PROGRAM SAO PAULO 10 NOVEMBRO INVESTIMENTO & DESENVOLVIMENTO IMOBILIÁRIO NO BRASIL REAL ESTATE INVESTMENT & DEVELOPMENT IN BRAZIL

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1 INVESTIMENTO & DESENVOLVIMENTO IMOBILIÁRIO NO BRASIL REAL ESTATE INVESTMENT & DEVELOPMENT IN BRAZIL SAO PAULO 10 NOVEMBRO ENGLISH & PORTUGUESE PROGRAM PROGRAMA EM PORTUGUÊS & INGLÊS PROGRAM 2010

2 TIPS TIPS ALGUMAS DICAS QUE PODEM SER IMPORTANTES PARA APROVEITAR AO MÁXIMO O BRAZIL GRI Nas discussões do GRI não exitem apresentações. Elas são como um bate-papo informal após um jantar na casa de um amigo. Todos participam das discussões de forma igualitaria, não só os discussion co-chair. Todos falam e não há distinção. Na verdade a missão do co-chair é fazer com que todos falem e participem. Se você acredita que conectar -se com novos parceiros é algo de seu interesse, nós o encorajamos a participar das discussões ativamente. Dessa forma, permitirá que os demais participantes lhe conheçam e os conhecerá melhor. Os moderadores irão questionar os participantes diretamente e não a sala em geral. Assim evitaremos o silêncio e a desorganização. Todos são bem vindos a questionar, discordar e tecer comentários de modo apropriado. Niguém irá lhe guiar ou determinar onde participar. Você é livre e deve entrar nas de reuniões de sua escolha nos horários determinados. As salas só ficam cheias após o início das discussões e não é preciso se incômodar com as salas que estiverem vazias, elas irão ficar cheias rapidamente. Alguns participantes falam muito baixo e isso dificulta a compreenção dos demais. Fale claramente, e avise aos outros que não estiverem sendo compreendidos. Evite monopolizar conversas, auto-promoção e propagandas, isso não será aceito pelos moderadores. HERE ARE A FEW TIPS THAT MAY BE HELPFUL IN GETTING THE MOST OUT OF THE GRI: GRI discussions are NOT panels. They are like after-dinner conversations in one s own living room with a few good friends under the guidance of the moderating Chair. Everyone participates equally, not just the Discussion (co-)chairs. The job of the moderating Chair is to make EVERYBODY talk and engage. Discussion co-chairs sit scattered about the room and participate no more, no less than anyone else in the room. If connecting with new partners can be useful, we encourage you to engage as vocally and actively as you might enjoy. This will enable others to get to know you and you to get to know them. The Moderating Chair will be addressing questions directly to particular participants, not just to anyone unspecified in the room at-large, as this is usually greeted with pregnant silence. Even so, you are encouraged to comment, question, dissent or otherwise interject. As no one will prompt you, please join the discussion room of your choice in time. Rooms only fill in AFTER a discussion starts and you need not be alarmed by a near empty room. It will quickly get crowded. Some participants speak so softly as to be unheard by most. Speak up and remind others to do so if you can t hear them. Avoid monopolizing conversation, self-promotion or commercial pitches as the Moderating Chair has been urged to cut them off. While journalists may sometimes take notes during discussions, they only ever do so after signing a Chatham House confidentiality agreement under which they commit not to quote for attribution to a person or to a company, except with specific consent from the respective parties. In addition, students or other reporters summarize most of the discussions and take notes that are subsequently distributed to all participants.

3 WELCOME BEM VINDO A missão do co-chair no GRI não e falar e sim fazer com que todos falem, se realacionem e se conectem. The mission of discussion Chairs at the GRI is not to talk but to make others talk, engage and connect. Bem vindo (a) ao Brazil GRI We are delighted to welcome you to the Brazil GRI Gustavo Favaron Como em todos os eventos do GRI, o Brazil GRI foi criado por vários dos presentes, que contribuíram com suas experiências de mercado, opinões, idéias, pesquisas, recursos financeiros e com a criação do programa que iremos participar hoje. Se acredita que sua participação como discussion co-chair em outros eventos do GRI seja algo útil, nós o convidamos a nos contactar para que possamos discutir a melhor forma de você se engajar nas discussões. Caso entenda ainda que algum outro nível de envolvimento conosco possa ser de seu interesse você também é muito bem vindo. As with all GRI get-togethers, the Brazil GRI was created by many present here today who have contributed front-line expertise, intellectual brilliance, financial resources and more to reach out to fellow leading lights and create a program to discuss today s issues. We can t thank them enough. If (co-)chairing one or more discussions could be useful to you at any forthcoming GRI event, we invite you to contact us and discuss how best to put them on the program. If any other type of involvement could be useful, it is similarly welcome. Henri Alster Por agora junte-se a nós e aproveite as discussões como se você e o seu negócio fossem a atração principal, porque eles realmente são. We wish you a great GRI. Thanks for being with us! See you in Sao Paulo. Tenha um ótimo GRI. É um prazer tê-lo (a) conosco. Gustavo Favaron Director, Brazil GRI GRI Global Real Estate Institute Henri Alster Chairman, GRI Global Real Estate Institute Inquiries and further information info@globalrealestate.org UK Tel: UK Fax: All material throughout this program is subject to change without notice.

4 PROGRAMAÇÃO TIMETABLE Programação Terça-feira, 9 de Novembro Private Board Dinner (Apenas sob convite reservado para membros do GRI, patrocinadores e discussion co-chairs/debatedores) Quarta-feira, 10 de Novembro Credenciamento Discurso de abertura Discussões Keynote & Almoço Confraternização de encerramento timetable Tuesday, 9 November Private Board Dinner (By invitation only - reserved for GRI attending members and Brazil GRI Discussion (co)-chairs). Wednesday, 10 November Check-in Keynote Discussions Keynote & Lunch Closing Drinks All material throughout this brochure is subject to change without notice.... For those who think the opportunity to schedule personal meetings with so many of the industry s best and brightest is too good to pass up... Schedule your appointments early...

