Company Presentation Highlights Top Brazilian Commercial REIT

2
Disclaimer
► The material that follows is a presentation of general background information about BR Properties S.A. and its subsidiaries (“BR
Properties” or “BRP” or the “Company”) prepared as of the date of the presentation by BR Properties.
► This information is in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential
investors. Information contained in this material has not been independently verified. Certain information has been obtained from
public sources. Information not obtained from public sources and contained herein was prepared solely based on information
provided by the Company. No representation or warranty, either express or implied, is made concerning, and no reliance should be
placed on, the accuracy, fairness, or completeness of the information presented herein. This material has been prepared solely for
informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated
as giving investment advice. It is not targeted to the specific investment objectives, financial situation or particular needs of any
recipient. It is not intended to provide the basis for any third party evaluation of any securities or any offering of them and should not
be considered as a recommendation that any investor should subscribe for or purchase any securities
► Although BR Properties believes that the expectations and assumptions reflected in the forward-looking statements are reasonably
based on information currently available to BRP’s management, BR Properties cannot guarantee future results or events. BR
Properties expressly disclaims a duty to update any of the forward-looking statement.
► Neither this material nor its content shall be deemed to constitute an offer of or an invitation, or solicitation of an offer to subscribe
for or purchase any securities. The information contained herein is subject to change without notice and neither the Company past
performance is not indicative of future results. Neither this presentation nor anything contained herein shall form the basis of any
contract or commitment whatsoever.
► No person is authorized to give any information or to make any representation not contained in and not consistent with this material
and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the
Company.
► These materials are strictly confidential and are being submitted to selected recipients only. They may not be reproduced (in whole
or in part), distributed or transmitted to any other person without the prior written consent of the Company. These materials are not
intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be
contrary to local law or regulation.

3
Company Overview
The largest and most complete commercial properties company in Brazil
Company Profile Segments of Activity
► Largest public commercial properties company in
Brazil;
► BR Properties was founded in Dec/06 by an
experienced team of executives, aiming at acquiring,
managing, developing and leasing high quality
commercial properties in Brazil;
► Company’s portfolio currently holds 93 properties,
with 1.15 million sqm of GLA and estimated market
value of approximately R$ 4.8 billion;
► 5 greenfield projects, with approximately 191.5
thousand sqm of gross leasable area (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.
Office
Industrial
Retail
► Portfolio of Retail Properties
► Ed. Sta. Catarina
► DP Louveira
► Ventura Towers ► Ed. Manchete
► DP Araucária

4
Impressive success of post-IPO delivery of acquisitions plan
BR Properties has invested over R$ 1.7 bn after its IPO held in March/10, exceeding in 18% the total
target of acquisitions for 2010
GLA Evolution and Capital Invested (R$ mn)Strong execution track record
180
1.709
181
94
157
260
340 19
477
CBOP
Jacarandá
DP
Louveira
3,4,5,6
RB 115 DP
Louveira
8,9
Ed.
Manchete
Ventura II BBP
Topázio
FII
Comercial
Progressivo
Total
1,159,756 sqm
Equity Research Coverage
730,402 sqm
Stock Liquidity
► Ability to source deals at attractive prices
► 11 acquisitions and 5 sales finalized in 2010
► Currently covered by 10 equity research analysts from the
main top banks and brokerage firms
Mar-10 Jun-10 Sep-10 Dec-10
Budget
Actual
+18%
-
2
4
6
8
10
12
14
16
18
20
13,00
14,00
15,00
16,00
17,00
18,00
19,00
Sep-10 Oct-10 Nov-10 Dec-10
Volume(R$mn)
StockPrice
Moving Avg. (30d)
Stock Price
► Significant increase in stock liquidity within few months
after IPO

5
GLA by Property Type (sqm)
Portfolio: Breakdown and Tenant Base
Market Value of the Portfolio (R$ mn)
A top-notch portfolio comprised of office buildings, warehouses, and retail properties located in
the most dynamic regions of Brazil
BR Properties tenant base entails some of the best known Companies
in the country, spanning wide industry diversification
► Over 180 high quality tenants
Main Tenants Tenant Breakdown by Industry
Consumer
Goods
Logistics
Financial
Services
Technology
Industrial
Energy
Other
Consulting
Publishing Telecom
57%
34%
9%
Office
Warehouse
Retail
25%
66%
9%
Office
Warehouse
Retail

