2013 IN REVIEW SHOPPING EXPERIENCES. Creating value from UNIQUE. Economic, Environmental and Social Performance

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1 213 IN REVIEW Economic, Environmental and Social Performance Creating value from UNIQUE SHOPPING EXPERIENCES

2 SonAE SIERRA WE have long RECoGnISEd ThAT EnvIRonmEnTAl And SoCIAl performance AFFECTS our FInAnCIAl RESulTS, And WE believe ThAT our long-term business SuCCESS IS dependent on All ThREE dimensions: EConomIC, EnvIRonmEnTAl And SoCIAl. About this report This report provides a summary overview of Sonae Sierra s economic, environmental and social strategy and the Company s performance in 213. We have also published a fully integrated Economic, Environmental and Social Report, available on our website which draws heavily on the International Integrated Reporting Council s (IIRC) Framework on Integrated Reporting and the Global Reporting Initiative (GRI) G4 Sustainability Reporting Guidelines. As such, it provides our stakeholders with a more robust and detailed account of our current strategy and performance in 213, and further demonstrates the alignment between our core business and sustainability goals. Hofgarten Solingen, Germany Contents 1 Who We Are 2 CEo s Statement 4 The Year at a Glance 6 our Company 1 our business model and Strategy 12 The Wider Context 14 operational performance 22 Consolidated Accounts 28 Future outlook 3 board members and Executives

3 213 In Review.1 WHo We Are Sonae Sierra is a specialist at the cutting edge of shopping centre development, ownership, management and the delivery of professional services in geographies as diverse as Europe, South America, North Africa and Asia. passionate about bringing innovation and excitement to the shopping industry since 1989, Sonae Sierra has been interpreting trends and spearheading a movement that has defined the shopping centres of the future. Through our integrated strategy of investment, development and property management, we have developed a unique understanding of the business and markets we operate in, and we have earned more international awards than any other company in our sector. We have pioneered the integration of sustainability principles into the shopping centre business and we are already reaping the benefits of this forward-thinking approach. passeio das Águas Shopping, brazil boulevard Londrina Shopping, brazil AlgarveShopping, portugal

4 .2 SonAE SIERRA Ceo S StAtement A conversation with Fernando Guedes oliveira 213 SAW us ConSiStentLy outperform the retail SALeS index in most of the european CountrieS WHere We operate; Continue to expand our business through the inauguration of new SHoppinG CentreS And SeCure new mandates For our SHoppinG Centre professional ServiCeS business. Fernando Guedes oliveira Chief Executive officer Q: How would you describe the business s performance over the last twelve months? Has the year turned out as you expected? A: overall, Sonae Sierra s business exceeded expectations for 213. our net Result for the full calendar year was 3.6 million; we delivered a direct profit of 57.6 million and presented an EbITdA of million. 213 saw us consistently outperform the retail sales index in most of the European countries where we operate; continue to expand our business through the inauguration of new shopping centres and secure new mandates for our shopping centre professional services business. Whilst our direct results show a decline in comparison with, this is due to the sale of assets during the last two years in line with our capital recycling strategy. on a like-for-like basis, our direct profit and EbITdA would have in fact remained stable. In Europe, we can identify a clear split in terms of the economic conditions across the year. In the first five months of 213, we saw decline in sales and expansion in yields as forecast. however, from may onwards we witnessed an uplift in consumer confidence and since october we have achieved month-on-month sales growth across the majority of our portfolio, combined with a stabilising of yields, particularly in portugal and Spain. We feel confident that the momentum will continue to pick up as we move into 214 and we have built a strong platform to take advantage of market recovery as soon as it materialises. In brazil, on the other hand, the economy is still expanding in spite of recent deceleration: we saw an increase above 5% in tenant sales and we were able to deliver strong rental growth. Q: What progress did Sonae Sierra make towards its objectives for 213 and beyond? A: our business strategy remains the same and is validated by the changes we saw during 213. We continue to: maintain and enhance our shopping centre specialism. deploy our capital recycling strategy to fund new developments and reduce our exposure to investment properties, with a shift from a mature market concentration to a greater weight of emerging markets (including brazil). Reinforce our professional services business. pursue new development opportunities with a capital-light approach in the use of equity. In 213 we concluded the sale of three assets one in Spain and two in Italy to institutional investors, enabling us to perpetuate our capital recycling strategy. Two more significant achievements of our investment business were the extension of the Sierra Fund for an additional five year period, and the acquisition of a further 5% stake in CascaiShopping, through a majority-owned subsidiary, a prime asset in Greater lisbon. We inaugurated three new shopping centres one in Germany and two in brazil. In Germany, hofgarten Solingen is already exceeding expected performance in terms of footfall and sales. In brazil, our expansion into two new states in the interior and south of the country Goiás and paraná has significantly added to the GlA of our portfolio in this market. boulevard londrina Shopping and passeio das Águas Shopping are reference points in terms of high-quality design and best practice in safety, health and environment in these regions. brazil offers strong potential for new projects as well as expansions/refurbishments to existing assets, and in this context we also launched a significant expansion project at Franca Shopping in São paulo. In terms of new development, we commenced works on a new flagship shopping centre in bucharest, Romania in a joint venture partnership with Caelum development. our professional services business continues to bear fruit, with over 5 new contracts signed in 213 and the successful launch of Sierra Reval, a partnership created to deliver shopping centre services in Turkey. At the start of 214 we also finalised an important joint venture partnership with Citic Capital to provide management and leasing services in China.

5 213 In Review.3 Q: What have been the most significant challenges and how have you overcome these? A: Without a doubt the adverse economic conditions in Southern Europe continue to present the greatest challenges for our business. Scarcity of debt, weak retail sales and fluctuating yields continue to compromise our ability to proceed with new development, maximise rental income and improve our direct results. however, our teams have deployed considerable initiative and efforts to maintain our high occupancy rates an average 94.4% across our global portfolio and 97.4% in portugal, one of the countries most affected by the Eurozone crisis and to strengthen the appeal of our assets as cutting-edge shopping and leisure destinations for consumers. on this front, I am particularly proud of the work we have done to support our tenants businesses; driving down service charges through cost-cutting measures (including eco-efficiency); introducing exciting new retail concepts into our malls and exploiting digital media platforms to enhance sales activation. Furthermore, the successful disposal of the three assets mentioned previously enables us to release capital to fund our new investment and/or development activity in the context of a constrained debt market. The impressive growth of our professional services business also bolsters our net income and opens up opportunities for our business to expand further into emerging markets which hold greater promise for retail growth. Q: What do you consider to be Sonae Sierra s greatest achievements of 213 and how will these affect the business going forwards? A: besides the specific events highlighted above, I would emphasise above all our strong capital position with a low loan-to-value ratio and a solid interest cover. Indeed, all the efforts we have made over the last five years to contain our costs, sustain our rental income through first-class operational management and expand into new geographies through our professional services business put us in an optimal position to take advantage of the improved economic circumstances. Another key achievement for our business has been, in my view, the way in which we have embraced changing consumer habits through intelligent use of digital media. Whereas e-commerce was initially seen as a significant threat, the success of our promofans promotions platform proves that we can use the internet to our advantage. With other digital projects already underway, we expect to reap further rewards from the skilful use of digital technology in the future. Taking a wider future perspective, I am particularly proud of the work we have commenced in 213 to support the long-term resilience of our business, as well as our ongoing achievements in terms of safety, health and environmental performance. Whilst improvements in our management of energy, water and waste enabled us to reduce our environmental impact and avoid costs of 18.2 million in 213, our research into solutions for effective resource resilience (such as water reuse and renewable energy systems) is vital for sustaining our assets value in the long term. likewise, our efforts to support our tenants and to have a positive impact on local economies has already given rise to new, unique retail concepts such as the Flash Stores and Coop stores which are fostering entrepreneurship and enhancing our offer to consumers. Q: What are your priorities for 214, and how do you see the year unfolding? A: overall, I am cautiously optimistic about the year ahead. Anticipating gradual stabilisation in Southern European markets, we will continue to pursue a dynamic management approach with a focus on improving occupancy, rental income and tenant sales. In Iberia, where the market has bottomed out, we expect values to improve slightly during 214 at least for prime assets, and for more investors to return to the market. Whilst we do not currently have plans to acquire or develop any more assets in this market, we will proceed with expansion and refurbishment works when the conditions are right to enhance the value of our existing portfolio. We believe that the German market will remain the strongest within the Eurozone, with growing investor appetite for both primary and secondary assets. Consequently, we will seek opportunities for new developments and acquisitions in this country, as well as in Italy where we are seeing patent signs of recovery. The main focus of our strategy in brazil will be on development; we will proceed with the construction of a new development pipeline and exploit opportunities for redevelopment on key existing assets through expansion and/or refurbishment projects. We will take an opportunistic approach to acquisitions, targeting shopping centres which offer strong potential for redevelopment when the market is favourable, and we will pursue a strategy of capital recycling through the sale of non-core assets. Importantly, we will increase our presence in emerging markets; both by entering new markets as a professional services provider and growing our market share in the countries where we are already present, with a particular focus on north Africa and Turkey. our development business will also seek opportunities for direct investment, in Colombia and morocco, always in accordance with our capital light approach. We will continue to innovate in our approach to business; ensuring that our centres offer the most cutting-edge experiences for consumers and that we deliver first-class solutions to our clients. Equally we will proceed with our focus on ensuring business resilience through our four long-term priorities, tackling global environmental and social challenges in a way that supports ongoing value creation for our stakeholders. With a robust strategy in place, we commence the new Year in a strong position to exploit new opportunities and deliver solid performance across all areas of our business.

