São Paulo Office Skyline June 2015

(1)

São Paulo Office Skyline

(2)

(3)

Peaking market Falling market Rising market Bottoming market

Caracas Guadalajara Guayaquil, Quito Rio de Janeiro Bogotá Monterrey Medellín Montevideo San José, Santiago Panama City Cali Mexico City Buenos Aires Lima San Juan São Paulo Colombia Caribbean

Peaking market Falling market Rising market Bottoming market

Caracas Guadalajara Guayaquil, Quito Rio de Janeiro Bogotá Monterrey Medellín Montevideo San José, Santiago Panama City Cali Mexico City Buenos Aires Lima San Juan São Paulo Colombia Caribbean

w

Rental Value growth slowing Rental Value growth accelerating Rental Values bottoming out Rental Values falling Sao Paulo New York Stockholm

Hong Kong, Beijing

Berlin

Paris, Brussels, Istanbul

Washington DC Dubai, Milan Chicago Johannesburg Shanghai, Houston San Francisco Dallas

London, Los Angeles

Tokyo,Boston Amsterdam Frankfurt Madrid, Sydney Singapore Toronto Mexico City Mumbai Rental Value growth slowing Rental Value growth accelerating Rental Values bottoming out Rental Values falling

Brussels, Paris, Madrid, Beijing Hong Kong, Sydney

Singapore Seoul Shanghai Amsterdam Johannesburg London Milan Moscow

Chicago, Dubai Washington DC

Houston Toronto Mexico City Sao Paulo Dallas Berlin, Frankfurt Mumbai + 10% + 5-10% + 0-5% - 0-5% - 5-10%

Sydney, London*, Boston Chicago, Los Angeles, New York* San Francisco, Madrid, Beijing Tokyo

Capital Values

Rental Values

Hong Kong, Shanghai, Dubai, Toronto, Washington DC, Mexico City Stockholm, Seoul, Paris*

Brussels, Frankfurt Mumbai, Singapore Sao Paulo

Tokyo, Madrid London*, Sydney, Boston Chicago, Los Angeles, New York* San Francisco, Seoul, Beijing

Mumbai, Singapore

Sao Paulo

- 10-20% Moscow Moscow

-25 -20 -15 -10 -5 0 5 10 15

Moscow Sao PauloMumbai BrusselsParis TorontoSeoul Frankfurt StockholmSydney Washington DCDubai Chicago New York Shanghai Los AngelesMexico City Hong KongBeijing MadridTokyo Boston SingaporeLondon Sao Franciso

0 5 10 15 20 25 30 35 40 45

Los AngelesNew York Washington DCMadrid Seoul StockholmChicago FrankfurtToronto Brussels San FranciscoBoston Paris Sydney London Hong KongMoscow Tokyo Beijing SingaporeMumbai Dubai Sao Paulo Mexico CityShanghai

Based on rents for Grade A space in CBD or equivalent. US positions relate to the overall market

Prime Offices - Projected Changes in Values, 2015

1Q2014

1Q2015

The Jones Lang LaSalle Property Clocks

SM

Prime Offices – City Rental Clock

Prime Offices - Rental Change, Q12014-Q12015

Americas EMEA

Asia Pacific

% change

Supply Pipeline Major Markets 2015-2016

Office Market Overview - Global

Source: JLL, April 2015. Covers all office sub-markets in each city. Tokyo – CBD - 5 kus.

Completions as % of existing stock

2015 2016

Source: JLL, April 2015. Based on rents for Grade A space in CBD or equivalent. In local currency.

*New York – Midtown, London – West End, Paris - CBD. Nominal rates in local currency. Source: JLL, April 2015

(4)

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Quito Medellín Caracas Lima Bogotá Guadalajara Buenos Aires Cali Montevideo Col. Caribbean Santiago Mexico City Guayaquil San José Monterrey Rio de Janeiro San Juan São Paulo Panama City 62% 15% 27% 0% 6% 13% 18% 0% 14% 24% 19% 6% 39% 7% 17% 23% 19% 22% 20% - 1.000.000 2.000.000 3.000.000 4.000.000 5.000.000 6.000.000 Col. Caribbean Cali Guadalajara Montevideo Guayaquil Quito Medellín San Juan San José Monterrey Panama City Caracas Lima Buenos Aires Rio de Janeiro Bogotá Santiago São Paulo Mexico City

