BR Malls Participacoes : Increase of Relevant Ownership Interest

Rio de Janeiro, December 9th, 2016 - BR MALLS PARTICIPAÇÕES S.A., a publicly held company headquartered at 290 Avenida Afrânio de Melo Franco, 1st floor in the city and state of Rio de Janeiro ("BRMALLS"), pursuant to Article 12 of CVM Instruction 358/02, hereby announces that it received, on December 7th, 2016, from its shareholder Dynamo Administração de Recursos Ltda ("Dynamo") headquartered at Av. Ataulfo de Paiva no 1.235 - 6th floor, Rio de Janeiro, Brazil, the information that:

1. funds managed by Dynamo reached, an aggregate, 5.86% of our total capital stock through 30,817,568 (thirty million, eight hundred and seventeen thousand, five hundred and sixty eight) common shares of the Company and 5,033,820 (five million, thirty three thousand, eight hundred and twenty) cash derivatives indexed to ordinary shares. Additionally, the shareholder has a short position through cash derivatives indexed to 9,087,640 ordinary shares;

2. the investment is based on economic and financial fundamentals as the investor expects that the acquired shares will bring positive returns in a medium and long term;

3. the shareholder also assesses the opportunity and convenience of acquiring additional stake in the company and influence, if possible, the management of the company.

4. Dynamo has not entered into agreements or undertakings governing the exercise of voting rights or the purchase and sale of securities issued by the Company.

5. the information above was published by Dynamo on Valor Econômico newspaper on 12/08/2016 and on Diário Oficial do Rio de Janeiro on 12/09/2016

Investor Relations Officer Frederico da Cunha Villa

tlo1ifica1ion:

DYNAMO

- - - - -

Rio de laneiro, 7 de dezembrode 2016

BR Malls Partlcipa S.A.

Avenida Afrlnio de t.telo Franco, nt 290.Leblon

Rio deJaneiro - Rio de Janeiro

At.: Frederico da Cunha VIiia

Olretor de Relacom lnvesddons e Olretor Flnancefro

Ref.: Comunicaiio de negociao com Oes de emissiio da BR !'tt alls Particip.afOe.s S.A.

("Comnanh i a"),no.s tcnnos do art.12 da LnstruJo CVM 358/ 02

DYNAMO AOM l !STAACAO ()£ RBCURSOS LTOA, socledo'.lde lnscrlt:a perulte O CNPI/MF sob O n•

72.116.353/0001-62, e DYHIINO INTilRttACl)MAL GEtrAO ()!? ROCURSOS LTOIL,. s.ocledade lnscrlu perante o CNPJ/f Fsob o n!.' 07.880 927/0001·02, ambas coin sede na cldade e Estado do Rio de Janeiro, na Av. Ataulfo de Paiva, nt 1.235,6 andar. Leblon, CEP 224-40 034 (f-estoras''), na qualicladc de gc,storas dfundos de invetimcnto acioni:itas da Companhia ("fundoo }i -.cm

1n.rormar,nos te«no.s doart.12 da lnstruocvr,.1358/0Z,o quesegue:

(i) em razao da a,quisi(.io de a,;3es or:linilrias de emissao da Companhia no amblente da Bl,1&F8ovespa, os Fundosatingiram panidp.a ao equivalente a 5,86% docapital social votante e total da Con111anh ia e passara1n a ser dttertorc:sde 30.817.560 a.s ordinfirias de emissiio da Comptlllhta c S.033,820 aOes ordio.irias refcrcndadas em instrumcntos deri'.ltivos de

Jlqutdnca,o ffslca.Os Fundos saodecentores,afndo, detxposicao econOmtc.:i vendida por meiodt 1ru:cru mencos C1er11vos Cle 11qu1a:1t o rrsica referenc1aaos em 9.087.o ,o aoes 0N11nar1as Cb Companhia;

{U) alfm dtssas partidpa .os fun:tos Mo sao tltulares, reta oo indiretamente, d,e quaisquer outros 41reltos de subscrl Jo. dentures conversiveis en, ae.'.>. outros instrumentos financeiros derivati!os refe:re-nciados em valores mobili.irios de emissio cl.a Co1np.:Ulhia ou de quaisquer O•lros valores :noblli,riosde e,nisslod:a Co,njXlnhl;l;

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