2nd Edition of the "Planet Sierra Tenant Award"
Sonae Sierra rewards tenants for their environmental practices

• A pioneering initiative held internationally

• "Planet Sierra Tenant Award" aims at distinguishing shops with the best environmental practices

• The initiative's goal is to reward sustainable partner behaviors and encourage all tenants to take measures to boost the environment

Sonae Sierra has just distinguished 15 tenants in its shopping centres with the "Planet Sierra Tenant Award'12", an innovative and pioneering initiative in the sector with the purpose of acknowledging tenants with the best Environmental performance that developed the best practices in this area throughout the year, encompassing 48 Shopping Centres owned by the Company in seven countries.

These awards were created in 2010 as part of Sonae Sierra's Sustainability strategy and their objective is to reward the tenants that demonstrate a clear commitment to the Environment and the best environmental initiatives, such as: an operational management system/process to improve environmental performance in terms of air quality, energy, water, noise, residual waters and other waste, as well as the development of raining and environmental awareness programmes for employees and clients.

Good environmental practices contribute to the shops' efficiency
This award is intended to raise the tenants' awareness of good environmental management practices and highlight the results they may achieve, since a good environmental management allows the tenant to manage the shop better through, for example, the reduction of energy and water consumption, and also contribute to a better environmental performance of the Shopping Centre where the shop is located, namely through correct waste sorting.

On the other hand, it is also our intention to encourage tenants to adjust to the changes in clients' preferences, who increasingly seek ethical and environmentally responsible products/companies, and we hope that the dissemination of this award strengthens the importance of this distinction and has a positive impact on the reputation of the winning tenants, so as to bring in more informed and demanding clients.

Elsa Monteiro, Sonae Sierra's Sustainability Director, explains the relevance of these awards for tenants: "Our tenants' and partners' awareness of a correct environmental management is a priority for Sonae Sierra, since the success of the implementation of our Environmental Management System, ISO 14001 certified, depends on the contribution of our tenants. The Planet Sierra Tenant Award enables us to distinguish the tenants who work with us the most to minimize negative effects on the environment, highlighting them among the competition, and we hope the good examples provided by both candidates and winners contribute to inspire other that aren't yet as aware of these issues", she concludes.

The awarded tenants
This year, 15 shops were distinguished among all the Shopping Centres owned by the Company in seven countries, distributed in three categories:
Category A - for shops of 1,000 m2 or more, or belonging to chains of ten or more shops world-wide:
Category B - for shops under 1,000 m2 or belonging to chains of less than ten shops:
Category C - an international distinction that covers all super and hypermarkets in the 48 Shopping Centres Sonae Sierra owns in seven countries.

Portugal

• Category A - FNAC (CascaiShopping)

• Category B - Nespresso (NorteShopping)

• Category C (International award) - Continente hypermarket (Centro Colombo - Portugal)

Spain

• Category A - Cortefiel (Max Center)

• Category B - McDonald's (Max Center)

Italy

• Category A - McDonald's (Valecenter)

• Category B - Primigi (Gli Orsi)

Germany

• Category A - Media Markt (Alexa)

• Category B - Cilantro Mexican Grill (Loop5)

Romania

• Category A - McDonald's (River Plaza Mall)

• Category B - Poema & Musse (River Plaza Mall)

Greece

• Category A - to be announced soon

• Category B - to be announced soon

Brazil

• Category A - CTBC (Franca Shopping)

• Category B - Joe & Leo's (Parque D. Pedro Shopping)

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 51 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.

ZON Lusomundo and Sonae Sierra launch the world's finest cinema experience in Portugal

Starting June 20th, Portuguese people will have access to the finest cinema experience in the world. ZON Lusomundo Cinemas, in a partnership with IMAX Corp and Sonae Sierra, is preparing to open the first IMAX® DMR - Digital 3D cinema in Portugal. Centro Colombo, for its commercial relevance, location, accessibility and visitors volume, was the chosen venue to host this totally new premium cinema, which is already under construction in the scope of the refurbishment of the Cinema Complex.

In its debut week, the new IMAX® cinema will feature a reference blockbuster in the movie industry, exclusively produced for IMAX, "Jurassic Park". "Man of Steel", the much anticipated Zack Snyder film, will premiere the following week.

The IMAX® DMR system was developed by Canadian company IMAX Corporation and displays movies in much bigger screens than conventional digital systems, providing a unique immersion experience.

With the "IMAX® is believing" positioning, the experience is so real that it puts the spectator in the centre of the action. It's a cinema format that combines technology, architecture and patented systems increasingly used in international blockbusters. More and more directors and cinema studios are using IMAX® technology to connect to audiences in a unique way, and therefore the IMAX® network has become one of the most successful distribution platforms in the world.

Currently, the IMAX® network has about 738 cinemas in 53 countries worldwide (606 commercial multiplexes, 19 shopping destinations and 113 institutional cinemas in museums and theme parks). Most European capitals already have IMAX®, which now arrives in Lisbon through ZON Lusomundo Cinemas.

According to Luís Mota, ZON Lusomundo Cinemas' Administrator, "the IMAX® launch will offer Portuguese people the possibility of experiencing the best of the world's cinema, not only in terms of exclusive contents but also of state-of-the-art technology. It's the difference between watching a movie or being a part of it!"

ZON Lusomundo Cinemas, which has always been known for innovation, is once again a pioneer in the technological evolution of cinema in Portugal. The company is already a market leader and is responsible for the management of more than 200 cinemas and was a precursor in the digitalization process of the movie industry and in the introduction of digital platforms for the distribution of digital 3D contents in Portuguese and European cinemas.

"ZON Lusomundo shares our passion for the delivery of unique and exclusive entertainment experiences and we are very happy to join forces to bring the IMAX® concept to Portugal", states Andrew Cripps, President of IMAX, EMEA. "We're confident that the IMAX® experience will begin a new era of cinema display in Portugal that will bring cinema fans to the centre of the action like no other experience has done before", he adds.

Sonae Sierra, for its part, in the scope of its innovation strategy and permanent introduction of new concepts, became a partner in this deal so as to provide a differentiating and unique entertainment offer in the shopping centre universe in Portugal, which will enable Portuguese audiences to enjoy an internationally successful concept that didn't yet exist in the country.

Regarding the new concept, Cristina Santos, Sonae Sierra's Managing Director of Property Management in Portugal, says that "the arrival of IMAX® in Portugal strengthens the leisure offer in Centro Colombo and will offer its visitors a unique cinema experience".

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.

A € 4.5 million investment
Sonae Sierra inaugurates AlgarveShopping's expansion

• More than 3,000 m2 of Gross Lettable Area

• Opening of the largest C&A and H&M shops in Algarve

• Creation of 100 new permanent jobs

• Sonae Sierra invested €13 million in expansions and refurbishments in the Algarve over the last three years

Sonae Sierra, the international shopping centre specialist, has just inaugurated the expansion of AlgarveShopping, an investment of € 4.5 million 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 now makes available 130 shops in a GLA of approximately 45,500 m².

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "the expansion of AlgarveShopping reflects Sonae Sierra's ongoing concern of adding value to its shopping centres and strengthening its commercial offer and capacity to attract relevant tenants to Sonae Sierra's Shopping Centres. This investment is also an important contribution to the region, since it creates around 100 new jobs which will reinforce the one thousand direct jobs that already exist in the Centre."

AlgarveShopping, focused on local development and attracting tourists
AlgarveShopping plays a very significant role in the development of commerce and the commercial offer for tourists visiting the region.
According to a survey for tourists visiting AlgarveShopping, Albufeira is the place that welcomes the most tourists in the Algarve region, receiving 53% of tourists in 2012.

In the summer, tourists represent an important share of the Centre's visitors, totalling around 2.9 million between June and September and representing about 40% of total visits in that period, while in August that percentage climbs to 51%, which illustrates the relevance of the Centre in this tourist region, becoming a shopping and leisure destination also for this specific public.
70% of tourists visiting the Centre are Portuguese, mainly from the Lisbon area (32%); 26% come from the European Union, particularly from England (32%) and 4% from outside the European Union, mainly from Brazil (26%).

Largest C&A and H&M shops in the Algarve
In terms of commercial offer, 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 opened a large dimension shop, with an area of 2,250 m², whereas C&A is 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 five new fashion, accessories and perfume shops such as G-Star Raw, Rockport, Levi's, Claire's and Kiko Make Up, which complement the existing offer. The first two brands are a novelty in the entire region of the Algarve.

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

This expansion marks the 12th anniversary of AlgarveShopping and answers the current market trends and visitor demands, ensuring the continued commercial success of this shopping centre, which has an average occupancy rate very close to 100% and welcomed almost 6.5 million visitors in 2012.

Over the last three years, Sonae Sierra invested €13 million in expansions and refurbishments in the Algarve
This inauguration is another important step for Sonae Sierra's clear bet in the Algarve, a region where the Company has already invested a total of €13 million since 2010, which contributed to the creation of a total of two thousand direct jobs in our three shopping centres.

In 2010, Sonae Sierra finished the refurbishment of AlbufeiraShopping through a €5 million investment, thus making available 45 shops in 10.500 m2 of GLA and employing about 300 people. The highlight of this project was the total refurbishment and expansion of the food court, making it more comfortable and functional for its visitors. Its privileged location in the region, as well as its acknowledged qualities and commercial success, attract more than 3.5 million visitors every year.

In 2012, Sonae Sierra inaugurated the first stage of the refurbishment of Centro Comercial Continente de Portimão in a €3.5 million investment, thus making available 60 shops in 13.553 m2 of GLA and employing 600 people.
The refurbishment enhanced the offer with the entry of new shops and also strengthened the services. New escalators were created in the food court, enabling a better connection to the upper level. With an affluence of about six million visitors, the purpose of the refurbishment was to answer the current market trends, visitor demands and further adjust it to the region's tourist offer.

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.

ICSC Solal Marketing Awards 2013
Sonae Sierra wins four international marketing awards

• Sonae Sierra was one of the most awarded Companies and the one that won the most awards in Portugal and Spain

• The Flash Stores concept, "A Arte chega ao Colombo", the PromoFans® platform and the "Fashion Preview" event were the actions distinguished

Sonae Sierra, the international shopping centre specialist, was one of the most awarded European companies in this year's edition of the "ICSC Solal Marketing Awards", given by the International Council of Shopping Centres. Sonae Sierra's marketing initiatives stood out from the others in the competition, by being awarded by the jury four times for initiatives developed in Portugal and Spain, which makes it the Company with more distinctions in these countries - two Gold Awards and two Silver Awards.

The Flash Stores concept and the "Arte chega ao Colombo" initiative were awarded the maximum distinction - the Gold Award, in the "Business to Business" and "Public Relations" categories, respectively, while the PromoFans® platform and the "Fashion Preview" event won the Silver Award in the "Sales Promotion" and "Advertising" categories, an unprecedented feat that mirrors the quality of the Company's and its Shopping Centres' marketing efforts.
The "ICSC Solal Marketing Awards", held annually by the biggest association in the shopping centre sector, distinguish the best marketing campaigns in the international retail sector, selected by a jury comprised of renowned specialists.

About these awards Manuela Calhau, Sonae Sierra's Global Marketing Director for Europe, states that "we're very proud to have received these important awards that distinguish the best that is done in the international shopping centre sector. We consider the fact that we were one of the companies that won the most Gold Awards a clear acknowledgment of our ability to create innovative marketing concepts, especially considering the challenges faced by the sector in the current economic climate in Portugal and Spain, which further highlights the relevance of the implemented initiatives", she adds.

About the award-winning initiatives
Launched in June 2012 in Sonae Sierra's shopping centres in Portugal, Flash Stores are a flexible commercial format, in terms of investment and occupancy length, that enable an initial support to companies and/or products in launch stage, thus making available to entrepreneurs the presentation and marketing of their products to the final consumer. For Sonae Sierra, it's a means of bringing innovation to the business, attracting new operators and consequently new clients with the new commercial offers, optimizing the number of available shops in its shopping centres.

"A Arte Chegou ao Colombo" is an initiative launched in 2011 in Centro Colombo that aims at contributing to the dissemination and promotion of cultural activities, as well as bringing visitors closer to several artistic expressions, encouraging their participation and interaction with the works of art. In 2012, the initiative had the partnership of MNAA - the National Museum of Antique Art, which led to two exhibitions: "Construir Portugal. Arte da Idade Média" ("Constructing Portugal. Art of the Middle Ages") and "Desenhando o Mundo. Arte da época dos Descobrimentos" ("Drawing the World. Art in the Age of Discovery").

Later in the year, Sonae Sierra launched PromoFans®, a multichannel promotion platform, innovative and unique in Portugal and the international shopping centre sector, which established an online connection between the promotions of the brands present in the shopping centres and their shops, where the transactions with discount take place.

Fashion Preview took place in the Plaza Mayor Shopping Centre, in Spain. It's a fashion event organized to mark the beginning of the Fashion Preview, which took place in the same shopping centre. The program included runway shows, different animations, the creation of a VIP area and fashion workshops. The shops were open until midnight and there was a massive client turnout to the party, with the Centre doubling its visits that evening.

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 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.

(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, started today, 2^nd of February 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.

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 today, 2/02/2011, in Valor Econômico Newspaper and the Preliminary Prospectus of the offer is available on the CVM site www.cvm.gov.br, and Sonae Sierra Brazil site, www.sonaesierrabrasil.com.br, Investor area.

Maia, February 2nd 2011

Edmundo Figueiredo
(Investor Relations)

(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 filed, on December 6th, at the Brazilian Securities Commission (CVM), a request for a public offer for the sale of, initially,  21.739.130 ordinary shares of the Company, all nominative, without par value, free and clear of any liens or encumbrances.

The offer will take place in Brazil, in over-the-counter market, under the coordination of BANCO DE INVESTIMENTOS CREDIT SUISSE (BRASIL) S.A., do BANCO ITAÚ BBA S.A. , e do BANCO J.P. MORGAN S.A.. It also counts with the participation of BES INVESTIMENTO DO BRASIL S.A. - BANCO DE INVESTIMENTO, and BANCO CAIXA GERAL - BRASIL S.A., as financial institutions included in the distribution system and intermediary institutions authorized to operate in BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros  and, simultaneously, with efforts to place shares abroad by Credit Suisse Securities (USA), LLC, Itau BBA USA Securities Inc., J.P.Morgan Securities LLC, Banco Português de Investimento, S.A., Banco Espírito Santo de Investimento, S.A., and Caixa - Banco de Investimento, S.A. and certain financial institutions contracted exclusively with qualified institutional investors resident and domiciled in the United States of America, as defined in Rule 144A of Securities Act of 1933 of U.S.A, in transactions exempt from registration under the Securities Act, and investors in other countries, except Brazil and the United States of America in accordance with the procedures laid down in Regulation S of Securities Act, observed the law of the country of residence of each investor and in any case, through investment mechanisms regulated by the applicable Brazilian legislation .

It was not, nor will it be held no record of the Offer or the Shares with the Securities and Exchange Commission or any agency or body that regulates the capital market of any other country except Brazil.

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 today, 17/01/2011, in Valor Econômico Newspaper and the Preliminary Prospectus of the offer is available on the CVM site www.cvm.gov.br, and Sonae Sierra Brazil site, www.sonaesierrabrasil.com.br, Investor area.

Maia, January 17th 2011

Edmundo Figueiredo
(Investor Relations)

Sonae Sierra innovative shopping centre in  Craiova, Romania

Best of Bowling signs with Adora Mall

• Best of Bowling adds to an increasing entertainment offer
• Over 30% GLA already leased
• Cora, Cinema City, Orsay among Adora Mall tenants

Sonae Sierra, the international shopping centres specialist, has just signed the leasing contract with Best of Bowling for Adora Mall, an innovative shopping centre owned and developed by Sonae Sierra, that will provide the inhabitants of Craiova with a complete commercial and leisure offer in a total Gross Lettable Area (GLA) of 59,000m² with around 190 shops, service and leisure components, and 1900 parking spaces. Currently, Adora Mall has already leased more than 30% GLA, aside from a further 30% more under final negotiations.

Best of Bowling will offer state of the art bowling, electronic and billiard games, on an area over 1680 m^2, for those who look for spending a moment of worthwhile free time in a pleasant, relaxing décor.

"Best of Bowling with its 10 bowling lanes and 15 billiards tables along with state of the art video games and simulators will offer all its customers entertaining time in a pleasant atmosphere. The bar lounge is the place to enjoy delicious cocktails, coffee and juices or to organize events (children parties, anniversaries, group meetings, etc), stated Mr. Reis Ay, Best of Bowling General Manager.

Besides other tenants already confirmed for Adora Mall (Cora, Cinema City, Orsay, Inmedio, Arsis, Total Wash, Sport's Pub and Maxbet), Sonae Sierra will continue to bring along new brands to value the offer and enhance the shopping experience that will serve a  catchment area of 435,000 inhabitants.

"Sonae Sierra is an international shopping centre specialist and we are bringing more than 20 years international expertise into Adora Mall development in Craiova. This will create the main shopping and leisure destination in the Dolj County and offer visitors of all ages the best offer not only in terms of shopping but also in terms of leisure experiences. The contract signed with Best of Bowling is the confirmation of our efforts to bring added value to Adora Mall entertainment offer." stated Vitor Nogueira Sonae Sierra Managing Director for Property Management in Romania, Greece and Italy.

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 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, 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. In 2009 our Shopping Centres had more than 436 million visits.

SONAE SIERRA, SGPS, SA
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, SA - 2008/2013
Coupon Number 5 - Payment of Interests

Notice is hereby given to the holders of SONAE SIERRA SGPS 2008/2013 bonds that from 25 January 2011 there will be interests' payment in relation to coupon number 5, with the following values:

Gross interest                €    570,144444444445
IRS/IRC (21,5%)           €    122,581055555556
Net interest                   €    447,563388888888

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, 6th January 2011

The Board of Directors,

6^th edition of the ACGE Sectorial Index

Sonae Sierra leads Corporate Climatic Responsibility ranking for the 5th time

• Acknowledgment of Sonae Sierra's carbon emissions reduction strategy
• Most internationally awarded company in the shopping centre sector

Sonae Sierra leads for the fifth time the "Corporate Climatic Responsibility: ACGE Sectorial Index 2010", published by "Euronatura - Centro para o Direito Ambiental e Desenvolvimento Sustentado", reinforcing the Company's national and international commitment to the Sustainability area.

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 6^th edition, the project evaluated the performance of 54 companies, assessed in 42 criteria associated with the administrative structure and supervision of environmental issues, as well as the management of environmental audits and the dissemination and communication of issues connected with 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.

Acknowledgment in the environmental area

Sonae Sierra's strong commitment in the Sustainability area was received wide international acknowledgment. In 2010, Sonae Sierra was distinguished for the second consecutive year at the "European Risk Management Awards", an initiative of British magazine "Strategic Risk" that rewards the best and most innovative actions in the risk management area. This distinction, in the "Best Environmental Risk Control" category, acknowledges Sonae sierra's commitment to being the best Company specialized in sustainable shopping centres.

In 2009, the Company was distinguished at the "Sustainable Energy Europe Awards" (SEE), an initiative of the European Commission, which rewards the best and most innovative programs in the area of energetic sustainability, at a European level. This distinction, 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.

In 2008, Sonae Sierra had already been distinguished with the "Green Thinker Award", by Expo Real and Dutch magazine "PropertyEU", acknowledging Sierra's pioneering attitude in the matter, and classifying the company as the "most sustainable developer in Europe", in the real estate area. In the same year, the company also became certified with the ISO 14001 standard for its Environmental Management System (EMS) in five finished projects and 18 shopping centres in operation.

In 2007, Sonae Sierra won the ReSource Award, a distinction from the International Council of Shopping Centres (ICSC), at the European Shopping Centre Awards 2007, which rewards the excellence of the company's long-term commitment to sustainable development.

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

We are 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 and construction sector. The objective of this organization is to create solutions for the improvement of energetic efficiency, focusing essentially construction, which represents 1/3 of the total carbon emissions on the planet.

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 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, 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. In 2009 our Shopping Centres had more than 436 million visits.

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)

Sonae Sierra sale of its ownership stake in Mediterranean Cosmos is concluded

The Greek competition authority has approved the sale of Sonae Sierra and Acropole Charagionis 39.9% joint and equal interests in Pylaia, SA - the vehicle holding Mediterranean Cosmos Shopping Centre in Thessaloniki, Greece - to Lamda Developments, for a consideration of approximately €38 million, of which circa €9.5 million are attributable to Sonae Sierra.

The transaction agreed and communicated on 30th of July 2010 was concluded on 14th December 2010.

Maia, December 15th 2010

Edmundo Figueiredo
(Investor Relations)

Results of the third quarter of 2010

Sonae Sierra recorded a Total Net Profit of €14.9 million   

• EBITDA grew 13% to €89.9 million
• NAV grew 2% to €1.25 billion
• Portfolio sales grew 6.9% in Europe and 24.6% in Brazil (in Reais)
• Global occupancy levels grew 0.5% to 96.4%
• LeiriaShopping sold to Sierra Portugal Fund for €92 million

Sonae Sierra, the international shopping centre specialist, presented a Total Net Profit of €14.9 million at the end of the third quarter of 2010, an increase of 116% versus the same period of last year.

The favourable change in the Total Net Profit was mainly driven by a 42% increase of the Direct Results. Value Created was positive, in spite of slight yield increases in Portugal and Greece, thanks to good overall operating performance.

In fact, the Direct Income from Investments recorded an 8% increase compared to the first nine months of 2009, mainly due to the increase of the portfolio with the inaugurations of LOOP5 in Germany and Manauara Shopping in Brazil in 2009, and LeiriaShopping, in Portugal, in 2010.

EBITDA recorded a 13% increase, and is now at €89.9 million, compared to the €79.7 million presented in the first nine months of 2009. This increase derives not only from the inaugurations mentioned above, but also from efficiency gains as a consequence of the pro-active and persistent efforts in containing cost increases in all areas of the Company.

Sonae Sierra's portfolio presented a positive performance when compared with the first nine months of last year, with sales growing 6.9% (+1.5% like-for-like) in Europe and 24.6% (+17.8% like-for-like) in Brazil (in Reais). The Total Rents grew 11.2% when compared with the same period of last year (+4.8% like-for-like).

The Occupancy Rate of the portfolio remained high and stable, recording a value of 96.4% at the end of September 2010.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. The Company 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 NAV of Sonae Sierra, as of September 30 2010, was €1.25 billion, an increase of 2.0% compared to the value recorded at the end of 2009.

New project under construction and several agreements for third party property management and leasing

Sonae Sierra continues with its growth and expansion strategy, although the Company has adjusted its development timings to the evolution of the financial and retail markets.

During the third quarter of this year the Company successfully completed the food-court refurbishment of Centro Vasco da Gama (Lisbon, Portugal), and started the construction of Boulevard Londrina (Londrina, Brazil), a 47.800 m2 GLA shopping centre that represents an investment of €97 million which is schedule to open in 2012.

At the end of the first nine months of 2010, the Company has three new shopping centres under construction and 7 projects in different stages of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

In Italy, Sonae Sierra is currently developing Le Terrazze in La Spezia, which is scheduled to be inaugurated in the third quarter of 2011, representing an investment of more than €125 million. Currently, 65% of its GLA is already let. In Brazil, besides Boulevard Londrina, the Company is developing Uberlândia Shopping (Uberlândia) scheduled to open in 2011, and representing a total investment of €62 million.

During the third quarter of the year the company signed three new service contracts to lease and/or manage third-party shopping centres in Spain, Italy and Greece. Also in the services forefront, Sonae Sierra is currently providing Development services to third-party projects in Portugal, Italy, Romania, Cyprus, Serbia, Morocco and China.

Sonae Sierra sells 100% of LeiriaShopping for €92 million to Sierra Portugal Fund (SPF)

The SPF, seeded in 2008 with eight Portuguese shopping centres, now counts with LeiriaShopping to contribute towards its objective of providing investors with capital growth and income return through the investment in a portfolio of high-quality Portuguese shopping and leisure centres.

With this operation Sonae Sierra's interest in the SPF has increased to approximately 47.5%. This transaction reinforces the Company's goal of increasing its asset management activity, while leveraging its investments through long term partnerships.

International recognition

In September Sonae Sierra received the "Best Retail Developer" award for Portugal, Spain and Italy at the Real Estate Awards, an initiative of Euromoney magazine, a leading international banking and economy publication.

The votes for the Real Estate Awards are cast by the readers of the magazine, and award the "Best Retail Developer" amongst the companies with greater dynamic and innovation ability in the creation of investment opportunities in the retail area.

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 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, Colombia and China. 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.

Expansion creates shopping offer to 410 stores

Sonae Sierra opens Parque D. Pedro Shopping first expansion

• Investment of €9.6 million (R$22.8 million)
• The shopping centre has now 410 stores and more than 122,000 m² of Gross Lettable Area (GLA)
• The architectural project has a novel and innovative concept in Brazil
• Major brands arrive to increase the purchase options for the costumers     

Sonae Sierra, through its subsidiary Sonae Sierra Brasil, has just opened  Parque D. Pedro Shopping first expansion, in Campinas, Brazil, which represents an investment of €9.6 million (R$ 22.8 million) and is made up of a new boulevard with 34 new stores with 5,450 m² of GLA (Gross Lettable Area). With this new area, Parque D. Pedro Shopping has now 410 stores and a total of 122,471 m² of GLA.

The new architectural project is based on a novel concept in Brazil that is totally innovative in the shopping centre industry with a diversity used in the façades of the stores with natural materials like the Goiás stone and filleted stone mixed with brick walls, glass blocks and a mineral texture. For the floors granite and Portuguese mosaic tiles were used. The difference between the floor levels of each shop window has given to the space the charming looks of an open-air boulevard. 

The landscaping project includes big and exuberant plants and reflecting pools that allow the clients to experience shopping in the open air in a modern, attractive and sophisticated ambiance.

The new boulevard brings a mix of stores focused on fashion to increase, even more, the existing variety in the shopping centre and purchase options for the costumers. Among the new stores, important brands such as Nike, Adidas, Siberian, Crawford, Cavalera, Dress To, Luigi Bertolli, Santa Lolla and TVZ can be found, among many others.

According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "Parque D. Pedro Shopping expansion reflects the dynamism that Sonae Sierra seeks to instill permanently in its shopping centres to value and renew them in order to meet the expectations of its visitors".

About Parque D. Pedro Shopping:

Opened in March 2002 it was the first thematic shopping centre in Brazil. Parque D. Pedro is located has a catchment area that includes 25 municipalities and it attracts an average of 1.8 million visitors per month.

With this expansion the shopping centre has now a total of 410 stores, 23 of which are large stores such as C&A, Zara, Fnac, Etna, Fórmula Academia, Renner, Riachuelo, Marisa, Telhanorte, Walmart hypermarket, among other 269 satellite stores, 55 restaurants, 37 service stores, 15 movie theater-complex Kinoplex, the Parque D. Pedro Theater with a seating capacity for 340 people, a 600 m² Medical Centre and 8,000 parking spaces.  

Due to the environmental efficiency of the Parque D. Pedro it received the ISO 14001 certification in 2007, becoming the first shopping centre in Brazil to have this certification. It was also the first shopping centre in Brazil and in Europe to be certified in the Health & Safety Management Area according to the norm 18001 of 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 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.

Sonae Sierra Brasil, www.sonaesierrabrasil.com.br, is a shopping centre specialist, with the expertise of international partners: the European Sonae Sierra and the American Developers Diversified Realty (DDR).

The company owns and manages 10 shopping centres in operation and continues its growth strategy with the development of 3 new projects and 3 expansions.

New letting contracts in Spain and Italy

Sonae Sierra strengthens its activity in the Spanish and Italian markets 

• Parque Guadaíra, in Spain, is now let by the Company
• Sonae Sierra won the exclusive letting of shopping centre Le Piazze, in Italy
• Third party service providing business maintains a dynamic growth

Following its international growth strategy, Sonae Sierra, the international shopping centre specialist, has just announced the signing of two important letting agreements for third party assets in Spain and Italy.

In Spain, the Company has just signed an agreement for the letting of shopping centre Parque Guadaíra, in Seville, with Bouygues Inmobiliaria, thus increasing Sonae Sierra's responsibilities in the centre, which is under the company's management since 2006. This contract determines that Sonae Sierra is now also responsible for the letting management of the shops available in the venue.

Shopping centre Parque Guadaría, inaugurated in 2006, has a gross lettable area (GLA) of 35,000 m². The centre is divided in two levels, occupied by shops such as C&A, Markt, Bricomart, Toys 'R' Us, Kiabi, Phone House and McDonald's, and also makes available 1,200 parking spaces.

During the first eight months of 2010, this Centre generated sales of about 44 million euros, and welcomed more than 2.1 million visits, from a catchment area of 1.4 million inhabitants.

