Samba Digital SGPS S.A

Quarterly Report • Nov 25, 2009

ALTRI, SGPS, S.A. Open Capital Company

Head Office: Rua do General Norton de Matos, 68, r/c – Porto Fiscal Number: 507 172 086 Share Capital: 25.641.459 Euros

3Q 2009 Financial Information

3Q 2009 Financial Information

Altri is a reference in European eucalyptus pulp producers. In addition to pulp production, the Company is also present in the renewable power production business from forest based sources namely industrial cogeneration and biomass. The forest strategy is based on the full use of all the components provided by the forest: pulp, black liquor and forest wastes.

Altri obtained certification from the Forest Stewardship Council (FSC) and from the Programme for the Endorsement of Forest Certification (PEFC), two of the most worldwide acknowledged forest certification entities, for the whole 82,000 ha of forest under their management in Portugal.

Nowadays, Altri major assets are three pulp mills, with a total capacity above 500,000 tonnes/year of bleached eucalyptus pulp. The Company has investment projects on an advanced ramp up phase that will increase its nominal production capacity to more than 900 thousand tonnes/year in 2010.

Altri's organic structure as of 30 September 2009 is as follows:

Main events in 3Q 2009:

• New pulp production line on Celbi: the Celbi's project of doubling its pulp production capacity was under conclusion during the 3Q 2009. The full completion of the project is expected to occur during the first quarter of 2010 with the installation of the new cogeneration turbine. Nowadays, the mill is in a ramp up stage, and the evolution of production and cash costs per tonne of pulp are going according to the initial plan;
• New Celtejo's bleaching line project: During the 3Q 2009, Celtejo concluded the BEKP production learning curve of the new bleached eucalypt pulp production line. Is noted that Celtejo's 3Q 2009 production (42.7 thousand tonnes) was 83% higher than the 1Q 2009 production (23.3 thousand tonnes);
• Annual maintenance stoppage on Caima: there was a 10 day annual maintenance stop in September 2009 on Caima, which run as planned. The stop has a direct impact on the period's fixed costs and production;
• New PEFC certification for the whole forest area managed by Altri: by the end of 3Q 2009, Altri had 82.3 thousand ha of forest under management in Portugal which were already fully certificated by the Forest Stewardship Council (FSC), and is now also certificated by the Programme for the Endorsement of Forest Certification (PEFC). These are the two most important international certifications of sustainable forestry management;
• EDP Bioeléctrica electric energy production from biomass: Constância power plant (a part of Caima industrial unit) entered into operation during August 2009, with 13 MWh of capacity. In June 2009, Figueira da Foz power plant (a part of Celbi industrial unit) had entered into operation, with 30 MWh of capacity. Currently, EDP Bioeléctrica (50% held by Altri) holds a total capacity of, approximately, 65 MWh of electric power produced from forest biomass, which is translated to a net supplied power of about 57 MWh.

Pulp production

During 3Q 2009, the three Altri mills produced more than 180 thousand tonnes of bleached eucalyptus pulp, the highest amount of the year.

Quarterly evolution of pulp production per mill

On the other hand, the net revenues from electric power of cogeneration and sales of other forestry derivatives (liquor and bark) amounted to, approximately, 3 million Euro on 3Q 2009. On an annual basis, these revenues reached about 8.6 million Euro in the first 9 months of 2009.

3Q2009 financial information: Altri returns to profit

The financial information of the Group was prepared in accordance with the International Financial Relating Standards (IFRS).

Altri defined forest management and pulp production as its core business. However, in the 3rd quarter of 2008 Altri developed its activity also in paper business (CPK), a unit that was permanently closed in December 2008. Therefore, CPK activity during 3Q 2008 is recorded under the caption "Profit for the period from discontinued operations".

3Q 2009 Financial Information

Main quarterly financial indicators

	1Q 09	2Q 09	3Q 09	3Q 08	3Q09/2Q09 ∆ %	3Q09/3Q08 ∆ %
Operating income	62.753	78.744	80.823	74.555	2.6%	8.4%
Cost of sales	22.690	34.839	32.388	25.543	-7.0%	26.8%
External supplies and services	22.204	29.419	28.255	21.442	-4.0%	31.8%
Payroll Expenses	7.415	8.999	7.934	8.132	-11.8%	-2.4%
Provisions and impairment losses	0.000	1.050	0.100	0.039	-90.5%	154.3%
Other expenses	0.847	0.248	0.655	1.945	164.4%	-66.3%
Total expenses (a)	53.155	74.555	69.332	57.101	-7.0%	21.4%
EBITDA (b) Margin	9.598 15.3%	4.189 5.3%	11.491 14.2%	17.454 23.4%	174.3% +8,9 bp	-34.2% -9,2 bp
Amortization and depreciation	9.581	5.899	6.173	7.275	4.7%	-15.1%
EBIT (c)	0.017	-1.710	5.318	10.179	ss	-47.8%
Margin	0.0%	-2.2%	6.6%	13.7%	ss	-7,1 bp
Profits related with assets classified as held for sale	0.000	0.000	0.000	0.000	-	-
Gains and losses in associated companies	-0.705	0.077	0.099	-0.380	27.9%	-126.0%
Gains and losses in other investments	-0.012	0.058	0.084	-0.165	45.8%	-150.9%
Financial expenses	-8.929	-7.028	-7.126	-11.294	1.4%	-36.9%
Financial income	2.714	0.011	1.093	2.218	ss	-50.7%
Financial profit	-6.932	-6.882	-5.850	-9.620	-15.0%	-39.2%
Profit before income tax	-6.915	-8.592	-0.532	0.559	ss	-195.2%
Income tax	1.564	0.760	0.556	1.195	-27%	-53.5%
Minority interests	-0.029	-0.003	-0.003	-0.007	-2%	-60.9%
Profit after income tax	-5.321	-7.829	0.027	1.761	-100.3%	-98.5%
Profit for the period from discontinued operations	-0.540	1.617	0.026	0.454	-98%	-94.4%
Consolidated net profit	-5.861	-6.212	0.052	2.216	+100,8%	-97.6%

(amounts in thousand Euros)

(a) Operating costs excluding amortization, Financial profit and Income tax

(b) EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization

(c) EBIT = Earnings before Interest and Taxes

On the 3Q 2009, Altri achieved a consolidated net profit of 52 thousand Euro (27 thousand Euro obtained from continuing operations), while on both 1Q and 2Q Altri recorded losses.

Total income, excluding the financial income, reached, approximately, 80.8 million Euro on 3Q 2009, which represents an increase of 3% when compared to the 2Q 2009 and of 8.4% when compared to 3Q 2008.

Total expenses excluding amortization, financial expenses and taxes, reached 69.3 million Euro on the 3Q 2009, which is a decrease of 7% when comparing to the 2Q 2009 and an increase of 21% comparing to 3Q2008. The expenses evolution, compared to the previous quarter, reflects the optimization that is being implemented on the plants, as well as the reduction of fixed and variable costs, mainly on Celbi and Celtejo. Comparing to the equivalent period in 2008, the evolution of expenses is the result of the production capacity increase.

