3Q10 Earnings Release Presentation

November 11th, 2010

BRProperties

BRProperties 3Q10

Highlights

2

Financial

Highlights

Operating

Highlights

With the acquisition of 41% of Ventura Corporate Towers II, we completed 84% of the acquisition

goal proposed in the capital budget after the Company’s IPO and a record R$ 1.5 billion in 2010

At the end of 3Q10, our portfolio had 1,014,636 sqm of gross leasable area (GLA), a 139%

increase compared to the same period of last year

The Company concluded a perpetual bond issuance, in the amount of US$ 200 million, offered to

qualified institutional investors. The bond has a call option at par after the 5th year, and will pay 9%

interest a year. The bond proceeds will be mainly utilized for new acquisitions

During 3Q10, we raised approximately R$ 238 million in real estate long term financing linked to

TR; this type of credit represents 78% of the total Company debt, excluding the perpetual bond

proceeds

In 3Q10, our property management revenues increased 72% over 3Q09

3Q10 gross revenues increased 91% compared to 3Q09, totaling R$ 58.5 million

Adjusted EBITDA, excluding stock option plan expenses and bonus provision, of R$ 45.4 million at

the end of 3Q10, an increase of 101% over 3Q09

In 3Q10 and 9M10, we estimated a pro-forma adjusted EBITDA of R$ 49.0 million and R$ 162.4

million, with 85% and 88% margin, respectively. Excluding vacancy expenses, the margins would

rise to 93% and 92% in 3Q10 and 9M10, respectively

Net income of R$ 10.4 million, a 67% increase over 3Q09 and consolidated FFO of R$ 17.9 million

with a 33% FFO margin

BRProperties 3Q10

Recent Acquisitions

3

In August 2010, we acquired - together with Banco BTG

Pactual - 82% of one of the towers which make up the

Ventura Corporate Towers, a Triple A office complex, for R$

680 million

The acquisition was done through the real estate

investment fund Ventura II-A Fundo de Investimento

Imobiliário-FII, which will be managed by BR Properties

It is the best and largest office building in Rio de Janeiro,

located in the downtown region of the city, one of the

highest valued corporate regions in the country, with ample

access to public transportation and close to the city’s major

airport.

With the acquisition, BR Properties portfolio reached over

1 million sqm of GLA, of which approximately 108 thousandsqm is located in the downtown region of Rio de Janeiro.

Ventura Corporate Towers II

Type: Office AAA

GLA: 21,493 sqm

% Owned: 41%

Floors: 17

Capex: R$ 340 MM

BRProperties 3Q10

Portfolio

Portfolio Growth (GLA sqm)

Portfolio Breakdown

(% market value)

Portfolio Breakdown

(% GLA)

4

58%

38%

1% 3%

Office Industrial Other Development

27%

72%

1%

Office Industrial Other

993.143

1.014.636 21.493

2Q10 Acquisition Ventura Towers 3Q10

BRProperties 3Q10

BR Properties has already invested R$ 1.2 billion, or 84%, of the total acquisition value outlined in the

capital budget after IPO

It is also important to mention that we are currently 25% above the acquisition goal established for 2010

Acquisitions

Acquisition CAPEX Schedule Post IPO Post IPO Acquisitions

5

1.212

mar/10 apr/10 may/10 jun/10 jul/10 aug/10 sep/10 oct/10 nov/10 dec/10

Capital Budget

Actual

1.452

968

1.212

mar/10 apr/10 may/10 jun/10 jul/10 aug/10 sep/10

Capital Budget

Actual

+25%

BRProperties 3Q10

Our financial vacancy was 12.3% in the period; Excluding CBOP - Jacarandá, Torre Nações Unidas, and Ventura

Towers II, our financial vacancy would drop to 1.8%

Operating Highlights

Vacancy Breakdown

Jacarandá Building: paid only 18% of the total acquisition value as a down payment, it is currently 55%

leased and under lease up process of its vacant areas, at the responsibility of the seller

