Differential cross sections of neutral pions emitted in 181Ta + 197Au collisions at a beam energy of 39.5A MeV have been measured with the photon spectrometer TAPS. The kinetic energy and transverse momentum spectra of neutral pions cannot be properly described in the framework of the thermal model, nor when the reabsorption of pions is accounted for in a phenomenological model. However, high energy and high momentum tails of the pion spectra can be well fitted through thermal distributions with unexpectedly soft temperature parameters below 10 MeV.