Rodobens Negócios Imobiliários S.A.

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1 (Convenience Translation into English from the Original Previously Issued in Portuguese) Rodobens Negócios Imobiliários S.A. Interim Financial Statements for the Quarter Ended September 30, 2010 and Independent Accountants Review Report Deloitte Touche Tohmatsu Auditores Independentes

2 Deloitte Touche Tohmatsu Av. Dr. José Bonifácio Coutinho Nogueira, Sala Campinas - SP Brasil Tel: 55 (19) Fax: 55 (19) (Convenience Translation into English from the Original Previously Issued in Portuguese) INDEPENDENT ACCOUNTANTS REVIEW REPORT To the Shareholders and Management of Rodobens Negócios Imobiliários S.A. São José do Rio Preto, SP 1. We have reviewed the accounting information included in the accompanying interim financial statements of Rodobens Negócios Imobiliários S.A. (the Company ) and subsidiaries, for the quarter ended September 30, 2010, consisting of the individual (Company) and consolidated balance sheets, the related statements of income, changes in shareholders equity (Company) and cash flows, the management report and the related notes, prepared under the responsibility of its Management. 2. Our review was conducted in accordance with specific standards established by the Brazilian Institute of Independent Auditors (IBRACON), together with the Brazilian Federal Accounting Council (CFC), and consisted, principally, of: (a) inquiries of and discussions with certain officials of the Company and its subsidiaries who have responsibility for accounting, financial and operating matters about the main criteria adopted in the preparation of the interim financial statements; and (b) review of the information and subsequent events that had or might have had material effects on the financial position and results of operations of the Company and its subsidiaries. 3. Based on our review, we are not aware of any material modifications that should be made to the accounting information included in the interim financial statements referred to in paragraph 1 for them to be in conformity with Brazilian accounting practices and standards established by the Brazilian Securities and Exchange Commission (CVM) applicable to the interim financial statements. 4. As mentioned in note 2.3, during 2009, CVM approved new Pronouncements, Interpretations and Technical Instructions issued by the Accounting Pronouncements Committee (CPC), mandatory for adoption beginning 2010, which introduced changes in Brazilian accounting practices. As permitted by CVM Resolution 603/09, the Company s management decided to prepare its interim financial statements in accordance with Brazilian accounting practices in effect through December 31, 2009, rather than applying these standards effective As required by said Resolution, this Company decision as well as the reasons for not presenting an estimate of their possible effects on shareholders' equity and net income were disclosed in note 2.3 to the interim financial statements. 1

3 5. The accompanying interim financial statements have been translated into English for the convenience of readers outside Brazil. Campinas, October 22, 2010 DELOITTE TOUCHE TOHMATSU Auditores Independentes Alex Andrade Vaz da Silva Engagement Partner

4 (Convenience Translation into English from the Original Previously Issued in Portuguese) RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A. AND SUBSIDIARIES BALANCE SHEETS AS OF SEPTEMBER 30 AND JUNE 30, 2010 (In thousands of Brazilian reais - R$) Company Consolidated Company Consolidated ASSETS Note LIABILITIES AND SHAREHOLDERS EQUITY Note CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents Trade accounts payable Trade accounts receivable Construction financing Real estate for sale Leases Receivables from third parties Loans and financing Expenses to be passed through to SPEs Debentures Deferred selling expenses Payroll and related taxes Prepaid expenses Funds from partners Co-obligation Accounts payable for acquisition of real estate Other receivables Deferred taxes Warranty reserve Co-obligation Due to related parties Provision for shareholders deficit in subsidiaries Provision for employee profit sharing Dividends payable NONCURRENT ASSETS Other payables Long-term assets: Trade accounts receivable Real estate for sale NONCURRENT LIABILITIES Escrow deposits Long-term liabilities Due from related parties Deferred taxes Investments Construction financing Investments in subsidiaries and jointly-owned subsidiaries Leases Property, plant and equipment Loans and financing Intangible assets Debentures Reserve for contingencies Accounts payable for acquisition of real estate NONCONTROLLING INTERESTS SHAREHOLDERS EQUITY Capital 16 a) Capital reserve 16 b) Legal reserve 16 c) Earnings retention Retained earnings TOTAL ASSETS TOTAL LIABILITIES AND SHAREHOLDERS EQUITY The accompanying notes are an integral part of these financial statements

5 (Convenience Translation into English from the Original Previously Issued in Portuguese) RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A. AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE PERIODS ENDED SEPTEMBER 30, 2010 AND 2009 (In thousands of Brazilian reais - R$, except earnings per share) Company Consolidated Note GROSS SALES Revenue from projects (-) DEDUCTIONS Unconditional discounts (279) Sales taxes (402) (34) (15.424) (12.474) (402) (34) (15.424) (12.753) NET SALES COST OF SALES (1.882) (233) ( ) ( ) GROSS PROFIT OPERATING (EXPENSES) INCOME Selling expenses (1.235) (687) (30.545) (26.621) General and administrative (31.581) (21.817) (50.987) (33.873) Management fees (630) (630) (630) (630) Employee profit sharing (4.196) (1.742) (4.199) (1.985) Other operating income, net Equity in subsidiaries Provision for shareholders deficit in subsidiaries 6 (20.488) (6.617) (943) (79.622) (57.309) INCOME FROM OPERATIONS BEFORE FINANCIAL INCOME (EXPENSES) FINANCIAL INCOME (EXPENSES) Inflation adjustments, net (108) (463) (1.339) Financial income Financial expenses (34.366) (5.133) (47.408) (11.306) (18.854) (278) (13.191) INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION INCOME TAX AND SOCIAL CONTRIBUTION Current 14 - (11.344) (3.676) Deferred 14 - (8.389) (8.393) - - (19.733) (12.069) NET INCOME BEFORE NONCONTROLLING INTEREST NON-CONTROLLING INTEREST - (12) (7) NET INCOME INCOME PER SHARE AT END OF PERIOD 0, , , ,56576 The accompanying notes are an integral part of these financial statements. 3

