1. Institutional
Presentation

2. 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.
2

3. Index
4 Company Fundamentals
7 Market and Sector Fundamentals
11 Our Portfolio
15 Growth Strategy
20 Operational and Financial Indicators
27 Recent Events
3

4. Sonae Sierra Brasil at a glance
One of the leading developers, owners and operators of top quality and regionally dominant
shopping centers in Brazil
• 8 shopping centers owned and managed (322k sqm total GLA)
• Occupancy rate of 98.0%(2)
Operating
• Best-in-class margins (EBITDA = 80.0% and FFO = 65.5%)
Expertise(1)
• Greenfield Expertise (62.4% of GLA)
• 2 third party shopping centers managed
• Leverage on the expertise, tenant relationships and market
recognition of our majority shareholders: Sonae Sierra SGPS and
• Parque D. Pedro Shopping is our main
Strong DDR Corp (NYSE: DDR) asset, with 121 thousand sqm of GLA
Shareholders
• Best-in-class controlling shareholders with significant experience (Gross Leaseble Area) is one of the
Base
in the sector largest shopping malls of Brazil and
• 33.35% free float Latin America.
• Defined growth strategy: focus on under served cities’ middle • The mall is located in the city of
class Campinas, in the São Paulo State, 100
Secured • Largest secured growth in the sector: 2 greenfields under kms from the city of São Paulo.
Growth construction, 1 greenfield and 3 expansions recently concluded
almost doubling our owned GLA • Sonae Sierra Brasil owns 51% of this
mall.
• 2 other expansions already defined
Note: (1) As of September 30, 2012.
(2) Excluding Uberlândia Shopping
4

5. Ownership Structure
Sonae Sierra Brasil benefits from best-in-class corporate governance and globally recognized
sector expertise, arising from a solid and engaged controlling shareholders
• British company with over 300 years of history
• The largest business group of Portugal,
in the properties market
with operations in over 40 countries
• Over 1,000 properties under management with
• Operations in retail, properties, shopping
a total value of £10.9 billion
centers and telecommunications
• Properties in retail, commercial and residential
• Market Value: €1.1 billion (2)
segments
50.0% 50.0%
• Over 21 years of history • Over 45 years of history
• One of the largest • One of the largest
developers and operators of developers and operators of
shopping centers in Europe shopping centers in US
• Over 2 million of sqm in total • 12 million of sqm in total GLA
GLA • NYSE listed and Sox Compliant
• NAV: €1.1 billion (1)
• Equity value of US$4.1 billion (1)
50.0% 50.0%
Sierra Brazil 1
Free Float
B.V.
66.65% 33.35%
Note: (1) As of September 30, 2012
Sonae Sierra
(2) As of November 8, 2012
Brasil S.A.
5

6. Index
4 Company Fundamentals
7 Market and Sector Fundamentals
11 Our Portfolio
15 Growth Strategy
20 Operational and Financial Indicators
27 Recent Events
6

7. Macro Economic Scenario
Despite uncertainties in the global macro economic scenario, the outlook for continued sales
growth in Brazil is strong
IPCA Rate (%) Retail Sales Growth (%)
6.5%
5.9% 5.9%
5.4%
5.2%
5.0%
4.7% 10.9%
4.5% 4.5%
4.3% 9.8%
9.1%
3.1%
6.7%
6.2% 5.9%
4.8%
2006 2007 2008 2009 2010 2011 2012e 2013e 2014e 2015e 2016e 2005 2006 2007 2008 2009 2010 2011
Source: Bradesco & BCB Source: IBGE
Selic Rate (%) GDP Growth Rate (%)
13.75%
13.25% 7.5%
11.25%
10.75% 11.00% 6.1%
5.2%
8.75% 4.5%
8.25% 8.25%
3.9% 4.0%
7.25% 7.25% 3.5% 3.7%
6.75%
2.7%
1.6%
-0.3%
2006 2007 2008 2009 2010 2011 2012e 2013e 2014e 2015e 2016e 2006 2007 2008 2009 2010 2011 2012e 2013e 2014e 2015e 2016e
Source: Bradesco & BCB Source: Bradesco & BCB
7

