NON CONSOLIDATED / CONSOLIDATED QUARTERLY FINANCIAL INFORMATION

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1 NON CONSOLIDATED / CONSOLIDATED QUARTERLY FINANCIAL INFORMATION Company: ALTRI, SGPS, S.A. Head office: R. GENERAL NORTON DE MATOS, 68, PORTO NIPC: Reference period: Values in Euro 1st Quarter 3rd Quarter Beginning: 01/03/2005 End:31/03/2005 Balance Sheet Non Consolidated (POC - Portuguese GAAP) Consolidated (IFRS) n n-1 Var. (%) n n-1 Var. (%) ASSETS 96,078,728 n.a. n.a. 188,887,824 n.a. n.a. Fixed Assets (Net) 95,836,075 n.a. n.a. 91,451,244 n.a. n.a. Intangible Assets 4,068 n.a. n.a. 7,265,358 n.a. n.a. Tangible Assets 740 n.a. n.a. 82,349,544 n.a. n.a. Investments 95,831,267 n.a. n.a. 1,836,342 n.a. n.a. Debtors (Net) 111 n.a. n.a. 58,474,052 n.a. n.a. Amounts falling due after more than one year - n.a. n.a. - n.a. n.a. Amounts falling due within one year 111 n.a. n.a. 58,474,052 n.a. n.a. SHAREHOLDERS' FUNDS 57,976,837 n.a. n.a. 57,965,998 n.a. n.a. Called up share capital 25,641,459 n.a. n.a. 25,641,459 n.a. n.a. Nr. of ordinary shares 51,282,918 n.a. n.a. 51,282,918 n.a. n.a. Nr. of other types of shares - n.a. n.a. - n.a. n.a. Own shares - n.a. n.a. - n.a. n.a. Nr. of voting shares - n.a. n.a. - n.a. n.a. Nr. of non voting shares n.a. n.a. - n.a. n.a. Minority interests - n.a. n.a. 430,095 n.a. n.a. LIABILITIES 38,101,891 n.a. n.a. 130,491,731 n.a. n.a. Provision for liabilities and charges - n.a. n.a. 149,007 n.a. n.a. Creditors 38,050,000 n.a. n.a. 120,711,167 n.a. n.a. Amounts falling due after more than one year - n.a. n.a. 27,978,251 n.a. n.a. Amounts falling due within one year 38,050,000 n.a. n.a. 92,732,916 n.a. n.a. TOTAL NET ASSETS 96,078,728 n.a. n.a. 188,887,824 n.a. n.a. TOTAL SHAREHOLDERS' FUNDS 57,976,837 n.a. n.a. 57,965,998 n.a. n.a. TOTAL LIABILITIES (including minority interests) 38,101,891 n.a. n.a. 130,921,826 n.a. n.a. PROFIT AND LOSS ACCOUNT Non Consolidated (POC - Portuguese GAAP) Consolidated (IFRS) n n-1 Var. (%) n n-1 Var. (%) Sales and services rendered - n.a. n.a. 12,229,697 n.a. n.a. Changes in stocks of finished goods and in work in progress - n.a. n.a. (81,736) n.a. n.a. Cost of goods sold and materials consumed - n.a. n.a. (5,169,664) n.a. n.a. Gross Profit - n.a. n.a. 6,978,297 n.a. n.a. Operational Profit / (Loss) (1,048) n.a. n.a. 1,754,045 n.a. n.a. Net Financial Losses (Net of Gains) (66,885) n.a. n.a. (193,425) n.a. n.a. Profit / (Loss) on Ordinary Activities (67,933) n.a. n.a. 1,560,620 n.a. n.a. Extraordinary Profits (Net of Losses) - n.a. n.a. - n.a. n.a. Income taxation - n.a. n.a. (374,579) n.a. n.a. Minority Interests - n.a. n.a. (15,031) n.a. n.a. Net Profit for the quarter (67,933) n.a. n.a. 1,171,010 n.a. n.a. Earnings per share (0.00) n.a. n.a n.a. n.a. Net Profit for the quarter + Depreciation + Provisions (67,796) n.a. n.a. 1,937,920 n.a. n.a

