Company Presentation

Company Presentation

1 Overview

Quick Facts 3 0.3% Delinquency Rate R$ 7.3 Billion Porfolio Value 8.7 years Debt Duration¹ 33% Loan-to-Value² 100% Inflation-linked Leases 43 Properties 4 5 years Average Lease Term 87,2% Financial Occupancy Rate³ 2006 Founded 2010 IPO 607,439 Square Meters 4 1. In Years / Considering the expiration of the Perpetual Bond in 2049 2. Net Debt / Portfolio Value (4Q16) 3. Considering 4Q16 Financial Vacancy (Excluding Ed. Passeio Corporate ) 4. Considering the sale of Galpão SBC in January 2017

Winning Strategy: The 3 Pillars 4 Operating Strategy Growth Value-added Strategy Financing Strategy Focus on top quality properties, located in the most dynamic and liquid markets Defensive portfolio, with high occupancy and very low delinquency rates Diversified tenant base, comprised of excellent creditquality names Long-term and inflationprotected leases Proven track record as consolidator of Brazil s commercial property market Value-added investment strategy through re-tenanting, market alignments, retrofit, and property management Opportunistic recycling from mature assets into higher yielding projects Selective developments and expansions, with risk-adjusted returns Conservative capital structure: 30% - 40% LTV 64% of total debt is linked to CDI, being positively impacted by the ongoing interest rate reduction in Brazil Covenant-light balance sheet Refinancing efforts ahead of maturity 82% of debt in local currency

5 Portfolio Unique portfolio, primarily concentrated in São Paulo and Rio de Janeiro, the most liquid and resilient regions in the country Brasília (DF) Office: 1 GLA: 15,501 Revenues: 1% Minas Gerais Office: 1 GLA: 8,932 Revenues: 1% São Paulo Office: 23 Industrial: 1 GLA: 276,376 Revenues: 37% DF Rio de Janeiro Office: 15 Retail: 1 GLA: 302,209 Revenues: 60% Total Properties: 43 Total GLA: 607,439 sqm - Office: 37 - Retail: 1 - Landbanks: 5 - Office: 527,045 - Retail: 6,099 - Landbanks: 74,294 RS SP MG RJ Rio Grande do Sul Office: 1 GLA: 4,421 Revenues: 1%

São Paulo Main Office Regions 6 Alphaville Ed. Barra Funda Alphaville Jacarandá Paulista Downtown Henrique Schaumann Jardins JK Bloco B Marginal Celebration Chácara Sto. Antonio Alexandre Dumas TNU S. Pedro BRPR s Central Office Area Panamérica Park Chucri Zaidan Souza Aranha I & II Sto. Antonio S. José

Rio de Janeiro Main Office Regions Icomap Porto Maravilha Ventura Towers Vargas RB 115 Bolsa RJ Downtown Ouvidor 107 Cidade Nova Glória Passeio Manchete Flamengo Botafogo Ed. Barra da Tijuca Barra da Tijuca Zona Sul 7 7

Rio de Janeiro Office Market 1 2 1 Icomap 6 Glória 2 Vargas 7 Passeio Corporte 3 Bolsa do Rio 8 Ventura 4 RB 115 9 Manchete 5 Ouvidor 107 10 3 4 5 8 6 7 9 Barra da Tijuca 10 BEING IN THE RIGHT PLACE IS THE SMART THING TO DO 8

Passeio Corporate - Specifications 9 FACADE: Semi-reflective Guardian laminated glass coating. LOBBY: The lobbies of all three sectors provide access through the Mall and the VIP parking area. ROOM: Office Ceiling Height of 2.50m; area with 12 cm elevated plate floors, with a 400 kgf/m² charge; modular liners installed; and Central Air- Conditioning. RETAIL: The project includes a 6.000 m² mall with ground floor access and excellent integration between all shops and access to the towers.

