EARNINGS RELEASE

THIRD QUARTER OF 2007

2

Recent Events – Land Acquisitions

• Niterói (RJ)– PSV: R$ 86 million

– Medium Segment (from R$ 200,000 to R$ 350,000 per unit)– Swap Ratio(40%)

• Caiçara – Belo Horizonte (MG)– PSV: R$ 44 million

– Economic Segment (from R$ 100,000 to R$ 200,000 per unit)– Cash (100%)

• Guaratuba – Bertioga (SP)– PSV: R$ 200 million

– Mid-High Segment (R$ 350,000 to R$ 500,000) and High (R$ 500,000 to R$ 1.0 million per unit)

– Swap Ratio (100%)

3

Operational Results 3Q07Launchings and SalesLand Bank

Geographic DiversificationSegment Diversification

Operational Performance

4

Launchings

453.3

2006

71.4

1Q07

428.3

2Q07

33.3

3Q07

79.8

4Q07

612.7

2007YTD

35.2%

LAUNCHINGS (R$ MILLION)

5

Guidance

• Launchings goal for 2007 will be reached through the launching of the following projects:

Launchings Location Units Meter (unit)

Market Segment (1)

CCDI’s stake (%)

Oficina Jardim Sul 168 87 Medium 100%

Antígua Jardim Sul 148 107 Médium 100%

Andorinha Jardim Sul 155 128 Mid-High 100%

Innova São Francisco Osasco 1,728 50 – 65 Economic 50%

Taboão Taboão da Serra 560 90 – 120 Médium 70%

Jardim de Vila Rica Santos 44 180 High 95%

Terra Brasil (I) Alphaville 112 108 – 129 Medium 100%

Jardim Sul Ribeirão Ribeirão Preto 325 190 – 315 Mid-High 85%

Empresarial Jardim Sul Jardim Sul 260 34 – 190 Commercial - offices 100%

Interclub Interlagos São Paulo 204 70 Economic 50%

HM Interior de SP 1,120 40-70 Low Income 51%

Total PSV CCDI: R$ 600 MM

(1) Calculated as a percentage of the land acquisition price

Each project’s PSV is base don the management’s expectations and

forecasts for the projects to be developed. Therefore, the figures

could materially change during project development and approval phases.

Key: Low Income segment – units priced between R$ 40,000 and R$100,000 Economic segment - units priced between R$ 100,000 and R$ 200,000 Medium segment – units priced between R$ 200,000 and R$ 350,000 Mid-high segment – units priced between R$ 350,000 and R$ 500,000 High-end Segment - units priced between R$ 500,000 and R$ 1,000,000 Luxury Segment - units priced at more than R$ 1,000,000 Triple A – High quality commercial units

6

Contracted Sales

• Contracted Sales are already 30% over the 2006 total

172.0

2006

87.3

1Q07

82.7

2Q07

53.2

3Q07

223.2

2007 YTD

29.8%

CONTRACTED SALES (R$ MILLION)

7

Contracted Sales

• CCDI has sold 2/3 of units available for sale until Sep/30

CONTRACTED SALES (R$ MILLION)

80

200

333

613

VGV Launchings

223

Contracted Sales

Commercial

Residential e Leisure (until 3Q07)Residential e Leisure (4Q07)

67%

8

Sales and Remnants

• Only 14 delivered units are still available for sale (1 unit sold in Oct)

709165

2Q07

188

Launchings

107

Sales

15

610

790

3Q07

UNITS FOR SALE

4

27

Delivered Units

76

Pre-Cosntruction UnitsUnits under Construction

9

Land Bank

• Land Bank expanded 40% - swap ratio sustained at high levels

0.5

6.6

7.1

5.1

IPO 3Q071Q07

5.3

HM Engenharia e ConstruçõesCamargo Corrêa Desenvolvimento Imobiliário

39.2%

5.5

2Q07

LANDBANK (R$ BILLION) – 100% CCDI

10

Land Bank

• New acquisitions are more than 50% of the IPO’s total Land Bank

5.1

Landbank - IPO

0.5

Launchings up tp 3Q07

0.1

Launchings on 4Q07

2.6

Land Acquisition

7.1

Landbank - Today

37.8%

LANDBANK (R$ Billion)

11

Land Bank

• 85% of the Land Bank will be developed into residential projects

4,722.1(66.5%)

Residential

900.0(12.7%)Commercial

150.0(2.1%)Lots

Residential - Leisure

1,326.4(18.7%)

LANDBANK (R$ MILLION)

12

Land Bank

• 38% of the Land Bank (Residential) is already located out of São Paulo Metropolitan Region (RMSP)

RESIDENTIAL LANDBANKRegional Diversification (R$ million)

3,756.1

SP Metro Area

1,326.4

736.0

2,062.4

SP - Country andShore

150.0

Rio de Janeiro

80.0

Belo Horizonte

Residential - LazerResidential

62% 12%

22%

2% 1%

13

Land Bank

• 41% of residential land is allocated for launchings of units up to R$ 350,000 each.

