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3Q17

HIGHLIGHTS:

• Tenants had another strong quarter and their sales grew 8.5% in 3Q17 over the same period of 2016, translating into the strongest sales increase in the Company’s malls in a third quarter since 2013. Three of the malls reported double-digit sales growth and all of them reported growth above inflation.

• Same-store sales (SSS) had another impressive y-o-y increase, at 7.7% in 3Q17, supporting our view that our high quality portfolio has already started to benefit from the recovery of consumption.

• Same-store rents (SSR) continue to benefit from sales increase and declining discounts, growing 6.7% y-o-y and back to real growth.

• The occupancy rate closed the third quarter of 2017 at 93.6%, 20 bps higher than 2Q17.

• The occupancy cost kept its path to historical levels and declined to 9.7%, led by the ongoing sales recovery and our continuous cost cut initiatives.

• Led by another strong parking revenue growth (14.5% in 3Q17), net revenues continued to increase above inflation and closed the 3Q17 at R$86.9 million, a 4.2% y-o-y increase.

• EBITDA was up by 7.7% in 3Q17, totaling R$60.4 million, influenced by growing revenues and declining operating costs.

• Strong operating figures and lower financial expenses continued to boost the FFO, which grew 21.4% y-o-y, at R$39.1 million.

• Net income attributed to shareholders totaled R$21.0 million in 3Q17, 28.8% higher than in 3Q16.