6 (Convenience Translation into English from the Original Previously Issued in Portuguese) RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A. STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (COMPANY) FOR THE QUARTER ENDED SEPTEMBER 30, 2010 (In thousands of Brazilian reais R$) Earnings reserve Earnings Capital Legal retention Retained Note Capital reserve reserve reserve earnings Total BALANCES AS OF JUNE 30, Net income BALANCES AS OF SEPTEMBER 30, The accompanying notes are an integral part of these financial statements. 5

7 (Convenience Translation into English from the Original Previously Issued in Portuguese) RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A. STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (COMPANY) FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2010 (In thousands of Brazilian reais R$) Earnings reserve Earnings Capital Legal retention Retained Note Capital reserve reserve reserve earnings Total BALANCES AS OF DECEMBER 31, Net income Recognition/realization of capital reserves (stock option plan) BALANCES AS OF SEPTEMBER 30, The accompanying notes are an integral part of these financial statements. 5

8 (Convenience Translation into English from the Original Previously Issued in Portuguese) RODOBENS NEGÓCIOS IMOBILIÁRIOS S.A. AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE QUARTERS AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2010 AND 2009 (In thousands of Brazilian reais - R$) CASH FLOWS FROM OPERATING ACTIVITIES Company Consolidated (9-month (9-month (9-month (9-month period) (quarter) period) (quarter) period) (quarter) period) (quarter) Net income: Adjustments to reconcile net income to net cash provided by (used in) operating activities: Stock option plan Deferred taxes (364) (61) (261) Depreciation Non-controlling interest (6) Equity in subsidiaries ( ) (47.682) (51.982) (13.736) (1.479) (322) (1.957) (745) Write-off of property, plant and equipment Reserve for contingencies Interest and inflation adjustments on loans and financing Changes in operating assets and liabilities Trade accounts receivable ( ) ( ) ( ) (57.650) Real estate for sale (3.205) (9.033) (58.427) (42.812) (49.567) (18.243) Receivables from third parties ( ) ( ) ( ) (42.395) (39.407) (44.285) (6.258) (5.861) Expenses to be passed through to SPEs (536) (278) (69) (536) (278) (71) Deferred selling expenses Prepaid expenses (112) 346 (1.610) (1.433) (61) 415 (1.504) (1.429) Other receivables (4.055) (602) (815) (5.480) (1.700) (542) Due from related parties (5.083) (33.115) (506) Escrow deposits (77) (65) (212) (134) 82 (19) Trade accounts payable 941 (351) (1.600) (260) (1.133) Payroll and related charges (1.465) Payment of income tax and social contribution - - (1.852) (0) (5.367) (1.167) Accounts payable for acquisition of real estate (7.051) (622) (6.173) (1.913) Advances from customers (26) (547) Funds from partners (2.491) (2.370) (585) (2.505) Warranty reserve (10) - (499) (480) (470) Provision for profit sharing (employees, statutory and non-statutory officers) (475) (1.361) (1.123) (477) (1.361) (1.123) Payment of interest on loans and financing (1.996) (1.996) (18.898) (29.333) Other payables (17.544) Co-obligation NET CASH USED IN OPERATING ACTIVITIES (97.412) ( ) (47.804) (52.230) (91.120) (85.823) ( ) (93.470) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (12.784) (8.227) (6.941) (2.900) (15.921) (8.630) (8.200) (3.993) Decrease (increase) in investments (46.330) 758 (8.457) - (5.385) (1) - - NET CASH USED IN INVESTING ACTIVITIES (59.114) (7.469) (15.398) (2.900) (21.306) (8.631) (8.200) (3.993) CASH FLOWS FROM FINANCING ACTIVITIES Loans and financing Repayment of loans and financing (26.753) (9.692) (4.462) (4.462) ( ) (72.646) (42.206) Dividends paid (6.595) - (19.879) - (6.595) - (19.878) - Borrowings NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (27.543) (7.719) Cash and cash equivalents At beginning of period At end of period (27.543) (7.719)

9 (Convenience Translation into English from the Original Previously Issued in Portuguese) (Amounts in thousands of Brazilian reais - R$, unless otherwise stated) 1. OPERATIONS Rodobens Negócios Imobiliários S.A. (the Company ) is engaged in the purchase and sale of real estate, division or subdivision of land, real estate development and construction of buildings for sale, services to third parties and management of the portfolio of real estate financing receivables of its own or third-party projects. Products are aimed at two main segments, intended for different target publics, consisting of projects of up to R$150 with an area between 40 and 90 m2 per unit for families with average monthly income between R$2 and R$5 and above R$150 with an area between 75 and 230 m2 per unit for families with average monthly income above R$5. The development of real estate projects is usually carried out on a partnership basis, through special purpose entities ( SPE ), direct interests in the projects or consortiums, aimed at maximizing different market opportunities. In April 2009, the launch of the Federal Government housing incentive plan increased opportunities to real estate developers operating the medium- and low-income market segments. The use of such opportunities by the Company since the second quarter of 2009 reinforces its strategic focus on the price segment up to R$150, a focus prevailing since PRESENTATION OF INTERIM FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES 2.1. Presentation of interim financial statements The interim financial statements (Company and consolidated) have been prepared and are presented in accordance with Brazilian accounting practices, provisions of the Brazilian Corporate Law and standards of the Brazilian Securities and Exchange Commission (CVM), as well as the changes introduced by Laws 11638/07 and 11941/ Summary of significant accounting practices The significant accounting practices adopted for the preparation of the financial statements are as follows: a) Cash and cash equivalents Comprise cash, banks and short-term investments. Short-term investments are highlyliquid and stated at cost plus income earned through the balance sheet date with maturities lower than three months or without fixed term for redemption, subject to an

