Sonae SGPS

Quarterly Report • May 7, 2015

Page 1 of 18 07.05.2015

1HIGHLIGHTS and CEO MESSAGE

• Sonae MC delivered a turnover growth of 0.8%, in line with the market
• Sonae SR further improved its sales per sqm, maintaining profitability
• Sonae Sierra continued the strong operating momentum, with direct results up by 24%
• NOS posted another strong set of operating results, leading to turnover growth

"In this first quarter, Sonae presented a positive performance particularly in the telecommunications, shopping centre and Investment Management businesses.

Sonae MC's turnover increased in line with the food sector, during a period marked by fierce competition, which has now extended to all significant operators. As always, Continente continues to uphold its commitment to ensure the best prices of the market.

In the electronics sector, Sonae SR reinforced its undisputable position as market leader in Portugal and growth in the Spanish market was consistent with the sector. In this instance, it is worth highlighting the increase in the market share gain in the important online market. In the sports and fashion segments, despite the slowdown in overall growth, the increase in sales per square meter should be highlighted, confirming the improved performance of the new generation stores, as well as the effectiveness of the measures taken in the current stores, particularly in Spain.

The 24% growth in direct results of Sonae Sierra reflects the positive trends in all markets and the improved operation efficiency. The evolution of the real estate yields, despite being highly favourable in this quarter, will only have an impact on half-year results.

At NOS, the exemplary execution of post-merger strategy allowed us to continuously reach significant gains in all operating indicators, at last reversing the downward trend in turnover experienced over the last five years.

And finally, despite maintaining high levels of investment, we have further strengthened our capital structure, reducing, once again, debt when compared to the same quarter of 2014, increasing its maturity to levels that are in line with our objectives and significantly reducing its cost".

Ângelo Paupério, Co-CEO of Sonae

Following the merger between Zon and Optimus and its report using the equity method, we decided to change the way we report our results to the market by separating each business, in order to obtain more transparency between the segments: 1) Sonae Retail: Sonae MC, SR and RP; 2) Sonae IM, including Software and Systems Information, and Público businesses from Sonaecom; 3) Sonae Sierra; and, 4) NOS.

2 SONAE RETAIL RESULTS

Sonae MC

Turnover and underlying EBITDA
Million euros	1Q14	1Q15	y.o.y.
Turnover	787	793	0.8%
LfL sales (%)	-2.3%	-1.2%	1.1 p.p.
Underlying EBITDA	35	33	-5.1%
Underlying EBITDA margin	4.4%	4.2%	-0.3 p.p.
			-

Turnover and underlying EBITDA margin

Sonae MC turnover stood at 793 M€, growing 0.8% when compared to 1Q14. The turnover performance benefited from sales area expansion, namely with the opening of 6 new own stores. It is also important to highlight that Meu Super franchising format continued to grow, ending the quarter with a total of 150 stores. Being accessible to families as a grocery store, offering Continente private label products as well as fresh local products and now benefiting from additional promotions through the Continente loyalty card, Meu Super stores registered in 1Q15 a very positive like-for-like (LfL) sales growth.

Sonae MC underlying EBITDA totalled 33 M€ in 1Q15, corresponding to an underlying EBITDA margin of 4.2%. When compared to 1Q14, the slightly lower underlying EBITDA was impacted by the stronger promotional activity in fresh products.

At Sonae MC, we continued to be devoted to presenting, everyday, the best products at the lowest prices of the market. Having the most extensive variety of private label products and other supplier brands, besides giving the ability to rapidly respond to changes in consumer habits, enables safeguarding the level of range and quality to meet customer's needs. The promotional activity supported by the Continente loyalty card continued to be a source of competitive advantage, representing in 1Q15 more than 90% of sales.

As milestones of 1Q15, we would like to highlight the following:

• Sonae MC was able to sustain its leading market share in the Portuguese food retail sector;
• Continente was voted, already in April 2015, for the 13th consecutive year as a Brand of Trust by Reader's Digest, further proving the brand's commitment towards its clients' confidence; and,
• online sales continued the increasing trend, growing 6% when compared to 1Q14. Continente continues to be the clear leader in terms of online food sales in Portugal, with a market share of approximately 70%.

