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Agenda

Agenda. 1 | Key Share Data and Share Price Performance 2 | Martifer Group Overview and Strategy 3 | Business A reas ’ Outlook 3.1 | Renewables 3.2 | Energy Systems | Wind 3.3 | Energy Systems | Solar 3.4 | Metallic Constructions 4 | Targets and New Guidances. 2.

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Agenda

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  1. Agenda 1 | Key Share Data and Share Price Performance 2 | MartiferGroup Overview and Strategy 3 | Business Areas’ Outlook 3.1 | Renewables 3.2 | EnergySystems| Wind 3.3 | EnergySystems| Solar 3.4 | MetallicConstructions 4 | Targets and New Guidances 2

  2. Shareholder Structure (June 2009) Shareholder Structure (Sept. 2009) KEY SHARE DATA & SHARE PRICE PERFORMANCE Free Float 20.8% Free Float 20.8% Mota-Engil 37.5% Mota-Engil 37.5% I’M SGPS1) 41.7% I’M SGPS1) 41.7% Recent Stock Performance I’M SGPS is held in equal parts by Mr. Carlos Martins and Mr. Jorge Martins Listed on Euronext Lisbon (IPO June 2007) Number of shares outstanding: 100,000,000 Reuters: MARTI.LS Bloomberg: MAR PL Euronext Lisbon: MAR ISIN: PTMFR0AM0003 Coverage by 8 equity research teams (BESI, Caixa BI, BPI, Millennium BCPI, UBS, Goldman Sachs, Santander, Banif IB) • IPO was in 2007on Euronext Lisbon: • First trading day: June 27th, 2007 • Priced at €8,00 per share, top of range • €199Mn gross proceeds, exclusively to company

  3. AGENDA 1 | Martifer Towards Sustainable Growth 2| Martifer Group Overview 3 | International Presence 4 | What about Prio? 5 | Group’s Financial Performance MARTIFER GROUP OVERVIEW AND STRATEGY

  4. MARTIFER TOWARDS SUSTAINABLE GROWTH STRATEGIC VISION IN THE CURRENT ECONOMIC ENVIRONMENT CRISIS EFFECTS MARTIFER’S STRATEGY ACTION PLAN Focus in two Business Areas Market consolidation and selective country approach Lower growth rates worldwide Tighter operating margins Opex reduction Efforts to maintain profitability levels Lower liquidity Increase available cash flow Lower levels of Capex Working capital management efficiency Financial credit crunch Redefining Funding Strategy Strengthen the financial structure • Partnerships • Project Finance • Asset Rotation 5

  5. MARTIFER TOWARDS SUSTAINABLE GROWTH |STEPPING INTO ECONOMIC RECOVERY WORLD Global Economic environment showing positive signs Financial Liquidy improving Environmental concern METALLIC CONSTRUCTIONS Increasing of international Bidding Activity (Private and Public) RENEWABLES Governments efforts to stabilize regulation and promoting RE Following new financing institutions entering the credit market the RE sector is slowly starting to take off 6

  6. MARTIFER GROUP OVERVIEW METALLIC CONSTRUCTIONS RENEWABLE ENERGY Areas BusinessUnits 7

  7. INTERNATIONAL PRESENCE | SELECTIVE COUNTRY APPROACH NORTH AMERICA EUROPE PORTUGUESE SPEAKING COUNTRIES 8

  8. Renewables business areas and external markets are playing a growing role in Martifer Group By business area Metallic Construction 45% Energy Systems 52.5% Electricity Generation 2.5% Renewable energy business areas represent 55% of consolidated revenues BREKDOWN BY BUSINESS ACTIVITY & BY GEOGRAPHLY Revenues Distribution – 1H2009 By geography Portugal Rest of 44% the World 25% Central Spain Europe 7% 24% External markets represent 56% of Group revenues, in particular Central and Eastern Europe (Poland, Romania and Germany), but also Spain and Angola

  9. WHAT ABOUT PRIO? AGRO-INDUSTRY ADVANCED FUELS Agriculture – Romania, Brazil and Mozambique Oil Extraction and Biodiesel Plants – Romania Biodiesel Plant – Portugal Storage Tank Farm – Portugal Petrol stations network – Portugal • Decision to separate Prio’s assets in two Business Areas: Agro-Industry and Advanced Fuels • Partnerships for each Business Area under negotiation, which will reduce Martifer’s economic interest and enhance the value creation of Prio • Conclusion of this process expected by June 2010 10

  10. GROUP’S FINANCIAL PERFORMANCE | KEY FIGURES OPERATING REVENUE (M€) EBITDA (M€) 60% 68% 2% 5% • Consolidated Revenues and EBITDA (excluding Prio) have shown strong growth levels • In the first half of 2009 the activity increased at a lower pace due to the current economic environment • Nevertheless, profitability increased as EBITDA margins grew from 9.3% in H1’08 to 9.6% in H1’09 11

