Consolidated Financial Statements 1st Semester 2009 - Sonae Sierra

Portugal
Portugal added a new centre under management - the third-party owned “Gran Plaza Tavira”. With a portfolio
of 32 shopping centres and galleries under management, its performance was affected by the current crisis
scenario, with a total of 92 million visits and tenant sales reaching € 994 million, a decrease of 2.1% when
compared to the first half of 2008. Sierra Management manages in Portugal a total of 887 thousand m2 GLA,
equal to 3,709 tenant contracts. The portfolio occupancy rate was 94.2% against 97.2% in the 2 nd quarter of
2008.
Spain
Sierra Management added a new third-party centre to its portfolio (“Los Conquistadores", Badajoz), and has a
total of 17 shopping centres and galleries under management, with 1,610 tenant contracts, covering 624
thousand m2 of GLA. Performance was affected by the sharp economic slowdown in Spain. During this
period, the Spanish portfolio had € 429 million in tenant sales and 41 million visits, an increase of 8.5% over
the same period on the previous year, considering the additional portfolio (Plaza Mayor Shopping and Los
Conquistadores). The occupancy rate increased slightly to 90.2%.
Italy
Sonae Sierra operation in Italy increased considerably when compared to the previous year, as 2 centres are
new (Freccia Rossa, Gli Orsi) and one of the existing was significantly expanded (Valecenter). Sierra
Management now has 4 centres under management, with 362 tenant contracts and 147 thousand m2 of GLA.
Tenant sales rose to € 106 million, an increase of 269% over the previous year due to the portfolio increase,
with 8.5 million visits and 88% occupancy.
Greece
With the opening of Pantheon Plaza on the second half of 2008, Sierra Management now has 2 shopping
centre under management, with 470 tenant contracts and 65 thousand m2 of GLA. Tenant sales during this
period reached € 94.4 million, an increase of 13.5% over the 1 st half of 2008, and 5 million visits. The
occupancy rate for the total portfolio is now 97.4%.
Germany
Sierra Management currently manages 3 shopping centres in Germany, having added a new third-party
centre ("Post Galerie", Karlsruhe). This represents a total of 518 tenant contracts and 120 thousand m2 of
GLA. Tenant sales during this period reached € 144 million from 11.6 million visits. The occupancy rate
reached 96.7%. A 4 th centre, Loop5, located in Weiterstadt, is expected to open in October.
Romania
During the first half of 2009, Sierra Management had 2 shopping centres under management in Romania,
one of which from a third party owner, with a total of 181 tenant contracts and around 37 thousand m2 of
GLA. Visits reached 2.3 million and the occupancy rate was 86.9%.
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