Letter from the CEO

Those that welcome the New Year 2010 are foremost alive. That means that we owe an extraordinary set of potential, and for that reason the love for life must be understood as an active power in the individual.

So saying, we offer our condolences to the 70.000 SME’s which were forced to close last year, and also to the 4 Million unemployed fellows (last year we paid 30.000 million euro for 6 million unemployed).

We are facing a supply problem instead a demand problem. But this has been opposite understood by the authorities.

As they mistook the diagnosis, they also mistake the solution. So that the money that has been injected to the banking system had no use but shooting up the country debt. The state itself competes with the private companies for the bank financing.

We believe then, that we are not selling abroad all what could be bought, not even at the price it could be bought. Our productivity keeps decreasing, and as if that wasn’t enough, in Spain employers are frowned upon. Precisely in this moment, when 100.000 new employers per million of unemployed people are required.

In the mean time, the opening up to the world has become a matter of survival. Spain’s government has not even undertaken the necessary deep reforms that companies need to be able to compete. This situation requires working twice as much as we did before to balance the deficit and the improvements in our companies. 80% world economical activity is produced in the companies and for this reason we try hard to design VertiSub in a harmonious way and provide it with a strong adaptation system.

In VertiSub, we believe that in a proper condition, people tend to grow and need to express and show their own abilities to the world. Daily we think about the origin of our benefits (and our losses) and we strengthen our company with the aim of growing and obtaining sustainable benefits. This fact is closely related to the respect for the development of each individual–endowed with only one opportunity for living-. We know that only in this way it will be possible to create that proper atmosphere able to inspire the invention of extraordinary products and services.

During the crisis, we have behaved opposite to the majority: We have invested. We invested in a new ERP –Navision-; in keeping workplaces in the company; in hiring high qualified professionals and in moving to EsadeCreapolis, -a technologic park world leader in accelerating business innovation-. We also bet on Chile to start with our internationalization process. 2010 will be a hard year from the point of view of work and study. It will be a year to carry out symposiums and learn from each other, to investigate, to create and expand. You will notice great progresses in some of our business units. We will publish 2 books: one about Hyperbaric Works and the other about Works at Height. We will be able to launch high technology products to solve safety problems. We invite you to keep setting us out challenges and solving them together.

We will place in our website those videos and scientific articles that arouse great interest. In the calendar you will find the planned events. And all this, because in VertiSub we want to work, enjoy and live the year 2010 considering that we have a supply problem instead of a demand problem. This gives us a great advantage, as the solution to the problem depends totally of us; and it will make us better.

Pilar Almagro

Chief Executive Officer

VertiSub Group