Julho/2008

2Q08 Results Presentation

August 07, 2008

2Operational Data

CCDI

252.1

255.0%

2Q08

Partnerships

71.0

105.5

2Q07

403.5%

71.0

357.6

Contracted Sales (R$ million)

0.7158.3

159.0

1Q07

604.5%

327.3%

1,120.2

676.5

1Q08

443.7

3Operational Data

26.7%

25.9%

Countryside and Shoreline

Sao Paulo (capital)

47.4%

Sao Paulo (Metropolitan Region)

2Q08 Sales by Location (%)

5.4%

Low Income and Economic

42.4%

50.3%

Medium Income

Commercials

1.9%

Others - Residentials

2Q08 Sales by Segment (%)

4Operational Data

2Q08 Launches (segment %)

Commercial

1.2%11.2%

Low Income

25.1%

Luxury

27.2%

Medium

35.3%

Economic

Launches (R$ million)

708.3

240.0

468.3

2Q07

60.6

136.1

2Q08

196.7

-72.2%

CCDI

Partnerships

-70.9%

5Operational Data

10,000Land Bank (Beginning of 2Q08)

113HM

170Curitiba

66Recife

1362Q08 Launches

10,213Land Bank (End of 2Q08)

2Q08 Land Bank CompositionPSV (R$ million)

62Q08 Events

� R$4.2 billions financing line agreement

� CCDI, HM and Caixa Econômica Federal signed on June 27.

� R$2.2 billions: will be invested on financing 22,000 units to be developed by HM

Engenharia (Low Income segment – below R$100 thousand).

� R$ 2 billions: is going to be directed to financing 13,700 units to be developed by

CCDI (Economic and Medium segment – between R$100 and R$350 thousand).

� Exercise of the acquisition option of 4.28% stake in HM Engenharia

� CCDI current participation of the social capital of HM is 81%.

� Entrance in Pernambuco

� Land acquisition in Recife (PE), with estimated PSV of R$70 millions.

7Financial Performance

Gross Revenues (R$ million)

42.9

2Q07 2Q08

89.0

1S07

353.0

1S08

151.6%

296.6%

107.9

41.3

2Q07 2Q08

85.6

1S07

339.8

1S08

152.1%

297.1%

104.0

Net Revenues (R$ million)

10.5

2Q07 2Q08

20.4

1S07

129.5

1S08

184.6%

30.0

533.3%

Gross Profit (R$ million)

25.5%

2Q07 2Q08

23.9%

1S07

38.1%

3.3 p.p.

+14.2 p.p.

28.8%

1S08

Gross Margin (%)

8Reconciliation

Reconciliation to reflect accounting practices of other real estate players, for comparison purposes

Income Statement

Reconciliation 2Q08

2Q08 (Pro

Forma)

Income Statement

Reconciliation 1S08

1S08 (Pro

Forma)

Total Revenues 112,2 112,2 Total Revenues 366,9 366,9

Brokerage Fees (4,3) - Brokerage Fees (13,9) -

Cost of Land (swaps) - (1,4) Cost of Land (swaps) - (11,3)

Recognized Gross Revenues 107,9 110,8 Recognized Gross Revenues 353,0 355,6

Deductions (3,9) (4,0) Deductions (13,2) (13,0)

Recognized Net Revenues 104,0 106,7 Recognized Net Revenues 339,8 342,6

Cost of Goods Sold (57,4) (57,4) Cost of Goods Sold (163,7) (163,7)

Cost of Land Recognized (13,5) (12,1) Cost of Land Recognized (39,6) (28,3)

Cost of Financing (2,4) - Cost of Financing (3,3) -

Other Costs (0,8) (0,8) Other Costs (3,7) (3,7)

Gross Income 30,0 36,4 Gross Income 129,5 146,9

Gross Margin 28,8% 34,1% Gross Margin 38,1% 42,9%

Sales Expenses (4,5) (4,5) Sales Expenses (18,6) (18,6)

Brokerage Fees - (4,1) Brokerage Fees - (13,4)

G&A Expenses (19,3) (19,3) G&A Expenses (34,6) (34,6)

Other Operational Expenses (2,9) (2,9) Other Operational Expenses (7,9) (7,9)

Operational Income 3,2 5,5 Operational Income 68,4 72,4

Financial Revenues 9,4 9,4 Financial Revenues 17,5 17,5

Financial Expenses (4,4) (6,8) Financial Expenses (7,8) (11,1)

Non-operating Results 0,1 0,1 Non-operating Results 0,1 0,1

Pre-tax Income 8,2 8,2 Pre-tax Income 78,2 78,9

Income Tax (0,1) (0,1) Income Tax (2,7) (2,7)

Minority Shareholders 0,1 0,1 Minority Shareholders 0,8 0,8

Net Income 8,2 8,1 Net Income 76,3 77,1

Net Margin 7,8% 7,6% Net Margin 22,5% 22,5%

9Financial Performance

-2.9

2Q07* 2Q08

-0.8

1S07*

72.7

1S08

5.4

EBITDA (R$ million)

* Excludes IPO expenses

-7.0%

2Q07* 2Q08

-0.9%

1S07*

21.4%

1S08

12.2 p.p.

5.2%

+22.3 p.p.

EBITDA Margin (%)

10Financial Performance

2.7

2Q07 2Q08

-10.1

1S07

76.3

1S08

197.9%

8.2

Net Profit(R$ million)

Net Margin (%)

6.7%

2Q07 2Q08

-11.8%

1S07

22.5%

1S08

1.1 p.p.

7.8%

11Financial Performance

274.7

2Q07

570.1

1Q08 2Q08

164.5%

726.6

27.5%

Revenues to be Recognized (R$ million)

70.1

2Q07

164.2

1Q08 2Q08

195.1%

206.9

26.0%

Result to be Recognized (R$ million)

25.5%

2Q07

28.8%

1Q08 2Q08

3.0 p.p.

28.5%

-0.3 p.p.

Margin over Revenues of Sales to be Recognized (%)