35 Years

1Q10
Earnings Release and
Supplementary Financial Information

Investor Relations

Armando d‟Almeida Neto

CFO and IRO

Rodrigo Krause dos Santos Rocha

Superintendent of IR

Leonardo Oliveira
Senior IR Analyst

Franco Carrion
IR Analyst

Hans Melchers
Planning Manager

ri@multiplan.com.br
Tel: +55 21 3031-5224
Fax: +55 21 3031-5322

Conference Call

English
May 13, 2010
11:30 am (New York)
12:30 pm (Brasília)
Tel.: +1 (412) 858-4600
Code: Multiplan
Replay: + 1 (412) 317-0088
Code: 440061#

Portuguese
May 13, 2010
10:00 am (New York)
11:00 am (Brasília)
Tel.: +55 (11) 4003-9004
Code: Multiplan
Replay: +55 (11) 4003-9004
Code: Multiplan
 1Q10
MULT3

MULTIPLAN ANNOUNCES EBITDA OF R$85 MILLION AND

NET OPERATING INCOME (NOI) OF R$100 MILLION IN 1Q10
Rio de Janeiro, May 12, 2010 – Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), announces
its 2010 first-quarter results. The following financial and operational information, except where otherwise stated,
is shown in Reais (R$), and based on consolidated figures, in accordance with the generally accepted
accounting practices in Brazil (BR GAAP).

Variation 1Q10/1Q09
Shopping Adjusted Net
Rental Revenue NOI EBITDA Net Income
Center Sales Income
▲25.7% ▲24.8% ▲35.3% ▲42.3% ▲5.8% ▲81.1%

HIGHLIGHTS
Sales at the shopping centers managed by effect, NOI reached R$99.7 million in 1Q10, 35.3%
null
Multiplan recorded the highest growth of the last over 1Q09.
ten years reaching R$1.6 billion in 1Q10, EBITDA also increased by 42.3% when comparing
null an increase of 25.7% compared with
representing 1Q10 and 1Q09, totaling R$85.3 million, with an
the same figure in 1Q09. Sales benefited from the increase in EBITDA margin of 315 base points, to
opening ofnulltwo expansion projects and Shopping 62.5%.
Vila Olímpia in 2009. Adjusted Net Income reached R$78.6 million in
Same Store Sales rose 14.9% in 1Q10, while 1Q10, up 81.1% when compared with the same
null
Same Area Sales increased 16.5%. This increase period last year.
highlights the importance of pro-active Net Income totaled R$46.7 million, a 5.8%
management null of the tenant mix in shopping centers. improvement over 1Q09. The deferred income tax
Rental revenue increased by 24.8% in 1Q10 and social contribution of R$31.8 million, a non-
compared with 1Q09, contributing R$99.1 million to cash event, explains the difference between net
DESTA
Multiplan‟s gross revenue. income and adjusted net income. Adjusted Funds
QUES Income (NOI) + Key Money totaled
Net Operating from Operations (AFFO) grew 70.1% in the first
R$110.9 million in 1Q10, or 40.6% higher than in quarter, reaching R$90.3 million.
FINANCEIROS
1Q09. The gains in scale, due to the opening of Subsequent Event: the Shareholders‟ Meeting
new areas, led to a significant improvement in NOI held on April 30, approved the dividend distribution
margin +Key Money, which went from 83.0% in of R$60.9 million (R$0.34 per share),
1Q09 to 87.9% in 1Q10. Excluding the Key Money corresponding to 37.6% of net income recorded in
2009, net of legal reserves.
Recent events and projects under development:
The start up of construction of the Morumbi Business Center was announced on April 12, a class A Office
Building across from MorumbiShopping, in the capital of São Paulo. With an estimated investment of R$74
million, the building will be for leasing and will have the flexibility to accept a single tenant or several. The
planned Gross Leasable Area (GLA) is 10,150 m², and the construction, with a total area of 17,440 m², began
in April, and is expected to be completed in the second semester of 2011. The Morumbi Business Center is a
100% Multiplan-owned project.
Additionally, the Company has seven projects under development: two expansions, at
ParkShoppingBarigüi and at BH Shopping, which will open in the second semester of 2010, adding 19,000
m² of GLA to Multiplan‟s portfolio; four new shopping centers (ParkShoppingSãoCaetano, VillageMall,
JundiaíShopping and ShoppingMaceió), which will add 135,000 m² of GLA; and a commercial tower,
Cristal Tower, in Porto Alegre, expected to be delivered next year and of which 82% of the available units
have already been sold. Of the four shopping centers mentioned above, three are already in the leasing phase
and have more than 26% of stores leased. ParkShoppingSãoCaetano´s construction works began on March
st,
1 , 2010.
th
The month of May sets the beginning of the celebration of the 35 anniversary of Multiplan with an
institutional campaign in the major media vehicles in Brazil.

2
 1Q10
MULT3
OPERATING AND FINANCIAL HIGHLIGHTS

Performance (R$ '000)

Financial (MTE %) 1Q10 1Q09 Chg. %
null
Gross Revenue 149,965 110,913 ▲35.2%
Net Revenue 136,380 100,941 ▲35.1%
Headquarters
null 20,068 18,885 ▲6.3%
Rental Revenue 99,051 79,389 ▲24.8%
Rental Revenue/m² 298 R$/m² 264 R$/m² ▲12.7%
null USD/sq. foot
Rental Revenue 15.6 US$/sqf 10.6 US$/sqf ▲47.3%
EBITDA 85,292 59,947 ▲42.3%
EBITDA Margin 62.5% 59.4% ▲315 b.p
DESTAQUES FINANCEIROS
Net Operating Income (NOI) 99,729 73,721 ▲35.3%
Net Operating Income/m² 300 R$/m² 245 R$/m² ▲22.2%
Net Operating Income USD/sq. foot 15.7 US$/sqf 9.8 US$/sqf ▲59.7%
Net Operating Income Margin 86.7% 82.0% ▲471 b.p
Adjusted Net Income 78,570 43,395 ▲81.1%
Adjusted FFO 90,254 53,051 ▲70.1%
Adjusted FFO/m² 271 R$/m² 177 R$/m² ▲53.7%
Market Performance 1Q10 1Q09 Chg. %
Number of shares 179,197,214 147,799,441 ▲21.2%
Common shares 167,338,867 119,800,929 ▲39.7%
Preferred shares 11,858,347 27,998,512 ▼57.6%
Avg. share price R$ 30.46 R$ 14.28 ▲113.3%
Final share price R$ 29.46 R$ 14.54 ▲102.6%
Average daily traded volume (R$ ‟000) 10,661 1,360 ▲683.8%
Dolar (USD) end of quarter R$ 1.78 R$ 2.32 ▼23.5%
Market Cap (R$ ‟000) 5,279,150 2,149,004 ▲145.7%
Gross Debt (R$ ‟000) 554,697 364,337 ▲52.2%
Cash (R$ ‟000) 980,467 187,213 ▲423.7%
Net Debt (R$ ‟000) (425,770) 177,125 ▼340.4%
EPS R$ 0.26 R$ 0.30 ▼12.7%
NOI per Share R$ 0.56 R$ 0.50 ▲11.6%
P/AFFO (Last 12 months) 16.46x 9.47x ▲73.9%
EV/EBITDA (Last 12 months) 15.06x 9.08x ▲65.9%
Net Debt/EBITDA (Last 12 months) (1.32)x 0.69x ▼291.1%
Operational (100%) 1Q10 1Q09 Chg. %
Final Total GLA 532,773 m² 484,894 m² ▲9.9%
Final Own GLA 347,640 m² 330,786 m² ▲5.1%
Adjusted Total GLA (avg.) ¹ 515,818 m² 484,888 m² ▲6.4%
Adjusted Own GLA (avg.) ¹ 332,443 m² 300,405 m² ▲10.7%
Total Sales 1,585,594 1,261,212 ▲25.7%
Total Sales/m² 3,074 R$/m² 2,601 R$/m² ▲18.2%
Total Sales USD/sq. foot 160.6 US$/sqf 104.0 US$/sqf ▲54.4%
Same Store Sales/m² 3,240 R$/m² 2,821 R$/m² ▲14.9%
Same Area Sales/m² 3,211 R$/m² 2,757 R$/m² ▲16.5%
Same Store Rent/m² 236 R$/m² 227 R$/m² ▲3.9%
Same Area Rent/m² 243 R$/m² 234 R$/m² ▲3.7%
Occupancy Costs ² 13.5% 14.7% ▼127 b.p
Rent as Sales % 7.7% 8.6% ▼89 b.p
Others as Sales % 5.8% 6.1% ▼38 b.p
Turnover ² 1.1% 1.4% ▼22 b.p
Occupancy Rate ² 97.9% 96.3% ▲163 b.p
Delinquency (25 days delay) ² 1.4% 5.8% ▼438 b.p
Rent Loss ² 0.6% 0.4% ▲20 b.p
¹ Adjusted GLA corresponds to the period‟s average GLA excluding 14,000 m² of BIG supermarket at BarraShoppingSul
² Excluding Shopping Vila Olímpia

3
 1Q10
MULT3

LETTER FROM THE CEO

Dear investors,
The positive results presented by Multiplan in this first quarter reflect the good Brazilian macroeconomic
scenario in general and that of the retail sector in particular. Sales at our shopping centers reached R$ 1.6
billion, representing a growth of 26% - the highest recorded in a first quarter throughout the last 10 years. Rent
revenues presented an increase of 25% - reaching almost R$ 100 million – and adjusted net income an
increase of 81%, reaching R$ 78 million.

EBITDA went up 42%, reaching R$ 85 million, and presented an increase in margin from 59%, up to 62%. If we
do not take into account the revenues and expenses related to real estate, EBITDA margin would have been of
67%.

Net Operating Income reached the mark of R$ 100 million with a margin of 87% in this first quarter. Adjusted
Flow from Operations (AFFO) increased by 70%, reaching the total amount of R$ 90 million. This ensures that
with our cash flow generation alone would be enough to ensure the growth of the Company with the projects
under development. Notwithstanding, the Company has a cash position of about R$ 1 billion which confirms the
financial and economic solidity of Multiplan.
DESTAQUES
It is inFINANCEIROS
this context that Multiplan is speeding up its expansion plans and intensifies its leasing effort of the three
recently announced projects, JundiaíShopping and ParkShoppingSãoCaetano, in the state of São Paulo; and
VillageMall, in the capital city of Rio de Janeiro, in a privileged location in Barra da Tijuca. All developments are
100% Multiplan, and are a part of mixed use complexes, with commercial and residential buildings in the
surrounding areas of shopping centers.

We have also announced in April the beginning of construction works for Morumbi Business Center, an office
space building across from MorumbiShopping. Our strategy envisages this kind of development in specific
locations where demand and returns on investment justify their implementation.

