2010 corporate responsibilityperformance by country

Greece

01sonae sierra corporate responsibility performance by country Greece

1. company profile

sonae sierra is the international shopping centre specialist that is passionate about bringing innovation and excitement to the shoppingindustry. incorporated in portugal in 1989, sonae sGps (portugal) and Grosvenor (united Kingdom) each own 50% of the company. ouruniquely integrated approach to our business combines the ownership, development and management of shopping centres augmented by themarketing of knowledge-based activities for third parties that we believe help create leading-edge destinations for consumers.

on 31 December 2010 we owned 51 shopping centres in portugal, spain, italy, Germany, Greece, romania and brazil, with a total Gross lettablearea (Gla) of 2,017,289 m2. mediterranean cosmos has not been included within the scope of our 2010 cr reports since during 2010 we soldour interest in this shopping centre. We had three projects under construction and seven new projects in different phases of development inportugal, italy, Germany, Greece, romania and brazil, with a combined total Gla of over 463,171 m2 (including the torre ocidente office project)1. We also managed a further 17 shopping centres on behalf of others. We aim to create “leading-edge destinations” for consumers and in 2010 our owned shopping centres in operation welcomed more than 415 million visits. our total portfolio under management – including shoppingcentres owned by third parties – welcomed more than 431 million visits.

1.1 our vision and Mission

our vision is to be the leading international shopping centre specialist. our mission is for sonae sierra to be the international shopping centrespecialist that provides ultimate shopping experiences to customers and creates outstanding value to shareholders, investors, tenants,communities and staff, while contributing to sustainable development.

1.2 our corporate responsibility (cr) Management system

the key cr issues that we identify as being the most material to our business are managed through our cr management system. this is builtaround a cyclical model which helps us to achieve continuous improvement in our performance across all nine impact areas: energy and climate,Water, Waste, biodiversity and Habitats, suppliers, tenants, communities and Visitors, employees and safety and Health. We establish policiesand strategies in order to translate our values and commitments into practical actions. We monitor our progress against key performanceindicators and targets on an annual basis to ensure that we are on track to accomplish our long-term goals.

1.3 cr Governance

our cr management system is managed by cr Working Groups that, between them, govern all cr impact areas. the Head of each WorkingGroup is represented in our cr steering committee, which is chaired by our ceo. the cr steering committee is responsible for overseeing the organisation’s identification and management of material cr issues and ensuring that performance in these critical areas is monitored and improved.

1 the value 463,171 m2 does not include our project at ioannina in Greece, as data is not yet available for this project.

corporate valuesand key principles

environmental policysafety and Health

policy etc.

cr policy

Vision and mission

reporting

Verificationand Validation

management review and reporting

targets and Kpis

cr objectives

02sonae sierra corporate responsibility performance by country Greece

1. company profilecontinued

1.4 2010 performance summary

0.034energy and climate: Greenhouse gas(GHG) emissions of our owned portfolioand corporate offices (tco2e/m2 Gla)

2007

0.074

2008

0.071

2009

0.067

2010

0.034

514energy and climate: electricity efficiency(excluding tenants) of our ownedportfolio (kWh/m2 mall and toilet area)

2007

558

2008

553

2009

527

2010

514

3.7Water: Water efficiency (excludingtenants) of our owned portfolio(litres/visit)

2007

4.0

2008

3.6

2009

3.8

2010

3.7

51Waste: total waste recycled as aproportion of waste produced (% byweight, across our owned portfolio)

2007

35

2008

42

2009

46

2010

51

96.4tenants: average occupancy index3

(% by Gla, across our owned portfolio)

2007

96.6

2008

95.8

2009

95.9

2010

96.4

€1.219mcommunities and Visitors: marketinginvestments in cr and other communitycontributions (€ million)

2007

n.d.*

2008

2.380

2009

1.143

2010

1.2194

€776employees: investment in staff training and development (€ per capita)

2007

1,239

2008

900

2009

1,195

2010

776

5.8safety and Health: number of non-conformances per hour of safetypreventive observation (spo)5

