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Multiplans Shopping Center EBITDA increases 74% toR$116 million and reached a 74.4% margin in 3Q11

Rio de Janeiro, November 9th

, 2011 Multiplan Empreendimentos Imobilirios S.A. (BM&F Bovespa: MULT3), announces its

third quarter 2011 results. The following financial and operational data were prepared and are being presented in accordancewith accounting policies adopted in Brazil, which comprise the standards and pronouncements issued by the Brazilian Securities

and Exchange Commission (CVM) and the Brazilian FASB (CPC), which are in conformity with the international financialreporting standards (IFRS) issued by IASB applicable to real estate development entities in Brazil and approved by the BrazilianFASB (CPC), by the Brazilian Securities Commission (CVM) and by the National Association of State Boards of Accountancy(CFC).

3Q11 Highlights (R$'000)

Quality Projects Sustainable Growth

87% of stores leasedin the four malls under construction

Highest Same Store Rent increase in 3 years: 16%leading to a 19% rental revenue growth

Improved Performance and Efficiency

G&A expenses dropped 15%and new projects expenses fell 49%

Shopping Center EBITDA up 74%and margin improved to 74.4%

Leading to Solid Returns

Net Income increased 41%and FFO improved 19%

Record NOI + Key Money marginsand Net Income in 3Q11

0%

20%

40%

60%

80%

100%

120%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

LeasedStores(units)

ParkShoppingSoCaetano

VillageMall

JundiaShopping

ParkShoppingCampoGrande

96.8%

85.7%

82.5%

82.3%

11.6%

13.9%13.2%14.0%

8.1%6.5%

3.9% 4.4%

6.6%

12.0%

10.3%

14.1%

16.0%

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

20,11918,695

24,744

20,955

19.9%

16.0% 16.9%

12.6%

3Q08 3Q09 3Q10 3Q11

G&A % of Net Revenue

-15.3%CAGR: +1,4%

58,314

92,312

66,884

116,188

63.4%

81.3%

49.9%

74.4%

3Q08 3Q09 3Q10 3Q11

Shopping center EBITDA Margin

+73.7%CAGR: +25.9%

9,086

40,85746,354

65,268

54,514

72,533

84,110

99,731

3Q08 3Q09 3Q10 3Q11

Net Income FFO

CAGR Net Income: +92.9%

CAGR FFO: +22.3%

+40.8%

+18.6%

79.1%83.6%

88.2% 89.5%

63.4%

81.3%

49.9%

74.4%

53.9%

62.2% 57.4% 60.2%

9.0% 35.0% 31.6%

39.4%

5.0%

25.0

45.0

65.0

85.0

105.0

125.0

3Q08 3Q09 3Q10 3Q11

NOI + Key Money margin Shopping Center EBITDA Margin

FFO Margin Net Income Margin

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PROJECTS UNDER DEVELOPMENT

Demand for space in Multiplan greenfields remains strong, with 86.8% of spaces in the new projects leased. The highlight

in the quarter was ParkShoppingCampoGrande with 82.3% of stores leased.

OPERATIONAL AND FINANCIAL

With an 11.8% increase, sales in Multiplan shopping centers reached R$2.0 billion in 3Q11. Same Area Sales grew 7.7% in

the period, showing a strong performance of Multiplan shopping centers.

A new record high, Same Store Rent recorded a +16.0% increase in 3Q11, with a real growth of 5.8% on top of the inflation

adjustment effect. Rental revenue increased 18.7% in the same period.

Higher shopping center margin, driven by a stronger performance of Multiplan shopping centers, and shopping center

expenses running below inflation. Shopping center gross revenue grew 17.1%, while shopping center expenses increased amodest 2.6% in 3Q11 versus 3Q10.

131 bps improvement in Net Operating Income (NOI) + Key Money margin, reaching 89.5% in 3Q11 up from88.2% in

3Q10. NOI + Key Money reached R$131.6 million or a 17.1% increase when compared to 3Q10. In 9M11 NOI + key Money

reached R$383.3 million, up 16.4%.

Headquarters expenses (G&A) down 15.3% in 3Q11, dropping to 12.6% as percentage of net revenue in 3Q11, from

16.9% in 3Q10. In 9M11 G&A expenses decreased 10.7% to R$ R$62.7 million.

73.7% increase in Shopping Center EBITDA while margin increased to 74.4%, up from 49.9%, as a result of strong revenue

growth and lean expenses.In 9M11 shopping center EBITDA increased 42.6% to R$330.6 million.

40.8% increase in net income, despite increase in gross debt, recording R$65.3 million.This outcome is a result ofMultiplan

focus on generating value for its shareholders through strong sales performance, efficiency gains and dilution of expenses .

In 9M11, net income reached R$190.1 million, up 30.1%.

FFO reached R$ 99.7 million and FFO margin gain of almost 280bps. In 9M11, FFO was R$283.6 million, an increase of

8.2%.

As a consequence of investments totaling R$198.0, Multiplan net debt position reached R$ 62.7 million, or 0.14x net debt/

LTM EBITDA.

RECENT EVENTS

DELIVERED! ParkShoppingSoCaetano opened, as originally announced, on November 9th

, 2011. The mall is 96.8%

leased and is expected to generate a 3rd year NOI of R$47.1 million, leading to an NOI yield of 21.1%.

Multiplan announced a R$223.5 million PSV mixed-used project in BarraShoppingSul , composed of one condo office

tower (Diamond Tower) and a residential building (Rsidence du Lac), which are expected to be delivered in 2H14.

In October 2011, Multiplan issued non-convertible debentures equivalent to R$300 million at CDI + 1,01% per annum.

Multiplan signed, in October 2011, a R$99.8 million 7-year financing contract with the Brazilian Development Bank

(BNDES) to fund the construction of ParkShoppingCampoGrande.

For the second year in a row BarraShopping was elected the best shopping center in Rio de Janeiro , for quality,

attention to customers, brand identity and evolution. The research was commissioned by one of the most recognized newspapers in

Brazil.

Highlights (YoY)

Shopping Center Sales Rental Revenue NOI Shopping Center EBITDA Net Income

3Q11 +11.8% +18.7 +17.2% +73.7% +40.8%

9M11 +13.1% +17.0 +16.7% +42.6% +30.1%

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Multiplan's Financial Evolution

R$ Million 2006 2007 (IPO) 2008 2009 2010Change %

(2010/2006) CAGR %

(2010/2006)

Gross Revenue 276.5 368.8 452.9 534.4 662.6 139.7% 24.4%Net Operating Income 169.6 212.1 283.1 359.4 424.8 150.4% 25.8%

Adjusted EBITDA 143.8 212.2 247.2 304.0 350.2 143.5% 24.9%

Net Income (32.2) 21.2 74.0 163.3 218.4 932.2% 117.7%

Adjusted Net Income 101.9 176.5 199.4 236.8 323.5 217.6% 33.5% As for the Net Income, the calculation compares 2010 with 2007. Adjusted for expenses related to the company's IPO. Adjusted for deferred income and social contribution taxes.

Historical Performance of Multiplans Results (R$ Million)

Overview

Multiplan Empreendimentos Imobilirios S.A is one of the leading shopping center companies in Brazil. Established as a full

service Company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country.

The Company is also strategically active in the residential and commercial real estate development sectors, generating

synergies for shopping center-related operations by creating mixed-use projects in adjacent areas. In the end of 3Q11, Multiplan

owned - with an average interest of 67.4% - and managed 13 shopping centers with a total GLA of 551,759 m, over 3,600

stores and an estimated annual traffic of 159 million consumers.

Table of Contents

01. Consolidated Financial Statements .............................................................................................. 4

02. Project Development....................................................................................................................... 5

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

04. Gross Revenue.............................................................................................................................. 1305. Shopping Center Ownership Results ......................................................................................... 14

06. Shopping Center Management Results ..................................................................................... 17

07. Shopping Center Development Results ..................................................................................... 18

08. Real Estate for Sale Results ........................................................................................................ 20

09. Financial Results ........................................................................................................................... 21

10. Portfolio........................................................................................................................................... 26

11. Ownership Structure ..................................................................................................................... 27

12. MULT3 Indicators & Stock Market .............................................................................................. 28

13. Appendices..................................................................................................................................... 29

276

170

144

-32

102

369

212 212

21

176

453

283247

74

199

534

359304

163237

663

425350

218

324

Gross Revenue Net Operating Income Adjusted EBITDA Net Income Adjusted Net Income

2006 2007 (IPO) 2008 2009 2010

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1. Consolidated Financial Statements

Consolidated Financial Statements (R$000)(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Rental revenue 111,301 93,765 18.7% 325,202 278,039 17.0%

Services revenue 23,644 18,347 28.9% 64,056 54,133 18.3%

Key money revenue 9,802 8,384 16.9% 29,009 25,913 11.9%

Parking revenue 19,775 16,825 17.5% 57,374 48,325 18.7%

Real estate for sale revenue 10,515 13,719 23.4% 32,575 34,975 6.9%

Straight line effect 6,050 8,319 27.3% 19,807 23,762 16.6%

Other revenues 731 591 23.7% 1,453 2,140 32.1%

Gross Revenue 181,818 159,950 13.7% 529,476 467,287 13.3%

Taxes and contributions on sales and services (16,160) (13,438) 20.3% (47,323) (41,300) 14.6%

Net Revenue 165,658 146,512 13.1% 482,153 425,987 13.2%

Headquarters expenses (20,955) (24,744) 15.3% (62,652) (70,136) 10.7%

Stock-option-based remuneration expenses (2,040) (1,382) 47.6% (5,549) (3,926) 41.3%Shopping centers expenses (15,378) (14,990) 2.6% (48,054) (46,571) 3.2%

New projects for lease expenses (2,537) (13,145) 80.7% (9,278) (30,192) 69.3%

New projects for sale expenses (4,497) (795) 465.7% (6,973) (1,566) 345.3%

Cost of properties sold (9,852) (7,420) 32.8% (33,234) (19,797) 67.9%

Equity pickup 141 1,777 92.1% 1,523 (3,174) na

Other operating income/expenses 1,020 (12,801) na 3,614 (11,401) na

EBITDA 111,560 73,012 52.8% 321,550 239,224 34.4%

Financial revenue 18,406 24,567 25.1% 65,112 66,908 2.7%

Financial expenses (9,593) (9,208) 4.2% (37,128) (31,979) 16.1%

Depreciation and amortization (15,134) (10,755) 40.7% (44,392) (31,750) 39.8%

Earnings Before Taxes 105,239 77,616 35.6% 305,142 242,403 25.9%

Income tax and social contribution (17,313) (1,676) 933.0% (57,867) (4,590) 1,160.7%

