1q08 financial and operating highlightsbrazil, announces today its results of the first quarter of...

www.rodobens-rni.com.br/ir

of 22

São Jose do Rio Preto, May 7th, 2008: Rodobens Negócios Imobiliários (Bovespa: RDNI3), real estate developer with more than sixteen years of operations and focus on cities in the inland of Brazil, announces today its results of the first quarter of 2008 (1Q08).

The financial and operating information are presented on a consolidated basis in accordance with the Brazilian standard accounting practices (BRGAAP) and in Brazilian Reais (R$).

1Q08 Financial and Operating Highlights

Pre-sales of R$154 million (Rodobens’ share only), a 360% growth over 1Q07 and 7% over 4Q07.

• 2,092 units sold (vs. 310 in 1Q07), being 88% with selling price up to R$150,000.

Project Launches1 of R$195 million (Rodobens’ share only), a 515% growth over 1Q07.

• 2,642 units launched (vs. 210 in 1Q07), being 100% with selling price up to R$150,000.

Net Revenue of R$73 million, a growth of 283% over 1Q07. Both the revenues and costs from the real estate development activity are recognized by the method of percentage of completion.

EBITDA rose to R$14 million, with margin of 19.9% of net revenue. Excluding the negative impact of interest expenses recorded as cost of projects, the EBITDA margin was 22.4%

Net income of R$18 million, reflecting the growing operating profit and, in decreasing relevance, of the net interest (financial) result.

Cash balance of R$224 million and bank debt of R$61 million as of March 31, 2008, representing comfortable liquidity for the investments in working capital during the rest of 2008.

Land Bank with a potential sales value currently estimated at R$5.1 billion (Rodobens’ share), and construction potential of 74,000 homes, in 47 municipalities of ten Brazilian states.

1 Potential total sales value, estimated at launching.

The complete and audited consolidated financial statements of the 1Q08, accompanied by the respective explanatory notes, can be found in the document “ITR-Informações Trimestrais” (mandatory quarterly filing), available in electronic form at our investor relations website at www.rodobens-rni.com.br/ir and at the website of the CVM-Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Comission) at www.cvm.gov.br.

1Q08 Earnings conference calls:

Portuguese English

May 8, 9:00am (ET time) May 8, 11:00am (ET time) Tel.: 55-11-4688-6301 Brasil: 55-11-4688-6301 Access code: Rodobens EUA: 1-888-700-0802

Other countries: 1-786-924-6977 Access code: Rodobens

The conference calls will be accompanied by slides presentation that will be available at www.rodobens-rni.com.br/ri Contacts: Investor Relations Media Relations

Orlando Viscardi MCE, a/c Rita Mazzuchini Tel.: 55-17-2137-1754/3/2 Tel.: 55-11-2577-6533 E-mail: [email protected] E-mail: [email protected]


of 22

Highlights 1Q08 4Q07 Change 1Q08 1Q07 Change

Financial Indicators in R$000Net Revenue 72,680 49,805 46% 72,680 18,955 283%% Gross Margin 32.5% 37.0% -4.5 p.p. 32.5% 32.2% 0.3 p.p.EBITDA 14,463 11,194 29% 14,463 3,207 351%% EBITDA Margin 19.9% 22.5% -2.6 p.p. 19.9% 16.9% 3 p.p.Non-recurring IPO Expenses - - n.a. - (18,650) n.a.Net Income 17,864 20,432 -13% 17,864 (8,675) n.a.% Net Margin 24.6% 41.0% -16.4 p.p. 24.6% -45.8% 70.3 p.p.LaunchesProject Launches - Rodobens (R$000) 194,629 132,331 47% 194,629 31,631 515%

Project Launches - Total (R$000) (2) 244,464 251,691 -3% 244,464 48,562 403%RNI's share of total launches 79.6% 52.6% 27 p.p. 79.6% 65.1% 14.5 p.p.Units Launched 2,642 1,951 35% 2,642 210 1158%Average Price of Units Launched (R$/m²) 1,605 2,027 -21% 1,605 2,378 -33%Average Price of Units Launched (R$000/unit) 93 129 -28% 93 231 -60%Usable Area Launched (m²) 152,285 124,163 23% 152,285 20,422 646%Usable Area Launched (m²/unit) 58 64 -9% 58 97 -41%Pre-SalesPre-Sales Rodobens (R$000) 153,744 143,594 7% 153,744 33,394 360%

Pre-Sales Total (R$000) (3) 253,219 209,094 21% 253,219 61,880 309%RNI's share of total Pre-sales 60.7% 68.7% -8 p.p. 60.7% 54.0% 6.8 p.p.Units sold 2,092 1,682 24% 2,092 310 575%Average Price of Units Sold (R$/m²) 1,931 1,854 4% 1,931 2,183 -12%Average Price of Units Sold (R$000/unit) 121 124 -2% 121 200 -39%Usable Area Sold (m²) 131,160 112,791 16% 131,160 28,352 363%Usable Area Sold (m²/unit) 63 67 -6% 63 91 -31%Results to be RecognizedRevenues to be recognized (R$000) 336,196 251,316 34% 336,196 72,373 365%Revenues minus Costs to be recognized (R$000) 129,832 100,684 29% 129,832 26,495 390%% margin 38.6% 40.1% -1.5 p.p. 38.6% 36.6% 2 p.p.Balance SheetNet Debt (R$000) (163,137) (244,736) -33% (163,137) (368,211) -56%Cash (R$000) 223,761 304,651 -27% 223,761 435,007 -49%Shareholders' Equity (R$000) 561,139 543,275 3% 561,139 504,067 11%Total Assets (R$000) 794,708 766,220 4% 794,708 661,969 20%(1) EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) adjusted excluding non-recurring IPO expenses. Excludes equity income (pick-up) from investments.(2) Total potential pre-sales value, including the share of Rodobens and of partners.(3) Total pre-sales value, independent of the share of Rodobens in the projects.(4) Doesn't include equity income

(1)(4)

1924

36

50

73

1Q07 2Q07 3Q07 4Q07 1Q08

Net Revenues (R$ million)Net Revenues (R$ million) EBITDA (R$ million)EBITDA (R$ million)

3 47

1114

22.5%

19.8%18.0%

16.9%

19.9%

1Q07 2Q07 3Q07 4Q07 1Q08

1924

36

50

73

1Q07 2Q07 3Q07 4Q07 1Q08

Net Revenues (R$ million)Net Revenues (R$ million) EBITDA (R$ million)EBITDA (R$ million)

3 47

1114

22.5%

19.8%18.0%

16.9%

19.9%

1Q07 2Q07 3Q07 4Q07 1Q08


of 22

Message from the Management

Rodobens Negócios Imobiliários started 2008 in a intense rhythm of activities, continuing its path of strong growth initiated in 2006. Once again, all main operating and financial-economic indicators showed growth rates higher than 100% compared to the same period of the previous year.

In spite of the first quarter being traditionally the year’s weakest in the housing industry, we launched projects totaling R$195 million (Rodobens’ share only), equivalent to 31% of the full year 2008 target disclosed by the management, and 45% of all project launches in year 2007.

All project launches in 1Q08 were brought to the market at an average selling price per unit of up to R$150,000, reflecting Rodobens’ declared strategic positioning, since before our IPO, of prioritizing the offering of homes to the middle and lower-middle classes.

The contracted sales (Rodobens’ share only) reached a new quarterly record of R$154 million, equivalent to 49% of the figure for the full year of 2007. There were sold 2,092 units, being 88% of projects with average selling price per unit of up to R$150,000.

