Conference Call

2Q10 Conference Call

08/11/2010

SPEAKERS

FRANCISCO SCIAROTTA

CEO CCDI

LEONARDO ROCHA

2

CFO and IRO CCDI

MAURCIO TAVARES BARBOSA

Real Estate Director CCDI

2Q10 Highlights Focus on the Client:

Hiring of a specialized company

3

appropriate and agile treatmentquality on constructionon-time deliveryclient

focus

work by processteam work

responsibility for resultssustainable development integration

costs reductioncreativity and innovationsuitable pricesmore with less

net marginrecovery

2Q10 Operational Results

LAUNCHINGS

5

35.0% of the guidance

126.0

466.0

LAUNCHINGS (R$ MM)

100% CCDI

150.9 189.1

340.0

101.4

24.0

102.0

101.4

101.4

174.9

291.1

101.4

2Q09 1Q10 2Q10 1H09 1H10

HM CCDI

CONTRACTED SALES

6

102.2

507.7

CONTRACTED SALES (R$ MM)

100% CCDIUntil

2007

14.0%2Q10

27,3%

2Q10 CONTRACTED SALES

By launching period

90.5 151.0

254.5 179.2

405.5

82.4 41.9

60.3 114.4

172.8 192.9

314.8 293.6

2Q09 1Q10 2Q10 1H09 1H10

HM CCDI

2008

11.1%

2009

22.3%

1Q10

25.2%

CONTRACTED SALES

7

Low

Income;

18.8%

Economic;

Small

Offices;

20.3%

2Q10 CONTRACTED SALES

By Market Segment

So Paulo

(Country +

Minas

Gerais e

Esprito

Santo

0.6%

Paran

7.9%

Rio de

Janeiro

1.3%

2Q10 CONTRACTED SALES

By Location

SALES FROM SEGMENTS UNDER R$500,0

THOUSAND PER UNIT REPRESENTED: 59,4%

SALES ORIGNED IN THE STATE OF

SO PAULO: 90,1%

Economic;

3.5%

Medium;

12.3%

Medium-

High;

24.8%

High-

Luxury;

20.2%

(Country +

Shoreline)

25.8%

So Paulo

(Capital +

RMSP)

64.3%

INVENTORY PRICED TO MARKET

8

So Paulo

(Country +

Shoreline)

Minas

Gerais e

Esprito

Santo

13.5%

Paran

5.5%

Rio de

Janeiro

2.4%

2Q10 INVENTORY PRICED TO

MARKET

By Location

217.3 363.7 360.3

764.5 815.0 841.4

INVENTORY PRICED TO MARKET

(R$ MM)

Shoreline)

31.4%

So Paulo

(Capital +

RMSP)

47.2%

13.5%

* Excludes Ventura Corporate Towers values

14.4 13.5 16.4

532.8437.8 464.7

2Q09* 1Q10 2Q10

Launching Units Under Construction Units

Concluded Units

SALES SPEED - VSO

9

31.0%

48.5%45.4%

37.7%34.7%

SALES SPEED (%)

Consolidated VSO (2Q10/1Q10)

increased 9.2 pp.

* 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.

18.4%

23.7%

18.5% 19.3%

28.5%

2Q09 3Q09 4Q09 1Q10 2Q10

Consolidated CCDI HM Engenharia

LAND BANK

10

HM EngenhariasLand bank R$1.4

Billion

0,4

(0,3)

LAND BANK

(R$ BILLION)

8,6 8,7

(0,3)

1Q10 Land Bank 2Q10 Aquisition 2Q10 Launchings 2Q10 Land Bank

LAND BANK R$8.7 billion in PSV

11

Low

Income

24.4%

Triple A

14.3%

2Q10 LAND BANK

By Segment

ES, PR e

MG

6.0%

Rio de

Janeiro

1.6%

2Q10 LAND BANK

By Location

24.4%

Economic

21.9%Medium-

High

16.2%

Medium-

High

4.5%

Others

18.7% So Paulo

Capital

44.9%

RMSP

30.8%

So Paulo

(Country +

Shoreline)

16.8%

Financial Performance

102.8

240.5170.5 193.2

411.0

36.0

33.856.6 59.3

90.3

138.8

274.3227.0

252.5

501.3

GROSS REVENUE

(R$ MM)HM CCDI

GROSS REVENUE AND NET REVENUE (R$MM)

13

2Q09 1Q10 2Q10 1H09 1H10

98.8

231.0164.8 186.0

395.7

34.7

32.6

54.4 57.1

87.0

133.5

263.6219.2

243.1

482.7

2Q09 1Q10 2Q10 1H09 1H10

NET REVENUE

(R$ MM)

