1Q17. Earnings Release. Investor Relations: Frederico Villa CFO and IRO. 1Q17 Conference Call: Intern. English. Derek Tang Manager

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1 Earnings Release 1Q17 Investor Relations: Frederico Villa CFO and IRO Derek Tang Manager Renato Campos Specialist Guilherme Lahr Specialist Antonio Velloso Intern Tel: Fax: Q17 Conference Call: English May 10th, :00 am (US ET) (U.S) Portuguese May 10th, :00 am (US ET) (U.S)

2 BRMALLS REPORTS ITS RESULTS FOR THE FIRST QUARTER OF Rio de Janeiro, May 9th, 2017 BRMALLS Participações S.A. (Bovespa: BRML3), the largest integrated shopping mall company in Brazil, announces its results for the first quarter (1Q17). BRMALLS has a portfolio of 44 malls, comprising 1,612.9 thousand m² of gross leasable area (GLA) and thousand m² of owned GLA. The Company currently has 2 greenfield projects under development and 5 expansion projects, which together will increase its total GLA to 1,748.0 thousand m² and owned GLA to 1,051.0 thousand m², an increase of 8.4% and 10.5%, respectively. BRMALLS is the largest shopping mall company in Brazil with a nationwide presence that caters to all income segments. The Company provides management and leasing services for 41 malls out of which we hold stake in 40. Highlights and events after the reporting period: In the first quarter of 2017, the net revenue reached R$330.5 million, almost in line with the same period of the previous year. In March 2017, net revenue increased by 3.2% when compared to the same month of the previous year, driven by the growth of 5.3% in the minimum rent and of 4.2% in the parking revenue. NOI reached R$295.6 million in 1Q17, a decrease of 3.0% when compared to 1Q16. In the same period, the NOI margin totaled 88.6%. In March, NOI grew 1.9% when compared to the same period in We closed the first quarter of 2017 with an Adjusted EBITDA of R$222.8 million, a decrease of 9.5% over the result of the same period of the previous year. The indicator was mainly impacted by the higher level of the provisions for doubtful accounts. In line with the company's deleveraging strategy, in February we have fully amortized the first series of our second issuance of debentures for R$88.9 million. The company continued with its deleveraging strategy. We ended the quarter with a net debt of R$4.2 billion, a reduction of 11.2% when compared to the level disclosed at the end of the 1Q16 and a reduction of 5.4% when compared to the level presented in 4Q16. In this quarter, Adjusted FFO reached R$80.4 million, an increase of 141.6% over the result of the same period of the previous year and a margin of 24.3%. The Adjusted FFO was mainly benefited by the deleveraging strategy of the company and by the reduction of the indexes of our debt. We had an increase in sales ending the quarter with same-store sales (SSS) of 0.4%, the best SSS of the last four quarters. We also had a new sequential improvement in of same-store rent (SSR) presenting a growth of 6.5%. In March, despite the negative calendar effect of Easter, our SSS was 3.3% and our SSR was 6.3%. We also highlight the growth of 4.9% in the flow of vehicles in the month of March. Excluding operations benefited by Easter last year, the SSS was 1.5% in the quarter and of 7.0% in the month of March. With the improvement in the level of sales, our occupancy cost reached 11.8%, a decrease of 0.3 percentage points when compared to the same quarter of the previous year, the largest year over year drop since 1Q14. We ended the first quarter of 2017 with an occupancy rate of 96.1%, a stable level when compared to the last quarter of 2016, as a result of our leasing effort given the adverse scenario. In the quarter, we signed 191 agreements in existing malls or 12.4 thousand m² of GLA, an increase of 46.9% when compared to the GLA signed in 1Q16. As a result of the improvemen in our tenant mix and focus on leasing, this quarter we presented an improvement in the productivity of our assets with an increase of 1.6% in sales/m² and of 1.2% in rent/m². On our 2017 Extraordinay General Meeting held on February 22, new board members were elected. Our Board of Directors is composed by seven members, of which six are independent. In line with our portfolio recycling strategy, in March 2017 we announced the sale of our 33% interest in ItaúPower Shopping for R$107.0 million. Our April 2017 Annual General Meeting approved a capital increase with the issuance of 93.1 million new shares to be distributed equally to our shareholders, as a stock bonus of 15%. Additionally, we approved the distribution of a R$41,0 million cash dividend, which represents R$0.07 per share. In May, the succession process of our nominated CEO Ruy Kameyama was completed. The company thanks Mr. Carlos Medeiros for his dedication and important contribution for the company's history. 1

3 Financial Highlights (R$ 000) - Adjusted Financial Information 1Q17 1Q16 % Net Revenues 330, , % G & A Expenses -27,796-20, % G & A Expenses (% of Gross Revenues) -7.8% -5.7% -2.1 p.p. NOI 295, , % margin% 88.6% 90.5% -1.9 p.p. Gross Profit 293, , % margin % 88.9% 90.5% -1.6 p.p. EBITDA 221, , % Adjusted EBITDA 222, , % margin% 67.4% 74.3% -6.9 p.p. Net Income 71, , % Adjusted Net Income 76,349 27, % margin % 23.1% 8.4% 14.7 p.p. FFO 75, , % Adjusted FFO 80,381 33, % margin % 24.3% 10.0% 14.3 p.p. Operating Highlights 1Q17 1Q16 % Total GLA (m²) 1,612,928 1,638, % Owned GLA (m²) 950, , % Same Store Sales 0.4% 1.2% -0.8 p.p. Total Sales (R$ million) 5,019 5, % Sales per m² 1,144 1, % Same Store Rent 6.5% 7.4% -0.9 p.p. Rent per m² (monthly average) % NOI per m² (monthly average) % Occupancy Cost (% of sales) 11.8% 12.1% -0.3 p.p. (+) Rent (% of sales) 7.1% 7.2% -0.1 p.p. (+) Condominium and Marketing expenses (% of sales) 4.7% 4.9% -0.2 p.p. Occupancy (monthly average) 96.1% 96.8% -0.7 p.p. Net Late Payments 7.3% 5.7% 1.6 p.p. Late Payments - (monthly average) 13.9% 7.9% 6.0 p.p. Tenant Turnover 7.0% 5.1% 1.9 p.p. Leasing Spread (renewals) 4.7% 6.8% -2.1 p.p. Leasing Spread (new contracts) -14.3% -2.4% p.p. Market Indicators* 1Q17* 1Q16* % Number of Shares (-) treasury stock 712,363, ,664, % Average Share Price (R$) % Share Price - end of period (R$) % Market Value - end of period (R$ million) 8,934 6, % Average Daily Traded Volume (R$ million) % Average Number of Trades 14,918 10, % Exchange Rate (US$) - end of period % Net Debt (R$ million) 4, , % NOI per share % FFO per share % Investment Properties (R$ million) 17,992,531 18,666, % *The stock price and number of shares are adjusted for the stock dividend approved in 2016 and 2017 Annual General Meetings. 2