In the technical-operational side, the successful delivery of the project Terra Nova Garden Village I (in Dec/07-Jan/08), a gated community of 360 homes delivered in just 12 months from its launching, was another milestone for the company. It was Rodobens’ first-ever project built with the process of concrete molded on site, and the first-ever project by a Brazilian homebuilder to be qualified as “Sustainable Construction” by Banco Real (ABN Amro), one of the world’s leading organizations in the concept of Sustainability.

The geographic expansion of our product-concept TERRA NOVA (priced up to R$150,000) is a growing nationwide reality, with projects already launched in the South, Southwest and Midwest regions of Brazil: Sorocaba/SP, Marília/SP, Osasco/SP, Cascavel/PR, Ponta Grossa/PR, Porto Alegre/RS, Alvorada/RS, Santa Cruz do Sul/RS, Várzea Grande/MT, Rondonópolis/MT, besides our headquarters’ city of São José do Rio Preto/SP. Beyond those, we shall soon be launching Terra Nova gated communities of affordable homes in: Palhoça/SC, Uberaba/MG, Uberlândia/MG, São Carlos/SP, among many other mid-sized cities with significant economic importance to its respective states.

We reiterate that our primary commitment is to a business model that maximizes the return on the invested capital (ROIC) in a sustainable way. One of the paths to that goal is the relentless pursuit of the shortening of the delivery period of the homes to our clients, like what we do with the Terra Nova homes, in up to 12 months from the launching.

Despite the economic slowdown in the U.S., and the recent increase of the basic interest rate in Brazil (the Selic rate), we maintain our confidence in the continuation of a favorable macroeconomic environment in the long term. Besides the economic environment, the age profile of the Brazilian population will translate into continuous and growing demand for new homes throughout the next two decades at least, particularly in the lower income segments more dependent of credit, which are our business focus.

We once again share our delight to count with a team of employees that is united, motivated and committed to results, and expect to continue to count with the confidence and support of our shareholders, clients, partners, suppliers and authorities.


of 22

The Company

Rodobens Negócios Imobiliários is a real estate developer with more than 16 years of experience and focus in the cities with more than 150,000 inhabitants in the countryside of Brazil. Since the beginning of its operations in 1991, the company has launched 70 residential projects in 24 cities in seven states of Brazil (SP, MG, RJ, PR, RS, CE, MT), comprising a total of 16,742 units and 1.8 million m² (as of March 2008).

Rodobens Negócios Imobiliários is part of Empresas Rodobens, one of Brazil’s 100 largest business conglomerates. The group was founded in 1949 in São José do Rio Preto/SP and has a strong presence two distinct areas of business: vehicles – origin of the group - and real estate. The group comprises auto dealerships, truck and bus dealerships, consortium administration, insurance, auto and truck rental, banking, e-commerce, real estate development, mortage, corporate satellite TV and international businesses.

Our real estate development activity is focused in the acquisition of raw land for the development, building and selling of homes that are part of gated communities (or condominiums). Our projects are targeted at two distinct segments of the public, represented by the brands Terra Nova and Sistema Fácil:

Segmentation of our residential real estate products

Both the Terra Nova and the Sistema Fácil projects are developed in the concept of residential gated communities that offer solutions of quality, leisure, security and services, plus advanced urban and aesthetic concepts, integrated with attractive financing conditions.

We believe Rodobens to be one of the real estate developers with the best understanding of the preferences of the population of the cities in the interior of Brazil, and better able to offer products that meet the quality requirements of customers from those cities, at affordable prices and payment conditions.

In addition to the interior of the state of São Paulo and other Brazilian states, we operate in the main cities of Brazil, including São Paulo, Rio de Janeiro, Belo Horizonte, Porto Alegre and Fortaleza.

Besides the business of real estate development, we are also jointly controlling shareholders of Companhia Hipotecária Unibanco Rodobens (“CHUR”). The CHUR is a 50%-50% joint venture with Unibanco founded in the end of 2004 and which main product is the Plano Único (“Unique Plan”) – letter of credit for the purchase of a real estate property, new or used, residential or commercial.

SISTEMA FÁCILSISTEMA FÁCILTERRA NOVATERRA NOVA

Selling price (R$/unit)Selling price (R$/unit)

Built areaBuilt area

Income Segment TargetIncome Segment Target

Delivery time (months)Delivery time (months)

Customer FinancingCustomer Financing

# Projects Launched# Projects Launched

R$65,000 - R$150,000R$65,000 - R$150,000

45-90m², 2-3 bedrooms45-90m², 2-3 bedrooms

5-10 MW¹ (R$2,075-R$4,150/month)5-10 MW¹ (R$2,075-R$4,150/month) >10 MW¹ (>R$4,150/month)>10 MW¹ (>R$4,150/month)


Above R$151,000 (USD80,000)Above R$151,000 (USD80,000)

Horizontal: 12 / Vertical: 18–36Horizontal: 12 / Vertical: 18–36

9% + TR² and 25-30 years tenor 9% + TR² and 25-30 years tenor ~10.5% + TR² and 25-30 years tenor~10.5% + TR² and 25-30 years tenor

4848

Horizontal: 14-18 / Vertical: 18–36Horizontal: 14-18 / Vertical: 18–36

2222

SISTEMA FÁCILSISTEMA FÁCILTERRA NOVATERRA NOVA

Selling price (R$/unit)Selling price (R$/unit)

Built areaBuilt area

Income Segment TargetIncome Segment Target

Delivery time (months)Delivery time (months)

Customer FinancingCustomer Financing

# Projects Launched# Projects Launched

R$65,000 - R$150,000R$65,000 - R$150,000


5-10 MW¹ (R$2,075-R$4,150/month)5-10 MW¹ (R$2,075-R$4,150/month) >10 MW¹ (>R$4,150/month)>10 MW¹ (>R$4,150/month)


Above R$151,000 (USD80,000)Above R$151,000 (USD80,000)

Horizontal: 12 / Vertical: 18–36Horizontal: 12 / Vertical: 18–36

9% + TR² and 25-30 years tenor 9% + TR² and 25-30 years tenor ~10.5% + TR² and 25-30 years tenor~10.5% + TR² and 25-30 years tenor

4848

Horizontal: 14-18 / Vertical: 18–36Horizontal: 14-18 / Vertical: 18–36

2222


of 22

Corporate Governance

Following we provide a summary of some of the initiatives and aspects related to best practices of corporate governance:

Code of Ethics: Rodobens Negócios Imobiliários fully adheres to the Code of Ethics of the Rodobens group (“Empresas Rodobens”). English and Portuguese versions of the Code are available at our investor relations website (www.rodobens-rni.com.br/ir).

Insider Trading Policy: our management - board directors and executive directors - have signed their adherence to an Insider Trading Policy covering the company’s insiders. The adoption of such Policy by a publicly-traded company is voluntary, non-mandatory, according to article 15 of Instruction #358 of the CVM (the Brazilian SEC). English and Portuguese versions of the Policy can be found at our investor relations website (www.rodobens-rni.com.br/ir).

Fiscal Council: we have a fiscal council installed on a permanent basis, with the objective to help in the overseeing of and guidance for the company’s management. It is comprised of three independent members, one of them elected by the minority shareholders at the AGM held on April 30th, 2007.

We believe that Rodobens was the first Brazilian real estate developer, in 2Q07, to bring together all the elements above and intend to keep the company in the forefront of the industry concerning the adoption of best practices of corporate governance, including social and environmental responsibility.

Below we provide a breakdown of our shareholder base as of the end of the 1Q08:

Shareholder Base

47% 53%

Free Float

Controlling Shareholders

Breakdown of Free Float

1%

78%

21%

Brazilian institutionsIndividualsForeign institutions


of 22

Operating performance 1Q08

Pre-sales

Pre-sales in 1Q08 reached R$154 million (Rodobens’ share only), a 360% growth over 1Q07. Our pre-sales are reported net of cancellations (sales contracts cancelled) occurred in the reported period.

