Now, I will turn the conference over to Mr. Henrique Cordeiro Guerra, who will start the presentation. Mr. Henrique, you may begin the conference.

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1 Good morning ladies and gentlemen. At this time we would like to welcome everyone to the Aliansce s 2Q15 earnings conference call. Today with us, we have Mr. Henrique Cordeiro Guerra, Executive Director, Mr. Renato Botelho, CFO, and Mr. Eduardo Prado, IR Superitendent. We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the company s presentation. After the Company s remarks are completed, there will be a question and answer section for investors and analysts. At that time further instructions will be given. Should any participant need assistance during this call, please press *0 to reach the operator. There will be a replay facility for this call for one week. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of the Company s management, and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of the Company s and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the conference over to Mr. Henrique Cordeiro Guerra, who will start the presentation. Mr. Henrique, you may begin the conference. Henrique Cordeiro Guerra: Good morning. I would like to welcome everyone to this conference call in which we will be discussing the earning release for Aliansce for 2Q15. I would like to begin by going over some highlights for the quarter and also discuss recent events. The occupancy core rate of the portfolio was of 97.3%, basically flat since the previous quarter. Occupancy costs to the 10.2% in 2Q15. We had a decrease in net late payments of 3.2% in 2Q15. In 12 of the 19 malls of the Company s portfolio, net late payments were lower or in line with the 2Q14. Same store sales or satellite stores, excluding our mall in Bahia, grew 7.0% in the quarter. Shopping da Bahia began charging for parking during this past quarter after the municipal government authorized malls to charge for parking. Shopping da Bahia started charging for parking on June 22 nd. The Company estimates a stabilized parking NOI of R$7.6 million at our sake. Excluding non-recurring items, operating costs were reduced by 1.5% in the 2Q15 and by 6.1% in the first half of the year. Mainly due to a 14.2% decrease in operating cost per square meter of newer malls during this past quarter. General and administrative expenses increased 1.2% in the 2Q15. Excluding divestments of interest in 2014, Aliansce s net revenue grew 5.2% and adjusted EBITDA increased by 5%. 1

2 The continued asset recycling process in our portfolio with a partial divestment of Via Parking, allowed us to have an accretive sale, which reinforces the Company s cash position. On July 13 th, 2015, the Company announced an agreement to sell 35% of Via Park to Shopping to GIC. The Company expects to receive R$132 million in the 3Q15. Considering the expected NOI and the budgeted capex for the period, the selling price s present value would be of R$157.5 million, including the earn-out, implying a cap rate of 8.8%. Again, making this an accretive transaction, given where stock price is currently trading. On May 26 th, 2015, the Company hired a financing totaling R$74.4 million at a cost of TR plus 9.88% per annum, with a 15-year term, having a three-year grace period for the principal investments. The leveraging trend continues with net debt EBITDA for the last 12 months being reduced from 5X in the 3Q13 to 4.4X in the 2Q15. The Company s debt is self-amortizing in 85.9% of total debt in long term. We have built a strong balance sheet in order to go through times of economic instability. Since March, 2013, the SELIC rate rose 7 p.p. and the average cost of our debt increased 1.8 p.p. With that, please, I would like you to turn to page three of the presentation where I will begin to discuss the operating highlights for the 2Q. Occupancy rates, on the left hand side, are an occupancy cost for the portfolio and the second, I already mentioned, occupancy rate standing at 97.3% and occupancy cost pretty much in line with all the previous quarters I have shown, in the bar graph, at 10.2%. Net late day payments being reduced from 2Q14 at 3.2%. Now, please, on page four, same store sales and same area sales, year on year, 2015 and I think it is important to highlight the period that we are going through given high inflation, a period of higher interest rates and rising unemployment, retail in Brazil is being impacted virtually by what one would describe as perfect storm. Nonetheless, our business is pretty resilient. We acknowledge that results have not been as strong as they have been in the past. However, it is shown in our occupancy rate and our occupancy costs, late payments that our business stands on firm ground. Our assets are well positioned, I think, for us to be able to navigate through what we anticipate going forward to be still a challenging period in the next 12 months. Now, going back to same store sales and same area sales, in the total same store sales we had a negative growth of 0.4% and same area sales had growth of 0.1%. I will not go through what same store sales and same area sales would have been if we were to exclude the impact of Shopping da Bahia, which has had more difficult time this year given significant renovations that are taking place, expansion of the property, construction to facilitate road way access. And also the impact that the white line goods stores have had in our portfolio. We had in 2

