1Q15 Results INVESTOR RELATIONS CONFERENCE CALL IN ENGLISH

1Q15 Results INVESTOR RELATIONS Renato Rique CEO Henrique Cordeiro Guerra Executive Director Renato Botelho CFO Eduardo Prado IR Superintendent Samantha Senna IR Specialist Yan Oliveira IR Analyst Phone: +55 (21) 2176-7272 CONFERENCE CALL IN ENGLISH May 7, 2015 Thursday 11:00 a.m. (US EST) / 12:00 p.m. (BR) Phone: +1 (646) 843-6054 Code: Aliansce Replay available for 7 days: +55 (11) 2188-0400 Password: Aliansce

Aliansce presents its 1Q15 Results and Financial and Operating Highlights Rio de Janeiro, May 6, 2015 Aliansce Shopping Centers S.A. (Bovespa: ALSC3), one of Brazil s largest shopping mall owners, announces today its results for the first quarter of 2015 (1Q15). The Company s managerial financial information is presented on a consolidated basis and in thousands of reais (R$). These financial statements are presented in accordance with accepted practices in Brazil, comprising CPCs issued and approved by the CVM, as well as international financial reporting standards (IFRS), except in regard to the effects of the adoption of pronouncements CPC 19 (R2) and CPC 18 (R2) IFRS 10 and 11. For an analysis of the reconciliation of the consolidated financial statements and managerial information, please see the comments in the Appendices section. The Company s non-accounting information has not been reviewed by the independent auditors. 1Q15 highlights and recent events The financial information highlighted below is managerial in nature and based on the Company s consolidated financial statements. Sales of Aliansce s malls grew by 8.7% in 1Q15 over 1Q14. In 1Q15, nine of the 19 malls of the Company recorded double-digit sales growth in relation to the same period last year. Same-area sales (SAS) climbed by 4.8% in 1Q15. Same-store sales (SSS) increased 4.0%. In 1Q15, the portfolio s SSS and SAS were impacted by the sales performance of Shopping da Bahia, the Company s most relevant mall. Excluding this mall, SAS came to 7.2%, while SSS stood at 6.5%. The seven malls with the highest exposure to the middle-income class stood out, with SAS growth of 7.6% in 1Q15. This same group of assets recorded SSS growth of 6.6% in 1Q15. Net revenue totaled R$123.6 million in 1Q15, an increase of 5.4% in relation to 1Q14. If we exclude the divestments in 2014*, net revenue moved up by 7.8% in the first quarter of 2015. Same-area rent (SAR) and same-store rent (SSR) moved up by 5.9% in 1Q15. NOI came to R$104.8 million in 1Q15, an increase of 4.9% over 1Q14. Excluding the divestment of interests in 2014*, NOI grew by 7.8% in the quarter, while the NOI margin widened by 0.4 p.p. over 1Q14. The NOI margin of the Company s assets that have been operating for less than five years widened by 0.6 p.p. in 1Q15 compared to 1Q14. Adjusted EBITDA stood at R$83.8 million in 1Q15, up 5.3%. The adjusted EBITDA margin stood at 67.8%. Excluding the divestment of interests in 2014*, adjusted EBITDA moved up by 7.7% in 1Q15. Adjusted FFO totaled R$19.4 million in 1Q15, 8.1% higher than in 1Q14, accompanied by an adjusted FFO margin of 16.3% in 1Q15, an increase of 0.3 p.p. from 1Q14. Excluding divestments in 2014*, AFFO grew 22.5% and AFFO margin on 1Q15 was 1.9 p.p. above 1Q14. Gross CAPEX totaled R$28.4 million in 1Q15, while net investments came to R$25.3 million in 1Q15. * Stakes in Shopping da Bahia, Santana Parque Shopping, Boulevard Corporate Tower and C&A store in Boulevard Feira de Santana. Unless stated otherwise, all operating and financial information is expressed in thousands of Brazilian reais and based on consolidated figures, pursuant to Brazilian Corporate Law and International Financial Reporting Standards (IFRS), in accordance with the pronouncements of the Accounting Pronouncements Committee (CPC), which are approved by the Securities and Exchange Commission of Brazil (CVM ).

On April 29, 2015, the Carioca Shopping expansion was opened. The project has 9.2 thousand sqm of owned GLA and investments include improvements to the facade, the second floor and the parking lot, with the construction of 490 new parking spaces. CAPEX net of land swap and key money is estimated at approximately R$22.0 million and the projected stabilized NOI is R$8.4 million. On April 30, 2015, the Annual Shareholders Meeting approved the distribution of R$113.2 million to shareholders. This amount is equivalent to R$0.70 per share and includes R$20 million in interest on equity approved by the Board of Directos on December 19, 2014. The table below shows the Company s main operating and managerial financial indicators in 1Q15, as well as their variations in relation to the same period in the previous year. Main indicators 1Q15 1Q14 Financial Performance - Managerial Information 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Gross revenue 135,083 127,649 5.8% Net revenue 123,628 117,266 5.4% NOI 104,821 99,927 4.9% Margin % 89.2% 89.0% 0.2 p.p. Adjusted EBITDA¹ 83,807 79,581 5.3% Margin % 67.8% 67.9% -0.1 p.p. Net Income 1,787 3,253-45.1% Margin % 1.4% 2.8% -1.3 p.p. Adjusted Net Income¹ 2,050 213 862.1% Margin % 1.7% 0.2% 1.5 p.p. Adjusted FFO¹ 19,371 17,923 8.1% Margin % 16.3% 16.0% 0.3 p.p. Operating Performance - Managerial Information Sales 1,897,776 1,746,158 8.7% Sales/sqm² 1,078.6 1,020.8 5.7% Same Mall Sales/sqm² 1,051.0 989.3 6.2% Total rent/sqm² 73.9 68.4 8.0% SAS/sqm (same area sales)² 1,071.3 1,021.9 4.8% SAR/sqm (same area rent)² 65.6 62.0 5.9% SSS/sqm (same store sales)² 1,064.9 1,023.9 4.0% SSR/sqm (same store rent)² 64.9 61.3 5.9% Occupancy costs (% of sales) 10.6% 10.5% 0.1 p.p. Net Late Payments 5.3% 4.1% 1.2 p.p. Occupancy Rate 97.4% 97.4% -0.1 p.p. Total GLA (sqm) 675,578 678,231-0.4% Owned GLA (sqm) 439,378 448,347-2.0% GLA tha reported sales (sqm)² 390,710 384,028 1.7% ¹Adjusted by Non-recurring effects and Non-disbursed financial expenses ² Monthly average

