Financial statements Direcional Engenharia S.A. June 30, 2010

Financial statements Direcional Engenharia S.A. June 30, 2010

Financial statements June 30, 2010 Contents Independent auditor s report... 1 Audited financial statements Balance sheets... 4 Statements of income for the years... 6 Statement of changes in equity... 7 Statement of cash flows... 8 Statement of value added... 9 Notes to financial statements... 10

Edifício Phelps Offices Tower Rua Antonio de Albuquerque, 156 11º andar - Savassi 30112-010 Belo Horizonte, MG, Brasil Tel: (5531) 3232-2100 Fax: (5531) 3232-2106 www.ey.com.br A free translation from Portuguese into English of Independent Auditor s Review Report on individual and consolidated interim quarterly information prepared in accordance with accounting practices adopted in Brazil Report on review of quarterly information (ITR) The shareholders, board of directors and officers Direcional Engenharia S.A. Belo Horizonte - MG Introduction We have reviewed the accompanying interim, individual and consolidated financial information contained in the Quarterly Financial Information (ITR) of Direcional Engenharia S.A. ( Company ) as of the quarter ended June 30, 2011, comprising the balance sheet at June 30, 2011 and the related statements of income for the three- and six-month periods then ended, and changes in equity and cash flows for the six-month period then ended, including the explanatory notes. Management is responsible for the preparation of the individual interim financial information in accordance with CPC 21 Interim Financial Reporting, and of the consolidated interim financial information in accordance with CPC 21 and with IAS 34 Interim Financial Reporting, which considers OCPC 04 Guidance for application of Technical Interpretation ICPC 02 to Property Development Entities in Brazil, issued by the Brazilian FASB (CPC) and approved by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - CVM) and the National Association of State Boards of Accountancy (CFC), as well as for the fair presentation of this information in conformity with the standards issued by the CVM applicable to the preparation of Quarterly Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Review Engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Ernst & Young Terco 1

Conclusion on the individual and consolidated interim financial information prepared in accordance with CPC 21 Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above is not prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of quarterly financial information (ITR), consistently with the rules issued by the Brazilian Securities and Exchange Commission. Conclusion on the consolidated interim financial information prepared in accordance with IAS 34, which considers OCPC 04 Guidance for application of Technical Interpretation ICPC 02 to Property Development Entities in Brazil, issued by the Brazilian FASB (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM) and the National Association of State Boards of Accountancy (CFC) Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the quarterly information referred to above is not fairly presented, in all material respects, in accordance with IAS 34, which considers OCPC 04 Guidance for application of Technical Interpretation ICPC 02 to Property Development Entities in Brazil, issued by the Brazilian FASB (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM) and the National Association of State Boards of Accountancy (CFC), applicable to the preparation of quarterly financial information (ITR), consistently with the rules issued by the Brazilian Securities and Exchange Commission. Emphasis of a matter As mentioned in Note 2, the individual and consolidated interim financial information was prepared in accordance with the accounting practices adopted in Brazil (CPC 21). The consolidated interim financial information prepared in accordance with IAS 34 also considers Guidance OCPC 04 issued by the Brazilian FASB, which addresses revenue recognition for this sector. Certain matters relating to the meaning and application of the concept of ongoing transfer of risks, rewards and control upon sale of real property units will be analyzed by the International Financial Reporting Interpretation Committee (IFRIC). The results of this analysis can cause the real property developers to review their accounting practices in connection with revenue recognition. Ernst & Young Terco 2

Other matters Interim value added information We have also reviewed the (individual and consolidated) interim statement of value added (SVA) for the six-month period ended June 30, 2011, under the responsibility of management, the presentation of which in the interim financial information is required in accordance with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of Quarterly Information - ITR, and considered supplementary information by IFRS, which do not require SVA presentation. This information was submitted to the same review procedures described above and based on our review, we are not aware of any facts that would cause us to believe it was not prepared, in all material respects, in accordance with the overall individual and consolidated interim financial information. Belo Horizonte, August 8, 2011. ERNST & YOUNG TERCO Auditores Independentes S.S. CRC 2SP015199/O-6 Antonio C. M. Lage Accountant CRC MG-077995/O-1 Ernst & Young Terco 3

A free translation from Portuguese into English of individual and consolidated interim quarterly financial information prepared in accordance with accounting practices adopted in Brazil Direcional Engenharia S.A. Balance sheet Company Consolidated Notes 6/30/2011 12/31/2010 6/30/2011 12/31/2010 Current assets: Cash and cash equivalents 3 260,098 110,856 381,768 190,851 Accounts receivable for property development 4 1,474 5,259 776,489 594,108 Accounts receivable for services rendered 4 1,454 1,723 92,276 68,303 Land units for development 5.1 2,728 9,437 285,918 252,992 Real property units completed 5.2 15 5,365 29,793 19,527 Real property units under construction 5.3 - - 194,460 135,923 Sundry receivables - 9,318 13,372 26,518 28,995 Transactions with related parties 6.1 55,328 14,791 21,415 7,441 Taxes recoverable - 8,047 5,959 8,423 6,438 Commercial expenses to be allocated - - - 2,680 3,588 Total current assets 338,462 166,762 1,819,740 1,308,166 Non-current assets: Accounts receivable for property development 4 212 608 142,337 157,403 Land units for development 5.1 36,544 27,865 148,007 151,118 Transactions with related parties 6.1 23,007 13,543 23,007 25,925 Sundry receivables 98-5,564-59,861 42,016 318,915 334,446 Investments 7 767,372 661,609 - - Property, plant and equipment 8 18,975 18,588 37,502 34,630 Intangible assets - 2,036 2,301 2,036 2,301 788,383 682,498 39,538 36,931 Total non-current assets 848,244 724,514 358,453 371,377 Total assets 1,186,706 891,276 2,178,193 1,679,543 Ernst & Young Terco 4

Company Consolidated Notes 6/30/2011 12/31/2010 6/30/2011 12/31/2010 Current liabilities: Loans and financing 9 3,436 3,870 180,633 121,643 Trade accounts payable - 1,121 641 32,976 23,483 Labor obligations 10 5,689 8,700 28,715 27,583 Tax obligations 11 115 170 52,015 43,268 Property commitments payable 12 - - 107,974 89,174 Advances from customers 13 - - 68,160 36,749 Proposed dividends - - 40,272-40,272 Accounts payable 14 13,619 15,709 71,054 29,275 Transactions with related parties 6.1 26,212-8,717 - Total current liabilities 50,192 69,362 550,244 411,447 Non-current liabilities: Loans and financing 9 26,811 25,904 227,997 180,731 Provision for warranty - 56 62 8,285 6,327 Tax obligations 11 - - 9,033 11,026 Property commitments payable 12 - - 67,020 83,887 Advances from customers 13 - - 167,306 155,760 Provision for tax, labor and civil contingencies 16 2,936 2,471 2,975 2,510 Sundry payables - - 35 - Total non-current liabilities 29,803 28,437 482,651 440,241 Equity: Capital 17 496,331 324,247 496,331 324,247 Capital reserves 17 256,736 201,339 256,736 201,339 Income reserves 17 277,741 267,891 277,741 267,891 Profit (loss) for the period - 75,903-75,903-1,106,711 793,477 1,106,711 793,477 Interest in SCPs and SPEs - - - 38,587 34,378 1,106,711 793,477 1,145,298 827,855 Total liabilities and equity 1,186,706 891,276 2,178,193 1,679,543 See accompanying notes. Ernst & Young Terco 5

