1 1Q 2013 Results | May 31, 2013

2 1Q 2013 Results | May 31, 2013

CONTENTS

This document was prepared by Grupo Soares da Costa, SGPS, SA (Soares da Costa) to be used for its first quarter of 2013 results presentation. Nor Soares da Costa, nor any of its representatives, assume any type of responsibility regarding the eventual negative effects or losses caused by the use of the information contained in this document. This document does not constitute a public offer or an invitation to buy or sell shares, namely as defined in the Portuguese Securities Code, chapter III. This document does not constitute an offer/ request to buy, sell or exchange, and is not a voting request or the request for an approval in any jurisdiction. Neither the document, nor any part of its parts, constitute a contract, nor can it be used to integrate or interpret any contract or any type of commitment.

HIGHLIGHTS 3

FIRST QUARTER RESULTS 10

FINANCIAL STRUCTURE 15

3 1Q 2013 Results | May 31, 2013

RESILIENT OPERATIONAL PROFITABILITY

POSITIVE EVOLUTION OF THE ORDER BOOK

NEW CORPORATE BODIES: CONTINUITY AND INCREASING PROFESSIONALIZATION

HIGHLIGHTS

4 1Q 2013 Results | May 31, 2013

HIGHLIGHTS

RESILIENT OPERATIONAL PROFITABILITY

Despite the consolidated turnover declining trend recorded in the last quarters, driven by the

domestic activity, the Group’s consolidated operational profitability shows RESILIENCE

1Q 2013:

In spite of the 11% decrease of the

consolidated turnover compared

with the last quarter of 2012, EBITDA

margin stood at a similar level

Compared with 1Q 2012, to a 18%

decline on turnover, recurrent

EBITDA margin decreased less than

1.0 p.p.

Figu

res

in m

illio

n E

uro

s

199 230 191 183 163

11,9% 13,2%

14,4%

11,4% 11,1%

0%

3%

6%

9%

12%

15%

18%

21%

24%

120

140

160

180

200

220

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Turnover Recurrent EBITDA margin

5 1Q 2013 Results | May 31, 2013

52% 52% 46%

38% 45%

18% 15% 17%

17%

19%

19% 18%

20%

17%

16%

2% 2% 3%

10% 2%

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Other oper.Costs

Cost of goodssold

Staff costs(recurrent)

Externalsupplies

HIGHLIGHTS

RESILIENT OPERATIONAL PROFITABILITY

EVOLUTION OF OPEX AS A % OF TURNOVER

Adaption of the production structure to

the market conditions

OPEX as a percentage of turnover

with a positive evolution,

decreasing from 90% in 1Q 2012 to

82% in 1Q 2013

Total OPEX as % of turnover

90% 87% 86% 81% 82%

Turnover QoQ -18% +16% -17% -4% -11%

Cost reduction and control measures

6 1Q 2013 Results | May 31, 2013

HIGHLIGHTS

POSITIVE EVOLUTION OF THE ORDER BOOK

Figures in million Euros

Order book grew +3.2% versus

December 31 to 1,082 million

Euros

International order book

+9.2% in 1Q 2013,

representing 85% of the total

Book in Angola grew 22% and in

Mozambique +27%

Domestic 15%

International 85%

838 million 915 million 1.234

1.182

1.102

1.048

1.082

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Order book (million Euros)

210 167

415 504

120 153

149 147

153 110

4Q 2012 1Q 2013

Othercountries

U.S.

Mozambique

Angola

Portugal

7 1Q 2013 Results | May 31, 2013

HIGHLIGHTS

POSITIVE EVOLUTION OF THE ORDER BOOK

199 MILLION EUROS OF WORKS AWARDED YEAR-TO-DATE (END OF APRIL)

2.6 BILLION EUROS PIPELINE OF PROPOSALS

ON TENDER/ DECISION PHASE

SOME OF THE WORDS AWARDED IN THE QUARTER…

ANGOLA 39 million “Cidade Alta” and “Rainha Ginga” office buikdings

U.S. 17 million Design-Build US27, Barry up to US129, in Orlando, Florida

ANGOLA 12 million Muxima Plaza, Lumej Project (several works)