3Q 2009 Financial Information

Therefore, the 3rd quarter of 2009 EBITDA was about 11.5 million Euro, corresponding to a 174% increase comparing to the 2nd quarter of 2009. When comparing with the 3rd quarter of 2008, there has been a decrease of 34%. Note that the 3rd quarter of 2009 was the best quarter of the year.

EBITDA margin reached 14.2% on this period. Although the cost reduction of the production of pulp ton, the decrease of 31% on the BEKP eucalypt pulp sale price between the 3Q08 and the 3Q09 pulled the margin down and made it inferior to the margin on the equivalent period of 2008.

Earnings before interest and taxes (EBIT) amounted to, approximately, 5.3 million Euro. Depreciation and amortizations totalize 6.2 million Euro on this 3rd quarter.

Profit after tax from continuing operations, after minority interests, amounted to about 27 thousand Euro.

CAPEX and Net Debt

Total investment (CAPEX) reached 21.3 million Euro during the 3rd quarter of 2009. The main responsible for the investment made was Celbi with, approximately, 19.1 million Euro. During the first 9 months of 2009, accumulated CAPEX reached 81 million Euro.

Altri's nominal net debt as of September 30, 2009 was 808.6 million Euro. It is worth noticing that the nominal net debt amounted to 814.9 million Euro by the end of the first half of 2009.

It should be highlighted that all the financing needs are totally assured and as of September 30, 2009 Altri has 88.8 million Euro in cash and equivalents and, approximately, 82.6 million Euro of financing plafond not in use.

Main financial indicators – 9 months

	9M 09	9M 08	∆ %
Operating income	222.320	227.951	-2.5%
Cost of sales	89.917	75.606	18.9%
External supplies and services	79.877	64.884	23.1%
Payroll Expenses	24.348	24.262	0.4%
Provisions and impairment losses	1.150	0.696	65.2%
Other expenses	1.750	5.801	-69.8%
Total expenses (a)	197.042	171.249	15.1%
EBITDA (b)	25.278	56.702	-55.4%
Margin	11.4%	24.9%	-13,5 bp
Amortization and depreciation	21.653	21.745	-0.4%
EBIT (c)	3.625	34.957	-89.6%
Margin	1.6%	15.3%	-13.7 bp
Profits related with assets classified as held for sale	0.000	-0.252	-
Gains and losses in associated companies	-0.529	-0.774	31.7%
Gains and losses in other investments	0.130	-0.313	141.4%
Financial expenses	-23.083	-33.195	30.5%
Financial income	3.819	6.997	-45.4%
Financial profit	-19.664	-27.537	-28.6%
Profit before income tax	-16.039	7.420	ss
Income tax	2.880	-0.201	ss
Minority interests	-0.035	0.086	ss
Profit after income tax	-13.124	7.133	ss
Profit for the period from discontinued operations	1.102	3.963	-72.2%
Consolidated net profit	-12.021	11.096	ss

(amounts in thousand Euros)

(a) Operating costs excluding amortization, Financial profit and Income tax

(b) EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization

(c) EBIT = Earnings before Interest and Taxes

Cumulatively, total income amounted to 222.3 million Euro on 2009's first 9 months, which represents a decrease of 2.5% comparing to the same period of 2008. EBITDA reached, approximately, 25.3 million Euro (-55%) and EBIT reached 3.6 million Euro. Consolidated net loss was -12 million Euro.

3Q 2009 Financial Information

Pulp market

The eucalypt pulp market noted a recovery during the 3rd quarter of 2009, when the market price reached 385 EUR/ton, which represents a growth of 7% comparing to the 2nd quarter of 2009 (360 EUR/ton). However, considering the 3rd quarter of 2008 (554 EUR/ton), the price has dropped about 31%.

BEKP pulp average price per period (€) Source FOEX

1Q09	2Q09	3Q09	3Q08	var % 3Q/2Q	var % 3Q/3Q
409.2	360.3	385.2	554.2	+7%	-31%

Over 2009, there have been three factors to stress related to the pulp market: (1) on one hand, the demand is rising again and (2), on the other hand, the international pulp market price hit its lowest point on April 2009, date since which it has been constantly increasing, and (3) there has been a general decrease on general supply, due to layouts and plants shut-downs.

These facts have contributed to a pulp disposable stock reduction on European ports that has reached its historical minimum point on October 2009, with approximately 746 thousand tonnes. Starting on May 2009, there were announced 6 consecutive price increases that made the BEKP pulp market price rise from 480 USD/ton on April 2009 to 700 USD/ton on November 2009, which represents a growth of 46%. The depreciation of the USD, however, switches this growth to 34% when converted to Euro.

On the other hand, many international projects of capacity expansion and new units that were in pipeline were cancelled or postponed.

The current market environment, according to the available indicators, points out to an unmistakable growth of demand, especially in Asia – however there have been months of growth in Europe -, and a limited global pulp production capacity.

3Q 2009 Financial Information

Evolution of BEKP pulp price since 2002 to date (€)

Source FOEX

Source EUROPULP

Accordingly with PIX, BEKP pulp market price as of September 30, 2009 amounted to 599 USD/ton, which corresponds to 408 EUR/ton. The average price was about 526 USD/ton, which corresponded to an average BEKP pulp price of 385 EUR/ton.

Porto, 25th November 2009

CONSOLIDATED BALANCE SHEETS AS OF 30 SEPTEMBER 2009 AND 31 DECEMBER 2008

(Translation of financial statements originally issued in Portuguese – Note 19) (Amounts expressed in Euro)

ASSETS	Notes	30.09.2009	31.12.2008
NON CURRENT ASSETS:
Biological assets		78.250.994	75.879.431
Tangible assets		532.483.032	473.140.189
Goodwill		269.444.954	269.323.108
Intangible assets		471.497	538.237
Investments in associated companies	4.2	22.100.859	17.909.611
Investments available for sale	4.3	769.340	780.330
Other non current assets		748.711	397.414
Deferred tax assets	6	15.223.587	10.983.234
Total non current assets		919.492.974	848.951.554
CURRENT ASSETS:
Inventories		37.844.596	57.613.288
Customers		70.857.312	57.819.150
Other debtors		9.482.472	14.749.641
State and other public entities		16.092.838	24.418.762
Other current assets		8.227.486	10.127.859
Derivatives	11	1.444.950	12.546.735
Investments recorded at fair value through profit and loss	4.4	898.210	747.450
Cash and cash equivalents		88.836.040	74.300.279
Assets classified as held for sale or in discontinuation	4.5	3.210.858	13.576.029
Total current assets		236.894.762	265.899.193
Total assets		1.156.387.736	1.114.850.747
SHAREHOLDERS' FUNDS AND LIABILITIES		30.09.2009	31.12.2008
SHAREHOLDERS' FUNDS:
Share capital	7	25.641.459	25.641.459
Legal reserve		2.862.981	1.630.523
Other reserves		46.032.457	54.156.623
Consolidated net profit		(12.021.121)	4.668.149
Total shareholders' funds attributable to the parent company's shareholders		62.515.776	86.096.754
Minority interests	8	108.215	283.991
Total Shareholders' funds		62.623.991	86.380.745
LIABILITIES:
NON CURRENT LIABILITIES:
Bank loans	9	149.938.977	150.015.292
Other loans	9	612.380.650	521.270.017
Other non current creditors		350.423	491.190
Other non current liabilities		1.694.828	1.513.306
Deferred tax liabilities	6	954.341	3.914.691
Provisions	10	2.286.201	5.107.335
Total non current liabilities		767.605.420	682.311.831
CURRENT LIABILITIES:
Bank loans	9	61.411.384	51.886.464
Other loans - short term	9	109.025.598	110.996.123
Suppliers		58.719.798	58.901.992
Other current creditors		51.075.144	70.905.701
State and other public entities		1.736.076	3.062.921
Other current liabilities		31.685.721	38.487.310
Derivatives	11	12.103.210	6.059.446
Liabilities associated with assets classified as held for sale or in discontinuation	4.5	401.394	5.858.214
Total current liabilities		326.158.325	346.158.171
Total shareholders' funds and liabilities		1.156.387.736	1.114.850.747

The accompanying notes form an integral part of the consolidated financial statements.

