5

OUR IDENTITY Mission Values Brand

13

OUR REACH Our History Corporate Strategy Corporate Profile Where we are Key Figures

37

OUR COMMITMENT Our People Sustainability Ethics Innovation Awards

The information published refers to the year 2014.

Our OURIdentity IDENTITY

MISSION

To create long‑term economic and social value, bringing the benefits of progress and innovation to an ever increasing number of people. 6

Sonae Improving Life · Our Identity

7

VALUES

Trust and Integrity We are committed to creating economic value in the medium and long term, built on relationships founded on integrity and trust.

People at the centre of our success Setting constant challenges and being open to change are crucial in attracting ambitious people. Our people are a determining factor in the markets where we operate and, for that reason, we invest in developing their capabilities and skills, and thereby further enrich our culture.

Ambition Ambition is born from continuously establishing goals which will stretch us to our limits, stimulating our energy and reinforcing our determination. Ambition drives us and keeps us dissatisfied with the status quo, forcing us to go beyond our past successes.

8

Sonae Improving Life · Our Identity

Innovation

Frugality and Efficiency

Innovation is at the heart of our businesses. Innovation involves risks, but we are aware of the importance of identifying and managing these risks, so as to maintain them within reasonable limits. We know that only by innovating can we grow sustainably.

We aim to optimise the use of resources and maximise their return, seeking cost efficiency, and avoiding any waste or extravagance. As a priority, we focus on achieving operating efficiency, promoting healthy competition, and delivering high impact projects.

Social Responsibility

Cooperation and Independence

We have an active sense of social responsibility, and try to contribute to improving the communities within which we operate. Our behaviour takes into account the most recent environmental concerns and sustainable development policies.

We are willing and ready to cooperate with central and local governments, in order to improve regulatory, legal and social frameworks, and to ensure the best solutions for the communities within which we operate, but we also take care to maintain our independence in relation to all such entities.

9

BRAND

Brand attributes Creative

We are creative. We generate employment, wealth and development. We are innovative, with offers that make what is essential accessible, with new ideas that enrich lives. We like to solve problems, creating opportunities. We want a world in which creativity is the path to progress.

Determined

“Improving Life” is our positioning statement. It combines the development of our businesses with addressing the various needs of different consumers. It refers to a brand that is open, alert and socially connected. It’s a greater insight into our activities and a confirmation of our vocation to be present in people day‑to‑day lives.

We are determined. Our history has been built on motivation and entrepreneurship. We are focused on our determination to continue to grow. Every difficulty is a challenge, an incentive. We know what we want. We accept risk as a precondition of leadership.

Dynamic

We are dynamic. We believe in variety and the potential of doing things differently. It was this dynamism that led us to democratise consumption in Portugal. And it is this dynamism that has driven us to discover new ways of continuing to do so. All over the world.

10

Sonae Improving Life · Our Identity

World Class

We are international. We bring expertise and quality to everything we do, in any part of the world. We seek knowledge and opportunities in all parts of the world. We are proud to have partnerships on all continents. The only frontiers we see are those of sustainability.

Enthusiastic

We are enthusiastic. About people. About culture. About relationships. From the smallest change to the most profound revolution. From the most radical innovation to the simplest step of evolution. We believe in doing things with passion. This is value with a long term vision.

Open

We are open to dialogue. We want our activities to reach more and more people. We want to get to know other people better. We want to grow. We are transparent in this ambition. We are independent and cooperative. Our success lies in our ability to establish partnerships based on trusted relationships.

11

Our OURIdentity REACH

OUR HISTORY

1959 Foundation of Sonae

60´s Start-up of the business

(Sociedade Nacional de Estratificados)

· Production of decorative laminates (laminite).

90´s Development of strategic businesses and expansion into telecommunications · Launch of Público: first nationwide daily newspaper; · Launch of the first batch of Continente own‑brand products; · Opening of CascaiShopping (first regional modern shopping centre in Portugal); · Opening of Centro Colombo, the biggest shopping in Iberia; · Start of the international expansion of Sonae Sierra: Spain, Greece and Brazil; · Start of the specialised retail project, with stand-alone brand names: MO, formerly known as Modalfa (fashion), Sport Zone (sports), Worten (electronics); · Entry in Spain; · Launch of Optimus (telecom operator).