TNU: in the final stage of its retrofit process, it is 55% leased, and we expect an upside in the rental price per

sqm in the leasing of the reminiscent area

Ventura II: acquired in August 2010, it is currently 50% leased to BNDES and British Gas

Vacancy per Property

6

4,7%

3,0%

2,8%

0,9%0,5%

0,2%0,2% 0,0%

Ventura

Castelo Branco Office Park

TNU

Piraporinha

DP Louveira 9

Plaza Centenário

Raja Hills

Number One

6,6%

5,2%

1,8%

10,4%

12,3%

1,8%

2Q10 3Q10 3Q10 Ex CBOP, TNU & Ventura

Physical

Financial

BRProperties 3Q107

Operating Highlights

Renegotiations New Leases

-4,2%

13,6%

-0,4%

13,4%

0,0%

14,4%

3,9%

7,1%

3Q09 3Q10 9M09 9M10

Off ice

Industrial

-3,7%

6,6%

1,8%

7,7%

-13,3%

13,7%

-12,3%

13,6%

3Q09 3Q10 9M09 9M10

Off ice

Industrial

Leasing Spread 3Q10 3Q09 var % 9M10 9M09 var %

Leasing Spread (Renegotiations) - Office 13,6% -4,2% n/a 13,4% -0,4% n/a

Leasing Spread (Renegotiations) - Warehouse 14,4% 0,0% n/a 7,1% 3,9% 82,5%

Renegotiated Area - Office (sqm) 2.545 6.362 -60,0% 3.490 8.823 -60,4%

Renegotiated Area - Warehouse (sqm) 1.107 1.612 -31,3% 17.899 4.964 260,6%

Leasing Spread (New Leases) - Office 6,6% -3,7% n/a 7,7% 1,8% n/a

Leasing Spread (New Leases) - Warehouse 13,7% -13,3% n/a 13,6% -12,3% n/a

New Leased Area - Office (sqm) 7.330 2.903 152,5% 24.955 12.584 98,3%

New Leased Area - Warehouse (sqm) 19.752 9.054 118,2% 26.919 10.814 148,9%

* Leasing spreads are net of inflation

BRProperties 3Q10

% Revenues

% GLA

% GLA

% Revenues

Lease Contract 3 Year Market Alignment Schedule

Lease Contract Expiration Schedule

8

Operating Highlights

0% 6%8% 30%

57%

2010 2011 2012 2013 >2013

2%5%

6%36%

51%

2010 2011 2012 2013 >2013

16%

36%

20%

27%

1%

2010 2011 2012 2013 >2013

17%

44%

23%

15%

1%

2010 2011 2012 2013 >2013

BRProperties 3Q10

Managed Properties Property Management Revenues

9

Operating Highlights

24

29

3Q09 3Q10

494.499

894.240

3T09 3T103Q09 3Q10

BRProperties 3Q10

Net Revenues

Net Income FFO

10

Financial Highlights

6.231 10.437

23.783

41.501

3Q09 3Q10 9M09 9M10

67%

74%

10.290 17.918

36.075

60.105

37%33%

42% 43%

3Q09 3Q10 9M09 9M10

FFO Margin

74%

67%

27.616 53.688 57.336

86.886

140.177

183.613

3Q09 3Q10 3Q10 Pro Forma 9M09 9M10 9M10 Pro Forma

94%

7%

94%

61%

31%

111%

108%

BRProperties 3Q10

Pro-Forma Estimates

Additional Pro-forma Gross Revenues

(non audited)

Adjusted EBITDA

(non audited)

11

153.897

198.492

4.346 500 2.844 6.035

6.802 8.863

15.206

9M10 Actual BBP DP Araucária

TNU Ed. Jacarandá

Louveira 3-6

Louveira 8-9

Ventura 9M10 Pro-forma

22.580 45.356 49.004 53.087

73.995

118.995

162.430 169.831

82%84% 85%

93%

85% 85%88%

92%

3Q09 3Q10 3Q10 Pro Forma

3Q10 Pro -Forma (ex -vacancy)

