Sonae Sierra recorded Direct Net Profit of €17.5 million in the first quarter

Started the management of two centres for third parties in Spain and Germany

Refurbishment of Centro Colombo was concluded

Three new projects and one expansion under development

Two international awards

Sonae Sierra’s Consolidated Net Profit in the first quarter of 2009 was a negative result of
€87.5 million compared with a positive consolidated net profit of €21,8 million in the same
period of last year.

This variation in Net Profit is mainly driven by Indirect Net Profit that were adversely
affected by the continuous increases in market capitalization yields in Europe.

The Company’s policy was to have its properties re-valued twice a year (June and
December), on the basis of an independent valuer opinion. Starting in September’08, the
Company decided to move to quarterly valuations, as a result of commitments agreed with
the Investors in the Sierra Portugal Fund. The accounts now published for the 1st
quarter 2009 includes therefore the effect of the valuation of the portfolio.

In the same period Sonae Sierra’s Direct Net Profit reached €17.5, compared to the €15,6 million in the same period of 2008.

The Shopping Centre Operating Income is in line with the first quarter of 2008.The decrease in Development Services was compensated by the favorable effect of the 2008 openings:

Freccia Rossa, Plaza Mayor Shopping, Gli Orsi and Pantheon Plaza.

Therefore, the Company’s Net Operating Margin reached €44 million in the first quarter of 2009, in line with the same period of last year.

The big shift in the Company’s Results happened at the level of Indirect Results. In this
area, the Company booked a loss of €105.1 million at the end of the first quarter of 2009, whereas it had booked a gain of €6 million in the same period of 2008.

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source : Sonae Sierra