2011 in revieWEconomic, Environmental and

Social Performance

Creating valuefrom… unique

shoppingexperiences

sonae sierra

Who We are…

Sonae Sierra is a specialist at the cutting edgeof shopping centre development, ownership,management and the delivery of services tothird parties in markets as diverse as Europe,South America and north Africa.

PassionaTe aBouT Bringing innovaTion and exciTemenT ToThe shoPPing indusTry since 1989, sonae sierra has BeeninTerPreTing Trends and sPearheading a movemenT ThaThas deFined The shoPPing cenTres oF The FuTure.

Our MiSSiOnAnd VAluES

The company’s mission is to offer its customers a unique shopping experiencethat creates superior value for its shareholders, investors, tenants, communitiesand employees whilst simultaneously making a positive contribution tosustainable development.

as a pioneer in the creation of themed and customised shopping centres,sonae sierra remains a leader in the creation of unique concepts for exceptionalshopping centres that offer great experiences and turn customers into fans.

We believe, more and more, that a shopping centre is a venue where people’sneeds, aspirations, desires and expectations come together. For us, each oneof our centres is more than a building. everyone is a continuously evolving,living space.

contentsWho We are

01 how We create value02 our company04 ceo’s statement05 The year at a glance06 economic Performance08 environmental Performance10 social Performance12 our Partnerships & clients13 awards & acknowledgements

This report includes a summary overview of sonae sierra’s economic, environmental and social strategyand the company’s performance in 2011. We have also published an integrated economic, environmental andsocial report, available on our website, which provides our stakeholders with a more robust and engagingaccount of our current strategy and our performance in 2011, and demonstrates how we encompass all threedimensions of performance into our day-to-day business activities.

http://www.sonaesierra.com/en-gb/corporateresponsibility/reportsandfeedback/reports/2011reports.aspx

01in review 2011

how We create ValueWith over two decades of experience, sonae sierra creates valuefor stakeholders throughout the entire lifecycle of each asset.

The combination of our experience, our commitment to innovation and our long-term approach to business have created anintegrated strategy that today embraces shopping centre development, ownership and management, as well as knowledgeprovision to our clients. Through this strategy we have developed a unique understanding of the business and markets weoperate in, as they apply to our own shopping centres as well as those owned by third parties.

algarveshopping, Portugal manauara shopping, Brazil Loop5, germany

INTEGRATED APPROACH DEVELOPMENT

PROPERTY MANAGEMENT

ASSETMANAGEMENT

PRE DEVELOPMENT

WE MAnAGEWe manage our assets in a way that maximises

returns for our clients, tenants and investors whilstalso delivering value for communities and visitors

and ensuring efficient use of natural resources.

WE ACQuirEWe acquire the completed assets, many of which

we co-own through investment funds, offeringinternational investors sustainable financial rewards

from dynamic, high quality retail assets.

WE FundWe provide effective investment solutions that

utilise capital while maximising returns.

WE FindWith extensive knowledge of the shopping centre business,

we perform market, cost, community and environmentalstudies to identify sustainable retail opportunities.

WE dESiGnWe create innovative schemes to offer exceptional retail

experiences and bring vibrancy to the local area whilstsustaining environmental resources.

WE dEVElOPcombining know-how and experience, we bring

together exceptional construction and marketingsupport to develop and commercialise

sustainable buildings.

02sonae sierra

our companyincorporated in portugal in 1989, sonae sierra is ownedby sonae, sgps (portugal) with 50% and grosvenor(united Kingdom) with 50%.

We have an integrated business which encompasses owning,developing and managing shopping centres as well as the provisionof services to third parties in markets as diverse as europe, southamerica and north africa.

on 31 december 2011 we were operating in Portugal, spain, italy,germany, greece, romania, morocco, algeria, colombia and Brazil.We were also providing services to third parties in croatia. Weowned 49 shopping centres with a total gross lettable area (gla)of 1,924,117m2. We had five projects under construction with acombined total gla of 237,800m2, and six new projects in differentphases of development in Portugal, italy, germany, greece,romania and Brazil. We also managed and/or lease a further22 shopping centres and 2 new projects on behalf of others.

in 2011 our total portfolio under management – including shoppingcentres owned by third parties – welcomed more than 428 millionvisits.