Exclusive letting services in shopping centre Le Piazze, Italy

In Italy, Sonae Sierra signed another agreement with Metalmark for the providing of letting services for shopping centre Le Piazze, located in Orzinuovi, Italy.

Through this contract, Sonae Sierra will provide letting services for this venue with 30,000 m² of Gross Lettable Area (GLA), including 44 shops, restaurants and bars, open to the public since 2006.

Some of the main brands already present in shopping centre Le Piazze are Carrefour, Metalmark, Den Store, Stroili Oro, Yamamay, Casanova and Game Store -, to which Sonae Sierra will add new tenants to serve a catchment area of 322,000 inhabitants in the vicinity of this shopping centre, located in a strategic area between Milan and Brescia.

"The signing of another two important letting contracts in Spain and Italy shows that our skills are acknowledged in the market, regardless of the geographical location where we operate, and confirms our commitment to the growth of our third party service providing activities in all business areas ", states Fernando Guedes de Oliveira, Sonae Sierra's CEO. "We're certain that we can lend added value to shopping centres Parque Guadaíra (Spain) and Le Piazze (Italy), creating an increasingly attractive destination for visitors, so as to live up to the expectations of these assets' owners", 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 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.

6^th Edition of the Euromoney Magazine Awards

Sonae Sierra considered the Best Retail Developer in Portugal, Spain and Italy

• The readers of the prestigious financial magazine have voted at the Real Estate Awards 2010
• Sonae Sierra awarded in Portugal and Spain for the second consecutive time

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

The votes for the Real Estate Awards are cast by the readers of the magazine, which considered for the Best Retail Developer award the companies with greater dynamic and innovation ability, in the creation of investment opportunities in the retail area.

"For Sonae Sierra, this distinction is an encouragement and the confirmation that we are headed in the right direction. The fact that we were chosen by the readers of Euromoney- important stakeholders in the financial and real estate areas - in Portugal, Spain and Italy makes this acknowledgment all the more special", states Fernando Guedes de Oliveira, Sonae Sierra's CEO.

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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra 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.

European Mobility Week

Sonae Sierra encourages the use of sustainable means of transportation

• European Mobility Week celebrated between the 16^th and the 22^nd September
• An 18.2% increase in the proportion of visitors that travel in alternative means of transport and other "green" options between 2007 and 2009;
• The "Greens Travel Plans" have been implemented in 11 centres in Portugal, Spain, Italy, Germany and Brazil, and in the Company's offices in Lisbon

The "Green Travel Plan" (GTP) is a project conceived and developed by Sonae Sierra and has the main goal of promoting the use of public transport and other options more environment-friendly rather than private cars amongst visitors, tenants and Company's employees, so as to reduce the impact of travelling on the environment.

The "Green Travel Plan" (GTP) materializes itself through the dissemination of the public transports available in each Centre and the creation of some conditions for the use of more ecological means of transport, such as public transport, "car sharing", bicycle or walking, always adjusted to the reality of each centre and each location.

The implementation of the "Green Travel Plans" (GTPs) registered, in the total portfolio of Sonae Sierra, an increase in the proportion of visitors travelling in means of transport other than the private car grew from 33% in 2007 to 39% in 2009.

Since the implementation of the pilot project in Centro Colombo, the "Green Travel Plan" (GTP) has already been developed in ten other shopping centres: Centro Vasco da Gama and NorteShopping (Portugal), GranCasa and Plaza Mayor (Spain), Valecenter, Freccia Rossa and Gli Orsi (Italy), Alexa and Münster Arkaden (Germany) and Shopping Penha (Brazil), for a total of eleven centres included in the project. Based on an employee inquiry, the company also implemented this plan in its offices in Lisbon, in 2008.  

The development of this sort of plan is a continuous process which requires a permanent follow-up and planning, as well as the implementation of a set of incentives for the improvement of Centre access through public transport, bicycle or walking, promoting a more sustainable travelling. An example of this is the creation of bicycle parking spaces in NorteShopping (Portugal), Plaza Mayor (Spain), Freccia Rossa (Italy) and Münster Arkaden (Germany), thus making it easier and more practical to employ this means of transport.

The "Green Travel Plans" (GTPs) are a part of the company's concern with climate changes and Sonae Sierra's goals in the scope of its Corporate Responsibility policy, implemented to reduce the emissions of greenhouse gas (GHG) caused by its activity. In this field we highlight the different measures that along with GTPs allowed us to reduce 20% in GHG emissions per m² of GLA, between 2009 and 2005.

Besides the reduction of GHG emissions, through the identification of measures to reduce the need to travel or encourage the use of more "environment-friendly" means of transport, the implementation of the "Green Travel Plans" (GTPs) also allows other benefits, as a result of the diminished circulation of cars, such as the reduction of traffic jams in the roads adjacent to the Centres, the reduction of travelling times for an improved access; the reduction of noise pollution and the improvement of air quality in the surrounding areas.

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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra has 2 projects under construction and 8 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.

Sonae Sierra Brasil and Grupo Marco Zero start the construction work of Boulevard Londrina Shopping  

• Investment of €97 million (R$ 212.1 million)
• Scheduled to be inaugurated in 2012
• The centre will create approximately 900 jobs during the construction stage and more than 3.000 new jobs after the inauguration.
• 236 shops including brands such as Walmart, Etna, Magic Games and 7 Cinemark cinemas.

With a total investment of €97 million, Sonae Sierra Brasil and Grupo Marco Zero have started the construction work of Boulevard Londrina Shopping. Scheduled to be inaugurated in 2012, the new development is being built in an area of 80.000 m² in the east area of the city of Londrina, in the state of Paraná.

"We want to grow our operation in Brazil by investing in new shopping centres, presenting modern and differentiating concepts. Boulevard Londrina Shopping is Sonae Sierra Brasil's first development in the state of Paraná, where we detected a great market potential", explains Sonae Sierra CEO Fernando Oliveira.

The new shopping centre will be developed in two levels, with a total Gross Leasable Area (GLA) of 47.800 m² and 200 satellite shops, 8 large shops, 25 restaurants, a Walmart hypermarket, a Magic Games Entertainment and leisure area and 7 Cinemark next-generation cinemas, for a total of 236 shops.

The Boulevard Londrina Shopping will be integrated in the Marco Zero Complex, built in an area of 165.000 m²,and comprised of a theater, a hotel, a conference centre and residential and office buildings.

Boulevard Londrina Shopping will create around 900 jobs during the construction stage, and 3,000 jobs during the operation stage.

Privileged location and easy access

The Boulevard Londrina and Marco Zero Complex will be built in a strategic region which will be completely revitalized with the arrival of these two new developments. The catchment area includes more than 800.000 people from Londrina and other neighbouring municipalities.

Architectural Design

The architectural design of Boulevard Londrina was developed according to Sonae Sierra's high quality standards, combining shopping with culture, leisure and socialization. The shopping centre will be totally interconnected to the Marco Zero Complex. Another unique feature is the decoration and the external façades which will be inspired on "Little London". On the outside the graphics refer to the details of the English flag.

One of the highlights is the atrium located in one of the entries that will have 20 meters in height with fully glazed façades. In the food court located on the second level there will be a terrace where visitors can enjoy the pleasant view and moments of leisure.

The food court will also feature restaurants with open areas connected to the development's main boulevard, which inspired the shopping centre's name. Its 700 meters long and 26 wide, will offer visitors a full interconnection with the buildings of the Complex as well as the shopping centre. The external landscaping will include reflecting pools and lush plants.

Sustainable Solutions

The design and implementation of the new Londrina shopping centre will follow a strict management and monitoring system in order to minimize possible impacts to the environment following the guidelines of Sonae Sierra Corporate Responsibility Policy. The solutions include a system to capture rainwater, which will be reused to supply the fire-fighting system as well as for irrigation and cleaning purposes. All these procedures will be monitored during the construction works in order to obtain the ISO 14001, the environmental certification which attests the best practices and the commitment to the environment.

Another goal to be achieved will be the certification in Safety and Health according to OHSAS (Occupational Health & Safety Advisory Services) 18001. In 2008 Sonae Sierra Brasil was the first company in the sector in Brazil to obtain this certification for shopping centres in operation.

Marco Zero Complex

With an investment of about €366 million (R$ 800 million), the Complex will have a theatre with two rooms with capacity for 1,200 people all together. It will be comprised of residential and commercial towers as well a hotel with a convention centre. To allow a free flow of people around the complex the parking lots will be built underground.

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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra 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.

Sonae Sierra Brasil (www.sonaesierrabrasil.com.br) is a shopping centre specialist, with the expertise of international partners: the European Sonae Sierra and the American Developers Diversified Realty (DDR).

The company owns and manages 10 shopping centres in operation and continues its growth strategy with the development of 3 new projects and 3 expansions.

Grupo Marco Zero, managed by Raul Fulgencio Negócios Imobiliários, is a consortium of local investors,  which aims to build the largest complex of business, culture, leisure and tourism in the South area of Brazil. 

Results of the first half of 2010

Sonae Sierra recorded a Total Net Profit increase of 101%

• EBITDA grows 10% to €57.9 million
• NAV grows 1.8% to €1.25 billion
• Portfolio sales grow 6.6% in Europe and 19.2% in Brazil
• Indirect Results influenced by the changes in the Portuguese Corporate Tax Income
• Five awards in the first six months of the year

Sonae Sierra, the international shopping centre specialist, presented a Total Net Profit of 648 thousand euros at the end of the first half of 2010, an increase of 101%, since the Company recorded a negative result of €94.2 million in the homologous period.

The favourable change in the Total Net Profit was caused by a Value Created on properties much higher than the same period of last year due to the smaller increase in yields in 2010 in Europe.

The Direct Income from Investments recorded a 6% increase compared to the first half of 2009, due to the increase of the portfolio with the inaugurations of LOOP5 in Germany and ManauaraShopping in Brazil in 2009, and LeiriaShopping, in Portugal, in 2010.

EBITDA recorded a 10% increase, and is now at €57.9 million, compared to the €52.6 million presented in the first half of 2009.

The Occupancy Rate of the portfolio remained high and stable, recording a value of 96.3% at the end of June 2010.

Sonae Sierra's portfolio presented a positive performance, with sales growing 6.6% (+1.5% like-for-like) in Europe and 19.2% (+8.8% like-for-like) in Brazil, compared to the homologous period.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. The Company calculates its NAV on the basis of 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 NAV of Sonae Sierra, as of June 30 2010, was €1.25 billion, an increase of 1.8% compared to the value recorded at the end of 2009.

One shopping centre inaugurated and two others under construction

Sonae Sierra's growth and expansion strategy continues, although the Company has adjusted its development timings to the evolution of the financial and retail markets.

During the first quarter of the year, in Portugal, the company successfully completed the refurbishment of AlbufeiraShopping (Algarve), and inaugurated LeiriaShopping (Leiria) with 100% of the GLA (Gross Lettable Area) already let.

Representing an investment of €79 million, the shopping centre welcomed more than 120 thousand visits in the first four day alone, which is proof of the development's impact on the region, and provides great confidence in its future performance.

At the end of the first semester of 2010, the Company has two new shopping centres under construction and 8 projects in different stages of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

In Italy, Sonae Sierra is currently developing Le Terrazze in La Spezia, which is scheduled to be inaugurated in the third quarter of 2011, represents an investment of more than €125 million, and has more than 50% of its GLA already let. In Brazil, the Company initiated the construction of Uberlândia Shopping (Uberlândia) scheduled to open in 2011, and representing a total investment of €62 million.

Entry in Colombia - the Company's 8^th market

In June 2010, Sonae Sierra announced its entry in a new market, Colombia, with the creation of Sierra Central, a service providing company in the shopping centre sector, including management and development of shopping centres.

Sierra Central is owned 50/50 by Sonae Sierra and Central Control, a Colombian company which already provides management services for Jardín Plaza, one of the main shopping centres in Cali, the country's third largest city. The Central Control owners were also responsible for the development of this centre and Centro Chipichape, in the same city.

Five new awards in the first semester of 2010

Sonae Sierra received five awards - three national and two international - in the first six months of the year, which join the other 85 awards collected throughout the company 21 years of activity.

For the second year in a row, the company was distinguished at the European Risk Management Awards, an initiative of British magazine Strategic Risk that rewards the best and most innovative actions on the risk management area. This award, in the Best Environmental Risk Control category, acknowledges Sonae Sierra's commitment to being the best sustainable shopping centre specialist. In another international acknowledgement, the International Council of Shopping Centres (ICSC) rewarded Sonae Sierra for the refurbishment project of Valecenter Shopping Centre (Italy) in the Refurbishment & Extension category, at this year's edition of the ICSC European Shopping Centre Awards.

Nationally, Sonae Sierra was considered the Best Developer of the Year, in the Real Estate category, at the Construir Awards 2010. The prizes of Construir Newspaper, one of the most prestigious publications of the sector, elected the best of 2009 in areas such as Architecture, Engineering, Construction and Real Estate.

Also at the same awards, the company was distinguished for the Best Office Building of 2009 with the Colombo Oriente Tower, developed by the consortium comprised of Caixa Geral de Depósitos Group, Iberdrola Imobiliária, ING Real Estate and Sonae Sierra.

Centro Colombo, Sonae Sierra's largest Shopping Centre in Portugal, was considered the Best Shopping Centre at the Hipersuper Awards 2010. The eight nominees included two other Sonae Sierra shopping centres - Centro Vasco da Gama and NorteShopping -, both shopping and leisure references in their catchment areas for their dynamism, variety and quality. 

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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra has 2 projects under construction and 8 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.

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

Consolidated Profit and Loss Account and Balance Sheet by business

Shopping centre located in Thessaloniki, Greece

Sonae Sierra agrees sale of its ownership stake in Mediterranean Cosmos

Sonae Sierra and Acropole Charagionis have agreed the sale of their 39.9% joint and equal interests in Pylaia, SA - the vehicle holding Mediterranean Cosmos Shopping Centre in Thessaloniki, Greece - to Lamda Developments SA, for a consideration of approximately €38 million, of which circa €9.5 million will be attributable to Sonae Sierra.

This transaction is subject to certain conditions precedent, namely the Greek competition authority.

With 46.000 m2 of Gross Lettable Area, Mediterranean Cosmos was inaugurated in the autumn of 2007, becoming the main commercial and leisure destination in Thessaloniki.

 "This agreement reflects the high quality of the shopping centres developed by Sonae Sierra as well as our long term business strategy of recycling capital for future growth. This will allow us to continue our international expansion in the markets where we currently operate as well as into new geographies as we did recently with the start of operations in Colombia." said Fernando Guedes Oliveira, CEO of Sonae Sierra.

Currently Sonae Sierra is present in the Greek Market trough the Pantheon Plaza shopping centre in Larissa, and has in its development pipeline three projects under licensing: Star Dome (Athens), Ioannina (Ioannina) and Aegean Park (Athens).

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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra has 2 projects under construction and 8 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.

• Sonae Sierra provides exclusive leasing services for VILLAGE shopping & more...
• Enhancing the tenant mix performance with knowledge services

Sonae Sierra, the shopping centre specialist, just closed a leasing services agreement with Pradera for Village shopping & more..., a shopping centre which opened in December 1999 in Attica and was renovated in November 2008. Trough this contract, Sonae Sierra will provide leasing services to the property that comprises 19,000 m2 of GLA and includes retail, restaurants and a 20-screen multiplex within three levels.

Some of the main brands already present in VILLAGE shopping & more... are Village Cinemas, Gant, Folli Follie, Lacoste, Converse, Replay, Carpisa, Tally Weijl, Timberland/Nautica, Goody's, and Flocafé to which Sonae Sierra will bring along new tenants to serve the catchment area of 1,6 million people around the Shopping Centre, situated on the western peripheral area of Athens, in the area of Agios Ioannis Rentis, about 6 Km from the city centre.

"We are certain that we can bring added value to VILLAGE shopping & more... by improving the tenant mix and creating an increasingly attractive destination for visitors to fulfill their shopping, service and leisure needs. This agreement proves our endeavor as a knowledge provider to third parties with more than 20 years experience in the development and management of Shopping Centres, out of which 11 in Greece." says Fernando Guedes de Oliveira, CEO of Sonae Sierra.

"We have every confidence in Sonae Sierra that they can provide high quality services and deliver fast and solid results, during a challenging time for the Greek retail market. We look forward to this cooperation." says Peter Kotsikis, Pradera Head of Greece.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra has 2 projects under construction and 9 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.

About Pradera

Pradera - http://www.pradera.com - was founded in 1999 to act as a specialist management company for out-of-town retail property funds for Continental Europe. Pradera's team comprises experienced fund managers, a first class finance team and seasoned property professionals with extensive experience and connections in the out-of-town retail property market in continental Europe. Pradera's team works from offices in Athens, Istanbul, London, Luxembourg, Madrid, Milan, Prague and Warsaw. Pradera is always looking for similar new investment opportunities on the edge of major cities in southern, central and eastern Europe.

Sonae Sierra receives Spanish Shopping Centre Association award

•   The AECC awards the Plaza Mayor Shopping Centre with the prize for "Best Expansion of a Shopping Centre".

Sonae Sierra has once more been distinguished by the Spanish Shopping Association (AECC), this time in the Best Expansion category. This year's edition of the AECC prizes, given to the most outstanding shopping centres in Spain, were awarded as part of the 12th Spanish Congress of Shopping Centres, held in Bilbao.

Plaza Mayor is located on the outskirts of Malaga. The new expansion, opened in October 2008, completes the centre's leisure offer, which was inaugurated in 2002, adding fashion shops, services and a supermarket. The expansion, an investment of €58 million, is located in an independent building, connected to the existing leisure area via pedestrian walkways. On inauguration, it already had a occupancy rate of 100%, while visitor numbers to the Plaza Mayor Shopping Centre  increased from 6.2 million in 2008 to 9.5 million in 2009.

Inspired by traditional Andalusian architecture, the new area evokes the atmosphere of a Mediterranean village, with narrow streets, squares, balconies, tiled roofs, parks and fountains. The life and colour of Malaga infuse the area, with fountains and pools, a thousand new trees and shady areas for visitors to relax.) The Shopping centre has the OSHAS 18001 Occupational Health and Safety certificate and was certified under the ISO 14001 Environmental Management Standard during the construction process.

Plaza Mayor had already been honoured by the AECC in 2004, for "Best New Formula in Integrated Commerce". In the 2008 edition, Sonae Sierra was presented with the best Charity Action prize for the "Smiles against Hunger" campaign and, in 2006; the Luz del Tajo Shopping Centre received the "Best Large-Scale Shopping Centre" award.

Also 2010, Sonae Sierra was distinguished, among other awards, with the International Council of Shopping Centers (ICSC) award for its refurbishment of the Valecenter in Venice, Italy.  

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra has 2 projects under construction and 9 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.

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 4 - Payment of Interests

Notice is hereby given to the Holders of SONAE SIERRA SGPS 2008/2013 bonds that from 26 July 2010 there will be interests' payment in relation to coupon number 4, with the following values:

 

Gross interest	€	519,872222222222
IRS/IRC (21,5%)	€	111,772527777778
Net interest	€	408,099694444444

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, 6th July 2010 

 The Board of Directors,

For the third year in a row

Sonae Sierra receives award for "Best Real Estate Developer of the Year"

Sonae Sierra, the international specialist in shopping centres, was distinguished for the third year in a row, in the Real Estate category, as the "Developer of the Year" at the "Prémios Construir 2010" awards. This distinction from newspaper "Jornal Construir", one of the most prestigious publications of the sector, elected the best of 2009 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 during 2009, most notably at the international level, the opening of ManauaraShopping (Brazil) and LOOP5 (Germany), as well as the beginning of the construction works of Le Terrazze and the completion of the refurbishment of Valecenter, both in Italy. In Portugal, we highlight the development of LeiriaShopping (opened in Leiria on March 24^th), the completion of Centro Colombo (Lisboa) refurbishment, as well as the expansion and refurbishment of GuimarãeShopping (Guimarães), the refurbishment of AlbufeiraShopping (Albufeira) and the beginning of the partial refurbishment of Centro Vasco da Gama (Lisboa).

Sonae Sierra was doubly distinguished in this edition of "Prémios Construir 2010" which elected Oriente Tower "The Best Office Building" in 2009 whose promotion was the responsibility of the consortium formed by Caixa Geral de Depósitos Group, Iberdrola Inmobiliária, ING Real Estate and Sonae Sierra.

Along with Sonae Sierra, Mota-Engil Real Estate, Chamartín and Bouygues were also nominated in the "Best Developer" category. The nominees were chosen by the editorial team of "Jornal Construir", based on criteria such as market relevance, creativity, innovation and quality.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra has 2 projects under construction and 9 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.

Present in 8 countries in Europe and Latin America   

Sonae Sierra enters Colombia

• Creation of a service provider company for the shopping centre sector
• Sierra Central is the new partnership of Sonae Sierra and Central Control, a Colombian company

Sonae Sierra, the international shopping centre specialist, has just entered the Colombian market with the creation of Sierra Central, a service provider company in the shopping centre sector, including the shopping centre development and management activities.

Sierra Central is owned in equal shares by Sonae Sierra and Central Control, a Colombian company which already provides management service for Jardín Plaza, one of the main shopping centres in Cali - the country's third largest city. The owners of Central Control were also responsible for the development of this centre and centre Chipichape, in the same city.

For Fernando Guedes de Oliveira, Sonae Sierra's CEO, the "entry in Colombia reinforces Sonae Sierra's international presence in an attractive market with 49 million inhabitants, where 70% of the population has less than 40 years old, in rapid economic development and with a shopping centre industry of great potential, since it has a relatively low Gross Lettable Area per inhabitant - 33 m²/1.000 inhabitants -, whereas in European Union, for example, that figure is at 226 m²/1.000 inhabitants."  

In macroeconomic terms, the Colombian economy presented a Gross Domestic Product growth rate of 2.5% between 2008 and 2009, and is expected to reach an annual increase of 3% by 2013.

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 reinforces the Company's internationalization with a new market in South America.

Currently, the Company has 52 shopping centres in operation, 31 of which are located outside Portugal, namely in Spain (11), Italy (4), Greece (2), Germany (3), Romania (1) and Brazil (10). In terms of new projects, Sonae Sierra has 2 developments under construction and 9 new projects in different stages of development in Portugal (1), Italy (1), Germany (1), Greece (2), Romania (3) and Brazil (3).

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². The Company is also present in Colombia since June 2010. Currently, Sonae Sierra has 2 projects under construction and 9 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.

Three Sierra centres nominated at the Hipersuper Awards

Centro Colombo wins in the "Best Shopping Centre" category

Centro Colombo, the largest Sonae Sierra Shopping Centre in Portugal has won the award for "Best Shopping Centre" at the Hipersuper Awards 2010. The eight nominees for the award also included two other Sonae Sierra centres - Centro Vasco da Gama and NorteShopping -, both of them shopping and leisure references in their catchment area for their dynamism, variety and quality.

Centro Colombo is an icon in the shopping and leisure centre industry, both national and internationally. Since its inauguration, in 1997, it represents a modern shopping and leisure destination, with a unique variety provided by the more than 400 shops, a revolution in terms of consumption in Portugal. This centre is a dynamic and reference venue, the first choice for the biggest national and international brands for the hosting of large events. Factors such as the retail offer and the extended access network have made Centro Colombo a leader in its business area, worthy of the preference of about 27 million annual visitors (nearly three times the total of the Portuguese population).

That leadership is also reinforced by its dynamism and aptitude for commercial renovation and to set trends in the sector, by presenting about 30 new shops every year, so as to meet continuously the needs of all visitors.

With the objective of making Centro Colombo an increasingly more modern and comfortable venue, offering an unique shopping and leisure centre experience to its visitors, Sonae Sierra has invested, in 2009, 27 million euros in its refurbishment. Some of the changes implemented were the construction of an original outdoor garden, which involved the remodelling of the area outside the Funcenter, the renovation and capacity increase of the food court and the parking lot.

As proof of its quality, throughout its existence Centro Colombo has earned national and international distinctions in different areas, and is one of the most awarded centres in the sector. Of the numerous distinctions, we highlight the several "Best Shopping Centre" awards, and the different 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 newsroom of the Hipersuper newspaper with the support of consultants Kantar Worldpanel, GfK and Cushman&Wakefield, based on the following criteria: marketing- mix, number of visitors (total or per ABL), occupancy rate, energetic efficiency, sales per m² and customer services.

The voting was reserved for subscribers of the newspaper and its website. 

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 9 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.

Sonae Sierra celebrates Global Environment Day

• Reduction of water consumption from 4.3 to 3.8 litres per visit in four years
• Total waste recycled increased from 26 to 46 percent since 2005

This June 5^th, a day to encourage awareness of Environmental issues worldwide, Sonae Sierra celebrates with its stakeholders the comprehensive work carried out and the results of its environmental protection policies for current and future generations.

It is Sonae Sierra's belief that no economic activity can take place in a vacuum, somehow disconnected from either people or the planet. Therefore, during 2009, Sonae Sierra continued to improve its environmental performance. Our Environmental Management System (EMS) which is certified according to the International Standard ISO 14001, has the goal of minimizing the environmental impacts of the Company's activities, across all business areas and is applied in all countries where Sierra operates, from the procurement, concept and design, to the construction and operation of shopping centres.  It also includes our own offices in each country. The EMS aims at ensuring that the Company achieves continuous improvement in CR performance regarding the environment.

"Developing and managing shopping centres has impacts on the environment, society and economy. As a result, companies that are pro-actively managing these impacts will not only create a more sustainable business model but also contribute to the safeguarding of the environment for current and future generations", says Fernando Guedes de Oliveira, Sonae Sierra CEO.

As of 2009, Sonae Sierra has reached its objectives in several impact areas: We reduced our Greenhouse Gas (GHG) emissions of the owned portfolio and corporate offices to 0,067 (tCO₂e/m²GLA), a reduction of almost 17.5 percent from 2006. On the other hand, compared to 2005, the company has reduced the water consumption in its shopping centres throughout the world by 11.6 percent. As a result, water consumption per shopping centre visitor dropped from 4.3 to 3.8 litres in the last four years. As for the Electrical efficiency (excluding tenants) of the owned portfolio, the consumption was reduced by approximately 9 percent between 2006 and 2009, and is now at 527 (kWh/m² mall and toilet area/year). Regarding the total waste recycled, as a proportion of waste produced across the owned portfolio, we increased from 26% (in weight) in 2005 to 46% (in weight) in 2009, representing an increase of 48 percent.

The company has already defined new short term targets for 2010, maintaining its long term targets in order to pursue its commitment to implement and develop the best environmental practices within its business, while make a positive contribution and setting new pioneering Environmental protection solutions in its activity. For more information about our CR performance and goals visit: http://www.sonaesierra.com/en-GB/corporateresponsibility/ceomessage.aspx

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 9 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.

Sonae Sierra will be in charge of leasing and managing the El Tiro shopping centre

• El Tiro is located in Murcia and will have a total gross lettable area (GLA) of approximately 72,000 m2.
• Hipercor and El Corte Inglés shops are already operating with great success at El Tiro.

Sonae Sierra has entered into an agreement with El Tiro de Murcia S.L. to lease and manage the new El Tiro shopping centre, located in the city of Murcia. El Tiro de Murcia S.L., a well-known Spanish developer that has developed other prominent shopping centres, including GranCasa in Zaragoza, has chosen Sonae Sierra due to its experience in the field of shopping centres property management.

The El Tiro shopping centre, currently undergoing development, will have a total GLA of approximately 72,000 m², distributed over about 150 business units. A major part of this area is occupied by Hipercor and Tiendas El Corte Inglés, in operation since November 2009.  The rest of the shopping centre is distributed over two floors, with the objective of achieving a complete mix of retail, leisure and food premises. Agreements have already been signed regarding the occupation of the cinemas and bowling alley.

Alberto Bravo, Managing Director for Property Management at Sonae Sierra in Spain, highlighted that "this agreement acknowledges Sonae Sierra's experience of over 20 years in the field of shopping centre property management, which is the result of the company's specialisation in this sector." El Tiro entails a major impulse to revitalise the commercial and leisure options of the city of Murcia and for a large number of nearby towns, which will also be favoured by the centre's ample commercial and leisure offer. 

Located at Avenida Severo Ochoa in Murcia, next to the University of Murcia Espinardo Campus, the El Tiro shopping centre can be accessed from the A30 ring road and is connected to the centre of the city by public transport and in the near future by means of Line B of the Murcia tram. 

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 9 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.

Sonae Sierra becomes the Property Manager for Pradera's Militari Commercial Gallery  

• Enhancing the Property Value with proactive management services

Sonae Sierra just concluded an agreement with Pradera to be become the Property Manager for the Commercial Gallery of Carrefour Militari opened in 2001, with 3,600 m2 of property area. With this, Sonae Sierra will provide full Management services to the shopping gallery comprising 35 shops and restaurants adjacent to Carrefour Hypermarket, Bricostore and Mobexpert, starting on the 1^st of July 2010.

