Conference Call

4Q11/2011 Earnings4Q11/2011 Earnings

02/15/2012

SPEAKERS

• MAURÍCIO TAVARES BARBOSA

Chief Executive Officer and Development Officer

• IAN MONTEIRO DE ANDRADE

2

CFO and IRO

4Q11 highlights

• New budget update with an impact of :

– 4Q11: R$81.7 MM

– 2011: R$171.8 MM

• Contracted Sales:

– R$1,174.2 million in 2011, stable level compared to 2010, even with fewer launchings

– The low income segment had 87% growth in accumulated comparison.

3

– The low income segment had 87% growth in accumulated comparison.

– inventory sales : R$1.07 billion in 2011 (91.1% of contracted sales in 2011)

• The biggest volume of deliveries : 3613 units or R$ 579.3 million in PSV in 2011.

• Low-income segment: 44% increase in the accumulated net income and strong growth in the number of constructions in progress.

• Beginning of the construction in the ("AAA") projects in Sao Paulo totaling 88.836m ² of GLA (part CCDI):

4Q11’s Operational Results4Q11’s Operational Results

5

CONTRACTED SALES

248.5 195.8 59.5

937.1 721.7

79.6 105.2

84.9

242.2 452.5

328.2 301.1

144.3

1,179.3 1,174.2

4Q10 3Q11 4Q11 2010 2011

CONTRACTED SALES(R$ MM)100% CCDI

Low Income(HM)

Traditional

-56,0%

-52,1%

-0,4%

79.9% 85.4%

99.7%

93.2%

74.7%

20.1% 14.6%

0.3%

6.8%

25.3%

328.2 316.5

412.3

301.1

144.3

4Q10 1Q11 2Q11 3Q11 4Q11

CONTRACTED SALES OF LAUNCHINGS AND INVENTORY

launchings sales (%)

Inventory sales (%)

SALES ORIGINED IN THE STATE OF

SÃO PAULO: 92,4%SALES FROM SEGMENTS UNDER R$ 500.0

THOUSAND PER UNIT REPRESENTED 90,8%

4Q10 3Q11 4Q11 2010 20114Q10 1Q11 2Q11 3Q11 4Q11

São Paulo

(countryside+shoreline)…

São Paulo

(Capital + RMSP)38.0%

others7.6%

LOCATION

low income/

economic58.1%

Medium31.4%

mid high1.3% high and

luxury9.2%

MARKET SEGMENT

6

Project Location Launching Units

PSV - %

CCDISegment

(R$ MM)

1 Connect WorkstationCampos dos

Goytacazes, RJfeb/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

4Condomínio Residencial Vale das

FigueirasValinhos, SP mar/11 760 78,0 Low Income

5Vivenda do Horto - Vivenda

OrquídeaHortolândia, SP mar/11 173 19,7 Low Income

LAUNCHINGS (R$MM)

LANÇAMENTOS RECENTES

Location: São Paulo – Jd. Sul

PSV: R$51,3MM (100% CCDI)

40,1 m² a 55,0 m² (1 e 2 Dorms )

Launching in Jan/12

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 87,1 Medium

9 Estação Vida Nova Itapevi, SP sep/11 480 55,0 Low Income

10 Feel Jardim Sul São Paulo, SP oct/11 198 64,1 Medium

Total Launchings in 2011 2.769 436,1

RECENT LAUNCHINGS

Own Construction - Status

7

PSV: R$256 MMLaunching: Sep/10Units: 246 (3 Towers)Beginning: Jun/2011Evolution: Construction 8º month;

PSV: R$71 MMLaunching: Nov/10Units: 312 (2 Towers)Beginning: Jun/2011Evolution: Construction 8º month;

Macaé - RJSão Paulo - SPPSV: R$42 MMLaunching: Dec/07Units: 168Beginning: Jan/2009Evolution: Foundation 100%; Structure 100%;