4 Management Comments: After three years of a recession like no other in the country's recent history, the Brazilian economy is beginning to show the first signs of recovery: we are monitoring the gradual recovery in consumer's confidence and retail sales after reaching very low levels in 2016, the improvement in the level of household indebtedness, inflation getting closer to the Brazilian Central Bank target and successive cuts in interest rates (expected to end the year in single digit). Up until the last quarter of 2016, we had noticed few improvements from the better macroeconomic scenario in our results. However, in this quarter, began to observe the improvement of some of our main financial and operational metrics, especially for the performance in the end of the quarter in March. Regarding the operational indicators, we once again presented sales growth and improved the level of same store rent, totalling 6.5%, an increase of 120 bps. in comparison to 1Q16. We also highlight the maintenance of our occupancy rate in a level in line with the previous quarter and the reduction in the occupancy cost when compared to the same quarter of last year. The highlight of the quarter was the month of March, when we had a SSS of 3.3%, a SSR of 6.3% and a growth of 4.9% in the flow of vehicles, as well as improvements in the growth rate of our main revenues: 4.2% in parking and 5.3% in the revenue of minimum rent, which signals the return of sales and the potential return of consumption. We ended the quarter with an adjusted EBITDA of R$222.8 million and a margin of 67.4%. Our margin was impacted by a level of provision for doubtful accounts well above our historical average, resulting from the deliquency of However net late payments in the month of March was 2.1%, 30 bps improvement over the same period last year. We know that we will continue with a negative pressure of the provision throughout 2017, however, we will continue our efforts in the recovery of balances from prior periods and in reducing late payment. Excluding the effect of the provision for doubtful accounts, the Adjusted EBITDA was of R$259.5 million, a variation of -3.2% when compared to the same period of the previous year and a margin of 78.5%. After reducing its gross debt and selling its stake in ItaúPower Shopping, for R$107 million in the quarter, the company reduced its indebtedness, closing the quarter with a net debt of R$4.2 billion, 11.2% lower than at the end of the 1Q16 and 6.5% lower than the last quarter, the lowest level since 1Q14. Due to the reduction of our indebtedness and the compression of the main indexes of our debt, our AFFO had an increase of 141.6% over the same period of last year, totaling R$80.4 million in the quarter. Part of the portfolio mix improvements has brought results to the productivity of our malls. In this quarter, once again, we had an increase in sales/m² (1.6%) and growth in rent/m² (1.2%). Given the good result presented in March, we are increasingly confident that the worst has passed and the company's best days are yet to come. We are more prepared with our key assets to seize the opportunities brought by a more favorable scenario and to start a new growth cycle. The company experienced important changes in its management since the end of last year. In February a new Board of Directors was elected, with 4 new members. The new Board aligned with the company s main shareholders adding financial, real estate and corporate governance expertise. Furthermore, in May we announced Ruy Kameyama as new BRMALLS CEO. Carlos Medeiros leaves the position after 10 years ahead as BRMALLS CEO. Carlos contributed to the construction and development of the company, accomplishing important results and a successful trackrecord. The company thanks Carlos for his dedication and important contributions to our history. 3

5 Except where stated otherwise, the following financial and operating information is presented on a consolidated basis and in Brazilian Real (R$) and the comparisons are with the first quarter of The financial information is presented in accordance with the practices adopted in Brazil based on the pronouncements issued by the Accounting Pronouncements Committee (CPC) and the standards approved by the Securities and Exchange Commission of Brazil (CVM) and the International Financial Reporting Standards (IFRS), except the effects from the adoption of the pronouncements CPC 19 (R2) and CPC 36 (R3) IFRS 10 and 11. Therefore, the adjusted financial information presented herein reflects the proportional consolidation of the jointly controlled companies, as presented prior to the adoption of said standards, since it is considered by the management of the Company as the best way to analyze its operations. The adjusted financial information was not audited and/or reviewed by the independent auditors and the reconciliations with the reviewed financial information in accordance with the applicable accounting practices are available at the end of this document. MANAGEMENT COMMENTS ON THE 1Q17 RESULTS Gross Revenue: Gross revenue amounted to R$357.7 million, in line with the year-ago period, despite the seasonality effect of Easter holiday March/16. The variation was mainly due to the following factors: Gross Revenues Growth (R$ thousand) - Adjusted Financial Information -0.1% Base Rent Base rent in 1Q17 was R$208.9 million, increasing by R$5.0 million or 2.5% from the same period last year and an increase of 5.3% from March/16 to March/17. In 1Q17, same store rent grew by 6.5% and the effect from rent straight-lining generated a gain of R$7.2 million. 358, , % 116, ,862 1Q16 1Q17 Mar-16 Mar-17 Mall & Media Mall & Media revenue fell by 0.9% from 1Q16, resulting in R$ 31.1 million in 1Q17. This fall of 0.9% represents an important improvement considering the double digits drops in the last quarters. Overage Rent Revenue from overage rent amounted to R$14.0 million, or 13.3% less than in 1Q16. Gross Revenues Breakdown (R$ thousand) - Adjusted Financial Information 1Q17 1Q16 % Base Rent 208, , % Overage Rent 13,979 16, % Mall & Media 31,164 31, % Parking 67,987 69, % Services 24,194 21, % Key Money 8,799 11, % Transfer Fee 1,182 1, % Others 1,492 3, % Gross Revenue 357, , % 4

6 Parking Parking revenue decreased by R$1.2 million, or 1.7% from 1Q16 to reach R$68.0 million in the quarter. Although there was a decrease in revenue, it was the best year over year variation in the last 3 quarters. In March specifically, it grew 4.2%. The flow of vehicles in our malls grew by 1.1% in the period and 4.9% in March alone, indicating an increase of footfall in our malls. Key Money Key money amounted to R$8.8 million in 1Q17, which represents a decrease of 25.6%, or R$3.0 million, when comparing with the same period in Transfer Fees Transfer fees amounted to R$1.2 million, increasing by 16.2% from 1Q16, explained mainly by the increase in turnover from 5.1% in 1Q16 to 7.0% in 1Q17. Service Fees Service revenue amounted to R$24.2 million, increasing by 12.5%. Other revenues In 1Q17 other revenues totaled R$1.5 million. 19.0% 2.5% 0.3% 0.4% 6.8% 8.7% 3.9% 71.0% 58.4% Net Revenues: 5

