www.sonaesierra.com

PORTUGALLISBONPORTO

ALGERIAKOUBA

BRAZILSÃO PAULO

CHINASHANGHAI

COLOMBIACALI

GERMANYDÜSSELDORF

GREECEATHENS

ITALYMILAN

LUXEMBOURGLUXEMBOURG

MOROCCOCASABLANCA

NETHERLANDSHOOFDDORP

ROMANIABUCHAREST

SPAINMADRID

TURKEYISTANBUL

What is the advantage of working with a specialist?

Sonae Sierra is at the cutting edge of shopping centre development, investment and management in markets as diverse as Europe, South America, North Africa and Asia.

Passionate about creating innovative shopping experiences, since 1989, Sonae Sierra has been interpreting trends and spearheading a movement that has defined the shopping centres of the future. The company’s mission is to offer its customers a unique shopping experience that creates superior value for its shareholders, investors, tenants, communities and employees whilst simultaneously making a positive contribution to sustainable development.

As a pioneer in the creation of themed and customized shopping centres, Sonae Sierra remains a leader in the creation of unique concepts for exceptional shopping centres that offer great experiences and turn customers into fans.

We believe, more and more, that a shopping centre is a venue where people’s needs, aspirations, desires and expectations come together. For us, each one of our centres is more than a building. It’s a continuously evolving, living space.

A specialist doesn’t follow the crowd, a specialist innovates

specialists in creating

worldsspecialists in

creatingworlds

Centro Colombo, Portugal

Integrated business strategy

A specialist doesn’t think alone, a specialist builds with an integrated strategy

Through our quest for excellence and our focus on specialization,we have learned it is only the creation of unique and exciting shopping and leisure venues that can deliver sustainable value.

The combination of our experience, our commitment to innovation and our long-term approach to our business have created an integrated strategy that today embraces shopping centre Investment, Development, Management and the provision of professional services to our clients.

Through this strategy we have developed a unique understanding of the business and markets we operate in, as they apply to our own shopping centres and to the projects and centres in operation that are owned by third parties.

This unique set of skills has added to Sonae Sierra’s value chain and fuelled our passionate determination.

Our Clients’Shopping Centres

Shopping Centres owned by

Sonae Sierra and its Partners

INVESTMENT AND ASSET

MANAGEMENTDEVELOPMENT

Sonae Sierra

PROPERTYMANAGEMENT AND LEASING

PROFESSIONAL SERVICES PROVISION

Shopping Centres from A to Z

specialists in

unexpected delivering the

Boulevard Londrina Shopping, Brazil

Sonae Sierra’s professional services bring together the know-how and experience of a highly specialised team used to facing ambitious challenges

As a result, we can provide high-quality shopping centre services covering all aspects of market analysis, architecture and engineering project, development, leasing, marketing, property management and asset management.

Over the years and in a variety of circumstances we have completed all phases of the process and developed specializations in areas that are now available to our clients.

As a Professional Service Provider, Sonae Sierra is a valuable partner focused on the creation of value throughout the entire lifecycleof an asset, whether it be the creation, expansion, refurbishmentor management of a shopping centre.

If you would like to know more

about Sonae Sierra’s professional

services, please contact us at:

global@sonaesierra.com

DIFFERENT

LOCATIONSurban shopping centres,

out-of-town projects, islands.

DIFFERENT

TYPESnew centres,

refurbishments, expansions.

DIFFERENT SIZES

from 10,000 m2 to 120,000 m2

of GLA.

Sonae Sierra services

For a specialist, possible = the impossible + know-how + determination

Sonae Sierra’s specialization stems from the company’s diversified history of more than 25 years covering:

Sonae Sierra is a partner of choice:

1. Risk minimization

Integrated approach of all the phases in the creation of a shopping centre.

2. PRofit maximization

Creation of value in the entire process through specialized know-how in all areas of action.

3. focus on the client

Experience in third party service provision.

4. shoPPing centRe sPecialization

Competence and experience of an international team focused on this sector.

SOME OF OUR CLIENTS

AlgeriaImmobisPrombati

GermanyCommerzbankUnion InvestmentAachener Grundvermögen

ItalyEdilnaonis S.R.L.

MoroccoMarjane Foncière ChellahAUDAFacenor

PortugalMillennium BCPThe Edge Group

SpainBanco Santander

TurkeyBanio Yapi MarketEndülüs Gayrimenkul

United KingdomScottish WidowsDoughty Hanson

DIFFERENT GEOGRAPHIES

Portugal, Algeria, Azerbaijan,

Brazil, China, Colombia,

Germany, Greece, Italy, Morocco,

Mozambique, Romania, Russia,

Spain, Slovakia, Tunisia

and Turkey.

communitiesrespecting

specialists in

Plaza Mayor, Spain

Sustainability

A specialist doesn’t foresee problems but turns global challengesinto business value

Sustainability is at the heart of Sonae Sierra’s activity and present in all areas of the company.

Initially approved in 1998, our Environmental Policy expresses a pioneering commitment within our sector, with particular regard to the environmental impacts of our activities.

Sonae Sierra was the first company to create environmentally friendly shopping centres, the first to achieve certification for its Environmental Management (ISO 14001 standard) and Safety & Health Management Systems (OHSAS 18001 standard) – distinctions that confirm the quality, and good practices implemented in these areas.

For Sonae Sierra, the sustainable growth of our company implies a constant evaluation of the interaction and balance between our economic, social and environmental goals. We are currently seen as an international benchmark of excellence in the shopping centre sector, which demonstrates the fact that the integration of the environmental and social aspects of our business increases competitiveness and profitability.

If you would like to know

more about our Sustainability

strategy please contact us at:

global@sonaesierra.com

Our strategy builds on our achievements since 1998, while also focusing our attention on actions that can create long-term shareholder value by solving some of society’s key challenges. We used the Creating Shared Value concept to align our business and sustainability goals.As a result, we have identified a number of key opportunities around five main themes:

We are convinced that addressing such issues will safeguard our continued capacity to do business in a rapidly changing world

——ENERGY & CLIMATEAs at December 31, 2014

(kWh/m2 mall and toilet area)

14131211

444435

479

514

14131211

55%59% 58%

53%

——RECYCLED WASTEAs at December 31, 2014

14131211

94% 95.5%97% 96%

——TENANTS OCCUPANCYAs at December 31, 2014

(% by GLA, across our owned portfolio)

These are some of Sonae Sierra’s main economic, environmental and social performance indicators:

€18.6 millionCosts avoided in 2014 due our eco-efficiency approach

Since 2002, the electricity

consumption in kWh/m2 mall and

toilet area at our shopping centres

decreased by 40%.

- 40%

Increase of total waste recycled of

more than 209% between 2002

and 2014.

+ 209% 95.5%

Tenant occupancy rate

consistently high.

Social and

Environmental

Value

Creating

Shared Value

Business

Value

Safe People &

Eco-efficiency

RISK MANAGMENT

Resource

Resilience

Prosperous

retailers

Leveraging

Knowledge

Sustainable

Lifestyles

bridgesestablishingspecialists in

Centro Vasco da Gama, Portugal

Sonae Sierra, a partner of choice

A specialist combines with others to make a difference

Sonae Sierra’s business would not be what it is today without our partners.

The importance and value of our alliances with local partners and international investors is enormous. These alliances enable the consistent development of our financial strength, improvements in our negotiating capacity and a continuous increase in our market knowledge. They also provide a platform for new opportunities.

Throughout our history, Sonae Sierra has developed different ways of establishing these bonds, demonstrating great versatility and affinity in a variety of circumstances, regardless of the cultural contexts, the negotiation values at stake or the dimensions of the project or potential project.

We offer our partners and tenants the opportunity to benefit from our extensive experience in this activity, to capitalize on stimulating retail markets and, ultimately, to enjoy high financial rewards.

If you would like to be our partner,

please contact us at:

global@sonaesierra.com

A wide range of investment opportunities

The 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. This allows 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 PARTNERS

BrazilMarco Zero

FinlandKEVAIlmarinen

FranceCNP AssuranceFoncière Euris

GermanyDekaUnion Investment

MoroccoGroupe CDG

PortugalSonae MCCGD

SpainEroski GroupIberdrola Immobiliaria

The NetherlandsING DevelopmentsAPG Investments

UAEAl Futtaim

United KingdomRockspringSchroders Investment Management

USAAIGTIAA-CREF

Sonae Sierra

Shopping Centre Assets

Sierra Investments

(100% Sonae Sierra)

Sierra Management

(100% Sonae Sierra)

SierraFunds

Investors

OWNERS

ASSET MANAGEMENT

PROPERTY MANAGEMENT

specialists in

peopleunderstanding

CascaiShopping, Portugal

VALUE CREATED IN

2014

AWARDS TO DATE

+140

GLA managed: over 2.3 million m2

Total Visitsto managed

portfolio: 440 million

Contracts managed: 8.300

Total Rents: €380 million

Occupancy Rate:95.5%

Collections Rate: 100%

OMV of Assets under Management: €6.0 billion

20 ICSC awards • 31 ICSC Marketing awards •3 Mipim awards •

1 Procos •

6 AECC Spanish Shopping Centre •

2 European Property Awards •

1 Green Thinker Award •

3 European Risk Management Awards •

1 Sustainable Energy Europe Award •

21 Media Awards for best developer•

Association Awards

The Sonae Sierra world

A specialist turns small dreams into big realities

Founded in Portugal in 1989, Sonae Sierra is owned in equal shares by SONAE, SGPS (Portugal), and GROSVENOR (United Kingdom).

Currently, Sonae Sierra owns 46 shopping centres, and is responsible for the management and/or leasing of 87 shopping centres with an Open Market Value of more than 6.0 billion euros, comprising a total gross lettable area (GLA) of 2.4 million m2 and about 9,100 tenants.

We are present in Portugal, Algeria, Azerbaijan, Brazil, China, Colombia, Germany, Greece, Italy, Morocco, Mozambique, Romania, Russia, Spain, Slovakia, Tunisia and Turkey.

If you would like to know

more about Sonae Sierra,

please contact us at:

global@sonaesierra.com

Specialists in different geographies

PORTUGAL � ALGERIA � AZERBAIJAN � BRAZIL � CHINA � COLOMBIA � GERMANY � GREECE � ITALY � MOROCCO � MOZAMBIQUE � ROMANIA � RUSSIA � SPAIN � SLOVAKIA � TUNISIA � TURKEY �

ROMANIA1 SHOPPING

CENTRE

GREECE

1 SHOPPING

CENTRE

• Freccia Rossa• Gli Orsi

• Le Terrazze

Loop5 •

Hofgarten Solingen •Alexa •

ITALY3 SHOPPING

CENTRES

Málaga Designer Outlet-

2017

+1

+3

Zenata-

To be defined

+1

ParkLake Plaza-

2016

Adora Mall-

To be defined

Ploiesti Shopping-

To be defined

46 shopping centres in operation

41 shopping centres managed and/or leased, owned by third parties

7 projects under development, including 3 for third parties,

and 4 new projects in pipeline

Present in 17 marketsVia Catarina •Serra Shopping •

RioSul Shopping •Parque Atlântico •NorteShopping • MaiaShopping •

MadeiraShopping •

LoureShopping •

LeiriaShopping •

GuimarãeShopping •

GaiaShopping •

Estação Viana •

CoimbraShopping •

Centro Vasco da Gama •

Centro Colombo •

CC Continente de Portimão •

CascaiShopping •

ArrábidaShopping •A

lgarveShopping •A

lbufeiraShopping •8ª A

venida •

Centro Bordalo -To be defined

+1

PORTUGAL21 SHOPPING CENTRES

Our Portfolio

Pantheon Plaza •

River Plaza Mall •

ALGERIA

MOZAMBIQUE

AZERBAIJAN

CHINATUNISIA

SLOVAKIA

MOROCCO

TURKEY

RUSSIA

COLOMBIA

THIRD PARTYSERVICES

Data of September 2015

• Dos Mares

• GranCasa

• Luz del Tajo

• Max Center

• Plaza Mayor

• Valle Real

• Zubiarte

GERMANY3 SHOPPING

CENTRES

• Bo

avist

a Sh

oppi

ng• F

ranca

Shopping

• Manauara Shopping

• Passeio das Águas Shopping

• Parque D. Pedro Shopping

• Shopping Campo Limpo

• Shopping Metrópole

• Shopping Plaza Sul

• Uberlândia Shopping

• Bou

leva

rd L

ondr

ina S

hopp

ing

SPAIN7 SHOPPING CENTRES

BRAZIL10 SHOPPING CENTRES

MOROCCO

+1

Franca Shopping -Expansion & Refurbishment To be defined

SPECIALISTS IN THE CREATION OF UNIQUE SHOPPING EXPERIENCESSPECIALISTS IN THE CREATION OF UNIQUE SHOPPING EXPERIENCES

www.sonaesierra.com

PORTUGALLISBONPORTO

ALGERIAKOUBA

BRAZILSÃO PAULO

CHINASHANGHAI

COLOMBIACALI

GERMANYDÜSSELDORF

GREECEATHENS

ITALYMILAN

LUXEMBOURGLUXEMBOURG

MOROCCOCASABLANCA

NETHERLANDSHOOFDDORP

ROMANIABUCHAREST

SPAINMADRID

TURKEYISTANBUL