Renato Rique Renato Botelho Mauro Junqueira Aliansce opp ing Centers Tel.: +55 (21) ri.aliansce.com.

Transcription

1 Aliansce Shopping Centers 4Q16 Results Renato Rique President Renato Botelho CFO Mauro Junqueira CIO IR Contacts Phone: +55 (21) ir.aliansce.com.br Eduardo Prado IRO Luis Otávio Lima Pinto IR Manager Luiza Casemiro IR Analyst CONFERENCE CALL IN ENGLISH March Tuesday 12 pm (BR) 11 am (US EDT) Phone: +55 (516) or +55 (11) Code: Aliansce Replay for one week: +55 (11)

2 Aliansce presents its 4Q16 and 2016 Results Rio de Janeiro, March 27, 2017 Aliansce Shopping Centers S.A. (Bovespa: ALSC3), one of Brazil s largest shopping mall owners, announces today its results for the fourth quarter of 2016 (4Q16) and At the end of 4Q16, the Company held interest in 20 shopping malls, totaling thousand sqm of owned GLA and thousand sqm of total GLA. The Company is also a provider of planning, management and leasing services for 9 malls owned by third parties. The malls managed by Aliansce are present in all regions of Brazil, in states that, together, account for approximately 80% of the country s GDP. The Company s managerial financial information and other non-accounting information presented below has not been reviewed by the independent auditors. For an analysis of the reconciliation of said managerial financial information and the Company s consolidated financial statements, as well as other relevant information, please refer to the comments and tables in the Appendices section. Highlights from 4Q16 and 2016 and recent events Net revenue increased by 0.7% in 4Q16. Excluding the effect of straight line rent adjustment, net revenue increased 5.9% in 4Q16. NOI decreased by 4.9% in 4Q16 and, excluding the effect of rent linearization, increased by 1.0%. Adjusted EBITDA reached R$106,2 million in 4T16, a decline of 7.2%. Excluding the effect of straight line rent adjustment, adjusted EBITDA declined by 0.2% in the quarter. In 4Q16, SSR increased by 6.3%, 1.6 p.p. above 4Q15. In 2016, SSR grew by 6.4%, 1.7 p.p. above the variation shown in SSR of satellite stores showed a CAGR of 5.2% between 2011 and General and administrative expenses fell by 7.0% in 4Q16. The Company was able to decrease its expenses for the 5 th consecutive quarter. Sales per square meter decreased by 0.7% over 4Q15. In 2016, sales per square meter fell by 0.8%. Total sales in Aliansce s malls reached R$2,786 million in the fourth quarter, 6.5% up on 4Q15 In the same period, same area sales (SAS) and same store sales (SSS) declined by 3.7% and 4.3%, respectively. Aliansce s total sales had a CAGR of 10.4% between 2011 and The portfolio s occupancy rate in the fourth quarter was up 0.2 p.p. from 3Q16, reaching 96.0%. The top ten malls, jointly accounting for 80.6% of the Company s 4Q16 NOI, closed the quarter with an occupancy rate of 97.4%. In 4Q16, the net late payments rate was of 3.4% versus 5.0% in 4Q15. There was a reduction of 1.3 p.p. over 3Q16. The portfolio s occupancy cost reached 10.1% in 4Q16, 0.7 p.p. higher than in 4Q15. Considering satellite stores only, the occupancy cost was 13.4%, 0.6 p.p. above the value registered in 4Q15. Satellite stores occupancy cost increased 0.9 p.p. between 2011 and Considering adjusted EBITDA over the last 12 months, the Company s leverage decreased from 4.1x in 4Q15 to 3.6x at the end of In February, the Company announced the agreement for the acquisition of an additional share of 4.99% in Boulevard Shopping Belém and 25.0% in Parque Shopping Belém. Based on the malls expected NOI for 2017, the estimated cap rate is of 9.5% and the real and leveraged internal rate of return (IRR) is 15.5%. On March 24, the Company conclude a R$180.0 million funding operation through real estate receivable certificates CRIs backed by an issuance of debentures, at a cost of 99% of CDI. The Company estimates that around 18.6%¹ of its debt will be indexed to CDI by the end of 1Q17. 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 Brazilian Securities and Exchange Commission (CVM). ¹Considers gross debt in 4Q16, excluding obligations for the purchase of assets, prepayments and real estate credit certificate (CRI) issuances of 1Q17.

