INVESTOR PRESENTATION

April 2013

1. SONAE OVERVIEW Group Structure A COMPANY SONAE 100% 100% 100% 50% 54% SONAE MC SONAE SR SONAE RP SONAE SIERRA SONAECOM Food Retail Specialised Retail Shopping Telco Retail Properties Centres •MarketleaderinPortugal in food and specialized Sports goods, Retail real Shopping centre Integrated retail formats fa shion and estate assets developer, telecoms • Board control electronics ownerand provider of a Shopping Centre manager and a Telecommunications CORE RELATED CORE business BUSINESSES BUSINESSES PARTNERSHIPS RETAIL & RELATED BUSINESSES

3 1. SONAE OVERVIEW Group Breakdown TURNOVER BREAKDOWN RECURRENT EBITDA MARGIN BREAKDOWN % Total Turnover (2012) % Turnover 2011 2012 Sonae 10.7% 11.1% PER BUSINESS Sonae MC 7.0% 7.6% Sonae SR 0. 1% -2.1% Sonae RP 87.2% 89.4% Sonaecom 27.3% 30.2% Investment Management 4.2% 5.2%

CAPITAL EMPLOYED Breakdown of invested capital per business (M€) Dec-12 % Retail & 60% |SonaeMC Sonae 3,485 related: 21 % |SonaeSR Sonae MC 395 11% 83% 2% |SonaeRP Sonae SR 258 8% 15% |Sonaecom Sonae RP 1,335 38% 2% | Investment Management Sonaecom 956 27% Investment Management 152 4% Other (inc. Sonae Sierra stake)389 12%

4 1. SONAE OVERVIEW Shareholdings

A STABLE 26.3% SHAREHOLDER FREE FLOAT STRUCTURE 52.6% OF CIRCA

Efanor 40% Reference shareholder, Bestinver Efanor, a family holding 2.5% BPI company Norges Bank 2.0% Fundação Berardo 8.9% Others 7. 7 %

SHARE CAPITAL AVERAGE DAILY MARKET BPI stake includes 2,000 million VOLUME (2012) CAP equity swap ~1.8 million (as of 31.12.12 ) of circa 123 million shares ~1.4 billion euros Sonae shares (~6% of share capital)

5 1. SONAE OVERVIEW Corporate Strategy

VALUE CREATION CORPORATE STRATEGIC PILLARS THROUGH INTERNATIONAL DIVERSIFY LEVERAGE INTERNATIONAL EXPANSION INVESTMENT STYLE EXCEPTIONAL ASSETS EXPANSION AND COMPETENCIES AND THE •NEWGROWTHAVENUES • ADOPT THE MOST APPROPRIATE •INNOVATE STRENGTHENING • PROFIT FROM “WORLD CLASS” INVESTMENT STYLE • GENERATE NEW BUSINESSES COMPETENCIES • FRANCHISING •STRENGTHEN COMPETITIVE OF THE CORE •PARTNERSHIPS POSITION BUSINESSES • MINORITY STAKES

• Current core business with leader •Usecapitallightmodels • Capitalize on assets and formats in mature markets (renting vs. owning; competencies in base market to partnerships vs.full control; launch new projects in adjacent areas • Widen competencies, knowledge and franchising) and experience pool • Reinforce competitive position •Add local knowledge • New sources of value creation • Grow “share-of-wallet” • Reduce Capital Employed needs

6 1. SONAE OVERVIEW Strategy

CORPORATE SONAE MC SONAE SR SONAE RP STRATEGY INTERNATIONAL REFLECTED FOCUS ON LEADERSHIP GROWTH AND MULTI- ACTIVE ASSET IN EACH RETAIL AND PROFITABILITY CHANNEL PUSH MANAGEMENT

BUSINESS • Consolidate market leadership • Launch/grow Iberian • Plan to release invested capital STRATEGY • Grow convenience channel e-commerce operations by reducingfreehold ownership • Explore new adjacent business • Explore franchising, JVs and of sales area in food retail opportunities wholesale opportunities as a • Focus on Asset Management • Continue to implement efficiency meanstoaccelerategrowth projects of retail real estate assets and • Consolidate market positions operational efficiency • Look for international growth in and improve profitability opportunities (eg. JV in Angola) • Seek Property Development • Continue to use Portugal as a test opportunities plant for new formats

