Grupo Soares da Costa, SGPS, S.A. Public company Head Office: Rua de Santos Pousada, 220 – 4000-478 Share capital 160,000,000 Euros NIPC 500 265 763, Registered at the Porto CRC

CONTACTS: General [email protected] 228 342 200 Press contact, Public Relations [email protected] 228 342 692 Investor support [email protected] 228 342 534 Web http://www.soaresdacosta.pt

PRIVILEGED INFORMATION

Disclosure of the Results relative to the financial year of 2009

Prior to the presentation of the financial statements for the financial year of 2009, which in due time will be placed at the disposal of the shareholders and public in general, the following information is disclosed:

I - HIGHLIGHTS AND MAIN INDICATORS FOR 2009

For the first time, Grupo Soares da Costa achieved the target of one thousand million (1,003.8) of Operating Income (+14.0% relative to 2008);

Turnover stood at 936.3 million euros (growing by 12.2% in relation to the previous year);

Recurrent EBITDA evolved to 89.6 million euros (9.6% of Turnover);

Profit before Tax increased from 9.4 to 15.5 million euros (+65.4%);

Consolidated net income attributable to the group reached 11.5 million euros, representing an increase of 40.0% compared with the previous year;

The consortium which includes Soares da Costa won the (provisional) tender of the first line (Poceirão-Caia) of the High Speed Railway Network ;

The Portfolio of Works reached 1,759 million euros (+ -6.3% relative to the previous year);

Proposed distribution of the dividend of 0.0434 € per ordinary share (40% increase).

MAIN CONSOLIDATED INDICATORS

Monetary values in million euros Headings 2009 2008 ∆ 2009/08 % Turnover 936,3 834,8 12,2% 441,9 417,9 5,7% External Market 494,4 416,8 18,6% Recurrent EBITDA* 89,6 86,4 3,7% EBITDA / Turnover Margin 9,6% 10,3% -0.7 p.p. Net Operating Income 49,3 51,2 -3,6% Financial Results -33,8 -41,8 -19,1% Profit before Tax 15,5 9,4 65,4% Net Income Attributable to the Group 11,5 8,2 40,0%

* The values for 2009 exclude the negative extraordinary effect of 2.4 million euros, derived from the extinction of a real estate company.

II - MAIN EVENTS

• Payment of dividends: on 8th May 2009 the shareholders were notified of the payment of dividends for both preferred shares and ordinary shares; with this fact being particularly noteworthy since shareholders owning ordinary shares had not been remunerated for eleven years.

• Selection for the Final Phase of the North Metro in Dublin: on 30th June 2009, the Group disclosed that the “Celtic Metro Group” consortium, in which Soares da Costa Concessões, S.G.P.S., S.A. holds 23%, had been selected to present a BAFO (Best And Final Offer) for the construction project of the “Dublin North Metro” in Dublin (Republic of Ireland);

• «Prince» wins the work in the State of Georgia, United States of America: on 20th July 2009, the Group disclosed that the Florida company in which it has a stake in the United States of America, “Prince Contracting Co, Inc.” , had been awarded the contract for the construction of a stretch of approximately 12 Km of the “Fall Line Freeway” motorway, in the bordering State of Georgia, in the value of 30 million US Dollars;

• Result of the conversion of preferred shares: the results of the conversion of preferred shares without voting rights into ordinary shares and the subsequent alteration of article 4, number 3, of the Articles of Association relative to the representation of the capital were presented on 14th September 2009;

• Award to the participated company «Prince», in the United States of America: disclosure on 28th September of the award to the participated company “Prince Contracting Co, Inc.” , of two contracts in Orlando, Florida, of the total value of 36.6 million US Dollars, under the “Economic Recovery Plan”;

• Signing of the Concession Contract for the New Tete Bridge in : On 30th September 2009, disclosure of the signing with the State of Mozambique of the Concession Contract for the project, construction, financing, operation and periodic and routine maintenance of the New Tete Bridge. Grupo Soares da Costa through Soares da Costa Concessões, S.G.P.S., S.A, owns a holding of 40% in the concessionaire and 43.5% through Sociedade de Construções Soares da Costa, S.A. in the construction group;

