Sonae Sierra Brasil, a leading Brazilian shopping mall developer and manager, announced financial results for 3Q11. Net revenue increased 21.2% to R$54.8 million compared to 3Q10. Adjusted EBITDA increased 22.9% to R$41.1 million and the adjusted EBITDA margin reached 75.1%. Same-store rent grew 13.0% and same-store sales increased 7.3%. Total net income attributable to shareholders was R$58.5 million, up 114.1% from 3Q10. The company also began construction of a new shopping mall in Goiânia and recently opened an expansion of an existing mall.

1. 3Q11 Earnings Release
SONAE SIERRA BRASIL ANNOUNCES
Investors
Relations
ADJUSTED EBITDA OF R$41.1
MILLION IN 3Q11, AN INCREASE OF
Carlos Alberto Correa 22.9% OVER 3Q10
Investors Relations Officer
São Paulo, November 8, 2011 – Sonae Sierra Brasil S.A.
Murilo Hyai
(BM&FBovespa: SSBR3), a leading Brazilian shopping mall
developer, owner and manager, announces today its results
Investors Relations Manager
for the third quarter of 2011 (3Q11).
Eduardo Pinotti de Oliveira
Investor Relations Analyst
Highlights
Website:
 The Company’s Net Revenue increased 21.2% to
www.sonaesierrabrasil.com.br/ri
R$54.8 million in 3Q11 compared to R$45.2 million in
3Q10.
Email:
ribrasil@sonaesierra.com  Adjusted EBITDA totaled R$41.1 million in 3Q11, an
increase of 22.9% over the same period of last year.
Phone: Adjusted EBITDA margin reached 75.1% in 3Q11.
+55 (11) 3371-4188
 Adjusted FFO totaled R$43.2 million, an 81.1% increase
over 3Q10. Adjusted FFO margin reached 78.9% in
3Q11 CONFERENCE CALLS 3Q11.
 Same-store rent (SSR) reached, once again, a strong
Portuguese double-digit growth of 13.0% in 3Q11 and Same-store
November 9, 2011 sales (SSS) increased by 7.3%.
07:00 am (New York time)  Total Net Income attributable to shareholders reached
10:00 am (Brasilia Time) R$58.5 million in 3Q11, from R$27.3 million in 3Q10, a
Phone: (55 11) 2188-0155 114.1% increase.
Code: Sonae Sierra Brasil  In September, the Company started the construction of
Passeio das Águas Shopping in Goiânia, which is
English scheduled to open in the second half of 2013.
November 9, 2011  Also in September, Sonae Sierra Brasil successfully
08:00 am (New York time) opened the expansion of Shopping Campo Limpo,
11:00 am (Brasilia Time) adding 2.5 thousand sqm of GLA and bringing 18 new
Phone: (1 412) 317-6776 stores to the mall.
Code: Sonae Sierra Brasil
1

2. 3Q11 Earnings Release
Financial Indicators
(R$ million) 3Q11 3Q10 Var. % 9M11 9M10 Var. %
Net Revenue 54.8 45.2 21.2% 157.7 132.9 18.7%
EBITDA 40.6 33.0 23.2% 119.3 97.6 22.3%
EBITDA Margin 74.2% 73.0% +123 bps 75.7% 73.4% +223 bps
Adjusted EBITDA 41.1 33.5 22.9% 119.8 100.1 19.7%
Adjusted EBITDA Margin 75.1% 74.1% +103 bps 76.0% 75.3% +65 bps
Funds From Operations (FFO) 42.7 23.4 82.9% 121.5 85.4 42.3%
FFO Margin 78.0% 51.7% +2,632 bps 77.1% 64.3% +1,280 bps
Adjusted FFO 43.2 23.9 81.1% 122.0 87.9 38.8%
Adjusted FFO Margin 78.9% 52.8% +2,613 bps 77.4% 66.2% +1,124 bps
Net Operating Income (NOI) 51.7 41.1 25.9% 150.3 124.2 21.0%
NOI Margin 94.4% 90.9% +356 bps 95.3% 93.5% +182 bps
Operating Indicators
3Q11 3Q10 Var. % 9M11 9M10 Var. %
Total GLA ('000 sqm) 353.0 343.4 2.8% 353.0 343.4 2.8%
Owned GLA ('000 sqm) 204.6 200.2 2.2% 204.6 200.2 2.2%
Number of shopping malls 10 10 0.0% 10 10 0.0%
Sales (R$ million) 936.9 851.2 10.1% 2,711.7 2,426.2 11.8%
Sales/sqm (monthly average) 942.5 871.1 8.2% 905.8 828.6 9.3%
Occupancy rate 97.4% 98.4% -100 bps 97.4% 98.4% -100 bps
Cost of occupancy (% of sales) 9.5% 9.1% +36 bps 9.4% 9.4% +7 bps
SSS/sqm 949.0 884.1 7.3% 927.5 853.1 8.7%
SSS/sqm - Satellite stores 1,465.2 1,346.8 8.8% 1,415.6 1,280.1 10.6%
SSS/sqm - Anchor stores 739.4 699.7 5.7% 727.6 684.0 6.4%
SSS/sqm - Leisure 234.4 226.9 3.3% 216.5 199.5 8.5%
SSR/sqm 54.7 48.4 13.0% 52.7 46.9 12.4%
SSR/sqm - Satellite stores 106.1 94.0 12.9% 103.1 91.5 12.7%
SSR/sqm - Anchor stores 21.8 19.3 13.0% 21.0 18.9 11.1%
SSR/sqm - Leisure 22.4 19.8 13.1% 20.3 18.0 12.8%
Overdue Payments (25 days) 2.9% 2.6% +28 bps 2.5% 2.9% -35 bps
2

