Confidential Notice to Investors

CONFIDENTIAL | October 2011
Notice to Investors
THE INFORMATION CONTAINED HEREIN IS PROVIDED TO YOU AT YOUR REQUEST FOR INFORMATIONAL PURPOSES ONLY AND IS NOT, AND MAY NOT BE RELIED ON IN ANY MANNER AS,
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INCLUDING THOSE DESCRIBED IN THIS DOCUMENT, AND ACCORDINGLY, ACTUAL RESULTS MAY DIFFER MATERIALLY AND NO ASSURANCE CAN BE GIVEN THAT AI WILL ACHIEVE THE RETURNS
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BE NO ASSURANCE THAT THE FUND WILL ACHIEVE COMPARABLE RESULTS OR THAT RETURN OBJECTIVES OR ASSET ALLOCATIONS WILL BE MET. ACTUAL REALIZED RETURNS OR
UNREALIZED INVESTMENTS WILL DEPEND ON, AMONG OTHER FACTORS, FUTURE OPERATING RESULTS, THE VALUE OF THE ASSETS AND MARKET CONDITIONS AT THE TIME OF DISPOSITION,
ANY RELATED TRANSACTION COSTS, AND THE TIMING AND MANNER OF SALE, ALL OF WHICH MAY DIFFER FROM THE ASSUMPTIONS AND CIRCUMSTANCES ON WHICH THE VALUATIONS USED
IN THE PERFORMANCE DATA CONTAINED HEREIN ARE BASED. ACCORDINGLY, THE ACTUAL REALIZED RETURNS ON THESE UNREALIZED INVESTMENTS MAY DIFFER MATERIALLY FROM THE
RETURNS INDICATED HEREIN.
PARK HILL REAL ESTATE GROUP LLC, ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, PARTNERS, SHAREHOLDERS, MANAGERS, MEMBERS AND EMPLOYEES EACH
EXPRESSLY DISCLAIMS ANY RESPONSIBILITY OR LIABILITY FOR THE INFORMATION CONTAINED HEREIN OR THE PERFORMANCE OF THE FUND. PARK HILL REAL ESTATE GROUP LLC IS
REPRESENTED IN THE UNITED KINGDOM BY PARK HILL A DIVISION OF THE BLACKSTONE GROUP INTERNATIONAL PARTNERS LLP WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL
SERVICES AUTHORITY.
PARK HILL REAL ESTATE GROUP IS REPRESENTED IN DUBAI BY BLACKSTONE GROUP INTERNATIONAL PARTNERS LLP AND IS AUTHORIZED AND REGULATED BY THE DUBAI FINANCIAL
SERVICES AUTHORITY.
UNLESS OTHERWISE NOTED, $ MEANS UNITED STATES DOLLARS AND R$ MEANS BRAZILIAN REAIS.
Agenda
SECTION 1
Introduction
SECTION 2
Company Overview
SECTION 3
Market Opportunities and Pipeline
APPENDIX A
Track Record and Case Studies
APPENDIX B
Current Market Overview
APPENDIX C
Summary of Potential Fund Terms
SECTION 1
Introduction
Autonomy Investimentos
Leading real estate investment firm focused on development and value-add investments in major
urban and logistics markets in Brazil
Local Team with Strong Real Estate Expertise

-
Team Differentiators
-
2.
Direct operator with development and value-add expertise

Strategy to control all investments
Independent market intelligence
Extensive network of high quality multinational and domestic tenants and
long-term real estate industry relationships
Established Performance
-
1.
Founded in 2006 and based in So Paulo

Led by co-founders Roberto Miranda de Lima and Robert Gibbins
On-site professional team of 12 Brazilian nationals with 13 years average
industry experience
In-house vertical integration: acquisitions (including development), design &
construction, marketing & leasing, property management, finance &
accounting and capital structure & investor relations
300,000m2 of office and logistics properties in varying stages of development

$754.2 million in total capital ($411.7 million of equity) invested/committed1
Projected 3.3x equity multiple and 21.3% gross IRR2
Projected unlevered yield on cost for the entire portfolio is 16.1% p.a. for
historical portfolio
Amounts invested or committed to invest are on a nominal currency basis (i.e., in Brazilian reais converted to U.S. dollars using the average exchange rate for 2010). As a result, amounts invested and projected returns are
not reflective of changes in currency exchange rates.
Gross IRRs presented reflect actual and projected internal rates of return, on a levered basis if applicable, presented on an after local property tax, gross basis exclusive of fund expenses, management fees, performance
fees and other operating and transaction costs. Gross return calculations for unrealized investments are the combination of actual monthly cash flows through December 31, 2010 and projected monthly cash flows for the
duration of the investment, projected as of December 31, 2010. These estimates are subject to change and may not be reflective of the actual returns at the realization of the investment. Please contact AI if you would like to
see projected performance based on assumptions which differ from those presented. AI receives quarterly marked-to-market valuations from Jones Lang LaSalle, which will be made available during on-site due diligence
meetings and upon separate request. Such current valuations, based on current equity values, may be generally lower than projected residual values, which account for projected operating cash flows and residual values.
Prospective investors should bear in mind that past performance is not necessarily indicative of future results and that the Fund may not achieve its objectives and may realize substantial losses. Please see Investment
Performance Summary Endnotes as of December 31, 2010 for further details.
2
SECTION 2
Company Overview
Current Team Overview

Fully integrated in-house capabilities: acquisitions (including development), design & construction,
marketing & leasing, property management, finance & accounting, and capital structure & IR
Investment Committee
Robert Gibbins
Roberto Miranda de Lima
Roberto Miranda de Lima
CEO
Legal
Counsel
(To Be Hired)
Departments
Executives
Professionals
Acquisitions
Design &
Construction
Roberto Miranda
de Lima
Rubens Scuoppo
Director
General Contractors;
Engineering Companies
Marketing &
Leasing
Property
Management
Jos Carlos Lima Gonalves

Director
Finance &
Administrative
Capital
Structure & IR
Research
Consultant
Henrique Coelho
Director
Renata Noronha
Director
Paul Weeks
Brokers
Property
Service
Companies
Accounting,
Treasury, HR,
IT, etc.
Planning
Production
= Outsourced
4
Senior Management Team

In-depth Brazilian real estate and investment experience
Roberto
Miranda de
Lima
Robert
Gibbins
Henrique
Coelho
Jos
Carlos
Lima
Gonalves
Rubens
Scuoppo
Renata
Noronha,
CFA
AI Partner, co-founder, CEO, Investment Committee Member; founded AI in 2006

