CorporatePresentation

Vila São Vicente – João Ramalho

Ventura Corporate Towers

Brisa da Mata (HM)

Important Notice

This report contains future considerations relating to the business prospects, estimates of operational andfinancial results and the growth prospects of Camargo Corrêa Desenvolvimento Imobiliário. These aremere projections and, as such, are based exclusively on the expectations of the management of CamargoCorrêa Desenvolvimento Imobiliário in relation to the future of the business and its continuous access tocapital for financing the Company's business plan. Such future considerations depend, to a large extent, onchanges in market conditions, government rules, competition, performance of the sector and the Brazilianeconomy, besides the risks mentioned in the disclosure documents filed by Camargo CorrêaDesenvolvimento Imobiliário and are, therefore, subject to changes without prior notice.

This presentation is updated with data avaliable in at the present moment and CCDI is does not have theobligation to update it due new information and/or further events. CCDI does not take responsibility foroperations or investment decisions taken based on the information contained in this presentation.

EBITDA is not a financial performance indicator according to the accounting practices in Brazil, and shouldnot be considered alone, as na alternative to the earnings of the period. operational metric, or analternative to the cash flow, or liquidity metric EBITDA does hold a standardized interpretation, and ourdefinition of EBITDA may not be comparable to those used by other companies. Management believesthat EBITDA provides a useful indicator of its performance, which is widely used be investors and analyststo evaluate performance and to compare companies. Other companies may calculate EBITDA diferentlythan ours.

2

Pinot Noir

Agenda

3

1st Panel: CCDI’s Operation

Who we are

Strategic Guidelines

Operational Performance SP and Regional OfficesOffices

Human Resources and Sustainability

Financial Performance

An

do

rin

ha

4

Eco

’sN

atu

reza

Clu

be

Who we are

Camargo Corrêa Group

• Strong Domestic and Foreign presence

• Present on 12 Market Segments

– Cement

– Energy Concession

– Road Concession

– Construction

– Shoes

Main

– Shoes

– Railroad Concession

– Environment

– Steel

– Real Estate

– Naval

– Oil and Gas

– Aeroportuary Operations

6

Consolidated

Under Development

Camargo Corrêa Group

Main Companies of the Camargo Corrêa Group

7

CCDI’s History

CC Group speeds

IPO Novo

GeographicDiversification

BH, PR and ES

StrategicReformulation

Client Focus

MarginRecovery

Integration

RegainingGrowth

27 launchingsin 2010

8,397 units

R$1.5 Billionlaunched PSV

66.1% 33.9%

1996

Foundation

1º Launching“Faria Lima

Business Center”

1997 - 2006 2007 2008 2009 2010

CC Group speedsinvestments in the Company

15 launchings

2006:1º Triple A Launching

Novo Mercado

HM Engenharia Acquisition

Integration

1ª DebentureIssuance

R$400 MM

8

Ch

ard

on

nay Strategic Guidelines

New Strategy

Implemented on the 4th quarter 2009

appropriate and agile response

quality of construction

on-time deliveryclient focus

10

work by process

team work

responsibility for results

sustainable developmentintegration

reduction on costs

creativity and innovation

adequate prices

“more with less”

net marginrecovery

Client Focus: Own Construction Cell

In april/2010 CCDI began the implementation of its owncontruction cell

� Hiring of specialized staff

� Adaptation of SAP to the new model

� Development and certification of the Brazilian Program of Qualityand productivity of Habitate (PBQP-H – level: D), with continuity inpreparing the works for level A certification.

� Hiring of Suppliers� Hiring of Suppliers

� Association to the Civil Construction Sindicate

Start of the operation with the developments:

� Chardonnay – August/2010

� Merlot – October/2010

� Malbec – February/2011

11

Creativity, Innovation of Products and Suitable Prices

March/2008 February/2010

� Launching of In Berrini

� Launching Feb/2010

� PSV: R$ 77 million

� 216 residential units

� R$/m²: R$6,100.00

� 100% of units sold in 2 months

� Horizontes do Brooklyn Cancelling

� Launching: Oct/2007

� PSV: R$ 56 milllion

� 78 residential units

� R$/m²: R$ 4,100.00

� 10% of sales in 6 months

12

Costs and Expenses Control

15%

10%

6%3%

2007 2008 2009 9M10

Sales Expenses/ Net Revenue

Strong Control of Expenses.

2007 2008 2009 9M10

19%

14% 14%

6%

2007 2008 2009 9M10

SG&A Expenses/ Net Revenue

13

Integration of Companies and ProcessesShared and integrated decision for the purchase of land andlaucnhings

LandAcquisition

Market AnalysisLand Selection

Preliminary definition ofthe financial and economic

ProductDefinition

Premisse definitionand Real Estate

ConditionFinal Definition of the project

Real Estate/Launching

Legal Approval

Sales Stand Developmentand decoratedapartment

Sales

Stand SalesClient’s

credit approval

Construction

Start of the constructionafter 6 to 12 months after

launching “Habite-se” obtainanceTransference of the

“Repasse”,Key delivery andpost construction

assintance

14

the financial and economicproject and studyLegal Analysis

Internal ApprovalAcquisitionNegociation

Acquisition Effectiveness

Final Definition of the projectBudgeting and construction

costsMarketing Development

Legal ApprovalPricing

Financing definition andParnerships

apartmentBrokers Training

MarketingPre-Launching

Effective Launching

credit approvalEffective salesregistration

launchingConstruction Deadline: from24 to 36 months according

to the project

Transference of theClient to the bankDelivery of the keysClient assistanceDuring 5 years afterThe keys delivery

Corporate Governance and Market Integration

InvestorsBuy Side and Sell

Side Analysts

Fiscal Councilimplementationwith minority’srepresentative

Actions in multiples fronts

15

InvestorsSide Analysts

SpecializedMedia

Margin Recovery

Several actions with one goal:

� Margin improvement

35%

Gross Margin

LowIncome: 30.2%

11%15%

Net Margin

LowIncome: 14.6%

26%22%

29%

2007 2008 2009 9M10

-10%

9%11%

2007 2008 2009 9M10

16

Strategic Pillars for 2011 and 2012

17

Operational PerformanceSP and Regional Offices

Vis

ta P

acae

mb

u

Market Segments

Income

Location

AboveR$130 thousand

States: SP, RJ, PR, MG and ES

BelowR$130 thousand

SP Countryside

Qualified Investor

Cities : São Paulo and Rio de Janeiro

CCDI works in all market segments

Market Segment TraditionalLow Income AAA

Location

Number of Projects Launched

Number of Units Launched

Launched PSV – CCDI’s Stake(2003 to 2010)

Main Features

MG and ES

55

12,537

R$3,5 billion

• Product Diversification• Ow Construction in SP• Local Partnerships in the Regional Offices

SP Countryside

33

11,728

R$1,1 billion

• 100% verticalized• Product Standardization• Quality above the average

Rio de Janeiro

2

72 Corporate Towers( aprox. 53 thousand m²)

R$427 million

• Premium Projects• Market Leader• High Profitability

19

Low Income

� More than 34 years of experience developing and constructing low income real estate units

� Over 100,000 units built and delivered

� Strong presence in the countryside of São Paulo State, products comprised in the Federal Government housing program

Features

2 Bedroom without ensuite(~ 48m²)

3 Bedroom without ensuite (~ 78 m²)

� Products: 2 Horizontal types and 4 Vertical types

� Standard Footage

� Leisure Structutre

� Average Blueprints

20

the Federal Government housing program “Minha Casa, Minha Vida”

� Own construction process – 100% verticalized. Over 1,600 employees.

� Product Standardization

� Wide relationship with CEF - banking correspondant

Parque Cosmópolis Residencial da Mata

Traditional

� Operation Traditional market (residential and small offices)

� Units starting at R$130 thousand

� Projects focused in niche markets

� Growing product Standardization

� Geographic focus:

Features

� Diversified and Innovative Products

� High Quality

� Complete Leisure Structure

� Flexible blueprints

� Localization: São Paulo

� Small Offices

� Total PSV: R$ 64.0 million

� Size: 35 to 191 m²

� Localization: Osasco

� Nº of units: 1.690

� Total PSV: R$ 230.0 million

� Size: 50, 57, 65 and 74 m²

� Geographic focus:

� SP, RJ, MG, PR and ES

� Wide experience, over 50 projects already launched:

� Over R$2,8 billion in total launched PSV

� Over R$2,1 billion sold

� Localization: São Paulo

� Nº of units: 31

� Total PSV: R$ 67.4 million

� Size: 320 and 496 m²

21

Triple A

� Projects differentiated in product, sustainability, technology and margin

� The Brazilian Macroeconomic condition stimulates the demand for products

� Competition: few players, identifiable projects

Features

Business Model Demand – São Paulo*

� Land Acquisition in main urban centers

� Land Acquisiton in Swap and Cash.

� Partnership Development.

� Sale of the development to large investors.

� Several funding possibilities.

22*Source: CB Richard Ellis –Market View Newlette r– São Paulo – 3Q10

Vacancy Rate (%)Vacancy Rate (%)Vacancy Rate (%)Vacancy Rate (%) 4.9%4.9%4.9%4.9%

Triple A Projects

� Location: Av. Paulista, São Paulo

� CCDI’s Stake: 50%

� Land Bank: 11,896 m²

� Total Private Area: ~41,650 m²

� Project: Mixed-Use: Mall + Triple A Building

Projects on the Pipeline

Paulista

Project Developed

� Location: Av. Chile, Rio de Janeiro

� CCDI’s Stake: 44% Tower 1 and 50% Tower 2

� Land Bank: 8,550 m²

� Total Private Area (BOMA): ~105,000 m²

� Project 100% sold and finished

Ventura Corporate Towers

23

Viol

� Location: Vila Olímpia, São Paulo

� Land Bank: ~38,403 m²

� Total Private Area: ~121,000 m²

� Project: 02 towers + support retail

Acquisitions 2010

Business Cycle Start Point: Land Acquisition

� Priority to land acquisition with liquidity for launching

� Purchase Approval through all strategic areas of the Company

Strategy

� Nº of Plots: 5� PSV (CCDI’s Stake): R$1,053.7 BI

� Nº Plots: 5� PSV (CCDI’s Stake): R$263.3 MM� Cities:

� Macaé, RJ / Launched� Campos dos Goytacazes, RJ� Duque de Caxias, RJ� Curitiba, PR / Launched� São Paulo, SP / Launched

Acquired VGV: R$1.3 billion

� Acquisition in Cash and/or Swap.

� Strategic partnerships

� Diversification within the States of action.

Acquisitions 2010

� PSV (CCDI’s Stake): R$1,053.7 BI� Cities:

� Valinhos, SP� Cajamar, SP / Launched� Guarulhos� Americana, SP / Launched� Campinas, SP

Partnerships 2010

24

Land Bank – Sep/2010

MARKET SEGMENT:

� SP, RJ, MG, PR and ES

� 48% of the Brazilian population

� 62% of the Brazilian GDP

� 22 cities

Segment Diversification (%)

Potential PSV of R$9.1 billion

Geographic Diversification (%)

85% acquired through swap

92%

1% 3%

3%

Low Income29.0%

Economic21.1%Medium

16.2%

Medium-High4.2%

High9.2%

Luxury5.3%

Small Offices1.2%

Triple A13.8%

1%

25

Regional Offices Expansion (Jan to Aug/2010)

MetropolitanRegion

PSV (R$)*

RJ

PR

ES

MG

R$22.1 billion

R$5.8 billion

R$3.2 billion

R$8.2 billion

26*Source: Sales Planning and Management – Brasil Brokers.

Market Size

SP R$41.9 billion

Stake of the Regional Offices Launchings (RJ, ES, MG and PR)

Regional Offices Growth.

