INSTITUTIONAL PRESENTATION

OPÇÕES

3Q 2015

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Iguatemi at a glance Highlights

Selected Assets

Portfolio comprised of 18 (1) shopping malls, 1 outlet and 3 commercial towers, totaling 715k sqm of GLA (440k sqm of Own GLA) Operations focused on the South and Southeast regions of Brazil and A and B income classes

JK Iguatemi

Iguatemi São Paulo

Iguatemi Campinas

Iguatemi Porto Alegre

Iguatemi Brasília

Iguatemi Alphaville

Only mall operator with a recognized brand among the 50 most valuable brands in Brazil, for the 7h consecutive year Pipeline of 3 outlet greenfields, 1 mall expansions and 1 commercial tower under development Solid growth rates: sales reached R$10.5 billion in 2014, a 15.5% increase in comparison to 2013

(1) Considers Shopping Esplanada and Iguatemi Esplanada as 2 different malls.

3

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Iguatemi created a platform to implement resilient and sustained profitable growth Pre-IPO: Creating the Iguatemi brand

• Purchase of Iguatemi São Paulo, Brazil’s 1st shopping mall

• Expansion to São Paulo countryside and Brazilian south region

IPO: Accelerating growth through acquisitions • IPO: Feb/2007, raising R$550M

• Acquisition of malls and several stakes in the existing portfolio

Follow-on: Building the platform for quality growth (a new vintage of malls)

• 1st follow-on: Nov/2009, raising R$410 M 2nd

follow-on: Apr/2013, raising R$425 M

• New vintage of malls:  State Capitals: Iguatemi Brasília, Iguatemi Alphaville and JK Iguatemi

• Beginning of the expansions cycle • Announcement of new greenfields and expansions • Entrance into the Premium Outlet Segment, a new growth vector 380 237

213

115

203 137

425

278 348

298

164

Focus: Greenfields

454

282 215

Acquisitions, expansions and outlets, decrease on the leverage ratio and costs reduction

• Medium-Term

Esplanada, Iguatemi São José do Rio Preto

in Brazil: Market Place

120

• Short-term Focus:

 Interior: Iguatemi Ribeirão Preto, Iguatemi

• First multi-use project

New Growth Cycle

235

151

69

1979

2006

2007

2008

2009 EBITDA

(1) Adjusted for the sale of Boulevard Rio Iguatemi mall.

2010

2011

2012

(1)

2013

2014

2018

Owned GLA

5

Quality growth resulted in increased profitability per GLA Own GLA (thousand sqm) 380 121 2006

425

Increased Own GLA 3.5x

215

2009

17% CAGR

2013

Net Income / sqm (R$ / sqm)

2014

Gross revenues (R$ mm) 520 121 2006

543 657

244 2009

2013

24% CAGR

Increased Revenues 5.4x

2014

2006

EBITDA (R$ mm) 348 69 2006

454

2013

2014

27% CAGR

Increased EBITDA 6.6x

151

2009

248

Net Income / share (R$ / sqm)

2014

FFO (R$ mm)

238 50 2006

318

119

2009

2013

26% CAGR

Increased FFO 6.4x

2014

0.35

Net Income (R$ mm) 184 30 2006

230

29% CAGR

Increased Net Income 7.7x

86

2009

2013

1.30

2006

2014

2014

6

Long-term and short-term guidance have been consistently met since 2009 2009 Guidance

Crescimento de Receita Líquida¹ Margem EBITDA² EBITDA

(R$ MM) Dividendos (R$ / Ação) Permutas de VGV R$ (MM)

2010 Real

Guidance

2011 Real

9% – 12% 14.5% 15% - 17% 21.2%

~70%

69.7% 70% - 72% 70.1%

2012

Guidance

Real

Guidance

25% –30%

25%

70% - 72%

71.3%

2013 Real

2014

Guidance

Real

Guidance

Real

25% - 30% 24.6%(1)

15%–20%

13,0%

N/A

27,1%

~70%

72.5%(2)

70 - 72%

75%(³)

72%- 75%

77%

N/A

151,4

N/A

202,6

N/A

235

N/A

297,6

N/A

348(³)

450 - 500

454

N/A

0,32

N/A

0,37

N/A

0,38

N/A

0,40

N/A

0,32

0,32

0,34

N/A

N/A

N/A

N/A

N/A

N/A

20-30

27,4

20-30

30,1

20-30

22,5

454

152 69 2006

2009

2014

(1) Iguatemi’s Net revenue would have grown 27.7% in 2012 if Boulevard Rio Iguatemi had not been sold. Alternatively, if the net revenue from Boulevard Iguatemi in both 2011 and 2012 were to be excluded, Iguatemi’s net revenue would have grown by 28.7% in 2012. (2) Adjusted EBITDA Mg exclude Other Operational Revenue of R$ 108.2mn from the sale of Boulevard Rio Iguatemi. (3) Iguatemi reached the implicit EBITDA indicated by Net Revenues and EBITDA Mg Guidance (implicit guidance of R$ 330–355mn vs real EBITDA of R$ 347.8mn).

7

Iguatemi reiterates its implicit EBITDA guidance for 2015

Net Revenues Growth 12% - 15% in 2015

and

EBITDA Margin 76% - 79% in 2015

Net Revenues Growth (%) 12%

15%

Probable Possible

Ebitda Margin (%)

Remote

76%

EBITDA de R$ 502 M

EBITDA de R$ 515 M

Implicit EBITDA Guidance for 2015: R$ 502-536 million

79%

EBITDA de R$ 522 M

EBITDA de R$ 536 M

8

How did Iguatemi grow?