3. 3Q11 Earnings Release
MANAGEMENT’S COMMENTS
Sonae Sierra Brasil continued to achieve solid operating and financial indicators in the
3Q11.
Our same store rent (SSR), once again reached a strong double digit growth at 13.0%
over the same period last year, driven by rising inflation adjustments and strong
leasing spreads in contract renewals. Same store sales (SSS) growth reached 7.3% in
3Q11 and sales in our shopping centers totaled R$936.9 million, a 10.1% increase
over the same period last year.
The Company’s consolidated net revenues totaled R$54.8 million in 3Q11, a 21.2%
increase over 3Q10, while Consolidated Adjusted EBITDA increased by 22.9% over the
same period last year, totaling R$41.1, million with Adjusted EBITDA margin reaching
75.1% in 3Q11, compared to 74.1% in 3Q10. Consolidated Adjusted FFO totaled
R$43.2 million in 3Q11, a significant increase of 81.1% over 3Q10. The Adjusted FFO
margin reached 78.9% in the quarter, compared to 52.8% in 3Q10. We continue to
benefit from the strong performance of our portfolio with low levels of vacancy and
increasing rents, as well as the maturation of our malls, particularly Manauara
Shopping in Manaus and from growing parking and key money revenues. The net
income attributable to shareholders reached R$58.5 million in 3Q11, from R$27.3
million in 3Q10. This increase results mainly from the positive performance of the
portfolio and to the valuation gains on investment properties in 3Q11.
The Company continues to execute the plans previously announced regarding
development projects and expansions, with the construction of Uberlândia Shopping in
Uberlândia (MG), Boulevard Londrina Shopping in Londrina (PR), as well as the
expansion of Shopping Metrópole in São Bernardo do Campo (SP), which is scheduled
to open in November 2011. In September, Sonae Sierra Brasil started the
construction of Passeio da Águas Shopping in Goiânia (GO), which should be opened
by the second half of 2013. Also in September, we successfully opened the expansion
of Shopping Campo Limpo in São Paulo (SP).
Sonae Sierra Brasil will continue to seek opportunities that create value to the
shareholders and enhance the quality of the portfolio, focusing on development
opportunities in markets with an inherent mismatch between supply and demand for
retail space and targeting the middle class customer segment. We are committed to
making our malls the most dominant in their respective markets. We remain confident
in our strategy and prospects for growth opportunities.
The Management
3

4. 3Q11 Earnings Release
FINANCIAL HIGHLIGHTS
Consolidated Statutory Accounts
The consolidated financial and operating information outlined below is based on
accounts prepared in accordance with accounting policies adopted in Brazil and in
accordance with the International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board - IASB, and correspond to the comparison
of the results obtained in the 3Q11 with the same period of the previous year, also
adjusted to the new accounting standards. Therefore, the consolidated financial
information includes 100% of the results of Parque D. Pedro Shopping (even though
the Company holds a 51% ownership interest in the mall).
Gross Revenue
Sonae Sierra Brasil’s gross revenue totaled R$59.2 million in 3Q11, an increase of
20.4% over 3Q10. The increase in revenue was driven by growth in rental revenue
which totaled R$45.5 million in 3Q11, a 22.4% increase over 3Q10 given the
combination of strong leasing spreads, inflation adjustments and low vacancy that is
pushing up the rental revenue in 2011. Another highlight was the significant increase
in revenue from parking, which totaled R$5.7 million in 3Q11, 14.0% higher than
3Q10. Service revenue increased to R$4.1 million in 3Q11 from R$3.7 million in 3Q10,
an 11.2% increase primarily driven by higher revenues from leasing and management
fees. Key money revenue has also registered a significant increase, from R$1.9 million
in 3Q10 to R$2.6 million in 3Q11, a 37.6% increase, driven by higher activities mostly
related to the expansions opened during the period.
Gross Revenue Breakdown
3Q10 3Q11
1%
4% Rent
4%
10% 10%
Rent contract straight-lining
8% 7%
1% Service revenue
3%
Parking revenue
75% 77%
Key Money
Other revenue
4

