G r u p o S o a r e s d a C o s t a, S G P S, S A (S o c ie d a d e A b e r t a )

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1 G r u p o S o a r e s d a C o s t a, S G P S, S A (S o c ie d a d e A b e r t a ) R u a d e S a n t o s P o u s a d a, P O R T O CapitalSocial: ,00 NIPC C.R.C.Porto nº11 298

2 5(32572)$&7,9,7,(6)257+( 48$57(52) Consolidated net profit (attributable to the Group) at the end of the 1 st Quarter was million euros, an increase of 94.4% on the 1 st Quarter of The exceptionally adverse weather conditions experienced during the 1 st Quarter of 2007 in certain African markets (Angola and Mozambique) where the Group is operating affected the rate of construction of important projects. Nevertheless, this did not prevent the Group achieving a level of consolidated operating profit (134.3 million euros) which was broadly similar to that achieved in the same period last year (135.4 million euros). Consolidated profit before financial charges, taxation, depreciation and amortisation (EBITDA), despite the effects of the above events, was million euros, slightly higher than the million euros obtained in the same quarter of the previous year. The trend in financial results was even more favourable, with a result of million euros compared with million euros a year ago. This reflects both the more favourable behaviour of the US dollar/euro exchange rate and the reduction in the Group s exposure to that exchange risk. As announced at the time, in January of this year approximately US$ 32 million of Angolan external debt was paid to the Group s construction company, which was used mainly to shorten payment times to suppliers. The rate of award of contracts, despite the depressed climate in the sector s domestic market, continued the favourable trend begun in the 2 nd half of the previous year. Significant projects awarded in the period were: widening of the Águas Santas Maia sub-stretch of the A3, for Brisa; Barreiro Moita waste water treatment station, for Simarsul; the 2 nd phase of the refurbishment of the Eiffel Bridge at Viana do Castelo, for Refer; and water supply works in the municipalities of Valença, Monção and Melgaço, for Águas do Minho e Lima. In the export market, a significant contract won was that for the new Trindade High School in S. Tomé e Príncipe.

3 In terms of the individual accounts (P.O.C.), Grupo Soares da Costa, SGPS, SA achieved a net profit at the end of the 1 st Quarter of million euros as the result of dividends received from its subsidiaries, including notably 9.9 million euros from its construction subholding. Oporto, 28 May 2007 The Board of Directors

4 ! #"$ %'&)(*,+ -.'*0/ :56 ;< = 89=>?3@24A57 ;CB B5D5:FE ;98C<5< = GH H FI'8989=JD5A9< 7 A@K LM84N@;@> ;B9< 24A@O524P O4B@Q R S0TVU &)%W0X GRUPO SOARES DA COSTA, SGPS, SA (publicly held company) Y.&'*Z [\[]+ ^ 0&M_Z S,` X Rua de Santos Pousada, Porto.M[.)a.)%^M. U.)a]+ S *X bc- &)a\-dx e5f-c('&)a\-.)a ga$*z('&)a\-.)a hm-]i('&)a\-.)a$"$em/ %*X T f S %j-]i'.lk'&)m &)%^M.nfi'..M- %*,+ o+ *,('&)m &)aqp rs.'^'p rt &)a `Mu bb 00b vw x0yzj{? )y} l~ 0y} Intangible fixed assets ---- Tangible fixed assets ,6% Investments in Subsidiaries and Associated Companies ,3% { ƒ0 0} Fy ymw M ˆ yj~ 0y} Medium and long term ---- Short term ,4%, b i'&)a. R & U + - &)m ejtr ` rrr ` rrr ejtr ` rrr ` rrr No.of ordinary shares No.of shares of other types (a) ŠŒ V cž Fy No.of shares with voting rights (limited voting rights) 0 0 No.of non-voting shares 0 0 0b a S o+ f+ S %f r r { ƒ0 0} J ˆ y Medium and Long Term Debts ,8% Short-term Debts ,4%,Œ j bb 00b "$%'.M-q/ grg ` h' Mh ` h s ` ejgs ` r h s u,œ Z, ehh ` ttg ` eh't e5 ` s r ` tej s' h u,œ Z 0b e5 s ` ` g e5 ` gmh't ` h s g' u