5 KEYNOTES KEYNOTE DI CAVALCANTI Arminio Fraga chairman & cio GAVEA INVESTIMENTOS brazil Sócio fundador da Gávea Investimentos, empresa fundada por ele em Agosto de 2003 e sediada no Rio de Janeiro, e Presidente do Conselho de Administração da BM&F Bovespa. No período de Março de 1999 a Dezembro de 2002, A. Fraga presidiu o Banco Central do Brasil. Anteriormente, foi Diretor-Gerente da Soros Fund Management em Nova York, Diretor de Assuntos Internacionais do Banco Central do Brasil, Vice-Presidente da Salomon Brothers, Nova York e Economista-Chefe e Gerente de Operações do Banco Garantia. Foi professor do curso de mestrado da Universidade Católica do Rio de Janeiro, da Escola de Economia da Fundação Getúlio Vargas, da School of International Affairs da Universidade de Columbia e da Wharton School. BRASIL: NOVOS HORIZONTES BRAZIL: NEW HORIZONS KEYNOTE DI CAVALCANTI Henrique Meirelles governor the Central Bank of Brazil brazil Henrique de Campos Meirelles has been Governor of the Central Bank of Brazil since January He is a member of the Board of Directors of the Bank of International Settlements in Basel Switzerland. Prior to these positions, he was President of of Bank Boston Corporation and of FleetBoston s Corporate and Global Bank. Mr. Meirelles was a Board member of Raytheon Corporation, Bestfoods,Champion International,Bank Boston Corporation and Fleet Boston Financial. He was also a member of the Advisory Boards of the Harvard Kennedy School of Government, the Sloan School of Management of the Massachusetts Institute of Technology and the Carroll School of Management of the Boston College, as well as a member of the Board of Trustees of the New England Conservatory of Music and of the Institute of Contemporary Arts of Boston.

6 NOT FINAL at time of press. Please check handout update DI CAVALCANTI OO SCHEDULE WEDNESDAY 10 NOVEMBER KEYNOTES DI CAVALCANTI 14.HOO Arminio Fraga chairman & cio GAVEA INVESTIMENTOS brazil Henrique Meirelles governor the Central Bank of Brazil brazil BRASIL: NOVOS HORIZONTES BRAZIL: NEW HORIZONS Brasil: como será o amanhã? Brazil: great today, what about tomorrow? Hotéis no Brasil: margem para crescimento? Hotels in Brazil: plenty of room for growth? Nery & Milliet Daniela Carrera Marquis Felipe Cavalcante Alfredo Cotait Neto João Crestana Daniel Feffer Luis Fernando Pinto Veiga Jose Paim Josh Pristaw Jose Romeu Ferraz Neto James Scott Roberto Amorim Helder Carneiro Laurent de Kousemaeker Javier Faus Cristiano Gonçalves Gilles Gonzalez Peter J.F.van Voorst Vader Luis Mirabelli Bonadei Investidores globais & Incorporadores locais: como construir essa ponte? Global Investors, local Developers: how to bridge the gap? James Rehlaender Rodrigo Abbud Daniel Citron Caio Scantamburlo Costa Cristiane Mamprin de C. Guerra Manoj Menda Ciro Schmeil Jana Sehnalova Ramsey Tadros Investindo e incorporando no Brasil: para além de Sao Paulo e Rio? Investing and Developing in Brazil: other than Sao Paulo and Rio? Gilson Azevedo Flavia Buiati Abel Castro Jr. Mordejai Goldenberg Evaldo Lima Zanini KEYNOTE Financiamento imobiliário & IPO: tiro certeiro ou tiro no pé? Real Estate Funding: is IPO the silver bullet? Ricardo Behar Marcio de Oliveira Drew Goldman Jose Antonio Gragnani BREAK Habitação popular & aumento preços de terrenos: qual estratégia adotar? Affordable housing & Land price hike: what is the right strategy now? Carlos Antonio Guedes Marco Antonio C. Mattar Joao da Rocha Lima Jr Milton Goldfarb Augusto Martinez Leonardo Sanchez Malfatti Private Equity: is the price still right? Sérgio Belleza Filho Edigimar Maximiliano Jr Christopher Meyn Marcelo Michalua Maximo Pinheiro Lima Albert R. Stutz Leonardo Zambolim Shopping Centers: diferentes mercados, mesmos conceitos? Shopping Centres: different market, same concepts? Richard Brown Alfred Dangoor James Morse Jose Tomas Filipe Vasconcelos Brecheret Escritórios: oferta e procura em equilíbrio? Office market: are supply and demand mismatched? Walter Cardoso Daniel Cherman Nessim Daniel Sarfati Roberto de Abreu Pereira Martim Fass Marcelo Scarabotolo Miguel Schmidt Claudio Tavares de Alencar Debt vs Equity Financing: what is the right mix? Tomas Awad Alexandre Cabral Luiz Franca Paulo Gomes Jonathan Lassers Joao Martins Felcar David Panico Osmar Roncolato Pinho Cesar Worms All material throughout this brochure is subject to change without notice.

