Investor Presentation 3Q16

Investor Presentation 3Q16

Who are we? Largest mall company in Latin America The most efficient company with the best margins The only shopping mall company in Brazil with nationwide presence Portfolio with 45 regional malls, almost 10% of the total malls in Brazil Largest landlord in Brazil with over 9,000 tenants, which represents almost 10% of the total number of stores in Brazil Current Owned GLA will grow 10.6% with the development projects by the end of 2020 Total Sales reached R$23.0 billion in 2015, 15% of the total sales in Brazil Plaza Niterói Shopping Tijuca Norte Shopping Shopping Villa Lobos 2

BRMALLS Presence High quality potfolio, with large presence and regional scale MG/NE/North Region 26.6% of the company s NOI; 16 shopping centers in operation, including: Recife (PE); Center Uberlândia (MG); Rio Anil (MA); Leadership in Minas Gerais. SP/Midwest Region 30.3% of the company s NOI; 14 shopping centers in operation, including: Villa Lobos (SP); Tamboré (SP); Campo Grande (MS); Leadership in São Paulo. RJ/ES/South Region 43.1% of the company s NOI; 11 shopping centers in operation, including: NorteShopping (RJ); Plaza Niterói (RJ); Catuaí Londrina (PR); Leadership in Rio de Janeiro and Paraná. 3

Strength and Resiliency Brands (% of Base Rent) Segment (% of Satellites GLA) Brand 1 1.51% Women's Apparel Restaurant 9.0% 7.6% Brand 2 1.47% Fast-Food 6.4% Brand 3 1.23% Men s Apparel Shoes 6.0% 5.0% Brand 4 1.15% Mobile Store 3.7% Brand 5 1.15% Eletronics Cosmetics 2.9% 2.3% 4

BRMALLS Timeline (2006 2015) NOI CAGR: + 38.1% Adjusted EBITDA CAGR : + 39.5% Total GLA Growth: + 603.9% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 6 shopping centers IPO 23 Aquisitions 4 Aquisitions 1 Aquisition 3 Aquisitions 4 Aquisitions 4 Aquisitions 1 Greenfield 2 Greenfields 2 Greenfields 3 Greenfields 1 Greenfield 1 Greenfield 4 Expansions 2 Expansions 2 Expansions 2 Expansions 4 Expansions 3 Expansions 1 Asset Sale (*) 1 Asset Sale (*) 5 Assets Sale (*) 3 Expansions 3 Assets Sale (*) # Shoppings 30 34 35 40 45 51 52 48 45 Total GLA (thousand m²) 872.3 m² +659.6 m² 984.1 m² 1,032.7 m² 1,197.1 m² 1,433.5 m² 1,620.6 m² 1,668.0 m² 1,691.0 m² +111.8 m² +48.5 m² +164.6 m² +236.4 m² +187.1 m² +68.0 m² +23.0 m² 1,638.1 m² -52.9 m² 5 Note: Total GLA owned in thousand sqm. (*) Considering asset sales and acquisitions only of the malls in which the company divested its entire interest or added one more shopping center to the portfolio.

Largest and Best Company in the Sector BR MALLS is THE LARGEST shopping mall company in Latin America # of Malls (3Q16) 3Q16 LTM EBITDA (R$ million) Total GLA 3Q16 (in thousand sqm) 6

Largest and Best Company in the Sector THE FASTEST GROWING company in the sector with more than twice the average of our competitors Owned GLA CAGR (2006-2015) Net Revenues CAGR (2006-2015) Total GLA CAGR (2006-2015) EBITDA CAGR (2006-2015) 7

Largest and Best Company in the Sector BR MALLS became THE MOST EFFICIENT player in the sector EBITDA Margin 2-2015 Historical EBITDA Margin - 2015 77.0% Historical Average BRMALLS 8 Note: 1 NOI margin disclosed 2 Margin for Shopping Centers