10 immaterial risk of change in value. Cash and cash equivalents also comprise short-term investments subject to repurchase agreements, which are backed by debentures and operations with co-obligation arising from the sale of receivables. The fair value of short-term investments is calculated, when applicable, taking into consideration market quotations or information that allows such calculation. b) Trade accounts receivable Trade accounts receivable (current and noncurrent) arise from sales of residential units already completed. The debit balance of the agreements is adjusted in conformity with their respective clauses. For credits arising from contracts for the sale of uncompleted units (under construction) and, therefore, not delivered, are applied the procedures described in item h) below. c) Adjustment to present value Asset and liability elements resulting from short-term (if relevant) and long-term transactions, without yield or subject to: (i) fixed interest; (ii) interest rates obviously below market quotation for similar transactions; and (iii) inflation adjustment only, with no interest, are adjusted to present value based on the Company s average rate for discounts granted on the determined selling price, or the average funding rate, whichever is higher, which is in accordance with the compensation rates of government securities (NTN-B) with similar risk and term. d) Assets and liabilities subject to indexation Assets and liabilities are adjusted for inflation, when subject to indexation, according to respective agreement clauses. The effects are recognized in income on the accrual basis. e) Real estate for sale Represented by units completed or under construction but not yet sold, as well as land for future developments. These properties are stated at acquisition cost, plus costs incurred according to the project completion, which do not exceed market value. f) Expenses to be passed through to SPEs (subsidiaries and jointly-owned subsidiaries) Represented by preoperating expenses on projects in the launching stage, which are passed through to the SPEs (special purposes entities) upon their incorporation, and recorded as expenses in the related SPEs or allocated to the cost of units sold under the same criterion mentioned in item h) below. g) Deferred selling expenses

11 Include commission expenses directly related to each project, which are recorded in income under the same criterion as for the revenues described in item h) below, except commissions on cancelled sales, which are recorded in income in the event of cancellation or when it is probable that the amounts payable will not be paid. h) Revenue from real estate development and sale Revenue from the sale of properties, which comprises sales revenues, land and construction costs, and expenses inherent in the respective real estate development, is recorded in income for the period based on each project s percentage of completion, and this percentage is calculated based on the actual costs incurred in relation to total estimated costs for the project, in accordance with the criteria established by the Federal Accounting Council (CFC) Resolution 963/03 applicable to real estate entities. Trade accounts receivable for sale of units under construction are recognized under the percentage-of-completion method, and payments received, and, when greater than these receivables, recorded in current liabilities under Other payables. i) Investments Investments in subsidiaries and jointly-owned subsidiaries are accounted for under the equity method, based on the balance sheets of the respective investees as of the same base dates as the Company s balance sheets. An allowance for losses is recognized for the subsidiaries that have shareholders deficit, which is classified in current liabilities. Financial charges incurred in financings obtained by the Company from third parties and directly related to the financing for construction and for the purchase of land by its subsidiaries and which have not been appropriated to income for the year yet in accordance with the same procedures described in item (h) are also recorded in this group, when applicable. Possible differences in accounting practices between the subsidiaries and the Company, if any, are adjusted to the Company s accounting practices for purposes of equity in subsidiaries and consolidation. j) Property, plant and equipment Stated at acquisition cost, net of the respective depreciation recorded under the straight-line method, based on the estimated useful lives of the assets, at the annual depreciation rates described in note 7 and impaired when necessary. Expenses related to the acquisition of information systems are capitalized. Expenses referring to the sales stand construction are amortized over the estimated useful life of the asset. k) Intangible assets Represented by costs related to software license, which are amortized under the straight-line method over five years, from the time benefits begin to be generated. l) Leases Lease agreements which transfer substantially all risks and benefits inherent to ownership of the underlying asset (financial leases) were recorded in property, plant

12 and equipment contra financings for acquisition of fixed assets at an amount equal to the fair value of the leased asset or, when lower, to the present value of the minimum lease payments. m) Income tax and social contribution Income tax and social contribution are calculated according to prevailing legislation, at the rates of 15% (plus a 10% surtax, when applicable) and 9%, respectively. Certain companies determine these taxes on a taxable income basis, and others on a deemed income basis. To qualify for the deemed income regime, companies are required to post gross sales equal to or lower than R$48,000 in the prior fiscal year. Under the taxable income regime, income tax and social contribution rates are applied on income for the year, adjusted for additions and deductions as specified by tax legislation. Under the deemed income taxation regime, income tax is calculated at the rate of 8% and social contribution at 12% of gross revenues from sales of real estate and 32% of revenues from services for both taxes. Deferred income tax and social contribution are recognized in the current and longterm based on the projected unrealized income, and arise from the difference between recognition under the percentage of completion criterion described in item h) above and the tax criterion, according to which revenue is subject to taxes when received. The balance realizable in the next year is recognized in current liabilities. On March 30, 2009, Provisional Measure 460 (subsequently changed by Provisional Act 497 of July 27, 2010) was issued, which altered Articles 4 and 8 of Law 10931/04, establishing that, for each real estate development qualified under the Special Taxation System (RET), the real estate developer will be subject to a payment of 6% of the monthly revenue, which is equal to the single monthly payment of corporate income tax (IRPJ), social contribution on net income (CSLL) and taxes on revenue (PIS/PASEP and COFINS). Single payment is equivalent to 1% of the monthly revenue received from residential properties development projects for social purposes (units of up to R$75,000.00) whose construction started on March 31, n) Other current and noncurrent assets Stated at cost or realizable value including, when applicable, income earned and inflation adjustments incurred. o) Capitalization Interest from loans directly related to real estate developments and recorded under Loans and financing and capitalized as cost of real estate under Real estate for sale and recorded in income according to the same criteria described in item h) above. p) Warranty reserve Provision for warranty is recognized by application of a percentage between 1% and

13 2% on the cost of units sold. q) Reserve for contingencies Refers to labor, tax and civil contingencies and is recorded and classified in current and long-term in accordance with the risk assessment made by Management and its legal counsel. The balance of the reserve for contingencies is presented net of the escrow deposits for the respective tax and labor lawsuits. r) Current and noncurrent liabilities Stated at known or estimated amounts plus, when applicable, related financial charges and inflation adjustments incurred. s) Stock option plan Stock option plan is presented according to the effects from recording compensation expenses through share purchase options, based on their fair value on the date of concession of the plans, but calculated by the binomial method. t) Financial income (expenses) Financial income is recorded on the accrual basis and represents income from cash investments, interest and inflation adjustments received from customers under real estate sale agreements. Financial expenses represent interest incurred and other charges on financing and other financial transactions. u) Advertising expenses Advertising expenses are recorded in income when actually incurred. v) Use of estimates The preparation of financial statements requires Management to make estimates and assumptions based on objective as well as subjective factors that affect the reported amounts in the interim financial statements. The most relevant item subject to estimates and assumptions is the budgeted cost of projects used to recognize income and expenses under the percentage-of-completion method, as explained in note h) above. Other relevant items are provision for warranty, reserve for contingencies and expected useful lives of property, plant and equipment items. The Company and its subsidiaries review estimates and assumptions regularly; however, actual results could differ from those estimates. w) Debentures issuance costs The transaction costs and premiums on the issuance of debentures are amortized over the transaction term, and the corresponding balance is classified as a reduction of the transaction amount.

