Aliansce Shopping Centers Investor Presentation

Aliansce Shopping Centers Investor Presentation April 2018

BANGU SHOPPING Disclaimer This presentation may contain forward-looking statements that are subject to risks and uncertainties, because they are not statements of historical facts, but reflect the beliefs and expectations of our management as well as available information. Our statements are based largely on current expectations and projections about future events and financial tendencies that affect or may affect our business, and which may or may not materialize. Many factors could adversely affect our results as contained in our forward-looking statements. The forward-looking statements include information regarding results and projections, strategies, financing plans, competitive position, industry environment, potential growth opportunities and the effects of competition. Such estimates and projections refer only to the date they were made, and we assume no obligation to publicly update or revise any of these estimates in the light of new information, future events or other factors, subject to the applicable regulations. 2

BOULEVARD SHOPPING BELÉM Overview 3

O V E R V I E W Owned Malls Portfolio 20 owned malls with a total GLA of 724,2 thousand sqm Pará Blvd. Shopping Belém Parque Shopping Belém Distrito Federal Blvd. Shopping Brasília Alagoas Parque Shopping Maceió Ceará Shopping Parangaba Bahia Shopping da Bahia Rio de Janeiro Shopping Leblon Bangu Shopping Carioca Shopping Via Parque Shopping Caxias Shopping Shopping Grande Rio Blvd. Shopping Campos São Paulo Shopping Taboão Santana Parque Shopping Blvd. Shopping Bauru Shopping West Plaza Shopping Santa Úrsula Espírito Santo Blvd. Shopping Vila Velha Minas Gerais Blvd. Shopping Belo Horizonte 4

O V E R V I E W Third Part Malls Portfolio 31 managed malls with a total GLA of 997,8 thousand sqm Second largest mall manager in Brazil Owned malls Third part malls Pará Blvd. Shopping Belém Parque Shopping Belém Mato Grosso Goiabeiras Shopping Distrito Federal Blvd. Shopping Brasília Alagoas Parque Shopping Maceió Ceará Shopping Parangaba Bahia Shopping da Bahia Blvd. Shopping Feira de Santana Blvd. Shopping Vitória da Conquista Santa Catarina Floripa Shopping Rio Grande do Sul Shopping Praça Nova Santa Maria Rio de Janeiro Shopping Leblon Bangu Shopping Carioca Shopping Via Parque Shopping Caxias Shopping Shopping Grande Rio Blvd. Shopping Campos Passeio Shopping Pátio Alcântara Santa Cruz Shopping São Gonçalo Shopping Espírito Santo Blvd. Shopping Vila Velha São Paulo Shopping Taboão Santana Parque Shopping Blvd. Shopping Bauru Shopping West Plaza Continental Shopping Shopping Praça Nova Araçatuba Minas Gerais Blvd. Shopping Belo Horizonte Montes Claros Shopping 5

O V E R V I E W Portfolio Overview Controlling partner with an average ownership of 62% of its portfolio Operating Malls State % Aliansce Total GLA (sqm) Owned GLA (sqm) Occupancy rate (%) Services rendered Shopping da Bahia BA 69.04% 65,658 45,331 98.8% M / L / SSC Boulevard Shopping Belém PA 79.99% 39,407 31,522 95.5% M / L / SSC Bangu Shopping RJ 100.0% 57,629 57,629 99.6% M / L / SSC Boulevard Shopping Belo Horizonte MG 70.0% 41,672 29,170 99.0% M / L / SSC Carioca Shopping RJ 100.0% 31,557 31,557 98.4% M / L / SSC Shopping Taboão SP 78.0% 36,512 28,479 99.4% M / L / SSC Caxias Shopping RJ 65.0% 25,558 16,613 97.4% M / L / SSC Via Parque Shopping RJ 39.0% 57,240 22,323 97.3% M / L / SSC Shopping Leblon RJ 25.1% 24,969 6,267 100.0% M / L / SSC Boulevard Shopping Bauru SP 100.0% 32,255 32,255 96.8% M / L / SSC Boulevard Campos RJ 100.0% 25,033 25,033 94.9% M / L / SSC Parque Shopping Maceió AL 50.0% 36,905 18,452 96.3% M / L / SSC Parque Shopping Belém PA 75.0% 28,631 21,473 96.8% M / L / SSC Shopping Parangaba CE 40.0% 32,212 12,885 93.4% M / L / SSC Shopping Grande Rio RJ 25.0% 38,248 9,562 80.6% M / L / SSC Santana Parque Shopping SP 33.3% 26,496 8,832 97.2% M / L / SSC Boulevard Shopping Brasília DF 50.0% 17,510 8,755 99.3% M / L / SSC Shopping West Plaza SP 25.0% 36,841 9,210 93.9% M / L / SSC Boulevard Shopping Vila Velha ES 50.0% 37,359 18,680 91.4% M / L / SSC Shopping Santa Úrsula SP 37.5% 23,108 8,665 91.2% - C&A Stores n/a 69.1% 9,395 6,488 100.0% n/a Total Portfolio 62.0% 724,195 449,182 96.1% (M) Management (L) Leasing (SSC) Shared Services Center The Company also acts as a manager for 12 third-party malls, with a combined GLA of 296.7 thousand sqm at the end of 2017 6

