This document provides an overview of Camargo Corrêa Desenvolvimento Imobiliário (CCDI), a Brazilian real estate development company. CCDI operates in multiple market segments, including low-income, traditional, and luxury ("Triple A") projects. In 2010, CCDI accelerated its growth, launching 27 projects with over 8,000 units and R$1.5 billion in potential sales value. CCDI also expanded regionally, with new offices launching projects in Rio de Janeiro, Espírito Santo, Minas Gerais, and Paraná. Going forward, CCDI aims to continue growing its operations while maintaining a focus on costs, innovation, and client satisfaction.

1. Corporate
Presentation
Vila São Vicente – João Ramalho
Ventura Corporate Towers
Brisa da Mata (HM)

2. Important Notice
This report contains future considerations relating to the business prospects, estimates of operational and
financial results and the growth prospects of Camargo Corrêa Desenvolvimento Imobiliário. These are
mere projections and, as such, are based exclusively on the expectations of the management of Camargo
Corrêa Desenvolvimento Imobiliário in relation to the future of the business and its continuous access to
capital for financing the Company's business plan. Such future considerations depend, to a large extent, on
changes in market conditions, government rules, competition, performance of the sector and the Brazilian
economy, besides the risks mentioned in the disclosure documents filed by Camargo Corrêa
Desenvolvimento Imobiliário and are, therefore, subject to changes without prior notice.
This presentation is updated with data avaliable in at the present moment and CCDI is does not have the
obligation to update it due new information and/or further events. CCDI does not take responsibility for
operations or investment decisions taken based on the information contained in this presentation.
EBITDA is not a financial performance indicator according to the accounting practices in Brazil, and should
not be considered alone, as na alternative to the earnings of the period. operational metric, or an
alternative to the cash flow, or liquidity metric EBITDA does hold a standardized interpretation, and our
definition of EBITDA may not be comparable to those used by other companies. Management believes
that EBITDA provides a useful indicator of its performance, which is widely used be investors and analysts
to evaluate performance and to compare companies. Other companies may calculate EBITDA diferently
than ours.
2

3. Pinot Noir
Agenda
3

4. 1st Panel: CCDI’s Operation
Who we are
Strategic Guidelines
Operational Performance SP and Regional
Offices
Human Resources and Sustainability
Financial Performance
Andorinha
4

5. Eco’s Natureza Clube
Who we are

6. Camargo Corrêa Group
• Strong Domestic and Foreign presence
• Present on 12 Market Segments
– Cement
– Energy Concession
– Road Concession Main
– Construction
– Shoes
– Railroad Concession
– Environment Consolidated
– Steel
– Real Estate
– Naval
– Oil and Gas Under Development
– Aeroportuary Operations
6

7. Camargo Corrêa Group
Main Companies of the Camargo Corrêa Group
7

8. CCDI’s History
66.1% 33.9% Regaining
Growth
Strategic
Reformulation 27 launchings
in 2010
Geographic Client Focus
Diversification 8,397 units
BH, PR and ES Margin
Recovery R$1.5 Billion
IPO launched PSV
Novo
CC Group speeds Integration
Mercado
investments in
the Company
HM
1ª Debenture
Engenharia
15 launchings Issuance
Acquisition
Foundation R$400 MM
2006:
1º Launching 1º Triple A
“Faria Lima Launching
Business Center”
1996 1997 - 2006 2007 2008 2009 2010
8

9. Strategic Guidelines
Chardonnay

10. New Strategy
Implemented on the 4th quarter 2009
appropriate and agile response
quality of construction
client on-time delivery
focus
work by process reduction on costs
team work creativity and innovation
responsibility for results net margin adequate prices
integration recovery
sustainable development “more with less”
10

11. Client Focus: Own Construction Cell
In april/2010 CCDI began the implementation of its own
contruction cell
Hiring of specialized staff
Adaptation of SAP to the new model
Development and certification of the Brazilian Program of Quality
and productivity of Habitate (PBQP-H – level: D), with continuity in
preparing the works for level A certification.
Hiring of Suppliers
Association to the Civil Construction Sindicate
Start of the operation with the developments:
Chardonnay – August/2010
Merlot – October/2010
Malbec – February/2011
11

12. Creativity, Innovation of Products and Suitable Prices
March/2008 February/2010
Horizontes do Brooklyn Cancelling Launching of In Berrini
Launching: Oct/2007 Launching Feb/2010
PSV: R$ 56 milllion PSV: R$ 77 million
78 residential units 216 residential units
R$/m²: R$6,100.00
R$/m²: R$ 4,100.00
100% of units sold in 2 months
10% of sales in 6 months
12

13. Costs and Expenses Control
Strong Control of Expenses.
Sales Expenses/ Net Revenue
15%
10%
6%
3%
2007 2008 2009 9M10
SG&A Expenses/ Net Revenue
19%
14% 14%
6%
2007 2008 2009 9M10
13

14. Integration of Companies and Processes
Shared and integrated decision for the purchase of land and
laucnhings
Land Product Real Estate/ Sales Construction “Repasse”,
Acquisition Definition Launching Key delivery and
post construction
Market Analysis Premisse definition Legal Approval assintance
Stand Sales Start of the construction
Land Selection and Real Estate Sales Stand Development Client’s after 6 to 12 months after
Preliminary definition of Condition and decorated “Habite-se” obtainance
credit approval launching
the financial and economic Final Definition of the project apartment Transference of the
Brokers Training Effective sales Construction Deadline: from
project and study Budgeting and construction Client to the bank
Marketing registration 24 to 36 months according
Legal Analysis costs Delivery of the keys
Pre-Launching to the project
Internal Approval Marketing Development Client assistance
Acquisition Legal Approval Effective Launching During 5 years after
Negociation Pricing The keys delivery
Acquisition Effectiveness Financing definition and
Parnerships
14

15. Corporate Governance and Market Integration
Actions in multiples fronts
Fiscal Council
implementation
with minority’s
representative
Buy Side and Sell
Investors
Side Analysts
Specialized
Media
15