6 .4 SonAE SIERRA the year At A GLAnCe Key Activities INVEStMENt SierrA Fund And Cbre iberian value Added Fund SoLd parque principado (SpAin) For million SierrA Fund SoLd valecenter And Airone (both in italy) to blackstone real estate partners For million reached AGreement WitH rockspring property investment managers to ACQuire 5% StAKe in CASCAiSHoppinG (portugal) AnnounCed the expansion And refurbishment of FrAnCA SHoppinG (brazil), WitH 31 million investment AddinG 11,m 2 GLA inaugurated 4.5 million expansion of ALGArveSHoppinG And CommenCed 5 million refurbishment of norteshopping (portugal) DEVELOPMENt inaugurated HoFGArten SoLinGen (GermAny) inaugurated boulevard LondrinA SHoppinG And passeio das ÁGuAS SHoppinG (brazil) CommenCed the development of parklake in romania, A Joint venture WitH CAeLum development AnnounCed our FirSt development in morocco, A Joint venture WitH marjane, AL FuttAim And SoCiÉtÉ d AmÉnAGement de ZenAtA (Groupe CdG) MANAgEMENt LAunCHed digital LounGe pilot project in HoFGArten SoLinGen the FirSt of its Kind in our portfolio ConSoLidAted promofans platform ACHievinG 36, registered users SinCe LAunCH LAunCHed Coop Store project to FoSter entrepreneurship And the emergence of new brands And ConCeptS in our SHoppinG CentreS 3 3 implemented rainwater HArveStinG or WAter reuse SyStemS At Six SHoppinG CentreS (34% of our CentreS now HAve these SyStemS) PROFESSIONAL SERVICES SiGned 59 new ServiCe ContrACtS ACroSS europe, north AFriCA And ASiA WitH A Combined value of 12.2 million entered the turkish market WitH the CreAtion of ServiCe provider CompAny SierrA reval ConSoLidAted ACtivity in morocco, SiGninG Seven new ServiCeS ContrACtS WitH CLientS Joint venture partnership Formed WitH CitiC CApitAL to provide property management ServiCeS in CHinA

7 213 In Review.5 Awards and Certifications AWArded the retail rising StArS AWArd At the international retail property market (mapic) AWArdS 213 For our ACtivity in brazil Honoured For the FiFtH ConSeCutive year by the euromoney magazine real estate AWArdS WinninG best developer overall And best retail developer in portugal received Four AWArdS At the icsc SoLAL marketing AWArdS the HiGHeSt number For A european CompAny obtained Four new iso 141 And Five new ohsas 181 CertiFiCAtionS At three operational iso 141 And iso 181 CERTIFICATIonS AChIEvEd SHoppinG CentreS And two ConStruCtion projects Key performance indicators 5,638m omv of owned Assets ( million) 3.6m Consolidated net profit ( million) 113.5m EbITdA ( million) 213 5, , , , % Average occupancy Index (% by GlA, across our owned portfolio) 1,m Real Estate nav ( million) 1,896m 2 GlA owned in operating centres ( s m 2 ) , 213 1, ,5 1, ,173 1, ,251 2,17 2,33m 2 GlA under management ( s m 2 ) 4.6 Tenant satisfaction Index (scale of 1 ( not satisfied ) to 6 ( very satisfied )) 32.2 Average hours of training per employee 213 2, , , , kWh/m 2 Electricity efficiency (excluding tenants) of our owned portfolio (kwh/m 2 mall and toilet area) % Total waste recycled as a proportion of waste produced (% by weight, across our owned portfolio) lost Workday Case Accidents Frequency Rate (lwcafr) on construction sites

8 .6 SonAE SIERRA our CompAny Sonae Sierra is passionate about creating unique shopping experiences. Incorporated in Portugal in 1989, Sonae SgPS (Portugal) and grosvenor group Limited (United Kingdom) each control 5% of the Company. We have an integrated business which encompasses owning, developing and managing shopping centres as well as the provision of professional services in geographies as diverse as Europe, South America, north Africa and Asia. As a pioneer in the creation of themed shopping centres, Sonae Sierra remains a leader in the development of unique concepts for exceptional shopping centres that offer great experiences and turn customers into fans. our proactive approach to business ensures that we have the necessary capital required to maintain and market our shopping centres, attract new and innovative tenants and to increase our centres asset values. This strategy has allowed us to develop unique know-how and has earned us international recognition for the development of innovative products and delivery of high quality property management services. This in turn has enabled us to develop our activity as a professional service provider. our vision is to be the leading international shopping centre specialist. our mission is to provide ultimate shopping experiences to customers and to create outstanding value to shareholders, investors, tenants, communities and staff, while contributing to sustainable development. our vision and mission are underpinned by a set of core values and principles regarding our business culture, responsibility towards our staff, the environment, local communities where we operate and independence from political power. Key Facts AS on 31 december 213 SHoppinG CentreS owned 47 management And/or LeASinG 81 total managed GLA of 2.3 million m 2 under development 6 projects And An omv of 5.6 billion SHoppinG CentreS ACroSS 13 CountrieS including Four For professional ServiCeS CLientS, And Four new projects in the pipeline rent received At owned SHoppinG CentreS million visits made to managed SHoppinG CentreS 45.6 million tenant SALeS At managed SHoppinG CentreS 5,158 million direct employees 1,144

9 213 In Review.7 organisational Structure Sonae Sierra is a holding company for four separate Sonae Sierra businesses: Sierra Investments, Sierra developments, Sierra management, and Sonae Sierra brasil. our businesses also act as professional service providers in Europe, South America, north Africa and Asia. All our businesses are supported by Corporate Services which includes: Finance, legal, Taxes, human Resources, Communication, Sustainability and our European Shared Services Centre. SierrA investments SierrA developments SierrA management SonAe SierrA brasil Sierra investments owns the Company s shopping centres and is responsible for our investment activities. Sierra Investments holds 5.1% of the Sierra Fund and 47.5% of the Sierra portugal Fund, thus maintaining its position as co-owner and manager of the Funds underlying assets. Applying the extensive experience it has acquired, this business also acts as a provider of professional services. Sierra developments constantly seeks opportunities to develop new shopping centres, from the conceptual architectural design phase through to construction and engineering management (including expansion and refurbishment projects). leveraging on its track record and know-how, Sierra developments also provides professional services in the shopping centre development area. Sierra management takes on the management of shopping centres on behalf of Sonae Sierra and its co-owners, with a focus on maximising long-term value. Furthermore, the business is responsible for leasing the retail premises within each shopping centre, including those in projects that are still in the development stage. Sierra management also provides professional services in shopping centre management and leasing. Sonae Sierra brasil is listed in the bm&f bovespa (the brazilian Stock Exchange) with a 33% free float, the remainder is a 5/5 partnership between Sonae Sierra and ddr, one of the usa s largest real estate investment trusts (REITs) focused on the shopping centre sector. Sonae Sierra brasil s business operates autonomously and is focused on investing, developing and managing shopping centres in brazil. Centro Colombo, portugal Hofgarten Solingen, Germany boulevard Londrina Shopping, brazil

10 .8 SonAE SIERRA our CompAny (ConTInuEd) Where We operate Our strong partnership policy, both with international investors and local partners, provides the financial backing and market intelligence necessary to successfully develop new business in new geographies. GermAny SpAin romania AZerbAiJAn portugal CoLombiA GreeCe italy turkey morocco ALGeriA CHinA brazil operations in 4 continents and 13 countries passeio das Águas Shopping, brazil Loop5, Germany

11 213 In Review.9 ALGERIA P Cévital Group C Immobis C Prombati OUR CURRENT PARTNERSHIPS AND CLIENTS When it comes to shopping centres, we aim to be the partner of choice. Our business, quite simply, would P ) not be what it is today without our partners ( C ). With their backing, we can and service clients ( ensure we have financial strength, the ability to quickly gain an in-depth knowledge of markets and create new opportunities. In return, we offer our partners and professional services clients the chance to benefit from our many years of experience in this field, to capitalise on exciting retail markets and ultimately enjoy strong results. AZERBAIJAN C Baghlan Group BRAZIL Marco Zero Família Sé Tivoli EP Credit Suisse HG P P C C CHINA C Citic Capital Real Estate P & COLOMBIA P Central Control FINLAND P KEVA P ILMARINEN FRANCE P AEW Europe P CNP Assurance P CDC P Foncière Euris PORTUGAL P Estevão Neves P Bensaúde Group P Sonae RP P Sonae MC C CGD P & C Millenium BCP C Montepio Geral C GIL C The Edge Group SPAIN P Eroski Group P Iberdrola Inmobiliaria C Grupo Clásica Urbana SWITZERLAND P Partners Group THE NETHERLANDS P ING Developments P APG Investments P MAB Development C Redevco P & TURKEY P Reval C Banio C Endülüs Gayrimenkul C Krem Turizm UAE GERMANY P Deka Immobilien C Union Investment P & C Aachener Grundvermögen C BHG Gewerb C Commerzbank WE AIM TO CREATE MORE LONG-TERM RELATIONSHIPS WITH LIKE MINDED ORGANISATIONS WHO SEE US AS THEIR SHOPPING CENTRE PARTNER OF CHOICE. GREECE Charagionis Group P IRELAND P Caelum Development ITALY P Coimpredil C Faenza Erre C Edilnaonis C Immobiliare Helios MOROCCO C Marjane C Foncière Chellah C Facenor C Groupe CDG P & C Al Futtaim P & UNITED KINGDOM Grosvenor Fund Management Rockspring Schroders Investment Management C Scottish Widows C Doughty Hanson P P P USA P P P P AIG TIAA-CREF DDR CBRE Global Investors

