1. Conference Call
2Q11 Earnings
08/16/2011

2. 2
SPEAKERS
• IAN MONTEIRO DE ANDRADE
CFO and IRO
• MARA DIAS
IR Manager

3. 3
2Q11 highlights
Contracted Sales in 2Q11 reached R$412.3 million, increase of 31.0% in comparison
to 2Q10
Strong Inventory Sales
Consolidated Sales Over Total Offer was 36.2% in 2Q11, an increase of 4.5 pp in
comparison to 2Q10
In 2Q11 1,523 units were delivered or R$233.3 million in PSV, higher delivery volume
per quarter in the CCDI’s history, an increase 164.3% in comparison with 2Q10.
Acquisitions of 5 plots in 2Q11 to be launched in a year, with total PSV of R$450
million
Low income Segment: increase of 61.4% in Net Revenue and 12,1% in Gross Income
in the accumulated comparison between 1H11 and 1H10
Update of the budgets generated a non recurring impact of R$90.1MM in the result
of the period

4. 2Q11’s Operational Results

5. 5
CONTRACTED SALES
CONTRACTED SALES (R$ MM) CONTRACTED SALES OF
100% CCDI LAUNCHINGS AND INVENTORY
HM
Launching Sales
CCDI 728.7 Inventory Sales 412.3
343.5 0.3%
262.4 314.8 328.2 316.5
507.6
412.3 35.2% 20.1% 14.6%
102.2 27.3%
314.8 316.5
149.5 99.7%
60.3 112.9
405.4 466.4 79.9% 85.4%
72.7% 64.8%
254.4 203.6 262.8
2Q10 1Q11 2Q11 1H10 1H11 2Q10 3Q10 4Q10 1Q11 2Q11
CONTRACTED SALES 2Q11
CONTRACTED SALES 2Q11
by Market Segment By Location
Small Offices
2.7% Rio de
High and
Luxury
Paraná Janeiro São Paulo
19.9% Low Income and Minas 11.4% (Countrysi
34.6% Gerais de +
9.4% Shoreline)
Mid-High
37.6%
13.5%
Economic São Paulo
3.9% (Capital +
Medium RMSP)
25.4% 41.6%
SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF
THOUSAND PER UNIT REPRESENTED 77.3% SÃO PAULO: 79.2%

6. 6
C Day – CCDI’s Marketing Campaign
On June 18th, the first launching of inventory in the real estate market
has occur, the “C Day”. This campaign sets a new milestone to the real
estate market consolidating CCDI’s brand in a segment each day more
competitive.
Result: R$ 71.5MM (158 units)
Reduced marketing expense: R$787 thousand (1.1% of sold PSV)
Low income Marketing Campaign
HM Engenharia released its new marketing
campaign with the actor and show host,
Rodrigo Faro as advertiser of HM
developments.

7. 7
LAUNCHINGS (R$MM)
Project Location Launching Units PSV - % CCDI (R$ MM) Segment
Connect Wokstation Campos dos Goytacazes, RJ feb/11 243 29.1 Small Offices
Soul Jardim Sul São Paulo, SP feb/11 180 38.3 Medium
Set Cabral Curitiba, PR feb/11 151 39.2 Mid-high
Condomínio Residencial Vale das Figueiras Valinhos, SP mar/11 760 78.0 Low Income
Vivenda do Horto - Vivenda Orquídea Hortolândia, SP mar/11 173 19.7 Low Income
Vanguard Ipiranga São Paulo, SP jun/11 70 11.7 Low Income
Quinta das Figueiras Cajamar, SP jun/11 117 13.9 Low Income
Total Launchings in 1H11 1,694 229.9
RECENT LAUNCHINGS
Location: Curitiba / PR
Studios: 1 and 2 dorms with 46 to 90m² and small offices:
from 34 to 99 m² private area
PSV: R$124MM or R$87MM % CCDI (156 small offices 240
apartments)
Launching: aug/13

8. 8
LAND BANK – R$8.2 billion in PSV
LAND BANK
(R$ BILLION)
0.45
(0,02) (0,74)
8.5 8.5 7.7 8.2
Land Bank 1Q11 Launchings 2Q11 Discontinued Acquisitons Land Bank 2Q11
Projects 2Q11
By Location By market Segment
Espírito Rio de
Santo, Janeiro
Paraná and 0.6% Triple A
Minas Gerais 15.3% Low
3.8% Income
São Paulo 29.3%
(Countryside São Paulo
+ Shoreline) Capital Other
19.8% 41.8% 17.2%
Mid-High Economic
RMSP 6.3% Medium 18.4%
34.0% 13.4%