14

00´s International growth and reorganisation of the business portfolio ·S  onaecom listed on the Lisbon Stock Exchange (IPO); · Spin off of Sonae Indústria (wood based panels producer) and Sonae Capital (real estate, tourism and venture capital); · Sonae Sierra expands its activities entering new markets like Germany, Italy and Romania. Creation of the Sierra Fund and Sierra Portugal Fund; · MDS joint venture with Suzano enters in Brokers Link international broker network and acquires a relevant position in Cooper Gay; · Creation, in IT business, of BizDirect, WeDo Technologies, Mainroad and Saphety, and acquisition of Cape Technologies, in Ireland, by WeDo Technologies; · Sale of Sonae Distribuição Brazil to the Wall‑Mart group and acquisition of Carrefour Portugal;

·L  aunch of Zippy, Área Saúde (today Well’s), Book.it (today Note!) and Bom Bocado; ·L  aunch of Continente loyalty card , today with more than 3 millions families holders; · International expansion of Sport Zone and Worten to the Spanish market (acquisition of Boulanger Group); ·C  hanges in the management structure (Belmiro de Azevedo becomes Chairman); ·N  ew organisation of retail business in 3 separate units: Sonae MC (food), Sonae SR (non‑food) and Sonae RP (Retail Real Estate); ·S  et up of new business area focused on Investment Management.

Sonae Improving Life · Our Reach

70´s

80´s

Business development and vertical integration

Diversification through acquisitions and set up of new businesses

·D  iversification of Sonae, through the acquisition of Novopan (particle board manufacturing unit); · Additional investments aimed at surface coated particle board production.

· Sonae products available in 50 countries on five continents; · Launch of Sonae on the capital markets and Initial Public Offerings (IPOs) for seven group companies; · Set up of MDS - insurance brokerage; · In 1985, the opening of the 1st hypermarket in Portugal: Continente (Matosinhos). This moment marked the start up of the Sonae Distribuição business; · Sonae Tecnologias de Informação (Information Technologies) is created, investing in new technologies and the media sectors; · Start-up of Sonae Imobiliária business and opening of the first shopping centres managed by Sonae.

10´s Global expansion · Launch of Sonae’s new corporate identity; · Retail global expansion with special attention in Spain (surpassing the 100 stores); · Opening of Zippy stores in Europe, Middle East, Latin and Central America, Africa and Asia; · International expansion of Berg and Deeply brands; · Sonae Sierra enters in several countries through partnerships with local companies. Also creates EMEA (Europe, the Middle East and Africa) Services Department expanding its activity to Morocco and Croatia; ·S  onae Sierra property funds were acknowledged the most sustainable in Europe and the third worldwide according to the Global Real Estate Sustainability Benchmark; · Creation of the convenience supermarkets through franchising (Meu Super); · Sonae launches initiative of venture capital (Sonae E.Ventures) to invest in e-commerce companies; · Merger between Zon and Optimus gives rise to the NOS brand; · Launch of 1st ZU store, specialized in dogs and cats; · International expansion of several insignias from Sonae with entry into 5 new markets (Armenia, Bulgaria, Chile, Georgia and Mozambique) and wholesale for 40 countries.

A history of entrepreneurship and innovation

15

CORPORATE STRATEGY

16

Sonae Improving Life · Our Reach

Who we are and what we stand for

Strategy

We are a trust-based organisation with deep rooted values and beliefs which are embedded in our history and have stood the test of time – our values and beliefs have remained consistent and have produced our unique culture. We have lived by them and we have constantly grown in scope and value whilst contributing to society above and beyond the economic wealth we create.

Our mission and our values are built into our strategy – we always know where we are going and why. We will significantly increase our geographic presence and employ new business models to foster growth and value creation. Based on our existing businesses and with our distinctive competencies, assets and culture, we will pursue the following three main strategic pillars:

Active and entrepreneurial investor

International expansion

We are an active investment group with ambitious targets for superior growth and value creation. We continuously plan and optimise our strategy, looking for improved opportunities in our current businesses and analysing new investment opportunities, both in current and new sectors and geographies.