12 g.1 SonAE SIERRA our business model And StrAteGy With 25 years of experience, Sonae Sierra creates value for stakeholders throughout the entire lifecycle of each asset. The combination of our know-how, our commitment to innovation and our long-term approach have created an integrated business model that embraces shopping centre development, ownership and management as well as professional services. our business model We Fund We provide effective investment solutions that utilise capital while maximising returns. g We Find With extensive knowledge of the shopping centre business, we perform market, cost, community and environmental studies to identify sustainable retail opportunities. g g We ACQuire We acquire the completed assets, many of which we co-own through investment funds, offering international investors sustainable financial rewards from dynamic, high quality retail assets. PRE DEVELOPMENt We design We create innovative schemes and provide professional shopping centre design services to offer exceptional retail experiences and bring vibrancy to the local area whilst sustaining environmental resources and ensuring high safety standards. g g ASSEt MANAgEMENt INtEgRAtED APPROACH DEVELOPMENt We manage We manage our assets in a way that maximises returns for our professional services clients, tenants and investors whilst also delivering value for communities and visitors. At the same time, we promote the efficient use of natural resources and the safety of all people in and around our properties. PROPERtY MANAgEMENt We develop Combining know-how and experience, we bring together exceptional construction and marketing support to develop and commercialise sustainable buildings covering both our owned assets and as a professional service provider. g g g g g

13 213 In Review.11 Our Strategy Our business strategy comprises four axes to allow our business to expand its market presence, deliver sustainable financial returns and create added value for stakeholders through our business model. Shopping Centre Specialist We aim to maximise the value captured along.1.2 the complete value chain of the shopping centre business. For this, we will keep an integrated approach, covering development, investment and management of shopping centres. We define ourselves by our sector focus and not by the amount of financial capital committed to properties. That means, in some properties: l l l We may hold a controlling position, by ourselves or with partners. We may hold minority positions associated with management services. We may render services to third party owners without any financial capital invested by the Company. In all cases, we will strive for the creation of innovative shopping concepts that will adjust and evolve in order to be the preferred choice of the customer. Professional Services We will continue to reinforce a professional.3.4 services component focused on development, leasing and property management services. This enables us to optimise the resources of the Company under market fluctuations and improve know-how on markets, partners and projects. Capital allocation We aim to increase our exposure to developments. This will be achieved through a combination of acquiring exposure to new development opportunities and reducing our exposure to investment properties. We will also shift from a mature market concentration to a greater weight towards emerging markets. Our market priorities will be: l l l Brazil. Emerging markets with significant shopping centre potential, that can deliver high returns in the long term, and where we may enter via the provision of professional services. Germany, Italy and Romania where the objective is to reduce financial capital employed and adopt a developer approach. Portugal and Spain will continue to be core stable markets for the Company but with no prospects for new developments. For Greece, the objective is to realise value in an orderly way. Capital intelligence We will reinforce a capital-light approach in the use of equity. For this, we will use partnerships with the purpose of minimising the financial capital invested in a given operation allowing us to share risk, maximise returns through service delivery and improve know-how. With increasing focus from investors and retailers on prime assets that dominate their catchment areas, market dominance is one of the more relevant variables when assessing shopping centre strength and medium-term potential. We will aim to maintain the financial capacity to commit to ambitious and relevant shopping centre projects, namely in terms of accessing funds in debt markets. For this, we will aim to keep a relevant balance sheet size, associated with prudent financial ratios. Our business strategy is supported by our sustainability strategy. In addition to our ongoing Safe People & Eco-Efficiency and Risk Management commitments, we have identified four long-term focus areas which address the principal sustainability risks facing our operations in order to safeguard our continued capacity to do business: l l l l Prosperous Retailers Partnering with tenants to make their business more resilient. Sustainable Lifestyles Using our reach and public influence to encourage our visitors to make the right choices. Leveraging Knowledge Empowering our employees by building their skills and knowledge and raising the standard of education at a collective level in the communities where we operate. Resource Resilience Trying to be energy independent, using innovation and technology to rethink our processes and reusing water on our sites.

14 .12 SonAE SIERRA the Wider Context the outstanding quality of our international portfolio, combined with our relentless pursuit of long-term strategic goals, continues to buffer us against the worst of the economic downturn and position us strongly for the recovery. Another challenging year, but reasons for optimism bolstered by cautious optimism at year end, it is important to remind ourselves that 213 was still a year of recession for many countries in Europe. Economic sentiment in 213 has undoubtedly improved since, but public debt is still significant and unemployment rates remain high in Southern European countries. Austerity measures continue to suppress consumer appetite for non-food goods in these markets, and the threat of higher taxation levels is causing financial anxiety for citizens. nevertheless, portugal and Spain formally exited the recession in Q3 and Q4 respectively. With Gdp finally on the increase in these countries, and debt availability improving, we are witnessing a gradual revival of investor appetite for retail investments in the region. When viewed alongside the strength of Germany s economy, and continuing rates of robust growth in brazil, there is no doubt that prospects for our business are looking more encouraging at year end than they did at the start. Hofgarten Solingen, Germany Centro vasco da Gama, portugal boulevard Londrina Shopping, brazil

15 213 In Review.13 Steady growth in brazil, and evidence of green shoots emerging in Southern europe In brazil we have continued to benefit from robust economic growth, albeit at a slightly slower pace than in the previous few years. Gdp grew by 2.3% in 213, driven by income growth and low unemployment, and the retail industry continued to show strong performance overall. In portugal and Spain, which together represent 55% of the open market value of our global portfolio, Gdp is predicted to grow by.6% and.2% respectively during 214. despite the upturn, scarcity of debt remains a fundamental constraint to our development pipeline in these markets. nonetheless we were able to proceed with substantial renovation and expansion works at two of our centres, and to increase our ownership stake in another. Within the rest of Europe, excluding Greece, we enjoyed stronger market conditions and built on our existing operations to further grow the business in Germany (hofgarten Solingen) and Romania (parklake). Strong financial position our loan-to-value ratio (maintained below our target of 45%) and debt maturity demonstrates our conservative long-term funding strategy. We find ourselves in a strong financial position for the recovery, and this is supported by the efforts we have made to maintain occupancy rates and cut costs in our corporate operations. Sustaining high occupancy rates continues to be a key priority for Sonae Sierra: we believe it is better to support viable tenants that have been adversely affected by the current economic cycle than to lose them. over the past few years, we have made considerable efforts to maintain the vibrancy of our shopping centres, as we are convinced that below a certain level of occupancy, the viability of a centre is harder to maintain and more costly to restore. Active management initiatives taken to improve tenants resilience include temporary rent discounts; financial advice; marketing support and a drive to maintain low service charges through increased operational efficiency including proactive eco-efficiency measures. Within our own back office, we have undertaken some restructuring efforts and tightened up management processes and procedures, where practical, in order to maximise productivity. Slow but steady recovery from now, with sights firmly set on growth on the whole, the world economy is showing signs of strengthening. In terms of global real estate investment, virtually all major markets were recording sales volume growth at the end of 213 and liquidity was improving across a range of markets and sectors, indicating a positive outlook for the year ahead. new opportunities appear to be opening up for the financing of real estate, especially in prime operating shopping centres, with interest from insurance companies and sovereign wealth funds as well as core and long-term institutional investors. We anticipate that the gradual improvements witnessed in the final months of 213 in portugal and Spain will be carried forward into 214. Whilst we expect that the European recovery will be a slow and cautious one, we nevertheless expect to see improvements in 214, and some recovery of open market values. With growing consumer confidence sending positive signals to the market, we foresee that investor appetite will again increase in Southern Europe in 214, and that yields will continue to stabilise, particularly for prime assets which could lead more investors to turn to secondary stock. WHiLSt We expect that the european recovery WiLL be A SLoW And CAutiouS one, We nevertheless expect to See improvements in 214, And Some recovery of open market values. We continue to be optimistic about economic conditions and growth opportunities in other European markets. In Germany, we expect to see continuing investor interest in retail assets and Gdp growth close to 2% per year. In Italy, Gdp is forecast to increase gradually by.7%. Whilst the Romanian economy has been impacted upon by the weak Eurozone, expectations are for around 1% growth in 214. In brazil, the market remains strong and growth is set to continue in 214, albeit at a more moderate pace. The FIFA World Cup and the Rio 216 olympic and paralympic Games are infusing great confidence into the market and potential investors. We will continue to focus on developing new projects and target acquisitions with expansion and renovation potential, and actively recycle capital from the sale of assets we consider to be non-core. The success of our professional services business in 213 illustrates the significant growth potential we see continuing into 214. We are optimistic that our recently formed joint venture partnerships in Turkey and China will convert into revenue growth and expect to realise further opportunities as we enter into more emerging markets in the coming year. Growing investor momentum supports our focus on sustainable real estate From our experience, investors are increasingly aware of the importance that sustainability features represent when making investment decisions, and the sustainability agenda has continued to gain momentum in the global real estate industry. While the translation of such features into a value premium has yet to be seen, what is becoming more evident is that investors will tend to penalise, or not even invest in, properties lacking such features because they are at greater risk of obsolescence. new goals to deliver long-term value for our business In 213, we launched our revised Sustainability Strategy, with a continued commitment to effective Risk management and Safe people and Eco-Efficiency, and a focus on our four long-term themes. We have proceeded immediately with actions on those themes which present the most pressing issues for our business. We have initiated several projects to support entrepreneurship in our shopping centres within the scope of the prosperous Retailers theme of our strategy. on the theme of Resource Resilience, we undertook research into new technology and conducted feasibility studies with a view to supporting the long-term resilience of our shopping centre portfolio in the context of costlier and scarcer energy and water resources. In particular, we can highlight our decision to proceed with our research into the roll-out of water reuse and rainwater harvesting systems across our portfolio.