Even with projects already announced – which have received investments of R$ 62 million in this first quarter -
Multiplan still has a landbank of 800 thousand square meters for several different projects that will ensure that
the Company will have a consistent and long term growth ahead.
Still in 2010, we will deliver two important expansions in BH Shopping, in Belo Horizonte, and in
ParkShoppingBarigui, in Curitiba. Together they will total about 200 new stores and add them to our portfolio,
and an additional 20 thousand square meters to the total Gross Leasable Area of the Company which already
reaches the mark 530 thousand square meters.

It is with pride and satisfaction that we live this moment of great accomplishments, celebrating the 35th
anniversary of Multiplan with an institutional campaign that should give the dimension of accomplishments in
this time frame. We started as a regional company, became a national business and went into international
projects in Europe and in the United States in quite a short time. Our focus today is entirely on Brazil where we
expect to continue to invest and grow, generating jobs and providing our customers with joy and a unique
shopping experience.

Thank you for the support and confidence in Multiplan.

José Isaac Peres

President/CEO

4
 1Q10
MULT3

FINANCIAL HIGHLIGHTS
Overview

Multiplan is the leading listed shopping center company in Brazil, in terms of revenue in 2009, developing,
owning and managing one of the largest and highest-quality mall portfolios. With 35 years of experience in the
sector, 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. On March 31, 2010, Multiplan owned – with an average interest of 65.3% - and managed 13 shopping
centers totaling a GLA of 532,773 m², 3,425 stores and an estimated annual traffic of 147 million consumers.
The company ranks among the largest shopping center operators in Brazil, according to the Brazilian Shopping
Centers Association (ABRASCE).

Consolidated Financial Statements

(R$ '000) 1Q10 1Q09 Chg. %
Rental revenue 99,051 79,389 ▲24.8%
Services 14,709 15,389 ▼4.4%
Key money 11,179 5,168 ▲116.3%
Parking 15,995 10,540 ▲51.8%
Real Estate 9,016 427 ▲2,012.3%
Others 15 - ▲0.0%
Gross Revenue 149,965 110,913 ▲35.2%
Taxes and contributions on sales and services (13,585) (9,972) ▲36.2%
Net Revenue 136,380 100,941 ▲35.1%
Headquarters expenses (20,068) (18,885) ▲6.3%
Stock-option-based remuneration expenses (1,164) (510) ▲127.9%
Shopping centers expenses (15,318) (16,209) ▼5.5%
Project expenses (6,626) (223) ▲2,871.4%
Cost of properties sold (5,094) (233) ▲2,087.3%
Equity pickup (3,954) (6,198) ▼36.2%
Financial revenue 20,346 4,362 ▲366.4%
Financial expenses (11,208) (9,745) ▲15.0%
Depreciation and amortization (11,684) (9,657) ▲21.0%
Other operating income/expenses 1,136 1,263 ▼10.0%
Income before income and social contribution taxes 82,746 44,907 ▲84.3%

Income tax and social contribution (1,414) (1,286) ▲10.0%

Deferred income and social contribution taxes ¹ (31,829) 784 n.a.
Minority interest (2,763) (227) ▲1,117.9%
Net Income 46,740 44,178 ▲5.8%

EBITDA 85,292 59,947 ▲42.3%

NOI 99,729 73,721 ▲35.3%
Adjusted FFO 90,254 53,051 ▲70.1%
Adjusted Net Income 78,570 43,395 ▲81.1%
¹ More information on the effect of the new accounting principles and deferred taxes can be found on page 6.

5
 1Q10
MULT3

New Accounting Principles

Possible effects from the adoption of new accounting pronouncements issued by CPC
Brazilian FASB (“CPC”) issued and the Brazilian Securities and Exchange Commission (“CVM”) approved in
2009 several accounting pronouncements aligned with International Financial Reporting Standards (“IFRS”)
issued by the International Accounting Standards Board (IASB), effective for financial years started on or after
January 1, 2010, with retroactive application to 2009, for purposes of comparison.
However, as allowed by CVM Rule No. 603, dated November 10, 2009, the Company elected to present the
Quarterly Information - ITR for 2010 in accordance with the accounting standards in force until December 31,
2009. In view of this, the quarterly information is being presented in accordance with accounting practices
adopted in Brazil, observing accounting provisions in corporate legislation (Law No. 6404/76), which include the
new provisions as introduced, amended and revoked by Law No. 11638, dated December 28, 2007 and Law
No. 11941, dated May 27, 2009, as well as the accounting standards and procedures issued by CVM and CPC,
in force until December 31, 2009.
Based the pronouncements issued, the Company expects the following rules to produce significant impacts on
its shareholders‟ equity and/or statement of income until December 31, 2010:

CPC 28: Investment Property

Approved by CVM Ruling No. 584, of July 31, 2009. The shopping malls are considered as investment
properties, requiring that they be measured at fair value, or, alternatively, maintenance of assets at cost with
disclosure of the corresponding fair value.

CPC 20: Costs of Loans

Approved by CVM Rule No. 577, of June 5, 2009. It is assessing the possibility of adopting the criterion of
capitalizing financial charges taken generically, but used in obtaining qualifiable assets.

ICPC 02 Construction Contract for the Real Estate Sector

Approved by CVM Rule No. 612, of December 22, 2009. The recording of revenues and corresponding costs of
entities that conduct the development and/or construction of properties directly or by means of subcontractors,
to start being recognized upon key delivery to buyer.

For further details related this issue and explanations about the changes in the presentation of financial
statements, see Note 2 of the Quarterly Information.

6
 1Q10
MULT3

SALES AND OPERATIONS

Sales

The highest first quarter increase in sales in the last decade

Multiplan‟s shopping centers sales reached R$1.6 billion in 1Q10, an increase of 25.7% over 1Q09, when sales
were 20.6% up on 1Q08. The quarterly growth in sales, enhanced by the opening of Shopping Vila Olímpia and
the expansions of Shopping AnáliaFranco and ParkShopping, was the highest recorded by the Company in the
last decade; and there were several projects of particular note.
The Company‟s first shopping centers, BH Shopping, BarraShopping, MorumbiShopping, RibeirãoShopping and
ParkShopping (the latter having benefitted from an expansion inaugurated in October 2009), registered a
combined growth of 20.3% in sales in 1Q10, showing that the investments in renovations and constant
improvement to tenant mix to match our target consumers‟ profile (as seen in New York City Center throughout
2009) led to the positive performance shown in the chart below. The Compounded Annual Growth Rate (CAGR)
from 1Q01 to 1Q10 was of 17.9%, while Brazilian retail, as measured by the IBGE, registered an annual
weighted growth rate in the same period of 5.3%, with a spread of 12.0%.

1,585,594 Sales (R$ '000)

25.7% Shopping Centers 1Q10 1Q09 Chg. %
+CAGR: 17.9% BHShopping 156,877 133,842 ▲17.2%
1,261,212 RibeirãoShopping 103,379 88,991 ▲16.2%
BarraShopping 288,129 235,403 ▲22.4%
1,045,791 MorumbiShopping 239,220 204,535 ▲17.0%
ParkShopping 173,024 135,676 ▲27.5%
864,642 ▲44.4%
DiamondMall 93,355 64,670
727,675 New York City Center 46,219 33,246 ▲39.0%
653,039 Shopping AnáliaFranco 142,517 97,928 ▲45.5%
551,471 ParkShoppingBarigüi 113,556 101,228 ▲12.2%
433,496 Pátio Savassi 60,256 52,637 ▲14.5%
390,819
359,035 Shopping SantaÚrsula 20,579 21,051 ▼2.2%
BarraShoppingSul 107,308 92,006 ▲16.6%
Shopping VilaOlímpia 41,174 - -
Total 1,585,594 1,261,212 ▲25.7%
1
The shopping center opened on November 25, 2009.
1Q01 1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10
First Quarter Sales Growth (R$‟000)

Same store sales reached 14.9%

The first quarter of 2010 showed that sales in our +25.7%
shopping centers maintained the same strong organic
growth pace as the past few years. The Company‟s
shopping centers reported sales consistently higher +16.5%
+14.9%
than those of the Brazilian retail sector and the +12.8%
inflation rate in the periods compared, showing that
presence in a quality shopping center is synonymous +4.9%
with above-average performance in the domestic retail
sector.
Same store and same area sales in 1Q10 rose 14.9% IPCA National Same Stores Same Area Sales
Retail Sales Sales Sales
and 16.5%, respectively. Total sales posted a record
Growth
increase of 25.7%, greater than inflation measured by Rental Revenue Analysis - 1Q10 vs 1Q09
the IPCA (growth of 4.9%, year over year) and the national
retail index increase of 12.8%, compared with the same period last year. This relevant total sales growth
underscores the combination of organic growth and new GLA added to the portfolio.

7
 1Q10
MULT3

Same store sales registered the highest growth rate ever reported by Multiplan
With an almost even balance between anchor and Same store sales 1Q10 x 1Q09
satellite stores, same store sales at Multiplan‟s Segmentos Satélites Âncoras TOTAL
shopping centers grew 14.9% in 1Q10 compared
Food Court ▲30,4% n.a. ▲30,4%
to the same period in 2009. The food sector
Diverse ▲11,4% ▲16,4% ▲12,8%
posted sales growth of 30.4%, driven by chocolate
Home & Office ▲17,2% ▲21,2% ▲19,1%
stores, fast-food chains and restaurants among
Services ▲9,1% ▲4,7% ▲6,3%
others. Another highlight in both the store type
categories was the Home & Office sector, with a Apparel ▲9,0% ▲12,5% ▲9,9%
combined growth of 19.1%, largely stimulated by Portfolio ▲14,5% ▲15,7% ▲14,9%
the large tenants. Large department stores also contributed to the strong growth, with anchor tenants‟ sales
rising by 16.4% in year-on-year terms.

Sales in March increased by more than 30%

The strong growth trend seen in the first three months of the year, with consecutively higher monthly sales
figures, shows an accelerating growth trend at both Multiplan‟s shopping centers and the national retail sector.

