28May2025|3:13PMBRT

BrazilRealEstate

1Q25MallbyMallUpdate;MultiplanMallsSawAStrongQuarter

OurmallbymallanalysisshowsonceagainMultiplanmallsoutperforming.Inthisnotewedotwothings:1)analyzeperformanceandpositioningfor80+mallsinwhichourcoverageuniversehasstakes;2)updateourAllosmodeltoconsider1Q25actuals.OuranalysisshowsthatMultiplanmallsonaveragesawrentgrowthof

+5%,in-linewithin?ationwhileAllosmallsgrew3.4%,implyingnegativerealrentperformance.Notablysales(impactedbytheEastershift)grewatthesamepaceofrentforbothcompanies.Focusingoncohorts,we?ndthatperformancewas

commensuratewithtieringasAAAmallssaw+9.4%growth,vs+4.6%forA,3.3%forBand-0.9%forC.OurIguatemianalysis(doneseparatelysinceIGTIdoesnot

reportoccupancyonanindividualmallbasis)we?ndthatabsoluterentgrowthfor

AAAmallswashigherthatAvsB.Overall,webelieveouranalysissupportsour

bullishviewonAAAandAmallorientedportfoliosownedbyMultiplanandIguatemi.

Ourconversationswithinvestorsshowanincreaseininterestformalls.The

viewhasgenerallybeenthatthemallsdespiteperformingstronglyYTDhavemoreroomtorun,giventhattheyhavelaggedhomebuilderpeers,havestilldiscountedvaluationsvshistoryandaregenerallyseenasratesensitive.Brazilianmallstockshaverisen+26%YTDonaverage,vsiBovespaat+16%,andhavelaggedbothlowincome(+54%)andmid/highincomehomebuilders(+40%).Notablywehaveseenmaterialimpliedcapratespreadcompression,asimpliedcapratespreadshave

declined~170bps(Iguatemi)and~290bps(Multiplan).Whilespreadsaretighter-431bpsforMultiplan,908bpsforIguatemiand966bpsforAllos-theyarestill

signi?cantlyabovehistoricalaverages-270bpsforMultiplan,340bpsforIguatemiand340bpsforAllos.Onratesensitivity,wewouldnotethatinthedecadepriortoCovid,mallswereindeedmoresensitivetoratesvshomebuilders,withR-squaredrisingduringratecompressionperiods(seeourratesanalysisformallsand

homebuilders).Multiplanwasastandoutbythismeasure,showingthehighestsensitivitytorates.

1Q25MallbyMallAnalysisTakeaways

1)Multiplanrentgrowthcontinuestooutperform...Similartoour4Q24analysis,

JorelGuilloty

+55(11)3372-3522|

jorel.guilloty@

GoldmanSachsdoBrasilCTVMS.A.

IgorMachado

+55(11)3372-0227|

igor.machado@

GoldmanSachsdoBrasilCTVMS.A.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,

investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaf

?liatesarenotregistered/quali?edasresearch

analystswithFINRAintheU.S.

GoldmanSachsBrazilRealEstate

28May20252

MultiplanmallsoutperformedAllosmallsbothwhenconsideringmallsasagrouporbycontributiontoMultiplan’sNOI.Puttingthisinperspective,Multiplan’smallsonaveragesawa+5%y/yincreaseinrent/sqm(inlinewithBrazilianCPI)vs+3.4%forAllos,

implying-1.6%realrentgrowth.

2)...withsimilarperformanceforsales.Curiously,MultiplanandAllosrentgrewatthesamepaceofsales;notablyhoweversaleswereimpactedbytheEastershift,likelynotcapturinglikeforlikeperformance.

3)BytierAAAmallsperformedstrongest.AAAmalls(MorumbiShoppingandBarraShopping)saw+6%rentgrowthand9%nominalsalesgrowth.DynamicswereabitmoremixedforAandBmallshasBmallsrentgrowthexceedAmalls(+4%vs3%)whilesalesgrowthforAsoutpacedBs(+5%vs3%).