16 .14 SonAE SIERRA operational performance In 213, we maintained our efforts to improve operational efficiency, recycle capital and increase our professional services to third parties. We also successfully inaugurated three shopping centres, Hofgarten Solingen (germany) and Boulevard Londrina Shopping and Passeio das Águas Shopping (Brazil). Successful development activity leads market expansion With Southern Europe still bearing the brunt of the economic crisis, our development activity in 213 focused on Germany and brazil where we have continued to deliver positive results in recent years: l l l may 213 saw the inauguration of boulevard londrina Shopping in paraná state in southern brazil. developed as a joint venture with marco Zero - Shopping Empreendimentos Imobiliários, boulevard londrina Shopping represents an investment of 122 million and is our first shopping centre in the region. With 48,4m 2 of GlA, the centre brings new national and international brands to a catchment area of more than 8, people and received 3.3 million visits by the end of the year. In october 213, passeio das Águas Shopping opened its doors in the city of Goiânia (Goiás state) in brazil. Representing an investment of 15 million, passeio das Águas Shopping is the largest shopping centre in the Central-Western region of brazil, comprising 77,9m 2 of GlA. The centre offers international and local brands to the 1.6 million inhabitants of Goiânia and received 1.1 million visits in its first two months, making it an important shopping and leisure destination for the region. Also in october, we inaugurated hofgarten Solingen which was developed as a 5/5 joint venture with mab development in the city of Solingen, Germany. The centre represents an investment of 12 million and its 25,1m 2 of GlA strengthens our presence in a European market which demonstrates strong retail potential in spite of the impacts of the economic downturn on the Eurozone. With approximately 1.4 million visits made to the centre by the end of 213, we are enthusiastic about hofgarten Solingen s success. We strive to deliver assets that provide a safe environment and prove more resilient in terms of resource consumption, waste management and other challenges associated with climate change. The construction works for all three developments achieved dual certification in accordance with ISo 141 and ohsas 181 standards in line with our long-term objective. hofgarten Solingen was the first development of its kind in Germany to do so. Waste and safety are two performance measures that we monitor closely during construction works (including refurbishments and expansions). In 213 we achieved a waste recycling rate of at least 95%, exceeding our target of 85%. We aim to anticipate and prevent all safety risks to onsite workers and use a number of indicators to measure our progress. The Safe practice Index (SpI) measures adherence to Sonae Sierra safety and health requirements and in 213 the average score across all construction sites was 94%. We also attained a lost Workday Case Accidents Frequency Rate (lwcafr) of 4.3, a 13.5% fall from and exceeding our target of 12. Incorporating low environmental impact technologies during the design phase is cheaper and more effective than interventions made post-development, and with this in mind we have been actively investigating how the latest available technologies for on-site energy generation, water re-use and waste mitigation can be introduced on our new projects to enhance their operational cost efficiency and profitability, ultimately benefitting Sonae Sierra, our tenants and increasing visitor comfort. our two inaugurations in brazil significantly added to our GlA under management and establish our presence in two important areas where we aim to become the dominant player. pursuing growth opportunities in mature and emerging markets While many projects in our development pipeline remain on hold, we nonetheless continue to seek opportunities that will deliver the right level of return, both in mature markets and emerging markets. In Europe, we started the development of parklake in bucharest, Romania, in november, along with our joint venture partner Caelum development. Representing an investment of 18 million, this shopping centre will host around 2 shops within 7,m 2 of GlA and offer leisure and sports facilities connected with the adjoining Titan park. Scheduled for inauguration in 216, parklake will incorporate solutions to reduce energy and water consumption and maximise waste recycling. With an excellent location, transport links and a primary catchment area of over 5, people, we are confident that parklake will offer residents a compelling shopping and leisure venue and become a key attraction in bucharest.

17 213 In Review.15 We are also excited to announce our first development project in north Africa. Zenata shopping centre, located in mohamedia, a city close to Casablanca, morocco, represents a 125 million joint venture partnership with marjane, Al Futtaim and Société d Amenagement de Zenata (Groupe CdG). The centre will have a GlA of 9,m 2 with 245 shops serving a catchment area of 5.8 million inhabitants. due to open in 217, it will create an estimated 4,5 direct jobs for the local community. expansion and refurbishment activity adds value to existing assets We remain focused on maintaining and improving the quality of our existing assets, and in 213 we completed or commenced refurbishment and expansion works at several assets in our portfolio: l In September, we announced the 31 million expansion and refurbishment of Franca Shopping, located in São paulo state, brazil. The investment will increase the centre s capacity by almost two-fold to 3,m 2 improving its commercial and leisure offer with 68 new shops (including four anchors) and 649 new parking spaces. Also in brazil, we completed the refurbishment of Shopping plaza Sul in São paulo which has revitalised the tenant mix and re-energised the shopping centre. l l In may 213, we completed the 4.5 million expansion and refurbishment of AlgarveShopping in Albufeira, portugal. The refurbishment strengthened the tenant mix and improved the food court and mall area. Significantly, it added 3,m 2 of GlA enabling the entry of the largest C&A and h&m shops in the Algarve region. Another highlight was the completion of works to enhance the commercial and leisure offer at Centro Colombo in lisbon. In keeping with our drive to bring innovative concepts to consumers, the ImAX cinema marked the introduction of digital 3d cinema in portugal. The opening of primark in october had an overwhelmingly positive impact on traffic and sales, highlighting once again the pull of rising international brands and their importance in anchoring our centres. A primark store is also scheduled to open in norteshopping in porto, where in September we announced the second phase of the refurbishment works which began in. our investment plans for expansions and refurbishments include initiatives to improve the safety and the eco-efficiency of centres in line with our Safety, health and Environment management System and the requirements of ISo 141 and ohsas 181 certification. Hofgarten Solingen, Germany our two inaugurations in brazil SiGniFiCAntLy Added to our GLA under management And establish our presence in two important AreAS WHere We Aim to become the dominant player. Freccia rossa, Italy

18 .16 SonAE SIERRA operational performance (ConTInuEd) new service mandates in europe, north Africa and Asia providing professional services continues to be a key aspect of our strategy to grow new income streams and increase know-how and experience in new and emerging markets. our track record in property management has enabled us to secure a number of new mandates across a range of geographies. our professional services business as a whole (including property development, management and leasing services) is now valued at 2 million, representing an increase of 3% since. Whilst the market for these services has become more crowded, Sonae Sierra s competitive advantage lies in the breadth of services we can deliver across the whole property lifecycle. by the end of 213, we had 56 active contracts in place to deliver development, management and leasing services to clients, in countries as diverse as morocco, Algeria, Georgia, Turkey and Azerbaijan. In 213 we entered the Turkish market with the creation of Sierra Reval, a service provider in the shopping centre sector covering development, management and letting activities. With contracts in place in eight shopping centres country wide from development to property management and leasing services Sierra Reval is responsible for a portfolio with a GlA of over 215,m 2. As well as signalling our entry into the Turkish market, Sierra Reval supports our broader expansion in the wider region by providing service contracts for two shopping centres in Azerbaijan and Georgia. Together, this activity reinforces our presence in Europe, north Africa and Asia, and demonstrates the confidence that international and local operators have in the added value that Sonae Sierra s expertise and insight can bring to their projects. The delivery of professional services allows us to test new markets and garner knowledge and experience that can support direct investments in the future. proof that this strategy is starting to materialise is the recent announcement of a development project in morocco following our first entry into this country as a service provider in. portfolio under management GlA ( m 2 ) number of contracts In 214 we will aim to expand our professional services business in current markets and enter new ones. Indeed, the beginning of 214 saw an agreement reached with Citic Capital to provide property management services in China, with a view to offering joint venture services in the future, which offers a launch pad for our business in a market with great potential. We ensure that at least the key requirements of our Safety, health and Environment management System are deployed when working in joint venture partnerships and delivering professional services. This helps us to offer our clients a higher quality, environmentally- and socially- conscious service whilst contributing to raising the standards for ShE (Safety, health and Environment) practices in markets where these aspects are not well regulated. Indeed, our track record in ShE and our broader sustainability performance represents a differentiator for our Company offering added value on our services provided. expert property management delivers solid results The macro-economic conditions in the Eurozone as a whole, and portugal and Spain in particular, have presented ongoing challenges for our shopping centre management business in 213. however, whilst rents fell by 4.1% and tenant sales saw a 3.6% decline on a like-for-like basis between and 213, we outperformed the sector in all countries except Spain and maintained occupancy levels at 95.2% across the region. In portugal, sales declined in the first half of 213 but did show a surprising pick-up in the second half of the year with encouraging figures for november and december. Sales for these months were up by 4.9% and 1.8% respectively compared to the same period in. overall, across our owned portfolio, tenant sales in portugal outperformed the retail index by 4.4 percentage points, demonstrating particularly strong performance that has exceeded our expectations in the context of austerity measures in the country. moreover, the occupancy rate of our portuguese portfolio increased to 97.4% (up two percentage points compared with ), supported by the reopening of multiplex cinemas following a contract with a new cinema operator, Grupo oriente. by the end of the year we also saw signs of optimism in the Spanish market, with growing consumer confidence and renewed investor interest. overall, sales decreased compared with although this was affected by two shopping centres in particular which saw more significant declines in sales owing to particularly acute economic headwinds in one location and increasing competition at both. occupancy rates across our Spanish portfolio decreased from 93.7% in to 92.4% in 213 and rents also fell ,33 / 8,288 2,261 / 8,428 2,234 / 8,495 2,22 / 8,521 2,284 / 8,924 2,163 / 8,455 2,183 / 8,162 2,1 / 7,293 2,455 / 7,189

