Sonae Sierra recorded a Total Net Profit of €8.7 million in 2010

Sonae Sierra, the international shopping centre specialist, presented a Total Net Profit of €8.7
million in 2010, compared to a loss of €111 million in 2009. The favourable change in the Total
Net Profit was driven by an increase of 35% of the Direct Net Profit and 68% increase of the
Indirect Net Profit in 2010, consequence of the resilience and increased operational efficiency of
our assets, and of the lower yield compression.

The achieved results mirror the success of Sonae Sierra's internationalization strategy, which
ended the year with a portfolio of 51 shopping centres in operation, in seven different countries,
with a Gross Lettable Area (GLA) of more than 2 million m . In 2010, Sonae Sierra's shopping
centres welcomed a total of 431 million visitors.

The Direct Income from Investments recorded a €15 million increase, compared to the previous
year, going from €212 million to €227 million, a 7.0% increase. This variation reflects the growth
of the portfolio, with the inauguration of shopping centres Manauara (Brazil) and Loop5
(Germany) in 2009, the opening of Leiriashopping and the expansion of Parque D. Pedro (Brazil)
in 2010, and also the organic growth of our centres, namely in Brazil, which was partially
compensated by the sales of Alexa (Berlin, Germany), where Sonae Sierra maintains the
property management and a minority stake ownership, and Mediterranean Cosmos (Greece),
examples of the Company's capital recycling strategy. Sonae Sierra also completed the sale of
LeiriaShopping to the Sierra Portugal Fund for €92 million.

EBITDA recorded a 13% increase, and is now at €123.4 million, compared to the €108.8 million
in 2009. This increase reflects not only the aforementioned inaugurations, but also the efficiency
gains from the cost containment efforts in all areas of the Company.

Sonae Sierra's managed portfolio presented a positive performance in 2010 when compared to
the same period of 2009, with sales in Europe growing 0.5% (+1.8% like-for-like), and 16.6% in
Brazil (+10.1% like-for-like), an evolution that reflects the good momentum of the Brazilian
economy.

Despite the natural impact of the economic situation on occupancy and rental rates in the retail
real estate sector, Sonae Sierra recorded a Global Occupancy Rate of the portfolio of 96.3%, an
increase of 0.4% compared to 2009.

The Value Created on Properties was positive, for the first time since 2008, thanks to the good
operational performance, despite the yield increase in Portugal and Greece.

Value Metrics

The Company measures its performance, in a first instance, on the basis of changes in NAV (Net
Asset Value) plus dividends distributed. Sonae Sierra calculated its NAV according to the
guidelines published in 2007 by INREV (European Association for Investors in Non-Listed Real Estate Vehicles), an association of which the Company is a member.

On the basis of this methodology, the company's NAV, as of December 31 2010, was €1.251
billion, an increase of 1.8% compared to the value recorded at the end of 2009, which was
€1.228 billion

Reinforcement of the portfolio

Sonae Sierra's growth and expansion strategy continued in 2010, although the Company
adjusted its development timings to the evolution of the financial and retail markets. In 2010,
Sonae Sierra had three new Shopping Centres under construction and 7 projects in different
stages of development in Portugal, Italy, Germany, Greece, Romania and Brazil.

In the Portuguese market, Sonae Sierra finished a series of expansion and refurbishment
projects, including the renovation of Vasco da Gama shopping centre, which involved an
investment of €2.5 million. This centre was revitalized according to the modern alignment
defined for the Company's portfolio, also satisfying new standards in terms of offer.

Centro Colombo, Sonae Sierra's largest Shopping Centre in Portugal, was considered the Best
Shopping Centre at the 2010 Hipersuper Awards. Finally, last year, Sonae Sierra was
also distinguished at the European Risk Management Awards, in the Best Risk Training
Programme category, an initiative of British magazine Strategic Risk, that rewards the best and
most innovative actions in the risk management area, and which acknowledged the Company's
bet on the development of a Safety & Health culture across the entire company and its shopping
centres, namely through the Personae Project.