14 x) Consolidation criteria The consolidated financial statements include the accounts of the Company, subsidiaries and jointly-owned subsidiaries (individually or jointly-owned, formed for the specific purpose of the real estate project through SPEs) listed in note 6 and have been prepared in accordance with the following main criteria: (i) elimination of consolidated intercompany balances; (ii) elimination of intercompany investments against the investee s shareholders equity; (iii) elimination of intercompany transactions; (iv) elimination of inventory profit, when applicable, arising from intercompany sales; and (v) calculation of minority interest in consolidated shareholders equity and net income, when material. In the case of jointly-owned subsidiaries, by agreement between partners, consolidation includes assets, liabilities, income and expenses proportionally to the Company s ownership interest in their capital. In the proportionate consolidation, the portions corresponding to proportional asset and liability balances, as well as revenues and expenses arising from transactions between the Companies, were eliminated. Differences in accounting practices between the subsidiaries and the Company, if any, are adjusted to the Company s accounting practices for purposes of equity in subsidiaries and consolidation. The financial statements of the subsidiaries Rodobens Participações Ltda. and Imobiliária Rodobens Ltda. (see note 6) are not being consolidated due to the immateriality of the balances. The balance sheets as of September 30 and June 30, 2010 and the statements of income for the period ended September 30, 2010 and 2009 are summarized as follows: Rodobens Participações Ltda Assets Current assets 1,255 1,270 Noncurrent assets 30,935 29,341 Total assets 32,190 30,611 Liabilities Current liabilities 7,969 7,822 Shareholders equity 24,221 22,789 Total liabilities and shareholders' equity 32,190 30, Equity in subsidiaries (*) 2,836 1,959 Operating expenses (414) (3) Net income 2,422 1,956 (a) Refers to 50% of the variation in shareholders' equity of the jointly-owned subsidiary Companhia Hipotecária Unibanco Rodobens.

15 Imobiliária Rodobens Ltda Assets Current assets 1,958 1,701 Noncurrent assets Total assets 1,958 2,178 Liabilities Current liabilities 3,242 2,352 Shareholders equity (1,284) (174) Total liabilities and shareholders' equity 1,958 2, Operating income 4,655 - Operating expenses (5,072) - Financial income 4 - Taxes (530) - Net income (943) - Additionally, according to article 32 of CVM Instruction 247/96, the Company proportionally consolidated the interim financial statements of the jointly-owned subsidiaries listed below, whose main information is as follows: September 30, 2010 Current Noncurrent Ownership Project interest Assets Liabilities Assets Liabilities Property, plant and equipment Shareholders equity Net revenue Gross profit Income tax and social contribution Net income Camargo Corrêa Rodobens SPE Ltda 50.00% 72,456 46, , ,695 38,524 11,984 (4,026) 8,249 CCDI Jaw Holding Participações Ltda 50.00% 9,642 1,468 2,349 3,784-6,739 4,473 1,416 (182) 1,224 Sistema Fácil Alvorada I SPE Ltda 50.00% 3,291 1,281 2, ,321 (61) (12) (32) (23) Sistema Fácil Alvorada II SPE Ltda 50.00% , (34) 95 Sistema Fácil Alvorada III SPE Ltda 50.00% (3) Sistema Fácil Alvorada IV SPE Ltda 50.00% 1, (9) Sistema Fácil Belo Horizonte I SPE Ltda 50.00% (2) 16 Sistema Fácil Belo Horizonte II SPE Ltda 50.00% (2) 16 Sistema Fácil Belo Horizonte III SPE Ltda 50.00% (2) (3) (7) 76 Sistema Fácil Belo Horizonte IV SPE Ltda 50.00% 24,772 16,532 2,319 7, ,125 4, (132) (325) Sistema Fácil Belo Horizonte V SPE Ltda 50.00% 3, ,484 2, ,254 2, (76) 275 Sistema Fácil Belo Horizonte VI SPE Ltda 50.00% 1, (132) Sistema Fácil Belo Horizonte VII SPE Ltda 50.00% 8,592 4, ,180 5,123 2,217 (157) 1,681 Sistema Fácil Campinas I SPE Ltda 43.00% (477) (8) Sistema Fácil Campinas III SPE Ltda 43.00% (77) - - (4) 11 Sistema Fácil Campinas IV SPE Ltda 43.00% (1) Sistema Fácil Caxias do Sul I SPE Ltda 50.00% Sistema Fácil Caxias do Sul II SPE Ltda 50.00% (1) Sistema Fácil Caxias do Sul III SPE Ltda 50.00% (2) Sistema Fácil Florianópolis I SPE Ltda 85.00% 42,164 19,498 3,337 2, ,974 30,834 14,202 (1,028) 11,760 Sistema Fácil Fortaleza I SPE Ltda 43.00% 1,999 2, (10) (6) (16) Sistema Fácil Fortaleza II SPE Ltda 54.00% 5,840 7,534 2, ,049 (321) (30) (648) Sistema Fácil Fortaleza III SPE Ltda 50.00% (220) (7) (59) Sistema Fácil Gravataí I SPE Ltda 50.00% (205) (35) 5 (107) Sistema Fácil Indaiatuba I SPE Ltda 84.00% 5,670 6,159 2, , (25) 101 Sistema Fácil Jaboticabal I SPE Ltda 50.00% 1,282 2, (847) (10) 178 Sistema Fácil Palhoça II SPE Ltda 85.00% 13,394 10, ,652 12,725 3,847 (416) 2,753 Sistema Fácil Porto Alegre I SPE Ltda 50.00% 82,192 37,794 1,265 8, ,912 29,753 12,669 (926) 10,431

