CONTACTS: MANAGEMENT REPORT & CONSOLIDATED FINANCIAL STATEMENTS 1 st QUARTER OF 2010 (non audited figures)

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2 GRUPO SOARES DA COSTA, S.G.P.S., S.A. Public Company Head Office: Rua de Santos Pousada, Porto Share Capital Commercial Registry Office of Porto: corporate body and register nr CONTACTS: General Marketing, Public Relations Investor Relations Web MANAGEMENT REPORT & CONSOLIDATED FINANCIAL STATEMENTS 1 st QUARTER OF 2010 (non audited figures) I HIGHLIGHTS Turnover reached 222.2mn in 1Q 2010 (-4% compared with the same period of the previous year on a comparable basis (1) ); EBITDA (2) amounted to 25.3mn, reflecting a margin improvement to 11.40% from 11.15% in 1Q 2009; Financial results of 14.2mn, in line with the previous year figure ( 14.0mn); Earnings before taxes reached 2.2mn ( 2.8mn in 1Q 2009); Group s net income amounted to 1.4mn versus 2.2mn in 1Q 2009; Signature on May 8, 2010 of the concession contract of the Poceirão-Caia stretch, part of the high speed rail connection between Lisbon and Madrid, between and by the Portuguese State and the concessionaire ELOS Ligações de Alta Velocidade, S.A. in which Soares da Costa has a % stake; Backlog increased 4% compared with year-end 2009 to 1,829mn. (1) In order to have comparable figures, we have calculated proforma accounts for 1Q 2009 reflecting the IFRIC 12 accounting standard application. (2) EBITDA = Operational Result (EBIT) + Depreciations + Provisions + Impairment charges

3 II OPERATIONAL ACTIVITY AND FINANCIAL DATA In spite of the negative macroeconomic context, Soares da Costa group s activity has benefited from its international exposure and business diversification. In general, the group s activity during the first quarter of 2010 (1Q 2010) occurred in a normality context, supported by its solid backlog. However, two main factors are worth mentioning to better understand this quarter s figures: (i) some delays in the construction works set off in both Portugal and Angola due to processual/ administrative reasons and (ii) the negative impact from bad weather conditions that affected the construction pace of some important projects, leading to a slight decrease in the group s turnover. Key Financial Indicators 1Q Q 2009 Proforma 1Q Turnover ,0% EBITDA ,1% EBITDA margin 11,40% 11,15% 11,26% +0,25 p.p. EBIT ,2% Financial Results ,1% Earnings Before Taxes ,4% Group s Net Income ,0% Note: 1Q09 proforma accounts take into consideration the IFRIC12 accounting standard application. YoY change is calculated based in these proforma figures. YoY Turnover breakdown by country in the 1 st quarter of 2009 and 2010 is detailed in the table presented in next page. We highlight a slight reduction of the domestic turnover (-2.8%), while Angolan turnover grew by +8.9%. Portuguese speaking African countries turnover as a whole also suffered a decrease, although expected, taking into consideration that 1Q 2009 figure benefited from the contribution of two relevant construction works: Zambeze river bridge in Mozambique and Cacheu river bridge in Guinea, that are now completed.

4 Activity in the United States also suffered a decline, with turnover fall reflecting the buildings construction market s stagnation, with the activity of the group now being focused in the infra-structures segment. Turnover Breakdown by Country Country 1Q 2010 % 1Q 2009 Proforma % YoY 000 Portugal ,8% ,2% -2,8% Angola ,7% ,6% 8,9% U.S ,3% ,6% -18,8% S. Tomé e Príncipe ,6% 459 0,2% 183,3% Mozambique ,6% ,0% -47,7% Guiné 6 0,0% ,8% -99,9% Romania ,3% ,0% -25,1% Other ,7% ,5% -55,7% Consolidated Turnover % % -4,0% Turnover Breakdown by Country (1Q 2010) 43% 7% 2% 2% 1% 45% Portugal Angola U.S. Mozambique Romania Others In spite of the slight turnover reduction, EBITDA margin improved to 11.4% from 11.15%, which allowed operational results (EBIT) to only decrease 2.2% compared with the same period of the previous year. Average cost of debt recorded an important drop (to -7.9mn in 1Q 2010 from -9.6mn in 1Q 2009), however foreign exchange losses of -2.1mn (contrary to what happened in 1Q