We are recognized for our world class competency. This enables us to explore new growth opportunities. Sonae core businesses have become leaders in mature markets, underlining its competency, knowledge and experience.

We are constantly searching for new business models and concepts, nurturing our entrepreneurial spirit and assuming considerable risk in the implementation of new ventures. We are rapid and efficient when entering and exiting businesses, whilst always taking strategic decisions with a medium to long‑term view.

International expansion, focused on our core businesses and our distinctive products, competences and strategic assets will be our key growth drivers for many years to come. This is one of our top strategic priorities and we will deploy resources accordingly. We recognise the opportunity to enlarge our international footprint and transform Sonae into a large multinational corporation. Our strategy is to target opportunities in growth markets that have developing retail markets and improving governance practices as well as in mature markets where we have a clear edge over incumbent competitors.

17

Diversify investment style

Leverage and reinforce exceptional assets and competencies

We adopt the most appropriate investment style for each project. Our capital‑light models include partnerships, franchising and wholesale arrangements. This strategy allows us to add local knowledge and at the same time reduce the employed capital in the businesses.

We are committed to innovation, to generating new businesses and strengthening our competitive position.

We will continue to leverage our resources and the efficiency of implementation plans by adopting the most appropriate investment style or mix of styles for each business.

We are determined to capitalize on our assets and competencies, launching new projects in adjacent areas and continuing to grow our market share. We will continue to explore new business opportunities that leverage on our exceptional asset base and competencies as a way to nurture our portfolio of options for future growth. The new projects should have most of the following characteristics: (i) a clear path to internationalisation; (ii) potentially attractive profitability levels; (iii) profiting from global trends; (iv) benefit from or reinforce our competencies and/or strategic assets.

18

Sonae Improving Life · Our Reach

Why this strategy? Our quest for growth and superior value creation reinforces our ambition to expand internationally. We have the skills and technical know‑how to successfully explore opportunities not only in ‘growth markets’, providing sound macroeconomic growth, developing industry structures and improving governance practices; but also in mature markets, given our distinctive products, competences and strategic assets. Our base market is not sufficient to deliver all of our ambitious goals as: (i) Portugal is a small market and a difficult territory to defend in a globalised competitive environment; and (ii) our current core businesses in Portugal are reaching maturity and, consequently, have limited growth opportunities. We have an outstanding management team, expertise and reputation and can use them to create value on a larger scale and in markets that are growing faster and have greater potential. We will create new and significant career development opportunities for our managers, fostering their professional and personal development, and improving their international profile. Our competence, knowledge and experience pool will grow and become an even more solid base for the future development of the Group through exposure to diverse cultures and situations.

To enlarge our international footprint at a faster pace, a more flexible investment style will be crucial, as it will enable us to: (i) leverage our financial and human resources, multiplying our ability to seize different and larger opportunities; (ii) become a company with an enlarged external network; and (iii) improve our access to relevant information, enabling a more proactive management of our legal, regulatory and political environments and increasing our influence. This is critical for successful expansion, improving our ability to understand the real obstacles of business development and to identify new business opportunities. Although our internationalisation strategy opens up an immense opportunity for us to grow, we must not relinquish our asset base in Portugal. By leveraging these assets to develop new business opportunities, we are also nurturing our capacity and ambition to grow in the future, while minimizing risk. In summary, by focusing on internationalisation, diversifying our investment style and leveraging our exceptional asset base in Portugal, we maximise our ability to grow and create value.

19

CORPORATE PROFILE EFANOR SONAE CAPITAL 63%

SONAE INDÚSTRIA 69%

SONAE* 53%

SONAE MC

SONAE SR

SONAE RP

Food Retail

Specialised Retail

Retail Properties

100%

100%

100%

Core Businesses

SONAE SIERRA

NOS

Investment Management Shopping Centres

SONAE IM

Telco

16% to

89.9%

Related Businesses

50%

24.4%**

Core Partnerships

* Listed on the Euronext Stock Exchange. Information may also be accessed on Reuters under the symbol SONP.IN and on Bloomberg under the symbol SON.PL. ** Through Sonaecom.