2 SONAE RETAIL RESULTS (cont.)

Sonae SR

1Q14	1Q15	y.o.y.
291	299	2.5%
201	203	1.1%
91	96	5.7%
		-3.4 p.p.
6.0%	2.2%	-3.8 p.p.
7.0%	3.2%	-3.8 p.p.
		-1.4%
		-27.6%
-8	-7	11.8%
-1.5%	-1.5%	- 0.0 p.p.
1.8%	1.3%	-0.5 p.p.
-8.9%	-7.4%	1.5 p.p.
	6.0% -4 4	2.6% -4 3

Turnover and underlying EBITDA margin

SR international organic¹ – LTM turnover/sqm evolution

1 Includes online sales.

Sonae SR turnover stood at 299 M€ in 1Q15, increasing 2.5% y.o.y. and corresponding to a 2.6% growth on a LfL basis. This positive top line evolution was backed by an improvement of 1.1% in the Portuguese business, and 5.7% in the international unit. The turnover increase was achieved notwithstanding the strategy of store network rightsizing (an area reduction of almost 11 thousand sqm between 2014 year-end and March 2015).

In 1Q15, underlying EBITDA totalled negative 4 M€ which translates into an underlying EBITDA margin of -1.5%, in line with last year's result. The profitability was pressured by higher discounts during the sales season.

In Portugal, EBITDA reached 3 M€ in 1Q15 and internationally, EBITDA totalled negative 7 M€.

During the quarter, we continued to focus on the key pillars of our strategy, that include improvements in stores (namely the rightsizing of the store network and development and roll-out of new store concepts for the four formats); strengthening the international footprint (mainly under a capital light approach); and, reinforcement of the complementarity between the store experience and the online channels (supported not only by the omnichannel experience, already in place at Worten, but also by the new e-commerce platforms in all businesses).

As milestones of 1Q15, we would like to highlight the following:

• Worten reinforced its leadership position in the Portuguese electronics market, registering a market share gain above 1 p.p.² ;
• y.o.y. increase in sales per square meter in all business, averaging 14% in Spain and 5% in Portugal;
• positive LfL sales evolution in the majority of the businesses;
• very strong consolidated online sales growth, supported by e-commerce platforms in all businesses, both in Portugal and Spain;
• the entrance, under a capital light approach, in two new regions with the Zippy format: Kurdistan and Ecuador.

² GFK 2015 YTD evolution until March 31st estimated market share gain above 1 p.p. for Worten, in Portugal.

2 SONAE RETAIL RESULTS(cont.)

Sonae RP

Turnover and underlying EBITDA
Million euros	1Q14	1Q15	y.o.y.
Turnover	31	32	2.9%
Underlying EBITDA	28	29	2.7%
Underlying EBITDA margin	89.6%	89.5%	-0.1 p.p.

In 1Q15, Sonae RP turnover grew 2.9% when compared to the same period last year, totalling 32 M€. The underlying EBITDA amounted to 29 M€, corresponding to an underlying EBITDA margin of 89.5%, 0.1 p.p. below 1Q14. The EBIT ROCE remained stable at 7.5%.

Sonae RP Portfolio

• Continente Modelo
• Continente Bom Dia
• Logistics & Offices
• Others
• Assets without income

At the end of March 2015, the net book value of the capital invested in retail real estate assets totalled 1.2 bn€.

Sonae currently maintains a freehold level of approximately 72% of its food retail selling area and 29% of its non-food retail space, positioning the company above the average of the industry, especially in the food retail business.

Aimed at successfully fulfilling all sale and leaseback targets, Sonae RP has completed, already in April 2015, two small sale and leaseback transactions. These transactions totalled 25.2 M€ and corresponded to a capital gain of circa 8.5 M€.

Sonae Retail Capex

Capex per business
Million euros	1Q14	1Q15	y.o.y.	% of turnover 1Q15
Sonae Retail	30	47	57.5%	4.1%
Sonae MC	18	23	25.3%	2.8%
Sonae SR	10	17	68.7%	5.8%
Sonae RP	1	7	-	20.8%
Underlying EBITDA - Capex	29	11	-61.9%	-

During the 1Q15, Sonae retail units invested 47 M€, as follows:

• 23 M€ at Sonae MC, 5 M€ above 1Q14;
• 17 M€ at Sonae SR, a 7M€ increase against 1Q14; and,
• 7 M€ at Sonae RP, 5 M€ above 1Q14.

3 SONAE IM RESULTS

Sonae IM portfolio
Software and Systems Information unit from Sonaecom
WeDo Technologies	Bizdirect
Saphety	S21Sec
Retail technology
Tlantic1	Movvo
Partnerships
MDS	GeoStar2
Maxmat1	Público

(1) Sonae holds 50% o f Maxmat and 77.7% of Tlantic and adopts the full consolidation method to report itsresults.