Our Portfolio Aliansce holds interests in and/or manages malls that are located in all regions of Brazil and are exposed to a wide range of income groups. Owned GLA per Group 1Q15 1Q14 To facilitate an understanding of the Company s growth in the coming years, the portfolio was divided into two groups according to the length of operation or current phase of each asset: 66.9% 33.1% 57.0% 43.0% Mature Assets: mature malls that have been operating for more than five years. New Generation Assets: malls that are in the maturation phase (i.e. have been operating for less than five years) or that have undergone recent renovation. Mature Assets New Generation Mature Assets (Malls with more than 5 years of operating history) Shopping da Bahia Shopping Taboão Via Parque Shopping Shopping Grande Rio Carioca Shopping Shopping West Plaza Bangu Shopping Santana Parque Shopping Caxias Shopping Boulevard Shopping Brasília Boulevard Shopping Belém Shopping Santa Úrsula New Generation Assets (Malls with less than 5 years of operating history) Indicates Aliansce s presence Boulevard Shopping Belo Horizonte Boulevard Shopping Campos Parque Shopping Belém Boulevard Shopping Vila Velha Boulevard Shopping Nações Bauru Parque Shopping Maceió Third Party Malls (Managed by Aliansce) Shopping Parangaba Shopping Leblon Shopping Jequitibá Shopping Park Lagos Boulevard Shopping Feira de Santana Shopping Park Europeu Boulevard Shopping Vitória da Conquista* Pátio Alcântara Continental Shopping Passeio Shopping Santa Cruz Shopping Moinhos Shopping Floripa Shopping *Under Development São Gonçalo Shopping Boulevard Shopping Camaçari* Additionally, we classify the following malls as the ones with more exposure to the middle-income class: Bangu Shopping, Carioca Shopping, Shopping Taboão, Caxias Shopping, Shopping Grande Rio, Parque Shopping Belém and Shopping Parangaba. At the end of 1Q15, Aliansce held interests in 19 operational malls, totaling 439.4 thousand sqm of owned GLA in operation. The Company also acts as a service provider, managing and leasing 14 malls owned by third parties with a combined GLA of 292.4 thousand sqm at the end of 1Q15.

The percentages below reflect the Company s interests at the end of 1Q15: Operating Malls State % Aliansce GLA (sqm) Owned GLA Occupancy Services (sqm) rate (%) rendered Mature Assets - more than 5 years of operating history 65.70% 447,436 293,952 98.4% Shopping da Bahia BA 66.43% 62,941 41,809 99.7% M / L Shopping Taboão SP 78.00% 36,679 28,609 99.9% M / L / SSC Via Parque Shopping RJ 73.91% 57,247 42,311 99.3% M / L / SSC Shopping Grande Rio RJ 25.00% 37,074 9,268 99.4% M / L / SSC Carioca Shopping RJ 100.00% 24,047 24,047 98.9% M / L / SSC Shopping West Plaza SP 25.00% 33,832 8,458 97.1% M / L / SSC Bangu Shopping RJ 100.00% 54,498 54,498 99.7% M / L / SSC Santana Parque Shopping SP 33.40% 26,523 8,859 97.4% M / L / SSC Caxias Shopping RJ 89.00% 25,723 22,894 98.7% M / L / SSC Boulevard Shopping Brasília DF 50.00% 17,002 8,501 99.3% M / L / SSC Boulevard Shopping Belém PA 75.00% 39,419 29,565 95.0% M / L / SSC Shopping Santa Úrsula SP 37.50% 23,057 8,646 93.0% - C&A Stores n/a 69.05% 9,395 6,488 100.0% n/a New Generation Assets - less than 5 years of operating history 63.74% 228,142 145,426 95.2% Boulevard Shopping Belo Horizonte MG 70.00% 43,083 30,158 94.6% M / L / SSC Boulevard Shopping Campos RJ 100.00% 24,756 24,756 97.7% M / L / SSC Parque Shopping Belém PA 50.00% 30,014 15,007 96.1% M / L / SSC Boulevard Shopping Vila Velha ES 50.00% 33,600 16,800 93.5% M / L / SSC Boulevard Shopping Nações Bauru SP 100.00% 27,146 27,146 94.9% M / L / SSC Parque Shopping Maceió AL 50.00% 37,417 18,709 95.3% M / L / SSC Shopping Parangaba CE 40.00% 32,126 12,850 95.2% M / L / SSC Total Portfolio 65.04% 675,578 439,378 97.4% (M) Management (L) Leasing (SSC) Shared Services Center Considering the ten most representative malls in terms of NOI equivalent of 83% of the Company s NOI in 1Q15, the occupancy rate was 98.2%. Impact of the sale of interests in 2014 The chart below summarizes the variation in the main financial indicators, adjusting the 2014 figures to reflect the Company s current interests. During 2014, the Company has sold minority stakes in Shopping da Bahia and Santana Parque Shopping, 100% interest in Boulevard Corporate Tower and the C&A store in Boulevard Shopping Feira de Santana. Main indicators 1Q15 1Q14 Pro Forma Financial Performance - Managerial Information 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Gross revenue 135.083 124.790 8,2% Net revenue 123.628 114.682 7,8% NOI 104.821 97.260 7,8% Margin % 89,2% 88,8% 0,4 p.p. Adjusted EBITDA¹ 83.807 77.844 7,7% Margin % 67,8% 67,9% -0,1 p.p. Adjusted FFO¹ 19.371 15.816 22,5% Margin % 16,3% 14,4% 1,9 p.p. ¹Adjusted by Non-recurring effects and Non-disbursed financial expenses

Financial Highlights Gross Revenue Gross revenue increased by 5.8% in 1Q15, reaching R$135.1 million. Excluding the divestment of interests in 2014, the Company s gross revenue grew by 8.2% in 1Q15. The increase in vehicle traffic in 15 of the 19 malls and the higher average fare resulted in a growth of 17.7% in parking revenue. Revenue from the leasing of kiosks and merchandising was once again a highlight, climbing 12.5% in 1Q15. Revenue Breakdown - 1Q15 Gross Revenues (R$ thousands) Services rendered 8.9% Transfer fee 0.1% Parking 15.9% Rent 71.9% Minimum rent 82.6% 127,649 10,293 (2,859) + 5.8% 135,083 Key Money 3.1% Stands and Kiosks 9.8% Overage rent 7.6% 1Q14 Organic Divestment of Interests 1Q15 Managerial Financial Information 1Q15 1Q14 Revenues per type 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Rentals 94,663 90,160 5.0% Key Money 4,138 5,554-25.5% Parking 21,510 18,279 17.7% Transfer fee 168 554-69.8% Services rendered 12,078 10,265 17.7% Straight line rent adjustment - CPC 06 2,525 2,836-11.0% Total 135,083 127,649 5.8% Managerial Financial Information 1Q15 1Q14 Revenues per mall 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Shopping da Bahia 17,730 18,911-6.2% Shopping Taboão 8,468 7,561 12.0% Via Parque Shopping 9,270 8,649 7.2% Shopping Grande Rio 3,534 3,246 8.9% Carioca Shopping 7,841 7,490 4.7% Bangu Shopping 13,786 12,599 9.4% Santana Parque Shopping 2,323 3,325-30.1% Shopping Santa Úrsula 1,187 1,231-3.6% Caxias Shopping 5,923 5,449 8.7% Boulevard Shopping Brasília 2,227 2,003 11.2% Boulevard Shopping Belém 14,855 13,882 7.0% Boulevard Shopping Belo Horizonte 10,124 9,298 8.9% Boulevard Campos 4,950 4,517 9.6% Parque Shopping Belém 3,220 2,961 8.8% Boulevard Shopping Vila Velha 1,628 1,457 11.7% Boulevard Shopping Nações Bauru 4,119 3,730 10.4% Shopping West Plaza 1,899 1,867 1.7% Shopping Parangaba 2,454 2,032 20.8% Parque Shopping Maceió 4,052 3,018 34.3% C&A Stores 889 1,044-14.8% Boulevard Corporate Tower - 278 n/a Services 12,078 10,265 17.7% Straight line rent adjustment - CPC 06 2,525 2,836-11.0% Total 135,083 127,649 5.8%