Current Stock: End-Year 2014 Production: 2015-2016 Santo Domingo Caracas Bogotá, Lima Rents Falling Rental Growth

Accelerating Bottoming OutRents

Medellin

San Juan

Rental Growth Slowing

Panama City San Jose, Santiago

Cali Colombia Caribbean Mexico City Monterrey Guadalajara Buenos Aires Montevideo Sao Paulo Rio de Janeiro Montevideo Buenos Aires Santiago Rio de Janeiro Lima Bogotá Monterrey Mexico City Guadalajara San José Panama City Caracas Guayaquil Quito Medellín San Juan Cali São Paulo Barranquilla $- $10,00 $20,00 $30,00 $40,00 $50,00 $60,00 Cali Guayaquil San José Medellín San Juan Col. Caribbean Quito Panama City Guadalajara Monterrey Santiago Bogotá Buenos Aires Lima Mexico City Montevideo Caracas São Paulo Rio de Janeiro Average Rent Class A Average Rent Class AB -50.000 - 50.000 100.000 150.000 200.000 250.000 300.000 350.000 400.000 450.000 San Juan Montevideo Guayaquil Cali Col. Caribbean Quito Caracas Guadalajara Medellín Buenos Aires San José Monterrey Rio de Janeiro Lima Bogotá Panama City Mexico City São Paulo Santiago Production Net Absorption

Latin-America

Production Pipeline vs. Current Stock (sq.m)

Vacancy Rates, MY 2014

Average Asking Rents, MY 2014

Production vs. Net Absorption (sq.m), Y-o-Y

Office Vacancy Rate, Class A and AB Rentable Area (sq.m)

Average Asking Rents (USD/sq.m/month) Rentable Area (Millions of sq.m)

(5)

R$20 R$40 R$60 R$80 R$100 R$120 R$140 R$160 R$180 R$200

ALPHAVILLE BARRA FUNDA BERRINI E

CHUCRI ZAIDAN FARIA LIMA ITAIM MARGINAL MOEMA PAULISTA VILA OLÍMPIA

São Paulo

Total stock

approximately:

13.7

million sq.m

High-end stock

(AA & A):

4.0

million sq.m

1Q 2015

Vacancy Rate

(AA &A):

22.5%

São Paulo

average asking rent

(AA & A):

R$ 93

Average asking rent

YoY

variation

-2.1%

Population

density

7,500

inhab/km²

São Paulo Demographics

Average

income

R$3,500

per household

Source: JLL- Brazil, April 2015 Sources: SEADE / IBGE / PMSP

Population

2014

11.8 million

inhabitants

R$ 443 billion

GDP

5 million

formal jobs positions

65%

is from services sector

Net absorption and vacancy evolution

São Paulo - Class AA&A stock

São Paulo - Available Area

São Paulo - Class AA & A asking rent

0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 1T 20 15 2T 20 15 3T 20 15 4T 20 15 20 16 Thous and sq. m

Histórico Classe AA - Anual Histórico Classe A - Anual New stock forecast

465.5 thousand sq.m Class AA Class A 12% 10% 12% _11% 7% 11% 18% 22% 24% 21% 13% 10% 7% 9% 6% 9% 16% 18% 23% 26% 0% 5% 10% 15% 20% 25% 30% -100 0 100 200 300 400 500 Thous and sq m

Novo Estoque Absorção Líquida Taxa de vacância (%)

*

* Projection

New supply Net absorption Vacancy rate

0 100.000 200.000 300.000 400.000 500.000 600.000 700.000 BERRINI E

CHUCRI ZAIDAN VILA OLÍMPIA ALPHAVILLE FARIA LIMA MARGINAL BARRA FUNDA PAULISTA ITAIM CENTRO MOEMA JARDINS Available Area Forecast 2015 Forecast 2016

Forecast 2015 Q1 2015 Q2 2015 Q3 2015 Q4

Avaialable Area sq.m

Thousand sq.m

(6)

Skyline

Total stock

approximately:

851,000 sq.m

Available Area:

65% of total

Buildings with

>1,500 sq.m of

floor area

Vacancy Rate:

32%

in Skyline

Buildings

São Paulo - Vacant Area

Skyline - Profile by Floor Area

BERRINI AND CHUCRI ZAIDAN 33% VILA OLÍMPIA 18% ALPHAVILLE 17% MARGINAL 12% FARIA LIMA 11% PAULISTA 3% ITAIM 3% BARRA FUNDA 2% CENTRO_1% 15,07% 27,50% 23,25% 19,45% 40,72% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 50.000 100.000 150.000 200.000 250.000 300.000 350.000 400.000 450.000 500.000 0-500 500-1000 1000-1500 1500-2000 2000-3000 Available Area Pre-Leased Area Occupied Area Cumulative Available Area

15,07% 27,50% 23,25% 19,45% 40,72% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 50.000 100.000 150.000 200.000 250.000 300.000 350.000 400.000 450.000 500.000 0-500 500-1000 1000-1500 1500-2000 2000-3000 Available Area Pre-Leased Area Occupied Area Cumulative Available Area

BERRINI e CHUCRI ZAIDAN 33% VILA OLÍMPIA 18% ALPHAVILLE 17% MARGINAL 12% FARIA LIMA 11% PAULISTA 3% ITAIM 3% BARRA FUNDA 2% CENTRO_1% BERRINI e CHUCRI ZAIDAN 33% VILA OLÍMPIA 18% ALPHAVILLE 17% MARGINAL 12% FARIA LIMA 11% PAULISTA 3% ITAIM 3% BARRA FUNDA 2% CENTRO_1%

B

errini and Chucri Zaidan

The region comprises

33%

of

total vacant area of high end

stock in São Paulo

Skyline - Profile by Delivered Date

The high end stock in region is

divided in:

-

63%

of Class AA

-

37%

of Class A

Total Area (sq.m) Total Area (sq.m) 12% 7% 14% 34% 10% 36% 11% 16% 26% _5% 20% 22% 10% 25% 3% 0% 6% 31% 70% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 20.000 40.000 60.000 80.000 100.000 120.000 140.000 160.000 180.000 200.000 1989 1992 1995 1996 1997 1998 1999 2000 2002 2003 2004 2005 2008 2009 2010 2011 2012 2013 2014 2015 2016 % Available Rate Available Forecast Available Area Pre-Leased Area Occupied Area Cumulative Available Area

Berrini and Chucri Zaidan

is one of

the main Office development regions and is situated along

the Nações Unidas Avenue and Pinheiros River, from the Ary

Torres bridge to João Dias bridge covered by good quality

buildings, luxury hotels, shopping centers, restaurants, easy

access to the public transportations, including train and bus

lines.

... and has attracted many multinational headquarters from

several sectors as Telecom, Consumer goods, Consulting,

Phamaceutical and others.

Available Area:

70% of total

Buildings with 3

years or less

Forecast until 2016:

212,000 sq.m

46

Buildings

(7)

São Paulo

Extension

6.7 km

Total Area

6.0 sq.km

High End

97

buildings

In Skyline

46

buildings

Public Trasnport

- Emerald Line

- Lilac Line (2017)

- Gold Line (2017)

+ 25

Bus Lines

Main Access

1h 30min

to GRU airport

30min

to Congonhas airport

Planned extension of

Chucri Zaidan Avenue

Amenities

3

Shopping Centers

+105

Restaurants

(8)

Buildings in Skyline -Berrini and Chucri Zaidan

BERRINI e CHUCRI ZAIDAN 33% VILA OLÍMPIA 18% ALPHAVILLE 17% MARGINAL 12% FARIA LIMA 11% PAULISTA 3% ITAIM 3% BARRA FUNDA 2% CENTRO_1% BERRINI e CHUCRI ZAIDAN 33% VILA OLÍMPIA 18% ALPHAVILLE 17% MARGINAL 12% FARIA LIMA 11% PAULISTA 3% ITAIM 3% BARRA FUNDA 2% CENTRO_1%

Buildings in Skyline represent

72%

of total high end stock in

the region

89%

of Class AA stock

Class A Class AA

Class AA

Class A

72%

Berrini and Chucri Zaidan Skyline Segmentation

14% Telecom 8% Chemical; Petrochemical 5% Insurance 6% Pharmaceutical 5% Financial 3% Consulting; Advsory Others

10% Food & Beverage; Tobacco 9% Electronics 8% I.T.

