Sustainability - Long Term Value Creation

1. Sustainability- Long Term Value Creation May 2012

2. WHO WE ARE WE ARE PRESENT IN 10 MARKETS We currently operate in Portugal, Spain, Italy, Germany, Greece, Romania, Morocco, Algeria, Colombia, and Brazil. We also provide services to third parties in Croatia. 

3. WHO WE ARE 40 Openings OUR PORTFOLIO Shopping centres in operation 51 Shopping centres managed, owned by third parties 19 GLA under management (millions m2) >2.2 8.495 Tenant contracts (number) 428 Visits to our centres in 2011(millions visits)

4. Sustainability as a long term value creator CORPORATE RESPONSIBILITY

5. CORPORATE RESPONSIBILITY A SPECIALIST DOESN'TSIMPLY FORESEE PROBLEMS, IT ANTICIPATES SOLUTIONS For Sonae Sierra, the sustainable growth of the company implies a constant evaluation of the interaction and balance between economic, social and environmental goals. PROFIT ECONOMIC PLANET ENVIRONMENT PEOPLE SOCIAL

6. CORPORATE RESPONSIBILITY OUR IMPACT AREAS Our CR Strategy focuses on nine areas of greater material impact in our Company's business. Rigorous management processes ensure that each impact area is strategically handled and performance shows efficient results. ENERGY AND CLIMATE WATER WASTE BIODIVERSITYAND HABITATS SUPPLIERS TENANTS COMMUNITIES AND VISITORS EMPLOYEES SAFETHY AND HEALTH

7. CORPORATE RESPONSIBILITY Some Sonae Sierra main economic, environmental and social performance indicators. Since 2005, Greenhouse gas emissions decreased by 60% per m2 GLA in our shopping centers and the total waste recycled increased more than 168%, since 2002. Tenant occupancy index above the 95% objective. TENANTS OCCUPANCY TOTAL WASTERECYCLED ENERGY& CLIMATE 96,7% 96,6% 96,4% 95,8% 95,9% 0.074 53% 0.071 51% 0.067 46% 42% 35% 0.034

8. Sustainability at Sonae Sierra LOOP 5 Case Study

9. LOOP5

10. A SUSTAINABLE SHOPPING CENTRE LOOP5 Development phase: • ISO 14001 Environment Certification in the construction process • Site’s final recycling rate was 100% • Design for eco-efficiency: • Energy Efficient Boilers, Air Conditioning Units, Lighting System, Designed Glass Roof with Solar Protection Film Operations phase: • ISO 14001 Environment Certification for operations • Management focus on adding asset value by improving operational efficiency and reducing environmental footprint

11. LOOP5 WATER Technical Solutions: • Water efficient sanitary equipments • Data collection and regular monitoring to assess water performance indicators • Water preservation messages • Pre-treatment of Wastewater with fat and hydrocarbons separators • Wastewater discharges are regularly analyzed by externally certified laboratories • Highlights: • Sensor spray taps and dual-flush toilets • Water less urinals in all men’s toilets • Annual Targets and Benchmarking studies

12. LOOP5 WASTE Construction phase: • Implementation of a Waste Management Project • Site’s final recycling rate was 100% Operational phase: • Separate receiving stations • Financial incentives: each tenant pays • according to the waste produced and recyclable • materials are free of charge Highlights: • Innovative Waste Management System based on pollutant-payer equipment • Regular Training Sessions for tenants and suppliers • Tenants recycling rate follow-up • In 2011 Loop5 recycled 73% of the total waste produced

13. LOOP5 ENERGY AND CLIMATE Technical Solutions: • Daylight maximization and efficient lighting strategy • High efficiency electrical motors (83%) • Energy efficient boilers and air conditioning units • Low-consumption Escalators with variable speed drives • Data collection and regular monitoring to assess energy performance indicators • Automaticoffice’s shades control from roof top Meteorological station • Highlights: • 100% renewable electricity with ZERO CO2 emissions and “green certificate” since opening • Lighting controlled by movement sensors in technical areas with minimal lighting levels on the emergency roots were assured. • In 2011 Loop5 had a reduction of 12% in electricity consumption compared with 2010.

14. LOOP5 BIODIVERSITY AND HABITATS • An erosion and sedimentation control plan was developed to minimize air and water contamination and degradation due to erosion and sedimentation effects during the lifetime of the building • Landscape project with new green areas using only plants that are well adapted to the local environment – no irrigation needed

15. LOOP5 TRANSPORT • “Transport study" and Integrated travel plan” was made during early concept design stages • Designating a “car-sharing” parking spaces for high occupancy cars • Installation of a bus station near the main entrance • Local transport partnerships to increase bus route • Extension of bicycle park Promoting the use of more environment-friendly means of transport such as bicycles and buses and encouraging the environmentally conscious use of the car

16. LOOP5 SOCIAL Create a noticeable improvement in the local community, while involving our staff in a creative and fun way We work together with the community and support: • the local volunteer fire brigade • schools and kindergarten

17. SUSTAINABLE INNOVATIONS LOOP5 • Roof Top Solar panels - area of 3.600 m² with an average of 600,000 kilowatts of electricity per year • 100% Green Gas Supplier – CO2 emissions compensation through forestry projects • Electrical Cars Parking - Battery Recharge Station free of charge & 100% Green electricity

18. Sustainability at Sonae Sierra River Plaza Mall

19. Overall Performance RIVER PLAZA MALL

20. RIVER PLAZA MALL WATER Technical Solutions: • Water efficient appliances (e.g. low flush toilets and timing control taps • Data collection and regular monitoring to assess water performance indicators • Water preservation messages • Procedures set in place to restrict water use wherever appropriate • Pre-treatment of Wastewater with fat and hydrocarbons separators • Wastewater discharges are regularly analyzed by externally certified laboratories • RESULT: Water consumption reduction by 21% in 2011, compared to 2010.

21. WASTE RIVER PLAZA MALL Technical Solutions: • Recycling bins in the mall for selective separation of paper/cardboard, plastic/metal, glass and urban waste • Regular Training Sessions for tenants and suppliers RESULT: River Plaza Mall increased the recycling rate from less than 20% in 2008 to 41% in 2011

22. ENERGY RIVER PLAZA MALL Technical Solutions: • Daylight maximization and efficient lighting strategy • Energy efficient air conditioning units • Data collection and regular monitoring to assess energy performance indicators • Energetic efficiency building certificate RESULT: Electricity consumption reduction by 5% in 2011, compared to 2010.

23. INVOLVING VISITORS RIVER PLAZA MALL Socio-economic benefits Active engagement with local community Community Advisory Panels Environmental Days Community Day Safety & Health Days

24. ENERGY SAVING INVESTMENT RIVER PLAZA MALL Investment: 69,700 € Reduced electricity consumption: 1,755,500 KWh/year Cost savings: 50,600 €/year Optimisation of the BMS settings High efficiency lights in the underground car parking Oil/water heat exchanger on the chillers Measures Revolving doors in the entrance Variable speed drives in the electrical motors

25. ENERGY SAVING INVESTMENT RIVER PLAZA MALL Variable Speed Drives Revolving Door in the Entrance High efficiency lights and surveillance camera control Oil/water heat exchanger on the chillers

26. ACHIEVEMENTS RIVER PLAZA MALL First Mall in Romania to receive the ISO 14001 Certification for its SHEMS (Safety & Health and Environment Management System) First Mall in Romania to receive the “Energetic efficiency building” certificate

27. Thankyou.