Statements of income Company Consolidated Notes 6/30/2011 6/30/2010 6/30/2011 6/30/2010 Operating revenue, net 15.2 3,756 4,334 478,712 307,915 Cost of real property sale 15.3 - - (270,923) (181,871) Cost of services rendered 15.3 - (28) (78,048) (20,464) Gross profit 3,756 4,306 129,741 105,580 Operating income (expenses): General and administrative expenses 15.3 (41,131) (23,007) (49,003) (23,378) Selling expenses 15.3 (1,274) - (12,466) (8,414) Equity pick-up 7 93,125 81,272 - - Other operating income and expenses - 5,167 456 5,046 1,055 55,887 58,721 (56,423) (30,737) Financial income/expenses Financial expenses 18 (2,716) (173) (8,449) (1,378) Financial income 18 18,976 11,677 23,109 17,541 16,260 11,504 14,660 16,163 Income before Income and social contribution taxes 75,903 74,531 87,978 91,006 Income and social contribution taxes 19 - - (10,816) (7,802) Net income for the period 75,903 74,531 77,162 83,204 Attributable net income Non-controlling interest in SPEs and SCPs - - (1,259) (8,673) Attributable net income: Direcional Engenharia S.A. 75,903 74,531 75,903 74,531 Net earnings per share Base 17 0.51 0.56 Diluted 17 0.50 0.54 See accompanying notes. Ernst & Young Terco 6

Statements of changes in equity Notes Capital From issue of shares Capital reserves From stock options granted Legal reserves Income reserves Retained profits For investment Retained earnings Non-controlling shareholders interest Total Balances at December 31, 2009 323,313 191,489 6,042 8,252 70,962 56,355-20,445 676,858 Share-based payment equity instruments 21 - - 3,538 - - - - - 3,538 Equity instruments realization per year 21 858 - (6,042) - 6,042 - - - 858 Net income for the period - - - - - - 74,531 8,673 83,204 Non-controlling shareholders interest - 10,063 10,063 Balances at June 30, 2010 324,171 191,489 3,538 8,252 77,004 56,355 74,531 39,181 774,521 Balances at December 31, 2010 324,247 191,489 9,850 16,584 77,004 174,303-34,378 827,855 Capital increase from public offering of shares 171,600 57,200 - - - - - - 228,800 Expenses with public offering of shares - (7,302) - - - - - - (7,302) Capital increase from stock options granted 484 - - - - - - - 484 Share-based payment equity instruments 21 - - 15,349 - - - - - 15,349 Equity instruments realization per year - - (9,850) - 9,850 - - - - Non-controlling shareholders interest - - - - - - - 2,950 2,950 Net income for the period - - - - - - 75,903 1,259 77,162 Balances at June 30, 2011 496,331 241,387 15,349 16,584 86,854 174,303 75,903 38,587 1,145,298 See accompanying notes. Ernst & Young Terco 7

Cash flow statements Company Consolidated 6/30/2011 6/30/2010 6/30/2011 6/30/2010 From operating activities Income before income and social contribution taxes 75,903 74,531 87,978 91,006 Adjustments to reconcile P&L with cash from operating activities: Depreciation and amortization 1,010 1,212 2,112 2.468 Equity pick-up (93,125) (81,272) - - Deferred indirect taxes - - 4,612 (4.820) Adjustment to present value on accounts receivable - - 1,838 13.702 Provision for stock options plan 15,349 3,538 15,349 3.538 Reversed provision (3,257) - (3,257) - Interest in SCPs and SPEs - - (1,259) (8.673) Decrease (increase) in assets Accounts receivable 4,450 (1,179) (193,126) (187.664) Inventories 3,380 (7,550) (98,618) (5.508) Sundry receivables 3,956 (7,147) (3,087) (14.242) Transactions with related parties (50,001) - (11,056) - Taxes recoverable (2,088) (1,789) (1,985) (1.802) Commercial expenses to be allocated - - 907 3.366 (Decrease)/increase in liabilities Trade accounts payable 480 (244) 9,493 2.767 Labor obligations 246 (709) 4,389 5.409 Tax obligations (55) (332) 2,142 13.680 Property commitments payable - - 1,933 9.501 Advances from customers - - 42,958 (21.958) Accounts payable (1,631) (193) 44,237 (1.050) Transactions with related parties 26,212-8,717 - Cash used in operating activities (19,171) (21,134) (85,723) (100,280) Income and social contribution taxes paid - - (10,816) (8.673) Net cash used in operating activities (19,171) (21,134) (96,539) (108,953) Cash flow from investing activities Increase in investments (82,016) (77,508) - - Increase in property, plant and equipment (1,397) (3,044) (4,984) (6.580) Increase in intangible assets 265 (207) 265 (207) Dividends received 69,378 4,065 - - Net cash used in investing activities (13,770) (76,694) (4,719) (6,787) Cash flow from financing activities with shareholders Capital payment, net of expenses 221,982 858 221,982 858 Dividends paid (40,272) (18,785) (40,272) (18.785) Cash flow from financing activities with shareholders Inflows and loan amortization charges 473 1,430 106,256 97.086 Non-controlling shareholders interest Interest in SCPs and SPEs - - 4,209 18.736 Net cash from (used in) financing activities 182,183 (16,497) 292,175 97,895 Net increase (decrease) in cash and cash equivalents 149,242 (114,325) 190,917 (17,845) Cash and cash equivalents At the beginning of the period 110,856 275,906 190,851 313.881 At the end of the period 260,098 161,581 381,768 296.036 Net increase (decrease) in cash and cash equivalents 149,242 (114,325) 190,917 (17,845) See accompanying notes. Ernst & Young Terco 8