Berrini and Chucri Zaidan Segmentation

6% Construction; Real State

7%

8%

10%

12%

28%

IT Pharma Consultancy Consumer Goods Telecom

Berrini and Chucri Zaidan Main Absorptions (2012-2015)

49%

of occupied

area is divided in

five segments

3

of

5

main

segments

are from

tecnology sector

Since 2012, the buildings

have doubled in size over

the previous inventory…

2x

… and attracted global

companies to occupy

1 of every 4 sq.m

of the

absorbed office space

… from diversified

industries , lead by

… that account at least

64%

of total demand

over the last 3 years.

43%

of Class A stock

Gross absorption in Berrini-ChucriZaidan

since 2012 was

311,000

sq.m

…

Paulista Faria Lima

Jardins

Av. João Dias

Av. Jornalista Roberto Marinho Marginal Pinheiros Rod. Castello Branco Marginal Tietê

Marg. Oeste Centro

N

Centro

Barra Funda

Marg. Norte Centro

Marg. Oeste Bairro

Itaim

Berrini

Chucri Zaidan Moema

Marg. Sul Centro

Marg. Sul Bairro Vila Olímpia

(9)

5

0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 1T 20 15 2T 20 15 3T 20 15 4T 20 15 20 16 Thous and sq. m

Histórico Classe AA - Anual Histórico Classe A - Anual New stock forecast

465.5 thousand sq.m Class AA Class A Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased space 10 20 30 1 T 40 35 25 5 15

Jatobá Green Building

R. Surubim, 373 2010 12,220 sqm 1,525 sqm 1,525 sqm 0.00 sqm 0% 0.00 sqm Berrini 550

Av. Eng. L. C. Berrini, 550 1997 5,952 sqm 496 sqm 496 sqm 248 sqm 4% 0.00 sqm Berrini 500

Pça Prof. José Lannes, 40 2000 11,079 sqm 637 sqm 637 sqm 2,585 sqm 23% 0.00 sqm Thera Corporate

Av. Eng. L. C. Berrini 2014 28,359 sqm 1,846 sqm 1,900 sqm 20,394 sqm 72% 2,227 sqm Berrini One

Av. Eng. L. C. Berrini, 105 2014 32,060sqm 734 sqm 2,358 sqm 26,091 sqm 81% 4,133 sqm

Skyline Berrini-Chucri high-end

stock:

851,000 sq.m.

Last 12 months delivered stock

:

136,300 sq.m.

New Stock forecast

2015-2016:

211,900 sq.m.

Occupied floor Vacant floor Pre-leased Future available /

under construction Retail Parking, other unusable space

São Paulo - Class AA&A stock

São Paulo

Igarassú Rua Surubim 577 2009 10,337 sqm 544 sqm 544 sqm 2,584 sqm 25% 544 sqm Berrini Park Rua Surubim, 504 2010 6,574 sqm 499 sqm 894 sqm 1,094 sqm 17% 0.00 sqm 2 4 3 5 6 7 1 2015 Q1 2015 Q2 2015 Q3 2015 Q4 1 2 3 4 5 6 7

(10)

Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased space 10 20 30 1 T 40 35 25 5 15

Berrini-Chucri

vacancy

32.4%

26.8%

of stock is available

Skyline Berrini-Chucri AA

vacancy rate

35.1%

Skyline Berrini-Chucri A

vacancy rate

23.0%

Skyline Berrini-Chucri vacancy

rate YoY variation

13.0

percentage points

São Paulo

São Paulo - Vacancy Rate (%)

42,4% 11,0% 25,2% 8,5% 18,0% 11,9% 0,0% 17,6% 10,5% 9,7% 35,6% 33,1% 7,3% 21,7% 8,5% 18,3% 12,2% 0,0% 18,1% 10,5% 9,0% 28,2% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% ALPHAVILLE BARRA