4)Alloshadthemostmallswithrentincreases,accountingfor~90%ofNOIvs80%forMultiplan.HoweverthemallswithrentgrowthforMultiplanoutpacedAllosby

+100bps(6.8%vs5.5%)

5)IguatemiAAAmalls(JKIguatemiandIguatemiSaoPaulo)sawstrongabsoluterentgrowth,rising+7.4%.Wenotethesetwomallsaccountfor40%ofIguatemi

revenues.ThisgrowthfaroutpacetheirAandBmallswhichgrew3%and-2%declinerespectively.

Exhibit1:BrazilianMallCoverage-TieredMallSummary

GSTier

#of

malls

MonthlyRent/sqm

MonthlySales/sqm

Rentas%

ofsales

Growth(Y/Y,BRL/sqm)

BRL

USD

BRL

USD

Rent(Real)

Rent

(Nominal)

Sales

(Nominal)

Rentas%of

sales(bps)

AAA

2

441

76

3,801

654

11.6%

0.6%

5.6%

9.4%

-38

A

24

199

34

2,289

394

8.8%

-2.1%

2.9%

4.6%

-18

B

34

104

18

1,444

248

7.3%

-0.8%

4.3%

3.3%

3

C

3

55

9

896

154

6.1%

2.0%

7.0%

-0.9%

43

AverageTotal

63

149

26

1,815

312

7.9%

-1.1%

3.9%

3.8%

OnlyconsideringMultiplanandAllosmallsgivenlackofsalesdataonindividualmallbasisforIguatemi.Averagesconsidersimpleaverages.

Source:Companydata,ABRASCE,GoldmanSachsGlobalInvestmentResearch

Exhibit2:BrazilianMallCoverage-OperatorData

ConsidersAveragesforMallPortfolio

#ofGSTierbyMallNOIWeightMonthlyRent/sqmMonthlySales/sqmRentasa%ofSalesRentGrowth(Y/Y)SalesGrowth(Y/Y)Opening

Company

malls

AAA

A

B

C

BRL

USD

BRL

USD

1Q25

Y/Y(bps)

Real

Nominal

Real

Nominal

Year

Allos

43

0%

49%

47%

4%

131

23

1,704

293

7.6%

-5

-1.7%

3.4%

-1.6%

3.4%

2000

Multiplan

20

27%

45%

25%

1%

186

32

2,053

353

8.6%

-3

0.1%

5.1%

0.1%

5.2%

2002

AverageTotal

63

149

26

1,815

312

7.8%

2002

Considerssimpleaverages.

Source:Companydata,ABRASCE,GoldmanSachsGlobalInvestmentResearch

28May20253

Exhibit3:BrazilianMallPortfolio1Q25Y/YRentGrowth

Prop.considersProportionaltoNOIweight

AllMallsMallswithRentGrowthMallswithRentDeclines

Portfolio

Avg

Prop.

#

Avg

Prop.

%ofNOI

#

Avg

Prop.

%ofNOI

Allos

3.4%

3.4%

37

5.5%

4.9%

87%

6

-9.5%

-6.8%

13%

Multiplan

5.1%

4.8%

16

6.8%

6.4%

77%

4

-1.5%

-1.2%

20%

Source:Companyreports,GoldmanSachsGlobalInvestmentResearch

28May20254

Exhibit4:MallPortfolioGrowthRankedbyOwnedNOIWeight

RankMall

1BarraShopping

2MorumbiShopping

3BHShopping

4ParkShoppingBarigüi

5ParkShopping

6Ribeir?oShopping

7BarraShoppingSul

8ParkShoppingS?oCaetano

9DiamondMall

10VillageMall

11PátioSavassi

12JundiaíShopping

13ParkShoppingCampoGrande

14ParkShoppingJacarepagua

15ShoppingAnáliaFranco

16ParkShoppingCanoas

Multiplan

%ofNOI

14%

13%

11%

8%

6%

6%

5%

5%

4%

4%

4%

3%

3%

3%

3%

2%

Allos

Iguatemi

AAA

AAA

A

A

A

B

B

A

A

A

A

B

B

B

A

B

Rent(BRL)