National Retail Sales Growth Multiplan Sales Growth 30.3%

26.0%
24.2% 24.0%
22.6% 22.0% 22.9% 22.9%
20.0% 20.2% 19.9% 20.6%

15.8% 16.7%
15.7%
12.9% 12.2%
10.4%
8.6% 8.6% 9.1%
7.0%
6.0% 5.7% 6.0%
4.7% 5.0%
3.8% 2.9%
1.3%

Multiplan Sales vs. National Retail Sales (monthly – year/year)

8
 1Q10
MULT3
Case Study
Tenant Mix change: The Key Ingredient for Shopping Centers – the Case of BarraShopping

Greater efficiency per square meter

Multiplan once again showed a strong growth in sales at its CAGR accumulated 12 months
1Q08/1Q10 = +12.4%
shopping centers. BarraShopping, with almost thirty years 16.3%
in operation, had growth in sales of 22.4% in the period.
Besides the organic growth, Multiplan worked on a 12.4%
10.8%
10.2%
different variable in BarraShopping to increase sales: 9.3% 9.1% 9.5% 9.5%
8.7%
further improving its mix of stores.
An audacious strategy, considering that BarraShopping
already has one of the highest sales per square meter in
Brazil, with a strong turnover of 7.6% in 2009, higher than
the turnover of 6.2% for the company‟s portfolio, 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10
BarraShopping managed to increase its sales by 22.7% in Variation of sales volume at BarraShopping
sales/m² in the 1Q10 versus 1Q09. The description of one (Last twelve months)
such mix change strategy that led to this success follows
below:

New mix for a new lifestyle

This mix change process was undertaken by Multiplan
in an attempt to align its tenant mix to new consumer
lifestyles. Consumers now look for more than just a
place to go shopping: they demand leisure, services,
conveniences and other pleasures as part of their
99.5% 99.5%
“Shopping Experience”. 99.0%
99.2%
98.9%
BarraShopping has worked hard to bring in new
businesses to better cater to the needs of customers. It
has resorted among other strategies to creating a 97.6%
97.5%
97.3%
“Gourmet Boulevard”, meeting the needs of an ever 98.0%

growing number of customers from neighboring areas.

The attraction force theory Quarterly evolution of occupancy rate at BarraShopping

The “Gourmet Boulevard” in BarraShopping had its

tenant mix completed in December 2009. This first quarter was the first time it operated with all its stores leased
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10
and open to the public. The area consists of eight businesses in 1,335 m², which includes some of the most
renowned restaurants. This new area enhances the store mix in the shopping center and brings more people
traffic to the other food courts giving the mall an even stronger appeal as a “Destination Mall”.

51.8%
R$ 140 M

+48.3%
R$ 121 M
R$ 120 M

R$ 20 M
36.5%
R$ 100 M
R$ 94 M
35.0% R$ 81 M R$ 12 M
R$ 8 M
R$ 80 M

22.7% R$ 60 M

18.2% R$ 101 M
R$ 40 M
R$ 82 M
R$ 73 M
R$ 20 M

2Q07-1Q08 2Q08-1Q09 2Q09-1Q10

Multiplan BarraShopping Alimentação Alimentação Área Gourmet
Total s em Novas New Gourmet Area sales Food court sales without new areas
Operaçoões
Increase in sales/m² in the shopping center and the food area Increase in food sales (last twelve months)
(1Q10 vs 1Q09) at BarraShopping

9
 1Q10
MULT3

REVENUES
Gross Revenue

Rental revenue and Parking contribute to 35.2% increase in gross revenues

S
Gross revenue in 1Q10 rose 35.2%, from R$110.9 million, in 1Q09, to R$150.0 million in 1Q10. The 24.8%
increase in rental revenue, due to new openings and changes in the stores mix, was responsible for the highest
contribution in the period, adding R$19.7 million to gross revenue. Parking revenue, net of transfers, rose by
null
R$5.5 million in 1Q10, or 51.8% over the same figure in 1Q09, as a consequence of the new parking spaces
added to the portfolio and the increase in the length of stay. Revenue from services, mostly due to a lower
null the only income source to show a decrease in the period, as described in the following pages.
turnover, was
Another highlight was revenue from real estate sales, generated by the commercial tower being built in Porto
Alegre (Cristal
null Tower), which added R$8.6 million to revenue in 1Q10.
Please note that throughout the report, the results from Shopping Vila Olímpia, in which the company has a
30.0% interest, will consider the revenue of MPH, an investment vehicle that owns 71.5% of the mall – and in
null
which Multiplan has a 42.0% interest. The portion of the result owned by the partners in MPH is deducted in the
„minority interest‟ line of the Income Statement.
null

+2,012% n.a.
null +51.8%
+116.3%
149,965 Real Estate
-4.4% 8,589 15
+24.8% 6.0%
null Base
5,455 Parking
6,012 80.5%
10.7% Rental
19,662 Revenue
Key money
DEST
680
7.5%
66.0%

110,913
AQUES Services
9.8% Straight Line
+35.2% 7.3% Overage
FINANCEIR Merchand.
8.9%
3.3%
Gross Rental Services Key Net Real Others Gross
RevenueOS revenue money Parking Estate Revenue
1Q09 1Q10
Gross Revenue Breakdown – 1Q10
Gross Revenue Growth – (R$’000)
Numbers in bold refer to growth 1Q10 vs. 1Q09

1. Rental Revenue

Revenue driven by new expansions, openings and the change in tenant mix
In addition to organic growth, the increase in rental revenue was largely the result of the opening of two
expansions, ParkShopping and ShoppingAnáliaFranco, the opening of Shopping Vila Olímpia and the change in
tenant mix with particular focus to BarraShopping, DiamondMall and New York City Center. Rental revenue
totaled R$99.1 million in 1Q10, an increase of 24.8%, or R$19.7 million, when compared with the revenue of
R$79.4 million reported in the same period in 2009.
ParkShopping and ShoppingAnáliaFranco, which opened expansions of 8,591 m² and 11.667 m² respectively,
accounted for 16.5% of the total increase in rental revenue in 1Q10 adding R$3.2 million. It is worth
remembering that some spaces in these shopping centers were affected as a result of the expansion work and
that performance in 2010 should show the full growth potential. Shopping Vila Olímpia, opened in November
2009, added R$5.1 million to rental revenue in 1Q10, equivalent to 26.0% of the total increase. The New York
City Center primarily as a result of a mix change in 2009 and now starts to show results, presenting growth of
7.7% in rental revenue for 1Q10. With no effect on the 1Q09 result, the straight line accounting of rental
revenue, in which one of the main components is the additional rent charged every month of December,
resulted in a R$7.2 million revenue increase in 1Q10.

Change in store mix at DiamondMall

DiamondMall replaced a series of 26 stores in 2008 with the aim of restructuring the tenant mix and expanding
its GLA. When comparing the last 12 months of operations in the remodeled area with the last year of
operations in the old area, rental revenue was five times higher and the sales volume four times greater. The
impact in 1Q10 was the strong increase of 20.3% in rental revenue.

10
 1Q10
MULT3

Rental Revenue/Shopping Center (R$ '000) 1Q10 1Q09 Chg. %

BHShopping 10,109 10,239 ▼1.3%
RibeirãoShopping 6,676 6,216 ▲7.4%
BarraShopping 14,796 14,127 ▲4.7%
MorumbiShopping 17,165 16,157 ▲6.2%
ParkShopping 7,847 5,515 ▲42.3%
DiamondMall 6,763 5,620 ▲20.3%
New York City Center 1,428 1,326 ▲7.7%
Shopping AnáliaFranco 4,031 3,128 ▲28.9%
ParkShoppingBarigüi 5,814 5,810 ▲0.1%
Pátio Savassi 3,612 3,398 ▲6.3%
Shopping Santa Úrsula 382 445 ▼14.3%
BarraShoppingSul 8,090 7,408 ▲9.2%
Shopping Vila Olímpia¹ 5,105 0 n.a.
Sub-Total Portfolio 91,818 79,389 ▲15.7%
Straight Line Effect 7,234 0 n.a.
Total 99,051 79,389 ▲24.8%
1
Opened on November, 2009

Overage rental revenues grows 69.8% in 1Q10

The revenue from overage rent rose by 69.8% in + 15.0% + 69.8% + 8.0% n.a.

1Q10, from R$1.9 million in 1Q09 to R$3.3 million 99,051

7,234
in 1Q10.
1,360 650
10,418
This variation resulted in an increase from 2.5% to
3.3% in terms of the participation of overage rental 79,389
revenue as a percentage of total rental revenues.
Overage rental mainly benefited from the increase
in sales volume in the period, notably of school + 24.8%
materials, as a result of the start of the school
year, and the increase in sales of products related Rent 1Q09 Base Overage Merchand. Straight Line Rent 1Q10
Effect
to Easter celebrations.
R Rental Revenue Breakdown (R$‟000)
Numbers in bold refer to growth 1Q10 vs. 1Q09

Rental Revenue/Shopping 1Q10 1Q09

(R$ '000) Base Overage Merchand. Base Overage Merchand.
BHShopping 9,012 204 893 9,058 168 1,013
RibeirãoShopping 5,676 169 832 5,234 162 820
BarraShopping 13,160 456 1,181 12,765 301 1,062
MorumbiShopping 14,579 585 2,002 14,151 282 1,724
ParkShopping 6,676 379 793 4,580 288 648
DiamondMall 5,703 544 515 4,984 148 488
New York City Center 1,163 124 141 1,081 79 166
Shopping AnáliaFranco 3,587 135 309 2,701 64 364
ParkShoppingBarigüi 4,841 145 827 4,938 110 762
Pátio Savassi 2,873 332 406 2,906 221 272
Shopping Santa Úrsula 243 2 137 296 5 144
BarraShoppingSul 7,153 207 730 6,578 121 708
Shopping Vila Olímpia¹ 5,025 25 55 - - -
Total do Portfolio 79,690 3,308 8,820 69,272 1,948 8,169
Straight Line Effect 7,234 - - - - -
Total 86,924 3,308 8,820 69,272 1,948 8,169
¹ Opened on November 2009

11
 1Q10
MULT3

The highest SAS growth in the past two years

Growing by 24.8% in 1Q10, Multiplan‟s rental revenue was
higher than the effect of inflationary adjustment to rent, the IGP-
DI (0.2%), and the inflation rate, as measured by the IPCA 0.9%

(4,9%). Multiplan reported a 3.9% increase in same store rent

and 3.7% in Same Area Rent. 0.2%

The company adjusts its lease contracts according to the IGP- -0.4%
-0.5%
DI index over the last twelve months. The chart on the right
shows the quarterly contribution of the 1Q10 IGP-DI adjustment
effect. 2Q09 3Q09 4Q09 1Q10

1Q10 IGP-DI adjustment effect quarter contribution

+24.8% +3.7%
+3.6%
+3.4%
+2.9%
+2.8%
+2.2%
+2.1%

+1.9%

+4.9%
+3.9% +3.7% +0.8%

+0.2%

IGP-DI IPCA ² Same Store Same Area Rental 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10
Adjustment Rent Rent Revenue
Effect ¹
Rental Revenue Analysis 1Q10 vs. 1Q09 Same Store Rent Real Growth

¹ Quarterly average of the 12 months accumulated IGP-DI variation.

² Variation average in the quarter.