16. Margin Recovery
Several actions with one goal:
Margin improvement
Gross Margin Net Margin
Low
Low Income:
Income: 14.6%
30.2%
35% 15%
29% 11%
26% 9%
22%
-10%
2007 2008 2009 9M10 2007 2008 2009 9M10
16

17. Strategic Pillars for 2011 and 2012
17

18. Operational Performance
Vista Pacaembu
SP and Regional Offices

19. Market Segments
CCDI works in all market segments
Market Segment Low Income Traditional AAA
Below Above
Income Qualified Investor
R$130 thousand R$130 thousand
States: SP, RJ, PR, Cities : São Paulo and
Location SP Countryside
MG and ES Rio de Janeiro
Number of Projects
33 55 2
Launched
Number of Units 72 Corporate Towers
11,728 12,537
Launched ( aprox. 53 thousand m²)
Launched PSV – CCDI’s Stake
(2003 to 2010)
R$1,1 billion R$3,5 billion R$427 million
• Product Diversification
• 100% verticalized • Premium Projects
• Ow Construction in SP • Market Leader
Main Features • Product Standardization
• Local Partnerships in the
• Quality above the average • High Profitability
Regional Offices
19

20. Low Income
Features
Products: 2 Horizontal types and 4 Vertical types
More than 34 years of experience
developing and constructing low income Standard Footage
real estate units Leisure Structutre
Average Blueprints
Over 100,000 units built and delivered
2 Bedroom without 3 Bedroom without
Strong presence in the countryside of ensuite(~ 48m²) ensuite (~ 78 m²)
São Paulo State, products comprised in
the Federal Government housing program
“Minha Casa, Minha Vida”
Own construction process – 100%
verticalized. Over 1,600 employees.
Parque Cosmópolis Residencial da Mata
Product Standardization
Wide relationship with CEF - banking
correspondant
20

21. Traditional
Features
Diversified and Innovative Products
Operation Traditional market High Quality
(residential and small offices) Complete Leisure Structure
Units starting at R$130 thousand Flexible blueprints
Projects focused in niche markets
Growing product Standardization
Geographic focus:
Localization: Osasco Localization: São Paulo
SP, RJ, MG, PR and ES Nº of units: 1.690 Nº of units: 31
Total PSV: R$ 230.0 million Total PSV: R$ 67.4 million
Wide experience, over 50 projects Size: 50, 57, 65 and 74 m² Size: 320 and 496 m²
already launched:
Over R$2,8 billion in total launched
PSV Localization: São Paulo
Small Offices
Over R$2,1 billion sold Total PSV: R$ 64.0 million
Size: 35 to 191 m²
21

22. Triple A
Features
Projects differentiated in product, sustainability, technology and margin
The Brazilian Macroeconomic condition stimulates the demand for products
Competition: few players, identifiable projects
Business Model Demand – São Paulo*
Vacancy Rate (%) 4.9%
Land Acquisition in main urban centers
Land Acquisiton in Swap and Cash.
Partnership Development.
Sale of the development to large
investors.
Several funding possibilities.
*Source: CB Richard Ellis –Market View Newlette r– São Paulo – 3Q10
22

23. Triple A Projects
Project Developed Projects on the Pipeline
Ventura Corporate Towers Paulista
Location: Av. Chile, Rio de Janeiro Location: Av. Paulista, São Paulo
CCDI’s Stake: 44% Tower 1 and 50% Tower 2 CCDI’s Stake: 50%
Land Bank: 8,550 m² Land Bank: 11,896 m²
Total Private Area (BOMA): ~105,000 m² Total Private Area: ~41,650 m²
Project 100% sold and finished Project: Mixed-Use: Mall + Triple A Building
Viol
Location: Vila Olímpia, São Paulo
Land Bank: ~38,403 m²
Total Private Area: ~121,000 m²
Project: 02 towers + support retail
23

24. Business Cycle Start Point: Land Acquisition
Strategy Acquired VGV: R$1.3 billion
Nº Plots: 5
PSV (CCDI’s Stake): R$263.3 MM
Priority to land acquisition with Cities:
liquidity for launching Acquisitions Macaé, RJ / Launched
2010 Campos dos Goytacazes, RJ
Duque de Caxias, RJ
Curitiba, PR / Launched
Purchase Approval through all São Paulo, SP / Launched
strategic areas of the Company
Nº of Plots: 5
PSV (CCDI’s Stake): R$1,053.7 BI
Cities:
Acquisition in Cash and/or Swap. Acquisitions Valinhos, SP
2010 Cajamar, SP / Launched
Guarulhos
Strategic partnerships Americana, SP / Launched
Campinas, SP
Partnerships 2010
Diversification within the States of
action.
24

25. Land Bank – Sep/2010
Potential PSV of R$9.1 billion MARKET SEGMENT:
Geographic Diversification (%) SP, RJ, MG, PR and ES
48% of the Brazilian population
62% of the Brazilian GDP
22 cities
85% acquired
through swap
Segment Diversification (%)
Triple A
13.8%
Small Offices
1.2%
Low Income
Luxury 29.0%
1% 3% 5.3%
92% High
1% 9.2%
3% Medium-
High
4.2%
Economic
Medium 21.1%
16.2%
25

26. Regional Offices Expansion (Jan to Aug/2010)
Market Size
Metropolitan PSV (R$)*
Region
SP R$41.9 billion
RJ R$22.1 billion
MG R$8.2 billion
PR R$5.8 billion
ES R$3.2 billion
*Source: Sales Planning and Management – Brasil Brokers.
26

27. Stake of the Regional Offices Launchings (RJ, ES, MG and PR)
Regional Offices Growth.
Stake of Regional Offices Launchings in CCDI`s
Traditional Launchings
40%
38%
36%
2009 2010 (E) 2011 (E)
(E) Estimate
27

