Multiplan Empreendimentos Imobiliários S.A.

Transcription

1 Multiplan Empreendimentos Imobiliários S.A. KPDS

2 Contents Performance review 3 Independent auditors' report on quarterly information 47 Balance sheets 50 Statements of income 54 Statements of comprehensive income 56 Statements of changes in shareholders' equity 57 Statements of cash flows 59 Statements of added value 63 Notes to the quarterly information 65 2

3 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they are based on expectations of the Company s management and on available information. The Company is under no obligation to update these statements. The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are intended to qualify statements. Forward-looking statements refer to future events that may or may not occur. Our future financial situation, operating results, market share and competitive position may differ substantially from those expressed or suggested by these forward-looking statements. Many factors and values that may impact these results are beyond the Company s ability to control. The reader/investor should not make a decision to invest in Multiplan shares based exclusively on the data disclosed in this report. This document also contains information on future projects which could differ materially due to market conditions, changes in laws or government policies, changes in operational conditions and costs, changes in project schedules, operating performance, demands by tenants and consumers, commercial negotiations or other technical and economic factors. The Company may alter these projects totally or in part with no prior notice. External auditors have not reviewed non-accounting information. In this release the Company has chosen to present the consolidated data from a managerial perspective, in line with the accounting practices in force on December 31, 2012, as disclosed below. For more detailed information, please check our Financial Statements, Reference Form (Formulário de Referência) and other relevant information on our investor relations website ir.multiplan.com.br. Managerial Report During fiscal year 2012, the Accounting Standards Committee (CPC) issued the following pronouncements that impacted the Company s activities and its subsidiaries including, among others: (i) CPC 18 (R2) Investments in affiliated companies, subsidiaries and in jointly controlled projects; (ii) CPC 19 (R2) Joint business. These pronouncements required that they be implemented for fiscal years starting January 1, The pronouncements determine, among other issues, that joint projects be recorded on the financial statements via equity pick-up. In this case, the Company is no longer consolidating the 50% interest in Manati Empreendimentos e Participações S.A., a company that owns a 75% stake in ShoppingSantaÚrsula, and a 50% stake in Parque Shopping Maceió S.A., a company that has a 100% ownership interest in the shopping center of the same name on a proportional basis. This report adopted the managerial information format and, for this reason, does not consider the requirements of CPCs 18 (R2) and 19 (R2) to be applicable. Thus, the information and/or performance analyses presented herein include the proportional consolidation of Manati Empreendimentos e Participações S.A. and Parque Shopping Maceió S.A. For additional information, please refer to note 9.4 of the Financial Statements Report dated. Multiplan is presenting its quarterly results in a managerial format to provide the reader with a more complete perspective on operational data. Please refer to the Company s financial statements on its website (ir.multiplan.com.br) to access the Financial Statements in compliance with the CPC. Please see on page 37 in this report the changes determined by Technical Pronouncements CPC18 (R2) and CPC19 (R2), and the reconciliation of the accounting and managerial numbers. 3

4 Table of Contents 1. Consolidated Financial Statements Fair Value of Investment Properties According to CPC Operational Indicators Gross Revenue Property Ownership Results Shopping Center Management Results Projects for Lease Results Real Estate for Sale Results Other operating revenue/expenses Financial Results Project Development MULT3 Indicators & Stock Market Portfolio Ownership Structure Operational and Financial Data Reconciliation between IFRS (with CPC 19 R2) and Managerial Report Appendices Glossary and Acronyms The Evolution of Multiplan's Financial Indicators R$ Million 2007 (IPO)¹ Change % (2015/2007) CAGR % (2015/2007) Gross Revenue , , , , % +16.0% Net Operating Income % +20.4% EBITDA % +17.8% FFO % +13.0% Net Income ,611.9% +42.6% ¹2007 EBITDA adjusted for expenses related to the Company's IPO Gross Revenue Net Operating Income EBITDA FFO Net Income Jun-08 (LTM) Jun-09 (LTM) Jun-10 (LTM) Jun-11 (LTM) Jun-12 (LTM) Jun-13 (LTM) Jun-14 (LTM) Jun-15 (LTM) Jun-16 (LTM) Overview Historical Performance of Multiplan s Results (R$ Million) Multiplan Empreendimentos Imobiliários S.A. is one of the leading shopping center operating companies in Brazil, established as a full service company that plans, develops, owns and manages one of the largest and highest-quality mall portfolios in the country. The Company is also strategically active in the residential and commercial real estate development sectors, generating synergies for shopping center-related operations by creating mixed-use projects in adjacent areas. At the end of 2Q16, Multiplan owned 18 shopping centers with a total GLA of 774,568 m² - with an average interest of 73.8% - of which 17 shopping centers were managed by the Company, with over 5,400 stores and estimated annual traffic of 180 million visitors. Multiplan also owned - with an average interest of 92.4% - two corporate office complexes with total GLA of 87,558 m², representing a total GLA of 862,126 m². 4

5 FFO GROWS TO R$140 MILLION AND OCCUPANCY RATE STANDS AT 97.6% IN 2Q16 Another resiliency test: Stable operating metrics in 2Q16 lead to solid financial results, amid sluggish domestic economic environment; Management remains positive about future growth opportunities 2Q16 vs.2q15 comparison, unless otherwise stated: Tenants Same Area Sales grow 4.1% and Same Store Sales increase 2.3% in 2Q16. The 1.8% spread between SAS and SSS reflects the positive changes in the tenant mix. Evolution of Same Area and Same Store Sales Growth 2.8% 2.7% 1.2% 0.6% 3.9% 4.2% 4.1% 2.1% 1.6% 2.3% 2Q15 3Q15 4Q15 1Q16 2Q16 Same Area Sales Same Store Sales Evolution of Shopping Center Occupancy Rate 98.4% 98.1% 98.0% 97.9% 97.6% Occupancy rate is kept at 97.6% in the quarter, compared to 97.9% in 1Q16. Same Store Rent grows 6.0% in 2Q16, parking revenue increases 6.1%, and the NOI achieves R$228.7 million, with 87.0% margin. Net debt/ebitda ratio at 2.43x reflects the net payment of R$115.8 million in Interest-On-Capital announced on December 2015 and CAPEX of R$64.5 million, compensated by the strong operating cash generation, shown by the EBITDA of R$195.3 million in the period, 5.0% higher than in 2Q15. Net income reaches R$98.7 million, 2.4% higher than in 2Q15. In the last 12 months, net income recorded R$365.0 million and FFO R$532.6 million, implying a CAGR of 8.4% and 7.3%, respectively, over the previous five 12-month periods. On June 27 th, 2016, a R$95.0 million Interest-On-Capital distribution was announced. It represents approximately R$0.50/share pre-tax, to be paid to shareholders registered on the Company s books as at June 30 th, MULT3 stock price (in BM&FBOVESPA) increased 58.6% in the first half of 2016, with an average daily traded volume of R$41.7 million Q15 3Q15 4Q15 1Q16 2Q16 1.5% Evolution of Delinquency Rate as % of Rental Revenue 2.4% 1.9% 4.5% 3.6% 4.0% 2.4% 2Q15 3Q15 4Q15 1Q16 2Q16 Gross Deliquency Rate Net Deliquency Rate Evolution of MULT3 in BM&FBOVESPA MULT3 Price Bovespa Index +58.6% +18.9% 80 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 5