Passeio Corporate - Specifications 10 RIACHUELO THEATER: The project includes a large multipurpose space with approximately 1.000 seats. BICICLETARY AND PARKING SPACES: Bicycle parking with changing rooms for cyclists; Charging points for electric vehicles; and three underground floors with over three hundred parking spaces. DOCK: Modern dock space. LOCATION: Downtown Rio de Janeiro - Urban Mobility, Infrastructure and Entertainment.

Cross-Section Diagram 11

Investment Analysis 12 Passeio Corporate Construction Year: 2016 Acquisition Date: December, 2016 Acquisition Value: R$ 715.000.000 Down payment: R$ 329.750.000 Seller financing: R$ 385.250.000 Total GLA (sqm): 81.423 Office Area (sqm) 75.324 Retail Area (sqm) 6.099 Debt Profile Term 12 years Instalments Monthly Grace Period 2 years Index IGPM Coupon 7% Cap Rate Sensitivity Average Rent Price (R$/sqm/month) R$ 85 R$ 90 R$ 95 R$ 100 R$ 105 R$ 110 Cap Rate (%) 11,6% 12,3% 13,0% 13,7% 14,3% 15,0%

2 Operating Strategy

Focus on Top Quality Properties Manchete Águas Claras JK Tower B Barra da Tijuca Triple-A Office Buildings Generates 60% Of Company s Total Lease Revenues Revenues Breakdown 40% 60% AAA Office Rest of the Portfolio Type: Office AAA Location: Rio de Janeiro/ RJ CBRE Region: Flamengo Owned GLA: 23,591 sqm Type: Office AAA Location: São Paulo / SP CBRE Region: Jardins Owned GLA: 29,539 sqm Build-to-Suit Contracts Leased to Triple-A Tenants Provide a Consistent Stream of Cash Flow Lease Contract Breakdown 8% 92% BTS Contracts Typical Contracts Type: Office Location: Nova Lima / MG CBRE Region: n/a Owned GLA: 8,932 sqm Type: Office Location: Rio de Janeiro/ RJ CBRE Region: Barra da Tijuca Owned GLA: 23,210 sqm 14

Defensive and Resilient Business Despite having experienced several cycles throughout the years, the Company has sustained high financial occupancy rates and very low delinquency rates Financial Occupancy Rate (%) 96% 91% 89% 90% 91% 92% 92% 92% 91% 91% 90% 90% 90% 89% 87% 85% 88% 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Delinquency Rate (%) 0,0% 1,1% 0,2% 0,0% 0,2% 0,5% 0,4% 0,1% 0,0% 0,2% 0,8% 0,4% 0,4% 0,5% 0,1% 0,3% 2,2% 1,9% 0,9% 0,3% 0,3% 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 15

High Credit-Quality Tenants Premier portfolio attracts the best-credit tenants, providing a long-term, high-quality cash flow Tenants Breakdown by Sector 34% 15% 15% 11% 10% 5% 5% 3% 1% 1% Oil & Gas Telecom Other Financial Services Consumer Goods Utilities Tech Consulting Construction Mining Largest Tenants 16

Long-term, Inflation-Linked Contracts Lease contracts in place allow for stable, predictable cash flows, while creating a very low vacancy risk scenario and considerable upside potential in revenues Characteristics Inflation Adjustment Indices Annual Inflation Adjustments 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 Mark-to-market opportunity every 3 rd year contract anniversary * Average Lease Terms Office and Industrial: 5 10 Years Retail: > 10 Years 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 4% 96% IGP-M IPCA Contract Expiration Schedule (% revenues) Average Duration of Current Lease Contracts Contract Renegotiations Schedule (% revenues) 89% Existing Lease Contracts All Contracts Built-to-Suit Contracts Current Average Duration 4.9 Years 3.9 Years 7% 28% 17% 1% 4% 5% 35% 2016 2017 2018 >2019 2016 2017 2018 >2019 17