16 Sistema Fácil Porto Alegre II SPE Ltda 50.00% 45,727 17,653 1,624 12, ,388 24,594 10,225 (810) 8,239 Sistema Fácil Ribeirão Preto IIl SPE Ltda 50.00% 2, , ,894 (16) (114) (16) 160 Sistema Fácil Ribeirão Preto Il SPE Ltda 50.00% 2,856 1, , (1) 145 Sistema Fácil Ribeirão Preto IX SPE Ltda 50.00% 8,623 5,784-2, ,329 1,191 (82) 639 Sistema Fácil Ribeirão Preto l SPE Ltda 50.00% (2) 1 Sistema Fácil Ribeirão Preto lv SPE Ltda 50.00% (17) (1) Sistema Fácil Ribeirão Preto V SPE Ltda 50.00% 1, , (32) (51) Sistema Fácil Ribeirão Preto VIIl SPE Ltda 50.00% 2,539 2, (45) 567 (22) (15) (37) Sistema Fácil Ribeirão Preto VIl SPE Ltda 50.00% 3, , (83) (82) (422) Sistema Fácil Rio de Janeiro I SPE Ltda 43.00% 4,086 5, (942) (8) 41 Sistema Fácil Rio de Janeiro II SPE Ltda 43.00% 9,462 11, (898) (19) (613) Sistema Fácil S. J. do Rio Preto I SPE Ltda 50.00% 1,269 1, (7) 79 Sistema Fácil S. J. do Rio Preto II SPE Ltda 50.00% 1, (1) (2) (13) 48 Sistema Fácil S. J. do Rio Preto III SPE Ltda 50.00% 1,690 1,621 1, ,111 - (1) (13) 102 Sistema Fácil S. J. do Rio Preto V SPE Ltda 50.00% 4,515 2,961 3, , (61) 436 Sistema Fácil S. J. do Rio Preto VII SPE Ltda 50.00% 5,568 5,368 4, , (78) 51 Sistema Fácil S. J. do Rio Preto VIII SPE Ltda 50.00% 3,808 1,863 1, ,168 1, (53) 368 Sistema Fácil S. J. do Rio Preto XIV SPE Ltda 50.00% 5,395 4,520 2, , (51) 109 Sistema Fácil S. J. do Rio Preto XV SPE Ltda 50.00% 8,780 7,286 4, ,717 1, (94) 96 Sistema Fácil Santo André I SPE Ltda 43.00% 2,299 2, (9) (130) Sistema Fácil São Paulo I SPE Ltda 60.00% 3,297 5,400 2, (37) 16 Sistema Fácil São Paulo II SPE Ltda 33.00% 904 5,214 1,844-1 (2,465) (350) Sistema Fácil São Paulo III SPE Ltda 72.00% 14,333 15,824 5, ,101 (849) (408) (44) (203) Sistema Fácil Sorocaba I SPE Ltda 32.00% 1,343 1, (3) 21 Sistema Fácil Tamboré 5 Villaggio SPE Ltda 33.00% (1) (1) (8) 2 Sistema Fácil Tamboré 6 Villaggio SPE Ltda 33.00% (248) - - (8) (62) Sistema Fácil Tamboré 7 Villaggio SPE Ltda 33.00% 10,933 13,731 3, ,174 (341) (101) (807) Sistema Fácil Tamboré 8 Villaggio SPE Ltda 45.00% 24,474 24,917 9,085 1, ,282 3, (187) 475 Sistema Fácil Tamboré Apartments I SPE Ltda 82.00% (19) Sistema Fácil Tamboré Apartments II SPE Ltda 82.00% Sistema Fácil Tamboré Apartments III SPE Ltda 82.00% Sistema Fácil Tamboré House I SPE Ltda 82.00% (1) (11) Sistema Fácil Tamboré House II SPE Ltda 82.00% 17,649 21,881 6, ,096 (2,261) (1,663) 25 (2,554) Terra Nova Marajo Londrina IV - SPE Ltda 50.00% (1) (1) Terra Nova Marajo Londrina V - SPE Ltda 50.00% (1) (1) Terra Nova Residence XXXVIII - SPE Ltda 50.00% (3) (3) Terra Nova Rodobens Gravatai II SPE Ltda 50.00% 4,118 2, ,616 (46) (3) - (267) Terra Nova Rodobens Incorp Imob - Lages I - SPE Ltda 85.00% 2,957 2, , (12) (132) Terra Nova Rodobens Incorp Imob - Lages II - SPE Ltda % 1, (48) Terra Nova Rodobens Incorp Imob - Palhoça III - SPE Ltda 85.00% 4,245 3, , (86) 424 Terra Nova Rodobens Incorp Imob - Pelotas III - SPE Ltda % (6) (64) Terra Nova Rodobens Incorp Imob - Pelotas IV - SPE Ltda % 7,105 7,613 1, ,236 6,073 1,366 (34) 735 Terra Nova Rodobens Incorp Imob - Santa Maria II - SPE Ltda % 15,933 9,380 2,382 3, ,996 11,688 5,049 (392) 4,023 Terra Nova Rodobens Incorp Imob - Santa Maria III - SPE Ltda % 3,106 2, ,075 1, (12) 303 Terra Nova Rodobens Incorp Imob S. J. do Rio Preto XVI SPE Ltda 50.00% 7,536 6, ,546 6,203 1,991 (187) 1,408 Terra Nova Rodobens Marajo Londrina I SPE Ltda 50.00% 3,401 3, , (74) 391 Terra Nova Rodobens Palhoça I SPE Ltda 85.00% 107,353 62,461 7,816 17, ,935 15,345 6,473 (605) 4,357 Terra Nova Rodobens Pelotas II SPE Ltda 50.00% 13,321 6,980 1,063 2, ,228 5,858 1,445 (200) 922 Terra Nova Rodobens Residence IV SPE Ltda 85.00% 187 6,892 6, (452) Terra Nova Rodobens Santa Cruz do Sul I 50.00% 6,574 3, , (1,316) (27) (1,776) Terra Nova Rodobens Santa Maria I SPE Ltda 50.00% 1, (52) Terra Nova Rodobens-Marajó Incorp Imob - Londrina II - SPE Ltda 50.00% (37) (9) (17) Terra Nova Rodobens-Marajó Incorp Imob - Londrina III - SPE Ltda 50.00% , ,309 99,014 69,644 1, , ,931 76,483 (10,551) 51,050 June 30, 2010 Current Noncurrent Ownership Project interest Assets Liabilities Assets Liabilities Property, plant and equipment Shareholders equity Net revenue Gross profit Income tax and social contribution Net income Camargo Corrêa Rodobens SPE Ltda 50.00% 59,717 37, , ,009 19,730 7,160 (2,236) 5,013 CCDI Jaw Holding Participações Ltda 50.00% 8,381 1,128 2,822 3,874-6,201 2, (105) 686 Sistema Fácil Alvorada I SPE Ltda 50.00% 3,507 1,372 2, ,307 (60) (11) (16) (37) Sistema Fácil Alvorada II SPE Ltda 50.00% (27) 60 Sistema Fácil Alvorada III SPE Ltda 50.00% (3) Sistema Fácil Alvorada IV SPE Ltda 50.00% 1, (7) Sistema Fácil Belo Horizonte I SPE Ltda 50.00% (1) 13 Sistema Fácil Belo Horizonte II SPE Ltda 50.00% (1) 13 Sistema Fácil Belo Horizonte III SPE Ltda 50.00% (2) (2) (5) 55 Sistema Fácil Belo Horizonte IV SPE Ltda 50.00% 21,210 12,262 2,711 7, ,752 2, (94) 302 Sistema Fácil Belo Horizonte V SPE Ltda 50.00% 5,249 3, ,645 2, (69) 666 Sistema Fácil Belo Horizonte VI SPE Ltda 50.00% 1, (44) Sistema Fácil Belo Horizonte VII SPE Ltda 50.00% 6,558 3, ,258 2,700 1,117 (81) 759 Sistema Fácil Campinas I SPE Ltda 43.00% (475) (7) Sistema Fácil Campinas III SPE Ltda 43.00% (83) - - (2) 5