64.2%

GROSS INCOME(R$MM)

14

21.6

86.9

36.551.3

123.4

7.7

9.4

17.214.1

26.6

29.3

96.3

53.765.4

150.0GROSS INCOME

(R$ MM)HM CCDI

21.9%

36.5%

24.5% 26.9%31.1%

2Q09 1Q10 2Q10 1H09 1H10

CONSOLIDATED GROSS MARGIN

(%)

2Q09 1Q10 2Q10 1H09 1H10

10.9

11.2

4.5%

2.3%

0%

1%

1%

2%

2%

3%

3%

4%

4%

5%

5%

10,75

10,8

10,85

10,9

10,95

11

11,05

11,1

11,15

11,2

11,25

Sales Expenses

Sales Expenses/NOR

EXPENSES

15

6.5 4.6 6.7

4.9%

1.7%

3.0%

0%

1%

2%

3%

4%

5%

6%

0

1

2

3

4

5

6

7

8

SALES EXPENSES

(R$ MM)

1H09 1H102Q09 1Q10 2Q10

9.2

17.016.7

6.9%

6.5%

7.6%

6%

6%

6%

6%

7%

7%

7%

7%

7%

8%

8%

0

2

4

6

8

10

12

14

16

18

2Q09 1Q10 2Q10

GENERAL AND ADMINISTRATIVE EXPENSES

(R$ MM)

27.6

33.7

11.3%

7.0%

0%

2%

4%

6%

8%

10%

12%

0

5

10

15

20

25

30

35

40

1H09 1H10

General and Administrative Expenses

General and Administrative Expenses/NOR

NET INCOME (R$MM)

16

6.1

61.2

15.7 13.7

76.9

1.5

4.1

9.3 3.8

13.4

7.6

65.3

25.017.5

90.3NET INCOME

(R$ MM)

5.7%

24.8%

11.4%7.2%

18.7%

2Q09 1Q10 2Q10 1H09 1H10

CONSOLIDATED NET MARGIN

(%)

2Q09 1Q10 2Q10 1H09 1H10

HM CCDI

EBITDA (R$MM)

17

12.3

75.4

36.6 28.1

112.1

CONSOLIDATED EBITDA

(R$ MM)

9.2%

28.6%

16.7%11.5%

23.2%

2Q09 1Q10 2Q10 1H09 1H10

CONSOLIDATED EBITDA MARGIN

(%)

2Q09 1Q10 2Q10 1H09 1H10

REVENUE AND RESULT TO BE RECOGNIZED (R$MM)

18

927.51,039.6

1,123.0

REVENUE TO BE RECOGNIZED

(R$ MM)

272.4307.9

338.4

RESULT TO BE RECOGNIZED

(R$ MM)

2Q09 1Q10 2Q10 2Q09 1Q10 2Q10

29,4% 29,6% 30,1%

2Q09 1Q10 2Q10

MARGIN TO BE RECOGNIZED

(%)

CASH AND INDEBTDNESS(R$MM)

19

289.3

376.428.3%

39.0%

49.1%

0,4

0,5

0,6

250

300

350

400

NET DEBT

(R$ MM)

81.0

CHANGE IN CASH POSITION

(R$ MM)

183.2

289.328.3%

0

0,1

0,2

0,3

0

50

100

150

200

2Q09 1Q10 2Q10

Net Debt Net Debt/Shareholder's Equity

362.7

281.7

Cash on Mar/2010 Cash used on 2Q10 Cash position on

Jun/2010

INDEBTEDNESS

20

147.980.5

27.3 3.2

0.1199.6

199.6

148.0

280.1

226.9

3.2

INDEBTEDNESS TIMELINE

(R$ MM)

Corporate Debt

Housing Financing System (SFH) Gross Debt

June/2010

R$658.1 million

566.9

155.137.3 41.5 0.2

0.8

Jul/2010 to

Jun/2011

Jul/211 to

Dec/2011

2012 2013 2014 2015

ACCOUNTS RECEIVABLE TIMELINE

(R$ MM)

27.3 3.2

Jul/2010 to Jun/2011 Jul/211 to Dec/2011 2012 2013

Accounts

Receivable

June/2010

R$801.7 million

CONTACT INFORMATION

Leonardo de Paiva RochaLeonardo de Paiva Rocha

CFO and IRO

Camila Poleto Bernardi

IR Coordinator

ri.ccdi@camargocorrea.com.br

Tel: (11) 3841-4824