Performing selective acquisitions

Implementing Quality Greenfields Delivering Top Execution

Strengthening existing assets

9

EBITDA growth was achieved using several levers

EBITDA Growth Strategy (R$ mn)

46

454

PSV and Others

EBITDA 2014

166

57 61 56

69

EBITDA 2006

Organic Growth

Aquisitions of Stakes

Aquisitions of New Malls

Greenfields and Expansions

10

Iguatemi delivered high quality greenfields

Performing selective acquisitions

Implementing Quality Greenfields Delivering Top Execution

Strengthening existing assets

11

Maturing malls outside capitals represent 23% of own GLA, but still only 8% of Total Revenues Portfolio

State

Opening % IGTA Date

Total GLA (sqm)

Own GLA (sqm)

Own GLA (%)

Total Mall "Own" Mall "Own" Mall 2014 Revenues 2014 2014 Revenues Revenues (R$ ‘000) (R$mn) (%)

Iguatemi Brasília

DF

2010

64%

32,302

20,673

5.6%

51.9

33.2

5.6%

Iguatemi Alphaville

SP

2011

78%

31,312

24,423

6.6%

39.7

31.0

5.3%

JK Iguatemi

SP

2012

64%

34,957

22,372

6.1%

106.1

67.9

11.5%

-

-

68%

98,571

67,468

18.3%

197.7

132.1

23.5%

Iguatemi Ribeirão Preto

SP

2013

88%

43,648

38,410

10.4%

25.0

22.0

3.7%

I Fashion Outlet NH

RS

2013

41%

20,115

8,247

2.2%

9.3

3.8

0.6%

Iguatemi Rio Preto

SP

2014

88%

43,649

38,411

10.4%

21.0

18.5

3.1%

Subtotal – Maturing Malls 2013 - 2015

-

-

79%

107,412

85,068

23.1%

55.3

44.3

7.9%

Mature Malls

-

-

56%

388,546

216,000

58.6%

652.1

384.7

68.6%

Total

-

-

62%

594,529

368,536

100.0%

905.1

561.1

100.0%

Subtotal – Maturing Malls, 2010 - 2012

Own GLA Breakdown

“Own” Mall Revenues Breakdown Maturing Malls 2010 -2012 18.3%

Mature Malls 58.6%

Maturing Malls 2013 -2015 23.1%

Maturing Malls 2010 -2012 23.5%

Maturing Malls 2013 -2015 7.9%

Mature Malls 68.6%

12

Maturing greenfields outside capitals still present significant upside Assets inaugurated in the last 5 years

JK Iguatemi

Opening Date

Total GLA 2014

2014 Revenues R$ ‘000

2014 Revenues R$/sqm/year

2012

34,957

106,076

3,034

Subtotal – São Paulo Capital

-

34,957

106,076

3,034

Iguatemi Brasília

2010

32,302

51,934

1,608

-

32,302

51,934

1,608

Iguatemi Alphaville

2011

31,312

39,704

1,268

Iguatemi Ribeirão Preto

2013

43,648

24,988

572

2014

43,649

30,299

694

-

118,609

94,991

801

iFashion Outlet Novo Hamburgo

2013

20,115

9,327

464

Subtotal - Others

2013

20,115

9,327

464

205,983

262,328

1,274

(1)

Subtotal – Interior

Total

3,034

3,277

Maturing Malls

Mature Malls

Other Capitals - 2014 Revenues (R$/sqm/year)

Subtotal – Other Capitals

Iguatemi Rio Preto

São Paulo Capital – 2014 Revenues (R$/sqm/year)

(1) Iguatemi Rio Preto (Inaugurated in June 2014): Revenues last 12 months.

1,608

1,583

Maturing Malls

Mature Malls

Interior - 2014 Revenues (R$/sqm/year)

1,187 801

Maturing Malls

Mature Malls

13

Properties not aligned with our strategy of “best assets, best locations” were divested

2011 Revenues (R$/sqm/year)

Divestiture

Boulevard Iguatemi Rio

• Sold in 2012 for 18.3x NOI (5.6% cap rate)

1.432

• Property not aligned with Iguatemi’s strategy of having the “Best Assets in the Best Locations” -52%

687

Existing Assets

Total GLA (sqm)

R$ / sqm / year

26,100

687

Divestiture

14

2007 Assets delivered strong organic growth per sqm

Performing selective acquisitions

Implementing Quality Greenfields Delivering Top Execution

Strengthening existing assets

15

2007 Assets delivered strong organic growth Assets that existed prior to the IPO

Total GLA 2014

Revenue/ Revenue/ sqm sqm 2007 2014

Revs/sqm CAGR 2007-14

Total Revs CAGR 2007-14

Iguatemi São Paulo

46,134

2,649

4,094

6.4%

8.7%

Market Place

26,940

800

1,878

13.0%

13.4%

Subtotal – São Paulo Capital

73,074

1,915

3,277

8,0%

9,5%

Praia de Belas

47,205

1,122

1,168

0.6%

8.5%

Iguatemi Porto Alegre

38,926

1,314

2,107

7.0%

6.8%

Iguatemi Florianópolis

21,189

607

1,545

14.3%

15.1%

107,320

1,090

1,583

5,5%

8,6%

Iguatemi Campinas

54,321

892

1,762

10.2%

10.1%

Iguatemi São Carlos

22,323

181

454

14.0%

16.7%

Galleria

33,146

290

926

18.0%

23.6%

64,360

932

1,251

4.3%

19.8%

30,324

553

846

6.3%

18.8%

Subtotal - Interior

204,474

659

1,187

8.8%

15.3%

Torre Market Place

29,080

582

1,017

8.3%

8.3%

Boulevard Campinas

32,422

-

113

-

-

Subtotal - Others

61,502

-

540

-

-

Subtotal Other Capitals

Esplanada

(1)

Iguatemi Caxias

Total Revenues CAGR 2007 - 2014

São Paulo Capital

(1) Considers the Esplanada Complex, composed of Shopping Esplanada and Iguatemi Esplanada.

Other Capitals

Interior

9.5%

8.6%

15.3%

16

Iguatemi acquired 4 new assets and 18 stakes in malls it already owned

Performing selective acquisitions

Implementing Quality Greenfields Delivering Top Execution

Strengthening existing assets

17

Acquisitions since the IPO and potential future opportunities Acquisition of Stakes in Previously Owned Assets Pátio Higienópolis JK Iguatemi Galleria Shopping Iguatemi São Carlos Iguatemi São Paulo Iguatemi Campinas Esplanada Shopping Iguatemi Rio Esplanada Shopping Torre Market Place II Torre Market Place I Market Place Esplanada Shopping Iguatemi Florianópolis Iguatemi São Paulo Esplanada Shopping Iguatemi Rio Iguatemi Porto Alegre Iguatemi Rio Proprietry Area (1)

Date 2015 2014 2013 2012 2011 2011 2011 2011 2011 2008 2008 2007 2007 2007 2007 2007 2007 2007 2007 2007

Acquisition of New Assets

Date

Pátio Higienópolis I Fashion Outlet NH Esplanada Shopping Galleria Shopping

2015 2013 2007 2007

TOTAL

% GLA Acquired (‘000 sqm) 8.4% 2.8 14.0% 4.9 50.0% 16.6 5.0% 1.0 7.0% 3.0 5.0% 2.7 4.8% 1.3 8.2% 2.1 3.4% 0.9 100.0% 13.4 100.0% 15.7 68.0% 17.7 2.3% 0.7 10.0% 2.0 11.0% 4.5 2.4% 0.7 3.0% 0.8 3.8% 1.5 30.0% 8,5 100.0% 3.7 Total 104.5 % GLA Acquired (‘000 sqm) 2.8% 1.0 41.0% 8.2 25.0% 7.1 50.0% 11.9 Total 28.2 132.8

(1) Area in the Esplanada Mall owned by Iguatemi through a subsidiary.