Deferred income and social contribution taxes (19,329) (27,001) 28.4% (49,144) (84,409) 41.8%

Minority interest (3,329) (2,585) 28.8% (8,069) (7,369) 9.5%

Net Income 65,268 46,354 40.8% 190,062 146,035 30.1%

(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

NOI 121,748 103,919 17.2% 354,329 303,555 16.7%

NOI margin 88.8% 87.4% 139 b.p 88.1% 86.7% 136 b.p

NOI + Key Money 131,550 112,303 17.1% 383,338 329,468 16.4%

NOI + Key Money margin 89.5% 88.2% 131 b.p 88.9% 87.6% 125 b.p

Shopping Center EBITDA 116,188 66,884 73.7% 330,570 231,877 42.6%

Shopping Center EBITDA margin 74.4% 49.9% 2,451 b.p 73.1% 58.8% 1,422 b.p

EBITDA (Shopping Center + Real Estate) 111,560 73,012 52.8% 321,550 239,224 34.4%

EBITDA margin 67.3% 49.8% 1,751 b.p 66.7% 56.2% 1,053 b.p

Net Income 65,268 46,354 40.8% 190,062 146,035 30.1%

Net Income margin 39.4% 31.6% 776 b.p 39.4% 34.3% 514 b.p

Adjusted Net Income 84,597 73,355 15.3% 239,206 230,444 3.8%

Adjusted Net Income margin 51.1% 50.1% 100 b.p 49.6% 54.1% 448 b.p

FFO 99,731 84,110 18.6% 283,598 262,194 8.2%

FFO margin 60.2% 57.4% 279 b.p 58.8% 61.5% 273 b.p

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2. Project Development

Nearly R$200 million invested during 3Q11

The Company invested R$198.0 million in 3Q11, of which 86.5%

were allocated to the eight projects for lease, all under

construction. The accumulated investment in the first nine months

is R$468.1 million and an additional R$996.1 million should be

invested throughout 2013 in the announced projects.CAPEX Breakdown

CAPEX (R$ 000) 3Q11 9M11

Mall Development 137,743 345,203

Mall Expansions 19,549 30,806Office towers for lease 33,427 64,993

Renovations & other 7,258 27,088

Total 197,977 468,090

The following chart shows the quarterly investments in new shopping centers, which tends to increase as the opening date gets

closer. Mall development CAPEX set a new record high in 3Q11, reflecting Multiplans current strong development pipeline of

five shopping centers under construction.

Mall Development Capex evolution (R$)

The Company estimated owned gross leasable area (GLA) after the delivery of one shopping center in 2011, three shopping

centers and two office tower projects in 2012 and one shopping center and an office tower project in 2013, is described in the

chart below.

The new projects will add 245,371 m of owned GLA by 2013, a 66.0% growth when compared to 3Q10 final owned GLA, of

371,730 m.

Expected Owned GLA Growth (3Q11-2013)

2 M16 M

30 M 30 M

73 M

94 M

136 M

41 M33 M

106 M95 M

24 M 23 M37 M 41 M

79 M

128 M138 M

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

BarraShoppingSul Shopping Vila Olmpia ParkShoppingSoCaetanoOpenings:

371,730 m 371,730 m

38,660 m

97,152 m18,046 m

153,858 m

17,315 m74,198 m 91,513 m

371,730 m410,390 m

524,857 m

617,101 m 617,101 m

3Q11 2011E 2012E 2013E Total Announced (2013E)

Office Towers for Lease Under Development

Malls Under Development

Malls in Operation

+66.0%

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Strong demand for space in new shopping centers: 87% of leased stores!

Demand for space in Multiplan greenfields remained strong during 3Q11. By October 2011, there were 86.8% of spaces in the

new projects under construction leased, confirming the success of the Companys efforts in the pre-operational phase. The fast

leasing rhythm at ParkShoppingCampoGrande was the highlight for the quarter: twelve months after the start of its leasing

phase and more than one year away from its opening, the mall has already signed 82.3% of its available stores.

In the final leasing phase Multiplan uses the last spaces available to allocate stores envisaging the fine tuning of the planned

tenant mix: this is the phase in which very fine mix adjustments in new projects are carried out.

Parque Shopping Maceis leasing phase started in September 2011, and the mall quickly leased 50% of its available GLA.

Leasing Status (As of October 2011) Leasing Evolution (As of October 2011)The Company expects the five malls to generate R$157.2 million in key money revenue, and R$175.6 million in their 3 rd year

NOI. Some projects had their CAPEX adjusted mainly by the increase in the Brazilian construction cost index (INCC) of thepreceding twelve months. The table below shows updated information on the greenfield projects.

Shopping centers under construction Multiplans Interest (R$000)

Project OpeningGLA

(100%)%Mult. CAPEX

InvestedCAPEX

KeyMoney

NOI 1st

yearNOI 3

rd

year

3rd

yearNOI

Yield (%)

1 ParkShoppingSoCaetano Nov-11 38,660 m 100.0% 260,579 89% 37,083 35,296 47,111 21.1%2 JundiaShopping Oct-12 35,754 m 100.0% 271,006 45% 24,763 27,876 34,331 13.9%3 VillageMall Nov-12 23,583 m 100.0% 426,620 54% 40,975 41,093 46,855 12.1%4 ParkShoppingCampoGrande Nov-12 42,016 m 90.0% 229,000 27% 45,075 25,562 34,147 18.6%5 Parque Shopping Macei Apr-13 36,092 m 50.0% 93,333 13% 9,259 10,432 13,184 15.7%

Total 176,106 m 87.4% 1,280,539 51% 157,155 140,259 175,627 15.6%

1 Considers only the first phase of the project (disregarding any future expansions). Includes project expenses.2 Multiplan will invest 100% of the CAPEX.

Leased stores87%

To be leased13%

Total stores:783

0%

20%

40%

60%

80%

100%

120%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

LeasedStore

s(units)


VillageMall

JundiaShopping


96.8%

85.7%

82.5%

82.3%

1 32 4 5

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ParkShoppingSoCaetano aerial pictures (as of September 2011) Internal pictures (as of October 2011)

ParkShoppingSoCaetano: a new mall is coming to town!

Delivered on November 9th, 2011, ParkShoppingSoCaetano had on October 96.8% of its stores already leased. While

Multiplan focused on the malls final details, tenants prepared their stores looking forward to the Christmas season.

ParkShoppingSoCaetano is expected to generate a 3rd year NOI of R$47.1 million, which, compared to the CAPEX of

R$260.6 million and the key money revenue of R$37.1 million, leads to a 3 rd year NOI yield of 21.1%.

Full steam ahead

Construction works in JundiaShopping, VillageMall and ParkShopping CampoGrande progress quickly, as seen in the pictures

below. Parque Shopping Maceis site has been prepared for the upcoming construction, which should begin as soon as themall leases a significant percentage of its spaces. At the end of the 3Q11, 42% of the estimated investments in the four malls

mentioned had been disbursed, including the cost of land. If we add ParkShoppingSoCaetano, the investments in the five

malls already represent more than half of their total estimated cost.

JundiaShopping VillageMall

ParkShoppingCampoGrande Parque Shopping Macei

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2.2 Office Towers for Lease

Morumbi Business Center ParkShopping Corporate Morumbi Corporate

The construction of all three office tower projects for lease has progressed significantly in 3Q11. The invested CAPEX so far is

73%, 24% and 27% for Morumbi Business Center, ParkShopping Corporate and Morumbi Corporate, respectively. The projects,

together, should generate a stabilized NOI of R$102.3 million, with a yield of 18.3%. Morumbi Business Center will be the first to

be delivered, in March 2012.

Office Towers for Lease Multiplans Interest (R$000)

Project Opening GLA (100%) %Mult.CAPEX

(R$000)Invested

CAPEXStabilized

NOI (R$`000)Stabilized

NOI Yield (%)

Morumbi Business Center Mar-12 10,635 m 100.0% 74,391 73% 11,486 15.4%ParkShopping Corporate Nov-12 13,360 m 50.0% 38,629 24% 7,152 18.5%Morumbi Corporate Sep-13 74,198 m 100.0% 445,759 27% 83,701 18.8%Total 98,193 m 93.2% 558,779 33% 102,339 18.3%

Artists Rendering

Morumbi Business Center ParkShopping Corporate Morumbi Corporate

Construction works

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2.3 Towers for Sale

BarraShoppingSul: the quintessential mixed-use development

With the delivery of Cristal Tower in August 2011, the condo office tower integrated to BarraShoppingSul, in Porto Alegre,

should contribute with an increase in the daily flow of customers to the mall. In line with the shopping centers masterplan and

due to the strong demand seen during Cristal Towers sales, Multiplan announced the launching of two new towers for sale: a

condo office and a residential building, both integrated to the mall.

Diamond Tower, the condo office tower, will have 13,855 m of saleable area with 273 units and an estimated potential sales

value (PSV) of R$121.9 million. The residential building, Rsidence du Lac, will have 200 apartments, with 9,960 m of saleable

area and an estimated PSV of R$101.6 million. Both projects are expected to be delivered in 2H14. The company believes that

the BarraShoppingSul complex will continue to boost the development of the region.

BarraShoppingSul Complex: The mall, Cristal Tower and artists rendering of Diamond Tower and Rsidence du Lac

Cristal Tower delivered Skywalk connecting Cristal Tower to BarraShoppingSul

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After Cristal Towers successful delivery, Multiplan opted

to sell additional units which were previously considered

for company use. These 17 remaining units should

generate an additional PSV of R$6.4 million.

Fast-paced construction at Ribeiro Preto

The development of Centro Profissional

RibeiroShopping, the office tower integrated to

RibeiroShopping, in the state of So Paulo, is moving

ahead according to plan, and the construction works are

at an advanced stage. The project has 96% of its units

already sold.

