Multiplan Apresentacaodasconferencias Outubro 20081027 Eng

2Q08

Conferences Presentation October 2008

Version 3.0

2Q08

Who We Are Quality Shopping Centers

Leadership in the Sector

Same Store Rent 2Q08 (R$/sq.m. )

(R$ millions) – 2Q08 114

+25%

237

+44%

BRMalls

Multiplan

Iguatemi

79

190 51

165

62

54

48

63 31

21

BRMalls

Multiplan

Iguatemi

Low Risk Multiplan

Adjusted FFO

Adjusted Ebitda

High Returns

Interest, Management and Control BRMalls

Gross Revenue

Average unleveraged IRR > 14%

Iguatemi 82%

64% 43%

Average.1Interest 2Q08

Source: Companies report

45%

ParkShopping – Exterior Expansion (IRR>20%)

BarraShoppingSul – New Development (IRR>20%)

Malls with2 50% or more of interest 2Q08

MorumbiShopping – Mixed-use (IRR>20%)

Shopping SantaÚrsula – Acquisition (IRR>14%)

46% 35%

2

2Q08

Control of the Leading Shopping Centers in the Market 15

10

6

14

Numbers confirm leadership in every city Shopping Center

5

AL 1

2 DF

MG

7

SP 11

3

1 2 3 4 5 6 7 8 9 10 11

PR

8

9

16

RS

12

Already Operating

13

4

12 13 14 15 16

In Operation BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula BarraShoppingSul (BIG)*** Sub-Total In Operation Under development BarraShoppingSul Shopping VilaOlímpia Shopping Maceió LagoSul Shopping JundiaíShopping Portfolio Total

State MG SP RJ SP DF BH RJ SP PR BH SP RS

RS SP AL DF SP

Multiplan %

Total GLA

80.0% 35,105 sq.m 76.2% 39,188 sq.m 51.1% 69,812 sq.m 65.8% 54,958 sq.m 59.9% 39,775 sq.m 90.0% 20,808 sq.m 50.0% 22,068 sq.m 30.0% 39,310 sq.m 84.0% 41,411 sq.m 83.8% 15,537 sq.m 37.5% 24,043 sq.m 100.0% 14,400 sq.m 64.0% 416,416 sq.m (% constr.) 100.0% 53,978 sq.m 42.0% 26,901 sq.m 50.0% 36,000 sq.m 100.0% 25,811 sq.m 100.0% 34,575 sq.m 69.1% 593,681 sq.m

Sales 2Q08

Occupancy

Top of Mind *

132,726 84,662 231,668 214,998 124,180 68,916 32,409 105,943 106,383 49,555 18,542 1,169,981

95.4% 98.5% 97.3% 99.5% 98.0% 97.7% 99.6% 99.4% 98.7% 98.7% 87.1% 97.6%

1º 1º 1º 1º 1º 5º 1º ** 7º 1º 7º N/A N/A -

* Researches from Veja SP, IPDM, DataFolha and Tribuna & Recall between 2005 and 2008 in each city ** Considered as part of BarraShopping *** Considered as part of BarraShoppingSul

Under Development/Approval

3

2Q08

Investment Strategy Development Pipeline (‘000 sq.m.)

Shopping Centers/Expansions

5 00m²

460

+ 73%

460

439

7 expansions under development

+ 51,121 sq.m.

4 expansions approved

+ 33,158 sq.m.

2 malls under construction

+ 80,879 sq.m.

3 malls under development

+ 96,386 sq.m.

4 5 0m²

4 00m²

328

3 5 0m²

354

340

366

3 00m²

266 New Mall Development Mall Expansions

2 5 0m²

… Not considering lands for mixed--use projects mixed

+ 860.633 sq.m.