(2) GeoStarisreported using the equitymethod.

Turnover and underlying EBITDA
Million euros	1Q14	1Q15	y.o.y.
Turnover	55	60	8.7%
Underlying EBITDA	2	2	-3.8%
Underlying EBITDA margin	3.8%	3.4%	-0.4 p.p.

Turnover and underlying EBITDA

In 1Q15, Sonae IM turnover reached 60 M€, increasing 8.7% when compared to the 1Q14. This top line improvement was partially driven by the increase of 20.2% 3 at the SSI division. Sonae IM underlying EBITDA amounted to 2 M€, which translates into an underlying EBITDA margin of 3.4%.

In what concerns the SSI division, in 1Q15:

• WeDo Technologies won two new telco customers in USA and Mexico and a new customer in the energy sector in Portugal, clearly reflecting the company's growth in enterprise business assurance market. At the end of the 1Q15, 76.5% of its turnover was generated in the international markets, 12% of which in non-telco segments;
• Bizdirect increased turnover by 23% in 1Q15. The Viseu Competence Center, launched to respond to the growing demand for projects in the areas of CRM (Customer Relationship Management) and ECM (Enterprise Content Management) continued to deliver results and is growing its awareness in the European market. International revenues increased significantly and represented, in 1Q15, 12.8% of total turnover;
• Saphety registered significant improvements in revenues and profitability. Importantly, international revenues more than doubled when compared to 1Q14 and represented 32% of total revenues in 1Q15;
• S21Sec closed some important projects and contracts in various sectors.

In the retail technology division:

• Tlantic turnover increased 27% between 1Q14 and 1Q15, registering a slight EBITDA improvement, despite the company's focus on team reinforcement and product development;

Sonae IM partnerships were able to deliver a good operational performance in the 1Q15:

• MDS presented a strong quarter, fuelled by the activity in Brazil, growing sales and EBITDA when compared to 1Q14;
• Maxmat increased LfL sales by 7% in 1Q15, despite the competitive environment;
• GeoStar posted a strong sales performance, increasing 11% y.o.y..

3 Excluding 1Q14 Mainroad contribution.

4 SONAE SIERRA RESULTS

Operational indicators
	1Q14	1Q15	y.o.y.
Footfall (million visitors)	100	106	6.1%
Europe & New Markets	75	81	8.6%
Brazil	26	25	-1.4%
Ocuppancy rate (%)	94.6%	95.8%	-
Europe	95.3%	95.7%	0.4 p.p.
Brazil	92.4%	96.0%	3.6 p.p.
Like-for-Like (LfL) tenant sales			-
Europe	0.5%	4.0%	3.5 p.p.
Brazil (local currency)	7.7%	9.6%	1.9 p.p.
Tenant sales (million euros)	971	1,021	5.2%
Europe (million euros)	665	683	2.7%
Brazil (million euros)	306	338	10.4%
Brazil (million reais)	994	1,088	9.5%
Nº of shopping centres owned/co owned (EoP)	47	46	- -1
Europe	37	36	-1
Brazil	10	10	0
GLA under management ('000 sqm)	2,223	2,392	- 7.6%
Europe & New Markets	1,704	1,874	10.0%
Brazil	519	519	0.0%

Financial indicators
Million euros	1Q14	1Q15	y.o.y.
Turnover	53	55	2.7%
EBITDA	26	26	2.6%
EBITDA margin	48.1%	48.0%	0.0 p.p.
Direct results	12	14	24.1%
Indirect results	0	-2	-
Net results	12	13	6.9%
… atributable to Sonae	6	6	6.9%

In 1Q15, tenant sales increased 50 M€ and 5.2% y.o.y, totalling 1,021 M€. This improvement was driven by an increase in tenant sales, both in Europe and in Brazil. In Europe, tenant sales grew 2.7% when compared to 1Q14, reaching 683 M€ and corresponding to a LfL tenant sales increase of 4.0%, 3.5 p.p. above 1Q14, supported mainly by better market conditions. In Brazil, LfL tenant sales increased 9.6% in local currency, 1.9 p.p. above 1Q14 and total tenant sales, also in local currency, increased 9.5% y.o.y..

Proving, once again, the benchmark quality of Sonae Sierra assets, the occupancy rate improved 1.2 p.p. y.o.y., reaching 95.8%. This result was impacted by the positive occupancy rate evolution both in Europe and in Brazil. In Europe, the occupancy rate totalled 95.7%, thanks to our performance in terms of property management and also by the improved macroeconomic conditions. Regarding Brazil, the occupancy rate improved 3.6 p.p. against 1Q14, totalling 96.0%, the highest rate over the last two years.

