Roadshow PresentationJanuary 2007

Disclaimer

The material that follows is a presentation of general background information about Camargo Corrêa Desenvolvimento Imobiliário (�CCDI� or the �Company�) prepared as of the date of the presentation by CCDI in connection with the offering of CCDI's common shares and GDS by CCDI, to the public and institutional investors in Brazil, qualified institutional buyers (as defined in Rule 144A promulgated under the U.S. Securities Act of 1933, as amended, or Securities Act) in the U.S. and institutional and other investors outside the U.S. and Brazil that are not U.S. Persons (as defined in Regulation S promulgated under the Securities Act).

This is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. Information contained in this material has not been independently verified by the Brazilian underwriters or the international placement agents for the offering. Certain information has been obtained from public sources. Information not obtained from public sources and contained herein is based on information provided by the Company. No representation or warranty, express or implied, is made concerning, and nor reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein. This material is for information purposes only and do not constitute a prospectus or offering circular or an offer to acquire any securities and are not intended to provide the basis for any third party evaluation of any securities or any offering of them and should not be considered as a recommendation that any investor should subscribe for or purchase any securities. The information contained herein is preliminary as of the date hereof and is qualified in its entirety by the information in the preliminary offering circular and in the final offering circular for this transaction.

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of CCDI and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements.

Although CCDI believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to CCDI�s management, CCDI cannot guarantee future results or events. CCDI expressly disclaims a duty to update any of the forward-looking statement. Securities may not be offered or sold in the U.S. unless they are registered or exempt from registration under the Securities Act. Any offering of securities to be made in the U.S. will be made by means of an offering circular that may be obtained from the international placement agents.

This material is for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This material is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this material relates is available only to relevant persons and will be engaged in only with relevant persons.

This material shall not be deemed to constitute an offer of or an invitation, or solicitation of an offer to subscribe for or purchase any securities. The information contained herein is subject to change without notice and past performance is not indicative of future results. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.

No person is authorized to give any information or to make any representation not contained in and not consistent with this material and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Company.

These materials are confidential and are being submitted to selected recipients only. They may not be reproduced (in whole or in part), distributed or transmitted to any other person without the prior written consent of the Company. These materials are not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

1

Presenters

ExperienceExperience

Perroni has coordinated the development of 30 commercial and residential real estate projects in São Paulo over his more than 22 years of experience in the industry

Worked in reputable firms such as Birmann, Polos and Tuama

Lectures at Real Estate MBA Program of the University of São Paulo

Post graduate degree from �Politecnica di Milano�

Worked for CCSA, General Motors and Framatome Group

Holds an MBA with honors from the Wharton School, University of Pennsylvania

More than 15 years of experience, acted as asset manager of Camargo Corrêa Group

José DinizCFO � Camargo Corrêa Group

More than 22 years of financial and managerial experience in prime institutions, such as Banco Itaú, McKinsey & Co. and MGDK

Former CFO of Andrade Gutierrez and board member of Telemar and Pegasus Telecom

Holds an MBA from the Stern School, New York University

PresentersPresenters

Roberto PerroniCEO � CCDI

Paulo MazzaliCFO / IR � CCDI

2

Offering Summary

Itautec S.A. (Itautec)Selling Shareholder

15% of Base Offer (100% primary)Over-Allotment Option

Expansion of activ ities, including purchase of land, increase inthe number of new developments and for other working capital purposes

Use of Proceeds

Joint Bookrunners

Roadshow: January 10 � January 29, 2007Pricing: January 29, 2007

Estimated Timetable

180 daysLock-up Period

R$513 million (91.67% primary / 8.33% secondary)Base Offer Size(1)

R$12.00 to R$16.50 per common sharePrice Range

CCIM3 / Bovespa - �Novo Mercado�Symbol / Exchange

Camargo Corrêa Desenvolv imento Imobiliário S.A. (�CCDI�)Issuer

(1) Offering size based on the mid-point of the pricing range. Does not include over-allotment option.

3

Camargo Corrêa 62.5%

Free Float 35.0%

It autec 2.5%

Itautec 7.5%

Camargo Corrêa 92.5%

Shareholder structure and corporate governance

80,000,000 Shares 118,400,000 Shares

Pre offeringPre offering Post offeringPost offering(1)(1)

Compliant with Novo Mercado rules

Independent auditor to oversee �related party� transactions

Corporate governanceCorporate governance

4(1) Offering size based on the mid-point of the pricing range. Includes over-allotment option.

