Lisbon, 27th of November 2007

A facilitator for all company Stakeholders

Sonae Sierra creates the Ombudsman position

In the scope of its Corporate Responsibility strategy, Sonae Sierra has recently appointed its  first  Sonae  Sierra  Ombudsman,  who  will  work  as  an  independent  facilitator  for  all company  Stakeholders,  welcoming  their  notifications,  suggestions  and  complaints,  with the  guarantee  that  they  will  all  be  processed,  investigated  and,  whenever  possible, corrected.

The Sierra Ombudsman independent from the Board of Administrators, and he will have all possible means available to him, and the manoeuvring ability necessary to the success of his activity, such as full access to available information on the Company, so as to be able to  act  in  cases  of  abusive  behaviour,  from  the  Company,  its  employees,  or  anyone connected to Sonae Sierra's activity.

The first Ombudsman, a position created as part of the Company's effort to develop a corporate responsibility strategy, will be Mr. Danilo Picolo, a manager with a long career in  the  Sonae  Group,  with  a  vast  experience  in  the  shopping  centre  area,  which  will certainly be an asset for his mission.

According to Álvaro Portela, Sonae Sierra's CEO, "besides trying to understand the wishes and  aspirations  of  our  Stakeholders,  developing  their  articulation  with  the  company's interests, the Sierra Ombudsman also has the important role of promoting the Company's Code  of  Conduct,  looking  to  disseminate  and  share  its  ethical  principles  with  all Stakeholders".

In his turn, Danilo Picolo, takes on his new mission  "with enthusiasm", promising  "total commitment to the goal of achieving greater satisfaction levels for all Stakeholders and consolidating the practices and principles inherent to Sonae Sierra's culture".

All  those  interested  in  contacting  the  Sierra  Ombudsman  can  do  so  by  e-mail,  at ombudsman@sonaesierra.com, or telephone number +351 21 751 50 12.

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 1 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 13 more projects in Portugal, Spain, Germany, Greece, Romania and Brazil, with a total GLA of more than 400.000 m2. In 2006, its centres welcomed more than 402 million visits.