R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

US NDRS Presentation

September 2011

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

2

Disclaimer

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

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

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

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

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

presented herein.

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

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

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

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

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

different from any future results expressed or implied in such forward-looking statements. No person has any responsibility to

update any such information.

► This presentation does not constitute an offer, or invitation, or solicitation or an offer, to subscribe for or purchase any securities.

Neither this presentation nor anything contained herein shall form the basis of any contract or commitment.

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Index

4 Company Fundamentals

13 Growth Strategy

19 Operational and Financial Indicators

9 Sector Fundamentals

Parque D. Pedro Shopping „s Food Court (Campinas)

3

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

One of the leading developers, owners and operators of top quality and regionally dominant

shopping centers in Brazil

Sonae Sierra Brasil at a glance

► Defined Growth strategy: focus on low served cities‟ middle class

► Largest secured growth in the sector: 3 greenfields, 1 expansion

recently concluded and 2 expansions at advanced stage, almost

doubling our owned GLA

► 3 other expansions already defined

► 10 shopping centers owned and managed (350k sqm total GLA)

► Occupancy rate of 97.5%

► Solid margins (EBITDA = 76.5% and FFO = 83.5%)

► Greenfield Expertise (62.4% of GLA)

Note: (1) As of June 30, 2011

(2) Referres to shopping center‟s GLA only.

.

► Leverage on the expertise, tenant relationships and market

recognition of our shareholders: Sonae Sierra SGPS and DDR

Corp (NYSE: DDR)

► Best-in-class controlling shareholders with significant experience in

the sector

► 30.4% free float

Secured

Growth

Operating

Expertise

Shareholders:

solid base

Expansion / Greenfield

Announced GLA growth (2010 – 2013)(1)

(„000 sq. m)(2)

+41.9% 115

+60.5% 161

+17.1% 115

+42.0% 156

+92.1% 188

Owned GLA Growth (%)

4

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

111

Ownership Structure

Post-IPO Ownership Breakdown

Sierra Brazil 1 BV

66.65%Enplanta

Shopping

2.93%

Free Float

30.42%

Sonae

Sierra SGPS

50%

DDR

50%

Controlling Shareholders

► Over 21 years of history

► One of the largest developers

and operators of shopping

centers in Europe

► Over 2.0 mm sq m in total

GLA

► 50/50 joint-venture between

Sonae and Grosvenor

► NAV: €1.2 billion(1)

► Over 45 years of history

► One of the largest

developers and operators of

shopping centers in US

► 12.4 mm sq m in total GLA

► NYSE listed, SOx Compliant

► Equity value of US$3.5

billion(1)

Sierra Brazil 1 BV

Note: (1) as of June 30, 2011

Sonae Sierra Brasil benefits from best-in-class corporate governance and globally recognized

sector expertise, arising from a solid and engaged controlling shareholders

5

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

70

75

80

85

90

95

100

105

110

115

120

125

130

135

140

145

2-F

eb

10-F

eb

18-F

eb

28-F

eb

10-M

ar

18-M

ar

28-M

ar

5-A

pr

13-A

pr

25-A

pr

3-M

ay

11-M

ay

19-M

ay

27-M

ay

6-J

un

14-J

un

22-J

un

1-J

ul

11-J

ul

19-J

ul

27-J

ul

4-A

ug

12-A

ug

22-A

ug

30-A

ug

8-S

ep

Sto

ck P

erf

orm

ance (base 1

00)

Ibovespa SSBR3

IPO Update

Stock Performance Since IPO versus Ibovespa

Performance – Feb 02 to September 09, 2011

SSBR3: + 29.0%

Ibovespa: - 16.4%

Since the IPO in February 2011, Sonae Sierra Brasil’s shares have had a solid performance

when compared to the Ibovespa

As a result of the

resources from the

IPO, SSB had a net

cash position of

R$159 million as of

June 30, 2011.