Rent Revenue The Company s rent revenue increased by 5.0% in 1Q15. Excluding the divestment of interests in 2014, rent revenue grew by 7.9% in 1Q15. The performances of Boulevard Shopping Brasília and Boulevard Shopping Belém are the result of successful rent renewals. The malls opened in the last three years recorded an increase of 16.7%. Via Parque s performance reinforces the Company s expectations concerning the mall after the opening of the movie theater and the conclusion of the renovation in 1Q15. Managerial Financial Information 1Q15 1Q14 Rent Revenues 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Shopping da Bahia 17,352 18,127-4.3% Shopping Taboão 6,214 5,704 8.9% Via Parque Shopping 6,494 5,947 9.2% Shopping Grande Rio 2,579 2,427 6.2% Carioca Shopping 6,460 6,328 2.1% Bangu Shopping 10,422 9,670 7.8% Santana Parque Shopping 1,637 2,452-33.3% Shopping Santa Úrsula 820 823-0.3% Caxias Shopping 4,296 3,986 7.8% Boulevard Shopping Brasília 1,727 1,493 15.7% Boulevard Shopping Belém 11,904 10,443 14.0% Boulevard Shopping Belo Horizonte 6,858 6,426 6.7% Boulevard Campos 3,665 3,380 8.4% Parque Shopping Belém 2,378 2,146 10.8% Boulevard Shopping Vila Velha 1,584 1,327 19.3% Boulevard Shopping Nações Bauru 2,930 2,575 13.8% Shopping West Plaza 1,397 1,420-1.6% Parque Shopping Maceió 3,007 2,451 22.7% Shopping Parangaba 2,051 1,741 17.8% C&A Stores 889 1,018-12.6% Boulevard Corporate Tower - 278 n/a Total 94,663 90,160 5.0% Cost of Rentals and Services The dilution of cost of rentals and services achieved in 2014 continued during 1Q15. The 3.8% decline in costs was the result of the reduction in operating costs and depreciation and amortization, the sale of assets and the lack of pre-operating expenses. Excluding the divestment of interests, cost of rentals and services increased by only 2.3%. Operating costs fell once more as a result of the maturation process of New Generation assets. In 1Q15, operating costs per sqm of this group of assets declined by 31.1% compared to 1Q14. The main effects were the reduction of costs related to vacant stores and administrative costs. In 1Q15, the establishment of provision for condominium accounts receivable in Boulevard Shopping Belém, Boulevard Shopping Campos and Boulevard Shopping Nações was made for the first time. The increase in the quarter was mainly due to this provision related to previous years.

Cash COGS, excluding depreciation and amortization, decreased by 3.4% in 1Q15. Managerial Financial Information 1Q15 1Q14 Costs per type 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Depreciation and amortization 17,092 17,838-4.2% Mall operating costs 9,214 10,243-10.0% Parking costs 5,441 5,060 7.5% Pre-operating expenses 0 907 n/a Leasing and Planning costs 1,303 1,814-28.1% Provision for doubtful accounts 3,530 2,154 63.8% Total 36,579 38,017-3.8% Gross Income Gross income totaled R$87.0 million in 1Q15, climbing by 9.8% compared to 1Q14. The gross margin increased up by 2.8 p.p. in 1Q15. Gross Income (R$ thousands) 79,249 9.8% 87,048 1Q14 1Q15 NOI NOI amounted to R$104.8 million in 1Q15, an increase of 4.9% in relation to 1Q14. NOI margin was of 89.2% in the quarter, moving up by 0.2 p.p. from 1Q14. Excluding the divestment of interests in 2014, the Company s NOI increased by 7.8% over 1Q14, while the NOI margin widened by 0.4 p.p. The NOI margin of assets with less than five years of operations grew by 0.6 p.p. in 1Q15. The malls opened in 2013, Parque Shopping Maceió and Shopping Parangaba, recorded a NOI margin gain of 3.9 p.p. Managerial Financial Information 1Q15 1Q14 NOI 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Rents 97,356 93,551 4.1% Key Money 4,138 5,554-25.5% Parking Results 16,070 13,219 21.6% Operational Income 117,564 112,324 4.7% (-) Mall operational costs (9,214) (10,243) -10.0% (-) Provision for doubtful accounts (3,530) (2,154) 63.8% (=) NOI 104,821 99,927 4.9% NOI Margin 89.2% 89.0% 0.2 p.p.

Operating (Expenses) / Income General and administrative expenses increased by 9.3% in 1Q15. The upturn in administrative expenses in the first quarter is related to the payment of bonuses to the Executive Officers, which accounted for approximately 27% of the total amount. Other operating (expenses) / income includes non-recurring expenses related to the change in the name and logo of Shopping da Bahia. Managerial Financial Information 1Q15 1Q14 Operating (Expenses)/Income 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Administrative and General expenses (19,147) (17,514) 9.3% Deferred and Intangible Depreciation and Amortization E (911) (747) 21.9% Other Operating (Expenses)/Income (3,097) (1,272) 143.4% Total (23,155) (19,533) 18.5% Non-recurring Items 1,885 373 405.9% Adjusted Total (21,269) (19,161) 11.0% EBITDA and Adjusted EBITDA Aliansce s adjusted EBITDA totaled R$83.8 million in 1Q15, 5.3% more than in 1Q14. Excluding the divestment of interests in 2014, adjusted EBITDA grew by 7.7% in the quarter. Managerial Financial Information 1Q15 1Q14 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Net revenues 123,628-117,266-5.4% (-) Costs (36,579) (38,017) -3.8% (-) Expenses (23,155) (19,533) 18.5% (+) Depreciation and amortization 18,028 18,585-3.0% (=) EBITDA 81,922 78,301 4.6% (+)/(-) Non-recurring (expenses) / income 1,885 1,279 47.3% (+) Pre-operational expenses - 907 n/a (+)/(-) Others 1,885 373 405.9% (=) Adjusted EBITDA 83,807 79,581 5.3% Adjusted EBITDA Margin 67.8% 67.9% -0.1 p.p. Financial Result (R$ thousands) Financial Result 1Q14 1Q15 In 1Q15, the net financial expenses remained flat year on year. The increase in the Company s average cash balance in the period was offset by the financing contracted during 2014 until the beginning of 2015. (52,342) (52,303)

