Dear shareholders,

The year 2009 represented a turning point in the implementation of the Plan Feeding the Future. After the first year of management in the current period, and as a consequence of the events that occurred, it has been necessary to carry out an analysis of the situation facing the Organization, in its new shape and circumstances, in order to determine the priorities that the Management Plan has to address in the short term. Because we continue to trust in the management of corporate responsibility as an important tool that helps us to confront and overcome the difficulties that the organization is going through.

One of the first decisions taken was the precautionary suspension of some of the programmes that had been planned, with the intention of resuming them later on, when circumstances permit. That was the reason for the reconsideration of the current horizon of development of the Plan, and for its extension by one year, that is to say, until 2011.

It was also decided, as a priority for 2010, to focus on the management of such key matters as corporate governance, the management of risk, including non-financial risk, or labor relations – which restore social confidence in our organization and strengthen its reputation and attractiveness for capital markets, customers and the people who work in it.

All the efforts that we are making are being rewarded with the trust of such prestigious organizations as FTSE4Good, which has renewed our membership of the responsible investment index FTSE4Good Ibex, which it manages together with Spanish Stock Exchanges and Markets.

Grupo SOS remains committed to eco-efficiency in the context of climate change, adhering to international initiatives such as the United Nations Organization’s Caring for Climate, the Carbon Disclosure Project and the Copenhagen Communiqué on climate change. Through our progamme SOS Action CO2 we are working to achieve an effective reduction in our emissions, in both the industrial environment and offices. The use of our ability to innovate and develop has led to a reduction in energy consumption of 2.52%, and at the same time we managed to eliminate, in two years, 10% of the amount of CO2 emissions in the reference year 2007.

As a company in the food sector, we are concerned about health and safety in nutrition. That is why we have given unceasing support to top level projects such as ALANDSALUD, set in motion by the organization’s Research and Development department, in collaboration with other companies in the Spanish agro-alimentary sector. Through this project we aim to develop a series of specific foods for particular segments of the population, thereby providing personal nutritional solutions for each.

We also continue to work, from the platform provided by the United Nations World Agreement, for the respect of human rights, labor rights and the fight against corruption in the communities in which we and our partners operate. We attach great importance to transparent communication with all those who take an interest in our organization, so we make great efforts to optimize the information contained in these reports, in the World Agreement Progress Report and in the approved channels of communication.

Finally, I should like to thank everyone in Grupo SOS for their daily efforts and dedication, our shareholders for their commitment and trust, and the rest of our interest groups for the support that they show us.