Sonae Sierra is structured in four businesses: Investment, Development and Management of Shopping Centres, and Brazil. Sierra Investments is responsible for the investment activity in Europe. It holds 50,1% of Sierra Fund and acts as manager of the Fund and its properties. Sierra Developments is responsible for the development of Shopping and Leisure Centres in Europe, including the activities of procurement, conceptual development and architecture. Sierra Management is responsible for the management of Shopping and Leisure Centres in Europe, owned by Sierra Investments or by third parties. Sonae Sierra Brazil comprehends the activities of investment, development and management of Shopping and Leisure Centres in Brazil. The Corporate Services of Sonae Sierra mainly Finance, Legal, Human Resources, Environment, Communication, and Back-Office for Europe, are centralized in Sierra Corporate Services

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