1Q11 Results PresentationMay, 2011

2

Opening of Boavista Shopping

Acquisition of

additional stakes in

Metrópole, Plaza Sul

and Tivoli

Opening of PDP

Shopping

Sound track record

Sonae Sierra Brasil’s historical evolution | Owned GLA (‘000 sq m)

CAGR(01-10): 26.2%

DDR become a

shareholder with

50% stake

2001 2002 2003 2004 2005 2006 2007 2008 2009

Acquisition of a 20%

stake in Plaza Sul

Opening of Manauara Shopping

25.1

79.980.8

102.7

108.5

128.4

150.0 148.5

200.0 203.7

2010

Total GLA

(‘000 sq m)111.7 219.0 220.9 242.1 273.8 297.8 298.8 296.8 343.5 350.1

1999…

Owned GLA as

% of total GLA

111.7

36.5% 36.6% 42.4% 39.6% 43.1% 50.2% 50.0% 58.2% 58.2%22.5%

Acquisition

Development

Acquisition of

additional stake in

Metrópole

Opening of Campo Limpo

11

12

13

7

10

4

51

8

932

6

3

Portfolio

Shopping Centers in Operation

City State Stores Ownership

1 Parque D. Pedro Campinas SP 407 121.0 51.0% 61.7 95.1%

2 Boavista Shopping São Paulo SP 148 16.0 100.0% 16.0 98.0%

3 Penha Shopping São Paulo SP 198 29.6 73.2% 21.7 98.0%

4 Franca Shopping Franca SP 101 18.1 67.4% 12.2 98.4%

5 Tivoli ShoppingSanta Barbara

d'OesteSP 147 22.1 30.0% 6.6 100.0%

6 Metrópole ShoppingSão Bernardo

do CampoSP 148 23.9 * 100.0% 23.9 100.0%

7 Pátio Brasil Brasília DF 234 28.8 10.4% 3.0 98.7%

8 Plaza Sul Shopping São Paulo SP 220 23.1 30.0% 6.9 99.7%

9 Campo Limpo Shopping São Paulo SP 127 19.9 20.0% 4.0 99.3%

10 Manauara Shopping Manaus AM 232 46.7 100.0% 46.7 99.2%

Total 1,962 349.1 58.0% 202.6 97.7%

* Including an area of 5,161 sqm, current ly reserved for expansion of the shopping mall

Projects under Development

City State Ownership

11 Uberlândia Shopping Uberlândia MG 100.0%

12 Boulevard Londrina Shopping Londrina PR 84.5%

13 Passeio das Águas Shopping Goiânia GO 100.0%

Total 95.6%

78.1 78.1

169.5 162.1

43.6 43.6

47.8 40.4

GLA

('000 sqm)

Owned GLA

('000 sqm)

GLA

('000 sqm)

Owned GLA

('000 sqm)

Occupancy

Rate

(% GLA)

111

44

Operating results

Occupancy Rate

111

Sales (R$ million)

111

SSS/sqm

111

SSR/sqm

97.3%

96.3%

97.0%97.2%

98.3% 98.5% 98.4%98.0%

97.7%

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

Occupancy (% GLA)

783.9

860.6

1Q10 1Q11

SSS/sqm

9.8%

45.9

51.0

1Q10 1Q11

SSR/sqm

11.1%

743.8

840.7

1Q10 1Q11

13.0%

5

Future growth

Owned GLA growth (000 sq m)

Uberlândia

Londrina

Goiânia

+92%

Metrópole (I)

PDP (II)

Metrópole (II)

Tívoli

40

203

392

3

13

78

44

2010 2011 2012 2013 Total

Expansion Greenfields

10

Campo Limpo

6

New malls

Uberlândia Shopping

Uberlândia

MG

4Q11/1Q12

Work in progress

43.6 sqm

100%

86%

Boulevard Londrina

Shopping

Londrina

PR

2H11

Work in progress

47.8 sqm

84,5%

70%

Shopping Passeio das

Águas

Goiânia

GO

2013

Approved licences

78.1 sqm

100%

20%

Total GLA (‘000 sq m):

Company’s ownership:

% of GLA already

committed*:

Status:

Sonae Sierra Brasil’s strategy is to develop greenfield projects that have the potential to

become the leading malls in their regions

City:

State:

* As of 1Q11

Expected Opening:

7

Expansions

Future expansions

TivoliMetrópole

(Expansion II)

Parque D. Pedro

(Expansion II)

Campo Limpo

On-going expansions

Metrópole

(Expansion I)

LocationSão Bernardo

(SP)

Sta. Bárbara

D’Oeste (SP)Campinas (SP)São Paulo (SP)

São Bernardo

(SP)

Sonae Sierra

Brasil Stake100% 30%51%20%100%

Additional

Total GLA (‘000 sq m)12.0 7.05.03.09.0

% of GLA

already committed*: 99% 90% n.a. n.a. n.a.

* As of 1Q11

Expected Opening: 2H11 2011 n.a. n.a. n.a.

Gross revenue

8

111

Gross Revenue (R$ million)

111

Gross Revenue Breakdown

Gross Revenue (R$ '000) 1Q11 1Q10 %

Rent 41,342 34,912 18.4%

Rent contract straight-lining 949 1,401 -32.3%

Service revenue 4,033 4,453 -9.4%

Parking revenue 5,610 2,774 102.2%

Key Money 2,398 2,722 -11.9%

Other revenue 325 32 915.6%

Total 54,657 46,294 18.1%

75%

3%10%

6%6%

0%

1Q10

76%

2%7%

10%

4% 1%

1Q11

Rent

Rent contract straight-lining

Service revenue

Parking revenue

Key Money

Other revenue

46.3

54.7

1Q10 1Q11

18.1%

Costs and expenses

9

Depreciation and amortization 403 275 46.5%

Personnel 5,623 5,027 11.9%

Outsourced services 2,132 2,575 -17.2%

Occupancy cost (vacant stores) 865 1,152 -24.9%

Cost of contractual agreements with tenants 336 438 -23.3%

Reversal of the allowance for doubtful lease receivables 580 (382) -251.8%

Rent 625 570 9.6%

Travel 224 257 -12.8%

Other 1,824 1,082 68.6%

Total 12,612 10,994 14.7%

Classified as:

Cost of rentals and services 8,556 7,761 10.2%

Operating expenses 4,056 3,233 25.5%

12,612 10,994 14.7%

Costs and Expenses (R$ '000) 1Q11 1Q10 %

111

1010

Indicators

Adjusted EBITDA and Margin (R$ million)

111

Net Revenue (R$ million)

111

Adjusted FFO and Margin (R$ million)

111

Net Operating Income - NOI (R$ million)

Indicators - Management accounts (51% of PDP)

111

1111

Adjusted EBITDA and Margin (R$ million)

111

Net Revenues (R$ million)

111

Adjusted FFO and Margin (R$ million)

111

Net Income (R$ million)

Fixed 59%

CDI22%

TR19%

Debt Profile

1212

Cash and debt

Net Cash Position (R$ million) Debt Profile

Debt Amortization Schedule (R$ million)

7.7 9.9 28.0 28.0 27.3

111.4

2011 2012 2013 2014 2015 2016 and beyond

Thank You

Questions & answers

Investors Relations

Carlos Alberto Correa

Investors Relations Officer

Murilo Hyai

Investors Relations Manager

Email:

ribrasil@sonaesierra.com

Phone:

+55 (11) 3371-4188

14

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Important factors that may lead to significant differences between the actual results and the statements of

expectations about future events or results include the company’s business strategy, Brazilian and International

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the actual results of the company may be significantly different from those shown or implicit in the statement of

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