Broker Target Price (R$) Recommendation Last Update

Credit Suisse 31.501 Outperform 09/05/2011

Itaú BBA 33.802 Outperform 09/11/2011

JP Morgan 35.002 Overweight 06/10/2011

112 month period 212/31/2012

6

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Investment thesis

Competitive edges

► Attractive industry fundamentals

► Strategy focused on dominant malls in underserved medium and large

cities targeting to the fast growing middle class

► Leverage on the know-how, strengths and long term commitment

of our sponsors

► Sound track record of developments and turnaround cases

► Experienced and committed management team

7

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Index

4 Company Fundamentals

13 Growth Strategy

19 Operational and Financial Indicators

9 Sector Fundamentals

Manauara Shopping (Manaus)

8

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Despite the current turmoil in the global macro economic scenario, perspectives are still

compelling for Brazil

Macro Economic Scenario

IPCA Rate (%) Retail Sales Growth (%)

Selic Rate (%) GDP Growth Rate (%)

Source: MCM

Source: MCM Source: MCM

Source: IBGE

9

5.7%

3.1%

4.5%

5.9%

4.3%

5.9%

6.5% 6.4%

5.5%

4.7%4.5%

2005 2006 2007 2008 2009 2010 2011e 2012e 2013e 2014e 2015e

IPCA

3.2%

3.9%

6.1%

5.2%

-0.7%

7.5%

3.6% 3.8%

2.6%

4.9%4.5%

2005 2006 2007 2008 2009 2010 2011e 2012e 2013e 2014e 2015e

PIB (%)

4.8%

6.2%

9.8%9.1%

5.9%

10.9%

2005 2006 2007 2008 2009 2010

Retail Sales

18.00%

13.25%

11.25%

13.75%

8.75%

10.75% 11.00%11.50%

13.00%

11.00% 10.75%

2005 2006 2007 2008 2009 2010 2011e 2012e 2013e 2014e 2015e

Selic

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Attractive shopping center industry

fundamentals

Despite recent growth, decreasing vacancy rates and low penetration vis-à-vis developed

markets indicate significant room for new shopping centers in Brazil

Shopping centers in Brazil

Brazilian Shopping centers growth by region: 2014e

Shopping centers sales - CAGR (08-11): 16%

Source: IBOPE Source: IBOPE

Low shopping center market penetration

Source: ABRASCE and IBGE.

Total GLA (m²) / 1,000 inhabitants (2010)

2,180

USA Canada

1,290

SP

91

PR

53

MG

31

GO

34

AM

42

DF

143

Other BR

states

34

Average: 49

Mexico

81

342359

381

419

2008 2009 2010 2011e

Shopping Malls

Source: IBOPE

Southeast 2010 205

South 2010 73

Northeast 2010 55

Mid West 2010 37

North 2010 11

+29%

+15%

+20%

+16%

+72%

Southeast 2014 265

South 2014 84

Northeast 2014 66

Mid West 2014 43

North 2014 19

10

70.178.8

89.5

109.1

13.7%14.0% 14.0%

15.4%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

40

60

80

100

120

140

160

2008 2009 2010 2011e

Sales (R$ billion) % of Total Retail Sales

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Fast growing middle class

Around 39 million people have moved upwards into the middle class, while middle class

disposable income has increased by 99%

Middle class: disposable income(1) (R$/month)

Note: (1) Income available for spending and saving

Source: Cetelem “O Observador 2011”, IBGE and Itau Securities

122

243

2005 2010

+99%

Over R$ 12 billion increase in monthly disposable

income

Total credit to individuals outstanding (R$ bn)

Source: Cetelem “O Observador 2011”

Increasing middle class

51%

25%

34%

53%

21% 15%

2005 2010

Population: 182 mm Population: 191 mm

+16 mm people

+39 mm people

A+B

C

D+E

Up

pe

r c

las

s

Mid

dle

cla

ss

L

ow

er

cla

ss

Sonae Sierra Brazil is strategically positioned to capture the middle class consumption

growth, as it entails over 80% of its target audience

6.8x

-

200

400

600

Jan-01 May-02 Sep-03 Jan-05 May-06 Sep-07 Jan-09 May-10

- 45 mm people

11

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Index

4 Company Fundamentals

13 Growth Strategy

19 Operational and Financial Indicators

9 Sector Fundamentals

Shopping Penha (São Paulo)

12

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Focus on dominant malls in underserved medium

and large cities, targeting middle class customers

Sonae Sierra Brasil has an established footprint in the State of São Paulo and its growth strategy

is based on offering high quality, market dominant developments in underserved regions

Core portfolio: 9 properties Development strategy: 1 opened and 3 greenfields

Core Portfolio of Assets

Strong track record in Brazil’s most dynamic region Growth strategy focused on underserved regions

Parque D. Pedro

► Campinas (SP)

► Population: 1,065k

► GLA: 121k sq m

► Occupancy rate: 95.2%

► Over 20 mm visits in 2010

Total GLA: 343k sq m

Owned GLA: 203k sq m

Greenfield

Manauara Shopping

► Manaus (AM)