ANGOLA 14 million Intercontinental Hotel - Electrical installations

… AND AFTER THE QUARTER

MOZAMBI-QUE

25 million Rehabilitation of “Section 6&7 Bridges” of Nacala’s railway

MOZAMBI-QUE

11 million Design-Build of a Ministério da Justiça’s new building, Maputo

PORTUGAL 4 million Design-Build of Beja’s waste water treatment station

PIPELINE BY MARKET

Portugal 20%

Angola 38%

U.S. 15%

Mozambique 19%

Romania 2%

Brazil 6%

Other countries

0.1%

8 1Q 2013 Results | May 31, 2013

HIGHLIGHTS

Investifino appointing to hold office in his own name José Manuel Fino

Parinama appointing to hold office in his own name Jorge Armindo

Manuel Alves Monteiro

Members: António Castro Henriques

Gonçalo Andrade Santos

Jorge Grade Mendes

NEW CORPORATE BODIES: CONTINUITY AND GROWING PROFESSIONALIZATION

At yesterday’s shareholders general meeting new corporate bodies were elected. We highlight the new composition

of the board of directors:

REDUCTION OF NUMBER OF DIRECTORS (FROM 10 TO 7)

Chairman: António Gomes Mota

BOARD OF DIRECTORS

Executive

Non Executive

INCREASED SHARE OF INDEPENDENT MEMBERS

INCREASING PROFESSIONALIZATION

9 1Q 2013 Results | May 31, 2013

1Q 2013 RESULTS | KEY PERFORMANCE INDICATORS

TURNOVER REACHED 163 MILLION EUROS (-18% YOY)

EBITDA OF 16.5 MILLION EUROS, DECREASING -11% COMPARED WITH 1Q 2012 (RESTATED) BUT INCREASING 154% VERSUS THE PREVIOUS QUARTER, CORRESPONDING TO A 10.1% MARGIN

RECURRENT EBITDA (EXCLUDING COSTS WITH THE TERMINATION OF LABOUR CONTRACTS) OF 18.0 MILLION EUROS CORRESPONDING TO A 11.1% MARGIN

NET INCOME OF -2.0 MILION EUROS (VS. -6.6 MILLION EUROS IN 1Q 2012 ON A COMPARABLE BASIS), REFLECTING A DECREASE OF THE OPERATIONAL ACTIVITY AND NON-RECURRING COSTS OF 1.5 MILLION EUROS RECORDED IN THIS QUARTER

FINANCIAL RESULTS AMOUNTED TO -10.5 MILLION EUROS, IMPROVING FROM THE -18.7 MILLION ACCOUNTED IN THE 1Q 2012 (RESTATED)

Note: Although the results of the 1Q 2012 were originally reported using the financial asset method in the accounting of Beira Interior motorway concession, from the second half of 2012 onwards the auditors recommended its replacement by the intangible assets model; therefore we present the 1Q 2012 figures restated using this second criterion, which makes them comparable with the figures for the 1Q 2013

10 1Q 2013 Results | May 31, 2013

Figures in million Euros

1Q 2013 RESULTS | KEY PERFORMANCE INDICATORS

Consolidated1Q 2012

restated1Q 2013 Variation

Turnover 198.7 162.8 -18%

EBITDA 18.6 16.5 -11%

EBITDA margin 9.4% 10.1% 0.8 pp

Recurrent EBITDA 23.7 18.0 -24%

Recurrent EBITDA margin 11.9% 11.1% -0.9 pp

EBIT 10.1 7.8 -23%

EBIT margin 5.1% 4.8% -0.3 pp

Recurrent EBIT 15.2 9.3 -39%

Recurrent EBIT margin 7.6% 5.7% -1.9 pp

Net financial expenses -18.7 -10.5 -44%

EBT -8.6 -2.7 -68%

Taxes 2.0 0.9 -56%

Minorities 0.0 -0.1 -

Net Profit -6.6 -2.0 -70%

Net debt 874.1 1,037.3 19%

11 1Q 2013 Results | May 31, 2013

200 219 210

244

199

230

191 183 163

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

1Q 2013 RESULTS | TURNOVER EVOLUTION

163 MILLION EUROS OF TURNOVER,

-18% THAN IN THE 1Q 2012 (RESTATED)

