BC Fund Webcast – Second Quarter 2013 August 1, 2013

2

Continuous portfolio evolution

• Contracted monthly lease of R$ 21,9 million

• Acquisition of four floors in Eldorado Tower

• Leasing spread of 16%

• GLA of 282,000 m2 with vacancy rate of 1.4%

Solid financial performance

• Lease revenue of R$ 61.9 million

• Net income of R$ 186.5 million

• Adjusted FFO / share of R$ 2.80

• Reappraisal added R$144.6 million to portfolio value

Discount to NAV

• Shareholders’ equity at R$3.3 billion (R$171.11/share)

• Market value at R$ 2.7 billion (R$ 138.31/share)

• Implicit cap rate of 11.7% (9.5% in 2Q12)

• Portfolio value per m2 of R$ 7.969/m2 (R$ 10.802/m2 in 2Q12)

3,290 2,659

NAV Market

2Q13 Results Highlights

1

2

Contracted monthly lease (R$ million)

Net income (R$ million)

Market value vs. NAV (R$ million)(1) 3

+ 35%

+ 74%

- 19%

R$ 171 R$ 138

Note: (1) As of June 30, 2013

16.2 21.9

jun-12 jun-13

107.0

186.5

2Q12 2Q13

3

Portfolio

GLA

Gross leasable area (GLA) closed the second quarter of 2013 at 282,864 m2, 48.5% up on 2Q12 and 4.1% more than in 1Q13

• Adjustments in our portfolio GLA to the BOMA methodology

ￚ Market standard

ￚ Consistency

ￚ Better comparison

By asset type

(based on the contracted lease revenue)

By location

(based on the contracted lease revenue)

Property 1Q13 2Q13 Var. m2 Var %

Volkswagen 11,830 12,560 730 6.2%

Flamengo 7,084 7,670 586 8.3%

Cargil 9,104 10,626 1,522 16.7%

Outros ativos 243,732 243,732 0 0.0%

Acquisition 4 floors Ed. Eldorado 0 8,276 8,276 n/d

Total 271,750 282,864 11,114 4.1%

AAA43.1%

A29.3%

B27.6%

São Paulo 58.8%

Rio de Janeiro 31.7%

Campinas2.9%

Brasília6.6%

4

Acquisition of 4 floors of the Eldorado Tower Highlights

On June 7, 2013, BC Fund acquired a further four floors of the Eldorado Business Tower for R$151.0 million, adding 8,276 m2

of GLA to the portfolio

Acquisition

Strategy

• Consolidation of interest in an asset that we know and

whose potential we understand

• Thereby, tending to strengthen our negotiating position with

current and future tenants

Transaction

Highlights

• Floors 22, 23, 27 and 28 – 8,276 m2 of GLA

• Current interest: 45.400 m2 of GLA, or 69% of total

• Fund now owns all the property’s top floors, which are

normally more valuable

• Current monthly revenue of R$1.05 million

Payment

conditions /

leverage

• Cap rate of 8,4% and leverage at TR + 8,1% (1)

• The acquisition will be paid in monthly installments, the first

seven of which with a grace period and 63% of the

principal included in the final installment in May 2019

Eldorado Business Tower

• 1st LEED Platinum in LatAm

• Lowest condominium cost

• Benefits from the region's

public transportation and road

system

Nota: (1) Interest is equivalent to the TR (reference rate) + 8.1% based on the current SELIC rate of 8.5%, subject to upward or downward variations, but with a ceiling of the TR + 8.4%

5

Portfolio

Leasing Spread 1Q13

4.7% of the

portfolio

Contract maturity schedule

Monthly lease contracted revenue

(R$ million)

Inflation adjustment timetable for next 12 months

(% of the portfolio)

+ 34.9%

+ 6.3%

16.2

21.9 20.6 21.9

Jun-12 Jun-13 Mar-13 Jun-13

100%

5.0% 15.7%

120.6%

NegotiatedLease

Inflation Real Gain Overall Growth0.8%

12.8%

33.2%

21.5%

17.6%

46.9%

7.8%

2S13 2014 2015 until 2015

Others

RJ

SP

22%

14%

38%

27%

3Q13 4Q13 1Q14 2Q14

6

Financial Highlights

Lease Revenue

(R$ million)

