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

1Q12 Results

Presentation

May 11th, 2012

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

Highlights

• Net Revenue increased 13.9% to R$56.6 million in 1Q12 compared to R$49.7 million in

1Q11.

• Adjusted EBITDA of R$41.9 million in 1Q12, an increase of 10.4% over 1Q11 with

margin of 74.0% in 1Q12.

• Adjusted FFO of R$34.6 million in the 1Q12, in line with 1Q11. Adjusted FFO margin

reached 61.0% in 1Q12.

• Same-store rent (SSR) reached a double-digit growth of 12.1% in 1Q12. Same-store

sales (SSS) increased by 9.8% in the quarter.

• In January 2012, the Company obtained the controlling ownership interest in Shopping

Plaza Sul.

• In March 2012, we concluded the first issue of debentures, totaling R$300 million.

• On March 27th, 2012, Sonae Sierra Brasil successfully opened its 11th shopping mall,

Uberlândia Shopping, in Uberlândia, Minas Gerais State.

2

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

98.3% 98.5% 98.4%98.0%

97.7% 97.5% 97.4%

98.8%98.5%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

Occupancy (% GLA)

841

936

1Q11 1Q12

Sales (R$ million)

11.4%

3 3

Operating Results

Occupancy Rate (% of GLA)

111

Sales (R$ million)

111

SSS/sqm

111

SSR/sqm

49

55

1Q11 1Q12

Same Store Rents (SSR)/sqm (in R$)

12.1%

856

940

1Q11 1Q12

Same Store Sales (SSS)/sqm (in R$)

9.8%

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

Future Growth

Owned GLA growth (‘000 sqm)

Sonae Sierra Brasil has a solid new development and expansion pipeline which will almost

double the Company’s owned GLA until 2013

4

209

390

17

45

118

1

2011 2012 2013 Total

Owned GLA Growth ('000 sqm)

M&A

Greenfields

Expansion

Uberlândia

Londrina and Goiânia

PDP (II), Metrópole (II) and Tívoli

+87%

Plaza Sul and Penha

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

Data on March 31st, 2012

Mall’s interior

Mall’s façade

Uberlândia Shopping

City Uberlândia

State MG

Opening date March 27th, 2012

GLA (‘000 sqm) 45.3

SSB’s ownership interest 100%

Committed GLA 93%

Gross Capex Incurred (R$ million) 201.2

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

Greenfield Projects – Londrina and Goiânia

Boulevard Londrina Shopping

City Londrina

State PR

Expected Opening 1Q13

GLA (‘000 sqm) 47.8

SSB’s ownership interest* 84.5%

Committed GLA 70%

Gross Capex Incurred (R$ million) 122.9

Project illustration and construction site Project illustration and construction site

Passeio das Águas Shopping

City Goiânia

State GO

Expected Opening 2H13

GLA (‘000 sqm) 78.1

SSB’s ownership interest 100%

Committed GLA 43%

Gross Capex Incurred (R$ million) 91.6

Data on March 31st, 2012 *Ownership considering partner will fully exercise its rights in the project

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

Expansions

* As of March 31st, 2012

Future Expansions

Metrópole

(Expansion I)

Location São Bernardo

(SP)

Sonae Sierra

Brasil Stake 100%

Additional Total

GLA (‘000 sqm) 9.0

Opening Nov 2011

Start of construction 1H2010

% of GLA already committed*: 100%

Campo Limpo

São Paulo (SP)

20%

3.0

Sep 2011

1H2011

96%

Parque D. Pedro

(Expansion II)

Campinas (SP)

51%

5.0

2013

1H2013

n.a.

Metrópole

(Expansion II)

São Bernardo

(SP)

100%

12.0

2013

2H2012

n.a.

Tivoli

Sta. Bárbara

D’Oeste (SP)

30%

7.0

2013

1H2012

n.a.

