1Q15. Earnings Release. Investor Relations: Frederico Villa CFO and IRO. 1Q15 Conference Call: English. Derek Tang Manager

Earnings Release 1Q15 Investor Relations: Frederico Villa CFO and IRO Derek Tang Manager Camilla Daher Coordinator Renato Campos Specialist Fernanda Sallum Intern ri@brmalls.com.br Tel: +55 21 3138-9900 Fax: +55 21 3138-9901 1Q15 Conference Call: English May 6th, 2015 2:00 pm (US ET) 1-516-300-1066 (U.S) +55 11 3127-4971 Portuguese May 6th, 2015 1:00 pm (US ET) 1-516-300-1066 (U.S) +55 11 3127-4971 2

BRMALLS REPORTS ITS RESULTS FOR THE FIRST QUARTER OF 2015. Rio de Janeiro, May 5th, 2015 BRMALLS Participações S.A. (BM&FBovespa: BRML3), the largest integrated shopping mall company in Brazil, announces today its results for the first quarter of 2015 (1Q15). BRMALLS has a portfolio of 48 malls, comprising 1,695.8 thousand m² of gross leasable area (GLA) and 992.3 thousand m² of owned GLA. At the end of 1Q14 BRMALLS had 2 greenfield projects and 8 expansion projects in development that together will increase its total GLA to 1,849.5 thousand m² and its owned GLA to 1,102.5 thousand m², an increase of 9.4% and 11.7%, respectively, compared to the portfolio in the end of 1Q15. BRMALLS is the only shopping mall company in Brazil with a nationwide presence that caters to consumers from all income segments. The Company provides management and leasing services for 45 malls. 1Q15 Highlights and Events After the Reporting Period: In the first quarter of 2015 net revenue was R$339.9 million, increasing by 5.4% from the same quarter of 2014. Excluding the malls divested in the last 12 months*, net revenue increased by 8.6% in 1Q15. NOI was R$311.4 million in 1Q15, increasing by 5.7% from 1Q14. NOI margin in the period was 91.2%, 0.6p.p above the margin in 1Q14 and the highest first quarter margin in the history of the company. Same Mall NOI reached a 8.6% growth over 1Q14. In 1Q15, adjusted EBITDA grew by 3.5%, compared to the same quarter of 2014, reaching R$263.1 million. Adjusted EBITDA margin in the quarter was 77.4%. Excluding the effects of sold assets* over the last 12 months, EBITDA grew by 6.5%. Adjusted FFO grew by 43.3% from 1Q14 to reach R$114.5 million in the quarter. AFFO margin reached 33.7% in 1Q15, an increase of 8.9p.p over 1Q14. Adjusted Net Income increased by 45.0% from 1Q14 reaching R$112.0 million in the quarter. Total sales in the shopping malls of BRMALLS totaled to R$5.1 billion in the first quarter of 2015, increasing by 0.5% from the same period of 2014. Excluding the malls divested in the last 12 months*, total sales grew by 7.6%. Same store rent grew by 7.6% in 1Q15 and same store sales grew by 5.9% from 1Q14. In 1Q15, we registered a leasing spread for contract renewals of 12.3% and a leasing spread for new contracts of 12.9%. Our average occupancy rate was 97.2%. Our 10 most representative malls in terms of NOI had an average occupancy rate of 98.2%. Also after the reporting period, we inaugurated the expansion of Shopping Campinas. The expansion added 4.9 thousand m² of total and owned GLA. We estimate that the expansion project will generate R$3.9 million in stabilized NOI for BRMALLS. The project inaugurated with a 94.0% occupation rate. *Assets divested: Shopping Ilha Plaza, Iguatemi Belém, Metro Tatuapé, Big Shopping, Mueller and Fashion Mall 1

Financial Highlights (R$ 000) - Adjusted Financial Information 1Q15 1Q14 % Net Revenues 339,858 322,421 5.4% Sales Expenses 14,139 11,778 20.0% Sales Expenses (% of Gross Revenues) 3.9% 3.4% 0.5 p.p. S, G & A Expenses 49,642 46,561 6.6% S, G & A Expenses (% of Gross Revenues) 13.5% 13.4% 0.1 p.p. NOI 311,401 294,629 5.7% margin% 91.2% 90.6% 0.6 p.p. Gross Profit 310,353 291,882 6.3% margin % 91.3% 90.5% 0.8 p.p. EBITDA 260,964 252,203 3.5% Adjusted EBITDA 263,123 254,316 3.5% margin% 77.4% 78.9% -1.5 p.p. Net Income/Loss -132,706 53,751 - Adjusted Net Income 112,009 77,229 45.0% margin % 33.0% 24.0% 9.0 p.p. FFO -130,195 56,411 - Adjusted FFO 114,520 79,890 43.3% margin % 33.7% 24.8% 8.9 p.p. Operating Highlights 1Q15 1Q14 % Total GLA (m²) 1,690,953 1,635,156 3.4% Owned GLA (m²) 987,404 960,424 2.8% Same Store Sales 5.9% 7.6% -1.7 p.p. Total Sales (R$ million) 5,111.3 5,086.3 0.5% Sales per m² 1,131 1,124 0.6% Same Store Rent 7.6% 8.7% -1.1 p.p. Rent per m² (monthly average) 90 88 1.5% NOI per m² (monthly average) 108 105 2.9% Occupancy Cost (% of sales) 11.4% 11.1% 0.3 p.p. (+) Rent (% of sales) 6.9% 6.9% 0.0 p.p. (+) Condominium and Marketing expenses (% of sales) 4.5% 4.2% 0.3 p.p. Occupancy (monthly average) 97.2% 97.6% -0.4 p.p. Net Late Payments 4.4% 2.5% 1.9 p.p. Late Payments - 30 days (monthly average) 6.9% 4.0% 2.9 p.p. Tenant Turnover 5.1% 6.8% -1.7 p.p. Leasing Spread (renewals) 12.3% 20.0% -7.7 p.p. Leasing Spread (new contracts) 12.9% 10.6% 2.3 p.p. Market Indicators 1Q15 1Q14 % Number of Shares (-) treasury stock 462,652,489 459,540,434 0.7% Average Share Price (R$) 16.02 16.68-4.0% Share Price - end of period (R$) 16.94 19.09-11.3% Market Value - end of period (R$ million) 7,837 8,871-11.6% Average Daily Traded Volume (R$ million) 39.6 52.2-24.2% Average Number of Trades 7,672 9,053-15.2% Exchange Rate (US$) - end of period 3.21 2.66 20.8% Net Debt (R$ million) 4,683.7 4,047.3 15.7% NOI per share 0.67 0.64 5.0% Investment Property (R$ million) 17,329,305 17,407,030-0.4% 2

