1. Company Presentation
November 2013

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. Uberlândia Shopping
Manauara Shopping
Parque D. Pedro Shopping
Shopping Metrópole
3

4. Index
4
Company Fundamentals
7
Market and Sector Fundamentals
11
Our Portfolio
14
Growth Strategy
17
Operational and Financial Indicators
4

5. Sonae Sierra Brasil at a glance
One of the leading developers, owners and operators of top quality and regionally dominant
shopping centers in Brazil
• 10 shopping centers owned and managed (450k sqm total GLA)
• Occupancy rate of 97.2%(1)
Operating
Expertise
• Best-in-class margins (Adj. EBITDA = 73.7% and Adj. FFO =
55.4%)
• Greenfield Expertise (84% of GLA)
• 2 third-party managed malls
• Leverage on the expertise, tenant relationships and market
Strong
Shareholders
Base
recognition of our majority shareholders: Sonae Sierra SGPS and
•
DDR Corp (NYSE: DDR)
asset, with 121 thousand sqm of GLA
• Best-in-class controlling shareholders with significant experience
(Gross Leaseble Area) is one of the
in the sector
largest shopping malls in Brazil and
Latin America
• 33.4% free float
• Defined growth strategy: focus on underserved markets’ middle
Secured
Growth
•
km from the city of São Paulo
• Secured growth: 3 recently opened greenfield projects and 3
• 3 other expansions already defined
The mall is located in the city of
Campinas, in the São Paulo State, 100
class
expansions concluded almost doubling our owned GLA
Parque D. Pedro Shopping is our main
•
Sonae
Sierra
Brasil
holds
a
51%
ownership interest in this mall
(1) Excluding Uberlândia, Boulevard Londrina and Passeio das Águas shopping centers
5

6. 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
• The largest business group of Portugal,
with operations in over 40 countries
• British company with over 300 years of history
in the properties market
• Operations in retail, properties, shopping
centers and telecommunications
• Over 1,000 properties under management with
a total value of £10.9 billion
• Market value: €2.2 billion(1)
• Properties in retail, commercial and residential
segments
50.0%
50.0%
• Over 21 years of history
• Over 45 years of history
• One of the largest
developers and operators of
shopping centers in Europe
• One of the largest
developers and operators of
shopping centers in US
• Over 2 million of sqm in total
GLA
• 12 million of sqm in total GLA
• NAV: €1.1 billion
• Market value of US$6.3 billion
• NYSE listed and Sox Compliant
(1)
50.0%
50.0%
Sierra Brazil 1
B.V.
66.65%
Note: (1) As of November, 2013
Source: Reuters
(1)
Sonae Sierra
Brasil S.A.
Free Float
33.35%
6

7. Index
4
Company Fundamentals
7
Market and Sector Fundamentals
11
Our Portfolio
14
Growth Strategy
17
Operational and Financial Indicators
7

8. Fast growing middle class
Over 40 million people have moved upwards into the middle class, while middle class disposable
income has tripled
Middle class: disposable income(1)
(R$/month)
Increasing middle class
2005
2011
Population: 182 mm
Population: 191 mm
Lower class Middle class
Upper class
363
122
A+B
2005
15%
22%
2011
R$ 30 billion increase in monthly disposable income
+16 mm people
Consumer credit still underpenetrated in Brazil
28%
C
25%
26%26%
34%
54%
16%16%
15%
14%
+40 mm people
D+E
11%
10%
10%
6%
51%
4% 4%
24%
- 48 mm people
Chile
Source: Cetelem “O Observador 2012”
USA
Spain
Germany Argentina
2006
Brazil
Mexico
2011
Note: (1) Income available for spending and savings
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
8

9. Brazilian shopping center industry
fundamentals
The Brazilian mall industry had a significant growth in recent years but it is still significantly
underpenetrated when compared to other countries
Number of shopping centers in Brazil
500
CAGR 2002-2012: 4.2%
450
400
350
303
335
326
317
351
363
376
392
408
11.2
10.3
CAGR 2002-2012: 7.4%
457
430
GLA (million sqm)
1 2 .0
8.3
5.5
2003
6.2
2007
2008
6.3
2004
2005
5.6
2002
6 .0
8.6
7.5
8 .0
300
9.5
9.1
1 0 .0
250
200
4 .0
150
100
2 .0
50
0 .0
0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Source: ABRASCE; SSB
2006
2009
2010
2011
2012
Source: ABRASCE; SSB
Shopping Center Sales (R$ billion)
Low shopping center market penetration
2,500
GLA/1,000 inhabitants (2011)
121.0
108.0
2,000
CAGR 2002-2012: 14.3%
91.0
1,500
74.0
58.0
31.7
35.9
41.6
45.5
64.6
1,000
50.0
Brazil Average: 58
500
Source: ABRASCE, IBGE, BTG, SSB.
MG
GO
AM
2012
PR
2011
SP
2010
DF
2009
Brazil
2008
Peru
2007
Colombia
2006
Chile
2005
Mexico
Source: ABRASCE; SSB
2004
Europe
2003
Canada
2002
USA
-
9

