Sonae Sierra recorded a Total Net Result of €12.5 million in the first quarter of 2013

• Direct Result reaches €15 million

• EBITDA reaches €28,8 million

• 8 new service provision contracts signed

• Acquisition of 50% of CascaiShopping

Sonae Sierra, the international shopping centre specialist, presented a Net Result of €12.5 million in the first quarter of 2013, a figure close to the one recorded in the same period of 2012 (€13 million).

The Direct Result was €14,9 million, which represents a 17% decrease compared to the first quarter of 2012. EBITDA was of €28.8 million, €1.5 million less than in the same period of 2012, reflecting the reduction in the shopping centres' operational results, due to the impact of the sale of Munster Arkaden - in Germany - and Pátio Brasil, Penha Shopping and Tivoli Shopping - in Brazil. Excluding these sales, the operational result is in line with the one reported in the first quarter of 2012.

According to CEO Fernando Guedes de Oliveira, Sonae Sierra's performance in the first quarter of 2013 was resilient: 'Our Operating Income remained stable when compared with the same period of 2012 when removing the effect of the sale of four of our assets in 2012. We were able to minimize the effects of austerity measures on tenant sales in Europe while we maintained a sustained growth in Brazil. I would also highlight the growth of our services to third parties business, particularly in emerging markets, as well as the work developed for the opening of three new centres this year.

The austerity climate in Portugal and Spain, with low consumer confidence and high unemployment rates, resulted in a contraction in like-for-like tenant sales across Sonae Sierra's European portfolio, which decreased 3.6% when compared to the same period of 2012. Brazil, on the contrary, recorded an increase in sales of 5.4% (in local currency).

The Global Occupancy Rate of the portfolio was of 95.3%, a 0.7% decrease compared to the same period of 2012, which demonstrates the Company's highly resilient portfolio in face of the natural impact of the current economic situation on occupancy and letting rates in the European retail real estate sector. This decrease is mainly caused by Socorama's insolvency, a situation that led to the closing of its cinemas in Portugal.

In the European markets where the Company operates there is a high level of uncertainty regarding property valuations. This fact has been stated by appraisers in successive reports, since the significant uncertainty in the macroeconomic front leads to extremely low transaction levels, which are the reference for calculating market values.

In this scenario and as is the normal practice in most real estate markets, the company decided since beginning 2012 to adopt biannual evaluations instead of quarterly valuations.

Service provision and new projects
In the first quarter of the year, Sonae Sierra continued its growth in emergent markets signing 8 new service provision contracts.

In Portugal we highlight the fact that Sonae Sierra, through a majority-owned subsidiary, has reached an agreement with a Fund managed by Rockspring Property Investment Managers, for the acquisition of its 50% stake in CascaiShopping.

After having inaugurated Boulevard Londrina Shopping five days ago in Brazil, Sonae Sierra will inaugurate two more shopping centres this year - Passeio das Águas, in Brazil, and Hofgarten Solingen Shopping in Germany - in a total investment of about €287 million which will add 107,000 m2 of GLA to the Company's current portfolio. Boulevard Londrina, located in the state of Paraná just inaugurated on the 3rd of May has 47,800 m² of GLA, corresponding to a total investment of €122 million.

Passeio das Águas Shopping, in the city of Goiânia, Goiás state, represents an investment of about €167 million. Scheduled to be inaugurated in October, this new Centre will have a GLA of 78,100 m² and will be the largest and most modern shopping centre of the region. Hofgarten Solingen is the result of the 50/50 partnership with MAB Development and is scheduled to be inaugurated late this year. This new shopping centre will have a GLA of 29,000 m² and represents an investment of €120 million.

Value Metrics
The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculated its NAV according to the guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the company's NAV, as of March 31 2013, was €1.108 billion, compared to €1.049 billion at the end of December 2012.

About Sonae Sierra
Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 48 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of 5.8 billion Euros, and a total Gross Lettable Area (GLA) of 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed more than 426 million visits in the Shopping Centres it manages. Currently, Sonae Sierra has 6 projects under development, including 4 for clients, and 7 new projects in pipeline.

Sonae Sierra's Consolidated Profit and Loss Account and Balance Sheet

Boulevard Londrina Shopping opens its doors today
Sonae Sierra inaugurates new shopping centre in Brazil

• 216 shops in 47,800 m2 of GLA

• An investment of about €122 million

• Creation of more than 3 thousand direct jobs created

Sonae Sierra, through its participated Sonae Sierra Brasil, inaugurates today "Boulevard Londrina Shopping", the first shopping centre of the company in the south region of Brazil, strengthening its presence in the country. The new shopping centre located in the city of Londrina (state of Paraná) has 47,800 m2 of GLA (Gross Lettable Area), in an investment of about €122 million (R$ 320 million) that created more than three thousand direct jobs.

"Boulevard Londrina Shopping" has a total of 216 shops, six large dimension shops and six medium dimension shops, a hypermarket, an entertainment and leisure area, seven cinemas and bowling alleys. It presents a wide variety of gastronomic options with an offer of 34 restaurants, fast food chains and coffee shops. Moreover, it has a parking lot with 2.400 spaces, 1.800 of which indoors.

Built in partnership with the Marco Zero Group, Boulevard Londrina Shopping offers the inhabitants of Londrina international and national brands new to the region, as well as several local brands.
"It's a great satisfaction to inaugurate today "Boulevard Londrina Shopping", the first shopping centre that we develop in the south region of Brazil with different types of use and that reinforces our portfolio of 8 more centres in this country", states Fernando Guedes de Oliveira, Sonae Sierra's CEO.

Marco Zero Complex

Boulevard Londrina Shopping is a part of the Marco Zero Complex, located in a strategic region that was completely revitalized, integrating 16 towers divided between housing and commerce, a theatre with 1,200 seats and a hotel.

The Complex also has a big boulevard, with 700 meters, that inspired the Shopping Centre's name and that will connect the buildings of the complex to the access to the shopping centre, in a multi-purpose development model that is very convenient for the inhabitants and visitors of the city, that will find here a set of integrated facilities in the same complex.

Innovative architecture and theming: London brought to Brazil

Focused on the development of thematic shopping centres, Sonae Sierra sought inspiration in the London landmarks for the development of this architectural project, honoring the name of the city of Londrina - "Little London". "To highlight these aspects we integrated in the façade and in the decoration of the shopping centre with colors and materials allusive to London's charm", reveals Jorge Morgadinho, Sonae Sierra's Chief Design Officer. "We explore striking symbols such as the traditional red phone booth and the Queen's Guard soldiers, which can be found all over the shopping centre", adds the responsible.

A Sustainable Centre

Boulevard Londrina Shopping has in its DNA the care with Sustainability and the Environment. This rigorous management and monitoring system brings together a set of measures that have the purpose of diminishing the environmental impact, besides ensuring the safety and health of employees and visitors.
In November 2012, the "Boulevard Londrina Shopping" project received certifications ISO 14001, for its environmental management, and OHSAS 18001, for its good Safety & Health practices.

Sonae Sierra in Brazil

With the inauguration of Boulevard Londrina Shopping, Sonae Sierra strengthens its presence in Brazil, a country where it already owns 8 Shopping Centres for a total GLA of 324.199 m2 and manages other two for third parties. The most recent was Uberlândia Shopping, inaugurated in March 2012, and that represented an investment of €79 million. With 201 shops, Uberlândia Shopping has 45,300 m2 of GLA and created more than two thousand jobs.

Also this year, Sonae Sierra will inaugurate another Shopping Centre in Brazil, in the city of Goiânia, state of Goiás. Scheduled to open in October, Passeio das Águas Shopping represents an investment of about € 167 million and will have a GLA of 78,100 m2, which will make it the largest and most modern shopping centre of the region.

About Sonae Sierra
Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 48 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than €5.8 billion euros, and a total Gross Lettable Area of about 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed 426 million visits in the Shopping Centres it manages. Currently, Sonae Sierra has 6 projects under development, including 4 for clients, and 7 new projects in pipeline.

Sonae Sierra has signed a new leasing service contract with Helios Immobiliare in Italy

• Sonae Sierra will provide exclusive leasing services for the requalification of the former IP area, owned by Helios Immobiliare in La Spezia

• End of works is foreseen for spring 2015

Sonae Sierra, the international shopping centre specialist, has announced the signing of a leasing service contract with Helio Immobiliare Group for former IP Area, in Fontevivo district in La Spezia. The structure is part of a wider project of urban requalification, with a particular focus on the reconversion of the former IP refinery area, and involves the construction of a two levels building which will offer about 11.000 m2 of GLA. Works are expected to begin next September and will end on spring 2015.

"This contract will confirm our strong commitment to further strengthen our service provider activity for all business' sectors" commented José Maria Robles, General Manager of Property Management of Sonae Sierra in Italy. "This is an important project, both for its strategic position and for the land requalification it will promote. Moreover, the project will be able to complement different entities, giving a key role to shopping and entertainment, too".

"We are very proud of this opportunity to continue our cooperation with a valuable international partner such as Sonae Sierra. Thanks to their proven experience in the shopping centre sector and after the positive experience represented by Le Terrazze Shopping Centre, we are sure that they'll be able to provide significant added value to this new project under development within the wider requalification and reconversion plan of the former IP refinery" added Sandro Bordigoni from Helios Immobiliare.

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 5.8 billion euros, and a total Gross Lettable Area (GLA) of about 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed 426 million visits in the shopping centres it manages Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

New development medium category
Le Terrazze wins at the ICSC Awards 2013

Le Terrazze, owned and developed by Sonae Sierra and ING Real Estate, has just been distinguished by the International Council of Shopping Centres (ICSC) with the award for the best centre in the category "New Developments: Medium", at the 2013 ICSC European Shopping Centre Awards.

The award given to Le Terrazze recognizes the high quality of this 38.455m2 GLA shopping centre with 102 shops, including an Ipercoop hypermarket of 11,700 m2, 10 large stores and 16 restaurants and bars, as well as a Fitness Club Tonic with indoor swimming pool and a free covered parking for 2,000 cars. The entire concept of Le Terrazze was developed in harmony with the surrounding landscape and closely connected with the local geographic configuration. Inaugurated in March 2012, it is located in La Spezia - Genoa reaching a total catchment area of over 210,000 inhabitants and has received more than 6 million visits in its first year of operation

Moreover, the project has had a sustainable approach from the very beginning of its construction adopting the best practices both in terms of Environment safeguard and occupational Safety & Health. This strong commitment has been acknowledged by Lloyd's Register Quality Assurance (LRQA) and "Le Terrazze" has become the first shopping centre in the world to ever achieve joint Environmental (ISO 14001) and Safety & Health (OHSAS 18001) certifications.

"Le Terrazze is more than a shopping centre but also a "social place" where visitors can choose from a variety of different experiences, with great attention and respect to the history of the location, the environment and safety, and the local community where the shopping centre is implanted. This award recognizes this aspect as well as the skills and experience of Sonae Sierra and ING Real Estate in the shopping centre sector." says Fernando Guedes de Oliveira, Sonae Sierra CEO.

The International Council of Shopping Centres (ICSC) is the largest global association in the shopping centre industry, with more than 75 thousand members in 80 countries. The "ICSC European Shopping Centre Awards", are delivered at the Annual European Conference of the association, which this year took place in Stockholm, and are the most prestigious awards of the shopping centre sector, distinguishing every year the industry's best developments in Europe, according to the selection of a jury composed by renowned international specialists in this are.

About Sonae Sierra
Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 5.8 billion euros, and a total Gross Lettable Area (GLA) of about 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed 426 million visits in the shopping centres it manages Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

About ING Real Estate
ING Real Estate is a pan-European developer focusing on retail-based mixed-use projects. ING Real Estate is a business of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.

A successful international initiative
Sonae Sierra and Alzheimer Association launch "MEMORY CAFÉ" in Portugal

• MEMORY CAFÉ is a meeting place for people with memory issues or dementia, their families and caretakers.
• The ‘MEMORY CAFÉ' concept is a success in several countries
• The first session will take place on April 6th at Centro Colombo at "Portugália" restaurant

Sonae Sierra and the Alzheimer Portugal Association will adapt and implement in Portugal the ‘Memory Café' concept, an innovative initiative for people with memory issues or dementia, as well as their family members and caretakers, to share experiences and support each other, supervised by health or social action professionals.

The goal of the MEMORY CAFÉ project is to provide a meeting place where structured, non-clinical sessions are organized in an informal and safe environment, thus contributing to an improved quality of life and reduced social isolation. It also has the purpose of promoting interaction between people with similar experiences and the participation of users in leisurely and stimulating activities, in a private and safe environment where emotional support and useful information are provided, as well as raising awareness in the Community of the dementia subject, and getting involved through volunteer work.

A successful concept in several countries, MEMORY CAFÉ now arrives in Portugal in the shape of a pilot project, which will start with a monthly session in two Sonae Sierra Shopping Centres: Centro Colombo and CascaiShopping, in the first and third Saturdays of each month, respectively.

The first sessions are scheduled for April 6th at Centro Colombo and 20th at CascaiShopping, both to be held at the "Portugália" restaurants, which will host this initiative from 9 to 11 a.m.

The launch of MEMORY CAFÉ in Portugal is an initiative of Sonae Sierra and the Alzheimer Portugal Association, and has the support of several institutional partners: Calouste Gulbenkian Foundation; Montepio Foundation and the Health and Science Institute of Universidade Católica Portuguesa. The pilot project also relies on a wide network of corporate partners: Portugália Restauração, Optimus, Delta Cafés, Sumol+Compal, Celeiro, CPP and Bial.

The creation of MEMORY CAFÉ is part of a larger project - CUIDAR MELHOR, Support for Caretakers of People with Dementia - also launched by the Alzheimer Portugal Association and the aforementioned institutional partners, which also has the support of the municipalities of Cascais, Oeiras and Sintra.

Elsa Monteiro, Sonae Sierra's Director of Sustainability, explains that "with the implementation of this concept adjusted to the Portuguese reality, Sonae Sierra intends to contribute to answering a social and public health problem increasingly relevant in Portugal as is dementia, as part of the social initiatives of the Company and its Shopping Centres."

According to João António Carneiro da Silva, President of the Alzheimer Portugal Association, "the creation of spaces for sharing and information is a growing imperative in Portugal, since there are an estimated 153 thousand people with dementia and more than 90 thousand with Alzheimer's disease." He adds: "furthermore, about 80% of the care provided to these people in our country comes from their families, which are scarcely supported by society."

The launch of MEMORY CAFÉ in Portugal is part of the social pillar of Sonae Sierra's Sustainability Policy, which includes the implementation of social projects that contribute to the improvement of the well-being and quality of life of the Community members and visitors of its Shopping Centres.

More information about the project at www.cafememoria.pt

About Sonae Sierra
Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences.
The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil.
Sonae Sierra manages more than 70 Shopping Centres with a market value of more than €5.8 billion euros, and a total Gross Lettable Area of about 2.3 million m2 with about 8,500 tenants.
In 2012, the Company welcomed more than 426 million visits in the Shopping Centres it manages.
Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

About ALZHEIMER PORTUGAL
ALZHEIMER PORTUGAL is a national voluntary organization created 25 years ago to improve the quality of life of people with Alzheimer's disease and other forms of dementia, as well as of their family members and caretakers.
As a member of Alzheimer Europe, ALZHEIMER PORTUGAL actively takes part in the global and European movement on dementia, seeking to assemble and disseminate the most recent knowledge on Alzheimer's disease, promoting its study, investigation of its causes, effects and treatment.
Currently, Alzheimer Portugal has more than 9,000 members. Visit the association's website at www.alzheimerportugal.org

Sonae Sierra reaches agreement to acquire 50% stake in CascaiShopping

Sonae Sierra, through a majority-owned subsidiary, has reached an agreement with a fund managed by Rockspring Property Investment Managers, for the acquisition of its 50% stake in CascaiShopping, located in Cascais, Portugal.

Fernando Guedes de Oliveira, CEO at Sonae Sierra, commented: "This deal represents a great opportunity to increase our investment in this high-quality asset, which is the main shopping destination in the region. We are pleased to have agreed terms on a majority stake in CascaiShopping, which will enable us to leverage the value of the asset."

The completion of the transaction still depends on the conclusion of some legal proceedings, namely confirmation of non-opposition by the Portuguese Competition Authority.
Currently CascaiShopping is owned 50% by Sierra Fund and 50% by a Fund managed by Rockspring Property Investment Managers.

The first Shopping Centre to be developed on greenfield land by Sonae Sierra

CascaiShopping, inaugurated in 1991, was Sonae Sierra's first shopping centre to be developed on greenfield land and is still regarded as one of the main shopping centresin the Greater Lisbon region, with a varied and high quality retail and leisure offer.

The Centre has a Gross Lettable Area of circa 73, 000 m2 with more than 200 shops, seven cinemas, 36 restaurants and around 4,000 parking spaces.

In 2012 the centre welcomed more than 10 million visitors and has an occupancy rate of almost 100%, demonstrating the asset's commercial success.
Over the past few years, the centre has undergone several expansions and refurbishment works, namely a 7,750m2 expansion in 2003 which created an area exclusively dedicated to fashion and more recently, in 2012, the refurbishment of the entire food court, a €2.3 million project covering an area of 2,800 m2 with about 900 seats.

About Sonae Sierra
Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of 5.8 billion euros, and a total Gross Lettable Area (GLA) of 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed more than 426 million visits in the Shopping Centres it manages. Currently, Sonae Sierra has seven projects under development, including four for clients, and seven new projects in pipeline.

After 12 years of commercial success
Sonae Sierra invests €4.5 million in the expansion and refurbishment of AlgarveShopping

• Scheduled to be inaugurated in May 2013
• Entry of the largest C&A and H&M shops in Algarve
• Creation of 100 new jobs

Sonae Sierra, the international shopping centre specialist, has just announce the expansion of AlgarveShopping, an operation with an investment of 4.5 million euros, carried out with the purpose of modernizing and strengthening the commercial offer of the Centre located in Guia (Albufeira).

The intervention adds about 3,000 m² of Gross Lettable Area (GLA) to AlgarveShopping which, after the conclusion expected in May, will make available 130 shops in a GLA of approximately 45,500 m².

The big novelty is the entry of C&A and H&M, two international references in the fashion segment, a strong bet from the Centre, which will feature the largest shops of both brands in the entire Algarve region.
H&M will open a large dimension shop, with an area of 2,250 m², whereas C&A will be present with an area of 1,400 m², the first unit in the region under the brand's new image.

This expansion has also attracted the entry of six new fashion and accessories shops, such as Levi's, Claire's and G-Star Raw, which complement the existing offer.

As a whole, the new shops will create about 100 new jobs, to add to the existing 1,000 direct jobs.

Parallel to the conversion of the food court, the circulation and accesses will be improved, namely in terms of communication with the lower level. The intervention will enhance the visibility and width of the common areas, which will result in a more pleasant and comfortable space.

AlgarveShopping, 12 years of commercial success

This expansion marks the 12th anniversary of AlgarveShopping and answers the current market trends and visitor demands, ensuring the continued commercial success of this shoppping centre, which has an average occupancy rate close to 98% and welcomed almost 6.4 million visits in 2012.

The wide variety and quality offer are the most important features of AlgarveShopping, which provides a wide range of services in a pleasant area where clients can shop and spend their leasure time. Such an example is the general clinic - ‘Clínica Particular do Algarve', open since May 2012 - and a Veterinarian Centre, both with extended opening hours, which differentiate the Centre and reflect in exemplary fashion its concern with the convenience offer and the well-being of ist visitors.

About Sonae Sierra
Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 5.8 billion euros, and a total Gross Lettable Area (GLA) of about 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed 426 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

Sonae Sierra reached a Direct Result of €62.6 million, an increase of 2% compared to 2011

• EBITDA grew 3% to €116.3 million
• Total rents increased 0.3%
• Global Occupancy Rate of the portfolio remained at 96%
• Portfolio under management welcomed 426 million visits
• 27 new service provision contracts worth €9 million
• Three shopping centres under construction represent a total investment of about €375 million

Sonae Sierra reached, in 2012, a Direct Resultof €62.6 million, an increase of 2% compared to the same period of 2011, and EBITDA increased 3% compared to the previous year, €116.3 million versus €112.8 million in 2011. Despite this demonstration of resilience and the improvement of the operational efficiency of Company assets in all countries where it operates, the expansion of yields in Portugal, Spain and Italy and the recognition of impairments in Greece had a negative impact on the Company's Indirect Result, -€108.5 million in 2012 compared to -€51.3 million in 2011, which caused a Net Loss of €45.9 million for the year.

According to CEO Fernando Guedes de Oliveira, Sonae Sierra delivered, in 2012, solid results in all aspects it controls directly: 'We increased our EBITDA in absolute terms, as well as our EBITDA margin compared with the previous year, thanks in part to an overall growth in our portfolio and relatively stable global occupancy rates and tenant rents.  These together with cost reduction efforts in our operations, allowed us to increase our direct profits. Despite these positive Direct Results, a number of factors that fall outside of our managerial control adversely affected our performance.  In particular, the significant expansion in retail yields in Portugal, Spain and Italy drove down our portfolio valuation. This pushedour net results into negative figures. Nevertheless, I am proud of the fact that we were able to hedge the principal risks to our business through our long-standing successful operations in Brazil, and through our continued expansion into new emerging markets.'

Stable portfolio, occupancy rates and rents

The global portfolio managed by Sonae Sierra delivered a positive performance, taking into account the current performance of retail sales in some of the markets where the company operates, with tenant sales decreasing just 1.5% in 2012, compared to the same period of 2011. Total Rents of owned portfolio reached €435 million in 2012, an increase of 0.3% compared to the same period of 2011. Despite the natural impact of the economic situation on letting and occupancy rates in the retail sector, the global occupancy rate of the portfolio remained at 96%, which reflects the quality of the Company's assets and management. Sonae Sierra now manages more than 70 Shopping Centres in 11 countries, in a total of 2.3 million m² of GLA, which recorded 426 million visits in 2012.

Strategy for 2012: internationalization, service provision and capital recycling

In 2012, the main axes for the defined strategy wererigorously implemented: internationalization, third party service provision and capital recycling.

The year was marked by the inauguration of two shopping centres, Uberlândia Shopping, in Brazil, and Le Terrazze, in Italy, which represented a total investment of €229 million. Le Terrazze is Sonae Sierra's fifth shopping centre in Italy and represented an investment of €150 million. Located in La Spezia, it has a GLA of 38,600 m², 102 shops, and generated more than 700 jobs. Uberlândia Shopping is located in the "TriânguloMineiro" region,and represented an investment of €79 million. It has 201 shops in 45,300 m² of GLA and generated more than two thousand jobs.

In Romania, a joint venture agreement was reached with Caelum Development to develop ParkLake, in Bucharest, which will strengthen our presence in the region.

We have also increased our third party service provision activity, by signing of 27 new contracts totalling €9 million. These include 15 development and 12 property management and/or leasing contracts.

In 2012, Sonae Sierra strengthened its presence in North Africa. Early in the year we entered Algeria with the incorporationof Sierra Cevital, a service provision company in the shopping centre sector.Since the beginning of its activity, thisCompany has signed seven service provision contracts for the development and management of shopping centres.

We also signed nine service contracts in Morocco, including development contracts for three shopping centres in Casablanca.

The capital recycling strategy adopted by the Company with the purpose of ensuring its sustainable growth led to the sale, in 2012, of MünsterArkaden in Germany and of our ownership stakes in three non-strategic shopping centres in Brazil: Shopping Penha, Tivoli Shopping and PátioBrasil Shopping. This strategy had already been adopted in 2011 with the sale of two centres in Spain (El Rosal and Plaza Éboli) and the IPO of Sonae Sierra Brasil.

Simultaneously, we continued to improveour shopping centres in operation through constant investment in refurbishment and expansion works, so as to anticipate and meet new trends and consumption needs. In 2012, we began or concluded refurbishment and/or expansion works in 13 Centres in Portugal (GuimarãeShopping, GaiaShopping, CascaiShopping, C.C.Continente dePortimão, AlgarveShopping, Estação Viana), Spain (Plaza Mayor and Valle Real), Italy (Valecenter) and Brazil (Metrópole). 

Sonae Sierra will inaugurate three shopping centres in 2013

In 2013, Sonae Sierra will inaugurate three shopping centres - Boulevard Londrina Shopping and Passeio das Águas, both in Brazil, and Hofgarten Solingen Shopping in Germany - in a total investment of about €375 million which will add 155,000 m² to the Company's current portfolio.

Boulevard Londrina, located in the state of Paraná and scheduled to be inaugurated in April, will have 47,800 m² of GLA, corresponding to a total investment of €88 million. Passeio das Águas Shopping, in the city of Goiânia, Goiás state, represents an investment of about €167 million. Scheduled to be inaugurated in October, this new Centre will have a GLA of 78,100 m² and will be the largest and most modern shopping centre of the region. Hofgarten Solingen is the result of the 50/50 partnership with MAB Development and is scheduled to be inaugurated late this year. This new shopping centre will have a GLA of 29,000 m² and represents an investment of €120 million.

Net Asset Value

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculates its NAV according to the guidelines published in 2007 by INREV (European for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the company's NAV, as of 31December 2012, was € 1.050billion, compared to € 1.173 billion in 31 December 2011 due to the dividend distribution, the decrease in translation reserves arising from the depreciation of the Real and the negative net profit of the period.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences.The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 5.8 billion euros, and a total Gross Lettable Area (GLA) of about 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed 426 million visits in the shopping centres it manages Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

Maia Commercial Registry and fiscal Number: 502 290 811
(translation from Portuguese original)

BONDS SONAE SIERRA - SGPS, S. A. - 2008/2013

Coupon Number 9 - Payment of Interests

Notice is hereby given to the Holders of SONAE SIERRA SGPS 2008/2013 bonds that from 25 January 2013 there will be interests' payment in relation to coupon number 9, with the following values:

Gross interest              €    466,644444444444
IRS/IRC                        €    116,661111111111
Net interest                  €    349,983333333333

The financial intermediary responsible for the operation is Caixa Banco de Investimento, S.A. 

The interests' payment will be made in relation to the bonds registered with the code SOACOE at the Share Register's Office ("Central de Valores Mobiliários"). 

Those shareholders who are entitled to tax exemption or not subject to tax withholding obligations regarding income taxation as well as those who are entitled to a reduction in the withholding tax rate, under the terms of article 90 of the Income Tax Law, should provide proof of this fact to the financial institution in which the respective bonds are registered, up to the day on which interest payment begin. 

Maia, 8th January 2013  

The Board of Directors,

Hofgarten Solingen and Boulevard Londrina Shopping to be opened in 2013
Sonae Sierra's new developments in Brazil and Germany with advanced leasing status

• Hofgarten Solingen, in Germany, has now approximately two thirds GLA committed
• Boulevard Londrina Shopping, in Brazil, has 74% of its GLA leased
• Renowned and new brands will be present in the cities of Solingen and Londrina

Sonae Sierra, the international shopping centre specialist, has now high rates of Gross Lettable Area (GLA) already committed in its new developments in Germany - Hofgarten Solingen, and Brazil - Boulevard Londrina Shopping, which confirms the leasing success of the shopping centre under construction, both to be inaugurated in 2013.

Hofgarten Solingen, a joint venture between Sonae Sierra and MAB Development, has now approximately two thirds GLA leased in a total of about 29,000 m2. This represents a fast growing interest from tenants and confirms the project's quality that will serve a catchment area of 270,000 inhabitants.
The Hofgarten Solingen consists of a modern retail, leisure and services offer and represents a total investment of 120 million euros. The future shopping has already a wide variety and attractive tenant mix which stands out the presence of eleven new brands in the city of Solingen like Rituals, Tamaris, Xenos, Depot, Bonita, McPaper, Jumex, among others.

In Londrina, Brazil, the Boulevard Londrina Shopping has 74% of its GLA already leased five months for its opening. The joint development from Sonae Sierra Brasil and Marco Zero Group will have a total of 47,800 m2 GLA, with 236 stores and will also feature new new brands in the city in addition to a strong presence of local tenants.
It is estimated that the new shopping centre will create over 3,000 direct jobs.

The Boulevard Londrina Shopping will be a part of "Complexo Marco Zero", a complex located in a strategic area which is currently being revitalized, with the construction and expansion of new roads. The complex will house a two-room theater with capacity for 1.200 people, an Ibis Hotel, along with 16 residential and 2 office towers, in a catchment area reaching nearly 800,000 people coming from the city of Londrina and the surrounding municipalities.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "The quality of the commercial offer already leased demonstrates the right choice on deciding to develop these two projects and its capacity to attract new tenants to the cities. All this reinforces the positioning of the future shopping centres as reference shopping destinations in key-markets for the company", he adds.

