ChileChile

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 GlanceChile

Source: The Economist

Limiting factor for Chile – markets are smaller compared to other Latin American markets

Major Office Sub-marketsChile

Centro

Las Condes

Vitacura

Providencia

Major Office Sub-marketsChile

Submarket Inventory (usable m2)

Share per District

Vacancy Rate

Production Sqm

Absorption Sqm

Rental Rates (UF/m2/mo)

Rental Rate (US$/Sqft/yr)

Over 1.5 million square meters of Class A stock in Santiago’smain office submarkets

Source: U.S. Equities Realty

Las Condes 1,008,380 65.70% 8.76% 89,755 47,258 0.64 $28.47 Centro 282,153 18.40% 0.42% -558 0.4 $17.79 Providencia 210,622 13.70% 0.63% 795 0.56 $24.91 Vitacura 32,834 2.20% 1.04% -240 0.6 $26.69 Total / Average 1,533,989 100.00% 5.94% 89,755 47,225 0.58 $25.98

Market Statistics - SantiagoChile

Vacancy rates have increased due to the new stock deliveredThe completion of new stock has driven rental rates down

Source: Cushman & Wakefield / Contempora

Market Statistics - SantiagoChile

Despite the dramatic increase in new space delivered, net absorption remained positive

Source: Cushman & Wakefield / Contempora

Recent Lease Transactions - Santiago

Chile

Building Sqm Tenant Lease Rate US$/sqm

Torres del Parque Alcantara Building Titanium La Portada Tower

Alcantara 4,000 L´OREAL $24.95 Titanium La Portada Tower 2,600 HSBC $24.52 Parque Andino 2,000 SALFA CORP $22.80 - $24.09 Edificio de la Industria 500 ESIGN $19.36 Torres del Parque 225 INFODEMA $19.79 Source: U.S. Equities Realty LLC

Rates are expected to stabilize due to excessive building 2008-2010

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 ConclusionsChile

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

ChallengesChile

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 ResidentialMedical Office Buildings

Nove International LLC1006 S. Michigan Ave, Suite 225

Chicago, IL 60605+1 708 462 2010