38%

40%

Stake of Regional Offices Launchings in CCDI`s Traditional Launchings

36%

2009 2010 (E) 2011 (E)

27(E) Estimate

UP RESIDENCE

Macaé

Rio de Janeiro

Launching Forecast: nov/10

Total Estimated PSV: R$71 million

MID CURITIBA

Curitiba

Paraná

Launching Forecast : nov/10

Total Estimated PSV : R$104 million

4Q10’s Launchings – Regional Offices

LaunchedLaunched

SET CABRAL

Curitiba

Paraná

Launching Forecast : dec/10

Total Estimated PSV : R$54 million

CONNECT WORK STATION

Campos dos Goytacazes

Rio de Janeiro

Launching Forecast : dec/10

Total Estimated PSV : R$48,0 million

28

Launching History

30 621

1,269

1,507

Launching History and Forecast 2010(R$ million)

HM

CCDI

2010’s Forecast

97% of the guidance

1,550

Growth Acceleration: � Launching forecast 2010 vs 2009 = + 173.5% of growth

453

1.239

631 358

886

30

269

193

621

453

900

551

2006 2007 2008 2009 2010

41%

59%

29

São Paulo – 2010 Launchings

IN BERRINI

São Paulo – SP

Launching: feb/10

100% sold in the first month*

Total PSV: R$ 77.1 million

216 units

TERRAÇO EMPRESARIAL JARDIM SUL

São Paulo – SP

VILA ALLEGRA SÃO FRANCISCO

São Paulo – SP

Launching: sep/10

PINOT NOIR

São Paulo – SP

Launching: mar/10

76% sold in the first month*

Total PSV : R$ 73,8 million

199 units

30

Launching: may/10

100% sold in the first month *

Total PSV : R$ 74,1 million

271 Small Offices

Launching: sep/10

60% sold in the first month *

Total PSV : R$ 56 million

271 units

THE PARKER

São Paulo – SP

Launching: sep/10

70% sold in the first month *

Total PSV: R$256,3 million

246 units

* Managerial data

Trends, Innovation and Sustainability

� Development of blueprints for handicap users

Accessibility

CRUTCH USERS...

“GOL” Project

� Scale Production

� Project Efficiency

� Costs Optimization

� Unique Marketing Campaign

31

VISION HANDICAP...

WHEELCHAIR USERS...

Product Committee

� Guidelines for product development

� Technical specification models

Heated Demand

Class (**) Monthly Family Income (R$)

A1

A2

Higher than R$39 thousand

Up to R$39 thousand1.0% 3.0%6.0%

13.0%

43.5%

30.1%

4.7%

BRAZIL: 186.0 milllion inhabitants (*)

CCDI develops products, mainly, focused on B1 to D classes that represent 91% of the population in the Southeast region.

CCDI Focus(92.6%)

C

B2

D

B1

E

Up to R$8 thousand

Up to R$13.9 thousand

Up to R$2.9 thousand

Up to R$26 thousand

Up to 1.9 thousand

A1 A2 B1 B2 C D E

0.9% 3.7%7.4%

16.8%

46.9%

19.9%

4.4%

A1 A2 B1 B2 C D E

SOUTHEAST: 77.9 million inhabitants (*)

(*) Source: Gismarket 2007

(**) Source: ABEP – Brazilian Association of Research Companies. 32

CCDI Focus(91.0%)

CCDI Sales Strategy is based on three pillars:

1. Real Estate Megastore:

� 25 products – apartaments from 48 m² to 280 m².

� 7 decorated apartments in exposition.

2. Third Party Brokers:

CCDI’s Sales Strategy

Brasil Brokers

Lopes

5.1%

5.0%

4.7%

4.4%

3.8%

3.7%

2.7%

2.6%

8

7

6

5

4

3

2

CCDI

Sales Expenses/ Net Revenue (*)

1st In Sales efficiency

3. Two Brokers spliting the shift

33

Brasil Brokers

CCDI considers an Own Broker for 2011, focused on inventory sales

Ruben VasconcelosSelf Imóveis Lopes

Brasil BrokersFernandez MeraLopes

Galvão Lopes

8.6%

8.0%

7.4%

7.3%

7.2%

6.3%

6.3%

6.0%

5.4%

17

16

15

14

13

12

11

10

9

(*) Source: 3Q10’s Financial Statements of Brazilian Real Estate Companies listed– 9M10 information.

Launching History

114

163

1,124

673

852

Launching History – CCDI Stake(R$ million)

HM CCDI

9M10’s sales vs 2009’s sales: + 27% growth

161 381

1.010

375

689

298

163

161

384

673

2006 2007 2008 2009 9M10

34

3

� Focus on the sale of units in the inventory.

� Launching of projects with higher sales liquidity.

� Launchings spread throughout the quarter.

� Internal management of the third party sales team

� Contract process (stand sale, registered contract) more efficient.

Sales Speed History

Strategy

Speed Over Offer(VSO) History(%)

* Does not include the amount reffering to Ventura Corporate Towers

12.2%

18.4%23.7%

18.5% 19.3%

28.5%25.5%

13.7%

31.0%

48.5%45.4%

37.7%34.7%

18.7%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

CCDI Consolidated HM Engenharia

Speed Over Offer(VSO) History(%)

35

Inventory Priced to Market

Low Inventory of Units Concluded: 1.3% of total inventory3Q10’s Inventory was impacted by the strong launching volume.

42.8%

53.9%

815.0 841.4

1,086.7

INVENTORY PRICED TO MARKET(R$ MM)

São Paulo

Minas Gerais and

Espírito Santo

Paraná2.8%

Rio de Janeiro

1.6%

INVENTORY PRICED TO MARKET 3Q10

By Location

36

1.7% 2.0%

53.7% 55.2% 44.8%

44.6% 42.8%

1Q10 2Q10 3Q10

Units Concluded Units Under Constr. Units Launched

1.3%

São Paulo (Countrysid

e + Shoreline)

36.4%

São Paulo (Capital +

Metropolitan Region)

48.8%

Santo10.4%

Jard

ins

de

Vila

Ric

a Human Resources and Sustainability

Atractiveness

Most prestigious companies in Brazil (2009-2010)

Camargo Corrêa Desenvolvimento Imobiliário was elected the most prestigiouscompany in Construction, Real Estate Development and Rental sector by AnuárioÉpoca NEGÓCIOS100. For the second consecutive year in the ranking, theCompany improved from second to the first position from 2008 to 2009.

