1. Sustainability - Long Term Value Creation May 2012

2. WHO WE ARE WE ARE PRESENT IN 10 MARKETS We currently operate in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia, and Brazil. We also provide services to third parties in Croatia.

3. WHO WE ARE OUR PORTFOLIO 40 51 19 >2.2 8.495 428 Openings Shopping centres in operation Shopping centres managed, owned by third parties GLA under management (millions m 2 ) Tenant contracts (number) Visits to our centres in 2011 (millions visits)

4. Sustainability as a long term value creator CORPORATE RESPONSIBILITY

5. PEOPLE SOCIAL PLANET ENVIRONMENT PROFIT ECONOMIC A SPECIALIST DOESN'T SIMPLY FORESEE PROBLEMS, IT ANTICIPATES SOLUTIONS For Sonae Sierra, the sustainable growth of the company implies a constant evaluation of the interaction and balance between economic, social and environmental goals.

6. ENERGY AND CLIMATE WATERWASTEBIODIVERSITY AND HABITATS SUPPLIERSTENANTSCOMMUNITIES AND VISITORS EMPLOYEESSAFETHY AND HEALTH CORPORATE RESPONSIBILITY OUR IMPACT AREAS Our CR Strategy focuses on nine areas of greater material impact in our Company's business. Rigorous management processes ensure that each impact area is strategically handled and performance shows efficient results.

7. CORPORATE RESPONSIBILITY Some Sonae Sierra main economic, environmental and social performance indicators. Since 2005, Greenhouse gas emissions decreased by 60% per m 2 GLA in our shopping centers and the total waste recycled increased more than 168%, since 2002. Tenant occupancy index above the 95% objective. ENERGY & CLIMATE TOTAL WASTE RECYCLED TENANTS OCCUPANCY 35% 42% 46% 53% 96,6% 95,8% 95,9% 96,7% 0.074 0.071 0.067 0.034 51% 96,4%

8. Sustainability at Sonae Sierra LOOP 5 Case Study

9. OPENINGOctober 2009 LOCATIONWeiterstadt GLA56.500 m2 RETAIL LEVELS3 INVESTMENT€265 million UNITS175 PARKING3,000 free of charge SHOPS175 RESTAURANTS17 THEMEAviation LOOP5

10. A SUSTAINABLE SHOPPING CENTRE Development phase: ISO 14001 Environment Certification in the construction process Site’s final recycling rate was 100% Design for eco-efficiency: – Energy Efficient Boilers, Air Conditioning Units, Lighting System, Designed Glass Roof with Solar Protection Film Operations phase: ISO 14001 Environment Certification for operations Management focus on adding asset value by improving operational efficiency and reducing environmental footprint LOOP5

11. Technical Solutions: Water efficient sanitary equipments Data collection and regular monitoring to assess water performance indicators Water preservation messages Pre-treatment of Wastewater with fat and hydrocarbons separators Wastewater discharges are regularly analyzed by externally certified laboratories WATER LOOP5 Highlights: Sensor spray taps and dual-flush toilets Water less urinals in all men’s toilets Annual Targets and Benchmarking studies

12. Construction phase: Implementation of a Waste Management Project Site’s final recycling rate was 100% Operational phase: Separate receiving stations Financial incentives: each tenant pays according to the waste produced and recyclable materials are free of charge LOOP5 WASTE Highlights: Innovative Waste Management System based on pollutant-payer equipment Regular Training Sessions for tenants and suppliers Tenants recycling rate follow-up In 2011 Loop5 recycled 73% of the total waste produced

13. Technical Solutions: Daylight maximization and efficient lighting strategy High efficiency electrical motors (83%) Energy efficient boilers and air conditioning units Low-consumption Escalators with variable speed drives Data collection and regular monitoring to assess energy performance indicators Automatic office’s shades control from roof top Meteorological station LOOP5 ENERGY AND CLIMATE Highlights: 100% renewable electricity with ZERO CO2 emissions and “green certificate” since opening Lighting controlled by movement sensors in technical areas with minimal lighting levels on the emergency roots were assured. In 2011 Loop5 had a reduction of 12% in electricity consumption compared with 2010.

14. An erosion and sedimentation control plan was developed to minimize air and water contamination and degradation due to erosion and sedimentation effects during the lifetime of the building Landscape project with new green areas using only plants that are well adapted to the local environment – no irrigation needed LOOP5 BIODIVERSITY AND HABITATS

15. “Transport study" and Integrated travel plan” was made during early concept design stages Designating a “car-sharing” parking spaces for high occupancy cars Installation of a bus station near the main entrance Local transport partnerships to increase bus route Extension of bicycle park LOOP5 Promoting the use of more environment-friendly means of transport such as bicycles and buses and encouraging the environmentally conscious use of the car TRANSPORT

16. Create a noticeable improvement in the local community, while involving our staff in a creative and fun way We work together with the community and support: the local volunteer fire brigade schools and kindergarten LOOP5 SOCIAL

17. SUSTAINABLE INNOVATIONS Roof Top Solar panels - area of 3.600 m ² with an average of 600,000 kilowatts of electricity per year 100% Green Gas Supplier – CO2 emissions compensation through forestry projects Electrical Cars Parking - Battery Recharge Station free of charge & 100% Green electricity LOOP5

18. Sustainability at Sonae Sierra River Plaza Mall

19. RIVER PLAZA MALL Overall Performance

20. RIVER PLAZA MALL WATER RESULT: Water consumption reduction by 21% in 2011, compared to 2010. Technical Solutions: Water efficient appliances (e.g. low flush toilets and timing control taps Data collection and regular monitoring to assess water performance indicators Water preservation messages Procedures set in place to restrict water use wherever appropriate Pre-treatment of Wastewater with fat and hydrocarbons separators Wastewater discharges are regularly analyzed by externally certified laboratories

21. RIVER PLAZA MALL WASTE RESULT: River Plaza Mall increased the recycling rate from less than 20% in 2008 to 41% in 2011 Technical Solutions: Recycling bins in the mall for selective separation of paper/cardboard, plastic/metal, glass and urban waste Regular Training Sessions for tenants and suppliers

22. RIVER PLAZA MALL ENERGY RESULT: Electricity consumption reduction by 5% in 2011, compared to 2010. Technical Solutions: Daylight maximization and efficient lighting strategy Energy efficient air conditioning units Data collection and regular monitoring to assess energy performance indicators Energetic efficiency building certificate

23. RIVER PLAZA MALL INVOLVING VISITORS Socio-economic benefits Active engagement with local community Community Advisory Panels Environmental Days Community Day Safety & Health Days

24. ENERGY SAVING INVESTMENT Investment: 69,700 € Reduced electricity consumption: 1,755,500 KWh/year Cost savings: 50,600 €/year Optimisation of the BMS settings Measures Oil/water heat exchanger on the chillers Revolving doors in the entrance High efficiency lights in the underground car parking Variable speed drives in the electrical motors RIVER PLAZA MALL

25. Variable Speed Drives Revolving Door in the Entrance High efficiency lights and surveillance camera control Oil/water heat exchanger on the chillers ENERGY SAVING INVESTMENT RIVER PLAZA MALL

26. First Mall in Romania to receive the ISO 14001 Certification for its SHEMS (Safety & Health and Environment Management System) First Mall in Romania to receive the “Energetic efficiency building” certificate RIVER PLAZA MALL ACHIEVEMENTS

27. Thank you.