1) CCDI's launchings in 1Q11 totaled R$204.3 million, up 16.8% from 1Q10. The low income segment increased 3x and accounted for 48% of total launchings. 2) Contracted sales in 1Q11 were R$316.5 million, up 64.1% over 1Q10. Regional offices accounted for 26.3% of total sales, up 22.1 percentage points from 4Q10. 3) Consolidated sales over total offering were 22.8% in 1Q11, up 3.4 percentage points from 1Q10.

1. Conference Call
1Q11 Earnings
05/16/2011

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

3. 3
1Q11 highlights
CCDI reached R$204.3 million in launchings, 16.8% higher than 1Q10, totaling 1,507 units. Low
income segment increased 3x, accounting for 48% of CCDI’s total launchings in 1Q11.
Contracted Sales in 1Q11 recorded R$316.5 million, an increase of 64.1% in comparison to
1Q10. Regional offices share in total sales accounted for 26.3% in 1Q11, a 22.1 p.p. growth
when compared to 4Q10.
Consolidated Sales over total Offer was 22.8% in 1Q11, an increase of 3.4 p.p. in comparison to
1Q10.
Net Revenue posted a 58.0% growth in comparison to 1Q10¹.
Gross Income increased 25.6% in comparison with 1Q10¹, highlight to the low income segment,
that reached R$15.0 million in 1Q11, 59.9% higher than 1Q10.
Ebitda accounted a growth of 5.2% in comparison to the same quarter of last year¹.
Purchase of 2 plots : one in the metropolitan region of São Paulo and another in Curitiba.
Delivery of 2 low income segment developments in 1Q11. In the beginning of April we
delivered the developments Innova and Interclubes phase 1 in São Paulo.
¹Does not consider the revenue from the sale of the Itautec plot on 1Q10

4. 1Q11’s Operational Results

5. 5
LAUNCHINGS (R$MM)
PSV - % CCDI
Project Location Launching Units (R$ MM) Segment
HM CCDI Campos dos
Connect
Goytacazes, feb/11 243 29.1 Small Offices
Workstation
204.3 RJ
174.9 Soul Jardim
São Paulo, SP feb/11 180 38.3 Medium
Sul
24.0 97.7 Set Cabral Curitiba, PR feb/11 39.2 Mid High
151
Condomínio
Residencial
Valinhos, SP mar/11 760 78.0 Low Income
150.9 Vale das
Figueiras
106.6
Vivenda do
Horto - Hortolândia,
mar/11 173 19.7 Low Income
Vivenda SP
1Q10 1Q11 Orquídea
Total Launchings in 2011 1,507 204.3

6. 6
Launchings on 1Q11
Increase of Regional Offices
SET CABRAL CONNECT WORK STATION
Curitiba – PR Campos de Goytacazes– RJ
Launching: feb/11 Launching : feb/11
41% sold in the first month* 56% sold in the first month *
Total PSV: R$52.9 million Total PSV: R$44.8 million
151 Units 243 Small Offices
Low Income Launchings
VALE DAS FIGUEIRAS
VIVENDA HORTO - ORQUIDEA
Valinhos - SP
Hortolândia - SP
Launching: mar/11
Launching: mar/11
53% sold in the first month*
Total PSV: : R$19.7 million
Total PSV: R$78 million
173 Units
760 Units
* Managerial Data

7. 7
Launching Highlight in 2011
SOUL JARDIM SUL
45445
São Paulo – SP
Launching: feb/11
100% sold in its launching*
Total PSV: R$38.3 million
180 units
Differentiated concept: standard project, it can be replied in other regions.
Main features: cost effectiveness, sustainability and accessibility.
Designed for the medium income consumers, an economic product, but it
doesn`t let aside comfort, leisure and sustainability. Apartment of 2 and 3
dorms with 49.55 and 66 m2 and price between R$183 thousand a R$249
thousand .
Option of customized blueprints adjusted to special needs bearer, without any
additional cost for the costumers.
Reduced marketing expenses. Commercial success, its units were fully sold in
only 12 hours.
Folha de SP Advertising
* Managerial Data

8. 8
Own Construction - Status
PSV: R$29 MM
Launching: Dec/09
Units: 120 (1 Tower)
Beginning: Aug/2010
Evolution: 9º month of construction,
foundation: 91%, structure: 34%
Delivery: June/2012
PSV: R$49 MM PSV: R$35 MM
Launching: Dec/09 Launching: Dec/09
Units: 152 (2 Towers) Units: 88 (1 Tower)
Beginning: Oct/2010 Beginning: Feb/2011
Evolution:7º month of construction, foundation: 90%, Evolution: 3º month of construction , foundation: 70%
structure: 2% Delivery: Feb/2013
Delivery: Oct/2012