5. 3Q11 Earnings Release
Gross Revenue (R$ '000)
3Q11 3Q10 Var. % 9M11 9M10 Var. %
Rent 45,456 37,149 22.4% 130,490 109,044 19.7%
Rent contract straight-lining 910 1,374 -33.8% 2,903 3,791 -23.4%
Service revenue 4,146 3,728 11.2% 12,236 10,706 14.3%
Parking revenue 5,688 4,988 14.0% 17,180 12,684 35.4%
Key Money 2,561 1,862 37.5% 7,482 7,680 -2.6%
Other revenue 470 77 510.4% 915 384 138.2%
Total 59,231 49,178 20.4% 171,206 144,289 18.7%
Costs and Expenses
Costs and Expenses totaled R$15.4 million in 3Q11, a 20.1% increase over 3Q10.
Costs and expenses were mainly impacted by higher costs with external services,
namely with parking and auditing of tenants’ sales. Non-recurring legal fees have also
increased in this quarter
Total Costs and Expenses were also impacted by the variances in provisions for
doubtful accounts, which resulted in a negative net amount of provision of R$1.0
million in 3Q11, from a revenue (reversal) of R$197 thousand in 3Q10.
Pre-operating marketing expenses and costs associated with the search for new
projects also contributed to higher costs and expenses in 3Q11.
Conversely, we continued to see lower occupancy and contractual agreement costs,
which decreased by 17.6% in 3Q11.
Costs and Expenses (R$ '000)
3Q11 3Q10 Var. % 9M11 9M10 Var. %
Depreciation and amortization 343 350 -2.0% 1,105 885 24.9%
Personnel 6,359 6,687 -4.9% 19,245 16,568 16.2%
External services 3,668 1,851 98.2% 7,826 10,008 -21.8%
Occupancy cost (vacant stores) 915 971 -5.8% 2,740 3,214 -14.7%
Cost of contractual agreements with tenants 532 784 -32.1% 1,143 1,359 -15.9%
Provision (reversal) of the allowance for doubtful
1,010 (197) N/A 1,342 (430) N/A
accounts
Rent 715 778 -8.1% 2,056 2,047 0.4%
Travel 430 328 31.1% 1,043 921 13.2%
Other 1,429 1,266 12.9% 4,333 3,656 18.5%
Total 15,401 12,818 20.1% 40,833 38,228 6.8%
Classified as:
Cost of rentals and services 9,753 11,079 -12.0% 27,956 25,936 7.8%
Operating expenses 5,647 1,739 224.7% 12,877 12,292 4.8%
Total 15,401 12,818 20.1% 40,833 38,228 6.8%
Note: For comparative purposes some expenses with external services were reclassified from other expenses in 3Q10.
5

6. 3Q11 Earnings Release
Changes in Fair Value of Investment Properties
Sonae Sierra Brasil adopted IFRS accounting standards, under which, the Company
values its investment properties at fair market value. Thus, the gains and losses
resulting from changes in fair market value of the properties are recorded in the
Change in Fair Value of Investment Properties account, which totaled R$65.3 million
in 3Q11 compared to R$28.1 million in 3Q10. The increase reflects the improved
valuation of the portfolio, given the NOI growth and the positive performance of
operating metrics and redevelopment / expansion GLA among online malls. On
September 30th, 2011, the Value of Investment Properties totaled R$2.6 billion.
Net Financial Result
The consolidated net financial result in 3Q11 was a net financial income of R$7.3
million, compared to a net financial expense of R$6.9 million in 3Q10. This variance is
mainly explained by much higher interest income on financial investments in 3Q11
given the net cash position and by exchange rate variations, which represented
income in 3Q11 compared to an expense in 3Q10.
Net Financial Result
(R$ thousand) 3Q11 3Q10 Var. % 9M11 9M10 Var. %
Financial Income (Expenses):
Interest on financial investments 11,533 670 1621.4% 28,964 3,089 837.7%
Interest on intercompany loans - (1,277) -100.0% (400) (2,881) -86.1%
Interest on receivables 246 770 -68.1% 803 1,138 -29.4%
Monetary and exchange rate
19 (3,406) N/A (2,015) 6,331 N/A
variations
Interest on loans and financing (4,573) (4,035) 13.3% (13,337) (12,728) 4.8%
Other 115 295 -61.1% 999 343 191.2%
Total Financial Result - Net 7,340 (6,983) N/A 15,014 (4,708) N/A
Net Income
Net Income totaled R$92.7 million in 3Q11, a 132.1% increase over 3Q10, largely
driven by the Change in Fair Value of Investment Properties which resulted from the
improved performance of the whole portfolio.
6

7. 3Q11 Earnings Release
Net Operating Income (NOI)
Consolidated NOI totaled R$51.7 million in 3Q11, a 25.9% increase over 3Q10,
reflecting, as mentioned above, the overall positive performance of the portfolio.
Net Operating Income -
NOI (R$ million) 3Q11 3Q10 Chg. % 9M11 9M10 Chg. %
Rent 46.8 38.6 21.3% 134.3 113.2 18.6%
Key Money 2.6 1.9 37.6% 7.5 7.7 -2.6%
Parking 5.7 5.0 14.0% 17.2 12.7 35.4%
Total Revenues 55.1 45.5 21.2% 159.0 133.6 19.0%
(-) Malls' Operating Expenses (3.4) (4.4) -22.7% (8.7) (9.4) -7.0%
NOI 51.7 41.1 25.9% 150.3 124.2 21.0%
Adjusted EBITDA
Adjusted EBITDA totaled R$41.1 million in 3Q11, a 22.9% increase over 3Q10.
Adjusted EBITDA margin reached 75.1% in 3Q11.
Adjusted EBITDA (R$ million)
19.7%
22.9%
119.8
100.1
33.5 41.1
3Q10 3Q11 9M10 9M11
Adjusted Funds from Operations (FFO)
Adjusted FFO totaled R$43.2 million in 3Q11, an increase of 81.1% over the same
period last year. Adjusted FFO margin reached 78.9%.
7

