Company Presentation

J 2011June, 2011

Company 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$ 8 billion launched which represent ISA8%

Ownership Structure

p g p pover 32,000 units

Significant Land Bank with VGV of R$10.9 billion in areas with high potential growth

Experienced and professional management with financial and operational background

Paladin40%

8%

World-class controlling shareholder: Paladin Realty Partners

Strong expertise in the real estate industry

More than US$ 5 billion invested in projects

Free Float52%

Focused on financial discipline Corporate Governance

2

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

Sustainable growth after change of control

2008 2009 2010 2011

F h

Cash Flow Turnaround Financial Turnaround Operational Turnaround

C it l i j ti b C it li ti th h

Continous Growth…

S t i bl thFocus on cash management

Sale of non-core assets (R$200 million)

Identification of strategic

Capital injection by Paladin

Full profissionalization

Focus on costs control and operatins results

Capitalization through new lines of credit and follow-on

New project launched highly sucessful

Credit lines exceed the needs

Sustainable growth supported in almost its entirety by existing land bank

Continuous improvement gpartner

EBITDA

Consolidation and growth of results

of ROE

EBITDA(R$ millions) (14) 45 140

Real Estate Credit Line(R$ millions)(R$ millions)

500 700 1,300 1,300 + 300Debentures

3

Management and Board of Directors E ti Offi Board of DirectorsExecutive Officers

Alvaro SimõesCEO

Graduated in mechanical engineering from EscolaPolitecnica de São Paulo and continued his graduate studies in business at FGV.More than 20 years of experience in the financial sector (Santander, Indosuez, Unibanco and Santander)

Board of Directors

Michael LenardPresident of the Board

Senior Managing Director of Paladin Realty Partners.Was a partner in the international law firm of Latham & Watkins and member of de various industry organizations including the Urban Land Institute, where he serves on the Entertainment Development Council.

Otávio AraujoCFO and IRO

Enzo Riccetti

Graduated in Production Engineering from UFRJHe worked as an investment analyst in the private equity area of Banco Icatu. He is partner at Ascet Investimentos, an investment and consulting firm.

Graduated in Civil Engineering from the Mauá School of Engineering and completed the Specialization Course on

Entertainment Development Council.

Alexandre Vásárhelyi Vice-PresidentIndependent Director

Worked as a business executive for the Indosuez and Credit Suisse First Boston between 1993 and 1998. At Deutsche Asset Management he was responsible for managing three derivative funds and at ING bank he held the position of Desk Head for foreign exchange. Recently he is head of treasury of Pine Bank. Enzo Riccetti

Chief Commercial OfficerEngineering and completed the Specialization Course on Management for graduates from CEAG-FGV.Over 18 years of experience in the real estate sector.

Andrew CumminsMember of the Board

Founder and Managing Partner for Explorador Capital. Is also the Head of Research of Paladin Realty Partners, LLC. He also sits on the board of directors of PazCorp and has experience in corporate and real estate acquisitions and financings.

Davi FratelChief Construction Officer

Graduated in Civil Engineering from the Federal Univ. of Bahia, completed the Specialization at Escola Politécnica de São Paulo and a Master’s degree in Housing Technology at the IPT. Over 25 years of experience in management and execution of residential commercial and industrial projects

Jonh GersonMember of the Board

Senior Managing Director and the Chief Financial Officer of Paladin Realty Partners, LLC and its affiliate PaladorRealty, LLC. Was Chief Financial Officer of Kohlberg Kravis Roberts & Co. (KKR) and Vice President and Deputy Controller of Societe Generale’s U.S. operations.

Officer

execution of residential, commercial and industrial projects.

Marco ParizottoMember of the Board

He was the Vice-Chief Commercial Officer until June 2009 and Commercial Officer of Inpar S.A. until July 2010. He has 20 years of experience in the real estate field. He is also an Executive Officer of Isa Incorporação e Construção S.A.