Camargo Corrêa is one of the largest industrial groups in Brazil

4.4%4.4% 5,4405,440 16,56016,560

1.6%1.6% 29,50329,503 26,71526,715

14.9%14.9% 3,8853,885 6,6086,608

38.5%38.5% 609609 940940

58.9%58.9% 516(2)516(2) 365365

5.8%5.8% 5,4815,481 8,9018,901

99.3%99.3% 512(2)512(2) N.A.N.A.

100.0%100.0% 425(2)425(2) N.A.N.A.

92.5%92.5% 5252 N.A.N.A.

17.9%17.9% 963963 5,4015,401

CompanyCompany OwnershipOwnership Net revenueNet revenue0606(1)(1) (US$ mm)(US$ mm)

MktMkt capcap(US$ mm)(US$ mm)

Pre

mie

r lis

ted

com

pan

ies

Pre

mie

r lis

ted

com

pan

ies

Camargo CorrCamargo Corrêêa Group a Group -- Main businessesMain businesses

Priv

ate

Priv

ate

(1) Last twelve months as of September 2006.

(2) Based on full year of 2005.

Benefits from Camargo Corrêa Group:

67 years of operations

Leading public companies

Balance sheet strength and indirect financial sponsorship

Excellence in corporate governance

Nationwide and international presence

Strong results oriented culture and capital discipline

5

Why CCDI?

Strong local brand recognition

Business expertise

Unique access to prime land bank

Synergies from the infrastructure company

National presence

Unique access to financing

Experienced management

Room for a market leader

Favorable political and economic environment

Decreasing interest rates

Available financing

Pent-up demand

Government support

Fragmented competition

Sector perspectivesCamargo Corrêa value added

6

CCDI: Company overview

Real estate arm of one of the largest industrial conglomerates in Brazil

Develops residential properties for high, mid-high and medium income market segments and prime commercial properties

Aggressive growth, becoming the 7th largest player in São Paulo since entering the business 3 years ago(1)

One of the largest land banks among Brazilian developers, with potential sales of over R$ 5.0 billion

All of our projects with an average of 64% of units pre-sold in the first 6 months from launch

R$ 450 million launched in 2006

(1) 2005 Embraesp Development Ranking - São Paulo Metropolitan A rea

7

What differentiates CCDI?

When Camargo Corrêa developed CCDI, we brought the best qualities available in all the companies in the market

Land bankLand bank3 to 4 years of launching guaranteed

Prime locations

84 sites with no risk concentration

Experienced Experienced managementmanagement

Involved in more than 300 real estate projects

Motivated by a stock option plan

Comfortable to meet the targets

No construction No construction riskrisk

100% outsourced construction based on turn-key/GMP contracts

Bargaining power levered on Camargo Corrêa Group

Brand Brand recognitionrecognition

67 years of experience in project management and engineering

Reputation and financ ial strength

AgilityAgilityOperates in the residential and commercial sector targeting different market segments (high, mid-high, middle income)

Effic ient infrastructure

Financial Financial efficiencyefficiency

Intelligent leverage of projects with low cost of financ ing

Securit izat ion of receivables

8CCDI has executed the fastest ramp up in the industry

São Paulo 85%

Rio Janeiro 6%São Paulo

Interior e Litoral 9%

Ot her 3%

Residential 73%

Commercial AAA 24%

12.0

5.2 5.0 4.63.5

0.8 0.5

Cyrela Brascan CCDI Rossi Gafisa (1) Klabin Company

Growth supported by a prime land bank

R$ 5.0 billion in potential sales with around 90% acquired via swaps

(in R$ billion)

Source: Company reports(1) Includes potential sales of R$ 2.0 billion from Alphaville Urbanismo

Enough land bank to secure next 3-4 years of launches in average

Segment diversificationSegment diversification Land bank breakdown Land bank breakdown

One of the largest land banks in the industryOne of the largest land banks in the industry

(1)

Luxury (over $850)= 2%

High ($350 �$850) = 40%

Med-High ($200 - $350) = 40%

Medium ($100 �$200) = 18%

Residential Breakdown Residential Breakdown (In R$ (In R$ ��000)000)