São Paulo - SP

Construction sites that we assumed

PSV: R$49 MMLaunching: Oct/2010Evolution: Construction 16º month; Foundation99%; Structure98%; Masonry 85%; Finishing 25%

Delivery: Oct/2012

PSV: R$35 MMLaunching Feb/2011Evolution: Construction 12º month, Foundation 98%; Structure 95%; Masonry 75%, Finishing 10%

Delivery: Feb/2013

PSV: R$29 MMLaunching : Aug/2010Evolution: Construction 18º month, Foundation 100%,Structure 100%; Masonry98%; Finishing 40%

Delivery: Jun/2012

Evolution: Construction 8º month; Foundation 90%; Structure 10%

Delivery: Nov/2013

Evolution: Construction 8º month; Foundation 95%; Structure 5%

Delivery: Aug/2013

São Paulo - SP

São Paulo - SP

São Paulo - SP

Evolution: Foundation 100%; Structure 100%; Masonry 100%; Finishing 95%

Delivery: Mar/2012

PSV: R$141,5 MMLaunching: Mar/08Units:876Beginning: Oct/08

Evolution: Foundation 100%; Structure 98%; Masonry 96%, Finishing 79%

Delivery: Aug/12São Paulo - SP

INTERCLUBES

Low Income (HM): Fully Verticalized Construction Process

8

30 projects and 8,415 under construction (dec/11)

294 404 1,025

1,723 1,828

4,290

1T10 3T10 4T10 2010 2011 2012(E)

UNITS DELIVERED

3,934 5,550

8,415

2009 2010 2011

UNITS UNDER CONSTRUCTION

PSV: R$29 MMBeginning: jun/2010Evolution: 78.8%

Delivery: Apr/2012

PSVR$52 MMBeginning: Jun/2011Evolution: 93.6%Delivery: Feb/2012

PSV: R$26 MMBeginning: Mar/2011Evolution: 64.4% Delivery: Aug/2012

1T10 3T10 4T10 2010 2011 2012(E)2009 2010 2011

(E): Estimativa

Vivenda Ribeirão Águas de Março Bela Vista Varandas

9

553.9 422.2

1,195.3

503.5

129.0 157.1

390.0

393.0 683 579

1,585

897

2,373 3,613

9,798

5,464

Delivery Evolution (100% CCDI)

2007

200820.0%

200911.4%

201025.7%

2011

CONSTRUCTION PER YEAR OF LAUNCHING*

CCDI 650

HM 1.723

CCDI 1.785

HM 1.828

CCDI 5.508

HM 4.290CCDI 1.669

HM 3.795

Contruction Evolution

553.9 422.2 503.5

2010 2011 2012(E) 2013(E)

VGV HM R$MM VGV CCDI R$MM Unidades Entregues

200728.6% 2011

14.3%

*PSV

64%

36%

2012 (E)

50%50%

2013 (E)

Evolution of Own Construction participation in the traditional segment (in PSV)

45%

55%

2014 (E)

22%

78%

2015 (E)

Third-Party Construction

Own Construction

10

2011: 3,613 units or R$579.3 MM in PSV 4Q11: 274 units or R$96.1 MM in PSV

Deliveries - 4Q11/2011

ID Jardim SulSegment: HighPSV: R$50.0 MMUnits delivered: 46Launching: Mar/08

Ecos’s Natureza Clube 2Segment: MediumPSV: R$46.1 MMUnits delivered: 228Launching: Dec/07

11

TRIPLE A

Paulista JK

Photo of “Paulista”

construction site (dec/11) Photo of “JK” construction site (dec/11)

Beginning of construction: april/11

Development Registration (RI): 1Q12 (E)

Beginning of construction: may/11

Development Registration (RI): 1Q13 (E)

Completion of construction (E):• Tower A: 4Q14• Tower B: 4Q15

Completion of construction (E):• Mall: 2Q15• Tower: 2Q15

Leasable Area Leasable Area

GLA m² 100% % CCDI (50%)

Tower 22,052 6,136

Mall 19,000 9,500

GLA m² 100% % CCDI (60%)

2 Towers 122,000 73,200

CCDI CCP

50% 50%

SPE: CAMARGO CORRÊA CYRELA PAULISTA 1230

CCDI P.M.V.

