1Q10 Results

May 17, 2010

2

Highlights

Contracted sales of R$76.7mm (%CR2 R$58.4mm) in 1Q10, 220% higher than R$24.0mm (%CR2R$19.0mm) in 1Q09.

Revenues to be recognized of R$186.3mm and results to be recognized of R$55.4mm, with amargin to be recognized of 29.8%.

CEF Track record (“Crédito Associativo”):

R$91,5mm in cumulative disbursements from CEF (R$23,5mm in 1Q10)

2.595 contracted units

1.591 credits transferred (61% of the total)

Another 632 units approved in 2Q10, for a total of 3.227 contracetd units

Performed receivables and those from projects with delivery scheduled for 2010 totalingR$364.1mm (71% of the portfolio).

Reiteration of the 2010 PSV launch Guidance of R$400mm.

3

Highlights

(EPS R$ 0,16)

(EPS R$ 0,03)1,3

7,2

1Q09 1Q10Net Profit

457%

2,3

18,1

1Q09 1Q10EBITDA

698%

51,7

101,6

1Q09 1Q10Net Revenue

97%

9,7

25,2

1Q09 1Q10Gross Profit

159%

Contracted Sales

4

19,1

34,628,0

61,9 58,4

4,9

12,1

9,2

18,518,3

24,0

46,7

37,2

80,476,7

1Q09 2Q09 3Q09 4Q09 1Q10

Total and %CR2 Contracted Sales (R$mm)

CR2 Partners

4,1 4,7 2,6

23,7 19,0

15,0

29,9 25,4

38,1 39,4

19,1

34,6

28,0

61,958,4

79%

86%91%

62%67%

1Q09 2Q09 3Q09 4Q09 1Q10

%CR2 Contracted Sales by Region (R$mm)

Metropolitan Area of SP Capital and Metropolitan Area of RJ %RJ

Contracted Sales

5

168,923

120,788 123,890

152,316 152,229

1Q09 2Q09 3Q09 4Q09 1Q10

Average Price Units Sold (R$)

14.4 22.0 19.3 20.5

27.1 4.4

7.9 5.8

36.9 28.0

0.3

4.7

2.9

4.4 3.3

19.1

34.6

28.0

61.958.4

75%64% 69% 33%

46%

1Q09 2Q09 3Q09 4Q09 1Q10

%CR2 Contracted Sales by Average Price (R$mm)

< R$130 k R$131 k - R$350 k R$351 k - R$500 k % < R$130 k

6

Inventory at Market Value and SoS

SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]* After price adjustment

30% of Shareholders’ Equity

Period

(R$ mm)

Inventory at the

Beginning of

Period

Launches

(CR2's share)

Contracted

Sales

(CR2's share)

Inventory at the

End of PeriodSoS

Contracted Sales

from Launches in

the Period

Inventory's

Contracted

Sales

2006 0.0 33.4 11.9 21.5 35.7% 11.9 0.0

1Q07 21.5 62.4 31.5 52.4 37.6% 23.6 7.9

2Q07 52.4 20.4 18.5 54.3 25.4% 8.8 9.7

3Q07 54.3 63.1 32.4 85.0 27.6% 20.4 12.0

4Q07 85.0 170.3 59.2 196.1 23.2% 39.3 19.9

1Q08 196.1 47.9 27.2 216.8 11.1% 15.9 11.3

2Q08 216.8 131.3 144.4 203.7 41.5% 93.7 50.6

3Q08 203.7 113.9 67.6 250.0 21.3% 44.2 23.4

4Q08 250.0 0.0 12.6 237.5 5.0% 0.0 12.6

1Q09 237.5 0.0 19.1 218.4 8.0% 0.0 19.1

2Q09 218.4 0.0 34.6 183.8 15.8% 0.0 34.6

3Q09 183.8 0.0 28.0 155.8 15.2% 0.0 28.0

4Q09 155.8 56.7 61.9 150.5 29.1% 31.5 30.4

1Q10 173,4* 0.0 58.4 115.0 33,7%* 0.0 58.4

7

Inventory at Market Value and SoS

100% of inventory

available for SFH

77%

23%

Inventory at Market Value Region

Capital and Metropolitan Area of RJ

Metropolitan Area of SP

77%

18%

5%

Inventory at Market ValueAverage Price

> R$130k

R$131k - R$350k

R$351k - R$500k

74%

19%

7%

Inventory at Market ValueConstruction Status

Under Construction

Construction not Started

Completed

8

Project Conclusions

R$87mm of PSV delivered in 1Q10....