Straight Line Effect

125.0
Since 2009, Multiplan has in with the new accounting 120.0
practices adjusted its rental revenue based on the principle of
115.0
straight line accounting. The aim of this principle is to
110.0
eliminate the volatility and seasonality of the Company‟s base
105.0
rent revenues. The main effects are due to two factors, the
100.0
real contractual adjustment in rent and the additional rent
95.0
charged in December.
90.0
The first effect is shown in the chart to the right and above.
Year1 Year2 Year3 Year4 Year5
With the beginning of straight line accounting, rental revenue Contract Straight Line
is adjusted so that the effect of contractual increases is
diluted during the term of the contract, leading to positive Example of straight line effect due contract step ups
adjustments in the first few years and downward adjustments
at the end. 15.0
10.0
The aim of the second effect is to eliminate the seasonality
5.0
that exists in the Company‟s result during the year, given the
0.0
additional rental revenue at the end of the year. In this case, -5.0
revenue in the first three quarters of the year is increased -10.0
while the revenue in the fourth is reduced (chart on the right), -15.0
-20.0
to ensure that the seasonal effect is stripped of annual
-25.0
revenue.
-30.0
In the first quarters and years, the Company‟s result will be 1Q 2Q 3Q 4Q

affected positively by the inclusion of seasonal factors and Overage Rent Effect Readjustment Effect

contractual rent increases, respectively. However, it is worth Example of straight line effect due to seasonality
emphasizing that the accumulated effect sums to zero in the
Company‟s results at the end of the contract.

12
 1Q10
MULT3
2. Revenue from Services

Impacted by a lower turnover and less brokerage fees from merchandising

The revenue from services in 1Q10 fell 4.4% compared with the same period in 2009, from R$15.4 million to
R$14.7 million. As a result of this decline and the significant increase in Multiplan‟s other revenues, revenue
from services accounted for 9.8% of the Company‟s total gross revenue, compared with 13.9% in 1Q09. The
end of the construction management fees at the Shopping Vila Olímpia site, inaugurated in November of 2009,
and the drop in merchandising brokerage as a result of the successful leasing effort in 2009 with long term
contracts) resulted in a decline in services revenue.

3. Key Money

Key Money accrued was double the figure recorded last year
Given that the Company has opened two shopping centers and six expansions in the last two years. Key money
rose sharply and remains an important element in Multiplan‟s revenue, totaling R$11.2 million in 1Q10, an
increase of 116.3% compared with the same period in 2009, when revenues of R$5.2 million was reported.
In the deferred revenue line on the Company‟s balance sheet, in which key money revenues are recorded until
accrued, there are R$136.7 million to be accrued during the next few years, not considering the potential
contracts to be signed in projects still under development. This quarter R$15.9 million of Key Money contracts
were signed.

141,224 12,000 11,179

138,788 137,099 +116.3%
126,298 136,741 10,000
121,479
131,976 8,000
110,183 110,506
6,000 5,168

96,381 4,000

81,194 2,000
-
1Q09 1Q10

Deferred Income Evolution (R$‟000) Key Money Revenue (R$‟000)

The following table shows the non-recurring key money (from areas opened in the last five years) and recurring
(revenue from key money in shopping centers that have been operating for more than five years). The increases
in both show that, although the Company is expanding its portfolio, it is also making positive tenant mix changes
at consolidated shopping centers.

Key Money Revenue/ Type (R$ '000) 1Q10 1Q09 Chg. %

Operational (Recurring) 3,390 2,300 ▲47.4%
New Projects opened in the last 5 years 7,789 2,868 ▲171.6%
Total Portfolio 11,179 5,168 ▲116.3%

4. Parking Revenue

Changes in the presentation of parking revenue

Starting in 1Q10, Multiplan presents its parking revenue net of expenses, that is, after deducting transfers, to
improve the accounting practices and converging with to the international accounting standards in its financial
statements (IFRS) and market standards. The values in 1Q09 have been retroactively reaadjusted for the
purpose of comparison.

Increase of 52.4% in gross parking revenue as a result of new operations

1Q10 was the first quarter in which all shopping centers generated revenues from parking operations since the
first day in the period. In 4Q09, the parking operation at Shopping Vila Olímpia, inaugurated in November 2009,
only contributed in November and December.

13
 1Q10
MULT3

Gross parking revenue increased 52.4% in 1Q10 compared with 1Q09, from R$17.7 million to R$27.0 million.
The main items responsible for the increase in parking revenue in 1Q10 were the operations at
RibeirãoShopping, ParkShopping, BarraShoppingSul and Shopping Vila Olímpia, which accounted for a
combined increase of R$5.0 million in 1Q10, compared with 1Q09. The above mentioned shopping centers did
not generate any revenue in 1Q09, and after the start up of the parking operations, led to an increase of 13,300
parking slots in 1Q10. Considering the total variation in the number of spaces generating revenue, there were
13,700 more slots in 1Q10, an increase of 60.9% in the number of spaces since 1Q09.

Gross Revenue Gross Revenue

Parking Revenue/Shopping (R$ '000) Parking Spaces Chg. %
1Q10 1Q09
BHShopping 3,500 2,263 2,040 ▲10.9%
RibeirãoShopping 3,102 1,589 - n.a.
BarraShopping 5,097 5,487 4,065 ▲35.0%
MorumbiShopping 3,108 5,773 4,582 ▲26.0%
ParkShopping 4,005 1,673 - n.a.
DiamondMall 1,289 1,268 1,082 ▲17.2%
New York City Center 1,192 1,356 1,073 ▲26.4%
Shopping AnáliaFranco 4,314 2,328 1,488 ▲56.4%
ParkShoppingBarigüi 2,338 1,875 2,000 ▼6.2%
Pátio Savassi 1,294 1,367 1,326 ▲3.1%
Shopping Santa Úrsula 824 221 45 ▲392.8%
BarraShoppingSul 4,630 1,471 - n.a.
Shopping Vila Olímpia¹ 1,578 305 - n.a.
Portfolio Total 36,271 26,977 17,700 ▲52.4%
¹ Opened on November 2009

Parking revenue after transfers is 51.8% higher than in 1Q09

The R$17.4 million increase in parking gross revenue and R$11.1 million in parking expenses, led to a net
parking income, after deducting transfers, 51.8% higher than in 1Q10 compared with the same period in 2009,
reaching R$16.0 million.

4. Property Sales
82% of the Cristal Tower units have already been sold, with 14 months
remaining before keys are handed over
Scheduled to be delivered to owners in May 2011, the commercial tower
Cristal Tower, located by BarraShopping Sul, has sold 82% of its business
units. The considerable advance in construction in the first quarter of 2010
allowed Multiplan to accrue (via percentage of construction - PoC) R$9.0
million, well above the R$0.4 million of revenue accrued in 1Q09.

Construction of the Cristal Tower, alongside

BarraShoppingSul

14
 1Q10
MULT3

EXPENSES
1. Expenses at Shopping Centers

Maturity of new projects leads to lower expenses

The expenses at shopping centers recorded a 5.5% decline in 1Q10, from
R$16.2 million in 1Q09 to R$15.3 million in 1Q10. Most of the items that make up -5.5%
17,200 30.0%
the expenses at shopping centers followed the trend in GLA in 1Q10, 5.1% 16,209
higher than reported in 1Q09, the result of the expansions 16,200at 15,318 25.0%
ShoppingAnáliaFranco, RibeirãoShopping and ParkShopping, and the opening 15,200of
Shopping Vila Olímpia, which added 17,500 m² to the Company‟s GLA. 20.0%
14,200 16.1%
Conversely, the impact of the reduction in expenses associated with vacant
stores spaces, promotions, publicity and brokerage, totaling R$3.4 million, 13,200
as a 15.0%
11.2%
result of a higher occupancy rate, resulted in a decrease in expenses at shopping
12,200
centers. This reduction is a reflex of the maturity of projects delivered in 4Q08. 10.0%
11,200
The shopping centers expenses benefited from the reduction in delinquency in
rent payments, and the recovery of rent provisioned as losses, as a result10,200of the 5.0%
excellent performance registered by stores in 1Q10. Delinquency, considered as 1Q09 1Q10
payment delays DESTAQ
beyond 25 days, fell to 1.4% down from 5.8% of rental income
Shopping Center Expenses
compared with the same period of 2009. (R$‟000) and as percentage of
AnotherUES
Net Revenue
factor that contributed to the drop in shopping center expenses was the
FINANCEIROS
reduction in the amounts allocated to the BarraShoppingSul promotional fund in 1Q10, which were higher than
in 1Q09 with the aim of driving the marketing campaign and events for the shopping center in the first few
months of operation.

2. General and Administrative Expenses (Headquarters)

22.200 +6,3% 30,0%
Gains of Scale: G&A lowers its share in net revenues 20.068
20.200 18.885
Multiplan ended the first quarter with general and administrative (G&A) expenses 25,0%
of 14.7% of net revenue in the period, 400 basis points lower than the 18.200
18.7%
reported in 1Q09, the result of an increase in net revenue higher than the 18,7%
increase in G&A expenses. 16.200 20,0%
In absolute terms, G&A expenses rose 6.3%, from R$18.9 million in 1Q09 to
14.200 14,7%
R$20.1 million in 1Q10. The gains in operating efficiency, as measured by the 15,0%
12.200
percentage of G&A expenses over net revenue, benefited from the streamlining
of internal controls through the use of better practices for planning, budgeting
10.200 10,0%
and controlling expenses. 1Q09 1Q10
1T09 1T10
G&A expenses in 1Q10 were affected by inflation in the period, due to the General & Administrative
increase in spending on legal advice, mainly as a result of the processes of Expenses (R$‟000) and as
incorporating subsidiaries and the negotiation of contracts with third parties. percentage Net Revenue

2010 is the year in which the Company completes 35 years in business, and, to celebrate this date, R$6.0
million will be invested in institutional publicity during the year, with the campaign kicking off on Mother‟s Day in
May.

3. Project Expenses (pre-operational)

R$6.6 million investment in projects in the pre-operational phase

CPC 04, approved by the Brazilian Securities and Exchange Commission (CVM) last year, stated that no
expenses could be deferred, as had been the case for projects under development. Expenses on advertising,
feasibility studies and other construction costs that cannot be recorded as “fixed assets” on the Company‟s
balance sheet, are now included as project expenses. In the first quarter, R$6.6 million were accrued as
expenses, mostly related to marketing and advertising for the pre-launching of VillageMall,
ParkShoppingSãoCaetano, JundiaíShopping and the expansions of BH Shopping and ParkShoppingBarigüi, to
open in October this year. The cost of projects are likely to increase during the year due to the final preparations

15
 1Q10
MULT3

being made before the openings of the expansions at ParkShoppingBarigüi and BH Shopping and to expenses
with feasibility studies, marketing and the launching of future projects.

4. Cost of Property Sold

The advance in construction of the Cristal Tower generated R$5.1 million in 1Q10
With the advance in construction made at the commercial tower at BarraShoppingSul, in Porto Alegre, R$5.1
million were recognized in 1Q10 as cost. At the end of the quarter, 82% of the units had been sold. The tower is
scheduled to be delivered in the second quarter of 2011.

