2q08 financial and operating highlightsgrowth over the previous quarter. in the first half of 2008...

www.rodobens-rni.com.br/ir

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São Jose do Rio Preto, August 6th, 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 second quarter of 2008 (2Q08).

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$).

2Q08 Financial and Operating Highlights

New Sales Contracts of R$190 million (Rodobens’ share only), net of cancellations, a 23% growth over the previous quarter. In the first half of 2008 (1H08), new Sales contracts reached R$343 million (Rodobens’ share only), 379% higher Y-o-Y (1H07).

• 2,168 units sold (vs. 310 in 1Q07), of which 91% with selling price up to R$150,000. In 1H08, there sold 4,260 units.

Project Launches1 of R$211 million (Rodobens’ share only), reaching R$405 million in 1H08 and 50% of the new target for full year 2008 (R$815 million).

• 2,538 units launched in 2Q08, of which 93% with selling price up to R$150,000. In 1H08, 5,180 units launched.

Net Revenue of R$103 million2, 52% higher than 1Q08 and 369% higher than 2Q07. In 1H08, net revenue accumulated R$171 million2.

EBITDA rose to R$25 million2, with margin of 24.2% of net revenue. In 1H08, accumulated EBITDA of R$37 million2, with margin of 21.8%, already included the negative impact of interest expenses recorded as cost of projects (2.1% of net revenue).

Net income of R$26 million2, accumulating R$42 million2 in 1H08, resulting from the growing operating profit.

Cash balance of R$182 million and bank debt3 of R$99 million as of June 30, 2008, representing important liquidity position for working capital in the short term.

1 Potential total sales value, estimated at launching. 2 Pro forma figures, adjusted according to new mandatory practices applicable to current year 2008, as per CVM Instruction #469 as of 05/02/08 and IBRACON’s Technical Notice #5 as of 07/04/08. Further explanations at page 15 of this release and at Explanatory Note 2.1 of the ITR (mandatory quarterly filing with the CVM). 3 Comprised only by construction financing, with funding from the SBPE (bank savings accounts).

2Q08 Earnings conference calls:

Portuguese English

August 7, 9:00am (ET time) August 7, 11:00am (ET time) Tel.: 55-11-4688-6301 Brasil: 55-11-4688-6301 Access code: Rodobens EUA: 1-888-700-0802 Other countries: 1-786-924-6977

Access code: Rodobens

The conference calls will be accompanied by slides presentation that will be available at www.rodobens-rni.com.br/ir

Contacts: Investor Relations Media Relations Orlando Viscardi MCE, a/c Rita Mazzuchini Tel.: 55-17-2137-1754/3/2 Tel.: 55-11-2577-6533 E-mail: [email protected] E-mail: [email protected]


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The complete and audited consolidated financial statements of the 2Q08, 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 www.rodobens-rni.com.br/ir and at the website of the CVM-Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Comission) at www.cvm.gov.br.

Highlights 2Q08 1Q08 Change 1H08 1H07 Change 2Q08 2Q07 Change

Financial Indicators in R$000Net Revenue 107,902 72,680 48% 180,582 42,824 322% 107,902 23,869 352%Gross Profit 39,627 23,633 68% 63,260 13,308 375% 39,627 7,204 450%% Gross Margin 36.7% 32.5% 4.2 p.p. 35.0% 31.1% 3.9 p.p. 36.7% 30.2% 6.5 p.p.EBITDA 28,858 14,463 100% 43,321 7,504 477% 28,858 4,297 572%% EBITDA Margin 26.7% 19.9% 6.8 p.p. 24.0% 17.5% 6.5 p.p. 26.7% 18.0% 8.7 p.p.Non-recurring IPO Expenses - - n.a. - (20,768) n.a. - (2,118) n.a.Net Income 29,854 17,864 67% 47,718 3,907 1121% 29,854 12,582 137%% Net Margin 27.7% 24.6% 3.1 p.p. 26.4% 9.1% 17.3 p.p. 27.7% 52.7% -25 p.p.Financial Indicators in R$000 - AdjustedNet Revenue 102,908 67,905 52% 170,813 39,926 328% 102,908 21,953 369%Gross Profit 35,649 21,474 66% 57,123 11,158 412% 35,649 5,534 544%% Gross Margin 34.6% 31.6% 3 p.p. 33.4% 27.9% 5.5 p.p. 34.6% 25.2% 9.4 p.p.EBITDA 24,880 12,304 102% 37,184 5,355 594% 24,880 2,627 847%% EBITDA Margin 24.2% 18.1% 6.1 p.p. 21.8% 13.4% 8.4 p.p. 24.2% 12.0% 12.2 p.p.Non-recurring IPO Expenses - - n.a. - (20,768) n.a. - (2,118) n.a.Net Income 26,217 15,345 71% 41,562 1,918 2067% 26,217 11,869 121%% Net Margin 25.5% 22.6% 2.9 p.p. 24.3% 4.8% 19.5 p.p. 25.5% 54.1% -28.6 p.p.LaunchesProject Launches - Rodobens (R$000) 210,531 194,629 8% 405,160 121,088 235% 210,531 89,458 135%

Project Launches - Total (R$000) (2) 325,028 244,464 33% 569,492 215,185 165% 325,028 166,623 95%RNI's share of total launches 64.8% 79.6% -14.8 p.p. 71.1% 56.3% 14.9 p.p. 64.8% 53.7% 11.1 p.p.Units Launched 2,538 2,642 -4% 5,180 1,262 310% 2,538 1,052 141%Average Price of Units Launched (R$/m²) 2,007 1,605 25% 1,812 1,895 -4% 2,007 1,789 12%Average Price of Units Launched (R$000/unit) 128 93 38% 110 171 -36% 128 158 -19%Usable Area Launched (m²) 161,976 152,285 6% 314,262 113,549 177% 161,976 93,128 74%Usable Area Launched (m²/unit) 64 58 11% 61 90 -33% 64 89 -28%Sales ContractsSales Contracts Rodobens (R$000) 189,589 153,744 23% 343,333 71,735 379% 189,589 38,341 394%

Sales Contracts Total (R$000) (3) 288,178 253,219 14% 541,396 134,020 304% 288,178 72,140 299%RNI's share of total Sales contracts 65.8% 60.7% 5.1 p.p. 63.4% 53.5% 9.9 p.p. 65.8% 53.1% 12.6 p.p.Units sold 2,168 2,092 4% 4,260 696 512% 2,168 386 462%Average Price of Units Sold (R$/m²) 2,031 1,931 5% 1,983 2,096 -5% 2,031 2,027 0%Average Price of Units Sold (R$000/unit) 133 121 10% 127 193 -34% 133 187 -29%Usable Area Sold (m²) 141,860 131,160 8% 273,020 63,939 327% 141,860 35,587 299%Usable Area Sold (m²/unit) 65 63 4% 64 92 -30% 65 92 -29%Results to be RecognizedRevenues to be recognized (R$000) 428,700 336,196 28% 428,700 89,417 379% 428,700 89,417 379%Revenues minus Costs to be recognized (R$000) 167,877 129,832 29% 167,877 33,413 402% 167,877 33,413 402%% margin 39.2% 38.6% 0.5 p.p. 39.2% 37.4% 1.8 p.p. 39.2% 37.4% 1.8 p.p.Balance SheetNet Debt (R$000) (82,278) (163,137) -50% (82,278) (348,644) -76% (82,278) (348,644) -76%Cash (R$000) 181,571 223,761 -19% 181,571 406,789 -55% 181,571 406,789 -55%Shareholders' Equity (R$000) 590,993 561,139 5% 590,993 516,463 14% 590,993 516,463 14%Total Assets (R$000) 877,766 794,708 10% 877,766 663,108 32% 877,766 663,108 32%Balance Sheet - AdjustedNet Debt (R$000) (82,278) (163,137) -50% (82,278) (348,644) -76% (82,278) (348,644) -76%Cash (R$000) 181,571 223,761 -19% 181,571 406,789 -55% 181,571 406,789 -55%Shareholders' Equity (R$000) 580,225 554,008 5% 580,225 514,474 13% 580,225 514,474 13%Total Assets (R$000) 862,199 783,621 10% 862,199 660,457 31% 862,199 660,457 31%(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 sales contracts value, including the share of Rodobens and of partners.(3) Total sales contracts value, independent of the share of Rodobens in the projects.

(1)

(1)

(1)


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Message from the Management

Rodobens Negócios Imobiliários finished the first half of 2008 keeping the path of strong growth initiated in 2006 and which was accelerated throughout 2007 after the IPO.

Once again, all the main operating and financial-economic indicators showed growth rates higher than 100% compared to the same period of the previous year. We highlight the contracted sales figure, which grew for the seventh consecutive quarter, reaching R$190 million (Rodobens’ share only). We sold 2,168 units, being 91% from projects with average selling price of R$150,000.

