Company Presentation

Company Overview

The largest and most complete commercial property company in Brazil

Segments of Activity

Off

ice

Ind

ustr

ial

Re

tail

Portfolio of Retail Properties

Torre Nações Unidas

DP Louveira

Ed. Ventura II Ed. Manchete

DP Araucária

Company Profile

2

Largest public commercial property company in Brazil

Diversified portfolio (53% office, 33% warehouse, 8% retail, 6% development) currently holds 93 properties, with 1.17 million m² of gross leasable area (GLA) and estimated market value of approximately R$5.1 billion

Diversified tenant base

Regional footprint

5 greenfield projects, with approximately 178 thousand m² of GLA

Fully integrated and experienced in-house teams: acquisitions, financing, legal and engineering

Pro active, value added investment strategy, “hands-on” approach

Market recognition: proven ability to source deals and execute transactions makes BR Properties the partner of choice for co-development and built-to-suit operations

Fully owned Property Management Company

Promised and Delivered

3

Commitment to over-delivering results to its shareholders

IPO (March 2010)

Current (December 2011)

Growth (Current / IPO)

613,499 1,166,389 1.9x

150,473 178,434 1.2x

7.4% 0.9% Reduction of 88%

93.9

(2009)

339.7

(3Q11 Annualized) 3.6x

45.0

(2009)

169.9

(3Q11 Annualized) 3.8x

Portfolio GLA (m²)

Under Development GLA (m²)

Physical Vacancy

Adjusted EBITDA (R$ mm)

Adjusted FFO (R$ mm)

83.3%

(2009)

92.5%

(3Q11 Annualized)

Most Profitable Player in the

Sector EBITDA Margin

1,719

(2009) 5,129 3.0x

Total Portfolio (R$ mm)

Highest Growth in the Sector…

Impressive growth rate, much higher than the average of its comparables…

GLA CAGR 2008 - 2010 Net Revenues CAGR 2008 - 2010

FFO CAGR 2008 - 2010 EBITDA CAGR 2008 – 2010

4

¹

¹

¹

¹

2

2

2

Source: Companies

Notes:

1 Considers BR Malls, Multiplan, Iguatemi and Alliansce

2 Considers São Carlos and CCP

53.6%

24.8%

7.9%

Shopping Malls' Average Properties' Average

64.4%

9.8%

-4.3%

Shopping Malls' Average Properties' Average

156.3%

50.7%

28.9%

Shopping Malls' Average Properties' Average

65.4%

29.4%

8.7%

Shopping Malls' Average Properties' Average2

Ample market fragmentation and little professional competition create a unique environment for

market consolidation

Significant Opportunities to Expand Current Portfolio

Addressable Market1: 36.3 mm m²

BRProperties

10 Organized

Companies

Source: BR Properties Estimates

Note:

1 Does not include retail properties

Organized

Companies

9%

Non-Organized

Market

91%

35%

65%

Fragmented Industry (in terms of GLA – m²) Acquisition Pipeline - In Negotiation (R$ mm)

5

4.842

9.454

3.220

762

450 180

Current Existing Portfolio

Office Build-to-Suit Retail Industrial Total

Portfolio Overview

SECTION 1

BR Properties tenant base entails some of the best known Companies

in the country, spanning wide industry diversification

A top-notch portfolio comprised of office buildings, industrial, and retail properties located in the

most dynamic regions of Brazil

Portfolio: Breakdown and Tenant Base

Market Value of the Portfolio (R$ mm)

GLA by Property Type (m²)

Tenant Breakdown (by Industry)

Main Tenants Over 180 high quality tenants

7

Total: R$5.1 bn Total: 1,344 k m²

Logistics

20%

Consumer

Goods

19%

Financial

Services

13%

Industry

10%

Technology

7%

Others

26%Energy

5%

53% 33%

8% 6%

Office

Warehouse

Retail

Greenfield

22%

57%

8%

13%

Office

Warehouse

Retail

Greenfield

Portfolio Footprint

Office

Warehouse

BRPR

Retail

Number of existing properties: 88

— Office: 34

— Warehouse: 25

— Retail: 29

Total GLA of the properties: 1,166,389 m²

— Office: 298,411 m²

— Warehouse: 767,093 m²

— Retail: 100,885 m²

States Total GLA %

São Paulo 890,913 76.4%

Rio de Janeiro 154,385 13.2%

Paraná 63,120 5.4%

Minas Gerais 18,998 1.6%

Bahia 7,607 0.7%

Pernambuco 6,238 0.5%

Alagoas 4,678 0.4%

Maranhão 4,663 0.4%

Espírito Santo 3,989 0.3%

Pará 3,418 0.3%

Distrito Federal 2,989 0.3%

Goiás 2,814 0.2%

Ceará 2,577 0.2%

TOTAL 1,166,389 100%

BR Properties’ portfolio is present in 13 states, covering all 5 regions of Brazil