Management Comments: Our 1Q15 results were impacted mainly by the asset divestments over the last 12 months and by a more challenging macro scenario. Despite those factors we were still able to increase our efficiency and achieve historical high performance in a first quarter in three indicators: NOI/m², NOI margin and Rent/m². We remain focused in reducing costs, generating cash and improving our profitability. As a result of those efforts, our Same-mall NOI increased by 8.6% over 1Q14 with a 91.2% margin (vs. 90.6% in 1Q14). Our adjusted EBITDA totaled R$263.1 million, 3.5% higher than in 1Q14 or 6.5% if we exclude the effect of assets sold over the last 12 months. When it comes to cash generation, we were able to achieve positive results with a R$114.5 million AFFO, 43.3% higher than the R$79.9 million in 1Q14. If we exclude the effect of the assets sold over the last 12 months, total sales grew by 7.6% over 1Q14 to a total of R$5.1 billion. The leisure segment had a good performance recording a 19.4% SSS mainly due to good movie theater releases. BRMALLS SSS grew by 5.9% in 1Q15. In addition to first quarters being usually weaker, we were also impacted by a challenging macro scenario. When it comes to leasing, we signed 231 contracts with a 12.3% leasing spread for contract renewals and 12.9% for new contracts. As mentioned before, our rent/m² reached its historical high in a first quarter: R$90/m², a 1.5% growth over 1Q14. In this quarter we launched our new BackOffice operation, with new collection and billing processes and systems. The roll-out of new systems caused a temporary impacts in our net delinquency and delinquency indicators which increased to 4.4% and 6.9% respectively. Our portfolio recycling strategy, combined with a continued focus on cash and liability management, reinforces the company s commitment to take advantage of the opportunities that will arise once the macro scenario starts showing signs of improvement. 3

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 2014. 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 1Q15 RESULTS Gross Revenue: Gross revenue amounted to R$367.2 million in 1Q15, increasing R$18.6 million or 5.3% from the same quarter a year ago. The gross revenue growth in the period is basically explained by the following factors: Gross Revenues Growth (R$ thousand) - Adjusted Financial Information 5.3% 367,215 Base Rent: In the quarter, base rent revenue increased by 6.2% from the same quarter a year ago to reach R$208.2 million. The increase in this line is explained by the high leasing spread in recent quarters and inflationary adjustment of leasing contracts. In 1Q15, same-store rent grew by 7.6%. The rent straightlining effect in the quarter was R$7.9 million, compared to R$5.7 million in 1Q14. 348,648 1Q14 1Q15 Mall & Merchandising We registered a growth of R$421.0 thousand or 1.2% in the Mall & Merchandising revenue line from the year-ago quarter to reach R$35.3 million. In 1Q15, Mall & Merchandising revenue accounted for 9.6% of gross revenue. Excluding the effects of the divestments in the last 12 months, this revenue line grew 5.3%. Overage Rent Overage rent revenue amounted to R$15.7 million in the quarter, decreasing by 4.4% on the year-ago quarter. Excluding the effects of divestments over the last 12, overage rent grew by 0.3%. Gross Revenues Breakdown (R$ thousand) - Adjusted Financial Information 1Q15 1Q14 % Base Rent 208,204 195,992 6.2% Overage Rent 15,744 16,476-4.4% Mall & Merchandising 35,276 34,855 1.2% Parking 65,249 59,366 9.9% Services 25,824 23,321 10.7% Key Money 14,377 15,817-9.1% Transfer Fee 569 1,605-64.6% Others 1,972 1,216 62.1% Receita Bruta 367,215 348,648 5.3% 4

Parking Revenue We reached R$65.2 million in the Parking revenue line, a growth of 9.9% or R$5.9 million from the year-ago period. If we exclude the effects of mall divestments, parking revenue grew by 12.6%. This growth was mainly due to the increase in footfall in our malls. Parking NOI amounted to R$55.0 million in 1Q15, increasing by 9.5% or R$4.8 million. Quarterly parking NOI margin reached 84.4%. Parking NOI Evolution (R$ thousand) - Adjusted Financial Information 50,246 9.5% 55,039 1Q14 1Q15 Service Revenue In 1Q15, revenue from services provided amounted to R$25.8 million, a growth of 10.7% over 1Q14. Transfer Fees Transfer Fees amounted to R$568.8 thousand in 1Q15, or 64.6% less than in the year-ago quarter. This reduction can be explained by the lower turnover of our stores: 5.1% vs. 6.8% in 1Q14, decreasing 170 bps. Key Money Key Money amounted to R$14.4 million, decreasing by 9.1% or R$1.4 million from 1Q14. Key Money was impacted by the lower turnover of our stores 17.8% 3.9% 7.0% 0.5% 0.2% 4.3% 9.6% 70.6% 56.7% 5

Net Revenues: In 1Q15, net revenue amounted to R$339.9 million, increasing by 5.4%, when compared to the same quarter of 2014. Excluding the assets divestments over the last 12 months, net revenues grew by 8.6%. Net Revenues Growth (R$ thousand) - Adjusted Financial Information 339,858 5.4% 322,421 Costs: 1Q14 1Q15 In 1Q15, rent and service costs amounted to R$29.5 million, decreasing 3.4% when compared to 1Q14. The main cost variations were due to: Other Costs Other costs decreased by 25.9% to R$6.2 million. Merchandising Costs Merchandising costs decreased by 29.2% to R$2.7 million in the quarter. NOI: NOI amounted to R$311.4 million in the first quarter of 2015, increasing by R$16.8 million or 5.7% from the same quarter last year. NOI margin in the period was 91.2%, improving 0.6p.p over 1Q14. This is the highest first quarter NOI margin in the history of the company. NOI Reconciliation (R$ thousand) - Adjusted Financial Information NOI Growth (R$ thousand) - Adjusted Financial Information 1Q15 1Q14 % Gross Revenue 367,215 348,648 5.3% (-) Services (25,824) (23,321) 10.7% (-) Costs (29,505) (30,539) -3.4% (+) Araguaia Debenture 2,159 2,113 2.2% (-) Presumed Credit PIS/COFINS (2,644) (2,272) 16.4% NOI 311,401 294,629 5.7% Margin % 91.2% 90.6% 0.6 p.p. 5.7% 294,629 1Q14 311,401 1Q15 6

Same-property NOI in the quarter grew by 8.6% from the same quarter last year. Our top 10 malls in terms of NOI account for 46.5% of our total NOI. NOI* and Total Tenants Sales by Mall (R$ thousand) - Adjusted Financial Information NOI 1Q15 Sales 1Q15 1 Plaza Niterói 30,611 243,110 2 Shopping Tijuca 26,770 203,179 3 NorteShopping 22,041 326,237 4 Shopping Tamboré 15,861 141,027 5 Center Shopping Uberlândia 14,579 164,917 6 Catuai Shopping Londrina 13,705 149,162 7 Shopping Metrô Sta Cruz 11,832 95,956 8 Shopping Recife 10,581 331,990 9 Mooca Plaza Shopping 10,410 118,701 10 Shopping Estação 10,102 96,890 Others 144,910 3,240,160 Total 311,401 5,111,330 * NOI considers the effects of straight-lining effects. Sales, General and Administrative Expenses: In 1Q15, SG&A expenses amounted to R$49.6 million, increasing by R$3.1 million or 6.6% from the same quarter from 2014. Sales Expenses Sales expenses amounted to R$14.1 million in the quarter, increasing by R$2.4 million from 1Q14. Personnel Expenses Personnel expenses amounted R$30.9 million and dropped by R$1.2 million or 3.9% in 1Q15 compared to the year-ago quarter. This result reflects our efforts in efficiency and the BackOffice project restructuring. Depreciation and Amortization: In view of the adoption of the pronouncements of the Accounting Pronouncements Committee (CPC), in accordance with CVM Resolution 603, we no longer depreciate our investment properties, which are now booked at fair value twice a year, in June and December. We also no longer amortize the goodwill generated by acquisitions. In 1Q15, we reported depreciation and amortization expenses of R$2.5 million, reducing by 5.6% from 1Q14. 7