We continued to launch new large–scale residential projects, with highlight to the Terra Nova Palhoça, our first-ever project in the State of Santa Catarina, with development potential estimated in up to approximately six thousand homes. Confirming the project’s potential, 383 homes got pre-sold in the 2Q08, less than 90 days from the launching.

Having reached R$405 million of project launches in the first semester, equivalent to 64% of our full-year 2008 target prevailing until then, we revised that target upwards to R$815 million. 93% of the 1H08 project launches brought average selling price of up to R$150,000, reflecting Rodobens’ declared strategic positioning, since before our IPO in January 2007, to prioritize the offering of homes to the middle and lower-middle income segments.

The geographic expansion of our product-concept TERRA NOVA (priced up to R$150,000) continued in the 2Q08 with new project launches in three new (for Rodobens) mid-sized cities: São José dos Campos/SP, Patos de Minas/MG and Palhoça/SC. We also launched the second phase of Palhoça and prepared ourselves for the launching of the second phase of Cascavel/PR. In the 2Q08, 49% of our sales were out of the State of São Paulo.

In the macroeconomic field, despite the slowdown in the U.S., and the recent rise of inflation and the reference interest rate in Brazil (the Selic rate), we maintain our confidence in a favorable macroeconomic environment in the medium and long term. We work with the assumption that the inflationary pressures in Brazil will cool off over the next quarters, but monitoring, more than ever, the temperature of our sales and the delinquency rates of our customer portfolio. The growth rate of our disclosed launchings target for 2009 (34% over year 2008), one of the smallest among the publicly-traded Brazilian homebuilders, gives us more comfort about the certainty of fulfilling our promises to the market, with profitability and a cash-based management of the business.

Besides the economic environment, we always remind the importance of the age profile of the Brazilian population for the growth potential of our business in the next two decades. A young population, increasingly well educated, that will translate into continuous and growing demand for new and quality homes, particularly in the lower income segments more dependent of credit, what are our business focus.

As always, we mention 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.


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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 76 residential projects in 27 cities in eight states of Brazil (SP, MG, RJ, PR, RS, CE, MT, SC), comprising a total of 19,280 units and 1.9 million m² (as of June 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

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.

SISTEMA FÁCILSISTEMA FÁCILTERRA NOVATERRA NOVA

Selling price (R$/unit)Selling price (R$/unit)

Built areaBuilt area

Income Segment TargetIncome Segment Target

Delivery time (months)Delivery time (months)

Customer FinancingCustomer Financing

# Projects Launched# Projects Launched

R$70,000 - R$150,000R$70,000 - R$150,000

45-90m², 2-3 bedrooms45-90m², 2-3 bedrooms

5-10 MW¹ (R$2,075-R$4,150/month)5-10 MW¹ (R$2,075-R$4,150/month) >10 MW¹ (>R$4,150/month)>10 MW¹ (>R$4,150/month)


Above R$151,000 (USD80,000)Above R$151,000 (USD80,000)

Horizontal: 12 / Vertical: 18–36Horizontal: 12 / Vertical: 18–36

9% + TR² and 25-30 years tenor 9% + TR² and 25-30 years tenor ~10.5% + TR² and 25-30 years tenor~10.5% + TR² and 25-30 years tenor

4949

Horizontal: 14-18 / Vertical: 18–36Horizontal: 14-18 / Vertical: 18–36

2727

SISTEMA FÁCILSISTEMA FÁCILTERRA NOVATERRA NOVA

Selling price (R$/unit)Selling price (R$/unit)

Built areaBuilt area

Income Segment TargetIncome Segment Target

Delivery time (months)Delivery time (months)

Customer FinancingCustomer Financing

# Projects Launched# Projects Launched

R$70,000 - R$150,000R$70,000 - R$150,000


5-10 MW¹ (R$2,075-R$4,150/month)5-10 MW¹ (R$2,075-R$4,150/month) >10 MW¹ (>R$4,150/month)>10 MW¹ (>R$4,150/month)


Above R$151,000 (USD80,000)Above R$151,000 (USD80,000)

Horizontal: 12 / Vertical: 18–36Horizontal: 12 / Vertical: 18–36

9% + TR² and 25-30 years tenor 9% + TR² and 25-30 years tenor ~10.5% + TR² and 25-30 years tenor~10.5% + TR² and 25-30 years tenor

4949

Horizontal: 14-18 / Vertical: 18–36Horizontal: 14-18 / Vertical: 18–36

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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 (www.rodobens-rni.com.br/ir).

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 (www.rodobens-rni.com.br/ir).

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 30th, 2007.

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 2Q08:

Shareholder Base

47% 53%

Free Float

Controlling Shareholders

Breakdown of Free Float

1%

78%

21%

Brazilian institutionsIndividualsForeign institutions


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Operating performance 2Q08

New Sales Contracts

New Sales Contracts in 2Q08 reached R$190 million (Rodobens’ share only), a 394% growth over 2Q07. Our sales contracts figures are reported net of cancellations (sales contracts cancelled) occurred in the reported period.

Year of Launching # of Units R$MM

TotalR$MM

RNI % Year % RNI

2008 1,776 213.0 145.3 77% 68%2007 336 58.5 36.3 19% 62%2006 36 7.6 4.7 2% 61%2005 1 0.3 0.1 0% 34%Before 2005 19 8.7 3.2 2% 37%TOTAL 2,168 288.2 189.6 100% 66%

2Q08 Sales Contracts, by year of project launching

There were sold 2,168 units were sold, of which 91% with selling price up to R$150,000. In the 1H08, 4,260 were sold (vs. 696 in 1H07).

Rodobens’ share in the sales increased from 53% (1H07) to 63% of the total sales contracts in 1H08 (R$541 million, including the stakes owned by partners in the projects).

Considering the inventory (finished units and units under construction) at market value estimated in R$296 million at the end of 1Q08, added by the 2Q08 project launches (R$211 million), the sales in the period (2Q08) represented 37% of the inventory.

Below we illustrate the breakdown of the sales contracts in the 1H08:

Three projects accounted for 46% of the 2Q08 sales contracts: Innova São Francisco (Osasco/SP) 17%, Terra Nova Vista Alegre (Porto Alegre/RS) 15%, and Terra Nova Palhoça (Palhoça/SC) 14%. The other projects accounted each (or, individually) for less than 7% of the 2Q08 sales.

38

100

144 154

190

2Q07 3Q07 4Q07 1Q08 2Q08

Sales Contracts– Rodobens’ share only (R$MM)Sales Contracts– Rodobens’ share only (R$MM)

38

100

144 154

190

2Q07 3Q07 4Q07 1Q08 2Q08

Sales Contracts– Rodobens’ share only (R$MM)Sales Contracts– Rodobens’ share only (R$MM)

São Paulo Capital

4%

Others39%

São Paulo Interior

57%

Sales Contracts in Value, Rodobens’ share - by LOCATIONSales Contracts in Value, Rodobens’ share - by LOCATION Sales Contracts in Value, Rodobens’ share - by PRICESales Contracts in Value, Rodobens’ share - by PRICE

>R$150,000 Horizontal

4%

>R$150,000 Vertical

11%

up to R$150,000

Vertical42%

up to R$150,000 Horizontal

43%

São Paulo Capital

4%

Others39%

São Paulo Interior

57%

Sales Contracts in Value, Rodobens’ share - by LOCATIONSales Contracts in Value, Rodobens’ share - by LOCATION Sales Contracts in Value, Rodobens’ share - by PRICESales Contracts in Value, Rodobens’ share - by PRICE

>R$150,000 Horizontal

4%

>R$150,000 Vertical

11%

up to R$150,000

Vertical42%

up to R$150,000 Horizontal

43%


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Sales Contracts (cont.)

Sales Contracts by Product Type 2Q08 2Q07 2Q08vs. 2Q07 1Q08 2Q08vs.

