The company presentation provides an overview of the largest commercial property company in Brazil. It has a diversified portfolio of 91 properties totaling 1.35 million square meters across office, warehouse, retail, and development segments. The company has experienced strong growth since its IPO through acquisitions and operational improvements to its properties. It maintains a stable financial position with a diversified tenant base and inflation-linked contracts.

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 (55% office, 29% warehouse, 7%
retail, 8% development) currently holds 91 properties,
with 1.35 million m² of gross leasable area (GLA) and
estimated market value of approximately R$5.2 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
(November 2011)
Growth
(Current / IPO)
613,499 1,168,183 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)
5,799
(November, 2011)
3.4x
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. 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$5.2 bn Total: 1,168 k m²
Logistics
20%
Consumer
Goods
19%
Financial
Services
13%
Industry
10%
Technology
7%
Others
26%
Energy
5%
56%
29%
7%
8%
Office
Warehouse
Retail
Greenfield
22%
57%
8%
13%
Office
Warehouse
Retail
Greenfield

8. Portfolio Footprint
Office
Warehouse
BRPR
Retail
 Number of existing properties: 91
— Office: 37
— Warehouse: 24
— Retail: 30
 Total GLA of the properties: 1,168,183 m²
— Office: 300,205 m²
— Warehouse: 767,093 m²
— Retail: 100,885 m²
States Total GLA %
São Paulo 892,707 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 1,168,183 100%
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
2011 2012 2013 >2013
3%
5% 20%
73%
2011 2012 2013 >2013
28%
14%
27%
31%
73%
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
Positive Effects of the Growth of Inflation Indices
(TR vs. IPCA vs. BRPR Inflation basket)
 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
0,69% 1,23%
5,90%
6,48%
7,92%
0%
2%
4%
6%
8%
10%
12%
2010 2011e
TR
IPCA (CPI)
Avg. Basket
Inflation pass
through 2011
10,75% 11,00%
0,69% 1,23%
0%
2%
4%
6%
8%
10%
12%
2010 2011e
Forecast SELIC
TR

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, 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)
5.2
294
1.168
143
203
531
(3)
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)
69.3%
49.6%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
11.8%
10.3%
30.8%
13.8%
14.0% 12.2%
12.3%
Initial 3Q11 Initial 3Q11 Initial 3Q11
Initial 3Q11
11,1%
18,8%
Initial 3Q11
13,9%
20,4%

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$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/an/a
15,7%
17,1%
1Q11 2Q11 3Q11
Office Industrial Retail

15. Growth Drivers: Developments / Retrofit
 Type: Office A
 Location: São Paulo / SP
 Delivery Date: 4Q12
 GLA: 2,019 m²
 Owned: 50%
 Type: Warehouse
 Location: São José dos Campos / SP
 Delivery Date: n/a
 GLA: 125,000 m²
 Owned: 100%
 Type: Warehouse
 Location: Louveira / SP
 Delivery Date: 2Q12
 GLA: 30,122 m²
 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
PanaméricaGreenPark
 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
Under Approval
Ongoing
Manchete
 Type: Office
 Location: Rio de Janeiro / RJ
 Delivery Date: 4Q11
 GLA: 27,658 m²
 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 %)
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

18. 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

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%

23. Appendix: Historical Market Data
23
Fonte: CBRE 2T11 Market View Report
New Supply (in thousands) Net Absorption (in thousands)
Average Rent per m² (in R$) Vacancy Rate (in %)
134
40
0
100
200
300
400
500
2006 2007 2008 2009 2010 1S11
São Paulo Rio de Janeiro
94
60
0
50
100
150
200
250
2006 2007 2008 2009 2010 1S11
São Paulo Rio de Janeiro
130
140
0
30
60
90
120
150
2006 2007 2008 2009 2010 1S11
São Paulo Rio de Janeiro
4,2
3,0
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
2006 2007 2008 2009 2010 1S11
São Paulo Rio de Janeiro

24. Contact
Investor Relations
24
Pedro Daltro
Chief Financial and Investor Relations Officer
Leonardo Fernandes
Investor Relations Manager
Marcos Haertel
Investor Relations Analyst
Phone: (55 11) 3201-1000
Email: ri@brpr.com.br
www.brpr.com.br