1Q08 Financial and Operating Highlights

Transcription

1 São Jose do Rio Preto, May 7th, 2008: Rodobens Negócios Imobiliários (Bovespa: RDNI3), real estate developer with more than sixteen years of operations and focus on cities in the inland of Brazil, announces today its results of the first quarter of 2008 (1Q08). The financial and operating information are presented on a consolidated basis in accordance with the Brazilian standard accounting practices (BRGAAP) and in Brazilian Reais (R$). 1Q08 Financial and Operating Highlights Pre-sales of R$154 million (Rodobens share only), a 360% growth over 1Q07 and 7% over. 2,092 units sold (vs. 310 in 1Q07), being 88% with selling price up to R$150,000. Project Launches 1 of R$195 million (Rodobens share only), a 515% growth over 1Q07. 2,642 units launched (vs. 210 in 1Q07), being 100% with selling price up to R$150,000. Net Revenue of R$73 million, a growth of 283% over 1Q07. Both the revenues and costs from the real estate development activity are recognized by the method of percentage of completion. EBITDA rose to R$14 million, with margin of 19.9% of net revenue. Excluding the negative impact of interest expenses recorded as cost of projects, the EBITDA margin was 22.4% Net income of R$18 million, reflecting the growing operating profit and, in decreasing relevance, of the net interest (financial) result. Cash balance of R$224 million and bank debt of R$61 million as of March 31, 2008, representing comfortable liquidity for the investments in working capital during the rest of Land Bank with a potential sales value currently estimated at R$5.1 billion (Rodobens share), and construction potential of 74,000 homes, in 47 municipalities of ten Brazilian states. 1 Potential total sales value, estimated at launching. The complete and audited consolidated financial statements of the 1Q08, accompanied by the respective explanatory notes, can be found in the document ITR-Informações Trimestrais (mandatory quarterly filing), available in electronic form at our investor relations website at and at the website of the CVM-Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Comission) at 1Q08 Earnings conference calls: Portuguese English May 8, 9:00am (ET time) May 8, 11:00am (ET time) Tel.: Brasil: Access code: Rodobens EUA: Other countries: Access code: Rodobens The conference calls will be accompanied by slides presentation that will be available at Contacts: Investor Relations Media Relations Orlando Viscardi MCE, a/c Rita Mazzuchini Tel.: /3/2 Tel.: ri-rni@rodobens.com.br ritamce@terra.com.br Page 1 of 22

2 Highlights 1Q08 Change 1Q08 1Q07 Change Financial Indicators in R$000 Net Revenue 72,680 49,805 46% 72,680 18, % % Gross Margin 32.5% 37.0% -4.5 p.p. 32.5% 32.2% 0.3 p.p. EBITDA 14,463 11,194 29% 14,463 3, % % EBITDA Margin 19.9% 22.5% -2.6 p.p. 19.9% 16.9% 3 p.p. Non-recurring IPO Expenses - - n.a. - (18,650) n.a. Net Income 17,864 20,432-13% 17,864 (8,675) n.a. % Net Margin 24.6% 41.0% p.p. 24.6% -45.8% 70.3 p.p. Launches Project Launches - Rodobens (R$000) 194, ,331 47% 194,629 31, % Project Launches - Total (R$000) (2) 244, ,691-3% 244,464 48, % RNI's share of total launches 79.6% 52.6% 27 p.p. 79.6% 65.1% 14.5 p.p. Units Launched 2,642 1,951 35% 2, % Average Price of Units Launched (R$/m²) 1,605 2,027-21% 1,605 2,378-33% Average Price of Units Launched (R$000/unit) % % Usable Area Launched (m²) 152, ,163 23% 152,285 20, % Usable Area Launched (m²/unit) % % Pre-Sales Pre-Sales Rodobens (R$000) 153, ,594 7% 153,744 33, % Pre-Sales Total (R$000) (3) 253, ,094 21% 253,219 61, % RNI's share of total Pre-sales 60.7% 68.7% -8 p.p. 60.7% 54.0% 6.8 p.p. Units sold 2,092 1,682 24% 2, % Average Price of Units Sold (R$/m²) 1,931 1,854 4% 1,931 2,183-12% Average Price of Units Sold (R$000/unit) % % Usable Area Sold (m²) 131, ,791 16% 131,160 28, % Usable Area Sold (m²/unit) % % Results to be Recognized Revenues to be recognized (R$000) 336, ,316 34% 336,196 72, % Revenues minus Costs to be recognized (R$000) 129, ,684 29% 129,832 26, % % margin 38.6% 40.1% -1.5 p.p. 38.6% 36.6% 2 p.p. Balance Sheet Net Debt (R$000) (163,137) (244,736) -33% (163,137) (368,211) -56% Cash (R$000) 223, ,651-27% 223, ,007-49% Shareholders' Equity (R$000) 561, ,275 3% 561, ,067 11% Total Assets (R$000) 794, ,220 4% 794, ,969 20% (1) EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) adjusted excluding non-recurring IPO expenses. Excludes equity income (pick-up) from investments. (2) Total potential pre-sales value, including the share of Rodobens and of partners. (3) Total pre-sales value, independent of the share of Rodobens in the projects. (4) Doesn't include equity income (4) (1) Net Net Revenues Revenues (R$ (R$ million) million) EBITDA EBITDA (R$ (R$ million) million) % % % % % 14 1Q07 2Q07 3Q07 1Q08 1Q07 2Q07 3Q07 1Q08 Page 2 of 22

