4Q10 and 2010 Results PresentationMarch, 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

3

Portfolio

Greenfield

Shopping centers

4

5

1

89

32

6

7

11

13

12

10

1. Parque D. Pedro

► Campinas (SP)

► GLA ('000 sqm): 121.0

► Stores : 406

► 95.2% of GLA occupied

2. Boavista Shopping

► São Paulo (SP)

► GLA ('000 sqm): 16.0

► Stores : 148

► 98.6% of GLA occupied

3. Penha Shopping

► São Paulo (SP)

► GLA ('000 sqm): 29.6

► Stores : 198

► 99.5% of GLA occupied

4. Franca Shopping

► Franca (SP)

► GLA ('000 sqm): 18.1

► Stores : 101

► 100.0% of GLA occupied

5. Tivoli Shopping

► Santa Barbara d'Oeste (SP)

► GLA ('000 sqm): 22.1

► Stores : 147

► 100.0% of GLA occupied

6. Metrópole Shopping

► São Bernardo do Campo (SP)

► GLA ('000 sqm): 25.0

► Stores : 152

► 99.3% of GLA occupied

7 Pátio Brasil

► Cidade: Brasília (DF)

► GLA ('000 sqm): 29.0

► Stores : 235

► 98.7% of GLA occupied

8. Plaza Sul Shopping

► São Paulo (SP)

► GLA ('000 sqm): 23.0

► Stores : 217

► 99.9% of GLA occupied

9. Campo Limpo Shopping

► São Paulo (SP)

► GLA ('000 sqm): 19.9

► Stores : 127

► 99.9% of GLA occupied

10. Manauara Shopping

► Manaus (AM)

► GLA ('000 sqm): 46.7

► Stores : 235

► 99.7% of GLA occupied

11 Uberlândia Shopping

► Uberlândia (MG)

► GLA ('000 sqm): 43,6

► Expected Opening:

2H 11

12 Boulevard Londrina

Shopping

► Londrina (PR)

► GLA ('000 sqm): 47.8

► Expected Opening; 2H12

13 Passeio das Águas

Shopping

► Goiânia (GO)

► GLA ('000 sqm): 78.1

► Expected Opening: 2013

► Shopping Centers in operation

Total Stores: 1,966 Ownership: 58.2%

GLA ('000 sqm): 350.1 Occupancy Rate: 98.0%

Owned GLA ('000 sqm): 203.7

111

44

Operational indicators

Occupancy Rate

111

Sales (R$ million)

111

SSS/m²

111

SSR/m²

982 1,119

3,041

3,545

4Q09 4Q10 2009 2010

14.0%

16.6%

1,028 1,122

824 902

4Q09 4Q10 2009 2010

9.1%

9.5%

5561

4549

4Q09 4Q10 2009 2010

9.5%

8.0%

97.3%

96.3%

97.0%97.2%

98.3% 98.5% 98.4%

98.0%

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

5

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

Greenfield projects

Uberlândia Shopping

Uberlândia

MG

2H2011

Work in progress

43.6 sqm

100%

77%

Boulevard Londrina

Shopping

Londrina

PR

2H2012

Work in progress

47.8 sqm

84,5%

64%

Shopping Passeio das

Águas

Goiânia

GO

2013

Approved licences

78.1 sqm

100%

20%

Opening :

Total GLA (‘000 sq m):

Company’s stake:

% of GLA already let:

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:

7

Expansões

Future expansions

TivoliMetrópole

(Expansion II)

Parque D. Pedro

(Expansion II)

Campo Limpo

Concluded

expansion

Parque D. Pedro

(Expansion I)

On-going expansions

Metrópole

(Expansion I)

LocationSão Bernardo

(SP)

Sta. Bárbara

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

São Bernardo

(SP)

Sonae Sierra

Brasil Stake100% 30%51%20%51% 100%

Additional

Total GLA (‘000 sq m)12.0 7.05.03.05.0 9.0

Expected

Opening2013 201320122011November of 2010 2H2011

Construction

Start Date1H20121H2011 1H2012 1H20121H2010 1H2010

Financial and operating performance

8

Gross Revenue (R$ '000) 4Q10 4Q09 % 2010 2009 %

Rent 45,411 41,484 9.5% 158,246 132,370 19.5%

Service revenue 2,996 4,576 -34.5% 15,530 18,390 -15.6%

Parking revenue 5,773 3,383 70.6% 16,629 6,645 150.2%

Key Money 2,719 2,289 18.8% 10,399 9,232 12.6%

Other revenue 424 1,005 -57.8% 808 2,186 -63.0%

Total 57,323 52,737 8.7% 201,612 168,823 19.4%

111

Gross Revenue (R$ million)

