1Q10 Earnings Release

May 14th, 2010

BRProperties

BRProperties 1Q10

Highlights

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Financial

Highlights

Operational

Highlights

Finalized the acquisition of seven remaining properties from 2009: DP Araucária, five warehouses

at Brazilian Business Park, and Nações Unidas Tower, for the amount of R$ 322 million

The number of properties managed by the Company increased from 23 in 1Q09 to 27 in 1Q10

Our revenues from services rendered grew by 98% in 1Q10 compared to 1Q09

Real growth of 5.4% in value of new leases/renegotiations in the 1° Quarter of 2010

Gross Revenues increased by 52% compared to 1Q09

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

the end of 1Q10, an increase of 53% compared to 1Q09

Pro-forma EBITDA of R$46.8 million in 1Q10, with an EBITDA Margin of 88%

Net Profit of R$11.8 million, an increase of 68% over 1Q09

Recent

Events

In April, we acquired the office building “Ed. Jacarandá”, with approximately 32,000 sqm of GLA for

R$180.0 million. The building was recently developed, and is already leased to Philips and

Redecard.

Also in April, we acquired another 4 industrial warehouses in Louveira/SP for R$181.0 million.

These warehouses reinforce the Company’s presence in the region, where we own over 250,000

sqm of GLA.

At the moment, we have already acquired 25% of the acquisitions outlined in the capital budget

BRProperties 1Q10

Recent Acquisitions

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On January 22nd, 2010, we acquired “DP Araucária”, a distribution park

located in the city of Araucária/PR, for the amount of R$69.9 million

Property Overview:

GLA: 42,697 sq m

% Acquired: 100%

# Warehouses: 1

100% leased

On February 26th, 2010, we concluded the

acquisition of “Brazilian Business Park” for R$101.2

million

Property Overview:

GLA: 59,182 sq m

% Acquired: 100%

# Warehouses: 5

100% leased

On March 16th, 2010, we acquired the office building “Torre Nações

Unidas”, located in the Marginal do Rio Pinheiros region for R$151.2

million

Property Overview:

GLA: 25,555 sq m

% Acquired: 100%

# Floors: 18

Under retrofit, currently 50% leased

Brazilian Business Park

DP Araucária

TNU

BRProperties 1Q10

Recent Acquisitions

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On April 12th, 2010, we acquired for the amount of the

R$180.0 million, the office building “Edifício Jacarandá”,

located in the Castelo Branco Office Park.

Property Overview:

GLA: 31,954 sq m

% Acquired: 100%

# Floors: 14

Recently developed – 50% leased to Philips and Redecard

On April 20th, 2010, we concluded the

acquisition of 4 logistics warehouses

located in the “DP Araucária” complex,

where BR Properties already owns 2

other warehouses. The acquisition value

was of R$181.0 million.

Property Overview:

GLA: 106,306 sq m

% Acquired: 100%

# Warehouses: 4

100% leased

CBOP – Ed. Jacarandá

DP Louveira 3, 4, 5 & 6

BRProperties 1Q10

Portfolio

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Portfolio Growth (GLA sq m)

Portfolio Breakdown (% market value) Portfolio Breakdown (% GLA)

51%46%

4%

Office Industrial Development

25%

75%

Office Industrial

646.055

730.558

868.807

59.182

(235)

25.555

31.954

106.306

Portfolio at IPO

Acquisition of BBP

Sale of Isabela (cj.

41)

Acquisition of TNU

1T10 Acquisition of Ed. Jacarandá

Acquisition of DP Louveira

3-6

Current Portfolio

BRProperties 1Q10

Case Study

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ROE*: 147%

Sale Value Addition

Henrique Schaumann

Acquisition Value R$ 41.0 mm

Acquisition Date Nov/07

Re-tenanting R$ 6.5 mm / year (42%

increase on rental income)

Retrofit Elevators/ Façade/Parking

2009 Appraised Value R$ 78.0 mm

Ed. Generali

Acquisition Value R$ 16.6 mm

Acquisition Date Aug/07

Sale Value R$ 21.5 mm

Sale Date Jan/10

Holding Period 29 months

IRR 36%

* Before taxes

41,0

78,0

26,97

38,10

-

5,00

10,00

15,00

20,00

25,00

30,00

35,00

40,00

45,00

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

At Acquisition Current

Property Value

Lease/sq m

16,6

21,5

Acquisiton Value Sale Value

BRProperties 1Q10- 7 -

Financial Vacancy of 8,3% in 1Q10; Excluding the TNU building, acquired in march, our

financial vacancy was 4.1%

Operational Highlights

Vacancy Breakdown

7,3%

6,0%

4,7%

6,9%

8,3%

4,1%

2009 1Q10 1Q10 Ex - TNU

Physical

Financial

Despite the recent increase in the vacancy rate, the prospect of leasing the vacant areas

is very positive given the forecast economic growth

We expect our vacancy rate to return to its historic low levels in the short term