FUNDA BERRINI ECHUCRI ZAIDAN

CENTRO FARIA LIMA ITAIM JARDINS MARGINAL MOEMA PAULISTA VILA OLÍMPIA

CEC João D. de Araújo

Pça Gentil Falcão, 108 2005 13,120 sqm 827 sqm 827 sqm 3,251 sqm 25% 0.00 sqm Jacarandá R. Sansão A. Santos, 372 2015 11,073 sqm 2,214 sqm 2,214 sqm 11,073 sqm 100% 0.00 sqm Attílio Tinelli R. Dr. G. C. Moreira, 375 2000 4,980 sqm 498 sqm 498 sqm 1,992 sqm 40% 0.00 sqm Palace Berrini

Av. Eng. L. C. Berrini, 700 1998 6,649 sqm 694 sqm 694 sqm 1,388 sqm 21% 0.00 sqm

Ronaldo Sampaio Ferreira

Pça João Duran Alonso, 34 2003 11,677 sqm 761 sqm 847 sqm 381 sqm 3% 0.00 sqm Bolsa de Imóveis

Av. Nações Unidas 11541 1997 14,834 sqm 844 sqm 844 sqm 1,922 sqm 13% 0.00 sqm

Cond. Nações Unidas

Av. Nações Unidas, 11857 1992 7,050 sqm 470 sqm 470 sqm 470 sqm 6% 0.00 sqm Plaza Centenário

Av. Nações Unidas, 12995 1995 33,331 sqm 1,048 sqm 1,048 sqm 4,568 sqm 14% 0.00 sqm 15 14 13 12 11 9 8 10

Average Vacancy Rate (%) Vacancy Rate (%) Adjusted Vacancy Rate (%) Average Adjusted Vacancy Rate (%)

(11)

R$20 R$40 R$60 R$80 R$100 R$120 R$140 R$160 R$180 R$200 ALPHAVILLE BARRA

FUNDA BERRINI ECHUCRI ZAIDAN

FARIA LIMA ITAIM MARGINAL MOEMA PAULISTA VILA OLÍMPIA

São Paulo

Eco Berrini

Av. Eng. L. C. Berrini, 1376 2011 48,430 sqm 1,729 sqm 1,729 sqm 0.00 sqm 0% 0.00 sqm

Torre Nações Unidas

Av. Nações Unidas, 12495 1989 21,814 sqm 1,133 sqm 1,676 sqm 2,660 sqm 12% 0.00 sqm

World Trade Center

Plaza I Nações Unidas

R. James Joule, 92 2004 8,916 sqm 582 sqm 582 sqm 291 sqm 3% 0.00 sqm Torre Sul R. James Joule, 65 2004 12,470 sqm 866 sqm 1,080 sqm 3,895 sqm 31% 0.00 sqm CENU Norte

Av. Nações Unidas, 12901 1999 61,817 sqm 1,383 sqm 1,709 sqm 6,568 sqm 11% 0.00 sqm CENU Oeste

Av. Nações Unidas, 12901 1998 21,737 sqm 899 sqm 899 sqm 8,694 sqm 40% 953 sqm

Tower Bridge Corporate

Av. Jor. Roberto Marinho, 85

2013 55,051 sqm 1,999 sqm 2,114 sqm 23,634 sqm 43% 0.00 sqm

Skyline Berrini - Chucri Zaidan

asking rent

R$105

Class AA asking rent

R$ 109

Class A asking rent

R$ 93

Asking rent

average decreased

0.5%

QoQ

Asking rent

average decreased

6.7%

YoY

São Paulo - Class AA & A asking rent

16

1718 ₁₉ 20 ₂₃ 2122

(12)

9,3% 4,6% 33,0% 1,4% 13,2% 4,5% 1,3% 13,5% 0,4% 6,7% 12,0% 0 200.000 400.000 600.000 800.000 1.000.000 1.200.000 1.400.000 1.600.000 1.800.000 ALPHAVILLE BARRA FUNDA BERRINICHUCRI

ZAIDAN

CENTRO FARIA LIMA ITAIM JARDINS MARGINAL MOEMA PAULISTA VILA OLÍMPIA

Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased space 10 20 30 1 T 40 35 25 5 15 Acaraí Conceição M. Alegre1376 2015 11,364 sqm 502 sqm 816 sqm 11,364 sqm 100% 0.00 sqm

