1. Company Presentation

2. Company Overview
The largest and most complete commercial property company in Brazil
Segments of Activity
OfficeIndustrialRetail
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 (57% office, 34% warehouse, 9%
retail) currently holds 91 properties, with 1.14 million
m² of gross leasable area (GLA) and estimated
market value of approximately R$4.8 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

3. Promised and Delivered
3
Commitment to over-delivering results to its shareholders
IPO
(March 2010)
Current
(August 2011)
Growth
(Current / IPO)
613,499 1,143,019 1.9x
150,473 178,434 1.2x
7.4% 1.5% Reduction of 80%
93.9
(2009)
309.6
(2Q11 Annualized)
3.3x
45.0
(2009)
143.3
(2Q11 Annualized)
3.2x
Portfolio GLA
(m²)
Under Development
GLA
(m²)
Physical Vacancy
Adjusted EBITDA
(R$ mm)
Adjusted FFO
(R$ mm)
83.3%
(2009)
92.6%
(2Q11 Annualized)
Most Profitable Player in the
Sector
EBITDA Margin
1,719
(2009)
4,838
(August, 2011)
2.8x
Total Portfolio
(R$ mm)

4. 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' Average
2

5. 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
4,783
9,395
762
180
3,220
450
Current
Portfolio
Office Built-to-Suit Retail Industrial Total

6. Portfolio Overview
SECTION 1

7. Retail
9%
Office
25%
Warehouse
66%
Office
57%
Warehouse
34%
Retail
9%
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$4.8 bn Total: 1,143 k m²
Logistics
20%
Consumer
Goods
19%
Financial
Services
13%
Industry
10%
Technology
7%
Others
26%
Energy
5%

8. Portfolio Footprint
Office
Warehouse
BRPR
Retail
 Number of existing properties: 91
— Office: 37
— Warehouse: 24
— Retail: 30
 Total GLA of the properties: 1,143,019 m²
— Office: 288,449 m²
— Warehouse: 753,684 m²
— Retail: 100,886 m²
States Total GLA %
São Paulo 876,032 76.6%
Rio de Janeiro 146,264 12.8%
Paraná 63,120 5.5%
Minas Gerais 18,630 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 1,143,019 100%
BR Properties’ portfolio is present in 13 states, covering all 5 regions of Brazil
8

9.  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
3%
7%
22%
69% 100%
2011 2012 2013 >2013 Total
32%
15%
27%
26% 100%
2011 2012 2013 >2013 Total
72%
24%
3%
IGP-M
IPCA
Other

10. Effects of the Nominal Interest Rate Increase
(SELIC vs. TR)
Source: Santander research and Central Bank
Portfolio: Resilient Business Dynamics
10.75%
12.50%
0.69%
1.45%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
2010 2011E
Forecast SELIC TR
Positive Effects of the Growth of Inflation Indices
(TR vs. IPCA vs. BRPR Inflation basket)
0.69%
1.45%
5.90% 6.28%
7.77%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
2010 2011E
TRIPCA (CPI)Avg. Basket Inflation Pass Through 2011
 The potential increase in the nominal interest
rate until the end of the year would result in a slight
increase in the TR, main index that readjusts our financing
contracts
 The inflation increase, 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), which would
cause an increase in our financial revenues with the
forecast increase in the SELIC rate
10
Main Highlights

11. Growth Drivers
SECTION 2

12. 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
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)
4.8
287
1.143
142
203
528
(16)
2007 2008 2009 2010 2011 Current

13. RB 115 (Delivered in Dec/2010)
Growth Drivers: Performance Improvement
13
Long-TermValueTrigger
Henrique Schaumann (Acquired in 2007) Presidente Vargas (Acquired in 2007)
48.6% 69.6%
Cap Rate Cap Rate
Short-TermValueTrigger
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
11.7%
Initial 2Q11
10.3%
28.8%
13.6%
13.8%
Initial 2Q11
12.2%
12.3%
Initial 2Q11
Initial 2Q11
16.5%
11.1%
Initial 2Q11
11.2%
19.0%

14. 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$37.7 mm (22.7% increase)
Current Cap Rate 12.2% (6 mths. after acquisition)
10,1%
15,5% 14,3%
n/a
11,1%
28,3%
n/a n/a n/a
4Q10 1Q11 2Q11
Office Industrial Retail
7,6%
21,5%
24,5%
n/a
22,6%
n/an/a n/a
15,7%
4Q10 1Q11 2Q11
Office Industrial Retail