• Provisional award of the Poceirão-Caia stretch of the High Speed Railway: on 12th December 2009 the Group announced that the group “ELOS – Ligações de Alta Velocidade”, of which its participated company Soares da Costa Concessões, SGPS, S.A. is co-leader, with a holding of 16.304%, was provisionally awarded the concession RAV Poceirão – Caia of the high speed link between Lisbon and Madrid. In construction, Sociedade de Construções Soares da Costa S.A. owns a holding of 17.25%;

III - CONSOLIDATED ACCOUNTS

Turnover

Turnover reached 936.3 million euros, a value 12.2% higher than the previous year. If we exclude «Prince» - since this subsidiary contributed to consolidated turnover only at the end of 2008 whereas it had naturally been part of the entire year of 2009 -, turnover would have grown by 7.7%, which shows that the Group successfully responded to the extremely difficult macroeconomic and sectorial climate.

This growth was based on a positive evolution both on the national market and market abroad, although in the latter case more markedly, with the international component now representing a share of 52.8% of total turnover (relative to 49.9% in the previous year).

The table below shows the decisive weight of the Construction Area in the Group's activity, 90.1%, with a reduction of the weight of the Industry Business Area. The turnover of the Concessions areas (+8.4%) and Real Estate area also grew relative to the previous year, reflecting the start-up phase of their internationalisation (+129.6%).

Distribution of Consolidated Turnover by Segment

Internal Market / External Market Values in thousand euros 2009 2008 Business Areas Internal External Total Internal External Total Group + Shared Serv. 86 2 88 69 1 70 CONSTRUCTION 370 ,072 481 ,644 851 ,716 327 ,648 393 ,905 721 ,553 INDUSTRY 19 ,280 8,939 28 ,219 40 ,474 22 ,777 63 ,250 REAL ESTATE 820 3,258 4,078 1,695 80 1,776 CONCESSIONS 51 ,592 569 52 ,161 48 ,022 80 48 ,102 Total 441 ,851 494 ,412 936 ,263 417 ,909 416 ,843 834 ,751 % 47 .2% 52. 8% 100% 50 .1% 49 .9% 100%

A benchmark for the total Operating Income which, apart from the Turnover considered above, also covers other income components (Variation of Production, Own Work Capitalised and Other Operating income) and which in 2009, for the first time in the history of the Group, exceeded the frontier of one thousand million euros, standing at 1,003.8 million euros.

Comparative Table of the Distribution of Consolidated Turnover by Geographical Market Values in million euros Market 2009 % 2008 % ∆ 2009/08 % Portugal 441 .9 47 .2% 417 .9 50 .1% 5.7% 327 .0 34 .9% 305 .3 36 .6% 7.1% U.S.A. 61 .4 6.6% 40 .2 4.8% 52 .7% Mozambique 22 .0 2.3% 22 .8 2.7% -3.7% S. Tomé e Príncipe 2.6 0.3% 8.2 1.0% -68 .2% Guinea Bissau 11 .2 1.2% 12 .0 1.4% -6.7% Rom ania 55 .4 5.9% 7.4 0.9% 651 .9% Other* 14 .8 1.6% 21 .0 2.5% -29 .3% Total 936.3 100.0% 834.8 100% 12.2%

*Algeria, Morocco, Tunisia, Israel and Costa Rica

Graph of the Distribution of the Group's Consolidated Turnover in 2009 by Geographical Market

E.U.A. Roménia Outros

Outros PALOP

Portugal

Angola

Profitability

While the tables above present the evolution of Turnover and its breakdown by business area and geographical segment of the Group's action, the following tables show the progress in its profitability.

The following table presents the formation of the results of its main components: Statement and Structure of the Consolidated Results for 2006 - 2009

Values in thousand euros; structure as a % of operating income Designation 2009 % 2008 % ∆ 09/08 Turnover 936,263 93.3% 834,751 94.8% 12.2% Variation of Production 16,127 1.6% 33,482 3.8% -51.8% Other Operating Gains 51,404 5.1% 12,393 1.4% 314.8% Operating Income 1,003,794 100.0% 880,625 100.0% 14.0% Cost of Goods Sold & Cons. 204,094 20.3% 205,897 23.4% -0.9% Supplies & External Services 540,424 53.8% 438,773 49.8% 23.2% Staff Costs 146,994 14.6% 134,342 15.3% 9.4% Provisions & Adjust. of Value 3,104 0.3% 2,862 0.3% 8.5% Deprec. & Impairment Losses 37,558 3.7% 32,561 3.7% 15.3% Other Operating Costs 22,284 2.2% 15,018 1.7% 48.4% Net Operating Income (EBIT) 49,335 4.9% 51,172 5.8% -3.6% Financial Result -33,830 -3.4% -41,796 -4.7% -19.1% Profit Before Tax 15,505 1.5% 9,376 1.1% 65.4% Income Taxes 3,874 0.4% 1,187 0.1% 226.4% Net Income for the Year 11,631 1.2% 8,189 0.9% 42.0% Net Income Attrib. to the Group 11,491 1.1% 8,207 0.9% 40.0%

