2Q11 Results

Presentation

August 11th, 2011

Highlights

• Net revenue of R$53.2 million, growth of 17.2% over 2Q10

• Adjusted EBITDA totaled R$40.7 million, 17.6% higher than 2Q10

• EBITDA margin of 76.5%

• Adjusted FFO of R$44.4 million, a 29.5% increase over 2Q10

• Adjusted FFO margin of 83.5%

• NOI totaled R$50.9 million, growth of 21.1% over 2Q10

• Same Store Rents (SSR) increased by 12.7%

• Same Store Sales (SSS) increased by 9.8%

• Net Income Attributable to shareholders of R$59.2 million, a 87.1% increase

• The Company secured a loan up to R$200 million for the Passeio das Águas

Shopping (Goiânia) construction

2

111

Operating Results

Occupancy Rate (% of GLA)

111

Sales (R$ million)

831 934

1,575 1,775

2Q10 2Q11 1S10 1S11

12.4%

12.7%

97.3%

96.3%

97.0%97.2%

98.3% 98.5% 98.4%98.0%

97.7% 97.5%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

33

111

SSS/sqm

111

SSR/sqm

865

950

830

913

2Q10 2Q11 1H10 1H11

9.8%10.0%

47

53

46

52

2Q10 2Q11 1H10 1H11

12.7% 12.9%

2Q10 2Q11 1S10 1S11

Future Growth

Owned GLA growth (000 sqm)

Uberlândia

Londrina

Goiânia

13

78

Expansion Greenfields

Sonae Sierra Brasil has a solid new development and expansion pipeline which will double theCompany’s GLA in three years

+92%

Metrópole (I)PDP (II)

Metrópole (II)

Tívoli

84

203

3913

2010 2011 2012 2013 Total

10

Campo Limpo

4

Greenfield Projects – Uberlândia

Construction siteUberlândia Shopping

City Uberlândia

State MG

Expected Opening 1Q12

GLA (‘000 sqm) 43.6

SSB’s ownership interest 100%

Committed GLA 88%

Capex Incurred (R$ million) 119.2

Data on June 30th, 2011

Project illustration

5

Greenfield Projects – Londrina and Goiânia

Boulevard Londrina Shopping

City Londrina

State PR

Expected Opening 2H12

GLA (‘000 sqm) 47.8

SSB’s ownership interest 84.5%

Committed GLA 71%

Capex Incurred (R$ million) 78.3

Project illustration and construction site Project illustration

Passeio das Águas Shopping

City Goiânia

State GO

Expected Opening 2013

GLA (‘000 sqm) 78.1

SSB’s ownership interest 100%

Committed GLA 24%

Capex Incurred (R$ million) 48.6

Data on June 30th, 2011

6

Expansions

Future Expansions

TivoliMetrópole(Expansion II)

Parque D. Pedro(Expansion II)

Campo Limpo

On-going expansions

Metrópole(Expansion I)

LocationSão Bernardo

(SP)Sta. Bárbara D’Oeste (SP)

Campinas (SP)São Paulo (SP)São Bernardo

(SP)

* As of June 30th, 2011

(SP) D’Oeste (SP)(SP)

Sonae Sierra Brasil Stake

100% 30%51%20%100%

Additional TotalGLA (‘000 sqm)

12.0 7.05.03.09.0

Opening 2013 20132012Sep 2011Nov 2011

Start of construction 1H20121H2011 1H2012 1H20121H2010

% of GLA already committed*: 99% 95% n.a. n.a. n.a.

7

Financial and Operating Performance

Gross Revenue (R$ ‘000) 2Q11 2Q10 Var. % 1H11 1H10 Var. %

Rent 43,692 36,905 18.4% 85,034 71,895 18.3%

Rent contract straight-lining 1,044 1,094 -4.6% 1,993 2,417 -17.6%

Service revenue 4,057 2,525 60.7% 8,090 6,978 15.9%

Parking revenue 5,882 4,922 19.5% 11,492 7,696 49.3%

Key Money 2,523 3,096 -18.5% 4,921 5,818 -15.4%

Other revenue 120 275 -56.3% 445 307 45.0%

Total 57,318 48,817 17.4% 111,975 95,111 17.7%

111

Gross Revenue (R$ million)

