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| 1 | 2012 Brazil Summit Daniel Cherman 2012 Brazil Summit Infrastructure Outlook

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| 2 | 2012 Brazil Summit I.Brazil Overview II.Country Challenges III.Work in Progress IV.So Paulos market Summary

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| 3 | 2012 Brazil Summit Country Overview Brazil - 1994 to 2002 Focus on inflation control Economy Stabilization Solid Institutions

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| 4 | 2012 Brazil Summit Completed in 2000 North Tower So Paulo, Brazil First Class A office building in Brazil

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| 5 | 2012 Brazil Summit Country Overview Brazil 2002 to 2010 Focus on Social Programs Economy on track with inflation under control Rising middle class, 2003 to 2009: 36 million people

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| 6 | 2012 Brazil Summit Source: Ita BBA Inflation Inflation: converges gradually in 2012.

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| 7 | 2012 Brazil Summit (Pre-360 Inflation Expectation) Source: Ita BBA Scenario Real Interest Rate Lower Interest Rates (and other macro-prudential measures)

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| 8 | 2012 Brazil Summit Ventura Corporate Towers Rio de Janeiro, Brazil First phase completed in 2008 and second phase in 2010 First Class A building in Rio de Janeiro

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| 9 | 2012 Brazil Summit Country Overview Brazil 2010 to 2014 Infrastructure Challenge Stabilized Economy Decrease of interest rate with inflation under control Rising middle class : 2009 to 2014: estimates of 28million people 2014 is to incorporate also 53 million ascending from class E+D

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| 10 | 2012 Brazil Summit Education Lack of qualified labor force Urban infrastructure Public transportation Long term urban planning Roads Deficiency Airports vs. future demand Greater participation of the Private sector Country Challenges

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| 11 | 2012 Brazil Summit Federal and State Investments Municipal Investments - Urban Operations Public / Private Partnerships Public and Private Concessions Work in progress Source Bloomberg and Ita Unibanco Expectation of an increase on infrastructure investments of R$1Trillion until 2020

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| 12 | 2012 Brazil Summit Source: Ita BBA and BCB Scenario Exchange-Rate Scenario

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| 13 | 2012 Brazil Summit Source: Ita BBA Inflation Headline inflation stability is increasingly dependent on lower tradable inflation IPCA YoY: Tradables vs. Non-Tradables

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| 14 | 2012 Brazil Summit Green Towers Brasilia First phase to be completed in 2012 First Class A building and first Green building, Leed Certified, in Braslia

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| 15 | 2012 Brazil Summit Economy Growth to Lat America So Paulo Rio de Janeiro Recife Braslia Miami, USA Mexico City, MEX So Paulo, BRA

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| 16 | 2012 Brazil Summit Infrastructure Sao Paulo Ring Road West (in operation) Ring Road South (under construction) Ring Road East Ring Road North Roads

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| 17 | 2012 Brazil Summit City Dinamics So Paulo Paulista R$100/sqm US$54/sqm Marginal R$120/sqm US$65/sqm Marginal South R$100/sqm US$54/sqm Alphaville R$60/sqm US$35/sqm DowntownPaulistaFaria LimaMarginalAlphavilleMarginal South Ring Road West Roads Downtown R$35/sqm US$ 19/sqm Faria Lima R$180/sqm US$97/sqm

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| 18 | 2012 Brazil Summit Thank You! 2012 Brazil Summit So Paulo Infrastructure