Iguatemi São Paulo

27

JK Iguatemi

22

Iguatemi Alphaville

47k sqm

20

35k sqm

13

24

31k sqm

7

Iguatemi Campinas

51

Iguatemi Esplanada

22

35

Iguatemi São Carlos

11

11

30

38

5

44k sqm

Iguatemi Rio Preto

38

5

44k sqm

14

Praia de Belas Iguatemi Florianópolis

I Fashion Outlet NH Pátio Higienópolis

21k sqm

15 28 21

8

Iguatemi's GLA

30k sqm 12

34k sqm

30 25

32k sqm

20k sqm

12

4

Boulevard Iguatemi

47k sqm

29

Iguatemi Caxias 3 Iguatemi Brasília

39k sqm

25

18 6

64k sqm

22k sqm

Iguatemi Ribeirão Preto

Iguatemi Porto Alegre

73k sqm

7

27k sqm

GLA not Owned by Iguatemi

Total GLA not Owned by Iguatemi: 274,000 sqm

18

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Iguatemi will continue to focus on high income and fast growing segments… Income Distribution – By Income Class (R$ billion)

CAGR

2007 - 2010 2010- 2030E

A Class

11%

13%

B Class

14%

11%

C Class

21%

9%

7%

7%

D/E Class

4,767

2007

3,289 3,332

3,100

A Class 18%

36%

D/E Class 41%

B Class 18%

C Class 23%

2030E 652 287

290

363

2007

390

427

637

D/E Class 21%

805

2010

A Class

B Class

C Class

2030

D/E Class

A Class 33%

56%

C Class 23% B Class 23%

Income per Brackets: A: >US$ 4,706; B: >US$2,353 and < US$4,706; C: > US$1,176 and < US$2,353; D: > US$588 and < US$1,176; E: < US$588 Source: FGV and Ernst & Young projections.

20

… mainly in the South and Southeast regions… State SP

# of Malls

(1)

Own GLA (sqm)

12

369,991

RS

4

42,650

DF

1

20,673

SC

1

6,357 Campinas Iguatemi Campinas Galleria Boulevard Iguatemi Sorocaba

Brasília

DF

Iguatemi Brasília

São Paulo Iguatemi São Paulo JK Iguatemi Market Place

Porto Alegre SP

Iguatemi Porto Alegre

Pátio Higienópolis Alphaville

Praia de Belas

Iguatemi Alphaville

Caxias do Sul

Iguatemi Esplanada São Carlos Iguatemi São Carlos

Ribeirão Preto Iguatemi Ribeirão Preto Ribeirão Preto Iguatemi Rio Preto

SC

Iguatemi Caxias Novo Hamburgo Outlet Novo Hamburgo

RS

Florianópolis Iguatemi Florianópolis

(1) Owned GLA in SP State includes, besides the 12 malls shown in the map, 3 commercial towers and proprietary land (full description in the following page).

21

… and with a solid footprint in São Paulo Strategic Presence in the State of São Paulo

São Paulo’s GDP is significant within Brazil (1)

São José do Rio Preto

City of São Paulo 12% 441 KM

City of São Paulo São José do Rio Preto

Ribeirão Preto

KM 441

Iguatemi Ribeirão Preto KM 400

Iguatemi São José do Rio Preto Washington Luiz Highway

Rest of Brazil 66%

Anhanguera Highway

KM 240

Shopping Galleria

São Carlos

Iguatemi São Carlos

KM 100 Iguatemi Campinas

Campinas

Highest GDP in the country (R$ bn) (1) City of São Paulo

Jundiaí

357

KM 60 Iguatemi Esplanada Sorocaba

KM 111

Raposo Tavares Highway

Esplanada Shopping

Operating Malls

(1) Source: IBGE 2011.

Rest of São Paulo State 22%

Greenfields

Barueri Castelo Branco Highway

KM 37 Iguatemi Alphaville

Pátio Higienópolis Iguatemi SP KM 0

Main Influence Area

155

JK Iguatemi

118

Market Place

Highways

São Paulo

Rio de Janeiro

Brasília

42

30

Belo Horizonte

Salvador

22

Iguatemi will continue strengthening the Iguatemi brand… 19th highest rent in the world (2)

Focus on consumer experience • We differentiate ourselves by delivering new services, innovative events and constant tenant mix improvements

• Only mall operator with a recognized brand among the 50 most valuable brands in Brazil, for the 8th consecutive year

• Iguatemi became a synonym of mall in Brazil

Brand Recognition: High Value (1)

500

25th

22nd

450 31st

400

350

40th

472 473

449

38th

38th

349

42nd

300

23rd 8015 Banco do Brasil

340

250

200

150

50

100

17 70 18 65 19

Casas Bahia

6020

Perdigão

5521 22 50

Smiles

Pão de Açúcar Vivo

Amil

23 Iguatemi

104

0

2008 2009 2010 2011 2012 2013 2014 2015 Value (US$ mn)

Schincariol

45

170

100

7516

24 40 25 35 26

Vale

3027

Seara

Anhanguera Totvs

Position

(1) Source: Istoé Dinheiro – Most Valuable Brands in Brazil (2015). (2) Source: Cushman & Wakefield – Main Streets Across the World (2014-2015).