Rodobens’ share increased from 54% (1Q07) to 61% of the total pre-sales in 1Q08 (R$253 million).

2,092 units were sold (vs. 310 in 2006), being 88% with selling price up to R$150,000.

Below we illustrate the breakdown of the pre-sales in the 1Q08 by (i) location and by (ii) product type:

Three projects accounted for 63% of the 1Q08 pre-sales: Innova São Francisco (Osasco/SP) 41%, Terra Nova Cascavel (Cascavel/PR) 13%, and Terra Nova Sorocaba (Sorocaba/SP) 9%. The other projects answered, each (or, individually), for less than 6% of the quarter’s sales.

Pre-Sales in Value, Rodobens’ share - by LOCATIONPre-Sales in Value, Rodobens’ share - by LOCATION Pre-Sales in Value, Rodobens’ share - by PRICE and TYPEPre-Sales in Value, Rodobens’ share - by PRICE and TYPE

up to R$150,000

Vertical46%

up to R$150,000 Horizontal

42%

>R$150,000 Vertical

7%

>R$150,000 Horizontal

5%

Others28%

São Paulo Capital

4%São Paulo Interior

68%

33 38

100

144154

1Q07 2Q07 3Q07 4Q07 1Q08

Pre-sales – Rodobens’ share only (R$MM)Pre-sales – Rodobens’ share only (R$MM)

33 38

100

144154

1Q07 2Q07 3Q07 4Q07 1Q08

Pre-sales – Rodobens’ share only (R$MM)Pre-sales – Rodobens’ share only (R$MM)

Year of Launching # of Units R$MM

TotalR$MM RNI % Year % RNI

2008 994 103.1 72.4 47% 70%2007 1,040 133.2 74.2 48% 56%2006 36 7.5 3.9 3% 52%2005 (3) (0.5) (0.1) 0% 30%Before 2005 25 9.9 3.3 2% 33%TOTAL 2,092 253.2 153.7 100% 61%

1Q08 Pre-sales, by year of project launching


of 22

Pre-sales (cont.)

Pre-Sales by Product Type 1Q08 1Q07 1Q08vs. 1Q07 1Q08 4Q07 1Q08vs.

4Q07

Terra Nova Horizontal Pre-Sales - Total (R$000)¹ 78,127 4,613 1593% 78,127 86,985 -10%price up to R$150,000 Pre-Sales RNI (R$000) 65,013 1,906 3310% 65,013 78,175 -17%

# Units Sold 880 52 1592% 880 981 -10%Average delivery time : Average price per unit (R$000/unit) 89 89 0% 89 89 0%12 months Average price of usable area (R$/m²) 1,455 1,210 20% 1,455 1,442 1%

Terra Nova Vertical Pre-Sales - Total (R$000)¹ 136,604 2,820 4745% 136,604 74,187 84%price up to R$150,000 Pre-Sales RNI (R$000) 70,398 2,623 2584% 70,398 38,750 82%

# Units Sold 1,075 28 3739% 1,075 538 100%Average delivery time : Average price per unit (R$000/unit) 127 101 26% 127 138 -8%30 months Average price of usable area (R$/m²) 2,202 1,720 28% 2,202 2,234 -1%

Sistema Fácil Horizontal Pre-Sales - Total (R$000)¹ 16,365 19,487 -16% 16,365 15,302 7%price >R$150,000 Pre-Sales RNI (R$000) 7,174 9,500 -24% 7,174 6,438 11%

# Units Sold 58 90 -36% 58 48 21%Average delivery time : Average price per unit (R$000/unit) 282 217 30% 282 319 -11%18 months Average price of usable area (R$/m²) 2,244 1,988 13% 2,244 2,381 -6%

Sistema Fácil Vertical Pre-Sales - Total (R$000)¹ 22,123 34,960 -37% 22,123 32,620 -32%price >R$150,000 Pre-Sales RNI (R$000) 11,160 19,365 -42% 11,160 20,230 -45%

# Units Sold 79 140 -44% 79 115 -31%Average delivery time : Average price per unit (R$000/unit) 280 250 12% 280 284 -1%30 months Average price of usable area (R$/m²) 2,717 2,669 2% 2,717 2,538 7%

TOTAL Pre-Sales Pre-Sales - Total (R$000)¹ 253,219 61,880 309% 253,219 209,094 21%Pre-Sales RNI (R$000) 153,744 33,394 360% 153,744 143,594 7%# Units Sold 2,092 310 575% 2,092 1,682 24%Average price per unit (R$000/unit) 121 200 -39% 121 124 -3%Average price of usable area (R$/m²) 1,931 2,183 -12% 1,931 1,854 4%

(1) Total pre-sales value, including the share of Rodobens and of partners.(2) Includes Innova São Francisco project (50% Rodobens, 50% Camargo Corrêa Desenvolvimento Imobiliário).

Pre-Sales by Location (in R$000, Rodobens' Share only) 1Q08 1Q07 1Q08vs. 1Q07 1Q08 4Q07 1Q08vs.

4Q07

Terra Nova Horizontal São Paulo City - - n.a. - - n.a.price up to R$150,000 Other Cities - State of São Paulo 26,974 1,906 1315% 26,974 30,770 -12%

Other States 38,038 - n.a. 38,038 47,405 -20%TOTAL 65,013 1,906 3310% 65,013 78,175 -17%

Terra Nova Vertical São Paulo City 4,162 2,540 64% 4,162 3,317 25%price up to R$150,000 Other Cities - State of São Paulo 62,414 83 75023% 62,414 14,378 334%

Other States 3,821 - n.a. 3,821 21,056 -82%TOTAL 70,398 2,623 2584% 70,398 38,750 82%

Sistema Fácil Horizontal São Paulo City - - n.a. - - n.a.price >R$150,000 Other Cities - State of São Paulo 7,174 9,500 -24% 7,174 6,438 11%

Other States - - n.a. - - n.a.TOTAL 7,174 2,623 173% 7,174 6,438 11%

Sistema Fácil Vertical São Paulo City 1,469 37 3818% 1,469 762 93%price >R$150,000 Other Cities - State of São Paulo 8,130 12,777 -36% 8,130 15,458 -47%

Other States 1,560 6,550 -76% 1,560 4,010 -61%TOTAL 11,160 19,365 -42% 11,160 20,230 -45%

TOTAL Pre-Sales São Paulo City 5,632 2,578 58% 5,632 4,079 38%Other Cities - State of São Paulo 104,693 24,266 176% 104,693 67,044 56%Other States 43,420 6,550 1006% 43,420 72,471 -40%TOTAL 153,744 33,394 330% 153,744 143,594 7%

2


of 22

Project Launches

In the 1Q08, Rodobens launched projects with a total potential sales value (PSV) of R$244 million, of which R$195 million the share owned by Rodobens (80% of the total PSV launched). The PSV Rodobens launched in 1Q08 was 515% higher than in 1Q07.

There were nine launchings, represented by six new projects, and three “follow-on” phases of projects already started, totaling 2,642 units in the quarter.

