.4%
10.1% 8.8% 9.5%
8.6% 8.0% 8.0% 9.2% 10.8% 10.7%
6.8% 7.0% 6.8% 6.2% 9.3%
6.8% 7.4% 7.6% 7.5%
5.9% 6.7% 5.9% 5.9% 5.9% 8.4% 8.1%
5.8% 5.6% 5.2% 4.5% 4.4% 5.8% 6.0%

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

SSR IGP-DI Adjustment Effect

Same Store Rent (SSR) breakdown - Nominal and real growth

19
 4Q16
MULT3

5.2 Parking Revenue

Leisure and convenience lead parking revenue up 8.5% to R$53.9 million in 4Q16

4Q16: The parking revenue totaled R$53.9 million in the quarter, representing a growth of 8.5% when compared to 4Q15. The
increase of services, convenience, leisure and gastronomic experiences in the malls have not only improved sales and rent, but
also the length of consumer stays. Consequently, parking revenue has presented a strong performance in each of the last five
fourth quarters, reflected by a 13.8% CAGR in the period.

2016: In 2016 parking revenue was R$190.7 million, 7.9% higher than the same period in the previous year, due to the same
reasons explained above.

CAGR: +13.8% +8.5%

+7.9% 190.7 M
53.9 M
49.7 M
45.6 M
38.0 M
32.1 M 176.8 M

4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016

Parking revenue evolution (R$)

5.3 Properties Expenses

Acquisitions, past delinquencies and vacancies increase shopping centers expenses by R$14.8 million in 4Q16, equal to less
than half of the revenue growth

4Q16: Shopping center expenses totaled R$42.5 million in 4Q16, 53.6% higher than in 4Q15. The main drivers of this increase
were condo costs related to the effect of increased ownership (from stake acquisitions), vacancy costs and delinquency
provisions. It is worth highlighting that shopping center expenses increased by R$14.8 million while shopping center revenue
rose by R$32.1 million.

2016: Shopping center expenses in 2016 were R$144.3 million, 42.8% higher than in 2015. As a percentage of shopping center
revenues, mall expenses reached 12.9% in 2016, 313 b.p. higher than in 2015.

+53.6%
+42.8%
42.5 M 144.3 M
38.4 M
29.3 M 27.7 M 101.1 M
23.6 M
15.1% 12.9%
10.7% 12.1% 9.7%
9.5% 8.7%

4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016

Shopping center expenses evolution (R$) and as % of shopping center revenues

Mall rental and parking revenues.

20
 4Q16
MULT3

While office occupancy rate further increase, margin reaches record high level in 2016

4Q16: Office towers expenses totaled R$2.4 million, a 1.7% decrease over 4Q15. The office towers margin increased 180 b.p.
from 87.9% in 4Q15 to 89.7% in 4Q16.

2016: Office towers expenses decreased from R$10.5 million in 2015 to R$7.8 million in 2016, equivalent to a 25.0% decline,
as Morumbi Corporate recorded an average occupancy rate of 94.9% in the year, compared to 90.5% in 2015. The margin was
91.1%, a 610 b.p. increase over 2015. This margin was the highest since the properties were delivered.

-1.7%
-25.0%
10.5 M
110.0%
2.4 M 2.4 M 7.8 M
1.9 M 1.8 M 105.0%
1.7 M
100.0% 91.1%
91.2% 91.0% 92.5% 95.0%
89.7% 85.0%
87.9%
90.0%
85.0%
4Q15 1Q16 2Q16 3Q16 4Q16 2015 2016

Evolution of office towers expenses (R$) and operating margin (%)

21
 4Q16
MULT3

5.4 Net Operating Income NOI

In a challenging year NOI grows 3.2%

4Q16: Net Operating Income (NOI) presented a 2.8% growth in the quarter, reaching R$276.8 million, despite the shopping
center expenses increase, benefited by an 11.7% increase in rental revenue. NOI + Key Money reached R$281.1 million in
4Q16, 2.8% higher when compared to the same period of 2015.

2016: In the year, NOI increased 3.2% over 2015, reaching R$964.6 million, representing a 13.9% five-year CAGR. NOI + Key
Money was R$978.5 million in 2016, 2.0% higher than in 2015.
+2.8% 6.00 5.11 5.19 CAGR:
4.69 +13.9%
5.00
269.3 M 276.8 M 3.97
3.62
4.00 3.09
3.00
2.00 1.37 1.46 1.49 CAGR:
0.94 1.14 1.09
90.0% 1.00 +12.3%
86.1%
-
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16
4Q15 4Q16
NOI + Key Money per share (Year)
NOI (R$) and NOI margin (%)
NOI + Key Money per share (Quarter)
NOI + Key Money per share (R$)
Shares outstanding adjusted for shares held in treasury.

CAGR: +13.6% +3.2%

934.8 M 964.6 M
846.1 M
691.3 M
606.9 M
510.8 M
89.0% 89.3%
87.4% 86.4%
89.8% 84.7%

2011 2012 2013 2014 2015 2016

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

NOI Calculation (R$) 4Q16 4Q15 Chg.% 2016 2015 Chg.%

Rental revenue 297.6 M 266.6 M +11.7% 929.5 M 861.6 M +7.9%
Straight-line effect (29.9 M) (16.9 M) +77.2% (3.5 M) 7.9 M -144.1%
Parking revenue 53.9 M 49.7 M +8.5% 190.7 M 176.8 M +7.9%
Operational revenue 321.6 M 299.4 M +7.4% 1,116.7 M 1,046.3 M +6.7%
Shopping center expenses (42.5 M) (27.7 M) +53.6% (144.3 M) (101.1 M) +42.8%
Office towers for lease expenses (2.4 M) (2.4 M) -1.7% (7.8 M) (10.5 M) -25.0%
NOI 276.8 M 269.3 M +2.8% 964.6 M 934.8 M +3.2%
NOI margin 86.1% 90.0% -390 b.p. 86.4% 89.3% -297 b.p.
Key Money 4.3 M 4.3 M +0.6% 13.9 M 24.9 M -44.1%
Operational revenue + Key Money 325.9 M 303.6 M +7.3% 1.130.6 M 1.071.2 M +5.5%
NOI + Key Money 281.1 M 273.6 M +2.8% 978.5 M 959.7 M +2.0%
NOI + Key Money margin 86.2% 90.1% -385 b.p. 86.5% 89.6% -305 b.p.

22
 4Q16
MULT3

6. Shopping Center Management Results

Services revenue grew 8.6% in 2016 even with the increase in ownership in two malls
while G&A expenses rose 9.4% in the year and only 3.7% in 4Q16.

6.1 Services Revenue

Services revenue totals R$119.9 million in 2016

4Q16: Services revenue, mainly composed of portfolio management, brokerage and fees, totaled R$24.1 million in 4Q16, lower
by 13.3% when compared with 4Q15. The drop was mainly caused by lower fees on merchandising, as well as lower management
and brokerage fees, resulting from the acquisitions of minority stakes in malls already managed by Multiplan. The acquired stakes
increased the Companys NOI, but marginally decreased the services revenues, since the thrid-party owned area was reduced.

2016: The services revenue increased 8.6% in 2016, to R$119.9 million, the highest annual amount ever recorded by Multiplan.
This result was boosted by higher management fees, as well as merchandising and service fees accrued mostly in the first half
of the year.

-13.3%
+8.6%
28.4 M 27.1 M 29.3 M 27.8 M 119.9 M
24.1 M 110.4 M

4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016

Evolution of services revenue (R$) 4Q Evolution of services revenue year

6.2 General and Administrative Expenses (Headquarters)

G&A expenses increase 3.7% in 4Q16, less than inflation

4Q16: G&A expenses totaled R$34.6 million, 3.7% higher than in 4Q15, and below the quarters average IPCA inflation of 7.0%
(source: Bloomberg). G&A expenses were driven by the impact of the wages and marketing expenses, partially offset by lower third
party services expenses.

2016: G&A expenses were R$136.3 million in 2016, an increase of 9.4% compared to 2015. The services revenue corresponded
to 88.0% of G&A expenses in the year.

+9.4%
+3.7% 136.3 M
124.6 M

31.3 M 33.4 M 34.6 M

28.2 M
24.0 M

4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016

G&A evolution (R$) 4Q G&A evolution (R$) year

Shared-based compensations: In light of the 6.0% stock price decrease in the quarter, the share-based compensations account
recorded a R$5.3 million reversion, compared to a R$3.0 million provision in 4Q15.

23
 4Q16
MULT3

7. Shopping Center Development Results

Key money revenue generated R$13.9 million in 2016;

New projects for lease expenses decreased R$3.7 million compared to 2015.

Key Money revenue totals R$4.3 million in 4Q16

4Q16: Key Money accrual totaled R$4.3 million in 4Q16, a 0.6% increase compared with 4Q15, and was mainly composed of
areas operating for more than five years, going through the recurring turnover of stores. The Key Money coming from projects
opened in the last five years (non-recurring Key Money) added R$1.5 million to the revenues in the quarter.

2016: The Key Money revenue decreased 44.1% in the year, to R$13.9 million, mostly due to a drop in the non-recurring
revenue, which relates to the end of Key Money recognition coming from ParkShoppingSoCaetano and ParkShopping Gourmet
Expansion.

Key Money revenue (R$) 4Q16 4Q15 Chg. % 2016 2015 Chg. %
Operational (Recurring) 2.8 M 1.0 M +176.5% 5.4 M 4.4 M -5.4%
Projects opened in the last 5 years (Non-recurring) 1.5 M 3.2 M -52.3% 8.5 M 16.2 M -57.0%
Key Money revenue 4.3 M 4.3 M +0.6% 13.9 M 24.9 M -44.1%

New projects for lease expenses decrease 24.7% in 2016

4Q16: Pre-operational expenses related to feasibility studies, brokerage fees for new projects, and property taxes from land for
future developments, were responsible for the new projects for lease expenses of R$5.6 million.

2016: New projects for lease expenses amounted R$11.1 million in the year, down 24.7% when compared to 2015.

-24.7%
13.7 M 14.8 M
12.8 M +95.1%
11.1 M

5.6 M
1.9 M 2.9 M

4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016

Quarterly New Projects for Lease Expenses (R$) 4Q Annual New Projects for Lease Expenses (R$) year

24
 4Q16
MULT3

8. Real Estate for Sale Results

In 2016 a total of R$1.3 million was recorded as net result of real estate for sale projects, compared to -R$0.1 million
in 2015.

4Q16: The last real estate for sale projects delivered by Multiplan in 2015 Rsidence du Lac and Diamond Tower accounted
for the R$3.8 million net result (revenues minus cost of properties sold) in the quarter, compared to a negative R$0.6 million in
4Q15.