Centro Profissional RibeiroShopping

Towers for Sale

Project Location Type Opening Area %Mult.PSV

(R$000)Averageprice/m

Cristal Tower BarraShoppingSul Condo Offices Aug-11 11,912 m 100.0% 82,237 6,904Centro Profissional RBS RibeiroShopping Condo Offices Dec-12 12,563 m 100.0% 75,040 5,973Diamond Tower BarraShoppingSul Condo Offices 2H14 13,855 m 100.0% 121,924 8,800Rsidence du Lac BarraShoppingSul Residential 2H14 9,960 m 100.0% 101,592 10,200Total 48,290 m 100.0% 380,793 7,8861 Potential Sales Value

2.4 Land Bank

More than half a million square meters available for future growth

Location % Multiplan Type Land Area

BarraShoppingSul 100% Hotel 4,396 m

Campo Grande 90% Residential, Office/Retail 141,480 m

Macei 50% Residential, Office/Retail, Hotel 140,000 m

Jundia 100% Office/Retail 4,500 m

ParkShoppingBarigi 84% Apart-Hotel 843 m

ParkShoppingBarigi 94% Office/Retail 27,370 m

Ptio Savassi 97% Retail 2,606 m

RibeiroShopping 100% Residential, Office/Retail, Medical Center 207,092 m

So Caetano 100% Retail 24,948 m

Shopping AnliaFranco 36% Residential 29,800 m

Total 82% 583,035 m

The table above lists the different land plots held by Multiplan and their potential use. The recently announced towers for sale to

be built in Porto Alegre will use 7,704 m of land, reducing BarraShoppingSuls available land to 4,396 m down from 12,099 m.

The land bank will be employed to fuel the Companys main strategy based on the development of shopping centers and its

mixed-use strategy, by adding condo office towers and residential buildings, aiming at capturing the value generated by the mall

and strengthening of the existing portfolio.

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3. Operational Indicators

3.1 Tenant Sales

Solid performance in sales: up 11.8% in 3Q11 over 3Q10

Multiplan shopping centers posted total sales of R$2.0 billion and continued to show a strong performance in 3Q11, increasing

11.8% when compared to 3Q10. YTD total sales were of R$ 5.7 billion, a 13.1% increase over the same period in 2010.

Sales 100%

Shopping Centers 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

BH Shopping 213.9 M 169.0 M 26.6% 615.9 M 492.7 M 25.0%

RibeiroShopping 115.1 M 112.3 M 2.5% 346.3 M 325.8 M 6.3%

BarraShopping 349.8 M 319.1 M 9.6% 1,016.9 M 915.9 M 11.0%

MorumbiShopping 285.6 M 266.6 M 7.1% 846.0 M 780.9 M 8.3%

ParkShopping 187.2 M 182.0 M 2.9% 550.5 M 527.8 M 4.3%DiamondMall 108.2 M 105.4 M 2.7% 311.0 M 302.2 M 2.9%

New York City Center 47.6 M 41.0 M 16.2% 140.2 M 127.7 M 9.8%

Shopping Anlia Franco 179.9 M 157.4 M 14.3% 527.4 M 458.7 M 15.0%

ParkShoppingBarigi 157.1 M 119.3 M 31.7% 459.7 M 355.6 M 29.3%

Ptio Savassi 73.1 M 68.8 M 6.2% 215.4 M 195.6 M 10.1%

Shopping Santa rsula 32.2 M 28.1 M 14.9% 92.9 M 73.7 M 26.2%

BarraShoppingSul 136.3 M 123.6 M 10.2% 388.6 M 348.1 M 11.6%

Shopping VilaOlmpia 64.8 M 52.4 M 23.5% 193.1 M 140.5 M 37.4%

Total 1,950.7 M 1,744.9 M 11.8% 5,703.8 M 5,045.1 M 13.1%

The combination of organic growth and accretive expansions translated into the strength in sales growth reported by Multiplans

shopping centers in 3Q11. Shopping AnliaFranco, New York City Center and BarraShopping were the highlights in the quarter

in organic growth, reporting an increase in total sales of 14.3%, 16.2% and 9.6%, respectively. It is worth noting that

BarraShopping continue to report strong growth in spite of its 30 th anniversary, celebrated on October 27 th, 2011, which

underscores Multiplans strategy to own and develop high quality assets. Furthermore, where accretive expansions are

concerned, BH Shopping and ParkShoppingBarigi saw total sales increase of 26.6% and 31.7%, respectively, as a result of

the expansions opened in the 4Q10.

As for the newer malls, Shopping Vila Olmpia continues to present a great performance, as a result of its mix improvement plan

and the undergoing of natural consolidation process in one of the most competitive cities in Brazil. In 3Q11 Shopping Vila

Olmpia total sales grew 23.5% when compared to 3Q10. Shopping Santarsula continues to delivery strong sales

improvements, reporting an increase of 14.9%.

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According to IBGE (Brazilian Institute for Geography and Statistics), national retail sales increased 6.6% in the combined period

of July and August 2011, when compared to the same months in 2010. The data for September 2011 had not been disclosed by

the time this report was released.

Same Store Sales Anchors Satellites Total

Apparel 7.3% 5.5% 5.9%

Home & Office 2.1% 11.5% 5.5%

Miscellaneous 1.4% 9.9% 6.8%

Food Court and Gourmet Area n.a. 11.9% 11.9%

Services 16.3% 23.6% 19.2%

Total 3.8% 9.0% 7.5%

Sales analysis (3Q11/3Q10) July and August 2011, compared to the same period in 2010

Same Store Sales growth (3Q11/3Q10)

Robust Same Area Sales: 7.7% growth recorded in 3Q11

Same Store Sales (SSS) and Same Area Sales (SAS) recorded increases of 7.5% and 7.7% respectively in 3Q11. Food court

and gourmet area together with services operations continued to show significant growth, with sales 11.9% and 19.2% higher

than in 3Q10, respectively. In the services segment the highlights were movie theatres, gym centers, beauty salons and travel

agents. Once again, satellite stores reported a solid SSS growth of 9.0%.

3.2 Occupancy Rate and Delinquency

Average occupancy rate remained stable in 3Q11 at 98.1% when compared to 2Q11. Shopping Santarsula continues to

improve its operation, and occupancy rate rose from 92.8% in 2Q11 to 93.3% in 3Q11. Shopping Vila Olmpia signed a new

leasing contract with an anchor store after the end of the quarter, which should positively impact 4Q11 figures.

Delinquency (rental payment delay beyond 25 days) was 0.9% in 3Q11, down from 1.9% in 2Q11. Rent loss (delinquency over

six months) was 2.4%, up from 1.0% in 2T11, mainly due the closing of an old legal suit in a specific shopping center.

6.6%

11.8%

NationalRetail Sales

(IBGE)

Total Sales

7.7% 7.5% 7.1%

SAS SSS IPCA

1

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3Q11MULT3

4. Gross Revenue

Consistent double digit growth in gross revenue

Gross revenue grew 13.7%, totaling R$181.8 million in the 3Q11 when compared to 3Q10. Services revenue, posted the highest

year-over-year growth of 28.9% and represented 13.0% of Multiplans gross revenue (see page 17), while rental revenue was61.2%.

For 9M11, gross revenue totaled R$529.5 million, an increase

of 13.3% over 9M10, driven mainly by a 17.0% growth in rental,

18.3% in services and 18.7% in parking revenues.

The chart to the right shows the breakdown for the third quarter.

Gross revenue breakdown 3Q11

Gross revenue growth breakdown (Y/Y) (R$)

Straight lineeffect3.3%

Services13.0%

Key money5.4%

Parking10.9%

Real estate5.8%

Other0.4%

Base85.4%

Merchandising9.6%Overage

5.0%

Rental revenue61.2%

160.0 M

181.8 M

17.5 M

5.3 M 1.4 M2.9 M

(3.2 M)(2.3 M)

0.1 M

Gross revenue3Q10

Rental revenue Servicesrevenue

Key money Parkingrevenue

Real estate forsale revenue

Straight l ineeffect

Oth er Gro ss revenue3Q11

+13.7%

+18.7% +28.9% +16.9% +17.5% -23.4% -27.3% +23.7%

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5. Shopping Center Ownership Results

5.1 Rental Revenue

Rental revenue growth accelerates in 3Q11

Multiplans rental revenue totaled R$111.3 million in 3Q11, increasing 18.7% when compared to 3Q10. The result was driven by

real growth on top of the inflation adjustment of leasing contracts. In addition to recent expansions, BarraShopping and

BarraShoppingSul were the organic growth highlights posting rental revenue increase of 15.5% and 24.1%, respectively.

Considering the straight line effect in the calculation, rental revenue grew to R$117.4 million. In 9M11, rental revenue was

R$325.2 million, showing a growth of 17.0% when compared to the same period of the previous year.

Rental Revenue (R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

BH Shopping 14.7 M 10.3 M 42.8% 43.2 M 31.5 M 36.9%RibeiroShopping 7.1 M 6.8 M 4.3% 21.4 M 20.1 M 6.5%BarraShopping 17.5 M 15.2 M 15.5% 51.5 M 45.1 M 14.0%

MorumbiShopping 19.5 M 17.8 M 9.6% 56.5 M 52.9 M 6.7%ParkShopping 9.1 M 7.9 M 14.6% 26.2 M 23.4 M 12.1%DiamondMall 7.4 M 7.1 M 3.9% 21.9 M 21.1 M 4.2%New York City Center 1.5 M 1.4 M 9.1% 4.4 M 4.1 M 8.0%Shopping AnliaFranco 4.7 M 4.2 M 13.2% 14.0 M 12.3 M 13.7%ParkShoppingBarigi 9.3 M 5.9 M 56.7% 26.9 M 18.1 M 48.6%Ptio Savassi 5.0 M 4.8 M 3.8% 14.6 M 12.4 M 17.2%Shopping Santa rsula 1.2 M 0.5 M 114.5% 3.4 M 1.4 M 146.9%BarraShoppingSul 9.7 M 7.8 M 24.1% 27.9 M 22.8 M 22.3%Shopping Vila Olmpia 4.6 M 4.0 M 15.6% 13.4 M 12.8 M 4.5%Subtotal 111.3 M 93.8 M 18.7% 325.2 M 278.0 M 17.0%Straight line effect 6.0 M 8.3 M 27.3% 19.8 M 23.8 M 16.6%Total 117.4 M 102.1 M 15.0% 345.0 M 301.8 M 14.3%1 Multiplans interest in Ptio Savassi increased to 96.5% after the 16.5% minority interest acquisition in August 2010. Multiplans interest in Shopping Santa rsula increased to 62.5% after the 25.0% minority interest acquisition in November 2010.

