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BRMALLS ANNOUNCES THE SALE OF INTEREST IN MACEIO SHOPPING

Rio de Janeiro, December 18th, 2017 - BR MALLS PARTICIPAÇÕES S.A., hereby announces the sale of its 54,2% stake on Maceio Shopping, located city of Maceio, in the state of Alagoas, for R$170.0 million. The amount represents a post-tax cap rate of 8.7%* on a cash basis and 9.7%* on an accrual basis.

This was BRMALLS‘ 13th full mall divestment since 2011, totaling R$288.2 million in asset sales. And the 3rd transaction in 2017 totaling R$288,2 million this year. This transaction reinforces the company‘s commitment with its portfolio recycling strategy as a way to generate value to its shareholders. The transaction allows BRMALLS to reinvest the proceeds in investments with higher yield.

* The cap rate calculation considers the asset‘s last twelve months NOI.