The document summarizes the financial results of a company for the fourth quarter and full year of 2011. It highlights that net revenue increased 18% in 4Q11 and 18.5% for the full year. EBITDA increased 22% in 4Q11 and 22.3% for the full year. FFO increased 35.3% in 4Q11 and 40.4% for the full year. Same-store rent and sales increased by double-digits. The company has an expansion pipeline that will double its owned retail space by 2013.

1. 4Q11 Results
Presentation
March 7th, 2012

2. Highlights
• The Company’s Net Revenue increased 18.0% to R$61.5 million in 4Q11 compared to R$52.1 million
in 4Q10. In 2011, Net Revenue increased by 18.5%.
• EBITDA totaled R$49.1 million in 4Q11, an increase of 22.0% over the same period of last year with
EBITDA margin reaching a historically high 79.8% in 4Q11. The 2011 EBITDA totaled R$168.4 million,
a 22.3% increase over the same period of 2010.
• FFO totaled R$48.2 million in the 4Q11, a 35.3% increase over 4Q10. FFO margin reached 78.3% in
4Q11. In 2011, FFO increased by 40.4% to R$ 169.7 million.
• Same-store rent (SSR) reached, once again, a strong double-digit growth of 12.7% in 4Q11 and
11.6% in 2011. Same-store sales (SSS) increased by 7.9% in 4Q11 and 8.5% in 2011.
• Total Net Income attributed to the shareholders reached R$231.1 in 2011, 66.0% higher than 2010.
• In November 2011, Sonae Sierra Brasil successfully opened the expansion of Shopping Metrópole,
adding 8.7 thousand sqm of GLA and bringing over 30 new stores to the mall.
• In January 2012, SSBR3 was included in BM&FBovespa’s Small Cap (SMLL) and Real Estate (IMOB)
indexes.
• In February 2012, the Company obtained the controlling ownership interest in Shopping Plaza Sul.
2

3. Operating Results
Sales (R$ million) Occupancy Rate (% of GLA)
12.0%
98.8%
98.3% 98.5% 98.4%
98.0%
97.7% 97.5%
97.3% 97.2% 97.4%
97.0%
96.3%
12.4% 111 111
3,969
3,545
1,119 1,258
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
4Q10 4Q11 2010 2011
SSS/sqm SSR/sqm
7.9%
12.7%
8.5% 11.6%
111 111
1,179 1,272 69
958 1,039 61 57
51
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
3

4. Future Growth
Sonae Sierra Brasil has a solid new development and expansion pipeline which will double the
Company’s owned GLA until 2013
Owned GLA growth (‘000 sqm)
Goiânia
M&A operations
Greenfields Plaza Sul and
Penha
Expansion 78
1
17
Metrópole (II)
86
Tívoli
9 PDP (II) 389
Londrina
Metrópole (I)
Campo Limpo Uberlândia
198
+96%
2010 2011 2012 2013 Total
4

5. Greenfield Projects – Uberlândia
Uberlândia Shopping Construction site
City Uberlândia
State MG
Expected Opening March 27th, 2012
GLA (‘000 sqm) 45.3
SSB’s ownership interest 100%
Committed GLA 92%
Gross Capex Incurred (R$ million) 187.2
Project illustration
5

6. Greenfield Projects – Londrina and Goiânia
Boulevard Londrina Shopping Passeio das Águas Shopping
City Londrina City Goiânia
State PR State GO
Expected Opening 4Q12 Expected Opening 2H13
GLA (‘000 sqm) 47.8 GLA (‘000 sqm) 78.1
SSB’s ownership interest* 84.5% SSB’s ownership interest 100%
Committed GLA 69% Committed GLA 41%
Gross Capex Incurred (R$ million) 117.4 Gross Capex Incurred (R$ million) 74.0
Project illustration and construction site Project illustration
6