10. Brazilian shopping center industry
fundamentals (cont’d)
According to Abrasce, 79 greenfield projects were announced for 2013 and 2014 in Brazil, which,
if concluded, should add more than 2.4 million sqm of GLA
Northeast
• Malls: 14
• GLA: 398k sqm
North
• Malls: 8
• GLA: 274k sqm
Southeast
Mid-West
• Malls: 44
• GLA: 1,340k sqm
• Malls: 4
• GLA: 166k sqm
South
• Malls: 9
• GLA: 247k sqm
Brazil
• Malls: 79
• GLA: 2,425k sqm
Source: Abrasce
10

11. Index
4
Company Fundamentals
7
Market and Sector Fundamentals
11
Our Portfolio
14
Growth Strategy
17
Operational and Financial Indicators
11

12. Portfolio
Our portfolio is composed of 10 operating shopping malls, totaling 2,150 stores, 450 thousand sqm of total GLA and 354
thousand sqm of owned GLA. We recently opened Passeio das Águas Shopping, our 10th mall, which added 78 thousand
sqm of owned GLA to the portfolio. The Company also manages 2 third party malls totaling 341 stores and 52 thousand
sqm of GLA.
1. Parque D. Pedro Shopping
• Campinas (SP)
• GLA tsd sqm: 121.3
• Stores: 400
2. Boavista Shopping
• São Paulo (SP)
• GLA tsd sqm: 15.9
• Stores: 146
3. Franca Shopping
• Franca (SP)
• GLA tsd sqm: 18.5
• Stores: 106
7. Manauara Shopping
• Manaus (AM)
• GLA tsd sqm: 46.5
• Stores: 231
8. Uberlândia Shopping
• Uberlândia (MG)
• GLA tsd sqm: 45.8
• Stores: 215
7
9. Boulevard Londrina Shopping
• Londrina (PR)
• GLA tsd sqm: 48.4
• Stores: 224
10
8
4. Shopping Metrópole
• São Bernardo do
Campo (SP)
• GLA tsd sqm: 30.0
• Stores: 192
10. Passeio das Águas Shopping
• Goiânia (GO)
• GLA tsd sqm: 78.1
• Stores: 267
9
3
5. Shopping Plaza
•
•
•
Sul
São Paulo (SP)
GLA tsd sqm: 23.4
Stores: 221
6. Shopping Campo Limpo
• São Paulo (SP)
• GLA tsd sqm: 22.3
• Stores: 148
12
1
5
11
4
2 6
Malls in operation
Third party managed malls
11. Shopping Penha
• São Paulo (SP)
• GLA tsd sqm: 29.7
• Stores: 195
12. Tivoli Shopping
• Sta. Bárbara
d’Oeste (SP)
• GLA tsd sqm: 22.1
• Stores: 146
12

13. Controlling interests in most of
shopping centers
Sonae Sierra Brasil’s average ownership stake is 78.6% in its 10 operating properties.
City
State
GLA
(‘000 sqm)
% SSB
Campinas
SP
121.3
51.0%

São Bernardo
SP
30.0
100.0%

Rationale
São Paulo
SP
15.9
100.0%

Franca
SP
18.6
76.9%

Strategic control of the
malls
Plaza Sul
São Paulo
SP
23.4
60.0%

Campo Limpo
São Paulo
SP
22.3
20.0%

Manauara
Manaus
AM
46.5
100.0%

Uberlândia
Uberlândia
MG
45.8
100.0%

Londrina
Londrina
PR
48.4
88.6%

Passeio das Águas
Goiânia
GO
78.1
100.0%

Shopping Center
Parque D. Pedro(1)
Metrópole
Boavista
Franca
Average
Management
78.6%
Ability to expand and
adapt to market trends
Controls the
management
services of 100% of
owned malls
Third party malls under management
Penha
São Paulo
SP
29.7
Tivoli
Santa Bárbara
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.
13

14. Index
4
Company Fundamentals
7
Market and Sector Fundamentals
11
Our Portfolio
14
Growth Strategy
17
Operational and Financial Indicators
14

15. 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:
• Uberlândia
(delivered)
•Boulevard Londrina
(delivered)
• Passeio das Águas
• Projects yet to be
announced
M&A
opportunities:
• Actively searching
for new acquisition
opportunities of
shopping centers
that add value to the
portfolio
Return to the
shareholder
Expansion of
existing malls:
• Metrópole
• Parque D. Pedro
• Franca
• Expansions yet to be
announced
15

16. Opening of Passeio das Águas Shopping
On October 30th, 2013 Sonae Sierra Brasil
announced
the
opening
of
Passeio das
Águas Shopping, the largest mall in Brazil’s
Mid-West region.
Aerial View
Data on 10/30/13
Passeio das Águas Shopping
Location
Goiânia (GO)
Opening
10/30/2013
GLA ('000 sqm)
78.1
SSB's stake
100%
Number of stores
267
Occupancy
83%
Gross investment
R$ 466.6 million
Parking Spaces
4,000
External and Internal Pictures
16