BRAND recognition is a strong point

38

Most Admired Companies in Brazil (2009)

For the second consecutive year, CCDI was among the three most admiredcompanies in Brazil in the "Builders and Real Estate Developers" category, asurvey published by Carta Capital /TNS Interscience.

The 12th edition of the "Most Admired Companies in Brazil" survey organizedby Carta Capital magazine, conducted during the months of July and August,interviewed 1,238 executives in 42 sectors of the economy. Their answers placedCCDI third in the specific ranking of the Builders and Real Estate Developerscompanies

Retainment

Organizational Competences and carreer paths

Real Estate Engineering Support

Co

mp

ete

nce

s Management

EssentialsManager

Director

39

Co

mp

ete

nce

s

Essentials

Specifics

Real Estate

Specifics

Engineering

Specifics

Support

Analyst

Coordinator

Remuneration and Benefits

Constantly follow the Real Estate segment and remunerate the professionals within the market

practices indicated by Haygroup consulting company, granting competitive wages, able to retain

professionals

Fixed Remuneration

Establish goals and indicators aligned with the business, aiming at boosting performances,

acknowledging the professionals with variable remuneration due to the delivery of results

Variable Remuneration

Long-Term Incentives Benefits

40

To patronize and intensify the bond between the company and its main officers, strenghtening long

term commitment.

Effective Program:

2008, 112,354 options distributed totalling R$ 1,086 mm

2009, 623,838 options distributed totalling R$ 1,997 mm

2010, 413,289 options distributed totalling R$ 1,983 mm.

Long-Term Incentives

Offer an attractive package aligned with the best market practices, seeking quality, safety and well-being of the collaborators and its family members

Benefits

Capacitation

• Performance Management

• Real Estate Credit

• Management and Leadership

• Technology, Structure and Foundation

• Code of Conduct

Trainings 2010

• Negotiation Skills

• Ombudsman

• Planning, Management, Deadline Control, Costs and Building Quality

• Among Others

41

21

47

18 24

138.0

517.9

51.0152.1

0

200

400

600

0

10

20

30

40

50

2007 2008 2009 Until Oct/2010

Average Hours per Collaborators Capacitation Investments (R$ thousand)

Productivity

We are doing more with less

631.1357.7

800.0

244193

220

0

100

200

300

0

200

400

600

800

1000

2008 2009 Until Nov/2010

CCDI's Launched PSV (R$ MM) - 100% CCDI CCDI's Headcount

42

Officers | 2%

Superintendents and Managers | 12 %

Coordinators | 17%

Technicals | 16%

Administrative | 44%

Formation programs | 9%

Hierarchical Stucture

Sustainability

Campaign for

consumption awareness ofenergy, water and printing

468 Seedlings

seeded in developments

Donation of 6,796seedlings

6,616

43

Seeding of 6,616seedlings in public areas

Social Action with the ONG “Vivendo com Arte “ in Paraisópolis community:

Over 50 voluteersOver 100 benefited

Attainment of the apprenticequota

Co

res

Azu

l Financial Performance

25 57

202

114

222

2006 2007 2008 2009 9M10

Gross Income(R$ million)

125 224

584 514

755

2006 2007 2008 2009 9M10

Net Revenue(R$ million)

LowIncome:

20%

LowIncome:

20%

Consolidated Financial Performance

20%26%

35%

22%29%

2006 2007 2008 2009 9M10

Gross Margin

2

(21)

52 58

116

2006 2007 2008 2009 9M10

Net Income(R$ million)Low

Income: 30.2%

LowIncome:

18%

45

Shareholder’s Equity

8

(47)

59 101

158

2006 2007 2008 2009 9M10

EBITDA(R$ million)

Net Debt (Net Cash)

19

209

66

319285

2006 2007 2008 2009 Sep/10

Cash Position(R$ million)

Consolidated Financial Performance

127

599 631 675 792

2006 2007 2008 2009 Sep/10

Shareholder’s Equity

(11)(149)

44

282

446

2006 2007 2008 2009 Sep/10

Net Debt (Net Cash)(R$ million)

46

Analyst Coverage

Institution Recommendation Target-Price Last Revision

Market Perform R$11.00 08/30/2010

Neutral R$9.50 12/09/2010

47

Hold R$8.50 10/08/2010

Sell R$7.20 11/04/2010

AverageTarget-Price

9.05

Stock Performance (until 12/10/2010)

R$ 3.000.000,00

R$ 4.000.000,00

R$ 5.000.000,00

R$ 6.000.000,00

R$ 7.000.000,00

130

150

170

190

R$ 7.27

CCIM3: +33.4%IBOV: -0.36%IMOB: +4.9%

Vo

lum

e

48

R$ 0,00

R$ 1.000.000,00

R$ 2.000.000,00

70

90

110

Volume$ CCIM3 IBOV IMOB

R$ 5.45

Source: Economática.

Shareholders Distribution

Social Structure

43%

36%

21%

Free Float - Nov/2010

International Investors

66.1% 33.9%

49

International Investors

Local Corporate Investors

Individual Investors

57%14%

10%

5%11%

Brazil Luxembourg USA France Other

Special PurposeCompanies

100%

2010 Stock Performance (until 12/10/2010)

6.6%

10.7%

12.4%

15.4%

22.2%

33.4%

51.8%

57.6%

CR2

PDG

MRV

Trisul

Direcional

CCDI

Eztec

Helbor

2010 Stock Performance

Average: 8.4%

50

-18.9%

-14.8%

-12.8%

-10.1%

-7.2%

-6.9%

-3.6%

3.7%

3.9%

Gafisa

Cyrela

JHSF

Rodobens

Rossi

Inpar

Even

Brookfield

Tecnisa

Multiples

2.802.45

2.05 1.97 1.871.63 1.55 1.55 1.52 1.48 1.41 1.26 1.19 1.10

0.870.68

MR

V

Dir

eci

on

al

Cyr

ela

PD

G

He

lbo

r

Ro

ssi

Eve

n

Ezte

c

Gaf

isa

Te

cnis

a

Bro

okf

ield

Ro

do

be

ns

Tri

sul

CC

DI

Inp

ar

CR

2

Price/Book Value*

51

1.721.57 1.47

1.351.23

1.09 1.00 0.95 0.94 0.89 0.840.71 0.69 0.63 0.63 0.62

MR

V

Dir

eci

on

al

PD

G

Cyr

ela

Ro

ssi

Ezte

c

He

lbo

r

Gaf

isa

Eve

n

Bro

okf

ield

Te

cnis

a

Ro

do

be

ns

CC

DI

CR

2

Tri

sul

Inp

ar

Price/Liquidation Value*

*Source: Barclays Capital Research – Research issued in 11/17/2010.Price – Closing price in 11/17/2010

IFRS - Main impacts in the accountability

Implementation in 2 stages:

1st Stage2008

2nd StageTo be implemented

� Swap accounting.� Present value of receivables

accounting.� Standardization of the cost

concept.