6 2Q16 MULT3 1. Consolidated Financial Statements Managerial Report (R$ 000) 2Q16 2Q15 Chg. % 1H16 1H15 Chg. % Rental revenue 210, , % 418, , % Services revenue 31,511 25, % 68,613 53, % Key money revenue 3,355 5, % 6,872 13, % Parking revenue 45,828 43, % 92,303 85, % Real estate for sale revenue 1,648 1, % 5,579 12, % Straight-line effect 6,095 8, % 15,757 17, % Other revenues 2, % 3,796 1, % Gross Revenue 301, , % 611, , % Taxes and contributions on sales and services (32,034) (28,530) +12.3% (62,458) (56,788) +10.0% Net Revenue 269, , % 548, , % Headquarters expenses (37,026) (32,838) +12.8% (68,926) (58,502) +17.8% Share-based compensations (6,427) (3,022) % (11,741) (6,951) +68.9% Shopping centers expenses (32,317) (22,047) +46.6% (64,425) (45,004) +43.2% Office towers for lease expenses (1,838) (3,556) -48.3% (3,780) (6,786) -44.3% New projects for lease expenses (1,710) (5,402) -68.3% (3,203) (7,155) -55.2% New projects for sale expenses (328) (1,295) -74.7% (1,199) (1,947) -38.4% Cost of properties sold (2,984) (4,190) -28.8% (5,132) (12,524) -59.0% Equity pickup (6) 20 n.a % Other operating income/expenses 8,172 (123) n.a. 3,915 (4,605) n.a. EBITDA 195, , % 394, , % Financial revenue 23,946 14, % 45,105 26, % Financial expenses (70,788) (5,993) +22.1% (141,114) (114,154) +23.6% Depreciation and amortization (39,758) (39,294) +1.2% (79,308) (78,490) +1.0% Earnings Before Taxes 108, , % 218, , % Income tax and social contribution (7,988) (4,664) +71.3% (42,963) (38,701) +11.0% Deferred income and social contribution taxes ² (2,026) (2,803) -27.7% (7,002) (8,709) -19.6% Minority interest (40) 94 n.a. (91) 75 n.a. Net Income 98,672 96, % 168, , % (R$'000) 2Q16 2Q15 Chg. % 1H16 1H15 Chg. % NOI 228, , % 458, , % NOI margin 87.0% 89.9% -287 b.p. 87.0% 89.6% -257 b.p. NOI + Key Money 232, , % 464, , % NOI + Key Money margin 87.2% 90.1% -294 b.p. 87.2% 89.9% -268 b.p. Property EBITDA 199, , % 399, , % Property EBITDA margin 74.2% 76.1% -191 b.p. 73.5% 76.5% -299 b.p. EBITDA (Shopping Center + Real Estate) 195, , % 394, , % EBITDA margin 72.4% 72.0% +43 b.p. 71.8% 72.6% -74 b.p. Net Income 98,672 96, % 168, , % Net Income margin 36.6% 37.3% -70 b.p. 30.8% 31.7% -96 b.p. Adjusted Net Income 100,698 99, % 175, , % Adjusted Net Income margin 37.3% 38.4% -103 b.p. 32.0% 33.4% -134 b.p. FFO 140, , % 255, , % FFO margin 52.1% 53.6% -150 b.p. 46.5% 48.4% -189 b.p. 6

7 2Q16 MULT3 2. Fair Value of Investment Properties According to CPC 28 Multiplan valued its investment properties internally and assessed their fair value based on the Discounted Cash Flow (DCF) methodology. The Company calculated the present value of the future cash flows using a discount rate based on the Capital Asset Pricing Model (CAPM). Risk and return assumptions were considered based on (i) studies conducted and published by Mr. Aswath Damodaran (Professor at New York University), (ii) stock market performance of Multiplan shares (Beta), in addition to (iii) macroeconomic projections published by the Central Bank, and (iv) data on the risk premium of the domestic market (country risk measured by the Emerging Markets Bond Index Plus Brazil). Using these assumptions, the Company estimated a weighted average, nominal and unleveraged, discount rate of 14.28% on, as a result of a basic discount rate of 13.75% calculated according to CAPM, and a weighted average risk spread of 52 base points. The risk spread was calculated according to internal analysis and added to the basic discount rate in a range between zero and 200 base points for each shopping mall, office tower and project evaluation. Shareholders Cost of Capital 2Q Risk free rate 3.45% 3.45% 3.49% 3.53% 3.57% Market risk premium 6.05% 6.05% 6.11% 6.02% 5.74% Adjusted beta Sovereign risk 258 b.p. 232 b.p. 230 b.p. 205 b.p. 184 b.p. Spread 52 b.p. 51 b.p. 44 b.p. 43 b.p. 59 b.p. Shareholders cost of capital - US$ nominal 11.27% 11.00% 10.65% 10.66% 10.25% Inflation assumptions Inflation (Brazil) (1) 5.17% 6.53% 6.53% 5.98% 5.47% Inflation (USA) 2.40% 2.40% 2.40% 2.30% 2.30% Shareholders cost of capital BRL nominal 14.28% 15.47% 15.11% 14.64% 13.66% (1) Estimated inflation (BR) for June 2016 considers the 4-year average between July 2016 and June The estimated inflation (BR) for 2012, 2013, 2014 and 2015 models considered the inflation forecast for the following 12 months. The investment properties valuation reflects the market participant concept. Therefore, the Company does not consider in the discounted cash flows calculation taxes on revenues, income taxes, revenue and expenses relating to management and brokerage services. The future cash flow of the model was estimated based on the properties individual cash flows, including the net operating income (NOI), recurring Key Money (based only on mix changes, except for projects under development and future projects), revenues from transfer fees, investments in revitalization, and investments in constructions in progress. Perpetuity was calculated assuming a real growth rate of 2.0% for shopping centers and zero for office towers. The Company classified its investment properties in accordance with their status. The table below describes the fair value calculated for each category of property and presents the amounts in the Company s share: Fair Value of Investment Properties 2Q Shopping Centers and office towers in operation ¹, ², ³ R$ 14,577 M R$ 15,465 M R$ 15,683 M R$ 14,089 M R$ 13,418 M Projects under development (disclosed) ¹, ², ³ R$ 200 M R$ 181 M R$ 32 M R$ 123 M R$ 715 M Future projects (not disclosed) R$ 357 M R$ 379 M R$ 284 M R$ 430 M R$ 569 M Total R$ 15,133 M R$ 16,024 M R$ 15,999 M R$ 14,642 M R$ 14,702 M ¹ In 2012, the JundiaíShopping, ParkShoppingCampoGrande, VillageMall, ParkShopping Corporate, and Expansion VI of the RibeirãoShopping projects were completed and their assets transferred from the line Projects under development to Shopping malls and office towers in operation. ² In 2013, the Expansion VII and Expansion VIII projects of RibeirãoShopping and Morumbi Corporate were completed, and their assets were transferred from the line Projects under development to Shopping malls and office towers in operation. ³ In 2014, the BarraShopping Expansion VII project was completed, and the assets were transferred from the line Projects under development to Shopping malls and office towers in operation. 7

8 2Q16 MULT3 Following the CPC 19 (R2) Joint business pronouncement, issued by the Accounting Standards Committee (CPC), the 37.5% ownership interest in ShoppingSantaÚrsula and 50.0% in Parque Shopping Maceió project through the joint controlled investees were not considered in the fair value calculation. Fair Value Future projects (not disclosed) Properties under development (disclosed) Properties in operation 17.5 B 15.0 B 15.1 B 12.5 B 10.0 B 7.5 B 5.0 B B.0 B Jun-16 Evolution of Fair Value¹ (R$) Fair Value¹ per share (R$) 100 Fair Value - properties in operation NOI - properties in operation Owned GLA - properties in operation Jun B Market Value +12.9% 15.1 B 13.4 B Enterprise Value (EV) Fair Value Growth of Fair Value¹, NOI and owned GLA (Base 100: 2010) Market Cap² vs. Enterprise Value³ vs. Fair Value¹ Fair Value Enterprise Value (EV) Fair Value / Enterprise Value (EV) 12.3 B 6.4 B 13.0 B 7.3 B 14.7 B 14.6 B 12.3 B 11.3 B 16.0 B 16.0 B 10.9 B 9.1 B 15.1 B 13.4 B 1.93x 1.79x 1.20x 1.29x 1.47x 1.75x 1.13x Jun-16 Enterprise Value³ and Fair Value¹ (R$) ¹ Calculated according to CPC 28 ² Based on stock price on, of R$60.26 ³ The sum of Market Cap and Net Debt 8