Base rent, not including straight line effect, grew 19.8% in 3Q11, reaching R$95.0 million in the quarter, and contributed with

85.4% of Multiplans rental revenue in 3Q11, while representing 84.6% in 3Q10. Overage rent posted a strong increase of

18.4%, while merchandising revenue increased 9.8% in the quarter.

Complementary data on the shopping centers results can be downloaded from Fundamentals Spreadsheet at Multiplans IR

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

Rental Revenue 3Q11(R$ '000) Base Overage Merchand. Total

Portfolio Subtotal 95,031 5,587 10,683 111,301

Straight Line Effect 6,050 - - 6,050

Total 101,081 5,587 10,683 117,350

3Q10

Portfolio Subtotal 79,315 4,719 9,731 93,765

Straight Line Effect 8,319 - - 8,319

Total 87,634 4,719 9,731 102,084

Subtotal change % 15.3% 18.4% 9.8% 15.0%

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

102.1 M

117.4 M15.7 M 0.9 M1.0 M

(2.3 M)

Rent 3Q10 Base Overage Merchand. Straight LineEffect

Rent 3Q11

+15.0%
http://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/ir

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SSR record high three years in a row

Same Store Rent (SSR) presented a strong increase of 16.0% in 3Q11,

the highest increase recorded in the last three years. Once again,

Multiplan reported a real increase in same store rent, recording a real

rental revenue growth of 5.8%, on top of an IGP-DI adjustment effect of9.6%. Same Area Rent (SAR) also posted a robust growth of 15.1%.

Rent analysis (3Q11/3Q10) See glossary for definition

Same Store Rent (SSR) breakdownNominal and real growth

5.2 Parking Revenue

Increase in consumers flow impacts positively Shopping Vila Olmpias parking revenue

Parking revenue reached R$19.8 million in 3Q11, 17.5% higher than in 3Q10. Once again, Shopping Vila Olmpia was the

highlight, posting a 279% growth when compared to the same quarter in 2010. This result reflects the malls progress towards

consolidation. Other drivers for the growth across the portfolio were the new parking spaces delivered with the expansions

inaugurated in 2010.

5.3 Shopping Center Expenses

Better margins with lower expenses

The modest growth of 2.6% in expenses related to shopping centers

reached R$15.4 million in 3Q11 when compared to 3Q10. This slight

increase in shopping center expenses resulted from lower marketing

expenses.

In the same period, shopping center net revenue (net revenue without real

estate for sale revenue) and inflation measured by IPCA index increased

16.5% and 7.1%, respectively.

The combination of these events reduced shopping center expenses as

percentage of net revenue to 9.9% in 3Q11 down from 11.2% in 3Q10.

Shopping center expenses evolution (R$) and aspercentage (%) of net revenue

(not including real estate revenue and taxes)

9.6%

15.1% 16.0%18.7%

IGP-DIAdjustment

effect

Same AreaRent

Same StoreRent

RentalRevenue

2.6% 3.6% 3.9%4.6% 5.6%

6.7% 8.6%

10.7% 11.1% 10.0%

7.3%

2.9%0.2% -0.3% 0.6%

4.0%7.3%

8.8% 9.6%6.5%

6.6% 6.4% 4.2% 2.1%2.2%

2.8%

2.9% 1.9% 3.6%

0.8%

3.4%

3.7% 4.8%6.0%

7.7%2.8%

4.9%

5.8%

9.4% 10.4%10.6% 9.0%7.7%

9.0%

11.6%

13.9%13.2%14.0%

8.1%

6.5%

3.9%4.4%

6.6%

12.0%

10.3%

14.1%

16.0%

-1.0%

4.0%

9.0%

14.0%

19.0%

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

IGP-DI Adjustment Effect Real SSR Srie3

15.0 M

19.3 M

15.4 M17.2 M

15.4 M

11.2%

12.5%

10.6%

11.4%

9.9%

3Q10 4Q10 1Q11 2Q11 3Q11

+2.6%

1

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3Q11MULT3

5.4 Net Operating Income NOI

NOI + Key money up 17.1% and margin increases 131bps

Multiplan recorded a Net Operating Income

(NOI) + Key Money of R$131.6 million in3Q11, 17.1% higher than in 3Q10. The

stronger operational performance (rental,

parking and key money revenues),

compared to a much smaller increase of

shopping center expenses resulted in a gain

of 131 b.p. margin gain, reaching 89.5% in

3Q11, up from 88.2% in 3Q10. In 9M11, the

NOI + Key Money reached a margin of

88.9% and R$383.3 million, a growth of

16.4% over 9M10.

NOI + Key money evolutionand NOI + Key money margin

NOI Calculation (R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Rental revenue 111,301 93,765 18.7% 325,202 278,039 17.0%Straight line effect 6,049 8,319 27.3% 19,806 23,762 16.6%Parking revenue 19,775 16,825 17.5% 57,374 48,325 18.7%Operational revenue 137,125 118,909 15.3% 402,383 350,126 14.9%Shopping expenses (15,377) (14,989) 2.6% (48,054) (46,570) 3.2%NOI 121,748 103,921 17.2% 354,329 303,556 16.7%

NOI margin 88.8% 87.4% 139 b.p 88.1% 86.7% 136 b.p

Key money 9,802 8,383 16.9% 29,009 25,913 12.0%NOI + key money 131,550 112,304 17.1% 383,339 329,469 16.4%

NOI + key money margin 89.5% 88.2% 131 b.p 88.9% 87.6% 125 b.p

112.3 M

131.6 M

88.2%

89.5%

3Q10 3Q11

+17.1% 329.4 M

383.3 M

87.6%

88.9%

9M10 9M11

16.4%

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3Q11MULT3

6. Shopping Center Management Results

6.1 Services Revenue

Services revenue increased 28.9% in 3Q11

Services revenue - composed mainly by management, brokerage and transfer

fees - increased 28.9% in 3Q11, when compared to 3Q10. This increase is the

result of higher brokerage and transfer fee revenues, mainly due to tenant mix

changes in BarraShopping, MorumbiShopping, Shopping AnliaFranco and

Shopping Vila Olmpia. In 3Q11, the Company presented services revenue

12.8% higher than general and administrative expenses.

For the nine-month period ended on September 30, 2011, services revenue

increased 18.3% when compared to the same period of the previous year.

Services revenue as a percentage of gross revenues increased from 11.6% in

9M10 to 12.1% in 9M11.

6.2 General and Administrative Expenses (Headquarters)

430 bps reduction in G&A/Net revenues ratio, dropping from 16.9% to 12.6%

The Company continued to benefit from the efforts to reduce its G&A as a

percentage of net revenue, with a combination of revenues growth and G&A

expenses reduction. In this 3Q11, net revenues went up 13.1% while general

and administrative (G&A) expenses decreased 15.3%, resulting in a

reduction of the G&A/Net revenues ratio from 16.9% in 3Q10 down to 12.6%

in 3Q11.

G&A expenses decreased in 3Q11 mainly due to a reduction in non-recurring

events, down from R$6.0 million in 3Q10 to R$1.1 million in 3Q11.

Excluding the impact of these non-recurring events and, for analysis purposes only, G&A would have increased 6.2% in 3Q11

when compared to 3Q10, below the inflation of 7.1% as measured by the Brazilian CPI (IPCA) for the period.

Services revenue evolution (R$000)

Services revenue vs. G&A expenses (R$000)

G&A expenses (R$000) andG&A/Net revenues (%) evolution

(+) =

3Q10/3Q11 Recurring G&A evolution (R$000)and Recurring G&A/net revenues (%)

3Q10/3Q11Non-recurring items (R$000)

3Q10/3Q11 G&A evolution (R$000)and G&A/net revenues (%)

18,347 18,79319,068

21,344

23,644

3Q10 4Q10 1Q11 2Q11 3Q11

+28.9%

18,347 18,793 19,068

21,34423,644

24,74422,962 21,626

20,071 20,955

3Q10 4Q10 1Q11 2Q11 3Q11

Service revenues Headquarters expenses

24,744

22,962

21,626

20,07120,955

16.9%

12.9%13.7%

12.6% 12.6%

3Q10 4Q10 1Q11 2Q11 3Q11

-15.3%

18,71719,881

12.8%12.0%

3Q10 3Q11

+6.2%

6,027

1,074

3Q10 3Q11

24,744

20,95516.9%

12.6%

3Q10 3Q11

-15.3%

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3Q11MULT3

7. Shopping Center Development Results

7.1 Deferred Income Line & Signed Key Money

30.6% increase in Deferred Income line year-on-year

The Company continues to lease space and recorded 70 newcontracts signed in 3Q11, representing 10,266 m of GLA and

R$12.1 million in signed Key Money contracts, coming mainly

from new areas under development. As a result, the deferred

income line increased 30.6% in September 2011, compared to

September 2010, and reached R$207.1 million.

The deferred income balance will be accrued as Key Money

revenue in a straight line and throughout the leasing term.

7.2 Key Money Revenue

Key Money Revenue (R$ 000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Operational (Recurring) 2,210 1,472 50.1% 6,386 6,037 5.8%

Projects opened in the last 5 years 7,592 6,912 9.8% 22,623 19,876 13.8%

Key Money Revenue 9,802 8,384 16.9% 29,009 25,913 11.9%

Key Money revenues in 3Q11 increased 16.9%, benefiting mainly from (i) the expansions of ParkShoppingBarigi and BH

Shopping opened in the second-half of 2010, and (ii) recurring key money revenues mainly from store turnover in

BarraShopping and MorumbiShopping. Key Money revenues are composed of (i) recurring or operational revenue, from Key

Money accrued from shopping centers with more than five years in operation, and reflects the Companys effort to improve

tenant mix in its malls, and (ii) non-recurring revenue, from Key Money of leasing contracts for stores in greenfields and

expansions delivered in the last five years.

Deferred income evolution (R$)

The deferred income line (Key money) increases whennew lease contracts are signed.

The deferred income line (Key money) decreases as it isaccrued as key money revenues in a straight linethroughout the term of the lease contract (or when atenant leaves before its key money revenue accrual).