7 Net Revenues: In the first quarter of 2017, net revenue amounted to R$330.5 million, maintaining its position when compared with 1Q16. However, March resulted in an improvement of 3.2% over March/2016. Net Revenues Growth (R$ thousand) - Adjusted Financial Information -0.3% 331, , % 108, ,001 Costs: 1Q16 1Q17 Mar-16 Mar-17 Costs with rent and services amounted to R$36.8 million in the quarter, increasing by 16.6% from R$31.6 million in the year-ago period. The variation in costs were mainly due to the following factors: Personnel Costs Personnel costs decreased by 9.4% from the same period last year, ending the quarter with a total of R$6.7 million. Common Costs There was a R$5.6 million increase in common costs, resulting in R$12.6 million in the quarter. This rise was primarily due to contributions made since the vacancy level was above the historical average. Net Operating Income: NOI amounted to R$295.6 million in 1Q17, decreasing by R$9.2 million or 3.0% from the year-ago quarter. However in March our NOI increased by 1.9%. NOI margin reached 88.6% in the quarter. NOI Growth (R$ thousand) - Adjusted Financial Information -3.0% 304, , % 98, ,255 1Q16 1Q17 Mar-16 Mar-17 NOI Reconciliation (R$ thousand) - Adjusted Financial Information 1Q17 1Q16 % Gross Revenue 357, , % (-) Services (24,194) (21,509) 12.5% (-) Costs (36,822) (31,593) 16.6% (+) Araguaia Debenture 1,689 2, % (-) Presumed Credit PIS/COFINS (2,729) (2,394) 14.0% NOI 295, , % Margin % 88.6% 90.5% -1.9 p.p. 6

8 Our 10 most representative assets in terms of NOI accounted for 55.8% of BRMALLS total NOI this quarter. NOI* by Mall (R$ thousand) - Adjusted Financial Information * NOI considers the effects of straight-lining effects. Sales, General and Administrative Expenses: NOI 1Q17 NOI 1Q16 % 1 Plaza Niterói 29,962 30, % 2 Shopping Tijuca 28,198 26, % 3 NorteShopping 20,651 21, % 4 Shopping Tamboré 17,259 16, % 5 Center Shopping Uberlândia 14,299 15, % 6 Catuai Shopping Londrina 13,765 14, % 7 Shopping Recife 11,235 11, % 8 Shopping Villa Lobos 10,169 9, % 9 Mooca Plaza Shopping 10,037 10, % 10 Shopping Estação 9,886 9, % Others 130, , % Total 295, , % SG&A expenses came to R$69.8 million in 1Q17, increasing by 46.2% from the year-ago quarter, accounting for a rise of 46.2% from 1Q16. This rise is explained by the following factors: Sales Expenses Sales expenses amounted to R$42.0 million in 1Q17, increasing by 53.9% from the prior-year period. This is primarily due to the rise in provision for doubtful accounts, which in this quarter resulted in R$ 36.7 million due to higher late payment rate in General and Administrative Expenses G&A expenses amounted to R$27.8 million in 1Q17, increasing by 35.9 % from the year-ago period. This rise is due to a R$6.9 million contingency provision reversal that positively affected 1Q16. Excluding this effect, the increase would have been 11.7%. Depreciation and Amortization: In light of the early adoption of the CPC accounting directives in accordance with CVM Resolution 603, we no longer depreciate our investment properties, which are appraised every semester at fair value in June and in December. Moreover, we no longer amortize the goodwill generated by acquisitions. The only depreciation relates to buildings, improvements, equipment and facilities of the headquarters that does not generate significant impacts for analysis. Other Operational Revenues/Expenses: Other operating revenue was R$2.7 million, which represents a rise of R$5.4 million in expenses compared to the prior-year quarter, a reduction of R$5.4 million over the year-ago period. 7

9 Investment Properties Investment properties comprise sites and buildings in shopping malls held to earn rent and/or for capital appreciation purposes, and are recognized at their fair value. They are appraised by internal specialists using a proprietary model based on their history of profitability and discounted cash flow at market rates. At least once every six months on the balance sheet dates we carry out reviews to assess changes in the balances recognized. Changes in fair value are accounted for directly in the income statement, but are adjusted for in the adjusted EBITDA and adjusted FFO. The Company has a quarterly process to monitor events that may indicate the need to review the estimates of fair value, such as project openings, the acquisition of additional interests or divestment of partial interests in malls, significant variations in the performance of malls in comparison with the respective budgets, changes in the macroeconomic scenario, etc. If such indications are identified, the Company adjusts its estimates to reflect any variations in the result of each period. The assumptions used to calculate the fair value of the investment properties were reviewed by independent auditors and by the Audit Committee. EBITDA: Adjusted EBITDA amounted to R$222.8 million in 1Q17, representing an increase of 9.5% from the R$246.2 million in 1Q16. Adjusted EBITDA margin was 67.4% in 1Q17. Our EBITDA margin was affected by the amount of R$ 36.7 million in provisions to doubtful accounts registered in the quarter. The rise in this provision is due to the level of late payment rates in 1Q16. Excluding this effect, the EBITDA margin would have been 78.5%. Adjusted EBITDA Growth (R$ thousand) - Adjusted Financial Information -9.5% 246, ,816 1Q16 1Q17 Adjusted EBITDA Growth (R$ thousand) - Adjusted Financial Information 1Q17 1Q16 % Net Revenue 330, , % (-) Costs and Expenses (110,677) (84,766) 30.6% (+) Depreciation and Amortization 4,032 5, % (+) Other Operating Revenues (2,680) (8,054) -66.7% EBITDA 221, , % (+) Aruaguaia Debenture 1,689 2, % Adjusted EBITDA 222, , % Margin % 67.4% 74.3% -6.9 p.p. 8