OrGAniSAtiOnAlStruCturE

sonae sierra is a holding company for four separate sonaesierra businesses: sierra investments, sierra developments,sierra management, and sonae sierra Brasil. our businessdivisions, with the exception of sonae sierra Brasil, also actas knowledge and service providers to third parties.

sieRRa inVestments sieRRa deVeLopments sieRRa management sonae sieRRa BRasiL

sierra investments owns thecompany’s shopping centresand is responsible for ourinvestment activity. also holds50.1% of the sierra Fund and47.5% of the sierra PortugalFund, and acts as assetmanager for both.

sierra developments constantlyseeks opportunities to developnew and innovative shoppingcentres that are adapted tolocal communities’ needs,are respectful of local valuesand culture and create valuebased on a sustainable andlong-term approach.

sierra management isresponsible for managing andleasing shopping centres witha focus on maximising theirlong-term value.

sonae sierra Brasil operatesautonomously and is focused oninvesting in, developing andmanaging a growing number ofshopping centres in Brazil.

Loop5, germany

03in review 2011

freccia Rossa, italy

49 owned

shopping centres

in operation

1,090 direct

employees

worldwide

centro colombo, Portugal

plaza mayor, spain

alexa, germany

Operations in

threecontinents and

11 countries

Back to main contents

fernando guedes oliveirachief executive officer

04sonae sierra

ceo’s statementQ: how has sonae sierra’s business fared overall during the past12 months and has the year turned out as you expected?

a: i’m really proud of the results we are able to report for the past12 months, in spite of the challenging market conditions. We havemaintained our overall eBiTda in 2011, and improved our marginby successfully sustaining income streams and reducing costs.

overall, global tenant sales and rents are up on a like-for-like basis,and our occupancy levels remained above 96% throughout the year– a significant achievement in some markets where tenant saleswere affected by lower consumer purchasing power. We have alsomitigated some of the market risks outside our direct control suchas rising yields and capital constraints, so i would say we haveemerged from a tough year relatively intact.

Q: What does 2012 look like for sonae sierra? are businessprospects likely to get worse before they can return to growth?

a: The last couple of years have required us to focus on maintainingour financial stability, increasing operational efficiencies, controllingcosts and retaining our core competencies. as a business, we haveproven extremely resilient and we should emerge from the currentfinancial crisis in a strong position to return to growth in the contextof a new world reality.

2012 will be a year of recession, decisive for the european union.There is no doubt that the economic conditions with particularimpact in Portugal, greece and, to a lesser extent, spain and italy,will inevitably affect our operational performance in europe.

however, we are confident that we will continue to show positiveresults, thanks in part to our geographical spread, which enablesus to be present in countries where economic growth is a reality.For instance in Brazil, we have two inaugurations scheduled for2012: uberlândia shopping and Boulevard londrina shopping.

in mature markets, we will maintain our efforts to improveoperational efficiency, and we will continue to search for newinvestment opportunities, with a focus on germany and italy,where this year we will inaugurate le Terrazze in la spezia.

i am privileged to lead an organisation which is highly regarded by ourcustomers, partners, banks and suppliers, an organisation that actsresponsibly towards local communities and the environment, that isdriven by dedicated employees who are always looking for better waysof doing business. This is why i am confident that we will maintain agood position in 2012 and continue to grow in the years ahead.

Q: can you comment on sonae sierra’s overall environmental andsocial performance over the past year? What have been the keyhighlights and challenges, and how has cR contributed to your widerbusiness objectives?

a: We are already reaping financial benefits from increased eco-efficiency across our portfolio – for example, we have calculatedthat in 2011 we avoided costs of €7.3 million as a result of theenergy efficiency measures we have implemented since 2002.With regards to social aspects we have also maintained a strongperformance, sustaining levels of tenant and visitor satisfaction,our investment in local communities and reducing accidentsamong our workforce.