Prior experience:
- Head of Commercial Development at Tishman Speyer Brazil for 9 years; fully developed 9 ventures amounting to 435,000m 2 and $750 million of
invested capital
- General Development Manager of Playcenter S.A., owned by the GP Investimentos private equity fund, for 3 years
- Board Member of MRV Engenharia S.A., a leading Brazilian low income residential developer, from 2007 until 2009
Education: Civil Engineering Degree from the Escola Politcnica of the University of So Paulo, MBA from Fundao Dom Cabral with extension
program at Kellogg Graduate School of Management (Northwestern University)
AI Partner, co-founder and Investment Committee Member; Autonomy Capital CIO; established Autonomy Capital in 2003 and founded AI in 2006
Prior experience:
- Head of Emerging Markets Proprietary Trading and European Government debt trader at Lehman Brothers for 9 years
- Fixed Income and FX derivatives trader at JP Morgan
- Board Member of MRV Engenharia S.A. and currently Board Member of BrasilAgro S.A.
Education: B.S. in Economics from the Wharton School at the University of Pennsylvania
AI Finance and Administrative Director; joined AI in 2007; assumed administrative and financial responsibilities, implementing best practices in financial
controls, cash management and financing for AIs portfolio
Prior experience:
- CFO at UNIBANCO AIG Seguros, Brazils fourth largest insurance company
- Additional nine years experience in finance and administration in banking, insurance and the Brazilian private pension market, having worked in
auditing at KPMG and Peat Marwick and in banking compliance at Banco Nacional and Unibanco; member of the Statutory Audit Board of the
Instituto Brasileiro de Resseguros
Education: Executive MBA from UNIBANCO/IBMEC
AI Commercial and Property Management Director; joined AI in 2006; responsible for property management, marketing and leasing
Prior experience:
Board of Directors of Tishman Speyer Mtodo do Brasil
New Business, Commercial and Financial Director of Mtodo Engenharia S.A.
15 years of total real estate experience
CEO of the Compass Group in Mexico, VP of Telecom and Pay TV Globo Organizations and CEO of Playcenter S.A.
Education: Civil Engineering Degree from Universidade Mackenzie and Advanced Management Program at INSEAD
AI Design & Construction Director; joined AI in 2008
Prior experience:
- 31 years real estate development experience
- Technical Development Manager of Gafisa S.A., General Director of Ruy Ohtake Arquitetura e Urbanismo and Commercial Director of Metdo
Engenharia S.A.
Education: Civil Engineering Degree from UNIP (IEEP), Specialization in Production Engineering from Fundao Vanzolini and Specialization in
Corporate Planning and Business Strategy from Fundao Getlio Vargas
AI Capital Structure and Investor Relations Director; joined AI in 2010
Prior experience:
- Almost 2 years at Sadia S.A., responsible for structuring new M&A and business development area
- 10.5 years at Credit Suisse/Garantia, 4 of which responsible for local Private Equity; portfolio companies included ALL, TAM, Mtodo Engenharia
Education: Industrial Engineering Degree from the Escola Politcnica of the University of So Paulo
5
Strategy
Invest in offices in urban centers and logistics spaces in strategic hubs
Target inefficient markets that allow substantial capital gains
Focus on assets with potential to be positioned in the top quartile of respective markets
Asset selection depends on market conditions and appropriate portfolio balancing

Development
1.
Standardized
Strongly reliant on
depth and accuracy
of management's
knowledge and
absorption
projections
Offers bond-like
risk/return and cash
flow predictability on
portfolio
May have
disproportionally
high returns within
development
Built-to-Suit &
Sale Leaseback
Leasing Arrangement
In-house robust execution

capabilities and market
positioning are fundamental to
materialize strategy upside
Acquisition
Value creation from property

management, transaction and
financing structuring, asset
repositioning, reducing expenses
and increasing cash flows
Retrofit
Value creation from

pre-acquisition technical
assessment, robust development
execution capabilities and market
repositioning
Parque Logstico Cajamar
Faria Lima Business Center
AD2200
Projected Gross IRR: 23.1%1
Rochaver Tower D
Standard Building
Total Complex Projected Gross IRR: 22.4%1
duration of the investment, projected as of December 31, 2010. These estimates are subject to change and may not be reflective of the actual returns at the realization of the investment. Please contact AI if you would like
to see projected performance based on assumptions which differ from those presented. AI receives quarterly marked-to-market valuations from Jones Lang LaSalle, which will be made available during on-site due
diligence meetings and upon separate request. Such current valuations, based on current equity values, may be generally lower than projected residual values, which account for projected operating cash flows and
residual values. Prospective investors should bear in mind that past performance is not necessarily indicative of future results and that the Fund may not achieve its objectives and may realize substantial losses. Please
see Investment Performance Summary Endnotes as of December 31, 2010 for further details.
6
Investment Process
Unique experience in creating value all along the investment chain
Process
Operations
Acquisition
Advantage
Activities
Institutional approach
Local presence
Market intelligence
Extensive sourcing network
Market monitoring
Deal sourcing
Integrated institutional
construction of target asset
business plan
Examples
Skilled negotiation and

structuring transactions
Development/
Retrofits
Asset/Property
Management
Disposition
Marketing &
Leasing
Extensive integrated in-house execution: acquisitions,

development, design & construction, marketing & leasing,
finance & accounting and property management
Strong relationships with construction companies,
architects, brokers and financing agents
Institutional approach to exit
Market intelligence
Experience in different
disposition strategies
Ability and flexibility to exit at

the right time
Optimize development plan and assure integrated

implementation
Periodic hold/sell strategic

reviews
Control management and contracted services throughout

the investment process
Customized disposition
structuring
Attract and retain premier tenants, increasing credit quality

of property
Secure long-term financing
Exit strategy Ouvidor:

Additional value potential not
expected to justify
opportunity cost of holding
Off-market sourcing
Cajamar
Development Rochavera and Atrium Faria Lima: Dow

Chemical and Bunge, respectively: pre-lease agreements
Underwriting Ouvidor:
thorough analysis of
potential improvements
Acquisition Standard Building: prudent use of leverage to

maximize return
Operations Faria Lima Business Center: market

repositioning, service improvement, improvement of tenant
quality and revenue creation
Investment Performance Summary1
Annual Yields on Cost4
$754.2 million of total capital invested/committed2

