Multiplan Empreendimentos Imobiliários S.A.

Transcription

1 Quarterly Information - ITR June 30, 2014 (A free translation of the original report issued in Portuguese as published in Brazil containing financial statements prepared in accordance with accounting practices adopted in Brazil) KPDS 93067

2 Quarterly information as of June 30, 2014 Contents Management report 3 Independent auditors' report on the quarterly information 44 Balance sheets 47 Statements of operations 51 Statements of comprehensive income 53 Statements of changes in equity 54 Statements of cash flows 56 Statement of added value 61 Notes to the quarterly information 62 2

3 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. 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 company s control or expectation. The reader/investor should not make the decision to invest in Multiplan shares based exclusively on the data disclosed on this report. This document also contains information on future projects which could differ materially due to market conditions, changes in laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand by tenants and consumers, commercial negotiations or other technical and economic factors. These projects may be altered in part or totally by the company with no previous warning. Non-accounting information has not been reviewed by the external auditors. In this release the company has chosen to present the consolidated data from a managerial perspective, in line with the accounting practices in use until December 31 st, 2012, as disclosed below. For more detailed information, please check our Financial Statements, Reference Form (Formulário de Referência) and other relevant information on our investor relations website Managerial Report Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete operational data perspective. Please refer to the company s financial statements on its website to access the Financial Statements in compliance with the Brazilian Accounting Pronouncements Committee CPC. Please see on page 36 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and the conciliation between the accounting and managerial numbers. KPDS 93067

4 Table of Contents 01. Consolidated Financial Statements Financial Results Project Development Operational Indicators Gross Revenues Properties Ownership Results Shopping Center Management Results Shopping Center Development Results Real Estate for Sale Results Portfolio MULT3 Indicators & Stock Market Ownership Structure Operational and Financial Data Conciliation between IFRS (with CPC 19 R2) and Managerial Report Appendices Glossary and Acronyms

5 Overview Multiplan Empreendimentos Imobiliários S.A is one of the leading shopping center companies in Brazil, established as a full service company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country. The company is also strategically active in the residential and commercial real estate development sectors, generating synergies for shopping center-related operations by creating mixed-use projects in adjacent areas. At the end of 2Q14, Multiplan owned 18 shopping centers with a total GLA of 762,429 m² - with an average interest of 73.8% -, of which 17 shopping centers managed by the company, over 5,300 stores and an estimated annual traffic of 170 million visits. Multiplan also owned - with an average interest of 92.4% - two corporate office complexes with a total GLA of 87,558 m². 43

6 Shopping center tenants sales Rental revenue Performance Highlights NOI + KM EBITDA Net Income FFO 2Q14 (R$) 3,011.4 M M M M 93.4 M M 2Q14 vs. 2Q % +21.6% +23.6% +25.6% +32.7% +31.5% OPERATIONAL AND FINANCIAL HIGHLIGHTS Same Store Rent (SSR) increased 10.1% in 2Q14, with real growth of 4.1%. Rental revenue saw an increase of 21.6%, reaching R$186.2 million in 2Q14, boosted by portfolio consolidation and new areas delivered. Strong sales growth: Multiplan shopping centers posted total sales of R$3.0 billion in 2Q14, 15.2% higher than in 2Q13. In 1H14, total sales reached R$5.7 billion, up 13.3% from 1H13. Same Area Sales (SAS) increased 12.0% in 2Q14, and Same Store Sales (SSS) grew 9.4% in the quarter. SSS for satellite stores showed a strong performance: an increase of 9.7% in the quarter, led by a 19.2% growth in the food segment, while anchors increased 8.0%, with a solid contribution from the home & office segment. Following the fast sales growth, occupancy cost was 12.7% in 2Q14, a 100 bps drop from 2Q13. Delinquency rate and rent loss remained at low levels, with 2.1% and 0.6%, respectively. Occupancy rate was 98.4% in 2Q14, 80 bps higher than 2Q13, even with the new areas recently added. Gross revenue increased 13.5% in 2Q14 versus 2Q13, reaching R$298.3 million. Net Operating Income (NOI) + Key Money (KM) increased 23.6% in 2Q14 to R$213.6 million, with a margin of 88.6%. In the last twelve months, NOI + KM increased 12.4% to R$798.8 million. In 2Q14 NOI + KM per share 1 was of R$1.14, implying a five-year CAGR of 14.0%. Consolidated EBITDA increased 25.6% in 2Q14 to R$187.1 million, with a margin increase of 591 bps, to 68.6%. EBITDA in the last twelve months was R$686.1 million. Multiplan funding cost was 10.5% at the end of 2Q14 and remained below Selic, 50 bps inside the curve. Net income and FFO increased 32.7% and 31.5%, respectively. Net income was R$93.4 million and FFO achieved R$143.9 million in 2Q14. FFO per share reached R$0.77 in 2Q14, representing a significant CAGR of 15.4%. On June 30 th, 2014, Multiplan announced the payment of interest on shareholders equity of R$70.0 million before taxes. 44

7 FUTURE GROWTH Announced: the signing of a land swap agreement for a 111 thousand m² land plot, which should be used for the development of a new shopping center, in Parque Global, a mixed use real estate project in the south area of São Paulo. Announced: the preleasing of ParkShoppingCanoas, the company s 19 th mall, located in the city of Canoas, state of Rio Grande do Sul. It will have 48.0 thousand m² in GLA in its first phase. Delivered: in June, 2014, the Expansion VII in BarraShopping added 51 new stores. The total GLA of the BarraShopping Complex, which includes New York City Center, reaches thousand m², and has 760 operations. Recent Event By the date this report was published, Morumbi Corporate had 65.0% of its GLA leased. 1 Total shares on June, 30 th, 2014 net of stocks held in treasury, totaling 187,873,311 shares. 45