Equity Pickup

Final Investment in Royal Green Peninsula

Multiplan made the last investments in improvements at the residential towers located in Barra da Tijuca and
delivered at the beginning of last year. As highlighted in previous reports, several adjustments were made to the
undertaking to ensure that it complied with the Company‟s quality standards. There are only 8 units remaining to
be sold, with a PSV (potential sales value) of approximately R$13.5 million, which will be recognized in the line
of equity pickup when they are sold.

16
 1Q10
MULT3

RESULTS

Financial Results, Debt and Cash

Gross debt affected by two new lines of financing

Multiplan took out two new lines of credit in 4Q09, withdrawn by the Company on in January, 2010. At the end of
the first quarter of 2010, Multiplan‟s gross debt was R$554.7 million, 20.1% higher than in December 2009.
The first new loan of R$38.0 million (4.5 year term for TJLP + 3.5% per year), granted by the BNDES, was for
the construction of the frontal expansion of ParkShopping, in Brasilia. The second new loan was from Banco
Real, for R$60.8 million (from a total of R$102.4 million, over a 10 year term at TR +10% per year), for the
construction and expansion of BH Shopping, in Minas Gerais.

Cash of R$980.5 million ensures the Company’s strategic flexibility

Multiplan ended 1Q10 with a negative net debt (or a positive cash position) of R$425.7 million. The cash of
R$980.5 million gives the Company the necessary funding to react quickly to growth opportunities. Multiplan is
still analyzing the possibility of new loans and financing to try and further reduce the cost of capital for its future
development program.
DES
Financial Position Breakdown (R$‟000) 3/31/2010 12/31/2009 Chg. %
Short Term Debt 115,677 104,168 ▲11.0%
TAQUES
Loans and financing 50,784 41,660 ▲21.9%
FINANCEI
Obligations from acquisition of goods 62,130 62,122 ▲0.0%
ROS
Debentures 2,764 386 ▲615.9%

Long Term Debt 439,020 357,516 ▲22.8%

Loans and financing 223,566 130,035 ▲71.9%
Obligations from acquisition of goods 115,454 127,481 ▼9.4%
Debentures 100,000 100,000 ▲0.0%
Gross Debt 554,697 461,684 ▲20.1%
Cash 980,467 827,967 ▲18.4%
Net Debt (Cash Position) (425,770) (366,283) ▲16.2%

100.0

Loans and financing (banks)

Obligations from acquisition of goods (land and minority interest)
62.1
Debentures
50.5
45.0
39.4 37.8 34.5
28.6 33.3
24.8 28.1
22.4
17.1 16.9
10.5
2.8 -
-

2010 2011 2012 2013 2014 2015 2016 >=2017

Multiplan’s debt amortization on December 31st 2009 (R$ million)

17
 1Q10
MULT3

The financial indices were barely affected by the changes in gross debt and cash. The net debt-to-EBITDA ratio
remains negative (-1.3 x) and gross debt-to-EBITDA of only 1.7 x.

Financial Position Analysis* 3/31/2010 12/31/2009 Chg. %

Non-
Net Debt (Cash Position)/EBITDA (12M) -1.3x -1.2x ▲9.5% Bank
Gross Debt/EBITDA (12M) 1.7x 1.5x ▲13.2% 32%

Net Debt (Cash Position)/AFFO (12M) -1.3x -1.3x ▲2.7% Bank

68%
Gross Debt/AFFO (12M) 1.7x 1.6x ▲6.1%
Net Debt (Cash Position)/Equity -14.8% -13.0% ▲13.7%
Liabilities/Assets 24.1% 22.8% ▲6.0%
Gross Debt/Liabilities 60.1% 55.2% ▲8.8%
Multiplan’s debt in 1Q10
* EBITDA and AFFO are equivalent to the sum of the preceding 12 months.
CDI
Diversification of Indices 25%
IGP-M
Multiplan‟s gross debt is diversified as shown in the chart on the right. 12% Fixed
Approximately 60% of debt is linked to the TR and the CDI indexes. 4%
TR
The exposure to the TJLP index increased this quarter due to the new TJLP
35%
8%
financing obtained from the BNDES for the construction of the IPCA
expansion at ParkShopping. 16%

Multiplan debt indices in 4Q09

st
Indebtness indicators on March 31 , 2010
Short Term Long Term Total
Avg. Interest Avg. Interest Avg. Interest
(R$ „000) (R$ „000) (R$ „000)
Rate¹ Rate¹ Rate¹
TJLP 3.87% 10,431 3.55% 31,678 3.63% 42,108
IPCA 7.42% 30,773 7.17% 57,991 7.26% 88,764
TR 10.00% 22,109 10.00% 172,704 10.00% 194,813
CDI + 0.89% 1,626 0.94% 3,393 0.92% 5,019
CDI %² 127.51% 19,342 118.60% 115,000 119.88% 134,342
IGP-M 2.99% 6,118 2.96% 58,254 2.96% 64,372
Fixed 12.00% 22,445 12.00% - 12.00% 22,445
Others n.a. 2,832 n.a. - n.a. 2,832
Net Debt 115,677 439,020 554,697
¹ Average (weighted) interest rate per annum.
² Interest figure represents percentage of CDI index value

(R$ „000) Index Performance (last 12 months) Avg. Interest Rate¹ Index + Interest Debt (R$ „000)
TJLP 6.00% 3.63% 9.84% 42,108
IPCA 4.83% 7.26% 12.44% 88,764
TR 0.41% 10.00% 10.45% 194,813
CDI + 8.75% 0.92% 9.75% 5,019
CDI %² 8.75% 119.88% 10.49% 134,342
IGP-M 1.94% 2.96% 4.96% 64,372
Fixed 0.00% 12.00% 12.00% 22,445
Others -0.11% - -0.11% 2,832
Total 3.80% 6.30% 10.10% 554,697
¹Weighted average of the annual interest rate.
² Interest figure represents percentage of CDI index value

18
 1Q10
MULT3

NOI

NOI + Key Money increased 40.6% in the quarter, with a NOI+Key Money margin of 87.9%
Net Operating Income (NOI) increased 35.3% in 1Q10 in relation to the same period last year, reaching R$99.7
million. The NOI margin went up from 82.0% to 86.7%, as a result of higher rental and parking revenues than the
ones recorded in 1Q09, while shopping center expenses remained at a lower level as in the first quarter of 2009.
Rental revenue was driven by the new expansions, openings and change in tenant mix, reaching R$99.1 million in
1Q10, an increase of 24.8%, or R$19.7 million, compared with R$79.4 million in the same period in 2009.
Parking revenue, after deducting transfers, was 51.8% higher in 1Q10 compared with the same period in 2009,
mainly due to the increase in number of parking spaces generating revenue.
Shopping Center expenses declined 5.5% in 1Q10, as the reduction in expenses related to empty stores
(occupancy), promotions, publicity and brokerage resulted in a greater impact than the increase presented by the
items that accompany the increase in GLA in the period.
The NOI margin + Key Money benefited from a 116.3% increase of Key Money in 1Q10, the result being an
increase in margin from 83.0% to 87.9%.
In the precedeing quartes, to calculate NOI+Key 1Q10 1Q09 Chg. %
Money,Revenue
Rental Multiplan added Key Money contracts 99,051 79,389 ▲24.8%
signed in
Parking the period to its NOI. Starting 1Q10, in
Result 15,995 10,540 ▲51.8%
line woth theRevenue
Operational new accounting principles, the 115,046 89,930 ▲27.9%
company started
Shopping Expenses to consider in its NOI+Key (15,318) (16,209) ▼5.5%
Money
NOI only Key Money accrued as revenues in 99,729 73,721 ▲35.3%
the period. NOI Calculation (R$‟000)
NOI Margin 86.7% 82.0% ▲471 p.b.
Key money 11,179 5,168 ▲116.3%
NOI + KM 110,908 78,889 ▲40.6%
NOI + KM Margin 87.9% 83.0% ▲491 p.b.

EBITDA

EBITDA totals R$85.3 million in 1Q10, 42.3% higher than in 1Q09

Strong operating performance and smaller growth in expenses allowed the Company to record an EBITDA of
R$85.3 million in 1Q10. Rental and parking revenues, key money and property sales, which added a combined
R$39.7 million of revenue on top of the 1Q09 figure, were the main reasons for the 42.3% increase in EBITDA in
1Q10.
The EBITDA margin reached 62.5% in 1Q10, up from the 59.4% recorded in 1Q09. It is worth remembering that
the Company has as a part of its strategy, the development of real estate projects, which have a negative impact
on the company´s margins.
Excluding from the EBITDA calculation revenues and expenses from real estate developments, i.e. considering
only the performance of Multiplan core business – developing and managing shopping centers – the EBITDA
margin would be 67.0%, 445 base points above the unadjusted EBITDA margin.

EBITDA Calculation (R$'000) 1Q10 1Q09 Chg. %

Net Revenue 136,380 100,941 ▲35.1%
Headquarters expenses (20,068) (18,885) ▲6.3%
Stock-option-based remuneration expenses (1,162) (510) ▲127.9%
Shopping centers expenses (15,318) (16,209) ▼5.5%
Project expenses (6,626) (223) ▲2,871.4%
Cost of properties sold (5,094) (233) ▲2,087.3%
Equity pickup (3,954) (6,198) ▼36.2%
Other operating income/expenses 1,136 1,263 ▼10.0%
EBITDA 85,294 59,946 ▲42.3%
EBITDA Margin 62.5% 59.4% ▲315 b.p

19
 1Q10
MULT3

Net Income and Adjusted FFO

+81.1%
Maximizing profit
Adjusted net income totaled R$78.6 million in 1Q10, representing an
increase of 81.1% compared to 1Q09. After adding in the non-cash
effect of depreciation and amortization of R$11.7 million to the +42.3%
+35.3%
adjusted net income in 1Q10, the Adjusted Funds from Operations
+24.8%
(AFFO) totaled R$90.3 million, representing an increase of 70.1%
compared to 1Q09.

Rental NOI EBITDA Adjusted

revenue Net
Income
Gain of scale Impact in 1Q10

AFFO & Net Income Calculation (R$‟000) 1Q10 1Q09 Chg. %

Net Income 46,740 44,178 ▲5.8%

Deferred income and social contribution taxes ¹ 31,829 (784) na

Adjusted Net Income 78,570 43,395 ▲81.1%
Depreciation and amortization 11,684 9,657 ▲21.0%
Adjusted FFO 90,254 53,051 ▲70.1%

When comparing the Net Income disclosed in the first quarter of 2009 to the same index for the same quarter in
2010, the variation presented is 5.8%. It is, however, important to note that deferred income taxes and social
contribution underwent two important changes throughout the third and fourth quarters of 2009. These changes
were not reflected on the 1Q09, results. If these changes were considered in the data for the first quarter of 2009,
the increase in Net Income in 1Q10 would have been 73.7%, as shown in the table below.