2009 reflects significant organic growth of the activity with the some pressure on the profitability margins imposed by the recognised adverse market scenario, which the Group has managed to successfully face and overcome, but to whose effects it is naturally not immune.

Earnings before interest, taxes, depreciation and amortization (EBITDA) 1 reached the value of 87.2 million euros in 2009 compared with 86.4 million euros in 2008. The value for 2009 was, however, extraordinarily influenced by the extinction of a real estate company, therefore, excluding this effect, EBITDA increased by 3.7%, representing 9.6% of turnover.

Operating income (EBIT) decreased by 51.2 million euros to 49.3 million euros, affected particularly by the effects of a poor year in terms of the performance of the Industry participated companies (negative EBIT of 1.8 million euros), especially Somafel, which is expected to be overcome during the present year. A reference to the lower relative weight of the financial results (-3.4% of Operating Income in 2009, compared to -4.7% in 2008).

1 Operating Result + Depreciation & Amortizations for the Year + Provisions and adjustments of the net value of reversions. The combination of the different components led to the achievement of net income attributable to the Group of 11.5 million euros, 40% greater than that obtained the previous year; The table below presents the contribution of each Business Areas to the formation of the successive levels of results: EBITDA, operating (EBIT), financial and net:

Consolidated Operating, Financial and Net Results by Business Area

Values in thousand euros Business Areas EBITDA EBIT Fin. Results Net Income

Group + Shared Serv.+Dev. SDC -2,016 -3,023 -3,787 -5,247 CONSTRUCTION 54,605 36,323 -8,191 21,757 INDUSTRY -186 -1,787 1,476 -302 REAL ESTATE* 2,565 713 2,016 3,028 CONCESSIONS 34,632 17,109 -25,343 -7,744 TOTAL 89,600 49,335 -33,830 11,491

Note: The consolidation adjustments were allocated to the respective areas. The EBIT of the real estate area excludes the negative extraordinary effect of 2.4 million euros, derived from the extinction of a real estate company.

Highlights: • At the level of operating income and net income, the decisive contribution of the Construction area; • The growing weight of the Concessions Business Area regarding EBITDA and EBIT but with its final profitability being affected by the importance of the financial results (which emerges to represent the largest share, reflecting the very demanding requisite of financial solidity, typical of business in this area); • The positive contribution of the Real Estate area, contrary to that observed in the previous year, to the formation of consolidated net income; • The loss of the influence of the Industry Business Area, natural in view of the alterations made in 2008 to the composition of the portfolio of holdings of this area, but also due to this having been a particularly difficult year in the activity of the subsidiaries which continue integrated in this area. • The financial results and net income of the Group presented in their individual accounts are positive, in contrast to the values shown in this table, since the income gained from intra-group holdings are annulled in the consolidation process.

Summary of the Statement of the Consolidated Financial Position Values in thousand euros 31-Dec-2009 31-Dec-2008 Variation A S S E T S Net Assets Net Assets (Value) NON -CURRENT Goodwill + Intangible assets 84 ,331 88 ,077 Fixed tangible assets 563 ,515 533 ,623 Financial investments 36 ,718 21 ,782 Other non -financial assets 16 ,986 13 ,909 Total non -current assets 701 ,550 657 ,390 +44 ,160 CURRENT Inventories 182 ,113 152 ,432 Accounts receivable 421 ,608 375 ,094 Other current assets 125 ,500 128 ,689 Cash and equivalent 93 ,283 66 ,755 Total current assets 822 ,504 722 ,970 +99 ,534 Total assets 1,524 ,054 1,380 ,360 +143 ,694

