BC Fund Webcast – First Quarter 2013 May 8, 2013

2

1Q13 Results Highlights

• Lease revenue totaled R$ 59.8 million, an increase of 38.6% over 1Q12 (R$ 43.2 million in 1Q12).

• FFO totaled R$ 42.5 million (R$ 2.62 / share) and Adjusted FFO totaled R$ 46.1 million (R$ 2.88 / share), 79.0%

higher than in 1Q12

• Net income for the period was R$ 37.7 million (R$ 2.30 / share), compared to R$ 24.4 million in 1Q12, an increase of

54.4%.

• Net equity reached R$ 3.2 billion (R$ 164.40 / share), increase of 63.2% compared to 4Q12, when the Fund’s equity

was R$ 1.9 billion. This increase results from the conclusion of the primary offering in February 2013.

• Earnings distributed in 1Q13 totaled R$ 36.2 million

• Portfolio's GLA amounted to 271,750 m2 .The variation of 8,104 m2 compared to December 2012 relates to the revision

of the areas of three properties using the BOMA method, the standard currently used for the leasing of corporate

space

• 13.4% of the portfolio of contracts, in terms of revenue contracted at the beginning of the period, had been

renegotiated or had added new locations, generating a leasing spread of 25.2%.

• The financial vacancy rate at the end of 1Q13 was 0.3%.

Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month

(11,000,000 shares for January and 19,224,537 shares for February and March).

3

1Q13 Results Highlights

• A new payout policy of R$ 11.52/share/year (R$ 0.96/share/month), a rise of 15.2% in relation to the 2012 payments

• Conclusion of the primary public offering

ￚ Net proceeds of R$ 1.2 billion

ￚ 8,224,537 new shares: the number of shares increased from 11.0 million to 19,2 million

ￚ The largest Fundo Imobiliário offering ever and attracted over 15,000 new investors to the BC Fund

ￚ New proceeds were invested in real estate fixed income, whose income is tax exempt for BC Fund, and the expected

returns above 7% per year

• Payment in advance of the debt originated from acquisition of Burity property, R$ 34.5 million with an interest rate of IGP-M +

8.6% a.a.

• Liquidity in the BMF&Bovespa reached a new level post offering, above R$ 7.0 million of ADTV

4

Portfolio

GLA

The variation of 8,104 m2 compared to December 2012 relates to the revision of the areas of three properties using the BOMA

method, the standard currently used for the leasing of corporate space

• Adjustments in our portfolio GLA to the BOMA methodology

ￚ Current market standard

ￚ Promotes consistency and avoid ambiguity in the

measurement of leasable areas for sale and/or rent

ￚ Allows a better comparison between properties, taking

into account that space is used both for standalone

units as well as those that serve to provide general

condominium support services

By asset type

(based on the contracted lease revenue)

By location

(based on the contracted lease revenue)

AAA41.6%

A29.9%

B28.5%

São Paulo 56.6%

Rio de Janeiro 33.7%

Campinas 3.0%

Brasília6.7%

Property 4Q12 1Q13 Var. m2 Var %

Montreal 5,679 6,439 760 13.4%

CENESP 45,506 49,129 3,623 8.0%

Eldorado Business Tower 33,403 37,124 3,721 11.1%

Others 179,058 179,058 0 0.0%

Total 263,646 271,750 8,104 3.1%

5

Portfolio

Leasing Spread 1Q13

13.4% of the

portfolio

Renewals and Revisions

Monthly lease contracted revenue

(R$ million)

Inflation adjustment timetable for 2013

(% of the portfolio)

15.0

20.6 19.4 20.6

Mar-12 Mar-13 Dec-12 Mar-13

21%25%

17%

37%

2Q13 4Q13 4Q13 1Q14

77%

1% 10%3%

6%

58%

Underreview

In 3months

In 6months

In 12months

In 24months

Total next24 months

100%

7.4%

25.2%

132.7%

NegotiatedLease

Inflation Real Gain Overall Growth

+ 37.5%

+ 6.2%

6

Financial Highlights

Lease Revenue

(R$ million)