Other Operating Revenues: In the first quarter of 2015, other operating revenues amounted to R$253.0 thousand, decreasing 96.3% from the same quarter last year. The decrease was due to non-recurring asset sale effects in 1Q14. 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. 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. EBITDA: First-quarter EBITDA totaled R$261.0 million, a 3.5% improvement on the R$252.2 million reported in 1Q14. Adjusted EBITDA totaled R$263.1 million, an increase of 3.5% over 1Q14. Adjusted EBITDA margin was 77.4% in 1Q15. EBITDA growth was impacted by non-recurring effects from our asset sales in 1Q14. Excluding the effects of asset divestments, Adjusted EBITDA grew 6.5% over 1Q14. Adjusted EBITDA Growth (R$ thousand) - Adjusted Financial Information 1Q15 1Q14 % Net Revenue 339,858 322,421 5.4% (-) Costs and Expenses (81,658) (79,760) 2.4% (+) Depreciation and Amortization 2,511 2,660-5.6% (+) Other Operating Revenues 253 6,882-96.3% EBITDA 260,964 252,203 3.5% (+) Aruaguaia Debenture 2,159 2,113 2.2% Adjusted EBITDA 263,123 254,316 3.5% Margin % 77.4% 78.9% -1.5 p.p. Adjusted EBITDA Growth (R$ thousand) - Adjusted Financial Information 254,316 1Q14 3.5% 263,123 1Q15 8

Financial Result: In the first quarter of 2015, the Company recorded a net financial expense of R$293.4 million, compared to the net financial expense of R$118.5 million in 1Q14. Excluding the non-cash effects from the adjustment of swaps (mark-tomarket) and the exchange variation, the net financial expense in 1Q15 was R$106.2 million, a decrease of 24.0% from 1Q14. Financial revenues in the quarter was R$391.5 million, while financial expenses amounted to R$684.9 million. The main factors impacting the financial results in the period were: Interest Revenue and Expenses and Monetary Variation Interest Revenue generated income of R$20.0 million in 1Q15, up 50.2% from the same quarter last year, mainly due to an increase in our cash position and Brazilian interest rates. Interest expenses amounted to R$160.3 million in the quarter, increasing 16.7% from 1Q14, mainly due to the increase in interest rates and inflation. Net Income: Financial Result (R$ thousand) - Adjusted Financial Information Revenues 1Q15 1Q14 % Financial Investments 19,956 13,286 50.2% FX Variation 20,185 113,762-82.3% Swap Curve 257,209 88,551 190.5% Swap mark to market 92,673 10,781 759.6% Others 1,483 1,870-20.7% Total 391,506 228,250 71.5% Expenses 1Q15 1Q14 % Interest (160,330) (137,436) 16.7% FX Variation (266,216) (77,453) 243.7% Swap Curve (221,373) (103,321) 114.3% Swap mark to market (33,774) (25,703) 31.4% Others (3,184) (2,797) 13.8% Total (684,877) (346,710) 97.5% Financial Result (293,371) (118,460) 147.7% Cash Financial Result (106,239) (139,846) -24.0% Swap The 20.8% appreciation of the U.S Dollar over the Brazilian Real contributed to a R$35.8 million revenue in our Swap Curve line since it represents the cash effect of our hedges. When it comes to the mark to market of our swaps, we totaled a R$58.9 million revenue but since this line represents changes in the mark to market of our hedges, a non-cash effect, it is not considered as cash financial result. In the first quarter of 2015, adjusted net income was R$112.0 million. Based on this result, earnings per share in the period was R$0.24 compared to R$0.17 on 1Q14, an increase of 43.7%. Adjusted Net Income Reconciliation (R$ thousand) Adjusted Net Income Growth (R$ thousand) - Adjusted Financial Information 1Q15 1Q14 % Net Income (132,706) 53,751-346.9% (+) FX Variation (Perp. Bond) 246,031 (36,309) -777.6% (+) Swap mark to market (58,899) 14,922-494.7% (+) Non-cash taxes adjustment 57,583 44,865 28.3% Adjusted Net Income 112,009 77,229 45.0% Margin % 33.0% 24.0% 9.0 p.p. 77,229 1Q14 45.0% 112,009 1Q15 9

Adjusted FFO: We ended the first quarter of 2015 with a negative FFO of R$130.2 million. Adjusted FFO, which excludes noncash effects such as exchange variation, gains/losses from fair value adjustment of swaps, was R$114.5 million in 1Q15, an increase of 43.3%. Adjusted FFO margin in 1Q15 was 33.7%, 8.9p.p over 1Q14. FFO Reconciliation (R$ thousand) - Adjusted Financial Information AFFO Growth (R$ thousand) - Adjusted Financial Information 1Q15 1Q14 % Net Income (132,706) 53,751 - (+) Depreciation and Amortization 2,511 2,660-5.6% FFO (130,195) 56,411 - (+) FX Variation on Perpetual Bond 246,031-36,309 - (+) Swap mark to market (58,899) 14,922 - (+) Non-cash Taxes Adjustment 57,583 44,865 28.3% Adjusted FFO 114,520 79,890 43.3% Margin % 33.7% 24.8% 8.9 p.p. 79,890 1Q14 43.3% 114,520 1Q15 CAPEX: BRMALLS invested R$81.8 million over the course of the first quarter of 2015, which was allocated as follows: Greenfield Projects A total of R$12.7 million was invested in projects in the development pipeline. Expansions and Renovations A total of R$ 61.8 million was invested in expansion and renovation projects over the course of 1Q15. 15.5% 9.0% CAPEX Total Expansions and Renovations Greenfield Projects Others A total of R$7.3 million was invested in systems, internal processes, our back office project that seek efficiency in costs and technologies, among others. Others 75.5% 10