3 The table below shows the Company s main operating and managerial financial indicators in 4Q16 and 2016, as well as their variations in relation to the same periods in the previous year. Financial Performance - Managerial Information 4Q16 4Q15 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Gross revenue 170, , % 603, , % Net revenue 154, , % 544, , % NOI 128, , % 451, , % Margin % 83.3% 89.4% -6.1 p.p. 83.8% 89.4% -5.6 p.p. NOI/sqm³ % % Adjusted EBITDA 1 106, , % 371, , % Margin % 68.7% 74.5% -5.8 p.p. 68.1% 72.6% -4.5 p.p. Net Income 1,916 17, % 4, , % Margin % 1.3% 11.6% p.p. 0.8% 28.4% p.p. Adjusted Net Income 2 38,370 29, % 45,367 50, % Margin % 25.9% 19.9% 6.0 p.p. 8.7% 9.9% -1.2 p.p. Adjusted FFO 2 56,721 46, % 116, , % Margin % 38.3% 31.7% 6.5 p.p. 22.3% 23.8% -1.5 p.p. Total rent/sqm % % SAR/sqm (same area rent) 3 5.3% 3.8% 1.4 p.p. 5.7% 4.4% 1.3 p.p. SSR/sqm (same store rent) 3 6.3% 4.6% 1.6 p.p. 6.4% 4.7% 1.7 p.p Operating Performance - Managerial Information Sales (in millions of Reais) 2,786,525 2,615, % 8,396,781 8,410, % Sales/sqm 3 1, , % 1, , % SAS/sqm (same area sales) 3-3.7% -5.7% 2.0 p.p. -3.9% -2.1% -1.8 p.p. SSS/sqm (same store sales) 3-4.3% -6.2% 1.9 p.p. -4.6% -2.8% -1.9 p.p. Occupancy costs (% of sales) 10.1% 9.5% 0.7 p.p. 10.8% 10.2% 0.6 p.p. Net Late Payments 3.4% 5.0% -1.7 p.p. 5.1% 4.5% 0.6 p.p. Occupancy Rate 96.0% 97.2% -1.1 p.p. 96.0% 97.2% -1.1 p.p. Total GLA (sqm) 722, , % 722, , % Owned GLA (sqm) 446, , % 446, , % GLA that reported sales (sqm) 3 386, , % 370, , % (1) Adjusted by Non-recurring events (2) Adjusted by Non-recurring events and Non-cash effects (3) Monthly average (4) Includes straight line rent. Excluding the effect of straight line adjustment, rent per sqm would grow by 5.8% in the quarter The table below shows the Company s portfolio in 4Q16 and the occupancy rate at the end of the quarter. The Company s ten main malls, which represented 80,6% of its 4Q16 NOI, had an occupancy rate of 97.4% at the end of the quarter. For more details on the evolution of the portfolio s occupancy rate, see the Operating Highlights section of this release. Operating Malls State % Aliansce GLA (sqm) Owned GLA (sqm) Occupancy rate (%) Services rendered Shopping da Bahia BA 69.04% 65,364 45, % M / L / SSC Boulevard Shopping Belém PA 75.0% 39,406 29, % M / L / SSC Bangu Shopping RJ 100.0% 58,545 58, % M / L / SSC Carioca Shopping RJ 100.0% 30,909 30, % M / L / SSC Boulevard Shopping Belo Horizonte MG 70.0% 41,672 29, % M / L / SSC Shopping Taboão SP 78.0% 36,460 28, % M / L / SSC Caxias Shopping RJ 89.0% 25,558 22, % M / L / SSC Via Parque Shopping RJ 38.9% 57,256 22, % M / L / SSC Boulevard Shopping Nações Bauru SP 100.0% 32,059 32, % M / L / SSC Boulevard Campos RJ 100.0% 25,033 25, % M / L / SSC Shopping Leblon RJ 25.1% 24,751 6, % M / L / SSC Parque Shopping Maceió AL 50.0% 37,498 18, % M / L / SSC Shopping Grande Rio RJ 25.0% 38,000 9, % M / L / SSC Parque Shopping Belém PA 50.0% 29,968 14, % M / L / SSC Shopping Parangaba CE 40.0% 32,215 12, % M / L / SSC Santana Parque Shopping SP 33.4% 26,493 8, % M / L / SSC Boulevard Shopping Brasília DF 50.0% 17,510 8, % M / L / SSC Shopping West Plaza SP 25.0% 33,850 8, % M / L / SSC Boulevard Shopping Vila Velha ES 50.0% 37,485 18, % M / L / SSC Shopping Santa Úrsula SP 37.5% 23,057 8, % - C&A Stores n/a 69.1% 9,395 6, % n/a Total Portfolio 61.8% 722, , % (M) Management (L) Leasing (SSC) Shared Services Center

4 Management Comments Against a backdrop of one of the deepest economic recessions in Brazil s history, sales of the Company s tenants, as well as of retailers in general, experienced significant pressure during Despite the challenging scenario and its effects on our tenants' sales performance, the remaining operational and financial indicators attest to the quality of our portfolio. During the year, we were also able to conclude important achievements that will have a positive impact on the Company's results in the coming yea rs. The effect of the challenging scenario on the sales of our tenants has been softened once again by the management of the store mix. In addition to the increase in the area and the number of stores leased compared to 2015, we worked on improving operati ng profitability by means of qualifying the mix, bringing differentiated operations to our malls. Occupancy rate rema ined above 96% and the flow of vehicles in the parking lots in our properties was stable in relation to the previous year. We also managed t o reduce net delinquency from 5.0% in 4Q15 to 3.4% in 4Q16, reflecting the success in the negotiation of past due payments with our tenants. The occupancy cost reached 10.8% in the year, an adequate level and below the industry average -- the result, among other factors, of our efforts to reduce condominium costs. Same-store rent (SSR) grew by 6.4%, higher than last yea r's rate, showing the portfolio s resilience, even in a difficult sales environment. General and administrative expenses were reduced by 6.2% in the year. Regarding the capital structure, we expect to maintain our leverage at current levels. Throughout 201 6, we focused on reducing both the Company's leverage and cost of debt. We prepaid some of the more expensive debt on our balance sheet and restructured certain financing to achieve rate reductions and longer terms. We took advantage of the decrease in th e interest rate to increase our exposure to CDI. At the end of the 1 st quarter of 2017, this index represented approximately 19% of the Company's gross debt, and there is a possibility of increasing the exposure to CDI to 30%-35% by the end of Also, last week, we concluded a funding operation of R$180 million at a cost of 99% of CDI. We are evaluating opportunities to further reduce the Company's cost of debt by decreasing the relevant spread still seen between costs of prepayable debt and current costs of funding. Aliansce s strategy includes the possibility of recycling some of the portfolio, as has been done in the past. The top 10 malls represent more than 80% of NOI and have metrics above the portfolio average. Additionally, these assets have an occupancy cost of satellite stores lower than the sector average, even though monthly sales of this group of stores exceed R$2,500 per sqm. Thus, we also see an opportunity to increase rents. The Company constantly analyzes investment opportunities. At the moment, we continue to maintain a more conservative stance toward greenfields and expansions. The projects under analysis would be launched commercially only with the improvement of the economic scenario. With regard to acquisition opportunities, we believe there are both opportunities to increase the scale of our portfolio as well as to be a consolidator in the sector, and our day-to-day operations include analyses of these possibilities. Partnerships with institutional investors, similar to what we have done on other occasions, increase our ability to participa te in this process. In the second half of 2016, we successfully concluded a capital increase in the amount of R$ 600 million. The objective was to preserve our liquidity after the acquisition of a 25.1% stake in Shopping Leblon, a strategic asset for the Company. The mall was developed by the Company and is one of the best shopping malls in the country, as is demonstrated by its operational and financial metrics. We invest in our properties to ensure a differentiated consumer experience. Our portfolio is unique and we are dedicated to continuing to enhance the attractiveness and value of each of our properties. We are optimistic that we are entering an improved economic cycle in The dominance and quality of our shopping malls will position us to benefit from the economic recover y and thus generate value for our shareholders. - Management

