CCP Announces Gross Revenue Growth of 20.8% and 14.2% in the EBITDA for the 1Q11

Results CCP Announces Gross Revenue Growth of 20.8% and 14.2% in the EBITDA for the São Paulo, May 11, 2011 - Cyrela Commercial Properties S.A. Empreendimentos e Participações (Bovespa: CCPR3) ( CCP or Company ), one of the leading commercial property investment, leasing and sales companies in Brazil, announces its results for the first quarter of 2011. Except where stated otherwise, all amounts are in Brazilian real (R$) and in accordance with the accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Highlights Financial Indicators (R$ million) Net Revenue 36.26 43.82 20.9% EBITDA 30.20 34.48 14.2% EBITDA Margin 83.3% 78.7% -4.6 p.p Adjusted EBITDA 30.20 34.31 13.6% Adusted EBITDA Margin 85.3% 83.0% -2.3 p.p NOI (2) 30.21 34.25 13.4% NOI Margin 93.6% 93.8% 0.2 p.p FFO (3) 20.66 21.65 4.8% FFO Margin 57.0% 49.4% -7.6 p.p FFO per share (R$) (4) 0.239 0.251 4.8% Net Income 18.52 19.49 5.2% Net Margin 51.1% 44.5% -6.6 p.p Net Income per share (R$) (4) 0.2143 0.2256 5.3% Adjusted EBITDA desconsidering sales activities and extraordinay expenses (2) Net Operating Income desconsidering sales expenses (3) Funds From Operation (4) Total Treasury stock 1Q10 Operating Indicators 1Q10 x 1Q10 Physical Vacancy 1.5% 0.5% -1.0 p.p Financial Vacancy 1.1% 0.6% -0.5 p.p Current Portfolio (th. sq.m) 191.7 189.8-1.0% Under development Portfolio (th. sq.m) 226.2 348.5 54.1% Results Conference Call Portuguese May 12, 2011 10:30 a.m. (Brasília time) 9:30 a.m. (US EST) Dial-in: +55 (11) 3127-4971 Code: CCP Replay: +55 (11) 3127-4999 Code: 71992216 English May 12, 2011 11:30 a.m. (Brasília Time) 10:30 a.m. (US EST) Telefone: +1 (412) 317-6776 Senha: CCP Replay: +1 (412) 317-0088 Senha: 450707# IR Contact: Investor Relations Tel.: (55) (11) 3018-7601 ri@ccpsa.com.br www.ccpsa.com.br/ir BM&FBovespa: CCPR3 Share Price: R$ 13.90 No. of Shares: 86,500,000 Market Cap: R$ 1.202 MM Closing Price: 05/10/2011

Results Company Overview CCP is a leading Brazilian company engaged in property investment, leasing and sales, with a focus on the development and acquisition of high-end corporate buildings, shopping malls and logistics condominiums. The Company pursues opportunities to acquire, sell and resell commercial properties that, based on its experience and intelligence of the commercial real estate market, offer the potential for returns. CCP currently has total leasable area of 190,000 sq.m. and over 348 thousand sq.m. in projects under development for delivery in the coming years. Highlights Acquisition of lots for development of a Business Park In the first quarter of 2011, we acquired another lot in Queimados, Rio de Janeiro located 35 km from the center of the state capital, with total area of about 740,000 sq.m., for the construction of a business park with GLA of approximately 170,000 sq.m. The business park, which will be built in partnership with AMB Property Corporation, will be launched in phases, with the first phase scheduled for the first half of 2012. The business park will be built in accordance with the highest standards of layout, functionality, flexibility, accessibility and security. Vacancy The total physical vacancy of our portfolio is currently 0.5% of the leasable area of the Company s portfolio, while financial vacancy, which represents the financial impact of vacant areas, was only 0.6%, demonstrating our capacity to retain tenants, our excellent management and the high quality of our portfolio. 3.3% 1.5% 2.2% 0.8% 0.9% 0.5% 1.1% 0.7% 1.0% 0.6% 1Q10 2Q10 3Q10 4Q10 Physical Vacancy Financial Vacancy We continue to observe very low vacancy rates in the three segments in which we operate due to the lack of properties of unique standards to meet the existing demand. Compared with the industry average, our vacancy rates are extremely low. In the commercial real estate market, our core focus, the extremely low vacancy rate continued into the first quarter. According to the consulting firm CB Richard Ellis, at the end of vacancy rate was 3.8% in São Paulo and 3.0% in Rio de Janeiro. The low vacancy rates are explained by the high demand for office space due to Brazil's favorable economy. 2