About Sonae Sierra
Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 6.4 billion euros, and a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

Sierra Fund sells shopping centre MÜNSTER ARKADEN to Aachener Grundvermögen

The Sierra European Retail Real Estate Asset Fund (Sierra Fund) sold its 100% interest in the shopping centre Münster Arkaden (Münster, Germany) to Aachener Grundvermögen-Kapitalanlagegesellschaft mbH.
Through this sale the Sierra Fund, a pan-European retail fund where Sonae Sierra has a stake of 50.1%, allows the Fund investors to capitalize on the high demand that investors have for high quality shopping centres in Germany. Following the sale Sonae Sierra will continue to be responsible for the centre management of Münster Arkaden.

"This successful transaction reflects Sonae Sierra ability to provide investors with capital appreciation through investment in actively managed, high-quality shopping centres. This transaction also marks another step in the implementation of our Company capital recycling strategy, allowing us to continue our expansion in the markets where we are currently active and also into new emerging markets ensuring the company's sustainable growth. At the same time, Sonae Sierra continues to maintain a solid presence in Germany, with 5 shopping centres under management, 3 of them for third-parties, and two new projects in different phases of development. This commitment is enhanced by the fact that Sonae Sierra will remain responsible for the centre management of Münster Arkaden", said Fernando Guedes Oliveira, CEO of Sonae Sierra.

Future owner of MÜNSTER ARKADEN is AACHENER GRUNDVERMÖGEN. The asset management company based in Cologne, has specialized for 40 years in inner-city retail properties, with Investment model in the urban area. "The MÜNSTER ARKADEN follows in its architecture and high-quality appearance the sensitive and sophisticated heritage of the city of Münster. Like almost no other shopping centre in Germany, it is integrated within the city centre retail location and appears as its complementary offer. As so, MUNSTER ARKADEN provides a positive contribution to the further development of a strong retail landscape in Munster. Here, both the urban and the functional integration succeeded", said Dr. Frank Wenzel, CEO of AACHENER GRUNDVERMÖGEN. "We are therefore delighted to have made this input for our investors." The MÜNSTER ARKADEN acquired by AACHENER GRUNDVERMÖGEN for a long term treasury stock for an institutional, not ecclesiastical investor.

The three-storey MÜNSTER ARKADEN is situated in the city centre's prime location Ludgeristraße in Munster. The inner-city shopping centre has got 37 shop and several gastronomy retailers. The 38.800 M2 GLA (gross lettable area) shopping centre is fully let on long-term leases to successful retailers and anchor tenants such as Saturn, Zara, Peek & Cloppenburg, Esprit, Olymp & Hades, Intersport Voswinkel, SuperBiomarkt and dm. Furthermore the bank Sparkasse Münsterland-Ost operates a major store here. Münster Arkaden opened in May 2005 and was acquired in May 2007 by the Sierra Fund. The purchase contract between the Sierra Fund and AACHENER GRUNDVERMÖGEN was signed on 15th of November 2012. Confidentiality was agreed regarding the sales price. The seller was counselled by Cushman & Wakefield, Frankfurt (Germany).

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 6.4 billion euros, and a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

A unique promotions platform in Portugal

Sonae Sierra launches PromoFans®, its shopping centre with discounts

• A multichannel discount platform with a large volume of promotions
• PromoFans® available online and also promoted at shopping centres
• The best brands bet on the best shopping centres

Sonae Sierra, the international shopping centre specialist, launches today PromoFans®, an innovative multichannel promotions platform, unique in Portugal. PromoFans® establishes, for the first time, an online connection between promotions of the brands present in its shopping centres and their shops, where the transactions with discount will take place.

Representing an investment of more than €2 million¹, PromoFans® is based on the concept "Your shopping centre with discounts", an unparalleled retail model in Portugal, and in shopping centres worldwide. This new channel for the dissemination of promotions is a clear Company bet on improving its visitors' shopping experience and adding value to its tenants' business, through an extremely relevant proposal to a digitally fluent consumer, increasingly attentive to good shopping opportunities.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "The PromoFans® platform represents the first step of a path Sonae Sierra intends to develop in the digital sector, making available, for the first time, a multichannel approach with advantages to our tenants and our shopping centres' clients."
He adds: "This strategy is a natural consequence of our clients increasingly using the digital universe, which will allow new business models to flourish, integrating the online world with the experience that only physical venues like our shopping centres can offer."

PromoFans® can be conveniently accessed at all times at www.promofans.pt, through free smartphone applications (iPhone and Android), Facebook and also through interactive platforms at the promotional desks locate in Sonae Sierra's participating Shopping Centres.

PromoFans® is available online and to the visitors of the ten best shopping centres in the Lisbon and Porto areas: 8ª Avenida, ArrábidaShopping, CascaiShopping, Centro Colombo, Centro Vasco da Gama, GaiaShopping, LoureShopping, NorteShopping, RioSul Shopping and Centro ViaCatarina. In 2013, the platform will reach all Sonae Sierra's Shopping Centres in Portugal, and the Company already has a plan to extend it in the short/medium term to other geographies.

PromoFans® is an effective and efficient communication platform for current and potential clients that provides free access to relevant promotions from their favourite brands. It's also an incentive to loyalty that enables Sonae Sierra and its tenants to communicate with its shopping centres' visitors and better understand their needs and behaviours. Promofans® users establish a relationship with their favourite Shopping Centre, can customize their homepage and select the type of information they wish to receive.

Each tenant, in its turn, manages their promotions independently inside the platform and can choose promotions in all their shops, in a segment of shops or in a single shop, through various promotional mechanisms, with some previously pre-configured formats, such as Flash Sales, Last Minute, and standard or exclusive promotions.

With PromoFans®, everybody wins

PromoFans® is a new marketing tool for tenants that enables them, with no additional costs, to reach a much wider target audience of current and potential clients, disseminate offers in the shopping centre in real time, draw traffic to their shops and increase sales opportunities for their products and services.

Clients also win, because they can stay up to date, at any time, on the promotional offers that best fit their consumer profile, from their favourite brands and in the shopping centre of their choice. Thus, they can plan their visits to the centres more efficiently, saving time, money, and ensuring the best buys through the PromoFans® promotions.

1 Includes costs with Media campaign at fixed prices.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 48 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 6.5 billion euros, and a total Gross Lettable Area of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the Shopping Centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

An operation worth around €81 million

Sonae Sierra sells ownership interests in three Shopping Centres in Brazil

Sonae Sierra Brasil, a Sonae Sierra subsidiary, has just announced the agreement for the sale of its ownership interests in three shopping centres - 51% in Shopping Penha, 30% in Tivoli Shopping and 10.4% in Pátio Brasil Shopping - for a total of R$212.9 million, approximately €81 million. The ownership interests in Shopping Penha and Tivoli Shopping were acquired by CSHG Brasil Shopping FII, a fund managed by Credit Suisse Hedging Griffo, while the ownership interest in Pátio Brasil Shopping was acquired by the shopping centre's main shareholder group.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "this transaction marks the beginning of our strategy of active investment management and capital recycling in Brazil, taking advantage of the excellent portfolio we have developed throughout the years, and the strong demand for this sort of assets from investors. Thus, we focus our activity on the ownership of controlling stakes in market-dominant shopping centres, and we increase our ability to develop new projects in Brazil and/or acquire centres already in operation with expansion/refurbishment potential, further strengthening our operation in this key market for Sonae Sierra."

Sonae Sierra will continue to provide management and leasing services for Shopping Penha for at least five years and for Tivoli Shopping for at least three years.
The three shopping centres represented a combined 24,700 m2 of owned GLA, less than 10% of Sonae Sierra Brasil's total owned GLA. With the sale of the ownership interests in these three shopping centres, Sonae Sierra now has a portfolio of eight shopping centres in Brazil, which represents a total of approximately 377,300 m² of GLA, managing a total of 11 shopping centres which represent a GLA of 402,000 m².

Two inaugurations scheduled for 2013 in Brasil

The Company still has two centres under construction, Boulevard Londrina Shopping, and Passeio das Águas Shopping both scheduled to be inaugurated in 2013. The former, located in the state of Paraná, will have 47,800 m² of GLA, corresponding to an € 88 million investment, and will serve a catchment area of more than 800,000 inhabitants. Passeio das Águas Shopping, in Goiânia, state capital of Goiás, will have 78,100 m² of GLA, serving a catchment area of more than 1.6 million inhabitants. This new centre represents an investment of about €167 million, which will make Passeio das Águas Shopping the largest and most modern shopping centre of the region.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 48 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 6.4 billion euros, and a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for third parties, and 7 new projects in pipeline.

Sonae Sierra recorded a Net Result of €16.8 million in the first nine months of 2012

• Direct Result reached €46.1 million, 4% above the first nine months of 2011
• EBITDA grew 2%, compared to the same period last year, reaching €86.4 million
• Tenant Sales and Global Occupancy Rate of the portfolio remained stable

Sonae Sierra, the international shopping centre specialist, recorded in the first nine months of 2012 a Net Result of €16.8 million, which represents a 38% decrease compared to the same period of 2011.
The variation of the Net Profit was due to unfavourable Indirect Results, -€29.3 million in the first nine months of 2012 compared to -€16.9 million in the same period of 2011, mainly as a consequence of yields expansion in Europe which were only partially compensated by yields compression in Brazil.

However, Direct Profits increased 4%to €46.1 million compared to €44.2 million in the same period of 2011, leveraged by the increased portfolio in operation in Europe and Brazil, operational efficiency gains and the improvement of financial results.

Among this quarter's main events were the signing of three new letting and management contracts in Algeria and the strengthening of our business in Morocco, where we signed our third development service contract for another shopping centre in Casablanca.

In Algeria, Sierra Cevital, a partnership between Sonae Sierra and Cevital, will provide letting and management services to Uno Shopping Centre Mostaganem, Uno Shopping Centre Ain Defla and Uno Shopping Centre Bouira. Together, these centres total 40,390 m2 of Gross Lettable Area (GLA), 92 shops, including 22 restaurants and 2,700 parking spaces. Sierra Cevital will provide its expertise to these new centres which are scheduled to open in late 2012 and early 2013.

As a result of the refurbishment and expansion of the current Marjane Californie gallery and hypermarket in Casablanca, Sonae Sierra has signed a new development management service contract. Scheduled to open in 2015, this newly refurbished expanded Centre will have a total Gross Lettable Area (GLA) of 37,510 m², 168 shops and 2,078 parking spaces.

The Company's EBITDA grew 2% (€86.4 million, compared to €84.6 million in the same period of 2011), reflecting the efficiency gains from the cost reduction efforts in all areas of the Company, the strengthening of our activity in Europe and Brazil and the growth in service provisions to third parties.

In the global portfolio managed by Sonae Sierra, tenant sales decreased 0.3% compared to the same period of 2011, mainly due to the decrease of economic activity in Greece, Portugal and Spain. We highlight the excellent operational performance of Brazil, with sales growing 15.4% in Reais, compensating the European portfolio performance.

The Global Occupancy Rate of the portfolio was 96%, a slight decrease of 0.8% compared to the same period of 2011, which demonstrates the Company's highly resilient portfolio in face of the natural impact of the current economic situation on occupancy and letting rates in the European retail real estate sector.

The Company's total assets under management reached €6.4 billion, a €115 million increase compared to the end of 2011, mainly due to the opening of Le Terrazze (Italy) and Uberlândia Shopping (Brazil).

Value metrics

Sonae Sierra calculates its NAV according to the guidelines published in 2007 by the INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the Company's NAV, as of September 30 2012, was €1.128 billion a decrease of 3.9% compared to the value recorded in December 2011, mainly due to distribution of dividends to shareholders and adverse FX variations.

Portfolio in operation and under development

Currently, Sonae Sierra owns 48 Shopping Centres in operation, 27 of which are located outside Portugal, namely in Spain (9), Italy (5), Greece (1), Germany (3), Romania (1) and Brazil (8). The Company has three Shopping Centres under construction which represent a total investment of about €375 million, and will add 155,000 m2 of Gross Lettable Area (GLA) to the company's portfolio after their inauguration.

In Germany and in a 50% partnership with MAB Development, Solingen Shopping is under construction, a €120 million investment which will have a gross lettable area (GLA) of 29.000 m² and is scheduled to open in late 2013.

There are two Centres under construction in Brazil, Boulevard Londrina and Passeio das Águas Shopping. The former, located in Londrina, state of Paraná, will have 47,800 m² of GLA, corresponding to a total investment of € 88 million. The latter, in the city of Goiânia, state of Goiás, will be the Company's 13th development in the country. With a GLA of 78,100 m², this new Centre represents a total investment of about €167 million. Both centres are scheduled to be inaugurated in 2013.

Sonae Sierra is also developing four shopping centres for Clients: Point Shopping Center in Zagreb (Croatia), Marina Casablanca, Ibn Tachfine and Californie all in Casablanca (Morocco).

In total, Sonae Sierra is responsible for the management of more than 70 shopping centres comprising a total Gross Lettable Area (GLA) of about 2.2 million m2 with more than 8,500 tenants.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 48 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages more than 70 Shopping Centres with a market value of more than 6.4 billion euros, and a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for clients, and 7 new projects in pipeline.

ANNOUNCEMENT
(Translation from Portuguese original)

Sonae Sierra SGPS informs that Sonae Sierra Group has a minority stake in the Consortium led by Corporación America, created to analyse with interest the privatization of ANA - Aeroportos de Portugal SA. The expression of this minority stake will be defined during the process. The value of this investment results from synergies and strategic horizons that may be offered to Sonae Sierra Group.

Maia, October 26th 2012

Edmundo Figueiredo
(Investor Relations)

Innovative Shopping Centre in Bucharest

Sonae Sierra and Caelum Development sign Joint Venture agreement for ParkLake Plaza

• A 67,000 m² GLA Shopping and Leisure Centre
• Unique Commercial, Sports and Leisure components, with fully integrated Green Area adjoining Titan Park
• 52 % of total gross leasable area (GLA) already let and further 13 % in advanced negotiations
• An investment of €185 million

Sonae Sierra, the International shopping centre specialist, and Caelum Development, a leading Eastern European Real Estate developer, closed a 50:50 Joint Venture Agreement for the development of ParkLake Plaza, located in Sector 3 in the eastern side of Bucharest.

The new Shopping Centre will offer high quality retail in around 200 shops, including various sport and leisure facilities. A unique and environmentally friendly design compliments and integrates the adjoining Titan Park. The project has already signed contracts for 52 % of its 67.000m² GLA, with further 13 % of the GLA in advanced negotiations, on an investment of €185 million.

ParkLake Plaza will include a large International food court with more than 20 units, a 16-screen Cinema City multiplex, a Cora Hypermarket on 15,000 m², Pure Fitness, Flanco, Douglas, Zara Home and a wide fashion offer (H&M, Mango, ZARA, OYSHO, Pull & Bear, Stradivarius, Massimo Dutti, Bershka). The center will offer 2,700 spaces of underground car parking and a distinctive offer of leisure components and sports features connected with the park.

Located in Sector 3 of the Eastern part of Bucharest, ParkLake Plaza will be only a 10 minute drive from the city centre, and benefits from substantial road frontage on the 4 lane Liviu Rebreanu road. The location is well serviced with all manners of public transportation including Bus, Tram and Metro, and serves a primary catchment area of more than half a million inhabitants in a 10 min drive-time.

Currently, the Joint Venture is working on the design optimization, further leasing contracts to be signed with new brands, and focusing on obtaining the right financial solutions, which together will define the exact construction start timing.

"We are glad that we can develop this unique project together with Caelum Development on the Romanian market. We are confident that ParkLake will offer Bucharest inhabitants a ground-breaking shopping experience offering a broad variety of fashion, services, food, sports articles, household goods and leisure. ParkLake will become one of the main attractions in Bucharest crossing over and integrating with exclusive leisure components and a green area to Titan Park" stated Ingo Nissen, Sonae Sierra Managing Director, responsible for Developments in Romania.

In addition, Caelum Development CEO, David Sharkey, comments that "The partnership with Sonae Sierra will further support our ambition to develop the best shopping and leisure destination in Romania's capital. We are positive that this much needed project will bring an unmatched retail experience to Bucharest and will set a new leisure destination in the city. ".

A SUSTAINABLE CENTRE

This centre will be designed in compliance with the certified Environmental Management System of Sonae Sierra, fulfilling the most rigorous and demanding quality requirements, namely in terms of comfort, safety and environmental protection. The project ParkLake Plaza will adopt the most modern environmental solutions that aim to reduce electricity and water usage. The Joint Venture will develop a shopping centre that combines shopping, culture and leisure activities with the latest solutions on safety, maintenance and management equipment, as well as a special attention devoted to the comfort of its consumers, tenants and the communities where they are located.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The Company owns 51 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. In total Sonae Sierra is responsible for the management of more than 70 shopping centres with an Open Market Value of 6.4 billion euros comprising a total gross lettable area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for third parties, and 7 new projects in pipeline.

About Caelum Development

Caelum Development, www.caelumdevelopment.eu, is a private Irish owned Investment/Development specialist with over 10 years experience in the European Real Estate Market. Based in its Company headquarters in Warsaw, the Caelum Group has an extensive Property Portfolio of 36 Projects throughout Europe and includes 21 Retail Centres with over 200,000sqm GLA. With emphasis on highest professional standards combined with local market knowledge Caelum benefits from a strong dynamic and dedicated team of property specialists, enjoying a growing market position in an ever changing market.

Acquisition of share worth about € 3 million

Sonae Sierra strengthens its presence in the Brazilian market

• Sonae Sierra Brasil now owns 76.9% of Franca Shopping

Sonae Sierra Brasil, a Sonae Sierra subsidiary, has just announced the acquisition of an additional 9.5% share of Franca Shopping for a price of 9 million Reais, about € 3 million.

With this acquisition, Sonae Sierra Brasil now owns 76.9% of Franca Shopping, a shopping centre located in the city of Franca, state of São Paulo, with 18,500 m² of GLA (Gross Lettable Area) and 106 shops.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "this investment in the strengthening of our position in Franca Shopping demonstrates our interest in betting on this quality asset and our commitment towards the Brazilian market, as well as our position as one of the main players of the sector in the country".

Consolidation of the presence in Brazil

Sonae Sierra manages a portfolio of 11 shopping centres in Brazil, which represents a total GLA of about 402,000 m².

The Company still has two centres under construction, Boulevard Londrina Shopping and Passeio das Águas Shopping both scheduled to be inaugurated in 2013. The former, located in the state of Paraná, will have 47,800 m² of GLA, corresponding to an € 88 million investment, and will serve a catchment area of more than 800,000 inhabitants. Passeio das Águas Shopping, in Goiânia, state capital of Goiás, will have 78,100 m² of GLA, serving a catchment area of more than 1.6 million inhabitants. This new centre represents an investment of about € 167 million, which will make Passeio das Águas Shopping the largest and most modern shopping centre of the region.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, passionate about creating innovative shopping experiences. The Company owns 51 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. In total Sonae Sierra is responsible for the management of more than 70 shopping centres with an Open Market Value of 6.4 billion euros comprising a total gross lettable area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for third parties, and 6 new projects in pipeline.

New Logo for Solingen Shopping Center

Future shopping centre in Solingen city centre with a fresh brand image focusing on nature, industry and fashion

• New brand image finds inspiration in Solingen's local features
• Logo follows the central theme of "nature, industry and fashion"
• The name of the new shopping centre remains "Hofgarten Solingen"
• Future centre with 29,000 m² of gross lettable area (GLA) will revive the city centre of Solingen
• Investment volume of around 120 million euros and creation of new jobs

The Solingen Shopping Center GmbH, a collective project of the joint venture partners MAB Development and Sonae Sierra, announces the brand image of the future shopping centre in the city centre of Solingen. The name "Hofgarten Solingen" remains, but the new logo reflects important themes which stand for the identity of the "city of blades" fromBergisches Land: nature, industry and - with the development of the new shopping location - fashion. The three themes were already singled out in the design phase as a guiding principle shaping the centre.

Logo unites the concepts of nature, industry and fashion

The idea of nature is builtin the name "Hofgarten" and isfurther reflected in the summery green, yellow and orange colours of the logo. Light greys and jagged edges refer to Solingen as a significant location in the German blade, knife and cutlery industry. The colourful and circular form also symbolizes the new city centre of Solingen. It shall be positionedin the future as a vivid and attractive centre of the city of blades.

The logo also suggests the future design of the shopping centre Solingen Hofgarten. The exterior design uses natural elements and includes a peripheral crown made of plants as well as a large green wall. The interior also shows design elements taking inspiration from nature and gardens, which enable many areas to function as an oasis of comfort and create a high quality of stay. For example, the large food court area will resemble a green garden. The theme of industry also features prominently in the design ofthe facade: a large metal scarf wraps around the entire building.

Thomas Binder, Managing Director of Sonae Sierra in Germany, stated: "The new look of  Hofgarten reflects exactly what we could wish for Solingen - a vibrant and attractive city centre the local people take pride in  and a great place for strolling and shopping. Hofgarten Solingen with its green crown and fabulous facade will be a real eye-catcher that enhances the cityscape significantly. We will show that high-quality shopping centres not only create sustainable inner-city marketplaces, but they can also be good examples to achieve urban repair architecture."

Michael L. Flesch, Managing Director of MAB Development Deutschland, stated: "The people of Solingen associate the name Hofgarten with the new shopping centre at Graf-Wilhelm-Platz. Since the demolition of the tower, but also thanks to the rapid progress of the construction works, it has become clear to the inhabitants of the city that the standstill is over and something new is being created. Today, when the name Hofgarten is heard, it resonates a lot of positive expectation. Therefore, we have decided to maintain this strong and popular local name."

The Hofgarten Solingen will open its doors in the autumn of 2013. On three levels and approximately 29,000 square meters of gross lettable area (GLA), many attractive international, national and local retailers will be there to offer tailored and modern shopping, service and leisure facilities for 270,000 residents in the catchment area. Around 120 million euros have been invested and several hundreds new jobs are expected to be created.

For further information please follow the link:www.hofgartensolingen.com.

About MAB Development

MAB Development is part of the Rabo Real Estate group, one of Europe´s largest real estate concerns with three main activities: Development, finance and investment management. The Rabo Real Estate Group consists of MAB Development, the FGH Bank, Bouwfonds Property Development and Bouwfonds Real Estate Investment Management. It is part of the Rabobank, one of Europe´s most stable financial institutions with an AA status, the best rating for private banks. MAB Development is a highly innovative European developer of commercial real estate and multifunctional urban projects. Actual project of MAB Development Germany is the PalaisQuartier in the city of Frankfurt am Main with an investment volume of €1bn. This city centre project consists of five elements: the representative Thurn und Taxis Palais, the shopping centre MyZeil, the office tower NEXTOWER, the hotel Jumeirah Frankfurt and the parking garage PalaisQuartier/MyZeil.

www.mab.com; www.palaisquartier.com

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The Company owns 51 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. In total, Sonae Sierra is responsible for the management of more than 70 shopping centres with an Open Market Value of 6.4 billion euros comprising a total gross lettable area (GLA) of about 2.2 million m² with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for third parties, and 6 new projects in pipeline.

Media contact:

MAB Development Deutschland: Simone Meseg Schillerstraße 20 60313 Frankfurt Tel. +49.69.50 600 53-111 E-Mail: simone.meseg@mab.com

Sonae Sierra: Birgit C. Neumann B.C Neumann PR Mittelstraße 15-17; 50672 Cologne Tel. +49.221.788 708-25 / M 0151-50433209 E-Mail: neumann@neumann-pr.de

Commercialisation of three Shopping Centres in Algeria

Sonae Sierra has signed three new service contracts in Algeria

• The company will be responsible to lease more than 40,390 m² of GLA
• Trade Mission to Algeria will show to different tenants the country's potential.

Sierra Cevital, the joint venture between Sonae Sierra and Cevital for the provision of development and property management services to third parties in the Algerian shopping centre sector, has signed three new contracts for the provision of leasing and property management services with Immobis (Cevital's real estate subsidiary).

The Shopping Centres to which Sierra Cevital is providing leasing services are Uno Shopping Centre Mostaganem, Uno Shopping Centre Ain Defla and Uno Shopping Centre Bouira. Together they entail 40,390 m² of Gross Lettable Area (GLA), 92 shops, including 22 restaurants, and 2,700 parking spaces. This way Sierra Cevital will provide its experience to shopping centres that are expected to open in the end of 2012 and in the beginning of 2013.

For Fernando Guedes de Oliveira, Sonae Sierra's CEO, "These contracts enable Sonae Sierra to strengthen its expansion in North Africa where we already were providing development services to three new Shopping Centres projects in Marroco."

For Salim Rehrab, Director of Cevital, "Cevital's objective in this partnership is to develop local knowhow to ensure the autonomy of this joint venture, and to foment the professionalisation of shopping centre management geared at providing our clients and our tenants with quality services. This in turn will stimulate the modernisation of the shopping centre sector by offering new opportunities to all players seeking to take part in this process of expansion."

Trade mission to Algeria for Portuguese, English and Italian brands

At the same time, Sierra Cevital is organising, with the support of the Portuguese embassy in Algeria, a Trade Mission to this country of the Maghreb from the 25^th to the 27^th of September.

This trade mission is aimed at some of the major retailers of Portugal, UK and Italy with the purpose of showing the existing business opportunities in Algeria for opening franchises in the three shopping centres that Sierra Cevital is leasing.

Mondo Italia Gallery, Pandora, Lanidor, After Shock are some of the retail firms that will travel to Algeria with Sierra Cevital to learn firsthand of the opportunities to expand their business that are offered in this emerging market with economic growth.

Significant market opportunities

For the shopping centre sector, Algeria is an attractive market with 36 million inhabitants, of which 60% is under 30 years old. In addition, the country is undergoing rapid economic development and has a shopping centre industry with great growth potential, due to the relatively low Gross Lettable Area per inhabitant - 5 m²/1,000 inhabitants - in comparison to the European Union, which is at 226 m²/1,000 inhabitants.

In macroeconomic terms, Algeria's economy presented a GDP growth rate of 3.6% in 2010, and is expected to achieve an annual growth of 3.5% before 2013.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The Company owns 51 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. In total Sonae Sierra is responsible for the management of more than 70 shopping centres with an Open Market Value of 6.4 billion euros comprising a total gross lettable area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages. Currently, Sonae Sierra has 7 projects under development, including 4 for third parties, and 6 new projects in pipeline.

About Cevital

CEVITAL, www.cevital.com , is a private 100% family-owned group created in the early 70's by Mr. Issad Rebrab, the current Chairman of the Board. With roughly 12 thousand employees, CEVITAL is present in different sectors of activity, including agro-industry (sugar, fats, liquids and solids, beverages), car sector (Hyundai, Fiat), electronic appliances (Samsung), plate glass (MGF) and distribution (Uno).

8^th Edition of the Euromoney Magazine Awards

Sonae Sierra considered the Best Retail Developer in Portugal

• Sonae Sierra awarded in Portugal for the fourth consecutive time

Sonae Sierra, the international shopping centre specialist, has just been awarded the Best Retail Developer in Portugal at the 8th edition of the Real Estate Awards, an initiative of Euromoney magazine, a leading international banking and economy publication. 

The votes for the Real Estate Awards are based on industry' participants opinion and verified performance figures, which nominate the companies with greater dynamic and innovation ability, in the creation of investment opportunities in the retail area.  This is the fourth consecutive year Sonae Sierra is distinguished by these important stakeholders in the real estate and financial sector from all over the world. 

Accordingto Fernando Guedes de Oliveira, Sonae Sierra's CEO"This distinction recognizes the quality of our team and ofour operation leading the shopping centre business in Portugal for more than 20 years".

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is an international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company owns 51 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. In total, Sonae Sierra is responsible for the management of over 70 shopping centres with a market value of 6.4 thousand million Euros and a total Gross Lettable Area (GLA) of about 2.2 million m2 with over 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres. Currently, Sonae Sierra has 7 projects under construction, including 4 for its clients, and 6 new projects in portfolio.

Reinforcement in services provision activity

Sonae Sierra develops third project in Morocco

• Company strengthens its international presence and service provision activity
• Development management of the Californie project, in Casablanca

Sonae Sierra, the international shopping centre specialist, has just strengthened its presence in Morocco, with the signing of its third service provision contract for the management of shopping centres development in the country.

