3Q13 Earnings Release

3Q13 RESULTS
INVESTOR RELATIONS
Renato Rique
President
Henrique Cordeiro Guerra
Executive Director
Renato Botelho
CFO
Eduardo Prado
IR Superintendent
Pedro Arieira
IR Analyst
Yan Oliveira
IR Analyst
Phone: +55 (21) 2176-7272

e-mail: ri@aliansce.com.br
CONFERENCE CALL IN ENGLISH

Thursday, November 14, 2013
12:00 a.m. (BR) / 9:00 a.m. (US EST)
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Other Locations +1 (412) 317-6776
Code: Aliansce
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Password: 10036126
Aliansce presents its 3Q13 results and

financial and operating highlights
Rio de Janeiro, November 13, 2013 Aliansce Shopping Centers S.A. (Bovespa: ALSC3), one of Brazils largest shopping mall
owners, announces today its results for the third quarter of 2013. 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).
The Companys managerial financial information is presented on a consolidated basis and in thousands of reais (R$), and
comparisons refer to the third quarter and first nine months of 2012. These financial statements are presented in accordance
with accepted practices in Brazil, comprising CPCs issued and approved by the CVM and IFRS standards, except in regard to the
effects of the adoption of pronouncements CPC 19 (R2) and CPC 18 (R2) IFRS 10 and 11, i.e. are presented on the same basis as
in 4Q12. For an analysis of the reconciliation of the consolidated financial statements and managerial information, please see
the comments in the Appendices section. The Companys non-accounting information has not been reviewed by the
independent auditors.
3Q13 highlights and recent events

The financial information highlighted below is managerial and based on the Companys consolidated financial statements.
Sales of Aliansces malls grew by 19.8% and 20.4% year on year in 3Q13 and 9M13, respectively. Same-store sales (SSS)
increased by 10.1% in 3Q13. Same-area-sales (SAS) moved up by 10.9% in the quarter, thanks to the continued
improvement in the store mix in Aliansces malls.
Net revenue totaled R$108.7 million in 3Q13 and R$320.2 million in 9M13, 18.7% up on 3Q12 and 27.2% higher than in
9M12, respectively.
Same-store rent per sqm increased by 12.8% in 3Q13. Same-store rent (SSR) posted two-digit growth for the fourth
consecutive quarter, reaching 11.3% in 3Q13. Same-area rent (SAR) grew by 11.4% in the period.
NOI totaled R$94.7 million in 3Q13 and R$276.4 million in 9M13, 21.2% higher than in 3Q12 and 29.1% up on 9M12,
respectively. Same-mall NOI per sqm climbed by 12.6% in 3Q13 and 12.7% in 9M13 year on year, reaching R$81.8/sqm
in 3Q13 and R$80.2/sqm in 9M13.
Adjusted EBITDA was R$80.6 million in 3Q13 and R$229.4 million in 9M13, 20.1% higher than in 3Q12 and 28.9% up on
9M12. The adjusted EBITDA margin grew by 0.8 p.p. in the quarter, reaching 74.1%.
Adjusted FFO came to R$51.8 million in 3Q13 and R$156.8 million in 9M13, 14.2% up on 3Q12 and 26.8% higher than in
9M12, respectively. The adjusted FFO margin came to 47.7% in 3Q13 and 49.0% in 9M13.
The occupancy rate of the Companys portfolio was 97.3%, 0.1 p.p. up on 2Q13.
In 3Q13, CAPEX totaled R$148.4 million. In 9M13, Aliansces total investments reached R$511.0 million.
On August 1, the Company opened the first expansion of Boulevard Shopping Campos. The estimated cap rate for the
third year of expansion is 16.4%, with a real and unleveraged IRR of 20.3%.
On August 6, we announced increases of our interests in Boulevard Shopping Naes Bauru and Via Parque Shopping.
Aliansce reached a 90.0% interest in Boulevard Bauru, and the investment has an expected cap rate of 9.9% for the
third year, with a real and unleveraged IRR of 14.9% p.a..The Company acquired a 3.06% interest in Via Parque
Shopping and now holds 72.68% of the project, with a 2014 cap rate of 9.4% and a real and unleveraged IRR of 12.1%.
On August 9, Aliansce signed for the purchase of a 40.0% interest in Shopping Parangaba. The project will be opened on
November 26 with 32,328 sqm of total GLA, or 12,931 sqm of owned GLA. 92.1% of the projects GLA has already been
leased, it has a cap rate of 10.1% for the third year, with a real and unleveraged IRR of 15.9% p.a..
On September 30, the Company announced to the market the conclusion of the sale of the interest held by General
Growth Properties. The 39.99% interest in the capital stock was acquired by the Canada Pension Plan Investment Board
(CPPIB) , by Altar Empreendimentos e Participaes S.A., a company indirectly controlled by Renato Rique, and by
members of the Companys senior management Henrique Cordeiro Guerra and Dlcio Lage Mendes. The price per
share averaged R$24.00, with a premium of 20.6% on the exchange rate of September 30.
On November 7, the Company announced to the market the opening of Parque Shopping Macei, a joint venture
between Aliansce and Multiplan Empreendimentos Imobilirios. The mall has 95.3% of its 37,600 sqm of GLA already
leased. Aliansce holds a 50.0% interest in the project and expects a cap rate for the third year of 15.5%, with a real and
unleveraged IRR of 18.8%.
On November 8, the Company announced to the market the sale of its 100% interest in its C&A store in Shopping Feira
de Santana BA. The sale price represents a real gain of 16.5% over CDI rate based on the acquisition price paid in
August 2008, and an exit cap rate of 7.6% based on 2013 NOI.
On November 11, the Company announced to the market an agreement to purchase 10.0% interest in Boulevard
Shopping Naes Bauru. The acquisition consolidates Aliansces stake in the mall at 100%, increasing the Companys
rd
owned GLA in operation increases in 2.6 thousand sqm. The R$23.0 million points to an expected 3 year cap rate of
9.9% and a real and unleveraged IRR of 14.9%.
Main indicators
3Q13/3Q12
%
3Q12
Gros s revenue
118,237
98,553
271,287
108,698
91,560
20.0%
18.7%
347,579
Net revenue
320,242
251,664
28.1%
27.2%
94,675
91.0%
78,084
91.6%
21.2%
-0.5 p.p.
276,414
90.4%
214,168
92.2%
-1.7 p.p.
80,555
74.1%
67,080
73.3%
0.8 p.p.
229,447
71.6%
178,058
70.8%
0.9 p.p.
14,551
13.4%
19,524
21.3%
-7.9 p.p.
38,195
11.9%
84,831
33.7%
-21.8 p.p.
51,797
47.7%
45,337
49.5%
-1.9 p.p.
156,832
49.0%
123,684
49.1%
-0.2 p.p.
Financial Performance - Managerial Information
NOI
Ma rgi n %
Adjus ted EBITDA
Ma rgi n %
Net Income
Ma rgi n %
Adjus ted FFO
Ma rgi n %
9M13
9M12
9M13/9M12
%
3Q13
(Amounts in thousands of Reais, except percentages)
20.1%
-25.5%
14.2%
29.1%
28.9%
-55.0%
26.8%
Operating Performance - Managerial Information

1,652,025
1,379,208
19.8%
4,702,183
3,906,680
20.4%
Sa l es /s qm*
1,060.5
1,015.8
4.4%
1,014.0
981.2
3.4%
Sa me Ma l l Sa l es /s qm*
1,128.4
1,015.2
11.2%
1,073.3
981.0
9.4%
Total rent/s qm*
68.7
64.2
7.0%
67.3
62.5
7.6%
Sa me Ma l l Rent/s qm*
73.2
64.9
12.8%
71.0
63.2
12.4%
SAS/s qm (s a me a rea s a l es )*
1,176.2
1,061.0
10.9%
1,121.7
1,014.6
10.5%
SAR/s qm (s a me a rea rent)*
68.3
61.3
11.4%
67.0
60.3
11.1%
1,169.3
1,062.5
10.1%
1,113.9
1,014.8
9.8%
67.0
60.1
11.3%
65.8
59.3
11.0%
Sa l es
SSS/s qm (s a me s tore s a l es )*
SSR/s qm (s a me s tore rent)*
Sa me Ma l l NOI/s qm*
81.8
72.7
12.6%
80.2
71.2
12.7%
Occupa ncy cos ts (% of s a l es )
9.7%
9.6%
0.1 p.p.
10.1%
9.8%
0.3 p.p.
Net La te Pa yments
Occupa ncy Ra te
1.9%
1.8%
0.1 p.p.
2.8%
2.6%
0.2 p.p.
97.3%
98.3%
-1.0 p.p.
97.3%
98.3%
-1.0 p.p.
Total GLA (s qm)
602,074
515,976
16.7%
602,074
515,976
16.7%
Owned GLA (s qm)
408,514
350,962
16.4%
408,514
350,962
16.4%
GLA reported s a l es (a vera ge - s qm)
519,249
452,590
14.7%
515,228
442,412
16.5%
* Monthl y a vera ge
Adoption of Accounting Pronouncement CPC 19 (R2) IFRS 11 Joint Arrangements