3 Message from the Management Rodobens Negócios Imobiliários started 2008 in a intense rhythm of activities, continuing its path of strong growth initiated in Once again, all main operating and financial-economic indicators showed growth rates higher than 100% compared to the same period of the previous year. In spite of the first quarter being traditionally the year s weakest in the housing industry, we launched projects totaling R$195 million (Rodobens share only), equivalent to 31% of the full year 2008 target disclosed by the management, and 45% of all project launches in year All project launches in 1Q08 were brought to the market at an average selling price per unit of up to R$150,000, reflecting Rodobens declared strategic positioning, since before our IPO, of prioritizing the offering of homes to the middle and lower-middle classes. The contracted sales (Rodobens share only) reached a new quarterly record of R$154 million, equivalent to 49% of the figure for the full year of There were sold 2,092 units, being 88% of projects with average selling price per unit of up to R$150,000. In the technical-operational side, the successful delivery of the project Terra Nova Garden Village I (in Dec/07-Jan/08), a gated community of 360 homes delivered in just 12 months from its launching, was another milestone for the company. It was Rodobens first-ever project built with the process of concrete molded on site, and the first-ever project by a Brazilian homebuilder to be qualified as Sustainable Construction by Banco Real (ABN Amro), one of the world s leading organizations in the concept of Sustainability. The geographic expansion of our product-concept TERRA NOVA (priced up to R$150,000) is a growing nationwide reality, with projects already launched in the South, Southwest and Midwest regions of Brazil: Sorocaba/SP, Marília/SP, Osasco/SP, Cascavel/PR, Ponta Grossa/PR, Porto Alegre/RS, Alvorada/RS, Santa Cruz do Sul/RS, Várzea Grande/MT, Rondonópolis/MT, besides our headquarters city of São José do Rio Preto/SP. Beyond those, we shall soon be launching Terra Nova gated communities of affordable homes in: Palhoça/SC, Uberaba/MG, Uberlândia/MG, São Carlos/SP, among many other mid-sized cities with significant economic importance to its respective states. We reiterate that our primary commitment is to a business model that maximizes the return on the invested capital (ROIC) in a sustainable way. One of the paths to that goal is the relentless pursuit of the shortening of the delivery period of the homes to our clients, like what we do with the Terra Nova homes, in up to 12 months from the launching. Despite the economic slowdown in the U.S., and the recent increase of the basic interest rate in Brazil (the Selic rate), we maintain our confidence in the continuation of a favorable macroeconomic environment in the long term. Besides the economic environment, the age profile of the Brazilian population will translate into continuous and growing demand for new homes throughout the next two decades at least, particularly in the lower income segments more dependent of credit, which are our business focus. We once again share our delight to count with a team of employees that is united, motivated and committed to results, and expect to continue to count with the confidence and support of our shareholders, clients, partners, suppliers and authorities. Page 3 of 22

4 The Company Rodobens Negócios Imobiliários is a real estate developer with more than 16 years of experience and focus in the cities with more than 150,000 inhabitants in the countryside of Brazil. Since the beginning of its operations in 1991, the company has launched 70 residential projects in 24 cities in seven states of Brazil (SP, MG, RJ, PR, RS, CE, MT), comprising a total of 16,742 units and 1.8 million m² (as of March 2008). Rodobens Negócios Imobiliários is part of Empresas Rodobens, one of Brazil s 100 largest business conglomerates. The group was founded in 1949 in São José do Rio Preto/SP and has a strong presence two distinct areas of business: vehicles origin of the group - and real estate. The group comprises auto dealerships, truck and bus dealerships, consortium administration, insurance, auto and truck rental, banking, e-commerce, real estate development, mortage, corporate satellite TV and international businesses. Our real estate development activity is focused in the acquisition of raw land for the development, building and selling of homes that are part of gated communities (or condominiums). Our projects are targeted at two distinct segments of the public, represented by the brands Terra Nova and Sistema Fácil: Segmentation of our residential real estate products Selling price (R$/unit) Built area TERRA NOVA R$65,000 - R$150, m², 2-3 bedrooms SISTEMA FÁCIL Above R$151,000 (USD80,000) m², 2-4 bedrooms Income Segment Target 5-10 MW¹ (R$2,075-R$4,150/month) >10 MW¹ (>R$4,150/month) Delivery time (months) Horizontal: 12 / Vertical: Horizontal: / Vertical: Customer Financing 9% + TR² and years tenor ~10.5% + TR² and years tenor # Projects Launched Both the Terra Nova and the Sistema Fácil projects are developed in the concept of residential gated communities that offer solutions of quality, leisure, security and services, plus advanced urban and aesthetic concepts, integrated with attractive financing conditions. We believe Rodobens to be one of the real estate developers with the best understanding of the preferences of the population of the cities in the interior of Brazil, and better able to offer products that meet the quality requirements of customers from those cities, at affordable prices and payment conditions. In addition to the interior of the state of São Paulo and other Brazilian states, we operate in the main cities of Brazil, including São Paulo, Rio de Janeiro, Belo Horizonte, Porto Alegre and Fortaleza. Besides the business of real estate development, we are also jointly controlling shareholders of Companhia Hipotecária Unibanco Rodobens ( CHUR ). The CHUR is a 50%-50% joint venture with Unibanco founded in the end of 2004 and which main product is the Plano Único ( Unique Plan ) letter of credit for the purchase of a real estate property, new or used, residential or commercial. Page 4 of 22

5 Corporate Governance Following we provide a summary of some of the initiatives and aspects related to best practices of corporate governance: Code of Ethics: Rodobens Negócios Imobiliários fully adheres to the Code of Ethics of the Rodobens group ( Empresas Rodobens ). English and Portuguese versions of the Code are available at our investor relations website (). Insider Trading Policy: our management - board directors and executive directors - have signed their adherence to an Insider Trading Policy covering the company s insiders. The adoption of such Policy by a publicly-traded company is voluntary, non-mandatory, according to article 15 of Instruction #358 of the CVM (the Brazilian SEC). English and Portuguese versions of the Policy can be found at our investor relations website (). Fiscal Council: we have a fiscal council installed on a permanent basis, with the objective to help in the overseeing of and guidance for the company s management. It is comprised of three independent members, one of them elected by the minority shareholders at the AGM held on April 30 th, We believe that Rodobens was the first Brazilian real estate developer, in 2Q07, to bring together all the elements above and intend to keep the company in the forefront of the industry concerning the adoption of best practices of corporate governance, including social and environmental responsibility. Below we provide a breakdown of our shareholder base as of the end of the 1Q08: Shareholder Base Free Float Controlling Shareholders Breakdown of Free Float Brazilian institutions Individuals Foreign institutions 21% 53% 47% 1% 78% Page 5 of 22

6 Operating performance 1Q08 Pre-sales Pre-sales in 1Q08 reached R$154 million (Rodobens share only), a 360% growth over 1Q07. Our pre-sales are reported net of cancellations (sales contracts cancelled) occurred in the reported period. Pre-sales Pre-sales Rodobens Rodobens share share only only (R$MM) (R$MM) 1Q08 Pre-sales, by year of project launching Year of Launching # of Units R$MM Total R$MM RNI % Year % RNI % 70% , % 56% % 52% 2005 (3) (0.5) (0.1) 0% 30% Before % 33% TOTAL 2, % 61% 1Q07 2Q07 3Q07 1Q08 Rodobens share increased from 54% (1Q07) to 61% of the total pre-sales in 1Q08 (R$253 million). 2,092 units were sold (vs. 310 in 2006), being 88% with selling price up to R$150,000. Below we illustrate the breakdown of the pre-sales in the 1Q08 by (i) location and by (ii) product type: Pre-Sales in Value, Rodobens share - by LOCATION São Paulo Interior 68% São Paulo Capital 4% Others 28% Pre-Sales in Value, Rodobens share - by PRICE and TYPE up to R$150,000 Horizontal 42% up to R$150,000 Vertical 46% >R$150,000 Vertical 7% >R$150,000 Horizontal 5% Three projects accounted for 63% of the 1Q08 pre-sales: Innova São Francisco (Osasco/SP) 41%, Terra Nova Cascavel (Cascavel/PR) 13%, and Terra Nova Sorocaba (Sorocaba/SP) 9%. The other projects answered, each (or, individually), for less than 6% of the quarter s sales. Page 6 of 22

