Conference Call of Camargo Corrêa Desenvolvimento Imobiliário (CCDI) of 1Q09's results.

1. Conference Call
1Q09 Results
05/13/2009

2. Operational Performance

3. CONTRACTED SALES (R$MM)
CONTRACTED SALES SALES OF SPEED – VSO
(R$MM) (%)
18.6%
214.8
12.4%
120.8
4Q08 1Q09 4Q08 1Q09
3

4. CONTRACTED SALES - QUARTER (R$MM)
211.0
263.0
234.9 214.8
200.3
120.8
1Q08 2Q08 3Q08 4Q08 1Q09
VENTURA CORP. TOWERS RETAIL
4

5. CONTRACTED SALES – 1Q09
SEGMENTS WITH UNITS PRICED UNTIL R$500 90% OF SALES TOOK PLACE IN
THOUSANDS REPRESENT 89% OF THE SALES THE STATE OF SÃO PAULO
SEGMENTS LOCATION
São Paulo
Medium (country + shore)
Rio de Janeiro
Mid-High 30%
26%
2%
8%
Others
Minas Gerais
11%
8%
Low Income
Economic
21%
34% São Paulo
(capital + RMSP)
60%
5

6. LANDBANK (POTENCIAL PSV – R$ BN) SP
Countryside
12% SP shore
Region
9%
Metropolitan
Other
of São Paulo
Estates
31%
7%
São Paulo
41%
10.0
9.8 Other
Segments
38%
Mid-High
7%
Medium
10%
1T08 1T09
Commercial
11%
Economic
Low Income
21%
13%
6

7. Financial Performance

8. GROSS AND E NET REVENUES(R$MM)
REVENUES SLIGHTLY BELOW LAST QUARTER
 LESS COMMERCIAL ACTIVITIES
 EVOLUTION OF PROJECTS FINANCIAL COMPLETION
GROSS REVENUES NET REVENUES
120.2
116.2
113.8
109.6
-5.7%
-5.4%
4Q08 1Q09
4Q08 1Q09
8

9. GROSS PROFIT(R$MM)
GROSS INCOME AND MARGIN IN EXPANSION
 HIGHER MARGIN OF PROJECTS RECOGNIZED IN THIS PERIOD
GROSS INCOME GROSS MARGIN
33.0%
36.1
+5.4%
34.3
29.5%
4Q08 1Q09 4Q08 1Q09
9

10. NET INCOME(R$MM)
NET INCOME NET MARGIN
10.0
9.1%
-6.9%
-8.0
4Q08 1Q09
4Q08 1Q09
10

11. NET INCOME -
68,158
OLD BR GAAP
COMMERCIAL
EXPENSES WRITE-
7,680
OFFS
PRESENT VALUE
ADJUSTMENTS
2,181
1Q08
INTEREST ON
LAND BANK
635
ACQUISITIONS
EFFECT IN
169
MINORITARY
NET INCOME -
57,831
NEW BR GAAP
11
NET INCOME -
11,406
OLD BR GAAP
PRESENT VALUE
9.992 1,414
ADJUSTMENTS
1Q09
WITH THE NEW BR GAAP, THE NET INCOME WOULD BE:
1Q08“THEORETICAL” NET INCOME (R$MM)
NET INCOME -
9,992
NEW BR GAAP

12. “THEORETICAL” NET MARGIN (%)
1Q08 1Q09
28.9%
24.9%
10.2%
9.1%
OLD BR GAAP NEW BR GAAP OLD BR GAAP NEW BR GAAP
12

13. EBITDA (R$MM)
EBITDA EBITDA MARGIN
15.8 14.4%
-1.5%
-1.8
4Q08 1Q09 4Q08 1Q09
13

14. REVENUES AND RESULTS TO BE RECOGNIZED
(R$MM)
REVENUES OF SALES RESULTS AND MARGIN OF SALES
TO BE RECOGNIZED TO BE RECOGNIZED
28.2%
851,0
+3,2%
239.6
24.8%
825,0
204.7
4Q08 1Q09
4Q08 1Q09
14

15. CONTACT INFORMATION
ri.ccdi@camargocorrea.com.br
Fernando Bergamin
Access our IR Blog:
Investor Relations
www.ccdi.com.br/blog
Tel: (55 11) 3841-5880