3 Growth and Value- added Strategy

Market Consolidator The Company has a proven track record as the consolidator of the highly fragmented Brazilian commercial properties market Strong Execution Track Record (R$ millions) Fragmented Market Ability to source deals at attractive yields 2007 2008 2009 2010 2012 2014 2016 20% Cap Rate 12.0% 12.2% 11.9% 12.3% 12.1% 11.6% 13.0% ¹ 61 715 80% 3.741 Institutional Investors Private Investors Current Pipeline (R$ millions) 1.950 1.287 210 354 3.256 4.543 788 2007 2008 2009 2010 2012 2014 2016 Office Industrial Total 1. Gross Cap Rate assuming the property 100% leased at an average rent price of R$95 sqm / month 19

Performance Improvement Outstanding management leads to very fast operating improvements and impressive increases in the short and mid term Ventura East (Acquired in April/2012) Manchete (Acquired in Jun/2010) Cap Rate 8,5% +310bps 11,6% Cap Rate 12,0% +360bps 15,6% Initial 45 days later Underwrite 12 months later TNU (Acquired in Mar/2010) RB 115 (Delivered in Dec/2010) Cap Rate 10,5% +260 bps 13,1% Cap Rate +220 bps 14,5% 12,3% Initial 12 months later Underwrite 12 months later 20

Opportunistic Portfolio Recycling BR Properties maintains a consistent portfolio recycling by selling properties that have reached their maturity and full potential for value creation Divested Properties 2010 2011 2012 2013 2014 2015 2017 Exit Cap Rate 10.8% 9.2% 8.4% 8.6% 9.0% 9.5% 7.0% SELIC Rate 9.8% 11.7% 8.5% 8.2% 10.9% 13.4% 14.1% ¹ 3.180 240 7.330 3.064 127 89 137 492 Sales Volume (in R$ millions) 1. Average Selic Rate in 2016 2010 2011 2012 2013 2014 2015 2017 Total 21

Selective Developments & Expansions CES II Galpão Pirituba Panamérica Green Park Bayview 5 land banks, which once finalized, will correspond to 74.3 thousand sqm of GLA Type: Industrial / Land bank Location: São Paulo / SP Delivery Date: n/a Owned GLA: 32,987 sqm Stake: 100% Type: Office A / Land bank Location: São Paulo / SP Delivery Date: n/a Owned GLA: 9,318 sqm Phase 2 & 3 Stake: 50% Type: Office AAA / Land bank Location: Rio de Janeiro / RJ Data de Entrega: n/a Owned GLA: 10,000 sqm Stake: 100% Type: Office AAA / Land bank Location: Rio de Janeiro / RJ Data de Entrega: n/a Owned GLA: 21,989 sqm Stake: 100% 22

4 Financing Strategy

Conservative Balance Sheet Conservative Capital Structure Loan-to-Value Covenant-Light Balance Sheet 52% 41% 41% 45% 46% 44% 44% 45% 46% 39% 40% 41% 40% 34% 35% 38% 34% 34% 36% 37% 41% 34% 29% 29% 29% 33% 45% 55% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 LTV Gross Debt LTV Net Debt Covenant Debt Non Covenant Debt 4Q16 Debt Profile Perpetual Bond 11% 21% 5% 18% 46% TR CDI USD Perpetual Bond IGPM IPCA Balance (US$) $ 185.000.000 Coupon (US$) 9% Hedge Strategy Swap to CDI Start Date 07/07/2016 End Date 09/04/2018 Cost (R$) 95,95% of CDI Exchange Rate R$ 3,58 24

Strong Liquidity Position Cash and Cash Equivalents Portfolio Value 1.230 1.032 966 840 13.840 13.759 10.473 574 595 4.771 5.254 7.029 7.302 232 2010 2011 2012 2013 2014 2015 2016 Indebtedness 2010 2011 2012 2013 2014 2015 2016 4Q16 Debt Breakdown 5.252 5.548 Índex Average Coupon Balance (R$MM) 4.678 4.597 4.175 3.580 3.617 3.362 CDI + 0.85% 2,156 1.830 1.598 2.083 1.051 2.386 2.396 TR + IGP-M + 11.07% 9.45% 700 157 2010 2011 2012 2013 2014 2015 2016 IPCA + 6.44% 368 Gross Indebtedness Net Indebtedness 25

