on projects under development, and for which either there is no construction license or the budget is not yet approved by the Board of Directors. The amount of Euro 4,064,360 recorded under caption “Investment Properties at cost” refers to the write-off of the capitalized costs regarding projects which the Group may abandon, due to their non-viability, being the most significant: project Puerta Granada, in Spain, in the amount of Euro 2,065,706 and projects Centro Bordalo and Setúbal Retail Park in Portugal, in the amounts of Euro 534,711 and Euro 603,589, respectively. By the end of 2008, the subsidiary Project <strong>Sierra</strong> Spain 3, S.A. (PSS3) paid to Inversiones Tobet-3, SL (Tobet) the amount of Euro 10,765,000 (amount corresponding to the proportion held by the Group) under a conditional share-purchase agreement of two parcels of land in Pulianas (Granada), on which was intended to build a shopping center (project Puerta Granada). By the time of the contract elaboration, Tobet provided a bank guarantee in the same amount to ensure compliance with the pre-conditions set out in the agreement. As those conditions were not met, the Group decided to abandon the project, having the bank guarantee been executed on 21 July <strong>2009</strong>. The guaranteed amount has however still not been received due to an injunction approved by a court in Granada due to a lawsuit initiated by Tobet against PSS3. In addition, due to a promissory share-purchase agreement, for a future plot, between PSS3 and Ikea Ibérica, SAU (IKEA), the Group received until 2008 an advance from IKEA in the amount of Euro 1,725,000 (amount corresponding to the proportion held by the Group), and PSS3 provided a bank guarantee to IKEA. In July <strong>2009</strong>, it was decided to cancel the agreement and the amounts received from Ikea were reimbursed by PSS3. The amount of Euro -1,161,825 under caption “Adjustment to fair value” refers to the gain/loss with the transfer of investment properties “Manauara” (Euro -4,479,854) and “Torre Oriente” (Euro 3,318,029) from “In progress at fair value” to “In operation”. 8 / 23
At 30 June <strong>2009</strong>, 31 December 2008 and 30 June 2008 investment properties in operation corresponded to the fair value of the Group’s proportion of the following shopping centres: 30.06.09 31.12.08 30.06.08 % of 10 yr Exit % of 10 yr Exit % of 10 yr Exit discount discount discount consolidation rate Yield Amount consolidation rate Yield Amount consolidation rate Yield Amount Portugal: 8ª Avenida - - - - - - - - 100% 8.80% 6.55% 68,342,000 AlgarveShopping 100% 8.30% 6.05% 141,485,000 100% 7.90% 5.65% 149,053,000 100% 7.50% 5.25% 156,397,000 ArrábidaShopping 50% 8.70% 6.45% 87,909,500 50% 8.25% 6.00% 90,530,500 100% 7.90% 5.65% 196,128,000 C C Continente de Portimão - - - - - - - - 50% 8.90% 6.65% 12,380,000 C C Modelo de Albufeira - - - - - - - - 50% 9.05% 6.80% 7,001,000 CascaiShopping 50% 8.10% 5.85% 168,546,500 50% 7.75% 5.50% 175,940,000 50% 7.35% 5.10% 188,309,500 Centro Colombo 50% 8.05% 5.80% 378,940,000 50% 7.75% 5.50% 396,941,500 50% 7.35% 5.10% 399,701,500 Centro Vasco da Gama 50% 7.95% 5.70% 155,680,500 50% 7.30% 5.40% 157,613,500 50% 7.30% 5.05% 159,267,500 CoimbraShopping 100% 10.00% 7.75% 23,674,000 100% 9.35% 7.10% 25,325,000 100% 8.90% 6.65% 29,512,000 Estação Viana 100% 9.20% 6.95% 76,959,000 100% 8.75% 6.50% 82,513,000 100% 8.35% 6.10% 86,290,000 GaiaShopping 50% 8.70% 6.45% 80,062,000 50% 8.20% 5.95% 87,267,000 100% 7.80% 5.55% 184,868,000 GuimarãeShopping 100% 9.15% 6.90% 46,291,000 100% 8.80% 6.55% 46,653,000 100% 8.40% 6.15% 48,918,000 LoureShopping - - - - - - - - 50% 7.95% 5.70% 63,052,000 MadeiraShopping 50% 9.55% 7.30% 36,644,000 50% 9.15% 6.90% 37,722,000 50% 8.75% 6.50% 39,474,500 MaiaShopping 100% 9.65% 7.40% 52,166,000 100% 9.10% 6.85% 54,690,000 