CompanyPresentation - SDC Investimentos...2007 – A transition's Year Turnover —Breakdowns By market By Business area Total 550.541 562.296 Concessions 2.273 0,4 309 0,1 7 x superior

Company Presentation

1. Soares da Costa in Brief

2. 2007 A transition's Year

3. “Sustainable Ambition 2007-1012”The view for the future

4. 2008 Forecasts

1

Soares da Costa in Brief

-Soares da Costa is one of the leading economic groups in the civil construction and public works sector in Portugal.

-In international terms, it ranks in 81st place as ‘international contractor’ (turnover outside country of origin) in the North American ENR magazine classification (2007)

-Soares da Costa has a strong international component with a permanent presence in Florida (USA), Angola and Mozambique and timely in other countries.

-Its strong technical capacity, highly qualified human resources and focus on international markets have been key to the success of the Group.

2


INVESTIFINO, SGPS | 70,8%

CAETANO, SGPS | 11,0%

MILLENNIUM BCP | 6,6%

SANTANDER | 2,9%

FREE FLOAT | 8,7%

Shareholder - Structure

3


Soares da Costa Group

Construction | 85,7%

Industry | 12,8%

Real Estate | 1,1%

Concessions | 0,4%

2007 Turnover Breakdown by business areaValues (thousands of euros)

4


Construction

5


Construction

Strong Technical Areas

- Complex Buildings- Bridges and Viaducts- Tunnels- Light Rail Systems- Water Treatement Plants

Some Achievements and figures

- Offices Services and Commerce: 1 287 000 m2 built- Public Administrative Buildings: 198 102 m2 built- Housing: 34 500 units- Sewage Treatment Plants: 4,8 million population equivalent served- Water Treatment Plants: 2, 12 million population equivalent served- Roads and Motorways: 438 Km built- Bridges and Viaducts: 131 units built- Airports: Macao and Porto- Transport Infrastructure: Porto Light Rail System

6


Concessions

7


Concessions

8


Industry

Mission:To provide the group with the capacity to engage and carry out specialized or complementary work to construction or civil engineering projects.

Activities:- Electrical / Sanitary / Air Conditioning (Clear)- Carpentry and aluminium joinery trade (Maxbela)- Metallic Structures (Socometal)- Rail works and Catenary (Somafel)- Maritim and Railway projects (OFM)

9


Real Estate

Real Estate Projects / Portugal

- “Galeria Central” Renovation (Shopping Center) 16.000 m2- Cais da Fontinha / Casas de Gaia 4.000 m2- Soarta-República in Matosinhos 6.725 m2- Soarta-Alcântara in Lisbon 629 m2- Soarta-Santo Amaro in Lisbon 2.150 m2- Habitop in Abraços Street 1.130 m2 - Soarta-Luis de Camões 755 m2- Senhora do Porto Office’s 3.220 m2 - Antas in Porto 10.500 m2

10


Real Estate

Real Estate Projects / Angola

- Residential Condominium Luanda Sul 15.000 m2- Office Building SdC Luanda (100% SdC) 3.100 m2- Office Building Imokandandu — Luanda CBD 15.000 m2- Melia Hotel / Luanda CBD 37.600 m2

11

2007 — A transition's Year

12

- Consolidated result attributable to group increase to 12.040 million Euros (2x 2006)

- EBITDA increases by 4.7% to reach 36.2 million Euros;

- EBITDA Margin to Turnover ratio continues to steadily rise to reach 6.6% (being an increase of 0,4 percentage points);

- Consolidated turnover falls slightly to 550.5 million Euros whencompared to the previous financial year (being a decrease of 2.1%).