Indebtedness Debt Amortization Schedule (R$ million) Net Debt / EBITDA 4.607 4.750 4.220 3.575 3.595 3.839 3.897 4.156 2.395 1.923 2.396 458 361 375 629 616* 5,5x 5,7x 5,1x 5,2x 5,4x 6,1x 6,2x 6,3x 4,4x 1.949 1.954 4,8x 5,0x 5,6x 6,5x 152 108 96 99 48 44 43 32 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2049 * Perpetual Bond Interest Coverage Ratio ¹ 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Other Indicators 1,6x 1,6x 1,6x 1,6x 1,5x 1,4x 1,3x 1,4x 1,2x 1,3x 1,4x 1,3x 1,4x Indicators 2013 2014 Debt Duration ² 7.1 15.3 2015 11.2 2016 8.7 Non-Secured/ Total Debt 37% 36% 50% 29% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Credit Rating Local AA- / braa Aa2.br AA- / braa Aa2.br AA- / bra Aa2.br A+ / bra - Aa2.br 1. Considering Adjusted Financial Results and Adjusted EBITDA (Last 12 months) 2. Considering the expiration of the Perpetual Bond in 2049 Credit Rating Global BB / BB / Ba2 BB / BB / Ba2 BB- / BB / Ba2 BB- / BB- / Ba2 26

Financial Highlights vs Real Estate Cycle Phase I & II: Recovery & Expansion + 2MM sqm of GLA in M&A transactions + R$800MM Private Placements + R$700MM IPO + R$600MM Follow-on Gross Leasable Area sqm (million) CAGR: +30% 2.223 2.186 1.320 1.343 1.178 Phase III & IV: Oversupply & Recession + R$7 Billion in Properties Divestments + R$2 Billion returned via Dividends + R$300 MM shares buy back + R$2,5 Billion Debt Reduction 588 791 584 655 2008 2009 2010 2011 2012 2013 2014 2015 2016 Net Revenues (R$ million) CAGR: +57% 631 924 837 715 373 466 97 126 223 2008 2009 2010 2011 2012 2013 2014 2015 2016 27

Financial Highlights vs Real Estate Cycle Adjusted EBITDA (R$ million) Phase I & II: Recovery & Expansion + 2MM sqm of GLA in M&A transactions + R$800MM Private Placements + R$700MM IPO + R$600MM Follow-on CAGR: +68% 311 493 866 752 Phase III & IV: Oversupply & Recession + R$7 Billion in Properties Divestments + R$2 Billion returned via Dividends + R$300 MM shares buy back + R$2,5 Billion Debt Reduction 614 366 65 88 168 2008 2009 2010 2011 2012 2013 2014 2015 2016 Adjusted Net Income - FFO (R$ million) CAGR: +86% 310 196 14 42 69 106 90 91 75 2008 2009 2010 2011 2012 2013 2014 2015 2016 28

NAV Analysis 4Q16 Investment Properties ¹ R$ 7.302.369.721 Net Debt R$ 2.396.356.901 Net Asset Value R$ 4.906.012.819 Total Shares 298.228.434 NAV per Share R$ 16,45 Share Price² R$ 7,50 Discount to NAV 54% R$ 16,45 (54%) R$ 7,50 NAV per Share Share Price 1. Considering R$92MM related to CES II - Landbank (Off Balance) 2. Share Price on December 31, 2016 29