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS BY NATURE FOR THE NINE AND THREE MONTHS PERIODS ENDED 30 SEPTEMBER 2009 AND 2008

(Translation of financial statements originally issued in Portuguese - Note 19) (Amounts expressed in Euro)

			NINE MONTHS PERIOD ENDED		QUARTER ENDED
		Notes	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Continuing operations
Sales			190.098.684	204.276.331	75.640.235	65.551.699
Services rendered			2.140.469	1.272.350	492.032	486.555
Other income		14	30.080.527	22.402.108	4.690.589	8.516.570
Cost of sales			(89.916.801)	(75.606.178)	(32.387.952)	(25.542.912)
External supplies and services			(79.877.370)	(64.884.352)	(28.254.520)	(21.441.509)
Payroll expenses			(24.347.881)	(24.261.581)	(7.933.879)	(8.131.928)
Amortisation and depreciation			(21.652.617)	(21.745.485)	(6.173.345)	(7.275.234)
Provisions and impairment losses		10	(1.150.000)	(695.941)	(100.000)	(39.325)
Other expenses			(1.749.880)	(5.800.664)	(655.319)	(1.944.978)
Profits related with assets classified as held for sale			-	(251.693)	-	-
Gains and losses in associated companies		12	(528.754)	(773.697)	98.834	(380.473)
Gains and losses in other investments		12	129.761	(313.135)	83.877	(164.726)
Financial expenses		12	(23.083.219)	(33.194.745)	(7.125.799)	(11.293.528)
Financial income		12	3.818.573	6.996.766	1.093.433	2.218.395
	Profit before income tax		(16.038.508)	7.420.084	(531.814)	558.606
Income tax			2.880.138	(200.625)	555.651	1.195.378
	Profit after income tax		(13.158.370)	7.219.459	23.837	1.753.984
Attributable to:
Parent company's shareholders			(13.123.525)	7.132.996	26.642	1.761.152
Minority interests		8	(34.845)	86.463	(2.805)	(7.168)
Discontinued operations
Profit for the period from discontinued operations		4.5	1.102.404	3.963.315	25.636	454.384
Attributable to:
Parent company's shareholders			1.102.404	3.963.315	25.636	454.384
Minority interests			-	-	-	-
Consolidated net profit			(12.055.966)	11.182.774	49.473	2.208.368
Attributable to:
Parent company's shareholders			(12.021.121)	11.096.311	52.278	2.215.536
Minority interests		8	(34.845)	86.463	(2.805)	(7.168)
			(12.055.966)	11.182.774	49.473	2.208.368
Earnings per share
Continuing operations
Basic		13	(0,128)	0,070	0,000	0,017
Diluted		13	(0,128)	0,070	0,000	0,017
Continuing and discontinued operations
Basic		13	(0,117)	0,108	0,001	0,022
Diluted		13	(0,117)	0,108	0,001	0,022

ALTRI, S.G.P.S., S.A.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE AND THREE MONTHS PERIODS ENDED 30 SEPTEMBER 2009 AND 2008

(Translation of financial statements originally issued in Portuguese - Note 19) (Amounts expressed in Euro)

		NINE MONTHS PERIOD ENDED		QUARTER ENDED
	Notes	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Consolidated net profit		(12.055.966)	11.182.774	49.473	2.208.368
Conversion reserves		-	(195.568)	-	-
Hedging reserves	11	(11.546.449)	1.252.606	(4.258.055)	(2.293.632)
Other comprehensive income		(11.546.449)	1.057.038	(4.258.055)	(2.293.632)
Total comprehensive income for the period		(23.602.415)	12.239.812	(4.208.582)	(85.264)
Attributable to: Parent company's shareholders		(23.567.570)	12.153.349	(4.205.777)	(78.096)
Minority interests	8	(34.845)	86.463	(2.805)	(7.168)

The accompanying notes form an integral part of the consolidated financial statements.

ALTRI, S.G.P.S., S.A.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2009 AND 2008

(Translation of financial statements originally issued in Portuguese – Note 19) (Amounts expressed in Euro)

		Attributable to the parent company's shareholders
	Notes	Share capital	Legal reserve		Other reserves		Net profit	Total	Minority interests	Total shareholders' funds
				Hedging reserves	Conversion reserves	Other
Balance as of 1 January 2008		25.641.459	1.527.560	(931.402)	(373.328)	56.943.872	35.193.702	118.001.863	274.494	118.276.357
Appropriation of the consolidated net profit of 2007:
Transfer to legal reserves and retained earnings		-	102.963	-	-	29.962.448	(30.065.411)	-	-	-
Distributed dividends		-	-	-	-	-	(5.128.291)	(5.128.291)	-	(5.128.291)
Demerger of F. Ramada - Aços e Indústrias, S.A.		-	-	-	568.896	(40.043.529)	-	(39.474.633)	-	(39.474.633)
Change in reserves:
Conversion reserves		-	-	-	(195.568)	-	-	(195.568)	-	(195.568)
Hedging reserves		-	-	1.252.606	-	-	-	1.252.606	-	1.252.606
Others		-	-	-	-	(362)	-	(362)	-	(362)
Acquisition of share capital of Sosapel - Soc. Comercial de Sacos de Papel, Lda.		-	-	-	-	-	-	-	(28.877)	(28.877)
Net consolidated profit for the period
ended 30 September 2008		-	-	-	-	-	11.096.311	11.096.311	86.463	11.182.774
Balance as of 30 September 2008		25.641.459	1.630.523	321.204	-	46.862.429	11.096.311	85.551.926	332.080	85.884.006
Balance as of 1 January 2009	7	25.641.459	1.630.523	7.294.181	-	46.862.442	4.668.149	86.096.754	283.991	86.380.745
Appropriation of the consolidated net profit of 2008:
Transfer to legal reserves and retained earnings	17	-	1.232.458	-	-	3.435.691	(4.668.149)	-	-	-
Change in reserves:
Hedging reserves	11	-	-	(11.546.449)	-	-	-	(11.546.449)	-	(11.546.449)
Others		-	-	-	-	(13.408)	-	(13.408)	-	(13.408)
Acquisition of additional share capital of Celtejo - Empresa de Celulose do Tejo, S.A.		-	-	-	-	-	-	-	(140.931)	(140.931)
Net consolidated profit for the period
ended 30 September 2009		-	-	-	-	-	(12.021.121)	(12.021.121)	(34.845)	(12.055.966)
Balance as of 30 September 2009		25.641.459	2.862.981	(4.252.268)	-	50.284.725	(12.021.121)	62.515.776	108.215	62.623.991

The accompanying notes form an integral part of the consolidated financial statements.

