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July 2013
| BTG Pactual Malls Day
www.multiplan.com.br/ri | [email protected]
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This document may contain prospective statements, which are subject to risks and uncertainties as they were based
on expectations of the Companys management and on the information available. This presentation includes
statements concerning ourmanagements current intentions or expectations.
Readers/investors should be aware that many factors may mean that our future results differ from the forward-
looking statements in this document. The Company has no obligation to update said statements. The words "expect,
foresee,intend,"plan and similar words are intended to identify affirmations. Forward-looking statements refer to
future events which may or may not occur. Our future financial situation, operating results, market share and
competitive positioning may differ substantially from those expressed or suggested by said forward-looking
statements. Many factors and values that can establish these results are outside the companys control or
expectation.
The reader/investor is encouraged not to completely rely on the information above. This document also contains
information on future projects which could differ materially due to market conditions, changes in law or government
policies, changes in operational conditions and costs, changes in project schedules, operating performance, demand
by tenants and consumers, commercial negotiations or other technical and economic factors.
For more detailed information, please check our Financial Statements and other relevant information on our investor
relations website www.multiplan.com.br/ir.
Note:All figures presented are in Brazilian Reais (R$).
Disclaimer
2
http://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/irhttp://www.multiplan.com.br/ir7/28/2019 BTG Pactual Malls Day Presentation
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954
761
483
186147
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E
Historical Growth AnalysisA 10 Year Snapshot
(2001 = Base 100)
1Q10
1Q13
Weighted Sales (% Multiplan) Rental Revenues Average Owned GLA IGP-DI National Retail Sales
1,639
1,198
719883
235189
09 2010 2011 2012 2013E 2014E
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19
392
839
94,5% 99,1%
90,7%
97,4% 97,9%
1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013E
Strong Delivery Track Record
4
1979-2013E total GLA evolution (000 m2)1985-2012 Occupancy rate evolution
Number ofShoppingCenters:
5 81 17
IPO
5 10
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1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
5
Same Store Sales and Rent
SSS SSR Real SSR
0%
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6
Same Store and Same Area Sales Growth (YoY)
Same Area Sales SAS Same Store Sales SSS
Same Store Rent Growth (YoY)
IGP-DI Adjustment Effect Real SSR
2.6% 3.6% 3.9%4.6% 5.6%
6.7%8.6%
10.7% 11.1% 10.0%7.3%
2.9%0.2% -0.3% 0.6%
4.0%7.3%
8.8% 9.6% 9.3%7.7% 6.3%
5.7% 5.9%6.8%
6.5%6.6% 6.4% 4.2% 2.1%
2.2%
2.8%
2.9% 1.9% 3.6%
0.8%
3.4%
3.7% 4.8%6.0%
7.7%2.8%
4.9%5.8%
4.8%
3.9%3.9%
1.8% 2.6%4.3%
9.4%10.4%10.6%
9.0%7.7%
9.0%
11.6%
13.9%13.2%14.0%
8.1%6.5%
3.9%4.4%
6.6%
12.0%10.3%
14.1%16.0%14.5%
11.9%10.4%
7.7%8.6%
11.4%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
19.2%
16.5% 17.4% 16.1%
12.7% 12.1% 12.5%
8.4% 8.5% 9.4% 7.2%
12.9%
16.5%
13.3%15.1%
13.8%
7.0%
10.3%7.7%
10.0% 9.7% 9.5% 9.4%7.4%
8.8%
13.8% 12.2% 14.4% 11.4% 14.0% 11.4% 9.9% 7.9% 5.1%9.8%
5.6%10.6%
14.9%11.9% 13.7% 12.6%
6.6%9.4% 7.5% 8.3% 8.2% 8.1% 8.5% 6.8% 8.1%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
Same Store Sales and Rent
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10% 11%13% 14%
16% 17% 18% 18% 18%19% 21%
23%28%
52% 53% 54%
62%
69%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 FR AU MX US SA CD
68 110180 220
360
900
1,350
2,200
BR MX DE FR SA DK CD US
Market Penetration
Source: Abrasce, International Council of Shopping Centers (ICSC), Brazilian Statistics Bureau (IBGE)
2011
Mall penetration in the world(m of GLA per 1,000 inhabitants ratio, 2011)
Share of malls in retail sales
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R$80/m
R$124/m
New Malls Por tfolio Exc lud ing New Malls
+55%
Consolidation Process Potential Upside
Rental Revenue/m: New Malls vs. Portfolio (1Q13)
8
New GLA( < 5 years)
47%
Consolidated GLA( > 5 years)
53%
Portfolio Profile (1Q13)
New Malls: Less than 5 years in operation New GLA: Malls and expansions with less than 5 years in operation
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121 129146 154
167182 192
9761,131 1,245
1,448 1,5751,697 1,794
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Rent/m Sales/mCAGR: 8.1%
CAGR: 10.7%
Sales and Rental Revenue Evolution
ParkShoppingBarigi
MorumbiShopping
9
Shopping Santa rsula
Shopping Vila Olmpia
44 45
55 53
71 7482
669759 791
890971
1,0841,206
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Rent/m Sales/mCAGR: 11.0%
CAGR: 10.3%
- - -
7772
91 90
- - -
485724
820 828
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Rent/m Sales/mCAGR: 5.1%
CAGR: 19.5%
- -
18
12
2527
31
- -
332 250418 471
596
1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
Rent/m Sales/mCAGR: 19.0%
CAGR: 21.6%
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42 expansions delivered in 34 years
...and 631,035 m of land available for future growth
Number of expansions developed in a 5-year period
4
87
3
5
10
5
Location Land Area
Ptio Savassi 2,606 m
ParkShoppingBarigi 843 m
ParkShoppingBarigi 27,370 m
JundiaShopping 4,500 m
Parque Shopping Macei 140,000 m
BarraShoppingSul 4,396 m
RibeiroShopping 207,092 m
ParkShoppingCampoGrande 141,480 m
VillageMall 36,000 m
ParkShoppingSoCaetano 36,948 m
Shopping AnliaFranco 29,800 m
Total 631,035 m
Landbank
Track Record and Growth Opportunities
Multiplan also has land swap agreements and land purchase options which are not included in the landbank.
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7.25%
8.00%8.50%
9.00%9.50%
10.00%10.50%8.95%
9.33% 9.59%9.90% 10.15%
10.49% 10.74%
.M .M .M .M .M .M .M
Selic Interest Rates (Estimated)Weighted Average Cost of Funding (Estimated)
229.2M
1,872.9M1,643.6M
584.3M457.3M
Cash Gross Debt Net Debt EBITDA(LTM)
FFO (LTM)
CDI
49.4%TR31.8%
TJLP
11.6%
IGP-M
3.9%
IPCA
2.0%
10.52%
9.98%
9.48%9.08% 8.95%
1Q12 2Q12 3Q12 4Q12 1Q13
Net Debt
EBITDA (LTM)= 2.81x
Debt, Cash and DividendsAs of March 31st, 2013
Debt Position andCash Generation Debt Index Breakdown
Weighted AverageCost of Funding (p.a.)
11
Escala Global: BBB-
Escala Nacional: brAAA
Scenario Analysis:SELIC vs. Cost of Funding
Standard & Poor's Credit Ratings
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