1Q08 1H08 1H07 1H08vs. 1H07

Terra Nova Horizontal Sales Contracts - Total (R$000)¹ 94,297 8,973 951% 78,127 21% 172,424 13,587 1169%price up to R$150,000 Sales Contracts RNI (R$000) 82,299 4,392 1774% 65,013 27% 147,311 6,298 2239%

# Units Sold 1,048 82 1178% 880 19% 1,928 134 1339%Average delivery time: Average price per unit (R$000/unit) 90 109 -18% 89 1% 89 101 -12%12 months Average price of usable area (R$/m²) 1,536 1,093 41% 1,455 6% 1,499 1,130 33%

Terra Nova Vertical Sales Contracts - Total (R$000)¹ 139,148 5,350 2501% 136,604 2% 275,752 8,169 3275%price up to R$150,000 Sales Contracts RNI (R$000) 73,093 3,300 2115% 70,398 4% 143,491 5,923 2323%

# Units Sold 928 50 1756% 1,075 -14% 2,003 78 2468%Average delivery time: Average price per unit (R$000/unit) 150 107 40% 127 18% 138 105 31%30 months Average price of usable area (R$/m²) 2,330 1,865 25% 2,202 6% 2,265 1,812 25%

Sistema Fácil Horizontal Sales Contracts - Total (R$000)¹ 15,285 27,626 -45% 16,365 -7% 31,650 47,113 -33%price >R$150,000 Sales Contracts RNI (R$000) 6,856 16,331 -58% 7,174 -4% 14,030 25,831 -46%

# Units Sold 53 106 -50% 58 -9% 111 196 -43%Average delivery time: Average price per unit (R$000/unit) 288 261 11% 282 2% 285 240 19%18 months Average price of usable area (R$/m²) 2,338 2,259 3% 2,244 4% 2,288 2,138 7%

Sistema Fácil Vertical Sales Contracts - Total (R$000)¹ 39,448 30,191 31% 22,123 78% 61,571 65,151 -5%price >R$150,000 Sales Contracts RNI (R$000) 27,341 14,318 91% 11,160 145% 38,501 33,683 14%

# Units Sold 139 148 -6% 79 76% 218 288 -24%Average delivery time: Average price per unit (R$000/unit) 284 204 39% 280 1% 282 226 25%30 months Average price of usable area (R$/m²) 2,772 2,458 13% 2,717 2% 2,752 2,567 7%

TOTAL Sales Contracts Sales Contracts - Total (R$000)¹ 288,178 72,140 299% 253,219 14% 541,396 134,020 304%Sales Contracts RNI (R$000) 189,589 38,341 394% 153,744 23% 343,333 71,735 379%# Units Sold 2,168 386 462% 2,092 4% 4,260 696 512%Average price per unit (R$000/unit) 133 187 -29% 121 10% 127 193 -34%Average price of usable area (R$/m²) 2,031 2,027 0% 1,931 5% 1,983 2,096 -5%

(1) Total sales contracts value, including the share of Rodobens and of partners.(2) Includes Innova São Francisco project (50% Rodobens, 50% Camargo Corrêa Desenvolvimento Imobiliário).

Sales Contracts by Location (in R$000, Rodobens' Share only) 2Q08 2Q07 2Q08vs. 2Q07 1Q08 2Q08vs.

1Q08 1H08 1H07 1H08vs. 1H07

Terra Nova Horizontal São Paulo City - - n.a. - n.a. - - n.a.price up to R$150,000 Other Cities - State of São Paulo 27,880 4,392 535% 26,974 3% 54,855 6,298 771%

Other States 54,418 - n.a. 38,038 43% 92,457 - n.a.TOTAL 82,299 4,392 1774% 65,013 27% 147,311 6,298 2239%

Terra Nova Vertical São Paulo City 7,088 2,100 238% 4,162 70% 11,250 4,640 142%price up to R$150,000 Other Cities - State of São Paulo 31,648 636 4877% 62,414 -49% 94,062 719 12983%

Other States 34,356 564 5992% 3,821 799% 38,178 564 6669%TOTAL 73,093 3,300 2115% 70,398 4% 143,491 5,923 2323%

Sistema Fácil Horizontal São Paulo City - - n.a. - n.a. - - n.a.price >R$150,000 Other Cities - State of São Paulo 6,856 16,331 -58% 7,174 -4% 14,030 25,831 -46%

Other States - - n.a. - n.a. - - n.a.TOTAL 6,856 16,331 -58% 7,174 -4% 14,030 25,831 -46%

Sistema Fácil Vertical São Paulo City 1,668 1,935 -14% 1,469 14% 3,137 1,972 59%price >R$150,000 Other Cities - State of São Paulo 22,342 6,080 267% 8,130 175% 30,472 18,857 62%

Other States 3,332 6,304 -47% 1,560 114% 4,892 12,854 -62%TOTAL 27,341 14,318 91% 11,160 145% 38,501 33,683 14%

TOTAL Sales Contracts São Paulo City 8,756 4,035 117% 5,632 55% 14,387 6,613 118%Other Cities - State of São Paulo 88,727 27,439 223% 104,693 -15% 193,419 51,705 274%Other States 92,107 6,868 1241% 43,420 112% 135,527 13,418 910%TOTAL 189,589 38,341 394% 153,744 23% 343,333 71,735 379%

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Project Launches

In the 2Q08, Rodobens launched projects with a total potential sales value (PSV) of R$325 million, of which R$211 million the share owned by Rodobens (65% of the total PSV launched). In 1H08, the PSV Rodobens launched of R$405 million was 235% higher than in 1H07.

There were ten launchings, being six new projects, and four “follow-on” phases of projects already started, totaling 2,538 units in the quarter.

Projects Launched in 1H08 (Potential Sales Value (PSV) in millions of Brazilian Reais (R$MM))

Project nameLaunching

status Total PSV % RNIRNI's PSV Type

Number of units

Avg. price per unit (R$000)

Price per area (R$/m2)

Terra Nova Rondonópolis/MT (1st Phase) 1Q08 28 100% 28 House 348 81 1,475 Terra Nova Cascavel/PR 1Q08 37 100% 37 House 402 91 1,512 Terra Nova Sorocaba/SP (2nd Phase) 1Q08 33 100% 33 House 378 87 1,527 Innova São Francisco - Osasco/SP (2nd Phase) 1Q08 56 50% 28 Apart. 422 132 2,292 Terra Nova Ponta Grossa/PR (1st Phase) 1Q08 22 100% 22 House 260 83 1,480 Terra Nova Parque da Liberdade 2 - S. J. Rio Preto/SP (2nd Phase) 1Q08 17 50% 8 House 228 73 1,385 Terra Nova Reserva - Alvorada/RS 1Q08 8 50% 4 House 102 80 1,502 Terra Nova Marília/SP (1st Phase) 1Q08 25 100% 25 House 288 88 1,387 Terra Nova Santa Cruz do Sul/RS (1st Phase) 1Q08 19 50% 10 House 214 89 1,515 Total Launched 1Q08 R$ 244 80% R$ 195 2,642 R$ 93Terra Nova Vista Alegre - Porto Alegre/RS (1st Phase) 2Q08 60 50% 30 Apart. 408 147 2,194 Innova São Francisco - Osasco/SP (3rd Phase) 2Q08 64 50% 32 Apart. 400 161 2,544 Terra Nova Palhoça - Vila I/SC 2Q08 26 85% 22 House 326 80 1,486 Terra Nova Garden Village 2 - S. J. Rio Preto/SP 2Q08 10 50% 5 House 108 95 1,480 Terra Nova São José dos Campos/SP (1st Phase) 2Q08 20 100% 20 House 182 108 1,679 Green Square - São José do Rio Preto/SP 2Q08 26 100% 26 Apart. 132 200 2,272 Terra Nova Palhoça - Vila II/SC 2Q08 32 85% 27 House 382 82 1,520 Terra Nova Patos de Minas/MG (1st Phase) 2Q08 11 100% 11 House 136 83 1,495 Terra Nova Vista Alegre - Porto Alegre/RS (2nd Phase) 2Q08 63 50% 32 Apart. 408 155 2,303 Dolce Vita Residenziale - Ribeirão Preto/SP (3rd Phase) 2Q08 12 50% 5 Apart. 56 219 2,120 Total Launched 2Q08 R$ 325 65% R$ 211 2,538 R$ 128Total Launched 1H08 R$ 569 71% R$ 405 5,180 R$ 110

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.

181211

89

132

195

2Q07 3Q07 4Q07 1Q08 2Q08

Project Launches - Rodobens’ share only (R$MM)Project Launches - Rodobens’ share only (R$MM)

181211

89

132

195

2Q07 3Q07 4Q07 1Q08 2Q08

Project Launches - Rodobens’ share only (R$MM)Project Launches - Rodobens’ share only (R$MM)


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Project Launches (cont.)

Project Launches by Price and Type 2Q08 2Q07 2Q08vs. 2Q07 1Q08 2Q08vs.