10 Financial Result: In 1Q17, the company recorded a net financial expense of R$65.4 million. Financial income in the quarter amounted to R$244.6 million, while financial expenses were R$310.0 million. The net financial expense in the period was influenced primarily by the interest on loans and financings, the shift in the swap curve and exchange variation. Excluding the non-cash effects from the adjustment of swaps to fair value and exchange variation, our financial result improved by 36.2% or R$63.5 million. The main factors that affected the financial results are reported below: Interest Revenue and Expenses and Monetary Variation The expenses with interests in the same period were of R$109.6 million, a decrease of 35.2% or R$59.6 million over the 1Q16. This variation is mainly due to the decrease in interest rate and inflation indexes that impact more than half of our debt balance, not to mention the amortization made in the last 12 months, which decreased our gross debt by 3.8% reaching R$4.6 billion this quarter, when compared to the R$4.8 billion in 4Q16. Adjusted Net Income: Financial Result (R$ thousand) - Adjusted Financial Information Revenues 1Q17 1Q16 % Financial Investments 11,479 24, % FX Variation 77, , % Swap Curve 88, , % Swap mark to market 62,547 96, % Others 4,024 5, % Total 244, , % Expenses 1Q17 1Q16 % Interest (109,623) (169,201) -35.2% FX Variation (33,878) (63,055) -46.3% Swap Curve (109,847) (300,562) -63.5% Swap mark to market (50,234) (87,877) -42.8% Others (6,386) (5,740) 11.3% Total (309,967) (626,435) -50.5% Financial Result (65,366) (32,131) 103.4% Cash Financial Result (111,864) (175,373) -36.2% Exchange Variation During the first quarter of 2017, the Real (R$) appreciated against the US Dollar calculated by the Ptax, in 2.8%. This appreciation had a contribution to a net non-cash income of R$12.3 million swap mark to market and a FX variation revenue of R$ 43.9 million. The devaluation of the US Dollar against the Real, combined with the interest rate decrease, contributed to a swap curve net expense of R$21.1 million. The company posted 1Q17 adjusted net income of R$76.4 million an increse of R$48.5 million over 1Q16, an increase of 174.1%. Adjusted Net Income Growth (R$ thousand) - Adjusted Financial Information 174.1% 76,349 27,859 1Q16 1Q17 Adjusted Net Income Reconciliation (R$ thousand) 1Q17 1Q16 % Net Income/Loss 71, , % (+) FX Variation (Perp. Bond) (34,185) (134,259) -74.5% (+) Swap mark to market (12,313) (8,983) 37.1% (+) Non-cash taxes adjustment 51,280 40, % Adjusted Net Income 76,349 27, % Margin % 23.1% 8.4% 14.7 p.p. 9

11 Adjusted FFO: Adjusted FFO (AFFO) totaled R$80.4 million in the quarter, up by 141.6% versus same period last year. The adjusted FFO margin stood at 24.3% in 1Q17, 14.3 p.p. higher than 1Q16. FFO Reconciliation (R$ thousand) - Adjusted Financial Information 1Q17 1Q16 % Net Income/Loss 71, , % (+) Depreciation and Amortization 4,032 5, % FFO 75, , % (+) FX Variation on Perpetual Bond (34,185) (134,259) -74.5% (+) Swap mark to market (12,313) (8,983) 37.1% (+) Non-cash Taxes Adjustment 51,280 40, % (-) Investment Properties (+) Minority Interest (Investment Prop.) Adjusted FFO 80,381 33, % Margin % 24.3% 10.0% 14.3 p.p. AFFO Growth (R$ thousand) - Adjusted Financial Information 33,266 1Q % 80,381 1Q17 *Non-cash taxes adjustments are mainly related to investment property, straight lining and mark to market revenues. CAPEX: BRMALLS invested R$50.7 million in 1Q17, allocated as follows: Greenfield Projects The amount of R$29.2 million was invested in our greenfield projects. These investments are mainly associated with the construction of our on-going projects and capitalized interest rates in the quarter. Others We invested R$3.8 million in IT softwares and licenses as well as internal system development, reinforcing our commitment in improving our processes and gains on scale. Expansions and Renovations A total amount of R$17.7 million was invested along 1Q17, our main focus being on investments on the company s core assets, in order to strengthen our portfolio. 7.4% CAPEX Breakdown 34.9% Expansions and Renovations Greenfield Projects Others 57.7% 10

12 Cash and Debt (Financial Adjusted Information): In line with the company s deleveraging strategy, our gross debt has been decreasing every quarter, and displayed a fall of 3.8%, or R$184.9 million in 1Q17, when compared with 4Q16. The Company ended the quarter with a cash position of R$438.4 million, showing a variation of 14.4% in comparison with 4Q16. This variation can be explained by the sale of ItaúPower Shopping in March for R$107.0 million. Debt and Swaps Indices Exposure (% of the total) IGP-M Fixed 0.6% 3.5% IPCA 16.1% Net debt result totaled R$4,196.2 million, a variation of -5.4% compared to 4Q16 and a fall of 11.2% when compared to 1Q16. We intend to keep the debt profile as long-term, with 91.1% of the gross debt ias long-term, with a average amortization period of 11.3 years. CDI* 39.0% TR 40.8% Main Indicators (R$ thousand) Cash Position 438, ,177 Average Remuneration (% of CDI) 102.1% 102.9% Gross Debt (R$ thousand) 4,634,392 4,819,533 Duration (years) Average Cost 10.6% 11.0% Net Debt (R$ thousand) 4,196,317 4,436,356 Net Debt / annualized Adjusted EBITDA 4.7x 3.7x Net Debt (ex-perpetuals) / Adjusted EBITDA LTM 4.2x 4.4x Net Debt (ex-perpetuals) / annualized Adjusted EBITDA 3.3x 2.7x Net Debt (ex-perpetuals) / Adjusted EBITDA LTM 3.0x 3.1x Adjusted EBITDA 12M / Financial Net Debt 2.1x 2.6x 1Q17 4Q16 Index Avg. Cost a year (Debt & Swaps)** TR 9.8% CDI 11.4% IPCA 10.9% IGP-M 9.9% Fixed 3.1% Total 10.6% Debt Amortization Schedule (R$ million) - Adjusted Financial Information 1, and onwards* *Includes our Perpetual Bond **Average cost by index calculated by using BM&FBovespa's future curves and the maturity of each debt at the end of the quarter. 11

13 Operational Indicators: NOI per m² NOI* per m² Our portfolio registered average monthly NOI per m² of R$106 in 1Q17, decreasing 2.7% from the year-ago period. In March, NOI per m² went up by 1.3%. *NOI per m² considers straight-lining effects 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Rent per m² In 1Q17, rent per m², including straightlining effects, increased by 1.2% to a monthly average of R$91. Meanwhile, March separately, presented a 3.3% growth Rent* per m² *Rent per m² considers straight-lining effects 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Occupancy Rate Occupancy remained high and stable, averaging 96.1% of total GLA in the quarter. Occupancy (%) 97.2% 97.0% 96.8% 96.9% 96.8% 95.8% 95.5% 96.2% 96.1% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Net Late Payments In 1Q17, our late payment ratio (30 days) registered an average of 13.9%. Net late payments had an average of 7.3%, while they averaged 2.1% in March, the smallest average this year. Net Late Payments 4.4% 3.7% 2.6% 1.9% 5.7% 4.8% 3.7% 5.5% 7.3% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 12

