Apresentacao Call 3%B Atri07 Final Eng

3Q07 Results Presentation

Investor Relations:

Michel Wurman Investor Relations Officer

João Mallet, CFAInvestor Relations Manager

Gustavo JanerInvestor Relations Analyst

Phone Number:+ 55 (21) 3504-3800E-mail: [email protected]

Website: www.pdgrealty.com.br/ri

Participants

José Antonio T. GrabowskyCEO

Michel WurmanInvestor Relations Officer

João Mallet, CFAInvestor Relations Manager

Phone Number:+ 55 (21) 3504-3800E-mail: [email protected]

Website: www.pdgrealty.com.br/ri

3Q07 Operational 3Q07 Operational HighlightsHighlights

Launched Potential Sales Volume (PSV) totaled R$981 million and PDG Realty's pro rata stake

came to R$385 million.

Of the units launched within the quarter, 69% have already been sold.

PDG Realty participated in the launch of 21 projects, totaling 4,755 units.

PDG Realty Net Revenue stood at R$169.1 million, up by 1,432% on the same period a year ago.

EBITDA totaled R$44.1 million accompanied by a 26.1% margin, 1,087% up in the 3Q06.

Pro rata Landbank reached R$4.8 billion (distributed across 227 projects), an increase of 45%

compared to 2Q07 Landbank.

EBITDA guidance revision for 2007, increasing from the R$100 – R$110 million range to the

R$135 – R$140 million range.

Pro rata PSV guidance revision for 2008, increasing from the R$1,5 – R$1,7 billion range to the

R$1,9 – R$2,1 range.

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Corporate HighlightsCorporate Highlights

Acquisition of 30% of TGLT S.A., leading developer in the Argentinean real estate market.

Investment in Brasil Brokers, a real estate brokerage and consulting holding composed of 16

operational companies, featuring the largest sales force in the country. The company recently

concluded its “IPO”, raising R$608 million on the primary and secondary offers (not considering

the green shoe).

Increase of the Company’s stake in Goldfarb to 75% with the option to acquire an additional

5%.

Partnership with LN Empreendimentos Imobiliários for the development of projects in the states

of Paraná and Santa Catarina.

REP and Kimco Realty Partnership for the development of real estate projects focused on

revenue generation.

Conclusion of second primary offering of PDG Realty shares (“Follow on”), raising

approximately R$575 million (including Green Shoe).

Dominus Engenharia Partnership for the development of real estate projects in the state of

Minas Gerais.

4

Corporate HighlightsCorporate Highlights

PDG Realty has been managing to create new businesses based on the private equity model

and establish new successful partnerships with companies with proven track record.

5

Notes:1 25% directly and 11.9% indirectly through Lindencorp

2 Subject to further changes after new acquisitions

PDG Realty Towards PDG Realty Towards the Low Income the Low Income SegmentSegment

In the 3Q07 the launches in the Low Income sector accounted for 65% of the pro rata PSV

launched, and a total amount of R$252 million.

Regarding financials figures, the EBITDA from the segment accounted for R$25.4 million, or

57.4% of PDG Realty's EBITDA in the 3Q07

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PSV Launched pro rata PDG Realty - 3Q07

High Income; 1.2%

Mid-High Income; 24.2%

Mid Income; 5.8%

Low Income; 65.5%

Commercial; 3.1%

Lots; 0.3%

14 3

13

1 1

High Income Mid-High Income

Mid Income Low Income Commercial Lots

Launches per Segment - 3Q07

PDG Realty Towards PDG Realty Towards the Low Income the Low Income SegmentSegment

Our Landbank reflects our exposure to the low income segment: 73% of the pro rata PSV to

be launched comes from this segment, totaling R$3.5 billion

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up to R$ 100k; 23,7%

from R$ 100k to R$ 200k; 73,6%

from R$ 200k to R$ 250k; 2,8%

Low Income Landbank - PSV pro rata

up to R$ 100k; 33,3%

from R$ 100k to R$ 200k; 63,0%

from R$ 200k to R$ 250k; 3,7%

Low Income Landbank -Units

In the 3Q07, we participated in launches which represented a total PSV of R$981 million, with PDG Realty’s stake coming to R$385 million.

