Public Meeting - 2010

2

Speakers

Otávio Araujo

CFO and IRO

Enzo Riccetti

Development Officer

Gustavo Gonzaga

Commercial Officer

Overview

3

4

2010 - 2012

Adjustments to adapt to

new economic scenario

Strategic realignment

with visible results

Solid platform for

sustained growth

(Follow-on)

Continued focus on

improving results

EBITDA

(R$ millions)(14) 46 47 47

Sustainable growth after change of control

New project launches

highly successful

SFH credit lines exceed

the current need

Financial position

strengthened

Increasing offer of clean

credit lines allows the

Company to reshape its

corporate debt both in

terms of cost and term

Consolidation and

growth of results

Beginning of Turnaround Consolidation of the Turnaround (“The New Inpar”)

3Q1020092008 1H10

Limited credit

availability

Sharp reduction in

launches

Focus on cash

management

Sale of non-core

assets (R$200 million)

Identification of

strategic partner

Capital injection by

Paladin and change in

control

Professionalization of

management

Organizational

restructuring

New credit lines

Consolidation of the

turnaround process

with focus on costs

and operating results

Focus on low and

middle income

segments

Exploitation of existing

short-term land bank

Financial discipline

Continued

improvement in ROE

Capitalization through

new lines of credit and

follow-on

Low leverage

Company with proven execution capacity and positioned to benefit of the positive environment

5

Overview

Integrated business model: Development, construction and sales

Focused on residential market, primarily the low and the middle income segments

Experience with large-scale operation: more than R$ 7 billion in launched and more than 15,000 units

delivered since 1995

Controlling shareholder: Paladin Realty Partners, has strong expertise in the real estate industry:

More than US$ 5 billion invested in projects

Focused on Financial discipline

Corporate Governance

6

2Q09

11

(3)

1Q09

18

3Q09 4Q09

2008

1Q10

20 24

Significant improvement in main financial indicators

EBITDA - R$ million

(14)

23

2Q10

12 months

46MM

3Q10

140

47

6 months

47MM

3 months

47MM

7

Word-class controlling Shareholder

Free Float

285,309,452 common shares

Former Controlling

Shareholders

Current Shareholder Structure

Fiscal Concil

3 independent members

Corporate Governance

Board of Directors (7 members):

4 members appointed by Paladin

1 independent member

Leading institutional real estate manager focused on

emerging markets, especially Latin America

Senior management has worked together for over

twelve years

More than 30 professionals in offices in Los Angeles,

São Paulo and Morristown, NJ

Approximately US$ 6 billion of capitalization, US$ 4

billion in Latam

Besides Inpar, more 21 investments in Latam (mostly

residential)

Approximately 30,000 units in Latam (more than 18,000

units in Brazil)

49.8%

10.2%

40.0%

Financial and Operating Strategy

8

Focus on the first-time home buyer in middle and low income

segments through Viver concept

Continuous improvement of ROE

Sustainable growth supported by existing land bank

Financial discipline and conservative cash management

Focus on the first-time home buyer

Super Low Income

R$85,000 – R$130,000

Low Income

R$130,000 – R$250,000

Middle Income

R$ 250,000 - R$350,000

Strong presence in the low and middle income segments since 1999

Over R$1.5 billion in VGV delivered (corresponding to 70 buildings and 5,000 units)

Standardized and replicable products

Dedicated management team highly experienced in the segment

Unit prices from R$85,000 to R$350,000

Strong control of production process

9

10

Advantage environment for the first time home buyer

Positive macroeconomic environment

Demand driven by the strong labor market and increased purchasing power

Migration of households in the "D" and "E" income classes to the "C" income class captured previously pent-up demand

Growing credit availability and high growth potential for home financing

Low credit penetration when compared to others countries

3 6 918

30 34

55

34

6

7

1016

30

2004 2005 2006 2007 2008 2009 2010E

FGTS

SBPE

Housing Financing (financed value - R$ billion) Housing Financing (% GDP)