8

Average office lease term: 3-5 years

Average warehouse lease term: 5-10 years

Expiration Schedule (% revenues)

Market Alignment Schedule (% revenues)

Inflation Adjustment Indices

Portfolio: Lease Contract Characteristics

Lease contracts in place allow for stable, predictable cash flows, while creating a very low

vacancy risk scenario and considerable upside potential in revenues

9

Annual Inflation Adjustments

— 100% of lease contracts are indexed to inflation

— 72% IGP-M, 24% IPCA and 3% other

Triple Net Contracts

— Tenant is responsible for all operating property costs

— Costs include: taxes, insurance, and maintenance expenses

Next 3 Years

— 74% market alignment

— 32% expiration

Bank Guarantees on Leases

— Standard practice in Brazil

— Protects against delinquencies from smaller tenants

Tenant Delinquency

Delinquency exceeding 30 days, lessor has right to break the contract and remove the tenant

Main Characteristics

2011 2012 2013 >2013

3% 5% 20%

73%

2011 2012 2013 >2013

28%

14%

27%

31%

73%

24%

3%

IGP-M

IPCA

Other

Effects of the Nominal Interest Rate Increase (SELIC vs. TR)

Source: Santander research and Central Bank

Portfolio: Resilient Business Dynamics

Positive Effects of the Growth of Inflation Indices (TR vs. IPCA vs. BRPR Inflation basket)

Variations in the nominal interest rate do not exert a

significant impact on the Referential Rate (TR), main index

that readjusts our financing contracts, which results in an

overall cost of debt that is nearly fixed

Inflation increases, on the other hand, would

have a positive effect on the Company’s results, given that

100% of our lease contracts are indexed to inflation rates

Our cash reserves are invested exclusively in bank notes

indexed to the Brazilian inter-bank rate (CDI)

10

Main Highlights

11,00%

9,50%

1,21% 0,91%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

2011 2012e

Forecast SELIC

TR

1,21% 0,91%

6,50% 5,50%

5,27%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

2011 2012e

TR

IPCA (CPI)

Avg. Basket Inflation pass through 2011

All of our debt is pre-payable at par, and can be refinanced

in a scenario of decreasing interest rates

Growth Drivers

SECTION 2

Acquired Properties

Total CAPEX

(R$ billion)

103

3.4

Equity Raised

(R$ billion) 2.3

Growth Drivers: Acquisitions

GLA Growth (‘000 m²) 2

Average IRR on

Divestments (%)¹ 28%

Notes:

1 Considers all the divestments since Company’s inception, and it is gross and leveraged

2 Does not consider greenfield projects

Since 2007, BR Properties acquired stakes in 103 different properties with a total CAPEX of R$3.4

billion

12

Market Value of Current

Portfolio

(R$ billion)

5.1

294

1.167

143

203

531

(3)

2007 2008 2009 2010 2011 Current

RB 115 (Delivered in Dec/2010)

Growth Drivers: Performance Improvement

13

Lo

ng

-Te

rm V

alu

e T

rig

ge

r Henrique Schaumann (Acquired in 2007) Presidente Vargas (Acquired in 2007)

+770 bps +650 bps Cap Rate Cap Rate

Sh

ort

-Te

rm V

alu

e T

rig

ge

r

Cap Rate

13.8%

Outstanding management leads to very fast operating improvements and impressive increases in

the long run

TNU (Acquired in Mar/2010)

Cap Rate

10.5%

Ventura (Acquired in Aug/2010)

Cap Rate

11.8%

10.3%

+330 bps

13.8%

+150 bps +150 bps

12.3%

Initial 3Q11 Initial 3Q11 Initial 3Q11

Initial 3Q11

11,1%

18,8%

Initial 3Q11

13,9%

20,4%

Growth Drivers: Performance Improvement (cont’d)

14

Leasing Spreads – New Leases

Company has been building a successful track record on increasing spreads in both contract

renegotiation and new leases

Leasing Spreads – Renegotiations

Case Study: Retail Tenant

Date of Acquisition Dec/2010

GLA 97.431 m²

Revenues @ Acquisition R$30.7 mm

Cap Rate @ Acquisition 10.2%

Current Revenues R$41.4 mm (post-

renegotiation)