� Decision for the meeting of the CPC in the first week of December/2010.

� Recognizing the result of the

52

concept.� Recognition of sales stand as an

expense.� Accounting rule of assignment of

receivables.� Recognition of interest as a Cost.

� Recognizing the result of the development in a single period, after delivery the keys.

Change in the financial indicators

IR Contacts:

Terr

aço

Em

pre

sari

al J

ard

im S

ul

IR Contacts:Leonardo Leonardo de Paiva Rochade Paiva RochaCFO and IRO

Camila Poleto BernardiCamila Poleto BernardiIR Coordinator

Gabriel Barros Oliveira de GaetanoIR Analyst

Rua Funchal, 160 – 9º andarVila Olímpia – São Paulo – SPCEP: 04551-903Tel: (55 11) 3841-4824Fax: (55 11) 3841-5761

www.ccdi.com.br/riri.ccdi@ccdi.com.br

Management

Management BoardJosé Alberto Diniz de Oliveira - Mr. Oliveira graduated in Engineering and holds a MBA from Stern School of Business (New York University). He has over 25years of experience in finance and administration in first-class companies, such as Itaú, McKinsey and MGDK. He was CFO of Andrade Gutierrez and was member ofthe board of directors of Pegasus Telecom. Mr. Oliveira is currently President of Incorporation, Environmental Engineering and Corporate Division of CamargoCorrêa S.A. and member of the board of directors of Alpargatas, CCDI, CAVO and Essencis.

Carlos Pires Oliveira Dias - Mr. Dias has been a vice-chairman of the Company’s board of directors and of the board of directors of CCSA since 2003, serving as amember of the board of directors of CCSA since 1977. He also served as an executive officer of CCCC from 1975 to 1989. Mr. Rosa currently serves as the vice-president of the board of directors of various companies in the Camargo Corrêa Group. He holds a bachelor’s degree in economics from Universidade PresbiterianaMackenzie.

Luiz Roberto Ortiz Nascimento - Mr. Nascimento has been a vice-chairman of CCDI’s board of directors and of the board of directors of CCSA since 2003,having served as a member of the board of directors of CCSA since 1977. Mr. Nascimento has over 30 years of experience in the Camargo Corrêa Group, startinghis career in 1974 at PMV. He currently serves as the vice-president of the board of directors of various companies in the Camargo Corrêa Group. Mr. Nascimentoholds a bachelor’s degree in economics from Universidade Presbiteriana Mackenzie.

Albrecht Curt Reuter-Domenech - Mr. Reuter-Domenech has been a vice-chairman of the Company’s board of directors since 2004, and he has been a member

54

Albrecht Curt Reuter-Domenech - Mr. Reuter-Domenech has been a vice-chairman of the Company’s board of directors since 2004, and he has been a memberof the board of directors of CCSA, as well as other companies in the Camargo Corrêa Group, since 2006. Before joining the Camargo Corrêa Group, he was apartner and member of the board of directors of McKinsey & Company, Inc., actively participating in the development of their Latin America practice since 1979. Mr.Reuter-Domenech also headed practices relating to financial institutions and corporate finance and strategy, having worked on mergers and acquisitions, as well asvaluation and strategic economic appraisals. He holds a bachelor’s degree in civil engineering from Universidad de Puerto Rico and an MBA from The WhartonSchool, University of Pennsylvania.

Victor Sarquis Hallack - Mr. Hallack has been a member of CCDI’s board of directors and the chairman of the board of directors of CCSA since September 2006.He has also been a member of the board of directors of Embraer -Empresa Brasileira de Aeronáutica S.A. since 1995. Mr. Hallack had previously served as theexecutive director of Grupo Bozano and worked at Companhia Vale do Rio Doce for 17 years in various positions, including the director of finance and development(1990-1993) and general director of Rio Doce America in New York (1984-1990). Mr. Hallack holds a law degree from Universidade Federal de Juiz de Fora, amaster’s degree in business administration from Pace University, and a post-graduate degree in business administration from Kent State University.

Sergio Zappa - Mr. Zappa has been an independent member of the Company’s board of directors since December 2006. Mr. Zappa had previously worked at RioBravo Serviços Financeiros, the International Finance Corporation (financial arm of the World Bank), UNIBANCO – União de Bancos Brasileiros S.A., Banco Nacionaldo Desenvolvimento Econômico – BNDES and Banco Econômico de Investimentos S.A., with significant experience in the financial and capital markets’ sectors. Mr.Zappa holds a bachelor’s degree in economics from Georgetown University and a master’s degree in business administration from the American Graduate School ofInternational Management.

ManagementBoard of Directors - CCDIFrancisco Sciarotta Neto - Graduated in Economics and Accounting by Universidade Mackenzie, with MBA by the Business School de São Paulo and specializationin controllership and financial management by the Fundação Getúlio Vargas. Executive with extended history within the Grupo Camargo Corrêa, he was, sinceJanuary, 2007, the Chief Executive Officer for the Shared Service Center, the Group´s strategic area responsible for the administrative management of several of theGroup’s business units. Before, among other executive positions, Mr. Sciarotta Neto was the Chief Financial Officer for Camargo Corrêa Industrial and Cimento Cauê–The Group´s cement company (1993/1999); and for PMV (Participações Morro Vermelho), the holding company for the Group´s operations. With experience inmulti-national companies such as Arthur Andersen and Johnson & Jonhson, Mr. Sciarotta Neto was also the Chief Financial Officer for the Brazilian subsidiary of SaraLee International (2004/2007), when he was responsible for the company’s compliance to the Sarbanes Oxley (SOX). Furthermore, he was the Vice President ofAdministration and Finance of the American multi-national company Diveo (1999-2001).