9. 9
Own Construction - Status
Two New
Construction
sites
São Paulo - SP
PSV: R$256 MM PSV: R$71 MM Macaé - RJ
Launching: Sep/10 Launching: Nov/10
Units: 246 (3 Towers) Units: 312 (2 Towers)
Beginning: Jun/2011 Beginning: Jun/2011
Evolution: Constuction 2nd month; Foundations 5% Evolution: Construction 2nd month; Foundations 1%
Delivery: Jan/2014 Delivery: Aug/2013
PSV: R$49 MM São Paulo - SP PSV: R$29 MM São Paulo - SP PSV: R$35 MM São Paulo - SP
Beginning: Oct/2010 Beginning:: Aug/2010 Beginning: Feb/2011
Evolution: Construction 9th month; Evolution: Construction 11th month, Evolution: Construction 5th month,
Foundations 90%; Structure 20% Foundations 95%, Structure 68%, Foundations 90%, Structure 5%
Delivery: Oct/2012 Masonry 21% Delivery: Feb/2013
Delivery : Jun/2012

10. 10
Fully Verticalized Construction Proccess
Units Under Construction Delivered Units 5,388
7,821
5,550
3,934 2,732 2,818
1,723
2009 2010 2011* 2010 2011(E) 2012(E) 2013(E)
* Until Jun/2011
Campinas Cajamar- SP
PSV: R$51 MM PSV: R$24 MM Pedreira - SP PSV: R$20 MM
Beginning: dec/2010 Beginning : nov/2010 Beginning : may/2011
Evolution: 15% Evolution: 8% Evolution: 1%
Delivery: September/2012 Delivery: August/2012 Delivery: April/2013

11. 11
Contruction Evolution Delivery Evolution (100% CCDI)
In 1H11 1,799 units were CCDI 3,039
Construction per year of launching delivered or R$255.2MM in PSV
CCDI 3,569 HM 5,388
CCDI 4,169
HM 2,818
HM 2,732 8.427
2008 2009
6.901 6.387
29.8% 23.4% CCDI 650 1.382
HM 1,723
981 1.049
2.373 608,3
226,4 247,2
683
2010 129,0
553,9 754,1 801,8 773,7
2007 22.8%
24.0%
2010 2011(E) 2012(E) 2013(E)
PSV HM R$MM PSV CCDI R$MM Delivered Units
Evolution of the Own construction share in CCDI’s Traditional segment (PSV)
2011 2012 (E) 2013 (E)
17%
34%
45%
66% 55%
83%
Third-Party Construction
Own Construction

12. 12
Deliveries on 2nd quarter
1,523 units delivered or R$209.3 million in PSV on 2Q11
Innova I Interclubes I Eco’s I
Segment: Economic Segment : Economic Segment : Medium
Delivered PSV: R$27.7 million (% CCDI) Delivered PSV: R$16.4 million Delivered PSV: R$69.0 million
Units Delivered: 436 Units Delivered: 203 Units Delivered: 341
Launchings: oct/08 Launchings: jan/08 Launchings: dec/07
Viveiro Marília Vogt Vista Pacaembu Quinta do Café
Segment : High Segment : Very High Segment : Low Income
Delivered PSV: R$29.1 million Delivered PSV R$37.1 million Delivered PSV: R$30.0 million
Units Delivered: 40 Units Delivered 31 Units Delivered : 472
Launchings: may/07 Launchings: apr/08 Launchings: dec/07

13. Financial Performance

14. 14
Operational Context has been impacted by cost pressure due to the
lack of work force and equipment...
The Company faces a cycle with high delivery volume in 2011 and beginning of 2012
of developments launched until 2008 (including):
– 6,901 units in 2011 and 3,389 units in 1H12 (versus 3,263 in its whole history)
– 1,523 units delivered in 2Q11
CCDI has been observed a substantial increase in claims volume during this delivery
cycle, the proximity to the end of the construction process is leading to intense
negotiations with the construction companies
The market is suffering from growing cost impacts:
– In 2010, increase of, approximately, 30% in the work force cost
– Collective bargaining of 9.8% in 2011
– Difference of approximately, 7% between CCDI’s actual cost and the real cost
measured by INCC change in the biennium 2009/2010

15. 15
...that with upcoming deliveries generated a budget update…
Budget update
R$141.2MM
4.9% 2009-11
2013-14
9%
13%
• Launched Developments in 2007/08 represent over 90%
of the budget update
2007-
2008
91% Launching year % Net Income Impact
2007 52.7% (47.5)
2008 42.6% (38.4)
2009-11 4.6% (4.1)
TOTAL (90.1)
Per Year of Launching
Total Budgeted Cost*
* Budget base may/11 CCDI Consolidated R$2.9 bi