5 a S []+ -,&)%* S ffj ^^ S (%- -. T f %*,+ o+ *,('&)m &)aqp rs &)aqp rt &)a `Mu Sales and Services Rendered ,1% Variation in Production š a S S - ` ` e g u CGSMC and Services Rendered ,8% ffz a []+ ej t e p ejt ejs ' U.)a &M-]+ % U a S []+ - p Mh ` r p t s ` t Mh p ' u + %'&)%^+ &)m'.mf(m -\fœ"$%'.m-q/ ee ` ee ` p sj ` t J em t u R (a]a.)%- a S []+ - ejr ` gj ` t p e ` ejt ` h' r r' u _-]a & S a$*,+ %'&)a\w U a S []+ -\f p ` s r p h ` st p ' u r u S S ` ` p ` Corporation Tax s'.m- a []+ -0[ a0-]i'. ('&)a\-.)a ejr hm tmh)e ejssr' u S - U ` ` p ` g u.m- a []+.)a,b i'&)a. " )/ 0,07 0, b.)m [qp []+ %'&)%^+ % Z"\g'/ ejr ejs ehh t r h'gr ej Mh (1) Applicable in the first financial year of companies that adopt a financial year different from that corresponding to the calendar year (Art.65-A of the Companies Code) (2) Estimated Taxation on Earnings (3) Self-financing = Net profit + Depreciation + Provisions (4) For the comparative period the calculation was based on the present number of shares. Accountant By the Board of Directors Representative for market relations (Fernando da Silva Semana) (António Pereira da Silva Neves), žœ 0b * Unless otherwise stated, the required amounts should be expressed in euros, without decimal places. * The period defined as "n" relates to the amounts for the quarter concerned, while the period defined as "n-1" relates to the amounts for the corresponding quarter in the previous year. b a) These shares now confer voting rights pursuant to Article 342, paragraph 3 of the Companies Code

6 BALANCE SHEET ASSETS Gross assets 31 March Dec Depreciat. and adjust. Net assets Net assets FIXED ASSETS INTANGIBLE FIXED ASSETS Set-up costs TANGIBLE FIXED ASSETS Transport equipment Administrative equipment Fixed assets in progress FINANCIAL INVESTMENTS CURRENT ASSETS ACCOUNTS RECEIVABLE - SHORT TERM CASH AND BANKS Holdings in Group compani Loans to affiliated companie Securities and other financi Advances to financial inves Customers, current accoun Group companies Associated companies State and other public bodie Others debtors Bank deposits Cash in hand ACCRUALS AND PREPEAYMENTS Prepaid expenses Assets liable to deferred tax Total amortisation and depreciation Total adjustments TOTAL ASSETS

7 BALANCE SHEET EQUITY AND LIABILITIES 31 March Dec EQUITY Share capital Shares in branches and assoc. companies ( ) ( ) Revaluation reserves 0 0 Reserves: Legal Reserves Other reserves Retained profits ( ) ( ) Net profit for the year TOTAL EQUITY LIABILITIES ACCOUNTS PAYABLE - MEDIUM AND LON TERM ACCOUNTS PAYABLE - SHORT TERM ACCRUALS AND PREPEAYMENTS Debts to credit instituions Fixed assets suppliers - current accounts Debts to credit instituions Suppliers - current accounts Suppliers - invoices in progress Group companies Other shareholders 0 0 Fixed assets suppliers - current accounts State ans other public bodies Other creditors Accrued expenses Deferred income TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES

8 PROFIT AND LOSS ACCOUNT BY NATURE COSTS AND LOSSES 31 March March 2006 External supplies and services Personal costs Salaries and wages Social Charges Amort. of tangible and intangible fixed assets Adjustments Taxation Other operating costs and losses (A) Depreciations and adjustments for financial investments Interest and similar costs Relating to Group Companies Others (C) Extraordinary costs and losses (E) Taxation on profits for the year ( ) ( ) (G) Net profit for the year ( ) TURNOVER AND PROFITS 31 March March 2006 Sales Goods 0 0 Finished and intermediated products 0 0 Services rendered Supplementary turnover Revenue grants 0 0 Other operating income and profits (B) Profit from Group companies and subsidiaries 0 0 Income from capital shareholdings Outros juros e proveitos similares Relating to Group companies Others (D) Extraordinary income and turnover (F) SUMMARY Operating Results Financial results Current results Profit befores taxation Net profit for the year (B)-(A) (D-B)-(C-A) (D)-(C) (F)-(E) (F)-(G) ( ) ( ) ( ) ( ) ( ) ( )

9 Ÿ Ÿ ª ««# ª ± ²! #³$ 'µ), ¹ º' 0» ¼ ½4¾5¾5 À Á9½4Â5 ÃÄ Å ÃCÈ È5É5ÂFÊ Ã9ÁCÄ5Ä Å Ë Ì'ÍJÎ Ë Ï5ÐÍŒ½9Á9Á9ÅJÉ5Ç9Ä À È9Ä Õ0ÖV µ) Ø0Ù GRUPO SOARES DA COSTA, SGPS, SA (publicly held company) Ú ºµ' Û\Û Ü 0µMÝZ Õ,Þ Ù Rua de Santos Pousada, Porto º Û º)ß º) ÜMº º)ß] Õ Ù c¹ µ)ß\¹dù à5á¹c 'µ)ß\¹ º)ß âß$ Z 'µ)ß\¹ º)ß ãm¹]ä 'µ)ß\¹ º)ß$³$àM» Ù å µ)æ µ) ÜMºj ä'ººm¹ ¹ º Ö á Õ á Õ æ )µm¹ º' ²µ)ßqç èé «º'Ü'ç èê µ)ß Þ ³\ë» 0 0 Tangible fixed assets ,6% Goodwill Intangible assets: ,2% Investments in Associated Companies ,0% Financial Investments held to Maturity ,4% Financial Assets Available for Sale Accounts Receivable ,7%, Share Capital No. of ordinary shares No.of shares of other types (a) Own Shares Adjustments incl. in Own Equity Minority Interests ,8% å 0 Provisions ,6% Accounts Payable ,9% Other Financial Liabilities ,1% 0 0 êmã)à àjêé àjìâ êjíí èmã'è àà àmï àjë, ðî èéâ à5í ðþ ìêâ àmï íë ªZª å 0 íê ààjè ã)à ðþ èè âjíì àmï èë

10 ñß ÕÛ ¹,µ) ªÕ ááj ÜÜ Õ ¹ ¹ º Ö á Õ á Õ æ )µm¹ º' ²µ)ßqç èé ²µ)ßqç èê µ)ß Þ ³\ë» Sales and Services Rendered ,7% Variation in Production ,4% ò ß Õ ¹ Þ Þ é î ê Þ è î è Þ à î ã ç Û Õ Õ µ Õ ê Þ Þ ê Þ Þ CGSMC and Services Rendered ,0% áázñß ÕÛ àjé èèè àjé è'ï àjë ñß ÕÛ ¹ ô'º Û$Õ ß º 'µ) Ü µ)æmüä'µ)ß$ó)ºmá)ïj¹ µmý'µm¹] )ï )º ß º'Ü µm¹] µ) ÖlÕ ß\¹] á'µm¹] êâì ìàjê êèé àã'è è'ï ã'ë º)ß µm¹] ó ß ÕÛ ¹ í Þ íèmã Þ íèé í Þ êmã'ê Þ îð ê ç ãï íë Financial Charges ,5% Taxation (2) ,9% ¹ Õ ò ß Õ» à Þ é î â Þ ð Þ ð Minority Interests ,4% ºM¹ ñß ÕÛ Û$Õ ß0¹]ä'º 'µ)ß\¹ º)ßc³ž¹\¹]ß] ô ¹ µ)ôæ ºn¹ ¹]ä'º ìè ììé èâê í)ï íë Net Profit for the Quarter per basic share (3) 0,010 0,004 Net Profit for the Quarter per diluted share (3) 0,010 0,004 (1) Applicable in the first financial year of companies that adopt a financial year different from that corresponding to the calendar year (Art.65-A of the Companies Code) (2) Estimated Taxation on Earnings (3) For the comparative period the calculation was based on the present number of shares. Accountant By the Board of Directors Representative for market relations (Fernando da Silva Semana) (António Pereira da Silva Neves) ñ ª 0 * Os valores solicitados, salvo indicação em contrário, deverão ser expressos em euros, sem casas decimais. * O período definido como "n" diz respeito aos valores do trimestre em causa, enquanto que o período definido como "n-1" diz respeito aos valores do trimestre homólogo anterior. å a) These shares now confer voting rights pursuant to Article 342, paragraph 3 of the Companies Code