Net income and Adjusted Net Income In 1Q15, the Company s adjusted net income totaled R$1.8 million. Excluding non-recurring and non-cash effects, net income came to R$2.1 million in 1Q15. As of 1Q15, the Company altered its adjusted net income calculation to align it with best market practices. Managerial Financial Information 1Q15 1Q14 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Net Income 1,787 3,253-45.1% (+)/(-) Non-recurring (Expenses)/income 1,885 1,160 62.5% (+) Straight line adjustment - CPC 06 (2,383) (2,646) -9.9% (+) Stock Options 1,174 1,174 0.0% (+)/(-) non-cash taxes 458 (1,975) n/a (-) Capitalized interest (1,283) (976) 31.5% (+) SWAP 411 223 84.2% (=) Adjusted Net Income 2,050 213 862.1% FFO and Adjusted FFO (AFFO) Adjusted FFO (AFFO) stood at R$19.4 million in 1Q15, an upturn of 8.1% compared to 1Q14. The AFFO margin increased up by 0.3 p.p. over 1Q14 to 16.3%. Excluding the divestment of interests in 2014, AFFO was 22.5% higher than in 1Q14. AFFO margin was 1.9 p.p. above the same period last year. As of 1Q15, the Company changed its AFFO calculation to align it with best market practices. Managerial Financial Information 1Q15 1Q14 FFO 1Q15/1Q14 Δ% (Amounts in thousands of Reais, except percentages) Net Income - Controlling Shareholders 1,787 3,253-45.1% (+) Depreciation and Amortization 17,321 17,710-2.2% (=) FFO 19,108 20,963-8.8% FFO Margin % 16.1% 18.7% -2.6 p.p. (+)/(-) Non-recurring (Expenses)/income 1,885 1,160 62.5% (+) Straight line rent adjustment - CPC 06 (2,383) (2,646) -9.9% (+) Stock Option 1,174 1,174 0.0% (+)/(-) Non-cash taxes 458 (1,975) n/a (-) Capitalized Interest (1,283) (976) 31.5% (+) SWAP 411 223 84.2% (=) Adjusted FFO 19,371 17,923 8.1% AFFO Margin % 16.3% 16.0% 0.3 p.p.

2,10.0 2,00.0 1,90.0 1,80.0 1,70.0 1,60.0 1,50.0 1,40.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 Operating Highlights Sales Performance Sales of the Company s malls reached R$1.9 billion in 1Q15, climbing by 8.7% over 1Q14. It is worth mentioning that the Company s total GLA remained stable in the period. In 1Q15, nine of the 19 malls of the portfolio recorded double-digit sales growth in relation to the same period last year. Total Sales and GLA Growth 666.7 666.2 +8.7% 1,898.6 1,746.2 The assets with the highest exposure to the middle-income segment had total sales growth of 12.5% in 1Q15. This group of assets is formed by seven malls that are dominant in their trading areas, with an average age of 8.9 years. Same area sales (SAS) grew 4.8% in the 1Q15 and same store sales (SSS) increased by 4.0% compared to 1Q14. 1Q14 Sales (R$ million) 1Q15 Total GLA (thousand sqm) The portfolio s SSS and SAS in 1Q15 were impacted by the sales performance of Shopping da Bahia, the Company s most relevant mall. Excluding this mall, SAS and SSS growth was of 7.2% and 6.5%, respectively, in 1Q15. Shopping da Bahia is undergoing construction works for two expansions that are disrupting the customers access and flow inside the mall. The largest interference in the existing area of the mall will end in May. The first expansion, with a supermarket and a new service area, is expected to open in 4Q15. The two expansions will add approximately 12 thousand sqm of GLA and strengthen even further the tenant mix of one of the country s top performing malls. The performance of the group of assets with the highest exposure to the middle-income segment recorded SAS and SSS growth of 7.7% and 6.8%, respectively, in 1Q15. Same-Store Rent (SSR) and Same-area rent (SAR) Same-area rent (SAR) and same-store rent (SSR) both increased by 5.9% in the quarter. The reduction of the IGP-DI, the main inflation index for our annual lease adjustments, throughout the 2 nd semester of 2014 contributed to the lower growth in rental revenue. The malls that have completed five years of operating history in 2014 showed significant growth in terms of SSR, demonstrating the Company's ability to transfer the increase in sales to rentals. Boulevard Shopping Brasília had a SSR growth of 12.5% in 1Q15. Boulevard Shopping Belém will be impacted more significantly by renewals as of 2Q15. Still, it presented SSR growth of 9.4% in the first quarter.

Occupancy Rate Aliansce's occupancy rate stood at 97.4% in 1Q15, 0.1 p.p. below 4Q14 and in line with 1Q14. Among the highlights, an increase of 3.0 p.p. in the occupancy rate of Shopping Parangaba, 1.0 p.p. in Boulevard Shopping Brasília and a 1.0 p.p. increase in the occupancy rate of Boulevard Shopping Campos. Occupancy Rate (%) 97.4% 97.1% 97.2% 97.5% 97.4% 1Q14 2Q14 3Q14 4Q14 1Q15 Occupancy Cost (% of sales) The first quarter of the year is characterized by a lower sales volume compared to the year average, which impacts temporarily the tenants occupancy cost. In 1Q15, the Company s portfolio occupancy cost stood at 10.6%, an increase of 0.1 p.p. compared to 1Q14. The increase in consolidated sales of malls opened less than five years ago enabled a decline in occupancy cost of this group of assets from 10.2% in 1Q14 to 10.0% in 1Q15. Maintaining the portfolio s occupancy cost below the industry average also reflects the efficiency in the malls management. Occupancy Cost - New Generation Assets Occupancy Cost - Mature Assets Total Satellites Total Satellites 14.2% 14.1% 14.2% 14.7% 10.2% 10.0% 10.4% 10.7% 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15

CAPEX The Company s gross CAPEX was R$28.4 million in 1Q15 and net CAPEX came to R$25.3 million. Expansion CAPEX net of key money and land swaps totaled R$16.1 milion. The chart below shows CAPEX to be disbursed until the end of 2017. The Expansions line includes ongoing projects and future expansions. CAPEX to Complete 9M15 2016E 2017E TOTAL (Amounts in millions of Reais) Expansions 21.0 74.9 56.3 152.2 Maintenance / Renovations 34.3 37.8 10.9 83.0 Other 32.1 13.6 0.0 45.7 Key money / Land swap¹ -1.4-2.4-23.2-27.1 Total 86.0 123.9 43.9 253.8 ¹ Monetization of excess land Growth Drivers According to our current schedule of expansions, the Company should reach 475.5 thousand sqm of own GLA by the end of 2017. 439,378 20,742 6,790 8,545 475,454 +8.2% Actual 2015E 2016E 2017E End of 2017 Expansions

