General Shopping e Outlets do Brasil S.A., formerly known as General Shopping Brasil S.A., announced that General Shopping Finance Limited, its wholly-owned subsidiary incorporated under the laws of the Cayman Islands, had commenced a tender offer to purchase for cash the Issuer's 10.0% Perpetual Notes for a total aggregate consideration of up to $40.0 million (such amount, as may be changed at the discretion of the Issuer, the "Maximum Acceptance Consideration"), including the payment of accrued and unpaid interest on the Notes from the last interest payment date on the Notes preceding, but not including, the Settlement Date. The Offer is being made upon the terms and subject to the conditions of the Issuer's Offer to Purchase Statement, dated January 4, 2022, which sets forth a more comprehensive description of the terms of the Offer. Itau BBA USA Securities Inc. is the Dealer Manager for the Offer.

Capitalized terms not defined herein shall have the meaning ascribed to them in the Statement. General Shopping hereby announces that, as of 5:00 p.m., New York City time, on January 18, 2022, approximately USD 17,607,000 in aggregate principal amount of Notes, representing 15.20% of the aggregate principal amount of Notes outstanding, have been tendered in the Offer. The Withdrawal Deadline has expired and holders of Notes may no longer validly withdraw Notes tendered in the Offer.

General Shopping also announces that it is extending the early tender date to 11:59 p.m., New York City time, on February 1, 2022 from the previously announced early tender date of 5:00 p.m., New York City time, on January 18, 2022. Upon the terms and subject to the conditions set forth in the Statement, holders of Notes who validly tender their Notes at or prior to the Early Tender Date, and whose Notes are accepted for payment by the Issuer, will be eligible to receive the total consideration of U.S.D 800.00 per U.S.D 1,000 principal amount of the tendered Notes which includes an early tender payment equal to U.S.D 30.00 per U.S.$1,000 principal amount of the tendered Notes. Thus, the Total Consideration will now be the same as the Tender Offer Consideration and, in effect, all Notes validly tendered and accepted for payment by the Issuer prior to the Expiration Date will be eligible to receive the Total Consideration.

In addition, all Notes accepted for payment will be entitled to receive Accrued Interest to be paid on the Settlement Date. The other terms of the Offer remain unchanged. The complete terms and conditions of the Offer are described in the Statement.