Revenue

Financial Income

(R$ million)

Costs and Expenses

43.2

59.8

1Q12 1Q13

38.6%

-11.0

-17.1

1.2

8.0

-9.8 -9.1

1Q12 1Q13

Financial expenses Financial revenues Financial Income

(in R$ '000) 1Q12 1Q13

Revenue from properties 43,145 59,868

Rental income 43,171 59,817

(-) Provision: impairment of receivables (185) 0

Revenue from recovered income 0 0

Income from fines and interest received 159 56

Revenue from the sale of properties 0 0

Discounts granted 0 (5)

Adjustment to fair value 0 0

(in R$ '000) 1Q12 1Q13

Cost of Investment properties 0 0

Expenses over Properties (920) (1,135)

Comissions - (377)

Management of properties expenses (863) (515)

Condominium expenses (55) (206)

Maintenance (2) (37) Comissions

G&A (6,453) (10,093)

Consulting/Management fee (5,321) (7,702)

Administration fee - Fund (837) (2,255)

Other operating expenses (295) (136)

7

Financial Highlights Net Income and FFO

Net Income

(R$ million)

Net Income per share

(R$ / share)

24.4

37.7

1Q12 1Q13

+54.4%

2.22 2.30

1Q12 1Q13

+3.5%

(in R$ '000, unless otherwise indicated) 1Q12 1Q13 Var %

Net income 24,446 37,749 54.4%

(-) Adjustment at fair value 0 0 n/d

(+) Adjustment at fair value (minorities) 0 0 n/d

(-) Gains in the sale of properties 0 0 n/d

(-) Gains on sale / MTM - CRI and other FII shares 235 4,764 1927.2%

(+) Non-recurring expenses 0 0 n/d

(=) FFO 24,681 42,513 72.2%

FFO / share (R$ / share) (1) 2.24 2.62 16.8%

(+) Non-cash financial expenses 1,065 3,561 234.4%

(=) Adjusted FFO 25,746 46,074 79.0%

Adjusted FFO / share (R$ / share) (1) 2.34 2.88 23.0%

Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month

(11,000,000 shares for January and 19,224,537 shares for February and March).

8

Financial Highlights Indebtedness

LTV

(%)

Amortization Schedule

(R$ million)

(in R$ '000) Cost Term 4Q12 1Q13

Liabilities from acquisition of properties 537,339 504,151

Burity IGP-M + 8.6% 10 years 34,685 0

Brazilian Financial Center TR + 10.05% 5 years 73,998 72,196

Eldorado Business Center TR + 12.2% 10 years 126,539 126,539

Oi Portfolio IGP-M + 7.0% 17 years 302,117 305,416

Liabilities from funding 102,439 100,265

Hicham II IPCA + 8.74% 8 years 12,572 12,470

Brazilian Financial Center TR + 10.20% 10 years 89,867 87,795

Gross Debt 639,778 604,416

(-) Cash and Financial investments (28,847) (1,233,283)

(-) Shares of Other FIIs (Market) (41,716) (37,850)

Net Debt 569,215 (666,717)

24.5%

15.8%

4T12 1T13

-8.7 p.p.

8.8 26.767.4

26.7

474.8

2013 2014 2015 2016 + 2017

9

Financial Highlights Payout

Payout Evolution

(R$ / share)

Primary Offering – Payout to new shareholdres (R$ / new share)

Settlement date 22 - Jan - 13 6 - Feb – 13 21 – Feb – 13

Fixed income earnings R$ 0.860 R$ 0.429 R$ 0.078

Prop. earnings Feb/13 R$ 0.137 R$ 0.137 R$ 0.137

TOTAL R$ 0.997 R$ 0.566 R$ 0.215

From March onwards, all

shareholders are entitled to the

same earnings as defined by the

current payout policy of R$

0.96/share/month.