101%

83%

18%13%

3%

Dinamarca Reino Unido Chile México Brasil

Source: BC, IBGE and ABECIP

6.0

7.0

8.0

9.0

10.0

11.0

12.0

jan/0

5

mai/05

set/

05

jan/0

6

mai/06

set/

06

jan/0

7

mai/07

set/

07

jan/0

8

mai/08

set/

08

jan/0

9

mai/09

set/

09

jan/1

0

mai/10

set/

10

1100

1150

1200

1250

1300

1350

1400

1450

1500

1550

Unemployment Rate (%) and Real Average Income (R$)

Source: IBGE (R&A seasonally adjusted)

Review of the target market and the new commercial area

11

MG

BA

PI

CE

PE

AL

RJ

ES

RN

PR

RS

SC

GO

MT

AC

AM

RR

RO

PA

AP

TO

MS

DF

MA

SP

PB

SE

Project coordination

Land Bank control and

acquisition

Business Development Officer - North

North, Northeast, Middle West and Minas Gerais

Business Development Officer - South

Southeast (ex-MG) and South

Development Officer

Product development

Project approvals

Marketing

Commercial Officer

Coordination of inventory and

launches sales

Management of relationships

with brokers

MG

BA

PI

CE

PE

AL

RJ

ES

RN

PR

RS

SC

GO

MT

AC

AM

RR

RO

PA

AP

TO

MS

DF

MA

SP

PB

SE

New commercial area structure

Before: After:

Two Business Development Officers

Focus on increasing sales velocity

12

Inpar Vendas

Highly qualified staff specially trained to sell the Company’s products

Works side by side with leading independent real state brokers

Over 150 brokers

Began Operations in April of 2010 in Sao Paulo

Expanded its operations to the states of Para and Rio Grande do Sul

Contributed to 20% of all sales in the markets in which it operates in its first 9 months of operations

13

Operating and Financial Performance

24%

24%

45%

7%

Super Low Income

Low

Middle

Middle High

243.8185.8

459.3

29.7

1Q10 2Q10 3Q10 9M10

Launches (R$ million) Launches 9M10 – Product Distribution

Pre-sales (R$ million) and Sales Speed (%)

14

93%

230.6121.9

519.8

167.2

18.5% 13.1%21.3%

1Q10 2Q10 3Q10 9M10

Launches and Pre-sales

Sales performance of new launches

Strong recent sales performance in target segments

Successful on the new projects also demonstrates the commercial value of our Land Bank

84%

sold in 5

months

Low Income (Guarulhos - SP) – Apr/10

90%

sold in the

launched

month

Mid Income (Goiânia - GO) – Jun/10

Mid Income (Nova Lima - MG) – Sep/10

81%

sold in 3

months

Strategy to focus on Viver has proven correct successful

15

Land parceling (Marília - SP) – Oct/10Mid Income (Ribeirão Preto - SP) – Sep/10

90%

sold in the

launched

month

70%

sold in the

launched

month

Mid Income (São Paulo - SP) – Mar/10

100%

sold in 1

month

Third Successful Launch in Lagoa dos Ingleses

16

70% sold

100%

sold in 3

months

Sep 2007 Nov 2008

88% sold

in 3

weeks

Average unit sale price:

R$2,800 per m²

Mid-High Income project

Average unit sale price:

R$2,600 per m²

Mid Income project

Average unit sale price:

R$3,700 – R$4,000 per m²

Mid Income project

Lagoa Land Bank: R$5.8 billion

Lagoa Book Value: R$272 million

Cost of Land (% VGV): 4.7%

Low Land Acquisition Cost

More

than 40%

Sep 2010

Geographic

Distribution

83% of the Short-term Land

Bank (R$3.8 bn)

Low Income: 40%

Middle Income: 43%

Total Land Bank: 11.2 bn

Book Value (land): 804 mn

Cost of Land (% VGV): 7.2%

MG

BA

PI

CE

PE

RN

PR

RS

SC

GO

MT

AM

RR

RO

PA

AP

TO

MS

DF

MA

PB

SE

AC

SP

ES

RJ

AL

Land Bank (without Lagoa): 5.4 bi

Book Value (without Lagoa): 532 mi

Cost of Land (% VGV): 9.8%

Acquisition Cost

R$3.8 bn

Mid-to-Long Term Land Bank

Belvedere BH 1998

Belvedere BH 2005

Lagoa dos Ingleses

Lagoa dos Ingleses (MG)