6
Approximately 1.15 million sqm of gross leasable area acquired in 4 years
4Q07 Today
2007 2008 2009
Market Value
GLA
1,150,799 sqm
2010
3Q072Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
IPO
Private
Placement
Private
Placement
March, 2011
 Stabilized Vacancy: 1.5%
 Delinquency: 0.0%
Initial
Funding
4Q10
Portfolio: Fast growth with low vacancy level
Perpetual
Bond
82
R$ 4.7 bi
511
339 105 91 14 - -
22
-
600
295
865
340 492
+1.072

7
Portfolio: Recent Acquisitions
Our recent acquisitions were in line with our strategy to acquire properties of exceptional quality,
leased to large tenants, and located in the main economic regions of Brazil
 Ventura Towers II
 Location: Rio de Janeiro / RJ
 GLA: 21,493 sqm
 CAPEX: R$ 340 mn
 Owned: 41%
 Edifício Manchete
 Location: Rio de Janeiro / RJ
 GLA: 26,439 sqm
 Owned: 100%
 Comercial Progressivo II Real Estate
Investment Fund
 Location: Diverse - 13 States
 GLA: 122,146 sqm
 Owned: 100%

8
Portfolio: Geographic Presence
BR Properties’ portfolio is present in 13 states, covering all 5 regions of Brazil
Office
Warehouse
BRPR
Retail
 N° of existing properties: 93
 Office: 38
 Warehouse: 25
 Retail: 30
 Total GLA of the properties: 1,150,799 sqm
 Office: 289,045 sqm
 Warehouse: 760,868 sqm
 Retail: 100,886 sqm
States Total GLA %
São Paulo 883,812 76.8%
Rio de Janeiro 146,264 12.7%
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 1,150,799 100%

9
Portfolio: Developments
The Company currently holds 5 greenfield projects, that once finalized, will add 191 thousand sqm of
GLA to the portfolio
Cidade Jardim Panamérica Park II
 Type: Office AAA
 Location: São Paulo / SP
 Delivery Date: Jun / 2012
 GLA: 6,792 sqm
 Estimated Rent (R$/sqm): R$ 125.00
 Owned: 50%
Pre-certified Building
 Type: Office
 Delivery Date: Dec / 2012
 GLA: 14,502 sqm
 Owned: 50%
Pre-certified Building
Souza Aranha
 Type: Office
 Delivery Date: Dec / 2012
 GLA: 2,019 sqm
 Owned: 50%
Pre-certified
Building
Tech Park SJC
 Type: Warehouse
 Location: São José dos Campos / SP
 Delivery Date: N / D
 GLA: 125,000 sqm
 Owned: 100%
 Type: Warehouse
 Location: Louveira / SP
 Delivery Date: Mar / 2012
 GLA: 43,138 sqm
 Owned: 100%
DP Louveira 7

10
A unique vehicle, exposed exclusively to Brazilian commercial real estate, extremely well
positioned to benefit from the bullish fundamentals of the sector in Brazil
1
2
34
5
Favorable
Macro-Economic
Scenario
Attractive Sector
Dynamics
Unique Business Model
Broad Growth Potential:
Natural Industry
Consolidator
World-Class
Sponsorship
and Tier 1
Management Team
Investment Case

11
NTN-B (% aa.)
Real GDP Growth (%)
► Lower interest Rates
► Increased credit availability
► Increasing demand for industrial and distribution space
Unemployment Rate (%)¹
Favorable Macro-Economic Conditions
Industrial Production Growth (%)¹
1
Growing industrial production and GDP, declining unemployment rates and single-digit interest
rates are fueling sectors exposed to domestic market
Source: Santander and Brazilian Central Bank
Note:
1 Adjusted Seasonally
► Emerging middle class► Pent-up demand for commercial properties
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
5.95%
5%
6%
7%
8%
9%
10%
11%
12%
2007 2008 2009 2010
2,7%
0,1%
8,3%
3,1% 2,8%
5,9%
2,9%
-7,2%
10,5%
4,2%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
2,7%
1,1%
5,7%
3,2%
4,0%
6,1%
5,1%
-0,2%
7,5%
4,5%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E
11,7%
12,3%
11,5%
9,9%
10,0%
9,3%
7,9%
8,1%
6,7%
7,1%