28. 4Q10’s Launchings – Regional Offices
Launched
Launched
UP RESIDENCE MID CURITIBA
Macaé Curitiba
Rio de Janeiro Paraná
Launching Forecast: nov/10 Launching Forecast : nov/10
Total Estimated PSV: R$71 million Total Estimated PSV : R$104 million
SET CABRAL CONNECT WORK STATION
Curitiba Campos dos Goytacazes
Paraná Rio de Janeiro
Launching Forecast : dec/10 Launching Forecast : dec/10
Total Estimated PSV : R$54 million Total Estimated PSV : R$48,0 million
28

29. Launching History
Growth Acceleration:
Launching forecast 2010 vs 2009 = + 173.5% of growth
Launching History and Forecast 2010
(R$ million)
HM
CCDI 97% of the 1,550
guidance
2010’s Forecast 1,507
1,269
30 621
900 41%
269
1.239 551
453
193 886
59%
631
453 358
2006 2007 2008 2009 2010
29

30. São Paulo – 2010 Launchings
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
VILA ALLEGRA SÃO FRANCISCO
JARDIM SUL
São Paulo – SP
São Paulo – SP
Launching: sep/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 Small Offices
THE PARKER
São Paulo – SP
Launching: sep/10
70% sold in the first month *
Total PSV: R$256,3 million
246 units
* Managerial data
30

31. Trends, Innovation and Sustainability
Accessibility “GOL” Project
Scale Production
Development of blueprints for
handicap users Project Efficiency
Costs Optimization
CRUTCH USERS... Unique Marketing Campaign
Product Committee
VISION HANDICAP...
Guidelines for product development
WHEELCHAIR
USERS... Technical specification models
31

32. Heated Demand
CCDI develops products, mainly, focused on B1 to D classes that represent 91% of the
population in the Southeast region.
BRAZIL: 186.0 milllion inhabitants (*)
43.5%
CCDI Focus Class (**) Monthly Family Income (R$)
30.1%
(92.6%) Higher than R$39
A1 thousand
13.0%
6.0% 4.7%
1.0% 3.0% A2 Up to R$39 thousand
B1 Up to R$26 thousand
A1 A2 B1 B2 C D E
B2 Up to R$13.9 thousand
SOUTHEAST: 77.9 million inhabitants (*)
46.9% C Up to R$8 thousand
CCDI Focus Up to R$2.9 thousand
D
19.9%
(91.0%)
16.8% Up to 1.9 thousand
E
7.4% 4.4%
0.9% 3.7%
A1 A2 B1 B2 C D E
(*) Source: Gismarket 2007
(**) Source: ABEP – Brazilian Association of Research Companies. 32

33. CCDI’s Sales Strategy
CCDI Sales Strategy is based on three pillars:
1. Real Estate Megastore: Sales Expenses/ Net Revenue (*)
25 products – apartaments from 48 m² to 280 m².
CCDI 2.6%
7 decorated apartments in exposition. 2 2.7%
3 3.7%
1st In Sales
2. Third Party Brokers: 4 3.8% efficiency
5 4.4%
Lopes
6 4.7%
7 5.0%
8 5.1%
Brasil Brokers 9 5.4%
Brasil Brokers
Fernandez Mera
Lopes 10 6.0%
11 6.3%
Ruben Vasconcelos 12 6.3%
Self Imóveis 13 7.2%
Lopes
Galvão 14 7.3%
Lopes
15 7.4%
16 8.0%
3. Two Brokers spliting the shift
17 8.6%
CCDI considers an Own Broker for 2011, focused on inventory sales
(*) Source: 3Q10’s Financial Statements of Brazilian Real Estate Companies listed– 9M10 information.
33

34. Launching History
9M10’s sales vs 2009’s sales: + 27% growth
Launching History – CCDI Stake
(R$ million)
HM CCDI 1,124
114
852
673 163
384 1.010 298
3 689
161
381 375
161
2006 2007 2008 2009 9M10
34

35. Sales Speed History
Strategy
Focus on the sale of units in the inventory.
Launching of projects with higher sales liquidity.
Launchings spread throughout the quarter.
Internal management of the third party sales team
Contract process (stand sale, registered contract) more efficient.
Speed Over Offer(VSO) History(%)
48.5%
45.4%
37.7%
34.7%
31.0%
25.5%
28.5%
13.7% 23.7%
18.4% 18.5% 19.3% 18.7%
12.2%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
CCDI Consolidated HM Engenharia
* Does not include the amount reffering to Ventura Corporate Towers
35

36. Inventory Priced to Market
Low Inventory of Units Concluded: 1.3% of total inventory
3Q10’s Inventory was impacted by the strong launching volume.
INVENTORY PRICED TO MARKET INVENTORY PRICED TO MARKET
(R$ MM) 3Q10
1,086.7 By Location
Rio de
Paraná
815.0 841.4 Minas 2.8%
Janeiro
Gerais and 1.6%
53.9% Espírito
Santo São Paulo
44.6% 42.8%
10.4% (Countrysid
e+
Shoreline)
36.4%
53.7% 55.2% 44.8% São Paulo
(Capital +
Metropolit
1.7% 2.0% 1.3% an Region)
48.8%
1Q10 2Q10 3Q10
Units Concluded Units Under Constr. Units Launched
36

37. Human Resources and
Jardins de Vila Rica
Sustainability

38. Atractiveness
BRAND recognition is a strong point
Most prestigious companies in Brazil (2009-2010)
Camargo Corrêa Desenvolvimento Imobiliário was elected the most prestigious
company in Construction, Real Estate Development and Rental sector by Anuário
Época NEGÓCIOS100. For the second consecutive year in the ranking, the
Company improved from second to the first position from 2008 to 2009.
Most Admired Companies in Brazil (2009)
For the second consecutive year, CCDI was among the three most admired
companies in Brazil in the "Builders and Real Estate Developers" category, a
survey published by Carta Capital /TNS Interscience.
The 12th edition of the "Most Admired Companies in Brazil" survey organized
by Carta Capital magazine, conducted during the months of July and August,
interviewed 1,238 executives in 42 sectors of the economy. Their answers placed
CCDI third in the specific ranking of the Builders and Real Estate Developers
companies
38