Henrique Ernesto Bianco - Graduated in Civil Engineering by Faculdade de Engenharia de Barretos, with specializations by USP São Carlos, Instituto Politécnico deRibeirão Preto and Fundação Centro Nacional de Segurança, Higiene e Medicina no Trabalho (Security Engineering). Mr. Bianco is a member of several associations,and committees such as ABNT (Brazilian Association of Technical Standards), IBRACON (Brazilian Concrete Institute), ABENC (Brazilian Civil Engineers Association),IBAPE (Brazilian Engineering Evaluation and Expertise Institute), COPMAT (Committee of the Construction Supplies professors). Mr. Bianco was president of theEngineering, Architecture and Agronomy Association (CREA) of Barretos, advisor and 2nd vice-president of CREA-SP. He was also full professor at Faculdade deEngenharia de Barretos. He also worked as Expert, Fiscal Engineer, and Technical Responsible of several housing projects of Companhia Habitacional Regional. Iscurrently the Chief Executive Officer of HM Engenharia, company which he founded, and which’s stake belongs to CCDI.

55

Leonardo de Paiva Rocha - Mr. Rocha is Chief Financial Officer and Investor Relations Officer since April 23, 2009. He holds a bachelor's dregree in mechanicalengineer by the Instituto Militar de Engenharia/RJ (1981). He holds a master in Business with emphasis in finance by PUC/RJ (1989), and a specialization degree inMarketing Administration by FGV/SP (1991). Participated on the CFO’ s Executive Program – University of Chicago in 2007. With over 27 years of experience in thefields of controllership; treasury; financial, strategic and fiscal planning; procurement and information technology, Mr. Paiva Rocha’s experience comprises variouspositions at Brazilian and international leading companies such as: Coca-cola, Grupo Telefônica, Grupo Pão de Açúcar, HP Brasil and Globex Utilidades S/A (PontoFrio). With extensive knowledge in Mergers and Acquisitions, and structured finance and capital markets deals, he is a former president and actual member of theBrazilian Institute of Finance Executives (IBEF-SP). Mr. Paiva Rocha is also a member of the Brazilian Corporate Governance Institute (IBGC).

Maurício Barbosa - Maurício Barbosa joined Camargo Corrêa Desenvolvimento Imobiliário as Development Director in 2007. Maurício has been a professional onthe real estate market since 1997, when he joined America Properties, a company created by Grupo Rossi to develop projects in the luxury office and residentialsegments. After the merger with Rossi Residencial, he took up the position as director in 2006, when he created the company’s land division area. He holds a CivilEngineering degree from Escola Politécnica da Universidade de São Paulo (USP), with specialization in Production Engineering from Fundação Vanzolini, and BusinessAdministration from Fundação Getúlio Vargas (FGV).

Cláudio Sayeg - Claudio holds a Civil Engineering degree from FEFAAP, and a Law degree from Mackenzie, with post-graduate studies in Steel Concrete Structuresfrom Universitá Politécnico di Milano – Italy, and acted as Construction Management Director for Barbara Engenharia, before joining CCDI.

Management

Henrique Ernesto Bianco Graduated in Civil Engineering by Faculdade de Engenharia de Barretos, with specializations by USP São Carlos, Instituto Politécnico deRibeirão Preto and Fundação Centro Nacional de Segurança, Higiene e Medicina no Trabalho (Security Engineering). Mr. Bianco is a member of several associations,and committees such as ABNT (Brazilian Association of Technical Standards), IBRACON (Brazilian Concrete Institute), ABENC (Brazilian Civil Engineers Association),IBAPE (Brazilian Engineering Evaluation and Expertise Institute), COPMAT (Committee of the Construction Supplies professors). Mr. Bianco was president of theEngineering, Architecture and Agronomy Association (CREA) of Barretos, advisor and 2nd vice-president of CREA-SP. He was also full professor at Faculdade deEngenharia de Barretos. He also worked as Expert, Fiscal Engineer, and Technical Responsible of several housing projects of Companhia Habitacional Regional. Iscurrently the Chief Executive Officer of HM Engenharia, company which he founded, and which’s stake belongs to CCDI.

Marcos Feliciani Mr. Feliciani is Chief Engineer and Construction Officer of HM Engenharia, where he has been since 1976. Mr. Feliciani holds a Civil Engineeringdegree from Fundação Educacional de Barretos, specialized in Transports at USP - São Carlos, and also in Technical Expertise and Evaluation Engineering at FDTE –Politécnica – USP. Since 1986, Mr. Feliciani is the Technical Officer at HM Engenharia, being the Head of several projects such as: Infra-Structure, Budgets, Supply,Construction, Quality Management, Sustainability, Health and Occupational Safety. Mr. Feliciani is also the Management guardian, besides from being the InternalAuditor of Quality of HM Engenharia. In the Camargo Correa Group, he is also one of the Guardians of Sustainability.

Mauro Rocha Bastazin is graduated in Chemical Engineering at Escola Politécnica of USP, specialized in Business Management at FGV-SP. Mr Bastazin is anexecutive with history in Camargo Correa Group, working in Strategic Planning in the Engineering and Construction business. Before his experience in the Group,

Board of Directors - HM Engenharia

executive with history in Camargo Correa Group, working in Strategic Planning in the Engineering and Construction business. Before his experience in the Group,Mr. Bastazin was a consultant at PricewaterhouseCoopers, specializing in organizational changes. Mr. Bastazin is currently the Chief Financial Officer of HM Engenhariae Construções S/A since February 1st 2008.