São Paulo

Alice Maria S. Ferreira

Av. Eng. L. C. Berrini, 1645 2003 6,912 sqm 576 sqm 576 sqm 864 sqm 13% 288 sqm Berrini 1511

Av. Eng. L. C. Berrini, 1511 2005 6,508 sqm 356 sqm 527 sqm 1,049 sqm 16% 218 sqm LWM Corporate Center - A

Rua George Ohm, 230 2014 10,440 sqm 520 sqm 520 sqm 6,788 sqm 65% 0.00 sqm LWM Corporate Center - B

Rua George Ohm, 230 2014 10,440 sqm 520 sqm 520 sqm 7,044 sqm 67% 390 sqm Berrini 1681

Av. Eng. L. C. Berrini, 1681 2003 8,250 sqm 660 sqm 660 sqm 0.00 sqm 0% 0.00 sqm

The Bridge Tower

Av. Eng. L.C. Berrini, 1747 2014 7,397 sqm 446 sqm 958 sqm 7,397 sqm 100% 0.00 sqm

Skyline Berrini-Chucri new stock to be

delivered between 2015 and 2016 represents

24.5%

of current stock.

Class AA new stock

forecast

200,500 sqm

Class A new stock

forecast

11,400 sqm

São Paulo - New Stock Forecast

26 24 25 ₂₇ 30 28 29 Total Stock 2015 2016 24 25 26 27 28 29 30

(13)

Rochaverá Corporate Towers B

Av. Nações Unidas, 14171 2008 25,224 sqm 1,642 sqm 1,976 sqm 0.00 sqm 0% 0.00 sqm

Rochaverá Corporate Towers A

Market Place Tower II

Av. Dr. Chucri Zaidan, 940 2000 13,034 sqm 855 sqm 855 sqm 0.00 sqm 0% 0.00 sqm

Market Place Tower

Av. Dr. Chucri Zaidan, 920 1996 14,010 sqm 934 sqm 934 sqm 4,698 sqm 34% 0.00 sqm Torre Z

Av. Dr. Chucri Zaidan, 250 2013 38,551 sqm 1,872 sqm 2,300 sqm 15,075 sqm 39% 8,361 sqm Sede Nestlé

Av. Dr. Chucri Zaidan, 246 2002 35,549 sqm 259 sqm 2,019 sqm 9,311 sqm 26% 0.00 sqm

Rochaverá Corporate Towers C

R$ 20 R$ 40 R$ 60 R$ 80 R$ 100 R$ 120 R$ 140 R$ 160 R$ 180 R$ 200 ALPHAVILLE BARRA

FUNDA BERRINI FARIA LIMA ITAIM MARGINAL MOEMA PAULISTA VERBODIVINO VILA OLÍMPIA

Class AA&A asking rents

São Paulo

R$ 20 R$ 40 R$ 60 R$ 80 R$ 100 R$ 120 R$ 140 R$ 160 R$ 180 R$ 200 ALPHAVILLE BARRA

FUNDA BERRINI FARIA LIMA ITAIM MARGINAL MOEMA PAULISTA VERBODIVINO VILA OLÍMPIA

Class AA&A asking rents

Rochaverá Corporate Towers D

Av. Nações Unidas, 14171 2010 14,648 sqm 1,600 sqm 1,600 sqm 0.00 sqm 0% 0.00 sqm

Last 12 months delivered stock:

136,300 sq.m.

It represents

44.1%

of São Paulo delivered

stock of the same period

It represents

22.5%

of São Paulo

net absorportion of the same period

Last 12 months net absorptions:

32,000 sq.m.