Cash and Debt (Financial Adjusted Information): Gross debt ended the first quarter with a balance of R$5.4 billion and an average cost of IGP-M + 5.7% p.a., in line with 1Q14. Gross debt increased by R$240.8 million from the balance at the end of 2014, mainly due to FX variation over our perpetual bond. We ended 1Q15 with a net debt of R$4.7 billion. The debt continues to present a long duration, with 91.9% of gross debt classified as long term and an average duration of 11.4 years. IPCA 18.7% Indexadores da Dívida Fixed 0.6% IGP-M 3.7% The Company ended 1Q15 with a cash position of R$721.8 million, 7.0% or R$47.4 million higher than at the close of 4Q14. CDI 38.6% TR 38.4% Main Indicators (R$ thousand) Exposição para os próximos 5 anos por Índice (Dívidas e Swaps) 1Q15 4Q14 Cash Position 721,781 674,341 Average Remuneration 102.2% 102.0% Gross Debt (R$ thousand) 5,405,467 5,164,679 Duration (years) 11.4 10.8 Average Cost IGPM + 5.7% IGPM + 5.7% Net Debt 4,683,686 4,490,338 Net Debt / annualized Adjusted EBITDA 4.45x 3.36x Net Debt (ex-perpetuals) / annualized Adjusted EBITDA 3.21x 2.52x Adjusted EBITDA 12M / Financial Net Debt 3.06x 2.49x TR 38.6% IGP-M 5.0% CDI 30.5% Fixed 0.9% IPCA 25.0% Debt Amortization Schedule (R$ million) - Adjusted Financial Information 1,343 819 304 521 438 486 322 284 275 263 267 85 2015 to be Disbursed 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 onwards 11

Operational Indicators: NOI per m² The average NOI per m² of our shopping malls was R$108 in 1Q15, growth of 2.9% over 1Q14. Considering the 10 malls that are most representative in terms of NOI, the average NOI per m² increased by 8.0% to R$158.8. 100 109 110 127 NOI* per m² 105 110 109 131 108 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 *NOI per m² considers straight-lining effects Rent* per m² Rent per m² Considering the straightlining effects, rent per m² in the quarter amounted to R$90.3 in 1Q15, an increase of 1.5% over 1Q14. Considering the 10 malls that are the most important rent contributors, rent per m² increased by 8.0% to a monthly average of R$127.9. 106 106 85 91 91 88 90 90 90 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 *Rent per m² considers straight-lining effects Occupancy (%) Occupancy Rate The occupancy rates of our assets averaged 97.2% of total GLA in the quarter, a decrease of 0.40p.p compared to 1Q14. In 1Q15, of the 48 malls in which we held interest, over half of them had more than 98% of their GLA leased. 97.9% 97.7% 97.6% 97.9% 97.6% 97.3% 97.1% 97.4% 97.2% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Late Payments In the first quarter of 2015, the net late payment rate stood at 4.4% 1.9p.p higher than 1Q14. In January and February we went through a period of rolling-out new billing and collection processes and systems. This roll-out had a significant impact in our delinquency indicator. In April the process began stabilizing. Net Late Payments 1.8% 1.3% 0.5% 1.5% 2.5% 1.7% 1.1% 0.8% 4.4% Late Payment rate in 1Q15 was 6.9%, an increase of 2.9p.p over 1Q14. 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 12

11.3% 10.5% Occupancy Cost Breakdown (% of Sales) 10.2% 9.7% 11.1% 10.4% 10.7% 9.7% 11.4% Occupancy Cost 6.8% 6.5% 6.5% 6.5% 6.9% 6.4% 6.5% 6.4% 6.9% In 1Q15 our occupancy cost increased by 0.3p.p over 1Q14 totaling 11.4%. 4.5% 4.0% 3.7% 3.2% 4.2% 4.0% 4.2% 3.3% 4.5% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 Rent Marketing and Condominium Expenses Occupancy Cost Breakdown (% of Sales) Indicators Evolution 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 SSS (%) 9.1% 7.0% 6.2% 7.6% 7.5% 6.2% 8.1% 8.0% 7.6% 7.5% 4.4% 6.5% 5.9% SSR (%) 11.3% 8.1% 9.0% 10.2% 11.1% 8.3% 9.3% 10.4% 8.7% 8.6% 7.8% 7.2% 7.6% Sales/m² 1,002 1,071 1,064 1,425 1,167 1,145 1,189 1,574 1,124 1,214 1,189 1,577 1,131 Rent/m² 89 88 89 102 85 91 91 106 88 90 90 106 90 NOI/m² 100 103 104 123 100 109 110 127 105 110 109 131 108 Occupancy Cost (% Sales) 11.2% 10.7% 10.7% 10.1% 11.3% 10.5% 10.2% 9.7% 11.1% 10.4% 10.7% 9.7% 11.4% Late Payments (30 days) 4.6% 4.0% 3.7% 3.2% 4.3% 3.6% 3.1% 3.6% 4.0% 3.9% 3.5% 4.1% 6.9% Net Late Payments 2.1% 1.2% 0.9% 0.9% 1.8% 1.3% 0.5% 1.5% 2.5% 1.7% 1.1% 0.8% 4.4% Occupancy (%) 97.4% 97.6% 97.9% 98.3% 97.9% 97.7% 97.6% 97.9% 97.6% 97.3% 97.1% 97.4% 97.2% 13

Sales Performance: In 1Q15, BRMALLS portfolio registered total sales of R$5,111.3 billion, which represents an increase of 0.5% from R$5,086.3 million in 1Q14. Same Store Sales per Segment (1Q15 versus 1Q14) 19.4% Excluding the malls divested in the last 12 months, total sales grew by 7.6% in 1Q15 over 1Q14. On a same-store basis, sales grew by 5.9%. The highlight was the leisure segment, which grew by 19.4% impacted mainly by blockbusters in the period. 4.9% 1.5% 6.7% Anchor Megastore Satellites Leisure 1.6% 8.0% By region, the highlights in same-store sales were the Northeast and Midwest, which registered same-store sales growth of 8.0% and 7.5% compared to the year-ago quarter. The Southeast region which accounts for the largest NOI share of our portfolio, registered SSS growth of 5.8%. 7.5% SSS (%) 0.1% % NOI 3.7% 6.3% 5.8% In terms of income class, malls targeting the middle high and middle low class posted the best results, with SSS growth of 6.9% and 6.3%, respectively. 6,9% 5.4% 50.1% 36.1% 6.3% 10.1% Lower-middle Middle Upper-middle Upper 14

Leasing Activities: In 1Q15, the leasing spread for contract renewals was 12.3%. Meanwhile, the leasing spread for new contracts stood at 12.9% in 1Q15, an increase of 2.30p.p over 1Q14. Contract Renewals (% of GLA) 30.9% A total of 176 stores were leased in 1Q15 in existing malls. 24.5% In the expansion projects, a total GLA of 28 contracts or 4.2 thousand m² of GLA was leased. We leased 14 contracts or 914m² in our greenfields. 18.4% 26.2% 1Q 2Q 3Q 4Q Overall, taking existing malls, expansions and greenfield projects into account, we leased a total of 218 contracts in 1Q15, 8.8% less than in 1Q14. New Contracts Leasing Spread (%) 20.9% 19.3% Contract Maturity Schedule (% of GLA) 34.5% 10.5% 10.9% 12.9% 32.6% 14.5% 18.4% 1Q14 2Q14 3Q14 4Q14 1Q15 Up to 12 months 12-24 months 24-36 months More than 36 months 15

