APIMEC 2008 Meeting Presentation

August/2008

Institutional Presentation

2

Agenda

Future Projects

Operational Results Historic

Financial Results Historic

Corporate Structure

Sector Dynamic

Differentiated Business Model

Segment and Geographic Diversification

3

R$115.2 billionR$460.62 billion6.88 millionTotal

R$104.4 billionR$417.5 billion5.25 millionLiving Updates

R$10.8 billionR$43.2 billion1.63 millionHousing Deficit Reduction

Investment (per year)Investment (2007-2010)Number of UnitsFinancing(*)

** Source: ABECIP and CBIC

Total Funding Evolution (SBPE + FGTS - R$ million**

Sector Dynamic

* Source – FGV

3,066

1,769

4,835

2002

3,697

2,218

5,915

2003

3,861

3,002

6,863

2004

5,478

4,852

10,330

2005

6,768

9,340

16,108

2006

6,919

18,410

25,329

2007

FGTS

SBPE 3,199

6,932

10,131

1H07

9,734

4,981

14,715

1H08

+45%

4

65.5% 34.5%

Special Purpose Companies

81%

Corporate Structure

• 68 years of operations• Leadership role in several industries• National and international presence• Corporate Governance• Financial Soundness• Results-oriented culture• Capital discipline

100% 14.3%

44.1%17.9%

1.1%

5.8%4.5%

100%

100%39.3%

65.5%

Grupo Camargo Corrêa

5

Differentiated Business Model

Specific Model per Segment

Capital Discipline

Financing Line

6

Gross Margins: 35% to 40%Real IRR (Base case): 30%

Residential and Lots Residential, Commercial and Lots

Own Sales Structure Third-Party Brokers

Construction and Consumer Financing from Launching

Construction Financing from LaunchingConsumer Financing after Keys

18 to 24 months 36 months

Own Construction Company Third-Party Construction (GMP)

Mostly in Cash Swaps – especially financial

Low Income Others Residential



State of the Art Buildings

Specialized Third Party

Not Available

30 months

Own Construction Company/Consortiums

Swaps for Area

Commercial

CONSTRUCTIONCONSTRUCTION

PRODUCTPRODUCT

SALESSALES

LAND ACQUISITION

LAND ACQUISITION

FUNDINGFUNDING

BUSINESS CYCLEBUSINESS CYCLE

RETURNSRETURNS

Base case - sales of 50% pre-construction, land swap, unlevered

Specific Model per Segment

7

Land Acquisition through swaps

Construction Financing

Transfer of Receivables

Lower Cash CommitmentFinancing at attractive prices and conditions

No consumer credit risk

Lower Carrying CostsMitigated risks (real guarantees)

Securitization at face value

Mitigated RisksRelation with Biggest Brazilian Banks

100% received after delivery of keys

Financial Leverage

8%-9% Maximum

Cash Exposure of the Project (over total

PSV)

Low Exposure

Expected Launchings>R$5billion

Capital Discipline

No significant short-term

capital need

IPO Proceeds (net) : R$454 million

8

Financing Line

� Agreement between CEF and CCDI:

� R$2.2 billion will be used to finance 22,200 units, to be developed by HM Engenharia, with prices until R$ 100,000 per unit.

� R$2.0 billion will be used to finance 13,700 residential units developed by CCDI, with maximum prices of R$ 350,000 each.

9

Segment and Geographic Diversification

Land Bank

Low Income: HM

10

Land Bank June/2008

MGES

SPPR RJ

PE

HeadquarterLaunchings from 200392.3% of Land Bank

Regional OfficeAAA Office Building2% of Land Bank

Regional Office 1.6% of Land Bank

Regional Office1.2% of Land Bank

Regional Office due in 20082.3% of Land Bank

Regional Office due in 20080.6% of Land Bank

Total PSV: R$10.2 billion

Metro Area

32%

7%

Shoreline

Countryside 11%

43% Sao Paulo

11

Land Bank Diversification

Diversification per Income (%)

87%

Residential

11%

Commercial

2%

Lots

Diversification per Segment (%)

Total PSV: R$10.2 billion

35%

Commercials

11%

Lots

2%

High and Luxury

14%

Medium and Medium-High

39%

Low Income and Economic

12

� Strategy� Start operations in the Low Segment with scale,

by HM acquisition.