81.2M

96.4M110.2M

110.5M

121.5M

126.3M

138.8M141.2M

137.1M

132.M136.7M

150.M

158.5M

183.7M

189.6M

204.6M

207.1MDelivery

ofprojects

Newprojectslaunched

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3Q11MULT3

7.3 New Projects for Lease Expenses

80.7% drop in New Projects for Lease expenses in 3Q11

In the third quarter 2011, new projects for lease expenses dropped 80.7% when compared to 3Q10, from R$13.1 million in

3Q10 to R$2.5 million in 3Q11.

For the nine-month-period ended September 2011, new projects for lease expenses reached R$9.3 million, of which (i) R$8.3

million refer to the Companys 2011 expected expenses for announced projects, and (ii) R$1.0 million coming from new projects

announced during this year. Please note that Companys 2011 expected expenses mentioned in the 4Q10 Earnings Release

are related to projects already announced at that time, and may change, when and if, other new projects come forward.

As mentioned before, in most cases, these expenses are mainly incurred in the launching and the opening phases of the

projects and are an important tool to implement the Companys strategy to attract the best tenants to form the best mix for each

mall.

In 3Q11, projects contracted Key Money reached R$12.1 million, 4.8 times higher than new projects for lease expenses in the

same quarter.

New Projects for Lease Expenses (R$000) Projects Signed Key Money vs.New Projects For Lease Expenses (R$000)

13,145

8,882

3,445 3,296 2,537

3Q10 4Q10 1Q11 2Q11 3Q11

-80.7%

2,537

12,101

New Projects for LeaseExpenses - 3Q11

Projects Signed KeyMoney - 3Q11

4.8 x

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8. Real Estate for Sale Results

8.1 Real Estate for Sale Revenues and Cost of Properties Sold

Real Estate for Sale Revenue

In 3Q11, Multiplan recorded real estate for sale revenues of R$10.5 million, according to the percentage of completion method

PoC, for the Cristal Tower and Centro Profissional RibeiroShopping projects.

Cost of Properties Sold

During the same period, the Company recorded cost of properties sold of R$9.9 million, according to the development of

construction works.

New Projects for Sale Expenses

More recently, Multiplan announced the launching of two new real estate for sale projects in its BarraShoppingSul Complex, in

Porto Alegre, state of Rio Grande do Sul. These projects, together with feasibility studies and legal expenses from projects not

yet announced, pushed new projects for sale expenses up to R$4.5 million in 3Q11 from R$0.8 million in 3Q10.

For the nine-month-period ended September 2011, new projects for sale expenses reached R$6.9 million, of which (i) R$3.3

million refer to the Companys 2011 expected expenses for announced projects, and (ii) R$3.6 million coming from new projects

announced during this year.

.

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3Q11MULT3

9. Financial Results

9.1 EBITDA

3Q11 Shopping Center EBITDA grew 73.7% and reached a 74.4% margin

In 3Q11, Multiplan recorded a 73.7% Shopping Center EBITDA growth (excluding real estate for sale), while its shopping center

net revenues increased 16.5% in the same period. As a result of lower expenses, Shopping Center EBITDA margin increased

an impressive 2,451 bps, from 49.9% in 3Q10 to 74.4% in 3Q11. This performance improvement was mainly due to reductions

in G&A and new projects for lease expenses.

For illustration purposes only, if excluding new projects for lease expenses from Shopping Center EBITDA calculation, margin

increases to 76.1% in 3Q11, 1,632 bps higher than in 3Q10.

Shopping Center EBITDA (R$'000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

SC Gross Revenue 171,303 146,231 17.1% 496,901 432,312 14.9%

Taxes and contributions on sales and services (15,225) (12,285) 23.9% (44,412) (38,209) 16.2%Net Revenue 156,078 133,946 16.5% 452,489 394,103 14.8%


Stock-option-based remuneration expenses (2,040) (1,382) 47.6% (5,549) (3,926) 41.3%

Shopping centers expenses (15,378) (14,990) 2.6% (48,054) (46,571) 3.2%




SC EBITDA Margin 74.4% 49.9% 2,451 b.p 73.1% 58.8% 1,422 b.p

(+) New projects for lease expenses 2,537 13,145 80.7% 9,278 30,192 69.3%

SC EBITDA before New Projects Expenses 118,725 80,029 48.4% 339,848 262,069 29.7%

SC EBITDA before New Projects Expenses Margin 76.1% 59.7% 1,632 b.p 75.1% 66.5% 861 b.p

(1) Shopping Center Gross Revenue: does not consider real estate for sale revenues.(2) Shopping Center EBITDA: does not consider revenues, taxes on sales, costs, and new projects for sale expenses from real estate activity.(3) Shopping Center EBITDAbefore New Projects for Lease Expenses: the same methodology of Shopping Center EBITDA adding back new projects for lease

expenses, as the expenses refers to shopping centers still not in operations.

3Q11 Consolidated EBITDA, Shopping Center EBITDA, andShopping Center EBITDA before New Projects for Lease

Expenses (R$000) and Margins (%)

9M11 Consolidated EBITDA, Shopping Center EBITDA, andShopping Center EBITDA before New Projects for Lease

Expenses (R$000) and Margins (%)

111,560

116,188

118,725

67.3%

74.4%

76.1%

ConsolidatedEBITDA 3Q11

Shopping CenterEBITDA

Shopping CenterEBITDA before NewProjects for Lease

Expenses

+ 710 p.b

+ 872 p.b

+ 163 p.b

321,550

330,570

339,848

66.7%

73.1%

75.1%

ConsolidatedEBITDA 9M11

Shopping CenterEBITDA

Shopping CenterEBITDA before NewProjects for Lease

Expenses

+ 637 p.b

+ 842 p.b

+ 205 p.b

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3Q11MULT3

Consolidated EBITDA up 52.8% in 3Q11 to R$111.6 million

Consolidated EBITDA margin reached 67.3% in 3Q11, 1,751 bps higher than in 3Q10. The Companys Consolidated EBITDA

margin reflects the lower margins of the real estate for sale activity, when compared to projects for lease.

Consolidated EBITDA (R$'000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Net Revenue 165,658 146,512 13.1% 482,153 425,987 13.2%





New projects for sale expenses (4,497) (795) 465.7% (6,973) (1,566) 345.3%


Equity pickup 141 1,777 92.1% 1,523 (3,174) na

Others 1,020 (12,801) na 3,614 (11,401) na

Consolidated EBITDA 111,560 73,012 52.8% 321,550 239,224 34.4%

Consolidated EBITDA Margin 67.3% 49.8% 1,751 b.p 66.7% 56.2% 1,053 b.p

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3Q11MULT3

9.2 Financial Results, Debt and Cash

Indebtedness Breakdown (R$000) Sept. 30, 2011 June 30, 2011 Chg. %

Short Term Debt 89,981 86,990 3.4%

Loans and financing 51,089 46,629 9.6%

Obligations from acquisition of goods 38,892 40,361 3.6%

Long Term Debt 505,571 431,382 17.2%

Loans and financing 402,622 320,036 25.8%

Obligations from acquisition of goods 102,949 111,346 7.5%

Gross Debt 595,552 518,372 14.9%

Cash 532,860 559,467 4.8%

Net Debt (Cash Position) 62,692 (41,095) na

Multiplan ended 3Q11 with a net debt of R$62.7 million, compared to a net cash position of R$41.1 million in the previous

quarter. In 3Q11, proceeds from the invested cash position generated a positive financial result of R$8.8 million, after financial

expenses.

The 3Q11 cash position was impacted mainly by cash outflows of (i) CAPEX, which amounted to R$198.0 million in the period,

and (ii) payment of R$23.2 million in short term debt; which were offset by (iii) new funds from bank debt of R$100.4 million,

divided into R$40.4 million for the development of Jundia Shopping, R$39.4 million for VillageMall and R$20.6 million for

ParkShoppingSoCaetano.

The R$103.8 million decrease in cash position contributed to change the net debt-to-EBITDA (last 12 months) ratio from a

negative (-0.1x) in 2Q11 to a positive 0.1x in 3Q11. Gross debt-to-EBITDA (last 12 months) remains essentially unchanged, at

1.4x in 3Q11. As the Company cashes its loans and financing to face its planned investments, its gross debt should increase.

Multiplans debt amortization schedule on September 30th, 2011 (R$ million)

Financially prepared for growth: R$1.2 billion already contracted, of which R$600.5 million

yet to be drawn

Multiplans current cash position, future cash generation, and loans and financing already

contracted should sustain its planned funding requirements.

On September 30th, 2011, the Company presented a gross debt of R$595.6 million, and,

additionally, R$600.5 million to be drawn, composed by (i) R$300.5 millionin already signed

financing contracts not yet drawn, and (ii) a new R$300.0 million debenture issuance. The

Company continues to analyze funding alternatives to face its development pipeline.

11.0

55.0

69.6 69.762.7

50.741.0

94.1

11.3

36.831.9

12.9

47.1

1.9

4Q11 2012 2013 2014 2015 2016 2017 >=2018

Loans and financing (banks)

Obligations f rom acquisition of goods (land and minority interest)

Multiplan Funding Breakdown on

September 30th, 2011 (R$)

Drawn595.6M

Loans andfinancing to be

drawn300.5M

Debentures tobe drawn

300.0M

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3Q11MULT3

R$300 million five-year debenture issued at CDI +1.01% per annum

In October 2011, Multiplan completed the issuance of 30,000 non-convertible debentures equivalent to R$300 million. Although

the distribution was on a firm basis at CDI plus a spread of 1.15% p.a., it was issued at a rate of CDI + 1.01% p.a. after the

bookbuilding process. The issuance process followed the terms of Instruction CVM No. 476.

R$99.8 million in new funding contract signed with BNDES to fund the construction of ParkShoppingCampoGrande

In October 2011, the Company signed a R$99.8 million 7-year financing contract with the Brazilian Development Bank (BNDES)

to fund the construction of ParkShoppingCampoGrande. The funding is composed of four sub-credit lines, divided as follows (i)

R$77.5 million with an annual cost equivalent to TJLP +3.32% p.a., (ii) R$19.4 million with an annual cost based on the average

return of NTN-B (National Treasury Notes Series B), applicable to the average amortization term of this sub-credit, +2.32% p.a.,

(iii) R$1.0 million with an annual cost of TJLP, and (iv) R$1.9 million with an annual cost of TJLP +1.42% p.a..

