Information contained on the website is updated on a regular basis. Due to the nature of some of the information posted, it becomes outdated rapidly. Users are therefore cautioned that information contained in this section of the website may have become outdated, and may not reflect the current condition of the company.

Company	Analyst	e-mail	Recommendation	Date
Credit Suisse	Nicole Hirakawa	nicole.hirakawa@credit-suisse.com	Neutral	08/18/2016
	Luis Stacchini	luis.stacchini@credit-suisse.com
JP Morgan	Marcelo Motta	marcelo.g.motta@jpmorgan.com	Overweight	11/07/2016
Bank of America Merrill Lynch	Daniel Gasparete	daniel.gasparete@baml.com	Underperform	09/27/2016

Sonae Sierra Brasil is covered by the analyst(s) listed above. Please note that any opinions, estimates or forecasts regarding Sonae Sierra Brasil's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Sonae Sierra Brasil or its management. Sonae Sierra Brasil does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Sonae Sierra Brasil does not warrant that the above list of analysts is complete nor updated, and the information herein provided are subject to the authorization of the analysts.