1. 4Q12 Earnings Release Presentation

2. Highlights
4Q12 AND 2012 HIGHLIGHTS
• 4Q12 net revenues totaled R$200.7 million, an increase of 122% over 4Q11, when net revenues came in at R$90.3 million. Net revenues for the 12-
month period ended in December 2012 reached R$630.8 million. The significant growth resulted from additional rental revenues of the new properties;
• 4Q12 adjusted EBITDA of R$176.1 million, a 117% increase over 4Q11 and adjusted EBITDA margin of 88%. In 2012, adjusted EBITDA reached
R$568.8 million and margin of 90%. It is worth highlighting that 4Q12 adjusted EBITDA was impacted by a R$10.5 million PIS and COFINS tax
expense resulting from the distribution of interest on equity of the subsidiaries (JCP – Juros Sobre Capital Próprio);
• Considering the methodology determined by the CVM Instruction No. 527/12, 4Q12 EBITDA reached R$235.5 million and margin of 117%, while the 12-month
accumulated EBITDA came in at R$2,267.4 and margin of 359%;
• 4Q12 net income totaled R$183.1 million, impacted by the net gain on appraisal of investment properties and by the net operating profit of the quarter. Net
income for the full year 2012 were R$1,227.4 million;
• 4Q12 adjusted FFO excluding non-cash and non-recurring expenses totaled R$64.7 million, and adjusted FFO margin of 32%. The 12-month
accumulated adjusted FFO totaled R$154.2 million and margin of 24%;
• During 4Q12, the Company obtained leasing spreads (net of inflation) of 8.5% on new leases signed in office buildings and 10.2% in industrial
properties. On market alignments of existing contracts, real gains were 34.7% in office buildings and 24.1% in industrial properties;
• The financial vacancy rate was 4.0%, while physical vacancy rate came in at 2.6%. Excluding the recently delivered Paulista Building, currently under
lease-up, financial vacancy drops to 1.1%;
• In November, the Company acquired the CD Anhanguera distribution center for R$105.0 million, at an 11.2% cap rate. On the same date, the Company
signed a 10-year lease agreement, compounding an area of 45,242sqm;
• In December, BR Properties concluded its second issuance of non-convertible unsecured local debentures, raising R$500.0 million in a single tranche
at CDI + 0.64% p.a. maturing in two years;
• In December, the Company pre-paid a R$223.1 million loan whose cost was CDI + 3.5% p.a. During 2012, R$1,061.2 million of debt has been
amortized;
• In December, the Company received an acceptance term from Petróleo Brasileiro S.A – Petrobrás, regarding the Tower B of Centro Empresarial
Senado, located in the city and state of Rio de Janeiro. Once the acceptance term is received, the property begins to generate rent revenues;
• Also in December, the Company’s portfolio underwent a full appraisal by CB Richard Ellis (CBRE), resulting in increases in market value of the properties. The
Company’s portfolio was appraised at a 9.98% average cap rate.
4Q12
2

3. Highlights
SUBSEQUENT EVENTS
• January: the Company received an acceptance term from Petróleo Brasileiro S.A – Petrobrás, regarding the Tower A of Centro Empresarial
Senado, located in the city and state of Rio de Janeiro. Once the acceptance term is received, the property begins to generate rent revenues.
• January: Certificate of Occupancy (Habite-se) was granted to the JK Complex – Tower D and E, located in the city and state of São Paulo.
• January: Certificate of Occupancy (Habite-se) was granted to the Cidade Jardim, located in the city and state of São Paulo.
• With the receipt of the Certificates of Occupancy (Habite-se), the aforementioned properties can be immediately occupied, thus accelerating
the lease-up process
4Q12
3

4. Portfolio
Portfolio Market Value 2012 Revenue Breakdown
60%
Straight-line 0,3% Leasing 98,5%
12.968 13.552 13.840 Services 1,2% 7%
11.715
33%
4.751 4.918 5.142 5.254
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Portfolio Breakdown Portfolio Breakdown
(% market value) (% GLA)
5% 5%
18%
25%
49%
14%
63%
21%
Of f ice AAA Of f ice Industrial Retail Of f ice AAA Of f ice Industrial Retail
4Q12
4

5. Portfolio Appraisal
Breakdown of BRPR’s Portfolio in terms of Market Value (R$ mm)
1.337 13.840
586
3.318
8.598
Office Industrial Retail Development Total
Same Properties Appreciation
Asset Class
2011 x 2012
Office 16%
Industrial 23%
Retail 10%
Developments 54%
Total 20%
4Q12
5