8 1. Consolidated Financial Statements Managerial Report (R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. % Rental revenue 186, , % 354, , % Services revenue 27,548 27, % 59,735 52, % Key money revenue 9,495 14, % 19,751 26, % Parking revenue 38,633 30, % 74,048 61, % Real estate for sale revenue 28,543 26, % 54,396 40, % Straight line effect 6,599 9, % 18,010 18, % Other revenues 1,201 1, % 2,108 1, % Gross Revenue 298, , % 582, , % Taxes and contributions on sales and services (25,794) (25,417) 1.5% (52,497) (47,794) 9.8% Net Revenue 272, , % 529, , % Headquarters expenses (31,587) (32,123) 1.7% (56,082) (51,983) 7.9% Stock-option expenses (3,540) (2,439) 45.2% (6,626) (4,763) 39.1% Shopping centers expenses (24,841) (34,386) 27.8% (50,385) (59,283) 15.0% Office towers for lease expenses (2,540) - na (5,969) - na New projects for lease expenses (2,493) (1,192) 109.2% (8,827) (5,562) 58.7% New projects for sale expenses (2,288) (3,090) 25.9% (6,002) (5,600) 7.2% Cost of properties sold (17,919) (17,186) 4.3% (33,379) (29,027) 15.0% Equity pickup 406 (235) na 11,415 (685) na Other operating income/expenses (622) 2,179 na 9,742 4, % EBITDA 187, , % 383, , % Financial revenues 9,451 13, % 18,978 23, % Financial expenses (48,781) (41,465) 17.6% (98,276) (81,503) 20.6% Depreciation and amortization (40,059) (29,295) 36.7% (79,351) (57,399) 38.2% Earnings Before Taxes 107,662 91, % 224, , % Income tax and social contribution (3,794) (11,832) 67.9% (31,815) (38,770) 17.9% Deferred income and social contribution taxes (10,470) (9,783) 7.0% (17,444) (13,226) 31.9% Minority interest (23) (9) 151.4% (43) (16) 176.7% Net Income 93,375 70, % 175, , % 46

9 (R$'000) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. % NOI 204, , % 389, , % NOI margin 88.2% 82.2% 598 b.p 87.4% 84.7% 268 b.p NOI + Key Money 213, , % 409, , % NOI + Key Money margin 88.6% 83.4% 523 b.p 87.9% 85.7% 222 b.p Shopping Center EBITDA 178, , % 361, , % Shopping Center EBITDA margin 75.3% 69.8% 553 b.p 77.5% 73.4% 416 b.p EBITDA (Shopping Center + Real Estate) 187, , % 383, , % EBITDA margin 68.6% 62.7% 591 b.p 72.4% 66.9% 555 b.p Net Income 93,375 70, % 175, , % Net Income margin 34.3% 29.6% 464 b.p 33.2% 30.5% 262 b.p Adjusted Net Income 103,845 80, % 193, , % Adjusted Net Income margin 38.1% 33.7% 436 b.p 36.5% 33.4% 305 b.p FFO 143, , % 272, , % FFO margin 52.8% 46.1% 673 b.p 51.4% 45.9% 558 b.p 2. Project Development Investments during 2Q14 sum R$79.6 million Multiplan invested R$79.6 million during 2Q14, of which R$41.0 million went to mall expansions, R$21.7 million to land acquisition and R$10.8 million to renovations. The figure for the first half of 2014 was of R$169.9 million. 2.1 Shopping Center Expansions BarraShopping Expansion VII opens 100% leased with 51 new stores The seventh expansion of BarraShopping opened on June 10 th, 2014, with a total GLA of 9.5 thousand m², and added 51 new stores in this first phase, 100% leased. Pursuing the company s strategy of renovating and enhancing the choice of operations, the expansion brings, in addition to important domestic and foreign brands, new designer stores, restaurants and services, several of them new to the city, further consolidating the shopping center. Additionally, with the goal of enhancing costumer experience, the company added 628 parking spots in a modern underground parking. The project also has a second phase, to be delivered in the fourth quarter of 2014, which will add a two-floor medical center, expanding the existing BarraShopping Medical Center, the country s first of its kind integrated to a shopping center, with 30 clinics, a diagnosis center and a Day-Hospital. With expansion VII, the total GLA of the BarraShopping Complex, which includes New York City Center, reaches thousand m², and 760 operations. 47

10 2.2 Mixed-use: Office and Residential Towers for Sale Towers at BarraShoppingSul: delivery just ahead On its final stage, Diamond Tower and Résidence du Lac, a condo-office tower and a residential building at BarraShoppingSul, have 97% and 100% of its units sold, respectively. Both buildings have a combined potential sales value (PSV) of R$256.9 million and are scheduled to be delivered in the second half of Future Growth and Land Bank New land in a premium zip code in São Paulo Multiplan announced in June 2014 the signing of a land swap agreement with BNI Empreendimentos e Participações S.A. and an affiliate, for a 111 thousand m² land plot, which will be used for the development of a new shopping center, in Parque Global, a mixed use real estate project located in Av. Marginal do Rio Pinheiros, in the south area of São Paulo. The company plans to develop a new shopping center of approximately 80 thousand m² of Gross Leasable Area (GLA), when including future expansion. The agreement also considers the potential development of office and residential towers integrated to the shopping center, subject to future permits by the local authorities. Multiplan begins preleasing ParkShoppingCanoas Multiplan has begun preleasing stores in ParkShoppingCanoas, its 19 th shopping center, located in the city of Canoas, state of Rio Grande do Sul. ParkShoppingCanoas will have in its first phase 48.0 thousand m² in Gross Leasable Area (GLA), an innovative architectural project and a large area for leisure and services distributed among 258 stores. The development will offer a hypermarket, a ice rink, a gym, an indoor amusement park, five movie theaters stadium type, six gourmet restaurants with a varanda overlooking the municipal park Getúlio Vargas, and a food court with 28 operations. Furthermore, the mall will have 2,500 parking spots, of which approximately 1,000 will be covered. The area also offers the potential for future developments of mixed use projects. Multiplan s interest in the shopping center will be of 80.0%, and the inauguration is scheduled for the second half of The company s stake in the project s development costs (CAPEX) will be of 94.7% 48