Most Expensive Retail Locations in the World Rank 2014 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Location Upper 5th Avenue (New York) Causeway Bay (Hong Kong) Avenue of Champs-Elysées (Paris) New Bond Street (London) Pitt Street Mall (Sydney) Via Montenapoleone (Milan) Ginza (Tokyo) Myeongdong (Seoul) Bahnhofstrasse (Zurich) Stoleshnikov (Moscow) Kohlmarkt (Vienna) Kaufingerstraße (Munich) Wangfujing (Beijing) Portal de l'Angel (Barcelona) Shopping Centre (Bogota) Orchard Road (Singapore) Karl Johans Gate (Oslo) Kalverstraat (Amsterdam) Iguatemi Shopping (São Paulo) Bagdat Caddesi & Istiklal Street (Istanbul)

US$/sq ft/yr 3,500 2,735 1,556 1,216 1,016 998 953 932 875 557 521 514 481 380 368 362 362 340 319 312

23

… and capturing the upside from its large landbank Mall (GLA sqm)

Real Estate (PA sqm)

% Iguatemi

5,000

-

58.13%

Iguatemi Campinas - Site annex²

-

501,000

50.00%

Iguatemi Campinas - Boulevard

-

19,638

77.00%

Iguatemi Porto Alegre

-

32,000

36.00%

Iguatemi Porto Alegre - Site annex¹

22,000

29,022

24.00%

Iguatemi Esplanada

28,500

27,060

46.00%

5,000

-

37.80%

28,200

28,400

100.00%

Mall Iguatemi São Paulo

Praia de Belas Galleria Market Place

600

-

100.00%

Iguatemi São Carlos

20,000

15,000

50.00%

Iguatemi Brasília

10,000

-

64.00%

Iguatemi Alphaville

12,600

-

78.00%

Iguatemi Ribeirão Preto

20,500

35,000

88.00%

Platinum Outlet

12,000

6,500

41.00%

Iguatemi Rio Preto

21,500

-

88.00%

-

23,000

88.00%

185,900

716,620

70.50%

I Fashion Outlet Santa Catarina¹

15,034

8,000

54.00%

I Fashion Outlet Nova Lima¹

15,000

8,000

54.00%

Jundiaí ¹

50,000

20,000

85.00%

I Fashion Outlet Paraná ¹

15,000

15,000

42.00%

Subtotal, malls under development

95,034

51,000

52.00%

280,934

767,620

58.80%

Iguatemi Rio Preto - Site annex³

Subtotal, malls in operation

Total (1) Swapped land (2) Swap Option + Preference/First Stake (3) Swap Option

* This landbank is indicative. Those projects are subject to changes, which can alter coefficients and the usage of construction potential.

24

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Pipeline of projects

Greenfields

Expansions

I Fashion Outlet Santa Catarina

I Fashion Outlet Paraná

I Fashion Outlet Nova Lima

Iguatemi Porto Alegre

Iguatemi Porto Alegre Tower

Opening

Oct/17

2018

2019

Apr/16

Apr/16

GLA (sqm)

30,000

30,000

30,300

20,376

10,692

% Iguatemi

54%

42%

54%

36%

36%

% Leased

N/A

N/A

N/A

85%

N/A

% Constructed

N/A

N/A

N/A

72%

25%

26

Status iguatemi Porto Alegre (expansion) - RS

Sep 2015

Sep 2015 The project has 72% of the construction completed and 85% of the GLA commercialized.

27

Status Iguatemi Porto Alegre Tower - RS

May 2015

Jun 2015

Sep 2015

Sep 2015

The project has 25% of the construction completed.

28

Status I Fashion Outlet Santa Catarina – SC

Sep 2015

Sep 2015

Sep 2015

Sep 2015

Ground/soil preparation phase.

29

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Owned GLA of 440 thousand sqm, reaching 500 thousand sqm by 2019 Owned GLA (‘000 sqm)

~202 thousand sqm of own GLA (46% of our actual GLA) inaugurated in the last 5 years

338

Acquisition of a 8.4% stake in Pátio Higienópolis

Iguatemi Porto Alegre Expansion Iguatemi Porto Alegre Tower

440

3

Current GLA

2015

11

I Fashion Outlet Santa Catarina

16

I Fashion Outlet Nova Lima

I Fashion Outlet Paraná

13

16

500

2018

2019

Total Announced GLA for 2019

-18

123

2006 (Pre IPO) Additional GLA

Sale of Boulevard Rio

2016

2017

31

Expansion of Iguatemi São Paulo – SP Main Plaza (May 2015) & expansion (Sep 2015)

The expansion was inaugurated in September 2015, with 75% of its GLA leased.

32

Expansion of Iguatemi Campinas – SP (Apr 2015)

33

Expansion of Iguatemi São Carlos – SP (Jun 2014)

34

Iguatemi São José Do Rio Preto – SP (Apr 2014)

35

Iguatemi Esplanada – SP (Nov 2013)

36

Expansion of Praia De Belas – RS (Nov 2013)

37

Iguatemi Ribeirão Preto – SP (Sep 2013)

38

I Fashion Outlet Novo Hamburgo – RS (Sep 2013)

39

PSV Swaps on Iguatemi Ribeirão Preto

2Q11 – PSV Swap (R$ 10.7 mn) 2 Commercial Towers (25.8 thousand sqm)

Shopping Iguatemi Ribeirão Preto (43.6 thousand sqm of GLA)

40

PSV Swaps on Iguatemi Esplanada

4Q14 – PSV Swap (R$ 9.3 mn) 3 Towers (28.2 thousand sqm)

2Q12 – PSV Swap (R$ 24.3 mn) Commercial Tower I and II (32 thousand sqm)

Shopping Iguatemi Esplanada (95.4 thousand sqm of Commercial Area - 64.4 thousand sqm of GLA)

3Q14 – PSV Swap (R$ 6.2 mn) Hotel Hyatt Place (11.6 thousand sqm)

3Q15 – PSV Swap (R$ 6.8 mn) Residential Tower (15 thousand sqm)

41

PSV Swaps on Iguatemi São José do Rio Preto 4Q13 – PSV Swap (R$ 8.5 mn) Hyatt Hotel

1Q14 – PSV Swap (R$ 7.0 mn) 3 Residential Towers (17.4 thousand sqm)

1Q13 – PSV Swap (R$ 14.1mn) 2 Commercial Towers (22 thousand sqm)

Shopping Iguatemi São José do Rio Preto (43.6 thousand sqm of GLA)

42

PSV Swaps on Galleria

Subsequent Event – PSV Swap (R$ 12.4 MM) Hotel Novotel

Galleria (33.1 thousand sqm of GLA)

43

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Portfolio overview Opening Date

City

Iguatemi Interest (%)

Iguatemi São Paulo JK Iguatemi Pátio Higienópolis Market Place Iguatemi Alphaville Iguatemi Campinas Galleria Iguatemi Esplanada (2) Iguatemi São Carlos Iguatemi Ribeirão Preto Iguatemi Rio Preto Proprietary Area (3)

