Conference Call

3Q11 Earnings3Q11 Earnings

11/17/2011

SPEAKERS

• MAURÍCIO TAVARES BARBOSA

Chief Executive Officer and Development Officer

• IAN MONTEIRO DE ANDRADE

2

CFO and IRO

3Q11 highlights

� Contracted Sales:

� 3Q11 Contracted Sales reached R$301.1million, highlight to low income segment with 74% growth compared to 3Q10 and 126% compared to 9M10.

� Strong Inventory Sales in the quarter

� Beginning of two AAA’s projects construction located in São Paulo and totaling 88,836m² of GLA (CCDI share):

� 2 AAAs projects under construction with premium localization, one with a

3

� 2 AAAs projects under construction with premium localization, one with a commercial tower and a mall in Paulista Avenue and the other with 2 commercial towers at Pres. Juscelino Kubitschek avenue

� High volume of deliveries:

� In 3Q11 were delivered 1,564 units or R$200.5 million in PSV

� Low Income Segment: beginning of 10 constructions sites in 3Q11

� Recovery of financial results: 13.3% increases net revenue when compared to 3Q10 and 68.5% when compared to 2Q11, Gross Margin reached 21.3% in 3Q11 or 25.7% when excluding financing costs

3Q11’s Operational Results

283.1 262.8 195.8

688.5 662.2 60.4 149.5 105.2

162.6 367.6

343.5 412.3

301.1

851.1

1,029.8

CONTRACTED SALES (R$ MM)100% CCDI

Low income

Traditional

-12.3%

CONTRACTED SALES

5

64.8%79.9% 85.4%

99.7%

93.2%

35.2% 20.1% 14.6%

0.3%

6.8%

343.5 328.2 316.5

412.3

301.1

CONTRACTED SALES OF

LAUNCHINGS AND INVENTORYLaunching Sales

Inventory Sales

3Q10 2Q11 3Q11 9M10 9M11

Low Income/

Economic

40.0%

Medium

32.0%

Mid-High

7.8%

High and

Luxury

17.8%

Small Offices

2.5%

BY MARKET SEGMENT

SALES ORIGINED IN THE STATE OF

SÃO PAULO: 76.4%SALES FROM SEGMENTS UNDER R$ 500.0

THOUSAND PER UNIT REPRESENTED 72.0%

São Paulo

(Countrysid

e +

Shoreline)

39.3%

São Paulo

(Capital +

RMSP)

37.1%

Paraná and

Minas

Gerais

12.4%

Rio de

Janeiro

11.1%

BY LOCATION3Q10 4Q10 1Q11 2Q11 3Q11

LAUNCHINGS (R$MM)

6

Project Location Launching UnitsPSV - % CCDI

Segment(R$ MM)

1 Connect Workstation Campos dos Goytacazes, RJ feb/11 243 29.1 Small Offices

2 Soul Jardim Sul São Paulo, SP feb/11 180 38.3 Medium

3 Set Cabral Curitiba, PR feb/11 151 39.2 Mid-high

4Condomínio Residencial Vale

das FigueirasValinhos, SP mar/11 760 78.0 Low Income

5Vivenda do Horto - Vivenda

OrquídeaHortolândia, SP mar/11 173 19.7 Low Income

6 Vanguard Ipiranga São Paulo, SP jun/11 70 11.7 Low Income

7 Quinta das Figueiras Cajamar, SP jun/11 117 13.9 Low Income

RECENT LAUNCHINGS

Location: São Paulo

PSV: R$64MM (100% CCDI)

Sales on Launching: 95 units sold in the first weekend (48% of the total of units)

M²: 57 m² to 73 m² (2 and 3 Dorms )

Launching: oct/22

7 Quinta das Figueiras Cajamar, SP jun/11 117 13.9 Low Income

8 Vega Work & Life Curitiba, PR aug/11 397 86.8 Medium

9 Estação Vida Nova Itapevi, SP sep/11 480 55.0 Low Income

Total Launchings in 9M11 2,571 371.7

7

TRIPLE A

Paulista JK

Photo of “Paulista”

construction site (sep/11) Photo of “JK”

construction site (sep/11)

Beginning of construction: april/11

Development Registration (RI):

4Q11/1Q12 (E)

Beginning of construction: may/11

Development Registration (RI):

4Q12 (E)

Completion of construction (E):

• Tower A: 4Q14• Tower B: 4Q15

Completion of construction (E):

• Mall: 2Q15• Tower: 2Q15

Leasable Area Leasable Area

GLA m² 100% % CCDI (50%)

Tower 22,052 6,136

Mall 19,000 9,500

GLA m² 100% % CCDI (60%)

2 Towers 122,000 73,200

CCDI CCP

50% 50%

SPE: CAMARGO CORRÊA CYRELA PAULISTA 1230

CCDI P.M.V.