6. Portfolio Recycling
The Company concluded 7 sales throughout 2012, totaling R$137.0 million
The rental loss in 2012 was R$7.2 million
Sale Price Rental Loss
Sold Properties Type Sale Date
(R$ K) 2012 (R$ K)
Paço do Ouvidor Retail Mar-12 25.000 1.878
Olympic Tower Office Apr-12 14.000 980
Paulista Plaza Office Apr-12 20.000 1.503
Cetenco Plaza (2 Units) Office Mar-12 5.448 410
Cetenco Plaza (8 Units) Office May-12 21.600 1.146
Cetenco Plaza (16 Units) Office Aug-12 47.210 1.270
Paulista Park (2 Units) Office Dec-12 3.750 16
TOTAL R$ 137.008 R$ 7.203
Total Sales Volume (R$ K) Average Exit Cap Rate (%)
137.008
9,2%
89.375
8,4%
2011 2012 2011 2012
4Q12
6

7. Financial Highlights
Net Revenues (R$ thousand) Net Income* (R$ thousand)
84%
122% 266%
630.825
1.227.429
160%
343.464
200.666 335.408
90.309 70.500 183.092
4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012
* Impacted by the net gain on appraisal of investment
properties
4Q12
7

8. Financial Highlights
Adjusted EBITDA (R$ thousand) EBITDA (CVM Methodology) (R$ thousand)
90% 91% 90%
88% 187% 117% 214% 359%
209%
82%
40% 2.267.375
117%
568.847
312.095
176.121 733.344
81.119 168.607 235.496
4Q11 4Q12 2011 2012 4Q11 4Q12 2011 2012
Adjusted EBITDA Margin EBITDA Margin
EBITDA Composition 4Q12 4Q11 var % 2012 2011 var %
Net Income (loss) 183.092 70.500 160% 1.227.429 335.408 266%
Deferred Taxes 15.049 52.723 -71% 663.660 151.273 339%
Income and Social Contribution Taxes (11.694) 5.585 -309% 22.687 22.589 0%
Minority Interest (11.029) - n/a (11.029) - n/a
Depreciation 69 23 207% 279 270 3%
Net Financial Result 60.011 39.776 51% 364.350 223.803 63%
EBITDA 235.496 168.607 40% 2.267.375 733.344 209%
EBITDA Margin 117% 187% -69 p.p. 359% 214% 146 p.p.
Adjusted EBITDA Composition 4Q12 4Q11 var % 2012 2011 var %
Gross Profit 200.666 90.309 122% 630.825 343.464 84%
(-) General and Administrative Expenses (33.909) (15.348) 121% (93.974) (49.059) 92%
(+) Bonus Provision 8.648 6.553 32% 12.095 10.000 21%
(+) Merger Expenses - 3.088 -100% 8.927 3.088 189%
(+) Brokerage Fees (Ventura Building Acquisition) - - n/a 7.463 - n/a
(+) Stock options 716 (3.483) -121% 3.511 4.602 -24%
Adjusted EBITDA 176.121 81.119 117% 568.847 312.095 82%
Adjusted EBITDA Margin 88% 90% -2 p.p. 90% 91% -1 p.p.
4Q12
8

9. Financial Highlights
Adjusted FFO (R$ thousand)
46% 18% 32% 36%
3% 24%
24%
57%
112%
154.225
523% 124.863
64.679
41.327 30.492
4.892
4Q11 2Q12 3Q12 4Q12 2011 2012
Margem FFO Ajustado
Adjusted FFO 4Q12 4Q11 var % 2012 2011 var %
Net Income (loss) 183.092 70.500 160% 1.227.429 335.408 266%
Deferred Taxes 15.049 52.723 -71% 663.660 151.273 339%
Taxes on Property Sales 744 1.972 -62% 4.649 8.775 -47%
Gain (Loss) on Appraisal of Investment Properties (79.231) (95.653) -17% (1.746.275) (443.862) 293%
Gain (Loss) on Sale of Investment Properties (298) 398 -175% 6.071 1.254 384%
Non-cash Losses on Exchange Rate Variation 23.946 55.413 -57% 122.769 151.774 -19%
Non-cash Gains on Exchange Rate Variation (20.429) (48.091) -58% (74.623) (89.833) -17%
Variations MTM on Derivatives (58.194) 978 -6050% (65.843) 6.987 -1042%
Merger Expenses - 3.088 -100% 8.927 3.088 189%
Brokerage Fees (Ventura Building Acquisition) - - n/a 7.463 - n/a
Adjusted FFO 64.679 41.327 57% 154.225 124.863 24%
Adjusted FFO Margin 32% 46% -14 p.p. 24% 36% -12 p.p.
4Q12
9