The service provision contract for the management of another shopping centre development in Casablanca was signed with the Moroccan company Marjane, the largest hypermarket and supermarket chain operating in the country, which belongs to the ONA Group.

The new shopping centre is the result of the refurbishment and expansion of the current gallery and hypermarket Marjane Californie, in Casablanca. Scheduled to be inaugurated in 2015, the new centre will have a total Gross Lettable Area (GLA) of 37,510 m², 168 stores and 2,078 parking places.

Besides being responsible for the project management activities and engineering throughout the entire development stage, Sonae Sierra will also create the architectural concept and landscaping, define leasing layouts, do market surveys and define marketing strategy, as well as prepare the circulation study and signage in the parking lots.

Sonae Sierra entered Morocco in March 2011, with the signing of a contract, also with Marjane and another Moroccan company, Foncière Chellah (CDG Group - Caisse de Dépôt et de Gestion) for the provision of development services for the Marina Shopping Casablanca project, which includes housing, leisure and business facilities. In 2012 Sonae Sierra signed a new contract with Marjane, for the development of a shopping centre integrated in the real estate complex Ibn Tachfine, also in Casablanca.

For Fernando Guedes de Oliveira, Sonae Sierra's CEO, "The signing of the third contract in Morocco in the space of just one and a half years confirms the success of the presence in this market through services provision to third parties. We are particularly pleased that Marjane elected Sonae Sierra as its partner of choice for the development of its projects in this area, which confirms the recognition of our knowledge and experience in all areas of business in shopping centres." He adds: "With this contract we reinforce our activity in this country, which is clearly on the road to economic development, with its shopping centre business sector showing a great potential for growth."

Morocco has more than 34 million inhabitants and is considered an emerging market with political and economic stability. With a Gross Domestic Product (GDP) growth rate of 4.1% in 2011, its economic outlook points to large growth.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is an international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company owns 51 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. In total, Sonae Sierra is responsible for the management of over 70 shopping centres with a market value of 6.4 thousand million Euros and a total Gross Lettable Area (GLA) of about 2.2 million m2 with over 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres. Currently, Sonae Sierra has 7 projects under construction, including 4 for its clients, and 6 new projects in portfolio.

Sonae Sierra recorded a Net result of €2.9 million in the 1st half of 2012

• Direct Result reached €31.6 million, 10% above the first half of 2011
• EBITDA grew 4%, compared to the same period last year, reaching €57.6 million
• Tenant Sales and Global Occupancy Rate of the portfolio remained stable

Sonae Sierra, the international shopping centre specialist, recorded a Net result of €2.9 million in the first half of 2012, which represents a 78% decrease versus the same period of 2011. The variation of the Net Profit was due to unfavourable Indirect Results, -€28.7 million in the first half of 2012 compared to -€15.6 million in the same period of 2011, mainly as a consequence of yield expansions in Europe which were only partially compensated by yield compressions in Brazil. Nevertheless, Direct Profits increased 10%, €31.6 million in the first half of 2012 compared to €28.8 million in the same period of 2011, leveraged by operational efficiency gains and the improvement of financial results.

This quarter's main event was the strengthening of our service business in Morocco where we were awarded the second service contract for the development of a new shopping centre in Casablanca. The new project is part of real estate development Ibn Tachfine, which includes offices and a hotel with 100 rooms, and is located by the central railway station (Casa Voyageurs), in Casablanca. Scheduled to be inaugurated in 2014, the centre will have a total Gross Lettable Area (GLA) of 24.120 m² and 80 shops.

In Portugal, the Company invested about €3.5 million in the first phase of the refurbishment of Centro Comercial Continente de Portimão, with the objective of modernizing and revitalizing the interior of this important centre, present for 22 years in the city of Portimão. Centro Comercial Continente de Portimão has 59 stores in 13,500 m² of GLA and 800 free parking spaces.

Internationally, we also highlight the start of a new phase of the construction of Solingen Shopping Centre in Germany, planned to inaugurate in the autumn of 2013. The 29,000 m² GLA shopping centre situated right in the heart of the city of Solingen (North Rhine-Westphalia) represents an investment of € 120 million, in partnership with MAB Development, and has become a major leasing success with more than 50% of its Gross Lettable Area (GLA) already signed.

The Company's EBITDA grew 4% (€57.6 million, compared to €55.6 million in the same period of 2011), reflecting the efficiency gains from the cost reduction efforts in all areas of the Company and the growth in service provisions to third parties.

In the global portfolio managed by Sonae Sierra, tenant sales decreased 0.6% compared to the same period of 2011, mainly due to the economic conditions in Greece, Portugal and Spain. We highlight the excellent operational performance of Brazil, with sales growing 15.3% in Reais, compensating the European portfolio performance.

The Global Occupancy Rate of the portfolio was 96%, a slight decrease of 0.5% compared to the same period of 2011, which is remarkable in face of the natural impact of the current economic situation on the occupancy and letting rates in the European retail real estate sector.

The Company's total assets under management reached €6.4 billion, a €115 million increase compared to the end of 2011, mainly due to the openings of Le Terrazze (Italy) and Uberlândia Shopping (Brazil).

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculates its NAV according to the guidelines published in 2007 by the INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the Company's NAV, as of June 30 2012, was €1.12 billion, a decrease of 4.3% compared to the value recorded at the end on December 2011, mainly due to FX variations.

Portfolio in operation and under development

Currently, Sonae Sierra owns 51 Shopping Centres in operation, 30 of which are located outside Portugal, namely in Spain (9), Italy (5), Greece (1), Germany (3), Romania (1) and Brazil (11). The Company has three Shopping Centres under construction which represent a total investment of about €375 million, and will add around 155.000 m² of Gross Lettable Area (GLA) to the company's portfolio after their inauguration.

In Germany, Solingen Shopping Centre is under construction, a €120 million investment which will have a gross lettable area (GLA) of 29.000 m² and is scheduled to open in late 2013. There are two centres under construction in Brazil, Boulevard Londrina and Passeio das Águas. The former, located in Londrina, state of Paraná, will have 47,800 m² of GLA, corresponding to a total investment of € 88 million. The latter, in the city of Goiânia, state of Goiás, will be the Company's 13^th development in the country. With a GLA of 78,100 m², this new Centre represents a total investment of about €167 million. Both centres are scheduled to be inaugurated in 2013.

Sonae Sierra is also developing three shopping centres for Clients: Point Shopping in Zagreb, Croatia, Marina Casablanca and Ibn Tachfine, both in Casablanca, Morocco.  

In total, Sonae Sierra is responsible for the management of more than 70 shopping centres with an Open Market Value of 6.4 billion euros comprising a total gross lettable area (GLA) of about 2.2 million m² with about 8,500 tenants.

About Sonae Sierra

 Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry.

The Company owns 51 shopping centres and is present in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil. In total Sonae Sierra is responsible for the management of more than 70 shopping centres with an Open Market Value of 6.4 billion euros comprising a total gross lettable area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in the shopping centres it manages.

Currently, Sonae Sierra has 6 projects under development, including 3 for third parties, and 6 new projects in pipeline.

Sonae Sierra's Consolidated Profit and Loss Account and Balance Sheet

"Produtos de Portugal, produtos da minha terra" programme

Sonae Sierra signs protocol with the Regional Office of Lisboa e Vale do Tejo

• An initiative to promote products developed in the region of Lisboa e Vale do Tejo
• Flash Store in shopping centers will showcase these products

Sonae Sierra, the international shopping centre specialist, has just established a protocol with the Regional Office of Lisboa e Vale to Tejo for the development of the programme "Produtos de Portugal, produtos da minha terra" (Portuguese products, products from my homeland), aimed at boosting and promoting the products developed in the region.

To boost this programme the cooperation between the several institutional partners and economic agents is crucial.

Sonae Sierra is associated to the project as the only private partner of the programme with its "Flash Store" concept, a retail format that enables an initial support to companies and/or products in launch stage, and thus enables the region's entrepreneurs to present their products in temporary venues in the Company's Shopping Centres.

Flash Store: an innovative product based on the Pop Up Store concept

The "Flash Store" is a new retail tool from Sonae Sierra's Shopping Centres. They're temporary shops that work as true laboratories to test new brands and concepts. They are simultaneously privileged venues for the launch of new products that requires greater interactivity and a relationship with the consumer.

From the perspective of entrepreneurs in the initial stages of the business, the "Flash Store", due to its characteristics, represents a lesser investment, greater flexibility in terms of value and contract duration and are a unique opportunity to test new concepts and products.

Under this protocol, the businessmen and Associations of the Lisboa e Vale do Tejo region will be able to take advantage of special conditions for the installation of Flash Stores at Sonae Sierra Shopping Centres in the region, and the opening of two such stores is already scheduled to open soon at Centro Colombo.

To find out more about Flash Stores, visit www.mallactivation.com

About Sonae Sierra

 Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing three new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres.

Head Office: Lugar do Espido, Via Norte, Maia
Share Capital : € 162.244.860,00
Maia Commercial Registry and fiscal Number: 502 290 811

(translation from Portuguese original)

 BONDS SONAE SIERRA - SGPS, S. A. - 2008/2013

Coupon Number 8 - Payment of Interests

Notice is hereby given to the Holders of SONAE SIERRA SGPS 2008/2013 bonds that from 25 July 2012 there will be interests' payment in relation to coupon number 8, with the following values:

The financial intermediary responsible for the operation is Caixa Banco de Investimento, S.A.

The interests' payment will be made in relation to the bonds registered with the code SOACOE at the Share Register's Office ("Central de Valores Mobiliários").

Those shareholders who are entitled to tax exemption or not subject to tax withholding obligations regarding income taxation as well as those who are entitled to a reduction in the withholding tax rate, under the terms of article 90 of the Income Tax Law, should provide proof of this fact to the financial institution in which the respective bonds are registered, up to the day on which interest payment begin.

Maia, 06th July 2012

The Board of Directors,

Solingen Shopping Center

MAB Development and Sonae Sierra lay the foundation stone of new shopping centre in Solingen

• A new shopping centre with 29,000m² of GLA in the city centre of Solingen
• An important impulse for the future development of the city: Solingen Shopping Center will bring purchasing power back to Solingen
• The modern commercial architecture will fill the empty site in the city centre of Solingen
• Investment volume is around 120 million Euros and a range of new jobs will be created

The Solingen Shopping Center, a combined project of the joint venture partners MAB Development and Sonae Sierra, is entering the next phase of development on schedule. With the laying of the foundation stone, the investors and the building owners celebrated today the symbolic beginning of the construction process. The ceremony was held by the hosts Thomas Binder, Managing Director of Sonae Sierra in Germany and Michael L. Flesch, Managing Director of MAB Development alongside the Mayor of Solingen, Norbert Feith and the Deputy Mayor HartmutHoferichter. The grand opening of the Solingen Shopping Center is planned for autumn 2013. The investment volume is around 120 million Euros. It is estimated that several hundred new jobs will be created.

The 13,000 m² former Karstadt plot in the centre of Solingen will soon house a three-level shopping centre that will offer a total of 29,000 m² of GLA. The range of attractive and high-quality retailers and service offers will reach 270,000 people in the catchment area and will help to bring back the purchasing power into the city that has been diminishing for a longer time now. The modern commercial architecture impresses through a high level of transparency and open glass façades. The creation of the new centre will fill up the big unused space at Graf-Wilhelm-Platz that has been there for years and the new architectural highlight will serve to improve the cityscape considerably.

Michael L. Flesch, Managing Director of MAB Development Deutschland, said: "We are absolutely convinced that the new shopping centre is the start of Solingen's future positive development. Laying the foundation stone is the beginning of a process that will culminate in the Solingen city centre becoming a real crowd-puller that will attract lots of new visitors to shop and spend their leisure time there. We are proud that we are able to make a considerable contribution bythe creation of a comprehensive and modern retail and service offer."

Thomas Binder, Sonae Sierra Managing Director of Sonae Sierra in Germany, said: "Today marks the beginning of the future for the formerly disused area at Graf-Wilhelm-Platz. Soon the people of Solingen will see with their own eyes how the empty space gets filled up. With its impressive architecture, the new centre will not only make Solingen a top shopping destination, but it will also make it the living focus of an architecturally attractive city centre."

Solingen Shopping Center is a commercial success

With an excellent rental percentage of 45 percent, the Solingen Shopping Center is already a total success. Main anchor tenants such as Saturn and Edeka will occupy retail floor spaces of approximately 4,600 m² and 3,550 m² respectively. The dm-drogeriemarkt and the shoe retailer Deichmann will occupy units of 750 m² and 600 m² respectively. Douglas has rented a 275 m² unit and Thalia has rented a unit with around 450 m² of space. Hussel and Christ will also be present. Tenants such as Claires, Colloseum, Baci and Camp David will as new offers also expand the range of retail offers in the city.

The goal of the tailor-made tenant mix made up of well-known international, national and regional brands is to fulfil the all the customer requirements of a complete and modern shopping, service and leisure offer and to contribute to Solingen being an attractive shopping location that will draw in lots of visitors in the future.

About MAB Development

MAB Development is part of the Rabo Real Estate group, one of Europe´s largest real estate concerns with three main activities: Development, finance and investment management. The Rabo Real Estate Group consists of MAB Development, the FGH Bank, Bouwfonds Property Development and Bouwfonds Real Estate Investment Management. It is part of the Rabobank, one of Europe´s most stable financial institutions with an AA status, the best rating for private banks. MAB Development is a highly innovative European developer of commercial real estate and multifunctional urban projects. Actual project of MAB Development Germany is the PalaisQuartier in the city of Frankfurt am Main with an investment volume of €1bn. This city centre project consists of five elements: the representiveThurn und Taxis Palais, the shopping centre MyZeil, the office tower NEXTOWER, the hotel Jumeirah Frankfurt and the parking garage PalaisQuartier/MyZeil.

www.mab.com; www.palaisquartier.com

Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia. Currently, the company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing three new projects for third parties. Sonae Sierra manages more than 70 shopping centres with a total gross lettable area (GLA) of about 2.2 million m² with about 8,500 tenants. In 2011, the company welcomed more than 428 million visits in its shopping centres.

Media contact: 

MAB Development Deutschland:	Sonae Sierra:
Simone Meseg Schillerstraße 20 60313 Frankfurt Tel. +49.69.50 600 53-111 E-Mail: simone.meseg@mab.com	Birgit C. Neumann B.C Neumann PR Mittelstraße 15-17; 50672 Köln Tel. +49.221.788 708-25 / M 0151-50433209 E-Mail: neumann@neumann-pr.de

New contract for a project in Casablanca

Sonae Sierra strengthens its activity in Morocco

• Company strengthens its international presence and service provision activity
• 2^nd service provision contract in Morocco

Sonae Sierra, the international shopping centre specialist, has just strengthened its presence in Morocco, with the signing of its second service provision contract in the country.

The service provision contract for the development of a project in Casablanca was signed with Moroccan company Marjane, the largest hypermarket and supermarket chain operating in the country, belonging to the ONA Group.

The new project is part of real estate development Ibn Tachfine, which includes offices and a hotel with 100 rooms, and is located by the central railway station (Casa Voyageurs), in Casablanca. Scheduled to be inaugurated in 2014, the Centre will have a total Gross Lettable Area (GLA) of 24.120 m² and 80 shops

The activities to be developed by Sonae Sierra include commercial offer analysis, definition of layouts, architectural concept, as well as project management and engineering consulting throughout the entire development stage.

Sonae Sierra entered Morocco in March 2011, with the signing of a contract, also with Marjane and another Moroccan company, Foncière Chellah (CDG Group - Caisse de Dépôt et de Gestion) for the provision of development services for Marina Shopping Casablanca, which includes housing, leisure and business.

For Fernando Guedes de Oliveira, Sonae Sierra's CEO, "Morocco is a market with more than 34 million inhabitants, which is under rapid economic development, and has a shopping centre industry with an enormous potential for growth. The signing of the second contract in the country represents a strengthening of our presence, as well as the confirmation of our successful growth on this market through third party service provision", he adds.

Morocco is considered an emerging market, with political and economic stability and which, in macroeconomic terms, had a Gross Domestic Product (GDP) growth rate of 4.1% in 2011, and there are great future growth perspectives for its economy.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing three new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres.

ICSC Solal Awards

Sonae Sierra receives International Award for an innovative Digital Marketing campaign

• NorteShopping Christmas campaign involved the use of technological solutions and Social Media
• The first shopping centre company in Portugal to use this technology

Sonae Sierra received the ICSC Silver Solal Award in the Digital Marketing category with an innovative Christmas campaign held, for the first time in Portugal, at NorteShopping. "Merry North" is the name of the award-winning project, which involved the use of technological solutions and social media to promote a distinctive experience during Christmas shopping centre campaign.

The ICSC Solal Awards recognizes the best marketing campaigns in the retail sector at an international level, being Sonae Sierra the only Portuguese company distinguished in the Digital Marketing category.

NorteShopping was the first shopping centre in Portugal to use this technology to boost Christmas initiatives, by providing trendy, innovative, technological and distinctive Christmas season experiences to its visitors using two different technologies: Face Tracking and Augmented Reality.

With regard to Augmented Reality, many QR Codes were placed in the shopping centre inviting visitors to take pictures alluding Christmas season by using iPhone 3GS/4/4S, iPad 2 or Android and share it by phone or in Facebook. Face Tracking enabled the customization of Christmas cards. In this case, visitors were placed in front of a small camera and choose the scenario set to be photographed. Afterwards, the personalized card was ready to offer to family and friends through Facebook.

According to Manuela Calhau, Sonae Sierra's Head of Marketing and Innovation for Europe, "This recognition confirms the pioneering spirit and innovation we seek with the marketing activities we organize in our shopping centres. "Merry North" is a good example of this pioneering and offered our customers something new and distinctive".

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Sentre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres.

A "new" Centre for about 7 million annual visits

Sonae Sierra invests € 3.5 million in the refurbishment of Centro Comercial Continente de Portimão

• 59 stores in 13,500 m² of GLA
• Occupancy rate of 98%
• New, modern and sophisticated food court
• The architectural project was inspired by the cruise ship theme

Sonae Sierra, the international shopping centre specialist, has just inaugurated the first phase of the refurbishment of Centro Comercial Continente de Portimão, an investment of 3.5 million euros which had the main objective of modernizing and revitalizing the interior of this important Centre, present for 22 years in the city of Portimão.

Centro Comercial Continente de Portimão has 59 stores in 13,500 m² of GLA and 800 free parking spaces. The refurbishment enhance the offer with the entry of new shops such as Trucco, Casa do EME, Imagine jeweller's, and also strengthened the services with the Express shop and Elegance beauty centre. The restaurant offer features new entries, Yogurtlândia and Happy Family - a new sushi concept with its own dining room - which join the 12 restaurants that were already present: Pizza Hut, H3, Loja das Sopas, Vitaminas & Companhia, Mille Paste, Burger Ranch, Lounge Caffee, Nosolo Gelato, among others.

The Centre has a unique leisure offer in the region, which includes six cinemas with 840 seats. The access area to the cinemas has also been improved, with the introduction of new escalators from the food court, reinforcing the connection between the two areas, which are highly sought by visitors.

With an occupancy rate of 98% and about 7 million visits in 2011, the refurbishment will revitalize the known qualities of Centro Comercial Continente de Portimão, in conformity with the modernity and comfort standards to answer the current market trends, visitor demands and further adjust it to the region's tourism, providing a unique shopping and leisure experience.

A more modern and functional food court

The intervention in the food court is part of Sonae Sierra's new generation food court concept, in which the refurbishment of the area is focused on the needs of the visitors in terms of comfort and functionality, with a more efficient organization of the space and the creation of differentiated seats according to different needs, whether for individual, group or family meals, in a total of 250 seats.

The highlights in this area are the padded seats, high stools and counter-type tables, a family area - Kidys Area equipped with microwave oven, baby bottle warmers and children's chairs.

Decoration inspired by cruise ships

The purpose of the new design was to create a modern and well-lit space, through the recreation of a cruise ship environment which is visible through the colours, materials and graphics used throughout the Centre. From terrazzo medallions on the floors, with marine fauna and lighthouse elements, to the hatchways in the food court, all decorations are inspired by the sea, sun and vacations, characteristic features of the city of Portimão. The food court furniture reinforces this theme using elements such as hatchways and wood surfaces that refer to life on board.

The centre underwent a profound ceiling refurbishment with the fitting of decorative mouldings, walls with different coatings and new floors. Throughout the Centre green touches were added to complement the interior decoration, which resulted in a new landscape.

Environmentally, we highlight the creation of more green areas, the improvement in terms of the space's acoustics and the creation of more waste separation areas, with the introduction of new service stations. The air conditioning and ventilation systems were improved, to ensure the best temperature and comfort conditions inside the Centre, regardless of the weather conditions outside.

About Sonae Sierra

 Sonae Sierra, www.sonaesierra.com, is the international Shopping Sentre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres.

Forming a unique tenant mix offer

Solingen Shopping Center circa 45% GLA signed

• New anchor tenants Saturn, Edeka, dm-drogerie markt, and Deichmann
• A wide variety of restaurants, from Asian to green, healthy food new concept
• Under advanced negotiations for further tenants in the summer period

Solingen Shopping Center, a common project of MAB Development and Sonae Sierra, has become a major leasing success: approximately 45% Gross Lettable Area (GLA) is already signed. The 29,000 m² GLA shopping centre situated right in the heart of the city of Solingen (North Rhine-Westphalia) represents an investment of € 120 million and will serve a catchment area of around 270,000 inhabitants. The innovative and sustainable architectural concept hinges on a unique tenant-mix offering a singular shopping, services and leisure experience.

For major anchors, Saturn will offer a wide assortment of electronics with a two-level store covering over 4,600 m². The groceries specialist Edeka will cover over 3,550 m² for its store. As for dm-drogerie markt and the footwear specialist Deichmann, they will cover over 750 m² and 600 m², respectively.

Further to these anchor shops, Solingen Shopping Center will extend its offer to more tenants from the fields of fashion, cosmetics and perfumery, food retailers and other international, national and local brands in order to complete a tenant-mix that will fulfil the needs and wishes of its future visitors. Douglas will have over 275 m² while Thalia will cover around 450 m².

Fashion retailer Colloseum is present there and so is Hussel, Christ and also other new innovative concepts joined the project, bringing new and unique presences to the city of Solingen. New concepts brought to the city by Solingen Shopping Centre will be Claires, Colloseum, Baci and Camp David.

The food court offer is shaped through a wide variety of concepts, from Asian (continental and sushi) and Turkish to a new light and green, healthy food concept.

"We are very happy with the excellent quality and number of tenants who have already signed leases, though construction works have just started", stated Thomas Binder, Managing Director of Sonae Sierra in Germany and responsible for Developments. "Many more retailers are applying for stores in Solingen Shopping Center, and intensive discussions are currently underway with other potential tenants. All of that proves that we can already view the shopping centre as extraordinary success".

Michael L. Flesch, Managing Director of MAB Development Germany, explained: "The innovative and modern shopping centre concept we are bringing to Solingen comes together with a unique tenant mix that turns Solingen into a stronger shopping magnet for more than 270,000 inhabitants in the catchment area. We are now working so as to provide the appropriate tenant mix that meets our customer demands for modern shopping, services and leisure."

The 29,000 m² GLA shopping centre, planned to open in autumn 2013, will offer visitors an attractive tenant mix of leading international and national brands as well local tenants, well integrated within a sustainable development concept, giving rise to what will be the main attraction point in the centre of Solingen.

MAB Development

MAB Development is part of the Rabo Real Estate group, one of Europe´s largest real estate concerns with three main activities: Development, finance and investment management. The Rabo Real Estate Group consists of MAB Development, the FGH Bank, Bouwfonds Property Development and Bouwfonds Real Estate Investment Management. It is part of the Rabobank, one of Europe´s most stable financial institutions with an AA status, the best rating for private banks. MAB Development is a highly innovative European developer of commercial real estate and multifunctional urban projects. Actual project of MAB Development Germany is the PalaisQuartier in the city of Frankfurt am Main with an investment volume of €1bn. This city centre project consists of five elements: the representive Thurn und Taxis Palais, the shopping centre MyZeil, the office tower NEXTOWER, the hotel Jumeirah Frankfurt and the parking garage PalaisQuartier/MyZeil.

www.mab.com; www.palaisquartier.com

Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia. Currently, the company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 shopping centres with a total gross lettable area (GLA) of about 2.2 million m² with about 8,500 tenants. In 2011, the company welcomed more than 428 million visits in its shopping centres.

Contact for media:

MAB Development Deutschland: Simone Meseg Schillerstraße 20 60313 Frankfurt Tel. +49.69.50 600 53-111 E-Mail: simone.meseg@mab.com

Sonae Sierra: Birgit C. Neumann B.C Neumann PR Mittelstraße 15-17; 50672 Köln Tel. +49.221.788 708-25 E-Mail: neumann@neumann-pr.de

 

Innovation in the communication with stakeholders

Sonae Sierra presents "Economic, Social and Environmental Report 2011"

• First fully integrated Economic, Social and Environmental performance Report
• 29% reduction in Greenhouse Gas (GHG) emissions per m² of Gross Lettable Area (GLA) in shopping centres in Portugal
• Global Occupancy Rate increase and high level of tenant satisfaction
• Sonae Sierra's investment funds considered the most sustainable in Europe, according to the Global Real Estate Sustainability Benchmark

Sonae Sierra, the international shopping centre specialist, has just presented its "Economic, Social and Environmental Performance Report 2011", which contemplates a fully integrated analysis of the three pillars that sustain the business activities and allow stakeholders to have a more comprehensive perspective of the Company's performance in the different aspects, demonstrating once again pioneering spirit and innovation in the reporting of the Company's performance.

Another innovative aspect associated to this Report is the adoption of a digital format with a simplified information structure and features that enable an easy consultation and a customized compilation of information. Readers can also create their own Report, selecting the chapters that interest them the most, so as to produce a document based on the information most relevant to them. It's also possible to select and compile chapters of the synthesis reports, creating a report with country-by-country information.

With this publication, Sonae Sierra discloses the integrated performance of the Company throughout 2011, simultaneously defining environmental and social goals to be achieved in 2012. The document covers all areas that represent significant business challenges and opportunities, and are managed by the Company's Corporate Responsibility Management System.

The positive results achieved in 2011 in the environmental and social pillars are due to the Environment and Safety & Health strategies and to the management systems, certified in accordance with the ISO 14001 and OHSAS 18001 standards. The positive results achieved in the economic pillar are evidence of the resilience and strength of the Sonae Sierra portfolio in a period of economic downturn, with challenging business conditions.

According to Elsa Monteiro, Sonae Sierra's Sustainability Director, "Sonae Sierra's sustainability involves the continuous evaluation of our economic, social and environmental performance, seeking to create shared value. We continue to be considered an international reference for the sustainability work developed in the shopping centre sector, and we believe sustainability will increasingly become a decisive factor in the relationships with our stakeholders. She adds: "Society is increasingly aware of environmental and social issues, and rewards companies that maintain responsible business strategies".

Sustainability principles reduce costs

The sustainability principles incorporated in all of the Company's business areas have resulted in an operational costs reduction, which in turn enabled the reduction of common expenses paid by tenants and contributed to the maintenance of high levels of occupation and satisfaction.

In fact, in 2011, Sonae Sierra's global occupancy rate increased to 96,7%, despite the challenging conditions in the retail sector in many markets where it operates. In 36 of the 49 shopping centres owned by Sonae Sierra, the occupancy rate is more than 95%.

In 2011, the Company obtained OHSAS 18001 certification for five more shopping centres and two projects under construction: Le Terrazze and Uberlândia Shopping, recently inaugurated.

Also fruit of its social performance, Sonae Sierra reduced the rate and gravity of work accidents compared to the previous year.

Regarding its environmental performance, Sonae Sierra obtained ISO 14001 certification for three more shopping centres and two developments under construction. Note that Le Terrazze (Italy) was the first shopping centre to obtain, during the construction stage, joint certification in accordance with ISO 14001 environmental standard and OHSAS 18001 Safety & Health at work management standard.

In 2011, we avoided costs of about €7.3 million as a result of the energetic efficiency measures that have been implemented since 2002. In Portugal, Sonae Sierra cut down 29% of GHG emissions per m² of GLA, compared to 2010, and also achieved a 4% reduction in energy consumption. Also regarding last year, we highlight: the implementation of rain water collection systems in 8ª Avenida and Centro Vasco da Gama; the installation of water reuse systems in cooling towers in LoureShopping and GaiaShopping; and the achievement of a 53% recycling rate.