60% 40%

SPE: VIOL EMPREENDIMENTOS IMOBILIÁRIOS S.A.

Leasable Area

Societary Structure

Leasable Area

Societary Structure

Own Construction - Status

8

PSV: R$256 MMLaunching: Sept/10Units: 246 (3 Towers)Beginning: Jun/2011Evolution: Construction 4nd month; Foundations 65%

PSV: R$71 MMLaunching: Nov/10Units: 312 (2 Towers)Beginning: Jun/2011Evolution: Construction 4nd month; Foundations 70%

Macaé - RJSão Paulo - SP

PSV: R$49 MMBeginning: Oct/2010Evolution: Construction 12th month, Foundations 95%, Structure 80%, Masonry 12%

Delivery: Oct/2012

PSV: R$35 MMBeginning: Feb/2011Evolution: Construction 8th month, Foundations 93%; Structure 60%; Masonry 14%,

Delivery: Feb/2013

PSV: R$29 MMBeginning: Aug/2010Evolution: Construction 14th month, Foundations 97%, Structure 97%; Masonry 81%; Finishing 9%

Delivery: Jun/2012

Evolution: Construction 4nd month; Foundations 65%

Delivery: Jan/2014

Evolution: Construction 4nd month; Foundations 70%

Delivery: Aug/2013

São Paulo - SPSão Paulo - SP

São Paulo - SP

Low Income (HM): Fully Verticalized Construction Proccess

9

21 projects (7,564 units) under construction in oct/11

3,934

5,550

7,564

2009 2010 2011*

UNITS UNDER CONSTRUCTION

294 404 1,025

1,723

2,732

4,574

1Q10 3Q10 4Q10 2010 2011(E) 2012(E)

UNITS DELIVERED

PSV: R$45,2 MMBeginning: jun/2010Evolution: 81,7%

Delivery: may/2012

PSV: R$30,4 MMBeginning: dec/2008Evolution: 85,1%Delivery: dec/2011

PSV: R$36 MMBeginning: nov/2009Evolution: 80,7% Delivery: jan/2012

2009 2010 2011*

* Until oct/11

Bela Vista Casas (Campinas- SP) Porto Feliz (Sumaré- SP) Quinta do Conde (Jaguariúna – SP)

1Q10 3Q10 4Q10 2010 2011(E) 2012(E)

10

Contruction Evolution

553.9 586.0969.9 904.7

129.0 226.4

418.5 448.7

683812

1.3891.353

2,373

5,536

9,508

6,440

Delivery Evolution (100% CCDI)

2008

29.8%

2009

23.3%

2010

37.4%

CONSTRUCTION PER YEAR OF

LAUNCHING*

CCDI 650

HM 1,723

CCDI 2,804

HM 2,732

CCDI 4,934

HM 4,574 CCDI 2,738

HM 3,702

In 9M11 3,363 units were delivered or R$455.7MM in PSV

553.9 586.0

2010 2011(E) 2012(E) 2013(E)

PSV HM R$MM PSV CCDI R$MM Delivered Units2007

9.4%*in PSV

69%

31%

2012 (E)

81%

19%

2011

54%46%

2013 (E)

Evolution of Own Construction participation in the traditional segment (in PSV)

42%

58%

2014 (E)

Third-Party Construction

Own Construction

Deliveries - 3Q11

11

Cristais da terra

Segment: HighDelivered PSV: R$33.3 MM (% CCDI)

João Ramalho

Segment: Low IncomeEmpresarial Jd. Sul

Segment: Small Offices

1,564 units delivered or R$200.5 million in PSV - 3Q11

Delivered PSV: R$33.3 MM (% CCDI)Units Delivered: 50Launchings: Dec/07

Delivered PSV: R$22 MMUnits Delivered: 150Launchings: Oct/07

Delivered PSV: R$64 MMUnits Delivered: 260Launchings: Dec/07

Parque Campinas

Segment: Low IncomeDelivered PSV: R$56.2 MMUnits Delivered: 784Launchings: May/09

Araucária Condomínio Clube

Segment:Low IncomeDelivered PSV: R$25 MMUnits Delivered: 320Launchings: Sep/08

Financial Performance

3Q11 Results:

– Net Revenue recognition: 52.4% of projects launched in 07/08

– Recovery of Gross Margin(ex financing cost)

