São Paulo: the lowest vacancy rate in the world.

211 OFFICE SÃO PAULO OFFICE MARKET REPORT OFFICE RESEARCH REPORT CLASS A+ and A São Paulo: the lowest vacancy rate in the world. Economic Overview The economy of São Paulo state performed well in the first semester of the year, considering the period of instability that the international economy had passed through and the contractionist measures taken by the Banco Central do Brasil to curb inflation. According to SEADE (São Paulo State Data Analysis System), the paulista economy grew 4.2% in the first quarter as compared to the same period last year, mostly due to increased employment, higher salaries and credit offering. The Central Bank also highlighted higher levels of economic activity in the state during the first 5 months of the year. The institution s economic activity index (IBCR-SP) showed increases of 1.5% and 1.6% during the periods from December-February and March-May, respectively a result considered positive for the current scenario, but modest when compared to the same periods in the previous year (3.7% and 1.5% growth, respectively). According to the IBGE s (Brazilian Institute of Geography and Statistics) Monthly Trade Survey (PMC), retail sales volumes grew by 6.2% in the first half, less than the 11.9% growth seen during the same period in 21. In line with the IBGE s numbers, Fecomércio (Commerce Federation of the State of São Paulo) registered a.3% drop in revenues for business in general during the first half of the year. These indicators show that the effects of Central Bank s contractionist measures are beginning to be felt by the paulista economy, which should mitigate inflation. The IPC Consumer Price Index calculated by FIPE (Institute of Economic Research) showed growth of 3.15%, but has showed a drop when comparing month to month. Market speculations are that the IPC-Fipe will end the year at 5.71%, according to the Focus market report released by the Central Bank in the last week of June. Due to the less favorable scenario, the rate of growth in the real estate sector should decrease but not lose its positive tendency due to a restrained demand. VACANCY RATE ABSORPTION INVENTORY PRICE MARKET INDICATORS 211 211 IPC - FIPE I SÃO PAULO (%) 1.15.6.7.35.31.1 Jan Feb Mar Apr May Jun www.colliers.com.br

MARKET REPORT OFFICE 211 Market Overview During the last years, the São Paulo office market has gone through a period characterized by lock of supply, with real estate speculation and a increase in prices for lease, sales and land, with vacancy rates below to 5% and no availability of CEPACS (Certificate of Additional Potential of Construction). These factors, which go hand-in-hand with the current strong cycle of the national economy, set the real estate market on a trajectory similar to the explosion of flat construction at the beginning of the 9 s. Several developments will be delivered during next quarters and they will certainly impact vacancy rates in the future, even if some of these new properties have been leased before they come onto the market. Besides, there is a possibility that some companies choose to relocate its operations to other modern buildings. Another trend for the São Paulo office market is the seek for Green Builidng certification. There are currently 6 properties in the city certified with the LEED seal. The most recent is the CYK building in the region, also the first to be certified in the EB OM (Existing Buildings: Operation and Maintenance) category. There are two other properties in the EB OM certification phase: Eluma, also in the region, and New Century in. The cities of São Paulo and Barueri have 18 LEED pre-certified buildings currently under construction. Compared to the number of certifications registered over the last three years, the next three years will show an increase of 3.5 times. Given the changes in market behavior, some new concepts in construction have become more common. Among these are mixed-use facilities such as the F.L which will comprise corporate, commercial and residential towers. Similar projects are in the study phases for other parts of the city. Today speculations are pointing toward the emergence of a new hub of corporate offices in the city of São Paulo, located on the extension of Avenida Doutor Chucri Zaidan, in the region. The extension will be some 3.5 kilometers long with a tunnel and superimposed surface lanes connecting to Avenida João Dias and crossing Morumbi and Brooklin neighborhood. The interventions included in the Agua Espraiada Consortiated Urban Operation were modeled after the Avenida reurbanization project, but with more emphasis on creating green spaces. The intention is to optimize the potential of each piece of land through development of mixed use developments. Companies such as Tishman Speyer, Eztec, Multiplan and Odebrecht have already shown their presence in the region. VACANCY São Paulo s corporate market vacancy rate decreased from 1.2% to.8% since last quarter. This number refers to São Paulo city and is the lowest vacancy rate of any of the markets monitored by Colliers International worldwide. The delivery of Eco building did not affect the city s vacancy rate because it was leased by Telefonica. When considering the entire São Paulo market (São Paulo + ), the rate jumps to 3.9%. currently has 5, sqm of available area in the I-Tower and the Castelo Branco Office Park buildings. The scenario of scarcity in the city of São Paulo will change drastically in next months due to the delivery of new buildings totaling 3, sqm. Even though part of this total area will already been leased when construction is completed, the vacancy rate in A and A+ buildings will tend to increase as well the space in B and C buildings due to the space redesign projects. 9 8 VACANCY OF SÃO PAULO (%) Market Country Vacancy (%) São Paulo Brazil.8 Regina Italy 1.3 Lima Peru 2.3 Geneva Switzerland 2.5 Hong Kong China 3.1 Santiago Chile 2.4 São Paulo (São Paulo City + ) Brazil 3.9 Rio de Janeiro Brazil 4.6 London England 5. Vienna Austria 5. Zurich Switzerland 5.3 Market Vacancy (São Paulo + ) 3.9% Vacancy in São Paulo City.8% QUARTERLY VACANCY RATES 28-211 (%) Another major development will happen in, part of the city s West Zone, where builders Tecnisa and PDG are developing a planned neighborhood on a 25, sqm of land area. The project includes a 5, sqm park, fourteen new streets, two avenues, thirty residential towers and two office towers. It is expected that the development will attract other builders to the region, whose last large corporate building, the Centro Empresarial Água Branca, was built 11 years ago. 7 6 5 4 3 2 1 28 2. 28 3Q 28 4Q 28 29 6.8 29 3Q 29 4Q 29 21 5.7 21 3Q 21 4Q 21 2. 1.2 211 3.9.8 211 City of São Paulo São Paulo + P. 2 COLLIERS INTERNATIONAL

