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 )

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, 2 2 0 4 0 0 0-4 7 8 P O R T O CapitalSocial: 160 000 000,00 NIPC 500 265 763 C.R.C.Porto nº11 298

5(32572)$&7,9,7,(6)257+( 48$57(52) Consolidated net profit (attributable to the Group) at the end of the 1 st Quarter was 1.723 million euros, an increase of 94.4% on the 1 st Quarter of 2006. The exceptionally adverse weather conditions experienced during the 1 st Quarter of 2007 in certain African markets (Angola and Mozambique) where the Group is operating affected the rate of construction of important projects. Nevertheless, this did not prevent the Group achieving a level of consolidated operating profit (134.3 million euros) which was broadly similar to that achieved in the same period last year (135.4 million euros). Consolidated profit before financial charges, taxation, depreciation and amortisation (EBITDA), despite the effects of the above events, was 6.639 million euros, slightly higher than the 6.607 million euros obtained in the same quarter of the previous year. The trend in financial results was even more favourable, with a result of -1.778 million euros compared with 3.066 million euros a year ago. This reflects both the more favourable behaviour of the US dollar/euro exchange rate and the reduction in the Group s exposure to that exchange risk. As announced at the time, in January of this year approximately US$ 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.

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 10.883 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

! #"$ %'&)(*,+ -.'*0/ 1 2435356 7 8924:56 ;< = 89=>?3@24A57 ;CB B5D5:FE ;98C<5< = GH H 7 847 246FI'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, 220 4000-478 Porto.M[.)a.)%^M. U.)a]+ S *X bc- &)a\-dx e5f-c('&)a\-.)a ga$*z('&)a\-.)a hm-]i('&)a\-.)a$"$em/ %*X 500 265 763 01.01.2007 31.03.2007 -. T f S %j-]i'.lk'&)m &)%^M.nfi'..M- %*,+ o+ *,('&)m &)aqp rs.'^'p rt &)a `Mu bb 00b vw x0yzj{? )y} l~ 0y} Intangible fixed assets ---- Tangible fixed assets 283.861 317.550-10,6% Investments in Subsidiaries and Associated Companies 274.087.365 273.378.574 0,3% { ƒ0 0} Fy ymw M ˆ yj~ 0y} Medium and long term ---- Short term 23.937.788 7.378.798 224,4%, b i'&)a. R & U + - &)m ejtr ` rrr ` rrr ejtr ` rrr ` rrr No.of ordinary shares 133.000.000 133.000.000 No.of shares of other types (a) 27.000.000 27.000.000 ŠŒ V cž Fy No.of shares with voting rights (limited voting rights) 0 0 No.of non-voting shares 0 0 0b a S o+ f+ S %f r r { ƒ0 0} J ˆ y Medium and Long Term Debts 50.820.000 50.400.000 0,8% Short-term Debts 96.372.174 91.401.403 5,4%,Œ j bb 00b "$%'.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

a S []+ -,&)%* S ffj ^^ S (%- -. T f %*,+ o+ *,('&)m &)aqp rs &)aqp rt &)a `Mu Sales and Services Rendered 836.006 996.458-16,1% Variation in Production 0 ---- š a S S - ` ` e g u CGSMC and Services Rendered 709.025 1.158.650-38,8% 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 656.803 517.099 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 0,00 ---- 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

BALANCE SHEET ASSETS Gross assets 31 March 2007 31 Dec. 2006 Depreciat. and adjust. Net assets Net assets FIXED ASSETS INTANGIBLE FIXED ASSETS Set-up costs 0 0 0 0 0 0 0 0 TANGIBLE FIXED ASSETS Transport equipment 500 500 0 0 Administrative equipment 4.438.224 4.158.189 280.035 314.808 Fixed assets in progress 3.825 3.825 2.743 4.442.549 4.158.689 283.861 317.550 FINANCIAL INVESTMENTS CURRENT ASSETS ACCOUNTS RECEIVABLE - SHORT TERM CASH AND BANKS Holdings in Group compani 270.335.715 16.000.000 254.335.715 254.335.715 Loans to affiliated companie 17.850.557 17.850.557 17.134.057 Securities and other financi 2.020.528 169.434 1.851.094 1.858.803 Advances to financial inves 50.000 50.000 50.000 290.256.799 16.169.434 274.087.365 273.378.574 Customers, current accoun 1.583.000 1.583.000 1.161.027 Group companies 21.525.673 21.525.673 5.399.541 Associated companies 59.656 59.656 59.656 State and other public bodie 769.460 769.460 758.234 Others debtors 0 0 340 23.937.788 0 23.937.788 7.378.798 Bank deposits 56.160 56.160 16.827 Cash in hand 238 238 1.610 56.398 56.398 18.437 ACCRUALS AND PREPEAYMENTS Prepaid expenses 1.048.583 1.048.583 1.454.206 Assets liable to deferred tax 4.172.000 4.172.000 4.589.644 5.220.583 5.220.583 6.043.850 Total amortisation and depreciation 4.158.689 Total adjustments 16.169.434 TOTAL ASSETS 323.914.118 20.328.122 303.585.995 287.137.209