8. 3Q11 Earnings Release
FFO Adjusted (R$ million)
38.8%
81.1%
122.0
87.9
43.2
23.9
3Q10 3Q11 9M10 9M11
The reconciliation of the operating income before financial results with the EBITDA,
adjusted EBITDA, FFO, and Adjusted FFO is shown below:
Adjusted EBITDA and Adjusted FFO Reconciliation
(R$ million) 3Q11 3Q10 Var. % 9M11 9M10 Var. %
Net Revenue 54.8 45.2 21.2% 157.7 132.9 18.7%
Operating income before financial result 109.4 61.0 79.3% 332.4 165.0 101.4%
Depreciation and amortization 0.3 0.4 -1.9% 1.1 0.9 24.9%
Gain in fair value of investment properties (69.2) (28.4) 143.2% (214.2) (68.3) 213.4%
EBITDA 40.6 33.0 23.2% 119.3 97.6 22.3%
Non-recurring expenses 0.5 0.5 - 0.5 2.5 -
Adjusted EBITDA 41.1 33.5 22.9% 119.8 100.1 19.7%
EBITDA Margin 74.2% 73.0% +123 bps 75.7% 73.4% +223 bps
Adjusted EBITDA Margin 75.1% 74.1% +103 bps 76.0% 75.3% +65 bps
EBITDA 40.6 33.0 23.2% 119.3 97.6 22.3%
Net financial result 7.3 (7.0) N/A 15.0 (4.7) N/A
Current income and social contribution taxes (5.2) (2.6) 99.6% (12.8) (7.5) 71.0%
- -
FFO 42.7 23.4 82.9% 121.5 85.4 42.3%
Non-recurring expenses 0.5 0.5 - 0.5 2.5 -
Adjusted FFO 43.2 23.9 29.4% 122.0 87.9 38.8%
FFO Margin 78.0% 51.7% +2,632 bps 77.1% 64.3% +1,280 bps
Adjusted FFO Margin 78.9% 52.8% +2,613 bps 77.4% 66.2% +1,124 bps
Management Accounts
In accordance with accounting policies adopted in Brazil and IFRS, the Company
consolidates 100% of Parque D. Pedro Shopping despite owning only 51% of this mall.
However, considering the relevance of this mall to the Company’s results, we
prepared pro-forma management accounts with the proportional consolidation of
8

9. 3Q11 Earnings Release
Parque D. Pedro. The key operating results under this methodology are presented
below:
EBITDA and FFO Reconciliation
(Considering 51% of PDP) (R$ million) 3Q11 3Q10 Var. % 9M11 9M10 Var. %
Net Revenue 42.8 35.4 21.0% 123.7 103.4 19.6%
Operating income before financial result 75.5 48.5 55.5% 243.5 122.0 99.7%
Depreciation and amortization 0.3 0.4 -1.9% 1.1 0.9 24.9%
Gain in fair value of investment properties (45.5) (24.5) 85.4% (154.9) (51.3) 201.9%
EBITDA 30.4 24.4 24.6% 89.8 71.6 25.4%
Non-recurring expenses 0.5 0.5 0.0% 0.5 2.5 -80.0%
Adjusted EBITDA 30.9 24.9 24.1% 90.3 74.1 21.9%
EBITDA Margin 70.9% 68.8% +204 bps 72.6% 69.2% +339 bps
Adjusted EBTIDA Margin 72.0% 70.3% +180 bps 73.0% 71.6% +138 bps
EBITDA 30.4 24.4 24.6% 89.8 71.6 25.4%
Net financial result 7.1 (7.1) N/A 14.3 (5.0) N/A
Current income and social contribution taxes (5.2) (2.6) 99.6% (12.8) (7.5) 71.0%
FFO 32.2 14.6 119.9% 91.3 59.0 54.6%
Non-recurring expenses 0.5 0.5 0.0% 0.5 2.5 -80.0%
Adjusted FFO 32.7 15.1 115.9% 91.8 61.5 49.1%
FFO Margin 75.1% 41.3% +3,376 bps 73.8% 57.1% +1,670 bps
Adjusted FFO Margin 76.3% 42.8% +3,352 bps 74.2% 59.5% +1,469 bps
Cash, Cash Equivalents and Debt
Cash and cash equivalents, which is comprised of cash, bank deposits and financial
investments, decreased by R$17.9 million, from R$458.0 million on June 30, 2011 to
R$440.1 million on September 30, 2011, mainly as a result of investments in the
Company’s projects. The Company’s total debt, considering amounts already
withdrawn reached R$332.3 million in 3Q11, and the respective amortization schedule
is as follows:
Debt Amortization (R$ million)
185.9
42.3 42.3 41.9
19.8
Up to 2012 2013 2014 2015 2016 and beyond
9

10. 3Q11 Earnings Release
Net Cash Position (R$ million)
332.3
440.1
107.8
Cash and cash Debt Net Cash
equivalents
Considering our cash position, the long-term profile of our debt and our operating
cash flow, we believe that we are well positioned in terms of the capital required to
fund our investment plan.
A total of R$128.5 million, which corresponds to approximately 39% of the Company’s
total debt, is fixed at a 8.5% p.a. interest rate (10.0% p.a. with a 15% discount) on
the loan from the Banco da Amazônia (BASA) for the construction of Manauara
Shopping, with a final maturity of 12 years. The base rate debt profile, considering
resources already withdrawn at the end of 3Q11 was as follows:
Debt Profile
Fixed
39%
TR
48%
CDI
13%
Sonae Sierra Brasil’s leverage strategy is to finance the greenfield projects and
expansions with an average property-level debt of approximately 50% of the total
project costs. Financing for Uberlândia Shopping, Boulevard Londrina Shopping and
Passeio das Águas Shopping has already been contracted.
10

