DECEMBER WRAP-UP

December 27, 2007

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• Schedule– Caieiras Land Acquisition

– Vila Velha Land Acquisition

– Update on launchings

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• 5,207,600 m² (1.3 thousand acres) land

located in Caieiras. São Paulo Metropolitan

Region.– 19 km (11.8 miles) from downtown São Paulo

– Ample. easy. fast access (CPTM “A”-line train and major

highways)

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6ARCO DE DISTÂNCIA DE ALPHAVILLE

7NOVA PROPOSTA CAIEIRAS

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3.130

hab/km2

3.510

hab/km22.690

hab/km2

4.000

hab/km2

2.180

hab/km2

14.000 hab/km2

12.000 hab/km2

3.800

hab/km2

9 780 hab/km2

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• Potential Sales Volume: from R$ 2.5 billion to

R$ 3.0 billion– Residential e commercial (support)

– 20,000 units

– Economy segment (units between R$ 70 thousand and

R$ 200 thousand each)

• Acquisition terms:– R$ 28 million in cash

– Balance in financial swaps

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• Total developed area: 1.6 million m². – The equivalent to a 80,000 inhabitant city

– New economic vocation with commerce, industry and

service attractiveness

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• Land Acquisition in Vila Velha (ES)– Total PSV: R$ 500 million

– CCDI’s stake: 50%

– 1,500 units

– Units starting at R$ 200 thousand

– 100% acquired through Financial Swaps

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• Updated Land Bank: R$ 9.7 billion (CCDI’s

stake).– From the residential land bank. 66% of the land is aimed

at the low-income (up to R$ 100 thousand per unit),

economy (from R$ 100 thousand to R$ 200 thousand) e

middle-income (R$ 200 thousand to R$ 350 thousand)

segments

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• Launchings 4Q07Development City Date PSV CCDI (R$ MM)

Launched until 3Q07 --- --- 533.0

Vilas de São Vicente (João Ramalho) São Vicente Oct 20.9

Horizontes do Brooklyn São Paulo Oct 56.0

Jardins de Vila Rica Santos Nov 30.0

Jardim Sul Ribeirão Preto Ribeirão Preto Dec 144.5

Oficina São Paulo Dec 42.2

Vila Marina na Ponta da Praia Santos Dec 79.8

Empresarial Jardim Sul São Paulo Dec 64.0

Quinta do Café Franca Dec 15.3

Antigua São Paulo Dec 48.9

Innova São Francisco Osasco Dec 55.1

Andorinha (*) São Paulo Dec 63.1

Interclube Interlagos (**) São Paulo Dec 31.5

Total PSV Launched in 2007 1,184.2

(*) To be formally announced today

(**) To be formally announced between today and tomorrow