Conference Call

2Q09 Results

08/13/2009

Operational Performance

3

OPERATIONAL HIGHLIGHTIS

• MACROECONOMIC RECOVERY + “MINHA CASA, MINHA VIDA” = DEMAND RECOVERY

• 2 LAUNCHINGS IN THE LOW INCOME SEGMENT - AVERAGE PRICE OF UNITS LAUNCHED IS R$78 THOUSAND

• SALES > LAUNCHINGS > REDUCTION OF INVENTORIES

• NEW LAUNCHINGS IN THE SECOND SEMESTER > FOCUS IN THE LOW INCOME SEGMENTS

4

LAUNCHINGS (R$MM)

2Q09 2Q09 1H08 1H09

96.1 101.4

375.5

101.4

LAUNCHINGS (R$ MM)100% CCDI

+5.5%

-73.0%2Q08 3Q08 4Q08 2Q09

223.3191.9

127.577.9

LAUNCHING AVERAGE PRICER$’000 (Residential)

-65.1%

*There were no launchings on 1Q09.

5

CONTRACTED SALES

2Q08 1Q09 2Q09 1H08* 1H09

263.0

120.8172.8

498.2

293.6

CONTRACTED SALES(R$ MM)

-41.1%

* Excludes values refering to Ventura Corporate Towers sales

-34.3%

+43.0%

Until 20065.3%

200714.5%

1Q085.8%

2Q083.0%

3Q0841.2%

4Q0811.1%

2Q0919.2%

2Q09 CONTRACTED SALESBy launching period

6

2Q09 CONTRACTED SALES

SALES FROM SEGMENTS UNDER R$500,000 PER UNIT REPRESENTED 91%

SALES ORIGINED IN THE STATE OF SÃO PAULO REPRESENTED: 84%

Low Income41.7%

Economic22.2%

Medium23.3%

Mid-High4.0%

Others8.9%

CONTRACETD SALESBy Market Segment

São Paulo (Capital +

RMSP)39.1%

São Paulo (Country + shoreline)

45.1%

Rio de Janeiro

4.9%

Minas Gerais10.9%

2Q09 CONTRACTED SALESby Location

7

INVENTORIES PRICED TO MARKET

2Q08 1Q09 2Q09

767.9

879.5

810.8

INVENTORY PRICED TO MARKET(R$ MM)

-7.8%

+5.6%

* Excludes values refering to Ventura Corporate Towers sales

Until 20065.3%

200750.9%

1Q086.0%

2Q081.0%

3Q0817.9%

4Q0810.5%

2Q098.5%

INVENTORY PRICED TO MARKETBy launching period

8

2Q09 INVENTORIES PRICED TO MARKET

2Q08 1Q09 2Q09

14.1% 15.5% 20.7%7.7% 10.4% 6.6%

22.3% 22.0% 19.0%

12.9% 9.2% 9.3%

43.0% 42.9% 44.4%

INVENTORIES PRICED TO MARKETBy market segment

Low Income Economic Medium

Mid-High High and Luxury

2Q08 1Q09 2Q09

47.1% 39.4% 36.9%

10.3%8.3% 6.7%

29.8%31.7% 36.8%

12.8%10.0% 11.4%10.7% 8.2%

INVENTORIES PRICED TO MARKETBy location

SP - Capital RMSPSP - Countryside SP - shorelineOthers States

9

LANDBANK– R$10 BILLION IN PSV

Low Income15.0%

Economic26.1%

Medium12.4%

Mid-High9.0%

Other25.0%

Commercial12.5%

2Q09 LAND BANK By Market Segment

São Paulo Capital47.7%

RMSP32.5%

São Paulo Countryside

10.3%

São Paulo Shoreline

0.6%

Rio de Janeiro

1.4%

Other Estates7.5%

2Q09 LAND BANK By Location

Financial Performance

11

FINANCIAL HIGHLIGHTS

• LARGE NUMBER OF PROJECTS UNDER CONSTRUCTION > LARGE BASE OF REVENUES RECOGNIZING

• GROSS MARGIN IMPACTED BY NON-RECORRING EVENTS

• SALES EXPENSES AND G&A ARE DECLINING

• CASH CONSUMPTION (QUARTER): R$80.5 MILLION

• CASH POSITION (END OF THE PERIOD): R$112.4 MILLION

12

2Q08 1Q09 2Q09 1H08 1H09

105.2 113.8 138.8

346.7

252.5

GROSS REVENUES(R$ MM)

-27.2%

+22.0%

+31.9%

GROSS AND NET REVENUES(R$MM)NET REVENUES: +22% OVER THE PREVIOUS QUARTER

FIRST QUARTER 2008 WAS IMPACTED BY THE REVENUES RELATED TO THE

SALE OF THE FIRST PHASE OF THE VENTURA CORPORATE TOWERS.

2Q08 1Q09 2Q09 1H08 1H09

101.2 109.6 133.5

333.5243.1

NET REVENUES(R$ MM)

-27.1%

+21.8%

+31.9%

13

GROSS INCOME (R$MM)GROSS INCOME AND MARGIN

GROSS INCOME IS R$29.3 MILLION

GROSS MARGIN OF 21.9% WAS NEGATIVELY AFECTED BY NON-RECORING EVENTS

2Q08 1Q09 2Q09 1H08 1H09

27.3 36.1 29.3

123.6

65.4

GROSS INCOME(R$ MM)

-47.1%

-19.0%+7.1%

2Q08 1Q09 2Q09 1H08 1H09

27.0%33.0%

21.9%

37.1%

26.9%

GROSS MARGIN(%)

-1,020 bps

-1,100 bps-510 bps

14

NET INCOME (R$MM)

2Q08 1Q09 2Q09 1H08 1H09

-2.3 10.0 7.6

55.5

17.5

NET INCOME(R$ MM)

-68.4%

-24.4%

2Q08 1Q09 2Q09 1H08 1H09

-2.3%

9.1%5.7%

16.6%

7.2%

NET MARGIN(%)

-940 bps

-340 bps

15

EBITDA (R$MM)

2Q08 1Q09 2Q09 1H08 1H09

-7.8

15.8 12.3

48.7

281

EBITDA(R$ MM)

-42.4%

-22.3%

2Q08 1Q09 2Q09 1H08 1H09

-7.7%

14.4%9.2%

14.6%11.5%

EBITDA MARGIN(%)

-310 bps-520 bps

16

REVENUES AND RESULTS TO BE RECOGNIZED(R$MM)

2Q08* 1Q09 2Q09

726.6

851.0 877.3

REVENUES TO BE RECOGNIZED(R$ MM)

+3.1%

+20.7%

2Q08* 1Q09 2Q09

206.9

239.6233.4

RESULTS TO BE RECOGNIZED(R$ MM)

-2.6%

+12.8%

*2Q08 not adjusted to the standards of Law 11.638

17

CASH / DEBT (R$MM)

2Q08 1Q09 2Q09

94.3

159.9

295.6

GROSS DEBT(R$ MM)

+84.9%+213.5%

Cash

on

Mar

/09

Cash

use

d on

2...

Cash

pos

ition

...

61.5 61.5

112.4

51.0

CHANGE IN CASH POSITION(R$ MM)

CONTACT INFORMATION

Leonardo de Paiva RochaCFO and IRO

Fernando BergaminInvestors RelationsTel: (55 11) 3841-5880

ri.ccdi@camargocorrea.com.br

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