Projects Launched in 1Q08 (Potential Sales Value (PSV) in millions of Brazilian Reais (R$MM))

Project nameLaunching

status Total PSV % RNIRNI's PSV Type

Number of units

Avg. price per unit (R$000)

Price per area (R$/m2)

Terra Nova Marília/SP (1st Phase) 1Q08 25 100% 25 House 288 88 1,387 Terra Nova Rondonópolis/MT (1st Phase) 1Q08 28 100% 28 House 348 81 1,475 Terra Nova Santa Cruz do Sul/RS (1st Phase) 1Q08 19 50% 10 House 214 89 1,515 Terra Nova Cascavel/PR (1st Phase) 1Q08 37 100% 37 House 402 91 1,512 Terra Nova Sorocaba/SP (2nd Phase) 1Q08 33 100% 33 House 378 87 1,527 Innova São Francisco - Osasco/SP (2nd Phase) 1Q08 56 50% 28 Apart. 422 132 2,292 Terra Nova Ponta Grossa/PR (1st Phase) 1Q08 22 100% 22 House 260 83 1,480 Terra Nova Parque da Liberdade II - S. J. Rio Preto/SP (2nd Phase) 1Q08 17 50% 8 House 228 73 1,385 Terra Nova Reserva - Alvorada/RS 1Q08 8 50% 4 House 102 80 1,502 Total Launched 1Q08 R$ 244 80% R$ 195 2,642 R$ 93

PSV Launched 2008 - By Type:Vertical (Apartments) R$ 56 R$ 28Horizontal (Gated community of single-family homes) R$ 189 R$ 167

PSV Launched 2008 - By Price and Type>R$150,000 - Apartments - - >R$150,000 - Houses - - Up to R$150,000 - Apartments R$ 56 R$ 28Up to R$150,000 - Houses R$ 189 R$ 167

Individual project information of (i) accumulated percentage sold and (i) percentage of completion (i.e. costs incurred) for all projects launched in 1Q08 and in recent years can be found in the last page of this document.


of 22

Project Launches (cont.)

Project Launches by Price and Type 1Q08 1Q07 1Q08vs. 1Q07 1Q08 4Q07 1Q08vs.

4Q07

Terra Nova Horizontal Project Launches - Total (R$000)¹ 188,963 - n.a. 188,963 53,827 251%price up to R$150,000 Project Launches - RNI (R$000) 166,879 - n.a. 166,879 37,527 345%

# Units Launched 2,220 - n.a. 2,220 628 254%Average delivery time : Average Units Launched Price (R$000/unit) 85 - n.a. 85 86 -1%12 months Average Units Launched Price (R$/m²) 1,475 - n.a. 1,475 1,331 11%

Terra Nova Vertical Project Launches - Total (R$000)¹ 55,501 - n.a. 55,501 173,144 -68%price up to R$150,000 Project Launches - RNI (R$000) 27,751 - n.a. 27,751 86,572 -68%

# Units Launched 422 - n.a. 422 1,287 -67%Average delivery time : Average Units Launched Price (R$000/unit) 132 - n.a. 132 135 -2%30 months Average Units Launched Price (R$/m²) 2,292 - n.a. 2,292 2,238 2%

Sistema Fácil Horizontal Project Launches - Total (R$000)¹ - 4,593 -100% - - n.a.price >R$150,000 Project Launches - RNI (R$000) - 2,210 -100% - - n.a.

# Units Launched - 24 -100% - - n.a.Average delivery time : Average Units Launched Price (R$000/unit) - 191 -100% - - n.a.18 months Average Units Launched Price (R$/m²) - 1,801 -100% - - n.a.

Sistema Fácil Vertical Project Launches - Total (R$000)¹ - 43,969 -100% - 24,721 -100%price >R$150,000 Project Launches - RNI (R$000) - 29,420 -100% - 8,232 -100%

# Units Launched - 186 -100% - 36 -100%Average delivery time Average Units Launched Price (R$000/unit) - 236 -100% - 687 -100%30 months Average Units Launched Price (R$/m²) - 2,460 -100% - 3,889 -100%

TOTAL Project Launches Project Launches - Total (R$000)¹ 244,464 48,562 403% 244,464 251,691 -3%Project Launches - RNI (R$000) 194,629 31,631 515% 194,629 132,331 47%# Units Launched 2,642 210 1158% 2,642 1,951 35%Average Units Launched Price (R$000/unit) 93 231 -60% 93 129 -28%Average Units Launched Price (R$/m²) 1,605 2,378 -32% 1,605 2,027 -21%

(1) Total potencial pre-sales value, including the share of Rodobens and of partners.(2) Includes Innova São Francisco project (50% Rodobens, 50% Camargo Corrêa Desenvolvimento Imobiliário).

Launches by Location (in R$000, Rodobens' share) 1Q08 1Q07 1Q08vs. 1Q07 1Q08 4Q07 1Q08vs.

4Q07

Terra Nova Horizontal São Paulo City - - n.a. - - n.a.price up to R$150,000 Other Cities - State of São Paulo 66,736 - n.a. 66,736 15,111 342%

Other States 100,143 - n.a. 100,143 22,416 347%TOTAL 166,879 - n.a. 166,879 37,527 345%

Terra Nova Vertical São Paulo City - - n.a. - - n.a.price up to R$150,000 Other Cities - State of São Paulo 27,751 - n.a. 27,751 54,679 -49%

Other States - - n.a. - 31,892 -100%TOTAL 27,751 - n.a. 27,751 86,572 -68%

Sistema Fácil Horizontal São Paulo City - - n.a. - - n.a.price >R$150,000 Other Cities - State of São Paulo - 2,210 -100% - - n.a.

Other States - - n.a. - - n.a.TOTAL - 2,210 -100% - - n.a.

Sistema Fácil Vertical São Paulo City - - n.a. - - n.a.price >R$150,000 Other Cities - State of São Paulo - 22,168 -100% - - n.a.

Other States - 7,252 14% - 8,232 -100%TOTAL - 29,420 -72% - 8,232 -100%

TOTAL Project Launches São Paulo City - - n.a. - - n.a.Other Cities - State of São Paulo 94,486 24,378 186% 94,486 69,791 35%Other States 100,143 7,252 762% 100,143 62,540 60%TOTAL 194,629 31,631 318% 194,629 132,331 47%

2


of 22


Among the project launches in 1Q08, we highlight the second phase of the Terra Nova Parque da Liberdade 2, a gated condominium of 476 homes, part of a large scale project in the concept of planned communities.

The Parque da Liberdade will be a new neighborhood in the city of São José do Rio Preto, a 430,000-people city in the interior of the State of São Paulo, where Rodobens is headquartered. The total project will be developed in phases, totaling approximately 2,600 homes in six individual gated communities (condominiums), each with its own structure of leisure, security, water and waste collection. The community will have a public infra-structure of transit, leisure, school and security, with its construction managed by Rodobens.

The first gated condominium was launched in August 2007 and had 80% of its 340 units sold in two months. The second condominium – the Terra Nova Parque da Liberdade 2 – had its first phase of 248 homes launched in 4Q07 and already reached 71% sold at the end of 1Q08.

Terra Nova Parque da Liberdade - Art design

The homes of the Parque da Liberdade project will be built with the process of concrete molded on site, with delivery scheduled for up to 12 months from the launching. Following we present images of the undergoing construction of the Terra Nova Parque da Liberdade I as of April 2008:


of 22


Concerning the planned project launches for 2008, in January 2008 we revised our target upwards to R$634 million in potential sales value (PSV), Rodobens’ share only (total PSV: R$900-1,000 million), and confirmed the possibility of that target to be revised upwards again during the course of 2008.

Breakdown of Project Launches (in R$ million, Rodobens’ share) by Product (selling price)

Land bank

During the 1Q08 we continued to strive in the prospecting, negotiation, and acquisition of land tracts with the characteristics adequate for the development of Terra Nova horizontal projects in various states of Brazil.

As of March 31, 2008, the total land bank – acquired and under purchase option – represented a total potential sales value estimated at R$5.8 billion, being R$5.1 billion the share of Rodobens, with the potential to build approximately 74,000 homes, spread by 47 cities of 10 of the most economically-active Brazilian states.