O V E R V I E W Portfolio Overview Outstanding track record of GLA growth: Proven execution capability Owned GLA Evolution (thousand sqm) GLA growth through development and M&A Reduced Capex and recycling of portfolio in view of macroeconomic scenario CAGR 05-2T17 +19.2% 400 445 438 431 446 449 226 264 277 146 182 CAGR 05-17 +19.1% 55 80 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 7

Financial and Operating Performance PARQUE SHOPPING MACEIÓ

F I N A N C I A L A N D O P E R AT I N G P E R F O R M A N C E Operating Highlights: Sales Performance With the improvement of the economic scenario, SSS maintains a positive baseline Evolution of SSS 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 4,0% 4,0% 3,1% 2,7% -0,4% -2,3% -2,1% -6,5% -6,2% -4,8% -7,0% -4,3% SSS, SAS and Sales per sqm Growth (YoY%) - 4Q17/4Q16 Evolution of total sales @stake (R$ million) 2,7% 3,2% 3.6% 1.727 +7.8% 1.861 Mix improvement between periods New tenants with higher productivity Removal of stores with below-average sales per sqm SSS SAS Sales per sqm Impact of the continuous improvement in tenant mix 4Q16 4Q17 9

F I N A N C I A L A N D O P E R AT I N G P E R F O R M A N C E Operating Highlights: Tenant mix management Leasing activity remains elevated Leased stores LTM: 449 stores or 38,000 sqm of GLA leased in in the last 12 months, increases of 21.7% and 21.2% yoy, respectively Changed stores LTM: 232 stores or 18,400 sqm of GLA leased since 4Q16, representing an increase of 31.4% in sales per sqm 369 382 Leasing Activity Number of Stores LTM 402 435 449 Another quarter with a decrease of net late payments (-250 bps) and provisions for doubtful accounts (-39.5%) SAS Changed Stores (R$/sqm) 4Q16 LTM 1Q17 LTM 2Q17 LTM 3Q17 LTM 4Q17 LTM +31.4% 2.300 1.751 4Q16 LTM 4Q17 LTM Centro Médico Parque Shopping Maceió Carrefour Express Santana Parque Shopping 10

F I N A N C I A L A N D O P E R AT I N G P E R F O R M A N C E Operating Highlights Occupancy Cost (%) 10,1% 11,6% 10,7% 10,6% 9,6% 3,6% 4,8% 4,4% 4,4% 3,5% 6,5% 6,8% 6,3% 6,2% 6,1% 4Q16 1Q17 2Q17 3Q17 4Q17 Decline of 50 bps in occupancy costs over 4Q16 Increase in sales and lower impact of inflation over rent adjustments in the last 12 months lead to a reduction in occupancy cost With the perspective of improvement in economic indicators, we believe there will be more space for increasing rent levels Rent Common area costs + FPP Occupancy Rate (%) 96,0% 96,0% 95,7% 95,6% 96,1% Increase of 50 bps in occupancy rate over 3Q17 Impact of leasing and store substition efforts Decrease of costs with vacant stores in the fourth quarter 4Q16 1Q17 2Q17 3Q17 4Q17 11