9M09 9M10 9M10 Pro Forma

9M10 Pro -Forma

(ex -vacancy)

Adjusted EBITDA Margin

101%

8%

61%

37%135%

130%

8%

5%

BRProperties 3Q10

Debt

Debt Amortization Schedule

Net Debt 3Q10 Debt Index Breakdown 3Q10

12

362

1.429

890

93

974 539

ST Debt Obligations for

Acquisitions

LT Debt Total Debt Cash Net Debt

245.152

70.394 88.875 84.998

109.550 108.015 120.282

266.214

86.263 77.732

44.756

22.684 10.591

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

*

* includesdebt short term debt, which will be fully paid, utilizing the Company’s cash, by the end of 2010

78%

3%

20%

TR

IGPM

CDI

BRProperties 3Q10

Perpetual Bond

13

In October 2010, the Company concluded a perpetual bond issuance, in the amount of US$ 200 million, offered to

qualified institutional investors. The bond has a call option at par after the 5th year, and will pay 9% interest per year.

Swap Operation

We signed contracts of foreign exchange hedge to mitigate our exposure to currency fluctuations,

hedging the coupon to be paid for 5 years at local currency, linked to CDI fluctuations.

Given that only the coupon will be hedged, potential volatility in the debt principal could emerge in real

(R$) terms. The net effect on the Company’s cash flow, however, will be zero, since the bond has no

maturity date.

Bond BRProperties Bank

USD

USD 115,64% CDI

> Maintain Company's strong growth > Lengthen Company's amortization schedule

> Raise capital at lower costs than in the local market > Reduce the long-term average cost of debt

> Alternative to real estate dedicated loans for long-term financing

Objectives

BRProperties 3Q10

Stock Performance

14

GP Investments14%

Laugar S.A.5%

Silverpeak4%

Free Float77%

* As of November 9th, 2010

Number of shares: 139,403,585Market Value: R$ 2.4 billion Average Daily Vol. (30d): R$ 11.1 million

33,46%

4,53%

-20%

-10%

0%

10%

20%

30%

mar-10 abr-10 mai-10 jun-10 jul-10 ago-10 set-10 out-10 nov-10

BRPR3

Ibovespa

BR Properties current ownership structure is highly fragmented, with no controlling shareholder, no shareholders

agreement, and over 77% of its shares in free float

BRProperties 3Q10

Glossary

EBITDA (Earnings Before Income, Tax, Depreciation and Amortization): a non accounting measure which

measures the Company’s capacity to generate operational revenues, without considering its capital structure.

Measured by excluding the operational expenses from Gross Profit and adding back the depreciation and amortization

expenses for the period

(Gross Profit – General and Administrative Expenses + Depreciation + Amortization)

Adjusted EBITDA: adjustments made to EBITDA by excluding R$ 0.2 million from expenses regarding the Company

stock option plan, along with R$ 1.1 million in employee bonus provisions

FFO (Funds From Operations): non accounting measure, which adds back depreciation to net income in order to

determine, utilizing the income statement, the net cash generated in the period

(Net Income + Depreciation)

Leasing spread: real gain (net of inflation) from the renegotiation of existing leases, and new leases of vacant areas

when compared to the previous in-place rent

Vacancy - Financial: estimated by multiplying the average rent per sqm which could be charged in the buildings and

their respective vacant areas, and then dividing this result by the potential gross revenues of each property. Indicates

the percentage of potential revenue which is lost each month due to vacancy

Vacancy - Physical: estimated by dividing the total vacant area by the total GLA of the portfolio

- 15 -

BRProperties 3Q10

IR Contacts

Investor Relations

Pedro Daltro

CFO & 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

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