1. EARNINGS RELEASE PRESENTATION
4Q07 e 2007

2. 1 – Main Messages
• 2007
– Launching Guidance exceeded (R$1.26 billion)
– Solid speed of sales
– Land Bank doubled (vs. IPO), with swap rate maintained above 85%
– Revenues, Income and Margins in noticeable expansion
– Cash Position highly positive (R$149.0 million in Net Cash)
– Beginning of geographic expansion
• 2008
– Sale of Phase 1 of Ventura guarantees Contracted Sales and
Revenues for 1Q08 (if recognized in 2007, CCDI would exceed all
expectations)
– 25.7% Capital increase in HM, resulting is a 76.7% ownership
interest, strengthening operations in the low-income segment

3. 2 – Operational Performance
Launchings R$MM Contracted Sales R$MM
3,000 383.8
+184% +47%
+178% 2,100
1,260 176.8 171.2
453
211
55
2004 2005 2006 2007 2008E 2009E 2005 2006 2007
Average Price of Units Launched (R$ 000) Average Price of Units Sold (R$ 000)
498.2 497.0
-42% -32%
337.0
290.2
2006 2007 2006 2007

4. 3 – Low-income and Economic
• Low-Income (R$40,000 to R$100,000 per unit)
– Acquisition of 51% of HM on August, 2007
– Valuation: R$60MM (100%);
– 2 developments launched (R$63.8MM);
– Land bank of R$1.0BN;
– Capital Increase for additional 25.7% stake on HM - March, 2008.
• Economic (R$100,000 to R$200,000 per unit)
– R$250.0 million already launched in 6 projects;
– Exceptional speed of sales (Innova phase 1 and 2: 100% sold in 50
days)
– Land bank of R$1.7BN.

5. 4 – Geographical Diversification
Regional
Office due
in 2008
PE Regional Office
Land Bank
Regional Office due in 2008
Land Bank
MG
ES
SP Regional Office
PR RJ AAA office building
Regional Land Bank
Office due
in 2008 Headquarters
Launchings from 2003
Extensive Land Bank

6. 5 – Land Bank
Land Bank (PSV - R$MM)
• Land acquisitions through
100% CCDI
swap maintained
9,937
Cash
– Land Bank practically doubled
15% after IPO
Swaps
– CCDI current land bank swap
+95% rate is 85%
5,100
10%
85%
90%
IPO CURRENT

7. 6 – Land Bank
Type of Land (PSV - R$MM) Geographic Diversification (PSV - R$MM)
Land Bank – 100% CCDI Land Bank – 100% CCDI
573.0%
1,120.0%
(5.8%)
(11.3%)
144.0% 1,556.0%
1,556.0% (1.4%) (15.7%)
(15.7%) 4,064.0%
505.0%
(5.1%) (40.9%)
7,118.0%
3,239.0%
(71.6%)
(32.6%)
Residential SP - Capital
Residential - Leisure RMSP
Commercial SP - Inner estate
Lots SP - Shore line
Other regions

8. 7 – Land Bank
Type of Land (PSV - R$MM) Geographic Diversification (PSV - R$MM)
Residential Land Bank – 100% CCDI Residential Land Bank – 100% CCDI
573.0%
(6.6%)
1,556.0%
2,333.0% 2,277.0% (17.9%)
(26.9%) (26.2%)
505.0% 2,994.0%
(5.8%) (34.5%)
866.0%
(10.0%) 1,505.0%
(17.3%)
3,047.0%
1,694.0% (35.1%)
(19.5%)
Low-Income - until R$100,000 SP - Capital
Economic - R$100,000 to R$200,000 RMSP
Medium - R$200,000 to R$350,000 SP - Inner estate
Mid-High - R$350,000 to R$500,000 SP - Shore line
High and Luxury -over R$500,000 Other regions

9. 8 – Financial Performance
Gross Revenues (R$MM) Net Revenues (R$MM)
240.1 230.2
+175% +83% 174.1% +84%
131.1 125.3
105.9 101.2
+134% 132.8%
38.5 45.2 36.9 43.5
4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007
Gross Income (R$MM) Gross Margin (%)
62.6
+10.2 p.p.
+7.0 p.p.
318.7%
28.2% 29.6%
+148% 27.2%
29.9 19.4% +1.4 p.p. 20.2%
25.3
144.5%
12.2
7.1
4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007

10. 9 – Financial Performance
Gross Income Reconciliation (R$MM)
• Reconciliation to
240.1 233.0
reflect accounting
practices of other
77.4
real estate
62.6 +24%
players, for
comparison
Gross Gross Gross Income Gross Income
Revenues Revenues (Reported) (Reconciled) purposes
(Reported) (Reconciled)
Gross Margin Reconciliation (%)
+7.0 p.p.
36.5 34.5
29.5 27.2 +7.3 p.p.
4Q07 4Q07 2007 2007
(Reported) (Reconcil.) (Reported) (Reconcil.)

11. 10 – Financial Performance
Net Income (R$MM) Adjusted Net Income (R$MM)
+17% 33.4
8.7
7.5 +26%
6.1 27.3
+1,291%
9.4
2.4 +155%
0.7
7.5 8.7 2.4
6.1
-2.8
4Q06 3Q07 4Q07* 2006 2007*
-2.8
4Q06 3Q07 4Q07 2006 2007
Adjusted EBITDA (R$MM)
12.5
10.5
7.9 +58.2%
+323.9%
*Adjusted to non-recurring 2.5
1.1
IPO’s expenses
4Q06 3Q07* 4Q07* 2006 2007*

12. 11 – Financial Performance
Revenues to be Recognized (R$MM) Results to be Recognized (R$MM)
+27.6% +31.6%
+41.0% +50.5%
365.5 365.5 99.6 99.6
286.4 75.7
+80.0% +98.0%
203.1 203.1 50.3 50.3
4Q06 3Q07 4Q07 2006 2007 4Q06 3Q07 4Q07 2006 2007
Margin over Revenues of Sales to be Recognized (%)
27.3% 27.3%
24.8% 24.4% 24.8% +2.50 p.p.
4Q06 3Q07 4Q07 2006 2007

13. 12 – Financial Performance
• “Ventura Corporate Towers” Factor
– Option sold on Dez/07 and exercised on Jan/08
– If the option were exercised and recognized on 2007, CCDI would
exceed all expectations
Reported Adjusted
(without Ventura) (with Ventura)
PSV Launched (R$MM) 1,260 1,260
Contracted Sales (R$MM) 383.8 569.5
Net Revenues (R$MM) 230.2 370.5
Gross Income (R$MM) 50.6 116.4
Gross Margin (%) 27.2 31.4