7

Delivered

Expansion

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

54.7

61.8

1Q11 1Q12

13.1%

Financial and Operating Performance

Gross Revenue (R$ ‘000) 1Q12 1Q11 Var. %

Rent 48,150 41,342 16.5%

Rent contract straight-lining 342 949 -64.0%

Service revenue 4,048 4,033 0.4%

Parking revenue 6,200 5,610 10.5%

Key Money 2,657 2,398 10.8%

Other revenue 410 325 26.1%

Total 61,807 54,657 13.1%

111

Gross Revenue (R$ million)

111

Gross Revenue Breakdown

8

77%

8%

10%

4%

1%

1Q11

78%

7%

10%4%

1%

1Q12

Rent

Service revenue

Parking revenue

Key Money

Other revenue

Gross Revenue Breakdown

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

Costs and Expenses

Costs and Expenses (R$ ‘000) 1Q12 1Q11 Var. %

Depreciation and amortization 439 403 8.9%

Personnel 6,756 5,623 20.1%

External services 2,749 2,132 28.9%

Occupancy cost (vacant stores) 1,066 865 23.2%

Cost of contractual agreements with tenants 331 336 -1.5%

Reversal of the allowance for doubtful lease receivables 446 580 -23.1%

Rent 761 625 21.8%

Travel 532 224 137.5%

Other 1,969 1,824 7.9%

Total 15,049 12,612 19.3%

Classified as:

Cost of rentals and services 9,598 8,556 12.2%

Operating Expenses 5,451 4,056 34.4%

Total 15,049 12,612 19.3%

9

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

47.7

54.9

1Q11 1Q12

NOI

34.4 34.6

1Q11 1Q12

Adjusted FFO (R$ million)

0.5%

49.7

56.6

1Q11 1Q12

Receita líquida

13.9%

38.0

41.9

1Q11 1Q12

Adjusted EBITDA (R$ million)

10.4%

Indicators

Adjusted EBITDA and Margin (R$ million) Net Revenue (R$ million)

Adjusted FFO and Margin (R$ million) Net Operating Income - NOI (R$ million)

76.3% 74.0%

61.0%

69.2%

10

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

62.6

22.0

1Q11 1Q12

Net Income (R$ million)

-64.8%

38.9

45.1

1Q11 1Q12

Receita

15.9%

28.5

31.8

1Q11 1Q12

EBITDA ajustado

11.7%

Indicators – Management Accounts (PDP 51%)

111

EBITDA and Margin (R$ million) Net Revenue (R$ million)

73.2% 70.6%

24.724.3

1Q11 1Q12

FFO ajustado

-1.9%

111

FFO and Margin (R$ million)

63.6%

53.8%

11

Net Income (R$ million)

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

Fixed

19%

CDI

19%

TR

33%

IPCA

29%

Cash Position and Leverage

Data on March 31st, 2012

Net Cash Position (R$ million) Debt Profile

Debt Amortization Schedule (R$ million)

30.0 35.2 48.6 49.592.8

453.9

2012 2013 2014 2015 2016 2017

and

beyond

731,3

21,3

710,0

Cash and Cash

Equivalents

Debt Net Cash

12

Contracted Debt Financing

Committed

Amount (R$

MM)

Term

(Years)

Interest

Rate

Balance

as of

03/31/12

(R$ MM)

Working Capital 20 5 CDI + 2.85%

16

Working Capital 27 6 CDI + 3.30%

24

Manauara Shopping 112 12 8.5% 132

Metrópole Shopping – Expansion I 53 8 TR +

10.3% 55

Uberlândia Shopping 81 15 TR +

11.30% 78

Boulevard Londrina Shopping 120 15 TR +

10.90% 53

Passeio das Águas Shopping 200 12 TR +

11.00% 49

Debentures – first series 95 5 CDI + 0.96%

97

Debentures – second series 205 7 IPCA + 6.25%

207

Total 914 710

Average 10.2 11.40%

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

Thank you

Q&A

Investor Relations

Carlos Alberto Correa

Investor Relations Director

Murilo Hyai

Investor Relations Manager

Eduardo Pinotti de Oliveira

Investor Relations Analyst

Website:

www.sonaesierrabrasil.com.br/ir

Email:

ribrasil@sonaesierra.com

Phone:

+55 (11) 3371-4188

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

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.