Conference Call

3Q10 Results3Q10 Results

11/10/2010

SPEAKERS

• FRANCISCO SCIAROTTA

CEO – CCDI

• LEONARDO ROCHA

2

CFO and IRO – CCDI

• MAURÍCIO TAVARES BARBOSA

Real Estate Director– CCDI

3Q10 Highlights

� Four consecutive quarters of positive and increasing results

� Delivery of Developments

� Start of the Own Construction Cell

3

� Start of the Own Construction Cell

� Land acquisition, specially for the low Income Segment

� Master Imobiliário Award: In Berrini Development

3Q10 Operational Results

LAUNCHINGS

5

318.9

971.0

LAUNCHINGS (R$ MM)

100% CCDI

HM CCDI

71,9% of the guidance

189.1 312.1

652.1

56.0

102.0

192.9

157.4

318.9

56.0

291.1

505.0

157.4

3Q09 2Q10 3Q10 9M09 9M10

CONTRACTED SALES

6

27.3% 35.2%

314.8343.5

CONTRACTED SALES OF

LAUNCHINGS AND INVENTORY

Contracted Sales of Launchings (%)

Contracted Sales of Inventory (%)162.6

851.1

CONTRACTED SALES (R$ MM)

100% CCDI

HM CCDI

96.7%

57.9% 66.9%

72.7% 64.9%

3.3%

42.1%33.1%

27.3% 35.2%

194.5 185.0 192.9

3Q09 4Q09 1Q10 2Q10 3Q10

77.4

254.5 283.1 256.6

688.5

117.1

60.3 60.4

231.5

194.5

314.8 343.5

488.1

3Q09 2Q10 3Q10 9M09 9M10

CONTRACTED SALES

7

São Paulo

(Country +

Shoreline);

Minas

Gerais and

Espírito

Santo;

1.1%

Paraná;

5.0%

Rio de

Janeiro;

1.5%

3Q10 CONTRACTED SALES

By Location

Low

Income;

18.1%

Small

Offices;

5.0%

3Q10 CONTRACTED SALES

By Market Segment

SALES FROM SEGMENTS UNDER R$ 500.0

THOUSAND PER UNIT REPRESENTED: 58,2%

SALES ORIGINED IN THE STATE OF

SÃO PAULO: 92,4%

Shoreline);

26.4%

São Paulo

(Capital +

RMSP);

66.0%

1.1%Economic;

5.5%

Medium;

23.6%Medium –

High;

11.0%

High-

Luxury;

36.8%

INVENTORY PRICED TO MARKET

8

42.8%

53.9%

815.0 841.4

1,086.7

INVENTORY PRICED TO MARKET

(R$ MM)

São Paulo

MG and

Espírito

Santo

Paraná;

2.8%

Rio de

Janiero;

1.6%

INVENTORY PRICED TO MARKET

By Location

1.7% 2.0%

53.7% 55.2% 44.8%

44.6% 42.8%

1Q10 2Q10 3Q10

Concluded Units Under Construction Units

Launching Units

1.3%

São Paulo

(Country +

Shoreline)

36.4%

São

Paulo

(Capital

+ RMSP)

48.8%

Santo

10.4%

25.5%

48.5%45.4%

37.7%34.7%

SALES SPEED – VSO (%)

SALES SPEED - VSO

9

23.7%

18.5% 19.3%

28.5%

25.5%

18.7%

3Q09 4Q09 1Q10 2Q10 3Q10

CCDI Consolidated HM Engenharia* Excludes Ventura Corporate Towers values

SPEED OD SALES (VSO): This indicator measures the ratio between the total amount of contracts sold over the total amount of contracts available for sale. The higher the ratio, the faster the Company is selling its units. For analysis purposes, we have used retail units exclusively for both contracted sales and contracts available for sale.

LAND BANK

10

HM Engenharia’sExlcusive Land Bank

R$1.9 billion

.0,7

(0.3)

LAND BANK

(R$ BILLION)

8.7 9.1

(0.3)

Land bank 2Q10 Acquitions 3Q10 Launching 3Q10 to

Land Bank Value

Land bank 3T10

LAND BANK – R$9.1 billion in PSV

11

Low

Income

Triple A

13.8%

LAND BANK 3Q10

By market segment

ES, PR and

MG; 6%

Rio de

Janeiro; 1%

LAND BANK 3Q10

By Location

Income

29.0%

Economic

21.1%Medium

16.2%

Mid - High

4.2%

Other

15.6%

São Paulo

Capital;

40,9%

SP

Metropolit

an Region;

29,8%

São Paulo

(Country +

Shoreline;