39. Retainment
Organizational Competences and carreer paths
Real Estate Engineering Support Director
Management
Competences
Manager
Essentials
Specifics Specifics Specifics Coordinator
Real Estate Engineering Support
Analyst
39

40. Remuneration and Benefits
Fixed Remuneration Variable Remuneration
Constantly follow the Real Estate segment and
remunerate the professionals within the market Establish goals and indicators aligned with the
practices indicated by Haygroup consulting company, business, aiming at boosting performances,
granting competitive wages, able to retain acknowledging the professionals with variable
professionals remuneration due to the delivery of results
Long-Term Incentives Benefits
To patronize and intensify the bond between the
company and its main officers, strenghtening long
term commitment. Offer an attractive package aligned with the best
market practices, seeking quality, safety and well-
Effective Program: being of the collaborators and its family members
2008, 112,354 options distributed totalling R$ 1,086 mm
2009, 623,838 options distributed totalling R$ 1,997 mm
2010, 413,289 options distributed totalling R$ 1,983 mm.
40

41. Capacitation
Trainings 2010
• Performance Management • Negotiation Skills
• Real Estate Credit • Ombudsman
• Management and Leadership • Planning, Management, Deadline
• Technology, Structure and Foundation Control, Costs and Building Quality
• Code of Conduct • Among Others
50 517.9 600
40
30 400
152.1
138.0 47 51.0
20 200
10 21 18 24
0 0
2007 2008 2009 Until Oct/2010
Average Hours per Collaborators Capacitation Investments (R$ thousand)
41

42. Productivity
We are doing more with less
1000 244 300
220
800 193
600 200
400 800.0 100
631.1
200 357.7
0 0
2008 2009 Until Nov/2010
CCDI's Launched PSV (R$ MM) - 100% CCDI CCDI's Headcount
Hierarchical Stucture
Officers | 2%
Superintendents and Managers | 12 %
Coordinators | 17%
Technicals | 16%
Administrative | 44%
Formation programs | 9%
42

43. Sustainability
Campaign for 468 Seedlings
consumption seeded in
awareness of developments
energy, water and Donation of 6,796
printing seedlings
Seeding of 6,616
Social Action with the ONG “Vivendo seedlings in
com Arte “ in Paraisópolis public areas
community:
Over 50 voluteers
Over 100 benefited
Attainment of the apprentice
quota
43

44. Financial Performance
Cores Azul

45. Consolidated Financial Performance
Low Low
Net Revenue Income: Gross Income Income:
20% 20%
(R$ million) (R$ million)
755 222
202
584
514
114
224 57
125 25
2006 2007 2008 2009 9M10 2006 2007 2008 2009 9M10
Gross Margin Net Income Low
Income:
Low
Income:
(R$ million) 18%
30.2%
35%
29% 116
26%
20% 22% 58
52
2
(21)
2006 2007 2008 2009 9M10 2006 2007 2008 2009 9M10
45

46. Consolidated Financial Performance
EBITDA Cash Position
(R$ million) (R$ million)
158
319
101 285
59 209
8
66
19
(47)
2006 2007 2008 2009 9M10 2006 2007 2008 2009 Sep/10
Net Debt (Net Cash) Shareholder’s Equity
(R$ million)
792
446 631 675
599
282
44
127
(11)
(149)
2006 2007 2008 2009 Sep/10 2006 2007 2008 2009 Sep/10
46

47. Analyst Coverage
Institution Recommendation Target-Price Last Revision
Market Perform R$11.00 08/30/2010
Neutral R$9.50 12/09/2010
Hold R$8.50 10/08/2010
Sell R$7.20 11/04/2010
Average
Target-Price
9.05
47

48. Stock Performance (until 12/10/2010)
190 CCIM3: +33.4% R$ 7.000.000,00
IBOV: -0.36%
IMOB: +4.9% R$ 6.000.000,00
170
R$ 5.000.000,00
150
R$ 4.000.000,00
Volume
R$ 7.27
130
R$ 3.000.000,00
110
R$ 2.000.000,00
R$ 5.45
90
R$ 1.000.000,00
70 R$ 0,00
Volume$ CCIM3 IBOV IMOB
Source: Economática.
48

49. Shareholders Distribution
Social Structure
Free Float - Nov/2010
21%
43%
66.1% 33.9%
36%
International Investors
Local Corporate Investors
Individual Investors
11%
5%
100%
10%
Special Purpose 57%
14%
Companies
Brazil Luxembourg USA France Other
49

50. 2010 Stock Performance (until 12/10/2010)
2010 Stock Performance
Helbor 57.6%
Eztec 51.8%
CCDI 33.4%
Direcional 22.2%
Trisul 15.4%
MRV 12.4%
PDG 10.7% Average: 8.4%
CR2 6.6%
Tecnisa 3.9%
Brookfield 3.7%
Even -3.6%
Inpar -6.9%
Rossi -7.2%
Rodobens -10.1%
JHSF -12.8%
Cyrela -14.8%
Gafisa -18.9%
50

51. Multiples
Price/Book Value*
2.80
2.45
2.05 1.97 1.87
1.63 1.55 1.55 1.52 1.48 1.41 1.26 1.19 1.10
0.87
0.68
Trisul
Cyrela
Gafisa
Tecnisa
Brookfield
CCDI
Inpar
Direcional
Rossi
PDG
CR2
MRV
Even
Eztec
Rodobens
Helbor
Price/Liquidation Value*
1.72
1.57 1.47
1.35
1.23
1.09 1.00 0.95 0.94 0.89 0.84
0.71 0.69 0.63 0.63 0.62
Brookfield
Tecnisa
Direcional
Trisul
CCDI
MRV
Cyrela
Eztec
Gafisa
Even
Rossi
Helbor
Inpar
PDG
CR2
Rodobens
*Source: Barclays Capital Research – Research issued in 11/17/2010.
Price – Closing price in 11/17/2010 51