11 Land bank of 874 thousand m² for future mixed-use projects Multiplan currently holds 874 thousand m² of land for future developments. All sites showed in the list below are integrated to the company s shopping centers and should be used to foster the development of mixed use projects, primarily for sale 1. Based on current internal projects assessments, the company estimated a total 1.0 million m² of area for sale. Land location Land area Private Area Project type % Multiplan BarraShoppingSul 159,587 m² 304,515 m² Hotel, Apart-Hotel, Office, Residential 100% JundiaíShopping 4,500 m² 11,616 m² Office 100% ParkShoppingBarigüi 28,214 m² 43,376 m² Apart-Hotel, Office 94% ParkShoppingCampoGrande 317,755 m² 92,774 m² Office, Residential 90% ParkShoppingCanoas 18,721 m² 22,457 m² Hotel, Apart-Hotel, Office n.a. ParkShoppingSãoCaetano 36,948 m² 138,000 m² Office 100% Parque Shopping Maceió 140,000 m² 164,136 m² Office, Residential 50% RibeirãoShopping 102,295 m² 138,749 m² Hotel, Apart-Hotel, Office, Residential 100% Shopping AnáliaFranco 29,800 m² 89,600 m² Residential 36% VillageMall 36,000 m² 36,077 m² Office 100% Total 873,819 m² 1,041,299 m² 86% 1 This information is merely informative for the better understanding of the company s growth potential and should not be construed as a commitment to develop them, and that they may be changed or cancelled without any previous warning. 3. Operational Indicators 3.1 Tenant Sales 15.2% growth in shopping center sales in 2Q14, reaching R$3.0 billion Multiplan shopping centers posted total sales of R$3.0 billion in 2Q14, an increase of 15.2% compared to 2Q13. In 1H14, sales reached R$5.7 billion, growing 13.3% on top of 1H13. Sales in Multiplan malls have been growing consistently higher than national retail sales, as reported by IBGE - Brazilian Institute for Geography and Statistics. In April and May 2014 (data for June had not yet been released by the date this report was issued) according to IBGE, national retail sales increased 5.7% when compared to the same period in Consolidated and growing stronger Four out of the five malls with 30+ years in operation showed double digit sales growth in 2Q14 and an average growth of 13.7% in the quarter. RibeirãoShopping, benefited from expansions VII and VIII, and MorumbiShopping, strengthened by a recent tenant-mix reshuffling, were the highlights with sales increases of 20.4% and 16.5% respectively. Results were also impressive in recently opened shopping centers. ParkShoppingSãoCaetano, in its third 49

12 year in operation, continues to show a strong sales pace (+13.5%). ParkShoppingCampoGrande and JundiaíShopping, two quarters away from their second year anniversary recorded sales growth of 22.4% and 28.4% respectively. And the quarter s most notable highlight was VillageMall, with a remarkable 91.8% sales growth, as a consequence of a 45.2% Same Store Sales growth and boosted by the opening of new stores which has energized the malls productivity and enhanced its customer flow. In 2Q14, VillageMall was the fifth largest sales/m² in the portfolio (please refer to page 30 for the portfolio s sales/m² information). Shopping Center Sales (100%) Opening 2Q14 2Q13 Chg.% 1H14 1H13 Chg.% BH Shopping (1979) M M 6.7% M M 5.9% RibeirãoShopping (1981) M M 20.4% M M 17.8% BarraShopping (1981) M M 10.2% M M 6.7% MorumbiShopping (1982) M M 16.5% M M 14.4% ParkShopping (1983) M M 10.7% M M 9.7% DiamondMall (1996) M M 13.2% M M 11.1% New York City Center (1999) 51.1 M 48.9 M 4.6% M M 2.3% Shopping Anália Franco (1999) M M 9.5% M M 9.5% ParkShoppingBarigüi (2003) M M 2.3% M M 2.4% Pátio Savassi (2004)¹ 85.1 M 81.5 M 4.5% M M 3.3% Shopping Santa Úrsula (1999)² 42.0 M 44.8 M 6.3% 84.4 M 86.0 M 1.8% BarraShoppingSul (2008) M M 8.4% M M 7.0% Shopping Vila Olímpia (2009) 81.7 M 78.0 M 4.8% M M 7.5% ParkShoppingSãoCaetano (2011) M M 13.5% M M 11.4% JundiaíShopping (2012) 98.9 M 77.0 M 28.4% M M 27.8% ParkShoppingcampoGrande (2012) 92.2 M 75.3 M 22.4% M M 20.2% VillageMall (2012) M 66.6 M 91.8% M M 80.5% Parque Shopping Maceió (2013)³ 55.4 M - n.a M -. n.a. Total 3,011.4 M 2,614.2 M 15.2% 5,734.4 M 5,059.8 M 13.3% ¹ Pátio Savassi was acquired by Multiplan in June, 2007, and opened in Shopping Santa Úrsula was acquired by Multiplan in April, 2008, and opened in ³ Parque Shopping Maceió opened on November 7 th, The gap started to close again and again As mentioned in the last quarter s report, the three new malls opened in 4Q12 continue to speed up sales/m², increasing the metric by 75.2% from 1Q13 (R$648/m²/month) to 2Q14 (R$1,135/m²/month). Multiplan s portfolio, excluding these new malls, saw sales/m² increase 13.8% in the same period, to R$1,565/m²/month. As a result, the sales/m² gap between the new malls and that of the portfolio dropped from 112% in 1Q13, to 38% in 2Q14, thus indicating the consolidation process positively impacting the operational metrics. New malls productivity is expected to maintain this fast pace as they consolidate. In the last twelve months, the portfolio s sales/m² was of R$18,311/m². Stores with less than 1,000 m² posted sales of R$24,789/m² while the majority of stores, with 200m² or less, had sales of R$28,321/m². 50

13 Case Study - FIFA World Cup Impact on Multiplan Sales; Better than Expected Multiplan had sales increase of 18.3% in the first eleven days of June, and 1.4% between June 12 th and July 13 th, adding R$1.35 billion in sales in the period. Tourist flow improves sales, especially in Rio de Janeiro From a total of 64 matches played in the FIFA World Cup 2014 in Brazil, 35 games (55%) were held in cities in which Multiplan has shopping centers. The flow of tourists in company malls was stronger than expected, especially in the city of Rio de Janeiro: the first days of June already saw a 23.7% hike in sales, and a 10.3% increase during the World Cup, given its attractiveness to tourists, both domestic and international. This increase in people flow did more than offset the official holidays in the cities were games were hosted, and only marginally affected sales in the specific cities and days. Brazilian team games and the final match anticipated sales On days the Brazilian team played and in the Final Match sales dropped sharply (from 11 to 61%), explained in part by the shift in attention to the matches, and were counterbalanced by the higher sales between matches. The chart below compares daily sales with sales of the same weekday in the previous year (i.e.: Sunday June 1 st, 2014, compared to Sunday June 2 nd, 2013). Food Court and Gourmet Area and Miscellaneous sales growing throughout the period While the majority of mall showed growth in sales during the World Cup, some segments performed better than others. Services, which includes entertainment, was the only segment that showed decreases in sales, when considering both periods together, given the shift in attention from the consumers. Food Court and Gourmet Area benefitted the most from the increase in tourist flow, growing sales during and before the World Cup. Multiplan Tenants Sales June 1 st th World - 11 Cup Food Court & Gourmet Area 22.1% 9.8% Miscellaneous 18.9% 6.6% Apparel 19.2% (0.3%) Home & Office 22.4% (5.1%) Services 2.5% (6.3%) Total 18.3% 1.4% While apparel had flat sales during the World Cup, it went up 19.2% in the days preceding the matches, and sport apparel went up 52.1% in the same period, and kept going up, by 36.4%, during the games, especially the days before the Brazilian team matches. Sporting Goods, which is included in the Miscellaneous segment, also grew remarkably well, up 61.9% in the first days of June, and 32.2% throughout the World Cup. As expected, the Home and Office segment had the strongest sales growth in the period before the World Cup, driven mostly by TV sets and Home Theaters, in which electronic appliances grew 25.3% in the period. Wrapping it all up: Strong sales and Olympic Games to come Multiplan saw a positive effect on sales during the World Cup. While some shopping centers benefitted more and others less, the strong performance of malls in Rio de Janeiro creates a positive expectation with regards to the potential impact of the Olympic Games, to be hosted in the city, in Highest SSS and SAS growth in the last 14 quarters 51