perY/Y

GSTier

SqmGrowth

4012.6%

4818.6%

3075.4%

173-1.9%

241-0.2%

14624.5%

85-0.8%

1505.8%

2920.9%

1730.4%

2381.4%

1339.7%

992.3%

962.9%

2511.2%

739.0%

15.1%

-2.1%

3.0%

12.7%

8.9%

4.7%

10.0%

2.7%

17.0%

6.0%

6.7%

Y/Y

Sales

Growth

15.6%

3.3%

4.0%

-4.1%

2.4%

PlazaNiterói

ShoppingTijuca

ParqueD.PedroShopping

ShoppingdaBahia

ManauaraShopping

Norteshopping

ShoppingTamboré

CatuaíShoppingLondrina

BoulevardShoppingBelém

ShoppingLeblon

ShoppingTabo?o

ShoppingCampoGrande

BanguShopping

ShoppingRecife

ShoppingEsta??oCuiabá

MoocaPlazaShopping

Rent(BRL)

perY/Y

GSTier

A

A

B

A

A

A

B

B

A

A

B

A

B

A

B

A

Mall

SqmGrowth

2315.5%

2925.0%

1131.5%

1542.9%

1596.0%

145-0.6%

1283.6%

1036.5%

1874.6%

3437.3%

1393.5%

1376.7%

99-3.8%

1963.5%

1099.5%

1404.1%

11.7%

6.9%

6.2%

Y/Y

Sales

Growth

6.3%

3.2%

2.8%

2.4%

7.1%

-2.3%

6.7%

5.6%

10.1%

15.7%

4.9%

-2.3%

2.2%

%of

NOI

6%

6%

5%

5%

5%

5%

4%

4%

4%

3%

3%

3%

3%

3%

3%

2%

GSTie

AAA

AAA

A

A

B

B

A

B

B

B

B

B

A

B

C

C

Mall

IguatemiS?oPaulo

JKIguatemi

IguatemiCampinas

IguatemiPortoAlegre

IguatemiEsplanada

IguatemiRioPreto

IguatemiBrasília

IguatemiRibeir?oPreto

PraiadeBelas

Galleria

IguatemiAlphaville

MarketPlace

PátioHigienópolis

IFashionOutletNovoHamburgo

IFashionOutletSantaCatarina

PowerCenterIguatemiCampinas

OwnedRent(BRL)