11. 3Q11 Earnings Release
Considering all the loans contracted by the Company, including amounts yet to be
drawn down, total contracted debt was R$613.5 million with an average cost of 11.7%
by the end of the quarter.
Contracted Debt Financing
Committed Balance as of
Term
Amount (R$ Interest Rate 09/30/11
(years)
MM) (R$ million)
Working Capital 20 5 CDI + 2.85% 19
Working Capital 27 6 CDI + 3.30% 26
Manauara Shopping 112 12 8.50% 128
Metrópole Shopping - Expansion I 53 8 TR + 10.30% 53
Uberlândia Shopping 81 15 TR + 11.30% 59
Boulevard Londrina Shopping 120 15 TR + 10.90% 47
Passeio das Águas Shopping 200 12 TR + 11.00% 0
Total 614 332
Average 12.1 11.70%
*Co nsidering LTM TR at 1 % p.a. and CDI at 1 .88% p.a. as o f September 30, 201
.21 1 1
SHOPPING CENTERS’ SALES PERFORMANCE
Total sales in the ten existing and operating malls in Sonae Sierra Brasil’s portfolio
totaled R$936.9 million in 3Q11, a 10.1% increase over 3Q10. Considering the
Company’s ownership interest in each of the ten malls (including 20% of Campo
Limpo Shopping and 51% of Parque D. Pedro Shopping), sales reached R$546.1
million in 3Q11, a 11.7% increase over 3Q10.
The best performing malls in 3Q11 in terms of sales growth were Manauara Shopping,
Franca Shopping and Tivoli Shopping, with sales increases of 19.6%, 17.0% and
15.3%, respectively. The robust growth recorded by Manauara Shopping can be
mainly attributed to the accelerated maturation of the mall, while Franca Shopping
and Tivoli Shopping were a result of higher sales, particularly in some anchor stores
and movie theaters of these shopping malls.
OPERATING HIGHLIGHTS
The operating indicators of Sonae Sierra Brasil in 3Q11 confirm the continued growth
of the Company. The overall occupancy rate in our malls was 97.4% of GLA in 3Q11,
while Same-store rent (SSR) reached, once again, double-digit growth with a strong
13.0% increase over 3Q10, driven by rising inflation adjustments and strong leasing
11

12. 3Q11 Earnings Release
spreads in lease contract renewals. Same-store sales (SSS) posted a 7.3% increase in
3Q11 compared to the same period last year.
Occupancy Rate
Occupancy (% GLA)
98.3% 98.5% 98.4%
98.0%
97.7% 97.5%
97.3% 97.2% 97.4%
97.0%
96.3%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Same Store Sales and Same Store Rent (in R$)
SSS/sqm
7.3%
8.7%
949
928
884
853
3Q10 3Q11 9M10 9M11
12

13. 3Q11 Earnings Release
SSR/sqm
13.0% 12.4%
55
53
48
47
3Q10 3Q11 9M10 9M11
DESCRIPTION OF BUSINESS
Sonae Sierra Brasil S.A. is a company specialized in the shopping center business and
is led by the expertise of its management team and its international controlling
shareholders: the European group Sonae Sierra and the U.S. REIT DDR Corp. (NYSE:
DDR), both companies that have deep experience in the development, ownership and
management of shopping centers.
We are one of the leading real estate developers, owners, and operators of shopping
malls in Brazil. Through our integrated business model, we work with all phases of the
business, including development management, property management, leasing, asset
management, and marketing services.
We hold a controlling interest in the majority of the shopping malls in our portfolio and
manage all of them. On September 30, 2011, we had a weighted average ownership
interest of 57.9% in the ten operating shopping malls in our portfolio, representing
204.6 thousand sqm of owned GLA and ownership control of six of the ten shopping
malls.
OUR PORTFOLIO
Our portfolio is comprised of ten shopping malls in operation. Additionally, we are in
the process of developing three new shopping malls in three major cities in Brazil: (i)
Uberlândia, the second most populous city in the state of Minas Gerais; (ii) Londrina,
the second largest city in the state of Paraná; and (iii) Goiânia, the state capital of the
State of Goiás. These three cities are important centers for the agribusiness and
services sectors which have experienced strong demographic and economic growth.
The selection of these cities for developing new shopping malls fits into our primary
13

14. 3Q11 Earnings Release
strategy of growth through potentially market dominant shopping malls, in trade
areas with income per capita and population density that meet our requirements. We
estimate that the combined GLA from these three shopping malls is approximately
171.8 thousand sqm.
The map below shows the location of our malls. All figures related to GLA and the
Company’s interests are as at the end of September 2011, except where otherwise
indicated:
10
7 4
13
11 5
1
8
3 9
12 2
6
Shopping Centers in GLA Owned GLA Actual occupancy
Operation City State Stores ('000 sqm) Ownership ('000 sqm) index by area (%)
1 Parque D. Pedro Campinas SP 402 121.1 51.0% 61.8 94.9%
2 Boavista Shopping São Paulo SP 148 16.0 100.0% 16.0 97.1%
3 Penha Shopping São Paulo SP 196 29.6 73.2% 21.7 98.5%
4 Franca Shopping Franca SP 103 18.1 67.4% 12.2 99.8%
Santa Barbara
5 Tivoli Shopping SP 146 22.1 30.0% 6.6 97.5%
d'Oeste
São Bernardo do
6 Metrópole Shopping* SP 151 25.1 100.0% 25.1 99.5%
Campo
7 Pátio Brasil Brasília DF 234 28.8 10.4% 3.0 98.1%
8 Plaza Sul Shopping São Paulo SP 217 23.0 30.0% 6.9 100.0%
9 Campo Limpo Shopping São Paulo SP 144 22.4 20.0% 4.5 99.5%
10 Manauara Shopping Manaus AM 232 46.8 100.0% 46.8 99.0%
Total 1,973 353.0 57.9% 204.6 97.4%
* Including an area of 5,161 sqm, currently reserved for expansion of the shopping mall
Projects under Development GLA
City State ('000 sqm) Ownership Projected Opening
11 Uberlândia Shopping Uberlândia MG 45.3 100.0% 1Q12
12 Boulevard Londrina Shopping** Londrina PR 47.8 84.5% 2H12
13 Passeio das Águas Shopping Goiânia GO 78.1 100.0% 2H13
Total 171.2 95.7%
** Ownership considering partner will fully exercise its rights in the project
14