  11. GROUP’S FINANCIAL PERFORMANCE | KEY FIGURES CAPEX (M€) NET DEBT (M€) 25% >100% 74% 20% The Net Debt increased significantly in the last two years due to the strong Investment plan in core assets and working capital needs resulting from the increase of activities 12

  12. RENEWABLES Portfolio | 1 International Presence | 2 Cooperation Agreement | 3 Strategy | 4

  13. PORTFOLIO DEVELOPMENT CLASSIFICATION • EARLY STAGE • Development and licensing processes initiated • Land partially secure • ADVANCED STAGE • Most relevant development processes secured • Real wind measurements taken 14 (1) Includes Solar projects (Spain-PV; USA-CSP)

  14. PORTFOLIO | PORTUGAL – VENTINVESTE EÓLICA • Latest schedule revision on the 400 MW awarded on the Portuguese wind tender (Fase B) • Start Operation: 15

  15. STRATEGY DEVELOPMENT CONSTRUCTION OPERATION • Focus on development of projects where internal competences can add value • Careful risk evaluation • EPC/ Turn Key contracts • Performed under Non Recourse Finance • Careful risk monitoring policies and procedures • Management of projects in order to maximize the performance and Project Finance compliance • Careful use of Equity • Partnership model for development and future investments • Assets rotation on different project phases MAXIMIZE SHAREHOLDER RETURN 16

  16. COOPERATION AGREEMENT EXPERIENCED TEAM EXTENSIVE PORTFOLIO JOINT DEVELOPMENT OF NEW ACTIVITIES LEADERSHIP Appointment of Afonso Proença as Martifer Renewables CEO (Chief Executive Officer) PROJECT PORTFOLIOS Reevaluation of portfolios and refocus of efforts BEST PRACTICES Apply renewable energy project development best practices in both entities COOPERATION BETWEEN THE TWO TEAMS Optimization of teams skills in services rendered to projects 17

  17. INTERNATIONAL PRESENCE Reevaluation of the International Presence 18

  18. ENERGY SYSTEMSWIND 1 | Energy Systems Business Segments 2 | Energy Systems Wind 3 | Sector Environment 4 | Operational Highlights

  19. ENERGY SYSTEMS BUSINESS SEGMENTS INDUSTRY WIND FARMS ENGINEERING R&D WIND 20

  20. ENERGY SYSTEMS WIND WIND FARMS INDUSTRY ASSEMBLY BoP / EPC COMPONENTS TOWERS • Production of wind towers: 400 towers/year capacity in Oliveira de Frades, Portugal and 200 towers/year capacity in Texas, USA (currently under construction) • Production of other wind turbine metallic components • Assembly of generators in a Joint-Venture with REpower Systems (50%/50%) • Project Management, EPC and BoP of Wind Projects • O&M of Wind Farms 21

  21. ENERGY SYSTEMS WIND | TOWER FACTORY IN TEXAS, USA • Factory currently under construction • Production to start in 2Q2010 • Capacity: 200 towers/year • Location: San Angelo, Texas • #1 State in installed capacity (8,361MW) • #1 State in under construction capacity (1,096MW) • #2 State* in potential capacity (136GW) • Huge potential not only in Texas but also in adjacent states • Joint-Venture with Hirschfeld Wind Energy Solutions, bringing knowledge and experience in the local market * #1 being North Dakota with 138GW Source: AWEA, Data as of end of June 2009 • 22 22

  22. ENERGY SYSTEMS WIND | PRODUCTION OF COMPONENTS AND TURBINE ASSEMBLY COMPONENTS • Factory of Wind Turbine Metallic Components in Oliveira de Frades • Production started in January 2009 • High-tech industrial process ASSEMBLY • Turbine Assembly line in Oliveira de Frades • Joint-Venture with REpower Systems • Annual Capacity: 130 turbines • Stable order book (Ventinveste project and REpower Systems) 23

  23. ENERGY SYSTEMS WIND | WIND FARMS • Turnkey projects • More than 215 MW erected in Portugal and Spain • 10 MW concluded in Poland • Clients • Small and medium size developers (EPC) • Utilities (BoP) • Partnerships • Turbine suppliers for specific markets • Mostly for emerging markets BOP / EPC 24

  24. SECTOR ENVIRONMENT | FOR THE PAST YEAR SECTOR HAS BEEN UNDER PRESSURE GLOBAL WIND SUPPLY CHAIN COST AND MARGIN SUMMARY • Declines in the price of raw materials have been reducing the cost of wind turbine components and producers’ margins • According to New Energy Finance turbines are now being bought at an average price of 1 M€/MW in Europe, 1.4 M$/MW in the US (0.93 M€*) and 0.8 M$/MW in China (0.53 M€*) • Nonetheless there are still segments in the value chain worth exploring * EUR/USD 1,5 (22 October 2009) Source: New Energy Finance 25