60% 40%

SPE: VIOL EMPREENDIMENTOS IMOBILIÁRIOS S.A.

Leasable Area

Societary Structure

Leasable Area

Societary Structure

Financial Performance

� Deviations caused by:

1. Manpower and material Cost pressures

2. Management challenges in the outsourced constructions

3. Contractual disputes with some contractors

13

Despite the wide update budget held in 2Q11, new "overruns" of R$ 121.4 MM were quantified in the 4Q11

� New budget update reflects the following measures taken by the Administration:

1. Hiring independent engineering firms to evaluate the budgets of most critical constructions (10 works)

2. Creation of the Budget Department in the engineering board

3. Replacement of contractors in the constructions with low physical and/ or financial performance

14

The 4Q11 budget update...

• The budget update is still concetrated in developments launched until 2008

3.8% 2009-1130%

Budget update 4Q11

R$121.4MM

2011 Total Budget update(2T11 + 4T11)

8.5% 2009-1119%

R$262.6MM

Por ano de Lançamento

Total Budgeted cost

Por ano de Lançamento

Year ofLaunch

* Budget base dec/11 CCDI Consolidated R$3.1 bi

2007-0870%

Total Budgeted cost*

Year of launch

2007-0881%

.. that impacted in the result non recurringly in R$ 81.7 million...

15

INCOME STATEMENTS (R$ MM) 4Q11 Pro Forma

Update 4T11 Reported 2011 pro formaUpdate

2011 ReportedCONSOLIDATED

GROSS REVENUE FROM SALES AND/OR SERVICES

285,4 (87,6) 197,7 1.161,6 (183,5) 978,2

GROSS REVENUE DEDUCTIONS (10,2) 3,2 (7,0) (37,9) 6,7 (31,2)

NET REVENUE FROM SALES AND/OR SERVICES

275,1 (84,4) 190,7 1.123,7 (176,8) 946,9

COST OF SALES, RENTALS AND SERVICES (232,8) - (232,8) (906,9) - (906,9)

GROSS PROFIT 42,3 (84,4) (42,2) 216,8 (176,8) 40,1

GROSS MARGIN 15,4% -22,1% 19,3% (0,2) 4,2%

OPERATING INCOME (EXPENSES) (43,2) - (43,2) (163,4) - (163,4)

In 2011 a provision was made to cover fines and compensations to customers for late deliveries (R$ 20.4 million)

OPERATING INCOME (EXPENSES) (43,2) - (43,2) (163,4) - (163,4)

Selling Expenses (5,6) - (5,6) (33,8) - (33,8)

General and Administrative Expenses (37,6) - (37,6) (129,7) - (129,7)

General and Administrative Expenses (29,8) - (29,8) (100,9) - (100,9)

Other Expenses (7,8) - (7,8) (28,7) - (28,7)

INCOME(LOSS) FROM OPERATIONS BEFORE FINANCIAL

(0,9) (84,4) (85,4) 53,4 (176,8) (123,4)

INCOME (EXPENSES) (12,8) - (12,8) (42,4) - (42,4)

INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION

(13,7) (84,4) (98,2) 11,0 (176,8) (165,8)

INCOME TAX AND SOCIAL CONTRIBUTION (5,3) 2,7 (2,6) (31,9) 4,9 (27,0)

NET INCOME (19,0) (81,7) (100,7) (21,0) (171,8) (192,8)

NET MARGIN (%) -6,9% - -52,8% -1,9% - -20,4%

16

273.7 308.7190.7

932.5 946.9

25.5% 21.3%

-22.1%

25.6%

4.2%

-90.0%

-70.0%

-50.0%

-30.0%

-10.0%

10.0%

30.0%

0

100

200

300

400

500

600

700

800

900

4Q10 3Q11 4Q11 2010 2011

NET REVENUE (R$ MM) AND MARGINNet Revenue

Gross Margin

*Excluding the sale of the ItautecPiece of land by the amount of R$100 million in 1Q10, this deal created an impact in the amount of R$49.4 million in Net Income.