Results Portfolio Valuation Fair Value Companies must present the fair value of their properties for disclosure purposes, which is presented below. The Company performed an internal valuation using the following method: Operational Properties: are classified as Properties for Investment on the balance sheet, since they earn revenue from leasing. For these properties we use two methods: Base Yield and Market Comparisons. To calculate the yield, or capitalization rate, we use premiums from 150 to 300 basis points, depending on the class of asset, on Brazil s long-term government bonds indexed to the same inflation index to which rents are pegged. We use the potential rents for each property, considering the latest transactions in the project and applying a 5% discount for expenses and negotiations. We then compare these values with the market values of the transactions that took place in the market to validate the metric. Operational Properties Value NAV 234 102 R$ (Million) 63 1.817 NAV: Net Asset Value ou Valor Líquido dos Ativos, corresponds the value for the Real Estate Assets reducing the net debt 241 1.176 Market Value : R$ 1.202 MM Market Value¹ = Price per share²: R$ 13.90 75.5% of NAV NAV/ share³: R$ 18.41 Triple A Offices Class A Offices Shopping Malls Industrial Other Assets Current Portfolio ¹ Market Value of the Company's stock on May 10, 2011 ² Price of the Company s stock on May 10, 2011 ³ Net value of assets based on net debt divided by number of shares in the Company. Properties under Development (projects): these projects are included in the portfolio only once they are concluded. The amounts invested in these projects are recorded under inventory at historical cost. It is important to note that the Company has more than 348 thousand sq.m. in projects to be delivered in the next 4 years (see details on next page). 3

Industrial Corporate Building Results Projects under Development In, we added another business park for development in the state of Rio de Janeiro, to be executed under the partnership with AMB Property Co., as explained above. Due to the strong demand in the commercial segment, we decided to expand the GLA of the mall Parque Shopping Belém to 32,750 sq.m., or by 4,650 sq.m. or 16.5% from the initial design. The projected investment suffered an increase proportional to the increase in GLA and the projected opening in 2Q12 was maintained. Projects under Development Location Total GLA (sq.m) CCP GLA (sq.m) Delivery Date (Estimated) Average Rent per Month per sq.m CEO RJ - Barra da Tijuca 29,927 5,480 2Q13 R$ 70 - R$ 85 Investments to be Incurred (R$ MM) Thera Corporate SP - Berrini 28,359 12,725 2Q14 R$ 90 - R$ 110 Torre Matarazzo SP - Av. Paulista 22,052 8,686 2Q14 R$ 110 - R$ 130 193.6 Shopping Mall (2) Ed. Faria Lima SP - Av. Faria Lima 16,500 4,228 2Q13 R$ 120 - R$ 130 Grand Plaza Shopping Expansion SP - Santro André 14,823 8,259 4Q12 R$ 60 - R$ 65 Metropolitano Mall RJ - Barra da Tijuca 44,197 35,358 4Q12 R$ 50 - R$ 60 Pirituba Mall SP - Marginal Tietê 36,060 9,015 1Q13 R$ 50 - R$ 60 Matarazzo Mall SP - Av. Paulista 17,676 8,838 2Q14 R$ 90 - R$ 110 Estação BH Mall MG - Belo Horizonte 32,063 12,825 1Q12 R$ 50 - R$ 60 Parque Shopping Belém PA - Belém 32,750 8,188 2Q12 R$ 40 - R$ 50 Logistics Park - Cajamar I SP - Cajamar 113,215 28,304 2Q11 R$ 16 - R$ 19 Logistics Park - Cajamar I I SP - Cajamar 67,985 16,996 4Q11 R$ 16 - R$ 19 Logistics Park - Queimados I RJ - Queimados 178,751 44,688 4Q12 R$ 16 - R$ 19 Logistics Park - Queimados II RJ - Queimados 173,737 43,434 4Q12 R$ 16 - R$ 19 Logistics Park - Jundiaí I SP - Jundiaí 66,104 13,551 1Q12 R$ 16 - R$ 19 Logistics Park - Jundiaí II SP - Jundiaí 75,800 18,950 to be defined R$ 16 - R$ 19 Dutra Logistics Center - CLD SP - Dutra 115,000 69,000 to be defined R$ 16 - R$ 19 581.7 231.3 Total of Under Development Projects 1,064,999 348,525 1,006.7 Landbank Centro Metropolitano - SE and SO RJ - Barra da Tijuca - 35,047 After 2014 - Total Landbank - 35,047 - Total Landbank and under Develop. Projects 1,064,999 383,572 1,006.7 Average regional price (2) Capex for shopping mall does not consider Key Money Note: Projects under development are subject to revision in area, delivery date and investment amounts due to potential modifications. 4