8

Operational Performance Operational Performance 3Q073Q07

In 3Q07 we launched 21 projects, geographically distributed as follows: 16 in the state of São Paulo (13 in the city of São Paulo and 3 in other cities), 4 in the city of Rio de Janeiro and 1 in Espírito Santo state.

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Operational Performance Operational Performance 3Q073Q07

SP - Capital; 72.8%

SP - Other Cities; 15.1%

Rio de Janeiro; 8.4%

Espírito Santo; 3.7%

PSV Launched pro rata PDG Realty by Region - 3Q07

Co-inc; 33.4%

Co-inc Goldfarb;

22.2%

Goldfarb; 32.7%

CHL; 8.4%

LDI; 3.1% Cipasa; 0.3%

PSV pro rataPDG Realty Distribution of Partners - 3Q07

Total contracted sales stood at R$923 million in the 3Q07 while PDG Realty’s pro rata stake came to R$339 million. Of the units launched in the 3Q07, so far 69% has been already sold.

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Operational Performance Operational Performance 3Q07 3Q07 -- SalesSales

Project PSV (R$

MM)% Total PDG

PSV Pro-rata

PDGUnits Sold Units Sold Units

(%) Segment

São Paulo - Capital1 Villagio de Vicenza 3,3 75,00% 2,5 32 32 100% Low Income2 Bio Vita 50,7 37,50% 19,0 400 341 85% Low Income3 Villagio Torino 10,5 75,00% 7,9 101 94 93% Low Income4 Ellegance 20,1 87,50% 17,6 188 76 40% Low Income5 Vida Bella 16,4 75,00% 12,3 196 121 62% Low Income6 Vida Áurea 26,2 87,50% 23,0 347 343 99% Low Income7 Blue Sky 40,3 37,50% 15,1 346 75 22% Low Income8 Domínio Marajoara 325,9 20,00% 65,2 594 585 98% Mid - High9 Eco Life Santanna 28,1 80,00% 22,4 92 80 87% Mid Income

10 Villagio di Genova 7,9 75,00% 6,0 91 69 76% Low Income11 LIV 168,0 7,12% 12,0 400 280 70% Mid - High12 Ville d'France 41,8 87,50% 36,5 352 51 14% Low Income13 Eco Life Independência 51,1 80,00% 40,9 216 43 20% Low Income

São Paulo - Other Cities1 Cittá di Roma 42,6 87,50% 37,3 400 278 70% Low Income2 Dream Vision 22,4 87,50% 19,6 144 138 96% Low Income3 Portal de Bragança 36,0 3,16% 1,1 383 272 71% Land Parcelling

Rio de Janeiro1 Prime Gavea 14,5 50,00% 7,3 25 23 92% Mid - High2 Spazio 17,6 50,00% 8,8 40 32 80% Mid - High3 Diamond Noblesse 9,0 50,00% 4,5 5 1 20% High Income4 Metropolitan 23,5 50,00% 11,8 144 144 100% Comercial

Espírito Santo1 Solar das Ilhas (1º Fase) 25,1 57,50% 14,4 259 206 80% Low Income

21 Total 981,00 385,03 4.755 3.284 69%

3Q07 launch highlights:

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Domínio Marajoara

São Paulo/ RJ

594

R$ 325 mm

Location

Units

Total PSV

98% % sold

Metropolitan

Rio de Janeiro / RJ

144

100%

Vida Áurea

São Paulo / SP

347

R$ 27,2 mm

99%

Villagio de Vicenza

São Paulo / SP

32

R$ 3,4mm

100%

R$ 23 mm

Cyrela/QG/MACPartner CHL

Goldfarb Goldfarb

September/2007 July/2007

September/2007Launch September/2007

Location

Units

Total PSV

% sold

Partner

Launch

Location

Units

Total PSV

% sold

Partner

Launch

Location

Units

Total PSV

% sold

Partner

Launch

3Q07 launch highlights:

12


LIV

São Paulo / SP

400

R$ 159 mm

70%

Prime Gavea

Rio de Janeiro / RJ

25

92%

Dream Vision

Campinas/ SP

144

R$23,2mm

96%

Eco Life Santanna

São Paulo/SP

92

R$ 28,1mm

85%

R$ 14,5mm

LDI / Setin / Abyara CHL

Goldfarb Esfera

September/ 2007 August/2007

September/2007 September/2007

Location

Units

Total PSV

% sold

Partner

Launch

Location

Units

Total PSV

% sold

Partner

Launch

Location

Units

Total PSV

% sold

Partner

Launch

Location

Units

Total PSV

% sold

Partner

Launch

3Q07 launches sales velocity:

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Project Developer Segment Total 30 days 60 days 90 days

Villagio de Vicenza Goldfarb Low Income 100.00% 84.38% 100.00% 100.00%Bio Vita Goldfarb Low Income 85.00% 33.25% 66.00% 85.00%Villagio torino Goldfarb Low Income 93.00% 42.57% 76.24% 93.00%Cittá di Roma Goldfarb Low Income 67.00% 29.25% 52.25% 67.00%Portal de Bragança CDU Lots 71.02% 60.57% 67.89% 71.02%Ellegance Goldfarb Low Income 40.43% 23.94% 40.43% n/aVida Bella Goldfarb Low Income 61.73% 40.31% 61.73% n/aVida Áurea Goldfarb Low Income 98.85% 75.79% 98.85% n/aDream Vision Goldfarb Mid Income 95.83% 78.47% 95.83% n/aPrime Gavea CHL Mid High Income 92.00% 92.00% 92.00% n/aDomínio Marajoara Cyrela/ Queiroz/ Mac Mid High Income 98.48% 91.41% 98.48% n/aEco Life Santanna Esfera Mid Income 84.78% 66.30% 84.78% n/aVillagio di Genova Goldfarb Low Income 75.82% 42.86% 75.82% n/aSpazio CHL Mid High Income 80.00% 75.00% 80.00% n/aBlue Sky Goldfarb Mid - Low Income 21.68% 21.68% n/a n/aMetropolitan CHL Commercial 100.00% 100.00% n/a n/aLIV Lindencorp Mid High Income 70.00% 70.00% n/a n/aSolar das Ilhas (1º Fase) Goldfarb Low Income 79.54% 79.54% n/a n/aVille d'France Goldfarb Low Income 14.49% 14.49% n/a n/aDiamond Noblesse CHL High Income 20.00% 20.00% n/a n/aEco Life Independência Esfera Low Income 15.28% 15.28% n/a n/a

% of Sales on each quarter (acumulated)

Sales velocity for the units launched in each quarter:

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1,.632 2,.570

4.755

8.957

-

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

1Q07 2Q07 3Q07 9M07

Sales Velocity: Launched Units x % sold on the

Launch Quarter

4,755

8,957

34%

69%

71%

57%

The table below shows the track record of PDG Realty launches. Note that 81% of the units launched so far have already been sold:

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Year 2003 3 293 291 99% 2 0.5 3rd Q 1 188 188 100% - - 4th Q 2 105 103 98% 2 0.5

Year 2004 5 826 796 96% 8 4.5 1st Q - - - 0% - - 2nd Q 1 69 48 70% 3 0.9 3rd Q 2 120 115 96% 2 0.6 4th Q 2 637 633 99% 3 3.0