21.4 26.3 29.8

72.9

100.96.5%

8.7%

20.7%

6.2%8.6%

-9.0%

-4.0%

1.0%

6.0%

11.0%

16.0%

21.0%

8.0

18.0

28.0

38.0

48.0

58.0

68.0

78.0

88.0

98.0

4Q10 3Q11 4Q11 2010 2011

GENERAL AND ADMINISTRATIVE EXPENSES (R$MM)

G&A G&A/Contracted Sales

13.510.2

5.6

33.3 33.8

4.1%3.4% 3.9%

2.8% 2.9%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

0

5

10

15

20

25

30

4Q10 3Q11 4T11 2010 2011

SALES EXPENSES(R$MM)

Sales Expenses Sales Expenses/Contracted Sales

4Q10 3Q11 4Q11 2010 2011

Sales reduced 52.1% in 4Q11

Results and Margin to be recognized per year of launching

17

1,242.11,495.9 1,437.6

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

1,600.0

REVENUES TO BE RECOGNIZED (R$MM)

398.4 449.8 400.1

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

RESULTS TO BE RECOGNIZED (R$MM)

-

200.0

4Q10 3Q11 4Q11

-

50.0

4Q10 3Q11 4Q11

MARGIN TO BE RECOGNIZED

YEAR OF

LAUNCHINGTRADITIONAL

LOW

INCOME

CONSOLIDATE

D

2007 7.0% - 7.0%

2008 17.1% 2.,2% 17.3%

2009 25.8% 25.6% 25.8%

2010 34.3% 27.5% 31.7%

2011 32.2% 29.8% 31.0%

TOTAL DEC

201127.8% 27.9% 27.8%

MARGIN TO BE RECOGNIZED

Increase in debt aligned with increase of construction

18

154.6128,0

26.6

CASH CHANGE (R$MM)

363.2559.1 617.5

397.9

412.2 411,0

NET DEBT (R$MM)

SFH Dívida Líquida ex SFH

761,1

971,2 1.028,5

Caixa em Set/11 Caixa Líquido usado no 4T11

Caixa em Dez/11 4T10 3T11 4T11

20.4%

37.6%

48.4%

13.5%

22.7%

28.7%67,1%

119,2%

154,0%

0

50

100

150

4Q10 3Q11 4Q1110.0%

20.0%

30.0%

40.0%

50.0%

60.0%NET DEBT/SE

net debt ex SFH/ SE

net debt ex sfh/(SE+ ref)

net debt/SE

396.6

173.5 37.8 9.5

0.2

205.4 205.4

396.8

173.5

243.2 214.9

GROSS DEBT TIMELINE(R$ MM)

Debêntures SFH

Long-term and low cost debt profile

19

Gross Debtdec/2011R$1,028.5 millions

Custo das Debêntures: DI+1,9% 37.8

2012 2013 2014 2015 em diante

1,037.7

221.1

73.2

2012 2013 2014 em diante

CRONOGRAMA DE RECEBIMENTO DO CONTAS A RECEBER(R$ MM)

AccountsReceivabledec/2011

R$1,332 milhões

CONTACT INFORMATION

Ian Monteiro de AndradeIan Monteiro de Andrade

CFO and IRO

Mara Boaventura Dias

IR Manager

Caio Sampaio Rodrigues

IR Analyst

ri.ccdi@camargocorrea.com.br

Tel: (11) 3841-8809/4824