Statements of value added Company Consolidated Notes 6/30/2011 6/30/2010 6/30/2011 6/30/2010 Operating revenue, net 15.2 3,756 4,334 478,712 307,915 Cost of real property sale 15.3 - - (270,923) (181,871) Cost of services rendered 15.3 - (28) (78,048) (20,464) Gross profit 3,756 4,306 129,741 105,580 Operating income (expenses): General and administrative expenses 15.3 (41,131) (23,007) (49,003) (23,378) Selling expenses 15.3 (1,274) - (12,466) (8,414) Equity pick-up 7 93,125 81,272 - - Other operating income and expenses - 5,167 456 5,046 1,055 55,887 58,721 (56,423) (30,737) Financial income/expenses Financial expenses 18 (2,716) (173) (8,449) (1,378) Financial income 18 18,976 11,677 23,109 17,541 16,260 11,504 14,660 16,163 Income before income and social contribution taxes 75,903 74,531 87,978 91,006 Income and social contribution taxes 19 - - (10,816) (7,802) Net income for the period 75,903 74,531 77,162 83,204 Attributable net income: Non-controlling interest in SPEs and SCPs - - (1,259) (8,673) Attributable net income: Direcional Engenharia S.A. 75,903 74,531 75,903 74,531 Net earnings per share Base 17 0.51 0.56 Diluted 17 0.50 0.54 See accompanying notes. Ernst & Young Terco 9

Notes to financial statements 1. Operations Direcional Engenharia S.A. ( Direcional or Company ) is a publicly held Company organized under the Brazilian corporation laws. Direcional shares are traded at BM&FBOVESPA under the ticker symbol DIRR3. The Company is domiciled in Brazil and headquartered at Rua Grão Pará, 466, Belo Horizonte, in Minas Gerais (MG) State. Direcional is a property development and construction company engaged in developing large low-income-oriented projects, primarily focused on Brazil s north and center-west regions. Over its 30 years experience in development and construction of low-income-oriented projects, the Company developed a vertical structure and a standardized construction process, which has enabled construction of large-scale projects. The Company carries out its development and construction activities through Silent Partnerships ( SCPs ) and Special Purpose Entities ( SPEs ) used in the ordinary course of business as a way to enable the establishment of partnerships, allowing it to follow up on projects individually, ease obtainment of financing lines for production as well as financial accounting control. Both SCPs and SPEs are exclusively engaged in the real estate sector and, in most cases, are associated with a specific venture. Public offering On February 9, 2011, the Company completed its public offering of primary and secondary distribution of its shares, comprising issuance of 20,800,000 common registered book-entry shares without par value ( Primary Offering ), secondary distribution of 7.2 million common registered book-entry shares without par value held by the Selling Shareholders, free and clear of any liens or encumbrances ( Secondary Offering and Shares, respectively), totaling 28 million shares. The unit value per share was R$11, totaling R$308,000 gross. In this regard, the net proceeds of commissions and certain fees related to primary offerings (in the amount of R$7,302) flowing into the Company totaled R$223,864. The Company s ownership structure can be summarized as follows: Number of shares and percentages In June 2011 Shareholders Shares (%) Filadélphia Participações S.A. 72,469,445 46.87% Fundos sob Gestão da Tarpon Investimentos 23,190,324 15.0% Ridgecrest LLC 10,653,225 6.89% GIC Government of Singapore 10,658,249 6.89% Managing officers 1,640,284 1.06% Other 35,999,176 23.28% Total 154,610,703 100.00% Ernst & Young Terco 10

2. Presentation of quarterly information and summary of significant accounting practices The individual and consolidated financial information for the quarter and six-month period ended June 30, 2011 was prepared in accordance with accounting practices adopted in Brazil, which comprise the rules set forth by the Brazilian Securities and Exchange Commission (CVM) and the pronouncements, interpretations and guidance of the Brazilian FASB (CPC). Additionally, the consolidated financial statements was also prepared in accordance with the International Financial Reporting Standards - IFRS applicable to real estate development entities in Brazil, as approved by the CPC, the CVM and Brazil s National Association of State Boards of Accountancy (CFC), including Guidance OCPC 04-Application of Technical Interpretation ICPC 02 to Brazilian Real Estate Development Entities - in relation to the recognition of revenues and related costs and expenses from real estate operations in the course of the works (percentage of completion method - POC). Certain matters relating to the meaning and application of the concept of ongoing transfer of risks, rewards and control upon sale of real property units will be analyzed by the International Financial Reporting Interpretation Committee (IFRIC). The results of this analysis can cause the Company to review its accounting practices in connection with revenue recognition. This Quarterly Information was prepared in accordance with the principles, practices and criteria consistent with those adopted for preparing the annual financial statements at December 31, 2010, and should therefore be read in conjunction with them. The preparation of financial information follows the guidance set down in CPC 21 - Interim Financial Reporting. The information contained in the notes that was not subject to significant changes or had immaterial information in comparison with December 31, 2010 was not presented in this ITR. On August 8, 2011, the Company s management approved the quarterly information and authorized its disclosure. 2.1. New IFRS and Interpretations from IFRIC (IASB International Financial Reporting Interpretations Committee) From January 1, 2011, the following pronouncements and interpretations became effective: IAS 24 - Disclosure Requirements for State-owned Entities and Related Party Definition (as Revised), IFRIC 14 - Prepayments of a Minimum Funding Requirement; and IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. The adoption of these pronouncements and interpretations did not impact the quarterly information at June 30, 2011. Ernst & Young Terco 11

2. Presentation of quarterly information and summary of significant accounting practices--continued 2.1. New IFRS and Interpretations from IFRIC (IASB International Financial Reporting Interpretations Committee)--Continued IFRS 9 Financial Instruments - Classification and Measurement - IFRS 9 ends the first part of the project to replace IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 uses a simple approach to determine whether a financial asset is measured at amortized cost or fair value, based on the manner by which an entity manages its financial instruments (business model), and the contractual cash flow characteristic of financial assets. The standard also requires the adoption of only one method to determine impairment losses on assets. This standard will become effective for periods beginning on or after January 1, 2013. Earlier adoption is permitted. IFRS 10 Consolidated Financial Statements - IFRS 10 establishes principles for presentation and preparation of consolidated financial statements when an entity controls one or more entities. IFRS 10 replaces the requirements for consolidation of SIC-12 Consolidation of Special Purpose Entities and IAS 27 Consolidated and Separate Financial Statements, and is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 11 Joint arrangements - IFRS 11 provides for a more realistic picture of joint arrangements, focusing on the rights and obligations of the arrangement rather than on its legal form. The standard addresses inconsistencies in the treatment of a joint arrangement, requiring one single method to treat jointly controlled entities by the equity method. IFRS 13 supersedes IAS 31 Joint Ventures and SIC-13 Jointly Controlled Entities - Non-Monetary Contributions by Shareholders, and is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 12 Disclosures of Investments in Other Entities - IFRS 12 is a new and comprehensive standard on the disclosure requirements of all forms of interests in other entities, including subsidiaries, joint ventures, affiliates and non-consolidated structured entities. IFRS 12 becomes effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. IFRS 13 Fair value measurement - IFRS 13 sets new requirements on how to measure fair value and disclosures relating to IFRS and US GAAP. The standard is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. Ernst & Young Terco 12