Sonae Sierra's proactive property management, with more than 20 years experience in Shopping Centre management in Europe and Brazil, covers the full range of service needs to enable the implementation of Sonae Sierra's best practices through an active day to day management, increasing the value of the asset under management. This includes the operational administration of Militari Gallery, with dedicated local and central team support for a daily management that complies technical consultancy, administrative contract management, Marketing, Leasing, tenant mix consultancy and releasing, shopkeeper's supervision, service suppliers supervision, mall activation, common charges administration and control to ensure the maximum spectrum of services dedicated to respond to the specific needs of Pradera's Militari Gallery.

Located on the western peripheral area of Bucharest, with direct access and frontage to the A1 Bucharest-Pitesti highway the commercial gallery as has main shops Altex, Leonardo, Sensiblu and Germanos, to which Sonae Sierra will bring along new tenants to serve a catchment area of 380,000 inhabitants.

"This contract confirms that our skills as an experienced knowledge provider in shopping centres for more than 20 years is recognized by the investors. We are certain that we can bring added value to the Centre stakeholders: owner, tenants and clients, improving its management and creating an attractive space for shopping destination in the western part of town." says Vitor Nogueira, Sonae Sierra Managing Director of Property Management for Romania, Greece and Italy.

"This new co-operation between Pradera and Sonae Sierra brings together two well established and experienced real estate specialist companies.  In challenging times like these, it is essential to have good quality, with high standards and long track record partners.  We strongly believe that the synergies created from this collaboration will be immediately evident and that the Militari Gallery will greatly benefit from them." says Peter Kotsikis, Pradera Head of Greece.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 9 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.

About Pradera

Pradera - http://www.pradera.com - was founded in 1999 to act as a specialist management company for out-of-town retail property funds for Continental Europe. Pradera's team comprises experienced fund managers, a first class finance team and seasoned property professionals with extensive experience and connections in the out-of-town retail property market in continental Europe. Pradera's team works from offices in Athens, Hong Kong, Istanbul, London, Luxembourg, Madrid, Milan, Prague and Warsaw. Pradera is always looking for similar new investment opportunities on the edge of major cities in southern, central and eastern Europe.

An increase of 112% compared to the first quarter 2009

Sonae Sierra recorded a Total Net Profit of € 7.3 million in the first quarter of 2010

• Direct Income from Investments grew 7% to €56.9 million compared with the same period of last year
• EBITDA grew more 25% to €29.6 million in the same period
• LeiriaShopping was successfully inaugurated contributing with a gain in the period of €5 million
• Conclusion of the sale of 45% of ALEXA in Germany

The Financial statements included in this report consolidate all the companies in proportion to better represent the Sonae Sierra position.

Sonae Sierra Total Net Profit in the first quarter of 2010 was of €7.3 million compared with a Net Loss of €59.7 million in the same period of last year, which represents a growth of 112%.

The positive variation in the Total Net Result is mainly driven by the Value Created in Investment Properties that was much higher than the one in same period of last year due to lower yield expansion in 2010. In fact, for the first time since 2Q2008, we have experienced a yield compression in Spain and in Italy with all other European countries stabilized, except for Portugal where our portfolio still felt a slight yield expansion.

In the same period Sonae Sierra's Direct Result reached €14 million (+92%), compared to the €7.3 million in the same period of 2009.

Direct Income from Investments is 7% above the same period in 2009 due to the increase in the portfolio - the openings of 2009: Loop5 and Manauara, and the good performance of the Brazilian portfolio which more than compensate the small decrease of the fixed rents in the European shopping centres (1% lower on a L4L basis).

In Brazil, it should be highlighted the continuous improvement of the operational activity.

The Company's EBITDA reached €29.6 million in the first quarter of 2010, 25% above the same period of last year as consequence of the income increase explain above and the cost cutting efforts implemented in all the Businesses of the Company.

The Company sold 45% of Alexa Shopping Centre (Berlin, Germany) to Union Investment. This sale had no impact on the 2010 Profit & Loss Account given that those effects had been already booked in 2009.

   Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. The Company calculates its NAV on the basis of 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 NAV of Sonae Sierra, as of the 30th March 2010, was €1.21 billion, corresponding to a NAV per share of €37.14.

One shopping centre inaugurated and two more under construction

Sonae Sierra's growth and expansion strategy continues although the company has adjusted the development timings to the evolution of the financial and retail markets.

Following the successful refurbishment in Portugal, of AlbufeiraShopping (Algarve) completed last January, the company has successfully inaugurated on the 24^th of March LeiriaShopping (Leiria) 100% let. Representing an investment of €79 million the shopping centre had more than 120.000 visits in just four days which give us a strong confidence for its future performance.

At the end of the first quarter of 2010, the Company has two new shopping centres under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

In Italy, Sonae Sierra is currently developing Le Terrazze in La Spezia, schedule to open in the third quarter of 2010, representing an investment of more than €125 million, which has already 50% of its GLA let. In Brazil the Company has just started the construction works of Uberlândia Shopping (Uberlândia) planed to open in 2011 with a total investment of €62 million.

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

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

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Sonae Sierra has 2 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

For the refurbishment of Valecenter

Sonae Sierra distinguished at the ICSC Awards 2010

Sonae Sierra has just been awarded by the International Council of Shopping Centres (ICSC) for the refurbishment of Valecenter (Italy) in the "Refurbishment & Extension" category at this year's edition of the "ICSC European Shopping Centre Awards".

Valecenter, located in the outskirts of Venice, Italy, opened in June 1993 and was acquired by Sonae Sierra in June 2005. It has 124 shops in a total Gross Lettable Area of 48,306 m² and offers 2.900 free parking places.

This award distinguishes the transformation of Valecenter, whose architecture and interiors design was totally refurbished and the architect theme based on the traditional Murano glass industry, which is present in the powerful colors used in the interiors and glasses, that contribute to a more comfortable and trendy atmosphere. It's also important to highlight the significant changes in terms of layout reorganization in order to turn it more efficient according to Sonae Sierra standards, by improving overall circulation, and also the creation of a food court with around 600 seats. The refurbishment also offered visitors an improved tenant-mix, with new brands and quality tenants, and new standards of comfort and services, in a modern and involving ambiance.

In last year's edition of the ICSC Awards, Sonae Sierra was distinguished with a merit certificate in the new medium dimension developments category, with 8ª Avenida shopping centre, in São João da Madeira.

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 ceremony of the "ICSC European Shopping Centre Awards" was held at the association's Annual Conference in Prague, Czech Republic. These are the most prestigious awards in the shopping centre sector, an annual distinction for the best developments in Europe, according to the selection of a jury comprised of the most prominent international specialists in this area.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Sonae Sierra has 2 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

World Day for Safety and Health at Work

Sonae Sierra reduces staff absence due to work accidents or occupational diseases by 25%  

• In 2009 Sonae Sierra delivered 20.300 man hours of Safety and Health training to staff, service suppliers and tenants.
• The number of accidents resulting on construction sites was reduced by 41%
• The frequency rate of accidents requiring medical treatment or more serious per million of visits was reduce in shopping centres by 28%
• In 2009, there were no fatalities due to accidents across Sonae Sierra's portfolio.

On the occasion of the World Day for Safety and Health at Work Sonae Sierra informs the 2009 results of their Safety and Health Management System. The Safety and Health Management System allowed the company to reduce by 25% the labour absence, and a reduction in the number of accidents resulting on construction sites by 41% in comparison with the results of 2008.

Sonae Sierra, the International Shopping centre specialist has a Safety and Health Management System (S&HMS), which main goal is to prevent all accidents from occurring in their sites. Sonae Sierra is responsible for the safety of millions of people who work at or visit their sites. In Sonae Sierra, Safety and Health is a fundamental part of the company's strategy.

In 2008 the S&HMS was the first in the shopping centre industry to be certified by the OHSAS 18001 Standard. Fourteen shopping centres and one project under construction, the first to do so in the sector, have already achieved their individual OHSAS 18001 Certification.

Elsa Monteiro, Head of Sustainability at Sonae Sierra states "Social  Responsibility starts by showing respect to others and the first step is to protect our closest people from all type of accidents. The effort and results of the company to continue improving the standards of safety and health at work are for the benefit of employees, tenants, suppliers and visitors."

In 2009 Sonae Sierra delivered 20.300 man hours of Safety and Health training to staff, service suppliers and tenants. The continuing training in Safety and Health is a fundamental key in the incidents prevention.  According with the company's employee survey, 76% of the staff believes that the company provides a positive working environment; at 31 December 2009 the company employed directly 1147 people.

In 2010 the company objective is to continue with the success obtained in previous years in this matter. The objectives for this year includes reducing the number of accidents with staff absence due to work accidents or occupational diseases, reduce the Lost Workday Case Accidents Frequency Rate (LWCAFR) on construction works by 5%, to achieve zero facilities due to accidents across the Sonae Sierra Portfolio, and achieve OHSAS 18001 certification for a further ten shopping centres.

The Sonae Sierra commitment with tenants and suppliers involves actions in safety and health in order to improve the quality of their services. The results obtained by Sonae Sierra tenant's in the Safety & Health area are collected in the PERSONÆ award.  This award is recognition of the endeavours on S&H from the best tenants from all shopping and leisure centres under Sonae Sierra management. The PERSONÆ project concept enhances Sonae Sierra Corporate Responsibility strategy and performance through its focus on social responsibility for sustainable growth. The Personæ Project won the European Risk Management Awards 2009 for Best Risk Training Programme.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Sonae Sierra has 2 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

For the second consecutive year

Sonae Sierra distinguished at the European Risk Management Awards 2009

• Distinction for the Company's environmental policy
• Sonae Sierra has the ambition of being the best specialist in sustainable shopping centres
• Sonae Sierra was the first company in the shopping centre industry to obtain environmental certification in compliance with the ISO 14001 standard

 Sonae Sierra has just been distinguished, for the second consecutive year, at the European Risk Management Awards, an initiative of British magazine Strategic Risk which has the objective of rewarding the best and most innovative action in the area of risk management. This distinction, under the "Best Environmental Risk Control" category, acknowledges Sonae Sierra's commitment to be the best specialist in sustainable shopping centres.

This distinction is the result of a rigorous selection process undertaken by the jury panel of Strategic Risk, comprised of 20 of the finest international professionals and scholars in this area. We also highlight that Sonae Sierra had already been distinguished in 2009 in the "Best Risk Training Programme" category, which acknowledged the development of a Safety & Health culture across the entire company and its shopping centres, namely through the PERSONÆ Project.  

For Fernando Guedes de Oliveira, Sonae Sierra's CEO, "this distinction is once again proof of Sierra's innovation and leadership in the environmental area, with the development of 'environmentally friendly' shopping centres and the implementation of more efficient measures in the use of energy, water and the management of waste which lead to an increased efficiency of environmental and financial resources."

In 2009, due the saving measures implemented in terms of environmental resources, together with Sonae Sierra's commitment to a sustainable economic development, it was possible to reduce the environmental impacts of our activity:

- We reduced both our GHG emissions per m² of GLA and the energy consumption per m² of the landlord-controlled area of our shopping centres by 6% and 5%, respectively, in comparison with the 2008 results.

- We reused 4.7% of global water consumed through water reuse systems installed at various shopping centres.

- We achieved a global recycling rate of 46% across our shopping centres in operation and reduced the proportion of waste sent to landfill by 12.5% in comparison with 2008,

This distinction acknowledges Sonae Sierra's environmental pioneerism and innovation, as a result of an integrated and progressive approach to the management of environmental risks, which represents a positive contribution in terms of differentiation, increased customer satisfaction and trust, cost reduction and minimization of the environmental impact of this activity.

Sierra's environmental management distinguished with other awards

In 2009, Sonae Sierra was distinguished at the Sustainable Energy Europe Awards (SEE), an initiative of the European Commission, under the "Market Transformation" category, for its innovation in the energetic sustainability area, through the implementation of the "Green Centre" concept in the development and management of its centres.

In the same year, Sonae Sierra took first place in the "Ranking Responsabilidade Climática nas Empresas: índice ACGE sectorial 2009" a ranking that distinguishes the companies with the best performance in terms of energetic efficiency in Portugal. This was the 4^th time the Company led the ranking in a total of five editions.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Sonae Sierra has 2 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

New innovative shopping centre for La Spezia region  

"Le Terrazze": 50% of GLA already let

• Total investment of more than €125 million
• 108 shops and 38,500 m2 of GLA
• Positive fallout on local economy, with the creation of 500 new jobs
• Opening scheduled for last quarter of 2011

 Sonae Sierra and ING Real Estate Development have officially announced today that 50% of the Gross Lettable Area (GLA) of the new shopping centre "Le Terrazze", which is scheduled to open its doors the last quarter of 2011 in La Spezia, is already let.

Developed by a 50/50 partnership, through an investment of more than €125 million, the new shopping centre will create around 500 new jobs.

With a total GLA of 38,500 m², "Le Terrazze" will be the largest shopping centre with hypermarket in the Province of La Spezia. The commercial success of the centre is already assured by the presence of brands such as:  Ipercoop, Euronics, Tonic, Play Park, Scarpamondo, Deichmann, Sasch, Cisalfa, and Den Store.

"Le Terrazze" will offer to its catchment area of 210.000 inhabitants (of which about 100.000 are residents of La Spezia) a total of 108 units including an Ipercoop hypermarket of 7,500 m2 of sales area, 9 large stores and 16 restaurants and bars, along with a Family Entertainment Centre, a Fitness club and a 2,000 places free covered car park.

"Le Terrazze" will be the first phase of a wider project of urban requalification, with another 100,000m² of residential, offices and services to be developed by third parties in the coming years. It will be easily accessible from the city centre and also from tourist areas such as Le Cinque Terre, Porto Venere and Versilia (Tuscany coast) also thanks to the new "Aurelia-bis" road to be built in the near future.   

Architecture inspired by Riviera Ligure

The architecture of "Le Terrazze" is inspired by the coastal area of La Spezia and by the colours and landscapes of Liguria coast. The structure, made of different levels perfectly integrated with the adjacent location, derives from a complex study of the natural environment and of the local areas of Le Cinque Terre. The architectural solutions are in line with the natural context: from the colours (ochre, green, brown) to the name itself, the shopping centre is strongly linked with the territory characterized by the traditional "terraces".

Environment, Safety and Health

Le Terrazze has been designed in compliance with the partners company's environmental concern, fulfilling the most rigorous and demanding quality requirements for all its developments, namely in terms of comfort, safety and environmental protection.

Specifically, the construction phase of "Le Terrazze" is carried out with the aim of obtaining the ISO 14001 Certification, which acknowledges top quality environmental management standards implemented during construction (e.g. energy and water savings, selective waste separation) and the OHSAS 18001 Certification, which acknowledges the strong commitment towards Safety & Health by continuously monitoring the working conditions on site and systematically identifying improvement opportunities.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Sonae Sierra has 2 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

Fernando Guedes de Oliveira takes charge of Sonae Sierra's leadership

Fernando Guedes de Oliveira took charge, on April 1^st, as Sonae Sierra's Chief Executive Officer (CEO), and is now responsible for the global coordination of the Company's activities and strategy, and will also directly supervise the areas of Corporate Communication, Human Resources, Sustainability and Marketing & Innovation.

With Sonae Sierra since 1991, Fernando Guedes de Oliveira was appointed in 1999 Development Manager for Europe, and in 2000 was invited to the Board of Directors of Sonae Sierra SGPS, SA as Executive Director, responsible for Expansion, Developments, Design and Architecture of Shopping Centres in Europe. Previously, he was responsible for the global management of projects such as ViaCatarina Shopping, in Porto and Centro Vasco da Gama, in Lisbon. In March 2009, when the departure of Álvaro Portela was announced, he was appointed Deputy CEO of Sonae Sierra, with direct responsibilities over the Sustainability Office.

Fernando Guedes de Oliveira was a natural choice for CEO of Sonae Sierra, given his profile, knowledge of the sector and vast experience within the company.

With a degree in Civil Engineering from Faculdade de Engenharia, University of Porto, Fernando Guedes de Oliveira also has an MBA from ISEE, University of Porto, an AMDP from Harvard University Graduate School of Design (USA) and an AMP from Harvard Business School Faculty & Administration (USA).

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Sonae Sierra has 2 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

(translation from Portuguese original)

ANNOUNCEMENT

Sonae Sierra is pleased to announce that on the Shareholders Meeting held on 31st March 2001, the following changes in the composition of the Board of Directors occurred:

Resignation of:
- Álvaro Carmona e Costa Portela (as of 31.03.2010);
- João Gonçalo Sassetti Pessoa Jorge (as of 31.03.2010)

New appointment of:
- José Manuel Baeta Tomás.

In light of the above the composition of Sonae Sierra Board of Directors shall be as follows:

Board of Directors
- Duarte Paulo Teixeira de Azevedo,
- Fernando Maria Guedes Machado Antunes de Oliveira;
- Ana Maria Guedes Antunes de Oliveira,
- Ângelo Gabriel Ribeirinho dos Santos Paupério,
- José Manuel Baeta Tomás;
- João Eduardo Lupi Correia de Sampaio,
- José Edmundo Medina Barroso de Figueiredo,
- Mark Robin Preston,
- Neil Leslie Jones,
- Nicholas Richard Scarles, and
- Pedro José D´Hommée Caupers.

Maia, April 6th 2010

The Representative for the Relations with the Market,

José Edmundo Medina Barroso de Figueiredo

Opening success for Sonae Sierra' new shopping centre

LeiriaShopping receives more than 120.000 visitors in just 4 days

• LeiriaShopping opened its doors last Friday
• 116 shops, including 19 restaurants, in 44.312 m² GLA
• 9 large dimension shops: Continente hypermarket, Castello Lopes cinemas, C&A, FNAC, H&M, Modalfa, Sportzone, Worten and Zara
• 1.980 free parking spaces

LeiriaShopping, the new shopping centre from Sonae Sierra, that opened its doors last 25^th March, has already registered 120 thousand visitors in just 4 days, which shows the success of the new shopping spot in Leiria region.

The new centre, the 52^nd in the company's portfolio, represented an investment of €79 million and opened with the totality of its Gross Lettable Area let. LeiriaShopping will make available a total of 116 shops in a 44.312 m² GLA, combining prestigious national and international brands, with local ones.

The important figures registered in the first days after opening show the quality and variety of the tenant mix, from which we highlight the nine large dimension shops: Continente hypermarket, seven screens from Castello Lopes cinemas, C&A, FNAC, H&M, Modalfa, Sportzone, Worten and Zara. Other brands present include Bershka, Bertrand, Blanco, Boutique dos Relógios, Douglas, General Óptica, Imaginarium, Lanidor, Levi's, Loja do Gato Preto, Mango, Massimo Dutti, Multiopticas, Natura, O Boticário, Oysho, Pandora, Parfois, Perfumes & Ca., Pull&Bear, Sacoor, Salsa, Samsonite, Springfield, Stradivarius, Tezenis, Tintoretto, Tiffosi, Tutto Chicco and Women's Secret.

The new shopping centre has a wide food court which offers a warm atmosphere in a pleasant ambiance for the whole family with 19 restaurants which provide visitors a huge variety of choice with brands like McDonald's, Pizza-Hut, Burger King, Portugália, Vitaminas, H3, Loja das Sopas, Brasa Rio, Alentejo, Pão, Azeite e Alho, Martin & Thomas, Wok to Walk, among others that reinforce the variety and quality of the commercial offer this centre will bring to the region.

LeiriaShopping has also a parking lot free of charge and will make available 1.980 parking spaces.

With the opening of the new shopping centre, the annual number of visits is expected to grow from the current 5 million to 8 million, and sales in the first year of operation are expected to reach €77 million.

With a privileged location in terms of access roads (A8, A17, IC2, N113 and N242), the centre will serve a population of 529,000 inhabitants in a catchment area of 30 minutes, 80% of which already use the current Continente Hypermarket.

Vitalization of the local economy

The new centre represents a strong renovation and vitalization of the local commerce and economy, through the creation of 900 jobs, and the hiring of local companies for different areas, representing an investment in the region of about €6 million.

About 23% of the tenants present in LeiriaShopping are local companies, in a total of 27 shops, which include Plush, Bianca, Lizquadro, Gráfia, Equipe Donna, Mais Bela, San Luís and Leitão com Pão. These 23% also include local franchisees, such as Chiquíssimo (Triumph), TNC Telecomunicações (Vodafone) and Grupo Caixeiro (Mango, Giovani Gali, Salsa and Upstyle).

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of about 2 million m². Sonae Sierra has 2 projects under construction, and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

Reinforcing commercial and leisure offer in the region

Sonae Sierra opens LeiriaShopping 100% let

• An Investment of €79 million
• 116 shops and 44.312 m²  of GLA
• Vitalization of the local economy, with the creation of 900 new jobs and an investment of €6 million in local suppliers
• Architecture inspired by Leiria Pine Forest and glass
• The shopping centre is certified according to Environmental Management System, under the ISO 18001, for the construction stage
• First shopping centre in Europe to be certified, during the construction stage, under the OHSAS 18001:2007 standard (Safety and Health at Work Management System)
• The shopping centre is certified according to Global Accessibility Management System, under the UNE 170001:2001

LeiriaShopping, the new shopping centre from Sonae Sierra, opens its doors tomorrow, 25^th of March. The new centre, the 52^nd in the company's portfolio, represented an investment of €79 million, has the totality of its Gross Lettable Area 100% let, which confirms the project's success.

LeiriaShopping will make available a total of 116 shops in a 44.312 m² GLA, combining prestigious national and international brands, with local ones. Of the vast tenant mix we highlight the nine large dimension shops: Continente hypermarket, seven screens from Castello Lopes cinemas, C&A, FNAC, H&M, Modalfa, Sportzone, Worten and Zara. Other brands present include Bershka, Bertrand, Blanco, Boutique dos Relógios, Douglas, General Óptica, Imaginarium, Lanidor, Levi's, Loja do Gato Preto, Mango, Massimo Dutti, Multiopticas, Natura, O Boticário, Oysho, Pandora, Parfois, Perfumes & Ca., Pull&Bear, Sacoor, Salsa, Samsonite, Springfield, Stradivarius, Tezenis, Tintoretto, Tiffosi, Tutto Chicco and Women's Secret, among many others.

The new shopping centre has a wide food court which offers a warm atmosphere in a pleasant ambiance for the whole family with 19 restaurants which provide visitors a huge variety of choice with brands like McDonald's, Pizza-Hut, Burger King, Portugália, Vitaminas, H3, Loja das Sopas, Brasa Rio, Alentejo Pão Azeite e Alho, Martin & Thomas, Wok To Walk, among others that reinforce the variety and quality of the commercial offer this centre will bring to the region.

LeiriaShopping has also a parking lot free of charge and will make available 1.980 parking spaces.

With the opening of the new shopping centre, the annual number of visits is expected to grow from the current 5 million to 8 million, and sales in the first year of operation are expected to reach €77 million.

With a privileged location in terms of access roads (A8, A17, IC2, N113 and N242), the centre will serve a population of 529,000 inhabitants in a catchment area of 30 minutes, 80% of which already use the current Continente Hypermarket.

Vitalization of the local economy

The new centre represents a strong renovation and vitalization of the local commerce and economy, through the creation of 900 jobs, and the hiring of local companies for different areas, representing an investment in the region of about €6 million.

About 23% of the tenants present in LeiriaShopping are local companies, which include Plush, Bianca, Lizquadro, Gráfia, Equipe Donna, Mais Bela, San Luís and Leitão com Pão. These 23% also include local franchisees, such as Chiquíssimo (Triumph), TNC Telecomunicações (Vodafone) and Grupo Caixeiro (Mango, Giovani Gali, Salsa and Upstyle).

Architectural concept inspired by Leiria Pine Forest and glass

The architecture of the Shopping Centre is inspired by Leiria pine forest, the coastal area of Leiria and in the traditional local glass manufacture.

 LeiriaShopping, through its architecture and decoration, will create an illusion of the coast, the collision between earth and water, reproducing the different material and typical elements of the region: wood, glass, sand and water.

Environment, Safety & Health and Global Accessibility

Like all shopping centres developed by Sonae Sierra, this centre was designed in compliance with the Company's Environmental Management System, fulfilling the most rigorous and demanding quality requirements for all its developments, namely in terms of comfort, safety and environmental protection.

The centre will feature sophisticated solutions to separate and manage appropriately all waste produced, re-use rain water and monitor environmental aspects in real time. This last item will be ensured by the installation of a centralized technical management system which will monitor the quality of the air indoors and the water and energy consumptions in each sector of the building, allowing water supply cuts in case of leaks, or lighting adjustments in unoccupied areas.

In terms of Safety and Health at Work, LeiriaShopping recently became the first shopping centre in Europe to be certified, during the construction stage, under the OHSAS 18001:2007 standard (Safety and Health at Work Management System).

This certification acknowledges the importance of Sonae Sierra's Safety and Health System, implemented during the construction of the centre, which reduces accidents by continuously monitoring the working conditions on site, and systematically identifying improvement opportunities.

LeiriaShopping was also certified according to Global Accessibility Management System, under the UNE 170001:2001, which ensures that all visitors have a universal access to the shopping centre, besides the mobility conditionings one might have. 

Involvement with local community

During the 20 months of construction of LeiriaShopping, Sonae Sierra committed to involve local community in information initiatives about the new road accesses close to the construction site, through a mailing sent to 8.000 homes of the neighbourhood parishes. This mailing also included pine seeds, inviting all people from Leiria to plant the seeds sent by Sonae Sierra and watch the little pine trees grow at the same time as the construction of the centre was going forward. 

Still under the policy of involving local community, LeiriaShoping team developed another initiative targeted to the children that had a very positive impact in the population. This initiative, together with Leiria Municipality Environment Interpretation Centre, involved three schools from the shopping centre catchment area and about 80 children participated in the decoration of the tunnel that gives access from the underground parking to the existing shopping gallery from Continente hypermarket.

The fauna and flora from Leiria's region was the theme chosen to tell stories to children about species that were unknown rare species to the big majority of them and was used as an inspiration to the drawings they created to cheer that local and, at the same time, allowed local community to identify themselves with the species of its region.

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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of about 2 million m². Sonae Sierra has 2 projects under construction, and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

Sonae Sierra reduces water consumption by 11.6 percent worldwide

• Reduction of water consumption from 4.3 to 3.8 litre per visit
• Environmental Management System ensures conscious use of natural resources

On the occasion of the World Water Day, Sonae Sierra - the international shopping centre specialist - publishes its water results for 2009 and reveals its dedication to the careful use of precious drinking water. Compared to 2005, the company has reduced the water consumption at its shopping centres throughout the world by 11.6 percent. This corresponds to a reduction in water consumption from 4.3 to 3.8 litres per shopping centre visitor within four years.

"Thanks to our Environmental Management Systems and latest technologies, we have sustainably succeeded in minimising the water consumption, avoiding waste water and improving the quality of the drinking water at our shopping centres", states Elsa Monteiro, Head of Sustainability at Sonae Sierra. "For this reason, the motto of this year's World Water Day - 'Clean Water for a Healthy World' - is a perfect match for our corporate strategy."

Reducing the water consumption and at the same time avoiding water contamination are major factors of the Sonae Sierra corporate responsibility strategy. Systems for exploiting rainwater and water treatment are part of Sierra's Environmental requirements for new shopping centres. Sanitary areas with water-saving flushing and sensor-controlled taps round off the shopping centres' environmentally-friendly features.

Furthermore, Sonae Sierra is focusing on increase awareness among employees, tenants and visitors to conserving drinking water by means of continual information on the subject.

Environmental protection pioneer

Within the European shopping centre industry, Sonae Sierra is a pioneer in matter of the environment. For almost fifteen years now, the company has been focusing on sustainability in the development and operation of its shopping centres. To implement environmental policy values and directives, Sonae Sierra has - in line with the international IS0 14001 standard - developed its Environmental Management system (EMS), which has been certified by LLoyd's Register Quality Assurance. This management system is aimed at increasing eco-efficiency throughout the entire lifecycle of projects.

Among other things, Sonae Sierra has received the international Green Thinker Award and the Sustainable Energy Europe Awards (SEE) for its pioneering achievements and innovativeness in the area of sustainability. Furthermore, the company is one of the founding members of the World Business Council for Sustainable Development (WBCSD), a high-calibre, international initiative for strengthening sustainable business activities.

