1Q08 RESULTS PRESENTATION1Q08 RESULTS PRESENTATION

2

OPERATIONAL DATA

Launchings (R$ million)

Partnerships

71.4

153.8

256.4

CCDI

474.5%

1Q07

410.2

1Q08

259.1%

3

OPERATIONAL DATA

12.787.3

100.0

1Q07

326.9

424.6

1Q08

Partnerships

CCDI

651.5%

386.4%

751.5

Contracted Sales (R$ million)

4

OPERATIONAL DATA

R$146.2R$292.04Q07 and 1Q08 launchings Sales

R$238.9R$329.4Contracted Sales (Without Ventura)

93.2%80.3%Speed of Sales (Without Ventura)

57.0%71.2%4Q07 and 1Q08 launchings Speed of Sales

165.6%183.2%Speed of Sales

R$424.6R$751.5Contracted Sales

R$256.4R$410.21Q08 Launchings

% CCDITotalOperational indicators (R$ Million)

5

OPERATIONAL DATA

1,269

452

256

1Q08 Launchings

817

2007 Inventory

852

248452

1,073

New Inventory

1,525

204

221

1Q08 Sales

425

Final Inventory

1,100

Commercial

Residential

Inventory Variation (R$ million) – 100% CCDI

6

FINANCIAL PERFORMANCE

Gross Revenues (R$ million)

46.1

1Q07

105.9

4Q07 1Q08

431.4%

131.5%

245.1

Net Revenues (R$ million)

44.3

1Q07

101.2

4Q07 1Q08

432.0%

133.0%

235.8

Gross Profit (R$ million)

9.9

1Q07

29.9

4Q07 1Q08

904.6%

232.7%

99.5

Gross Margin (%)

22.4%

1Q07

29.6%

4Q07 1Q08

+19.8 p.p.

+12.6 p.p.

42.2%

7

FINANCIAL PERFORMANCE

Results Reconciliation (R$ million)

Gross Margin Reconciliated (%)

Reconciliation to reflect accounting practices of

other real estate players, for comparison

purposes

245.1

Gross Revenues (Reported)

244.8

Gross Revenues

(Reconciled)

99.5

Gross Income(Reported)

Gross Income(Reconciled)

110.5+11%

42.2

1Q08 (Reported)

46.8

1Q08 (Reconcil.)

22.4

1Q07 (Reported)

29.8

1Q07 (Reconcil.)

+4.6 p.p.

+7.4 p.p.

8

FINANCIAL PERFORMANCE

EBITDA* (R$ million) EBITDA Margin* (%)

* Excludes IPO expenses

2.1

1Q07

10.5

4Q07 1Q08

+3,053.9%

+542.6%

67.3

4.8

1Q07

10.4

4Q07 1Q08

+23.8 p.p.

+18.2 p.p.

28.6

9

FINANCIAL PERFORMANCE

Net Income (R$ million) Net Margin (%)

-12.91Q07 4Q07

68.2

1Q08

680.1%

8.7

1Q07 4Q07

28.9

1Q08

+20.3 p.p.

8.6

-29.0

10

FINANCIAL PERFORMANCE

Revenues to be Recognized (R$ million) Result do be Recognized (R$ million)

244.9

1Q07

365.5

4Q07 1Q08

+132.8%

+56.0%

570.1

60.1

1Q07

99.6

4Q07 1Q08

+173.3%

+64.8%

164.2

24.5%

1Q07

27.3%

4Q07 1Q08

+4.30 p.p.

+1.5 p.p.

28.8%

Margin over Revenues of Sales to be Recognized (%)

11

SUBSEQUENTS EVENTS

Vista Pacaembu Launching

• The project sold out 70% of all units on the launching day

• 31 units dedicated to luxury segment

• R$67.4 million in PSV (55% CCDI)

Land Acquisition – Geographic Diversification

• Acquisition of two plots of land in Curitiba (Paraná), one more operation region

• R$175.0 million in PSV (100% CCDI)

• Units priced between R$200 and R$600 thousand

• Estimated launching for 2008

12

DIVERSIFICATION

MG

ESSP

PR RJ

PE

HeadquartersLaunchings from 2003Extensive Land Bank

Regional OfficeAAA office buildingLand BankRegional Office

due in 2008Land Bank

Regional OfficeLand Bank

Regional Office due in 2008Land Bank

Regional Office due in 2008