- Foreign turnover grows by 7.0% to 371.6 million Euros, (67.5% of total consolidated turnover);

2007 – A transition's Year

Highlights

13

- Telavive LRT Contract has been signed

- Investments in Concessions business area: Acquisition of CPE —Companhia de Parques de Estacionamento, SA (car parking services) and negotiations aiming to increase the stake in Scutvias (motorways concessions)

- Order book rises to 1,314 million Euros, growing by 43.1% when compared to previous year (858 million Euros);

- Acquisition of Contacto — Sociedade de Construções, SA (building & construction) early in 2008;


Highlights II

14


Values in thousands euros

Main Consolidated Indicators

15


Turnover — Breakdowns

By market

By Business area

562.296562.296562.296562.296550.541550.541550.541550.541TotalTotalTotalTotal

7 x superior0,13090,42.273Concessions

11 x superior0,15601,16.190Real Estate

-36,6%9,151.43812,870.256Industry

-7,5%90,7509.73085,7471.733Construction

--258-89Holding + Shared Services

VariationVariationVariationVariation%%%%2006200620062006%%%%2007200720072007BussinessBussinessBussinessBussiness AreaAreaAreaArea

----2,1%2,1%2,1%2,1%100100100100 100100100100

100%100%100%100%562.296562.296562.296562.296100%100%100%100%550.541550.541550.541550.541TotalTotalTotalTotal

427,1%0,6%3.3153,2%17.473Outros*

165,1%1,0%5.4782,6%14.524S. Tomé e Príncipe

62,0%1,8%10.1143,0%16.386Mozambique

-28,8%23,7%133.45017,3%95.017USA

17,0%34,7%195.02741,5%228.218Angola

-16,7%38,2%214.91232,5%178.924Portugal

VariationVariationVariationVariation%%%%2006200620062006%%%%2007200720072007MarketMarketMarketMarket

----2,1%2,1%2,1%2,1%


Values in thousands euros16


Consolidated Results

Breakdown by Business Area

Consolidated net operational income, net financial income, and net income for the year per business segment

12,04012,04012,04012,040(10,943)(10,943)(10,943)(10,943)23,49223,49223,49223,492TotalTotalTotalTotal

(13,047)(12,900)(147)Consolidation adjustments/Dividends

4,9734,821(911)Concessions

(622)(832)51Real Estate

3,743(2,711)6,956Industry

11,907(5,012)20,720Construction

5,0865,690(3,177)Grupo SGPS, SA + Shared Services

NetNetNetNet incincincinc....NetNetNetNet finfinfinfin. . . . IncIncIncInc....NetNetNetNet opopopop. . . . IncIncIncInc....BusinessBusinessBusinessBusiness AreaAreaAreaArea


17


Consolidated Assets Performance

-Increase of non current assets by 123,5 million Euros

-Main investments

-Basic production equipments - 14,5 mio €

-Land and Buildings — 13,2 mio €

-Concessions ( Scutvias, CPE, HidroEcuador) 70,3 mio €

18


Consolidated Liabilities Performance

Net Debt rose from 167,7 to 313,6 mio €, associated to investment initiatives

Net-Debt Evolution

19


Consolidated Liabilities Performance II

Decomposition of Net /Debt Variation

Financial Investments | 48,2%

CPE Consolidation | 10,5%

Working Capital | 19,7%

Basic equipment | 10,0%

Buildings | 9,0%

Fixed tangible assets | 2,6%

20

“Sustainable Ambition 2007—2012” —The view of the future

From Construction to Economic group

21

“Sustainable Ambition 2007–2012” – The view of the future

Strategic development optionsInternationalisation

Internationalisation



BusinessBusinessBusinessBusiness diversificationdiversificationdiversificationdiversification (EBITDA (EBITDA (EBITDA (EBITDA focusfocusfocusfocus))))

xxxxxxxx Number of companies xxxxxxxx Share price appreciation in the last 3 years (base 2004 = 100)

5,0%5,0%5,0%5,0%

10,8%10,8%10,8%10,8%

CAGRCAGRCAGRCAGRVendasVendasVendasVendas

3333276276276276

ConstrConstrConstrConstr....= 13,4%= 13,4%= 13,4%= 13,4%

3333230230230230

6,8%6,8%6,8%6,8%

0,2%0,2%0,2%0,2%

CAGR CAGR CAGR CAGR VendasVendasVendasVendas

ConstrConstrConstrConstr. = . = . = . = 3,1%3,1%3,1%3,1%

1111n.an.an.an.a....