Results Operating Segments The following table presents key operational statistics on our operating segments. Portfolio Operational Indicators Leasable Area CCP Vacancy Gross Revenues (R$ thd) sq.m % sq.m (2) R$ (3) 1Q10 Office Buildings 88,333 46.5% 0.1% 0.2% 20,786 22,768 9.5% Triple A Buildings 52,397 27.6% 0.0% 0.0% 16,749 18,001 7.5% Class A Developments 35,937 18.9% 0.4% 0.5% 3,994 4,767 19.3% Other revenues - - - - 43 - NA Shopping Malls 42,698 22.5% 1.8% 1.4% 9,237 11,372 23.1% Warehouses and Distribution Centers 40,350 21.3% 0.0% 0.0% 1,836 2,061 12.2% Other 18,462 9.7% 0.3% 0.5% 1,339 1,464 9.3% Services - - - - 4,176 4,924 17.9% Properties' Sales and Real Estate Development - - - - - 2,575 NA Total 189,843 100.0% 0.6% 0.5% 37,374 45,164 20.8% Base Date: March, 31st, 2011 (2) Ratio of potential revenue from the non-leased area to total potential revenue from the portfolio (3) Ratio of non-leased area to total leasable area in the portfolio Property Leasing The following table presents gross lease revenue in the Corporate Tower segment by project. CCP Revenues (R$ thd) Building Location CCP Private Area (sq.m) Financial Vacancy Rate Physical Vacancy Rate 1Q10 Developed Buildings 52,397 16,749 18,001 7.5% JK Financial Center SP - Juscelino Kubitschek 4,878 0.0% 0.0% 1,210 1,383 14.3% Corporate Park SP - Itaim Bibi 3,002 0.0% 0.0% 734 1,006 37.1% Faria Lima Financial Center SP - Faria Lima 18,588 0.0% 0.0% 6,506 6,880 5.7% Faria Lima Square SP - Faria Lima 13,066 0.0% 0.0% 4,177 4,854 16.2% JK 1455 SP - Juscelino Kubitschek 11,097 0.0% 0.0% 3,465 3,527 1.8% Londres RJ - Barra da Tijuca 1,766 0.0% 0.0% 657 351-46.5% Acquired Buildings 35,937 3,994 4,767 19.3% Nova São Paulo SP - Chác. Sto Antonio 12,084 0.0% 0.0% 1,475 1,624 10.1% Verbo Divino SP - Chác. Sto Antonio 8,403 0.0% 0.0% 785 967 23.1% Centro Empresarial Faria Lima SP - Faria Lima 2,923 0.0% 0.0% 381 452 18.6% Cenesp SP - Marginal Pinheiros 2,844 0.0% 0.0% 202 217 7.5% Brasílio Machado SP - Vila Olímpia 5,009 3.6% 3.6% 486 519 6.8% Leblon Corporate RJ - Leblon 824 0.0% 0.0% 334 524 56.9% Suarez Trade BA - Salvador 3,850 0.0% 0.0% 331 464 40.2% Other revenues with common area 0.0% 0.0% 43 - -100.0% Total 88,333 0.1% 0.2% 20,786 22,768 9.5% Base date: March, 31st, 2011 5

Results The corporate tower portfolio currently has total area of 88,000 sq.m. divided into 13 towers. Our total area in the segment may be divided into two project standards for corporate projects, A and Triple A class buildings. Based on the classification developed by the Real Estate Center of the University of São Paulo (USP), "Triple A" denotes the highest standard of quality, efficiency and technology in this segment. In terms of revenue, these areas account for 79% of our portfolio in this segment. The physical vacancy of our corporate towers ended 2010 at 0.2%, while financial vacancy was 0.1%. Gross revenue totaled R$22.8 million in the first quarter of 2011, 9.5% higher than the R$20.8 million recorded in the same period last year. Despite the contraction in our portfolio due to the partial sale of the Londres project, the growth in leasing revenue was boosted by the price adjustments in certain contracts that were favorable for the company. Leasing of Shopping Malls The following table presents the gross leasable area of each Shopping Mall in which CCP owns an interest, and this quarter we began recognizing the key money from our projects under development. The interest in Grand Plaza Shopping is shown in its entirety, without reducing the minority interest, in accordance with the rules for consolidation issued by the regulatory authorities. Shopping Malls Total GLA CCP s GLA (sq.m) (sq.m) Grand Plaza Shopping 59,954 33,405 1.7% 1.2% 8,429 9,159 8.7% Shopping D 29,417 9,293 2.4% 2.4% 808 1,260 55.9% Malls under development (4) NA NA NA NA - 953 NA Total 89,371 42,698 1.8% 1.4% 9,237 11,372 23.1% (2) In accordance w ith Brazilian GAAP, these revenues w ere consolidated in our financial statements in the follow ing manner: (i) in relation to the SPEs in w hich w e have an interest of less than 50%, the consolidation is proportional to our participation. (3) Base Date: March, 31st, 2011 (4) Results from key money for the malls under development (2) Represents CCP's stakes in the shopping centers (obtained by dividing CCP's percentage of participation in the shopping center by the total usable area of the building). Financial Vacancy Rate (3) Physical Vacancy Rate (3) CCP Revenues (R$ thd) (2) 1Q10 Gross revenue from Shopping Malls grew by 23.1% between and 1Q10, primarily due to the booking of key money from our projects under development. Excluding the effects from this change, this revenue grew by 13% in the period. The interests held by CCP in the Shopping Mall segment are: (i) 31.59% of the mall Shopping D, and (ii) 55.72% of the shares in the Grand Plaza Shopping Real Estate Investment Fund. 6