Project: Barra Allegro

Location: Barra da Tijuca (RJ)

# Units: 144

% Sold: 98% (as of March, 2010)

PSV: R$42mm

Delivery Date: February, 2010

Project: Villaggio del Mare

Location: Barra da Tijuca (RJ)

# Units: 120

% Sold: 98% (as of March, 2010)

PSV: R$45mm

Delivery Date: March, 2010

Project: Verano II

Location: Barra da Tijuca (RJ)

# Units: 346

% Sold: 89% (as of March, 2010)

PSV: R$105mm

Delivery Date: May, 2010

...and another R$105mm in 2Q10.

9

Project Conclusions

We intend to reach the end of 2010 with R$782.8mm of PSV delivered, 77% of the total launched

204

359

142

36

117

102

45

6

322

461

187

42

Delivered: from 2008 to 1T10

To be Delivered 2010

To be Delivered 2011

To be Delivered 2012

Delivery Schedule: PSV (R$mm)

CR2 Partners

15 projects (77% of Launched)

1,446

3,875

1,344

300 97%

88%

61%95%

Delivered: from 2008 to 1T10

To be Delivered 2010 To be Delivered 2011 To be Delivered 2012

Delivery Schedule: Units

Sold Inventory

5.321 Units

10

Residential Land Bank

100% of land bank in the economy segment

0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and inprocess of approval by CEF

Development City (State) SegmentAverage Price

(R$ 000)Units

Total PSV

(R$ MM)

CR2's PSV

(R$ MM)% CR2

Splendore Valqueire II Rio de Janeiro (RJ) Economy 188 160 30 24,0 80%

Jardim Paradiso IIB - III Nova Iguaçu (RJ) Economy 68 963 65 60,7 93%

Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29,2 86%

Manaú 2 Guarulhos (SP) Economy 86 420 36 31,0 86%

Pq. das Águas II São Gonçalo (RJ) Economy 162 1.152 187 149,3 80%

Pq. das Águas III São Gonçalo (RJ) Economy 171 492 84 67,2 80%

Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67,2 80%

Cidade Paradiso Nova Iguaçu (RJ) Economy 72 30.183 2.180 2.180,0 100%

Total 78 34.704 2.700,3 2.608,6 97%

Development City (State) SegmentAverage Price

(R$ 000)Units

Total PSV

(R$ MM)

CR2's PSV

(R$ MM)% CR2

Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum wage 49 3.780 185,2 185,2 100%

Total 49 3.780 185,2 185,2 100%

11

Commercial Land Bank

Barrartes and Warehouse projects: positively affected by the choice of Rio as the site of theOlympic Games

Development City (State) SegmentM2

(buildable

Average

Price

Total PSV

(R$ MM)

CR2's

PSV% CR2

Barrartes Rio de Janeiro (RJ) Commercial 45,000 7,500 337.5 236.3 70%

Warehouse ABEAR Rio de Janeiro (RJ) Commercial 64,000 4,500 288.0 201.6 70%

Niterói Plaza Niterói (RJ) Commercial 6,500 7,000 45.5 31.9 70%

Total 115,500 5,810 671.0 469.7 70%

12

Income Statement

51.682

71.837 75.223

1Q09 2Q09 3Q09 4Q09 1Q10

Net Revenue (R$mm)