4,5%4,5%4,5%4,5% 6,2%6,2%6,2%6,2%

EBITDAEBITDAEBITDAEBITDAMarginMarginMarginMargin

CAGR CAGR CAGR CAGR SalesSalesSalesSales

ConstrConstrConstrConstr. = . = . = . = 7,2%7,2%7,2%7,2%

3333476476476476

ConstrConstrConstrConstr....= 11,4%= 11,4%= 11,4%= 11,4%

17,4%17,4%17,4%17,4%14,7%14,7%14,7%14,7%

CAGRCAGRCAGRCAGRVendasVendasVendasVendas

4444324324324324

ConstrConstrConstrConstr. . . . = 13,6%= 13,6%= 13,6%= 13,6%

15,5%15,5%15,5%15,5%15,4%15,4%15,4%15,4%


4444256256256256

7,2%7,2%7,2%7,2%8,7%8,7%8,7%8,7%


ConstrConstrConstrConstr. . . . = 7,9%= 7,9%= 7,9%= 7,9%






Scenario 2 Scenario 2 Scenario 2 Scenario 2 ————Rapid growt

h in concessions and con

struction

Rapid growth in concess

ions and construction





Scenario 1Scenario 1Scenario 1Scenario 1

22


Soares da Costa should aspire to join the Iberian “second league”

TURNOVER [2006; Bio. EUR]

Global Diversified Non exhaustive

2006 turnover

SdC’s entry into Iberian “second league”

14,1

12,4

9,5

6,3

4,7

3,3

1,6 1,5 1,3 1,1 0,9 0,8 0,8 0,7 0,6 0,6 0,5 0,4 0,4 0,4 0,3 0,3 0,2

23


Vision and strategic objectives 2007-2012

An international scale construction and services/concessions Group with levels of profitability and creation of shareholder value in line with the world leaders in the sector

24


Develop an international scale construction and services group based on focused diversification in the concessions/services area

Align portfolio of businesses

Three core markets

Two strategic business areas

Align management processes and systems

Win concessions

Inorganic growth

Strategic development

actions

1111 2222

3333

44445555

6666

25


Inorganic Growth

Explore opportunities for inorganic growth in construction and concessions to strengthen positioning in concessions, construction at Iberian level and leverage capability

� Explore opportunities for inorganic growth in Portugal and/or Spain

� Reinforce participation in concessions and, where possible, ensure a positive impact

� Explore opportunities to acquire controlling stakes in controlled companies

26


Focus activity on two strategic business areas on the basis of distinctive competences — construction and concessions / services

Global assessment of SdC Group areas

MarketMarketMarketMarket MultiplesMultiplesMultiplesMultiples CapCapCapCap/ EBITDA / EBITDA / EBITDA / EBITDA

10,7%10,7%10,7%10,7% 0,0%0,0%0,0%0,0% n.dn.dn.dn.d.... 33,2%33,2%33,2%33,2%

Weight in Group Weight in Group Weight in Group Weight in Group total [%]1) total [%]1) total [%]1) total [%]1)

45,8%45,8%45,8%45,8% 14,7%14,7%14,7%14,7% 38,5%38,5%38,5%38,5% 1,1%1,1%1,1%1,1%

5555----6666 n.dn.dn.dn.d.... 8888----9999 3333----4444

PREVIOUS BUSINESS PLAN (2005)PREVIOUS BUSINESS PLAN (2005)PREVIOUS BUSINESS PLAN (2005)PREVIOUS BUSINESS PLAN (2005)

21,021,021,021,01)1)1)1) >21,021,021,021,01111))))2525252537373737

2006F2006F2006F2006F 2010F2010F2010F2010F

8888 8888

2006F2006F2006F2006F 2010F2010F2010F2010F

0,60,60,60,6 4,84,84,84,8

2006F2006F2006F2006F 2010F2010F2010F2010F

0,60,60,60,6 2,02,02,02,0

2006F2006F2006F2006F 2010F2010F2010F2010F

The Construction and Concessions areas have a good fit with SdC’s present core competences: construction of buildings, civil engineering works, airports and Metro systems; establishment of consortia with other companies; and definition and design of financing models

