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4Q13

HIGHLIGHTS
 
• Net income reached R$ 74.6 million in 4Q13 up 165% year-on-year; full year 2013 net income was up 21.8% to R$ 226.0 million;
 
• Net revenue totaled R$ 78.3 million in 4Q13, a 10.8% increase over 4Q12. In 2013, net revenue was R$ 275.8 million, a 7.4% increase over 2012;
 
• Adjusted EBITDA was R$ 57.8 million in 4Q13, 0.6% above 4Q12. For 2013, Adjusted EBITDA increased 3.8%, representing a 75.0% margin;
 
• Adjusted FFO totaled R$ 38.3 million in 4Q13 and R$ 147.9 million in 2013; FFO margin was 53.6% for 2013;
 
• Same-store rent (SSR) continued strong in 4Q13, increasing 10.8% compared to 4Q12. In 2013, SSR increased 11.6% over 2012;
 
• Same-store sales (SSS) increased by 7.9% in 4Q13 over 4Q12. In 2013, SSS grew 6.4% compared to 2012;
 
• Total sales at the Company’s ten operating malls in 4Q13 totaled R$ 1.3 billion, a 15.1% increase over 4Q12. In 2013, sales totaled R$ 4.0 billion, an increase of 11.0% compared to the prior year;
 
• On October 30th, 2013, Sonae Sierra Brasil opened Passeio das Águas Shopping, located in Goiânia, the capital city of the state of Goiás;
 
• The Company’s Board of Directors will propose the payment of dividends related to the 2013 fiscal year, totaling R$ 34.8 million or R$ 0.455 per share. This represents a dividend yield of 2.93% based on the closing price of Sonae Sierra Brasil’s shares on February 26th, 2014 and an increase of 30% compared to the prior year.