2 00m²

Current

2H08

1H09

2H09

1H10

Use of Proceeds (R$ '000)

2H10

2H14

100% Project

Future

2009

2010

54,800

10,518

6,964

102,646

286,622

235,532

139,418

Shopping Expansion

11,431

147,939

78,981

8,910

Land Acquisition

16,183

183,532

-

-

287,765

28,668

-

-

SantaÚrsula

44,114

-

-

-

General

484,953

701,561

325,032

Renovation Shopping Development

Shopping Acquisition and Minority Acquisition Working Capital Total

2007

2008

22,814

Reference > 2008 BHS, RBS, BRS, MBS, PKS, DMM, NYCC, SAF, PKB, PSV, Headquarters BSS, SVO, Maceió, LagoSul, Jundiaí BHS, SAF, PKS Fashion, PKS Frontal, RBS, PKB Exp. II, PKB Gourmet Barra da Tijuca, São Caetano, Campo Grande

155,292

4

2Q08 brAABB

Financial Status Debt Breakdown

Cash Generation vs. Investment

(Gross Debt in 2Q08: R$241.4 millions)

(R$ ‘000)

900.000

Without TJLP Index 12% and Interest Pre-Fixed 6% 23%

1,087.8 M

224.1 M

863.7 M 5 x FFO 1H08 599.8 M

Investments 2H08 until 2010 891.8 M

IPCA 37% IGP-M 22%

Cash in Jun-08 263.9 M

Debt Amort. Untill 2010 195.9 M

900.000

Investments

Cash

Debt Amortization (R$ ‘000) 53,183

Funds From Operations

Loans and financings Share Acquisition Obligations for acquisition of good / participation

(Adjusted FFO (R$ ‘000))

250.000

+ 67.7%

200,174

200.000

42,854

42,025

+ 40.8%

38,841

34,867 150.000

119,378

119,954 85,202

100.000

14,620 7,935

50.000

4,454

2,302 -

2008 Total: 95,985

2009 56,645

2010 43,295

2011 45,156

2006

2007

1H07

1H08 5

2Q08

Investments Management Sucess of New Projects

Investing in Our Enterprises

(Over a total aprox. of 800 new stores)

State Age MG 29 SP 27 RJ 21 SP 26 DF 25 BH 12 RJ 9 SP 9 PR 5 BH 1 SP 0,6 Average of 15 * Including expansions under construction ** Adcquired in April 2008 *** Adquired in June 2007

To be Leased 18%

Leased 82%

Considering: BH Shopping Exp., Shopping AnáliaFranco Exp., RibeirãoShopping Exp., ParkShopping Fashion Exp., ParkShopping Frontal Exp., BarraShoppingSul and Shopping VillaOlímpia

Remember...

30 years of market experience Greenfields and expansions bring real IRR above 15% p.a. Landbank of 860,633 sq.m and 4 expansions (33,158 sq.m) are not included in this capex Malls are the answer to urban caos

1 2 3 4 5 6 7 8 9 10 11

Sc's under Operation BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi** Shopping SantaÚrsula***

Expansions* 5 5 6 4 8 3 1 2 1 Total of 35

Own Investment Rhythm (2H08-2010) Capex breakdown per type of investment

Renovations 4% Land Acquisition 9% Shopping Development 63%

Investiments breakdown of shoppings and expansions per status

Shopping Expansion 24%

Under Construction 44% Planned 56%

6

2Q08

Why Keep Investing ? Retail Sales Growth in 2008 14.0% 12.0%

Brazil

USA

Mexico

10.0% 8.0% 6.0% 4.0% 2.0% 0.0%

Tenants Want to Grow

Opening of New Stores Teenants 2009-2010 Renner 25 Saraiva 11 Hering 101

-2.0% -4.0% -6.0% -8.0%

Rise of Lower Social Classes

Jan

Feb

Mar

Apr

May

Jun

Jul

Source: IBGE, INEGI, US Census Bureau

Class 15% A/B Class C

34%

Class D/E

51%

Class 15% A/B Class C

Class D/E

2005

Source: Abrasce, Companies’ website

46%

39% 2007

Source: IBGE, EXAME magazine, Cetelem/Ipsos

Sales of Multiplan’s SCs Average Compound Growth 2000-2007 (Sales) 16%

14.0% 12.6%

14%

Lack of Shopping Centers

12%

Total of GLA (m²) / 1000 Inhabitants

10%

Low Share of Malls Sales in Retail

8%

1,872.2

6% 4%

6.3% 3.4%

3.3%

2%

1,127.9

0% GDP

IPCA

Retail Sales SC of Brasil

Source: IBGE, FGV and IPEA

212.9 USA Canada Source: ABRASCE

France

81.0

43.2

Mexico

Brazil

SC of Multiplan

Canada

66%

USA

51%

Mexico

50%

France

28%

Brazil

18%

Source: ICSC 2006 and 2007; Abrasce

7

2Q08

Protected Revenues Leasing Concentrated in Fixed Rent

Consumers of A&B classes are Less Volatile

(2Q08)