F I N A N C I A L A N D O P E R AT I N G P E R F O R M A N C E Operating Highlights Net Delinquency (%) Reduction of net delinquency by 3.0 p.p. over 4Q16 06% 05% 04% 03% 3,4% 5,3% 3,7% 2,7% 06% 05% 04% 03% 5,1% -250 bps 2,6% REDUCTION OF 39.5% IN PDA COSTS IN 4Q17 02% 02% 01% 0,4% 01% 00% 4Q16 1Q17 2Q17 3Q17 4Q17 00% 2016 2017 Evolution of Rent Revenue (R$ million) 140.000 130.000 120.000 110.000 132,8 m (1,1 m) 1,8 m 2,2 m -1.0% +17.6% +15.6% + 2,1% 135,6 m 480.000 430.000 380.000 330.000 280.000 230.000 424,4 m 17,5 m 2,7 m 5,2 m +5.0% +8.8% +11.5% + 6,0% 449,9 m 100.000 180.000 90.000 130.000 80.000 Rent revenue 4Q16 Minimum rent Overage rent Mall & Media Rent revenue 4Q17 80.000 Rent revenue 2016 Minimum rent Overage rent Mall & Media Rent revenue 2017 12

F I N A N C I A L A N D O P E R AT I N G P E R F O R M A N C E Operating Highlights The percentage of PDA, discounts and contributions over net revenue has been showing signs of a gradual recovery PDA, Discounts and Contributions over Net Revenue (%)¹ PDA, discounts and contributions: Difference between 2015 and 2017 values would lead to a potential gain of R$ 48.0 million Recovery due to in large part to the decline in relevance of PDA costs relative to net revenue since 1Q17 LTM 18,0% R$ 48,0m R$ 1,7m 16,0% 16,3% 17,0% 16,0% 15,0% 14,0% 17,4% 17,5% 17,0% 16,3% 13,0% 7,9% 12,0% 11,0% 2015 2016 2017 10,0% 1Q17 LTM 2Q17 LTM 3Q17 LTM 4Q17 LTM ¹Provisions for doubtful accounts (PDA), total discounts and operational costs with vacant stores 13

F I N A N C I A L A N D O P E R AT I N G P E R F O R M A N C E Indebtedness & Cash and Cash Equivalents Indebtedness & Cash 4Q17 Cost of debt and leverage 1.949 2.103 551 1.553 154 Short Term Long Term Gross Debt Cash Net Debt Debt Profile - Breakdown of (%)¹ 06x 13,3% 12,9% 12,3% 11,7% 10,7% 05x 04x 3,5x 3,5x 3,5x 3,9x 3,8x 03x 02x 01x 00x 4Q16 1Q17 2Q17 3Q17 4Q17 Net Debt/EBITDA Cost of debt (%) Principal Amortization Schedule 14% 12% 10% 08% 06% 04% 02% 00% 9,3% 19,2% 18,5% 25,8% 26,3% 12,6% 8,4% 8,5% 71,5% 68,9% 65,8% 65,2% 39,1% 8,1% 52,8% 180,0 160,0 140,0 120,0 100,0 80,0 60,0 40,0 20,0 25,0% 100,1 27,8% 26,6% 111,6 106,8 34,5% 138,2 40,0% 30,0% 20,0% 10,0% 0,0% -10,0% 2026-2030 16,4% 2022-2025 54,9% 2018-2021 28,7% 0,0-20,0% 4Q16 1Q17 2Q17 3Q17 4Q17 Fixed² Inflation³ CDI 2018 2019 2020 Average 2021-2031 INCREASED EXPOSURE TO CDI ¹ Debt as of the end of the period, excluding obligation for purchase of assets. ²Pre fixed rates include TR and TJLP; ³ Inflation rates are IPCA and IGP-DI. Principal payment (R$ m) % EBITDA LTM AVERAGE MATURITY OF 5.6 YEARS 14

SHOPPING BANGU Growth Drivers 15

G R O W T H D R I V E R S CAPEX Capital Expenditure R$ 30.5 million invested in maintenance & renovations R$ 289.4 million refer to the acquisition of Boulevard Corporate Tower R$ 6.8 million invested in expansions R$ 36.2 million in other investments, of which the most significant is the settlement agreement with Salvador City Government, related to the Shopping da Bahia parking lot (TAC), along with land acquisitions The estimated CAPEX for 2018 is of R$ 90 million to R$ 130 million, including possible investments in expansions and redevelopments Completed CAPEX (R$ MM)¹ 2017 Greenfields - Maintenance / Renovations 30.5 Expansions 6.8 Acquisitions 339.1 Malls 49.6 BH Corporate Tower (CTBH) 289.4 Other 36.2 412.6 Property, Plant & Equipment and Intangible 15.3 Total 428.0 ¹ Real values 16