Despite the effect of the assets sale, the positive evolution in the occupancy rates and the increase in services rendered led to a 2.7% growth in turnover, to 55 M€. The EBITDA reached 26 M€, 2.6% above the same period last year and corresponding to an EBITDA margin of 48.0%.

Direct results amounted to 14 M€, 3 M€ above 1Q14 and indirect results stood at negative 2 M€ due to deferred taxes. Since Sonae Sierra only values its assets in a semi-annual basis, the indirect results were not impacted by the real estate valuations. As a consequence, net results totalled 13 M€ in 1Q15, 6.9% above 1Q14.

On 31st March 2015, the OMV (Open Market Value) attributable to Sonae Sierra was 2.052 bn€, 28 M€ below 2014 year-end, impacted by the adverse exchange rate effect in the Brazilian assets. Accordingly, NAV (Net Asset Value) reached 1.106 bn€ at the end of 1Q15, 9 M€ below December 2014.

At the end of March 2015 the loan-to-value ratio remained at a conservative level of 41.2%.

5NOS RESULTS

Financial Indicators
Million euros	1Q14	1Q15	y.o.y.
Operating revenues	337	344	2.0%
EBITDA	130	128	-1.5%
EBITDA margin	38.5%	37.2%	-1.3 p.p.
Net results	25	23	-8.0%
Capex	57	94	66.5%
EBITDA - Capex	73	34	-54.1%
Recurrent Capex	53	68	29.3%
EBITDA-Recurrent Capex	77	60	-22.7%

NOS published its 1Q15 results on May 7 th 2015, which are available at www.nos.pt.

NOS operating revenues reached 344 M€ in 1Q15, growing 2.0% y.o.y., supported by the strong operating performance.

EBITDA stood at 128 M€, decreasing 1.5% when compared to 1Q14 and representing a 37.2% EBITDA margin.

Recurrent CAPEX amounted to 68 M€ in 1Q15, an increase of 29.3% y.o.y.. As a consequence of EBITDA and CAPEX evolution, EBITDA-Recurrent CAPEX decreased 22.7%.

Net financial debt to EBITDA stood at 2.0x at the end of march 2015 and the average maturity of the company's net financial debt reached 3.3 years.

1Q14	1Q15	y.o.y.
2	151	-
343	341	-0.6%
45	87	93.8%
-25	12	-
556	2,195	-
115	457	-
37	42	11.9%

NOS market performance

During the 1Q15, NOS showed a strong KPI performance.

Convergent customers continued to grow, reaching in the 1Q15 about 457 thousand customers.

In the end of 1Q15, about 32% of fixed access households were subscribing convergent mobile and fixed bundles, a value that compares with 9.7% in 1Q14.

The success of residential convergent offers is leading to a significant uplift in residential fixed access ARPU, which grew by 11.9% y.o.y..

Subsequent to the merger between Optimus and Zon, and the further creation of NOS, and since the day in which new shares issued were listed, on September 9th 2013, until March 31st 2015, the company's market capitalisation grew 57.9%, corresponding to a share price increase from 4.27€ to 6.74€. The PSI20, the main Portuguese index, decreased its market capitalisation 0.2% in the same period.

6 OVERALL PERFORMANCE

Consolidated results
Million euros	1Q14	1Q15	y.o.y.
Sonae MC	787	793	0.8%
Sonae SR	291	299	2.5%
Sonae RP	31	32	2.9%
Sonae IM	55	60	8.7%
E&A (1)	-39	-39	0.4%
Turnover	1,126	1,146	1.7%
Sonae MC	35	33	-5.1%
Sonae SR	-4	-4	-1.4%
Sonae RP	28	29	2.7%
Sonae IM	2	2	-3.8%
E&A (1)	-1	-1	25.2%
Underlying EBITDA	60	59	-1.6%
Underlying EBITDA margin	5.3%	5.2%	-0.2 p.p.
Equity method results (2)	11	12	15.8%
o.w. S. Sierra (diret results)	6	7	24.2%
o.w. NOS	5	5	2.1%
Non-recurrent items	0	0	-
EBITDA	71	71	1.0%
EBITDA margin	6.3%	6.2%	0.0 p.p.
D&A (3)	-43	-45	-5.0%
EBIT	28	26	-5.2%
Net financial activity	-20	-18	10.2%
EBT	8	8	5.3%
Taxes	0	-3	-
Direct results (4)	8	6	-30.3%
Indirect results	2	16	-
Net income	10	21	108.8%
Non-controlling interests	0	-2	-
Net income group share	10	20	95.9%

(1) Eliminations & adjustments;

(2) Equity method results: includes direct income related to investments consolidated by the equity method (mainly Sonae Sierra and NOS);

(3) Depreciations & amortizations including provisions & impairments;

(4) Direct results before non-controlling interests.