11 û úœõcú!cÿþ #"!$!žõcû þ%& þ,þ)ÿ' õ)( *,+-!žýcû.& ú/ õcúœõ û ü ý ý þ,õ,ÿ!4 þ)ÿ 31 March Dec õ,ö )øùjùmö ù õ,ö )øùjùmö ù Goodwill Other intangible assets Fixed tangible assets: Land and Buildings Basic equipment Fixed assets in course of construction Other fixed tangible assets Financial Investments: Investment Properties Financial Investments in equity: Loans to associated companies Other financial investments Assets for deferred taxes û ü ý ý þ,õ,ÿ õžþ,õ,ÿúœý þ Accounts receivable: Customers Other Accounts Receivable Other current assets Cash and equivalents

12 û úœõcú!cÿþ #"!$!žõcû þ%& þ,þ)ÿ' õ)( *,+-!žýcû.& ú/ þ 5Œü ÿ6 þ 5Œü ÿ6s!žõ #!$" ÿ þ 31 March Dec A A Share Capital Reserves and retained profits ( ) ( ) Net profit for the year =B=A D E A =D B FGA HGA IFKJC HEL> Minority interests !$" ÿ þ MN O õcúœõ4p û ü ý ý þ,õ,ÿ Provisions Loans: Loans from bond holders 0 Bank loans Other received loans Accounts payable: Fixed assets suppliers Other accounts payable Liabilities on deferred taxes û ü ý ý þ,õ,ÿ N Q N N N? Loans: Loans from bond holders 0 Bank loans Other received loans Accounts payable: Suppliers Fixed assets suppliers Advances on sales Other accounts payable Other current liabilities N Q N N N? N Q N N N? MN OG R1 N Q N N N?

13 mn o4n pqgprn<st1usrm4sv w xo4n px#ypmzvnm#t sy#{pyw sx#prxw r ~},q-o$y4u. )st1 ƒ rpn'w r4usqgp%mn o4n pqgprn } q ƒ } q Sales and services rendered Variation in production Other operating gains T4UVWX Y Z [ \'Y ]W[ ^_VW Cost of goods and materials consumed ( ) ( ) External supplies and services ( ) ( ) Personal costs ( ) ( ) Amortizations and impairment losses ( ) ( ) Provisions and value adjustments 0 (82.691) Other operating losses ( ) ( ) T4UVWX Y Z [ \'` ^ay a ( ) ( ) T4UVWX Y Z [ \<WV?a ]b Y Net costs of finance ( ) ( ) Profits and losses in associated Companies Other financial gains and losses (97.974) ( ) c Z [ X [ `Z X b WV?a ]b Y ( ) ( ) d W^ e Z Y f V e ^ WV,Y X?g Z Income taxes ( ) ( ) h4^ [a^ b i X Y V i1wv?a ]b Y e ^ WjY k V-lVX W Atributable to the Group Attributable to minority interests Profit per share: Basic 0,010 0,004 Diluted 0,010 0,004

DTY FDY POY FDY 475,000 DTY ,000

DTY FDY POY FDY 475,000 DTY ,000 2299.HK 2011 2012 2 This document has been compiled by Billion Industrial Holdings Limited. All persons are prohibited to copy or forward this document onward. In other jurisdictions, the distribution