The combination of no new projects for sale launches and contract cancellations created reversals in the fourth quarter, in real
estate for sale revenues and cost accounts.

2016: In the year, the net result of real estate for sale projects was R$1.3 million, compared to a negative R$0.1 million in 2015.
New projects for sale expenses composed mainly of brokerage fees and land bank property taxes (IPTU), amounted R$2.6
million in the year, of which R$0.7 million in 4Q16.

12.4 M
9.2 M

3.8 M 1.3 M
1.8 M

-0.6 M -0.1 M
4Q12 4Q13 4Q14 4Q15 4Q16 2015 2016
Real Estate for Sale Result (R$) 4Q Real Estate for Sale Result (R$) year

25
 4Q16
MULT3

9. Financial Results

Shopping center minority acquisitions increased the Companys leverage

leading to a lower Interest on Capital distribution and, consequently, lower net income and FFO in the short term
but increasing EBITDA and sustaining a long-term growth strategy.

9.1 EBITDA

EBITDA grows 5.5% in 4Q16 with net revenue and margin increase

4Q16: The quarters Consolidated EBITDA presented a 5.5% increase over 4Q15, totaling R$239.8 million. The Consolidated
EBITDA margin rose 122 b.p., from 75.9% in 4Q15 to 77.1% in 4Q16. These results were mainly due to a 3.8% growth in net
revenues, driven by an 11.7% evolution in rental revenue and a positive result in share-based compensations. The Consolidated
EBITDA increase was partially offset by a 53.6% increase in shopping center expenses.

Consolidated EBITDA (R$) 4Q16 4Q15 Chg. % 2016 2015 Chg. %

Net Revenue 311.1 M 299.6 M +3.8% 1,129.8 M 1,085.4 M +4.1%

Headquarters expenses (34.6 M) (33.4 M) +3.7% (136.3 M) (124.6 M) +9.4%
Share-based compensations 5.3 M (3.0 M) n.a. (13.6 M) (12.8 M) +6.2%
Shopping centers expenses (42.5 M) (27.7 M) +53.6% (144.3 M) (101.1 M) +42.8%
Office towers for lease expenses (2.4 M) (2.4 M) -1.7% (7.8 M) (10.5 M) -25.0%
New projects for lease expenses (5.6 M) (2.9 M) +95.1% (11.1 M) (14.8 M) -24.7%
New projects for sale expenses (0.7 M) (1.0 M) -32.4% (2.6 M) (4.2 M) -37.5%
Cost of properties sold 10.1 M (2.1 M) n.a. 2.0 M (19.0 M) n.a.
Equity pickup (0.1 M) (0.0 M) +366.3% (0.1 M) (0.0 M) +4,680.1%
Other operating revenues (expenses) (0.7 M) 0.2 M n.a. 2.4 M (9.5 M) n.a.
Consolidated EBITDA 239.8 M 227.3 M +5.5% 818.3 M 789.2 M +3.7%
Consolidated EBITDA Margin 77.1% 75.9% +122 b.p. 72.4% 72.7% -27 b.p.

35
0. 0M

+5.5% +3.7%
30
0. 0M

789.2 M 818.3 M
239.8 M
25
0. 0M

227.3 M
20
0. 0M

75.9% 77.1%
72.7% 72.4%
15
0. 0M

10
0. 0M

4Q15 4Q16 2015 2016

Consolidated EBITDA (R$) and Consolidated EBITDA (R$) and
EBITDA margin (%) 4Q EBITDA margin (%) year

2016: For the first time, the Company broke the mark of R$800.0 million and presented an annual Consolidated EBITDA of
R$818.3 million, a 3.7% growth over 2015. This result was driven by a 4.1% increase in net revenues and reductions in office
towers for lease expenses (-25.0%) as well as in new projects expenses (-27.5%), leading to a 72.4% Consolidated EBITDA
margin.

26
 4Q16
MULT3

When compared to 2011, the Consolidated EBITDA grew 79.7%, implying a 12.4% five-year CAGR. The Consolidated EBITDA
margin presented a 511 b.p. increase, from 67.3% in 2011 to 72.4% in 2016.

CAGR: +12.4% +3.7%

793.7 M 818.3 M
789.2 M

615.8 M 610.7 M

455.3 M 72.7% 72.4%

70.2%
67.3%
64.0% 62.4%

2011 2012 2013 2014 2015 2016

Consolidated EBITDA Consolidated EBITDA Margin
Consolidated EBITDA (R$) and EBITDA margin (%) evolutions

Property EBITDA outpaces NOI growth rising 3.9% in 4Q16

4Q16: Property EBITDA, which excludes revenues and expenses from real estate for sale and future developments, increased
3.9% in 4Q16, totaling R$241.3 million, driven by a 6.2% growth in property gross revenue, but partially offset by a 53.6%
increase in shopping center expenses. The Property EBITDA margin decreased 166 b.p. from 77.8% in 4Q15 to 76.2% in 4Q16.

2016: In 2016, the Property EBITDA increased 2.3% over 2015, reaching R$830.7 million, with a margin of 73.5%.

Property EBITDA (R$) 4Q16 4Q15 Chg. % 2016 2015 Chg. %

Property Gross Revenue 352.6 M 332.1 M +6.2% 1,258.3 M 1,186.4 M +6.1%

Taxes and contributions on sales and services (35.8 M) (33.9 M) +5.9% (127.9 M) (117.9 M) +8.4%
Property Net Revenue 316.7 M 298.3 M +6.2% 1,130.4 M 1,068.4 M +5.8%
Headquarters expenses (35.3 M) (33.3 M) +6.0% (136.4 M) (122.6 M) +11.2%
Shared-based compensations 5.4 M (3.0 M) n.a. (13.6 M) (12.6 M) +7.9%
Shopping centers expenses (42.5 M) (27.7 M) +53.6% (144.3 M) (101.1 M) +42.8%
Office towers expenses (2.4 M) (2.4 M) -1.7% (7.8 M) (10.5 M) -25.0%
Other operating revenues (expenses) (0.7 M) 0.2 M n.a. 2.4 M (9.5 M) n.a.
Property EBITDA 241.3 M 232.1 M +3.9% 830.7 M 812.3 M +2.3%
Property EBITDA Margin 76.2% 77.8% -166 b.p. 73.5% 76.0% -254 b.p.

(1) Property Gross Revenue: does not include real estate for sale revenues.
(2) Headquarters expenses, shared-bases compensations 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.

32
0. 0M
+2.3%
+3.9% 830.7 M
812.3 M
27
0. 0M

232.1 M 241.3 M
22
0. 0M 76.0%
73.5%
77.8% 76.2%
17
0. 0M

12
0. 0M

4Q15 4Q16 2015 2016

Property EBITDA (R$) and Property EBITDA (R$) and
Property EBITDA margin (%) 4Q Property EBITDA margin (%) year

27
 4Q16
MULT3

9.2 Financial Results, Debt and Cash

Optimizing the capital structure for growth

Multiplan reported a net debt of R$2,485.2 million in the end of

December 2016, representing a R$552.5 million increase over
the net debt recorded in the end of September 2016. Gross debt 3.03x 3.04x
1,344.4 M
increased 13.5%, mainly due to a R$300.0 million issuance of 2.36x 2.44x
Real Estate Receivables Certificates (CRI) and R$80.0 million 2.44x 952.1 M
775.0 M
in a new debt to fund part of a minority stake acquisition in
BarraShopping in 4Q16. These opportunities led Multiplans
301.7 M 297.2 M
leverage to 3.04x net debt to EBITDA ratio at the end of 4Q16,
matching 2013s year-end level. As detailed on the following
page, the Company announced a private capital increase in 2012 2013 2014 2015 2016
early January 2017, which should contribute to lowering its CAPEX Net Debt/EBITDA
leverage creating flexibility and providing resources to support
Multiplans CAPEX and net debt/EBITDA
its growth strategy.

Financial Position Breakdown (R$) December 31, 2016 September 30, 2016 Chg. %

Current Liabilities 414.4 M 230.4 M +79.9%

Loans and financing 373.6 M 171.4 M +118.0%
Debentures 12.0 M 27.0 M -55.7%
Obligations from acquisition of goods 28.9 M 32.0 M -9.8%

Non-Current Liabilities 2,550.5 M 2,382.1 M +7.1%

Loans and financing 1,849.9 M 1,965.9 M -5.9%
Debentures 688.6 M 398.2 M +72.9%
Obligations from acquisition of goods 12.0 M 17.9 M -33.2%
Gross Debt 2,964.9 M 2,612.5 M +13.5%
Cash and Cash Equivalents 479.7 M 679.8 M -29.4%
Net Debt 2,485.2 M 1,932.7 M +28.6%
EBITDA LTM 818.3 M 805.8 M +1.6%
Fair Value of Investment Properties 16,567.8 M 15,485.1 M +7.0%

Cash and cash equivalents were mainly reduced by minority stake acquisitions in BarraShopping and MorumbiShopping, as
detailed in section 2, but partially offset by a R$300.0 million issuance of Real Estate Receivables Certificates (CRI) and an
R$80.0 million new loan agreement signed in December 2016. Cash and cash equivalents at the end of December 2016 are
sufficient to cover all liabilities for the next 12 months.

In 2016, Multiplan invested R$952.1 million in CAPEX, the

Financial Position Analysis Dec. 31, 2016 Sep. 30, 2016
highest amount in the last four years and more than three Net Debt/EBITDA 3.04x 2.40x
times what was invested in 2014 or 2015. Of this figure, Gross Debt/EBITDA 3.62x 3.24x
EBITDA/Net Financial Expenses 3.82x 4.09x
R$655.7 million was invested in acquisitions. As a result,
Net Debt/Fair Value 15.0% 12.5%
net debt to EBITDA increased from 2.40x in September Total Debt/Shareholders Equity 0.67x 0.60x
Net Debt/Market Cap 22.0% 16.1%
2016 to 3.04x in December 2016, still far from the nearest
Weighted Average Maturity (Months) 49 49
covenant at 4.00x.
1 EBITDA and Net Financial Expenses are the sum of the last 12 months.

28
 4Q16
MULT3

R$300.0 million Real Estate Receivables Certificate (CRI) issuance, 6-year tenor, at 95.0% of the CDI

In December 2016, a R$300.0 milllion debenture was issued to fulfill the issuance of Real Estate Receivable Certificates (CRI).
The transaction received a BrAAA rating from Fitch Ratings Agency. On December 8, 2016 through a book building process,
the issuances price was fixed at 95.0% of the CDI and the operation was concluded on December 29, 2016. The interest will
be paid semi-annually and the principal will be repaid in a single installment at the end of the sixth year, which contributed to
extend the Companys debt amortization schedule.