2007

10.5

2008

7.9

2009

5.7

2010

5.8

* the abbreviation ‘n.d.’ stands for ‘no data’, meaning that no data is available for this time period.2 this figure does not include militari commercial Gallery in romania, a shopping centre which has been under sonae sierra’s management since July 2010.3 this indicator includes the 51 shopping centres owned by sonae sierra and in operation on 31/12/2010. Data for previous years has been updated in order to

include Gla that is occupied by tenants who own their shop unit.4 this also includes donations made by shopping centre visitors and staff (€38,975). the fX rate used to convert brazilian reais (r$) into euros (€) was 0.42982

and the fX rate used to convert romanian lei (ron) into euros (€) was 0.23752.5 safety preventive observations are a form of safe behaviour audit undertaken at our shopping centres in operation. it aims to identify and correct behaviour which

could potentially lead to accidents. this indicator covers the average number of non-conformances per hour of spo detected at nine reference sites, which areconsidered to be a proxy for our whole portfolio.

€6,481mopen market Value (omV) of assetsunder management (€ million)

2007

6,154

2008

6,166

2009

6,340

2010

6,481

€123.4mebitDa – ias(€ million)

2007

93.0

2008

105.9

2009

108.8

2010

8,521number of tenant contractsunder management

2007

8,162

2008

8,455

2009

8,924

2010

8,5212123.4

2,220Gla under management(000’s m2)

2007

2,183

2008

2,163

2009

2,284

2010

2,2202

03sonae sierra corporate responsibility performance by country Greece

2. our cr obJectiVes

Developing and managing shopping centres has the potential to cause a number of significant impacts on the environment, society and the economy.

We have defined long-term objectives in relation to each of our material cr impact areas. these are shown in the table below.

energy and climate £ achieve a 70% reduction in GHG emissions per m2 of Gla, by 2020, compared to the 2005 level (GHG protocol scopes 1 and 2, plusbusiness air travel).

£ strive to increase the energy efficiency of our operations, aiming to attain a maximum electricity consumption of 400 kWh/m2 (mall andtoilet area) per year across sonae sierra owned shopping centres, by 2020.

£ Develop and implement a long-term climate change adaptation strategy covering investment, development, management andcorporate activities, by 2020.

Water £ attain a level of water consumption at or below three litres per visit (aggregated across all sonae sierra owned shopping centres) by 2020.

£ at least 10% of total water consumed at sonae sierra owned shopping centres to be ‘grey water’ or harvested rainwater by 2020.

£ Develop and implement a long-term strategy to ensure a secure water supply at sonae sierra owned shopping centres, with a particularfocus on locations that are vulnerable to water shortages, by 2020.

£ ensure that all discharges comply with sonae sierra’s wastewater quality standards and pollutant limits, by 2020.

Waste £ increase the proportion of total waste (by weight) that is recycled, recovered or reused in order to obtain a minimum recycling rate of55% across sonae sierra owned shopping centres, by 2020.

£ reduce the proportion of waste (by weight) that is sent to landfill in order to keep below a maximum limit of 30% of waste sent to landfillacross sonae sierra owned shopping centres, by 2020.

£ increase the proportion of total waste (by weight) that is recycled, recovered or reused in order to obtain a minimum recycling rate of80% across sonae sierra corporate offices, by 2020.

£ maintain a high level of performance in terms of waste recycling in construction projects and aim to increase the proportion ofconstruction materials with recycled content.

biodiversity and Habitats

£ promote the use of previously developed land or brownfield land for new sonae sierra shopping centre projects.

£ strive to protect and enhance biodiversity on both existing sonae sierra sites and new projects and add value to new projects by activelyintegrating biodiversity whenever possible, taking into account the regional context.

suppliers £ engage with our development suppliers with the aim of encouraging them to adopt more responsible business practices.

£ foster loyalty amongst frequently used property management suppliers, seeking to help and encourage them to adopt moreresponsible business practices themselves.