Largest and Best Company in the Sector BRMALLS is the company in the sector with the HIGHEST CORPORATE GOVERNANCE STANDARDS and free-float Average Daily Traded Volume (R$ mm) Corporate Governance 3.3x the average ADTV of peers Full Corporation Corporate Governance: Novo Mercado No shareholders agreement and only one class of share Key employees aligned via stock option program Independent Board and management team with consistent track record Credit Ratings BRMALLS Indexes BRMALLS Weight IBOVESPA IBRX50 ICO2 IBX IGC ITAG MLC IMOB MSCI BRAZIL 0.8% 0.8% 0.8% 0.7% 1.1% 0.9% 0.7% 19.4% 0.9% BRMALLS Ranking 45 45 35 45 36 38 46 2 29 Local Scale Aa2.br AA+(bra) Global Scale Ba2 BB+ Ba2 BB 9 Source: Bloomberg Average LTM Updated June 30th, 2016

Largest and Best Company in the Sector Currently trading at a significant spread over interest rates... 140 bps 6.0% 4.6% 7.0% 5.6% 140 bps 10 *Adjusted FFO Yield = AFFO 1FY / Market Cap Source : Bloomberg (11/21/2016)

Price Largest and Best Company in the Sector... and at a large discount... +111,1% +98,1% +31,1% NAV Historical High Consensus Last Price 11 Updated June, 30th, 2016 NAV = fair value of investment properties of current malls net debt minority interest/ Number of Shares

Largest and Best Company in the Sector trading at multiples below historical average. P/FFO EV/EBITDA Historical Average BRMALLS Standard Deviation BRMALLS 12 Source: Bloomberg(1FY) 11/21/2016

Growth Drivers: Acquisition Unique turnaround track record NOI of Acquisitions since 2006 (R$ mm) Actual / Projected NOI 21.5% 28.5% 22.7% 22.6% 18.8% Projected Actual * Case Studies of Major Acquisitions (NOI Evolution R$ mm) Plaza Niterói Shopping Estação Campinas Shopping Shopping Tamboré +223.9% +247.4% +241.0% +358.7% CAGR: 15.8% CAGR: 16.8% CAGR: 16.6% CAGR: 21.0% Acquisition Price R$550.7 mm Acquisition Price R$108.8 mm Acquisition Price R$155.0 mm (R$138 mm NPV) Acquisition Price R$221.5 mm 13 Note: * Does not consider the NOI of divested assets.

Growth Drivers: Acquisition We still see a great opportunity for acquisitions in Brazil. Market Share Ownership of Brazilian Shopping Malls Market Share of the 4 largest companies in 2015 * Brazil Total GLA in 2015: 14,677 thousand m² 14 * Top 4 mall Players: BRMALLS, Multiplan, Aliansce and Iguatemi. Source: ABRASCE

Owned GLA ( 000 m²) Expansion Greenfield Growth Drivers: Development (Projects Delivered) 2008/2010 2011 2012 2013 2014 2015 Total 10 projects 21 projects 134.1 72.6 39.9 45.9 12.4 7.8 312.7 15

Growth Drivers: Development Solid development history and the largest pipeline of greenfield and expansions projects of the industry Owned GLA (in 000 sqm) Already developed (Owned GLA) 312.7 Pipeline (Owned GLA) 94.1 +9.7% of the Owned GLA 51.0 397.9 246.5 64.5 45.0 9.1 35.9 12.4 7.8 35.2 30.3 20.7 124.1 182.0 273.8 2008-2013 2014 2015 2016 2017 2018 onwards TOTAL Greenfield Expansions Capex* (R$ mm) 1,862.0 233.4¹ 142.7¹ 98.1¹ 221.0¹ 359.9¹ 2,917.1 16 1 Considers only CAPEX of announced projects

Growth Drivers: Organic Growth NOI Margin (%) Occupancy Cost (% of sales) Occupancy rate (%) Leasing Spread Renewals(%) Same Mall NOI (R$ mm) 10.9% 8.0% 6.2% 16.4% 23.2% 17