12
Effects of the Nominal
Interest Rate Increase
(SELIC vs. TR)
Expected Positive Effects of the Growth
of Inflation Indexes
(TR vs. IPCA vs. BRPR Inflation basket)
Source: Santander research and Central Bank
Favorable Macro-Economic Conditions1
► 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
0,69%
1,69%
5,90%
6,31%
8,30%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
2010 2011e
TR
IPCA (CPI)
Avg. Basket
Inflation pass
through 2011
10,75%
12,50%
0,69%
1,69%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
14,0%
2010 2011e
Forecast SELIC
TR

13
Low vacancy combined with steady demand and short supply in the near term allow for solid
growth potential in the commercial properties sector
Attractive Sector Dynamics2
Source: CBRE and BRPR
Net Absorption (in ´000 sqm) in SP + RJ New Inventory (in ´000 sqm) in SP + RJ
Rental Rate (in R$/sqm/month) in SP + RJ Vacancy Rate (in %) in SP + RJ
120
130
0
20
40
60
80
100
120
140
2005 2006 2007 2008 2009 2010
São Paulo Rio de Janeiro
3,9
2,0
0
2
4
6
8
10
12
14
16
18
2005 2006 2007 2008 2009 2010
117
88
0
50
100
150
200
250
2005 2006 2007 2008 2009 2010
267
129
0
50
100
150
200
250
300
350
400
450
2005 2006 2007 2008 2009 2010

14
BR Properties benefits from its strong expertise to add value throughout the whole Real Estate
investment chain…
Unique Business Model3
Pro-active
Deal Sourcing
Value Creation
Selective
Developments
Divestment
Lease / Property
Management
Retrofit
Conservative
Use of Leverage

15
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
Expiration Schedule (% revenues) Market Re-alignment Schedule (% revenues)
► Annual Inflation Readjustments
► 100% of lease contracts are indexed to inflation
► Triple Net Contracts
► Tenant is responsible for all operating property costs
► Costs include: taxes, insurance, and maintenance expenses
► 3 Year Market Re-alignment
► Lessor can mark the leases to market every 3rd year of the
contract, independent of lease term
► 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
► Average office lease term: 3-5 years
► Average warehouse lease term: 5-10 years
Inflation Readjustment IndicesMain Characteristics
3
73%
24%
3%
IGP-M
IPCA
Other
3%
7% 25%
65%
2011 2012 2013 >2013
51%
16%
27%
6%
2011 2012 2013 >2013

16
3 Unique Business Model: Portfolio Recycling
Sales
Ed. Athenas
Acquisition Value R$ 27.0 mn
Acquisition Date Aug/07
Sale Value R$ 34.5 mn
Sale Date Jan/11
Holding Period 40 months
IRR 20%
ROE 70%
Ed. Isabella Plaza (units 31 and 32)
Sale Value R$ 4,20 mn
Sale Date Dec/2010
IRR 25.9%
Ed. Number One (unit 121)
Acquisition Value R$ 466,775
Sale Value R$ 650,000
Sale Date Dec/2010
IRR 33.5%
Ed. Joaquim Floriano
Sale Value R$ 22.4 mn
Sale Date Mar/11
IRR 19%
ROE 73%
4Q10
1Q11

17
Fragmented Industry (in terms of GLA – sqm) Acquisition Pipeline (R$ mn)
Ample market fragmentation and lack of professional competitors creates a unique environment
for market consolidators
Broad Growth Potential: Natural Industry Consolidator4
Total Acquisition Pipeline R$2,566R$4,783Current Portfolio
Organized
Companies
9%
Addressable Market * : 36.3 MM sqm
Non – Organized
Market
91%
BRProperties
10 Organized
Companies
34%
66%
* Does not include retail properties
1.181
221
1.402
801
363
1.164
- - -
1.982
584
2.566
In Negotiation Under Analysis Total
Office Industrial Retail Total

