Cidade Paradiso (Nova Iguaçu, RJ)

1Q09 Results

May 2009

2

Managers Track-record

1999-2005

•Group CR2 is founded in 1999

•Activities in Creditand Real Estate

•Brazilian real estate sector still in its infancy

•CR2 launches 11 projects with PSV worth R$218mm

2006

•Sector in expansion mode

•Raised R$60mm via fund structure

•Banks increasecredit availability to construction financeand home buyers

•CR2 Empreendimentos Imobiliários SA is founded

•Shift in targetmarket fromhigh/middle incometo economicsegment

2007

•Sector gains access to capital markets

•IPO raises R$307mm

•Business model enables flexibility to accelerate when there is ample liquity

•Total PSV launchedof R$774mm, andCR2’s share ofR$535mm

2008

•Anticipating the impact from the global financial crisis, the pace of new launches is reduced starting in 1H08

•Priorities are to secure financing for projects, preserve cash

•Total PSV launchedof R$347mm, andCR2’s share ofR$293mm

•Launches consistent with initiative to focus on the economic segment, and to expand into the São Paulo market

1S09

•Modest recovery in economic activity, but visibility still limited

•Lower interest rates and controlledinflation are positives

•Governmenthousing package to provideoppotunitites

•Focus remains in theeconomic segment(92% of land bank)

•Initiatives to preserve cash andsell inventories are showing results

3

1Q09 Highlights

1Q09 net profit of R$1.3mm (R$0.03 EPS) vs R$486.000 (R$0.01 EPS) in 1Q08

Initiatives were focused on preserving the cash position:

We did not carry out any launches in the quarter, and focused on selling inventories

We adjusted construction outlays to match disbursements from construction financinglines

We accelerated the process of transferring home buyers to banks/CEF

Drastic reduction in cash burn to R$5mm in 1Q09, from R$44mm in 4Q08, finished 1Q09 withR$39mm cash on the balance sheet

Corporate debt was R$19mm and construction financing (SFH) was R$68mm, which equate tolow leverage levels with net debt/equity = 13%

After the launch of the housing program Minha Casa Minha Vida, we achieved our goal to signan additional 5 contracts with Caixa Econômica Federal (CEF), taking the total to 7 projects orR$281mm

Well positioned to benefit from the housing program Minha Casa Minha Vida, given exposureto the economic segment and know-how to operate with CEF—the preliminary results are positive

27,2

12,619,1

10,0

3,0

4,9

1Q08 4Q08 1Q09

CR2 Partners

15,5

37,2

24,0

4

1Q09 Operational Highlights

In 1Q09 we continued to focus on reducing inventories without any new launches, whichlimited the speed of sales

1Q09 contracted sales were better than 4Q08 reaching R$24mm (+55% Q/Q) and CR2’s shareat R$19mm (+52% Q/Q)

Sales in April already benefited from the housing program Minha Casa Minha Vida, presentingan improvement >50% vs the average monthly rate in 1Q09

Contracted Sales (R$ mm)

209.621

326.292

166.422

204.762

164.587

116.630 112.891 101.154

87.331

168.923

2006 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09

Average Price Units Sold (R$)

5

Sales Historical Trend

Period

(R$ mm)

Inventory at the

Beginning of

Period

Launches (CR2's

share)

Contracted

Sales (CR2's

share)

Inventory at the

End of PeriodSoS

2006 0,0 33,4 11,9 21,5 35,7%

1Q07 21,5 62,4 31,5 52,4 37,6%

2Q07 52,4 27,0 18,5 60,8 23,3%

3Q07 60,8 63,1 32,4 91,6 26,1%

4Q07 91,6 183,9 59,2 216,3 21,5%

1Q08 216,3 47,9 27,2 237,0 10,3%

2Q08 237,0 131,3 144,4 223,9 39,2%

3Q08 223,9 113,9 67,6 270,2 20,0%

4Q08 270,2 0,0 12,6 257,7 4,6%

1Q09 257,7 0,0 19,1 238,6 7,4%

6

Inventory at Market Value & SoS

SOS (CR2’s share): *contracted sales in the period / (inventories at the beginning of the period + launched PSV in the period net of physical exchanges)]

Presents a downward trend

1Q09 = 64% of Shareholders’ Equity

11%

29%

60%

Inventory at Market Value - Average Price

R$350k - R$500k

R$220k - R$350k

< R$220k

7

Inventory at Market Value Profile

4%

74%

22%

Inventory at Market Value - Construction Status

Completed

Under Construction

Construction not Started

100% of inventory

eligible to SFH

financing

8

Projects Delievery - Schedule

90% 74%

51%82%

58%

53%

49%

750

1.021909

763

1.484

952

172

-

200

400

600

800

1.000

1.200

1.400

1.600

2T09 3T09 4T09 1T10 2T10 3T10 4T10

Delivery Schedule (Units Sold and Inventory)

