2Q12 Earnings Release Presentation

2Q12

Highlights

2

2Q12 HIGHLIGHTS

2Q12 net revenues totaled R$160.9 million, an increase of 93% over 2Q11, when net revenues came in at R$83.6 million. The significant growth resulted from rental revenues of properties merged from One Properties;

2Q12 adjusted EBITDA of R$144.6 million, a 90% increase over 2Q11 and adjusted EBITDA margin of 90%. 2Q12 non- adjusted EBITDA reached R$135.8 million, and EBITDA margin of 84% (adjusted EBITDA excludes non-cash and non-recurring expenses);

2Q12 net income totaled R$332.4 million, impacted by the net gain on appraisal of investment properties and by the net operating profit of the quarter;

2Q12 adjusted FFO excluding merger expenses totaled R$8.5 million, and adjusted FFO margin of 5%. It is worth mentioning that BR Properties already incurred the financial expenses related to properties under development, which are not generating any additional revenue;

During 2Q12, the Company reached leasing spreads (net of inflation) of 14.6% on new leases signed in office buildings and 34.4% in the industrial properties. On market alignments of existing contracts, real gains were 16.3% in office buildings;

The financial vacancy rate was 1.3%, while physical vacancy rate came in at 1.9%. In terms of area, office, industrial, and retail properties were 98.2%, 97.9%, and 100.0% occupied at the end of the quarter, respectively;

On April 30th, the Company executed the acquisition of Ed. Ventura - East Tower for R$746.3 million. With the acquisition, BR Properties strengthens its presence in Rio de Janeiro’s “triple A” office market, by holding 217 thousand sqm of GLA (Ventura - East and West Tower, Manchete, CES Petrobrás, Sylvio Fraga and Bolsa do RJ);

The Company sold three properties in the quarter: Ed. Olympic Tower was sold for R$14.0 million, which represented an exit cap rate of 8.9%, Ed. Paulista Plaza was sold for R$20.0 million, resulting in an exit cap rate of 10.0%; and Cetenco Plaza was sold for R$21.6 resulting in an exit cap rate of 9.0%. In all of these buildings BR Properties held partial ownership. During 6M12, R$86.0 million in asset sales were executed resulting in a rental loss of R$1.9 million in the period;

During 2Q12, the Company paid R$227.4 million of debt merged from One Properties, which had a weighted average cost of CDI + 2.9% p.a.;

2Q12

Highlights

3

Regarding dividend distribution, the Company paid R$60 million to shareholders, in April 2012, which is approximately four times as large as the amount paid in 2011;

In May, BR Properties executed the first issuance of commercial papers, raising R$400.0 million in one tranche at 104% of CDI p.a., maturing in 120 days;

Also in May, the Company took on a short-term loan (CCB) of R$130.0 million at CDI + 0.4% p.a., maturing in 120 days. The debt was prepaid on July 23th, 2012;

In June, BR Properties contracted an R$141.0 million 12 year term real estate loan related to the Paulista Building. The cost is TR + 10% p.a.;

On June 1st, 2012, BR Properties was included in the MSCI (Morgan Stanley Capital International) Brazil Index, one of the most recognized worldwide and widely used as benchmark by institutional investors;

On June 18th, 2012, Standard & Poor’s Rating Services assigned BB global scale and brAA national scale issuer credit ratings to BR Properties.

SUBSEQUENT EVENTS

July: first issuance of non-convertible local debentures, raising R$600.0 million in two tranches: R$369.0 million at CDI + 1.08% p.a. maturing in five years and R$231.0 million at IPCA + 5.85% p.a. maturing in seven years;

July: the Company prepaid/refinanced R$364.5 million of debt merged from One Properties, which had a weighted average cost of CDI + 3.7% p.a.;

August: the Company prepaid commercial papers issued in 2Q12, utilizing part of the proceeds from its first issuance of non-convertible local debentures;

August: the Company executed the sale of additional units of Cetenco Plaza for R$47.2 million, resulting in an exit cap rate of 6.5%. BR Properties’ current stake in the building represents 534 sqm of GLA.