OwnedGLA

r

R$mm

Y/Y

Growth

%of

Revenue

000sqm

Y/Y

Growth

51

8.1%

23%

29

0.9%

40

6.8%

18%

34

1.4%

26

3.2%

12%

51

0.1%

19

-0.6%

8%

29

0.0%

15

5.7%

7%

39

-0.1%

10

-1.2%

5%

38

0.1%

10

6.7%

5%

22

0.1%

9

4.0%

4%

39

1.1%

9

4.8%

4%

26

-0.1%

8

0.1%

4%

32

-3.3%

7

-20.9%

3%

19

-23.1%

6

-14.4%

3%

21

-16.4%

4

2.3%

2%

4

0.1%

2

-0.1%

1%

10

0.0%

2

83.4%

1%

11

0.0%

1

4.8%

0%

21

0.0%

42

43

17ParqueShoppingMaceió

18ShoppingVilaOlímpia

19NewYorkCityCenter

20ShoppingSantaúrsula21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

B12010.3%

B120-3.1%

A1089.4%

C3313.8%

8.0%

-16.7%

8.6%

-2.6%

2%

1%

1%

1%

1.8%

105

179

59

97

111

213

110

91

127

72

102

121

144

66

99

154

72

81

85

157

78

94

106

114

99

117

112

B

A

C

B

B

A

B

B

B

C

B

B

A

B

B

A

B

B

B

A

B

B

B

B

B

B

B

-6.0%

4.7%

9.4%

13.1%

ShoppingCampoLimpo

ShoppingABC

ShoppingDelRey

ShoppingVillaLobos

PasseiodaságuasShopping

3.8%

7.1%

3.7%

0.0%

3.4%

ShoppingPiracicaba

BoulevardShoppingBeloHorizonte

ShoppingMetr?SantaCruz

ShoppingMetrópole

CatuaíShoppingMaringá

7.6%

CariocaShopping

2.6%

8.2%

11.2%

1.1%

-40.5%

1.6%

ShoppingVilaVelha

Esta??oBH

ParqueShoppingMaceió

GoianiaShopping

ShoppingGrandeRio

Independência

-4.3%

ShoppingPlazaSul

12.2%

1.9%

10.1%

7.5%

S?oBernardoPlazaShopping

CaxiasShopping

ShoppingIguatemiCaxiasdoSul

AmazonasShopping

0.6%

ParqueShoppingBelém

11.6%

8.1%

0.5%

FrancaShopping

CenterShoppingUberlandia

ShoppingCuritiba

-2.1%

ShoppingParangaba

2.1%

5.7%

9.4%

0.5%

-36.9%

3.5%

-7.1%

4.3%

3.3%

7.7%

2.1%

4.0%

13.5%

4.5%

2.4%

9.1%

12.4%

1.8%

2.4%

3.2%

-2.0%

2.9%

2.3%

3.3%

6.3%

2.0%

-2.2%

0%

0%

2%

2%

2%

2%

2%

2%

2%

2%

2%

2%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

Top5Average/Total

Top10Average/Total

Total

AAAA

B

C

MallswithRentGrowth

MallsWithRentDeclines

321

245

186

441

215

109

33

194

155

2.9%

4.5%

5.1%

5.6%

2.5%

6.8%

13.8%

6.8%

-1.5%

#ofMalls

16

4

4.2%

6.8%

5.2%

9.4%

4.2%

6.1%

-2.6%

7.2%

-2.9%

52%

76%

27%

45%

25%

1%

77%

20%

132.62462021904.2%

1864.2%

1313.4%

NANA

1893.1%

1033.5%

663.6%

371325.5%

6124-9.5%

#ofMalls

NA

4.8%

2.9%

0.0%

4.7%

-4.7%

4.4%

5.8%

3.4%

0%

49%

47%

4%

87%

13%

26%

45%

#ofMa11

5

30

4.6%

13.7%

20

3.8%

9.0%

14

5.8%

6.3%

45

7.4%

20.6%

15

2.9%

6.7%

8

-2.7%

3.8%

2

44.1%

0.7%

lls

16

11.8%

7.3%

9

-7.4%

4.0%

Source:Companyreports,GoldmanSachsGlobalInvestmentResearch

Exhibit5:IguatemipropertybypropertyAnalysis-1Q25LTM

Mall

GSTier

Opening

Location

GLA

ConsumerProfile

MonthlyRent

BRLNOI

Cap

Rate

BRLGAV

Metro

State

000s

sqm

Owned

A

B

BRL/sqm

mm

Monthlyper

Sqm

Total

(mm)

Owned

(mm)

perSqm

(000s)