9 2Q16 MULT3 3. Operational Indicators 3.1 Tenant Sales Sales grow again amid a sluggish retail environment Tenants in Multiplan s shopping centers saw a 2.7% growth in sales in 2Q16, to R$3.2 billion, maintaining tenants sales in the positive territory despite the country s economic deterioration that has affected the retail business in the past few years. The reported sales increase contrasts with the 1.7% decrease of average GLA of stores that report sales due to (i) a slight increase in vacancy rates, (ii) increase of non-reporting-sales stores in the mix, such as services operations, and (iii) longer periods required by tenants to setup new stores. These effects were stronger in some shopping centers, such as BarraShopping, where reporting-sales-gla decreased 4.5% B CAGR: +9.5% +2.7% 2.61 B 3.01 B 3.15 B 3.24 B 2Q12 2Q13 2Q14 2Q15 2Q16 Evolution of tenants sales (billion R$) While every month in the quarter posted positive sales, the month of June was the quarter s highlight, possibly reflecting a positive effect of below-average temperatures in the country. In 1H16, tenants sales increased 2.9%, to R$6.2 billion. In the twelve months ended on June 30 th 2016, the satellite stores recorded sales of R$26,818/m², equivalent to US$775 per square foot (based on the exchange rate of USD/BRL in June 30 th, 2016). Shopping Center Sales (100%) Opening 2Q16 2Q15 Chg.% 1H16 1H15 Chg.% BH Shopping M M -0.4% M M -1.6% RibeirãoShopping M M +2.0% M M -1.1% BarraShopping M M -0.6% M M +1.5% MorumbiShopping M M +4.9% M M +6.4% ParkShopping M M -2.7% M M -2.2% DiamondMall M M +1.2% M M +1.8% New York City Center M 46.5 M +5.5% M M +8.3% Shopping Anália Franco M M +7.1% M M +5.6% ParkShoppingBarigüi M M +9.4% M M +4.8% Pátio Savassi 2007 ¹ 94.3 M 90.4 M +4.3% M M +4.2% ShoppingSantaÚrsula 2008 ² 36.7 M 42.5 M -13.7% 73.6 M 83.7 M -12.1% BarraShoppingSul M M -1.1% M M -0.8% ShoppingVilaOlímpia M 99.9 M +6.3% M M +4.6% ParkShoppingSãoCaetano M M +11.4% M M +9.4% JundiaíShopping M M +3.6% M M +2.3% ParkShoppingCampoGrande M 98.5 M +4.9% M M +8.8% VillageMall M M +0.4% M M +6.0% Parque Shopping Maceió M 77.7 M +7.6% M M +11.4% Total 3,240.2 M 3,154.9 M +2.7% 6,248.4 M 6,071.9 M +2.9% ¹ Pátio Savassi opened in 2004 and was acquired by Multiplan in June 2007 ² ShoppingSantaÚrsula opened in 1999 and was acquired by Multiplan in April

10 2Q16 MULT3 Same Store Sales accelerate 63 b.p. over 1Q16 Same Area Sales (SAS) increased 4.1% in the quarter, compared to the same period of the previous year, keeping the same growth pace when compared to 1Q16 (+4.2%), while Same Store Sales were up 2.3% in the quarter, accelerating 63 b.p. over 1Q16. The spread of 189 b.p. between SAS and SSS underscores the value added to the portfolio by the successful tenant mix improvement strategy. +1,097 R$/m² 20,729 R$/m² +744 R$/m² +1,536 R$/m² 17,353 R$/m² +19.5% Jun-13 (LTM) Jun-14 Jun-15 Jun-16 Jun-16 (LTM) Evolution of Same Area Sales (LTM) Base: Jun-13 Services segment remains the strongest in SSS breakdown, growing 8.9% in 2Q16 SSS continued to be driven by the Services segment, which recorded 8.9% growth, boosted by pharmacies and travel agencies. The Apparel and Home & Office segments, after reporting sluggish sales in the past quarters, recovered with 3.2% and 2.7% increases, respectively in 2Q16. Apparel was led by the strong performance of anchor stores, 7.0% higher, possibly reflecting the low temperature effect on the sales of warm apparel, while Home & Office was driven by household appliances stores. The stronger increase in sales in the Food Court & Gourmet Area segment, during several quarters of robust performance and a GLA share increase in the portfolio, resulted in a slight decrease of 0.7% for food operations that compose the Same Store basis. Restaurants continued to present good performances, but were offset by the weaker performance of fast food operations. It is worth noting that this segment has been very successful in attracting consumers to the malls and continues to record a strong sales productivity in the portfolio. Same Store Sales 2Q16 x 2Q15 Anchor Satellite Total Food Court & Gourmet Area % -0.7% Apparel +7.0% +1.7% +3.2% Home & Office -4.5% +6.7% +2.7% Miscellaneous -0.3% -0.1% -0.1% Services +1.7% +12.2% +8.9% Total +2.6% +2.2% +2.3% Breakdown of Same Store Sales per segment 5.0% 3.9% 4.2% 4.1% 2.5% 2.8% 2.7% 1.2% 0.6% 2.1% 1.6% 2.3% 0.0% -2.5% 2Q15 3Q15 4Q15 1Q16 2Q16 Same Area Sales Same Store Sales SAS and SSS Evolution (year/year) 10

11 98.5% 98.1% 97.5% 98.1% 98.6% 98.5% 98.8% 99.0% 98.6% 98.1% 98.0% 97.9% 2Q16 MULT3 3.2 Operational Indicators Occupancy rate remains strong at 97.6% The quarter average shopping center occupancy rate reached 97.6% in the end of 2Q16, a slight decrease compared to the 1Q16 rate, of 97.9%. Even though the Company owns a homogeneous portfolio, the top five malls by sales/m² averaged an occupancy rate of 98.7%, 110 b.p. higher than the portfolio average, providing evidence for the operating resilience that comes with strong productivity. 97.8% 97.6% 98.4% 98.4% 97.6% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Evolution of shopping center occupancy rate: 2Q12 2Q16 Occupancy cost 46 b.p. above 2Q15, in line with 5-year average The occupancy cost went up by 46 b.p. to 13.1% when compared to 2Q15 and remained in line with the second quarters of the past five years, mainly as a consequence of inflation adjustments on rental revenue and common expenses that rose above the sales increase. 13.1% 13.7% 12.7% 12.7% 13.1% 13.1% 13.0% 12.6% 13.1% 13.1% 13.0% 5.5% 6.0% 5.5% 5.2% 5.5% 5.4% 5.3% 5.4% 5.6% 5.6% 5.3% 7.6% 7.7% 7.2% 7.4% 7.5% 7.3% 7.8% 7.6% 7.4% 7.5% 7.7% 2Q12 2Q13 2Q14 2Q15 2Q16 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 Other as sales % Custos de Ocupação Rent as % of Sales Other as % of Sales Occupancy cost breakdown: 2Q12 2Q16 Net delinquency rate at 2.4% in 2Q16 Following the peak of gross delinquency rate (rental payments more than 25 days late) in 1Q16, gross delinquency fell to 4.0% in 2Q16. After a seasonally higher first quarter, the QoQ sales growth and consequently lower occupancy cost led to the 56 b.p. drop in delinquency rate. Following the same trend, net delinquency, which considers past delinquency recoveries, showed an even stronger improvement, down to 2.4% in 2Q16, a 120 b.p. drop. In the same period of comparison, rent loss was 1.0%. 4.5% 4.0% 1.5% 2.4% 1.9% 3.6% 2.4% 0.3% 0.4% 1.2% 1.0% 1.0% 2Q15 3Q15 4Q15 1Q16 2Q16 Gross Delinquency Rate Net Delinquency Rate 2Q15 3Q15 4Q15 1Q16 2Q16 Rent Loss Historical delinquency rate and rent loss: 2Q15 2Q16 11