2 EVOLUTION OF THE ACTIVITY IN THE QUARTER (Translation of a report originally issued in Portuguese) Under the restructuring process that Cofina Group opportunely disclosed which involved the demerger of Cofina SGPS, S.A., in the modality of simple demerger according to paragraph a), item 1 of art. 118 of the Portuguese Code of the Commercial Companies ( Código das Sociedades Comerciais ), the participation held in the Celulose do Caima SGPS, S.A. was spin-off to incorporate a new company Altri, SGPS, S.A.. As complementary operations to the mentioned restructuring process, the investments held by Cofina in F. Ramada - Aços e Indústrias S.A. and VAA - Vista Alegre Atlantis, SGPS, S.A. were equally sold to companies held by Altri, SGPS., S.A. On 14 February 2005 the public simple demerger deed of Cofina, SGPS, S.A. was signed, and the respective registration occurred on 15 February Therefore the consolidated financial statements of Altri, SGPS, S.A. for the first quarter of 2005, refers only to the consolidated activity of the Company, Ramada and Caima Groups developed during March 2005, as only from 1 March 2005 onwards the demerger produced financial and legal effects. Additionally, and because of the recent incorporation of Altri, SGPS, S.A., comparative financial information is not presented. Altri, SGPS, S.A. shares were distributed to the shareholders of Cofina SGPS, S.A. in the proportion of an Altri, SGPS, S.A. share for each share of Cofina, SGPS, S.A. held, and are listed on the Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A. since 1 March The investment on Celulose do Caima, SGPS, S.A. was transferred to Altri, SGPS, S.A. by its book value in Cofina SGPS, S.A., in accordance with the tax neutrality principle established by Portuguese tax law ( Código do Imposto sobre o Rendimento das Pessoas Colectivas -CIRC - art. 67 and following). Additionally, and taking into consideration that this operation was carried out under the same shareholder structure with reference to 1 March 2005, the incorporation of those companies was recorded in the consolidated financial statements of Altri, SGPS, S.A. through the transference, at carrying amount in accordance with International Financial Reporting Standards (IFRS) as of 1 March 2005, of its assets and liabilities, having been kept the value of goodwill previously recorded by Cofina in relation with those subsidiaries. Altri, SGPS, S.A. individual financial statements were prepared in accordance with Portuguese accounting principles whilst consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) and the European Parliament Regulation number 1606/

3 Altri, SGPS, S.A. non-consolidated financial statements, prepared in accordance with Portuguese generally accepted accounting principles as of 31 March 2005 can be summarized as follows: Non-Consolidated financial statements Mar/05 POC Total assets 96,079 Total liabilities 38,102 Total shareholder's funds 57,977 Altri, SGPS, S.A. consolidated financial statements, prepared in accordance with the International Financial Reporting Standards (IFRS), which only refer to the activity of the Company, Ramada and Caima Groups developed during March 2005 and for which is not presented any comparative financial information as previously mentioned, can be summarized as follows: Consolidated financial statements Mar/05 IFRS Total Operating Income 12,230 Net Operating Profit 1,754 Net profit 1,171 EBITDA 2,449 For a better understanding of Caima and Ramada Groups performance during the first quarter of 2005, it is presented below the financial and operational indicators of these groups for the complete first quarter of 2005 together with comparatives for the homologous period in It is however important to recall that the activity of these groups included on Altri s consolidated financial statements refers only to March 2005 and not to the entire quarter. The Ramada Group and Caima Group financial information presented bellow, is already in accordance with the International Financial Reporting Standards (IFRS). Until 31 December 2004 those Groups presented its financial statements in accordance with Portuguese accounting principles, having been converted to IFRS as Cofina, SGPS, S.A. (previous shareholder) and Altri, SGPS, S.A. are required to present consolidated financial statements in accordance with IFRS. In the transition process to IFRS, 1 January 2004 was used as transition date in accordance with IFRS

4 Steel and Warehousing Systems Total operating income 23,559 20,342 16% Net Operating Profit 3,134 1,943 61% Net Profit 2,132 1,337 59% EBITDA 3,639 2,403 51% Ramada Group presented a significant growth on income and net profit in the first quarter of 2005, mainly due to: -increase in the steel s price (raw material) and its related products sold by Ramada Group. -increase in sales and services rendered in the warehousing systems area in several European markets Pulp Total sales and services rendered 13,387 11,569 16% Net Operating Profit 2,131 1,655 29% Net profit 1,630 1,782-9% EBITDA 3,709 3,084 20% In what concerns the Caima Group performance, it should be emphasized that the increase by 16% of the sales and services rendered is mainly due to the growth of volume of sales. EBITDA and Net Operating Profit increased by 20% and 29%, respectively. Despite of the unfavourable conditions of the pulp market in the quarter, the positive contribute of the medium and long term pulp sales agreements and the increase of the quantity of pulp sold led to an improvement in the operating financial indicators

5 Net profit decreased by 9% in comparison to the homologous period in 2004, mainly due to the increase of financial costs. The consolidated performance of the two Groups can be summarized as follows: Total sales and services rendered 36,689 31,825 15% EBITDA 7,348 5,487 34% Porto, 28 April 2005 João Borges de Oliveira Director Alfredo Portocarrero Controller - 5 -

UNAUDITED NON CONSOLIDATED QUARTERLY FINANCIAL INFORMATION

UNAUDITED NON CONSOLIDATED QUARTERLY FINANCIAL INFORMATION Company: ALTRI, SGPS, S.A. Head office: R. GENERAL NORTON DE MATOS, 68, PORTO NIPC: 507 172 086 Reference period: Amounts in Euro 1st Quarter