10 investments
Total Portfolio
16.1%
Total Under Dev
16.2%
Rochaver
16.2%
PL Cajamar
16.1%
Atrium Faria Lima
Projected gross multiple of 3.3x
Projected gross levered IRR of 21.3%
14.5%
AD2202
13.0%
15.4%
Total Stabilized
FLBC
23.2%
AD2200
13.9%
Standard
Projected unlevered yield on cost is 16.1% p.a. for entire

historical portfolio
13.4%
15.8%
Total Realized
Ouvidor 107
20.3%
ROP
Average 10x NOI growth in existing-property acquisitions3
5.0%
12.0%
10.0%
15.0%
20.0%
25.0%
Summary of Investment Performance(1)

(as of December 31, 2010; in thousands of U.S. dollars)(2)
Realized
Unrealized
Total
Total
Number of
Invested
Projected &
Total
Leverage Est. Total
(4)
(5)
(6)
Invested Equity Capitalization Ratio(7) Proceeds(8)
Investments Equity
2
$ 18,957 $
18,957 $
28,730 34.0% $
26,714
8
294,912
392,778
725,512 45.9%
1,348,500
10
$ 313,869 $
411,735 $
754,242 45.4% $ 1,375,214
Gross
Gross
Levered Unlevered Equity
IRR(9)
IRR(10) Multiple(11)
14.4%
13.6%
1.4x
21.5%
18.5%
3.4x
21.3%
18.4%
3.3x
Note: Please see Investment Performance Endnotes as of December 31, 2010 to reference notes cited in the table above.
1.
2.
3.
4.
duration of the investment, projected as of December 31, 2010. These estimates are subject to change and may not be reflective of the actual returns at the realization of the investment. Please contact AI if you would like to
see projected performance based on assumptions which differ from those presented. AI receives quarterly marked-to-market valuations from Jones Lang LaSalle, which will be made available during on-site due diligence
meetings and upon separate request. Such current valuations, based on current equity values, may be generally lower than projected residual values, which account for projected operating cash flows and residual values.
Prospective investors should bear in mind that past performance is not necessarily indicative of future results and that the Fund may not achieve its objectives and may realize substantial losses. Please see Investment
Performance Summary Endnotes as of December 31, 2010 for further details.
not reflective of changes in currency exchange rates.
Based on net operating income after operating expenses and property level taxes and before income taxes.
Nominal yields based on historic cost. Yields for investments under development are projected. CERJ, which is under development, is not included as AI intends to pre-sell portions of the investment during multiple phases
of the development.
8
Principal Clients
Premium tenant portfolio with presence in several sectors: average occupancy of AIs tenant base
as of June 2011 was 3,168m2 with a physical vacancy of 0.37%
Services
Chemical
Pharmaceutical
Real Estate
Consulting
Financial
Services
Industry
Retail
Other
AI Competitive Advantages
Local team with strong real estate background
Established track record of investing in logistics and office properties in Brazil
Institutional and integrated approach to value creation from acquisition

throughout disposition
Multifunctional team with proven and complementary execution capabilities
Deep sourcing network and robust pipeline of investment opportunities
Agile decision making combined with institutional fiduciary risk management process
Focus on asset strategic planning and continual review
10
SECTION 3
Market Opportunities and Pipeline
Market Opportunity
Brazils Annual GDP Growth Rate
8%
Brazils Annual IPCA Inflation (%)
Steady economic growth; less vulnerability to global economic crisis
Demonstrated ability to control inflation and pricing
14%
7%
12%
6%
10%
12.5%
9.6%
9.3%
8.9%
5%
8%
7.7%
7.6%
6.5%
4%
6%
6.0%
4.3%
3.1%
2%
1%
1.7%
0%
0%
2004
2005
2006
2007
2008
2009
2010
2011e
1996
1998
2000
2002
2004
2006
2008
2010
Source: FIPE
Source: IBGE, MB Associados
Industrial Gross Market Absorption in Representative Market (Campinas)
So Paulo Office Market Vacancy and Class A/A+ Average Lease Rates
Steadily increasing rental rates and decreasing vacancy
20%
900,000
18%
800,000
120
16%
100
12%
80
2011 poised for continued positive gross absorption
700,000
14%
600,000
m2
R$ m2/month
4.8%
4.5%
4%
2%
140
5.7%
5.2%
3%
5.9%
500,000
10%
60
8%
40
6%
300,000
4%
200,000
2%
100,000
0%
20
0
2005
Source: CBRE
2006
2007
2008
Lease Rate
2009
Vacancy
2010
400,000
2005
Source: CBRE
2006
2007
2008
2009
2010
12
Pipeline of Investments Identified

As of July 2011, AI identified $4.8 billion of investment opportunities, out of which a pipeline of
approximately R$1.3 billion is being further reviewed for potential investment
No.
GLA
of Ventures
(000m2)
Logistics
Acquisition/
Development
Logistics
Developments
Office Space
Acquisition
Office Space
for Retrofit
Office Space
Development
GLA (000m2)
70
55
11
189
Total Investments in Pipeline
2,130
395
45
63
105
840
1,610
40
23
10
77
576
Estimated Cost (R$mm)
161
273
430
1,169 1,735
Potential Acquisitions
Note: Graphs not to scale.
13
Pipeline of Investments Identified

Distribution by GLA (m2)
Geographic Distribution (No. of ventures per state)
3% 3%
Developing Logistics
13%
Operational Office Space
2%
Office Space Under Development

Office Space for Retrofit
Operational/Expanding Logistics
79%
Distribution by No. of Ventures

6%
19%
36%
Rio de Janeiro: 10
So Paulo: 20
Santa Catarina: 1

Investment Identification Process
6%
33%
Map major urban centers and logistics hubs
Distribution by Cost (R$)

9%
Identified R$4.8 billion of opportunities
2%
Perform preliminary
analysis

45%

36%
R$1.3 billion
pipeline
8%
14
APPENDIX A
Track Record and Case Studies
Investment Performance Summary1