18
Ownership Structure and Share Performance
BR Properties current ownership structure is highly fragmented, with no controlling shareholder,
no shareholders agreement, and over 99% of its shares in free float
5
GP Investments
7,3% Wellington
Management
5,4%
BlackRock
5,1%
Laugar S.A.
4,2%
Silverpeak
1,3%
Management
0,9%
Other
75,9%
39,31%
(7,00%)
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
BRPR3
Ibovespa
* As of May 11th, 2011
 Number of shares: 139,753,919
 Market Value: R$ 2.5 billion
 Average Daily Vol. (30d): R$ 12.2 million

19
Management Team Biography
Claudio Bruni
CEO
Mr. Bruni’s whole career was dedicated to real estate development and management. From 1979 to 1989, Mr. Bruni worked for
Multiplan, Brazil’s largest real estate developer, where he was in charge of market research, construction management, commercial
and residential planning, and development. From 1983 to 1985, Mr. Bruni was the Managing Director of Renasce, Brazil’s first
shopping center management company, a joint venture of Multiplan and Brazilian investment bank Bozano, Simonsen.
From 1986 to 1994 Mr. Bruni co-partnered in Visor, a real estate development company dedicated to low income residential
housing, where he helped develop 4,000 residential units, generating revenues of US$128 million.
In 1988, Mr. Bruni founded Deico, Brazil´s largest independent real estate services company, where he was the CEO until
December of 2006. Mr. Bruni served as Executive Vice-President of ABRASCE, Brazil’s shopping center association for 3 years.
Mr. Bruni served as a member of the Retail and Commercial Development Council of the Urban Land Institute.
Claudio Bruni is a civil engineer, with a graduate degree from The Polytechnic School of Engineering at the University of São Paulo
(class of 1978). Industry Experience: 31 Years
Martin Jaco
CIO
Mr. Jaco started his career in Andrade Gutierrez and Metodo Engenharia and joined CB Richard Ellis in 1996 with the objective of
developing the investment consultancy operations of the company in Brazil. Mr. Jaco had direct responsibility and involvement in all
investment activities of the company in the country in the last 10 years, especially in advising investments for institutional investors,
pension funds, property companies and foreign institutions.
Martin Jaco graduated as a civil engineer from the Polytechnic School of Engineering at the University of São Paulo, Brazil, MBA
from the College of Estate Management, Reading University, UK and a Postgraduate Diploma in Project Management from the
Royal Institute of Chartered Surveyors, UK. Industry Experience: 17 Years
Marco Antônio
Cordeiro
COO
Mr. Cordeiro was in charge of construction and project management at Schahin Cury and Metodo Engenharia (general contractors)
for 15 years. While at Deico, Mr. Cordeiro was in charge of planning, market studies, feasibility analysis and appraisals. Mr.
Cordeiro has also been in charge of the consulting division, advising the vast majority of Brazilian pension funds. Mr. Cordeiro has
assisted pension funds in over US$350 million of real estate transactions in the last 2 years.
Marco Cordeiro is a civil engineer, with a graduate degree from the Polytechnic School of Engineering at the University of São
Paulo and specialization at the Business School of Fundação Getúlio Vargas. Industry Experience: 30 Years
Pedro Daltro
CFO
Mr. Daltro started his career in Banco Marka as a Corporate Finance Manager and a Deputy Director. Later, he worked as a VP in
the Credit Risk Management department of Citigroup and Treasurer and Financial Manager in Gafisa, the second largest real estate
developer in Brazil. After Gafisa, he went back to Citigroup as Director of the Public Sector, Infrastructure and Real Estate division.
Pedro Daltro has a bachelor´s degree in Business Administration from Unifacs, Brazil, and MBA from the Owen Graduate School of
Management, Vanderbilt University, U.S. Industry Experience: 16 Years
BR Properties is managed by a team of seasoned professionals, highly motivated and fully aligned
with stockholders through long term stock options plans
5