Sobre a Sonae Sierra

A Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of about 2 million m². Sonae Sierra has 3 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

Sonae Sierra recorded a Direct net profit of €76.8 million in 2009, a growth of 20% versus last year

• Direct Income grew 4% to €311.2 million in 2009
• Net Operating Result grew 6% to €180.3 million in the same period
• Occupancy levels of the portfolio stood at 94.5%
• NAV of €1.23 billion
• Open Market Value of Assets under Management reach €6.34 billion
• Two new shopping centres inaugurated in Germany and Brazil
• Successful placement of Parque D. Pedro Fund through a public offer

Sonae Sierra has consolidated, during 2009, its expansion and internationalization strategy, and closed the year with a portfolio of 51 shopping centres in operation, spread throughout seven countries, with a total Gross Lettable Area (GLA) of about 2 million m².

The Company Net Consolidated Profit in 2009 was negative of €159.9 million compared with a negative Consolidated Result of €185.5 million in the same period of last year.

The Net Consolidated Profit in 2009 was driven by the Indirect Result that is adversely affected by the continuous increases in market capitalization yields in Europe. This is caused by the negative climate in the property markets of most of the developed countries where the Company operates. This context led to an upwards shift of the capitalization yields applied in the valuations carried out on assets in those countries, this increase implying a reduction in the value of the corresponding property.

In the last months of 2009 we have started to observe a reduction of the pace in the increase of the yields and, at the same time, there were operational improvements in the Portuguese and German portfolio, but still insufficient to compensate the yield effect.

In Brazil, it should be highlighted the continuous improvement of the operational activity, as well as, the yields decrease in some assets which allowed us to balance the yield effect in the European portfolio. In 2009 Sonae Sierra's Direct Net Profit reached €76.8 million (+20%), compared to the €64.1 million in the same period of 2008 due to the combination of three factors: (i) increase in the portfolio; (ii) the cut cost efforts implemented by the Company in 2009; and (iii) the lower interest rates.

The Direct Income from Investments is 4% above 2008 mostly due to the increase in the portfolio - the openings of 2008 in Europe: Freccia Rossa, Plaza Mayor Shopping, Gli Orsi and Pantheon Plaza; and the openings in 2009 of Manauara, in Brazil, and Loop5, in Germany which more than compensate the Development services decrease due to the reduced number of projects under developments.

The Company's Net Operating Result reached €180.3 million in 2009, 6% above the same period of last year.

Net Asset Value

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. The Company calculates its NAV on the basis of 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 NAV of Sonae Sierra, as of the 31 December 2009, was €1.23 billion, corresponding to a NAV per share of €37.78.

Two shopping centres inaugurated and three more under construction

Sonae Sierra's growth and expansion strategy continues although the company has adjusted the development timings to the evolution of the financial and retail markets.

Following the successful opening in Brazil, of Manauara Shopping (Manaus) last April, the company has inaugurated in October Loop5 (Weiterstadt, Germany), representing an investment of €265 million, the shopping centre had more than one million visits in just two weeks which give us a strong confidence for its future performance. Additionally the Company successfully concluded the expansion of GuimarãeShopping and the renovation of Centro Colombo and AlbufeiraShopping, all in Portugal. In Italy we also concluded the renovation of Valecenter in Venice.

At the end of 2009, the Company continued to develop three new shopping centres and has in the development pipeline a total of 12 new projects in Portugal, Italy, Germany, Greece, Romania and Brazil.

In Portugal, Sonae Sierra is currently developing LeiriaShopping (Leiria), an investment of €79 million, scheduled to open in March of 2010 and in Italy the Company has just started the construction works of Le Terrazze, in La Spezia. Finally, in Brazil, Sonae Sierra Brasil has just started the construction of Ubêrlandia Shopping, an investment of €62 million, as well as the expansions of Parque D.Pedro, in Campinas, and Shopping Metrópole, in São Bernardo do Campo.

International recognition during 2009

During the year we were rewarded for our leadership as developers and managers of environmentally advanced, sustainable shopping centres. Among the awards received we highlight:

• Ranked first for the fourth time in the "Corporate Climate Responsibility: ACGE Sectorial Index" by Euronatura
• Winner of the 2009 Quotidiano Immobiliare Daily Real Estate Award as best company in the Retail and Commercial Real Estate sector in Italy
• "Green Centre" concept acknowledged as excellent at the European Commission's Sustainable Energy Europe Awards
• Winner of Euromoney magazine's award as "Best Developer" in Portugal and Spain
• Personæ Project voted Europe's Best Risk Training Programme at European Risk Management Awards 2009
• Colombo Towers were considered the best office project in Portugal in the Portuguese Real Estate Fair SIL.

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

The financial statements of Sonae Sierra Brazil correspond to the consolidated accounts of the European parent plus the Brazilian business (50% of these consolidated accounts corresponds to the contribution to Sonae Sierra).

Sonae Sierra, www.sonaesierra.com, is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure 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 has 3 projects under construction and 9 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2009, its centres welcomed more than 436 million visits.

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)

INSIDE INFORMATION ANNOUNCEMENT

Sonae Sierra informs that its subsidiary Sonae Sierra Brasil S.A., a company incorporated in accordance with the Brazilian law, has filed, on March 2nd, at the Brazilian Securities Commission (CVM), a request for registration of a preliminary prospectus for a possible public offer for the sale of its shares, under terms still to be defined together with the joint bookrunners - Credit Suisse and Itaú/BBA.

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

Maia, March 4th 2010

Edmundo Figueiredo

(Investor Relations)

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)

Union Investment acquires majority stake in Alexa shopping centre from Sonae Sierra and Foncière Euris/Rallye

Having noted that the information, published on February 16th 2010 on the subject above, has been interpreted by some entities differently than what was intended, we hereby clarify that the amount of € 316 million corresponds to the value of the total real estate asset on the basis of which the 91% majority stake price of Alexa Shopping Centre was determined.

Maia, February 18th 2010

Edmundo Figueiredo

(Investor Relations)

Union Investment acquires majority stake in Alexa shopping centre from Sonae Sierra and Foncière Euris/Rallye

Alexa is centrally located in Berlin, Germany / Sonae Sierra to continue managing centre / Secure long-term cash flow for UniImmo: Deutschland

Union Investment has finalized the agreement with Sonae Sierra and Foncière Euris/Rallye to become the new majority owner of Alexa in central Berlin. Each of the investors had a 50% share in the property and the Hamburg-based property fund manager paid some 316 million euros to acquire a majority stake (91%) in the 180-unit shopping centre on Alexanderplatz. Sonae Sierra, which will continue to be responsible for centre management, intends to exclusively hold the remaining 9% in Alexa in the future.

Offering around 43,000 square metres of retail space, 2,000 square metres for food outlets and 9,000 square metres of leisure space, the five-storey Alexa is fully let on long-term leases to successful retailers including MediaMarkt, Edeka, H&M and Zara. The centre opened in autumn 2007 and with some 14 million visitors in 2009 is already a dominant factor in Berlin's retail market. "Alexa is a sustainable investment in every sense of the word. Its location quality, attractive shopping environment and high income potential are a perfect fit with our long-term investment strategy for the retail segment," says Dr. Frank Billand, member of the management board of Union Investment Real Estate GmbH.

"We are very happy to welcome Union Investment as majority partner in the property of Alexa. This agreement reflects the high quality of Alexa as well as our long term business strategy of recycling capital for future growth while keeping a stake in the property and its management," says Álvaro Portela, CEO of Sonae Sierra.

"We are very pleased to have participated in the successful development of Alexa Shopping Center, which has become a reference in Germany", says Michel Savart, CEO of Foncière Euris.

The Alexa shopping centre joins the portfolio of the UniImmo: Deutschland open-ended real estate fund. Acquisition of the Mercado centre in Hamburg's Altona district was also completed recently and provided Union Investment with a large-scale shopping centre in a city centre location. The company invested a total of over 1.6 billion euros in property acquisitions last year, including some 600 million euros in the retail segment. This made Union Investment the biggest cross-border investor in Europe in 2009.

Scheduled to be inaugurated in 2011

Sonae Sierra begins construction of Uberlândia Shopping in Brazil

• An investment of €62 million (R$ 160 million).
• The centre will create 700 jobs during the construction phase, and more than 2000 after the inauguration
• 201 shops, 11 of which of large dimensions, a Walmart hypermarket and 6 Cinemark cinemas
• Architectural concept and decoration inspired by the colours and textures of the local savannah

Sonae Sierra, through its subsidiary, Sonae Sierra Brazil, has just begun the construction of Uberlândia Shopping, a shopping centre in the region of the Mineiro Triangle which represents a total investment of €62 million. Scheduled to be inaugurated in 2011, this project, located in the southern region of the city of Uberlândia, will be developed in an area of 154,000 m².

During the construction of this new shopping centre, about 700 jobs will be created, and 2.000 new jobs are expected for after the inauguration.

Uberlândia Shopping will have two levels with a total of 37,600 m² of GLA (Gross Lettable Area) in the first phase, with a total of 166 satellite shops, 11 large dimension shops, 21 restaurants, a Walmart hypermarket, and 6 last generation Cinemark cinemas, in a total of 201 shops. Uberlândia will feature a parking lot with 2,400 spaces, and another one for bicycles, connected to the city's urban bicycle path.

"We aim increasingly at the consolidation of our brand through investments in new, modern and innovative shopping centres. Uberlândia Shopping is Sonae Sierra's first development in the state of Minas Gerais, which we consider to have market potential", explains, João Pessoa Jorge, CEO of Sonae Sierra Brasil.

An architectural concept inspired by the local savannah

The architectural project - designed by José Quintela da Fonseca, Sonae Sierra's head of Concept and Architectural Development - is inspired by the exuberant vegetation and natural aspects of the local tropical savannah, which is visible in the decoration of Uberlândia Shopping through the use of colours and textures present in the region, as well as natural elements such as the stones that will be used in the façades and corridors, or the "Ipê" tree - one of the biggest symbols of the local flora - which will be highlighted in the landscaping project, and even inspired the centre's logo.

The asymmetry and distinguished geometrical shapes prevail in the architectural concept, which privileges large glass areas to take better advantage of natural light. The centre will have an astounding view over the entire city, particularly on the second level, where the food court will be located, with more than 1,000 seats and a large outdoor terrace with capacity for 100 seats.

A green centre, with concern for Safety & Health

Like other projects developed by Sonae Sierra, Uberlândia Shopping complies with the most rigorous requirements established by the Company's Environmental Management System. The centre will adopt the most modern eco-efficient solutions, aiming at the reduction of energy and water consumption, and the obtainment of environmental certification ISO 14001 for the construction management, like the Manauara Shopping, in Manaus.

The new centre will also feature automated centralized technical management systems of the last generation, highly efficient energy supply, and a rain water collection system, which will supply the fire-fighting grid, irrigation and cleaning of the centre.

Another objective for the construction phase of Uberlândia Shopping is the obtainment of Health & Safety certification, under the OSHAS 18001 standard (Evaluation System for Safety & Health at Work). In 2008, Sonae Sierra was the first company in the industry, in Europe and Brazil to obtain this certification for a shopping centre in operation.

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 3 projects under construction and 9 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.

Sonae Sierra Brasil, www.sonaesierra.com.br, is a shopping centre specialist with an expertise of international partners: Portugal's Sonae Sierra and U.S.A.'s DDR (Developers Diversified Realty). The company owns and manages 10 shopping centres under operation, and has an ongoing expansion strategy with the development of three new projects.

Sonae Sierra reinforces its commitment to the "zero accidents" goal

Sonae Sierra obtains Safety & Health Certificate for 6 shopping centres in Portugal

• Centro Colombo, Centro Vasco da Gama, NorteShopping, GaiaShopping, ArrábidaShopping and Estação Viana certified under the OHSAS 18001 standard,
• Certification enables a better control over the risks for visitors, tenants and employees
• Sonae Sierra was the first European company in the sector to be certified under the OHSAS 18001 standard

Sonae Sierra concluded in 2009 the Safety & Health certification, under the OHSAS 18001 standard, of 5 of its shopping centres in Portugal: Centro Vasco da Gama, NorteShopping, GaiaShopping, ArrábidaShopping and Estação Viana, thus joining Centro Colombo which obtained its certification in 2008. This certification, issued by TÜV Rheinland Portugal, a German multinational leader in the certification area, acknowledges the quality of the Safety & Health system implemented in the management of those centres.

OHSAS 18001 is a standard that validates a Management System (like ISO 9001 and ISO 14001) orientated towards Safety & Health at work, working as a tool which allows companies to manage and control its levels of performance in those areas, according to the objectives, policies, and action plans set by the company itself.

In practical terms, this certification ensures a greater control over the risks identified in the building (common and technical areas) which may threaten the physical integrity of visitors, employees, service providers and tenants. Through risk control - such as slippery surfaces, obstacles in the mall, fires, etc - incidents are prevented inside shopping centres.

With its bet on safety and prevention, Sonae Sierra reinforces its conviction that people are the most valuable asset, and their integrity must be protected. For the company, this attitude is a competitive edge and a differentiating factor regarding the competition. In 2008, the company record a 43% reduction in number of days lost due to work accidents or professional diseases, compared to the three previous years.

In 2008, Sonae Sierra became the first European company in the shopping centre sector to obtain certification for its corporate system. More recently, the company became the first in Europe to obtain the Safety & Health certification for the management of the construction of a shopping centre, LeiriaShopping, which is scheduled to open to the public on March 25^th.

Internationally, Sonae Sierra also has four certified centres in Spain, three in Brazil and one in Italy.

The issuing of this certification is the consequence of Sonae Sierra's Safety & Health culture, which making employees, tenants, service providers and visitors aware of these issues, and has the objective of preventing and anticipating accidents, as well as protecting its employees, and everyone coming into contact with the company. One of the most visible aspects of this commitment towards Safety & Health was undoubtedly the PERSONÆ project, which has been worthy of international acclaim: in 2009, Sonae Sierra was awarded at the "European Risk Management Awards", under the "Best Risk Training Programme" category, an initiative of British magazine "Strategic Risk". The PERSONÆ project, which launched the bases of the current safety and health culture in Sonae Sierra, has already been distinguished with the "DuPont Safety Award for Visible Management Commitment", in 2007, and the ECO Award, from the American Chamber of Commerce, in 2006. 

About Sonae Sierra

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 10 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.

Adora Mall in Romania and the expansion of Parque D. Pedro in Brazil

Sonae Sierra continues to expand in Europe and Brazil 

In the scope of its international growth strategy, Sonae Sierra has just announced the beginning of Parque D. Pedro expansion in Campinas-São Paulo, Brazil, and the agreement with another important tenant for the Adora Mall in Craiova, Romania.

Owned and developed by Sonae Sierra, Adora Mall will represent the main shopping and leisure attraction in the city of Craiova with 59,000 m2 of GLA, 190 shops and 1800 parking spaces. We highlight the recent agreement for the presence of Cinema City, the largest cinema offer - 3,000 m2 - in the region. With more than 60% of its GLA (Gross Lettable Area) already pre-leased, Adora Mall will offer a unique combination of shops, services and entertainment for the biggest city in the south-west region of Romania, Oltenia.

The architecture of the new Shopping Centre is inspired by the Four Seasons, due to its location next to the landmark of the city, the Romanescu Park. Its architecture and decoration, will recreate nature in its different stages, reproducing different phases and images of the flora, which together recreate the feeling of nature's environment in each of the four seasons.

Located in the Central-Southeast area of town, facing one of the main streets in the city and connected to the Romanescu Park, Adora Mall has a privileged location in terms of access roads, and will serve a population of 420,000 inhabitants in its catchment area within a 30 min. distance.

Sonae Sierra Brazil begins the expansion of Parque D. Pedro Shopping

Sonae Sierra Brazil just announced the beginning of the expansion work of Parque D. Pedro Shopping, in Campinas, state of São Paulo. The € 9.1 million (R$ 23.6 million) investment will create a new area in the centre, containing 34 new shops in 5,400 m2 of GLA (Gross Lettable Area). The conclusion of this important expansion is scheduled for November.

The expansion of Parque D. Pedro is part of the strategy defined by Sierra Brazil for 2010, with a total of € 116 million (R$ 300 million) in investments, this year alone. "That value includes the expansion of Shopping Metrópole, in São Bernardo do Campo (SP), and the first construction stages of three new developments located in the states of Paraná, Minas Gerais and Goiás", explains the CEO of Sonae Sierra Brazil, João Pessoa Jorge.

The main innovation in architectural terms is the new Alameda Parque D. Pedro which is a new and totally innovative concept in the shopping centre industry in Brazil, since it's based on the architectural diversified solutions of the shops' façades. The architecture of this new area enables tenants to tailor, from pre-established criteria, brand implementation on the façades of their stores. Different levels in shop windows will lend the new space the look of a charming, open-space boulevard. Further to that, the landscape project includes exuberant plants and water mirrors, so that visitors can enjoy the experience of outdoors shopping, in a modern, attractive, and sophisticated environment.

Parque D.Pedro Shopping, inaugurated in March 2002, is one of the largest shopping centres in Latin America, with 389 shops and about 120,000 m2 of GLA. In 2009, Parque D. Pedro welcomed more than 20 million visits.

About Sonae Sierra

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m2. Currently, Sonae Sierra has 2 projects under construction and 10 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

Environmental and Safety & Health certification

LeiriaShopping to be opened on March 25^th

• LeiriaShopping has 97% of its GLA already let
• The Centre's Environmental Management System was certified under standard ISO 14001, for the construction stage
• First shopping centre in Europe certified in Safety & Health, under the OHSAS 18001 standard, in the construction stage

LeiriaShopping, Sonae Sierra's new shopping centre in Leiria, will open its doors on March 25^th. This development, which represents an investment of about €79 million, has 44,395 m² of gross lettable area (GLA), 97% of which is already let, confirming the project's success.

LeiriaShopping will make available a total of 124 shops, combining prestigious national and international brands with local brands. Of the vast tenant mix we highlight the Continente Hypermarket, Sportzone and Worten, already in operation. The nine large dimension shops include seven Castello Lopes cinemas and the FNAC, Zara, H&M, C&A and Modalfa brands. Other brands present include Lanidor, Sacoor, Tintoretto, Springfield, Woman Secret, Pull & Bear, Bershka, Loja do Gato Preto, Boutique dos Relógios, Bertrand, O Boticário, Parfois, Tiffosi, Multiópticas, Samsonite, Golden Point, O Celeiro, Casa das Peles, Haity, General Óptica and Natura, as well as 19 restaurants including McDonald's, Pizza Hut and Portugália that reinforce the variety and quality of the commercial offer this centre will bring to the region.

Environmental and Safety & Health Certifications

Like all shopping centres developed by Sonae Sierra, LeiriaShopping was designed according to the Company's Environmental Management System, and a specific Environmental Management System was implemented with the purpose of minimizing the impacts during the development stage.

This effort was recently acknowledged, as LeiriaShopping earned the ISO 14001 certification, for the rigorous compliance with the most demanding quality requirements the company imposes on all of its developments, namely in terms of comfort, safety, and especially the protection of the Environment. Since 2004, this is the 20^th ISO 14001 certification obtained by Sonae Sierra for the construction of a development according to its Environmental Management System.

To obtain environmental certification ISO 14001, Sonae Sierra's commitment to a sustainable environmental management was essential, namely in vital areas such as energy savings, the quality and consumption of water, the monitoring of air quality and noise, and the selective separation and recycling of waste, proven throughout the entire construction process of LeiriaShopping.

During the construction stage of the centre, environmental goals were also set, including monthly and final objectives in terms of waste recycling. By the end of December 2009, the waste recycling rate was at 99,28 %, which means that nearly all waste from the construction site was treated, reused, or valued. We also highlight the fact that for the construction of this centre, about 57,500 m³ of waste from demolition, disassembly and excavation works were also reused. This waste would otherwise have been sent to a landfill. 

To achieve the ultimate objective of a good environmental performance, the involvement and collaboration of every employee was essential, and an evaluation system of the efficiency of training actions was put in place, to find out if every employee understood and employed the environmental rules in their daily work.

We also got involved with the local community, with the creation of the LeiriaShopping Community Panel, an important tool that allows Sonae Sierra to interact with the local community, through the presentation of the performance and environmental objectives of the centre's construction, and the welcoming of the population's concerns regarding the environment, among other issues.

In terms of Safety and Health at Work, LeiriaShopping became the first shopping centre in Europe to be certified, during the construction stage, under the OHSAS 18001:2007 standard (Safety and Health at Work Management System).

This certification acknowledges the importance of Sonae Sierra's Safety and Health System, implemented during the construction of the centre, which reduces accidents by continuously monitoring the working conditions on site, and systematically identifying improvement opportunities.

About Sonae Sierra

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 10 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

SONAE SIERRA - SGPS, S. A.

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)

Announcement to CMVM

Avenida M40 SA, the Spanish company that owns the Avenida M40 shopping centre, located in Madrid (Spain), has entered today into insolvency proceedings, so as to satisfy the requirements of Spanish law. The company is held 100% by Sierra Fund and this, in turn, is held 50.1% by Sonae Sierra.

This shopping centre has delivered a worsening operating performance, with continued reductions in number of visitors and tenant sales. This worsening performance is explained by the excessive concentration of competing centres in its catchment area in the South of Madrid but the trend was accelerated by the effects of the economic crisis.

As a consequence, Avenida M40 SA became unable to fulfill its obligations, particularly in terms of debt service. The only material creditor of the company right now is the bank syndicate that financed the property, originally for € 68,25 million, on a non-recourse basis of which € 39.8 million is currently outstanding.

Given that the syndicate of banks was not available to grant a waiver on the principal and interest of the mortgage-backed finance contract, the presentation of Avenida M40 SA to insolvency became inevitable under the provisions of the Spanish Law.

The economic and financial performance of this centre is a clear exception within the portfolio of the Sierra Fund or the global portfolio of Sonae Sierra. To note also that the problems in this centre will not affect, in any way, the other properties under management.

The decision by Avenida M40 SA to go into insolvency proceedings will have impacts, on the Sierra Fund and on Sonae Sierra, that are neutral to positive, in accounting terms, and neutral in cash-flow terms.

Maia,15th of January 2010

Edmundo Figueiredo

(Investor Relations)

On its twentieth anniversary

Sonae Sierra transforms Modelo de Albufeira Shopping Centre into AlbufeiraShopping

• The refurbishment represented an investment of € 5 million
• 46 shops on 10,500 m² of GLA
• New, modern and sophisticated food court
• The centre's refurbishment project was inspired by the beach and the seabed

Sonae Sierra has just inaugurated the refurbishment of AlbufeiraShopping, a €5 million investment in a shopping centre that employs 314 people and had the main purpose of improving and revitalizing the former Modelo de Albufeira Shopping Centre, an important and historic centre in the Albufeira region.

This centre, the first to be managed by Sonae Sierra and strongly anchored by the Modelo hypermarket, now has a new name and a more modern and sophisticated image.

The highlight of this project was the complete renovation and expansion of the food court, which includes brands such as Pizza Hut, Burger Ranch, Mundo do Café, Panomania, Farm, Dulci Café and Maxi Comb, among others, and now has more natural light, a more modern and appealing decoration and differentiated seats - 225 indoors and 51 outdoors - making it more comfortable and functional for its visitors. We also highlight the creation of a spacious outdoors esplanade adjacent to the food court, making the most of the centre's privileged seafront location, and further adjusting it the region's tourism offer.

AlbufeiraShopping now also has available 46 shops in 10,500 m² of GLA, and 562 free parking spaces. This refurbished centre features a Modelo hypermarket, Worten, Sportzone and Modalfa as its large dimension shops. Among the brands present, we highlight the wide range of services available, such as Millenium BCP (bank) and Star (travel agent) offices, and also a currency exchange office, telecommunications and photography shops, parapharmacy, launderer, quick repairs shop, among others, destined to fit the needs of the local population and the tourism characteristics of the area.

The refurbishment project took off in July 2009, to commemorate the centre's 20 years of existence, with a privileged location in the region, and qualities and commercial success proven by the 4 million annual visits AlbufeiraShopping welcomed before this intervention.

The architectural concept

The refurbishment of this centre was developed based on an architectural concept associated to the beach and seabed theme, due to the geographical location of AlbufeiraShopping.

The refurbishment also created a wider connection to the outdoors, through the expansion of the balcony of the old food court, which was transformed into a terrace and became a new and pleasurable outdoors leisure area. 

A glass façade with double ceiling height at the entrance was also created, to bestow monumentality to the building, allowing greater visibility between levels and, most of all, bringing more natural light inside the centre, making it more pleasant and welcoming.

About Sonae Sierra

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 10 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

SONAE SIERRA - SGPS, S. A.

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 3 - Payment of Interests

Notice is hereby given to the Holders of SONAE SIERRA SGPS 2008/2013 bonds that from 25 January 2010 there will be interests' payment in relation to coupon number 3, with the following values:

Gross interest                             €    581,388888888889

IRS/IRC (20%)                             €    116,277777777778

Net interest                                 €    465,111111111111

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 2010

The Board of Directors,

This information is also available in SONAE SIERRA SGPS' institutional website

www.sonaesierra.com

For further information please contact the Treasury Department at Sonae Sierra:

Cristina Teixeira , 00351-22-0104536 /cmteixeira@sonaesierra.com

Lisboa-Portugal, December 29^th 2009

Ocidente Tower already under construction

Oriente Tower sold to Union Investment for about € 70 million  

• A project from the partnership between Caixa Geral de Depósitos Group, Iberdrola Inmobiliária, ING Real Estate and Sonae Sierra
• German real estate investment manager Union Investment acquired the first of the two Colombo Towers to be concluded and fully let
• Second tower scheduled to be concluded in the beginning of 2011

The consortium owner of the Colombo Towers project, equally composed by Caixa Geral de Depósitos Group, Iberdrola Inmobiliária, ING Real Estate and Sonae Sierra, has just sold the Oriente Tower to an open-ended real estate fund of Hamburg-based Union Investment Real Estate GmbH for approx. € 70 million. The acquisition marks Union Investment's entry into the Portuguese real estate market.  Union Investment has assets under management of € 18 billion in six real estate funds and belongs to the leading real estate investment managers in Europe.   

In a market dominated by the effects of the crisis - the performance of the city's office market decreased 9% in the second quarter in comparison to the previous quarter, and 74% in comparison to the same period of 2008 - the Oriente Tower concentrated the two biggest letting operations of the year in Lisbon, with Barclays Portugal and Fujitsu (which occupy, respectively 12,213 m² and 7,275 m²), becoming the development with the best performance of the year.

The Colombo Towers project, which is comprised of two office towers with 14 levels and a total gross area of 29,000 m² each, answered the evident shortage of quality large dimension areas observed in Lisbon today.

Some of the characteristics that make this real estate product unique are the ease of access, the vast offer of public transportation, an area of 2,000 m² per level with virtually no structural limitations, and the services made available by the Colombo Shopping Centre (restaurants, hypermarket, gymnasium, pharmacy, launderers, and financial institutions, among others).

The two towers, the shopping centre and the parking lot make up the largest built set and mixed used project in the country, with a total of about 500,000 m².

Following the success of the first Tower, the partnership of the Caixa Geral de Depósitos Group, Iberdrola Inmobiliária, ING Real Estate and Sonae Sierra has already begun the construction of the second tower, the Ocidente Tower, scheduled to be concluded in early 2011.

Representing an investment of more than €90 million, the Colombo Towers were recently distinguished at the 1^st Edition of the National Real Estate Awards in Portugal, as the Best Real Estate Project in the country.

A project with environmental certification

The Colombo Towers project recently had its environmental management system certified under the ISO 14001 standard, by the LRQA - Lloyd's Register Quality Insurance- a prestigious certification company, and the only one in the world accredited to operate in all industrial sectors.

This certification is proof of the concern of all partners involved in the project with the search for the best criteria in environmental management, and the establishment of the best environmental practices. In terms of energy certification, the care in the execution of the façades and the exterior of the construction allowed the Colombo Towers to reach class B, the second highest possible rating. The portfolios of Union Investment include 13 properties with international sustainability certificates like LEED and BREEAM.

In the 5^th edition of the "ACGE Sectorial Index 2009"

Sonae Sierra leads Corporate Climate Responsibility ranking for the 4^th time

• Sonae Sierra ranked 1^st among 50 companies analyzed
• The company has its environmental management system certified since 2005, and 19 certified centres in Portugal
• Second environmental distinction in 2009

Sonae Sierra is, for the fourth time in the study's five years of existence, the leader of the "Corporate Climate Responsibility: ACGE Sectorial Index 2009" ranking, published by "Euronatura - Centre for Environmental Laws and Sustained Development", reinforcing the national and international acknowledgment of the Company in the Sustainability area.

To reach this position, the results achieved in terms of administrative structure, supervision of environmental issues, environmental management and audits, dissemination of climate changes and inventory of greenhouse effect gases were decisive.

In its 5^th edition, the "Corporate Climate Responsibility: ACGE Sextor Index 2009" ranking evaluates the performance of about 50 companies which, as a whole, represent the financial, transport and energy sector, and are committed to fighting the climate change phenomenon.