19 213 In Review.17 Across Italy and Germany, where we own a smaller number of assets, broader market comparisons are less meaningful. on a like-for-like basis, overall tenant sales in Germany were up.3% compared with. our occupancy rates averaged 94.5% and rents were down by.9%. In Italy, tenant sales fell by 1.2%, influenced by the broader macroeconomic climate. despite this, tenant sales outperformed the market benchmark and some shopping centres experienced growth towards the end of the year. We also achieved an average occupancy rate of 96.1% and rents rose by 6%. In Romania, where we own one shopping centre, sales increased by 1.7% and rents fell by 1.3%. While in Greece, where we also own one shopping centre, sales continue to be weak and we do not yet see signs for optimism in this particularly distressed market. 213 saw robust growth in brazil, albeit at a slower pace than in. Across our own portfolio, we saw tenant sales increase by 5.5% compared to. Rents in Reais and on a like-for-like basis rose by 8.6% during the same period, allowing us to maintain the biggest margins on rents in the market. occupancy rates across our portfolio were down at 92.1% compared with 97% in december, and this was largely due to the inauguration of boulevard londrina Shopping and passeio das Águas Shopping. by the end of 213, We HAd 56 ACtive ContrACtS in place to deliver development, management And LeASinG ServiCeS to CLientS, in CountrieS AS diverse AS morocco, ALGeriA, GeorGiA, turkey And AZerbAiJAn. rents Fixed rents variable rents total rents % 13/12 rents total like-for-like portugal % -5.7% Spain % -5.9% Italy % 6.% Greece % 12.1% Germany % -.9% Romania % -1.3% Europe % -4.% brazil ( ) % -4.8% brazil (R$) % 8.6% total % -4.1% Rents in million Sales % 13/ total like-for-like portugal 1, , % -.6% Spain % -6.2% Italy % -1.2% Greece % -18.1% Germany %.3% Romania % 1.7% Europe 3, , % -1.8% brazil ( ) 1, , % -7.5% brazil (R$) 4, , % 5.5% total 5, , % -3.6% Sales in million visits % 13/ total like-for-like portugal % -.5% Spain % -2.9% Italy % 2.4% Greece % -6.8% Germany % -1.5% Romania % -2.9% Europe % -1.% brazil % -.2% total % -.9% visits in million

20 .18 SonAE SIERRA operational performance (ConTInuEd) Cost-cutting efforts support tenant retention in a challenging economic climate In the context of ongoing economic challenges, sustaining high occupancy rates is a priority for our property management business. Indeed, the sustained results we have achieved in terms of tenant sales, rent collection and occupancy in Southern Europe over the past few years owe much to our efforts to reduce costs for our tenants whilst maintaining footfall and promoting sales activation. besides supporting tenants on a case-by-case basis providing advice and, in some cases, discounts in rent we have relentlessly endeavoured to reduce service charges in our shopping centres so that our tenants effort ratio remains stable. This strategy has involved working with service suppliers to improve efficiency and, importantly, reducing operational costs through eco-efficiency measures. In 213, it allowed us to reduce the service charge by an average 2.6% across our European shopping centres. Increasing the eco-efficiency of our shopping centres is particularly relevant because it not only allows us to cut costs but also reduce our environmental impact, support the long-term resilience of our assets in the context of climate change and tightening environmental regulation and deliver greater comfort to tenants and visitors alike. on this front, 213 saw good progress towards our long term goals covering energy use, water use and waste. Altogether, we have managed to avoid combined costs of 18.2 million in 213 as a result of eco-efficiency improvements introduced since 22 (for electricity and waste) and 23 (for water). At the same time, this has enabled us to reduce water consumption by 14% (since 23) electricity consumption by 4% (since 22) and increase recycling rates by an impressive 214% (also since 22). electricity efficiency (excluding tenants) of our owned portfolio (kwh/m 2 mall and toilet area) total waste recycled as a proportion of waste produced (% by weight, across our owned portfolio) % % 55% 53% 51% Water efficiency (excluding tenants) of the owned portfolio (litres/visit) proportion of waste that is sent to landfill (% by weight, across our owned portfolio) % 2% 29% 36% 39% parque d. pedro Shopping, brazil GranCasa, Spain

21 213 In Review.19 plaza mayor, Spain uncompromised high-quality service delivered to tenants and visitors In spite of our cost-cutting drive, we have not compromised on our commitment to deliver a consistently high-quality service to our tenants and visitors. our pledge to achieve zero-accidents across our sites is still of utmost importance to us, and in 213 we continued our efforts to increase the safety conditions of our shopping centres. We continue to pro-actively engage with our tenants and consumers in order to obtain feedback on our services and to understand their priorities and anticipate their evolving needs. In 213, 1% of our shopping centres achieved a tenant satisfaction rating of 4 or above on a scale of 1 to 6. Feedback from our tenants reinforced the importance of our strategy to cut costs and maximise footfall and confirmed tenants support for the actions we have taken so far. The findings of our visitor survey highlighted the importance of getting the right balance between services and technology, quality entertainment and affordable prices. visitors also feel strongly that shopping centres should support the local community: indeed, half of visitors surveyed stated that they preferred to visit more sustainable shopping centres and 75% feel more satisfied when they visit centres which demonstrate greater stewardship of aspects such as eco-efficiency, safety and the promotion of local and/or ethical businesses and products. 213 saw us reinforce efforts to reduce the impact of our shopping centres on the environment, increase the safety of people in and around our buildings and promote activities which support local community members and businesses. Global Lost Workday Case Accidents Frequency rate (LWCAFr) among suppliers in shopping centres SAW us reinforce efforts to reduce the impact of our SHoppinG CentreS on the environment, increase the SAFety of people in And Around our buildings And promote ACtivitieS WHiCH Support LoCAL Community members And businesses Global frequency rate of level 3, 4 and 5 category accidents per million visits in shopping centres

22 .2 SonAE SIERRA operational performance (ConTInuEd) pioneering retail concepts increase sales and diversify our tenant mix In 213, we witnessed consumers seeking an integrated shopping experience combining virtual and physical spaces. moreover, the dynamism of modern retail presents opportunities for businesses to better connect with consumers; to understand their evolving profiles and respond to their changing behaviour. In this context, investment in digital technology is a current priority for Sonae Sierra, and is one that has already borne fruit for our property management business. Indeed, a large part of our success in sustaining occupancy levels and improving tenant sales in portugal in particular can be attributed to these efforts. the SALe of three ASSetS in SpAin And italy reflect SonAe SierrA S CApACity to CreAte LonG-term value For investors through our ASSet management StrAteGy, And our AbiLity to recycle CApitAL to Support our expansion in new And existing markets. We continued to rollout our digital strategy in Europe and brazil building on the success of initiatives such promofans a multi-channel promotions platform launched in portugal in late that enables tenants to build customer-loyalty and brand awareness by offering promotions via our shopping centres using a digital platform. Since launch, the success of this platform has been confirmed 92 tenants, representing 9% of our sales, now regularly use promofans to promote their products and services to around 3, people who are subscribed to the platform in portugal. In november we extended promofans to our Spanish shopping centres, where it achieved around 6, registrations among consumers within 1 days of its launch. november 213 saw the launch of a digital lounge in hofgarten Solingen in Germany. This pioneering project, the first of its kind in our portfolio, responds to consumer demands for a social venue integrated into their shopping experience. Combining modern design with interactive digital features, this pilot project will be fine-tuned and rolled out across other Sonae Sierra shopping centres in 214. passeio das Águas Shopping, brazil boulevard Londrina Shopping, brazil Le terrazze, Italy

23 213 In Review.21 In keeping with our commitment to offer unique experiences to consumers, and as a part of our drive to keep our shopping centres vibrant in the context of the economic crisis, 213 saw us build upon our Flash Store project with the Coop Store, a shared retail space run by individuals and small businesses as a cooperative. The Flash Store project has enjoyed great success, attracting about 9 retail operators in portugal and enabling us to introduce new brands and concepts in our shopping centres. lab Stores, which are another offshoot, provide a testing ground for new brands, and over 3% of brands that have used the concept have since become long-term tenants. As we move into 214, we will continue to develop our digital strategy and expand on our pilot programmes to support the latest consumer trends and further embed our shopping centres within the local communities where they operate. Favourable acquisition and disposals concluded in portugal, Spain and italy Yields in our European markets continued to fluctuate in 213. We saw a 7% reduction in the value of our European portfolio, although the portfolio changes and the yields fluctuate to different degrees between geographies and assets. In Spain, we witnessed a return of investor activity towards the end of the year and, as a result, yields have started to compress for prime properties. In portugal, we are starting to see some stabilisation and we also expect yields for prime properties to compress if the economic uptake experienced during the second half of the year continues into 214. In Italy, asset values decreased and, mirroring Spain, we experienced a return of investor demand for prime assets. In Germany and Romania, meanwhile, valuations remained flat. In march we acquired an additional stake in CascaiShopping in portugal. Through a majority-owned subsidiary, we reached an agreement with a fund managed by Rockspring property Investment managers for the acquisition of its 5% stake in this centre. With a varied and high quality retail and leisure offer within 73,8m 2 of GlA, CascaiShopping is still regarded as one of the main retail destinations in greater lisbon. by increasing our investment to obtain a majority stake in CascaiShopping, we will be able to leverage the value of the asset, exploiting its sustained commercial potential. The quality of our shopping centres and effectiveness of our management practices, which together offer increased value of our assets to investors, meant we were able to take advantage of the returning investor demand in Spain and Italy where we completed three disposals by year end. In Spain, the Sierra Fund (the pan-european retail fund in which Sonae Sierra has a stake of 5.1%) and CbRE Iberian value Added Fund sold parque principado in Asturias to a company owned by InTu properties plc and Canada pension plan (Cpp) for million. In Italy, the Sierra Fund sold valecenter and Airone shopping centres to blackstone Real Estate partners Iv and blackstone Real Estate partners vii for million, a value in line with the latest independent valuation of the properties. The sale of three assets in Spain and Italy reflect Sonae Sierra s capacity to create long-term value for investors through our asset management strategy, and our ability to recycle capital to support our expansion in new and existing markets. extension of the Sierra Fund In 213 we reached a consensus with investors to extend the Sierra Fund operations for an additional five year period. Given the importance of the Sierra Fund within our portfolio, the extension of the Sierra Fund s life to october 218 is a significant achievement. Following the sale of münster Arkaden in Germany in and the sales of valecenter and Airone in Italy at the end of 213, the Sierra Fund s portfolio is now concentrated exclusively on the Iberian market. With respect to the Sierra portugal Fund which encompasses nine properties in portugal and is due to terminate in 218 we will wait for market recovery before considering any asset sales. In the meantime, we will continue to focus on increasing tenant sales and reducing operational costs in the assets within this Fund. open market value of Centres in operation 213 Total value Sonae Sierra share omv in million 5,638 2, ,789 3,46 6,32 3,328 6,481 3,54 6,34 3,595 6,166 3,598 6,147 3,786 4,741 2,745 4,96 2,498