New R$80.0 million loan agreement to support acquisition pipeline

Also in December 2016, Multiplan signed a new R$80.0 million loan agreement to strengthen its cash position and support the
payment of recent acquisitions. The interest rate was 106.0% of CDI p.a. to be paid semi-annually, and the principal fully in
December 2017.

29 M 12 M
2017 375 M 416 M

2018 358 M 12 M 369 M

2017
14.0% 2019 598 M 199 M 797 M
> 2021
25.4% 2020 200 M 199 M 399 M
2018
12.5%
2021 231 M 231 M
2021
7.8% 2022 109 M 290 M 400 M

2020 2019
2023 109 M 109 M
13.5% 26.9%
Loans and financing (banks)
2024 99 M 99 M
Obligations from acquisition of goods (land and minority interest)
2025 146 M 146 M Debentures

Multiplans gross debt amortization Multiplans debt amortization schedule on December 31, 2016 (R$)
schedule on December 31, 2016 (%)

Recent event: Private Capital Increase raised R$600.0 million

In order to strengthen Multiplans capital structure, enabling

the continuity of its growth strategy through acquisitions and
the development of new areas, on January 9, 2017 the
Company approved a private capital increase. The operation
was concluded in March 2017, in the amount of R$600.0
million, representing 10,256,411 common, nominative and
book-entry new shares, at an issuance price of R$58.50 per
share.

Evolution of Net Debt / EBITDA

29
 4Q16
MULT3

Decrease in cost of debt: increasing CDI-linked debt as interest rates fall

Following the signing of an R$80.0 million loan agreement and the issuance of R$300.0 million in Real Estate Receivables
Certificates (CRI) both indexed to the CDI the total debt linked to the CDI increased from 51.5% at the end of December
2015 to 62.7% at the end of December 2016. With the basic interest rate (SELIC) decreasing from 14.25% p.a. at the end of
September 2016 to 13.75% p.a. at the end of December 2016, Multiplans cost of funding decreased from 13.50% p.a. to
13.18% p.a., maintaining for three years the Companys weighted average cost of debt below the SELIC rate.

Debt linked to the TR (reference rate) decreased from 40.4% to 33.0%, while other indexes, such as the TJLP, IGP-M and
others, decreased from 8.1% to 4.3% of total debt by December 2016. All of Multiplans debt is in local currency Brazilian
Reais leaving it with no direct exposure to exchange rate fluctuations.

: -57 b.p.

14.25% 14.25% 14.25% 14.25% 14.25% 13.75%

13.75%
12.75%
11.75% 13.50%
10.75% 11.00% 11.00% 13.09% 13.22% 13.23% 13.18%
12.81%
10.00% 12.29%
10.96% 11.53%
9.87% 10.41% 10.50% 10.54%

Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16

Multiplan Cost of Funding (gross debt) Selic Rate

Weighted average cost of funding (% p.a.)

Debt interest indexes on December 31, 2016 Others Others

8.1% 4.3%
Index Average Cost of Gross Debt
Performance Interest Rate Funding (R$) TR
TR 2.01% 9.04% 11.05% 979.0 M TR 33.0%
CDI 13.75% 0.77% 14.52% 1,859.6 M 40.4%
TJLP 7.50% 3.25% 10.75% 68.1 M
IGP-M 7.19% 1.15% 8.34% 5.1 M
IPCA 6.29% 7.62% 13.91% 11.1 M CDI
CDI 62.7%
Others 0.00% 8.03% 8.03% 42.1 M
51.5%
Total 9.50% 3.69% 13.18% 2,964.9 M

Weighted average annual interest rate.

Index performance for the last 12 months. Dec-15 Dec-16
Multiplan Debt Indexes comparison
between Dec-15 and Dec-16

30
 4Q16
MULT3

9.3 Net Income and Funds From Operations (FFO)

Unique acquisition opportunities reduce Interest on Capital distribution, impacting net income comparison

4Q16: Net income totaled R$85.2 million in 4Q16, a R$52.6 million decrease over the same period last year. The reduction was
mainly due to a R$37.6 million increase in income tax and social contributions, mainly driven by the lower Interest on Capital
distribution in 4Q16 compared to 4Q15.

By investing R$605.9 million in minority stake acquisitions during 4Q16, Multiplan prioritized its long-term growth over short-term
results, while keeping leverage on a suitable level, allocating its capital on opportunities to increase its ownership in BarraShopping
and MorumbiShopping, two of the most important shopping centers in its portfolio in terms of sales/sq.m, and rent/sq.m., instead
of returning more capital to shareholders.

2016: Net income decreased 13.9% in the year, from R$362.2 million in 2015 to R$311.9 million in 2016, again impacted by the
aforementioned strategy and leverage increase. The Company reported R$95.0 million in Interest on Capital in 2016, leading to
a 32.1% total payout on net income after legal reserve.
64.7%
52.8% 50.0% 50.0% 50.0%
225.0 M
183.7 M 174.9 M 32.1%
149.0 M 135.0 M
95.0 M

2011 2012 2013 2014 2015 2016

Dividend distribution including Interest on Shareholders' Equity (R$)
Total payout as a % of net income after legal reserve
Dividend distribution and payout

362.2 M
-13.9%
311.9 M

137.7 M -38.2%
33.4%
85.2 M 27.6%
46.0%
27.4%

4Q15 4Q16 2015 2016

Net Income (R$) and margin (%) 4Q16 Net Income (R$) and margin (%) 2016

FFO & Net Income Calculation (R$) 4Q16 4Q15 Chg. % 2016 2015 Chg. %
Net Revenue 311.1 M 299.6 M +3.8% 1,129.8 M 1,085.4 M +4.1%
Operating expenses (71.3 M) (72.3 M) -1.4% (311.4 M) (296.3 M) +5.1%
Net financial expenses (64.9 M) (47.6 M) +36.1% (214.3 M) (187.1 M) +14.5%
Depreciation and amortization (42.4 M) (39.5 M) +7.3% (160.4 M) (157.6 M) +1.7%
Income tax and social contribution (42.0 M) (4.4 M) +850.5% (119.9 M) (71.6 M) +67.6%
Minority interest 0.3 M 0.0 M +1,047.1% 0.1 M 0.2 M -38.4%
Adjusted Net Income 90.8 M 135.7 M -33.1% 323.8 M 373.0 M -13.2%
Deferred income and social contribution (5.7 M) 2.0 M n.a. (11.9 M) (10.9 M) +9.4%
Net Income 85.2 M 137.7 M -38.2% 311.9 M 362.2 M -13.9%
Depreciation and amortization 42.4 M 39.5 M +7.3% 160.4 M 157.6 M +1.7%
Deferred income and social contribution 5.7 M (2.0 M) n.a. 11.9 M 10.9 M +9.4%
FFO 133.2 M 175.2 M -24.0% 484.2 M 530.7 M -8.8%

31
 4Q16
MULT3

FFO reaches R$484.2 million in 2016, following net income trend

4Q16: Funds From Operations (FFO) decreased 24.0% in 4Q16 over the same period last year, following the trend of net income
described above. The FFO margin in the period declined from 58.5% to 42.8%.

2016: FFO reduced from R$530.7 million to R$484.2 million, an 8.8% reduction over 2015. The FFO margin presented a 603 b.p.
decrease, from 48.9% in 2015 to 42.9% in 2016.
-8.8%
-24.0% 530.7 M
484.2 M
175.2 M

133.2 M 48.9%
58.5% 42.9%
42.8%

4Q15 4Q16 2015 2016

FFO (R$) and FFO margin (%) 4Q16 FFO (R$) and FFO margin (%) 2016

32
 4Q16
MULT3

10. Project Development

Multiplan invested R$952.1 million during 2016, the second highest amount since the IPO;

A total of R$655.7 million was invested in acquisitions in the year.

10.1 CAPEX

Investments of R$952.1 million in 2016, the highest in the last 4 years

716,568
4Q16: Multiplan invested R$694.0 million during 4Q16, of which 669,749 sq.m.
634,981 646,827 649,087 sq.m.
the largest amount, R$605.9 million, was for acquisitions, while sq.m. sq.m. sq.m.
2500.0 M 528,119
R$44.6 million referred to mall development.
sq.m.
2000.0 M 411,424
Mall development investments focused on
1500.0 M
sq.m.
1,344.4 M
ParkShoppingCanoas (pictures and details in section 10.3) and 952.1 M
1000.0 M 689.1 M 775.0 M
other future projects. Mall expansion investments totaled
500.0 M 301.7 M 297.2 M
R$22.4 million in 4Q16 and included RibeiroShopping Medical
000.0 M
Center Expansion, the Ptio Savassi Expansion II and other 2011 2012 2013 2014 2015 2016 2017
future expansion projects. Total Capex (R$) Owned GLA

Total CAPEX and Owned GLA evolution

Considering the delivery of ParkShoppingCanoas, RibeiroShopping
Medical Center Expansion and Ptio Savassi Exp. II Phase 2

2016: Multiplan invested R$952.1 million during the year, the highest amount in the last four years and the second highest since
the Companys IPO. A total of R$655.7 million or 68.9% of the years CAPEX was invested in minority stake acquisitions in
BarraShopping and MorumbiShopping, two of the most consolidated shopping centers in the portfolio, as detailed in section 2.

Additionally, the Company continued the construction of ParkShoppingCanoas and the analysis of other future greenfields,
investing R$185.5 million in mall development. Mall expansions, which included BarraShopping Medical Center,
RibeiroShopping Medical Center, the second phase of Ptio Savassi Expansion II and other expansions, totaled R$54.3 million
of CAPEX in the year.

Office towers investments, which included a modern skywalk that now integrates MorumbiShopping with Morumbi Corporate,
totaled up R$32.7 million in the year, while Renovation, IT & others amounted to R$22.8 million.

Investment (R$) 4Q16 % of total 2016 % of total

Mall Development 44.6 M 6.4% 185.5 M 19.5%

Mall Expansions 22.4 M 3.2% 54.3 M 5.7%

Renovation, IT & Others 9.1 M 1.3% 22.8 M 2.4%

Office Towers 11.8 M 1.7% 32.7 M 3.4%

Acquisitions 605.9 M 87.3% 655.7 M 68.9%

Land Acquisitions 0.3 M 0.1% 1.2 M 0.1%

Investment 694.0 M 100.0% 952.1 M 100.0%

33
 4Q16
MULT3

10.2 Shopping Center Expansions

Multiplan launches the second phase of RibeiroShopping Medical Center

Triggered by the successful lease of the first phase, in November 2016 Multiplan launched RibeiroShopping Medical Centers
second phase.

