JFL – Corporate Profile

◼ Control of Bossa Nova Sotheby’s, one of the leading luxury real estate

brokers in São Paulo.

◼ Stake in Santa Casa Complex Development – a mixed-use project located at a

high-end neighborhood in Campinas, with a 25,000 sqm Shopping Mall and

50,000 sqm of residential and comercial buildings.

Private Equity

◼ Landbank located in premium regions in São Paulo, next to financial and

entertaiment centers

◼ Portfolio of three projects, and four more in the pipeline.

◼ Target: 800 units, ranging from 40 to 140 sqm fully delivered and operational

until 2022

ResidentialDevelopment

◼ Established in 2015 in São Paulo, JFL is an independent real estate

asset management company, having as founders Jorge Felipe

Lemann and Carolina Burg.

◼ JFL is raising funds for the first Multifamily REIT in Brazil, with a

vertically integrated platform (development, estate management

and services) targeting at 800 units in São Paulo-SP.

◼ JLF Multifamily REIT is operational since 2015 having already

deployed proprietary funds and has already acquired 25% of the

target units of the portfolio.

◼ Partnership with world-class players: Related and Sotheby’s.

◼ JFL holds stakes in other segments of the real estate sector such

as shopping malls and brokerage (Bossa Nova Sotheby’s).

Corporate Overview Business Lines

V-House Rebouças Project Santa Casa Campinas

JFL – Management and Investment Team

Jorge Felipe Lemann

Founding Partner

• Mr. Lemann is a shareholder and member of the Board of Directors of São Carlos and B2W. Mr. Lemman

was one of the founders of Flow Corretora which later merged with Brasil Plural Bank, in 2015 funded JFL

Realty.

• OPM program at Harvard Business School.

Carlolina Burg

Founding Partner

• Decade long experience in the real estate and financial industries, Ms Burg participated in the IPO

movement of the real estate sector as VP of strategic planning and Investor Relations of Rossi Residencial

and Brookfield.

• Partner responsible for coverage of real estate sector in Brasil Plural Bank, until 2015 when she departed

to establish JFL.

Guilherme Vilazante

Partner

• More than 13 years of experience in the real estate sector, initially as an IB Associate and later as a

Research Director responsible for the Real Estate sector in global institutions such as BofA, Barclays and

UBS.

• BD in Mathematics from Universidade de Brasília and an MSc in Economics from FGV-RJ, where, after

graduation, he came to be a Corporate Finance and Assets Valuation professor for graduate classes.

Marcio Tayar

Development Director

• Marcio Tayar is JFL associate partner since 2016 where he is responsible for development and

construction. Previously he worked for 15 years as development director and partner at EZTEC, a leading

developer in Brazil having managed the construction of more than 2 million square meters.

Reginaldo Olivi

Operations and Hospitality

Director

• More than 30 year experience in the hospitality sector, was COO and founder partner of BHG, a leading

hotel chain in Latin America.

• Partner and COO at Chambertin he was responsible for the implementation of more than 20 new hotels.

JFL Organization Chart

The opportunity

Millennials are prone to remain “asset light” and postpone house ownership.

Cultural Trends

Leading indicators point out that 2016-2018 should be the trough of the cycle.

Good Entry Point

SP is one of the last big cities in the world without an institutional residential rental market.

Residential rental market in Brazil is fragmented, inefficient and largely family owned.

Unchallenged Market

SP is one of the last big cities in the world without an institutional residential rental market.

Deep Market ripe for development

The opportunity

Singles +

74mm in Brazil, 40% belong toA and B classes, 45% live in a

leased household.

Empty Nesters +

From 9,8% to 14,3% of brazilianpopulation in last decade.

Couples With No Kids (DINKs) +

Segmente represents10% of allfamilies in the A and B classes.

FAVOURABLE DEMOGRAPHICSJFL TARGET MARKET GROWS 8% PER YEAR

JFL - Business Model Breakdown

Origination

Origination

Units acquired at cost or a wholesale

discount to reach a supportive entry

point.

• Development (longer cycle).

• Wholesale acquisition

(opportunistic and scarcer).

• Target 25%-35% bellow market

price.