– Margin to be recognize per year of launching:

13

Financial Performance and Perspectives

Low Income: 21%Traditional: 27,5%Consolidated: 25,7%

2007/08 < 25%– Margin to be recognize per year of launching:

– One of the lowest level of sales expenses in the market: 3,4% (% contracted sales)

Perspectives for the next quarters:

– Higher revenue recognition in the low income segment: beginning of 10 constructions in 3Q11

– Delivery of projects launched in 07/08: higher revenue recognition of new projects

Better margins

– AAA: Construction’s progress

2007/08 < 25%2009/11 > 25%

14

272.4183.2

308.7

26.3%

-21.0%

21.3%

-70,0%

-50,0%

-30,0%

-10,0%

10,0%

30,0%

NET REVENUE (R$ MM) AND MARGIN

Net Revenue

Gross Margin

28.3%

-14.8%

25.7%

Gross Margin ex financing costs

Recovery of Gross Margin

3Q11 TraditionalLow

IncomeConsolidated

Gross Margin 27.3% 21.0% 25.7%

ex Financing costs (%)

17.822.1

26.3

5.2% 5.4%

8.7%

-5,0%

-3,0%

-1,0%

1,0%

3,0%

5,0%

7,0%

9,0%

11,0%

13,0%

8,0

13,0

18,0

23,0

28,0

33,0

38,0

3Q10 2Q11 3Q11

GENERAL AND ADMINISTRATIVE EXPENSES

(R$MM)G&A G&A/Contracted Sales

8.6 9.6 10.2

2.5%2.3%

3.4%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

5

6

7

8

9

10

11

12

13

14

15

3Q10 2Q11 3Q11

SALES EXPENSES(R$MM)

Sales Expenses Sales Expenses/Contracted Sales

-90,0%

3Q10 2Q11 3Q11

Results and Margin to be recognized per year of launching

15

1,190.0 1,505.8 1,495.9

REVENUES TO BE RECOGNIZED (R$ MM)

-0.7%

363.4 450.8 449.8

RESULTS TO BE RECOGNIZED (R$ MM)

-0.2%

MARGIN TO BE RECOGNIZED PER YEAR OF LAUNCHING

YEAR OF

LAUNCHINGTRADITIONAL

LOW

INCOMECONSOLIDATED

2007 18.3% - 18.3%

2008 23.0% 28.6% 23.4%

2009 28.9% 27.0% 28.6%

2010 36.5% 27.6% 33.1%

2011 33.6% 29.4% 31.6%

TOTAL SEPT 2011 30.9% 27.9% 30.1%

3Q10 2Q11 3Q11 3Q10 2Q11 3Q11

318.7 510.2 559.1

127.4

205.9 257.6

3T10 2T11 3T11

NET DEBT (R$MM)

Dívida Líquida ex SFH

SFH

Net Debt ex SFH

3Q10 2Q11 3Q11

Increase in debt aligned with increase of construction

16

446.1

716.1816.7

192.1143.8

48.3

Cash in jun/11 Net Cash used on Cash in Sep/11

CASH CHANGE (R$MM)

16.3%

29.5%

37.6%

11.1%

17.9%

22.7%

3Q10 2Q11 3Q11

NET DEBT EX SFH/SE

NET DEBT EX_SFH/(SE+RESULT TO BE RECOGNIZED)

57.0%

102.5%119.2%

NET DEBT/SHAREHOLDER’S EQUITY

TOTAL NET DEBT/SE

3T10 2T11 3T113Q10 2Q11 3Q11Cash in jun/11 Net Cash used on

3Q11

Cash in Sep/11

192.5 233.1

101.0 23.2 9.2

14.9

-

198.6 198.6

207.4 233.1

101.0

221.8 207.8

GROSS BEBT TIME LINE

(R$ MM)

Debentures SFH

Long-term and low cost debt profile

17

Gross DebtSep/2011

R$971.2 MM

Cost of debentures: DI+1,9%

2011 2012 2013 2014 2015

598.1

496.2

174.2

59.20.2 1.1

2011 2012 2013 2014 2015 2016 and

foward

ACCOUNTS RECEIVABLE TIMELINE

(R$ MM)

AccountsReceivableSep/2011

R$1,329 MM

CONTACT INFORMATION

Ian Monteiro de AndradeIan Monteiro de Andrade

CFO and IRO

Mara Boaventura Dias

IR Manager

Caio Sampaio Rodrigues

IR Analyst

ri.ccdi@camargocorrea.com.br

Tel: (11) 3841-4824