RibeiroShopping Medical Centers second phase will feature 2,000 sq.m. of Gross Leasable Area (GLA) and Multiplans
investment will be R$12.0 million. The two phases compose RibeiroShoppings 9 th expansion, comprising 6,200 sq.m. of GLA
and are scheduled to open in the second quarter of 2017. After the project delivery, the shopping center will have a total GLA
of 74,842 sq.m., becoming Multiplans second largest mall by the Gross Leasable Area criteria.

The entire project will bring together a number of medical specialties and one of its main features is the strong synergy with the
mixed-use complex in which the mall is located. The Company estimates that the Medical Center will generate traffic of
approximately 90,000 people per month to the complex.

RibeiroShopping Medical Center - Artists rendering - project subject to modification

Ptio Savassi Expansion II: Fully leased and construction underway

The construction of the second phase of Expansion II at Shopping Ptio Savassi was 45% concluded by the end of December
2016.
This phase will add two new anchor stores: an apparel store and a grocer/premium-deli market, both contracts have already
been signed. The two operations contain total GLA of 2,300 sq.m. and the area is scheduled to open in November 2017. Some
95 new parking spaces will be built in two underground levels. Considering the two phases of Expansion II, 4,100 sq.m. are
being added to the malls GLA, which will reach 21,100 sq.m. - an increase of 21.4%, making Ptio Savassi even more complete.

The expected investment in the Expansion II project is R$34.9 million, considering only Multiplans stake.

Ptio Savassi with expansion II - Artists rendering - project subject to modification

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MULT3

10.3 Greenfield

ParkShoppingCanoas: construction update

ParkShoppingCanoas construction work is progressing and its inauguration is set for November 2017. By the end of December
2016, 76.0% of the GLA was leased and the final half of the construction works had been initiated.

The current construction stage includes the application of precast and cast concrete structures in loco, flooring, metal structures
and cover, window frames and glass, electrical system, hydraulic and air conditioning, masonry, external linings, precast and
dry wall.

ParkShoppingCanoas construction works (Dec-16)

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 sq.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 sq.m. of GLA and three towers integrated with the shopping center, with a total private area of 22,500
sq.m.

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10.4 Future Growth and Land Bank

Multiplan currently holds 820,519 sq.m of land for future mixed-use developments

Multiplan owns 820,519 sq.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 sq.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.

The Company also identified potential GLA increase approximately of 150,000 sq.m. through mall expansions, which are not
included in the table below.

Shopping Attached to Land Potential Area

Land Area Project Type % Multiplan
Location for Sale
BarraShoppingSul 159,587 sq.m 304,515 sq.m Hotel, Apart-Hotel, Office, Residential 100%
JundiaShopping 4,500 sq.m 11,616 sq.m Office 100%
ParkShoppingBarigi 28,214 sq.m 43,376 sq.m Apart-Hotel, Office 94%
ParkShoppingCampoGrande 317,755 sq.m 92,774 sq.m Office, Residential 90%
ParkShoppingCanoas 18,721 sq.m 22,457 sq.m Hotel, Apart-Hotel, Office n.a.
ParkShoppingSoCaetano 36,948 sq.m 138,000 sq.m Office 100%
Parque Shopping Macei 86,699 sq.m 182,665 sq.m Office, Residential 50%
RibeiroShopping 102,295 sq.m 138,749 sq.m Hotel, Apart-Hotel, Office, Residential 100%
ShoppingAnliaFranco 29,800 sq.m 89,600 sq.m Residential 36%
VillageMall 36,000 sq.m 34,038 sq.m Office 100%
Total 820,519 sq.m 1,057,790 sq.m 83%

Illustration of mixed use project in RibeiroShopping Complex

Artists rendering for illustrative purposes only Project subject to changes without previous notice
1
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.

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MULT3

11. MULT3 Indicators & Stock Market

Multiplans stock price rose 56.3% in 2016;

MULT3 outperformed IBOV and IBrX50 since the inclusion in both indexes.

Multiplans stock (MULT3 at BM&FBOVESPA) was quoted at R$59.38 at the end of 2016, a 56.3% increase over the price in
the end of 2015. The daily traded value averaged R$35.6 million in 4Q16, a 12.1% growth over 4Q15. In 2016, this indicator
averaged R$39.5 million, a 2.5% increase over 2015. The average daily traded volume of shares was 714,464 in 2016.

Multiplans shares are listed on 76 global indexes, including the BOVESPA Index (IBOV), Brazil 50 Index (IBrX50) and Carbon
Efficient Index (ICO2). MULT3 outperformed IBOV and IBrX50 since its inclusion in both indexes, as seen in the charts below.

Traded Volume (15 day average) MULT3 / IBOV: 140 Traded Volume (15 day average) MULT3 / IBrX50:80.0 M
80.0 M
145 Multiplan +25.2%
+480 b.p. 80.0 M 140 Multiplan +12.0% +660 b.p. 80.0 M
145 70.0 M 70.0 M
IBOV +20.4% IBrX 50 +5.4%
130 70.0 M
120 70.0 M
Traded Volume (15 day average) 80.0 M
M Traded Volume (15 day average)
130 60.0 140 120 80.0 M
60.0 M
145 Multiplan +25.2% Multiplan +12.0%
115 60.0 M 60.0 M
IBOV +20.4% 70.0 M
50.0 M 100 IBrX 50 +5.4% 70.0 M
50.0 M
115
130 120
50.0 M 100 50.0 M
100 60.0 M
M 60.0 M
M
100 40.0 40.0
115 40.080
M 40.0 M
85 50.0 M
30.0 M 100 80 50.0 M
30.0 M
85 30.0 M 30.0 M
100
70 40.0 M
20.0 M 60 40.0 M
20.0 M
Dec-14 70 Jun-15 Dec-15 Jun-16 Dec-16 Apr-15 60 Aug-15
20.080
M Nov-15 Feb-16 Jun-16 Sep-16 Dec-16 20.0 M
85 Dec-14 Jun-15 Dec-15 Jun-16 30.0 MDec-16 Apr-15 Aug-15 Nov-15 Feb-16 Jun-16 Sep-16 Dec-16
30.0 M

70 MULT3, Bovespa Index and MULT3 volume (since MULT3 20.0 inclusion)
M 60 MULT3, IBrX50 Index and MULT3 volume (since MULT3 inclusion)
20.0 M
Dec-14 Jun-15 Dec-15
Base Jun-16 31, 2014 Dec-16
100 = December Apr-15 Aug-15 Nov-15 Base 100 = Jun-16
Feb-16 April 30, 2015
Sep-16 Dec-16

MULT3 at BM&FBOVESPA 4Q16 4Q15 Chg. % 2016 2015 Chg. %

Average Closing Price (R$) 60.04 43.48 +38.1% 56.24 47.71 +17.9%
Closing Price (R$) 59.38 38.00 +56.3% 59.38 38.00 +56.3%
Average Daily Traded Value (R$) 35.6 M 31.8 M +12.1% 39.5 M 38.6 M +2.5%
Average Daily Traded Volume (# of shares) 595,805 729,808 -18.4% 714,464 809,890 -11.8%
Market Cap (R$) end of period 11,282.0 M 7,219.9 M +56.3% 11,282.0 M 7,219.9 M +56.3%

On December 31, 2016, 28.7% 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 41.8%. Shares held by management and in treasury total
0.7% of the outstanding shares. Total shares outstanding were 189,997,214.

Mgmt. + Treasury
0.7%

Free Float
41.8% Common
Stocks
OTPP
22.6% Preferred
28.8% Stocks
6.2%
MTP+Peres
28.7%

Shareholders capital stock breakdown on December 31, 2016.

OTPP Ontario Teachers Pension Plan

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MULT3

12. 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 13.69% on December 31, 2016, as a result of a basic discount
rate of 13.30% calculated according to CAPM, and a weighted average risk spread of 38 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 2016 2015 2014 2013 2012

Risk free rate 3.42 % 3.45% 3.49% 3.53% 3.57%

Market risk premium 6.11 % 6.05% 6.11% 6.02% 5.74%
Adjusted beta 0.79 0.78 0.72 0.77 0.74
Sovereign risk 270 b.p. 232 b.p. 230 b.p. 205 b.p. 184 b.p.
Spread 38 b.p. 51 b.p. 44 b.p. 43 b.p. 59 b.p.
Shareholders cost of capital - US$ nominal 11.30% 11.00% 10.65% 10.66% 10.25%

Inflation assumptions
Inflation (Brazil) (1) 4.59 % 6.53% 6.53% 5.98% 5.47%
Inflation (USA) 2.40 % 2.40% 2.40% 2.30% 2.30%
Shareholders cost of capital BRL nominal 13.69% 15.47% 15.11% 14.64% 13.66%

(1) Estimated inflation (BR) for December 2016 considers the 4-year average between January 2017 and December 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 construction 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 2016 2015 2014 2013 2012

Shopping Centers and office towers in operation ,, R$ 16,116 M R$ 15,465 M R$ 15,683 M R$ 14,089 M R$ 13,418 M
Projects under development (disclosed) ,, R$ 295 M R$ 181 M R$ 32 M R$ 123 M R$ 715 M
Future projects (not disclosed) R$ 156 M R$ 379 M R$ 284 M R$ 430 M R$ 569 M
Total R$ 16,568 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 transferred from the Projects
under development line to Shopping malls and office towers in operation.
In 2014, the BarraShopping Expansion VII project was completed, and the assets transferred from the Projects under development line to Shopping malls and
office towers in operation.