2Q12

Portfolio

6M12 Revenue Breakdown

Portfolio Breakdown (% market value)

Portfolio Breakdown (% GLA)

4

Portfolio Market Value

49%

21%

24%

6%

Off ice AAA Off ice Industrial Retail

18%

15%

62%

5%

Off ice AAA Off ice Industrial Retail

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

4.751 4.918 5.142 5.254

11.71512.968

Services 1%Straight-line 1% Leasing 98%

55%

37%

8%

2Q12

Financial Highlights

5

Net Revenues (R$ thousand)

Net Income* (R$ thousand)

* Impacted by the net gain on appraisal of investment properties

2Q11 2Q12 6M11 6M12

83.576

160.935 161.353

262.128 93%

62%

2Q11 2Q12 6M11 6M12

158.809

332.390 181.166

785.103

333%

109%

Pro-forma Net Revenues (R$ thousand)Manchete & Ventura – Full Period

2Q11 2Q12

83.576

160.935

13.000 108%

173.935

2Q126

Financial Highlights

Adjusted EBITDA (R$ thousand) Non-adjusted EBITDA (R$ thousand)

91% 90% 90% 90%

Adjusted EBITDA Margin

2Q11 2Q12 6M11 6M12

75.982

144.568 144.454

236.346

64%

90%

86% 84% 86%85%

EBITDA Margin

2Q11 2Q12 6M11 6M12

72.174

135.752 139.375

223.061

60%

88%

Adjusted EBITDA Breakdown 2Q12 2Q11 var % 6M12 6M11 var %Net Income (loss) 332.390 158.809 109% 785.103 181.166 333%(+) Income and Social Contribution taxes 166.019 53.812 209% 515.111 56.305 815%(-) Gain (Loss) on Sale of Investment Properties 8.525 (179) -4863% 8.525 1.341 536%(-) Gain on Appraisal of Investment Properties (554.489) (167.941) 230% (1.284.395) (167.941) 665%(-) Other Operating Income (1.646) 617 -367% (2.116) 715 -396%(-) Net Financial Result 184.952 27.056 584% 200.832 67.790 196%EBITDA 135.752 72.174 88% 223.061 139.375 60%EBITDA Margin 84% 86% -2 p.p. 85% 86% -1 p.p.(+) Bonus Provision 1.149 1.149 0% 2.298 2.298 0%(+) Stock Option Provision 773 4.259 -82% 2.061 4.381 -53%(+) Merger Expenses 6.894 - n/a 8.927 - n/a(-) Reversal of 2010 Bonus provision - (1.600) -100% - (1.600) n/aAdjusted EBITDA 144.568 75.982 90% 236.346 144.454 64%Adjusted EBITDA Margin 90% 91% -1 p.p. 90% 90% 1 p.p.

2Q127

Financial Highlights

2Q11 2Q12

75.982

144.568

13.000 107%

157.568

2Q11 2Q12

72.174

135.752

13.000 106%

148.752

Pro-forma adjusted EBITDA (R$ thousand)Manchete & Ventura – Full Period

Pro-forma non-adjusted EBITDA (R$ thousand)Manchete & Ventura – Full Period

2Q128

Financial Highlights

Adjusted FFO (R$ thousand)

19%5%

22% 24%

Adjusted FFO Margin

2Q11 2Q12 6M11 6M12

16.101 8.482

35.797

62.365

74%

(47%)

Adjusted FFO Breakdown 2Q12 2Q11 var % 6M12 6M11 var %

Net Income (loss) 332.390 158.809 109% 785.103 181.166 333%(-) Gain (Loss) on Sale of Investment Properties 8.525 (179) -4863% 8.525 1.341 536%(-) Gain on Appraisal of Investment Properties (554.489) (167.941) 230% (1.284.395) (167.941) 665%(+) Deferred Taxes 153.916 45.134 241% 498.023 45.134 1003%(+) Taxes on Property Sales 3.905 184 2019% 3.905 6.480 -40%(+) Cost of Leased Properties - - n/a - - n/a(+) Non-cash Losses on Exchange Rate Variation 57.794 1.484 3795% 90.858 7.947 1043%(-) Non-cash Gains on Exchange Rate Variation (453) (21.390) -98% (48.581) (38.330) 27%(+) Merger Expenses 6.894 - n/a 8.927 - n/aAdjusted FFO 8.482 16.101 -47% 62.365 35.797 74%Adjusted FFO Margin 5% 19% -14 p.p. 24% 22% 2 p.p.