The Index allows the comparison of the results of management policies of the different companies, from a perspective of competitiveness and improvement of environmental performance, and assumes a dimension of public awareness and information.

Environmental acknowledgement

Sonae Sierra's strong commitment to the sustainability area has been widely acknowledged internationally. In 2009, the company was distinguished at the "Sustainable Energy Europe Awards" (SEE), an initiative of the European Commission, aimed at rewarding the best and most innovative programs in terms of energetic sustainability at a European level. This distinction, in the "Market Transformation" category, acknowledges the company's innovation in the energetic sustainability area, through the implementation of the pioneer "green centre" concept in the development and management of its centres.

In 2008, Sonae Sierra had already been distinguished with the "Green Thinker Award", from Expo Real and Dutch magazine PropertyEU, acknowledging Sierra's pioneer attitude in this subject, and labelling the company as the "most sustainable developer in Europe", in the real estate sector.           

About Sonae Sierra

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 10 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

With 97% of its GLA already let

LeiriaShopping to be inaugurated in March 2010

• An investment of €79 million
• 124 shops and 44,395 m² of GLA, 97% of which is already let
• Vitalization of the local economy, with the creation of 900 new jobs and an investment of €6 million in local suppliers
• Architecture inspired by the Atlantic Ocean and the Leiria Pine Forest

LeiriaShopping, Sonae Sierra's new shopping centre in Leiria, will be inaugurated in March 2010. This development, which represents an investment of about €79 million, has a Gross Lettable Area of 44,395 m², 97% of which is already let confirming the project's success.

LeiriaShopping will make available a total of 124 shops, combining prestigious national and international brands with local brands. Of the vast tenant mix we highlight the Continente Hypermarket, Sportzone and Worten, already in operation. The nine large dimension shops include seven Castello Lopes cinemas and the FNAC, Zara, H&M, C&A and Modalfa brands. Other brands present include Lanidor, Sacoor, Tintoretto, Springfield, Woman Secret, Pull & Bear, Bershka, Loja do Gato Preto, Boutique dos Relógios, Bertrand, O Boticário, Parfois, Tiffosi, Multiópticas, Samsonite, Golden Point, O Celeiro, Casa das Peles, Haity, General Óptica and Natura, as well as 19 restaurants among which McDonald's, Pizza Hut and Portugália that reinforce the variety and quality of the commercial offer this centre will bring to the region.

The parking lot is free of charge and will make available 1.980 parking spaces.

The new centre represents a strong renovation and vitalization of the local commerce and economy, through the creation of 900 jobs, and the hiring of local companies for different areas, representing an investment in the region of about €6 million.

About 17% of the tenants present in LeiriaShopping are local companies, which include Plush, Bianca, Lizquadro, O Jardim, Equipe Donna, Mais Bela, San Luís, The American Dinner and Leitão com Pão. These 17% also include local franchisees, such as Chiquíssimo (Triumph), TNC Telecomunicações (Vodafone), Café Primavera (Loja das Sopas) and Grupo Caixeiro (Mango, Giovani Gali, Salsa and Upstyle).

With a privileged location in terms of access roads (A8, A17, IC2, N113 and N242), the centre will serve a population of 529,000 inhabitants in a catchment area of 30 minutes, 80% of which already use the current Continente Hypermarket. With the opening of the new area, the annual number of visits is expected to grow from the current 5 million to 8 million, and sales in the first year of operation are expected to reach €77 million.

Architectural concept inspired by the Atlantic Ocean

The architecture of the Shopping Centre is inspired by the coastal area of Leiria, where everything seems to breathe the air of the Atlantic: the scent of the Atlantic, the pine forests that provided the wood for the construction of the Discoveries' ships, the cliffs, the sailors, and the golden sands of its beaches, used in the manufacturing of glass. LeiriaShopping, through its architecture and decoration, will create an illusion of the coast, the collision between earth and water, reproducing the different material and typical elements of the region: sand, water, wood, glass, boats, sails, etc.

Environment, Safety & Health

Like all shopping centres developed by Sonae Sierra, this centre was designed in compliance with the Company's Environmental Management System, fulfilling the most rigorous and demanding quality requirements for all its developments, namely in terms of comfort, safety and environmental protection.

The centre will feature sophisticated solutions to separate and manage appropriately all waste produced, re-use rain water and monitor environmental aspects in real time. This last item will be ensured by the installation of a centralized technical management system which will monitor the quality of the air indoors and the water and energy consumptions in each sector of the building, allowing water supply cuts in case of leaks, or lighting adjustments in unoccupied areas.

In terms of Safety and Health at Work, LeiriaShopping recently became the first shopping centre in Europe to be certified, during the construction stage, under the OHSAS 18001:2007 standard (Safety and Health at Work Management System).

This certification acknowledges the importance of Sonae Sierra's Safety and Health System, implemented during the construction of the centre, which reduces accidents by continuously monitoring the working conditions on site, and systematically identifying improvement opportunities.

About Sonae Sierra

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 10 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

New Shopping centre in La Spezia, Italy  

Sonae Sierra and ING Real Estate Development just started the construction of "Le Terrazze" 

• 50/50 Partnership between Sonae Sierra and ING Real Estate Development
• Total investment of more than 125 million Euros ( net of financial costs)More than 40% of GLA already let: Ipercoop, Euronics, Tonic, Play Park, Scarpamondo, Deichmann, Sasch, Cisalfa, Den Store will be some of the shops present
• Opening scheduled for Autumn 2011

Sonae Sierra and ING Real Estate Development (50/50 partnership owners and developers) have started the construction of the new shopping centre "Le Terrazze" in La Spezia, Italy.

A large part of the investment has been provided through a facility agreement signed with a pool of Italian banks, UniCredit Corporate Bank (as pool organizer), Banca Popolare di Lodi, Mediocredito Italiano and Cassa di Risparmio della Spezia (Intesa Sanpaolo Group).

With a total Gross Lettable Area (GLA) of 38,460 m2, the new shopping centre is scheduled to open in Autumn 2011 and will be the largest in the province of La Spezia. More than 40% of GLA is already let: Ipercoop, Euronics, Tonic, Play Park, Scarpamondo, Deichmann, Sasch, Cisalfa, Den Store being some of the main brands present.

"Le Terrazze" will offer to its catchment area of 210.000 inhabitants (of which around 100.000 are residents of La Spezia) a total of 107 units including an Ipercoop hypermarket of 7,500 m2 of sales area, 9 large stores and 16 restaurants and bars, along with a Family Entertainment Centre, a Fitness club and a 2,000 places car park.

High quality retail offer and innovative leisure mix will make "Le Terrazze" the most modern and unique centre in the Levante Riviera and Versilia(Tuscany coast).

Furthermore, the centre is the first phase of a wider urban regeneration project, with another 100,000m2 of residential and offices to be developed by third parties in the coming years.

"Le Terrazze" will be located in a residential area 1 Km from the city centre of La Spezia.

It will be easily accessible from the city centre and also from tourist areas such as Le Cinque Terre, Porto Venere and Versilia (Tuscany coast) also thanks to the new "Aurelia-bis" road to be built in the near future.

"Given the current economic situation, we believe this is a very good achievement. Thanks to our strong effort and commitment we will be able to start the construction of Le Terrazze with more than 40% of GLA already let. This new shopping centre will become the largest shopping centre in the province and will bring to La Spezia a new and innovative shopping and leisure offer", said Álvaro Portela, CEO of Sonae Sierra.

"We are looking forward to presenting La Spezia's citizens and the many tourists that visit La Spezia, East Liguria and the Tuscany Coast every year our high quality standards in architecture, commercial and leisure offer. The experience and professionalism of the Joint Venture Parties will ensure the delivery of a quality product." adds Scott Dwyer, General Manager of ING Real Estate Development International.

ING Real Estate Development is a leading pan-European developer with a project pipeline of around EUR 9 billion. The company focuses 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.

Certification of LeiriaShopping reinforces Sonae Sierra's commitment to the "zero accidents" goal

Sonae Sierra is the first Company in Europe to receive a Safety & Health Certification for the construction management of a shopping centre

• LeiriaShopping is the first shopping centre in Europe to be certified, in the construction phase, under the OHSAS 18001 Standard
• Decreased accident rate and exposure to Safety & Health risks for employees
• Sonae Sierra was the first European company in the sector to receive the OHSAS 18001 Standard certification and Centro Colombo was the first European shopping centre to receive certification

Sonae Sierra has just become the first company in Europe to obtain the OHSAS 18001 Safety & Health certification for the management of the construction of a shopping centre, a reference in the Management of Prevention of Labour Risks, developed by an international consortium of normalization and certification entities. The certification of LeiriaShopping reinforces the Company's commitment in this area, especially because it refers to the construction phase, an activity that carries risks in terms of Safety & Health, with a high prevalence of accidents.

This certification, issued by TÜV Rheinland, a German multinational leader in the certification area, acknowledges the quality of the Health & Safety system implemented in the management of the construction of LeiriaShopping, allowing the organization to identify and control the safety and health risks on site, decrease the potential for accidents, contribute to the compliance with safety regulations and increase productivity in general.

OHSAS 18001 is a standard that validates a Management System (like ISO 9001 and ISO 14001), orientated towards Safety & Health at work, functioning as a tool that allows companies to manage and control their performance levels in these areas, according to the objectives, policies and action plans set by the company itself.

To obtain this certification, it was essential to have every worker involved and aware of Safety and Health issues, which was achieved through the implementation of a "direct" participation system, through systematic inquiries to workers in the definition of safety regulations, with the presence of Staff Representatives in the Safety and Environment meetings, and through a suggestion box on site to welcome the different proposals.

The benefits of these measures were visible not only in terms of accident reduction and the training of workers, but also financially, with the reduction of indirect costs connected to the Safety and Health at Work conditions for the organizations involved in the construction, through the systematic identification of improvement opportunities.

A VISIBLE, ACKNOWLEDGED COMMITMENT

Since 2004, Sonae Sierra has been developing a Safety & Health culture across the entire company and its shopping centres, and in 2008 became the first European company in the sector to receive certification in this area. More recently, Sonae Sierra was the first company in Spain to obtain certification of the Safety & Health system of four of its shopping centres in the country, under the OHSAS 18001:2007 standard.

In Portugal, the company owns five shopping centres certified under that standard (Centro Colombo, NorteShopping, GaiaShopping, ArrábidaShopping and Estação Viana). Internationally and besides Spain, Sonae Sierra owns three certified centres in Brazil and one other in Italy.

Sonae Sierra's Safety & Health management has the objective of preventing and anticipating accidents, to protect its employees and everyone in contact with the company. "Zero accidents" is the Company's goal, through the adoption of common values throughout the entire organization.

By betting on training and prevention, Sonae Sierra reinforces its conviction that people are the most precious asset, and their physical, intellectual and psychological integrity must be protected. For the company, this attitude is a competitive advantage and a reference factor that sets it apart from its competitors. In 2008, the company recorded a 43% reduction in the number of lost days due to work accidents or professional diseases, in comparison to the average of the three previous years.

The implementation of this Program has been worthy of international acclaim: in 2009, Sonae Sierra was distinguished at the "European Risk Management Awards", in the "Best Risk Training Programme" category, an initiative of British magazine "Strategic Risk". The PERSONÆ project, which launched the basis for Sonae Sierra's current safety and health culture, had already been distinguished with the "DuPont Safety Award for Visible Management Commitment", in 2007, and the "ECO Award" from the American Chamber of commerce, in 2006.

About Sonae Sierra

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 10 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

São Paulo, Brazil, November 11^th 2009

Sonae Sierra Brazil now owns 100% of Shopping Metrópole

• An investment of €15.6 million (R$40.7 million)
• Shopping Metrópole will benefit from an expansion project, starting in 2010
• Expansion project represents an investment of €20.2 million (R$52,7 million)
• Sonae Sierra Brazil is a 50/50 partnership between Sonae Sierra and the American company DDR.

Sonae Sierra, through its subsidiary Sonae Sierra Brazil, has just acquired 17% of Shopping Metrópole, located in São Bernardo do Campo (SP), Brazil. Sonae Sierra Brazil is now the sole property owner of this shopping centre, through an operation that represented an investment of €15.6 million (R$ 40,7 million).

With its revitalization in mind, the centre will benefit from an expansion which will begin in January 2010, and is scheduled to be concluded in March 2011. The opening of 9 multiplex cinemas and 31 new shops are the highlights of this expansion. The exterior area of the shopping centre will also be totally refurbished with modern and colourful façades.

According to the CEO of Sonae Sierra Brazil, João Pessoa Jorge, this acquisition fits in the company's expansion strategy for the country, where it owns 10 shopping centres under operation and 3 projects in the development stage. "Our strategy is focused on building new shopping centres, as well as acquiring centres we already co-own, and have a growth potential, such as Metrópole", explains the responsible for Sonae Sierra Brazil.

"With this operation we have proceeded with our international expansion, and at the same time reinforced our presence in the Brazilian market, where we have recorded a sustained growth. The inauguration of our 10^th Shopping Centre in the country is a proof of that, as well as the three projects under development in Londrina, Minas Gerais and Goiânia", states Álvaro Portela, Sonae Sierra's CEO.

Located in the ABC region of Greater São Paulo, Shopping Metrópole enjoys a privileged location in the city centre, where the main avenues connecting São Bernardo do Campo to the other cities of the ABC region and São Paulo meet. Currently, it's the city's only shopping centre, and welcomes about 700 thousand visits monthly.

About Shopping Metrópole

Inaugurated in 1980, Shopping Metrópole - initially named "Center Shop São Bernardo" - was a pioneer in the region. The shopping centre underwent a refurbishment and expansion in 1997, reaching a total GLA (Gross Lettable Area) of 24,804 m² and doubling the number of shops.

In 2009, Shopping Metrópole's food court underwent a refurbishment, a project that represented an investment of €3.2 million (R$ 8.5 million). The area received 8 new shops, started offering 1,000 seats, and benefitted from an improvement in terms of equipment, layout, and lighting. The restrooms and entrances to the shopping centre were also refurbished.

Sonae Sierra Brasil, www.sonaesierra.com.br, is a shopping centre specialist with an expertise of international partners: Portugal's Sonae Sierra and U.S.A.'s DDR (Developers Diversified Realty). The company owns and manages 10 shopping centres under operation, and has an ongoing expansion strategy with the development of three new projects.

Sonae Sierra, http://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 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m². Currently, Sonae Sierra has 2 projects under construction and 11 new projects in different phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

DDR (Developers Diversified Realty) (http://www.ddr.com/) - the group owns and manages 690 commercial real estate projects under operation and development, in 45 states in the US and in Puerto Rico, Brazil and Canada, with a total of 14.03 million m². DDR is a self-managed real estate fund, which operates as a fully integrated company acquiring, developing, letting and managing shopping centres.

Sonae Sierra recorded a Direct Result of €55.8 million in the first nine months of 2009, a growth of 18% versus last year

• Direct Income grew 2% to €225.1 million in the first 9 months of 2009

• Net Operating Margin grew 4% to €131.2 million in the same period

• Loop5 development was finished and successfully inaugurated

• Distinguished with three awards in the third quarter

• Successful sale of 10.5% of the Equity of Parque D. Pedro Fund

Sonae Sierra Equity Holders' Consolidated Result in the first nine months of 2009 was negative of €94.4 million compared with a Consolidated Result of €4.8 million in the same period of last year.

The variation in the Equity Holders' Consolidated Result continues to be driven by the Indirect Result that is adversely affected by the continuous increases in market capitalization yields in Europe. This is caused by the negative climate in the property markets of most of the developed countries where the Company operates. This context led to an upwards shift of the capitalization yields applied in the valuations carried out on assets in those countries, this increase implying a reduction in the value of the corresponding property.

We have started to observe a reduction of the pace in the increase of the yields and, at the same time, there were again operational improvements in the Portuguese and German portfolio, but still insufficient to compensate the yield effect.

In Brazil, it should be highlighted the continuous improvement of the operational activity, as well as, the yields decrease in some assets.

In the same period Sonae Sierra's Direct Result reached €55.8 million (+18%), compared to the €47.3 million in the same period of 2008 due to the combination of three factors: (i) increase in the portfolio; (ii) the cut cost efforts implemented by the Company in 2009; and (iii) the lower interest rates.

The Shopping Centre Operating Income is 9% above the first nine months of 2008 mostly due to the increase in the portfolio - the openings of 2008 in Europe: Freccia Rossa, Plaza Mayor Shopping, Gli Orsi and Pantheon Plaza; and the opening of Manauara in 2009, in Brazil. On a L4L basis Total Rents (Fixed Rents and Turnover Rents) are 0.4% above the same period of 2008.

The Company's Net Operating Margin reached €131.2 million in the first nine months of 2009, 4% above the same period of last year.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. The Company calculates its NAV on the basis of 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 NAV of Sonae Sierra, as of the 30 September 2009, was €1.24 billion, corresponding to a NAV per share of €38,24.

Further to this, the Company uses a second set of value metrics, the Net Operating Margin (NOM) generated by its service activities. In the nine months of 2009, the figures were:

The activities Asset Management and Property Management show an adverse performance, basically as a consequence of the value decrease of the existing portfolio and lower letting services.

The Developments' NOM presented has two main components: (i) the operational activity related with the supply of development services to the projects and (ii) the value added, in the period, to projects during the development phase and the value created on the openings of the last two years.

As a result of the decrease in value of the shopping centres inaugurated in recent years, and the reduced level of services delivered due to the slowdown in the development activity, the Developments NOM show a loss of €62.1 million.

One shopping centre inaugurated and two more under construction

Sonae Sierra's growth and expansion strategy continues although the company has adjusted the development timings to the evolution of the financial and retail markets.

Following the successful opening in Brazil, of Manauara Shopping (Manaus) last April, the company has inaugurated last 9 of October Loop5 (Weiterstadt), representing an investment of €265 million, the shopping centre had more than one million visits in just two weeks which give us a strong confidence for it´s future performance.

At the end of the first nine months of 2009, the Company continued to develop two new shopping centres and has in the development pipeline a total of 12 new projects in Portugal, Italy, Germany, Greece, Romania and Brazil.

In Portugal, Sonae Sierra is currently developing LeiriaShopping (Leiria), an investment of €75 million, schedule to open in the Spring of 2010 and in Italy the Company has just started the construction works of Le Terrazze, in La Spezia.

Three new Awards in the third quarter of 2009

In September the company's was distinguished with the "Best Retail Developer" award for Portugal and Spain, by the readers of 'Euromoney' magazine, an international publication acknowledged as a leader in information about banking and finance. For this Award, the voters of the "Real Estate Awards" considered the companies with the highest innovation capacity and ability to create prime investment opportunities in the retail sector.

Finally, also in September, in the Portuguese Real Estate Fair SIL the project of the Colombo Towers, two office towers developed in Centro Colombo, were considered the best office project in Portugal.

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

Sonae Sierra's Consolidated Profit and Loss Account, and Consolidated Balance Sheet by business

Sonae Sierra, www.sonaesierra.com, is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 52 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m2. Sonae Sierra has 2 projects under construction and 10 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008, its centres welcomed more than 429 million visits.

For your information, our subsidiary Parque D. Pedro 1, BV sàrl through Banco Santander (Brasil), SA, Leading Coordinator in the Secondary Public Offer of Fundo de Investimento Imobiliário - FII Parque Dom Pedro Shopping Center (Brazilian Real Estate Investment Fund) quotas and remaining Public Offer Coordinators, have published today at the Brazilian newspaper "Valor Económico" a market announcement, hereby attached, for all due purposes.

We further inform that the disclosed transaction has as purpose to inform the public of the request for registration at the Brazilian Securities Commission (CVM) of a public offer for the sale of circa 84% of fully paid quotas of Fundo de Investimento Imobiliário - FII Parque Dom Pedro Shopping Center (Brazilian Real Estate Investment Fund) indirectly wholly owned, in its fully paid quotas, by Sonae Sierra Brasil BV, sàrl, which in turn is 50% held by Sonae Sierra SGPS.

Maia, 3^rd November 2009.

The Representative for the Relations with the Market,

José Edmundo Medina Barroso de Figueiredo

Aiming at a greater ease and flexibility in content access

Sonae Sierra renews its corporate website

• A more appealing design, greater functionality and flexibility
• The website has more than 480,000 annual visits

Sonae Sierra has just renewed its corporate website - www.sonaesierra.com - aiming at dynamizing this tool in terms of design, functionality and flexibility, making it easier to access and share information with all visitors.

The new structure of the website, available in English and Portuguese versions, also gives access to a micro-portal of each country where Sierra operates, making available the main contents for that country, in its original language.

In this upgrade, we highlight the rapid sharing of information and the greater ease of access to contents, through tools that enable the sending of pages to third parties, the conversion to PDF format, the request of images from the image bank, and the reception of "Sierra alerts" whenever new press releases or reports are disseminated.

In the recruitment area the website makes available a set of guidelines that enable, according to Sonae Sierra's recruitment strategy, an easier application process for anyone wishing to become a part of the Company's staff in the different countries where it operates.

All these functionalities, paired with the innovative and appealing design aimed at providing a new dynamic and attracting further visits to Sonae Sierra's website, which is visited by more than 480,000 users annually.

To find out more about the new functionalities of the new website, visit www.sonaesierra.com.

About Sonae Sierra

Sonae Sierra, www.sonaesierra.com, is an international shopping centre specialist. With passion, we bring innovation and excitement to the world of shopping and leisure. The company owns 52 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a gross lettable area (GLA) of more than 2 million m². Currently, Sonae Sierra is developing 1 further project and has 11 new projects in various phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008, the company's centres welcomed more than 429 million visits.

Shopping attraction LOOP5 opens tomorrow

• Shopping centre for 1 million people opens on October 9, 2009
• 175 stores and restaurants spread over 56,500 m² gross lettable area (GLA)
• Focus on lifestyle and fashion
• 3,000 free parking spaces
• Investment totalling € 265 million creates 1,000 jobs

Sonae Sierra and Foncière Euris are today inaugurating LOOP5 in Weiterstadt (near Frankfurt) one of the region's largest shopping centres. Tomorrow, the shopping centre will be opening its doors to more than one million potential customers. Spread over 56,500 square metres (GLA), well-known international, national and regional brands will create a modern and tailored tenant mix and thus provide an attractive offering for the entire family. Lifestyle and fashion will be two important focal points of the shopping centre, which will stand out in terms of its unusual and fresh ambience and will offer space for 175 tenants. There are 3,000 free parking spaces and the € 265-million investment will create around 1,000 new jobs at LOOP5.

"With LOOP5, we are opening the 52^nd shopping centre in our portfolio and our third centre in Germany and it will perfectly showcase our high demands and expectations in terms of architecture, design, product range and leisure offerings. The total success of both the ALEXA in Berlin and the MÜNSTER ARKADEN clearly shows that our innovative concepts are precisely what people want. LOOP5, our second partnership with Foncière Euris, is now ready for take-off and about to embark on a course for success", stated Álvaro Portela, CEO of Sonae Sierra.

"The partnership between Foncière Euris and Sonae Sierra is an extremely successful business model, as both companies bring extensive and invaluable experience as international shopping centre specialists to the table. Furthermore, both are resolutely pursuing a business model that is aimed at long-term commitment and high standards of quality", comments Pierre Féraud, CEO of Foncière Euris.

On course for success with the right tenant mix

The strategy of Sonae Sierra and Foncière Euris is to create a tailored total offering comprising retail, services, restaurants and entertainment for the entire family with innovative concepts. The tenant mix for LOOP5 clearly reflects this. High-end national and international brands are present, as are medium-sized regional retailers. The anchor tenants are Aldi, C&A, Deichmann Schuhe, Das Depot, Dielmann, dm Drogerie, Envita Bio Supermarkt, ESPRIT, Faix Spiel & Freizeit, H&M, Intersport, Jack & Jones/Vero Moda, New Yorker, Peek & Cloppenburg, Roland Schuhe, Saturn, Shoe4You, S. Oliver, Sons & Daughters, Thalia, xenos and Zapata. LOOP5 is also offering space for local retailers, such as the jewellery expert, Techel, and VR-FinanzShop Weiterstadt GmbH & Co. KG. 22 restaurants and cafés ensure that there are culinary delights available for all tastes.

"LOOP5 will become one of the region's top shopping addresses. We have made sure of this with our tailored tenant mix, the huge offering and the shopping centre's unique ambience. Our strong duo in Germany, the ALEXA and the MÜNSTER ARKADEN, has finally received an addition to the family, which will from now on be an even more powerful trio in Germany", states Thomas Binder, Responsible for Developments at Sonae Sierra in Germany.

LOOP5 - themed shopping centre with aviation motto

The central motto of LOOP5 is aviation. The number 5 is a reference to the excellent location directly adjacent to the A5 autobahn. "LOOP" refers to the topic of aviation and the shopping centre's proximity to Frankfurt Airport and the control centre of the European Space Agency, ESA, in Darmstadt. The interior of the mall has four topical corridors leading visitors through the fascinating history of flying, with design references to the "Age of the jet", "Flight pioneers", "Contemporary aviation" and the "Golden age of flying".

A particular highlight is the original MIG-21 aircraft that hovers over the Food Court. And there are also references to aviation on the outside of the building: the shape of the glass roof above the main entrance is based on a flapping wing, the lamellar structure of the façade is a reference to aircraft engineering and the LOOP5 lettering is finished off with a line in the form of a vapour trail.

A green shopping centre

As in the case of all Sonae Sierra shopping centres, Loop5 was built under Sierra's Environmental Management System and its construction was certified in accordance with the ISO 14001 environmental standard. The objective of the "Sierra Green Center" concept is to minimise the environmental impact of building and operating new shopping centres.

About Foncière Euris

Foncière Euris, www.fonciere-euris.fr, is a French stock exchange-listed company specialising in the development of shopping and leisure centres in Europe. The corporation forms alliances with top developers and invests in major projects that help urban regeneration. Foncière Euris is part of the Euris Group controlled by Jean-Charles Naouri. Foncière Euris also owns the Casino Group, France's second-largest stock exchange-listed retail chain.

About Sonae Sierra

Sonae Sierra, http://www.sonaesierra.com/, is an international shopping centre specialist. With passion, we bring innovation and excitement to the world of shopping and leisure. The company owns 52 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a gross lettable area (GLA) of more than 1.9 million m². Currently, Sonae Sierra is developing 2 further projects and has 11 new projects in various phases of completion in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008, the company's centres welcomed more than 429 million visits.

GuimarãeShopping's expansion 100% let

• Expansion works represented an investment of 15.2 million euros
• 290 jobs created

Sonae Sierra has just opened the expansion of GuimarãeShopping, a project that represented an investment of 15.2 million euros, and is a leasing success with 100% of its Gross Lettable Area (GLA) let.

GuimarãeShopping now has an additional 4,000 m² of Gross Lettable Area (GLA), for a total of about 31,500 m² of GLA and 113 shops, with the added selection brought by 14 new shops and 6 new restaurants.

The new food court is already opened to the public with a total of 16 restaurants. This new sector includes, among other brands, Vitaminas, Quasi Pronti, Aki há Sopas, McDonald's, Pizza Hut, Docelândia and Miki Gourmet, a new sushi concept soon to be open.

Among the brands that are present, we highlight FNAC - the big novelty in town - which joins the Modelo Continente Hypermarket, C&A, Sportzone, Worten, Castello Lopes cinemas, Massimo Dutti, Salsa, Pull&Bear, Multiopticas, Springfield, Mango, Perfumes & Companhia, Benetton and many others.

The expansion project began last March, and had the purpose of revitalizing GuimarãeShopping, celebrating the centre's 14 years in existence. The success in the marketing of the new shops is proof of the qualities and commercial success of this centre, as demonstrated by its 8.8 annual visits, and an annual sales volume that reaches 52.4 million euros.

This expansion process also allowed for the creation of 290 new jobs, to add to the 1018 already in existence.


Architectural concept

The expansion project of Guimarãeshopping came to fruition in the square that covers the Bus Terminal Station of Guimarães, in a circular building, with its own personality, different from the architectural language of the current shopping centre building that works as an articulation element between the centre and the cinemas.

The new food court - an indoors square - is an area with some urban references such as Portuguese pavement, and works as an extension of the outdoors pavement. The natural lighting of this area, achieved through the use of the central skylight and the vertical glass panes, will provide a pleasant setting for visitors, which promises to turn the food court into a reference area, and a new meeting point for the people of the city.

The circulation area connects to new indoors square, where the new Fnac shop will be inaugurated in November. The old food court will feature new shops with a totally new and varied offer.


Bus Terminal Station and access renovated

The expansion project of GuimarãeShopping will also include the refurbishment of the city's access roads, namely the crucial node of the Guimarães road network. The objective is to alleviate traffic and facilitate the access of ambulances to the hospital. The measures implemented by Sonae Sierra are the result of a long analysis process, developed together with the city hall, taking into account the specificities of this node.