7 Pre-sales (cont.) Pre-Sales by Product Type 1Q08 1Q07 1Q08vs. 1Q07 1Q08 1Q08vs. Terra Nova Horizontal Pre-Sales - Total (R$000)¹ 78,127 4, % 78,127 86,985-10% price up to R$150,000 Pre-Sales RNI (R$000) 65,013 1, % 65,013 78,175-17% # Units Sold % % Average delivery time : Average price per unit (R$000/unit) % % 12 months Average price of usable area (R$/m²) 1,455 1,210 20% 1,455 1,442 1% 2 Terra Nova Vertical Pre-Sales - Total (R$000)¹ 136,604 2, % 136,604 74,187 84% price up to R$150,000 Pre-Sales RNI (R$000) 70,398 2, % 70,398 38,750 82% # Units Sold 1, % 1, % Average delivery time : Average price per unit (R$000/unit) % % 30 months Average price of usable area (R$/m²) 2,202 1,720 28% 2,202 2,234-1% Sistema Fácil Horizontal Pre-Sales - Total (R$000)¹ 16,365 19,487-16% 16,365 15,302 7% price >R$150,000 Pre-Sales RNI (R$000) 7,174 9,500-24% 7,174 6,438 11% # Units Sold % % Average delivery time : Average price per unit (R$000/unit) % % 18 months Average price of usable area (R$/m²) 2,244 1,988 13% 2,244 2,381-6% Sistema Fácil Vertical Pre-Sales - Total (R$000)¹ 22,123 34,960-37% 22,123 32,620-32% price >R$150,000 Pre-Sales RNI (R$000) 11,160 19,365-42% 11,160 20,230-45% # Units Sold % % Average delivery time : Average price per unit (R$000/unit) % % 30 months Average price of usable area (R$/m²) 2,717 2,669 2% 2,717 2,538 7% TOTAL Pre-Sales Pre-Sales - Total (R$000)¹ 253,219 61, % 253, ,094 21% Pre-Sales RNI (R$000) 153,744 33, % 153, ,594 7% # Units Sold 2, % 2,092 1,682 24% Average price per unit (R$000/unit) % % Average price of usable area (R$/m²) 1,931 2,183-12% 1,931 1,854 4% (1) Total pre-sales value, including the share of Rodobens and of partners. (2) Includes Innova São Francisco project (50% Rodobens, 50% Camargo Corrêa Desenvolvimento Imobiliário). Pre-Sales by Location (in R$000, Rodobens' Share only) 1Q08 1Q07 1Q08vs. 1Q07 1Q08 1Q08vs. Terra Nova Horizontal São Paulo City - - n.a. - - n.a. price up to R$150,000 Other Cities - State of São Paulo 26,974 1, % 26,974 30,770-12% Other States 38,038 - n.a. 38,038 47,405-20% TOTAL 65,013 1, % 65,013 78,175-17% Terra Nova Vertical São Paulo City 4,162 2,540 64% 4,162 3,317 25% price up to R$150,000 Other Cities - State of São Paulo 62, % 62,414 14, % Other States 3,821 - n.a. 3,821 21,056-82% TOTAL 70,398 2, % 70,398 38,750 82% Sistema Fácil Horizontal São Paulo City - - n.a. - - n.a. price >R$150,000 Other Cities - State of São Paulo 7,174 9,500-24% 7,174 6,438 11% Other States - - n.a. - - n.a. TOTAL 7,174 2, % 7,174 6,438 11% Sistema Fácil Vertical São Paulo City 1, % 1, % price >R$150,000 Other Cities - State of São Paulo 8,130 12,777-36% 8,130 15,458-47% Other States 1,560 6,550-76% 1,560 4,010-61% TOTAL 11,160 19,365-42% 11,160 20,230-45% TOTAL Pre-Sales São Paulo City 5,632 2,578 58% 5,632 4,079 38% Other Cities - State of São Paulo 104,693 24, % 104,693 67,044 56% Other States 43,420 6, % 43,420 72,471-40% TOTAL 153,744 33, % 153, ,594 7% Page 7 of 22

8 Project Launches In the 1Q08, Rodobens launched projects with a total potential sales value (PSV) of R$244 million, of which R$195 million the share owned by Rodobens (80% of the total PSV launched). The PSV Rodobens launched in 1Q08 was 515% higher than in 1Q07. There were nine launchings, represented by six new projects, and three follow-on phases of projects already started, totaling 2,642 units in the quarter. Projects Launched in 1Q08 (Potential Sales Value (PSV) in millions of Brazilian Reais (R$MM)) Project name Launching status Total PSV % RNI RNI's PSV Type Number of units Avg. price per Price per unit (R$000) area (R$/m2) Terra Nova Marília/SP (1st Phase) 1Q % 25 House ,387 Terra Nova Rondonópolis/MT (1st Phase) 1Q % 28 House ,475 Terra Nova Santa Cruz do Sul/RS (1st Phase) 1Q % 10 House ,515 Terra Nova Cascavel/PR (1st Phase) 1Q % 37 House ,512 Terra Nova Sorocaba/SP (2nd Phase) 1Q % 33 House ,527 Innova São Francisco - Osasco/SP (2nd Phase) 1Q % 28 Apart ,292 Terra Nova Ponta Grossa/PR (1st Phase) 1Q % 22 House ,480 Terra Nova Parque da Liberdade II - S. J. Rio Preto/SP (2nd Phase) 1Q % 8 House ,385 Terra Nova Reserva - Alvorada/RS 1Q % 4 House ,502 Total Launched 1Q08 R$ % R$ 195 2,642 R$ 93 PSV Launched By Type: Vertical (Apartments) R$ 56 R$ 28 Horizontal (Gated community of single-family homes) R$ 189 R$ 167 PSV Launched By Price and Type >R$150,000 - Apartments - - >R$150,000 - Houses - - Up to R$150,000 - Apartments R$ 56 R$ 28 Up to R$150,000 - Houses R$ 189 R$ 167 Individual project information of (i) accumulated percentage sold and (i) percentage of completion (i.e. costs incurred) for all projects launched in 1Q08 and in recent years can be found in the last page of this document. Page 8 of 22

