1947 José Vaz Guedes, creates Somague group João Vaz Guedes, takes over company leadership Vaz Guedes family, owns 100% of capital.

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2 History 1947 José Vaz Guedes, creates Somague group João Vaz Guedes, takes over company leadership Vaz Guedes family, owns 100% of capital Public placement for a 25% capital in the Lisbon Stock Exchange 1993 Restructuring and start up of Somague SGPS holding Assiconstroi acquisition, 2000 Diogo Vaz Guedes chairman of SOMAGUE SGPS Board of Directors. Partnership with Sacyr. 2

3 Construction Mn Euros 729,7 521,0 495,4 581,3 397,1 10,4 8,9 57,6 53,9 38,0 74,6 95,9 86,0 99,7 75,8 196,3 138,1 289, Restructuring Consolidation acquisition / merger Somague-Soconstroi 3

4 Construction Geographical Breakdown Mn Euros 195,8 Lisbon Porto 158,0 J-V Madeira 262,1 65,0 Azores Neopul Somague TI International 24,5 45,2 Sales volume Total: ,5 28,4 4

5 Services and Real Estate Somague SGPS Somague Services Real Estate Somague Concessions Somague Environment Energy Highways Sports facilites Railways Ports and airports Public buildings management Logistics Facilities Management Engineering and maintenance Water treatment and supply Solid waste Gardening Energy infrastructures Other services Windmills farms Co-generation Portugal Brazil Spain Portugal Brazil China Mozambique Portugal Portugal 5

6 Somague Concessions Portugal road concessions market share (km) In operations Awarded Total Brisa 1, ,179 SOMAGUE Mota Engil Teixeira Duarte Ferrovial Eiffage , ,516 6

7 Somague Concessions Road concessions in Portugal Dic / In Mn Euros Lusoponte N.º km Start/end of concession 1996/ / /2025 Investment Auto-Estradas do Atlântico Somague stake 17.21% 20.0% 12.0% Sales Vialitoral 7

8 Somague Concessions Market share- Road concessions in operations Portugal (km) Brisa 64% Eiffage 0% Ferrovial 8% Teixeira Duarte 11% Mota Engil 2% Somague 15% 8

9 Somague Concessions Road concessions in Brazil (km) Dic 2002 / Mn Euros N.º km Triângulo do Sol Start / end concession Investment 1998/ / Somague stake 40.0% 12.4% Sales Vianorte 9

10 Somague Environment Water treatment and supply concessions in Portugal Aguas de Sado, S.A. Full water cycle management and supply of Setúbal area stake: 40% TRATAVE Tratamiento de Aguas Residuales de Ave, S.A. Integral management of water depuration (Guimarães, Santo Tirso y Vila Nova de Famalicão municipalities) stake: 40% Aguas de Figueira, S.A. Full water cycle management and supply of Figueira da Foz area stake: 40% Adc Aguas de Cascais, S.A. Full water cycle management and supply of Cascais city stake: 30,5% 10

11 Somague Ambiente Water treatment and supply concessions in Portugal Aguas de Carrazeda, S.A. Full water cycle management and supply of Carrazeda de Ansiães area stake: 75% Aguas de Gondomar, S.A. Full water cycle management and supply of Gondomar city stake: 42,5% Aguas de Alenquer, S.A. Full water cycle management and supply of Alenquer city stake: 40% 11

12 Somague Ambiente Water treatment and supply concessions in Brazil Aguas de Mandaguahy, S.A. Full water cycle management and supply of several areas of Jaú city stake: 48,8% SANEAR Saneamiento de Araçatuba, S.A. Collection and manegement of sanitary waste of Bacias Machado de Melo y Baguaçu area stake: 54% 12

13 Somague Ambiente Water supply private market share Water supply market - Portugal AGS 30% Indáqua 9% CGE 19% Aquapor 23% Luságua 19% Water treatment market - Portugal AGS 42% Indáqua 2% CGE 19% Luságua 17% Aquapor 31% 13

14 Somague Ambiente Energy Installed capacity (Somague - 50%) MW Anual Acumulado

15 Somague Ambiente Energy Total investment (Somague - 50%) Thds Euros Anual Acumulado

16 Somague Ambiente Other activities Procesl Engenharia Hidráulica e Ambiental, Lda. Consultancy Engigás Tecnologia Multi-Serviços de Engenharia, S.A. Construction, operation and management of gas, electricity and telecommunication infrastructures. Hidurbe Gestão de Resíduos, S.A. Construction, operation and maintenance of integral waste treatment systems. Viveros do Falcão Empresa de Agricultura e Jardinería, S.A. Construction, operation and maintenance of green areas. CESL Asia, Inversiones & Servicios Ltd. Environmental infrastructures consultancy and operations. 16

17 Real Estate Antas Multiuse Complex (25%) Stake: Somague PMG (25%) Vallehermoso (25%) G. Amorim (50%) Features: Phase 1 Mall, hotels, office complex and houses Phase 2 Houses 40,000 m 2 Phase 3 Houses 120,000 m 2 Gross construction area above surface: 230,000 m 2 17

18 Real Estate Jardines Braço de Prata (10%) Urban recovery of old army faclities - INDEP Proyect: Arquitect: Renzo Piano Locationn: East Lisbon Features Housing complex, commercial and services in 13 Ha area. Gross construction area above surface: 134,158 m2 18

19 SOMAGUE Consolidated Sales (85/03) Mn Euros 771, ,4 619,9 535,6 523,1 449,2 173,7 241,9 10,4 8,9 57,6 53,9 38,0 74,6 95,9 86,0 99,7 93,0 * Estimates Consolidation Acquisition/merger Somague / Soconstroi SACYR new shareholder 19

20 SOMAGUE Consolidated Net profit and Cash Flow (85/03) Mn Euros Resultados Net profit líquidos Cash Flow Consolidation acquisition / merger Somague / Soconstroi * Estimates 20

21 SintraCascais Escritórios Rua da Tapada da Quinta de Cima - Linhó Sintra Portugal Tel: Fax: Web Page:

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