Of the potential sales value estimated for Rodobens, 72% comes from land properties acquired based on purchase and sale agreements, and 28% represented by short term purchase option agreements (typically 90-120 days, often renewable). Our standard and disciplined process for land purchase requires that a pilot housing development project is granted a preliminary approval by the municipal authorities while the respective land property is still under purchase option and previously to our purchase of that asset.

50 125 32545

292410

768142

171

200

220

1,216

45

$1,093

$1,761

$631 $434

$90

2006 2007 2008E 2009E 2010E

Moradas (R$50k-65k) Terra Nova (R$65k-150k) Sistema Fácil (>R$150k)

Breakdown of the Potential Pre-Sales Value of the Land Bank

By LocationCapitals

19%

Non-capitals

81%

By Product Selling Price>R$150k

6%

up to R$150k

94%


of 22

Land bank (cont.)

State #Cities Acquired Under Option Total % of Total Acquired Under Option Total % of Total

BA 1 232,260 - 232,260 5% 3,318 - 3,318 4%GO 2 275,620 - 275,620 5% 3,724 - 3,724 5%MG 8 659,197 524,005 1,183,202 23% 8,736 7,666 16,402 22%MS 1 28,068 70,800 98,868 2% 686 885 1,571 2%MT 2 266,066 281,100 547,166 11% 4,014 3,748 7,762 11%PR 4 192,478 32,200 224,678 4% 2,558 460 3,018 4%RJ 2 142,100 - 142,100 3% 2,030 - 2,030 3%RS 6 352,914 - 352,914 7% 7,600 - 7,600 10%SP 18 756,460 517,375 1,273,835 25% 10030 6,989 17,019 23%SC 3 732,165 - 732,165 14% 11,466 - 11,466 16%

10 47 3,637,326 1,425,480 5,062,806 100% 54,162 19,748 73,910 100%¹ Total number of units, regardless of other partners' participation and units given in swap for land owners

Breakdown of land bank by state of BrazilPSV RNI (in R$000) Units¹

The national foothold of the Rodobens group, with strong name recognition and reputation in the cities located in the inlands of Brazil, results in an extensive network of contacts that has continued to provide us with a competitive advantage in the identification and acquisition of the best land properties in the target cities for the development of Terra Nova housing projects.

<1%

5%

23%

3% 25%

4%

14%

7%

São José do Rio Preto/SP

2%

5%

11%

Acquired areas in states with projects under construction

Acquired areas in states with projects in pre-launching phase (launching 1H08)


of 22

Financial Performance 1Q08

Income Statement

Consolidated, in R$000 1Q08 4Q07 PctChg 1Q07 PctChg

Net Operating Revenue 72,680 49,805 46% 18,955 163%Gross Margin 32.5% 37.0% -4.5 p.p. 32.2% 4.8 p.p.

Commercial Expenses (4,249) (2,956) 44% (1,277) 131%-5.8% -5.9% 0.1 p.p. -6.7% 0.8 p.p.

General and Administrative Expenses (7,186) (5,907) 22% (4,348) 36%-9.9% -11.9% 2 p.p. -22.9% 11.1 p.p.

Other Operating Revenue 1,468 1,484 -1% 2,171 -32%2.0% 3.0% -1 p.p. 11.5% -8.5 p.p.

Equity Pick-Up from Investments 613 516 -

EBITDA 14,463 11,194 ² 29% 3,207 249%EBITDA Margin 19.9% 22.5% -2.6 p.p. 16.9% 5.6 p.p.

IPO- related Non-recurring Expenses - - (18,650) Net Financial Income (Expenses) 7,265 947 ¹ 7,966 Income Taxes (3,670) (576) (641) Minority Interest (10) (8) -

Net Income 17,864 20,432 (8,675) Net Income Margin 24.6% 41.0% -45.8%Earnings per Share (in R$) 0.37 0.42 (0.18)

¹: Includes Interest on Equity of R$8.5 million recorded as interest expense, that is reversed back to net income.²: Doesn't include equity income

Results discussed

– Net Revenue rose 163% (vs. 1Q08), reaching R$128 million. Revenues and costs are recognized by the Percentage of Completion method. The revenue growth was due to a higher number of projects launched and under recognition of costs incurred.

– Gross Margin was 32.5% in the quarter, lower than the year 2007 margin of 34.5%. The gross margin, when adjusted for the exclusion of interest expense recorded as cost of projects, was 35.0%.

The largest single contribution (about 50%) for the decline in gross margin in the 1Q08 vs. FY2007, that is, 1 percentage point of the total 2pp decline, came from the start of revenue recognition of the Innova São Francisco project, with margin of 24.4% of net revenue. The lower relative margin of the Innova is partially explained by the non-inclusion of the sales commission in the price of the contracts signed with clients. If commissions were included, as it has been the predominant practice by Rodobens, the Innova’s margin would have been 27.2%.

– Commercial and Sales Expenses stayed at the 6% level, within our goal of 6%-7%. The deferral of this expenses category, for project-related expenses only, while overstating earnings in the short term, brings the benefit of an alignment with revenue recognition, facilitating the monitoring and analysis of individual project margins.


of 22

Financial Performance 1Q08 (cont.)

– General and Administrative Expenses totaled R$7.2 million, already included the provision for employees’ profit sharing (paid twice a year), a practice that aims at avoiding distortions in results reporting when such expense is recognized only at the end of the performance measurement periods (e.g. semester or year).

When we subtract, from the G&A expenses, the recurring Other Operating Revenues of R$1.5 million (from the rendering of administrative services to the SPEs in which we have partners), our “net” G&A expenses were at R$5.7 million, or 8% of net revenue.

We believe Rodobens to be one of the lowest operating cost companies, perhaps the lowest, among the listed Brazilian homebuilders.

– EBITDA reached R$14 million, with 19.9% margin of net revenue. Excluding the negative impact of interest expenses recorded as cost of projects, the EBITDA margin was 22.4%.

Starting this quarter, we include the proportional equity income from investments (or equity pick-up) in the calculation of EBITDA, in order to reflect our business of proprietary mortgage (Cia. Hipotecária Unibanco Rodobens-CHUR). The contribution of CHUR to the EBITDA margin in 1Q08 was 0.8 percentage points.

– Net Income in 1Q08 reached R$18 million, reflecting the growing operating profit and the decreasing contribution of the net interest (i.e. financial) result.

Selected Accounting practices

Following we provide clarity about some of our accounting practices that affect the analysis of our results, particularly when compared against other Brazilian listed homebuilders:

• The revenues, the costs, and the expenses from SPEs in which we participate with partners are reflected in our consolidated financial statements only proportionally to our stake in those SPEs (or projects). This way, our minority interests result is irrelevant.

• Interest expense from construction financing: recorded as cost of projects during the period of construction, therefore negatively affecting our accounting gross profit and the EBITDA. Bottom line: our EBITDA, if not adjusted, is not interest expense-free, violating the standard and pure EBITDA concept.

• Commercial and sales expenses: represented by sales comissions paid to brokers, and by marketing and advertisement expenses directly related to individual projects, are capitalized when incurred and then expensed according to the revenue recognition (percentage of completion method).

• Interest revenue from performed contracts with clients: recorded in the financial result, and not in the (top line) revenue from projects. Therefore, our gross margin does not carry positive impact of interest charged to customers.


of 22


Consolidated Balance Sheet: main items

Credits with Clients

Our credits towards clients recorded in the balance sheet at the end of 1Q08 were R$200 million, a growth of 22% over the previous quarter (4Q07).