Acquisitions: Actual NOI in the quarter from malls acquired since the incorporation of BRMALLS continued to outperform the feasibility studies formulated at the time of their acquisition. Actual NOI in the quarter was R$187.5 million for the malls acquired by BRMALLS, which is 31.3% higher than the R$142.8 million projected for 1Q15. NOI of Realized Acquisitions (R$ thousand) 31.3% 187,527 142,776 Expansion Projects: Projected NOI 1Q15 Actual NOI 1Q15 Our expansion pipeline consists of 8 projects that will add 81.6 thousand m² in total GLA and 59.2 thousand m² in owned GLA, expanding our portfolio at the end of 1Q15 by 4.8% and 6.0%, respectively. We estimate that these expansions add a stabilized NOI of R$76.9 million to BRMALLS. The expansion projects announced require an investment of R$597.0 million considering the share held by BRMALLS, of which 45.7% had already been disbursed as of end-1q15, with R$324.4 million still to be invested. In 2015 we expect to inaugurate the expansions of Capim Dourado. We will continue to analyze opportunities for creating value on our existing assets. Expansions Gross CAPEX Schedule (R$ million) ¹ Owned GLA with Expansions (m²) 225.7 597.0 987,404 59,231 1,046,635 230.6 41.9 77.2 21.6 Current Owned GLA Owned GLA - Expansions Total Owned GLA Expected Until 4T14 1Q15 2015 2016 2017 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 Leasing Status Campinas 4,868 100.0% 4,868 90.1% 3.9 0.4 13.6% 2T15 94.0% Capim Dourado 7,508 100.0% 7,508 69.4% 8.8 5.0 13.7% 2T15 85.0% Top Shopping 17,233 50.0% 8,617 82.9% 17.4 6.1 10.4% 2016 45.0% Estação BH 1,394 60.0% 836 16.0% 2.0 1.9 19.1% 2016 54.9% NorteShopping 12,090 100.0% 12,090 16.0% 33.4 15.7 15.1% 2017 52.5% Independência 9,531 83.4% 7,911 16.0% 11.4 5.3 13.1% 2017 56.0% Mooca Plaza Shopping (Phase 1) 19,000 60.0% 11,400 * * * * 2018 * Mooca Plaza Shopping (Phase 2) 10,000 60.0% 6,000 * * * * 2019 * Total 81,625 72.6% 59,231 76.9 34.5 ¹The expansion of Mooca Plaza Shopping is not included in CAPEX ² BRMALLS stabilized NOI includes service fees. *To be defined. 16

Capim Dourado Expansion Launched in 2010, the Shopping Capim Dourado is located in Palmas, Tocantins. The mall has become a reference when it comes to consumption in the state of Tocantins. It s area of influence includes not only the capital city of Palmas, but also 12 other cities and its regional mall status will also influence the southwest of Pará, Northeast of Mato Grosso and south of Maranhão. Palmas is the capital city with the highest population growth in the last decade, 66%, and a 103% GDP growth from 2006 to 2010. With the expansion of Capim Dourado, BRMALLS will add a total of 7.5 thousand m² of GLA, adding up to a total of 36.7 thousand m² of total and owned GLA as well as 50 new stores and a new events courts. The expected opening date is 2Q15. The mall includes a strong mix of anchor stores putting together a great set of retailers such as Cinemark, Casas Bahia, Lojas Americanas, Vivara and Le Lis Blanc and the only Riachuelo, Renner and Marisa in the state. NorteShopping NorteShopping was the first large retail property opened in North Region of Rio de Janeiro in 1986. In January 2007, the mall went through a large expansion: Pátio NorteShopping, which has a different concept in shopping in Brazil, called "Lifestyle Center". In 2009, NorteShopping opened its third expansion and in 2011, the fourth. Thus, NorteShoping is one of the most complete malls in the region. The expansion will add 12.1 thousand m² of total and owned GLA, totaling 90.0 thousand m² of total GLA and 70.1 thousand m² of owned GLA, an increase of 20.8% and 15.5% respectevely, which will strengthen the mall even further and contribute to its position as one of the largest mall in Latin America and top 10 in Brazil. Along with the expansion, which will be connected to the existing part of the mall, the asset will go trough an internal and external redevelopment. The expansion is expected to open in 2017. We estimate that the project will generate a stabilized NOI of R$33.4 million with a real and unleveraged IRR of 15.1%. 17

Development: At the end of the first quarter of 2015 our greenfield pipeline totaled 2 assets: Catuaí Shopping Cascavél and Cuiabá Plaza Shopping. The opening of these 2 greenfield projects will add 77.0 thousand m² in total GLA and 55.9 thousand m² in owned GLA, expanding our portfolio by 4.6% and 5.7%, respectively. Considering the expansion and greenfield projects in progress, we estimate an increase of 9.4% or 158.6 thousand m² in total GLA. The investment to be made by the company in the greenfield projects amounts to R$545.9 million, of which 28.5% was already disbursed by the end of 1Q15, with R$390.1 million remaining to be disbursed over the coming years. The average interest held by BRMALLS in the projects is 72.6% and, once opened, we expect them to generate owned stabilized NOI of R$77.6 million for BRMALLS. Owned GLA with Developments (m²) 11.6% 992,272 59,231 55,903 1,107,406 Greenfield Gross Capex Schedule (R$ million) 220.1 79.2 545.8 148.2 7.5 90.8 Current Owned GLA Owned GLA - Expansions Owned GLA - Development Total Owned GLA Expected Until 4T14 1Q15 2015 2016 2017 onwards Total 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 Leasing Status Shopping Estação Cuiabá 46,980 75.0% 35,235 21.0% 49.5 25.4 15.5% 2016 61.1% Catuaí Shopping Cascavel 29,975 69.0% 20,668 50.0% 21.4 13.1 12.0% 2017 84.0% Total 76,955 72.6% 55,903 77.6 35.1 ¹Stabilized NOI includes service revenue. 18

Shopping Estação Cuiabá Shopping Estação Cuiabá will be located at Avenida Miguel Sutil, one of the main avenues in the city, with a total GLA of 47.0 thousand m². The city s economy is driven by services and industry services. Cuiabá was one of the World Cup host cities and is receiving a relevant amount of investments in infrastructure, transportation and services. The mall will be located in a prosperous region and of great demographic density. The site is linked to large highways, connecting the site to other neighborhoods and cities such as Várzea Grande, 6km away from the mall and it is considered an extension of Cuiabá forming one big city. Estação Cuiabá will have approximately 277 stores: 12 anchor stores, a leisure area, a movie theater with 7 rooms (including 2 VIP rooms and 2 3D rooms), a gym center 26 stores in the food court with over 1,000 seats (the biggest food court in the state), 4 restaurants and over 2,100 parking spaces. When opened, it will be BRMALLS first mall in the state of Mato Grosso and the 4th in the Midwest region. With only 9 months of leasing, the mall has already more than 60% of the GLA occupied. The tenants already confirmed in the mall are Bio Ritmo, Saraiva, Riachuelo, Lojas Americanas, Renner, C&A, Outback and Tok & Stok, among others. 19