In 1Q15, consolidated turnover reached 1,146 M€, growing 1.7% y.o.y., backed by improvements in all Sonae businesses. As regards the operating profitability, the underlying EBITDA totalled 59 M€, corresponding to an underlying EBITDA margin of 5.2%.

The EBITDA stood at 71 M€, which includes the contributions of the:

• (i) underlying EBITDA, amounting to 59 M€; and,
• (ii) equity method results of 12 M€, comprising Sonae Sierra direct results, as well as NOS and GeoStar contributions.

Supported by the combination of a lower net debt level and a lower cost of debt, net financial activity improved by 10.2% y.o.y., totalling negative 18 M€ in 1Q15. It is worth highlighting that the financial results are only related to retail and investment management businesses.

In 1Q15, despite the improvements in the equity method results and in the net financial activity, direct results amounted to 6 M€, impacted by the lower underlying EBITDA and the higher D&A.

Indirect results reached 16 M€, which is mainly driven by the positive NOS mark to market effect.

Net income attributable to the group stood at 20 M€, which compares to 10 M€ in 1Q14.

7 CAPITAL STRUCTURE

Net invested capital
Million euros	1Q14	1Q15	y.o.y.
Net invested capital	3,185	3,251	2.1%
Technical investment	2,015	2,033	0.9%
Financial investment	1,241	1,284	3.5%
Goodwill	611	609	-0.4%
Working capital	-682	-675	1.1%
Total shareholders funds	1,681	1,774	5.5%
Total net debt(1)	1,504	1,477	-1.8%
Net debt / Invested capital	47.2%	45.4%	-1.8 p.p.

(1) Financial netdebt + net shareholder loans.

Net debt
Million euros	1Q14	1Q15	y.o.y.
Financial net debt	1,498	1,473	-1.7%
Retail units	1,024	890	-13.1%
Sonae IM	44	46	5.4%
Holding & other	431	538	24.8%
Total net debt	1,504	1,477	-1.8%

Capital Structure - Retail Net debt to EBITDA
1Q13	1Q14	1Q15

$$
\frac{3.2}{2.2} = 2.7 - 2.7 - 2.7 - 2.2 = 2.4
$$

In 1Q15, total shareholders' funds stood at 1,774 M€, 93 M€ above the same period of 2014.

Sonae continued strengthening its balance sheet, presenting, in 1Q15, an average book value gearing of 0.8x. Average gearing at market value stood at 0.6x, improving 0.2x when compared to 1Q14.

Total net debt stood at 1,477 M€ at the end of 1Q15, decreasing 27 M€ when compared to the same period of 2014, thus continuing the decreasing trend registered over the last quarters.

As regards the debt maturity profile, Sonae completed in 2014 and already in 2015 a number of financing transactions that anticipated, under favourable conditions, all the credit facilities maturing in 2015 and the majority of the credit facilities maturing in 2016.

Sonae continues much focused in increasing the average maturity of its debt, while optimising the cost of funding. The average interest rate of outstanding credit facilities at the end of 1Q15 was slightly below 3%.

In 1Q15, retail financial net debt reduced 134 M€ to 890 M€, driven by sustainable cash flow generation over the last 12 months. Retail total net debt to EBITDA reached 2.4x at the end of 1Q15, providing evidence of Sonae solid capital structure.

At the end of the quarter, holding net debt reached 538 M€. The loan-to-value ratio of the holding remained stable when compared to 1Q14, registering a conservative level of 11%.

8 CORPORATE INFORMATION

Main corporate events in 1Q15

On 21st January 2015, Sonae Sierra strengthened its professional services business for third parties by celebrating new contracts for the leasing and management of three shopping centres in Hamburg. The company will be responsible for the management and leasing of Union Investment's shopping centres Quarrée Wandsbek-Markt, Mercado and Geschäftshaus Ottensen in Hamburg.

On 23rd February 2015, MO launched its ecommerce platform. Like the Zippy products, MO products became available online. The partnership with the Continente loyalty card is maintained in case of online sales.

