SONAE : surpasses 1000 stores and pots sales of 4,562 M€ in retail in 2011, reinforcing market leadership

Gains in market share and globalization support performance

SONAE SURPASSES 1000 STORES AND POSTS SALES OF 4,562 M€ IN RETAIL IN

2011, REINFORCING MARKET LEADERSHIP

During 2011 Sonae's retail businesses increased total selling space to almost 1 million m2 and achieved relevant market share gains, with food retail sales up by 2% and international sales of Sonae SR up by 43%

Regarding these results, Paulo Azevedo, Sonae's CEO, refers: "We are pleased to report a retail sales performance in the last quarter of 2011 that was above our expectations, namely considering the projected impacts of the extraordinary tax levied over the Christmas pay in Portugal. It is particularly noteworthy the growth attained by Sonae MC, which is a clear sign that consumers are recognizing, in the current context, the merits of our value proposition.

Despite this positive outcome, we remain cautious in relation to the near term evolution of retail sales in Portugal and Spain, given the economic uncertainties and the low consumer confidence levels expected to prevail throughout 2012."

Joint preliminary sales of Sonae's retail units - Sonae MC and Sonae SR - increased 0.3% in 2011 to

4,562 million Euros, despite the economic environment across the Iberian Peninsula. This positive evolution is the result of a performance that surpassed the market, producing gains in market share by offering the best products and the lowest prices to their clients. This is also a result from the globalization process.

Sonae MC managed to reinforce, in 2011, its leadership on the Portuguese food market in approximately 1 p.p. of share, with a 2% increase of sales to 3,327 millions. Sonae MC registered a like-for-like (comparable stores universe) sales growth of 0.5%, a leading performance clearly

above the average market evolution.This performance was only possible due to the continuous commitment to support the final consumer amidst the current adverse context, delivering the best proposals available on the market and timely responding to alteration in consumption habits, particularly by continually investing in store brand products. The contribution of the store brand portfolio and first sales prices continues to increase, representing approximately 30% in relevant categories throughout 2011.
Sone SR, specialized retail unit, has reinforced its globalization efforts, with an increased presence in Spain and opening of stores in Turkey, Kazakhstan and Egypt, which allowed for the minimization of the impact of consumption losses across the Iberian Peninsula. Sonae SR's turnover was posted at 1,235 million Euros, compared to the 1,272 million Euros registered during the previous year. Within this context, one must emphasize the 43% growth of sales in international markets, with sales across Spain already representing 25% of the unit's total sales, 5
p.p. above the value registered in 2010.

Turnover Million euros
2010 2011	y.o.y
Sonae retail 4.547 4.562 0,3%

Sonae opens 79 stores in 2011 and achieves 1016 units on the countries where it operates

Sonae's retail brands now include a total of 1016 stores as of the end of 2011, a consequence of the liquid opening of 79 units during the year, both in Portugal and abroad. Gross sales' area is almost 1 million square meters, a growth of 61 thousand m2 when compared to the previous year. Sonae MC closed 2010 with a total of 454 food retail stores in Portugal (30 more than in 2010), with a gross sales' area of 564 thousand m2. Sonae SR's specialized retail brands reached a total of 562 units,
49 more than on the previous year, registering 364 thousand m2 of sales' area. Sonae SR
international presence increased up to 44 store, achieving, by the end of 2011, 133 stores abroad

In line with Sonae's development strategy, this group of stores includes the opening of both own stores and stores opened via partnerships or franchise agreements. At the end of 2011, Sonae MC had already opened 22 units in Portugal under franchising agreements, 13 more than in 2010. On the other hand, Sonae SR closed the year with 21 units under franchising agreements, 6 more than

on the previous year, following this distribution: 11 in Portugal, 5 in Saudi Arabia, 3 in Spain, 1 in
Kazakhstan and another one in Egypt.