Growth Drivers: Organic Growth Outstanding performance in a RESILIENT BUSINESS protected against inflation Same Store Sales Annual Growth (%) Quartely Growth (%) Same Store Rent Same Store Sales (%) GDP (%) Annual Growth (%) Quartely Growth (%) Same Store Rent (%) 18

Strength and Resiliency Retail Sales Y.o.Y. Growth/Shoppings/BRMALLS Shopping Centers historically outperform retail sector BRMALLS outperforming Shopping Center sector 19 *Source: Shopping Center Sales ABRASCE; Retail Sales - IBGE

Financial Highlights Net Revenues (R$ million) Gross Revenues Breakdown (3Q16) CAGR 36.0% Rent Parking Services Key Money Others Transfer Fee Base Rent Overage Rent Mall & Media 20

Financial Highlights (Cont d) NOI (R$ million) Adjusted EBITDA (R$ million) CAGR 38.1% CAGR 39.5% 21

Capital Structure 3Q16 Debt Index (% of the gross debt) Cash R$405.6 million Average Yield 102.1% Gross Debt Average Debt Duration R$4.9 billion 11.2 years Average Debt Cost 11.3% Net Debt Net Debt / Annualized Adjusted EBITDA Net Debt / Annualized Adjusted EBITDA (ex-perps) Rating R$4.5 billion 4.6x 3.3x Moody s: Aa2 / Ba1 Fitch: AA+ / BB+ Index Avg. Cost a year (Debt & Swaps)* TR 10.4% CDI 11.8% IPCA 11.8% IGP-M 13.6% Fi xed 3.1% Total 11.3% 22

Appendix 23

Income Class Pyramid Evolution Population Distribution by Income Class (millions of people) Growth +7m Growth +11m 13 20 31 66 Growth +29m 95 Growth +18m 113 96 73 59 2003 2009 2014 A Class: over R$9,050 B Class: R$6,941 R$9,050 C Class: R$1,610 R$6,941 D Class: R$1,008 R$1,610 E Class: under R$1,008 A & B Class C Class D & E Class 24 Source: Political Sciences Center at FGV-Rio

Shopping Mall: A Safe Harbor Sales Performance in the Shopping Mall Sector from 1995 Average Inflation (1995-2015): +7.4% Average GDP Growth (1995-2015): +2.5% Sales CAGR (1995-2015): +14.6% Mexican Crisis (1994) & Asian Crisis (1997) Russian Crisis (1998) & Real Depreciation (1999) 2002 Crisis Lula Election Subprime Crisis (2008-09) European Crisis (2011-12) Car Wash Crisis (2014-15) Avg. GDP Growth (95-97): 2.9% Avg. Inflation (95-97): 7.4% Avg. Interest Rate (95-97): 35.5% Sales Growth CAGR (95-97): 18.3% Avg. GDP Growth (98-00): 1.8% Avg. Inflation (98-00): 5.5% Avg. Interest Rate (98-00): 21.3% Sales Growth CAGR (98-00): 20% Avg. GDP Growth (03-05): 3.0% Avg. Inflation (03-05): 7.5% Avg. Interest Rate (03-05): 17.4% Sales Growth CAGR (03-05): 12.4% Avg. GDP Growth (08-09): 3.2% Avg. Inflation (08-09): 5.1% Avg. Interest Rate (08-09):11.2% Sales Growth (08-09): 14.6% Avg. GDP Growth (11-12): 2.5% Avg. Inflation (11-12): 5.8% Avg. Interest Rate (11-12): 9.1% Sales Growth (11-12): 10.6% Avg. GDP Growth (14-15): -2.6% Avg. Inflation (14-15): 8.5% Avg. Interest Rate (14-15): 14.2% Sales Growth (14-15): 6.5% 25 Source: IPEA Data and ABRASCE

