In our 3Q 08 update report, we highlighted the expansion plans of DYS into the Peru supermarket industry, aimed at the middle and lower-middle income group, due to lower penetration levels. However, the company has now denied starting its operations in Peru this year, based on the current weak market conditions. The company is expected to spend US$87mn to build 2 new malls to expand business across the Chilean supermarket industry and is also expected to expand its real estate business, going forward. In addition, the company is expected to open more stores under the Aceunta and Ekono brand format, which will further support top-line growth. With a 32% market share in the Chilean supermarket industry, we believe DYS will benefit from its strong market position and anticipated expansion plans across Chile by opening new stores and malls. In March 2009, Wal-Mart Stores Inc., increased its stake in DYS up to approximately 73%.

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