� Reason to choose HM� Vast, proven track-record� Consolidated Land Bank� Strong partnership in place with Caixa

Econômica Federal and other financial institutions

� MORE THAN 100,000 UNITS BUILT

Low Income Operation: HM

AraçatubaSão José do Rio PretoVotuporangaCatanduva

BarretosRibeirãoPretoFrancaCatanduva

CampinasSorocabaJundiaíPiracicaba

BauruMariliaBotucatuAssisSão Carlos

São Paulo

After its acquisition by CCDI, HM has launched R$197.7 million in

PSV (100% of the projects)

1,853

TENDA

2,987

MRV

4,600

HM ENGENHARIA

Units launched in 2006*

* Source: Companies Prospectus

13

Operational Results Historic

Launchings

Sales

Office Buildings

14

453211

2005 2006

1,200

2007

393

~ 2,000

2008E*

~ 3,000

2009E

25%

AAA Offices

15%

Medium

35%

Low Income and Economic

25%

Mid-high, High and Luxury

25%

Commercial

25%

Sao Paulo (Capital)

40%

Sao Paulo (Metro Area, shoreline and countryside)

10%

Other Estates

Launchings Evolution (R$ million) 2008 Guidance per Income

2008 Guidance per SegmentLaunchings per Region

Launchings (R$ million)

33%67%

211

2005

49%10%41%

453

2006

37%

10%

14%

19%

20%

1,211

2007

Sao Paulo

Metro Area

Shoreline

Countryside

Rio de Janeiro

57%

23%21%

484

1S08

* Until June/2008

15

176.8

2005

171.2

2006

383.8

2007

185.7

491.0

676.7

1S08

Sales per Segment 1H08 (%)

32% Low Income and Economic

16%

Medium

21%

Mid-High, High and Luxury

31%

Commercial

Contracted Sales (R$ million)

Sales by Localization 1H08 (%)

25%

São Paulo (Metro Area)

43%

Sao Paulo

12%

Shoreline

11%

Countryside34%

Rio de Janeiro

Sales

Ventura Corporate Towers – Phase 1

16

Speed of Sales

VSO: This indicator measures the ratio between the total amount of contracts sold over the total amount of contracts available for sale.

SS: The Speed of Sales is the ratio between the amo unt sold in a given period of time over the amount launched during the same period of time.

Indicator 2Q08 2Q07 1H08 1H07

A Contracted Sales (R$) 252,118 71,015 491.015* 158,307

B Total Inventory – Initial (R$) 831.945* 139,100 864.320* 206.282*

C Launchings of the Quarter (R$) 136,137 228.300* 392,540 299.700*

A/(B+C) Speed of Sales (VSO) 26.04% 19.33% 39.07% 31.29%

* The sale of Ventura’s Phase 1 and the launching of both phases of VCT are not taken into consideration.

Indicator 2Q08 2Q07 1H08 1H07

A Contracted Sales (R$) 252,118 71,015 491.015* 158,307

B Launchings (R$) 136,137 228.300* 392,540 299.700*

A/B Sales Speed (VV) 185.19% 31.11% 125.09% 52.82%


17

Speed of Sales

The Average Sales Speed is an indicator used as a p roxy to the monthly average selling volume, given historical information and the invent ory turnover speed.

Indicator 2Q08 2Q07

A PSV Launched (Last 18 months) 1,363,970 753.083*

B Months of Launch (Per Sales) 7.7 5.8

Units Sold (Last Year) 495,488 189,255

Units Sold (Current semester) 197,093 41,637

C Sales per month (R$) 89,946 39,809

(C*12)/A Average Speed of Sales (SoS) 79.13% 63.43%

A/C Inventory turnover 15.16 18.92


18

498.2

2006

278.8

2007 1H08

158.9

-68%

Launched Units Average Price (R$ million)

598.0

2006

350.0

2007 1H08

187.1

-69%

Sold Units Average Price (R$ million)

“Retail” Sales

19

� Ventura Corporate Towers Phase 1

� Launching: June, 2006� Location: Rio de Janeiro’s downtown� Built Private Area: 53,378 m²� Sale: Option sold to Investors on Dec 21, 2007 (R$20.0 million). Option exercised on Jan 21, 2007,

after real estate due diligence, with total value of R$422.1 million.

Office Building

� Ventura Corporate Towers Phase 2

� Launching: June/2007� Private Area: 53,378 m²� PSV: R$480.0 million� % CCDI: 50%� Construction: Started� Sale: In negotiation

20

Future Projects

Caieiras Project

Paulista Project

Viol Project

21

� 5,207,600 m² (1.3 thousand acres) land located in Ca ieiras. Metropolitan Area of São Paulo� 19 km (11.8 miles) from Sao Paulo’s downtown� Ample, easy, fast access (CPTM “A”-line train and major highways)

� Potential Sales Volume: from R$ 2.5 billion to R$ 3 .0 billion� Residential and commercial (support)� 20,000 units� Economic Segment (units between R$ 70 and R$ 200 thousand each)

� Acquisition Terms� R$ 28 million in cash� Balance in financial swaps

Caieiras Project

22

Caieiras Project

23

� Caieiras has the less demographic density of the São Paulo’s metropolitan region; in a 30 km radius:

Caieiras Project

Cities Population Density

Sao Bernardo do Campo

Taboão da Serra

Alphaville

Guarulhos

Ferraz de Vasconcelos

São Paulo - Downtown

Santo Andre and Sao Caetano do Sul

3,130 hab/km²

3,510 hab/km²

2,690 hab/km²

4,000 hab/km²

2,180 hab/km²

14,000 hab/km²

12,000 hab/km²

Caieiras 780 hah/km²

24

Preliminary Project

25

� Location: Paulista Avenue – São Paulo

� Land Bank: 12,500 m²

� Construction Potential: ~50,000 m²

� Project: Shopping + AAA Commercial Building

� % CCDI: 50%

� PSV: R$450 million

Paulista

26

� Location: Vila Olímpia, Sao Paulo

� PSV: R$1.0 billion (% CCDI)

� Land Bank: ~40,000 m²

� Construction Potential: ~132,000 m²

� Project still on design and fine-tuning stages

VIOL

27

VIOL

28

Financial Results Historic

Financial Performance

Partnerships

29

Gross Income (R$ million)Net Revenues (R$ million)

Gross Margin (%)


41.3

2Q07

104.0

2Q08

85.6

1H07

339.8

1H08

152.1%

297.1%

1H08

184.6%

533.3%

10.5

2Q07

30.0

2Q08

20.4

1H07

129.5

25.5%

2Q07

28.8%

2Q08

23.9%

1H07

38.1%

1H08

+14.2 p.p.

3.3 p.p.

30

Margin Reconciliation

We deduct from the Gross Revenues the amount equiva lent to the Cost of Goods Sold from land acquired through swaps. For th e same project, the

gross margin recorded varied 600 bps.

CCDI – Typical Project Competitors

Construction Costs and others $50

Net Revenue $100

Land costs $15

Gross Income $35

Gross Margin 35%

Construction Costs and others $50

Net Revenue $85

Gross Income $35

Gross Margin 41%

31

Net Income (R$million) Adjusted EBITDA (R$million)

Net Margin (%) Adjusted EBITDA Margin (%)


*Adjusted to IPO expenses

2.7

2Q07

8.2

2Q08-10.11H07

76.3

1H08

197.9%

1.1 p.p. 22.5%

-11.8%2Q08 1H081H072Q07

7.8%6.7%+34.3 p.p.

-2.92Q07*

5.4

2Q08-0.8

1H07*

72.7

1H08

2Q07* 2Q08

-0.9%

21.4%

1H08

12.2 p.p.

+22.3 p.p.

-7.0%1H07*

5.2%

32


164.5%

2Q08

726.6

274.7

2Q07

570.1

1Q08

27.5%

Revenues of Sales to be recognized (R$ million)

70.1

2Q07

164.2

1Q08 2Q08

195.1%

206.926.0%

Result of Sales to be recognized (R$ million)

25.5%

2Q07

28.8%

1Q08 2Q08

3.0 p.p.

28.5%

-0.3 p.p.

Margin over Sales to be recognized (%)

33


Debt (R$ Million) 2Q08 1Q08 2Q07

(+) Loans & Financing – Short (91.8) (71.0) (12.4)

(+) Loans & Financing – Long (2.6) (0.7) (28.5)

(=) Gross Debt (94.3) (71.7) (40.9)

(+) Cash and Cash Equivalents 202.4 264.5 355.9

(=) Net Cash 108.1 192.8 315.0

Leverage (%) 06/30/2008 12/31/2008 (E)Gross Debt (94.3) (141.0)Equity 695.1 695.1% Leverage 13.6% 20.3%

34

Stock Performance

27.6%

Locals

47.5%

International

24.9%

Natural Person

Stock Price Evolution x Volume Shareholders

-

10,0

20,0

30,0

28/09/07 29/11/07 31/01/08 01/04/08 30/05/08 28/07/086,0

9,0

12,0

Vol

ume

(R$

Mill

ion)

09/28/07 11/29/07 31/01/08 04/01/08 05/30/08 07/28/08

12.0

9.0

6.0

Stock P

rice (R$)

30.0

20.0

10.0

-

35

Balance Sheet

ASSETS 06/30/2008 06/30/2007 LIABILITIES 06/30/2008 06/3 0/2007

Current CurrentCash and equivalents 202,374 355,896 Construction Financing 91,755 70,989 Property for sale 699,807 332,403 Payable to suppliers 166,766 208,330 Other credits 111,300 95,481 Others 41,077 33,812 Total Current Assets 1,013,480 1,012,364 Total Current Liabilities 299,598 313,131

Non-Current Non-CurrentLong-term Assets Construction Financing 2,557 692 Property for sale 522,147 589,622 Payable to suppliers 855,212 861,838 Other credits 244,759 206,267 Others 20,282 24,916 Investments 33,353 34,078 Total Non-Current Liabilities 878,051 887,446 Fixed Assets 78,105 77,111 Intangible Assets 1,784 1,369 Minority Shareholders 20,891 26,056 Total Non-Current Assets 880,148 908,447

