Dear shareholders,

The events transpiring in the early months of 2009 with respect to the operations and effects of the company Condor Plus and others constitute an inglorious page in the history of our Group.

The board of directors of Sos Cuétara took, swiftly and diligently, all steps open to it to repair the damage done to its asset base. Those steps were: immediate dismissal of the executive management of the Group to guarantee business continuity; renewal of the governing bodies of the company; and all the legal actions necessary and within its remit to obtain just compensation for the damages sustained, proposing to the General Meeting of Shareholders additional steps beyond the limits of board’s powers.

The bookkeeping adjustment made to account for the transactions discovered, combined with writedowns of other assets, required a total provision of 212.34 million euros.

In addition the results obtained in 2008 had to be adjusted: first, for the true market value of certain hedge instruments employed to protect against negative interestrate movements and, secondly, in consequence of the food alert raised in Europe in the month of April regarding certain shipments of sunflower oil, coupled with the adverse effect caused by the market volatility that arose from the sudden change in expected demand.

The combined effect of these two adjustments amounted to a reduction in the reported results for the year of 112.57 million euros.

As a consequence of all the above, the consolidated result of the Group as at the end of 2008 was a net attributable loss of –192.77 million euros.

The capitalisation of assets undertaken in January 2009 and the agreement reached by the board of directors to commit a capital increase for a further 200 million euros should compensate, by a broad margin, these negative effects.

Despite this, SOS today still retains considerable value.

In the course of 2008 numerous initiatives taken in previous years bore fruit. Chief of these, without doubt, was the incorporation within the Group of new brands, new markets and first-class professional expertise as a result of the purchase from Unilever of the Bertolli brand of vegetable oils and vinegars.

Bertolli has allowed us to increase our market share in bottled olive oil by 22% throughout the world, consolidating the presence of Grupo SOS in Italy and obtaining absolute market leadership in the United States, a key market for the company given its huge growth potential.

This achievement brings us that much closer to our objective of focusing our efforts on consolidating the Group within the international food industry as the leading brand company in those products most closely associated with the Mediterranean diet, the healthful natural eating habit that results in considerable benefits for consumers and which, we believe, will become the dominant trend in the industry, offering greatest growth and worldwide expansion.

In this same line, at the end of the year we announced the disposal of the biscuit business, conducted under the brand name Cuétara, the market leader in the Iberian market, and of the Interván sweet business. These disposals formed an essential part of the Group’s strategic decision, following the acquisition of Bertolli, to focus our efforts on those business areas having present and future international potential, as is the case of vegetable oil and rice, two global brand businesses in which Grupo SOS is the leading company in its principal markets.

The margins of the Group’s main business line, vegetable oil, fell back in 2008 as a result of the losses incurred in sunflower oil following the food alert referred to above, in which Grupo SOS decided to adopt the responsible approach of an active preventive response, calling in and replacing all shelf product.