As of December 31, 2010; in thousands of U.S. dollars(1)(2)
Investment Name
Location
Initial
Asset Investment Acquisition
Date(3)
Type
Type
Realized Investments
Rio Office Park (ROP)
Ouvidor 107
Subtotal
Rio de Janeiro
Rio de Janeiro
Office
Office
Unrealized Investments
Rochaver(12)
AD2200(13)
AD2202(14)
Faria Lima Business Center(15)
CERJ(16)
Standard Building(17)
Atrium Faria Lima(18)
Parque Logstico Cajamar(19)
Subtotal
So Paulo
Office Development
So Paulo
Office
Retrofit
So Paulo
Office Development
So Paulo
Office Acquisition
Rio de Janeiro Office Development
Rio de Janeiro Office Built-to-suit
So Paulo
Office Built-to-suit
Cajamar
Logistics Development
Total Investments
Acquisition
Retrofit
Mar-07
Apr-07
Invested
Equity(4)
14,928 $
4,030
18,957 $
14,928 $
4,030
18,957 $
14,928
13,802
28,730
0.0%
70.8%
34.0%
$ 187,784 $
9,166
1,591
36,039
13,336
17,558
29,439
$ 294,912 $
201,418 $
9,708
56,964
1,591
50,226
13,336
18,523
41,012
392,778 $
423,348
21,639
74,010
10,795
50,226
28,676
58,192
58,626
725,512
52.4%
55.1%
23.0%
85.3%
0.0%
53.5%
68.2%
30.0%
45.9%
$ 313,869 $
411,735 $
754,242
45.4%
Mar-06
Jun-06
Jun-06
Oct-06
Apr-07
Jun-07
Feb-08
Feb-08
Total
Projected &
Total
Leverage Est. Total
Invested Equity(5) Capitalization(6) Ratio(7) Proceeds(8)
Gross
Gross
Levered Unlevered Equity
IRR(9)
IRR(10) Multiple(11)
17,811
8,902
26,714
6.5%
36.4%
14.4%
6.5%
21.9%
13.6%
1.2x
2.2x
1.4x
685,920
34,439
91,576
23,974
321,298
39,901
59,687
91,706
$ 1,348,500
22.4%
22.2%
16.4%
31.7%
19.6%
13.5%
20.5%
23.1%
21.5%
18.5%
17.7%
15.1%
26.5%
19.6%
12.7%
17.1%
22.9%
18.5%
3.4x
3.5x
1.6x
15.1x
6.4x
3.0x
3.2x
2.2x
3.4x
$ 1,375,214
21.3%
18.4%
3.3x
Note: Please see Investment Performance Endnotes as of December 31, 2010 and Investment Specific Endnotes to reference notes cited in the table above.
1.
not reflective of changes in currency exchange rates. Gross IRRs presented reflect actual and estimated internal rates of return, on a levered basis if applicable, presented on an after local property tax, gross basis exclusive
of fund expenses, management fees, performance fees and other operating and transaction costs. Gross return calculations for unrealized investments are the combination of actual monthly cash flows through December
31, 2010 and estimated monthly cash flows for the duration of the investment, projected as of December 31, 2010. These estimates are subject to change and may not be reflective of the actual returns at the realization of
the investment. Please contact AI if you would like to see projected performance based on assumptions which differ from those presented. AI receives quarterly marked-to-market valuations from Jones Lang LaSalle, which
will be made available during on-site due diligence meetings and upon separate request. Such current valuations, based on current equity values, may be generally lower than projected residual values, which account for
projected operating cash flows and residual values. Prospective investors should bear in mind that past performance is not necessarily indicative of future results and that the Fund may not achieve its objectives and may
realize substantial losses. Please see Investment Performance Summary Endnotes as of December 31, 2010 for further details.
16
Investment Performance Endnotes as of December 31, 2010

1.
Summary of AI Investment Performance represents the 10 real estate transactions in Brazil in which AI, its affiliates and/or predecessors and successors have invested equity capital as either the only equity investors or as joint venture
partners. While some transactions include multiple stages of real estate developments, each transaction was executed as part of one business plan, and is therefore presented as a single transaction. Investment decisions regarding the
transactions were made by Messrs. Gibbins and/or Lima.
2.
For purposes of the performance data contained in this presentation, U.S. dollar amounts for Invested Equity, Invested and Projected Equity, Total Capitalization, Total Realized and Total Estimated Proceeds have been calculated by
translating Brazilian reais into U.S. dollars as of December 31, 2010, using the average exchange rate for 2010. This evaluation method is intended to eliminate the effect that currency appreciation or depreciation would have on the
performance data as represented.
3.
Represents the month in which either the purchase and sale contract or the deed for the investment was executed.
4.
Represents the aggregate equity capital that has been invested through December 31, 2010. Property-level income and debt financing are used to reduce equity requirements for on-going acquisition and development costs and capital
expenditures until all capital requirements for the respective property have been funded.
5.
Represents the aggregate equity capital invested and projected to be invested, if any, as of December 31, 2010. Projected and realized property-level income and debt financing are used to reduce equity requirements for on-going
acquisition and development costs and capital expenditures until all capital requirements for the respective property have been funded. Projected invested amounts for each investment are based on the good faith and reasonable
estimates of the AI team for the investment and do not necessarily reflect the amounts that will ultimately be invested.
6.
Represents the sum of (i) the aggregate equity capital invested and projected to be invested, if any, as of December 31, 2010, and (ii) acquisition/development indebtedness and capitalized costs incurred and projected to be incurred, if
any with the acquisition of the property. Projected invested amounts for each investment are based on the good faith and reasonable estimates of the AI team for the investment as of December 31, 2010 and do not necessarily reflect
the amounts that will ultimately be invested.
7.
Represents the debt assumed on each investment as a percentage of total capitalization (loan to cost).
8.
Represents the sum of the net proceeds generated from distribution of current income and disposition of the property as of December 31, 2010, excluding any proceeds from property-level income or debt financing which are used to offset equity requirements, plus the projected operating cash flows and residual values for investments to be received by the applicable investors based on the corresponding business plan for each of the unrealized investments. The
business plan for each investment sets forth an expected hold period for the investment and is periodically updated. In addition, the projected operating cash flows and residual values for each investment are based upon the good faith
and reasonable estimates of the AI team for the investment as of such date. These estimated proceeds have been calculated solely for purposes of this presentation, and do not necessarily reflect the amounts that will ultimately be
received by the applicable investors.
9.
All levered IRRs are after the effects of leverage (if any), post local property taxes, and gross, meaning they are before fund expenses, management fees and performance fees borne by investors, which may be substantial in the
aggregate. Original underwriting assumptions project longer term hold periods than typical fund terms, therefore hold periods have been shortened to represent projected returns had investments been made through a typical fund
structure. Please contact AI to see projected performance based on actual business plans. All IRRs are annual.
10. All unlevered IRRs are the projected returns had no financing been utilized in the investments. All unlevered IRRs are post local property taxes and gross, meaning they are before fund expenses, management fees and performance
fees borne by investors, which may be substantial in the aggregate. All IRRs are annual.
11. Represents the ratio of Total Estimated Proceeds to Invested Equity.
Investment Specific Endnotes
12. Rochaver. The unrealized nominal gross IRR (post local property taxes and effect of leverage) of 22.4% for Rochaver is calculated based on historical expenditures and revenues, current lease contracts and forward-looking AI
business plans for all four towers (Towers A, B and D which are operational and Tower C which is under construction), including the assumptions that Tower C will be completed within budget and delivered in March 2012.
Lease revenues are forecasted for Towers A and B based on current contracts until January 2013 and from January 2013 forward, with a 3.0% permanent vacancy rate assumed for both towers. As of January 2011, both towers were
leased for an average R$89.16/m2 and were 99.3% leased. All lease rates are adjusted for inflation on a yearly basis (estimated at 4.9% per annum), according to existing contracts. As of March 2011, Towers A and B generate gross
monthly operating revenue of R$5.3 million.
Tower D lease revenues are forecasted based on current BTS contract and are adjusted for inflation in March on a yearly basis (estimated at 4.9% per annum). As of March 2011, Tower D generates gross monthly operating revenue of
R$1.2 million.
Once operational, Tower C is expected to be leased up in 21 months (from March 2012 to December 2013) at a lease-up rate of 2,660m2 per month or 1.5 floors per month with the last 4.5 floors being leased without grace periods. As
of March 31, 2011, the lease rate is assumed to be R$80.00/m2. During the lease-up period, the vacancy costs are assumed to be fully borne by AI. A 3.0% permanent vacancy rate is assumed on maturity, as well as inflation
adjustments to rentals (estimated at 4.9% per annum) on a yearly basis. Based on the previously presented assumptions, Tower C is expected to generate gross monthly operating revenue of R$4.3 million at current prices upon
stabilization (expected to happen in January 2014).
The total hold period for Rochaver complex is expected to be 94 months (March 2006 to January 2014) and projected disposition valuation is estimated at an exit cap rate of 8.9%. Also, the AI team believes it is being conservative by
considering Tower C lease rate of R$80.00/m given that Towers A and B are currently leased at an average of R$89.16/m.
17
Investment Performance Endnotes as of December 31, 2010