Results Leasing of Distribution Center (Industrial) Our distribution center leasing operations registered growth of 12.2% between and 1Q10, primarily due to the increases applied to lease agreements. The occupancy rate of our industrial portfolio is currently 100%. CCP Revenue from Lease (R$ thd) Distribution Center Location GLA (sq.m) Financial Vacancy Rate Physical Vacancy 1Q10 Rate Distribution Center 1 SP - Tamboré 14,624 0.0% 0.0% 648 654 0.9% Distribution Center 2 SP - Tamboré 12,863 0.0% 0.0% 583 666 14.2% Distribution Center 3 SP - Tamboré 12,863 0.0% 0.0% 605 742 22.6% Total 40,350 0.0% 0.0% 1,836 2,061 12.2% Base Date: March, 31st, 2011 Services The services rendered by the company include the following activities: I) the administration of Corporate Buildings and Shopping Malls, with CCP managing its corporate projects using high technology to add value to its units and also manages two malls in which it owns interests, including the parking lots and portfolios of leased units. II) The administration of assets of strategic international partners, for which we are responsible for the management and are compensated for this activity. 17.9% 4,924 4,176 3,833 3,150 1,026 1,091 1Q10 Projects administration Asset Management We registered growth of 18% in revenue from services to R$4.9 million, from R$4.2 million in 1Q10, due to the growth in the operations of this segment. Real Estate Development Still reflecting the Real Estate development of the projects CEO, Thera Residence and Office, in, we recognized gross revenue of R$2.6 million. 7

Results Results Analysis Gross Revenue Gross revenue by business segment is presented below. By Segment (R$ thd) 1Q10 Interest Lease of Corporate Buildings 20,786 22,768 50.4% 9.5% Lease of Shopping Malls 9,237 11,372 25.2% 23.1% Lease of Distribution Centers 1,836 2,061 4.6% 12.2% Lease of other developments 1,339 1,464 3.2% 9.3% Administrative Services Rendered 4,176 4,924 10.9% 17.9% Real Estate Development - 2,575 5.7% NA Total 37,374 45,164 100.0% 20.8% In, gross revenue grew 21% from 1Q10, due to the higher revenue in all operating segments, especially revenue from key money from malls under development and from real estate development. Excluding the real estate development activities, note that the corporate tower segment accounted for the largest portion of gross revenue. CCP has unique products in this portfolio, which is composed of Triple A corporate buildings located in exclusive areas of the city of São Paulo and that boast the highest construction and technology standards. CCP s portfolio growth strategy includes the sale of properties when we believe it is the ideal moment to divest. Leasing, selling and services costs The main components of costs by segment in are presented below: Operation (R$ thd) Lease of Corporate Buildings Lease of Shopping Center Lase of Distribution Centers Lease of Other Projects Administration Services Real Estate Development Total Depreciations 1,377 446 110 122 - - 2,055 Maintenance 69 553-192 - - 814 Third Parties Services Provided 507 474-18 - - 999 Payroll and Related Charges - - - - 493-493 Other Costs 31 501 - - 263-795 COGS (Costs of Goods Sold) - - - - - 1,132 1,132 Total 1,985 1,975 110 332 756 1,132 6,288 8

Results Costs by segment are presented in the following table: By Segment (R$ thd) 1Q10 Interest Leasing of Corporate Building 1,532 1,984 31.6% 29.5% Leasing of Shopping Centers 2,185 1,974 31.4% -9.7% Leasing of Distribution Centers 105 110 1.7% 4.8% Leasing of other developments 288 332 5.3% 15.3% Administration Services 467 756 12.0% 61.9% Real Estate Development - 1,132 18.0% NA Total 4,576 6,288 100.0% 37.4% Due to the nature of its business, CCP maintains a commercial property portfolio for lease, which leads to depreciation being one of the company s highest costs. The other costs refer to maintenance and services at the properties. Gross Margin Gross margin stood at 85.6% in, down 1.7 p.p. from 1Q10, due to the lower margin from real estate development. Selling, General and Administrative Expenses The increase of 258% in selling expenses in versus was primarily due to the expenses with the sale of projects under development. Selling Expenses (R$ thd) 1Q10 Interest Third Parties Services Rendered - Selling 56 135 9.4% 140.8% Maintenance and Repairs 129 7 0.5% -94.5% Lease and Condominiums 217 160 11.1% -26.1% Selling Costs - 1,066 74.0% NA Other Expenses - 72 5.0% NA Total 402 1,440 100.0% 258.2% 9