10. Indebtedness
4Q12 Net Debt (R$ mn) 4Q12 Debt Index Breakdown
4.573 5.263 574 1%
4.689
6%
TR
13%
44% CDI
IGPM
679 INPC
11 36%
IPCA
ST Debt Obligations LT Debt Total Debt Cash Net Debt
f or
Acquisitions
Net Debt 4Q12 3Q12 var %
Short Term Loans and Financing 689.778 679.382 2%
Loans and Financing 616.995 554.331 11%
Perpetual Bond 61.777 59.526 4%
Derivative Instruments - 52.787 -100%
Payables for Acquisition of Real Estate 11.006 12.739 -14%
Long Term Loans and Financing 4.573.133 4.278.954 7%
Loans and Financing 4.038.535 3.745.869 8%
Perpetual Bond 534.598 533.085 0%
Gross Debt 5.262.912 4.958.336 6%
Cash and Cash Equivalents 573.570 394.179 46%
Net Debt 4.689.342 4.564.157 3%
Portfolio Value 13.839.530 13.552.098 2%
Gross Debt / Portfolio Value (Loan to Value) 38% 37% 1 p.p.
Net Debt / Portfolio Value (Loan to Value) 34% 34% 0 p.p.
Adjusted EBITDA / Net Financial Expenses * 1,5x 1,5x -1%
Duration (years) 4,8 5,3 -9%
* Considering Net Financial Expenses (ex. non-cash variations)
4Q12
10

11. Indebtedness
Debt Amortization Schedule (R$ million)
835
532
467 469
313 350 349
195
97 77 72 74 62
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Principal
Debt Service Coverage (R$ million) Loan to Value: Gross and Net
3,5x
3,0x
2,7x
2,5x 2,5x
2,4x 45% 43%
40% 40% 42% 41%
2,1x 38% 40% 39%
37%
1,6x 38%
1,5x 1,5x 24% 34%
1,4x 36% 35% 34%
1,1x 36%
35% 30%
23% 21% 21%
4% 21%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
DSC ratio LTV Gross Debt LTV Net Debt
4Q12
11

12. Operating Highlights
Leasing Spreads
Leasing Spread - Market Alignments 4Q12 4Q11 2012 2011
Leasing Spread - Office 34,7% 33,7% 32,2% 26,5%
Renegotiated GLA (m²) 48.474 25.696 89.880 75.800
% Office portfolio 8% 9% 15% 25%
Leasing Spread - Warehouse 24,1% n/a 20,0% 20,6%
Renegotiated GLA (m²) 33.406 - 63.006 15.581
% Warehouse portfolio 3% 0% 5% 2%
Leasing Spread - Retail n/a n/a n/a 15,8%
Renegotiated GLA (m²) - - - 97.435
% Retail portfolio 0% 0% 0% 99%
Leasing Spread - New Leases 4Q12 4Q11 2012 2011
Leasing Spread - Office 8,5% 39,3% 21,4% 28,9%
Leased GLA (m²) 1.612 25.429 15.658 52.473
% Office portfolio 0% 9% 3% 18%
Leasing Spread - Warehouse 10,2% n/a 4,5% 15,6%
Leased GLA (m²) 17.833 - 75.388 18.019
% Warehouse portfolio 1% 0% 6% 2%
Leasing Spread - Retail n/a n/a n/a n/a
Leased GLA (m²) - - - -
% Retail portfolio 0% 0% 0% 0%
4Q12
12

