1Q13Highlights21Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS• 1Q13 net revenues totaled R$225.9 million, an increase of 123% over 1Q12, when net revenues came in at R$101.2 million. Thesignificant growth resulted from additional rental revenues of the new properties;• 1Q13 adjusted EBITDA of R$212.1 million, a 136% increase over 1Q12 and adjusted EBITDA margin of 94%;• 1Q13 net income totaled R$90.9 million, impacted by the net gain on appraisal of investment properties and other non-cash items;• 1Q13 adjusted FFO excluding non-cash expenses totaled R$77.2 million and adjusted FFO margin of 34%;• During 1Q13, the Company obtained leasing spreads (net of inflation) of 17.3% in office buildings and 5.4% in industrial properties;• Financial vacancy rate was 8.9%, while physical vacancy rate came in at 4.7%. Excluding the recently delivered JK Complex - TowersD&E, currently under lease-up, financial vacancy would drop to 3.1%;• In March, the Company executed with Caixa Econômica Federal a non-residential lease agreement of Edifício Paulista. The lease hasa term of 64 months and involves the occupancy of 6,904 sqm of gross leasable area. The property is currently 66% leased;• In 1Q13, Fitch Ratings upgraded the Company’s ratings to ‘AA-‘ and ‘BB’ in national and global scale, respectively;• In March, BR Properties finalized its second issuance of commercial papers, raising R$260.0 million in a single tranche at CDI + 0.80%p.a. maturing in 180 days;• After the most recent index rebalancing concluded by BM&F Bovespa, the Company has been included in the IBOVESPA equityindex. BRPR3’s initial weight is 0.69%.
1Q131Q12 1Q13452.71390.893(80%)Financial Highlights4Net Revenues (R$ thousand) Net Income* (R$ thousand)* 1Q12 Net Income was largely impacted by a net gain onappraisal of investment properties of R$729.9 million1Q12 1Q13101.192225.927123%