António Simões Marques Couto
Chairman

ESPHERA CAPITAL SGPS, S.A. continued throughout 2008 its approach of affirming and consolidating a clearly delineated and defined strategy. On the one hand, this centres on strengthening the relations with its affiliates, to provide regular, appropriate and rigorous follow-up and a global, integrated overview of the respective activities. On the other hand, it centres on a constantly renewed investment in new areas and new markets, in a salutary spirit of restlessness and calculated ambition, within a perspective of ongoing development, specialisation and mobilisation around creative and innovative solutions that give us positive differentiation, a factor that determines success in this particularly competitive world in which we operate.
Significant steps were thus made to cement the logic of the group, fostering skills, synergies and complementarities that would foster increased value and sustained growth in the affiliates, making them better qualified and equipped to successfully face the demanding challenges thrown up in the immediate or more distant future.
At the same time, we have been rigorously and very carefully analysing arising investment projects and opportunities in new areas and new markets, with special focus on expanding our international presence, and on negotiating and formalising enriching strategic partnerships that furnish greater added value, encourage technological development and strengthen our position as a credible and respected partner. 
The work done means that, in ESPHERA CAPITAL’s strategic areas of activity  – engineering and energy, asset and real-estate management, tourism and integrated development, concessions and public-private partnerships – a variety of projects and relevant actions have been formalised, of which the following are of particular significance: 
We will not stop. We will continue on our path, without hesitation or deviation from our trajectory, with the same level of rigour, exactingness, enthusiasm and determination, true to our values, well-aware of our social and environmental responsibilities, pledged to make our contribution towards promoting a truly sustainable global development, committed to fostering the qualification, development, enhanced standing and motivation of our staff, able to merit the confidence and meet the worries and expectations of our clients and business partners
 
This is the correct way to face the future, comfortably aware that we are consolidating and expanding the value of the company and of all its affiliates.