20

Efanor is the main shareholder of these companies, with more than 50% of equity.

Sonae is a house * of brands

Sonae Improving Life · Our Reach

* These are some examples of our brands.

21

WHERE WE ARE North America

> 60 countries in all five continents*

South America

* Dec 2014 (This includes operations, third party services, representative offices, franchising agreements and partnerships).

22

Sonae Improving Life · Our Reach

Europe

Asia

Africa

Oceania

23

KEY FIGURES

Sonae is one of the biggest employers in Portugal

24

EMPLOYEES

STORES

~40,000

1,304

DIRECT INCOME

NET INCOME

CAPEX

144 M€

356 M€

TURNOVER

EBITDA

NET DEBT EVOLUTION

4,974 M€

417 M€

127 M€

(attributable to shareholders)

(between 31 Dec 2011 and 31 Dec 2014)

-712 M€

Sonae Improving Life · Our Reach

Shareholders structure

52.64% 9.4% 4.99%

Efanor

BPI

3.65 cent +5% vs. 2013 +10.3% vs. 2012

Bestinver

2.5%

Fundação Berardo

2.3%

Norges Bank

27.8%

DIVIDEND PER SHARE

Others

DIVIDEND YIELD

2012

2013

2014

4.8%

3.3%

3.6%

2012 ye*

2013 ye*

2014 ye*

0.687€

1.049€

1.024€

PRICE PER SHARE

* year end

25

Sonae MC is Sonae´s business area responsible for food retail, being Portugal’s leader.

Sonae MC is responsible for the food retail area of Sonae and is today a benchmark in the market, after having launched a true revolution in consumer habits and the Portuguese commercial landscape with the opening of the first hypermarket in Portugal in 1985 (the Continente Matosinhos). Sonae MC is food retail market leader in Portugal with a number of distinctive formats, which offers the varied range of high quality products at the best prices: Bom Bocado (coffee shops), Continente (hypermarkets), Continente Bom Dia (convenience supermarkets), Continente Modelo (hypermarket close at hand), Meu Super (proximity stores in a franchising format), Note! (bookshops, stationery and gifts), Pet&Plants (garden and domestic pets), Well’s (health, well being and eye care) and ZU (dogs and cats products and services). Sonae MC will continue to focus on leadership and profitability, by consolidating market leadership in Portugal; exploring new adjacent business opportunities; managing the business as a cash flow generator whilst searching for international opportunities.

26

Coffee shops

Hypermarkets

Convenience supermarkets

Hypermarket close at hand

Proximity stores in a franchising format

Bookshops, stationer and gifts

Garden and domestic pets

Health, well being and eye care

Dogs and cats products and services

Sonae Improving Life · Our Reach

#1 food retailer in Portugal

SALES AREA

STORES

639,000 sqm

TURNOVER

UNDERLYING EBITDA

640

3,461 M€

241 M€

(162 franchises)

Markets with stores: Portugal. We are developing wholesale, allowing consumers in other markets to enjoy the quality of our products and innovations.

27

Sonae SR is Sonae’s business area responsible for specialised retail in sports, fashion and electronics. Sonae SR has a range of brands in benchmark positions in their respective market segments. The offer is wide ranging: MO (clothing, footwear and accessories), Sport Zone (sports clothing and equipment), Worten (electrical appliances, consumer electronics and entertainment), Worten Mobile (mobile telecommunications) and Zippy (clothing, footwear and accessories for babies and children and childcare products). The companies were built on a strategy of value generation, based on a combination of sustained growth and strong investment in the value proposal of each of their brands. Underpinned by the motivation and quality of their employees and by the sustained partnerships with suppliers. Sonae SR will maintain its focus on growth and internationalisation, exploring and preparing the entrance into new geographies, by developing franchising and/ or joint‑venture opportunities, consolidating market leadership in Portugal and improving profitability.