9. 9
CONTRACTED SALES CONTRACTED SALES OF
CONTRACTED SALES
LAUNCHINGS AND INVENTORY
(R$ MM) Launching Sales(%)
HM 100% CCDI 316.5 Inventory Sales(%)
CCDI
314.8 343.5 328.2
112.9 316.5
192.9 35.1% 20.1% 14.6%
27.3%
41.9 192.9
203.6 33.1% 79.9% 85.4%
151.0 72.7% 64.9%
66.9%
1Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
By Market Segment By Location
Small Rio de
High and Offices; Janeiro; São Paulo
Luxury; 4.2% 10.1% Countryside
Paraná and
13.7% Low +
Minas
Income; Shoreline);
Gerais ;
Mid-High; 34.6% 34.7%
16.2%
3.7%
São Paulo
(Capital +
Economic; RMSP);
Medium; 5.0% 39.1%
38.9%
SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF
THOUSAND PER UNIT REPRESENTED 82.2% SÃO PAULO: 73.8%

10. 10
LAND BANK – R$8.5 billion in PSV
Low income
(0.2) 0.2 segment
exclusive Land
Bank R$1.6
8.5 8.5 billion
Land Bank 4Q10 Launchings 1Q11 Acquisitions 1Q11 Land Bank 1Q11
By Market Segment By Location
ES, PR and Rio de
Triple A
MG Janeiro
14.8%
6.2% 0.5%
Low Income
29.2% São Paulo
Countryside
Other + Shoreline) São Paulo
17.2% 18.8% Capital
42.7%
Mid-High
4.4% Economic RMSP
Medium 20.0% 31.8%
14.3%

11. Financial Performance

12. 12
NET REVENUE (R$MM) GROSS INCOME (R$MM)
HM CCDI
HM CCDI
25.6%
273.7 69.8
264.3
10.7 55.1
58.4 68.1
167.2 43.9 15.0
32.6 9.4
215.3 196.2 59.1
134.6 40.1
34.5
1Q10 Ex Itautec 4Q10 1Q11 1Q10* 4Q10 1Q11
CONSOLIDATED GROSS MARGIN
Gross Margin Gross Margin ex. Cost of Financing
27.8%
26.2%
23.9%
25.5%
24.3%
20.8%
1Q10* 4Q10 1Q11
¹Does not consider the revenue from the sale of the Itautec plot on 1Q10

13. 13
EXPENSES
SALES EXPENSES G&A EXPENSES
(R$ MM) (R$ MM) G&A
Sales Expenses
16 6,0% G&A/NOR
4.9% Sales Expenses/NOR 25 10.2% 12,0%
14
5,0%
12 20 8.6% 10,0%
10 3.2% 4,0% 7.8% 8,0%
2.7% 15
8 3,0%
13.5 6,0%
6 10
2,0%
17.0 21.4 22.7 4,0%
4 8.4 1,0% 5
2 4.6 2,0%
0 0,0% 0 0,0%
1Q10* 4Q10 1Q11 1Q10* 4Q10 1Q11
EBITDA
CONSOLIDATED EBITDA CONSOLIDATED EBITDA MARGIN (%)
(R$ MM)
-4.7 p.p
.13,8% .13,9%
37.9 9.2%
23.0 24.2
1Q10* 4Q10 1Q11 1Q10* 4Q10 1Q11
¹Does not consider the revenue from the sale of the Itautec plot in 1Q10

14. 14
REVENUES AND RESULT TO BE RECOGNIZED (R$MM)
REVENUES TO BE RECOGNIZED RESULTS TO BE RECOGNIZED
(R$ MM) (R$ MM)
1,242.2 1,287.6 421.3
1,039.6 398.4
307.9
1Q10 4Q10 1Q11 1Q10 4Q10 1Q11
MARGIN TO BE RECOGNIZED
(%)
32.7%
32.1%
29.6%
1Q10 4Q10 1Q11

15. 15
CASH / INDEBTEDNESS (R$MM)
CASH CHANGE NET DEBT
(R$ MM)
700
(R$ MM)
609.7
600
31.2 522.2
500
140.4
400
159.0
270.1
300
289.3
238.9 46.6
469.3
363.2
200
100 242.7
0
Cash Position in Cash generated in Cash Position in
Dec/11 1Q11 Mar/11 1Q10 4Q10 1Q11
SFH Net Debt ex SFH
NET DEBT/SHAREHOLDER’S EQUITY
77.2%
67.1%
39.6% Total Net Debt/SE
Net Debt Ex-SFH/SE
20.4% 17.8%
6.4%
1Q10 4Q10 1Q11

16. 16
INDEBTEDNESS
GROSS DEBT TIMELINE
(R$ MM)
Debentures SFH Gross Debt
March/2011
327.9 R$879.8 million
12.9
204.2 199.2
315.0 98.1
50.4 198,8 198.8
98.1 50.4 5.4 0.4
2011 2012 2013 2014 2015
In dec/10 the debentures were renegotiated
and its deadline postponed to dec/15
ACCOUNTS RECEIVABLE TIMELINE
(R$ MM)
Accounts
Receivable
Mar/2011
R$1,224.7 million
1,014.9
73.6 96.5
38.6 0.2 1.1
2011 2012 2013 2014 2015 2016 and after

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