111

Gross Revenue Breakdown

49 57

95 112

2Q10 2Q11 1H10 1H11

17.4%

17.7%

76%

2%5%

10%

6%

1%

76%

2%

7%

10%

5% Rent

Rent contract straight-lining

Service revenue

Parking revenue

Key Money

Other revenue

8

Costs and Expenses

Costs and Expenses (R$ ‘000) 2Q11 2Q10 Var. % 1H11 1H10 Var. %

Depreciation and amortization 359 260 38.1% 762 535 42.4%

Personnel 7,263 5,052 43.8% 12,886 9,881 30.4%

Outsourced services 2,026 5,160 -60.7% 4,158 6,882 -39.6%

Occupancy cost (vacant stores) 960 1,091 -12.0% 1,825 2,243 -18.6%

Cost of contractual agreements with tenants 275 137 100.7% 611 575 6.3%

Reversal of the allowance for doubtful lease receivables

(248) 149 n/a 332 (233) n/a

Rent 716 699 2.4% 1,341 1,269 5.7%Rent 716 699 2.4% 1,341 1,269 5.7%

Travel 389 336 15.8% 613 593 3.4%

Other 1,080 1,532 -29.5% 2,905 3,665 -20.7%

Total 12,820 14,416 -11.1% 25,433 25,410 0.1%

Classified as:

Cost of rentals and services 8,742 7,355 18.9% 18,203 14,857 22.5%

Operating Expenses 4,078 7,061 -42.2% 7,230 10,553 -31.5%

Total 12,820 14,416 -11.1% 25,433 25,410 0.1%

9

Indicators

111

Adjusted EBITDA and Margin (R$ million)

111

Net Revenue (R$ million)

76.2% 76.5% 75.9% 76.5%

3541

6779

2Q10 2Q11 1H10 1H11

17.6%

18.2%

45 53

88103

2Q10 2Q11 1H10 1H11

17.3%

17.2%

111

Adjusted FFO and Margin (R$ million)

111

Net Operating Income - NOI (R$ million)

75.6%

83.5%

73.0%76.6%

2Q10 2Q11 1H10 1H11

3444

6479

2Q10 2Q11 1H10 1H11

23.1%

29.4%

2Q10 2Q11 1H10 1H11

44 51

83 99

2Q10 2Q11 1H10 1H11

18.7%

15.2%

10

Indicators – Management Accounts (PDP 51%)

111111

Adjusted EBITDA and Margin (R$ million)Net Revenue (R$ million)

3642

6881

2Q10 2Q11 1H10 1H11

18.8%

17.6%

2631

4959

2Q10 2Q11 1H10 1H11

20.7%

19.6%

72.5%73.7%

72.3%73.4%

2Q10 2Q11 1H10 1H11 2Q10 2Q11 1H10 1H11

111

Adjusted FFO and Margin (R$ million)

2534

46

59

2Q10 2Q11 1H10 1H11

27.3%

35.4%

71.2%

82.0%

68.2%73.0%

11

Cash Position and Leverage

Net Cash Position (R$ million) Debt Profile

Fixed42%

CDI16%

TR42%

458.0

158.8

299.2

Cash and Cash Debt Net Cash

Data on June 30th, 2011

Debt Amortization Schedule (R$ million)

20,939,6 39,6 39,2

159,9

Up to 2012 2013 2014 2015 2016 onwards

Cash and Cash

Equivalents

Debt Net Cash

12

Thank you

Q&A

Investor Relations

Carlos Alberto CorreaInvestor Relations Director

Murilo HyaiInvestor Relations Manager

Eduardo Pinotti de OliveiraInvestor Relations Analyst

Website:Website:www.sonaesierrabrasil.com.br/ri

Email:ribrasil@sonaesierra.com

Phone: +55 (11) 3371-4188

Disclaimer

► The material that follows is a presentation of general background information about Sonae Sierra Brasil S.A. and its subsidiaries

(the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not

intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This

presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or

implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of the information

presented herein.

► This presentation may contain statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of

1933, as amended (the “Securities Act”) and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking

statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-

looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operationslooking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations

and business environments of the Company and its subsidiaries that may cause the actual results of the Company to be materially

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