IguatemiS?oPaulo

AAA

1966

SaoPaulo

SP

49

60%

100%

656

382

673

9.4%

4,064

2,421

82.7

JKIguatemi

AAA

2012

SaoPaulo

SP

34

100%

100%

462

197

500

9.4%

2,092

2,092

61.4

PátioHigienópolis

A

1999

SaoPaulo

SP

34

12%

44%

44%

389

163

413

10.4%

1,566

181

45.9

IguatemiPortoAlegre

A

1983

PortoAlegre

RS

68

43%

20%

42%

247

211

269

10.4%

2,032

865

29.9

ShoppingRioSul

A

1980

RioDeJaneiro

RJ

52

17%

20%

50%

264

160

267

10.4%

1,540

256

29.6

IguatemiCampinas

A

1980

Campinas

SP

73

70%

195

191

226

10.4%

1,838

1,287

25.1

IguatemiBrasília

A

2010

Brasília

DF

35

64%

175

78

195

10.4%

752

482

21.7

PraiadeBelas

B

1991

PortoAlegre

RS

45

58%

26%

41%

129

74

143

11.4%

650

374

14.5

IguatemiAlphaville

B

2011

Barueri

SP

31

60%

136

63

175

11.4%

551

330

17.8

IguatemiEsplanada

B

1991

Sorocaba

SP

65

61%

36%

48%

139

128

170

11.4%

1,119

682

17.3

MarketPlace

B

1995

SaoPaulo

SP

21

100%

25%

28%

107

39

161

11.4%

346

346

16.3

IguatemiRioPreto

B

2014

SaoJosédoRioPreto

SP

44

88%

104

53

106

11.4%

469

413

10.7

Galleria

B

1992

Campinas

SP

32

100%

55%

39%

94

46

124

11.4%

404

404

12.5

IFashionOutletNovoHamburgo

B

2013

NovoHamburgo

RS

20

51%

40%

45%

96

22

97

11.4%

196

100

9.8

IguatemiRibeir?oPreto

B

2013

Ribeir?oPreto

SP

43

89%

40%

40%

91

47

93

11.4%

410

364

9.4

IFashionOutletSantaCatarina

C

2018

Tijucas

SC

20

54%

80%

20%

52

11

46

12.4%

86

46

4.3

PowerCenterIguatemiCampinas

C

2010

Campinas

SP

28

77%

15

6

17

12.4%

45

35

1.6

MallPortfolio(Total)

694

63%

214

1,871

233

10.3%

18,161

10,678

26.2

MallPortfolio(Owned)

437

63%

197

1,097

218

10,678

24.4

MarketPlaceTowers

2013

SaoPaulo

SP

29

100%

78

23

70

7.0%

332

332

11.5

IguatemiPortoAlegreTower

2012

Brasilia

DF

10

43%

95

10

85

7.0%

144

61

14.0

SkyGalleria

2022

Campinas

SP

15

52%

82

11

72

7.0%

160

83

11.0

7.0%636

476

10.2%18,797

10.1%11,155

76%

76%

54

41

747

478

45

33

1,916

1,130

93

87

206

189

73

72

222

206

476

11.9

11.7

25.2

23.3

OfficePortfolio(Total)

OfficePortfolio(Owned)

11,155

Total

64%

Owned

1)RentperSqmbasedon1Q25LTM?gures;2)AandBconsumerpro?lesbasedonAbrasce’s(BrazilianAssociationofShoppingCenters)incomecriteria.Considers10YearRealBenchmarkYieldof7.4%(Last20daysaverage)

Source:Companydata,GoldmanSachsGlobalInvestmentResearch,ABRASCE

28May20255

WeareupdatingourAllosmodelfollowing1Q25results.OurRevenueandEBITDAestimatesslightlydecreasefollowingAllosassetstakessales.OurFFOincreaseson

28May20256

thebackofa7%decreaseinnetdebt.AllthatsaidourPricetargetincreases9%,

drivenbythe90bpsdecreaseonriskfreerates,lowernetdebtandminorityinterest.Focusingon1Q25fundamentals,thecompanylaggedpeersMultiplanandIguatemionasamestoresalesbasis,growing+2.6%vs+6%forthepeers.Allosalsolaggedon

samestorerentswith4.9%,whileIguatemireported5.9%andMultiplan+7.0%.EventhoughweseeAllosasthecompanywiththehighestdividendyieldinourBrazilmallscoverageatmid-singledigits,webelievethecompanymightseelimitedrentalreturnsrelativetopeers,leadingtoourNeutralrating.

NewEstimates:Our2025-2027RentRevenuesaredecreasing-4%/-3%/-3%toR$

2.0/2.1/2.2bnasweareconsideringthelastAllosassetstakesales,whichdecreased2%totalconsolidatedGLAto1.3mmsqm.Thesesalesinclude20%ofCarioca

Shopping,10%ofShoppingTijucaandShoppingPlazaSul,andfulldivestmentfromRioAnil(50%)andViaParqueShopping(1.6%).OurEBITDAestimatesdecrease2%for

2025-2027asweseeloweroperatingexpensesin1Q25(R$-60mmvsGSeR$-68mm)indicatinganew~90%NOImargintrend.Withthat,weareincreasingourNOImarginsestimatesfrom89%to89.5%.FFOestimatesfor2025-2027areincreasing4%/4%/6%toR$1.3/1.4/1.5bnaswesawa7%decreaseinnetdebtfrom4Q24to1Q25.Allthatsaidour12-monthpricetargetincreases9%toR$25,drivenbythe90bpsdecreaseonriskfreerates,lowernetdebtandminorityinterest.

