Company Presentation

Company Presentation

1 Overview

Quick Facts 0.2% Delinquency Rate R$ 7.7 Billion Porfolio Value 11.1 years Debt Duration¹ 29% Loan-to-Value² 100% Inflation-linked Leases 46 Properties 4.9 years Average Lease Term 78% Financial Occupancy Rate 2006 Founded 2010 IPO 684,579 Square Meters 1 In Years / Considering the expiration of the Perpetual Bond in 2050 2 Net Debt / Portfolio Value (4Q17) 3

BR Properties at a Glance Leading commercial real estate company in Brazil with a strategically located high quality portfolio and a solid tenant base A R$ 7.7 bn portfolio in the Brazilian market, with 46 properties and a total GLA of over 685 thousand sqm Successful track record of acquisitions as a strategic market consolidator Operational capabilities and recycling portfolio strategy that adds value to operations Institutional properties portfolio: selected locations, premium tenants and triple A assets Fully integrated in-house teams: M&A, property management, rent and engineering Solid balance sheet, with a 29% Net Loan to Value 1 High Quality Portfolio 1 1 Revenue Breakdown 24 3 1 15 By Region By Portfolio 3% 35% 39% 57% 65% Offices: 42 Retail: 1 Warehouse: 3 1 RJ SP Others AAA Office Remaining Portfolio 1. Net Debt / Portfolio Value (4Q17) 4

Company Strategy: The 3 Pillars Operating Efficiency Value Added Growth Capital Structure High-quality properties, located in the most dynamic regions Natural consolidator in a positive industry momentum Well positioned for a lower interest rate environment High occupancy and low delinquency rates Opportunistic portfolio management, focused on off-market deals Amortization schedule alignment with cash flows generation Diversified tenant base with long-term and inflation-protected leases Selective developments and expansions Conservative capital structure and covenant-light balance sheet: 50% NLTV Verticalized property management team Seasoned board of directors in the real estate sector and a strong shareholder base Refinancing efforts 5

2 Market Dynamics

Real Estate Cycle: São Paulo Vacancy Rate (%) The office market currently presents a high-vacancy and low-property-prices, creating a potential for high returns São Paulo 25% Tenants Market Landlord s Market Tenants Market Landlord s Market Tenants Market Landlord s Market Tenants Market 20% 15% 10% 5% 0% 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Source: CBRE 7

Main Office Regions: São Paulo 8 BR Properties focuses in the main regions of São Paulo, which have a strong opportunity growth on the back of a potential recovery of the average rental price R$/sqm 250 200 150 100 50 0 83 98 100 +45.0% 123 Jardins 140 145 143 140 130 128 128 83 82 86 95 103 99 92 87 Economic Slowdown + Oversupply 73 67 68 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 Alphaville Alphaville Jacarandá São Paulo Ed. Barra Funda Ed. Paulista Old Downtown R$/sqm 250 +50.0% Marginal 200 150 100 105 100 100 73 75 70 78 88 88 88 88 50 73 63 60 60 64 72 65 62 49 46 47 0 R$/sqm 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 Paulista +23.7% 250 200 150 90 93 98 100 115 100 60 110 108 95 95 95 50 60 76 80 75 74 78 71 67 0 54 50 51 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 Avg. Rental Price (Nominal) 1 Avg. Rental Price (Real IGPM) 1 Source: CBRE 1 Considering asked price as rental price JK Bloco B Centenário Plaza TNU Panamérica Park & PGP Jardins Celebration Marginal Chácara Sto. Antonio Alexandre Dumas S. Pedro Chucri Zaidan Souza Aranha I & II S. José Sto. Antonio 39% of Total Revenues