Extending duration and reducing the cost of funding

Multiplan once again was successful in reducing its cost of funding in 3Q11. TheCompanys weighted average cost of funding decreased to 11.18% p.a. on September

30th, 2011, 82 bps lower than the basic interest rate of 12.00% per annum set by

COPOM (The Central Bank's Monetary Policy Committee), as of September 30 th, 2011.

The TR indexed debt increased its stake to 65% in the Companys total indebtedness.

Based on a last twelve months accumulated TR index of 1.22% p.a., the TR linked debt

presented an annual cost of 10.93% in 3Q11.Multiplan debt indices on

September 30th, 2011

Indebtedness interest indices on September 30th

, 2011

Index Performance(last 12 months)

AverageInterest Rate

Cost ofDebt

Debt(R$ 000)

TJLP 6.00% 3.77% 9.77% 60,380IPCA 7.30% 7.07% 14.37% 50,724TR 1.22% 9.71% 10.93% 384,101CDI+ 12.00% 1.32% 13.32% 7,949IGP-M 7.45% 3.84% 11.29% 91,632Fixed 0.00% 4.50% 4.50% 497Others 0.00% - 0.00% 269Total 3.32% 7.86% 11.18% 595,552

Index performance for the last 12 months.

Annual interest rate weighted average.

TJLP10%

IPCA9%

TR65%

CDI1%

IGP-M15%

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3Q11MULT3

9.3 Net Income and Funds From Operations (FFO)

Net income of R$190 million in 9M11, up 30.1%

Net Income increased 40.8% in 3Q11 to R$65.3 million, up from R$46.4 million in 3Q10, in spite of a 42.6% decrease in

financial results and a 40.7% increase in depreciation and amortization expenses, when compared to the same period of the

previous year. Net margin reached 39.4% in 3Q11 and, as a result of efficiency gains together with dilution of expenses, posted

a 776.0 bps improvement over 3Q10. In 9M11, net income recorded R$190.1 million, a 30.1% increase when compared to

9M10.

Net Income & FFO Calculation (R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Net revenue 165,658 146,512 13.1% 482,153 425,987 13.2%Operational costs (54,098) (73,500) 26.4% (160,603) (186,763) 14.0%Financial result 8,813 15,359 42.6% 27,984 34,929 19.9%Depreciation and amortization (15,134) (10,755) 40.7% (44,392) (31,750) 39.8%Income tax and social contribution (17,313) (1,676) 933.0% (57,867) (4,590) 1,160.7%Minority interest (3,329) (2,585) 28.8% (8,069) (7,369) 9.5%Adjusted Net Income 84,597 73,355 15.3% 239,206 230,444 3.8%Deferred income and social contribution taxes (19,329) (27,001) 28.4% (49,144) (84,409) 41.8%Net Income 65,268 46,354 40.8% 190,062 146,035 30.1%Depreciation and amortization 15,134 10,755 40.7% 44,392 31,750 39.8%Deferred income and social contribution taxes 19,329 27,001 28.4% 49,144 84,409 41.8%FFO 99,731 84,110 18.6% 283,598 262,194 8.2%

Adjusted Net Income reached R$84.6 million, while Funds From Operations (FFO) reached R$99.7 million, representing

increases of 15.3% and 18.6%, respectively in 3Q11, when compared to 3Q10.

Please note that the deferred income and social contribution taxes are added to the adjusted net income and FFO as it does not

represent a cash event.

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10. Portfolio

Portfolio State Multiplan % Total GLA Rent 3Q11(month)

Sales 3Q11(month)

3Q11 Avg.Occupancy Rate

Operating SCs

BHShopping MG 80.0%47,520 m

129 R$/m 1,550 R$/m 99.7%

RibeiroShopping SP 76.2% 46,805 m 67 R$/m 870 R$/m 99.0%

BarraShopping RJ 51.1% 69,585 m 165 R$/m 1,910 R$/m 99.5%

MorumbiShopping SP 65.8% 55,085 m 180 R$/m 1,835 R$/m 99.8%

ParkShopping DF 59.6% 51,526 m 100 R$/m 1,311 R$/m 98.6%

DiamondMall MG 90.0% 21,386 m 129 R$/m 1,723 R$/m 99.6%

New York City Center RJ 50.0% 22,271 m 45 R$/m 732 R$/m 99.9%

Shopping AnliaFranco SP 30.0% 50,429 m 106 R$/m 1,282 R$/m 98.1%

ParkShoppingBarigi PR 84.0% 49,935 m 74 R$/m 1,135 R$/m 99.2%

Ptio Savassi MG 96.5% 17,253 m 100 R$/m 1,455 R$/m 99.7%

Shopping Santarsula SP 62.5% 23,334 m 29 R$/m 506 R$/m 93.3%

BarraShoppingSul RS 100.0% 68,431 m 61 R$/m 937 R$/m 98.5%

Shopping VilaOlmpia SP 30.0% 28,201 m 90 R$/m 953 R$/m 84.3%

Sub-Total Operating SCs 67.4% 551,759 m 103 R$/m 1,313 R$/m 98.1%SCs under Development

ParkShoppingSoCaetano SP 100.0% 38,660 m - - -JundiaShopping SP 100.0% 35,754 m - - -Village Mall RJ 100.0% 23,583 m - - -ParkShoppingCampoGrande1 RJ 90.0% 42,016 m - - -Parque Shopping Macei AL 50.0% 36,092 m - - -

Sub-Total SCs under Development 87.4% 176,106 m

Office Towers for Lease under Development

Morumbi Business Center SP 100.0% 10,635 m - - -ParkShopping Corporate DF 50.0% 13,360 m - - -Morumbi Corporate SP 100.0% 74,198 m - - -Sub-Total Office T. for Lease under Develop. 93.2% 98,193 m

Portfolio Total 74.7% 826,058 m 103 R$/m 1,233 R$/m 98.1%

Multiplan is responsible for 100% of the CAPEX Rent/m/month divides rental revenue by the occupied owned GLA Sales/m/month divides total sales by the area composed by stores which report monthly sales (approximately 90% of the total GLA)

So Paulo (SP)

Rio de Janeiro (RJ)

Porto Alegre (RS)

Curitiba (PR)

Jundia (SP)

Ribeiro Preto (SP)

Belo Horizonte (MG)

Braslia (DF)

So Caetano (SP)

Macei (AL)

Morumbi Business Center

Morumbi Corporate

ParkShopping Corporate

BarraShopping

NewYork City Center

Village Mall

ParkShopping Campo Grande

Shopping Anlia Franco

MorumbiShopping

Shopping Vila Olmpia

ShoppingMacei

Ptio Savassi

DiamondMall

BH Shopping

ParkShopping

Shopping Santa rsula

RibeiroShopping

BarraShoppingSul

ParkShopping Barigi

JundiaShopping

ParkShopping So Caetano

Office Towers for leaseunderde velopment

Shopping Center underdevelopment

Shopping Center in ope ration

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11. Ownership Structure

Multiplans ownership structure is detailed in the chart below. From a total of 179,197,214 shares issued, 167,338,867 are

common voting shares and 11,858,347 are preferred shares.

The interest that Multiplan has in the following Special Purpose Companies (SPC) is as follows:

MPH Empreendi. Imobilirio Ltda.: Company owning a 71.5% interest in Shopping Vila Olmpia. Multiplan has a 42.0%

interest in MPH which brings it to a 30.0% interest of the total capital of Shopping Vila Olmpia.

Manati Empreendimentos e Participaes S.A.: has 75% interest in Shopping Santa rsula, in Ribeiro Preto, SP, in which

Multiplan has a 50/50 partnership.

Parque Shopping Macei S.A.: the SPC for Shopping Macei, in which Multiplans interest is of 50%.Danville SP Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Ribeiro Preto.

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

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

Ribeiro Preto.

Multiplan Greenfield I Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Porto

Alegre.

BarraSul Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of Porto Alegre.

Morumbi Business Center Empreendimento Imobilirio Ltda.: SPC established for real estate developments in the city of

So Paulo.

100.00%

100.00%

OntarioTeachersPension Plan

24.07% ON100.00% PN

29.10% Total

100.00%

Multiplan Planejamento,Participaes e

Administrao S.A.

22.25%

77.75%

33.33% ON31.12%Total

98.00%41.96%

Jose Isaac Peres

Maria HelenaKaminitz Peres

1.00%

99.00%MultiplanAdministradora de

Shopping Centers Ltda.

EmbraplanEmpresa Brasileira

de Planejamento Ltda.

Renasce -Rede Nacional de

Shopping Centers Ltda.

Free Float

41.53% ON38.78% Total

Danville SP EmpreendimentoImobilirio Ltda

Multiplan Holding S.A.

SCP Royal GreenPennsula

MPHEmpreend. Imobilirio Ltda.

0.06% ON0.06% Total

0.29% ON0.27% Total

2.00%

100.00%

99.61%

99.99%99.99%

50.00%

Manati Empreendimentos eParticipaes S.A.

50.00%

Parque Shopping Macei S.A.

Treasury

0.72% ON0.67% Total

1700480Ontario Inc.

Shopping Centers %

BarraShopping 51.07%BarraShoppingSul 100.0%BH Shopping 80.00%DiamondMall 90.00%MorumbiShopping 65.78%Ne w York City Ce nter 50.00%ParkShopping 59.63%ParkShoppingBa rigi 84.00%Ptio Savassi 96.50%RibeiroShopping 76.17%Shopp ingAnl iaFranco 30.00%Shopping Vila O lmpia 30.00%Shopping Santa rsula 62.50%Shopping Macei 50.00%ParkShopping SoCaetano 100.0%Jundia Shopping 100.0%

VillageMall 100.0%ParkShopping Campo Grande 90.00%

Under development

Ptio Savassi Administraode Shopping Center Ltda.

CAA -Corretagem eConsultoria

Publicitria Ltda.

CAA - CorretagemImobiliria Ltda.

99.00%

Ribeiro ResidencialEmpreendimento Imobilirio Ltda

99.99%

Multiplan Greenfield I

Empreendimento Imobilirio Ltda.

99.99%

BarraSulEmpreendimento Imobilirio Ltda.

99.99%

71.50%

75.00%

100.00%

Morumbi Business CenterEmpreendimento Imobilirio Ltda.

99.99%

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12. MULT3 Indicators & Stock Market

Multiplans stock (MULT3 at BM&FBOVESPA: MULT3 BZ at Bloomberg) ended the third quarter of 2011 quoted at

R$34.85/share, a decrease of 2.9% when compared to the end of 3Q10. During the same period, the main index of the So

Paulo stock exchange, Ibovespa, recorded a 24.6% decrease.