14 Occupancy Cost (% Sales) Occupancy Cost 11.4% 11.0% 11.4% 6.9% 6.6% 6.9% 10.3% 6.8% 12.1% 11.3% 11.7% 7.2% 6.7% 6.8% 10.7% 6.8% 11.8% 7.1% In 1Q17, occupancy costs stood at 11.8%, showing a decrease of 30 bps when comparing to the same period in This was the first decrease year over year since 2Q % 4.4% 4.5% 3.5% 4.9% 4.6% 4.9% 3.9% 4.7% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Marketing and Condominium Expenses Rent 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 SSS (%) 7.6% 7.5% 4.4% 6.5% 5.9% 3.6% 2.3% 0.9% 1.2% -1.7% -0.6% -0.6% 0.4% SSR (%) 8.7% 8.6% 7.8% 7.2% 7.6% 7.0% 7.4% 6.4% 7.4% 2.2% 2.6% 5.3% 6.5% Sales/m² 1,124 1,214 1,189 1,577 1,131 1,186 1,149 1,537 1,126 1,165 1,155 1,546 1,144 Rent/m² NOI/m² Occupancy Cost (% Sales) 11.1% 10.4% 10.7% 9.7% 11.4% 11.0% 11.4% 10.3% 12.1% 11.3% 11.7% 10.7% 11.8% Late Payments (average monthly) 4.0% 3.9% 3.5% 4.1% 6.9% 7.6% 6.5% 5.6% 7.9% 8.9% 9.3% 12.8% 13.9% Net Late Payments 2.5% 1.7% 1.1% 0.8% 4.4% 3.7% 2.6% 1.9% 5.7% 4.8% 3.7% 5.5% 7.3% Occupancy (%) 97.6% 97.3% 97.1% 97.4% 97.2% 97.0% 96.8% 96.9% 96.8% 95.8% 95.5% 96.2% 96.1% 13

15 Sales Performance: In 1Q17, the portfolio registered total sales of R$5.0 billion, which represents an increase of 0.1% from the prior-year period. Same store sales growth was 0.4% on 1Q17, highest level in the past four quarters. When excluding the Easter effect, SSS was 1.5% and, in March was 3.3%, or 7.0%, when exlcuding the Easter effects. Our top 10 assets in terms of NOI grew by 3.2%. Sales 1Q17 Sales 1Q16 % 1 Plaza Niterói 236, , % 2 Shopping Tijuca 217, , % 3 NorteShopping 318, , % 4 Shopping Tamboré 154, , % 5 Center Shopping Uberlândia 168, , % 6 Catuai Shopping Londrina 149, , % 7 Shopping Recife 355, , % 8 Shopping Villa Lobos 137, , % 9 Mooca Plaza Shopping 128, , % 10 Shopping Estação 87,000 88, % Others 3,064,663 3,123, % Total 5,018,818 5,016, % Same Store Sales per Segment (1Q17 vs. 1Q16) 5.5% 4.1% 0.2% -2.1% Anchor Megastore Satellites Leisure Same Store Sales by Region The quarter highlight was Southern region with an SSS of 1.6%, and the Southeastern and Central-West regions, with a growth of 0.6%. Same Store Sales by Segment In this quarter, we highlight the performance of the megastores segment, with a growth of 5.5% when comparing to 1Q16. The leisure segment continues as a sales growth highlight, growing 4.1%, due to a good performance of movie theaters. The satellites segment stood in line with the same period last year. Same Store Sales vs. Sales/m²: As a result of the high number of contracts signed in 2016 and tennant mix improvements, for the third consecutive quarter, our sales/m² yoy growth performed better than our same store sales (SSS). Growth was in line with the prior year period. -4.2% -0.4% 1.2% 1.6% 0.6% -0.4% 0.0% -1.7% -1.8% 0.5% 0.6% -0.6% -0.6% 0.4% 1.6% 0.6% 1Q16 2Q16 3Q16 4Q16 1Q17 Same Store Sales (SSS) Sales/m² yoy 14

16 Leasing Activities: Contract Renewals (% of GLA) In 1Q17, the leasing spread for contract renewals was 4.7%. The leasing spread for new contracts at existing malls was 14.3%. However, this indicator was adversely affected by the portion of malls not yet leased by the company, which registered a spread of -31.6%. In 1Q17 we signed 200 contracts, 30.7% more than the 153 contracts closed in the year-ago period. 18.9% 21.8% 24.4% 34.9% 1Q 2Q 3Q 4Q Renewals Leasing Spread (%) Contract Maturity Schedule (% of GLA) * 58.1% 6.8% 10.0% 8.2% 11.8% 4.7% 11.2% 18.3% 12.4% 6,8% 1Q16 10,0% 2Q16 8,2% 3Q16 11,8% 4Q16 4,7% 1Q17 Up to 12 months months months More than 36 months * The contract schedule above considers the GLA of stores in the current malls. 15

17 Acquisitions/ Divestments: Although presented with a challenging scenario in 1Q17, our NOI was R$117.0 million in the malls acquired since the beginning of the company, achieving a NOI 7.2% over the NOI projected for the same period. NOI of Realized Acquisitions (R$ thousand) 7.2% 177, ,166 Expansion Projects: Projected NOI 1Q17 Actual NOI 1Q17 At the end of the first quarter, 5 expansion projects had been announced to the market that combined will add total GLA of 58.2 thousand m² and owned GLA of 44.3 thousand m², which will expand our current mall portfolio by 3.5% and 4.6%, respectively. These expansion projects will require investments of R$289.9 million, 14.0% of which have been disbursed by the end of 1Q17. We will continue to analyze opportunities for creating value at our existing assets. Owned GLA with Expansions (m²) Expansions Gross CAPEX Schedule (R$ million) ¹ 950,911 44, , , Current Owned GLA Owned GLA - Expansions Total Owned GLA Expected Until 1Q Onwards Total Expansions Summary Expansions Total GLA % Ownership Owned GLA % Construction Completion Stabilized NOI (R$ million)² Key Money - BRMALLS (R$ million) IRR (real and unlev.) Opening Date Estação BH (Phase 2)** 1, % % % % NorteShopping 17, % 17, % % % Independência 10, % 8,822 * * * * * * Mooca Plaza Shopping (Phase 1) 19, % 11,400 * * * * * * Mooca Plaza Shopping (Phase 2) 10, % 6,000 * * * * * * Total 58, % 44, Obs.: The two phases of the expansion of Mooca Plaza Shopping and the expansion of Independência are not included in the CAPEX schedule. BRMALLS stabilized NOI includes service fees. *To be defined. **The Estação BH Expansion was divided in two phases. The first phase opened in Dec/15 and did not generate additional GLA. The data shown on the table above refers to phase 2. Leasing Status 16