Current Cap Rate 13.4% (11 months after

acquisition)

15,5% 14,3%

12,0% 11,1%

28,3%

0,0% n/a n/a n/a

1Q11 2Q11 3Q11

Office Industrial Retail

21,5% 24,5% 24,1%

22,6%

n/a n/a n/a

15,7% 17,1%

1Q11 2Q11 3Q11

Office Industrial Retail

Growth Drivers: Developments / Retrofit

Type: Office A

Location: São Paulo / SP

Delivery Date: 4Q12

GLA: 2,019 m²

Owned: 50%

Type: Warehouse

Location: Louveira / SP

Delivery Date: 2Q12

GLA: 30,122 m²

Owned: 100%

So

uza A

ran

ha

DP

Lo

uv

eir

a 7

The Company currently holds 5 greenfield projects, that once finalized, will add 178 thousand m²

of GLA to the portfolio, along with Ed. Manchete, which is now in retrofit

15

Cid

ad

e J

ard

im

Pan

am

éri

ca G

reen

Park

Type: Office AAA

Location: São Paulo / SP

Delivery Date: 2Q12

GLA: 6,792 m²

Owned: 50%

Pre-certified Building

Type: Office A

Location: São Paulo / SP

Delivery Date: 1Q13

GLA: 14,502 m²

Owned: 50%

Pre-certified Building

Ongoing

Ongoing

Man

ch

ete

Type: Office

Location: Rio de Janeiro / RJ

Delivered in: 4Q11

GLA: 27,658 m²

Owned: 100%

Under Approval

Retrofit - Delivered in 4Q11

Type: Warehouse

Location: São José dos Campos / SP

Delivery Date: n/a

GLA: 125,000 m²

Owned: 100%

Tech

Park

SJC

Financial Highlights

SECTION 3

Financial Highlights

17

Net Revenues (R$ mm)

Adjusted EBITDA and Margin (R$ mm and %)

Adjusted FFO and Margin (R$ mm and %)

53,7

91,8

132,4

253,2

3Q10 3Q11 9M10 9M11

45,4

84,9

111,2

229,4

3Q10 3Q11 9M10 9M11

84%

93%

84%

91% 22%

46% 35%

27%

11,6

42,5

46,0

68,3

3Q10 3Q11 9M10 9M11

Solid Balance Sheet

Net Debt* (R$ mm) Debt Profile (Index)

Debt Service Schedule (R$ mm)

18

ST Debt Obligations for

Acquisitions

LT Debt Total Debt Cash Net Debt

172

2.168

1.096

15

1.982 1.073

71%

2%

27%

TR

IGPM

CDI

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

48

179 166 152 134 117 95 68 54 39 32 29

24

129 129 159 162 180

333

157 155 128 26 14

Principal

Interest

APPENDIX – Commercial Property Market

-

10.000.000

20.000.000

30.000.000

40.000.000

50.000.000

60.000.000

70.000.000

80.000.000

90.000.000

100.000.000

Tokyo London Manhattan Paris Munich Toronto Madrid São Paulo Rio de Janeiro

Total Stock Population

Office: Main Business Centers in the World

20

Source: CB Richard Ellis Brazil

Despite its accelerated growth in recent years, the office market remains underpenetrated in

Brazil compared with other major global markets

Office: Total Stock – São Paulo

21

AAA 6% A

11%

Other w/ CAC* 39%

W/out CAC* 44%

15% 22%

41%

7% 23%

50% 40%

44%

40%

77%

35% 38%

15%

53%

Downtown Paulista Jardins Marginal Other

A + AAA Other w/ CAC Other w/out CAC

Quality Weight GLA m² GLA sf

AAA 6% 689.274 7.419.284

A 11% 1.263.669 13.602.020

Other w/ CAC* 39% 4.480.281 48.225.343

W/out CAC* 44% 5.054.676 54.408.080

Good Quality Properties 17% 1.952.943 21.021.303

* Central Air conditioning

Quality by Region

Source: CB Richard Ellis Brazil

São Paulo’s stock lacks good quality properties, with the highest technical specifications, despite

being one of the most important business centers in the globe

22

Quality by Region

54% 60%

89%

40%

68% 80%

46% 40%

11%

60%

32% 20%

Downtown Flamengo Botafogo South Zone Barra da Tijuca Other

With CAC Without CAC

Quality Weight GLA m² GLA sf

AAA 2% 119.506 1.286.352

A 14% 836.542 9.004.463

B 13% 776.789 8.361.287

Other w/ CAC* 28% 1.673.084 18.008.926

W/out CAC* 43% 2.569.379 27.656.565

Good Quality Properties 16% 956.048 10.290.815

* Central Air conditioning

AAA 2%

A 14%

B 13%

Other w/ CAC* 28%

W/out CAC* 43%

Office: Total Stock – Rio de Janeiro

Source: CB Richard Ellis Brazil

Rio de Janeiro remains a tight market, driven by the oil and gas industry boom, scarcity of good

quality space, geographic barriers to entry and lack of adequate mass transportation

infrastructure

Office: Total Stock – São Paulo and Rio de Janeiro

23

Source: CB Richard Ellis Brazil

Over the last 5 years, total stock in both markets has grown at approximately the same pace