24 .22 SonAE SIERRA ConSoLidAted ACCountS The following Financial Statements consolidate all Sonae Sierra companies by the proportional method. Sonae Sierra Consolidated Accounts profit & Loss Accounts Sonae Sierra recorded a net profit of 3.6 million in 213, compared to million in. The difference is mainly due to lower indirect losses in 213 as a consequence of lower yields expansion in Europe and lower impairments/provisions compared to, as all properties under development were recorded at fair value. In december 213, our direct net profit reached 57.6 million, an 8% decrease from december. This was mainly due to changes in our portfolio following disposals in and 213 and adverse foreign exchange (FX) fluctuations which were not totally compensated by our inaugurations in 213, the first full year of results at shopping centres inaugurated in and cost cutting efforts across all parts of Sonae Sierra. balance Sheet The value of our assets reached 2.3 billion in december 213, of which 2 billion corresponds to Investment properties and 131 million corresponds to properties under development and Concessions. The increase in Investment properties compared to is explained by the openings of boulevard londrina Shopping, passeio das Águas Shopping and hofgarten Solingen, the acquisition of an additional 5% stake in CascaiShopping which were partially compensated by our disposals and adverse FX fluctuations affecting our brazilian portfolio. properties under development is lower than, largely due to the openings of boulevard londrina Shopping, passeio das Águas Shopping and hofgarten Solingen. The lower net Worth compared to is mainly explained by adverse variances in translation reserves as a consequence of the depreciation of the brazilian Real (down 17% in 213). bank loans are also lower compared to and this is mainly due to the disposals carried out by the end of year. Consolidated profit and Loss Account ( ) 213 % 13/12 direct income from investments 228,87 227,326 % direct costs from investments 114, ,15 3% ebitda 113, ,311-2% net financial costs 38,141 38,171 % other non-recurrent income/cost -2,699-2,552-6% direct profit before taxes 72,612 75,589-4% Corporate tax 14,974 13,5 15% direct net profit 57,637 62,584-8% Gains realised on sale of investments -3,828 6, % Impairment -9,322-34,965 value created on investments -39,12-84,382 54% indirect income -52, ,356 53% deferred tax 1,749-3,891 indirect net profit -54, -18,466 5% net profit 3,637-45,882 Consolidated balance Sheet ( ) 31 dec dec var. 13/12 Investment properties 1,952,413 1,933,26 19,387 properties under development and others 13, ,511-87,74 other assets 117, ,62-8,449 Cash & equivalents 124,69 153,26-28,651 total assets 2,324,947 2,43,399-15,453 net worth 794,41 84,89-46,399 bank loans 1,31,267 1,59,613-28,346 deferred taxes 252, ,438-8,551 other liabilities 246, ,538-22,156 total liabilities 1,53,536 1,589,59-59,53 net worth and liabilities 2,324,947 2,43,399-15,453

25 213 In Review.23 Financial resources debt breakdown and maturity Sonae Sierra has maintained its conservative long-term funding strategy. The capital structure is supported by a long average debt maturity of 4.77 years, 71% of debt with fixed interest costs showing the prudent hedging of interest rate risk and a balanced debt maturity profile. The following chart illustrates Sonae Sierra s debt as of 31 december 213. debt Structure Commercial paper 5m bank loans 926m bond loans 16m Cost of debt debt maturity Sonae Sierra continues to demonstrate good access to low cost financing from banks and capital markets. The average cost of debt for Sonae Sierra is 3 basis points above and currently stands at 4.3%. Excluding brazil, the average cost of debt is 3.6%, which supports the interest coverage ratio and remains relatively low versus our European peers. Average Cost of debt europe % Financial ratios 3.5% 3.8% 3.4% >218 31% % Fixed interest europe % As of 31 december 213, Sonae Sierra s financial ratios show a prudent and solid approach. 7% 19% 25% 9% 1% 78% 7% 74% The loan-to-value (ltv) is 43.9% which compares unfavourably with 42.9% in. The increase derives mostly from the reduction in the value of our assets due to the yields expansion in Europe and adverse FX fluctuations affecting our brazilian portfolio. Although higher compared to, the ltv presents a noticeable reduction since 29. The Interest Cover in december 213 was 2.54, well above our target of 2, thanks to the currently low average cost of debt. Sonae Sierra also measures its exposure to retail real estate development risk through the development Ratio. This monitors the weight of the funds already spent in all committed and non-committed developments and those still to be spend in all committed developments in relation to our total real estate portfolio (again, including the funds still to be spent on committed projects). We monitor our ability to control the development pipeline in order to stabilise debt leverage while portfolio asset values are volatile. The development Ratio is lower than december which is mainly due to the opening of boulevard londrina Shopping, passeio das Águas Shopping and hofgarten Solingen. net Asset value Sonae Sierra measures its performance, in a first instance, on the basis of changes to the net Asset value (nav) plus dividends distributed. We calculate our nav according to the guidelines published in 27 by InREv (European Association for Investors in non-listed Real Estate vehicles), an association of which Sonae Sierra is a member. on the basis of this methodology, the nav of Sonae Sierra, as of 31 december 213, was 1, million compared to 1,5 million on 31 december. The nav per share of the properties attributed to Sonae Sierra is 3.76 against recorded on 31 december. The nav reduction results mainly from the effects of adverse FX fluctuations (a Real depreciation of 17%). net Asset value (nav) amount in 31 dec dec nav as per the financial statements 794,41 84,89 Revaluation to fair value of developments 5,35 9,841 deferred tax for properties 23, ,382 Goodwill related to deferred tax -16,459-34,53 Gross-up of assets 13,176 16,443 nav 1,,236 1,49,972 ratios 31 dec dec loan-to-value 43.9% 42.9% Interest cover development ratio 9.4% 12.4% net Asset value (nav) nav ( ) nav per share ( ) Loan-to-value % 42.9% 43.7% 46.4% % dec 213 dec dec dec dec 29 dec 28 dec 27 dec 26 dec 25 dec 24 dec 23 dec 22 dec 21 1, / 31 1,5 / 32 1,173 / 36 1,251 / 38 1,228 / 38 1,416 / 44 1,713 / 53 1,49 / 46 1,265 / 39 1,6 / / 29 1,37 / / 25

26 .24 SonAE SIERRA ConSoLidAted ACCountS (ConTInuEd) Sierra investments Sierra Investments made a negative contribution of million to the Consolidated net profit of Sonae Sierra. The direct net profit of Sierra Investments is derived from the operation of shopping and leisure centres that are part of its portfolio, including those assets that are in the Sierra Fund and the Sierra portugal Fund. direct profits also include the asset management services provided to the properties by Sierra Asset management. net operating Income decreased by 3% compared to last year, mainly due to the disposals of münster Arkaden in and parque principado in 213. This was despite the acquisition, through a majority-owned subsidiary of an additional 5% stake in CascaiShopping and the opening of hofgarten Solingen. Indirect net profits arise either from the change in value of the Investment properties or the realisation of capital gains from the sale of assets and/or shareholding positions. The Indirect Result is 18.3 million higher than last year due to a lower decrease in the value of the existing portfolio, explained by lower yield expansion in portugal, Spain and Italy. In, value Created in Investment properties was heavily penalised by the yield expansion in portugal, Spain and Italy as a consequence of the economic crisis and the write-off of pantheon plaza. This was despite a gain from the disposal of münster Arkaden. Investment properties decreased by 43 million compared to. This is explained by the disposals of parque principado, valecenter and Airone and a decrease in the value of the portfolio in, which was partially compensated by the opening of hofgarten Solingen. bank loans are below those at december mainly due to the disposals. profit and Loss Account ( ) 213 % 13/12 Retail net operating margin 87,771 9,329-3% parking net operating margin 1,499 1,522-1% Cogeneration net operating margin % Shopping centre net operating income 89,515 92,71-3% Asset management net operating income 5,64 5,63 1% net operating income (noi) 95,155 97,674-3% net financial costs 31,851 37,43-15% other non-recurrent income/cost % direct profit before taxes 63,366 6,17 5% Corporate tax 12,699 8,72 46% direct net profit 5,667 51,449-2% Gains realised on sale of investments -3,828 3,627-26% value created on investments -95, ,822 19% indirect income -99,19-114,195 13% deferred tax -19,42-15,849-2% indirect net profit -8,66-98,347 19% net profit -29,399-46,897 37% Consolidated balance Sheet ( ) 31 dec dec var. 13/12 Investment properties & others 1,565,22 1,68,381-43,179 other assets 154, ,734-2,7 Cash & equivalents 94,196 81,635 12,562 total assets 1,814,63 1,864,749-5,687 net worth 568, ,373-27,925 bank loans 863,21 881,214-18,14 deferred taxes 197, ,541-15,799 other liabilities 184, ,621 11,5 net worth and liabilities 1,814,63 1,864,749-5,687

27 213 In Review.25 Sierra developments Sierra developments made a negative contribution of million to the Consolidated net profit of Sonae Sierra. The development Services rendered are 23% higher than those provided during same period of last year, mainly due to higher professional Services Rendered to Third parties in China, ukraine and morocco. The figure presented in value Created in projects reflects the opening of hofgarten Solingen in 213 and the Asset@Risk provision booked in the Greek and Romanian projects in. profit and Loss Account ( ) 213 % 13/12 project development services rendered 6,949 5,628 23% value created in projects 9,927-25, % operating income 16,876-19,914 operating costs 18,383 19,29-3% net operating income (noi) -1,57-38,942 96% net financial costs 3, % other non-recurrent income/cost % Income tax 1, % net profit -5,585-4,63 86% Consolidated balance Sheet ( ) 31 dec dec var. 13/12 properties under development 121, ,748-26,79 other assets 13,487 85,19 18,468 Cash & equivalents 1,49 8,127-7,78 total assets 226, ,895-15,4 Shareholder funds 8,7 88,54-8,534 bank loans 7,997 17,334-9,336 deferred taxes other liabilities 138, ,862 2,385 net worth and liabilities 226, ,895-15,4