7 NOT FINAL at time of press. Please check handout update QUARTA-FEIRA 10 NOVEMBRO CALENDÁRIO LEVEL 02 SERVICE AREA LEVEL 01 ANDRADE MALFATTI BRECHERET DI CAVALCANTI SERVICE AREA FOYER AMARAI ZANINI BONADEI NERY & MILLET FOYER FLOORPLAN Indústria Imobiliária Brasileira: como ser bem sucedido? Real Estate in Brazil: how to make it successful? Antonio Barbosa Axel Chaves Scott Koenig Bruno Laskowsky Jonathan Lulu Pedro Miranda Jaques Vieira Wanderley Ken Wainer Fundos de Pensão e setor imobiliário: aumento real de participação? Pension Funds in Real Estate: are they raising the stakes? Francisco de Augustinis Carlos Garcia Silvio Leal Arlete Nese Guido Oliveira Rogerio Pedrinha Pádua Carla Safady Meirelles Jean Urbain Hubau Nery & Milliet LUNCH & KEYNOTE Pequenas e Médias Incorporadoras: quão atrativas podem ser como parceiras? Medium & Small Developers: how attractive are they as partners? Mari Canton Ricardo Cuellar Amaral Remy Dantas Pedro Klumb Paulo Mazzali Investidores estrangeiros: como irão triunfar? Foreign Investors in Brazil: how will they succeed? Ryan Hawley Edith Bertoletti Cristina Betts Maria Luisa Cravo Wittenberg Mark Curtis-Bennett Rupert Hayward Xavier Marceau Susan Meaney Rodrigo Mennocchi Emilio Miguel Ken Munkacy Michael Register Ricardo Reis John Tsui Sandor Valner Hotéis: novas estratégias necessárias? Hotels: innovative strategies required? Rogerio Basso Alinio Azevedo Christian Charre Daniel del Olmo Oriol Gimenez Rui Manuel Oliveira Pat McCudden Eduardo Muniz Urquiza Javier Pimienta Claudio Santos BREAK Joint Ventures: investidores estrangeiros são bem vindos? JV s: are foreign investors welcome? Maxime Barkatz Luis Bruehlmann Jorge Chaskelmann José Ernesto Marino Neto Brian Mendell Marcio Moraes Michael Teich Jadwiga Wisniowska Residencial: classe méia e alta-crescimento sustentável ou bolha à vista? Middle and high-end residential: sustainable boom or next bubble? Andrea Druck Sergio Luiz dos Santos Vieira Nilson Nóbrega Nicholas Reade Ricardo Telles Oportunidades de investimento hoteleiro: G ou Extra G? Hospitality Investment Opportunities: L or XXL? Dominic Seely Viviene Boverio Jorge Carvallo Guilherme Cesari Roland de Bonadona Alexandre Gehlen Ricardo Mader Jayme Neto Jorge Perez Rivero CLOSING DRINKS Bonadei Zanini Malfatti Logística & Galpões: oportunidades à frente? Logistics & Warehouse Development: how much opportunity to come? Carlos Barcellos Pablo Barcos Chris Bruneau Thomaz Camargo Jose Ferraz Nick Kittredge Gilson Schilis Brecheret

8 DISCUSSÕES DISCUSSIONS Brasil novos horizontes Brazil new horizons Arminio Fraga chairman & cio Gavea Investimentos brazil Di Cavalcanti Arminio Fraga KEYNOTE Brasil como será o amanhã? Brazil great today, what about tomorrow? Nery & Milliet Daniela Carrera Marquis chief financial markets division Inter-American Development Bank usa Felipe Cavalcante chairman Adit Brasil brazil Alfredo Cotait Neto secretary international relations Prefeitura de Sao Paulo brazil João Crestana presidente SECOVI brazil Daniel Feffer vice-presidente corporativo SUZANO brazil Luis Fernando Pinto Veiga president Abrasce brazil Jose Paim founder and MaxCap brazil Josh Pristaw senior managing, acquisitions GTIS Partners usa Jose Romeu Ferraz Neto presidente do conselho consultivo SindusCon-SP brazil James Scott managing - real estate Bank Of America merrill lynch usa Daniela Carrera Marquis Felipe Cavalcante Alfredo Cotait Neto João Crestana Luis Fernando Pinto Veiga Jose Paim Josh Pristaw Jose Romeu Ferraz Neto James Scott All material throughout this brochure is subject to change without notice. Ongoing updates at: Investidores globais & Incorporadores locais como construir essa ponte? Global Investors, local Developers how to bridge the gap? Bonadei James Rehlaender managing European Investors usa Rodrigo Abbud partner Vision Brazil brazil Daniel Citron member real estate group USP brazil Caio Scantamburlo Costa, investment banking brazil Deutsche Bank S.A. Banco Alemao brazil Cristiane Mamprin De C. Guerra lawyer Lobo & de Rizzo brazil Manoj Menda managing RMZ Corp india Ciro Schmeil Scopel brazil Jana Sehnalova executive Forum Securities uk Ramsey Tadros Westfields brazil James Rehlaender Rodrigo Abbud Daniel Citron Caio Scantamburlo Costa Cristiane Mamprin De C. Guerra Manoj Menda Ciro Schmeil Jana Sehnalova Ramsey Tadros

