Emphasis is given to the 3.2% growth of Group sales in Germany the major European market and to the 9.7% growth in Spain.

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1 INAPA INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA (public limited company) Registered Office: Rua do Salitre, 142, parish of São Mamede, Lisbon, Portugal Share Capital: 150,000,000 VAT Nº: PT Lisbon Registry of Companies registration nº 36,338 THE BUSINESS DURING THE 1 ST QUARTER OF 2003 During the 1 st quarter of 2003 the world s leading economies confirmed the tendency towards recession that had already been apparent over the past two years. In particular, the political instability that led to the war in Iraq further eroded to a considerable extent the business confidence that could have led to some economic growth during the second half of this year. In this connection, the paper distribution business closely linked to economic growth was bound to worsen even further. This year would therefore seem to be the third consecutive year of negative growth in paper distribution, a fact of extreme importance to the historic records of the industry. At this point, a word is due, however, to the faint signs of recovery that were seen in March, particularly with regard to the price increases seen on some European markets, creating expectations of a possible upturn. Contrary to the negative performance of the market during the quarter, the Inapa Group s turnover improved slightly, while the warehouse/manufacture mix was maintained. The decline of prices in the marketplace caused by falling demand led to a reduction of gross margins of some 4% when compared to the 1 st quarter of last year, or approximately 1.8 million euros. Nevertheless, when compared with the last quarter of 2002, the gross margin was up 3.4%, or roughly 1.4 million euros. Emphasis is given to the 3.2% growth of Group sales in Germany the major European market and to the 9.7% growth in Spain. The reduction of operating costs this quarter totalled 0.8 million euros compared to the same time last year. Lower interest rates and careful management of interest-bearing liabilities also allowed a 0.2 million euro reduction of financial charges. Taken together,

2 the savings under these headings totalled approximately 1.0 million euros compared to the 1 st quarter of As a result of the decline of the gross margin, partially offset by the operating economies referred to above, a current profit was returned in the sum of 1.5 million euros for the quarter, down from the figure of 2.6 million for the 1 st quarter of When compared to the last quarter of 2002, there was an improvement of 3.1 million euros over the 4 th quarter loss of 1.6 million. The consolidated after-tax profit for the quarter amounted to million euros, lower than the sum of million for the 1 st quarter of 2002 for the reasons set out above. As at March 31 st 2002 the consolidated balance sheet showed total placements in the sum of 865 million euros, just above the sum of 847 million at the end of the same period last year, chiefly as a result of the re-inclusion of factoring transactions not previously reflected in the balance sheet. Inapa intends to implement the transition to the International Accounting Standards (IAS) even before the official adoption date planned for This change will mainly affect the recording of goodwill and own brands, which have given rise to qualified opinions by the auditors in previous years. In this connection, and on the basis of the valuation information now available, goodwill would appear to satisfy reasonable the tests involved in the adoption of the IAS for the first time, and therefore no material alteration to the book vale would seem to be warranted. As far as the own brands are concerned, the Group recognises a need to write them down over their expected useful life and given their lasting nature in the past, we estimate this to be no less than 50 years. The future adoption of these principles could cause effects that will have to be determined within the scope of the annual audits. Declaration of responsibility: We hereby declare that this information contained herein is true and has no omissions. Lisbon, April 30 th 2003

3 QUARTERLY INDIVIDUAL/CONSOLIDATED INFORMATION (unaudited) (applicable to entities subject to the accounting standards of the Official Plan of Accounts) Company: INAPA - INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, SA Registered office: Rua do Salitre, 142 VAT Nº: Period: Expressed in thousands of Euros 1st Quarter 3rd Quarter 5the Quarter (1) Start: 01/01/2003 End: 31/03/2003 ASSETS Balance Sheet Headings Individual Consolidated n n-1 Var. (%) n n-1 Var. (%) Fixed assets (net) Intangible fixed assets 710, ,80 (65,51) , ,54 (2,11) Tangible fixed assets 1.484, ,62 (5,46) , ,57 4,62 Financial assets , ,10 28, , ,19 (40,03) Third-party debtors (net) Medium & long term , ,55 (81,14) 5.609, ,89 (27,20) Short term , ,43 (40,67) , ,09 9,51 SHAREHOLDERS' EQUITY Share capital Nº ordinary shares , , , ,00 Nº of shares of other natures Value of Treasury shares Nº of voting shares 321,66 115,63 178, , ,79 2,13 Nº of non-voting preference shares , ,33 Minority interests 1.722, ,47 4,75 LIABILITIES Provisions for contingencies & liabilities 2,89 (100,00) , ,71 45,11 Third-party Creditors Medium & long term 9.975, ,09 (45,98) , ,03 4,16 Short term 1.880, ,96 (48,50) , ,53 11,20 TOTAL ASSETS (net) , ,40 0, , ,31 2,16 TOTAL SHAREHOLDERS' EQUITY , ,43 4, , ,57 (20,06) TOTAL LIABILITIES , ,97 (44,10) , ,26 7,12

4 Profit & Loss Account Headings Individual Consolidada n n-1 Var. (%) n n-1 Var. (%) Sales & provision of services 436,43 466,94 (6,53) , ,64 (2,93) Production fluctuation (93,08) (5,06) 1739,53 Cost of goods sold, materials cons. & services pro , ,13 (2,70) Gross profit 436,43 466,94 (6,53) , ,45 (4,31) Operating profit 2.065, ,36 3, , ,95 (31,74) Financial charges (net) (123,94) (216,65) (42,79) (1.559,48) (1.789,37) (12,85) Current profit 1.941, ,71 8, , ,58 (44,52) Extraordinary profit (loss) 41,19 (203,09) (120,28) (142,56) (140,75) 1,29 Corporation tax (2) ,84 826,60 (19,21) Minority interests ,25 83,90 7,57 Net profit (loss) for the quarter 1.982, ,61 25,11 567, ,33 (64,43) Net earnings per share for the quarter 0,07 0,05 25,11 0,02 0,05 (64,43) Self-financing (3) 2.203, ,06 18, , ,10 (4,84) (1) Applicable during the first financial year by companies whose financial year is not the calendar year (Article 65-A of the Companies Code); (2) Estimated Corporation tax (3) Self-financing = Net profit + Depreciation + Provisions

5 EVOLUTION OF THE BUSINESS DURING THE QUARTER (Summary of the company's business to allow investors to form an opinion about the company's business during the quarter) (Persons responsible for the information, their positions and respective signatures) EXPLANATORY NOTES * The figures shall be given in thousands of escudos or in euros, with no decimals. * Negative figures shall be shown in brackets ( ). * The period shown as "n" concerns the figures for the period under review, while the period shown as "n-1" concerns the figures for the same quarter of the previous year. * All the figures for the quarter shall be the accumulated figures since the start to the financial year.

Third Quarter of 2010 results announcement

INAPA INVESTIMENTOS, PARTICIPAÇÕES E GESTÃO, S.A.. (Publicly listed company) Head Office: Rua Castilho, n 44 3º floor, 1250-071 Lisbon Portugal Third Quarter of 2010 results announcement 1 Highlights Until