| BTG Pactual Malls Day

July 2013

1Q13

www.multiplan.com.br/ri | ri@multiplan.com.br

1Q13
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based
on expectations of the Companys management and on the information available. This presentation includes
statements concerning our managements current intentions or expectations.

Readers/investors should be aware that many factors may mean that our future results differ from the forwardlooking statements in this document. The Company has no obligation to update said statements. The words "expect,
foresee, intend, "plan 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 companys control or
expectation.
The reader/investor is encouraged not to completely rely on the information above. This document also contains
information on future projects which could differ materially due to market conditions, changes in law or government

policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand
by tenants and consumers, commercial negotiations or other technical and economic factors.

For more detailed information, please check our Financial Statements and other relevant information on our investor
relations website www.multiplan.com.br/ir.
Note: All figures presented are in Brazilian Reais (R$).
2

1Q10
1Q13
Historical Growth Analysis
A 10 Year Snapshot
(2001 = Base 100)

1,639
1,639

1,198
1,198

954
883
883

719
719

761

483

235
235
189
189

186
147

2001
2001

2002
2002

2003
2003

2004
2004

Weighted Sales (% Multiplan)

Weighted Sales (% Multiplan)

2005
2005

2006
2006

2007
2007

Rental Revenues
Rental Revenues

2008
2008

2009
2009

Average Owned GLA

Average Owned GLA

2010
2010

2011
2011
IGP-DI
IGP-DI

2012
2012

2013E
2013E

2014E
2014E

National Retail Sales

National Retail Sales

1Q13
Strong Delivery Track Record
94,5%
Number of
Shopping
Centers:
1

97,4%

99,1%

97,9%

90,7%
5

839
10

17

392

IPO

19
1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013E
1985-2012 Occupancy rate evolution

1979-2013E total GLA evolution (000 m2)

4

1Q13
Same Store Sales and Rent

SSS

SSR

Real SSR

18%
18%
18%
16%
16%
16%

14%
14%
14%
12%
12%
12%

10%
10%
10%
8%
8%
8%
6%
6%
6%
4%
4%
4%
2%

2%
2%
7 3Q07
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q

0%
0%
0%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
1Q07
1Q07 2Q07
2Q07 3Q07
3Q07 4Q07
4Q07 1Q08
1Q08 2Q08
2Q08 3Q08
3Q08 4Q08
4Q08 1Q09
1Q09 2Q09
2Q09 3Q09
3Q09 4Q09
4Q09 1Q10
1Q10 2Q10
2Q10 3Q10
3Q10 4Q10
4Q10 1Q11
1Q11 2Q11
2Q11 3Q11
3Q11 4Q11
4Q11 1Q12
1Q12 2Q12
2Q12 3Q12
3Q12 4Q12
4Q12 1Q13
1Q13

1Q13
Same Store Sales and Rent
Same Store and Same Area Sales Growth (YoY)

Same Area Sales (SAS)

19.2%
12.7% 12.1% 12.5%

% 12.5%

4%

16.5%

16.5% 17.4% 16.1%

12.9%

Same Store Sales (SSS)

16.5%15.1%
15.1%
13.8%
12.9%
13.3% 13.3% 13.8%

10.3%
10.0% 9.7% 9.5% 9.4%
8.8%
7.7%
7.4%
7.0%
10.3%
10.0%
9.7%
9.5%
14.9%
9.4%
14.4% 8.5%
14.0%
13.8% 12.2%
11.9% 13.7% 12.6%
8.4%
11.4%
11.4% 9.9%
10.6%
9.8%
9.4% 7.5% 8.3%
8.5%
8.2%
8.1%
7.9%
7.7%
6.8% 8.1%
6.6%
7.2% 5.1%
5.6%
7.0%

8.4% 8.5% 9.4% 7.2%

14.9%

13.7%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
1Q10 2Q10 3Q1012.6%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
11.9%

9.9%

10.6%

9.8%

7.9%

5.6%

5.1%

3Q08

4Q08

1Q09

2Q09

3Q09

Vendas na mesma rea

Vendas nas mesmas lojas

4Q09 1Q10 2Q10 3Q10 4Q10

Same Store Rent Growth (YoY)

Efeito do ajuste do IGP-DI

9.4%

6.6%

1Q11

2Q11

16.0%
11.6% 2.9%

9.0% 2.8%

8.2%

8.1%

3Q11

4Q11

1Q12

2Q12

Real SSR
14.1%

13.9% 13.2% 14.0%

9.4%
13.2% 14.0% 9.0%

8.3%

Aumento real aluguel nas mesmas lojas

IGP-DI Adjustment Effect

10.4% 10.6%

7.5%

1.9% 3.6%

14.1%

12.0%
16.0%

10.3%
14.5%
4.9%

5.8%

14.5%

11.9%
4.8%

11.4%

10.4%

8.6%
3.9%
8.1%
7.7%
12.0%
4.3%
11.9%
2.8%
11.4%
3.9%
6.6%
6.5%
7.7%
5.8%
0.8%
10.4%
10.3% 4.9%
1.9%
2.6%
6.4% 4.2% 2.1%
4.8%
6.6% 3.6%
1.8%
4.4%
6.5%
7.7%7.7%
8.1%
3.9%
6.3% 8.6%
10.7% 11.1% 10.0%
3.9%
6.8%
9.6%
3.4%
9.3%
8.8%
4.3%
8.6%
6.6%7.3%7.7% 2.8%
3.9%
7.3%
6.0%
5.7% 5.9%
6.7%
0.8% 6.5%