Variation EQUITY AND LIABILITIES 31-Dec-2009 31-Dec-08 (Value) EQUITY Share capital 160 ,000 160 ,000 Rese rves and retained earnings -42 ,215 -30 ,352 Net income for the year 11 ,491 8,207 Equity attributable to Group 129 ,277 137 ,854 -8,577 Minority interests 1,005 972 Total equity 130 ,282 138 ,826 -8,544 LIABILITIES NON -CURRENT Provisions 610 564 Bond loans 100 ,000 100 ,000 Bank loans 428 ,173 410 ,188 Other non -current liabilities 48 ,245 47 ,140 Total non -current liabilities 577 ,028 557 ,892 +19 ,136 CURRENT Loans 220 ,035 139 ,443 Accounts payable 449 ,126 386 ,227 Other current liabilities 147 ,584 157 ,972 Total current liabilities 816 ,745 683 ,642 +33 ,103 Total liabilities 1,393 ,772 1,241 ,534 +152 ,238 Total equity and liabilities 1,524 ,054 1,380 ,360 +143 ,694

Evolution of the Consolidated Assets

The total of the Balance Sheet increased from 1,380 million euros as at 31.12.2008 to 1,524 million euros at the end of 2009, reflecting the growth of Grupo Soares da Costa during last year.

It is important to note the following points relative to the composition and evolution of the Consolidated Assets:

i) The net value of the tangible fixed assets grew from 533.6 million euros to 563.5 million euros (+ 29.9 million) largely as a result of the investments in progress in Angola by the subsidiary of the construction area, Sociedade de Construções Soares da Costa, S.A. ii) Financial investments increased by 14.9 million euros, with financial investments through the equity method accounting for the variation of 8.9 million euros. iii) Inventories increased by 29.7 million euros to stand at 182.1 million euros on the closing date of the financial year. This represents an increase of 19.4% greater than the growth of turnover, which is explained essentially by the Real Estate area (∆=25.2 million). The development of the real estate projects in progress (Talatona in Angola, Cais da Fontinha, part of the offices of the former head office building) and the acquisition of stocks in the Tróia project account for this variation. The Construction Business Area was responsible for the variation of 4.5 million euros, fundamentally through Sociedade de Construções Soares da Costa, S.A. iv) Note should also be made of the increase in customers which grew from 332.6 million euros to 371.2 (∆=38.6 million), reflecting growth of 11.6% in accordance with the 12.2% increase in consolidated turnover. v) The level of liquid assets also increased, reaching the value of 93.3 million euros by the end of the financial year, compared with 66.8 million euros in the previous year.

Evolution of Equity

The evolution refers to: i) The net income for the year which stood at 11.5 million euros; ii) The distribution of dividends to shareholders of the value of 8.1 million euros; iii) The alterations arising from the disposal of 1,594,738 own shares which the company had owned at the beginning of the period, with an increase of equity of 1.9 million euros; iv) Variation in the fair value of the hedging financial instruments, with a negative effect of 11.1 million euros (of which 10.8 million euros was from the Concessions area and the rest from Construction); v) Conversion exchange rate differences of the value of -2.6 million euros.

During this last financial year, there were no market operations which altered the value of the share capital. However, its representation changed in view of the conversion of the preferred shared without voting rights.

Evolution of the Consolidated Liabilities

Total liabilities increased from 1,241.5 million euros to 1,393.8, reflecting the general growth of the Group's activity, in fact, correlated with the evolution of the assets presented above.

The total value of the liabilities at the end of 2009 was broken down into 577.0 million euros of Non-current liabilities and 816.7 million of Current liabilities.

For Non-current liabilities note should be made of the increase in bank loans of the value of 18.0 million euros, essentially focused on the Concessions area, namely in the context of the sub-concession of the Transmontana Motorways and CPE.

Current liabilities increased by approximately 133.1 million euros in relation to the previous year, where 73.2 million refer to the variation in bank debt. In this case, the source of the increase is essentially concentrated in Sociedade de Construções Soares da Costa (38 million euros) and in the Group (33.2 million euros).

Also in the main variations is the increase of the Suppliers (∆=34.4 million euros) which, while appearing significant, corresponds to growth of 15.3%, only slightly greater than the increase in turnover which, as noted above, stood at 12.2%. On a final note is the evolution of advances to customers (∆=+21.9 million euros) which at the end of 2009 stood at 133 million euros and which, being a heading of the liabilities, is an interesting source of funding for the company, in this way significantly mitigating the contrary effect of the increase in customer balances on the assets side (∆=38.6 million euros).