and CPC 18 (R2) IFRS 10 Investments in Subsidiaries and Associated Companies
As of January 1, 2013, the Company adopted technical pronouncement CPC 19 (R2) Joint Arrangements, which determines that the
projects that a company controls jointly with one or more parties must be characterized as joint arrangements or a joint venture and
should be classified under one of these categories.
In addition, on the same date, the Company adopted technical pronouncement CPC 18 (R2) Investment in subsidiaries and associated
companies - and now fully consolidates the Via Parque Shopping Real Estate Investment Fund and Parque Shopping Belm. However,
for managerial financial information purposes, we have considered Aliansces interest of 72.68% in Via Parque and 50% in Parque
Shopping Belm in order to ensure a comparable analysis of the results.
In order to make it easier to analyze the Companys performance, the managerial information was prepared based on accounting
practices prior to this pronouncement, i.e. on the same information basis of December 31, 2012. For an analysis of the reconciliation of
the consolidated financial statements and the managerial information, please see the comments in the Appendices section. The table
below summarizes the impacts on the Companys consolidated income statements:
Demonstrao de Resultados - Shoppings
Informaes
Informaes
Contbeis 3T12 Contbeis 3T13
Informaes
Gerenciais
3T12 e 3T13
Boulevard Shopping Braslia
50,00%
Equivalncia
50,00%
Parque Shopping Macei
50,00%
Equivalncia
50,00%
Shopping Grande Rio
25,00%
Equivalncia
25,00%
Shopping Santa rsula
37,50%
Equivalncia
37,50%
Parque Shopping Belm
50,00%
100,00%
50,00%
Ativo Financeiro
100,00%
72,68%
Via Parque Shopping
Message from Management

Aliansces portfolio continued to deliver strong operating and financial figures in the 3Q13.
In the 3Q13, total rent revenues increased 23.0% to reach R$ 82.9 million. Our NOI increased by 21.2% to R$94.7 million and
adjusted EBITDA grew by 20.1% to R$ 80.5 million. Same-mall-NOI expanded 18.3%. The NOI and adjusted EBITDA margins were
91.0% and 74.1%, respectively. The adjusted FFO was R$51.8 million in 3Q13.
The pace of same store sales (SSS) is indicative of the potential of Aliansces internal growth. The past 14 quarters have had an
average SSS growth of 11.3%, the highest in the sector during this period. In 3Q13, same store rent (SSR) increased 11.3%. Also
the highest in the sector this past quarter. Total occupancy and occupancy cost for the portfolio were 97.3% and 9.7%,
respectively. Our portfolios performance reinforces our malls resilience in an environment in which the Brazilian retailer has
become more cautious and selective.
We expect an increase of Aliansces EBITDA as the portfolio grows organically, through expansions and by the opening of new
properties. Nine malls will undergo expansions by the year-end 2015, representing an approximate increase to our own GLA of
approximately, 46.4 thousand sqm.
Last week we opened Parque Shopping Macei with an occupancy rate of 95.3%. Later this month, Aliansce will open Shopping
Parangaba in Fortaleza which already has 92.1% of its GLA leased. Together these assets will increase Aliansces owned GLA by
31.7 thousand sqm to reach 440.8 thousand sqm. Given their locations, trade areas, property size and tenant mix, these malls
will yield much strategic relevance in these cities. With these openings, Aliansce will have led the development of 14 malls in
seven years in Brazil. This coming December we will officially open Boulevard Corporate Tower.
On September 30, 2013, Renato Rique and CPPIB (Canada Pension Plan Investment Board) completed the acquisition of the
GGPs 40% ownership interest in Aliansce. The participation of management in this acquisition provides for a greater alignment
between management and shareholders.
Aliansce's balance sheet is strong. Our conservative approach of hiring long-term debt linked to historically low volatility indexes
has insulated us from the current environment of higher interest rates.
Our malls are uniquely positioned and will continue to deliver superior earnings growth. Our portfolio is comprised of several
properties that will be the fortress malls of the future in Brazil. As this portfolio grows, we will benefit from greater efficiency
deriving from the gains of scale.
Management
Our Portfolio
Aliansce holds interests in and/or manages malls located in all regions of Brazil and
exposed to a wide range of income groups.
To facilitate the understanding of the Companys growth in the coming years, the
portfolio was divided into three groups according to length of operation or the
current phase of each asset:
Mature Assets: mature malls that have been operating for more than five years.
New Generation Assets: malls that are in the maturation phase (i.e. have been
operating for less than five years) or that have recently undergone renovation.
Next Generation Assets: malls/commercial towers under development.
Owned GLA per Group
3Q12
43.0%
57.0%
Mature Assets
3Q13
55.8%
44.2%
New Generation
Mature Assets (Malls with more than 5 years of operating history)
Shopping Iguatemi
Salvador
Shopping Taboo
Carioca Shopping
Shopping
Grande Rio
Via Parque
Shopping
Shopping
West Plaza
Bangu Shopping
Santana Parque
Shopping
New Generation Assets (Malls with less than 5 years of operating history)
Indicates Aliansces presence

Shopping
Santa rsula
Caxias Shopping
Boulevard Shopping
Braslia
Boulevard Shopping
Belm
Boulevard Shopping
Belo Horizonte
Boulevard Shopping
Campos
Parque Shopping
Belm
Boulevard Shopping
Vila Velha
Boulevard Shopping
Naes Bauru
Parque Shopping
Macei
Next Generation Assets (Assets under development)
Shopping Parangaba
Boulevard Corporate
Tower
Third Party Malls (Managed by Aliansce)
Shopping Leblon
Shopping Jequitib
Shopping
Park Lagos
Boulevard Shopping
Feira de Santana
Shopping
Park Europeu
Continental Shopping
Passeio Shopping
Santa Cruz Shopping
Moinhos Shopping
Floripa Shopping
Boulevard Shopping
Vitria da Conquista
At the end of 3Q13, Aliansce held interests in 17 operational malls and two malls under development, totaling 408.5 thousand
sqm of owned GLA in operation and 31.7 thousand sqm of owned GLA under development. The Company also owns 100% of the
commercial building Boulevard Corporate Tower, above Boulevard Shopping Belo Horizonte, with 20,400 sqm of GLA.
The Company also acts as a service provider, managing and leasing 11 malls owned by third parties with a combined GLA of
227,600 sqm at the end of 3Q13.
The percentages below reflect the Companys interests at the close of 3Q13:
Operating Malls
Mature Assets - more than 5 years of operating history
Shopping Iguatemi Salvador
Shopping Taboo
Via Parque Shopping
Shopping Grande Rio
Carioca Shopping
Shopping West Plaza
Bangu Shopping
Santana Parque Shopping
New Generation Assets - less than 5 years of operating history
Caxias Shopping
Boulevard Shopping Belm
Boulevard Shopping Belo Horizonte
Boulevard Shopping Campos
Boulevard Shopping Vila Velha
Boulevard Shopping Naes Bauru
C&A Stores
C&A Store Feira de Santana
C&A Store Grande Rio
C&A Store Iguatemi Salvador
C&A Store Carioca Shopping
Total Portfolio
Next Generation Assets - Assets Under Development / Redevelopment
Boulevard Corporate Tower
Shopping Parangaba
Total Portfolio + Assets Under Development
State
BA
SP
RJ
RJ
RJ
SP
RJ
SP
SP
RJ
DF
PA
MG
RJ
PA
ES
SP
BA
RJ
BA
RJ
MG
AL
CE
% Aliansce
GLA (sqm)
67.29%
70.78%
78.00%
72.68%
25.00%
100.00%
25.00%
100.00%
50.00%
68.27%
37.50%
89.00%
50.00%
75.00%
70.00%
100.00%
50.00%
50.00%
90.00%
74.73%
100.00%
100.00%
44.58%
100.00%
67.85%
57.73%
100.00%
50.00%
40.00%
66.53%
331,549
64,620
36,667
56,471
36,771
23,805
33,668
53,025
26,523
259,021
23,057
25,558
17,047
39,495
43,076
22,306
31,173
30,824
26,487
11,503
2,108
2,108
5,246
2,041
602,074
90,335
20,426
37,580
32,328
692,408
Owned GLA Occupancy