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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 Future projects (not disclosed)

Value Properties under development (disclosed)
Properties in operation
87.80
17.5 B 84.99 85.30
16.6 B 82.45
15.0 B 78.06
73.21
12.5 B 68.87
10.0 B
7.5 B
5.0 B
2.5 B 2010 2011 2012 2013 2014 2015 2016
0.0 B
2010 2011 2012 2013 2014 2015 2016

Evolution of Fair Value (R$) Fair Value per share (R$)

Fair Value - properties in operation

NOI - properties in operation
224
Owned GLA - properties in operation 217

197

169 +20.3% 16.6 B

168
163 166
13.8 B
143 160 166 11.3 B
162 160
120 145
140
138
111
100 111

2010 2011 2012 2013 2014 2015 2016 Market Value Enterprise Fair Value
Value (EV)
Growth of Fair Value, NOI and owned GLA Market Cap vs. Enterprise Value vs. Fair Value
(Base 100: 2010)
December 31, 2016

Fair Value Enterprise Value (EV) Fair Value / Enterprise Value (EV)

16.0 B 16.0 B 16.6 B

14.7 B 14.6 B
13.0 B 13.8 B
12.3 B 12.3 B 11.3 B
10.9 B
9.1 B
7.3 B
6.4 B
1.93x 1.79x 1.75x
1.20x 1.29x 1.47x 1.20x

2010 2011 2012 2013 2014 2015 2016

Enterprise Value and Fair Value (R$)

Calculated according to CPC 28

Based on stock price on December 31, 2016, of R$59.38
The sum of Market Cap and Net Debt

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MULT3

13. Portfolio

Avg.
Multiplan Occupa
Portfolio 2016 Opening State
%1
Avg. Total GLA Sales (year)2 Rent (year)3
ncy
Rate
Operating shopping centers
BH Shopping 1979 MG 80.0% 47,148 sq.m. 24,586 R$/sq.m. 2,166 R$/sq.m. 98.1%
RibeiroShopping 1981 SP 80.0% 68,658 sq.m. 12,742 R$/sq.m. 928 R$/sq.m. 96.8%
BarraShopping 1981 RJ 65.8% 77,332 sq.m. 28,688 R$/sq.m. 2,597 R$/sq.m. 99.5%
MorumbiShopping 1982 SP 73.7% 56,102 sq.m. 31,639 R$/sq.m. 2,801 R$/sq.m. 99.5%
ParkShopping 1983 DF 61.7% 53,519 sq.m. 22,372 R$/sq.m. 1,725 R$/sq.m. 97.7%
DiamondMall 1996 MG 90.0% 21,386 sq.m. 28,561 R$/sq.m. 2,296 R$/sq.m. 99.6%
New York City Center 1999 RJ 50.0% 22,257 sq.m. 9,904 R$/sq.m. 698 R$/sq.m. 100.0%
ShoppingAnliaFranco 1999 SP 30.0% 51,708 sq.m. 21,849 R$/sq.m. 1,728 R$/sq.m. 97.9%
ParkShoppingBarigi 2003 PR 84.0% 51,902 sq.m. 18,458 R$/sq.m. 1,201 R$/sq.m. 98.4%
Ptio Savassi 2004 MG 96.5% 19,312 sq.m. 21,815 R$/sq.m. 1,651 R$/sq.m. 99.0%
ShoppingSantarsula 1999 SP 62.5% 23,137 sq.m. 7,577 R$/sq.m. 318 R$/sq.m. 90.2%
BarraShoppingSul 2008 RS 100.0% 73,004 sq.m. 14,975 R$/sq.m. 762 R$/sq.m. 98.4%
ShoppingVilaOlmpia 2009 SP 60.0% 28,374 sq.m. 16,415 R$/sq.m. 1,122 R$/sq.m. 93.3%
ParkShoppingSoCaetano 2011 SP 100.0% 39,253 sq.m. 15,462 R$/sq.m. 1,103 R$/sq.m. 98.7%
JundiaShopping 2012 SP 100.0% 34,396 sq.m. 13,812 R$/sq.m. 858 R$/sq.m. 95.7%
ParkShoppingCampoGrande 2012 RJ 90.0% 43,236 sq.m. 11,786 R$/sq.m. 869 R$/sq.m. 95.3%
VillageMall 2012 RJ 100.0% 25,704 sq.m. 22,717 R$/sq.m. 1,201 R$/sq.m. 96.7%
Parque Shopping Macei 2013 AL 50.0% 37,505 sq.m. 10,590 R$/sq.m. 736 R$/sq.m. 95.6%
Subtotal operating shopping centers 75.9% 773,932 sq.m. 19,851 R$/sq.m. 1,422 R$/sq.m. 97.5%
Operating office towers
ParkShopping Corporate 2012 DF 50.0% 13,360 sq.m. 22.9%
Morumbi Corporate 2013 SP 100.0% 74,198 sq.m. 94.9%
Subtotal operating office towers 92.4% 87,558 sq.m.
Total properties for lease 77.6% 861,490 sq.m.
Shopping center under development
ParkShoppingCanoas 2017 RS 80.0% 48,000 sq.m. 76.0%
Subtotal mall under development 80.0% 48,000 sq.m.
Expansions under development
RibeiroShopping
2017 SP 100.0% 6,200 sq.m. 73.9%
Medical Center Exp.
Ptio Savassi Exp. II
2017 MG 96.5% 2,300 sq.m. 100.0%
Phase 2
Subtotal expansions under development 99.1% 8,500 sq.m.
Total portfolio 77.9% 917,990 sq.m.

1
In this report, Multiplans ownership does not consider in this report the last acquisition in ParkShoppingBarigi announced in January 2017.
2
Sales per sq.m.: Sales/sq.m. calculation considers only the GLA from anchor and satellite stores that report sales, and excludes sales from
kiosks, since they are not counted in the total GLA.
3
Rent per sq.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).

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MULT3

Properties Portfolio

Shopping center in operation

Tower f or lease in operation
Shopping center under dev elopment

AL Macei, Alagoas State

Parque Shopping Macei

Belo Horizonte, Minas Gerais State

Braslia - DF
Ptio Sav assi
ParkShopping DF
DiamondMall
ParkShopping Corporate
MG BH Shopping

SP
Rio de Janeiro, Rio de Janeiro State
Curitiba, Paran State
PR RJ BarraShopping
ParkShoppingBarigi New Y ork City Center
VillageMall
ParkShoppingCampoGrande
Porto Alegre
Rio Grande do Sul State RS So Paulo, So Paulo State
BarraShoppingSul
ShoppingAnliaFranco
MorumbiShopping
Canoas, ShoppingVilaOlmpia
Rio Grande do Sul State
Morumbi Corporate
ParkShoppingCanoas
Jundia, So Paulo State
JundiaShopping

Ribeiro Preto, So Paulo State

Shopping Santa rsula
RibeiroShopping

So Caetano, So Paulo State

ParkShoppingSoCaetano

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14. Ownership Structure

Multiplans ownership structure on December 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.

Maria Helena Treasury

Free Float
Kaminitz Peres
22.25%
Ontario Teachers
44.55% ON 0.73% ON Pension Plan
Multiplan Planejamento,
41.77% Total 0.68% Total
Participaes e 1.38% ON
Administrao S.A. 23.65% ON 1.29% Total 100.0%
22.17%Total 1700480
77.75% Ontario Inc.
Jose Isaac Peres 24.11% ON
5.47% ON 100.0% PN
5.13% Total Ptio Savassi Administrao 100.0%
28.85% Total de Shopping Center Ltda.***

14.8% Multiplan Barra 1

CSHG Multiplus Empreendimento Imobilirio Ltda.* 100.0%
FIM 0.11% ON
0.10% Total 8.0% Multiplan Morumbi 1 100.0%
Empreendimento Imobilirio Ltda.*
Shopping Centers %
1.00% Multiplan Administradora 50.0% Morumbi Business Center 100.0%
99.00%
de Shopping BarraShopping 65.8% Empreendimento Imobilirio Ltda. *
Centers Ltda.**** BarraShoppingSul 100.0% MPH 50.00%
BH Shopping 80.0% 60.0% Empreendimento Imobilirio Ltda.
0.01% Embraplan DiamondMall 90.0% 50.00%
99.99% Manati Empreendimentos e
Empresa Brasileira MorumbiShopping 73.7% 75.0%
% Participaes S.A.
de Planejamento Ltda. ** New York City Center 50.0% 50.00%
ParkShopping 61.7% 100.0% Parque Shopping Macei S.A.
2.00% SCP Royal Green 98.00% ParkShoppingBarigi 84.0%
Pennsula Ptio Savassi 96.5% 100.0%
Danville SP Empreendimento
RibeiroShopping 80.0% Imobilirio Ltda. *
CAA - Corretagem 100.0% ShoppingAnliaFranco 30.0% 100.0%
Imobiliria Ltda. * ShoppingVilaOlmpia 60.0% Multiplan Holding S.A.
ShoppingSantarsula 62.5%
CAA - Corretagem e 100.0%
Parque Shopping Macei 50.0% Ribeiro Residencial
Consultoria 100.0% ParkShoppingSoCaetano 100.0% Empreendimento Imobilirio Ltda. *
Publicitria Ltda. * JundiaShopping 100.0% 100.0%
Multiplan Greenfield I
VillageMall 100.0%
Multiplan Arrecadadora Empreendimento Imobilirio Ltda. *
100.0% ParkShoppingCampoGrande 90.0% 100.0%
Ltda * BarraSul
Empreendimento Imobilirio Ltda. *
Renasce - 99.99% 100.0%
100.0%
Rede Nacional de Corporate Towers % Jundia Shopping Center Ltda. *
Shopping Centers Ltda.** 0.45%
ParkShopping Corporate 50.0% 100.0%
Multiplan Greenfield III
County Estates Limited Morumbi Corporate 100.0% Empreendimento Imobilirio Ltda. *
90.0% 100.0%
Parkshopping Campo Grande Ltda. *
Embassy Row Inc
50.0% 100.0%
ParkShopping Corporate
Empreendimento Imobilirio Ltda. *
* Multiplan Holding S.A. holds an interest equal or lower than 1.00% in these companies. 46.88% Multiplan Greenfield II 100.0%
** Jos Isaac Peres has a 0.01% interest in this company. Empreendimento Imobilirio Ltda. *
*** Renasce - Rede Nacional de Shopping Centers Ltda. has a 0.01% interest in this company. 53.12% 100.0%
**** Jos Isaac Peres has a 1.00% interest in this company. Multiplan Greenfield IV
***** 17 SPCs related to future real estate for sale projects. Multiplan Holding S.A. holds an interest equal Empreendimento Imobilirio Ltda. *
or lower than 1.00% in these companies. 94.67%
ParkShopping Canoas Ltda.

ParkShopping Global Ltda. 87.0%

ParkShopping Jacarepagu Ltda.* 100.0%

17 SPCs ***** 100.0%

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, through directly and indirectly interests, owns 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 owns 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. Multiplan owns 50.0% interest in Parque Shopping Macei S.A.

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MULT3

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.
Ribeiro Residencial Empreendimento Imobilirio Ltda.: SPC established to develop real estate project in the city of Ribeiro
Preto, State of So Paulo.
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.: Owns 30.0% indirect stake in ShoppingVilaOlmpia via 50.0%
holdings in MPH, which in turn holds 60.0% of ShoppingVilaOlmpia. Multiplan owns a 100.0% interest in Morumbi Business
Center Empreendimento Imobilirio Ltda.
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.
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. Multiplan owns a 100.0% interest in Park Shopping Campo Grande Ltda.
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.
Multiplan Barra 1 Empreendimento Imobilirio Ltda.: SPE stablished to acquire an additional stake of 14.8% in
BarraShopping.
Multiplan Morumbi 1 Empreendimento Imobilirio Ltda.: SPE stablished to acquire an additional stake of 8.0% in Morumbi
Shopping.

