Goldfarb strengthens its relationship with Caixa Economica Federal (CEF) and signs a letter of intent to provide mortgage financing for 12,000 units per year. The partnership will allow Goldfarb to streamline the credit approval process for homebuyers and centralize operational tasks. CEF expects to finance R$1.2 billion in mortgages for Goldfarb customers over the next year. This will help accelerate sales and improve cash flow for Goldfarb.

1. Goldfarb straitens relationship with Caixa Econômica
Federal and signs a letter of intent to provide mortgage
financing for 12 thousand units per year
Investors Relations:
Michel Wurman
Investors Relations Director
João Mallet, CFA
Investors Relations Manager
Gustavo Janer
IR Analyst
Telephone: +55 (21) 3504-3800
E-mail: ri@pdgrealty.com.br
1
Website: www.pdgrealty.com.br/ir

2. Rationale
 Accelerate the approval process and gain a larger volume of mortgage financing through
CEF for the buyers of Goldfarb units.
 Better cash flow for Goldfarb.
 Creation of a credit approval unit managed by Goldfarb linked to the CEF’s internal system,
dedicated exclusively to Goldfarb’s clients; the unit’s favorable opinion will be valid for the
other areas of the CEF.
 Consolidate Goldfarb as the largest operator of Crédito Associativo of CEF.
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3. Letter of Intent
Goldfarb x CEF
 The partnership will enable Goldfarb to act as negotiating correspondent for CEF with
homebuyers and borrowers. Moreover, all operational and administrative tasks related to
customers’ credit approval process will be centralized in the company’s internal team.
 Pursuant to the policy of rewarding good payers, clients with a proven payment capacity of a
given amount over 12 months will receive automatic approval for a monthly mortgage credit
of up to 130% of the proven amount.
 Through this partnership, CEF expects to finance 12,000 residential units for Goldfarb
customers each year, for a total of R$1.2 billion in mortgage loans.
 Today, Goldfarb is one of the largest operators of group credit offered by CEF. According to
CEF data, Goldfarb has already delivered more than 32,000 residential units. This year
Goldfarb more than tripled its launches to 8,100 units, from 2,600 in 2006.
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4. Constant Deal Flow
At capital markets, operational and corporate finance levels
Capital Markets / Inv.
Credit Suisse Deutsche Bank
Real Estate road trip Conference (NY)
One on one UBS
Non Deal Road
UBS Conference
Conference Follow-On
Show (NY)
São Paulo
London R$ 575 mm
Relation
IPO Debentures Santander
Initiating Coverage
Real Estate road trip Banco Brascan
R$ 432 mm R$ 250 mm
Non Deal
NY and Toronto
Boston
IPO
UBS CEO
R$ 304 mm
Conference
Initiating coverage
Initiating Coverage Initiating Coverage (debenture)
Operational
2Q07
4Q06 1Q07
Launches: 21 projects
Launches: 16 projects Launches: 14 projects
Sales pro rata: R$224 mm
Sales pro rata: R$82 mm Sales pro rata: R$78 mm
GSV pro rata : R$ 231mm
GSV pro rata: R$ 159mm GSV pro rata: : R$ 144mm
Acq. of 20%
(+30% option)
Acquisition Pipeline
Acq. of 21%
Joint Venture Geographic
Goldfarb and Expansion to
Acq. of 14.5%2 CHL JV Midwest and
Joint Venture Northen States
JV
Acq. of 20%
Acq. of 5%
Joint Venture
(+20% option)
Acq. of 5%
JV 36.9%1
Acq. of 40% Acq. of 10% Acq. of 30%
Sale of 20% (+5% option)
Dez -07
Nov -07
Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct -07
Notes:
1 25% directly and 11.9% indirectly through Lindencorp
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2 Subject to further changes after new acquisitions

5. Final Comments
Exposure to the Low Income  Low Income Pro rata PSV in the Landbank amounts to R$ 3,5 billion
Segment with over 42 k units
 Expertise and capacity to invest in:
– Geographic regions
Diversification
– Market
– Income class segments
 Ability to “hire” the best management in the industry and leverage on
Leverage on Partnership
their specific and local knowledge
Philosophy
Additional capital gain  Potential capital gains through its portfolio investments
potential
 Management with strong real estate expertise, financial background
and return oriented culture to implement PDG Realty´s business
Management expertise
strategy
 The right platform to accomplish a sustainable long term growth
 Unique business model in the Brazilian real estate market
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