Capital Markets Stock Performance / Liquidity Shareholder Distribution 50% 40% 30% 20% 10% 0% -10% ADTV BR Properties Ibovespa -20% Dec-15 Feb-16 Mar-16 Apr-16 May-16 Jul-16 Aug-16 Sep-16 Oct-16 Dec-16 60.000.000 55.000.000 50.000.000 45.000.000 40.000.000 35.000.000 30.000.000 25.000.000 20.000.000 15.000.000 10.000.000 5.000.000-3% 3% 82% 11% Brazil United States Canada Other Sell-side Coverage Stock Indexes Financial Institution Analyst Contact Itaú BBA Enrico Trotta enrico.trotta@itaubba.com BofA Merrill Lynch Daniel Gasparete daniel.gasparete@baml.com JP Morgan Marcelo Motta marcelo.motta@jpmorgan.com Citibank Dan McGoey dan.mcgoey@citi.com Bradesco Luiz Mauricio Garcia lmgarcia@bradescobbi.com.br Deutsche Bank Esteban Polidura esteban.polidura@db.com Santander Bruno Mendonça brmendoca@santander.com.br Credit Suisse Nicole Hirakawa nicole.hirakawa@credit-suisse.com Index Weight BRPR IBrX 0,06% IBrA 0,06% SMLL 0,57% IMOB 3,03% IGCX 0,09% IGCT 0,07% IGC-NM 0,14% ITAG 0,08% IDIV 0,33% 30

5 Sustainability

Sustainability BR Properties seeks to reduce the environmental impact and operating costs of its constructions, adding value to its own properties through certifications from LEED - Leadership in Energy & Environmental Design LEED NEW CONSTRUCTION (CORE & SHELL) Certification Ventura: Gold Passeio Corporate: Gold Manchete : Silver Panamérica Green Park: Silver JK Bloco B: Silver Águas Claras: Silver Souza Aranha II: Certificated About LEED LEED, or Leadership in Energy and Environmental Design, is changing the way we think about buildings and communities are designed, built and operated. Leaders from more than 160 countries using the certification, made LEED is the main platform used for green buildings, with over 170,000 m² certificates daily. 32

6 Portfolio

Portfolio Office - São Paulo Alphaville Region: Alphaville GLA: 9,292 sqm Chucri Zaidan Region: Marginal GLA: 21,906 sqm JK Complex Tower B Region: Jardins GLA: 29,539 sqm CBOP - Jacarandá Region: Alphaville GLA: 31,954 sqm Paulista Region: Paulista GLA: 22,855 sqm TNU Region: Marginal GLA: 27,931 sqm Celebration Region: Jardins GLA: 5,590 sqm Henrique Schaumann Region: Jardins GLA: 14,125 sqm 34

Portfolio Office - São Paulo São Pedro Region: Marginal / Chácara Sto. Antonio GLA: 3,575 sqm Santo Antonio Region: Marginal / Chácara Sto. Antonio GLA: 5,017 sqm São José Region: Marginal / Chácara Sto. Antonio GLA: 5,080 sqm Souza Aranha Region: Marginal / Chácara Sto. Antonio GLA: 2,329 sqm Alexandre Dumas Region: Marginal / Chácara Sto. Antonio GLA: 6,889 sqm Ed. Comercial Indaiatuba Region: Indaiatuba, São Paulo GLA: 11,335 sqm 35

Portfolio Office - São Paulo Panamérica Park Region: Marginal GLA: 18,667 sqm Barra Funda Region: Other GLA: 11,384 sqm Panamérica Green Park I Region: Marginal GLA: 4,583 sqm Souza Aranha II Region: Marginal / Chácara Sto. Antonio GLA: 2,019 sqm 36

Portfolio Office - Rio de Janeiro Ventura Towers Region: Downtown GLA: 88,563 sqm Manchete Region: Flamengo GLA: 23,591 sqm Bolsa do Rio de Janeiro Region: Downtown GLA: 3,224 sqm Passeio Corporate Region: Downtown GLA: 81,423 sqm Glória Region: Downtown GLA: 8,436 sqm Icomap Region: Downtown GLA: 9,164 sqm Ouvidor 107 Region: Downtown GLA: 6,284 sqm 37

