In the first quarter of 2013: - BR Properties' net revenues increased 123% to R$225.9 million due to additional rental revenues from new properties. Adjusted EBITDA rose 136% to R$212.1 million. - The company's portfolio value reached R$14.03 billion with 63% comprised of office properties. Financial vacancy was 8.9% while physical vacancy was 4.7%. - Net income totaled R$90.9 million. Adjusted FFO excluding non-cash items was R$77.2 million, with an adjusted FFO margin of 34%.

1. 1Q13 Earnings Release Presentation

2. 1Q13
Highlights
2
1Q13 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. The
significant 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 - Towers
D&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 has
a 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 equity
index. BRPR3’s initial weight is 0.69%.

3. 1Q13
Portfolio
1Q13 Revenue Breakdown
Portfolio Breakdown
(% market value)
Portfolio Breakdown
(% GLA)
3
Portfolio Market Value
18%
14%
63%
5%
Office AAA Office Industrial Retail
50%
21%
24%
5%
Office AAA Office Industrial Retail
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
4.751 4.918 5.142 5.254
11.715
12.968 13.552 13.840 14.031
Services 1%
Straight-line 9% Leasing 90%
62%
32%
7%

4. 1Q13
1Q12 1Q13
452.713
90.893
(80%)
Financial Highlights
4
Net Revenues (R$ thousand) Net Income* (R$ thousand)
* 1Q12 Net Income was largely impacted by a gain on
appraisal of investment properties of R$729.9 million
1Q12 1Q13
101.192
225.927
123%

5. 1Q13
5
Financial Highlights
Adjusted EBITDA (R$ thousand)
89%
94%
Adjusted EBITDA Margin
1Q12 1Q13
89.745
212.091
136%
Adjusted EBITDA Composition 1Q13 1Q12 var %
Gross Profit 225.927 101.192 123%
(-) General and Administrative Expenses (15.647) (13.884) 13%
(+) Bonus Provision 1.149 1.149 0%
(+) Stock options 661 1.288 -49%
Adjusted EBITDA 212.091 89.745 136%
Adjusted EBITDA Margin 94% 89% 5 p.p.

6. 1Q13
6
Financial Highlights
Adjusted FFO (R$ thousand)
5%
21% 32% 34%
Adjusted FFO Margin
19%
2Q12 3Q12 4Q12 1Q13
8.482
34.830
64.679
77.236
311%
86%
Adjusted FFO Composition 1Q13
Net Income (loss) 90.893
Deferred Taxes 30.837
Taxes on Property Sales -
Gain (Loss) on Appraisal of Investment Properties (48.876)
Gain (Loss) on Sale of Investment Properties -
Non-cash Losses on Exchange Rate Variation 11.204
Non-cash Gains on Exchange Rate Variation (19.471)
Non-cash Variations on Derivative Instruments 18.644
Minority Interest (5.994)
Adjusted FFO 77.236
Adjusted FFO Margin 34%

7. 1Q13
Indebtedness
1Q13 Net Debt (R$ mn) 1Q13 Debt Profile
7
ST Debt Obligations
for
Acquisitions
LT Debt Total Debt Cash Net Debt
931
5.540
4.769
11
4.599 771
42%
39%
12%
1%
6%
TR
CDI
IGPM
INPC
IPCA
Net Debt 1Q13 4Q12 var %
Short Term Loans and Financing 941.695 689.778 37%
Loans and Financing 871.586 616.995 41%
Perpetual Bond 59.033 61.777 -4%
Derivative Instruments - - n/a
Payables for Acquisition of Real Estate 11.076 11.006 1%
Long Term Loans and Financing 4.598.686 4.573.133 1%
Loans and Financing 4.070.176 4.038.535 1%
Perpetual Bond 528.510 534.598 -1%
Gross Debt 5.540.381 5.262.912 5%
Cash and Cash Equivalents 771.193 573.570 34%
Net Debt 4.769.188 4.689.342 2%
Portfolio Value 14.031.097 13.839.530 1%
Gross Debt / Portfolio Value (Loan to Value) 39% 38% 1 p.p.
Net Debt / Portfolio Value (Loan to Value) 34% 34% 0 p.p.
Adjusted EBITDA / Net Financial Expenses * 1,7x 1,5x 11%
Duration (years) 4,4 4,8 -9%
* Considering Net Financial Expenses (ex. non-cash variations)