► Population: 1,739k

► GLA: 47k sq m

► 99.7% leased

# of competitors in area of influence

Parque D. Pedro 2

Boavista 2

Penha 2

Franca 1

Tivoli 1

Metrópole 2

Pátio Brasil 2

Plaza Sul 1

Campo Limpo 2

Total GLA 2013: 513k sq m

Owned GLA 2013: 391k sq m

# of cities with more than 300k

inhabitants in Brazil

+ 81

41.6%

58.4%

São Paulo Other states

Owned GLA concentration

Shopping centers

Recently opened mall

Shopping centers

Manaus

Goiânia

Uberlândia

Londrina

13

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Controlling interests in most shopping centers

Sonae Sierra Brasil average ownership stake is 58% in its 10 operating properties. It will reach

70% when all three greenfield developments are completed

Rationale Percentage of the Company’s interest

Shopping Center City State GLA

(‘000 sqm) Stake Management

Parque D. Pedro(1) Campinas SP 121,0 51.0%

Penha São Paulo SP 29,6 73.2%

Metrópole São Bernardo SP 23,9 100.0%

Tivoli Santa Bárbara

d‟Oeste SP 22,1 30.0%

Pátio Brasil Brasília DF 28,8 10.4%

Boavista São Paulo SP 16,0 100.0%

Franca Franca SP 18,1 67.4%

Plaza Sul São Paulo SP 23,0 30.0%

Campo Limpo São Paulo SP 19,9 20.0%

Manauara Manaus AM 46,8 100.0% Weighted Average 58.2%

Uberlândia Uberlândia MG 43,6 100.0%

Londrina Londrina PR 47,8 84.5%

Goiânia Goiânia GO 78,1 100.0% Weighted Average 70.3%

Note: (1) Sonae Sierra and DDR hold an additional 25.9% indirect ownership in Parque D. Pedro through another structure.

Ability to expand and

adapt to market trends

Control the management

services of 100% of the

malls

Strategic control of the malls

14

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Greenfield Projects

Uberlândia Shopping

Uberlândia

Minas Gerais

1Q12

Construction in progress

43.6

100%

88%

Boulevard Londrina

Shopping

Londrina

Paraná

2H12

Construction in progress

47.8

84.5%

71%

Shopping Passeio das

Águas

Goiânia

Goiás

2013

Construction in progress

78.1

100%

24%

Opening :

Total GLA (‘000 sq m):

Company’s stake:

% of GLA already

committed*:

Status:

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

become the market dominant malls in their regions

City:

State:

* As of June 30, 2011

15

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Expansions

Future expansions

Tivoli Metrópole

(Expansion II)

Parque D. Pedro

(Expansion II)

Campo Limpo

Concluded

expansion

Parque D. Pedro

(Expansion I)

On-going expansions

Metrópole

(Expansion I)

Location São Bernardo

(SP)

Sta. Bárbara

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

São Bernardo

(SP)

Sonae Sierra

Brasil Stake 100% 30% 51% 20% 51% 100%

Additional

Total GLA (‘000 sq m) 12.0 7.0 5.0 3.0 5.0 9.0

Expected

Opening 2013 2013 2013 Sep 2011 November 2010 Nov 2011

Construction

Start Date 2H2012 1H2011 2H2012 2H2012 1H2010 1H2010

% of GLA

already committed*: 100% 99% 90% n.a. n.a. n.a.

* As of June 30, 2011

16

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Secured Growth

Owned GLA growth (000 sq m)

Uberlândia

Londrina

Goiânia

+92%

Metrópole (I)

PDP (II)

Metrópole (II)

Tívoli 84

203

391

16

78

2010 2011 2012 2013 Total

Expansion Greenfields

10

Campo Limpo

Sonae Sierra Brasil has a solid pipeline of new developments and expansions underway that

will almost double the Company’s GLA within 3 years

17

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Index

4 Company Fundamentals

13 Growth Strategy

19 Operational and Financial Indicators

9 Sector Fundamentals

Shopping Campo Limpo (São Paulo)

18

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

111

Occupancy Rate

111

Sales (R$ million)

111

SSS/m²

111

SSR/m²

865

950

830

913

2Q10 2Q11 1H10 1H11

SSS/sqm

9.8%10.0%

47

53

46

52

2Q10 2Q11 1H10 1H11

SSR/sqm

12.7% 12.9%

831 934

1,575 1,775

2Q10 2Q11 1H10 1H11

Sales (R$ million)