Portfolio Office - Rio de Janeiro Barra da Tijuca Region: Barra da Tijuca GLA: 23,210 sqm RB 115 Region: Downtown GLA: 11,516 sqm Vargas Region: Downtown GLA: 14,809 sqm 38

Portfolio Office - Other Regions Águas Claras Region: Nova Lima, MG GLA: 8,932 sqm Brasília Region: Brasília, DF GLA: 15,501 sqm Porto Alegre Region: Porto Alegre, RS GLA: 4,421 sqm 39

7 Appendix

Real Estate Market New Supply (sqm) * Gross Absorption (sqm) * 600.000 500.000 400.000 300.000 200.000 100.000-2007 2008 2009 2010 2011 2012 2013 2014 2015 900.000 800.000 700.000 600.000 500.000 400.000 300.000 200.000 100.000-2007 2008 2009 2010 2011 2012 2013 2014 2015 São Paulo Rio de Janeiro São Paulo Rio de Janeiro Average Rent / sqm / month * Vacancy Rate (%) * 190 170 150 130 110 90 70 50 2007 2008 2009 2010 2011 2012 2013 2014 2015 19,0% 17,0% 15,0% 13,0% 11,0% 9,0% 7,0% 5,0% 3,0% 1,0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 São Paulo Rio de Janeiro * Not including: Alphaville (SP) and Barra da Tijuca (RJ) Regions CBRE Data São Paulo Rio de Janeiro 41

Quality Stock Historic per Region SP QSR: 48% QSR: 41% QSR: 63% QSR: 26% QSR: 14% QSR: 8% Quality Stock Ratio (QSR): New Stock (2010 3Q 2016) Total Stock (3Q 2016) Source: BRPR/CBRE 42

Lease Rates Evolution - SP Jardins - Avg. Asking Price Marginal - Avg. Asking Price AVG. ASKED PRICE (NOMINAL) AVG. ASKED PRICE (REAL - IGPM) AVG. ASKED PRICE (NOMINAL) AVG. ASKED PRICE (REAL - IGPM) 160 140 120 100 80 60 40 20 0 82,5 97,5 100 82,50 82,41 86,00 122,5 140 145 142,5 140 94,63 102,90 98,86 92,06 87,24 130 127,5 73,28 69,80 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016 120 100 80 60 40 20 0 72,5 75 72,50 70 77,5 63,39 60,20 59,87 87,5 64,31 105 71,59 100 100 64,61 62,32 87,5 87,5 49,33 47,90 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016 Paulista - Avg. Asking Price Alphaville - Avg. Asking Price AVG. ASKED PRICE (NOMINAL) AVG. ASKED PRICE (REAL - IGPM) AVG. ASKED PRICE (NOMINAL) AVG. ASKED PRICE (REAL IGPM) 140 120 100 80 60 40 20 0 60 60,00 90 92,5 97,5 100 76,07 79,55 75,32 73,50 78,40 115 110 107,5 71,07 66,99 95 95 53,55 52,01 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016 70 60 50 40 30 20 10 0 62,5 60 55 52,5 50 42,5 45 47,5 47,83 50,41 45,86 42,50 41,13 38,71 33,35 30,77 2009 2010 2011 2012 2013 2014 2015 1Q 2016 Source: BRPR/CBRE 43

Quality Stock Historic per Region RJ 160.000 140.000 QSR: 24% 120.000 100.000 QSR: 39% 80.000 60.000 40.000 20.000 QSR: 14% QSR: 23% QSR: 32% QSR: 12% QSR: 44% QSR: 6% - Zona Sul Flamengo Barra da Tijuca Downtown Cidade Nova Porto Maravilha Others Botafogo Source: BRPR/CBRE 2010 2011 2012 2013 2014 2015 2016 Quality Stock Ratio (QSR): New Stock (2010 3Q 2016) Total Stock (3Q 2016) 44