28

Clothing, footwear and accessories

Mobile telecommunications

Sports clothing and equipment

Electrical appliances, consumer electronics and entertainment

Clothing, footwear and accessories for babies and children and childcare products

Sonae Improving Life · Our Reach

SALES AREA

SALES AREA

STORES

398,000 sqm

TURNOVER

595

UNDERLYING EBITDA

1,290 M€

15 M€

(73 franchises)

Markets with brands stores: Azerbaijan, Dominican Republic, Egypt, EUA, Jordan, Kazakhstan, Lebanon, Malta, Morocco, Portugal, Qatar, Saud Arabia, Spain, St. Maarten, Turkey and Venezuela.

29

NET INVESTED CAPITAL

1,213 M€

Sonae RP is Sonae’s business area that aims to create value in managing and exploring its real estate assets through a proactive and efficient attitude, creating specific expertise and privileged relations in the real estate sector in Portugal.

Freehold levels

30

73%

28%

Sonae MC

Sonae SR

Sonae Improving Life · Our Reach

Sonae RP Net Book value (YE14): 1,213 M€ Assets %

Others

6% Logistics and offices

Sonae SR stores

EMPLOYEES

11%

31

13%

70%

TURNOVER

UNDERLYING EBITDA

126 M€

116 M€

Sonae MC Stores

Markets: Portugal and Spain. 31

Software and Systems Information

Cyber Security Services

Sonae IM is Sonae’s business area responsible for Software and Systems Information, Retail Technology and Partnerships businesses. This business unit will implement an active investment approach in order to build a portfolio of class reference companies in Retail and Telco Technologies.

In 2013, Sonae E. Ventures was launched as a venture capital initiative to invest in e-commerce companies at an initial development stage.

32

Retail Technology

Sonae Improving Life · Our Reach

Insurance Brokerage

Travel Agencies

DIY and Construction Materials

Media

TURNOVER*

UNDERLYING EBITDA*

252 M€

19 M€

Markets: Angola, Argentina, Australia, Bahamas, Belgium, Brazil, Canada, Cayman Islands, Chile, China, Colombia, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, Filipinas, Finland, France, Germany, Greece, Holland, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Malaysia, México, Morocco, Nicaragua, Panama, Peru, Poland, Porto Rico, Portugal, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Suisse, Taiwan, Thailand, Trinidad & Tobago, Turkey, United Kingdom, USA, Venezuela and Vietnam. * Turnover and UNDERLYING EBITDA does not include GeoStar, since Sonae apllies the equity method.

33

PRESENT

14 countries

Sonae Sierra is a Sonae business area and an international shopping centre specialist, passionate about creating unique shopping experiences. Our integrated approach to shopping centre business includes the ownership, development and management activities. This strategy allowed us to develop a recognized unique know‑how which we use for our shopping centres, as well as third party projects and operating shopping centres.

34

GROSS LETTABLE AREA

UNDER MANAGEMENT

OWNER OF

2.3 million sqm

92 Shopping Centres

46 Shopping Centres

Sonae Improving Life · Our Reach

SHAREHOLDERS

50% Sonae Grosvenor

EMPLOYEES

1,123

VISITS

TENANT CONTRACTS About

8,300

>

440 million

TURNOVER

EBITDA

225 M€

108 M€

Markets: Algeria, Azerbaijan, Brazil, Colombia, Germany, Greece, Italy, Morocco, Portugal, Romania, Spain and Turkey.

35

CONVERGENT RGUS*

MOBILE CUSTOMERS

More than 1.9 M

More than 3.6 M

*Revenue Generation Unit

COMMUNICATIONS Through Sonaecom, Sonae holds a participation of 24.4% at NOS share capital. NOS is the biggest communications and entertainment group in Portugal. It offers latest generation fixed and mobile phone, television, Internet, voice and data solutions for all market segments. It is leader in Pay TV, new generation broadband services and in cinema exhibition and distribution in Portugal. In the business segment,

36

it has positioned itself as a sustainable alternative in the Corporate and Mass Business segments, offering a broad portfolio of products and services with tailor made solutions for every sector and businesses of different sizes, complementing its offer with ICT and Cloud services. NOS is at the forefront of innovation offering true value to its customers. With IRIS NOS has introduced an innovative way to watch TV with a more natural, customized and intuitive customer experience.