BALANCE SHEET EQUITY AND LIABILITIES 31 March 2007 31 Dec. 2006 EQUITY Share capital 160.000.000 160.000.000 Shares in branches and assoc. companies (660.530) (660.530) Revaluation reserves 0 0 Reserves: Legal Reserves 2.904.236 2.904.236 Other reserves 2.300.020 2.300.020 Retained profits (19.763.113) (21.608.965) Net profit for the year 10.882.544 1.845.852 TOTAL EQUITY 155.663.156 144.780.612 LIABILITIES ACCOUNTS PAYABLE - MEDIUM AND LON TERM ACCOUNTS PAYABLE - SHORT TERM ACCRUALS AND PREPEAYMENTS Debts to credit instituions 50.820.000 50.400.000 Fixed assets suppliers - current accounts 0 0 50.820.000 50.400.000 Debts to credit instituions 17.637.811 18.133.505 Suppliers - current accounts 849.682 1.122.107 Suppliers - invoices in progress 4.422 597 Group companies 77.039.450 71.412.468 Other shareholders 0 0 Fixed assets suppliers - current accounts 9.411 109.746 State ans other public bodies 725.563 517.980 Other creditors 105.834 105.000 96.372.173 91.401.403 Accrued expenses 596.637 555.194 Deferred income 134.029 0 730.666 555.194 TOTAL LIABILITIES 147.922.839 142.356.597 TOTAL EQUITY AND LIABILITIES 303.585.995 287.137.209

PROFIT AND LOSS ACCOUNT BY NATURE COSTS AND LOSSES 31 March 2007 31 March 2006 External supplies and services 838.632 558.653 Personal costs Salaries and wages 611.507 778.633 Social Charges 153.246 764.753 234.986 1.013.619 Amort. of tangible and intangible fixed assets 34.611 30.768 Adjustments 0 34.611 0 30.768 Taxation 66.650 79.936 Other operating costs and losses 16.857 83.508 1.110 81.046 (A) 1.721.504 1.684.086 Depreciations and adjustments for financial investments 7.709 0 Interest and similar costs Relating to Group Companies 1.035.475 881.717 Others 1.008.588 2.051.772 785.594 1.667.311 (C) 3.773.275 3.351.397 Extraordinary costs and losses 8.720 6.212 (E) 3.781.996 3.357.610 Taxation on profits for the year (656.803) (517.099) (G) 3.125.193 2.840.510 Net profit for the year 10.882.544 (651.298) 14.007.737 2.189.213 TURNOVER AND PROFITS 31 March 2007 31 March 2006 Sales Goods 0 0 Finished and intermediated products 0 0 Services rendered 836.006 836.006 990.494 990.494 Supplementary turnover 0 5.964 Revenue grants 0 0 Other operating income and profits 18 18 4 5.968 (B) 836.024 996.462 Profit from Group companies and subsidiaries 0 0 Income from capital shareholdings 12.900.000 900.000 Outros juros e proveitos similares Relating to Group companies 271.713 274.263 Others 0 13.171.713 18.152 1.192.415 (D) 14.007.737 2.188.877 Extraordinary income and turnover 0 336 (F) 14.007.737 2.189.213 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) (885.480) (687.625) 11.119.942 (474.896) 10.234.462 (1.162.520) 10.225.741 (1.168.397) 10.882.544 (651.298)

Ÿ Ÿ ª ««# ª ± ²! #³$ 'µ), ¹ º' 0» ¼ ½4¾5¾5 À Á9½4Â5 ÃÄ Å Á9ÅÆ?¾@½4Ç5À ÃCÈ È5É5ÂFÊ Ã9ÁCÄ5Ä Å Ë Ì'ÍJÎ Ë Ï5ÐÍŒ½9Á9Á9ÅJÉ5Ç9Ä À Ç@Ñ È9Ä ½4Ç@Ò5½4Ó Ò4È@Ô 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, 220 4000-478 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 500 265 763 01.01.2007 31.03.2007 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 184.426.759 181.492.843 1,6% Goodwill 5.962.136 5.962.136 Intangible assets: 9.896 10.897-9,2% Investments in Associated Companies 23.844.136 24.834.853-4,0% Financial Investments held to Maturity 4.222.991 4.239.218-0,4% Financial Assets Available for Sale Accounts Receivable 238.556.194 234.649.967 1,7%, Share Capital 160.000.000 160.000.000 No. of ordinary shares 133.000.000 133.000.000 No.of shares of other types (a) 27.000.000 27.000.000 Own Shares Adjustments incl. in Own Equity Minority Interests 860.980 770.089 11,8% å 0 Provisions 28.153 28.908-2,6% Accounts Payable 249.818.986 254.738.200-1,9% Other Financial Liabilities 188.178.063 184.309.643 2,1% 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