Occupancy Analysis: São Paulo 25% 20% 15% 10% 5% 0% 15,2% 4,9% Real Plan (Plano Real) 12,2% 10,1% 9,9% 9,1% 9,4% 5,8% Cycle 1 (1993 2000) Average occupation growth: 9.1% p.a. 4,2% 2,2% 3,4% Currency Crisis 9,1% 0,3% 0,5% 6,5% 4,4% 09/11 Attacks 8,8% 1,4% 13,0% Occupied Area Vacancy Rate GDP Lula s Election Energy Crisis 3,1% 14,7% 16,0% Cycle 2 (2001 2005) Average occupation growth : 1.6% p.a. 1,1% 5,8% 13,7% 3,2% 4,0% 9,9% 6,1% U.S. Subprime Crisis Cycle 3 (2006 2010) Average occupation growth: 16,7% 7.6% p.a. 5,3% 5,1% 7,3% -0,1% 7,5% 4,0% 4,9% 5,9% Cycle 4 (2011 2017) Average occupation growth: 2.4% p.a. 8,4% 1,9% 12,0% 3,0% 13,9% 0,5% Dilma s Impeachment 17,8% 21,2% 21,3% 0,7% Occupied Area (sqm) 8.000.000 7.000.000 6.000.000 5.000.000 4.000.000 3.000.000 2.000.000-5% -3,8% -3,6% 1.000.000-10% 1993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520166 M 1 7 - FHC s government (1995 2002) Average Annual Growth (GDP): 2.4% Average Annual Growth (occupation): 6.0% Lula s government (2003 2010) Average Annual Growth (GDP): 4.1% Average Annual Growth (occupation): 5.7% Dilma s government (2011 2016) Average Annual Growth (GDP): 0.3% Average Annual Growth (occupation): 2.8% 9

Real Estate Cycle: Rio de Janeiro Vacancy Rate (%) The office market currently presents a high-vacancy and low-property-prices, creating a potential for high returns RJ 25% Landlord s Market Landlord s Market Tenants Market 20% 15% 10% 5% 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Source: CBRE 10

Main Office Regions: Rio de Janeiro 11 Opportunity that is also encouraged in Rio de Janeiro, city in which the company is located in the main regions R$/sqm 250 200 150 100 50 0 R$/sqm 250 200 150 100 50 95 78 78 87 120 95 101 103 140 115 +30.4% 150 120 116 140 150 150 215 215 215 215 215 215 158 170 99 108 110 102 110 150 93 147 139 134 140 140 79 74 70 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 +53.6% Downtown Zona Sul Economic Slowdown + Oversupply 121 113 130 185 99 Rio de Janeiro Icomap Porto Maravilha Ventura Towers Cidade Nova Glória Passeio Vargas Downtown Flamengo RB 115 Bolsa RJ Ouvidor 107 Manchete 0 R$/sqm 250 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 +58.9% Flamengo Botafogo 200 150 100 50 0 75 90 90 110 75 76 77 85 143 143 155 105 97 100 103 165 165 165 93 87 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 100 54 Ed. Barra da Tijuca Barra da Tijuca Zona Sul Source: CBRE Avg. Rental Price (Nominal) 1 Avg. Rental Price (Real IGPM) 1 57% of Total Revenues 1 Considering asked price as rental price

Occupancy Analysis: Rio de Janeiro 30% 25% 20% 9/11 Attacks Cycle 1 (2000 2003) Average occupation growth: -0.1% p.a. Lula s Election Energy Crisis Cycle 2 (2004 2011) Average occupation growth: 3.8% p.a. Occupied Area Vacancy Rate GDP U.S. Subprime Crisis Cycle 3 (2012 2017) Average occupation growth: 0.7% p.a. RJ Olympic Games Dilma s Impeachment 18,3% 25,8% 27,9% Occupied Area (sqm) 3.500.000 3.000.000 2.500.000 15% 13,7% 2.000.000 10% 5% 0% 5,0% 5,2% 4,4% 1,4% 7,8% 3,1% 9,5% 1,1% 7,9% 5,8% 8,7% 3,2% 8,0% 4,0% 6,4% 6,1% 4,6% 5,1% 3,7% -0,1% 7,5% 2,0% 4,1% 4,1% 4,0% 1,9% 8,5% 3,0% 0,5% 0,7% 1.500.000 1.000.000-5% -3,8% -3,6% 500.000-10% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6 M 1 7 - Lula s government (2003 2010) Average Annual Growth (GDP): 4.1% Average Annual Growth (occupation): 3.0% Dilma s government (2011 2016) Average Annual Growth (GDP): 0.3% Average Annual Growth (occupation): 2.1% % 12