CONDENSED CONSOLIDATED CASH-FLOW STATEMENTS FOR THE NINE AND THREE MONTHS PERIODS ENDED 30 SEPTEMBER 2009 AND 2008

(Translation of financial statements originally issued in Portuguese - Note 19) (Amounts expressed in Euro)

		NINE MONTHS PERIOD ENDED		QUARTER ENDED
	Notes	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Operating activities:
Cash flow from operating activities (1)		46.766.339	54.497.862	22.899.699	14.290.873
Investment activities:
Collections relating to:
Investments		-	21.657.703	-	-
Tangible assets		1.716.765	1.906.065	426.337	170.732
Interest and similar income		4.948.097	4.896.735	1.375.304	1.105.501
Investment subsidies		2.951.044	83.849	1.111.356	40.158
Payments relating to:
Investments	1	(5.040.021)	(6.225.979)	(78.202)	(1.687.979)
Intangible assets		(47.671)	(113.906)	-	(57.469)
Tangible assets		(89.631.921)	(180.995.960)	(12.307.994)	(90.186.239)
Biological assets		(9.970.979)	(10.588.861)	(2.927.389)	(6.131.576)
Cash flow from investment activities (2)		(95.074.686)	(169.380.354)	(12.400.588)	(96.746.872)
Financing activities:
Collections relating to:
Loans obtained		145.145.863	235.690.794	11.792.245	56.552.309
Loans granted		-	21.640.843	-	-
Payments relating to:
Lease contracts		(39.703)	(225.289)	(9.037)	(65.813)
Interest and similar costs		(37.577.554)	(41.538.814)	(14.177.960)	(16.670.882)
Dividends		-	(5.128.291)	-	-
Loans obtained		(45.412.464)	(112.797.405)	(20.423.836)	(15.830.000)
Cash flow from financing activities (3)		62.116.142	97.641.838	(22.818.588)	23.985.614
Cash and cash equivalents at the beginning of the period		73.023.397	125.514.513	99.150.669	127.075.768
Effect of change in consolidation perimeter		-	(39.668.476)	-	-
Variation of cash and cash equivalents: (1)+(2)+(3)		13.807.795	(17.240.654)	(12.319.477)	(58.470.385)
Cash and cash equivalents at the end of the period	2	86.831.192	68.605.383	86.831.192	68.605.383

ALTRI, S.G.P.S., S.A.

NOTES TO THE CONSOLIDATED STATEMENT OF CASH-FLOWS FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2009

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

1. PAYMENTS/COLLECTIONS RELATING TO INVESTMENTS

During the period ended 30 September 2009 the payments relating to investments were as follows:

	Transaction amount	Amount paid/collected
Acquisitions
EDP – Produção Bioeléctrica, S.A. (a)	4,720,000	4,720,000
Socasca – Recolha e Comércio de Recicláveis, S.A. (b)	5,197,126	228,202
Celtejo – Empresa de Celulose do Tejo, S.A. (c)	91,819	91,819
	--------------	--------------
	10,089,945	5,040,021
	========	========

(a) – Increase of loans granted;

(b) – It was paid until 31 December 2008 the amount of 4,808,924 Euro;

(c) – Acquisition of an additional part representing 0.229% of the share capital.

2. BREAKDOWN OF CASH AND ITS EQUIVALENTS

Cash and its equivalents presented in the condensed consolidated statement of cash flows for the period and the reconciliation between that amount and the amounts shown in the balance sheet, are as follows:

	30.09.2009	30.09.2008
Cash	23,307	19,844
Banks	88,812,733	71,042,912
	88,836,040	71,062,756
Bank overdrafts	(2,004,848)	(2,457,373)
Cash and cash equivalents	86,831,192	68,605,383

(Translation of notes originally issued in Portuguese – Note 19) (Amounts expressed in Euro)

1. INTRODUCTORY NOTE

Altri, SGPS, S.A. ("Altri" or "Company") was incorporated as of 1 March 2005, has its head-office located at Rua General Norton de Matos, 68, r/c – Porto, Portugal and its shares are listed in the Lisbon Euronext Stock Exchange. Its main activity is the management of investments.

Altri was incorporated as a result of the reorganization process of Cofina, SGPS, S.A. through the demerger of the investment previously held by this group in Celulose do Caima, SGPS, S.A. (representing 97.23% of this company's share capital), under a simple demerger operation predicted in item 1.a), article 118 of the Commercial Companies Code ("Código das Sociedades Comerciais"). The relevant date for the production of juridical and accounting effects of this operation was 1 March 2005.

In the year ended at 31 December 2008, it was materialized a business reorganization, which involved the demerger process of the equity share held at F. Ramada - Aços e Indústrias, S.A., representative of the voting rights of the mentioned company. The restructuring involved a simple demerger operation predicted on item 1.a), article 118, of the Commercial Companies Code ("Código das Sociedades Comerciais"), for the constitution of a new company – F. Ramada – Investimentos, SGPS, S.A. ("Ramada Investimentos"). Due to this process, the company's patrimonial share related to the equity holdings management business unit for the sector of steel and storage systems was demerged to Ramada Investimentos, including all other resources (such as human resources, assets and liabilities) related to those companies activities.

Demerger public deed was signed at 16 April 2008 and the relevant date for the production of effects of this operation was 1 June 2008.

Altri is the parent company of a group of companies listed in Note 4 known as Altri Group, and its main activity is the management of investments mainly in the industrial sector. The Group focus its operations in the production of pulp and paper through the Celbi, Celtejo and Caima Groups.

With the demerging operation of F. Ramada Group, the current activity of Altri Group focuses on the production of bleached paper pulp of eucalyptus through three production units (Celbi in Figueira da Foz, Caima in Constância do Ribatejo and Celtejo in Vila Velha de Ródão).

Due to this new reality of Altri Group, the Board of Directors believe that there is only one business segment (production and commercialization of bleached paper pulp from eucalyptus) for which the segmental information mentioned in Note 15 is limited by this.

The financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.

It was adopted for the first time the IAS 1 – Presentation of financial statements reviewed version (effective in periods beginning on or after 1 January 2009). This adoption led to a change of some disclosures without impact in Altri financial position and profit.

2. BASIS OF PRESENTATION AND MAIN ACCOUNTING POLICIES

The financial statements as of 30 September 2009 were prepared using accounting policies consistent with the International Financial Reporting Standards and in accordance with the International Accounting Standard 34 – Interim Financial Reporting and includes balance sheet, statements of profit and loss by nature, statement of comprehensive income, statement of changes in shareholders' funds and statement of cash flows as well as selected explanatory notes.

