Annual Report 2010 - CMVM

Management Report of the Board of Directors 2010- The shares of Teixeira Duarte, S.A.:As explained above, the shares of TD,SA were listed for trading on 16 August 2010.From their entry into trading until 31 December 2010, the shares devalued by 30.47%, falling from EUR 1.05 on 16 August 2010 to EUR 0.73as at 31 December 2010.Regarding liquidity and turnover, during this period, 13,162,403 shares were traded on the stock market, with a total turnover of EUR10,935,589.The graph below shows the evolution of the share prices since their listing for trading on the regulated market of Euronext Lisbon.1.05€Teixeira Duarte, S.A. Share Prices0.99€0.91€0.92€0.91€0.87€10.84€0.79€20.73€0.67€16-8-201031-8-201015-9-201030-9-201015-10-201029-10-201115-11-201030-11-201015-12-201031-12-20101 – Announcement of payment of dividends relative to 2009 - 23 September 20102 – Information on the activity, results and economic and financial situation in the 3rd Quarter 2010 - 25 November 2010As at 31 December 2010, the share price was EUR 0.73 and, today, 28 April 2011 it is EUR 0.53.IV. SECTOR ANALYSISThe first part of each sector will provide a brief overview of how and where the Group operates in that specific business area, followed byan overview of the sectors in 2010, based on a set of indicators on the respective contributions to the overall indicators of the Group, andreference is made to the operating income on a non-consolidated basis to allow for a better understanding of the levels achieved by eachsector individually.Then, for the actual reporting of the activity, brief notes are presented on the operation in the main geographical markets of each sector of theTEIXEIRA DUARTE Group.22