Race held at the Estoril circuit
| Position | No. | Pilot | Team | Brand | Time | Laps | Points | Start |
|---|---|---|---|---|---|---|---|---|
| 1 | 46 |
Valentino Rossi
|
Nastro Azzurro Team | 47'25.357 | 28 | 25 | 3 | |
| 2 | 65 |
Loris Capirossi
|
West Honda Pons | Honda | 47'27.113 | 28 | 20 | 2 |
| 3 | 5 |
Garry McCoy
|
Red Bull Yamaha WCM | Yamaha | 47'39.387 | 28 | 16 | 9 |
| 4 | 7 |
Carlos Checa
|
Marlboro Yamaha Team | Yamaha | 47'49.694 | 28 | 13 | 8 |
| 5 | 3 |
Max Biaggi
|
Marlboro Yamaha Team | Yamaha | 47'56.705 | 28 | 11 | 1 |
| 6 | 1 |
Kenny Jr Roberts
|
Telefonica Movistar Suzuki | Suzuki | 47'57.282 | 28 | 10 | 11 |
| 7 | 17 |
Jurgen van den Goorbergh
|
Proton Team KR | 48'02.497 | 28 | 9 | 5 | |
| 8 | 19 |
Olivier Jacque
|
Gauloises Yamaha Tech3 | Yamaha | 48'06.400 | 28 | 8 | 15 |
| 9 | 56 |
Shinya Nakano
|
Gauloises Yamaha Tech3 | Yamaha | 48'15.630 | 28 | 7 | 14 |
| 10 | 10 |
Jose Luis Cardoso
|
Antena 3 Yamaha d\'Antin | Yamaha | 48'23.584 | 28 | 6 | 16 |
| 11 | 12 |
Nobuatsu Aoki
|
Arie Molenaar Racing | 48'52.496 | 28 | 5 | 17 | |
| 12 | 14 |
Anthony West
|
Dee Cee Jeans Racing Team | 48'52.816 | 28 | 4 | 18 | |
| 13 | 16 |
Johan Stigefelt
|
Sabre Sport | 47'52.105 | 27 | 3 | 20 | |
| 14 | 18 |
Brendan Clarke
|
Shell Advance Honda | Honda | 48'14.314 | 27 | 2 | 22 |
| 15 | 21 |
Barry Veneman
|
Dee Cee Jeans Racing Team | 48'24.088 | 27 | 1 | 21 | |
| 1 | 41 |
Noriyuki Haga
|
Red Bull Yamaha WCM | Yamaha | 42'47.195 | 3 | 0 | 13 |
| 2 | 9 |
Leon Haslam
|
Shell Advance Honda | Honda | 31'34.948 | 10 | 0 | 19 |
| 3 | 28 |
Alex Criville
|
Repsol Ypf Honda Team | Honda | 20'59.470 | 16 | 0 | 12 |
| 4 | 15 |
Sete Gibernau
|
Telefonica Movistar Suzuki | Suzuki | 4'50.118 | 26 | 0 | 7 |
Estoril motorcycle circuit