Terms and Conditions

An investment in securities involves a high degree of risk. All investors should carefully consider the following factors in addition to the other information in this investor relations website before investing in BRMALLS‘ securities. In general, investing in the securities of issuers in emerging market countries, such as Brazil, involves a higher degree of risk than investing in the securities of U.S. issuers or issuers in other countries with highly developed capital markets. BRMALLS‘ business, financial condition, results of operations and prospects may be materially adversely affected by any of these risks.

The risks briefly described below are those that the Company currently believes most likely may materially affect its performance.

1) Risks Relating to the Company and the Brazilian Shopping Center Industry

2) Risks Relating to Brazil

3) Risks Relating to the Company‘s Common Shares and GDSs