This document summarizes the second quarter 2013 results for BC Fund, a real estate investment fund in Brazil. Key highlights include: 1) The fund acquired 4 additional floors in the Eldorado Business Tower, expanding its portfolio by 8,276 square meters. 2) The fund's portfolio grew to 282,864 square meters with a vacancy

1. BC Fund
Webcast – Second Quarter 2013
August 1, 2013

2. 2
Continuous portfolio evolution
• Contracted monthly lease of R$ 21,9 million
• Acquisition of four floors in Eldorado Tower
• Leasing spread of 16%
• GLA of 282,000 m2 with vacancy rate of 1.4%
Solid financial performance
• Lease revenue of R$ 61.9 million
• Net income of R$ 186.5 million
• Adjusted FFO / share of R$ 2.80
• Reappraisal added R$144.6 million to portfolio value
Discount to NAV
• Shareholders’ equity at R$3.3 billion (R$171.11/share)
• Market value at R$ 2.7 billion (R$ 138.31/share)
• Implicit cap rate of 11.7% (9.5% in 2Q12)
• Portfolio value per m2 of R$ 7.969/m2 (R$ 10.802/m2 in 2Q12)
3,290
2,659
NAV Market
2Q13 Results
Highlights
1
2
Contracted monthly lease (R$ million)
Net income (R$ million)
Market value vs. NAV (R$ million)(1)
3
+ 35%
+ 74%
- 19%
R$ 171 R$ 138
Note: (1) As of June 30, 2013
16.2
21.9
jun-12 jun-13
107.0
186.5
2Q12 2Q13

3. 3
Portfolio
GLA
Gross leasable area (GLA) closed the second quarter of 2013 at 282,864 m2, 48.5% up on 2Q12 and 4.1% more than in 1Q13
• Adjustments in our portfolio GLA to the BOMA methodology
ￚ Market standard
ￚ Consistency
ￚ Better comparison
By asset type
(based on the contracted lease revenue)
By location
(based on the contracted lease revenue)
Property 1Q13 2Q13 Var. m2 Var %
Volkswagen 11,830 12,560 730 6.2%
Flamengo 7,084 7,670 586 8.3%
Cargil 9,104 10,626 1,522 16.7%
Outros ativos 243,732 243,732 0 0.0%
Acquisition 4 floors Ed. Eldorado 0 8,276 8,276 n/d
Total 271,750 282,864 11,114 4.1%
AAA
43.1%
A
29.3%
B
27.6%
São Paulo
58.8%
Rio de
Janeiro
31.7%
Campinas
2.9%
Brasília
6.6%

4. 4
Acquisition of 4 floors of the Eldorado Tower
Highlights
On June 7, 2013, BC Fund acquired a further four floors of the Eldorado Business Tower for R$151.0 million, adding 8,276 m2
of GLA to the portfolio
Acquisition
Strategy
• Consolidation of interest in an asset that we know and
whose potential we understand
• Thereby, tending to strengthen our negotiating position with
current and future tenants
Transaction
Highlights
• Floors 22, 23, 27 and 28 – 8,276 m2 of GLA
• Current interest: 45.400 m2 of GLA, or 69% of total
• Fund now owns all the property’s top floors, which are
normally more valuable
• Current monthly revenue of R$1.05 million
Payment
conditions /
leverage
• Cap rate of 8,4% and leverage at TR + 8,1% (1)
• The acquisition will be paid in monthly installments, the first
seven of which with a grace period and 63% of the
principal included in the final installment in May 2019
Eldorado Business Tower
• 1st LEED Platinum in LatAm
• Lowest condominium cost
• Benefits from the region's
public transportation and road
system
Nota: (1) Interest is equivalent to the TR (reference rate) + 8.1% based on the current SELIC rate of 8.5%, subject to upward or downward variations, but with a ceiling of the TR + 8.4%

5. 5
Portfolio
Leasing Spread 1Q13
4.7% of the
portfolio
Contract maturity schedule
Monthly lease contracted revenue
(R$ million)
Inflation adjustment timetable for next 12 months
(% of the portfolio)
+ 34.9%
+ 6.3%
16.2
21.9 20.6 21.9
Jun-12 Jun-13 Mar-13 Jun-13
100%
5.0% 15.7%
120.6%
Negotiated
Lease
Inflation Real Gain Overall Growth
0.8%
12.8%
33.2%
21.5%
17.6%
46.9%
7.8%
2S13 2014 2015 until 2015
Others
RJ
SP
22%
14%
38%
27%
3Q13 4Q13 1Q14 2Q14