9 Project Launches (cont.) Project Launches by Price and Type 1Q08 1Q07 1Q08vs. 1Q07 1Q08 1Q08vs. Terra Nova Horizontal Project Launches - Total (R$000)¹ 188,963 - n.a. 188,963 53, % price up to R$150,000 Project Launches - RNI (R$000) 166,879 - n.a. 166,879 37, % # Units Launched 2,220 - n.a. 2, % Average delivery time : Average Units Launched Price (R$000/unit) 85 - n.a % 12 months Average Units Launched Price (R$/m²) 1,475 - n.a. 1,475 1,331 11% Terra Nova Vertical 2 Project Launches - Total (R$000)¹ 55,501 - n.a. 55, ,144-68% price up to R$150,000 Project Launches - RNI (R$000) 27,751 - n.a. 27,751 86,572-68% # Units Launched n.a ,287-67% Average delivery time : Average Units Launched Price (R$000/unit) n.a % 30 months Average Units Launched Price (R$/m²) 2,292 - n.a. 2,292 2,238 2% Sistema Fácil Horizontal Project Launches - Total (R$000)¹ - 4, % - - n.a. price >R$150,000 Project Launches - RNI (R$000) - 2, % - - n.a. # Units Launched % - - n.a. Average delivery time : Average Units Launched Price (R$000/unit) % - - n.a. 18 months Average Units Launched Price (R$/m²) - 1, % - - n.a. Sistema Fácil Vertical Project Launches - Total (R$000)¹ - 43, % - 24, % price >R$150,000 Project Launches - RNI (R$000) - 29, % - 8, % # Units Launched % % Average delivery time Average Units Launched Price (R$000/unit) % % 30 months Average Units Launched Price (R$/m²) - 2, % - 3, % TOTAL Project Launches Project Launches - Total (R$000)¹ 244,464 48, % 244, ,691-3% Project Launches - RNI (R$000) 194,629 31, % 194, ,331 47% # Units Launched 2, % 2,642 1,951 35% Average Units Launched Price (R$000/unit) % % Average Units Launched Price (R$/m²) 1,605 2,378-32% 1,605 2,027-21% (1) Total potencial pre-sales value, including the share of Rodobens and of partners. (2) Includes Innova São Francisco project (50% Rodobens, 50% Camargo Corrêa Desenvolvimento Imobiliário). Launches by Location (in R$000, Rodobens' share) 1Q08 1Q07 1Q08vs. 1Q07 1Q08 1Q08vs. Terra Nova Horizontal São Paulo City - - n.a. - - n.a. price up to R$150,000 Other Cities - State of São Paulo 66,736 - n.a. 66,736 15, % Other States 100,143 - n.a. 100,143 22, % TOTAL 166,879 - n.a. 166,879 37, % Terra Nova Vertical São Paulo City - - n.a. - - n.a. price up to R$150,000 Other Cities - State of São Paulo 27,751 - n.a. 27,751 54,679-49% Other States - - n.a. - 31, % TOTAL 27,751 - n.a. 27,751 86,572-68% Sistema Fácil Horizontal São Paulo City - - n.a. - - n.a. price >R$150,000 Other Cities - State of São Paulo - 2, % - - n.a. Other States - - n.a. - - n.a. TOTAL - 2, % - - n.a. Sistema Fácil Vertical São Paulo City - - n.a. - - n.a. price >R$150,000 Other Cities - State of São Paulo - 22, % - - n.a. Other States - 7,252 14% - 8, % TOTAL - 29,420-72% - 8, % TOTAL Project Launches São Paulo City - - n.a. - - n.a. Other Cities - State of São Paulo 94,486 24, % 94,486 69,791 35% Other States 100,143 7, % 100,143 62,540 60% TOTAL 194,629 31, % 194, ,331 47% Page 9 of 22

10 Project Launches (cont.) Among the project launches in 1Q08, we highlight the second phase of the Terra Nova Parque da Liberdade 2, a gated condominium of 476 homes, part of a large scale project in the concept of planned communities. The Parque da Liberdade will be a new neighborhood in the city of São José do Rio Preto, a 430,000- people city in the interior of the State of São Paulo, where Rodobens is headquartered. The total project will be developed in phases, totaling approximately 2,600 homes in six individual gated communities (condominiums), each with its own structure of leisure, security, water and waste collection. The community will have a public infra-structure of transit, leisure, school and security, with its construction managed by Rodobens. The first gated condominium was launched in August 2007 and had 80% of its 340 units sold in two months. The second condominium the Terra Nova Parque da Liberdade 2 had its first phase of 248 homes launched in and already reached 71% sold at the end of 1Q08. Terra Nova Parque da Liberdade - Art design The homes of the Parque da Liberdade project will be built with the process of concrete molded on site, with delivery scheduled for up to 12 months from the launching. Following we present images of the undergoing construction of the Terra Nova Parque da Liberdade I as of April 2008: Page 10 of 22

11 Project Launches (cont.) Concerning the planned project launches for 2008, in January 2008 we revised our target upwards to R$634 million in potential sales value (PSV), Rodobens share only (total PSV: R$900-1,000 million), and confirmed the possibility of that target to be revised upwards again during the course of Breakdown of Project Launches (in R$ million, Rodobens share) by Product (selling price) Moradas (R$50k-65k) Terra Nova (R$65k-150k) Sistema Fácil (>R$150k) $1, $1,093 $ ,216 $ $ E 2009E 2010E Land bank During the 1Q08 we continued to strive in the prospecting, negotiation, and acquisition of land tracts with the characteristics adequate for the development of Terra Nova horizontal projects in various states of Brazil. As of March 31, 2008, the total land bank acquired and under purchase option represented a total potential sales value estimated at R$5.8 billion, being R$5.1 billion the share of Rodobens, with the potential to build approximately 74,000 homes, spread by 47 cities of 10 of the most economically-active Brazilian states. Of the potential sales value estimated for Rodobens, 72% comes from land properties acquired based on purchase and sale agreements, and 28% represented by short term purchase option agreements (typically days, often renewable). Our standard and disciplined process for land purchase requires that a pilot housing development project is granted a preliminary approval by the municipal authorities while the respective land property is still under purchase option and previously to our purchase of that asset. Breakdown of the Potential Pre-Sales Value of the Land Bank By Location Capitals 19% By Product Selling Price >R$150k 6% Noncapitals 81% up to R$150k 94% Page 11 of 22