56

Pinot Noir

Annexes:Financial

Statements

57

Indebtedness and Accounts Receivables

225.3

43.9 43.6

12.6

199.7 199.7

237.9 243.6 243.3

5.9

INDEBTEDNESS TIMELINE(R$ MM)

Corporate Debt

SFHGross Debt

September/2010R$730.7 million

Cash Position = R$284.6 million in 09/30/2010Level of Indebtedness (56% of Shareholder’s Equity)

SFH Debt is 100% payed by accounts receivable

43.9 43.65.9

5.9

Sep/2010 to Sep/2011 Sep/11 to Dec/11 2012 2013

AccountsReceivable

September/2010R$967.0 million

780.6

77.5 49.9 52.6 5.3 1.2

Sep/2010 to Sep/2011

Sep/11 to Dec/11

2012 2013 2014 2015 and forward

ACCOUNTS RECEIVABLE TIMELINE(R$ MM)

58

Consolidated Income StatementCONSOLIDATED INCOME STATEMENT - REPORTED (R$ 000) 3Q10 2Q10 3Q09 3Q10/2Q10 3Q10/3Q09 9M10 9M09 9M10/9M09

GROSS REVENUE FROM SALES, RENTALS AND SERVICES 281,464 227,015 108,174 24.0% 160.2% 782,773 360,699 117.0%

Revenue From Real Estate Sales 276,837 223,595 103,831 23.8% 166.6% 772,186 352,053 119.3%

Revenue From Real Estate Rentals - - - --- --- - - ---

Revenue From Services 2,790 1,554 3,517 79.5% -20.7% 5,865 5,259 11.5%

Other Revenues 1,837 1,866 826 -1.6% 122.4% 4,722 3,387 39.4%

DEDUCTIONS FROM GROSS REVENUE (9,039) (7,865) (4,262) 14.9% 112.1% (27,599) (13,661) 102.0%

NET REVENUE FROM SALES AND/OR SERVICES 272,425 219,150 103,912 24.3% 162.2% 755,174 347,038 117.6%

COST OF SALES, RENTALS AND SERVICES (200,817) (165,493) (98,365) 21.3% 104.2% (533,607) (276,049) 93.3%

Sales (199,098) (163,928) (98,225) 21.5% 102.7% (529,879) (275,755) 92.2%

Rentals (3,728) - - --- --- (3,728) 60 ---

Services 2,009 (1,565) (140) --- --- - (354) ---

GROSS INCOME 71,608 53,657 5,547 33.5% 1190.9% 221,567 70,989 212.1%

GROSS MARGIN 26.3% 24.5% 5.3% 1.8pp. 20.9pp. 29.3% 20.5% 8.9pp.

OPERATING INCOME (EXPENSES) (26,042) (17,610) (63,729) 47.9% -59.1% (65,008) (102,232) -36.4%

Selling Expenses (8,594) (6,675) (9,599) 28.7% -10.5% (19,828) (20,508) -3.3%

General And Administrative Expenses (17,448) (10,935) (54,130) 59.6% -67.8% (45,180) (81,724) -44.7%

59

General And Administrative Expenses (17,448) (10,935) (54,130) 59.6% -67.8% (45,180) (81,724) -44.7%

General And Administrative Expenses (17,793) (16,674) (21,272) 6.7% -16.4% (51,510) (48,823) 5.5%

Other Income (Expenses), Net 345 5,739 - -94.0% --- 6,330 - ---

INCOME (LOSS) FROM OPERATIONS BEFORE FIN, RESULT 45,566 36,047 (58,182) 26.4% --- 156,559 (31,243) ---

FINANCIAL INCOME (EXPENSES) (5,702) (4,885) (6,841) 16.7% -16.6% (14,336) (6,649) 115.6%

Financial Revenues 11,022 10,489 4,946 5.1% 122.8% 31,069 18,426 68.6%

Financial Expenses (16,724) (15,374) (11,787) 8.8% 41.9% (45,405) (25,075) 81.1%

NET INCOME (LOSS) BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES

AND MINORITY PARTICIPATION39,864 31,162 (65,023) 27.9% --- 142,223 (37,892) ---

Income Tax And Social Contribution (13,762) (6,147) 3,261 123.9% --- (25,780) (6,328) 307.4%

Minority Interest In Net Income - - - --- --- - - ---

NET INCOME 26,102 25,015 (61,762) 4.3% --- 116,443 (44,220) ---

NET MARGIN 9.6% 11.4% -59.4% -1.8pp. --- 15.4% -12.7% ---

NUMBER OF SHARES, EX-TREASURY (THOUSANDS) 112,990,000 112,990,000 113,000,000 0.0% 0.0% 112,990,000 113,000,000 0.0%

EARNINGS PER SHARE, EX-TREASURY 0.2310 0.2214 (0.5466) 4.3% --- 1.0306 (0.3913) ---

Consolidated – Balance Sheet - Assets

BALANCE SHEET (R$ 000)

REPORTED09/30/2010 06/30/2010 %

ASSETS 2,508,605 2,343,197 7.1%

CURRENT ASSETS 1,556,020 1,428,494 8.9%

Cash And Cash Equivalents 276,831 281,683 -1.7%

Trade Accounts Receivable 780,576 566,856 37.7%

Advances To Suppliers 10,127 7,498 35.1%

Properties Held For Sale 387,341 440,055 -12.0%

Prepaid Expenses 341 443 -23.0%

Recoverable Taxes 11,101 10,663 4.1%

Other Receivables 89,703 121,296 -26.0%

NONCURRENT ASSETS 952,585 914,703 4.1%

60

NONCURRENT ASSETS 952,585 914,703 4.1%

LONG-TERM ASSETS: 814,259 778,558 4.6%

Cash Equivalents 7,729 0 ---

Trade Accounts Receivable 186,455 234,821 -20.6%

Properties Held For Sale 615,202 533,081 15.4%

Related Parties 13 16 -18.8%

Deferred Income Tax And Social Contribution 4,089 9,899 -58.7%

Prepaid Expenses 9 9 0.0%

Other Receivables 762 732 4.1%

Investments 6 6 0.0%

Investments In Subsidiaries 0 0 ---

Others 6 6 0.0%

Fixed Assets 94,715 93,231 1.6%

Intangible Assets 43,605 42,908 1.6%

Consolidated – Balance Sheet - Liabilities

BALANCE SHEET (R$ 000)