17 Sistema Fácil Campinas IV SPE Ltda 43.00% (2) Sistema Fácil Caxias do Sul I SPE Ltda 50.00% (2) Sistema Fácil Caxias do Sul II SPE Ltda 50.00% (2) Sistema Fácil Caxias do Sul III SPE Ltda 50.00% (4) Sistema Fácil Florianópolis I SPE Ltda 85.00% 30,680 11,894 2,703 2, ,053 18,370 8,520 (605) 6,839 Sistema Fácil Fortaleza I SPE Ltda 43.00% 2,093 2, (34) 45 7 (3) (40) Sistema Fácil Fortaleza II SPE Ltda 54.00% 6,818 7,553 1, (109) (26) (387) Sistema Fácil Fortaleza III SPE Ltda 50.00% (235) (3) (74) Sistema Fácil Gravataí I SPE Ltda 50.00% (24) (11) 1 (67) Sistema Fácil Indaiatuba I SPE Ltda 84.00% 5,746 6,089 2, , (13) 55 Sistema Fácil Jaboticabal I SPE Ltda 50.00% 1,397 2, (926) (6) 99 Sistema Fácil Palhoça II SPE Ltda 85.00% 8,834 9,048 1, ,328 8,539 2,123 (286) 1,430 Sistema Fácil Porto Alegre I SPE Ltda 50.00% 78,809 35, , ,987 21,515 9,088 (672) 7,505 Sistema Fácil Porto Alegre II SPE Ltda 50.00% 36,040 12,318 1,595 11, ,931 14,956 6,104 (489) 4,782 Sistema Fácil Ribeirão Preto IIl SPE Ltda 50.00% 2, , ,843 (12) (109) (11) 109 Sistema Fácil Ribeirão Preto Il SPE Ltda 50.00% 2,695 1,829 1, , (1) 100 Sistema Fácil Ribeirão Preto IX SPE Ltda 50.00% 4,444 4, , (49) 238 Sistema Fácil Ribeirão Preto l SPE Ltda 50.00% (1) 2 Sistema Fácil Ribeirão Preto lv SPE Ltda 50.00% (17) (1) Sistema Fácil Ribeirão Preto V SPE Ltda 50.00% 2,329 2,072 2, , (17) 19 Sistema Fácil Ribeirão Preto VIIl SPE Ltda 50.00% 2,441 2, (9) Sistema Fácil Ribeirão Preto VIl SPE Ltda 50.00% 2, , , (76) (373) Sistema Fácil Rio de Janeiro I SPE Ltda 43.00% 4,271 6, (935) (7) 47 Sistema Fácil Rio de Janeiro II SPE Ltda 43.00% 9,153 12,169 2, (781) (15) (496) Sistema Fácil S. J. do Rio Preto I SPE Ltda 50.00% 1, (5) 60 Sistema Fácil S. J. do Rio Preto II SPE Ltda 50.00% 1, ,125 (1) (1) (9) 28 Sistema Fácil S. J. do Rio Preto III SPE Ltda 50.00% 1,884 1,655 1, , (8) 74 Sistema Fácil S. J. do Rio Preto V SPE Ltda 50.00% 4,817 3,122 3, , (37) 269 Sistema Fácil S. J. do Rio Preto VII SPE Ltda 50.00% 6,925 6,443 4,022 (525) 15 5, (50) 19 Sistema Fácil S. J. do Rio Preto VIII SPE Ltda 50.00% 4,361 2, , (29) 146 Sistema Fácil S. J. do Rio Preto XIV SPE Ltda 50.00% 4,982 4,564 3, , (24) (68) Sistema Fácil S. J. do Rio Preto XV SPE Ltda 50.00% 9,421 8,645 4, ,547 1, (55) (73) Sistema Fácil Santo André I SPE Ltda 43.00% 2,679 2, (39) 6 (5) (80) Sistema Fácil São Paulo I SPE Ltda 60.00% 3,437 5,481 2, (18) (14) Sistema Fácil São Paulo II SPE Ltda 33.00% 861 5,037 1,844-1 (2,331) (216) Sistema Fácil São Paulo III SPE Ltda 72.00% 14,415 15,744 6, ,457 (1,029) (461) (10) (352) Sistema Fácil Sorocaba I SPE Ltda 32.00% 1,215 1, (2) 13 Sistema Fácil Tamboré 5 Villaggio SPE Ltda 33.00% (5) 15 Sistema Fácil Tamboré 6 Villaggio SPE Ltda 33.00% 689 1, (224) - - (5) (39) Sistema Fácil Tamboré 7 Villaggio SPE Ltda 33.00% 10,603 12,842 5,495 2, ,632 (191) (78) (461) Sistema Fácil Tamboré 8 Villaggio SPE Ltda 45.00% 25,162 27,943 11,038 1, ,999 2,330 (15) (128) 191 Sistema Fácil Tamboré Apartments I SPE Ltda 82.00% (11) Sistema Fácil Tamboré Apartments II SPE Ltda 82.00% Sistema Fácil Tamboré Apartments III SPE Ltda 82.00% Sistema Fácil Tamboré House I SPE Ltda 82.00% (1) (10) Sistema Fácil Tamboré House II SPE Ltda 82.00% 17,496 20,580 6, ,310 (565) (627) (4) (1,340) Terra Nova Marajo Londrina IV - SPE Ltda 50.00% Terra Nova Marajo Londrina V - SPE Ltda 50.00% Terra Nova Residence XXXIV - SPE Ltda 50.00% (9) (3) 11 Terra Nova Residence XXXV - SPE Ltda 50.00% Terra Nova Residence XXXVIII - SPE Ltda 50.00% Terra Nova Rodobens Gravatai II SPE Ltda 50.00% 4,077 2, ,725 (18) 6 - (158) Terra Nova Rodobens Incorp. Imob. - Residence VIII SPE Ltda 85.00% 1,446 1, (4) (268) Terra Nova Rodobens Marajo Londrina I SPE Ltda 50.00% 1,869 1, , (33) 242 Terra Nova Rodobens Palhoça I SPE Ltda 85.00% 94,920 71,169 10, ,235 11,312 4,102 (421) 2,656 Terra Nova Rodobens Pelotas II SPE Ltda 50.00% 15,655 7, , ,630 5,417 1,760 (176) 1,324 Terra Nova Rodobens Residence IV SPE Ltda 85.00% 186 6,717 6, (278) Terra Nova Rodobens Residence IX SPE Ltda 85.00% 1, (42) Terra Nova Rodobens Residence V SPE Ltda 50.00% (1) (17) Terra Nova Rodobens Residence VI SPE Ltda 50.00% 4,313 3, , (13) 110 Terra Nova Rodobens Residence XXIII SPE Ltda 50.00% 13,595 8, , ,413 7,692 3,174 (246) 2,439 Terra Nova Rodobens Residence XXIV SPE Ltda 50.00% 2,346 1, , (6) 129 Terra Nova Rodobens Santa Cruz do Sul I 50.00% 5,948 3, , (1,330) (20) (1,655) Terra Nova Rodobens Santa Maria I SPE Ltda 50.00% 1, (37) 575, , ,373 51,507 2, , ,381 46,403 (6,312) 29,858 y) Earnings per share Calculated based on the number of shares outstanding at the balance sheet dates New accounting pronouncements issued in 2009 effective beginning 2010

