1. 4Q10 and 2010 Results Presentation
March, 2011

2. Sound track record
Sonae Sierra Brasil’s historical evolution | Owned GLA (‘000 sq m)
Acquisition
Development Acquisition of CAGR(01-10): 26.2%
Acquisition of a 20% additional stakes in
stake in Plaza Sul Metrópole, Plaza Sul
and Tivoli
200.0 203.7
Opening of PDP
Shopping
128.4
150.0 148.5
102.7
Opening of
Manauara Shopping
108.5 DDR become a
shareholder with
80.8 50% stake
79.9
Opening of Opening of Campo
Boavista Shopping Limpo
Acquisition of
25.1 additional stake in
Metrópole
1999… 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Total GLA 111.7 219.0 220.9 242.1 273.8 297.8 298.8 296.8 343.5 350.1
(‘000 sq m)
Owned GLA as 22.5% 36.5% 36.6% 42.4% 39.6% 43.1% 50.2% 50.0% 58.2% 58.2%
% of total GLA
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3. Portfolio
1. Parque D. Pedro 8. Plaza Sul Shopping
► Campinas (SP) ► São Paulo (SP)
► GLA ('000 sqm): 121.0 ► GLA ('000 sqm): 23.0
► Stores : 406 ► Stores : 217
► 95.2% of GLA occupied ► 99.9% of GLA occupied
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2. Boavista Shopping 9. Campo Limpo Shopping
► São Paulo (SP) ► São Paulo (SP)
► GLA ('000 sqm): 16.0 ► GLA ('000 sqm): 19.9
► Stores : 148 ► Stores : 127
► 98.6% of GLA occupied ► 99.9% of GLA occupied
3. Penha Shopping 7 10. Manauara Shopping
► São Paulo (SP) 13 ► Manaus (AM)
► GLA ('000 sqm): 29.6 11 ► GLA ('000 sqm): 46.7
► Stores : 198 ► Stores : 235
► 99.5% of GLA occupied ► 99.7% of GLA occupied
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4. Franca Shopping 11 Uberlândia Shopping
► Franca (SP) 4 ► Uberlândia (MG)
► GLA ('000 sqm): 18.1 5 ► GLA ('000 sqm): 43,6
► Stores : 101 ► Expected Opening:
1 2H 11
► 100.0% of GLA occupied
8
3
2 9
6
5. Tivoli Shopping 7 Pátio Brasil 12 Boulevard Londrina
► Santa Barbara d'Oeste (SP) ► Cidade: Brasília (DF) Shopping
► GLA ('000 sqm): 22.1 ► GLA ('000 sqm): 29.0 ► Londrina (PR)
► Stores : 147 ► Stores : 235 Shopping centers ► GLA ('000 sqm): 47.8
► 100.0% of GLA occupied ► 98.7% of GLA occupied ► Expected Opening; 2H12
Greenfield
6. Metrópole Shopping ► Shopping Centers in operation 13 Passeio das Águas
► São Bernardo do Campo (SP) Shopping
Total Stores: 1,966 Ownership: 58.2% ► Goiânia (GO)
► GLA ('000 sqm): 25.0
► Stores : 152
GLA ('000 sqm): 350.1 Occupancy Rate: 98.0% ► GLA ('000 sqm): 78.1
► 99.3% of GLA occupied Owned GLA ('000 sqm): 203.7 ► Expected Opening: 2013
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4. Operational indicators
Sales (R$ million) Occupancy Rate
16.6%
3,545
98.3% 98.5% 98.4%
3,041 98.0%
14.0% 111 97.3%
97.0%
111
97.2%
96.3%
982 1,119
4Q09 4Q10 2009 2010 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
SSS/m² SSR/m²
9.1% 9.5%
9.5% 8.0%
61
1,122 55
1,028
49
902 45
824
111 111
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
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5. Growth
Owned GLA growth (000 sq m)
Goiânia
Expansion Greenfields
78
Londrina
13
Uberlândia
40
3 Metrópole (II)
44 Tívoli
10 PDP (II)
392
Metrópole (I)
Campo Limpo
203
+92%
2010 2011 2012 2013 Total
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6. Greenfield projects
Sonae Sierra Brasil’s strategy is to develop greenfield projects that have the potential to
become the leading malls in their regions
Boulevard Londrina Shopping Passeio das
Uberlândia Shopping
Shopping Águas
City: Uberlândia Londrina Goiânia
State: MG PR GO
Opening : 2H2011 2H2012 2013
Status: Work in progress Work in progress Approved licences
Total GLA (‘000 sq m): 43.6 sqm 47.8 sqm 78.1 sqm
Company’s stake: 100% 84,5% 100%
% of GLA already let: 77% 64% 20%
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7. Expansões
Concluded
On-going expansions Future expansions
expansion
Parque D. Pedro Metrópole Campo Limpo Parque D. Pedro Metrópole Tivoli
(Expansion I) (Expansion I) (Expansion II) (Expansion II)
São Bernardo São Bernardo Sta. Bárbara
Location Campinas (SP) São Paulo (SP) Campinas (SP)
(SP) (SP) D’Oeste (SP)
Sonae Sierra
51% 100% 20% 51% 100% 30%
Brasil Stake
Additional
5.0 9.0 3.0 5.0 12.0 7.0
Total GLA (‘000 sq m)
Construction
1H2010 1H2010 1H2011 1H2012 1H2012 1H2012
Start Date
Expected
November of 2010 2H2011 2011 2012 2013 2013
Opening
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8. Financial and operating performance
Gross Revenue (R$ '000) 4Q10 4Q09 % 2010 2009 %
Rent 45,411 41,484 9.5% 158,246 132,370 19.5%
Service revenue 2,996 4,576 -34.5% 15,530 18,390 -15.6%
Parking revenue 5,773 3,383 70.6% 16,629 6,645 150.2%
Key Money 2,719 2,289 18.8% 10,399 9,232 12.6%
Other revenue 424 1,005 -57.8% 808 2,186 -63.0%
Total 57,323 52,737 8.7% 201,612 168,823 19.4%
Gross Revenue (R$ million) Gross Revenue Breakdown
19.4%
2009 2010
201.6 1%
4%
168.8 6% 5%
Rent
8.7% 111 11%
8%
111 Service revenue
8%
Parking revenue
Key Money
52.7 57.3
78% 79% Other revenue
4Q09 4Q10 2009 2010
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9. Financial and operating performance (cont.)