TURNOVER

EBITDA

NET INCOME

1,384 M€

511 M€

75 M€

Sonae Improving Life · Our Reach

PAY-TV CUSTOMERS

1.5 million

FIXED VOICE CUSTOMERS

1.5 million

FIXED BROADBAND INTERNET CUSTOMERS

1 million

37

Our OURIdentity COMMITMENT

OUR PEOPLE

Our people are our most important asset. 40

We invest in their development, working to strengthen their individual and collective values. Our services and products improve the lives of our ever increasing number of people.

Sonae · Improving Life · Our Commitment

Our values

At Sonae we think that it is vital to preserve and develop the ethical and cultural legacy which has brought us to where we are. Our culture and union are what makes us stronger and more distinctive today and that will maximize our potential for the future.

So we have a precious group of principles and values, which we call “Our Way”, that translate into what we believe and stand for.

How we work

Our teams

Our managers

OUR VALUES We are committed to creating economic value in the medium and long term, built on relationships founded on integrity and trust.

HOW WE WORK We work with excellence, honesty and clarity, merit, boldness, common sense, curiosity, creativity and with a focus on our customers.

OUR TEAMS We encourage team work.

OUR MANAGERS We stimulate our managers to be leaders all over the world by adopting business practices that support the local culture.

41

SUSTAINABILITY

Creating a long term company Sustainability is our DNA and we implement the best practices for businesses, customers, the community in which we operate, all our teams and shareholders. Our business promotes the social and cultural well-being in communities in which we operate.

Community Support key areas:

42

Environmental Awarness

Culture

Education

Health and Sports

Science and Innovation

Social Solidarity

Sonae · Improving Life · Our Commitment

Since 1995 we promote the eco efficiency of our activities and implement structural projects in this field

95

Signature of the UN Global Compact

99

Integration of WBCSD – World Business Council for Sustainable Development, being the first Portuguese to entry in the organisation

Subscription of the UN Global Compact

01 Creation of BSCD Portugal (Business Council for Sustainable Development) with Sonae as founding member

08

Report of sustainability activities in a detail report since 2007

12 Creation of the Sonae Sustainability Award Supporter of European Retail Agreement on Waste

09 Adoption of the Fishing Sustainability Policy

13 Sonae is invited to join the European Commission’s Forum for Relations between Production and Distribution Sonae endorses European Code of Conduct for the Food Supply Chain

05 Signature of World Safety Declaration Creation of a Sustainability Forum

Subscription of World Economic Forum´s Global Business Oath

Signature of the UN Universal Declaration to Human Rights

07

04

10

11 Member of Retail Forum for Sustainability

14 Sonae is invited to join the High Level Group on the Competitiveness of the European Retail Sector, a new advisory group for the European Comission Release of the new Code of Ethics and Conduct and also the Supplier’s Code of Ethics and Conduct

43

Sustainability in numbers Sonae is much more than numbers. But numbers are an important reflection of our success, our scope, our commitment.

44

We create value and we distribute it.

ECONOMIC VALUE GENERATED

ECONOMIC VALUE DISTRIBUTED

ECONOMIC VALUE RETAINED

5,501 M€

5,304 M€

197 M€

Sonae · Improving Life · Our Commitment

Evolution of Electricity consumption in retail businesses (GJ)

2012

2013

2014

1,541,095

1,495,242

1,530,583

DISCOUNTS TO FAMILIES

399 M€ in loyalty cards and sales receipts

Community Support

Water Consumption (m3)

9.8 M€ Employees Training

1.3 M

2012

2013

2014

659,481

650,744

620,215

Institutions Supported

2,105 Volunteering

6,481 hours Sonae avoids emission of

Recovered Waste

Water Consumption*

3,411

80% (retail)

-5%

tons of CO2e (retail)

Like for Like (retail)

45

Engage with the future We work every day to reinforce the sustainability of our activities. For us, it’s always possible to go even further in creating a better future for all.

Producers Club Sonae has sponsored the Continente Producers’ Club since 1998 with the mission to promote products with high quality and safety standards, supporting its members in a consistent and structured way. Producers receive guaranteed demand levels and, in turn, Sonae is secure that can offer to its costumers products of proven Portuguese origin and quality.