Pro-forma FFO (R$ thousand)Manchete & Ventura – Full Period

2Q11 2Q12

16.101

8.482

13.000

33%21.482

2Q129

Financial Highlights: FFO Evolution

2Q12 Monthly FFO Evolution

(8.961)

2.643

14.800

8.482

April / 12 May / 12 June / 12 2Q12

2Q1210

Non-income producing properties

Non-Income Producing Properties TypeMonths of Generated

Income in 2Q12Delivery Date Owned GLA Rent / sqm / Month ¹

Potential AnnualRevenue (R$ mm) ²

Ed. Manchete * Office AAA 1 month Delivered 27.658 R$ 161,35 54 millionR$ Ed. Ventura - Torre Leste ** Office AAA 1 month Delivered 45.577 R$150 - R$200 82 millionR$ Ed. Paulista Office 0 month 3Q12 22.855 R$110 - R$135 30 millionR$ Centro Empresarial Senado - CES *** Office AAA 0 month 3Q12 95.174 R$ 87,39 100 millionR$ Cidade Jardim Office AAA 0 month 4Q12 6.792 R$150 - R$170 12 millionR$ Complexo JK - Bloco D&E Office AAA 0 month 1Q13 34.583 R$150 - R$170 62 millionR$ Panamérica Green Park Office 0 month 1Q13 5.185 R$50 - R$60 3 millionR$ Varejo Petrobrás Retail 0 month 1Q13 2.881 R$170 - R$220 6 millionR$ WTNU - Torre III Office AAA 0 month 1Q13 14.868 R$120 - R$140 21 millionR$ DP Louveira 7 Warehouse 0 month 2Q13 30.122 R$19 - R$24 7 millionR$ Gaia Terra Warehouse 0 month 2Q13 23.017 R$19 - R$24 5 millionR$ Complexo JK - Bloco B Office AAA 0 month 1Q14 29.539 R$150 - R$170 53 millionR$ Souza Aranha Office 0 month 2Q14 2.019 R$65 - R$85 2 millionR$ TOTAL 437 millionR$

* Property fully leased** Property fully leased and under market realignment negotiation*** Property fully pre-leased¹ Internal Estimate² Considering the bottom of the estimated range

Potential Annual Revenue (R$ million)

Ed.Manchete

Ed. Ventura -East

Ed. Paulista CentroEmpresarial

Senado

CidadeJardim

JK Complex- D&E

PanaméricaGreen Park

RetailPetrobrás

WTNU -Tower III

DP Louveira7

Gaia Terra JK Complex- B

SouzaAranha

TotalAdditionalRevenue

54

437

82 30

100 12

62 3 6 21 7 5

53 2

2Q1211

Debt Restructuring

New Debt taken in 2Q12

2Q12 Prepaid Debt

Post-2Q12 Prepaid Debt

Post-2Q12 Renegotiated Debt

In July, the Company prepaid/refinanced R$364.5 million of debt merged from One Properties, which had a weighted average cost of CDI + 3.7% p.a.

During 2Q12, the Company paid R$227.4 million of debt merged from One Properties, which the weighted average cost was CDI + 2.9% p.a.

Debt Type Institution Index Cupon Term Maturity 2Q12 Balance 1Q12 BalanceBR Properties (holding) Commercial Paper Debt Capital Market CDI 104,00% 3 months 03/08/12 404.242 - BR Properties (holding) CCB Santander CDI 0,40% 2 months 23/07/12 131.190 - Ed. Paulista CCV Santander TR 10,00% 144 months 28/06/24 141.037 -

Subtotal 676.469 -

2Q12 Prepaid Debt Type Institution Index Cupon Term Maturity 2Q12 Balance 1Q12 BalanceBR Properties (holding) CCB Banco do Brasil CDI 119,00% 24 months 07/05/12 - 120.284 BR Properties (holding) CCB ABC CDI 3,90% 22 months 11/06/12 - 839 BR Properties (holding) CCB ABC CDI 3,25% 9 months 07/05/12 - 16.273 BR Properties (holding) CCB ABC CDI 3,50% 8 months 07/05/12 - 9.154 BR Properties (holding) CCB ABC CDI 4,45% 8 months 07/05/12 - 15.256 BR Properties (holding) CCB Indusval CDI 4,28% 2 months 21/05/12 - 20.062 BR Properties (holding) CCB Pine CDI 4,75% 3 months 28/05/12 - 45.542