5 As of 4Q16, the Company's consolidated figures reflect the proportional participation of 25.1% in Shopping Leblon. Financial Highlights Gross Revenue In 4Q16, the Company's gross revenue reached R$170.4 million, an increase of 1.2% over 4Q15, and R$603.7 million in the year, a growth of 3.5% over Adjusting the numbers to exclude the effect of changes of interest in the portfolio and the acquisition of Shopping Leblon, there was a decrease of 1.1% in the quarter and a growth of 4.5% in the year. Henceforth, all growth comparisons adjusted in this manner presented below will be referred to as same malls basis. Revenue from shopping mall operations, excluding services and the non-cash effect of straight line rent adjustment, represented 98% of total gross revenues in 4Q16. This line increased by 7.0% in the quarter. On a same mall basis, the operational revenue grew 2.6% in the quarter and 4.8% in Revenue Composition - 4Q16 Key Money 1.8% Transfer Fees 0.24% Parking 18.3% Rent 77.9% Mininum Rent 82.1% Services Rendered 6.7% Stands / Kiosks 10.4% Overage Rent 7.5% Managerial Financial Information 4Q16 4Q15 Revenues per type 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Rentals 132, , % 424, , % Key Money 3,108 3, % 13,812 16, % Parking 31,185 28, % 107,879 96, % Transfer fee % 642 1, % Services rendered 11,369 12, % 47,453 48, % Straight line rent adjustment - CPC 06 (8,426) (391) % 9,451 9, % Total 170, , % 603, , % 4Q16/4Q15 Managerial Financial Information 4Q16 4Q Revenues per mall (Amounts in thousands of Reais, except percentages) 2016/2015 Shopping da Bahia 26,568 25, % 89,015 81, % Boulevard Shopping Belém 19,494 19, % 66,257 65, % Bangu Shopping 19,229 18, % 63,496 61, % Carioca Shopping 13,296 11, % 43,287 37, % Boulevard Shopping Belo Horizonte 13,193 12, % 44,113 43, % Shopping Taboão 11,982 10, % 39,432 36, % Caxias Shopping 7,692 7, % 25,717 25, % Via Parque Shopping 6,557 6, % 23,334 33, % Boulevard Shopping Nações Bauru 6,545 6, % 19,431 17, % Boulevard Campos 6,288 6, % 21,955 21, % Shopping Leblon 5,925 - n/a 5,925 - n/a Parque Shopping Maceió 5,751 5, % 19,262 17, % Shopping Grande Rio 4,339 4, % 15,464 15, % Parque Shopping Belém 3,947 4, % 13,769 14, % Shopping Parangaba 3,795 3, % 11,915 11, % Santana Parque Shopping 3,473 3, % 11,436 10, % Boulevard Shopping Brasília 3,141 3, % 10,789 10, % Shopping West Plaza 2,223 2, % 7,562 7, % Boulevard Shopping Vila Velha 1,766 1, % 6,222 6, % Shopping Santa Úrsula 1,205 1, % 4,355 4, % Services 11,369 12, % 47,453 48, % C&A Stores 1, % 4,022 3, % Straight line rent adjustment - CPC 06 (8,426) (391) % 9,451 9, % Total 170, , % 603, , %

6 Rent Revenue In the quarter, rental revenue totaled R$132.8 million, an increase of 7.5% when compared to 4Q15. In 2016, growth was of 3.2%. On a same malls basis, rental revenues grew by 2.9% over 4Q15 and 4.1% in the year. Rental revenues in Aliansce's 10 main malls 80.6% of total NOI in 4Q16 grew by 8.9% over 4Q15. Considering a same malls basis, this growth was of 3.0% in the quarter. In 4Q16, the growth of minimum rental revenue was 9.8%, and the highlights were Shopping Taboão, Bangu Shopping, Carioca Shopping and Shopping da Bahia. On a same mall basis, the growth in minimum rental revenue was 4.8% in the quarter. In addition, sales growth in Santana Parque Shopping, Shopping Parangaba and Boulevard Brasília, with a consequent positive impact on the percentage rent revenue of these properties, contributed to the growth of rental revenues. Managerial Financial Information 4Q16 4Q15 Rent Revenues 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Shopping da Bahia 23,604 22, % 77,707 74, % Boulevard Shopping Belém 16,149 15, % 54,399 52, % Bangu Shopping 15,462 14, % 49,168 46, % Carioca Shopping 10,547 9, % 33,968 30, % Boulevard Shopping Belo Horizonte 9,231 9, % 30,345 29, % Shopping Taboão 8,725 8, % 28,691 26, % Caxias Shopping 5,761 5, % 18,920 18, % Shopping Leblon 4,907 - n/a 4,907 - n/a Boulevard Shopping Nações Bauru 4,886 4, % 13,277 12, % Boulevard Campos 4,787 4, % 16,507 16, % Via Parque Shopping 4,426 4, % 15,398 23, % Parque Shopping Maceió 4,365 4, % 14,120 13, % Shopping Grande Rio 3,355 3, % 11,522 11, % Shopping Parangaba 3,169 3, % 9,832 9, % Parque Shopping Belém 3,116 3, % 10,659 10, % Santana Parque Shopping 2,485 2, % 7,941 7, % Boulevard Shopping Brasília 2,479 2, % 8,358 7, % Boulevard Shopping Vila Velha 1,730 1, % 6,024 6, % Shopping West Plaza 1,649 1, % 5,569 5, % Shopping Santa Úrsula 879 1, % 3,092 3, % C&A Stores 1, % 4,022 3, % Total 132, , % 424, , % Mall and media revenues, which accounted for 10.4% of the Company's gross revenue in 2016, grew 2.9% in the same period and 2.9% in 4Q16. Over the past 5 years, mall and media revenue has had a compound annual growth rate (CAGR) of 21.4%. The portfolio s same store rent (SSR) indicator showed a growth of 6.3% in 4Q16, 1.6 p.p. higher than the variation presented in the same period of last year. Same Store Rent Growth (SSR/sqm) 4.6% 7.1% 5.7% 6.4% 6.3% Variation in the quarter and year 4Q16 vs. 4Q vs SSR 1.6 p.p. 1.7 p.p. SAR 1.4 p.p. 1.3 p.p. ¹ Does not consider straight line adjustment 4Q15 1Q16 2Q16 3Q16 4Q16

