1. Conference Call
3Q11 Earnings
11/17/2011

2. 2
SPEAKERS
• MAURÍCIO TAVARES BARBOSA
Chief Executive Officer and Development Officer
• IAN MONTEIRO DE ANDRADE
CFO and IRO

3. 3
3Q11 highlights
Contracted Sales:
3Q11 Contracted Sales reached R$301.1million, highlight to low income segment
with 74% growth compared to 3Q10 and 126% compared to 9M10.
Strong Inventory Sales in the quarter
Beginning of two AAA’s projects construction located in São Paulo and totaling
88,836m² of GLA (CCDI share):
2 AAAs projects under construction with premium localization, one with a
commercial tower and a mall in Paulista Avenue and the other with 2
commercial towers at Pres. Juscelino Kubitschek avenue
High volume of deliveries:
In 3Q11 were delivered 1,564 units or R$200.5 million in PSV
Low Income Segment: beginning of 10 constructions sites in 3Q11
Recovery of financial results: 13.3% increases net revenue when compared to 3Q10
and 68.5% when compared to 2Q11, Gross Margin reached 21.3% in 3Q11 or 25.7%
when excluding financing costs

4. 3Q11’s Operational Results

5. 5
CONTRACTED SALES
CONTRACTED SALES (R$ MM) CONTRACTED SALES OF
100% CCDI
Low income Launching Sales LAUNCHINGS AND INVENTORY
Traditional Inventory Sales
412.3
1,029.8
343.5 0.3%
851.1 328.2 316.5
367.6 301.1
-12.3% 162.6 35.2% 20.1% 14.6%
6.8%
99.7%
412.3
343.5
301.1 85.4% 93.2%
60.4 149.5 688.5 662.2 79.9%
64.8%
105.2
283.1 262.8 195.8
3Q10 2Q11 3Q11 9M10 9M11 3Q10 4Q10 1Q11 2Q11 3Q11
BY LOCATION
BY MARKET SEGMENT Rio de
Small Offices Janeiro
2.5% Paraná and 11.1%
High and São Paulo
Minas
Luxury (Countrysid
Low Income/ Gerais
17.8% e+
Economic 12.4%
40.0% Shoreline)
39.3%
Mid-High
7.8%
São Paulo
(Capital +
Medium RMSP)
32.0% 37.1%
SALES FROM SEGMENTS UNDER R$ 500.0 SALES ORIGINED IN THE STATE OF
THOUSAND PER UNIT REPRESENTED 72.0% SÃO PAULO: 76.4%

6. 6
LAUNCHINGS (R$MM)
PSV - % CCDI
Project Location Launching Units Segment
(R$ MM)
1 Connect Workstation Campos dos Goytacazes, RJ feb/11 243 29.1 Small Offices
2 Soul Jardim Sul São Paulo, SP feb/11 180 38.3 Medium
3 Set Cabral Curitiba, PR feb/11 151 39.2 Mid-high
Condomínio Residencial Vale
4 Valinhos, SP mar/11 760 78.0 Low Income
das Figueiras
Vivenda do Horto - Vivenda
5 Hortolândia, SP mar/11 173 19.7 Low Income
Orquídea
6 Vanguard Ipiranga São Paulo, SP jun/11 70 11.7 Low Income
7 Quinta das Figueiras Cajamar, SP jun/11 117 13.9 Low Income
8 Vega Work & Life Curitiba, PR aug/11 397 86.8 Medium
9 Estação Vida Nova Itapevi, SP sep/11 480 55.0 Low Income
Total Launchings in 9M11 2,571 371.7
RECENT LAUNCHINGS
Location: São Paulo
PSV: R$64MM (100% CCDI)
Sales on Launching: 95 units sold in the first weekend (48% of
the total of units)
M²: 57 m² to 73 m² (2 and 3 Dorms )
Launching: oct/22

7. 7
TRIPLE A
Paulista JK
Beginning of construction: april/11 Beginning of construction: may/11
Development Registration (RI):
Development Registration (RI):
4Q11/1Q12 (E)
4Q12 (E)
Completion of construction (E): Completion of construction (E):
Photo of “Paulista” • Mall: 2Q15 • Tower A: 4Q14
construction site (sep/11) • Tower: 2Q15 Photo of “JK” • Tower B: 4Q15
construction site (sep/11)
Leasable Area Leasable Area
GLA m² 100% % CCDI (50%) GLA m² 100% % CCDI (60%)
Tower 22,052 6,136
2 Towers 122,000 73,200
Mall 19,000 9,500
Societary Structure Societary Structure
CCDI CCP CCDI P.M.V.
50% 50% 60% 40%
SPE: CAMARGO CORRÊA CYRELA PAULISTA 1230
SPE: VIOL EMPREENDIMENTOS IMOBILIÁRIOS S.A.

