2Q10 Earnings Release

August 12th, 2010

BRProperties

BRProperties 2Q10

Highlights

2

Financial

Highlights

Operating

Highlights

We have reached 60% of the acquisition goal proposed in the capital budget in just 4 months after

the Company’s IPO. During the period, we acquired the following properties: CBOP – Ed.

Jacarandá, DP Louveira 3, 4, 5, 6, 8 & 9, RB 115 and Ed. Manchete for a total investment value of

R$ 872 million

At the end of 2Q10, our portfolio had 993.143 sq m of gross leasable area (GLA), a 36% increase

compared to the same period of 2009

Increase in the number of managed properties, from 24 in 2Q09 to 28 in 2Q10

Our property management revenues increased by 63% in 2Q10 compared to 2Q09

Consolidation of the financing strategy utilizing real estate financing, which represents 92% of our

total debt; R$ 168 million in new financing was raised during the quarter

2Q10 gross revenues increased by 39% compared to 2Q09

Adjusted EBITDA, excluding stock option plan expenses and bonus provision, of R$ 35.5 million at

the end of 2Q10, an increase of 43% over 2Q09

2Q10 adjusted EBITDA pro-forma of R$ 46,5 million, with an 87% EBITDA margin

Net income of R$ 19,3 million, an 83% increase over 2Q09

Consolidated FFO totaled R$ 25,5 million, with a 57% FFO margin

BRProperties 2Q10

Recent Acquisitions

On June 2nd 2010, we acquired the commercial office building RB 115,

located in the downtown region of Rio de Janeiro/RJ for R$ 94,1 million

Property Overview:

GLA: 11.345 sq m

% Acquired: 90%

# floors: 20

Complete retrofit under way

On June 17th 2010, we acquired, for R$ 157 million, 2 warehouses

located in the logistics complex DP Louveira, where the Company

already owned 6 other properties

Property Overview:

GLA: 88.643 sq m

% Acquired 100%

# warehouses: 2

92% leased

On June 30th 2010, we acquired, for R$ 260 million, the Manchete office

building in the Flamengo region of Rio de Janeiro/RJ

Property Overview:

GLA: 26.439 sq m

% Acquired: 100%

# floors: 12

Complete retrofit under way

Edifício RB 115

DP Louveira 8 & 9

Edifício Manchete

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BRProperties 2Q10

Portfolio

Portfolio Growth (GLA sq m)

Portfolio Breakdown

(% market value)

Portfolio Breakdown

(% GLA)

4

54%42%

1% 3%

Office Industrial Other Development

26%

74%

1%

Office Industrial Other

730.548

993.143

31.954

106.306 11.345

88.643

(2.091)

26.439

1Q10 Acquisition Ed. Jacarandá

Acquisition DP Louveira

3,4,5,6

Acquisition RB 115

Acquisition DP Louveira

8,9

Sale 50% Ed. Souza Aranha

Acquisition Ed. Manchete

2Q10

BRProperties 2Q10

BR Properties has already invested R$ 872 million, or 60%, of the total acquisition value outlined in

the capital budget

It is also important to mention that we are currently 35% above the acquisition goal which was

established for 2010

Acquisitions

Acquisition CAPEX Schedule Post IPO Post IPO Acquisitions

5

872

mar/10 abr/10 mai/10 jun/10 jul/10 ago/10 set/10 out/10 nov/10 dez/10

Capital Budget

Actual

1.452

645

872

mar/10 abr/10 mai/10 jun/10 jul/10

Capital Budget

Actual

+35%

BRProperties 2Q10

Our financial vacancy was 10.4% in the period; Excluding Ed. Jacarandá, of which we only paid an

advance of 18%, and TNU, which is currently under retrofit, our financial vacancy is currently 3.0%

Operating Highlights

Vacancy Breakdown

Despite the recent increase in our portfolio vacancy, the lease-up outlook for the vacant areas is

very positive given the increased demand and most importantly the high quality of our properties