28May20257

Exhibit8:Currentvs.PreviousGSEstimates

inR$mm,exceptpersharedata

Allos

Current

Previous

Diff(%)

t

nue

2025

2,027

2,108

-4%

Ren

Reve

2026

2027

2,153

2,255

2,229

2,323

-3%

-3%

Net

Revenue

20252,8082,889-3%

20262,9483,030-3%

20273,0793,154-2%

EBITDA

20252,0532,102-2%

20262,1512,203-2%

20272,2502,294-2%

AFFO

20251,2641,2174%

20261,3741,3105%

20271,5791,4876%

PriceTarget25239%

Pricetargetisfora12-monthtimeframe

Source:Companyreports,GoldmanSachsGlobalInvestmentResearch

GoldmanSachsBrazilRealEstate

LatAmRealEstateValuation

Exhibit9:LatAmandGlobalRealEstateCompSheet

BrazilianMalls

Pricetargetsbasedona12-monthtimeframe

LatAmandGlobalRealEstateCompSheet

PricedasofMay27,2025

RatingsPricePriceTargetYtdRtn3MADTVMarket(US$bn)EV/EBITDA

Multiples

ImpliedCapRate

EV/sqm

NetDebt

toEBITDA

Hist.

EBITDA

P/FFOHist.

FFOCAGR

DivYield

SpreadtoHist.