Real Estate Market New Supply (sqm) 1 Gross Absorption (sqm) 1 600.000 500.000 400.000 300.000 200.000 100.000-2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 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 2016 6M17 São Paulo Rio de Janeiro São Paulo Rio de Janeiro Average Rent / sqm / month 1 Vacancy Rate (%) 1 190 170 150 26,0% 21,0% 130 110 90 70 16,0% 11,0% 6,0% 50 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 1,0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 6M17 São Paulo Rio de Janeiro São Paulo Rio de Janeiro Source: CBRE 1 Not including: Alphaville (SP) and Barra da Tijuca (RJ) Regions 13

3 Operating Efficiency

Focus on Top Quality Properties Triple-A Office Buildings Generates 65% of Company s Total Lease Revenues Revenues Breakdown Manchete JK Tower B 35% 65% AAA Office Remaining 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 Águas Claras Barra da Tijuca 7% BTS Contracts 93% 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 15

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 (%) 90% 91% 92% 92% 92% 91% 91% 90% 90% 90% 89% 87% 85% 88% Acquisition of Passeio Corporate Acquisition of Centenário Plaza and Galpão Imbuia 77% 77% 78% 78% 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Delinquency Rate (%) 2,2% 1,9% 0,9% 0,2% 0,5% 0,4% 0,1% 0,0% 0,2% 0,8% 0,4% 0,4% 0,5% 0,1% 0,3% 0,3% 0,3% 0,3% 0,2% 0,2% 0,2% 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 16

High Credit-Quality Tenants Premier portfolio attracts the best-credit tenants, providing a long-term, high-quality cash flow Tenants Breakdown by Sector (% revenues) 30% 21% 16% Oil & Gas Other Telecom Financial Services 10% 8% Consumer Goods 5% 3% 3% 3% 1% Utilities Tech Consulting Coworking Construction Largest Tenants 17

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) 71% Existing Lease Contracts All Contracts Built-to-Suit Contracts Current Average Duration 4.9 Years 3.8 Years 36% 30% 3% 26% 2018 2019 >2020 22% 2018 2019 >2020 18

4 Value Added Growth

Long-Standing Track Record of Value Creation Unique ability to source deals at attractive yields and selling properties that have reached their maturity and full potential for value creation, taking advantage of the real estate cycles Gross Leasable Area ( 000 sqm) Phase I & II: Recovery & Expansion + 2MM sqm of GLA in M&A transactions + R$800 mm Private Placements + R$700 mm IPO + R$600 mm Follow-on Phase III & IV: Oversupply & Recession + R$7 bn in Properties Divestments + R$2 bn returned via Dividends + R$300 mm shares buy back + R$2,5 bn Debt Reduction Phase V: Recovery and Growth Acquisition of: Passeio Centenário Plaza ( Robocop ) Galpão Imbuia Galpão Araucária 2.223 2.186 Vacancy Cycle in SP BRPR3 Share Price 1.320 1.343 1.178 588 791 584 655 685 282 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Founded the Company BR Properties goes public Sold its Position GP CP VI Took Over Company s Control Avg. Entry Cap Rate (%) 12% 13% Avg. Exit Cap Rate (%) 9% 10% Source: CBRE 20

Post-Acquisition Performance Improvement Active property management leads to very fast operational improvements Ventura East RJ (Acquired in April/2012) Manchete RJ (Acquired in Jun/2010) Cap Rate (%) Cap Rate (%) +360bps +310bps 15,6% 11,6% 12,0% 8,5% Market Alignment Initial 45 days later Retrofit, Repositioning and Leasing Initial 12 months later TNU SP (Acquired in Mar/2010) Cap Rate (%) +260 bps 13,1% 10,5% RB 115 RJ (Acquired in Dec/2010) Cap Rate (%) +220 bps 14,5% 12,3% Retrofit, Repositioning and Re-tenanting Initial 12 months later Leasing Initial 12 months later 21

