Chile

More evolved financial markets – closer to U.S model than other Latin American countries Dynamic market-oriented economy which is characterized by a high level of foreign trade Chilean peso's rapid appreciation against the U.S. dollar in recent years has helped dampen inflation Chile at a Glance Chile Source: The Economist Limiting factor for Chile – markets are smaller compared to other Latin American markets

Major Office Sub-markets Chile Centro Las Condes Vitacura Providencia

Major Office Sub-markets Chile Over 1.5 million square meters of Class A stock in Santiagos main office submarkets Source: U.S. Equities Realty

Market Statistics - Santiago Chile Vacancy rates have increased due to the new stock delivered The completion of new stock has driven rental rates down Source: Cushman & Wakefield / Contempora

Market Statistics - Santiago Chile Despite the dramatic increase in new space delivered, net absorption remained positive Source: Cushman & Wakefield / Contempora

Recent Lease Transactions - Santiago Chile Torres del Parque Alcantara Building Titanium La Portada Tower Alcantara4,000L´OREAL$24.95 Titanium La Portada Tower2,600HSBC$24.52 Parque Andino2,000SALFA CORP$ $24.09 Edificio de la Industria500ESIGN$19.36 Torres del Parque225INFODEMA$19.79 Source: U.S. Equities Realty LLC

Rates are expected to stabilize due to excessive building Reconstruction after the earthquake will contribute to higher real economic growth both in 2010 and 2011 The favorable macro-economic outlook will continue to cause net absorption over the next few years Office Market Conclusions Chile Protection from inflation due to rent being paid in US$ Rents are quoted in Unidades de Fomento (UF), a monetary unit related to Consumer Price Index Source: Colliers International

High land prices make it more difficult for small-scale construction (build-to-suit) Scale of the market is small for a large platform of investment Competition for FDI with other Latin American countries Challenges Chile

Opportunities – Mixed-Use Development Chile High land prices had obliged developers to maximize the use of these sites Sizable lots in excellent urban locations remain Considerable amount of capital in the local market has made these large-scale projects more feasible

Other Opportunities Chile Logistic Centers Residential Medical Office Buildings

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