5 2009 when 1.8mn of gains were accounted) lead to flat financial results in this quarter compared with the previous year ( -14.2mn in 1Q 2010 versus -14.0mn in 1Q 2009). Earnings before taxes amounted to 2.22mn, in line with 1Q 2009 ( 2.30mn). The group s net income reached 1.44mn, negatively influenced by a higher effective tax rate in 1Q In the following table we detail each business unit performance in 1Q Key Financial Indicators by Business Unit 000 Business Unit Turnover EBITDA Net Income Holding Construction Industry Real Estate Concession Total Regarding the consolidated financial statements, we highlight that some accounting changes happened in this quarter as a consequence of the application of the IFRIC Interpretation 12. This interpretation of the mentioned International Accounting Standard, that establishes the criterions to be used in the measure, recognition, presentation and release of the activities that are based on a public service concession contract, led to some changes with some impact in the consolidated figures of Soares da Costa group, mainly in its Concession business unit. (i) Re-classification as an intangible asset of part of the concession fixed assets in which the group has a exploitation right and in which it assumes the demand risk of the operation (intangible asset model); (ii) Re-classification as a receivable of part of the concession fixed assets in which the group has an unconditional right to receive pre-established values and in which it does not assume the demand risk of the operation (financial asset model); (iii) Changes in the depreciations of the fixed assets and recognition of provisions covering the need of future major repairs in the assets under concession.

6 Therefore, taking into consideration this interpretation, and for comparison purposes, we have restated 1Q 2009 accounts. Net debt as of March 31, 2010, reached 721.5mn (of which 284.4mn was non-recourse debt from the concessions business segment), versus 675.9mn by year-end The net debt increase in the quarter is explained namely by the investment made in the development of real estate project in Angola and by some degradation in the receivables average collection time ( = 27.4mn between Dec 2009 and Mar 2010). IV COMMERCIAL ACTIVITY, BACKLOG In 1Q 2010, the domestic market continued to experience a depressing background, that was eventually aggravated compared with the previous year, both in terms of projects bids launched and works awarded. This situation reflects our economy structural difficulties, and had a negative impact on both the public and private investment level. Nevertheless, in the domestic market we highlight the following construction works that were awarded to Soares da Costa: Cascais Tower Inn (Pousada da Cidadela de Cascais) from Pestana group; Road access to Lisbon North logistic platform, from Brisa. In the domestic market we also highlight that, on May 8, 2010, the concession contract of the Poceirão-Caia stretch, part of the high speed rail connection between Lisbon and Madrid, has been signed today by and between the Portuguese State and the concessionaire ELOS Ligações de Alta Velocidade, S.A.. Soares da Costa Concessões SGPS, SA was coleader of the consortium and has a % stake in the mentioned concessionaire. Furthermore, the project reached its financial close. This 40-year concession implies a total investment of 1,495mn, with 1,441mn for the project and construction, which should be performed by a joint undertaking of companies - LGV-Engenharia e Construção de Linhas de Alta Velocidade, ACE - led by Sociedade de Construções Soares da Costa, S.A. with a 17.25% participation.

7 As for the international activity we would like to mention: In Angola, the award of the Dipanda building from Novinvest, the headquarters of the Angolan national Statistic Organization and two other works from Sonils. In Romania, the award, to a consortium in which Soares da Costa participates, of the Wind Park Cernavada II construction in Constance, from Global Energy Services (GES)-SIEMSA. In the Industry business area, was awarded to a consortium in which OFM holds a 24% stake, the expansion of the Porto Novo harbour (phase 1) in Sto. Antão Island (Cape Verde), a project amounting to 24.3mn. Soares da Costa group reinforces that keeps seeking for business opportunities outside its traditional markets. This commercial dynamism has allowed the group to maintain, and even increase, its backlog, which has reached 1.829mn, rising 4% from the 1.759mn figure of year-end Soares da Costa Backlog Evolution º T 2010 More recently it was awarded to Prince Contracting LLC, two infrastructure works contracts worth a total value of USD74.8mn, which have not yet been included in the above mentioned backlog figure:

8 - Refurbishment and improvement of the East - West (SR408) highway for the Expressway Authority of Orange County, Orlando, Florida, worth USD20.8mn and a completion deadline of 13 months. - Reconstruction and refurbishment of Interstate Highway I-75/SR401, for the Department of Transport of the State of Georgia, worth USD54.0mn and a completion deadline of 30 months. V FOLLOWING EVENTS, CORPORATIVE INFORMATION Additionally to the above mentioned operational events and awards, in this section it is important to refer to the group s general assembly, held on April 26, 2010, and in which the following resolutions were adopted: 1. Approval of the management report, individual accounts and consolidated accounts for 2009; 2. Approval of the proposal from the Board of Directors for allocation of the individual net profit of 26,738, earned by the company in the year ended 31 December 2009 as follows: a) To the Legal Reserve (5% of Net Profit for the year) 1,336, b) To Results Carried Forward 18,457, c) For the distribution of dividends: i) Attributable to Preferred shares, pursuant to articles 341 and 342 of the Commercial Companies Code: 5,518 shares x ii) Attributable to Ordinary Shares: 159,994,482 shares x ,943, Approval of a vote of confidence in the Board of Directors and the Supervisory Board. 4. Approval of the alteration of part of the company s bylaws, namely regarding Article 8 (1) and (3), through which now to each share corresponds one vote, and article 12,

9 13, 16 (1) and 21 (1), with corporate bodies elections every 3 years from previous 4 years. 5. Election of the company officers for the three year term : Board of the General Meeting of Shareholders Chairman: Fernando Enes Gaião Secretary: João Pessoa e Costa Board of Directors Chairman: Manuel Roseta Fino António Pereira da Silva Neves Pedro Manuel de Almeida Gonçalves Pedro Gonçalo de Sotto-Mayor de Andrade Santos José Manuel Baptista Fino António Manuel Pereira Caldas Castro Henriques PANIRAMA Participação e Investimentos, SGPS, SA, corporate body no , which nominated Ana Maria Martins Caetano to occupy the position under her own name. Martim Salema de Sande e Castro Fino António Manuel Formigal de Arriaga Carlos Moreira Garcia Supervisory Board Chairman: Júlio de Lemos de Castro Caldas Carlos Pedro Machado de Sousa Góis Joaquim Augusto Soares da Silva Júlio de Jesus Pinto (substitute) Statutory Auditor PATRÍCIO, MOREIRA, VALENTE & ASSOCIADOS, SROC no. 21 (NIPC ), with registered office at Avenida do Brasil, no. 15-1º, LISBON, represented by Jorge

10 Bento Martins Ledo, Roc no. 591 (NIF ) with professional residence at Rua da Saudade, no. 132, 3rd floor, Oporto. Remuneration Committee Chairman: José Manuel Batista Fino João Pessoa e Costa António Jorge Gonçalves Afonso 6. Approval of the remuneration policy statement proposed by the Remuneration Committee. 7. Authorize the Company to purchase and sell own shares in a regulated market. 8. Approval of the attribution and establishment of remuneration for members of the Remuneration Committee. VI OWN SHARES. LISTED SHARES PERFORMANCE As of December 31, 2009 the group did not have any own shares and during the 1 st quarter of 2010 did not acquire or sell any own shares. The following graph displays Soares da Costa shares price performance compared with the Euronext Lisbon reference index, PSI 20, and to other listed companies operating in the construction sector. Index 100 corresponds to the share price as of December 31, In the 1 st trimester it is visible the existence of some volatility in the stocks price behaviour, which was also noticeable in the financial markets in general during this period.

11 S.COSTA TEIXEIRA DUARTE MOTA ENGIL PSI VII OUTLOOK FOR 2010 Taking into consideration that the full-year 2009 management report, which included the board of directors expectations to 2010, was released relatively recently, the board reiterates the targets then announced to full-year, as there were no news or occurrences that materially change its view on the evolution of the company s activity. Porto, May 24, 2010 The Board of Directors