Year 2005 9 2,686 2,483 92% 107 7.0 1st Q 1 25 23 92% 3 1.0 2nd Q 3 647 575 89% 9 0.9 3rd Q 1 53 53 100% - - 4th Q 4 1,961 1,832 93% 95 5.1

Year 2006 28 4,083 3,613 88% 342 23.0 1st Q 4 977 973 100% 7 0.2 2nd Q 2 418 400 96% 51 1.3 3rd Q 6 467 415 89% 17 0.8 4th Q 16 2,221 1,825 82% 267 20.7

Year 2007 56 8,957 6,398 71% 3,895 304.0 1st Q 14 1,632 1,248 76% 198 14.8 2nd Q 21 2,570 1,866 73% 413 29.1 3rd Q 21 4,755 3,284 69% 3,284 260.1

july 1 32 32 100% 32 2.5 august 4 1,284 985 77% 985 50.3 september 16 3,439 2,267 66% 2,267 207.3

TOTAL 101 16,845 13,581 81% 4,354 338.9

Launched Developments

Units Launched

Units Sold % of Sale 3Q07 Sales3Q07 PSV sold -

PDG Realty's Stake

PDG Realty's pro rata Landbank currently totaled R$4.8 billion (distributed across 227 projects), representing an increase of 45% compared to 2Q07 Landbank.

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Landbank Landbank –– 3Q073Q07

Landbank Breakdown PSV Pro rata PDG Realty

High Income; 1,0%

Mid High Income; 4,4%

Mid Income; 7,7%

Low Income; 71,8%

Commercial; 7,9%

Lots; 7,2%PR; 1,9%

SC; 0,0%SP; 24,5%

SP -Other cities; 43,1%

RJ; 23,2%

ES; 4,9%BA; 2,4%

PSV Pro rata PDG Realty Geographic Distribituion

In the tables below we present the expected pro rata PSV Duration in PDG Realty's Landbank and the pro rata PSV x R$/m2 dispersion:

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Landbank Landbank –– 3Q073Q07

0

10

20

30

40

50

60

70

80

90

100

1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000

Landbank -PSV pro rata x R$/m2

R$/m2

PSV pro rata PDG Realty (R$ million)

0.300 - 0.400

1.900- 2.100

1.200 - 1.400

0.650- 0.7500.300 - 0.400

0.070 - 0.100 0.010

500

1000

1500

2000

2500

2007 2008 2009 2010 2011 2012 2013

Estimated Duration of pro rata PSV - R$ billion

Financial Highlights Financial Highlights ––3Q073Q07

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1,5

21,3

3Q06 3Q07

Adjusted Net Income - R$ millions

20,5

67,7

9M06 9M07

Adjusted Net Income - R$ millions

11,0

44,2

3Q06 3Q07

EBITDA - R$ millions

Margin 33,0%

Margin 26,1%

25,2

100,7

9M06 9M07

EBITDA - R$ millions

Margin 26,3%

Margin 27,9%

New Guidance New Guidance Revision Revision

We have recently reviewed our guidance for launches (PDG Realty's pro rata stake in PSV) for the fiscal year of 2007 and now as a result of the follow on we project our pro rata PSV launchings from R$1.9 to R$2.1 billion, as shown below.

Also, as a result of the Company's investments and operational performance in the 9M07, we revised our EBITDA expectation for 2007, to R$135 – R$140 million, as presented below:

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0.750.8 - 0.9

0.9 - 1.11.05 - 1.2

1.5 - 1.7

1.9 - 2.1

0

500

1000

1500

2000

Guidance IPO Revisão Março/07

Revisão Maio/07

Guidance atual 2007

Guidance inicial 2008

Guidance revisado 2008

Guidance Revision (R$ billion)

80 - 90100 -110

135 -140

Guidance 1Q07 Guidance 2Q07 Guidance 3Q07

EBITDA Guidance (R$ million)

Goldfarb 3Q07 Goldfarb 3Q07 HighlightsHighlights

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Total launched PSV stood at R$307.37 million, with PDG Realty´s stake totaling R$211,15 million.

