NOTICE TO SHAREHOLDERS

Aliansce Shopping Centers (ALSC3) announces the payment of dividends for fiscal year
2010
Rio de Janeiro, April 28, 2011 - Aliansce Shopping Centers S.A. (Bovespa: ALSC3) hereby announces that the Annual and
Extraordinary Shareholders Meeting of April 28, 2011, approved the payment of dividends under the following conditions:
1.

Dividends will be paid in the total amount of twelve million, nine hundred and fifty-nine thousand, one hundred and
twenty-one reais and sixteen centavos (R$12,959,121.16), equivalent to nine centavos (R$0.09) per share, based on
shareholding positions on April 28, 2011, when the Companys capital stock was represented by 139,467,170 shares.

2.

The aforesaid payments will begin on May 9, 2011 and will be effected as follows:
a) Shareholders with checking accounts in Banco Ita S.A. will have their respective accounts credited;
b) Shareholders with checking accounts in other banks who have already submitted their Bank, branch and checking
account number will receive a DOC or TED electronic payment order;
c) Shareholders whose shares are held in fiduciary custody will have their dividends credited in accordance with
Stock Exchange procedures;
d) Shareholders whose registration details do not include their individual or corporate taxpayers ID (CPF or CNPJ
respectively) or the designation of a bank, branch and checking account will be credited as of the third business day
following the updating of their registration details, provided said update is effected in person at a branch of Banco
Ita S.A. equipped to provide services to Aliansces shareholders.

For further information, please contact the Investor Relations area:

INVESTOR RELATIONS
Telephone: +55 (21) 2176-7272
ri@aliansce.com.br
www.aliansce.com.br/ri

About Aliansce S.A.

Aliansce Shopping Centers S.A. (BM&FBOVESPA: ALSC3) is one of the leading shopping center developers and
manages the second largest number of shopping centers in Brazil among the publicly held companies in the sector. The
Company's core business is investing in shopping centers and providing the following services: (i) management of shopping
centers; (ii) lease of commercial spaces in shopping centers; and (iii) planning, developing and implementing shopping
centers. The Company is a full service company operating in all of the development stages of a shopping center, such as
planning and preparation of the feasibility study, development of the project, commercialization and management of the
shopping center.
Rio de Janeiro, April 28, 2011.
ALIANSCE SHOPPING CENTERS S.A.
Henrique Cordeiro Guerra
Investor Relations Officer