Net-Debt, EBITDA and the (multiple) coefficient which relates these realities, presents the following evolution:

Indicator 2007 2008 2009 Net-Debt 313.6 606.3 675.9 EBITDA* 36.2 86.4 89.6 Multiple 8.7 7.0 7.5 * Recurrent EBITDA as noted above

IV - INDIVIDUAL ACCOUNTS

The individual accounts of Grupo Soares das Costa, SGPS, SA, prepared in accordance with the national standard accounting principles (POC) reflect a turnover of 2,733 thousand euros of the same magnitude as the previous year (2.740). This income refers to the provision of administrative and management technical services to other companies of the Group.

Net operating income stood at -3.0 million euros, close to the value of the previous year (-2.9 million euros).

Financial income grew from 38.2 million euros in 2008 to 39.8, highlighted by the value of 32.5 million euros of income from holdings, corresponding to dividends gained from the following participated companies:

Construction Sub-holding 6.0 million Industry Sub-holding 14.0 million Concessions Sub-holding 11.5 million Real Estate Sub-holding 0.4 million BAI 0.6 million

Considering the financial function overall, the results stood at 28.6 million euros which allowed for a net result for the year of 26.738 million euros, greater than the value obtained in 2008 of 25,486 million euros.

The net value of assets increased from 395.1 million euros at the end of 2008 to 467.4 million euros at the end of 2008 (+72.3 million euros), significantly influenced by the growth registered in loans to companies of the Group, which of the group of MLT loans (Shareholder Loans), classified under financial investments and short term loans (accounts receivable), increased from 123.9 million euros to 190.4 million euros (+66.5 million euros).

Moreover, an increase in the holdings in companies of the Group occurred with greater significance, through the reversion of adjustments in the value of the holding in Soares da Costa Imobiliária, SGPS (2.3 million euros), which net of the adjustment in the value of Soares da Costa Indústria, SGPS, of approximately 0.4 million euros, contributed to the increase in assets by 1.9 million euros.

The increase in liquid assets from 0.6 to 7.0 million euros was another of the main variations in the comparability of the balance sheets for 2008-2009.

This overall growth in assets was «financed» in terms of the second part of the balance sheet through an increase in equity of +22.0 million and an increase in liabilities of 50.4 million euros.

The variation in equity, from 174.3 million euros to 196.3 million (+22.0 million euros), was due to the combination of the following factors: (i) The net income generated in the financial year of 26.7 million euros (ii) As noted in other parts of this Management Report, during the 1st Semester the Group distributed dividends, remunerating not only the preferred shares but also the ordinary shares. This fact implied a reduction in equity of 8.1 million euros; (iii) During 2009 the company disposed of the 1,594,738 own shares which it had held at the beginning of the period, at the average price of 1.1883 €, positively influencing the value of equity by 1.9 million euros. (iv) The adjustments noted above made to the value of the holdings in companies of the Group, of the net value of deferred tax of +1.4 million euros;

Liabilities increased by approximately 50.4 million euros, in particular due to the increase of loans from companies of the Group (+39.0 million euros) and loans from credit institutions (+10.2 million euros).

The value of 100 million euros of bond loans continues to be the largest item in the liabilities, in the medium and long term, issued at the end of 2007, with one being 20 million euros at a maturity of eight years and the other 80 million euros at ten years, both with remuneration indexed to the EURIBOR. During the year the company proceeded, at the respective due dates, with the payment of the interest of coupons numbers 3 and 4 of these issues.

The Board of Directors of Grupo Soares da Costa, S.G.P.S., S. A. proposes to the General Meeting the following distribution of the individual net income of 26,738,495.24 euros:

a) To the Legal Reserve (5% of the net income for the year) 1,336,924.76€

b) To Retained Earnings 18,457,534.06€

c) For Dividends:

i) Attributable to preferred shares, considering the provisions in

articles 341 and 342 of the Commercial Companies Code.

5,518 shares x 0.05 275.90€

ii) Attributable to ordinary shares

159,994,482 shares x 0.0434 6,943,760.52€

V - SOARES DA COSTA SHARES AND THE CAPITAL MARKET

Representation of the Capital

Under the terms of the provisions in article 4, number 3 of the Articles of Association, the share capital is represented by one hundred and sixty million book entry shares, to the bearer, of the nominal value of one Euro each, and is divided into the following two categories of shares, reciprocally convertible through deliberation of the General Meeting: a) One hundred and fifty-nine million nine hundred and ninety-four thousand four hundred and eighty-two (159,994,482) ordinary shares; and b) Five thousand five hundred and eighteen (5,518) preferred shares without voting rights, whose attributed rights consist in an entitlement to receive a preferred dividend and the preferred repayment of the respective nominal value on the company's liquidation.