G R O W T H D R I V E R S Growth drivers examples of potential expansions Shopping Taboão Shopping da Bahia Expansion project developed with 20 thousand sqm High occupancy rate with low delinquency rate High demand for anchors and in-line stores New subway station integrated to the mall Movie theater expansion New operations for casual dinning and Ri Happy flagship store Project under development for 5 thousand sqm expansion 17

G R O W T H D R I V E R S Shopping da Bahia Subway connection Subway and bus stations integrated to the mall Mall corridor directly connected to the new walkway leading to the new transportation hub New walkway could support a flow of up to 45 thousand pedestrians each day 18

G R O W T H D R I V E R S Excess Land Portfolio has 506 thousand sqm of owned GLA to be monetized or for expansions Available construction potential for mix-use projects and/or future expansions in 14 of the 20 assets of the portfolio. Main objective for mix-use projects is to monetize the construction potential, i.e. air rights. Four Mix-use projects developed in 4 years. Carioca Shopping Office Tower Caxias Shopping Office Tower and Hotel 19

SHOPPING LEBLON M & A 20

M & A Acquisition of Shopping Leblon Acquisition of 25.1% interest, for R$309.9 million Payment of R$187.5 million plus R$122.4 million in debt (TR + 11.27%) An asset of strategic importance to the Company Upscale and high-quality tenant mix The acquisition ensures that the Company will remain responsible for the management and leasing of the shopping mall. Mall information Opening December 2006 Gross Leasable Area (GLA) 24,750 sqm Number of stores 177 Parking 1,200 spaces Customer profile 92% A/B1 Visitors 750,000/month Monthly sales per sqm¹ R$ 2,632 Monthly sales per sqm - satellites¹ R$ 3,089 ¹ Last twelve months 21

M & A Interest acquisitions in Boulevard Belém and Parque Belém Agreement to acquire a 4.99% stake in Boulevard Shopping Belém and 25% no Parque Shopping Belém Total investment of R$83.3 million R$37.3 million in cash and debt assumption of R$46.0 million Cap rate based on 2017E NOI of 10.3% Real and leveraged IRR of 15.5%. Boulevard Shopping Belém Parque Shopping Belém Opening November 2009 April 2012 Gross Leaseable Area (GLA) 39.406 sqm 29.968 sqm Investment (R$ million) 53.8 29.5 Interest share acquisition 4.99% 25.00% Cap Rate 2017E 10.0% 10.4% Internal rate of return (IRR)¹ 14.0% 16.8% ¹ Real and leveraged IRR 22

M & A Acquisition of quotas of Boulevard Corporate Tower Agreement to acquire 100% of the quotas of CTBH Real Estate Investment Fund, owner of Boulevard Corporate Tower (BCT) Investment of R$290 million Annexed to Boulevard Shopping Belo Horizonte, ensuring comfort and convenience to all users CTBH Corporate Tower Opening December 2013 Infrastructure Triple-A standard Total constructed area 23.4 thousand sqm Gross Leaseable Area (GLA) 20.4 thousand sqm Number of floors 17 Investment (R$ million) 275.3 Boulevard Corporate Tower 23

Human Capital Management BOULEVARD SHOPPING BELO HORIZONTE 24

Aliansce s strategy H C M A D V I S O R Y Defining the Compensation Structure Compensation Strategy: The compensation strategy is defined considering different reward elements with different possibilities in terms of competitiveness: Compensation management: Design of salary ranges to administrate the jobs Establishment of hiring and salary increase criteria Base Salary Short Term Incentives Long Term Incentives P75 50% 50% The strategy designed for Aliansce may not reflect its current practice, but in terms of alignment with the business challenges and objectives, it is much more effective. P90 Market analysis: STI and LTI targets : The general strategy must be designed disregarding the current compensation practice, but the STI and LTI targets may be adjusted to each executive compensation mix. The award targets will be defined according to the Total Reward strategy defined for the Company Illustrative 25

PARQUE SHOPPING MACEIÓ Stock Options 26

S T O C K O P T I O N S Main Characteristics Rationale : Long-term alignment of our employees, through risk-sharing and out-of-pocket contributions. The SOP grants will be distributed on a yearly basis, thus avoiding a single quick liquidity event. Aligned model : 5-year plan, with a 2-year vesting period. After the end of the vesting period, beneficiaries will be able to exercise 1/3 of total grant, respecting a 1-year lock-up before selling each acquired tranche. Vesting Period Exercising Period Years 0 1 2 2 3 4 5 Lock-up 1st tranche Lock-up 2nd tranche Lock-up 3rd tranche 1/3 1/3 1/3 SOP Grant 1st tranche vested 2nd tranche vested 3rd tranche vested 27