1Q08 1H08 1H07 1H08vs. 1H07

Terra Nova Horizontal Project Launches - Total (R$000)¹ 98,874 22,453 340% 188,963 -48% 287,838 22,453 1182%price up to R$150,000 Project Launches - RNI (R$000) 85,074 10,136 739% 166,879 -49% 251,953 10,136 2386%

# Units Launched 1,134 206 450% 2,220 -49% 3,354 206 1528%Average delivery time : Average Units Launched Price (R$000/unit) 87 109 -20% 85 2% 86 109 -21%12 months Average Units Launched Price (R$/m²) 1,533 1,068 44% 1,475 4% 1,495 1,068 40%

Terra Nova Vertical Project Launches - Total (R$000)¹ 187,542 56,576 231% 55,501 238% 243,043 56,576 330%price up to R$150,000 Project Launches - RNI (R$000) 93,771 28,288 231% 27,751 238% 121,522 28,288 330%

# Units Launched 1,216 416 192% 422 188% 1,638 416 294%Average delivery time : Average Units Launched Price (R$000/unit) 154 136 13% 132 17% 148 136 9%30 months Average Units Launched Price (R$/m²) 2,342 2,064 13% 2,292 2% 2,330 2,064 13%

Sistema Fácil Horizontal Project Launches - Total (R$000)¹ - 66,382 -100% - n.a. - 70,975 -100%price >R$150,000 Project Launches - RNI (R$000) - 43,421 -100% - n.a. - 45,631 -100%

# Units Launched - 294 -100% - n.a. - 318 -100%Average delivery time : Average Units Launched Price (R$000/unit) - 226 -100% - n.a. - 223 -100%18 months Average Units Launched Price (R$/m²) - 2,035 -100% - n.a. - 2,018 -100%

Sistema Fácil Vertical Project Launches - Total (R$000)¹ 38,611 21,213 82% - n.a. 38,611 65,181 -41%price >R$150,000 Project Launches - RNI (R$000) 31,686 7,613 316% - n.a. 31,686 37,033 -14%

# Units Launched 188 136 38% - n.a. 188 322 -42%Average delivery time : Average Units Launched Price (R$000/unit) 205 156 32% - n.a. 205 202 1%30 months Average Units Launched Price (R$/m²) 2,221 1,758 26% - n.a. 2,221 2,177 2%

TOTAL Project Launches Project Launches - Total (R$000)¹ 325,028 166,623 95% 244,464 33% 569,492 215,185 165%Project Launches - RNI (R$000) 210,531 89,458 135% 194,629 8% 405,160 121,088 235%# Units Launched 2,538 1,052 141% 2,642 -4% 5,180 1,262 310%Average Units Launched Price (R$000/unit) 128 158 -19% 93 38% 110 171 -36%Average Units Launched Price (R$/m²) 2,007 1,789 12% 1,605 25% 1,812 1,895 -4%

(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) 2Q08 2Q07 2Q08vs. 2Q07 1Q08 2Q08vs.

1Q08 1H08 1H07 1H08vs. 1H07

Terra Nova Horizontal São Paulo City - - n.a. - n.a. - - n.a.price up to R$150,000 Other Cities - State of São Paulo 24,774 10,136 144% 66,736 -63% 91,510 10,136 803%

Other States 60,299 - n.a. 100,143 -40% 160,442 - n.a.TOTAL 85,074 10,136 739% 166,879 -49% 251,953 10,136 2386%

Terra Nova Vertical São Paulo City - - n.a. - n.a. - - n.a.price up to R$150,000 Other Cities - State of São Paulo 32,213 - n.a. 27,751 16% 59,963 - n.a.

Other States 61,559 28,288 118% - n.a. 61,559 28,288 118%TOTAL 93,771 28,288 231% 27,751 238% 121,522 28,288 330%

Sistema Fácil Horizontal São Paulo City - - n.a. - n.a. - - n.a.price >R$150,000 Other Cities - State of São Paulo - 43,421 -100% - n.a. - 45,631 -100%

Other States - - n.a. - n.a. - - n.a.TOTAL - 43,421 -100% - n.a. - 45,631 -100%

Sistema Fácil Vertical São Paulo City - - n.a. - n.a. - - n.a.price >R$150,000 Other Cities - State of São Paulo 31,686 3,198 891% - n.a. 31,686 25,366 25%

Other States - 4,415 -100% - n.a. - 11,667 -100%TOTAL 31,686 7,613 316% - n.a. 31,686 37,033 -14%

TOTAL Project Launches São Paulo City - - n.a. - n.a. - - n.a.Other Cities - State of São Paulo 88,673 56,755 56% 94,486 -6% 183,160 81,133 126%Other States 121,858 32,703 273% 100,143 22% 222,001 39,955 456%TOTAL 210,531 89,458 135% 194,629 8% 405,160 121,088 235%

2


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Among the project launches in the 2Q08, we highlight the Terra Nova Palhoça, a large scale residential project in the municipality of Palhoça, metropolitan region of Florianópolis, State of Santa Catarina in Southern Brazil. The Terra Nova Palhoça is Rodobens’ first-ever project in Santa Catarina, its eight state of operations and one of the fastest-growing states of Brazil.

The Terra Nova Palhoça is planned to be a sustainable urban development project, which may total more than 6,000 homes to be launched in phases. Rodobens and its local partner Klokplan plan to develop a new neighborhood with modern urban concepts, where a series of gated communities will integrate with public areas that will be built in the surroundings.

With the first condominium (“Vila I”) having had more than 90% of its 326 homes pre-sold, we launched, in the same 2Q08, the second condominium (“Vila II”) comprised by more 382 homes.

Terra Nova Rodobens in Palhoça/SC - Art design

The homes of the Terra Nova Palhoça will be built with the process of concrete molded on site, with delivery starting in 12 months from the launching. Following we present images of the undergoing construction of the Terra Nova Rodobens projects in the cities of Sorocaba/SP and Varzea Grande/MT as of June 2008:


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Project Launches (cont.)

Concerning the project launches target for 2008, in July 14, 2008, we revised our target from R$634 million upwards to R$815 million in potential sales value (PSV), Rodobens’ share only. The new target is 55% higher that the one stated in our business plan at the time of the IPO (January/2007).

Breakdown of Project Launches (in R$ million, Rodobens’ share) by Product (selling price)

Land bank

During the 2Q08 we continued to dedicate efforts to 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, with a growing preference for payment via financial swap.

As of June 30, 2008, the total land bank – acquired and under purchase option – represented a total potential sales value estimated at R$6.2 billion, being R$5.5 billion the share of Rodobens, with the potential to build approximately 79,000 homes (of which approximately 11,000 approved at the municipality level), spread out by 49 cities of 10 of the most economically-active Brazilian states. In terms of geographical concentration of the land bank, no city represents more than 13% of the total estimated sales potential of future projects.

Of the potential sales value estimated for Rodobens, 67% comes from land properties acquired based on purchase and sale agreements, and 33% represented by short term purchase option agreements (typically 90-120 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 Potencial Pre-Sales Value of the Land Bank

By Location

Non-capitals

82%

Capitals18%

By Product Selling Price

up to R$150k

96%

>R$150k4%

50 125 32545

292594

768142

171

200

220

1,216

45

$1,093

$1,761

$815

$434

$90

2006 2007 2008E 2009E 2010E

Moradas (R$50k-70k) Terra Nova (R$70k-150k) Sistema Fácil (>R$150k)


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Land bank (cont.)

Breakdown of land bank by state of Brazil

State #Cities Acquired Under Option Total % of Total Acquired Under Option Total % of Total

BA 2 232.260 141.400 373.660 7% 3.318 2.020 5.338 7%GO 2 275.620 - 275.620 5% 3.724 - 3.724 5%MG 7 649.017 150.100 799.117 15% 8.589 1.950 10.539 13%MS 1 28.068 - 28.068 1% 686 - 686 1%MT 3 266.066 560.500 826.566 15% 4.014 7.852 11.866 15%PR 7 307.095 406.040 713.135 13% 3.842 5.204 9.046 12%RJ 2 100.520 - 100.520 2% 2.030 - 2.030 3%RS 6 348.461 - 348.461 6% 7.848 - 7.848 10%SP 16 692.659 576.310 1.268.969 23% 9.248 7.538 16.786 21%SC 3 747.025 - 747.025 14% 10.758 - 10.758 14%10 49 3.646.791 1.834.350 5.481.141 100% 54.057 24.564 78.621 100%¹ Total number of units, regardless of other partners' participation and units given in swap for land owners

PSV RNI (in R$000) Units¹

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.

v

São José do Rio Preto/SP

Cities with projects launched

Cities with projects in planning

Projects under construction

Projects under planning


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Financial Performance 2Q08

Income Statement*

Consolidated, in R$000 2Q08 1Q08 PctChg 2Q07 PctChg 1H08 1H07 PctChg

Net Operating Revenue 102,908 67,905 52% 21,953 369% 170,813 39,926 328%Gross Margin 34.6% 31.6% 3 p.p. 25.2% 9.4 p.p. 33.4% 27.9% 5.5 p.p.

Commercial Expenses (5,794) (4,249) 36% (1,700) 241% (10,043) (2,977) 237%-5.6% -6.3% 0.6 p.p. -7.7% 2.1 p.p. -5.9% -7.5% 1.6 p.p.

General and Administrative Expenses (7,829) (7,186) 9% (4,283) 83% (15,015) (8,631) 74%-7.6% -10.6% 3 p.p. -19.5% 11.9 p.p. -8.8% -21.6% 12.8 p.p.

Other Operating Revenue 1,893 1,468 29% 2,980 -36% 3,361 5,151 -35%1.8% 2.2% -0.3 p.p. 13.6% -11.7 p.p. 2.0% 12.9% -10.9 p.p.