REPORTED09/30/2010 06/30/2010 %

LIABILITIES 2,508,605 2,343,197 7.1%

CURRENT LIABILITIES 566,052 431,766 31.1%

Construction Financing 225,263 147,885 52.3%

Debentures 12,646 73 17223.3%

Obligations for the purchase of land in cash 47,816 42,827 11.6%

Obligations for the purchase of land in physical swap 0 0 ---

Obligations for the purchase of land in financial swap 196,524 158,164 24.3%

Trade Accounts Payable 22,742 21,993 3.4%

Taxes Payable 9,010 10,902 -17.4%

Related Parties 701 3,334 -79.0%

Accrued Salaries And Taxes 18,524 14,757 25.5%

Deferred Income Tax And Social Contribution 0 0 ---

Deferred Taxes On Revenue (Pis And Cofins) 607 1,205 -49.6%

Advance To Clients 17,265 16,402 5.3%

61

Advance To Clients 17,265 16,402 5.3%

Proposed Dividends 3 3 0.0%

Other Payables 14,951 14,221 5.1%

NONCURRENT LIABILITIES 1,150,963 1,145,436 0.5%

Construction Financing 93,424 110,964 -15.8%

Debentures 399,359 399,144 0.1%

Deferred Income Tax And Social Contribution 28,889 22,448 28.7%

Deferred Taxes On Revenue (PIS and Cofins) 32,529 26,293 23.7%

Advance To Clients 36,322 36,970 0.0%

Related Parties 0 0 ---

Obligations for the purchase of land in money 6,599 3,020 118.5%

Obligations for the purchase of land in physical swap 0 0 ---

Obligations for the purchase of land in financial swap 552,359 543,844 1.6%

Payable To Suppliers 0 0 ---

Other Payables 834 2,753 -69.7%

SHAREHOLDERS' EQUITY 792,238 765,995 3.4%

Capital 540,189 540,189 0.0%

Capital Reserve 85,128 84,987 0.2%

Shares In Treasury (60) (60) 0.0%

Accumulated Earnings 166,981 140,879 18.5%

Consolidated Cash FlowCASH FLOW - CONSOLIDATED (R$ MIL) REPORTED 3Q10 2Q10 3Q09 3Q10/2Q10 3Q10/3Q09 9M10 9M09 9M10/9M09

INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 39,864 31,162 (65,023) 27.9% --- 142,223 (37,892) ---

Adjustments to conciliate Net Income to Cash from Operating Activities - - - --- --- - - ---

Depreciation and Amortization 601 584 535 2.9% 12.3% 1,680 1,655 1.5%

Deferred PIS and Cofins 5,638 (1,904) 2,902 --- 94.3% 6,537 8,037 -18.7%

Provision (Reversal) Of Provisions (188) 6,874 2,791 --- --- 6,599 779 747.1%

Financial Charges 19,297 16,524 8,063 16.8% 139.3% 50,749 18,263 177.9%

Write-Off Of Permanent Assets 30 31 237 -3.2% -87.3% 61 397 -84.6%

Clients receivable (165,067) (109,878) (43,669) 50.2% 278.0% (365,878) (186,442) 96.2%

Properties Held for Sale (29,407) (27,849) 25,505 5.6% --- 20,107 32,903 -38.9%

Advances to Suppliers (2,629) 1,813 (1,212) --- 116.9% (5,688) 3,141 ---

Prepaid Expenses 102 268 77 -61.9% 32.5% 494 739 -33.2%

Recoverable Taxes (438) (3,389) (111) -87.1% 294.6% (2,264) 2,123 ---

Other Receivables 31,563 6,562 (893) 381.0% --- 29,392 (3,140) ---

Supliers and Accounts to payable 56,234 25,570 (17,169) 119.9% --- 42,123 (44,097) ---

Accrued Wages And Vacation 3,767 (848) 1,523 --- 147.3% 5,253 1,251 319.9%

Advances From Customers 215 4,534 - -95.3% --- 4,364 (1,170) ---

Taxes Payable (1,188) (1,818) 391 -34.7% --- (1,364) (466) 192.7%

Other Payables (1,189) 4,249 11,071 --- --- 4,247 11,920 -64.4%

Cash Used In Operations (42,795) (47,515) (74,982) -9.9% -42.9% (61,365) (191,999) -68.0%

Income Tax And Social Contribution Paid (2,215) (4,878) (1,035) -54.6% 114.0% (25,263) (3,928) 543.2%

62

Income Tax And Social Contribution Paid (2,215) (4,878) (1,035) -54.6% 114.0% (25,263) (3,928) 543.2%

Interest Paid For Construction (5,862) (44,102) (2,946) -86.7% 99.0% (56,690) (9,370) 505.0%

CASH FLOWS FROM OPERATING ACTIVITIES (50,872) (96,495) (78,963) -47.3% -35.6% (143,318) (205,297) -30.2%

Cash Flow from Investment Activities

Related Parties, Net (2,630) (687) (1,750) 282.8% 50.3% (3,769) (4,375) -13.9%

Redemptions (Applications) Application Financial 9,222 (21,831) 32,462 --- -71.6% 43,105 (14,292) ---

Goodwill On Acquisition Of Subsidiary - - (4,885) --- --- (2,250) (4,885) -53.9%

Fixed and Intangible Assets Acquisition (2,812) (3,715) (1,101) -24.3% 155.4% (7,262) (5,591) 29.9%

NET CASH USED IN INVESTING ACTIVITIES 3,780 (26,233) 24,726 --- -84.7% 29,824 (29,144) ---

Cash Flow from Financing Activities

Payment Of Dividends - (13,774) - --- --- (13,774) (1,951) 606.0%

Financing 58,977 33,522 114,164 75.9% -48.3% 135,409 295,624 -54.2%

Payments / Amortization of Financing - (204) - --- --- - - ---

Debentures Issuance Costs 214 367 - -41.7% --- 581 - ---

NET CASH USED IN FINANCING ACTIVITIES 59,191 19,911 114,164 197.3% -48.2% 122,216 293,673 -58.4%

NET CASH PROVIDED BY (USED IN) FINANCING ACTIV. 12,099 (102,817) 59,927 --- -79.8% 8,722 59,233 -85.3%

NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 16,592 119,409 8,803 -86.1% 88.5% 19,969 9,497 110.3%

CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 28,691 16,592 68,730 72.9% -58.3% 28,691 68,730 -58.3%