Net Income with pro-rated Deferred Income tax in 2009 1Q10 1Q09 Chg. %
Net Income 46,740 44,178 ▲5.8%
Deferred Income taxes and Social contribution accrued
- (7,704) -
in the third quarter of 2009 (pro-rata effect in 1Q09)
Deferred Income taxes and Social contribution accrued
- (9,572) -
in the fourth quarter of 2009 (pro-rata effect in 1Q09)
Net Income after pro rata 46,740 26,902 ▲73.7%

20
 1Q10
MULT3

SHARE PERFORMANCE

Multiplan (MULT3 on Bovespa – São Paulo Stock Exchange; MULT3 BZ on Bloomberg) stock ended the first
quarter of 2010 at R$29.46/share, a 103% appreciation over the closing price of March 31, 2009, of
R$14.54/share. The IBOVESPA, main index of the Brazilian stock market, appreciated 72% over the same period.

R$ Million
260 Average Daily Traded Value (15 days) Multiplan Ibovespa $35
240 $30
220
$25
200
180 $20
160 $15
140
$10
120
100 $5
80 $0
mar-09 jun-09 set-09 nov-09 fev-10
DESTAQUES
FINANCEIROS
Average Daily Trading Volume in 1Q10 of more than R$10 million
After the follow-on offer made by the Company, in September 2009, its free-float increased from 24.8%, to 36.9%.
The change also led to a significant increase in liquidity of in Multiplan shares on the São Paulo Stock Exchange.
In the first quarter of 2010, the average daily trading volume in MULT3 was R$10.6 million, an increase of 684%
compared to the average recorded in 1Q09, of R$1.4 million.
The Company‟s market value, also affected by the increase in the number of shares and appreciation in share
st st
value in the period, rose from R$2.1 billion on March 31 , 2009 to R$5.3 billion on March 31 , 2010, an increase
of 146%.

MULT3 1Q10 1Q09 Chg.%

Closing Price R$29,46 R$14,54 103%
Average Daily Traded Volume R$10.660.850 R$1.360.205 684%
Market Cap R$5.279.149.924 R$2.149.008.234 146%

Shareholder structure
Of the total 179,197,214 shares issued by Multiplan, 36.9% are represented in its free-float.

Adm+Treasury
0.2%

Free Float
36.9% Common Stocks
22.5%
OTPP
29,1% Preferred Stocks
6.6%
MTP+Peres
33.8%

Multiplan‟s ownership structure on March 31st 2010

21
 1Q10
MULT3

GROWTH STRATEGY
Projects under development

Expected growth of 41.6% in own GLA

Own GLA 3rd Party GLA

532,773 m² 551,910 m² 687,308 m² 697,458 m² 697,458 m²

17,735 m²
205,072 m²

2,203 m²
185,133 m² 117,663 m² 10,150 m²

16,934 m²
492,387 m²
347,640 m²
Own GLA: +41.6%
Total GLA: +30.9%

Malls in operation Expansions under Malls under Offices for rent Total announced
(1Q10) development development under development (2012P)

Expansions under development – Expansion at BH Shopping and Expansion at ParkShoppingBarigüi.

Shopping Centers under development – ParkShoppingSãoCaetano, JundiaíShopping, VillageMall and
Shopping Maceió.
Rental for leasing – Morumbi Business Center.

Investment

Total Investment in 1Q10: R$62.4 million

Real Estate f or Sale Projects f or Rent and Renovations

A total of R$62.4 million was invested in 1Q10 in 376.1 M

427.8 M
renovations, two expansions (BH Shopping and 6.2 M
31.5 M
ParkShoppingBarigüi) and three shopping centers under 193.7 M
development (ParkShoppingSãoCaetano, 344.7 M
421.6 M

JundiaíShopping and VillageMall). The chart on the right 193.7 M

shows the Company‟s investment (CAPEX) plan over
the following years. From of a total of 768 stores from 3 2010 2011 2012
shopping c enters and two expansions under the
Planned investments (R$ million)
leasing phase, 44.9% is already leased.
Economic Capex (R$'000) 1Q10 Description*
44.9%
Renovations & Others 12,406 All Shopping Centers
33.7%
Shopping Development 23,642 PSC, JDS, VIL and SVO Leased Stores
Shopping Expansion 24,743 BHS and PKB Time *

Real Estate for Rent 1,632 MBC

Total 62,423

SCs and Expansions under development

*Please see page 33 for acronym descriptions.
% of stores leased from total vs % of time*
* ”Time” refers to the elapsed time between pre-launch and
opening date (current reference: May 12 2010) .

22
 1Q10
MULT3

Development of Shopping Centers

Polishing the jewels of the future

After less than six months after pre-launches, the
leasing at Multiplan shopping centers under ParkShopping 42.8%
SãoCaetano 20.4%
development reached 26.9%, with only 16.9% of the
time frame between pre-launch and the opening has
16.9%
elapsed. ParkShoppingSãoCaetano has 42.8% of its VillageMall
10.2%
242 stores leased since being launched. VillageMall,
with 16.9% leased, is expected to be launched in
14.1%
August, 2010. Shopping
Jundiaí 17.0%
The strong demand from retailers for units in quality
shopping centers in the country, the confidence in the Leased
SCs under 26.9%
brand, the excellence of projects and the Company‟s development
Stores
16.9% Time *
sales force are some of the factors that have led to the
success in the leasing effort.
% of stores leased from total vs % of time*
Multiplan has a diversified project portfolio, with
* ”Time” refers to the elapsed time between pre-launch and opening
undertakings in different regions and designed for date (current reference: May 12 2010) .
different economic classes. This strategy makes it
easier to lease projects, as each tenant can find a unit
suited for its consumer base.

The effects of a country in strong growth mode 10.5%

9.7%
The real estate sector in Brazil has been developing 8.1%
strongly due to economic growth. This growth, in turn, has 7.1%

led to an increase in demand for construction materials 5.3% 5.4% 5.0% 5.5% 5.3%5.6%
4.6%
and qualified labor, impacting the cost of construction.
The actual cost will be determined and reported by the at 3.0%

the time of the signing of the construction contract, and

the executive project is finalized.

abr/05 abr/06 abr/07 abr/08 abr/09 abr/10

IPCA (12m accumulated) INCC (12m accumulated)

Accumulated Inflation over 12 months INCC vs. IPCA

One announcement, various projects
Multiplan‟s projects are designed primarily with a potential for expansion and “mixed-use” development whenever
possible. To ensure this future growth, Multiplan incurs costs during the development and construction of the
initial project. Given that the revenues of these potential expansions are not reflected in the initial project
performance highlights, its costs will be excluded from the initial project CAPEX, but detailed in the descriptions.

Shoppings Under Construction/Approval Multiplan's Share (R$ „000)

CAPEX Key NOI 1st NOI 3rd

Project Opening GLA % Mult. CAPEX¹
Invested ³ Money year year

ParkShoppingSãoCaetano Nov-11 38,857 m² 100.0% 250,106 9% 32,585 33,520 44,870

Village Mall May-12 25,653 m² 100.0% 350,000 25% 37,500 36,900 41,300
Shopping Jundiaí Sep-12 35,418 m² 100.0% 240,000 9% 21,600 24,500 31,700
Shopping Maceió² 2012 35,470 m² 50.0% 82,100 17% 5,500 7,800 9,800
Total 135,398 m² 86.9% 922,206 16% 97,185 102,720 127,670

¹ Considers only the first phase of the project.

² Subject to approval
³ Considers the land acquisition cost in accordance with its financial flows.

23
 1Q10
MULT3

ParkShoppingSãoCaetano
Status: Under construction
ParkShoppingSãoCaetano was launched in November of 2009, in São
Caetano do Sul, a city classified by the UN as having one of the highest
indexes for human development (IDH) in Brazil. The first investment in
the construction was made in March 2010, and has already 42.8% of its
units leased in a strong leasing rythm.
Projected in the a neighborhood - Espaço Cerâmica, an area with
300,000 m², the shopping center will be built in a district planned to
absorb the growth in the region and become a modern residential and
business complex, with the shopping mall at the center, office towers
and companies in the fields of technology, commerce and services. The
first stage will require R$250.1 million, besides R$50.9 million for a future expansion of 13,300 m². This pre-
investment includes, land cost for future expansion and real estate projects, the reinforcing of the foundation and
the structure, and the required extra impermeabilization and draining structures.

Village Mall
Status: Pre-launch
Only three months after its pre-launching, the Village Mall already has
16.9% of its stores leased. The strategic location of the land plot is
strategically located in the commercial center and businesses
composed by the Barrashopping, New York City Center and several
office buildings complexes, among which the Centro Empresarial
BarraShopping making each of its 125 stores into an exclusive place,
with renowned national and international nameplates, especially in
fashion, culture, entertainment and leisure. The architecture of the mall
envisages a modern ambience, ventilated environment and enjoying
the view of the beautiful surrounds.

Jundiaí Shopping
Status: Launched
Located in Jundiaí (SP), 60 km from the state capital and ranked 23 in
terms of its GDP in Brazil, the Jundiaí Shopping Mall follows the
Company‟s strategy to develop mixed-use complexes, uniting several
undertakings in a single location (residential buildings, offices, hotels,
among others).
The project includes two commercial towers with 10 floors each and
plans an expansion of the shopping center of 13,260 m² of GLA for
future launch, which, at the first stage of the project. Construction work
on the project should begin in the second half of 2010.

Shopping Maceió
Status: Under approval
The Shopping Maceió project is in a privileged location in the growth
path of the city of Maceió. The project is in the final phase of
approval with local authorities, and envisages an urban mixed-use
2
complex on a 210,000 m site, which makes it possible to develop a
shopping center, a hotel, commercial office space and residential
buildings.

24
 1Q10
MULT3

Development of Shopping Center Expansions

Building on demand
Planned to be delivered in the second half of 2010, the expansions at BH Shopping and ParkShoppingBarigüi, are
one of the largest expansions of these shopping centers. The leasing success given that BH Shopping‟s
expansion is 100% leased six months before opening, and ParkShoppingBarigui, 94.6% show the demand from
tenants for space in quality shopping centers.