18 Development: We currently have 2 projects under development: Shopping Estação Cuiabá and Catuaí Shopping Cascavel. The inauguration of these 2 greenfield projects in the pipeline will add 76.9 thousand m² in total GLA and 55.9 thousand m² in owned GLA, expanding the portfolio by 4.7% and 5.8%, respectively. Considering the expansion and greenfield projects in progress, we estimate an increase of 8.4% and 10.5% in total and owned GLA, respectively. The totalinvestment to be made bythe Company amounts tor$383.5 million, 44.9% of which was already disbursed by 1Q17. Owned GLA with Developments (m²) Greenfield Gross Capex Schedule (R$ million) 10.5% ,911 44,267 55,863 1,051, Until 1Q onwards Total Current Owned GLA Owned GLA - Expansions Owned GLA - Development Total Owned GLA Expected Greenfield Summary Greenfield Summary Total GLA % Ownership Owned GLA % Construction Completion Stabilized NOI (R$ million)² Key Money - BRMALLS (R$ million) IRR (real and unlev.) Opening Date Cuiabá 46, % 35, % * * * * 74.8% Cascavel 29, % 20,670 ** ** ** ** ** ** Total 76, % 55,863 Leasing Status obs.: Cascavel is not included in the CAPEX schedule. *To be defined. **Project under revision. ²Stabilized NOI including service revenues 17

19 R$ Million Capital Market: BRMALLS common stock is traded on the Novo Mercado listing segment of the São Paulo Stock Exchange (BM&FBovespa) under the ticker BRML3. The Company also has a level 1 ADR program, allowing its shares to be traded on the secondary or over-the-counter market in the United States, under the ticker BRMLL. This means that its stock is available to a greater number of U.S. and international investors. BRMALLS stock isa member of the following stock indexes: Bovespa index (IBOVESPA), Brazil Index 50 (IBrX50), Carbon Efficient Index (ICO2) and others. Shareholder Distribution (03/31/2017) Index Weight 0.9% 5.4% 32.5% 10.3% 36.6% USA Europe Brazil Asia Individuals Others BM&F Ibovespa IBOV 0.76% BM&F Bovespa IBrX % BM&F Bovespa ICO2 0.85% BM&F Bovespa IBrX 0.68% BM&F Bovespa IGC 1.01% BM&F Bovespa ITAG 0.89% BM&F Bovespa MLC 0.75% BM&F Bovespa IMOB 19.36% ishares MSCI Brazil 0.83% 14.3% Source: Bloomberg (03/31/2017) Investor Profile At the end of 1Q17, our investor base remained highly diversified in terms of region of origin. Average daily trading volume was R$74.7 million in the quarter, increasing by 53.1% from R$48.8 million in 1Q16. The average number of trades per day was 14,918. BRMALLS shares ended 1Q17 at R$12.54, with an average price of R$ The closing price represented an increase of 27.7% during the year, while Ibovespa increased 8.6% over the same period mar-10 set-10 mar-11 set-11 mar-12 set-12 mar-13 set-13 mar-14 set-14 mar-15 set-15 mar-16 set-16 mar-17 Average Daily Traded Volume (30 days) BRML3 Ibovespa 18

20 Our Portfolio: At the end of first quarter 2017, BRMALLS held ownership interest in 44 malls, which combined represent a GLA of 1,612.9 thousand m² and owned GLA of thousand m². It holds an average ownership interest in these malls of 59.0%. Aux Mall Total GLA % Owned GLA Services Maceió Shopping AL 34, % 18,830 Amazonas Shopping AM 34, % 11,667 Manag./ Leasing/BO Shopping Paralela BA 39, % 20,299 Manag./ Leasing/BO Shopping Vila Velha ES 71, % 35,884 Manag./ Leasing/BO Goiânia Shopping GO 22, % 10,770 Manag./ Leasing/BO Araguaia Shopping GO 21, % 10,879 Manag./ Leasing São Luís Shopping MA 54, % 8,234 Leasing Rio Anil MA 37, % 18,880 Manag./ Leasing Center Shopping Uberlândia MG 52, % 26,870 Manag./ Leasing/BO Shopping Del Rey MG 37, % 24,071 Manag./ Leasing/BO Independência Shopping MG 23, % 19,967 Manag./ Leasing/BO Shopping Sete Lagoas MG 17, % 12,560 Manag./ Leasing/BO Minas Shopping MG 35, % 764 Estação BH MG 33, % 20,389 Manag./ Leasing/BO Shopping Contagem MG 34, % 17,821 Manag./ Leasing/BO Shopping Campo Grande MS 39, % 27,808 Manag./ Leasing/BO Shopping Recife PE 75, % 23,357 Shared Manag./ Leasing Shopping Estação PR 54, % 54,716 Manag./ Leasing/BO Catuaí Shopping Londrina PR 63, % 41,071 Manag./ Leasing/BO Shopping Curitiba PR 22, % 11,231 Manag./ Leasing/BO Catuaí Shopping Maringá PR 32, % 22,631 Manag./ Leasing/BO Londrina Norte Shopping PR 32, % 23,094 Manag./ Leasing/BO Plaza Niterói RJ 44, % 44,049 Manag./ Leasing/BO Shopping Tijuca RJ 35, % 35,565 Manag./ Leasing/BO Norteshopping RJ 77, % 58,041 Manag./ Leasing/BO Ilha Plaza Shopping RJ 21, % 11,026 Manag./ Leasing/BO Top Shopping RJ 25, % 10,159 Leasing Via Brasil Shopping RJ 30, % 15,033 Casa & Gourmet Shopping RJ 7, % 7,137 Manag./ Leasing/BO Plaza Macaé RJ 22, % 10,212 Manag./ Leasing/BO Natal Shopping RN 26, % 13,492 Adm. Compartilhada/ Comerc. Shopping Iguatemi Caxias do Sul RS 30, % 13,797 Manag./ Leasing/BO Shopping Tamboré SP 49, % 49,835 Manag./ Leasing/BO Shopping Metrô Santa Cruz SP 19, % 19,165 Manag./ Leasing/BO Campinas Shopping SP 34, % 34,566 Manag./ Leasing/BO Granja Vianna SP 29, % 23,312 Manag./ Leasing/BO Shopping Villa-Lobos SP 26, % 15,660 Manag./ Leasing/BO Shopping Piracicaba SP 43, % 16,026 Manag./ Leasing/BO Mooca Plaza Shopping SP 41, % 25,178 Manag./ Leasing/BO Osasco Plaza Shopping SP 13, % 5,482 Leasing Jardim Sul SP 30, % 18,480 Manag./ Leasing/BO Shopping ABC SP 46, % 602 Manag./ Leasing/BO São Bernardo Plaza Shopping SP 42, % 25,728 Manag./ Leasing/BO Capim Dourado TO 36, % 36,575 Manag./ Leasing/BO 1,612, % 950,911 The Company holds a 100% interest in 8 malls in its portfolio and currently provides services to 41 of its 44 malls. Of the malls in its portfolio, the Company provides leasing services to 41 and management services to 38, while 34 are served by our Backoffice (BO). The Company s malls have over 9,000 stores and receive millions of visitors each year. BRMALLS is the only shopping mall company in Brazil with malls that are located in all five regions of the country and that target all income classes. 19