14 Same store sales (SSS) and same area sales (SAS) performance reflected the strong operating results in 2Q14 and recorded increases of 9.4% and 12.0%, respectively. The widening of the gap between these metrics with a clear advantage for SAS indicates the positive impacts of changes in mix in the last 12 months, as well as the fast consolidation of the younger shopping centers. In 1H14, SSS grew 8.8% and SAS 10.7%, compared to 1H13. Satellite stores show another strong quarter, SSS increase of 9.7% in 2Q14 Same store sales for satellite stores in 2Q14 recorded the highest mark in the last five quarters (+9.7%) and was boosted by Food Court & Gourmet Area operations, with a remarkable 19.2% SSS growth, as well as Miscellaneous operations (where sporting goods stores were the main highlight), with an increase of 14.0%. Anchor stores recorded an 8.0% growth, pushed by Home & Office and Apparel stores, with 9.7% and 8.0% increases, respectively. 2Q14 x 2Q13 Same Store Sales Anchors Satellites Total Food Court & Gourmet Area % 19.2% Apparel 8.0% 6.6% 6.9% Home & Office 9.7% 7.2% 8.1% Miscellaneous 6.7% 14.0% 11.8% Services 5.2% 0.8% 1.5% Total 8.0% 9.7% 9.4% Same Store Sales growth breakdown 52

15 3.2 Operational Indicators Occupancy cost drops 100 bps to 12.7%: the perks of a strong sales growth In 2Q14, occupancy cost was 12.7%, down 100 bps when compared both to 2Q13 and 1Q14. This drop results from the fast sales growth and puts the current occupancy cost at a lower level compared to the prior quarters. The turnover, measured by the percentage of the GLA, decreased from 1.4% in 2Q13 down to 1.0% in 2Q14. Multiplan shopping centers delinquency rate (rental payment delay beyond 25 days) was 2.1% in 2Q14 versus 2.0% in 2Q13. Rent loss reached 0.6%, remaining well within the lowest range for the company. Occupancy rate remains high and healthy In spite of the addition of three expansions Expansion VII and VIII in RibeirãoShopping and Expansion VII in BarraShopping, and a new mall, Parque Shopping Maceió, the occupancy rate was of 98.4% in 2Q14, 80 bps higher than the 97.6% presented in 2Q13 and in line with the figure for 1Q14. This high occupancy is an indication of the attractiveness of Multiplan s portfolio and of future growth opportunities. 4. Gross Revenue Gross revenue increases 13.5% to R$298.3 million in 2Q14 Gross revenue reached R$298.3 million in 2Q14, a 13.5% increase over 2Q13. The largest contributors were rental and parking revenues, with increases of 21.6% and 25.0%, respectively. These lines represent 75.4% of 2Q14 gross revenue, increasing their contribution when compared to the 70.0% recorded in 2Q13. In 1H14, gross revenue increased 14.4% to R$582.2 million, driven by rental revenue (+15.2%), services revenue (+14.7%), parking revenue (+21.2%) and real estate revenue (+33.6%). 5. Property Ownership Results 5.1 Rental Revenue Rental revenue increases 21.6% to R$186.2 million in 2Q14 Multiplan recorded a rental revenue of R$186.2 million in 2Q14, up 21.6% when compared to 2Q13. Merchandising revenue, which benefited from World Cup related campaigns, and overage, positively impacted by higher sales, were the main highlights with quarterly increases of 32.2% and 21.8%, respectively. Base rent increased 20.7% to R$155.0 million, as a consequence of organic growth and the GLA expansion in the period. In 1H14, rental revenue increased 15.2%, to R$354.2 million, also boosted by merchandising revenue (+25.5%) and overage rental revenue (+13.9%). 53

16 If considering the straight line effect, which recorded R$6.6 million in the quarter, and R$18.0 million in the first half of the year, rental revenue increase would be of 18.9% (2Q14/2Q13) and 14.1% (1H14/1H13). Please note that the straight line effect does not represent a cash event. Young malls rent/m² upside: engaged! Multiplan s shopping center s portfolio average rent/m² reached R$103/m²/month in 2Q14. Breaking down this average between malls with more than five years in operation (R$115/m²), and less than five years in operation (R$71/m²), leads to a gap of 61.9%, which indicates the upside potential for younger shopping centers. This upside is even clearer if considered the strong sales/m² evolution analysis (please see page 12 for more details), indicating that operational consolidation comes at a fast pace. Additional data on shopping centers results can be downloaded from the Fundamentals Spreadsheet on Multiplan s investor relations website ( VillageMall s rental revenue grows 46.1% in 2Q14 The quarter s main highlight was VillageMall, positively impacted by the mall s early consolidation, clearly accelerated by store mix improvements and the opening of new stores. The mall s rental revenue increased 46.1% in 2Q14, compared to 2Q13, reaching R$8.9 million. ParkShoppingSãoCaetano and Shopping Vila Olímpia are going through important ramp up periods (3 rd and 5 th year in operation, respectively), and recorded rental revenue growths of 23.0% and 18.3%. Malls with 30+ years in operation were also a highlight: RibeirãoShopping, boosted by the successful delivery of expansions VII and VIII throughout 2H13, showed rent increase of 35.0% in 2Q14. BarraShopping benefited partially from the opening of expansion VII in the end of the quarter (June 10 th ), even though rental revenue grew strongly by 13.8%. Finally, MorumbiShopping, with a robust 15.0% rental increase, started reaping the benefits of recent improvements in its tenant mix, which resulted in the mall s strong sales performance in the quarter. MorumbiShopping saw a remarkable 70.8% growth in overage rent in 2Q14. 54