Spread analysisand volume: MULT3 and Ibovespa Index

Base 100 = September 30th, 2010

As of the end of the third quarter of 2011, 31.4% of the

Companys shares were owned directly and indirectly by

Mr. and Mrs. Peres. Ontario Teachers Pension Plan

(OTPP) owned 29.1% and the free-float was equivalent

to 38.8%. Total shares issued are 179,197,214.

Shareholders capital stock breakdown on September 30th, 2011

(*) OTPP Ontario Teachers Pension Plan

MTP+Peres31.4%

Free Float

38.8%

Adm+Treasury0.7%

Common Stocks22.5%

Preferred Sto ck6.6%

OTPP*29,1%

MULT3 at BM&FBOVESPA 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Average Closing PriceR$ 32.96 R$ 33.27 -0.92% R$ 33.51 R$ 31.61 6.01%Closing Price R$ 34.85 R$ 35.90 -2.92% R$ 34.85 R$ 35.90 -2.92%

Average Daily Traded Volume R$ 9.7 M R$ 8.7 M 11.32% R$ 9.0 M R$ 9.5 M -5.19%

Average Market Cap R$ 5.9 M R$ 6.0 M -0.92% R$ 6.0 M R$ 5.7 M 6.01%

0

5

10

15

20

25

6570

75

80

8590

95

100105

110

115

30-set 31-out 30-nov 31-dez 31-jan 28-fev 31-mar 30-abr 31-mai 30-jun 31-jul 31-ago 30-set

Traded Value (15 day average) Multiplan Ibovespa R$ MillionBps

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3Q11MULT3

13. Appendices

Operational and Financial Highlights

Performance (R$ '000)

Financial (MTE %) 3Q11 3Q10 Chg.% 9M11 9M10 Chg.%

Gross Revenue R$ 181,818 R$ 159,948 13.7% R$ 529,476 R$ 467,286 13.3%

Net Revenue R$ 165,658 R$ 146,510 13.1% R$ 482,153 R$ 425,986 13.2%

Net Revenue R$/m 464 R$/m 432 R$/m 7.4% 1,350 R$/m 1,268 R$/m 6.5%

Net Revenue USD/sq. foot 23 US$/sqf 24 US$/sqf 3.6% 67 US$/sqf 70 US$/sqf 4.4%

Rental Revenue (with Straight Line Effect) R$ 117,351 R$ 102,084 15.0% R$ 345,009 R$ 301,801 14.3%

Rental Revenue R$/m 328 R$/m 301 R$/m 9.2% 1,027 R$/m 898 R$/m 14.3%

Rental Revenue USD/sq. foot 16.2 US$/sqf 16.6 US$/sqf 2.0% 47.7 US$/sqf 49.4 US$/sqf 3.4%

Monthly Rental Revenue R$/m 109 R$/m 100 R$/m 9.2% 114 R$/m 100 R$/m 14.3%

Monthly Rental Revenue USD/sq. foot 5.4 US$/sqf 5.5 US$/sqf 2.0% 5.3 US$/sqf 5.5 US$/sqf 3.4%

Net Operating Income (NOI) R$ 121,749 R$ 103,921 17.2% R$ 354,329 R$ 303,556 16.7%

Net Operating Income R$/m 341 R$/m 306 R$/m 11.2% 992 R$/m 903 R$/m 9.8%

Net Operating Income USD/sq. foot 16.8 US$/sqf 16.9 US$/sqf 0.1% 49.0 US$/sqf 49.7 US$/sqf 1.4%

Net Operating Income Margin 88.8% 87.4% 139 b.p 88.1% 86.7% 136 b.p

NOI per Share R$ 0.68 R$ 0.58 17.2% R$ 1.98 R$ 1.69 16.7%

Headquarter Expenses R$ 20,955 R$ 24,743 15.3% R$ 62,652 R$ 70,136 10.7%

Headquarter Expenses / Net Revenues 12.6% 16.9% 424 b.p 13.0% 16.5% 347 b.p

EBITDA R$ 111,562 R$ 73,010 52.8% R$ 321,550 R$ 239,224 34.4%

EBITDA R$/m 312 R$/m 215 R$/m 45.1% 900 R$/m 712 R$/m 26.4%

EBITDA USD/sq. foot 15.4 US$/sqf 11.8 US$/sqf 30.3% 44.5 US$/sqf 39.2 US$/sqf 13.5%

EBITDA Margin 67.3% 49.8% 1751 b.p 66.7% 56.2% 1053 b.p

EBITDA per Share R$ 0.62 R$ 0.41 52.8% R$ 1.79 R$ 1.33 34.4%

Adjusted Net Income R$ 84,598 R$ 73,354 15.3% R$ 239,206 R$ 230,444 3.8%

Adjusted Net Income R$/m 237 R$/m 216 R$/m 9.5% 670 R$/m 686 R$/m 2.4%

Adjusted Net Income USD/sq. foot 11.7 US$/sqf 11.9 US$/sqf 1.7% 33.1 US$/sqf 37.8 US$/sqf 12.3%

Adjusted Net Income Margin 51.1% 50.1% 100 b.p 49.6% 54.1% 448 b.p

Adjusted Net Income per Share R$ 0.47 R$ 0.41 15.3% R$ 1.33 R$ 1.29 3.8%

FFO R$ 99,733 R$ 84,110 18.6% R$ 283,598 R$ 262,196 8.2%

FFO R$/m 279 R$/m 248 R$/m 12.6% 794 R$/m 780 R$/m 1.7%

FFO US$ US$ 53,072 US$ 49,840 6.5% US$ 150,914 US$ 155,366 2.9%

FFO USD/sq. foot 13.8 US$/sqf 13.6 US$/sqf 1.1% 39.2 US$/sqf 43.0 US$/sqf 8.6%

FFO Margin 60.2% 52.6% 762 b.p 58.8% 56.1% 271 b.p

FFO per Share R$ 0.56 R$ 0.47 18.6% R$ 1.58 R$ 1.46 8.2%

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Operational and Financial Highlights


Market Performance 3Q11 3Q10 Chg.% 9M11 9M10 Chg.%

Number of Shares 179,197,214 179,197,214 0.0% 179,197,214 179,197,214 0.0%

Common Shares 167,338,867 167,338,867 0.0% 167,338,867 167,338,867 0.0%

Preferred Shares 11,858,347 11,858,347 0.0% 11,858,347 11,858,347 0.0%

Avg. Share Price R$ 32.96 R$ 33.27 0.9% R$ 33.51 R$ 31.61 6.0%

Final Share Price R$ 34.85 R$ 35.90 2.9% R$ 34.85 R$ 35.90 2.9%

Average Daily Traded Volume (R$ '000) 9,669,080 8,685,857 11.3% 8,967,410 9,458,091 5.2%

Market Cap (R$ '000) 6,245,023 6,433,180 2.9% 6,245,023 6,433,180 2.9%

Dollar (USD) end of Quarter R$ 1.88 R$ 1.69 11.4% R$ 1.88 R$ 1.69 11.4%

Gross Debt (R$ '000) R$ 595,552 R$ 533,155 11.7% R$ 595,552 R$ 533,155 11.7%

Cash (R$ '000) R$ 532,860 R$ 840,118 36.6% R$ 532,860 R$ 840,118 36.6%

Net Debt (R$ '000) 62,692 (306,963) N.A. 62,692 (306,963) N.A.

P/FFO (Last 12 months) 16.0 x 18.2 x 11.8% 16.0 x 18.2 x 11.8%

EV/EBITDA (Last 12 months) 14.6 x 18.4 x 20.6% 14.6 x 18.4 x 20.6%

Net Debt/EBITDA (Last 12 months) 0.14 x (0.92) x N.A. 0.14 x (0.92) x N.A.


Operational (100%) 3Q11 3Q10 Chg.% 9M11 9M10 Chg.%

Final Total GLA 551,759 m 544,703 m 1.3% 551,759 m 544,703 m 1.3%

Final Owned GLA 371,730 m 359,921 m 3.3% 371,730 m 359,921 m 3.3%

Owned GLA % 67.4% 66.1% 130 b.p 67.4% 66.1% 130 b.p

Adjusted Total GLA (avg.) 537,359 m 522,663 m 2.8% 537,174 m 518,601 m 3.6%Adjusted Owned GLA (avg.) 357,330 m 339,308 m 5.3% 357,220 m 335,996 m 6.3%

Total Sales R$ 1,950,693 R$ 1,744,895 11.8% R$ 5,703,835 R$ 5,045,080 13.1%

Total Sales R$/m 3,630 R$/m 3,338 R$/m 8.7% 10,618 R$/m 9,728 R$/m 9.1%

Total Sales USD/sq. foot 179.5 US$/sqf 183.8 US$/sqf 2.3% 524.9 US$/sqf 535.5 US$/sqf 2.0%

Same Store Sales R$/m 7.5% 13.7% 620 b.p 7.9% 13.0% 510 b.p

Same Area Sales R$/m 7.7% 15.1% 740 b.p 8.3% 14.9% 660 b.p

Same Store Rent R$/m 16.0% 6.6% 940 b.p 14.1% 4.9% 920 b.p

Same Area Rent R$/m 15.1% 5.9% 920 b.p 12.6% 4.5% 810 b.p

Occupancy Costs 13.1% 12.7% 40 b.p 13.2% 13.3% 10 b.p

Rent as Sales % 7.8% 7.3% 50 b.p 7.8% 7.5% 30 b.pOthers as Sales % 5.3% 5.4% 10 b.p 5.4% 5.8% 40 b.p

Turnover 0.6% 1.1% 50 b.p 0.5% 3.3% 280 b.p

Occupancy Rate 98.1% 98.4% 30 b.p 98.2% 98.4% 20 b.p

Delinquency (25 days delay) 0.9% 1.6% 70 b.p 0.9% 1.5% 60 b.p

Rent Loss 2.4% 1.1% 130 b.p 1.3% 0.8% 50 b.p

Adjusted GLA corresponds to the periods average GLA excluding 14,400 m of BIG supermarket at BarraShoppingSul

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Consolidated Financial Statements (R$000)(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