Equity Pick-Up from Investments 743 613 - 1,356 -

EBITDA 24,880 12,304 102% 2,627 847% 37,184 5,355 594%EBITDA Margin 24.2% 18.1% 6.1 p.p. 12.0% 12.2 p.p. 21.8% 13.4% 8.4 p.p.

IPO- related Non-recurring Expenses - - (2,118) - (20,768) Net Financial Income (Expenses) 6,006 6,762 12,321 12,768 19,461 Income Taxes (4,433) (3,527) (729) (7,960) (1,340) Minority Interest (18) (10) (4) (28) (4)

Net Income 26,217 15,345 11,869 41,562 1,918 Net Income Margin 25.5% 22.6% 54.1% 24.3% 4.8%Earnings per Share (in R$) 0.54 0.32 0.24 0.86 0.04

*: Pro forma figures, adjusted according to new mandatory practices applicable to current year 2008, as per CVM Instruction #469 as of 05/02/08 and IBRACON’s Technical Notice #5 as of 07/04/08. The results presented above related to year 2007 (2Q07 and 1H07) are also adjusted for comparability in the same basis. In the ITR 2Q08 (the mandatory quarterly filing with the CVM (Brazilian SEC)), these adjustments are being presented in the Explanatory Note #2.1.

Results discussed

– Net Revenue continues to show consistent growth, quarter after quarter, due to a growing number of projects launched, and with growing accumulated percentages of sales and of incurred cost. Revenues and costs are recognized (accounting-wise) by the method of evolution of incurred cost vs. total budgeted cost (“percentage of completion”).

– Gross Margin, which in the 1Q08 was negatively impacted by the beginning of revenue recognition of the Innova project, recovered 3 p.p. due to (i) improvement in the Innova margin from the sales of the second half of the project (at prices 5%-10% higher than the first half), (ii) the non-recurring positive effect of the downward revision of total budgeted cost of three Terra Nova horizontal projects, and (iii) the beginning of revenue recognition of new projects (debt-free).

– Commercial and Sales Expenses came with a light contraction, mainly due to the high speed of sales of some projects launched in 2008, resulting in savings to their marketing and advertising expenses.

– General and Administrative Expenses have been the main responsible for the expansion in the operating profit margin. The strong control of those expenses is in large part a result of the culture of simplicity and discipline rooted at Empresas Rodobens. Those expenses already include the provision (accrual) for employees’ profit sharing.


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Financial Performance 2Q08 (cont.)

When we subtract from the G&A expenses the (recurring) Other Operating Revenues of R$1.9 million (from the rendering of administrative services to the SPEs in which we have partners), our “net” G&A expenses were at R$5.9 million, or 5.8% of net revenue. In the 1H08, R$11.7 million or 6.8% of net revenue.

– EBITDA reached R$25 million, with 24.2% margin of net revenue, thanks to a sum of factors: (i) recovery of the gross margin (partially explained by non-recurring items), (ii) strong control of G&A as discussed above, and (iii) lower relative sales expenses recorded in the period. In the 1H08, EBITDA margin is 21.8%. Our EBITDA includes the negative impact of interest expenses recorded as cost of projects.

– Net Income in 2Q08 reached R$26 million, accumulating R$42 million in the 1H08, reflecting the growing operating profit, with counterpart of a decreasing contribution from 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:

• The revenues and the costs are recognized according to the evolution of the project’s incurred cost as an accumulated percentage of the total budgeted cost (including land), known as “percentage of completion” (or “PoC”). The recognition of a project’s revenue starts with the first sales contract signed. The initially incurred cost includes the land when such asset was acquired in cash or in exchange for a percentage of the project’s client payments (financial swap), which are the predominant forms by which our land were acquired. The PoC is the BRGAAP’s standard practice for publicly-held homebuilders.

• The revenues, 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. Only after the end of construction those interest expenses are recorded below the SG&A, in the net interest result.

• 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). Our institutional marketing expenses are irrelevant.

• 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.


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Clarifications about new mandatory accounting practices under BRGAAP

In December 31, 2007, it was issued the federal law #11,638, with the objective to converge the BRGAAP to the IFRS, applicable in the year 2008. In May 2, 2008, it was issued by the CVM (the Brazilian SEC) the Instruction #469, which was complemented days after by the Explanatory Note to Instruction #469, aiming at regulating the immediate application (and retroactive to the 1Q08) of certain innovations brought by the law 11,638. In July 4, 2008, the IBRACON-Institute of the Independent Auditors of Brazil issued the Technical Notice #05/2008 (“IBRACON Notice”) to (i) align the interpretations of the external auditors about Instruction #469, and, indirectly, (ii) to eliminate doubts and diverging interpretations among publicly-held companies about the application of those innovations in the quarterly financial statements (the “ITRs”). The IBRACON Notice recommended the immediate application of some of the new accounting practices as explained in further details at the Explanatory Note #2.1 of our 2Q08 ITR.

The only relevant impact in our quarterly financial statements (ITRs) would be, up to now, the Adjustment to Present Value in part of the (i) Clients Receivables, and in part of the (ii) Land Payables, resulting in the reverse of net revenues and costs, respectively. The Explanatory Note #2.1 of the 2Q08 ITR brings detailed clarifications about the impacts of the new accounting practices to our results and book value.

With the objective of providing transparency of those impacts to our results, we are highlighting, in the presentation and discussion of our results, the pro forma figures adjusted according to the new accounting practices.

The management expects that more communications and instructions will be released/issued by the regulatory bodies throughout year 2008, regulating new accounting practices mentioned in the law 11,638 for application in the current year, or modifying previous instructions, and which impacts in the financial statements can not be estimated now.


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Consolidated Balance Sheet: main items

Credits with Clients

Our credits towards clients recorded in the balance sheet at the end of 2Q08 were R$279 million, a growth of 39% over the previous quarter (1Q08).

Of those R$279 million, R$95 million were represented by performed receivables, i.e. finished and delivered units with potential for immediate conversion into cash in the short term.

The Adjustment to Present Value of the non-performed client receivables was initially calculated in R$16 million, or only 6% of the total balance of client receivables recorded in the balance sheet.

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$429 million, a growth of 28% over the end of the previous quarter.

Adding up the receivables recorded to the unrecorded (or unrealized) amount, total credits with clients were R$708 million at the end of 2Q08, a growth of 32% over the previous quarter (1Q08).

Credits with clients (R$ MM)

2Q08 % 2Q07 %2Q08 x 2Q07

1Q08 %2Q08 x 1Q08

Current Assets

Amounts realized 203,247 29% 61,351 31% 231% 135,009 25% 51%

Amounts non realized 313,699 44% 76,217 39% 312% 256,914 48% 22%

Total Current Assets 516,946 73% 137,568 70% 276% 391,923 73% 32%

Non Current Assets

Amounts realized 75,672 11% 45,218 23% 67% 64,675 12% 17%

Amounts non realized 115,001 16% 13,200 7% 771% 79,282 15% 45%

Total Non Current Assest 190,673 27% 58,418 30% 226% 143,957 27% 32%

TOTAL 707,619 100% 195,986 100% 261% 535,880 100% 32%

Discount to present value 15,567 2% 2,651 1% 487% 11,087 2% 40%

Total Adjusted 692,052 98% 193,335 99% 258% 524,793 98% 32%

APV (11)Others 155

Shareholders' Equity 580

Inv entory 262

Land Payables 92

APV (16)

Clients 263

APV (4)Others 92

Cash 182 Bank Debt 99

Assets Liabilities


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Real Estate for Sale (Inventory)

The 18% growth q-o-q in our inventory of real estate under construction is an indicator of the strong growth of our operations. We highlight the participation of finished units at only 4% of the total inventory at cost.

Real Estate for Sale (R$MM) 2Q08 % 2Q07 %2Q08 x 2Q07

1Q08 %2Q08 x 1Q08

Built units 11,124 4% 4,148 4% 168% 5,138 2% 117%

Under construction 89,428 34% 24,245 25% 269% 75,894 30% 18%

Raw/Undeveloped Land 161,096 62% 70,258 71% 129% 172,043 68% -6%

TOTAL 261,648 100% 98,651 100% 165% 253,075 100% 3%

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) 2Q08 % 1Q08 %2Q08 x 1Q08

Built units 14,792 3% 6,728 2% 120%Under construction 281,602 62% 255,061 59% 10%Raw/Undeveloped Land 161,096 35% 172,043 40% -6%

TOTAL 457,490 100% 433,832 100% 5%

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$196 million.

Bank Debt

The outstanding balance of bank loans rose to R$99 million, due to the disbursements of new financings that were pending. The new disbursements, at interest rates of 9%-11% plus TR, contributed to a higher preservation of the cash balance during the quarter.