£ increase the proportion of materials used in development, expansions and refurbishment projects that are sustainable materials, aimingfor 100% of timber used to be certified sustainable timber6 and for the percentage of materials comprising recycled content to beincreased, by 2020.

tenants £ Deliver a high quality service to tenants and maintain high levels of customer satisfaction, striving to achieve an average tenantsatisfaction level of 4 or above in all sonae sierra owned shopping centres by 2015.

£ engage with our tenants with the aim of helping them to improve their environmental and safety and health performance.

communities and Visitors

£ achieve full implementation of the community advisory panels (caps) across the whole sonae sierra operational and developmentportfolio, by 2014.

£ Devise and implement a long-term strategy aimed at involving the largest number of sonae sierra shopping centres’ local communities’members, in order to improve communities’ well-being, by 2012.

£ enhance visitors´ recognition of sonae sierra’s shopping centres’ sustainability performance.

employees

safety and Health £ enhance the well-being of our workforce and reduce the rate and severity of workplace accidents and occupational diseases, aimingtowards zero.

£ anticipate and prevent all safety risks on sonae sierra construction sites, minimising the number of accidents and their severity,aiming towards zero.

£ provide a safe environment for everyone who visits or works within sonae sierra shopping centres, aiming towards zero accidents,and promote safety and health conscious behaviour among our tenants, suppliers and visitors.

£ offer our employees more flexible working arrangements with the aim of becoming a recognised leader in this area, by 2012.

£ adopt and implement a strategy, with the aim of creating the best possible working conditions for all our staff, by 2014.

£ improve workforce ergonomic conditions based on approved standards by the end of 2012.

£ encourage our employees to develop their skills and expertise and foster innovation. We will do this by offering high potential peoplethe opportunity to participate in challenging projects within the company and by promoting other talent management programmes,including training.

6 the proportion of timber products used that are from sustainable sources is calculated by value of spend.

1

04sonae sierra corporate responsibility performance by country Greece

1: pantheon plaza

3.1 highlights in 2010

£ We implemented measures to improve water efficiency at pantheonplaza, including: tap water flow minimisers in technical areas,improvements to the water maintenance system and theintroduction of a leak detection system that is linked to the buildingmanagement system.

£ We increased the recycling rate at pantheon plaza from 9% in 2009to an impressive 46% in 2010. further details are provided in thecase study on page 6 below.

£ We held a tree-planting project with the municipality of lárissa andthe university of thessaly as part of the celebration of Worldenvironment Day.

£ We presented the first edition of the planet sierra award to thetenant who demonstrated the best environmental performance atpantheon plaza (winner: H&m).

£ We supported six charitable organisations and dedicated 42 hours of staff time to community volunteering.

£ We held the “Healthy month” initiative for a second time at ourcorporate office and shopping centre office with activities to promote employees’ health and well-being.

£ We performed 160 hours of safety preventive observation (spo)across at our shopping centre and corporate office.

key achieveMents

3.2 key Factsas on 31 December 2010

7 for this reason, mediterranean cosmos has not been included within the scope of our 2010 cr reports.8 this value corresponds to the total rents invoiced (100%) to tenants at pantheon plaza. it has been calculated based on account performance between 01/01/10 and 31/12/10.9 the star Dome project is expected to have a Gla of 38,500 m2. However, data is not yet available for our project at ioannina.10 operational costs are calculated based on account performance between 01/01/10 and 31/12/10.11 this value corresponds to the number of visits welcomed by pantheon plaza during the period 01/01/10 to 31/12/10.

€2 million

rent received8 at ourowned shoppingcentre

€3.7million

operational costs10

1 shopping centre

owned with a totalGla of 19,148 m2

2 projects

under development9

26directemployees

3. sonae sierra in Greece

in 1999, sonae sierra initiated a joint venture with charagionis Group to seek new opportunities for developing shopping centres in Greece. in2005, we inaugurated our first Greek shopping centre, mediterranean cosmos, located in thessaloniki. in 2008 we completed our secondshopping centre, pantheon plaza in lárissa, adding a further 19,148 m2 Gla to our Greek portfolio. in 2010, we sold our interest in mediterraneancosmos7, raising around €9.5 million for our company. through transactions such as these, we raise funds to fuel our future developments. on 31December 2010, we had two new projects in the pipeline in Greece, one located in the city of ioannina and another, star Dome, in athens.

