A N N U A L R E P O R T A N D A C C O U N T S - CMVM

Notes to the Report of the Board of Directors - 2008
In compliance with requirements to publish information under existing regulations, namely as set out under No.4 of Article 448 of the Companies Act, Teixeira
Duarte - Engenharia e Construções, S.A., reflects below the list of shareholders who at accounting year end and in terms of company registries and information
provided, are the holders of at least one tenth of equity capital.
Company No of shares at 31.12.2008 % Capital
TEIXEIRA DUARTE - Sociedade Gestora de Participações Sociais, S.A. 42,000,000 10 %
TDG - Sociedade Gestora de Participações Sociais S.A. 160,341,364 38.18%
In compliance with the applicable legal and regulatory provisions, namely with the established in paragraph b), of nr. 1 of article 8 of the CMVM Regulation nr.
5/2008, it is base don the Company's registrations and in the data received that "TEIXEIRA DUARTE - Engenharia e Construções, S.A." disseminates here the
list of holders of the qualifying holding of its capital stock on 31 st December 2008, with the indication of the number of shares held and the percentage of the
corresponding voting rights, calculated in accordance with the established in article 20 of the Portuguese Securities Market Code.
1. In terms of that set out under Article 20 of the Stock Exchange Act (CVM) the Stock Exchange Committee takes the view, contested by us in respect of
paragraph f) infra, that “TEIXEIRA DUARTE - SGPS, S.A.”, holds a qualified investment of 235,152,069 shares, equivalent to 55.99% of capital and voting
rights, as a result of:
a) 42,000,000 directly held shares, equivalent to 10% of equity capital and voting rights;
b) 160,341,364 shares held by “TDG - SGPS, S.A.”, equivalent to 38.18% of equity capital and voting rights;
c) 3,500,000 shares held by “NGDI - Gestão e Investimento Imobiliário, S.A.”, equivalent to 0.83% of equity capital and voting rights;
d) 10,200,000 shares held by the chairman of the Board of “TEIXEIRA DUARTE - SGPS, S.A.”, Pedro Pereira Coutinho Teixeira Duarte, the equivalent
of 2.43% of equity capital and voting rights;
e) 9,676,071 shares are held by the remaining members of the board of “TEIXEIRA DUARTE - SGPS, S.A.”,equivalent to 2.30% of voting rights, (none
of these individually attain the rank of qualified interest);
f) 9,434,634 shares held by members of the board of “TDG - SGPS, S.A.”, who are not members of the board of the company set out in paragraph a)
above, equivalent to 2.25% of voting rights, (none of these individually attain the rank of qualified interest) which in the view of the Stock Exchange
Committee, which in turn disagrees.
2. In terms of that set out under Article 20 of the CVM, the Stock Exchange Committee takes the view that “Banco Comercial Português, S.A.” holds a qualified
investment of 42,021,718 shares, equivalent to 10.00% of equity capital and voting, as a result of:
a) 22,002 shares held by “Banco Millennium BCP Investimentos, S.A.”, equivalent to 0.005% of equity capital and voting rights;
b) “Grupo Banco Comercial Português Pension Fund” is considered as holding a qualified investment of 41,999,716 shares, equivalent to 9.99% of
equity capital and voting rights.*
3. “CIMILE - Sociedade Gestora de Participações Sociais, S.G.P.S., Lda.” Is assigned, in accordance with the established in Article 20 of the Portuguese
Securities Market Code the qualifying holding of 13,450,656 shares, corresponding to 3.2% of the voting rights, due to:
a) 13,402,756 shares directly held by it, corresponding to 3.19% of the capital stock and of the voting rights;
b) 47,900 shares assigned to the Managers of "CIMILE - Sociedade Gestora de Participações Sociais, S.G.P.S., Lda.", corresponding to 0.01% of the
capital stock and of the voting Rights.
* Through Communications received from "Banco Comercial Português, S.A." on 8 th February 2007, it was indicated that the managing company of the BCP Group Pension Fund
exercises in an independent way the respective voting rights.
** Through Communications received on 12 th March 2009, the Company was informed that, on that date, CIMILE, S.G.P.S., Lda. held already 16,783,952 shares, corresponding
to 4.00% of the capital stock and of the voting rights, which are assigned to Eng. Miguel Maria Calainho Teixeira Duarte, according to the established in article 20 of the
Portuguese Securities Market Code.
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