8. Attractive shopping center
industry fundamentals
Despite recent growth, decreasing vacancy rates and low penetration vis-à-vis developed
markets indicate significant room for new shopping centers in Brazil
Shopping centers in Brazil Shopping center sales – CAGR (08-11): 16%
15.4%
14.0% 14.0%
13.7%
430
392 408
376 109.1
89.5
78.8
70.1
2008 2009 2010 2011 2008 2009 2010 2011
Sales (R$ billion) % of Total Retail Sales
Source: ABRASCE Source: IBOPE
Low shopping center market penetration Brazilian shopping center growth by
2,500 region: 2014e
GLA/1,000 inhabitants (2011)
Southeast 2010 Southeast 2014
2,000 205 +29% 265
South 2010 South 2014
1,500 73 +15% 84
Northeast 2010 Northeast 2014
1,000
55 +20% 66
Brazil Average: 58
Mid West 2010 Mid West 2014
500
37 +16% 43
North 2010 North 2014
-
11 +72% 19
PR
MG
SP
Peru
Mexico
Brazil
USA
GO
AM
Canada
DF
Europe
Chile
Colombia
Source: ABRASCE, IBGE and BTG. Source: IBOPE
8

9. Fast growing middle class
Over 40 million people have moved upwards into the middle class, while middle class disposable
income has tripled
Increasing middle class Middle class: disposable income(1)
(R$/month)
2005 2011
Population: 182 mm Population: 191 mm
363
Upper class
122
A+B 2005 2011
15%
R$ 30 billion increase in monthly disposable income
22%
+16 mm people
Consumer credit still underpenetrated in Brazil
Lower class Middle class
28%
26%26%
25%
C 34%
54% 16%16%
15%
14%
+40 mm people 11%
10% 10%
D+E 6%
51% 4% 4%
24%
- 48 mm people
Chile USA Spain Germany Argentina Brazil Mexico
2006 2011
Source: Cetelem “O Observador 2012”
Note: (1) Income available for spending and saving
Source: Cetelem “O Observador 2012”, Euromonitor and Raymond James
Sonae Sierra Brasil is strategically positioned to capture the
middle class consumption growth, as it entails over 80% of its
target audience
9

10. Index
4 Company Fundamentals
7 Market and Sector Fundamentals
11 Our Portfolio
15 Growth Strategy
20 Operational and Financial Indicators
27 Recent Events
10

11. Portfolio
Our portfolio is composed of 8 operating shopping malls, totaling 1,652 stores, 322 thousand sqm of total GLA and 231
thousand sqm of owned GLA. By year end 2013, there will be more 2 new malls, adding 118 thousand sqm of owned GLA
to the portfolio. The Company also manages 2 third party malls totaling 241 stores and 52 thousand sqm of GLA.
1. Parque D. Pedro 7. Manauara Shopping
• Campinas (SP) • Manaus (AM)
• GLA tsd sqm: 121.0 • GLA tsd sqm: 46.8
• Stores: 401 • Stores: 231
2. Boavista Shopping 8. Uberlândia Shopping
• São Paulo (SP) 7 • Uberlândia (MG)
• GLA tsd sqm: 15.9 • GLA tsd sqm: 45.3
• Stores: 147 • Stores: 218
3. Franca Shopping 9. Boulevard Londrina Shopping
• Franca (SP) • Londrina (PR)
• GLA tsd sqm: 18.5 • GLA tsd sqm: 47.8
• Stores: 105 • Inauguração: 1T13
10
8
4. Shopping Metrópole 10. Passeio das Águas Shopping
• São Bernardo do • Goiânia (GO)
9
Campo (SP) • GLA tsd sqm: 78.1
• GLA tsd sqm: 28.6 • Inauguração: 4Q13
• Stores: 181
3
5. Shopping Plaza Sul 11. Shopping Penha
12
• São Paulo (SP) • São Paulo (SP)
1
• GLA tsd sqm: 23.2 5
• GLA tsd sqm: 29.7
11
• Stores: 221 2 6 • Stores: 195
4
6. Shopping Campo Limpo 12. Tivoli Shopping
• São Paulo (SP) Malls in operation • Sta. Bárbara
• GLA tsd sqm: 22.3 d’Oeste (MG)
Greenfield • GLA tsd sqm: 22.1
• Stores: 148
Third party managed malls • Stores: 146
Data in November of2012 11

