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SINERGIA 37

OPENING MESSAGE

The strong growth of the international area (59% of total Turnover of Engineering and Construction and 17% of the Environment and Services area were produced abroad) compensated the downturn that we are experiencing within the domestic market.

Now if we add to this that fact that in the Environment and Services area we registered a global growth of 25%, one can say that the Group was able to meet the challenges encountered.

Sustained by a value creation strategy, the Mota-Engil Group presented Results that demonstrate greater operational efciency enhanced by the 21% EBITDA growth as well as careful and strict management of debt which was reduced in the last two quarters.

We reduced Investment in relation to 2009 but that however did not hinder our growth and most important of all did not prevent us from preparing the future thus favouring organic growth and intragroup synergies that boost value in each market.

Without undermining the ambition levels of the Group and the goals outlined for the future, in 2010 we further guaranteed the reinforcement of our fnancial structure by improving Equity, an indicator which is more than ever valued in view of the times we are crossing.

This edition of Sinergia highlights the 2010 Results of the Mota-Engil Group.

Therefore, allow me to take this opportunity to, via Sinergia, share some of the ideas underlying the Results, the aspects that deserve to be highlighted and the perspectives envisaged for the future.

2010, following on the previous year, was a particularly challenging year featuring difculties due to the volatility observed within the fnancial markets and the way that each Country reacted to the tough international crisis felt along the year.

The Mota-Engil Group, operating in various Continents and featuring an increasingly diversifed activity felt this crisis in a rather diferentiated manner.

However, it is this growing, selective and diversifed Internationalisation that increasingly shields the Mota-Engil Group from adverse economic cycles, ensuring a more sustainable Development Model for future challenges.

In efect, it was due to the awareness both of the difculties encountered and of the driving forces of our growth that we maintained the strategy outlined and implemented within the scope of the Strategic 2013 Ambition Plan and the outcome is a clear example of this.

WE ARE MAKING IT

Sustained by a value creation strategy, the Mota-Engil Group presented Results that demonstrate greater operational efciency enhanced by the 21% EBITDA growth as well as careful and strict management of debt which was reduced in the last

two quarters.

› Chairman of the Executive Committee Jorge Coelho