2. Presentation of quarterly information and summary of significant accounting practices--continued 2.1. New IFRS and Interpretations from IFRIC (IASB International Financial Reporting Interpretations Committee)--Continued The Company is assessing the impact of these new pronouncements on its consolidated financial statements. There are no other standards and interpretations issued but not yet adopted that may, in the opinion of management, have a significant impact on income or equity disclosed by the Company. 3. Cash and cash equivalents Company Consolidated Description 6/30/2011 12/31/2010 6/30/2011 12/31/2010 Cash and banks 6,731 5,898 54,083 66,549 Financial investments 253,367 104,958 327,685 124,302 Total 260,098 110,856 381,768 190,851 The Company s investments are made through exclusive investment funds or in transactions directly performed with first-tier financial institutions. The Company s policy consists of investing its resources in funds or directly in conservative, highly liquid financial instruments, including Certificates of Bank Deposit (CDB) from prime banks, Debentures under Repurchase Agreements backed by CDBs from first-tier banks, Financial Treasury Bills, Brazilian Treasury Notes, Brazilian Treasury Bills and other Federal Government Securities. The yields on these investments are tied to the Interbank Deposit Certificate (CDI), ranging from 100% to 105.5% of CDI, according to the nature and timing of each instrument. At June 30, 2011, the 12-month accumulated profitability of the Company s financial investments corresponded to 100.46% of CDI. Ernst & Young Terco 13

4. Accounts receivable Company Consolidated Description 6/30/2011 12/31/2010 6/30/2011 12/31/2010 Accounts receivable for property development (a) Units completed 3,476 7,538 245,223 248,082 Units not completed - - 698,573 526,415 (-) Adjustment to present value - - (23,180) (21,315) (-) Discount for bond securitization (70) (137) (70) (137) (-) Allowance for Doubtful Accounts (ADA) (1,720) (1,534) (1,720) (1,534) Total 1,686 5,867 918,826 751,511 Current 1,474 5,259 776,489 594,108 Non-current 212 608 142,337 157,403 Receivables for services rendered Real estate intermediation - - 2,599 2,458 Works management 1,454 1,723 750 266 Firm-price construction contract - - 88,927 65,579 Total 1,454 1,723 92,276 68,303 Current 1,454 1,723 92,276 68,303 (a) The Company and its subsidiaries and affiliates adopt the procedures and standards established by CFC Resolution No. 963/03 and OCPC 01 approved by the Brazilian FASB (CPC) for accounting recognition of income earned on real estate transactions carried out. As a result, the balance of receivables from units sold and not yet completed is not fully reflected in the financial statements, since its recording is limited to the revenue accounted for, net of installments already received. Note 15.4 states the balances of receivables not recognized in the financial statements. At June 30, 2011 and December 2010, the consolidated balance of receivables is net of the present value adjustment in the amounts of R$23,180 and R$21,315, respectively. The Company calculated the present value of receivables for units not completed and accounted for the respective amount under the criteria described in CPC 12. Accounts receivable is adjusted as from the initial transaction recording date, taking into consideration the contractual cash flows, the explicit and, in certain cases, implicit interest rates on the related assets and the observable market rates for similar transactions. Subsequently, this interest is reallocated into the real estate income lines, by using the effective interest rate method in relation to the contractual cash flows. The average discount rate of 7.0% p.a. was applied, which corresponds to the Company s weighted average funding cost, net of inflation. The accounts receivable from real properties sold are substantially restated by reference to the variation in the National Civil Construction Index (INSS) until handover of the keys. After delivery of the key, these amounts are restated by the General Market Price Index (IGPM) and bear interest of 12% p.a. Ernst & Young Terco 14

4. Accounts receivable--continued At June 30, 2011 and December 2010, the real estate development certificates and rendering of services receivable are classified as current assets and mature as follows: Consolidated 6/30/2011 12/31/2010 Falling due 3Q/11 136,971 162,312 4Q/11 509,052 106,254 1Q/12 90,398 119,802 2Q/12 100,237 240,043 836,658 628,411 Overdue 0-30 days 7,859 12,506 31-60 days 3,026 4,008 61-90 days 1,881 1,805 91-120 days 2,905 876 121-150 days 1,226 2,774 151-180 days 670 1,068 above 180 days 14,540 10,963 32,107 34,000 Total current assets 868,765 662,411 Securities falling due classified as noncurrent at June 30, 2011 have the following flow of receipts: Year Consolidated Up to June/2013 104,569 Up to June/2014 8,773 Up to June/2015 5,554 After June/2015 23,441 Total 142,337 5. Properties for sale Represented by advances paid for acquisition of land, land for future developments, and costs of real property units completed and under construction, as shown below: 5.1. Land units for development SCP, SPE or project (Company) 6/30/2011 12/31/2010 Vicente Pires land unit - Taguatinga/DF (a) 26,592 25,202 MG/BH Pampulha land unit Work 289-6,500 Valparaiso Serra land unit/es 1,719 1,632 Land unit 68-617 Freg. Campo Grande/RJ 1,400 1,400 Lots 7 A 15 R. Canoeiros - S. Monica 1,327 1,327 Land unit in Porto Velho/RO 1,031 1,031 Batur e Skt Empreendimentos Imob. Ltda. 7,203 - Other - 210 39,272 37,302 5. Properties for sale--continued Ernst & Young Terco 15