Low Entry Point1

Time-Volume Dilemma

NOI Maximization

Implementation (KZA)

Control implementation (fit out

and amenities) to achieve low

cost and high quality.

• Furniture and apartment

accessories

• Amenities

• Cost Optimization advantages

of scale

• VHouse: 35% reduction in

condo expenses,

overwhelming quality

standards.

Management (KZA)

Provision of hospitality services

combined with high standard units

and amenities lead to 25% to 35%

rental premium.

• KZA Executives with

background in Hotel industry.

• World-class services in a cosy

apartment condo.

• VHouse: 30% premium over

market price (target: 25%-35%

premium)

NOI Maximization Period2

Scale required becomes a barrier of entry

BrokerageServices

Amenities

Occupancy Management

Furniture

Appliances Customization

Storage

STRATEGIES TO BOOST NOI

Exit Strategy

Exit Strategy

When the time comes, JFL must either

monetize the assets, or mark to market

and manage the assets for the quota

holders so as to maximize ROI.

Some Exit Possibilities Considered

• Market: Real Estate Fund

• Market: IPO

• Alienation for Strategic Player

• Retail Sale of Units

• M&A

• Remain Operational with current

quotaholders.

Sell @ High Multiple

FII’s are a better way-out for higher NOI/sqm

3

JFL Timeline

Capital Raising

Strategic Plan

Stage 1: origination of theportfolio of projects 2015-2018

Stage 2: Development (2017-2020)

Stage 3: build up of themanagement platform (servicesand marketing)

Stage 4: Monetization (after2022)

Main Challenge: Scale to dilutethe platform costs – minimum50,000 sqm.

FoundationPhase I

Structuring

Phase II

Cash Out

2015 - 1H17 2018 – Post 2022

2018KZA Vila Olimpia Acquisitions, five more projects on the pipeline.Target: 800 units in the portfolio by the end of 2018

2017

• V-House acquisition

• Three projects under negotiation

• Capital raising – 1st tranche

Structuring Cash out

2019•Conclusion of Rebouças Project

2022•Monetization

2021-2022•All projects generating cash •Platform fully operational

Strategic Plan

2016•Acquisition of the first plot of land (Rebouças Project)

2015• JFL Realty foundation

V House – Property Profile

Location

Stake Acquired 51%

Av. Eusébio Matoso, 218

Equivalent GLA 7294 sqm

V-House Project Profile

✓Storage servicingfor each unit –Potential for

revenue generation

✓4 floors ofcommunity living, lounge bar, indoor

and warm pool

✓Acoustic floors, providing the

comfort required bypublic target

✓Premium location, next to Faria Lima

Avenue andIguatemi Shopping

✓Pet-Care, laundry and many other pay

per use services

✓Armored internal security room

with monitoring circuit

36 sqm 46 sqm 64 sqm 72 sqm

Apartment Size

87 sqm 136 sqm 141 sqm

KZA Faria Lima – Project Profile

Apartments

Location Av. Rebouças, 3084

168 Units

KZA Faria Lima Project Profile

Potential Co-working Development

Mixed UseCorporate Offices

2,400 sqm of GLA

✓ Storage servicing for

each unit – Potential for

revenue generation

✓ 4 floors of comunity

living, lounge bar, indoor

and warm pool

✓ Acoustic floors, providing

the comfort required by

public target

✓ Premium location, next

to Faria Lima Avenue

and Iguatemi Shopping

✓ Pet-Care, laundry and

many other pay per use

services

✓ Armored internal security

room with monitoring

circuit

KZA Vila Olímpia – Project Profile

Location Av. Dr Cardoso de Melo, 699

Equivalent GLA 7246 sqm

KZA Vila Olímpia Project Profile

42 sqm 64 sqm

1 Bedroom

✓Storage servicingfor each unit –Potential for

revenue generation

✓Official TennisCourt, Lounge,

Fitness center, Pool, and other amenities

✓Acoustic floors, providing the

comfort required bypublic target

✓Premium location, next to Povo Park,

Insper and Vila Olimpia Shopping

✓Pet-Care, laundry and many other pay

per use services

✓Armored internal security room

with monitoring circuit

Apartments 140 Units

KZA VO