12 Land bank (cont.) Breakdown of land bank by state of Brazil PSV RNI (in R$000) Units¹ State #Cities Acquired Under Option Total % of Total Acquired Under Option Total % of Total BA 1 232, ,260 5% 3,318-3,318 4% GO 2 275, ,620 5% 3,724-3,724 5% MG 8 659, ,005 1,183,202 23% 8,736 7,666 16,402 22% MS 1 28,068 70,800 98,868 2% ,571 2% MT 2 266, , ,166 11% 4,014 3,748 7,762 11% PR 4 192,478 32, ,678 4% 2, ,018 4% RJ 2 142, ,100 3% 2,030-2,030 3% RS 6 352, ,914 7% 7,600-7,600 10% SP , ,375 1,273,835 25% ,989 17,019 23% SC 3 732, ,165 14% 11,466-11,466 16% ,637,326 1,425,480 5,062, % 54,162 19,748 73, % ¹ Total number of units, regardless of other partners' participation and units given in swap for land owners The national foothold of the Rodobens group, with strong name recognition and reputation in the cities located in the inlands of Brazil, results in an extensive network of contacts that has continued to provide us with a competitive advantage in the identification and acquisition of the best land properties in the target cities for the development of Terra Nova housing projects. <1% 11% 5% 5% Acquired areas in states with projects under construction Acquired areas in states with projects in pre-launching phase (launching 1H08) 2% São José do Rio Preto/SP 4% 25% 23% 3% 14% 7% Page 12 of 22

13 Financial Performance 1Q08 Income Statement Consolidated, in R$000 1Q08 PctChg 1Q07 PctChg Net Operating Revenue 72,680 49,805 46% 18, % Gross Margin 32.5% 37.0% -4.5 p.p. 32.2% 4.8 p.p. Commercial Expenses (4,249) (2,956) 44% (1,277) 131% -5.8% -5.9% 0.1 p.p. -6.7% 0.8 p.p. General and Administrative Expenses (7,186) (5,907) 22% (4,348) 36% -9.9% -11.9% 2 p.p % 11.1 p.p. Other Operating Revenue 1,468 1,484-1% 2,171-32% 2.0% 3.0% -1 p.p. 11.5% -8.5 p.p. Equity Pick-Up from Investments EBITDA 14,463 11,194 ² 29% 3, % EBITDA Margin 19.9% 22.5% -2.6 p.p. 16.9% 5.6 p.p. IPO- related Non-recurring Expenses - - (18,650) Net Financial Income (Expenses) 7, ¹ 7,966 Income Taxes (3,670) (576) (641) Minority Interest (10) (8) - Net Income 17,864 20,432 (8,675) Net Income Margin 24.6% 41.0% -45.8% Earnings per Share (in R$) (0.18) ¹: Includes Interest on Equity of R$8.5 million recorded as interest expense, that is reversed back to net income. ²: Doesn't include equity income Results discussed Net Revenue rose 163% (vs. 1Q08), reaching R$128 million. Revenues and costs are recognized by the Percentage of Completion method. The revenue growth was due to a higher number of projects launched and under recognition of costs incurred. Gross Margin was 32.5% in the quarter, lower than the year 2007 margin of 34.5%. The gross margin, when adjusted for the exclusion of interest expense recorded as cost of projects, was 35.0%. The largest single contribution (about 50%) for the decline in gross margin in the 1Q08 vs. FY2007, that is, 1 percentage point of the total 2pp decline, came from the start of revenue recognition of the Innova São Francisco project, with margin of 24.4% of net revenue. The lower relative margin of the Innova is partially explained by the non-inclusion of the sales commission in the price of the contracts signed with clients. If commissions were included, as it has been the predominant practice by Rodobens, the Innova s margin would have been 27.2%. Commercial and Sales Expenses stayed at the 6% level, within our goal of 6%-7%. The deferral of this expenses category, for project-related expenses only, while overstating earnings in the short term, brings the benefit of an alignment with revenue recognition, facilitating the monitoring and analysis of individual project margins. Page 13 of 22

14 Financial Performance 1Q08 (cont.) General and Administrative Expenses totaled R$7.2 million, already included the provision for employees profit sharing (paid twice a year), a practice that aims at avoiding distortions in results reporting when such expense is recognized only at the end of the performance measurement periods (e.g. semester or year). When we subtract, from the G&A expenses, the recurring Other Operating Revenues of R$1.5 million (from the rendering of administrative services to the SPEs in which we have partners), our net G&A expenses were at R$5.7 million, or 8% of net revenue. We believe Rodobens to be one of the lowest operating cost companies, perhaps the lowest, among the listed Brazilian homebuilders. EBITDA reached R$14 million, with 19.9% margin of net revenue. Excluding the negative impact of interest expenses recorded as cost of projects, the EBITDA margin was 22.4%. Starting this quarter, we include the proportional equity income from investments (or equity pick-up) in the calculation of EBITDA, in order to reflect our business of proprietary mortgage (Cia. Hipotecária Unibanco Rodobens-CHUR). The contribution of CHUR to the EBITDA margin in 1Q08 was 0.8 percentage points. Net Income in 1Q08 reached R$18 million, reflecting the growing operating profit and the decreasing contribution of the net interest (i.e. financial) result. Selected Accounting practices Following we provide clarity about some of our accounting practices that affect the analysis of our results, particularly when compared against other Brazilian listed homebuilders: The revenues, the costs, and the expenses from SPEs in which we participate with partners are reflected in our consolidated financial statements only proportionally to our stake in those SPEs (or projects). This way, our minority interests result is irrelevant. Interest expense from construction financing: recorded as cost of projects during the period of construction, therefore negatively affecting our accounting gross profit and the EBITDA. Bottom line: our EBITDA, if not adjusted, is not interest expense-free, violating the standard and pure EBITDA concept. Commercial and sales expenses: represented by sales comissions paid to brokers, and by marketing and advertisement expenses directly related to individual projects, are capitalized when incurred and then expensed according to the revenue recognition (percentage of completion method). Interest revenue from performed contracts with clients: recorded in the financial result, and not in the (top line) revenue from projects. Therefore, our gross margin does not carry positive impact of interest charged to customers. Page 14 of 22

