NOTICE TO THE MARKET Alienation of common shares issued by Aliansce Rio de Janeiro, August 2, 2011 - ALIANSCE SHOPPING CENTERS S.A., a publicly-held company headquartered at Rua Dias rd Ferreira nº 190, 3 floor, in the city and state of Rio de Janeiro, inscribed in the corporate roll of taxpayers (CNPJ/MF) under no. 06.082.980/0001-03 (“Company”), pursuant to Article 12 of CVM Instruction 358 of January 3, 2002, hereby announces that it received a communication from the group of funds administered or managed by Dynamo Administração de Recursos th Ltda. and Dynamo Internacional Gestão de Recursos Ltda. (“Dynamo”), headquartered at Av. Ataúlfo de Paiva nº 1235 – 6 floor, in the city and state of Rio de Janeiro, the information that: (i) On July 28, 2011, Dynamo reduced its interest in the Company to less than 5% of the latter’s common shares. (ii) Between May 5, 2010 and July 28, 2011, Dynamo divested common shares issued by the Company, reducing its interest from 5.03% to 4.98%. The communication from Dynamo is reproduced below. For further information, please contact the Investor Relations Department: INVESTOR RELATIONS Telephone: +55 (21) 2176-7272 [email protected] www.aliansce.com.br/ri About Aliansce S.A. Aliansce Shopping Centers S.A. (Bovespa: ALSC3) is a leading mall developer and manages the second-highest number of malls in Brazil among the sector's publicly traded companies. Aliansce's core business is investing in shopping malls and providing the following services: (i) management of shopping malls; (ii) commercialization of shopping malls; and (iii) planning and development of shopping malls. Aliansce is a full service company with expertise in every phase of the mall installation process, from the project's planning and development and the mall's launch, to management of the structural, financial, commercial, legal and operational aspects. DYNAMO ____________________________________________________________________________ Rio de Janeiro, August 1, 2011 To Aliansce Shopping Centers S/A Rua Dias Ferreira, 190 3º andar, sala 301 (parte) Leblon – Rio de Janeiro 22431-050 Tel: (0xx21) 2176-7272 Fax: (0xx21) 2176-7229 Attn.: Mr. Henrique Christino Cordeiro Guerra Neto Executive Officer and Director of Investor Relations Re.: Common shares of Aliansce Shopping Centers S/A Dear Sirs In accordance with CVM Instruction 358/02, amended by CVM Instruction 449/07, we hereby inform you that the net total of the common shares issued by Aliansce Shopping Centers S/A sold by the group of funds/portfolios administered or managed on a discretionary basis by Dynamo Administração de Recursos Ltda., inscribed in the corporate taxpayers register (CNPJ) under no. 72.116.353/0001-62) and by Dynamo Internacional Gestão de Recursos Ltda., inscribed in the corporate taxpayers register (CNPJ) under no. 07.880.927/0001-02, until July 28, 2011, fell below the 5% threshold stipulated in Paragraph 4 of Article 12 of said instruction. From May 5, 2010 through July 28,2011, the funds/portfolios administered or managed on a discretionary basis by Dynamo sold the common shares of Aliansce Shopping Centers S/A, reducing their interest in the Company’s common shares from 5.03% to 4.98%. Pursuant to Paragraph 6 of Article 12 of the above-mentioned Instruction, we request you to disclose this information to the market through the Periodical and Occasional Information (IPE) system. We are at your disposal for any information you might require. Sincerely, (signatures) Dynamo Administração de Recursos Ltda. Dynamo Internacional Gestão de Recursos Ltda.