BR Properties S A : Notice to Shareholders - Capital Reduction

BR PROPERTIES S.A.

Corporate Taxpayer's ID (CNPJ/ME) 06.977.751/0001-49

Company Registry (NIRE) 35.300.316.592

Public Company

NOTICE TO SHAREHOLDERS - CAPITAL REDUCTION

BR PROPERTIES S.A. ("Company"), in addition to the material facts disclosed on January 3 and 24, and March 14, 2023, with reference to the capital reduction approved at the Company's shareholders' extraordinary general meeting held on January 24, 2023 ("Capital Reduction"), hereby informs that the period for creditors to raise objections on the Capital Reduction expired with no objections to the Capital Reduction.

Therefore, as informed in the material fact disclosed on March 14, 2023:

• • the shareholders of the Company on the base date of April 4, 2023 (including) ("Cut-Off Date") will be entitled to receive the capital refund, provided that the Capital Reduction becomes effective without objection from creditors

• • the shares issued by the Company will be negotiated ex-rights of to the capital refund as of April 5, 2023 (including);

• • the shareholders of the Company as of the Cut-Off date:

  • o BRL 109.897567887586 per share in relation to the cash portion of the Capital Reduction; and

  • o one quota of the BRPR Corporate Offices Fundo de Investimento Imobiliário (CNPJ 48.978.859/0001-04) ("FII") for each share owned by the shareholder, whose market value calculated for the purposes of the Capital Reduction corresponds to R$106.35 per share.

• • the cash portion and the in natura portion jointly represent the total the amount of R$216.247567887586 per share for the Capital Reduction purposes, considering the total of 11,610,812 common shares (ex-treasury). The total common shares already considers the effects of the reverse stock split approved at the EGM and completed on February 24, 2023;

• • the FII quotas will be delivered on April 5, 2023, the date on which the FII quotas will be traded on B3 S.A. - Brasil Bolsa Balcão;

• • payment of the capital reduction installment in cash will be made by April 19, 2023.

São Paulo, March 27, 2023.

André Bergstein

Financial and Investor Relations Officer

BR PROPERTIES S.A.