7

2. OPERATIONAL REVIEW

STRENGHENING OF LEADING POSITION IN FOOD RETAIL MARKET, WHILE PROTECTING PROFITABILITY

9 2. OPERATIONAL REVIEW - SONAE MC Market Share Growth

REINFORCEMENT FOOD RETAIL MARKET SHARES -2012 OF LEADERSHIP IN THE PORTUGUESE 2012 LfL SALES ABOVE FOOD RETAIL + 0.5pp MARKET AVERAGE MARKET +1.6pp despite prevaling trading down and promotional efforts +0pp -0.5pp +0.1pp -0.3pp

Sonae 2nd 3rd 4th 5th 6th MC Player Player Player Player Player

Source: Homescan Nielsen, cumulative YTD evolution – 30 December 2012 10 2. OPERATIONAL REVIEW - SONAE MC Brand Recognition

ALEADINGBRAND SINGLE BRANDING OF SONAE MC STORES IN PORTUGAL UNDER “CONTINENTE” COMPLETED DURING 2011

Continente.pt consistently elected as the best e-commerce website in Portugal

400 thousand registered users 68 million page views p.a.

Consistently considered #1 in Marktest’s (last 11 years) one of the “Reputation Index most trusted brands in Large Distributors”, among 18 Portugal by consumers brands operating inPortugal (survey “Trusted Brands” carried outby Reader'sDigest) 11 2. OPERATIONAL REVIEW - SONAE MC Retail Area

2 575,000 M SONAE MC RETAIL SPACE BY FORMAT (YE12) OF RETAIL SPACE, DISTRIBUTED STORES (total = 440)‘000 M2 (total = 554 thousand) BETWEEN HYPERS 263 282 AND SUPERS 214

107

39 31 29 29

** Mainly parapharmacy and Continente C. Modelo C. Bom Dia other** Continente C. Modelo C. Bom Dia other** cofee shops Hypers Supers Supers Hypers Supers Supers

+38Stores(21,000 M2 ) under franchishing, including the first 25“Meu Super”stores 12 2. OPERATIONAL REVIEW - SONAE MC Formats

EXPOSURE TO CONTINENTE CONTINENTE CONTINENTE DIVERSE MODELO BOM DIA FOOD FORMATS HYPERS SUPERS SUPERS

First mover advantage, prime Typically located in medium Location and convenience locations sized population centres (urban)

31 small, convenience food • 39 stores (of which 24 are • 107 stores, average 2 thousand • stores anchored with leading shopping m2 centres) – limited growth opportunities • # SKUs well above competitors • Average sales area of 925m2 • Average 7.2 thousand m2 • Light bazaar representing less • Renewed concept based on • Price and diversity (~70k SKUs) than 10% of sales (no textiles) quality and variety of fresh products, ideal for more • Light bazaar + textiles frequent daily shopping representing ~15% of sales • Growth opportunity in large cities

13 2. OPERATIONAL REVIEW - SONAE MC Loyalty Card

PERFORMANCE SUPERIOR CUSTOMER INSIGHT IN PORTUGAL LEVERAGES • Targeted promotions, with discounts ON THE VALUE provided as “credit” in repeated purchase AND SUCESS • Superior customer profiling and know-how of consumer habits OF THE LOYALTY PROGRAM NUMBER OF ACTIVE LOYALTY CARDS 3.2 million 3 out of 4 Portuguese households + 3% in 2012 A differentiating tool among retailers in the Portuguese market % OF SALES ASSOCIATED WITH CARD (2012) ~90%

14 2. OPERATIONAL REVIEW - SONAE MC Private Label

PERFORMANCE #OWNREFERENCESAND %FMCGSALES REFLECTS THE STRONG OW N LABEL PROGRAMME IS MANAGED INTERNALLY 3,600 AND NOW COMPRISES MOST PRODUCT CATEGORIES AND CONTINUOUS 3,500 INVESTMENT 3,400 INVESTMENT IN OWN BRANDS IN PRIVATE LABEL 3,100 31% • Broadening of the private label range 29% • An important offer w ithin the current adverse consumer 26% 23% environment allowing consumers to trade-down into a trusted brand • Larger volumes and increased know-how