1.6 million visits11

to our owned shopping centre

05sonae sierra corporate responsibility performance by country Greece

4.1 key performance indicators12

12 it should be noted that data from 2008 and 2009 includes mediterranean cosmos. Data from 2010 only includes pantheon plaza, due to the sale of mediterraneancosmos.

13 in 2009, this indicator only included mediterranean cosmos due to faults with the energy meters at pantheon plaza. in 2010, the indicator only covers pantheon plazadue to the sale of mediterranean cosmos. pantheon plaza is a more energy efficient shopping centre, so this accounts for the significant decrease in GHG emissions andelectricity consumption per m2 between 2009 and 2010.

14 Data for previous years has been updated in order to include Gla that is occupied by tenants who own their shop unit.

Further referencesthis document is intended to summarise important data and information in relation to our operations in Greece.

our annual report, In Review 2010: Economic, Environmental and Social Performance contains a summary of our global financial and cr performance. the report is availableat: http://www.sonaesierra.com/en-Gb/corporateresponsibility/reportspoliciesandfeedback.aspx

our CR Report 2010, which is compliant with level a+ of the Global reporting initiative (Gri) sustainability reporting guidelines, contains a more comprehensive account of ourglobal activities and cr performance. this report is available at: http://www.sonaesierra.com/en-Gb/corporateresponsibility/reportspoliciesandfeedback.aspx

4. cr performance in Greece

impact area and indicator 2008 2009 2010 performance trend 09-10

energy and climate: GHG emissions of our owned portfolio 0.101 0.237 0.19213 and corporate offices (tco2e/m2 Gla)

energy and climate: electricity efficiency (excluding tenants) 753 725 31813 of our owned portfolio (kWh/m2 mall and toilet area)

Water: Water efficiency (excluding tenants) of the owned portfolio (litres/visit) n.d. n.d. 3.5 not applicable

Waste: total waste recycled as a proportion of waste produced 25% 25% 46% (% by weight, across our owned portfolio)

tenants: average occupancy index (% by Gla)14 97.5% 99.0% 93.3%

communities and visitors: marketing investments in cr and 90,372 58,389 48,015 other community contributions (€)

employees: investment in staff training and development (€ per capita) 1,138 988 1,071

safety and health: number of man hours of safety and Health 398 732 1,803 training provided

case study

06sonae sierra corporate responsibility performance by country Greece

We welcome your feedback on our approach to cr. an electronic feedback form is available on our website:

http://www.sonaesierra.com/en-Gb/corporateresponsibility/reportspoliciesandfeedback/feedback.aspx

We Want to hear your vieWs

pantheon plaza takes up the recyclinG challenGe

conscious of its under-performance in 2009, pantheon plaza in Greece aimed to significantly improve

its recycling rates in 2010. pantheon plaza’s management team identified low participation of tenants

in waste management as one of the key difficulties to be overcome. the team decided that increasing

tenants’ awareness through interactive actions could be one potential solution. they also identified

that improvements could be made by promoting better waste separation in food courts and the waste

loading bay.

pantheon plaza held two environmental quizzes for all the tenants, which included questions about

waste recycling based on data gathered from the european environmental agency (eea) on savings

that can be achieved through recycling and reuse. tenants were also asked about their awareness of

recycling facilities in the shopping centre. the winner of the april quiz, Domus Homus, was awarded a

plant as a prize and the winner of the october quiz, Kentia, received a battery charger with

rechargeable batteries. other campaign materials were also developed by the shopping centre to

promote tenants’ awareness about recycling and inform them about the types of waste that can be

separated and recycled at pantheon plaza. separately, the shopping centre provided training to the

cleaning company at the shopping centre to improve waste separation in the food court and in the

waste loading bay.

With the introduction of these improvement actions, the recycling rate at pantheon plaza increased

from 9% in 2009 to 46% (a 411% increase). furthermore, alternative solutions are being discussed

with waste service providers for disposal of the waste that is currently not recycled at this centre.

4.2 case studies