17 Rental Revenue (R$) Opening 2Q14 2Q13 Chg.% 1H14 1H13 Chg.% BH Shopping (1979) 17.9 M 16.5 M 8.5% 35.1 M 35.7 M 1.6% RibeirãoShopping (1981) 11.7 M 8.7 M 35.0% 22.0 M 17.3 M 27.6% BarraShopping (1981) 21.5 M 18.9 M 13.8% 41.8 M 37.7 M 10.9% MorumbiShopping (1982) 24.2 M 21.1 M 15.0% 47.3 M 42.0 M 12.6% ParkShopping (1983) 11.5 M 10.5 M 9.7% 22.0 M 20.6 M 6.6% DiamondMall (1996) 9.5 M 8.8 M 7.8% 18.5 M 17.5 M 5.7% New York City Center (1999) 1.8 M 1.7 M 5.2% 3.4 M 3.5 M 4.1% Shopping Anália Franco (1999) 6.0 M 5.7 M 5.9% 11.7 M 11.0 M 6.7% ParkShoppingBarigüi (2003) 11.4 M 11.0 M 4.0% 22.1 M 21.3 M 4.0% Pátio Savassi (2004)¹ 5.9 M 5.7 M 3.0% 11.8 M 11.2 M 5.8% Shopping Santa Úrsula (1999)² 1.4 M 1.4 M 2.6% 2.6 M 2.7 M 3.1% BarraShoppingSul (2008) 12.4 M 11.1 M 11.6% 23.6 M 22.0 M 7.5% Shopping Vila Olímpia (2009) 5.0 M 4.3 M 18.3% 9.1 M 8.9 M 3.3% ParkShoppingSãoCaetano (2011) 10.0 M 8.2 M 23.0% 19.4 M 16.8 M 15.7% JundiaíShopping (2012) 7.0 M 6.5 M 8.9% 13.3 M 12.7 M 4.5% ParkShoppingCampoGrande (2012) 7.6 M 7.2 M 5.7% 14.9 M 14.7 M 1.3% VillageMall (2012) 8.9 M 6.1 M 46.1% 15.0 M 12.1 M 23.7% Parque Shopping Maceió (2013)³ 2.4 M - n.a. 4.7 M - n.a. Morumbi Corporate (2013) M - n.a M - n.a. Subtotal M M 21.6% M M 15.2% Straight line effect 6.6 M 9.0 M 26.9% 18.0 M 18.6 M 3.0% Total M M 18.9% M M 14.1% ¹ Pátio Savassi was acquired by Multiplan in June, 2007, and opened in Shopping Santa Úrsula was acquired by Multiplan in April, 2008, and opened in ³ Parque Shopping Maceió opened on November 7 th,

18 Morumbi Corporate contributes with R$10.1 million in rent in 2Q14; leased area increases to 65.0% Morumbi Corporate, the two-tower office complex located across from MorumbiShopping, recorded R$10.1 million in rental revenue in 2Q14. The towers are connected by an indoor gourmet plaza, providing the companies with quality restaurants, cafés and a bombonière. Morumbi Corporate contributed with R$15.7 million in 1H14 and ended 2Q14 with 61.2% of its GLA leased. By the date this report was published, 65.0% of the GLA was leased. Same Store Rent growth of 10.1% in 2Q14; real increase of 4.1% Same Store Rent (SSR) grew 10.1% in 2Q14, compared to 2Q13. As mentioned previously, the strong sales performance in the quarter played a key role in leading to an overage rent increase of 21.8% in 2Q14, when compared to 2Q13. The IGP-DI adjustment effect was 5.8% in the quarter, leading to a real growth of 4.1%, the highest growth in the last five quarters. The Same Area Rent (SAR) increased 8.1% in 2Q Parking Revenue Parking revenue increases 25.0% to R$38.6 million in 2Q14 As a result of the combination of an increase in car flow coming from new shopping centers and the increase of parking spaces through new areas, parking revenue reached R$38.6 million in 2Q14, a growth of 25.0% when compared to 2Q13. In 1H14, parking revenue increased 21.2% to R$74.0 million, compared to the same period of the previous year. 5.3 Shopping Center Expenses Shopping center expenses drop 27.8% in 2Q14 Shopping center expenses decreased 27.8% to R$24.8 million in 2Q14, when compared to 2Q13, in spite of the delivery of new areas. As a percentage of shopping center net revenue, mall expenses decreased 668 bps in 2Q14 when compared to 2Q13, reaching 10.6%. In 1H14, shopping center expenses summed R$50.4 million, a 15.0% decrease compared to 1H13. Mall expenses as a percentage of shopping center net revenue was 11.1% in 1H14, 376 bps lower than in 1H13. As mentioned in the previous report, the temporary higher brokerage fees and condominium expenses incurred last year, linked to malls and expansions delivered at that time, have come down and Multiplan believes that as the new operations mature, margins should continue to improve and converge towards those of the consolidated malls. 5.4 Office Tower Expenses MorumbiCorporate: expenses fell 25.9% 56

19 As a result of the increase in signed leases (at 61.2% of total GLA in the end the quarter and 65.0% by the day this report was published), Morumbi Corporate, the two-tower office complex located across from MorumbiShopping, recorded R$2.5 million in lease expenses in 2Q14, a 25.9% decrease compared to 1Q14. As the project continues to increase occupancy, operating margin should increase in the following quarters. 5.5 Net Operating Income NOI Multiplan recorded a Net Operating Income (NOI) + Key Money (KM) of R$213.6 million in 2Q14, 23.6% higher than in 2Q13. In the same period, NOI + Key Money margin grew 523 bps to 88.6%. In 1H14, NOI + Key Money increased 15.4% compared to 1H13, to R$409.6 million with a margin of 87.9%. NOI + Key money increases 23.6% in 2Q14, and margin reaches 88.6%NOI 2Q14 2Q13 Chg.% 1H14 1H13 Chg.% Calculation (R$) Rental revenue M M 21.6% M M 15.2% Straight line effect 6.6 M 9.0 M 26.9% 18.0 M 18.6 M 3.0% Parking revenue 38.6 M 30.9 M 25.0% 74.0 M 61.1 M 21.2% Operational revenue M M 19.9% M M 15.2% Shopping center expenses (24.8 M) (34.4 M) 27.8% (50.4 M) (59.3 M) 15.0% Real estate for lease expenses (2.5 M) - N.A. (6.0 M) - N.A. NOI M M 28.6% M M 18.9% NOI margin 88.2% 82.2% 598 b.p 87.4% 84.7% 268 b.p Key Money 9.5 M 14.2 M 33.0% 19.8 M 27.0 M 26.8% Operational revenue + Key money M M 16.3% M M 12.5% NOI + Key Money M M 23.6% M M 15.4% NOI + Key Money margin 88.6% 83.4% 523 b.p 87.9% 85.7% 222 b.p The NOI + Key Money per share reached R$1.14 in 2Q14, implying a strong five-year CAGR of 14.0%. In the last twelve months, NOI + Key Money was R$4.23 per share, equivalent to a five-year CAGR of 13.0%. 6. Shopping Center Management Results 6.1 Services Revenue Services revenue covers all company headquarters expenses in 1H14 57