0.50

0.67

0.83

0.96

Jan-11

Feb

-11

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug

-11

Sep

-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb

-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Aug

-12

Sep

-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb

-13

Mar-13

10

Market Performance

Market Value vs. Book Value Return

60

80

100

120

140

160

180

Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13

Ba

se

10

0 =

De

c/2

01

2

BC Fund BC Fund (payout adj.) IBOVESPA

103.79

146.90

154.64

162.51

176.08

164.40

100.30100.61

114.00

151.00 155.10

149.65

-3%

-32%-26%

-7%-12% -9%

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13

Book value (a)

Trading value (b)

(b) / (a) -1

70.3%

17.1%

-1.5%

-17.8%

-12.6%

-7.5%

-40% -20% 0% 20% 40% 60% 80%

Last 24 M

Last 12 M

Last 3 M

BRCR11

IBOVESPA

11

Valuation at Market

Mar/13

Share price (closing) [R$ / share] 149.65

Montlhy payout [R$ / share] 0.96

Montlhy profitability [% p.m.] 0.64%

Annualized profitability [% p.a.] 7.98%

Shares outstanding [#] 19,224,537

Market cap [R$ mn] 2,877.0

Net debt (Cash) [R$ mn] (666.7)

Monirities stake [R$ mn] 83.8

Enterprise Value [R$ mn] 2,294.0

Contracted lease (Mar/2013) [R$ mn] 20.6

Implied Cap rate [%] 10.77%

Portfolio GLA [m2] 271,750

Average per m2 [R$ / m2] 8,442

12

0

20

40

60

80

100

120

140

160

180

200

220

Alphaville Barrafunda

Berrini FariaLima

Itaim Marginal Paulista VerboDivino

VilaOlimpia

020406080

100120140160180200220240

Alphaville Barrafunda

Berrini FariaLima

Itaim Marginal Paulista VerboDivino

VilaOlimpia

Market and Opportunities New Inventory in São Paulo

Alphaville

BC Fund properties New inventory delivered in 2012

New inventory expected for 2013 New inventory expected for 2014

Cargill

CENESP (1)

BFC

Transa

tlântico (1)

Class A – Lease per m2

Eldorado

Classe AAA – Lease per m2

Cargill

Transatlântico

CENESP Volkswagen

Burity

BFC

Eldorado

R$

/ m2

R$

/ m2

Source: Jones Lang LaSalle (as of 4Q12) and BTG Pactual

Nota: (1) Assets classified as B. Included in the chart for reference.

Lease range Average BC Fund properties

13

Summary of Indicators

Financial Highlights (in millions of R$, unless otherwise indicated) 1Q12 1Q13 Var %

Lease Revenue 43.2 59.8 38.6%

Net Income 24.4 37.7 54.4%

Net Income per share (R$ / share)(1) 2.22 2.30 3.5%

FFO 24.7 42.5 72.2%

FFO / share (R$ / share) (1) 2.24 2.62 16.8%

Adjusted FFO 25.7 46.1 79.0%

Adj. FFO / share (R$ / share) (1) 2.34 2.88 23.0%

Shareholders Equity 1,707.1 3,160.5 85.1%

Shareholders Equity / share (R$ / share) 155.19 164.40 5.9%

Gross Debt 381.7 604.4 58.4%

Net Debt 322.7 (666.7) -306.6%

Operational Highlights 1Q12 1Q13 Var %

Portfolio GLA (m2) 190,436 271,750 42.7%

Lease Contracted Monthly Revenue (R$ million) 15.0 20.6 37.5%

Vacancy - in R$ (EoP) 0.3% 0.3% 2.7%

Deliquency 0.4% 0.0% -42.9%

Leasing Spread 0.0% 25.2% 25.2 p.p.

% of portfolio (in terms of lease revenue) 0.0% 13.4% 13.4 p.p.

Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month

(11,000,000 shares for January and 19,224,537 shares for February and March).

14

Contacts

Fundo Imobiliário

BTG Pactual Corporate Office Fund

“BC FUND” (BRCR11)

Manager: Adriano Mantesso

Finance and IR: Fernando Kalil

Email: contato@bcfund.com.br

Tel: +55 11 3383-2000 / 0800 772 2827

www.bcfund.com.br Address: Brig. Faria Lima, 3.744 – 14º andar