15 Financial Performance 1Q08 (cont.) Consolidated Balance Sheet: main items Bank De bt 61 Cash 224 Land Payables 99 Others 74 Clients 200 Shareholders' Inventory 253 Equity 561 Others 118 Assets Liabilities Credits with Clients Our credits towards clients recorded in the balance sheet at the end of 1Q08 were R$200 million, a growth of 22% over the previous quarter (). Of those R$200 million, R$90 million were represented by performed receivables, i.e. finished and delivered units with potential for immediate conversion into cash via sale or securitization. It is currently estimated that, until the end of the year, additional at least R$130 million in performed receivables will be generated from the delivery of construction of units already pre-sold. The credits not yet recorded in the balance sheet, which revenues are yet unrecognized in the income statement due to the percentage of completion method, rose to R$336 million, a growth of 34% over the end of the previous quarter. Adding up the receivables recorded to the unrecorded (or unrealized) amount, total credits with clients were R$536 million at the end of 1Q08, a growth of 44% over the end of the Credits with clients (R$ MM) Current Assets 1Q08 % 1Q07 % 1Q08 x 1Q07 % 1Q08 x Amounts realized 135,009 25% 55,376 32% 144% 96,317 24% 40% Amounts non realized 256,914 48% 61,804 36% 316% 219,390 54% 17% Total Current Assets 391,923 73% 117,180 69% 234% 315,707 78% 24% Non Current Assets Amounts realized 64,675 12% 42,709 25% 51% 55,067 14% 17% Amounts non realized 79,282 15% 10,570 6% 650% 31,926 8% 148% Total Non Current Assest 143,957 27% 53,279 31% 170% 86,993 22% 65% TOTAL 535, % 170, % 214% 402, % 33% Page 15 of 22

16 Financial Performance 1Q08 (cont.) Real Estate for Sale (Inventory) The 21% growth in our real estate for sale inventory at the end of 1Q08 vs. is also an indicator of the strong growth of our operations. We highlight the participation of finished units remaining at only 2% of the total inventory, and the continuing increase in the amount of land available for development. Real Estate for Sale (R$MM) 1Q08 % 1Q07 % 1Q08 x 1Q07 % 1Q08 x Built units 5,138 2% 2,845 4% 81% 3,172 2% 62% Under construction 75,894 30% 25,893 34% 193% 61,731 29% 23% Raw/Undeveloped Land 172,043 68% 47,064 62% 266% 144,566 69% 19% TOTAL 253, % 75, % 234% 209, % 21% Below we report an estimate of the potential sales value (or market value) of the finished units and the units under construction which appear in our balance sheet at its historical cost: Real Estate for Sale (R$MM) 1Q08 % % 1Q08 x Built units 6,728 2% 4,395 1% 53% Under construction 255,061 59% 215,979 59% 18% Raw/Undeveloped Land 172,043 40% 144,566 40% 19% TOTAL 432, % 364, % 19% The difference between the figures reported in the balance sheet and the estimated potential sales (market) value of the finished units and those under construction is R$181 million. Bank Debt The outstanding balance of loans and financings stayed at R$60 million, with the entry of new loans being compensated by the amortization of old ones. Our balance of bank debt is represented exclusively by financing for construction, in Brazilian Reais (R$), under the SFH Financial Housing System, at interest rates from 9% to 13%p.a. plus TR. Outstanding Balance 1Q08 % 1Q07 % 1Q08 x 1Q08 x % 1Q07 Short Term 23,623 39% 13,203 20% 79% 20,612 34% 15% Long Term 37,001 61% 53,593 80% -31% 39,303 66% -6% TOTAL 60, % 66, % -9% 59, % 1% The table below presents the debt amortization schedule of the long term portion: Amortization Total Schedule ( R$ MM ) 2009 (since april/09) 16, , ,051 After ,548 Total long term 37,001 Page 16 of 22

17 The Companhia Hipotecária Unibanco Rodobens (Mortgages) Results and Operations In 1Q08 CHUR posted a net income of R$1.3 million. The result of CHUR is reflected in the consolidated income statement of Rodobens Negócios Imobiliários by the method of equity income (i.e. equity pick-up). The main contributions to that quarterly net income were (i) the interest revenues of R$1.6 million, which at CHUR are classified and reported as operating revenues due the nature of its business, and (ii) the other operating revenues of R$2.6 million, represented by Plano Único application fees and plan administration fees. At the end of March 2008, CHUR had 3,132 contracts qualified by Rodobens as active by the criteria of timely payments, representing a portfolio of client contracts with a total value of R$241 million, and an average value of R$77 thousand per letter of credit. The charts below show the quarterly evolution of the balance sheet of CHUR: Assets Assets (R$ (R$ million) million) Net Net Worth Worth and and Liabilities Liabilities (R$ (R$ million) million) Q07 3Q07 1Q Q07 3Q07 1Q Cash Disbursed Loans Approved Loans Other credits Net Worth Advances from Customers Others Most of CHUR s assets are represented by a cash position built up with advances from clients of Plano Único who are saving for the future access to a letter of credit. As of March 31, 2008, the CHUR had a portfolio of performed mortgage credits, i.e. letters of credit granted to clients, in the amount of R$12 million. The financial strategy of CHUR is to negotiate the sale, to financial agents of the SBPE (Brazilian System of Savings and Loans), of the portfolio of performed mortgage loans generated from the granting of the letters of credit. * * * * * Page 17 of 22

18 Consolidated Balance Sheet Rodobens Negócios Imobiliários S.A. Balance Sheet 1Q08 % Chg 1Q07 % Chg ( In R$000) ASSETS CURRENT ASSETS Cash and banks 8,349 6,848 22% 4,312 94% Financial investments 215, ,803-28% 430,696-50% Credits with clients 135,009 96,317 40% 55, % Real estate for sale 238, ,599 21% 75, % Credits with third parties 50,645 38,925 30% 24, % Expenses to be transfered to SPCs¹ 5,492 10,196-46% 4,679 17% Sales expenses to be recognized 18,345 12,897 42% 5, % Prepaid expenses % % Other credits 6,625 5,136 29% 1, % Total current assets 678, ,077 2% 602,812 13% NON-CURRENT ASSETS Credits with clients 64,675 55,067 17% 42,709 51% Related parties 18,074 16,016 13% 13,946 30% Legal provisions % - n.a. Real estate for sale 14,571 12,870 13% - n.a. Investments in related parties 11,646 11,032 6% - n.a. Fixed assets 4,493 3,973 13% 1, % Intangible 2,285 1,888 21% % Total non-current assets 116, ,143 15% 59,157 96% TOTAL ASSETS 794, ,220 4% 661,969 20% ¹ Special Purpose Companies for individual projects. Page 18 of 22