Figu

res

in m

illio

n E

uro

s

Consolidated turnover decreased 18%, penalized

by a 29% fall of the construction area

Construction turnover reflects the recession in

Portugal, the lower turnover of Transmontana

motorway and delays in some works in Angola and

U.S. markets, expected to recover from 3Q 2013

onwards

199 million 163 million

66 34

82

83

33

28

16

13

2

6

1Q 2012 restated 1Q 2013

Other countries+245%

Mozambique -21%

U.S. -17%

Angola +1%

Portugal -49%

179

127

48

19 20

-30 -4

Holding/ Adjust.

Real Estate +1623%

Concessions -60%

Construction-29%

12 1Q 2013 Results | May 31, 2013

18.6 million

16.5 MILLION EUROS EBITDA, CORRESPONDING

TO A 10.1% MARGIN

Fgures in million Euros

18.0 MILLION EUROS OF RECURRENT EBITDA,

CORRESPONDING TO A 11.1% MARGIN

16.5 million

EBITDA was negatively influenced by the

reduction in construction, reflecting the 29%

decrease in this area’s turnover

Profitability improvement of the real

estate area related with the accounting of

sales of the Talatona project (Angola)

EBITDA includes in 1Q 2013 1.5 million of

non-recurring costs of mutually agreed

termination contracts

1Q 2013 RESULTS | OPERATIONAL PROFITABILITY

5,6

1,0

11,9

10,8

1,6

4,3

-0,6

0,4

1Q 2012 restated 1Q 2013

Holding/ Adjust.

Real estate +159%

Concessions -9%

Construction -83%

13 1Q 2013 Results | May 31, 2013

Figu

res

in m

illio

n E

uro

s

1Q 2013 RESULTS | PROFITABILITY

FINANCIAL RESULTS BREAKDOWN

Net loss in 1Q 2013 was lower than in the

previous year, in spite of the decrease in

operational results, benefiting from an

improvement in financial results

Financial results with a favourable

evolution :

(i) The Financial Program (signed in

November 2012) allowed for financing costs

savings

(ii) Favourable forex results (iii) Posting of a 2.1 million capital gain from the sale of a concession in Costa Rica in which the Group held a 17% stake

1Q 2012 restated

1Q 2013 Var. Var. %

Net financing cost -11.4 -11.1 -0.3 -3%

Foreign exchange differences -2.7 2.1 -4.8 -180%

Other financial gains and losses -4.5 -1.6 -3.0 -65%

Financial Results -18.7 -10.5 -8.1 -44%

18,6 16,5

10,1 7,8

-18,7

-10,5

2,0 0,9

-6,6

-2,0

1Q 2012 restated 1Q 2013

EBITDA EBIT Financials Income tax Net earnings

14 1Q 2013 Results | May 31, 2013

179,1 127,3

3,1% 0,8%

-5%

-3%

-1%

1%

3%

5%

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

160,0

180,0

200,0

1Q 2012 restated 1Q 2013

Turnover EBITDA margin

48,0 19,1

24,8%

56,6%

0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%34%36%38%40%42%44%46%48%50%52%54%56%58%60%62%64%

0,0

10,0

20,0

30,0

40,0

50,0

60,0

1Q 2012 restated 1Q 2013

Turnover EBITDA margin

1,2 20,2

141,0%

21,2%

0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%30%32%34%36%38%40%42%44%46%48%50%52%54%56%58%60%62%64%66%68%70%72%74%76%78%80%82%84%86%88%90%92%94%96%98%100%102%104%106%108%110%112%114%116%118%120%122%124%126%128%130%132%134%136%138%140%142%144%146%148%150%152%154%156%158%160%

0,0

5,0

10,0

15,0

20,0

1Q 2012 restated 1Q 2013

Turnover EBITDA margin

1Q 2013 RESULTS | PERFORMANCE BY BUSINESS AREA

Figures in million Euros

• Significant decrease in turnover due to the lower turnover from Transmontana and Estradas do Zambeze (6 million vs. 34 million in 1Q 2012)

• As expected, this effect had a very positive impact on margin that improved 32 p.p.

