BC Fund Webcast – 2012 Results Presentation March 28, 2013

2

2012 Results Highlights

• Lease revenue amounted R$ 200.3 million, up 23.7% from R$ 161.9 million in 2011

• 29.0% of the portfolio was renegotiated or started new leases, leading to a leasing spread of 38.5% in the period

• The highest vacancy rate during the year was 0.6%.

• FFO and Adjusted FFO was respectively R$ 114.4 million (R$ 10.40/share) e R$ 123.8 million (R$ 11.26/share), an increase of

29.6% and 27.4% vs. 2011

• Net income in the period amounted to R$ 347.7 million (R$ 31.61/share), and excluding the portfolio revaluation effects amounted

to R$ 121.9 million versus R$ 75.6 million in 2011, a 61.2% rise

• Dividends paid in 2012 amounted to R$ 109,9 million (R$ 10.00/share), an increase of 46,2% against 2011, when a total of R$

75.2 million (R$ 6.84/share) was paid

• Equity stood at R$1.9 Billion (R$ 176.08/share) at the close of 2012, a 13.0% rise vs. 2011 with R$ 1.7 Billion (R$ 155.77/share)

• In the 2Q12, the interest in the Ed. Leblon was sold with a Cap rate de 7% with gain 83% over the acquisition cost

• In Dec 12, three new assets were acquired for R$ 299.7 million (initial cap rate of 10.2% that may exceed 11.0% in the short

term). The acquisition was fully leveraged with an interest rate of 7% p.a. adjusted by IGP-M and a 12-month grace period.

• At the end of the period, the portfolio’s GLA was 263.6 mil m², a rise of 38,4% vs. 2011, and the average lease rate was R$

73.5/m² with a concentration of 72% of the lease revenue in Class AAA and A buildings

• The fair value of the real estate portfolio, according to Colliers International in 2012, was R$ 2.6 billion (R$ 9.881/m²),

representing a cap rate of 10% over the revenue at market prices

3

2012 Results Recent Events

• Jan / 2013: 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

• Fev / 2013: conclusion of the primary public offering

ￚ New proceeds of R$ 1,3 Billion and 8,224,537 new shares

ￚ Pro-forma equity came to R$ 3.2 billion

ￚ 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

• Feb / 2013: payment in advance the debt originated from acquisition of Burity property, R$ 34.5 million with na interest rate of

IGP-M + 8.6% a.a.

• Increasing liquidity in the BMF&Bovespa from R$ 0.4 million (ADTV) to R$ 7.0 million post offering

4

Portfolio

GLA Evolution (m2) Por tipo de ativo

(em termos de receita contratada)

Por tipo de ativo

(em termos de receita contratada)

GLA growth of 38.4%, reaching over 263,600 m2, being 72% of lease revenue from class AAA and A properties

+ 38.4%

190,436

263,646

(1,248) 863

73,596

2011 Leblon BFC Oi Portfolio 2012

AAA42.7%

A29.4%

B28.0%

São Paulo57,2%

Rio de Janeiro32,7%

Campinas3,2%

Brasília6,9%

5

Acquisition on Oi’s Portfolio Transaction Highlights

On December 12, 2012, BC Fund acquired three new properties for R$ 299.7 million, adding 73 thousand m2 of leasable area

to the portfolio

Sia Sul

Brasília

• A 150,000 m2 plot of land with a potential for an additional GLA of up to 100,000 m2.

Projects for new building are being developed to meet the current occupants’ needs

Property Location Highlights Tenants

Beneditinos

Rio de

Janeiro

• A commercial building located in the port area in downtown Rio de Janeiro, which is

being revitalized. The currently low lease amount of R$16/m2 can be increased since

lease amounts in the area are about R$50/m2, and the contract will be renegotiated as

early as the first half of 2013

General Polidoro

Rio de

Janeiro

• An office building in good condition after retrofitting. Botafogo is home to a large number

of service companies and is developing quickly. Large avenues provide easy access

Portfolio

(in R$ '000, unless otherwise indicated)

