Press Release - September 30th 2003

In the 1st semester of 2003

• Net Asset Value (NAV) reached € 1.129 million, an 8,9% growth
• Net Consolidated Profits reach € 65 million
• Debt decreases 10,5%

Net Consolidated Profits after Minority Interests reached € 65 million. In the same period of last year they reached € 92 million, however, this included the benefits from the opening of two shopping centres (Parque D. Pedro, in March 2002 and the Plaza Mayor, in April 2002) and the activities of SPEL and Praedium. Without these effects, the Net Consolidated Profits for the first semester of 2002 would have been € 48 million.

The Net Consolidated Profits for the 1st semester of 2003 were positively influenced in € 24.8 million for the sale of 50% of Centro Vasco da Gama to ING, which took place in March 2003. This result was also negatively influenced by the rise of Profit Taxes, a consequence of the changes in Tax Laws for companies.

Sonae� Imobiliária closed the first semester of 2003 with total direct income from Investments of € 113,9 million, a decrease of 6.9% when compared to the 1^st semester of 2002. The income for the 1st semester of 2002 included the profits from the sale of Praedium and the acknowledgment of the profits brought about by the opening of Parque D. Pedro, SPEL's activity and 100% of Vasco da Gama.

EBITDA reached € 45,6 million, a 3.3% decrease compared to the first six months of last year (€ 47,2 million). This decrease is a consequence of the 50% Vasco da Gama sale to ING. This sale leads to rents and fees decrease, when compared with the first semester of 2002.

Indebtedness decreased from € 697 million as of December 31^th 2002 to € 624 million as the end of the 1^st semester, due to the reduction of the position in Vasco da Gama to 50%, which corresponds to a 34% gearing over the assets' market value (38% in 2002). This reflects the Company's sound financial situation.

All of the Company's real estate properties were independently valued as of June 30th 2003 at € 3.047 million, of which € 1,441 million were attributable to the Company's investment properties. On a like-for-like comparison, the attributable value increased by 4.9% and € 241 million correspond to the market value of the assets under development.

As of June 30^th 2003, the NAV ("Net Asset Value") of the attributable property portfolio stood at € 1,129 million (€ 1,037 million as of 31/12/2002).

Total rental income increased by 5,6% in Portugal

During the first semester of 2003, the global performance of the Company's Shopping Centre portfolio was positive taking into account the economic slowdown.

In Portugal, the total rental income increased by 5.6% versus the same period of last year and the sales where stable despite a 2.8% decrease in visits.

In Spain, the total rental income increased by 21.3% versus the same period of 2002, sustained by a 19.6% sales increase and a 7.8% increase in visits. Notice that Plaza Mayor (Malaga) opened in April 2002 and the Max-Centre (Bilbao) leisure area opened in July 2002, in a "like for like" basis total rental income increased by 11%, the sales increased by 14.3% and 2.3% increase in visits.

As for the portfolio in Brazil, the total rental income increased by 34,5% in Reais, against the same period of last year. Notice that Parque D. Pedro opened in March 2002, and therefore only had a 3 month rental contribution. In like-for-like terms the growth was 3.8%.

Five new projects for the national market

During the first semester, the construction and marketing of the two shopping centres under development - Parque Atlântico (Ponta Delgada, Azores) and Estação Viana (Viana do Castelo) - both being co-developed with local partners, progressed as planned and are scheduled to open next October 15th and next November 19th, respectively.

The expansion work on CascaiShopping progressed at good rhythm, and its conclusion was anticipated to September.

Coimbra Retail Park (scheduled to open on November 11^th 2003) and Setúbal Retail Park (awaiting building license) are the company's second and third investments of this type in Portugal, co-developed with Miller Developments.

Globally, these four projects under development in Portugal represent an investment of approximately € 122 million.

Strong bet in Spain, with an investment of over € 400 million

In Spain, the development of a several projects in different parts of the country progresses in good rhythm. Together, they represent an investment of over € 400 million.

In Madrid, the construction and marketing of the Avenida M40 shopping and leisure centre is already under way. This joint venture between Sonae Imobiliária and the Eroski Group (60/40) is scheduled to open next spring.

Also in partnership with the Eroski Group, building began at the Plaza Éboli shopping and leisure centre in Pinto, in the region of Madrid region, Dos Mares, in S. Javier, region of Murcia, and Luz del Tajo, in Toledo.

Shopping and leisure centre Zubiarte, in Bilbao is already under construction, in joint venture com a ING (50/50).

In Malaga, Sonae Imobiliária, together with Castle City (75/25), is awaiting the license to begin building Plaza Mayor Shopping.

A number of other important projects are already under development in other European countries, confirming the company's strong bet in this market, namely in (3DO, in Dortmund, and Alexanderplaz, in Berlim), in Austria (Vienna Mitte, Vienna), in Greece (Aegean Park, in Atenas, and Mediterranean Cosmos, in Thessalonica), and in Italy (Brescia Centre, Brescia, and Pavia Centre, Pavia).

In Brazil, where the company continues to analyze other investment opportunities, with due caution because of the country's financial situation, the building and marketing of Boavista Shopping progresses, in the city of São Paulo, Santo Amaro area, and the expansion of Shopping Penha, in the east side of the city of São Paulo has already started.

During this 1st semester it's also important to signal that Sonae Imobiliária the PROCOS 2003 Prize for the best real estate developer and investor of the year in Europe, and that the Plaza Mayor has won the ICSC award for the ‘Best Specialized Shopping Centre', facts that show the company's dynamics and constant concern regarding innovative and quality products.

Shopping Centres under management show high performance

Sonae Imobiliária's activity managing, developing and marketing shopping and leisure centres has continued to grow in the first semester. The portfolio remained quite stable in Portugal, Spain and Brazil and activity began in Italy, with the management of Centro Orio (Bergamo), one of the largest Shopping Centres in the country. This business area now

totals 5.119 tenant contracts under management, and 1.506.182 m² of GLA.

In the first semester of 2003, in Portugal, Sonae Imobiliária was managing 873.065 m² of GLA, corresponding to 3.035 contracts with tenants. The number of visits for the 12 shopping centres, three galleries and the Sintra Retail Park rose to over 121,5 million.

In Spain, during the period under appreciation, we began managing Parque Principado, in Oviedo. Our management portfolio (350.963 m² of GLA, 876 contracts) has shown good performance in the first semester of 2003, with an increase in sales of 13,9%.

The performance of the company's shopping centre portfolio in Brazil was also positive, with a total of 225.253 m² of GLA, six shopping centres and 1.075 tenant contracts.  The

number of visits rose to 25,4 million (an 8% increase in comparison to the first semester of 2002) and generated sales of over 504,8 million in Reais (€ 143,1 million), representing a 36,4% growth (in Reais), against the same period of 2002. On an equivalent basis, the number of visits has decreased 4,1% and sales have grown 5,8%.

Annex: Demonstration of Consolidated Profits, Consolidated Balance Sheet and Business Results (nom-audited).

Maia, September 30th 2003 The Board of Directors