1966 2012 1999 1995 2011 1980 1992 1991 1997 2013 2014 -

São Paulo São Paulo São Paulo São Paulo Barueri Campinas Campinas Sorocaba São Carlos Ribeirão Preto São José do Rio Preto Sorocaba

58,13% 64,00% 11,20% 100,00% 78,00% 70,00% 100,00% 55,37% 50,00% 88,00% 88,00% 100,00%

47.322 34.957 34.100 26.940 31.312 73.492 33.146 64.360 22.323 43.648 43.649 3.678

27.508 22.372 3.819 26.940 24.423 51.444 33.146 35.636 11.162 38.410 38.411 3.678

4.094 3.034 3.077 1.878 1.268 1.762 926 1.251 454 572 481 -

3.807 2.488 2.879 1.716 1.067 1.570 811 1.084 338 454 344 -

Southeast Sub-total Iguatemi Porto Alegre Praia de Belas Iguatemi Florianópolis Iguatemi Caxias

1983 1991 2007 1996

Porto Alegre Porto Alegre Florianópolis Caxias do Sul

69,06% 36,00% 37,80% 30,00% 8,40%

458.927 38.926 47.205 21.189 30.324

316.951 14.013 17.843 6.357 2.547

2.107 1.168 1.545 846

2.021 959 1.445 782

29,61%

137.644

40.761

Iguatemi Brasília

2010

Brasília

64,00%

32.302

20.673

1.608

1.431

Federal District Sub-total I Fashion Outlet Novo Hamburgo Boulevard Iguatemi (4)

2013 -

Novo Hamburgo Campinas

64,00% 41,00% 77,00%

32.302 20.115 32.422

20.673 8.247 24.965

464 -

296 -

63,22%

52.537

33.212

-

-

60,40% 100,00% 100,00% 58,13%

681.410 15.685 13.395 4.469

411.596 15.685 13.395 2.598

-

-

Towers Sub-total

94,42%

33.549

31.678

-

-

Total

62,00%

714.959

443.274

-

-

Mall

South Sub-total

Premium Outlet & Power Center Sub-total Malls Sub-total Market Place Tower I Market Place Tower II Iguatemi São Paulo Tower

(1) (2) (3) (4)

1991 1992 2012

São Paulo São Paulo São Paulo

Total GLA (sqm)

Iguatemi GLA (sqm)

As of December 31, 2014. Iguatemi owns 37.99% of the Esplanada mall (27,663 sqm) and 65.71% of the expansion (36,697 sqm). Area in the Esplanada Mall owned by Iguatemi through a subsidiary. Boulevard is contiguous to the Iguatemi Campinas Mall.

Revenues per sqm (R$) (1)

-

NOI per sqm (R$) (1)

-

45

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

The Brazilian market is still underpenetrated Mall Penetration (GLA/‘000 inhabitant)

Malls Share on Total Retail Sales

1.466

69% 62% 54%

53%

Shopping Center Penetration in Brazil (100%) 52%

48% 940

24%

SE

5%

7%

MW

S

NE

16%

N

28%

25% 399 250

231

180

150 69

Canada

South Africa

USA

Mexico

Australia

France

Brazil

Canada

South Africa

USA

Mexico

Australia

France

Brazil

Source: Abrasce and Company (1) Brazil: As of 2014 / Other countries: as of 2011

Canada Australia

South Africa

Italy

France

Germany Mexico

Brazil

47

The shopping center sector presented sound growth over the past years… Total GLA Evolution (mn sqm)

14.867

CAGR 8%

11.9

CAGR (%) 2007-12

CAGR (%) 2012-15

14.9

6.7%

7.8%

5.2

16%

7%

3.9

18%

13%

5.8

5%

6%

10.132 CAGR 5%

CAGR 10%

CAGR 24%

# Malls

CAGR 29%

4.4

8.5

3.8

5.942

CAGR 14%

2.7

1.6 2.198

4.8 3.1

584

20

47

1966

1970

1980

1990

2000

2010

2015

1

4

20

79

280

453

585

(1)

# Malls

2007

2012

2015

392

499

585

Top 9 Players

(2)

Other Important Players

(3)

Others

Source: Abrasce and Iguatemi. (1) As of July 2015. (2) Top 9 players: Iguatemi, Br Malls, Multiplan, Sonae Sierra, General Shopping, Aliansce, JCPM, Westfield, Brookfield, Ancar. (3) Other Important Players: FUNCEF, JHSF, Soifer, Savoy, CCP, Participa, IRB, REP, Tenco, Terral, Grupo Tacla, Shopinvest, Zaffari, Sá Cavalcanti, PatioMix, North Empreendimentos, Grupo Santa Isabel, Prosperitas, Grupo Lider, LGR, Previ.

48

…reaching, in 2014, a total of 520 shopping centers (14 mn sqm of GLA) Total Malls and GLA distribution

North:  25 Malls  4.7% GLA  5.2% of PIB  R$14,179 PIB/per capita

Northeast: 76 Malls  14.4% GLA  13.6% of PIB  R$ 11,044 PIB/per capita

North

Northeast Midwest:  47 Malls  8.9% GLA  9.8% of PIB  R$ 29,843 PIB/per capita

Midwest

Southeast

South

Source: Abrasce (Jul/2015), IBGE (2013).

Southeast:  290 Malls  55.1% GLA  55.2% of PIB  R$ 29,718 PIB/per capita

South:  89 Malls  16.9% GLA  16.2% of PIB  R$ 25,633 PIB/per capita

49

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Key Performance Indicators (KPIs)

On-going Business

Projects under implementation

EBITDA

REVENUES PER SQM

EBITDA MARGIN

CAPEX OF THE PROJECTS

Future growth

GLA negotiated (expansions, greenfields & acquisitions)

LEASING SPREAD

51

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Strong revenues growth over the past three years Gross Revenues Annual Breakdown (R$ mm)

657

520 463 12% 16%

Rent Revenues Annual Breakdown (R$ mm)

CAGR

11%

Others

+17,7%

17%

Parking

+21,4%

Mgmt Fee

+18,3%

11% 6% 16%

9% 352

5% 309

6%

9% 8% 66% 67%

Rent

84%

2014

+21,0%

Overage

+6,5%

Minimum Rent

+19,9%

9% 7%

68%

2013

7%

Temp Rent

+19,0%

82%

2012

Growth

437

2012

83%

2013

2014

53

Strong gross and rent revenues growth on a YoY basis 3Q15 Rental Revenues (R$ million)