Expansions Under Construction Multiplan's Share (R$ „000)

CAPEX Key NOI 1st NOI 3rd

Project Opening GLA % Mult. CAPEX
Invested Money year year

BHShopping Exp. Oct-10 11,014 m² 80.0% 135,012 70% 11,576 11,314 12,796
ParkShoppingBarigüi Exp ¹ Nov-10 8,123 m² 100.0% 56,109 30% 12,632 6,688 8,108
Total 19,137 m² 88.5% 191,121 58% 24,208 18,002 20,904
¹ A Multiplan terá 84% participação no NOI após a inauguração

BH Shopping Expansion construction site Preliminary view of BH Shopping Expansion

ParkShoppingBarigüi construction site Preliminary view of ParkShoppingBarigüi Expansion

25
 1Q10
MULT3

Real Estate Developments for leasing

Morumbi Business Center

Type Office rental property

Rental Area 10,150 m²

Opening Second half of 2011

Interest 100%

Estimated CAPEX (% MTE) R$74 million

Status: Under construction

Multiplan announced the start of construction work on the class A office building, “Morumbi Business Center”,
across from MorumbiShopping, in the capital of São Paulo in April 2010. The project reinforces the Company‟s
strategy to invest in mixed-use complexes, aggregating commercial, residential, hotels and medical centers in the
areas surrounding its shopping centers, increasing the flow of consumers, contributing to adding value to the
property and promoting the synergies between services and commerce. The Morumbi Business Center is a
project 100% owned by Multiplan. The building was designed for rental and will have total flexibility to receive
either a single occupant or several. The GLA (Gross leasable area) planned is 10,150 m², and the construction,
with a total area of 17,440 m² is expected to be completed in the second half of 2011.

The Morumbi Business Center complements the complex created around MorumbiShopping, when, in 1993,
Multiplan delivered its Morumbi Office Tower, near the shopping center. In 2007, Multiplan delivered the
MorumbiShopping Professional Center, integrated with the expansion of the shopping center.

26
 1Q10
MULT3

Real Estate Developments for Sale

Cristal Tower

Type Offices for sale

Area for Sale 11,912 m²

Opening May 2011

Interest 100%

Estimated PSV (% MTE) R$70 million

Total units 290

% of units sold 82%

Status: Under construction

The Cristal Tower, Multiplan‟s commercial tower in the city of Porto Alegre, has already sold 82% of its units and
is currently under construction. The construction continues to progress as planned and delivery is scheduled for
May 2011.
As already mentioned, the tower combines modern infrastructure with the convenience of being connected with
one of the largest shopping centers in the southern region of Brazil, not to mention the privileged view over the
Guaíba River. This area generates a flow of qualified customers for the shopping center during the week, and
natural synergies between the conference center, located in BarraShoppingSul, and Cristal Tower.

Land Bank

800,000 m² for future growth

Multiplan has seen a slight reduction in its land bank compared with 4Q09, with the use of 2,485 m² for the
construction of the Morumbi Business Center. The MBC will be built on a land by the MorumbiShopping complex,
which has seen a reduction in its available area for new projects from 21,554 m² to 19,069 m².

Location % Type Land Area

BarraShoppingSul 100% Residential, Hotel 12,099 m²
Campo Grande 90% Residential, Commercial 338,913 m²
Maceió 50% Residential, Commercial, Hotel 140,000 m²
Jundiaí 100% Commercial 4,500 m²
MorumbiShopping 100% Commercial 19,069 m²
ParkShoppingBarigüi 84% Apart-Hotel 843 m²
ParkShoppingBarigüi 94% Commercial 27,370 m²
Pátio Savassi 81% Commercial 1,111 m²
RibeirãoShopping 100% Residential, Commercial, Medical Center 200,970 m²
São Caetano 100% Commercial 24,948 m²
Shopping AnáliaFranco 36% Residential 29,800 m²
Total 84% 799,623 m²

27
 1Q10
MULT3

TOTAL PORTFOLIO

In operation Under development/Under approval

Occupancy
State Multiplan % Total GLA Rent 1Q10¹ Sales 1Q10
Rate
Operating SC's (100%) (R$‟000)
1 BHShopping MG 80.0% 36,840 m² 343 R$/m² 156,877 99.1%
2 RibeirãoShopping SP 76.2% 46,784 m² 187 R$/m² 103,379 98.8%
3 BarraShopping RJ 51.1% 69,318 m² 418 R$/m² 288,129 99.5%
4 MorumbiShopping SP 65.8% 55,085 m² 474 R$/m² 239,220 100.0%
5 ParkShopping DF 59.6% 51,512 m² 255 R$/m² 173,024 99.6%
6 DiamondMall MG 90.0% 21,360 m² 352 R$/m² 93,355 99.8%
7 New York City Center RJ 50.0% 22,269 m² 128 R$/m² 46,219 99.8%
8 Shopping AnáliaFranco SP 30.0% 50,974 m² 264 R$/m² 142,517 99.4%
9 ParkShoppingBarigüi PR 84.0% 42,985 m² 161 R$/m² 113,556 98.7%
10 Pátio Savassi MG 80.9% 16,319 m² 274 R$/m² 60,256 99.9%
11 Shopping SantaÚrsula SP 37.5% 23,088 m² 44 R$/m² 20,579 70.4%
12 BarraShoppingSul RS 100.0% 68,149 m² 151 R$/m² 107,308 98.2%
13 Shopping VilaOlímpia SP 30.0% 28,091 m² 279 R$/m² 41,174 98.2%
Sub-Total Operating SC's 65.3% 532,773 m² 298 R$/m² 1,585,594 97.9%
Under Development SC's
14 ParkShoppingSãoCaetano SP 100.0% 38,857 m² - - -
15 Shopping Maceió AL 50.0% 35,470 m² - - -
16 Shopping Jundiaí SP 100.0% 35,418 m² - - -
17 Village Mall RJ 100.0% 25,653 m² - - -
Under Development Expansions
BHShopping Exp. MG 80.0% 11,014 m² - - -
ParkShoppingBarigüi Exp. ² PR 100.0% 8,123 m² - - -
Sub-Total Under development SC's 87.1% 154,535 m²
Under Development Leasing Projects
18 Morumbi Business Center SP 100.0% 10,150 m² - - -
Portfolio Total 70.6% 697,458 m² 298 R$/m² 1,585,594 97.9%
¹ Rental Revenue divided by the Adjusted Own GLA (avg.)
² Interest during the construction period

28
 1Q10
MULT3

OWNERSHIP STRUCTURE

The chart below shows Multiplan's ownership on March 31, 2010, after Mr. Jose Isaac Peres, Multiplan´s Chief
Executive Officer, exercised his stock option rights and sold 1,497,773 common shares. After this sale, Mr. Peres
remains, directly and indirectly, the owner of 33.8% of stock issued by the Company bringing his equity holding in
Multiplan back to the same number of shares held before the exercise of the mentioned Company stock option
plan.

Free Float
Treasury
22.25% Maria Helena 39.54% ON
Kaminitz Peres 36.92% Total 0.24% ON
0.39% ON 0.23% Total Ontario Teachers’
Multiplan Planejamento, 0.36% Total Pension Plan
Participações e
34.41% ON
Administração S.A.
32.14%Total 100.00%
24.07% ON 1700480
77.75% 100.00% PN Ontario Inc.
1.34% ON 29.10% Total
1.25% Total
Jose Isaac Peres

1.00%

Multiplan
99.00% CAA -
Administradora de 99.00%
Corretagem e Consultoria
Shopping Centers Ltda. Shopping Centers % Publicitária Ltda.

Embraplan BarraShopping 51.07%

100.00% BarraShoppingSul 100.0% 99.61% CAA -
Empresa Brasileira
BH Shopping 80.00% Corretagem Imobiliária Ltda.
de Planejamento Ltda.
DiamondMall 90.00%
MorumbiShopping 65.78%
New York City Center 50.00% 41.96% MPH
2.00% ParkShopping 59.63% Empreend. Imobiliário Ltda. 1
SCP Royal Green 98.00%
Península ParkShoppingBarigüi 84.00%
Pátio Savassi 80.87%
50.00% Manati Empreendimentos e
RibeirãoShopping 76.17% 2
ShoppingAnáliaFranco 30.00% Participações S.A.
Shopping Vila Olímpia 30.00%
Renasce - 99.99% 50.00%
Shopping Maceió¹ 50.00% Haleiwa Empreendimentos
Rede Nacional de 3
Shopping Santa Úrsula 37.50% Imobiliários S.A.
Shopping Centers Ltda.
ParkShopping SãoCaetano ² 100.0%
Shopping Jundiaí ² 100.0%
VillageMall ² 100.0%
¹ Under approval
² Under development

1. MPH Empreendimento Imobiliário: Special Purpose Entity (SPE) from Shopping Vila Olímpia.
2. Manati Empreendimentos e Participações S.A.: Special Purpose Entity (SPE) from Shopping Santa Úrsula.
3. Haleiwa Empreendimentos Imobiliários S.A.: Special Purpose Entity (SPE) from Shopping Maceió.

Share buyback program

On February 3, 2010, the Board of Directors of the Company approved the launching of a new Company‟s Stock
Buyback Program. The program‟s purpose is to use available funds of the Company in order to maximize value to
the shareholder, within a maximum term of 365 days, or up to February 3, 2011. No shares have been bought
under this second buyback program up to this date.
The company purchased 340,000 common shares since October, 2008, when the first program was implemented.

29
 1Q10
MULT3

APPENDIX

APPENDIX I

Income Statement
(R$ '000) 1Q10 1Q09 Chg. %
Rental revenue 99,051 79,389 ▲24.8%
Services 14,709 15,389 ▼4.4%
Key money 11,179 5,168 ▲116.3%
Parking 15,995 10,540 ▲51.8%
Real Estate 9,016 427 ▲2,012.3%
Others 15 - ▲0.0%
Gross Revenue 149,965 110,913 ▲35.2%
Taxes and contributions on sales and services (13,585) (9,972) ▲36.2%
Net Revenue 136,380 100,941 ▲35.1%
Headquarters expenses (20,068) (18,885) ▲6.3%
Stock-option-based remuneration expenses (1,164) (510) ▲127.9%
Shopping centers expenses (15,318) (16,209) ▼5.5%
Project expenses (6,626) (223) ▲2,871.4%
DEST
Cost of properties sold (5,094) (233) ▲2,087.3%
Equity pickup (3,954) (6,198) ▼36.2%
AQUES
Financial revenue 20,346 4,362 ▲366.4%
Financial FINANCEIRO
expenses (11,208) (9,745) ▲15.0%
S and amortization
Depreciation (11,684) (9,657) ▲21.0%
Other operating income/expenses 1,136 1,263 ▼10.0%

Income before income and social contribution taxes 82,746 44,907 ▲84.3%

Income tax and social contribution (1,414) (1,286) ▲10.0%

Deferred income and social contribution taxes ¹ (31,829) 784 na
Minority interest (2,763) (227) ▲1,117.9%
Net Income 46,740 44,178 ▲5.8%

EBITDA 85,292 59,947 ▲42.3%

NOI 99,729 73,721 ▲35.3%
Adjusted FFO 90,254 53,051 ▲70.1%
Adjusted Net Income 78,570 43,395 ▲81.1%
¹ More information on the effect of the new accounting principles and deferred taxes can be found on page 6.

