HSBC – 9TH EQUITY CONFERENCE - Sonae – 9th equity conference ... the corporate guidelines ......

HSBC – 9TH EQUITY CONFERENCE

March 2011

INVESTOR’SINVESTOR’S

KEY QUESTIONSKEY QUESTIONSAND CONCERNSAND CONCERNS

2

Q1Q1.

WHAT ISWHAT ISSONAE?SONAE?

Q1. WHAT IS SONAE?

WE ARE SONAEWE AREA RETAILCOMPANY 100% 100%

SONAE MC SONAE SR

100%

SONAE RP

SONAE50%

SONAE SIERRA

55%

SONAECOM

• Market leader in foodand specialized retail

SONAE MCFood Retail

Hypers Non Food Retail

SONAE SRSpecialisedRetail

Retail real

SONAE RPRetail Properties

Shopping centre

SONAE SIERRAShopping Centres

Integrated

SONAECOMTelco

pformats

• With Board controlof a Shopping Centreand a Telecommunications CORE RELATED

Hypersand Supers

Non-Food Retailformats:sports, fashionand electronics

Retail realestate assets

CORE

Shopping centredeveloper, ownerand manager

Integratedtelecomprovider

and a Telecommunicationsbusiness

COREBUSINESSES

RELATEDBUSINESSES

COREPARTNERSHIPS

RETAIL & RELATED BUSINESSES

4

Q1. WHAT IS SONAE?

WITH A STABLE FREE FLOAT31 .4%WITH A STABLESHAREHOLDERSTRUCTURE

FREE FLOATOF CIRCA47%

53.1 %

Reference shareholder,Efanor, a family holding

47%EfanorBestinverBPI

*including BPI equity swap

2.5%, y gcompany

Fundação BerardoNorges Bank

BPI

2.1%

2.0%

8.9%Others

BPIstake includesequity swapof 132.8 millionSonae shares

SHARE CAPITAL2,000 million

AVERAGE DAILYVOLUME (2010)~6 million shares;5 2 million e ros

MARKETCAPITALIZATION(as of 31 Dec 10)1 5 billion e ros

FREE FLOAT(as of 31 Dec 10)0.72 billion euros

5

Sonae shares(~7% of sharecapital)

5.2 million euros 1.5 billion euros

Q2Q2.

WHAT ISWHAT ISYOUR CORPORATEYOUR CORPORATESTRATEGY?STRATEGY?

Q2. WHAT IS YOUR CORPORATE STRATEGY?

CORPORATE STRATEGIC PILLARSVALUE CREATIONTHROUGHINTERNATIONALEXPANSION

GO INTERNATIONAL DIVERSIFYINVESTMENT STYLE

LEVERAGEEXCEPTIONAL ASSETBASE IN PORTUGAL

AND THESTRENGTHENINGOF THE CORE

• THE MAIN STRATEGIC PRIORITY• DILUTION OF COUNTRY RISK• NEW GROWTH AVENUES

• ADOPT THE MOST APPROPRIATEINVESTMENT STYLE

• WHOLLY OWNED BUSINESSESPARTNERSHIPS

• INNOVATE• GENERATE NEW BUSINESSES• STRENGTHEN OUR COMPETITIVE

POSITIONBUSINESSES

PORTUGAL IS A SMALL COUNTRY• Current core business with leader

• Use capital light models(renting vs. owning;

• PARTNERSHIPS• MINORITY STAKES

POSITION

• Capitalize on assetsand competencies in base market

formats in mature markets

• Widens competences, knowledgeand experience pool

• New sources of value creation

partnerships vs. full control)

• Release capital from real estate

• Accelerate growth whileminimizing indebtedness level

to launch new projectsin adjacent areas

• Reinforce the asset baseand protect core markets

7

g

• Minimizes risk


CORPORATE SONAE MC SONAE SR SONAE RP

STRATEGYREFLECTEDIN EACH RETAIL

FOCUS ON LEADERSHIPAND PROFITABILITY

FOCUS ON GROWTH ANDINTERNATIONALIZATION

ASSETMONETIZATION

BUSINESSSTRATEGY

• Consolidate market leadership

• Explore new adjacent businessopportunities leveraging on a strongmanagement team and know-how

• Configure an ambitious internationaloperation, with a strong expansionin Spain

• Explore franchising and/or

• Plan to release investedcapital freehold ownership of salesarea in food retail

• Focus on Asset Managementmanagement team and know howin retail

• Manage the business in Portugalas a sustainable cash flow generator

• Look for international opportunities

Explore franchising and/orjoint-venture opportunitiesas means to accelerate growth