Overage 4% Minimum 79%

Merchandising 17%

Money Available *

40% 20% 0% -20% -40% -60% -80%

Source: IBGE between July of 2002 and July of 2003 *Money Available = (Income – Expense) / Income

Quick Decision Making

Fragmented Tenants

(2Q08)

(% of Rent of the biggest Tenants) 100% 82%

100%

80%

64%

60%

40%

20%

0%

Average interest

Malls with 50% or more of interest

Control over management

35% % of the minimum and overage rent

120%

30% 25% 20% 15% 10% 5% 0%

Tenants 1

6 11 16 21 26 31 36 41 46 8

2Q08

Case: BarraShopping (RJ) Compound Growth (CAGR)

Sales Evolution

Technical Details

(2000- 2007)

120 M 14%

100 M

11.3%

12%

11.5%

12.0%

10%

80 M

8%

60 M

6.3%

6% 4%

40 M

3.4%

3.3%

2%

20 M -

Nominal Sales Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

0% GDP Brazil

IPCA

Brazil

Retail Sales

Sales BRS

Rent

NOI

BRS

Technical Information Opening: 10/27/1981 Gross Leasable Area: 69.812 sq.m. Total Stores : 584 Anchor stores : 7 Expansions: 6 Consumer Profile 61% classes A/B 72% women People Flow: 26.2 millions Source: Company’s data and IPDM

Mix-Use Flow

Region Development

3

4

1980: Stores: 120 GLA: 47,602 sq.m.

2008: Stores: 584 GLA: 69,812 sq.m.

1 2

5

Rio de Janeiro, Barra da Tijuca. 1. BarraShopping 2. Centro Empresarial BarraShopping, 3 Royal Green Península 4. New York City Center 5. New Land

9

2Q08

Case: MorumbiShopping (SP) Compound Growth (CAGR)

Sales Evolution

Technical Details

(2000- 2007)

120 M 16%

100 M

14.4%

14%

12.2%

13.1%

12%

80 M

10%

60 M

8%

6.3%

6%

40 M 20 M -

4%

Nominal Sales Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

3.4%

3.3%

2% 0% GDP Brazil

IPCA

Brazil

Retail Sales

Sales MBS

Rent

MBS

Consumer Profile 89% classes A/B 53% women People flow: 19.6 millions Source: Company’s data and IPDM

The value of being up to date and having the right mix

Region Development

1982: Stores: 232 GLA: 33,573 sq.m.

NOI

Technical Information Opening: 05/03/1982 Leasable Area: 54,958 sq.m. Total Stores: 481 Anchor Stores : 5 Expansions: 4

2007: Stores: 481 GLA: 54,958 sq.m. 10

2Q08

Case: BH Shopping (MG) Compound Growth (CAGR)

Sales Evolution

Technical Details

(2000- 2007)

60 M 14%

50 M

11.4%

12%

40 M

10.1%

10.0%

10% 8%

30 M

6.3%

Technical Information Opening: 09/13/1979 Gross Leasable Area: 35,105 sq.m. Total Stores: 281 Anchor Stores: 6 Expansions: 5 (5th under construction)

6%

20 M 10 M -

4%

Nominal Sales Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

3.4%

3.3%

2% 0% GDP Brazil

IPCA

Brazil

Retail Sales

Sales BHS

Rent

BHS

NOI

Consumer Profile 84% classes A/B 55% women People flow: 15.4 millions Source: Company’s data and IPDM

Consolidation of Belo Horizonte

Region Development

Diamond Mall 11

1,7 km 1.7 22 Pátio Savassi

5,3 km 5.3 2.503 R$/m²

33

1979: Stores: 130 GLA: 25,918 sq.m.