7.7%

2.2%

4.8%
1.8% 2.6%
4.0%
2.9% 3.7%
9.6%
0.6%
9.3%
0.2% -0.3%
7.7% 6.3%
7.3% 8.8%
7.3%
6.0%
5.7% 5.9% 6.8%
3.7%4Q084.8%
1Q07 2Q07 3Q07 4Q07 1Q08 2.9%
2Q08 3Q08
1Q09 2Q09 3Q09
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
4.0%
3.6% 3.9% 4.6%
2.6%
11.1%
10.0%

1Q09

2Q09

5.6%

3Q09

3.4%

4Q09

3.9%

4.4%

0.2%

-0.3%
2Q10

1Q10

0.6%

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

1Q13
Market Penetration
Mall penetration in the world
(m of GLA per 1,000 inhabitants ratio, 2011)

2,200

1,350
900

68

110

180

220

BR

MX

DE

FR

360

SA

DK

CD

US

Share of malls in retail sales

69%
62%

14%

17%

11%

16%

10%

13%

18%

2000

2001

2002

2003

2004

2005

2006

18%

18%

19%

21%

23%

2007

2008

2009

2010

2011

52%

53%

54%

AU

MX

US

28%

FR

2011
Source: Abrasce, International Council of Shopping Centers (ICSC), Brazilian Statistics Bureau (IBGE)

SA

CD

1Q13
Consolidation Process Potential Upside

Rental Revenue/m: New Malls vs. Portfolio (1Q13)

Portfolio Profile (1Q13)

R$124/m

+55%

Consolidated GLA
( > 5 years)
53%

R$80/m

New GLA
( < 5 years)
47%
New Malls

Portfolio Excluding New Malls

New Malls: Less than 5 years in operation

New GLA: Malls and expansions with less than 5 years in operation

1Q13
Sales and Rental Revenue Evolution
ParkShoppingBarigi
Rent/m

CAGR: 11.0%

90
80
70
60
50
40
30
20
10
-

Shopping Vila Olmpia

Sales/m

CAGR: 10.3%

74

71
55
44

669

1Q07

53

45
890

791

759

1Q08

1Q09

1Q10

971

1Q11

1,084

1Q12

1,206

1,800
1,600
1,400
1,200
1,000
800
600
400
200
-

100
90
80
70
60
50
40
30
20
10
-

1Q13

Rent/m

35

77

31

25

27

18

20
15

12

10
5

1Q07

1Q08

332

250

1Q09

1Q10

90

820

828

1Q12

1Q13

1,
1,
1,
1,
1,
80
60
40
20
-

72

724
485

1Q07
-

1Q08
-

1Q09
-

CAGR: 8.1%

Sales/m

25

91

1Q10

1Q11

MorumbiShopping

CAGR: 21.6%

30

Sales/m

CAGR: 19.5%

Shopping Santa rsula

CAGR: 19.0%

Rent/m

CAGR: 5.1%

82

418

471

1Q11

1Q12

596

1Q13

1,700
1,500
1,300
1,100
900
700
500
300
100
-100

250

Rent/m

2,9

CAGR: 10.7%

200
150

121

129

146

154
1,448

100
50

Sales/m

976

1,131

167

182

192

2,4

1,9
1,575

1,697

1,794

1,4

1,245

90

40

-1
1Q07

1Q08

1Q09

1Q10

1Q11

1Q12

1Q13

1Q13
Track Record and Growth Opportunities
42 expansions delivered in 34 years
...and 631,035 m of land available for future growth

Number of expansions developed in a 5-year period

Location

10

Ptio Savassi

8
7

Landbank

2,606 m

ParkShoppingBarigi

843 m

ParkShoppingBarigi

27,370 m

JundiaShopping
Parque Shopping Macei

4,500 m
140,000 m

BarraShoppingSul

4,396 m

RibeiroShopping

207,092 m

ParkShoppingCampoGrande

141,480 m

VillageMall

36,000 m

ParkShoppingSoCaetano

36,948 m

Shopping AnliaFranco

29,800 m

Total

Multiplan also has land swap agreements and land purchase options which are not included in the landbank.

Land Area

631,035 m

10

1Q13
Debt, Cash and Dividends
As of March 31st, 2013
Debt Position and
Cash Generation

Debt Index Breakdown

Net Debt
= 2.81x
EBITDA (LTM)

Standard & Poor's Credit Ratings

IPCA
IGP-M 2.0%
3.9%
TJLP
11.6%

1,872.9M

1,643.6M

Escala Global: BBBEscala Nacional: brAAA

584.3M

457.3M

229.2M
Cash

Gross Debt

Net Debt

EBITDA
(LTM)

TR
31.8%

CDI
49.4%

FFO (LTM)

Scenario Analysis:
SELIC vs. Cost of Funding

Weighted Average
Cost of Funding (p.a.)

1.50%
1.00% 10.52%
0.50%
9.98%
0.00%
9.48%
9.08% 8.95%
9.50%
9.00%
8.50%
8.00%
1Q12 2Q12 3Q12 4Q12 1Q13

8.95%

9.33%

9.59%

9.90%

10.15%

10.49%

10.74%

10.50%
10.00%
9.50%
9.00%

8.50%
8.00%
7.25%
.M

.M

.M

.M

.M

.M

.M

Selic Interest Rates (Estimated)

Weighted Average Cost of Funding (Estimated)

11

1Q13
IR Contact
Armando dAlmeida Neto
CFO and Investors Relation Director
Rodrigo Krause
Investor Relations Superintendent
Leonardo Oliveira
Investor Relations Senior Analyst
Franco Carrion
Investor Relations Analyst
Diana Litewski
Investor Relations Analyst
Hans Melchers
Planning Manager
Tel.: +55 (21) 3031-5224
Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br
http://www.multiplan.com.br/ri