Annual Report 2010 - CMVM

Report and Opinion of the Supervisory Board 2010Dear Shareholders,Report and Opinion of the Supervisory Board(Relative to the year ended on 31 December 2010)In accordance with subparagraph g) of article 420 of the Portuguese Commercial Companies Code, we present our audit report, our opinionon the individual and consolidated report and accounts of Teixeira Duarte, S.A. relative to the year ended 31 December 2010, as well as onthe proposals submitted by the Board of Directors. This document also includes the statement of responsibility referred to in subparagraph c)of number 1 of article 245 of the Portuguese Securities Market Code.This Committee met regularly throughout the year, having:a) audited the Company’s management and ascertained compliance with the Law and with its memorandum of association;b) monitored the management through regular contact with the members of the Board of Directors;c) verified the accuracy of the documents presenting the accounts, accounting policies and valuation criteria adopted by the Company,in order to ensure that they led to a correct valuation of its financial position and results;Within the limits of the competences legally entrusted to us, we found that:a) the management report provides a clear overview of the key aspects of the business evolution, performance and financial positionof both the Company and the Group;b) the individual and consolidated financial statements and the corresponding notes present a true and fair view of the financial situationof the Company and of the TEIXEIRA DUARTE Group, respectively.Under these terms, taking into account the information provided to us by the Board of Directors and by the Company’s Services, as well as theconclusions presented in the Legal Certification of Accounts and Audit Report, we are of the opinion that:a) The Management Report should be approved;b) The individual and consolidated financial statements relative to 2010 should be approved;c) The proposal for the allocation of profits and losses submitted by the Board of Directors should be approved.Pursuant to subparagraph c) of number 1 of article 245 of the Portuguese Securities Market Code, the members of the Supervisory Boarddeclare that, to the best of their knowledge, the annual accounts and other documents presenting the accounts were prepared in accordancewith the applicable accounting standards, giving a true and fair view of the assets and liabilities, financial situation and results of TEIXEIRADUARTE, S.A. and the companies included in the consolidation perimeter. They further declare that the management report faithfully reflectsthe business evolution, performance and position of TEIXEIRA DUARTE, S.A. and the companies included in the consolidation perimeter,presenting a description of the main risks and uncertainties of the business.Lagoas Park, 29th April 2011António Gonçalves Monteiro - ChairmanMateus Moreira - Board MemberMiguel Carmo Pereira Coutinho – Board Member206