Revenue

Financial Income

(R$ million)

Costs and Expenses

56.661.9

2Q12 2Q13

9.3%

(in R$ '000) 2Q12 2Q13

Revenue from properties 167,960 206,564

Rental income 56,608 61,883

(-) Provision for impairment of trade receivables 28 71

Revenue from recovered income 0 0

Income from fines and interest received 59 55

Revenue from the sale of investment property 36,565 0

Discounts granted 0 0

Adjustment to fair value 74,700 144,555

(in R$ '000) 2Q12 2Q13

Cost of Investment properties (37,485) 0

Expenses over Properties (3,782) (905)

Comissions (3,509) (232)

Management of properties expenses (3) (500)

Condominium expenses (212) (156)

Maintenance (58) (17) Comissions

G&A (8,245) (13,386)

Consulting/Management fee (5,947) (10,264)

Administration fee - Fund (1,876) (2,665)

Other operating expenses (422) (457)

-11.7-16.5

1.2

18.8

-10.5

2.2

2Q12 2Q13

Financial expenses Financial revenues Financial Income

7

Financial Highlights Net Income and FFO

Net Income

(R$ million)

Net Income per share

(R$ / share)

Note: (1) In 2Q12 there was a retroactive payment of R$ 9.5 MM related to the lease revision value. Excluding this effect, FFO and Adjusted FFO / share in 2Q12

would be R$ 2.23 and R$ 2.42, respectively.

31.6 47.4

75.3

139.0107.0

186.5

2Q12 2Q13

Fair value

Net income ex-fair value+74.3%

+51.1%2.9 2.5

6.8 7.2

9.7 9.7

2Q12 2Q13

-0.2%

-14.1%

(in R$ '000, unless otherwise indicated) 2Q12 2Q13 Var.

Net income 106,950 186,457 74.3%

(-) Adjustment at fair value (74,700) (144,555) n/d

(+) Adjustment at fair value (minorities) (631) 5,548 n/d

(-) Gains in the sale of properties 920 0 n/d

(-) Gains on sale / MTM - CRI and other FII shares 479 4,025 740.3%

(+) Non-recurring expenses 1,065 0 n/d

(=) FFO 34,083 51,475 51.0%

FFO / share (R$ / share) 3.10 2.68 -13.6%

(+) Non-cash financial expenses 2,012 2,350 16.8%

(=) Adjusted FFO 36,095 53,825 49.1%

Adjusted FFO / share (R$ / share) 3.28 2.80 -14.7%

8

Financial Highlights Indebtedness

LTV

(%)

Amortization Schedule

(R$ million)

(in R$ '000) Cost Term 1Q13 2Q13

Liabilities from acquisition of properties 504,151 656,468

Brazilian Financial Center TR + 10.05% 5 years 72,196 70,370

Eldorado Business Center TR + 9,6% 10 years 126,539 278,504

Sia Sul / Beneditinos / Polidoro IGP-M + 7.0% 17 years 305,416 307,594

Liabilities from funding 100,265 97,940

Hicham II IPCA + 8.74% 8 years 12,470 12,255

Brazilian Financial Center TR + 10.20% 10 years 87,795 85,685

Gross Debt 604,416 754,408

(-) Cash and Financial investments (1,233,283) (1,167,804)

(-) Shares of Other FIIs (Market) (37,850) (75,563)

Net Debt (666,717) (488,959)

(1)

15.8%18.4%

1Q13 2Q13

+2.6 p.p.

