'Apresentacao_Call_Result_1T08_eng

1. 1Q08 RESULTS PRESENTATION

2. OPERATIONAL DATA
Launchings (R$ million)
474.5%
Partnerships
410.2
CCDI
153.8
259.1%
256.4
71.4
1Q07 1Q08
2

3. OPERATIONAL DATA
Contracted Sales (R$ million)
651.5%
Partnerships
CCDI 751.5
326.9
386.4%
424.6
100.0
12.7
87.3
1Q07 1Q08
3

4. OPERATIONAL DATA
Operational indicators (R$ Million) Total % CCDI
1Q08 Launchings R$410.2 R$256.4
Contracted Sales R$751.5 R$424.6
Speed of Sales 183.2% 165.6%
Contracted Sales (Without Ventura) R$329.4 R$238.9
Speed of Sales (Without Ventura) 80.3% 93.2%
4Q07 and 1Q08 launchings Sales R$292.0 R$146.2
4Q07 and 1Q08 launchings Speed of Sales 71.2% 57.0%
4

5. OPERATIONAL DATA
Inventory Variation (R$ million) – 100% CCDI
Residential
Commercial
1,525 425
221
256
1,269
204 1,100
1,073
817
852
452 452
248
2007 Inventory 1Q08 New Inventory 1Q08 Sales Final Inventory
Launchings
5

6. FINANCIAL PERFORMANCE
Gross Revenues (R$ million) Net Revenues (R$ million)
432.0%
431.4%
235.8
245.1
133.0%
131.5%
101.2
105.9
44.3
46.1
1Q07 4Q07 1Q08
1Q07 4Q07 1Q08
Gross Margin (%)
Gross Profit (R$ million)
904.6% +19.8 p.p.
99.5 42.2%
29.6%
22.4% +12.6 p.p.
232.7%
29.9
9.9
6 1Q07 4Q07 1Q08 1Q07 4Q07 1Q08

7. FINANCIAL PERFORMANCE
Results Reconciliation (R$ million)
245.1 244.8
110.5
99.5
+11%
Gross Gross Gross Income Gross Income
Reconciliation to reflect
Revenues Revenues (Reported) (Reconciled)
accounting practices of (Reported) (Reconciled)
other real estate
Gross Margin Reconciliated (%)
players, for comparison
+4.6 p.p.
purposes
+7.4 p.p.
46.8
42.2
29.8
22.4
1Q08 1Q08 1Q07 1Q07
(Reported) (Reconcil.) (Reported) (Reconcil.)
7

8. FINANCIAL PERFORMANCE
EBITDA* (R$ million) EBITDA Margin* (%)
+3,053.9% +23.8 p.p.
67.3 28.6
+18.2 p.p.
+542.6%
10.4
4.8
10.5
2.1
1Q07 4Q07 1Q08
1Q07 4Q07 1Q08
* Excludes IPO expenses
8

9. FINANCIAL PERFORMANCE
Net Margin (%)
Net Income (R$ million)
68.2 28.9
+20.3 p.p.
8.6
680.1%
8.7
-12.9 -29.0
1Q07 4Q07 1Q08 1Q07 4Q07 1Q08
9

10. FINANCIAL PERFORMANCE
Result do be Recognized (R$ million)
Revenues to be Recognized (R$ million)
+132.8% +173.3%
570.1 164.2
+56.0% +64.8%
365.5 99.6
244.9
60.1
1Q07 4Q07 1Q08 1Q07 4Q07 1Q08
Margin over Revenues of Sales to be Recognized (%)
+4.30 p.p.
28.8%
27.3%
24.5%
+1.5 p.p.
10 1Q07 4Q07 1Q08

11. SUBSEQUENTS EVENTS
Vista Pacaembu Launching
• The project sold out 70% of all units on the launching day
• 31 units dedicated to luxury segment
• R$67.4 million in PSV (55% CCDI)
Land Acquisition – Geographic Diversification
• Acquisition of two plots of land in Curitiba (Paraná), one more operation region
• R$175.0 million in PSV (100% CCDI)
• Units priced between R$200 and R$600 thousand
• Estimated launching for 2008
11

12. DIVERSIFICATION
Regional
Office due
in 2008
PE Regional Office
Land Bank
Regional Office due in 2008
Land Bank
MG
ES
SP Regional Office
AAA office building
RJ
PR
Land Bank
Regional Office
due in 2008
Land Bank Headquarters
Launchings from 2003
Extensive Land Bank
12