• Consolidate market leadershipin Portugal and improve profitability

Focus on Asset Management

• Seek Property Developmentopportunities

Sonae’s businessesaccommodatedthe corporate guidelinesand developed pp

of growth • Continue to use Portugal as a testplant for new formats

and developedthe correspondentstrategic planning

8


CORPORATE PROFITABLEGROWTH

INTERNATIONALEXPANSION

REDUCEDEBT LEVELSTRATEGY

MATERIALISEDIN MLT FINANCIAL

GROWTH EXPANSION DEBT LEVEL

ROE>15%

25% of turnoverd 35% f t

Deleveraging overti i b l t

Deliver growthinturnover and profitability

GOALS >15% and 35% of assetsin internationaloperations

time in absoluteand relative terms

inturnover and profitability,while pursuing a longterm strategyof internationalizationand strengthening of core

Turnover growth rate>10%

~1/3 of investedcapital in partnershipswithout full control

Investment gradeprofile in 2012

and strengthening of corebusinesses, and graduallyreduce debt level, improvingleverage ratios

without full control

9

Q3Q3.

WHATWHATHAVE YOU DONEHAVE YOU DONESO FAR?SO FAR?

Q3. WHAT HAVE YOU DONE SO FAR?

PROFITABLE GROWTHPROFITABLE GROWTHAND NEW ADJACENTBUSINESS AREAS

11

ProfitableG th


Growth

IN 2010 FOOD MARKETWE INCREASEDLEADERSHIPOF THE FOOD

INCREASE IN SALES(+5%) ABOVE THAT

MODELOCONTINENTEOF THE FOOD

RETAIL MARKET(+5%) ABOVE THATOF THE MODERNRETAIL MARKET

1.3x .

2 4X 2 7x3.6x

2.4X 2.7x3.5x

MarketLeader

2ndPlayer

3rdPlayer

4thPlayer

5thPlayer

6thPlayery y y y y

Source: Homescan Nielsen12


ProfitableG thGrowth

LEADERSHIP SALES ON A LIKE FOR LIKEBASIS 2010 3%

EBITDA margin 2010 = 7.1%I i f 6 4% i 2009LEADERSHIP

HAS ENABLEDGROWTH ANDPROFITABILITY

BASIS 2010 = 3%Benefiting from a clear valuefocused offering

Increasing from 6.4% in 2009reflecting scale, cost-cuttingmeasures and effectiveness ofpromotions through the loyalty card

PROFITABILITYTO BE ACHIEVED TURNOVER (M€) EBITDA (M€) TURNOVER = +5%

EBITDA= +16%2,930

3,2753,106231

187231

199+6% +5%

+6% +16%

2008 20102009 2008 20102009

13


ProfitableG th

NEW TECHNIQUES OF USING CLIENT INFORMATION:PERFORMANCE

Growth

Q

‘CUSTOMER CENTRICITY RETAIL’PERFORMANCELEVERAGESON THE VALUEAND SUCESSAND SUCESSOF THE LOYALTYPROGRAM

2008NUMBER OF CLIENTSWITH LOYALTY CARD

2009 2010

2.8 million 2.9 million >3.0 million

% OF SALES ASSOCIATEDWITH CARD 83% 84.5% 86%

14


ProfitableG th

KEY ISSUE:PERFORMANCE

Growth

INTERNATIONAL SOURCINGPERFORMANCEREFLECTSTHE STATEOF THE ARTOF THE ARTBUSINESSPROCESSES

• Internationalprocurement,quality control,

• Recurrentcontactsin 50 countries

• Sonae MCwith 14%of international

• ~80.000 SKU’sand ~2.000suppliers

administrativeand logisticmanagementSi 1994

• Dedicated officesin China and Brazil

sourcing• 700 M€of global importsfor Sonae group

• Since 1994

15


ProfitableG th

PERFORMANCE # OWN REFERENCES AND % FMCG SALES

Growth

PERFORMANCEREFLECTSTHE STRONGAND CONTINUOUS

AND

OWN LABEL OFFERED IN ALL PRODUCT CATEGORIESAND INCREASING IMPORTANCEAND CONTINUOUS

INVESTMENTIN PRIVATE LABEL

INVESTMENT IN OWN BRAND• Broadening of the Own Brand range• Representing a quarter of FMCG sales