R$ Million Capital Market: BRMALLS common stock is traded on the Novo Mercado listing segment of the Brazilian Stock Exchange (BM&FBovespa) under the ticker BRML3. The Company also has a Level 1 ADR program that allows its shares to trade on the secondary or over-the-counter market in the United States, under the ticker BRMLL, which makes the stock available to a greater number of U.S. and international investors. BRMALLS stock is a component of the following stock indexes: Bovespa index (IBOVESPA), Brazil Index (IBrX), Brazil Index 50 (IBrX 50), Carbon Efficient Index (ICO2), among other indices, some of which are listed on the table below: Distribuição Regional da Base Acionária (31/03/2015) 5.8% 1.0% 10.1% 13.3% 51.4% 18.4% USA Europe Brazil Asia Individuals Others Indices: índice Weight BM&F Ibovespa IBOV 0.92% BM&F Bovespa IBrX-50 0.91% BM&F Bovespa ICO2 1.34% BM&F Bovespa IBrX 0.80% BM&F Bovespa IGC 1.18% BM&F Bovespa ITAG 1.05% BM&F Bovespa MLC 0.85% BM&F Bovespa IMOB 19.97% ishares MSCI Brazil 0.81% Source: Bloomberg (03/31/2015) Investor Profile Stock Performance In 1Q15, BRMALLS continued to present a highly diversified investor base in terms of region. Average daily trading volume was R$39.6 million in the period, decreasing 24.2% from R$52.2 million in 1Q14. The average number of trades was 7,672 in 1Q15, compared to 9,053, a decrease of 15.2% from the 1Q14. BRMALLS stock ended the first quarter of 2015 quoted at R$16.94, increasing 3.1% on the price quoted at the close of 1Q14 of R$16.43, while the benchmark Bovespa Index increased in 2.3% in the period. 350 140 300 120 250 100 200 80 150 60 100 40 50 20 0 0 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Average Daily Traded Volume (30 days) BRML3 Ibovespa 20

Our Portfolio: In the first quarter of 2015, BRMALLS held interests in 48 shopping malls, which combined have a total GLA of 1,691.0 thousand m² and owned GLA of 987.4 thousand m². It holds an average ownership interest in these malls of 58.4%. The malls in which the Company holds interests of at least 50% represent 85.6% of total NOI, with the average interest in these 32 malls standing at 72.4%. Below is a summary of the assets that we owned at the end of 1Q15: Aux 2 3 4 5 6 Mall Total GLA % Owned GLA Services Maceió Shopping AL 34,742 54.2% 18,830 Amazonas Shopping AM 34,214 34.1% 11,667 Manag./ Leasing/BO Shopping Paralela BA 39,802 95.0% 37,812 Manag./ Leasing/BO Shopping Vila Velha ES 71,768 50.0% 35,884 Manag./ Leasing/BO Goiânia Shopping GO 22,252 48.4% 10,770 Manag./ Leasing/BO Araguaia Shopping GO 21,758 50.0% 10,879 Manag./ Leasing São Luís Shopping MA 54,890 15.0% 8,234 Rio Anil MA 37,760 50.0% 18,880 Manag./ Leasing Center Shopping Uberlândia MG 52,686 51.0% 26,870 Manag./ Leasing/BO Shopping Del Rey MG 37,032 65.0% 24,071 Manag./ Leasing/BO Independência Shopping MG 23,941 83.4% 19,967 Manag./ Leasing/BO Shopping Sete Lagoas MG 17,942 70.0% 12,560 Manag./ Leasing/BO Minas Shopping MG 35,894 2.1% 764 Itaú Power MG 32,744 33.0% 10,805 Shared Manag./ Leasing Estação BH MG 33,982 60.0% 20,389 Manag./ Leasing/BO Shopping Contagem MG 34,942 51.0% 17,821 Manag./ Leasing/BO Shopping Campo Grande MS 39,213 70.9% 27,808 Manag./ Leasing/BO Shopping Recife PE 75,213 31.1% 23,357 Shared Manag./ Leasing Shopping Estação PR 54,716 100.0% 54,716 Manag./ Leasing/BO Catuaí Shopping Londrina PR 63,089 65.1% 41,071 Manag./ Leasing/BO Shopping Curitiba PR 22,920 49.0% 11,231 Manag./ Leasing/BO Shopping Crystal Plaza PR 11,934 70.0% 8,354 Manag./ Leasing/BO Catuaí Shopping Maringá PR 32,329 70.0% 22,631 Manag./ Leasing/BO Londrina Norte Shopping PR 32,992 70.0% 23,094 Manag./ Leasing/BO Plaza Niterói RJ 44,049 100.0% 44,049 Manag./ Leasing/BO Shopping Tijuca RJ 35,565 100.0% 35,565 Manag./ Leasing/BO Norteshopping RJ 77,908 74.5% 58,041 Manag./ Leasing/BO Ilha Plaza Shopping RJ 21,619 51.0% 11,026 Manag./ Leasing/BO West Shopping RJ 39,558 30.0% 11,867 Manag./ Leasing/BO Top Shopping RJ 18,168 35.0% 6,359 Leasing Via Brasil Shopping RJ 30,680 49.0% 15,033 Manag./ Leasing/BO Casa & Gourmet Shopping RJ 7,137 100.0% 7,137 Manag./ Leasing/BO Center Shopping RJ 13,765 30.0% 4,130 Manag./ Leasing/BO Plaza Macaé RJ 22,694 45.0% 10,212 Manag./ Leasing/BO Natal Shopping RN 26,984 50.0% 13,492 Manag./ Leasing/BO Shopping Iguatemi Caxias do Sul RS 30,324 45.5% 13,797 Manag./ Leasing/BO Shopping Tamboré SP 49,835 100.0% 49,835 Manag./ Leasing/BO Shopping Metrô Santa Cruz SP 19,165 100.0% 19,165 Manag./ Leasing/BO Campinas Shopping SP 29,698 100.0% 29,698 Manag./ Leasing/BO Granja Vianna SP 29,971 77.8% 23,312 Manag./ Leasing/BO Shopping Villa-Lobos SP 26,806 58.4% 15,660 Manag./ Leasing/BO Shopping Piracicaba SP 43,431 36.9% 16,026 Manag./ Leasing/BO Mooca Plaza Shopping SP 41,964 60.0% 25,178 Manag./ Leasing/BO Osasco Plaza Shopping SP 13,844 39.6% 5,482 Leasing Jardim Sul SP 30,800 60.0% 18,480 Manag./ Leasing/BO Shopping ABC SP 46,285 1.3% 602 Manag./ Leasing/BO São Bernardo Plaza Shopping SP 42,880 60.0% 25,728 Manag./ Leasing/BO Capim Dourado TO 29,067 100.0% 29,067 Manag./ Leasing/BO 1,690,953 58.4% 987,404 The Company holds a 100% interest in 8 malls in its portfolio. It currently provides services to 45 of its 48 malls. Of the malls in its portfolio, the Company provides leasing services to 45 and management services to 43, while 39 are served by our BackOffice (BO). The Company s malls have over 9.0 thousand 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. 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 th e 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 chang es 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. According to this criterion, our malls are divided into four categories: Upper: Villa Lobos and Crystal Upper-middle: Goiânia, Iguatemi Caxias, Plaza Niterói, Center Shopping Uberlândia, Granja Vianna, Catuaí Londrina, Catuaí Maringá, Mooca, Jardim Sul, Tijuca, Paralela, São Bernardo, Casa e Gourmet and Vila Velha; Middle: Amazonas, Independência, Campo Grande, Sete Lagoas, Minas, Itaú Power, Estação BH, Plaza Macaé, Londrina Norte, Cap im Dourado, Curitiba, NorteShopping, ABC, Metrô Santa Cruz, Piracicaba, Tamboré, Center Shopping, Ilha Plaza, Del Rey, São Luís, Recife, Natal, Iguatemi Maceió and Contagem; Lower-middle: Rio Anil, Campinas Shopping,TopShopping, Osasco, Araguaia, Estação, Via Brasil and West. 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. 22