17. Index
4
Company Fundamentals
7
Market and Sector Fundamentals
11
Our Portfolio
14
Growth Strategy
17
Operational and Financial Indicators
17

18. Shopping Center Sales
Shopping Center Tenant Sales (R$ million)
9.2%
11.9%
2,114
733
868
3Q12
3Q13
2,727
971
3Q11
2,498
9M11
9M12
9M13
18

19. Operating Performance
SSR/sqm (month)
12.8%
11.6%
71.1
63.0
3Q12
70.8
63.4
3Q13
9M12
9M13
SSS/sqm (month)
7.0%
6.7%
1,154.3
1,078.7
3Q12
1,138.8
1,067.7
3Q13
9M12
9M13
19

20. Operating Performance
Occupancy (% of GLA)
Occupancy (% GLA)
97.4%
98.8%
98.5%
98.5%
97.7%
97.4%
Occupancy Cost (%)
97.2%
94.7%
95.1%
97.2%
Occupancy Cost (%)
9.5%
9.1%
9.2%
9.2%
9.1%
1Q12
2Q12
3Q12
4Q12
9.3%
9.3%
9.4%
1Q13
2Q13
3Q13
8.7%
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
3Q13 w/o
Uberlândia
and
Londrina
3Q11
4Q11
Delinquency Rate (25 days)
Delinquency Rate (25 days)
2.92%
2.86%
2.61%
3.08%
2.75%
2.96%
3.09%
2.91%
2.38%
2.11%
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
3Q13 w/o
Uberlândia
and Londrina
20

21. Revenue Breakdown
Gross Revenue Breakdown in the quarter
1%
5%
Rent
9%
Rent contract straight-lining
Service revenue
1%
12%
7%
Turnover Rent
Revenue
Parking revenue
Key Money
Fixed Rent Revenue
7%
77%
81%
Kiosks and
Merchandising
Other revenue
21

22. Costs and Expenses
Cost and Expenses (R$ million)
7.8%
17.1
15.9
62.0%
28.1%
7.5
4.6
37.8%
10.6
3Q13
40.4
14.6
3Q12
31.6
Cost of rentals and services
9M12
9M13
Operating expenses
22

23. Financial Performance
NOI (R$ million)
Net Revenue (R$ million)
6.6%
6.0%
Comparable malls NOI
9.7%
4.2%
186.2
64.3
3Q13
63.8
9M12
3Q12
9M13
3Q13
76.2%
9M12
9M13
Adjusted FFO (R$ million) and Margin
Adjusted EBITDA (R$ million) and
Margin
78.0%
193.6
65.2
67.0
3Q12
181.6
2.1%
197.5
62.0%
61.9%
70.0%
100.0
50.2
49.4
0.0
3Q12
3Q13
9M12
9M13
40.0%
80.0
30.0%
60.0
40.0
20.0
0.0%
50.0
100.0
10.0%
141.9
149.1
50.0%
20.0%
-1.5%
120.0
40.0%
150.0
140.0
50.0%
5.1%
80.0%
160.0
60.0%
73.7%
200.0
75.5%
0.0
55.4%
55.5%
60.0%
-4.9%
30.0%
-6.8%
115.3
39.8
109.6
20.0%
10.0%
37.1
0.0%
3Q12
3Q13
9M12
9M13
23

24. Financial Performance
(51% PDP)
Net Revenue (R$ million)
Net Income (R$ million)
6.4%
2.2%
150.2
-3.8%
159.8
157.4
151.3
9M12
9M13
-33.2%
53.7
52.5
3Q12
3Q13
29.3
9M12
3Q12
9M13
19.6
3Q13
Adjusted FFO(R$ million) and
Margin
Adjusted EBITDA(R$ million) and
Margin
160.0
74.3%
73.4%
69.4%
140.0
71.2%
3.3%
70.0%
120.0
65.0%
100.0
80.0
60.0
60.0%
120.0
113.8
39.0
37.3
0.0
3Q12
3Q13
9M12
9M13
46.2%
100.0
50.0%
-11.0%
46.1%
40.0%
80.0
55.0%
60.0
50.0%
20.0
30.0%
40.0
45.0%
110.2
55.2%
54.3%
40.0%
-4.5%
40.0
20.0
75.0%
0.0
-13.1%
28.5
82.8
73.7
20.0%
10.0%
24.8
0.0%
3Q12
3Q13
9M12
9M13
24

25. Cash Position and Leverage
Financial Debt Amortization (R$ million)
Net Financial Debt (R$ million)
467.3
886.5
504.8
419.2
24.6
Total Debt
Cash and cash
equivalents
Net Debt
74.5
66.6
2013
2014
2015
109.8
106.1
2016
2017
2018 and
beyond
Does not consider debt related to asset acquisitions
Debt Profile
IPCA
26%
Fixed
14%
CDI
13%
TR
47%
Data on 9/30/13
25

26. Thank you!
Investor Relations
Website:
www.sonaesierrabrasil.com.br/ir
Email:
ribrasil@sonaesierra.com
Phone:
+55 (11) 3371 3692