The accounting policies used in the preparation of the consolidated financial statements of Altri are consistent with those used in the year ended 31 December 2008, except for the IAS 1 reviewed version first time application above mentioned.

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

3. CHANGES IN ACCOUNTING POLICIES AND CORRECTION OF MISTAKES

During the period there were no changes in accounting policies and were identified no material mistakes related to previous periods.

4. INVESTMENTS

4.1 INVESTMENTS IN GROUP COMPANIES

The companies included in the consolidated financial statements by the full consolidation method, their headquarters, percentage participation held and activity developed as of 30 September 2009 and 31 December 2008 are as follows:

Company	Head Office	Percentage Held		Activity
		2009	2008
Parent-Company: Altri, SGPS, S.A.	Oporto			Investment management
Caima / Celtejo / Celbi Group
Celulose do Caima, SGPS, S.A.	Lisbon	100%	100%	Investment management
Caima Indústria de Celulose, S.A.	Lisbon	100%	100%	Production and commercialisation of pulp
Silvicaima – Sociedade Silvícola do Caima, S.A.	Lisbon	100%	100%	Sylvan exploration
Caima Energia – Empresa de Gestão e Exploração de Energia, S.A.	Lisbon	100%	100%	Production of energy
Invescaima – Investimentos e Participações, SGPS, S.A.	Lisbon	100%	100%	Investment management
Inflora – Sociedade de Investimentos Florestais, S.A.	Lisbon	100%	100%	Sylvan exploration
Sócasca – Recolha e Comércio de Recicláveis, S.A.	Águeda	100%	100%	Commercialisation of recycled products
Celtejo – Empresa de Celulose do Tejo, S.A.	Vila Velha de Ródão	99.82%	99.59%	Production and commercialisation of pulp
CPK – Companhia Produtora de Papel Kraftsack, S.A. (b)	Vila Velha de Ródão	99.82%	99.59%	Production and commercialisation of paper
Altri - Energias Renováveis, SGPS, S.A.	Lisbon	99.82%	99.59%	Investment management
Sosapel – Sociedade Comercial de Sacos de Papel, Lda.	Vila Velha de Ródão	99.82%	99.59%	Commercialisation of pulp
Celbi – Celulose da Beira Industrial, S.A.	Figueira da Foz	100%	100%	Production and commercialisation of pulp
Celbinave – Tráfego e Estiva SGPS, Unipessoal, Lda.	Figueira da Foz	100%	100%	Freightage of ships
Viveiros do Furadouro Unipessoal, Lda.	Óbidos	100%	100%	Production of plants in nurseries and services related with forests and landscapes
Altri, Participaciones Y Trading, S.L.	Madrid, Spain	100%	100%	Investment management
Altri Sales, S.A.	Nyon, Switzerland	100%	100%	Commercialisation of pulp
Pedro Frutícola, Sociedade Frutícola, Lda.	Constância	100%	100%	Agriculture production
Captaraíz Unipessoal, Lda.	Lisbon	100%	100%	Property bying and selling
Ramada Group
F. Ramada – Aços e Indústrias, S.A.	Ovar	-	(a)	Steel commercialisation
F. Ramada – Produção e Comercialização de Estruturas Metálicas de Armazenagem, S.A.	Ovar	-	(a)	Production and commercialisation of storage systems
F. Ramada II, Imobiliária, S.A.	Ovar	-	(a)	Real Estate
F. Ramada, Serviços de Gestão, Lda.	Ovar	-	(a)	Administration and management services
Universal Afir - Aços, Máquinas e Ferramentas, S.A.	Oporto	-	(a)	Steel commercialisation
BPS – Equipements, S.A.	Paris, France	-	(a)	Commercialisation of storage systems
Storax Racking Systems, Ltd.	Bromsgrove, United Kingdom	-	(a)	Commercialisation of storage systems
Storax Benelux, S.A.	Belgium	-	(a)	Commercialisation of storage systems

(a) – company demerged in 2008 (Note 5);

(b) – company whose assets and liabilities were classified in 2008 as "in discontinuation" (Note 4.5).

The above companies were included in the consolidated financial statements in accordance with the full consolidation method.

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

4.2 INVESTMENTS IN ASSOCIATED COMPANIES

The associated companies, included in the consolidated financial statements in accordance with the equity method, the percentage participation held and the activity developed as of 30 September 2009 and 31 December 2008, can be detailed as follows:

Company		Percentage held	Activity
	2009	2008
EDP – Produção Bioeléctrica, S.A.	50%	50%	Energy production and trading
Operfoz – Operadores do Porto da Figueira da Foz, Lda.	33.33%	33.33%	Harbor operations
Ródão Power - Energia e Biomassa do Ródão, S.A. (a)	50%	50%	Energy production and trading

(a) – company sold to the associated company EDP – Produção Bioeléctrica, S.A. during 2008

The book value, share capital and net profit for the period ended on 30 September 2009 for these associated companies were as follows:

Company	Book Value (a)	Assets	Equity	Net Profit
EDP – Produção Bioeléctrica, S.A.	21,799,090	154,212,504	4,166,410	(823,873)
Operfoz – Operadores do Porto da Figueira da Foz, Lda.	301,769	3,745,729	905,299	170,016
Ródão Pow er - Energia e Biomassa do Ródão, S.A.	22,100,859	21,522,796	(307,337)	(346,978)

(a) – including loans granted.

4.3 INVESTIMENTS AVAILABLE FOR SALE

The caption "Investments available for sale" as of 30 September 2009 and 31 December 2008 can be detailed as follows:

	Book value
	2009	2008
Buildings	726,532	737,522
Others	42,808	42,808
	769,340	780,330

4.4 INVESTMENTS RECORDED AT FAIR VALUE TROUGH PROFIT AND LOSSES

The amount included in the caption "Investments recorded at fair value through profit and loss" as of 30 September 2009 refers to shares of companies listed in stock exchange markets and are recorded in accordance with its market value as of that date (Note 12).

4.5 ASSETS CLASSIFIED AS HELD FOR SALE OR IN DISCONTINUATION

In the end of December 2008 the industrial paper unit of CPK - Companhia Produtora de Papel Kraftsack, S.A, was closed so its assets and liabilities were classified as in discontinuation (net from intragroup operations).

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

The detail of assets and liabilities from CPK in discontinuation as of 30 September 2009 and 31 December 2008 are as follow:

	30.09.2009	31.12.2008
Tangible assets	-	2,516,063
Intangible assets	-	3,194
Inventories	337,648	5,827,543
Customers	781,773	4,419,345
Other debtors	512,940	806,842
Other current assets	1,578,497	1,542
Cash and cahs equivalents	-	1,500
Assets classified as in discontinuation	3,210,858	13,576,029
Provisions	(49,500)	(3,400,000)
Suppliers	108,528	(1,728,199)
Other payables	(242,741)	(101,799)
Other current liabilities	(625)	(628,216)
Liabilities associated with assets classified as in discontinuation	(401,394)	(5,858,214)
Assets net from liabilities in discontinuation	2,809,464	7,717,815

During the period ended 30 September 2009 the net loss of CPK – Companhia Produtora de Papel Kraftsack, S.A. (net from intragroup operations) amounted to 1,102,404 Euro, which is presented in the Income Statement caption "Profit for the period from discontinued operations".