For sonae sierra, sustainability means the continuous evaluationof our economic, social and environmental performance, seekingto achieve a harmonious balance between all three areas. Wecontinue to be viewed as an international benchmark of sustainabilityexcellence in the shopping centre sector, as proven most recentlyby our funds being ranked as the most sustainable in europeaccording to the global real estate sustainability Benchmark.

We believe that sustainability will increasingly become a decisivefactor in our relationship with our stakeholders. society isbecoming more and more aware of environmental and socialquestions and is rewarding those companies that have responsibleand resilient business strategies. legislation reflects this trend,and is progressively more demanding. Finally, through careful costbenefit analysis, we are able to prove that sustainability principlesincorporated in all business areas can result in lower operationalcosts, which in turn lower our service charges for tenants andcontribute to higher occupancy and satisfaction levels.

“WE ArE COnFidEnt thAtWE Will COntinuE tOShOW POSitiVE rESultS,thAnkS in PArt tO OurGEOGrAPhiCAl SPrEAd,WhiCh EnAblES uS tO bEPrESEnt in COuntriESWhErE ECOnOMiC GrOWthiS A rEAlity.”

see full ceo statement at the integrated economic, environmental and social report,available on our website.

05in review 2011

the year at a glance• successful initial Public offering (iPo) of sonae sierra Brazil

• sale of Plaza éboli and el rosal shopping centres in spain to doughty hanson for €120 million

• acquired Plaza mayor shopping in spain on behalf of the sierra Fund

• completed the expansion and refurbishment of shopping metrópole and the expansion of shopping campo limpo (both in Brazil)

• commenced construction of two new projects, Passeio das Águas shopping, in goiânia, Brazil and solingen shopping in solingen, germany

• entered the final stage of construction of le Terrazze in italy and uberlândia shopping in Brazil, both to inaugurate in march 2012

• entry into the moroccan market with a contract to provide development services for a shopping centre project in casablanca

• entered the algerian market through a Joint venture agreement with cévital group to provide development, property management andleasing services for shopping centres in this country

• development management service agreement for a new shopping centre in Zagreb, croatia

• signed property management and/or leasing contracts with third parties for a further nine shopping centres in europe

• iso 14001 certifications achieved for a further three shopping centres and two construction works. le Terrazze in italy was the first shoppingcentre in the world to simultaneously achieve iso 14001 and ohsas 18001 certifications for the safety, health and environmentmanagement system of its construction works

• ohsas 18001 certifications achieved for a further five shopping centres and two construction works (including le Terrazze, highlighted above)

6,3202011

6,4812010

6,3402009

6,1662008

€6,320momv of assets under management (€ million)

9.72011

8.72010

-111.02009

-116.12008

€9.7mconsolidated net Profit – ias (€ million)

112.82011

123.42010

108.82009

105.92008

€112.8meBiTda – ias (€ million)

96.72011

96.42010

95.92009

95.82008

96.7%average occupancy index (% by gla, across our owned portfolio)

1,9242011

2,0172010

2,0592009

1,9632008

1,924gla owned in operating centres (000m2)

€1,173mreal estate nav as of 31 dec (€ million)

1,173

1,251

1,228

1,416

2010

2011

2008

2009

Back to main contents

06sonae sierra

economic performanceThe businesses we are involved in – namely the development,investment and management of shopping centres – inherentlyface a number of financial, operational and market risks. last yearmany of these risks were aggravated by continued repercussionsfrom the global financial crisis in 2008, and more recently by thesovereign debt crisis in europe, especially since 2011. Fortunately,the outstanding quality of our portfolio and our internationalpresence demonstrated strong resilience against such factors,but the conditions nevertheless made for a challenging growthenvironment.

a macro-economic tale of two regions

When reflecting on the challenges we faced in 2011, it is essentialto differentiate between europe and Brazil.

in Brazil, despite a reduction in the gdP growth rate compared to2010, we are still operating in one of the fastest growing emergingeconomies in the world and we have enjoyed substantial growth inboth sales and rents on a like-for-like basis and in reais: sales grewby 12% in comparison with 2010 and rents were up by over 15.1%.These results are influenced by a very dynamic retail environmentand the sustained increase in the average net income of thepopulation which has a growing middle class segment. demand forretail space is on the rise in this vibrant market, and occupancyrates have reached an all-time high in the country.

