2

History

1947 José Vaz Guedes, creates Somague group.

1967 João Vaz Guedes, takes over company leadership.

1970 Vaz Guedes family, owns 100% of capital.

1987 Public placement for a 25% capital in the Lisbon Stock Exchange

1993 Restructuring and start up of Somague SGPS holding.

1997 Assiconstroi acquisition,

2000 Diogo Vaz Guedes chairman of SOMAGUE SGPS Board of Directors.Partnership with Sacyr.

3

Construction

10,4 8,957,6 53,9 38,0

74,6 95,9 86,0 99,7 75,8138,1

196,3

397,1

495,4

581,3

729,7

521,0

289,3

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Restructuring Consolidationacquisition / mergerSomague-Soconstroi

Mn Euros

4

ConstructionGeographical Breakdown

262,1

195,8

158,0

65,0

45,2

28,4

3,5

24,5

L i s b o n

P o r t o

J - V

M a d e i r a

A z o r e s

N e o p u l

S o m a g u e T I

I n t e r n a t i o n a l

Mn Euros

Sales volumeTotal: 782.5

5

Services and Real Estate

Somague SGPS

Real Estate

Portugal

Windmills farmsCo-generation

Somague Concessions

PortugalBrazilSpain

Somague Environment

PortugalBrazilChinaMozambique

SomagueServices

Energy

Portugal

HighwaysSports facilitesRailwaysPorts and airportsPublic buildingsmanagementLogistics

Facilities ManagementEngineering andmaintenanceWater treatment and supplySolid wasteGardeningEnergy infrastructuresOther services

6

Somague ConcessionsPortugal road concessions market share (km)

2,5169471,569

1571570Eiffage

242112130Ferrovial

1733170Teixeira Duarte

52749334Mota Engil

2387231SOMAGUE

1,1791751,004Brisa

TotalAwardedIn operations

7

48.1

20.0%

539.2

1998/2028

172.1

39.351.4Sales

12.0%17.21%Somague stake

362.7927.7Investment

2000/20251996/2030Start/end of concession

375+17.2N.º km

Dic. 2002 / In Mn Euros

Lusoponte

Auto-Estradas do Atlântico

Vialitoral

Somague ConcessionsRoad concessions in Portugal

8

Somague ConcessionsMarket share- Road concessions in operations

Portugal (km)

Mota Engil2%

Teixeira Duarte11%

Ferrovial8%

Eiffage0%

Somague15%

Brisa64%

9

21.625.3Sales

12.4%40.0%Somague stake

91.5147.3Investment

1998/20181998/2018Start / end concession

235442N.º km

Triângulo do Sol

Vianorte

Somague ConcessionsRoad concessions in Brazil (km)

Dic 2002 / Mn Euros

10

Somague EnvironmentWater treatment and supply concessions in Portugal

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 areastake: 40%

Adc – Aguas de Cascais, S.A.Full water cycle management and supply of Cascais citystake: 30,5%

Aguas de Sado, S.A.Full water cycle management and supply of Setúbal areastake: 40%

11

Aguas de Carrazeda, S.A.Full water cycle management and supply of Carrazeda de Ansiães areastake: 75%

Aguas de Gondomar, S.A.Full water cycle management and supply of Gondomar citystake: 42,5%

Aguas de Alenquer, S.A.Full water cycle management and supply of Alenquer citystake: 40%

Somague AmbienteWater treatment and supply concessions in

Portugal

12

Aguas de Mandaguahy, S.A.Full water cycle management and supply of several areas of Jaú citystake: 48,8%

SANEAR – Saneamiento de Araçatuba, S.A.Collection and manegement of sanitary waste of Bacias Machado de Melo y Baguaçu areastake: 54%

Somague AmbienteWater treatment and supply concessions in Brazil

13

Somague AmbienteWater supply private market share

Water supply market - Portugal

Indáqua 9%

CGE 19%

Luságua 19%Aquapor 23%

AGS 30%

Water treatment market - Portugal

AGS 42%Indáqua 2%

CGE 19%

Luságua 17%

Aquapor 31%

14

MW

Somague AmbienteEnergy – Installed capacity

(Somague - 50%)

0

50

100

150

200

250

300

350

Anual 6 6 9 5 12 12 54 131 92

Acumulado 6 12 21 26 37 49 103 234 326

1998 1999 2000 2001 2002 2003 2004 2005 2006

15

Somague AmbienteEnergy – Total investment

(Somague - 50%)Thds Euros

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

Anua l 29.057 131.877 174.888 289.652

Acumulado 29.057 160.934 335.821 625.474

2003 2004 2005 2006

16

Somague AmbienteOther activities

Procesl – Engenharia Hidráulica e Ambiental, Lda.

Consultancy

Engigás – Tecnologia Multi-Serviços de Engenharia, S.A.

Construction, operation and management of gas, electricityand telecommunication infrastructures.

Hidurbe – Gestão de Resíduos, S.A.

Construction, operation and maintenance of integral wastetreatment 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.

17

Stake:Somague PMG (25%) Vallehermoso (25%)

G. Amorim (50%)

Features:Phase 1

Mall, hotels, officecomplex and houses

Phase 2Houses 40,000 m2

Phase 3Houses 120,000 m2

Gross construction areaabove surface: 230,000 m2

Real EstateAntas Multiuse Complex (25%)

18

Urban recovery of old armyfaclities - INDEP

Proyect:Arquitect: Renzo Piano

Locationn:East Lisbon

FeaturesHousing complex,

commercial and services in 13 Ha area.

Gross construction areaabove surface: 134,158 m2

Real EstateJardines Braço de Prata (10%)

19

SOMAGUE Consolidated

Sales (85/03)

10,4 8,957,6 53,9 38,0

74,6 95,9 86,0 99,7 93,0

173,7241,9

449,2

523,1

619,9

850771,1

535,6561,4

* Estimates

Mn Euros

SACYRnew

shareholder

ConsolidationAcquisition/merger

Somague / Soconstroi

20

SOMAGUE ConsolidatedNet profit and Cash Flow

(85/03)

-5

0

5

10

15

20

25

30

35

Resultados líquidos

Cash Flow

* Estimates

Mn Euros

Net profit Consolidationacquisition / merger

Somague / Soconstroi

SintraCascais EscritóriosRua da Tapada da Quinta de Cima - Linhó2714-555 SintraPortugalTel: + 351 21 910 40 00 Fax: + 351 21 910 40 01E-Mail: somague@somague.ptWeb Page: www.somague.pt