BRMALLS REPORTS ITS RESULTS 4Q14

Highlights:

• In the fourth quarter of 2014, net revenues grew by 7.5% to R$404.2 million and by 7.0% to R$1,395.2 million in 2014. Excluding the malls divested in the last 12 months, net revenues grew by 10.3% in the quarter and 8.6% in 2014.

• Net operating income (NOI) totaled R$382.1 million in 4Q14, 8.3% more than in 4Q13, with a NOI margin of 93.1%. In FY14, NOI came to R$1,297.3 million, 7.5% up on the previous year. Excluding the malls divested in the last 12 months, NOI increased 10.9% in 4Q14 and 9.1% in 2014.

• Adjusted EBITDA stood at R$334.5 million in 4Q14, 3.3% more than the R$323.8 million recorded in the same period in the previous year, accompanied by a margin of 82.8%. In 2014, adjusted EBITDA amounted to R$1,120.4 million, 6.2% higher than in 2013 with a margin of 80.3%. If we exclude the divestments in the last 12 months, our adjusted EBITDA grew by 6.1% in the quarter and 8.0% in 2014.

• Adjusted FFO came to R$155.0 million in 4Q14, a 4.0% improvement over the R$149.1 million posted in 4Q13, and R$469.5 million in FY14.

• Total Sales reached R$7.2 billion in 4Q14 and R$23.0 billion in 2014, up 1.3% and 4.4% respectively. Excluding the malls divested in the last 12 months, total sales grew by 8.8% in the quarter and 10.2% in 2014.

• Same-store rent increased by 7.2% in 4Q14 and 7.9% in 2014. Same store sales grew by 6.5% in the fourth quarter and in the year as a whole.

• Occupancy remained at high levels, averaging 97.4% of total GLA in 4Q14, 0.3 p.p. improvement over 3Q14. Our ten most representative malls in terms of NOI had an average occupancy above 98.4%.

• In 4Q14, renewal and new contract leasing spreads averaged 29.0% and 19.6%, respectively. In 2014, renewal and new contract leasing spreads reached 23.7% and 17.6%, respectively.

• In 2014 we inaugurated 3 expansions: Shopping Piracicaba, Shopping Recife and São Luís Shopping. Together they increased our total GLA by 39.9 thousand m² and our owned GLA by 10.0 thousand m². We estimate that these three expansion projects will generate R$10.3 million in stabilized NOI for BRMALLS.

• On August 25^th we inaugurated Shopping Vila Velha, the 10^th and largest of our greenfields adding a total GLA of 71.8 thousand m² and owned GLA of 35.9 thousand m². The mall inaugurated with a 90% occupancy.

• In 2014, continuing with our portfolio recycling strategy, the Company divested from 6 malls. In 1Q14 we divested our entire interest in Shopping Pátio Belém, Shopping Metrô Tatuapé and sold a 49% stake in Ilha Plaza Shopping. In 2Q14 we sold our entire stake in Big Shopping. Finally, on 4Q14 we sold our entire interest in Shopping Center Fashion Mall and Shopping Muller Joinville. BRMALLS received R$389.2 million with the 6 assets divested.

BRMALLS REPORTS ITS RESULTS 3Q14

• Net revenue grew by 4.2% in 3Q14 totaling R$336.1 million. Excluding the malls divested in the last 12 months, net revenues grew by 5.7%.

• Net operating income (NOI) totaled R$311.2 million in 3Q14, 4.0% higher than 3Q13, accompanied by a NOI margin of 91.4%. Excluding the malls divested in the last 12 months, NOI increased 5.5%.

• Adjusted EBITDA totaled R$263.8 million in 3Q14, 1.8% up on the same period last year, accompanied by an adjusted EBITDA margin of 78.5%.

• Adjusted FFO posted to R$126.1 million in 3Q14 with a margin of 37.5%.

• Our Adjusted Net income in 3Q14 was R$123.7 million with a margin of 36.8%.

• Total Sales reached R$5.3 billion, up 1.8% from the prior year period. Excluding the malls divested in the last 12 months, total sales grew by 7.5%.

• Same Store Sales reached 4.4% while Same Store Rent was 7.8%.

• Excluding malls that were inaugurated on the last 12 months, we registered an occupancy rate of 97.4%. 29 out of the 50 malls in our portfolio reached an occupancy rate greater than 98%.

• Our renewal and new contract leasing spreads averaged 24.3% and 20.9%, respectively.

