1. Conference Call 4Q10/2010 Earnings 03/22/2011

2. SPEAKERS LEONARDO ROCHA CFO and IRO MARA DIAS IR Manager 2

3. 4Q10 and 2010 highlights  Launching of 10 developments in 4Q10, totaling 26 in 2010 vs. 10 in 2009  Delivery of Developments: a total of 2,373 units in 13 developments, accounting R$682.8 million  Contracted Sales in 2010 increased 75% vs. 2009  Net Revenue grew 100% in 2010 vs. 2009  Gross Income was 156% higher than 2009 and Gross Margin had an increase of 6.1 percentage points  EBITDA reached R$196.2 million in 2010, growth of 94% vs. 2009  Net Income accounted R$143.2 million in 2010, increase of 147% vs. 2009 3

4. 4Q10’s Operational Results

5. Launchings 5 103% of the guidance 44.6% HM

6. Launching Highlights - 2010 6 IN BERRINI São Paulo – SP Launching: feb/10 100% sold in the first month* Total PSV: R$ 77.1 million 216 units TERRAÇO EMPRESARIAL JARDIM SUL São Paulo – SP Launching : may/10 100% sold in the first month * Total PSV: R$ 74.1 million 271 salas comerciais IN JARDIM SUL São Paulo – SP Launching : dec/10 60% sold in the first month * Total PSV: R$ 56 million 271 units PINOT NOIR São Paulo – SP Launching : mar/10 76% sold in the first month * Total PSV: R$ 73.8 million 199 units THE PARKER São Paulo – SP Launching : sep/10 70% sold in the first month * Total PSV: R$256.3 million 246 units * Managerial Data Residencial dos Parques - Parque das Veredas HM Engenharia Campinas – SP Launching : jul/10 90% sold until now* Total PSV: R$ 86.0 million 1,020 units

7. Increase of Regional share 2010/2011 7 * Managerial Data SET CABRAL Curitiba – PR Launching: feb/11 41% sold in the first month* Total PSV: R$ 52.9 million 151 Units CONNECT WORK STATION Campos de Goytacazes– RJ Launching : feb/11 56% sold in the first month * Total PSV: R$ 44.8 million 243 Small Offices MID CURITIBA Curitiba – PR Launching : nov/10 76% sold until now* Total PSV: R$ 103.5 million 500 Units UP RESIDENCE Macaé - RJ Launching : nov/10 25% sold until now* Total PSV: R$ 71.1 million 312 Units

8. Launching Highlight in 2011 8 SOUL JARDIM SUL 45445 São Paulo – SP Launching: feb/11 100% sold in its launching * Total PSV: R$ 38.3 million 180 units * Managerial Data Folha de SP Advertising

9. Own Construction 9  Margin Increase in the developments  Independency in the decision taking for the achievement of goals  Valued Engineering with focus in cost reduction  Standardization of processes  Higher control in deadlines  Quality assurance – Client Satisfaction

10. Contracted Sales 10

11. Contracted Sales SALES FROM SEGMENTS UNDER R$ 500.0 THOUSAND PER UNIT REPRESENTED: 53.5% SALES ORIGINED IN THE STATE OF SÃO PAULO: 95.8% 11

12. Land Bank 12 Low income segment exclusive Land Bank R$1.7 billion

13. Land Bank – R$8.5 billion in PSV 13

14. Financial performance

15. Net Revenue (R$MM) 15 546.0932.5+70.8% Adjusted Net Income* *In 2010 does not consider the sale of the Itautec piece of land in 1Q10 and in 2009 does not consider the accounting adjustments of 3Q09

16. Gross Income (R$MM) 16 AJUSTED* (R$MM) 4Q093Q10 4Q104Q10/3Q104Q10/4Q09200920102010/2009 NET REVENUE167.0272.4273.70.5%63.8%546.0932.570,8% GROSS INCOME43.071.669.8-2.6%62.2%145.3238.964.5% GROSS INCOME (%)25.7%26,.%25.5%-0.8 pp.-0.3 pp.26.6%25.6%-1.0 pp. *In 2010 does not consider the sale of the Itautec piece of land in 1Q10 and in 2009 does not consider the accounting adjustments of 3Q09

17. EXPENSES 17

18. Net Income (R$MM) 18 Margin impacted by the sale in the stake of Project Ventura CONSOLIDATED NET MARGIN Net Income Impacted by the sale in the stake of Project Ventura

19. Consolidated EBITDA 19 Margin Impacted by the sale in the stake of Project Ventura CONSOLIDATED EBITDA MARGIN Ebitda Impacted by the sale in the stake of Project Ventura

20. Revenue and Results to be Recognized (R$MM) 20

21. Cash/ Indebtedness(R$MM) 21

22. Indebtedness 22 Accounts Receivable Dec/2010 R$1,102.7 million Gross Debt Dec/2010 R$761.1 million In dec/10 the debentures were renegotiated and its deadline postponed to dec/15

23. CONTACT INFORMATION Leonardo de Paiva Rocha CFO and IRO Mara Boaventura Dias IR Manager Gabriel De Gaetano IR Analyst ri.ccdi@camargocorrea.com.br Tel: (11) 3841-4824