Investor Presentaiton

THE SECOND WAVE: RISING INCOMES AND GROWING CONSUMER DEMAND This brought on the Second Wave of the past decade, when Brazil has experienced major employment and income growth. An export-led boom has increased overall incomes, plus various federal government initiatives have helped to substantially raise the standard of living for lower income families. Such dramatic change has resulted in rising consumer spending for a growing range of products, including locally produced goods and services, further contributing to business and employment expansion. Real average income in the Belo Horizonte metropolitan region rose by 46 percent from 2006 through 2010. As a powerful symbol of this Second Wave boost in disposable income and consumer demand, Belo Horizonte recently opened Boulevard Shopping, a thriving multi-level retail downtown. FIEMG

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