HM reported its financial results for the fourth quarter and full year of 2010. Some highlights include: - Launching of 10 developments in the fourth quarter totaling 26 for the full year 2010, compared to 10 in 2009. - Delivery of 2,373 units in 13 developments in 2010, generating R$682.8 million in revenue. - Contracted sales in 2010 increased 75% compared to 2009. - Net revenue grew 100% in 2010 versus 2009. Gross income was 156% higher and gross margin increased 6.1 percentage points. - EBITDA reached R$196.2 million in 2010, growing 94% compared to 2009. Net income accounted for R$143

1. Conference Call
4Q10/2010 Earnings
03/22/2011

2. 2
SPEAKERS
• LEONARDO ROCHA
CFO and IRO
• MARA DIAS
IR Manager

3. 3
4Q10 and 2010 highlights
Launching of 10 developments in 4Q10, totaling 26 in 2010 vs. 10 in 2009
Delivery of Developments: a total of 2,373 units in 13 developments,
accounting R$682.8 million
Contracted Sales in 2010 increased 75% vs. 2009
Net Revenue grew 100% in 2010 vs. 2009
Gross Income was 156% higher than 2009 and Gross Margin had an increase
of 6.1 percentage points
EBITDA reached R$196.2 million in 2010, growth of 94% vs. 2009
Net Income accounted R$143.2 million in 2010, increase of 147% vs. 2009

4. 4Q10’s Operational Results

5. 5
Launchings
103%
LAUNCHINGS (R$ MM) of the guidance
100% CCDI
HM CCDI 1,391.5
620.6 44.6%
HM
535.5 551.1
505.0
393.7 193.4
36.0 192.9 301.7 770.9
357.7 312.1 357.7
233.8
4Q09 3Q10 4Q10 2009 2010

6. 6
Launching Highlights - 2010
IN BERRINI PINOT NOIR
São Paulo – SP São Paulo – SP
Launching: feb/10 Launching : mar/10
100% sold in the first month* 76% sold in the first month *
Total PSV: R$ 77.1 million Total PSV: R$ 73.8 million
216 units 199 units
TERRAÇO EMPRESARIAL
IN JARDIM SUL
JARDIM SUL
São Paulo – SP
São Paulo – SP
Launching : dec/10
Launching : may/10
60% sold in the first month *
100% sold in the first month *
Total PSV: R$ 56 million
Total PSV: R$ 74.1 million
271 units
271 salas comerciais
THE PARKER
Residencial dos Parques -
São Paulo – SP Parque das Veredas
Launching : sep/10 HM Engenharia Campinas – SP
Launching : jul/10
70% sold in the first month *
90% sold until now*
Total PSV: R$256.3 million Total PSV: R$ 86.0 million
246 units 1,020 units
* Managerial Data

7. 7
Increase of Regional share 2010/2011
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
MID CURITIBA UP RESIDENCE
Curitiba – PR Macaé - RJ
Launching : nov/10 Launching : nov/10
76% sold until now* 25% sold until now*
Total PSV: R$ 103.5 million Total PSV: R$ 71.1 million
500 Units 312 Units
* Managerial Data

8. 8
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
Folha de SP Advertising
* Managerial Data

9. 9
Own Construction
Margin Increase in the developments
Independency in the decision taking for the achievement of goals
Valued Engineering with focus in cost reduction
Standardization of processes
Higher control in deadlines
Quality assurance – Client Satisfaction

10. 10
Contracted Sales
CONTRACTED SALES (R$ MM) CONTRACTED SALES OF
100% CCDI LAUNCHINGS AND INVENTORY
Launching Sales(%) 343.5
HM CCDI
1,179.3 Inventory Sales(%)
328.2
314.8
242.2 192.9 35.2%
20.1%
33.1% 27.3%
185.0
672.8
297.9 42.1%
343.5 947.8 64.9% 79.9%
328.2 66.9% 72.7%
60.4 79.6
185.0 57.9%
66,4 283.1 374.9
248.5
118.6
4Q09 3Q10 4Q10 2009 2010 4Q09 1Q10 2Q10 3Q10 4Q10

11. 11
Contracted Sales
CONTRACTED SALES 4Q10 CONTRACTED SALES 4Q10
By Market Segment By Market Segment
Small
Offices; Low Rio de
Paraná and
0.1% Income; Minas Gerais Janeiro
21.5% 3.4% 0.8%
São Paulo
Countryside
High and + Shoreline)
Economic; 26.3%
Luxury; 4.1%
46.5%
São Paulo
Medium; (Capital +
24.6% RMSP)
Mid-High; 69.5%
3.1%
SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF
THOUSAND PER UNIT REPRESENTED: 53.5% SÃO PAULO: 95.8%

12. 12
Land Bank
Low income segment
exclusive Land Bank
LAND BANK R$1.7 billion
(R$ BILLION)
(0.5)
(0.1)
9.1 8.5
3Q10'S Land Bank 4Q10'S Launchings Viability Revaluation 4Q10'S Land Bank

13. 13
Land Bank – R$8.5 billion in PSV
LAND BANK 4Q10 LAND BANK 4Q10
By Market Segment By Location
ES, PR and Rio de
Triple A; Low MG Janeiro
14.8% Income; 6.1% 0.8%
30.0%
São Paulo
Countryside
Other; + Shoreline) São Paulo
16.2% 19.6% Capital
41.7%
Mid-High;
4.4%
Medium; Economic; RMSP
14.1% 20.4% 31.8%