Prepaid Debt - Subtotal - 227.410

Post-2Q12 Prepaid Debt Type Institution Index Cupon Term Maturity 2Q12 Balance 1Q12 BalanceBR Properties (holding) Debentures Banco do Nordeste CDI 145,00% 48 months 01/03/15 178.709 173.260 BR Properties (holding) CCB ABC CDI 3,90% 23 months 09/07/12 839 1.679 BR Properties (holding) CCB ABC CDI 3,90% 24 months 09/08/12 839 1.679

Prepaid Debt - Subtotal 180.387 176.618

Renegotiated Debt Type Institution Index Cupon Term Maturity 2Q12 Balance 1Q12 BalanceBR Properties (holding) Debentures Banco do Brasil CDI 130,00% 58 months 30/09/15 71.939 69.962 BR Properties (holding) CCB Santander CDI 3,25% 60 months 25/07/12 112.190 108.890

Debt - Renegotiated 184.130 178.852

2Q12

Debt

2Q12 Net Debt (R$ mn) 2Q12 Debt Index Breakdown

12

45%

39%

14%

1% 1%

TR

CDI

IGPM

INPC

IPCA

Net Debt 2Q12 1Q12 var %Short Term Loans and Financing 1.152.034 861.508 34% Loans and Financing 1.081.839 793.883 36% Perpetual Bond 59.253 53.414 11% Derivative Instruments (3.299) (43) 7647% Payables for Acquisition of Real Estate 14.242 14.254 0%

- - Long Term Loans and Financing 3.994.751 3.802.561 5% Loans and Financing 3.464.272 3.324.361 4% Perpetual Bond 530.479 478.200 11%Gross Debt 5.146.785 4.664.069 10%Cash and Cash Equivalents 609.460 1.104.247 -45%Net Debt 4.537.325 3.559.822 27%Portfolio Value 12.968.469 11.714.853 11%Gross Debt / Portfolio Value (Loan to Value) 40% 40% 0%Net Debt / Portfolio Value (Loan to Value) 35% 30% 15%Adjusted EBITDA / Net Financial Expenses * 1,1x 3,0x -62%Duration (years) ** 4,9 4,3 13%* Considers Net Financial Expenses (ex. non-cash variations)

** Considers the amortization of the perpetual bond in 2023

ST Debt Obligations for

Acquisitions

LT Debt Total Debt Cash Net Debt

1.138

5.147 4.537

14

3.995 609

2Q12

285

559421 372 308 362

243 237 19992 62 46 44 43

178

404

304277

253312

185 167 163159 152 106 102 94

535

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Principal Interest Balance of Commercial Papers & Short-term CCB

Debt

13

Debt Service Schedule (R$ million)

Loan to Value: Gross and Net

Subsequent to the end of 2Q12 R$404 million commercial papers were entirely paid with part of the proceeds from the local debentures issued in July, 2012. Additionally, the short-term CCB of R$132 million was also paid in July, 2012.

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

38% 40%

24%

40%45% 43% 42% 41% 40%

40%

4%23% 21%

36% 36%35%

21% 21%

30%

35%

LTV Gross Debt LTV Net Debt

2Q1214

Operating Highlights

Leasing Spreads

Leasing Spread - Market Alignments 2Q12 2Q11 6M12 6M11Leasing Spread - Office 16,3% 24,5% 27,1% 22,7%Renegotiated GLA (m²) 12.883 9.330 30.587 24.004 % Office portfolio 3% 3% 8% 8%Leasing Spread - Warehouse n/a n/a 13,1% 22,6%Renegotiated GLA (m²) - - 6.840 14.798 % Warehouse portfolio 0% 0% 1% 2%Leasing Spread - Retail n/a 15,7% n/a 15,7%Renegotiated GLA (m²) - 97.431 - 97.431 % Retail portfolio 0% 97% 0% 97%Leasing Spread - New Leases 2Q12 2Q11 6M12 6M11Leasing Spread - Office 14,6% 14,3% 25,4% 14,7%Leased GLA (m²) 4.264 17.444 9.454 25.787 % Office portfolio 1% 6% 2% 9%Leasing Spread - Warehouse 34,4% 28,3% 1,9% 15,6%Leased GLA (m²) 2.871 5.130 55.794 18.019 % Warehouse portfolio 0% 1% 5% 2%Leasing Spread - Retail n/a n/a n/a n/aLeased GLA (m²) - - - - % Retail portfolio 0% 0% 0% 0%