Expansions Ongoing projects scheduled to be inaugurated in the next 12 months The five expansion projects with expected opening between 1Q15 and 4Q15 will add approximately 20 thousand sqm to the Company s current owned GLA. CAPEX at share and net of key money and land swaps are estimated at R$69.1 million. By the end of 1Q15, approximately 83% of the gross CAPEX of these five expansions had already been disbursed by the Company. The consolidated cap rate for the 3 rd year is 29.7%. Ongoing Projects State Opening % Aliansce (R$ million) Net Capex¹ Stabilized NOI Stabilized Cap Bangu Shopping RJ 1Q14-2Q15 3,839 100.0% 3,839 31.9 6.2 19.4% 24.5% Carioca Shopping³ RJ 2Q15 9,200 100.0% 9,200 22.0 8.4 38.0% 17.5% Shopping Nações Bauru SP 2Q15-4Q15 7,375 100.0% 7,375 4.0 4.4 N/A N/A Shopping da Bahia BA 4Q15 1,911 66.4% 1,268 6.0 1.1 18.1% 24.2% Shopping West Plaza SP 4Q15 3,175 25.0% 794 5.2 0.4 7.7% 10.4% Total 25,500 22,476 69.1 20.5 29.7% ¹Includes net Key Money and Land Swap ²Real and unleveraged IRR ³The IRR does not consider land swap for construction potential. GLA (sqm) % Aliansce Owned GLA (sqm) IRR² (p.a.) Expansion of Bangu Shopping The first two phases of Bangu Shopping s third expansion have been opened. A total of 2.5 thousand sqm of owned GLA has been added to the Company s portfolio to date. With the opening of the new food court on the second floor of the mall, the fast-food operations were reallocated, leaving around 1.2 thousand sqm of GLA available on the first floor for new satellite operations. This area will be used to expand and complement the mall s tenant mix and will be anchored by the recently inaugurated food court. In addition, 600 sqm will be available for leasing of satellite stores in external areas, bringing in new product and service offerings to Bangu Shopping. In total, the three phases will add 3.8 thousand sqm of net GLA. By the end of 1Q15, 87.1% of gross CAPEX had already been disbursed. The stabilized cap rate is estimated at 19.4% and real and deleveraged IRR at 24.5%. New food court on the 2 nd floor Perspective 3 rd phase of the expansion

Expansion of Carioca Shopping Opened on April 29, the Carioca Shopping expansion added 9.2 thousand sqm of GLA, an increase of 38% to the previous area. The new stores include the anchor store Renner, an Outback restaurant and megastore Ri Happy. In addition to the expansion, investments include improvements to the façade, to the second floor and to the parking lot, with the construction of 490 new parking spaces. Net investments considering the land swap benefit and key money come to approximately R$22.0 million. The project has an estimated stabilized cap rate of 38.0%. 1 st floor expansion 2 nd floor expansion Expansion of Boulevard Nações Bauru Opened in 4Q12, Boulevard Nações Bauru is the largest and most comprehensive mall in the region. The expansion, which has 7.4 thousand sqm of owned GLA, will consolidate its dominant position in local retail. The first phase of the expansion will add 2.4 thousand sqm of GLA, 1.2 thousand sqm of which will be occupied by Lojas Americanas. The remaining area will be occupied by satellite stores on the first floor. The second phase, scheduled to open in 4Q15, will add 4.9 thousand sqm of GLA to the third floor. The Company expects stabilized NOI of R$4.4 million from the two phases of the expansion. Expansion of Shopping da Bahia Scheduled to open in 4Q15, the 20 th expansion of Shopping da Bahia will enlarge the range of services offered by adding 1.3 thousand sqm of owned GLA, including one supermarket, one megastore and 12 satellite stores. Works began in 1Q15, after the projects were defined and the construction company was contracted, and have absorbed 24.3% of total estimated investments. The Company expects CAPEX net of key money of R$6.0 million and stabilized cap rate of 18.1% p.a.

Expansion of Shopping West Plaza The strategic plan for Shopping West Plaza includes the improvement and expansion of the food and leisure mix. The expansion of Shopping West Plaza will add a new movie theater with seven screens operated by Cinemark and approximately 3.2 thousand sqm of total GLA. The project also includes a theater hall with capacity for around 300 people, which will be located in the area where the old movie theater was located, next to the food court, on the third floor. Works are on schedule and the expansion is scheduled to open in 4Q15. With the opening of the movie theater, the Company expects an increase in consumer traffic on weekends. Net CAPEX expected is of R$5.2 million and a real and unleveraged IRR of 10.4% from the expansion. Current facade New facade with movie theater on the 4 th floor Future Expansions As of 1Q16, the Company expects to open three more expansions. The expected investments for these projects are included in the expansion line in the table in the CAPEX section. Together, these projects will add 15.3 thousand sqm of owned GLA to the Company s portfolio and will require investments of approximately R$91.1 million, net of the monetization of construction potential and key money. Future Expansions State Opening GLA (sqm) % Aliansce Owned GLA (sqm) Caxias Shopping I RJ 4Q16 7,629 89.00% 6,790 Shopping da Bahia BA 4Q17 10,000 66.38% 6,638 Caxias Shopping II RJ 4Q17 2,143 89.00% 1,907 Total 19,772 15,335

Cash and Cash Equivalents and Indebtedness At the end of 1Q15, consolidated net debt was R$1,545.6 million. The amount excluding minority interests totaled R$1,473.9 million. Net debt remained flat between 1Q14 and 1Q15. The decline in leverage in the last twelve months was the result of the lower volume of investments, higher cash generation and the divestment of interests in 2014. Debt breakdown Short-Term Long-Term Total Debt (Amounts in thousands of Reais) Banks 60,283 922,741 983,024 CCI/CRI 85,897 431,480 517,377 Obligation for purchase of assets 9,723 25,882 35,605 Debentures 118,548 235,107 353,654 TOTAL DEBT 274,451 1,615,209 1,889,660 Cash and Cash Equivalents (344,098) - (344,098) TOTAL AVAILABLE (344,098) - (344,098) NET DEBT (69,647) 1,615,209 1,545,562 Leverage 4.7 4.7 4.4 4.2 4.1 1Q14 2Q14 3Q14 4Q14 1Q15 Net Debt / Adjusted EBITDA LTM (x) At the end of the quarter, approximately 72.5% of the Company s debt was indexed to the TR (reference rate), TJLP (long-term interest rate) and fixed interest rates. The SWAP agreement of the debentures totaling R$185 million at the CDI + 2% for the TJLP + 5% was terminated and, as of March, the financial expense has been recognized as the CDI + 2%. The current average debt term is 5.7 years and the average cost is 12.2% p.a. Aliansce Cost of Debt vs. Selic (base 100) 170 150 Change in Selic = 5.0 p.p. Debt Profile TR 66.1% IPCA 12.8% 130 110 Change in ALSC cost = 1.1 p.p. IGP-DI 4.9% 90 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 SELIC ALSC Cost Fixed 2.4% CDI 9.8% TJLP 4.0% Principal Amortization Schedule (R$ millions) 110.7 240.0 255.0 128.4 121.9 106.7 99.7 90.8 135.0 123.3 9M15 2016 2017 2018 2019 2020 2021 2022 2023 2024