Of those R$200 million, R$90 million were represented by performed receivables, i.e. finished and delivered units with potential for immediate conversion into cash via sale or securitization. It is currently estimated that, until the end of the year, additional at least R$130 million in performed receivables will be generated from the delivery of construction of units already pre-sold.

The credits not yet recorded in the balance sheet, which revenues are yet unrecognized in the income statement due to the percentage of completion method, rose to R$336 million, a growth of 34% over the end of the previous quarter.

Adding up the receivables recorded to the unrecorded (or unrealized) amount, total credits with clients were R$536 million at the end of 1Q08, a growth of 44% over the end of the 2007.

Credits with clients (R$ MM)

1Q08 % 1Q07 %1Q08 x 1Q07

4Q07 %1Q08 x 4Q07

Current Assets

Amounts realized 135,009 25% 55,376 32% 144% 96,317 24% 40%

Amounts non realized 256,914 48% 61,804 36% 316% 219,390 54% 17%

Total Current Assets 391,923 73% 117,180 69% 234% 315,707 78% 24%

Non Current Assets

Amounts realized 64,675 12% 42,709 25% 51% 55,067 14% 17%

Amounts non realized 79,282 15% 10,570 6% 650% 31,926 8% 148%

Total Non Current Assest 143,957 27% 53,279 31% 170% 86,993 22% 65%

TOTAL 535,880 100% 170,459 100% 214% 402,700 100% 33%

Shareholders'

Equity 561

Others 118

Bank Debt 61

Inventory 253

Others 74

Clients 200

Land Payables 99Cash 224

Assets Liabilities


of 22


Real Estate for Sale (Inventory)

The 21% growth in our real estate for sale inventory at the end of 1Q08 vs. 4Q07 is also an indicator of the strong growth of our operations. We highlight the participation of finished units remaining at only 2% of the total inventory, and the continuing increase in the amount of land available for development.

Real Estate for Sale (R$MM) 1Q08 % 1Q07 %1Q08 x 1Q07

4Q07 %1Q08 x 4Q07

Built units 5,138 2% 2,845 4% 81% 3,172 2% 62%

Under construction 75,894 30% 25,893 34% 193% 61,731 29% 23%

Raw/Undeveloped Land 172,043 68% 47,064 62% 266% 144,566 69% 19%

TOTAL 253,075 100% 75,802 100% 234% 209,469 100% 21%

Below we report an estimate of the potential sales value (or market value) of the finished units and the units under construction which appear in our balance sheet at its historical cost:

Real Estate for Sale (R$MM) 1Q08 % 4Q07 %1Q08 x 4Q07

Built units 6,728 2% 4,395 1% 53%

Under construction 255,061 59% 215,979 59% 18%

Raw/Undeveloped Land 172,043 40% 144,566 40% 19%

TOTAL 432,832 100% 364,940 100% 19%

The difference between the figures reported in the balance sheet and the estimated potential sales (market) value of the finished units and those under construction is R$181 million.

Bank Debt

The outstanding balance of loans and financings stayed at R$60 million, with the entry of new loans being compensated by the amortization of old ones.

Our balance of bank debt is represented exclusively by financing for construction, in Brazilian Reais (R$), under the SFH – Financial Housing System, at interest rates from 9% to 13%p.a. plus TR.

Outstanding Balance 1Q08 % 1Q07 % 1Q08 x 1Q07 4Q07 % 1Q08 x

4Q07Short Term 23,623 39% 13,203 20% 79% 20,612 34% 15%Long Term 37,001 61% 53,593 80% -31% 39,303 66% -6%TOTAL 60,624 100% 66,796 100% -9% 59,915 100% 1%

The table below presents the debt amortization schedule of the long term portion:

Amortization TotalSchedule ( R$ MM )

2009 (since april/09) 16,5232010 10,8792011 5,051After 2011 4,548Total long term 37,001


of 22

The Companhia Hipotecária Unibanco Rodobens (Mortgages)

Results and Operations

In 1Q08 CHUR posted a net income of R$1.3 million. The result of CHUR is reflected in the consolidated income statement of Rodobens Negócios Imobiliários by the method of equity income (i.e. equity pick-up).

The main contributions to that quarterly net income were (i) the interest revenues of R$1.6 million, which at CHUR are classified and reported as operating revenues due the nature of its business, and (ii) the other operating revenues of R$2.6 million, represented by Plano Único application fees and plan administration fees.

At the end of March 2008, CHUR had 3,132 contracts qualified by Rodobens as active by the criteria of timely payments, representing a portfolio of client contracts with a total value of R$241 million, and an average value of R$77 thousand per letter of credit.

The charts below show the quarterly evolution of the balance sheet of CHUR:

Most of CHUR’s assets are represented by a cash position built up with advances from clients of Plano Único who are saving for the future access to a letter of credit.

As of March 31, 2008, the CHUR had a portfolio of performed mortgage credits, i.e. letters of credit granted to clients, in the amount of R$12 million.

The financial strategy of CHUR is to negotiate the sale, to financial agents of the SBPE (Brazilian System of Savings and Loans), of the portfolio of performed mortgage loans generated from the granting of the letters of credit.

* * * * *

5256

6164

9 10 1112

5 5 59

5 4 4 3

Cash Disbursed Loans Approved Loans Other credits

2Q073Q074Q071Q08

19 21 2223

4852

5562

2 3 4 3

Net Worth Advances fromCustomers

Others

2Q073Q074Q071Q08

Assets (R$ million)Assets (R$ million) Net Worth and Liabilities (R$ million)Net Worth and Liabilities (R$ million)

5256

6164

9 10 1112

5 5 59

5 4 4 3

Cash Disbursed Loans Approved Loans Other credits

2Q073Q074Q071Q08

19 21 2223

4852

5562

2 3 4 3

Net Worth Advances fromCustomers

Others

2Q073Q074Q071Q08

Assets (R$ million)Assets (R$ million) Net Worth and Liabilities (R$ million)Net Worth and Liabilities (R$ million)


of 22

Consolidated Balance Sheet

Rodobens Negócios Imobiliários S.A.

Balance Sheet 1Q08 4Q07 % Chg 1Q07 % Chg

( In R$000)

ASSETS

CURRENT ASSETS

Cash and banks 8,349 6,848 22% 4,312 94%

Financial investments 215,412 297,803 -28% 430,696 -50%

Credits with clients 135,009 96,317 40% 55,376 144%

Real estate for sale 238,504 196,599 21% 75,802 215%

Credits with third parties 50,645 38,925 30% 24,189 109%

Expenses to be transfered to SPCs¹ 5,492 10,196 -46% 4,679 17%

Sales expenses to be recognized 18,345 12,897 42% 5,103 259%Prepaid expenses 237 356 -33% 716 -67%Other credits 6,625 5,136 29% 1,939 242%Total current assets 678,618 665,077 2% 602,812 13%

NON-CURRENT ASSETS

Credits with clients 64,675 55,067 17% 42,709 51%Related parties 18,074 16,016 13% 13,946 30%Legal provisions 346 297 16% - n.a.Real estate for sale 14,571 12,870 13% - n.a.Investments in related parties 11,646 11,032 6% - n.a.Fixed assets 4,493 3,973 13% 1,930 133%Intangible 2,285 1,888 21% 572 299%Total non-current assets 116,090 101,143 15% 59,157 96%

TOTAL ASSETS 794,708 766,220 4% 661,969 20%

¹ Special Purpose Companies for individual projects.


of 22

Consolidated Balance Sheet


Balance Sheet 1Q08 4Q07 % Chg 1Q07 % Chg

( In R$000)

LIABILITIES & Shareholders' Equity

CURRENT LIABILITIESSuppliers 12,062 7,999 51% 3,072 293%Loans and financing 23,623 20,612 15% 13,203 79%Social charges payable 2,817 2,449 15% 1,191 137%Taxes payable 3,203 4,696 -32% 906 254%Current accounts with partners in projects 22,129 15,911 39% 11,722 89%Land aquisitions payable 74,552 66,171 13% 21,071 254%Deferred income taxes 11,297 8,410 34% 6,036 87%Provision for customer warranty 2,224 1,749 27% 1,245 79%Advances from clients 2,347 1,824 29% 1,798 31%Related parties - intercompany loans 7,983 7,984 0% 12,510 -36%Related parties - commercial transactions - 101 n.a. - n.a.