MARKET REPORT OFFICE 211 The 62,99 sqm available on the market (less area than the rentable area in s VACANCY RATE COMPARED TO THE SAME PERIOD IN THE PREVIOUS YEAR (%) DISTRIBUTION OF AVAILABILITY BY REGION (%) 1 9 8 7 8% 9% 4% 2% 1% 1% 6 5 4 3 5.7 3.9,9% 1% 2 1 21 211 Current inventory (sqm): 1,619,892 Vacancy (sqm): 62,99 Around 8% is concentrated in, 9% on, 4% on Faria Lima and the other 6% in the other regions of the São Paulo market. Considering vacancy by region, there was a moderate change as compared to the previous quarter. In the accumulated 12 month period, there was a 1.8% fall in the vacancy rate in the São Paulo market. ABSORPTION Total absorption for the second quarter of 211 was 53,567 sqm, mostly composed of lease of the Eco building s 47, sqm. This year, the accumulated absorption is 14,47 sqm, or 42% of the number previously estimated for the year by Colliers International at the beginning of 211. If construction timelines are met, the total area of 25, sqm should be absorbed in the year. PLANNED ABSORPTION FOR 211 VACANCY RATE BY REGION (%) 3, 25, 5 45 4 35 3 25 2 15 1 5 29.4 28.4 7.5 4. 1.2 1.2 1.1.8.6.4.2 Marginal 2.2.6 1.2 1..6 2, 15, 1, 5, 145,26 53,567 51,173 Vacancy 211 Vacancy 211 2S (estimate) Accumulated absorption 1st half 211: 14,47 sqm Absorption without : 5,242 sqm Absorption with : 53, sqm COLLIERS INTERNATIONAL P. 3

MARKET REPORT OFFICE 211 The Chácara Santo Antônio and regions showed negative absorption due to some floors which were vacated. ACCUMULATED IGPM (MARKET GENERAL PRICE INDEX) 1ST HALF 211 X REAL INCREASE (%) ACCUMULATED IGPM IGPM (MARKET GENERAL PRICE INDEX) 1ST HALF 211 X REAL INCREASE (%) 5, 47,24 45, 4, 35, 3, 25, 2, 15, 1, 5, 3,325 1,473 2,14 1,355 544-5, -852-1,657 1. 9. 8. 7. 6. 5. 4. 3. 2. 1. 3. 6.5. Real Increase Increase 1S 211 = 9.7% IGPM PRICES The average asking lease prices in the first quarter reached R$ 111.5/ sqm/month,6.7% higher than the previous quarter and 1.9% higher than the average price at the end of 21. LAST 12 MONTHS ACCUMULATED IGPM X REAL INCREASE (%) 18. 16. AVERAGE ASKING LEASE PRICE - 25/211 (R$/SQM) 14. 93.5 84.5 1.5 14.5 111.5 12. 1. 8. 8.4 54. 52.5 63. 6. 4. 7.3 25 26 27 28 29 21 211 211 2.. Real Increase IGPM The IGP-M price index used to readjust most lease agreements increased 3% in the first half, leading to real increases in asking prices of 6.5%. Increase in the last 12 months = 16.3% A 16.3% increase in asking lease prices for rents can be seen over the last 12 months. Over the same period, the IGP-M accumulated 8.4%, indicating a real increase of 7.3% and a strong inflationary trend over the period, also felt in the last half of 21. P. 4 COLLIERS INTERNATIONAL

