CR2 PresentationCR2 Presentation

December, 2010

Business Model

Pure Play DeveloperPartnership With

Control on Each Project

2

Focus on Low-Income Segment

Strong Project Origination Platform

Ability to Anticipate Macro Trends

Ownership Breakdown – 12/02/2010

Board of Directors and Executive Officers

Board of Directors and Executive Officers

Free Float

54,7%

Free Float

54,7%

3

45,3%45,3%

Itaú Unibanco

20,6%

Itaú Unibanco

20,6%

Squadra

9,5%

Squadra

9,5%

ADRs

9,2%

ADRs

9,2%

Bovespa

15,4%

Bovespa

15,4%

54,7%54,7%

Launched PSV by Region

347,0

544,7

Total Launched PSV (R$mm)

4

126,0 22,1

183,0

544,7

55,7 42,0

164,0

126,0

64,1 55,7

2010 acum.2009200820072006

Capital and Metropoiltan Area of Rio de Janeiro Metropolitan Area of São Paulo

Launched PSV by Segment

404,7

347,0

544,7

Total Launched PSV (R$mm)

5

126,0 64,1

347,0

140,0

404,7

55,7

126,0

64,1 55,7

9M102009200820072006

Economy Middle-Income

Project Conclusion

We intend to reach the end of 2010 with R$702.5mm of PSV delivered, 69% of the total launched

163,9

44,1 54,3

459,3

243,2 252,0

Delivery Schedule: PSV (R$mm)

13 projects (69% of PSV Launched) 2.362

2.127 2.010 98%

90%

90%

Delivery Schedule: Units

4.489 Units

6

295,4

199,1 197,7

48,7

8,3

57,0

Delivered: from 2008 to 3Q10

4Q10 2011 2012

CR2 Partners

466

80%

Delivered: from 2008 to 3Q10

4Q10 2011 2012

Sold Inventory

ProjectTotal PSV

(R$mm)

CR2's PSV

(R$mm)Units

Felicittá 29,3 20,5 230

Jardim Paradiso I - Lotes 5 and 6 21,2 19,7 226

Parque das Águas 1A 97,7 78,1 738

Premium Cpo. Grande 47,0 42,3 196

Villagio do Campo - Lotes 3 to 5 48,0 38,4 737

Total 243,2 199,1 2.127

Cash Position

IPO: R$307,5 mm

(R$284,5 mm ex - IPO expenses)

238,7

273,8 282,8 Cash (R$ mm)

7

63,7 54,0 45,4 35,4 36,1 34,0 39,0 43,6

86,9

133,6

178,4

49,7 51,4

3Q102Q101Q104Q093Q092Q091Q094Q083Q082Q081Q084Q073Q072Q071Q072006

Net Operating Revenue - Quarterly

130,7

100,7 101,4

75,2 75,9

Net Operating Revenue (R$ mm)

8

69,3 75,2 71,8

51,7

75,9 69,0

58,6

27,2

3Q102Q101Q104Q093Q092Q091Q094Q083Q082Q081Q08

Total Contracted Sales

188,3

317,0

221,7

Total Contracted Sales (R$ mm)

9

142,9

19,9

9M102009200820072006

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

Inventory at Market Value and SoS

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

2Q10 120.3* 0,0 31,5 88,9 26,1%* 0,0 31,5

3Q10 101,6* 0,0 19,3 82,3 19,0%* 0,0 19,5

21% of Shareholder’s Equity

10

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

Balance Sheet – Receivables from Clients

R$240mm - 58% of portfolio

On/Off Balance Receivables (R$ 000) 3Q10 2Q10

Receivables from Real Estate Developments and Sales

Short Term 128.445 144.256

Long Term 230.119 238.481

(+) Total 358.564 382.737

Receivables to be Recognized

127.18231%

112.083

150.88037%

19.3895%

Total Receivables (R$ 000)

Projects Delivery Forecast

Performed Receivables

2Q10

2011

2012

11

Receivables to be Recognized

Short Term 18.258 32.208

Long Term 32.711 53.246

(+) Total 50.969 85.454

Short Term Total 146.703 176.464

Long Term Total 262.830 291.727

(=) Total Receivables 409.533 468.191

112.08327%

Receivables (R$'000)

