Milan, 3rd December 2007

Following Sonae Sierra Corporate Responsibility Strategy

Environmental certification: Freccia Rossa achieves the goal

• Certified under the ISO 14001 Standard
• Management of the construction process in line with Sonae Sierra's Environmental Management System (EMS)
• Opening scheduled for spring 2008

Sierra's shopping and leisure centre Freccia Rossa, which is scheduled to open to public  next  spring  in  Brescia  city  centre,  obtains  the  ISO 14001   environmental certification, which refers to the management of the construction process.

Issued by Lloyd's Register Quality Assurance (LRQA), this certification is the result of the implementation of the best practises in environmental management during construction, defined in the scope of Sonae Sierra's Environmental Management System (EMS). The EMS, in force since  2005, covers all business activities and applies to all countries where the company  operates.  It  aims  at  minimizing  the  environmental  impacts  and  promoting  a continuous  improvement  of  Sonae  Sierra's  performance  in  this  area,  in  a  coherent, effective and above all sustainable way.

For Sonae Sierra, the development of a "green centre" starts from the daily management of the construction work, managing it in an eco-friendly manner. Limited consumption of natural  resources,  reduction  of  noise  and  traffic,  use  of  ecologic  materials,  rational management of waste, separate collection of rubbish directly on the site: all this is taken into account when defining the procedures that regulate the construction work and, more generally, Sonae Sierra's environmental innovative approach.

"We are very proud of this achievement. Freccia Rossa is the first of our centres in Italy to obtain the environmental ISO 14001 certification. This is an important and prestigious acknowledgement  for  our  systematic  and  long-term  commitment  to  the  environmental management  of  all  our  initiatives  -  states  Alvaro  Portela,  CEO  Sonae  Sierra.  We  are convinced that today's business leader must also be a leader in environmental matters. A correct  environmental  management  system  should  always  be  part  of  a  company's strategy, thus improving its performance and competitiveness both on costs-saving and image terms. A certified system increases the market value of our shopping and leisure centres, which aim to be a concrete example of the environmental best practises within the sector".

In spring 2008, with an official inauguration ceremony, Freccia Rossa will open to public. The  centre  will  host 130  shops,  distributed  on  a  GLA  of 30,000  m2.  Located  in  a catchment  area  of  580.000  inhabitants,  Freccia  Rossa  will  become  the  biggest  urban shopping and leisure centre in Italy.

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, Italy, Germany, Greece, Romania and Brazil, with a total GLA of more than  500.000 m2. In  2006, its centres welcomed more than 402 million visits.