12 2Q16 MULT3 4. Gross Revenue Gross revenue grows 5.2% in 2Q16 Gross revenue totaled R$301.8 million in 2Q16, a growth of 5.2% compared to 2Q15. Rental, services and parking revenues were the main drivers, jointly adding R$18.2 million. As mentioned in previous reports, based on an opportunistic approach, the Company develops mixed-use projects for sale, searching for market conditions that maximize margins and returns. In view of the current market scenario, the Company has not identified these opportunities, putting potential launches on hold and thus reducing the real estate for sale revenue compared to past years. In the first half of 2016, real estate for sale revenues were down 56.9% when compared to the same period in the previous year. Key Money 1.1% Services 10.4% Straight Line 2.0% Real Estate for Sale 0.5% Others 0.8% Parking 15.2% Rental 69.9% Gross revenue was R$611.1 million in 1H16, a 5.4% increase over the same period of the last year. Excluding real estate for sale revenues, the increase was 6.8%. Gross revenue breakdown 2Q % -28.7% +22.5% -42.9% +6.1% -0.4% % 9.8 M 5.8 M 2.7 M 1.6 M M M (0.1M) (2.5 M) +5.2% (0.1M) Gross Revenue 2Q15 Rental Revenue Straight Line Effect Services Revenue Key Money Revenue Parking Revenue Real Estate for Sale Revenue Other Revenues Gross Revenue 2Q16 2Q16 gross revenue growth breakdown (Y/Y) (R$) 21.7% 4.2% 0.6% 2.2% 9.3% 6.7% 9.0% 9.4% 1.6% 0.9% 7.7% Average since IPO H16 Real estate for sale revenue of gross revenue 12

13 2Q16 MULT3 5. Property Ownership Results 5.1 Rental Revenue Rental revenue totals R$210.9 million in 2Q16, up 4.9% Rental revenue grew 4.9% compared with 2Q15, from R$201.1 million to R$210.9 million in 2Q16. Rental revenue is composed of base rent, merchandising and overage rent, which in 2Q16 represented 89.4%, 7.1% and 3.6% of total rental revenue, respectively. +6.6% -14.4% -3.8% Merchandising 7.1% Overage 3.6% M 11.6 M (-1.3 M) (-0.6 M) M +4.9% Base Rent 89.4% Rental revenue 2Q15 Base rent Overage Merchand. Rental revenue 2Q16 Rental revenue breakdown 2Q16 2Q16 Rental revenue growth breakdown (Y/Y) (R$) New York City Center, DiamondMall and Pátio Savassi were the main positive highlights, growing 14.3%, 9.8% and 8.5% in the quarter, respectively. New York City Center had the highest rental revenue growth of the portfolio with an increase of 14.3%, boosted by a tenant mix change, which brought new restaurants to the mall. DiamondMall grew by 9.8% compared to the last year due to increases of Home and Office and Apparel segments, and Pátio Savassi was also benefited by new store openings. Rental Revenue (R$) Opening 2Q16 2Q15 Chg.% 1H16 1H15 Chg.% BHShopping M 19.3 M +1.3% 38.8 M 37.6 M +3.0% RibeirãoShopping M 11.4 M -1.1% 22.0 M 22.7 M -2.9% BarraShopping M 24.1 M +8.2% 51.5 M 47.5 M +8.2% MorumbiShopping M 25.7 M +3.3% 51.7 M 49.3 M +4.7% ParkShopping M 12.8 M +3.7% 26.4 M 24.8 M +6.6% DiamondMall M 9.7 M +9.8% 21.1 M 19.5 M +7.9% New York City Center M 1.7 M +14.3% 4.2 M 3.7 M +14.0% Shopping AnáliaFranco M 6.3 M +3.1% 12.7 M 12.3 M +2.9% ParkShoppingBarigüi M 12.3 M +4.9% 24.9 M 23.9 M +3.9% Pátio Savassi 2007 ¹ 7.3 M 6.7 M +8.5% 14.3 M 13.1 M +9.3% Shopping SantaÚrsula 2008 ² 1.0 M 1.3 M -25.2% 2.0 M 2.5 M -19.1% BarraShopping Sul M 13.1 M +3.7% 26.9 M 25.8 M +4.1% Shopping Vila Olímpia M 4.7 M -2.6% 9.0 M 9.0 M -0,1% ParkShopping São Caetano M 9.9 M +4.4% 20.2 M 19.8 M +1.9% JundiaíShopping M 8.0 M -12.1% 13.5 M 15.4 M -12.1% ParkShoppingCampoGrande M 7.9 M -1.0% 16.0 M 15.9 M +0.7% VillageMall M 8.2 M -4.8% 15.6 M 17.0 M -7.9% ParqueShoppingMaceió M 2.9 M +7.5% 6.2 M 5.8 M +7.0% ParkShopping Corporate M 0.1 M % 0.7 M 0.2 M % Morumbi Corporate M 15.0 M +29.0% 40.6 M 29.5 M +37.8% Total M M +4.9% M M +5.8% ¹ Pátio Savassi opened in 2004 and was acquired by Multiplan in June, ShoppingSantaÚrsula opened in 1999 and was acquired by Multiplan in April, 2008 Additional data can be obtained from the Fundamentals Spreadsheet on Multiplan s investor relations website: (ir.multiplan.com.br). 13

14 2Q16 MULT3 Morumbi Corporate s rental revenue grows 29.0% over 2Q15 Morumbi Corporate, the two-tower office complex (Diamond Tower and Golden Tower) located across from MorumbiShopping, added R$19.4 million to rental revenue in 2Q16, an increase of 29.0% compared to 2Q15, due to the end of some contract s grace period. In the last twelve months, the tower contributed with R$76.8 million, an increase of 42.2% over the year before. As of June 2016, 91.5% of the project s GLA had been leased, stable compared to the previous quarter M Sep-14 (LTM) 40.2 M Dec-14 (LTM) 49.1 M 54.0 M 60.2 M Mar-15 (LTM) Jun-15 (LTM) +42.2% Sep-15 (LTM) 65.7 M Dec-15 (LTM) 72.5 M 76.8 M Mar-16 (LTM) The evolution of Morumbi Corporate rental revenue (R$) - LTM Jun-16 (LTM) The Company started construction on a skywalk that will connect Morumbi Corporate to Morumbi Shopping, enhancing the synergy effect on both properties. Skywalk at Morumbi Complex - Artist s rendering- project subject to modification Skywalk construction works Morumbi Complex 14

15 2Q16 MULT3 SSR grows 6.0% in 2Q16 Multiplan reported Same Store Rent (SSR) of R$107/m² per month in 2Q16, an increase of 6.0% over this metric in 2Q15, when SSR posted a 7.0% growth. The IGP-DI adjustment effect was 9.3% in the quarter, leading to a negative real growth of 3.3%. Real SSR: 3.9% 1.8% 2.6% 4.3% 0.6% 3.5% 1.2% 0.9% 4.1% 2.7% 3.4% 4.1% 2.4% 2.4% 0.3% -1.7% -3.3% 10.4% 7.7% 8.6% 6.3% 5.7% 5.9% 11.4% 11.4% 8.0% 6.8% 7.4% 7.6% 8.0% 10.1% 8.8% 9.2% 9.5% 7.0% 6.8% 6.8% 6.2% 6.7% 5.9% 5.8% 5.9% 5.6% 5.2% 5.9% 4.5% 4.4% 7.5% 9.3% 5.8% 6.0% 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 SSR IGP-DI Adjustment Effect Same Store Rent (SSR) breakdown - Nominal and real growth 5.2 Parking Revenue Parking revenue up 6.1% to R$ 45.8 million in 2Q16 In 2Q16 parking revenue was R$45.8 million, representing a growth of 6.1% when compared to 2Q15, boosted by longer consumer stays and parking fee changes. In 1H16 parking revenue was R$92.3 million, 7.7% above the same period in the previous year. In the last five years, the parking revenue presented a strong performance, reflected by a 16.1% CAGR. CAGR: +16.1% +6.1% 43.2 M 38.6 M 30.9 M 25.2 M 45.8 M 5.3 Properties Expenses 2Q12 2Q13 2Q14 2Q15 2Q16 Parking revenue evolution (R$) Shopping center expenses reach R$32.3 million in 2Q % 34.4 M 32.3 M 40.0 Shopping center expenses totaled R$32.3 million in 2Q16, 46.6% higher M than in 2Q15. The main drivers of this increase were common costs and 20.7 M 22.0 M % 25.0 rent provisions related to the higher delinquency and temporary vacancy 13.6% 11.0% 12.6% % 15.0 expenses resulting from turnover M 0.0 M As a percentage of shopping center revenues, mall expenses were 2Q12 2Q13 2Q14 2Q15 2Q % in 2Q16. Shopping center expenses evolution (R$) and as % of shopping center revenues¹ ¹ (mall rental and parking revenues) Office towers margin reaches 90.7% The 30.0% increase in revenues and the 48.3% decrease in expenses in 2Q16 led the office towers activity to record a 90.7% operating margin. 3.6 M -48.3% 2.4 M 1.9 M 1.8 M 1.3 M 76.5% 92.8% 87.6% 91.0% 90.7% 2Q15 3Q15 4Q15 1Q16 2Q16 Evolution of office towers expenses (R$) and operating margin (%) 15