13. AD2200 Tower 1. The unrealized nominal gross IRR (post local property taxes and effect of leverage) of 22.2% for AD2200 is based on historical expenditures and revenues, current lease contracts and the forward-looking AI business
plan of the investment.
Lease revenues are forecasted based on current contracts adjusted to R$50.00/m plus inflation on a yearly basis (estimated at 4.9%) at their respective renewal dates. From January 2013 on, AI assumes that there will be a 3.0%
permanent vacancy rate. As of March 2011, the tower generates gross monthly operating revenue of R$567,300 and it is expected to generate R$593,767 as of January 2013 at current prices.
The divestment is expected to take place on December 2013 totaling a hold period of 90 months and the projected disposition valuation is estimated at an exit cap rate of 9.7%.
14. AD2202 Tower 2. The unrealized nominal gross IRR (post local property taxes and effect of leverage) of 16.4% for AD2202 is based on the forward-looking AI business plan, including the assumptions that the development will be
completed in March 2014, the tower will be leased up in 12 months (from full vacancy until stabilization), and the lease rate will be R$58.00/m2 at current prices.
Upon stabilization (97.0% leased due to the assumed 3.0% permanent vacancy rate), the property is expected to generate gross monthly operating revenue of R$1.2 million at current prices. Lease revenues are adjusted for inflation on
a yearly basis (estimated at 4.9% per annum). The hold period is expected to be 120 months and the projected disposition valuation is estimated at an exit cap rate of 9.2%.
15. Faria Lima Business Center. The unrealized nominal gross IRR (post local property taxes and effect of leverage) of 31.7% for Faria Lima Business Center is based on historical expenditures and revenues, current lease contracts and
the forward-looking AI business plan for the investment.
Lease revenues are forecasted based on current contracts renewals and some new tenants entering the building until June 2011 when the building is expected to generate a total gross monthly operating revenue of R$426,154 at an
average office lease rate of R$68.57/m2. From then on, lease rates shall be adjusted by inflation on a yearly basis (estimated at 4.9% per annum). The hold period is expected to be 64 months with disposition in February 2012 and the
projected disposition valuation is estimated at an exit cap rate of 9.8%.
16. CERJ. The unrealized nominal gross IRR (post local property taxes) of 19.6% is based on the assumptions as of December 31, 2010 that AIs stake in CERJ will be monetized through four corporate towers (12,922m2, 9,922m2, 7,350m2
and 9,065m2) to be delivered in September 2014, September 2017, September 2019 and September 2021, respectively. AI expects such towers will be leased up in 12 months and dispositions are expected to occur in August 2016,
December 2018, August 2021 and December 2022, respectively. The projected disposition valuation is estimated at an exit cap rate of 9.2%.
On top of the four corporate towers, AI will have a 15% participation in the SPC that will explore an additional 121,000m2 of office suites on the site. Such SPC will develop the office suites under a launch-and-sell modality. When a
tower development is launched, marketing efforts will take place to pre-sell the units in installments to private individuals or small institutional investors. Such installments are expected to aggregate approximately 60% of the units total
value until tower delivery. At delivery, it is expected that either the buyer will pay the outstanding balance or the obligations will be securitized.
In connection with the corporate towers, AI is expected to invest an additional R$14.1 million (at current prices). The 15% participation in the SPC is expected to require an additional R$4.8 million.
17. Standard Building. The unrealized nominal gross IRR (post local property taxes and effect of leverage) of 13.5% for the Standard Building is based on historical expenditures and revenues, current lease contracts and the forward-looking
AI business plan for the investment, including the assumption that the asset will continue to generate gross monthly operating revenue of R$563,919 per month as of March 2011, adjusted for inflation on a yearly basis thereon
(estimated at 4.9% per annum). The hold period is expected to be 103 months with disposition taking place in January 2016. The projected disposition valuation is estimated at an exit cap rate of 9.4% based on current lease prices
adjusted for inflation on a yearly basis (estimated at 4.9% per annum), which AI believes is conservative given that it is a BTS contract with lease rates below current market levels.
18. Atrium Faria Lima. The unrealized nominal gross IRR (post local property taxes and effect of leverage) of 20.5% for Atrium Faria Lima is based on the forward-looking AI business plan of the investment, including the assumption that the
asset will generate gross monthly operating revenue of R$995,657 at December 2010 values under the 17 year BTS contract with Bunge Fertilizantes S.A., adjusted for inflation on a yearly basis (estimated at 7.2% per annum for the
construction price index until completion and 4.9% per annum for IGP-M thereon). The hold period is expected to be 89 months with disposition taking place in May 2015. Projected disposition valuation is estimated at an exit cap rate of
9.3%.
19. Parque Logstico Cajamar. The unrealized nominal gross IRR (post local property taxes and effect of leverage) of 23.1% for Parque Logstico Cajamar is based on the forward-looking AI business plan for the investment, which includes
two properties acquired in a joint-acquisition Cajamar and Jundia. Development of Cajamar will be completed in two phases. The first is expected to be completed in November 2011 and when stabilized (assuming a 3.0% permanent
vacancy rate) is expected to generate gross monthly operating revenue of R$677,442 at current prices. The second is expected to be completed in October 2013 and when stabilized (also assuming a 3.0% permanent vacancy rate) is
expected to generate gross monthly operating revenue of R$729,168 at current prices.
As of December 2010, AI entered into a sale and purchase agreement regarding the Jundia property. In connection with such sale, AI has received R$5.8 million gross (R$5.1 million net of taxes, commissions and other costs). The
Parque Logistico Cajamar performance figures assume that the Jundia property proceeds will be reinvested in its development.
All values are adjusted for inflation on a yearly basis (estimated at 4.9% per annum). The hold period is expected to be 70 months with disposition taking place in December 2013. Projected disposition valuation is estimated at an exit
cap rate of 10.2%.
18
Rochaver
Investment Type:
Development
Basis for Investment:
Strategic location in the heart of one of three
central business districts of So Paulo
Neighbors two major shopping malls and major