RESIDENTIAL LANDBANKSegment Diversification - R$/unit (R$ million)

Residential - LeisureResidential

487.0

40 to 100 thousand

908.0

100 to 200 thousand

1,118.5

200 to 350 thousand

1,986.0

350 to 500 thousand

849.0

500 thousandto 1 million

700.1

Over 1 million

16%14%15%8% 14% 10%

4%

17%

2%

14

Land Bank

RESIDENTIAL LANDBANK – SP Metrop. AreaDiversification by Segment - R$000/unit (R$ million)

0.0

40 to 100

719.5

100 to 200

870.1

200 to 350

875.5

350 to 500

669.0622.1

19% 23% 23% 18% 17%

500 to 1,000 More than1,000

15

Land Bank

Bertioga Land: Acquired 100% though swap

487.0

40 to 100 thousand

108.5

100 to 200 thousand

248.4

200 to 350 thousand

1,000.0

110.5

500 thousand to 1 million

78.0

Over 1 million

Residential - LeisureResidential

350 to 500 thousand

30.0

1,110.5

RESIDENTIAL LANDBANK - SP/Country and ShoreSegment Diversification - R$/unit (R$ million)

24% 5% 6% 1%12% 4%

48%

16

Financial Performance

Revenues, Gross Income and MarginsMargins Reconciliation and Comparisons

Results to RecognizeEBITDA and Net Income

17

Financial Performance

• Gross Revenues growing 12% QoQ and 45% YoY

GROSS REVENUES (R$ Million)

40.4

3Q06

38.0

4Q06

46.1

1Q07 3Q07

11.9%

2Q07

45.242.9

GROSS REVENUES (R$ Million)+45%

9M07

134.3

9M06

92.6

18

Financial Performance

• Net revenues growing 12% QoQ and 46% YoY

NET REVENUES (R$ Million)

41.244.3

2Q071Q07

43.5

3Q07

38.9

3Q06

36.9

4Q06

+12%

NET REVENUES (R$ Million)

88.4

9M06

129.0

9M07

+46%

19

Financial Performance

• Gross Income advancing as planned

GROSS INCOME (R$ Million)

7.1

4Q06

9.9

1Q07

10.5

2Q07

12.2

3Q07

+53%

8.0

3Q06

GROSS INCOME (R$ Million)

+81%

9M07

32.7

9M06

18.1

20

Financial Performance• Reported Gross Margins reaches 28.2%, 7.6 percentage points above

the 3Q06• Margin Reconciliation adds 730 bps to the Gross Margin

GROSS MARGIN (%)+7.3 p.p.

35.4%

3Q07 Reconciliation

20.6%

3Q06

19.4%

4Q06

22.4%

1Q07

25.6%

2Q07

28.2%

3Q07

21

Margin Reconciliation

Income Statement Reconciliation 3Q07

Reported 3Q07

(Pro-Forma) 3Q06

Reported 3Q06

(Pro-Forma)

Total Contracted Sales 47,075 47,075 42,050 42,050

Brokerage Commission (1,825) - (1,658) -

Land Swap Cost - (1,921) - (3,756)

Gross Revenues Recognized 45,249 45,154 40,392 38,294

Deductions (1,783) (1,779) (1,473) (1,779)

Net Revenues Recognized 43,466 43,374 38,919 36,514

Product Sold Cost (28,002) (28,002) (26,053) (26,053)

Land Swap Cost (1,921) - (3,756) -

Financing Cost (1,307) - (1,090) -

Gross Income 12,237 15,372 8,020 10,461

Gross Margin 28.15% 35.44% 20.61% 28.65%

Sales Expenses (1,716) (1,716) (1,334) (1,334)

Brokerage Commission - (1,758) - (1,597)

General & Administration Expenses (7,530) (7,530) (4,194) (4,194)

Operational Income 2,991 4,368 2,492 3,336

Financial Result 8,712 8,712 3,398 3,398

Financial Expenses (989) (989) (3,870) (3,870)

Financing Costs - (1,307) - (1,090)

Non Operational Result 7 7 (375) (375)

Earnings Before Taxes 10,721 10,791 1,645 1,399

Deferred Income Taxes/ Social Contribution (3,246) (3,246) (1,266) (1,266)

Net income 7,476 7,545 379 133

Net Margin 17.20% 17.40% 0.97% 0.36%

22

Financial Performance

• Revenues and Result to be Recognized also expanding

194.6

3Q06

244.9

1Q07

274.9

2Q07

286.4

3Q07

+47.2%

REVENUES OF SALES TO BE RECOGNIZED (R$ Million)

+57.2%

48.2

3Q06

60.1

1Q07

70.1

2Q07

75.7

3Q07

RESULTS OF SALES TO BE RECOGNIZED (R$ Million)

23

Financial Performance

• REF Margins advancing QoQ

26.4%

3Q07

22.4%

1Q07

25.5%

2Q07

MARGIN OF SALES TO BE RECOGNIZED (%)

24

Financial Performance

• EBITDA and Net Income recovering after IPO expenses

2.8

3Q06

2.1

1Q07

-2.9

2Q07

2.5

3Q07

EBITDA (R$ Million)

-12.9

1Q07

2.7

2Q07

7.5

3Q07

NET INCOME (R$ Million)