7 Other Revenues Parking revenues from the Company's shopping malls grew by 8.5% in 4Q16 and by 11.8% in The flow of vehicles increased by 1.1% in relation to 4Q15. The average ticket of shopping malls that charge for the parking service increased by 8.5% in 4Q16 and by 9.6% in The variation in service revenue is explained by the fact that the Company has ceased managing 4 malls owned by third parties in the last 12 months. The interest acquisition in Shopping Leblon was another contributing factor to the reduction of this line of revenue in 4Q16. The adjustment of straight line rent calculations of part of the leasing contracts, which started at the end of 3Q15, explains the variation of this line in the quarter. Cost of Rentals and Services During 2016, there was an increase in the cost of provision for doubtful accounts (PDD) and in the malls operational costs, a reflection of the current scenario in Brazil s economy. In 4Q16, the Company modified its accounting criteria for the provision for doubtful accounts line, now making provisions for outstanding receivables after 180 days of default. The objective of the Company s initiative is to increase transparency in a recession scenario. To maintain comparability between periods, the table below shows the aforementioned line in the old criteria (provision after 360 days of default), and the difference between amounts was recorded as other (expenses) / operating revenues. The graph below compares net late payments with the provision for doubtful accounts reported 360 days later, i.e. the previous provision criteria. The objective here is to demonstrate the potential for reduction in PDD in face of the declining trend of net late payments seen in the last quarters % % 5.8% 4.1% % 5.0% 4.7% 3.8% 3.4% 4.0% % % 2.2% % 2.4% 2.5% 2.4% 2.3% % 1.7% 1.3% 0.9 1Q12 2Q12 3Q12 4Q12 1Q13 3Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Provisions for doubtful accounts 12m FWD (R$ million) Net Late Payments (%) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% The operational costs of shopping malls increased by 29.8% in the quarter and by 24.2% in the year, reflecting the greater contribution of the Company to the condominium, the advertising fund of the Shopping malls and the cost of vacant stores. The costs of the parking operation once again presented a decrease in relation to the same period of In this quarter, the highlight was Shopping da Bahia, which significantly reduced the number of parking fee collection points and, thus, personnel costs as well. In the year, the parking costs decreases in 12 of the 18 malls that charged for this service in The graph below quantifies the impact of the reduction of discounts and operational costs, returning to the levels seen in 2014 and The values shown here are in nominal terms, based on the net revenue of each year. If we returned to the level seen in 2015, the potential gain would be of R$ 19.5 million. If we were to return to the level seen in 2014, the difference would represent an impact of R$ 26.5 million in potential revenue.

8 Discounts and Contributions¹ R$ 26.5 million R$ 19.5 million 8.2% 3.6% 4.7% ¹Discounts and vacant stores costs over Net Revenue Managerial Financial Information 4Q16 4Q15 Costs per type 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Depreciation and amortization 17,486 16, % 68,304 69, % Mall operating costs 12,925 9, % 47,069 37, % Parking costs 4,722 4, % 17,598 19, % Pre-operating expenses n/a n/a Leasing and Planning costs 1,634 1, % 5,999 6, % Provision for doubtful accounts 12,907 6, % 40,378 16, % Total 49,674 39, % 179, , % NOI The 4Q16 NOI reached R$ million, a reduction of 4.9% in relation to 4Q15. Excluding the effect of straight line rent, NOI grew by 1.0% in the quarter. In 2016, the NOI totaled R$ million, down 2.2% compared to the same period of The NOI margin in the quarter was 83.3% and 83.8% in the year. Managerial Financial Information 4Q16 4Q15 NOI 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Rents 124, , % 434, , % Key Money 3,108 3, % 13,812 16, % Parking Results 26,463 23, % 90,281 77, % Operational Income 154, , % 538, , % (-) Mall operational costs (12,925) (9,958) 29.8% (47,069) (37,903) 24.2% (-) Provision for doubtful accounts (12,907) (6,051) 113.3% (40,378) (16,874) 139.3% (=) NOI 128, , % 451, , % NOI Margin 83.3% 89.4% -6.1 p.p. 83.8% 89.4% -5.6 p.p.

9 Operating (Expenses) / Income For the fifth consecutive quarter, Aliansce has reduced its general and administrative expenses over the same period of the previous year. In 4Q16, the reduction was 7.0%, and, as had also been the case in previous quarters, the main contributing factors were the reduction of personnel and consulting expenses. Leasing and travel expenses were also reduced during the quarter. In 2016, general and administrative expenses decreased by 6.2%, for the same reasons outlined above. In the quarter, other operating (expenses)/revenues include, among others: Expense of R$ 23.1 million, related to the impairment loss of the Company's interest in Boulevard Vila Velha; Revenue of R$ 16.3 million, related to the correction of legal deposits and partial reversal of contingencies related to improper collection of real estate taxes from Carioca Shopping (Non-recurring) expense of R$ 12.2 million due to the change in the provision for doubtful accounts, which is now made after 180 days of default; Provision for tax contingency in the amount of R$7.3 million related to PIS and COFINS of Bangu Shopping. G&A Expenses vs. Net Revenue 10.2% 9.4% 4Q15 4Q16 Managerial Financial Information 4Q16 4Q15 Operating (Expenses)/Income 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Administrative and general expenses (14,529) (15,630) -7.0% (58,385) (62,244) -6.2% Depreciation and amortization expenses (1,314) (1,101) 19.3% (4,920) (4,014) 22.6% Other operating (expenses)/income (30,054) (20,773) 44.7% (43,567) 108,692 n/a Total (45,897) (37,505) 22.4% (106,872) 42,434 n/a Gain on sale of interest¹ (1,178) (403) 192.1% (7,668) (143,075) -94.6% Other non-recurring Items 29,477 20, % 46,740 30, % Adjusted Total (17,598) (17,762) -0.9% (67,800) (69,783) -2.8% ¹In 2015, the main item is the earn out related to the sale of interest in Shopping Via Parque. In 2016, the main item is the adjustment on the sale price of the interest in Santana Parque Shopping (earn-out) EBITDA and Adjusted EBITDA The Company's adjusted EBITDA for 4Q16 was R$106.2 million, a 7.2% decrease compared to 4Q15. Excluding the effect of straight line rent adjustment, adjusted EBITDA declined by 0.2% in the quarter. On a same mall basis, there was a reduction of adjusted EBITDA of 10.4% in the quarter. Managerial Financial Information 4Q16 4Q15 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Net revenues 154, , % 544, , % (-) Costs (49,674) (39,823) 24.7% (179,348) (150,893) 18.9% (-) Expenses (45,897) (37,505) 22.4% (106,872) 42,434 n/a (+) Depreciation and amortization 18,832 17, % 73,343 73, % (=) EBITDA 77,893 94, % 332, , % (+)/(-) Non-recurring (expenses) / income 28,299 20, % 39,072 (111,285) n/a (-) Gain on sale of interest¹ (1,178) (403) 192.1% (7,668) (143,075) n/a (+) Pre-operational expenses n/a % (+)/(-) Others 29,477 20, % 46,740 30, % (=) Adjusted EBITDA 106, , % 371, , % Adjusted EBITDA Margin 68.7% 74.5% -5.8 p.p. 68.1% 72.6% -4.5 p.p. ¹In 2015, the main item refers to the gain on the sale of interest in Via Parque. In 2016, the main item is the adjustment in the sale price of the interest of Santana Parque Shopping (earn-out).