Rental revenue 111,301 93,765 18.7% 325,202 278,039 17.0%

Services revenue 23,644 18,347 28.9% 64,056 54,133 18.3%

Key money revenue 9,802 8,384 16.9% 29,009 25,913 11.9%

Parking revenue 19,775 16,825 17.5% 57,374 48,325 18.7%

Real estate for sale revenue 10,515 13,719 23.4% 32,575 34,975 6.9%

Straight line effect 6,050 8,319 27.3% 19,807 23,762 16.6%

Other revenues 731 591 23.7% 1,453 2,140 32.1%

Gross Revenue 181,818 159,950 13.7% 529,476 467,287 13.3%

Taxes and contributions on sales and services (16,160) (13,438) 20.3% (47,323) (41,300) 14.6%

Net Revenue 165,658 146,512 13.1% 482,153 425,987 13.2%




New projects for lease expenses (2,537) (13,145) 80.7% (9,278) (30,192) 69.3%New projects for sale expenses (4,497) (795) 465.7% (6,973) (1,566) 345.3%


Equity pickup 141 1,777 92.1% 1,523 (3,174) na


EBITDA 111,560 73,012 52.8% 321,550 239,224 34.4%

Financial revenue 18,406 24,567 25.1% 65,112 66,908 2.7%

Financial expenses (9,593) (9,208) 4.2% (37,128) (31,979) 16.1%

Depreciation and amortization (15,134) (10,755) 40.7% (44,392) (31,750) 39.8%

Earnings Before Taxes 105,239 77,616 35.6% 305,142 242,403 25.9%

Income tax and social contribution (17,313) (1,676) 933.0% (57,867) (4,590) 1,160.7%

Deferred income and social contribution taxes (19,329) (27,001) 28.4% (49,144) (84,409) 41.8%

Minority interest (3,329) (2,585) 28.8% (8,069) (7,369) 9.5%

Net Income 65,268 46,354 40.8% 190,062 146,035 30.1%

(R$ '000) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %

NOI 121,748 103,919 17.2% 354,329 303,555 16.7%

NOI margin 88.8% 87.4% 139 b.p 88.1% 86.7% 136 b.p

NOI + Key Money 131,550 112,303 17.1% 383,338 329,468 16.4%

NOI + Key Money margin 89.5% 88.2% 131 b.p 88.9% 87.6% 125 b.p


Shopping Center EBITDA margin 74.4% 49.9% 2,451 b.p 73.1% 58.8% 1,422 b.pEBITDA (Shopping Center + Real Estate) 111,560 73,012 52.8% 321,550 239,224 34.4%

EBITDA margin 67.3% 49.8% 1,751 b.p 66.7% 56.2% 1,053 b.p

Net Income 65,268 46,354 40.8% 190,062 146,035 30.1%

Net Income margin 39.4% 31.6% 776 b.p 39.4% 34.3% 514 b.p

Adjusted Net Income 84,597 73,355 15.3% 239,206 230,444 3.8%

Adjusted Net Income margin 51.1% 50.1% 100 b.p 49.6% 54.1% 448 b.p

FFO 99,731 84,110 18.6% 283,598 262,194 8.2%

FFO margin 60.2% 57.4% 279 b.p 58.8% 61.5% 273 b.p

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Balance Sheet (R$000)

ASSETS 9/30/2011 6/30/2011 % Change

Current Assets

Cash and cash equivalents 532,860 559,467 4.8%Accounts receivable 179,108 168,683 6.2%

Sundry loans and advances 19,162 21,920 12.6%Recoverable taxes and contributions 66,444 40,472 64.2%Other 12,929 14,040 7.9%Total Current Assets 810,503 804,582 0.7%

Non Current Assets

Accounts receivable 36,767 37,044 0.7%Land and properties held for sale 77,060 71,004 8.5%Sundry loans and advances 10,038 9,396 6.8%Deposits in court 24,901 23,592 5.5%Other 85 86 1.2%

Investments 10,799 10,657 1.3%Investment properties 2,922,756 2,739,211 6.7%

Property and equipment 18,395 18,218 1.0%Intangible 318,218 319,100 0.3%Total Non Current Assets 3,419,019 3,228,308 5.9%

Total Assets 4,229,522 4,032,890 4.9%

LIABILITIES 9/30/2011 6/30/2011 % Change

Current Liabilities

Loans and financing 51,089 46,629 9.6%Accounts payable 104,117 88,380 17.8%Property acquisition obligations 38,892 40,361 3.6%Taxes and contributions payable 57,301 41,312 38.7%Deferred incomes 38,326 53,125 27.9%

Payables to related parties 450 325 38.5%Other 3,467 1,624 113.5%Total Current Liabilities 293,642 271,756 8.1%

Non Current Liabilities

Loans and financing 402,622 320,036 25.8%Deferred income and social contribution taxes 40,408 21,079 91.7%Property acquisition obligations 102,949 111,346 7.5%Taxes paid in installments 952 993 4.1%Provision for contingencies 21,338 21,425 0.4%Deferred incomes 168,766 151,454 11.4%Total Non Current Liabilities 737,035 626,333 17.7%

Shareholders' Equity

Capital 1,761,662 1,761,662 0.0%

Capital reserves 968,237 966,239 0.2%Profit reserve 405,958 340,062 19.4%Share issue costs (21,016) (21,016) 0.0%Shares in treasure department (40,340) (33,161) 21.6%Minority interest 124,344 121,015 2.8%Total Shareholder's Equity 3,198,845 3,134,801 2.0%

Total Liabilities and Shareholders' Equity 4,229,522 4,032,890 4.9%

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Cash Flow Statement (R$000)

Cash Flow Statement 9M11 9M10

Cash Flow from Operations

Income before tax 305,142 242,403Depreciation and amortization 44,392 31,752

Interest and monetary variations on debentures, loans,and property acquisition 18,464 21,011

Other net income adjustments (25,764) (20,382)(Increase) decrease on current assets (88,505) (16,104)Increase (decrease) on current liabilities 34,727 (7,810)Cash Flow from Operations 288,456 250,870

Cash Flow from InvestmentsIncrease in loans and sundry advances (1,809) 14,007(Increase) decrease of investment property (466,186) (289,868)Increase of property, plant and equipment (1,259) (3,684)Additions to intangibles (549) (9,737)Others 2,953 (3,029)

Cash Flows Used in Investing Activities (466,850) (292,311)

Cash Flows from Financing ActivitiesIncrease (decrease) in loans and financing 162,977 118,960Debentures paid (100,000) -Interest payment of loans and financing (23,548) (18,160)Increase (decrease) in payables to related parties (93,824) 2,060Capital increase - 16,565Paid dividends (102,938) (40,520)Others 73,748 (25,313)Cash Flows Generated by (Used in) FinancingActivities (83,585) 53,592

Cash Flow (261,979) 12,151Cash and cash equivalents at the beginning of the period 794,839 827,967Cash and cash equivalents at end of the period 532,860 840,118Changes in Cash Position (261,979) 12,151

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Glossary and Acronyms

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 uniformtraffic in all areas of the mall. Stores must have more than 1,000 m to be considered

anchors.

Brownfield: Expansion project.

CAGR: Compounded Annual Growth Rate. Corresponds to a geometric mean growth

rate, on an annualized basis.

CAPEX: Capital Expenditure. Correspond to the estimated resources to be disbursed

in asset development, expansion or improvement. The capitalized value shows the

variation of property and equipment added of depreciation.

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 of 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 equity

shares. Moreover, a debenture holder has no voting rights.

Deferred Income: Deferred key money and store buy back expenses.

Double Rent: Extra rent charged from the majority of tenants usually 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 othercompanies.

EPS: Earnings per Share. Net Income divided by the total shares of the Company.

Equity Pickup: Interest held in the associate will be shown in the income statement as equity pickup, representing the net income attributable

to the associates shareholders.

Expected Owned GLA:Multiplans proportionate interest in each shopping mall, including projects under development and expansions.

Funds from Operations (FFO): Addition of adjusted net income, depreciation and amortization.

GLA: Gross Leasable Area, equivalent to the sum of all the areas available for lease in malls, excluding merchandising.

Greenfield: Shopping center project.

IBGE: The Brazilian Institute of Geography and Statistics.

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

that was adjusted on the respective month.

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

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.

Acronyms:

BHS BH ShoppingBRS BarraShopping

BSS BarraShoppingSul

CPRBS

DMM

Centro Profissional RibeiroShopping

DiamondMall

MAC

MBC

Shopping Macei

Morumbi Business Center

MBS

MCT

MorumbiShopping

Morumbi Corporate

MTE Multiplan

NYC New York City Center

JDS JundiaShopping

PCG

PKB


ParkShoppingBarigi

PKS

PKC

ParkShopping

ParkShopping Corporate

PSC

PSS


Ptio Savassi

RBS RibeiroShopping

SAF ShoppingAnliaFranco

SSU Shopping Santa rsula

SVO Shopping Vila Olmpia

VLG VillageMall

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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.

Mixed-use: Strategy based on the development of projects that integrate shopping centers with office and residential developments.

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.New Projects Expenses for lease: Pre-operational expenses from shopping center greenfields, expansions and office tower projects. Refers

to the portion of the CAPEX which is 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. Refers to the portion of the CAPEX

which is recorded as an expense in the income statement as determined by the CPC 04 pronouncement in 2009.

NOI Margin: NOI divided by Rental Revenue and net parking revenue.

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.

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.

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 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 list

price of each.

Sales: Sales reported by the stores in each of the malls.

Same Area Rent (SAR): Rent of the same area of the year before divided by the areas rent of the current year, less vacancy.

Same Area Sales (SAS): Sales of the same area of the year before divided by the areas GLA less vacancy.

Same store Rent (SSR): Rent earned from stores that were in operation for over a year.

Same store Sales (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.

Straight Line Effect: Accounting method that has the purpose of removing volatility and seasonality of 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.

TJLP: (Taxa de Juros de Longo Prazo, or Long Term Interest Rate). The usual cost of f inancing conceived by BNDES.

TR: (Taxa Referencial, or Reference interest rate). Average interest rate used in the market.

Turnover: Leased GLA of operating malls divided by total GLA.

Shopping Center Segments:

Food Court & Gourmet Areas 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

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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. These prospects include statements concerning our managements c urrent

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

statements.

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

and competitive positioning may differ substantially from those expressed or suggested by said forward-looking statements. Many factors and

values that can establish these results are outside the Companys control or expectation. T he 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

3q11eng20111611hs

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