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MULT3

15. Operational and Financial Data

Operational and Financial Highlights

Performance
Financial (MTE %) 4Q16 4Q15 Chg.% 2016 2015 Chg.%
Gross revenue R$'000 346,263 333,586 +3.8% 1,257,532 1,205,238 +4.3%

Net revenue R$'000 311,067 299,581 +3.8% 1,129,753 1,085,426 +4.1%

Net revenue R$/sq.m. 477.4 473.7 +0.8% 1,769.9 1,721.2 +2.8%

Net revenue USD/sq. foot 13.6 11.1 +22.5% 50.5 40.4 +25.0%
Rental revenue (with straight-line effect) R$'000 267,710 249,669 +7.2% 925,969 869,564 +6.5%
Rental revenue R$/sq.m. 410.9 394.8 +4.1% 1,450.7 1,378.9 +5.2%

Rental revenue USD/sq. foot 11.7 9.3 +26.5% 41.4 32.3 +27.9%

Monthly rental revenue R$/sq.m. 152.2 140.5 +8.4% 485.4 455.4 +6.6%

Monthly rental revenue USD/sq. foot 4.3 3.3 +31.7% 13.8 10.7 +29.5%

Net Operating Income (NOI) R$'000 276,815 269,303 +2.8% 964,569 934,817 +3.2%

Net Operating Income R$/sq.m. 424.9 425.8 -0.2% 1,511.1 1,482.4 +1.9%
Net Operating Income USD/sq. foot 12.1 10.0 +21.3% 43.1 34.8 +23.9%
Net Operating Income margin 86.1% 90.0% -390 b.p. 86.4% 89.3% -297 b.p.
NOI/share 1.47 1.43 +2.3% 5.11 4.98 +2.7%
NOI + Key Money (KM) R$'000 281,108 273,569 +2.8% 978,502 959,731 +2.0%

NOI + KM R$/sq.m. 431.5 432.6 -0.3% 1,533.0 1,521.9 +0.7%

NOI + KM USD/sq. foot 12.3 10.1 +21.2% 43.7 35.7 +22.4%
NOI + KM margin 86.2% 90.1% -385 b.p. 86.5% 89.6% -305 b.p.
NOI + Key money/share 1.49 1.46 +2.3% 5.19 5.11 +1.5%

Headquarter expenses R$'000 34,643 33,422 +3.7% 136,305 124,564 +9.4%

Headquarter expenses/Net revenues 11.1% 11.2% -2 b.p. 12.1% 11.5% +59 b.p.
EBITDA R$'000 239,777 227,259 +5.5% 818,331 789,157 +3.7%
EBITDA R$/sq.m. 368.0 359.4 +2.4% 1,282.0 1,251.4 +2.4%
EBITDA USD/sq. foot 10.5 8.4 +24.5% 36.6 29.4 +24.5%
EBITDA margin 77.1% 75.9% +122 b.p. 72.4% 72.7% -27 b.p.
EBITDA per Share R$ 1.27 1.21 +5.0% 4.34 4.20 +3.2%
Adjusted net income R$'000 90,811 135,714 -33.1% 323,826 373,044 -13.2%

Adjusted net income R$/sq.m. 139.4 214.6 -35.1% 507.3 591.5 -14.2%
Adjusted net income USD/sq. foot 4.0 5.0 -21.1% 14.5 13.9 +4.2%
Adjusted net income margin 29.2% 45.3% -1,611 b.p. 28.7% 34.4% -570 b.p.
Adjusted net income per share R$ 0.48 0.72 -33.4% 1.72 1.99 -13.6%
FFO R$'000 133,208 175,219 -24.0% 484,213 530,689 -8.8%
FFO R$/sq.m. 204.5 277.1 -26.2% 758.6 841.5 -9.9%
FFO US$'000 40,880 44,238 -7.6% 148,600 133,985 +10.9%
FFO USD/sq. foot 5.8 6.5 -10.3% 21.6 19.7 +9.6%
FFO margin 42.8% 58.5% -26.8% 42.9% 48.9% -12.3%
FFO per share R$ 0.71 0.93 -24.3% 2.57 2.83 -9.2%

Dollar (USD) end of period 3.2585 3.9608 -17.7% 3.2585 3.9608 -17.7%

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Operational and Financial Highlights

Performance
Market Performance 4Q16 4Q15 Chg.% 2016 2015 Chg.%
Number of shares 189,997,214 189,997,214 - 189,997,214 189,997,214 -
Common shares 178,138,867 178,138,867 - 178,138,867 178,138,867 -
Preferred shares 11,858,347 11,858,347 - 11,858,347 11,858,347 -
Average share closing price 60.04 43.48 +38.1% 56.24 47.71 +17.9%
Closing share price 59.38 38.00 +56.3% 59.38 38.00 +56.3%
Average daily traded volume (R$ '000) 35,619 31,762 +12.1% 39,507 38,556 +2.5%
Market cap (R$ 000) 11,282,035 7,219,894 +56.3% 11,282,035 7,219,894 +56.3%
Total debt (R$ 000) 2,964,920 2,307,934 +28.5% 2,964,920 2,307,934 +28.5%
Cash (R$ 000) 479,726 382,106 +25.5% 479,726 382,106 +25.5%
Net debt (R$ 000) 2,485,194 1,925,828 +29.0% 2,485,194 1,925,828 +29.0%
P/FFO (Last 12 months) 23.3 x 13.6 x +71.3% 23.3 x 13.6 x +71.3%
EV/EBITDA (Last 12 months) 16.8 x 11.6 x +45.2% 16.8 x 11.6 x +45.2%
Net Debt/EBITDA (Last 12 months) 3.0 x 2.4 x +24.4% 3.0 x 2.4 x +24.4%

Performance
Operational (100%) 4Q16 4Q15 Chg.% 2016 2015 Chg.%
Final total mall GLA (sq.m.) 775,575 770,270 +0.7% 775,575 770,270 +0.7%
Final owned mall GLA (sq.m.) 588,871 569,141 +3.5% 588,871 569,141 +3.5%
Owned mall GLA % 75.9% 73.9% +204 b.p. 75.9% 73.9% +204 b.p.
Final total office towers GLA (sq.m.) 87,558 87,558 - 87,558 87,558 -
Final owned office towers GLA (sq.m.) 80,878 80,878 - 80,878 80,878 -
Final total GLA (sq.m.) 863,133 857,828 +0.6% 863,133 857,828 +0.6%
Final owned GLA (sq.m.) 669,749 650,019 +3.0% 669,749 650,019 +3.0%
Adjusted total mall GLA (avg.) (sq.m.) 757,402 752,112 +0.7% 755,774 752,112 +0.5%
Adjusted owned mall GLA (avg.) (sq.m.) 570,649 551,518 +3.5% 557,434 549,751 +1.4%
Total office towers GLA (avg.) (sq.m.) 87,558 87,558 - 87,558 87,558 -
Owned office towers GLA (avg.) (sq.m.) 80,878 80,878 - 80,878 80,878 -
Adjusted total GLA (avg.) (sq.m.) 844,960 839,670 +0.6% 843,332 839,670 +0.4%
Adjusted owned GLA (avg.) (sq.m.) 651,527 632,396 +3.0% 638,312 630,629 +1.2%
Total sales R$'000 4,352,717 4,227,292 +3.0% 13,726,376 13,337,560 +2.9%
Total sales R$/sq.m. 6,187 5,986 +3.4% 19,851 18,970 +4.6%
Total sales USD/sq. foot 176 140 +25.6% 566 445 +27.2%
Satellite stores sales R$/sq.m. 8,466 8,206 +3.2% 27,106 25,795 +5.1%
Satellite stores sales USD/sq. foot 241 192 +25.4% 773 605 +27.7%
Total rent R$/sq.m. 441 421 +4.7% 1,422 1,365 +4.2%
Total rent USD/sq. foot 12.6 9.9 +27.3% 40.5 32.0 +26.6%
Same Store Sales +1.5% +2.1% -57 b.p. +1.9% +1.8% +13 b.p.
Same Area Sales +2.5% +3.9% -134 b.p. +3.3% +3.3% +3 b.p.
Same Store Rent +8.1% +6.2% +190 b.p. +7.1% +7.4% -35 b.p.
Same Area Rent +5.6% +4.6% +99 b.p. +5.5% +6.0% -57 b.p.
IGP-DI effect +10.7% +5.9% +484 b.p. +9.5% +5.0% +452 b.p.
Occupancy costs 12.1% 11.6% +53 b.p. 13.1% 12.6% +50 b.p.
Rent as sales % 7.7% 7.5% +23 b.p. 7.8% 7.6% +15 b.p.
Other as sales % 4.4% 4.1% +30 b.p. 5.3% 4.9% +35 b.p.
Turnover 1.1% 0.8% +32 b.p. 5.1% 4.3% +81 b.p.
Occupancy rate 97.3% 98.0% -66 b.p. 97.5% 98.3% -76 b.p.
Delinquency 2.4% 1.9% +46 b.p. 3.5% 1.9% +158 b.p.
Rent loss 1.8% 1.2% +58 b.p. 1.3% 0.7% +63 b.p.
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.
Considers only shopping centers results.