15. Growth Drivers: Developments / Retrofit
 Type: Office A
 Location: São Paulo / SP
 Delivery Date: Dec / 2012
 GLA: 2,019 m²
 Estimated Rent (R$/m²): R$ 57.00
 Owned: 50%
 Type: Warehouse
 Location: São José dos Campos / SP
 Delivery Date: 4Q12
 GLA: 125,000 m²
 Estimated Rent (R$/m²): R$ 13.00
 Owned: 100%
 Type: Warehouse
 Location: Louveira / SP
 Delivery Date: Mar / 2012
 GLA: 30,122 m²
 Estimated Rent (R$/m²): R$ 18.50
 Owned: 100%
SouzaAranha
TechParkSJC
DPLouveira7
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
CidadeJardim
PanaméricaParkII
 Type: Office AAA
 Location: São Paulo / SP
 Delivery Date: Jun / 2012
 GLA: 6,792 m²
 Estimated Rent (R$/m²): R$ 150.00
 Owned: 50%
Pre-certified Building
 Type: Office A
 Location: São Paulo / SP
 Delivery Date: Dec / 2012
 GLA: 14,502 m²
 Estimated Rent (R$/m²): R$ 48.00
 Owned: 50%
Pre-certified Building
Under Approval
Ongoing
Manchete
 Type: Office
 Location: Rio de Janeiro / RJ
 Delivery Date: 4Q11
 GLA: 26,439 m²
 Estimated Rent (R$/m²): R$ 140.00
 Owned: 100%

16. Financial Highlights
SECTION 3

17. Financial Highlights
17
Net Revenues
(R$ mm)
Adjusted EBITDA and Margin
(R$ mm and %)
Adjusted FFO and Margin
(R$ mm and %)
43,4
83,6
78,7
161,4
2Q10 2Q11 6M10 6M11
37,9
77,4
69,2
147,3
2Q10 2Q11 6M10 6M11
87%
93%
88%
91%
59%
43% 44% 37%
25,7
35,8
34,4
59,7
2Q10 2Q11 6M10 6M11

18. Solid Balance Sheet
Net Debt* (R$ mm) Debt Profile (Index)
Debt Service Schedule (R$ mm)
18
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
99
183 171 153 134 117 95 68 54 39 32 29
61
129 129 158 161 179
332
156 155
128 26 14
Interest Principal
75%
2%
24%
TR
IGPM
CDI
ST Debt Obligations
for
Acquisitions
LT Debt Total Debt Cash Net Debt
176
2.087
1.050
24
1.887 1.037
* Including follow on proceeds

19. APPENDIX

20. Appendix: São Paulo Office Market
20
Source: CBRE 2Q11 Market View Report
Note:
1 There are no class A buildings in this submarket. Lease rates apply to the best buildings in the area
Total Stock
Submarkets Total Stock Vacancy Rate
Asking Lease Rate
Range (Class A)
(m²) (%) (R$/ m²/ month)
Downtown ¹ 362,400 2.1% R$ 15 - R$ 50*
Paulista 1,023,300 3.8% R$ 75 - R$ 125
Jardins 1,007,600 1.5% R$ 90 - R$ 170
Marginal 2,270,200 5.9% R$ 45 - R$ 130
Other 1,321,600 4.1% R$ 50 - R$ 70
Total Market 5,985,100 4.2% R$ 45 - R$ 170
Alphaville 472,200 20.3% R$ 30 - R$ 65
Marginal
35%
Other
20%
Paulista
16%
Jardins
16%
Alphaville
7%
Downtown
6%

21. Appendix: Rio de Janeiro Office Market
21
Source: CBRE 2Q11 Market View Report
Total Stock
Submarkets Total Stock Vacancy Rate
Asking Lease Rate
Range (Class A)
(m²) (%) (R$/ m²/ month)
Downtown 1,794,100 1.6% R$ 115 - R$ 180
Botafogo 352,500 1.2% R$ 115 - R$ 160
Flamengo 51,500 0.0% R$ 100 - R$ 185
Barra da Tijuca 358,100 12.4% R$ 80 - R$ 120
South Zone 144,500 1.8% R$ 150 - R$ 250
Other 148,700 4.1% R$ 60 - R$ 100
Total Market 2,849,400 3.0% R$ 60 - R$ 250
Downtown
63%
Botafogo
12%
Barra da
Tijuca
13%
Other
5%
South Zone
5%
Flamengo
2%

22. Appendix: São Paulo Industrial Market
22
Source: CBRE 2Q11 Market View Report
Total Stock
Submarkets Total Stock
Vacancy
Rate
Asking Lease Rate
Range (Class A)
(m²) (%) (R$/ m²/ month)
ABCD * 129,000 0.0% R$ 12 - R$ 18
Atibaia * 129,100 14.7% R$ 20 - R$ 23
Barueri 437,200 5.1% R$ 21 - R$ 27
Cajamar * 482,800 3.2% R$ 21 - R$ 24
Cotia/ Embu * 304,600 0.5% R$ 18 - R$ 22
Greater Campinas 1,464,900 6.7% R$ 16 - R$ 28
Guarulhos * 183,700 19.3% R$ 18 - R$ 24
Jundiaí/ Itupeva * 487,500 8.6% R$ 13 - R$ 19
São Paulo 560,800 1.9% R$ 21 - R$ 25
Sorocaba/ Alumínio * 107,200 5.5% R$ 16 - R$ 20
Vale do Paraíba * 241,800 16.8% R$ 14 - R$ 17
Total Market 4,528,600 6.4% R$ 12 - R$ 28
* The eight submarkets that comprised the "Others" region in previous reports
Greater
Campinas
32%
São Paulo
12%
Barueri
10%
Cajamar
11%
Jundiaí
11%
Cotia/ Embu
7%
Vale do Paraíba
5%
Guarulhos
4%
ABCD
3%
Atibaia
3%
Sorocaba
2%