Sonae Sierra is an international sustainability reference in the shopping centre sector. Last year, Sonae Sierra's real estate investment funds were considered the most sustainable in Europe and third worldwide by the Global Real Estate Sustainability Benchmark (GRESB), and the Company led, for the sixth time, the Climate Responsibility ranking for companies in Portugal.

Commitment to sustainability throughout the years

In global terms, comparatively to recent years, we highlight the 67% reduction in greenhouse gas (GHG) emissions per square meter of GLA, since 2005. With these results, Sonae Sierra positions itself to reach the objective of a 70% reduction in GHG emissions per m² of GLA before 2020.

In Portugal, we recorded a significant reduction in GHG in shopping centres and office buildings, which was at 0.042 tCO2/m² of GLA in 2011, compared to 0.059 in 2010.

Since 2002, we reached a 30% reduction in energy consumption per m² of common areas and sanitary facilities in Sierra shopping centres. The measures implemented since 2002 avoided in 2011 an additional consumption on 100 million of kWh of energy, equivalent to €7.3 million.

In 2011, the Company saved 10.1 million kWh of electricity, compared to the previous year. In Portugal, energy consumption was also cut, from 589 kWh/m² in shopping centre common areas and sanitary facilities (excluding tenants) in 2010 to 564 kWh/m².

Other measures implemented in recent years enabled a 12% reduction in water consumption since 2003, and savings of 212 million litres of water and €813,000 in 2011. We also highlight the saving of about €0.6 million in 2011 as a result of a 179% increase in the proportion of recycled waste between 2002 and 2011.

In 2011, we have reached a recycling rate of 53%, compared to 51% in 2010, through the implementation of measures such as the creation of new waste separation and collection facilities, the involvement with our tenants and improvement in waste separation practices.

In Portugal, the recycling rate is higher than the global value, reaching 57% in 2011, compared to 55% reached in 2010.

Note: See link for more detailed information on the Company's Corporate Responsibility management system, as well as the obtained results in terms of the proposed targets.

http://www.sonaesierra.com/pt-pt/responsabilidadecorporativa/relatoriosefeedback/relatorios/relatorios2011.aspx

About Sonae Sierra

 Sonae Sierra, www.sonaesierra.com, is the international Shopping Sentre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres.

Sonae Sierra recorded a Net result of €13 million in the 1st quarter of 2012

• Net result grew 25% compared to the 1^st Quarter of 2011
• Direct result reached €18 million, 24% above the first Quarter of 2011
• EBITDA grew 4%, compared to the same period, reaching €30 million
• Global Occupancy Rate of the portfolio remained stable, at 96%
• Successful inauguration of Le Terrazze (Italy) and Uberlândia Shopping (Brazil)

Sonae Sierra, the international shopping centre specialist, recorded a Net result of €13 million in the first quarter of 2012, which represents a 25% increase versus the same period of 2011. The positive variation of the Net Profit was leveraged by a 24% increase in the Direct Profits (€17.8 million in the first quarter of 2012 compared to €14.4 million in the same period of 2011), mainly as a consequence of operational efficiency gains and the improvement of financial results. Indirect Profit decreased 20% as a consequence of the inexistent valuations of investment properties in the quarter.

In some of the markets in Europe where the Company is present, there is a high level of uncertainty in what regards property values. Valuers have been stating in their reports that the significant uncertainty on the macro-economic front leads to very low levels of transactions that can serve as reference for values.

Given this, the Company decided to change its valuation policy and move from quarterly valuations to half-yearly valuations. This brings the Company in line to what is still the normal practice in most property markets.

The main events of this quarter were the opening of Le Terrazze, the Company's fifth centre in Italy, and Uberlândia Shopping, its 11^th centre in Brazil. The two new Centres represent a total investment of €229 million and increased the Gross Lettable Area (GLA) managed by Sonae Sierra by about 84,000 m².

In Portugal, the Company invested about €1 million in a new expansion phase of GuimarãeShopping, which added 1,240 m² of GLA allowing the Centre to improve its retail offer and attractiveness.

Internationally, we also highlight Sonae Sierra Brasil's successful issuance of Bonds worth R$300 million (€124 million). Also in Brazil, we strengthened our share in Shopping Plaza Sul by 30%, in exchange for a minority share of 22.2% in Shopping Penha and R$63.9 million in cash. This transaction adds control over a high quality shopping centre in the city of São Paulo, while maintaining a controlling interest in Shopping Penha thus reinforcing Sonae Sierra Brasil's strategy of searching for opportunities to acquire and strengthen its holding interests in existing assets.

EBITDA grew 4% (€30 million, compared to €29 million in the same period of 2011), reflecting the efficiency gains from the cost reduction efforts in all areas of the Company and 100% growth in development services provision to third parties, compared to the same period of 2011.

In the global portfolio managed by Sonae Sierra, like-for-like tenant sales decreased 0.8% compared to the same period of 2011, mainly due to the economic conditions in Greece, Portugal and Spain. We highlight the excellent operational performance of Brazil, with sales growth of 11.4% in Reais, compensating the performance in Europe.

The Global Occupancy Rate of the portfolio was 96%, a slight decrease of 0.7% compared to the same period of 2011, which is remarkable in face of the natural impact of the current economic situation on the occupancy and letting rates in the European retail real estate sector.

The Company's total assets under management reached €6.5 billion, a €222 million increase compared to the end of 2011, mainly due to the opening of Le Terraze and Uberlândia Shopping, since assets under management were not re-valued this quarter.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculates its NAV according to the guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the company's NAV, as of March 31 2012, was €1.19 billion, an increase of 1.1% compared to the value recorded at the end on December 2011, consequence of the net result posted in the current exercise.

Portfolio in operation and development

Currently, Sonae Sierra has 51 Shopping Centres in operation, 30 of which are located outside Portugal, namely in Spain (9), Italy (5), Greece (1), Germany (3), Romania (1) and Brazil (11). The Company has three Shopping Centres under construction which represent a total investment of about €375 million, and will add 153,900 m² of Gross Lettable Area (GLA) to the company's portfolio after their inauguration.

In Germany, Solingen Shopping is under construction, a €120 million investment which will have a gross lettable area (GLA) of 28.000 m² and is scheduled to open in late 2013. There are two centres under construction in Brazil, Boulevard Londrina and Passeio das Águas. The former, located in Londrina, state of Paraná, will have 47,800 m² of GLA, corresponding to a total investment of € 88 million, and is expected to be inaugurated in late 2012. The latter, in the city of Goiânia, state of Goiás, will be the Company's 13^th development in the country. Scheduled to be inaugurated in 2013 with a GLA of 78,100 m², this new Centre represents a total investment of about €167 million.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international Shopping Centre specialist, with a passion for bringing innovation and excitement to the Shopping Centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total Gross Lettable Area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its Shopping Centres.

Social Responsibility project developed by Sonae Sierra

"Música por uma Ca(u)sa" distinguished at European level  

The solidarity campaign "Música por uma Ca(u)sa" has just received an honorable mention at the "ICSC Foundation European Community Support Awards" which distinguishes the campaign developed by Sonae Sierra for Acreditar - Association of Parents and Friends of Children with Cancer - for the construction of a shelter home in Porto.

Created by the International Council of Shopping Centers Foundation, this prestigious award recognizes annually a variety of social responsibility initiatives developed by the commercial real estate companies and shopping centers across Europe, according to the selection of a jury of internationally renowned experts to distinguish sector's corporate social responsibility and community outreach efforts.

Starting at an institutional event for stakeholders, to which the company associated a social cause, this Corporate Responsibility initiative by Sonae Sierra was the first impulse to the creation of a campaign that gave visibility to this Association's Cause and ensured the viability of the new Home, through the raising of new support for the project.

The campaign consisted of the activation of partnerships with Media Partners, PR actions in the Media, an outdoor teaser campaign, and free advertising in different media, and was strongly driven through social networks. The initiative was also present at information stands in Sonae Sierra Shopping Centres in Greater Porto.

This distinction highlights the success of "Música por uma Ca(u)sa", which raised more than € 40,000 throughout the five weeks of the campaign, and received about 31,000 surcharged phone calls, representing a contribution of about 20,000 euros. This action also had a strong presence on Facebook, where more than 20,000 people joined the Acreditar page and followed this solidarity chain on a daily basis. Almost 2,500 "likes" added to the more than 1.000 shares of information on the initiative, and nearly 2,000 views on the Youtube channel specifically created for the dissemination of the project.

As a result of the visibility achieved, many other companies joined this Cause organizing promotional campaigns and fundraisers, and others offered financial support, in kind and services for the construction of the House.

We built this House together!

About Sonae Sierra

New service provision contract in Portugal

Sonae Sierra will manage Caniço Shopping, in Madeira

• Sonae Sierra strengthens its leadership in the national market
• 31^st asset managed by the Company in Portugal

Sonae Sierra, the international shopping centre specialist, has signed a contract with SIVIFEGO, owner of Caniço Shopping, to manage the Shopping Centre, including the letting and daily operation, with the purpose of optimizing the centre's performance.

Inaugurated in December 2003, in the city of Caniço, in the Autonomous Region of Madeira, this Shopping Centre has a total of 6,608 m² of Gross Lettable Area (GLA), 49 shops in two levels, and a parking lot with 200 spaces, and serves a population on 24,000 inhabitants. Of the brands present in Caniço Shopping, the highlights are a Continente supermarket, Worten, TMN, Delta Café, as well as various services such as the Water Administration of the Santa Cruz Municipality, Banco Santander and Lavagem Auto Caniço Shopping. The centre also features an important leisure area, Rock's Clube, which includes bowling, karaoke and billiards.

Cristina Santos, Managing Director of Sonae Sierra responsible for Shopping Centre Management in Portugal, states that "this new contract is a clear acknowledgment of our capacity in terms of shopping centre management, thanks to our experience of more than 20 years. We look forward to working with SIVIFEGO and the tenants of this development, with the objective of asserting the centre as a quality shopping area for its visitors."

José Carlos Vieira, Managing Partner of SIVIFEGO, states he is "convinced that Sonae Sierra's professionalism and experience will contribute to improve Caniço Shopping's performance. We will work together to offer the inhabitants of Caniço a shopping centre that meets their needs in terms of leisure and commerce".

With this agreement, Sonae Sierra strengthens its leadership in the management of shopping centres and retail parks in Portugal where the Company owns 21 centres and provides services to third parties in the management of 9 more assets, in a total of more than 920,000 m² of GLA.

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total gross lettable area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its shopping centres.

11^th Shopping Centre from Sonae Sierra in Brazil

Uberlândia Shopping opens to the public today

• 92% of the Gross Lettable Area already let
• A € 79 million investment
• 201 shops in 45,300 m² of Gross Lettable Area
• Positive impact on the local economy: 2,000 jobs created and 21 local tenants

Sonae Sierra, through its subsidiary Sonae Sierra Brasil, inaugurates today Uberlândia Shopping, its 11^th shopping centre in Brazil.

Located in a region known as "Triângulo Mineiro", Uberlândia Shopping represents a total investment of € 79 million and has 92% of its Gloss Lettable Area (GLA) already let, which proves the quality and innovation of the project. Its opening will create more than two thousand jobs.

The new Centre, with 45,300 m² of GLA, will be an important landmark for the city, for its sophistication and differentiating character, which will provide Uberlândia with new retail, culture and entertainment alternatives, in two levels that feature 201 shops, 6 of which are large dimension shops, 21 restaurants, a Walmart hypermarket, and 5 last generation Cinemark cinemas. It also features a large parking lot with 2,400 parking spaces and a bicycle park with 170 spaces, connected to the city's urban bicycle path.

Several new brands to the region have confirmed their presence in Uberlândia Shopping,  such as All Bags, Artex HomeLifestyle, Crocs, John John, Kalunga, Lacoste, Livraria Leitura, Magic Games, Noir Le Lis, Opção Jeans, Track & Field, Zas Tras Brinquedos, and the previously inaugurated Leroy Merlin and Walmart hypermarket. Other prestigious brands will also be present, such as Arezzo, Brooksfield, Centauro, Drogasil, Fast Shop, Harry´s Brinquedos, Havaianas, Kopenhagen, O Boticário, Polishop, Siberian, Victor Hugo, Vivara, and others. The food court will also feature reference brands such as Burguer King, McDonald's and many others that strengthen the quality of the commercial offer and the variety of this new shopping destination.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO "this is the first of a set of new projects we intend to develop in Brazil, where we now have 11 centres in operation and two more under construction, which represent a total investment of €255 million. It is our intention to accelerate our growth in Brazil, taking advantage of the excellent economic performance of the Brazilian economy that has enabled Sonae Sierra to achieve very positive results in the country, and strengthen our position as one of the main players in the sector in Brazil".

Unique architectural concept

Uberlândia Shopping's architecture is inspired by the lush vegetation and natural features of the Cerrado region of Minas Gerais. The decoration features the region's colours and textures, which are present in the façades and mall. Asymmetry and different geometric shapes are prevalent in the architecture, with large glass areas for a better usage of natural light.

One of the main highlights of the centre's architecture is the Food Court, with a glass wall and outdoor terrace with a clear view of the city.

Located on a high area of the city, the centre can be seen from a great distance, which adds even more impact to its architecture. The building's façade has three large green walls overlaid with plants, covering an area of approximately 800 m².

Sustainable centre

Following Sonae Sierra's Corporate Responsibility Policy, Uberlândia Shopping has adopted several measures to minimize its environmental impact and ensure the Safety and Health of employees. It was the second shopping centre in the world and the first in the Americas to obtain joint certification (ISO 14001 and OHSAS 18001) of its integrated Safety, Health and Environment system during the construction stage of the project. The first was Le Terrazze, another Sonae Sierra centre, inaugurated last week in Italy.

Besides the adoption of architectural solutions such as the use of glass areas - which favour natural lighting and enable the saving of electric power - and the installation of a green wall in the façade, the centre's operation will also feature several environmental measures, such as the use of air conditioning devices that use less water and spend less energy, taps with automatic timers and economic flushing in WC's, with water volume control. Besides that, the centre will be illuminated with LED light fixtures, which spend up to 80% less energy than common light fixtures.

Consolidation of the presence in Brazil

With the opening of Uberlândia Shopping, Sonae Sierra now manages a portfolio of 11 shopping centres in Brazil, which represents a total GLA of 401,9 thousand m².

The Company still has two centres under construction, Boulevard Londrina Shopping, scheduled to be inaugurated in late 2012, and Passeio das Águas which should be inaugurated in 2013. The former, located in the state of Paraná, will have 47,800 m² of GLA, corresponding to an € 88 million investment, and will serve a catchment area of more than 800,000 inhabitants. Passeio das Águas Shopping, in Goiânia, state capital of Goiás, will have 78,100 m² of GLA, serving a catchment area of more than 1.6 million inhabitants. This new centre represents an investment of about € 167 million, which will make Passeio das Águas Shopping the largest and most modern shopping centre of the region.

Together, these two new projects under construction represent an investment of € 255 million, and will enable Sonae Sierra to almost double its dimension in Brazil, with a 92% increase of its GLA.

"It is our intention to permanently have two projects under construction in Brazil", states Fernando Guedes de Oliveira, Sonae Sierra's CEO. Besides the two projects currently under development (Boulevard Londrina Shopping and Passeio das Águas Shopping) our objective is to be involved in the development of another seven new projects up to and including 2016, and expand/refurbish three more centres already under operation", he announces.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 51 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 3 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total gross lettable area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its shopping centres.

Strengthening of investment capacity in Brazil

Sonae Sierra Brasil successfully concludes the issuance of Bonds worth 300 million Reais 

Sonae Sierra Brasil, a Sonae Sierra subsidiary, has just announced to the market the successful placing of 30,000 bonds with a total value of 300 million Reais (about € 124 million).

The company's intention with this operation is to strengthen its growth strategy in this important market, and the funds raised are destined to (i) the acquisition of new property; (ii) the increase of the Company's participation in existing Shopping Centres; (iii) the eventual acquisition of new Shopping Centres; (iv) the development of new Shopping Centres and (v) the reinforcement of the Company's cash balance.

In the first quarter of 2011, Sonae Sierra Brasil successfully concluded its initial public offering, achieving a capital increase of about € 208 million (R$ 465 million) by listing its shares in the São Paulo Stock Exchange. With this operation, about 30% of the company is now free float.

For Fernando Guedes Oliveira, Sonae Sierra's CEO, "the successful placing of the Bonds is another important step for the sustained growth we have experienced in one of our key markets, Brazil. It is our intention to permanently have two projects under construction in Brazil, and therefore, besides the three projects currently under development (Uberlândia Shopping, Boulevard Londrina Shopping and Passeio das Águas Shopping) our current objective is to be involved in the development of another seven new projects up to and including 2016.  It is also our intention to expand/refurbish three more centres currently under operation, in the same period. Thus, we will continue to take advantage of the important growth the Brazilian economy is showing, that has enabled Sonae Sierra to obtain very positive results in this country."

Brazil, a market in constant growth for Sonae Sierra

Sonae Sierra Brasil is a specialist in the development and management of shopping centres in Brazil. Its activity began in 1999, when Sonae Sierra joined a local company, Enplanta Engenharia, which held shares in, and managed, five centres.

2002 was an outstanding year for the Company with the inauguration of Parque D. Pedro in Campinas, São Paulo, the largest shopping centre in Latin America at the time, with more than 108,000 m² of GLA.

In 2006, Sonae Sierra established a 50/50 partnership for its businesses in Brazil with DDR, a company listed in the New York Stock Exchange and leader in the development, ownership and management of shopping centers in the United States of America. With this partnership, Sonae Sierra Brasil was 93% owned by the Sonae Sierra and DDR, and Enplanta Engenharia owned the other 7%.

In 2011, Sonae Sierra Brasil was successfully listed in the São Paulo Stock Exchange, with Sonae Sierra and DDR maintaining control of 67% of the Company's shares, and the other 33% becoming free float and minority interests.

Currently, the Company co-owns and manages 10 shopping centres. The developments inaugurated in 2010 and scheduled to be inaugurated in the coming two years suggest good growth perspectives for the operation of Sonae Sierra Brasil.

The new projects under construction - Uberlândia Shopping (Minas Gerais), scheduled to be inaugurated on March 27th; Boulevard Londrina Shopping (Paraná) and Passeio das Águas Shopping (in Goiânia, Goiás state capital) represent a € 317 million investment, and will enable the company to almost double its dimension in Brazil, with a 92% increase of its GLA.

About Sonae Sierra

Sonae Sierra,www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The company in present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 50 Shopping Centres. Sonae Sierra is also active in third party service provision in Croatia. Currently, the Company has 4 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 Shopping Centres with a total gross lettable area (GLA) of about 2.2 million m2 with about 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its shopping centres.

 "Le Terrazze" shopping centre opens to public tomorrow

• 98% of total gross leasable area (GLA) already let
• An investment of €150 million, creating 700 new jobs (direct and indirect)
• 102 shops on a GLA of 38,600 m2, of which 60 new brand for the city and a total number of 37 local tenants
• First shopping centre in the world to ever achieve joint Environmental (ISO 14001) and Safety & Health (OHSAS 18001) certifications during construction phase acknowledged by Lloyd's Register Quality Assurance

Sonae Sierra and ING Real Estate open to public tomorrow the new shopping centre "Le Terrazze" which is located in La Spezia, Italy. The centre represents a total investment of 150 million Euros and has a 98% of total gross leasable area (GLA) already let.

The new shopping centre, with a GLA of 38,600 m2, will hosts 102 commercial units including an Ipercoop hypermarket of 11,700 m2, 13 large stores and 16 restaurants and bars, as well as a Fitness Club Tonic with indoor swimming pool and a free covered parking for 2,000 cars.

"Le Terrazze" will offer a high quality tenant mix of local and international brands including Ipercoop, Mediaworld, H&M, Tonic Fitness, Scarpamondo, Cisalfa Sport, Deichmann, OVS Industry, Benetton, Piazza Italia, DeN Store, La Feltrinelli and Calliope.  The shopping centre will also offer a food court area with 16 restaurants and bar: Coffee House, Gelateria Antichi Sapori, Old Wild West, Giovanni Rana, Frutteria, Kikko Sushi, Gusto Siciliano, La Piadineria, Cibiamo, McDonald's, L'Osteria Ligure, Rosso Sapore, Bottega del Caffè, Road House Grill, Yoyogurt, Pollo Campero.

 Vitalization of the local economy

"Le Terrazze", developed through a 50/50 joint venture between Sonae Sierra and ING Real Estate, will create 700 new jobs (direct and indirect), excluding induced employment and hypermarket. The shopping centre will be the first phase of a wider project of urban requalification, which will give back to the citizens of La Spezia a part of their city. It will be easily accessible from the city centre - it is located just 1 km from La Spezia downtown - and also close to tourist areas such as Le Cinque Terre, Porto Venere, Lerici and Versilia.

Architectural concept

The entire concept of "Le Terrazze" is developed in harmony with the surrounding landscape and it is closely connected with the local geographic configuration. In order to render homage to the local culture and its tradition, the shopping centre's interior is characterized by a fresco painting which represents the sea and land beauties of the Ligurian territory.

Sustainable centre

"Le Terrazze" project has been focusing on Corporate Responsibility from the very beginning of its construction adopting the best practices both in terms of Environment safeguard and occupational Safety & Health.

This strong commitment has been acknowledged by Lloyd's Register Quality Assurance (LRQA) and "Le Terrazze" has become the first shopping centre in the world to ever achieve joint Environmental (ISO 14001) and Safety & Health (OHSAS 18001) certifications. Moreover, the project has achieved both certifications without any Non Conformities detected during the certification audits.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and unique experiences to the shopping centre industry. The Company operates in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil owning a total of 50 Shopping Centres, and is also providing services to third parties in Croatia. Currently, Sonae Sierra has 4 projects under construction and 6 new projects in different development phases, plus two new projects for third parties. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2011, the company welcomed more than 428 million visits in its shopping centres.

ING Real Estate is a pan-European developer focusing on retail-based mixed-use projects. ING Real Estate  is a business of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.

"Le Terrazze" Press Office: 

MSL Italia
Viale Vittorio Veneto, 22
20124 Milano 

Alessandro Chiarmasso
Tel: 02 77336.381 - fax: 02 77336.360
E-mail: alessandro.chiarmasso@mslgroup.com  

Mariella Piccinni
Tel: 02 77336.289 - fax: 02 77336.360
E-mail: mariella.piccinni@mslgroup.com 

Anna Elena Carusone
Tel: 02 77336.271 - fax: 02 77336.360
E-mail: annaelena.carusone@mslgroup.com

Sonae Sierra recorded a Net Profit of €9.7 million in 2011, 12% above last year

• Direct Net Profit grew 6% despite asset sales and successful IPO in Brazil
• Global occupancy rate grew to 96.8%
• Portfolio under management welcomed 428 million visits
• Five shopping centres under construction, representing a total investment of €522 million

Sonae Sierra recorded a Net Profit of € 9.7 million in 2011, a 12% increase versus € 8.7 million in the same period of 2010. The positive variation of the Net Profit was leveraged by a 6% increase of the Direct Profit, as a consequence of the resilience and improved operational efficiency of the portfolio of assets, which mitigated the negative effects of yield expansion, especially in Portugal.

Asset sales in Europe - Alexa (Germany) and Mediterranean Cosmos (Greece) in 2010 and Plaza Éboli and El Rosal, both in Spain, in 2011 - and the successful IPO in Brazil in the first quarter of 2011 led to an 8% decrease of annual Direct Income, from € 226.7 million in 2010 to € 209.2 million in 2011. As a consequence and in spite of the cost containment efforts in all areas of the Company, EBITDA suffered a 9% decrease in the same period (€ 112.8 million compared to €123.4 million in 2010).

The global portfolio managed by Sonae Sierra delivered a positive performance, taking into account the current performance of retail sales in some of the markets where the company operates, with tenant sales decreasing just 0.2% in 2011, versus 2010.

Despite the natural impact of the economic situation on rent and occupancy rates in the retail sector, the global occupancy rate of the portfolio was 96.8%, 0.5% above 2010. This figure reflects the quality of both assets and Company management.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculates its NAV according to the guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), of which the Company is a member.

On this basis, the company's NAV, as of December 31 2011, was € 1.173 billion, compared to €1.251 billion in 31 December 2010 due to the dividend attribution and to the decrease in translation reserves arising from the depreciation of the Real.

Strategy for 2011: internationalization, service provision and capital recycling

In 2011, the main axes of the defined strategy were rigorously implemented: internationalization, capital recycling and third party service provision.

The Company started providing services in new geographies, namely in Morocco, Algeria and Croatia and started construction of two new projects.

In Germany, we started works on site in Solingen, which will have a gross lettable area (GLA) of 28,000 m² and is scheduled to open in late 2013. In Brazil we started construction of Passeio das Águas Shopping, in the city of Goiânia, the Company's 13^th development in the country. Scheduled to open in 2013, this new centre represents an investment of about € 167 million, which will make Passeio das Águas Shopping the largest and most modern shopping centre of the region. Also in 2011, Sonae Sierra inaugurated in Brazil the expansions of Shopping Campo Limpo and Shopping Metrópole.

The capital recycling strategy adopted by the Company with the purpose of ensuring its sustainable growth led to the sale, in 2011, of two centres in Spain (El Rosal and Plaza Éboli) and to the IPO of Sonae Sierra Brasil. This strategy had already been carried out in 2010 with the partial sale of Alexa (Germany) and the sale of Mediterranean Cosmos (Greece). Additionally, the Company re-financed the existing AlgarveShopping (Algarve, Portugal) loan through a new long term non-recourse mortgage-backed facility with an international Bank.

We have also reinforced and increased our third party service provision activity, with the signing of three new contracts to lease Sun Plaza, Magnolia Shopping and Vitantis Mall, in Romania. In Spain, Sonae Sierra strengthened its presence with the signing of a contract to lease Carcaixent Retail Park. In Italy, Sierra took over the management and letting of Le Isole, located in Piemonte, and the letting of Shopping Park in Milan. In Germany, we signed a contract with Bayerische Hausbau to manage Bikini Berlin, a large retail project in Berlin, scheduled to be inaugurated in 2013.

In the provision of development services area, the Company signed two new contracts, one in Morocco for the development of Marina Shopping in Casablanca and another in Croatia for the development of Vrbani Shopping in Zagreb.

Operating and under development Portfolios

Currently, Sonae Sierra has 49 shopping centres in operation, 28 of which are located outside Portugal, namely in Spain (9), Italy (4), Greece (1), Germany (3), Romania (1) and Brazil (10).

The Company has five shopping centres under construction, representing a total investment of about € 522 million.

Besides the aforementioned Solingen Shopping and Passeio das Águas Shopping, the Company continues construction in Uberlândia Shopping and Boulevard Londrina, both in Brazil. The first is scheduled to be inaugurated on March 27th, will have a GLA of 43,600 m² for an investment of € 62 million. The second will have a GLA of 47,800 m², which corresponds to an investment of € 88 million, and is scheduled to open in late 2012. In Italy, Le Terrazze is scheduled to be inaugurated on March 21 with a total GLA of 38,500 m² for an investment of more than € 125 million.

SONAE SIERRA

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The company is present in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil, and owns 49 shopping centres. Sonae Sierra is also active in third party service provision in Croatia.  Currently, the Company has 5 projects under construction and 6 new projects in different phases of completion, and is also developing two new projects for third parties. Sonae Sierra manages more than 70 shopping centres with a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2011, the Company welcomed more than 428 million visits in its shopping centres.

Registered Office: Lugar do Espido, Via Norte, Maia
Share Capital: € 162.244.860,00

Registered at the Commercial Registration Office of Maia
under the sole register and fiscal number 502 290 811

ANNOUNCEMENT

As required under Article 3 of Regulation 5/2008, issued by the Portuguese Stock Market Authority (CMVM), Sonae Sierra announces that, by letter dated 28th February 2012, Deloitte & Associados, SROC, S.A., Statutory External Auditor of this Company, informed that, as from such date, is represented in the exercise of its duties by Teresa Alexandra Martins Tavares.

Maia, 6th March 2012

José Edmundo Figueiredo

(Investor Relations)

Second market in North Africa

Sonae Sierra enters Algeria

• Creation of a service provider company in the shopping centre area
• SierraCevital isSonaeSierra's new partnership with Algerian groupCevital
  

Sonae Sierra, the international shopping centre specialist, has just entered the Algerian market with the creation of Sierra Cevital, a service provider company in the shopping centre area, including the shopping centre development, management and letting activities.