On 9 th March 2015, Sonae received a letter from Efanor Investimentos, announcing Mr. Belmiro Mendes de Azevedo decision of not being a candidate to the membership of Sonae's Board of Directors that will be elected at Sonae's next Annual General Meeting. The same letter mentioned that taking into full consideration the duties of Sonae's Board of Directors and its legal and statutory autonomy regarding the appointment of its Chairman and CEO, it will be proposed to the elected Board of Directors that Duarte Paulo Teixeira de Azevedo should be appointed as Chairman and co-CEO and that Ângelo Gabriel Ribeirinho dos Santos Paupério should be appointed as co-CEO in order to ensure that the company continues to follow a management philosophy that is coherent with that which was carried out until now, in close cooperation with its shareholders' strategic interests.

Subsequent information

In the Annual General Assembly which took place on 30th April 2015, the company's shareholders approved, amongst other items, the distribution of a gross dividend per share, relative to the 2014 financial year, in the amount of 0.0365 euros, 5% above the dividend distributed in the previous year. This dividend corresponds to a dividend yield of 3.6%, based on the closing price as at December 31st 2014, and to a payout ratio of 58% of the consolidated direct income attributable to equity holders of Sonae.

9 ADDITIONAL INFORMATION

Methodological notes

The consolidated financial information contained in this report was prepared in accordance with International Financial Reporting Standards ("IFRS"), as adopted by the European Union. The financial information regarding quarterly and semi-annual figures was not subject to audit procedures.

Glossary

CAPEX	Investments in tangible and intangible assets and investments in acquisitions.
Direct results	Results excluding contributions to indirect results.
(Direct) EBIT	Direct EBT - financial results.
EBITDA	Underlying EBITDA + equity method results (Sonae Sierra direct results, NOS and Geostar) + non-recurrent items.
EBITDA margin	EBITDA / Turnover.
(Direct) EBT	Direct results before non-controlling interests and taxes.
Eliminations & adjustments	Intra-groups + consolidation adjustments + contributions from other companies not included in the identified segments.
EoP	End of period.
Free Cash Flow (FCF)	EBITDA - operating CAPEX - change in working capital -financial investments - financial results - income taxes.
Financial net debt	Total net debt excluding shareholders loans.
FMCG	Fast-Moving Consumer Goods.
Gearing (book	Average of last four quarters considering, for each quarter, total net debt (EoP) / total
value)	shareholders' funds (EoP).
Gearing (market value)	Average of last four quarters considering, for each quarter, total net debt (EoP) / equity value considering closing price of Sonae shares at the last day of each quarter.
GLAs	Gross Lettable Area: equivalent to the total area available to be rented in the shopping centres.

Investment properties	Shopping centres in operation owned by Sonae Sierra.
Liquidity	Cash & equivalents + current investments, excluding the 2.14% participation at NOS.
Like for Like sales (LfL)	Sales made by stores that operated in both periods under the same conditions. Excludes stores opened, closed or which suffered major upgrade works in one of the periods.
Loan to value (LTV) - Holding	Holding Net debt / Investment Portfolio Gross Asset Value; gross asset value based on Market multiples, real estate NAV and market capitalization for listed companies.
Loan to value (LTV) - Shopping Centres	Net debt / (investment properties + properties under development).
LTM	Last twelve months.
Net asset value (NAV)	Open market value attributable to Sonae Sierra - net debt - minorities + deferred tax liabilities.
Net debt	Bonds + bank loans + other loans + financial leases + shareholder loans - cash, bank deposits, current investments, excluding the 2.14% participation at NOS, and other long term financial applications.
Net invested capital	Total net debt + total shareholders' funds.
Other income	Dividends.
Other loans	Bonds, leasing and derivatives.
Open market value (OMV)	Fair value of properties in operation and under development (100%), provided by independent international entities.
Return on Invested Capital (RoIC)	EBIT (12 months) / Net invested capital.
Return on equity (ROE)	Total net income n (equity holders) / Shareholders' Funds n-1 (equity holders).
RGU	Revenue generating unit
Technical investment	Tangible assets + intangible assets + other fixed assets - depreciations and amortizations.
Underlying EBITDA	Recurrent EBITDA from the businesses consolidated using the full consolidation method (Sonae MC, SR and RP and Sonae IM).