Recent Acquisitions Performance BR Properties: The most active player with expertise to explore the full potential of new properties Passeio Corporate Galpão Imbuia Centenário Plaza The only building delivered in 2016 Flight-to-quality movement Strong demand region with high barriers to entry Development of a strong footprint in the sector State-of-the-Art installed infrastructure Consolidated region with limited greenfield opportunities Retrofit strategy to capture value Type Office AAA Type Warehouse Type Office AAA Location Downtown - Rio de Janeiro/RJ Location Cond. Gaia Terra - Jarinu/SP Location Marginal São Paulo/SP Acquisition Date December, 2016 Acquisition Date July, 2017 Acquisition Date July, 2017 Acquisition Value R$ 715.0 mm Acquisition Value R$ 49.4 mm Acquisition Value R$ 433.4mm Total GLA (sqm) 81,423 Acquisiton Price per sqm R$ 8,781 Total GLA (sqm) 22,986 Acquisiton Price per sqm R$ 2,150 Total GLA (sqm) 53,892 Acquisiton Price per sqm R$ 8,042 Cap Rate Sensitivity Cap Rate Sensitivity Cap Rate Sensitivity Average Rent Price (R$/sqm) Average Rent Average Rent R$ 85 R$ 90 R$ 95 R$ 100 R$ 110 R$ 19 R$ 20 R$ 21 R$ 22 R$ 23 R$ 75 R$ 80 R$ 85 R$ 90 R$ 95 Price (R$/sqm) Price (R$/sqm) Cap Rate (%) 11,6% 12,3% 13,0% 13,7% 15,0% Cap Rate (%) 10,6% 11,2% 11,7% 12,3% 12,8% Cap Rate (%) 11,2% 11,9% 12,7% 13,4% 14,2% 22

Potential Acquisition Opportunities High quality pipeline to support the maintenance of the consolidation strategy Fragmented Market Current Pipeline (R$ mm) 20% ~60% Potential Growth to the Current Portfolio 1.287 80% 3.256 4.543 Investidores Privados Investidores Institucionais Office Industrial Total Main Highlights of Potential Acquisition Targets Offices Warehouses Main focus on off-market deals Focus on São Paulo and Rio de Janeiro regions Triple A assets, with best-in-class tenants Footprint development in strategically located regions close to major urban centers and main logistic corridors Assets with cutting-edge installed infrastructure to support growth and reduce competition Focus on established clusters in order to attract blue chip clients and leverage on cost sharing 23

5 Capital Structure

Strong Liquidity Position Cash and Cash Equivalents Portfolio Value 1.230 1.032 1.065 966 840 13.840 13.759 10.473 574 595 5.254 7.029 7.302 7.650 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Indebtedness 4Q17 Debt Breakdown 5.252 5.548 4.678 4.597 4.175 3.580 3.617 3.362 3.314 Índex CDI + Average Coupon 0.72% Balance (R$MM) 1,538 2.083 2.386 2.396 2.249 TR + 11.16% 587 1.051 IGP-M + 7.57% 545 2011 2012 2013 2014 2015 2016 2017 Gross Indebtedness Net Indebtedness IPCA + 6.74% 625 25

Conservative Balance Sheet Conservative Capital Structure Loan-to-Value Covenant-Light Balance Sheet 52% 54% 53% 44% 46% 44% 45% 46% 40% 41% 40% 42% 43% 41% 34% 36% 37% 37% 39% 34% 33% 29% 29% 29% 30% 29% 55% 45% 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 LTV Gross Debt LTV Net Debt Covenant Debt Non Covenant Debt 4Q17 Debt Profile Perpetual Bond 16% 18% Balance (US$) Coupon (US$) $ 185,000,000 9% Hedge Strategy Swap to CDI 17% Start Date 07/07/2016 31% End Date 09/04/2018 19% TR CDI USD Perpetual Bond IGPM IPCA Cost (R$) Exchange Rate 95.95% of CDI 3.5815 26