Delivery ForecastTotal

Private

BanksCEF

Performed Receivables 127.182 100.768 26.479

4Q10 112.083 63.665 48.377

2011 150.880 91.374 59.487

2012 19.389 - 19.383

Total 409.534 255.807 153.726

Projects delivered in 3Q10: R$25,2mm

Balance Sheet – CEF Relationship

3,227 units contracted = 8 projects with a total PSV of R$304.3mm

2,275 credits transferred, 327 of which in 3Q10

R$150.1mm in cumulative disbursements, R$24.4mm of which in 3Q10

Accounts Receivable from CEF as of 3Q10: R$82.1mm

Disbursements x Receivables from CEF

(R$mm)Contracted Units x Credits Transferred

12

22,9 26,1

23,5 25,2 24,4 29,7

43,2 47,4

72,5

82,1

3Q09 4Q09 1Q10 2Q10 3Q10

(R$mm)

Disbursements R$mm Receivables (balance) R$mm

967

1.274

1.591

1.948

2.275

2.595 2.595 2.595

3.227 3.227

37%

49%

61%

60% 70%

3Q09 4Q09 1Q10 2Q10 3Q10

Credits Transferred to CEF Units Contracted by CEF %Transferred

Land Bank

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

Res

iden

tial

100% of land bank in the economy segment

Development City (State) SegmentAverage Price

(R$'000)Units

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

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

Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29 86%

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

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

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

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

Total 78 33.581 2.605 2.524 97%

of approval by CEF

Co

mer

cial

13

Development City (State) SegmentAverage Price

(R$'000)Units

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%

Total 49 3.780 185 185 100%

Development City (State) Segment Total Area (m2)

Average Price

(R$/m2)

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Barrartes Rio de Janeiro (RJ) Comercial 25.000 10.000 250 175 70%Niterói Plaza Niterói (RJ) Comercial 6.500 8.000 52 36 70%

Total 31.500 9.587 302 211 70%

Net Operating Revenue - Yearly

300,6 300,1

230,7

Net Operating Revenue (R$ mm)

14

9M102009 2008

EBITDA - Yearly

44,8

33,0 33,7

EBITDA (R$ mm)

33,0 33,7

9M1020092008

15

Net Profit - Yearly

37,6

Net Profit CR2 (R$ mm)

16

15,0 15,1

9M102009 2008

Delivered Projects: 2008

Green Park 3000/4000

Location: Barra da Tijuca (RJ)

Segment: Middle-Income

Units: 240

PSV: R$55,7mm

% Sold: 100% (Oct-10)

% Disbursed/Paid Down: 93% (Oct-10)

Via Parque

17

Location: Caxias (RJ)

Segment: Economy

Units: 99

PSV: R$4,9mm

% Sold: 100% (Oct-10)

% Disbursed/Paid Down: 100% (Oct-10)

Delivered Projects: 2009

Verano I

Splendore Valqueire ILocation: Barra (RJ)

Segment: Middle-Income

Units: 395

PSV: R$130,0mm

% Sold: 95% (Oct-10)

% Disbursed/Paid Down: 90% (Oct-10)

Location: V. Valqueire (RJ)

Segment: Middle-Income

Units: 120

PSV: R$15,9mm

% Sold: 98% (Oct-10)

% Disbursed/Paid Down: 88% (Oct-10)

Mirante Bonsucesso

18

Location: Guarulhos (SP)

Segment: Economy

Units: 368

PSV: R$28,4mm

% Sold: 97% (Oct-10)

% Disbursed/Paid Down: 93% (Oct-10)

Delivered Projects: 1H10

Barra Allegro

Verano IILocation: Barra da Tijuca (RJ)

Segment: Middle-Income

Units: 144

PSV: R$41,5mm

% Sold: 98% (Oct-10)

% Disbursed/Paid Down: 68% (Oct-10)

Location: Barra (RJ)

Segment: Middle-Income

Units: 346

PSV: R$105,0mm

% Sold: 99% (Aug-10)

