Multiplan Comunicado Ao Mercado 20071015 Eng

Notice to the Market MULTIPLAN ADVANCES IN FIVE MONTHS THE EXPANSION OF RIBEIRÃOSHOPPING AND INCREASES FORECASTED EXPANSION BY 21%

MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A. (“Multiplan” or “Company”) (Bovespa: MULT3), the largest shopping mall company in Brazil in terms of revenue, in line with its strategy of maximizing return to its shareholders, announces that accelerated the start of commercialization and construction of RibeirãoShopping expansion by 5 months of the date estimated in its final prospectus, in addition to increasing the expansion area by 1,398 sq. m. RibeirãoShopping is located in the south region of the city of Ribeirão Preto, region of high purchasing power and high growth, and the opening of this expansion is estimated for November 2008, adding new 8,191 sq. m. to GLA currently existing, which accounts for a growth of 21% in shopping’s GLA, totaling 47.321 sq. m. of GLA.

RibeirãoShopping RibeirãoShopping relies on some of Brazil’s most important designer clothing and was the second shopping of our network, being opened in 1981 and showing an excellent occupation rate of 98.8% of its GLA. In addition, it has been recording a solid demand from shopkeepers interested in joining the project, which encouraged us to make feasible the acceleration of expansion initially foreseen for the shopping. The Shopping is located in the south region of the city of Ribeirão Preto, where a significant growth of urban development rate is verified, evidenced by the growing number of new houses, both in terms of vertical and horizontal condominiums. The Shopping is visited by 73% of A and B classes of Ribeirão Preto and has been undergoing an increased traffic of clients with great potential of retail consumption, attracting consumers within an influence area ranging approximately 100km, which means an exposure to a population of approximately 2.3 million people, distributed in 86 municipalities. Adjoining the shopping, Centro Empresarial RibeirãoShopping was built, a Hotel of IBIS network, also existing four lands purchased in 2007 by Multiplan, where the Company plans to build in an area of 100,000 sq. m., a multi-purpose complex with one office building, five residential buildings and a hotel, amounting to a built-up area of 160,000 sq. m..

Main facade of shopping

IBIS Hotel and Centro Empresarial RibeirãoShopping

Notice to the Market Expansion – Consolidation of High Growth Market The Expansion will be opened in the second half of 2008 and will rely on a gross leasable area (GLA) of 8,191 sq. m.. This expansion will increase Shopping’s GLA by 21% and aims at strengthening and consolidating even more its position in the city, where in 2006, recorded an estimated traffic of 14.5 million people. The project consists of an extension of main floor currently existing, and 5 new restaurants will be included, next to the movie theaters, summing up 28 new stores, two of them are anchor stores. The mix includes new options of restaurants, with international and local designer clothing, mainly from the Rio de Janeiro - São Paulo connection. Surveys appoint that these designer clothes are strongly required by local consumers and were contacted and already have shown great interest in joining the project.

High expected returns In order to calculate the feasibility of the project, the following reasoning was taken into account: The cost of work (CAPEX) is based on a construction cost estimated from areas defined for the following activities: satellite, anchor stores and food court, mall, toilets, parking and services. These estimates were assessed by the Company’s technical department. For the assessment of capex in the project, these costs are not reduced by right assignment revenues. The feasibility net operating revenues were estimated based on the margin currently existing in RibeirãoShopping, excluding economies of scale, and based on a rental per distinguished sq. m. among the satellite, anchor stores, restaurants, fast-food, services and leisure. The agreement values were assessed by our specialized team of real estate brokers, based on a mix of detailed planned stores, being estimated case-by-case. The negotiations with the two anchor stores are in advanced phase and must be announced soon. In 2006, RibeirãoShopping recorded net revenues/sq. m. of R$471.14/sq. m., estimating in the first year net revenues/sq. m. of R$376.72/sq. m. for such expansion. By using a 10-year flow, with the contractual growth of leases within the first 5 years, and after this period, an actual addition of 2% p.a. and perpetuity at the end of this period with equal growth, the project has shown unleveraged nominal return rate above 25% p.a..

Project estimated breakdown Project Expansion V

GLA (sq. m.) 8,191 sq. m.

% Multiplan

Multiplan GLA

CAPEX*

76.2%

6,239 sq. m.

R$23.2million

Net Op Rev 1st Year

Net Op Rev 3rd Year

R$3.1 million R$3.7 million

IRR 26.6%