18 During 2009, the Brazilian Securities and Exchange Commission (CVM) approved several Technical Pronouncements, Interpretations and Instructions issued by the Accounting Pronouncements Committee (CPC), mandatory for adoption beginning 2010, that introduced changes in Brazilian accounting practices. As permitted by CVM Resolution 603/09, the Company s management opted not to early adopt these new standards and prepared its interim financial statements in accordance with Brazilian accounting practices in effect through December 31, Considering the complexity of the changes required by the standards referred to above, which would require adjustments to information processing systems (currently being implemented/developed with SAP Go-live scheduled for July 2009), and considering the reallocation of the Company s back office systems to Rodobens Group s shared service center, Management is analyzing the related impacts thereof on the interim financial statements and understands that it is not possible to assess and quantify with sufficient reliability the possible effects of such changes. However, Management is committed to restating these interim financial statements as soon as it is able to estimate these impacts or by the due date established by CVM Resolution 603/09. The new accounting pronouncements that may impact the Company s interim financial statements are summarized as follows: CPC Title 17 Construction contracts 19 Interests in joint ventures 21 Interim financial reporting 22 Segment reporting 30 Revenues 32 Income taxes 36 Consolidated financial statements 37 First-time adoption of international financial reporting standards 43 First-time adoption of technical pronouncements CPC 15 to 40 ICPC02 Construction contracts for the real estate industry 3. CASH AND CASH EQUIVALENTS Company Consolidated Cash and banks 14,946 8,029 77,837 57,308 Short-term investments (a) ,697 4,393 Short-term investments subject to repurchase agreements backed by operations with co-obligation arising from the sale of receivables (b) Short-term investments subject to repurchase agreements backed by debentures (c) ,095 8, , , , ,824 Total 322, , , ,726 (a) Short-term investments are fixed-income securities yielding between 97.5% and

19 102% of the Interbank Deposit Certificate (CDI) rate contracted at market conditions and rates, and are available for use in connection with the Company and its subsidiaries operations. (b) These short-term investments characteristics are similar to those mentioned above. For details on the requirement to collateralize these investments, see note 20. (c) These short-term investments are represented by the shares in a specific fixedincome investment fund, namely Caixa Aporte Restrito/Renda Fixa Longo Prazo, which was created to guarantee the debentures balance while the funds are not transferred to the respective entities (SPEs). This investment yield is calculated based on the daily variation of the share. Since the initial analyses of the Company and its subsidiaries indicate that a substantial portion of these funds will be transferred to projects (SPEs) within 360 day, its balance is fully classified in current assets. For additional information on the requirement for these investments, see note TRADE ACCOUNTS RECEIVABLE Trade accounts receivable, adjusted to present value under the terms mentioned in note 2.2.c), are as follows: Company Consolidated Current assets Credit for financing (SFH) 951 1, , ,020 Credit for use with FGTS ,210 1,570 Consumer financing 2,832 2, , ,507 Total 3,905 4, , ,097 Noncurrent assets (long-term assets) Consumer financing 4,016 4,644 70,409 85,715 Total 4,016 4,644 70,409 85,715 7,921 8, , ,812 Credits used to contract financing from the National Housing System (SFH) refer to the post-key amortization amount being analyzed by the Savings and Loan Brazilian System (SBPE) or by the real estate developer. Credits for use with the severance pay fund (FGTS) refer to the amount being analyzed by Caixa Econômica Federal (CEF). As of September 30 and June 30, 2010, current portions are as follows: Company Consolidated Past-due 1,233 1,130 21,016 29,292 Current:

20 Up to 30 days ,675 32, to 60 days ,515 43, to 90 days ,320 65, to 120 days ,794 11, to 360 days , ,918 2,832 2, , ,507 As of September 30, 2010, noncurrent portions are as follows: Company Consolidated Maturity: , , , ,476 After ,278 42,842 Total 4,016 70,409 The balances of trade accounts receivable were adjusted according to contractual clauses based on the following indices: a) Until delivery of the real estate units sold, based on the National Civil Construction Index (INCC). b) After delivery of the real estate units sold, based on the variation of the general market price index (IGP-M) or the managed prime rate (TR). Pursuant to CFC Resolution 963/03, trade accounts receivable should be recorded up to the amount of revenue recognized in the year, and payments received above the recognized balances should be recorded as advances from customers. As of September 30 and June 30, 2010, the balances of advances from customers resulting from applying this criterion are fully classified in current liabilities under the caption Other payables. As trade accounts receivable are collateralized by the respective units sold, there is no need to recognize any allowance for doubtful accounts. 5. REAL ESTATE FOR SALE Represented by units to be sold and land for future development, distributed as follows: Company Consolidated Completed units - current assets ,338 17,276 Units under construction - current assets , ,409

21 Land for future developments - current assets 43,053 18,193 78,588 40,904 Total current assets 43,170 18, , ,589 Land for future developments - noncurrent assets (long-term assets) (*) 28,484 44,356 54,568 81,162 Total noncurrent assets (long-term assets) 28,484 44,356 54,568 81,162 (*) Refers to land with launches scheduled after September 30, The carrying value of the land for a project is transferred to the caption Real estate under construction when the project is launched. 6. INVESTMENTS Investments in subsidiaries and jointly-owned subsidiaries are represented by: Investments with positive balances Ownership interest - % Company s investments Equity in subsidiaries Jointly-owned subsidiaries: Camargo Corrêa Rodobens Emp Imob SPE Ltda 50.00% 50.00% 24,695 21,009 8,249 2,073 CCDI JAW Holding Participações Ltda 50.00% 50.00% 6,739 6,201 1, Sistema Fácil Alvorada I SPE Ltda 50.00% 50.00% 4,321 4, Sistema Fácil Alvorada II SPE Ltda 50.00% 50.00% Sistema Fácil Alvorada III SPE Ltda 50.00% 50.00% Sistema Fácil Alvorada IV SPE Ltda 50.00% 50.00% Sistema Fácil Belo Horizonte I SPE Ltda 50.00% 50.00% (36) Sistema Fácil Belo Horizonte II SPE Ltda 50.00% 50.00% Sistema Fácil Belo Horizonte III SPE Ltda 50.00% 50.00% Sistema Fácil Belo Horizonte IV SPE Ltda 50.00% 50.00% 3,125 3,752-1,162 Sistema Fácil Belo Horizonte V SPE Ltda 50.00% 50.00% 2,254 2, Sistema Fácil Belo Horizonte VI SPE Ltda 50.00% 50.00% Sistema Fácil Belo Horizonte VII SPE Ltda 50.00% 50.00% 4,180 3,258 1, Sistema Fácil Campinas III SPE Ltda % 42.86% Sistema Fácil Campinas IV SPE Ltda 42.86% 42.86% Sistema Fácil Caxias do Sul I SPE Ltda 50.00% 50.00% Sistema Fácil Caxias do Sul II SPE Ltda 50.00% 50.00% Sistema Fácil Caxias do Sul III SPE Ltda 50.00% 50.00% Sistema Fácil Florianópolis I SPE Ltda 85.00% 85.00% 23,974 19,053 11,760 2,194 Sistema Fácil Fortaleza II SPE Ltda 53.84% 53.84% Sistema Fácil Gravataí I SPE Ltda 50.00% 50.00% Sistema Fácil Gravataí II SPE Ltda 50.00% 50.00% 1,616 1, Sistema Fácil Indaiatuba I SPE Ltda 84.00% 84.00% 2,156 2, Sistema Fácil Jaboticabal I SPE Ltda % 50.00% Sistema Fácil Palhoça II SPE Ltda 85.00% 85.00% 2,652 1,328 2,753 - Sistema Fácil Palhoça III SPE Ltda 85.00% 99.90% Sistema Fácil Porto Alegre I SPE Ltda 50.00% 50.00% 36,912 33,987 10,431 8,097 Sistema Fácil Porto Alegre II SPE Ltda 50.00% 50.00% 17,388 13,931 8,239 2,291 Sistema Fácil Ribeirão Preto I SPE Ltda 50.00% 50.00% Sistema Fácil Ribeirão Preto II SPE Ltda 50.00% 50.00% 1,740 1, Sistema Fácil Ribeirão Preto III SPE Ltda 50.00% 50.00% 3,894 3, (270) Sistema Fácil Ribeirão Preto IX SPE Ltda 50.00% 50.00% Sistema Fácil Ribeirão Preto V SPE Ltda 50.00% 50.00% 2,517 2,586-1,374 Sistema Fácil Ribeirão Preto VII SPE Ltda 50.00% 50.00% 3,565 3,614 - (122) Sistema Fácil Rio de Janeiro I SPE Ltda % 42.86% Sistema Fácil S. J. Rio Preto II SPE Ltda 50.00% 50.00% 995 1, Sistema Fácil S. J. Rio Preto III SPE Ltda 50.00% 50.00% 1,111 1, Sistema Facil S. J. Rio Preto l SPE Ltda 50.00% 50.00% (36) Sistema Fácil S. J. Rio Preto V SPE Ltda 50.00% 50.00% 5,312 5, Sistema Fácil S. J. Rio Preto VII SPE Ltda 50.00% 50.00% 5,076 5, (398)

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