2008: Stores: 281 GLA: 35,105 sq.m.

4,3 km 4.3

BH Shopping

11

2Q08

Case: ParkShopping (DF) Compound Growth (CAGR)

Sales Evolution 40 M 35 M 30 M 25 M 20 M 15 M 10 M 5M -

Nominal Sales Real Sales (Base 2000 vs IPCA) 2000 2001 2002 2003 2004 2005 2006 2007

Technical Details

(2000- 2007) 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0%

17.4% 14.5% 12.6%

6.3% 3.4%

3.3%

GDP Brazil

IPCA

Brazil

Retail Sales

Sales PKS

Rent

PKS

Consumer Profile 93% classes A/B 53% women People Flow: 13.9 millions Source: Company’s data and IPDM

Constant Growth

Region Development

1983: Stores: 113 GLA: 11,993 sq.m.

NOI

Technical Information Opening : 11/08/1983 Gross Leasable Area : 39,775 sq.m. Total Stores : 242 Anchor Stores : 6 Expansions: 8 (2 under construction)

2008: Stores: 242 GLA: 39,775 sq.m.

Shopping after the 7th and 8th Expansion 12

2Q08

Historical Performance Summary Sales Compound Growth (CAGR) 25.0%

Rent Compound Growth (CAGR)

Sc Sales (200-2007) Retail Sales (2000-2007) 17.4% 17.0% 15.5%

20.0% 15.0% 11.4%

11.3%

18.0%

23.1% 19.2% 15.5%

12.0%

15.6% 13.2%

10.1% 8.9%

10.0%

6.8%

8.0%

10.0%

14.4%

IPCA (2000-2007) 13.1% 12.6% 13.0% 11.5%

14.0%

12.9%

12.2%

Sc Rent (200-2007)

16.0%

6.0% 4.0%

5.0%

2.0% 0.0%

0.0%

*PKB was opened in 2003, and for this calculation the 2004-2007 sales were considered

*PKB was opened in 2003, and for this calculation the 2004-2007 sales were considered

Brazil Evaluation vs Multiplan Portfolio

NOI Compound Growth (CAGR) 20.0%

16.9%

18.0%

GDP (2000-2007) 14.4% 14.5%

16.0% 14.0% 12.0% 10.0% 8.0%

(CAGR)(2000-2007)

18.3%

SC NOI (2000-2007)

14.0%

13.4%

12.0% 10.0% 9.5% 6.4%

6.0% 4.0% 2.0% 0.0%

18% 16% 14% 12% 10% 8% 6% 4% 2% 0%

15.5% 13.2%

6.3% 3.4%

3.3%

GDP Brazil *PKB was opened in 2003, and for this calculation the 2004-2007 sales were considered

14.0%

IPCA

Brazil

Retail Sales

Sales Portfólio

Rent

NOI

Portfolio 13

2Q08

Latest Awards Received Awards 2008

BarraShopping (25 years) • Gold in the marketing/sales promotion category of ICSC • Silver in the marketing/community services category of ICSC • 3º place in the Abrasce Award in Excelence in Management

BarraShopping Sul (Launch) • Silver in the marketing/advertising campaigns category of ICSC

MorumbiShopping (Expansion) • 2º place in the Abrasce Award in Excelence in Expansion • Silver in the development and project category of ICSC

ParkShopping (ParkFashion) • Silver in the marketing/sales promotion category of ICSC

Pátio Savassi (“Natal do Bem” Campaign) • Gold in the marketing/community services category of ICSC

RibeirãoShopping (Clubinho do Ribeirão) • Silver in the marketing/sales promotion category of ICSC 14

2Q08

EXHIBITS

15

2Q08

Enterprise Sucess, Sucess, Tenants and New Projects Gross Revenue Growth (R$ ‘000)

Stores Leased of Future Projects (Out of approx. 800 new stores)