3Q15 Total Revenues (R$ million) 7.4% 177,8

165,6 10% 16% 5%

VARIANCE %

10%

Others

-3.1%

17%

Parking

15.0%

Mgmt Fee

11.0%

5%

67%

69%

Rent

3Q14

7.0%

7.0% 118,0 9% 7%

110,2 10% 7%

9M15 Total Revenues (R$ million)

Temp Rent

0.7%

Overage

5.6%

Minimum Rent

7.7%

84%

83%

3Q14

3Q15

VARIANCE %

3Q15

9M15 Rental Revenues (R$ million)

10.5% 469,9 10% 16% 5%

68%

9Q14

519,1 10% 17% 6%

67%

9Q15

VARIANCE % Others

7.4%

Parking

16.1%

Mgmt Fee

15.2%

Rent

9.2%

9.2% 315,1 9% 8% 82%

9Q14

343,9 9% 7%

83%

VARIANCE % Temp Rent

5.1%

Overage

8.7%

Minimum Rent

9.6% 54

9Q15

54

Along with a decrease in costs and expenses Expenses (R$ mm)

Expenses (R$ mm)

17 83

20%

79

19%

Others

-17.5%

8%

20% 5%

Services Stock Options

-27.1% -42.5%

50%

56%

3Q14

3Q15

23%

26% 26%

67

CAGR

25% 20%

Others

-9.4%

Services

-5.4%

Variance

14

Personnel

29% 21%

13% 10%

8%

Stock Options

-30.4%

52

Variance

44 25%

41%

2012 2012

-7.1%

35%

2013 2013

47%

2014 2014

Personnel

-2.1%

20%

Others

-33.1%

7%

16% 5%

Services Stock Options

-38.0% -42.5%

45%

59%

Personnel

+12.7%

9M14 9M14

9M15 9M15

22%

55

Economic and financial performance (1/2) Management Information

(1)

Consolidated P&L account, (R$ ’000)

2014

2013

2012

2014 x 2013

2013 x 2012

657,064

519,707

462,634

26.4%

12.3%

-67,46

-55,957

-52,113

20.6%

7.4%

Net revenue

589,604

463,75

410,521

27.1%

13.0%

Costs and expenses

-180,965

-173,829

-165,625

4.1%

5,0%

45,694

57,868

160,865

-21.0%

-64,0%

454,333

347,789

405,761

30.6%

-14,3%

77.1%

75,00%

98.9%

210 bps

-2,380 bps

Depreciation and amortization

-87,435

-54,088

-40,667

61.7%

33.0%

EBIT

366,898

293,701

365,094

24.9%

-19,6%

62.2%

63,30%

88.9%

-110 bps

-2,560 bps

-112,911

-62,906

-49,225

79.5%

27.8%

Income tax and Social Contribution tax

-23,278

-46,51

-47,561

-50.0%

-2.2%

Net profit

230,709

184,285

268,308

25.2%

-31.3%

Net margin

39.1%

39,70%

65.4%

-60 bps

-2,570 bps

318,144

238,373

308,975

33.5%

-22.9%

54.0%

51,40%

75.3%

260 bps

-2,390 bps

454,333

347,789

297,556

30.6%

16.9%

77.1%

75,00%

72.5%

210 bps

250 bps

Gross revenue Taxes and discounts

Other operational revenues (expenses) EBITDA EBITDA Margin

EBIT Margin Financial revenues (expenses)

FFO FFO margin Adjusted EBITDA

(2)

Adjusted EBITDA Margin

(2)

(1) Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. (2) Ebitda and Ebitda margin adjusted by the sale of Shopping Boulevard Rio Iguatemi.

56

Economic and financial performance (2/2) Management Information Consolidated P&L account, (R$ ’000)

3Q15

3Q14

%

9M15

9M14

%

Gross Revenue

177,761

165,590

7.4%

519,083

469,915

10.5%

Taxes and Discounts

-18,139

-17,615

3.0%

-54,029

-46,894

15.2%

Net Revenue

159,622

147,975

7.9%

465,054

423,021

9.9%

Costs and Expenses

-44,276

-45,850

-3.4%

-135,727

-133,973

1.3%

Other Operational Revenues

19,384

10,324

87.8%

30,444

22,101

37.7%

EBITDA

134,730

112,449

19.8%

359,771

311,149

15.6%

EBITDA Margin

84.4%

76.0%

840 bps

77.4%

73.6%

380 bps

Depreciation and Amortization

-25,918

-23,180

11.8%

-75,438

-63,578

18.7%

EBIT

108,812

89,269

21.9%

284,333

247,572

14.8%

EBIT Margin

68.2%

60.3%

780 bps

61.1%

58.5%

260 bps

Financial Revenue (Expenses)

-40,123

-31,485

27.4%

-106,025

-73,258

44.7%

Income Tax and Social Contribution Tax

-10,247

9,298

-210.2%

-26,837

-8,963

199.4%

Net Profit

58,442

67,082

-12.9%

151,471

165,351

-8.4%

Net Margin

36.6%

45.3%

-870 bps

32.6%

39.1%

-650 bps

FFO

84,360

90,262

-6.5%

226,909

228,928

-0.9%

FFO Margin

52.9%

61.0%

-810 bps

48.8%

54.1%

-530 bps

(1) Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account. (2) Ebitda and Ebitda margin adjusted by the sale of Shopping Boulevard Rio Iguatemi.