12 CONSOLIDATED FINANCIAL POSITION STATEMENT March 31, 2010 and December 31, 2009 NON CURRENT ASSETS 31-Mar Dec Dec-2009 Net Assets Restated Net Assets Net Assets Intangible fixed assets: Goodwill 81,768,523 81,768,523 81,768,523 Other intangible fixed assets 278,183, ,561,918 2,562, ,951, ,330,440 84,331,094 Tangible fixed assets: Land and buildings 148,912, ,447, ,271,867 Basic equipment 69,061,800 69,721,533 69,721,533 Fixed assets in progress 39,992,679 30,913,006 47,773,154 Other tangible fixed assets 26,943,303 27,748,135 27,748, ,910, ,830, ,514,688 Financial investments: Investment properties 6,681,027 6,514,869 6,514,869 Financial investments under the equity method 8,280,318 9,916,520 9,916,520 Loans to associated companies 2,684,643 4,983,170 4,983,170 Other financial investments 15,820,182 15,303,624 15,303,624 33,466,170 36,718,183 36,718,183 Deferred taxes (assets) 22,217,354 17,428,521 16,986,015 Other non current assets 22,544,796 17,669,430 - CURRENT Total non current assets 723,090, ,977, ,549,980 Inventories 165,806, ,113, ,113,038 Accounts receivable: Trade Debtors 398,643, ,178, ,178,462 Receivables from Public Entities 1,919,856 3,518,433 3,518,433 Other accounts receivable 44,167,401 46,910,955 46,910, ,730, ,607, ,607,850 Other current assets 164,099, ,994, ,500,405 Cash, Deposits and Securities 95,276,274 93,283,117 93,283,117 Total current assets 869,912, ,998, ,504,409 TOTAL ASSETS 1,593,002,670 1,534,976,064 1,524,054,390 The Chartered Accountant The Board of Directors

13 EQUITY AND LIABILITIES 31-Mar Dec Dec-2009 Restated SHAREHOLDERS' EQUITY Share capital 160,000, ,000, ,000,000 Own shares Reserves and retained earnings (34,277,680) (39,238,701) (42,214,632) Net income 1,438,537 10,314,284 11,491,132 Equity attributable to the group 127,160, ,075, ,276,500 Minorities 1,311,398 1,005,445 1,005,445 LIABILITIES NON CURRENT Total shareholders' equity 128,472, ,081, ,281,945 Provisions 9,644,045 9,153, ,672 Loans: Bonds 100,000, ,000, ,000,000 Bank loans 449,050, ,173, ,173, ,050, ,173, ,173,069 Accounts payable: Fixed assets suppliers 5,991,470 6,483,562 6,483,562 Other accounts payable 12,482,869 14,039,298 14,039,298 Deferred assets (liabilities) 28,362,298 28,300,752 27,722,083 CURRENT CONSOLIDATED FINANCIAL POSITION STATEMENT March 31, 2010 and December 31, 2009 Total non current liabilities 605,531, ,150, ,027,685 Loans: Bank loans 203,571, ,051, ,051,762 Outher loans 43,892,434 27,983,326 27,983, ,463, ,035, ,035,088 Accounst payable: Trade Creditors 247,343, ,014, ,014,667 Fixed assets suppliers 8,392,993 9,424,128 9,424,128 Advances on sales 131,032, ,090, ,090,993 Payables to Public Entities 3,134,790 4,301,906 4,301,906 Other accounts payable 47,410,064 43,294,106 43,294, ,313, ,125, ,125,801 Financial derivatives 36,966,794 25,913,439 25,913,439 Other current liabilities 137,255, ,670, ,670,433 Total current liabilities 858,999, ,744, ,744,760 Total liabilities 1,464,530,415 1,402,895,037 1,393,772,445 Total shareholders's equity and liabilities 1,593,002,670 1,534,976,064 1,524,054,390 The Chartered Accountant The Board of Directors

14 SEPARATE CONSOLIDATED INCOME STATEMENT for the period ended March 31, 2010 and Mar Mar Mar-09 Restated Sales and services rendered 222,214, ,411, ,788,196 Change in production (17,582,841) (11,052,111) (11,052,111) Other operating income 6,935,088 8,844,431 12,798,816 Operating income 211,566, ,203, ,534,901 Cost of goods sold (42,988,425) (54,264,388) (54,264,388) Third party supplies & services (102,822,883) (108,887,306) (108,487,406) Staff costs (36,874,840) (35,826,650) (35,826,650) Depreciation and imparity losses (8,394,460) (8,326,873) (9,047,376) Provisions (778,190) (734,553) (203,178) Other operating costs (3,320,009) (4,400,130) (4,400,130) Operating costs (195,178,808) (212,439,900) (212,229,128) Operating profit 16,388,066 16,763,976 16,305,773 Net financing costs (7,865,336) (9,616,345) (9,616,345) Profits and losses in associated companies (631,497) (412,224) (412,224) Other financial income and costs (5,670,585) (3,979,581) (3,979,581) Financial results (14,167,418) (14,008,149) (14,008,150) Earnings before taxes 2,220,648 2,755,827 2,297,623 Income tax (664,640) (478,864) (377,896) Consolidated net income 1,556,009 2,276,963 1,919,727 Attributable to the Group 1,438,537 2,180,901 1,823,665 Attributable to minority interests 117,472 96,063 96,063 Earnings per share of continued activities: Basic Diluted Earnings per share: Basic Diluted The Chartered Accountant The Board of Directors