9 QUARTA-FEIRA 10 NOVEMBRO Não existem palestrantes. No speakers. Financiamento imobiliário & IPO tiro certeiro ou tiro no pé? Real Estate Funding is IPO the silver bullet? zanini Ricardo Behar managing Morgan Stanley brazil Marcio De Oliveira Investing SC brazil Drew Goldman md, head of americas real estate investment banking Deutsche Bank Securities usa Jose Antonio Gragnani chief business officer BM&F Bovespa brazil Ricardo Behar Marcio De Oliveira Drew Goldman Jose Antonio Gragnani Escritórios oferta e procura em equilíbrio? Office market are supply and demand mismatched? Malfatti Walter Cardoso president CBRE brazil Daniel Cherman country head for brazil Tishman Speyer brazil Nessim Daniel Sarfati managing Cyrela Commercial Properties brazil Dr. Roberto De Abreu Pereira Etoile brazil Martim Fass head of real estate investments Rio Bravo brazil Marcelo Scarabotolo coo São Carlos Empreendimentos e Participações S.A. brazil Miguel Schmidt coo Morro Vermelho brazil Claudio Tavares De Alencar phd-dean of r.e. group USP brazil Walter Cardoso Daniel Cherman Nessim Daniel Sarfati Dr. Roberto De Abreu Pereira Martim Fass Marcelo Scarabotolo Miguel Schmidt Claudio Tavares De Alencar Private Equity is the price still right? Brecheret Sérgio Belleza Filho Fundo Imobiliario Consultoria brazil Edigimar Maximiliano Jr Bradesco BBI brazil Christopher Meyn partner Gavea Investimentos brazil Marcelo Michalua managing partner RB Capital brazil Maximo Pinheiro Lima founder Prosperitas brazil Albert R. Stutz managing Capital Dynamics switzerland Leonardo Zambolim vp real estate, latin am. Goldman Sachs usa Sérgio Belleza Filho Edigimar Maximiliano Jr Christopher Meyn Marcelo Michalua Maximo Pinheiro Lima All material throughout this brochure is subject to change without notice. Ongoing updates at: Albert R. Stutz Leonardo Zambolim

10 DISCUSSÕES DISCUSSIONS Hotéis no Brasil margem para crescimento? Hotels in Brazil plenty of room for growth? Nery & Milliet Roberto Amorim vice presidente de aquisicoes e desenvolvimento Starwood Hotels & Resorts brazil Helder Carneiro superintendente Plaza Brasilia Hotéis brazil Laurent De Kousemaeker cdo, latin america and caribbean Marriott International usa Javier Faus chairman & Meridia Capital spain Cristiano Gonçalves vice president development Hilton Group brazil Gilles Gonzalez development direction Accor brazil Peter J.F.Van Voorst Vader Brazil Hospitality Group brazil Luis Mirabelli vp business development RCI - South America argentina Helder Carneiro Laurent De Kousemaeker Javier Faus Cristiano Gonçalves Gilles Gonzalez Peter J.F.Van Voorst Vader Luis Mirabelli Investindo e incorporando no Brasil para além de Sao Paulo e Rio? Investing and Developing in Brazil other than Sao Paulo and Rio? Gilson Azevedo general manager - tourism Sec. Tur. de Pernambuco brazil Flavia Buiati Rio Quente Resorts brazil Abel Castro Jr., new development brazil Accor Hospitality brazil Mordejai Goldenberg executive vice-president Cushman & Wakefield brazil Evaldo Lima managing Carval Investors brazil Gilson Azevedo Flavia Buiati Abel Castro Jr. Mordejai Goldenberg Evaldo Lima Bonadei All material throughout this brochure is subject to change without notice. Habitação popular & aumento preços de terrenos qual estratégia adotar? Affordable housing & Land price hike what is the right strategy now? Zanini Carlos Antonio Guedes president CR2 brazil Marco Antonio C. Mattar cfo and iro Trisul brazil Joao Da Rocha Lima Jr phd-dean of r.e. group USP brazil Milton Goldfarb president GOLDFARB brazil Augusto Martinez Construtora Mudar brazil Leonardo Sanchez fund manager XP brazil Carlos Antonio Guedes Marco Antonio C. Mattar Joao Da Rocha Lima Jr Augusto Martinez Leonardo Sanchez Ongoing updates at:

11 QUARTA-FEIRA 10 NOVEMBRO Apenas conversas informais em que todos participam igualmente. Just collegial discussions where all participate equally. Debt vs Equity Financing what is the right mix? Malfatti Tomas Awad founding partner Landix Real Estate Investments brazil Alexandre Cabral Banco Nordeste brazil Luiz Franca, real estate Itau Unibanco brazil Paulo Gomes vp research & chief strategy officer Prudential RE Latin America usa Jonathan Lassers managing partner Ariel Investment Management uruguay Joao Martins Felcar general manager - real estate Banco do Brasil brazil David Panico Bank of America Merryl Lynch brazil Osmar Roncolato Pinho real estate Bradesco brazil Cesar Worms chief financial officer BNCORP brazil Tomas Awad Alexandre Cabral Luiz Franca Paulo Gomes Jonathan Lassers Joao Martins Felcar Osmar Roncolato Pinho Cesar Worms Shopping Centers diferentes mercados, mesmos conceitos? Shopping Centres different market, same concepts? Brecheret Richard Brown executive vp international Developers Diversified Realty brazil Alfred Dangoor managing Bradesco BBI brazil James Morse managing Squarestone Brazil brazil Jose Tomas Sonae Sierra brazil Filipe Vasconcelos Brookfield brazil Richard Brown Alfred Dangoor James Morse Jose Tomas Filipe Vasconcelos All material throughout this brochure is subject to change without notice. Ongoing updates at:

12 DISCUSSÕES DISCUSSIONS HENRIQUE MEIRELLES governor THE CENTRAL BANK OF BRAZIL brazil Di Cavalcanti Henrique Meirelles KEYNOTE Indústria Imobiliária Brasileira como ser bem sucedido? Real Estate in Brazil how to make it successful? Nery & Milliet Antonio Barbosa HSBC Bank brazil Axel Chaves managing Paladin brazil Scott Koenig RREEF usa Bruno Laskowsky WTorre Properties brazil Jonathan Lulu svp capital markets Equity International usa Pedro Miranda managing Itacare Capital Partners brazil Jaques Vieira Wanderley real estate manager Itau Unibanco brazil Ken Wainer founding partner & portfolio manager Vision Brazil brazil Antonio Barbosa Axel Chaves Scott Koenig Bruno Laskowsky Jonathan Lulu Pedro Miranda Jaques Vieira Wanderley Ken Wainer All material throughout this brochure is subject to change without notice. Ongoing updates at: Investidores estrangeiros como irão triunfar? Foreign Investors in Brazil how will they succeed? Zanini Ryan Hawley vp Starwood Capital usa Cristina Betts chief financial officer Iguatemi Shopping Centers brazil Maria Luisa Cravo Wittenberg project manager Apex brazil Mark Curtis-Bennett managing partner Aldabra Investments uk Rupert Hayward Salamanca Capital uk Xavier Marceau property op. L OREAL china Susan Meaney managing Makena Capital usa Emilio Miguel regional commercial Equity Trust argentina Ken Munkacy senior managing GID International Group usa Michael Register partner Desires Hotels International usa Ricardo Reis president Engeflex brazil John Tsui managing principal IDA, LLC usa Sandor Valner Walton Street Capital mexico Ryan Hawley Cristina Betts Maria Luisa Cravo Wittenberg Rupert Hayward Xavier Marceau Susan Meaney Emilio Miguel Ken Munkacy Michael Register Ricardo Reis John Tsui Sandor Valner

13 QUARTA-FEIRA 10 NOVEMBRO A função do discussion co-chair/ debatedor não é falar The job of the Discussion Chairs is not to talk. Pequenas e Médias Incorporadoras quão atrativas podem ser como parceiras? Medium & Small Developers how attractive are they as partners? Bonadei Logística & Galpões oportunidades à frente? Logistics & Warehouse Development how much opportunity to come? Malfatti Mari Canton managing & head of global real estate INTL/Provident usa Ricardo Cuellar Amaral RCA brazil Remy Dantas diretor Habitax brazil Pedro Klumb MSFI Finanças Imobiliárias brazil Paulo Mazzali vice presidente Construtora Mudar brazil Carlos Barcellos GWI Real Estate brazil Pablo Barcos & senior portfolio manager Prudential Real Estate Investors Latin America brazil Chris Bruneau principal P Street Advisors usa Thomaz Camargo founding partner RED brazil Jose Ferraz partner ARBEIT brazil Nick Kittredge vice president AMB Property brazil Gilson Schilis owner Fulwood brazil Mari Canton Remy Dantas Pedro Klumb Paulo Mazzali Carlos Barcellos Pablo Barcos Chris Bruneau Thomaz Camargo Jose Ferraz Nick Kittredge Gilson Schilis All material throughout this brochure is subject to change without notice. Ongoing updates at: Hotéis novas estratégias necessárias? Hotels innovative strategies required? Brecheret Alinio Azevedo, development Four Seasons canada Rogerio Basso practice leader - latin america Ernst & Young usa Christian Charre president BridgeRock Capital usa Daniel Del Olmo sr. vice president Wyndham Hotel Group brazil Oriol Gimenez vp acquisitions Caribbean Property usa Rui Manuel Oliveira senior vice president Sol Melia Hotels & Resorts brazil Pat Mccudden svp - real estate and development, latin america Hyatt Hotels Corporation usa Eduardo Muniz Urquiza regional manager Fonatur mexico Javier Pimienta managing Terranum Hotels colombia Claudio Santos Porto Bay Hotel & Resorts portugal Alinio Azevedo Rogerio Basso Christian Charre Daniel Del Olmo Oriol Gimenez Rui Manuel Oliveira Pat Mccudden Eduardo Muniz Urquiza Javier Pimienta Claudio Santos

14 DISCUSSÕES DISCUSSIONS Fundos de Pensão e setor imobiliário aumento real de participação? Pension Funds in Real Estate are they raising the stakes? Nery & Milliet Francisco De Augustinis real estate investment manager Fundacao CESP, Pension Fund brazil Carlos Garcia partner Itajuba Investimentos brazil Silvio Leal executive manager PREVI - Pension Fund brazil Arlete Nese investment & financial manager Banesprev - Pension Fund brazil Guido Oliveira Iguatemi Shopping Centers brazil Rogerio Pedrinha Pádua real estate investment manager Funcef - Pension Fund brazil Carla Safady Meirelles manager, real estate investment VALIA - Pension Fund brazil Jean Urbain Hubau cfo Accor brazil Francisco De Augustinis Carlos Garcia Silvio Leal Arlete Nese Guido Oliveira Carla Safady Meirelles Jean Urbain Hubau Joint Ventures investidores estrangeiros são bem vindos? JV s are foreign investors welcome? Bonadei Maxime Barkatz managing AUREA Real Estate france Luis Bruehlmann diretor de participacoes Iberostate brazil Jorge Chaskelmann Aquiraz Riviera brazil José Ernesto Marino Neto presidente BSH Internacional brazil Brian Mendell, real estate investment banking Deutsche Bank Securities usa Marcio Moraes fundador e diretor presidente RFM brazil Michael Teich principal and founder Real Estate Options LLC usa Jadwiga Wisniowska president of the board Dragmor Sp. Z o.o. poland Maxime Barkatz Luis Bruehlmann Jorge Chaskelmann José Ernesto Marino Neto Brian Mendell Marcio Moraes Michael Teich Jadwiga Wisniowska All material throughout this brochure is subject to change without notice. Ongoing updates at:

15 QUARTA-FEIRA 10 NOVEMBRO É fazer com que todos falem It is to make everybody else talk... Residencial classe méia e alta-crescimento sustentável ou bolha à vista? Middle and high-end residential sustainable boom or next bubble? Zanini Andrea Druck Habitasul brazil Sergio Luiz Dos Santos Vieira new business Espirito Santo brazil Nilson Nóbrega Prima S.A. brazil Nicholas Reade chief executive officer Brookfield Incorporacoes brazil Ricardo Telles diretor de negocios AGRE brazil Andrea Druck Sergio Luiz Dos Santos Vieira Nilson Nóbrega Nicholas Reade Ricardo Telles Oportunidades de investimento hoteleiro G ou Extra G? Hospitality Investment Opportunities L or XXL? Brecheret Dominic Seely co-founder and principal Townhouse Capital switzerland Viviene Boverio, acquisitions & development Starwood Hotels & Resorts brazil Jorge Carvallo general Grupo Posadas mexico Guilherme Cesari vice president of development Marriott International brazil Roland De Bonadona Accor brazil Alexandre Gehlen general Intercity Hoteis brazil Ricardo Mader Jones Lang LaSalle Hotels brazil Jayme Neto diretor presidente Hoteis Deville brazil Jorge Perez Rivero cfo Fonatur mexico Dominic Seely Viviene Boverio Jorge Carvallo Guilherme Cesari Roland De Bonadona Alexandre Gehlen Ricardo Mader Jayme Neto Jorge Perez Rivero All material throughout this brochure is subject to change without notice. Ongoing updates at:

16 ASSOCIATE PARTNER CB Richard Ellis was established in 1979 in Brazil, being proud of establishing one of the largest business platforms in the country and of Latin America. Our company operates with specialized departments wich are equipped to provide the best services to all our clients throughout the National Territory. With an aggressive international policy, through the acquisition of several other companies around the world, the company has significantly widened its field of activity for occupiers and users of office and industrial properties, both in Brazil and abroad. Danilo Monteiro Danilo Monteiro Investment & Development Director Tel Likewise, national and international investors alike have found in the company a safe haven to conduct acquisitions and to analyse investments from the most different segments. Thus, with a vast experience of its 12 departments, CB Richard Ellis is ready to take in investors, developers and building companies, as well as occuppiers and landlords in general, at all stages of work, including the real estate appraisals, through which we accomplished today, the greatest degree of reliability on the market as a whole.

17 SUPPORTING PARTNER Lobo & de Rizzo Advogados Lobo & de Rizzo Advogados provides comprehensive legal advice and assists the strategic planning needs of domestic and foreign clients, whether they are already operating in Brazil or exploring business and investment opportunities in the country. We offer a wide range of legal services in corporate law, M&A, tax consulting and litigation, civil litigation, regulatory, antitrust, environmental, real estate, capital markets, labor law and insurance. José Orlando A. Arrochela Lobo Valdo Cestari de Rizzo Since its foundation in 2007, the firm has successfully continued with its strategy of focusing on complex transactions for its premiere clienteles. This has helped our growth despite of a very turbulent and competitive market. Our firm began with a group of more than 30 lawyers and now it boasts a team of over 70 legal professionals who advise both Brazilian and multinational companies in domestic and cross border transactions and disputes from offices in São Paulo and Rio de Janeiro. Sérgio Varella Bruna Cristiane Mamprin de Castro Guerra The firm works closely with leading corporations, investment banks and other major institutions, offering the highest quality advice to meet our clients needs. Our team has been working together for many years and has represented national and international clients such as: Alstom, Braskem, Cargill, Chubb, Coca-Cola, DHL, Dow Chemical, Ernst & Young, Globo, Inbrands, Johnson & Johnson, Mercedes-Benz, Mosaic, Nestlé, Nivea, OAS, Odebrecht, Pearson, StoraEnso, Tegma, ThyssenKrupp, Volkswagen. José Orlando A. Arrochela Lobo Managing partner jose.lobo@loboderizzo.com.br Valdo Cestari de Rizzo Member of Executive Committee valdo.derizzo@loboderizzo.com.br The market has repeatedly recognized the excellence of our service, the quality of our lawyers and the friendly and business oriented approach that characterizes our practice. The firm has been ranked by international guides as one of the most recommended M&A and Corporate firms in Brazil. Mr. Lobo and Mr. de Rizzo have been selected as runners-up by Latin Lawyer s Law Firm Leader of the Year Award, in This selection is the result of creating a successful firm in a such a short period of time and also in recognition of the innovative thinking. Sérgio Varella Bruna Member of Executive Committee sergio.bruna@loboderizzo.com.br Cristiane Mamprin de Castro Guerra Head of Real Estate cristiane.mamprin@loboderizzo.com.br

