Multiplan Fr 20081126 Eng

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 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$5.6 billion are owned by Multiplan (considering the company’s share on its ventures). This valuation will have no impact on the company’s book value, and is intended to give a better understanding to its investors about the company. The valuation was based only on the existing shopping centers and did not considered the additional value of: -BarraShoppingSul: the new company’s mall, with a Gross Leasable Area (GLA) of 68,378 m², opened on 18th November as Multiplan’s second largest shopping center in total GLA. -Four greenfield project: Multiplan is developing four greenfield projects which were not considered in the studies (Shopping VilaOlímpia, Shopping Maceió, LagoSul Shopping and JundiaíShopping). The projects may increase Multiplan’s portfolio GLA in 25% (117,905 m²). -Management: the company manages all of its malls, leading to service revenues, which in 2007 earned R$ 52.2 million. -Landbank: Multiplan owns a landbank of 860,745 m² for future developments, including mixed-use projects and shopping centers. -Control: Multiplan has a 50% or more stake in 83% of its shopping 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 importance of the company in the real estate sector.

Multiplan Valuation Mall Value (100%) R$9.0 billion Multiplan Malls Value R$5.6 billion Multiplan Market Value* R$1.4 billion * Considering 147,799,441 shares at R$ 9.39 (November 24th 2008)

Mall Value X Net Asset Value • BarraShopping Sul • Greenfield Projects

>305%

• Management • Land Bank

Value of Each Mall Shopping BHShopping RibeirãoShopping BarraShopping MorumbiShopping ParkShopping DiamondMall New York City Center Shopping AnáliaFranco ParkShoppingBarigüi Pátio Savassi Shopping SantaÚrsula Total

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

Asset Value R$ 963.0 R$ 687.0 R$ 2,122.0 R$ 1,742.0 R$ 712.0 R$ 335.0 R$ 170.0 R$ 1,069.0 R$ 806.0 R$ 264.0 R$ 150.0

• Control

M M M M M M M M M M M

Multiplan Share R$ 770.4 M R$ 523.3 M R$ 1,083.7 M R$ 1,145.6 M R$ 429.6 M R$ 301.5 M R$ 85.0 M R$ 320.7 M R$ 677.0 M R$ 221.3 M R$ 56.3 M

R$ 9,020.0 M R$ 5,614.3 M

Disclaimer 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 Lang LaSalle do not guarantee that the values estimated in this valuation will be applied in further 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 invest in stocks issued by the company or negociate stocks that were already acquired, the investors must use their own analysis and valuations of Multiplan’s financial situation, its activities and its own stocks risks.

• Brand Value

305% R$ 5,614 M

R$ 1,388 M Multiplan Market Value*

Multiplan Asset Value

* Considering 147,799,441 shares at R$ 9.39 (November 24th 2008)

Contact Armando d’Almeida Neto CFO and Investors Relation Officer Tel.: +55 (21) 3031-5224 Fax: +55 (21) 3031-5322 E-mail: [email protected] http://www.multiplan.com.br/ri