Appendix BOULEVARD SHOPPING BELO HORIZONTE 28

A P P E N D I X Financial Highlights Gross Revenues Breakdown - 2017 Key Money 1,9% Transfer Fees 0,1% Parking 18,5% Rent 71.1% Mininum Rent 81.4% 600,0 500,0 400,0 +2.7% Revenues from Mall Operations (R$ million)¹ 546,8 +6.0% 579,9 300,0 Services Rendered 8,2% Mall & Media 11.3% Overage Rent 7.4% 200,0 100,0 167,5 171,9 4Q16 4Q17 2016 2017 ¹Excludes revenues from services and the non-cash effect of straight line rent Evolution of Gross Revenues (R$ million) 4Q16/4Q17 00000,0, 00000,0, 2,8 m (0,7 m) 2,4 m (0,1 m) 2,6 m (0,4 m) 00000,0, 00000,0, 00000,0, 00000,0, + 3.9% 170,4 m 177,1 m 00000,0, 00000,0, Gross revenue 4Q16 Rent revenue Key money Parking Transfer Fees Services Straight-line adjustment Gross revenue 4Q17 29

A P P E N D I X Financial Highlights Net Revenue (R$ million) NOI (R$ million) 207 272 357 451 507 534 545 +4.8% 571 167 229 306 389 441 452 442 +7.9% 477 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 Adjusted EBITDA¹ (R$ million) Adjusted FFO² (R$ million) 138 191 253 325 373 381 364 +11.5% 406 99 113 100 114 140 +67.3% 122 116 194 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 1 Excludes non-recurring items and straight-line rent 2 Excludes non-recurring items and non-cash items. Historical data reflects the change in criteria adopted as of 1Q15. Note: Figures include Shopping Leblon as of 4Q16. 30

A P P E N D I X Shareholder Structure & Corporate Governance Board of Directors Position # Years at the Board Delcio Mendes Chairman 4 Renato Feitosa Rique Member 11 Peter Ballon Member 5 Carlos Alberto Vieira Independent Member 11 Thomas Joseph McDonald¹ Independent Member 0 Marcela Drigo² Member 0 Alexandre Cunha Bagnoli² Independent Member 0 Shareholders Stake (%) Canadian Pension Plan Investment Board (CPPIB) 38.2% Renato Rique* 11.2% Administradores 0.8% Ações em Tesouraria 0.03% Free Float 49.9% GIC Real Estate 10.4% Jaguar Real Estate Partners 5.4% Outros 34.1% Total 100% * Renato Feitosa Rique or legal entities controlled by him, directly or indirectly 1 Became a member of the Board of Directors in November 2016. 2 Became a member of the Board of Directors in August 2017. Note: Shareholder positions as of April 3, 2018 31

180 160 140 120 100 80 60 40 20 0 A P P E N D I X Sector Outlook Supply of shopping mall GLA in other countries far exceeds Brazil s (GLA / population in thousands) Consumer Profile in Brazilian Malls 2.210 44% 50% 1.466 960 27% 21% 29% 29% 231 150 72 US Canada Australia France Mexico Brazil Brazil shopping mall sales and GLA evolution 7,5 8,3 8,6 9,1 9,5 10,3 11,4 12,9 13,8 14,7 15,2 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 16 14 12 10 8 6 4 2 0 High Income High-Mid Income Middle Income 2006 2016 Sales Growth Evolution 16,0% 17,0% 18,6% 11,4% 10,7% 9,9% 10,1% 8,6% 6,5% 9,7% 10,9% 9,1% 5,9% 6,9% 8,4% 4,3% 4,3% 5,0% 2,2% -4,3% -3,0% -6,2% GLA (sqm million) Sources: ABRASCE (2006-2017), IBGE (2006-2017) Mall Sales (R$ million) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Retail Shopping Centers 32

A P P E N D I X Balanced Portfolio with Exposure to All Income Segments Nationwide platform with important presence in the North and Northeast regions and within different income segments Exposure to Fast Growing Regions Exposure to Different Income Segments Owned GLA by Region North 9,9% Mid-West 2,0% Revenue by Region North 14,7% Mid-West 1,9% Portfolio Exposure to Consumers* (Total GLA in sqm) 679.180 Northeast 17,7% Southeast 70,4% Northeast 21,3% Southeast 62,1% 402.391 409.915 High Income High-Mid Income Middle Income * Some malls have exposure to more than one income segment Source: IBGE; (1) 2014 data. 33