57

Operational indicators (part 1) SSS

8,4% 7,5%

8,1%

8,9% 7,3%

8,0%

8,0%

8,1%

8,1%

6,8%

7,4%

8,1%

8,2% 6,9%

7,2%

6,0% 4,6%

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

9,2%

9,1%

3Q14

4Q14

8,6%

8,7%

1Q15

2Q15

3Q15

SSR 14,1%

10,0%

3Q11

9,0%

4Q11

10,9%

10,1% 8,1%

1Q12

2Q12

8,1%

3Q12

8,8%

4Q12

8,8%

1Q13

2Q13

8,4%

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

8,1%

1Q15

6,8%

2Q15

5,5%

3Q15

58

Operational indicators (part 2) SAS 11,4% 10,2%

10,9% 9,1% 7,5%

9,9% 8,1%

8,4%

7,3%

8,2%

7,6%

8,3%

8,2% 7,1%

7,3%

6,2%

4,7%

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

SAR 14,5% 11,4%

11,3% 9,6%

3Q11

4Q11

11,4% 8,1%

1Q12

2Q12

9,0%

3Q12

9,3%

9,4%

4Q12

1Q13

2Q13

10,8%

8,5%

3Q13

4Q13

1Q14

9,3%

2Q14

8,8%

3Q14

8,9%

4Q14

8,1%

1Q15

6,8%

2Q15

5,4%

3Q15

59

Operational indicators (part 3) Occupancy Rate 97%

97%

97%

96%

96%

96%

95%

96%

97%

96%

95%

95%

95%

95%

96%

95%

94%

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

12%

12%

12%

11%

12%

12%

1Q14

2Q14

3Q14

4Q14

2Q15

3Q15

Occupancy Cost

12%

11%

10%

3Q11

4Q11

1Q12

11%

2Q12

11%

3Q12

11%

4Q12

12%

1Q13

11%

11%

2Q13

3Q13

11%

4Q13

13%

1Q15

60

Iguatemi has a comfortable cash position

Debt

09/30/2015

06/30/2015

420.078

368.660

Debt

-2.038.055

-1.868.763

Net Cash (Debt)

-1.617.977

-1.500.103

502.948

480.673

3,2x

3,1x

Cash and Savings

EBITDA (LTM) Net Debt / EBITDA

Debt Profile

Debt amortization (R$ million)

301 254 166 149 58 15

266

286

221

149

Others 5% 261 60

199

TJLP 14% TR 15%

200 64

74

86

66 19

19

19

19

19

4

CDI 66%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Financing

Debentures

61

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Performance IGTA X IBOV LTM Stockholding Structure

Number of Shares (’000)

Jereissati Participações

% of Total

90,801,522

51.4%

1,441,248

0.8%

18,021,602

10.2%

172,700

0.1%

Outros

66,174,506

37.5%

Total

176,611,578

100.0%

La Fonte Telecom Petros

Treasury

IGTA 3Q15

(1)

Iguatemi x Ibovespa (Feb/2007 - Actual) 250

Final Price

R$ 20.55

Highest Price

R$ 26.45

Lower Price

R$ 19.35

Depreciation in 3Q15

-19.51%

Depreciation in 2015

-13.35%

Number of Shares

200

150

100

176,611,578

Market Cap (R$ million)

R$ 3.6

Average Daily Liquidity

13,070,329

50 IGUATEMI

0

fev-07

(1) Source: Economática – base date 09/30/2015.

set-07

mai-08

dez-08

jul-09

mar-10

out-10

jun-11

jan-12

set-12

IBOVESPA

abr-13

nov-13

jul-14

fev-15

out-15

63

Properties for investment 2009

2010

2011

2012

2013

Total

Total

Total

Total

Total

Malls in Operation

Greenfields / Expansions

Total

Value of 100% of mall

5.849

7.340

8.678

10.531

11.401

12.536

77

12.613

Iguatemi Equity interest

3.288

4.181

5.258

6.118

6.862

7.606

41

7.647

Total GLA (‘000 sqm)

628

672

704

704

768

773

Owned GLA (‘000 sqm)

376

420

451

434

470

484

79.255

79.255

79.255

158.510

176.612

176.612

Price per Share

R$ 32,44

R$ 40,32

R$ 34,32

R$ 25,50

R$ 22,32

R$ 27,25

NAV per Share

41,5

52,8

66,3

34,6

39,1

39,1

Total Shares

7,647

5,247

45.7%

2014

NAV Multiples

2013

2014

Cap Rate

6.6%

6.6%

NOI (R$ mm)

697.3

825.9

NOI Multiple²

15.2x

15.2x

(2)

3,629

Market Cap (1) Base Date: 09/30/2015. (2) Malls in Operation.

EV

NAV

64

AGENDA

•

Delivering profitable growth since the IPO

•

How Iguatemi will grow from 2015 onwards

•

Pipeline of Projects

•

Recent Greenfields, Expansions and PSV Swaps

•

Portfolio Overview

•

Appendix  Market Dynamic  Key Performance Indicators  Financial and Operational Indicators  Stock Market

 Malls at a Glance

Iguatemi São Paulo at a glance Financial and Operational Highlights Total GLA

47,322 sqm

Own GLA

27,508 sqm

Revenues

(1)

Revenues/sqm NOI

(1)

(1)

NOI/sqm

189 Mn R$ 4,094/sqm R$

R$

176 Mn

R$ 3,807/sqm

(1)

Ownership Structure

Main Retail Brands

Outros 37%

IGTA 58%

Funcesp 5%

(1) As of December 31, 2014. The Total GLA considered in this calculation is 46,134 (prior to the 1,188 sqm expansion delivered in 2015).

66

JK Iguatemi at a glance Financial and Operational Highlights Total GLA

34,957 sqm

Own GLA

22,372

Revenues

(1)

Revenues/sqm NOI

106 Mn R$ 3,034/sqm R$

(1)

(1)

R$

NOI/sqm

sqm

(1)

87 Mn

R$ 2,488/sqm

Ownership Structure

Main Retail Brands

TIAA-Cref 36%

IGTA 64%

(1) As of December 31, 2014.

67

Pátio Higienópolis at a glance Financial and Operational Highlights 34,100 sqm

Total GLA

3,819 sqm

Own GLA(2) Revenues

(1)

Revenues/sqm NOI

105 Mn R$ 3,077/sqm R$

(1)

(1)

NOI/sqm

R$

98 Mn

R$ 2,879/sqm

(1)

Ownership Structure Outros 13,7%

Main Retail Brands IGTA 11,2%

FI SPH 25,0%

Brookfield 50,1%

(1) As of December 31, 2014. (2) Considering the second aquisition of 8,4% announced in October, 2015.

68

Market Place at a glance Financial and Operational Highlights Total GLA

26,940 sqm

Own GLA

26,940 sqm

Revenues

(1)

Revenues/sqm NOI

51 Mn R$ 1,878/sqm R$

(1)

(1)

NOI/sqm

R$

46 Mn

R$ 1,716/sqm

(1)

Ownership Structure

Main Retail Brands

IGTA 100%

(1) As of December 31, 2014.

69

Iguatemi Alphaville at a glance Financial and Operational Highlights Total GLA

31,312 sqm

Own GLA

24,423 sqm

Revenues

(1)

Revenues/sqm NOI

40 Mn R$ 1,268/sqm R$

(1)

(1)

NOI/sqm

R$

33 Mn

R$ 1,067/sqm

(1)

Ownership Structure

Main Retail Brands

Takaoka 22%

IGTA 78%

(1) As of December 31, 2014.