Sierra Cevital is owned by Sonae Sierra and Cevital, an Algerian group with interests in several business areas, namely in the food industry, construction, glass manufacturing and car sales. More recently, the group invested in the large retail sector, with hypermarket brand Uno.

For Fernando Guedes de Oliveira, Sonae Sierra's CEO, the "entry in this new market in another step towards the diversification of Sonae Sierra's international presence. Our partnership with Cevital allows us to join our know-how and experience in the shopping centre sector with Cevital's knowledge of the Algerian market. We're certain that the combination of these factors will have a positive impact on the development of our activity in Algeria."

Salim Rebrab, a Cevital Administrator, adds: "Currently, Algeria has deficit of shopping centres that can offer a modern shopping and leisure experience. There were several reasons for our partnership with Sonae Sierra: we have the same values of integrity and respect, we share the same vision and, especially, the ambition of becoming leaders in this sector in Algeria. Finally, the complementarity of our skills is clear, combining the knowledge of the Algerian market, on the one side, and the specialization and experience in shopping centres, on the other, which will make this partnership a success."

For the shopping centre sector, Algeria is an attractive market with 36 million inhabitants, where 60% of the population is under 30 years old, and is in rapid economic development, with a shopping centre industry with great growth potential, due to the relatively low Gross Lettable Area per inhabitant - 5 m²/1,000 inhabitants - in comparison to the European Union, which is at 226 m²/1,000 inhabitants.

In macroeconomic terms, Algeria's economy presented a GDP growth rate of 3.6% in 2010, and is expected to achieve an annual growth of 3.5% before 2013.

A sustained internationalization process

Sonae Sierra which operates in the Portuguese market for 21 years, begun its internationalization in 1999 in three markets: Spain, Greece and Brazil. In 2000, Germany and Italy joined the list, and 2007 marked our arrival in the Romanian market.  In 2010, the entry in Colombia reinforced the Company's internationalization with a new market in South America. In 2011, Sonae Sierra entered Morocco through third party service provision.

Currently, the Company has 49 shopping centres in operation, 31 of which are located outside Portugal, namely in Spain (9), Italy (4), Greece (1), Germany (3), Romania (1) and Brazil (10). In terms of new projects, Sonae Sierra currently has 5 projects under construction and 6 new projects in different phases of completion in Portugal (1), Italy (1), Germany (2), Greece (2), Romania (2) and Brazil (3). Additionally, the Company is developing two other projects for third parties in Croatia and Morocco.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and unique experiences to the shopping centre industry. The Company operates in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia and Brazil owning a total of 49 Shopping Centres, and is also providing services to third parties in Croatia. Currently, Sonae Sierra has 5 projects under construction and 6 new projects in different development phases, plus two new projects for third parties. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

About Cevital

A CEVITAL, www.cevital.com , is a private group, 100% family-owned. The group was created in the early 70's by Mr. Issad Rebrab, the current Chairman of the Board. With roughly 12 thousand employees, CEVITAL is present in different sectors of activity, including agro-industry (sugar, fats, liquids and solids, beverages), car sector (Hyundai, Fiat), electronic appliances (Samsung), plate glass (MGF) and distribution (Uno).

Maia Commercial Registry and fiscal Number: 502 290 811

(translation from Portuguese original)

INSIDE INFORMATION ANNOUNCEMENT

Sonae Sierra informs that its subsidiary Sonae Sierra Brasil S.A., a company incorporated in accordance with the Brazilian law, has announced, on February 6th, the sale of an additional minority ownership stake in Shopping Penha to CSHG Brasil Shopping FII, a fund managed by Credit Suisse Hedging-Griffo. 

Sonae Sierra Brasil sold 5.1% of Shopping Penha to CSHG Brasil Shopping FII for R$ 11.5 million in cash.

With the transaction, Sonae Sierra Brasil has reduced its ownership in Shopping Penha from 56.1% to 51.0%, maintaining the controlling ownership stake and management of this shopping centre. 

Shopping Penha is located in the east region of the city of São Paulo and has 29.600 m2 of GLA.

Maia, February 7th 2012

Edmundo Figueiredo
(Investor Relations)

Creation of new services department

Sonae Sierra strengthens its third party service provision capacity

• Integrated services of shopping centre development, management and letting
• Service provision as an international expansion support
• Third party service provision already cover the management of 18 shopping centres, the letting of five others and the development of two new projects 

Sonae Sierra, the international shopping specialist, has just created a new department, EMEA Sierra Services, which will be responsible for the sale and management of services to third parties in new markets in Europe, Middle East and Africa, and also for the support of the third party services provision in countries where the Company already operates. With more than 20 years of experience and operating in nine countries, Sonae Sierra now reinforces its international growth strategy through the provision of services based on the know-how acquired and developed by the Company, which enables the creation of value throughout the entire life cycle of an asset, whether it's the development, expansion, refurbishment or management of a shopping centre.

The creation of EMEA Sierra Services has the objective of offering Sonae Sierra clients a department dedicated to the sale and management of a set of high quality integrated services for shopping centres, covering the entire value chain of the business: from marketing analysis to the investment decision, design, development, marketing, letting, to operational management or even third party asset management. The services will be provided by the existing areas of shopping centre development, asset management and shopping centre management, which will provide their full support to this new area.

According to Fernando Oliveira, Sonae Sierra's CEO, "the third party service provision business area has enabled the Company not only to create a new source of revenue, but also to enter new markets, deepen our knowledge, create new partnerships, and thus be more effective in the detection of new business opportunities in of those markets, positioning itself as an important support to the Company's international expansion strategy." 

According to José Falcão Mena, Sonae Sierra's Service Department Director for Europe, Middle East and Africa, "this is an important development for Sonae Sierra as a knowledge provider and third party service provider. Our specialized integrated approach to the business, coupled with our international experience and constant ability to create unique concepts adapted to the local communities, make Sonae Sierra a partner of choice in the shopping centre industry. We're convinced that the creation of a specific structure for the sale and management of services provision of design, development, letting and management will further boost our international growth, especially in emerging markets". 

Presence in new markets

Sonae Sierra already provides services to third parties in new geographies such as Morocco - in the development of a project in Casablanca, Marina Shopping; Croatia - in the management of the development of the new shopping centre Vrbani, in Zagreb; Colombia - through the creation, in partnership, of a service provision company, Sierra Central. In the other countries where Sierra operates, service provision at the present moment falls mainly on the operational management and letting, with a total of 18 shopping centres under management for third parties, and five others where the company provides letting services. 

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Croatia, Morocco and Colombia. Currently, the Sonae Sierra has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a gross lettable area (GLA) of more than 2.2 million m² with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

Maia Commercial Registry and fiscal Number: 502 290 811

(Translation from the Portuguese original)

  MARKET ANNOUNCEMENT

Sonae Sierra informs that its subsidiary Sonae Sierra Brasil S.A., a Company incorporated in accordance with the Brazilian law, announced on January, 27^th, 2012, an agreement to obtain an additional controlling ownership interest in Shopping Plaza Sul.

This agreement was made with CSHG Brasil Shopping FII, a fund managed by Credit Suisse Hedging-Griffo, to obtain an additional 30.0% ownership interest in Shopping Plaza Sul in exchange for a minority stake in Shopping Penha and R$ 63.9 million in cash.

Shopping Plaza Sul is located in the south region of the city of São Paulo and has 23.0 thousand sqm of GLA. Through this transaction Sonae Sierra Brasil increased its ownership to 60.0% of this mall. The 30.0% ownership interest in Plaza Sul was valued at R$ 102.9 million.

Shopping Penha is located in the east region of the city of São Paulo and has 29.6 thousand sqm of GLA. Sonae Sierra Brasil has transferred a 17.12% stake in this mall to CSHG Brasil Shopping FII. With this transaction, Sonae Sierra Brasil will reduce its ownership in Shopping Penha from 73.18% to 56.06%, nevertheless maintaining the controlling ownership stake of this mall.

This transaction reinforce Sonae Sierra Brasil's strategy to pursue opportunistic M&A activities, adding to the portfolio the controlling ownership of a high-quality mall located in the city of São Paulo while maintaining the controlling ownership stake in another asset.

Both shopping centres continue to be managed by Sonae Sierra Brasil.

Maia, 30 January 2012

Edmundo Figueiredo
(Investor Relations)

Maia Commercial Registry and fiscal Number: 502 290 811
(Translation from the Portuguese original)

MARKET ANNOUNCEMENT

Sonae Sierra informs that its subsidiary Sonae Sierra Brasil S.A., a Company incorporated in accordance with the Brazilian law and a leading Brazilian shopping mall developer, owner and manager, announced that Moody's has assigned a first-time global scale rating of Ba2 and a Aa3.br national family corporate scale rating. In addition, Moody's has assigned a Aa3.br rating to the Sonae Sierra Brasil's senior unsecured notes to be issued on February 15th, 2012. The ratings' outlook is stable.

Maia, 31 January 2012

Edmundo Figueiredo
(Investor Relations)

• 98% of total gross leasable area (GLA) already let
• An investment of €125 million (net of financial costs), creating 700 new jobs
• 104 shops on a GLA of 38,600 m2
• First shopping centre in the world to ever achieve joint Environmental (ISO 14001) and Safety & Health (OHSAS 18001) certifications during construction phase

Sonae Sierra and ING Real Estate will open the new shopping centre "Le Terrazze" which is located in La Spezia, Italy. The centre represents a total investment of 125 million Euros (net of financial costs) and has 98% of its GLA already let.

The new shopping centre, with a GLA of 38,600 m2, will hosts 104 commercial units including an Ipercoop hypermarket of 11,700 m2, 8 large stores and 15 restaurants and bars, as well as a Fitness Club Tonic with indoor swimming pool, a games room of 700 m2 and a free covered parking for 2,000 cars.

"Le Terrazze" will offer a high quality tenant mix of local and international brands including H&M, Media World, Piazza Italia, La Feltrinelli, Tonic Fitness, Play Park Entertainment Centre, Scarpamondo, Kiko, Yamamay, Nara Camicie, Game Stop, OVS, Geox, Guess, Swarovski, Golden Point, Celio, Vodafone, Beauty&Co, Jean Louis Davide, Timberland, FootLocker, Primadonna, Harmont & Blaine, among others. In the food court there will be brands like McDonald's, Rosso Sapore, Road House Grill, Old Wild West, Kikko Sushi, Gusto Siciliano, Bottega del Caffè and Yogurteria Antichi Sapori, and others will also be present to reinforce the restaurants offer.

"Le Terrazze will be the biggest shopping and leisure centre in La Spezia and will give further impulse to the commercial appeal of the whole city" - comments Jerry Boschi, Sonae Sierra Responsible for Development in Italy. "Italy is a key market for Sonae Sierra and we firmly believe it has an interesting growth potential".

"Le Terrazze will offer a new and innovative concept of shopping to all citizens of La Spezia and nearby provinces. Our goal is to create not only a place for shopping but also for living, where visitors can choose from a variety of different experiences, with great attention and respect to La Spezia and the local community we serve", added Michele Latora, Country Manager Italy,  ING Real Estate.

"Le Terrazze", developed through a 50/50 joint venture between Sonae Sierra and ING Real Estate, will create 700 new jobs (direct and indirect), excluding induced employment and hypermarket. The shopping centre will be the first phase of a wider project of urban requalification, which will give back to the citizens of La Spezia a part of their city. It will be easily accessible from the city centre - it is located just 1 km from La Spezia downtown - and also close to tourist areas such as Le Cinque Terre, Porto Venere, Lerici and Versilia.

Sustainable centre

"Le Terrazze" project has been focusing on Corporate Responsibility from the very beginning of its construction adopting the best practices both in terms of Environment safeguard and occupational Safety & Health.

This strong commitment has been acknowledged by Lloyd's Register Quality Assurance (LRQA) and "Le Terrazze" has become the first shopping centre in the world to ever achieve joint Environmental (ISO 14001) and Safety & Health (OHSAS 18001) certifications. Moreover, the project has achieved both certifications without any Non Conformities detected during the certification audits.

For more information of Le Terrazze please visit: www.le-terrazze.it.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com/www.sonaesierra.it, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Croatia, Serbia, Morocco and Colombia. Currently, the Company has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

About ING Real Estate

ING Real Estate is a pan-European developer focusing on retail-based mixed-use projects. ING Real Estate is a business of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.

(translation from Portuguese original)

BONDS SONAE SIERRA - SGPS, S. A. - 2008/2013
Coupon Number 7 - Payment of Interests

Notice is hereby given to the Holders of SONAE SIERRA SGPS 2008/2013 bonds that from 25 January 2012 there will be interests' payment in relation to coupon number 7, with the following values: 

The financial intermediary responsible for the operation is Caixa Banco de Investimento, S.A. 

The interests' payment will be made in relation to the bonds registered with the code SOACOE at the Share Register's Office ("Central de Valores Mobiliários"). 

Those shareholders who are entitled to tax exemption or not subject to tax withholding obligations regarding income taxation as well as those who are entitled to a reduction in the withholding tax rate, under the terms of article 90 of the Income Tax Law, should provide proof of this fact to the financial institution in which the respective bonds are registered, up to the day on which interest payment begin.

Maia, 6^th January 2012  

The Board of Directors,

11^th Shopping Centre in Brazil

Sonae Sierra inaugurates Uberlândia Shopping in March 2012

• 89% of the GLA already let 
• A €62 million investment 
• Creation of more than 2 thousand jobs after the opening 

Sonae Sierra has just announced that the inauguration of its 11th Shopping Centre in Brazil will take place next March 27^th 2012. Located in a region known as "Triângulo Mineiro", Uberlândia Shopping represents a total investment of €62 million and has 89% of its Gloss Lettable Area (GLA) already let, which proves the quality and innovation of this project.

The new Centre will be an important landmark for the city, for its sophistication and differentiating character, which will provide Uberlândia with new shopping, culture and entertainment alternatives, in an area with 45,300 m² of GLA, in two levels that feature 166 satellite shops, 6 large dimension shops, 17 restaurants, a Walmart hypermarket, and 5 last generation Cinemark cinemas, in a total of 201 operations. 

Important brands will be present in Uberlândia Shopping, between new operators in the city and local brands. The shops already confirmed include All Bags, Artex, BMart, Centauro, Crocs, Emporio Naka, Magic Games, Renner, Siberian and Victor Hugo, among others, which join the Walmart hypermarket and Leroy Merlin, already inaugurated. 

The Centre also features a large parking lot with 2,400 parking spaces and a bycicle park with 170 spaces, connected to the city's urban bycicle path. 

The project is now entering the final stage of construction, an important step that signals the beginning of the tenants' operations setup, in a Centre that generated 700 jobs during its construction, and will ensure the creation of a further 2 thousand direct jobs after its opening.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO "this is an important milestone for Sonae Sierra in Brazil, one of our key markets, where we already have 10 centres in operation and two more under construction, which represent a total investment of €255 million. Our intention is to continue to grow in Brazil, taking advantage of the excellent performance of the Brazilian economy, and reinforce Sonae Sierra's position as one of the main players in the sector in this country".

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Croatia, Morocco and Colombia. Currently, the Sonae Sierra has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a gross lettable area (GLA) of more than 2.2 million m² with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

Sonae Sierra begins new stage of Solingen project

• 28,000 m² of Gross Lettable Area in the Solingen city centre
• A €120 million investment 
• Opening scheduled for between the end of 2013 and the start of 2014
• Demolition video:

The city of Solingen, in Germany, witnessed yesterday an important milestone that marks a new stage in the development of the construction project of the new shopping centre Solingen Shopping, developed by Sonae Sierra and MAB Development, with the demolition of a former hotel located on the site, which will give way to a new shopping centre that will have a total Gross Lettable Area (GLA) of 29,000 m² and is scheduled to open between late 2012 and early 2014.

The demolition (video available at http://www.sonaesierra.com/en-GB/portfolio/projects/Germany/Solingen_Shopping/default.aspx and on http://www.youtube.com/watch?v=V01XFbZ99cc) was carried out through the "Kipp-kollapse" process in which the tower fist slightly folds and then collapses, a safely adjusted technique to the plot specification which lasted only a few seconds. Thousands of visitors and residents of Solingen followed the blast from different positions in the town and jointly celebrated the start of a new and innovative development in the town. 

Fernando Guedes de Oliveira, Sonae Sierra's CEO, comments on the event: "The demolition marks a new stage in the development of Solingen Shopping, which will be a sustainable shopping centre integrating commerce, services and leisure in the heart of Solingen. Thanks to the new centre, a wide area of the city centre will benefit from a new attraction and a project that brings up the best of the local heritage, coupled with innovative and quality features that characterize Sonae Sierra's shopping centres".

GERMANY - A new growing market in Sonae Sierra's universe

Sonae Sierra already holds a strong position on Germany, where it manages more than 175,000 m² of GLA. 

The Company co-owns three shopping centres - the Alexa, in Berlin, with 56,341 m² of GLA, 180 shops and 1,600 parking spaces with a catchment area of 1.8 million inhabitants; the Münster Arkaden, in Münster with a 36,270 m² of GLA, 43 shops and 250 parking spaces serving 400 thousand inhabitants, and Loop5, in Weiterstadt, with 175 shops in 56,500 m² of GLA and 3,000 parking spaces, serving an area with more than 1 million consumers. 

Besides that, Sonae Sierra is responsible for the management of shopping centre Post Galerie, in Karlsruhe, and Bikini Berlin, in Berlin. 

Currently, Sonae Sierra has one more project, besides Solingen Shopping, planned in this country; Neue Mitte Garbsen, in Garbsen.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Croatia, Morocco and Colombia. Currently, the Sonae Sierra has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a gross lettable area (GLA) of more than 2.2 million m² with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

7^thedition of the ACGE Sectorial Index

SonaeSierra leads Corporate Climatic Responsibility ranking for the 6^th time

• Acknowledgment of Sonae Sierra's carbon emissions reduction strategy
• Participation of the 80 largest Portuguese companies

Sonae Sierra leads for the sixth time the "Corporate Climatic Responsibility: ACGE Sector Index 2011", published by Euronatura - Centre for Environmental Law and Sustainable Development, reinforcing the national and international recognition of the Company's commitment to Sustainability.

The ACGE Index is based on direct contact with the companies and on the fulfillment of criteria for commitment in fighting the climatic changes phenomenon. In its 7th edition, the project evaluated the performance of 82 companies, in 14 different sectors, assessed in 28 criteria associated with the administrative structure and supervision of environmental issues, as well as management and investment of environmental and the dissemination and communication of issues related to climatic changes and the inventory of greenhouse gases.

The top ranked companies are the ones that are able to establish a structured and consistent plan with long-term objectives, master the monitoring of climatic indicators, use CO₂ as a preferred indicator for the definition of goals and express their concerns and responsibility reporting in the value chain.

The ACGE Index allows the comparison of management policies results of the different companies, in a perspective of competitiveness and improvement of the environmental performance, also taking on a dimension of public awareness and information

The Company's strong commitment to Sustainability has received wide international acknowledgment.

Recently Sonae Sierra was acknowledged by GRESB - Global Real Estate Sustainability Benchmark - as the company with the most sustainable property funds in Europe and the third one worldwide.

The company was also the only from the shopping centre industry represented at the Energy Efficency in Buildings Project of the WBCSD (World Business Council for Sustainable Development) - a project with the vision of creating a "zero carbon building" - and the only company in the sector to subscribe the WBCSD manifesto for the reduction of building energy consumption.

Furthermore, Soonae Sierra is also the only Portuguese company represented at the Greenprint Foundation, which brings together a group of leading companies in the real estate, investment and financial areas, committed to the reduction of carbon emissions in the real estate sector. The organization aims to create solutions to improve energy efficiency in buildings, which represents 1/3 of the total carbon emissions on the planet.

2011 - European Risk Management Awards in the Most Innovative Use of IT or other Technology rewards the best and most innovative actions in the risk management area. This award distinguishes Sonae Sierra's bet on the perfecting of the inspections system, employing a new technological platform that enables the control and management of Safety & Health risks and environmental impacts in its Shopping Centres.

2010 - European Risk Management Awards in the Best Environmental Risk Control acknowledges the Company's commitment to being the best Company specialized in sustainable shopping centres.

2009 - Sustainable Energy Europe Awards (SEE), in the Market Transformation category, acknowledges the company's innovation in the energetic sustainability area, through the implementation of the pioneering "green centre" concept in the development and management of its centres. This initiative of the European Commission rewards the best and most innovative programs in the area of energetic sustainability, at a European level. 

2009 - European Risk Management Awards in the Best Risk Training Programme category, acknowledges the development of a Safety & Health culture across the entire company and its shopping centres, namely through the PERSONÆ Project.

2008 - Green Thinker Award in the Most Sustainable Developer in Europe category, in the real estate area. This award acknowledges Sonae Sierra's pioneering attitude in the Sustainability area among more than 100 European real estate companies. 

2007 - ReSource Award, a distinction from the International Council of Shopping Centres (ICSC), which rewards the excellence of the company's long-term commitment to sustainable development.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Croatia, Morocco and Colombia. Currently, the Sonae Sierra has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a gross lettable area (GLA) of more than 2.2 million m² with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

Sonae Sierra strengthens its commitment to the Spanish market

The Sierra Fund acquires all the shares of Plaza Mayor Shopping in Malaga

• The Fund has acquired the remaining 25% of the centre's shares.
• Plaza Mayor is a benchmark for shopping centres in Malaga and Andalusia.

Sonae Sierra, the international specialist in shopping centres, has acquired, through the Sierra Fund, 25% of the shares of Plaza Mayor Shopping, in Malaga, to minority shareholders. The Sierra Fund has thus become its sole owner, presently holding 100% of the shares. Sonae Sierra was already in charge of the centre's management.

The Sierra Fund is a pan-European real estate investment fund, created in 2003. With an equity of €1.08 billion, and a scheduled 10 year life span, the Fund currently owns 26 Shopping Centres under operation in the Sonae Sierra portfolio. Sonae Sierra owns 50.1% of this vehicle, and four investors own the other 49.9%: Stichting Pensioenfonds ABP (Netherlands); Caisse des Dépôts et Consignations EP (France); CNP Assurances (France); and TIAA-CREF (USA).

Despite the challenges of the current economic situation, in 2011 Plaza Mayor Shopping has had good results, in respect to both the number of visitors and turnover. At present the centre has an occupancy rate of 100%, and during the first nine months of the year it had, together with Plaza Mayor Ocio, a total of more than 7.2 million visits and total sales of over 77.6 million euros.

Plaza Mayor Shopping opened in 2008 as a result of the enlargement of the Plaza Mayor Shopping Centre in Malaga. It comprises 58 shops distributed over a gross lettable area (GLA) of 18,800 m2 and more than 1,130 parking spaces. In total Plaza Mayor comprises a GLA of 53,365 m2, 146 shops, 3,230 parking spaces, a 20-screen multiplex cinema, 35 restaurants, a twenty-lane bowling alley, a Mercadona supermarket, an auto centre, a gas station, a school of music and a gymnasium. Since it opened nine years ago, it has become a benchmark for shopping centres in Malaga and in Andalusia.

Due to the demand for retail premises at Plaza Mayor and to its excellent results, Sonae Sierra is currently focusing on a change of use of the centre and a new expansion, geared at further improving its tenant mix in order to continue offering an attractive centre for both operators and visitors.

Sonae Sierra committed to the Spanish market

This investment by Sonae Sierra through the Sierra Fund is evidence of the company's commitment to the Spanish market, even in challenging times like the current ones, where it owns 9 shopping centres, and provides management services to 4 shopping centres and commercial services to 3 other centres.   

According to Alexandre Fernandes, Head of Asset Management of Sonae Sierra in Spain and Portugal, "The purchase of all Plaza Mayor Shopping shares marks the culmination of our strategy in favour of this shopping centre, which has become a reference in the region thanks to its large commercial offer and avant-garde design. This investment will enable us to continue progressing with our strategy of asset revaluation in Spain."

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist with a passion for bringing innovation and enthusiasm to the shopping and leisure centre industry. The company owns 49 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra also provides services to third parties in Cyprus, Serbia, Croatia, Morocco and Colombia. At present, Sonae Sierra has 5 projects underway and 6 other new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a Gross Lettable Area (GLA) of more than 2.2 million m² with 8.500 tenants. In 2010, Sonae Sierra shopping centres had more than 442 million visits.

Sonae Sierra opens Shopping Metrópole expansion in Brazil  

• Investment of €22.7 million (R$ 56.8 million)
• New façades and the existing areas completely refurbished

Sonae Sierra has just opened the expansion and refurbishment of Shopping Metrópole, a 31 year old shopping centre located in São Bernardo do Campo, in the state of São Paulo, which represents an investment of €22.7 million (R$ 56.8 million).

Among the new features is the opening of 31 stores, new façades and refurbishment of the existing areas: floors, ceilings, lighting, signage, new furniture, plus the installation of escalators, a new nursery room and the ambulatory care facilities. Along with the architectural intervention, the logo and the internal signage of the shopping centre have suffered a restyling with a more modern and colourful design.

According to Fernando Guedes de Oliveira, Sonae Sierra CEO "the refurbishment of this consolidated shopping centre in the state of São Paulo, is part of the valorization strategy of our shopping centres, evolving the concept and adapting them to the needs of its visitors, by offering them a modern shopping centre with more shopping, leisure and gastronomy options. This investment reinforces our commitment in the Brazilian market and to the quality of the shopping centres we own in this important market", he adds.    

Sonae Sierra invests in the Brazilian market

Along with this inauguration, Shopping Campo Limpo recent expansion in the south area of the state of São Paulo and the other three projects in construction reinforce the commitment of Sonae Sierra in this market.

Last September it was announced the beginning of construction of Passeio das Águas Shopping, in the city of Goiânia, the 13^th development of the company in Brazil. Scheduled to open in 2013, the new shopping centre represents an investment of about €167 million in the construction of the largest and most modern shopping centre of the capital city and the region.

The company has also under construction Uberlândia Shopping and Boulevard Londrina Shopping. The first with the opening scheduled for the first quarter 2012 will have a GLA (Gross Lettable Area) of 43.600 m² in a total investment of €62 million. The second will have a GLA of 47.800 m² which corresponds to an investment of €88 million and is expected to open also in 2012.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com/www.sonaesierra.es, is the international shopping centre specialist with a passion for bringing innovation and enthusiasm to the shopping and leisure centre industry. The company owns 49 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra also provides services to third parties in Cyprus, Serbia, Croatia, Morocco and Colombia. At present, Sonae Sierra has 5 projects underway and 6 other new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a Gross Lettable Area (GLA) of more than 2.2 million m² with 8.500 tenants. In 2010, Sonae Sierra shopping centres had more than 442 million visits.

Reinforcement of the services to third parties approach

Sonae Sierra responsible for the development management of a new Shopping Centre in Croatia

• New scheme in Zagreb for International Real Estate investors Bluehouse Capital

Sonae Sierra, the international shopping centre specialist, will be responsible for the Development Management of the new Shopping Centre Vrbani, a Bluehouse Capital's new Investment in Zagreb, Croatia.

The new commercial area will have a Gross Lettable Area (GLA) of about 18,000 m2 that will be developed in two phases. Located near Lake Jarun, one of the major tourist attractions of the area, the shopping centre will be designed like a city, with "neighbourhoods" devoted to fashion, leisure and sports. It will have a total of around 500 parking spaces for visitors.

Sonae Sierra will bring in to this project its specialist know how of more than 20 years in the Shopping Centre industry, covering the full life cycle of projects, from Development to Property Management, from Investment to Leasing, with the objective of developing a project with the highest international standards, making it attractive to tenants, visitors and investors.

For Fernando Guedes Oliveira, CEO of Sonae Sierra, "This new services contract in Croatia reinforces Sonae Sierra's strategy of providing services to third party, based on the know-how and experience we have in all areas of the shopping centre business. We are confident on our ability to create a first class shopping centre for our client, Bluehouse Capital, and the inhabitants of Zagreb".

For Igor Hrzic, General Manager Bluehouse Croatia, "We are delighted to be cooperating with Sonae Sierra in the development of the Vrbani Shopping Center through the provision of their specialized services. We will work together to bring Zagreb's inhabitants a high quality and innovative shopping centre".

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist with a passion for bringing innovation and enthusiasm to the shopping and leisure centre industry. The company owns 49 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra also provides services to third parties in Cyprus, Serbia, Croatia, Morocco and Colombia. At present, Sonae Sierra has 5 projects underway and 6 other new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a Gross Lettable Area (GLA) of more than 2.2 million m² with 8.500 tenants. In 2010, Sonae Sierra shopping centres had more than 442 million visits.