(sqm)
rate (%)
223,086
99.3%
45,741
99.9%
28,600
100.0%
41,043
99.5%
9,193
99.2%
23,805
99.3%
8,417
97.5%
53,025
99.9%
13,261
98.1%
176,832
94.5%
8,646
95.7%
22,747
98.8%
8,523
92.7%
29,621
91.0%
30,153
93.6%
22,306
96.4%
15,586
96.4%
15,412
94.0%
23,838
94.1%
8,596
100.0%
2,108
100.0%
2,108
100.0%
2,339
100.0%
2,041
100.0%
408,514
97.3%
52,148
n/a
20,426
n/a
18,790
n/a
12,931
n/a
460,661
Services
rendered
M/L
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M/L
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
M / L / SSC
n/a
n/a
n/a
n/a
M/L
M / L / SSC
M / L / SSC
(M) Management | (L) Leasing | (SSC) Shared Services Center
On August 6, we increased our interest in Via Parque Shopping from 69.62% to 72.68%. Aliansces increased interest was
reflected in the Companys financial statements as of August 1, 2013.
On August 9, Aliansce entered into an agreement for the acquisition of a 40.0% interest in Shopping Parangaba. The project will
be opened on November 26 with 32,328 sqm of total GLA, or 12,931 sqm of owned GLA. Aliansce is responsible for leasing and
managing the project.
On November 7, the Company announced to the market the opening of Parque Shopping Macei. The mall has 37,581 sqm of
GLA and the Company increased in 18,790 sqm its owned GLA.
On November 8, the Company announced the sale of its 100% interest in C&A store in Boulevard Shopping Feira de Santana
BA. The store has 2,108 sqm.
On November 11 the Company announced an agreement to acquire a 10.0% interest in Boulevard Shopping Naes Bauru,
adding 2,649 sqm to the portfolios owned GLA.
After these events, Aliansces owned GLA in operation reached 427,845 sqm. Additionally, the Company has 12,931 sqm of
owned GLA under development, as well as 20,426 sqm of owned GLA of a corporate tower still under construction.
Financial Highlights
Gross Revenue
Third-quarter gross revenue increased by 20.0% over 3Q12, primarily due to organic growth, the additional interests in Shopping
Iguatemi Salvador and Via Parque Shopping, the opening of two malls in November 2012 and the acquisition of an interest in
Shopping West Plaza. Regarding organic growth, it is worth highlighting the evolution of Boulevard Belm and Boulevard
Campos, and the maturation of Parque Shopping Belm, which opened in April 2012. Among the highlights of the quarter, we
can mention the performance of the Grande Rio, Carioca and Boulevard Belo Horizonte malls.
Services
rendered
8.2%
Revenue Breakdown - 3Q13
98,553
Transfer fee
0.4%
Parking
15.2%
4,984
118,237
Acquisition
3Q13
6,150
10,424
1,875
Minimum rent
81.3%
Rent
72.5%
+ 20.0%
Key Money
3.7%
Percentage rent
8.7%
Stands / Kiosks
9.9%
3Q12
Managerial Financial Information

Revenues per type
Rentals
Key Money
Parking
Transfer fee
Services rendered
Straight line rent adjustment - CPC 06
Total
3Q13
Total
3Q13/3Q12
%
Organic
New Malls
9M13
9M12
9M13/9M12
%
82,927
4,378
17,990
492
9,649
2,801
67,411
4,966
14,324
470
8,829
2,553
23.0%
-11.8%
25.6%
4.6%
9.3%
9.7%
239,313
17,604
51,881
1,475
28,165
9,141
183,345
14,118
39,375
1,285
25,998
7,168
30.5%
24.7%
31.8%
14.8%
8.3%
27.5%
118,237
98,553
20.0%
347,579
271,287
28.1%
3Q13
Revenues per mall

Shopping Taboo
Via Parque Shopping
Boulevard Shopping Campina Grande
Shopping Grande Rio
Carioca Shopping
Bangu Shopping
Caxias Shopping
Boulevard Campos
Shopping West Plaza
C&A Stores
Services
Straight line rent adjustment - CPC 06
3Q12
Divestment
3Q12
3Q13/3Q12
%
9M13
9M12
9M13/9M12
%
18,451
7,354
8,632
3,123
7,507
12,380
3,337
1,376
5,481
1,967
13,776
8,725
3,765
2,934
1,165
3,126
1,653
1,035
9,649
2,801
13,106
6,924
7,983
1,816
2,797
6,552
11,778
3,208
1,141
5,032
1,840
11,121
7,581
2,935
2,349
1,006
8,829
2,553
40.8%
6.2%
8.1%
n/a
11.7%
14.6%
5.1%
4.0%
20.6%
8.9%
6.9%
23.9%
15.1%
28.3%
24.9%
n/a
n/a
n/a
2.9%
9.3%
9.7%
53,238
21,691
25,472
9,078
21,532
36,696
10,435
3,853
16,521
5,888
39,608
26,281
10,870
8,603
3,485
9,026
4,986
3,010
28,165
9,141
38,599
16,493
23,299
4,195
8,007
15,345
32,880
9,568
3,206
12,214
5,321
32,547
22,517
7,395
3,922
2,612
25,998
7,168
37.9%
31.5%
9.3%
n/a
13.4%
40.3%
11.6%
9.1%
20.2%
35.3%
10.6%
21.7%
16.7%
47.0%
119.4%
n/a
n/a
n/a
15.2%
8.3%
27.5%
118,237
98,553
20.0%
347,579
271,287
28.1%
The 23.0% increase in leasing revenue in 3Q13 over 3Q12 was a reflection mainly of the Companys organic growth. In addition,
there was a significant contribution from the acquisition of the additional interests in Iguatemi Salvador in 2013 and West Plaza
in 4Q12, the openings in 2012 and from the opening of Boulevard Shopping Campos expansion in 2Q13. In terms of organic
growth, it is worth noting once again the excellent performance of Boulevard Shopping Belm and Boulevard Shopping Belo
Horizonte, which had a strong impact on the Companys leasing revenue.
3Q13
3Q13/3Q12
%
3Q12
Rent Revenues
9M13
9M12
9M13/9M12
%

Shopping Taboo
Via Parque Shopping
Boulevard Shopping Campina Grande
Shopping Grande Rio
Carioca Shopping
Bangu Shopping
Caxias Shopping
Boulevard Campos
Shopping West Plaza
C&A Stores
17,764
5,618
5,678
2,296
6,271
9,236
2,478
943
3,664
1,466
10,595
6,105
2,815
2,282
1,149
2,246
1,318
1,001
12,426
5,197
5,208
1,723
2,097
5,474
8,598
2,199
854
3,365
1,346
8,572
5,330
2,241
1,811
969
43.0%
8.1%
9.0%
n/a
9.5%
14.6%
7.4%
12.7%
10.4%
8.9%
8.9%
23.6%
14.5%
25.6%
26.0%
n/a
n/a
n/a
3.3%
51,096
16,446
16,604
6,659
17,636
26,988
7,243
2,637
11,249
4,068
30,693
17,687
7,443
6,449
3,257
6,221
4,027
2,909
36,606
12,328
14,815
3,995
6,008
12,682
23,737
6,556
2,354
8,275
3,895
24,937
16,059
5,727
2,822
2,549
39.6%
33.4%
12.1%
n/a
10.8%
39.1%
13.7%
10.5%
12.0%
35.9%
4.4%
23.1%
10.1%
30.0%
128.5%
n/a
n/a
n/a
14.1%
Total
82,927
67,411
23.0%
239,313
183,345
30.5%
Cost of Rentals and Services

The cost of rentals and services grew by 16.7% in 3Q13 over 3Q12, accompanied by a 20.0% gross revenue increase in the same
period. The main variations, in depreciation and operating costs, were due to last years openings and acquisitions. The lower
increase of 2.9% in parking costs in 3Q13, especially when compared with the 25.6% upturn in parking revenue in the period,
was chiefly due to the operating margin expansion in three malls in the portfolio.
3Q13
3Q12
Costs per type

Depreciation and amortization
3Q13/3Q12
%
9M13
9M12
9M13/9M12
%
13,502
11,093
21.7%
40,612
28,434
42.8%
Mall operational costs
8,420
6,052
39.1%
25,105
15,287
64.2%
Parking costs
4,586
4,455
2.9%
13,792
12,908
6.9%
Pre-operational expenses
1,732
1,737
-0.3%
5,741
4,834
18.8%
Leasing and Planning costs
1,960
2,174
-9.8%
6,789
6,130
10.8%
907
1,134
-20.0%
4,102
2,927
40.2%
31,107
26,644
16.7%
96,140
70,520
36.3%
Provision for doubtful accounts

Total
Gross Income
Gross Income (R$ thousands)

23.7%
Gross income totaled R$77.6 million in 3Q13, 19.5% up on 3Q12, and R$224.1
million in 9M13, 23.7% higher year over year.
224,102
181,144
19.5%
77,592
64,915
3Q12
3Q13
9M12
9M13
Adjusted Operating (Expenses) / Income (R$ thousands)
Operating (Expenses) / Income

General and administrative expenses increased by R$1.9 million in 3Q13, led by
impacts of (i) R$0.8 million in personnel expenses, including payroll and
benefits, and (ii) R$0.9 million in expenses with service providers.
Other operating expenses/income were mainly impacted by non-recurring
expenses with property registration.
3Q12
3Q13
9M12
(11,140)
(12,989)
9M13
(37,609)
(42,958)
3Q13
3Q13/3Q12
%
3Q12
Operating (Expenses)/Income
9M13
9M13/9M12
%
9M12
Administrative and General expenses
(12,214)
(10,352)
18.0%
(40,356)
(35,675)
13.1%
Deferred and Intangible Depreciation and Amortization Expenses (719)
(475)
51.4%
(1,951)
(1,255)
55.5%
(867)
555
n/a
(1,369)
38,017
n/a
(13,800)
(10,271)
34.4%
(43,676)
1,087
n/a
n/a
(624)
(40,260)
-98.5%
1149.3%
1,342
1,564
-14.2%
(42,958)
(37,609)
14.2%
Other Operating (Expenses)/Income

Total
Gain on acquisition of stakes
Non-recurring Items
Adjusted Total
1
(934)
812
65
(12,989)
(11,140)
16.6%
Acquisition of ownership interests in five malls
Financial Result
Financial Income (R$ thousands)