70

Iguatemi Campinas at a glance Financial and Operational Highlights Total GLA

73,492 sqm

Own GLA

51,444 sqm

Revenues

(1)

Revenues/sqm NOI

96 Mn R$ 1,762/sqm R$

(1)

(1)

NOI/sqm

R$

85 Mn

R$ 1,570/sqm

(1)

Ownership Structure

Main Retail Brands

FEAC 30%

IGTA 70%

(1) As of December 31, 2014. The Total GLA considered in this calculation is 54,321 (prior to the 19,171 sqm expansion delivered in 2015).

71

Galleria at a glance Financial and Operational Highlights Total GLA

33,146 sqm

Own GLA

33,146 sqm

Revenues

(1)

Revenues/sqm NOI

31 Mn R$ 926/sqm R$

(1)

(1)

NOI/sqm

R$

27 Mn

R$ 811/sqm

(1)

Ownership Structure

Main Retail Brands

IGTA 100%

(1) As of December 31, 2014.

72

Iguatemi Esplanada at a glance Financial and Operational Highlights Total GLA

64,360 sqm

Own GLA

35,636 sqm

Revenues

(1)

Revenues/sqm NOI

81 Mn R$ 1,251/sqm R$

(1)

(1)

R$

NOI/sqm

70 Mn

R$ 1,084/sqm

(1)

Ownership Structure IRB 6%

Main Retail Brands

Outros 6%

Previ BB 34%

(1) As of December 31, 2014.

IGTA 54%

73

Iguatemi São Carlos at a glance Financial and Operational Highlights Total GLA

22,323 sqm

Own GLA

11,162 sqm

Revenues

(1)

Revenues/sqm NOI

10 Mn R$ 454/sqm R$

(1)

(1)

NOI/sqm

R$

8 Mn

R$ 338/sqm

(1)

Ownership Structure

Main Retail Brands

Sobloco 50%

IGTA 50%

(1) As of December 31, 2014.

74

Iguatemi Ribeirão Preto at a glance Financial and Operational Highlights Total GLA

43,648 sqm

Own GLA

38,410 sqm

Revenues

(1)

Revenues/sqm NOI

25 Mn R$ 572/sqm R$

(1)

(1)

R$

NOI/sqm

R$ 454/sqm

(1)

Ownership Structure Retiro do Ipê 4%

20 Mn

WTB 2%

Main Retail Brands Bianp Serviços 1%

Vila do Ipê 5%

IGTA 88%

(1) As of December 31, 2014.

75

Iguatemi São José do Rio Preto at a glance Financial and Operational Highlights Total GLA

43,649 sqm

Own GLA

38,411 sqm

Revenues

(1)

Revenues/sqm NOI

21 Mn R$ 481/sqm R$

(1)

(1)

NOI/sqm

R$

15 Mn

R$ 344/sqm

(1)

Ownership Structure

Main Retail Brands

Beny Haddad 12%

IGTA 88%

(1) As of December 31, 2014.

76

Iguatemi Porto Alegre at a glance Financial and Operational Highlights Total GLA

38,926 sqm

Own GLA

14,013 sqm

Revenues

(1)

Revenues/sqm NOI

82 Mn R$ 2,107/sqm R$

(1)

(1)

R$

NOI/sqm

79 Mn

R$ 2,021/sqm

(1)

Ownership Structure

Main Retail Brands

LGR 14%

IGTA 36%

Maiojama 14%

ANCAR 36%

(1) As of December 31, 2014.

77

Praia de Belas at a glance Financial and Operational Highlights Total GLA

47,205 sqm

Own GLA

17,843 sqm

Revenues

(1)

Revenues/sqm NOI

55 Mn R$ 1,168/sqm R$

(1)

(1)

NOI/sqm

R$

45 Mn

R$ 959/sqm

(1)

Ownership Structure Belsul 5%

Main Retail Brands Nora Teixeira 4%

Nova Vicenza 15%

IGTA 38%

Participa 18%

IRB 20%

(1) As of December 31, 2014.

78

Iguatemi Florianópolis at a glance Financial and Operational Highlights Total GLA

21,189 sqm

Own GLA

6,357 sqm

Revenues

(1)

Revenues/sqm NOI

33 Mn R$ 1,545/sqm R$

(1)

(1)

NOI/sqm

R$ (1)

31 Mn

R$ 1,445/sqm

Ownership Structure

Main Retail Brands

IGTA 30%

PRONTA 70%

(1) As of December 31, 2014.

79

Iguatemi Caxias at a glance Financial and Operational Highlights Total GLA

30,324 sqm

Own GLA

2,547 sqm

Revenues

(1)

Revenues/sqm NOI

26 Mn R$ 846/sqm R$

(1)

(1)

NOI/sqm

R$

24 Mn

R$ 782/sqm

(1)

Ownership Structure

Main Retail Brands IGTA 8%

Outros 30%

BR Malls 46% Maiojama 16%

(1) As of December 31, 2014.

80

Iguatemi Brasília at a glance Financial and Operational Highlights Total GLA

32,302 sqm

Own GLA

20,673 sqm

Revenues

(1)

Revenues/sqm NOI

52 Mn R$ 1,608/sqm R$

(1)

(1)

R$

NOI/sqm

(1)

46 Mn

R$ 1,431/sqm

Ownership Structure

Main Retail Brands

Paulo Octavio 36% IGTA 64%

(1) As of December 31, 2014.

81

Outlet Novo Hamburgo at a glance Financial and Operational Highlights Total GLA

20,115 sqm

Own GLA

8,247 sqm

Revenues

(1)

Revenues/sqm NOI

9 Mn R$ 464/sqm R$

(1)

(1)

NOI/sqm

R$

6 Mn

R$ 296/sqm

(1)

Ownership Structure

Main Retail Brands

São José 10%

IGTA 41%

Credit Suisse 49%

(1) As of December 31, 2014.

82

IR Contact Cristina Betts CFO and Investor Relations Officer Gunther Schrappe Strategic Planning and Investor Relations Director Carina Carreira Investor Relations Coordinator Elisa Manzato Investor Relations Analyst

Phone: (+55 11) 3137-6872 e-mail: [email protected] www.iguatemi.com.br

Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Iguatemi Empresa de Shopping Centers S.A. (IESC), eventually expressed in this release, are merely projections and, as such, are based exclusively on the expectations of Iguatemi's management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice.

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