18 CREATORS Rodrigo Abbud partner Vision Brazil - VBI Real Estate Carlos Antonio Guedes president CR2 Empreendimentos Imobiliarios SA Asset Management Affordable housing development, office development and retrofit and shopping mall development Incorporador Foco único na incorporação imobiliária. Founding partner of VBI Real Estate, Rodrigo has played an important role in the development of the majority of the Class AAA office developments in the Faria Lima region of São Paulo. Prior to founding VBI, Rodrigo worked as Director of the Investment Advisory Department at CB Richard Ellis where he managed a team of 25 and executed over 100 real estate transactions with an aggregate value in excess of R$ 1 billion. Rodrigo received a B.A. in civil engineering from University of São Paulo and an M.B.A. in real estate from University of Reading in the UK. Rodrigo is a member of the Royal Institution of Chartered Surveyors. O Sr Guedes Valente é graduado e pós graduado em Economia pela PUC-Rio em 1982 e 1984, respectivamente. Em 1985, ingressou no grupo BBM como assessor da presidência e tornou-se diretor executivo em 1993, responsável pelas operações de carteira própria, risco de preços e recursos humanos. Tornou-se sócio do Banco BBM em 1995 e em 1997 retirou-se da diretoria do Banco para assumir a área de ativos internacionais do Grupo BBM. Em 1999 foi sócio co-fundador da CR2 DTVM, atualmente Banco CR2, responsável pela gestão de recursos de terceiros. Em 2006, tornou-se sócio da CR2 Serviços Financeiros Ltda. Atualmente, exerce o cargo de CEO e Conselheiro na CR2 Empreendimentos Imobiliários. REAL ESTATE Tomas Awad founding partner Landix Real Estate Investments Gilson Azevedo general manager - tourism Secretaria de Turismo de Pernambuco Asset Management Real Estate Funds and Separate Accounts Asset Management Captação de Investimentos Autarquia que gere as políticas públicas para o Turismo no estado. Tomás Awad is founding partner of Landix Real Estate Investments. He has 12 years experience in equity research. He worked for Itaú Corrretora in the last 7 years, where he was a Senior Vice President, the equity strategist and responsible for the team covering the real estate industry. Between 2006 and 2009 he took part on the distribution effort of the IPOs and follow-on offerings of Gafisa, BR Malls, Iguatemi, EVEN, Camargo Corrêa Desenvolvimento Imobiliário, Tenda Construtora, São Carlos Empreendimentos, Odontoprev, Diagnósticos da América e Banco ABC Brasil. Before this he was responsible for the research coverage of the Brazilian financial industry during 6 years. Bacharel em Turismo com MBA em Gestão Empreendedora, atua há 10 anos no Turismo. Já trabalhou na VARIG, Secretaria de Turismo do Recife, além de ser professor universitário das disciplinas de Transportes Turísticos e Meios de Hospedagem. Atualmente é Gerente de Planejamento da Secretaria de Turismo de Pernambuco e tem como missão captar novos voos, cruzeiros marítimos e investimentos turísticos para o Estado. Alinio Azevedo, development Four Seasons Hotels and Resorts Antonio Paulo Marques Barbosa HSBC Bank Hotel Management Development. Latin America and Caribbean Banco A leading operator of luxury hotels and resorts, Four Seasons is dedicated to perfecting the travel experience through continual innovation and the highest standards of hospitality. From elegant surroundings of the finest quality, to caring, highly personalised 24- hour service, Four Seasons embodies a true home away from home for those who know and appreciate the best. The deeply instilled Four Seasons culture is personified in its employees people who share a single focus and are inspired to offer great service. Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels and residences in major city centres and desirable resort destinations around the world. Antonio Paulo Barbosa, Sênior Vice-President, HSBC Banco Múltiplo S.A, 42 years oldgraduated in Economics, MBA in Retail Developed his career in Financial Institutions such as Bank Boston, Cargill, Thomas Cook. Joined Banco Real in Oct At Banco Real took over the Affinities Group with main responsibility of increase current accounts and products sales devoted to Doctors and University Students. Achieved great success increasing profitability of the Business Unit in more than 100 % in three years. Also implemented the vision of sustainability and diversity among developments.

19 BRAZIL GRI 2010 Sérgio Belleza Filho Fundo Imobiliario - Consultoria de Investimentos Ltda Carlos Barcellos GWI Real Estate S.A. Consultor de Investimentos Estruturação de Fundos Imobiliários, Consultoria em Operações de Investimentos Mobiliários de Lastro Imobiliário (FII e CEPACs). Investidor Investimento, desenvolvimento e operação de condomínios logísticos de alto padrão no Brasil. Consultor de Valores Mobiliários e Agente Autônomo de Investimentos, em ambas as qualificações com registro na CVM. Atua no Mercado de Capitais desde 1972, onde se destacou como especialista em Fundos Imobiliários e CEPACs.Estruturou o primeiro Fundo de Investimento Imobiliário brasileiro, o FII MEMORIAL OFFICE. Em 2003, estruturou e administrou o primeiro fundo imobiliário para pessoas físicas com quotas negociadas exclusivamente na BOVESPA, o Fundo EUROPAR. Diretor da empresa FUNDO IMOBILIÁRIO e da TICKER; É professor-convidado do FGV-PEC no módulo de Investimentos Imobiliários e proprietário do website fundoimobiliario. com.br.membro da Comissão Consultiva de Produtos Financeiros Imobiliários do SECOVI-SP. At GWI Real Estate since 2008, Mr. Barcellos is responsible for managing the company s overall business, involving the integrated operations of development, asset and capital management. Prior to joining GWI, he worked at media conglomerate Grupo Abril as Director of Marketing and Business Development and as a consultant at Booz Allen Hamilton in their São Paulo and London offices. Mr. Barcellos received a B.S in Civil Engineering from the Federal University of Minas Gerais and holds an MBA from Harvard Business School. He also serves as a board member at B2W and Hana Financial Inc. Pablo Barcos & senior portfolio manager Prudential Real Estate Investors Latin America Maxime Barkatz managing AUREA Real Estate Investment Management investment mgmt. business of Prudential Financial, Inc. execution of RE investment strategies, throughout the world, for a global client base Developer, Investment Manager Developer Asset manager Value-added projects France, Spain, Morocco and emerging countries 5-25M Industrial Retail Leisure Mr. Barcos is Director & Senior Portfolio Manager for PREI Latin America and is currently responsible for the development of new investment strategies for PREI - Latin America s industrial program. Prior to his current activities, Mr. Barcos was the Sr. Portfolio Manager for PREI - Latin America s industrial program in Mexico. His responsibilities included managing the relationship with PREI s industrial joint venture partners, overseeing the acquisition and development of industrial properties, implementing strategies and processes focused on maximizing the value of the assets, and performing the day-to-day management activities of the portfolio of industrial assets. Maxime heads Aurea Real Estate offices in Paris and Madrid since July 2009, with on-going projects in France, Spain and Morocco. He is specialized in managing value-added projects in challenging environments. Prior to joining Aurea, Maxime was the CEO of Concerto European Developer, a leading developer specialized in large logistics facilities, in the Iberian Peninsula. He has 6 years of experience in RE investment, development and asset management, and has successfully completed more than 200 million worth of transactions in France, Spain, USA, Brazil, India. Rogerio Basso practice leader - latin america Ernst & Young LLP Ricardo Behar managing Morgan Stanley Financial Advisor Financial due diligence and business advisory services related to all real estate asset classes. Banco de Investimento Assessor financeiro para empresas, incluindo o setor de real-estate, em fusões e aquisições e na captação de recursos As Practice Leader for the Real Estate Advisory Services group of Ernst & Young, Mr. Basso is actively involved in advising developers, private equity funds, financial institutions and governments in all aspects of the hospitality and leisure industry. Mr. Basso brings over twelve years of real estate and hospitality experience across a variety of areas including development advisory, acquisition due diligence, restructuring, strategic planning, operator selection, tourism strategy, valuation, litigation support, and operational diagnostics. Ricardo Behar is a Managing Director in the Firm s Investment Banking division in Brazil. He has been working in Investment Banking since Presently, he is responsible for client coverage and origination efforts in real-estate, infrastructure/transportation industries and oil field services.prior to following the above industries, Ricardo covered basic materials companies in the pulp and paper, metals and mining, chemicals and cement sectors. Ricardo plays an important role in the firm, working in equity, fixed income and M&A assignments. He also works closely with industry bankers to strengthen the firm s relationship with major local and international companies in Brazil.