2009 2010 2011 2012

15 2. OPERATIONAL REVIEW - SONAE MC Profitable growth

GROWING MARKET SALES ON A “LfL” BASIS IN 2012 (-2%) 2012 EBITDA MARGIN UP BY 60bps , thanks CLEARLY ABOVE MARKET to a rigorous cost control, high effectiveness SHARE, WHILE of promotions, strict inventory management Benefiting from an improved value offer REINFORCING and a quick adaptation to changing consumer habits and benefits of brand unification REFERENCE PROFITABILITY TURNOVER (M€) RECURRENT EBITDA (M€ and % sales) 3,327 3,281 3,275 231 235 250

+ 7.1% 7.0% 7. 6 % 900 906 876 82 82 81 . +7%

9.1% 9.1% 9.3%

4Q10 FY10 4Q11 FY11 4Q12 FY12 4Q10 FY10 4Q11 FY11 4Q12 FY12

16 2. OPERATIONAL REVIEW - SONAE MC New adjacent business opportunities

LEVERAGE ON KNOW-HOW IN RETAIL Coffe shops and small Health and well-being Book shops, stationery snack-bars and tobacco

• Tipically next to Sonae MC • Parapharmacy, beauty •317 m2 of average store supers products, health size • Variety and quality with a fast and well-being care service and great price •Eyeglassesandoptical services

•96stores(YE12) • 141 stores (YE12) •17stores (YE12)

Discounts available on Continente’s loyalty card

17 2. OPERATIONAL REVIEW - SONAE MC New adjacent business opportunities

LEVERAGE ON KNOW-HOW IN RETAIL

• Franchised local food retail stores • Total of ~5k m 2 sales area FRANCHISING •Conveniencebusiness • 50 stores expected for YE13 • Sales area between 150 m2 and 999 m2 • Located mainly in residential areas • Partners with guaranteed competitive prices, Number of stores 25 access to Continente’s private label 21 16 and other suppliers’ products 12 9

FY11 1Q12 2Q12 3Q12 FY12

18 2. OPERATIONAL REVIEW - SONAE MC International Opportunities

EXPLORED WITH AN APROPRIATE RELEVANT OPORTUNITY STRUCTURE

• 6th biggest economy in Africa • JV with local partners (49% Sonae MC) • Expected to grow at a CAGR of • Sonae MC responsible for managing the operations +7.2% between 2010-2016(*) • Wholesale/retail projects and a separate structure (*) JV to explore • GDP per cap ~ 5.1k USD (2011) to hold related real estate (Sonae MC stakes of up • Population of ~19.6m (Luanda ~5m) to 10%) the nascent • Language: Portuguese • Initial phase to involve 4-5 hypers + 1 distribution modern food centre (majority in Luanda region) • Local sourcing (initially <20%) to grow over time market in Angola “Organized” retail estimated to represent currently no more than 10% of overall food market

Regulatory approvals obtained but negotiations still being finalised Deployment likely to start in 2013 First store opening (Continente brand) expected for 2014

(*) Source: IMF – World Economic Outlook and World Bank 19 2. OPERATIONAL REVIEW

INTERNATIONAL EXPANSION AND CONSOLIDATION OF MARKET LEADERSHIP IN PORTUGAL

20 2. OPERATIONAL REVIEW - SR Formats and store portfolio Total Av era g e REVENUES FY12 - % of total Sonae SR YE12 Stores ’000m2 StoreSize BREAKDOWN (1,180 M€) WORTEN Portugal 186 129 692 OF SONAE SR PER 69% Spain 42 93 2,204 RETAIL FORMAT SPORTZONE Portugal 84 67 799 Spain 37 45 1,225 MODALFA Portugal 112 57 51 0 Portugal 40 14 343 Spain 46 15 321 ZIPPY Turkey 6 1 201 19% other international 15 5 299 12% Portugal 422 267 54 TOTAL Spain 125 153 Consumer Sports Fashion other 21 5 electronics goods [Worten] [Sport Zone] [Modalfa] TOTAL SONAE SR 568 425 [Zippy]