28 .26 SonAE SIERRA ConSoLidAted ACCountS (ConTInuEd) Sierra management Sierra management made a positive contribution of 4.4 million to the Consolidated net profit of Sonae Sierra. The net operating Income (noi) increased by 26% as a consequence of higher professional Services Rendered to Third parties and efficiency gains due to the centralisation of management teams. The Total Assets of 69.2 million corresponds to short term loans to group companies and to rents not yet received. profit and Loss Account ( ) 213 % 13/12 Total income from management services 41,45 34,268 21% operating costs 34,378 28,66 2% net operating income (noi) 7,71 5,68 26% net financial costs ,265 45% other non-recurrent income/cost % Income tax 2,843 1,979 44% net profit 4,392 4,524-3% Consolidated balance Sheet ( ) 31 dec dec var. 13/12 other assets 24,383 32,626-8,242 Cash & equivalents 44,772 32,595 12,178 total assets 69,156 65,22 3,935 net worth 22,943 18,551 4,392 other liabilities 46,212 46, total liabilities 46,212 46, net worth and liabilities 69,156 65,22 3,935

29 213 In Review.27 Sonae Sierra brasil Sonae Sierra brasil made a positive contribution of 34.2 million to the Consolidated net profit of Sonae Sierra. net operating Income has decreased by 15% compared with. This is explained by the disposals of which were not totally compensated by the openings of 213, and by higher other non-recurrent costs related to corporate restructuring implemented in 213. The Indirect net profit is higher than due to yields compression at core shopping centres and the opening of passeio das Águas Shopping. The Investment properties reached 391 million in december 213, an increase of 3 million compared to. This is explained by the opening of boulevard londrina Shopping and passeio das Águas Shopping, and an increase in the value of existing properties that almost fully offset the adverse FX fluctuations. The lower Financial Result is a consequence of lower cash and bank deposits and the non-capitalisation of boulevard londrina Shopping, passeio das Águas Shopping and uberlândia Shopping since opening. profit and Loss Account ( ) 213 % 13/12 Retail net operating margin 19,839 23,615-16% parking net operating margin 3,111 3,237-4% Shopping centre net operating income 22,95 26,852-15% Total income from services rendered 5,822 6,28-7% overheads 7,686 8,338-8% net operating Income (noi) 21,85 24,794-15% net financial costs/(income) 3,976 1,75 other non-recurrent income/cost % direct profit before taxes 16,513 22,86-28% Corporate tax 4,24 4,626-13% direct profit 12,489 18,18-31% Gains realised on sale of investments 3,251 value created on investments 36,878 24,752 49% deferred tax 15,138 9,636 57% indirect net profit 21,74 18,368 18% net profit 34,229 36,548-6% Consolidated balance Sheet ( ) 31 dec dec var. 13/12 properties 391,29 388,473 2,817 other assets 18,39 16,836 1,554 Cash & equivalents 44,789 85,255-4,465 total assets 454,469 49,564-36,94 net worth 287,33 316,526-29,223 bank loans 85,69 86, deferred taxes 57,347 51,72 5,627 other liabilities 24,75 36,252-11,52 net worth and liabilities 454,469 49,564-36,94

30 .28 SonAE SIERRA Future outlook We have identified four trends as being among the most important for our sector throughout the rest of this decade. Our business strategy puts us in a strong position to exploit each of these trends, with our sights set on being the leading international shopping centre specialist in the industry. Global retail investment will continue to shift towards growth and emerging markets as internationalisation accelerates We will capitalise on our development know-how in order to gain entry into new markets on a capital-light basis and via our professional services business. We will continue to forge effective partnerships with local operators, following our recent successes with Sierra Cevital in Algeria, Sierra Reval in Turkey and our joint venture agreement with Citic Capital in China. our sustainability strategy sets a consistent direction of travel wherever we operate, both in respect to running a best in class safety, health and environment management system, but also by ensuring we remain resilient to, and capture value from, the social and environmental challenges shared across our geographies. Centro Colombo, portugal boulevard Londrina Shopping, brazil Shopping metrópole, brazil

31 213 In Review.29 Key cities and locations will dominate a marketplace that values quality above all our development business will seek opportunities to develop new projects which will have the capacity to achieve and maintain a strong competitive position in their catchment area. We will continue to take a capital light approach to investment both in mature and emerging markets and in prime and secondary locations. Within our investment portfolio, we will maintain an active investment/divestment strategy, and on our operating assets, we will pursue opportunities for value creation through expansions, refurbishments and tenant-mix improvements. our property management business will aim to maximise value for money on behalf of both tenants and investors, focusing on achieving high occupancy levels; tenant sales growth; effort rate optimisation; service charge reductions and stable rent collection. Anticipating the latest trends in retail, we will continue to focus on providing ultimate experiences to visitors; offering premium space and unique shopping centre concepts so that our centres remain the destinations of choice for consumers. As a part of this activity, we will seek to support tenants in maximising sales; offering flexible retail formats and ensuring a diverse tenant mix by promoting the integration of small-scale, unique and local businesses. A new generation of consumers will require an integrated virtual and physical retail space and expect shopping centres to provide experiences, not just shopping We will continue to invest in digital technology to support both our tenants and our own business. Following the success of promofans, we will dedicate significant resources to exploring other innovative ways of connecting consumers and retailers to increase footfall and promote sales activation. We will also proceed with our strategy to promote more sustainable lifestyles. building on our Coop Store concept, our property management teams will pioneer further projects to support local businesses and diversify our offer to shopping centre visitors, testing formats such as local markets and the use of vacant or pop-up stores. more specifically, our next steps will be to: proceed with the roll-out of an initiative to support small local businesses that offer regional products in portugal, Spain, Germany and brazil and to provide mentoring and support, including business planning, project development and funding, for young entrepreneurs looking to establish their own retail businesses. environmental regulation, extreme weather events and pressure on natural resources will make eco-efficiency imperative for shopping centre owners and operators We are proud of the results delivered by our eco-efficiency strategy over the past twelve years. however, our business is too reliant on limited supplies fossil-fuel based energy, water and non-renewable raw materials in order to build and operate shopping centres. In the long-term, this poses a risk to our business: to protect our assets against higher costs and penalties associated with natural resource consumption and environmental pollution, as well as the risk of water and energy shortages, we need to strive towards true resource resilience. In 213, we investigated the potential for different solutions through our Resource Resilience strategy, and in 214 and beyond we will begin to test some of these solutions, aiming to roll them out across our whole portfolio. more specifically, our next steps will be to: proceed with the roll-out of water reuse and rainwater harvesting systems; trial the introduction of a polluter-pays system for tenants waste and reduce or eliminate plastic waste in food courts. due to market and regulatory constraints, we cannot progress as quickly as possible with the on-site energy generation solutions, but we will continue to endeavour to find a way to make these viable. With the retail sector undergoing a period of rapid change, we need to ensure that our Company has the talent, agility and flexibility required to remain ahead of the game. We have developed our capacity to deliver training in-house to meet our staff development needs. Whilst this strategy has been effective, in the future we will aim to enhance our capacity for leveraging knowledge by exploring partnerships with universities as a way to promote ongoing skills development and innovative thinking across our Company and with our local communities. Alexa, Germany uberlândia Shopping, brazil

32 .3 SONAE SIERRA BOARD MEMBERS AND EXECUTIVES Non-Executive Directors Paulo Azevedo Chairman Paulo Azevedo joined Sonae in 1988 as New Investments Analyst and Project Manager. Subsequently, he held different management positions in several group companies. From 1996 to 1998 was Executive Director at Modelo Continente Hypermarkets and in 1998 was appointed CEO of Optimus. From 2 to 27, was Sonaecom CEO. In 27 was elected Sonae CEO. Academic achievements Degree in Chemical Engineering, École Politechnique Federal de Lausanne; MBA, ISEE, University of Porto. Mark Preston Non-Executive Director Mark Preston joined Grosvenor in the UK in Seconded to Hong Kong in 1995, he returned to lead Grosvenor s fund management operations in 1997, spent four years in San Francisco from 22, became Chief Executive of Grosvenor Britain & Ireland in 26 and Group Chief Executive in 28. He is a Trustee of the Westminster Foundation and also a member of the Board of The Association of Foreign Investors in Real Estate, the ULI Greenprint Advisory Board and the (University of) Cambridge Land Economy Advisory Board. Academic achievements BSc (Hons) Degree in Land Management, Reading University; member of the RICS; International Executive Programme at INSEAD. Ângelo Paupério Non-Executive Director Ângelo Paupério has been a Non- Executive Director of Sonae Sierra since 2. He is also Chairman of Sonaecom s Executive Committee, Executive Vice-Chairman of Sonae SGPS and sits on the Board of Sonae Distribuição, all of which are companies in the Sonae Group. Academic achievements Degree in Civil Engineering, University of Porto; MBA, ISEE, University of Porto. Nicholas Scarles Non-Executive Director Nicholas Scarles (FCA, Attorney at Law), joined Grosvenor in 24 where currently is Group Finance Director. He was previously at Centrica, Price Waterhouse and Coopers and Lybrand in London, New York and Toronto. He is a Governor of the Haberdashers Elstree Schools, Member of the Court of Assistants of the Haberdashers Livery Company. Academic achievements Degree in law from Trinity College, Cambridge; Masters of Law from the University of Virginia; Fellow of the Institute of Chartered Accountants in England and Wales; Member of the Institute of Taxation (UK); Certified Public Accountant (Colorado, USA). Neil Jones Non-Executive Director Neil Jones has been a Non-Executive Director of Sonae Sierra since 1999 and is a member of both the Investment and Finance Committees. He is an advisor to Grosvenor, and a Non- Executive director of both Majid Al Futtaim Properties and of the Leducq Foundation. He is also Founder and shareholder of both Almacantar and Temprano Capital Partners. He was CEO of Grosvenor Continental Europe from 1997 to 29 and an Executive Director of Grosvenor Group Ltd. Based in Paris since 1998; he has also lived and worked in London, Brussels and Hong Kong. Academic achievements BSc (Hons) Degree in Estate Management; RICS; General Management Programme, Harvard Business School.