111

Gross Revenue Breakdown

78%

11%

4%6%

1%

2009

79%

8%

8%5%

2010

Rent

Service revenue

Parking revenue

Key Money

Other revenue52.7 57.3

168.8

201.6

4Q09 4Q10 2009 2010

8.7%

19.4%

Financial and operating performance (cont.)

9

Expenses (R$ '000) 4Q10 4Q09 % 2010 2009 %

Depreciation and amortization 378 332 13.9% 1,210 1,206 0.3%

Personnel 4,554 7,226 -37.0% 16,075 19,676 -18.3%

Outsourced services 1,882 59 3089.8% 9,829 6,906 42.3%

Occupancy cost (vacant stores) 856 1,275 -32.9% 4,070 5,828 -30.2%

Cost of contractual agreements with tenants 514 587 -12.4% 1,873 2,340 -20.0%

Reversal of the allowance for doubtful lease receivables (461) (234) 97.0% (2,171) (99) 2092.9%

Other 4,477 5,929 -24.5% 19,815 20,018 -1.0%

Total 12,200 15,174 -19.6% 50,701 55,875 -9.3%

Classified as:

Cost of rentals and services 7,643 11,491 -33.5% 34,738 41,761 -16.8%

Operating expenses 4,557 3,683 23.7% 15,963 14,114 13.1%

12,200 15,174 -19.6% 50,701 55,875 -9.3%

111

1010

Financial and operating performance (cont.)

Adjusted EBITDA and Margin (R$ million)

111

Net Operating Income - NOI (R$ million)

111

Adjusted FFO and Margin (R$ million)

111

Net Income (R$ million)

34.5 41.2

99.5

141.4

71.2%

79.0%

64.6%

76.4%

4Q09 4Q10 2009 2010

28.036.6

77.8

124.6

57.8%

70.1%

50.5%

67.3%

4Q09 4Q10 2009 2010

43.4 46.1

242.9 212.8

4Q09 4Q10 2009 2010

6.3%

-12.4%

43.851.1

128.3

167.4

4Q09 4Q10 2009 2010

16.7%

30.5%

Net income composition

11

2010

Net income

2009

Net income

Net operating

revenue from

rent, services

and other

Cost of rent

and services

General and

administrative

expenses

Taxes

Equity income

Gain from fair value of

investment properties

Other operating

revenue (expenses),

net

Net financial

result

Income and

social

contribution

taxes

In December 2010, Sonae Sierra Brasil adopted the IFRS, under which, the Company opted to

value its investment properties at fair value. The reduction in the Change in Fair Value of

Investment Properties account is due primarily to the extraordinary gain recognized in 2009 with

the opening of Manauara Shopping.

242.9

212.8

30.9

7.0

1.8 1.0 0.0

83.9

3.8 7.5

5.5

1212

Financial and operating performance (cont.)

Bank Loans Debt Amortization Schedule (R$ million)

7.2 9.7 27.1 27.1 26.4

104.3

2011 2012 2013 2014 2015 2016 and on

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

Disclaimer

► The following material, on this date, is a presentation containing general information about Sonae Sierra Brasil.

We offer no guarantee and make no declaration, implicitly or explicitly, as to the accuracy, completeness or

scope of this information.

► This presentation may include forward-looking statements of future events or results according to the regulations

of the Brazilian and International securities and exchange commissions. These statements are based on certain

assumptions and analyses by the Company that reflect its experience, the economic environment, future market

conditions and expected events by the company, many of which are beyond the control of the Company.

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

economic conditions, technology, financial strategy, financial market conditions, uncertainty regarding the results

of its future operations, plans, objectives, expectations and intentions, among others. Considering these factors,

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

expectations about future events or results.

► The information and opinions contained in this presentation should not be understood as a recommendation to

potential investors and no investment decision is to be based on the veracity, current events or completeness of

this information or these opinions. No advisors to the company or parties related to them or their representatives

should have any responsibility for any losses that may result from the use or contents of this presentation.