1. 2Q11 Results
Presentation
August 11th, 2011

2. Highlights
• Net revenue of R$53.2 million, growth of 17.2% over 2Q10
• Adjusted EBITDA totaled R$40.7 million, 17.6% higher than 2Q10
• EBITDA margin of 76.5%
• Adjusted FFO of R$44.4 million, a 29.5% increase over 2Q10
• Adjusted FFO margin of 83.5%
• NOI totaled R$50.9 million, growth of 21.1% over 2Q10
• Same Store Rents (SSR) increased by 12.7%
• Same Store Sales (SSS) increased by 9.8%
• Net Income Attributable to shareholders of R$59.2 million, a 87.1% increase
• The Company secured a loan up to R$200 million for the Passeio das Águas
Shopping (Goiânia) construction
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3. Operating Results
Sales (R$ million) Occupancy Rate (% of GLA)
12.7%
98.3% 98.5% 98.4%
98.0%
97.7% 97.5%
97.3% 97.2%
97.0%
96.3%
12.4%
111 111
1,775
1,575
831 934
2Q10 2Q11 1S10 1S11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
SSS/sqm SSR/sqm
9.8% 12.7% 12.9%
10.0%
111 111
950 53 52
913
865
830 47 46
2Q10 2Q11 1H10 1H11 2Q10 2Q11 1H10 1H11
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4. Future Growth
Sonae Sierra Brasil has a solid new development and expansion pipeline which will double the
Company’s GLA in three years
Owned GLA growth (000 sqm)
Goiânia
Expansion Greenfields
Londrina
78
Uberlândia
13
84 Metrópole (II)
Tívoli
3
10 391
PDP (II)
Metrópole (I)
Campo Limpo
203 +92%
2010 2011 2012 2013 Total
4

5. Greenfield Projects – Uberlândia
Uberlândia Shopping Construction site
City Uberlândia
State MG
Expected Opening 1Q12
GLA (‘000 sqm) 43.6
SSB’s ownership interest 100%
Committed GLA 88%
Capex Incurred (R$ million) 119.2
Project illustration
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Data on June 30th, 2011

6. Greenfield Projects – Londrina and Goiânia
Boulevard Londrina Shopping Passeio das Águas Shopping
City Londrina City Goiânia
State PR State GO
Expected Opening 2H12 Expected Opening 2013
GLA (‘000 sqm) 47.8 GLA (‘000 sqm) 78.1
SSB’s ownership interest 84.5% SSB’s ownership interest 100%
Committed GLA 71% Committed GLA 24%
Capex Incurred (R$ million) 78.3 Capex Incurred (R$ million) 48.6
Project illustration and construction site Project illustration
6
Data on June 30th, 2011

7. Expansions
On-going expansions Future Expansions
Metrópole Campo Limpo Parque D. Pedro Metrópole Tivoli
(Expansion I) (Expansion II) (Expansion II)
São Bernardo São Bernardo Sta. Bárbara
Location São Paulo (SP) Campinas (SP)
(SP) (SP) D’Oeste (SP)
Sonae Sierra
100% 20% 51% 100% 30%
Brasil Stake
Additional Total
9.0 3.0 5.0 12.0 7.0
GLA (‘000 sqm)
Start of construction 1H2010 1H2011 1H2012 1H2012 1H2012
Opening Nov 2011 Sep 2011 2012 2013 2013
% of GLA already committed*: 99% 95% n.a. n.a. n.a.
* As of June 30th, 2011
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8. Financial and Operating Performance
Gross Revenue (R$ ‘000) 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Rent 43,692 36,905 18.4% 85,034 71,895 18.3%
Rent contract straight-lining 1,044 1,094 -4.6% 1,993 2,417 -17.6%
Service revenue 4,057 2,525 60.7% 8,090 6,978 15.9%
Parking revenue 5,882 4,922 19.5% 11,492 7,696 49.3%
Key Money 2,523 3,096 -18.5% 4,921 5,818 -15.4%
Other revenue 120 275 -56.3% 445 307 45.0%
Total 57,318 48,817 17.4% 111,975 95,111 17.7%
Gross Revenue (R$ million) Gross Revenue Breakdown
17.7%
1%
5% Rent
6%
17.4% 10%
10%
Rent contract straight-lining
111 5% 7% 111 Service revenue
2% 2%
112
95 Parking revenue
76% 76%
57 Key Money
49
Other revenue
2Q10 2Q11 1H10 1H11
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9. Costs and Expenses
Costs and Expenses (R$ ‘000) 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Depreciation and amortization 359 260 38.1% 762 535 42.4%
Personnel 7,263 5,052 43.8% 12,886 9,881 30.4%
Outsourced services 2,026 5,160 -60.7% 4,158 6,882 -39.6%
Occupancy cost (vacant stores) 960 1,091 -12.0% 1,825 2,243 -18.6%
Cost of contractual agreements with tenants 275 137 100.7% 611 575 6.3%
Reversal of the allowance for doubtful lease
(248) 149 n/a 332 (233) n/a
receivables
Rent 716 699 2.4% 1,341 1,269 5.7%
Travel 389 336 15.8% 613 593 3.4%
Other 1,080 1,532 -29.5% 2,905 3,665 -20.7%
Total 12,820 14,416 -11.1% 25,433 25,410 0.1%
Classified as:
Cost of rentals and services 8,742 7,355 18.9% 18,203 14,857 22.5%
Operating Expenses 4,078 7,061 -42.2% 7,230 10,553 -31.5%
Total 12,820 14,416 -11.1% 25,433 25,410 0.1%
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10. Indicators
Net Revenue (R$ million) Adjusted EBITDA and Margin (R$ million)
76.2% 76.5% 75.9% 76.5%
17.3% 18.2%
17.2% 111 17.6% 111
103 79
88 67
53 41
45 35
2Q10 2Q11 1H10 1H11 2Q10 2Q11 1H10 1H11
Adjusted FFO and Margin (R$ million) Net Operating Income - NOI (R$ million)
83.5%
75.6% 76.6%
73.0%
23.1% 18.7%
29.4% 111 15.2%
111
79 99
64 83
44
34 44 51
2Q10 2Q11 1H10 1H11 2Q10 2Q11 1H10 1H11
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11. Indicators – Management Accounts (PDP 51%)
Net Revenue (R$ million) Adjusted EBITDA and Margin (R$ million)
73.7% 73.4%
72.5% 72.3%
18.8% 20.7%
17.6% 111 19.6% 111
81 59
68 49
36 42 31
26
2Q10 2Q11 1H10 1H11 2Q10 2Q11 1H10 1H11
Adjusted FFO and Margin (R$ million)
82.0%
71.2% 73.0%
68.2%
27.3%
35.4% 111
59
46
34
25
2Q10 2Q11 1H10 1H11
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12. Cash Position and Leverage
Net Cash Position (R$ million) Debt Profile
299.2
458.0 TR Fixed
42% 42%
158.8 CDI
16%
Cash and Cash Debt Net Cash
Equivalents
Debt Amortization Schedule (R$ million)
159,9
20,9
39,6 39,6 39,2
Up to 2012 2013 2014 2015 2016 onwards
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Data on June 30th, 2011

13. Q&A
Investor Relations
Carlos Alberto Correa
Investor Relations Director
Murilo Hyai
Investor Relations Manager
Eduardo Pinotti de Oliveira
Investor Relations Analyst
Thank you
Website:
www.sonaesierrabrasil.com.br/ri
Email:
ribrasil@sonaesierra.com
Phone:
+55 (11) 3371-4188

14. 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.