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 129.046.389 131.336.726-1,7% Variation in Production 4.314.491 2.030.990 112,4% 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 116.360.154 116.347.591 0,0% 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 -1.778.468-3.093.025 42,5% Taxation (2) -800.622-465.856 71,9% ¹ Õ ò ß Õ» à Þ é î â Þ ð Þ ð Minority Interests 102.336 210.379-51,4% 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

û úœõcú!cÿþ #"!$!žõcû þ%& þ,þ)ÿ' õ)( *,+-!žýcû.& ú/10 2 2 3 õcúœõ û ü ý ý þ,õ,ÿ!4 þ)ÿ 31 March 2007 31 Dec. 2006 õ,ö )øùjùmö ù õ,ö )øùjùmö ù Goodwill 5.962.136 5.962.136 Other intangible assets 9.896 10.897 5.972.032 5.973.032 Fixed tangible assets: Land and Buildings 126.490.062 119.138.838 Basic equipment 37.260.364 36.059.526 Fixed assets in course of construction 9.893.309 15.936.858 Other fixed tangible assets 10.783.025 10.357.621 184.426.759 181.492.843 Financial Investments: Investment Properties 561.839 561.839 Financial Investments in equity: 12.693.091 13.683.807 Loans to associated companies 11.151.045 11.151.045 Other financial investments 9.850.317 9.717.460 34.256.292 35.114.152 Assets for deferred taxes 7.365.652 8.276.260 û ü ý ý þ,õ,ÿ 232.020.736 230.856.287 õžþ,õ,ÿúœý þ 115.275.050 108.131.778 Accounts receivable: Customers 200.402.093 183.790.777 Other Accounts Receivable 38.154.101 50.859.190 238.556.194 234.649.967 Other current assets 41.664.454 37.661.107 Cash and equivalents 23.650.749 32.751.072 419.146.447 413.193.924 651.167.183 644.050.211

û úœõcú!cÿþ #"!$!žõcû þ%& þ,þ)ÿ' õ)( *,+-!žýcû.& ú/10 2 2 3 þ 5Œü ÿ6 þ 5Œü ÿ6s!žõ #!$" ÿ þ 31 March 2007 31 Dec. 2006 A A C @ Share Capital 160.000.000 160.000.000 Reserves and retained profits (36.663.886) (42.451.331) Net profit for the year 1.723.980 5.831.105 7984:<;=?> @ =B=A D E A =D B FGA HGA IFKJC HEL> 125.060.094 123.379.774 Minority interests 860.980 770.089!$" ÿ þ MN O 125.921.073 124.149.863 õcúœõ4p û ü ý ý þ,õ,ÿ Provisions 28.153 28.908 Loans: Loans from bond holders 0 Bank loans 116.642.624 108.135.218 Other received loans 224.644 276.935 116.867.268 108.412.152 Accounts payable: Fixed assets suppliers 2.971.289 2.834.837 Other accounts payable Liabilities on deferred taxes 17.627.217 18.209.800 û ü ý ý þ,õ,ÿ N Q N N N? 137.493.927 129.485.698 Loans: Loans from bond holders 0 Bank loans 47.691.033 46.244.898 Other received loans 23.619.762 29.652.592 71.310.795 75.897.491 Accounts payable: Suppliers 153.342.160 159.476.026 Fixed assets suppliers 4.647.137 4.139.626 Advances on sales 47.724.522 46.637.804 Other accounts payable 41.133.878 41.649.906 246.847.697 251.903.362 Other current liabilities 69.593.691 62.613.797 N Q N N N? N Q N N N? MN OG R1 N Q N N N? 387.752.182 390.414.650 525.246.110 519.900.348 651.167.183 644.050.211

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 129.046.389 131.336.726 Variation in production 4.314.491 2.030.990 Other operating gains 971.045 1.988.667 T4UVWX Y Z [ \'Y ]W[ ^_VW 134.331.924 135.356.384 Cost of goods and materials consumed (33.069.750) (38.444.776) External supplies and services (65.238.774) (61.795.935) Personal costs (26.476.563) (25.494.984) Amortizations and impairment losses (2.697.326) (2.672.540) Provisions and value adjustments 0 (82.691) Other operating losses (2.444.103) (2.209.162) T4UVWX Y Z [ \'` ^ay a (129.926.518) (130.700.088) T4UVWX Y Z [ \<WV?a ]b Y 4.405.407 4.656.296 Net costs of finance (2.714.128) (2.142.704) Profits and losses in associated Companies 1.033.634 1.627.560 Other financial gains and losses (97.974) (2.577.881) c Z [ X [ `Z X b WV?a ]b Y (1.778.468) (3.093.025) d W^ e Z Y f V e ^ WV,Y X?g 2.626.938 1.563.271 Z Income taxes (800.622) (465.856) h4^ [a^ b i X Y V i1wv?a ]b Y e ^ WjY k V-lVX W 1.826.316 1.097.415 Atributable to the Group 1.723.980 887.036 Attributable to minority interests 102.336 210.379 Profit per share: Basic 0,010 0,004 Diluted 0,010 0,004