Own Shares

During 2009 the company disposed of the 1,594,738 own shares, ordinary, of the unitary nominal value of 1 euro, which it had held at the beginning of the financial year, at the average price of 1.1883 euros. These shares had been acquired during the second half of 2008, at a time of some disturbance in the financial markets. Since there was some recovery in 2009 and greater regularity in the functioning of the stock markets, the company proceeded with their disposal, hence by the closing date of the financial year it no longer had any of its own shares.

Dividends

In the context of the deliberations of the Annual General Meeting of 27th April 2009, during the year the company had distributed and paid the gross dividend of 0.031 € to each ordinary share, which, as communicated on 8th May p.p. was placed at the disposal of the shareholders as of 27th May 2009. The shares then began to be transacted ex-dividend on 22nd May 2009.

The dividends in arrears of the preferred shares were also settled, under the terms of the Commercial Companies Code, with the payment of the overall gross dividend of 0.15€.

Stock Market Behaviour The table below presents some indicators of the behaviour of the ordinary shares, including the comparison with the two previous years, followed by a graph with the evolution of the share prices during last year.

INDICATOR UNIT VALUE 2009 VALUE 2008 VALUE 2007

Ordinary share transactions Unit 186,757,988 81,095,182 510,237,948 Total value of th e ordinary share transactions thousand Eur 190,475 123,070 857,549 Opening value of the year EUR/share 0.62 2.08 0.69 Closing value of the year EUR/share 1.19 0,63 2.09 Average value /ordinary share EUR/share 1.02 1.52 1.68 Maximum value ordinary share EUR/share 1.31 2.13 2.87 Date of the respective session mmm/dd Oct-12 Jan-04 Jul-10 Minimum value ordinary share EUR/share 0.49 0.58 0.69 Date of the respective session mmm/dd Mar-18 Dec-19 Jan-02

EVOLUTION IN 2009 OF THE PRICE OF SOARES DA COSTA SHARES

100%

80%

60%

40% S.Costa PSI20 20% Variação da Variação da Cotação 0%

-20% 1-Mar 14-Jul 29-Jul 14-Jun 29-Jun 12-Set 27-Set 15-Jan 30-Jan 15-Abr 30-Abr 14-Fev 15-Mai 30-Mai 12-Out 27-Out 11-Nov 26-Nov 31-Dez 11-Dez 26-Dez 16-Mar 31-Mar 13-Ago 28-Ago

VI – OUTLOOK FOR 2010

The volume of works in the portfolio, which has evolved very favourably over the last few years (see graph below), in spite of a slight decrease at the end of 2009 relative to the historic maximum achieved at the end of 2008, is in this aspect an important source of sustenance to maintain the Group's business at high levels of activity.

The main challenges are the maintenance of the operating margins which, in terms of the market, have been under constant pressure by the climate of aggressive competition in view of a macroeconomic scenario of limited demand and persistent disequilibrium, in particular in the national market.

In the Construction Business Area we believe that there is a possibility of achieving levels of activity close to those of 2009, while in the Industry Business Area we expected an important improvement in both the turnover of the activity and its profitability. While 2009 was far from being a standard year (on the negative side) in the performance of the Group's Industrial Business Area, the same can also be said in a symmetrical fashion regarding the Real Estate Business Area, which registered a positive performance.

EVOLUTION OF THE PORTFOLIO OF WORKS

(values in million euros) 2.000

1.800

1.600

1.400 1.200 1.000

800

600

400

200

0 2005 2006 2007 2008 2009 Regarding the concessions for 2010, note should be made of the accounting alterations to be implemented relative to the entry into force of IFRIC 12 and whose impacts, to date, have not yet been fully identified.

Considering the risks and uncertainties always involved with forecasts, but confident of the demonstrated capacity to overcome the difficulties encountered, the Group believes that during 2010 turnover may reach some 970 million euros and EBITDA 98 million euros.

Porto, 29th March 2010

The Market Relations Representative

(António Manuel Sousa Barbosa da Frada)