% Disbursed/Paid Down: 56% (Oct-10)

Villaggio del Mare

19

Location: Recreio (RJ)

Segment: Middle-Income

Units: 120

PSV: R$45,3mm

% Sold: 100% (Oct-10)

% Disbursed/Paid Down: 54% (Oct-10)

Delivered Projects: 3Q10

Villagio do Campo - Lote 2

26% over total

Location: Campo Grande (RJ)

Segment: Economy

Units: 262

20

Units: 262

PSV: R$17,0mm

% Sold: 97% (Oct-10)

% Disbursed: 82% (Oct-10)

Delivered Projects: 3Q10

Jardim Paradiso I – Lotes 1 a 4

58% over total

Location: Nova Iguaçu (RJ)

Segment: Economy

21

Units: 308

PSV: R$21,2mm

% Sold: 99% (Oct-10)

% Disbursed: To begin in 1Q11

Estratégia de Relançamento

Retomada dos lançamentos:

� Jardim Paradiso IIB-III, Splendore Valqueire II – LANÇADOS

� Barrartes

Melhoria no perfil da dívida

� Emissão de debênture

� Reperfilamento da dívida coorporativa

Estratégia de RI

� Non deal Road Shows

� Prospecção de cobertura

22

Recent Events – 4Q10

Launches: 2 projects, totaling R$126mm in total PSV (%CR2 R$112mm)

23

Project: Jardim Paradiso IIB-III

Location: Nova Iguaçu (RJ)

PSV: R$89mm (%CR2 R$82mm)

# Units: 963

Income Segment: Economy

R$/unit: R$92 thousand

Project: Splendore Valqueire II

Location: Vila Valqueire (RJ)

PSV: R$37mm (%CR2 R$30mm)

# Units: 160

Income Segment: Economy

R$/unit: R$231 thousand

Issuance of Debentures

Total Amount: R$ 60 million

Interest: Brazilian Interbank Rate (CDI) + 2,5% p.a.

Maturity: November 05, 2013 (3 years)

Amortization Schedule of Principal: 3 installments every semester, starting on November 05, 2010

Amortization Schedule of Interest: Every semester, starting on May 05, 2011

Recent Events – 4Q10

Coordinators: BB Banco de Investimento S.A. (Leader Coordinator) e Bradesco BBI S.A.

Settlement Date: November 12, 2010

24

CRDE3 Performance - 2010

59,50

51,76

33,39

24,27

12,41

10,66

6,60

4,94

3,94

Helbor

EZ Tec

Camargo

Trisul

MRV

PDG

CR2

IMOB

Tecnisa

% YTD

*Data base: 10/12/2010

3,94

3,72

-0,36

-3,63

-6,90

-7,19

-10,13

-12,80

-14,82

-18,91

Tecnisa

Brookfield

IBOV

Even

Inpar

Rossi

Rodobens

JHSF

Cyrela

Gafisa

25

CRDE3 Performance - 4M

38,47

33,56

32,04

19,57

15,80

14,13

11,76

10,34

9,86

Helbor

CR2

EZ Tec

Camargo

JHSF

Trisul

Rodobens

PDG

Tecnisa

% 4 Meses

*Data base: 10/12/2010

9,86

7,75

4,84

4,04

1,66

-1,52

-7,13

-8,11

-8,86

-9,00

Tecnisa

MRV

Even

IMOB

IBOV

Inpar

Rossi

Gafisa

Cyrela

Brookfield

26

Valuation: Price/Book Value*

1,39

1,34

1,31

1,17

1,12

1,04

0,84

0,81

Even

Gafisa

Brookfield

Rodobens

Trisul

Camargo

Inpar

CR2

P/BV

*Data base: 10/12/2010

27

2,65

2,01

1,84

1,80

1,69

1,55

1,48

1,39

MRV

Cyrela

Helbor

PDG

Eztec

Tecnisa

Rossi

Even

Master Plan – Cidade Paradiso

28

IR Contact

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Paulo Castro

Financial and IR Coordinator

Contact:

www.cr2.com.br/ir

29

www.cr2.com.br/ir

ri@cr2.com.br

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

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.