1) Including an EBITDA equivalent in Scutvias, CPE and Indáqua (multiplying the EBITDA of each company by SdC’sstake in that company) 27


Business Portfolio

Align the portfolio of businesses by eliminating industry and real estate as strategic development areas

The industry business should cease to be a strategic priority and the companies should be absorbed into theconstruction area

The real estatereal estatereal estatereal estate business should cease to be core should cease to be core should cease to be core should cease to be core in the strategyin the strategyin the strategyin the strategy and should focus on low risklow risklow risklow riskselective opportunities (with low capital investment) in AngolaAngolaAngolaAngolaand PortugalPortugalPortugalPortugal

28


Construction Markets

Three core markets with a physical presence founded on construction — Portugal, Angola and the USA (Florida) — complemented by a new platform for growth to be selected in the next few years

EUAEUAEUAEUA

ANGOLAANGOLAANGOLAANGOLA

PORTUGALPORTUGALPORTUGALPORTUGAL

MAGREB+GOLFOMAGREB+GOLFOMAGREB+GOLFOMAGREB+GOLFO

EUROPA DO EUROPA DO EUROPA DO EUROPA DO LESTELESTELESTELESTE

Core Core Core Core marketsmarketsmarketsmarkets

New platform for growth to be selected in 2New platform for growth to be selected in 2New platform for growth to be selected in 2New platform for growth to be selected in 2----3 years 3 years 3 years 3 years 29

“Sustainable Ambition 2007—2012” — The view of the future

Three core markets with a physical presence founded on construction —Portugal, Angola and the USA (Florida) — complemented by a new platform for growth to be selected in 2-3 years

Construction markets

� Three core markets with a physical presence founded on construction:

- Portugal - North, Islands and intensification in Centre/South

- EUA (Florida)

� New platform for growth to be selected in 2-3 years depending on the attractiveness of:

- Eastern Europe — Romania, or other less developed markets

- Magreb - Argélia

- The Gulf — United Arab Emirates, Qatar, Saudi Arabia, Qatar?

- Other construction markets exploited opportunistically —Eastern Europe (less developed markets), PALOPs, Spain (frontier region with Portugal)

30


Win more concessions internationally and nationally in areas where SdChas distinctive competences

Strategy for the development of concessions

� Win more concessions in Portugal, Europe, the USA and Brazil, in areas where SdC has distinctive competences, with an emphasis on:

Motorways/bridges

Airports

Metro systems

Car parks

� Support and foster the growth of Indáqua in the Environment area in Portugal and Eastern European markets

� Prepare the ground for diversification / deepening of concessions from 2010 onwards, developing competence in, among others:

Infrastructure management services — motorways / buildings

Renewable energy sources

Prisons, others31


Align management processes and systems

Align management processes and systems to maximize efficiency and optimize costs

� Simplification of the organizational and corporate structure

� Implementation of value-based management concepts

� Explore Group synergies

� Procurement - works and general purchases

� Market Surveys / Selection of opportunities

� Commercial efficiency

� Operational efficiency minimizing operating costs

� Reduction of overlaps between companies P

riorityfor action

32


Strategy implementation requirements

Align the corporate structure, governance and organizational models, and competences (human resources) to support implementation of the strategy, and strengthen the institutionalimage and ability to influence key decision-makers

33


Align the corporate structure, governance and organisational models, and competences (human resources) to support implementation of the strategy, and strengthen the institutional image and ability to influence key decision-makers

Strengthen presencein Lisbon

Strengthen institutional image

Align organisational modeland management processes

Implement process of change management

Negotiate preferential support/ partnerships

Alignment of governancemodel

Strategy implementation requirements

Levels of management in Group

Structure of Boards Independent Board Directors

Business growth culture

Creation of shareholder value

SGPS as strategic holding

Alignment of corporate centre and principal management processes

Closeness to key decision-makers

Truly national / international Group

Decision makers

Analistas de mercado PeersPortuguese and internationalfinancial institutions

1111 2222

3333

44445555

6666

34


Assumptions for Business Plan

35


The vision for the development of the Group should be based on the creation of value through focused diversification in services / concessions and growth of the construction business