About Bluehouse Capital

Bluehouse Capital, www.bluehousecapital.com, is a private equity real estate investment firm, active in the property markets of Central and South East Europe.

Sonae Sierra recorded a Net Profit of €27,3 million in the first nine months of 2011

• Direct Net Profit remains stable despite asset sales and the IPO in Brazil
• Global occupancy rate of the portfolio grew to 96.8%
• Five Shopping Centres under construction, representing a total investment of about €560 million

Sonae Sierra, presented a Net Profit of €27.3 million in the first three quarters of 2011, which compares with €14.9 million in the same period of 2010. The positive variation of the Net Profit was leveraged on the increase of the Indirect Net Profit, consequence of the resilience and improved operational efficiency of our assets, which minimized the effects of the negative behavior of the yields in Portugal and Greece.

During the third quarter, the main event was the beginning of the construction of Passeio das Águas Shopping, in the city of Goiânia, the Company's 13^th asset in Brazil. Scheduled to be inaugurated in 2013, this new Centre represents an investment of about €167 million  creating the largest and most modern shopping centre of the region. In Brazil, Sonae Sierra also inaugurated during this quarter the expansion of Shopping Campo Limpo. 

The Company also reinforced service provision to third parties, with the signing of a contract with Bayerische Hausbau to manage the future shopping centre Bikini Berlin, a large scale real estate project in the city of Berlin, Germany, scheduled to be inaugurated in 2013. The contract includes the management and letting of the centre, which will have about 20,000 m² of gross lettable area for commerce, services and restaurants.

The 1^st quarter asset sales and the IPO in Brazil led to an 8% decrease in Direct Income from Investments, from €167.7 million in the first nine months of 2010, to €154.1 million in 2011. However, EBITDA suffered only a 6% decrease in the same period (€84.5 million, compared to €90 million in the same period of 2010), reflecting the efficiency gains from the cost containment efforts in all areas of the Company. 

The global portfolio managed by Sonae Sierra presented a positive performance, taking into account the current evolution of retail sales in some of the markets where the Company operates, with Tenant sales growing 0.1% on a comparable basis in the first nine months of 2011, versus the same period of 2010.

The Global Occupancy Rate of the portfolio was 96.8%, a 0.5% increase compared to the first nine months of 2010, which reflects the quality and resilience of the assets managed by the Company.

Value Metrics

The Company measures its performance, in a first instance, on the basis of NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculates its NAV according to the guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the Company's NAV, as of September 30 2011, was €1.19 billion, a 5.1% decrease when compared with 31 December 2010. This variation was mainly due to the dividend distribution approval and to the decrease in translation reserves consequence of the Brazilian Real depreciation (11,5%).

Portfolio under development

We all built the house

Porto Believes!

• Solidarity chain for the construction of theAcreditar House in Porto
• Campaign raises nearly 40 000 euros
• More than 20 000 peoplelike Acreditar and follow this solidarity chain everyday onFacebook
• Numbers that make a difference and can be even bigger with everyone's help

We continue to believe that soon 220 families of children with cancer from the entire northern region of the country will be welcomed in the new Acreditar Home in Porto. This is the dream of all that are a part of the solidarity chain created in the last 5 weeks with the "Música por uma Ca(u)sa" initiative.

"Música por uma Ca(u)sa" is a joint action of Sonae Sierra and Acreditar - Association of Parents and Friends of Children with Cancer - for the construction of a Shelter home in Porto.

The Mário Laginha Trio concert, which will be held today at Casa da Música, is the culmination of this solidarity campaign with the delivery of the first donations: the Sonae Sierra donation and the donation of the funds raised during the "Música por uma Ca(u)sa" campaign, a total of 38 977 euros which will revert entirely to the construction of the Acreditar Home in Porto.

This Corporate Responsibility Initiative by Sona Sierra was the first impulse to the creation of a solidarity network to give visibility to this Association's Cause and ensure the viability of the new Home, through the raising of new support for the project.

The construction of this new home away from home is the continuity of the projects already inaugurated by the association in Lisbon, Coimbra and Funchal.

Throughout the last five weeks, the "Música por uma Ca(u)sa" initiative received 32 843 phone calls, representing an amount of 19 705 euros. The financial donations by bank transfer to the Acreditar account and the fundraisers at the Solidarity Stands in Sonae Sierra shopping centres in the Greater Porto region reached 4 272 euros, for a total of 23 977 euros. Add to this value the Sonae Sierra donation of 15 000, and the total amount reaches 38 977 euros raised with this campaign for the beginning of the construction work of the Home.

This action also had a strong presence on Facebook, where 20 393 people like Acreditar and follow this solidarity chain on a daily basis; 2 370 "likes", 1 171 shares of information on the initiative and 1 715 is the number of views on the Youtube channel "Música por uma Causa". 

Fernando Guedes de Oliveira, Sonae Sierra's CE, comments on the project: "At Sonae Sierra we believe that, as a socially responsible Company, we need to be actively involved in the communities where we are present. Our support of the construction of the new Acreditar home in Porto is the result of the acknowledgment of a noble cause, which aims at offering more and better logistic and emotional support to children with cancer in the North of the country that are away from home during the long periods of treatment."

João Bragança, President of Acreditar, adds: "The impact these homes have had on the lives of these families that are in a very difficult situation at various levels, is extremely important. The emotional effort is quite high, not only due to the gravity of the disease, but also to the time that families spend away from their regular lives. Our purpose is to ease this suffering, mobilizing the required efforts and building adequate venues to give the best possible support to these families."

The project also had the fundamental support of the hosts of the "Manhãs da Comercial" show -Vanda Miranda, Nuno Markl, Pedro Ribeiro and Vasco Palmeirim, ambassadors for the construction of the Acreditar Home in Porto and Media Partners in the mobilization for this Cause.  Besides the daily dissemination on the air, the actions were dynamized on the website and Facebook page of Rádio Comercial and the aforementioned show. Diário Económico newspaper has also joined the project as a Media Partner, contributing with the dissemination of the campaign to its readers.

How to help

Call the "O Porto vai Acreditar" phone line, dialing 760 50 10 60 (60 cent. + VAT).

Share the initiative with your friends.

Disseminate  and spread the message.  

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 chopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

About Acreditar

Acreditar, www.acreditar.org.pt, is a private charity founded in 1993 as the result of parents of children attending pediatric oncology services' mobilization. The association is present in Lisbon, Porto and Funchal, providing support to children with cancer and their families. Acreditar's activity is based on the motto "Treat the child with cancer, not just the cancer in the child". The association's objective is to provide the necessary means for children with cancer to have the same opportunities, not just in terms of survival, but also of conquering physical and psychological health so that they grow up to become fully fledged adults.

Sonae Sierra's property funds the most sustainable of Europe, according to GRESB

• Sonae Sierra´s property funds are also ranked third worldwide.
• This represents an additional acknowledgement of Sonae Sierra's global environmental practices.
• GRESB is an international organisation that measures the social and environmental actions of real estate companies.

Sonae Sierra, the international shopping centre specialist, has been acknowledged by GRESB- Global Real Estate Sustainability Benchmark as the company with the most sustainable property funds in Europe and the third one worldwide.

GRESB Foundation is an initiative launched by some of the biggest institutional investors worldwide, academic leaders and prominent members of the real estate sector. Every year GRESB establishes a ranking of the property funds and companies of the real estate sector that are most committed to the environment. This year more than 340 property funds and companies, with real estate assets worth nearly US$1 trillion, have responded to a call for action by the GRESB Foundation to disclose information on environmental management and performance.

The ranking acknowledges Sonae Sierra's portfolio strategy in respect to sustainability, with a vision that encompasses environmental and social measures, as well as economic profitability.  With this objective, the company promotes initiatives geared at saving resources which in turn entail a reduction of costs for the company, such as electricity and water. Trough this approach, Sonae Sierra seeks to encourage other organizations to adopt a stronger stand in favour of the environment. For this purpose it aims at obtaining tangible results that can be measured and used to demonstrate that managing environmental performance is a profitable activity for companies.

For example on energy efficiency, Sonae Sierra has reduced the electricity consumption per m2 of the common areas of the aggregated Sonae Sierra portfolio by 30 percent since 2002. This represented a saving in 2010 of around 105 million kWh, or about 9 million euro. Furthermore, since 2005 the company has reduced its greenhouse gas emissions by 60% (tonnes per m2 of GLA).

Pedro Caupers, Board Director responsible for Investments and Asset Management, considers that "the recognition that our property funds are the most sustainable in Europe proves that our commitment to corporate responsibility allow us to take the lead in an area that will be increasingly more important to property investors. We are confident that we will be able to continue to create value in our portfolio trough this approach. The success of Sonae Sierra is due to the implementation of a Plan-Do-Check strategy that enables the company to carry out a process of continuous revision and improvement of the system.  Every year Sonae Sierra establishes a Corporate Responsibility plan as part of its general strategy, with well defined measurable and quantifiable objectives that enable all levels of the company to work to achieve them."

Sonae Sierra was ranked third worldwide, after the Australian companies Commonwealth Property Office Fund and Investa Office Portfolio, who were first and second, respectively. Amongst the top ten companies there are only two European companies, a fact that confirms Sonae Sierra's position of leadership on the continent in respect to sustainability issues. 

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com/www.sonaesierra.es, is the international shopping centre specialist with a passion for bringing innovation and enthusiasm to the shopping and leisure centre industry. The company owns 49 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra also provides services to third parties in Cyprus, Serbia, Morocco and Columbia. At present, Sonae Sierra has 5 projects underway and 6 other new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil.  Sonae Sierra manages a Gross Lettable Area (GLA) of more than 2.2 million m² with 8.500 tenants. In 2010, Sonae Sierra shopping centres had more than 442 million visits.

Sonae Sierra distinguished with four awards at the Real Estate Awards

• The company was considered the Best Developer Overall, Best Retail Developer in Portugal and BestRetail Developer in Brazil and Latin America

Sonae Sierra, the international shopping centre specialist, has just been distinguished with four awards at the 7th edition of the Real Estate Awards, an initiative of Euromoney magazine, a leading international banking and economy publication.  Sonae Sierra was considered the Best Developer Overall, Best Retail Developer in Portugal and received tow further awards for Best Retail Developer in Brazil and Latin America.  

The votes for the Real Estate Awards are cast by the readers of Euromoney magazine, which nominate the companies with greater dynamic and innovation ability, in the creation of investment opportunities in the retail area.   This is the third consecutive year Sonae Sierra is distinguished by the readers of the magazine, important stakeholders in the real estate and financial sector from all over the world. 

"This distinction confirms the reputation the Company has earned on an international level, and is the acknowledgment of our activity in Portugal and South America", according to Fernando Guedes de Oliveira, Sonae Sierra's CEO.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

• Achievement of the Environmental ISO 14001 and the occupational Safety & Health OHSAS 18001 certifications issued by Lloyd's Register Quality Assurance
• 80% of Gross Leasable Area (GLA) already let
• Positive fallout on local economy, with the creation of about 700 new jobs (direct and indirect), excluding induced employment and hypermarket
• Opening scheduled within end of February and beginning of March 2012

La Spezia, Italy - 26 September 2011 - Sonae Sierra and ING Real Estate Development just announced that "Le Terrazze" has recently become the first shopping centre in the world to ever achieve joint OHSAS 18001 and ISO 14001 certifications during construction, issued by Lloyd's Register Quality Assurance.

Since the earliest stages of development "Le Terrazze" implemented a Safety, Health and Environmental Management System (SHEMS) to assure that the new shopping centre would be built in strict compliance with international best practices, thus minimizing risks to all people involved in the project and also the impacts to the environment and local community.

"The achievement of two prestigious certifications for the shopping centre's Safety, Health and Environmental Management System confirms the project's strong commitment towards sustainability since the earliest stages of its development", commented Jerry Boschi, General Manager, Developments, Sonae Sierra in Italy

In particular, the OHSAS18001 certification is based on this international standard that lays down specific requirements for the management and protection of workers' health and safety. With regard to this, "Le Terrazze" has implemented a Safe Practice Index (SPI) program establishing a minimum number of monthly hours of safety and health audits, totalizing until June 2011 685 man-hours of training delivered to site stakeholders. The shopping centre has also created an incident investigation methodology and regularly holds announced and unannounced emergency drills.

The strong commitment towards environmental protection and safeguard is confirmed by ISO 14001 certification. Through the systematic use of our strict Safety, Health and Environmental Management System (SHEMS), "Le Terrazze" will in fact be able to handle some fundamental factors such as electric power and water consumption, as well as waste management and recycling. In particular, at the end of June 2011, the site was recycling 99% of its construction waste and keeps monitoring its energy and water consumption.

With a total Gross Leasable Area (GLA) of 38,600 m2, "Le Terrazze" will be the largest shopping centre in the province, with 106 units including an Ipercoop hypermarket of 11,700 m2, 8 large stores and 15 restaurants and bars, as well as a Fitness Club Tonic with indoor swimming pool, a games room of 700 m2 and a free covered parking for 2,000 cars. To date 80% of GLA has already been let. "Le Terrazze" represents an investment of €125 million and will have a positive fallout on local economy with the creation of about 700 new jobs (direct and indirect), excluding induced employment and hypermarket. The opening of the new shopping centre in La Spezia is scheduled within the end of February and the beginning of March 2012.

"Le Terrazze will offer to all citizens of La Spezia and nearby provinces a new and innovative concept of shopping centre. Our aim is to create not only a place for shopping but also for living, where visitors can choose from a variety of different experiences, with great attention and respect to La Spezia and the local community we serve", added Michele Latora, Country Manager of ING Real Estate Development.

Le Terrazze is a shopping centre, currently under construction, located in La Spezia in via Fontevivo. With a GLA (gross lettable area) of 38,600 m2, it will be the largest shopping centre in the province. Serving a catchment area of more than 210,000 inhabitants (of whom approximately 100,000 are residents of La Spezia), the centre will host 106 commercial units, including a hypermarket with 11,700 m2, 8 large stores and 15 restaurants and bars, as well as a Fitness Club Tonic with indoor swimming pool, a games room of 700 m2 and a free covered parking for 2,000 cars. To date 80% of GLA has already been let. For more information please visit: www.le-terrazze.it

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

ING Real Estate Development, ING Real Estate Development is a pan-European developer focusing on retail-based mixed-use projects. ING Real Estate Development is a business of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.

"Le Terrazze" Press Office:

MSL Italia
Viale Vittorio Veneto, 22
20124 Milano

Paola Fumagalli
Tel: 02 77336.395 - fax: 02 77336.360
E-mail: paola.fumagalli@mslgroup.com

Ilaria Pesenti
Tel: 02 77336.289 - fax: 02 77336.360
E-mail: ilaria.pesenti@mslgroup.com

Anna Elena Carusone
Tel: 02 77336.271 - fax: 02 77336.360
E-mail: annaelena.carusone@mslgroup.com

"Música por uma ca(u)sa"

Sonae Sierra and Acreditar join forces for the construction of a Children's Home in Porto

• Corporate Responsibility Initiative supports the construction of an "Acreditar" Home in Porto
• New home will host 220 families of children with cancer per year 
• Fund raising campaign 

Sonae Sierra and "Acreditar" are launching today the "Música por uma Ca(u)sa" (Music for a Cause/Home) campaign, a support initiative for the Association of Parents and Friends of Children with Cancer, for the construction of the "Acreditar" Home in the city of Porto.

The launch of this Sonae Sierra Corporate Responsibility Initiative aims at supporting the construction of the Association's Home in Porto, which will host about 220 families of children with cancer from the northern region of the country, during the periods of out-patient treatment at the IPO and the S. João Hospital, in Porto.

The campaign, with the support of Rádio Comercial, will be present on the Facebook page and "Acreditar" website, as well as in some Sonae Sierra shopping centres in Greater Porto (NorteShopping, ArrábidaShopping, Via Catarina and GaiaShopping). The actions held at the "Música por uma Ca(u)sa" stands will disseminate information on this cause and the activities of the Association, as well as raise funds for the for the construction of the Home. The first stand will be at NorteShopping, on September 24 and 25.

Besides the information stands, the actions on the website and the Acreditar Facebook page have the purpose of making the community aware of how important and urgent this "Acreditar"  project is in Porto, disseminate the initiatives in the shopping centres, and raise funds. For donation purposes, a phone line will be made available - 760 50 10 60 - and the "Acreditar" bank account number can be obtained on the website.

The project will count on the support of the hosts of the Rádio Comercial morning show, Vanda Ribeiro, Vasco Palmeirim, Nuno Markl and Pedro Ribeiro, Acreditar's ambassadors for this initiative, and Media Partners for this cause. Besides the daily dissemination on the air, the actions will be advertised on the website and Facebook page of Rádio Comercial and the aforementioned show. Diário Económico newspaper has also joined the project, contributing with the dissemination of the campaign to its readers.

The culmination of the "Música por uma Ca(u)sa" campaign will be highlighted by the Mário Laginha Trio concert at Casa da Música, on October 21, where Sonae Sierra will offer the first donation for the construction of the "Acreditar" home in Porto and, simultaneously, the ambassadors of this cause will deliver the funds raised during the campaign.

A Sonae Sierra Corporate Responsibility initiative

This initiative is a part of the social pillar of Sonae Sierra's Corporate Responsibility policy and its strategy of close and active cooperation in relevant actions in the support of the community In this particular project, Sonae Sierra aims at making a difference in the creation of better logistic conditions and permanent accompaniment of families of children with cancer. 

The support to "Acreditar" in this project to build a home in Porto seeks to respond to the urgency of a hosting facility in the North of the country. The initiative's objective is to create a solidarity network that brings visibility to the cause of this association, and ensure the feasibility of the new home through the raising of new donors for the project. The construction of this new home away from home is the continuity of the projects already inaugurated by the association in Lisbon, Coimbra and Funchal. 

Fernando Guedes de Oliveira, Sonae Sierra's CE, comments on the project: "As a responsible and leading company in the sector, Sonae Sierra faces social issues with commitment, also through the active involvement with the communities it is a part of. Our support of the construction of the new "Acreditar" home in Porto is the result of the acknowledgment of a noble cause, which aims at offering more and better logistic and emotional support to children with cancer in the North of the country, that are away from home during the long periods of treatment."

João Bragança, President of Acreditar, adds: "The impact these homes have had on the lives of these families, which are in a very difficult situation at various levels, is extremely important. The emotional effort is quite high, not only due to the gravity of the disease, but also to the time that families spend away from their regular lives. Our purpose is to ease this suffering, mobilizing the required efforts and building adequate venues to give the best possible support to these families."

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 chopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, the company welcomed more than 436 million visits in its shopping centres.

About Acreditar

Acreditar, www.acreditar.org.pt, is a private charity founded in 1993 as the result of a mobilization of  parents of children attending paediatric oncology services. The association is present in Lisbon, Porto and Funchal, providing support to children with cancer and their families. Acreditar's activity is based on the motto "Treat the child with cancer, not just the cancer in the child". The association's objective is to provide the necessary means for children with cancer to have the same opportunities, not just in terms of survival, but also of conquering physical and psychological  health so that they grow up to become fully fledged adults.

Inauguration scheduled to open in 2013

Sonae Sierra launches new project in Brazil

• 13^th development of the company in Brazil 
• A total investment of 164 million Euros 
• 282 stores in 78,100 m² of GLA 
• About 6,300 direct jobs will be created after its opening

Sonae Sierra, the international shopping centre specialist, announces the beginning of a new project in Brazil, the company's 13^th development in the Country. Scheduled to open in the city of Goiânia in 2013, Passeio das Águas Shopping represents an investment of about 164 million Euros in the construction of the largest and most modern shopping centre of the capital city and the region.

The development will have a GLA (Gross Leasable Area) of 78.100 m² and a total of 282 unit shops, 8 large stores, 1 hypermarket, 10 restaurants and a 8 next-generation screens movie theater. Passeio das Águas Shopping will have 4,000 parking spaces and hypermarket Bretas, Cinemark and Magic Games have already confirmed as large stores.

The catchment area of the development will have a direct influence on a population of 1.6 million people of Goiânia and surrounding areas. During the construction work about 1,600 jobs will be created and after the opening Passeio das Águas Shopping will create more than 6,300 direct jobs. 

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO "the beginning of the construction works of this new project represents an important milestone for the sustainable growth we're having in one of our key markets, Brazil. This will enable Sonae Sierra to continue to take advantage from the important growth of the Brazilian economy that has allowed us to achieve very positive results in this Country". 

Architectural Project inspired by nature

The project, developed by architect José Quintela da Fonseca, responsible for the Conceptual Development and Architecture of Sonae Sierra, was inspired by elements of nature and will have an Ecological Park with a trail, a footpath and a bike lane that will be completely integrated into the Shopping Centre.

Sustainable solutions

Sonae Sierra Brasil develops shopping centres that combine shopping, culture and leisure activities with high-tech safety, maintenance and management equipment, as well as a special attention devoted to the conservation of the environment and comfort of its consumers, tenants and the communities where they are located. 

The project of Passeio das Águas Shopping adopts the most modern eco-friendly solutions that aim to reduce electricity and water usage. The Shopping Centre will feature cutting-edge automation and building management systems, energy-efficient equipment and a rainwater capture system that will be reutilized for firefighting, irrigation and cleaning purposes.

The development will also feature low consumption lighting systems and devices to reduce the water flow of faucets. The Shopping Centre will be equipped with a skylight and a large glass façade in the Food Court that enables the passage of sunlight saving energy and providing the customers with comfort.

During the construction building and supervision work solutions will be adopted which will allow the development to be certified with the ISO 14001 certification, just like other projects. Another aim during the construction work of Passeio das Águas Shopping is to be certified in the Health & Safety Management area, according to norm 18001 of the OHSAS (Occupational Health & Safety Advisory Services).

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 5 projects under construction and 6 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

New Property Management Agreement in Germany

Sonae Sierra responsible for centre management at BIKINI BERLIN

• Sonae Sierra responsible for centre management, leasing, commercial and operational management
• Retail, services and gastronomy  on approx. 20,000 m² (GLA)
• Bikini project, a new visitor magnet at important retail location in Berlin  
• Unique tenant mix of premium brands, flagship stores and young labels  

Sonae Sierra, the international shopping centre specialist, was assigned by Bayerische Hausbau to manage the future shopping centre for the large-scale project Bikini Berlin. The contract comprises the centre management the leasing management as well as the commercial and operational management of the approximately 20,000 m² area envisaged for retail, services and gastronomy. The owner, Bayerische Hausbau, is currently refurbishing the listed building complex in the heart of West Berlin. The Bikini house is part of the complex, under the name of Bikini Berlin, raises interest far beyond the city limits and is scheduled to open 2013.

A new visitor magnet in prime location, Bikini Berlin will bring new shine to the Western part of Berlin. A central role is played by the innovative concept for retail, service and gastronomy offers at Bikini Haus, whose is to shape an urban market place. For the tenant mix, Sonae Sierra will create among others a unique fashion offer bringing together premium brands, flagship stores and young labels. Additionally, the innovative food court concept will secure the reality of the vision of Bikini Berlin as a metropolitan market place and urban meeting point.

"We are very proud that Sonae Sierra will be manager for one of the most exciting and renowned retail projects in Germany. This proves that we do not only convince by our international expertise and experience, but also with our innovative concepts. Each of our centres turned in a short while into a visitor magnet. Similarly, the shopping and leisure offers for Bikini Berlin will persuade with fresh ideas, urban lifestyle and first class quality", said Jens Horeis, Sonae Sierra General Manager, responsible for Property Management in Germany.

"The essence of the brand BIKINI BERLIN is in the motto 'Live different'. This stands for vitality, intelligent consumption, prosperity without feeling guilty and sustainable growth", said Dr. Jürgen Büllesbach, CEO of Bayerische Hausbau. "With Sonae Sierra we have the right specialist on our side, because they are known for an integrated approach, their international expertise and innovative concepts. "

The contract reinforces Sonae Sierra's strategy to provide services not only for their own portfolio, but also for third party owned shopping centres.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 4 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

Sonae Sierra recorded a Net Profit of €13.2 million in the 1st half of 2011

• Direct Profit grew 1%, despite asset sales and IPO in Brazil
• Global occupancy rate of the portfolio grew to 96.5%
• Tenant sales in the portfolio under management (like-for-like) grew 0.9%

Sonae Sierra, the international shopping centre specialist, presented a Net Profit of €13.2 million in the first half of 2011, which compares with € 648 thousand in the same period of 2010. The positive variation of the Net Profit was leveraged by a 1% increase of the Direct Net Profit, and a 44% improvement of the Indirect Net Profit, consequence of the resilience and increased operational efficiency of our assets, which minimized the effects of the negative behavior of the yields in Portugal and Greece.

During the 2nd quarter, we highlight as the main event the beginning of the construction of a new shopping centre in Solingen, Germany, which represents an investment of approximately €120 million. For the development of this new project, Sonae Sierra established a 50/50 joint-venture with MAB Development.

We have also reinforced and increased the service provision to third parties, with the signing of two service contracts for the leasing of Sun Plaza and Vitantis Mall shopping centres, in Romania. In Spain, Sonae Sierra strengthened its presence with the signing of a contract for leasing Carcaixent Retail Park. In Italy, the company took over the property management of shopping centre Le Isole, located in Piemonte.

The capital recycling strategy adopted by the Company resulted in a decrease in Investment Properties, compared to 2010, due to the sale of two centres in Spain (El Rosal and Plaza Eboli) and the IPO of Sonae Sierra Brasil. This strategy had already been implemented in 2010, with the sale of Alexa (Germany) and Mediterranean Cosmos (Greece).

These sales and the IPO led to a 6% decrease of Direct Income from Investments, from €107.9 million in the 1st semester of 2010, to €103.2 million. EBITDA suffered only a 4% decrease in the same period (€55.6 million, compared to €57.9 million in the same period of 2010), reflecting the efficiency gains from the cost containment efforts in all areas of the Company.

The global portfolio managed by Sonae Sierra presented a positive performance in the first semester of 2011, when compared to the same period of 2010, with tenant sales growing 0.9% on a comparable basis.

The Global Occupancy Rate of the portfolio was 96.5%, 0.3% more compared to the first semester of 2010, a good result in the context of the current economic situation.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculates its NAV according to the guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the company's NAV, as of June 30 2011, was €1.22 billion, a 2.3% decrease when compared with 31 December 2010.

Portfolio under development

Currently, Sonae Sierra has 49 shopping centres in operation, 28 of which are located outside Portugal, namely in Spain (9), Italy (4), Greece (1), Germany (3), Romania (1) and Brazil (10).

The Company has four Shopping Centres under construction, representing a total investment of about €400 million: Solingen Shopping in Germany, Le Terrazze in Italy, and Uberlândia Shopping and Boulevard Londrina, both in Brazil. Seven other projects are in different stages of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

Solingen Shopping, which began being built this Summer, will have a Gross Lettable Area (GLA) of 28,000 m2 and is scheduled to open in late 2013/early 2014.

In Italy, Le Terrazze is under construction, with a total GLA of 38,500 m² and an investment of more than €125 million. It is scheduled to be inaugurated in the first quarter of 2012.

In Brazil Uberlândia Shopping, scheduled to be inaugurated in the first quarter 2012, will have a GLA of 43,600 m² and represents an investment of €62 million. Boulevard Londrina will have a GLA of 47,800 m², which corresponds to an investment of €88 million, and is scheduled to open in 2012. There are also two expansions under way in Brazil: Shopping Metropole and Shopping Campo Limpo.

Sonae Sierra's international growth is also focused in the provision of development and management services to third parties, as a result of the company's unique knowledge of the shopping centre business. The company is already active in this area in Cyprus, Serbia, Morocco and Colombia, besides the markets where it owns assets.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 4 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

70% of the Gross Lettable Area is already let

Sonae Sierra reinforces letting of Boulevard Londrina Shopping in Brazil

• Inauguration scheduled for the second semester of2012
• BoulevardLondrinaShoppingwill have236shops
• Prestigious brands present in the new shopping centre

Sonae Sierra, the international shopping centre specialist, has just signed letting contracts for new shops in shopping centre Boulevard Londrina Shopping in Brazil, which now has 70% of its Gross Lettable Area (GLA) already let.

Scheduled to open in the second semester of 2012, the new shopping centre is being built in East Londrina, and is a joint development from Sonae Sierra Brasil and the Marco Zero Group.

Boulevard Londrina Shopping will have 47.8 thousand m² of GLA and a total of 236 shops in two levels, eight of which will be large dimension shops, one hypermarket, 200 satellite shops, 25 restaurants, a leisure and entertainment area, seven cinemas and 2,400 parking spaces. 

