Aliansce Reports 2Q14 Results and
Financial and Operating Highlights

Rio de Janeiro, August 13th, 2014 - Aliansce Shopping Centers S.A. (Bovespa: ALSC3), one of Brazil's largest shopping mall owners, announces today its results for the second quarter of 2014. Unless stated otherwise, all operating and financial information herein is expressed in 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).
2Q14 highlights and recent events

The financial information highlighted below is managerial and based on the Company's consolidated financial statements.

• Sales of Aliansce's malls grew by 22.4% and 21.7% in 2Q14 and 1H14, respectively, over the same period last year. Same-store sales (SSS) increased by 9.0% in 2Q14. For the 16th consecutive quarter, same-area sales (SAS) grew more than same-store sales. The success in tenant replacements and other improvements to the mix resulted in SAS growth of 9.7% in 2Q14.

• The Company's net revenue totaled R$123.2 million in 2Q14, 14.1% higher than 2Q13, and R$240.4 million in 1H14, 13.7% above 1H13.

• Same-store rent (SSR) and same-area rent (SAR) grew by 8.6% in the quarter.

• NOI was R$107.2 million in 2Q14, a 14.7% increase relative to 2Q13. In 1H14, NOI reached R$207.1 million, 14.0% higher than in 1H13. Same-mall NOI grew by 9.4% and 9.1% compared to 2Q13 and 1H13, respectively. NOI margin increased 1.3 p.p. over 1Q14, due to, among other factors, lower costs from the Company's newer malls.

• Adjusted EBITDA was R$91.1 million in 2Q14 and R$170.7 million in 1H14, an increase of 15.1% and 14.7% against 2Q13 and 1H13, respectively. The adjusted EBITDA margin reached 73.9%, 0.6 p.p. quarter on quarter.

• Adjusted FFO totaled R$44.6 million in 2Q14. Adjusted FFO margin was 36.2% in the quarter.

• The occupancy rate of the Company's portfolio was 97.1% by the end of 2Q14.

• Net CAPEX totaled R$37.1 million in the quarter.

• On June 14, 2014, the Company entered an agreement to sell an indirect stake of 16.66% in Santana Parque Shopping to CPPIB and GIC for R$48.3 million in cash. The sale price can reach R$53.3 million, subject to the mall's performance in the 12 months following the deal's closing. Based on the mall's expected NOI for 2014, the valuation results in a cap rate of 9.1%, and 8.3% with the performance price adjustment. The operation was approved by the Board of Directors and by the shareholders at the Company's Extraordinary Shareholders' Meeting held on August 12. The transaction's completion is subject to the fulfillment of certain customary conditions, including the approval of the transaction, without restrictions, by the Administrative Council for Economic Defense.

To access the Earnings Release, please click here.

For additional information, please contact the Investor Relations department:

Investor Relations
Phone: +55 (21) 2176-7272
Fax: +55 (21) 2176-7229
ri@aliansce.com.br
www.aliansce.com.br/ir

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