Following the historic milestone of becoming a publicly listedcompany as a result of the iPo in February 2011, sonae sierraBrasil presented the second highest eBiTda figures in the listedsector market, and the highest Funds From operations margin ofall our listed peers in the industry.

in europe on the other hand, and particularly southern europe,many of our key markets have been significantly affected by theausterity measures imposed as a result of the global financial crisis.sales declined in all european markets, particularly in the lastquarter of 2011, with as the exception of germany and italy.

nevertheless, even in some of our worst hit markets such asPortugal and spain, the decrease in tenant sales in our centres hasbeen slower than the decline rate of wider industry benchmarks.

so as a result of the quality of our assets and the attentivenessof our management regime, we have successfully maintained highlevels of occupancy throughout our centres in europe. This hasundoubtedly buffered the potential impact that tenant difficultiescould have had on our rents, and these have remained relativelystable on a like-for-like basis over the 12 month period todecember 2011.

investment market fundamentals

during 2011, yields increased in many of our key markets, mostnotably in Portugal and greece. Fortunately this was not the casein all markets; for instance towards the end of 2011, yields in primeshopping centres in germany reached a five-year low caused byvery high investment demand and limited supply of stock. yields initaly also remained virtually flat in 2011. in spain, yield adjustmentshave been less homogeneous where prime properties actually sawsome compression, whilst secondary properties and those facingmore competition have witnessed yields moving out.

as a counter-measure to try to minimise the negative effect ofyield expansions, we have increased the efficiency of the centreswe manage – and we have found that we can deliver an acceptablequality of services with lower costs. This has enabled sonae sierrato achieve performance gains that have minimised expansion ofyields, especially in Portugal.

in Brazil, on the other hand, property values continued to rise in2011 mostly fuelled by the operational performance of our centres.at least for the moment, no significant compression of yields haveoccurred which translates into a very conservative approach to futurevalue in spite of a very busy merger & acquisition market.

portfolio under management

gla (000 m2)

no. of contracts

open market Value of centres in operation

omv in € million

Total value

sonae sierra control

2,234 / 8,4952011

2,220 / 8,5212010

2,284 / 8,9242009

2,163 / 8,4552008

2,183 / 8,1622007

2,001 / 7,2932006

2,455 / 7,1892005

6,3202011

3,328

6,481

3,504

6,340

3,595

6,166

3,598

6,147

3,786

4,741

2,745

4,096

2,498

2010

2009

2008

2007

2006

2005

07in review 2011

fixed Rents Variable Rents total Rents % 11/10 Rents 2011 2010 2011 2010 2011 2010 total like-for-like

Portugal 187.7 187.7 4.3 6.8 191.9 194.5 -1.3% -2.0%spain 62.7 68.6 2.2 2.4 64.9 71.0 -8.6% 2.2%italy 24.5 23.6 1.0 1.3 25.5 24.9 2.4% 4.2%germany 44.0 41.4 2.1 1.9 46.2 43.3 6.6% 10.9%greece 1.5 15.7 0.1 0.7 1.6 16.4 -90.0% -24.3%romania 1.6 2.0 0.0 0.0 1.6 2.0 -21.0% -21.8%europe 321.9 339.0 9.8 13.1 331.7 352.1 -5.8% 0.7%Brazil (€) 92.3 80.2 9.9 8.2 102.1 88.4 15.5% 15.3%Brazil (r$) 214.2 186.6 23.0 19.2 237.2 205.8 15.3% 15.1%total sierra 414.2 419.2 19.7 21.3 433.9 440.5 -1.5% 3.8%

rents in € million

Rents

% 11/10 2011 2010 total like-for-like

Portugal 2,170.9 2,383.5 -8.9% -9.7%spain 839.6 863.0 -2.7% -2.8%italy 309.6 281.7 9.9% 1.1%germany 501.0 495.3 1.2% 1.1%greece 14.8 16.2 -8.6% -8.7%romania 16.8 10.0 68.0% -1.0%europe 3,852.7 4,049.7 -4.9% -6.0%Brazil (€) 1,709.3 1,523.8 12.2% 12.2%Brazil (r$) 3,969.4 3,545.3 12.0% 12.0%total sierra 5,562.0 5,573.5 -0.2% -1.0%