12. Controlling interests in most of
shopping centers
Sonae Sierra Brasil’s average ownership stake is 72% in its 8 operating properties. It will reach
78% when the two greenfield developments are completed
GLA
Shopping Center City State (‘000 sqm)
% SSB Management
Parque D. Pedro(1) Campinas SP 121.0 51.0% 
Metrópole São Bernardo SP 28.6 100.0%  Rationale
Boavista São Paulo SP 15.9 100.0% 
Strategic control of the malls
Franca Franca SP 18.5 76.9% 
Plaza Sul São Paulo SP 23.2 60.0% 
Campo Limpo São Paulo SP 22.3 20.0% 
Manauara Manaus AM 46.8 100.0%  Ability to expand and
adapt to market trends
Uberlândia Uberlândia MG 45.3 100.0% 
Average 71.8%
Londrina Londrina PR 47.8 84.5%(2)  Control the
management
Goiânia Goiânia GO 78.1 100.0%  services of 100% of
Average 78.1% the malls
Third party malls under management
Penha São Paulo SP 29.7 
Santa Bárbara
Tivoli
d’Oeste
SP 22.1 
Note: (1) Sonae Sierra and DDR hold an additional 25.9% indirect ownership in Parque D. Pedro through another structure.
(2) Ownership considering partner will fully exercise its rights in the project
12

13. Study Case: Uberlândia Shopping
Uberlândia Shopping stands out for its innovative architecture
Shopping center data
City Uberlândia
State Minas Gerais
Opening March 2012
GLA (‘000 sqm) 45.3
SSB stake 100%
Number of Stores 218 Uberlândia Shopping brought renowned brands to Uberlândia and
its region
Anchor stores 8
Cinema screens 5
Parking spaces 2,400
Occupancy rate 93.0%
13

14. Index
4 Company Fundamentals
7 Market and Sector Fundamentals
11 Our Portfolio
15 Growth Strategy
20 Operational and Financial Indicators
27 Recent Events
14

15. Owned GLA Growth
Sonae Sierra Brasil has a robust new development and expansion pipeline which will
increase the Company’s owned GLA by over 57% by year end 2013.
Owned GLA Growth ('000 sqm)
15
78
40
364
+57.6%
231
Nov-12** Boulevard Londrina Passeio das Águas Expansions* 2014
(Londrina, PR) (Goiânia, GO)
*Expansions in Shopping Metrópole and Parque D. Pedro scheduled for 2014
** GLA projected to Nov/12 after sale of assets
15

16. Growth Vectors
Sonae Sierra Brasil’s growth will be driven by the following vectors, with the focus on the
return to the shareholders, by a disciplined investment strategy:
Greenfields:
• Boulevard
Londrina
• Passeio das Águas
• Projects yet to be
announced
Return to the
shareholder
M&A Expansion of
opportunities: existing malls:
• Actively searching • Shopping
for new acquisition Metrópole
opportunities of
• Parque D. Pedro
shopping centers
that add value to • Expansions yet to
the portfolio be announced
16

17. Greenfields: Boulevard Londrina Shopping
Greenfield Details
City Londrina
State PR
Expected Opening 1Q13
Scheduled to open in 1Q13, the shopping GLA ('000 sqm) 47.8
mall is part of a big renovation project of
SSB's Ownership Interest* 84.5%
an old industrial region in downtown
Londrina Committed GLA 74%
Gross Capex Incurred (R$ MM) 193.5
* Ownership considering partner will fully exercise its rights in the project.
Shopping center construction site Project Illustration
Data on 9/30/12 17

18. Greenfields: Passeio das Águas Shopping
Greenfield Details
City Goiânia
State GO
Expected Opening 4Q13
Scheduled to open in 4Q13, the biggest
GLA ('000 sqm) 78.1
project of our portfolio and is located
within the growth sector of Goiânia SSB's Ownership Interest 100%
Committed GLA 57%
Gross Capex Incurred (R$ MM) 223.0
Shopping center construction site Project Illustration
Data on 9/30/12 18

19. Index
4 Company Fundamentals
7 Market and Sector Fundamentals
11 Our Portfolio
15 Growth Strategy
20 Operational and Financial Indicators
27 Recent Events
19