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 2Q08 % 2Q07 % 2Q08 x 2Q07 1Q08 % 2Q08 x

1Q08Short Term 39,031 39% 8,865 15% 340% 23,623 39% 65%Long Term 60,262 61% 49,280 85% 22% 37,001 61% 63%TOTAL 99,293 100% 58,145 100% 71% 60,624 100% 64%

The table below presents the debt amortization schedule of the long term portion:

Amortization TOTALSchedule ( R$ MM )

2009 (since jul/09) 23,1432010 26,4512011 6,497After 2011 4,171Total long term 60,262


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The Companhia Hipotecária Unibanco Rodobens (Mortgages)

Results and Operations

In 2Q08 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$0.5 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$2.8 million, represented by Plano Único application fees and plan administration fees.

At the end of June 2008, CHUR had 3,256 contracts qualified by Rodobens as active by the criteria of timely payments, representing a portfolio of client contracts with a total value of R$257 million, and an average value of R$79 thousand per letter of credit.

The charts below show the quarterly evolution of the balance sheet of CHUR:

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 June 30, 2008, the CHUR had a portfolio of performed mortgage credits, i.e. letters of credit granted to clients, in the amount of R$14 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.

* * * * *

5661

64 65

10 1112 14

5 59

12

4 4 3 4

Cash Disbursed Loans Approved Loans Other credits

3Q074Q071Q082Q08

21 22 2325

5255

62 67

3 4 3 3

Net Worth Advances fromCustomers

Others

3Q074Q071Q082Q08

Assets (R$ million)Assets (R$ million) Net Worth and Liabilities (R$ million)Net Worth and Liabilities (R$ million)

5661

64 65

10 1112 14

5 59

12

4 4 3 4

Cash Disbursed Loans Approved Loans Other credits

3Q074Q071Q082Q08

21 22 2325

5255

62 67

3 4 3 3

Net Worth Advances fromCustomers

Others

3Q074Q071Q082Q08

Assets (R$ million)Assets (R$ million) Net Worth and Liabilities (R$ million)Net Worth and Liabilities (R$ million)


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Consolidated Balance Sheet

Rodobens Negócios Imobiliários S.A.

Balance Sheet 2Q08 1Q08 % Chg 2Q07 % ChgAdjusted Adjusted Adjusted

( In R$000)

ASSETS

CURRENT ASSETS

Cash and banks 18,477 8,349 121% 2,780 565%

Financial investments 163,094 215,412 -24% 404,009 -60%

Credits with clients 192,007 127,433 51% 58,700 227%

Real estate for sale 212,140 238,504 -11% 68,865 208%

Credits with third parties 70,176 50,645 39% 21,473 227%

Expenses to be transfered to SPCs¹ 4,146 5,492 -25% 4,155 0%

Sales expenses to be recognized 24,596 18,345 34% 5,795 324%Prepaid expenses 196 237 -17% 158 24%Other credits 8,486 6,625 28% 2,619 224%Total current assets 693,318 671,042 3% 568,554 22%

NON-CURRENT ASSETS

Credits with clients 71,345 61,164 17% 45,218 58%Related parties 24,826 18,074 37% 13,802 80%Legal provisions 346 346 0% 293 18%Real estate for sale 49,508 14,571 240% 29,786 66%Investments in related parties 12,388 11,646 6% - n.a.Fixed assets 7,541 4,493 68% 2,804 169%Intangible 2,927 2,285 28% - n.a.Total non-current assets 168,881 112,579 50% 91,903 84%

TOTAL ASSETS 862,199 783,621 10% 660,457 31%

¹ Special Purpose Companies for individual projects. Rodobens Negócios Imobiliários S.A.

Balance Sheet 2Q08 1Q08 % Chg 2Q07 % Chg

( In R$000)

ASSETS

CURRENT ASSETS

Cash and banks 18,477 8,349 121% 2,780 565%

Financial investments 163,094 215,412 -24% 404,009 -60%

Credits with clients 203,247 135,009 51% 61,351 231%

Real estate for sale 212,140 238,504 -11% 68,865 208%

Credits with third parties 70,176 50,645 39% 21,473 227%

Expenses to be transfered to SPCs¹ 4,146 5,492 -25% 4,155 0%

Sales expenses to be recognized 24,596 18,345 34% 5,795 324%Prepaid expenses 196 237 -17% 158 24%Other credits 8,486 6,625 28% 2,619 224%Total current assets 704,558 678,618 4% 571,205 23%

NON-CURRENT ASSETS

Credits with clients 75,672 64,675 17% 45,218 67%Related parties 24,826 18,074 37% 13,802 80%Legal provisions 346 346 0% 293 18%Real estate for sale 49,508 14,571 240% 29,786 66%Investments in related parties 12,388 11,646 6% - n.a.Fixed assets 7,541 4,493 68% 2,804 169%Intangible 2,927 2,285 28% - n.a.Total non-current assets 173,208 116,090 49% 91,903 88%

TOTAL ASSETS 877,766 794,708 10% 663,108 32%

¹ Special Purpose Companies for individual projects.


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Balance Sheet 2Q08 1Q08 % Chg 2Q07 % ChgAdjusted Adjusted Adjusted

( In R$000)

LIABILITIES & Shareholders' Equity

CURRENT LIABILITIESSuppliers 16,257 12,062 35% 3,753 333%Loans and financing 39,031 23,623 65% 8,865 340%Social charges payable 3,712 2,817 32% 1,588 134%Taxes payable 5,166 3,203 61% 1,501 244%Current accounts with partners in projects 24,884 22,129 12% 8,351 198%Land aquisitions payable 69,618 72,302 -4% 25,070 178%Deferred income taxes 16,141 11,069 46% 5,782 179%Provision for customer warranty 2,592 2,224 17% 1,442 80%Advances from clients 2,003 2,347 -15% 849 136%Related parties - intercompany loans 8,140 7,983 2% 12,768 -36%Related parties - commercial transactions - - n.a. - n.a.

Employees' profit sharing 2,482 495 401% 702 254%

Dividends payable 194 1,261 -85% 351 -45%Other accounts payable 2,806 2,696 4% 3,092 -9%Total current liabilities 193,026 164,211 18% 74,114 160%

NON-CURRENT LIABILITIESDeferred taxes 6,167 5,624 10% 4,414 40%Loans and financing 60,262 37,001 63% 49,280 22%Provisions for contingencies 138 138 0% 138 0%Land aquisition payable 22,340 22,615 -1% 18,031 24%Total (long-term) non-current liabilities 88,907 65,378 36% 71,863 24%

Minority interest 41 24 71% 6 583%

Shareholders' Equity

Capital stock 512,438 512,438 0% 512,438 0%

Legal reserve 2,132 2,132 0% 118 1707%

Retained earnings 28,705 28,705 0% - n.a.Accrued income 36,950 10,733 244% 1,918 1826%Total Shareholders' Equity 580,225 554,008 5% 514,474 13%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 862,199 783,621 10% 660,457 31%


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Balance Sheet 2Q08 1Q08 % Chg 2Q07 % Chg

( In R$000)

LIABILITIES & Shareholders' Equity

CURRENT LIABILITIESSuppliers 16,257 12,062 35% 3,753 333%Loans and financing 39,031 23,623 65% 8,865 340%Social charges payable 3,712 2,817 32% 1,588 134%Taxes payable 5,166 3,203 61% 1,501 244%Current accounts with partners in projects 24,884 22,129 12% 8,351 198%Land aquisitions payable 72,171 74,552 -3% 25,645 181%Deferred income taxes 16,478 11,297 46% 5,869 181%Provision for customer warranty 2,592 2,224 17% 1,442 80%Advances from clients 2,003 2,347 -15% 849 136%Related parties - intercompany loans 8,140 7,983 2% 12,768 -36%Related parties - commercial transactions - - n.a. - n.a.