12.4%

12.7%

97.3%

96.3%

97.0%97.2%

98.3% 98.5% 98.4%98.0%

97.7% 97.5%

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

Occupancy (% GLA)

Strong Operational and Financial Performance

19

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Strong Operational and Financial Performance

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

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

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

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

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

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

Other revenue 120 275 -56.3% 445 307 45.0%

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

111

Gross Revenue (R$ million)

111

Gross Revenue Breakdown

49 57

95 112

2Q10 2Q11 1H10 1H11

17.4%

17.7%

76%

2%5%

10%6%

1%

2Q10

76%

2%

7%

10%

5%

2Q11

Rent

Rent contract straight-lining

Service revenue

Parking revenue

Key Money

Other revenue

2Q11 2Q10

20

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

111

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)

76.2% 76.5% 75.9% 76.5%

75.6%

83.5%

73.0% 76.6%

3541

6779

2Q10 2Q11 1H10 1H11

Adjusted EBITDA (R$ million)

17.6%

18.2%

3444

6479

2Q10 2Q11 1H10 1H11

FFO Ajustado

23.1%

29.4%

45 53

88103

2Q10 2Q11 1H10 1H11

Receita líquida

17.3%

17.2%

44 51

83 99

2Q10 2Q11 1H10 1H11

NOI

18.7%

15.2%

Strong Operational and Financial Performance

21

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

20.939.6 39.6 39.2

159.9

Up to 2012 2013 2014 2015 2016 onwards

Net Cash Position and Modest Leverage

Data on June 30th, 2011

Net Cash Position (R$ million) Debt Profile

Debt Amortization Schedule (R$ million)

Fixed42%

CDI16%

TR42%

22

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

9.4x

15.6x14.5x

15.8x 15.8x

SSBR3 ALSC3 MULT3 BRML3 IGTA3

EV/EBITDA

11.9x14.1x

17.0x 17.3x

13.7x

SSBR3 ALSC3 MULT3 BRML3 IGTA3

P/FFO

12.6x

16.6x 17.2x

21.4x

17.9x

SSBR3 ALSC3 MULT3 BRML3 IGTA3

EV/EBITDA

14.3x 14.1x

18.4x

23.9x

16.9x

SSBR3 ALSC3 MULT3 BRML3 IGTA3

P/FFO

Appendix: Sector Multiples

SSBR3 is trading at a discount against its peers in the Brazilian shopping malls sector.

2011 P/FFO (x) 2011 EV/EBITDA (x)

2012 P/FFO (x) 2012 EV/EBITDA (x)

Peers Avg: 18.3x

Peers Avg: 18.3x

Peers Avg: 15.5x

Peers Avg: 15.4x

22.1% discount to Peers Avg

31.2% discount to Peers Avg

23.7% discount to Peers Avg

39.0% discount

to Peers Avg

Source: Bloomberg 23

R: 102

G: 98

B: 0

R: 124

G: 106

B: 85

R: 164

G: 0

B: 70

R: 0

G: 90

B: 132

R: 187

G: 140

B: 10

R: 246

G: 137

B: 51

R: 212

G: 209

B: 15

R: 238

G: 43

B: 116

R: 98

G: 202

B: 227

Appendix: Sector Operating Performance

Adjusted EBITDA Margin

Adjusted FFO Margin

SSB’s FFO margin is the highest of the Brazilian shopping mall sector, reaching 84% in 2Q11 and 77% in 1H11. Also, SSB’s

EBITDA margin is among the highest of the sector, just behind of BR Malls, which benefits from its size.

Note: SSB considers 100% of the Parque D. Pedro Shopping results.

Source: Companies Earnings Results

Source: Companies Earnings Results

76%

57%

82%

74%

64%

71%77%

68%

80%

72% 72% 70%

SSB Multiplan BR Malls Iguatemi Aliansce General

2Q10 2Q11

76%

61%66% 65%

70%

8%

84%

51%

43%

61% 62%

42%

SSB Multiplan BR Malls Iguatemi Aliansce General

2Q10 2Q11

76%

60%

83%

69% 65% 70%

77%

66%

80%

66% 67% 70%

SSB Multiplan BR Malls Iguatemi Aliansce General

1H10 1H11

73%

64% 62% 61% 63%

8%

77%

58%

38%

57% 58%

32%

SSB Multiplan BR Malls Iguatemi Aliansce General

1H10 1H11

24