5. CHANGES IN THE GROUP COMPANIES

At 16 April 2008 was signed the F. Ramada – Aços e Indústrias, S.A. demerger public deed. Under the terms of the project, the planned reorganization implies the split of Altri's two business units that manage equity holdings in the pulp and paper sector and in the steel and storage systems sector.

The demerger process originated the constitution of a new company, F. Ramada – Investimentos, SGPS, S.A. ("Ramada Investimentos") and the relevant date for the production of effects of this operation was 1 June 2008, the date when F. Ramada – Aços e Indústrias, S.A. ("F. Ramada - Aços") and its subsidiaries were no longer included in the consolidated financial statements of Altri, SGPS, S.A. As a consequence of the demerger process, F. Ramada – Aços and its subsidiaries contributes during five months to the consolidated income statement of Altri, SGPS, S.A., have been classified as Discontinued Operations, according to IFRS 5 – Non Current Assets Held For Sale and Discontinued Operations.

The impacts of the Ramada – Aços and its subsidiaries' net assets demerger process on the consolidated balance sheet on the 1st of June 2008 (Demerger date) were as follows:

	Demerger date
Tangible and intangible assets	84,899,532
Goodwill	2,199,238
Deferred tax assets	2,681,528
Inventories (b)	42,408,422
Derivatives	626,696
Cash and cash equivalents	39,668,476
Other assets (a)	94,587,310
Loans	(110,070,311)
Provisions	(137,084)
Deferred tax liabilities	(401,714)
Other liabilities	(116,987,460)
Total demerged	39,474,633

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

(a) – The amount of the caption "Other assets" is net of impairment losses in investments of 85,886 Euro and impairment losses in other current assets of 17,071,176 Euro.

(b) – The net amount of the caption "Inventories" corresponds to a gross amount of 42,781,708 Euro and to impairment losses in inventories of 373,286 Euro.

The impacts of the demerger process on the consolidated income statement were as follows:

	Demerger date
Sales and services rendered	49,278,067
Other operating income	521,685
Cost of sales	(26,972,174)
Other operating expenses	(19,489,828)
Financial loss	(1,556,007)
Income before tax	1,781,743
Income tax	(470,208)
Net profit	1,311,535

Additionally, during the period ended in 30 September 2009 the Group acquired an additional percentage of 0.229% of Celtejo Group share capital for 91,819 Euro which was fully payed.

6. CURRENT AND DEFERRED INCOME TAXES

In accordance with current legislation, tax returns are subject to review and correction by the tax authorities during a four-year period (five years for Social Security), except when there has been tax losses, there have been granted tax benefits, or tax inspections or claims are in progress, in which cases the periods may be extended or suspended. Therefore, the tax returns of Altri and its subsidiary and associated companies for the years 2005 to 30 September 2009 are still subject to review.

The Board of Directors of Altri believes that any potential corrections resulting from reviews/inspections of these tax returns by the tax authorities will not have a significant effect on the consolidated financial statements as of 30 September 2009.

The movement occurred in deferred tax assets and liabilities in the period ended in 30 September 2009 were as follows:

	2009
	Deferred tax assets Deferred tax liabilities
Opening balance as of 1 January 2009	10,983,234	3,914,691
Effect on the profit and loss statement:
Tax losses carried forward	4,614,001	-
Other effects	(1,594,680)	(18,377)
Effect on shareholders' funds:
Fair values of derivatives (Note 11)	1,221,032	(2,941,973)
Closing balance as of 30 June 2009	15,223,587	954,341

ALTRI, S.G.P.S., S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF 30 SEPTEMBER 2009

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

		2008
	Deferred tax assets	Deferred tax liabilities
Opening balance as of 1 January 2008	11,925,730	1,884,051
Effect on the profit and loss statement:
Harmonization of depreciation rates	1,006,041	-
Other effects	282,254	(103,732)
Effect on shareholders' funds:
Fair values of derivatives (Note 11)	(454,250)	(2,630)
Demerger (Note 5)	(2,681,528)	(401,714)
Closing balance as of 30 September 2008	(10,078,247)	1,375,975

7. SHARE CAPITAL

As of 30 September 2009 the Company's fully subscribed and paid up capital consisted of 102,565,836 shares with a nominal value of 25 cents of Euro each.

As of 30 September 2009 there were no entities holding more than 20% of the subscribed share capital.

8. MINORITY INTERESTS

The movements occurred under this caption during the periods ended 30 September 2009 and 2008 were as follows:

	30.09.2009	30.09.2008
Opening balance	283,991	274,494
Acquisition of 20% of Sosapel - Sociedade Comercial de Sacos de Papel, Lda.	-	(28,877)
Acquisition of 0.23% of Celtejo - Empresa de Celulose do Tejo, S.A. (Note 5)	(140,931)	-
Net profit attributable to minority interests	(34,845)	86,463
Closing balance	108,215	332,080

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

9. BANK LOANS AND OTHER LOANS

As of 30 September 2009 and 31 December 2008 the captions "Bank loans" and "Other loans" can be detailed as follows:

	30-09-2009
		Nominal Value		Book Value
	Current	Non current	Total	Current	Non current	Total
Bank loans	59,600,846	150,583,942	210,184,788	59,406,536	149,938,977	209,345,513
Bank overdrafts	2,004,848	-	2,004,848	2,004,848	-	2,004,848
Bank loans	61,605,694	150,583,942	212,189,636	61,411,384	149,938,977	211,350,361
Commercial paper	85,000,000	180,000,000	265,000,000	84,843,864	179,626,185	264,470,049
Bonds	20,500,000	375,000,000	395,500,000	20,312,771	368,608,048	388,920,819
Other loans	3,868,963	64,146,417	68,015,380	3,868,963	64,146,417	68,015,380
Other loans	109,368,963	619,146,417	728,515,380	109,025,598	612,380,650	721,406,248
	170,974,657	769,730,359	940,705,016	170,436,982	762,319,627	932,756,609
			31-12-2008
		Nominal Value		Book Value
	Current	Non current	Total	Current	Non current	Total
Bank loans	50,887,167	150,785,809	201,672,976	50,609,582	150,015,292	200,624,874
Bank overdrafts	1,276,882	-	1,276,882	1,276,882	-	1,276,882
Bank loans	52,164,049	150,785,809	202,949,858	51,886,464	150,015,292	201,901,756
Commercial paper	85,000,000	115,000,000	200,000,000	84,974,531	114,578,800	199,553,331
Bonds	21,500,000	375,000,000	396,500,000	21,236,178	367,814,561	389,050,739

In the period ended 30 September 2009 Celbi – Celulose da Beira Industrial, S.A. issued an additional commercial paper program, not yet used, amounting to 65,000,000 Euro.

Other loans 4,785,414 38,876,656 43,662,070 4,785,414 38,876,656 43,662,070 Other loans 111,285,414 528,876,656 640,162,070 110,996,123 521,270,017 632,266,140

163,449,463 679,662,465 843,111,928 162,882,587 671,285,309 834,167,896

As of 30 September 2009, there are bank overdrafts in use amounting, approximately, 47,300,000 Euro (approximately 32,900,000 Euro as of 31 December 2008), classified in the caption "Bank Loans".

