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

Report and Opinion of the Supervisory Board
Dear Shareholders,
Under the terms established in paragraph g) of article 420 of the Commercial Companies Code, we hereby submit
our report on inspection, our opinion on the individual and consolidated report and accounts of TEIXEIRA DUARTE
– Engenharia e Construções, S.A. regarding the financial year ended on the 31 st December 2008 and also on the
proposals submitted by the Board of Directors. This document also includes the responsibility statement referred
to in paragraph c) of number 1 of article 245 of the Portuguese Securities Market Code.
This Board met regularly throughout the year, having carried out:
a) the inspection of the Company’s management and the control of the compliance with the law and its
memorandum of association
b) the monitoring of management by means of regular contacts with the members of the Board of Directors;
c) the verification of the accuracy of accounts submission documents, accounting policies and value metric
criteria adopted by the Company, in order to ensure that the same lead to a correct evaluation of assets
and results;
d) the follow-up of the works carried out by the Company of Chartered Accountants.
Within the scope of the competences legally bestowed on us, we have verified that:
a) the management report contains a clear display of the most significant aspects of the business evolution,
the performance and net worth of the Company and of the Group;
b) the individual and consolidated financial statements and respective notes provide a true and appropriate
image of the assets of the Company and of TEIXEIRA DUARTE Group, respectively.
Under these terms and taking in consideration the information provided to us by the Board of Directors and by the
Company Services, as well as the conclusions contained in the Legal Certification of the Accounts and Audit
Report, our opinion is that:
a) the Management Report should be approved;
b) the individual and consolidated financial statements related to the financial year of 2008 should be
approved;
c) the proposal for the allocation of the results submitted by the Board of Directors should be approved.
In compliance with the established in paragraph c) of number 1 of article 245 of the Portuguese Securities Market
Code, the members of the Supervisory Board hereby state, as far as they are aware, that the annual accounts and
the other accounts submission documents were prepared in accordance with the applicable accounting standards,
giving a true and appropriate image of assets and liabilities, the net worth and the results of TEIXEIRA DUARTE –
Engenharia e Construções, S.A. and of the companies included in the consolidation perimeter. We also declare
that the management report faithfully exposes the business evolution, the performance and position of TEIXEIRA
DUARTE – Engenharia e Construções, S.A. and of the companies included in the consolidation perimeter, the
aforementioned report containing a description of the main risks and uncertainties of the business.
Lisbon, 24 th April 2009
António Gonçalves Monteiro - Chairman
Mateus Moreira - Member
Miguel Carmo Pereira Coutinho - Member