5.1. Land units for development--continued SCP, SPE or project (Company) 6/30/2011 12/31/2010 Água Marinha Empreendimentos Imobilários Ltda. 26,505 26,505 Direcional Água Branca Empreendimentos Imobiliários Ltda. 26,192 - Direcional Taguatinga - Total Ville Sector (a) 23,598 25,386 Direcional Alegre Empreendimentos Empreendimentos Imobiliários Ltda. 22,000 22,000 Direcional Santo Antônio Empreendimentos Imobiliários Ltda 21,462 21,462 DiDirecional Safira - Total Ville Marabárecional Safira (a) 19,020 18,899 Azurita Empreendimentos Imobiliários Ltda 16,031 16,031 Direcional Trincheiras Empreendimentos Imobiliários Ltda 14,690 - Direcional Xapuri Empreendimentos Imobiliários Ltda 12,797 12,796 Direcional Santa Rosa Empreendimentos Imobiliários Ltda 12,667 12,656 Direcional Coruripe Empreendimentos Imobiliários Ltda 12,000 - Direcional Arapiraca Empreendimentos Imobiliários Ltda 11,511 8,011 Direcional Turquesa - Jardins Life Residence 10,380 10,380 Direcional Diamante - Bella Citta (a) 9,738 9,738 Direcional Leopoldina Empreendimentos Imobiliários Ltda 9,615 - Citrino Empreendimentos Imobiliários Ltda 9,595 9,594 Porto Acre Empreendimentos Imobiliarios Ltda 8,729 8,724 Direcional Rubi - Allegro Residencial Club (a) 8,214 10,158 Direcional Riachos Empreendimentos Imobiliários Ltda 8,000 16,000 Onix Empreendimentos - Total Ville Manaus 7,622 7,622 Coral Empreendimentos Imobiliários Ltda 7,600 7,600 Direcional Valparaiso - Dreen park (a) 7,328 7,328 Direcional Ametista Empreendimentos Imobiliarios Ltda (a) 7,223 12,096 Direcional Igaci Empreendimentos Imobiliários Ltda 7,126 7,126 Malaquita Empreendimentos Imobiliários Ltda 7,100 7,100 Direcional Estrela Empreendimentos Imobiliários Ltda 7,000 - Direcional Carneiros Empreendimentos Imobiliários Ltda 6,923 - Direcional Cajueiro Empreendimentos Imobiliários Ltda 6,514 6,514 Seabra Empreendimentos - Total Ville Porto Velho (a) 5,731 5,731 Direcional São Miguel Empreendimentos Imobiliários Ltda 5,730 896 Arinos Empreendimentos - Chácaras das Oliveiras 5,717 5,717 Anadia Empreendimentos Imobiliários Ltda 5,370 5,370 Direcional Campinas Engenharia Ltda 4,612 4,612 Direcional Tarauaca - Tulip Inn Savassi Hotel - 29,459 Bom Sucesso Incorporação (a) - 7,358 Abaré Empreendimentos - Brisas do Parque - 5,721 Other 20,313 18,218 394,653 366,808 Total consolidated 433,925 404,110 Company Consolidated Company 6/30/2011 12/31/2010 6/30/2011 12/31/2010 Current 2,728 9,437 285,918 252,992 Non-current 36,544 27,865 148,007 151,118 Total 39,272 37,302 433,925 404,110 (a) The Company s development for these land units will be phased, therefore, the balance represents the amount of the other phases of projects to be developed. Ernst & Young Terco 16

5. Properties for sale--continued 5.2. Real property units completed SCP, SPE or project (Company) 6/30/2011 12/31/2010 Direcional Engenharia - Residencial Plaza das Águas 15 15 Capela Empreendimentos - Quintas da Península & Aquarela - 5,350 15 5,365 SCP, SPE or project (subsidiaries) 6/30/2011 12/31/2010 Capela Empreendimentos - Quintas da Península & Aquarela 10,408 - Direcional SCP Manaus - Eliza Miranda 8,130 6,181 Direcional Âmbar - Águas, Brisas & Cachoeiras do Madeira 3,012 - Direcional SCP Jacundá - Equilibrium & Gran Prixta 1,832 2,026 Direcional SCP Lago Sul - Lake View Resort 1,645 1,767 Direcional SCP Paradiso Paradiso 1,500 771 SCP Rio de Janeiro - Vila Borghese & San Filipo 1,317 1,317 SCP Retiro dos Artistas - Mirante Campestre 225 747 SCP Bartira Mourão - Bartira Mourão 358 382 Direcional SCP Gran Riserva - Gran Riserva 618 280 Rubelita Empreendimentos - Al Mare 733 - Other - 691 29,778 14,162 Total (consolidated) current 29,793 19,527 5.3. Real property units under construction SCP, SPE or project 6/30/2011 12/31/2010 Direcional Âmbar - Águas, Brisas & Cachoeiras do Madeira 24,414 16,869 Direcional Tarauaca - Tulip Inn Savassi Hotel 19,393 - Direcional Flourita Empreendimentos Imobiliários Ltda 13,597 14,444 Jonasa Empreendimentos Imobiliários Ltda - Weekend & Gran Vista 11,495 4,348 Direcional Rubi - Allegro Residencial Club 11,270 7,464 Direcional Diamante - Bella Citta 9,992 5,923 Direcional SCP Jacundá - Equilibrium & Gran Vista 9,632 5,724 Zircone Empreendimentos - Parque Ponta Negra 8,550 12,876 Direcional TSC Jatuarana - Vita Bella 8,502 7,304 Onix Empreendimentos - Total Ville Manaus 7,935 5,034 Bom Sucesso Incorporação 7,482 - Direcional TSC Jamari Riviera 7,274 6,441 Direcional Safira - Total Ville Marabá 6,815 3,942 Direcional Valparaiso - Dreen park 5,828 5,474 Direcional Taguatinga - Total Ville Sector 5,780 5,599 Abaré Empreendimentos - Brisas do Parque 4,878 541 Direcional Feijo Empreendimentos Imobiliários Ltda 3,747 3,355 Arinos Empreendimentos - Chácaras das Oliveiras 3,488 3,756 Direcional Ametista Empreendimentos Imobiliarios Ltda 2,715 1,073 Alexandrita Empreendimentos 1,812 1,170 Santa Margarida Empreendimentos Imobiliários Ltda 1,666 1,455 Direcional Turquesa - Jardins Life Residence 1,619 1,344 Seabra Empreendimentos - Total Ville Porto Velho 1,607 1,531 Azurita Empreendimentos Imobiliários Ltda 1,495 1,064 Maragoggi Empreendimentos - Cap D'Antibes 1,294 1,159 Ernst & Young Terco 17

5. Properties for sale--continued 5.3. Real property units under construction--continued SCP, SPE or project 6/30/2011 12/31/2010 Direcional Santo Antônio Empreendimentos Imobiliários Ltda 1,269 822 Direcional TSC Rio Madeira - Garden Club 1,197 - Direcional Canário Empreendimentos Imobilarios Ltda. 1,180 1,094 Direcional Água Branca Empreendimentos Imobiliários Ltda 897 - Direcional Arapiraca Empreendimentos Imobiliários Ltda 855 459 Ernani Agrícola Solares 822 974 Direcional Esmeralda - Gran Felicitá 790 1,717 Direcional Campinas Engenharia Ltda. 773 - Direcional Brasileia 717 - Direcional Silvestre Ltda. 693 519 Bujari Empreendimentos - Parque Verde 291 647 Scp Manaus Eliza Miranda Step 5-3,247 Direcional Oiti Empreendimentos Imobiliários Ltda. - 59 Other 2,696 8,495 Total 194,460 135,923 5.4. Capitalized interest Interest paid referring to production financing is accounted for under Properties under construction and Properties completed in accordance with OCPC 01, and they are posted to income based on sales. Until June 2011, interest was capitalized under inventory accounts in the amount of R$2,758 (R$1,146 for the year ended December 31, 2010). Ernst & Young Terco 18