- Equivalent income ≥≥≥≥ 1000 million Euros1000 million Euros1000 million Euros1000 million Euros

- Equivalent EBITDA ≥≥≥≥ 13%13%13%13%

- Weight of concessions and Services in equivalent EBITDA ≥≥≥≥ 50%50%50%50%

- ROE ≥≥≥≥ 15%15%15%15%

- ROCE construction ≥≥≥≥ 8%8%8%8%

36


SdC Consolidated + Equivalence of Concessions

The business plan assumes a high rate of growth in SdC’s turnover, based on growth in concessions

SdC equivalent turnover

1) Excluding adjustments

2) Includes contribution to EBITDA of shareholdings in concessions

SdC consolidated equivalent turnover [Mio. EUR]

5%

13%

CAGRCAGRCAGRCAGRConstructionConstructionConstructionConstruction 4%4%4%4% 12%12%12%12%

EBITDA

586586586586 618618618618

1.1421.1421.1421.142

55555555 61616161124124124124

2006200620062006 2007200720072007 2012201220122012

10%15%

Breakdown of equivalent EBITDA [2012; delta 2006]

Construction(-20p.p.)

Industry (-1p.p.)

Real Estate (+2p.p.)

Concessions2) (+12p.p.)

Construction of concessions (+6p.p.)

38%38%38%38%

10%10%10%10%

2%2%2%2%

41%41%41%41%

8%8%8%8%

1)1)1)1)

37


Breakdown of equivalent EBITDA [2012]

Construction

IndustryReal Estate

Concessions

Construction ofconcessions

38%38%38%38%

10%10%10%10%2%2%2%2%

41%41%41%41% 8%8%8%8%

Breakdown of Enterprise Value [% total]

ConcessionsConstruction ofconcessions

Construction

IndustryReal Estate

28%28%28%28%

11%11%11%11%2%2%2%2%

54%54%54%54% 5%5%5%5%

The concessions area will occupy a weight of ~50% in EBITDA and enterprise value in 2012

Breakdowns of EBITDA and Enterprise Value by business area

38


Construction

The construction business will become increasingly international, with sustained growth in profitability

Consolidated turnover of the construction business

Consolidated equivalent turnover in construction [Mio. EUR]

Breakdown of construction equivalent EBITDA1) [2010-12; delta 2006]

Angola (-20p.p.)

Other markets (+11p.p.)

EUA (+2p.p.)

Portugal(8p.p.)

Concessions(+14p.p.)

18%18%18%18%26%26%26%26%

9%9%9%9%

17%17%17%17%

30%30%30%30%

1) Excluding adjustments

4%4%4%4%

12%12%12%12%

EBITDA EBITDA EBITDA EBITDA Margin [%]Margin [%]Margin [%]Margin [%] 7,7%7,7%7,7%7,7% 6666----7%7%7%7% 6666----7%7%7%7%5,3%5,3%5,3%5,3%

516516516516 538538538538

942942942942

40404040 28282828 60606060

2006200620062006 2007200720072007 2012201220122012

----28%28%28%28% 16%16%16%16%

39


Construction

Nevertheless, it is estimated that there will be a significant increase in the home market Consolidated turnover of the construction business

Breakdown of growth in income of the construction business (not consolidated)

Source: Project team

Turnover [Mio. EUR]

PortugalPortugalPortugalPortugal

ConcessionsConcessionsConcessionsConcessions

AngolaAngolaAngolaAngola

USAUSAUSAUSA

RomaniaRomaniaRomaniaRomania

OthersOthersOthersOthers

4th 4th 4th 4th MarketMarketMarketMarketn.an.an.an.a....

n.an.an.an.a....

