Inapa completes sale of its U.K. paper merchant Tavistock Paper to Gerald Judd Sales

LISBON, Portugal , March 2, 2011 (press release) – Inapa - Investimentos, Participações e Gestão, SA (INAPA) has, pursuant to and for the purposes of article 248. of the Securities Exchange Commission Code, to communicate that on this date, it has sold to Gerald Judd Sales Limited 100% of its operation in the UK – Tavistock Paper Sales Ltd.

Until September 2010, Tavistock had sales of 5.5 million pounds, representing 0.9% of Inapa consolidated sales.

The transaction has a positive impact of 400 thousand Euros on Inapa consolidated financial statements of the first quarter of 2011.

This transaction is in line with Inapa 2010 strategic plan, finishing the process of concentration on Inapa strategic markets.

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