6. Transactions with related parties 6.1. Related companies Company Consolidated Assets 6/30/2011 12/31/2010 6/30/2011 12/31/2010 Credits from partners of projects (a) TSC Engenharia Ltda 13,780 7,996 13,780 7,996 Citycasa Incorporações Imobiliários Ltda 583 258 583 258 Seven Engenharia Ltda 168 211 168 211 SPL Engenharia Ltda 35 35 35 35 Ager Incorporações Imobiliárias Ltda 4,245 4,211 4,245 4,211 Dam Incorporações Ltda 4,196 832 4,196 832 Current account with non-controlling shareholders 484-484 - 23,491 13,543 23,491 13,543 Current account with projects (b) SCP Manaus - Eliza Miranda 12,085 14,791 - SCP Club House 4,358 - - Direcional TSC Jatuarana Empreend. Imobil. Ltda - - 129 140 SCP Ouro Preto - - 489 372 Direcional Construtora Valparaiso Ltda - - 2,719 2,245 Zircone Empreend. Imobil. Ltda - - 225 2,997 Seabra Empreend. Imobil. Ltda - - 6 1,687 Andaraí Empreend. Imobil. Ltda - - 13,065 12,382 Jonasa Empreendimentos Imobilarios 6,590 - - - SCP Santa Mõnica 3,308 - - - SCP Paradiso 17,211 - - - SCP Jacundá 6,547 - - - SCP Gran Riserva 1,202 - - - Direcional Opala 1,058 - - - Direcional Jordão - - 978 - Direcional Riachos - - 230 - SCP Tereza Mota - - 120 - Rubelita Empreendimentos - - 485-52,359 14,791 18,446 19,823 Advance for future interest acquisition (c) 2,485-2,485-2,485-2,485 - Total transactions with related parties 78,335 28,334 44,422 33,366 Current 55,328 14,791 21,415 7,441 Non-current 23,007 13,543 23,007 25,925 Company Consolidated Liabilities 6/30/2011 12/31/2010 6/30/2011 12/31/2010 Current account with projects (b) Direcional Água Branca 17,225 - - - Direcional Estrela 7,000 - - - Dan Incorporações 1,987-8,717 - Total transactions with related parties 26,212-8,717 - Current 26,212-8,717 - (a) Credits from project partners Ernst & Young Terco 19

6. Transactions with related parties--continued 6.1. Related companies--continued (a) The Company carries out loan agreement operations with certain venture partners, usually minority shareholders of referred to SPEs. These operations are settled upon completion of the construction. Such operations are adjusted on average by the CDI + 4% p.a. The financial impact on the Company at June 30, 2011 corresponds to R$3,464 (R$1,077 at June 30, 2010). (b) Current account with projects Such operations are exclusively intended for contributing funds for construction. A method to restate these amounts is currently negotiated with the partners. (c) Advance for interest acquisition On May 31, 2011 the Company entered into a binding memorandum of understanding with JHSF Participações S.A. ( JHSF ) relating to acquisition of 60% interest in Parque Ponta Negra project, in the city of Manaus AM, for a total of R$37,000. Since all conditions provided for in the memorandum of understanding between the parties have not yet been met, the transaction did not generate any accounting effects until the end of the quarter ended June 30, 2011, except for recognition of the advance paid cash to JHSF, amounting to R$2,485. 6.2. Management compensation The table below sets out the annual compensation provided to our managing officers and directors for year 2011 and the effective annual compensation for year 2010: 2011 Board of Directors Statutory Board Total Total members 7 5 12 Annual fixed compensation (R$) 500,000 2,000,000 2,500,000 Variable compensation (R$) - 4,000,000 4,000,000 500,000 6,000,000 6,500,000 2010 Board of Directors Statutory Board Total Total members 7 5 12 Annual fixed compensation (R$) 781,908 1,089,467 1,871,375 Variable compensation (R$) - 529,080 529,080 781,908 1,618,547 2,400,455 The Company also pays its managing officers through a stock options plan, the details of which are described in Note 21. Ernst & Young Terco 20

