EARNINGS RELEASE 2 nd QUARTER 2017 SHOPPING TAMBORÉ - SP

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2 2 Mudanças na Companhia Governance & Management New CEO; New Chief Officers of Operations, Development and Human Resources New Audit & Risk and Human Resources Committees Long Term Incentive Plan: Performance Shares Balance Sheet Enhancement Public Offering of Shares: R$1.7 billion Net Debt / Adjusted EBITDA LTM: 2,5x vs 4,2x (1Q17) Repurchase of Perpetual Bond: R$1.2 billion removal of foreign currency exposure Targets For Next Quarters Occupancy Rate and Late Payments Portfolio Recycling Capital Allocation: Focus on Core Assets

3 3 MANAGEMENT Governance & Management New CEO; New Chief Officers of Operations, Development and Human Resources New Audit & Risk and Human Resources Committees Long Term Incentive Plan: Performance Shares BOARD OF DIRECTORS Officer Years at BRMALLS Member Position Years of Experience Professional Experience Ruy Kameyama CEO 10 Years Pedro Damasceno Chairman +23 Frederico Villa CFO and IR Director José Vicente Avellar COO 9 Years 7 Years Cláudio Bruni Mauro Gentile Rodrigues da Cunha Vice-Chairman Independent Director Mariane Wiederkehr Grenchinski Development Director 10 Years Rodolpho Amboss Marcos Barbosa Pinto Independent Director 2 nd QUARTER Independent Director +20 Claudia Lacerda General Counsel 10 Years Richard Paul Matheson Independent Director +56 ECISA Bianca Bastos Human Resources Director 6 Years Luiz Alberto Quinta Director +30

4 4 Balance Sheet Enhancement Public Offering of Shares: R$1.7 billion Net Debt / Adjusted EBITDA LTM: 2,5x vs 4,2x (1Q17) Repurchase of Perpetual Bond: R$1.2 billion removal of foreign currency exposure FOLLOW-ON 17 LEVERAGE (Net Debt/Adjusted EBITDA LTM) R$ 150 million: Redevelopment -1.7 x R$ 350 million: M&A R$ 1.7 bi R$ 1.2 billion: Perpetual Bond Repurchase 1Q17 2 nd QUARTER 2017

5 5 Mudanças na Companhia Complete Governance & Management New CEO; New Chief Officers of Operations, Development and Human Resources New Audit & Risk and Human Resources Committees Long Term Incentive Plan: Performance Shares Complete Balance Sheet Enhancement Public Offering of Shares: R$1.7 billion Net Debt / Adjusted EBITDA LTM: 2,5x vs 4,2x (1Q17) Repurchase of Perpetual Bond: R$1.2 billion removal of foreign currency exposure Targets For Next Quarters Occupancy Rate and Late Payments Portfolio Recycling Capital Allocation: Focus on Core Assets

6 6 OPERATIONAL FIGURES TOTAL SALES (R$ million) 4.4% Excluding the effects of divested assets 6.0% 3.3% 4.6% SAME STORE SALES (SSS) - % SAME STORE RENT (SSR) - % 7.0 p.p. 5.3 p.p.

7 7 OPERATIONAL FIGURES NET LATE PAYMENTS (%) SALES / M² (R$) TENANT @Metrô st. Dourado *1st operation at the Shopping Niterói

8 8 FINANCIAL HIGHLIGHTS ADJUSTED INFORMATION Total 0,9% Net Revenue (R$ 000) Excluding Divested Assets 1,7% 0,3% Total 2Q16 2Q16 2H16 2H17 ADJUSTED EBITDA (R$ 000) 230,106 Total -8.4% 210,800 Excluding nonrecurring effects* -2.1% Total -9.0% 71.5% 65.0% 71.5% 68.0% 2Q16 2T16 2T17 *Non-recurring effect due to the acceleration of the stock option program as a result of the departure of the former CEO. 2Q16 2H16 2H17

9 9 TOP 15 NOI NOI* by Mall (R$ thousand) Total Sales NOI NOI 2Q16 % Sales Sales 2Q16 % 1 Plaza Niterói 29,649 27, % 1 Plaza Niterói 255, , % 2 Tijuca 25,388 25, % 2 Tijuca 227, , % 3 NorteShopping 19,949 21, % 3 NorteShopping 320, , % 4 Tamboré 18,051 16, % 4 Tamboré 176, , % 5 Uberlândia 14,310 14, % 5 Uberlândia 182, , % 6 Londrina 13,356 13, % 6 Londrina 165, , % 7 Shopping Recife 10,546 10, % 8 Estação 10,341 9, % 9 Mooca 10,251 9, % 7 Shopping Recife 371, , % 8 Estação 93,095 86, % 9 Mooca 143, , % 10 Campo Grande 9,927 8, % 10 Campo Grande 134, , % 11 Villa-Lobos 9,717 10, % 11 Villa-Lobos 153, , % 12 Campinas Shopping 9,265 9, % 12 Campinas Shopping 84,270 77, % 13 Metrô Santa Cruz 8,888 8, % 13 Metrô Santa Cruz 107,577 97, % 14 Del Rey 7,355 6, % 14 Del Rey 120, , % 15 Independência Shopping 6,453 6, % 15 Independência Shopping Total Top , , % 2 nd 80,097 76, % Total Top 15 2,617,996 QUARTER 2,482, % Divested % of Total Assets 71.3% - 2,708 - Divested % of Total Assets 49.3% 0 67, % Others 81,875 90, % Others 2,695,621 2,530, % Total 285, , % Total BRMALLS 5,313,618 5,080, % Total ex-divested assets 285, , % Total ex-divested assets 5,313,618 5,013, % Top 15 Occupancy Rate: 96,6%

10 10 FINANCIAL INDICATORS ADJUSTED INFORMATION ADJUSTED FFO (R$ 000) -7.4% Excluding nonrecurring effects* 71.6% 74.8% 21.3% 19.6% 19.9% 33.8% 15.6% 27.2% 2Q16 2Q16 *Non-recurring effect due to the acceleration of the stock option program as a result of the departure of the former CEO. 2H16 2H17

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