Employees' profit sharing 495 854 -42% 508 -3%

Dividends payable 1,261 8,772 -86% 349 261%Other accounts payable 2,696 2,092 29% 2,077 30%Total current liabilities 166,689 149,624 11% 75,688 120%

NON-CURRENT LIABILITIESDeferred taxes 5,729 4,722 21% 3,784 51%Loans and financing 37,001 39,303 -6% 53,593 -31%Provisions for contingencies 138 136 1% 135 2%Land aquisition payable 23,988 29,146 -18% 24,702 -3%Total (long-term) non-current liabilities 66,856 73,307 -9% 82,214 -19%

Minority interest 24 14 71% - n.a.

Shareholders' Equity

Capital stock 512,438 512,438 0% 512,438 0%

Legal reserve 2,132 2,132 0% 118 1707%

Retained earnings 28,705 28,705 0% 186 15333%Accrued income 17,864 - n.a. (8,675) n.a.Total Shareholders' Equity 561,139 543,275 3% 504,067 11%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 794,708 766,220 4% 661,969 20%


of 22

Consolidated Income Statement


Income Statement 1Q08 4Q07 % Chg 1Q07 % Chg

(In R$000)

GROSS OPERATING REVENUES 75,383 51,606 46% 19,700 283%Revenues from projects 75,383 51,606 46% 19,700 283%

(-) DEDUCTIONS FROM GROSS REVENUES (2,703) (1,801) 50% (745) 263%Unconditional discounts (69) 1 -7000% (7) 886%Sales taxes (2,634) (1,802) 46% (738) 257%

NET OPERATING REVENUES 72,680 49,805 46% 18,955 283%

COST OF PROJECTS SOLD (49,047) (31,373) 56% (12,851) 282%

GROSS PROFIT 23,633 18,432 28% 6,104 287%

OPERATING (EXPENSES) REVENUES (9,354) (6,863) 36% (22,104) -58%Commercial and sales expenses (4,249) (2,956) 44% (1,277) 233%General and administrative expenses (7,186) (5,907) 22% (4,348) 65%Expenses from corporate restructuring (IPO) - - n.a. (18,650) -100%Other operating revenues 1,468 1,484 -1% 2,171 -32%Equity Income 613 516 19% - n.a.

OPERATING PROFIT (LOSS) BEFORE INTEREST EXPENSE 14,279 11,569 23% (16,000) n.a.

NET INTEREST (EXPENSES) REVENUES 7,265 947 667% 7,966 -9%Monetary variations, net 603 632 -5% 70 761%Interest expenses (1,122) (9,621) -88% (1,330) -16%Interest revenues 7,784 9,936 -22% 9,226 -16%

OPERATING INCOME 21,544 12,516 72% (8,034) n.a.

NON OPERATING INCOME - - n.a. - n.a.

EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 21,544 12,516 72% (8,034) n.a.

INCOME TAX AND SOCIAL CONTRIBUTION (3,670) (576) 537% (641) 473%Current (1,652) 38 -4447% (288) 474%Deferred (2,018) (614) 229% (353) 472%

NET INCOME BEFORE MINORITY INTERESTS 17,874 11,940 50% (8,675) n.a.

Minority interests (10) (8) 25% - n.a.

Interest on shareholders' equity - 8,500 -100% - n.a.

NET INCOME 17,864 20,432 -13% (8,675) n.a.22 000 000 Earnings per share (in R$/share) 0.37 0.42 (0.18)


of 22

Cash Flow

RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A.

CASH FLOW

(In R$000)

03.31.2008 03.31.2007 03.31.2008 03.31.2007 (03 Month) (03 Month) (03 Month) (03 Month)CASH FLOW FROM OPERATING ACTIVITIES

NET INCOME 17,864 (8,675) 17,864 (8,675)

Adjustments for reconciliation of loss in the period to net cash from / for operating activites

Deferred taxes (326) (69) 3,894 766 Depreciation 150 70 194 78 Minority Interests - - 10 - Equity income (17,051) (4,221) (614) - Sale of fixed assets - 288 5 299 Provision for contingencies - - - - Interest and monetary variations on loans 30 631 1,791 2,036

CHANGES IN OPERATING ASSETS AND LIABILITIESCredits with clients 2,287 (208) (48,300) (12,113) Real estate for sale (30,815) (35,318) (43,606) (40,131) Credits with third parties (47,840) (6,265) (11,720) (8,013) Expenses to be transfered to SPCs 4,956 (3,453) 4,704 (3,338) Selling expenses to be recognized 2 64 (5,448) (62) Prepaid expenses 140 (14) 119 (28) Other credits (1,807) (150) (1,489) (605) Related parties (2,578) 1,256 (2,160) 533 Legal provisions (49) - (49) - Suppliers (1,399) 266 4,063 261 Taxes and social charges payable (1,868) (162) (1,125) (190) Land acquisitions payable 5,835 21,951 3,223 29,008 Advances from customers 8 37 523 725 Advances from partners 50 3,848 6,218 4,403 Provisions for customer warranty - (116) 475 (105) Provisions for losses in subsidiaries 1,352 60 - - Provision for profit sharing (359) (224) (359) (224) Dividends payable (7,511) (168) (7,511) (168) Others accounts payable 123 (1,080) 606 (1,172)

NET CASH FLOW INVESTED IN OPERATING ACTIVITIES (78,806) (31,651) (78,692) (36,714)

CASH FLOW FROM INVESTING ACTIVITIESDeferred - - Acquisition of fixed assets (488) (569) (1,116) (596) (Addition) reduction in investments (3,555) (550) - -

NET CASH FLOW ( INVESTED IN )INVESTING ACTIVITIES (4,043) (1,120) (1,116) (596)

CASH FLOW FROM FINANCING ACTIVITIESLoans and financings - Amortization of loans and financings (1,074) (3,486) (17,107) (8,357) New loans and financings 488 2,688 16,025 14,090 Capital increase - 448,500 - 448,500

NET CASH FLOW FROM FINANCING ACTIVITIES (586) 447,702 (1,082) 454,233

(83,435) 414,931 (80,890) 416,922

Cash balanceAt the beginning of the period 293,653 13,916 304,651 18,085 At the end of the period 210,218 428,847 223,761 435,007 Difrença

SUPPLEMENTARY CASH FLOW INFORMATIONCash paid during the period related to:

Interest of loans and financings 38 457 1,990 1,259 Income tax and social contribution 503 - 1,030 448

Parent Company Consolidated

CHANGE IN CASH


of 22

ANNEX: % of Costs Incurred and % of Accumulated Sales, by Project

Project4Q07 1Q08 4Q07 1Q08 4Q07 2007 1Q08

TERRA NOVA PONTA GROSSA 0% 7% 0% 10% - - 269 100% 22 Terra Nova Ponta Grossa (1st Phase) 2008 0% 7% 0% 17%

TERRA NOVA CASCAVEL 0% 21% 0% 56% - - 4,423 100% 37 Terra Nova Cascavel 2008 0% 21% 0% 56%

TERRA NOVA SANTA CRUZ DO SUL 0% 7% 0% 2% - - 29 50% 10 Terra Nova Santa Cruz do Sul (1st Phase ) 2008 0% 7% 0% 5%