sales in € million

sales

% 11/10 2011 2010 total like-for-like

Portugal 184.9 194.3 -4.8% -5.3%spain 73.9 75.8 -2.5% -2.5%italy 22.1 18.8 17.4% 0.5%germany 38.1 37.1 2.7% 2.6%greece 1.6 7.6 -78.6% 2.2%romania 4.8 2.8 72.9% 12.7%europe 325.5 336.4 -3.3% -3.2%Brazil 102.5 100.9 1.6% 1.6%total sierra 428.0 437.3 -2.1% -2.1%

visits in million

Visits

freccia Rossa, italy

AS A rESult OF thEQuAlity OF Our ASSEtSAnd thE AttEntiVEnESS OFOur MAnAGEMEnt rEGiME,WE hAVE SuCCESSFullyMAintAinEd hiGh lEVElS OFOCCuPAnCy thrOuGhOutOur CEntrES in EurOPE.

in brAzil WEhAVE EnjOyEdSubStAntiAlGrOWth in bOthSAlES And rEntS.

parque d. pedro shopping, Brazil

norteshopping, Portugal

Back to main contents

electricity efficiency(excluding tenants) of ourowned portfolio (kWh/m2

mall and toilet area)

2020 400

2011 514

2010 514

2009 527

2008 553

08sonae sierra

environmentalperformancesonae sierra is a pioneer in environmental management in theshopping centre sector. as early as 1998 we had developed our ambitiousenvironmental policy and our environmental management system.

our shopping centres were among the first in their countriesto pilot environmental practices and technologies and ourcompany has received numerous international awards fordemonstrable improvements in environmental performance.improving our environmental performance across all ouractivities has benefitted our business in several ways. We havesaved costs by making our operations more eco-efficient;enhanced our reputation, and begun to future-proof ourassets against natural resource shortages.

in 2011, we reduced the ghg emissions per m2 of our ownedportfolio and corporate offices by 18% in comparison with 2010,meaning that we have almost accomplished our long-termobjective to achieve a 70% reduction in ghg emissions per m2

of gla, by 2020, compared to the 2005 level.

We maintained the electricity efficiency of our owned portfolioand improved our performance on a like-for-like basis.

greenhouse gas (ghg)emissions of our ownedportfolio and corporateoffices (tCO2e/m2 GlA)

2020 0.025

2011 0.028

2010 0.034

2009 0.067

2008 0.071

manauara shopping, Brazil

EnErGy AndCliMAtE

We have saved costsby making our operations

more eco-efficient;enhanced our reputation,and begun to future-proofour assets against naturalresource shortages

alexa, germany

09in review 2011

Water efficiency(excluding tenants)of our owned portfolio(litres/visit)

2020 3.0

2011 3.7

2010 3.7

2009 3.8

2008 3.6

total waste recycled asa proportion of wasteproduced (% by weight,across our owned portfolio)

2020 55

2011 53

2010 51

2009 46

2008 42

WAtEr WAStE

plaza mayor, spain

arrábidashopping, Portugal

We also maintained the water efficiency of our owned portfolioand increased the proportion of water that is recycled or reusedon our sites.

our shopping centres achieved a global recycling rate of 53%,meaning that we are on track to meet our 2020 objective.

We completed 100% of new development on previously developedland and continued to promote the protection of biodiversity in ourexisting shopping centres.

AS A rESult OF thEElECtriCity And WAtErEFFiCiEnCy MEASurES WhiChWE hAVE intrOduCEd in OurCEntrES SinCE 2002 And 2003rESPECtiVEly, WE WErE AblEtO AVOid utilitiES COStS OFOVEr €8.1 MilliOn in 2011. AS ArESult OF thE 179% inCrEASEin thE PrOPOrtiOn OF WAStErECyClEd SinCE 2002, WEAVOidEd COStS OF €0.6 MilliOnin 2011.

Back to main contents

marketing investments incR and other communitycontributions (€)

10sonae sierra

socialperformanceour approach to social issues focuses on the stakeholder groups most affectedby our operations: our suppliers; tenants; visitors, employees and the communitiesclose to our shopping centres and new projects.

it is part of our day-to-day operations to make surethat our tenants and our shopping centres’ visitors aresatisfied with the quality of service they receive fromour company. in 2011, in spite of challenging economicconditions, we maintained high levels of satisfactionamong our tenants and visitors and increased ouraverage occupancy index.

in 2011 a total of €1,483,638 was invested to supportlocal communities (a 22% increase in comparison with2010); supported 766 charitable organisations anddedicated 3,059 hours of staff time to communityvolunteering. We maintained 29 community advisoryPanels across our sites as a forum to engage with localcommunity members. We continued to engage with ourshopping centre visitors on sustainability issues, holdinga total of 684 actions, events and campaigns with anenvironmental or social theme.

tenant satisfaction index(scale of 1 (‘not satisfied’)to 6 (‘very satisfied’))

2011 4.6

2010 4.6

2009 4.6

2008 4.2

2011

2010

2009

2008

tEnAntSCOMMunitiESAnd ViSitOrS

1,483,638

1,218,806

1,142,628

2,380,490

centro colombo, Portugal

A total of

€1,483,638was invested to support localcommunities; supported 766charitable organisations and

dedicated 3,059 hoursof staff time tocommunityvolunteering

11in review 2011

investment in staff training and development(€ per capita)

2011

2010

2009

2008

EMPlOyEES

528

776

1,195

900

number ofnon-conformitiesper hour of spo

2011

2010

2009

2008

SAFEty AndhEAlth

7.8

5.8

5.7

7.9

We are committedto conducting our activitiesso that risks towards peopleand assets are minimised, and

to achieving excellentlevels of socialresponsibility

community day, Portugal cLicK2, innovation training

We are committed to conducting our activities so that riskstowards people and assets are minimised, and to achievingexcellent levels of social responsibility. We formalised thiscommitment in 2004 with the introduction of our safety andhealth Policy, and in 2008 our safety and health managementsystem became the first in the shopping centre sector to achievecertification in accordance with the ohsas 18001 standard.

as a part of our commitment to responsible procurement,we engaged with our critical suppliers on safety, health andenvironment issues and investigated options available toprocure more sustainable materials.

We delivered an average 48.9 hours of training per employee(an increase of 28% in comparison with 2010) and held ‘healthymonth’ for the third time across our offices in europe withactivities to promote employees’ health and well-being. Wereduced the rate and severity of work accidents in our workforcein comparison with 2010, and delivered a total 10,795 hours ofsafety, health and environment Preventive observation acrossour sites.

gli orsi, italy

average hours of trainingper employee

2011 48.9

2010 38.1

2009 40.2

2008 38.3

Back to main contents

poRtugaLestevão nevesBensaude groupsonae distribuiçãoestação shoppingcgd

P

P

P

P

P

12sonae sierra

our partnerships &clients – past and present

When it comes to shopping centres, we’re the partner of choice. our business, quitesimply, would not be what it is today without our partners ( ) and services clients ( ).With their backing, we can ensure we have financial strength, and also the ability toquickly gain an in-depth knowledge of markets, and create new opportunities.

in return, we offer our partners and services clients the chance to benefit fromour many years of experience in this field, to capitalise on exciting retail marketsand, ultimately to enjoy strong returns.

P C

BRaziLmultiplanTivoli ePenplanta engenhariamarco Zerocredit suisse hg

P

P

P

P

P

united Kingdomgrosvenor Fund managementmiller developmentsrockspringcastle cityschroders investment managementaberdeen Property investorsscottish Widows

P

P

P

P

P

P

C

fRancecnP assurancecdcFoncière euris

P

P

P

the netheRLandsing real estateing developmentsaPg investmentsmaB development

P

P

P

P

geRmanydekaunion investmentcommerzbankBalsa

P

P

C

C

spainlar groupmall groupiberdrolaeroski groupBanco santander

P

P

P

C

P

usaaigTiaa-creFddr

P

P

P

gReececharagionis grouplamda development

P

P

moRoccomarjaneFonciere chellah (cdg group)auda – agence d’urbanisation etde developpement d’auda

C

C

C

itaLycoimpredilP

finLandkevailmarinen

P

P

aLgeRiacévital groupP

coLomBiacentral controlP

gReece / cRoatia Bluehouse capitalC

We aim to create morelong-term relationships with like-minded organisations who see us as

their shoppingcentre partnerof choice

+ 100 AWArdS tO dAtE

in review 2011

awards & acknowledgements

The paper in this report contains material sourced from responsibly managed forests,

certified in accordance with the Fsc® (Forest stewardship council) and is totally

recyclable and acid-free.

designed and produced by mageewww.magee.co.uk

Printed by Boss Print ltd

“thE rECOGnitiOn thAt OurPrOPErty FundS ArE thE MOStSuStAinAblE in EurOPE PrOVESthAt Our COMMitMEnt tOCOrPOrAtE rESPOnSibility AllOWuS tO tAkE thE lEAd in An ArEAthAt Will bE inCrEASinGly MOrEiMPOrtAnt tO PrOPErtyinVEStOrS. WE ArE COnFidEntthAt WE Will bE AblE tO COntinuEtO CrEAtE VAluE in Our POrtFOliOthrOuGh thiS APPrOACh.”

£ distinguished as the Best developer overall and; Best retail developer in Portugal; Best

retail developer in Brazil and Best retail developer in latin america in the seventh

edition of the euromoney magazine real estate awards.

£ acknowledged as the Best real estate developer for the fourth consecutive year by the

construir awards in Portugal.

£ sonae sierra ranked as the leader of the corporate climate responsibility index

published by acge in Portugal for the sixth time.

£ distinguished at the strategicrisk european risk management awards in the “most

innovative use of iT or other Technology” category for our safety and health

inspections system.

£ centro colombo was elected Best shopping centre in Portugal for the second time in a

row at the hipersuper award and was distinguished with the revista imobiliária “special

magazine award” in the national real estate awards 2011 in Portugal for its

refurbishment project.

£ leiriashopping in Portugal was honoured with the revista imobiliária eurohypo “real

estate oscar award” and the “eurohypo award” in the national real estate awards 2011

in Portugal.

£ loop5 in germany was commended in the 2011 international council of shopping centres

(icsc) european shopping centre awards in the category “new developments: large”.

£ sonae sierra property funds ranked as the most sustainable in europe and thirdworldwide by the global real estate sustainability Benchmark (gresB).

£ norteshopping in Portugal won the icsc Jean louis solal marketing award for cause

related marketing for the campaign ‘cycle and switch on our christmas tree’ which was

intended to increase environmental awareness among the local community.

£ We were shortlisted for the edie awards for environmental excellence 2011 in the

category ‘green corporate initiative’.

£ sonae sierra was shortlisted for the duPont safety award for our innovative approach

to creating safer shopping centres for children.

£ We were shortlisted for the digital communication award 2010 for outstanding

accomplishment in the field of ‘digital communications and Pr for corporate social

responsibility report’.

£ in spain, we were a finalist in the Premios corresponsables (corresponsables award) for

the guio project to help blind people and those with visual impairment to use our

shopping centres.

“thiS diStinCtiOnCOnFirMS thErEPutAtiOn thECOMPAny hAS EArnEdOn An intErnAtiOnAllEVEl, And iS thEACknOWlEdGMEntOF Our ACtiVity inPOrtuGAl And SOuthAMEriCA.”

sonae sierra has built up an international reputation for the development and management of innovative products.We received some notable awards and acknowledgements during 2011, as shown below.

pedro caupersBoard director, investmentand asset management

fernando guedes oliveirachief executive officer

13Back to main contents

poRtugaLLisBoa

rua amílcar caBral, 231750-018 lisBoaTelePhone: +351 21 751 5000Fax: +351 21 758 2688

poRto

lugar do esPido,via norTe4471-909 maiaTelePhone: +351 22 948 7522Fax: +351 22 010 4698

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