Income Statement (Quarter): Income Statement (R$ thousand) - Quarter Accounting Information IFRS 10/11 Adjustments Adjusted Financial Information 1Q15 1Q14 % 1Q15 1Q14 1Q15 1Q14 % Gross Revenue 347,754 333,911 4.1% 19,461 14,737 367,215 348,648 5.3% Rents 237,951 231,242 2.9% 13,381 10,337 251,332 241,579 4.0% Rent straight-lining 7,108 5,797 22.6% 784 (53) 7,892 5,744 37.4% Key Money 3,279 4,033-18.7% 380 638 3,659 4,671-21.7% Key Money straight-lining 10,221 11,221-8.9% 497 (75) 10,718 11,146-3.8% Parking 60,096 54,903 9.5% 5,152 4,463 65,249 59,366 9.9% Transfer Fee 535 1,550-65.5% 34 55 569 1,605-64.6% Services Provided 26,666 24,120 10.6% (842) (799) 25,824 23,321 10.7% Others 1,898 1,045 81.6% 74 171 1,972 1,216 62.1% (-)Taxes and Contributions (26,393) (25,441) 3.7% (963) (786) (27,357) (26,227) 4.3% Net Revenue 321,361 308,470 4.2% 18,497 13,951 339,858 322,421 5.4% Costs (24,028) (28,017) -14.2% (5,477) (2,522) (29,505) (30,539) -3.4% Payroll (7,254) (6,921) 4.8% (771) (641) (8,025) (7,562) 6.1% Services Provided (4,306) (3,573) 20.5% (442) (320) (4,748) (3,893) 22.0% Common Costs (6,886) (6,765) 1.8% (989) (200) (7,875) (6,965) 13.1% Merchandising Costs (2,322) (3,680) -36.9% (358) (107) (2,681) (3,787) -29.2% Other Costs (3,260) (7,078) -53.9% (2,916) (1,254) (6,176) (8,332) -25.9% Gross Profit 297,333 280,453 6.0% 13,020 11,429 310,353 291,882 6.3% Sales, General and Administrative Expenses (49,343) (46,495) 6.1% (299) (66) (49,642) (46,561) 6.6% Sales Expenses (13,924) (11,712) 18.9% (215) (65) (14,139) (11,778) 20.0% Personnel Expenses (30,936) (32,178) -3.9% (2) - (30,938) (32,178) -3.9% Services Hired (1,566) (842) 86.1% (14) (11) (1,580) (853) 85.2% Other Expenses (2,917) (1,763) 65.4% (68) 11 (2,985) (1,752) 70.3% Depreciation (122) (122) 0.0% - 0 (122) (122) 0.0% Amortization (2,389) (2,566) -6.9% 1 28 (2,389) (2,538) -5.9% Financial Income (292,471) (117,659) 148.6% (900) (801) (293,371) (118,460) 147.7% Financial Revenues 391,241 227,985 71.6% 265 265 391,506 228,250 71.5% Financial Expenses (683,712) (345,644) 97.8% (1,165) (1,064) (684,877) (346,710) 97.5% Revenue based on Equity Revenue 8,452 8,314 1.7% (8,452) (8,314) - - - Other Operational Revenues 256 6,881-96.3% (3) 1 253 6,882-96.3% Operating Income (38,284) 128,806-3,366 2,277 (34,918) 131,083 - Income before Income Taxes and Minority Interest (38,284) 128,806-3,366 2,277 (34,918) 131,083 - Income Tax and Social Contribution Provision (26,851) (72,729) -63.1% (2,288) (1,835) (29,138) (74,564) -60.9% Deferred Taxes (53,941) 10,181 - (1,024) (379) (54,966) 9,802 - Minority Interest (13,630) (12,507) 9.0% (54) (63) (13,684) (12,570) 8.9% Net Income (132,706) 53,751 - - - (132,706) 53,751-23

Balance Sheet (Assets): Balance Sheet (R$ thousand) Accounting Information IFRS 10/11 Adjustments Adjusted Financial Information Assets 1Q15 4Q14 % 1Q15 4Q14 1Q15 4Q14 % Assets Current Assets Cash and cash equivalents 32,404 76,648-57.7% 2,813 3,894 35,217 80,541-56.3% Accounts receivable 292,814 345,090-15.1% 9,665 10,733 302,479 355,822-15.0% Securities 680,779 588,731 15.6% 5,785 5,069 686,564 593,800 15.6% Swap Variation Receivable 4,808 9,284-48.2% - - 4,808 9,284-48.2% Recoverable taxes 122,277 107,600 13.6% 380 316 122,657 107,916 13.7% Advances 19,047 17,989 5.9% 880 817 19,927 18,806 6.0% Other Receivable Accounts 32,847 35,002-6.2% 13,165 3,053 46,013 38,055 20.9% Advanced Expenses 5,566 3,669 51.7% 60 (1) 5,626 3,668 53.4% Total 1,190,542 1,184,013 0.6% 32,749 23,879 1,223,291 1,207,892 1.3% Non current Assets Clients 144,529 138,398 4.4% 8,398 8,157 152,927 146,555 4.3% Deposits and Bonds 47,487 47,841-0.7% 429 429 47,916 48,269-0.7% Deferred Income Tax and Social Contribution 27,800 53,432-48.0% 14,063 56,116 41,863 109,548-61.8% Swap Variation Receivable 633,340 387,101 63.6% - - 633,340 387,101 63.6% Advances for Future Capital Increases 30,015 19,907 50.8% (30,015) (19,907) 0 0 0.0% Other Investments 461 461 0.0% 4 4 465 465 0.0% Others 19,449 27,383-29.0% (0) (7,479) 19,449 19,904-2.3% Total 903,081 674,523 33.9% (7,121) 37,319 895,960 711,842 25.9% Fixed Assets Investments 659,094 654,059 0.8% (659,094) (654,059) 0 0 - Investment Property 17,329,305 17,301,914 0.2% 962,846 961,069 18,292,151 18,262,982 0.2% Property, Plant and Equipment 10,988 10,787 1.9% 0 0 10,988 10,787 1.9% Intangible 42,119 35,330 19.2% 13 13 42,132 35,344 19.2% Total 18,041,506 18,002,090 0.2% 303,765 307,023 18,345,271 18,309,113 0.2% Total Assets 20,135,129 19,860,626 1.4% 329,393 368,221 20,464,522 20,228,847 1.2% 24