52. IFRS - Main impacts in the accountability
Implementation in 2 stages:
1st Stage 2nd Stage
2008 To be implemented
Swap accounting.
Present value of receivables Decision for the meeting of the CPC
accounting. in the first week of December/2010.
Standardization of the cost
concept.
Recognizing the result of the
Recognition of sales stand as an
development in a single period, after
expense.
delivery the keys.
Accounting rule of assignment of
receivables.
Recognition of interest as a Cost.
Change in the financial indicators
52

53. Terraço Empresarial Jardim Sul
IR Contacts:
Leonardo de Paiva Rocha Rua Funchal, 160 – 9º andar
CFO and IRO Vila Olímpia – São Paulo – SP
CEP: 04551-903
Camila Poleto Bernardi Tel: (55 11) 3841-4824
IR Coordinator Fax: (55 11) 3841-5761
Gabriel Barros Oliveira de Gaetano www.ccdi.com.br/ri
IR Analyst ri.ccdi@ccdi.com.br

54. Management
Management Board
José Alberto Diniz de Oliveira - Mr. Oliveira graduated in Engineering and holds a MBA from Stern School of Business (New York University). He has over 25
years of experience in finance and administration in first-class companies, such as Itaú, McKinsey and MGDK. He was CFO of Andrade Gutierrez and was member of
the board of directors of Pegasus Telecom. Mr. Oliveira is currently President of Incorporation, Environmental Engineering and Corporate Division of Camargo
Corrêa S.A. and member of the board of directors of Alpargatas, CCDI, CAVO and Essencis.
Carlos Pires Oliveira Dias - Mr. Dias has been a vice-chairman of the Company’s board of directors and of the board of directors of CCSA since 2003, serving as a
member of the board of directors of CCSA since 1977. He also served as an executive officer of CCCC from 1975 to 1989. Mr. Rosa currently serves as the vice-
president of the board of directors of various companies in the Camargo Corrêa Group. He holds a bachelor’s degree in economics from Universidade Presbiteriana
Mackenzie.
Luiz Roberto Ortiz Nascimento - Mr. Nascimento has been a vice-chairman of CCDI’s board of directors and of the board of directors of CCSA since 2003,
having served as a member of the board of directors of CCSA since 1977. Mr. Nascimento has over 30 years of experience in the Camargo Corrêa Group, starting
his career in 1974 at PMV. He currently serves as the vice-president of the board of directors of various companies in the Camargo Corrêa Group. Mr. Nascimento
holds a bachelor’s degree in economics from Universidade Presbiteriana Mackenzie.
Albrecht Curt Reuter-Domenech - Mr. Reuter-Domenech has been a vice-chairman of the Company’s board of directors since 2004, and he has been a member
of the board of directors of CCSA, as well as other companies in the Camargo Corrêa Group, since 2006. Before joining the Camargo Corrêa Group, he was a
partner and member of the board of directors of McKinsey & Company, Inc., actively participating in the development of their Latin America practice since 1979. Mr.
Reuter-Domenech also headed practices relating to financial institutions and corporate finance and strategy, having worked on mergers and acquisitions, as well as
valuation and strategic economic appraisals. He holds a bachelor’s degree in civil engineering from Universidad de Puerto Rico and an MBA from The Wharton
School, University of Pennsylvania.
Victor Sarquis Hallack - Mr. Hallack has been a member of CCDI’s board of directors and the chairman of the board of directors of CCSA since September 2006.
He has also been a member of the board of directors of Embraer -Empresa Brasileira de Aeronáutica S.A. since 1995. Mr. Hallack had previously served as the
executive director of Grupo Bozano and worked at Companhia Vale do Rio Doce for 17 years in various positions, including the director of finance and development
(1990-1993) and general director of Rio Doce America in New York (1984-1990). Mr. Hallack holds a law degree from Universidade Federal de Juiz de Fora, a
master’s degree in business administration from Pace University, and a post-graduate degree in business administration from Kent State University.
Sergio Zappa - Mr. Zappa has been an independent member of the Company’s board of directors since December 2006. Mr. Zappa had previously worked at Rio
Bravo Serviços Financeiros, the International Finance Corporation (financial arm of the World Bank), UNIBANCO – União de Bancos Brasileiros S.A., Banco Nacional
do Desenvolvimento Econômico – BNDES and Banco Econômico de Investimentos S.A., with significant experience in the financial and capital markets’ sectors. Mr.
Zappa holds a bachelor’s degree in economics from Georgetown University and a master’s degree in business administration from the American Graduate School of
International Management.
54