Additionally, in the period ended 30 September 2009 the Company received additional amounts of repayable grants related with Celbi's production capacity expansion and Celtejo's pulp bleaching project, in the total amount of, approximately, 31,000,000 Euro, which is recorded under the caption "Other loans".

The expenses incurred with the issuance of loans are deducted to its nominal value and deferred and recognized as interest expenses during the period of the loan (Note 12).

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

10. ACCUMULATED PROVISIONS AND IMPAIRMENT LOSSES

The movements occurred in provisions and impairment losses during the periods ended 30 September 2009 and 2008 can be detailed as follows:

		Impairment losses in
	Provisions	current assets
Opening balance	5.107.335	9.444.693	14.552.028
Increases	1.100.000	50.000	1.150.000
Decreases and utilizations	(3.921.134)	(3.059.158)	(6.980.292)
Closing balance	2.286.201	6.435.535	8.721.736

	Provisions	Impairment losses in current assets (a)	Impairment losses in investements	Total
Opening Balance (a)	4.817.457	24.764.407	110.882	29.692.746
Increase in demerged activities until demerge date	72.547	618.833	-	691.380
Changes in the group - demerger (Note 5)	(137.084)	(17.444.462)	(85.886)	(17.667.432)
Changes in the group (Note 4.5)	(412.916)	(425.000)	-	(837.916)
Increases	661.380	34.561	-	695.941
Utilizations	(519.428)	(403.680)	(24.996)	(948.104)
Closing balance	4.481.956	7.144.659	-	11.626.615

(a) - Including 1,104,512 Euro relating to impairment losses on accounts receivable recorded as non current assets.

11. DERIVATIVES FINANCIAL INSTRUMENTS

As of 30 September 2009 Altri Group companies held derivative financial instruments to cover the variations in pulp paper prices, in interest and exchange rates, which were recorded at fair value.

Altri Group companies only use derivatives to hedge future cash flows that results from its activity.

The detail of the financial instruments fair value as of 30 September 2009 and 2008 and their movement during the periods then ended are as follows:

	Pulp price hedging derivatives	Interest rates derivatives	Exchange rates derivatives	Total
Closing balance as of 31 December 2008	12,546,735	(6,059,446)	-	6,487,289
Fair value variation/cessation
Equity effects Net profit effects	(12,579,632) -	(3,065,745) (1,436,095)	(64,077) -	(15,709,454) (1,436,095)
Closing balance as of 30 September 2009	(32,897)	(10,561,286)	(64,077)	(10,658,260)
	Pulp price hedging derivatives	Interest rates derivatives	Total
Closing balance as of 31 December 2007	(4,183,446)	3,748,671	(434,775)
Demerger (Note 5)	-	(626,696)	(626,696)
Fair value variation Equity effects Net profit effects	1,714,151 -	(9,925) (134,657)	1,704,226 (134,657)
Closing balance as of 30 September 2008	(2,469,295)	2,977,393	508,098

12. NET FINANCIAL PROFIT

Net financial profit for the periods ended 30 September 2009 and 2008 can be detailed as follows:

	30-09-2009	30-09-2008
Gains and losses in associated companies
Gains in associated companies	56.672	18.768
Losses in associated companies	(585.426)	(792.465)
	(528.754)	(773.697)
Gains and losses in other investments
Losses obtained with treasury applications (Note 4.4)	-	(313.135)
Gains obtained with treasury applications (Note 4.4)	129.761	-
	129.761	(313.135)
Financial expenses
Interests	17.314.343	30.162.890
Other financial expenses	5.768.876	3.031.855
	23.083.219	33.194.745
Financial income
Interests	2.700.874	5.406.984
Exchange gains	713.895	719.545
Other financial income	403.804	870.237
	3.818.573	6.996.766

The caption "Other financial expenses" includes, mainly, expenses with the loans settlement, which are recognized in the Statement of Profit and Losses trough the period of life of those loans (Note 9).

The caption "Gains and losses in associated companies" correspond, mainly, to the appropriation of the Group quote of the results in the investments in associated companies (Note 4.2).

13. EARNINGS PER SHARE

Earnings per share for the periods ended 30 September 2009 and 2008 were computed as follows:

	30-09-2009	30-09-2008
Share number considered for the computation of basic and diluted earning	102,565,836	102,565,836
Net profit considered for the computation of basic and diluted earning for continuing operations	(13,123,525)	7,132,996
Continuing operations earnings per share Basic Diluted	(0.128) (0.128)	0.070 0.070
Net profit considered for the computation of basic and diluted earning for continuing and non-continuing activities	(12,021,121)	11,096,311
Continuing and non-continuing operations earnings per share Basic Diluted	(0.117) (0.117)	0.108 0.108

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

14. OTHER OPERATING INCOME

On 30 September 2009 the main figures included here relate to gains on disposal of fixed assets, gains on derivatives and gains related to the reduction of liabilities associated with pension funds.

15. SEGMENTAL REPORTING

On 16 April 2008 was signed the F. Ramada – Aços e Indústrias, S.A. demerger public deed. Under the terms of the project, the planned reorganization implies the split of Altri's two business units that manage equity holdings in the pulp and paper sector and in the steel and storage systems sector. This reorganization aimed a bigger focus and transparency on ALTRI's business, and giving each of the areas an opportunity to be better seen and better evaluated by the market.

Furthermore, in the end of 2008 ALTRI decided to shut down its Kraft paper industry unit. This decision was based on the declining Kraft paper business perspectives and on the poor contribute that this unit was giving to Group Altri's EBITDA (a tendency that showed no possibility of reversion).

Therefore, the contributes of this the units mentioned above, on the income statement, was recorded as "Operational units in discontinuation" (Notes 4.5 and 5).

This decision allows Altri Group to focus its activity on its core business, production and commercialization of bleached paper pulp form eucalyptus, so the Board of Directors believe that there is only one business segment.

16. RELATED PARTIES

The participated companies of the Group realize between them and at market prices, transactions that classifies as transactions with related parties.

In the consolidation procedures the transactions between the companies included in consolidation by the full consolidation method are eliminated, once the consolidated financial statements present the owner and its subsidiaries information as one single company.

There were no loans or transactions with Altri Directors during the periods ended 30 September 2009 and 31 December 2008.