8. 8
Own Construction - Status
Macaé - RJ
PSV: R$256 MM São Paulo - SP PSV: R$71 MM
Launching: Sept/10 Launching: Nov/10
Units: 246 (3 Towers) Units: 312 (2 Towers)
Beginning: Jun/2011 Beginning: Jun/2011
Evolution: Construction 4nd month; Foundations 65% Evolution: Construction 4nd month; Foundations 70%
Delivery: Jan/2014 Delivery: Aug/2013
PSV: R$29 MM São Paulo - SP
PSV: R$49 MM São Paulo - SP PSV: R$35 MM São Paulo - SP
Beginning: Aug/2010
Beginning: Oct/2010 Evolution: Construction 14th month, Beginning: Feb/2011
Evolution: Construction 12th month, Foundations 97%, Structure 97%; Evolution: Construction 8th month,
Foundations 95%, Structure 80%, Masonry Masonry 81%; Finishing 9% Foundations 93%; Structure 60%; Masonry
12% 14%,
Delivery: Jun/2012
Delivery: Oct/2012 Delivery: Feb/2013

9. 9
Low Income (HM): Fully Verticalized Construction Proccess
21 projects (7,564 units) under construction in oct/11
UNITS UNDER CONSTRUCTION UNITS DELIVERED
7,564 4,574
5,550
3,934 2,732
1,723
1,025
294 404
2009 2010 2011* 1Q10 3Q10 4Q10 2010 2011(E) 2012(E)
* Until oct/11
Bela Vista Casas (Campinas- SP) Porto Feliz (Sumaré- SP) Quinta do Conde (Jaguariúna – SP)
PSV: R$45,2 MM PSV: R$36 MM PSV: R$30,4 MM
Beginning: jun/2010 Beginning: nov/2009 Beginning: dec/2008
Evolution: 81,7% Evolution: 80,7% Evolution: 85,1%
Delivery: jan/2012 Delivery: dec/2011
Delivery: may/2012

10. 10
Contruction Evolution Delivery Evolution (100% CCDI)
In 9M11 3,363 units were CCDI 4,934
CONSTRUCTION PER YEAR OF delivered or R$455.7MM in PSV CCDI 2,738
HM 4,574
LAUNCHING* HM 3,702
CCDI 2,804 9,508
2009 HM 2,732
CCDI 650 6,440
23.3% 5,536
HM 1,723 1.389 1.353
2,373 418.5
2010 812 448.7
37.4% 683
2008 129.0 226.4
29.8% 969.9 904.7
553.9 586.0
2007 2010 2011(E) 2012(E) 2013(E)
*in PSV
9.4% PSV HM R$MM PSV CCDI R$MM Delivered Units
Evolution of Own Construction participation in the traditional segment (in PSV)
Third-Party Construction
Own Construction
2011 2012 (E) 2013 (E) 2014 (E)
19% 31% 42%
46%
54%
81% 69% 58%

11. 11
Deliveries - 3Q11
1,564 units delivered or R$200.5 million in PSV - 3Q11
Cristais da terra João Ramalho Empresarial Jd. Sul
Segment: High Segment: Low Income Segment: Small Offices
Delivered PSV: R$33.3 MM (% CCDI) Delivered PSV: R$22 MM Delivered PSV: R$64 MM
Units Delivered: 50 Units Delivered: 150 Units Delivered: 260
Launchings: Dec/07 Launchings: Oct/07 Launchings: Dec/07
Parque Campinas Araucária Condomínio Clube
Segment: Low Income Segment:Low Income
Delivered PSV: R$56.2 MM Delivered PSV: R$25 MM
Units Delivered: 784 Units Delivered: 320
Launchings: May/09 Launchings: Sep/08