Number of stores and sales area

		N. of stores				Sales area ('000 sqm)
	31 Dec 2014	stores opened	M&A	banner changed	stores closed	31 March 2015	31 Dec 2014	stores opened and refurbished	M&A	banner changed	stores closed	31 March 2015
Sonae MC	640	2 2	0	0	-6	656	639	5	0	0	-1	642
Company operated (1)	478	6	0	0	-2	482	595	2	0	0	0	597
continente	4 0	0	0	0	0	4 0	284	0	0	0	0	284
continente modelo	121	0	0	0	0	121	241	0	0	0	0	241
continente bom dia	4 1	1	0	0	0	4 2	4 2	2	0	0	0	4 4
well's	147	2	0	0	-2	147	1 3	0	0	0	0	1 3
bom bocado	102	1	0	0	0	103	6	0	0	0	0	6
note	2 0	2	0	0	0	2 2	6	0	0	0	0	6
other (2)	7	0	0	0	0	7	4	0	0	0	0	4
Franchising	162	1 6	0	0	-4	174	4 3	2	0	0	-1	4 5
continente modelo	7	0	0	0	0	7	1 7	0	0	0	0	1 7
meu super	140	1 4	0	0	-4	150	2 5	2	0	0	-1	2 6
well's	9	1	0	0	0	1 0	1	0	0	0	0	1
bom bocado	4	0	0	0	0	4	0	0	0	0	0	0
note	2	1	0	0	0	3	0	0	0	0	0	0
Sonae SR	595	6	0	0	-14	587	398	0	0	0	-12	386
Company operated (1)	522	3	0	0	-6	519	377	-1	0	0	-10	367
Electronics	228	1	0	0	-5	224	199	-1	0	0	-8	190
Portugal	181	1	0	0	-1	181	123	-1	0	0	0	122
worten	139	0	0	0	0	139	121	-1	0	0	0	120
worten mobile	4 2	1	0	0	-1	4 2	1	0	0	0	0	1
Spain	4 7	0	0	0	-4	4 3	7 6	0	0	0	-8	6 8
worten	4 7	0	0	0	-4	4 3	7 6	0	0	0	-8	6 8
Sports	111	1	0	0	-1	111	101	1	0	0	-2	100
Portugal	7 7	0	0	0	0	7 7	6 4	0	0	0	0	6 4
sport zone	7 7	0	0	0	0	7 7	6 4	0	0	0	0	6 4
Spain	3 4	1	0	0	-1	3 4	3 6	1	0	0	-2	3 5
sport zone	3 4	1	0	0	-1	3 4	3 6	1	0	0	-2	3 5
Fashion	183	1	0	0	0	184	7 8	0	0	0	0	7 8
Portugal	146	0	0	0	0	146	6 7	-1	0	0	0	6 7
mo	108	0	0	0	0	108	5 5	0	0	0	0	5 4
zippy	3 8	0	0	0	0	3 8	1 3	0	0	0	0	1 2
Spain	3 5	1	0	0	0	3 6	1 0	0	0	0	0	1 1
zippy	3 5	1	0	0	0	3 6	1 0	0	0	0	0	1 1
Turkey	2	0	0	0	0	2	1	0	0	0	0	1
zippy	2	0	0	0	0	2	1	0	0	0	0	1
Franchising	7 3	3	0	0	-8	6 8	2 0	0	0	0	-2	1 9
Electronics	4	0	0	0	0	4	2	0	0	0	0	2
Portugal	4	0	0	0	0	4	2	0	0	0	0	2
worten	4	0	0	0	0	4	2	0	0	0	0	2
Sports	4	0	0	0	0	4	2	0	0	0	0	2
Portugal	3	0	0	0	0	3	2	0	0	0	0	2
sport zone	3	0	0	0	0	3	2	0	0	0	0	2
Spain	1	0	0	0	0	1	0	0	0	0	0	0
sport zone	1	0	0	0	0	1	0	0	0	0	0	0
Fashion	6 5	3	0	0	-8	6 0	1 7	0	0	0	-2	1 5
Portugal (mo)	5	0	0	0	0	5	1	0	0	0	0	1
Other countries	6 0	3	0	0	-8	5 5	1 5	0	0	0	-2	1 4
zippy (4)	4 7	3	0	0	-7	4 3	1 0	0	0	0	-1	9
mo (5)	1 3	0	0	0	-1	1 2	5	0	0	0	0	4

(2) Includes outlet;

(3) Includes Turkey, Saudi Arabia, Egypt, Kazakhstan, Azerbaijan, Dominican Republic, Malta, United States, Venezuela, Morocco, Lebanon, Qatar, St. Maarten,

Jordan, Armenia, Chile, Georgia, Ecuador and Kurdistan;

(4) Includes Spain, Malta, Bulgaria and Mozambique.