2Q12

Operating Highlights

15

Financial Vacancy per SegmentVacancy Breakdown

Portfolio – financial and physical vacancy of 1.3% and 1.9%, respectively

2Q11 3Q11 4Q11 1Q12 2Q12

1,5%

0,9% 0,9%1,0%

1,9%

2,3%

1,5%1,7%

1,1%1,3%

Physical Financial

1Q12 2Q12

0,9% 0,9%

0,2%

0,4%

0,0% 0,0%

Off ice

Industrial

Retail

Property Type Financial PhysicalCBOP - Jacarandá Office 0,2% 0,1%

Raja Hills Office 0,0% 0,0%Ventura - Torre Oeste Office 0,1% 0,0%

Bolsa do Rio Office 0,2% 0,1%Icomap Office 0,0% 0,0%

Santa Catarina Office 0,2% 0,1%Brasília Office 0,2% 0,1%

Total Office 0,9% 0,5%BP Itapevi Industrial 0,1% 0,3%

BBP Barão de Mauá Industrial 0,1% 0,2%Cond.Ind.SJC Industrial 0,2% 1,0%

Total Industrial 0,4% 1,4%Total Portfolio 1,3% 1,9%

2Q12

% Revenues

% GLA

% GLA

% Revenues

16

Operating Highlights

Lease Contract 3 Year Market Alignment Schedule

Lease Contract Expiration Schedule

2012 2013 2014 >2015

2%9%

17%

72%

2012 2013 2014 >2015

3%19%

23%

56%

2012 2013 2014 >2015

28%

24%

38%

11%

2012 2013 2014 >2015

37%

18%

39%

6%

2Q12

BTG Pactual28%

W Torre8%

Laugar2%

GIC5%

Other56%

Capital Markets

17

* As of August 3th, 2012

Current number of shares: 310,307,396 Market Value: R$ 7.5 billion Average Daily Vol. (30d): R$ 24.3 million

Performance BRPR3 Shareholder Base

34,2%

-1,0%5,9%

-7,2%

-20%

-10%

0%

10%

20%

30%

40%

Jan-12 Jan-12 Feb-12 Mar-12 Mar-12 Apr-12 May-12 May-12 Jun-12 Jun-12 Jul-12

BR PropertiesIbovespaImobMSCI Brasil

Index % BRPRMSCI Brazil 0,45%IBrX 0,44%IBrA 0,41%MLCX 0,45%IMOB 9,50%IGC 0,74%IGCT 0,55%ITAG 0,68%

Stock Performance (BRPR3) 2Q12 2Q11 var % 6M12 6M11 var %Total Number of Shares 310.307.396 174.753.919 77,6% 310.307.396 174.753.919 77,6%Free Float (%) 99% 99% 0,0% 99% 99% 0,0%Stock Price (average for the period) 23,02 17,66 30,4% 21,80 17,49 24,6%Stock Price (end of period) 23,70 17,50 35,4% 23,70 17,50 35,4%Market Cap end of period (R$ million) 7.354,3 3.058,2 140,5% 7.354,3 3.058,2 140,5%Average Daily Trading Volume (R$ million) 36,51 10,85 236,5% 29,40 9,58 206,9%Average Daily Traded Shares 1.592.098 616.953 158,1% 1.329.762 548.476 142,4%Average Daily negotiations 4.074 688 492,3% 3.550 573 519,6%

2Q12

IR Contacts

Pedro DaltroCFO & Investor Relations Officer

Marcos HaertelInvestor Relations Manager

Gabriel BarcelosInvestor Relations Analyst

Phone: (55 11) 3201-1000Email: ri@brpr.com.br

www.brpr.com.br/ri

18

Investor Relations