10 Financial Result The capital strategy adopted by the Company has positively impacted the financial results in 4Q16. In October, the capital increase of R$600 million and the issuance of real estate receivables certificates (CRI) in the amount of R$175 million were completed. These actions caused Aliansce's net financial expenses to decrease by R$14.6 million in the last quarter over 4Q15. The increase in cash and cash equivalents of R$380 million over the last 12 months resulted in an increase of R$9.4 million in financial income, an increase of 106.3% over 4Q15. The new debt profile coupled with the fall in interest rates had an impact on the reduction of financial expenses by 6.7% or R$ 4.6 million in relation to 4Q15. In the year, there was a reduction in net financial expenses of 3.7%. (60,134) 4Q16/4Q15 Managerial Financial Information 4Q16 4Q (Amounts in thousands of Reais, except percentages) Financial Result (R$ thousands) 4Q15 4Q16 (45,512) 2016/2015 Financial Income 18,276 8, % 31,229 40, % Financial Expenses (64,235) (68,847) -6.7% (244,314) (263,753) -7.4% SWAP (Fair Value) 447 (567) n/a 1,086 (1,205) n/a Capitalized Interest n/a 669 5, % Financial Result (45,512) (60,134) -24.3% (211,330) (219,468) -3.7% The capital strategy will show its impact on Aliansce's results starting in 2017, with the increase in exposure to the CDI interest rate and the prepayment of debts whose costs are higher than current average market rates. At the end of 2016, the exposure to CDI reached R$178 million (9.3% of total debt), against 4.5% in 3Q16. After the R$180 million funding operation concluded at the end of 1Q17, the Company estimates that its CDI indexation exposure will reach around 18.6% of debt. The Company continues to carry out the prepayment of debts with a higher cost, having already settled R$115 million in Net Income and Adjusted Net Income In 4Q16, excluding non-recurring and non-cash effects, the Company had adjusted net income of R$38.4 million, an increase of 31.5% over 4Q15. On a same mall basis, adjusted net income would have increased by 13.4% between 4Q15 and 4Q16. Adjusted net income for the year totaled R$45.4 million, 10.5% below the same period of the previous year. Managerial Financial Information 4Q16 4Q15 4Q16/4Q (Amounts in thousands of Reais, except percentages) 2016/2015 Net Income - Controlling Shareholders 1,916 17, % 4, , % (+)/(-) Non-recurring (expenses)/income¹ 27,845 20, % 38,618 (111,285) n/a (-) Straight line rent adjustment - CPC 06 7, % (8,642) (8,964) -3.6% (+) non disbursed financial expenses % 2,171 3, % (+)/(-) Non-cash taxes 1,174 (4,456) n/a 10,939 26, % (+) Income tax and social contribution on sale of interest - (5,015) n/a - - n/a (-) Capitalized Interest - (422) n/a (669) (5,319) -87.4% (+) SWAP (1,086) 567 n/a (1,086) 1,205 n/a (=) Adjusted Net Income 38,370 29, % 45,367 50, % ¹In 2015, the main item is the gain on the sale of the interest in Shopping Via Parque and the revaluation of the fair value of Boulevard Shopping Vila Velha.

11 FFO and Adjusted FFO (AFFO) The Company's adjusted Funds From Operations (AFFO), which does not consider the impact of non-recurring items and non-cash items, was R$56.7 million in 4Q16, an increase of 22.1% over 4Q15. AFFO margin reached 38.3%, an increase of 6.5 p.p. in relation to 4Q15. In the year, the AFFO was R$116.4 million and margin reached 22.3%. On a same mall basis, AFFO increased by 9.8% in the fourth quarter and fell by 2.2% compared to Managerial Financial 4Q16 4Q15 Funds from Operations - FFO 4Q16/4Q15 (Amounts in thousands of Reais, except percentages) /2015 Net Income - Controlling Shareholders 1,916 17, % 4, , % (+) Depreciation and Amortization 18,351 17, % 71,014 70, % (=) FFO 20,268 34, % 75, , % FFO Margin % 13.7% 23.4% -9.8 p.p. 14.4% 42.3% p.p. (+)/(-) Non-recurring expenses/(revenues)¹ 27,845 20, % 38,618 (111,285) n/a (-) Straight line rent adjustment - CPC 06 7, % (8,642) (8,964) -3.6% (+) Stock Option % 2,171 3, % (+)/(-) Non-cash taxes 1,174 (4,456) n/a 10,939 26, % (+) Income tax and social contribution on sale of interest - (5,015) n/a - - n/a (-) Capitalized Interest - (422) n/a (669) (5,319) -87.4% (+) SWAP (1,086) 567 n/a (1,086) 1,205 n/a (=) Adjusted FFO 56,721 46, % 116, , % AFFO Margin % 38.3% 31.7% 6.5 p.p. 22.3% 23.8% -1.5 p.p. ¹In 2015, the main item is the earn out related to the sale of interest in Shopping Via Parque. In 2016, the main item is the adjustment on the sale price of the interest in Santana Parque Shopping (earnout) Operating Highlights Sales Performance Total Sales (R$ millions) In 4Q16, sales of the Company's malls reached R$2.8 billion, 6.5% above sales in the same period of last year. Excluding sales from Shopping Leblon, Aliansce's total sales reached R$2.6 billion in the fourth quarter, a drop of 1.9% over the fourth quarter of Sales per square meter reached R$1,490, a decrease of 0.7% against 4Q15. Satellite store sales were once again the highlight among store categories, showing a growth of 1.4% in sales per sqm in the fourth quarter and representing 70% of total rental revenues in the period. CAGR: +10.4% 5,128 8,397 Over the past five years, total portfolio sales have had a compound annual growth rate (CAGR) of 10.4%. This growth contributed to the increase the rent in the period, either via percentage rent or in the negotiation of renovations. The graphs below show the impact of SSR growth on the occupancy cost of satellite stores, which remains below industry average SSR (R$ per sqm) - Satellites Occupancy Cost (%) - Satellites CAGR: +5.2% % 14.0% 12.0% 13.3% +0.9 p.p. 14.3% 10.0% 8.0% 6.0% %