19 Consolidated Balance Sheet Rodobens Negócios Imobiliários S.A. Balance Sheet 1Q08 % Chg 1Q07 % Chg ( In R$000) LIABILITIES & Shareholders' Equity CURRENT LIABILITIES Suppliers 12,062 7,999 51% 3, % Loans and financing 23,623 20,612 15% 13,203 79% Social charges payable 2,817 2,449 15% 1, % Taxes payable 3,203 4,696-32% % Current accounts with partners in projects 22,129 15,911 39% 11,722 89% Land aquisitions payable 74,552 66,171 13% 21, % Deferred income taxes 11,297 8,410 34% 6,036 87% Provision for customer warranty 2,224 1,749 27% 1,245 79% Advances from clients 2,347 1,824 29% 1,798 31% Related parties - intercompany loans 7,983 7,984 0% 12,510-36% Related parties - commercial transactions n.a. - n.a. Employees' profit sharing % 508-3% Dividends payable 1,261 8,772-86% % Other accounts payable 2,696 2,092 29% 2,077 30% Total current liabilities 166, ,624 11% 75, % NON-CURRENT LIABILITIES Deferred taxes 5,729 4,722 21% 3,784 51% Loans and financing 37,001 39,303-6% 53,593-31% Provisions for contingencies % 135 2% Land aquisition payable 23,988 29,146-18% 24,702-3% Total (long-term) non-current liabilities 66,856 73,307-9% 82,214-19% Minority interest % - n.a. Shareholders' Equity Capital stock 512, ,438 0% 512,438 0% Legal reserve 2,132 2,132 0% % Retained earnings 28,705 28,705 0% % Accrued income 17,864 - n.a. (8,675) n.a. Total Shareholders' Equity 561, ,275 3% 504,067 11% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 794, ,220 4% 661,969 20% Page 19 of 22

20 Consolidated Income Statement Rodobens Negócios Imobiliários S.A. Income Statement 1Q08 % Chg 1Q07 % Chg (In R$000) GROSS OPERATING REVENUES 75,383 51,606 46% 19, % Revenues from projects 75,383 51,606 46% 19, % (-) DEDUCTIONS FROM GROSS REVENUES (2,703) (1,801) 50% (745) 263% Unconditional discounts (69) % (7) 886% Sales taxes (2,634) (1,802) 46% (738) 257% NET OPERATING REVENUES 72,680 49,805 46% 18, % COST OF PROJECTS SOLD (49,047) (31,373) 56% (12,851) 282% GROSS PROFIT 23,633 18,432 28% 6, % OPERATING (EXPENSES) REVENUES (9,354) (6,863) 36% (22,104) -58% Commercial and sales expenses (4,249) (2,956) 44% (1,277) 233% General and administrative expenses (7,186) (5,907) 22% (4,348) 65% Expenses from corporate restructuring (IPO) - - n.a. (18,650) -100% Other operating revenues 1,468 1,484-1% 2,171-32% Equity Income % - n.a. OPERATING PROFIT (LOSS) BEFORE INTEREST EXPENSE 14,279 11,569 23% (16,000) n.a. NET INTEREST (EXPENSES) REVENUES 7, % 7,966-9% Monetary variations, net % % Interest expenses (1,122) (9,621) -88% (1,330) -16% Interest revenues 7,784 9,936-22% 9,226-16% OPERATING INCOME 21,544 12,516 72% (8,034) n.a. NON OPERATING INCOME - - n.a. - n.a. EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION 21,544 12,516 72% (8,034) n.a. INCOME TAX AND SOCIAL CONTRIBUTION (3,670) (576) 537% (641) 473% Current (1,652) % (288) 474% Deferred (2,018) (614) 229% (353) 472% NET INCOME BEFORE MINORITY INTERESTS 17,874 11,940 50% (8,675) n.a. Minority interests (10) (8) 25% - n.a. Interest on shareholders' equity - 8, % - n.a. NET INCOME 17,864 20,432-13% (8,675) n.a Earnings per share (in R$/share) (0.18) Page 20 of 22

21 Cash Flow RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A. CASH FLOW (In R$000) CASH FLOW FROM OPERATING ACTIVITIES Parent Company Consolidated (03 Month) (03 Month) (03 Month) (03 Month) NET INCOME 17,864 (8,675) 17,864 (8,675) Adjustments for reconciliation of loss in the period to net cash from / for operating activites Deferred taxes (326) (69) 3, Depreciation Minority Interests Equity income (17,051) (4,221) (614) - Sale of fixed assets Provision for contingencies Interest and monetary variations on loans ,791 2,036 CHANGES IN OPERATING ASSETS AND LIABILITIES Credits with clients 2,287 (208) (48,300) (12,113) Real estate for sale (30,815) (35,318) (43,606) (40,131) Credits with third parties (47,840) (6,265) (11,720) (8,013) Expenses to be transfered to SPCs 4,956 (3,453) 4,704 (3,338) Selling expenses to be recognized 2 64 (5,448) (62) Prepaid expenses 140 (14) 119 (28) Other credits (1,807) (150) (1,489) (605) Related parties (2,578) 1,256 (2,160) 533 Legal provisions (49) - (49) - Suppliers (1,399) 266 4, Taxes and social charges payable (1,868) (162) (1,125) (190) Land acquisitions payable 5,835 21,951 3,223 29,008 Advances from customers Advances from partners 50 3,848 6,218 4,403 Provisions for customer warranty - (116) 475 (105) Provisions for losses in subsidiaries 1, Provision for profit sharing (359) (224) (359) (224) Dividends payable (7,511) (168) (7,511) (168) Others accounts payable 123 (1,080) 606 (1,172) NET CASH FLOW INVESTED IN OPERATING ACTIVITIES (78,806) (31,651) (78,692) (36,714) CASH FLOW FROM INVESTING ACTIVITIES Deferred - - Acquisition of fixed assets (488) (569) (1,116) (596) (Addition) reduction in investments (3,555) (550) - - NET CASH FLOW ( INVESTED IN ) INVESTING ACTIVITIES (4,043) (1,120) (1,116) (596) CASH FLOW FROM FINANCING ACTIVITIES Loans and financings - Amortization of loans and financings (1,074) (3,486) (17,107) (8,357) New loans and financings 488 2,688 16,025 14,090 Capital increase - 448, ,500 NET CASH FLOW FROM FINANCING ACTIVITIES (586) 447,702 (1,082) 454,233 CHANGE IN CASH (83,435) 414,931 (80,890) 416,922 Cash balance At the beginning of the period 293,653 13, ,651 18,085 At the end of the period Difrença 210, , , ,007 SUPPLEMENTARY CASH FLOW INFORMATION Cash paid during the period related to: Interest of loans and financings ,990 1,259 Income tax and social contribution 503-1, Page 21 of 22