(3% annually), constrained by the lack of infrastructure

5.110.800 5.291.400

5.530.900 5.681.300

5.853.100 6.022.600

2.460.100 2.517.300 2.609.300 2.711.700 2.780.400 2.892.500

-

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000

6.000.000

7.000.000

2006 2007 2008 2009 2010 3Q11

São Paulo Rio de Janeiro

24

Office: Vacancy Rates – São Paulo and Rio de Janeiro

Source: CB Richard Ellis Brazil

Growing demand for quality space and restrictions in new supply have led to historically low

vacancy rates, with better quality properties presenting better performance in both bull and bear

markets

3,1% 3,1%

N/A N/A

0,8%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

2006 2007 2008 2009 2010 3Q11

São Paulo Rio de Janeiro BRPR (SP &RJ)

25

Office: Average Rent/ m²/ Month - A and AAA Properties

Source: Jones Lang La Salle Brazil and Cushman & Wakefield

Average price/m² has increased since the mid 2000’s after many years of stagnant growth, which

has brought Brazilian prices closer to those of the developed world

69 77 73

84 95

75 83

90

107 120

N/A N/A

201

247

266

N/A N/A

115 117 120

N/A N/A N/A

52 57

-

50

100

150

200

250

300

2007 2008 2009 2010 3Q11

São Paulo Rio de Janeiro West End - London Midtown Manhattan BR Properties

Industrial: São Paulo Inland

26

Source: CB Richard Ellis Brazil

Vacancy Rates

Total Stock

The industrial market remains strong, driven by faster consumption growth and increased

demand for distribution facilities

3.377.100 3.511.000 3.724.900 3.848.300 4.120.900 4.167.300 4.290.700

4.528.600 4.817.300

-

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000

6.000.000

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Stock

6,2%

0,1% 0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Vacancy BRPR

Industrial: São Paulo Inland

27

Average Asking Rents in São Paulo Inland (R$/ m²/ month)

Average Asking Rents in Other Markets (R$/ m²/ month – 2Q11)

Source: CB Richard Ellis Global and Jones Lang La Salle USA.

36

32

24

20 19

10

Tokyo London Singapore São Paulo Inland Sydney Los Angeles

Lease prices have stabilized, and are expected to remain at these levels because of the difficulties

in obtaining environmental approvals. Sluggish economic growth is not expected to affect lease

prices in the mid-term

17 19 19

20 19 19 19

20

23

-

5

10

15

20

25

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Asking Rents

Fragmented Industry

28

Addressable Market1: 36.3 mm m²

BRProperties

10 Organized

Companies

Organized

Companies

9%

Non-Organized

Market

91%

35%

65%

Fragmented Industry (in terms of GLA – m²) Brazil: Owned vs Leased – Large Companies

USA: Owned vs Leased – Large Companies

The large majority of the companies in Brazil still own their real estate

In the USA, only 20% of the companies own their real estate assets

Own Buildings

20%

Leased 80%

Own Buildings

80%

Leased 20%

Source: Internal Estimates and Itaú Securities

Highly fragmented and non-institutionalized market creates an attractive environment for the

industry in the coming years

Market Highlights

29

Industry dynamics still present very attractive growth opportunities;

Infrastructure constraints will keep both office and warehouse markets tight in the mid-term;

In the short run, slower economic growth may have a slight impact in vacancy rates, leading to

stabilization of lease prices;

Players with better quality portfolio’s and below-market lease prices should be more resilient than

developers;

Lower interest rate environment with greater access to credit and urban redevelopment of existing

areas (i.e.: Porto Maravilha project in RJ) will drive the industry’s growth in the long run.

Contact

Investor Relations

30

Pedro Daltro

Chief Financial and Investor Relations Officer

Leonardo Fernandes

Head of Investor Relations

Marcos Haertel

Investor Relations

Phone: (55 11) 3201-1000

Email: ri@brpr.com.br

www.brpr.com.br