3Q12
3Q13
9M12
9M13
The funds contracted for investment purposes in 2013 were the main drivers for
the increase in the Companys net financial expenses in 9M13.
(24,495)
(39,946)
(65,087)
(118,762)
Net Income
Adjusted Net Income*
In 3Q13, net income was impacted by the financial result when compared
to 3Q12. The comparison with the first nine months of 2012 was impacted
by non-recurring gains recorded last year as well, in addition to the
increased in financial expenses.
31.5%
11.2%
105,576
80,306
The adjusted net income reflects the Companys results excluding the nonrecurring effects and non-cash financial expenses. In 3Q13 the adjusted net
income increased 11.2% over 3Q12, and 9M13 increased 31.5% over 9M12.
*
Net Operating Income (NOI)
30,579
33,992
3Q12
3Q13
9M12
9M13
Adjusted by Non-recurring effects and Non-disbursed financial expenses
In 3Q13, NOI came to R$94.7 million, an upturn of 21.2% over 3Q12. The NOI margin was impacted by the opening of three
greenfield malls in the period. The same-mall NOI margin came to 92.0% in 3Q13, an increase of 0.4 p.p..
3Q13
NOI
Rents
Key Money
Parking Results
Operational Income
(-) Mall operational costs
(-) Provision for doubtful accounts
(=) NOI
NOI Margin
3Q13/3Q12
%
3Q12
9M13
9M12
9M13/9M12
%
86,220
4,378
13,404
104,002
70,434
4,966
9,869
85,270
22.4%
-11.8%
35.8%
22.0%
249,929
17,604
38,088
305,622
191,798
14,118
26,467
232,382
30.3%
24.7%
43.9%
31.5%
(8,420)
(907)
(6,052)
(1,134)
39.1%
-20.0%
(25,105)
(4,102)
(15,287)
(2,927)
64.2%
40.2%
21.2%
0276,414
90.4%
0214,168
92.2%
94,675
91.0%
78,084
91.6%
-0.5 p.p.
29.1%
0
-1.7 p.p.
EBITDA and Adjusted EBITDA

Adjusted EBITDA totaled R$80.6 million in 3Q13 and R$229.4 million in 9M13, 20.1% up on 3Q12 and 28.9% higher than in
9M12, respectively. The adjusted EBITDA margin reached 74.1% in 3Q13 and 71.6% in 9M13, 0.8 p.p. and 0.9 p.p. higher year on
year, respectively.
3Q13
3Q12
3Q13/3Q12
%
9M13
9M12
9M13/9M12
%

Net Income for the period
(+) Depreciation and amortization
(+)/(-) Financial expenses / (income)
(+) Income and social contribution taxes
15,434
14,221
39,946
8,411
21,735
11,568
24,495
8,414
(=) EBITDA
78,012
2,543
1,732
812
80,555
(+)/(-) Non-recurring (expenses) / income

(-) Capital gain on acquisitions and/or divestments
(+) Pre-operational expenses
(+)/(-) Others
(=) Adjusted EBITDA
Adjusted EBITDA Margin
74.1%
-29.0%
38,936
22.9%
63.1%
0.0%
42,563
118,762
22,727
89,109
29,689
65,087
28,036
66,212
17.8%
868
(934)
1,737
65
192.9%
n/a
-0.3%
1149.3%
222,988
6,459
(624)
5,741
1,342
211,920
(33,862)
(38,761)
4,834
65
67,080
20.1%
229,447
178,058
73.3%
0.8 p.p.
71.6%
70.8%
-56.3%
43.4%
82.5%
-18.9%
5.2% 0.0%
n/a
-98.4%
18.8%
1966.1%
28.9%
0.9 p.p.
10
FFO and Adjusted FFO (AFFO)

Adjusted funds from operations (AFFO) reached R$51.8 million in 3Q13 and R$156.8 million in 9M13, 14.2% and 26.8% up year
on year, respectively. The adjusted FFO margin was 47.7% in 3Q13 and 49.0% in 9M13, 1.9 p.p. less than in 3Q12 and 0.2 p.p.
down on in 9M12, respectively. Adjusted FFO per share stood at R$0.99 in 9M13.
3Q13
3Q13/3Q12
%
3Q12
FFO
9M13
9M12
9M13/9M12
%
Net Income - Controlling Shareholders
14,551
19,524
-25.5%
38,195
84,831
-55.0%
(+) Depreciation and Amortization
14,221
11,568
22.9%
42,563
29,689
43.4%
(=) FFO
28,772
FFO Margin %
(+)/(-) Non-recurring (expenses)/income
(+) SWAP
(+) Non-disbursed financial expenses
(+)/(-) Non-cash taxes
(=) Adjusted FFO

AFFO Margin %
1
31,092
26.5%
2,543
546
34.0%
868
573
-7.5%
80,758
114,520
-29.5%
-7.5 p.p.
192.9%
-4.7%
25.2%
6,459
3,753
45.5%
(33,862)
(3,173)
-20.3 b.p.
n/a
n/a
16,352
3,585
9,614
3,190
70.1%
12.4%
57,168
8,693
32,510
13,689
75.8%
-36.5%
51,797
45,337
14.2%
156,832
123,684
26.8%
-1.9 p.p.
49.0%
49.1%
-0.2 b.p.
47.7%
49.5%
Long-term loans with grace periods of principal and/or interest
CAPEX
CAPEX reached R$148.4 million in 3Q13 and R$511.0 million in 9M13.
In 4Q13, in addition to the values listed below, we will disburse R$10.0 million and assume debt of R$12.0 million due to the
acquisition of 10.0% interest in Boulevard Shopping Bauru.
CAPEX to Complete
4Q13
2014E
2015E
TOTAL
(Amounts in millions of Reais)
Expansions
20.2
144.1
46.5
210.7
Greenfields
57.4
0.0
0.0
57.4
10.9
0.0
0.0
10.9
-3.5
-87.0
-49.9
-140.5
85.0
57.0
-3.4
138.6
Real Estate Projects

Key money / Land swap
Total
1
Monetization of excess land
11
Operating Highlights
Sales Performance
Sales totaled R$1.7 billion in 3Q13, 19.8% up on the
same quarter last year. Same-mall sales per sqm of
GLA increased by 11.2% in 3Q13. Organic growth and
the new malls accounted for 47.2% and 47.0% of sales
growth, respectively, over 3Q12.
1,379.2
18.8
151.5
-49.5
152.1
1,652.0
New Malls
3Q13
19.8%
The Company believes that the most relevant

operating metric to compare sales is same-area sales
(SAS), as it includes our teams work to continuously
improve the tenant mix. SAS grew by 10.9% in 3Q13
while same-stores sales (SSS) moved up by 10.1% in
the period.
3Q12
Sale of Campina
Grande
Organic
Expansions
The chart below shows SAS growth outperforming SSS growth in the last three years.
Comparison of SAS vs. SSS Growth
14.0%
13.3%
12.5%
11.1%
11.2%
12.9%
12.7%
11.4%
11.9%
11.6%
12.4%
10.3%
10.2%
10.9%
12.0%
11.1%
10.1%
9.3%
10.7%
10.4%
10.1%
8.6%
1Q11
2Q11
3Q11
4Q11
1Q12
SAS
2Q12
3Q12
SSS
4Q12
1Q13
2Q13
3Q13
This performance, in line with 3Q12 growth, demonstrates the non-recurring characteristic of SAS and SSS in 2Q13, when these
metrics were impacted by demonstrations and the Confederations Cup.
Net Operating Income (NOI/sqm per month)

The Companys NOI/sqm averaged R$75.9 per month in 3Q13, a
5.9% increase over the same period last year, due to the opening
of two malls in 4Q12. Same-mall NOI/sqm moved up by 12.6% in
3Q13.
NOI (R$/sqm)*
77.7
72.3
68.9
78.7
75.9
72.1
77.5
71.7
66.4
58.4
1st Quarter
* monthly average
61.2
2nd quarter
2011
3rd quarter
2012
4th quarter
2013
12
SSR (R$/sqm)*
Same-Store Rent (SSR)

Mature Assets
Same-store rent (SSR) posted two-digit growth for the fourth consecutive quarter,
reaching 11.3% in 3Q13, reflecting the Companys success in transferring the recent
years sales growth to rent. Same-area rent (SAR) moved up by 11.4% in the quarter,
which means that the tenant changes resulted in higher sales as well as rent.
New Generation
10.9%
12.1%
72.6
66.4
50.3
56.2
New generation assets performed well and fostered both SSR and SAR growth, with
increases of 12.1% and 12.0%, respectively, over 3Q12.
3Q12
3Q13
3Q12
3Q13
* Monthly average
Occupancy Rate
The Companys occupancy rate came to 97.3% in 3Q13, 0.1 p.p. higher than the
figure recorded in 2Q13.
Occupancy Rate (%)

98.3%
97.2%
97.1%
97.2%
97.3%
4Q12
1Q13
2Q13
3Q13
Similarly, the occupancy rate of malls with more than five years in operation
reached 99.3% in 3Q13, 0.1 p.p. up on 2Q13.
Excluding malls opened less than one year ago, our occupancy rate stood at
97.6% at the end of 3Q13.
3Q12
Occupancy Cost (%)
Occupancy Cost (% of sales)