Lease Rates Evolution - RJ 180 150 120 90 60 30 0 77,5 77,50 AVG. ASKED PRICE (NOMINAL) AVG. ASKED PRICE (REAL - IGPM) 170 150 150 150 140 140 140 102,5 86,64 Downtown - Avg. Asking Price 115 98,89 108,15 110,25 102,26 109,83 93,47 78,92 76,65 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016 250 200 150 100 50 0 95 120 Zona Sul - Avg. Asking Price AVG. ASKED PRICE (NOMINAL) 140 150 95,00 101,43 120,39 115,87 AVG. ASKED PRICE (REAL - IGPM) 215 215 215 215 215 215 158,03 146,58 138,90 133,98 121,20 117,71 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016 Flamengo - Avg. Asking Price Barra da Tijuca - Avg. Asking Price AVG. ASKED PRICE (NOMINAL) AVG. ASKED PRICE (REAL - IGPM) AVG. ASKED PRICE (NOMINAL) AVG. ASKED PRICE (REAL - IGPM) 180 150 120 90 60 30 75 90 90 75,00 76,07 77,40 110 142,5 142,5 155 165 165 165 84,97 104,74 97,15 100,14 102,82 93,01 90,33 120 100 80 60 40 20 72,5 85 72,50 71,84 97,5 97,5 100 100 100 83,85 75,32 73,50 68,18 64,61 65,43 105 105 105 59,19 57,49 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q 2016 Source: BRPR/CBRE 45

Income Statement Income Statement 4Q16 4Q15 var % 2016 2015 var % Gross Revenues 116.961 181.398-36% 505.255 774.762-35% Leasing 112.469 176.084-36% 486.727 755.777-36% Office 108.269 155.765-30% 463.928 670.386-31% Industrial 4.200 17.523-76% 22.799 73.533-69% Retail - 2.797 n/a - 11.858 n/a Services Rendered 4.492 5.314-15% 18.528 18.984-2% Deductions from Gross Revenues (10.314) (13.326) -23% (39.576) (59.881) -34% Taxes (PIS/Cofins and ISS) (9.277) (13.002) -29% (35.970) (54.862) -34% Deductions (1.037) (324) 220% (3.606) (5.019) -28% Net Revenues 106.647 168.072-37% 465.679 714.880-35% Cost of Leased Properties - - n/a - - n/a Gross Profit 106.647 168.072-37% 465.679 714.880-35% General and Administrative Expenses (91.575) (50.688) 81% (170.642) (122.515) 39% Operating Expenses (17.917) (11.517) 56% (37.335) (29.528) 26% Taxes (53.849) (14.938) 260% (65.093) (17.458) 273% Personnel Expenses (7.088) (7.584) -7% (20.916) (23.586) -11% Management Fees (3.249) (7.645) -57% (11.428) (18.162) -37% Stock options (499) (360) 39% (1.806) (4.048) -55% Vacancy Expenses (8.972) (8.644) 4% (34.064) (29.733) 15% Financial Result (39.860) (97.887) -59% (140.042) (839.375) -83% Financial Income 63.599 31.769 100% 354.543 99.253 257% Financial Expenses (103.459) (129.656) -20% (494.585) (938.628) -47% Other Operating Income/Expense (12.358) (107.982) -89% (3.283) (109.688) -97% Gain (Loss) on Sale of Investment Properties - 22.999 n/a 5.348 22.710-76% Gain (Loss) on Appraisal of Investment Properties (114.139) (338.919) -66% (157.632) (574.197) -73% Income (loss) before taxes (151.284) (404.405) -63% (572) (908.184) -100% Income and Social Contribution taxes (19.058) (16.514) 15% (49.238) (64.130) -23% Deferred taxes 104.028 60.245 73% 80.389 202.541-60% Income (loss) before Minoritary Interest (66.315) (360.674) -82% 30.579 (769.772) -104% Minority Interest - 3.548 n/a (1.733) 134-1391% Net Income (loss) (66.315) (357.126) -81% 28.846 (769.638) -104% 46