Employees' profit sharing 2,482 495 401% 702 254%

Dividends payable 194 1,261 -85% 351 -45%Other accounts payable 2,806 2,696 4% 3,092 -9%Total current liabilities 195,916 166,689 18% 74,776 162%

NON-CURRENT LIABILITIESDeferred taxes 6,297 5,729 10% 4,414 43%Loans and financing 60,262 37,001 63% 49,280 22%Provisions for contingencies 138 138 0% 138 0%Land aquisition payable 24,119 23,988 1% 18,031 34%Total (long-term) non-current liabilities 90,816 66,856 36% 71,863 26%

Minority interest 41 24 71% 6 583%

Shareholders' Equity

Capital stock 512,438 512,438 0% 512,438 0%

Legal reserve 2,132 2,132 0% 118 1707%

Retained earnings 28,705 28,705 0% - n.a.Accrued income 47,718 17,864 167% 3,907 1121%Total Shareholders' Equity 590,993 561,139 5% 516,463 14%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 877,766 794,708 10% 663,108 32%


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Consolidated Income Statement (Adjusted, pro forma)


Income Statement 2Q08 1Q08 % Chg 2Q07 % Chg 1H08 1H07 % ChgAdjusted Adjusted Adjusted Adjusted Adjusted

(In R$000)

GROSS OPERATING REVENUES 111,987 75,383 49% 24,735 353% 187,370 44,435 322%Revenues from projects 111,987 75,383 49% 24,735 353% 187,370 44,435 322%

(-) DEDUCTIONS FROM GROSS REVENUES (9,079) (7,478) 21% (2,782) 226% (16,557) (4,509) 267%Unconditional discounts 1 (69) -101% 4 -75% (68) (3) 2167%Sales taxes (4,086) (2,634) 55% (870) 370% (6,720) (1,608) 318%Discount to presemt value (4,994) (4,775) 5% (1,916) 161% (9,769) (2,898) 237%

NET OPERATING REVENUES 102,908 67,905 52% 21,953 369% 170,813 39,926 328%

COST OF PROJECTS SOLD (67,259) (46,431) 45% (16,419) 310% (113,690) (28,768) 295%

GROSS PROFIT 35,649 21,474 66% 5,534 544% 57,123 11,158 412% OPERATING (EXPENSES) REVENUES (10,987) (9,354) 17% (5,121) 115% (20,341) (27,225) -25%Commercial and sales expenses (5,794) (4,249) 36% (1,700) 241% (10,043) (2,977) 237%General and administrative expenses (7,829) (7,186) 9% (4,283) 83% (15,015) (8,631) 74%Expenses from corporate restructuring (IPO) - - n.a. (2,118) -100% - (20,768) -100%Other operating revenues 1,893 1,468 29% 2,980 -36% 3,361 5,151 -35%Equity Income 743 613 21% - n.a. 1,356 - n.a.

OPERATING PROFIT (LOSS) BEFORE INTEREST EXPENSE 24,662 12,120 103% 413 5871% 36,782 (16,067) -329%

NET INTEREST (EXPENSES) REVENUES 6,006 6,762 -11% 12,321 -51% 12,768 19,461 -34%Monetary variations, net 623 603 3% 36 1631% 1,226 106 1057%Interest expenses (2,068) (1,920) 8% (1,996) 4% (3,988) (3,422) 17%Interest revenues 7,451 8,079 -8% 14,281 -48% 15,530 22,777 -32%

OPERATING INCOME 30,668 18,882 62% 12,734 141% 49,550 3,394 1360%

NON OPERATING INCOME - - n.a. (132) -100% - (132) -100%

EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION30,668 18,882 62% 12,602 143% 49,550 3,262 1419%

INCOME TAX AND SOCIAL CONTRIBUTION (4,433) (3,527) 26% (729) 508% (7,960) (1,340) 494%Current (2,163) (1,652) 31% (574) 277% (3,815) (862) 343%Deferred (2,270) (1,875) 21% (155) 1365% (4,145) (478) 767%

NET INCOME BEFORE MINORITY INTERESTS 26,235 15,355 71% 11,873 121% 41,590 1,922 2064%

Minority interests (18) (10) 80% (4) 350% (28) (4) 600% Interest on shareholders' equity - - n.a. - n.a. - - n.a. NET INCOME 26,217 15,345 71% 11,869 121% 41,562 1,918 2067%Earnings per share (in R$/share) 0.54 0.32 0.24 0.86 0.04

22 000 000


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Consolidated Income Statement (ITR)


Income Statement 2Q08 1Q08 % Chg 2Q07 % Chg 1H08 1H07 % Chg

(In R$000)

GROSS OPERATING REVENUES 111,987 75,383 49% 24,735 353% 187,370 44,435 322%Revenues from projects 111,987 75,383 49% 24,735 353% 187,370 44,435 322%

(-) DEDUCTIONS FROM GROSS REVENUES (4,085) (2,703) 51% (866) 372% (6,788) (1,611) 321%Unconditional discounts 1 (69) -101% 4 -75% (68) (3) 2167%Sales taxes (4,086) (2,634) 55% (870) 370% (6,720) (1,608) 318%

NET OPERATING REVENUES 107,902 72,680 48% 23,869 352% 180,582 42,824 322%

COST OF PROJECTS SOLD (68,275) (49,047) 39% (16,665) 310% (117,322) (29,516) 297%

GROSS PROFIT 39,627 23,633 68% 7,204 450% 63,260 13,308 375% OPERATING (EXPENSES) REVENUES (10,987) (9,354) 17% (5,121) 115% (20,341) (27,225) -25%Commercial and sales expenses (5,794) (4,249) 36% (1,700) 241% (10,043) (2,977) 237%General and administrative expenses (7,829) (7,186) 9% (4,283) 83% (15,015) (8,631) 74%Expenses from corporate restructuring (IPO) - - n.a. (2,118) -100% - (20,768) -100%Other operating revenues 1,893 1,468 29% 2,980 -36% 3,361 5,151 -35%Equity Income 743 613 21% - n.a. 1,356 - n.a.

OPERATING PROFIT (LOSS) BEFORE INTEREST EXPENSE 28,640 14,279 101% 2,083 1275% 42,919 (13,917) -408%

NET INTEREST (EXPENSES) REVENUES 5,815 7,265 -20% 11,421 -49% 13,080 19,387 -33%Monetary variations, net 623 603 3% 36 1631% 1,226 106 1057%Interest expenses (1,745) (1,122) 56% (1,919) -9% (2,867) (3,249) -12%Interest revenues 6,937 7,784 -11% 13,304 -48% 14,721 22,530 -35%

OPERATING INCOME 34,455 21,544 60% 13,504 155% 55,999 5,470 924%

NON OPERATING INCOME - - n.a. (132) -100% - (132) -100%

EARNINGS BEFORE INCOME TAX AND SOCIAL CONTRIBUTION34,455 21,544 60% 13,372 158% 55,999 5,338 949%

INCOME TAX AND SOCIAL CONTRIBUTION (4,583) (3,670) 25% (786) 483% (8,253) (1,427) 478%Current (2,163) (1,652) 31% (574) 277% (3,815) (862) 343%Deferred (2,420) (2,018) 20% (212) 1042% (4,438) (565) 685%

NET INCOME BEFORE MINORITY INTERESTS 29,872 17,874 67% 12,586 137% 47,746 3,911 1121%

Minority interests (18) (10) 80% (4) 350% (28) (4) 600% Interest on shareholders' equity - - n.a. - n.a. - - n.a. NET INCOME 29,854 17,864 67% 12,582 137% 47,718 3,907 1121%Earnings per share (in R$/share) 0.61 0.37 0.26 0.98 0.08

22 000 000


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Cash Flow

RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A.

CASH FLOW

(in R$000)

06.30.2008 06.30.2008 06.30.2007 06.30.2007 06.30.2008 06.30.2008 06.30.2007 06.30.2007 (06 Month) (03 Month) (06 Month) (03 Month) (06 Month) (03 Month) (06 Month) (03 Month)

CASH FLOW FROM OPERATING ACTIVITIES

NET INCOME 47,718 29,854 3,907 12,582 47,718 29,854 3,907 12,582

Adjustments for reconciliation of loss in the period to net cash from / for operating activities

Deferred taxes (1,596) (1,270) (70) (1) 9,643 5,749 1,229 463 Depreciation 320 170 158 88 430 236 178 100 Minority Interests - - - - 27 17 6 6 Equity income (47,292) (30,241) (8,934) (4,713) (1,356) (742) - - Sale of fixed assets 21 21 16 (272) 22 17 33 (266) Provision for contingencies - - - - - - 3 3 Interest and monetary variations on loans 54 24 996 365 4,011 2,220 4,219 2,183

CHANGES IN OPERATING ASSETS AND LIABILITIESCredits with clients 5,371 3,084 (160) 48 (127,535) (79,235) (20,596) (8,483) Real estate for sale (7,235) 23,580 (48,590) (13,272) (52,179) (8,573) (62,979) (22,848) Credits with third parties (104,013) (56,173) (10,835) (4,570) (31,251) (19,531) (5,297) 2,716 Expenses to be transfered to SPCs 6,271 1,315 (2,584) 869 6,050 1,346 (2,814) 524 Selling expenses to be recognized (119) (121) 144 80 (11,699) (6,251) (754) (692) Prepaid expenses 154 14 502 516 160 41 490 518 Other credits (3,168) (1,361) (1,212) (1,062) (3,350) (1,861) (1,285) (680) Related parties (7,148) (4,570) 4,493 3,237 (8,755) (6,595) 934 401 Legal provisions (49) - (290) (290) (49) - (293) (293) Suppliers 993 2,392 135 (131) 8,258 4,195 942 681 Taxes and social charges payable (548) 1,320 188 350 1,733 2,858 803 993 Land acquisitions payable (6,567) (12,402) 13,432 (8,519) 972 (2,251) 26,911 (2,097) Advances from customers (45) (53) (120) (157) 179 (344) (226) (950) Advances from partners (126) (176) 238 (3,610) 8,973 2,755 1,032 (3,371) Provisions for customers warranty (20) (20) (61) 55 843 368 92 197 Provisions for losses in subsidiaries 2,050 698 617 557 - - - - Provision for profit sharing 1,628 1,987 (29) 195 1,628 1,987 (29) 195 Dividends payable (8,578) (1,067) (166) 2 (8,578) (1,067) (166) 2 Others accounts payable 409 286 196 1,276 716 110 (157) 1,015 -