(Translation of notes originally issued in Portuguese – Note 19)

(Amounts expressed in Euro)

		Sales and services rendered		Purchases and services obtained Interest income		Interest expense
Transactions	30.09.2009	30.09.2008	30.09.2009	30.09.2008	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Parent company	-	-	-	-	-	-	317,982	345,943
Group companies (a)	42,164,530	71,226,390	39,754,155	40,436,482	6,028,557	7,782,442	4,843,200	6,256,159
Associated companies (b)	455,813	454,791	6,735,065	6,854,217	-	-	659,220	1,172,353
Other related parties (c)	4,050,000	3,172,761	181,123	27,563,243	-	-	208,155	7,987
	46,670,343	74,853,942	46,670,343	74,853,942	6,028,557	7,782,442	6,028,557	7,782,442
	Fixed assets acquisitions		Fixed assets disposals
Fixed Assets Transactions	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Parent company	-	-	-	-
Group companies (a)	-	-	-	31,721,210
Associated companies (b)	-	-	-	-
Other related parties (c)	-	31,721,210	-	-
	-	31,721,210	-	31,721,210

As of 30 September 2009 and 2008 the balances and transactions with related parties are as follow:

					Loans
		Accounts receivable		Accounts payable		Obtained		Granted
Balances	30.09.2009	30.09.2008	30.09.2009	30.09.2008	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Parent company	-	-	789,656	550,908	8,000,000	7,000,000	-	-
Group companies (a)	97,051,455	107,205,706	95,155,069	104,917,719	152,188,658	147,157,819	185,554,373	179,912,500
Associated companies (b)	10,941	11,715	1,205,912	1,650,673	22,842,905	16,507,905	-	-
Other related parties (c)	4,432,225	4,142,000	4,343,984	4,240,121	2,522,810	11,114,525	-	1,867,749
	101,494,621	111,359,421	101,494,621	111,359,421	185,554,373	181,780,249	185,554,373	181,780,249

(a) All entities consolidated by the full consolidation method as of 30 September 2009 and 2008 (Note 4.1) except from CPK – Papel Kraft, S.A. (Note 4.5);

(b) All entities consolidated by the equity method as of 30 September 2009 and 2008 (Note 4.2);

(c) Were considered as related parties CPK – Papel Kraft, S.A. (Note 4.5) and Group Ramada companies (Note 5) as of 30 September 2009 and 2008.

There are no other transactions with related parties besides the above mentioned.

Besides the companies included in consolidation (Note 4), entities considered as related parties as of 30 September 2009 can be detailed as follow:

Cofihold, S.G.P.S., S.A. F. Ramada – Investimentos, SGPS, S.A. (Note 5) Cofina, SGPS, S.A. Cofina B.V. Efe Erre Participações, S.G.P.S., S.A. Cofina Media, SGPS, S.A. Presselivre – Imprensa Livre, S.A. Edisport – Sociedade de Publicações, S.A. Edirevistas – Sociedade Editorial, S.A. Medianfin, SGPS, S.A. Metronews – Publicações S.A. Grafedisport – Impressão e Artes Gráficas, S.A. VASP – Sociedade de Transportes e Distribuições, S.A. Destak Brasil – Editora de Publicações, S.A. Destak Brasil – Empreendimentos e Participações, S.A. Mercados Globais – Publicação de Conteúdos, Lda. Transjornal – Edição de Publicações, S.A. Web Works – Desenvolvimento de Aplicações para Internet, S.A.

17. NET PROFIT APPROPRIATION

In General Meeting held on 27 May 2009 was deliberated that the 2008 net profit was applied as follow:

Legal reserve	1,232,458
Other reserves	23,416,706
	24,649,164

18. FINANCIAL STATEMENTS APPROVAL

The financial statements were approved by the Board of Directors and authorized for issuance in 24 November 2009.

19. EXPLANATION ADDED FOR TRANSLATION

These consolidated financial statements are a translation of financial statements originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards and with accordance with the International Accounting Standard 34 – Interim Financial Reporting, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

The Board of Directors

Paulo Jorge dos Santos Fernandes – President

João Manuel Matos Borges de Oliveira

Pedro Macedo Pinto de Mendonça

Domingos José Vieira de Matos

Laurentina da Silva Martins

BALANCE SHEETS AS OF 30 SEPTEMBER 2009 AND 31 DECEMBER 2008

(Amounts expressed in Euro)

	2009			2008
	Gross	Amortizations and	Net	Net
Assets	Assets	impairment losses	assets	assets
Fixed Assets:
Intangible Assets:
Research and development expenditure	54.950	39.455	15.495	28.168
Industrial property and other rights	1.320	1.242	78	157
	56.270	40.697	15.573	28.325
Tangible assets:
Administrative equipment	5.534	3.511	2.023	2.364
Investments:
Investments in group companies	60.470.641	-	60.470.641	60.470.641
Other investments	58.000.000	-	58.000.000	58.000.000
	118.470.641	-	118.470.641	118.470.641
Current assets:
Due from third parties - short term:
State and other public entities	380.116	-	380.116	333.424
Group companies	-	-	-	172.806
Other debtors	4.619	-	4.619	1.199
	384.735	-	384.735	507.429
Banks and cash:
Bank deposits	107.617		107.617	977.362
Cash	148		148	1
	107.765		107.765	977.363
Accruals and deferrals:
Accrued income	-		-	88.611
Deferred costs	156.587		156.587	25.469
	156.587		156.587	114.080
Total amortization and depreciation		44.208
Total impairment losses		-
Total assets	119.181.532	44.208	119.137.324	120.100.202

BALANCE SHEETS AS OF 30 SEPTEMBER 2009 AND 31 DECEMBER 2008

(Amounts expressed in Euro)

Equity and liabilities	2009	2008
Equity:
Share capital	25.641.459	25.641.459
Reserves:
Legal reserve	2.862.981	1.630.523
Other reserves	37.975.930	14.559.224
Net profit/(loss) for the year	(1.474.902)	24.649.164
	65.005.468	66.480.370
Liabilities:
Due to third parties - short term:
Bank loans	4.475.000	1.385.000
Other loans	40.000.000	40.000.000
Suppliers	12.966	2.657
Group companies	8.789.656	11.962.461
State and other public entities	531.276	39.624
Other creditors	422	129.217
	53.809.320	53.518.959
Accruals and deferrals:
Accrued expenses	322.536	100.873
Total equity and liabilities	119.137.324	120.100.202

STATEMENTS OF PROFIT AND LOSS BY NATURE FOR THE NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2009 AND 30 SEPTEMBER 2008

(Amounts expressed in Euro)

	Expenses	2009	2008
External supplies and services		186.132	418.938
Payroll expenses:
Remuneration		115.418	136.944
Social charges		24.875	25.158
Depreciation and amortization		13.468	14.549
Taxes		22.240	20.943
	(A)	362.133	616.532
Interests and similar expenses
Interests		1.060.528	1.699.158
Other		203.099	312.779
	(B)	1.625.760	2.628.469
Extraordinary expenses		2.328	-
	(D)	1.628.088	2.628.469
Income tax for the year		-	-
Net profit/(loss) for the year	(F)	1.628.088 (1.474.902)	2.628.469 (2.622.891)
		153.186	5.578
	Income	2009	2008
Interests and similar income		144.852	5.457
	(C)	144.852	5.457
Extraordinary income		8.334	121
	(E)	153.186	5.578
Operating results	- (A)	(362.133)	(616.532)
Financial results:	(C) - (B-A)	(1.118.775)	(2.006.480)
Current results:	(C) - (B)	(1.480.908)	(2.623.012)
Profit/(loss) before income tax:	(E) - (D)	(1.474.902)	(2.622.891)
Net profit for the year:	(E) - (F)	(1.474.902)	(2.622.891)