FOREWORD (by Gino Stefanutti, executive chairman – Stefanutti Stocks)

As 2008 draws to a close we can look back on an exciting chapter in the histories of the companies within the group and there is no better time to reflect on the respective roads we have travelled, leading to where we are today. We are on the verge of a new era and to celebrate and capture the rich heritage and history of the companies that now form Stefanutti Stocks, we have published this coffee table book and called it: A Solid Foundation.

It is a difficult task to do justice to so many years worth of collective history in 138 pages, as I think that you would all agree that just one day in the life of anyone in our industry could read like a novel. We have endeavoured to recount as accurately as possible the rich history of companies by using whatever resource material we could lay our hands on, incorporating personal recounts, books,
magazines, clippings, photo albums and archive material.

Since inception in 1971, our strategy has remained the same – to embark on a road of strategic growth. Our strategy remains growth.
Our objective is to ensure that wherever we venture, we create an infrastructure that will support future growth of our people and our vision. Our aim is to take our people on this exciting journey with us and continually provide them with opportunities to grow and excel - both in the company and within our industry.

We will always take full advantage of each opportunity afforded us, undaunted by any challenge thrown our way. Looking back, a few such opportunities in our history that spring to mind include:

• In 1992, taking on the massive Tugela River Bridge project, without prior experience in incrementally launched bridges, but with an unwavering belief that we had the technical skills to rise to the occasion.
• In 1995, recognising that if we were to grow the company we would have to expand into the Gauteng region. Then tendering for and winning of the Majuba Power Station project, worth R140 million. Again a project we knew we could handle, not the least bit intimidated by the fact that it had a nett worth more than any annual turnover the company had seen in its 24 years of existence.
• Making the decision to take our company public and listing on the JSE in August 2007.

Tugela Bridge and Majuba Power Station were award-winning successes; Majuba Power Station was completed one year ahead of schedule and our maiden year results exceeded forecasts.

We firmly believe that our latest milestone - the acquisition of international construction company Stocks Limited - will contribute to the future success of our company as we tackle the challenges that lie ahead with combined confidence across South Africa, Southern Africa, the Gulf region and, in time to come, Australasia.

There is not one single person, decision, project or characteristic that makes a company successful - it is always a combination of factors, all guided by our code of conduct, our company focus, our core values and our conviction in our mission.

Looking back at the history and heritage of the companies that now make up the Stefanutti Stocks group, I would summarise that what we all have in common is: our passion, grit, determination and focus, our self-belief and our skills that have taken us where we are today – even on the odd occasion having thrown caution to the winds!

The principle that the whole is greater than the sum of individual parts certainly applies to our new group. Over the years we have been fortunate enough to meet, befriend, work and socialise with many special people who have made their mark on the culture of each individual company and have helped us become what we are today.

As we enter this new era, our enthusiasm and dreams are set for the stars. Enthusiasm is the core of all progress, and we will continue to strive to achieve even more, based on another critical ingredient of success in our industry – A Solid Foundation.

Contents

Stefanutti & Bressan – The History

Stefanutti & Bressan – Acquisitions

ECMP
Civil & Coastal
Skelton & Plummer
Stocks

Project Portfolio

Stefanutti Stocks - A New Era