The Companys occupancy cost grew by 0.1 p.p. over 3Q12 to 9.7% in 3Q13.
Thus, even after successive two-digit SSR and SAR growth, the Companys
occupancy remains below 10%, continuing below the sector average. It is
worth emphasizing that future rent increases depend on the tenants' current
occupancy cost; consequently, our rate generates expectations of strong
increases without jeopardizing our tenants financial health.
Mature Assets
New Generation
9.7%
9.6%
9.5%
9.9%
3Q12
3Q13
3Q12
3Q13
13
Growth Drivers
In accordance with our already announced schedule of expansions, greenfield projects and transactions, the Company should
reach 508,300 sqm of owned GLA by the end of 2015, 24.4% up on the close of 3Q13.
31,721
508,322
2015E
End of 2015
34,302
1,450
20,426
408,514
11,368
2,649
(2,108)
+24.4%
3Q13
Divestment
4Q13
Acquisition
2014E
Greenfields
Commercial Towers
Expansions
GREENFIELD Project
Shopping Parangaba
Located in the city of Fortaleza, Cear state, Shopping Parangaba will open on November 26. The project is in the final stage of
construction and the stores are available for future tenants to execute their projects. Shopping Parangaba will further reinforce
the Companys presence in the region with the highest income growth in the country.
Located in the western part of the city with quick access to our clients, the mall is uniquely positioned beside a bus terminal
connected to the mall, as well as future subway stations and light-rail vehicles. The mall, managed and leased by Aliansce, will
have 32,328 sqm of GLA, distributed in a thorough tenant mix, with anchor stores such as C&A, Americanas, Renner, Riachuelo,
a UCI multiplex with six screens and 29 fast food operations in more than 230 stores. The projects leased GLA came to 92.1%.
Aliansces investment totaled R$123.5 million, 64.9% of which the Company had already invested by the end of 3Q13, including
debt assumptions. We expect returns equivalent to a real and unleveraged IRR of 15.9% p.a. and additional NOI of R$12.4
million in the third year for the Companys cash flow.
Project Details
Location
Fortaleza, CE
GLA
32,328 sqm
Expected Opening
November 26, 2013
Ownership
40.0%
TIR (p.a.)*
15.9%
% GLA Leased
92.1%
% Aliansce
Price
R$ 123.5 million
NOI 1st Year
R$ 8.5 million
NOI 3rd Year
R$ 12.4 million
* real and unleveraged

14
Expansions
Ongoing Projects
By the end of 3Q14, four expansions will add approximately 16,400 sqm to the Companys owned GLA. Net investments in
Aliansces interest are estimated at R$40.1 million.
Ongoing Projects
Vila Velha
Bangu Shopping
Caxias Shopping
Boulevard Naes Bauru
State
Opening
GLA (sqm)
ES
RJ
RJ
SP
4Q13
2Q14
3Q14
3Q14
2,901
2,805
5,400
7,375
Total
18,481
% Aliansce Owned GLA (sqm)

50.00%
100.00%
89.00%
100.00%
% Aliansce (R$ millions)

Net Key
NOI 1st
Total CAPEX
Money
year
NOI 3rd
year
1,450
2,805
4,806
7,375
1.0
23.2
19.7
1.0
0.0
2.8
-0.4
2.5
0.1
4.7
2.7
2.9
0.2
5.4
3.0
3.8
16,436
44.9
4.9
10.5
12.4
IRR
(p.a.)
n/a
29.9%
19.7%
n/a
Expansion of Boulevard Vila Velha

Boulevard Vila Velhas GLA will increase by 2,900 sqm and Aliansce has a 50.0% interest in the project.
The opening is scheduled for 4Q13 and CAPEX is estimated at R$1.0 million. We expect that the inclusion of a supermarket into
the tenant mix will attract many clients to the mall. Therefore, in addition to the leasing of the supermarket space itself, we will
probably increase the malls leased area and total revenue. By the close of 3Q13, around 75% of CAPEX had already been
invested.
Expansion of Bangu Shopping
The third expansion of the Bangu mall, an important asset located in the northern part of the city of Rio de Janeiro, will add
2,800 sqm of owned GLA through an opening schedule divided into three phases. In the first phase, due in 2Q14, the expansion
will occupy a building annexed to the complex, which will add 893 sqm of leasable area and is 100% leased. In the second phase,
in 3Q14, the current food court will occupy a 1,300 sqm area on the second floor of the mall, which is not part of current GLA.
The second phase will therefore release approximately 700 sqm for the third phases new in-line stores where the food court is
currently located. This third phase is scheduled to be delivered and leased by 4Q14
Considering the consolidated NOI of the three phases, we estimate a stabilized cap rate of around 26.4% p.a. and total CAPEX of
R$23.2 million, approximately 20% of which had already been invested by the end of this quarter.
Expansion of Caxias Shopping
The first expansion of Caxias Shopping is scheduled to open in 3Q14. It will include a supermarket and add 4,800 sqm of owned
GLA. CAPEX in Aliansces interest is estimated at R$19.7 million, 16.5% of which had already been invested by the end of 3Q13.
The expansions return points to a stabilized cap rate for the third year of 15.1%.
Expansion of Boulevard Naes Bauru
Boulevard Naes Baurus first expansion will add 7,400 sqm of owned GLA to the Companys portfolio and is scheduled to open
in 3Q14. Given that most of the necessary construction is prepared since the development of the malls current GLA, CAPEX
projected up to the opening of the expansion is estimated at R$1.0 million and key money at R$2.5 million.
15
Future Expansions
The Company closed 3Q13 with five expansions scheduled to open as of 3Q14.
These projects will add 30.7 thousand sqm of owned GLA to the Companys portfolio. The Companys share of investments, net
of key money, is expected at R$204.7 million. Considering the monetization of excess land, the Companys expected share of net
investments is approximately R$60.1 million.
Future Expansions
Shopping West Plaza
Carioca Shopping
Shopping Taboo
Iguatemi Salvador
Caxias Shopping II
Total
State
Opening
GLA (sqm)
% Aliansce
SP
RJ
SP
BA
RJ
4Q14
4Q14
4Q14
2Q15
2Q15
3,175
10,722
10,000
8,500
6,022
38,419
25.00%
100.00%
78.00%
70.69%
89.00%
Owned GLA
(sqm)
794
10,722
7,800
6,009
5,359
30,684
Real Estate Projects

Boulevard Corporate Tower Belo Horizonte
The works of Boulevard Corporate Tower (BCT) are in
their final stage, with the conclusion of the access to the
helipad. BCT has already obtained occupancy permits for
14 of its 17 floors.
Leasing demand is exceeding the available area.
Approximately 90.9% of the projects investments had
already been disbursed at the close of 3Q13. Aliansce
holds 100% interest in the tower and 70% interest in the
Boulevard Belo Horizonte mall.
CB Richard Ellis will manage the project after its
conclusion. The tower will add substantial value to the
mall, increasing traffic and visibility. We estimate an
additional flow of 3,000 people per day, including
employees, suppliers and visitors.
16
Recent Events
Opening of Parque Shopping Macei
Aliansce opened on November 7 yet another state capital in the Brazilian Northeast, the region that has been delivering strong
population income growth and where the Company has a strong presence.
Parque Shopping Macei was developed, is managed and leased by Aliansce and features 163 stores distributed in 37,600 sqm
of GLA and offers 1,800 parking spaces. The property, a joint venture between Aliansce and Multiplan Empreendimentos
Imobilirios S.A., opens with a diversified tenant mix, offering the best and most modern equipment to the consumers of the
state capital of Alagoas. It has 9 anchors, 8 junior anchors, 9 cinema screens, 6 restaurants, as well as fast-food operations and
in-line stores of important national retailers, such as Le Lis Blanc, Hering Store, Le Postiche, Polishop, Vivara, Richards e Farm,
among others. The mall has already leased 95.3% of its GLA.
rd
Aliansces total investment is expected at R$113.7 million. Parque shopping Macei has an expected 3 year NOI of R$16.4
million, yielding a stabilized cap rate of 15.5% p.a., with a real and unleveraged IRR of approximately 18.8% p.a..
English
Project Details
% Aliansce
Location
Macei, AL
Net Key Money
GLA
37,581 sqm
CAPEX
R$ 8.1 million
R$ 113.7 million
Ownership
50.0%
% of Capex invested
87.6%
IRR (p.a.)*
18.8%
NOI 1st year
R$ 12.7 million
% GLA Leased
95.3%
NOI 3rd year
R$ 16.4 million
IRR Real and Unleveraged

Updated on November 04, 2013
Updated on September 30, 2013
Sale of 100% stake in C&A store in Boulevard Shopping Feira de Santana BA

Aliansce sold in November 8 its 100% stake in C&A store in Boulevard Shopping Feira de Santana which has 2.108 sqm of GLA.
The sale price is R$8.8 million, to be paid in two installments. The first installment of R$1.2 million was paid in cash today, the
remaining $7.6 million is due in April 2014. The Company will continue to receive monthly rents from the C&A store until the
second installment and subsequent transfer of the property.
Considering the present value of the two installments and future rents (until April 2014), the sale price is equivalent to R$9.2
million, which represents a real gain of 16.5% over CDI rate based on the acquisition price paid in August 2008. This value
represents an exit cap rate of 7.6% based on 2013 NOI.
17
Agreement to purchase 10.0% interest in Boulevard Shopping Naes Bauru