22 ANNEX: % of Costs Incurred and % of Accumulated Sales, by Project Project Year of launch Costs Incurred Accumulated Sold Gross Revenues Recognized (R$000) 1Q08 1Q Q08 % RNI PSV Launched RNI (R$MM) TERRA NOVA PONTA GROSSA 0% 7% 0% 10% % 22 Terra Nova Ponta Grossa (1st Phase) % 7% 0% 17% TERRA NOVA CASCAVEL 0% 21% 0% 56% - - 4, % 37 Terra Nova Cascavel % 21% 0% 56% TERRA NOVA SANTA CRUZ DO SUL 0% 7% 0% 2% % 10 Terra Nova Santa Cruz do Sul (1st Phase ) % 7% 0% 5% TERRA NOVA RESERVA 0% 12% 0% 89% % 4 Terra Nova Reserva % 12% 0% 89% TERRA NOVA RONDONÓPOLIS 1% 12% 3% 9% - - 1, % 28 Terra Nova Rondonópolis (1st Phase) % 17% 6% 19% TERRA NOVA MARÍLIA 10% 16% 1% 11% % 25 Terra Nova Marília (1st Phase) % 16% 2% 20% INNOVA SÃO FRANCISCO 8% 12% 13% 72% 2,245 2,245 10,267 50% 82 Innova São Francisco I (1st Phase) % 17% 28% 98% Innova São Francisco II (1st Phase) % 16% 24% 97% Innova São Francisco III (2nd Phase) % 15% 0% 87% TERRA NOVA PARQUE DA LIBERDADE 2 1% 3% 24% 45% % 18 Terra Nova Parque da Liberdade 2 (1st Phase) % 3% 45% 71% Terra Nova Parque da Liberdade 2 (2nd Phase) % 3% 0% 16% TERRA NOVA VÁRZEA GRANDE 17% 26% 87% 96% 7,901 8,067 6, % 51 Terra Nova Várzea Grande (1st Phase) % 28% 94% 99% Terra Nova Várzea Grande (2nd Phase) % 24% 77% 92% TERRA NOVA SOROCABA 17% 26% 34% 55% 3,789 4,009 6, % 67 Terra Nova Sorocaba (1st Phase) % 29% 69% 83% Terra Nova Sorocaba (2nd Phase) % 22% 0% 27% GREEN FIELDS RESIDENCE CLUB 22% 27% 18% 20% 2,569 2,705 1, % 38 Green Fields (1st Phase) % 32% 31% 36% TERRA NOVA PARQUE DA LIBERDADE % 38% 86% 92% 1,068 1,433 3,179 50% 13 TERRA NOVA BELVEDERE I 22% 35% 61% 82% 2,314 2,903 2,687 50% 16 Terra Nova Belvedere I (1st Phase) % 53% 81% 94% Terra Nova Belvedere I (2nd Phase) % 2% 24% 60% TERRA NOVA NATURE 15% 18% 78% 81% 2,794 10,989 3,369 50% 89 Terra Nova Nature (1st Phase ) % 26% 100% 99% Terra Nova Nature (2nd Phase) % 14% 81% 86% Terra Nova Nature (3rd Phase) % 14% 52% 60% LE BRISE % 41% 98% 95% % 4 SAN DIEGO I % 49% 45% 58% 1,419 3,003 1,792 50% 16 BOSQUE VIVENDAS 38% 55% 87% 92% 4,095 14,668 8, % 43 Bosque Vivendas (1st Phase - Apart.) % 55% 75% 85% Bosque Vivendas (2nd Phase - Houses) % 55% 100% 100% VILA DAS TORRES 33% 35% 47% 52% 756 4, % 25 Vila das Torres - Vanguardia % 36% 90% 90% Vila das Torres - Terraza % 33% 40% 44% Vila das Torres - Mirage % 36% 16% 24% ESPAÇO JARDIM 20% 30% 70% 73% 771 1, % 7 Espaço Jardim (1st Phase) % 47% 85% 84% Espaço Jardim (2nd Phase) % 13% 53% 62% GARDEN CLUB 33% 45% 70% 71% 1,473 3,980 1,830 55% 15 Garden Club (1st Phase) % 84% 89% 89% Garden Club (2nd Phase) % 3% 49% 51% TERRA NOVA GARDEN VILLAGE % 100% 98% 98% 4,075 12, % 13 GREEN TAMBORÉ 36% 50% 49% 55% 1,382 2,959 2,764 34% 14 Green Tamboré (1st Phase) % 57% 57% 63% Green Tamboré (2nd Phase) % 41% 37% 43% GUARAPIRANGA PARK 24% 36% 32% 39% 3,022 5,031 4, % 41 Guarapiranga Park (1st Phase) % 55% 72% 83% Guarapiranga Park (2nd Phase) % 29% 26% 36% JARDINS DE ATHENAS % 100% 100% 100% 692 5, % 6 QUINTAS DE TAMBORÉ % 46% 73% 74% 1,135 3,894 1,453 45% 15 SAN REMO II 61% 75% 70% 89% 2,570 6,979 4,109 50% 15 San Remo II (1st Phase) % 75% 100% 100% San Remo II (2nd Phase) % 75% 34% 76% BARRA CENTRAL PARK 85% 94% 50% 49% 376 3, % 11 Barra Central Park (1st Phase) % 100% 56% 53% Barra Central Park (2nd Phase) % 91% 45% 46% GREEN VILLAGE III 95% 95% 100% 100% 25 6, % 12 Green Village III (1st Phase) % 100% 100% 100% Green Village III (2nd Phase) % 100% 100% 100% Green Village III (3rd Phase) % 86% 100% 100% BOSQUE SÃO FRANCISCO 94% 98% 78% 83% 3,043 11,565 2,406 42% 26 Bosque S Francisco (1st Phase) % 100% 83% 86% Bosque S Francisco (2nd Phase) % 95% 74% 81% DOLCE VITA RESIDENZIALE 52% 58% 43% 55% 790 4,076 1,663 50% 8 Dolce Vita (1st Phase) % 100% 98% 98% Dolce Vita (2nd Phase) % 70% 31% 67% CARIBE VILLAGE 94% 100% 60% 66% 505 1, % 9 Caribe Village (1st Phase) % 100% 85% 85% Caribe Village (2nd Phase) % 100% 100% 100% Caribe Village (3rd Phase) % 100% 31% 42% TAMBORÉ 7 EXCLUSIVE HOUSES 92% 94% 67% 71% 1,192 4,085 1,290 25% 24 Tamboré 7 (1st Phase) % 100% 97% 97% Tamboré 7 (2nd Phase) % 100% 94% 94% Tamboré 7 (3rd Phase) % 100% 89% 97% Tamboré 7 (4th Phase) % 100% 92% 83% Tamboré 7 (5th Phase) % 100% 59% 71% Tamboré 7 (6th Phase) % 100% 75% 85% Tamboré 7 (7th Phase) % 98% 24% 33% Tamboré 7 (8th Phase) % 59% 0% 0% OTHERS 100% 100% 875 5,763 1, Total 51, ,968 75,383 1,387 Page 22 of 22