Acquisition value 299,700

Lease 12 months 30,444

Initial cap rate 10.2%

Per Asset GLA Monthly Lease

(m2) R$ '000 R$ / m2

SIA Sul Complex 55,965 1,359 24.3

General Polidoro 10,660 1,066 100.0

Beneditinos 6,971 112 16.1

Total 73,596 2,537 34.5

6

Portfolio 15 proprieties totaling over 263,000 m2 of GLA and average rental value of R$ 73,5/m²

Tenants

Financial21.3%

Oil&Gas21.2%

Multi-sector18.0%

Telecom13.4%

Auto6.0%

Others20.2%

Property Type Ownership Location GLA(m²)

Contracted

lease

(Dec-2012)

R$/m²

Brazilian

Financial CenterA 60% São Paulo 24,161 2,541,744 105.2

Burity B 100% São Paulo 10,550 559,100 53.0

Cargill A 100% São Paulo 9,104 772,181 84.8

CENESP B 24% São Paulo 45,505 1,848,485 40.6

Ed. Hicham B 100% Campinas 9,039 430,681 47.65

Ed. Hicham II B 100% Campinas 4,080 194,216 47.60

Eldorado

Business TowerAAA 57% São Paulo 33,403 4,424,046 132.4

Flamengo A 100% Rio de Janeiro 7,085 945,335 133.4

Montreal A 100% Rio de Janeiro 5,679 373,069 65.7

Torre Almirante AAA 60% Rio de Janeiro 24,881 3,844,719 154.5

Transatlântico B 32% São Paulo 4,734 270,772 57.2

Volkswagen B 100% São Paulo 11,830 662,393 56.0

Polidoro A 100% Rio de Janeiro 10,660 1,066,000 100.0

Beneditinos B 100% Rio de Janeiro 6,971 112,199 16.1

SIA Sul B 100% Brasília 55,965 1,340,395 24.0

TOTAL 263,646 19,385,334 73.5

7

Portfolio

Leasing Spread 2012

29% of the

portfolio

Renewals and Revisions

+ 30.2%

Monthly lease contracted revenue

(R$ million)

Inflation adjustment timetable for 2013

(% of the portfolio)

14.9

19.4

Dec-11 Dec-12

100.0%

6.3%

38.5% 144.8%

Leases underNegotiation

Inflation Real Gain Overall Growth

85%

1% 4%

14%

17%

48%

Underreview

In 3 monthsIn 6 months In 12months

In 24months

Total next24 months

40%

16%

27%

17%

1Q13 2Q13 3Q13 4Q13

8

Financial Highlights

Lease Revenue

(R$ million)

Revenue

Financial Income

(R$ milhões)

Costs and Expenses

161.9

200.3

2011 2012

23.7%

(in R$ million) 2011 2012

Revenue from properties 909.6 464.5

Rental income 161.9 200.3

(-) Impairment of trade receivables (0.3) (0.3)

Revenue from recovered income 0.0 0.1

Fines and interest received 0.4 0.4

Revenue from the sale of investment property187.5 36.6

Discounts granted (0.4) 0.0

Adjustment to fair value 560.5 227.4

(in R$ million) 2011 2012

Cost of Investment properties (196.7) (37.5)

Expenses over Properties (4.5) (4.3)

Comissions (2.9) (1.7)

Management of properties expenses (1.0) (1.8)

Condominium expenses (0.6) (0.6)

Maintenance (0.0) (0.2)

G&A (26.3) (32.8)

Management fee (19.1) (23.5)

Administration fee - Fund (3.3) (5.7)

Other operating expenses (3.9) (3.7)

- 50,2 - 48,7

7,0 15,4

- 43,3 - 33,2

2011 2012

Financial expenses Income from financial assets Net expenses

9

Financial Highlights Net Income and FFO

Net Income

(R$ million)

Net Income per share

(R$ / share)