12% 10% 12% _11% 7% 11% 18% 22% 24% 21% 13% 10% 7% 9% 6% 9% 16% 18% 23% 26% 0% 5% 10% 15% 20% 25% 30% -100 0 100 200 300 400 500 Thous and sq m

Novo Estoque Absorção Líquida Taxa de vacância (%)

*

* Projection

New supply Net absorption Vacancy rate Forecast 31 30 33 34 38 35 36 37

Berrini and Chucri AA& A buildings

t

Net absorption and vacancy evolution

(14)

Building Address Built/ Renovated Total Area Floor Area (min) Floor Area (max) Available Area Availability Rate Pre-leased space 10 20 30 1 T 40 35 25 5 15 Parque da Cidade 1

Av. Nações Unidas 2015 32,000 sqm 1,300 sqm 1,300 sqm 32,000 sqm 100% 0.00 sqm EZ Towers B

Av. Dr. Chucri Zaidan 2016 47,002 sqm 1,631 sqm 1,869 sqm 47,002 sqm 100% 0.00 sqm EZ Towers A

Av. Dr. Chucri Zaidan 2014 47,002 sqm 1,631 sqm 1,869 sqm 27,694 sqm 59% 19,308 sqm

Morumbi Corporate Diamond

Rua Henri Dunant, 1383 2013 36,918 sqm 2,051 sqm 2,051 sqm 0.00 sqm 0% 12,306 sqm Parque da Cidade 2

Av. Nações Unidas 2016 31,500 sqm 1,600 sqm 1,600 sqm 31,500 sqm 100% 0.00 sqm

São Paulo

Morumbi Corporate Golden

Rua Henri Dunant, 1383 2013 36,470 sqm 1,402 sqm 1,402 sqm 12,618 sqm 35% 0.00 sqm WTorre Morumbi

Av. Nações Unidas, 14261 2015 90,000 sqm 1,522 sqm 1,733 sqm 62,473 sqm 69% 27,527 sqm Parque da Cidade 3

Av. Nações Unidas 2018 40,300 sqm 1,900 sqm 1,900 sqm 40,300 sqm 100% 0.00 sqm

• Canary Wharf, London, England

• Cardiff Bay, Wales

• Gun Wharf, Portsmouth, England

• Greenwich Peninsula, England

•Dubai Creek Rejuvenation, United Arab Emirates •Cairns Cityport, North Queensland, Melbourne Docks Australia •Maritime Square Redevelopment, Singapore •Governors Island Redevelopment, New York

•Shell Area Master Plan, Northern Amsterdam

•Huchison Whampoa, Rotterdam, Germany

Chucri Zaidan - a new office

region under development

As part of a revitalization plan, the region will receive

urban improvements, as Chucri Zaidan avenue

3.2 Km extension

New stock AA & A office forecast

359,700 sq.m

.

Currently Chucri Zaidan region is included in Berrini

and Marginal regions

41 40 39 44 46 45 43 42 39 40 41 42 43 44 45 46

(15)

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Alessandra Osiro Operations Director

About JLL

JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

For further information, visit www.jll.com.

COPYRIGHT © JONES LANG LASALLE IP, INC. 2015. This publication is the exclusive property of JLL and may not be copied, reproduced or transmitted in any form or by any means, in whole or in part, without the prior written consent of JLL. ADDITIONAL INFORMATION:

This publication is biannual and the data presented in this issue was collected between April 1st and May 31st, 2015. The information contained in this publication has been obtained in the market, by the Research and Market Intelligence team of JLL Brazil, through sources deemed reliable; however, JLL does not accept responsibility for the accuracy of this information. The content is merely informative, it aims the general public and, under any circumstances, should be considered as an investment guide; as such, JLL does not accept responsibility for any decisions based on this publication. Since JLL does not exhaust all the possibilities of the market in this publication, if you need additional information and advice targeted to your needs, the JLL team is available via e-mail and telephone at: [email protected] and +55 (11) 3043-6999.

About JLL Brazil

JLL brought its extensive international experience to Brazil in 1996, making it one of the first professional building management companies in the market. It currently has a professional staff of around 550 working out of offices in São Paulo, Rio de Janeiro and Curitiba. They serve Brazilian and multi -national clients under contract in all -national territory. For further information, visit www.jll.com.br.

André Rosa Managing Director Marcelo Sasaki +55 11 3043-6897 [email protected] Monica Lee +55 11 3043-6947 [email protected] Paulo Casoni +55 11 3043 6935 / 21 2277 2701 [email protected] Roberto Patino +55 11 3043-7140 [email protected]

José Victor Cardim

+55 11 3043 7183 [email protected]

Ricardo Hirata Head of Research

Client Solutions:

São Paulo

Office Division:

Transactions:

Julia Botelho

Office Division Leader

Market Intelligence:

São Paulo