He was Chief Economist and Statutory Officer at BancoABN AMRO R l b t 2006 d 2008 Chi f

6 Officers focused on the areas of Construction,

Commercial and Development

6 Officers focused on the areas of Construction,

Commercial and Development

4 i d d t4 i d d t

Permanent Fiscal Council

Alexandre SchwartsmanIndependent Director

ABN AMRO Real between 2006 and 2008; was Chief Economist and Statutory Officer at Banco Unibanco in 2009; and served as Chief Economist and Statutory Officer in Banco Santander Brasil from 2008 to March of 2011.

Eduardo Wurzmann He was CEO, founder and shareholder of the IbmecGroup, was the Co-CEO of Unext do Brasil. He was the M i Di t f C édit A i l I d S iti

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4 independentmembers

4 independentmembers Independent Director

Managing Director of Crédit Agricole Indosuez Securities,responsible for the equity research and trading practices in Brazil.

Strategy

Focus on first-time home buyers in middle and low income segments

Sustainable growth supported in almost its entirety by existing land bank

Financial discipline

Continuous improvement of ROE

5

Foco no comprador da primeira moradia

Migration of households in the "D" and "E" i l t th "C" i l

Favorable environment

Super Low Income 92% i 2010First time home buyer

income classes to the "C" income class captured previously pent-up demand

Growing credit availability and high growth potential for home financing

Super Low Income

R$ 85,000 – R$ 130,000

Low Income

R$ 130,000 – R$ 250,000

92% in 2010

Demand driven by the strong labor market and increased purchasing power

Middle

R$ 250,000 – R$ 420,000

60%Share of people in income

classes in Brazil

30%

40%

50% 49.2%classes in Brazil

24.4%

0%

10%

20%

996

997

998

999

2000

2001

2002

2003

2004

2005

2006

2007

2008

16.0%

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)

1 1 1 1 2 2 2 2 2 2 2 2 2

AB C D E

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and 5,000 units)

Standardized and replicable products

Strong control of production processFonte: FGV

Review of the target market and the new commercial area

New Development Officer Development Officer Commercial Officer

Diretor de Negócios - Sul

Land Bank control and acquisition

Product development

Project approvals

Marketing

Coordination of inventory and launches sales

Management of relationships with brokers

Business Development Officer

Diretor de Negócios Sul

Diretor de Negócios - Norte

CERN

AM

RR

PA

AP

MA

Business Development Officer -NorthNorth, Northeast, Middle West and Minas Gerais

CERN

AM

RR

PA

AP

MA

Before: After:

MG

BA

PI PEAL

RN

GO

MTRO

TO

DF

PB

SEAC

BA

PIPE

AL

RN

GO

MT

ACRO

TO

DF

PB

SE

MG

RJ

ES

PR

SC

MS

SP

Business Development Officer - SouthSoutheast (ex-MG) and South

MG

RJ

ES

PR

RS

SC

MSSP

7

Southeast (ex MG) and SouthRSRS

Land bank focused on the first-time home buyer segment and bought inexpensive…

VGV of total land bank:R$10.9 billion First-time Home Buyer Segment

84% of short-term land bank

Low-Income

21%

Mid-Income

41%Super Low-Income

23%

R$3.5bn (VGV)R$6.6bn R$4.3bn Short-term landbank¹

Mid-high Income and Commercial

16%

Mid-to-long term land bank

Acquisition Cost

Total Land bank (VGV): 10.9 bn

Book Value (land): 814 mn

Cost of Land (% VGV): 7.5%

Land Bank (without Lagoa): 5.1 bn

Book Value (without Lagoa): 523mn

Cost of Land (% VGV): 10.3%

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

… added to Lagoa dos Ingleses hidden value

Based on the growth vector of the BeloHorizonte city, the Lagoa dos Ingleses zone isexpected to be next expansion region

Lagoa Land Bank: R$5.8 billion

Lagoa Book Value: R$291 million

Low Land Acquisition CostGrowth Vector of the Belo Horizonte city

Lagoa Book Value: R$291 million

Cost of Land (% VGV): 5.0%Belvedere BH 1998

Belvedere BH 2005

Lagoa dos Ingleses

Sep 2007 Nov 2008 Sep 2010

88% sold in 3 weeks

Average unit sale price:

Average unit sale price: R$3,700 – R$4,000 per m²Mid Income project

More than 40%

70% sold 100% sold in 3 months

9

Average unit sale price: R$2,800 per m²Mid-High Income project

g pR$2,600 per m²Mid Income project

Operating and Financial PerformanceOperating and Financial Performance

10

Significant improvement of the operational and financial indicators

Launches (R$ millions)

821.9 802.1 464%

142.1

2008 2009 2010

Pre sales (R$ millions) and Sales Speed

109%

1,035.1 378.3

789.0

2008 2009 2010

11

Significant improvement of the operational and financial indicators (accountant)

Launches 1Q11 vs. 1Q10 (R$ millions) Details of the 1Q11 Launches

+110%

41%sold in the

quarter 58%sold in the

quarter

VGV Total: R$ 34.5 mn

VGV Viver: R$17.3 mn

High Income

Goiania GOVGV Total: R$ 64.3 mn

Pre sales (R$ millions) and Sales Speed (%)

Goiania-GO VGV Viver: R$45.0 mn

Middle Income

Sao Paulo-SP

Pre sales (R$ millions) and Sales Speed (%)

12

Significant improvement of the operational and financial indicators (accountant)

Net Revenue(R$ millions)

59%

Gross Profit (R$ millions)

24 1% 28.5%

566.8 488.2

778.3

129.3 117.5

222.2

59% 24.1%22.8% 89%

2008 2009 2010 2008 2009 2010

Evolution backlog margin X gross margin

36.6%37.1% 36.8%

36.2% 35.8%36.7% 36.5%

13

Significant improvement of the operational and financial indicators (accountant)

Net Revenue(R$ million)

+13%

Gross Profit and Gross Margin (R$ million)

24,9%26,5%

,

+21%

14

Significant improvement of the operational and financial indicators (accountant)

Ebitda and Ebitda Margin (R$ millions)

17 8%

140 19.3%

18.0%15.0%

17.8%

+35%

(13.6)

45.3

140.1

2008 2009 2010-2.4%

Net Income and Net Margin (R$ millions)

2 8%

4.5%

13.0 67.4 2.7%

8.7%2.8%

+83%

(74.9)

2008 2009 2010

-13.2%

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Capital Structure

Mar 10 Dec 10 Mar 11Short Term 200.2 389.3 511.4 C t d bt 126 8 182 3 188 5Corporate debt 126.8 182.3 188.5 SFH and Project financing debt¹ 73.3 206.9 322.9 Long Term 406.9 544.1 828.4 Corporate debt 269.2 281.8 268.8 SFH and Project financing debt¹ 137.7 262.3 559.6 Total Debt 607.0 933.3 1,340Total Debt 607.0 933.3 1,340 Cash and Cash Equivalents 308.6 215.4 498.3 Net Debt 298.5 717.9 841.4 Net Debt (ex-SFH and Project financing debt and CEF debentures proceedings pledged) 87.4 248.7 259.7 Shareholder's Equity 1,057.9 1,120.8 1,129.1

Net Debt/Equity 28 2% 64 0% 74 5%Net Debt/Equity 28.2% 64.0% 74.5%

Net Debt/Equity (ex-SFH and Project financing debt) 8.3% 22.2% 23.0%

Corporate Debt versus Project

Financing Debt (ex-CEF

debentures) Evolution

(R$ million)

16¹ As detailed in notes 14 and 15 of the Company financial statements.

IR Contacts:IR Contacts:

Phone: 55+ (11) 3046-3139o e 55 ( ) 30 6 3 39

E-mail: ri.viver@viverinc.com.br

Website: www.viver.com.vc/ri/

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Disclaimer

This presentation contains forward-looking statements relating to the prospects of the business, estimates fors p ese tat o co ta s o a d oo g state e ts e at g to t e p ospects o t e bus ess, est ates ooperating and financial results, and those related to growth prospects of Inpar. These are merely projections and, assuch, are based exclusively on the expectations of the Company’s management concerning the future of thebusiness.

Such forward looking statements depend substantially on changes in market conditions project approvals theSuch forward-looking statements depend substantially on changes in market conditions, project approvals, theperformance of the Brazilian economy, the sector and the international markets, and are therefore subject to changewithout prior notice.

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