21 Glossary: Adjusted EBITDA: EBITDA + Shopping Araguaia profit-sharing debenture revenues other operating revenues from investment property. Adjusted FFO (Funds From Operations): Adjusted net income (excluding exchange rate variations and Law 11,638 effects) + depreciation + amortization + straight-lining effects other operating revenues and deferred taxes from investment property. Average GLA (Rent/m² and NOI/m²): Does not include 27,921 m² of GLA from the Convention Center located in Shopping Estação. In the average GLA used for rent/m², we do not consider owned GLA for Araguaia Shopping, since its revenues are recognized via debenture payments EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): refers to gross income - SG&A + depreciation + amortization. Gross Leasable Area or GLA: Sum of all areas in a shopping mall that are available for lease, except for kiosks. Late Payment: Measured on the last day of each month, includes total revenues in that month over total revenues effectively collected in the same month. It does not include inactive stores. Law 11,638: Law 11,638 was enacted with the purpose of including publicly-held Brazilian companies in the international accounting convergence process. The 4Q08 financial and operating figures will be impacted by certain accounting effects due to the changes arising from Law 11,638/07. Leasing Spread: Comparison between the average rent for the new contract and the rent charged in the previous contract for the same space. Leasing Status: GLA that has been approved and/or signed divided by the projects total GLA. Net Operating Income or NOI: Gross revenue (less service revenue) - costs + and presumed credit PIS/COFINS + Araguaia Debenture. Occupancy Cost as a Percentage of Sales: Rent revenues (minimum rent + % overage) + common charges (excluding specific tenant costs) + merchandising fund contributions. (This item should be analyzed from the tenant s point of view.) Occupancy Rate: Total leased and occupied GLA as a percentage of total leasable GLA. Owned GLA: GLA multiplied by our ownership stake. Same Mall NOI: NOI from the exact same properties in which we currently own a stake, proportional to our ownership stake in the property for both periods. Same store sale (SSS): Sales figures for the same stores that were operating in the same space in both periods. Same store rent (SSR): Rent figures for the same stores that were operating at the same space in both periods. Shopping Malls by Income Group (Brazil Criterion): The Brazil Criterion is related to the purchasing power of individuals and families and is defined by IBOPE. Tenant Turnover: sum of new contract GLA negotiated in the last 12 months the GLA variation for unoccupied stores in the last 12 months/ average GLA in the last 12 months. 20

22 Income Statement (Quarter): Income Statement (R$ thousand) - Quarter Accounting Information IFRS 10/11 Adjustments Adjusted Financial Information 1Q17 1Q16 % 1Q17 1Q16 1Q17 1Q16 % Gross Revenue 335, , % 22,050 20, , , % Rents 231, , % 15,641 14, , , % Rent straight-lining 6,777 3, % ,233 3, % Key Money 921 1, % ,003 2, % Key Money straight-lining 7,076 8, % ,796 8, % Parking 62,742 63, % 5,245 5,602 67,987 69, % Transfer Fee 1, % ,182 1, % Services Provided 24,496 22, % (302) (804) 24,194 21, % Others 1,351 3, % ,492 3, % (-)Taxes and Contributions (26,252) (25,675) 2.2% (999) (1,069) (27,251) (26,744) 1.9% Net Revenue 309, , % 21,051 19, , , % Costs (30,451) (25,768) 18.2% (6,371) (5,825) (36,822) (31,593) 16.6% Payroll (5,994) (6,608) -9.3% (743) (825) (6,737) (7,432) -9.4% Services Provided (4,368) (4,720) -7.5% (664) (597) (5,032) (5,317) -5.4% Common Costs (11,425) (6,731) 69.7% (1,217) (351) (12,642) (7,082) 78.5% Merchandising Costs (2,844) (3,058) -7.0% (99) (282) (2,943) (3,340) -11.9% Other Costs (5,820) (4,651) 25.1% (3,648) (3,771) (9,468) (8,422) 12.4% Gross Profit 278, , % 14,680 13, , , % Sales, General and Administrative Expenses (67,119) (46,229) 45.2% (2,704) (1,537) (69,823) (47,766) 46.2% Sales Expenses (39,356) (25,829) 52.4% (2,671) (1,483) (42,027) (27,312) 53.9% Personnel Expenses (24,508) (21,410) 14.5% (10) 0 (24,518) (21,410) 14.5% Services Hired (1,690) (1,249) 35.3% (12) (15) (1,702) (1,264) 34.7% Other Expenses (1,565) 2, % (11) (38) (1,576) 2, % Depreciation (147) (122) 20.1% - - (147) (122) 20.1% Amortization (3,885) (5,284) -26.5% - (1) (3,885) (5,285) -26.5% Financial Income (64,782) (31,042) 108.7% (584) (1,089) (65,366) (32,131) 103.4% Financial Revenues 244, , % , , % Financial Expenses (309,097) (625,100) -50.6% (870) (1,335) (309,967) (626,435) -50.5% Revenue based on Equity Revenue 8,759 7, % (8,759) (7,498) Other Operational Revenues (2,679) (8,187) -67.3% (1) 133 (2,680) (8,054) -66.7% Operating Income 149, , % 2,632 3, , , % Income before Income Taxes and Minority Interest 149, , % 2,632 3, , , % Income Tax and Social Contribution Provision (22,051) (26,167) -15.7% (2,233) (2,453) (24,284) (28,620) -15.2% Deferred Taxes (45,889) (33,439) 37.2% (375) (883) (46,264) (34,322) 34.8% Non-controlling Shareholder Interest (9,590) (12,814) -25.2% (24) (65) (9,614) (12,879) -25.3% Net Income/Loss 71, , % , , % 21