21 2. OPERATIONAL REVIEW - SR Constrained discretionary consumption in Iberia

TURNOVER EBITDA Worten market share – PROTECTING Portugal (*) Portugal (M€) Portugal (M€) 32.3% 30.5% PROFITABILITY 29.4% 27.8% AND GROWING MARKET 45 2pp 918 +4.5pp SHARE IN PORTUGAL 845 2009 2010 2011 2012 27 Strengtheningof leadership -8% 25 position in the consumer STORES electronics and sports goods 280 248 14 S. AREA sectors 422 267k m2 SPORTZONE #1 in Portugal WORTEN #1in Portugal “LfL” sales trend -Portugal Restructuring the textile formats‘ 4Q11 FY11 4Q12 FY12 4Q11F Y11 4Q12 FY12 business model to face 4Q11 1Q12 2Q12 3Q12 4Q12 demand contraction -17% -12% -5% -4% -12% MODALFA ZIPPY

(*) Source: GfK 22 2. OPERATIONAL REVIEW - SR Constrained discretionary consumption in Iberia EBITDA BUILDING RELEVANT TURNOVER STORES TREND: International (M€) International (M€) In 2012 MARKET POSITIONS 335 WHILE CONTROLLING 317 +13 stores COSTS AND FCF IN 2 1Q 2Q 3Q 4Q +4k m SPAIN +5.8% -4 STORES S. AREA 94 86 -7 2 -8 -9-9 146 158k m -11 -11 including 20 under -12 -13 -13 -14 -14 fanchising

2010 2011 2012 “LfL” sales trend –Spain 4Q11FY11 4Q12 FY12 4Q11 1Q12 2Q12 3Q12 4Q12 -14% -14% -13%-10% -15%

23 2. OPERATIONAL REVIEW - SR Growing on-line presence Worten online – way foward FURTHER EXPLORING …while changing the MULTI-CHANNEL From... …to organization OPPORTUNITY On-line product range limited to Integrated management of on-line/ BALANCING “ON-LINE” stores offering and price structure off-line product range and pricing Significant changes to the linked to shelf prices structure, processes and AND PHYSICAL technology across the Online stock availability subject to Dedicated online stock and improved entire organisation: PRESENCES store operation constraints logistics for distinctive customer service Logistics (incl. store level) No interaction between on-line Multichannel approach – e.g., click & Commercial and Sourcing operations and physical stores collect (in store); online reservation of store Marketing products; augmented store range through Web management virtual offering HR IT/IS Separate online and offline Integrated customer approach (single customer management client view)

Current platform with limited New online platform: more scalable, capacity to accommodate constant better usability , more payment options, market evolution added flexibility, targeted customer offering...

New online platform launched during the 1Q13 24 2. OPERATIONAL REVIEW - SR International Expansion

INTERNATIONALI- JOINT-VENTURES FRANCHISING > 146 STORES CONTRACTS 20COUNTRIES ZATION MOSTLY BASED ON NEW Worten Canary Islands Zippy Canary Islands Spain Turkey EXPANSION MODELS: SportZone Canary Islands Zippy Middle East Saudi Arabia Egypt Kazakhstan Malta Zippy Latin America JOINT-VENTURES Modalfa Canary Islands Azerbaijan AND FRANCHISING Venezuela

Dominican Rep. Stores opened by YE-2012 United Arab Emirates Jordan Qatar Lebanon(*) Bahrain Kuwait Armenia Colombia Georgia Panama Morocco(*)

(*) Stores opened YTD13 Zippy franchised store sales already representing 20% of total 25 2. OPERATIONAL REVIEW

ACTIVE MANAGEMENT OF RETAIL REAL ESTATE ASSETS

26 2. OPERATIONAL REVIEW - RP Retail Properties

FOOD RETAIL GENERAL RETAIL Despite transactions carried REAL ESTATE % of space owned freehold % of space owned freehold out in the last 2 years, SEEN AS A Sonae still had at the end 100% 100% of 2012 alevel of freehold “DEFENSIVE retail real estate well above SUPPORT” FOR 80% 80% other retailers in Europe VALUATION OF 60% Sector: 55% 60% SONAE MC RETALIERS 40% 40% 77% freehold IN AN UNCERTAIN Average: 18% ECONOMIC 20% 20% SONAE SR ENVIRONMENT 0% 0% 26% freehold

ASC 40% in Portugal DRTY

CASP 5% in Spain

Source: BarclaysCapital, November 2012 27 2. OPERATIONAL REVIEW - RP Assets Portfolio