20 Services revenue - composed mainly by portfolio management, brokerage and transfer fees - presented a 1.2% increase in 2Q14, resulting from the combination of a R$1.5 million increase in shopping center management fees, partially offset by a R$1.2 million decrease in brokerage fees in 2Q14, compared to 2Q13, due to reduction in the area to be leased. In 1H14, services revenue was equivalent to 107.0% of General and Administrative expenses in the same period, showing that this revenue line covered all company headquarters expenses. 6.2 General and Administrative Expenses (Headquarters) G&A expenses decrease 1.7% in 2Q14, representing 11.6% of net revenues, down from 13.5% in 2Q13 In 2Q14, General and Administrative (G&A) expenses decreased 1.7% when compared to the same period in the last year, mainly due to a reduction in services expenses, which decreased 7.8%, and partially offset by higher payroll expenses (+3.7%). As a percentage of net revenue, G&A expenses dropped 194 bps from 13.5%, in 2Q13, to 11.6%, in In 1H14, G&A expenses as a percentage of net revenue went from 11.3% in 1H13, down to 10.6%, reaching R$56.1 million, 7.9% higher than in 1H Shopping Center Development Results 7.1 Key Money Revenue Key money revenue totals R$ 9.5 million in 2Q14 Key Money Revenue (R$) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. % Operational (Recurring) 1.0 M 3.7 M 74.0% 2.2 M 6.7 M 66.7% Projects opened in the last 5 years (Non-recurring) 8.5 M 10.5 M 18.4% 17.5 M 20.2 M 13.5% Key Money Revenue 9.5 M 14.2 M 33.0% 19.8 M 27.0 M 26.8% 58

21 Key money revenue recognition in 2Q14 decreased 33.0% to R$9.5 million, impacted by BarraShoppingSul which completed its first five years in operation (the accounting accrual period for most mall key money contracts), and partially compensated by the key money from new areas (Parque Shopping Maceió and RibeirãoShopping Exp. VII and VIII) delivered in 4Q13. Key money revenue is composed of (i) recurring or operational revenue, from key money accrued from areas with more than five years in operation, and the turnover in the same period. This reflects the company s effort to improve the tenant mix in its malls, and (ii) non-recurring revenue, from key money of lease contracts of greenfields and expansions delivered in the last five years. 7.2 New Projects for Lease Expenses In 2Q14, new projects for lease expenses reached R$2.5 million, compared to R$1.2 million in 2Q13. In 2Q14, new projects for lease expenses were composed mainly of expenses with the new cycle of projects. These expenses are incurred mostly in the planning, launching and opening of projects, and are an important tool to implement the company s strategy to attract the best tenants and create the ideal mix for each mall. 8. Real Estate for Sale Results 8.1 Revenue Multiplan recorded real estate for sale revenue of R$28.5 million in 2Q14, 7.3% higher than in 2Q13. Real estate for sale revenue, as per the percentage of completion method PoC, was composed mainly of revenues from the real estate projects in the BarraShoppingSul Complex, including the Diamond Tower (97.0% sold) and Résidence du Lac (100.0% sold), with construction works running according to plan in both projects. Furthermore, gross real estate margin inched up 180 bps, from 35.4% in 2Q13, to 37.2% in 2Q14. In 1H14, real estate margin reached 38.6%, in line with the last five years margin of 39.5%. 8.2 Cost of properties sold The company recorded cost of properties sold of R$17.9 million in 2Q14, in line with the evolution of construction works, driven mainly by costs from the real estate projects in the BarraShoppingSul Complex. 59

22 8.3 New Projects for Sale Expenses New projects for sale expenses decreased to R$2.3 million in 2Q14, compared to R$3.1 million in 2Q13. In 2Q14, new projects for sale expenses were composed mainly by (i) brokerage fees, (ii) property taxes ( IPTU ) for the landbank, and (iii) expenses related to future projects not yet announced. 9. Financial Results 9.1 EBITDA While shopping centers owned GLA increases 7.6%, Consolidated EBITDA grows 25.6% Consolidated EBITDA was 25.6% higher in 2Q14, when compared to 2Q13, driven by (i) a double digit net revenue growth (+14.8%) and (ii) a decrease of 27.8% in shopping centers expenses, resulting in a margin increase of 591 bps when compared to 2Q13, up from 62.7%, in 2Q13, to 68.6%, in 2Q14. In 1H14, Consolidated EBITDA margin increased to 72.4% up from 66.9%, and a robust 24.5% growth, to R$383.6 million. Consolidated EBITDA (R$) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. % Net Revenue M M 14.8% M M 14.9% Headquarters expenses (31.6 M) (32.1 M) 1.7% (56.1 M) (52.0 M) 7.9% Stock-option expenses (3.5 M) (2.4 M) 45.2% (6.6 M) (4.8 M) 39.1% Shopping centers expenses (24.8 M) (34.4 M) 27.8% (50.4 M) (59.3 M) 15.0% Office towers for lease expenses (2.5 M) - na (6.0 M) - na New projects for lease expenses (2.5 M) (1.2 M) 109.2% (8.8 M) (5.6 M) 58.7% New projects for sale expenses (2.3 M) (3.1 M) 25.9% (6.0 M) (5.6 M) 7.2% Cost of properties sold (17.9 M) (17.2 M) 4.3% (33.4 M) (29.0 M) 15.0% Equity pickup 0.4 M (0.2 M) na 11.4 M (0.7 M) na Others (0.6 M) 2.2 M na 9.7 M 4.2 M 133.5% Consolidated EBITDA M M 25.6% M M 24.5% Consolidated EBITDA Margin 68.6% 62.7% 591 b.p 72.4% 66.9% 555 b.p In the last twelve months Consolidated EBITDA reached R$686.1 million, implying a five-year CAGR of The 21.4%. In the same period, the CAGR of shopping center owned GLA reached 11.2%, showing the strong compa portfolio value generation, with EBITDA almost doubling the owned GLA growth. ny s Conso lidated EBITDA margin is normally lower than that of Shopping Center EBITDA margin, reflecting the impact of the lower margins of the real estate for sale business when compared to those of projects for lease, which will be shown on the next page. Shopping Center EBITDA 20.0% higher in 2Q14, while margins increase 553 bps 60