16 2Q16 MULT3 5.4 Net Operating Income NOI Resilient NOI of R$228.7 million in 2Q16 In spite of the increase in shopping center expenses, Multiplan recorded a Net Operating Income (NOI) of R$228.7 million in 2Q16, a small but valuable increase of 0.6% over 2Q15. The margin in the quarter was 87.0% down 287 b.p. In the last 12 months, NOI increased 4.8%, totaling R$946.3 million, leading to a 15.6% five-year CAGR. +0.6% M M +2.6% M M CAGR: +11.6% CAGR: +13.0% 89.9% 87.0% 89.6% 87.0% - Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 NOI + Key Money per share (LTM) 2Q15 2Q16 1H15 NOI (R$) and NOI margin (%) 1H16 NOI + Key Money per share (2Q) NOI + Key Money per share¹ (R$) ¹Shares outstanding adjusted for shares held in treasury CAGR: +15.6% +4.8% M M M M M 87.2% M 89.5% 87.5% 86.1% 88.5% 88.1% Jun-11 (LTM) Jun-12 (LTM) Jun-13 (LTM) Jun-14 (LTM) Jun-15 (LTM) Jun-16 (LTM) NOI (R$) and NOI margin (%) evolutions LTM NOI Calculation (R$) 2Q16 2Q15 Chg.% 1H16 1H15 Chg. % Rental revenue M M +4.9% M M +5.8% Straight-line effect 6.1 M 8.6 M -28.7% 15.8 M 17.2 M -8.6% Parking revenue 45.8 M 43.2 M +6.1% 92.3 M 85.7 M +7.7% Operational revenue M M +3.9% M M +5.6% Shopping center expenses (32.3 M) (22.0 M) +46.6% (64.4 M) (45.0 M) +43.2% Office for lease expenses (1.8 M) (3.6 M) -48.3% (3.8 M) (6.8 M) -44.3% NOI M M +0.6% M M +2.6% NOI margin 87.0% 89.9% -287 b.p. 87.0% 89.6% -257 b.p. Key Money 3.4 M 5.9 M -42.9% 6.9 M 13.8 M -50.1% Operational revenue + Key Money M M +2.9% M M +4.1% NOI + Key Money M M -0.5% M M +1.0% NOI + Key Money margin 87.2% 90.1% -294 b.p. 87.2% 89.9% -268 b.p. The NOI + Key Money reached R$232.0 million in 2Q16, 0.5% lower when compared to the same period in 2015; with an 87.2% margin. 16

17 2Q16 MULT3 6. Shopping Center Management Results 6.1 Services Revenue Services revenue totals R$31.5 million in 2Q16, a 22.5% growth Services revenue totaled R$31.5 million in 2Q16, 22.5% higher than in 2Q15, impacted by a non-recurring revenue related to the management of marketing campaigns. The services revenue, mainly composed of portfolio management, brokerage and transfer fees, increased 28.7% in 1H16, to R$68.6 million, and almost matched the G&A expenses in the semester. 6.2 General and Administrative Expenses (Headquarters) +22.5% 26.6 M 27.2 M 27.5 M 25.7 M 31.5 M 125.6% 84.8% 87.2% 78.3% 85.1% 2Q12 2Q13 2Q14 2Q15 2Q16 Evolution of quarterly services revenue and services revenue as % of G&A expenses (R$) G&A expenses increase 12.8% compared with 2Q15 In 2Q16 G&A expenses totaled R$37.0 million, 12.8% higher than in 2Q15, when a non-recurring reversal of R$1.4 million in provisions and a tax credit of R$0.5 million benefited the headquarters account. Excluding non-recurring values, the G&A expenses would have increased 6.7% over 2Q15, below the IPCA annual inflation of 9.1% in the quarter. As a percentage of net revenues, G&A represented 13.7% in the quarter. The share-based compensantions account increased 112.7%, from R$3.0 million in 2Q15 to R$6.4 million in 2Q16, due to the impact of Multiplan s share price increase (of 12.2% in the quarter and 58.6% year-to-date) on the phantom stock option plan valuation % 32.1 M 31.6 M 32.8 M 37.0 M 21.2 M 2Q12 2Q13 2Q14 2Q15 2Q16 Quarterly G&A evolution (R$) +6.7% 34.7 M 37.0 M 1.9 M 32.8 M +12.8% Non-recurring items 2Q15 2Q16 G&A evolution (R$) excluding non-recurring items 17

18 2Q16 MULT3 7. Projects for Lease Results Key Money revenue adds R$3.4 million in 2Q16 Key Money accrual in 2Q16 totaled R$3.4 million, a 42.9% decrease compared with 2Q15, and was mainly composed of areas delivered in the last five years. The operational (recurring) key money added R$0.7 million in revenues in the quarter. In 1H16, the Key Money revenue decreased 50.1%, to R$6.9 million. Key Money Revenue (R$) 2Q16 2Q15 Chg. % 1H16 1H15 Chg. % Operational ( Recurring ) 0.7 M 0.7 M +4.3% 1.4 M 2.1 M -32.6% Projects opened in the last 5 years ( Non-recurring ) 2.6 M 5.2 M -49.5% 5.4 M 11.6 M -53.3% Key Money Revenue 3.4 M 5.9 M -42.9% 6.9 M 13.8 M -50.1% New projects for lease expenses of R$1.7 million in 2Q16 Pre-operational expenses related to feasibility studies and brokerage fees for new projects, and property taxes from land for future developments, were responsible for the new projects for lease expenses of R$1.7 million M -68.3% 5.4 M 1.2 M 2.5 M 1.7 M 2Q12 2Q13 2Q14 2Q15 2Q16 Quarterly New Projects for Lease Expenses (R$) 8. Real Estate for Sale Results As previously reported, Multiplan delivered two towers in the BarraShoppingSul Complex in 2015: Résidence du Lac and Diamond Tower. Following the PoC (percentage of completion) accounting method, in 1H15 R$12.9 million of revenues and R$12.5 million of costs were accrued. In 1H16, the amount dropped to R$5.6 million and R$5.1 million respectively. In the quarter, real estate for sale revenues accounted for R$1.6 million, compared to R$1.7 million in 2Q M 28.5 M 15.6 M -0.4% 1.7 M 1.6 M 2Q12 2Q13 2Q14 2Q15 2Q16 Real Estate for Sale Revenue (R$) New projects for sale expenses, composed mainly of brokerage fees and property taxes (IPTU) for the land bank, amounted to R$3.0 million in 2Q16, decreasing 28.8% from the R$4.2 million recorded in 2Q15. Both towers delivered in Porto Alegre, Diamond Tower and Résidence du Lac, had a combined average sales value (PSV) of R$269.1 million, equivalent to R$11,327/m² and an accumulated gross margin of 34.8%. 9. Other operating revenue/expenses In 2Q16, the company recorded R$8.2 million as other operating revenue in its Income Statement. This amount is mainly composed of a gain of R$9.4 million related to non-recurring proceeds earned by the Company with the settlement of a lawsuit. The gain was partially offset by the provision of a R$1.0 million loss related to the buyers cancellation of real estate for sale agreements. 18