FOCUSED ON THE INVESTED CAPITAL HYPERMARKETS 8SALE&LEASEBACK (YE12) Continente TRANSACTIONS MANAGEMENT COMPLETED (2010/2011) AND 1.3 billion Euros 33 stores owned 83% total sales area Total Cash-In= 153 M€ ENHANCEMENT (Net book value) Capital Gains = 56 M€ OF RETAIL REAL 10% SUPERMARKETS ESTATE ASSETS 11% Continente Modelo IN SUPPORT OF 96 stores owned CORE 75% total sales area BUSINESSES OTHER PROPERTIES

28 3. CORE PARTNERSHIPS SONAE SIERRA (Shopping Centres) 50% ownership – Equity Consolidated SONAECOM (Telecoms) 54% ownership – Fully Consolidated 3. CORE PARTNERSHIPS - SONAE SIERRA Resilient Performance

INTERNATIONAL SHOPPING CENTRE OMV BREAKDOWN A SELF SPECIALIST, 50% OWNED JOINT-VENTURE (100% basis) – YE12 WITH GROSVENOR 46% |Portugal SUSTAINABLE 20 % |Brazil COMPANY • With presence in Portugal, Brazil, Spain, Italy, 13% |Spain Germany, Greece and Romania 12% |Germany WITH INCREASING •Stakes in 47 Shopping centres with a Net Asset 8%|Italy EXPOSURE TO Value of ~1.1 billion euros 1% | other EMERGING MARKETS EBITDA(*) (M€) DIRECT PROFITS(*) (M€) EBITDA PERFORMANCE REFLECTING ONGOING IN 2012: 123 116 EFICIENCY MEASURES • Occupancy rate = 96% 113 •tOverall enant sales 61 63 AND OPERATIONAL decreasing just 1.7% 58 IMPROVEMENTS • Expansion restricted in Europe +3% +2% MARKET VALUATIONS: but partially offset by greater 34 30 28 Valuation of Brazilian assets development activity in Brazil 17 13 16 partially off-setting material yield expansion in Iberia

4Q10 FY10 4Q11FY11 4Q12FY12 4Q10 FY10 4Q11FY11 4Q12FY12

(*) As per Sonae Sierra’s published accounts (100%) 30 3. CORE PARTNERSHIPS - SONAE SIERRA Growth Avenues

GROW GROW IN PROMISING CONTINUE TO PURSUE NEW APPROACH MARKETS: OPERATIONAL TOWARDS EUROPEAN IN EMERGENT • Focus on controlling IMPROVEMENTS, ASSET PORTFOLIO MARKETS dominant shopping centres Aiming to off-set the • Shift to a more “capital light” AND SERVICES in Brazil fall in consumption in certain approach in Iberia, BUSINESS • Recycle capital from sectors in Europe concentrating on key assets mature, non-controlled • Prepare the company for an assets to other projects European recovery in IPO of Sonae Sierra Brazil with development potential selected countries, freeing up completed during 2011: • Reinforce emerging ~33% of share capital capital and starting with best , markets presence raising equity for projects • Grow in services to 3rd future developments parties, profiting from the in the region expertise as retail property developer and asset manager

31 3. CORE PARTNERSHIPS - SONAECOM Positive Performance

• Reference mobile EBITDA margins • Comfortable capital structure ASOLID • Strong management team • Improving competitive position, whilst • Strict management of investments and costs BUSINESS, sustaining margins • Fully integrated telecom’s structure WITH GROWING • LTE population coverage of 80% by YE12 CASH FLOW and convergent market approach GENERATION OPTIMUS MOBILE EBITDA MARGIN SONAECOM CONSOLIDATED EBITDA (M€) 236 44.2% 217 39.2% 191 38.3% 180 35.3% 34.0% 167

+ 5 pp +9%

+ 6%

9M10 FY10 9M11FY11 9M12 9M10 FY10 9M11FY11 9M12

32 3. CORE PARTNERSHIPS - SONAECOM Value Creation

th CONSOLIDATION On 14 December 2012, Zon’s major shareholder and Sonaecom agreed to pursue a merger between Optimus and Zon WILL UNLOCK A SIGNIFICANT A strong strategic rationale Increased competitive strength Significant increase in Strengthened financials provide VALUE CREATION in an increasingly operating profitability through stronger platform for long -term fixed/mobile convergent operational synergies international growth market ambitions Completion of the ZON Optimus merger is subject to: Structure post-completion of Merger Project • Approval by both Shareholders’ EGM’s √ SONAE • Non-opposition from the national 74%** Competition Authority • Waiver of the obligation to launch a mandatory tender offer by the Portuguese Stock Market regulator (CMVM)

