Sonaecom Non-Executive Directors Borges, O'Toole Resign"

LISBON -(Dow Jones)- Sonaecom said Thursday that non-executive directors Antonio Borges and Richard O'Toole have resigned because of a potential conflict of interest, given Sonaecom's bid for Portugal Telecom.

Sonaecom stresses that the resignations took place following the appointment, by PT, of Goldman Sachs as advisors regarding the public tender offer in process, to which the abovementioned directors are professionally connected.

According to the communications received, both directors regret the decision they were forced to make, especially at such a crucial moment for the company, and express a profound appreciation for the management team and for the high standards of corporate governance which have been constantly pursued.

Also according to the communications received, these directors consider their attitude to represent a natural consequence of the compliance with such standards.

Sonaecom hereby acknowledges the invaluable contribution of both directors while members of the Board of Directors, which has always abided by the utmost benchmarks of quality and independence.

Company website: http://www.sonae.com

(END) Dow Jones Newswires"

Posted to the site on 9th March 2006