15. 3Q11 Earnings Release
OUR STRATEGY
Our strategy focuses on profitably increasing our portfolio and maintaining our
position as one of the leading developers, owners, and managers of shopping malls in
Brazil, seeking to provide superior returns to our shareholders in a sustainable and
responsible way. We intend to achieve our goals by continuing to pursue the following
strategies:
Focus on creating value through organic growth. Our growth strategy is based
on two main sources: (i) developing new market dominant shopping malls that are
able to establish and maintain a solid competitive position based on certain factors
such as population density, purchasing power of the potential customers, and
underserved consumer demand; and (ii) expanding and/or remodeling of existing
shopping malls by including new tenants, features and attributes in order to increase
their market share.
Acquisition of additional stakes in properties. We plan on analyzing opportunistic
acquisitions at reasonable prices of additional ownership interests in the shopping
malls already part of our portfolio. In parallel, and whenever opportunities arise that
fit our strategy, we will analyze potential acquisitions at attractive pricing of
controlling interests in shopping malls that are not part of our portfolio, or at least a
strategic interest to possibly allow us to eventually acquire control and to ensure that
we control the management of the property.
ONGOING PROJECTS
Sonae Sierra Brasil currently has seven ongoing projects, comprised of three
greenfield projects and four expansions, which should increase our owned GLA by
approximately 93% to 392 thousand sqm by 2013. It is worth noting that this
substantial growth includes only those projects already in our pipeline and excludes
future projects yet to be announced.
15

16. 3Q11 Earnings Release
Owned GLA Growth ('000 sqm)
Goiânia
Greenfields Expansion
Uberlândia
Londrina 78
16
86 Metrópole (II)
Tívoli
9
PDP (II) 392
Metrópole (I)
Campo Limpo
203
+93%
2010 2011 2012 2013 Total
NEW PROJECTS (GREENFIELDS)
Sonae Sierra Brasil’s strategy is to develop greenfield projects that have the potential
to become the leading malls in their trade areas. Based on this strategy, we have
three such projects in our portfolio. Construction on two of these – Uberlândia
Shopping and Boulevard Londrina Shopping – is already under way. Construction of
the third mall, Passeio das Águas Shopping (in Goiânia) began in September, 2011.
Uberlândia Shopping: Construction of Uberlândia Shopping continues to move
ahead on schedule and will be opened in 1Q12. We revised the GLA upwards, from
43.6 thousand sqm to 45.3 thousand sqm in 3Q11, in order to attend specific tenants
demands. Approximately 89% of total GLA was already committed to tenants as of
September 30, 2011.
In October, Uberlândia Shopping received two certificates simultaneously, the ISO
14001 - the green certificate - and the OHSAS 18001 (Occupational Health and Safety
Assessment Series). Uberlândia Shopping was the second shopping mall in the world,
and the first one within the Americas to receive the two certificates at the same time.
16

17. 3Q11 Earnings Release
Uberlândia Shopping
City Uberlândia
State MG
Expected Opening 1Q12
GLA (‘000 sqm) 45.3
SSB’s ownership interest 100%
Committed GLA 89%
Gross Capex Incurred (R$ million) 151.3
Uberlândia Shopping Construction Site
Uberlândia Shopping Construction Site
Boulevard Londrina Shopping: Construction of Boulevard Londrina is on schedule,
with expected opening in 2H12. The mall’s GLA was 65% committed to tenants as of
September 30, 2011. Pre-leasing was impacted by the decision of a home furniture
anchor store to halt its global strategy plan, cancelling previously announced new
stores, including one in Boulevard Londrina. The store previously represented
approximately 8% of the GLA of the project.
17

18. 3Q11 Earnings Release
Boulevard Londrina Shopping
City Londrina
State PR
Expected Opening 2H12
GLA (‘000 sqm) 47.8
SSB’s ownership interest* 84.5%
Committed GLA 65%
Gross Capex Incurred (R$ million) 100.2
* Ownership co nsidering partner will fully exercise its rights in the pro ject
Boulevard Londrina Construction Site
Boulevard Londrina Project Illustration
Passeio das Águas Shopping: Construction of Passeio das Águas Shopping, located
in Goiânia, the capital and most important city of the State of Goiás, started in
September 2011 with expected opening at the end of 2013.
Passeio das Águas Shopping
City Goiânia
State GO
Expected Opening 2013
GLA (‘000 sqm) 78.1
SSB’s ownership interest 100%
Committed GLA 36%
Gross Capex Incurred (R$ million) 50.8
Capex Incurred 18.2%
IRR3 ) 15.7%
Passeio das Águas Project Illustration
18

19. 3Q11 Earnings Release
EXPANSIONS
Expansion and renovation of Shopping Metrópole – Phase I
The renovation and first expansion of Shopping Metrópole is on schedule and expected
to be inaugurated on November 2011. However, some stores in the expansion area
such as Outback Steakhouse have already opened. Expansion comprises
approximately 8.7 thousand sqm of additional GLA, which was 100% committed to
tenants as of September 30, 2011, increasing the mall’s total GLA to approximately
27.4 thousand sqm.
Metrópole Expansion Area Metrópole New Façade
Campo Limpo Expansion
In September, Sonae Sierra Brasil opened the expansion of Shopping Campo Limpo.
The expansion added 2.5 thousand sqm of GLA, bringing 18 new stores to the mall.
The occupancy rate of the expansion at the end of 3Q11 was 96% of its GLA,
corresponding to only one store that was eventually leased in October 2011.
Campo Limpo Expansion
19