7. Expansions
Delivered
Future Expansions
Expansion
Campo Limpo Metrópole Tivoli Metrópole Parque D. Pedro
(Expansion I) (Expansion II) (Expansion II)
São Bernardo Sta. Bárbara São Bernardo
Location São Paulo (SP) Campinas (SP)
(SP) D’Oeste (SP) (SP)
Sonae Sierra
20% 100% 30% 100% 51%
Brasil Stake
Additional Total
3.0 9.0 7.0 12.0 5.0
GLA (‘000 sqm)
Start of construction 1H2011 1H2010 1H2012 2H2012 1H2013
Opening Sep 2011 Nov 2011 2013 2013 2013
% of GLA already committed*: 96% 100% n.a. n.a. n.a.
* As of December 31st, 2011
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8. Financial and Operating Performance
Gross Revenue (R$ ‘000) 4Q11 4Q10 Var. % 2011 2010 Var. %
Rent 54,283 47,391 14.5% 184,773 156,435 18.1%
Rent contract straight-lining (1,618) (1,980) -18.3% 1,285 1,811 -29.0%
Service revenue 4,058 3,771 7.6% 16,294 14,477 12.5%
Parking revenue 6,992 4,998 39.9% 24,172 17,682 36.7%
Key Money 2,859 2,719 5.1% 10,341 10,399 -0.6%
Other revenue 1,869 424 340.8% 2,784 808 244.5%
Total 68,443 57,323 19.4% 239,649 201,612 18.9%
Gross Revenue (R$ million) Gross Revenue Breakdown
18.9%
111 111
19.4% 239.6
201.6
57.3 68.4
4Q10 4Q11 2010 2011
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9. Costs and Expenses
Costs and Expenses (R$ ‘000) 4Q11 4Q10 Var. % 2011 2010 Var. %
Depreciation and amortization 362 325 11.4% 1,467 1,210 21.2%
Personnel 5,691 4,189 35.9% 24,935 20,757 20.1%
External services 2,828 2,824 0.1% 10,654 12,832 -17.0%
Occupancy cost (vacant stores) 1,110 856 29.7% 3,851 4,070 -5.4%
Cost of contractual agreements with tenants 285 514 -44.6% 1,428 1,873 -23.8%
Reversal of the allowance for doubtful lease
(195) (460) -57.6% 418 (890) N/A
receivables
Rent 724 702 3.1% 2,780 2,749 1.1%
Travel 399 417 -4.3% 1,442 1,338 7.8%
Other 1,647 3,106 -47.0% 6,711 6,762 -0.8%
Total 12,851 12,473 3.0% 53,686 50,701 5.9%
Classified as:
Cost of rentals and services 8,852 7,592 16.6% 36,809 33,528 9.8%
Operating Expenses 3,999 4,881 -18.1% 16,877 17,173 -1.7%
Total 12,851 12,473 3.0% 53,686 50,701 5.9%
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10. Indicators
Net Revenue (R$ million) EBITDA and Margin (R$ million)
77.2% 79.8%
74.5% 76.8%
22.3%
18.5%
111 111
219.2 22.0% 168.4
18.0% 137.8
185.0
52.1 61.5 40.3 49.1
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
FFO and Margin (R$ million) Net Operating Income - NOI (R$ million)
78.3% 77.7%
68.3%
65.4%
40.4%
21.3%
111 111
35.3% 169.7
19.5% 211.5
120.9 174.4
35.6 48.2 51.2 61.2
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
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11. Indicators – Management Accounts (PDP 51%)
Net Revenue (R$ million) EBITDA and Margin (R$ million)
78.5%
74.3% 74.2%
70.6%
25.9%
19.7%
111 111
26.9% 127.9
20.2% 172.2
143.8 101.6
40.4 48.5 30.0 38.1
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
FFO and Margin (R$ million) Net Income (R$ million)
76.0% 74.4%
62.5%
58.6%
52.1% 66.0%
111 111
-13.7%
128.2 231.1
46.3%
84.3 139.2
36.9 59.0 50.9
25.2
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
11

12. Cash Position and Leverage
Net Cash Position (R$ million) Debt Profile
350,9 Fixed
390,9 37%
TR
51%
CDI
12%
40,0
Cash and Cash Debt Net Cash
Equivalents
Balance
Committed
Debt Amortization Schedule (R$ million) Term Interest as of
Contracted Debt Financing Amount (R$
(Years) Rate 12/31/11
MM)
(R$ MM)
CDI +
Working Capital 20 5 18
2.85%
CDI +
Working Capital 27 6 25
3.30%
Manauara Shopping 112 12 8.5% 130
TR +
Metrópole Shopping – Expansion I 53 8 54
163.3 10.3%
TR +
Uberlândia Shopping 81 15 53
11.30%
TR +
Boulevard Londrina Shopping 120 15 72
10.90%
43.4 43.9 43.6 39.1
17.6 Passeio das Águas Shopping 200 12
TR +
0
11.00%
2012 2013 2014 2015 2016 2017 and Total 614 351
beyond
Average 12.1 11.62%
12
Data on December 31st, 2011

13. Q&A
Investor Relations
Carlos Alberto Correa
Investor Relations Director
Murilo Hyai
Investor Relations Manager
Eduardo Pinotti de Oliveira
Investor Relations Analyst
Thank you
Website:
www.sonaesierrabrasil.com.br/ir
Email:
ribrasil@sonaesierra.com
Phone:
+55 (11) 3371-4188

14. Disclaimer
► The material that follows is a presentation of general background information about Sonae Sierra Brasil S.A. and its subsidiaries
(the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not
intended to be relied upon as advice to potential investors and does not form the basis for an informed investment decision. This
presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or
implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of the information
presented herein.
► This presentation may contain statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of
1933, as amended (the “Securities Act”) and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking
statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-
looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations
and business environments of the Company and its subsidiaries that may cause the actual results of the Company to be materially
different from any future results expressed or implied in such forward-looking statements. No person has any responsibility to
update any such information.
► This presentation does not constitute an offer, or invitation, or solicitation or an offer, to subscribe for or purchase any securities.
Neither this presentation nor anything contained herein shall form the basis of any contract or commitment.