MARKET REPORT OFFICE 211 Among the regions studied by Colliers, only,, Marginal Pinheiros, and showed average asking prices above the market average (R$ 111.5/sqm/month). At the same time,,,, Chácara Santo Antônio and Roque Petroni showed values below the average. AVERAGE LEASE PRICE OF REGION X MARKET AVERAGE (R$/SQM/MONTH) 2 18 16 14 12 1 8 6 4 2 68. 7. 17.5 62. 176. 147.5 115. 13. 15. 122.5 The highest asking price continues to be R$ 2./sqm/month at the Plaza Iguatemi building. The lowest asking prices for A and A+ buildings can be found in and with R$ 45/sqm/month at the Office Parks developments in both regions. Average: 111.5 MINIMUM AND MAXIMUM PRICE BY REGION (R$/SQM/MONTH) 9. 45. 13. 13. 14. 135. 7. 7. 6. 6. 5. 2. 115. 17. 9. 45. 93. 11. 8. 75. TRENDS Vacancy Rising until the end of 211 and falling over the two subsequent years. Absorption Between 2, and 25, sqm per year over the next three years. Prices Moderate increases until mid-212. Forecast for stability in 213. New Inventory Delivery of 8, sqm over the next three years and a slowdown in approvals for new projects. VACÂNCIA (%) X ABSORÇÃO (M²) X INVENTÁRIO (M²) 2,45, 2,31,592 25% 2,1, 1,865,592 2,48,592 2% 1,75, 1,4, 1,164,675 1,446,415 1,513,517 15% 1,5, 7, 8% 7% 7% 6% 1% 35, 2% 115,814 142,74 3% 167,962 25, 25, 2, 28 29 21 211* 212* 213* 5% % Inventory A + and A Net Absorption A + and A Vacancy A + and A COLLIERS INTERNATIONAL P. 5

MARKET REPORT OFFICE 211 STATISTICS CLASS A+ and A REGION NUMBERS OF BUILDINGS INVENTORY VACANCY RATE CURRENT QUARTER (%) VANCAY RATE PREVIOUS QUARTER (%) ABSORTION IN SQM AVERAGE ASKING LEASE PRICE (R$/SQM/MONTH) AVERAGE ASKING LEASE PRICE (US $/SQM/MONTH) 1 183,173 27.6% 29.4% 3,325 68. 41.2 4 74,498.%.% 7. 42.4 11 144,654 4.% 7.5% 47,24 17.5 65.15 8 73,832 1.2%.% -852 62. 37.55 13 211,8 1.2%.4% -1,657 176. 16.65 12 158,728.6% 1.1% 147.5 89.4 Jardins 2 38,445.2%.4% 544 115. 69.7 1 97,777.6% 2.2% 1,473 13. 78.8 Pinheiros 9 177,524.% 1.2% 2,14 15. 63.6 Santo Amaro 13 189,461.6% 1.% 822 13. 78.8 TOTAL 11 1,619,892 3.9% 2.% 53,34 111.5 67.55 * Exchange Rate: US$ 1. / R$ 1.65 MAP OF REGIONS IN SÃO PAULO CURRENT MARKET Average Vancancy Rate: 3.9 % 211 Q1 Absorption: 51,173 sqm Average Total Asking Lease Price: R$ 111.5/sqm/month Buildings Under Construction: 677,88 sqm Buildings in Planning Phase: 628,153 sqm Primary Region Secondary Region P. 6 COLLIERS INTERNATIONAL

MARKET REPORT OFFICE 211 MARKET REPORT OFFICE 211 Colliers International More than 5 offices in 61 countries on 6 continents United States: 125 Canada: 38 Latin America: 18 Asia Pacific: 194 More than US$ 1.5 billion in annual revenues US$ 978.6 millions sq.m under management Over 12.5 professionals REAL ESTATE VOCABULARY. Absorption: Amount of sq.m occupied in the previous period. Development category: Real estate properties are classified as A+, A, B and C. Stock / Inventory: Amount of usable constructed area in square meters. Vacancy Rate: Ratio between area available area and total area. Free Ceilings Height: Space between the finished flooring and the 1st structure ceiling interference. Build-to-Suit: Customized construction BRAZIL São Paulo R. Olimpíadas, 25-1 andar 4551- São Paulo SP TEL +55 11 3323 Rio de Janeiro Av. Almirante Barroso, 63 - sl. 1.217 231-3 Rio de Janeiro RJ TEL +55 21 2524 4242 Recife Av.Gov. Agamenom Magalhães, 4.575 - sl. 1.53 57-16 Recife PE TEL +55 81 337 2222 COLLIERS INTERNATIONAL BRASIL REAL ESTATE CONSULTANCY FOR INDUSTRIAL, OFFICE, RETAIL, LAND, RURAL, HOTELS, HOSPITALS AND EDUCATIONAL INSTITUTIONS Real Estate Investments More Information RESEARCH AND MARKET INTELIGENCE research@colliers.com.br Tenant and Landlord Representation - Leasing, Acquisition and Sale Advisory and Disposals for real estate assets and/or portfolios Build-to-Suit and Sale & Leaseback Operations Lease Administration and Property Management This document was prepared by Colliers International Brazil specifically for advertising and general information. All content could be change without previous notice. Any interested party should take their own investigations into the accuracy of the information. Colliers International excludes all inferred or implied by the terms, conditions and responsibilities of this document and excludes all liability for damages arising out of it. Prohibited total or partial reproduction. Real Estate Valuation for Leasing, Acquisition, Sale and Guarantee Market and Technical-Financial studies, Highest and Best use studies Advisory for Investment Funds and Private Investors Accelerating success. P. 7 COLLIERS INTERNATIONAL www.colliers.com.br