Milan, 24th of October, 2007

The Company continues its expansion in Italy

Sonae Sierra launches "Gli Orsi ", its new project in Biella   

• 40,700 m2 of gross lettable area (GLA)
• 100 shops and 19 restaurants and coffee shops
• A €102 million investment
• Open to the public in the Autumn of 2008

Sonae Sierra, the international shopping and leisure centre specialist, presented today the project for GLI ORSI, the new shopping centre which will open to the public in autumn 2008 in Biella city.

GLI ORSI represents an investment of €102 million, for a total GLA of about 40,700 m2. and will consist of two buildings integrated trough a central square. The centre will totally create around 500 new jobs.

The new shopping centre is part of a project involving the creation of a new, wider area of  260,000 m2 devoted to leisure, which will also include an indoor basketball stadium with 5,000 seats.

A complete offer in an attractive location

"GLI ORSI will be located in a privileged area, along an important city road and only 10 minutes from the downtown. Situated on Strada Trossi, a commercial key point with high visibility, it will be the largest shopping centre in the province of Biella for the variety and completeness of the offer. In fact, the centre will include 100 shops and 19 restaurants and coffee shops, with complete Italian and international menu, as well as  a 13,700   m2  Ipercoop  hypermarket.  Conbipel(Fashion),  Euronics (Electronic products),  Banca  Sella  (Bank)  and  Upim  (Fashion)  are  just  some  of  the  important brands defining GLI ORSI offer. A car parking area with parking facilities for 3,300 cars will be also available.

"GLI  ORSI  will  bring  a  new  shopping  and  leisure  experience  to  Biella,  combining innovation,  respect  of  the  environment,  and  customer  care"  comments  Pietro Malaspina,  Sierra  responsible  for  the  Development  in  Italy.  "The  already  wide  and diversified commercial offer in Biella will receive a new drive thanks to this highly innovative  centre,  and  to  the  presence  of  the  Ipercoop  hypermarket.  Also  the contribution to employment will be significant, with the creation of around  500 new jobs".

"Italy  is  an  important  market  for  Sonae  Sierra  and  has  interesting  development opportunities. This is confirmed by the three projects Sonae Sierra is carrying out in this country: in  2008, in fact, beyond GLI ORSI in Biella, FRECCIA ROSSA will also be inaugurated  in  Brescia:  this  will  be  the  largest  city  shopping  centre  in  Italy.  The opening of LE TERRAZZE in La Spezia is scheduled for  2009, which represents a  €105 million  investment.  Meanwhile  we  are  concluding  the  refurbishment  works  of Valecenter,  one  of  our  existing  shopping  centres,  the  largest  one  in  the  Venice metropolitan area." concludes Álvaro Portela, CEO of Sonae Sierra.

The name "GLI ORSI" ("The Bears") is inspired by the city's coat of arms illustrating a bear and a beech tree. The Bear not only symbolises the virtues of Biella's inhabitants (strength, greatness and courage), but it also reminds the environmental care of Sonae Sierra's new shopping centre.

Leader in environmental management

As for all its centres, Sonae Sierra developed the design of GLI ORSI with respect for the  environment  and  local  culture.  Sonae  Sierra's  Environment  Management  System (EMS) will in fact be implemented from the initial phases of the construction work.

Sonae Sierra is the sole company in the sector with an internationally certified EMS, with  ISO  Standard 14001.  The  certification,  issued  by  Lloyd`s  Register  Quality Association  (LRQA),  is  the  result  of  the  implementation  of  the  best  environmental practices throughout the  construction stage, defined in the scope of Sonae  Sierra's Environmental  Management  System (EMS),  which  has  the  purpose  of  minimizing environmental impacts and promote the continuous improvement of the performance in this area, in accordance with Sonae Sierra's corporate responsibility policy.

Sonae  Sierra,  www.sonaesierra.com,  is  an  international  shopping  centre  specialist,  with  a  passion  for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns  47 Shopping Centres and one Retail Park in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a total Gross Lettable Area (GLA) of more than 1.8 million m2. Currently, Sonae Sierra is developing 11 more projects in Portugal, Spain, Italy, Germany, Greece and Brazil, with a total GLA of 400,000 m2. In 2006, its centres welcomed more than 402 million visits.