55. Management
Board of Directors - CCDI
Francisco Sciarotta Neto - Graduated in Economics and Accounting by Universidade Mackenzie, with MBA by the Business School de São Paulo and specialization
in controllership and financial management by the Fundação Getúlio Vargas. Executive with extended history within the Grupo Camargo Corrêa, he was, since
January, 2007, the Chief Executive Officer for the Shared Service Center, the Group´s strategic area responsible for the administrative management of several of the
Group’s business units. Before, among other executive positions, Mr. Sciarotta Neto was the Chief Financial Officer for Camargo Corrêa Industrial and Cimento Cauê
–The Group´s cement company (1993/1999); and for PMV (Participações Morro Vermelho), the holding company for the Group´s operations. With experience in
multi-national companies such as Arthur Andersen and Johnson & Jonhson, Mr. Sciarotta Neto was also the Chief Financial Officer for the Brazilian subsidiary of Sara
Lee International (2004/2007), when he was responsible for the company’s compliance to the Sarbanes Oxley (SOX). Furthermore, he was the Vice President of
Administration and Finance of the American multi-national company Diveo (1999-2001).
Henrique Ernesto Bianco - Graduated in Civil Engineering by Faculdade de Engenharia de Barretos, with specializations by USP São Carlos, Instituto Politécnico de
Ribeirão Preto and Fundação Centro Nacional de Segurança, Higiene e Medicina no Trabalho (Security Engineering). Mr. Bianco is a member of several associations,
and committees such as ABNT (Brazilian Association of Technical Standards), IBRACON (Brazilian Concrete Institute), ABENC (Brazilian Civil Engineers Association),
IBAPE (Brazilian Engineering Evaluation and Expertise Institute), COPMAT (Committee of the Construction Supplies professors). Mr. Bianco was president of the
Engineering, Architecture and Agronomy Association (CREA) of Barretos, advisor and 2nd vice-president of CREA-SP. He was also full professor at Faculdade de
Engenharia de Barretos. He also worked as Expert, Fiscal Engineer, and Technical Responsible of several housing projects of Companhia Habitacional Regional. Is
currently the Chief Executive Officer of HM Engenharia, company which he founded, and which’s stake belongs to CCDI.
Leonardo de Paiva Rocha - Mr. Rocha is Chief Financial Officer and Investor Relations Officer since April 23, 2009. He holds a bachelor's dregree in mechanical
engineer by the Instituto Militar de Engenharia/RJ (1981). He holds a master in Business with emphasis in finance by PUC/RJ (1989), and a specialization degree in
Marketing Administration by FGV/SP (1991). Participated on the CFO’ s Executive Program – University of Chicago in 2007. With over 27 years of experience in the
fields of controllership; treasury; financial, strategic and fiscal planning; procurement and information technology, Mr. Paiva Rocha’s experience comprises various
positions at Brazilian and international leading companies such as: Coca-cola, Grupo Telefônica, Grupo Pão de Açúcar, HP Brasil and Globex Utilidades S/A (Ponto
Frio). With extensive knowledge in Mergers and Acquisitions, and structured finance and capital markets deals, he is a former president and actual member of the
Brazilian Institute of Finance Executives (IBEF-SP). Mr. Paiva Rocha is also a member of the Brazilian Corporate Governance Institute (IBGC).
Maurício Barbosa - Maurício Barbosa joined Camargo Corrêa Desenvolvimento Imobiliário as Development Director in 2007. Maurício has been a professional on
the real estate market since 1997, when he joined America Properties, a company created by Grupo Rossi to develop projects in the luxury office and residential
segments. After the merger with Rossi Residencial, he took up the position as director in 2006, when he created the company’s land division area. He holds a Civil
Engineering degree from Escola Politécnica da Universidade de São Paulo (USP), with specialization in Production Engineering from Fundação Vanzolini, and Business
Administration from Fundação Getúlio Vargas (FGV).
Cláudio Sayeg - Claudio holds a Civil Engineering degree from FEFAAP, and a Law degree from Mackenzie, with post-graduate studies in Steel Concrete Structures
from Universitá Politécnico di Milano – Italy, and acted as Construction Management Director for Barbara Engenharia, before joining CCDI.
55

56. Management
Board of Directors - HM Engenharia
Henrique Ernesto Bianco Graduated in Civil Engineering by Faculdade de Engenharia de Barretos, with specializations by USP São Carlos, Instituto Politécnico de
Ribeirão Preto and Fundação Centro Nacional de Segurança, Higiene e Medicina no Trabalho (Security Engineering). Mr. Bianco is a member of several associations,
and committees such as ABNT (Brazilian Association of Technical Standards), IBRACON (Brazilian Concrete Institute), ABENC (Brazilian Civil Engineers Association),
IBAPE (Brazilian Engineering Evaluation and Expertise Institute), COPMAT (Committee of the Construction Supplies professors). Mr. Bianco was president of the
Engineering, Architecture and Agronomy Association (CREA) of Barretos, advisor and 2nd vice-president of CREA-SP. He was also full professor at Faculdade de
Engenharia de Barretos. He also worked as Expert, Fiscal Engineer, and Technical Responsible of several housing projects of Companhia Habitacional Regional. Is
currently the Chief Executive Officer of HM Engenharia, company which he founded, and which’s stake belongs to CCDI.
Marcos Feliciani Mr. Feliciani is Chief Engineer and Construction Officer of HM Engenharia, where he has been since 1976. Mr. Feliciani holds a Civil Engineering
degree from Fundação Educacional de Barretos, specialized in Transports at USP - São Carlos, and also in Technical Expertise and Evaluation Engineering at FDTE –
Politécnica – USP. Since 1986, Mr. Feliciani is the Technical Officer at HM Engenharia, being the Head of several projects such as: Infra-Structure, Budgets, Supply,
Construction, Quality Management, Sustainability, Health and Occupational Safety. Mr. Feliciani is also the Management guardian, besides from being the Internal
Auditor of Quality of HM Engenharia. In the Camargo Correa Group, he is also one of the Guardians of Sustainability.
Mauro Rocha Bastazin is graduated in Chemical Engineering at Escola Politécnica of USP, specialized in Business Management at FGV-SP. Mr Bastazin is an
executive with history in Camargo Correa Group, working in Strategic Planning in the Engineering and Construction business. Before his experience in the Group,
Mr. Bastazin was a consultant at PricewaterhouseCoopers, specializing in organizational changes. Mr. Bastazin is currently the Chief Financial Officer of HM Engenharia
e Construções S/A since February 1st 2008.
56

57. Pinot Noir
Annexes:
Financial
Statements
57

58. Indebtedness and Accounts Receivables
Cash Position = R$284.6 million in 09/30/2010
Level of Indebtedness (56% of Shareholder’s Equity)
SFH Debt is 100% payed by accounts receivable
INDEBTEDNESS TIMELINE
(R$ MM)
Corporate Debt
Gross Debt
237.9 243.6 243.3 SFH
September/2010
12.6
R$730.7 million
199.7 199.7
225.3
5.9
43.9 43.6
5.9
Sep/2010 to Sep/2011 Sep/11 to Dec/11 2012 2013
ACCOUNTS RECEIVABLE TIMELINE
(R$ MM)
Accounts
Receivable
September/2010
780.6
R$967.0 million
77.5 49.9 52.6 5.3 1.2
Sep/2010 to Sep/11 to 2012 2013 2014 2015 and
Sep/2011 Dec/11 forward
58

59. Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT - REPORTED (R$ 000) 3Q10 2Q10 3Q09 3Q10/2Q10 3Q10/3Q09 9M10 9M09 9M10/9M09
GROSS REVENUE FROM SALES, RENTALS AND SERVICES 281,464 227,015 108,174 24.0% 160.2% 782,773 360,699 117.0%
Revenue From Real Estate Sales 276,837 223,595 103,831 23.8% 166.6% 772,186 352,053 119.3%
Revenue From Real Estate Rentals - - - --- --- - - ---
Revenue From Services 2,790 1,554 3,517 79.5% -20.7% 5,865 5,259 11.5%
Other Revenues 1,837 1,866 826 -1.6% 122.4% 4,722 3,387 39.4%
DEDUCTIONS FROM GROSS REVENUE (9,039) (7,865) (4,262) 14.9% 112.1% (27,599) (13,661) 102.0%
NET REVENUE FROM SALES AND/OR SERVICES 272,425 219,150 103,912 24.3% 162.2% 755,174 347,038 117.6%
COST OF SALES, RENTALS AND SERVICES (200,817) (165,493) (98,365) 21.3% 104.2% (533,607) (276,049) 93.3%
Sales (199,098) (163,928) (98,225) 21.5% 102.7% (529,879) (275,755) 92.2%
Rentals (3,728) - - --- --- (3,728) 60 ---
Services 2,009 (1,565) (140) --- --- - (354) ---
GROSS INCOME 71,608 53,657 5,547 33.5% 1190.9% 221,567 70,989 212.1%
GROSS MARGIN 26.3% 24.5% 5.3% 1.8pp. 20.9pp. 29.3% 20.5% 8.9pp.
OPERATING INCOME (EXPENSES) (26,042) (17,610) (63,729) 47.9% -59.1% (65,008) (102,232) -36.4%
Selling Expenses (8,594) (6,675) (9,599) 28.7% -10.5% (19,828) (20,508) -3.3%
General And Administrative Expenses (17,448) (10,935) (54,130) 59.6% -67.8% (45,180) (81,724) -44.7%
General And Administrative Expenses (17,793) (16,674) (21,272) 6.7% -16.4% (51,510) (48,823) 5.5%
Other Income (Expenses), Net 345 5,739 - -94.0% --- 6,330 - ---
INCOME (LOSS) FROM OPERATIONS BEFORE FIN, RESULT 45,566 36,047 (58,182) 26.4% --- 156,559 (31,243) ---
FINANCIAL INCOME (EXPENSES) (5,702) (4,885) (6,841) 16.7% -16.6% (14,336) (6,649) 115.6%
Financial Revenues 11,022 10,489 4,946 5.1% 122.8% 31,069 18,426 68.6%
Financial Expenses (16,724) (15,374) (11,787) 8.8% 41.9% (45,405) (25,075) 81.1%
NET INCOME (LOSS) BEFORE INCOME AND SOCIAL CONTRIBUTION TAXES
39,864 31,162 (65,023) 27.9% --- 142,223 (37,892) ---
AND MINORITY PARTICIPATION
Income Tax And Social Contribution (13,762) (6,147) 3,261 123.9% --- (25,780) (6,328) 307.4%
Minority Interest In Net Income - - - --- --- - - ---
NET INCOME 26,102 25,015 (61,762) 4.3% --- 116,443 (44,220) ---
NET MARGIN 9.6% 11.4% -59.4% -1.8pp. --- 15.4% -12.7% ---
NUMBER OF SHARES, EX-TREASURY (THOUSANDS) 112,990,000 112,990,000 113,000,000 0.0% 0.0% 112,990,000 113,000,000 0.0%
EARNINGS PER SHARE, EX-TREASURY 0.2310 0.2214 (0.5466) 4.3% --- 1.0306 (0.3913) ---
59

60. Consolidated – Balance Sheet - Assets
BALANCE SHEET (R$ 000)
09/30/2010 06/30/2010 %
REPORTED
ASSETS 2,508,605 2,343,197 7.1%
CURRENT ASSETS 1,556,020 1,428,494 8.9%
Cash And Cash Equivalents 276,831 281,683 -1.7%
Trade Accounts Receivable 780,576 566,856 37.7%
Advances To Suppliers 10,127 7,498 35.1%
Properties Held For Sale 387,341 440,055 -12.0%
Prepaid Expenses 341 443 -23.0%
Recoverable Taxes 11,101 10,663 4.1%
Other Receivables 89,703 121,296 -26.0%
NONCURRENT ASSETS 952,585 914,703 4.1%
LONG-TERM ASSETS: 814,259 778,558 4.6%
Cash Equivalents 7,729 0 ---
Trade Accounts Receivable 186,455 234,821 -20.6%
Properties Held For Sale 615,202 533,081 15.4%
Related Parties 13 16 -18.8%
Deferred Income Tax And Social Contribution 4,089 9,899 -58.7%
Prepaid Expenses 9 9 0.0%
Other Receivables 762 732 4.1%
Investments 6 6 0.0%
Investments In Subsidiaries 0 0 ---
Others 6 6 0.0%
Fixed Assets 94,715 93,231 1.6%
Intangible Assets 43,605 42,908 1.6%
60