12. Financial Performance

13. 13
Financial Performance and Perspectives
3Q11 Results:
– Net Revenue recognition: 52.4% of projects launched in 07/08
Low Income: 21%
– Recovery of Gross Margin Traditional: 27,5%
(ex financing cost) Consolidated: 25,7%
2007/08 < 25%
– Margin to be recognize per year of launching:
2009/11 > 25%
– One of the lowest level of sales expenses in the market: 3,4% (% contracted sales)
Perspectives for the next quarters:
– Higher revenue recognition in the low income segment: beginning of 10 constructions in 3Q11
– Delivery of projects launched in 07/08: higher revenue recognition of new projects
Better margins
– AAA: Construction’s progress

14. 14
Recovery of Gross Margin
28.3%
NET REVENUE (R$ MM) AND MARGIN
Net Revenue
25.7%
30,0%
-14.8% Gross Margin Low
3Q11 Traditional Consolidated
26.3% 21.3%
10,0%
Gross Margin ex Income
financing costs
-10,0%
Gross Margin 27.3% 21.0% 25.7%
-30,0%
-21.0%
-50,0% ex Financing costs (%)
272.4 308.7
183.2 -70,0%
-90,0%
3Q10 2Q11 3Q11
SALES EXPENSES(R$MM) GENERAL AND ADMINISTRATIVE EXPENSES
Sales Expenses Sales Expenses/Contracted Sales (R$MM)
15 6,0%
G&A G&A/Contracted Sales
14
13 2.5% 3.4% 4,0%
38,0 13,0%
12 2.3% 33,0 8.7% 11,0%
9,0%
11 2,0%
28,0
5.2% 5.4% 7,0%
10
5,0%
9 0,0% 23,0
3,0%
8
7 9.6 10.2 -2,0%
18,0
26.3 1,0%
8.6 22.1 -1,0%
6 13,0 17.8 -3,0%
5 -4,0%
8,0 -5,0%
3Q10 2Q11 3Q11 3Q10 2Q11 3Q11

15. 15
Results and Margin to be recognized per year of launching
REVENUES TO BE RECOGNIZED (R$ MM) RESULTS TO BE RECOGNIZED (R$ MM)
-0.7%
-0.2%
1,190.0 1,505.8 1,495.9 450.8 449.8
363.4
3Q10 2Q11 3Q11 3Q10 2Q11 3Q11
MARGIN TO BE RECOGNIZED PER YEAR OF LAUNCHING
YEAR OF LOW
TRADITIONAL CONSOLIDATED
LAUNCHING INCOME
2007 18.3% - 18.3%
2008 23.0% 28.6% 23.4%
2009 28.9% 27.0% 28.6%
2010 36.5% 27.6% 33.1%
2011 33.6% 29.4% 31.6%
TOTAL SEPT 2011 30.9% 27.9% 30.1%

16. 16
Increase in debt aligned with increase of construction
CASH CHANGE (R$MM) NET DEBT (R$MM)
Dívida LíquidaSFH
Net Debt ex ex SFH 816.7
716.1
SFH 257.6
48.3 205.9
446.1
192.1 127.4
143.8 510.2 559.1
318.7
Cash in jun/11 Net Cash used on Cash in Sep/11
3Q11 3T10
3Q10 2T11
2Q11 3T11
3Q11
NET DEBT/SHAREHOLDER’S EQUITY
119.2%
102.5%
37.6% TOTAL NET DEBT/SE
57.0% 29.5% NET DEBT EX SFH/SE
22.7% NET DEBT EX_SFH/(SE+RESULT TO BE
17.9% RECOGNIZED)
16.3%
11.1%
3Q10 2Q11 3Q11

17. 17
Long-term and low cost debt profile
GROSS BEBT TIME LINE
(R$ MM)
Debentures SFH
233.1 221.8
Gross Debt
207.4 - 207.8
Sep/2011
14.9 R$971.2 MM
233.1 101.0 198.6
192.5 198.6
101.0 Cost of debentures: DI+1,9%
23.2 9.2
2011 2012 2013 2014 2015
ACCOUNTS RECEIVABLE TIMELINE
(R$ MM)
598.1
496.2 Accounts
Receivable
Sep/2011
174.2
R$1,329 MM
59.2
0.2 1.1
2011 2012 2013 2014 2015 2016 and
foward

18. CONTACT INFORMATION
Ian Monteiro de Andrade
CFO and IRO
ri.ccdi@camargocorrea.com.br
Mara Boaventura Dias Tel: (11) 3841-4824
IR Manager
Caio Sampaio Rodrigues
IR Analyst