8. 1Q13
Indebtedness
8
Debt Amortization Schedule (R$ million)
Loan to Value: Gross and NetDebt Service Coverage
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
645
819
298
457
522
342 343
192
96 76 71 72 60
Principal
Net Debt / EBITDA
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
0,6x
3,7x
4,9x
7,0x
6,0x
5,5x
3,2x 3,4x
9,7x
7,8x
7,3x
6,7x
5,6x
Net Debt/EBITDA
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
2,5x
3,5x
2,4x
2,1x
1,4x
1,6x
2,7x
2,5x
3,0x
1,1x
1,5x 1,5x
1,7x
EBITDA / Net Financial Expenses
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
38% 40%
24%
40%
45% 43% 42% 41% 40% 39% 37% 38%
39%
4%
23% 21%
36% 36%
35%
21% 21%
30%
35% 34% 34%
34%
LTV Gross Debt LTV Net Debt

9. 1Q13
9
Operating Highlights
Leasing Spreads
Lease Contract Expiration Schedule
(% Revenues)
Lease Contract 3 Year Market Alignment
Schedule (% Revenues)
2013 2014 2015 >2016
7%
8%
12%
73%
2013 2014 2015 >2016
21%
26%
43%
10%
Leasing Spread 1Q13 1Q12
Leasing Spread - Office 17,3% 35,5%
Renegotiated GLA (sqm) 7.252 22.893
% Office portfolio 1% 6%
Leasing Spread - Warehouse 5,4% 1,7%
Renegotiated GLA (sqm) 13.626 59.764
% Warehouse portfolio 1% 5%
Leasing Spread - Retail n/a n/a
Renegotiated GLA (sqm) - -
% Retail portfolio 0% 0%
Lease Contracts Duration
All Contracts 5.9 Years
Build-to-Suit Contracts 7.0 Years

10. 1Q13
Operating Highlights
10
Financial Vacancy per SegmentVacancy Evolution
2Q12 3Q12 4Q12 1Q13
1,9%
3,2%
2,6%
4,7%
1,3%
4,5%
4,0%
8,9%
Physical
Financial
4Q12 1Q13
3,6%
8,3%
0,4% 0,6%0,0% 0,0%
Office
Industrial
Retail
Property Type Financial Physical
CBOP - Jacarandá Office 0,1% 0,1%
Ventura - Torre Oeste Office 0,1% 0,02%
Icomap Office 0,01% 0,02%
JK Complex - Towers D&E Office 5,8% 1,80%
Cidade Jardim Office 0,6% 0,2%
Paulista Office 1,5% 0,5%
São José Office 0,0% 0,0%
Raja Hills Office 0,1% 0,1%
Brasília Office 0,1% 0,1%
Total Office 8,3% 2,9%
BP Jandira Industrial 0,1% 0,5%
BP Jundiaí Industrial 0,1% 0,3%
DP Louveira #9 Industrial 0,1% 0,4%
BBP CEA Topázio Industrial 0,0% 0,1%
BBP Barão de Mauá Industrial 0,0% 0,1%
Gaia Terra Andiroba Industrial 0,1% 0,3%
Cond.Ind.SJC Industrial 0,0% 0,1%
Total Industrial 0,6% 1,8%
Total Portfolio 8,9% 4,7%
Impacted in 580 bps by
the delivery of JK
Complex – Towers D&E

11. 1Q13
Capital Markets
11
Stock Performance – 1Q13
Stock Performance (BRPR3) 1Q13 1Q12 var %
Total Number of Shares 311.612.894 309.817.416 1%
Free Float (%) 99% 99% 0%
Stock Price (average for the period) 25,01 20,58 22%
Stock Price (end of period) 22,40 23,44 -4%
Market Cap end of period (R$ million) 6.980 7.262 -4%
Average Daily Trading Volume (R$ million) 33,60 22,30 51%
Average Daily Traded Shares 1.354.205 1.067.426 27%
Average Daily negotiations 5.319 3.026 76%
-
5.000.000
10.000.000
15.000.000
20.000.000
25.000.000
30.000.000
35.000.000
40.000.000
-20%
-15%
-10%
-5%
0%
5%
10%
Jan-13 Jan-13 Jan-13 Feb-13 Feb-13 Feb-13 Mar-13 Mar-13 Mar-13
ADTV
BR Properties
Ibovespa

12. 1Q13
IR Contacts
Pedro Daltro
CFO & Investor Relations Officer
Marcos Haertel
Investor Relations Manager
Gabriel Barcelos
Investor Relations Analyst
Phone: (55 11) 3201-1000
Email: ri@brpr.com.br
www.brpr.com.br/ri
12
Investor Relations