The table below shows the reconciliation between consolidated accounting net debt and managerial net debt in 1Q15. The reduction in net debt was a result of the recognition of the Company s share of the net effect of financing for Parque Shopping Belém and Parque Shopping Maceió. Debt breakdown - Consolidated Financial Statements 1Q15 Minorities Via Parque Effects of CPC 18/19 Managerial 1Q15 (amounts in thousands of reais) Banks 1,022,455 - (39,431) 983,024 CCI/CRI 517,377 - (0) 517,377 Obligation for purchase of assets 34,696-909 35,605 Debentures 353,655 - (0) 353,654 TOTAL DEBT 1,928,183 - (38,523) 1,889,660 Cash and Cash Equivalents (336,683) 1,710 (9,125) (344,098) TOTAL AVAILABLE (336,683) 1,710 (9,125) (344,098) NET DEBT 1,591,500 1,710 (47,648) 1,545,562 Stock Performance Aliansce s shares, which are traded on the Novo Mercado special corporate governance segment of the BM&F Bovespa under the ticker ALSC3, closed 1Q15 at R$16.90, while daily traded volume averaged R$5.6 million. Base 100 Aliansce - Base = 100 (03/31/2014) R$ Thousand Shareholder Base 130 120 14,000 12,000 CPPIB 27.56% 110 100 90 10,000 8,000 6,000 Free Float 48.04% Renato Rique 21.50% 80 4,000 70 2,000 60 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 Management 2.89% ALSC3 IBOV ADTV 15 days

Glossary Abrasce: Brazilian Association of Shopping Centers. Additional Rent: the difference (when positive) between the minimum rent and rent based on a percentage of sales, pursuant to the rental agreements. Adjusted EBITDA: EBITDA + pre-operating expenses + other non-recurring expenses (revenues). Adjusted FFO (Funds from Operations): net income + depreciation + amortization nonrecurring expenses and revenues + SWAP effect + unpaid financial expenses + non-cash taxes. Anchor Stores: large, well-known stores with special marketing and structural features that attract consumers, thereby ensuring permanent flows and uniform traffic in all areas of the shopping mall. CAGR: compound annual growth rate. Capital Expenditure (CAPEX): estimate of the amount of funds to be spent on the development, expansion or improvement of an asset. CPC: Accounting Pronouncements Committee. Delinquency: the ratio between total period billings and total revenue received for the same period, calculated on the last business day of that period. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): net revenue operating costs and expenses + depreciation and amortization. Federal Law 11,638: on December 28, 2007, Federal Law 11,638 was enacted with the purpose of including publicly-held companies in the international accounting convergence process. Consequently, certain financial and operating results were subject to accounting effects due to the changes introduced by the new law. FIIVPS: Fundo de Investimento Imobiliário Via Parque Shopping, a real estate investment fund. GCA (Gross Commercial Area): equivalent to the sum of all the commercial areas of the shopping malls, i.e. GLA plus store areas sold. GLA (Gross Leasable Area): equivalent to the sum of all areas available for leasing in shopping malls, except for kiosks and sold areas. Greenfield: development of new Shopping Center projects. Key Money: amount charged to merchants for the right to use the project s technical infrastructure, applicable to contracts with terms longer than 60 months. Management fee: fee charged to tenants and other partners of the mall to defray management costs. MBS: mortgage-backed securities. Mega Stores or Junior Anchors: medium-sized stores (between 500 and 1000 sqm), which frequently have special marketing and structural features on a lesser scale than the anchors, but which still attract and retain customers. They are also known as mini-anchors. Merchant Mix: strategic composition of stores defined by the malls manager. Minimum Rent: the minimum rent of a merchant s leasing agreement.

Net Key Money: key money net of leasing costs. NOI (Net Operating Income): Gross mall revenue (excluding revenue from services) + parking revenue -mall operating costs provision for doubtful accounts. Occupancy Cost: the leasing cost of a store as percentage of sales: rent (minimum + percentage) + common charges + merchandising fund. Occupancy Rate: total mall GLA divided by the area leased at the end of the period in question. Owned GLA: refers to total GLA weighted by Aliansce s interest in each shopping mall. PDA: Provision for Doubtful Accounts. Sales: reported sales of stores in each of the shopping malls in the quarter. SAR (Same-area rent): ratio between the rent earned in a same store in current versus the previous year. Excludes Shopping Santa Úrsula. SAS (Same-area sales): ratio between sales in the same area in the current versus the previous year. Excludes Shopping Santa Úrsula. Satellite or In-line Stores: small stores (less than 500 sqm) with no special marketing and structural features located around the anchor stores and intended for general retailing. SSR (Same-store rent): ratio between the rent earned in the same store in the current versus the previous year. Excludes Shopping Santa Úrsula. SSS (Same-store sales): ratio between sales in the same store in the current versus the previous year. Excludes Shopping Santa Úrsula. Vacancy: the mall s gross leasable area available for rent.

Appendices Reconciliation of the consolidated and managerial financial statements As of January 1, 2013, the Company adopted technical pronouncement CPC 19 (R2) Joint Arrangements, which determines that the projects that a company controls jointly with one or more parties must be characterized as joint arrangements or a joint venture and should be classified under one of these categories. In addition, on the same date, the Company adopted technical pronouncement CPC 18 (R2) Investment in subsidiaries and associated companies - and now fully consolidates the Via Parque Shopping Real Estate Investment Fund and Parque Shopping Belém. However, for managerial financial information purposes, we have considered Aliansce s proportional interest in jointly owned subsidiaries, as shown below: Income Statements - Shoppings Financial Statements 1Q14 Financial Statements 1Q15 Managerial Statements 1Q15 Boulevard Shopping Brasília Equity Income Equity Income 50.00% Parque Shopping Maceió Equity Income Equity Income 50.00% Shopping Grande Rio Equity Income Equity Income 25.00% Shopping Santa Úrsula Equity Income Equity Income 37.50% Parque Shopping Belém 100.00% 100.00% 50.00% Via Parque Shopping 100.00% 100.00% 73.91% Santana Parque Shopping 50.00% Equity Income 33.40% Finally, the managerial financial statements were prepared based on the balance sheets, income statements and financial reports of the respective companies and projects, as well as assumptions that the Company's Management considers to be reasonable, and they should be read in conjunction with the period s financial statements and respective notes. We present below the reconciliation of accounting versus managerial financial statements for the periods ended March 31, 2014 and 2015:

Reconciliation of the consolidated accounting and managerial financial statements - 2014 Conciliation between managerial financial information vs financial statements Period ended March 31, 2014 Aliansce Consolidated 2014 - Financial Statements Minorities Via Parque Consolidation / Adjustment Cross off (amounts in thousands of reais) Aliansce Consolidated 2014 - Managerial Gross revenue from rental and services 123,987 (2,539) 6,200 127,649 Taxes and contributions and other deductions (9,999) 27 (411) (10,383) Net revenues 113,988 (2,512) 5,789 117,266 Cost of rentals and services (36,154) 885 (2,748) (38,017) Gross income 77,834 (1,626) 3,041 79,249 Operating income/expenses (16,070) (13) (3,450) (19,533) Administrative and general expenses (17,487) (4) (23) (17,514) Equity Income 3,488 - (3,488) - Depreciation and Amortization (750) - 2 (747) Other operating income/(expenses) (1,322) (9) 59 (1,272) Financial income/(expenses) (53,501) (71) 1,231 (52,342) Net income before taxes and minority interest 8,262 (1,710) 822 7,374 Income and social contribution taxes (3,023) (55) (716) (3,794) Net income for the period 5,239 (1,765) 106 3,581 Income attributable to: Controlling Shareholders 3,253 - - 3,253 Minority Shareholders 1,987 (1,765) 106 328 Net income for the period 5,239 (1,765) 106 3,581 Conciliation between EBITDA / Adjusted EBITDA Period ended March 31, 2014 Aliansce Consolidated 2014 - Financial Statements Minorities Via Parque Consolidation / Adjustment Cross off (amounts in thousands of reais, except percentages) Aliansce Consolidated 2014 - Managerial Net income 5,239 (1,765) 106 3,581 (+) Depreciation and amortization 18,205 (56) 436 18,585 (+)/(-) Financial expenses / (income) 53,501 71 (1,231) 52,342 (+) Income and social contribution taxes 3,023 55 716 3,794 EBITDA 79,969 (1,695) 28 78,301 EBITDA MARGIN % 70.2% 66.8% (+)/(-) Non-recurring (expenses)/income 749-531 1,279 ADJUSTED EBITDA 80,718 (1,695) 558 79,581 ADJUSTED EBITDA MARGIN % 70.8% 67.9% Conciliation between FFO / Adjusted FFO Period ended March 31, 2014 Net income - Controlling Shareholder 3,253 - - 3,253 (+) Depretiation and amortization 18,205 (56) 436 17,710 (=) FFO * 21,458 (56) 436 20,963 FFO MARGIN % 18.8% 0.0% (+)/(-) Non recurring expenses 749-531 1,160 (-) Straight line rent adjustments - CPC 06 (+) Stock Options 1,174 - - 1,174 (=)/(-) Non-cash taxes (828) - 181 (1,975) (-) CPC 20 - Capitalized Interest (976) - - (976) (+) SWAP 223 - - 223 (=) Adjusted FFO * 19,169 (56) 943 17,923 AFFO MARGIN % 16.8% 16.0% * Non-accounting indicators Aliansce Consolidated 2014 - Financial Statements Minority Interest Consolidation / Adjustment Cross off (amounts in thousands of reais, except percentages) Aliansce Consolidated 2014 - Managerial

Reconciliation of the consolidated accounting and managerial financial statements 2015 Conciliation between managerial financial information vs financial statements Period ended March 31, 2015 Aliansce Consolidated 2015 - Financial Statements Minorities Via Parque Consolidation / Adjustment Cross off (amounts in thousands of reais) Aliansce Consolidated 2015 - Managerial Gross revenue from rental and services 127,740 (116) 7,459 135,083 Taxes and contributions and other deductions (10,935) - (521) (11,455) Net revenues 116,806 (116) 6,938 123,628 Cost of rentals and services (34,247) 826 (3,159) (36,579) Gross income 82,559 710 3,779 87,048 Operating income/expenses (17,451) (1,961) (3,743) (23,155) Administrative and general expenses (19,142) - (5) (19,147) Equity Income 5,748 (1,961) (3,787) - Depreciation and Amortization (916) - 5 (911) Other operating income/(expenses) (3,140) - 43 (3,097) Financial income/(expenses) (53,789) - 1,486 (52,303) Net income before taxes and minority interest 11,319 (1,251) 1,523 11,591 Income and social contribution taxes (6,502) - (1,819) (8,321) Net income for the period 4,817 (1,251) (296) 3,270 Income attributable to: Controlling Shareholders 1,787 - (0) 1,787 Minority Shareholders 3,029 (1,251) (296) 1,483 Net income for the period 4,817 (1,251) (296) 3,270 Conciliation between EBITDA / Adjusted EBITDA Period ended March 31, 2015 Aliansce Consolidated 2015 - Financial Statements Minorities Via Parque Consolidation / Adjustment Cross off (amounts in thousands of reais, except percentages) Aliansce Consolidated 2015 - Managerial Net income 4,817 (1,251) (296) 3,270 (+) Depreciation and amortization 17,180 244 605 18,028 (+)/(-) Financial expenses / (income) 53,789 - (1,486) 52,303 (+) Income and social contribution taxes 6,502-1,819 8,321 EBITDA 82,287 (1,007) 641 81,922 EBITDA MARGIN % 70.4% 66.3% (+)/(-) Non-recurring (expenses)/income 1,740-146 1,885 (+) Pre-operational expenses - - - - (+)/(-) Others 1,740-146 1,885 ADJUSTED EBITDA 84,027 (1,007) 787 83,807 ADJUSTED EBITDA MARGIN % 71.9% 67.8% Conciliation between FFO / Adjusted FFO Period ended March 31, 2015 Net income - Controlling Shareholder 1,787 - - 1,787 (+) Depretiation and amortization 17,180 244 605 17,321 (=) FFO * 18,967 244 605 19,108 FFO MARGIN % 16.2% 16.1% (+)/(-) Non recurring expenses 1,740-146 1,885 (-) Straight line rent adjustments - CPC 06 (+) Stock Options 1,174 - - 1,174 (=)/(-) Non-cash taxes (17) - 720 458 (-) CPC 20 - Capitalized Interest (1,283) - - (1,283) (+) SWAP 411- - - 411- (=) Adjusted FFO * 18,730 244 1,205 19,371 AFFO MARGIN % 16.4% 16.3% * Non-accounting indicators Aliansce Consolidated 2015 - Financial Statements Minority Interest Consolidation / Adjustment Cross off (amounts in thousands of reais, except percentages) Aliansce Consolidated 2015 - Managerial