metropolitan train station
Highly attractive purchase conditions for the first

2/3 of the venture (acquired at cost); remaining
1/3 acquired at then prevailing market prices
Activities Concluded:
Phase 1 is finished and fully leased to Banco
Votorantim, SAP, Unilever, LG, American
Express and Pepsi Co, amongst others
Location:
Marginal Pinheiros, So Paulo
Total Leasable Area:
124,560m
Property Type:
Office
Initial Acquisition Date:
March 2006
Total Capitalization:
$423.3 million
First Tower of Phase 2 the Dow Chemical

Headquarters has already been completed
and leased under a 15 year BTS agreement
Construction of the fourth and last tower of

complex started in April 2010 delivery
expected by February 2012
Obtained gold certificate from U.S. Green

Building Council
Performance:
Projected yield on cost: 16.2%
Projected gross IRR: 22.4%
Projected equity multiple: 3.4x
Note: Gross IRRs presented reflect projected internal rates of return, on a levered basis, presented on an after local property tax, gross basis exclusive of fund expenses, management fees, performance fees and other operating
and transaction costs. Gross return calculations are based on forward looking cash flow projections as of December 31, 2010. These estimates are subject to change and may not be reflective of the actual returns at the realization
of the investment. Please contact AI if you would like to see projected performance based on assumptions which differ from those presented. Prospective investors should bear in mind that past performance is not necessarily
indicative of future results and that the Fund may not achieve its objectives and may realize substantial losses. Please see Investment Performance Summary Endnotes as of December 31, 2010 for further details.
19
Ouvidor 107
Investment Type:
Retrofit
Depreciated property in Rio de Janeiro city center with
potential for repositioning after renovation
Low vacancy region with high barriers to entry
Potential upside in rental rates
Increase of leasable area by 14% through refashioning
underutilized space
Full renovation and refurbishments to meet needs of and

attract higher quality tenants:
Location:
City center, Rio de Janeiro
6,326m
Property Type:
Office
April 2007
$13.8 million
Elegant new entrance hall

Central air conditioning system
Internal ceiling height of 2.7m
Refurbished elevators
Professional property management
Raised flooring
Structured cabling and partitions
Cleaned faade
Leased 100% of the building to top tier tenants
Asset sold in December 2009
Performance:
Yield on cost: 20.3%
Realized gross IRR: 36.4%
Realized equity multiple: 2.2x
Note: Gross IRRs presented reflect realized internal rates of return, on a levered basis, presented on an after local property tax, gross basis exclusive of fund expenses, management fees, performance fees and other operating
and transaction costs. Prospective investors should bear in mind that past performance is not necessarily indicative of future results and that the Fund may not achieve its objectives and may realize substantial losses. Please see
Investment Performance Summary Endnotes as of December 31, 2010 for further details.
20
Faria Lima Business Center

Investment Type:
Acquisition
Attractively priced due to being partially vacant and
existing tenants dissatisfied with management
Attracted new tenants and renegotiated contracts with

existing tenants
Expectation of significant public and private

investments in the neighborhood (subway line 4 and
redevelopment of the Largo da Batata)
Building repositioning in the top quartile of its
segment
Location:
Av. Brig. Faria Lima, So Paulo
5,575m
Property Type:
Office
October 2006
$10.8 million
Changes in operation, making it available for use 24

hours a day, 7 days a week
Fully leased with an average increase in lease rates

of 73% as of June 2011
Replacement of underperforming parking operator
Additional revenues from elevator media and parking

equal to R$45,000 per month, which is 35% more
than average revenue generated by one floor of the
building
Performance:
21
AD2200
Investment Type:
Retrofit
Previously in bad condition due to poor
management and stratified ownership
Excellent location and technical

specifications for corporate occupancy
Located within the citys growth vector
Rights to build a second tower (not included

in the acquisition price)
Departure of major tenants created high

vacancy rates
Full renovation and refurbishments:
Cleaning of the faade
New entrance hall
Newly renovated penthouse floor
New amenities: Frans Caf
Professionally run parking area
Location:
Marginal Pinheiros, So Paulo
Total Leasable Area:1
13,202m2
Property Type:
Office
June 2006
$21.6 million
Fully leased to multinational companies
Development of second tower started in

August 2010
Performance:
1. Represents 80% of total leasable area.

22
Atrium Faria Lima

Investment Type:
Development
Strategic location within one block of Av. Faria
Lima and two blocks from the planned Pinheiros
subway station
Competitive underwriting lease prices compared

to similar quality buildings in the region
Construction rights already guaranteed
Expectation of significant public and private

investments in the neighborhood (subway line 4
and redevelopment of the Largo da Batata)
City Hall municipal approval obtained
Excavations completed and slurry walls

constructed
In August 2010, signed a 17-year BTS contract

with a major multinational company (Bunge)
Performance:
Location:
Faria Lima region, So Paulo
11,499m
Property Type:
Office
February 2008
$58.2 million
1. Represents 95% of total leasable area.