Sonae Sierra is equally committed to the refurbishment of the Bus Terminal Station, which was the object works to improve the ventilation system so as to diminish the accumulation of smoke and gas inside this infrastructure. At the same time, a refurbishment in terms of painting and facilities was also carried out. The security of the terminal was reinforced and now has available a new information panel and waiting room for the convenience of users.



About Sonae Sierra

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m². Currently, Sonae Sierra has 3 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

Sonae Sierra informs that António José Santos Silva Casanova resigned from his executive seat in the Board of Directors of the Company, with effects as of September 30th, 2009. The responsibilities of Mr. Casanova (Marketing, Innovation and Human Resources) shall be attributed to the Director Fernando Maria Guedes Machado Antunes de Oliveira, as from such date.

The Representative for the Relations with the Market,

José Edmundo Medina Barroso de Figueiredo

5^th Edition of the Euromoney magazine Awards

Sonae Sierra receives award for "Best Developer" in Portugal and Spain

• The readers of the prestigious financial magazine Euromoney voted for the best retail developers of 2008

Sonae Sierra, the international specialist in shopping centres, has just been distinguished with the "Best Retail Developer" award for Portugal and Spain, by the readers of ‘Euromoney' magazine, an international publication acknowledged as a leader in information about banking and finance.

For the "Best Retail Developer" award, the voters of the "Real Estate Awards" considered the companies with the biggest innovation capacity and ability to create prime investment opportunities in the retail sector.

"It's with great satisfaction that we receive the award from the prestigious ‘Euromoney' magazine, and the fact that we were chosen by its readers - important stakeholders in areas such as finance, banking, investment and real estate - in Portugal and Spain, makes this acknowledgment even more special. This award represents another confirmation of the validity of our strategy and leadership in Portugal and Spain" - comments Álvaro Portela, Sonae Sierra's CEO.

Sonae Sierra consolidated, throughout 2008, the year to which the Euromoney award refers, its expansion and internationalization strategy, and closed the year with a portfolio of 50 shopping centres in operation in seven different countries, managing a Gross Lettable Area (GLA) of more than 1.9 million m².

Some of the highlights of 2008 were: (i) the four inaugurations, of Freccia Rossa in Brescia and Gli Orsi in Biella, both in Italy, Plaza Mayor Shopping in Spain, and Phanteon Plaza in Greece; (ii) the conclusion of the ArrábidaShopping expansion, in Porto, as well as the refurbishment of Centro Colombo, in Lisbon, both in Portugal, and Valecenter, near Venice, in Italy; (iii) the successful launch and placement of the Sierra Portugal Fund, with a total equity value of €300 million and (iv) the launch of three new developments in Brazil, located in Londrina, Uberlândia and Goiânia.

2008 awards

Throughout 2008, Sonae Sierra was distinguished in several areas, and received the Green Thinker Award, which distinguishes the most sustainable companies of the sector at a European level, among the top 100. Sonae Sierra was also distinguished by the RLI - Retail & Leisure International magazine with the "RLI Developer of the Year" award, at the Global RLI Awards 2008, the annual awards of this prestigious British publication.

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m². Currently, Sonae Sierra has 3 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil. In 2008 our Shopping Centres had more than 429 million visits.

Sonae Sierra recorded a Direct Net Profit of €35.2 million in the first semester of 2009, a growth of 6% versus the first semester of 2008

• Direct Income of €150.5 million (+1% versus the first semester of 2008)
• Net Operating Margin grew 2% to €85.9 million
• Net Profit attributable to Equity Holders of -€94.2 million
• Manauara Shopping was successfully inaugurated in Brazil
• Two new projects and one expansion under construction
• Distinguished with three awards in the second quarter

Sonae Sierra Equity Holder's Consolidated Net Profit in the first semester of 2009 was negative of €94.2 million compared with a Consolidated Net Profit of €16.2 million in the same period of last year.

This variation in the Equity Holder's Consolidated Net Profit is mainly driven by the Indirect Net Profit that was adversely affected by the continuous increases in market capitalization yields in Europe, although there were already operational improvements in the Portuguese and German portfolio, but still insufficient to compensate the yield effect.

In the same period Sonae Sierra's Direct Net Profit reached €35.2 million, compared to the €33 million in the same period of 2008.

The Shopping Centre Operating Income is 7% above the first half of 2008 mostly due to the increase in the portfolio - the openings of 2008 in Europe: Freccia Rossa, Plaza Mayor Shopping, Gli Orsi and Pantheon Plaza; and the opening of Manauara in 2009, in Brazil.

The Company's Net Operating Margin reached €85.9 million in the first semester of 2009, 2% above the same period of last year.

The Company's Results were affected by what happened at the level of Indirect Results. In this area, the Company's Equity Holders booked a loss of €113.9 million at the end of the first semester of 2009, whereas they had booked a loss of €7.7 million in the same period of 2008.

The market value of the investment properties continues to be affected by the negative climate in the properties' markets of most of the developed countries where the Company operates. This context led to an upwards shift of the capitalization yields applied in the valuations carried out on assets in those countries, this increase implying a reduction in the value of the corresponding property.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. The Company calculates its NAV on the basis of 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 NAV of Sonae Sierra, as of the 30^th June 2009, was €1.25 billion, corresponding to a NAV per share of €38,38.

Further to this, the Company uses a second set of value metrics, the Net Operating Margin (NOM) generated by its service activities. In the first semester of 2009, the figures were:

The activities Asset Management and Property Management show an adverse performance, basically as a consequence of the value decrease of the existing portfolio and lower letting services.

The Developments' NOM presented has two main components: (i) the operational activity related with the supply of development services to the Company's projects and (ii) the value added in the period to projects during the development phase and the value created on the openings of the last two years.

As a result of the decrease in value of the shopping centres inaugurated in recent years, and the reduced level of services delivered due to the slowdown in the development activity, the Developments NOM show a loss of €40.1 million.

One shopping centre inaugurated and two more under construction

Sonae Sierra's growth and expansion strategy continues although the company has adjusted the development timings to the evolution of the financial and retail markets.

In Brazil, Sonae Sierra concluded with success the development of Manauara Shopping (Manaus), representing an investment of €88 million, which was inaugurated on the 6^th of April with almost 100% of the GLA let.

At the end of the first six months of 2009, the Company continued to build two new shopping centres and one expansion and has in the development pipeline a total of 14 new projects in Portugal, Italy, Germany, Greece, Romania and Brazil.

In Portugal, Sonae Sierra is currently developing LeiriaShopping (Leiria), an investment of €75 million, and the expansion of GuimarãeShopping (Guimarães) which is planned to open in the last quarter of 2009, with a renewed tenant-mix including a new FNAC shop.

In Germany, the company is finalising Loop 5 (Weiterstadt) which is due to open on the 9^th of October of 2009. Representing an investment of €265 million the shopping centre has already let 95% of its GLA.

Three new Awards in the second quarter of 2009

The company's bet on the development of a Safety & Health culture across the whole company and its shopping centres was recognized externally, in May, with the European Risk Management Awards in the "Best Risk Training Programme" category, an initiative of British magazine "Strategic Risk", which rewards the best and most innovative actions in the risk management area.

In April, Sonae Sierra's shopping centre 8ª Avenida received the merit award in the "Best Medium New Centre" category, given by the International Council of Shopping Centres in their annual European conference.

Finally, in July, the Portuguese Magazine "Construir" considered Sonae Sierra as the best Real Estate Developer Company in the Construir Awards.

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

Note: the first semester 2008 was restated to include the Sierra Portugal Fund by the proportional method.

Sonae Sierra's Consolidated Profit and Loss Account, and Consolidated Balance Sheet by business

Sonae Sierra, http://www.sonaesierra.com/, is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure 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 more than 1.9 million m2. Sonae Sierra has 3 projects under construction and 11 new projects in different phases of development in Portugal, Italy, Germany, Greece, Romania and Brazil. In 2008, its centres welcomed more than 429 million visits.

Lisbon, July 8^th 2009

For the second year in a row

Sonae Sierra receives award for "Best Real Estate Developer of the Year"

Sonae Sierra, an international specialist in shopping centres, was distinguished for the second year in a row, in the Real Estate category, as the "Developer of the Year" at the "Prémios Construir 2008" awards. This distinction from newspaper "Jornal Construir", one of the most prestigious publications of the sector, elected the best of 2008 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. Ricardo Batista, editorial director of the publication, reveals the reasons behind this second win: "The Company's performance and the relevance of its actions in overcoming the difficulties of a year that turned out to be particularly difficult and tumultuous, were decisive. This distinction rewards Sonae Sierra's efforts in finding its path and taking advantage of every opportunity".

The ceremony took place on July 7^th, at Casino Lisboa. Chamartín, Amorim Turismo and Multi Develpoment were nominated in the "Best Developer" category along with Sonae Sierra. The nominees were chosen by the editorial team of "Jornal Construir", based on criteria such as market relevance, creativity, innovation and quality.

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m². Currently, Sonae Sierra has 13 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total GLA of 1.1 million m². In 2008 our Shopping Centres had more than 429 million visits.

Notice is hereby given to the Holders of SONAE SIERRA SGPS 2008/2013 bonds that from 27 July 2009 there will be interests' payment in relation to coupon number 2, with the following values:

Gross interest                             €    865,029166667

IRS/IRC (20%)                             €    173,005833333

Net interest                                 €    692,023333334

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 2009

The Board of Directors,

Sonae Sierra's and Foncière Euris' Shopping Centre at Weiterstadt

Three months before its opening, 177 tenants are already descending on LOOP5 

• Starting of the fitting out of 177 shops and restaurants
• 56,500 square metres of gross lettable area (GLA)
• 95% of the GLA already let
• Investment of € 265 million creates 1,000 jobs
• Opens to the public on the 9^th of October 2009

Sonae Sierra and Foncière Euris have officially delivered the shops to the future LOOP5 tenants of the new shopping centre in Weiterstadt. From today, 177 tenants will start the works to realize their store concepts. During a press tour, the two co-owners and developers also provided an initial insight into the shopping centre's interior and presented the aviation design motto.

"LOOP5 has arrived punctually on the finishing line. In only 21 months, the large building site has been transformed into an almost completed shopping centre. You can already sense the great atmosphere that visitors will be able to enjoy from October onwards", states Ana Guedes Oliveira, Sonae Sierra Board Director responsible for Development in Europe. "We are pleased to now open the doors to our tenants, so they can create until the 9^th of October an attractive and complete shopping and leisure offer for the whole family with their innovative shop concepts."

"With LOOP5, we are - in collaboration with Sonae Sierra - developing our second major project in Germany. The ALEXA in Berlin has clearly shown that our partnership and specialisation in high-end shopping centres are both hugely successful. In the first year following the opening of the shopping centre, the ALEXA has developed into a real visitor magnet and attracted twelve million visits", stated Pierre Féraud, Foncière Euris CEO. "We are expecting a similar vertical take-off with LOOP5."

The interior was presented with its central aviation motto and the four theme corridors, which are connected by an oval walk and which lead visitors through the fascinating history of aviation. At the main entrance and in the east part of the building, visitors will be welcomed by the age of jet set. From there, the south of the shopping centre pays homage to the pioneers of aerospace. The way continues through to the west wing, which is dedicated to contemporary aviation. The northern corridor finally presents the golden era of aviation with its colourful aluminium propeller airplanes. And there will be striking references to aerospace outside as well. The flat glass roof over the main entrance is reminiscent of a wing. The centre has a closed façade across the entire wall, whose lamellar structure is a reference to aircraft engineering. And the LOOP5 lettering is finished off with a long line in the form of a vapour trail.

The right tenant mix is successful

A permanent feature of the Sonae Sierra and Foncière Euris strategy is to create a tailor-made fully-comprehensive offering comprising retail, services, restaurants and entertainment for the entire family using innovative concepts. The LOOP5 tenant selection also reflects this. 95 percent of the gross lettable area (GLA) has already occupied with suppliers of high-end national and international brands as well as medium-sized regional retailers. The large tenants are Peek & Cloppenburg, C&A, H&M and Saturn. But LOOP5 is also offering space to local retailers, for instance the jeweller Techel, the toy store Faix & Söhne and the Vereinigte Volksbank Weiterstadt. 17 restaurants and coffee shops will provide diverse culinary delights. Currently, Sonae Sierra is completing the tenant mix and is in the final tenant selection phase, so that visitors will be treated to the best shopping and leisure offerings within the region.

A green shopping centre

As in the case of all Sonae Sierra Shopping centres, Loop5 is also being constructed in conformity with the Company Environmental Management System (EMS). To this end, the LOOP5 construction site's operation was certified in accordance with the ISO 14001 environmental standard a few months ago. The objective of the Sonae Sierra Green Center concept is to minimise the environmental impact resulting from the construction and operation of new shopping centres.

About Foncière Euris

Foncière Euris, www.fonciere-euris.fr, is a French stock exchange-listed company specialising in the development of shopping and leisure centres in Europe. The corporation forms alliances with top developers and invests in major projects that help urban regeneration. Foncière Euris is part of the Euris Group controlled by Jean-Charles Naouri. Foncière Euris also owns the Casino Group, France's second-largest stock exchange-listed retail chain.

About Sonae Sierra

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m². Currently, Sonae Sierra has 13 projects under development and 11 new projects in different phases of completion, with a total GLA of 1.1 million m². In 2008 our Shopping Centres had more than 429 million visits.

Contact partner:

Britta Sloan

Communication Manager Germany

Tel: (+49) 211 43616-230

Fax: (+49) 211 43616-244

b.sloan@sonaesierra.com

Awards distinguish the best marketing campaigns in the sector

Sonae Sierra distinguished at the ICSC Solal Awards

Sonae Sierra has just been distinguished with the Solal Silver 2009 award in the Public Relations category, at the ICSC Solal Marketing Awards, an initiative that rewards every year the best and most effective retail marketing campaigns. This award distinguishes the best public relations programme conceived to promote the commercial objectives of shopping centers.

This distinction was rendered for the Fashion Pop Up event, a project developed in Portugal, at ArrábidaShopping, CascaiShopping and MadeiraShopping, and in Spain, at the GranCasa and Zubiarte shopping centers.

The Fashion Pop Up concept is based on the virtual world, alluding to the pop-ups that invade computer screens. As hinted by the name, this project refers to the illusion of fashion, coming and going in a shopping centre, only to come and go again at another shopping centre.

The main goal of the Fashion Pop Up campaign, especially conceived for Sonae Sierra's shopping centres, was to reinforce the fashion cluster position through a privileged association of national designers. Recreating the glamorous ambience of the runways inside shopping centres, the designers presented their collections and new trends to the public, bringing closer a segment which usually isn't present in these venues.

The ICSC Solal Marketing Awards are an annual initiative promoted by the International Council of Shopping Centers (ICSC), the largest global association of the shopping centre industry, with more than 75 thousand members in 80 countries. Acknowledged as the most prestigious prizes in the shopping centre marketing sector, these awards are considered a quality reference in the sector.

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m². Currently, Sonae Sierra has 13 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total GLA of 1.1 million m². In 2008 our Shopping Centres had more than 429 million visits.

An investment of 15.2 million euros

Sonae Sierra presents the expansion project for GuimarãeShopping

• Inauguration scheduled for October 2009
• FNAC comes to Guimarães
• 290 new jobs
• Investment in the surrounding infrastructures

To celebrate its 14^th birthday, GuimarãeShopping will benefit from an expansion, representing an investment of 15.2 million euros. After the expansion, the centre will have an extra 4,000 m² of Gross Lettable Area (GLA), for a new total of 31,500 m².

GuimarãeShopping will feature a total of 113 shops and 16 restaurants, as well as a wider variety in its offer, with 14 new shops and 6 new restaurants. The highlight of this project is the presence of FNAC, which up until now didn't have any stores in the city, and will have a strong presence in GuimarãeShopping, which already makes available a Modelo Continente Hypermarket, C&A, Sportzone, Worten, Castello Lopes cinemas, Massimo Dutti, Salsa, Pull & Bear, McDonald's and Pizza Hut.

The expansion of GuimarãeShopping aims at revitalizing its renowned qualities and ensuring the continuation of the enormous success this shopping centre has enjoyed. This refurbishment process began in March and will carry on until October 2009, always with the centre under operation.

A large variety and quality in terms of offer, which includes a complete set of services in a pleasant area where customers can shop and enjoy leisurely moments, represent the most important characteristics of GuimarãeShopping. Such an example is the presence of a pharmacy, Farmácia Vitória, opened since March 2009, which contributes towards the differentiation of the centre, reflecting to perfection the concern with the convenience offer and well-being of the visitors.

The expansion process will also create 290 new jobs, besides the 1018 already existing.

GuimarãeShopping also benefits from a privileged location, with a complete network of accesses, covering a catchment area with more than 470,000 people less than 30 minutes away by car. Thus, the success of GuimarãeShopping is reflected in its 8.8 million visits per year, and an annual sales volume reaching 52.4 million euros.

Access renovated and Refurbishment of the Bus Terminal Station

The expansion project of GuimarãeShopping also includes the refurbishment of the city's access roads, namely the crucial node of the Guimarães road network. The objective is to alleviate traffic and facilitate the access of ambulances to the hospital. The measures implemented by Sonae Sierra are the result of a long analysis process, developed together with the city hall, taking into account the specificities of this node. The beginning of the works is only pending on "Estradas de Portugal" permission.

Sonae Sierra is equally committed to the refurbishment of the Bus Terminal Station and has already started the works to improve the ventilation system so as to diminish the accumulation of smoke and gas inside this infrastructure. At the same time, a refurbishment in terms of painting and facilities is also underway. The security of the terminal is being reinforced and will have available a new information panel and waiting room for the convenience of users.

About Sonae Sierra

Sonae Sierra, http://www.sonaesierra.com/ is an international shopping centre specialist. With passion, we bring 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 gross lettable area (GLA) of more than 1.9 million m². Currently, the company is developing 13 further projects and has 11 new projects in various phases of completion with a gross lettable area (GLA) of 1.1 million m². In 2008, the company's shopping centres registered more than 429 million visits.

The Representative for the Relations with the Market,

Opening of the Sonae Sierra shopping centre in Weiterstadt

LOOP5 "takes-off" on October 9, 2009 

• Investment of € 265 million that creates 1.000 jobs
• 56,500 square metres of gross lettable area (GLA) with 177 shops
• 95% of the GLA already let

Ready for take-off - this is the signal which Sonae Sierra and it´s partner Foncière Euris are confirming for the LOOP5 shopping and leisure centre in Weiterstadt. On October 9, 2009, the large-scale themed centre, whose motto is the world of aviation, will open its doors after 2 years of construction.

With a gross lettable area (GLA) of 56,500 m2, visitors will be welcomed with an attractive tenant mix comprising 177 shops and restaurants made up of leading international and national brands as well as local tenants.  Owned and developed by Sonae Sierra (50%) and Foncière Euris (50%) the LOOP5 shopping centre represents an investment of € 265 million and will create 1,000 jobs.

"The opening of LOOP5 is a significant milestone in our German market growth", states Álvaro Portela, CEO of Sonae Sierra. "All Sonae Sierra centres provide a fascinating shopping and leisure experience and I am sure that LOOP5 - with its innovative concept - will also be a major success."

LOOP5 is a shopping centre ready for take-off

Aviation will be the central topic of LOOP5. And there are several reasons for this: Weiterstadt is close to Frankfurt Airport. Furthermore, Darmstadt is home to the control centre of the European Space Agency, ESA. Internally and externally, visitors will find numerous and diverse design highlights which references to the world of aviation. Beside the significant exterior appearance close to the A5, this includes a corridor in the design of the "Jet-Age", leading from the "Contemporary Aviation" area to the "Pioneers of the History of Flight". With its themed centres, Sonae Sierra creates fascinating environments in which people not only shop, but also love spending their leisure time.

On course for success with the perfect tenant mix

A permanent feature of the Sonae Sierra strategy is to create a tailor-made fully-comprehensive offering comprising retail, services, restaurants and entertainment for the entire family using innovative concepts. LOOP5 is a reflex of this and has already 95% of it´s GLA occupied with tenant mix that comprises high-end national and international brands as well as medium-sized regional retailers. The anchor tenants are Peek & Cloppenburg, C&A, H&M and Saturn. But LOOP5 is also offering space to local retailers, for instance the jeweller Techel, the toy store Faix & Söhne and the Vereinigte Volksbank Weiterstadt. 17 restaurants and coffee shops will provide diverse culinary delights. Currently the company is finalizing the tenant-mix with the final selection of tenants in order to open with the best commercial and leisure offer of the region.

A Green Shopping Centre

As in the case of all Sonae Sierra Shopping centres, LOOP5 is also being constructed according the Company Environmental Management System (EMS). Trough the application of this strategy LOOP5 construction phase was certified in accordance with the ISO 14001 environmental standard. The objective of the Sonae Sierra Green Centres concept is to minimise the environmental impact resulting from the construction and operation of new shopping centres.

About Foncière Euris

Foncière Euris, www.fonciere-euris.fr, is a French stock exchange-listed company specialising in the development of shopping and leisure centres in Europe. The corporation forms alliances with top developers and invests in major projects that help urban regeneration. Foncière Euris is part of the Euris Group controlled by Jean-Charles Naouri. Foncière Euris also owns the Casino Group, France's second-largest stock exchange-listed retail chain.

About Sonae Sierra

Sonae Sierra, http://www.sonaesierra.com/, is an international shopping centre specialist. With passion, we bring 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 gross lettable area (GLA) of more than 1.9 million m². Currently, the company is developing 13 further projects and has 11 new projects in various phases of completion with a gross lettable area (GLA) of 1.1 million m². In 2008, the company's shopping centres registered more than 429 million visits.

An increase of 12% compared to the first quarter 2008(PF)

Sonae Sierra recorded Direct Net Profit of €17.5 million in the first quarter

• Started the management of two centres for third parties in Spain and Germany
• Refurbishment of Centro Colombo was concluded 
• Three new projects and one expansion under development 
• Two international awards

Sonae Sierra's Consolidated Net Profit in the first quarter of 2009 was a negative result of €87.5 million compared with a positive consolidated net profit of €21,8 million in the same period of last year.

This variation in Net Profit is mainly driven by Indirect Net Profit that were adversely affected by the continuous increases in market capitalization yields in Europe.

The Company's policy was to have its properties re-valued twice a year (June and December), on the basis of an independent valuer opinion. Starting in September'08, the Company decided to move to quarterly valuations, as a result of commitments agreed with the Investors in the Sierra Portugal Fund. The accounts now published for the 1^st quarter 2009 includes therefore the effect of the valuation of the portfolio.

In the same period Sonae Sierra's Direct Net Profit reached €17.5, compared to the €15,6 million in the same period of 2008.

The Shopping Centre Operating Income is in line with the first quarter of 2008.The decrease in Development Services was compensated by the favorable effect of the 2008 openings: Freccia Rossa, Plaza Mayor Shopping, Gli Orsi and Pantheon Plaza.

Therefore, the Company's Net Operating Margin reached €44 million in the first quarter of 2009, in line with the same period of last year.

The big shift in the Company's Results happened at the level of Indirect Results. In this area, the Company booked a loss of €105.1 million at the end of the first quarter of 2009, whereas it had booked a gain of €6 million in the same period of 2008.

The market value of the investment properties are being affected by the negative climate now prevailing in the properties markets of most of the developed countries where the Company operates. This context led to an upwards shift of the capitalization yields applied in the valuations carried out on assets in those countries, this increase implying a reduction in the value of the corresponding property.

The losses in Value Created in Investments were mitigated however by valuation gains in Brazil, a market that was not affected by the crisis and where yields remain stable.

In terms of yield variation in the portfolio, the numbers translate an average yield increase of 17 basis points in Portugal, 17 basis points in Spain, 21 basis points in Italy and 50 basis points in Romania.

Properties in Spain and Italy have also been affected by negative operational impacts, whereas Portuguese properties have seen some improvement on the operational side.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. In this period, the Company decided to calculate its NAV on the basis of 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 NAV of Sonae Sierra, as of the 31^st March 2009, was €1.33 billion.

Further to this, the Company uses a second set of value metrics, the Net Operating Income (NOI) generated by its service activities. In the first quarter of 2009, the figures were:

The activities Asset Management and Property Management show an adverse performance, basically as a consequence of the value decrease of the existing portfolio and lower letting services.

The Developments' NOI presented has two main components: (i) the operational activity related with the supply of development services to the Company's projects and (ii) the value added in the period to projects during the development phase and the value created on the openings of the last two years.

As a result of the value decrease in the openings of previous years, the Developments NOI shows a loss of €19 million.

Portfolio under development

Sonae Sierra's growth and expansion strategy continues, now more dependent on the evolution of the financial market. At the end of the first quarter of 2009 the Company continued to develop three new shopping centres and one expansion and has in the pipeline a total of 13 shopping centres and 11 new projects are in different stages of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, that represent more than one million m² of Gross Lettable Area (GLA).

In Portugal, Sonae Sierra concluded the refurbishment of Centro Colombo (Lisbon) and is currently developing LeiriaShopping (Leiria) and the expansion of GuimarãeShopping (Guimarães).

In Germany the company is finalising Loop 5 (Weiterstad) which is due to open in the autumn of 2009. Representing an investment of €265 million the shopping centre as already let more than 90% of its GLA.

In Brazil, Sonae Sierra concluded with success the development of Manauara Shopping (Manaus), representing an investment of €88 million, which was inaugurated on the 6^th of April with almost 100% of the GLA let.

New Shopping Centres under Management

Sonae Sierra took over in the first quarter of 2009 the management of two shopping centres owned by third parties in Spain and Germany, "Los Conquistadores" in Badajoz and "Post Galerie" in Karlsruhe, increasing its international portfolio under management.

Located in the centre of the German city of Karlsruhe - one of the cities with greater purchasing power in Germany - the "Post Galerie" has a Gross Lettable Area (GLA) of 26,000 m², 58 shops, and covers a market of 1.3 million potential consumers.

Inaugurated in 1999, the "Los Conquistadores", in Badajoz, has a Gross Lettable Area (GLA) of 9,700 m² and 24 shops, besides a children's play park, five restaurants, eight cinemas and one supermarket. This centre is now the fourth managed for different owners by Sonae Sierra in Spain.

International Awards

The company's contributions to sustainable development have been recognized externally, in February with the Sustainable Energy Europe Awards" (SEE), an initiative of the European Commission, with the purpose of awarding the best and the most innovative in the area of energetic sustainability at European level. This award, in the Market Transformation category, acknowledges the innovation of the company, an international specialist in shopping centres, in the energetic sustainability area, through the implementation of the "Green Centre" concept in the development and management of its centres.

In March Sonae Sierra was considered the best company in the Retail and Commercial Real Estate sector in Italy in the Quotidiano Immobiliare Daily Real Estate Awards.

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

Sonae Sierra's Consolidated Profit and Loss Account, and Consolidated Balance Sheet by business  

Sonae Sierra, http://www.sonaesierra.com/, is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure 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 more than 1.9 million m2. Sonae Sierra has 13 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a total GLA of 1,1 million m2. In 2008, its centres welcomed more than 429 million visits.

[1] (PF) - the third quarter 2008 value was restated to include the Sierra Portugal Fund by the proportional method.

Sonae Sierra distinguished at the European Risk Management Awards 2009

• Sonae Sierra awarded for the PERSONÆ Project at the European Risk Management Awards in the "Best Risk Training Programme" category
• This award distinguishes the most efficient programme in risk prevention and control
• Acknowledgment of the bet on training for the prevention of accidents: over 14 thousand hours of training, involving more than 70 thousand people

Sonae Sierra has just been distinguished at the European Risk Management Awards, an initiative of British magazine "Strategic Risk", which rewards the best and most innovative actions in the risk management area. This distinction, in the "Best Risk Training Programme" category, acknowledges Sonae Sierra's bet on the development of a Safety & Health culture across the whole company and its shopping centres, namely through the PERSONÆ Project.

This distinction is the result of a rigorous selection process carried out by the jury panel of "Strategic Risk", composed by 20 of the most important and prominent scholars and professional of the risk management area in some of the most important multinational companies. Sonae Sierra was also nominated in the "Best Risk Communication of the Year" and "Best Lost Control Strategy of the Year" categories.

Álvaro Portela, Sonae Sierra's CEO, stated: "This distinction makes us very proud, since it acknowledges our bet on the Safety & Health area, which, as we have always claimed, represents our conviction that people are the most valuable asset of any company. We believe this attitude gives us a competitive edge and is a reference and differentiation factor for our stakeholders".

Launched in 2004, the PERSONÆ project focused on consolidating a culture of prevention and anticipation of accidents, to protect both our employees and everyone who interacts with Sonae Sierra, with an emphasis on the responsible behaviour of each individual through common values adopted by the entire organization with the purpose of reaching the "zero accidents" goal.