12 The constant improvement of tenant mix implemented by the Company and the occupation of vacant areas by retailers with superior sales performance are factors that explain the difference between the sales metrics per sqm. Following the trend of recent years, the variation of sales per square meter in 4Q16 was higher than the same area sales (SAS), which, in turn, performed better than same-store sales (SSS). Among the different segments, sales stood out in food and miscellaneous groups, which grew 13.3% and 13.2%, respectively, in It is worth mentioning that food GLA presented a growth of 14.8% in This is part of the Company's strategy of including new restaurant operations in its malls to improve the experience for its consumers Variation in the quarter 4Q16 vs. 4Q15 SSS SAS Sales per sqm 1.9 p.p. 2.0 p.p. 3.8 p.p. The current scenario increases the portfolio s turnover, meaning the decision making over the ideal tenant mix has become more important than ever. Making the right choices in changes to the tenant mix results in an immediate increase in sales in these areas. The stores that were changed in 2016, excluding occupation of vacant areas, had an increase in s ales per sqm of 10.2% when compared to previous sellers. 209 stores were changed, with total GLA of 13.4 thousand sqm.

13 Occupancy Rate and Leasing Activity The Company's occupancy rate was 96.0% in the fourth quarter of the year, 0.2 pp higher than the rate reported in 3Q16. The 4Q16 occupancy rate increased in 9 of the 20 malls in relation to 3Q16. During the year 2016, a total of 369 stores were leased, an increase of 7% when compared to the same period of the previous year. In 4Q16, 93 stores were leased versus 73 stores in 4Q15. In 2016, the leased spaces totaled 31.3 thousand sqm and, in 4Q16 total leased GLA was of 6.3 thousand sqm, an increase of 22.4% over 4Q15. It is noteworthy that in the months of January and February of 2017, Aliansce s leasing team added 33 new stores to the portfolio, with a total area of 5,500 m² % 100.0% 95.0% 90.0% 85.0% 80.0% Occupancy Rate (%)¹ 98.5% 97.3% 97.5% 97.6% 97.4% 97.2% 96.1% 96.2% 95.8% 96.0% 4Q15 1Q16 2Q16 3Q16 4Q16 Portfolio Top 10 Assets ¹Based on Top 10 Assets as of 4Q % 98.0% 97.0% 96.0% 95.0% 94.0% 93.0% 92.0% 91.0% 90.0% The Company's 10 main malls had an occupancy rate of 97.4% at the end of the quarter. This group represented 80.6% of the Company's NOI in 4Q16. Net Late Payments In the fourth quarter, net late payments of the portfolio was of 3.4%, a decrease of 1.3 p.p. from 3Q16 and 1.7 p,p. over 4Q15. The percentage of outstanding payments in the quarter over the total billed fell in 12 of the malls, compared to 4Q15 and in 10 of the malls compared to 3Q16. The decrease in net late payments also reflects the Company s successful efforts in negotiating of past due payments recovery of past due payments increased in 12 malls over 4Q15 and in 10 of the malls over 3Q16. Net Late Payments (%) 5.0% 6.0% 5.8% 4.7% 3.4% 4Q15 1Q16 2Q16 3Q16 4Q16 Occupancy Cost (% of sales) In 4Q16, the Company s occupancy cost was of 10.1% for the portfolio and 13.4% for satellite stores, respectively 0.7 p.p. and 0.6 p.p. up on 4Q15. In 2016, the portfolio s total occupancy cost increased by 0.6 p.p., reaching 10.8% in the year, while satellite stores had an increase of 0.5 p.p., reaching 14.3%. The occupancy cost of the Company s 10 main assets in terms of NOI reached 10.2% in 4Q16, representing an increase of 0.6 p.p. relative to 4Q15. The occupancy cost of satellite stores of these 10 malls was of 13.7%. Analyzing the occupancy cost of each mall, the Company believes that, in the majority of cases, there is space for the increase of rent. Occupancy Cost Total vs. Satellites Occupancy Cost - Top 10 Malls Portfolio vs. Satellites 12.8% 15.1% 14.6% 14.4% 13.4% 13.0% 15.2% 14.8% 14.7% 13.7% 9.5% 11.4% 11.0% 11.0% 10.1% 9.6% 11.4% 11.1% 11.1% 10.2% 4Q15 1Q16 2Q16 3Q16 4Q16 Total Satellites 4Q15 1Q16 2Q16 3Q16 4Q16 Total Satellites The Company has been steadfast in its efforts of minimizing condominium costs over the last quarters. The results of this strategy has been the reduction of the weight of condominium costs, which reached 28% of sellers occupancy cost in 4Q16. The migration to the free energy market has been one of the main contributing factors for the decline of the variation in condominium costs, since energy costs are the main component of total condominium paid by sellers. At the end of 1Q17, 17 of the Company s 20 malls will have benefited from the migration to the free energy market.