  25. SECTOR ENVIRONMENT | DEMAND STILL DUE TO INCREASE Source: New Energy Finance; World Wind Energy Association 26

  26. OPERATIONAL HIGHLIGHTS WIND FARMS INSTALLED UNTIL SEPTEMBER 2009 • Although the market has been under significant constraints, Energy Systems has been able to improve revenues on all segments of the business unit REVENUES * considering 100% of REpower Portugal and Gebox (both held in 50% andconsolidated proportionally) and before eliminations Source: Company Information 27

  27. ENERGY SYSTEMSSOLAR Martifer Solar Business Segments |1 PV Module Factory |2 Technologic Solutions | 3 Strategic Orientation |4 Martifer Solar in the Solar Market |5 Sector Trends |6 International Presence | 7 Order Book |8

  28. MARTIFER SOLAR BUSINESS SEGMENTS | PHOTOVOLTAIC GROUND BASED SOLAR PARKS (>100 kW) ROOFTOP SYSTEMS (>100 kW) BUILDING INTEGRATED (20-200 kW) RESIDENTIAL AND COMMERCIAL (<100 kW) EPC Developer Module distribution EPC Developer Module distribution EPC Module distributionand microgeneration kits 29

  29. PV MODULE FACTORY Capacity: 50 MW per year Leading technology Fully automated and robotized In-house production of tempered glass • Suppliers (Gintech; Isovolta; Sapa; Tyco) • Certified • First quality • Surface: 10,000 sqm 30

  30. TECHNOLOGIC SOLUTIONS PV MODULE SMARTRACKER SMARTPARK ROOFTOP MOUNTING SYSTEM Powerfrom 210 to 240 Wp Warranty: - 5-year- 90% output power 10-year- 80% output power 25-year Own patented tracker Mono-axis tracker: East-West movement Optimal inclination Up to 20% output increase PV solution for parking areas Includes metallic structure, inserted PV modules, inverter, cabling and connections box High technology Easy installation Gravity structures without perforation Protects rooftops Exclusive product Saves time and cost 31

  31. STRATEGIC ORIENTATION Martifer Solar is focused on the final stages of the PV supply chain Vertical integration on the last stage of the supply chain in order to obtain higher margins • There is a need for Strategic Partnerships: • Funds (e.g.: Akuo Energy; Enfinity) • Private Equities and Family Offices • Private Banking • Utilities DEVELOPMENT EPC O&M POLYSILICON INGOTS/WAFERS CELLS MODULES COMMISSIONING ASSET MANAGEMENT* Martifer Solar Strategic Partners * Investment, financing 32

  32. MARTIFER SOLAR IN THE SOLAR MARKET | TURNOVER VS COMPETITORS (M€) 1H 2009 Source: Company Reports – 1H 2009 33

  33. MARTIFER SOLAR IN THE SOLAR MARKET | EBIT MARGIN VS COMPETITORS 1H 2009 Source: Company Reports – 1H 2009 34

  34. SECTOR TRENDS | BUSINESS DRIVERS Environmental awarness Abundant resource Opportunities in emerging markets • Decrease in the price of raw materials makes solar technology more competitive • Attractive Rate of Return for equity investors • 360º Turnkey PV solutions 35

  35. SECTOR TRENDS | MARKET POTENTIAL Source: Estimates from NEF - PV Market Outlook, Q3 2009 (except for Belgium (EPIA – Global Market Outlook) 36

  36. INTERNATIONAL PRESENCE We are currently present in markets with very good future perspectives in what concerns the PV market • Until 2012 we will be entering three new markets that perfectly fit our strategy • Turkey • Bulgaria • Canada 37

  37. ORDER BOOK BELGIUM 7 MW underconstructionand 15 MW undernegotiation CZECH REPUBLIC 2.9 MW under construction and 7 MW under negotiation FRANCE 10 MW undernegotiation GREECE Current order book 0.66 MW ITALY 6 MW under construction and engagement letters covering 15 MW PORTUGAL Rooftop installations (microgeneration) and 6 MW under negotiation SPAIN 11 MW under construction and engagement letters covering 5 MW USA 2 MW under construction and 10 MW under negotiation 38

  38. METALLICCONSTRUCTION Metallic Construction Business Segments |1 Industrial and Commercial Presence |2 Sector Environment |3 Market Position in Europe |4 Strategic Lines |5 Backlog and Production Evolution |6 Projects |7