NET CASH FLOW INVESTED IN OPERATING ACTIVITIES (121,515) (42,709) (48,030) (16,379) (153,389) (74,697) (53,818) (17,105)

CASH FLOW FROM INVESTING ACTIVITIESAcquisition of fixed assets (3,672) (3,184) (524) 45 (5,059) (3,943) (691) (95) (Addition) reduction in investments (6,050) (2,495) (420) 130 - - - -

NET CASH FLOW ( INVESTED IN )INVESTING ACTIVITIES (9,722) (5,679) (944) 175 (5,059) (3,943) (691) (95)

CASH FLOW FROM FINANCING ACTIVITIESLoans and financings Amortization of loans and financings (2,488) (1,414) (22,963) (19,477) (42,794) (25,687) (36,722) (28,365) New loans and financings 1,102 614 10,075 7,387 78,161 62,136 31,621 17,531 Capital increase - - 448,500 - - - 448,500 - Dividends paid - - (186) (186) - (186) (186)

NET CASH FLOW FROM FINANCING ACTIVITIES (1,386) (800) 435,426 (12,276) 35,367 36,449 443,213 (11,020)

(132,623) (49,188) 386,451 (28,480) (123,081) (42,191) 388,704 (28,218)

Cash balanceAt the beginning of the period 293,653 210,218 13,916 428,847 304,651 223,761 18,085 435,007 At the end of the period 161,030 161,030 400,367 400,367 181,570 181,570 406,789 406,789 Difrença

SUPPLEMENTARY CASH FLOW INFORMATION

Cash paid during the period related to:Interest of loans and financings 57 19 889 432 4,013 2,023 3,283 2,024 Income tax and social contribution 664 161 - - 1,838 809 465 17

CHANGE IN CASH

Parent Company Consolidated


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ANNEX: % of Costs Incurred and % of Accumulated Sales, by Project

Project1Q08 2Q08 1Q08 2Q08 1Q08 2Q08

TERRA NOVA PATOS DE MINAS 0% 7% 0% 3% - 108 100% 11 Terra Nova Patos de Minas (1st Phase) 2008 0% 7% 0% 14%

GREEN SQUARE 2008 0% 16% 0% 42% - 1,963 100% 26 TERRA NOVA SÃO JOSÉ DOS CAMPOS 0% 10% 0% 15% - 805 100% 20

Terra Nova São José dos Campos (1st Phase) 2008 0% 10% 0% 42%TERRA NOVA GARDEN VILLAGE 2 2008 28% 58% 16% 19% - 337 50% 5 TERRA NOVA PALHOÇA 0% 8% 0% 30% - 3,696 100% 49

Terra Nova Palhoça (VILA I) 2008 0% 13% 0% 96%Terra Nova Palhoça (VILA II) 2008 0% 7% 0% 19%

TERRA NOVA VISTA ALEGRE 0% 14% 0% 38% - 4,105 100% 62 Terra Nova Vista Alegre (1st Phase) 2008 0% 14% 0% 85%Terra Nova Vista Alegre (2nd Phase) 2008 0% 14% 0% 10%

TERRA NOVA RESERVA 2008 12% 29% 89% 88% 441 615 50% 4 TERRA NOVA PONTA GROSSA 7% 13% 10% 15% 269 1,114 100% 22

Terra Nova Ponta Grossa (1st Phase) 2008 7% 21% 17% 28%TERRA NOVA CASCAVEL 2008 21% 32% 56% 83% 4,423 5,537 100% 37 TERRA NOVA SANTA CRUZ DO SUL 7% 8% 2% 4% 29 64 50% 10

Terra Nova Santa Cruz do Sul (1st Phase) 2008 7% 10% 5% 9%TERRA NOVA RONDONÓPOLIS 12% 21% 9% 25% 1,028 4,978 100% 28

Terra Nova Rondonópolis (1st Phase) 2008 17% 36% 19% 51%TERRA NOVA MARÍLIA 16% 27% 11% 11% 806 752 100% 25

Terra Nova Marília (1st Phase) 2008 16% 31% 20% 20%INNOVA SÃO FRANCISCO 12% 19% 72% 96% 10,267 8,639 50% 115 TERRA NOVA PARQUE DA LIBERDADE 2 3% 10% 45% 60% 200 1,201 50% 18

Terra Nova Parque da Liberdade 2 (1st Phase) 2007 3% 18% 71% 75%Terra Nova Parque da Liberdade 2 (2nd Phase) 2008 3% 2% 16% 42%

TERRA NOVA VÁRZEA GRANDE 26% 40% 96% 99% 6,062 8,261 100% 51 Terra Nova Várzea Grande (1st Phase) 2007 28% 53% 99% 99%Terra Nova Várzea Grande (2nd Phase) 2007 24% 22% 92% 98%

TERRA NOVA SOROCABA 26% 35% 55% 74% 6,233 9,411 100% 67 Terra Nova Sorocaba (1st Phase) 2007 29% 47% 83% 90%Terra Nova Sorocaba (2nd Phase) 2008 22% 23% 27% 58%

GREEN FIELDS RESIDENCE CLUB 27% 37% 20% 28% 1,906 5,115 100% 38 Green Fields (1st Phase) 2007 32% 49% 36% 49%

TERRA NOVA PARQUE DA LIBERDADE 2007 38% 80% 92% 95% 3,179 5,640 50% 13 TERRA NOVA BELVEDERE I 35% 66% 82% 99% 2,687 5,880 50% 16

Terra Nova Belvedere I (1st Phase) 2007 53% 100% 94% 99%Terra Nova Belvedere I (2nd Phase) 2007 2% 4% 60% 99%

TERRA NOVA NATURE 18% 20% 81% 87% 3,369 2,987 50% 89 Terra Nova Nature (1st Phase) 2007 26% 33% 99% 98%Terra Nova Nature (2nd Phase) 2007 14% 14% 86% 90%Terra Nova Nature (3rd Phase) 2007 14% 14% 60% 73%

LE BRISE 2007 41% 65% 95% 97% 884 1,162 50% 4 SAN DIEGO I 2007 49% 63% 58% 71% 1,792 3,128 50% 16 BOSQUE VIVENDAS 55% 76% 92% 96% 8,298 10,621 100% 43 VILA DAS TORRES 35% 37% 52% 62% 809 1,702 33% 25 ESPAÇO JARDIM 30% 40% 73% 78% 586 710 35% 7

Espaço Jardim (1st Phase) 2006 47% 56% 84% 88%Espaço Jardim (2nd Phase) 2007 13% 23% 62% 68%

GARDEN CLUB 45% 63% 71% 77% 1,830 2,329 55% 15 Garden Club (1st Phase) 2006 84% 100% 89% 89%Garden Club (2nd Phase) 2006 3% 24% 51% 63%

TERRA NOVA GARDEN VILLAGE 2006 100% 100% 98% 98% 241 169 50% 13 GREEN TAMBORÉ 50% 62% 55% 57% 2,764 2,389 34% 14 GUARAPIRANGA PARK 36% 46% 39% 51% 4,228 5,577 100% 41

Guarapiranga Park (1st Phase) 2006 55% 65% 83% 96%Guarapiranga Park (2nd Phase) 2007 29% 38% 36% 55%

QUINTAS DE TAMBORÉ 2006 46% 62% 74% 77% 1,453 2,271 45% 15 SAN REMO II 75% 91% 89% 100% 4,109 4,359 50% 15 BARRA CENTRAL PARK 94% 100% 49% 52% 265 307 30% 11 GREEN VILLAGE III 95% 100% 100% 100% 78 641 50% 12 BOSQUE SÃO FRANCISCO 98% 100% 83% 91% 2,406 2,061 42% 26 DOLCE VITA RESIDENZIALE 58% 67% 55% 63% 1,663 1,753 50% 13

Dolce Vita (1st Phase) 2004 100% 100% 98% 100%Dolce Vita (2nd Phase) 2007 70% 90% 67% 82%Dolce Vitta (3rd Phase) 2008 3% 12% 0% 8%

CARIBE VILLAGE 100% 100% 66% 83% 420 953 53% 9 TAMBORÉ 7 EXCLUSIVE HOUSES 94% 88% 71% 74% 1,290 200 25% 24 OTHERS 100% 100% 1,368 196 589 Total 75,383 111,738 1,598

Year of launch

PSV Launched RNI

(R$MM) % RNICosts Incurred Accumulated Sold Gross Revenues

Recognized (R$000)

2q08 financial and operating highlightsgrowth over the previous quarter. in the first half of 2008...

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