7. Investments in subsidiaries and jointly controlled entities The summarized financial statements of investees prepared as of June 30, 2011 are as follows: Current Balance sheet Non-current Statement of income Net revenue from sales and services Operating expenses, net Financial income/ expenses, net Noncurrent Gross Net Companies Assets Liabilities Payables Equity profit IRPJ/CSLL income Direcional SCP Parque Prado - Club House 42,247 128 36,343 6,080 (48) 5,573 1,181 (939) 139 (127) 254 SCP Retiro dos Artistas - Mirante Campestre 7,836 210 712 384 6,951 1,695 43 (72) 135 (86) 20 SCP Quintas do Valqueire - Quintas do Valqueire 88-3 3 82 - - 1 - - 1 SCP Águas Claras II - Life Residence 2,129 385 1,246 145 1,124 79 (41) 291 8 2 259 SCP Santa Inês 36-3 - 33 - - - 2-2 SCP Cidade Nova - Provincia de Ravena 119-14 5 100 1 (19) 7 8 - (3) SCP Campinas - Vivere 7,745 152 836 164 6,897 692 (414) 47 116 (55) (307) SCP Brasília - Thomaz Starzl 85-10 - 75 - (24) 11 15-2 SCP Serra da Canastra 368-69 19 280 (1) (15) 8 7 (1) (2) Direcional SCP Manaus - Eliza Miranda 78,241 2,773 23,311 1,067 56,636 13,079 6,372 (460) (1,924) (403) 3,585 SCP Edifício Chopin 1,111 96 58 6 1,142 558 558 (32) 4 (1) 529 SCP Província Vicenza - Provincia de Vicenza - - 48 1 (49) - - 3 - - 3 SCP Green Village - Green Village 10 - - - 10 - - - - - - Direcional SCP Cidadão XI - Cidadão XI 16,757 116 918 90 15,866 8,965 1,814 (39) 36 16 1,826 SCP Rio de Janeiro - Vila Borghese & San Filipo(1) 7,659 11,333 1,194 915 16,883 - (162) (12) 4 - (169) SCP Cláudio Manoel - Chopin(1) 202-11 166 25 - (4) (3) 16-9 SCP Valadares Gontijo - Spinoff (1) 426-36 - 390 (243) (159) 14-5 (140) Direcional SCP Jacundá - Equilibrium & Gran Vista 60,997 1,944 17,316 22,365 23,259 8,972 509 (267) 72 (309) 5 Direcional Campinas Engenharia Ltda 5,620 683 1,632-4,671 - - - - - - Jonasa Empreendimentos Imobiliários Ltda - Weekend & Gran Vista 143,037 747 55,617 22,376 65,791 43,007 10,594 (3,496) 142 (1,317) 5,923 Direcional SCP Ouro Preto - Gran Parque 3,846 29 49 73 3,754 96 53 (8) 90 (4) 131 Direcional Esmeralda - Gran Felicitá 17,990 39,223 15,099 9,381 32,734 21,976 10,781 (460) 98 (611) 9,808 Altana Empreendimentos Imobiliários Ltda 29 415 - - 445 - - - - - - Direcional TSC Rio Madeira - Garden Club 40,752 300 21,609 7,302 12,141 12,361 (673) (52) (132) (353) (1,210) SPE Maura Valadares Gontijo (1) 2,021 1,792 354 158 3,301 - (1,970) 40 428 (31) (1,533) Diresomattos Gutierrez - Volare(1) 2,692-858 29 1,805 101 (769) 1,282 72 (124) 461 SCP Bartira Mourão - Bartira Mourão(1) 1,743-37 - 1,706 - (102) (1) 7 - (95) SCP Tereza Motta Valadares - Tereza Mota(1) 1,558-403 - 1,154 - - 26 52 (55) 23 Rubelita Empreendimentos - Al Mare 13,044 7,981 16,298 959 3,768 - (1,160) (1,065) 253 (285) (2,257) Ernani Agrícola Solares 12,705 6 2,317-10,394 2,109 (215) (78) 29 (43) (306) Direcional Silvestre Ltda 1,820 33 93 13 1,746 783 99 (20) (7) (24) 47 Direcional Âmbar - Águas, Brisas & Cachoeiras do Madeira 87,278 1,353 33,027 24,009 31,595 18,254 375 (2,421) (125) (531) (2,702) Direcional Valparaiso - Dreen park 36,803 4,487 3,469 19,766 18,055 4,958 (1,259) (1,449) 3 (120) (2,826) Alexandria Empreendimentos - Alegro 20,742 136 2,369 3,698 14,811 1,140 974 (421) (72) (49) 433 Direcional SCP Maura Valadares - Barter 1,860-205 - 1,655 44 44 (80) 53 37 55 Direcional SCP Lago Sul - Lake View Resort 13,793 38,408 1,923 39,091 11,187 2,116 (341) (348) (3,615) (63) (4,367) Direcional SCP Gran Riserva - Gran Riserva 5,769 978 1,579 207 4,961 (171) (50) (13) 49 (14) (28) Ernst & Young Terco 21

7. Investments in subsidiaries and jointly controlled entities--continued Balance sheet Statement of income Net revenue from sales and services Operating expenses, net Financial income/ expenses, net Gross Net Companies Current Non-current Equity profit IRPJ/CSLL income Direcional SCP Paradiso - Paradiso 44,653 198 29,156 11,156 4,538 2,610 928 (14) 24 (86) 852 Direcional Opala - Gran Paradiso, Gran Ventura, Gran D'ouro 27,472 1,111 8,078 8,904 11,600 8,816 2,178 (128) 115 (281) 1,884 Direcional Taguatinga - Total Ville Sector 90,794 40,262 47,770 21,717 61,569 47,932 17,600 (1,021) 68 (914) 15,733 Direcional Diamante - Bella Citta 67,588 9,208 9,214 9,334 58,249 22,562 5,903 (354) (10) (715) 4,825 Direcional Rubi - Allegro Residencial Club 38,756 1,115 4,714 17,520 17,638 12,377 3,883 (316) (1) (356) 3,210 Direcional TSC Jatuarana - Vita Bella 27,539 265 4,103 8,720 14,981 9,624 1,365 (91) (4) (272) 999 Direcional Canário Empreendimentos Imobilarios Ltda. 1,181-124 - 1,057 - - - - - - Onix Empreendimentos - Total Ville Manaus 57,479 7,033 14,568 17,804 32,139 25,839 5,218 (296) 207 (777) 4,351 Direcional TSC Jamari Riviera 17,799 157 12,217 115 5,624 5,569 1,237 (62) 4 (162) 1,017 U N A Empreendimentos - Boulevard Esplanada 4,266 20 539 14 3,733 4,110 2,329 (1,163) 87 (153) 1,099 Direcional SCP Le Parc de France - Le Parce de France 2,635 10 190 41 2,415 117 (148) - 34 (19) (134) Direcional Ametista Empreendimentos Imobiliarios Ltda 11,607 4,599 260 11,158 4,788 4,081 1,223 (893) (1) (130) 199 Direcional Sodalita Empreendimentos Imobiliarios Ltda 2,586-18 - 2,569 - - - - - - Direcional TSC Lauro Sodré 6 - - - 6 - - - - - - Direcional SCP Santa Mônica - Villagio Santa Mônica 4,680 105 3,589 49 1,148 628 (508) (21) 7 (22) (544) Alexandrita Empreendimentos 24,340 171 5,874 11,621 7,017 9,131 (2,137) (19) 54 (249) (2,352) Malaquita Empreendimentos Imobiliários Ltda 7,316-1 - 7,315 - - (135) - (28) (164) Bujari Empreendimentos - Parque Verde 16,079 52 2,545 4,006 9,580 8,414 2,744 (19) (8) (223) 2,494 Direcional Safira - Total Ville Marabá 57,250 19,547 13,236 34,717 28,844 21,473 8,960 (233) 33 (101) 8,659 Direcional Corretora de Imóveis 2,666 5 279-2,391 2,144 2,036 (385) (2) (227) 1,422 Direcional SCP Pró-Moradia II - Pró Moradis 19,121 120 1,367 98 17,776 11,695 3,446 (41) 3 (59) 3,349 Zircone Empreendimentos - Parque Ponta Negra 40,476 14,828 8,975 39,572 6,757 20,080 7,861 (658) 33 (649) 6,588 Direcional Turquesa - Jardins Life Residence 12,001 282 10,380-1,903 - - - - - - Direcional Oiti Empreendimentos Imobiliários Ltda 1,664 801 352-2,113 192 64 (47) 26-43 Azurita Empreendimentos Imobiliários Ltda 23,537 431 1,327 14,749 7,893 - - (4) (1) - (5) Citrino Empreendimentos Imobiliários Ltda 319 9,595-9,595 319 - - - - - - Direcional Assis Brasil Empreendimentos Imobiliários Ltda 127 6,560-6,560 126 - - - 1 - - Jaspe Empreendimentos Imobiliários Ltda 217 - - - 217 - - - - - - Bom Sucesso Incorporação 26,692-2,051-24,642 - - (6) - - (7) Turmalina Empreendimentos Imobiliários Ltda 2,521 122 832-1,811 - - (1) - - (1) SCP Direcional Petropolis - Petrópolis 572 70 46 54 543 - (162) 20 4 (1) (139) SCP Direcional Ozias - Ozias Monteiro 5,983 281 819 216 5,228 (9) (3,038) (23) 39 (22) (3,044) Santa Margarida Empreendimentos Imobiliários Ltda 5,470-1,016-4,455 - - (5) - - (5) Seabra Empreendimentos - Total Ville Porto Velho 31,227 601 13,879 110 17,839 14,998 4,573 (304) (27) (369) 3,872 Maragoggi Empreendimentos - Cap D'Antibes 10,093 2,073 3,048 5,532 3,586 3,284 399 (155) 131 (104) 271 Direcional Flourita Empreendimentos Imobiliários Ltda 25,729 31,829 2,112 9,596 45,850 19,269 8,832 (397) 88 (620) 7,902 Andaraí Empreendimentos Imobiliários Ltda 13,065 - - - 13,065 - - - 683-683 Coral Empreendimentos Imobiliários Ltda 798 7,733 763 2,988 4,779 - - (29) - - (29) Água Marinha Empreendimentos Imobilários Ltda. 26,953-21,282-5,671 - - - 6 (2) 5 Ernst & Young Terco 22