19 2Q16 MULT3 10. Financial Results 10.1 EBITDA The highest Consolidated EBITDA margin for a second quarter since the IPO In 2Q16, Consolidated EBITDA presented a 5.0% growth over 2Q15, reaching R$195.3 million, mainly due to (i) a 4.4% increase in net revenues, highlighted by a 22.5% growth in services revenue and a 6.1% growth in parking revenues, (ii) a 48.3% decrease in office tower for lease expenses and (iii) a 69.6% reduction in expenses related to new projects. This result was partially offset by 46.6% and 12.8% increases in shopping center and headquarters expenses, respectively. The Consolidated EBITDA margin increased 43 b.p., from 72.0% in 2Q15 to 72.4% in 2Q16, the highest figure for a second quarter since the IPO. In 1H16, the Consolidated EBITDA reached R$394.1 million, a 3.8% increase over the same period of 2015, mainly driven by the same reasons that impacted the quarter. The Consolidated EBITDA margin, however, decreased to 71.8%, down from 72.6% in 1H15, mainly due to a 17.8% increase in headquarters expenses impacted by non-recurring items of R$7.6 million that reduced the headquarters account in 1H15 and a 43.2% growth in shopping +5.0% M M 72.0% 72.4% 2Q15 2Q16 center expenses. Consolidated EBITDA (R$) and EBITDA margin (%) Consolidated EBITDA (R$) 2Q16 2Q15 Chg. % 1H16 1H15 Chg. % Net Revenue M M +4.4% M M +4.9% Headquarters expenses (37.0 M) (32.8 M) +12.8% (68.9 M) (58.5 M) +17.8% Shared-based compensations (6.4 M) (3.0 M) % (11.7 M) (7.0 M) +68.9% Shopping centers expenses (32.3 M) (22.0 M) +46.6% (64.4 M) (45.0 M) +43.2% Office towers for lease expenses (1.8 M) (3.6 M) -48.3% (3.8 M) (6.8 M) -44.3% New projects for lease expenses (1.7 M) (5.4 M) -68.3% (3.2 M) (7.2 M) -55.2% New projects for sale expenses (0.3 M) (1.3 M) -74.7% (1.2 M) (1.9 M) -38.4% Cost of properties sold (3.0 M) (4.2 M) -28.8% (5.1 M) (12.5 M) -59.0% Equity pickup (0.0 M) 0.0 M n.a. 0.0 M 0.0 M -94.7% Other operating income (expenses) 8.2 M (0.1 M) n.a. 3.9 M (4.6 M) n.a. Consolidated EBITDA M M +5.0% M M +3.8% Consolidated EBITDA Margin 72.4% 72.0% +43 b.p. 71.8% 72.6% -74 b.p. In the last 12 months, Consolidated EBITDA increased 1.7% over June 2015 (LTM), breaking an important score at R$803.6 million. When compared to the same period of 2011, the Consolidated EBITDA was up 104.0%, implying a five-year CAGR of 15.3%. The Consolidated EBITDA margin increased b.p., from 61.4% in June 2011 (LTM) to 72.3% in June 2016 (LTM) M CAGR: +15.3% +1.7% M M M M M 61.4% 63.6% 67.5% 65.5% 70.3% 72.3% Jun-11 (LTM) Jun-12 (LTM) Jun-13 (LTM) Jun-14 (LTM) Jun-15 (LTM) Jun-16 (LTM) Consolidated EBITDA (R$) (LTM) and EBITDA Consolidated margin (%) evolutions EBITDA - LTM Margin (LTM) 19

20 2Q16 MULT3 Property EBITDA of R$199.1 million in 2Q16 with a margin of 74.2% Property EBITDA, which excludes revenues and expenses from real estate for sale and future developments, presented in the 2Q16 a 1.8% growth over 2Q15, reaching R$199.1 million, driven by a 5.2% increase in property gross revenue. In contrast, the Property EBITDA margin decreased 191 b.p., from 76.1% in 2Q15 to 74.2% in 2Q16, due to 46.6% and 12.8% increases in shopping center and headquarters expenses, respectively. In 1H16, Property EBITDA increased 2.1%, reaching R$399.4 million. The Property EBITDA margin was 73.5%, a 299 b.p. decrease over the same period of the last year. +1.8% M M 76.1% 74.2% 2Q15 2Q16 Property EBITDA (R$) and Property EBITDA margin (%) Property EBITDA (R$) 2Q16 2Q15 Chg. % 1H16 1H15 Chg. % Property Gross Revenue ¹ M M +5.2% M M +6.8% Taxes and contributions on sales and services ² (31.9 M) (28.4 M) +12.3% (61.9 M) (55.5 M) +11.5% Property Net Revenue M M +4.4% M M +6.3% Headquarters expenses ² (36.8 M) (32.6 M) +12.8% (68.3 M) (57.2 M) +19.4% Shared-based compensations ² (6.4 M) (3.0 M) % (11.6 M) (6.8 M) +71.2% Shopping centers expenses (32.3 M) (22.0 M) +46.6% (64.4 M) (45.0 M) +43.2% Office towers expenses (1.8 M) (3.6 M) -48.3% (3.8 M) (6.8 M) -44.3% Other operating income (expenses) 8.2 M (0.1 M) n.a. 3.9 M (4.6 M) n.a. Property EBITDA ³ M M +1.8% M M +2.1% Property EBITDA Margin 74.2% 76.1% -191 b.p. 73.5% 76.5% -299 b.p. (1) Property Gross Revenue: does not include real estate for sale revenues. (2) Headquarters expenses, stock options and taxes: proportional to the property revenues as a percentage of gross revenue. (3) Property EBITDA: does not include real estate for sale activities (revenues, taxes, costs and expenses) and expenses related to future developments. In the last 12 months, the Property EBITDA reached R$820.5 million, a 3.0% growth over the same period of the last year. When compared to June 2011 (LTM), the indicator increased 94.9%, implying a 14.3% five-year CAGR. The LTM Property EBITDA margin presented a 255 b.p. increase, from 72.0% in June 2011 (LTM) to 74.6% in June 2016 (LTM) M 72.0% M 78.4% CAGR: +14.3% +3.0% M M M M 76.8% 73.4% 75.5% 74.6% Jun-11 (LTM) Jun-12 (LTM) Jun-13 (LTM) Jun-14 (LTM) Jun-15 (LTM) Jun-16 (LTM) Property EBITDA EBITDA (R$) and (LTM) Property EBITDA Property margin (%) EBITDA evolutions Margin LTM (LTM) 20

21 2Q16 MULT Financial Results, Debt and Cash Net debt-to-ebitda ratio at 2.43x after the net payment of R$115.8 million in interest on capital Multiplan presented a net debt of R$1,949.0 million in the end of June 2016, a 5.3% increase over the net debt recorded at the end of March This result is mainly due to a lower cash position, driven by the net payment of R$115.8 million in interest on capital, partially offset by a R$39.3 million financing withdraw related to ParkShoppingCanoas project. As a result, the net debt-to- EBITDA leverage increased to 2.43x in the end of June 2016, up from 2.33x in the end of March Financial Position Breakdown (R$) March 31, 2016 Chg. % Current Liabilities M M -17.1% Loans and financing M M -6.5% Debentures 11.8 M 26.3 M -55.2% Obligations from acquisition of goods 34.9 M 52.2 M -33.0% Non Current Liabilities 2,074.2 M 2,062.5 M +0.6% Loans and financing 1,652.2 M 1,633.1 M +1.2% Debentures M M - Obligations from acquisition of goods 23.9 M 31.2 M -23.5% Gross Debt 2,283.5 M 2,314.8 M -1.4% Cash and Cash Equivalents M M -27.9% Net Debt 1,949.0 M 1,850.7 M +5.3% EBITDA LTM M M +1.2% Fair Value of Investment Properties 15,055.3 M 15,720.4 M -4.2% Cash and cash equivalents decreased 27.9%, reaching R$334.5 million, still exceeding the R$209.2 million of current liabilities. The LTM FFO of R$532.6 million recorded in the end of June 2016 represents 128.6% of the amortization amount for the next 18-month period. > % % 2016* 5.3% % Multiplan s gross debt amortization schedule on (%) % % 2016 * M 102 M 102 M 93 M 18 M 12 M 122 M 264 M 348 M 269 M 194 M 225 M 102 M 28 M 292 M 12 M 360 M 199 M 468 M 199 M 393 M 225 M 102 M Loans and financing (banks) Obligations from acquisition of goods (land and minority interest) 93 M Debentures M 127 M * Debt amortization schedule from Jul-16 to Dec-16 Multiplan s debt amortization schedule on (R$) 21