13. Operating Highlights
Vacancy Breakdown Financial Vacancy per Segment
Physical 4,5% 4,0%
4,0% 3,6%
Financial Of f ice
3,2% Industrial
2,6% Retail
1,9%
1,3%
1,0% 1,1%
0,5% 0,4%
0,0% 0,0%
1Q12 2Q12 3Q12 4Q12 3Q12 4Q12
Property Type Financial Physical
CBOP - Jacarandá Office 0,2% 0,1%
Ventura - West Tower Office 0,1% 0,02%
Icomap Office 0,02% 0,03%
Santa Catarina Office 0,2% 0,1%
Paulista Office 3,0% 0,9%
Brasília Office 0,2% 0,1%
Total Office 3,6% 1,3%
BP Jandira Industrial 0,2% 0,5%
BP Jundiaí Industrial 0,1% 0,3%
BBP CEA Topázio Industrial 0,1% 0,2%
BBP Barão de Mauá Industrial 0,0% 0,1%
Cond.Ind.SJC Industrial 0,1% 0,3%
Total Industrial 0,4% 1,3%
Total Portfolio 4,0% 2,6%
4Q12
13

14. Operating Highlights
Lease Contract Expiration Schedule
% Revenues % GLA
66%
84%
19%
1% 2%
9% 14%
6%
2012 2013 2014 >2015 2012 2013 2014 >2015
Lease Contract 3 Year Market Alignment Schedule
% Revenues % GLA
48% 34%
34%
25%
16%
20%
16%
7%
2012 2013 2014 >2015 2012 2013 2014 >2015
4Q12
14

15. Capital Markets
Shareholder Value Creation
Gain of R$2.2
billion in 12
months
9.000 29,00 Market Cap
7,946 million
8.000
27,00
Stock Price
7.000
R$25.50
25,00
6.000
5.000 23,00
4.000 21,00
3.000
Market Cap 19,00
3,330 million 2.000
17,00
Stock Price 1.000
R$18.50
- 15,00
Dec-11 Feb-12 Mar-12 May-12 Jun-12 Aug-12 Sep-12 Nov-12 Dec-12
Stock Performance (BRPR3) 4Q12 4Q11 var % 2012 2011 var %
Total Number of Shares 311.612.894 180.003.919 73% 311.612.894 180.003.919 73%
Free Float (%) 99% 99% 0% 99% 99% 0%
Stock Price (average for the period) 25,79 17,93 44% 23,27 17,54 33%
Stock Price (end of period) 25,50 18,50 38% 25,50 18,50 38%
Market Cap end of period (R$ million) 7.946 3.330 139% 7.946 3.330 139%
Average Daily Trading Volume (R$ million) 32,38 14,75 120% 29,04 12,63 130%
Average Daily Traded Shares 1.254.317 824.364 52% 1.241.830 720.685 72%
Average Daily negotiations 4.621 1.936 139% 3.834 1.152 233%
4Q12
15

16. Dividend
The Company’s Management has proposed ad referendum, of the Ordinary and Extraordinary
Shareholders' Meeting to be held on April 30th 2013, dividend distribution in the amount of R$160.0
million, related to the fiscal year ended on December 31st, 2012.
Dividend per Share Dividend Yield
R$ 0,513
166% 2,0%
93%
75% 1,0%
79%
R$ 0,193
0,6%
R$ 0,108
2010 2011 2012 2010 2011 2012
* Considering BRPR3’s closing price in 12/28/2012 – R$25.50 4Q12
16

17. Appendix - New Supply SP
Downtown
93,550 sqm Marginal
Paulista
Jardins
Alphaville
Vila Olímpia/JK
2013: 32,000 sqm
Cid. Jardim – 3,871 sqm - BRPR 2014: 90,668 sqm
JK Towers – 34,583 sqm - BRPR New Faria Lima/JK
2013: 71,233 sqm
2014: 0 sqm
Vila Olímpia/Bandeirantes
2013: 51,841 sqm
Marginal
2014: 40,022 sqm
Marginal (New Berrini)
2013: 77,424 sqm
2014: 193,831 sqm
PGP – 9,392 sqm - BRPR
Note: In the areas of new supply described above are included only those which will be effectively vacant upon delivery. Therefore, the numbers above
exclude pre-leased areas and new supply owned by BR Properties such as Cidade Jardim, the JK Towers, and Panamérica Green Park (PGP). Source: BRPR
4Q12
17

18. Appendix - New Supply SP
Net Absorption - São Paulo (sqm)
600.000
500.000
400.000
300.000
200.000
100.000
0
2006 2007 2008 2009 2010 2011 2012(9M)
-100.000
Jardins Marginal Paulista Downtown Others Alphaville
São Paulo - New Supply (sqm)
600.000
500.000
400.000
300.000
200.000
100.000
-
2005 2006 2007 2008 2009 2010 2011 2012(9M)
Source: CBRE
4Q12
18

19. IR Contacts
Investor Relations
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
4Q12
19