BRProperties 1Q10- 8 -

In the quarter, we renegotiated

existing leases and signed new

leases in vacant areas with an

average real gain of 5.4%

32%

34%

16%

10%8%

2010 2011 2012 2013 >2013

21%

40%

25%

13%

1%

2010 2011 2012 2013 >2013

69%

28%

3%

1Q09

IGP-M

IPCA

Outros

81%

15%

5%

1Q10

Lease Contract Readjustment Indices

Lease Contract Expiration Schedule

(# of contracts)

Lease Contract 3 Year Renegotiation Schedule

(# of contracts)

Operational Highlights

BRProperties 1Q10- 9 -

Operational Highlights

Addition of three new properties under our management, which is performed by our

subsidiary, BRPR A Administradora de Ativos Imobiliários Ltda.

Managed Properties BRPR A Revenues

23

27

1Q09 1Q10

428

849

1Q09 1Q10

BRProperties 1Q10- 10 -

Financial Highlights

Net Revenues Adjusted EBITDA

Net Income FFO

27.281

41.600

52.874

1Q09 1Q10 1Q10 Pro Forma

52%

27%

23.210

35.479

46.753

1Q09 1Q10 1Q10 Pro Forma

53%

32%

85% 85% 88%

Adjusted EBITDA Margin

11.137

16.637

1Q09 1Q10

49%

7.016

11.759

1Q09 1Q10

26%

28%

Net Margin

68%

BRProperties 1Q10

Pro-Forma Estimates

Additional Pro-forma Gross Revenues

(non audited)

Adjusted EBITDA

(non audited)

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Methodology

Considers that the Company’s current revenues

were incurred from January 1st 2010, until March

31st 2010

Results

Our pro forma gross revenues totaled R$58.6

million, 27% above 1Q10

Our adjusted EBITDA pro-forma margin was 88%,

3% above the 85% margin attained in the period

46.198

58.621

500

2.923 1.312 2.592

5.096

1Q10 Actual

DP Araucária

BBP TNU CBOP Louveira 1Q10 Pro-forma

27%

35.479

46.753

85%

88%

80%

81%

82%

83%

84%

85%

86%

87%

88%

89%

90%

25.000

30.000

35.000

40.000

45.000

50.000

55.000

1Q10 Actual 1Q10 Pro-forma

Adjusted EBITDA Margin

BRProperties 1Q10- 12 -

Financial Highlights

Expected Positive Effects of the Growth

of Inflation Indexes

(TR vs. Inflation)

Effects of the Nominal

Interest Rate Increase

(SELIC vs. TR)

8,75%

12,00%

0,82% 0,97%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

2009 2010e

Forecast SELIC

TR

The potential increase in the nominal interest rate until the end of the year would result in a small

increase in the TR, main index that readjusts or financing contracts

The inflation increase, on the other hand, would have a positive effect on the Company’s results, given

that 100% of our lease contracts are indexed to inflation rates

Our cash reserves are invested exclusively in bank notes indexed to the Brazilian inter-bank rate (CDI),

which would cause an increase in our financial revenues with the forecast increase in the SELIC rate

0,00%

7,95%

0,82% 0,97%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

8,0%

9,0%

2009 2010e

Basket of lease contract inflation readjustment indicesTR

BRProperties 1Q10

Debt

42.008 48.312 63.496 56.650

77.812 72.846 81.006

221.818

37.904 24.025

2.738 1.027

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

Net Debt 90

Cash 698

Debt Amortization Schedule

Short Term Debt 92

Obligations for Acquisitions 58

Long Term Debt 637

Total Debt 788

Shareholders Equity 1.664

Balance Sheet 1Q10

90,1%

5,1%4,8%

TR

IGPM

CDI

Debt Breakdown

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

BRProperties 1Q10

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$ 1.2 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

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BRProperties 1Q10

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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