Results Administrative expenses totaled R$4.0 million in, up 20.4% from 1Q10, reflecting the increase in personnel to meet the higher volume of new projects under development by the company. General and Administrative Expenses (R$ thd) 1Q10 Interest Payroll and Social Related Charges 1,165 2,194 55.0% 88.3% Other Taxes and Contributions 43 112 2.8% 160.7% Cost of Maintenance and Repairs 155 108 2.7% -30.0% Third Parties Services Provided - Administrative 1,689 1,338 33.6% -20.8% Other Expenses 260 236 5.9% -9.3% Total 3,312 3,989 100.0% 20.4% EBITDA and EBITDA Margin The table below provides a reconciliation of operating income before taxes and minority interest with EBITDA in and 1Q10. EBITDA (R$ thd) 1Q10 Profit before income and social contribution tax 23,941 25,273 5.6% (+/-) Net financial revenues (expenses) 4,236 7,089 67.4% (+) Depreciation and amortization 2,036 2,118 4.0% (-) Extraordinary profit (10) - -100.0% EBITDA 30,203 34,480 14.2% EBITDA Margin 83.3% 78.7% -4.6 p.p Corresponds to the division of the EBITDA by net operating revenues. EBITDA in was 14% higher than in 1Q10 due to the stronger results. However, EBITDA margin decreased 4.8 p.p. between the two periods, reflecting the recognition of revenue from real estate development. Adjusted EBITDA (R$ thd) without real estate development Profit before income and social contribution tax 23,941 25,273 5.6% ( - ) Profit before income and social contribution tax from Real Estate Develop. - (169) NA (+/-) Net financial revenues (expenses) 4,236 7,089 67.4% (+) Depreciation and amortization 2,036 2,118 4.0% (-) Extraordinary profit (10) - -100.0% Adjusted EBITDA 30,203 34,311 13.6% Adjusted EBITDA Margin (2) 85.3% 83.0% -2.3 p.p According to Adjusted Income statement (2) Corresponds to the division of the EBITDA by net operating revenues. 1Q10 10

Results Adjusted EBITDA, which excludes the effects from real estate development, rose by 14% from 1Q10, with adjusted EBITDA margin of 83.0% (see the above table). Financial Result The financial result in was 67% higher than in 1Q10, reflecting the higher debt levels, since the company has been expanding its investments in new projects and in the development of existing projects. There was also an impact from the increase in interest rates between and 1Q10, as the following table shows. Financial Income (R$ thd) 1Q10 Interest and Monetary Variation on Loans (5,684) (16,470) 189.8% Interest and Fines (8) (11) 37.5% Other Financial Expenses (42) (406) 866.7% Financial Expenses (5,734) (16,887) 194.5% Financial Investments Revenue 1,358 9,499 599.5% Other Financial Revenues 141 299 112.1% Financial Revenues 1,499 9,798 553.6% Financial Income (4,235) (7,089) 67.4% Both financial income and financial expenses were impacted by the higher interest rates, which are both pegged to the CDI overnight rate. Income and Social Contribution Taxes Income and social contribution tax amounted to R$2.3 million in, 12% lower than in 1Q10, as a result of the deferred tax on financial operations. Net Income Net income grew by 5% between 1Q10 and, due to the increases applied to our leases and the real estate development. Net margin contracted by 6.6 p.p. in, due to the results from the real estate development. Net Operating Income (NOI) To calculate NOI, we consider only revenue from leasing activities, excluding revenue from real estate development and the provision of services. 11

Results The calculation of net operating income (NOI) is presented below: Net Operating Income (R$ thd) 1Q10 Net Income 32,282 36,535 13.2% (-) Direct Expenses of Developments (2,073) (2,282) 10.1% NOI 30,209 34,253 13.4% NOI Margin 93.6% 93.8% 0.2 p.p Corresponds to the division of the NOI by net operating revenues. In absolute terms, NOI increased by 13.4% in in relation to 1Q10, mainly reflecting the higher revenue from leasing operations. Margins remained virtually stable between the two periods. Funds from Operations (FFO) The table below presents the calculation of Funds from Operations (FFO) and FFO margin (FFO as a percentage of net operating revenue). Funds From Operation (R$ thd) 1Q10 Net Income/Loss 18,516 19,488 5.2% (+) Depreciation and amortization 2,036 2,118 4.0% (+) Extraordinary gains/ losses (10) - -100.0% (+) Results of stock option plan 120 48-60.0% Funds From Operation (FFO) 20,662 21,654 4.8% FFO Margin 57.0% 49.4% -7.6 p.p FFO per share (R$) 0.239 0.251 4.8% Corresponds to the division of the FFO by net operating revenues. In absolute terms, FFO increased by 5.0% in versus 1Q10, due to the higher net revenue fueled by real estate development. For the same reason, FFO margin contracted by 7.6 p.p. in. After adjusting FFO by excluding the booking of property sales, as the following table shows, FFO remained stable, while FFO margin contracted by 5.8 p.p. 12

Results Adjusted Funds From Operation (R$ thd) without real estate development Net Income/Loss 18,516 19,488 5.2% ( - ) Net Income/Loss from real estate development - (90) NA (+) Depreciation and amortization 2,036 2,118 4.0% (+) Extraordinary gains/ losses (10) - -100.0% (+) Results of stock option plan 120 48-60.0% Funds From Operation (FFO) 20,662 21,564 4.4% FFO Margin (2) 58.3% 52.2% -6.2 p.p FFO per share (R$) 0.239 0.250 4.4% According to Adjusted Income statement (2) Corresponds to the division of the FFO by net operating revenues. 1Q10 Results to be recognized Revenues from real estate development activities are booked for the units sold in line with the percentage completion of construction, including land. At the end of 2010, we launched Thera Office and Residence, which sold almost all units, and the project CEO in Rio de Janeiro, which began to be sold in the period. The result to be recognized from these projects is shown below: Results to be Recognized Total Sales to be recognized (swap) 16,838 Sales to be recognized 70,691 ( = ) Total sales to be recognized 87,529 Costs of units sold to be recognized (54,224) Grosso Profit to be recognized 33,305 Gross Margin to be recognized 38.1% 13