Balance Sheet (Liabilities): Balance Sheet (R$ thousand) Informações Contábeis IFRS 10/11 Adjustments Informações Financeiras Ajustadas Liabilities 1Q15 4Q14 % 1Q15 4Q14 1Q15 4Q14 % Liabilities Current Liabilities Loans and Financings 434,534 325,211 33.6% 3,860 4,518 438,393 329,729 33.0% Suppliers 49,346 48,219 2.3% 19,786 19,790 69,132 68,009 1.7% Taxes and Contributions 59,145 54,427 8.7% 2,912 3,296 62,057 57,723 7.5% Payroll and related charges 21,908 57,823-62.1% 199 186 22,108 58,010-61.9% Dividend Payment 211,728 211,728 - (0) (0) 211,728 211,728 - Taxes and Contributions - Installments 10,777 10,732 0.4% 195 230 10,972 10,962 0.1% Client Advances 1,888 12,870-85.3% 1,515 1,320 3,404 14,190-76.0% Liability on shopping center's acquisition 45,327 47,951-5.5% 0 0 45,327 47,951-5.5% Swap variation payable 5,913 12,339-52.1% 0 0 5,913 12,339-52.1% Deferred Revenues 46,212 49,615-6.9% 2,939 3,161 49,152 52,776-6.9% Other Account Payables 7,114 6,099 16.6% 364 147 7,478 6,246 19.7% Total 893,892 837,014 6.8% 31,772 32,649 925,664 869,663 6.4% Non current Liabilities Loans and Financings 4,928,957 4,796,976 2.8% 38,116 37,974 4,967,074 4,834,950 2.7% Suppliers 2,530 2,461 2.8% 0 0 2,530 2,461 2.8% Provision for Fiscal Risks and other Contingent Liabilities 64,419 64,920-0.8% 10 12 64,428 64,931-0.8% Taxes and Contributions - Installments 75,306 75,197 0.1% 666 666 75,972 75,862 0.1% Liability on shopping center's acquisition 192,568 185,204 4.0% 0 0 192,568 185,204 4.0% Swap variation payable 500,322 355,148 40.9% 0 0 500,322 355,148 40.9% Deferred Taxes 3,681,219 3,650,869 0.8% 243,854 284,881 3,925,073 3,935,750-0.3% Deferred Revenues 72,604 71,915 1.0% 7,102 7,376 79,706 79,291 0.5% Other Account Payables 4,845 7,999-39.4% (4,845) (7,999) 0 0 - Total 9,522,770 9,210,689 3.4% 284,903 322,908 9,807,673 9,533,597 2.9% Shareholder's Equity Minority Interest 731,533 738,757-1.0% 635 581 732,168 739,338-1.0% Capital Stock 4,366,639 4,331,619 0.8% 0 0 4,366,639 4,331,619 0.8% Capital Reserves 151,957 141,503 7.4% 0 0 151,957 141,503 7.4% Income Reserve 4,672,356 4,183,978 11.7% 12,083 0 4,684,439 4,183,978 12.0% Shares in Treasury (20,585) (20,585) 0.0% 0 0 (20,585) (20,585) 0.0% Retained Earnings(Loss) (132,706) 488,377-127.2% 0 12,083 (132,706) 500,460-126.5% Equity Offering Expenses (50,727) (50,727) 0.0% 0 0 (50,727) (50,727) 0.0% Total Shareholder's Equity 9,718,467 9,812,923-1.0% 12,718 12,663 9,731,185 9,825,586-1.0% Total Liabilities 20,135,129 19,860,626 1.4% 329,387 368,220 20,464,516 20,228,846 1.2% 25

Cash Flows: Fluxo de Caixa (R$ mil) 1Q15 1Q15 1Q15 - IFRS 10 and 11 Earnings of the period -119,076-119,076 Adjustments to reconcile net income and cash flow from operating activities 354,575 345,497 Depreciation and Amortization 2,511 2,511 Interest, monetary variations on borrowings 373,208 372,515 Investment earnings (19,956) (19,798) Adjustment revenue straight-lining and present value adjustment (18,515) (17,236) Adjustment Granted Option Plans 10,454 10,454 Adjustment fair value and derivatives result (58,899) (58,899) Income Tax and Social Contribution 54,966 53,941 Fair value adjustments on investment properties 0 0 Gains on sale of investment properties 0 0 Equity Revenue 0 (8,452) Deferred Tax Assets - CVM 349 0 0 Minorities 0 0 Others 10,806 10,461 Variation on current capital (55,832) (46,852) Accounts Receivable 43,962 42,698 Taxes Recoverable (14,741) (14,677) Advances (1,121) (1,058) Prepaid Expenses (1,958) (1,897) Deposits and Guarantees 353 354 Financial instruments (44,116) (44,116) Trade payables 1,188 1,196 Taxes and Contributions 33,793 33,118 Salaries and Social Charges (35,902) (35,915) Advances from Clients (10,786) (10,982) Deferred revenue 7,509 7,507 Provision for contingencies (503) (501) Others (6,213) 3,626 Income Tax and Social Contribution (27,297) (26,205) Net Cash generated (used) in operational activities 179,667 179,569 Net Cash generated (used) in investing activities (106,737) (106,768) Acquisition of Marketable Securities (72,807) (72,250) Intangible assets (9,501) (9,501) Investment Property Acquisition and Development (24,429) (22,651) Sale of investment properties 0 0 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 (5,783) Dividends received 0 3,417 Additions to deferred assets 0 0 Net Cash generated (used) in financing activities (118,254) (117,045) Loans received (243) (243) Loans paid (132,177) (130,968) Treasury stock 0 0 Capital Raise 35,020 35,020 Dividends paid 0 0 Costs with equity offering 0 0 Payment of dividends to noncontrolling interest (20,854) (20,854) Exchange variation on cash and cash equivalents 0 0 Net Cash generated (used) in the period (45,324) (44,244) Cash and equivalents in the beginning of the period 80,541 76,648 Cash and equivalents in the end of the period 35,217 32,404 Cash and equivalents in the end of the period (45,324) (44,244) 26