Material

Fact

MULTIPLAN MALLS ARE VALUED

AT R$ 9.0 BILLION
Rio de Janeiro, November 24th 2008
Multiplan Empreendimentos Imobiliários (Bovespa: MULT3)
announces the results from the valuation of its assets, made by Jones
Lang LaSalle. The shopping centers and expansions were valuated Multiplan Valuation
considering historical and present performance, technical features and
market conditions as well as other aspects.
Multiplan´s 11 malls (excluding BarraShoppingSul) were valuated
at R$9.0 billion, from which R$5.6 billion are owned by Multiplan Mall Value (100%)
(considering the company’s share on its ventures). This valuation will R$9.0 billion
have no impact on the company’s book value, and is intended to give
a better understanding to its investors about the company. The
valuation was based only on the existing shopping centers and did Multiplan Malls Value
not considered the additional value of:
-BarraShoppingSul: the new company’s mall, with a Gross Leasable R$5.6 billion
Area (GLA) of 68,378 m², opened on 18th November as Multiplan’s
second largest shopping center in total GLA.
Multiplan Market Value*
-Four greenfield project: Multiplan is developing four greenfield
projects which were not considered in the studies (Shopping R$1.4 billion
VilaOlímpia, Shopping Maceió, LagoSul Shopping and
JundiaíShopping). The projects may increase Multiplan’s portfolio GLA * Considering 147,799,441 shares at R$ 9.39
in 25% (117,905 m²).
(November 24th 2008)
-Management: the company manages all of its malls, leading to
service revenues, which in 2007 earned R$ 52.2 million.
-Landbank: Multiplan owns a landbank of 860,745 m² for future Mall Value
developments, including mixed-use projects and shopping centers. X
-Control: Multiplan has a 50% or more stake in 83% of its shopping Net Asset Value
centers, leading to a higher control and flexibility over its assets and
mitigating operational risk.
-Brand Value: the value of Multiplan’s well know brand, headquarters
and its 30 year experience in the market help to better understand the • BarraShopping Sul
importance of the company in the real estate sector. • Greenfield Projects >305%

• Management

• Land Bank
Value of Each Mall • Control

Shopping State Asset Value Multiplan Share • Brand Value

BHShopping MG R$ 963.0 M R$ 770.4 M 305%

RibeirãoShopping SP R$ 687.0 M R$ 523.3 M
BarraShopping RJ R$ 2,122.0 M R$ 1,083.7 M
R$ 5,614 M
MorumbiShopping SP R$ 1,742.0 M R$ 1,145.6 M
ParkShopping DF R$ 712.0 M R$ 429.6 M
DiamondMall BH R$ 335.0 M R$ 301.5 M R$ 1,388 M
New York City Center RJ R$ 170.0 M R$ 85.0 M
Shopping AnáliaFranco SP R$ 1,069.0 M R$ 320.7 M Multiplan Multiplan
Market Value* Asset Value
ParkShoppingBarigüi PR R$ 806.0 M R$ 677.0 M
Pátio Savassi BH R$ 264.0 M R$ 221.3 M
Shopping SantaÚrsula SP R$ 150.0 M R$ 56.3 M * Considering 147,799,441 shares at R$ 9.39
Total R$ 9,020.0 M R$ 5,614.3 M (November 24th 2008)

Disclaimer Contact
As in any real estate asset valuation, the estimated results have its issue date as base and do not
consider dramatic changes in the economy nor in market behaviour. Therefore, Multiplan and Jones Armando d’Almeida Neto
Lang LaSalle do not guarantee that the values estimated in this valuation will be applied in further CFO and Investors Relation Officer
assets transactions or reflected in the value of the stocks issued by Multiplan. This valuation has as
base date the month of setember of 2008, it was made using the performance informations supplied
by Multiplan and the metodology developed by Jones Lang LaSalle. In order to decide whether to Tel.: +55 (21) 3031-5224
invest in stocks issued by the company or negociate stocks that were already acquired, the investors Fax: +55 (21) 3031-5322
must use their own analysis and valuations of Multiplan’s financial situation, its activities and its own E-mail: ri@multiplan.com.br
stocks risks.
http://www.multiplan.com.br/ri