We expect the portfolio vacancy to return to its historic levels in the short term

Vacancy per Property

6

6,0%6,6%

3,7%

8,3%

10,4%

3,0%

1Q10 2Q10 2Q10 Ex CBOP & TNU

Physical

Financial4,1%

3,3%

1,0%

0,9%

0,6%0,3%

0,2%0,1%Castelo Branco Office Park

TNU

Piraporinha

Cond.Ind.São José dos CamposDP Louveira 9

Raja Hills

Plaza Centenário

BRProperties 2Q10

% Revenues

% GLA

% GLA

2%5%

6% 37%

49%

2010 2011 2012 2013 >2013

1% 7%9%

34%

51%

2010 2011 2012 2013 >2013

% Revenues

20%

41%

24%

13%

1%

2010 2011 2012 2013 >2013

19%

47%

24%

9% 1%

2010 2011 2012 2013 >2013

Lease Contract 3 Year Market Alignment Schedule

Lease Contract Expiration Schedule

7

Operating Highlights

BRProperties 2Q10

Managed Properties Property Management Revenues

24

28

2T09 2T10

16%

529

863

2T09 2T10

63%

8

Operating Highlights

BRProperties 2Q10

Net Revenues Adjusted EBITDA

Net Income FFO

9

Financial Highlights

31.989 44.889

53.223 59.270

86.489

110.701

2Q09 2Q10 2Q10 Pro Forma 6M09 6M10 6M10 Pro Forma

40%

19%

66%

46%

28%

87%

26.735 38.202

46.536 50.995

73.639

97.851

2Q09 2Q10 2Q10 Pro Forma 6M09 6M10 6M10 Pro Forma

43%

22%

44%

33%74%

92%

10.537

19.305 17.553

31.064

2Q09 2Q10 6M09 6M10

83%

77%

14.649

25.550 25.786

42.187

2Q09 2Q10 6M09 6M10

74%

64%

BRProperties 2Q10

Pro-Forma Estimates

Additional Pro-forma Gross Revenues

(non audited)

Adjusted EBITDA

(non audited)

Methodology

Considers that the in place revenues for the

properties acquired throughout 2010 were incurred

since the beginning of the year

Results

2Q10 adjusted EBITDA pro-forma totaled R$46,5

million, 22% above 2Q10 adjusted EBITDA

6M10 adjusted EBITDA pro-forma 6M10 totaled

R$97,8 million, 33% above 6M10 adjusted EBITDA

Adjusted EBITDA pro-forma margin of 87% and 88%

in 2Q10 and 6M10, respectively

10

49.237

57.987

726 -

675

2.381 1.383

3.585

2Q10 Actual BBP DP Araucária

TNU Ed. Jacarandá

Louveira 3-6

Louveira 8-9

2Q10 Pro-forma

38.201 46.536

73.639

97.851

85%

87%

85%

88%

65%

70%

75%

80%

85%

90%

25.000

35.000

45.000

55.000

65.000

75.000

85.000

95.000

105.000

2Q10 Actual 2Q10 Pro-forma

6M10 Actual 6M10 Pro-forma

EBITDA Margin

BRProperties 2Q10

Debt

Debt Amortization Schedule

Net Debt 2Q10 Debt Index Breakdown

Comfortable amortization schedule in the next few years, with low refinancing risk

92%

4%4%

TR

IGPM

CDI

41.886 59.665

75.989 70.399 93.016 89.560 99.408

242.290

59.921 48.411

14.632 1.027

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

11

112

955

558

59

784 396

ST Debt Obligations for

Acquisitions

LT Debt Total Debt Cash Net Debt

BRProperties 2Q10

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)

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

- 12 -

BRProperties 2Q10

IR Contacts

Investor Relations

Pedro Daltro

CFO & Investor Relations Officer

Leonardo Fernandes

Investor Relations Manager

Marcos Oliveira

Investor Relations Analyst

Phone: (55 11) 3201-1000

Email: ri@brpr.com.br

www.brpr.com.br/ri

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