Balance Sheet Managerial Balance Sheet ASSETS Aliansce Financial Statements Minorities Via Parque Consolidation Cross off Aliansce Managerial Consolidated 03/31/2015 12/31/2014 03/31/2015 12/31/2014 03/31/2015 12/31/2014 03/31/2015 12/31/2014 (amounts in thousands of reais) Current Cash and cash equivalents 20,720 23,147 (331) (622) 1,063 1,092 21,452 23,618 Securities 315,963 325,362 (1,380) (1,719) 8,062 7,167 322,646 330,810 Accounts receivable 61,274 76,590 (1,997) (1,559) 9,418 10,679 68,695 85,710 Amounts receivable - - - - - - - - Dividends receivable - - - - - - - - Taxes recoverable 41,974 48,674 - - 328 317 42,302 48,991 Other receivables 18,840 11,002 - - 724 706 19,564 11,708 Total Current Assets 458,771 484,775 (3,707) (3,900) 19,594 19,962 474,659 500,838 Non-Current Accounts receivable 850 1,821 - - 53 68 903 1,889 Deferred income and social contribution tax 67,214 62,813 (383) (302) (1,496) (1,139) 65,334 61,373 Dividends receivable - - - - - - - - Judicial deposits 20,867 20,010 - - 10 (0) 20,877 20,010 Derivative financial instruments - 1,034 - - - (0) - 1,034 Other receivables 21,230 21,422 (1) (1) 1,243 804 22,472 22,225 Investments 282,326 280,183 - - (282,154) (280,011) 172 172 Property for investments 2,990,612 2,976,717 (42,245) (41,737) 192,085 192,591 3,140,452 3,127,571 Property, plant and equipment 6,908 7,085 - - (7) (8) 6,901 7,077 Intangible assets 258,955 258,689 - - 28,576 28,572 287,531 287,261 Total Non-current Assets 3,648,962 3,629,774 (42,629) (42,039) (61,690) (59,123) 3,544,643 3,528,611 LIABILITIES 4,107,733 4,114,549 (46,336) (45,939) (42,095) (39,161) 4,019,302 4,029,449 (amounts in thousands of reais) Current Suppliers 19,558 22,433 (302) (249) 779 772 20,035 22,956 Taxes and contributions payable 17,801 28,189 (39) (104) 1,055 901 18,816 28,986 Dividends payable 42,044 42,759 (7) (15) 0 0 42,038 42,744 Loans and financing 62,632 56,223 - - (2,349) (775) 60,283 55,448 Real estate credit note 85,897 82,799 - - 0 (0) 85,897 82,799 Debentures 118,548 26,882 - - (0) (0) 118,548 26,882 Obligations for purchase of assets 9,723 9,152 - - 0 (0) 9,723 9,152 Other liabilities 25,947 15,815-88 72 78 26,019 15,981 Total Current Liabilities 382,150 284,252 (348) (280) (443) 976 381,358 284,948 Non-Current Deferred income 34,192 37,498 (46) (0) 5,185 5,368 39,331 42,866 Taxes and contributions to collect 7,182 7,290 - - 393 393 7,575 7,683 Loans and financing 959,823 967,125 - - (37,082) (35,415) 922,741 931,710 Derivative financial instruments 5,183 4,772 - - 0 0 5,183 4,772 Debentures 235,107 324,862 - - (0) (0) 235,107 324,862 Deferred income and social contribution tax 118,588 114,205 - - 5,127 4,846 123,715 119,051 Real estate credit note 431,480 442,862 - - (0) 0 431,480 442,862 Obligations for purchase of assets 24,973 24,946 - - 909 886 25,882 25,832 Other liabilities 3,900 5,151 - - 969 960 4,869 6,111 Provision for contingencies 242 320 (89) (100) 3,552 3,574 3,705 3,795 Total Non-Current Liabilities 1,820,670 1,929,031 (135) (100) (20,947) (19,388) 1,799,587 1,909,543 Shareholders' Equity Social Capital 1,367,977 1,367,977 - - 0 0 1,367,977 1,367,977 IPO expenses (43,714) (43,714) - - 0 - (43,714) (43,714) Capital Reserve 18,847 17,673 - - (0) - 18,847 17,673 Legal Reserve - - - - - - - - Reserve for investments 383,217 381,430 - - (1) - 383,216 381,431 Accumulated profit - - - - - - - - Equity evaluation adjustment 33,063 34,070 - - 1-33,064 34,067 Transactions with shareholders 12,218 12,218 - - (0) 0 12,218 12,218 Minority Interest 133,305 131,612 (45,852) (45,560) (20,705) (20,748) 66,749 65,305 Total Shareholders' Equity 1,904,913 1,901,266 (45,852) (45,560) (20,704) (20,747) 1,838,357 1,834,957 Total liabilities and shareholders' equity 4,107,733 4,114,549 (46,336) (45,939) (42,095) (39,159) 4,019,303 4,029,449

Cash Flow Cash Flow Statement Aliansce Financial Statements Consolidation Cross off Aliansce Managerial Consolidated 03/31/2015 03/31/2015 03/31/2015 (amounts in thousands of reais) Operating Activities Net Profit for the period 1,787 0 1,787 Adjustments to net profit due to: Straight line rent adjustment (2,261) (264) (2,525) Depreciation and Amortization 17,210 847 18,057 Equity Income Gain (5,748) 5,748 - Provision (reversal) for doubtful accounts - - - Stock Option plan 1,174 0 1,174 Provision (Reversal of provision) for doubtful accounts 3,051 479 3,530 Monetary variation over financial debts 63,431 (1,354) 62,077 (Gain) loss on investments - (0) (0) Fair value of financial derivatives instruments - - - Gain on Dilution of Interest 411 (0) 411 Gain on fair value appraisal of investment - dilution of interest - - - Deferred income and social contribution tax (17) 719 702 Resources from income 79,038 6,174 85,212 Decrease (increase) in assets 21,714 1,431 23,145 Accounts receivable - clients 15,497 1,499 16,996 Other credits (483) (58) (541) Taxes recoverable 6,700 (10) 6,690 Increase (decrease) in liabilities 2,291 1,158 3,449 Suppliers (2,876) (45) (2,921) Taxes and contributions payable 2,172 1,520 3,692 Other obligations 6,301 (89) 6,212 Deferred income (3,306) (229) (3,535) Taxes paid (18,399) (1,531) (19,930) Net Cash Generated in Operating Activities - - - Investment Activities Purchase of property, plant and equipment (86) 0 (86) Acquisition of properties for investment (28,705) (10) (28,715) Decrease (increase) in real estate assets - - - Sale of investment in properties - - - Acquisition of investments 5,326 (3,854) 1,472 Sale of investments - - - Investments in securites 9,399 (1,235) 8,164 Obligation for purchase of assets - 0 0 Increase of intangible assets (994) (8) (1,002) Additional Increase of non-controllers - - - Receipt of Interest on Capital - - - Net Cash Used in Investment Activities (15,060) (5,106) (20,166) Financing Activities Capital increase - - - Expenditures on shares issue - - - Paid dividends (665) 0 (665) Interest payment loans and financing / real estate credit note (34,873) (902) (35,775) Principal payment loans and financing / real estate credit note (25,989) (850) (26,839) Interest payment of debentures (10,474) 0 (10,474) Principal payment of debentures - - - Funding of loans and financing - (111) (111) Payment of restructuring cost - Debentures (9) (2) (11) Issuance of Real estate credit note - 0 0 Issuance of debentures - - - Net Cash Used in Financing Activities (72,010) (1,864) (73,874) Net change in Cash and Cash Equivalents (2,427) 262 (2,165) Cash and Cash Equivalents at the end of the Period 20,720 732 21,452 Cash and Cash Equivalents at the beginning of the Period 23,147 471 23,618 Net change in Cash and Cash Equivalents (2,427) 262 (2,165)