Of the units launched in the 3Q07, 64% have already been sold.

Goldfarb participated in the launch of 12 projects, totaling 2,856 units.

Goldfarb’s net revenue stood at R$80,801 million in the 3Q07, versus R$1,404 million in the same quarter the year before.

Year-to-date EBITDA totaled R$36.7 million with 22,2% margin. On 3Q07 EBITDA came to R$18,198 million in the 3Q07, with a margin of 21.8%.

Goldfarb’s Landbank reached R$4.4 billion (distributed across 112 projects) with PDG Realty´s stake totaling R$3,4 billion. The number of units totaled 35,676.


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Operational highlights

307,37

644,57

3Q07 9M07

Total PSV - R$ mm

211,15

345,85

3Q07 9M07

PDG Realty pro rata PSV - R$ mm

12

33

3Q07 9M07

Launched Projects

2.856

5.283

3Q07 9M07

Units Launched

149.769

294.893

3Q07 9M07

Total Launched Area - m2


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Of the 2,856 units launched in the 3Q07, 64% have already been sold:

Project PSV (R$ mm) Units Units sold Sold Units

(%)PDG Realty

PSV Segment

São Paulo - Capital1 Villagio de Vicenza 3,3 32 32 100% 2,50 Low Income2 Bio Vita 50,7 400 341 85% 19,02 Low Income3 Villagio Torino 10,5 101 94 93% 7,87 Low Income4 Ellegance 20,1 188 76 40% 17,56 Low Income5 Vida Bella 16,4 196 121 62% 12,32 Low Income6 Vida Áurea 26,2 347 343 99% 22,96 Low Income7 Blue Sky 40,3 346 75 22% 15,11 Low Income8 Ville d'France 41,8 352 51 14% 36,55 Low Income9 Villagio di Genova 7,9 91 69 76% 5,96 Low Income

São Paulo - Other Cities1 Cittá di Roma 42,6 400 278 70% 37,28 Low Income2 Dream Vision 22,4 144 138 96% 19,61 Low Income

Espírito Santo1 Solar das Ilhas (1º Fase) 25,1 259 206 80% 14,42 Low Income

12 Total 307,37 2.856 1.824 64% 211,15


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Goldfarb´s Landbank is composed of 112 projects distributed across 35,676 units, with a total PSV of R$4.4 billion, with PDG Realty´s stake reaching R$3.4 billion.

The total exposure of Goldfarb´s Landbank to the low income segment reached 90% (in terms of total PSV), as per the chart below:

Low Income; 90,1%

Mid Income; 4,4%

Land Parceling; 5,5%

Total PSV distribution of Landbank

Goldfarb; 54,0%

Co-dev PDG Realty ; 37,7%

Others; 8,3%

Total PSV Distribution

Final RemarksFinal Remarks

Management expertise Gestão com grande expertise no setor imobiliário e financeiro com forte cultura de maximização de retornos

Additional capital gain potential

Potenciais ganhos de capital através dos seus investimentos de portfolio

Count on the best management teams in the

industry

Abilidade para agregar os melhores profissionais do mercado e alavancar suas abilidades em suas especificas áreas de atuação

Diversification

Exposure to the Low Income Segment

Flexibilidade para atuar em todos os segmentos do mercado imobiliário Brasileiro

The right platform to accomplish a sustainable long term growth

Unique business model in the Brazilian real estate market

Management with strong real estate expertise, financial background and return oriented culture to implement PDG Realty´s business strategy

Potential gains in capital through its portfolio investments

Ability to “hire” the best management in the industry and leverage on their specific and local knowledge

Expertise and capacity to invest in:– Geographic regions – Market– Income class segments

Low Income Pro rata PSV in Lanbank amounts R$ 3,5 billion with over 35 k units

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Business

Apresentacao Call 3%B Atri07 Final Eng