14. Financial performance

15. 15
Net Revenue (R$MM)
HM NET INCOME
CCDI (R$ MM) 1,028.8
207.5
514.1
130.7
821.4
272.4 273.7
167.0 62.0 58.4
383.4
35.0
210.4 215.3
132.0
4Q09 3Q10 4Q10 2009 2010
Adjusted Net Income* 546.0 932.5 +70.8%
*In 2010 does not consider the sale of the Itautec piece of land in 1Q10 and in 2009
does not consider the accounting adjustments of 3Q09

16. 16
Gross Income (R$MM)
GROSS INCOME
(R$ MM) 291.3
HM CCDI
55.6
114,0
-2.6% 235.7
71,6 69.8 32.1
43.0 18.4 10.7
8.6 53.2 59.1 81.9
34.4
4Q09 3Q10 4Q10 2009 2010
AJUSTED* (R$MM) 4Q09 3Q10 4Q10 4Q10/3Q10 4Q10/4Q09 2009 2010 2010/2009
NET REVENUE 167.0 272.4 273.7 0.5% 63.8% 546.0 932.5 70,8%
GROSS INCOME 43.0 71.6 69.8 -2.6% 62.2% 145.3 238.9 64.5%
GROSS INCOME (%) 25.7% 26,.% 25.5% -0.8 pp. -0.3 pp. 26.6% 25.6% -1.0 pp.
*In 2010 does not consider the sale of the Itautec piece of land in 1Q10 and in 2009 does not consider the accounting adjustments of 3Q09
GROSS CONSOLIDATED MARGIN
28.3%
25.7% 26.3%
25.5%
22.2%
4Q09 3Q10 4Q10 2009 2010

17. 17
EXPENSES
SALES EXPENSES Sales expenses
Sales expenses/NOR
(R$ MM)
16 6%
5.5%
14
4.8% 4.9% 34 6%
33 5%
12 5%
3.2% 32 4%
10
31 3.2% 4%
8 30
3%
3%
6 13.5 29
8.6
2%
33,3 2%
4 8.0 28
2 27
1%
28.5 1%
0 26 0%
0%
4Q09 3Q10 4Q10 2009 2010
G&A expenses
G&A EXPENSES G&A expenses/NOR
13.2% (R$ MM) 14%
25
73,5 13.8% 16%
73 12% 14%
20
72,5 10% 12%
15
7.8% 72.9
6.5% 72 8% 10%
71,5 8%
10 22.0 6%
17.8 21.4 71 6%
70,5
4% 7.1% 4%
5
70 2% 70.9 2%
0 69,5 0% 0%
4Q09 3Q10 4Q10 2009 2010

18. 18
Net Income (R$MM)
HM CCDI NET INCOME 143.2
(R$ MM) 20,7
102.2
1.7
Net Income
Impacted by the
sale in the
58.0
stake of Project 122.5
100.5 6.9
Ventura
26.1 26.8
8.4 51.1
17.7 27.8
(1,1)
4Q09 3Q10 4Q10 2009 2010
Margin
CONSOLIDATED NET MARGIN
impacted by the 61.2%
sale in the
stake of Project
Ventura
13.9%
11.3%
9.6% 9.8%
4Q09 3Q10 4Q10 2009 2010

19. 19
Consolidated EBITDA
CONSOLIDATED EBITDA
(R$ MM)
Ebitda
Impacted by the 196.2
sale in the
stake of Project 130.8
Ventura 101.2
46.2 37.9
4Q09 3Q10 4Q10 2009 2010
CONSOLIDATED EBITDA MARGIN
Margin 78.3%
Impacted by the
sale in the
stake of Project
Ventura 19.7% -0.6 p.p 19.1%
-3.1 p.p
16.9%
13.9%
4Q09 3Q10 4Q10 2009 2010

20. 20
Revenue and Results to be Recognized (R$MM)
REVENUE TO BE RECOGNIZED RESULT TO BE RECOGNIZED
(R$ MM) (R$ MM)
1,190.0 1,242.2 363.4 398.4
1,016.7
275.0
4Q09 3Q10 4Q10 4Q09 3Q10 4Q10
MARGIN TO BE RECOGNIZED
32.1%
30.5%
27.0%
4Q09 3Q10 4Q10

21. 21
Cash/ Indebtedness(R$MM)
CASH CHANGE NET DEBT
(R$ MM) (R$ MM)
700
67.1% 0,73
600
57.0% 0,63
45.7 522.2
42.3%
0,53
500
446.1
160.0 0,43
127.4
400
284.6 0,33
300 281.7
0,23
238.9 200
79.8
318.7 362.2 0,13
100
201.9 0,03
0 -0,07
Cash in Sep/10 Cash used in 4Q10 Cash in Dec/10 4Q09 3Q10 4Q10
SFH Net debt - SFH Net Debt/Shareholders equity

22. 22
Indebtedness
INDEBTEDNESS TIMELINE
(R$ MM)
Debentures SFH Gross Debt
292.1 Dec/2010
0.4 R$761.1 million
199.5 198.7
291.7
58.1
12.6
2011 2012 2013 2014 2015
In dec/10 the debentures were renegotiated
and its deadline postponed to dec/15
ACCOUNTS RECEIVABLE TIMELINE
(R$ MM)
Accounts
Receivable
Dec/2010
R$1,102.7 million
946.3
66.2 65.0 23.8 0.2 1.2
2011 2012 2013 2014 2015 2016 and after

23. CONTACT INFORMATION
Leonardo de Paiva Rocha
CFO and IRO
ri.ccdi@camargocorrea.com.br
Mara Boaventura Dias
IR Manager
Tel: (11) 3841-4824
Gabriel De Gaetano
IR Analyst