6. 6
Financial Highlights
Lease Revenue
(R$ million)
Revenue
Financial Income
(R$ million)
Costs and Expenses
56.6
61.9
2Q12 2Q13
9.3%
(in R$ '000) 2Q12 2Q13
Revenue from properties 167,960 206,564
Rental income 56,608 61,883
(-) Provision for impairment of trade receivables 28 71
Revenue from recovered income 0 0
Income from fines and interest received 59 55
Revenue from the sale of investment property 36,565 0
Discounts granted 0 0
Adjustment to fair value 74,700 144,555
(in R$ '000) 2Q12 2Q13
Cost of Investment properties (37,485) 0
Expenses over Properties (3,782) (905)
Comissions (3,509) (232)
Management of properties expenses (3) (500)
Condominium expenses (212) (156)
Maintenance (58) (17)Comissions
G&A (8,245) (13,386)
Consulting/Management fee (5,947) (10,264)
Administration fee - Fund (1,876) (2,665)
Other operating expenses (422) (457)
-11.7
-16.5
1.2
18.8
-10.5
2.2
2Q12 2Q13
Financial expenses Financial revenues Financial Income

7. 7
Financial Highlights
Net Income and FFO
Net Income
(R$ million)
Net Income per share
(R$ / share)
Note: (1) In 2Q12 there was a retroactive payment of R$ 9.5 MM related to the lease revision value. Excluding this effect, FFO and Adjusted FFO / share in 2Q12
would be R$ 2.23 and R$ 2.42, respectively.
31.6 47.4
75.3
139.0
107.0
186.5
2Q12 2Q13
Fair value
Net income ex-fair value
+74.3%
+51.1%
2.9 2.5
6.8 7.2
9.7 9.7
2Q12 2Q13
-0.2%
-14.1%
(in R$ '000, unless otherwise indicated) 2Q12 2Q13 Var.
Net income 106,950 186,457 74.3%
(-) Adjustment at fair value (74,700) (144,555) n/d
(+) Adjustment at fair value (minorities) (631) 5,548 n/d
(-) Gains in the sale of properties 920 0 n/d
(-) Gains on sale / MTM - CRI and other FII shares 479 4,025 740.3%
(+) Non-recurring expenses 1,065 0 n/d
(=) FFO 34,083 51,475 51.0%
FFO / share (R$ / share) 3.10 2.68 -13.6%
(+) Non-cash financial expenses 2,012 2,350 16.8%
(=) Adjusted FFO 36,095 53,825 49.1%
Adjusted FFO / share (R$ / share) 3.28 2.80 -14.7%

8. 8
Financial Highlights
Indebtedness
LTV
(%)
Amortization Schedule
(R$ million)
(in R$ '000) Cost Term 1Q13 2Q13
Liabilities from acquisition of properties 504,151 656,468
Brazilian Financial Center TR + 10.05% 5 years 72,196 70,370
Eldorado Business Center TR + 9,6% 10 years 126,539 278,504
Sia Sul / Beneditinos / Polidoro IGP-M + 7.0% 17 years 305,416 307,594
Liabilities from funding 100,265 97,940
Hicham II IPCA+ 8.74% 8 years 12,470 12,255
Brazilian Financial Center TR + 10.20% 10 years 87,795 85,685
Gross Debt 604,416 754,408
(-) Cash and Financial investments (1,233,283) (1,167,804)
(-) Shares of Other FIIs (Market) (37,850) (75,563)
Net Debt (666,717) (488,959)
(1)
15.8%
18.4%
1Q13 2Q13
+2.6 p.p.
8.9
45.8
99.5
45.0
555.3
2013 2014 2015 2016 + 2017

