Aliansce Shopping Centers S.A. commenced a program to buy back up to 550,000 no-par value common shares, representing 0.27% of the 202,735,921 total outstanding common shares, as at Oct. 17.

The shares may be repurchased during a 365-day period from Oct. 17 to Oct. 17, 2018. The acquired shares would contribute to Aliansce's long-term incentive plan for its executives or may be maintained in treasury, canceled or sold.

Bradesco S/A Corretora de Títulos e Valores Mobiliários, Credit Suisse Brasil SA CTVM, Itaú Corretora de Valores SA, BTG Pactual Corretora de Títulos e Valores Mobiliários SA and Bank of America Merrill Lynch Banco Múltiplo SA will serve as intermediaries in the acquisition of shares.