The letting contracts now signed include prestigious shops and brands in Brazil, local tenants, and brands that are making their debut in the Londrina region, such as Cinemark cinemas, Walmart hypermarket, leisure and entertainment area Magic Games, Memove, and many others. 

The new shopping centre will be a part of the Marco Zero Complex, comprised of residential and office buildings, and also a theatre. It will benefit from a good access network that is now being totally reformulated to further facilitate access to the development.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "the signing of these new contracts represents an important milestone for this new development, enabling Sonae Sierra to continue to grow in one of its key markets, Brazil, which has maintained an important economic growth that has allowed us to achieve very positive results in Brazil". 

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 4 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

Distinction at the "Construir Awards 2011"

Sonae Sierra distinguished as Best Real Estate Developer for the fourth consecutive year

Sonae Sierra, the international shopping centre specialist, was distinguished as the "Best Developer" in the Real Estate category at the "Construir Awards 2011". The distinctions, from newspaper "Construir", one of the most prestigious publications of the sector, elected the best of 2010 in areas such as Architecture, Engineering, Construction and Real Estate. 

Sonae Sierra received the award for the activity developed in the promotion of its shopping centres, both nationally and internationally, in 2010. The highlight in Portugal was the inauguration of LeiriaShopping in March, and the conclusion of the refurbishment of AlbufeiraShopping, in January. Internationally, we highlight the development of Le Terrazze, in Italy, the beginning of the construction of Boulevard Londrina Shopping and Uberlândia Shopping, and the conclusion of the expansion of Parque D. Pedro Shopping, all in Brazil. 

The award from the editorial staff of "Construir" was based on criteria such as market relevance, creativity, innovation and quality of the developed projects. Sonae Sierra was also nominated in the "Best Retail Building" category with LeiriaShopping, the new commercial development inaugurated in March 2010 in Leiria. 

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 4 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

(translation from Portuguese original)

 BONDS SONAE SIERRA - SGPS, S. A. - 2008/2013
Coupon Number 6 - Payment of Interests

Notice is hereby given to the Holders of SONAE SIERRA SGPS 2008/2013 bonds that from 25 July 2011 there will be interests' payment in relation to coupon number 6, with the following values:

Gross interest	€	595.791666666667
IRS/IRC (21.5%)	€	128.095208333333
Net interest	€	467.696458333334

The financial intermediary responsible for the operation is Caixa Banco de Investimento, S.A.

The interests' payment will be made in relation to the bonds registered with the code SOACOE at the Share Register's Office ("Central de Valores Mobiliários").

Those shareholders who are entitled to tax exemption or not subject to tax withholding obligations regarding income taxation as well as those who are entitled to a reduction in the withholding tax rate, under the terms of article 90 of the Income Tax Law, should provide proof of this fact to the financial institution in which the respective bonds are registered, up to the day on which interest payment begin.

Maia, 6^th July 2011

The Board of Directors,

Distinction at the Hipersuper Awards 2011

Centro Colombo elected Best Shopping Centre in Portugal for the second time in a row

Centro Colombo, owned by Sonae Sierra and ING Real Estate, was considered, for the second consecutive year, the "Best Shopping Centre" at the Hipersuper Awards 2011. In this year's edition, another Sonae Sierra centre was nominated in the same category - NorteShopping, also a shopping reference in the North of the country for its dynamic, variety and quality. 

Centro Colombo is an icon and a reference in the shopping centre industry, both nationally and internationally. Since its inauguration in 1997, it represents a modern shopping and leisure destination, with a unique variety materialized in more than 400 shops, and it has revolutionized consumption in Portugal.  This centre is a dynamic and reference venue, and sits atop the preferences of the major national and international brands for the hosting of large events. 

Factors such as the commercial offer, customer support, decoration, innovation in terms of events held in the centre, a strategic location and the extensive privileged access network make Centro Colombo a leader in its business area, earning approximately 25 million annual visits.

With the purpose of offering a unique experience to its customers, Centro Colombo continues to surprise, whether through the creation of pleasant outdoor esplanades, or the permanent renovation of brands, offer of new services, or also a differentiating positioning, through the association with the Berardo Museum for the exhibition of some of its main pieces, so as to bring art and culture to all visitors.

As proof of its quality, Centre Colombo has been frequently distinguished, throughout its existence, both nationally and internationally and in different areas. It is one of the most awarded centres in the sector. The most recent was the distinction at the "National Real Estate Awards 2011" from "Revista Imobiliária" magazine, for the refurbishment by Architect José Quintela, carried out in 2009. We also highlight the "Best Shopping Centre" distinction, earned several times, and the numerous awards from reference entities in the marketing, design and community relations areas.

The group of nominees for the "Best Shopping Centre" category was chosen by the editorial staff of Hipersuper Newspaper, in collaboration with consultants Kantar Worldpanel, GfK and Cushman & Wakefield, based on the following criteria: marketing mix, number of visitors (total or per GLA), occupancy rate, energetic efficiency, sales per m² and customer service.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 4 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

H&M and Media World join "Le Terrazze"

• 75% of GLA (gross lettable area) already let
• Opening is scheduled for the first quarter of 2012

Sonae Sierra and ING Real Estate Development announced the signing of agreements with the international clothing chain Hennes & Mauritz (H&M) and the electronics chain Media World to open stores in "Le Terrazze", an innovative shopping centre that they are jointly developing in La Spezia, Italy.

H&M is one of Europe's leading clothing and accessories chains in terms of turnover and one of the best-known brands worldwide: founded in Sweden, the company operates with over 2,000 stores in 38 countries worldwide and enjoys a position of leadership in the pret à porter clothing market. "Le Terrazze" will host the chain's third store in Liguria, with an area of approximately 1,800 m2 GLA.

The Media World store in "Le Terrazze" will be its second in the region and will cover an area of approximately 3,000 m2 GLA. Media World is part of the German group Mediamarkt Saturn Holding GmbH, the leading consumer electronics chain in Europe and the second largest worldwide with 877 stores in 17 countries. In Italy, the group is present with 89 stores, located primarily in major shopping centres.

These two new agreements represent further confirmation of the value and quality of "Le Terrazze" project which, with a gross lettable area of 38,500 m2, will be the largest shopping centre in the province of La Spezia. Besides Ipercoop who will be owner and manager of the hypermarket, many other brands have already signed agreements including: Tonic Fitness, Play Park Entertainment Centre, Scarpamondo, Cisalfa Sport, Den Store, Deichmann, Kiko, Yamamay, Nara Camicie, Game Stop, Salmoiraghi&Viganò, Motivi, Oltre, Fiorella Rubino, Swarovski, Z, Golden Point, Limoni, Celio, Abruzzese, Le Firme In, Mc Donald's, Rosso Sapore and Old Wild West. To date, 75% of the GLA (gross lettable area) has already been let.

"Le Terrazze" shopping centre, whose opening is scheduled for the first quarter of 2012, is the first phase of a wider urban regeneration project, which includes further 100,000 m2 of residential areas and offices to be developed by third party.

"We are confident that Le Terrazze project will represent an important achievement for the companies involved and, above all, for the city of La Spezia. The new shopping centre, designed in compliance with the partners company's environmental concern, will become the largest in the Province and will strongly improve the offer of shopping and entertainment for La Spezia citizens", said Jerry Boschi, General Manager responsible for Sonae Sierra Developments in Italy.

"Both partners create innovative and sustainable developments in many European cities and we are proud to present the high quality of our offer and our high architectural, commercial and leisure standards to La Spezia city and province's citizens. The entering of  H&M and Media World reflects the quality of our tenant mix, focused on bringing new and innovative brands to La Spezia and represents a very important step in the commercialization of the project", added Michele Latora, Country Manager of ING Real Estate Development in Italy.

Le Terrazze is a shopping centre, currently under construction, located in La Spezia in via Fontevivo. With a GLA (gross lettable area) of 38,500 m2, it will be the largest shopping centre in the province. Serving a catchment area of more than 210,000 inhabitants (of whom approximately 100,000 are residents of La Spezia), the centre will host 108 commercial units, including a hypermarket with 7,500 m2 of sales area, 9 large stores and 16 restaurants and bars,as well as a Family Entertainment Center, a Fitness Club and free covered parking for 2,000 cars.

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 4 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

About ING Real Estate Development, ING Real Estate Development is a pan-European developer focusing on retail-based mixed-use projects. ING Real Estate Development is a business of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance, and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.

"Le Terrazze" Press Office:

MSL Italia
Viale Vittorio Veneto, 22
20124 Milano

Alessandro Chiarmasso
Tel: 02 77336.381 - fax: 02 77336.360
E-mail: alessandro.chiarmasso@mslitalia.com

Paola Fumagalli
Tel: 02 77336.395 - fax: 02 77336.360
E-mail: paola.fumagalli@mslitalia.com

Ilaria Pesenti
Tel: 02 77336.289 - fax: 02 77336.360
E-mail: ilaria.pesenti@mslitalia.com

Starting signal for shopping centre in Solingen

Joint Venture of MAB Development and Sonae Sierra for development of an innovative project

• A total net investment of 120 million Euros
• 28,000 m² GLA in downtown Solingen
• 600 parking spaces
• Modern retail offers and services for 270,000 inhabitants

MAB Development and Sonae Sierra have just concluded a joint venture for the development of an innovative shopping centre project in Solingen, region North Rhine-Westphalia - Germany, and to this end purchased the former Karstadt-building from the property seller HLG/Movesta. The start of the project will begin in summer 2011.

For this purpose a project company, the Solingen Shopping Center GmbH, located in Frankfurt, was founded where both partners hold 50 %. The project volume is approximately 120 million Euros.

The new shopping centre, currently knows by the public as Hofgarten project, is located in the heart of Solingen and comprises the former Karstadt area. On the 13,000 square metres sized plot a three level shopping centre will be developed. The basement will be extended beyond the plot, so that it will also cover the area, which is below the central bus station in front of the shopping centre. The opening is scheduled to end 2013/beginning 2014.

With 28,000 square metres of gross lettable area for retail, the shopping centre will join a high quality tenant mix of known international and national brands as well as local vendors. In addition there will be broad areas for restaurants and services.

Visitors and guests are provided with approx. 600 parking places in an underground car park. In addition the new shopping centre is linked to the central bus station as well as to the pedestrian zone.

The shopping centre will significantly contribute to the revitalization of the inner-city market place and hence to the increase of the attraction and the purchasing power retention. The densely populated catchment area is located between the cities of Wuppertal, Düsseldorf and Cologne and comprises approximately 270,000 inhabitants.

"We are happy to set up with the Solingen project another component for the German market, which we consider important", so Jan G.F. Eijkemans, Managing Director International Business at MAB Development Group. "Our ambition is to use the potential of this urban location and to create a place, where people like to be." Besides Germany MAB focuses for the development of commercial property on the Dutch home market and France.

According to Fernando Guedes de Oliveira, Sonae Sierra CEO, "The city of Solingen presented a great opportunity for the rebirth of a modern and sustainable shopping and leisure destination that will allow rehabilitating a considerable part of a downtown area. Together with our partner we look further to advance with the most innovative solutions in terms of retail and leisure, while taking in to account the environment and social needs of the Solingen inhabitants. This project will represent another step forward in our commitment of developing high quality products for the German market."

About MAB Development

MAB Development is part of the Rabo Real Estate group, one of Europe´s largest real estate concerns with three main activities: Development, finance and investment management. The Rabo Real Estate Group consists of MAB Development, the FGH Bank, Bouwfonds Property Development and Bouwfonds Real Estate Investment Management. It is part of the Rabobank, one of Europe´s most stable financial institutions, with a triple A status.MAB Development is a highly innovative European developer of commercial real estate and multifunctional urban projects. Actual project of MAB Development Germany is the PalaisQuartier in the city of Frankfurt am Main with an investment volume of €1bn. This city centre project consists of five elements: the representive Thurn und Taxis Palais, the shopping centre MyZeil, the office tower NEXTOWER, the hotel Jumeirah Frankfurt and the parking garage PalaisQuartier/MyZeil.

www.mab.com; www.palaisquartier.com

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 4 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra has more than 2.2 million m2 of GLA under management with over 8.900 tenants. In 2010 our Shopping Centres had more than 442 million visits.

New development large

Loop5 distinguished at the ICSC Awards 2011

Sonae Sierra, the international shopping centre specialist, and Foncière Euris have just received a commendation by the International Council of Shopping Centres (ICSC) for the development of the centre LOOP5 in Weiterstadt (Germany). Loop5 was commended at this year's edition of the "ICSC European Shopping Centre Awards" in the category "New Developments: Large". The award ceremony was held at the association's Annual Conference in Paris (France). The ICSC Awards are considered the most prestigious awards in the shopping centre sector in Europe. The jury was composed of highly-renowned experts of the shopping centre business.

The commendation given to LOOP5 recognizes the high quality of this 56,500m² GLA development with 177 shops and 3000 free parking spaces. Within its innovative design and architecture focused on the concept of aviation, Loop5 presents a unique shopping, services and leisure offer for the region, using the most modern environmental solutions in terms of energy building efficiency.

Owned and developed by Sonae Sierra and Foncière Euris, Loop5 was inaugurated in October 2009, and is located in Weiterstadt - Frankfurt reaching a total catchment area of over 1 million inhabitants.

"This commendation distinguishes Loop5's unique concept of Themed shopping centres which was first introduced to the market by Sonae Sierra. Besides an outstanding shopping experience, LOOP5 provides a fascinating visit to the world of aviation and meets the increasingly high expectations of both customers and tenants." says Fernando Guedes de Oliveira, Sonae Sierra CEO.

In recent years, Sonae Sierra was distinguished with two further ICSC European Shopping Centre Awards: one for the refurbishment of Valecenter in Italy and another for the development of the shopping centre 8ª Avenida in São João da Madeira (Portugal).

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also active in the services to third parties area in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra has more than 2.2 million m2 of GLA under management with over 8.500 tenants. In 2010 our Shopping Centres had more than 442 million visits.

Recognition of the bet on Safety & Health

Sonae Sierra earns distinction at the "European Risk Management Awards"

• Sonae Sierra distinguished in the "Most Innovative Use of IT or other Technology" category, for the Inspections System in the Safety & Health area
• Category rewards best technological system with risk management benefits

Sonae Sierra, the international shopping centre specialist, has just been distinguished at the "StrategicRISK European Risk Management Awards", an initiative of prestigious British magazine "Strategic Risk", which aims at rewarding the best and most innovative actions in the risk management area. This award, in the "Most Innovative Use of IT or other Technology" category, distinguishes Sonae Sierra's bet on the perfecting of the inspections system, employing a new technological platform that enables the control and management of Safety & Health risks and environmental impacts in its Shopping Centres. 

Acknowledging and rewarding organizations that demonstrate a commitment to the improvement of risk management strategies this distinction is the result of a rigorous selection process carried out by the jury panel of Strategic Risk, comprised of important and influent scholars and professionals of the area, from some of the most important multinational companies.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "we are very proud to receive this distinction, since it recognizes the company's effort and results in the continuous improvement in terms of Safety & Health. This bet on the reduction of the risk linked to accident prevention is carried out for the benefit of employees, tenants, suppliers and visitors. We believe this attitude is a competitive advantage and a differentiating factor for our stakeholders", he adds.

New Inspections System more efficient and effective

Sonae Sierra's safety inspections system was created in the scope of PERSONÆ, a project focused on the consolidation of a culture of accident prevention and anticipation, that protects employees, as well as everyone who interacts with the Company. The creation and development of the safety culture in all venues and activities was crucial for the development of the current Safety & Health Management System, especially in a Company responsible for the safety of millions of people that work in and visit its Shopping Centres.

For a more effective risk minimization, Sonae Sierra decided to perfect the system that was in use, and started collecting data in shops through an application available on the Company's Intranet, connected to a PDA (Personal Digital Assistance). Based on this new system, it was possible to simplify the process, and simultaneously make it more efficient, since it diminishes considerably the time necessary for each inspection visit, from the previous 3-4 hours to just 30 minutes. 

Besides the increased efficiency in the completion of the inspection, the system will enable a significant improvement in the relationship with tenants, and greater brevity in the implementation of the practices established by the Safety & Health Management System, since the results of the inspection are automatically made available to the Centre's Operations Manager, and can be sent to the tenant immediately after approval.

The new system is already operational in the 21 Shopping Centres in Portugal and, since its implementation, has enabled a significant increase of better safety practices and behaviours. This inspections system enables a more effective detection and elimination of existing risks, contributing to Sonae Sierra's ultimate goal of reaching zero accidents. 

Sonae Sierra is aware that risk prevention is a direct responsibility of leaders and managers, and has invested, over four years, more than 6 million euro in the development and perfecting of its Safety & Health system, through the PERSONÆ Project.

With the attainment of the OHSAS 18001 certification for its Corporate Safety & Health management system in 2008, Sonae Sierra was the first European company in the sector to certify its Safety & Health Management System.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

Sonae Sierra signs a property management service agreement for Le Isole in Italy

• The company already manages more than 168.000 m² of GLA in Italy
• Sonae Sierra will provide exclusive shopping centre management services for Le Isole
• Sonae Sierra will bring its experience to enhance shopping centre performance and tenant mix

Sonae Sierra, the shopping centre specialist, just closed a property management service agreement for Le Isole shopping centre, located in Gravellona Toce, Italy. Through this contract, Sonae Sierra will provide property management services to the centre that comprises 26,000 m2 of Gross Leasable Area and includes 55 shops.

Inaugurated in 2006 Le Isole tenant mix includes Ipercoop (with a GLA of 13,350 m2), Lindt, Carpisa, Limoni, Yamamay, Benetton, OVS Industry and Sisley. Sonae Sierra aims at further improving the tenant mix of the shopping centre, which serves a catchment area of 148,000 inhabitants. Le Isole is located in a strategic position, very close to A-26 motorway and about 40 kilometers from Switzerland.

The shopping centre represents a significant meeting place for the catchement area where customers can find shopping, leisure and entertainment occasions, also thanks to the 150 seat food court and the Strona river park nearby. The shopping centre also offers a parking place able to host up to 1,500 cars.

Fernando Guedes Oliveira, CEO of Sonae Sierra, commented: "As an international shopping centre specialist, we are further strengthening our presence in Italy also as knowledge provider to third parties. Thanks to its rich tenant mix and the Strona river park nearby, Le Isole already plays a key role within the territory of Gravellona Toce, a role that Sonae Sierra intends to strength even more trough the application of our international  experience".

"We think that Le Isole has a great potential of growth thanks to its position, its valuable tenant mix and its consolidated presence on the territory. We will work together with Sonae Sierra in order to make the shopping centre benefit from our new and innovative management, inspired by the most modern international standards", added Francesco Coviello, European Director of Le Salle Investments.

Giovanni Crisafulli, Responsible of Promogeco shopping centres management, said: "We have been part of this project since 2006, first year of Le Isole activity, and we have seen the shopping centre becoming a real point of reference within its catchment area. We continue to be confident about the future, also thanks to the collaboration with two international players such as La Salle Investments and, from now on, Sonae Sierra as property manager".

Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m2 with more than 8,500 tenants. In 2010, Sonae Sierra welcomed more than 442 million visits in its shopping centres.

Service provision to third parties consolidates international presence

Sonae Sierra reinforces service provision to third parties in Romania

• Two new leasing contracts for third parties
• Sun Plaza is one of the largest shopping centres in Romania

Sonae Sierra, the international shopping centre specialist, reinforces its presence in Romania with the signing of two leasing contracts for the Sun Plaza and Vivantis shopping centres, respectively, both located in the city of Bucharest.

Inaugurated in February 2010, the Sun Plaza is the largest shopping centre in Romania, with a Gross Lettable Area (GLA) of 81,000 m² and more than 135 shops and restaurants. Sonae Sierra was hired to provide marketing services with the purpose of consolidating its position as the main shopping and leisure destination in its catchment area.

The contract with Vivantis Mall also refers to the provision of leasing services. The shopping centre features 56 shops, and Sonae Sierra began its activity in this centre in April, with the purpose of extending and potentiating its retail offer, so as to answer the needs of its visitors.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "the signing of these contracts enables us to increase our activity in Romania, and is a further acknowledgment of Sonae Sierra's ability to manage and lease shopping centres, based on our experience of more than 20 years. Our objective is to create attractive spaces for their visitors and add value to the portfolio of our clients", he adds.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

Sonae Sierra recorded a Total Net Profit of €10.4 million in the 1^st quarter of 2011

• Total Net Profit grew 42% compared to the 1^st quarter of 2010
• In spite of sales of assets and of the Brazilian operation IPO, Direct Net Profit grew 3% and EBITDA remained stable
• Global occupancy rate of the portfolio grew to 96.8%
• Tenant sales in the portfolio under management (like-for-like) grew 0.9%

Sonae Sierra, the international shopping centre specialist, presented a Total Net Profit of €10.4 million in the first quarter of 2011, which represents a 42% increase compared to the same period of 2010. The positive variation of the Total Net Profit was leveraged by a 3% increase of the Direct Net Profit, and a 40% improvement of the Indirect Net Profit, consequence of the resilience and increased operational efficiency of our assets and the stabilization of the yields. 

Throughout this quarter, the main events were the successful conclusion of the Sonae Brasil IPO, the entry in Morocco through the provision of development and management services, and the sale of two shopping centres in Spain - Plaza Éboli and El Rosal - to Doughty Hanson & Co Real Estate, with Sonae Sierra keeping their respective property management.

The capital recycling strategy adopted by the Company, with the purpose of ensuring its sustainable growth, resulted in a decrease of Investment Properties in the 1st quarter of 2011, due to the sale of two centres in Spain and the IPO of Sonae Brasil. This strategy has already been implemented in 2010, with the sale of Alexa (Germany) and Mediterranean Cosmos (Greece).

These sales and IPO led to a 6% decrease of Direct Income from Investments, from €54.8 million in the 1^st quarter of 2010, to €51.2 million. EBITDA, however, remained stable (€29.2 million, compared to €29.6 million in the same period of 2010), reflecting the efficiency gains from the cost containment efforts in all areas of the Company. 

The global portfolio managed by Sonae Sierra presented a positive performance in the first quarter of 2011, when compared to the same period of 2010, with tenant sales growing 0.9% on a comparable basis. 

The Global Occupancy Rate of the portfolio reached 96.8%, a 1.1% increase compared to the same period of 2010, which is remarkable in face of the natural impact of the economic situation on the occupancy rates in the retail real estate sector.

The Value Created in Properties grew significantly, thanks to the good operational performance and the yield stabilization.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculated its NAV according to the guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the company's NAV, as of March 31 2011, was €1.22 billion, a €29.6 million decrease compared to the value recorded in December 2010, mainly due to the attribution of Dividends to Shareholders and the depreciation of the Real against the Euro.

Portfolio under development

Currently, Sonae Sierra has 49 shopping centres in operation, 28 of which are located outside Portugal, namely in Spain (9), Italy (4), Greece (1), Germany (3), Romania (1) and Brazil (10).

The Company has three Shopping Centres under construction, representing a total investment of about €280 million: Uberlândia Shopping and Boulevard Londrina, both in Brazil and Le Terrazze, in Italy. Seven other projects are in different stages of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

Boulevard Londrina will have a GLA of 47,800 m², which corresponds to an investment of €88 million, and is scheduled to open in 2012. Uberlândia Shopping, scheduled to be inaugurated this year, represents an investment of €62 million. There are also two expansions under way in Brazil: Shopping Metropole and Shopping Campo Limpo.

In Italy, besides Le Terraze, with a total GLA of 38,500 m² and an investment of more than €125 million - scheduled to be inaugurated in the first quarter of 2012, we are also analyzing the expansion of Airone Shopping Centre, in the city of Padua, which will enable a GLA growth of 2,900 m².

Sonae Sierra's international growth is now further enhanced by the provision of development and management services to third parties, as a result of the company's unique knowledge of the shopping centre business. The company is already active in this area in Cyprus, Serbia, Morocco and Colombia, besides the markets where it owns assets.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

Sonae Sierra's Consolidated Profit and Loss Account and Balance Sheet

A pioneer project, with a 100% Portuguese patent

Sonae Sierra installs innovative GUIO^® system for the visually impaired

• GUIO^® system developed exclusively for Sonae Sierra
• New service available at Centro Colombo and NorteShopping

Sonae Sierra, the international shopping centre specialist, has just made available an innovative support system for visually impaired visitors during their visits to Centro Colombo and NorteShopping. It's called GUIO^®, a technological solution for the guidance and information of the visually impaired which will guide our clients with visual limitations in these venues.

The GUIO^® system makes available audio information through a small portable unit called "BeepMóvel", a device that facilitates user orientation, providing useful information such as the location of stairs, lifts, WCs, entry doors, Information Counter, public telephones, etc, also referring some of the shops in the vicinity, thus helping the user to access all areas of the shopping centre.

The GUIO^® system was developed and manufactured by Moniz Dias company, on request and in cooperation with Sonae Sierra. Its patent is 100% Portuguese and its technological features make it a unique and innovative system worldwide.

For José Faias, Sonae Sierra's coordinator of the GUIO^® project: "this innovative system is a part of the company's Corporate Responsibility Policy, and of our intention of having Centres accessible to people with any kind of limitation, thus contributing to a more inclusive society". And he argues: "the commitment to innovation is in our DNA, and has led the Company to earn an international reputation for the development of innovative products and solutions". 

According to Carlos Lopes, president of the National Board of ACAPO, "this is a system that can help the visually impaired in their visits to shopping centres while contributing for the promotion of a more inclusive society". He adds: "ACAPO was actively involved from the first moment, being present in the different stages of development of the project, so as to ensure that this is a solution that meets the needs of the visually impaired that visit Shopping Centres".

Pilot project in NorteShopping and Centro Colombo

In the first stage of implementation in Sonae Sierra's shopping centres, GUIO^® is available at NorteShopping and Centro Colombo.

Each centre has 6 "BeepMóveis" available at the Information Counter for the visually impaired, who only need to request the device. The "BeepMóvel" makes a brief audio presentation of the Centre, the number of shops and available services and accesses, and guides the visually impaired visitor according to the cardinal points, also making available an emergency number, among other very useful information.

The "BeepMóvel" is an extremely functional device, small and user-friendly, and it complements the information already available through tactile buttons. It also has an emergency number, in Braille, to request the Centre's support.

Its functioning is ensured by several fixed units installed in strategic locations throughout the Centre, which are activated when the portable units (BeepMóvel) enter their area of intervention, automatically establishing a connection with the device, and enabling the provision of useful information regarding the area where the user is located.

Recent surveys show that approximately 1% of the Portuguese population is visually impaired, estimated of about 163 thousand people. With the GUIO^® system, Sonae Sierra wants to these people quality of life, facilitating the mobility and autonomy of our visually impaired clients, who honour us with their visit to our shopping centres.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,900 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

About ACAPO

ACAPO - an association of the visually impaired in Portugal - is a Non-Governmental Institution that represents Portuguese citizens with visual impairments. It currently has, besides its headquarters in Lisbin, 13 other delegations spread through the continent and the islands, with specialized technician, able to respond to the effective needs of the visually impaired, their families and surrounding communities. This year, the association saw its quality management system, in the domain of the national and international representation of the interests of the visually impaired, certified by the Portuguese Certification Association (APCER), according to the ISO 9001:2008 standard.

National Real Estate Award 2011

Sonae Sierra distinguished with three awards

• LeiriaShopping distinguished with a "Real Estate Oscar" and the Eurohypo Award
• "Special Magazine award" for the refurbishment project of Centro Colombo

Sonae Sierra, the international shopping centre specialist, has just earned three distinctions at the National Real Estate Awards 2011: the "Real Estate Oscar" in the retail developments category for LeiriaShopping and the "Special Magazine Award" for the refurbishment project of Centro Colombo. Additionally, Leiriashopping also received the Eurohypo Award, attributed directly by Eurohypo Bank, which is evidence of the project's unquestionable quality.

The National Real Estate Award is an initiative of the "Imobiliária" Magazine, which annually rewards the quality and innovation of the best developments in Portugal. The awards are attributed by a jury comprised of specialists in the real estate sector, invited by the magazine to evaluate criteria such as concept originality, technical and architectural qualities, energy management, structural conception and urban integration of the developments up for recognition.

LeiriaShopping: the third "Real Estate Oscar" in Sonae Sierra's portfolio

LeiriaShopping, Sonae Sierra's most recently inaugurated Shopping Centre in Portugal, earned Sonae Sierra its third "Real Estate Oscar" in the Retail category, after RioSul Shopping (in 2007) and 8ª Avenida (in 2008) were distinguished with the same award as the best shopping centre of the year.