9. 9
Market Performance
Market Value vs. Book Value Return
60
80
100
120
140
160
180
Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13
Base100=Dec/2010
BC Fund BC Fund (payout adj.) IBOVESPA
54.3%
-3.7%
-5.7%
-24.0%
-12.7%
-15.8%
36.1%
0.8%
-9.0%
-40% -20% 0% 20% 40% 60%
Last 24 M
Last 12 M
Last 3 M
BRCR11
IBOVESPA
IFIX
103.79
146.90
154.64
162.51
176.08
164.40
171.11
100.30
100.61
114.00
151.00 155.10
149.65
138.31
-3%
-32% -26%
-7% -12% -9%
-19%
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Book value (a)
Trading value (b)
(b) / (a) -1

10. 10
Valuation at Market
Jun/13 Jun/12
NAV [R$ / share] 171.11 162.55
Share price (closing) [R$ / share] 138.31 154.50
Discount to NAV [%] -19.2% -5.0%
Montlhypayout [R$ / share] 0.96 0.83
Montlhyprofitability [% p.m.] 0.69% 0.54%
Annual profitability [% p.m.] 8.33% 6.47%
Annualized profitability [% p.a.] 8.65% 6.67%
Shares outstanding [#] 19,224,537 11,000,000
Market cap [R$ mn] 2,658.9 1,699.5
Net debt (Cash) [R$ mn] (489.0) 282.7
Monirities stake [R$ mn] 84.2 70.7
Enterprise Value [R$ mn] 2,254.2 2,052.9
Contracted lease revenue [R$ mn] 21.9 16.2
Implied Cap rate [%] 11.65% 9.48%
Portfolio GLA [m2
] 282,864 190,050
Average per m2
[R$ / m2
] 7,969.3 10,801.9

11. 11
Summary of Indicators
Notes:
(1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month
(11,000,000 shares for January and 19,224,537 as of February).
(2) In 2Q12 there was a retroactive payment of R$ 9.5 MM related to the lease revision value. Excluding this effect, FFO and Adjusted FFO / share in 2Q12 would be R$
2.23 and R$ 2.42, respectively. In 6M12, FFO and Adjusted FFO / share would be R$ 4.48 and R$ 4.76, respectively.
Financial Highlights (in millions of R$, unless otherwise indicated) 2Q12 2Q13 Var. 6M12 6M13 Var.
Lease Revenue 56.6 61.9 9.3% 99.8 121.7 22.0%
Net Income 107.0 186.5 74.3% 131.4 224.2 70.6%
Net Income per share (R$ / share) (1)
9.72 9.70 -0.2% 11.95 12.00 0.5%
FFO 34.1 51.5 51.0% 58.8 94.0 59.9%
FFO / share (R$ / share) (1) 3.10 2.68 -13.6% 5.34 5.30 -0.9%
Adjusted FFO 36.1 53.8 49.1% 61.8 99.9 61.5%
Adj. FFO / share (R$ / share) (1) 3.28 2.80 -14.7% 5.62 5.68 1.0%
Shareholders Equity 1,788.1 3,289.5 84.0% 1,788.1 3,289.5 84.0%
Shareholders Equity / share (R$ / share) 162.55 171.11 5.3% 162.55 171.11 5.3%
Gross Debt 370.8 754.4 103.4% 370.8 754.4 103.4%
Net Debt 282.6 (489.0) -273.0% 282.6 (489.0) -273.0%
Operational Highlights 2Q12 2Q13 Var. 6M12 6M13 Var.
Portfolio GLA (m2) 190,050 282,864 48.8% 190,050 282,864 48.8%
Contracted leasing revenue (R$ million) 16.2 21.9 34.9% 16.2 21.9 34.9%
Vacancy - in R$ (EoP) 0.26% 1.40% 1.14 p.p. 0.26% 1.40% 1.14 p.p.
Deliquency 0.00% 0.00% 0.00 p.p. 0.20% 0.00% -0.20 p.p.
Leasing Spread 40.9% 15.7% -25.29 p.p. 40.9% 26.2% -14.75 p.p.
% of portfolio (in terms of lease revenue) 16.4% 4.7% -11.73 p.p. 16.4% 17.8% 1.39 p.p.

12. 12
Contacts
Fundo Imobiliário
BTG Pactual Corporate Office Fund
“BC FUND” (BRCR11)
Manager: Adriano Mantesso
Finance and IR: Fernando Kalil
Email: contato@bcfund.com.br
Tel: +55 11 3383-2000 / 0800 772 2827
www.bcfund.com.br
Address: Brig. Faria Lima, 3.744 – 14º andar