CompaniesTicker

GS(LOC/sh)(LOC/sh)ReturnUS$(loc)US$mmEVMktCap20252026

Avg

24-26CAGR

20252026Avg

24-26

20252026

NTMRealRatesAvg

US$

2025E

MultiplanMULT3.SA

Buy26.8430.012%39%27%193.22.5

9.7x

9.0x

14.7x

9%

12.2x11.8x20.4x

-6%

3.9%4.2%

11.5%431270

4,224

2.2x

IguatemiIGTI11.SA

Buy22.2326.017%41%29%101.51.2

8.6x

7.5x

14.1x

13%

10.3x9.2x18.0x

6%

3.0%5.1%

16.3%908340

2,863

1.9x

AllosALOS3.SA

Neutral22.1025.013%34%22%142.82.1

7.6x

7.1x

12.2x/13.2x

NM

9.5x8.7x18.0x/18.7x

NM

6.1%5.3%

16.9%966340/338

2,003

1.4x

Total/Average

+14%+38%+26%437.55.8

8.6x

7.8x

+11%

10.7x9.9x

+0%

4.3%4.9%

14.9%768

3,030

1.9x

BovespaIBOVESPA

139,541138,000-1%+27%+16%

ChileanMalls

ParqueAraucoPARAUCO.SN

Neutral2,0821,870-10%39%31%3.13.92.014.4x13.5x

17.5x

9%

12.1x12.1x

2%

1.9%1.4%

8.4%577

3,225

5.6x

MallplazaMALLPLAZA.SN

Neutral2,1802,042-6%42%34%4.56.65.112.1x11.8x

18%

13.1x13.2x

11%

2.5%2.4%

9.2%660

2,573

2.7x

Total/Average

-8%+41%+32%7.510.57.113.2x12.6x

+14%

12.6x12.6x

+6%

2.2%1.9%

8.8%618

2,899

4.2x

S&PCLXIPSAIPSA8,3526,375-24%+32%+24%

MexicanCommercial

FUNOFUNO11.MX

Buy26.330.014%37%27%10.513.05.211.2x10.3x

17.8x

9%

9.0x7.5x15.5x

20%

9.0%10.7%

10.0%494419

1,163

6.7x

DanhosDANHOS13.MX

Neutral26.824.0-11%45%34%0.92.92.211.1x10.3x

13.9x

10%

10.2x9.5x9.6x

8%

7.7%10.0%

11.4%635384

2,262

2.0x

Total/Average

+2%+41%+30%11.415.87.411.1x10.3x

+10%

9.6x8.5x

+14%

8.3%10.3%

10.7%565

1,712

4.3x

S&P/BMVIPCMEXBOLMEXBOL58,59460,000+2%+28%+18%

USMalls

SimonPropertySPG

Buy160.2187.017%-7%-7%30683.460.419.7x18.8x

4%

13.1x12.3x16.2x

0%

5.3%5.4%

5.4x

MacerichCo.MAC

Sell15.413.7-11%-23%-23%398.13.815.1x16.2x

1%

10.2x10.2x16.3x

1%

4.4%4.4%

8.0x

Total/Average

+3%-15%-15%34591.464.217.4x17.5x

+3%

11.7x11.3x

+0%

4.9%4.9%

6.7x

S&P500S&P5005,9226,500+10%+1%+1%

EuropeanMalls

KlepierreLOIM.PA

Neutral34.530.4-12%36%24%5919.711.216.1x15.6x

3%

13.1x12.9x

1%

5.5%5.6%

7.1x

Unibail-RodamcoURW.PA

Buy81.1120.048%22%12%7037.316.914.1x13.9x

0%

10.9x11.1x

-1%

6.2%7.4%

7.8x

Total/Average

+18%+29%+18%12957.028.115.1x14.7x

+2%

12.0x12.0x

+0%

5.8%6.5%

7.4x

StoxxEurope600StoxxEurope600552540-2%+19%+9%

NM=NotMeaningful,Average=SimpleAverage.HistoricalAverageMultiplesconsiderpre-coviddata,forAllos,dataisfromAliansceSonaeandBRMalls,respectively.

Source:Bloomberg,Companyreports,GoldmanSachsGlobalInvestmentResearch

28May2025s

GoldmanSachsBrazilRealEstate

28May20259

ValuationMethodologiesandKeyRisks

Iguatemi(Buy,12-monthpricetarget:R$26)-WeareBuyratedonIguatemi

(IGTI11.SA)witha12-monthpricetargetofR$26basedonaDCFanalysis.Weusea19.7%costofequityanda12%posttaxcostofdebt,drivinga16.7%WACCinBRL.

ThisconsidersBrazil10yearRiskFreeof14%.Wederiveourterminalvaluebyapplyingan11.0%capratetotheterminalvalueNOI;thistakesintoaccountthecurrent10-yearrealyieldof7.4%plusthe~340bpshistorical2010-19averageimpliedcapratespread

forIguatemishares.WenotethatourmodeldoesnottakeintoaccountthePatios(PátioHigienópolisandPátioPaulistamalls)acquisition.Downsideriskstoourviewinclude

liquidity,perceptionaroundgovernanceandM&Aoverhang.

Multiplan(Buy,12-monthpricetarget:R$30)-WeareBuyratedonMultiplan

(MULT3.SA)with12-monthpricetargetofR$30basedonDCF.Weusea19.7%costofequityanda10%posttaxcostofdebtdrivinga15.7%WACCinBRL.Thisconsiders

Brazil10yearRiskFreeof14%.Wederiveourterminalvaluebyapplyinga10.0%cap

ratetotheterminalvalueNOI,takingintoaccountthe~270bpshistorical2010-19

averageimpliedcapratespreadforMultiplansharesandthecurrent10-yearrealyieldof7.4%.Downsiderisksincludehigherinterestratesandaweakeningeconomy.

Allos(Neutral,pricetarget:R$25)-WeareNeutralratedonAllos(ALOS3.SA)witha12-monthpricetargetofR$25(fromR$23)basedonDCF.Weusea20.0%costof

equity(from20.9%)andan13%posttaxcostofdebt(from12%)drivinga17.1%

WACCinBRL(from17.5%).Thisconsidersa14.0%Brazilian10-YearRiskFree(from

14.9%).Ourterminalvalueappliesan11.9%caprate