22 2Q16 MULT3 Financial Position Analysis ¹ Jun. 30, 2016 Mar. 31, 2016 Net Debt/EBITDA 2.43x 2.33x Gross Debt/EBITDA 2.84x 2.91x EBITDA/ Net Financial Expenses 4.12x 4.15x Net Debt/Fair Value 12.9% 11.8% Total Debt/Shareholders Equity 0.53x 0.54x Net Debt/Market Cap 17.0% 18.1% Weighted Average Maturity (Months) ¹ EBITDA and Net Financial Expenses are the sum of the last 12 months In the end of June 2016, the net debt-to-ebitda ratio was at 2.43x, with the closest net debt-to-ebitda covenant at 4,00x. Covenant ¹ Limit Jun-16 Debt Volume Status Net Debt/EBITDA <= 4.00x 2.43x 1,198.2 M Comply EBITDA/Net Financial Expenses >= 2.00x 4.12x M Comply Total Debt/Total Asset <= 0.50x 0.32x M Comply EBITDA Margin >=20.0% 72.4% M Comply Total Debt/Shareholders Equity <= 1.00x 0.53x 47.6 M Comply Total debt with financial covenants 1,303.5 M ¹ EBITDA and Net Financial Expenses are the sum of the last 12 months 4.00x 4.00x 3.50x 3.25x 3.25x 2.44x 3.03x 2.44x 2.36x 2.43x Jun-16 Lowest Covenant Net Debt / EBITDA Evolution of Net Debt / EBITDA and its lowest covenant Cost of funding 102 b.p. below Selic The spread between the Company s weighted average cost of funding and the Selic basic interest rate remained at 102 b.p. in the end of June % 14.25% 14.25% 14.25% 12.75% 13.75% 10.75% 11.00% 11.00% 11.75% 9.34% 12.29% 12.81% 13.09% 13.22% 10.00% 13.23% 9.20% 10.41% 10.50% 10.54% 10.96% 11.53% 9.87% 8.00% 9.00% Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Multiplan Cost of Funding (gross debt) Selic Rate Weighted average cost of funding (% p.a.) 22

23 2Q16 MULT3 Multiplan s indebtedness breakdown presents a wide variety of indexes. The debt linked to the CDI and the TR indexes represented 93.1% of the total debt outstanding. The debt in CDI represented 51.1% of total indebtedness in June 2016, while the debt in TR, 42.0%. Other indexes, such as TJLP, IGP-M and others, represented 6.9% of total debt in June 2016, while in June 2015 these indexes represented 10.2%. All of Multiplan s debt is in local currency Brazilian Reais leaving it with no exposure to exchange rate fluctuations. Indebtedness interest indexes on Index Performance Average Interest Rate ¹ Cost of Funding Gross Debt (R$) TR ² 2.08% 9.03% 11.10% M CDI 14.25% 1.04% 15.29% 1,167.8 M TJLP 7.50% 3.25% 10.75% 88.3 M IGP-M ² 12.22% 1.02% 13.24% 11.1 M IPCA ² 8.84% 7.62% 16.46% 17.0 M Others 0.00% 8.03% 8.03% 40.2 M Total 8.58% 4.65% 13.23% 2,283.5 M ¹ Weighted average annual interest rate. ² Index performance for the last 12 months. IGP-M TJLP 0.5% 3.9% CDI 51.1% Others 2.5% TR 42.0% Multiplan Debt Indexes as of 23

24 2Q16 MULT Net Income and Funds From Operations (FFO) Resiliency test: Net Income and FFO present a slight increase in 2Q16 Net income reached R$98.7 million in 2Q16, presenting a 2.4% increase over 2Q15, mainly due to a 4.4% increase in net revenue, driven by increases in services (+22.5%) and parking (+6.1%) revenues and partially offset by a 46.6% increase in shopping center expenses and an increase of 8.9% in net financial expenses. The net income margin decreased 70 b.p., from 37.3% in 2Q15 to 36.6% in 2Q16. In 1H16, net income increased 1.7% over the same period of the last year, totaling R$168.8 million. The net income margin was 30.8% in the first semester, a 96 b.p. decrease when compared to the previous period. +2.4% 96.3 M 98.7 M 37.3% 36.6% +1.7% M M 31.7% 30.8% 2Q15 2Q16 1H15 1H16 Net Income (R$) and net income margin (%) Net Income (R$) and net income margin (%) FFO & Net Income Calculation (R$) 2Q16 2Q15 Chg. % 1H16 1H15 Chg. % Net Revenue M M +4.4% M M +4.9% Operating expenses (74.5 M) (72.5 M) +2.8% (154.5 M) (143.5 M) +7.7% Net financial expenses (46.8 M) (43.0 M) +8.9% (96.0 M) (88.0 M) +9.1% Depreciation and amortization (39.8 M) (39.3 M) +1.2% (79.3 M) (78.5 M) +1.0% Income tax and social contribution (8.0 M) (4.7 M) +71.3% (43.0 M) (38.7 M) +11.0% Minority interest (0.0 M) 0.1 M n.a. (0.1 M) 0.1 M n.a. Adjusted Net Income M 99.1 M +1.6% M M +0.6% Deferred income and social contribution (2.0 M) (2.8 M) -27.7% (7.0 M) (8.7 M) -19.6% Net Income 98.7 M 96.3 M +2.4% M M +1.7% Depreciation and amortization 39.8 M 39.3 M +1.2% 79.3 M 78.5 M +1.0% Deferred income and social contribution 2.0 M 2.8 M -27.7% 7.0 M 8.7 M -19.6% FFO M M +1.5% M M +0.8% In the last 12 months, net income totaled R$365.0 million, 1.9% higher than in the same period ended in June 2015, implying a five-year CAGR of 8.4%. The LTM net income margin was 32.9%, 97 b.p. higher than the same period of the last year. CAGR: +8.4% +1.9% M M M M M M 38.0% 41.3% 37.6% 30.5% 31.9% 32.9% Jun-11 (LTM) Jun-12 (LTM) Jun-13 (LTM) Jun-14 (LTM) Jun-15 (LTM) Jun-16 (LTM) Net income (R$) and net income margin (%) evolutions LTM Net Income (LTM) Net Income Margin (LTM) 24

25 2Q16 MULT3 Strong cash generation despite higher financial expenses Despite the increase of 8.9% in net financial expenses compared to 2Q15, Funds From Operations (FFO) presented a small increase of 1.5% in the 2Q16, reaching R$140.5 million. The FFO margin presented a 150 b.p. decrease when compared to 2Q15, to 52.1%. The same trend occurred in the semester, when the FFO totaled R$255.1 million in 1H16, a 0.8% increase over 1H15. The FFO margin in the period was 46.5%, 189 b.p. below the margin recorded in 1H M +1.5% M +0.8% M M 53.6% 52.1% 48.4% 46.5% 2Q15 2Q16 1H15 1H16 FFO (R$) and FFO margin (%) FFO (R$) and FFO margin (%) In the last 12 months, FFO totaled R$532.6 million, in line with the same period ended in June Over a five-year period, the FFO presented a 7.3% CAGR. CAGR: +7.3% M M M -0.2% M M M 58.3% 55.5% 52.1% 46.5% 47.5% 47.9% Jun-11 (LTM) Jun-12 (LTM) Jun-13 (LTM) Jun-14 (LTM) Jun-15 (LTM) Jun-16 (LTM) FFO (R$) (LTM) and FFO margin (%) evolutions FFO Margin LTM (LTM) At the end of June 2016, FFO represented R$0.75 per share, implying a five-year CAGR of 10.5%. In the last 12 months, FFO per share reached R$2.83, with a 6.2% five-year CAGR CAGR: +6.2% CAGR: +10.5% Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 FFO per share ¹ (2Q) FFO per share ¹ (LTM) FFO (R$) per share evolution ¹ Shares outstanding at the end of each period, adjusted for shares held in treasury. 25