Sold Inventory

7 projects to be concluded in 2009 with total PSV of R$376mm and CR2’s share at R$261mm

71% of the 2,680 units to be delivered in 2009 already sold

Project Total PSV

(R$ MM)Bank Type of Funding

Project Delivery -

ForecastFinancing Status Line of Credit

Green Park 3000/4000 55,7 Itaú "Repasse nas Chaves" Dec-2008 Contract Signed - transfer of credit in progress

Verano I 130,0 Itaú "Plano Empresário" Aug-2009 Contract Signed - financing kicked-in Itaú

Verano II 105,0 Itaú "Plano Empresário" Mar-2010 Contract Signed - financing kicked-in R$250 milionParque das Águas 140,0 Itaú "Plano Empresário" Mai-2010 Contract Signed - financing kicked-in

Parque das Águas 140,0 Unibanco "Repasse na Planta" Dec-2010 Contract Signed - transfer of credit in progress Unibanco

Splendore Valqueire I 15,9 Unibanco "Repasse na Planta" Jul-2009 Contract Signed - transfer of credit in progress R$29 milion of PSV

Villaggio Del Mare 58,9 Santander "Plano Empresário" Jul-2009 Contract Signed - financing kicked-in Santander

Barra Allegro 41,5 Santander "Plano Empresário" Dec-2009 Contract Signed - financing kicked-in R$100 milion of PSV

Verano III 67,0 Bradesco "Plano Empresário" Mar-2011 Contract in Process - To be signed in May/June Bradesco R$90 milion

Felicittá 29,3 Real "Plano Empresário" Apr-2010 Contract in Process - To be signed in May/June Real R$12 milion

Via Parque 4,9 CEF "Repasse nas Chaves" Mar-2008 Contract Signed - transfer of credit in progress

Mirante Bonsucesso 28,4 CEF "Crédito Associativo" Mai-2009 Contract Signed - financing kicked-in

Top Life Itamaraty 43,0 CEF "Crédito Associativo" Feb-2010 Contract Signed - disbursements in May/June

Villagio do Campo 65,0 CEF "Crédito Associativo" Jun-Dec 2009 Contract Signed - disbursements in May/June CEF(1)

Premium Cpo. Grande 47,0 CEF "Crédito Associativo" Jun-2010 Contract Signed - disbursements in May/June R$ 2,5 bilion of PSV

Acqua Park 67,3 CEF "Crédito Associativo" Jul-2010 Contract Signed - disbursements in May/June

Top Life Park 25,3 CEF "Crédito Associativo" Jul-2010 Contract Signed - disbursements in May/June

Jardim Paradiso 36,8 CEF "Crédito Associativo" Dec-2009 Letter of Credit - Under engineering analysis at CEF

9

Financing

(1) Commitment signed with CEF in July 2007. The R$2.5 billion will fully cover Cidade Paradiso.

CEF update:

First disbursements in Crédito Associativo

Total of 7 projects financed by CEF, with a total PSV of R$281mm and CR2’s share at R$239mm

Know-how and good relationship

Financial Highlights 1Q09

27.241

51.682

0

10.000

20.000

30.000

40.000

50.000

60.000

1Q08 1Q09

Net Operating Revenue (R$ 000)

7.573

9.73227,8%

18,8%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

0

2.000

4.000

6.000

8.000

10.000

12.000

1Q08 1Q09

Gross Profit (R$ 000) & Gross Profit Margin

-2.506

-927

-9,2%

-1,8%

-10,0%

-9,0%

-8,0%

-7,0%

-6,0%

-5,0%

-4,0%

-3,0%

-2,0%

-1,0%

0,0%

-3.000

-2.500

-2.000

-1.500

-1.000

-500

0

1Q08 1Q09

EBITDA (R$ 000) & EBITDA Margin

486

1.286

1,8%2,5%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

0

200

400

600

800

1.000

1.200

1.400

1Q08 1Q09

Net Profit (R$ 000) & Profit Margin

10

11

Results to be Recognized

1Q09 revenue to be recognized of R$285mm and results to be recognized of R$92mm (32,2%margin)

On and off balance sheet receivables totalled R$527mm in 1Q09, of which R$151mm areshort-term

Revenues and Results to be Recognized (R$ 000) 1Q09 4Q08 4Q07

Revenues to be Recognized 284.746 311.074 195.918

Cost of Units Sold to be Recognized 193.016 206.360 139.923

Gross Profit to be Recognized 91.730 104.714 55.995

Gross Margin to be Recognized 32,2% 33,7% 28,6%

12

Capital Structure / Liquidity

1Q09 liquidity update: cash position of R$39mm and corporate debt of R$19mm

Cash burn was reduced to R$5mm in 1Q09, including a positive cash flow in March

Important progress in disbursements of financing lines:

SFH disbursements were R$27mm in 1Q09, almost double the amount in 4Q08, reachingR$68mm on the balance sheet, we still have R$170mm in contracted SFH financing to bedisbursed

First disbursement of the Crédito Associativo from CEF (R$6mm from one project)

After the launch of Minha Casa Minha Vida we signed another 5 contracts with CEF,bringing the total to R$281mm

Optimization of the transfer of receivables from completed units, which totalled R$28mmin 1Q09

Low leverage with a net debt/equity of 13% (including SFH financing)

13

Land Bank (To Be Launched)

Development City (State) SegmentAverage Price

(R$ 000)Units

Total PSV

(R$ MM)

CR2's PSV

(R$ MM)% CR2

Jardim Paradiso II – III Nova Iguaçu (RJ) Economic 68 1.283 87,0 80,9 93%

Javri Santo André (SP) Economic 174 190 33,0 28,4 86%

Colônia Paraíso S. J. Campos (SP) Economic 82 392 32,0 27,5 86%

Manaú 2 Guarulhos (SP) Economic 81 420 34,0 29,2 86%

Splendore Valqueire II Rio de Janeiro (RJ) Economic 156 160 25,0 20,0 80%

Sta. Cecília – Madureira I Nova Iguaçu (RJ) Economic 50 1.613 80,0 64,0 80%

Barrartes Rio de Janeiro (RJ) Commercial 237 507 120,0 84,0 70%

Sta. Cecília – Madureira II Nova Iguaçu (RJ) Economic 50 1.612 80,0 64,0 80%

Pq. das Águas II São Gonçalo (RJ) Economic 162 1.152 187,0 149,3 80%

Pq. das Águas III São Gonçalo (RJ) Economic 171 492 84,0 67,2 80%

Pq. das Águas IV São Gonçalo (RJ) Economic 89 942 84,0 67,2 80%

Warehouse ABEAR Rio de Janeiro (RJ) Commercial 591 389 230,0 161,0 70%

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

Total 83 39.335 3.256,0 3.022,7 93%

Segments of Operation

14

100%

Launches 2008

Economic

92%

8%

Land Bank

Economic Commercial

15

Launches to Date

Development City (State) Launch Date SegmentLaunched

UnitsSold Units % Sold

Total PSV

(R$ MM)

CR2's PSV

(R$ MM)% CR2

Green Park 3000/4000 Barra (RJ) mar/sep 06 Middle-Income 240 201 84% 55,7 33,4 60%

Verano I Barra (RJ) mar/sep/oct 07 Middle-Income 395 309 78% 130,0 78,0 60%

Villaggio Del Mare Recreio (RJ) may/07 Middle-Income 120 103 86% 58,9 30,6 52%

Splendore Valqueire I V. Valqueire (RJ) jul/07 Economic 120 114 95% 15,9 12,7 80%

Verano II Barra (RJ) sep/07 Middle-Income 346 214 62% 105,0 63,0 60%

Parque das Águas I S. Gonçalo (RJ) oct/07 Economic 1.058 506 48% 140,0 112,0 80%

Verano III Barra (RJ) oct/07 Middle-Income 172 84 49% 67,0 40,2 60%

Barra Trade Barra (RJ) nov/07 Comercial 5 0 0% 28,0 19,6 70%

Barra Allegro Barra (RJ) nov/07 Middle-Income 144 109 76% 41,5 29,0 70%

Mirante Bonsucesso Guarulhos (SP) mar/08 Economic 368 360 98% 28,4 24,4 86%

Via Parque Caxias (RJ) mar/08 Economic 99 60 61% 4,9 3,2 66%

Felicittá Jacarepaguá (RJ) mar/08 Economic 230 217 95% 29,3 20,5 70%

Top Life Itamaraty Santo André (SP) apr/08 Economic 417 412 99% 43,0 37,0 86%

Villagio do Campo Campo Grande (RJ) jun/08 Economic 999 670 67% 65,0 52,0 80%

Premium Cpo. Grande Campo Grande (RJ) jun/08 Economic 196 144 73% 47,0 42,3 90%

Acqua Park Guarulhos (SP) jul/08 Economic 747 304 41% 67,3 57,9 86%

Top Life Park Santo André (SP) jul/08 Economic 200 196 98% 25,3 21,8 86%

Jardim Paradiso I Nova Iguacu (RJ) sep/08 Economic 534 228 43% 36,8 34,2 93%

Cummulative Total 6.390 4.231 66% 989,0 712,0 72%

In 2006* 240 43 55,7 33,4 60%

In 2007* 2.360 1.126 586,3 385,2 66%

In 2008* 3.790 2.920 347,0 293,4 85%

In 2009* 0 142 0,0 0,0 0%

16

Investors Relations

Rogério FurtadoCFO and IR Officer

Daniel GrozdeaIR Manager

www.cr2.com.br/ir

phone: (21) 3095-4600

(21) 3031-4600

IR Contact

17

Disclaimer

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.