Aliansce announced in November 11 agreement to acquire a 10.0% interest in Boulevard Shopping Naes Bauru, consolidating
the Companys stake in the mall at 100%. Aliansces owned GLA in operation increases in 2.6 thousand sqm, for a total of 427.8
thousand sqm.
The increase in stake was valued at R$23.0 million, or R$6,749 per sqm of GLA, and its conclusion is subject to conditions
established in contract. Of this price, R$10 million will be paid in cash at the closing date, R$1 million until June 2014, and the
remainder via debt assumption from the seller of approximately R$12 million, indexed by TR + 10.80 p.a. to be paid in the next
12 years. The expected 3rd year cap rate is 9.9% and the real and unleveraged IRR is 14.9%. Boulevard Naes Baurus site
covers 59 thousand sqm and includes construction potential that enables the development of a mix-use project. The mall is
located in the city of Baurus central region, near the central bus station and with easy access to the main roadways that link
Bauru to the neighboring cities.
18
Cash and Cash Equivalents and Indebtedness

In August, the Company signed an agreement for the acquisition of 40% of Shopping Parangaba, making an investment in the 3
quarter of R$80.2 million including an assumption of debt totaling R$37.6 million.
rd
In the same month, we announced an increase of our interest in Boulevard Naes Bauru and Via Parque Shopping by 15.0%
and 3.06%, respectively, with investments of R$34.5 million and R$11.5 million, respectively.
Debt breakdown
Short-Term
Long-Term
Debt Profile - Indexers
Total Debt
(Amounts in thousands of Reais)

Banks
68,122
914,211
982,333
CCI/CRI
67,765
500,716
568,481
Obligation for purchase of assets
52,751
49,988
102,739
281,738
281,738
188,638
1,746,653
1,935,291
(237,132)
(2,080)
(239,212)
(237,132)
(2,080)
(239,212)
Debentures
TOTAL DEBT
Cash and Cash Equivalents
Amounts receivable
TOTAL AVAILABLE
NET DEBT
(50,574)
1,746,653
TR
67.8%
TJLP
15.2%
IGP-DI
5.0%
Fixed
3.9%
1,696,079
IPCA
8.1%
Aliansces consolidated net debt closed 3Q13 at R$1,696.1 million. Excluding minority interest, the Companys net debt totaled
R$1,606.3 million. Approximately 86.9% of the Companys debt was indexed to the TR, TJLP and fixed interest rates at the end of
the quarter. The current average debt term was 6.9 years and the cost averaged 11.1%.
Principal Amortization Schedule (R$ millions)
63.7
145.1
138.0
234.9
246.2
122.8
105.9
102.9
99.9
93.3
92.7
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
The table below shows the reconciliation between consolidated net debt and managerial net debt in 3Q13. The decrease in debt
was due to the recognition of the Companys share of the net effect of financing for Parque Shopping Belm and Parque
Shopping Macei:
Financial Statements
3Q13
Debt breakdown - Consolidated
Minorities
Via Parque
Effects of CPC 18/19
Managerial 3Q13
(amounts in thousands of reais)
Banks
CCI/CRI
Debentures
1,019,585
568,481
102,739
281,738
(37,252)
-
982,333
568,481
102,739
281,738
TOTAL DEBT
1,972,543
(37,252)
1,935,291
Cash and Cash Equivalents

Amounts receivable
TOTAL AVAILABLE
(238,329)
(2,080)
(240,409)
1,732,134
1,672
1,672
0
(474)
(474)
0
(237,131)
(2,080)
(239,211)
0
1,672
(37,726)
1,696,080
NET DEBT
19
Stock Performance
Aliansces shares, which are traded on the Novo Mercado special corporate governance segment of the BM&F Bovespa under
the ticker ALSC3, ended 3Q13 at R$19.90, while daily traded volume averaged R$9.4 million in the quarter.
Aliansce - Base = 100 (09/28/2012)
Base 100
Shareholder Base
R$ Thousands
130
35,000
120
30,000
25,000
110
CPPIB
27.58%
Free Float
47.93%
Renato Rique
21.70%
20,000
100
15,000
90
10,000
80
5,000
70
Sep-13
Jul-13
May-13
Jan-13
IBOV
Mar-13
Nov-12
Sep-12
ALSC3
Management
2.79%
Average Daily Trading Volume (15 days)
20
Glossary
Adjusted EBITDA: EBITDA + pre-operating expenses lawsuits + other non-recurring expenses (revenues).
Adjusted FFO (Funds from Operations): net income + depreciation + amortization nonrecurring expenses and revenues +
SWAP effect + unpaid financial expenses + non-cash taxes.
Anchor Stores: large, well-known stores with special marketing and structural features that attract consumers, thereby ensuring
permanent flows and uniform traffic in all areas of the shopping mall.
CAGR: compound annual growth rate
CPC: Accounting Pronouncements Committee.
Delinquency: the ratio between total period billings and total revenue received for the same period, calculated on the last
business day of that period.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization): net revenue operating costs and expenses +
depreciation and amortization.
Federal Law 11,638: on December 28, 2007, Federal Law 11,638 was enacted with the purpose of including publicly-held
companies in the international accounting convergence process. Consequently, certain financial and operating results were
subject to accounting effects due to the changes introduced by the new law.
FIIVPS: Fundo de Investimento Imobilirio Via Parque Shopping, a real estate investment fund.
GCA: Gross Commercial Area, equivalent to the sum of all the commercial areas of the shopping malls, i.e. GLA plus store areas
sold.
GLA (Gross Leasable Area): equivalent to the sum of all areas available for leasing in shopping malls, except for kiosks and sold
areas.
Key Money: amount charged to merchants for the right to use the projects technical infrastructure, applicable to contracts with
terms longer than 60 months.
MBS: mortgage-backed securities.
Mega Stores: medium-sized stores (between 500 and 1000 sqm), which frequently have special marketing and structural
features on a lesser scale than the anchors, but which still attract and retain customers. They are also known as mini-anchors.
Net Key Money: key money net of leasing costs.
NOI (Net Operating Income): Gross mall revenue (excluding revenue from services) + parking revenue -mall operating costs
provision for doubtful accounts.
Occupancy Cost as % of Sales: rent (minimum + percentage) + common charges (excluding specific charges) + merchandising
fund.
Occupancy Rate: total mall GLA divided by the area leased at the end of the period in question.
Owned GLA: refers to total GLA weighted by Aliansces interest in each shopping mall.
PDA: Provision for Doubtful Accounts.
Sales: reported sales of stores in each of the shopping malls in the quarter.
21
SAR (Same-area rent): ratio between the rent earned in a same store in current versus the previous year. Excludes Shopping
Santa rsula (undergoing renovation).
SAS (Same-area sales): ratio between sales in the same area in the current versus the previous year. Excludes Shopping Santa
rsula (undergoing renovation).
Satellite Stores: small stores (less than 500 sqm) with no special marketing and structural features located around the anchor
stores and intended for general retailing.
SSR (Same-store rent): ratio between the rent earned in the same store in the current versus the previous year. Excludes
Shopping Santa rsula (undergoing renovation).
SSS (Same-store sales): ratio between sales in the same store in the current versus the previous year. Excludes Shopping Santa
rsula (undergoing renovation).
22
Appendices
Reconciliation of the consolidated and managerial financial statements
The Companys managerial financial information was prepared in order to permit comparability with documents disclosed prior
to the change in the consolidation criteria, in accordance with the adoption of CPC 18 (R2) and CPC 19 (R2) as of January 1, 2013.
Additionally, for the quarter ended March 31, 2013, the Company started to fully consolidate the Via Parque Shopping Real
Estate Fund, which until December 31, 2012 had been considered as a financial asset available for sale and measured at fair
value. However, for managerial financial information purposes, we have considered Aliansces 72.68% interest in Via Parque in
order to ensure a comparable analysis of results.
As such, the reconciliation of financial statements considered that the Company maintained the proportional consolidation of
the following subsidiaries:
Financial
Statements
3Q12
Financial
Statements
3Q13
Managerial
Statements
3Q13 and 3Q13
50.00%
Equity Income
50.00%
50.00%
Equity Income
50.00%
Shopping Grande Rio
25.00%
Equity Income
25.00%
37.50%
Equity Income
37.50%
50.00%
100.00%
50.00%
Securities
100.00%
72.68%
Income Statements - Shoppings

Via Parque Shopping
Finally, the managerial financial statements were prepared based on the balance sheets, income statements and financial
reports of the respective companies and projects, as well as assumptions that the Company's Management considers to be
reasonable, and they should be read in conjunction with the periods financial statements and respective notes.
We present below the reconciliation of accounting versus managerial financial statements for the periods ended September 30,
2012 and 2013:
23
Reconciliation of the consolidated and managerial financial statements - 2012
Conciliation between managerial financial information

vs financial statements
Period ended September 30, 2012
Aliansce Consolidated
2012 - Financial
Statements
Minorities
Via Parque
Consolidation /
Adjustment Cross off
Aliansce
Consolidated
2012 - Managerial