20. 3Q11 Earnings Release
SHARE PERFORMANCE
Sonae Sierra Brasil’s shares (BM&FBovespa: SSBR3) closed 3Q11 at R$22.23, an
8.5% decrease from June 30, 2011. Over the same period, the Ibovespa Index
decreased by 16.2%. Since the IPO in February 2011, the share price increased by
11.2%, compared to a decrease of 21.5% of the Ibovespa Index.
140 4,000
SSBR3: +11.2%
135
Ibovespa: -21.5% 3,500
130
125
3,000
Volume (in thousands)
Stock Performance
120
115 2,500
110
105 2,000
100
95 1,500
90
1,000
85
80 500
75
70 -
Ibovespa SSBR3
Ownership Breakdown
Free Float Sonae
33.35% Sierra
DDR SGPS
50% 50%
Sierra Brazil 1 BV
66.65%
20

21. 3Q11 Earnings Release
GLOSSARY
GLA (Gross Leasable Area): Equivalent to the sum total of all the areas available for
leasing in the shopping malls.
ABRASCE: Brazilian Shopping Mall Association.
BM&FBOVESPA: BM&FBovespa S.A. - Securities, Commodities and Futures Exchange.
CSLL: Social contribution tax on net income.
EBITDA: Operating income before financial result + depreciation and amortization - gain
from fair value of investment properties
Adjusted EBITDA: EBITDA adjusted for the effects of non-recurring expenses effect
FFO (Funds from Operations): EBITDA +/- Net financial result – current income and
social contribution taxes
Adjusted FFO: FFO adjusted for the effects of non-recurring expenses.
IFRS: International Financial Reporting Standards.
IGP-M: General Market Price Index, published by the FGV.
IPCA: Consumer Price Index, published by the IBGE.
Anchor Store or Large Anchors: Well-known stores with special marketing and
structural features that serve to attract consumers, assuring continuous visitor flows and
uniform traffic in all areas of the mall.
Satellite Stores or Satellites: Small stores without special marketing or structural
features located around the anchor stores and aimed at general commerce.
NOI (Net Operating Income): Gross revenue from malls (excluding service revenue) +
parking revenue – mall operating expenses – provisions for doubtful accounts.
Novo Mercado: A special listing segment of the BM&FBOVESPA with special corporate
governance rules determined by the Novo Mercado Regulations.
SSR (same-store rent): Relation between invoiced rent for the same operation in the
current period compared to previous period.
SSS (same-store sales): Relation between sales for the same tenant in the current
period compared to the previous period.
Occupancy Rate: Ratio between leased area and total GLA of each mall at the end of
each period.
21

22. 3Q11 Earnings Release
APPENDICES
Consolidated Balance Sheet
(R$ thousand) 3Q11 2Q11 Var. %
ASSETS
CURRENT
Cash and cash equivalents 440,065 458,016 -3.9%
Accounts receivable, net 17,507 17,631 -0.7%
Taxes recoverable 17,002 13,871 22.6%
Prepaid expenses 583 338 72.5%
Other credits 5,559 3,879 43.3%
Total current assets 480,716 493,735 -2.6%
NON-CURRENT
Long-term receivables:
Restricted financial investments 1,745 1,325 31.7%
Accounts receivable, net 12,394 11,516 7.6%
Loans to condominiums 406 607 -33.1%
Deferred income and social contribution taxes 11,080 13,638 -18.8%
Juducial deposits 3,681 3,560 3.4%
Other credits 843 759 11.1%
Total long-term assets 30,149 31,405 -4.0%
Investments 25,267 20,987 20.4%
Investment properties 2,601,349 2,451,388 6.1%
Fixed Assets 5,808 5,578 4.1%
Intangible Assets 990 912 8.6%
Total non-current assets 2,663,563 2,510,270 6.1%
TOTAL ASSETS 3,144,279 3,004,005 4.7%
22

23. 3Q11 Earnings Release
Consolidated Balance Sheet
(R$ thousand) 3Q11 2Q11 Var. %
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT
Loans and financing 11,855 11,111 6.7%
Accounts payable 13,628 12,289 10.9%
Taxes payable 7,010 5,771 21.5%
Salaries, wages and benefits 8,890 6,911 28.6%
Deferred revenue 5,537 5,536 0.0%
Related parties 12,920 12,598 2.6%
Other obligations 15,522 13,955 11.2%
Total current liabilities 75,362 68,171 10.5%
NON-CURRENT
Loans and financing 320,404 288,056 11.2%
Deferred revenue 19,080 17,083 11.7%
Accounts payable - land purchases 25,000 25,000 0.0%
Deferred income and social contribution taxes 333,272 316,327 5.4%
Provision for civil, tax, labor and pension risks 9,950 10,111 -1.6%
Provisions for variable compensation 142 486 -70.8%
Total non-current liabilities 707,848 657,063 7.7%
SHAREHOLDERS' EQUITY
Capital stock 997,866 997,866 0.0%
Capital reserve 80,115 80,249 -0.2%
Retained earnings 180,188 121,720 48.0%
Profit reserve 648,344 648,344 0.0%
Equity attributable to shareholders 1,906,513 1,848,179 3.2%
Advance for future capital increase - - -
Equity attributable to owners of the parent company
1,906,513 1,848,179 3.2%
and advance for future capital increase
Minority interests 454,556 430,592 5.6%
Total Shareholders' Equity 2,361,069 2,278,771 3.6%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,144,279 3,004,005 4.7%
23