Ibovespa vs. GDP YoY (%) 70.000 Jan/91 - Jul/97: 6 years and 5 months Jul/97 - Oct/02: 5 years and 3 months Oct/02 - Mar/10: 7 years and 5 months Mar/10 Mar/16 6.53 7 60.000 5.9 6,11 5.76 6 5.27 5.26 50.000 4.2 4.5 4.82 5 40.000 3.65 4 3 30.000 2.1 2.16 2.14 2.5 2.28 2.09 2 20.000 0.66 0.93 1 10.000 0.1 0.0 0 - -0.6-3.9 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 GDP yoy% IBOVESPA -1.41-3,7-2.0 * -1-2 26 *Expected GDP for 2015 and 2016 FOCUS BCB 13/05/16 GDP numbers from 2014 onwards consider new methodology (comparable value for 2014 was -0.25%)

BRMALLS and LT Interest Rates Historical Stock Price vs. Fwd Real Rate 1 LTM 2 Performance Correlation w/ Fwd Interest Rates Highest Liquidity in the Sector (3.3x Avg Peers) BRML3 59.7% -84% PEERS¹ 50.8% -27% Fwd Interest Rate -26.2% Largest Foreign Shareholder Base (~80%) Highest weight of the sector on Ibovespa Index (0.76%) Net Debt / EBITDA 4.6x 27 Source: Bloomberg 09/30/2016 1- Multiplan (MULT3), Iguatemi (IGTA3), Aliansce (ALSC3)

BRMALLS vs. international Peers EV/EBITDA 2Q16 vs. International Peers 28 Source: Bloomberg 09/30/2016

Shopping Mall Industry Brazilian Mall industry offers strong potential for growth and expansion GLA per 1,000 inhabitants (m²) % of Retail Sales in Shopping Malls USA Canada Chile Mexico Brazil Canada USA Chile Mexico Brazil 29 Source: ICSC 2014 Source: ICSC / ABRASCE 2013

IR Contacts Frederico Villa CFO Phone: 55 21 3138-9999 E-mail: frederico.villa@brmalls.com.br Derek Tang IR Manager Phone: 55 21 3138-9914 E-mail: derek.tang@brmalls.com.br Renato Campos Specialist Phone: 55 21 3138-9939 E-mail: renato.campos@brmalls.com.br www.brmalls.com.br/ir Leonardo Bretas - Intern Phone: 55 21 3138-9980 E-mail: leonardo.bretas@brmalls.com.br 30

Disclaimer The material that follows is a presentation of general background information about BR Malls Participações S.A. and its consolidated subsidiaries ( BR Malls" or the "Company") as of the date of the presentation. It is information in summary form and does not purport to be complete and is not intended to be relied upon as advice to potential investors. You should consult the offering memorandum for complete information about the transaction and base your investment decision on such offering memorandum. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Neither the Company nor any of its affiliates, advisers or representatives, accepts any responsibility whatsoever for any loss or damage arising from any information presented or contained in this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives make any undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. This presentation is strictly confidential and may not be disclosed to any other person. This presentation contains forward-looking statements. Such statements are not statements of historical facts, and reflect the beliefs and expectations of BR Malls management. The words "anticipates", "wishes", "expects", "estimates", "intends", "forecasts", "plans", "predicts", "projects", "targets" and similar words are intended to identify these statements. Although the Company believes that expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company's management, the Company cannot guarantee future results or events. You are cautioned not to rely on forward-looking statements as actual results could differ materially from those expressed or implied in the forward-looking statements. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the Securities Act ). Any offering of securities to be made will be made solely by means of an offering circular. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither any part of this presentation nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in any offering of securities of the Company should be made solely on the basis of the information contained in the offering document which may be published or distributed in due course in connection with any offering of securities of the Company, if any. This presentation is being made only to investors that, by means of their attendance at this presentation, represent to the underwriters and the agents that they are Qualified Institutional Buyers as that term is defined in the Securities Act. 31