COMPANY DESCRIPTION
Fondo de Valores Inmobiliarios (FVI) owns one of the largest first-class office portfolios in Latin America, concentrated in Venezuela with plans to expand outside the country. Major tenants include Exxon Mobil, Hewlett Packard, 3M and Citigroup. The Company has an expanding retail and entertainment portfolio, highlighted by the market-leading Plaza Tolón (anchored by the Spanish retailer Zara) and the Lagunita shopping centers. FVI has established an outstanding professional reputation through disciplined acquisitions, developments and property management focused on providing institutional-quality service. EI monetized its ownership interest in FVI through private sales in 2005 and 2006.

MARKET OVERVIEW
Latin America has experienced a continued economic recovery from the recession of 1999 with an average growth rate of approximately 4.3% and a $22 billion increase in net capital inflows in 2000. An influx of multinational companies are entering and expanding into Latin American markets to take advantage of opportunities presented by privatization, technology and the emergence of a large consumer market. This entry has resulted in a movement to and demand for higher quality space. Office markets have been stable throughout the region and the expansion of financial services and manufacturing in Latin America has increased foreign investor confidence, leading to strong demand, higher rents and lower vacancy. In 2000 nearly 22 million square feet in new office product was built across Caracas, Mexico City, Panama City, Santiago, Buenos Aires, Rio de Janeiro and São Paulo. Despite the increase in construction activity, the supply of office space remains far below that in other major cities worldwide.