23 Balance Sheet (Assets): Balance Sheet (R$ thousand) Accounting Information IFRS 10/11 Adjustments Adjusted Financial Information Assets 1Q17 4Q16 % 1Q17 4Q16 1Q17 4Q16 % Assets Current Assets Cash and cash equivalents 36,601 21, % 1,005 1,496 37,606 23, % Accounts receivable 364, , % 16,454 19, , , % Securities 391, , % 8,555 7, , , % Derivative Instruments 259,862 37, % ,862 37, % Recoverable taxes 97,022 88, % (1,663) 39,410 95, , % Advances 17,448 17, % ,408 18, % Advanced Expenses 5,083 5, % 64 (5) 5,147 5, % Other Receivable Accounts 41,455 29, % (22,029) (13,256) 19,426 15, % Total 1,213, , % 3,346 55,184 1,217,100 1,033, % Non current Assets Clients 93,195 90, % 5,572 5,478 98,767 96, % Deposits and Bonds 56,197 56, % ,697 56, % Recoverable taxes 19,490 37, % 2,125 (37,203) 21, % Deferred Taxes ,175 76, % Swap Variation Receivable 64, , % , , % Advances for Future Capital Increases 5,435 5, % (5,435) (5,435) % Affiliated and Subsidiary Obligations 36,671 36, % (36,671) (36,376) Others 27,536 30, % 3 (6,015) 27,539 24, % Total 302, , % (7,731) (2,694) 294, , % Fixed Assets Investments 559, , % (559,516) (552,996) Investment Property 17,205,211 17,265, % 787, ,798 17,992,531 18,052, % Property, Plant and Equipment 10,609 10, % ,609 10, % Intangible 67,006 67, % ,015 67, % Total 17,842,342 17,896, % 227, ,812 18,070,155 18,130, % Total Assets 19,358,812 19,402, % 223, ,302 19,582,240 19,688, % 22

24 Balance Sheet (Liabilities): Balance Sheet (R$ thousand) Informações Contábeis IFRS 10/11 Adjustments Informações Financeiras Ajustadas Liabilities 1Q17 4Q16 % 1Q17 4Q16 1Q17 4Q16 % Liabilities Current Liabilities Loans and Financings 754, , % 4,565 4, , , % Suppliers 30,780 33, % 2,873 3,235 33,653 37, % Taxes and Contributions 45,783 52, % 2,815 5,145 48,598 57, % Payroll and related charges 16,026 43, % ,302 43, % Mandatory Dividend Payment 41,024 41,024 (1) - 41,023 41, % Taxes and Contributions - Installments 5,729 5, % ,788 5, % Client Advances 13,058 13, % ,825 13, % Liability on shopping center's acquisition 11,972 12, % ,972 12, % Derivative Instruments 265,128 22, % ,128 22, % Deferred Revenues 22,080 25, % 3,297 2,831 25,377 27, % Other Account Payables 5,934 3, % 1, ,033 4, % Total 1,212, , % 15,750 17,906 1,228, , % Non current Liabilities Loans and Financings 3,841,025 4,197, % 33,969 34,857 3,874,994 4,232, % Suppliers % % Provision for Fiscal Risks and other Contingent Liabilities 49,284 46, % ,309 46, % Taxes and Contributions - Installments 77,219 75, % ,885 76, % Liability on shopping center's acquisition 269, , % , , % Derivative Instruments 37, , % , , % Deferred Taxes 3,541,528 3,495, % 196, ,104 3,738,377 3,745, % Deferred Revenues 61,184 65, % 2,258 3,424 63,442 69, % Related Parties Loans 13,713 13, % (13,713) (13,837) Others 8,884 8, ,884 8, % Total 7,899,796 8,458, % 220, ,239 8,119,850 8,733, % Shareholder's Equity Minority Interest 735, , % (38,320) (32,778) 697, , % Capital Stock 7,251,504 7,188, % - - 7,251,504 7,188, % Capital Reserves 210, , % , , % Income Reserve 2,049,329 1,878, % 25,944 25,935 2,075,273 1,904, % Shares in Treasury (20,573) (20,573) (20,573) (20,573) 0.0% Retained Earnings(Loss) 71, , % , , % Equity Offering Expenses (50,727) (50,727) (50,727) (50,727) 0.0% Total Shareholder's Equity 10,246,669 10,108, % (12,376) (6,843) 10,234,293 10,102, % Total Liabilities 19,358,812 19,402, % 223, ,302 19,582,240 19,688, % 23

25 Cash Flows: Fluxo de Caixa (R$ mil) Informações Financeiras Ajustadas Informações Financeiras Ajustadas 1Q17 1Q17 1Q17- IFRS 10/11 Shareholder's Earnings of the period 81,181 81,157 Adjustments to reconcile net income and cash flow from operating activities 145, ,610 Depreciation and Amortization 4,032 4,032 Interest, monetary variations on borrowings 85,912 85,231 Investment earnings (11,479) (11,273) Adjustment revenue straight-lining and present value adjustment (16,895) (15,637) Adjustment Granted Option Plans 7,836 7,836 Adjustment fair value and derivatives result (12,313) (12,313) Deferred income Tax and Social Contribution 46,264 45,888 Fair value adjustments on investment properties 0 0 Equity Revenue 0 (8,759) Provision for credit of doubtful accounts 41,775 39,605 Variation on current capital (10,491) (10,481) Accounts Receivable 28,523 27,179 Taxes Recoverable 10,796 9,050 Advances Prepaid Expenses Deposits and Guarantees (124) (116) Financial instruments (6,111) (6,111) Trade payables (3,493) (3,132) Taxes and Contributions (24,595) 6,399 Salaries and Social Charges (27,256) (27,226) Advances from Clients (106) (213) Deferred revenue (565) (584) Provision for contingencies 2,908 2,909 Income Tax and Social Contribution 13,067 (12,077) Others (4,062) (7,153) Net Cash generated (used) in operational activities 215, ,286 Net Cash generated (used) in investing activities 14,059 17,726 Acquisition of Marketable Securities (29,027) (27,730) Intangible assets (3,671) (3,671) Investment Property Acquisition and Development (44,031) (43,511) Sale of investment properties 90,788 90,788 Advancement for future capital raise 0 0 Sale of investments 0 0 Increase in capital in subsidiaries 0 0 Interest on capital received 0 0 Operations with related entities 0 (418) Dividends received 0 2,268 Additions to deferred assets 0 0 Net Cash generated (used) in financing activities (215,489) (208,129) Loans received 0 0 Loans paid (258,651) (256,856) Capital Raise 62,851 62,851 Payment of dividends to non-controlling interest (19,689) (14,124) Net Cash generated (used) in the period 14,392 14,883 Cash and equivalents in the beginning of the period 23,214 21,718 Cash and equivalents in the end of the period 37,606 36,601 Net Cash generated (used) in the period 14,392 14,883 24