EBITDA & FFO EBITDA Composition 4Q16 4Q15 var % 2016 2015 var % Net Income (loss) before Minority Interest (66.315) (360.674) -82% 30.579 (769.772) -104% (+) Deferred Taxes (104.028) (60.245) 73% (80.389) (202.541) -60% (+) Income and Social Contribution Taxes 19.058 16.514 15% 49.238 64.130-23% (-) Minority Interest - 3.548 n/a (1.733) 134-1391% (+) Depreciation 109 150-28% 423 552 n/a (+) Financial Result 39.860 97.887-59% 140.042 839.375-83% EBITDA (111.316) (302.820) -63% 138.160 (68.123) -303% EBITDA Margin -104% -180% 76 p.p. 30% -10% 40 p.p. Adjusted EBITDA Composition 4Q16 4Q15 var % 2016 2015 var % EBITDA (111.316) (302.820) -63% 138.160 (68.123) -303% (-) Gain (Loss) on Appraisal of Investment Properties 114.139 338.919-66% 157.632 574.197-73% (-) Gain (Loss) on Sale of Investment Properties - (22.999) n/a (5.348) (22.710) -76% (+) Other Operating Income 12.358 107.982-89% 3.283 109.688-97% (+) Stock options 499 360 39% 1.806 4.048-55% (+) Bonus Provision 5.780 1.149 403% 9.227 4.596 101% (+) Non recurring Provision for Contingencies - 12.585 n/a - 12.585 n/a (+) PIS/Cofins on Non-cash Gains on the Perpetual s Buyback - - n/a 2.675 - n/a (+) Taxes on Corporate Restructuring (ITBI) 58.567 - n/a 58.567 - n/a Adjusted EBITDA 80.026 135.177-41% 366.002 614.281-40% Adjusted EBITDA Margin 75% 80% -5 p.p. 79% 86% -7 p.p. Adjusted Net Income Composition (FFO) 4Q16 4Q15 var % 2016 2015 var % Net Income (loss) (66.315) (357.126) -81% 28.846 (769.638) -104% (+) Deferred Taxes (104.028) (60.245) 73% (80.389) (202.541) -60% (+) Income Taxes on Property Sales - 3.075 n/a 15.348 10.559 45% (-) Gain (Loss) on Appraisal of Investment Properties 114.139 338.919-66% 157.632 574.197-73% (-) Gain (Loss) on Sale of Investment Properties - (22.999) n/a (5.348) (22.710) -76% (+) Non-cash Losses on Exchange Rate Variation - (20.190) n/a - 362.112 n/a (-) Non-cash Gains on Exchange Rate Variation 1.717 - n/a (121.756) - n/a (+) Non-cash Variations on Derivative Instruments (4.702) 935-603% (7.054) 11.066-164% (+) Non recurring tax on dividends of Real Estate Funds (FII) - - n/a - 3.956 n/a (+) Stock options 499 360 39% 1.806 4.048-55% (+) Other Operating Income/Expense (Non-Recurring) 1.855 120.394-98% 3.220 120.394-97% (+) PIS/Cofins on Non-cash Gains on the Perpetual s Buyback - - n/a 2.675 - n/a (-) Non-cash Gains on the Perpetual s Buyback - - n/a (55.726) - n/a (+) Debt Renegotiation Results (Waiver) - - n/a 62.982 - n/a (+) Taxes on Corporate Restructuring (ITBI) 58.567 - n/a 58.567 - n/a (+) Income Taxes on Ventura Tower Sale (Corporate Restructuring) 13.749 - n/a 13.749 - n/a Adjusted Net Income (FFO) 15.482 3.123 396% 74.553 91.442-18% Adjusted Net Income Margin (FFO Margin) 15% 2% 13 p.p. 16% 13% 3 p.p. 47

Investor Relations 48 IR Team Andre Bergstein CFO and Investor Relations Officer Gabriel Barcelos Investor Relations Manager Nelson Brazan Investor Relations Phone: (55 11) 3201-1000 Email: ri@brpr.com.br Ticker: BRPR3