Indebtedness Debt Amortization Schedule (R$ million) ¹ Net Debt / EBITDA 377 427 334 294 625 3.595 5,4x 3.839 3.897 4.156 6,1x 6,2x 6,3x 2.395 4,4x 1.949 4,8x 1.954 1.923 5,6x 5,0x 2.396 6,5x 2.572 7,3x 2.732 8,1x 2.282 2.249 6,9x 6,8x 163 172 150 118 119 124 119 24 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2050 * Perpetual Bond 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Interest Coverage Ratio ² Other Indicators 1,5x 1,4x 1,3x 1,4x 1,2x 1,3x 1,4x 1,3x 1,4x 1,4x 1,3x 1,4x 1,3x Indicators 2014 2015 Non-Secured/ Total Debt 36% 50% 2016 29% 2017 34% Credit Rating Local AA- / braa Aa2 AA- / bra Aa2 A+ / bra - Aa2 A / bra+ Aa2 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Credit Rating Global BB / BB / Ba2 BB- / BB / Ba2 BB- / BB- / Ba2 BB- / BB- / Ba2 1 Considering the expiration of the Perpetual Bond in 2050 2 Considering Adjusted Financial Results and Adjusted EBITDA (Last 12 months) 27

Capital Markets Stock Performance / Liquidity Shareholder Distribution 90% 80% 70% 60% 50% 40% 30% 20% 10% ADTV BR Properties Ibovespa 0% 0 Jan-17 Jan-17 Feb-17 Mar-17 Apr-17 May-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Oct-17 Nov-17 Dec-17 25.000.000 20.000.000 15.000.000 10.000.000 5.000.000 3% 3%3% 7% 84% Brazil United States Luxembourg 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 Santander Renan Manda rmanda@santander.com.br Credit Suisse Nicole Hirakawa nicole.hirakawa@credit-suisse.com Index Weight BRPR IBrA 0,09% SMLL 0,85% IMOB 4,03% IGCX 0,13% IGCT 0,11% IGC-NM 0,17% ITAG 0,11% 28

6 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 About LEED Ventura: Gold Passeio Corporate: Gold JK Bloco B: Gold Manchete : Silver Panamérica Green Park: Silver Águas Claras: Silver Souza Aranha II: Certificated 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. 30

7 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 Centenário Plaza Complex Region: Marginal GLA: 53,892 sqm 32

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 33

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 Celebration Region: Jardins GLA: 5,590 sqm 34

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 35

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 36

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 37

Portfolio Industrial Galpão Imbuia Region: Jarinu, SP GLA: 22,986 sqm 38

Selective Developments & Expansions 1 development project and 5 land banks, which once finalized, will correspond to 88.7 thousand sqm of GLA Galpão Araucária Galpão Pirituba Panamérica Green Park Type: Industrial / Development Location: Jarinu / SP Delivery Date: 3Q18 Owned GLA: 14,388 sqm Stake: 100% 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% CES II Bayview 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% 39

8 Appendix

Financial Highlights vs Real Estate Cycle Net Revenues (R$ million) 924 837 631 715 373 223 97 126 22 466 430 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Adjusted EBITDA (R$ million) 11 65 88 168 311 493 866 752 614 366 330 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Adjusted Net Income - FFO (R$ million) 310 196 106 14 42 69 90 91 75 83-9 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 41

