2. Brazil

3. Brazil at a Glance Brazil All three major US rating agencies have upgraded Brazil to investment grade status With reserves close to $200 billion, Brazil has become a net external creditor After being slightly devalued during the global economic recession, Brazils currency has strengthened against the dollar Inflation has remained under control at the targeted ranges of 4-6% Source: The Economist

4. Major Office Sub-markets - São Paulo Brazil Centro Paulista Jardins Marginal Pinheiros

5. Major Office Sub-markets - São Paulo Brazil Over 5.7 million square meters of stock in São Paulos main office submarkets Source: CB Richard Ellis

6. Nestlé Building, São Paulo Brazil

7. Vacancy remains fairly flat Market Statistics - São Paulo Brazil Absorption remains flat Rental rates continue to rise since the economic crisis Source: Cushman & Wakefield

8. Market Statistics - São Paulo Brazil With the tightened vacancy rate, rental rates are expected to rise Despite the global economic recession, Brazil rebounded quickly and resumed new construction Source: Cushman & Wakefield

9. Recent Lease Transactions - São Paulo Brazil Icon Faria Lima E-Tower Faria Lima Financial Center Source: Capright Property Advisors LLC

10. Major Office Sub-markets –Rio de Janeiro Brazil Centro Botafogo Flamengo Barra da Tijuca Zona Sul

11. Source: CB Richard Ellis Major Office Sub-markets –Rio de Janeiro Brazil Over 2.7 million square meters of stock in Rio de Janeiros main office submarkets

12. Market Statistics–Rio de Janeiro Brazil Demand for office space has been strong Rates have increase nearly 30% since the 3Q 2008 Source: Cushman & Wakefield

13. Market Statistics–Rio de Janeiro Brazil Net absorption has out-paced delivery of new stock Source: Cushman & Wakefield

14. Recent Lease Transactions - Rio de Janeiro Brazil Ventura Tower I Torre AlmiranteTorre Vargas Source: Capright Property Advisors LLC

15. Office Market Conclusions Brazil Due to the lack of real estate development in the 20 years preceding Brazils recent economic recovery, demand continues to outpace supply Fundamental demand for most types of real estate has persisted throughout the global economic recession (construction is back to pre-2008 levels) Due to substantial FDI and the evolving capital markets, the scale of construction continues to increase Rental rates continue to increase

16. Eldorado Business Tower Marginal Pinheiros - São Paulo April 2009 33,500 square meters Sale price: R$ 290 Million / U$S 164.5 Million R$ 8,657/SM --- U$S 4,492/ SM Buyer: Brazilian Capital Real Estate Fund I Seller: São Carlos Empreendimentos Cap Rate: 12.0% Asset Transactions Brazil Source: Capright Property Advisors LLC

17. Asset Transactions Brazil Torre Almirante Centro - Rio de Janeiro March 2009 41,649 square meters Sale price: R$ 404 Million / U$S 229 Million R$ 9,697 / SM ---- U$S 5,501 / SM Buyer: Brazilian Capital Real Estate Fund II Seller: Hines Cap Rate: 12.0% Source: Capright Property Advisors LLC

18. Nestlé Building Marginal Pinheiros - São Paulo June 2007 38,000 square meters Sale price: R$300 million U$S 170 Million R$ 7,895 /SM --- U$S 4,479 / SM Buyer: Hines/CalPERS Seller: Banco Itau Cap Rate: 9.5% Asset Transactions Brazil Source: Capright Property Advisors LLC

19. Challenges Brazil Absolute necessity to work with local companies due to cultural differences Due to the strong influx of foreign capital, competition for projects has increased Finding available land in key markets

20. Other Opportunities Brazil Brazil is currently short 6 to 8 million housing units, according to government reports Rising wealth of the middle class has increased demand for office space, retail outlets, residential space, hotels, and manufacturing facilities Residential developments in the greater Sao Paulo market have been receiving high leveraged returns at the project level on equity investments - 2 to 3 year hold period Source: Capright Property Investors

21. Other Opportunities Brazil In little more than a decade, the number of major shopping centers went from 150 to 400 More than 200 million shoppers frequent the malls each month 54,000 satellite and anchor stores 1,300 theaters Brazil is still vastly undersupplied with retail space 400 shopping centers, or one for every 500,000 Source: National Real Estate Investor United States has 90,000 or one per every 3,300 people

22. Other Opportunities Brazil Mixed-Use Projects Commercial BuildingsIndustrial / Warehouse

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