This new retail project, inaugurated in March 2010, represented an investment of €79 million, and features 44,321 m² of Gross Lettable Area (GLA) and a total of 124 shops, serving a population of 529.000 in the Leiria region. LeiriaShopping's positive performance throughout its first year of activity, and its 100% occupancy rate confirm its success.

The Centre presents a contemporary concept developed by Architect José Quintela, which was inspired by the main characteristics of the region: glass, wood, and the Atlantic coast. The glass refers to the region's main industry, and the wood refers to Leiria's pine forest, which played a relevant role in Portugal's history by supplying raw materials to build the vessels that carried the Portuguese navigators to the discovery of the World.

Centro Colombo distinguished for its refurbishment project

Centro Colombo, one of the most awarded centres in the sector and an international reference, was distinguished with the "Special Magazine Award" for its refurbishment project, also developed by Architect José Quintela. This project, which represented a €27 million investment, transformed the centre into a more modern and dynamic venue, with the main changed being the construction of an open air garden in the former exterior area of Funcenter, the refurbishment of the food court, as well as several improvements to the parking lot, namely in terms of signposting and the creation of a signaling system of available spaces. 

Since its inauguration in 1997, Centro Colombo has shown the ability to set innovative trends in the sector, so as to permanently meet the requirements of its 25 million annual visitors. Factors such as the quality and diversity of its commercial offer, materialized in more than 400 shops, the architecture and customer service, coupled with a strategic location covered by an extensive privileged access network, has allowed Centro Colombo to maintain a leadership position in its sector and frequently obtain national and international distinctions in different areas. 

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

Balance of the World Day for Safety & Health at Work

Sonae Sierra reduces lost day rate due to work accidents and records zero occupational disease

• Lost day rate due to work accidents down 25% in 3 years
• More than 10 shopping centres certified according to the OHSAS 18001 standard in 2010
• Absentee rate due to accidents in shopping centres under construction down 64% in the last 4 years

On the World Day for Safety & Health at Work, Sonae Sierra, the international shopping centre specialist, disseminates the results achieved by its Safety & Health Management System, of which we highlight a 25% reduction in lost day rate due to work accidents or occupational diseases.

Also, and for the second year in a row, no occupational diseases were recorded. These results were achieved thanks to the Company's good performance in the Safety & Health area. Its Management System is OHSAS 18001 certified since 2008 and has the main objective of preventing accidents and promoting the safety of millions of people that work in and visit its shopping centres. 

Sonae Sierra was the first company in the sector to obtain this certification and, in 2010, had another 10 shopping centres certified: four in Portugal; three in Spain, one in Italy, one in Germany and one in Brazil.

The Company now owns 24 OHSAS 18001 certified shopping centres, an acknowledgement that the organization is able to effectively manage Safety, Hygiene & Health at Work risks in its activities, caring for accident prevention, risk reduction and the well-being of employees, tenants, service providers and visitors.

Sonae Sierra was also the first company in Europe to earn the OHSAS 18001 certification in Safety & Health at Work for a shopping centre under construction - LeiriaShopping - joined in 2010 by the certification of the construction works of "Torre Ocidente" project.

In the last 4 years, the Company recorded a 64% reduction in workers absentee rate due to work accidents and occupational diseases and a 34% reduction in accidents with lost days involving service providers.

Our goal is "Zero Accidents"

 "Zero Accidents" is the Company's long term goal, to be reached through prevention practices and a safety culture adopted across the entire organization.

"The zero accidents goal is a result of our strong belief that employees are one of the company's most important assets, and their physical, intellectual and psychological integrity must be safeguarded. This concern extends to tenants and their employees, service providers and visitors, to whom the company constantly directs awareness and training actions to reinforce its culture of safety and accident prevention outside the organization" - states Elsa Monteiro, Sonae Sierra's Head of Sustainability.

For 2011, the Company's goal is to continue the success reached over the last few years. Thus, this year's goals included continuing to cut down on the number of workers absences due to work accidents and occupational diseases; to reduce in 5% the lost day rate due to work accidents with service providers in operations; to achieve zero fatalities due to accidents in all Sonae Sierra's portfolio and achieve the OHSAS 18001 certification at a further five shopping centres.   

Investment in Training

At Sonae Sierra, all new employees, service providers and tenants receive training when they're hired, so as to promote a Safety & Health culture across the entire Company.

Last year, the Company invested a total of 145,407 man-hours training in Safety & Health, in a total of 2,153 sessions, involving 28,802 participants. In Portugal alone, 64,333 man-hours were spent on training.

In 2010 an e-learning pilot project in this area was tested with some of the Company's employees, in a total of 750 people. Through this e-learning platform, employees had access to training in a more comfortable and flexible manner, allowing them to complete the different modules in a phased manner and according to their availability. 

Since one of the main mission of the Safety & Health System is to provide better work conditions for employees, in  2010 the month of May was dedicated to a healthy environment in the Company's offices. A total of 139 activities were promoted, in which participated 395 employees in the markets where Sonae Sierra is present. The actions had the purpose of raising awareness and promoting healthy lifestyles, including group activities (dancing, football, labour gymnastics, etc.), Zen practices (pilates, yoga and massage therapy), fruit distribution and informative activities (nutrition and healthy lifestyles workshop, lectures on body posture, sleeping advice, among others). 

In its Portuguese offices, the Company has been implementing, for five years now, a set of measures that include monthly training on Safety & Health, introduction of ergonomic equipment, monthly checkups on vehicles shared by employees, emergency drills, etc.

Sonae Sierra also has a Safety Alerts system, through which, whenever happens an incident with potential to reoccur in another shopping centre or company office, issues an alert, describing the event, its causes, and recommendations to avoid recurrence.

Wika mascot disseminates good practices

With 49 centres in operation, three projects under construction and eleven central offices in Europe and Brazil, Sonae Sierra is responsible for the Safety & Health of millions of people, including its 1,106 employees, shopping centre visitors (in 2010 our centres welcomed more than 415 million visits), service providers and tenants. Thus, the Company carries out numerous awareness and educational initiatives with the safety and accident prevention theme, for this entire universe of people. 

We are the only Portuguese Company in the sector to have created a mascot with the specific purpose of facilitating a better comprehension of the Safety & Health messages: the Wika beaver, a name inspired by Sonae Sierra's motto in matters of Safety & Health: "We Care". It's used on the shopping centre websites, educational games on accident prevention and campaigns with tips leisurely addressed to children, also with impact on employees, tenants, visitors and general audience.

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 442 million visits in its shopping centres.

Reinforcement of the internationalization strategy

Sonae Sierra enters Morocco

• The company will provide services for the development of a project in Casablanca

Sonae Sierra, the international shopping centre specialist, has just entered the Moroccan market, with the provision of services in the shopping centre sector, including the development and management of shopping centres.

The Company's first contract in this market has just been signed, with Moroccan companies Marjane (ONA Group) and Foncière Chellah (CDG Group - Caisse de Dépôt et de Gestion), for the provision of development services for a shopping centre with a total Gross Lettable Area (GLA) of 40,700 m² and 130 shops, which is scheduled to open to the public at the end of 2013. Located between the Hassan II Mosque and the Casablanca marina, this centre is a part of the Casablanca Marina project, which integrates housing, leisure and business.

The activities to be developed by Sonae Sierra include market surveys, definition of layouts, architectural concept and project management throughout the entire development stage. 

Marjane is the largest hypermarket and supermarket chain operating in Morocco and Foncière Chellah is a real estate investment fund present in the real estate lease segment, fully owned by the CDG Group, one of Morocco's main financial institutions.

For Fernando Guedes de Oliveira, Sonae Sierra's CEO, "Morocco is a market with more than 31 million inhabitants, which is under rapid economic development, and has a shopping centre industry with an enormous potential for growth. Our entry in this market represents a reinforcement of our internationalization strategy through the provision of services based on our knowledge and experience in every area of the shopping centre business". 

Morocco is considered an emerging market, with political and economic stability, which, in macroeconomic terms, had a Gross Domestic Product (GDP) growth rate of 3.5% in 2010, and there are great future growth perspectives for its economy.

A sustained internationalization process

Sonae sierra, which has operated in the Portuguese market for 21 years, begun its internationalization in 1999 in three markets: Spain, Greece and Brazil. In 2000, Germany and Italy joined the list, and 2007 marked our arrival in the Romanian market. 

The entry in Colombia in 2010 reinforced the Company's internationalization and its presence in South America. This was the starting point for the international growth strategy, through service provision to third parties in the shopping centre development and management areas, which now expands to North Africa.

Currently, the Company has 49 shopping centres in operation, 28 of which are located outside Portugal, namely in Spain (9), Italy (4), Greece (1), Germany (3), Romania (1) and Brazil (10). The company has three developments under construction: Le Terrazze, in Italy, Uberlândia Shopping and Boulevard Londrina, both in Brazil. Seven other projects are in different stages of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,500 tenants. In 2010, the company welcomed more than 431 million visits in its shopping centres.

In seven years

Sonae Sierra reduces water consumption per visit by 12%

• Eco-efficiency measures implemented between 2003 and 2010 enabled savings of 233 million litres of water in 2010, which represent a 12% decrease in consumption per visit.
• Before 2020, Sonae Sierra has the goal of reaching a water consumption level equal or inferior to 3 litres per visit.

Sonae Sierra, the international shopping centre specialist, has improved the efficiency of water usage over the last 7 years, achieving savings, in 2010 and across the entire portfolio, of about 233 million litres of water, and attaining a 12% reduction in water consumption per visit, which, last year, levelled at 3.7 litres/ visit.

In 2010, the shopping centres alone consumed 82 million litres less of water, a reduction of 6% compared to the previous year.

Water consumption in shopping centres is controlled through sophisticated timer systems for taps and other equipments, which enable significant savings. By increasing the efficiency of water consumption in its activities, Sonae Sierra has been contributing not only to reduce the risks associated with water scarcity, but also to minimize its water "footprint", preparing itself for future legislation on building performance in terms of water. The eco-efficiency measures implemented over the years have enabled savings in water costs of about € 545,000 in 2010.

Portugal: 8ª Avenida, CascaiShopping and MadeiraShopping lead in savings

In Portugal, in general terms, our shopping centres recorded savings in the total gross water consumption. The water volume saved in 2010 surpassed 50 million litres, an 8% reduction compared to the previous year. Last year, shopping centres 8ª Avenida,  CascaiShopping and MadeiraShopping were the highlights in terms of efficient water consumption. In 2010, 8ª Avenida was the centre with the highest reduction in water consumption per visit, a 28.4% decrease compared to 2009, followed by MadeiraShopping (27.5%) and CascaiShopping (20.2%).

The reduction of water consumption is one of the main factors of Sonae Sierra's Corporate Responsibility strategy. Before 2020, the company's objective is that at least 10% of the total water used in shopping centres is reused/recycled or collected rain water, and that the consumption level is equal of inferior to 3 litres per visit across its entire portfolio.

 "Through our Environmental Management System, together with the most recent technologies and water efficiency and rationalization measures in the Company's offices and Shopping Centres, we have been sustainably reducing water consumption, trying not to waste this valuable and increasingly scarce resource", says Elsa Monteiro, Sonae Sierra's Head of Sustainability.

Sonae Sierra has been raising the awareness of its employees, tenants and visitors, in terms of savings of drinking water and good environmental practices, continuously launching informative initiatives on the subject.  "This year, to celebrate the World Water Day, we launched an awareness campaign in the Media "Saving at Water's Rhythm" which invites Portuguese people to adopt more responsible behaviours regarding the efficient and rational use of water. This awareness campaign has the purpose of offering simple suggestions for saving water in everyday tasks", adds Elsa Monteiro. 

As part of its policy in last few years, Sonae Sierra has implemented in 2010 a set of measures to improve the efficiency of water usage in the company's shopping centres and offices, which contributed to the achieved results. These measures included:

• Awareness-raising campaigns about the importance of water preservation among shopping centre visitors in all countries;
• Implementation of water leak detection systems within the Building Management System (BMS) at Centro Colombo, ArrábidaShopping and LeiriaShopping (Portugal), Plaza Mayor (Spain) and Münster Arkaden (Germany);
• Continued the installation of flow reduction devices on taps in several shopping centres that didn't yet have the devices available;
• Improvements in the skylight water distribution system at Vasco da Gama Centre;
• The introduction of procedures to promote water efficiency in tenants' refurbishment works and in the cleaning suppliers' operations;
• Correction of water meters at Franca Shopping, Shopping Campo Limpo and Shopping Penha and the repair of water leakages at Franca Shopping and Tivoli Shopping (all in Brazil). These measures helped Franca Shopping to reduce water consumption by around 25% in the third quarter of 2010;
• Changes to the procedures for cleaning and irrigation water use at Boavista Shopping, Shopping Campo Limpo and Parque D. Pedro Shopping (all in Brazil). These changes contributed to a 12% reduction in water consumption at Parque D. Pedro Shopping during the third quarter of the year;
• The way the landscaping project can contribute to a water consumption reduction, by incorporating plants that require less water, was analyzed in some centres, such as Gli Orsi and Freccia Rossa (Italy) and Parque D. Pedro Shopping (Brazil).

Many of these measures were the result of the recommendations and audits on water consumption carried out in all of the Company's centres and offices in 2008 and 2010.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also active in the services to third parties area in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra has more than 2.2 million m² of GLA under management with over 8.900 tenants. In 2010 our Shopping Centres had more than 431 million visits.

Maia Commercial Registry and fiscal Number: 502 290 811

(translation from Portuguese original)

  MARKET ANNOUNCEMENT

Sonae Sierra informs that its subsidiary Sonae Sierra Brasil S.A., a company incorporated in accordance with the Brazilian law, successfully closed today, March 14^th  2011, as a broadcaster and issuer, under the coordination of CREDIT SUISSE INVESTMENT BANK (BRAZIL) SA, Banco ITAÚ BBA SA and BANCO JP MORGAN SA, the primary public offering of 21,739,130 ordinary shares of the Company, all nominative, without par value, free and clear of any liens or encumbrances, at the price of R$ 20.00 per share, totalling R$ 434,782,600.00.

From the onset of the primary public offering, the Sonae Sierra Brasil S.A.granted an option, to the Lead Manager, with the agreement of the other Coordinators, for an additional distribution of up to 3.260.869 ordinary shares (the over-allotment shares) issued by the Company, at the price of R$ 20,00 per share, to meet eventual excess demand in the course of the Offer.

On March 4^th 2011 the Lead Manager, with the agreement of the other Coordinators, had placed 1,511,913 of the total over-allotment shares exercising over these shares the above referred option at the price of R$ 20,00 per share.

Considering the over-allotment shares placed, a total of 23,251,043 ordinary shares were distributed to the public at the price per share of $ 20.00, totaling R$ 465.020.860.00.

Sonae Sierra Brasil S.A. is indirectly controlled by Sonae Sierra Brasil BV, sarl, which in turn is 50% held indirectly by Sonae Sierra SGPS.

The "Notice to the Market" of the operation was published, March 14^th, in Valor Econômico Newspaper and is available on the CVM site www.cvm.gov.br, and Sonae Sierra Brazil site, www.sonaesierrabrasil.com.br, Investor area.

Maia, March 14th 2011

Edmundo Figueiredo
(Investor Relations)

Sonae Sierra recorded a Total Net Profit of €8.7 million in 2010

• EBITDA grew 13% to €123.4 million
• NAV grew 1.8% to €1.25 billion
• Global occupancy rate of the portfolio grew 0.4% to 96.3%
• Managed portfolio sales grew 0,5% in Europe and 16.6% in Brazil (in Reais)

Sonae Sierra, the international shopping centre specialist, presented a Total Net Profit of €8.7 million in 2010, compared to a loss of €111 million in 2009. The favourable change in the Total Net Profit was driven by an increase of 35% of the Direct Net Profit and 68% increase of the Indirect Net Profit in 2010, consequence of the resilience and increased operational efficiency of our assets, and of the lower yield compression. 

The achieved results mirror the success of Sonae Sierra's internationalization strategy, which ended the year with a portfolio of 51 shopping centres in operation, in seven different countries, with a Gross Lettable Area (GLA) of more than 2 million m². In 2010, Sonae Sierra's shopping centres welcomed a total of 431 million visitors.

The Direct Income from Investments recorded a €15 million increase, compared to the previous year, going from €212 million to €227 million, a 7.0% increase. This variation reflects the growth of the portfolio, with the inauguration of shopping centres Manauara (Brazil) and Loop5 (Germany) in 2009, the opening of Leiriashopping and the expansion of Parque D. Pedro (Brazil) in 2010, and also the organic growth of our centres, namely in Brazil, which was partially compensated by the sales of Alexa (Berlin, Germany), where Sonae Sierra maintains the property management and a minority stake ownership, and Mediterranean Cosmos (Greece), examples of the Company's capital recycling strategy. Sonae Sierra also completed the sale of LeiriaShopping to the Sierra Portugal Fund for €92 million. 

EBITDA recorded a 13% increase, and is now at €123.4 million, compared to the €108.8 million in 2009. This increase reflects not only the aforementioned inaugurations, but also the efficiency gains from the cost containment efforts in all areas of the Company. 

Sonae Sierra's managed portfolio presented a positive performance in 2010 when compared to the same period of 2009, with sales in Europe growing 0.5% (+1.8% like-for-like), and 16.6% in Brazil (+10.1% like-for-like), an evolution that reflects the good momentum of the Brazilian economy.

Despite the natural impact of the economic situation on occupancy and rental rates in the retail real estate sector, Sonae Sierra recorded a Global Occupancy Rate of the portfolio of 96.3%, an increase of 0.4% compared to 2009.

The Value Created on Properties was positive, for the first time since 2008, thanks to the good operational performance, despite the yield increase in Portugal and Greece.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net Asset Value) plus dividends distributed. Sonae Sierra calculated its NAV according to the guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the company's NAV, as of December 31 2010, was €1.251 billion, an increase of 1.8% compared to the value recorded at the end of 2009, which was €1.228 billion

Reinforcement of the portfolio

Sonae Sierra's growth and expansion strategy continued in 2010, although the Company adjusted its development timings to the evolution of the financial and retail markets. In 2010, Sonae Sierra had three new Shopping Centres under construction and 7 projects in different stages of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

In the Portuguese market, Sonae Sierra finished a series of expansion and refurbishment projects, including the renovation of Vasco da Gama shopping centre, which involved an investment of €2.5 million. This centre was revitalized according to the modern alignment defined for the Company's portfolio, also satisfying new standards in terms of offer. 

Estação Viana shopping centre, in Viana do Castelo, was the subject of an expansion, and now offers a Gross Lettable Area (GLA) with an additional 1,100 m².

In Italy, the Company is involved in several projects, including the expansion of Shopping Centre Airone, in Padua, which will increase the centre's GLA by 2,900 m². Also under development, and scheduled to be inaugurated next November, is Le Terrazze, in La Spezia, with a total GLA of 30,500 m² and an investment of more than €125 million.

In 2010, Sonae Sierra was also committed to the development of Adoral Mall, in Craiova, Romania, the first shopping and leisure centre in that market, with a total GLA of 59,000 m².

The economic growth that occurred in Brazil in 2010, counter-cyclically to the European market, had a positive effect on the Company's activity. In the Brazilian market, the highlight goes to the inauguration, at the end of last year, of the expansion of Parque D. Pedro, in Campinas, an investment of €9 million and a GLA of 5,400 m². We also highlight the start of the construction of Boulevard Londrina (Brazil), a shopping centre with 47,800 m² of GLA, in which €97 million will be invested, and is scheduled to open in 2012, and the progress made in the construction of Uberlândia Shopping, scheduled to be inaugurated this year, with a total investment of €62 million. 

International Recognition

In 2010, Sonae Sierra was awarded several distinctions, both national and international. The Company was considered the Best Retail Developer in Portugal, Spain and Italy at the Real Estate Awards, an initiative of Euromoney magazine, an international publication, leader in banking and finance information. 

The company led, for the fifth time, the Corporate Climatic Responsibility ranking: ACGE Sectoral Index 2010, published by Euronatura - Centre for Environmental Law and Sustainable Development, reinforcing the national and international recognition of the Company's commitment to the Sustainability area.

The company was distinguished with the Award for Corporate Sustainability at the European Business Awards. This distinction is awarded to the European company with the best strategy and results in terms of sustainability and corporate responsibility.

The International Council of Shopping Centres (ICSC) distinguished Sonae Sierra for the refurbishment project of Valecenter Shopping Centre (Italy) in the Refurbishment & Extension category, at the 2010 edition of the ICSC European Shopping Centre Awards. The Company also received an award for Best Developer of the Year, at the 2010 Construir Awards. 

Centro Colombo, Sonae Sierra's largest Shopping Centre in Portugal, was considered the Best Shopping Centre at the 2010 Hipersuper Awards.

Finally, last year, Sonae Sierra was also distinguished at the European Risk Management Awards, in the Best Risk Training Programme category, an initiative of British magazine Strategic Risk, that rewards the best and most innovative actions in the risk management area, and which acknowledged the Company's bet on the development of a Safety & Health culture across the entire company and its shopping centres, namely through the Personae Project.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra manages a total gross lettable area (GLA) of about 2.2 million m² with more than 8,900 tenants. In 2010, Sonae Sierra welcomed more than 431 million visits in its shopping centres.

Sonae Sierra's Consolidated Profit and Loss Account and Balance Sheet

New property management agreement in Spain

Sonae Sierra will manage Plaza Éboli and El Rosal Shopping Centres

• These two shopping centres were acquired by Doughty Hanson & Co Real Estate last week

Sonae Sierra, the shopping centre specialist, has signed an agreement with Dougthy Hanson & Co Real Estate, the new owner of Plaza Éboli (Pinto, Madrid) and El Rosal (Ponferrada, León) Shopping Centres, to manage the two centres for the next four years with the objective of continuing to increase the value of both assets.

Through this contract, Sonae Sierra will provide management and leasing services for Plaza Éboli, with 31,068 m2 of total commercial area including 95 shops and open to the public since 2005 and El Rosal, with 50,653 m2 of Gross Lettable Area (GLA), 144 shops open to the public since 2007.

Alberto Bravo, Property Management Managing Director of Sonae Sierra in Spain, has highlighted that "this new agreement is a clear acknowledgement of our capacity and high efficiency in the management of shopping centres, thanks to our experience of more than 20 years. We look forward to work with Doughty Hanson & Co Real Estate and the shopping centre tenants in order to provide the best shopping experience to our costumers."

Juan Barba, the Madrid-based Principal for Doughty Hanson & Co Real Estate, states that "we are delighted with the professionalism and know-how of Sonae Sierra and we are fully convinced of the success of this relationship. At Dougthy Hanson & Co Real Estate, we consider this contract as basis of a strategic agreement for the development of future business together".

With this agreement, Sonae Sierra has reinforced its strategy of providing services to third parties in Spain. The company is one of the most important shopping centre operators in Spain, where it owns 9 shopping centres and provides services to third parties, through the management of five shopping centres and leasing services for four other centres.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra has more than 2.2 million m2 of GLA under management with over 8.900 tenants. In 2010 our Shopping Centres had more than 431 million visits.

(translation from Portuguese original)

GENERAL MEETING OF SHAREHOLDERS
NOTICE

As established in the law and in the articles of association, we hereby summon the Shareholders of the company to meet at the annual Shareholders' meeting, to take place on the coming April 7^th 2011, at 10 a.m., at the registered office, with the following agenda:

1-  To discuss and deliberate on the individual report and accounts in respect of 2010 fiscal year;

2-  To discuss and deliberate on the consolidated report and accounts in respect of 2010 fiscal year;

3-  To discuss and deliberate on the proposal for the application of results;

4-  To evaluate the management and supervision activity of the company;

5-  To discuss and deliberate on the compensation policy of the Company statutory governing bodies.

Maia, 4^th of March 2011

Board of the Shareholders' General Meeting

Sonae Sierra sells its Plaza Éboli and El Rosal Shopping Centres to Doughty Hanson for € 120 million

Sonae Sierra, the shopping centre specialist, has sold its shopping centres Plaza Éboli (Pinto, Madrid) and El Rosal (Ponferrada, León) to Doughty Hanson & Co Real Estate, for 120 million Euros. Through this sale Sonae Sierra's pursues its strategy to recycle capital in order to carry out new investments aimed at ensuring the company's sustainable growth.

Doughty Hanson & Co Real Estate, the new owner of the two shopping centres, is one of Europe's leading opportunistic real estate investors and has significant experience in the retail sector.

"This agreement reflects the high quality of the shopping centres developed by Sonae Sierra as well as our ability to recycle capital for future growth. It will allow us to continue our international expansion in the markets where we are currently active and also into new geographies like Colombia, where we have recently started to operate. At the same time we continue to maintain a strong and sustainable presence in Spain, which remains an important market for our company.", said Fernando Guedes Oliveira, CEO of Sonae Sierra.

Juan Barba, the Madrid-based Principal who led the acquisition for Doughty Hanson & Co Real Estate, said: "Despite the challenges that the Spanish economy faces, we are impressed with the location and quality of both of these assets. We will draw upon our considerable experience as an opportunistic investor in the retail sector to generate value for our investors and the local communities in which these shopping centres are located."

Commitment to Management

Sonae Sierra has focused its strategy in Spain, a mature market, on the three key areas: management of the shopping centres of its portfolio, expansions and refurbishments of these assets, and providing development, property management and leasing services to third parties. The company is one of the most important shopping centre operators in Spain, where it owns 9 centres, and provides services to third parties through the management of two shopping centres and leasing services to four other centres.

Sonae Sierra plans to carry out several expansion, refurbishment and improvement projects in the Spanish market, in the near future. The expansions of Luz Del Tajo (Toledo), Valle Real (Santander) and Dos Mares (Murcia), and the changes of use of Parque Principado (Oviedo) and Plaza Mayor (Malaga) will allow the company to offer a tenant mix that is more adapted to the needs of its visitors.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morrocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. Sonae Sierra has more than 2.2 million m2 of GLA under management with over 8.900 tenants. In 2009 our Shopping Centres had more than 436 million visits.

Sonae Sierra reinforces its activity in Italy and Romania   

• Provision of marketing services for the Shopping Park of the Bovisa Tech project, in Milan
• Best of Bowling and Altex reinforce the shopping and leisure offer of Adora Mall, in Romania

Sonae Sierra, the international shopping centre specialist, has just signed three important contacts: one for the provision of marketing services for a commercial project in Italy, and two tenant contracts for the Adora Mall development in Romania, reinforcing its international growth dynamics.

In Italy, Sonae Sierra has just closed a service provision contract with Gruppo Immobiliare Ceccarelli for the marketing of Shopping Park, a modern shopping park integrated in an innovative project of urban renewal, located in Bovisa, in the northern area of Milan.

Bovisa Tech, scheduled to open next September, will become Milan's new pole of design, technology, research and innovation. Shopping Park will present an innovative shopping concept, integrated in a large urban renewal project, which includes offices, residential and research structures, with a total GLA (Gross Lettable Area) of 16,850 m² for a population of 2.1 million inhabitants in its catchment area.

The project, to be developed in two stages, will have, in its first stage, about 3,200 m² of GLA for a total of 24 shops, and in the second stage, an added 4,500 m² of GLA for the creation of a further 35 shops.

Romania: reinforced shopping offer in Adora Mall

In Romania, the Company signed two contracts for the entry of Best of Bowling and the Altex chain in Adora Mall, Sonae Sierra's new development, which will offer the inhabitants of Craiova an innovative Shopping Centre with a total 59,000 m² of GLA (Gross Lettable Area) with more than 190 shops, services, leisure and 1900 parking spaces, to make available a complete offer to a catchment area of 435 thousand inhabitants.

Best of Bowling will offer a modern leisure venue with 10 bowling lanes and 15 billiards tables along with state of the art video games and simulators which will add value to the entertainment offer of Adora Mall.

The Altex chain is a household appliances and electronics specialist, which reinforces the strong commercial offer of the project.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "the signing of these important contracts confirms, on the one hand, Sonae Sierra's strong commitment to increasing service provision based on our know-how in all shopping centre business areas and, on the other hand, the tenant interest in Adora Mall, in Romania, which has 35% of its GLA already let".

 Sonae Sierra, www.sonaesierra.com, is the international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping centre industry. The Company owns 51 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of 2 million m². Sonae Sierra is also providing services to third parties in Cyprus, Serbia, Morocco and Colombia. Currently, the Company has 3 projects under construction and 7 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009 our shopping centres had more than 436 million visits.