2,1002,400 2,500

• Representing a quarter of FMCG sales• Own Brands include:• The Continente brand

(20% cheaper than the sales category leader)1st i b d

20%23%

26%

• 1st price brands(best price on the market)

• Controlled brands(gourmet, selection, etc.)2008 2009 2010

16


ProfitableG th

PERFORMANCE ORGANIC GROWTH IN LAST 12 MONTHS

Growth

PERFORMANCEREFLECTSTHE SOLIDORGANIC GROWTH

Sales area (‘000 m2) STORES415

NEW STORES:

+17 000m2

492 528 544

ORGANIC GROWTHIN PORTUGAL

415 +17,000m2

+44 stores+3%+3%

SALES AREA544,000 M2

2008 2009 2010

17


ProfitableG th

PERFORMANCE COST CONTROL STOCK IMPROVEMENTS

Growth

PERFORMANCEREFLECTS OUROPERATIONALEFFICIENCY

COST CONTROL STOCKOPTIMIZATION

IMPROVEMENTSIN OPERATIONALEFFICIENCY

EFFICIENCYCost-cutting measuresSpecific teams focusedon minimizing

d ll

Implementationof the Kaizen methodaimed at identifying,

d d l

Reductionon average stock(less 3 days in 2010)

and controlling costs reducing and eliminatingsuboptimal processes

18


ProfitableG th

AND THE CONTINENTE AND MODELO EACH HAVE DISTINCTIVE COMPETENCIES

Growth

… AND THESTRENGTHENINGOF OURCOMPETENCIES

STRONG BRANDRECOGNITION

PRODUCTOFFER VARIETY

EXCELLENCEOF THE LOGISTICS

Continente is considered Continente: 2 logistics warehouses

COMPETENCIESAND VALUEPROPOSAL

RECOGNITION OFFER VARIETY OF THE LOGISTICSINFRASTRUCTURE

to be the “Brandof Confidence”by consumersfor the 8th year running

~70,000 sales items

Modelo:~40 000 sales items

gto centralize distributionfor the North and the Southof the countryTotal logistics area: 221 000 m2for the 8 year running 40,000 sales items Total logistics area: 221,000 m2

19


New adjacentb i t iti

LEVERAGE

business opportunities

A t t R i f t f thC i b i

LEVERAGEON KNOW-HOWIN RETAIL

• A new store conceptfor Deep Frozen Products

• Offers a wide rangeof products, such as readyto eat meals desserts

• Reinforcement of theexisting wholesale business(since 2008 supplier to a numberof petrol station conveniencestores)

• Convenience business• Franchised local food retail

stores• Between 150 m2 and 999 m2

• Located mainlyto eat meals, desserts,snacks, as well as basicingredients such as fishand meat

stores)• Satisfy the needsof professional customerswho operate in the hoteland restaurant sectors

• Located mainlyin residential areas

• Partners with guaranteedcompetitive prices, accessto own brand Continente and restaurant sectors

supplying public and privateinstitutions

• Own sales force, makingdeliveries to the customer’sd

and other suppliers’ products

door

20

PROFITABLE GROWTHPROFITABLE GROWTHAND INTERNATIONALAND INTERNATIONALEXPANSIONEXPANSION

21


ProfitableG th

WE MAINTENED NEW STORES:L 12 h

Growth

EBITDAP t l (M€)

TURNOVERP t l (M€)

WEGROWTHAND PROFITABILITYIN PORTUGAL

Last 12 months

+18,000m2

+18 stores1,041988

Portugal (M€)Portugal (M€)

STORES414

+18 stores898988

587271

Strengthening of leadershipposition in the consumerelectronics and sports goods

+5%+2%

+21%

414

2008 20102009 2008 20102009

p gsectorsSPORTZONE #1 in PortugalWORTEN #1 in Portugal

Good performance


2008 20102009 2008 20102009Good performanceby the textiles formatsMODALFAZIPPY

256,000 MAS AT END 2010

22

InternationalE i


Expansion

WE ACCELERATED SPORTZONE = 28 (+14) | WORTEN = 25 (+11) | ZIPPY = 36 (+26)

NEW STORES:Last 12 months

WEOUR INTERNATIONALGROWTH

SPORTZONE ( 14) | WORTEN ( 11) | ZIPPY ( 26)

INTERNATIONALORGANIC GROWTHSales area (‘000 m2)