International Certification Sonae’s Own Brand Products

Sonae Maia Business Center

Sonae’s food retail area has won an international certification for its own brand management system. The award, given by the SGS ICS ‑ International Certification Services in accordance with the ISO 9001:2008 standard, highlights the quality of the development of Sonae’s own brands of food, hygiene and drug products, as well as the follow up of the products with suppliers after their development and launch.

The office building Sonae Maia Business Center has a LEED Certification (Leadership in Energy & Environmental Design) from the United States Green Building Council (USGBC). In 2010 it became the first building in Portugal to merit this distinction and with the LEED “Gold” level certification, the highest level attributed to any building on the entire Iberian Peninsula.

46

Sonae · Improving Life · Our Commitment

Missão Sorriso The project “Missão Sorriso” was founded in 2003 and works with doctors and health professionals towards greater humanization of services and to provide better technical service, through donation of equipment. Meanwhile, “Missão Sorriso” has developed two more activity pillars: active aging and fight against hunger, also supporting social solidarity institutions.

Sustainable Fish Policy

Sonae Activshare

Sonae was the first retail company in Portugal to adopt a Sustainable Fish Policy, in 2009. According to Greenpeace, Continente presents the best fishing policy amongst Portuguese operators. The Sustainable Fish Policy guidelines promote the non‑commercialization of endangered species.

Sonae Activshare has the main goal to strengthen Sonae’s values, particularly with regard to social responsibility. This programme sets out to streamline Sonae’s social responsibility actions as well as volunteering initiatives organised by the Corporate Centre for all employees.

International Certification for Sonae’s Environmental Management Sonae has won a certification of its environmental management system in accordance with the international standard ISO 14001. The award, given by Lloyd’s Register Quality Assurance, highlights the work done by Sonae in the areas of “corporate management of environmental policies and environmental strategic plans, environmental information and the environmental performance of its retail businesses”.

Health and Safety at Work Sonae was one of the winners of the European Good Practice Awards, granted by the European Agency for Health and Safety at Work which recognises best practices in terms of health and safety in organisations.

47

ETHICS

Committed to best practices

We are committed to creating economic value in the medium and long term, built on relationships founded on integrity and trust. 48

Sonae · Improving Life · Our Commitment

One of the most ethical companies in the world

Global Business Oath

We are recognised by the Ethisphere Institute as one of the Most Ethical Companies in the World since 2011. Sonae continues to be distinguished worldwide for its implementation of transparent business practices and initiatives that benefit the community, raising the bar for ethical standards among all of its stakeholders.

Our management teams subscribes the “Global Business Oath” since 2010, a number of guiding principles of best practices in business promoted by the Young Global Leaders of the World Economic Forum, upholding ethical business values and behaviour. Negotiating in an ethical manner, respecting people’s dignity, zero tolerance of bribes, protecting the environment and future generations or investing in the training of human resources are some of the principles enshrined in the commitment.

Ethical conduct and professionalism in negotiation practices Sonae is guided in all its businesses by the principle of honesty, believing in the advantages of developing relationships of mutual understanding with all its suppliers. In line with this principle, we favour a proactive approach to seeking solutions that are mutually beneficial to all involved, in particular in terms of integration of the logistics architecture, the development of new products and promotional concepts, as well as the sharing of information.

49

INNOVATION

Innovation in retail businesses

83.2

Sonae’s Retail Companies Investment

million Euros

Constant innovation

693 innovation projects

Of significant value that applied to internal awards

We are open to the world and constantly looking for new ways to please and surprise our customers. We incorporate innovation as part of our strategy, acting in accordance with three principles: · At Sonae everybody innovates as part of daily activities; · Open innovation is key to promote knowledge and experience sharing; · Thinking innovation is a mission across all the company. To encourage and support Sonae’s innovation culture, we have created the Sonae’s Innovation Forum (FINOV), that contributes to maintain high levels of value creation.

719 Points EXCELLENCE COTEC* innovation scoring

Placed in the top tier of excellence *COTEC Portugal is a non profit business association for innovation

FINOV’s mission is to foster information sharing between Sonae companies, exploiting synergies and enhancing innovation.