20 CREATORS Richard E. Brown executive vp international Developers Diversified Realty Corp Flavia Buiati Rio Quente Resorts Real Estate Shopping Center REIT Richard Brown is the Executive Vice President of International for Developers Diversified Realty (DDR), a U.S based shopping center REIT. Mr. Brown is responsible for overseeing DDR s international business operations. Currently residing in São Paulo, he is also a senior executive of Sonae Sierra Brasil. Mr. Brown, a 23-year shopping center veteran, has served in a variety of senior executive positions at DDR since 2000, including the head of Property Management, Asset Management, Property Accounting and Information Technology. Mr. Brown is a graduate of Carleton University in Ottawa, Canada, and a member of the International Council of Shopping Centers (ICSC). Administradora formada e especializada em Economia pela Universidade Federal de Uberlândia e MBA em Finanças pela Fundação Getúlio Vargas. Diretora Administrativa Financeira do Complexo Turístico Rio Quente Resorts, onde é responsável pelas áreas Financeira, Tecnologias e Jurídico. Participou do evento The Globe Performance Forum, na Flórida Estados Unidos, em 2009, se especializando em Gestão de Mudanças. É responsável pela implementação de um projeto de Balaced Scorecard, pelo estudo de um Fundo Imobiliário no setor turístico.teve passagem no Grupo Algar trabalhando na holding na área de Negócios e na American Express do Brasil na área de Planejamento. Alexandre Cabral Banco Nordeste Thomaz F. Pompeo de Camargo founding partner RED Real Estate Development Financiador de Longo Prazo Desenvolvimento Turístico hotéis pousadas bares restaurantes agências de viagem inclusive projetos Green fields Desenvolvimento Imobiliário. Desenvolvimento de empreendimentos corporativos, com forte atuação no setor industrial/logístico. 24 anos atuando em Banco de Desenvolvimento, que prover em financiamento em Reais de Longo Prazo, desde que os investimentos sejam localizados no Nordeste Brasileiro. O executivo possui MBA em finanças pelo IBEMEC, tendo participados de diversos treinamentos no Brasil e no exterior(ex. Fundação Dom Cabral, Northwestern University). Mr. Camargo has over 10 years experience as a high executive in companies such as CB Richard Ellis, Hines and Bracor, where he was responsible for the development of approximately 1.0 million m² of industrial parks, representing investments of over R$ 1.2 billion. His experience includes transactions for an extensive number of companies, as well as the execution of build to suit and sale & lease back operations. Mr. Camargo received his B.A. in Architecture and Urban Planning from the University of São Paulo (USP) and is concluding his MBA in real estate in the same university. Mari Canton managing & head of global real estate INTL/Provident Walter Cardoso president CB Richard Ellis Investment Banker Capital/Fund Raising; Investment Advisory; Joint Ventures, Equity/Debt Financings, Sales. Market Focus: LatAm, Asia, US Consultoria Imobiliária Especializada em atender investidores, incorporadores, construtoras, ocupantes e proprietários em todas as fases de trabalho. Mari Canton, Global Head-Real Estate for INTL/Provident, has 20+ years of industry experience, including 4+ billion of capital raising expertise globally. Ms. Canton is an emerging markets expert with significant experience in Latin America, having headed Salomon Brothers and Bankers Trust s real estate efforts in the area in the 1990s. Previously at Principal-Corporate & Realty Advisors, Ms. Canton advised investors on Latin American investing and raised capital for developers. Prior to CRA, as UBS Director, Real Estate Private Equity Fundraising, she covered 200+ investors to raise funds globally. Ms. Canton is a Harvard MBA and Duke BA. The company has over 800 employees in 11 offices worldwide (including 2 in Brazil). Walter Luiz Monteiro Cardoso é formado em Tecnologia Mecânica e Engenharia Civil pela UNESP-SP e possui especialização em Matemática Financeira pela FGV. Iniciou sua carreira na CB Richard Ellis em 1985 e de 1991 a 1994 foi Diretor de Investimento. Em 1994 se tornou Managing Director e em 1998 assumiu a presidência. Durante esses 25 anos, participou das maiores operações de Investimento no mercado Brasileiro. Consolidou as linhas comerciais da empresa, auxiliando na implantação de diversos departamentos. Além disso, introduziu a empresa em diversas cidades e hoje lidera um dos mais lucrativos e eficientes escritórios, com quase 400 pessoas.