22%

Financial Performance

NET REVENUE(R$MM)

13

149.1

755.2NET REVENUE

(R$ MM)HM

CCDI

65.4164.8

210.4 251.4

606.1

38.5

54.4 62.0

95.7

103.9

219.2272.4

347.0

3Q09 2Q10 3Q10 9M09 9M10

GROSS INCOME(R$MM)

14

-3,9

36.5 53.2 47.4

176.6

17.218.4 23.5

45.0

5.5

53.771.6 71.0

221,6

3Q09 2Q10 3Q10 9M09 9M10

GROSS INCOME

(R$ MM)HM CCDI

5.3%

24.5% 26.3%20.5%

29.3%

3Q09 2Q10 3Q10 9M09 9M10

CONSOLIDATED GROSS MARGIN

(%)

-3,9

9,5

EXPENSES

15

9.6 6.7 8.6

9.2%

3.0%

3.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

2

4

6

8

10

12

SALES EXPENSES

(R$ MM)

20.5

19.8

5.9%

2.6%

0%

1%

2%

3%

4%

5%

6%

7%

19,4

19,6

19,8

20

20,2

20,4

20,6

Sales Expenses Sales Expenses/NOR

3Q09 2Q10 3Q10 9M09 9M10

21.3

16.7

17.8

20.5%

7.6% 6.5%

0%

5%

10%

15%

20%

25%

0

5

10

15

20

25

3Q09 2Q10 3Q10

SG&A EXPENSES

(R$ MM)

48.8

51.5

14.1%

6.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

47

47,5

48

48,5

49

49,5

50

50,5

51

51,5

52

9M09 9M10

SG&A Expenses SG&A Expenses/NOR

NET INCOME(R$MM)

16

-60.4

15.717.7

-39.1

94.6

1.3 9.38.4

5.2

21.8

25.0 26.1

-44.2

116.4NET INCOME

(R$ MM)HM CCDI

-59.4%

11.4% 9.6%-12.7%

15.4%

3Q09 2Q10 3Q10 9M09 9M10

CONSOLIDATED NET MARGIN

(%)

-61.8

3Q09 2Q10 3Q10 9M09 9M10

EBITDA (R$MM)

17

(57.6)

36.6 46.2

(29.6)

158.2

CONSOLIDATED EBITDA

(R$ MM)

-55.5%

16.7% 16.9%

-8.5%

21.0%

3Q09 2Q10 3Q10 9M09 9M10

CONSOLIDATED EBITDA MARGIN

(%)

3Q09 2Q10 3Q10 9M09 9M10

REVENUES AND RESULTS TO BE RECOGNIZED(R$MM)

18

999.0

1,123.01,190.0

REVENUES TO BE RECOGNIZED

(R$ MM)

289.7338.4 363.4

RESULTS TO BE RECOGNIZED

(R$ MM)

3Q09 2Q10 3Q10 3Q09 2Q10 3Q10

29.0% 30.1% 30.5%

3Q09 2Q10 3Q10

MARGIN TO BE RECOGNIZED

(%)

CASH / INDEBTEDNESS (R$MM)

19

2.9

CHANGE IN CASH POSITION

(R$ MM)

376.4446.1

46.9% 49.1%

56.3%

0,4

0,5

0,6

300

350

400

450

500

NET DEBT

(R$ MM)

281.7 284.6

Cash in Jun/10 Net Cash used in

3Q10

Cash Position in

Sep/10

275.0

376.4

0

0,1

0,2

0,3

0

50

100

150

200

250

3Q09 2Q10 3Q10

Net Debt Net Debt/Shareholders Equity

225.3

43.9 43.65.9

12.6

199.7 199.7

237.9 243.6 243.3

5.9

INDEBTEDNESS TIMELINE

(R$ MM) Corporate Debt

Housing Financing System (SFH)

INDEBTEDNESS

20

Gross Debt

September/2010

R$730.7 million

43.9 43.65.9

Sep/2010 to Sep/2011 Sep/11 to Dec/11 2012 2013

780.6

77.5 49.9 52,6 5.3 1.2

Sep/2010 to

Sep/2011

Sep/11 to

Dec/11

2012 2013 2014 2015 and

forward

ACCOUNTS RECEIVABLE TIMELINE

(R$ MM)Accounts

Receivable

September/2010

R$967.0 million

CONTACT INFORMATION

Leonardo de Paiva Rocha

CFO and IRO

ri.ccdi@camargocorrea.com.br

Tel: (11) 3841-4824

CFO and IRO

Camila Poleto Bernardi

IR Coordinator

Gabriel De Gaetano

IR Analyst