Expenses (R$ '000) 4Q10 4Q09 % 2010 2009 %
Depreciation and amortization 378 332 13.9% 1,210 1,206 0.3%
Personnel 4,554 7,226 -37.0% 16,075 19,676 -18.3%
Outsourced services 1,882 59 3089.8% 9,829 6,906 42.3%
Occupancy cost (vacant stores) 856 1,275 -32.9% 4,070 5,828 -30.2%
Cost of contractual agreements with tenants 514 587 -12.4% 1,873 2,340 -20.0%
Reversal of the allowance for doubtful lease receivables (461) (234) 97.0% (2,171) (99) 2092.9%
Other 4,477 5,929 -24.5% 19,815 20,018 -1.0%
Total 12,200 15,174 -19.6% 50,701 55,875 -9.3%
Classified as:
Cost of rentals and services 7,643 11,491 -33.5% 34,738 41,761 -16.8%
Operating expenses 4,557 3,683 23.7% 15,963 14,114 13.1%
12,200 15,174 -19.6% 50,701 55,875 -9.3%
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10. Financial and operating performance (cont.)
Net Operating Income - NOI (R$ million) Adjusted EBITDA and Margin (R$ million)
30.5%
167.4 79.0% 76.4%
71.2%
64.6%
128.3
141.4
16.7% 111 111
99.5
51.1
43.8
34.5 41.2
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
Adjusted FFO and Margin (R$ million) Net Income (R$ million)
-12.4%
70.1% 67.3%
242.9 212.8
57.8%
50.5%
111 124.6
6.3%
111
77.8
36.6 43.4 46.1
28.0
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
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11. Net income composition
In December 2010, Sonae Sierra Brasil adopted the IFRS, under which, the Company opted to
value its investment properties at fair value. The reduction in the Change in Fair Value of
Investment Properties account is due primarily to the extraordinary gain recognized in 2009 with
the opening of Manauara Shopping.
Cost of rent Equity income
and services 1.8 0.0
1.0
7.0 General and Taxes
administrative
expenses
30.9
Gain from fair value of
investment properties
Net operating
83.9
revenue from
rent, services Income and
and other social
contribution
Net financial taxes
242.9 result 5.5
3.8 7.5 212.8
Other operating
revenue (expenses),
net
2009 2010
Net income Net income
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12. Financial and operating performance (cont.)
Bank Loans Debt Amortization Schedule (R$ million)
104.3
27.1 27.1 26.4
7.2 9.7
2011 2012 2013 2014 2015 2016 and
on
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13. Questions & answers
Investors Relations
Carlos Alberto Correa
Investors Relations Officer
Murilo Hyai
Investors Relations Manager
Email:
ribrasil@sonaesierra.com
Phone:
Thank You
+55 (11) 3371-4188

14. Disclaimer
► The following material, on this date, is a presentation containing general information about Sonae Sierra Brasil.
We offer no guarantee and make no declaration, implicitly or explicitly, as to the accuracy, completeness or
scope of this information.
► This presentation may include forward-looking statements of future events or results according to the regulations
of the Brazilian and International securities and exchange commissions. These statements are based on certain
assumptions and analyses by the Company that reflect its experience, the economic environment, future market
conditions and expected events by the company, many of which are beyond the control of the Company.
Important factors that may lead to significant differences between the actual results and the statements of
expectations about future events or results include the company’s business strategy, Brazilian and International
economic conditions, technology, financial strategy, financial market conditions, uncertainty regarding the results
of its future operations, plans, objectives, expectations and intentions, among others. Considering these factors,
the actual results of the company may be significantly different from those shown or implicit in the statement of
expectations about future events or results.
► The information and opinions contained in this presentation should not be understood as a recommendation to
potential investors and no investment decision is to be based on the veracity, current events or completeness of
this information or these opinions. No advisors to the company or parties related to them or their representatives
should have any responsibility for any losses that may result from the use or contents of this presentation.
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