R$7.4 bn

Short-term Land Bank ¹

Mid-to-Long Term Land Bank

Land Bank (Launches for the next 3 years)

Land Bank (Lagoa): 5.8 bn

Book Value (Lagoa): 272 mn

Cost of Land (% VGV): 4.7%

Land Bank focused on Viver segment

Acquisition Cost

17

Total Land Bank VGV: R$11.2 billion

Growth Vector

of the Belo

Horizonte city

Based on the growth vector of the Belo

Horizonte city, the Lagoa dos Ingleses zone is

expected to be next expansion region

¹ Projects the Company has the operating capacity to launch in the next three years

Inventory at Market Value

18

Inventory at

Market Value

(R$ million)

Breakdown by

Year of Delivery

8.7%

58.4%

Units Completed

7.6%

17.5%

20112010 2012

Inventory of projects launched through 2009

2013

7.7%

18

807 788 743 839 840

3Q09 4Q09 1Q10¹ 2Q10 3Q10

Inventory of 2010 launches

673

¹ Impacted by the acquisition of rights in some specific launched projects which increased the Company’s initial inventory in R$87.1 million.

734

Delivery of more than 75% of inventory expected in 2011 and 2012

619

166 221

Backlog Margin

Net Revenue

(R$ million)

Gross Profit and

Gross Margin

(R$ million)

Financial Performance

3Q10 vs 3Q09 9M10 vs 9M09

19¹ Excluding the capitalized interest.

126.1202.0

3Q09 3Q10

+60%

31.7

63.0

31%25%

3Q09 3Q10

30%¹

36%¹

37.1% 36.8% 36.2% 35.8% 36.7%

Sep 09 Dec 09 Mar 10 Jun 10 Sep 10

363.3

529.7

9M09 9M10

+46%

83.7

146.728%

23%

9M09 9M10

27%¹

33%¹

20

3Q10 vs 3Q09 9M10 vs 9M09

Financial Performance

47.317.7

14%

23%

3Q09 3Q10

25.1

94.47%

18%

9M09 9M10

28.733.8

14%

27%

3Q09 3Q10

10.5

47.5

3%

9%

9M09 9M10

EBITDA¹ and

EBITDA Margin

(R$ million)

Net Income (loss)

and Net Margin

(R$ million)

ROE (%)

¹ Excluding non recurring items.

² 3Q09 Net Income impacted by the one time event related to the migration of tax-related obligation under the PAEX to “REFIS V”.

³ Annualized ROE = (Quarterly Net Income *4) / Average Shareholder’s Equity for the last 4 quarters.

2 2

1.3% 2.1%

6.2%

11.4%

1.9%3.0%

8.6%

15.5%

Dec 09 Mar 10 Jun 10 Sep 10

Annualized ROE ³

Annualized ROE without Lagoa

21

Capital Structure

3Q10 2Q10 3Q09

Short Term Debt 319.4 258.8 231.9

Long Term Debt 521.0 522.2 210.4

Total Debt 840.4 781.0 442.3

Total Debt (Ex-project financing)¹ 445.7 404.3 298.6

Cash and Cash Equivalents 211.8 247.5 115.6

Net Debt 628.6 533.5 326.7

Net Debt (Ex-project financing)¹ 233.9 156.8 183.0

Shareholder's Equity 1,100.9 1,072.3 791.5

Net Debt/Equity 57.1% 49.8% 41.3%

Net Debt/Equity (Ex-project financing)¹ 21.2% 14.6% 23.1%

¹ SFH and other debts to finance production cost of specific projects.

22

Disclaimer

This presentation contains forward-looking statements relating to the prospects of the business, estimates for

operating and financial results, and those related to growth prospects of Inpar. These are merely projections and, as

such, are based exclusively on the expectations of the Company’s management concerning the future of the

business.

Such forward-looking statements depend substantially on changes in market conditions, project approvals, the

performance of the Brazilian economy, the sector and the international markets, and are therefore subject to change

without prior notice.