75.6 121.9

548.6

225.8

624.3

347.7

2011 2012

Net income ex-fair value

Fair value

-44.3%

+61.2%

6.88 11.08

49.88

20.53

56.75

31.61

2011 2012

Net income ex-fair value

Fair value

+61.2%

-44.3%

(in R$ '000, unless otherwise indicated) 2011 2012 Var %

Net income 624,272 347,697 -44.3%

(-) Adjustment at fair value (560,489) (227,396) -59.4%

(+) Adjustment at fair value (minorities) 11,856 1,597 -86.5%

(-) Gains in the sale of properties 9,219 920 -90.0%

(-) Gains on sale / MTM - CRI and other FII shares 0 (9,517) n/d

(+) Non-recurring expenses 3,380 1,065 -68.5%

(=) FFO 88,238 114,366 29.6%

FFO / share (R$ / share) 8.02 10.40 29.6%

(+) Non-cash financial expenses 8,931 9,454 5.9%

(=) Adjusted FFO 97,169 123,820 27.4%

Adjusted FFO / share (R$ / share) 8.83 11.26 27.4%

10

Financial Highlights Indebtedness

13 2870

29

499

2013 2014 2015 2016 2017 +

LTV

(%)

Amortization Schedule

(R$ million)

(in R$ '000) Cost Term 2011 2012

Liabilities from acquisition of properties 237,617 537,339

Burity IGP-M + 8.6% 10 years 34,800 34,685

Brazilian Financial Center TR + 10.05% 5 years 76,691 73,998

Eldorado Business Center TR + 12.2% 10 years 126,127 126,539

Oi Portfolio IGP-M + 7.0% 17 years 0 302,117

Liabilities from funding 155,589 102,439

Hicham II IPCA + 8.74% 8 years 13,119 12,572

Brazilian Financial Center TR + 10.20% 10 years 97,219 89,867

CRI BC Fund IGP-M + 8.25% 5 years 45,251 0

Gross Debt 393,207 639,778

(-) Cash and Financial investments (72,526) (31,791)

(-) Shares of Other FIIs (Market) 0 (41,716)

Net Debt 320,681 566,271

18.5%

24.5%

2011 2012

32.2%

11

Financial Highlights Payout

Payout Evolution

(R$ / share)

Anual Payments and Yield

(R$ / share and % over dec-2012 share price of R$155.10)

Growth: 96%

IGP-M: 13%

Lease revenue breakdown by index

10,0011,52

6,4%7,4%

2012 2013

IGP-M94%

IPCA5%

IGP-DI1%

0.50

0.67

0.830.96

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

12

Market Performance

Market Value vs. Book Value Return

12%

discount

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

Bas

e 10

0 =

Dec

/201

2

BC Fund BC Fund (payout adj.) IBOVESPA

75.4%

29.8%

-12.1%

7.4%

-50% 0% 50% 100%

Last 24 M

Last 12 MBRCR11

IBOVESPA

103.79

146.90 154.64

162.51

176.08

100.30

119.00 128.00

154.50

155.10

90

110

130

150

170

190

jan-11 abr-11 jul-11 out-11 jan-12 abr-12 jul-12 out-12

R$

/ sha

re

Book Value Market Value

13

Summary of Indicators Financial Highlights (in millions of R$, unless otherwise indicated) 2011 2012 Var %

Lease Revenue 161.9 200.3 23.7%

Net Income 624.3 347.7 -44.3%

Net Income per share (R$ / share) 56.75 31.61 -44.3%

Net Income (ex-fair value adj.) 75.6 121.9 61.2%

Net Income (ex-fair value adj.) / share (R$ / share) 6.88 11.08 61.2%

FFO 88.2 114.4 29.6%

FFO / share (R$ / share) 8.02 10.40 29.6%

Adjusted FFO 97.2 123.8 27.4%

Adj. FFO / share (R$ / share) 8.83 11.26 27.4%

Equity 1,713.5 1,936.9 13.0%

Equity / share (R$ / share) 155.77 176.08 13.0%

Market cap 1,408.0 1,706.1 21.2%

Market value of share (R$ / share) 128.00 155.10 21.2%

Gross Debt 393.2 639.8 62.7%

Net Debt 320.7 566.3 76.6%

Operational Highlights 2011 2012 Var %

Portfolio GLA (m2) 190,436 263,646 38.4%

Lease Contracted Monthly Revenue (R$ million) 14.9 19.4 30.2%

Vacancy - in R$ (EoP) 0.00% 0.60% 0.60 p.p.

Deliquency 0.14% 0.24% 0.10 p.p.

Leasing Spread 40.4% 38.5% -1.90 p.p.

% of portfolio (in terms of lease revenue) 42.4% 29.4% -13.00 p.p.

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 – 12º andar