+26.5% +79.2% +79.4% +52.9% -100% +5,056 +9,600

-5,188

+3,858

To be leased 18%

113,984

+14,404

+ 32.1%

86,254

Leased 82%

Gross Revenue 2Q07

Rent

Services

Key Money

Parking

Real Estate Sales

Gross Revenue 2Q08

Rent Revenue Growth (R$’000) +20.7%

+20.9%

+4,558

70,000

+9,357

65,000

Same Store Basis Analysis

+66.7% 68,772

+490

60,000

54,368

+26.5%

55,000

+ 9.0%

+ 11.4%

2.744 R$/sq. m

3.057 R$/sq. m

237 R$/sq. m 217 R$/sq. m

50,000

2Q07

2Q08

Same Store Sales (R$/sq.m.)

45,000

Rent 2Q07

Minimum

2Q07

2Q08

Same Store Rent (R$/sq.m.)

Overage Merchandising Rent 2Q08

16

2Q08

Recently Announced Projects JundiaíShopping – Jundiaí (SP)

Description: Opening: November 2010 Gross Leasable Area: 34,575 sq.m. Multiplan’s Interest: 100% Key Money: R$20.3 million NOI 1st year: R$20.4 million NOI 3rd year: R$25.9 million Capex: R$191.4 million

ParkShoppingBarigüi Expansion – Curitiba (PR)

Description: Opening: May 2010 Gross Leasable Area: 8,639 sq.m. Multiplan’s Interest: 100% Key Money: R$13.8 million NOI 1st year: R$6.8 million NOI 3rd year: R$8.4 million Capex: R$42.0 million

17

2Q08

Land Acquisitions Barra da Tijuca (RJ)

Size: 36,748 sq.m. Price: R$ 100 million Type: Commercial

São Caetano (SP)

Size: 57,836 sq.m. Price: R$ 81 million Type: Commercial

Campo Grande (RJ)

Size: 338,913 m² Price: R$5.1 million Type: Com. & Residential

Highlights

Highlights

Highlights

Highest growth region in RJ Last site available in the region One of the highest income regions of RJ Multiplan region domain

The biggest urban reorganization plan of the country Mixed-use project The only shopping center of the region

High demographic growth High number of residential and commercial properties launched in the region Possibility of a mixed-use project

18

2Q08

Mixed--Use Projects and Land Bank Mixed Land Bank

Cristal Tower – Porto Alegre (RS)

Location

Cristal Tower aerial perspective

Bridge connecting Cristal Tower to BarraShoppingSul

%

Type

Area

Barra da Tijuca

100%

Commercial

36,748 sq.m

BarraShoppingSul

100%

Res., Hotel

12,099 sq.m

Campo Grande

50%

Res. and Com.

338,913 sq.m

JundiaíShopping

100%

Commercial

4,500 sq.m

Maceio

50%

Res., Com., Hotel

130,000 sq.m

MorumbiShopping

100%

Commercial

21,554 sq.m

ParkShoppingBarigüi

84%

Apart-Hotel

843 sq.m

ParkShoppingBarigüi

94%

Commercial

27,370 sq.m

RibeirãoShopping

100%

Res., Com., Medical

200,970 sq.m

São Caetano

100%

Commercial

57,836 sq.m

Shopping AnáliaFranco

36%

Residencial

29,800 sq.m

Total

70%

860,633 sq.m

BarraShoppingSul complex Contracs with ground lease or buy option are not included

Project Details Opening Private area to be sold Total Sell Out

(MTE %)

BarraShopping Complex

First half of 2011 11,915 sq.m Over R$ 70 million

Barra Shopping

Centro Empresarial Barra Shopping

Royal Green Península

New York City Center

19

2Q08

Main Figures Financials (R$ ‘000) Financials (MTE %) Gross Revenue Net Revenue Headquarters Rent Revenue Rent Revenue/sq.m. Adjusted EBITDA Adjusted EBITDA/sq.m. Adjusted EBITDA Margin Shopping EBITDA Shopping EBITDA/sq.m. Shopping EBITDA Margin Adjusted FFO Adjusted FFO/sq.m.

