4Q15 RESULTS 1 4Q15 EARNINGS RELEASE MARCH 29, 2016

4Q15 RESULTS 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. Disclaimer 2

4Q15 RESULTS 3 Occupancy Rate Occupancy Cost (%) Operating Highlights OCCUPANCY RATE OF THE COMPANY’S TOP 10 ASSETS * WAS OF 98.5% IN 4Q15 EXPECTED ENERGY COST REDUCTION IN 2016: BY THE END OF 2016, 16 OF THE 19 MALLS WILL HAVE MIGRATED TO THE FREE MARKET *Represent 82.0% of the Company’s NOI in 2015

4Q15 RESULTS 4 SSS Growth (YoY%) SAS Growth (YoY%) 4Q15 and 2015 Sales (R$ million) 4Q10-4Q15 Sales (R$ million) Operating Highlights CAGR:+13.6%

4Q15 RESULTS 5  Ten assets represented 82.0% of Aliansce’s NOI in 2015  Occupancy rate of 98.5%  Satellites Sales per sqm of R$ 2,466 in 4Q15  Mature assets – average age of 13.4 years High Quality Malls 4Q15 RESULTS

6 Gross Revenues Breakdown - 4Q15Gross Revenues (R$ thousands) 7,37 13,22 7,11 12,71 Financial Highlights EXCLUDING DIVESTMENT OF INTERESTS, GROSS REVENUES GROWTH WAS OF 10.6% IN 4Q15

4Q15 RESULTS 7 Rent Revenues – 4Q15/4Q14 (YoY%) SSR Growth – (YoY%) Financial Highlights Minimum Rent per sqm Evolution (R$ thousands)¹SSR per store type (YoY%) 4Q15/4Q14 1 Does not consider straight line adjustment ²Ex-divestment of interest

4Q15 RESULTS 8 Evolution of Adjusted EBITDA and margin

4Q15 RESULTS  Decrease of 3.4% in parking costs in 4Q15  Reduction of 1.2% in operating costs in 4Q15  Drop of 6.2% in operating cost per sqm of the New Generation assets in 4Q15  Decrease of 1.5% in in G&A expenses in 4Q15 Reduction of Costs and Expenses 9 G&A over Net Revenue Parking Results and Margin

4Q15 RESULTS 10 NOI (R$ thousands) and NOI Margin (%) NOI and Adjusted EBITDA same basis Adjusted EBITDA (R$ thousands) and EBITDA Margin¹ (%) ¹ Adjusted by non-recurring items Excluding Divestment of Interests in 2014 and in 2015

4Q15 RESULTS 11 Adjusted Net Income¹ (R$ thousands)Adjusted FFO (R$ thousands) and FFO Margin¹ (%) ¹ Adjusted by non-recurring and non-cash items Adjusted Net Income and Adjusted FFO same basis Excluding Divestment of Interests in 2014 and in 2015

4Q15 RESULTS 12 ¹ Includes net Key Money and Land Swaps ² Real and unleveraged IRR ³ The IRR does not consider land swap for construction potential CAPEX and Expansions

4Q15 RESULTS 13 Aliansce Cost of Debt vs. Selic (base 100) Indebtedness 4Q15 Principal Amortization Schedule (R$ million) Breakdown Debt Indexes (%) Indebtedness & Cash and Cash Equivalents AVERAGE MATURITY OF 5.7 YEARS

4Q15 RESULTS 14 Operating and Financial Indicators

15 Investor Presentation 2014 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) Website: