Release date: January 08, 2016

CONTENTS WHO WE ARE SUSTAINABILITY AT SONAE SIERRA SIERRA FUNDS INDICATORS OUR SHOPPING CENTRES Portugal – Ownership & Management Portugal – Under Development Spain – Ownership & Management Italy – Ownership & Management Germany – Ownership & Management Greece – Ownership & Management Romania – Ownership & Management Romania – Under Development Brazil – Ownership & Management Brazil – Under Development Morocco – Under Development

WHO WE ARE SONAE SIERRA IS THE INTERNATIONAL SHOPPING CENTRE SPECIALIST, PASSIONATE ABOUT CREATING UNIQUE SHOPPING EXPERIENCES. Our integrated approach to the shopping centre business includes the investment, 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-parties projects and operating shopping centres. Currently The Company operates in 11 countries in 3 continents: Portugal, Algeria, Brazil, Colombia, Germany, Greece, Italy, Morocco, Romania, Spain, and Turkey, and it is also present in other geographies through professional services.

Incorporated in Portugal in 1989, Sonae Sierra is owned by Sonae, SGPS (Portugal) with 50% and Grosvenor (United Kingdom) with 50%. The company has been awarded more international prizes than any other company in this sector. Our strong partnership policy allows the company to quickly gain an in-depth knowledge of a market and create new business opportunities.

SHOPPING CENTRES AND NEW PROJECTS Owner of 45 Shopping Centres with a total GLA of 1.9 million m2 and an Open Market Value of 6 billion euros. 2 Responsible for the management and/or leasing of 85 shopping centres with a total GLA of 2.4 million m . 7 projects under development, including 3 for third parties, and 4 new projects in pipeline.

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SUSTAINABILITY AT SONAE SIERRA FOR SONAE SIERRA, THE SUSTAINABLE GROWTH OF THE COMPANY IMPLIES A CONSTANT EVALUATION OF THE INTERACTION AND BALANCE BETWEEN ECONOMIC, SOCIAL AND ENVIRONMENTAL GOALS. Sonae Sierra recognises that its business has an impact on society and the environment. We are responsible for the safety of millions of people on our sites, and consider that their integrity must be safeguarded at all costs. Furthermore, it is our responsibility to proactively preserve the environment for today’s and future generations. We are committed to conduct our activities so that risks towards people, assets and ecosystems are minimised, and the benefits enhanced. We strive for continuous improvement in Safety, Health and Environment (SHE) performance across all our sites. We consider that in today’s world, addressing environmental and social challenges is an opportunity to improve competitiveness and will lead to greater profitability in the long-term. We are the first company in the sector worldwide to obtain a corporate Environment Management System certification according to ISO 14001 and also the first one in the sector to obtain the corporate-wide Safety and Health Management System certification according to OHSAS 18001. We use the CSV (Creating Shared Value) concept to align our business and sustainability goals, and target opportunities for us to create shared value for our business, the environment and society in the medium - to long-term. As we sought to apply the concept of shared value, we identified a number of longer-term priorities that deliver tangible value for our business, society and the environment. Addressing such issues is intended to address the principle sustainability risks facing our operations and safeguard our continued capacity to do business.

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PRIORITIES We have identified the following priorities that will help us address global problems while ensuring we sustain our revenues: Resource Resilience, Prosperous Retailers, Leveraging Knowledge, and Sustainable Lifestyles.

RESOURCE RESILIENCE Trying to be energy independent, using innovation and technology to rethink our processes and reusing water on our sites. PROSPEROUS RETAILERS Partnering with our tenants to make their businesses more resilient. LEVERAGING KNOWLEDGE Empowering people through skills and knowledge. SUSTAINABLE LIFESTYLES Using our reach and public influence to encourage our visitors to make the right choice. We will continue to comply with demanding standards of safety, health and environmental management across all our operations, in many markets exceeding the requirements of local legislation. We have also maintained Risk Management crosscutting all priorities which will identify and manage downside risks. But moving beyond this approach, we will focus on the mentioned long-term which will deliver tangible value for our business, society and the environment. Addressing such issues is intended to safeguard our continued capacity to do business in a rapidly changing world - Turning global Challenges into Business Value!

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SIERRA FUNDS IN ADDITION TO THE DIRECT OWNERSHIP OF SOME OF OUR SHOPPING CENTRES, WE CO-OWN MANY OTHERS THROUGH INNOVATIVE INVESTMENT FUNDS LAUNCHED IN PARTNERSHIP WITH INTERNATIONAL INVESTORS. The principle objective of these funds is to offer our investors dividends and capital appreciation through investments in high quality shopping centres. The management of each fund follows a common commitment: Sonae Sierra owns part of the funds and manages the shopping centres for the duration of the investment, generating the possibility of maintaining the partnerships with the tenants and co-owners of each shopping centre whilst freeing capital to invest in new locations or take advantage of new business opportunities, thus increasing the value of the portfolio.

Some of our fund partners Netherlands APG USA TIAA-CREF Brazil Credit Suisse HG United Kingdom Schroders Investment Management Finland KEVA Ilmarinen

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INDICATORS

2014 IN A GLANCE Consolidated Net Profit of € 96.30 million NAV of € 1,114.7 million EBITDA stable at € 107.8 million GLA under management of about 2.3 million m2 About 8.289 tenant contracts 440 million visists in its shopping centres

PERFORMANCE INDICATORS

2009

2010

2011

2012

2013

2014

Real Estate NAV as at 31 Dec. (€ million)

1,228

1,251

1,173

1,050

1,000

1,114.7

2,059

2,017

1,924

1,929

1,896

1,882

GLA under management (000’s m )

2,284

2,220

2,233

2,261

2,303

2,307

Number of tenant contracts under management

8,924

8,521

8,495

8,428

8,288

8,289

Consolidated EBITDA (€ million)

108.8

123.4

112.8

116.3

113.5

107.8

Consolidated Net Profit (€ million)

-111

8.7

9.7

-45.9

3.6

96.3

2

GLA owned in operating centres (000’s m ) 2

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PORTUGAL OWNERSHIP & MANAGEMENT 8ª Avenida (S. João da Madeira) 2

GLA (m ): 28,009

STORES: 125

PARKING PLACES: 1,700

INAUGURATION: September 2007

PARKING PLACES: 560

INAUGURATION: August 1989

PARKING PLACES: 2,527

INAUGURATION: April 2001

OWNERS: Sierra Portugal Fund DEVELOPERS: Sonae Sierra

AlbufeiraShopping (Albufeira) 2

GLA (m ): 11,577

STORES: 42

OWNERS: Sierra Portugal Fund DEVELOPERS: Sonae Distribuição

AlgarveShopping (Guia, Albufeira) 2

GLA (m ): 44,791

STORES: 128

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra

ArrábidaShopping (Vila Nova de Gaia, Porto) 2

GLA (m ): 60,647

STORES: 189

PARKING PLACES: 3,400

INAUGURATION: October 1996

OWNERS: Sierra Fund (50%) & Sierra Portugal Fund (50%) DEVELOPERS: Amorim / Moya

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PORTUGAL OWNERSHIP & MANAGEMENT CascaiShopping (Cascais, Lisboa) 2

GLA (m ): 73,769

STORES: 198

PARKING PLACES: 3,846

INAUGURATION: May 1991 and September 2003 (Expansion)

OWNERS: Sierra Fund (100%) DEVELOPERS: Sonae Sierra / Multiplan

CC Continente de Portimão (Portimão) 2

GLA (m ): 13,542

STORES: 60

PARKING PLACES: 769

INAUGURATION: August 1990

PARKING PLACES: 6,326

INAUGURATION: September 1997

OWNERS: Sierra Portugal Fund DEVELOPERS: Sonae Distribuição

Centro Colombo (Lisboa) 2

GLA (m ): 113,543

STORES: 335

OWNERS: Sierra Fund (50%) / CBRE Global Investors (50%) DEVELOPERS: Sonae Sierra

Centro Vasco da Gama (Lisboa) 2

GLA (m ): 48,914

STORES: 165

PARKING PLACES: 2,523

INAUGURATION: April 1999

OWNERS: Sierra Fund (50%) / CBRE Global Investors (50%) DEVELOPERS: Sonae Sierra / ING Real Estate

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PORTUGAL OWNERSHIP & MANAGEMENT CoimbraShopping (Coimbra) 2

GLA (m ): 27,048

STORES: 62

PARKING PLACES: 1,173

INAUGURATION: October 1993

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra

Estação Viana Shopping (Viana do Castelo) 2

GLA (m ): 19,182

STORES: 92

PARKING PLACES: 600

INAUGURATION: November 2003

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra / Estação Shopping

GaiaShopping (Vila Nova de Gaia, Porto) 2

GLA (m ): 59,695

STORES: 151

PARKING PLACES: 2,904

INAUGURATION: October 1995

OWNERS: Sierra Fund (50%) & Sierra Portugal Fund (50%) DEVELOPERS: Sonae Sierra

GuimarãeShopping (Guimarães) 2

GLA (m ): 28,819

STORES: 101

PARKING PLACES: 1815

INAUGURATION: February 1995 and October 2009 (expansion)

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra

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PORTUGAL OWNERSHIP & MANAGEMENT LeiriaShopping (Leiria) 2

GLA (m ): 43,919

STORES: 120

PARKING PLACES: 1,887

INAUGURATION: March 2010

PARKING PLACES: 2,100

INAUGURATION: October 2005

OWNERS: Sierra Portugal Fund DEVELOPERS: Sonae Sierra

LoureShopping (Loures) 2

GLA (m ): 39,074

STORES: 118

OWNERS: Sierra Portugal Fund (50%) / Deka (50%) DEVELOPERS: Sonae Sierra

MadeiraShopping (Funchal, Madeira) 2

GLA (m ): 26,765

STORES: 101

PARKING PLACES: 1,011

INAUGURATION: March 2001

OWNERS: Sierra Fund (50%) / Estevão Neves (50%) DEVELOPERS: Sonae Sierra

MaiaShopping (Maia, Porto) 2

GLA (m ): 28,252

STORES: 92

PARKING PLACES: 2,220

INAUGURATION: November 1997

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra

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PORTUGAL OWNERSHIP & MANAGEMENT NorteShopping (Matosinhos, Porto) 2

GLA (m ): 75,000

STORES: 264

PARKING PLACES: 4,400

INAUGURATION: October 1998

OWNERS: Sierra Fund (50%) / TIAA-CREF (50%) DEVELOPERS: Sonae Sierra

Parque Atlântico (Ponta Delgada, Azores) 2

GLA (m ): 22,314

STORES: 89

PARKING PLACES: 1,259

INAUGURATION: October 2003

OWNERS: Sierra Fund (50%) / Grupo Bensaúde (50%) DEVELOPERS: Sonae Sierra / Grupo Bensaúde

RioSul Shopping (Seixal) 2

GLA (m ): 44,475

STORES: 128

PARKING PLACES: 2,152

INAUGURATION: March 2006

OWNERS: Sierra Portugal Fund (50%) / Pan European (50%) DEVELOPERS: Sonae Sierra

SerraShopping (Covilhã) 2

GLA (m ): 17,678

STORES: 75

PARKING PLACES: 900

INAUGURATION: November 2005

OWNERS: Sierra Portugal Fund (50%) / Pan European (50%) DEVELOPERS: Sonae Sierra

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PORTUGAL OWNERSHIP & MANAGEMENT ViaCatarina (Porto) 2

GLA (m ): 11,713

STORES: 83

PARKING PLACES: 578

INAUGURATION: September 1996

OWNERS: Sierra Fund (50%) / CBRE Global Investors (50%) DEVELOPERS: Sonae Sierra

PORTUGAL UNDER DEVELOPMENT Centro Bordalo (Caldas da Rainha) 2

GLA (m ): 24,000

STORES: 95

PARKING PLACES: 1,100

OWNERS: Sonae Sierra

INAUGURATION: To be defined INVESTMENT: under Revision

DEVELOPERS: Sonae Sierra

NorteShopping - Expansion (Matosinhos, Porto) 2

GLA (m ): 13,000

STORES: To be defined

PARKING PLACES: 1,000

OWNERS: Sierra Fund (50%) / TIAA-CREF (50%)

INAUGURATION: 2017 INVESTMENT: 56 Euro Millions

DEVELOPERS: Sonae Sierra

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SPAIN OWNERSHIP & MANAGEMENT Dos Mares (San Javier, Murcia) 2

GLA (m ): 24,802

STORES: 82

PARKING PLACES: 1,250

INAUGURATION: March 2004

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra / Grupo Eroski

GranCasa (Zaragoza) 2

GLA (m ): 77,924

STORES: 139

PARKING PLACES: 2,500

INAUGURATION: March 1997

OWNERS: Sierra Fund (50%) / CBRE Global Investors (50%) DEVELOPERS: Grandes Areas Comerciales de Aragon, S.A.

Luz del Tajo (Toledo) 2

GLA (m ): 41,090

STORES: 114

PARKING PLACES: 2,100

INAUGURATION: September 2004

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra / Grupo Eroski

Max Center (Bilbao) 2

GLA (m ): 59,491

STORES: 154

PARKING PLACES: 4,250

INAUGURATION: May 1994 & July 2002

OWNERS: Sierra Fund (50%) / CBRE Global Investors (50%) DEVELOPERS: Filo / Eroski

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SPAIN OWNERSHIP & MANAGEMENT Plaza Mayor (Málaga) 2

GLA (m ): 53,082

STORES: 142

PARKING PLACES: 2,957

INAUGURATION: April 2002 / October 2008

OWNERS: Sierra Fund DEVELOPERS: Sonae Sierra / Castle City

Valle Real (Santander) 2

GLA (m ): 47,587

STORES: 97

PARKING PLACES: 2,656

INAUGURATION: November 1994

OWNERS: Sierra Fund (50%) / CBRE Global Investors (50%) DEVELOPERS: Filo / Eroski

SPAIN UNDER DEVELOPMENT Málaga Designer Outlet (Málaga) 2

GLA (m ): 30.000 m2 (17.000 m2 1st phase + 13.000 m2 - 2nd phase)

STORES: 90

PARKING PLACES: 1,200

OWNERS: Sierra Fund / McArthurGlen

INAUGURATION: 2017

INVESTMENT: 115 Euro Millions

DEVELOPERS: Sierra Fund / McArthurGlen

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ITALY OWNERSHIP & MANAGEMENT Freccia Rossa (Brescia) 2

GLA (m ): 29,454

STORES: 111

PARKING PLACES: 2,500

INAUGURATION: April 2008

OWNERS: Sonae Sierra (50%) / AIG (40%) / Coimpredil (10%) DEVELOPERS: Sonae Sierra / AIG / Coimpredil

Gli Orsi (Biella) 2

GLA (m ): 41,131

STORES: 103

PARKING PLACES: 2,700

INAUGURATION: October 2008

PARKING PLACES: 2,000

INAUGURATION: March 2012

OWNERS: Sonae Sierra DEVELOPERS: Sonae Sierra

Le Terrazze (La Spezia) 2

GLA (m ): 38,455

STORES: 102

OWNERS: Sonae Sierra (10%) / Union Investment (90%) DEVELOPERS: Sonae Sierra / ING Real Estate Development

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GERMANY OWNERSHIP & MANAGEMENT Alexa (Berlin) 2

GLA (m ): 56,561

STORES: 186

PARKING PLACES: 1,600

INAUGURATION: September 2007

OWNERS: Sonae Sierra (9%) / Union Investment (91%) DEVELOPERS: Sonae Sierra / Foncière Euris

Hofgarten Solingen (Solingen) 2

GLA (m ): 24,729

STORES: 86

PARKING PLACES: 600

INAUGURATION: October 2013

OWNERS: Sonae Sierra (50%)/ MAB Development (50%) DEVELOPERS: Sonae Sierra/ MAB Development

Loop5 (Weiterstadt) 2

GLA (m ): 56,766

STORES: 173

PARKING PLACES: 3,000

INAUGURATION: October 2009

OWNERS: Sonae Sierra (50%) / Foncière Euris (50%) DEVELOPERS: Sonae Sierra / Foncière Euris

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GREECE OWNERSHIP & MANAGEMENT Pantheon Plaza (Larissa) 2

GLA (m ): 21,058

STORES: 109

PARKING PLACES: 1,600

INAUGURATION: October 2008

OWNERS: Sonae Sierra (50%) / Rockspring (50%) DEVELOPERS: Sonae Sierra/ Rockspring

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ROMANIA OWNERSHIP & MANAGEMENT River Plaza Mall (Ramnicu Valcea) 2

GLA (m ): 11,771

STORES: 77

PARKING PLACES: 205

INAUGURATION: November 2006

PARKING PLACES: 1,900

INAUGURATION: To be defined

OWNERS: Sonae Sierra DEVELOPERS: n.a.

ROMANIA UNDER DEVELOPMENT Adora Mall (Craiova) 2

GLA (m ): 59,000

STORES: 190

OWNERS: Sonae Sierra

INVESTMENT: 111 Euro Millions

DEVELOPERS: Sonae Sierra

ParkLake (Bucharest) 2

GLA (m ): 70,000

STORES: 200

PARKING PLACES: 2,600

OWNERS: Sonae Sierra (50%) / Caelum Development (50%)

INAUGURATION: 2016 INVESTMENT: 180 Euro Millions

DEVELOPERS: Sonae Sierra / Caelum Development

Ploiesti Shopping (Ploiesti) 2

GLA (m ): 64,000

STORES: n.a.