Results Balance Sheet Lines Cash, Cash Equivalents and Financial Investment Cash, cash equivalents and financial investments totaled R$364.0 million on March 31, 2011. The proceeds will be used to strengthen working capital, lengthen the debt profile and invest in new projects. Financial investments represented 29% of total assets. Inventory The properties for sale line ended the with a balance of R$256.8 million, in line with the Company s strategy of investing in the development and acquisition of commercial properties, their administration and subsequently their divestment to pursue new opportunities. This line consists of projects under development and recently concluded, with properties after 12 months of stable lease reclassified under the line Properties for Investment. Properties for Investment Properties for Investment is composed as shown below, booked at the historical costs incurred. Properties for Investment R$ thd Corporate Buildings 301,239 Distribution Centers 49,948 Shopping Malls 110,043 Others 21,566 Total 482,796 Indebtedness Net debt stood at R$224.7 million at the, down 4.7% from 4Q10, reflecting the inflow of funds from the divestment and development of properties. CCP s adjusted net debt currently corresponds to 1.39 times EBITDA in the last 12 months, which is a very comfortable level for supporting the company's growth plan. 14

Results The following table details the calculation of Net Debt, the adjustments introduced by Federal Law 11,638 and the debt on the Company s balance sheet. To calculate Net Debt, we included the adjustments introduced by Federal Law 11,638, which determines that financial operations must be marked to market. Accordingly, for comparison purposes, we calculated Adjusted Net Debt, which does not use amounts marked to market, since they have no cash effect. Adjusted Net Debt stood at R$224.3 million on March 31, 2011. Net Debt (R$ Thousand) 9M10 12M10 Debt 564,564 576,919 588,747 Loans and Financing 248,912 250,285 262,750 Debenture 310,805 319,753 329,196 Related Parties (3,377) (3,597) (3,652) Adjustments to financial operations for Law 11,638 8,224 10,478 453 Cash and Cash Equivalents 323,528 341,025 364,040 Cash and Investiments 323,528 341,025 364,040 Net Debt 241,036 235,894 224,707 Adjusted Net Debt (excluding adjustments for Law 11,638) 232,812 225,416 224,254 Net Debt / LTM EBITDA 1.99x 1.88x 1.39x Adjusted Net Debt / LTM EBITDA (excluding adjustments for Law 11,638) 1.92x 1.80x 1.74x LTM EBITDA The table below shows that CCP currently has 2 loans and 1property financing on its balance sheet: Loans Financial Agent Type Amount R$ (Thousand) Remuneration Interests Maturity ABN Amro Bank Credit Bill 205,491 109% of the CDI Payments on Aug/12 August / 2012 Bradesco Bank Credit Bill 15,000 CDI + 0.81% p.a. Quarterly December / 2013 Bradesco Debentures 300,000 CDI + 0.81% p.a. Monthly March / 2018 Total 520,491 CDI + 0,82% a.a. (2) Monthly amortization, after 24 months of grace period (2) Average loan cost Financing Amount Financial Agent Type Remuneration Interests Maturity R$ (Thousand) Itaú Crédito Imobiliário 20,000 - TR + 10% a.a. Monthly September/2021 Total 20,000 - Contract signed on April/2011 w ith the 1 st tranche expected to be disbursed on June/2011 3 15

Free Float = 61.3% Results Capital Stock On March 31, 2010, CCP s capital stock was R$330.7 million, represented by 86,500,000 registered common shares (86,369,668 ex-treasury) distributed among the controlling group, the Company s treasury and investors (free float). Janus (4) 5.7% Alpine (3) 4.8% CSHG (2) 14.5% Others 15.9% Leonis 20.5% Control 38.7% Leonis Empreendimentos e Participações Ltda. (2) Credit Suisse Hedging-Griffo Corretora de Valores S/A (3) Alpine Woods Capital Investors LLC (4) Janus Capital Management LLC Shareholders Equity The Company s shareholders equity ended 1Q10 at R$496.3 million due to accrued earnings. The Company is subject to arbitration through the Market Arbitration Chamber, pursuant to the Arbitration Clause provided for in the Company s Bylaws (Section X, Article 59). 16