A P P E N D I X Operating and Financial Indicators 4Q17 4Q16 4Q17/4Q16 Δ% 2017 2016 2017/2016 Δ% Financial Performance - Managerial Information (Amounts in thousands of Reais, except percentages) Gross revenue 177,056 170,409 3.9% 633,029 603,665 4.9% Net revenue 160,364 154,632 3.7% 571,057 544,974 4.8% NOI 139,257 128,486 8.4% 477,630 451,167 5.9% Margin % 87.7% 83.3% 4.4 p.p. 84.7% 83.8% 1.0 p.p. NOI/sqm ² 107.0 101.8 5.0% 95.9 90.3 6.2% NOI ex-straight line rent 148,102 136,912 8.2% 476,616 441,715 7.9% Margin % 88.3% 84.1% 4.2 p.p. 84.7% 83.5% 1.2 p.p. NOI/sqm ² ex-straight line rent 113.8 108.5 4.8% 95.7 88.4 8.3% Adjusted EBITDA 1 123,009 106,759 15.2% 406,728 373,340 8.9% Margin % 76.7% 69.0% 7.7 p.p. 71.2% 68.5% 2.7 p.p. Adjusted EBITDA ex-straight line rent 1 131,854 115,185 14.5% 405,714 363,889 11.5% Margin % 77.9% 70.6% 7.3 p.p. 71.2% 68.0% 3.2 p.p. Net Income 4 76,239 1,916 3878.3% 143,954 4,036 3467.1% Margin % 49.2% 1.3% 47.9 p.p. 26.2% 0.8% 25.4 p.p. Adjusted Net Income 1 4 53,684 39,044 37.5% 118,087 45,368 160.3% Margin % 34.7% 26.3% 8.3 p.p. 21.5% 8.7% 12.8 p.p. Adjusted FFO (AFFO) 1 4 73,879 57,277 29.0% 194,462 116,262 67.3% Margin % 47.7% 38.6% 9.1 p.p. 35.4% 22.2% 13.1 p.p. AFFO per share 0.36 0.28 29.0% 0.96 0.57 67.3% Total rent/sqm 2 3 104.1 105.5-1.3% 90.3 85.0 6.3% SAR/sqm (same area rent) ² 1.6% 5.2% -3.6 p.p. 3.9% 5.8% -1.9 p.p. SSR/sqm (same store rent) ² 2.5% 6.2% -3.7 p.p. 4.5% 6.2% -1.7 p.p. Operating Performance - Managerial Information 0 0 0 Total Sales (in thousands of Reais) 2,923,637 2,786,525 4.9% 9,343,780 8,396,781 11.3% Total Sales @share (in thousands of Reais) 1,860,879 1,726,501 7.8% 5,892,892 5,367,749 9.8% Sales/sqm ² 1,543.0 1,490.3 3.5% 1,238.4 1,182.0 4.8% SAS/sqm (same area sales) ² 3.2% -3.8% 7.0 p.p. 2.7% -3.8% 6.5 p.p. SSS/sqm (same store sales) ² 2.7% -4.3% 7.0 p.p. 2.0% -4.5% 6.5 p.p. Occupancy costs (% of sales) 9.66% 10.14% -0.50 p.p. 10.6% 11.0% -0.4 p.p. Net Late Payments 0.4% 3.4% -3.0 p.p. 2.6% 5.1% -2.5 p.p. Occupancy Rate 96.1% 96.0% 0.0 p.p. 96.1% 96.0% 0.0 p.p. Total GLA (sqm) 724,195 722,484 0.2% 724,195 722,484 0.2% Owned GLA (sqm) 449,182 446,137 0.7% 449,182 446,137 0.7% GLA that reported sales (sqm) ² 401,937 386,151 4.1% 396,533 378,452 4.8% (1) Adjusted by non-recurring events and non-cash effects (2) Monthly average (3) Excludes straight line rent. Including the effect of straight line adjustment, rent per sqm would be of R$ 97.8 in 4Q17. (4) Net income of controlling shareholders 34

Renato Rique CEO Rafael Sales Executive Vice President Renato Botelho CFO and IRO Mauro Junqueira CIO Daniella Guanabara Strategy and IR Director Luis Otávio Pinto IR Manager Luiza Casemiro IR Analyst IR CONTACTS +55 (21) 2176-7272 ri@aliansce.com.br www.aliansce.com.br/ir