• 29% decrease of turnover: domestic activity with a 49% fall and slightly negative evolution (-3%) of the international turnover

• EBITDA margin penalised by the activity’s decrease and by non-recurrent costs (recurrent margin of 1.7% in this quarter)

CONSTRUCTION CONCESSIONS REAL ESTATE

• 1Q 2013’s turnover included 19 million Euros of recognition of sales from a project in Talatona, (Angola)

• EBITDA reached 4.3 million Euros (vs. 1.6 million in 1Q 2012) benefiting from those sales and representing 26% of consolidated turnover

15 1Q 2013 Results | May 31, 2013

Figures in million Euros

FINANCIAL STRUCTURE | BALANCE SHEET AS OF MARCH 31, 2013

Change to 31.12.2012

Balance sheet structure

remained stable compared

with December 31, 2012

Shareholders’ equity

increased 4% benefiting from

a positive net variation of the

fair value of the coverage

derivatives (+2.7 million)

The major variations were

recorded at other current

assets and liabilities’ level:

mainly accrued income on the

asset side and accrued

expenses on the liabilities side

ASSETS 1,849 million +3% 1,849 million +3%

Other 205 million +14%

Other 324 million +14%

Cash and

equiv.114 million +13%

+7%

Accounts

receivable393 million +2%

Accounts

payable188 million -4%

Other 133 million -3%

Current

808 million

Inventories 86 million -4%

Current

764 million

Loans 252 million

+4%

Non Current

1,030 million

Loans 897 million +1%

Tangible 246 million -1%

Accounts

receivable403 million

SHAREHOLDERS' EQUITY +

LIABILITIES

Non Current

1,041 million

Intangible 322 million -1%

Shareholders' Equity 55 million

+2%

Other 126 million +9%

16 1Q 2013 Results | May 31, 2013

FINANCIAL STRUCTURE | EVOLUTION OF NET DEBT

CONSOLIDATED NET DEBT AMOUNTED TO

1,037 MILLION EUROS BY MARCH 31, increasing 13.2

million or +1% versus December 31

EVOLUTION OF CORPORATE NET DEBT AND RATIO EVOLUTION OF PROJECT FINANCE NET DEBT Figu

res

in m

illio

n E

uro

s

426

354 400 389

417

Corporate or recourse net debt rose 4% while

project finance net debt declined 1.5%

453 460 426 417 389

Note: Ratio Corporate Net Debt / EBITDA calculated with the last twelve months EBITDA associated with the recurrent activity financed with corporate debt

874 916

961 1.024 1.037

486 499 536 564 584

389 417 426 460 453

Mar 12 Jun 12 Sept 12 Dec 12 Mar 13

Net debt Corporate net debt Project finance net debt

486 499 536 564 584

8,9 8,0 8,0

8,9 9,2

Mar 12 Jun 12 Sept 12 Dec 12 Mar 13147 142 147 141 123

62 62 66 66 66

151 184 184 225 236

28 29 28

28 29

Mar 12 Jun 12 Sept 12 Dec 12 Mar 13

CPE

AutoestradasXXIIntevias

Scutvias

17 1Q 2013 Results | May 31, 2013

FINANCIAL CALENDAR 2013 CONTACTS

Earnings Release: 1st half of 2013 – August 14 3rd quarter of 2013 – November 25

GRUPO SOARES DA COSTA SGPS SA

www.soaresdacosta.pt Public Company Head office: Rua de Santos Pousada, 220 4000-478 Porto Share Capital 160,000,000 Euros Commercial Registry Office of Porto, corporate body and register number: 500 265 753 Representative for Market Relations António Frada T: +351 22 834 22 43 Investor Relations Rita Carles T: + 351 21 791 3236 | + 351 22 834 2217 rita.carles@soaresdacosta.pt