Shareholders’ Equity 695,088 694,178

TOTAL ASSETS 1,893,628 1,920,811 TOTAL LIABILITIES 1,893,628 1,920,811

36

Income Statements

196.7%

INCOME STATEMENT (R$ thousands) 2Q08 2Q07

Gross Revenues 107,922 42,889

Deductions (3,932) (1,637)

Net Operating Revenues 103,990 41,252

Cost of Goods Sold (74,027) (30,714)

Gross Income 29,963 10,538

(EXPENSES) Operational Revenues (26,785) (14,564)Commercial Expenses (4,529) (2,418)General & Administrative Expenses (22,256) (12,146)

General & Administrative Expenses (19,322) (11,141)IPO-related expenses - (957)Other operational revenues - -Other operational expenses (2,934) (48)

Operating Results before Financial Results 3,180 (4,0 26)

Financial Results 4,982 9,928Financial Revenues 9,363 11,827Financial Expenses (4,381) (1,899)

Non-Operating Result 53 3

Earnings Before tax 8,213 5,905

Income Tax and Social Contribution (106) (3,156)

Minority Shareholders 50 -

NET INCOME 8,157 2,749

37

Cash Flow

CONSOLIDATED CASH FLOW (R$ Ths) 06/30/2008 06/30/2007

Net Income (loss) of the period 76,315 (10,103)

Non-cash revenues/expenses 4,081 (87)

Changes in Current Operating Assets and Liabilities (75,435) (175,459)

CASH FLOW FROM OPERATING ACTIVITIES 4,962 (185,649)

CASH USED ON INVESTING ACTIVITIES (47,182) (2,886)

CASH GENERATED FROM FINANCING ACTIVITIES 35,478 525,153

Increase in Cash and Equivalents (6,742) 336,618Cash and Cash Equivalents – Beginning of Period 209,116 19,278

CASH AND CASH EQUIVALENTS – END OF PERIOD 202,374 355,896

38

Contact

Fernando BergaminFernando Bergamin

Investor Relation [email protected]@camargocorrea.com.br

Rua Funchal, 160 – 9º andarVila Olímpia – São Paulo – SP – BrasilCEP: 04551-903Tel: (55 11) 3841-5880Fax: (55 110 3841-5761

www.ccdi.com.br/ri

Presenters Contact Information

This presentation contains statements that are forw ard-looking within the meaning of Section 27A of th e Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended.

Such forward-looking statements are only prediction s and are not guarantees of future performance. In vestors are cautioned that any such forward-looking statements are and will be, as the

case may be, subject to many risks, uncertainties a nd factors relating to the operations and business environments of CCDI and its subsidiaries that may cause the actual results of the

companies to be materially different from any futur e results expressed or implied in such forward-look ing statements. Although CCDI believes that the exp ectations and assumptions reflected

in the forward-looking statements are reasonable ba sed on information currently available to CCDI’s man agement, CCDI cannot guarantee future results or ev ents. CCDI expressly disclaims a

duty to update any of the forward-looking statement s.

Paulo MazzaliPaulo Mazzali

CFO and Investor Relation [email protected]

39

Annex

40

12 18 24 306

-18%

Low Income Project Cash Flow

0 6 12 18 24 30

Sales Velocity

Accrued Costs

0%

100%

Low Income Revenues Recognition

Residential Projects

0 10 20 30 40

Sales Velocity

Accrued Costs

100%

0%20 30 40

-9%10

Other Cases Cash FlowOther Cases Revenues Recognition

41

HM Engenharia Projects

42

Economic Segment

First project in partnership between CCDI and HM.

In 45 days, 70% sold

876 units launched in January and March.July/2008: 90% sold

43

Prêmio Top Imobiliário - Innova

� Location: Osasco, Metropolitan Region of São Paulo � Launch: December/2007 (phases 1 and 2 ), Feb/2008

(phase 3) and Mar/2008 (phase 4 )� Total PSV : R$230.0 million � % CCDI: 50% � Land: 40,500 m²� Private Area: 33,820 m²� Units: 1,690� Apartments : 50 m², 55 m² e 65 m²

Top Imobiliário: Sales Performance Award – 2008 Edit ion.The project was sold out in 50 days (868 units).

44

High and Luxury Segments

PROJECTS ON FOLD

45


46


40% sold in 30 days after the launching

70% sold in the launching date; 85% sold nowadays

47

Commercial – Small Offices

Project in Avenida Faria Lima, 70% sold in one quarter

95% sold in 1 month

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APIMEC 2008 Meeting Presentation

Economy & Finance