TERRA NOVA RESERVA 0% 12% 0% 89% - - 441 50% 4 Terra Nova Reserva 2008 0% 12% 0% 89%

TERRA NOVA RONDONÓPOLIS 1% 12% 3% 9% - - 1,028 100% 28 Terra Nova Rondonópolis (1st Phase) 2008 1% 17% 6% 19%

TERRA NOVA MARÍLIA 10% 16% 1% 11% - - 806 100% 25 Terra Nova Marília (1st Phase) 2008 10% 16% 2% 20%

INNOVA SÃO FRANCISCO 8% 12% 13% 72% 2,245 2,245 10,267 50% 82 Innova São Francisco I (1st Phase) 2007 16% 17% 28% 98%Innova São Francisco II (1st Phase) 2007 15% 16% 24% 97%Innova São Francisco III (2nd Phase) 2008 0% 15% 0% 87%

TERRA NOVA PARQUE DA LIBERDADE 2 1% 3% 24% 45% 28 29 200 50% 18 Terra Nova Parque da Liberdade 2 (1st Phase) 2007 1% 3% 45% 71%Terra Nova Parque da Liberdade 2 (2nd Phase) 2008 1% 3% 0% 16%

TERRA NOVA VÁRZEA GRANDE 17% 26% 87% 96% 7,901 8,067 6,062 100% 51 Terra Nova Várzea Grande (1st Phase) 2007 17% 28% 94% 99%Terra Nova Várzea Grande (2nd Phase) 2007 17% 24% 77% 92%

TERRA NOVA SOROCABA 17% 26% 34% 55% 3,789 4,009 6,233 100% 67 Terra Nova Sorocaba (1st Phase) 2007 17% 29% 69% 83%Terra Nova Sorocaba (2nd Phase) 2008 17% 22% 0% 27%

GREEN FIELDS RESIDENCE CLUB 22% 27% 18% 20% 2,569 2,705 1,906 100% 38 Green Fields (1st Phase) 2007 22% 32% 31% 36%

TERRA NOVA PARQUE DA LIBERDADE 2007 13% 38% 86% 92% 1,068 1,433 3,179 50% 13 TERRA NOVA BELVEDERE I 22% 35% 61% 82% 2,314 2,903 2,687 50% 16

Terra Nova Belvedere I (1st Phase) 2007 32% 53% 81% 94%Terra Nova Belvedere I (2nd Phase) 2007 2% 2% 24% 60%

TERRA NOVA NATURE 15% 18% 78% 81% 2,794 10,989 3,369 50% 89 Terra Nova Nature (1st Phase ) 2007 17% 26% 100% 99%Terra Nova Nature (2nd Phase) 2007 15% 14% 81% 86%Terra Nova Nature (3rd Phase) 2007 15% 14% 52% 60%

LE BRISE 2007 21% 41% 98% 95% 700 989 884 50% 4 SAN DIEGO I 2007 40% 49% 45% 58% 1,419 3,003 1,792 50% 16 BOSQUE VIVENDAS 38% 55% 87% 92% 4,095 14,668 8,298 100% 43

Bosque Vivendas (1st Phase - Apart.) 2007 38% 55% 75% 85%Bosque Vivendas (2nd Phase - Houses) 2007 38% 55% 100% 100%

VILA DAS TORRES 33% 35% 47% 52% 756 4,049 809 33% 25 Vila das Torres - Vanguardia 2007 31% 36% 90% 90%Vila das Torres - Terraza 2007 33% 33% 40% 44%Vila das Torres - Mirage 2007 36% 36% 16% 24%

ESPAÇO JARDIM 20% 30% 70% 73% 771 1,303 586 35% 7 Espaço Jardim (1st Phase) 2006 38% 47% 85% 84%Espaço Jardim (2nd Phase) 2007 0% 13% 53% 62%

GARDEN CLUB 33% 45% 70% 71% 1,473 3,980 1,830 55% 15 Garden Club (1st Phase) 2006 60% 84% 89% 89%Garden Club (2nd Phase) 2006 3% 3% 49% 51%

TERRA NOVA GARDEN VILLAGE 2006 99% 100% 98% 98% 4,075 12,309 241 50% 13 GREEN TAMBORÉ 36% 50% 49% 55% 1,382 2,959 2,764 34% 14

Green Tamboré (1st Phase) 2006 45% 57% 57% 63%Green Tamboré (2nd Phase) 2006 23% 41% 37% 43%

GUARAPIRANGA PARK 24% 36% 32% 39% 3,022 5,031 4,228 100% 41 Guarapiranga Park (1st Phase) 2006 40% 55% 72% 83%Guarapiranga Park (2nd Phase) 2007 18% 29% 26% 36%

JARDINS DE ATHENAS 2006 99% 100% 100% 100% 692 5,148 108 33% 6 QUINTAS DE TAMBORÉ 2006 34% 46% 73% 74% 1,135 3,894 1,453 45% 15 SAN REMO II 61% 75% 70% 89% 2,570 6,979 4,109 50% 15

San Remo II (1st Phase) 2006 61% 75% 100% 100%San Remo II (2nd Phase) 2007 61% 75% 34% 76%

BARRA CENTRAL PARK 85% 94% 50% 49% 376 3,199 265 30% 11 Barra Central Park (1st Phase) 2005 100% 100% 56% 53%Barra Central Park (2nd Phase) 2005 76% 91% 45% 46%

GREEN VILLAGE III 95% 95% 100% 100% 25 6,253 78 50% 12 Green Village III (1st Phase) 2005 100% 100% 100% 100%Green Village III (2nd Phase) 2005 100% 100% 100% 100%Green Village III (3rd Phase) 2005 85% 86% 100% 100%

BOSQUE SÃO FRANCISCO 94% 98% 78% 83% 3,043 11,565 2,406 42% 26 Bosque S Francisco (1st Phase) 2004 100% 100% 83% 86%Bosque S Francisco (2nd Phase) 2004 88% 95% 74% 81%

DOLCE VITA RESIDENZIALE 52% 58% 43% 55% 790 4,076 1,663 50% 8 Dolce Vita (1st Phase) 2004 100% 100% 98% 98%Dolce Vita (2nd Phase) 2007 54% 70% 31% 67%

CARIBE VILLAGE 94% 100% 60% 66% 505 1,334 420 53% 9 Caribe Village (1st Phase) 2002 100% 100% 85% 85%Caribe Village (2nd Phase) 2002 100% 100% 100% 100%Caribe Village (3rd Phase) 2007 90% 100% 31% 42%

TAMBORÉ 7 EXCLUSIVE HOUSES 92% 94% 67% 71% 1,192 4,085 1,290 25% 24 Tamboré 7 (1st Phase) 2002 100% 100% 97% 97%Tamboré 7 (2nd Phase) 2002 100% 100% 94% 94%Tamboré 7 (3rd Phase) 2002 100% 100% 89% 97%Tamboré 7 (4th Phase) 2002 100% 100% 92% 83%Tamboré 7 (5th Phase) 2002 100% 100% 59% 71%Tamboré 7 (6th Phase) 2002 100% 100% 75% 85%Tamboré 7 (7th Phase) 2002 88% 98% 24% 33%Tamboré 7 (8th Phase) 2002 56% 59% 0% 0%

OTHERS 100% 100% 875 5,763 1,260 583 Total 51,606 132,968 75,383 1,387

Gross Revenues Recognized (R$000)Year of

launch

PSV Launched RNI

(R$MM)

Costs Incurred Accumulated Sold% RNI

1q08 financial and operating highlightsbrazil, announces today its results of the first quarter of...

Documents