2Q08

273 249

250

246

2Q07 113,984 104,107 27,260 68,772 R$/sq.m. 62,813 R$/sq.m. 60.3% 63,041 R$/sq.m. 69.2% 61,951 R$/sq.m.

248 208

200

189

86,254 78,764 15,620 54,368 R$/sq.m. 45,464 R$/sq.m. 57.7% 43,847 R$/sq.m. 67.2% 41,498 R$/sq.m.

Chg. % 1H08 1H07 ▲32.2% 203,323 ▲32.2% 184,998 ▲74.5% 38,973 ▲26.5% 129,336 ▲10.0% 513 R$/sq.m. 488 ▲38.2% 114,038 ▲20.1% 453 R$/sq.m. 438 61.6% ▲2.6 p.p ▲43.8% 108,959 ▲25.0% 433 R$/sq.m. 416 ▲1.9 p.p 67.7% ▲49.3% 119,954 ▲29.8% 476 R$/sq.m. 389

163,347 149,128 24,330 106,821 R$/sq.m. 96,013 R$/sq.m. 64.4% 91,132 R$/sq.m. 71.7% 85,202 R$/sq.m.

Chg. % ▲24.5% ▲24.1% ▲60.2% ▲21.1% ▲5.3% ▲18.8% ▲3.3% ▼2.7 p.p ▲19.6% ▲3.9% ▼4.0 p.p ▲40.8% ▲22.4%

Performance Performance (100%) Adjusted Total GLA Adjusted Own GLA Rent Revenue Rent Revenue /sq.m. Total Sales Total Sales/sq.m. Same Stores Sales/m² Same Stores Rent/m² Occupancy Costs Rent as Sales % Others as Sales % Turnover Occupancy Rate Delinquency

2Q08 2Q07 Chg. % 1H08 1H07 Chg. % 402,016 sq.m. 379,214 sq.m. ▲6.0% 402,016 sq.m. 379,214 sq.m. ▲6.0% 251,914 sq.m. 219,006 sq.m. ▲15.0% 251,914 sq.m. 219,006 sq.m. ▲15.0% ▲21.2% 108,922 89,866 205,349 171,806 ▲19.5% 271 R$/sq.m. 237 R$/sq.m. ▲14.3% 511 R$/sq.m. 453 R$/sq.m. ▲12.7% 1,169,981 971,737 ▲20.4% 2,215,423 1,836,379 ▲20.6% ▲13.6% 5,511 R$/sq.m. 2,910 R$/sq.m. 2,562 R$/sq.m. 4,843 R$/sq.m. ▲13.8% 3,057 R$/sq.m. 2,744 R$/sq.m. ▲11.4% 5,931 R$/sq.m. 5,283 R$/sq.m. ▲12.3% 237 R$/sq.m. 217 R$/sq.m. ▲9.0% 471 R$/sq.m. 436 R$/sq.m. ▲8.2% 12.6% 12.8% ▼0.1 p.p 14.0% 13.1% ▲0.9 p.p 7.7% 8.2% 9.0% 8.0% ▲1.0 p.p ▼0.5 p.p 5.0% 4.6% ▲0.4 p.p 5.0% 5.1% ▼0.1 p.p 1.5% 0.8% ▲0.7 p.p 2.6% 1.6% ▲1.0 p.p 97.6% 97.6% ▲0.0 p.p 97.6% 97.6% ▲0.0 p.p 3.9% 5.3% ▼1.4 p.p 3.6% 5.9% ▼2.4 p.p

20

2Q08

IR Contact Armando d’Almeida Neto CFO and Investors Relation Director

Hans Christian Melchers Planning & Investor Relations Manager

Rodrigo Tiraboschi Investor Relations Analyst Senior

Tel.: +55 (21) 30313031-5224 Fax: +55 (21) 30313031-5322 E-mail: [email protected]

http://www.multiplan.com.br/ri 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 available information. These prospects include statements concerning our management’s 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 "anticipate“, “wish“, "expect“, “foresee“, “intend“, "plan“, "predict“, “forecast“, “aim" 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 company’s control or expectation. The reader/investor is encouraged not to completely rely on the information above. 21