23
Standard Building
Investment Type:
Built-to-Suit
Built in one of Rio de Janeiros premium areas
IBMEC leased and conducted a complete

retrofit to meet needs
Long-term lease guaranteed with IBMEC, one

of Brazils most highly regarded business
schools for 100% of the property
Financing structured
Performance:
Location:
Shore, Rio de Janeiro
8,341m
Property Type:
Office
June 2007
$28.7 million
24
Centro Empresarial Rio de Janeiro (CERJ)

Investment Type:
Four phased development
Phases III & IV
Phase II
Phase I

Site purchased at an extremely attractive price,
enabling a longer development period
Business plan to be executed in four phases to

manage risk
Phased land swap for development of four

corporate towers
Partnership with a leading Brazilian developer for

remaining for-sale office suites
Barra is the fastest growing region in Rio de Janeiro

and attracts a substantial volume of investments
Significant number of private and public

investments announced, creating a new
development vector in the city
Additional construction rights secured for phase I
Location:
Barra, Rio de Janeiro
57,409m
Property Type:
Office
April 2007
$50.2 million
Agreement with developer finalized for phases I & II
New master plan developed with a top international

architecture firm
Project benefits from proximity to Olympic sites
Performance:1
1. Yield on cost projection is not applicable for CERJ as AI intends to pre-sell portions of the investment during multiple phases of the development.
25
Rio Office Park (ROP)

Investment Type:
Acquisition
Class A corporate complex located at Barra
da Tijuca leased to top companies
Attractive acquisition prices due to below

market leases
Plan to renegotiate prices after three years

of contracts
Expectation of significant private and public

investments announced (shopping mall,
infrastructure improvements and residential)
create potential lease rate growth
Leased vacant spaces to top companies
Location:
Barra, Rio de Janeiro
4,811m
Property Type:
Office
March 2007
$14.9 million
Tenant changes: below market value

contracts were replaced
Six units have been sold and the sale of the

remaining two are in final sale formalization
stage
Performance:
Realized gross IRR: 6.5%
Realized equity multiple: 1.2x
1. Represents 3rd and 4th floors of Tower 5; 2nd and 3rd floors of Tower 6.
Note: Gross IRRs presented reflect realized internal rates of return, on a levered basis, presented on an after local property tax, gross basis exclusive of fund expenses, management fees, performance fees and other operating
and transaction costs. Prospective investors should bear in mind that past performance is not necessarily indicative of future results and that the Fund may not achieve its objectives and may realize substantial losses. Please see
Investment Performance Summary Endnotes as of December 31, 2010 for further details.
26
Parque Logstico Cajamar

Investment Type:
Development
Strategic location 36 km from the city and
14 km from Ring Road
Site faces Anhanguera Highway, one of the

most important highways in the state
Ground breaking completed by previous

owner
Acquisition disbursements according to

regularization process and obtaining all site
documents, thereby minimizing risks
involved in the operation
City Hall municipal approval obtained
Location:
Anhanguera Expressway, So Paulo
89,736m
Property Type:
Logistics
February 2008
$58.6 million
Construction is delayed due to further

environmental agency licensing
requirements; however, AI believes the
issue will be resolved
Marketing efforts started in April 2010
Performance:
27
APPENDIX B
Current Market Overview
Brazil Economy: Strong Growth and Stable Macro Environment

Improvements in the Brazilian economy in the course of the last 15 years paved the way for the resilience to
2008s global economic crisis and has favorable consequences for the middle- and long-term outlook
Target Domestic Interest Rates Selic (% p.a.)

30.0%
25.0%
Net Public Debt (% of GDP)
Primary Surplus (% of GDP)
65.0%
6.0%
60.0%
5.0%
4.0%
55.0%
20.0%
3.0%
50.0%
15.0%
2.0%
45.0%
1.0%
10.0%
40.0%
0.0%
5.0%
35.0%
0.0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Expected
Expected
International Reserves US$ bn
-1.0%
30.0%
1998
-2.0%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
1992
Expected
Annual GDP Growth
1994
1996
1998
2000
2002
2004
2006
2008
2010
Annual IPCA Inflation

14.0%
8.0%
300
12.0%
7.0%
250
200
6.0%
10.0%
5.0%
8.0%
4.0%
150
6.0%
3.0%
100
4.0%
2.0%
50
2.0%
1.0%
0.0%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
0.0%
1993
1995
1997
1999
2001
2003
2005
2007
2009
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2011
Expected
Sources: Brazil Central Bank, Treasury, IBGE and MB Associados
29
Attractive Demographics
Young population with increasing middle class
Brazils Age Distribution

% of total population
Middle Class Growth

in millions of people
Middle
class
25.9
2003- 2008
2007- 2008
6.1
0.2
5.3
-1.5 -0.9
- 3.8
- 19.5
Income bracket AB
Income bracket C
(household income above
(household income
R$ 4.807)
between R$ 1115 and 4807)
Source: IBGE, Credit Suisse
Income bracket D
(household income
between R$ 768 and R$
1115)
Income bracket E
(household income below
R$ 768)
Source: FGV. Prepared by MB Associados
30
Sound Fundamentals for Domestic Economy
Domestic consumer market expanding due to the powerful combination of rising income and low
unemployment rates
Real Income Growth
10.1%
Annual % growth
9.8%
8.9%
Average real growth

2010e-2015e: 6.1%
5.6%
5.5%
3.3%
3.7%
3.0%
1.6%
4.4% 6.2% 6.0% 5.4% 5.1%
3.2%
- 2.1%
- 7.2%
1998
2000
2002
2004
2006
2008
2010e
2012e
2014e
Source: IBGE and MB Associados
Unemployment Rate
Annual average
14.0%
12.4%
12.0%
Selected Economic Indicators
1.1%
11.5%
9.9%
10.0%
10.0%
9.3%
8.0%
GDP (change at market prices)