33 213 In Review.31 executive directors Fernando Guedes oliveira Chief Executive officer Fernando Guedes oliveira joined Sonae Sierra in 1991, as development manager of the Company s viacatarina Shopping and Centro vasco de Gama shopping centres. he had previously spent seven years in other management roles with the Sonae Group. In 1999 he took responsibility for all Sonae Sierra s development operations in Europe and was appointed CEo of Sonae Sierra in April with direct responsibilities over the human Resources, Corporate Communication, marketing and Innovation and Sustainability. he is the chair of the Sustainability Steering Committee. Academic achievements degree in Civil Engineering, university of porto; mba, ISEE, university of porto; Amp, harvard business School. edmundo Figueiredo director, Chief Financial officer Edmundo Figueiredo joined the Sonae Group in 1989, as Financial Controller of the company s real estate activities. As Sonae Sierra s Chief Financial officer and a member of the Sonae Group Finance Committee, Edmundo s responsibilities include Internal Audit; legal, Fiscal and mergers & Acquisitions; Finance, planning & Control, Information Systems and back-office. Academic achievements degree in Finance, lisbon School of Economics (ISCEF). pedro Caupers director, Investment and Asset management pedro Caupers joined Sonae Sierra in In 1999 he was appointed board director, with responsibilities for all the Company s European property management and leasing activities. Since 29 he has been in charge of the investment division and its European portfolio. he is also manager of the Sonae Sierra Funds. he is a member of the Sustainability Steering Committee. Academic achievements degree in Electrical Engineering, Instituto Superior Técnico; phd, paris university; mba, InSEAd. Ana Guedes oliveira director, developments Ana Guedes oliveira has been with Sonae Sierra since having managed the development of two major centres in portugal, she moved to portfolio management in In 28 she took over responsibilities for all Sonae Sierra s European investment activities. Since 29 she has overseen all aspects of the Company s development programme (outside of brazil). She is a member of the Sustainability Steering Committee. Academic achievements degree in Civil Engineering, porto university; mba, ISEE, university of porto; Amp, InSEAd. João Correia de Sampaio director, property management and leasing João Correia de Sampaio joined Sonae Sierra in 1992, since when among other duties in the property management area he was managing director of Sierra management portugal and Sierra management Spain. Since 29 he has been responsible for all Sonae Sierra s property management and leasing activities (outside of brazil). he is a member of the Sustainability Steering Committee. Academic achievements degree in military Sciences, Academia militar, lisbon; mba, nova university of lisbon. José baeta tomás director, Chief Executive officer, Sonae Sierra brasil having joined the Sonae Group in 1982, José baeta Tomás was appointed General manager of Sonae distribuição in he joined the Executive Committee in 1985 and, in 1995, created Sonae distribuição in brazil. From 23 to 29 he managed Tafisa brazil and supervised the Sonae Group activities in brazil. In he was appointed CEo of Sonae Sierra brasil. he is a member of the Sustainability Steering Committee. Academic achievements degrees in Finance, ISE, lisbon, and Retail marketing, management Centre Europe, oxford. Executive program michigan university usa.

34 .32 SONAE SIERRA OTHER EXECUTIVES João Pessoa Jorge Services, Asia João Pessoa Jorge joined the Sonae Group in 1983 as one of the executives involved in starting the Group s real estate business. From 1998 until, he was CEO of Sonae Sierra Brasil. In, João took responsibility for promoting the Company s professional services business in Asia. Joaquim Pereira Mendes Legal, Tax, Mergers & Acquisitions José Falcão Mena EMEA Sierra Services Joaquim Ribeiro Finance, Planning and Control Joaquim Pereira Mendes joined Sonae Sierra in 1989 and is responsible for the Company s Legal, Tax and Mergers & Acquisitions activities. José Falcão Mena joined Sonae Sierra in He has overseen the Company s expansion in Iberia since 1998 and been responsible for shopping centre development in the same region since 24. In he became responsible for the expansion of professional services to clients in the EMEA region. Joaquim Ribeiro joined the Sonae Group s holding company in 1985, before transferring to Sonae Indústria. He then moved to London for six years, where he worked for Sonae International. In 1995 he joined Sonae Sierra s financial department, where since 28 he has been responsible for Finance, Control, Back Office and Information Systems. He is a member of the Sustainability Steering Committee and responsible for the Risk Management Working Group. Ingo Nissen Development, Romania Thomas Binder Development, Germany Vitor Nogueira Property Management North Africa and Eastern Europe Having overseen the inauguration of more than 1 new shopping centres in Iberia, Vitor Nogueira previously led the Sierra Management support team responsible for 17 shopping centres in Spain. Since 27, his responsibilities have been focused on the Company s non-iberian operations, particularly those in Italy, Greece and Romania. Since he became responsible for property management in North Africa and Eastern Europe. Manuela Calhau Marketing and Innovation Ingo Nissen joined Sonae Sierra in 2, when the Company began operations in Germany. Since 27 he has responsibilities for the Company s shopping centre developments in Romania. Thomas Binder has more than 3 years experience of project and lease management in the German shopping centre, business parks and commercial property sector. He joined Sonae Sierra in 26, and has responsibilities for the Company s shopping centre developments in Germany. Manuela Calhau joined Sonae Sierra in 28, following senior positions in the telecommunications sector, where she was a board member at several Sonaecom companies and a consultant at McKinsey & Co. Manuela was the first Portuguese woman to join McKinsey at management level. At Sonae Sierra, she is responsible for marketing all the Company s European operating shopping centres and development projects. She is a member of the Sustainability Steering Committee. Cristina Santos Property Management, Portugal Alexandre Fernandes Asset Management, Portugal and Spain Alberto Bravo Property Management, Spain, Romania and Greece Alberto Bravo spent four years in charge of the property management activities of Spanish consultancy CCC before joining Sonae Sierra in 2. Since then, he has held various positions within Sonae Sierra, ranging from regional operations manager for southern Spain to Head of Property Management for the whole of Spain, a responsibility he took up in 29. In 213 he added the Romanian market to his specific responsibilities. Carlos Alberto Correa CFO & IR Officer, Sonae Sierra Brasil Cristina Santos joined Sonae Sierra in 1995, as Assistant Director of GaiaShopping, where she later became the centre s Director. She subsequently transferred to the Company s central Property Management division and is now the Managing Director of Sierra Management Portugal, with special responsibilities for property management and letting. Alexandre Fernandes joined Sonae Sierra in 1997 as Development Manager of NorteShopping, later becoming the centre s General Manager. In 2 he was appointed Asset Manager for Portugal and in 22 he added Greece and Romania to his portfolio. Since 28, Alexandre has overseen all Sonae Sierra s real estate investments in Portugal and Spain. Carlos Alberto Correa joined Sonae Sierra Brasil as Deputy CFO in 27, having spent a number of years with some of Brazil s larger companies, where he acquired extensive experience in the financial field. In February 29 he was appointed CFO of Sonae Sierra Brasil, with overall responsibility for the Company s financial area. In he also took responsibility over the investors' relations department.

35 213 In Review pedro Soveral rodrigues human Resources pedro Soveral Rodrigues joined Sonae Sierra in 1998 as deputy manager of Centro Colombo. Since then he assumed different responsibilities at the company including the Expansion role in Iberia, the leadership of the Safety & health area, as well as the responsibility of property management in Italy. In he was appointed as head of human Resources. he is a member of the Sustainability Steering Committee. Waldir Chao property management and leasing, Sonae Sierra brasil Waldir Chao joined Sonae Sierra brasil in after 17 years in the brazilian retail and real estate business. he has wide ranging responsibilities for the management, marketing and leasing of Sonae Sierra brasil's shopping centres, with a particular emphasis on the evolution of the day-to-day management aspects of each asset.aspects of each asset. Jorge morgadinho Conceptual design & Architecture Jorge morgadinho has been with Sonae Sierra since he started his activity as an architect for Centro Colombo. Following that he was appointed deputy development manager for Centro vasco da Gama. From 1999 to 25 he was responsible for the development of three shopping centres in Spain. In 26 he started his activity as Expansion manager for new markets. Since he returned to the architecture department as head of the Conceptual design & Architecture. manuel Guerra development and Engineering Services manuel Guerra joined Sonae Sierra in 1989 as development manager. Following several roles in the developments business with responsibility for a large number of Sonae Sierra s projects in Iberia, in he was appointed General manager of developments Iberia with responsibility for engineering services, and in he was promoted to General manager for developments and Engineering Services. thanos efthymiopoulos Finance and back-office, Greece and Romania and development and Asset management, Greece Thanos Efthymiopoulos joined Sonae Sierra in Greece as head of Finance and back office in march. Since July he assumed also the responsibilities for the development and Asset management business and that of Country s representative for Greece and in october 213 he took also the charge of the Finance and back office functions in Romania. designed and produced by magee printed by boss print ltd The paper in this report contains material sourced from responsibly managed forests, certified in accordance with the FSC (Forest Stewardship Council) and is totally recyclable and acid-free.

36 PORTUGAL LISBOA PORTO ALGERIA KOUBA BRAZIL SÃO PAULO CHINA SHANGHAI COLOMBIA CALI CROATIA ZAGREB GERMANY DÜSSELDORF GREECE ATHENS ITALY MILAN LUXEMBOURG LUXEMBOURG MOROCCO CASABLANCA ROMANIA BUCHAREST SPAIN MADRID THE NETHERLANDS HOOFDDORP TURKEY ISTANBUL For more information on our offices please visit