3,682 employees

50

Focused on innovation

Sonae · Improving Life · Our Commitment

Creating sustainable value through innovation We were the first company in the world to … · Create a social network to recruit young talent - Contacto Network · Introduce a code for colour‑blind people in clothing · Launch the mobile broadband product category

Sonae was the first company in Portugal to implement Kaizen in retail*

Hypermarket of the Future

Mobile Portal

The project adds economic and emotional value to the shopping experience, in a store that is also seen as a social and cultural hub. In this sense, the surrounding environment is organised in a comfortable and attractive way encouraging engagement. The store is designed to provide a “Hyper experience” intertwined with convenience.

The “Mobile Portal” is a sophisticated platform that allows retailers to implement multiple applications on a mobile device, supporting a broad range of business processes and information, relevant to store management. This solution was developed by Tlantic, a Sonae’s IT retail company.

Zippy Pop Up Shop: A New Low-Cost Store Concept A new concept of Zippy store, temporary and flexible, which allows the store to adapt to the venue and time of year, occupying spaces in shopping centers where the brand was not physically present.

Continente Loyalty Card The Continente Loyalty Card entitles its holders to access, accumulate and use a range of price discounts facilitated by innovative promotions and at no additional cost. More than 3 million families are involved and the expanding programme is beyond food retail and other Sonae activities through partnerships.

* Sonae is even mentioned as a case study in the book “Gemba Kaizen – a commonsense approach to a continuous improvement strategy”, Masaaki Imai, second edition, 2012, MC Graw Hill, chapter “Sonae MC The Silent revolution”.

51

AWARDS

We are focused beyond the future, innovating and implementing the best practices in order to create value to all of our stakeholders. Our work and achievements, and also the way we develop our activities and do business, are recognized all over the world.

· Ethisphere Institute distinguished Sonae as One of the World’s Most Ethical Companies, for the fourth consecutive year. · Carbon Disclosure Project distinguishes Sonae for the second consecutive year among the 125 listed companies in the Iberian Peninsula, in the Performance and Leadership indexes, highlighting the environmental performance and quality of the information reported, respectively. We are the only Portuguese company present in both indexes and we obtained the highest rating (A level) in the Performance index. · Hay Group elects Sonae as “The Best Company for Leadership” in Portugal, for the 3rd consecutive year. · The Running To Excellence (RTE) project of the Human Resources Department was awarded by the Kaizen Institute with 1st prize in the category of Large Companies - Services.

52

Sonae · Improving Life · Our Commitment

· Continente as a Trusted Brand in Environmental Performance, for 5th consecutive year.

· S onae Sierra was distinguished in the Euromoney Real Estate Awards as the Best

· The 2013 Masters da Distribuição conferred Continente with the Master da Distribuição award in the Food Retail category.

· Sonae Sierra was distinguished with the Gold Award by the ICSC Solal Marketing Awards in the “Digital Integrated Campaigns” category.

· For the 10th consecutive year, Continente was nominated by its clients as a Superbrand.

· For the third consecutive year, NOS received an international acknowledgement for “Best Customer Service” by Winning The Contact Center World 2014 award.

· Continente was awarded for the 13th consecutive year with the “Brand of Trust” award.

· NOS was considered the mobile operator preferred by Portuguese consumers by Escolha do Consumidor.

Retail Developer Award for Portugal.

· The 2013 Masters da Distribuição conferred Worten with the Master da Distribuição award in the Social Responsability category.

53

Contacts

Communication, Brand and Corporate Responsibility Department Sonae SGPS, S.A. Lugar do Espido, Via Norte 4471-909 Maia Portugal Tel.: + 351 22 010 40 00 Consultants: BA&N Design: SKA Printing: Lidergraf English Review: Newgate Communications This publication is available on Sonae’s institutional website: www.sonae.pt

We’ve worked hard to ensure that the information in this document is correct and fairly stated. We can’t, however, accept liability for any error or omission. Our products and services are under continuous development, so the information published here was updated at 31 December 2014. It’s important that you check the current position in other supports (www.sonae.pt). Duplication or reproduction of any part of this brochure without approval is prohibited.