101.357 101.557

9.732

13.962

16.363

25.062 25.223

18,8% 19,4%21,8%

24,7% 24,8%

1Q09 2Q09 3Q09 4Q09 1Q10

Gross Profit (R$mm) and Gross Margin

2.268

7.781 7.284

15.643 18.094 4,4%

10,8% 9,7%

15,4%17,8%

1Q09 2Q09 3Q09 4Q09 1Q10

EBITDA (R$mm) and EBITDA Margin

1,286

3,552

5,005 5,253

7,160

2,5% 4,9%6,7% 5,2% 7,1%

1Q09 2Q09 3Q09 4Q09 1Q10

Net Profit (R$mm) and Net Margin

13

Revenues and Results to be Recognized

Revenues to be Recognized of R$186.3mm

Results to be Recognized of R$55.4mm (margin of 29.8%)

Revenues and Results to be Recognized (R$ 000) 1Q10 1Q09 ∆1Q/1Q 4Q09 ∆1Q/4Q

Revenues to be Recognized 186,255 284,746 -35% 201,421 -8%

Cost of Units Sold to be Recognized 130,834 193,016 -32% 142,150 -8%

Results to be Recognized 55,421 91,730 -40% 59,271 -6%

Margin to be Recognized 29.8% 32.2% -2.5 p.p. 29.4% 0.3 p.p.

14

Balance Sheet - Liquidity

Stronger cash position....

...and improved debt profile.

39,0 34,0 36,1 35,4

45,4

1Q09 2Q09 3Q09 4Q09 1Q10

Cash (R$mm)+R$10,0mm

57,9

89,6

123,9 121,4 112,9

29,7

29,9

17,9

58,0 74,8

34%

25%

13%

32%40%

87,6

119,5

141,8

179,4 187,6

1Q09 2Q09 3Q09 4Q09 1Q10

Long Term Debt

Short Term Debt

% Long Term Debt

19,1 24,7 24,5 47,7

69,7

68,5

94,8 117,3

131,7 117,9

87,6

119,5

141,8

179,4 187,6

-5,3% -2,5% -3,1%

3,2%

6,4%

13,0%

22,7%

28,0%

37,9% 36,8%

1Q09 2Q09 3Q09 4Q09 1Q10

SFH

Corporate Debt

Net Debt/Equity (ex-SFH)

Net Debt/Equity (including SFH)

15

Balance Sheet – Receivables from Clients

70% of portfolio

On/Off Balance Receivables (R$ 000) 1Q10 4Q09

Receivables from Real Estate Developments and Sales

Short Term 147.984 155.432

Long Term 213.955 183.642

(+) Total 361.939 339.074

Receivables to be Recognized

Short Term 61.115 73.823

Long Term 88.360 87.221

(+) Total 149.475 161.044

Short Term Total 209.099 229.255

Long Term Total 302.315 270.863

(=) Total Receivables 511.414 500.118 204,11940%

307,29560%

Total Receivables (R$ 000)Financing Bank

CEF

Private Banks

102,83920%

261,21751%

108,31321%

39,0468%

Total Receivables (R$ 000)Projects Delivery Forecast

Performed Receivables

2010

2011

2012

Credits to be

tranferred during

construction

16

Balance Sheet – CEF Relationship

CEF Status:

1,591 credits transferred, equivalent to R$138.9mm of PSV on mortgages

R$91.5mm cash disbursed by CEF

Accounts Receivable from CEF: R$47.4mm

Another 632 units contracted in 2Q10, for a total of 3,227 units

8.7 9.8

22.9 26.1

23.5

7.5 8.8

29.7

43.2

47.4

1Q09 2Q09 3Q09 4Q09 1Q10

Disbursements x Receivables from CEF (R$mm)

Disbursements R$000 Receivables (balance) R$000

174

495

967

1,274

1,591

630

2,595 2,595 2,595 2,595

3,227

28%19%

37%49%

61%

1Q09 2Q09 3Q09 4Q09 1Q10

Contracted Units x Credits Transferred

Credits tranferred to CEF Units contracted by CEF % Transferred

17

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Paulo CastroFinancial and IR Analyst

Contact:

www.cr2.com.br/ir

ri@cr2.com.br

Phone: +55 (21) 3095-4600 / 3031-4600

IR Contact

This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements.

Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by

the statements. Many of these risks and uncertainties relate to factors that are beyond CR2’s ability to control or estimate precisely, such as future market

conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain

sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or

technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CR2 does not

undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this

presentation.