8.945.8

99.5

45.0

555.3

2013 2014 2015 2016 + 2017

9

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 Apr-13 Jun-13

Bas

e 10

0 =

Dec

/201

0

BC Fund BC Fund (payout adj.) IBOVESPA

54.3%

-3.7%

-5.7%

-24.0%

-12.7%

-15.8%

36.1%

0.8%

-9.0%

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

Last 24 M

Last 12 M

Last 3 M

BRCR11

IBOVESPA

IFIX

103.79

146.90

154.64

162.51

176.08

164.40

171.11

100.30100.61

114.00

151.00 155.10

149.65

138.31

-3%

-32% -26%

-7% -12% -9%-19%

Jan-

11Fe

b-11

Mar

-11

Apr

-11

May

-11

Jun-

11Ju

l-11

Aug

-11

Sep

-11

Oct

-11

Nov

-11

Dec

-11

Jan-

12Fe

b-12

Mar

-12

Apr

-12

May

-12

Jun-

12Ju

l-12

Aug

-12

Sep

-12

Oct

-12

Nov

-12

Dec

-12

Jan-

13Fe

b-13

Mar

-13

Apr

-13

May

-13

Jun-

13

Book value (a)

Trading value (b)

(b) / (a) -1

10

Valuation at Market

Jun/13 Jun/12

NAV [R$ / share] 171.11 162.55

Share price (closing) [R$ / share] 138.31 154.50

Discount to NAV [%] -19.2% -5.0%

Montlhy payout [R$ / share] 0.96 0.83

Montlhy profitability [% p.m.] 0.69% 0.54%

Annual profitability [% p.m.] 8.33% 6.47%

Annualized profitability [% p.a.] 8.65% 6.67%

Shares outstanding [#] 19,224,537 11,000,000

Market cap [R$ mn] 2,658.9 1,699.5

Net debt (Cash) [R$ mn] (489.0) 282.7

Monirities stake [R$ mn] 84.2 70.7

Enterprise Value [R$ mn] 2,254.2 2,052.9

Contracted lease revenue [R$ mn] 21.9 16.2

Implied Cap rate [%] 11.65% 9.48%

Portfolio GLA [m2] 282,864 190,050

Average per m2 [R$ / m2] 7,969.3 10,801.9

11

Summary of Indicators

Notes:

(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 as of February).

(2) In 2Q12 there was a retroactive payment of R$ 9.5 MM related to the lease revision value. Excluding this effect, FFO and Adjusted FFO / share in 2Q12 would be R$

2.23 and R$ 2.42, respectively. In 6M12, FFO and Adjusted FFO / share would be R$ 4.48 and R$ 4.76, respectively.

Financial Highlights (in millions of R$, unless otherwise indicated) 2Q12 2Q13 Var. 6M12 6M13 Var.

Lease Revenue 56.6 61.9 9.3% 99.8 121.7 22.0%

Net Income 107.0 186.5 74.3% 131.4 224.2 70.6%

Net Income per share (R$ / share)(1) 9.72 9.70 -0.2% 11.95 12.00 0.5%

FFO 34.1 51.5 51.0% 58.8 94.0 59.9%

FFO / share (R$ / share) (1) 3.10 2.68 -13.6% 5.34 5.30 -0.9%

Adjusted FFO 36.1 53.8 49.1% 61.8 99.9 61.5%

Adj. FFO / share (R$ / share) (1) 3.28 2.80 -14.7% 5.62 5.68 1.0%

Shareholders Equity 1,788.1 3,289.5 84.0% 1,788.1 3,289.5 84.0%

Shareholders Equity / share (R$ / share) 162.55 171.11 5.3% 162.55 171.11 5.3%

Gross Debt 370.8 754.4 103.4% 370.8 754.4 103.4%

Net Debt 282.6 (489.0) -273.0% 282.6 (489.0) -273.0%

Operational Highlights 2Q12 2Q13 Var. 6M12 6M13 Var.

Portfolio GLA (m2) 190,050 282,864 48.8% 190,050 282,864 48.8%

Contracted leasing revenue (R$ million) 16.2 21.9 34.9% 16.2 21.9 34.9%

Vacancy - in R$ (EoP) 0.26% 1.40% 1.14 p.p. 0.26% 1.40% 1.14 p.p.

Deliquency 0.00% 0.00% 0.00 p.p. 0.20% 0.00% -0.20 p.p.

Leasing Spread 40.9% 15.7% -25.29 p.p. 40.9% 26.2% -14.75 p.p.

% of portfolio (in terms of lease revenue) 16.4% 4.7% -11.73 p.p. 16.4% 17.8% 1.39 p.p.

12

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