OWNERS: Sonae Sierra

PARKING PLACES: 3,200

INAUGURATION: To be defined INVESTMENT: under revision

DEVELOPERS: Sonae Sierra

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BRAZIL OWNERSHIP & MANAGEMENT Boavista Shopping (São Paulo, SP) 2

GLA (m ): 15,900

STORES: 144

PARKING PLACES: 1,015

INAUGURATION: April, 2004

OWNERS: Sonae Sierra Brasil DEVELOPERS: Sonae Sierra Brasil / Enplanta Engenharia

Boulevard Londrina Shopping (Londrina, PR) 2

GLA (m ): 48,300

STORES: 220

PARKING PLACES: 2,400

INAUGURATION: May 2013

OWNERS: Sonae Sierra / DDR / Marco Zero / Enplanta DEVELOPERS: Sonae Sierra / DDR / Marco Zero / Enplanta

Franca Shopping (Franca, SP) 2

GLA (m ): 18,400

STORES: 102

PARKING PLACES: 1,100

INAUGURATION: October, 1993

OWNERS: Sonae Sierra Brasil (76,9%) / Local partners (23,1%) DEVELOPERS: Enplanta Engenharia / Local partners

Manauara Shopping (Manaus, AM) 2

GLA (m ): 47,000

STORES: 234

PARKING PLACES: 2,750

INAUGURATION: April, 2009

OWNERS: Sonae Sierra Brasil DEVELOPERS: Sonae Sierra Brasil

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BRAZIL OWNERSHIP & MANAGEMENT Parque D. Pedro Shopping (Campinas, SP) 2

GLA (m ): 124,000

STORES: 403

PARKING PLACES: 8,000

INAUGURATION: March, 2002

OWNERS: Sonae Sierra Brasil DEVELOPERS: Sonae Sierra Brasil / Enplanta Engenharia

Passeio das Águas Shopping (Goiânia, GO) 2

GLA (m ): 77,900

STORES: 256

PARKING PLACES: 4,000

INAUGURATION: October, 2013

OWNERS: Sonae Sierra / DDR / Enplanta DEVELOPERS: Sonae Sierra / DDR / Enplanta

Shopping Campo Limpo (São Paulo, SP) 2

GLA (m ): 22,300

STORES: 148

PARKING PLACES: 1,098

INAUGURATION: November, 2006

OWNERS: Sonae Sierra Brasil (20%) / Tivoli Emp. Part. Ltda (80%) DEVELOPERS: Sonae Sierra Brasil / Tivoli Emp. Part. Ltda.

Shopping Metrópole (São Bernardo do Campo, SP) 2

GLA (m ): 30,000

STORES: 192

PARKING PLACES: 1,200

INAUGURATION: May, 1980

OWNERS: Sonae Sierra Brasil DEVELOPERS: Enplanta Engenharia / Local partners

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BRAZIL OWNERSHIP & MANAGEMENT Shopping Plaza Sul (São Paulo, SP) 2

GLA (m ): 27,600

STORES: 215

PARKING PLACES: 1,474

INAUGURATION: April, 1994

OWNERS: Sonae Sierra Brasil (60%) / Local Partners (40%) DEVELOPERS: Local Partners

Uberlândia Shopping (Uberlândia, MG) 2

GLA (m ): 53,800

STORES: 213

PARKING PLACES: 2,400

INAUGURATION: March, 2012

OWNERS: Sonae Sierra / DDR / Enplanta DEVELOPERS: Sonae Sierra / DDR / Enplanta

BRAZIL UNDER DEVELOPMENT Franca Shopping - Expansion (Franca, SP) 2

GLA (m ): 18.400 m²

STORES: 102

PARKING PLACES: 649

OWNERS: Sonae Sierra Brasil (76,9%) / Local partners (23,1%)

INAUGURATION: To be defined INVESTMENT: 31 Euro Millions

DEVELOPERS: Sonae Sierra Brasil

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COLOMBIA UNDER DEVELOPMENT Jardín Plaza Cúcuta (Cucuta) 2

GLA (m ): 40,000

STORES: n.a

OWNERS: Sonae Sierra

PARKING PLACES: n.a

INAUGURATION: 2017 INVESTMENT: 47 Euro Million

DEVELOPERS: Sonae Sierra

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MOROCCO UNDER DEVELOPMENT Zenata Shopping Centre (Mohammedia, Casablanca) 2

GLA (m ): 90,000

STORES: 250

PARKING PLACES: 3,650

OWNERS: Sonae Sierra (11%) / Marjane, Al Futtaim e Société d'Amenagement de Zenata

INAUGURATION: 2017 INVESTMENT: 100 Euro Millions

DEVELOPERS: Sonae Sierra , Marjane, Al Futtaim e Société d'Amenagement de Zenata

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