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10/23/2012

Terms & Conditions

Navigation and public searching of this website are subject to the Terms and Conditions below:

Guarantees, Responsibilities and Damages

1. Although Sonae Sierra Brasil endeavor its efforts to keep all data and information available at the website updated, Sonae Sierra Brasil does not guarantee and is not responsible for any mistake, omission or imprecision, and does not accept responsibility for eventual loss or damage (inc1uding, but not limited to, ceasing profits, revenue losses, opportunity costs) referring to information and contents presented, shown and available at the website, neither by damages caused by eventual mistakes at contents or equipment failures. The complete and updated financial information should be obtained with CVM (Comissão de Valores Mobiliários).

2. Sonae Sierra Brasil does not accept express or tacit responsibility for the improper use of the information, instruments or materials made available and/or of the equipment used for this website, for whatever purpose made by any user, who has entire responsibility for eventual harm done to their own rights or of third parties, whether or not caused by this improper use.

3. Under no circumstances, will Sonae Sierra Brasil, its directors or employees be held responsible for any direct or indirect, special, incidental or consequential losses or expenses arising out of the connection with this website or use on its part or incapacity of use by anyone, or with regard to any shortcoming in performance, error, omission, interruption, defect or delay in operation or transmission, computer virus or breakdown of line or of the system, even if Sonae Sierra Brasil or its representatives have been advised of the possibility of such damages, losses or expenses.

4. Sonae Sierra Brasil does not accept responsibility for the contents of other websites (a) whose addresses are available on the pages of this website or (b) the address of whose website is available to them. Sonae Sierra Brasil does not guarantee the compensation of any damage caused by the websites mentioned in this item.

5. With regard to the exchange of messages between the user and Sonae Sierra Brasil through the Internet, please consult the Privacy Policy.

6. An investment in ADSs or preferred shares involves a high degree of risk. For a detailed and complete list of risk factors please click here or access the IPO Prospectus.

Comments on EBITDA

EBITDA is a non-accounting measured developed by the management of Sonae Sierra Brasil that is calculated based on the provisions of CVM Circular Letter 01/2006 and consists of operational earnings plus the net financial result and depreciation and amortization. EBITDA is used by the Company’s management as a measure of performance and is not a measure adopted by generally accepted accounting principles in Brazil (BR GAAP) or the United States (US GAAP), does not represent cash flow for the periods presented, and should not be considered as a substitute for net income, an indicator of operating performance, a substitute for cash flow, or an indicator of liquidity.

The management of Sonae Sierra Brasil believes that EBITDA is a useful measure of its operating performance and allows for comparisons with other companies in the same industry. Note however that since EBITDA is not is not a measure adopted by BR GAAP or US GAAP, it may be defined and calculated differently by other companies.

Author´s Copyrights and Intellectual Property

Unless there is any regulation to the contrary, all the contents of the pages of this website, such as information, materials, tools, paging, graphs and drawings belong to Sonae Sierra Brasil or to third parties, who have legally ceded their rights of usage.

Confidential Nature of the User´s Information

A Sonae Sierra Brasil reserves the right to improve the functioning of this website because of the analysis and consolidating of the information and suggestions collected and of the opportunities of these for all of the users of the website. For further advice on the use of information collected at this website, please consult the Privacy Policy.

Note: Having accessed this website and some of its pages, the user will have automatically accepted all the Terms and Conditions here laid down. Therefore, please cease the navigation and public searching of the pages of this website in the event of your not agreeing with all of the above Terms and Conditions.