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16. Reconciliation between IFRS (with CPC 19 R2) and Managerial Report

16.1 - Variations on the Financial Statement IFRS 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) 4Q16 4Q16 Difference 2016 2016 Difference
Rental revenue 292,593 297,585 4,992 913,326 929,458 16,132
Services revenue 24,102 24,092 (11) 120,087 119,914 (172)
Key money revenue 3,931 4,293 362 12,398 13,932 1,535
Parking revenue 52,938 53,930 993 187,163 190,742 3,579
Real estate for sale revenue (6,303) (6,303) - (724) (724) -
Straight-line effect (29,279) (29,875) (596) (3,603) (3,489) 114
Other revenues 2,457 2,541 84 7,527 7,698 171
Gross Revenue 340,440 346,263 5,823 1,236,173 1,257,532 21,359
Taxes and contributions on sales and services (34,750) (35,196) (446) (126,223) (127,779) (1,556)
Net Revenue 305,690 311,067 5,377 1,109,950 1,129,753 19,803
Headquarters expenses (34,643) (34,643) - (136,259) (136,305) (46)
Share-based compensations 5,299 5,299 - (13,585) (13,585) -
Shopping centers expenses (40,121) (42,465) (2,344) (137,662) (144,309) (6,647)
Office Towers for lease expenses (2,361) (2,361) - (7,833) (7,833) -
New projects for lease expenses (5,646) (5,646) - (11,147) (11,147) -
New projects for sale expenses (694) (694) - (2,626) (2,626) -
Cost of properties sold 10,097 10,097 - 2,046 2,046 -
Equity pickup 1,021 (128) (1,149) 5,501 (101) (5,602)
Other operating revenues/expenses (765) (748) 17 2,412 2,440 27
EBITDA 237,876 239,777 1,901 810,797 818,331 7,534
Financial revenue 15,399 15,890 491 80,330 81,885 1,555
Financial expenses (79,752) (80,760) (1,008) (292,257) (296,226) (3,969)
Depreciation and amortization (41,431) (42,397) (966) (156,556) (160,387) (3,832)
Earnings Before Taxes 132,092 132,510 418 442,315 443,604 1,289
Income tax and social contribution (41,996) (41,970) 26 (119,931) (119,917) 14
Deferred income and social contribution taxes (5,207) (5,651) (444) (10,582) (11,885) (1,303)
Minority interest 271 271 - 139 139 -
Net Income 85,160 85,160 - 311,941 311,941 -

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 4Q16 and 2016 are: (i) increase of R$5.0 M and R$16.1 M in Rental Revenues; (ii) increase of R$2.3
M and R$6.6 M in Shopping Center Expenses, (iii) increase of R$0.5 M and R$2.4 M in Financial Results, and (iv) increase of
R$1.0 M and R$3.8 M in Depreciation and Amortization. Accordingly and as a result of the variations mentioned above, there
were decreases of R$1.1 M and R$5.6 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).

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16.2 - Variations on the Balance Sheet: Total Assets

IFRS with CPC 19 R2

ASSETS CPC 19 R2 Managerial Effect

(R$000) 12/31/2016 12/31/2016 Difference
Current assets
Cash and cash equivalents 105,647 118,005 12,358
Short term investments 361,721 361,721 -
Accounts receivable 297,249 302,177 4,928
Land and properties for sale 47,222 47,222 -
Related parties 6,169 6,169 -
Recoverable taxes and contributions 6,560 6,560 -
Sundry advances 19,699 19,699 -
Deferred costs 33,381 33,830 448
Other 20,297 20,697 400
Total current assets 897,945 916,078 18,134
Non-current assets
Accounts receivable 114,982 114,982 -
Land and properties for sale 247,120 247,120 -
Related parties 10,806 10,806 -
Judicial deposits 17,765 18,395 631
Deferred income and social contribution taxes 14,468 16,519 2,051
Deferred costs 75,812 77,084 1,272
Other 19,344 19,908 564
Investments 128,947 2,720 (126,227)
Investment properties 6,049,155 6,201,957 152,802
Property, plant and equipment 30,453 30,453 -
Intangible 347,649 348,591 943
Total non-current assets 7,056,501 7,088,535 32,034

Total assets 7,954,446 8,004,614 50,168

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$152.8 M in investment properties; (ii) increase of R$12.4 M in cash and cash equivalents; and (iii)
increase of R$4.9 M in accounts receivable.

As a result of the variations mentioned above, there was a decrease of R$126.2 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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16.3 - Variations on the Balance Sheet: Total Liabilities and Shareholders' Equity

IFRS with CPC 19 R2

LIABILITIES CPC 19 R2 Managerial Effect
(R$000) 12/31/2016 12/31/2016 Difference
Current liabilities
Loans and financing 368,801 373,598 4,797
Debentures 11,977 11,977 -
Accounts payable 147,526 148,268 742
Property acquisition obligations 28,866 28,866 -
Taxes and contributions payable 39,381 39,092 (289)
Interest on shareholders equity 81,341 81,341 -
Deferred income 33,336 33,395 60
Other 5,796 6,091 295
Total current liabilities 717,024 722,629 5,605
Non-current liabilities
Loans and financing 1,812,873 1,849,887 37,014
Debentures 688,638 688,638 -
Deferred income and social contribution taxes 176,080 180,510 4,429
Property acquisition obligations 11,954 11,954 -
Phantom Stock Options 7,277 7,277 -
Provision for contingencies 13,211 13,831 620
Deferred incomes 71,029 73,528 2,499
Total non-current liabilities 2,781,062 2,825,625 44,563
Shareholders' equity
Capital 2,388,062 2,388,062 -
Capital reserves 983,540 983,540 -
Profit reserve 1,270,179 1,270,179 -
Share issuance costs (39,004) (39,004) -
Shares in treasure department (62,611) (62,611) -
Capital transaction effects (89,996) (89,996) -
Retained earnings - - -
Minority interest 6,190 6,190 -
Total shareholder's equity 4,456,360 4,456,360 -

Total liabilities and shareholders' equity 7,954,446 8,004,614 50,168

The differences in total liabilities and shareholders' equity regarding the CPC 19 R2 are (i) the increase of R$41.8 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 Banco do Nordeste; and (ii) the increase of R$4.5 M in revenues and costs, in deferred income.

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17. Appendices

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

IFRS with CPC 19 (R2)

(R$'000) 4Q16 4Q15 Chg. % 2016 2015 Chg. %
Rental revenue 292,593 261,522 +11.9% 913,326 845,547 +8.0%
Services revenue 24,102 27,769 -13.2% 120,087 110,476 +8.7%
Key money revenue 3,931 3,906 +0.6% 12,398 23,308 -46.8%
Parking revenue 52,938 48,885 +8.3% 187,163 173,929 +7.6%
Real estate for sale revenue (6,303) 1,467 n.a. (724) 18,859 n.a.
Straight-line effect (29,279) (17,510) +67.2% (3,603) 6,487 n.a.
Other revenues 2,457 836 +194.1% 7,527 4,672 +61.1%
Gross Revenue 340,440 326,874 +4.2% 1,236,173 1,183,277 +4.5%
Taxes and contributions on sales and services (34,750) (33,406) +4.0% (126,223) (118,247) +6.7%
Net Revenue 305,690 293,467 +4.2% 1,109,950 1,065,030 +4.2%
Headquarters expenses (34,643) (33,420) +3.7% (136,259) (124,497) +9.4%
Share-based compensations 5,299 (2,982) n.a. (13,585) (12,794) +6.2%
Shopping centers expenses (40,121) (26,351) +52.3% (137,662) (96,201) +43.1%
Office Towers for lease expenses (2,361) (2,401) -1.7% (7,833) (10,451) -25.0%
New projects for lease expenses (5,646) (2,894) +95.1% (11,147) (14,796) -24.7%
New projects for sale expenses (694) (1,028) -32.4% (2,626) (4,204) -37.5%
Cost of properties sold 10,097 (2,098) n.a. 2,046 (18,954) n.a.
Equity pickup 1,021 3,524 -71.0% 5,501 7,730 -28.8%
Other operating revenues/expenses (765) 184 n.a. 2,412 (9,459) n.a.
EBITDA 237,876 226,002 +5.3% 810,797 781,404 +3.8%
Financial revenue 15,399 17,730 -13.1% 80,330 54,450 +47.5%
Financial expenses (79,752) (64,714) +23.2% (292,257) (239,482) +22.0%
Depreciation and amortization (41,431) (38,548) +7.5% (156,556) (153,842) +1.8%
Earnings Before Taxes 132,092 140,470 -6.0% 442,315 442,531 -0.0%
Income tax and social contribution (41,996) (4,892) +758.5% (119,931) (71,336) +68.1%
Deferred income and social contribution taxes (5,207) 2,100 n.a. (10,582) (9,236) +14.6%
Minority interest 271 24 +1,015.8% 139 226 -38.2%
Net Income 85,160 137,703 -38.2% 311,941 362,185 -13.9%

(R$'000) 4Q16 4Q15 Chg. % 2016 2015 Chg. %

NOI 273,771 264,145 +3.6% 951,391 919,310 +3.5%
NOI margin 86.6% 90.2% -362 b.p. 86.7% 89.6% -287 b.p.
NOI + Key Money 277,702 268,051 +3.6% 963,789 942,618 +2.2%
NOI + Key Money margin 86.7% 90.3% -358 b.p. 86.9% 89.8% -295 b.p.
Property EBITDA 238,215 227,344 +4.8% 817,587 796,842 +2.6%
Property EBITDA margin 76.5% 77.8% -131 b.p. 73.6% 76.0% -241 b.p.
EBITDA (Shopping Center + Real Estate) 237,876 226,002 +5.3% 810,797 781,404 +3.8%
EBITDA margin 77.8% 77.0% +81 b.p. 73.0% 73.4% -32 b.p.
Net Income 85,160 137,703 -38.2% 311,941 362,185 -13.9%
Net Income margin 27.9% 46.9% -1,906 b.p. 28.1% 34.0% -590 b.p.
Adjusted Net Income 90,367 135,603 -33.4% 322,523 371,421 -13.2%
Adjusted Net Income margin 29.6% 46.2% -1,665 b.p. 29.1% 34.9% -582 b.p.
FFO 131,798 174,150 -24.3% 479,078 525,263 -8.8%
FFO margin 43.1% 59.3% -1,623 b.p. 43.2% 49.3% -616 b.p.