23 Multiplan recorded in 2Q14 a double digit Shopping Center EBITDA growth (+20.0%), driven by (i) shopping center net revenues growth (+11.1%) and (ii) the decrease of 9.2% in expenses mainly due to lower shopping center and headquarters expenses. As a result, Shopping Center EBITDA margin went up from 69.8% in 2Q13, to 75.3% in 2Q14. In 1H14, Shopping Center EBITDA margin was even better, increasing to 77.5% up from 73.4%. For illustration purposes only, if new projects for lease expenses were excluded from the Shopping Center EBITDA calculation, Shopping Center EBITDA margin would increase to 76.4% in 2Q14. Shopping Center EBITDA (R$) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. % Shopping Center Gross Revenue ¹ M M 9.9% M M 9.4% Taxes and contributions on sales and services (22.5 M) (22.8 M) 1.7% (46.2 M) (44.0 M) 5.0% Shopping Center Net Revenue M M 11.1% M M 9.9% Headquarters expenses ² (27.5 M) (28.9 M) 4.8% (49.3 M) (47.8 M) 3.1% Stock-option expenses ² (3.1 M) (2.2 M) 40.6% (5.8 M) (4.4 M) 33.0% Shopping centers expenses (24.8 M) (34.4 M) 27.8% (50.4 M) (59.3 M) 15.0% New projects for lease expenses (2.5 M) (1.2 M) 109.2% (8.8 M) (5.6 M) 58.7% Other operating income (expenses) (0.6 M) 2.2 M na 9.7 M 4.2 M 133.5% Shopping Center EBITDA ³ M M 20.0% M M 16.1% Shopping Center EBITDA Margin 75.3% 69.8% 553 b.p 77.5% 73.4% 416 b.p (+) New projects for lease expenses 2.5 M 1.2 M 109.2% 8.8 M 5.6 M 58.7% SC EBITDA before New Projects Expenses M M 20.7% M M 16.8% SC EBITDA before New Projects Expenses Margin 76.4% 70.3% 602 b.p 79.4% 74.7% 474 b.p 61

24 9.2 Financial Results, Debt and Cash Multiplan ended 2Q14 with a net debt of R$1,929.8 million, compared to R$1,904.5 million in the previous quarter. The current figure represents a net debt-to-ebitda (last 12 months) ratio of 2.81x. In 2Q14, the balance between the interest from the invested cash position and financial expenses generated a negative financial result of R$39.3 million. June 30 th, 2014 March 31 st, 2014 Chg. % Current Liabilities M M 2.4% Loans and financing M M 1.0% Debentures 10.7 M 2.4 M 351.2% Obligations from acquisition of goods 40.7 M 41.1 M 1.0% Non Current Liabilities 1,873.0 M 1,912.3 M 2.1% Loans and financing 1,543.0 M 1,574.2 M 2.0% Debentures M M na Obligations from acquisition of goods 30.0 M 38.1 M 21.2% Gross Debt 2,124.9 M 2,158.3 M 1.5% Cash and Cash Equivalents M M 23.1% Net Debt 1,929.8 M 1,904.5 M 1.3% Cash and Cash Equivalents in 2Q14 was impacted by R$58.7 million, mainly by the cash outflows of (i) CAPEX of R$61.7 million in the period, (ii) payment of R$41.8 million in short term bank debt; which were offset mainly by (iii) cash generation of current operations. The increase in EBITDA LTM (5.9% vs 1.3% Net Debt, when compared to 1Q14) contributed to change the net debt-to-ebitda (LTM) ratio from 2.94x in 1Q14, to 2.81x in 2Q14. Gross debt-to-ebitda (last 12 months) decreased from 3.33x in 1Q14, to 3.10x in 2Q14. The weighted average maturity of the company debt at the end of 2Q14 was of 48 months, compared to 45 months in 2Q13 and 50 months in 1Q14. Financial Position Analysis* Jun. 30 th, 2014 Mar. 31 st, 2014 Net Debt/EBITDA (LTM) 2.81x 2.94x Gross Debt/EBITDA (LTM) 3.10x 3.33x EBITDA/Financial Expenses (LTM) 3.82x 3.76x Net Debt/Fair Value 12.5% 12.8% Net Debt/Equity 48.9% 48.9% Weighted Average Maturity (Months) * EBITDA and Financial Expenses are the sum of the last 12 months. Multiplan funding costs remain below Selic, 50 bps inside the curve While the basic interest rate increased 25 bps in the quarter to 11.00%, weighted average cost-of-debt increased only 9 bps to 10.50% p.a. on June 30 th, 2014, up from 10.41% p.a. on March 31 st, 2014, presenting an increase in the spread between the company s weighted average cost of funding and Selic s basic interest rate of 50 bps. On a 12-month basis, weighted average cost-of-debt increased by 130 bps, up from 9.2% p.a. on June 30 th, 2013, while the basic interest rate increased 300 bps, from 8.00% p.a. on June 30 th, 2013, to 11.00% p.a. as of June 30 th, 62

25 2014. For illustration purposes only, in 4Q11 when the Selic rate was also 11.0% p.a., the company s funding cost was 8 bps higher than Selic, and now it is 50 bps below. Indebtedness interest indices on June 30 th, 2014 Index Performance Average Interest Rate ¹ Cost of Debt Gross Debt (R$) TR ² 0.54% 9.01% 9.55% M CDI 11.00% 1.03% 12.03% M TJLP 5.00% 3.25% 8.25% 170. M IGP-M ² 6.24% 1.93% 8.17% 71.1 M IPCA ² 6.52% 7.62% 14.14% 27.2 M Others 0.00% 8.03% 8.03% 44. M Total 5.70% 4.81% 10.50% 2,124.9 M ¹ Annual interest rate weighted average. ² Index performance for the last 12 months. 9.3 Net Income and Funds From Operations (FFO) Net income up 32.7% in 2Q14 and 24.8% in 1H14 Net Income presented another robust growth in 2Q14, increasing 32.7% to R$93.4 million, due mainly to (i) 14.8% increase in net revenue, driven by rental and parking revenue, (ii) lower tax burden, benefitting from the provision of interest on shareholders equity and (iii) 3.4% decrease in operating expenses, highlighting to the shopping centers expenses. This result was partially offset by higher (iv) net financial expenses and (v) higher depreciation and amortization expenses, due to the delivery of one greenfield, three expansions and one office tower in the last twelve months. FFO per share reaches 15.4% five year CAGR Funds From Operations (FFO) reached R$143.9 million in 2Q14, 31.5% higher than in 2Q13. FFO per share (LTM) reached R$2.59 in 2Q14, representing a CAGR of 10.8%. In 1H14, FFO increased 28.9%, reaching R$272.5 million. Net Income & FFO Calculation (R$) 2Q14 2Q13 Chg. % 1H14 1H13 Chg. % Net revenue M M 14.8% M M 14.9% Operating expenses (85.4 M) (88.5 M) 3.4% (146.1 M) (152.7 M) 4.3% Financial results (39.3 M) (27.7 M) 42.0% (79.3 M) (58.1 M) 36.6% Depreciation and amortization (40.1 M) (29.3 M) 36.7% (79.4 M) (57.4 M) 38.2% Income tax and social contribution (3.8 M) (11.8 M) 67.9% (31.8 M) (38.8 M) 17.9% Minority interest (0.0 M) (0.0 M) 151.4% (0.0 M) (0.0 M) 176.7% Adjusted net income M 80.1 M 29.6% M M 25.4% Deferred income and social contribution (10.5 M) (9.8 M) 7.0% (17.4 M) (13.2 M) 31.9% Net income 93.4 M 70.3 M 32.7% M M 24.8% Depreciation and amortization 40.1 M 29.3 M 36.7% 79.4 M 57.4 M 38.2% Deferred income and social contribution 10.5 M 9.8 M 7.0% 17.4 M 13.2 M 31.9% FFO M M 31.5% M M 28.9% FFO per share¹ % % 1 Shares outstanding at the end of each period, adjusted for shares held in treasury. 63

