The Brazilian mall sector is still very fragmented when compared to other countries such as the USA and Canada. In Brazil, the eight biggest players in the sector together hold only approximately 40% of the industry’s total GLA, while the rest belongs to small players, individuals and pension funds. Given this, we believe there will be plenty of good opportunities for acquisitions in the years to come.

All of our acquisitions involve very detailed and conservative valuations, ensuring quality transactions. We are constantly monitoring the market in search of new and attractive opportunities, and our close relationship with experts and important players in the sector provide us greater access to these opportunities.

Since the Company’s inception in 2006, we have acquired 28 malls located in all five regions of Brazil or 333,000 thousand m² of owned GLA, becoming the leading national mall operator.

Our conservative projection and improvement capacity can be demonstrated by looking at our NOI estimates for our acquisitions and comparing them with the actual NOI over these years. We outpaced our projections in 2009 for all the acquisitions made since 2006. In 2009 as a whole, the actual NOI of the acquisitions since 2006 surpassed their projected NOI by 23.3%.