7. Investments in subsidiaries and jointly controlled entities--continued Balance sheet Statement of income Net revenue from sales and services Operating expenses, net Financial income/ expenses, net Gross Net Companies Current Non-current Equity profit IRPJ/CSLL income Direcional Jordão Empreendimentos Imobiliários Ltda 1,906-23 - 1,883 - - - - (2) (2) Direcional Feijó Empreendimentos Imobiliários Ltda 3,763 7 6 2,300 1,463 - - (1) - - (1) Direcional Capixaba - Vila Verde 6,967 661 1,213 33 6,381 4,561 2,378 (649) 14 (135) 1,607 Direcional Brasileia 6,016 12,626 5,758 213 12,670 10,386 3,900 (187) 2 (67) 3,648 Direcional SCP Meu Orgulho - Residencial Meu Orgulho 25,885 412 4,821 367 21,108 63,958 18,802 (577) 27 (314) 17,939 Capela Empreendimentos - Quintas da Península & Aquarela 13,689 1,458 103 98 14,946 (108) (108) - 255 (99) 47 Arinos Empreendimentos - Chácaras das Oliveiras 10,150 663 2,538 6,233 2,043 840 321 (307) (1) (25) (11) Rio Branco Empreendimentos Imobiliários Ltda 4,040 - - 3,900 139 - - - - - - Porto Acre Empreendimentos Imobiliários Ltda 9,337 486 1,047 7,597 1,179 - - (48) (1) - (49) Abaré Empreendimentos - Brisas do Parque 7,629 800 5,879 70 2,479 3,059 1,074 (832) (2) (93) 147 Anadia Empreendimentos Imobiliários Ltda 6,046 325 99 5,370 903 - - (101) (1) - (102) Direcional SCP Comim Meu Orgulho Infra 30,759 87 1,233 97 29,516 16,639 7,766 - (2) (79) 7,685 Germiniano Projeto 01 Empreendimentos Imobiliários 8,686-197 - 8,490 - - - - - - Direcional Santa Rosa Empreendimentos Imobiliários Ltda 13,024 14 1,701 7,500 3,836 - - - - - - Direcional Santo Antônio Empreendimentos Imobiliários Ltda 22,737 55 19,213-3,579 - - (294) 1 - (293) Direcional Arapiraca Empreendimentos Imobiliários Ltda 12,371-33 8,505 3,833 - - - - - - Direcional Tarauaca - Tulip Inn Savassi Hotel 27,687 5,617 647 28,469 4,188 13,458 2,938 (465) - (399) 2,073 Direcional Belo Monte Empreendimentos Imobiliários Ltda 910-500 - 410 - - - - - - Direcional Xapuri Empreendimentos Imobiliários Ltda 12,879-12,799-80 - - - - - - Direcional São Miguel Empreendimentos Imobiliários Ltda 6,042-4,774-1,268 - - - - - - Direcional Igaci Empreendimentos Imobiliários Ltda 7,190 - - - 7,190 - - - - - - Direcional Alegre Empreendimentos Imobiliários Ltda 67 24,728 2 22,000 2,793 - - - 118-118 Direcional Cajueiro Empreendimentos Imobiliários Ltda 6,588-2 6,514 72 - - - - - - Direcional SCP Boa Casa Empreendimentos - Boa Casa 604 5 244 6 360 601 (386) (2) - (3) (391) Direcional Riachos Empreendimentos Imobiliários Ltda 16,460-3,200 12,800 460 - - - - - - Direcional Água Branca Empreendimentos Imobiliários Ltda 44,316-29,612 14,500 204 - - - - - - Direcional Carneiros Empreendimentos Imobiliários Ltda 6,935 - - 6,923 12 - - - - - - Direcional Coruripe Empreendimentos Imobiliários Ltda 12,029-12,025-3 - - - - - - Ernst & Young Terco 23

7. Investments in subsidiaries and jointly controlled entities--continued Balance sheet Statement of income Net revenue from sales and services Operating expenses, net Financial income/ expenses, net Gross Net Companies Current Non-current Equity profit IRPJ/CSLL income Direcional SCP Alterosa - Residencial Alterosa 4,063 247 821 18 3,471 4,039 1,026 (12) - (19) 994 Direcionsl SCP Bairro Carioca - Bairro Carioca 2,430 43 452 7 2,013 1,773 516 (1) - (8) 507 Direcional SPL Ponciano Empreendimentos Imobiliários Ltda 227 - - - 227 - - (23) - - (23) Direcional Leopoldina Empreendimentos Imobiliários Ltda 12 9,619-9,619 12 - - - - - - Direcional Estrela Empreendimentos Imobiliários Ltda 14,005-13,500-505 - - - - - - Direcional São Primiano Empreendimentos Imobiliários Ltda 1,244-1,097-147 - - (26) - - (27) Direcional Água das Flores Empreendimentos Imobiliários Ltda 36-6 - 30 - - - - - - Direcional Sena Madureira Empreendimentos Imobiliários Ltda - - - - - - - - - - - Direcional Trincheiras Empreendimentos Imobiliários Ltda 14,801-14,690-111 - - - - - - (1) The Company does not act as the leading partner in these SCPs and SPEs, however, control is shared. Ernst & Young Terco 24