Dear Shareholders,

The latest steps towards restructuring and our strategic decisions show we are on the right track.

Problems from the past are almost solved. But there are no miracles, demand is in line with the general trend and the contraction, mostly in Europe, has obviously had a profound effect in our productivity and growth of metallic and aluminium infrastructure construction and solar PV projects.

We have changed the market approach to our business model and the growth in our order book shows we made the right decision. A comfortable order book allows us to aspire for better results.

But in fact what distinguishes us and is in our DNA is that we are fast and flexible adapting to the global economic and sectorial challenges. With so many risks to control nowadays, we believe this is the only way to survive. In our opinion it is the road to take if we want to get the best future returns for our stakeholders.

We recall that it is only five years since the IPO back in 2007; meanwhile the world has changed and we have had to deal with all the headwinds in the middle of the worst crisis since the Second World War.

We have tried to increase scale whilst gaining competitiveness. We know that we now have a voice in the sectors where we operate. We are called to bid for the biggest contracts worldwide related with sport centres, such as stadiums and transport infrastructures, including airports, train stations and bridges, as well as tower buildings and shopping malls. In addition, our solar PV projects have already resulted in 300 MW installed capacity in more than 20 countries.

Our debt restructuring plan will be concluded in 2013 and this will extend its maturity. This, together with the sale of some assets in 2013 and 2014 will ensure a more flexible and solid capital structure and balance sheet.

SO HOW DOES THE FUTURE LOOK?

WE ARE NOW MORE CONFIDENT ABOUT:

− The country – Portugal – which has already made significant progress in its adjustment program
− The European Financial System, which is stronger with liquidity starting to appear
− The sector drivers, which remain despite markets having changed following the infrastructure needs
− The company’s future with the international repositioning and the current Order Book of 603 million euros, leveraging revenue growth.

In short, although there are always risks to deal with in our business, we are aware of them and more committed than ever to delivering returns in the future for our shareholders.

Dear Stakeholder, thank you for your trust!