18,218,218,218,2

CAGR 2006-2012

51,1%51,1%51,1%51,1%

0,3%0,3%0,3%0,3%

3,9%3,9%3,9%3,9%

9,2%9,2%9,2%9,2%

502502502502

566566566566

950950950950

29%29%29%29% 31%31%31%31%26%26%26%26%

36%36%36%36%33%33%33%33%

24%24%24%24%27%27%27%27% 18%18%18%18%

14%14%14%14%3%3%3%3% 5%5%5%5%

19%19%19%19%

11%11%11%11%

8%8%8%8%5%5%5%5%4%4%4%4%

1%1%1%1%5%5%5%5%

2006200620062006 2007200720072007 2012201220122012

40


Concessions

The business plan assumes major investment / growth in the concessions business

1) Excludes debt in concessions holding

Trend in income [Mio. EUR]


80%80%80%80% 73%73%73%73% ~60%~60%~60%~60%

16%16%16%16%

26%26%26%26%

Breakdown of EBITDA [Mio. EUR]

6%6%6%6%

21%21%21%21%

2424242428282828

88888888

2006200620062006 2007200720072007 2012201220122012

19191919 20202020

53535353

2006200620062006 2007200720072007 2012201220122012

Breakdown of growth in the concessions business — consolidated

41


Concessions

The focus in concessions will initially be on motorways, with other types of concessions being developed later

Breakdown of growth in the concessions business

Concessions — breakdown by type [2012]

Income EBITDA Investment fixed assets

Financial investment

Debt1)

Metro systems

Car parks

Environment

Motorways

Airports

Others

62%62%62%62%

79%79%79%79%

60%60%60%60% 63%63%63%63%

47%47%47%47%

9%9%9%9%

7%7%7%7%

9%9%9%9% 11%11%11%11%

5%5%5%5%

18%18%18%18%

13%13%13%13%

10%10%10%10% 2%2%2%2%

9%9%9%9%

0%0%0%0%

1%1%1%1%

5%5%5%5% 7%7%7%7%27%27%27%27%

0%0%0%0%0%0%0%0%

14%14%14%14% 13%13%13%13%11%11%11%11%

12%12%12%12%

2%2%2%2%

2%2%2%2% 4%4%4%4% 1%1%1%1%

100%100%100%100% 100%100%100%100% 100%100%100%100% 100%100%100%100% 100%100%100%100%

Source: Project team

1) Includes contribution to debt of shareholdings in concessions

42


The business plan will enable the Group to achieve the proposed indicators for internationalization and diversification

Turnover and profitability by segment [2006]

Internationalisation [% of income]

1)

Diversification [% of EBITDA]

SdC15-17SdC

10-12SdC 06(equiv.)

Balfour Beatty

Amec

ACSSomague

T.Duarte

Mota Engil

OHL

Eiffage Acciona

Bam

Bouygues

Ferrovial

Hochtief

Skanska

Vinci

FCCSacyr

SdC

0%0%0%0%

20%20%20%20%

40%40%40%40%

60%60%60%60%

80%80%80%80%

100%100%100%100%

0%0%0%0% 10%10%10%10% 20%20%20%20% 30%30%30%30% 40%40%40%40% 50%50%50%50% 60%60%60%60% 70%70%70%70% 80%80%80%80% 90%90%90%90%

43


The indicators for SdC in 2012 point to a performance in line with the past performance of companies that create the greatest value

EBITDA EBITDA EBITDA EBITDA MarginMarginMarginMargin

Ferrovial[2006]

OHL

[2006]

Vinci

[2006]

BankBankBankBank debtdebtdebtdebt / EBITDA/ EBITDA/ EBITDA/ EBITDA

18,8%18,8%18,8%18,8%

15,315,315,315,3

14,9%14,9%14,9%14,9%

4,74,74,74,7

10,3%10,3%10,3%10,3%

3,83,83,83,8

≥≥≥≥ 13%13%13%13%

TurnoverTurnoverTurnoverTurnover CAGR CAGR CAGR CAGR

TurnoverTurnoverTurnoverTurnover ConstructionConstructionConstructionConstruction BusinessBusinessBusinessBusiness CAGR CAGR CAGR CAGR