Consolidated Profit and Loss Account

Consolidated profit and loss account
Million euros	1Q14	1Q15	y.o.y.
Turnover	1,126	1,146	1.7%
Underlying EBITDA	60	59	-1.6%
Underlying EBITDA margin	5.3%	5.2%	-0.2 p.p.
EBITDA	71	71	1.0%
EBITDA margin	6.3%	6.2%	0.0 p.p.
Depreciations & amortizations (1)	-43	-45	-5.0%
EBIT	28	26	-5.2%
Net financial activity	-20	-18	10.2%
Other items (2)	0	0	-
EBT	8	8	5.3%
Taxes	0	-3	-
Direct results	8	6	-30.3%
Indirect results (3)	2	16	-
Net income	10	21	108.8%
Non-controlling interests	0	-2	-
Net income group share	10	20	95.9%

(1) Includes provisions, impairments, reversion of impairments; (2) dividends; (3) Includes: (i) Sonae's Sierra indirect income contribution; (ii) NOS mark t o market effect; (iii) other asset provisions for possible future liabilities in non-core and/or discontinued operations and (iv) non-cash impairments for operational assets.

Consolidated Statement of Financial Position

Consolidated statement of financial position
Million euros	1Q14 (1)	1Q15	y.o.y.
TOTAL ASSETS	5,381	5,429	0.9%
Non current assets	3,988	3,994	0.1%
Tangible and intangible assets	2,014	2,032	0.9%
Goodwill	611	609	-0.4%
Other investments	1,192	1,222	2.5%
Deferred tax assets	141	103	-26.7%
Others	30	28	-6.8%
Current assets	1,393	1,435	3.1%
Stocks	566	582	3.0%
Trade debtors	71	82	15.1%
Liquidity	445	451	1.3%
Others	311	320	2.9%
SHAREHOLDERS' FUNDS	1,681	1,774	5.5%
Group share	1,512	1,615	6.8%
Attributable to minority interests	170	159	-6.0%
LIABILITIES	3,700	3,655	-1.2%
Non-current liabilities	1,838	1,069	-41.9%
Bank loans	503	263	-47.8%
Other loans	1,102	624	-43.3%
Deferred tax liabilities	133	100	-24.6%
Provisions	46	33	-27.5%
Others	55	48	-12.2%
Current liabilities	1,861	2,586	39.0%
Bank loans	176	217	23.2%
Other loans	177	832	-
Trade creditors	869	967	11.3%
Others	639	571	-10.7%
SHAREHOLDERS' FUNDS + LIABILITIES	5,381	5,429	0.9%

(1) Under the Special Regime of Debt Adjustments to the Fiscal Authorities and Social Security (Decree Law No. 248-A/2002 and Decree Law No. 151-A/2013) , Sonae voluntarily made payments to the State relating to additional tax assessments of previous years, for which, at the time of such payments, Sonae had already brought the corresponding judicial appeals, lying processes running under the relevant courts. These payments were recognized in assets, according to "IAS 12 - Income Taxes".

However, during the verification process of the 2012 accounts, CMVM disagreed with the interpretation of Sonae and requested the retrospective correction of the financial statements, arguing that the payments made in respect of other taxes than income tax should be considered as contingent assets. While not agreeing with the position of CMVM, Sonae made the restatement of financial statements. The impact of this change is nil in the income statement and immaterial in the statement of financial position.

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 not limited to, changes in regulation, industry and economic conditions; and the effects of competition. Forward-looking statements may be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "seeks," "estimates," "future" or similar expressions.

Although these statements reflect our current expectations, which we believe are reasonable, investors 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 materially from those expressed in, or implied or projected by, the forwardlooking 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.

Report available at Sonae's institutional website www.sonae.pt

Media and Investor Contacts

Patrícia Vieira Pinto Head of Investor Relations pavpinto@sonae.pt Tel.: + 351 22 010 4794

Catarina Oliveira Fernandes Head of Communication, Brand and Corporate Responsibility catarina.fernandes@sonae.pt Tel: + 351 22 010 4775

Rita Barrocas External Communication rfbarrocas@sonae.pt Tel: + 351 22 010 4745

Sonae Lugar do Espido Via Norte 4471-909 Maia Portugal Tel.: +351 22 948 7522 Fax: +351 22 940 4634

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