Income Statement Account Income Statement 4Q17 4Q16 var % 2017 2016 var % (1) Gross Revenues 125.089 116.961 7% 491.815 505.255-3% (2) Leasing 120.374 112.469 7% 473.188 486.727-3% (3) Office 119.272 108.269 10% 469.620 463.928 1% (4) Industrial 614 4.200-85% 2.521 22.799-89% (5) Retail 488 - n/a 1.047 - n/a (6) Services Rendered 4.714 4.492 5% 18.627 18.528 1% (7) Deductions from Gross Revenues (19.583) (10.314) 90% (61.365) (39.576) 55% (8) Taxes (PIS/Cofins and ISS) (10.371) (9.277) 12% (37.857) (35.970) 5% (9) Deductions (9.213) (1.037) 788% (23.509) (3.606) 552% (10) Net Revenues 105.505 106.647-1% 430.450 465.679-8% (11) Cost of Leased Properties - - n/a - - n/a (12) Gross Profit 105.505 106.647-1% 430.450 465.679-8% (13) General and Administrative Expenses (22.227) (91.575) -76% (140.664) (170.642) -18% (14) Operating Expenses (4.153) (17.917) -77% (32.798) (37.335) -12% (15) Taxes 730 (53.849) -101% (28.532) (65.093) -56% (16) Personnel Expenses (6.777) (7.088) -4% (24.601) (20.916) 18% (17) Management Fees (1.146) (3.249) -65% (5.179) (11.428) -55% (18) Stock Options / LTIP 783 (499) -257% (6.066) (1.806) 236% (19) Vacancy Expenses (11.664) (8.972) 30% (43.489) (34.064) 28% (20) Financial Result (87.746) (39.860) 120% (214.180) (140.042) 53% (21) Financial Income (265) 63.599-100% 184.863 354.543-48% (22) Financial Expenses (87.481) (103.459) -15% (399.043) (494.585) -19% (23) Other Operating Income/Expense 426 (12.358) -103% 18.695 (3.283) -669% (24) Gain (Loss) on Sale of Investment Properties - - n/a 62.523 5.348 1069% (25) Gain (Loss) on Appraisal of Investment Properties 115.737 (114.139) -201% 115.737 (157.632) -173% (26) Income (loss) before taxes 111.695 (151.284) -174% 272.561 (572) -47746% (27) Income and Social Contribution taxes (10.917) (19.058) -43% (22.311) (49.238) -55% (28) Deferred taxes (10.715) 104.028-110% 26.767 80.389-67% (29) Income (loss) before Minoritary Interest 90.064 (66.315) -236% 277.017 30.579 806% (30) Minority Interest - - n/a - (1.733) n/a (31) Net Income (loss) 90.064 (66.315) -236% 277.017 28.846 860% 42