26 10. MULT3 Indicators & Stock Market Average daily traded volume of R$30.6 million in 2Q14 Multiplan s stock (MULT3 at BM&FBOVESPA; MULT3 BZ on Bloomberg) ended the second quarter of 2014 quoted at R$51.30/share, a 0.9% depreciation when compared to the end of 2Q13. Multiplan s average daily traded volume was R$30.6 million in 2Q14 and R$29.1 million in 1H14, 9.8% higher than in 1H13 (R$26.5 million), when volume was impacted by the issuance of new shares as a result of the Follow On at the beginning of that year. The daily number of traded shares in 1H14 increased 24.3% over 1H13. Multiplan shares are part of the following indexes: Brazil Index (IBRX), Tag Along Index (ITAG), Corporate Governance Index (IGC), Real Estate Index (IMOB), Mid-Large Cap Index (MLCX), MSCI Brazil Index Fund, FTSE EPRA/NAREIT Global Index, FTSE All World Emerging Index, FTSE All World EX US Index Fund, MSCI Emerging Markets Index, MSCI BRIC Index Fund, SPL Total International Stock Index, S&P Global ex-us Property Index, Market Vectors Brazil Index Total Return and Market Vectors Brazil Index Price. On June 30 th, 2014, 29.8% of the Company s shares were owned directly and indirectly by Mr. and Mrs. Peres. Ontario Teachers Pension Plan (OTPP) owned 28.8% and the free-float was equivalent to 40.3%. Shares held by management and in treasury totaled 1.1% of the outstanding shares. Total shares issued are 189,997,214. MULT3 at BM&FBOVESPA 2Q14 2Q13 Chg.% Average closing price (R$) % Closing price (R$) % Average daily traded volume (R$) 30.6 M 32.3 M 5.3% Market cap (R$) 9,746.9 M 9,840.0 M 0.9% 64

27 11. Portfolio Portfolio 1Q14 Opening State Operating Shopping Centers Multiplan % Total GLA Rent (month) 1 Sales (month) 2 avg. Occupancy rate BHShopping 1979 MG 80.0% 46,999 m² 152 R$/m² 1,919 R$/m² 99.3% RibeirãoShopping 1981 SP 80.0% 68,656 m² 72 R$/m² 985 R$/m² 97.1% BarraShopping 1981 RJ 51.1% 74,738 m² 180 R$/m² 2,265 R$/m² 99.9% MorumbiShopping 1982 SP 65.8% 55,512 m² 195 R$/m² 2,388 R$/m² 99.9% ParkShopping 1983 DF 61.7% 53,521 m² 113 R$/m² 1,634 R$/m² 98.9% DiamondMall 1996 MG 90.0% 21,386 m² 157 R$/m² 2,298 R$/m² 100.0% New York City Center 1999 RJ 50.0% 22,271 m² 47 R$/m² 784 R$/m² 100.0% Shopping AnáliaFranco 1999 SP 30.0% 51,005 m² 123 R$/m² 1,607 R$/m² 99.5% ParkShoppingBarigüi 2003 PR 84.0% 50,676 m² 84 R$/m² 1,416 R$/m² 99.0% Pátio Savassi 2004 MG 96.5% 17,398 m² 107 R$/m² 1,638 R$/m² 99.8% Shopping Santa Úrsula 1999 SP 62.5% 23,057 m² 28 R$/m² 649 R$/m² 94.9% BarraShoppingSul 2008 RS 100.0% 69,058 m² 57 R$/m² 1,187 R$/m² 99.5% Shopping Vila Olímpia 2009 SP 60.0% 28,370 m² 95 R$/m² 1,116 R$/m² 96.7% ParkShoppingSãoCaetano 2011 SP 100.0% 39,274 m² 79 R$/m² 1,123 R$/m² 98.3% JundiaíShopping 2012 SP 100.0% 34,425 m² 64 R$/m² 1,025 R$/m² 96.6% ParkShoppingCampoGrande 2012 RJ 90.0% 42,819 m² 60 R$/m² 767 R$/m² 97.9% VillageMall 2012 RJ 100.0% 25,685 m² 100 R$/m² 1,745 R$/m² 99.6% Parque Shopping Maceió 2013 AL 50.0% 37,578 m² 44 R$/m² 517 R$/m² 95.9% Subtotal operating Shopping Centers 73.8% 762,429 m² 103 R$/m² 1,444 R$/m² 98.4% Operating office tower ParkShopping Corporate 2012 DF 50.0% 13,360 m² - - Leasing phase Morumbi Corporate 2013 SP 100.0% 74,198 m² % Subtotal operating office tower 92.4% 87,558 m² Malls under development ParkShoppingCanoas TBA RS 80.0% 48,000 m² Subtotal malls under development 80.0% 48,000 m² Office towers for lease under development BarraShopping Office 2014 RJ 51.1% 4,204 m² Subtotal towers under development 51.1% 4,204 m² Total portfolio 75.8% 902,191 m² ¹Sales per m²: Sales of stores that inform sales divided by their GLA. ²Rent per m²: Rental revenue (base and overage rents) charged from the tenant and divided by its GLA. It is worth noting that this GLA includes stores that are already leased but are not yet operating (i.e., stores that are being readied for opening). 65