100% 8.70% 6.45% 61,230,000 NorteShopping 50% 8.00% 5.75% 193,471,500 50% 7.70% 5.45% 203,064,000 50% 7.30% 5.05% 210,004,500 Parque Atlântico 50% 9.60% 7.35% 33,671,000 50% 9.15% 6.90% 34,416,000 50% 8.75% 6.50% 36,818,500 RioSul Shopping - - - - - - - - 50% 7.85% 5.60% 59,364,500 Serra Shopping - - - - - - - - 50% 8.35% 6.10% 23,232,000 Torre Colombo Ocidente 25% 10.10% 7.85% 1,513,000 25% 9.75% 7.50% 1,691,500 25% 9.40% 7.15% 1,759,500 Torre Colombo Oriente 25% 9.40% 7.15% 14,254,250 25% 9.75% 7.50% 1,827,500 25% 9.40% 7.15% 1,547,000 ViaCatarina 50% 9.40% 7.15% 29,773,500 50% 8.95% 6.70% 32,490,500 50% 8.55% 6.30% 33,226,000 1,521,040,750 1,577,738,000 2,066,823,000 Brazil: Parque D. Pedro 50% 12.75% 8.25% 128,440,480 50% 13.45% 8.25% 108,067,905 50% 8.00% 131,185,017 Pátio Boavista 50% 14.25% 9.75% 10,634,083 50% 14.95% 9.75% 9,638,630 50% 9.25% 13,689,160 Manuara Shopping 50% 13.50% 9.00% 61,374,825 - - - - - - - - Shopping Metrópole (83%) 50% 13.00% 8.50% 32,359,079 50% 13.70% 8.50% 26,373,554 50% 8.00% 33,634,361 Shopping Penha (73,18%) 50% 13.75% 9.25% 19,245,672 50% 14.45% 9.25% 15,851,504 50% 8.75% 20,757,175 Shopping Plaza Sul (30%) 50% 13.00% 8.50% 13,900,776 50% 13.70% 8.50% 11,746,751 50% 8.00% 14,245,126 <strong>Sierra</strong> Enplanta 50% 14,317,075 50% 11,652,318 50% 15,496,865 280,271,990 183,330,662 229,007,704 Spain: Avenida M40 100% 13.30% 10.80% 22,348,000 100% 12.35% 9.35% 30,742,000 100% 10.65% 7.65% 46,149,000 Dos Mares 100% 9.45% 6.95% 48,250,000 100% 9.25% 6.25% 54,110,000 100% 8.65% 5.65% 59,762,000 El Rosal 100% 9.95% 7.45% 95,432,000 100% 9.90% 6.90% 110,921,000 100% 9.60% 6.60% 125,859,000 Grancasa 50% 8.75% 6.25% 82,251,000 50% 8.70% 5.70% 94,548,000 50% 8.40% 5.40% 101,760,000 Max Center 50% 8.95% 6.45% 72,180,500 50% 8.75% 5.75% 83,196,500 50% 8.50% 5.50% 90,121,000 La Farga 50% 11.05% 8.55% 22,954,000 50% 10.40% 7.40% 27,594,000 50% 9.65% 6.65% 30,930,500 Luz del Tajo 100% 9.15% 6.65% 92,240,000 100% 9.35% 6.35% 96,798,000 100% 8.65% 5.65% 107,983,000 Plaza Éboli 100% 10.35% 7.85% 39,373,000 100% 10.60% 7.60% 46,424,000 100% 9.50% 6.50% 56,359,000 Plaza Mayor 100% 11.25% 8.75% 53,477,000 100% 11.80% 8.80% 57,965,000 100% 10.80% 7.80% 64,876,000 Plaza Mayor Shopping 100% 9.15% 6.65% 62,979,000 100% 9.60% 6.60% 63,582,000 - - - - Parque Principado 50% 9.20% 6.70% 78,049,000 50% 9.20% 6.20% 84,997,000 50% 8.55% 5.55% 95,437,500 Valle Real 50% 9.15% 6.65% 44,174,000 50% 9.10% 6.10% 48,979,000 50% 8.90% 5.90% 49,528,500 Zubiarte 50% 10.80% 8.30% 22,627,500 50% 11.00% 8.00% 25,353,500 50% 9.35% 6.35% 35,800,000 736,335,000 825,210,000 864,565,500 Italy: Airone 100% 8.70% 7.70% 16,191,000 100% 8.70% 7.70% 17,796,000 100% 8.70% 6.40% 19,129,000 Valecenter/Warner Village 100% 8.00% 6.90% 139,476,000 100% 8.00% 6.90% 147,302,000 100% 8.05% 5.75% 155,001,000 Freccia Rossa 50% 8.10% 6.00% 70,650,000 50% 8.10% 5.80% 76,427,000 50% 7.35% 5.05% 88,987,000 Gli Orsi 100% 9.00% 7.00% 99,473,000 100% 8.50% 6.20% 123,679,000 325,790,000 365,204,000 263,117,000 Germany: Alexa 50% 6.50% 6.00% 171,388,653 50% 6.50% 6.00% 171,461,653 50% 6.00% 5.50% 176,473,000 Münster Arkaden 100% 6.50% 6.00% 158,695,000 100% 6.50% 5.75% 156,290,000 100% 5.75% 5.50% 167,231,000 330,083,653 327,751,653 343,704,000 Romania: River Plaza Mall 100% 10.50% 8.75% 31,604,000 100% 9.75% 8.00% 37,542,000 100% 8.80% 7.00% 40,066,000 31,604,000 37,542,000 40,066,000 Greece: Pantheon Plaza 50% 10.25% 7.00% 41,637,000 50% 10.75% 7.00% 43,593,000 - 41,637,000 43,593,000 - 3,266,762,393 3,360,369,315 3,807,283,204 The fair value of each investment property was determined by means of a valuation as of the balance sheet date made by an independent specialised entity (Cushman & Wakefield). SONAE SIERRA CONSOLIDATED ACCOUNTS JUNE <strong>2009</strong> 9/23
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