9

Unique areas in the main markets

LandLandBurle Marx

ParkBurle Marx

Park

Bur le Marx

ParkBur le Marx

Park

Marapendi

Lake LandLand

10

VillagioPanamby

Ru

aSta

. Vir

gini

a

LandLand

Piqueri ParkPiqueri Park

Marginal TietêMarginal Tietê

Jardim Sul - SPPotential sales (mm) Launch yearR$1,500 to be launched 2007/2008

Itautec - SP

Península de São Lourenço - SP Lote 27 - RJ

Panamby -SP

Potential sales (mm) Launch year2007R$283 to be launched

Potential sales (mm) Launch yearR$586 to be launched 2007

Potential sales (mm) Launch yearR$430 to be launched 2007/2008

Potential sales (mm) Launch yearR$150 to be launched 2007

LandLand

Highly experienced and motivated management

Bonus program based on operating

and financial performance

Stock option plan under

implementation

Camargo Correa sponsorship facilitates access to talented people

The combined experience of the

management team amounts more than 300 developments

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NamePosition

Roberto PerroniCEO

Paulo MazzaliCFO and IR

Marcelo FigueiredoBusiness Development

Years of Experience

22

15

18

Age

43

37

39

Picture

Antonio Wagner CoraçaProject Manager

Claudio SayegEngineering Manager

20

20

55

42

ExperienceExperience IncentiveIncentive

Access to human capitalAccess to human capital

Differentiated business model

Access to more favorable financing and low credit exposure

12

CCDI is a pure real estate developer with balanced risk / returnCCDI is a pure real estate developer with balanced risk / return profileprofile

Land acquisition strategy based on swaps with low cash utilization

Pricing strategy targeting faster pre-sales

100% outsourced construction without construction / engineering risk

Agility

CCDI has a streamline infrastructure and can operate all the products (residential and commercial) and all the targets (high, mid-high, low)

Its national presence allows the company to expand throughout in house expertise or partnerships

13

CommercialCommercial ResidentialResidential

Ventura Corporate Towers

Launching with Tishman: June 06

Location: Rio de Janeiro, RJ

Potential sales: R$ 373 mm

Innovative commercial development in Rio de Janeiro

Península de São Lourenço

Launching: November 06

Location: Bertioga, SP

Potential sales: R$ 47mm

All the units were sold during the first weekend

Porto Pinheiros

Launching: May 06

Location: São Paulo, SP

Potential sales: R$ 58 mm

83% sold in 2 months

Central Park

Launching: December 05

Location: São Paulo, SP

Potential sales: R$ 38 mm

Located in a new business region in São Paulo, sold 95% of available area in the first month

Financial Statements

A typical CCDI residential development

Securit izationConstruction

Launch Go-ahead Delivery

6M � 9MLicensing Sales

Sales are recognized based on the percentage of costs incurred versus the total budget (financial completion)

70%70%

40%40%

28%28%

20%20%

98%98%

100%100%

100%100%

73% / 100%73% / 100%

0%0%

15%15%

0%0%

0%0%

90%90%

62%62%

56%56%

47%47%

0M0M 12M12M 24M24M 36M36M

Contracted salesContracted sales

% budget costs% budget costs

RevenuesRevenues

CollectionCollection

15

186.8

90.3

55.0

212.9

191.7

90.4

2003 2004 2005 9M 05 9M 06

Operating highlights

CAGR = 33.1%

(in R$ million)

Growth = 44.6%

277.2

Commercial Developments

LaunchingsLaunchings Contracted salesContracted sales

16

48.8 45.0

176.8

137.9

120.4

2003 2004 2005 9M 05 9M 06

CAGR =53.6%

(in R$ million)

17.9%

21.9%

24.8%

2004 2005 Sep 06

Increasing revenues and margins

Sales to be recognized

Costs of units soldto be recognized

Profit to berecognized

Nominal grossproject margin

Currently, CCDI has approximately R$195 million of sales to be recognized with gross margins around 25%

163.8 194.7

(146.4)

48.3

24.8%

(128.0)

35.8

21.9%

Sep 06Dec 05

17

Earnings to be recognized (R$ million)Earnings to be recognized (R$ million) Nominal gross project marginNominal gross project margin

(% of sales to be recognized)

Financial highlights

10.5 13.3

79.4

56.0

88.4

2003 2004 2005 9M 05 9M 06

CAGR = 175.0% Growth = 57.8%

2.6 3.2

13.5

9.7

18.1

20.5%17.3%

17.0%

24.1%

24.8%

2003 2004 2005 9M 05 9M 06

CAGR = 127.9%

Growth = 86.6%

-0.9

-3.8

2.0 2.0

6.72.5% 3.6%

7.6%

2003 2004 2005 9M 05 9M 06

-1.0

2.7

0.6

5.2

-6.02003 2004 2005 9M 05 9M 06

(in R$ million) (in R$ million, % of net revenues)

(in R$ million)(in R$ million, % of net revenues)

18

Net revenuesNet revenues Gross profitGross profit

EBITDAEBITDA Net incomeNet income

What differentiates CCDI?

19

Brand recognition

Land bank

Experienced management

No construction risk

Financial efficiency

Agility

CCDI is the fastest growing and most agile company in the sector