61. Consolidated – Balance Sheet - Liabilities
BALANCE SHEET (R$ 000)
09/30/2010 06/30/2010 %
REPORTED
LIABILITIES 2,508,605 2,343,197 7.1%
CURRENT LIABILITIES 566,052 431,766 31.1%
Construction Financing 225,263 147,885 52.3%
Debentures 12,646 73 17223.3%
Obligations for the purchase of land in cash 47,816 42,827 11.6%
Obligations for the purchase of land in physical swap 0 0 ---
Obligations for the purchase of land in financial swap 196,524 158,164 24.3%
Trade Accounts Payable 22,742 21,993 3.4%
Taxes Payable 9,010 10,902 -17.4%
Related Parties 701 3,334 -79.0%
Accrued Salaries And Taxes 18,524 14,757 25.5%
Deferred Income Tax And Social Contribution 0 0 ---
Deferred Taxes On Revenue (Pis And Cofins) 607 1,205 -49.6%
Advance To Clients 17,265 16,402 5.3%
Proposed Dividends 3 3 0.0%
Other Payables 14,951 14,221 5.1%
NONCURRENT LIABILITIES 1,150,963 1,145,436 0.5%
Construction Financing 93,424 110,964 -15.8%
Debentures 399,359 399,144 0.1%
Deferred Income Tax And Social Contribution 28,889 22,448 28.7%
Deferred Taxes On Revenue (PIS and Cofins) 32,529 26,293 23.7%
Advance To Clients 36,322 36,970 0.0%
Related Parties 0 0 ---
Obligations for the purchase of land in money 6,599 3,020 118.5%
Obligations for the purchase of land in physical swap 0 0 ---
Obligations for the purchase of land in financial swap 552,359 543,844 1.6%
Payable To Suppliers 0 0 ---
Other Payables 834 2,753 -69.7%
SHAREHOLDERS' EQUITY 792,238 765,995 3.4%
Capital 540,189 540,189 0.0%
Capital Reserve 85,128 84,987 0.2%
Shares In Treasury (60) (60) 0.0%
Accumulated Earnings 166,981 140,879 18.5%
61

62. Consolidated Cash Flow
CASH FLOW - CONSOLIDATED (R$ MIL) REPORTED 3Q10 2Q10 3Q09 3Q10/2Q10 3Q10/3Q09 9M10 9M09 9M10/9M09
INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 39,864 31,162 (65,023) 27.9% --- 142,223 (37,892) ---
Adjustments to conciliate Net Income to Cash from Operating Activities - - - --- --- - - ---
Depreciation and Amortization 601 584 535 2.9% 12.3% 1,680 1,655 1.5%
Deferred PIS and Cofins 5,638 (1,904) 2,902 --- 94.3% 6,537 8,037 -18.7%
Provision (Reversal) Of Provisions (188) 6,874 2,791 --- --- 6,599 779 747.1%
Financial Charges 19,297 16,524 8,063 16.8% 139.3% 50,749 18,263 177.9%
Write-Off Of Permanent Assets 30 31 237 -3.2% -87.3% 61 397 -84.6%
Clients receivable (165,067) (109,878) (43,669) 50.2% 278.0% (365,878) (186,442) 96.2%
Properties Held for Sale (29,407) (27,849) 25,505 5.6% --- 20,107 32,903 -38.9%
Advances to Suppliers (2,629) 1,813 (1,212) --- 116.9% (5,688) 3,141 ---
Prepaid Expenses 102 268 77 -61.9% 32.5% 494 739 -33.2%
Recoverable Taxes (438) (3,389) (111) -87.1% 294.6% (2,264) 2,123 ---
Other Receivables 31,563 6,562 (893) 381.0% --- 29,392 (3,140) ---
Supliers and Accounts to payable 56,234 25,570 (17,169) 119.9% --- 42,123 (44,097) ---
Accrued Wages And Vacation 3,767 (848) 1,523 --- 147.3% 5,253 1,251 319.9%
Advances From Customers 215 4,534 - -95.3% --- 4,364 (1,170) ---
Taxes Payable (1,188) (1,818) 391 -34.7% --- (1,364) (466) 192.7%
Other Payables (1,189) 4,249 11,071 --- --- 4,247 11,920 -64.4%
Cash Used In Operations (42,795) (47,515) (74,982) -9.9% -42.9% (61,365) (191,999) -68.0%
Income Tax And Social Contribution Paid (2,215) (4,878) (1,035) -54.6% 114.0% (25,263) (3,928) 543.2%
Interest Paid For Construction (5,862) (44,102) (2,946) -86.7% 99.0% (56,690) (9,370) 505.0%
CASH FLOWS FROM OPERATING ACTIVITIES (50,872) (96,495) (78,963) -47.3% -35.6% (143,318) (205,297) -30.2%
Cash Flow from Investment Activities
Related Parties, Net (2,630) (687) (1,750) 282.8% 50.3% (3,769) (4,375) -13.9%
Redemptions (Applications) Application Financial 9,222 (21,831) 32,462 --- -71.6% 43,105 (14,292) ---
Goodwill On Acquisition Of Subsidiary - - (4,885) --- --- (2,250) (4,885) -53.9%
Fixed and Intangible Assets Acquisition (2,812) (3,715) (1,101) -24.3% 155.4% (7,262) (5,591) 29.9%
NET CASH USED IN INVESTING ACTIVITIES 3,780 (26,233) 24,726 --- -84.7% 29,824 (29,144) ---
Cash Flow from Financing Activities
Payment Of Dividends - (13,774) - --- --- (13,774) (1,951) 606.0%
Financing 58,977 33,522 114,164 75.9% -48.3% 135,409 295,624 -54.2%
Payments / Amortization of Financing - (204) - --- --- - - ---
Debentures Issuance Costs 214 367 - -41.7% --- 581 - ---
NET CASH USED IN FINANCING ACTIVITIES 59,191 19,911 114,164 197.3% -48.2% 122,216 293,673 -58.4%
NET CASH PROVIDED BY (USED IN) FINANCING ACTIV. 12,099 (102,817) 59,927 --- -79.8% 8,722 59,233 -85.3%
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 16,592 119,409 8,803 -86.1% 88.5% 19,969 9,497 110.3%
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 28,691 16,592 68,730 72.9% -58.3% 28,691 68,730 -58.3%
62