Financial Statements Results The individual and consolidated financial statements are prepared in accordance with the accounting practices adopted in Brazil and the consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Statement of Income R$ thousand 1Q10 Gross Revenue 37,374 45,164 20.8% Lease of Corporate Buildings 20,786 22,768 9.5% Shopping Malls 9,237 11,372 23.1% Lease of Distribution Centers 1,836 2,061 12.2% Lease of other projects 1,339 1,464 9.3% Administrative Services Rendered 4,176 4,924 17.9% Real Estate Development - 2,575 NA Deductions from Gross Revenue (1,118) (1,347) 20.5% Net Operating Revenues 36,256 43,817 20.9% Cost of Real Estate Rental and Services (4,576) (6,288) 37.4% Gross profit 31,680 37,529 18.5% Gross margin 87.4% 85.6% -1.7 p.p Operating Revenues (Expenses) (7,739) (12,256) 58.4% Selling expenses (402) (1,440) 258.2% General and administrative expenses (2,628) (2,959) 12.6% Stock Options Plan (120) (48) -60.0% Management's fees (564) (982) 74.1% Employees Interests (832) (900) 8.2% Other results of investments 1,043 1,162 11.4% Financial expenses (5,735) (16,887) 194.5% Financial revenues 1,499 9,798 553.6% Earnings before Income Tax and Social Contribution 23,941 25,273 5.6% Income Tax and Social Contribution (2,581) (2,275) -11.9% Deferred taxes 10 1,289 12790.0% Of the period (2,591) (3,564) 37.6% Net Income Before Minority Interest 21,360 22,998 7.7% Minority interest (2,844) (3,510) 23.4% Net Income of the Period 18,516 19,488 5.2% Net Margin 51.1% 44.5% -6.6 p.p 17

Results Adjustments to the Statement of Income (Excluding real estate development) R$ thousand Real Estate Develop. Adjusted Gross Revenue 45,164 (2,575) 42,589 Lease of Corporate Buildings 22,768-22,768 Shopping Malls 11,372-11,372 Lease of Distribution Centers 2,061-2,061 Lease of other projects 1,464-1,464 Administrative Services Rendered 4,924-4,924 Property Sales 2,575 (2,575) - Deductions from Gross Revenue (1,347) 94 (1,253) - Net Operating Revenues 43,817 (2,481) 41,336 Cost of Real Estate Rental and Services (6,288) 1,132 (5,156) Sold property costs (6,288) 1,132 (5,156) Gross profit 37,529 (1,349) 36,180 Gross margin 85.6% 54.4% 87.5% Operating Revenues (Expenses) (12,256) 1,180 (11,076) Selling expenses (1,440) 1,180 (260) General and administrative expenses (2,959) - (2,959) Stock Options Plan (48) - (48) Management's fees (982) - (982) Employees Interests (900) - (900) Other results of investments 1,162-1,162 Financial expenses (16,887) - (16,887) Financial revenues 9,798-9,798 Earnings before Income Tax and Social Contribution 25,273 (169) 25,104 Income Tax and Social Contribution (2,275) 79 (2,196) Deferred taxes 1,289 79 1,368 Of the period (3,564) (3,564) Net Income Before Minority Interest 22,998 (90) 22,908 Minority interest (3,510) - (3,510) Net Income of the Period 19,488 (90) 19,398 Net Margin 44.5% 3.6% 46.9% 18

Results Balance Sheet R$ thousand ASSETS December 31, 2010 March 31, 2011 % Part. on Total Assets Var. Dec/2010 x Mar/2011 Current assets Cash and cash equivalents 4,042 4,704 0.4% 16% Financial investments 336,983 359,336 28.7% 7% Accounts receivable 50,582 48,794 3.9% -4% Inventory 17,418 11,554 0.9% -34% Securities - 33,036 2.6% NA Recovery taxes 830 1,034 0.1% 25% Other accounts receivable 321 314 0.0% -2% Non-current assets 410,176 458,772 36.7% 11.8% Accounts Receivable 18,877 5,724 0.5% -69.7% Inventory 244,953 245,277 19.6% 0.1% Related Parties 3,520 3,516 0.3% -0.1% Loan receivable 219 224 0.0% 2.3% Current accounts with venture partners 13,188 28,933 2.3% 119.4% Tax and contributions, deferred 14,337 15,351 1.2% 7.1% Judicial Deposits 7,599 7,854 0.6% 3.4% Securities 34,287-0.0% -100.0% Fixed Assets 2,312 2,456 0.2% 6.2% Intangible 9 9 0.0% 0.0% Properties for Investments 482,417 482,796 38.6% 0.1% 821,718 792,140 63.3% -3.6% Property and Equipment 1,231,894 1,250,912 100.0% 1.5% LIABILITIES AND SHAREHOLDERS' EQUITY December 31, 2010 March 31, 2011 % Part. on Total Liabilities Var. Dec/2010 x Mar/2011 Current liabilities 93,376 78,724 6.3% -15.7% Loans and financing 5,104 5,113 0.4% 0.2% Refis IV 3,270 3,270 0.3% 0.0% Suppliers 11,565 5,630 0.5% -51.3% Taxes collectible 5,379 5,251 0.4% -2.4% Defered Taxes and Contributions 7,220 6,115 0.5% -15.3% Accounts payable due to real estate acquisition 10,526 3,662 0.3% -65.2% Dividends payable 22,299 22,299 1.8% 0.0% Related parties 142 88 0.0% -38.0% Current accounts with venture partners 7,999 8,342 0.7% 4.3% Advances from clients - exchange agreements 17,281 16,838 1.3% -2.6% Advances from clients 929 808 0.1% -13.0% Other accounts payable 1,662 1,308 0.1% -21.3% Non-current liabilities Long-term liabilities 633,830 640,094 51.2% 1.0% Loans and financing 255,658 258,090 20.6% 1.0% Debenture 319,753 329,196 26.3% 3.0% Accounts payable due to real estate acquisition 1,526 756 0.1% -50.5% Advances from clients - exchange agreements 43,413 41,990 3.4% -3.3% Provision for payable taxes 5,329 5,905 0.5% 10.8% Defered Taxes and Contributions 7,001 2,107 0.2% -69.9% Contingencies Provision 1,150 1,150 0.1% 0.0% Other accounts payable - 900 0.1% NA Net Shareholders equity 469,703 496,275 39.7% 5.7% Minority interest 34,985 35,819 2.9% 2.4% Total liabilities and net shareholders equity 1,231,894 1,250,912 100.0% 1.5% 19