  39. METALLIC CONSTRUCTION BUSINESS SEGMENTS METALLIC STRUCTURES ALUMINIUM FAÇADES STAINLESS STEEL SOLUTIONS REAL ESTATE Gradual divestment between 2010 and 2012 • Iberian market leader and one of the largest players in Europe • Capacity to execute complex works, finding the right solutions both in project and engineering fields • Provider of Turnkey Solutions • Total installed capacity: 80,000 tonnes/year 40

  40. INDUSTRIAL AND COMMERCIAL PRESENCE

  41. SECTOR ENVIRONMENT • Competition has increased due to poor levels of activity in Europe • Average prices of raw material dropped (carbon steel dropped 54% from Jun-08 to Jun-09) • Nevertheless, Martifer Metallic Construction expects to increase its revenues in 2009 as well as sustain the operational margin Price (€) 1,000 Source: World Steel 42

  42. MARKET POSITION IN EUROPE | COMPETITORS • Martifer Metallic Construction has a relevant position in terms of Revenues and Operating Margins • Lindab, Mostostal Warszawa and Severfield are the leaders in Europe in terms of Revenues Size of bubble = Net Profit Source: Dun & Bradstreet, Companies Website .Figures (for 2008) have been adjusted for comparison. Source: Dun & Bradstreet, Companies WebsiteFigures (for 2008) have been adjusted for comparison 43

  43. MARKET POSITION IN EUROPE | DIRECT COMPETITORS • Martifer has been competing directly with Severfield, Eiffel, Hollandia, Cimolai, URSSA and Horta-Coslada in the major projects TURNOVER 2008 (€M) 496 396 317 179 161 75 57 SEVERFIELD EIFFEL MARTIFER HOLLANDIA CIMOLAI URSSA HORTA-COSLADA Source: Dun & Bradstreet, Companies WebsiteFigures (for 2008) have been adjusted for comparison 44

  44. STRATEGIC LINES • Our target: Top 5 in terms of Turnover, Profitability and Notoriety (being invited by the client to bid in 90% of the projects above €20m) • Focus in projects with high complexity in Iberia, East and Central Europe • In Angola Martifer expects to take advantage from the significant economic growth • North Africa is a new market that will be served from Iberia and Romania as an extension of the European market • United Kingdom has been our most recent strategic choice, as we see this market with enormous potential of growth • Brazil is under analysis as the following years will receive the World Cup 2014 and the Olympics 2016 • Always looking for good project opportunities in other countries, which we call “Visit Countries” NEW MARKETS UK BRAZIL 45

  45. BACKLOG AND PRODUCTION EVOLUTION Rest of the world 24% Portugal 44% Central Europe 12% Spain 20% Backlog as of September 2009 (Total: 307 M€) Significant works in progress Production Evolution 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 * Not included in June’s backlog 46

  46. TARGETS AND NEW GUIDANCES 1 | Update on the Capex Plan 2009E-2012E 2 | Operational Guidance 2009E-2012E 3 | Financial Strategy 4 | Goals and Commitment 5 | Dividend Policy

  47. UPDATE ON THE CAPEX PLAN 2009E – 2012E 2008 2009E 2010E – 2012E (M€) METALLIC CONSTRUCTION 15 15 20 ENERGY SYSTEMS | WIND 35 15 15 ENERGY SYSTEMS | SOLAR 16 3 10 140 80 275 RENEWABLES 213* 115* 320 TOTAL We highlight that the 275 M€ of capex expected for the 2010-2012 period is a gross figure. The net capex should be lower following the asset rotation policy currently adopted by Martifer Renewables * Total Capex includes investments at the holding level, namely in the SAP technology 48

  48. OPERATIONAL GUIDANCE 2009E – 2012E METALLIC CONSTRUCTION Revenues growth: [10% ; 13%] CAGR 09-12 Ebitda Mg: [10% ; 11%] CONSOLIDATED REVENUES (M€) ENERGY SYSTEMS | WIND 15% Revenues growth: [14% ; 17%] CAGR 09-12 Ebitda Mg: [7% ; 8%] 12% ENERGY SYSTEMS | SOLAR Revenues growth: [15% ; 18%] CAGR 09-12 Ebitda Mg: [7% ; 8%] RENEWABLES Ebitda Mg: [75% ; 80%] for assets under operation Martifer is focused on value creation: consolidation of our current situation, leveraging of growth opportunities and profitability optimization 49

  49. FINANCIAL STRATEGY Lines of intervention Measures • Financial Discipline • Financial Capacity and Solvency • Internationalization of funding sources • Transparency • Assets Rotation Policy • Sale of non-core Assets • Efficient Working Capital Management • Project Finance for RE projects Improving our Financial Strength It is our intention to decrease the Group’s level of debt and to improve our leverage ratios HOW? 50

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