20. Shopping Center Sales
Shopping Center Tenant Sales
(R$ thousand) 3Q12 3Q11 Var. % 9M12 9M11 Var. %
Shopping Penha 85,478 79,202 7.9% 252,632 231,490 9.1%
Shopping Metrópole 82,722 64,336 28.6% 241,256 187,157 28.9%
Tivoli Shopping 46,191 42,601 8.4% 135,426 123,376 9.8%
Franca Shopping 41,999 34,892 20.4% 120,051 103,089 16.5%
Pátio Brasil 82,863 82,560 0.4% 242,910 243,046 -0.1%
Parque D. Pedro Shopping 307,648 295,238 4.2% 910,092 859,746 5.9%
Boavista Shopping 60,316 57,260 5.3% 178,762 166,800 7.2%
Shopping Plaza Sul 91,120 91,577 -0.5% 274,053 262,115 4.6%
Shopping Campo Limpo 72,340 57,035 26.8% 202,491 163,043 24.2%
Manauara Shopping 159,627 132,214 20.7% 450,881 371,831 21.3%
Uberlândia Shopping 51,768 - - 120,207 - -
Total 1,082,073 936,915 15.5% 3,128,761 2,711,691 15.4%
Note: The Company sold its entire ownership interest in Shopping Penha, Tivoli Shopping and Patio Brasil in 11/05/12.
Shopping Center Tenant Sales (R$ million)
15.4%
15.5% 3,129
2,712
2,426
937 1,082
852
3Q10 3Q11 3Q12 9M10 9M11 9M12
20

21. Operating Performance
Same-Store Sales per sqm
7.9% Same-store Sales (per sqm) 3Q12 3Q11 Var. %
Satellite 1,566.0 1,446.4 8.3%
8.9% Anchor 863.6 800.5 7.9%
Leisure 214.9 213.7 0.6%
Total 1,036.1 960.3 7.9%
1,036.1
1,000.9
960.3
918.9
3Q11 3Q12 9M11 9M12
Same-Store Rents per sqm
9.7% Same-store Rents (per sqm) 3Q12 3Q11 Var. %
Satellite 110.0 99.0 11.1%
11.5% Anchor 25.2 23.8 5.9%
Leisure 22.0 21.0 4.8%
Total 59.0 53.8 9.7%
59.0
57.2
53.8
51.3
3Q11 3Q12 9M11 9M12
21

22. Occupancy ratio
The vacancy ratio in our shopping centers are historically low, showing the resilience of the
portfolio
Shopping center occupancy ratio
Occupancy ratio (% of GLA)
(%) 9/30/2012
Shopping Penha 98.7%
98.8% 98.5%
97.7%
98.2% Shopping Metrópole 99.4%
97.5% 97.4% 97.4%
Tivoli Shopping 99.3%
Franca Shopping 99.1%
Patio Brasil 97.8%
Parque D. Pedro* 97.9%
Boavista Shopping 94.1%
Shopping Plaza Sul 98.0%
Shopping Campo Limpo 99.4%
Manauara Shopping 99.4%
Uberlândia Shopping 93.0%
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 3Q12 w/o
Uberlândia
Total 97.7%
Note: The Company sold its entire ownership interest in
Shopping Penha, Tivoli Shopping and Patio Brasil in 11/05/12.
Data on 06/30/12 22

23. Financial Performance
Net Revenue (R$ million) NOI (R$ million)
18.1% 20.9%
17.4% 186.2 23.4% 181.6
157.7 150.3
54.8 64.3 51.7 63.8
3Q11 3Q12 9M11 9M12 3Q11 3Q12 9M11 9M12
EBITDA (R$ million) and Margin FFO (R$ million) and Margin
230.0 100.0% 230.0 78.0% 90.0%
89.6% 77.1%
90.0% 72.9% 80.0%
80.0%
180.0 74.2% 75.7% 80.0% 180.0 65.5% 70.0%
24.9%
70.0% 60.0%
0.3%
130.0 60.0% 130.0
50.0%
50.0%
41.9% 40.0%
80.0 149.0 40.0% 80.0 9.7%
119.3 30.0% 121.5 121.9 30.0%
30.0 57.6 20.0% 30.0 20.0%
40.6 42.7 46.9
10.0% 10.0%
-20.0 3Q11 3Q12 9M11 9M12 0.0% -20.0 3Q11 3Q12 9M11 9M12 0.0%
23