14 CAPEX In the quarter, the Company s gross Capex reached R$ million, and, in the year, R$ million. Investments net of key money were of R$ million in the quarter and R$ million in the year. The Company s main investments in 2016 were the values referring to acquisitions of interest in malls and in land adjacent to the Company s assets. The acquisition of interest in Shopping Leblon, in 4Q16, represented an investment of R$ million, excluding the debt assumed in the transaction. Excluding concluded acquisitions, net invested value was of R$ 10.6 million in the quarter and R$ 47.3 million in the year. Excluding sales and acquisitions concluded in 2015 and 2016, the reduction in gross Capex was of 47.8% in the quarter and 52.7% in the year. The reduction in investments in expansions accounts for the majority of this variation. The current economic scenario explains the Company s conservative stance towards investments in expansions and greenfields. However, the Company constantly analyzes projects, for new malls and expansions, and is always prepared for a new cycle of development. The table below shows expected Capex up to 2019, excluding the balance due on the acquisitions of ownership interests, which totals R$ 28.1 million until the end of CAPEX to Complete¹ 2017E 2018E 2019E TOTAL Maintenance / Renovations Other Key money / Land swap² Total ¹ Real values ² Monetization of excess land Growth Drivers Expansions The Company has designed and approved other expansions and is waiting for the right moment to announce their commercial launch. Additionally, Shopping Leblon has expansion area that has already been built, totaling approximately 2.1 thousand sqm of total GLA. The Company has been working in the leasing of the spaces. Ongoing Projects The investment in the new movie theater in Shopping West Plaza is the only ongoing expansion project at the moment. West Plaza Expansion The inauguration of seven state-of-the-art movie theatre rooms has been postponed to 2Q17. The project involves estimated investments, net of key money, of R$6.1 million in Aliansce s interest and represents an increase of 800 sqm in the Company s own GLA. Approximately 91.1% of the scheduled net investments for this project had been disbursed by the end of 4Q16. The mall s tenant mix will also be improved with the opening of a theater in place of the old movie theater. The high-level restaurant mix is continuously being improved with the goal of, with the opening of the movie theatre and the new theatre, turning Shopping West Plaza into a reference in eati ng and entertainment in the area.

15 Construction Potential Aliansce s portfolio has additional construction potential of thousand sqm in 14 of the Company s 20 malls. The use of this area is divided between future expansions and the development of multi -purpose projects, and can be altered to suit the Company s interests. The amounts below reflect the Company s share of these projects. Mixed-use Projects (Private Built Area - sqm) Expansion Potential (GLA - sqm) Total (Amounts at Aliansce's stake) Carioca Shopping 11,900 1,522 13,422 Bangu Shopping 7,000 25,000 32,000 Shopping Grande Rio 2,000 7,500 9,500 Shopping Leblon Shopping Taboão 26,600 24,960 51,560 Shopping da Bahia 48,328 11,108 59,436 Parque Shopping Maceió 91,500 15, ,500 Boulevard Shopping Campos 41,000 20,000 61,000 Boulevard Shopping Vila Velha 15,000 10,000 25,000 Boulevard Shopping Nações Bauru 28,000 15,000 43,000 Caxias Shopping 17,800 25,273 43,073 Boulevard Shopping Belo Horizonte 7,000 3,500 10,500 Parque Shopping Belém - 11,250 11,250 Shopping Parangaba - 4,000 4,000 Total 296, , ,763

16 Indebtedness and Cash and Cash Equivalents At the end of 4Q16, Aliansce's net debt was R$1,318 million, a reduction of 16.5% compared to 4Q15. Excluding minority interests, net debt was R$1,257 million (see table in the Appendices section). In the quarter, the Company received R$270.2 million referring to the final portion of the private capital increase that totaled an influx of R$ 600 million in cash to the Company. The cash position at the end of 2016 was of R$520.2 million, excluding the R$ 72.9 million from Carioca Shopping s real estate tax receivables, which were received in 1Q17. Debt breakdown Short-Term Long-Term Total Debt (Amounts in thousands of Reais) Banks 78, , ,968 CCI/CRI 100, , ,581 Obligation for purchase of assets 4,374 33,593 37,967 Debentures 40, , ,335 TOTAL DEBT 223,500 1,687,351 1,910,852 Cash and Cash Equivalents (520,221) - (520,221) Real estate tax receivables¹ (72,888) - (72,888) TOTAL CASH (593,109) - (593,109) NET DEBT (369,609) 1,687,351 1,317,742 ¹Real estate tax receivables refering to the legal settlement between Carioca Shopping and the City of Rio de Janeiro signed in Dec/16 and received on 1Q17. Debt Coverage (Net Debt/EBITDA LTM) 4.1x 4.0x 4.1x 3.4x 3.6x 4Q15 1Q16 2Q16 3Q16 4Q16 The Company's average cost of debt in 4Q16 decreased to 13.3% p.a., or 95.3% of the CDI Interbank rate of the last 12 months. Between 1Q16 and 1Q17, the Company has prepaid financing in the total amount of R$168.0 million, which had an average cost of IPCA + 8.4%. The average term remained at 5.6 years. At the end of 4Q16, approximately 88.3% of the Company's gross debt was long-term. Cost of Debt 14.0% 14.0% 14.0% 13.8% 13.3% In relation to the debt profile, the main change was the increase in exposure to CDI. At the end of 4Q15, the Company had no debt linked to this index, which represented 9.3% of gross debt in 4Q16. In the quarter, approximately 71.5% of the indebtedness was indexed to TR reference rate, the TJLP long-term interest rate and fixed rates and 19.2% to inflation indexes. On October 14, the Company completed a funding operation, raising R$ 175 million in two tranches, one of which representing 58.8% of the total amount, or R$ million, at a cost of 100% of CDI. In the same period, Aliansce raised R$283.0 million indexed to CDI at an average cost of CDI (-) 0.1%. On March 24, 2017, continuing its debt restructuring process and cost reduction strategy, the Company concluded a R$ million funding operation, through an issuance of debentures that serve as a backing for real estate receivable certificates. The cost of this funding was 99% of the CDI. 4Q15 1Q16 2Q16 3Q16 4Q16 Debt Profile - Indexes (%)¹ 4.5% 4.5% 20.2% 20.4% 17.4% 17.8% 9.3% 19.2% 79.8% 79.6% 78.1% 77.7% 71.5% 4Q15 1Q16 2Q16 3Q16 4Q16 Fixed² Inflation³ CDI ¹ Shows debt at the end of the period, excluding obligations for purchase of assets. ²Índices pré-fixadas incluem TR e TJLP; ³ Índices de inflação incluem IPCA e IGP-DI.