26 2Q16 MULT3 Resilient margins despite the tough scenario In spite of the challenging macroeconomic scenario, Multiplan continued to show strong margins in June 2016 (LTM), in line with the margins presented in June 2015 (LTM). Over the 12-month periods since the IPO, net income margin increased 2,374 b.p., while Consolidated EBITDA margin grew 1,429 b.p. The FFO Margin was the only margin to drop since June 2007, due to the recent hike in interest rates and the increase of the Company s leverage, driven by a 97.5% growth in total GLA since the IPO, showing the organic development through the last years % 80.0% 60.0% 40.0% 20.0% 81.3% 57.5% 56.1% 88.5% 87.0% 70.3% 71.8% 47.5% 46.5% 31.9% 30.8% 0.0% 7.0% Jun-07 (LTM) Jun-08 (LTM) Jun-09 (LTM) Jun-10 (LTM) Jun-11 (LTM) Jun-12 (LTM) Jun-13 (LTM) Jun-14 (LTM) Jun-15 (LTM) NOI Margin EBITDA Margin FFO Margin Net Income Margin Jun-16 (LTM) Evolution of Margins (%) since the IPO LTM basis 26

27 2Q16 MULT3 11. Project Development 11.1 CAPEX Investments of R$64.5 million during 2Q16, mainly for greenfields under development Multiplan invested R$64.5 million in the second quarter of 2016, of which the largest amount, R$41.9 million, was for mall development, accounting for 65.1% of the quarter s investments. Greenfield investments were mainly for the development of ParkShoppingCanoas (pictures and details in section 11.3). Mall expansion investments totaled R$7.0 million in 2Q16, and included the beginning of RibeirãoShopping Medical Center expansion, the second phase of expansion II at Pátio Savassi and small expansions. Investment (R$) 2Q16 1H16 Mall Development 41.9 M 85.9 M Mall Expansions 7.0 M 14.3 M Renovation, IT & Others 7.4 M 9.7 M Office Towers 7.9 M 11.7 M Land Acquisition & Air Rights 0.2 M 0.7 M Investment 64.5 M M Office tower CAPEX totaled R$7.9 million, including the beginning of construction of a skywalk that will integrate Morumbi Corporate with MorumbiShopping, in São Paulo Shopping Center Expansions Launch of RibeirãoShopping Medical Center In June 2016, Multiplan launched the 9 th expansion of RibeirãoShopping, a modern medical center fully integrated with the shopping center, which will have 4,200 m² of GLA in the first of its two phases, 68% already leased. The project includes a day hospital, a radiology and imaging center, a clinical laboratory, and was inspired by the success of the BarraShopping Medical Center, opened by Multiplan in 1994, in Rio de Janeiro. The entire project will bring together several medical specialties and has as one of its main highlights the strong synergy with the mixed-use complex in which the mall is located. The Company estimates that the Medical Center will bring a flow of approximately 90,000 people per month to the complex. Multiplan s investment in the first phase will be R$23.6 million, the construction has already started, and inauguration expected for de second quarter RibeirãoShopping Medical Center Artist s rendering- project subject to modification 27

28 2Q16 MULT3 New expansion at Pátio Savassi The construction of the second phase of expansion II at Pátio Savassi was started in June 2016, adding two new anchor stores: an apparel operation and a grocer/deli market, both contracts already signed. The two operations have a total GLA of 2,300 m² and the opening is scheduled for November A total of 95 new parking spaces will be also built in two underground levels. Considering the two phases of expansion II, 4,100 m² are being added to the mall s GLA, which will reach 21,100 m² - an increase of 21.4%, making the mall even more complete and boosting its attractiveness and capacity. The expansion s expected investment is R$34.9 million, considering Multiplan s stake. Pátio Savassi with expansion II Artist s rendering project subject to modification 28

29 2Q16 MULT Greenfield ParkShoppingCanoas: under construction ParkShoppingCanoas is progressing within budget and its inauguration is planned for Currently 73.1% of its GLA is leased. Construction works were 45% concluded by the end of June The structure phase includes: precast and cast concrete structures in loco, drainage, metal structures, electrical system, hydraulic and air conditioning, masonry, external linings. The expansion works for Getúlio Vargas park, which faces the mall, are underway and an event is planned for September 2016 to mark the inauguration of the park and the new Farroupilha Avenue. About ParkShoppingCanoas: located in the state of Rio Grande do Sul, in the city of Canoas, the project was officially launched in June Multiplan s 19 th shopping center will offer 48,000 m² of GLA. Multiplan will have an 80% ownership interest in the shopping center s income, while the company will invest 94.7% of the project s development costs (CAPEX), which should represent R$359.3 million in the Company s stake. Third year estimated NOI (Net Operating Income) is R$36.0 million. The third year NOI yield, considering the net investment, is 10.8%. Following the mixed-use concept adopted by Multiplan in several of its complexes, which combines shopping centers with real estate projects, ParkShoppingCanoas s design already includes plans for an expansion of 12,000 m² of GLA and three towers integrated with the shopping center, with a total private area of 22,500 m². ParkShoppingCanoas construction works (Jun-16) Illustration projects ParkShoppingCanoas 29

30 2Q16 MULT Future Growth and Land Bank Multiplan currently holds 820,519 m² of land for future mixed-use developments Multiplan owns 820,519 m² of land for future mixed-use projects. Based on current internal project assessments, the Company estimated a total private area¹ for sale of over one million m². All sites shown on the list below are integrated with the Company s shopping centers and should be used to foster the development of mixed-use projects, primarily for sale. Shopping Attached to Land Location Land Area Potential Area for Sale¹ 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 86,699 m² 182,665 m² Office, Residential 50% RibeirãoShopping 102,295 m² 138,749 m² Hotel, Apart-Hotel, Office, Residential 100% ShoppingAnáliaFranco 29,800 m² 89,600 m² Residential 36% VillageMall 36,000 m² 34,038 m² Office 100% Total 820,519 m² 1,057,790 m² 83% Illustration of Jockey Club Condominium project - BarraShoppingSul Artist s rendering for illustrative purposes only Project subject to changes without previous notice ¹This information is merely informative to provide a better understanding of the Company s growth potential and should not be considered as a commitment to develop the aforementioned projects, which may be changed or cancelled without prior notice. 30

31 2Q16 MULT3 12. MULT3 Indicators & Stock Market Multiplan s stock rises 58.6% in 1H16 Multiplan s stock (MULT3 at BM&FBOVESPA) was quoted at R$60.26 at the end of June 2016, up 58.6% during the year. The daily traded volume averaged R$42.8 million in 2Q16. In 1H16, this indicator averaged R$41.7 million, 8.3% higher than 2015 (R$38.6 million). The year-to-date daily number of traded shares presented a slight increase of 1.2% over 2015, reaching 819,650 shares. Multiplan s shares are listed on 18 indexes, including the Bovespa Index (IBOV), Brazil 50 Index (IBrX 50) and Carbon Efficient Index (ICO2) Traded Volume (15 day average) Multiplan Ibovespa +58.6% +18.9% M Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun : MULT3, MULT3 volume and Bovespa Index Base 100 = December 31, M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M Average daily traded volume (R$) Average daily traded volume in number of shares 809, , , , , M 38.6 M 31.7 M 26.5 M 17.4 M H16 Evolution of daily average number of shares traded Free Float 41.6% MTP+Peres 28.6% OTPP 28.8% Mgmt. + Treasury 1.0% Common Stocks 22.6% Preferred Stocks 6.2% Shareholders capital stock breakdown on. OTPP Ontario Teachers Pension Plan On, 28.6% of the Company s shares were owned directly or indirectly by Mr. and Mrs. Peres. Ontario Teachers Pension Plan (OTPP) owned 28.8% and the free-float was equivalent to 41.6%. Shares held by management and in treasury totaled 1.0% of the outstanding shares. Total shares outstanding were 189,997,214. MULT3 at BM&FBOVESPA 2Q16 2Q15 Chg. % 1H16 1H15 Chg. % Average Closing Price (R$) % % Closing Price (R$) % % Average Daily Traded Volume (R$) 42.8 M 42.8 M M 43.6 M -4.4% Average Daily Traded Volume (# of shares) 750, , % 819, , % Market Cap (R$) 11,449.2 M 9,110.4 M +25.7% 11,449.2 M 9,110.4 M +25.7% 31