30
 1Q10
MULT3

APPENDIX II

Balance Sheet
ASSETS 3/31/2010 12/31/2009 % Change
Current Assets
Cash and cash equivalents 980,467 827,967 ▲18.4%
Accounts Receivable 98,589 115,117 ▼14.4%
Sundry loans and advances 21,471 30,985 ▼30.7%
Recoverable taxes and contributions 38,702 38,744 ▼0.1%
Deferred income and social contribution taxes 60,981 68,897 ▼11.5%
Other 8,442 3,483 ▲142.4%
Total Circulante 1,208,652 1,085,193 ▲11.4%
Noncurrent Asset
Receivables from related parties 74 74 ▼0.0%
Accounts Receivable 20,793 18,028 ▲15.3%
Land and properties held for sale 142,074 141,268 ▲0.6%
Sundry loans and advances 9,001 9,908 ▼9.2%
Deferred income and social contribution taxes 11,342 35,256 ▼67.8%
Other 7,208 5,633 ▲28.0%
Investments 14,418 15,382 ▼6.3%
Property and equipment 2,073,242 2,022,087 ▲2.5%
Intangible 310,206 309,475 ▲0.2%
Deferred charges 27,495 28,642 ▼4.0%
Total Noncurrent Asset 2,615,853 2,585,753 ▲1.2%
Total Assets 3,824,506 3,670,946 ▲4.2%

LIABILITIES 3/31/2010 12/31/2009 % Change

Current Liabilities
Loans and financings 50,784 41,660 ▲21.9%
Accounts payable 59,843 66,762 ▼10.4%
Property acquisition obligations 62,130 62,122 ▲0.0%
Taxes and contributions payable 23,754 24,904 ▼4.6%
Dividends to pay 40,521 40,521 ▼0.0%
Taxes paid in installments 281 279 ▲1.0%
Deferred incomes 68,878 54,279 ▲26.9%
Payables to related parties 94,290 92,214 ▲2.3%
Debentures 2,764 386 ▲615.9%
Clients anticipation 4,533 9,559 ▼52.6%
Other 1,852 1,464 ▲26.5%
Total Current Liabilities 409,629 394,150 ▲3.9%
NonCurrent Liabilities
Loans and Financings 223,566 130,035 ▲71.9%
Debentures 100,000 100,000 ▲0.0%
Payables to related parties - - ▲0.0%
Property acquisition obligations 115,454 127,481 ▼9.4%
Taxes paid in installments 1,302 1,359 ▼4.2%
Provision for contingencies 5,736 5,511 ▲4.1%
Deferred incomes 67,863 77,698 ▼12.7%
Total Noncurrent Liabilities 513,921 442,084 ▲16.2%
Minority interest 14,670 12,073 ▲21.5%
Shareholders' Equity
Capital 1,761,662 1,745,097 ▲0.9%
Capital Reserves 962,854 961,691 ▲0.1%
Profit Reserve 151,496 152,138 ▼0.4%
Share issue costs (31,842) (31,663) ▲0.6%
YTD Income 46,740 - ▲0.0%
Shares in Treasure Department (4,624) (4,624) ▲0.0%
Total Shareholder's Equity 2,886,285 2,822,639 ▲2.3%

Total Liabilities and Shareholders' Equity 3,824,506 3,670,946 ▲4.2%

31
 1Q10
MULT3

APPENDIX III

Cash Flow Statement

1Q10 1Q09
Cash flow statement (R$'000)
Cash flow from operations
Net income for the quarter 46,740 44,178
Depreciation and amortization 11,684 9,381
Interest and monetary variations on debentures, loans, and property acquisition 8,736 2,107
Deferred income and social contribution taxes 14,325 -
Other net income adjustments (4,615) (5,216)
Increase (decrease) on current assets 23,968 (874)
(Increase) decrease on current liabilities (13,338) 4,834
Cash flow from operations 87,500 54,410

Cash flow from investments

Increase in loans and sundry advances 10,898 (6,918)
Increase (decrease) of investments (2,990) 11,442
Increase of property, plant and equipament (61,340) (65,656)
Additions to intangibles (1,083) (915)
Others 47 (71)
Cash flows used in investing activities (54,468) (62,118)

Cash flows from financing activities

Increase (decrease) in loans and financing 97,802 (5,728)
Interest payment of loans and financing 3,218 5,109
Increase (decrease) in payables to related parties 2,076 30,754
Capital increase 16,565 -
Others (193) (2,799)
Cash flows generated by (used in) financing activities 119,468 27,336

Cash flow 152,500 19,628

Cash and cash equivalents at the beginning of the period 827,967 167,585
Cash and cash equivalents at end of the period 980,467 187,213
Changes in cash position 152,500 19,628

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GLOSSARY AND ACRONYMS

Adjusted Funds from Operations (FFO): sum of adjusted net income, depreciation and amortization.
Adjusted Net Income: net income adjusted for non-recurring expenses with the IPO, restructuring costs and amortization of
goodwill from acquisitions and mergers (including deferred taxes).
Anchor Stores: Large, well known stores with special marketing and structural features that can attract consumers, thus
ensuring permanent attraction and uniform traffic in all areas of the mall. Stores must have more than 1,000 m² to be considered
anchors.
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 Acronyms:
asset development, expansion or improvement.
CDI: (“Certificado de Depósito Interbancário” or Interbank Deposit Certificate). BH S BH Shopping
Certificates issued by banks to generate liquidity. Its average overnight annualized rate BRS BarraShopping
BSS BarraShoppingSul
is used as a reference of interest rates in Brazilian Economy. DMM DiamondMall
Complementary Rent: The difference paid as rent (when positive), between the base MAC Shopping Maceió
rent and the rent consisting of a percentage of sales, as determined in the lease MBC Morumbi Business center
agreement. MBS MorumbiShopping
MTE Multiplan
Core EBITDA: Core EBITDA considers only the company‟s cash generation due to its
DESTAQUES FINANCEIROS
core business, shopping center operations.
NYCC
JDS
New York City Center
JundiaíShopping
PKB ParkShoppingBarigüi
Debenture: debt instrument issued by companies to borrow money. Multiplan‟s
PKS ParkShopping
debentures are non-convertible, which means that they cannot be converted into equity PSC ParkShoppingSãoCaetano
shares. Moreover, a debenture holder has no voting rights. PSS Pátio Savassi
Deferred Income: Deferred key money and store buy back expenses. RBS RibeirãoShopping
SAF ShoppingAnáliaFranco
EBITDA Margin: EBITDA divided by Net Revenue. SSU Shopping Santa Úrsula
EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization. Net income SVO Shopping Vila Olímpia
(loss) plus expenses with income tax and social contribution on net income, financial VIL VillageMall
result, depreciation and amortization and non-recurring expenses. EBITDA does not have a single definition, and this definition
of EBITDA may not be comparable with the EBITDA used by other companies.
Economic Capex: The variation of property and equipment, intangible assets and deferred expenses in a period of time added
to the depreciation and amortization in the same period.
EPS: Earnings per Share. Net Income divided by the total shares of the company.
GCA: Gross Commercial Area, equivalent to the sum of all commercial areas in malls, in other words, GLA plus the sold stores.
GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding merchandising.
IGP-DI Adjustment Effect: Is the weighted average of the monthly IGP-DI increase with a month of delay, divided by the
percentage GLA that was adjusted on the respective month.
IGP-DI: (“Índice Geral de Preços - Disponibilidade Interna”) General Domestic Price Index. Inflation index published by the
Getúlio 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 (“Índice Geral de Preços do
Mercado”), though with a different data collection period.
IPCA (“Índice de Preços ao Consumidor Amplo”): Published by the IBGE (Brazilian institute of statistics), it is the national
consumer price index, subject to the control of Brazil‟s Central Bank.
Key Money (KM): Key money is the money paid by a tenant in order to open a store in a shopping center. The key money
contract when signed is accrued in the deferred revenue account and in accounts receivable, but its revenue is accrued in the
key money revenue account in linear installments, only on the occasion of an opening, throughout the term of the leasing
contract. Nonrecurring key money from new stores of new developments or expansions (opened in the last 5 years);
‟Operational‟ key money from stores that are moving to a mall already in operation.
Merchandising: consists of all leases in a mall not involving the GLA area of the mall. Merchandise includes revenue from
kiosks, stands, posters, leasing of pillar space, doors and escalators and other display locations in a mall.
Minimum Rent (or Base Rent): Minimum rent paid by a tenant for a lease contract. Some tenants sign contracts with no fixed
base rent, and in that case minimum rent corresponds to a percentage of their sales.
Net Operating Income (NOI): Refers to the sum of the operating income (Rental revenue and shopping expenses) and income
from parking operations (revenue and expenses). Revenue taxes are not considered. The NOI + KM also includes the key
money from the contracts signed in the same period.
NOI Margin: NOI divided by Rental Revenue and net parking revenue.

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Occupancy cost: Is the cost of leasing a store as a percentage of sales. It includes rent and other expenses (condo and
promotion fund expenses).
Occupancy rate: leased GLA divided by total GLA.
Own GLA: or Company's GLA or Multiplan GLA, refers to total GLA weighted by Multiplan‟s interest in each mall.
Parking: Parking revenue is the total amount (100%) of revenue collected by the shopping centers. Parking revenue transfers
are the share of the parking revenue that need to be passed on to the company‟s partners and condominiums.
Potential Sales Value (PSV) or Total Sell Out: Refers to the total number of units for sale in a real estate development,
multiplied by the list price of each.
Sales: Sales reported by the stores in each of the malls.
Same Area Rent/m² (SAR): Rent of the same area of the year before divided by the area‟s rent of the current year, less
vacancy.
Same Area Sales/m² (SAS): Sales of the same area of the year before divided by the area‟s GLA less vacancy.
Same store Rent/m² (SSR): Rent earned from stores that were in operation for over a year.
Same store Sales/m² (SSS): Sales of stores that were in operation for over a year.
Satellite Stores: Small stores with no special marketing and structural features located around the anchor stores and intended
for general retailing.
TJLP: (“Taxa de Juros de Longo Prazo”, or Long Term Interest Rate). The usual cost of financing conceived by BNDES.
TR: (“Taxa Referencial”, or Reference interest rate). Average interest rate used in the market.
Turnover: Leased GLA in the period divided by total GLA.
Shopping Center Segments:
Food Court – Includes fast food and restaurants operations
Diverse – Cosmetics, bookstores, hair salons, pet shops and etc
Home & Office – Electronic stores, decoration, art, office supplies, etc
Services – Sports centers, entertainment centers, theaters, cinemas, medical centers, banks operations, and
etc.
Apparel – Women and men clothing, shoes and accessories stores

Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based on expectations of the
Company‟s management and on the information available. These prospects include statements concerning our management‟s current intentions
or expectations.

Readers/investors should be aware that many factors may mean that our future results differ from the forward-looking statements in this
document. The Company has no obligation to update said statements.

The words "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" and similar words are intended to identify
affirmations.

Forward-looking statements refer to future events which may or may not occur. Our future financial situation, operating results, market share and
competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and values
that can establish these results are outside the company‟s control or expectation. The reader/investor is encouraged not to completely rely on the
information above.

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