17 The charts below summarize the amortization schedule of the Company's debt. The table with information on cost and maturity of each debt, the covenants and the reconciliation between the consolidated net debt and the managerial net debt in 4Q16 are available in the appendices to this release. Principal amortization schedule (R$ million) % % * % *Refers to average yearly payment Restructuring of the Company s Indebtedness In recent quarters, the Company has adjusted its capital structure in order to reduce costs and increase the average term of its debt. The adjustments implemented preserve the Company s liquidity. Within this strategy, the Company has been increasing its exposure to CDI. In the past, the Company protected its balance sheet by assuming debt mostly indexed to the TR reference rate, due to its low volatility. Today, in view of the expectation of reduction of the CDI interest rate in the next 24 months and considering the current debt structure, it is possible for the Company to increase its exposure to CDI to a percentage between 30% and 35% of gross debt by the end of Considering the amount of R$ million referring to real estate receivable certificates (CRI), issued in March 2017, the debt assumed in the acquisition of interest in Shopping Leblon and gross debt¹ at the end of 4Q16, we estimate that approximately 18.6% of the Company s debt will be indexed to CDI at the end of 1Q17. In the last 6 months, Aliansce successfully concluded four relevant operations: Funds raised R$102.9M 100% of CDI R$72.1M IPCA % Prepayment R$85.5M IPCA % JAN/17 MAR/17 OCT/16 FEB/17 The graph below shows the evolution of Aliansce's debt profile between 4Q15 and 1Q17. Considering the Company s debt profile and the projections of the latest Focus Report² issued by the Central Bank of Brazil, the cost of debt in 4Q17 would be 2.1 p.p. lower than the cost of 4Q16. With each 100 bps reduction in the CDI rate, we estimate that the cost of debt will decrease, on average, by 40 bps based on the expected debt profile in 1Q17. Prepayment R$30M IPCA + 7.5% The table and charts below show the comparison between the cost of the Company s five most expensive debts and the cost of the R$ 180 million funding operation of 1Q17. Based on current CDI (12.25%) and inflation rates accumulated until February/2017 (5.2%), the five most expensive debts had an average cost of 13.8%, while the new funding Funds raised R$180M 99% of CDI 20.2% 79.8% Debt Profile - Indexes (%)¹ 9.3% 19.2% 18.6% 12.7% 71.5% 68.7% 4Q15 4Q16 1Q17E Fixed² Inflation³ CDI ¹ Shows debt at the end of the period, excluding obligations for purchase of assets. ²Índices pré-fixadas incluem TR e TJLP; ³ Índices de inflação incluem IPCA e IGP-DI. ¹Excludes obligations for purchase of assets ²Focus Report published on March 10 th, 2017

18 had a cost of 99% of CDI, or, approximately, 12.1%, representing a spread of 170 bps. Considering the balance in 4Q16 and the projections of the latest Focus Report¹ for the end of 2017, the spread would be of 380 bps. The balance of these debts at the end of 4Q16 was of R$ million, or 25% of Aliansce s total debt. Cost - Current indexes Cost Focus Report indexes 2017YE Index Interest Total Cost Total Debt¹ % of Debt Debenture IV CDI 1.70% 14.16% 2,455 72,878 Cibrasec TR 12.00% 14.15% 30,066 79,732 Bradesco TR 12.00% 14.15% 10,036 51,400 Gaia Securitizadora IGP-DI 7.95% 13.59% 8,729 86,403 Itaú TR 11.25% 13.38% 5, ,658 Total 13.8% 463, % ¹ Balance at the end of 2016 (values at share in thousands of reais) 13.8% Most expensive debts p.p. 12.1% New funding 12.7% Most expensive debts p.p. 8.9% New funding Stock Performance and Ownership Structure (Bovespa: ALSC3) Aliansce s shares, which are traded on the Novo Mercado special corporate governance segment of the BM&F Bovespa under the ticker ALSC3, closed 4Q16 at R$14.45, while daily traded volume averaged R$6.0 million in the quarter. During the fourth quarter, Aliansce concluded its private capital increase through the issue of 40 million shares at R$15.00 per share, and the Company s capital comprised 202,735,921 common shares. The proceeds obtained in the capital increase were used to finance the acquisition of an interest in Shopping Leblon and strengthen the Company s capital and equity structure. Base 100 Aliansce - Base 100 (12/30/2015) R$ Thousand Shareholder Base , , , , , , Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Free float 49.7% Treasury 0.4% CPPIB 38.2% Renato Rique 11.2% Management 0.6% ALSC3 IBOV ADTV 15 days ¹Focus Report published on March 10 th, 2017

19 Recent Events Boulevard Belém and Parque Belém Acquisitions In the first quarter of 2017, the Company entered into an agreement to purchase an indirect interest of 4.99% in Boulevard Shopping Belém and 25% in Parque Shopping Belém. After the acquisition, the Company will hold a 79.99% interest in Boulevard Shopping Belém and 75% in Parque Shopping Belém. The closing of acquisitions is expected to occur after the fulfillment of certain conditions precedent, including the approval by the Brazilian Antitrust Commission (CADE). The Company's investment will be approximately R$83.3 million, with a disbursement of R$37.3 million and assumption of debt in the amount of R$46.0 million. Based on the expected NOI for 2017, the acquisition value results in an expected cap rate of 10.3%. The Company estimates the real and leveraged internal rate of return (IRR) of the acquisition at 15.5%. Boulevard Shopping Belém Parque Shopping Belém Opening November 2009 April 2012 Gross Leaseable Area (GLA) sqm sqm Investment (R$ million) 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

20 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. Approximately 22% of the Company s portfolio has an operational track record of less than 5 years, and is, therefor e, still undergoing a maturation process. In 4Q16, the Company held interest in 20 operating malls, totaling thousand sqm of owned GLA and thousand sqm of total GLA. The Company is also a provider of planning, management and leasing services for 9 malls owned by third parties, which totaled thousand sqm of total GLA at the end of 4Q16. Owned Malls Shopping da Bahia Shopping Taboão Via Parque Shopping Shopping Grande Rio Bangu Shopping Caxias Shopping Boulevard Shopping Brasília Boulevard Shopping Belém Shopping Santa Úrsula Santana Parque Shopping Boulevard Shopping Campos Parque Shopping Belém Boulevard Shopping Vila Velha Carioca Shopping Shopping West Plaza Boulevard Shopping Nações Bauru Parque Shopping Maceió Shopping Parangaba Boulevard Shopping Belo Horizonte Shopping Leblon Third Party Malls (Managed by Aliansce) Continental Shopping Boulevard Shopping Feira de Santana Pátio Alcântara São Gonçalo Shopping Shopping Praça Nova Santa Maria* Indicates Aliansce s presence Passeio Shopping Santa Cruz Shopping Floripa Shopping *Under Development Boulevard Shopping Vitória da Conquista*