Gross revenue from rental and services
Taxes and contributions and other deductions
266,526
(18,759)
(6,022)
25
10,783
(889)
Net revenues
247,767
(5,997)
9,894
251,664
Cost of rentals and services
(69,611)
(379)
(530)
(70,520)
Gross income
178,156
(6,376)
9,365
181,144
Operating income/expenses
Administrative and general expenses
Equity Income
Depreciation and Amortization
Other operating income/(expenses)
9,835
(35,687)
8,795
(1,254)
37,981
16,981
0
17,052
(71)
(25,729)
11
(25,847)
(1)
107
1,087
(35,675)
(1,255)
38,017
Financial income/(expenses)
(64,419)
(10,731)
10,064
(65,087)
Net income before taxes and minority interest
123,571
(126)
(6,301)
117,145
Income and social contribution taxes
271,287
(19,623)
(27,124)
(912)
(28,036)
Net income for the period
96,447
(126)
(7,213)
89,109
Income attributable to:

Controlling Shareholders
Minority Shareholders
86,299
10,149
96,447
(0)
(126)
(126)
(1,468)
(5,745)
(7,213)
84,831
4,278
89,109
Consolidation /
Aliansce
Consolidated
2012 - Managerial

2012 - Financial
Statements
Minorities
Via Parque
(amounts in thousands of reais, except percentages)

Net revenues
96,447
(126)
(7,213)
89,109
29,220
64,419
27,124
(18)
10,731
-
487
(10,064)
912
29,689
65,087
28,036
EBITDA
EBITDA MARGIN %
217,211
87.7%
10,587
(15,878)
211,920
84.2%
(31,306)
(2,555)
(33,862)
ADJUSTED EBITDA
ADJUSTED EBITDA MARGIN %
185,904
75.0%
10,587
(18,433)
178,058
70.8%
84,831
(-) Cost of rentals and services

(-)/(+) Operating income/(expenses)
Net income
86,299
(0)
(1,468)
Net income - Controlling Shareholder
29,220
(18)
487
29,689
115,519
46.6%
(18)
(981)
114,520
45.5%
(=) FFO *
FFO MARGIN %
(+)/(-) Non recurring expenses
(31,306)
(2,555)
(33,862)
(+)/(-) Non current expenses/(income)
(3,173)
(3,173)
(+) Financial expenses not paid
32,993
(483)
32,510
(+)/(-) Non-cash taxes
14,389
(700)
13,689
128,422
51.8%
(18)
(4,720)
123,684
49.2%
(=) Adjusted FFO *

AFFO MARGIN %
* Non-accounting indicators
24
Reconciliation of the consolidated and managerial financial statements - 2013

2013 - Financial
Statements
Minorities
Via Parque
Aliansce
Consolidated
2013 - Managerial
Consolidation /

346,650
(26,821)
(6,572)
55
7,501
(571)
347,579
(27,336)
Net revenues
319,829
(6,517)
6,930
320,242
(91,969)
173
(4,345)
(96,140)
Gross income
227,860
(6,343)
2,585
224,102
Operating income/expenses
Equity Income
(31,408)
(40,290)
12,174
(1,960)
(1,332)
(60)
(60)
(12,208)
(67)
(12,174)
9
23
(43,676)
(40,356)
(1,951)
(1,369)
(130,052)
(184)
11,474
(118,762)
66,399
(6,587)
1,851
61,663
(17,658)
(37)
(5,032)
(22,727)
48,741
(6,624)
(3,180)
38,936

40,163
8,578
48,741
0
(6,625)
(6,624)
(1,968)
(1,212)
(3,180)
38,195
741
38,936
Income and social contribution taxes

2013 - Financial
Statements
Minorities
Via Parque
Aliansce
Consolidated
2013 - Managerial
Consolidation /
(amounts in thousands of reais, except percentages)

Net revenues
(-) Cost of rentals and services
(-)/(+) Operating income/(expenses)
EBITDA
EBITDA MARGIN %
(+) Pre-operational expenses
(+)/(-) Others
ADJUSTED EBITDA
ADJUSTED EBITDA MARGIN %
48,741
(6,624)
(3,180)
38,936
43,291
130,052
17,658
(128)
184
37
(600)
(11,474)
5,032
42,563
118,762
22,727
239,742
75.0%
(6,532)
(10,223)
222,988
69.6%
5,483
4,764
719
976
976
-
6,459
5,741
719
245,225
76.7%
(6,532)
(9,246)
229,447
71.7%
Net income - Controlling Shareholder
40,163
(1,968)
38,195
43,291
(128)
(600)
42,563
83,453
26.1%
(128)
(2,567)
80,758
25.2%
(+)/(-) Non current expenses/(income)
5,483
976
6,459
(+) SWAP
3,753
3,753
69,632
(12,464)
57,168
(=) FFO *
FFO MARGIN %
(+) Financial expenses not paid

(+) non-cash taxes
(=) Adjusted FFO *
AFFO MARGIN %
5,563
3,130
8,693
167,885
52.5%
(128)
(10,925)
156,832
49.0%
* Non-accounting indicators
25
Balance Sheet
Managerial Balance Sheet
Aliansce Financial Statements

09/30/2013
12/31/2012
Minorities Via Parque

09/30/2013
ASSETS
Consolidation Cross off
12/31/2012
09/30/2013
Aliansce Managerial Consolidated
12/31/2012
09/30/2013
12/31/2012
Current
Cash and cash equivalents
Securities
Accounts receivable
Amounts receivable
Asset of Real Estate Development
Dividends receivable
Taxes recoverable
Other receivables
22,455
215,874
72,183
2,080
146,417
385
31,773
19,078
25,121
492,642
76,390
54,466
385
23,411
10,848
(313)
(1,359)
(1,563)
(8)
-
(567)
(2,639)
(1,881)
(0)
1
(0)
1,035
(561)
5,376
(385)
647
575
468
5,047
6,257
(385)
403
77
23,177
213,955
75,996
2,080
146,417
32,411
19,653
25,022
495,050
80,765
54,466
23,815
10,925
Total Current Assets
510,245
-
683,263
-
(3,243)
-
(5,087)
-
6,687
-
11,868
-
513,689
-
690,043
-
Non-Current
Accounts receivable
Amounts receivable
Securities - Investment in FIIVPS
Deferred taxes
Dividends receivable
Judicial deposits
Derivative financial instruments
Other receivables
Investments
Property for investments
Property, plant and equipment
Intangible assets
2,010
26,789
16,135
3,338
17,620
160,539
2,959,411
3,725
255,237
1,585
13,309
2,369
14,726
121,206
2,642,978
2,980
238,180
2,010
(2,010)
(37)
(29,481)
-
(1)
(424)
37
(0)
(0)
(31,166)
0
(1)
90
(539)
(1,732)
(160,365)
89,705
(16)
978
66
1,322
76
(121,185)
56,341
(31)
985
2,100
26,212
16,135
3,338
15,888
174
3,019,635
3,709
256,215
1,650
14,207
37
2,369
14,802
21
2,668,153
2,949
239,164
Total Non-current Assets
3,444,804
3,037,333
(29,518)
(31,555)
(71,879)
(62,426)
3,343,406
2,943,352
3,955,049
3,720,596
(32,761)
(36,642)
(65,192)
(50,558)
3,857,095
3,633,395
LIABILITIES
Current
Suppliers
Taxes and contributions payable
Dividends payable
Loans and financing
Real estate credit note
Obligations for purchase of assets
Other liabilities
Total Current Liabilities
14,451
15,521
7,153
68,612
67,765
52,751
11,386
237,639
30,794
22,627
40,077
45,296
54,176
13,009
7,416
213,395
(83)
(4)
(7,152)
77
(7,162)
(138)
(549)
(9,815)
0
216
(10,285)
973
897
(490)
(117)
1,263
2,343
(215)
(1,583)
(121)
423
15,341
16,414
1
68,122
67,765
52,751
11,347
231,741
32,999
21,863
30,262
43,713
54,176
13,009
7,511
203,533
Non-Current
Deferred income
Loans and financing
Derivative financial instruments
Debentures
Deferred income and social contribution tax
Real estate credit note
Obligations for purchase of assets
Other liabilities
Provision for contingencies
58,098
950,973
1,385
281,738
73,948
500,716
49,988
10,538
14,222
71,045
909,470
2,936
280,729
54,905
441,322
23,265
8,480
21,252
(89)
(605)
(133)
0
(423)
(5)
(664)
3,699
(36,762)
2,643
(6,274)
2,552
3,497
(43,185)
1,411
(4,302)
2,296
61,708
914,211
1,385
281,738
76,591
500,716
49,988
4,264
16,169
74,408
866,285
2,936
280,729
55,893
441,322
23,265
4,173
22,884
Total Non-Current Liabilities
1,941,606
1,813,404
(694)
(1,225)
(34,142)
(40,283)
1,906,770
1,771,895
Shareholders' Equity
Social Capital
IPO expenses
Capital Reserve
Legal Reserve
Reserve for investments
Accumulated profit
Equity evaluation adjustment
Transactions with shareholders
Minority Interest
1,366,664
(43,424)
11,802
15,684
245,171
37,197
12,218
130,492
1,307,632
(38,377)
8,321
15,684
229,746
18,462
12,218
140,111
1,213
(26,118)
1
38,575
(38,573)
(25,134)
(3,180)
(29,133)
(625)
(10,074)
1,366,664
(43,424)
11,802
15,684
243,203
37,197
12,218
75,240
1,307,632
(38,377)
8,321
15,685
267,696
(20,111)
12,218
104,903
Total Shareholders' Equity
1,775,804
1,693,797
(24,905)
(25,131)
(32,313)
(10,699)
1,718,584
1,657,967
Total liabilities and shareholders' equity
3,955,049
3,720,596
(32,761)
(36,641)
(65,192)
(50,559)
3,857,095
3,633,395
26
Cash Flow
Cash Flow Statement
Aliansce Financial
Statements
Minorities Via Parque
Consolidation Cross off
Aliansce Managerial
Consolidated
09/30/13
09/30/13
09/30/13
09/30/13