Conscious that risk prevention is a direct responsibility of leaders and managers, and that the responsibility for the management of Safety & Health falls on the entire organization, Sonae Sierra invested more than 6 million euros throughout six years on the development and improvement of its Safety & Health system, through the PERSONÆ Project.

This training and prevention programme was the embryo for the procurement of the OHSAS 18001 certification, which made Sonae Sierra the first company in the sector, on a European level, to obtain certification for its Safety & Health Management System.

Between 2005 and 2007, the PERSONÆ Project involved training sessions not only for employees and tenants, but also for suppliers and visitors to the Sonae Sierra centres, in a total of more than 14 thousand hours, encompassing more than 70 thousand people in Portugal, Spain, Italy, Greece, Germany, Romania and Brazil.

The results of this Programme illustrate the success of the initiative. Between 2005 and 2008, the company recorded a 52% reduction in the number of days lost due to work accidents or professional diseases. In this field, the company also recorded, since 2005, a decrease a 62% decrease in absences due to work accidents per employee.

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m². Currently, Sonae Sierra has 13 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total GLA of 1.1 million m². In 2008 our Shopping Centres had more than 429 million visits.

Sonae Sierra is pleased to announce the appointment, on April 1^st 2009, of the following corporate bodies for the mandate 2009/2012:

Board of Directors

- Duarte Paulo Teixeira de Azevedo,

- Álvaro Carmona e Costa Portela,

- Ana Maria Guedes Antunes de Oliveira,

- Ângelo Gabriel Ribeirinho dos Santos Paupério,

- António José Santos Silva Casanova,

- Fernando Maria Guedes Machado Antunes de Oliveira,

- João Eduardo Lupi Correia de Sampaio,

- João Gonçalo Sassetti Pessoa Jorge,

- José Edmundo Medina Barroso de Figueiredo,

- Mark Robin Preston,

- Neil Leslie Jones,

- Nicholas Richard Scarles, and

- Pedro José D´Hommée Caupers.

Fiscal Board:

- Chairman: David Stannard Jenkins,

- Effective Member: Jorge Manuel Felizes Morgado,

- Effective Member: UHY & Associados, SROC, Lda., represented by António Francisco Barbosa dos Santos,

- Alternate Member: Óscar José Alçada da Quinta.

- Statutory Auditor ("Sociedade de Revisores Oficiais de Contas"): Deloitte & Associados, SROC, S.A., represented by António Marques Dias or by Jorge Manuel Araújo de Beja Neves.

The Representative for the Relations with the Market,

José Edmundo Medina Barroso de Figueiredo

International Award in the category "New Developments: Medium"

8ª Avenida distinguished at the "ICSC Awards" 2009

8ª Avenida, Sonae Sierra's shopping centre in S. João da Madeira, Portugal, has just been distinguished by the International Council of Shopping Centres (ICSC) with the Merit award in the category "New Developments: Medium", at the ICSC European Shopping Centre Awards 2009.

Inaugurated in September 2007, 8ª Avenida brought a new dimension to the shopping and leisure offer in the S. João da Madeira region. With 133 shops, including a supermarket and 14 restaurants, in a Gross Lettable Area (GLA) of 28,268 m2, the centre makes available 1,700 free parking spaces. 8ª Avenida serves a population of more than 300.000 inhabitants in a 20 minute catchment area, and its architectural concept in based on the regional codes of S. João da Madeira, especially on the Fashion and Hat industries, thus establishing an emotional bond with the local community.

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 Barcelona, 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 area.

The main speakers at the ICSC European Conference shared their vision on the current economic climate of the sector. The host, Gerard Groener, CEO of Corio Nederland Retail, one of the largest European real estate investment companies, explained that in his perspective the financial sector will allow the global economy to exit recession, something that will probably not happen before 2010. He also noted that the industry faces enormous challenges in terms of restructuring and repositioning, which means that the companies betting on innovation and sustainability will have a bigger capacity to overcome this recession.

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m². Currently, Sonae Sierra has 13 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total GLA of 1.1 million m². In 2008 our Shopping Centres had more than 429 million visits.

• An investment of €88 million (R$ 260 million).
• 47,000 m² of GLA (Gross Lettable Area), 96% of which is already let.
• 227 shops, including a Theatre with 550 seat, and 2,750 parking spaces.
• 3.000 jobs created and 12 million visits per year expected.
• Architectural concept inspired on the fauna, flora and culture of the Amazon, featuring works from local artists and artisans.

Sonae Sierra, through its subsidiary Sonae Sierra Brazil, inaugurates today in Manaus the Manauara Shopping, its tenth shopping centre in Brazil, and the 51^st of its global portfolio, representing an investment of about €88 million.

With a GLA (Gross Lettable Area) of 47,000 m², the centre features 227 shops, 12 of which of large dimensions, including national and international brands such as C&A, Centauro, Cia Athletica, Magic Games, Marisa, Playarte, with 10 cinemas, Renner, Riachuelo, Saraiva Megastore (set in a 1,500 m² area, the first of the brand in Manaus), as well as brands well-known to the local public, such as Bemol, Dinâmica, making available furniture and decoration items, and Hightech Import, specialized in electronic and computer products.

A total of 52 shops are new to Manaus. With about 96% of its GLA already let, the Manauara Shopping features many reference brands: Adidas, Calvin Klein, Kappa, MontBlanc, Victor Hugo and C&A, just to name a few. The centre will also include 10 cinemas.

Other novelty is the installation of a modern Theatre with a total area of 1.350 m², that can accommodate more than 550 people in a stadium format, and is equipped with the latest generation equipments of light and sound.

"With this inauguration we proceed with our international expansion, and at the same time we reinforce our presence in the Brazilian market, where we have been growing in a sustainable manner. In fact, this is our 10^th Shopping Centre in the country, and we have three more projects in the development pipeline in Londrina, Minas Gerais and Goiânia. However, Sonae Sierra's growth strategy doesn't stop here, and in the last quarter of this year we will inaugurate Loop5, in Weiterstad, Germany", states Álvaro Portela, Sonae Sierra's CEO.

Innovation in the Brazilian market

Manauara Shopping will create 3,000 jobs and will welcome more than 12 million visits annually. For this audience, the centre counts on 2,750 parking spaces and a modern electronic vacancy control system, never seen before in Brazil.

The architectural project - designed by José Quintela da Fonseca, Responsible for Sonae Sierra's Architectural and Conceptual Development, is inspired by the fauna and flora of the Amazon, privileging natural light. The Negro and Solimões rivers, the biggest tourist attractions in Manaus, were the inspiration for the centre's logo, and are represented on the development's roof.

The exterior of the development features a green area of more than 3,000 m², where dozens of Moriche Palms and two Sweet Chestnuts were preserved, and are now a part of the landscaping project of Manauara Shopping, visible to all visitors from the Food Court level.

Inside the centre the work of several local artisans and artists can be appreciated as well.

Also associated to this project are the donations of areas intended to bring culture and knowledge to the population, like the Eco Space, donated to the city hall.

A Green Shopping Centre

Like other projects developed by Sonae Sierra, Manauara Shopping follows the most rigorous standards set by the company's Environmental Management System, and has adopted the most eco-efficient solutions to achieve the environmental ISO 14001 certification the construction management.

From the beginning of its construction, Manauara Shopping's environmental commitment has materialized in the re-use of waste, such as cement and asphalt. During the construction process, 500 thousand m³ of rainwater were collected, and the water collection system will continue to be used in the fire-fighting, irrigation and cleaning networks.

The shopping centre also features equipments of high energetic efficiency, large glass areas for better use of natural light and solar-powered water heating systems in the employees' dressing rooms. Another differentiating element in this development is the implementation of an effluent treatment station (ETS), which can treat more than 500 m³ of water, to be re-used in the sanitary facilities, irrigation of plants and shopping centre refrigeration system.

Sonae Sierra, http://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 in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Currently, Sonae Sierra has 13 projects under development and 11 new projects in different phases of completion, with a total GLA of 1.1 million m2. In 2008 our Shopping Centres had more than 429 million visits.

Sonae Sierra Brasil, www.sonaesierra.com.br, is a shopping centre specialist with an expertise of international partners: Portugal's Sonae Sierra and U.S.A.'s DDR (Developers Diversified Realty). The company owns and manages 10 shopping centres under operation, and has an ongoing expansion strategy with the development of three new projects.

DDR (Developers Diversified Realty) (http://www.ddr.com/) - the group owns and manages 710 commercial real estate projects under operation and development, in 45 states in the US and in Puerto Rico, Brazil and Canada, with a total of 14.13 million m². DDR is a self-managed real estate fund, which operates as a fully integrated company acquiring, developing, letting and managing shopping centres.

In 2008  Sonae Sierra recorded a Net Operating Margin of €179.9 million, a 16% growth compared to the same period of 2007

• Fifty Shopping centres in operation in seven countries

• Four new shopping centres inaugurated in Spain, Italy and Greece

• Sierra Portugal Fund successfully created, launched and placed

• Rents grew 17,0% and 4,1% on a like-for-like basis in Europe

• 7,2% like-for-like increase in rents in Brazil, with occupancy up by 10 b.p. to 96.8%

• Total Direct Income from Investments grew 13% over last year

• € 67.8 million of Direct Net Profit

• NAV stood at €1,416 million

Sonae Sierra has consolidated, during 2008, its expansion and internationalization strategy, and closed last year with a portfolio of 50 shopping centres in operation, spread throughout seven countries, with a total Gross Lettable Area (GLA) of about 2 million m².

Amongst the most significant moments of 2008 are: (i) the four inaugurations, Freccia Rossa in Brescia and Gli Orsi in Biella, both in Italy, Plaza Mayor Shopping in Spain and Phanteon Plaza in Greece; (ii) the completion of the expansion of ArrábidaShopping, in Porto, as well as the refurbishment of Centro Colombo, in Lisbon, both in Portugal, and Valecenter, near Venice in Italy; (iii) the successful launch and placement of the Sierra Portugal Fund with a total equity value of €300 million and (iv) the launch of three new projects in Brazil located in Londrina, Uberlândia and Goiânia.

During 2008, Sonae Sierra was awarded in several areas, namely the Green Thinker Award that elected the Company as most sustainable European developer among 100 leading companies in the sector. Sonae Sierra has also been distinguished by RLI magazine - Retail & Leisure International - with the "RLI Developer of the Year" award, at the Global RLI Awards 2008, the annual awards of this prestigious British publication.

Our Global Performance in 2008

Sonae Sierra's Consolidated Net Profit in 2008 was negative of €198.2 million compared with a positive consolidated net profit of €300.1 million in the same period of last year. This variation in Net Profits is mainly driven by Indirect Net Profits that were adversely affected by successive increases in market capitalization yields in Europe, particularly in Portugal and Spain.

The Total Direct Income from Investments grew by € 35.3 million or 13% over last year, from € 279.9 million to €315.2 million. This reflects the increase in portfolio resulting from the full year impact of 2007 acquisitions (CC Continente de Albufeira, CC Continente de Portimão, both in Portugal, Münster Arkaden, in Germany, and River Plaza, in Romania), the increase in the participations of three assets in Brazil (Shopping Metrópole, Plaza Sul Shopping and Tivoli Shopping), the inaugurations of 2007 (Alexa, in Germany, 8ª Avenida, in Portugal and El Rosal, in Spain), as well as, the inaugurations occurred in 2008 (Freccia Rossa and Gli Orsi, in Italy, Plaza Mayor Shopping, in Spain, and Pantheon Plaza, in Greece) and the organic growth of the existing portfolio. These favourable contributions more than compensated the loss of accounting Operating Income resulting from the change in consolidation method due to the successful sale of 58% of the new Sierra Portugal Fund (now consolidated by the proportional method, instead of the previously used full consolidation method).

Sonae Sierra's Direct Net Profit reached €67.8 million which compares with the €86.3 million in 2007. This reduction is explained by the increase in the net financial costs, which more than off-set the improvement in the net operating margin (which grew from 55,2% last year to 57,1% in 2008).

The big shift in the Company's Results happened at the level of Indirect Results, where the market variations of value of the properties are recorded. In this area, the Company booked a loss of €265.9 million at 2008 year end, whereas it had booked a gain of €213.8 million in the same period of 2007. This Indirect Result has three main components.

In the first (Gains Realized on sale of Investments), the Company shows a gain in the period of €19 million corresponding basically to the gains made on the sale of positions to third party investors in the Sierra Portugal Fund, the gain on sale of the Mediterranean Cosmos to Sierra Fund, the price adjustment in CascaiShopping, the gain on the sale of part of Manauara's land.

In the second component (Impairment & Development funds at risk provision), the Company recorded the impairments in the Romanian projects - Craiova and Ploiesti and the provision for developments at risk.

The third component (Value Created on Investments) corresponds to changes in value, on the basis of independent valuations, of the properties in the portfolio. In this component, the Company booked in the period a loss of €244.0 million.

The market value of the investment properties is being affected by the negative climate now prevailing in the property markets of most of the developed countries where the Company operates. This context led to an upwards shift of the capitalization yields applied in the valuations carried out on assets in those countries, this increase implying a reduction in the value of the corresponding property.

The losses in Value Created on Investments were mitigated however by the value created on openings of the year and on properties under developments and the valuation gains in Brazil, a market that was not affected by the crisis and where yields remain relatively stable.

In 2008 and in the case of Sonae Sierra, the exclusive effect of the variation in the yields led to a reduction in the value of the Investment Properties of 11.4%, which amounted to €410.9 million. The highest losses occurred in Portugal (loss of €183.8 million) and Spain (loss of €136.4 million), the other European countries had a total loss of €93.7 million whereas Brazil recorded a gain of €3.0 million.

In terms of yield variation in the portfolio, these figures translate an average yield increase of 56 basis points in Portugal, 95 basis points in Spain, and an average yield reduction in Brazil of 8 basis points.

This potential loss of €410.9 million, resulting from the increased yield, was mitigated by a favourable evolution at the Shopping Centres operating level. The combined effect of changes in the projections of rents, key money, other net income and capital expenditures, led to an increase in the value of the properties of €129.7million. Therefore, the net effect of the variation in the investment properties valuation was negative in €281.2 million.

To note that the negative variation of the Investment Properties results from unfavourable market forces and in no way reflect a general under performance of the company's European Shopping Centre portfolio which recorded a like-for-like 4.1% positive variation on rents versus 2007, with a stable occupancy, and a 7,2% like-for-like increase in rents in Brazil, where occupancy went up by 10 b.p. to 96.8%.

Our Performance in Brazil in 2008

2008 was a rewarding year for Sonae Sierra Brazil.

The Retail Operating Income increased by 16% to €40.5 million and the Income from Services Rendered increased by 22%, to €8.0 million in the period. The increase in operational and overhead costs were more than off-set by this outstanding performance in revenues, leading to a 8% increase of the Net Operating Income (NOI) to €28.6 million and a 6% increase of the Direct Profit to €21.3 million.

The increase in occupancy and collection rates through out our Brazilian portfolio and a better economic environment explain most of this excellent performance and the increase of the Direct Profit.

The Indirect Profit of the year, which mainly reflects the market variations of the properties value, was also positive in 2008. By the end of 2008, Brazil has been less negatively impacted by the turmoil in the world financial markets than other countries and the yields used in the valuations remained stable. Both the good operating performance of the whole portfolio and the reduction of the yield in Parque D.Pedro (our largest asset) led to better property valuations and to the positive Indirect Profit of €49.1 million in 2008.

By the end of 2008 and in development terms, we had succeeded in letting a total of 96% of the Gross Leasable Area (GLA) of our new Manauara Shopping Centre in Manaus. This 43,000 m2 centre is scheduled to open in April 2009. In 2008 we have also approved the development of 3 new centres in Londrina, Uberlândia and Goiânia cities. All three of these new developments have been given a good reception by Brazil's shopping centre anchor stores.

During the year we marked two other milestones achieving ISO 14001 environmental certification for all our operating shopping centres and for Manauara Shopping, which is still under construction. Two of our centres - Parque D. Pedro Shopping and Shopping Penha - also achieved OHSAS 18001 Safety and Health certification, making them unique in Brazil as the country's only shopping centres with this particular distinction.

Metrics of Value

The Company measures its performance, in a first instance, on the basis of changes in Net Asset Value (NAV) plus dividends distributed. The NAV presented is calculated following the INREV methodology, being (i) the addition of the estimated Promote Fee related with the Sierra Fund (the Fund will pay a fee to the fund manager, at the end of the life of the Fund, to remunerate the manager if the Fund achieves a superior performance) and (ii) the Transfer Taxes - valuation of the European portfolio on a gross basis (our independent valuer discounts from the OMVs a certain percentage related with transaction costs, which we are reversing for the calculation of the NAV) the main differences from the calculation published in previous years.

On the basis of this methodology, the NAV on 31 December 2008 of the properties attributable to Sonae Sierra was €1,416 million compared with €1,713 million on 31 December 2007.

Further to this, the Company uses a second set of value metrics, the Net Operating Income (NOI) generated by its service activities. In the full year of 2008, the figures for this second set of value metrics were:

The activities Asset Management and Property Management show a positive performance.

The Developments activity shows a loss of €157 million - this compares with a gain of €77 million in the same period of 2007. Under this activity, we book both project development services and margins accrued in projects under development held by Sierra Developments. The negative result in the period has to do with this second component. The Company adjusted down the estimates for value created until inauguration in a number of projects. As a consequence, the Company cancelled margins accrued in previous periods relating to those projects.

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

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Sonae Sierra's Consolidated Profit and Loss Account, and Consolidated Balance Sheet by business  

Sonae Sierra, http://www.sonaesierra.com/, is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 2 million m2. Sonae Sierra has 14 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a total GLA of 1,2 million m2. In 2008, its centres welcomed more than 429 million visits.

Head Office: Lugar do Espido, Via Norte, Maia
Maia Commercial Registry Nr.502290811
Share Capital: Euros 162 244 860
Fiscal Number 502 290 811

ANNOUNCEMENT OF MATERIAL EVENT

Maia, Portugal, 18th of March 2009

Álvaro Portela has confirmed his intention to retire as CEO of Sonae Sierra at the end of March 2010. Álvaro's decision to retire around this time has been known to us and, in more generic terms to all of the top team, for many years now.

Álvaro has put a tremendous amount of time into developing the management team over the years and planning the different phases of this succession plan.

We are extremely fortunate to have enjoyed the dedication and expertise of Álvaro Portela for 20 years, leading the team from before the opening of its first significant shopping centre to the establishment of the internationally recognized company it is today. His key legacy is the extraordinary team he has put together and retained throughout his tenure; they allow us to face the future with confidence and optimism.

It is not yet the time to say good-bye or to thank Álvaro for all these achievements, as he will continue in his role as CEO for another year; naturally spending more of his time on the succession plan and on ensuring a smooth and effective handover.

The board has approved a number of important decisions and proposals to the Annual General Meeting, to be implemented on the April the 1st 2009, which will start the next phase of the succession plan:

• Fernando Oliveira will move from Sierra Developments to Deputy CEO;
• Ana Maria Oliveira will move from Sierra Investments to Managing Director of Sierra Developments;
• Pedro Caupers will move from Property Management & Leasing to Managing Director of Sierra Investments
• João Correia de Sampaio to be elected to the Board and moved from Property Management and Leasing in Iberia to the same responsibility for Europe, including "Key Accounts".

Together with the other Executive Directors, João Pessoa Jorge, Edmundo Figueiredo and António Casanova, this team has on average been at Sierra for more than 18 years and have an unmatched mix of sector knowledge, experience and drive.

Álvaro Portela is committed to supporting the team beyond March 2010 and has agreed to continue to contribute to the future development of Sonae Sierra in an advisory capacity.

The Board of Directors

In MIPIM international fair

Sonae Sierra won Quotidiano Immobiliare Daily Real Estate Award 2009

• Sonae Sierra was distinguished by Quotidiano Immobiliare as best company in the Retail and Commercial Real Estate sector in Italy

Sonae Sierra, the international shopping centre specialist, was awarded today by Quotidiano Immobiliare as best company in the Retail and Commercial Real Estate sector in Italy. The award, delivered in occasion of MIPIM in Cannes, was delivered to Giancarlo Bianchi, Sierra Deputy Managing Director Responsible for Development in Italy.

This distinction is the result of a careful selection process carried out by the Steering Committee of Quotidiano Immobiliare made up of 45 among the most important and influential professionals in the Italian real estate industry. The award was delivered by Guglielmo Pelliccioli, Director of Quotidiano Immobiliare, Thierry Renault, Director of Reed Midem (the company which organises Mipim) and by Nadine Castagna, Director of MIPIM.

"We are glad we have been voted and ranked in the first position by such a prestigious committee. This award, in the business area "Retail and Commercial Real Estate", represents a further confirmation of the validity and the strengths of our strategy. In particular I believe it rewards our big efforts on the Italian market in 2008 when we inaugurated the first Italian shopping centres under the Sonae Sierra's innovative approach" - comments Giancarlo Bianchi, Sierra Deputy Managing Director Responsible for Development in Italy. "This award comes at the end of a fantastic year of Sonae Sierra in Italy. I can recall, for example, the opening of Freccia Rossa in Brescia last April, the largest urban shopping centre in Italy and the one of Gli Orsi, on October,  the biggest shopping and leisure Centre in Biella with a GLA of 41,100 m2".

 Sonae Sierra (http://www.sonaesierra.com/) is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Currently, the company is developing 14 further projects and has 11 new projects in various phases of completion with a gross lettable area (GLA) of 1.1 million m2.

SONAE SIERRA AND ING REAL ESTATE DENY ANY RELATIONSHIP WITH MERIDIAN CAPITAL ENTERPRISES

Sonae Sierra and ING Real Estate wish to state that they do not have or had in the past any relationship neither with Meridian Capital Enterprises nor with any company or entity owned or participated by Meridian Capital Enterprises.

Meridian Capital has not financed the shopping centres "Colombo" and "Zubiarte", jointly owned by both companies, nor any other property owned jointly or separately by Sonae Sierra and ING Real Estate. Therefore, the information in this regard contained in the web page of Meridian Capital Enterprises (www.meridian-capital.com) is completely incorrect.

Sonae Sierra and ING Real Estate have required Meridian Capital Enterprises to eliminate the incorrect information contained in the Meridian Capital Enterprises website and will use the adequate actions available until the incorrect information is completely removed.

About Sonae Sierra

Sonae Sierra (http://www.sonaesierra.com/) is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Currently, the company is developing 15 further projects and has 12 new projects in various phases of completion with a gross lettable area (GLA) of 1.2 million m2. In 2007, its centres welcomed more than 410 million visits.

  International acknowledgment in the energetic sustainability area

Sonae Sierra distinguished by the European Commission

• Sonae Sierra was awarded at the Sustainable Energy Europe Awards (SEE), in the Market Transformation category
• The "Green Centre" concept as a key factor in the development and management of shopping centres
• European Energy Commissioner Andris Piebalgs was present at the ceremony

Sonae Sierra has just been distinguished at the Sustainable Energy Europe Awards (SEE), an initiative of the European Commission, with the purpose of awarding the best and the most innovative in the area of energetic sustainability at European level. This award, in the Market Transformation category, acknowledges the innovation of the company, an international specialist in shopping centres, in the energetic sustainability area, through the implementation of the "Green Centre" concept in the development and management of its centres.

Álvaro Portela, Sonae Sierra's CEO, stated that "this award makes us very proud, since the environment is at the core of our strategy, both in the development and operation stages of our shopping and leisure centres, and we have systematically implemented innovative practices with the purpose of maintaining our Company's sustainable growth, and leading our sector in terms of corporate responsibility".

The award ceremony was attended by the European Energy Commissioner, Andris Piebalgs, which demonstrates the dimension and the importance of this initiative which, since it started in 2005, has already had more than 631 associated projects, always with the purpose of promoting energetic efficiency at a European level.

This distinction was awarded after a rigorous selection process, which involved 251 candidates. 25 projects were then selected and evaluated according to a rigorous and pre-defined set of criteria, and subject to the scrutiny of a technical committee which finally selected the winners of the five categories.

Sonae Sierra, the international shopping centre specialist, is a pioneer in Europe in matters of the environment care. The company, which owns 50 shopping centres in Europe and Brazil, has been focusing on sustainability in the development and operation of its shopping centres for ten years now.

Sonae Sierra's Environmental Policy was approved in 1998 in the scope of the promotion of Sustainable Development and environmental preservation as a decisive asset for the success of its business.

To fulfil the values and guidelines of its Environmental Policy, Sonae Sierra has developed an Environmental Management System (EMS) according to IS0 14001, and certified by LLoyd's Register Quality Assurance. This system has the goal of continuously improving the Company's eco-efficiency and minimizing the environmental impact of the company's activities in all of its developments, throughout their lifecycle - from the development stage and during operation.

In practical terms, this strategy allows the company to put into place the best environmental practices in areas such as energy savings, management of water consumption and quality, monitoring of air quality, selective separation and recycling of waste, among others, which results in the minimization of the Company's environmental impact.

In the scope of its corporate responsibility policy, Sonae Sierra annually publishes its objectives, goals and results in its Corporate Responsibility Report.

About Sonae Sierra

Sonae Sierra is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Currently, the company is developing 15 further projects and has 12 new projects in various phases of completion with a gross lettable area (GLA) of 1.2 million m2. In 2007, its centres welcomed more than 410 million visits.

ISO 14001 Environmental certification

LOOP5 - second major construction site in Germany receives environmental seal

• 63,000 m²-construction site Loop5 receives the ISO 14001 environmental certification
• Sonae Sierra is the only company in Germany to receive the coveted environmental seal for the management of construction stage
• Following the ALEXA in Berlin, Loop5 in Weiterstadt is now certified

Sonae Sierra and Foncière Euris have achieved certification in accordance with the ISO 14001 international environmental standard for the management of the construction stage of the Loop5 shopping centre in Weiterstadt after examination by the Lloyd's Register Quality Association (LRQA). Among experts, the certification of the management of the construction in accordance with ISO 14001 is demanding - and Sonae Sierra is the only player in the German market that manages its construction sites in accordance with the ISO 14001 standard. The opening of the shopping centre close to Frankfurt is planned for the autumn of 2009.

"For many years now, Sonae Sierra has been implementing a particularly far-reaching systematic corporate responsibility strategy. This also includes environmental protection covering the entire lifecycle of a shopping centre. At Sonae Sierra, sustainability starts as early as the planning phase and the construction of new shopping and leisure centres. The certification of Loop5, in accordance with the ISO 14001 standard, proves that our Environmental Management System fulfils high standards. In Germany, this commitment to environmental protection is unique", states Álvaro Portela, Sonae Sierra's Chief Executive Officer.

Sonae Sierra is a clear pioneer in Germany in matters of the environment and has been focusing on sustainability for the last decade. The core of the company's progressive environmental strategy is its comprehensive Environmental Management System (EMS), which is binding throughout the world for all projects - from the construction phase all the way through to the operation of the centres - and is designed to minimise the environmental impact caused by company activities. To this end, the company ensures particularly responsible handling of water, electricity, fuels, building and raw materials along with waste, but it also considers such factors as building noise, health and safety, logistics and traffic flow as well as the sustainable utilisation of plots.

To date, the company has run 17 major building sites in accordance with the ISO 14001 standard and plans to have all future construction sites certified as well. But also shopping centres already operating have received the coveted and internationally-valid environmental seal in accordance with the ISO 14001 standard. Of the 50 existing shopping centres, 39 already have the certificate which represents 78% of the total portfolio.

In Germany, Sonae Sierra currently owns and operates two shopping centres: the ALEXA in Berlin and the Münster Arkaden. Additionally since January 2009 Sonae Sierra is assuming the management of the "Post Galerie" shopping centre in Karlsruhe. The ALEXA, which opened in September 2007, was the first shopping centre in Germany to receive ISO 14001 certification during its construction phase. And the environmental principles are also being successively introduced at the Münster Arkaden, a shopping centre that Sonae Sierra acquired already operating. Each year, Sonae Sierra publishes the clearly-defined targets in a Corporate Responsibility Report.

Loop5 will be the central shopping and leisure environment for more than 1 million residents in, and around, Weiterstadt and will have 177 shops spread across 56,500 m² of gross lettable area (GLA), 90% of which has already been leased. The centre's central motto is aerospace, which is reflected in the design and architecture.

Sonae Sierra's Green Thinker Award

In October 2008, Sonae Sierra was presented with the "Green Thinker Award" at the Expo Real property trade fair. This award pays homage to the greatest pioneering achievements for environmental and corporate responsibility strategies among Europe's 100 leading property developers.

About Sonae Sierra

Sonae Sierra (http://www.sonaesierra.com/) is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Currently, the company is developing 15 further projects and has 12 new projects in various phases of completion with a gross lettable area (GLA) of 1.2 million m2. In 2007, its centres welcomed more than 410 million visits.