(*) The exact ZOPT stake has not been announced, only that it will be a controlling stake (**) Including France Télécom stake (20%), attributable to Sonae as a consequence of the call/put option agreement reached on Feb-13 33 4. RECENT FINANCIAL PER FORMANCE 4. RECENT FINANCIAL PERFORMANCE Overview

Turnover sustained by Efficiency gains allowing for market share gains and increased operational international growth profitability

KEY FINANCIALS 2012

TURNOVER RECURRENT EBITDA EBITDA MARGIN NETDEBT 5.38bn 597m 11.2% -147myoy

35 4. RECENT FINANCIAL PERFORMANCE Turnover

DESPITE THE SHARP …THANKS TO MARKET SHARE GAINS AND A 6% GROWTH IN DECLINE IN PRIVATE INTERNACIONAL SALES (SONAE SR) CONSUMPTION FELT IN IBERIA CONSOLIDATED TURNOVER (Ex fu el) TURNOVER PER BUSINESS CONSOLIDATED Million Euros 2011 2012 var. TURNOVER 5,642 5,521 5,379 SONAE 5,521 5,379 -3% ALMOST STABLE SONAE MC 3,327 3,281 -1% AT €5.4 Bn in 2012 -3% SONAE SR 1,235 1,180 -4% SONAE RP 0% 1,518 1,443 119 120 SONAECOM 864 825 -4% INVEST.MANAGEMENT 106 105 -1%

FY10 4Q11FY11 4Q12 FY12

36 4. RECENT FINANCIAL PERFORMANCE Ebitda

IN A DIFFICULT …. SUPPORTED BY THE IMPLEMENTATION OF OPERATIONAL MACRO EFFICIENCY PROGRAMMES ENVIRONMENT, RECURRENT EBITDA RECURRENT EBITDA GROUP’S Million Euros % of Turnover RECURRENT 2011 2012 var. 592 597 EBITDA GROWS 582 SONAE 10.7% 11.1% + 0.4 pp SONAE MC 7. 0 % 7. 6 % + 0.6 pp BY 1% AGAINST +1% 2011 SONAE SR 0.1% -2.1% -2.2 pp SONAE RP 87.2% 89.4% + 2.2 pp 174 160 SONAECOM 27.3% 30.2% + 3.0 pp INVEST.MANAGEMENT 4.2% 5.2% + 1.0 pp

FY104Q11 FY11 4Q12 FY12

37 4. RECENT FINANCIAL PERFORMANCE Net Income

2012 NET … BELOW 2011 MAINLY AS A RESULT OF NON-CASH INDIRECT RESULTS RELATED TO LOWER APPRAISED VALUATIONS OF SHOPPING CENTRES RESULTS IN IBERIA (SONAE SIERRA) TOTALLED 105M€, NET INCOME NET RESULTS OF CORE OF WHICH THE Million Euros PARTNERSHIPS (M€) SHARE 2011 2012 var. 131 ATTRIBUTABLE S. SIERRA DIRECT61 63 +2% TO THE GROUP 104 105 S. SIERRA INDIRECT -51 -108 - 111% WAS 33M€ S. SIERRA TOTAL 10 -46 - 33 … attributable to Sonae 5-23-

SONAECOM 62 75 + 21%

Net Income Net Income – group share FY11 FY12

38 4. RECENT FINANCIAL PERFORMANCE Capital Structure

SONAE HAS CONSOLIDATED FINANCIAL NET FINANCIAL DEBT ACHIEVED A NET DEBT 1,802 M€ SIGNIFICANT with refinancing DELEVERAGE LTE spectrum payment by needs secured until SINCE 2009 Sonaecom: 83 M€ 2014

2,259 2,265 2,233 2,264 2,182 2,192 2,104 1,989 1,931 1,802 Cumulative reduction in the last 3 years of ~338M€ 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 10 10 11 11 11 11 12 12 12 12