16. 16
..that impacted in the result non recurringly in R$ 90.1 million...
INCOME STATEMENTS (R$ MM) 2Q11 1H11 1H11
Update 2Q11 Reported Update
CONSOLIDATED Pro Forma Pro Forma Reported
GROSS REVENUE FROM SALES AND/OR
SERVICES 282.9 95.8 187 556.9 -95.8 461
GROSS REVENUE DEDUCTIONS -7.3 3.5 -3.8 -17 3.5 -13.5
NET REVENUE FROM SALES AND/OR
SERVICES 275.5 -92.3 183.2 539.9 -92.3 447.5
COST OF SALES, RENTALS AND SERVICES -221.7 - -221.7 -430.9 - -430.9
GROSS PROFIT 53.8 -92.3 -38.5 108.9 -92.3 16.6
GROSS MARGIN 19.50% -21.00% 20.20% - 3.70%
OPERATING INCOME (EXPENSES) -50.8 - -50.8 -82.3 - -82.3
Selling Expenses -9.6 - -9.6 -18 - -18
General and Administrative Expenses -41.2 - -41.2 -64.3 - -64.3
General and Administrative Expenses -22.1 - -22.1 -44.8 - -44.8
Other Expenses -19.1 - -19.1 -19.5 - -19.5
INCOME(LOSS) FROM OPERATIONS
BEFORE FINANCIAL
INCOME (EXPENSES) 3 -92.3 -89.3 26.6 -92.3 -65.7
FINANCIAL INCOME (EXPENSES) -11.4 - -11.4 -20.4 - -20.4
INCOME BEFORE INCOME TAX AND
SOCIAL CONTRIBUTION -8.4 -92.3 -100.7 6.2 -92.3 -86.1
INCOME TAX AND SOCIAL
CONTRIBUTION 7.6 2.2 9.8 4.4 2.2 6.6
NET INCOME -0.7 -90.1 -90.9 10.7 -90.1 -79.5
NET MARGIN (%) -0.30% - -49.60% 2.00% - -17.80%
The result also include a negative impact of R$18MM due, mainly to the provisions for the
delay of deliveries

17. 17
Result to be Recognized shows the tendency of better results
REVENUES TO BE RECOGNIZED RESULTS TO BE RECOGNIZED
(R$ MM) (R$ MM)
1,505.8 450.8
1,287.6 421.3
1,123.0 338.4
2Q10 1Q11 2Q11 2Q10 1Q11 2Q11
MARGIN TO BE RECOGNIZED
(%)
YEAR OF MARGIN TO BE
LAUNCHING RECOGNIZED
32.7% 2007 18,2%
32.1% 29.9%
29.6% 30.1% 30.5%
2008 24,2%
2009 28,4%
2010 34,1%
2011 30,4%
Total Jun 2011 29,9%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

18. 18
Expenses under control
Sales Expenses (R$MM)
Sales Expenses
15 Sales Expenses/Contracted Sales 6.0%
14
13 4.0%
12 2.1% 2.7% 2.3%
11 2.0%
10
9 0.0%
8
7
8.4 9.6 -2.0%
6
5
6.7 -4.0%
2Q10 1Q11 2Q11
General and Administrative expenses(R$MM)
G&A G&A/Contracted Sales
38.0 13.0%
11.0%
33.0
7.2% 9.0%
28.0 5.3% 5.7% 7.0%
5.0%
23.0
3.0%
18.0 1.0%
13.0
22.7 22.1 -1.0%
16.7 -3.0%
8.0 -5.0%
2Q10 1Q11 2Q11

19. 19
Indebtedness increase in line with construction increases
Cash Change (R$MM) Net Debt (R$MM)
716.1
8 0 0 .0
• Payment of dividends in 7 0 0 .0
the amount of R$31.7MM
609.7
6 0 0 .0
205.9
• Payment of R$26.0MM in
140.4
debentures interest 5 0 0 .0
78.1 376.4
270.1 4 0 0 .0
3 0 0 .0 117.7
2 0 0 .0
469.3 510.2
192.1 1 0 0 .0
258.7
-
Cash in Mar/11 Net cash used on Cash in Jun/11 2Q10 1Q11 2Q11
2Q11 SFH Net Debt ex SFH
Net Debt/Shareholder’s Equity
102.5%
77.2%
49.8% TOTAL NET DEBT/SE
29.5% NET DEBT EX-SFH/SE
15.6% 17.8%
2Q10 1Q11 2Q11

20. 20
Indebtedness Reduction with the increase of transfers
GROSS DEBT TIMELINE
(R$ MM)
Debentures SFH
Gross Debt
352.0
0.1 June/2011
221.0 201.5 R$908.1 million
351.9
70.8 62.8 198.9 198.9
-
70.8 62.8 22.1 2.6
2011 2012 2013 2014 2015
ACCOUNTS RECEIVABLE TIMELINE
(R$ MM)
Transfer Deadlines in 2011: 60 days average in the Accounts
two developments delivered in april Receivable
911.8 June/2011
R$1,209.6 million
116.2 127.4
52.9 1.1
0.2
2011 2012 2013 2014 2015 2016 and
forward

21. CONTACT INFORMATION
Ian Monteiro de Andrade
CFO and IRO
ri.ccdi@camargocorrea.com.br
Mara Boaventura Dias
IR Manager
Phone: (11) 3841-4824/8809
Gabriel De Gaetano
IR Analyst