24. Financial Performance (51% PDP)
Net Revenue (R$ million) Net Income (R$ million)
21.4% -12.6%
22.7% 150.2 180.2
-49.9%
123.7 157.4
42.8 52.5 58.5
29.3
3Q11 3Q12 9M11 9M12 3Q11 3Q12 9M11 9M12
EBITDA (R$ million) and Margin FFO (R$ million) and Margin
75.1%
180.0 73.8% 80.0%
230.0 100.0% 67.7%
88.4% 160.0 70.0%
90.0% 59.6%
78.0% 140.0 60.0%
180.0 70.9% 72.6% 80.0%
120.0 -1.9%
70.0% 50.0%
30.6% 100.0
130.0 60.0% 40.0%
50.0% 80.0
10.6% 30.0%
80.0 53.0% 40.0% 60.0
117.2 30.0% 40.0 91.3 89.6 20.0%
89.8
30.0 46.4 20.0% 20.0 35.6 10.0%
30.4 32.2
10.0% 0.0 0.0%
-20.0 3Q11 3Q12 9M11 9M12 0.0% 3Q11 3Q12 9M11 9M12
24

25. Cash Position and Leverage
Financial Net Debt (R$ MM) Financial Debt Amortization (R$ MM)*
571.2
739.2 380.3
168.1 93.8 89.6
15.7 59.9 49.4 50.5
Total Debt Cash and cash Net Debt 4Q12 2013 2014 2015 2016 2017 2018 and
equivalents beyond
*Does not consider debt related to asset acquisition.
Balance as of
Committed Term
Debt Profile Contracted Debt Financing
Amount (R$ MM) (years)
Interest Rate 9/30/12 (R$
million)
Working Capital 20 5 CDI + 2.85% 14
Working Capital 27 6 CDI + 3.30% 21
Fixed Manauara Shopping 112 12 8.50% 135
IPCA 18% Metrópole Shopping - Expansion I 53 8 TR + 10.30% 53
29%
Uberlândia Shopping 81 15 TR + 11.30% 56
CDI Boulevard Londrina Shopping 120 15 TR + 10.90% 78
18%
Passeio das Águas Shopping 200 12 TR + 11.00% 74
TR Debentures - 1st series 95 5 CDI + 0.96% 98
35%
Debentures - 2nd series 205 7 IPCA + 6.25% 210
Total 914 739
Weighted Average 10.2 11.06%
Considering LTM TR at 0.92% p.a., CDI at 9.43% p.a. and IPCA at
5.28% as of September 30th, 2012
Data on 9/30/12 25

26. Index
4 Company Fundamentals
7 Market and Sector Fundamentals
11 Our Portfolio
15 Growth Strategy
20 Operational and Financial Indicators
27 Recent Events
26

27. Recent Events: M&A activities
Sale of ownership interest in Pátio Sale of ownership interest in Sale of ownership interest in Tivoli
Brasil Shopping Shopping Penha Shopping
Transaction and Mall Overview Transaction and Mall Overview Transaction and Mall Overview
Ownership interest sold 10.4% Ownership interest sold 51.0% Ownership interest sold 30.0%
Value of the transaction R$ 36.1 MM Value of the transaction R$ 131.2 MM Value of the transaction R$ 45.6 MM
Cap rate of the transaction 9.6% Cap rate of the transaction 8.2% Cap rate of the transaction 8.4%
SSB previous interest 10.4% SSB previous interest 51.0% SSB previous interest 30.0%
SSB new interest - SSB new interest - SSB new interest -
Opening 1997 Opening 1992 Opening 1998
Rent/sqm (R$) 91.3 Rent/sqm (R$) 57.7 Rent/sqm (R$) 44.6
Sales/sqm (R$) 951.6 Sales/sqm (R$) 987.2 Sales/sqm (R$) 786.5
Occupancy ratio (%) 97.8% Occupancy ratio (%) 98.7% Occupancy ratio (%) 99.3%
27

28. Thank you!
Investor Relations
Website:
www.sonaesierrabrasil.com.br/ir
Email:
ribrasil@sonaesierra.com
Phone:
+55 (11) 3371-4188