TURNOVERInternational (M€)

231108+51 stores+52,000m2

+60%

Sales area ( 000 m2)

144

34

+94%+60%

56STORES89

30

2008 20102009 2008 2009 2010


AS AT END 2010

23

InternationalE i


Expansion

INTERNATIONAL Sonae SREBITDA (M€)

EXPANSION EFFORTIMPACTINGPROFITABILITY BUT

Sonae SR Portugal

Sonae SR International

-

58

7172

IN LINE WITH THEGOAL OF POSITIVEEBITDA IN 2012,

SONAE SR EBITDAREFLECTING:

Market entry costs

58

,IN SPAIN • Market entry costs

• Organic growth20% 4852 45

6 23

20092008

-6 -23-27

2010

24


InternationalE i

INTERNATIONALI- 1ST JOINT-VENTURES 1ST FRANCHISING > 110 STORES

Expansion

INTERNATIONALIZATION BASEDON NEW EXPANSIONMODELS:

Worten Canary IslandsSportZone Canary Islands

CONTRACTS 10 COUNTRIES

Zippy Canary IslandsZippy Middle East

SpainKingdom of Saudi ArabiaJOINT-VENTURES

AND FRANCHISING

SportZone Canary Islands Zippy Middle East Kingdom of Saudi ArabiaUnited Arab EmiratesJordanEgyptEgyptLebanonQatarBehrainBehrainKuwaitKazakhstan

25

ASSETASSETMONETIZATIONMONETIZATION

26

AssetM ti ti


Monetization

RETAIL HYPERMARKETSINVESTED CAPITAL 9 SALE & LEASE BACKRETAILPROPERTIESBUSINESS UNITAN IMPORTANT

Continente34 stores owned90% total sales area

(end 20 10)

1.4 Billion Euros(Net book value)

TRANSACTIONSCOMPLETEDTotal Cash-In = 153million €Capital Gain = 56 million €AN IMPORTANT

SOURCEOF CAPITAL

SUPERMARKETSModelo98 stores owned79% total sales area

Azambuja logisticsplatformValue - 33 million €

79% total sales area2 Modelos storesValue - 12 million €

6 Modelos stores;;1 Continente; 1 Worten;1 SportZoneValue -65 million €

1 Continente/1 Worten

27

1 Continente/1 WortenValue -42 million €

Q4Q4.WHAT ARE YOURWHAT ARE YOURSTRATEGIC OPTIONSFOR THE SHOPPING CENTREFOR THE SHOPPING CENTREAND TELECOMMUNICATIONSAND TELECOMMUNICATIONSBUSINESSES?

Q4. WHAT ARE YOUR STRATEGIC OPTIONS FOR THE SHOPPING CENTRE BUSINESS?

A SELF AN INTERNATIONAL SHOPPING CENTRESPECIALIST 50% OWNED JOINT VENTURE

COMMITMENT TO ACHIEVE ABOVE INDUSTRYAVERAGE RETURNA SELF

SUSTAINABLECOMPANY WITH NO“CALL FOR MONEY”

SPECIALIST, 50% OWNED JOINT-VENTUREWITH GROSVENOR• With presence in Portugal, Brazil, Spain, Italy,Germany, Greece and RomaniaOwning 53 Shopping centres with open market value

AVERAGE RETURN• Return on Equity - long term target of 15%• Dividends - 50% of direct net profit after minoritiesplus 50% gain on salesCALL FOR MONEY

AND A DIVIDENDPAYER ON AREGULAR BASIS

• Owning 53 Shopping centres with open market valueof ~6.5 billion euros

EBITDA (M€) DIRECT PROFITS (M€) EBITDA PERFORMANCE

IN 2010 :• Occupancy rate = 96%• Total rentscollected (fixed

andvariable)up 4% on a LfL basis

109123

REFLECTING ONGOINGCOST CUTTING MEASURESAND OPERATIONALIMPROVEMENTS+13%andvariable)up 4% on a LfL basis

• Expansion restricted in Europebut partially offset by greaterdevelopment activity in Brazil

4358 INDIRECT PROFITS

SHOWING SIGNSOF STABILIZATION

+13%

+36%

2009 2010 2009 2010

29

Q4. WHAT ARE YOUR STRATEGIC OPTIONS FOR THE SHOPPING CENTRE BUSINESS?