Operating Activities
Net Profit for the period
Adjustments to net profit due to:
Straight line rent adjustment
Equity Income Gain
Stock Option plan
Monetary variation over financial debts
(Gain) loss on investments
Fair value of financial derivatives instruments
Minority Interest
Deferred income and social contribution tax
48,741
(6,624)
(3,181)
38,936
(8,842)
43,291
(12,174)
3,477
145,788
(1,539)
3,753
(5,737)
5,563
(145)
602
37
(299)
52,251
12,174
(9,512)
(12,808)
3,093
(9,141)
95,397
3,477
136,276
(1,539)
3,753
(17,943)
8,693
Resources from income
222,321
(6,129)
41,717
257,909
34,774
12,625
30,510
(8,361)
(237)
(247)
10
-
2,162
1,082
1,315
(235)
36,699
13,460
31,835
(8,596)
(9,839)
(16,344)
23,111
(3,659)
(12,947)
1,111
42
1,014
24
30
4,872
(1,356)
4,691
1,321
217
(3,856)
(17,658)
28,816
(2,314)
(12,700)
(30,218)
(4,047)
(34,265)
217,038
(5,255)
44,704
256,487
(103,001)
584
(50,764)
(153,181)
(172)
(353,837)
(29,935)
74,694
(27,160)
276,768
(28,356)
(15,003)
1,599
(1,015)
-
(21)
(88,161)
27,159
10,271
(12)
(193)
(440,399)
(29,935)
74,694
(1)
286,024
(28,356)
(15,015)
Net Cash Used in Investment Activities
(103,001)
584
(50,764)
(153,181)
Financing Activities
Capital Increase
Expenses with issuance of shares
Paid dividends
Interest payment loans and financing / real estate credit note
Principal payment loans and financing / real estate credit note
Interest payment of debentures
Funding of loans and financing
(116,703)
59,032
(5,046)
(54,999)
(62,221)
(74,370)
(20,181)
41,082
4,925
4,925
-
6,627
(1)
(4,925)
(1,471)
(2,585)
15,609
(105,151)
59,032
(5,047)
(54,999)
(63,692)
(76,955)
(20,181)
56,691
Net Cash Generated in Financing Activities
(116,703)
4,925
6,627
(105,151)
(2,666)
253
568
(1,845)
22,455
25,121
(313)
(566)
1,035
467
23,177
25,022
(2,666)
253
568
(1,845)
Decrease (increase) in assets

Accounts receivable - clients
Other credits
Taxes recoverable
Increase (decrease) in liabilities
Suppliers
Taxes and contributions payable
Other obligations
Deferred Revenue
Taxes paid
Net Cash Generated in Operating Activities
Investment Activities
Purchase of property, plant and equipment
Purchase of investment property
Reduction (increase) in real estate property
Sale of investment in properties
Acquisition of investments
Investments in securites
Increase of intangible assets
Net change in Cash and Cash Equivalents

Cash and Cash Equivalents at the end of the Period
Cash and Cash Equivalents at the beginning of the Period
Net change in Cash and Cash Equivalents
27
Comparison of the consolidated financial statements and the managerial financial information for the periods
ended September 30, 2012 and 2013:
Consolidated Financial Statements
3Q13
3Q12
3Q13/3Q12
%
9M13
9M12
9M13/9M12
%

93,924
(6,805)
87,119
-
26.7%
346,650
(26,821)
319,829
-
266,526
(18,759)
247,767
-
30.1%
(22,936)
64,182
-
30.1%
(91,969)
227,860
-
(69,611)
178,156
-
32.1%
31.8%
(12,162)
4,502
(722)
(848)
-
(7,001)
(10,340)
3,222
(477)
-594
(31,408)
(40,290)
12,174
(1,960)
(1,332)
-
9,835
(35,687)
8,795
(1,254)
37,981
-
(43,901)
26,666
-
(26,048)
31,133-
-14.3%
(130,052)
66,399
-
(64,419)
123,571
-
Current income and social contribution taxes
(4,090)
-
(4,673)
-
-12.5%
(12,095)-
(12,735)
-
Deferred income and social contribution taxes
-5.0%
(3,154)
23,306
-61.0%
-8.4%
(5,563)
48,741
(14,389)
96,447
-61.3%
(1,229)
21,347

16,518
4,829
21,347
20,991
2,315
23,306
-21.3%
108.6%
-8.4%
40,163
8,578
48,741
86,299
10,149
96,447
-53.5%
-15.5%
-49.5%

Net revenues
Gross income
Operating income/(expenses)
Equity income
Depreciation and Amortization expenses
118,977
(9,333)
109,643
(29,847)
79,796
(9,230)
-
3Q13
3Q12
37.2%
25.9%
24.3%
17.6%
39.7%
51.4%
n/a
68.5%
3Q13/3Q12
%
9M13
9M12
43.0%
29.1%
27.9%
n/a
12.9%
38.4%
56.3%
n/a
101.9%
-46.3%
-49.5%
9M13/9M12
%

98,553
(6,994)
91,560
-
20.0%
(26,644)
64,915
-
16.7%
34.4%
(12,214)
(719)
(867)
-
(10,271)
(10,352)
(475)
-555
(39,946)
23,845
-
(24,495)
30,149
-
Current income and social contribution taxes
(4,827)
-
Deferred income and social contribution taxes


Net revenues
Gross income
Operating income/(expenses)
Depreciation and Amortization expenses
118,237
(9,539)
-
347,579
(27,336)
320,242
-
271,287
(19,623)
251,664
-
28.1%
(96,140)
224,102
-
(70,520)
181,144
-
36.3%
(43,676)
(40,356)
(1,951)
(1,369)
-
1,087
(35,675)
(1,255)
38,017
-
13.1%
55.5%
n/a
-20.9%
(118,762)61,663
-
(65,087)117,145
-
-47.4%
(5,224)
-
-7.6%
(14,034)
-
(14,347)
-
-2.2%
(3,585)
15,434
(3,190)
21,735
12.4%
(8,693)
38,936
(13,689)
89,109
-36.5%
-29.0%
14,551
883
15,434
19,524
2,212
21,735
-25.5%
-60.1%
-29.0%
38,195
741
38,936
84,831
4,278
89,109
-55.0%
-82.7%
-56.3%
108,698
(31,107)
77,592
(13,800)
-
36.4%
18.7%
19.5%
18.0%
51.4%
n/a
63.1%
39.3%
27.2%
23.7%
n/a
82.5%
-56.3%
28

3Q13 Earnings Release

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3Q13 Earnings Release

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3Q13 RESULTS

Phone: +55 (21) 2176-7272

CONFERENCE CALL IN ENGLISH

Aliansce presents its 3Q13 results and

3Q13 highlights and recent events

Financial Performance - Managerial Information

(Amounts in thousands of Reais, except percentages)

Operating Performance - Managerial Information

Total rent/s qm*

SAR/s qm (s a me a rea rent)*

Occupa ncy cos ts (% of s a l es )

Total GLA (s qm)

Owned GLA (s qm)

GLA reported s a l es (a vera ge - s qm)

Adoption of Accounting Pronouncement CPC 19 (R2) IFRS 11 Joint Arrangements

Demonstrao de Resultados - Shoppings

Boulevard Shopping Braslia

Parque Shopping Macei

Shopping Grande Rio

Shopping Santa rsula

Parque Shopping Belm

Via Parque Shopping

Message from Management

Owned GLA per Group

Mature Assets (Malls with more than 5 years of operating history)

Indicates Aliansces presence

Next Generation Assets (Assets under development)

Third Party Malls (Managed by Aliansce)

Santa Cruz Shopping

Owned GLA Occupancy

(M) Management | (L) Leasing | (SSC) Shared Services Center

Revenue Breakdown - 3Q13

Managerial Financial Information

Managerial Financial Information

(Amounts in thousands of Reais, except percentages)

Revenues per mall

(Amounts in thousands of Reais, except percentages)

(Amounts in thousands of Reais, except percentages)

Shopping Iguatemi Salvador

Cost of Rentals and Services

Managerial Financial Information

Costs per type

(Amounts in thousands of Reais, except percentages)

Mall operational costs

Leasing and Planning costs

Provision for doubtful accounts

Gross Income (R$ thousands)

Adjusted Operating (Expenses) / Income (R$ thousands)

Operating (Expenses) / Income

Managerial Financial Information

(Amounts in thousands of Reais, except percentages)

Administrative and General expenses

Deferred and Intangible Depreciation and Amortization Expenses (719)

Other Operating (Expenses)/Income

Acquisition of ownership interests in five malls

Financial Income (R$ thousands)

Adjusted Net Income*

Net Operating Income (NOI)

Adjusted by Non-recurring effects and Non-disbursed financial expenses

Managerial Financial Information

(Amounts in thousands of Reais, except percentages)

EBITDA and Adjusted EBITDA

Managerial Financial Information