• On August 25^th we inaugurated Shopping Vila Velha, the 10^th and largest of our greenfields adding a total GLA of 71.8 thousand m² and owned GLA of 35.9 thousand m². We estimate that this project will generate R$28.0 million in stabilized NOI.

• After 3Q14, in October, we issued R$250.0 million in Real Estate Certificates (CRIs) at a rate of TR+9.8%. The funding is backed by the greenfield project Cuiabá Plaza Shopping.

BRMALLS REPORTS ITS RESULTS 2Q14

• Net revenue of R$322.5 million, increasing 5.4% from the prior-year period. Excluding the malls divested in the last 12 months, net revenues increased 6.9% from 2Q13.

• NOI of R$309.4 million, increasing 6.6% from 2Q13. The NOI margin in the period was 92.0% , an increase of 60 bps compared to 2Q13. Excluding our recently divested properties, NOI recorded an 8.1% yoy growth.

• Adjusted EBITDA of R$267.8 million in the quarter, increasing by 7.0% from the prior -year period. The EBITDA margin in the period was 80.5%, which represents a growth of 110 bps over 2Q13.

• Adjusted FFO of R$108.6 million in the quarter with a 32.7% margin.

• Net income of R$298.7 million, an increase of 61.8% over 2Q13.

• Total sales reached R$5.4 billion in the quarter, a 6.8% growth over the second quarter of 2013. Excluding the three properties divested, total sales were up 13.1% yoy.

• Same-store sales was up 7.5% and same-store rent grew by 8.6%.

• Occupancy cost decreased 10 bps reaching 10.4% in 2Q14 compared to 2Q13 and decreased 70 bps in 2Q14 when compared to 1Q14.

• The occupancy rate of our malls was 97.3%. 29 out of the 49 malls in our portfolio, reached an occupancy rate over 98%.

• We divested our entire interest in Big Shopping for R$11.4 million, reducing our total GLA in 17,241 m² and our owned GLA in 2,241 m².

• In 2Q14 we inaugurated 3 expansions: Shopping Piracicaba, Shopping Recife and São Luís Shopping. Together they increased our total GLA by 39.9 thousand m² and our owned GLA by 10.0 thousand m². We estimate that these three expansion projects will generate R$10.3 million in stabilized NOI for BRMALLS.

BRMALLS REPORTS ITS RESULTS 1Q14

• Net revenue of R$322.4 million, increasing 11.2% from the prior-year period.

• NOI of R$294.6 million, increasing 11.3% from 1Q13. NOI margin in the period was 90.6%, higher than the 90.3% margin of 1Q13.

• Adjusted EBITDA of R$254.3 million, up 14.4% on 1Q13. The adjusted EBITDA margin reached 78.9%, an increase of 230bps from the prior-year period.

• Adjusted FFO in the quarter was R$79.9 million, compared to R$91.9 million in 1Q13.

• Net Income in the quarter was R$53.8 million, impacted by the provision of a non-cash deferred tax due to the reversal of depreciation and amortization of the fiscal goodwill.

• Same-store sales grew by 7.6%, while same store rent increased by 8.7%.

• Tenants’ occupancy cost was 11.1%, which represents a decrease of 0.2 p.p. from the prior-year period and below the 11.2% registered in 1Q12.

• Our malls ended the first quarter of 2014 with an occupancy rate of 97.6%. Of the 50 malls in which we held interest in 1Q14, 33 registered occupancy rates of over 98%.

• In 1Q14, we divested a 49% interest in the mall Ilha Plaza Shopping for R$120.8 million. We also divested our entire interests in Shopping Pátio Belém for R$45.7 million and in Shopping Metrô Tatuapé for R$20.8 million.

• After the close of the reporting period, we also divested our entire interest in Big Shopping for R$11.4 million.

• Also after the reporting period, we inaugurated the expansion of Shopping Piracicaba and concluded the expansion of Shopping Recife. These two expansion projects combined added over 19,121 m² in total GLA and 6,876 m² in owned GLA. We estimate that these two expansion projects will generate R$7.6 million in stabilized NOI for BRMALLS.

• In 1Q14, we issued R$403.2 million in Real Estate Certificates (CRIs) in three series, the first at a rate of IPCA+6.34% (in line with the government rate at that date) with a term of 10 years, the second at a rate of IPCA+6.71% with a term of 12 years and the third at a rate of IPCA+7.04 % with a term of 15 years.