Unemployment Rate (average %)
Real Income Mass (PME)
Total Credit (% of GDP)
Trade Balance (US$ Billion)
Current Transactions (US$ Billion)
Exchange Rate (R$/US$) - End of Period
SELIC (end of period)
IPCA (%)
IGP-M (%)
Gross Public Debt (% of GDP)
2009
-0.6
8.1
3.9
44.4
25.3
-24.3
1.74
8.75
4.3
-1.7
62.8
2010
7.5
6.7
7.4
46.6
20.3
-47.6
1.66
10.75
5.9
11.3
55.0
2011e
4.5
6.1
5.3
53.8
11.2
-68.4
1.70
12.25
6.0
7.7
56.6
2012e
4.0
6.3
5.6
57.5
2.2
76.3
1.70
10.75
4.9
5.5
57.3
Source: Central Bank, IBGE and MB Associados
7.9%
8.1%
6.7%
6.0%
4.0%
2.0%
0.0%
2003
2004
2005
2006
2007
2008
2009
2010
Source: IBGE
31
Availability of Financing
Credit availability increasing substantially but economy still presents low leverage, namely on real estate financing
Brazil: Total Credit
Total Credit
% GDP
% GDP
United States
Spain
United Kingdom
Canada
France
Japan
Italy
South Africa
Hungary
India
Chile
Czech Republic
Poland
Brazil
Mexico
Argentina
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Expected
Brazilian Banks: Capital/Assets Ratio
187
170
155
153
103
98
97
88
81
78
74
58
57
48
33
12
Mortgage Lending
% of GDP as of 2007
19.0%
Minimum
Requirements
18.8%
18.5%
17.4%
16.6%
17.8%
17.3%
17.7%
16.9%
14.8%
13.8%
Local 11%
International 8%
2000
2002
2004
2006
2008
United States
Spain
Germany
South Africa
France
Korea
Chile
China
Mexico
Turkey
Brazil 2009
Peru
Colombia
Brazil
Argentina
Russia
74.7
56.3
48.0
44.0
34.4
24.6
15.7
10.6
9.3
3.6
3.0
2.5
2.5
1.9
1.8
1.1
2010
Source: Central Bank of Brazil, Ministry of Finance, Ecowin, Moodys, MB Associados, Federal Reserve, Credit Suisse
32
Brazil Compared to Other BRICs
Brazil ranks first or second in all five categories compared to other BRIC countries in both legal and regulatory
World Bank rankings1
2008
Political
Voice and
stability and
Government
accountability
no violence
effectiveness
Brasil
61
38
55
China
6
31
64
ndia
59
18
54
Russia
22
25
45
Fonte: Banco Mundial. Elaborao: MB Associados.
Regulatory
Quality
58
46
47
31
Rule of
law
46
45
57
20
Control of
corruption
59
41
44
16
Regulatory
Quality
55
46
44
35
Rule of
law
50
45
56
24
Control of
corruption
56
36
47
11
2009
Political
Voice and
stability and
Government
accountability
no violence
effectiveness
Brasil
62
54
58
China
5
30
58
ndia
60
13
54
Russia
23
22
45
Source:
World Bank,
preparedMundial.
by MB Associados
Fonte:
Banco
Elaborao: MB Associados.
1. As ranked by World Bank, the matrix ranks BRICs on a scale of 0-100 with 100 being the best.
33
APPENDIX C
Summary of Potential Fund Terms
Summary of Potential Fund Terms1

The Fund:
AI Real Estate Fund I LP
Investment Objective:
Create value through asset-specific approach

Development, retrofit and value-add acquisitions
Standardized leasing arrangements and built-to-suit (BTS)/sale leasebacks
Office investments in strategic urban centers
Logistics investments in major hubs
Return Objective:
2-3x equity multiple and 1822% gross IRR post local property taxes2
Target Fund Size:
USD $300-400 million
Minimum Commitment:
USD $10 million, with GP discretion to accept lesser amounts
GP Commitment:
2% of capital commitments (up to $6 million)
Investment Period:
3 years
Term:
8 years with up to two 1-year extensions
Limitations:
100% in Brazil
No more than 25% in a single investment asset
Leverage no more than 60% of cost on a portfolio level
Leverage no more than 70% of cost on an investment level
Preferred Return:
10% annual return (in Brazilian Reais)
Carried Interest:
Management Fee:
80% to LPs and 20% to GP until LPs receive cumulative 1.8x on total capital contributions;
50% to LPs and 50% to GP until GP receives 20% of cumulative profits; and
80% to LPs and 20% to GP thereafter
Seeking a break-even operation, not a profit center, from management fees
For major investors, 1.75% on committed capital during the Investment Period, 1.75% thereafter on net invested capital
For minor investors, 2.0% on each
Transaction Fee:
None
Development Fee:
None
1.
2.
The fee terms described herein are subject to change and are qualified in its entirety by the detailed provisions of each Amended and Restated Agreements of Limited Partnership of the Fund and the
Subscription Agreements of the Fund (collectively with correlative documents governing any parallel or alternative vehicle, the Operative Documents), copies of which will be provided to each prospective
investor upon request. In the event of any conflict between the terms set forth herein and the terms of the Operative Documents, the Operative Documents shall control.
There can be no assurance that the Fund will achieve its objective or avoid substantial losses. Please reference Notice to Investors for information regarding risks involved with an investment in the Fund.
Please note that the Fund will bear fees that will substantially reduce returns to investors.
35

Confidential Notice to Investors

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CONFIDENTIAL | October 2011

Market Opportunities and Pipeline

Track Record and Case Studies

Current Market Overview

Summary of Potential Fund Terms

Local Team with Strong Real Estate Expertise

Direct operator with development and value-add expertise

Founded in 2006 and based in So Paulo

300,000m2 of office and logistics properties in varying stages of development

Current Team Overview

Jos Carlos Lima Gonalves

Senior Management Team

AI Partner, co-founder, CEO, Investment Committee Member; founded AI in 2006

Invest in offices in urban centers and logistics spaces in strategic hubs

Target inefficient markets that allow substantial capital gains

Asset selection depends on market conditions and appropriate portfolio balancing

In-house robust execution

Value creation from property

Value creation from

Parque Logstico Cajamar

Faria Lima Business Center

Projected Gross IRR: 23.1%1

Projected Gross IRR: 31.7%1

Projected Gross IRR: 22.2%1

Total Complex Projected Gross IRR: 22.4%1

Projected Gross IRR: 13.5%1

Extensive sourcing network

Skilled negotiation and

Extensive integrated in-house execution: acquisitions,

Institutional approach to exit

Ability and flexibility to exit at

Optimize development plan and assure integrated

Periodic hold/sell strategic

Control management and contracted services throughout

Attract and retain premier tenants, increasing credit quality

Secure long-term financing

Exit strategy Ouvidor:

Development Rochavera and Atrium Faria Lima: Dow

Acquisition Standard Building: prudent use of leverage to

Operations Faria Lima Business Center: market

Investment Performance Summary1

Annual Yields on Cost4

$754.2 million of total capital invested/committed2

Total Under Dev

Atrium Faria Lima

Projected gross multiple of 3.3x

Projected gross levered IRR of 21.3%

Projected unlevered yield on cost is 16.1% p.a. for entire

Average 10x NOI growth in existing-property acquisitions3

Summary of Investment Performance(1)

Local team with strong real estate background

Established track record of investing in logistics and office properties in Brazil

Institutional and integrated approach to value creation from acquisition

Multifunctional team with proven and complementary execution capabilities

Deep sourcing network and robust pipeline of investment opportunities

Focus on asset strategic planning and continual review

Market Opportunities and Pipeline

Brazils Annual IPCA Inflation (%)

Steady economic growth; less vulnerability to global economic crisis

Demonstrated ability to control inflation and pricing

Source: IBGE, MB Associados

Industrial Gross Market Absorption in Representative Market (Campinas)