An inverter-driven multi-air conditioner provides the benefits of comfort, energy conservation and easy maintenance. Recently, the multi-air conditioner has been employed in small and medium-sized buildings. However, the performance data and control algorithm for multi-air conditioners are limited in literature due to complicated system parameters and operating conditions. In the present study, the performance of an inverter-driven multi-air conditioner having two indoor units with electronic expansion valves (EEV) was measured by varying indoor loads, EEV opening, and compressor speed. Based on the experimental results, the operating characteristics and capacity modulation of the inverter-driven multi-air conditioner are discussed. As a result, it is suggested that the superheats for both indoor units have to be maintained around 4degreesC by utilizing the EEVs in this system, and consequently, the compressor speed needs to be adjusted to provide optimum cooling capacity for each indoor unit.