Results Statement of Cash Flow R$ thousand 1Q10 From operational activities Net Income before Income Tax and social contribution 23,941 25,273 Adjustments for conciliation of net income with cash flow from operational activities Deprecitation of fixed assets 2,037 17 Deprecitation of properties for investments - 2,047 Debenture Fee amortization - 190 Interest and monetary restatement on laons 9,006 7,497 Deferred Taxes 12 (823) Allowance for doubtful credits (135) - Exchange Variation / SWAP Gains (Losses) (3,782) 8,963 Stock Option Expenses 120 48 Decrease (increase) in assets Accounts Receivable 4,377 14,941 Tax and contributions, deferred (313) (80) Properties for Sale (23,696) 3,674 Current accounts with venture partners - (15,745) Judicial Deposits (353) (255) Other Assets 328 7 Decrease (increase) in liabilities Suppliers 1,141 (5,935) Accounts payable due to real estate acquisition 5,032 (7,634) Current accounts with venture partners - 343 Tax and contributions, payable (91) 859 Advances from clients (2,401) (121) Dividends payable 29 - Other Liabilities (38) 546 Cash derived from operational activities 15,214 33,812 Interest paid - (419) Income tax over received dividends (1,061) (1,138) Income tax and social contribution tax paid (2,308) (3,922) Net cash derived from (invested in) operational activities 11,845 28,333 Cash flow from investment activities Increase (decrease) in Securities (23,072) - Increase (decrease) in fixed assets (654) (161) (Increase) decrease in properties for investments - (2,426) Net cash invested in investment activities (23,726) (2,587) Cash flow from funding activities Increase (decrease) in debentures 300,000 - Debentures fees (6,076) - Net cash invested in funding activities 293,924 - From financing activities with shareholders Minority Dividends (3,724) (2,676) Accounts receivable from related parties 67 Accounts payable to related parties 1 (54) Net cash used by financing activities with shareholders (3,656) (2,731) Increase (reduction) in cash and cash equivalents, net 278,387 23,015 Cash and cash equivalents At start of period 52,781 341,025 At end of period 331,168 364,040 Increase (reduction) in cash and cash equivalents, net 278,387 23,015 20

Results Glossary Adjusted EBITDA: Adjustments made to the period s EBITDA to exclude revenues from property sales in the period. Adjusted FFO: Adjustments made to the FFO in the period to exclude revenues from property sales in the period. CAPEX: Capital Expenditure. It is the estimated amount of funds to be disbursed for the development, expansion or improvement of an asset. EBITDA (Earnings Before Income, Tax, Depreciation and Amortization): Non-accounting measurement that measures the Company s capacity to generate operating revenues, without considering its capital structure. It is calculated by excluding the financial income to the gross profit and adding depreciation, amortization and nonrecurring gains and/or losses in the period. EBITDA Margin: EBITDA divided by Net Revenue. FFO (Funds From Operations): non-accounting measurement that adds depreciation, goodwill amortization, non-recurring gains/losses, and income from stock option plan back to net income to calculate, using the income statement, the net cash generated in the period. Financial vacancy: It is estimated by multiplying the lease price per sq.m. that could be charged by the respective vacant areas, and then dividing this result by the potential monthly rent of the property as a whole. Subsequently, the percentage of the monthly revenue that was lost due to portfolio vacancy is calculated. Law 11,638: Law 11,638 was enacted with the purpose of including publicly-held companies in the international accounting convergence process. Thus, a few financial and operating results were impacted by certain accounting effects due to the changes arising from the new law. NAV (Net Asset Value): Market value of real estate property portfolio less the Company s net debt on a given date. NOI (Net Operating Income): Gross revenue excluding revenue from services and property sales and direct expenses in the projects. Own GLA: Total GLA multiplied by CCP s interest in each shopping mall and warehouses Physical vacancy: It is estimated by dividing the total vacant areas by the total GLA of the portfolio. Total GLA: Gross Leasable Area, which is the sum of all areas in warehouses and shopping malls available for lease (except for kiosks). 21