GROW CONTINUE TO MAKEGROW IN PROMISING NEW APPROACHGROWIN EMERGENTMARKETS

OPERATIONALIMPROVEMENTS,in spite of the fallin consumption in certain

MARKETS:• Speed up expansionin Brazil, so as to capitalizeon the country s rapid

TOWARDS EUROPE ASSETPORTFOLIO• Shift to a more capital lightapproach in Iberiain consumption in certain

sectors in Europeon the country s rapideconomic growth

• Reinforce emergentmarkets presence andservices to third parties

approach in Iberia,concentrating on keyassets

• Prepare the companyfor European recoveryservices to third parties,

developing new growthavenues profiting fromthe expertise as retail

d l

for European recoveryin selected countries,freeing up capitaland starting withh bproperty developers

and property and assetmanagers

the best projects

30

Q4. WHAT ARE YOUR STRATEGIC OPTIONS FOR THE TELECOMMUNICATIONS BUSINESS?

A SUSTAINABLE• Stable/growing mobile business:

i k t h t i i d i• Comfortable capital structure

St bl f h h ldA SUSTAINABLESTAND ALONEBUSINESS

growing market share; sustaining good margins• Good performing wholesale:

Corporate & Wireline business• Fully integrated telecom’s structure

and convergent market approach

• Stable reference shareholder• Strong management team• Growth in mobile customers and customer revenues• Gains in mobile market share• Cost control policies

Strict investment management

EBITDA (M€)MOBILE SEGMENT CUSTOMERS (thousand)

• Strict investment management

3 5613,604

3,433 3,450 3,4693,561

176

194

3,604

160

+5%+10%

4Q10 2008 2009 20104Q09 1Q10 2Q10

31

3Q10

Q4. WHAT ARE YOUR STRATEGIC OPTIONS FOR THE TELECOMMUNICATIONS BUSINESS?

CASH FLOWCASH FLOWMANAGEMENT

FOCUSOn the growth On cash-generation,

FOCUSg

of the mobile business,leading mobile marketshare gains

greinforcing efficiencyprograms

share gains,particularly in the mobiledata segmentdata segment

32

Q5Q5.

HAVE YOU REACHEDHAVE YOU REACHEDYOUR FINANCIALYOUR FINANCIALOBJECTIVES?OBJECTIVES?

Q5. HAVE YOU REACHED YOUR FINANCIAL OBJECTIVES?

IN 2010 WE CONTINUEDIN 2010 WE CONTINUEDTO DELIVER PROFITABLEGROWTH ON TRACKGROWTH, ON TRACKOF OUR INTERNALOBJECTIVESOBJECTIVES

NET DIRECT PROFITS

22RECURRENT EBITDA

9TURNOVER TURNOVER RETAIL

+22%+9%+4% +7%34


W EW ECONTINUEDTO IMPROVE

21% 21%

13%14%

14%11pp

15pp14pp 13pp 14pp

16pp15pp

17pp 16pp

15%

18pp

11% 14%

16pp

TO IMPROVEOUR RETURNON EQUITY

7%

3% 2%5%

8%

6pp

pp

3pp0pp

10pp11pp 11pp

14%

ON EQUITY

Direct Incomecontribution to RoE

-7pp

-10pp -11pp -11pp

-7pp-4pp

-2pp-3pp

-2pp

ROE

Indirect Incomecontribution to ROE

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 3Q102Q10 4Q10

35

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 3Q102Q10 4Q10


W HILE GROSS CAPEX NUMBER OF STORESOUTSIDE PORTUGAL(2010)W HILE

INVESTINGIN FUTURE

GROSS CAPEX

412 M€OUTSIDE PORTUGAL

OUTSIDE PORTUGAL

(2010)

IN FUTUREGROWTH

89

OUTSIDE PORTUGAL

~100M€38

High levels of investmenti t il it i i

2007 2008 2010

1316in retail unit organic expansion:

+74,000m2(2010)2009

0

36

2007 2008 20102009


AND DELTA VS. SQLYNET DEBT... AND

W HILEREDUCING

NET DEBT

2,852M€335

REDUCINGNET DEBT 52

-79

2Q 3Q 4Q 1Q 2Q 3Q 4Q

-299-258

-301-228

37

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10


MAJORMAJORIMPROVEMENTIN DEBT EBITDA/INTEREST

CONSOLIDATED FIGURESNET DEBT/EBITDACONSOLIDATED FIGURES11 .5x

RATIOS9.7x

10.9x 11.4x

8 2x4.5x

4.8x4.6x

4.4x8.5x

7.8x

6 0x

7.1x

7.9x 8.2x 4.4x

3.6x4.1x 3.8x 3.7x

3.9x

4Q09

1Q10

2Q10

3Q10

4Q10

4Q09

1Q10

2Q10

3Q10

4Q10

WITHOUT SONAE SIERRA

6.0x3.1 x

38

09 10 10 10 10 09 10 10 10 10

Q6Q6.

