Multiplan Notice To The Market Expanse3oshoppinganaliafranco 021007 Eng

MULTIPLAN TO BEGIN EXPANSION OF SHOPPING ANÁLIA FRANCO SEVEN MONTHS AHEAD OF SCHEDULE MULTIPLAN EMPREENDIMENTOS IMOBILIÁRIOS S.A. announces the beginning of sales and construction of the expansion of Shopping Anália Franco seven months ahead of the expected date in its definitive prospectus. Shopping Anália Franco is located in the eastern side of the city of São Paulo and the grand-opening of this expansion will be in April 2009, adding 11,786 sq. m. to the existing gross leasable area (GLA), which is equivalent to a 30% growth.

Shopping Anália Franco Shopping Anália Franco was opened in 1999 and currently has 99.4 % of its GLA leased. In addition, it has been presenting a strong demand of tenants interested in entering the shopping. The mall is located in the eastern side of the city of São Paulo – one of the most populated areas of the city and with some of the highest growth levels over the last few years – and 79% of its visitors belong to the A and B income groups.

Aerial View of Shopping Anália Franco

Expansion – Consolidation of the High-growth Market The Expansion will be opened in the first half of 2009 and will have a GLA totaling 11,786 sq. m. This expansion will increase the mall’s GLA by approximately 30% and is aimed at further consolidating its position as one of the most visited malls in São Paulo, with an approximate traffic of 15.5 million people in 2006. The project will be developed on the third floor of the mall and will consist of 89 new stores, of which two are anchor-stores, which will consolidate the position of the mall in the eastern side of São Paulo. High returns expected For calculating the feasibility of the project, we took into account the following rationale: The investment is based on a cost of construction estimated based on the areas defined for the following activities: satellite-stores, anchor-stores, food court, mall, restrooms, parking and services. The cost estimates were appraised by the company’s technical department. Net revenue was estimated based on the current margin of Shopping Anália Franco, not taking into account economies of scale and considering a lease per sq. m. differentiated between anchor-stores, restaurants, fast-food restaurants, services and leisure areas. Lease amounts were appraised by our staff of specialized real estate consultants, based on a carefully planned store mix, being estimated on a case-by-case basis. The negotiations with the anchor-stores are already advanced and should be announced soon. In 2006, Shopping Anália Franco had a net revenue/sq. m. amounting to R$735.20/sq. m, and the first-year estimated net revenue/sq. m. for the expansion is R$577.00/sq. m. Using a ten-year flow period, with contractual leasing growth over the first five years, real growth of 2% p.a. in the remaining five and perpetuity thereafter with an equal rate of growth, the project presented a nominal, non-leveraged return rate of more than 25% p.a.

Estimated details of the project Net investment *

Net Rev. 1st Year – R$

Net Rev. 3rd Year – R$

Expansion 11.786 30,0% 3.536 43 million * total cost deducted from the assignment of rights revenue.

6.8 million

7.7 million

Project

GLA (sq. m.)

Multiplan’ s%

Multiplan’ s GLA

Opening 2Q09