About Foncière Euris

Foncière Euris (www.fonciere-euris.fr) is a French stock exchange-listed company specialising in the development of shopping and leisure centres in Europe. The corporation forms alliances with top developers and invests in major projects that help urban regeneration. Foncière Euris is part of the Euris Group controlled by Jean-Charles Naouri. Foncière Euris also owns the Casino Group, France's second-largest stock exchange-listed retail chain.

   Less than one year before opening

Loop5 has already 90% of its GLA committed

• Huge demand from international and regional tenants
• 3^rd Shopping Centre of Sonae Sierra in Germany
• 56,500 m2 of gross lettable area (GLA) with 177 shops

Sonae Sierra, the international shopping and leisure centre specialist, and its partner, Foncière Euris, just announced the tenants for Loop5, a shopping and leisure centre currently under development in Weiterstadt. The centre - an investment of € 265 million - is expected to open in the autumn of 2009.

With 56,500 square metres of gross lettable area (GLA) and 177 shops Loop5 has already reserved shops in the area of fashion & textiles: both Peek & Cloppenburg, with approximately 4,500 m², C&A, with around 3,500 m², as well as H&M with 2.400 m². Further well-known fashion-sector tenants include ZAPATA with a multi-brand concept (980 m²), Esprit, s. Oliver, New Yorker and Bestseller. The footwear specialist Dielmann from Darmstadt (1,400 m²) will be providing a diverse and attractive selection of shoe fashions along with DEICHMANN and ROLAND. In the electronics Saturn will be offering a wide assortment with a store covering around 4,500 m².

Loop5 has also been able to secure ALDI SÜD as a tenant in the groceries sector.
 A dm-drogerie markt drugstore will be opening with a total space of more than 600 m², and INTERSPORT, with around 1,400 m², will be supplying specialist sports goods.

The new centre will also be offering a 2,000 m², Thalia bookstore along with a Douglas perfumery (440 m²). Further high-end chains include Tommy Hilfiger, Marc O'Polo, GERRY WEBER, BiBA, G-STAR, Swarovski, Fossil and GUESS.

With around 17 restaurants and coffee-shops, the Food Court will be providing visitors to the centre with a wide array of food, including fish specialist NORDSEE, a HOTALO Asia Fast Food restaurant, the Italian full-service restaurants Leonardo and Pizza Point. Hikari will present a new teppanyaki concept as well as Coa, a high-end Asian cuisine restaurant from Frankfurt.

Furthermore, Loop5 will also be offering space for many local and regional retailers, such as the jewellers Techel from Darmstadt, the children's and toy store Faix & Söhne from Darmstadt, the bakery Bormuth and the butcher Hamm from Griesheim. The Vereinigte Volksbank Weiterstadt will operate a finance centre (app. 300 m²) offering the whole range of financial services. Currently, intensive discussions are still being held with numerous other regional potential tenants.

"We are very satisfied with the excellent number of tenants who have reserved shops one year before we even open", stated Carolina Veith, Sonae Sierra's Letting Manager in Germany. "Many more retailers are inquiring about Loop5 - which shows that we can already view the centre as a success. It is particularly important that we find the perfect mix of tenants that fulfils all the demands for a comprehensive range of quality goods and services. For this reason, we are being extremely careful in our selection".

Dirk Nadig, the Loop5 Development Manager at Sonae Sierra, explained: "Loop5 will be the central shopping and leisure destination for more than 1 million inhabitants within the catchment area. The centre's central motto is aviation, which is reflected in the design and architecture where visitors are guided through the "contemporary aviation" and "flight pioneers" areas, which are interlinked by a "jet age" mall creating a unique ambience combining shopping, relaxation and entertainment".

Loop5 is located directly off the A5 Autobahn between Frankfurt, Darmstadt and Wiesbaden and has more than 3,000 parking spaces directly linked to the centre.

A Green Shopping Centre

As in the case of all Sonae Sierra shopping centres, Loop5 is being constructed in line with the Environmental Management System guidelines and will be certified in accordance with the ISO 14001 environmental standard even during the construction phase. The object of the Green Center concept is to minimise the environmental impact of building and operating new shopping centres. As part of its corporate responsibility, Sonae Sierra focuses on the economic development taking in to account its environmental and social responsibilities to secure sustainable company growth. In October 2008, Sonae Sierra was presented with the "Green Thinker Award" at the Expo Real property trade fair. This award rewarded to the greatest environmental and corporate responsibility strategies among Europe's 100 leading property developers.

About Foncière Euris

Foncière Euris (www.fonciere-euris.fr) is a French stock exchange-listed company specialising in the development of shopping and leisure centres in Europe. The corporation forms alliances with top developers and invests in major projects that help urban regeneration. Foncière Euris is part of the Euris Group controlled by Jean-Charles Naouri. Foncière Euris also owns the Casino Group, France's second-largest stock exchange-listed retail chain.

About Sonae Sierra

Sonae Sierra (http://www.sonaesierra.com/) is an international shopping centre specialist. With passion, we bring innovation and excitement to the world of shopping and leisure. The company owns 50 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a gross lettable area (GLA) of more than 1.9 million m². Currently, the company is developing 15 further projects and has 12 new projects in various phases of completion with a gross lettable area (GLA) of 1.2 million m². In 2007, its centres welcomed more than 410 million visits.

Media Contact

Britta Sloan
Communication Manager Germany
Tel: (+49) 211 43616-230
Fax: (+49) 211 43616-244
b.sloan@sonaesierra.com

Letting Contact

Carolina Veith
Leasing Manager Germany
Tel: (+49) 211 43616-260
Fax: (+49) 211 43616-244
c.veith@sonaesierra.com

Increasing its portfolio under management

Sonae Sierra takes over the management of two centres in Spain and Germany

• "Post Galerie" in Karlsruhe (Germany) and "Los Conquistadores" in Badajoz (Spain)

Sonae Sierra has recently taken over the management of two shopping centres in Spain and Germany, "Los Conquistadores" in Badajoz and "Post Galerie" in Karlsruhe, increasing its international portfolio under management.

Located in the centre of the German city of Karlsruhe - one of the cities with greater purchasing power in Germany - the "Post Galerie" has a Gross Lettable Area (GLA) of 26,000 m², 58 shops, and covers a market of 1.3 million potential consumers. In Germany, Sonae Sierra already owns and manages the "Alexa", in Berlin, and the "Münster Arkaden", in Münster, and is scheduled to inaugurate next Autumn the "Loop5", in Weiterstadt.

Inaugurated in 1999, the "Los Conquistadores", in Badajoz, has a Gross Lettable Area (GLA) of 9,700 m² and 24 shops, besides a children's play park, five restaurants, eight cinemas and one supermarket. This centre is now the fourth managed for different owners by Sonae Sierra in Spain.

For Pedro Caupers, Sonae Sierra's Board Member responsible for Shopping Centre Management, "the management of these two centres strengthens our presence in the Spanish and German markets, and is proof of the international acknowledgement of our ability to manage shopping centres".

In terms of property and management, Sonae Sierra currently owns twelve shopping centres in Spain: GranCasa in Zaragoza, Max Center in Bilbao, Valle Real in Santander, La Farga in Barcelona, Parque Principado in Oviedo, Dos Mares in San Javier in Murcia, Avenida M-40 in Leganés (Madrid), Luz del Tajo in Toledo, Zubiarte in Bilbao, Plaza Éboli in Pinto (Madrid), El Rosal in Ponferrada (León) and Plaza Mayor in Malaga.

Sonae Sierra, http://www.sonaesierra.com/, is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Sonae Sierra has 15 projects under development and 12 new projects in different phases of completion, with a total GLA of 1.2 million m².

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 - 2008/2013

Coupon Number 1 - Payment of Interests

Notice is hereby given to the Holders of SONAE SIERRA 2008/2013 bonds that from 26 January 2009 there will be interests' payment in relation to coupon number 3, with the following values:

Gross interest                             € 1.600,03333333330

IRS/IRC (20%)                             €    320,006666666666

Net interest                                 € 1.280,026666666664

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, 16th January 2009

The Board of Directors,

This information is also available in da SONAE SIERRA SGPS' institutional website  www.sonaesierra.com

For further information please contact the Treasury Department at Sonae Sierra:

Cristina Teixeira , 00351-22-0104536 /cmteixeira@sonaesierra.com

8ª Avenida and ArrábidaShopping nominated

Sonae Sierra a finalist of the

ICSC Awards 2008

Two Sonae Sierra shopping and leisure centres in Portugal, the 8ª Avenida, in S. João da Madeira, and ArrábidaShopping, in Vila Nova de Gaia, were nominated for the 2008 European Shopping Centre Awards, by the International Council of Shopping Centre Awards (ICSC Awards), which will be held April 2009, in Barcelona.

8ª Avenida and ArrábidaShopping are competing in the "New Centres: Medium" and "Refurbishment/Expansion", respectively.

"We're proud of this nomination, which recognizes the result of our constant commitment in innovation and quality of our developments, and in the refurbishment of our centres under operation", stated Álvaro Portela, Sonae sierra's CEO.

Inaugurated in September 2007, 8ª Avenida brought a new dimension to the shopping and leisure offer in the S. João da Madeira region. With 133 shops, including a supermarket and 14 restaurants, in a Gross Lettable Area (GLA) of 28.268 m2, the centre makes available 1700 free parking spaces. 8ª Avenida serves a population of more than 300,000 inhabitants in a 20 minute catchment area, and its architectural concept in based on regional codes of S. João da Madeira, especially in the fashion industry, thus establishing and emotional bond to the local community.

Inaugurated 12 years ago, ArrábidaShopping went through an innovative refurbishment process, which allows it to currently hold one of the best shopping and leisure offers in the Porto metropolitan area, with a total of 199 shops, in 61,418 m2 of GLA, including the largest cinema in the region and 3,049 parking spaces.

Recognized as the most prestigious awards in the shopping and leisure centre sector, the ICSC Awards reward the best developments in Europe every year, and the jury is composed of the most prominent international personalities in the sector.

Sonae Sierra is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Sonae Sierra has 15 projects under development and 13 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a total GLA of 1.2 million m2. In 2007, its centres welcomed more than 410 million visits.

A commercial success

Manauara Shopping delivers keys to tenants

• 90% of the Gross Lettable Area (ABL) already let
• Inauguration in April 2009
• An investment of €69 million (R$ 200 million)
• Shoppings Penha and Parque D. Pedro are the first shopping centres in Brazil certified by the OHSAS 18001 Standard

Sonae Sierra, through its subsidiary Sonae Sierra Brasil, is hosting today the key delivery ceremony for the tenants of Manauara Shopping, the new shopping and leisure centre scheduled to open to the public on April 7^th 2009, in Manaus, Brazil.

The Manauara Shopping represents an investment of about €69 million. With a GLA (Gross Lettable Area) of 43.000 m², the centre will feature 262 shops, 11 of which of large dimensions. With about 90% of the total GLA already let, the commercial success "translates the excellent adhesion of the tenants to Sonae Sierra's shopping and leisure centre concept, and their confidence in this development's success", declared Álvaro Portela, Sonae Sierra's CEO.

Calvin Klein, Folic, Kappa, MontBlanc, Victor Hugo and C&A, are just a few of the many brands already confirmed in the new shopping centre. The centre will make available a parking lot for more than 2,750 vehicles, and will create 3,000 jobs.

The architectural project - designed by José Quintela da Fonseca, Responsible for Design and Architectural Development of Sonae Sierra - is inspired by the fauna, flora and folklore of the Amazon, privileging natural lighting through the use of large glass areas and skylights on the roof, considered to be the "fifth façade" of this centre.         

The Manauara Shopping is scheduled to welcome more than 12 million annual visits, corresponding to an annual sales volume of about €113 million (R$ 327 million).

Like other projects developed by Sonae Sierra, the Manauara Shopping abides to the most rigorous standards established by the company's Environmental Management System, and adopted the most eco-efficient solutions in terms of energy and water savings.

Innovation in the Brazilian market: Sonae Sierra's Centres are the first to obtain certification for Safety & Health Management in Brazil

Sonae Sierra has just received certification for its Safety & Health management system in conformity with the OHSAS (Occupational Health and Safety Assessment Series) 18001 standard, for its shopping centres Shopping Penha, in São Paulo, and Parque D. Pedro Shopping, in Campinas, which have thus become the first shopping centre in Brazil to be certified in this area.

OHSAS 18001 is a standard that validates a Management System (just like ISO 9000 and ISO 14000) oriented towards Safety & Health at the workplace, functioning as a tool that allows companies to manage and control their performance levels in those areas, according to the goals, policies and action plans set by the company itself.

To obtain this certificate, Shopping Penha and Parque D. Pedro have installed and adapted systems to eliminate and fight risks, as well as trained its employees in this area and implemented a manual of good practices. All the equipment used by the maintenance team was replaced by certified products according to the safety regulations. Periodically, the developments carry out evacuation drills, which involve the fire department, employees, tenants and visitors, previously warned about these initiatives.

Sonae Sierra has developed a Safety & Health culture throughout the entire Company and in its shopping and leisure centres, implementing measures consistent with its objectives and policy, so as to minimize and control potential risks derived from its activity.

One of the main interventions promoted by Sonae Sierra in this area was the PERSONAE project, which has the ultimate purpose of preventing and anticipating accidents, so as to protect employees and everyone who interacts with the Company. "Zero accidents" is the goal Sonae Sierra set out to achieve, through common values adopted by the entire organization.

Sonae Sierra  is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.9 million m2. Sonae Sierra has 15 projects under development and 13 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a total GLA of 1.2 million m2. In 2007, its centres welcomed more than 410 million visits.

Sonae Sierra Brasil a shopping centre specialist with an expertise of international partners: Portugal's Sonae Sierra and U.S.A.'s DDR (Developers Diversified Realty). The company owns and manages 9 shopping centres under operation: Penha, Plaza Sul, Campo Limpo and Boavista (São Paulo-SP); Pátio Brasil (Brasília-DF); Franca Shopping (Franca-SP); Tivoli Shopping (Santa Bárbara D'Oeste-SP); Shopping Metrópole (São Bernardo do Campo-SP) and Parque D. Pedro Shopping (Campinas-SP), with a total Gross Lettable Area (GLA) of 321.500m² . Sonae Sierra Brasil's expansion strategy continues, with the development of 4 new projects, the Manauara Shopping , in Manaus-AM, scheduled to be inaugurated in 2009, and 3 other shopping centres in Londrina, Ubêrlandia and Goiânia.

Third quarter of 2008

Sonae Sierra's fiftieth shopping centre worldwide

All is ready for "Gli Orsi": tomorrow the opening to public

• An investment of €105 million, creating 850 jobs

• 120 shops (of which 18 restaurants and bars) with a GLA of 41,100 m2

• Attention to the environment: the ISO 14001 certification during construction phase was obtained

Sonae Sierra, the international shopping centre specialist, is inaugurating today the new shopping centre "Gli Orsi", in Biella, which will officially open to public tomorrow at 9 a.m.

With a GLA of 41,100 m2, "Gli Orsi" implied a total investment by Sonae Sierra of 105 million Euros, which creates 850 jobs after the opening. The Centre hosts 120 shops, including 18 restaurants and bars, with an innovative and complete commercial and leisure offer. The large shops are 7, including a 13.700 m2 Ipercoop hypermarket, owned and managed by NovaCoop, and also Euronics, Sasch, Upim, Deichmann and Longoni. The unit shops are 95, including well known national and international brands, like Douglas, Fratelli La Bufala, Adidas, CoImport, Swarovski, Tezenis, Calzedonia, Primigi, Original Marines, Intimissimi and Levi's.

"Gli Orsi" is set in a privileged location, on the edge of the Biella urban area and less than 10 minutes from the town centre, at the very beginning of the Trossi road, a traditional shopping destination attracting customers from the whole province. The catchment area is of 169,000 inhabitants within 30 minutes. "Gli Orsi" will offer free-parking for more than 3,500 cars.

The Centre is included in the development of a wider leisure area of 265,000 m2, which also involves the construction of a municipal basketball arena with capacity for 5.000 spectators, where the Biella team will play next season. The opening of the sport arena is scheduled for February 2009.

"Gli Orsi represents the biggest shopping and leisure Centre in Biella and will give further impulse to the commercial appeal of the city" - comments Pietro Malaspina, Managing Director of Sierra Developments Italy. "We believe that Gli Orsi will bring a new shopping and leisure experience to the wide and diversified commercial offer of Biella. The sport arena will represent an interesting integration, which will offer to all Angelico Biella's fans and sportspeople the opportunity to have a dedicated space equipped with the most advanced technological solutions. This structure will become, along with the shopping Centre public square, the social fulcrum of the whole area".  

"Italy is a key market for Sonae Sierra and we firmly believe it has an interesting growth potential. The opening of Gli Orsi follows that of Freccia Rossa, inaugurated last April in downtown Brescia, allowing us now to have four shopping centres under operation in Italy." - adds Álvaro Portela, CEO of Sonae Sierra. "We are particularly proud that another of our Italian shopping Centre has obtained the ISO 14001 certification for the construction phase. It is another step in the execution of our environmental strategy".

Innovative architecture inspired by local historic and cultural heritage

The architecture of "Gli Orsi", whose name refers to Biella ancient coat of arms and its territory, is a tribute to the local textile tradition, which is internationally well-known. "Our approach to architecture and design aims at totally integrating the Gli Orsi within the surrounding context" - comments José Quintela, Responsible for Design and Architectural Development of Sonae Sierra. "The theme we decided to follow was that of nature and Biella's landscape. Also the local textile tradition of the city has been an important source of inspiration for the development of the Centre, as we can see from the pavement and the façade which reminds cloth texture."

An environment friendly Centre

An innovative Centre, from both architectural and conceptual level, which distinguishes itself for a particular attention paid to the environment. Last September in fact "Gli Orsi" received the ISO 14001 environmental certification, which refers to the management of the construction phase. This certification, issued by Lloyd's Register Quality Assurance (LRQA), is the result of the implementation of the best environmental practices during the construction stage, in line with the rigorous Environmental Management System that Sonae Sierra applies in all its activities and in all the countries where it operates.

In particular, from May 2007 to the present date, Gli Orsi has reused 5.942,00 ton of construction waste (Concrete, grinded asphalt & soils) in the shopping centre construction process. This waste would otherwise have been sent to landfill. Furthermore, 112,2 m3 of water were collected and reused on site. "Gli Orsi" has recycled 97 % of all the waste it has produced during its construction.

Sonae Sierra, http://www.sonaesierra.com/, is an international specialist in shopping centres and is passionate about introducing innovation and emotion into the shopping and leisure centre industry. The Company is the owner of 50 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, possessing a Gross Lettable Area (GLA) of more than 1.9 million square metres. Sonae Sierra currently has 15 projects under development and another 13 new projects at different stages of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a total GLA of 1 million square metres. In 2007, its centres welcomed more than 410 million visits.

Incorporating Larissa traditions to modern shopping needs

Τhe shopping and leisure centre Pantheon Plaza opens to the public tomorrow    

• A €76.3 million investment, which creates 900 new jobs
• 110 shops on 27,000 m² GLA
• 5 million visits previewed during its first year of operation
• A strong offer that includes a Media Markt, an Aldi supermarket, an H&M store, a Fokas department store and 3 Movie Star cinema halls
• Second shopping centre of Sierra in Greece  

Sonae Sierra, the international shopping centre specialist, and Rockspring Property Investment Managers LLP, on behalf of their client, the PanEuropean Property Limited Partnership, inaugurate today in Larissa Pantheon Plaza Shopping and Leisure centre. The biggest shopping and leisure centre in Central Greece owned in equal shares by the partners represents an investment of €76.3 million and will open its doors to the public tomorrow, 23^rd of October 2008.

The new centre has a shopping and leisure area of 27,000 m² of which 98% has already been let. Pantheon Plaza will host 110 shops including the main international and national brands. Some of the important large shops already committed to Pantheon Plaza are an Aldi supermarket, a Moovie Star cinema with 3 screens, an H&M, a Fokas department store and a leisure shop, plus Media Markt that has already started its operation in the shopping center. It is worth noting that the latter together with H&M, Promod, Fokas, Mikyazy, Footlocker, G star and Aldo are new comers in the city of Larissa among other brands, while the Kare chain, specialist in furnishing, enters the Greek market through its first sales point within Pantheon Plaza.

"Pantheon Plaza signalizes a vital step in our development in the Greek market and proves our strong engagement in the growth of sustainable projects throughout the country", notes Álvaro Portela, Sonae Sierra CEO. "With the opening of Pantheon Plaza a new perception regarding shopping and leisure is introduced to the city of Larissa and its inhabitants. The locals will have the opportunity to taste totally diversified means of enjoyment, while a variety of services will cover their everyday shopping needs. We hope to attract 5 million visitors in the first full year of activity", he adds.    

"Our architectural and design approach aims for the complete integration of the shopping centre into the surrounding area. With Pantheon Plaza we want to revive the historical and cultural tradition of Larissa deriving from the mythical Gods and Muses," commented José Quintela, Sonae Sierra responsible for Architecture and Conceptual Development.

Pantheon Plaza will include a variety of well identified brands in the clothing sector, such as BSB, Mouger, Kizis,Bill Cost, Pagoni, Badila, Sarah Lawrence, Accessorize, Adidas, Karren Miller, Nautica, Notos Exclusive, Dur, Gant, Timberland, Nautica, Attrattivo, Bostonians, Mat Fashion, Bag stories, Lapin, Marasil, EXE by Tsakiris Mallas, Helmi, Ipekyol.

In the food court Pantheon Plaza offers plenty of opportunities of relaxing enjoying the delicious tastes in Flocafe, Goodys, Hellas Melathron, Simple Burger and many other restaurants and cafes. Moreover, mobile telephony will present Germanos and various other outlets for simplicity and enjoyment of shopping as the hairdresser Nestor Giannakis and KLeidi Takouni sto Pi&Fi locksmith/ shoe repair.

The new shopping and leisure centre of Larissa is developed on the east side of the old national highway, 1.5 km from the city centre and will serve a total population of 197,600 inhabitants. With 1,600 non-paid car parking places, the Centre will create 900 jobs.

With the highest environmental standards

Pantheon Plaza is the first shopping and leisure centre in Greece to obtain the ISO 14001 environmental standard in the construction stage, that abides to the most rigorous and demanding quality standards imposed by Sonae Sierra in all its developments, namely in terms of comfort, safety and environmental protection.

Issued by Loyd`s Register Quality Association (LRQA), it is the result of implementating the best environmental practices throughout the construction stage, defined in the scope of Sonae Sierra's Environmental Management System (EMS). The EMS, in force since 2005, covers all business activities and applies to all countries where the company operates. It aims at minimizing the environmental impacts and promoting a continuous improvement of Sonae Sierra's performance in this area, in a coherent, effective and above all sustainable way.

Sonae Sierra, www.sonaesierra.com, is an international specialist in shopping centres and is passionate about introducing innovation and emotion into the shopping and leisure centre industry. The Company is the owner of 49 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, possessing a Gross Lettable Area (GLA) of more than 1.9 million square metres. Sonae Sierra currently has 16 projects under development and another 13 new projects at different stages of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a total GLA of 1 million square metres. In 2007, its centres welcomed more than 410 million visits.

Rockspring Property Investment Managers LLP, www.rockspringpim.com, is an established leader in European property investment with over 20 years practical experience and with funds under management of over €6.1 billion  in 13 European countries. With property investment professionals located in its London, England Headquarters and is 6 continental European offices, Rockspring has the unrivalled local knowledge, long-established experience, wide-ranging relationships and resources for investors considering investment in a variety of investment fund formats, asset classes and geographic regions.

In the scope of its innovative corporate responsibility strategy

Sonae Sierra receives certification for its Safety & Health management system

• First European company in the sector to be certified by Standard OHSAS 18001

Sonae Sierra has just received certification for its Safety & Health management system in conformity with the OHSAS (Occupational Health and Safety Assessment Series) 18001 standard, thus becoming the first European company in the shopping centre sector to be certified in this area. This certification, issued by TÜV Rheinland, a German multinational leader in the certification area, acknowledges the quality of the Sonae Sierra Safety & Health system, and the good practices implemented by the Company in this regard.

OHSAS 18001 is a standard that validates a Management System (just like ISO 9000 and ISO 14000) oriented towards Safety & Health at the workplace, functioning as a tool that allows companies to manage and control their performance levels in those areas, according to the goals, policies and action plans set by the company itself.

Sonae Sierra has developed a Safety & Health culture throughout the entire Company and in its shopping and leisure centres, implementing measures consistent with its objectives and policy, so as to minimize and control potential risks derived from its activity.

One of the main interventions promoted by Sonae Sierra in this area was the PERSONAE project, which has the ultimate purpose of preventing and anticipating accidents, so as to protect employees and everyone who interacts with the Company. "Zero accidents" is the goal Sonae Sierra set out to achieve, through common values adopted by the entire organization.

Distinguished with the "DuPont Safety Award for Visible Management Commitment", in 2007, and the ECO Award from the American Chamber of Commerce in 2006, PERSONAE represented an investment of six million euros. It includes Sonae Sierra's shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, and was developed in three different stages which lasted 4 years (from 2004 to 2008). Throughout these three stages, more than 70.000 people were involved, including Sonae Sierra employees, tenants and service providers.

Sonae Sierra is an international shopping centre specialist. With passion, we bring innovation and excitement to the world of shopping and leisure. The company owns 48 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a gross lettable area (GLA) of more than 1.9 million m². Currently, the company is developing 17 further projects and has 13 new projects in various phases of completion with a gross lettable area (GLA) of 1 million m². In 2007, its shopping centres welcomed 410 million visits.

Leading in sustainability

Sonae Sierra receives the Green Thinker Award

• Expo Real and PropertyEU crown Sonae Sierra Europe's most sustainable developer among 100 leading companies in the sector
• The Company introduced the "green centre" concept within the shopping centre market

Sonae Sierra was just elected as Europe's most sustainable developer. Yesterday, the Expo Real property trade fair and the Dutch PropertyEU trade publication presented the new "Green Thinker Award" to the international shopping and leisure centre specialist. This accolade attributes to Sonae Sierra the greatest pioneering achievement in terms environmental and corporate responsibility strategies among Europe's 100 leading property developers.

Àlvaro Portela, Sonae Sierra's CEO, stated: "Sustainability during both the development and operation of our shopping centres is at the core of our strategy and we have been implementing this very systematically for many years now. For this reason, we are not only extremely proud to receive the ‘Green Thinker Award', but we are also particularly pleased that this award - presented for the first time ever - will further promote the environmental awareness within the international property industry."

The criteria of selection for the Green Thinker Award was very elaborate and followed several steps until the jury decided for the winner. A shortlist of 14 Europe's leading development companies was analyzed through research into the environmental and corporate responsibility strategies and was submitted to a jury of independent experts in the field of sustainability.

Sonae Sierra, the international shopping centre specialist, is a pioneer in Europe in matters of the environment care. The company, which owns 48 shopping centres in Europe and Brazil, has been focusing on sustainability in the development and operation of its shopping centres for ten years now. The core of the company's ambitious environmental policy is a comprehensive Environmental Management System (EMS), certified in accordance with the international ISO 14001 environmental standard, designed to minimise the company's activities-related environmental impact worldwide for all projects and throughout the entire lifecycle - from the development phase throughout to the operation.

The company has already certified 13 major building sites, and has the objective to certify the construction of all future developments. In addition Sonae Sierra aims at certifying all its shopping centres under operation in terms of their environmental performance. Worldwide, 26 existing shopping centres have already received the coveted and internationally-valid ISO 14001 environmental certification. A further 13 will follow this year. This will increase the share of Sonae Sierra shopping centres with the coveted environmental certificate to more than 80 percent.

Sonae Sierra publishes its clearly-defined sustainability principles and objectives annually in a Corporate Responsibility Report.

About Sonae Sierra

Sonae Sierra is an international shopping centre specialist. With passion, we bring innovation and excitement to the world of shopping and leisure. The company owns 48 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a gross lettable area (GLA) of more than 1.9 million m². Currently, the company is developing 17 further projects and has 13 new projects in various phases of completion with a gross lettable area (GLA) of 1.2 million m².

A € 58 million investment

Sonae Sierra inaugurates Plaza Mayor's expansion

• 152 shops in a Gross Lettable Area (GLA) of 53,150 m², and more than 3,480 parking spaces

• The new commercial offer includes highly prestigious brands such as Zara, H&M, C&A and Cortefiel

Sonae Sierra is inaugurating today the expansion of Shopping and Leisure Centre Plaza Mayor, in Malaga. After the extension, Plaza Mayor will have more than 18,800 m² of Gross Lettable Area (GLA), and 1,130 additional parking spaces.