24. 3Q11 Earnings Release
Consolidated Income Statement
(R$ thousand, except earnings per share) 3Q11 3Q10 Var. % 9M11 9M10 Var. %
NET OPERATING REVENUE FROM RENT, SERVICES
54,752 45,191 21.2% 157,661 132,864 18.7%
AND OTHER
COST OF RENT AND SERVICES - 9,753 - 11,079 -12.0% - 27,956 - 25,936 7.8%
GROSS PROFIT 44,999 34,112 31.9% 129,705 106,928 21.3%
OPERATING REVENUE (EXPENSES)
General and administrative - 5,647 - 1,739 224.7% - 12,877 - 12,292 4.8%
External Services - 2,638 - 808 226.5% - 5,366 - 7,184 -25.3%
Provisions for doubtful accounts - 426 197 N/A - 613 430 N/A
Other administrative expenses - 2,242 - 778 188.2% - 5,793 - 4,653 24.5%
Depreciation and amortization - 341 - 350 -2.6% - 1,105 - 885 24.9%
Taxes - 355 - 816 -56.5% - 918 - 1,754 -47.7%
Equity income 4,280 345 1140.6% 6,484 2,032 219.1%
Change in fair value of investment properties 65,353 28,084 132.7% 208,185 66,307 214.0%
Other operating revenue (expenses), net 797 1,060 -24.8% 1,783 3,813 -53.2%
Total operating revenue (expenses), net 64,428 26,934 139.2% 202,657 58,106 248.8%
OPERATING INCOME BEFORE FINANCIAL RESULT 109,427 61,046 79.3% 332,362 165,034 101.4%
NET FINANCIAL RESULT 7,339 - 6,983 N/A 15,014 - 4,708 N/A
INCOME BEFORE INCOME AND SOCIAL
116,766 54,063 116.0% 347,376 160,326 116.7%
CONTRIBUTION TAXES
INCOME AND SOCIAL CONTRIBUTION TAXES
Current - 5,250 - 2,630 99.6% - 12,798 - 7,482 71.1%
Deferred - 18,841 - 11,510 63.7% - 64,848 - 29,213 122.0%
Total - 24,091 - 14,140 70.4% - 77,646 - 36,695 111.6%
NET INCOME 92,675 39,923 132.1% 269,730 123,631 118.2%
INCOME ATTRIBUTABLE TO:
Shareholders 58,468 27,309 114.1% 180,188 80,235 124.6%
Minority interests 34,207 12,614 171.2% 89,542 43,396 106.3%
EARNINGS PER SHARE 0.77 0.51 51.0% 2.47 1.51 63.6%
24

25. 3Q11 Earnings Release
For the nine months period
Cash Flow Statement
ended on
(R$ thousand) 09/03/2011 09/30/2010
CASH FLOW FROM OPERATING ACTIVITIES
Net income for the year 269,730 123,631
Adjustments to reconcile net income to
net cash from (used in) operating activities:
Depreciation and amortization 1,105 885
Residual cost of written-off fixed assets - 55
Unbilled revenue from rentals (2,903) (3,461)
Provisions for doubtful accounts 1,342 (430)
Provisions (reversal of) for civil, tax, labor and pension risks (956) (1,096)
Acrrual for variable compensation 417 1,547
Deferred income and social contribution taxes 64,848 29,213
Financial charges on loans and financing 13,337 12,728
Interests, exchange rate changes on intercompany loans 2,661 (3,450)
Changes in fair value of investment property (208,185) (66,307)
Equity income (6,484) (2,032)
(Increase) decrease in operating assets:
Restricted investments (1,188) 114
Accounts receivable 2,892 8,596
Loans to condominiums 155 (139)
Taxes recoverable (7,343) (2,278)
Advances to suppliers 183 55
Prepaid expenses (408) (26)
Judicial deposits (97) (326)
Other 1,860 (3,571)
Increase (decrease) in operating liabilities:
Brazilian suppliers (5,942) (3,094)
Taxes payable 408 (931)
Salaries, wages and benefits 1,455 (750)
Technical structure 7,369 296
Other obligations 4,152 641
Cash provided by (used in) operating activities 138,408 89,870
Interest paid (14,009) (16,029)
Net cash from (used in) operating activities 124,399 73,841
CASH FLOW FROM INVESTMENT ACTIVITIES
Acquisition or construction of investment property (199,381) (81,282)
Acquisition of fixed assets (1,482) (1,734)
Increase in intangible assets (288) (226)
Dividends received 250 338
Net cash used in investment activities (200,901) (82,904)
CASH FLOW FROM FINANCING ACTIVITIES
Capital increase 465,021 -
Loans and financing raised 125,593 25,279
Loans and financings paid - principal (3,118) (34,000)
Advance received for future capital increase - 3,556
Earnings distributed by real estate funds - minority shareholders (28,131) (20,552)
Dividends payed (2,939) -
Share issuance costs (24,368) -
Related parties (77,057) (2,191)
Net cash from financing activities 455,001 (27,908)
NET INCREASE (DECREASE) IN BALANCE OF CASH AND CASH EQUIVALENTS 378,499 (36,971)
CASH AND CASH EQUIVALENTS
At end of year 440,065 49,281
At beginning of year 61,566 86,252
NET INCREASE (DECREASE) IN BALANCE OF CASH AND CASH EQUIVALENTS 378,499 (36,971)
25