Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

At 30 June 2009, 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
Sierra 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 2009 9/23