15 31-Mar Mar Mar-09 Restated Consolidated net profit for the period 1,556,009 2,276,963 1,919,727 Other comprehensive income STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME for the period ended March 31, 2010 and 2009 Exchange difference stemming from transposition of financial statements expressed in foreign currencies 973, , ,664 Variation, net of tax of the fair value of financial derivatives (5,427,895) (4,630,232) (4,630,232) Other variations (711,043) Total comprehensive income for the period (3,609,174) (2,151,559) (2,508,796) Attributable: to minority interests 305, , ,168 to the group (3,915,127) (2,271,727) (2,628,964) The Chartered Accountant The Board of Directors STATEMENT OF CHANGES IN EQUITY for the period ended March 31, 2010 and 2009 Equity capital Own shares Reserves and retained earnings Reserves for foreign exchange Coverage derivatives Other Own funds attributable to shareholders Own funds attributable to minorities Total equity Balance as of 01/Jan/ ,000,000 - (12,885,176) (1,951,180) (16,135,152) 248, ,276,500 1,005, ,281,945 Dividend distribution Acquisition of own shares Others Integrated consolidated earnings - - 3,238, ,275 (5,427,895) (711,044) (2,115,643) 305,952 (1,809,691) Balance as of 31/Mar/ ,000,000 - (9,647,155) (1,165,905) (21,563,047) (463,037) 127,160,857 1,311, ,472,254 Equity capital Own shares Reserves and retained earnings Reserves for foreign exchange Coverage derivatives Other Own funds attributable to shareholders Own funds attributable to minorities Total equity Balance as of 01/Jan/2009 Restated 160,000,000 (1,306,746) (13,794,950) 678,254 (4,994,137) 247, ,830, , ,802,144 Dividend distribution Acquisition of own shares Others , ,250-20,250 Integrated consolidated earnings - - 2,180, ,664 (4,630,232) 45 (2,247,623) 120,169 (2,127,454) Balance as of 31/Mar/2009 Restated 160,000,000 (1,306,746) (11,593,800) 879,918 (9,624,369) 248, ,603,011 1,091, ,694,940 The Chartered Accountant The Board of Directors

16 CONSOLIDATED CASH FLOWS STATEMENTS for the period ended March 31, 2010 and Mar Mar-09 Operating activities: Receipts from customers 145,978, ,885,305 Payments to suppliers (149,492,733) (174,911,503) Payments to staff (31,927,292) (30,783,996) (35,441,590) (1,810,194) Payments/ receipts of income tax (373,315) (191,649) Other payments/ receipts related with operating activities (1,542,967) (9,934,638) (1,916,282) (10,126,287) Cash flow from operating activities (37,357,873) (11,936,481) Investment activities: Receipts from: Financial investments - 714,250 Fixed tangible assets 45, ,951 Interest and similar income 179, ,763 Dividends - 225,327-1,039,964 Payments related with: Financial investments 141,896 2,270,195 Fixed tangible assets 2,240,195 3,355,621 Intangible assets 54,973 2,437,064 1,335,813 6,961,629 Cash flow from investment activities (2,211,737) (5,921,665) Financing activities: Receipts from: Loans 178,989, ,545,567 Capital increases, supplementary payments and issue premiuns 12, ,000 Sale of own shares - - Interest received 30, ,032,271 47, ,758,731 Payments related with: Loans 131,809, ,178,771 Financial leasing contracts 2,948,447 3,367,839 Interest paid 4,274,479 9,388,808 Dividends - - Acqusition of own shares - 139,032, ,935,418 Cash flow from financing activities 39,999,551 43,823,313 Change in cash and cash equivalents 429,941 25,965,167 Effect of foreign exchange differences 1,563,215 (862,958) Effect of changes in stakes/ participations - - Cash and cash equivalents at the beginning of the period 93,283,117 66,755,099 Cash and cash equivalents at the end of the period 95,276,274 91,857,308 The Chartered Accountant The Board of Directors