20
1Q11 Financial Highlights
EBITDA (R$ mn) and EBITDA Margin (%)
Net Revenues (R$ mn)
1Q10 1Q11
35.267
77.777
121%
1Q10 1Q11
29.515
69.861
137%
84%
90%

21
1Q11 Net Debt (R$ mn)
Solid Balance Sheet
1Q11 Debt Profile (Index)
1Q11 Debt Service Schedule (R$ mn)
140
2.114
1.668
26
1.948 446
ST Debt Obligations for
Acquisitions
LT Debt Total Debt Cash Net Debt
75%
2%
23%
TR
IGPM
CDI
118 144 131 118 103 87 64 38 24 18
2 0
68
128 128 157 161 178
331
156
154 141
26 14
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Principal
Interest

22
Strategy Going Forward
► Maintain Loan to Value of roughly 50%
► Maintain diversification levels of our current portfolio
► Keep development at a level equal to or below 15% of our portfolio
► Maintain focus on key regions of the country
► Maintain our strategy of market consolidation, buying higher quality existing properties and taking advantage of a highly
fragmented sector

23
Appendix: São Paulo Office Market
Source: CBRE 4Q10 Market View Report
Total Stock
Submarkets Vacancy Rate
Asking Lease Rate
Range (Class A)
(%) (R$/ sq m/ month)
Downtown 2.7% R$ 14.00 - R$ 35.00*
Paulista 3.5% R$ 75.00 - R$ 120.00
Jardins 3.0% R$ 85.00 - R$ 160.00
Marginal 6.1% R$ 45.00 - R$ 110.00
Other 1.6% R$ 50.00 - R$ 70.00
Total Market 3.9% R$ 45.00 - R$ 160.00
Alphaville 17.9% R$ 30.00 - R$ 60.00
* There are no class A buildings in this submarket. Lease
rates apply to the best buildings in the area
Marginal
35%
Other
20%
Paulista
16%
Jardins
16%
Alphaville
7%
Downtown
6%

24
Appendix: Rio de Janeiro Office Market
Total Stock
Downtown
64%
Botafogo
13%
Barrada
Tijuca
11%
Other
5%
South Zone
5%
Flamengo
2%
Asking Lease Rate
Range (Class A)
Downtown 2.0% R$ 100.00 - R$ 180.00
Botafogo 0.9% R$ 110.00 - R$ 150.00
Flamengo 0.0% R$ 90.00 - R$ 130.00
Barra da Tijuca 1.8% R$ 80.00 - R$ 115.00
South Zone 3.2% R$ 120.00 - R$ 180.00
Other 5.5% R$ 60.00 - R$ 90.00
Total Market 2.0% R$ 60.00 - R$ 180.00

25
Appendix: São Paulo Industrial Market
Total Stock
Asking Lease Rate
Range (Class A)
ABCD * 0.0% R$ 12.00 - R$ 18.00
Atibaia * 1.8% R$ 18.00 - R$ 20.00
Barueri 6.0% R$ 21.00 - R$ 25.00
Cajamar * 1.1% R$ 17.00 - R$ 20.00
Cotia/ Embu * 0.0% R$ 18.00 - R$ 22.00
Greater Campinas 4.3% R$ 15.00 - R$ 25.00
Guarulhos * 1.8% R$ 18.00 - R$ 24.00
Jundiaí * 8.1% R$ 13.00 - R$ 19.00
São Paulo 1.4% R$ 18.00 - R$ 25.00
Sorocaba * 40.2% R$ 16.00 - R$ 20.00
Vale do Paraíba * 22.8% R$ 14.00 - R$ 17.00
Total Market 5.6% R$ 12.00 - R$ 25.00
* The eight submarkets that comprised the "Others" region
in previous reports
Greater
Campinas
34%
São Paulo
11%Barueri
10%
Cajamar
10%
Jundiaí
10%
Cotia/ Embu
7%
Vale do
Paraíba
6%
Guarulhos
3%
ABCD
3%
Atibaia
3%
Sorocaba
3%

26
Contact
Investor Relations
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/ri

Company Presentation Highlights Top Brazilian Commercial REIT

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