39 4. RECENT FINANCIAL PERFORMANCE Capital Structure DELEVERAGE … AND A MORE EFFICIENT INVENTORY MANAGEMENT DRIVEN BY REC. EBITDA - CAPEX CONSOLIDATED STOCK LEVELS GROWING Million Euros Million Euros 305 682 ORGANIC 651 CASH-FLOW 273 538 237 -17% GENERATION

Dec-10Dec-11 Dec-12

FY10PF FY11PF(*) FY12

(*) Excluding LTE Spectrum Capex at Sonaecom

40 4. RECENT FINANCIAL PERFORMANCE Capital Structure AN APPROPRIATE RETAIL AND TELECOM NET DEBT/REC. EBITDA HOLDING CAPITAL LOAN –TO-VALUE(*) STRUCTURE 3,5 3,5 3,6 3,6 3,6 3,2 IN EACH BUSINESS 2,8 2,8 TO SUPPORT 2,5 2,4 21% ACTIVITIES AND 19% 19% 1,7 1,7 17% 18% 17% 1,6 1,5 1,6 1,6 1,5 1,5 INVESTMENTS 1,4 1,3 RETAIL SONAECOM 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 3Q 4Q 1Q 2Q 3Q 4Q 10 10 11 11 11 11 12 12 12 12 11 11 12 12 12 12

(*) Holding net debt as a % of Sonae’s gross asset value (Retail businesses @ market multiples + Sonae RP @ book value + share of Sonae Sierra NAV + share of Sonaecom market cap) 41 4. RECENT FINANCIAL PERFORMANCE Shareholder Remuneration DIVIDEND PAYER The resilience of the cash flows generated gives confidence ON A REGULAR on the ability to maintain shareholder remuneration policy BASIS cents % % OBJECTIVE 3.31 4.8 63 TO MAINTAIN DIVIDEND PER DIVIDEND YIELD PAY-OUT RATIO AN ADEQUATE SHARE 2012 SHAREHOLDER REMUNERATION stable vs. 2011 Considering Considering 2012 direct 2012.12.31 Share Net Profits attributable Price (€0.69) to equity holders

42 4. RECENT FINANCIAL PERFORMANCE Valuation

DESPITE POSITIVE PERFORMANCE IN Material share price over performance during 2012 2012, STILL SIGNIFICANT + 49.7% €1.8bn € 0.41 DISCOUNT VS “SUM- OF-THE-PARTS” 2012 FY share price SONAE MC EV based Market value of Core VALUATION appreciation on European food Partnerships per share retail market multiples (excluding real estate)

Considering average trading multiples of Considering Sonaecom’s share price as at European food retailers at December-12 2012.12.31 (€1.48) and latest published Sonae (EV/LTM sales: 0.5x; EV/LTM EBITDA: 7.6X) Sierra NAV (1.05Bn as at Dec-12)

43 CONCLUSION AN ATTRACTIVE INVESTMENT • Growing leading market positions in Portugal, while OPPORTUNITY protecting operational profitability • An internationalisation strategy based on a “capital light” approach, enabling future growth and value creation • Significant deleveraging made possible by organic cash flow generation • Undervalued share price, driven by macro concerns • Attractive dividend yield • Proven management track record

44 INVESTOR PRESENTATION April 2013 SAFE HARBOUR This document may contain forward-looking information and statements, based on management’s current expectations or beliefs. Forward-looking statements are statements that should not be regarded as historical facts.

These forward-looking statements are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including, but CONTACTS: not limited to, changes in regulation, industry and economic conditions; and the effects of competition. António Castro Forward-looking statements may be identified by words such as “believes”, “expects”, “anticipates”, “projects”, “intends”, “should”, “seeks”, “estimates”, “future” or similar expressions. Investor Relations investor.relations@.pt Although these statements reflect our current expectations, which we believe are reasonable, investors Tel.: + 351 22 010 4794 and analysts, and generally all recipients of this document, are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results and developments to differ www.sonae.pt materially from those expressed in, or implied or projected by, the forward-looking information and statements. You are cautioned not to put undue reliance on any forward-looking information or statements. We do not undertake any obligation to update any forward-looking information or statements.

SONAE is listed on the Euronext Stock Exchange. Information may also be accessed on Reuters under the symbol SONP.IN and on Bloomberg under the symbol SONPL