EBITDA & FFO Account Adjusted EBITDA Composition 4Q17 4Q16 var % 2017 2016 var % (29) Net Income (loss) before Minority Interest 90.064 (66.315) -236% 277.017 30.579 806% (30) (-) Minority Interest - - n/a - (1.733) n/a (28) (+) Deferred Taxes 10.715 (104.028) -110% (26.767) (80.389) -67% (27) (+) Income and Social Contribution Taxes 10.917 19.058-43% 22.311 49.238-55% (25) (-) Gain (Loss) on Appraisal of Investment Properties (115.737) 114.139-201% (115.737) 157.632-173% (24) (-) Gain (Loss) on Sale of Investment Properties - - n/a (62.523) (5.348) 1069% (23) (+) Other Operating Income (426) 12.358-103% (18.695) 3.283-669% (20) (+) Financial Result 87.746 39.860 120% 214.180 140.042 53% (18) (+) Stock Options / LTIP (783) 499-257% 6.066 1.806 236% (16) (+) Bonus Provision * - 5.780 n/a - 9.227 n/a (15) (+) PIS/Cofins (Revenue Taxes) on Property Sales - Galpão SBC - (Non-Recurring) - - n/a 2.292 - n/a (15) (+) Taxes on One Properties Incorporation ITBI - (Non-Recurring) - - n/a 29.662 - n/a (15) (+) PIS/Cofins (Revenue Taxes) on Non-cash Gains on the Perpetual s Buyback (Non-Recurring) - - n/a - 2.675 n/a (14) (+) Depreciation 108 109-1% 546 423 29% (14) (+) Attorney's Fees (Non-Recurring) - - n/a 5.383 - n/a (14) (+) Notarial Fees - Follow-on (Non-Recurring) - - n/a 1.526 - n/a (14) (+) Expense Reimbursement related to One Properties Incorporation (Non-Recurring) (5.429) - n/a (5.429) - n/a (15) (+) Taxes on Corporate Restructuring - ITBI - (Non-Recurring) - 58.567 n/a - 58.567 n/a (32) Adjusted EBITDA 77.174 80.026-4% 329.831 366.002-10% (33) Adjusted EBITDA Margin 73% 75% -2 p.p. 77% 79% -2 p.p. * From 2017 onwards, the adjustment of the "Bonus Provision" is not being considered in the Adjusted EBITDA calculation Account Adjusted Net Income Composition (FFO) 4Q17 4Q16 var % 2017 2016 var % (31) Net Income (loss) 90.064 (66.315) -236% 277.017 28.846 860% (28) (+) Deferred Taxes 10.715 (104.028) -110% (26.767) (80.389) -67% (27) (+) Income Taxes on Property Sales 12.063 - n/a 34.330 15.348 124% (25) (-) Gain (Loss) on Appraisal of Investment Properties (115.737) 114.139-201% (115.737) 157.632-173% (24) (-) Gain (Loss) on Sale of Investment Properties - - n/a (62.523) (5.348) 1069% (23) (+) Other Operating Income/Expense (Non-Recurring) (426) 1.855-123% (18.695) 3.220-681% (20) (+) Non-cash Losses on Exchange Rate Variation 9.197 - n/a 9.197 - n/a (20) (-) Non-cash Gains on Exchange Rate Variation 16.851 1.717 881% - (121.756) n/a (20) (+) Non-cash Variations (MTM - Perpetual Bond Swap and Interest) 4.460 (4.702) -195% (2.585) (7.054) -63% (20) (-) Monetary Adjustment on "Galpão SBC " Sale (Non-Recurring) - - n/a (49.503) - n/a (20) (-) Non-cash Gains on the Perpetual s Buyback (Non-Recurring) - - n/a - (55.726) n/a (20) (+) Debt Renegotiation Results (Waiver) - (Non-Recurring) - - n/a - 62.982 n/a (20) (+) Monetary Adjustment on Expense Reimbursement (One Properties) (1.708) - n/a (1.708) - n/a (18) (+) Stock Options / LTIP (783) 499-257% 6.066 1.806 236% (15) (+) PIS/Cofins (Revenue Taxes) on Property Sales - Galpão SBC - (Non-Recurring) - - n/a 2.292 - n/a (15) (+) Taxes on One Properties Incorporation ITBI - (Non-Recurring) - - n/a 29.662 - n/a (15) (+) PIS/Cofins (Revenue Taxes) on Non-cash Gains on the Perpetual s Buyback (Non-Recurring) - - n/a - 2.675 n/a (14) (+) Attorney's Fees (Non-Recurring) - - n/a 5.383 - n/a (14) (+) Depreciation 108 109-1% 546 423 29% (14) (+) Notarial Fees - Follow-on (Non-Recurring) - - n/a 1.526 - n/a (14) (+) Expense Reimbursement related to One Properties Incorporation (Non-Recurring) (5.429) - n/a (5.429) - n/a (15) (+) Taxes on Corporate Restructuring ITBI - (Non-Recurring) - 58.567 n/a - 58.567 n/a (15) (+) Income Taxes on Ventura Tower Sale - Corporate Restructuring - (Non-Recurring) - 13.749 n/a - 13.749 n/a (34) Adjusted Net Income (FFO) 19.375 15.591 24% 83.072 74.977 11% (35) Adjusted Net Income Margin (FFO Margin) 18% 15% 3 p.p. 19% 16% 3 p.p. 43

Investor Relations IR Team André Bergstein CFO and Investor Relations Officer Gabriel Barcelos Investor Relations Manager Nelson Brazan Investor Relations Analyst Phone: (55 11) 3201-1000 Email: ri@brpr.com.br Ticker: BRPR3 44