ISN’T SONAEISN T SONAEA HIGHLY LEVERAGEDA HIGHLY LEVERAGEDCOMPANY?COMPANY?

Q6. ISN´T SONAE A HIGHLY LEVERAGED COMPANY?

AN APPROPRIATECAPITALSTRUCTUREIN EACH BUSINESS

SHOPPING CENTRESAND HOLDING LOAN

RETAIL AND TELECOMNET DEBT/EBITDA

TO SUPPORTFUTURE GROW THPLANS

TO VALUE

50.1%46.1% 47.2% 46.8%

3.4x

4.0x3.7x

3.4x46.4%

15% 15% 16% 15%2.2x 2.1x 2.0x 1.9x16%

2.5x

1 .8x

4Q09

1Q10

2Q10

3Q10

4Q10

SIERRA

HOLDING

4Q09

1Q10

2Q10

3Q10

4Q10

RETAIL

SONAECOM

40

09 10 10 10 10 09 10 10 10 10

Q6. ISN´T SONAE A HIGHLY LEVERAGED COMPANY?

TOTAL NET DEBTTOTAL NET DEBT PLAN TO REACHIS EXPECTED TO DROPSTEADILY DURINGTHE NEXT 6 YEARS

IS EXPECTEDTO DROPSIGNIFICANTLY

INVESTMENT GRADEBY 2012

• Strong growth efforts combinedwith planned reduction of debt

• Leveraging on the cash flow generated

• Each company should be perceivedas investment grade by 2012

• Have the option of issuing debt if neededg g gby the market leader operationsin Portugal

• Reflecting sale of retail propertyassets owned

p gto finance growth and/or repay debt

assets owned• Capital light growth approach,

with expansion based on operatingthe leasing of properties rather than

41

g p ptheir ownership

Q7Q7.

WHY SHOULD WE BUYWHY SHOULD WE BUYINTO YOUR STOCK?INTO YOUR STOCK?

Q7. WHY SHOULD WE BUY INTO YOUR STOCK?

UNDERVALUED SONAE’S PER HAS BEEN UNDERVALUED BOTH WHEN COMPAREDSHARE PRICE

HAS BEEN UNDERVALUED BOTH WHEN COMPAREDTO THE MARKET AND TO THE RETAIL SECTOR

SONAE PERComputed using total income

SONAE PER (DIRECT)Computed using direct income

22

Computed using total income Computed using direct income

1416 17

22

15 1416 17

19

14

19

1514

1215 16

15 14

1215 16

1414

2006

11

2007

14

2008

21

2009

15

2010

9

2006 2007 2008 2009 2010

814 19 11 8RETAIL PER (avg)GLOBAL PER (avg)

43


DIVIDEND PAYER The resilence of the cash flows generated gives confidenceth bilit t i t i h h ld ti liON A REGULAR

BASISon the ability to maintain shareholder remuneration policy

3 31 C t 4 2% 35% 39%MAINTAIN THESHAREHOLDERREMUNERATION DIVIDEND PER

SHARE 20 0DIVIDENDYIELD

PAY OUTRATIO

3.31 Cents 4.2% 35% 39%

PAY OUTRATIO

REMUNERATIONPOLICY

Considering Considering 2010 Considering 2010

SHARE 2010 YIELD RATIO RATIO

Proposed by the2010 .12.31 SharePrice

Direct Net Profits*attributable toequity holders

total Net Profitsattributableto equity holders

Board;+5% vs 2009

44* Excluding indirect income impact from devaluation of properties; non-cash impact


AN ATTRACTIVEINVESTMENTOPPORTUNITY

• Confirmed growth in Turnover and ProfitabilityConfirmed growth in Turnover and Profitabilityin the face of adverse macroeconomic conditions

• A clear and ambitious strategy that will enablec ea a d a b t ous st ategy that will enablefor future growth and value creation

• Strong culture and valuesg• High quality management teams

45

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HSBC – 9TH EQUITY CONFERENCE - Sonae – 9th equity conference ... the corporate guidelines ......

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