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17.2 Cash Flow Statements: According to the technical pronouncement CPC 19 (R2) - Joint Arrangements

Cash Flow Statement (R$'000) 4Q16 2016

Income before tax 132,093 442,315
Depreciation and amortization 41,433 156,556
Interest and monetary variations on debentures, loans, and property acquisition 75,557 276,361
Other net income adjustments (1,825) 33,187
(Increase) decrease on current assets (55,086) (50,596)
(Increase) decrease on land held for sale 9,629 (8,996)
Increase (decrease) on current liabilities (28,159) (197,913)
Cash Flow From Operations 173,642 650,914

(Increase) decrease of investment property (653,970) (894,935)

Increase of property, plant and equipment (1,672) (5,405)
Additions to intangibles (671) (2,998)
Interest earnings bank deposits 185,351 (148,409)
Others 2,135 5,862
Cash Flow From Investments (468,827) (1,045,885)

Increase (decrease) in loans and financing 68,725 363,011

Debentures issued 290,415 290,415
Interest payment of debentures (29,422) (58,372)
Interest payment of loans (53,279) (182,877)
Paid dividends - (115,786)
Non-controllers interest (122) 48
Others 725 45,179
Cash Flows from Financing Activities 277,042 341,618

Cash and cash equivalents at the beginning of the period 123,790 159,000
Cash and cash equivalents at end of the period 105,647 105,647
Cash Flow (18,143) (53,353)

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17.3 Consolidated Financial Statements: Managerial Report

(R$'000) 4Q16 4Q15 Chg. % 2016 2015 Chg. %

Rental revenue 297,585 266,527 +11.7% 929,458 861,647 +7.9%
Services revenue 24,092 27,777 -13.3% 119,914 110,435 +8.6%
Key money revenue 4,293 4,266 +0.6% 13,932 24,914 -44.1%
Parking revenue 53,930 49,690 +8.5% 190,742 176,757 +7.9%
Real estate for sale revenue (6,303) 1,467 n.a. (724) 18,859 n.a.
Straight-line effect (29,875) (16,858) +77.2% (3,489) 7,917 n.a.
Other revenues 2,541 718 +254.0% 7,698 4,709 +63.5%
Gross Revenue 346,263 333,586 +3.8% 1,257,532 1,205,238 +4.3%
Taxes and contributions on sales and services (35,196) (34,005) +3.5% (127,779) (119,811) +6.7%
Net Revenue 311,067 299,581 +3.8% 1,129,753 1,085,426 +4.1%
Headquarters expenses (34,643) (33,422) +3.7% (136,305) (124,564) +9.4%
Share-based compensations 5,299 (2,982) n.a. (13,585) (12,794) +6.2%
Shopping centers expenses (42,465) (27,654) +53.6% (144,309) (101,052) +42.8%
Office Towers for lease expenses (2,361) (2,401) -1.7% (7,833) (10,451) -25.0%
New projects for lease expenses (5,646) (2,894) +95.1% (11,147) (14,796) -24.7%
New projects for sale expenses (694) (1,028) -32.4% (2,626) (4,204) -37.5%
Cost of properties sold 10,097 (2,098) n.a. 2,046 (18,954) n.a.
Equity pickup (128) (27) +366.3% (101) (2) +4,680.1%
Other operating revenues/expenses (748) 184 n.a. 2,440 (9,451) n.a.
EBITDA 239,777 227,259 +5.5% 818,331 789,157 +3.7%
Financial revenue 15,890 18,118 -12.3% 81,885 56,253 +45.6%
Financial expenses (80,760) (65,766) +22.8% (296,226) (243,392) +21.7%
Depreciation and amortization (42,397) (39,505) +7.3% (160,387) (157,645) +1.7%
Earnings Before Taxes 132,510 140,106 -5.4% 443,604 444,372 -0.2%
Income tax and social contribution (41,970) (4,416) +850.5% (119,917) (71,554) +67.6%
Deferred income and social contribution taxes (5,651) 1,989 n.a. (11,885) (10,859) +9.4%
Minority interest 271 24 +1,047.1% 139 226 -38.4%
Net Income 85,160 137,703 -38.2% 311,941 362,185 -13.9%

(R$'000) 4Q16 4Q15 Chg. % 2016 2015 Chg. %

NOI 276,815 269,303 +2.8% 964,569 934,817 +3.2%
NOI margin 86.1% 90.0% -390 b.p. 86.4% 89.3% -297 b.p.
NOI + Key Money 281,108 273,569 +2.8% 978,502 959,731 +2.0%
NOI + Key Money margin 86.2% 90.1% -385 b.p. 86.5% 89.6% -305 b.p.
Property EBITDA 241,277 232,149 +3.9% 830,725 812,279 +2.3%
Property EBITDA margin 76.2% 77.8% -166 b.p. 73.5% 76.0% -254 b.p.
EBITDA (Shopping Center + Real Estate) 239,777 227,259 +5.5% 818,331 789,157 +3.7%
EBITDA margin 77.1% 75.9% +122 b.p. 72.4% 72.7% -27 b.p.
Net Income 85,160 137,703 -38.2% 311,941 362,185 -13.9%
Net Income margin 27.4% 46.0% -1,859 b.p. 27.6% 33.4% -576 b.p.
Adjusted Net Income 90,811 135,714 -33.1% 323,826 373,044 -13.2%
Adjusted Net Income margin 29.2% 45.3% -1,611 b.p. 28.7% 34.4% -570 b.p.
FFO 133,208 175,219 -24.0% 484,213 530,689 -8.8%
FFO margin 42.8% 58.5% -1,567 b.p. 42.9% 48.9% -603 b.p.

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17.4 Balance Sheet Managerial Report

ASSETS 12/31/2016 09/30/2016 % Change

Current Assets
Cash and cash equivalents 118,005 132,699 -11.1%
Short Term Investments 361,721 547,072 -33.9%
Accounts receivable 302,177 259,738 +16.3%
Land and properties for sale 47,222 69,815 -32.4%
Related parties 6,169 6,636 -7.0%
Recoverable taxes and contributions 6,560 7,969 -17.7%
Sundry advances 19,699 5,006 +293.5%
Deferred costs 33,830 33,013 +2.5%
Other 20,697 21,531 -3.9%
Total Current Assets 916,078 1,083,479 -15.5%
Noncurrent Asset
Accounts receivable 114,982 120,547 -4.6%
Land and properties for sale 247,120 234,031 +5.6%
Related parties 10,806 11,329 -4.6%
Deposits in court 18,395 17,681 +4.0%
Deferred income and social contribution taxes 16,519 16,681 -1.0%
Deferred costs 77,084 82,804 -6.9%
Other 19,908 20,631 -3.5%
Investments 2,720 2,848 -4.5%
Investment properties 6,201,957 5,531,197 +12.1%
Property, plant and equipment 30,453 30,190 +0.9%
Intangible 348,591 349,424 -0.2%
Total Non Current Assets 7,088,535 6,417,362 +10.5%
Total Assets 8,004,614 7,500,842 +6.7%

LIABILITIES 12/31/2016 09/30/2016 % Change

Current Liabilities
Loans and financing 373,598 171,360 +118.0%
Debentures 11,977 27,027 -55.7%
Accounts payable 148,268 89,293 +66.0%
Property acquisition obligations 28,866 32,010 -9.8%
Taxes and contributions payable 39,092 29,120 +34.2%
Interest on shareholders equity 81,341 81,341 -
Deferred income 33,395 39,045 -14.5%
Other 6,091 5,767 +5.6%
Total Current Liabilities 722,629 474,964 +52.1%
Non-current Liabilities
Loans and financing 1,849,887 1,965,944 -5.9%
Debentures 688,638 398,220 +72.93%
Deferred income and social contribution taxes 180,510 175,020 +3.1%
Property acquisition obligations 11,954 17,907 -33.2%
Phantom Stock Options 7,277 14,357 -49.3%
Provision for contingencies 13,831 15,081 -8.3%
Deferred incomes and costs 73,528 70,524 +4.3%
Total Non-current Liabilities 2,825,625 2,657,055 +6.3%
Shareholders' Equity
Capital 2,388,062 2,388,062 -
Capital reserves 983,540 982,078 +0.1%
Profit reserve 1,270,179 1,053,637 +20.6%
Share issuance costs (39,004) (39,004) -
Shares in treasure department (62,611) (63,245) -1.0%
Capital transaction effects (89,996) (89,996) -
Retained earnings - 130,979 n.a.
Minority interest 6,190 6,312 -1.9%
Total Shareholder's Equity 4,456,360 4,368,823 +2.0%

Total Liabilities and Shareholders' Equity 8,004,614 7,500,842 +6.7%

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18. 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 sq.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 others
investments then real estate, such as IT projects, hardware and other unrelated investments.
CDI: (Certificado de Depsito Interbancrio or Interbank Deposit Certificate). Certificates issued by banks to generate liquidity. Its average
overnight annualized rate is used as a reference for interest rates in Brazilian Economy.
Debenture: debt instrument issued by companies to borrow money. Multiplans debentures are non-convertible, which means that they cannot
be converted into shares. Moreover, a debenture holder has no voting rights.
Deferred income: Deferred key money and store buy back expenses.
Delinquency: 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.

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Net Operating Income (NOI): Sum of the Operating Income (Rental Revenue, Straight Line Effect, Shopping Centers Expenses and Office
Towers Expenses) and income from Parking Operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also
include the key money revenues in the same period.
New projects expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects, recorded
as an expense in the income statement as determined by the CPC 04 pronouncement in 2009.
New projects expenses for sale: Pre-operational expenses generated by real estate for sale activity, recorded as an expense in the income
statement as determined by the CPC 04 pronouncement in 2009.
NOI margin: NOI divided by Rental Revenue, Straight Line Effect and Net Parking Revenue.
Occupancy cost: Is the occupancy cost of a store as a percentage of sales. It includes rent and other expenses (condo and promotion fund
expenses).
Occupancy rate: leased GLA divided by total GLA.
Organic growth: Revenue growth which is not generated by acquisitions, expansions and new areas added in the period.
Overage rent: The difference paid as rent (when positive), between the base rent and the rent consisting of a percentage of sales, as determined
in the lease agreement.
Owned GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplans interest in each mall and office.
Parking revenue: Parking revenue is the net result of parking fees collected by the shopping centers less the amounts transferred to the
Companys partners and condominiums.
Potential Sales Value (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development, multiplied by the price
of each of units offered for sale.
Property EBITDA: EBITDA related to Multiplans core business, leasing activities. The metric excludes real estate for sale and future
developments expenses.
Rent loss: Loss provisions due to delinquency over six months and legal opinion.
Rent per sq.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 sq.m.: Sales/sq.m. calculation considers only the GLA from anchor and satellite 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 sales of the same area of the year before divided by the area that informed sales.
Same Store Rent (SSR): Changes on rent collected from stores that were in operation in both of the periods compared.
Same Store Sales (SSS): Changes on informed sales from stores that were in operation in both of the periods compared.
Satellite stores: Smaller stores (<1.000 sq.m.) with no special marketing and structural features located by the anchor stores and intended for
general retailing.
Straight line effect: Accounting method meant to remove volatility and seasonality of the minimum lease revenue. The criterion adopted to
account for revenue rent is based on straight-line revenues during the effectiveness of the contract, regardless of the receipt term.
Tenant mix: Portfolio of tenants strategically defined by the shopping center manager.
TJLP: (Taxa de Juros de Longo Prazo, or Long Term Interest Rate). The usual cost of financing conceived by BNDES.
TR (Taxa Referencial, or Reference interest rate): Average interest rate used in the market.
Turnover: GLA of operating malls leased in the period divided by total GLA of operating malls.
Vacancy: GLA of a shopping center available for lease.
Shopping center segments:
Food Court & Gourmet Areas Includes fast food and restaurant operations
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 Women and men clothing, shoes and accessories stores

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