3 the 2Q14 a very strong showing because of the World Cup and we saw sales going down in this specific market niche, which also, given the presence of white line anchors in many of our malls, it does have an impact on our results. Otherwise, if we were to exclude the impact of these two of this one mall to significant mall for us and of white line good, electronics, we would have had same store sales at 3.9 and same area sales of 4.4%. Again, I think this is just meant to reinforce the point that there is really nothing structural that requires attention at this point. We are focused, yes, on each individual assets as we have been trying to double our attention as required, but there really is, it s much more driven by macro conditions. Same store sales, on the right hand side, if we were to compare the first half of this year with the first half of 2014, same store sales would have been 1.6% and same area sales 2.3%. Same store sales also on the right hand side, we were able to show here exactly the impact that the different categories had in our figure by store type on the lower right hand side. Moving on now, please, to page five. I think we just would like to reinforce the point that there are 10 assets in our portfolio that represented 82.9% of Aliansce s NOI during this past quarter, the occupancy rate of these malls was of 98.2%. Satellite sales per square meter was of approximately R$1,900 per sqm. Mature asset with an average age of 13 years. In terms of satellite store occupancy cost, it stands at a very healthy rate of 13.6%, which is even below the average of our portfolio and also industry average. I would like to move on, please, to page six now. Beginning with the financial highlights section of the presentation. Gross revenues breakdown for the 2Q, rent revenues representing 71.5% of our gross revenues. If we break that up, minimum rent represented 80.6%, stands and kiosks 11%, overage rent 8.3%, parking, we now have had an increase in our parking and expect that account for a greater portion of our revenues, parking representing 16.9% of our revenues, services rendered 8.3%, key money 3%. If we exclude divestments, our interest that we have sold, as previously stated, our gross revenues would have increased 5.4%. On page seven, rent revenues, and here I would like to bring to your attention the pace of same store rent growth and same area rent growth. During the 2Q15 we saw same store rent increasing 4% and same area rent 4%, same number. On the lower right hand side, you are able to see also, by category, the contribution if we were to exclude the impact of Shopping da Bahia of each one of these categories in our figures. Turning now to page eight, again, NOI and adjusted EBITDA. We are talking here on a same basis importance highlight that this puts everything in an equal plane field in terms of excluding the divestments of interest that took place in Important to highlight that there were only two main divestitures, one involving a partial ownership, a small stake in Shopping da Bahia, and a larger stake in the Santana Mall in 3

4 São Paulo. Our NOI increased 4% in the quarter while de NOI margin came down from 90% to 89.5%, if you compare the first half of the year, our NOI increased 5.8% and the NOI margin remained virtually flat. That is also the case on the right-hand side, as you will see, for both EBITDA margin in the 2Q15 and in the 1H15. During the quarter, EBITDA increased from quarter to quarter, the period of 2014 to 2015, increased 5%, and considering the 1H15, we saw an increase of 6.2%. Shifting now to page nine, adjusted net income and adjusted FFO, also on a same basis, considering divestment of interest. Adjusted net income in the 2Q15 was of R$10.1 million, and in the 1H15 of R$12.2 million. This is adjusted for non-recurring and non-cash items. On the right-hand side, our adjusted FFO was R$27.4 million in the 2Q15, and a R$46.7 million in the 1H15. The FFO margin was of 22.5%, down from 27% last year, and for the 1H15 we were marginally down from 20.8% to 19.5%. Now, on page 10, growth drivers. We have made expansions be a significant portion of our focus, given market conditions in Brazil. In 2013 we took a very conscientious decision to stop pushing forward with further developments. We had been the principal and leading development in Brazil, having opened 14 malls during the period of seven years in the country, and we decided to take a more cautious approach. Nonetheless, we have, in terms of expansions, about a 7% increase in our owned GLA, if we consider the growth until the end of It is a small CAPEX figure, considering net CAPEX to be invested, we have R$118 million of expected net CAPEX. On page 11, please, you will see the detail and background information on these expansions, in terms of malls, the planned opening date, the amount of GLA and owned GLA they would added to Aliansce, as well as the returned figures, considering the stabilized NOI and IRR for these projects. On page 12, please, let us comment on our balance sheet. I think this has been a remarkable achievement on our part. Brazil is a country that carries immense opportunities for retail real estate, however, that does come about with quite a bit of volatility and periods of uncertainty, such as the one we are in today. Having a balance sheet built on solid principles and on fundamentals is something that provides a great degree of comfort, particularly in a period such as the one we are in. Our net debt stood at R$1.6 billion, total debt was of R$1.9 billion, and our cash position was of R$300 million at the end of the quarter. On a the lower left-hand side, you can see the planned amortizations we have to our debt during the next few years, as well as for the 4

5 next ten-year period, considering and average amortization per year. Our net debt to EBITDA, again, we are committed to bring down our debt, that has been the case since 2013, during which period we brought our debt from 5.2x to 4.4x net debt to EBITDA. I think it is important to highlight, as shown on the lower right-hand side of the page, great majority of this debt is low volatility index, so, a long term debt that is self-amortizing. We do not have any USD denominated, any exposure to exchange rate. Our exposure to Selic is through the CDI, which represents less than 10% of our debt composition. So, as I mentioned earlier, we feel we are in a position of strength during this period and we will continue to take measures to assure we solidify this position even further. There are a serious indicators, both financial and operating, on page 13, for your reference, related to the 2Q15 and the1h15. I would be glad to take any questions or comments you may have on any aspects of our operation. This concludes the question and answer session. At this time, I would like to turn the floor back to Mr. Henrique for any closing remarks. Henrique Cordeiro Guerra: We thank you for your participation today and wish you a nice day. Thank you. This thus concludes today s presentation. You may disconnect your line at this time and have a nice day. This document is a transcript produced by MZ. MZ uses its best efforts to guarantee the quality (current, accurate and complete) of the transcript. However, it is not responsible for possible flaws, as outputs depend on the quality of the audio and on the clarity of speech of participants. Therefore, MZ is not responsible or liable, contingent or otherwise, for any injury or damages, arising in connection with the use, access, security, maintenance, distribution or transmission of this transcript. This document is a simple transcript and does not reflect any investment opinion of MZ. The entire content of this document is sole and total responsibility of the company hosting this event, which was transcribed by MZ. Please, refer to the company is Investor Relations (and/or institutional) website for further specific and important terms and conditions related to the usage of this transcript. 5

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