COMPANY DESCRIPTION
BR Malls (formerly ECISA) is the largest owner and manager of retail property in Brazil and, by extension, Latin America. The Company is widely recognized for its professional management and for the quality of its portfolio, with malls that target every income sector. BR Malls currently owns and/or has interests in 41 malls comprising 1,260,000 square meters of gross leasable area across major metropolitan areas including Rio de Janeiro, São Paulo, Belo Horizonte, Campo Grande, Recife and Caxias do Sul. In 2007, EI led the Company’s successful initial public offering on Brazil’s Bovespa (Bovespa:BRML3) as well as subsequent follow-on offerings.

MARKET OVERVIEW
Equity International has identified the retail sector as one that will continue to benefit from the growing middle class and increasing availability of consumer credit in Brazil. The performance of the retail sector is strongly correlated with macroeconomic conditions and the sector will continue to grow as Brazil’s economy expands and matures. In addition, fragmented ownership across the retail industry creates a strong consolidation opportunity and the potential to build the market-leading Brazilian retail platform.