Legal Due Diligence Report - BFRE - Brazilian Finance e Real Estate

Disclaimer: The original version of this Report contemplates both Shopping Cidade and
Botafogo Praia Shopping. In this abridged version, we have deleted all Chapters and
items that focused specifically on Shopping Cidade.
TABLE OF CONTENTS
INTRODUCTION .......................................................................................................... 1
EXECUTIVE SUMMARY ............................................................................................. 3
SECTION I – SHOPPING CIDADE .............................................................................. 7
CHAPTER 1 – STRUCTURE OF THE SHOPPING CENTER ........................... 8
CHAPTER 2 – REAL ESTATE ASPECTS ........................................................ 9
CHAPTER 3 – CORPORATE ASPECTS – CAE ............................................. 10
CHAPTER 4 – LEASE AGREEMENTS ........................................................... 11
CHAPTER 5 – GENERAL AGREEMENTS ..................................................... 12
CHAPTER 6 – INTELLECTUAL PROPERTY .................................................. 13
CHAPTER 7 – LABOR ASPECTS................................................................... 14
CHAPTER 8 – CIVIL LITIGATION .................................................................. 15
CHAPTER 9 – TAX MATTERS ....................................................................... 16
CHAPTER 10 – ENVIRONMENTAL ASPECTS .............................................. 17
SECTION II – BOTAFOGO PRAIA SHOPPING ........................................................ 18
CHAPTER 1 – STRUCTURE OF THE SHOPPING CENTER ......................... 19
CHAPTER 2 – REAL ESTATE ASPECTS ...................................................... 24
CHAPTER 3 – CORPORATE ASPECTS – BPS ............................................. 38
CHAPTER 4 – LEASE AGREEMENTS ........................................................... 42
CHAPTER 5 – GENERAL AGREEMENTS ..................................................... 75
CHAPTER 6 – INTELLECTUAL PROPERTY .................................................. 88
CHAPTER 7 – LABOR ASPECTS................................................................... 90
CHAPTER 8 – CIVIL LITIGATION ................................................................ 111
CHAPTER 9 – TAX MATTERS ..................................................................... 142
CHAPTER 10 – ENVIRONMENTAL ASPECTS ............................................ 223
SECTION III – BRADESCO LOAN .......................................................................... 227
ANNEX A – SUMMARY OF CERTIFICATES
ANNEX B – LOBO & IBEAS OCTOBER 17, 2011 EMAIL