Message from the Shareholders |GRI 1.1|

Pioneering. Challenges. Achievements. Innovation. Growth. Sustainability.

For us, the shareholders of Camargo Corrêa Group, these words have a deep and vivid meaning. They represent the daily operations of our companies, the way we have been thinking and managing our business for more than 72 years. In life as well as in business, there is a time to sow and a time to reap; this is the natural order of things. As a committed Group, driven by a long term view, we are always sowing opportunities and reaping results, following the different cycles and going on a path of increasing transformation, full of virtues to our business, people, communities and countries where we have operations.

In 2011, we reaped results and sowed a lot. It was a year of intense investment, marked by pioneering and innovation in several areas of our activities, such as:

• Innovation in brand management, consolidating Havaianas as one of the most valuable and acknowledged Brazilian brands in the world;

• Creation of an intermodal concession operator by means of CCR;
• Consolidation of our position as a world-class player in the Cement industry;
• Construction of Jirau and Belo Monte hydroelectric plants – works of unprecedented size and complexity in technical, environmental and social terms;
• Significant investments in renewable energy by means of CPFL;
• Pioneer participation in the creation and installation of the shipbuilding industry in Brazil, an essential part of the pre-salt exploration, one of the country’s major competitive advantages.

We are certain that these investments, supported by the soundness of our Group and powered by its innovation, by means of excellence in strategy and execution, will drive our future performance even further. We will maintain our companies in distinctive and leading positions in the markets we serve, both in the Brazilian and global business scenarios, as important drivers of sustainable development.