Public offering of 35,999,999 (thirty-five million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine) common shares (the “Shares”) of Camargo Corrêa Desenvolvimento Imobiliário S.A. (the “Issuer” or “CCDI”), including common shares in the form of Global Depositary Shares (“GDS”), in the total amount of R$ 521,999,985.50 (five hundred, twenty-one million, nine hundred ninety-nine thousand, nine hundred eighty-five reais and fifty cents). The offering comprised a primary offering of 33,000,000 newly issued common shares by CCDI and a secondary offering of 2,999,999 common shares by Itautec S.A. – Grupo Itautec (the “Selling Shareholder”).

The initial offering price for the common shares was R$ 14.50 per common share, and the initial offering price for the GDS was US$ 6.79 per GDS, reflecting the ratio of one common share per GDS and based upon an exchange rate of R$ 2.136 to US$1.00 as of January 29, 2007, published by the Central Bank of Brazil.

CCDI listed its shares on the Novo Mercado, a segment of the Bolsa de Valores de São Paulo, or BOVESPA — the São Paulo Stock Exchange,  that imposes stricter standards on disclosure and shareholders rights.

Date of closing: Date of registration of the offering with the CVM: January 30th, 2007.

The Issuer is part of the Camargo Corrêa Group, one of the largest industrial conglomerates in Brazil. CCDI is a real estate development company focused on the development and sale of residential and commercial real estate properties in São Paulo and Rio de Janeiro.

The Issuer intends to use the net proceeds of primary offering to further develop of its business as currently conducted, including land acquisition and launching of new real estate developments, as well as for other working capital needs and general corporate purpose.

Banco de Investimentos Credit Suisse (Brasil) S.A. acted as lead arranger of the Brazilian Offering (sale of the Shares in Brazil) (coordenador líder da oferta brasileira) for CVM purposes, Banco Itaú BBA S.A. acted as the arranger of the Brazilian Offering and Banco Bradesco BBI S.A. and BES Investimento do Brasil S.A. – Banco de Investimento acted as contracted arrangers. For the International Offering (sale of the Shares outside Brazil), Credit Suisse Securities (USA) LLC acted as global arranger, Itaú Securities, Inc. The Bank of New York acted as depositary of the GDS program.

Firms Involved:

Tozzini Freire Advogados acted as legal counsel to the Issuer in connection with the Brazilian offering.

Pinheiro Guimarães Advogados acted as legal counsel to the Arrangers in connection with the Brazilian offering.

White & Case LLP acted as legal counsel to the Issuer in connection with the international offering.

Davis Polk & Wardwell acted as legal counsel to the Arrangers in connection with the international offering.

Lawyers acting in transaction

TozziniFreire Advogados:
Vladimir Miranda Abreu – Partner
Antonio Felix de Araujo Cintra - Partner
Rodrigo de Campos Vieira – Senior associate
Janaína Maluf Pichinin Pavan – Associate
Adriano Napoli – Associate

Pinheiro Guimarães Advogados:
Francisco José Pinheiro Guimarães – Partner
Ivie Moura Alves – Partner
Rodrigo Marcílio – Partner

White & Case LLP:
Don Baker – Partner
John Vetterli – Partner
Elisa Rezende – Associate

Davis Polk & Wardwell:
Manuel Garciadiaz – Partner
Ivana Martins – Associate
Jonathan H. Pacheco - Associate

In-house lawyers
Camargo Corrêa Group
Bruno Machado Ferla – General Counsel of Camargo Corrêa S.A.
Juana Melo Pimentel – Legal Counsel of Camargo Corrêa S.A.
Ricardo Gaia – Legal Counsel of Camargo Corrêa S.A.
Nelson Mello  – Legal Counsel of CCDI

Itautec S.A. – Grupo Itautec
Bayard Picchetto Junior - General Counsel

Banco de Investimentos Credit Suisse (Brasil) S.A.
Luis Massud – Legal Counsel

Banco Itaú BBA S.A.
Bernardo Carneiro – Legal Counsel
Rodrigo Zago – Legal Counsel

Banco Bradesco BBI S.A.
Vanessa Constantino Brenneke

BES Investimento do Brasil S.A. – Banco de Investimento
Mercia Carmeline Alves Bruno