27,0%27,0%27,0%27,0%

12,6%12,6%12,6%12,6%

11,3%11,3%11,3%11,3%

10,0%10,0%10,0%10,0%

12,9%12,9%12,9%12,9%

11,0%11,0%11,0%11,0%

13,0%13,0%13,0%13,0%----15,0%15,0%15,0%15,0%

12,0%12,0%12,0%12,0%----14,5%14,5%14,5%14,5%

ReturnReturnReturnReturn onononon EquityEquityEquityEquity 21,4%21,4%21,4%21,4% 13,0%13,0%13,0%13,0% 13,3%13,3%13,3%13,3% ≥≥≥≥ 15%15%15%15%

4,0x4,0x4,0x4,0x----4,5x4,5x4,5x4,5x

ReturnReturnReturnReturn onononon Capital Capital Capital Capital EmployedEmployedEmployedEmployed 2,3%2,3%2,3%2,3% 6,6%6,6%6,6%6,6% 3,5%3,5%3,5%3,5% 5,5%5,5%5,5%5,5%----6,5%6,5%6,5%6,5%

SdC target

44


The Business Plan shall permit a reasonable return policy for the invested capital

� Own capital’s recovery on the individual accounts of Grupo Soares da Costa SGPS will enable dividends distribution from 2009 onwards

� Payout ratio > 50%

� Dividend yield Goal Goal Goal Goal ≥≥≥≥ 2,5%2,5%2,5%2,5%

45

2008 Forecasts

46

2008 Forecasts

2008 Budget:Main Assumptions

- Full consolidation of “Contacto”- Confirmed

- Full consolidation of “CPE” — Confirmed

- Proportional consolidation of Scutvias — Depending of transactions approval

- Euro — Dolar exchange rate 2008 January / February average

47

2008 Forecasts

Order Book by Business Areas

Construction

Industry


48

2008 Forecasts

Order Book by Geographic Markets

NationalNationalNationalNational

USAUSAUSAUSA

AngolaAngolaAngolaAngola

IsraelIsraelIsraelIsrael

Costa RicaCosta RicaCosta RicaCosta Rica

RomaniaRomaniaRomaniaRomania

S. Tome and PrS. Tome and PrS. Tome and PrS. Tome and Prííííncipencipencipencipe

MozambiqueMozambiqueMozambiqueMozambique

GuineaGuineaGuineaGuinea----BissaoBissaoBissaoBissao

Values in thousand euros

49

2008 Forecasts

- “Terceira” Hospital (in tender)

- “All Saints” Hospital (Lisbon)

- Dublin´s LRT (in tender)

- High Speed Railway (Caia)

- 8 Portuguese road concessions (4 in tender)

- Gaia underground and land parking

- Viana do Castelo parking

- Romania highways

- USA highways pre-qualification

- Russian metropolitan pre-qualification

- Airports: Concessions / ConstructionConcessions / Exploration

Concession Projects

50

2008 Forecasts

BA Construction (including industry) | 728


BA Concessions | 42

Real Estate activities | 10

Turnover by Area — 2008 Forecast

51

2008 Forecasts


BA Construction (including industry) | 46

BA Concessions | 31

Real Estate activities | 3

EBITDA by Business Ares — 2008 Forecasts

52

2008 Forecasts

9%8,5%8%ROCE Construction

12,2% 81%9,3%15%ROE

39% 78%n.a.50%EBITDA Concessions Contribute

10% 77%13%EBITDA / Turnover 6,6%

780 78%5511000Turnover

2008 (Forecast)2008 (Forecast)2008 (Forecast)2008 (Forecast) %%%%2007 (real)2007 (real)2007 (real)2007 (real)

62%

n.a.

51%

55%

%%%%TargetTargetTargetTarget ““““SASASASA””””


“Sustainable Ambition 2007/2012”- Achievement Targets

53

1st Quarter 2008 Results

Values in million euros

Company Presentation

CompanyPresentation - SDC Investimentos...2007 – A transition's Year Turnover —Breakdowns By market By Business area Total 550.541 562.296 Concessions 2.273 0,4 309 0,1 7 x superior

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