1Q11 Results1Q11 Results

May 17, 2011

Recent Events

Approval of Management Proposition for dividends

Management Proposition R$ R$/share

Minimum Dividends 11.151.773 0,23

Additional Dividends 13.069.758 0,27

Total 24.221.531 0,50

1Q11 2

X Date: May 02, 2011

Ellection of new member of the Board of Directors: Mr. Eduardo Grande Bittencourt

Payable until the end of the fiscal year of 2011

Land BankR

esid

enti

al

Project City (State) SegmentAverage Price

(R$ 000)Units

Total PSV

(R$ mm)

CR2 PSV

(R$ mm)% CR2

Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86%

Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86%

Pq. das Águas 2011 São Gonçalo (RJ) Economy 99 1.014 100 80 80%

Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 85 100%

Pq. das Águas II São Gonçalo (RJ) Economy 199 1.029 205 164 80%

Pq. das Águas III São Gonçalo (RJ) Economy 207 294 61 49 80%

Pq. das Águas IV São Gonçalo (RJ) Economy 88 916 81 65 80%

Cidade Paradiso Nova Iguaçu (RJ) Economy 85 22.183 1.886 1.886 100%

Total 92 27.278 2.505 2.403 96%

1Q11 3

Co

mm

erci

al

Land Cost: R$ 622 thousand

Total 92 27.278 2.505 2.403 96%

Project 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%

Project City (State) SegmentAverage

Price 2

Total Area

(m2)

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82%

Total 10.000 8.700 87 71 82%

Completion of Projects

Total PSV of R$61mm completed in 1Q11

1Q11 4

Project: Premium Cpo. Grande

Location: Campo Grande (RJ)

# Units: 196

Income Segment: Economy

% Sold: 92%

PSV: R$47mm (%CR2 R$42mm)

Project: Jardim Paradiso – Lotes 5 e 20

Location: Nova Iguaçu (RJ)

# Units: 174

Income Segment: Economy

% Sold: 90%

PSV: R$14mm (%CR2 R$13mm)

Completion of Projects

We intend to reach the end of 2011 with R$991.1mm of PSV delivered (87% of total launched)

192,9

636,9

Delivery Schedule: PSV (R$mm)

Total PSV of R$991,1mm (87% of PSV launched)

3.761

93%

Delivery Schedule: Units

6.881 Units

1Q11 5

Inventory from 4Q10 Launches: 58% 8%

444,0

147,9 138,3 123,1

197,6 156,6 146,3

Delivered: From 2008 to 1Q11

2Q11 2H11 2012

CR2 Partners

1.637 1.483 1.207

96%

34%

85%

Delivered: From 2008 to 1Q11

2Q11 2H11 2012

Sold Inventory

Income Statement

101,6

39,7

1Q10 1Q11Net Revenue (R$ mm)

28,4

9,727,9%

24,5%23,0%

25,0%

27,0%

29,0%

31,0%

33,0%

35,0%

37,0%

39,0%

1Q10 1Q11

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

40,0

45,0

50,0

Gross Profit (ex-SFH Interest) (R$ mm) % Margin

1Q11 6

Net Revenue (R$ mm) Gross Profit (ex-SFH Interest) (R$ mm) % Margin

17,9

0,8

17,6%

2,1%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

1Q10 1Q11

-

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

20,0

EBITDA (R$ mm) % Margin

7,2

(7,1)

7,1%

-18,0%

-30,0%

-20,0%

-10,0%

0,0%

10,0%

20,0%

1Q10 1Q11

-10,0

-8,0

-6,0

-4,0

-2,0

0,0

2,0

4,0

6,0

8,0

10,0

Net Profit (R$ mm) % Margin

Contracted Sales

51,7

11,8

25,0

2,0

76,7

13,8 67%

85%

1Q10 1Q11

Metropolitan Area of SP

Capital and Metropolitan Area of RJ%RJ

58,4

9,2

18,3

4,7

76,7

13,8

1Q10 1Q11

CR2 Partners

Total and %CR2 Contracted Sales (R$mm) Total Contracted Sales by Region

(R$mm)

1Q11 7

CR2 Partners

152.229

213.901

1Q10 1Q11

27,1

2,5

28,0

9,9

3,3

1,4

76,7

13,8 46%

18%

1Q10 1Q11

R$351 K - R$500 K

R$131 K - R$350 K

< R$130 K

% < R$130 K

Average Price of Units Sold (R$)Total Contracted Sales by Average Price

(R$mm)

Inventory at Market Value

Inventory at Market Value: R$185mm (%CR2 R$157mm)

38% of CR2’s Equity

22%

Inventory at Market Value

Construction Status

8%

Inventory at Market Value

Region

18%

1%

Inventory at Market Value

Average Price

1Q11 8

100% available for SFH

67%

11%

22%

Under Construction

Construction not started

Completed

92%

Capital and Metropolitan Area of RJ

Metropolitan Area of SP

81%

18%

> R$130k

R$131k - R$350k

R$351k - R$500k

Liquidity

45,4

54,0

63,7 68,1 69,4

1Q10 2Q10 3Q10 4Q10 1Q11

Cash (R$mm)

30,0

31,9

42,0

25,2

95,6

22,2

4,7

125,6

54,1

46,7

25,3

2011

2012

2013

2014

Debt Amortization Schedule (R$ mm)

Corporate Debt SFH

1Q11 9

69,7 88,7 83,3 102,4 129,1

117,9 127,1 124,1

118,0

122,5 187,6

215,9 207,4 220,4

251,6

6,3%8,8%

4,9%8,6%

14,4%

36,7% 41,0%36,3%

38,2%

44,1%

1Q10 2Q10 3Q10 4Q10 1Q11

Gross Debt

Corporate vs. SFH (R$mm)

Corporate Debt SFH

Net Debt/Equity CR2 (ex-SFH) Net Debt/Equity CR2 (including SFH)

112,9 132,1 140,6

111,8 138,3

74,8

83,8 66,8 108,6 113,3

40%39%

32% 49%45%

187,6 215,9 207,4 220,4 251,6

1Q10 2Q10 3Q10 4Q10 1Q11

Gross Debt (including SFH)

Short Term vs. Long Term RS(mm)

Short Term Debt Long Term Debt

Receivables from Clients

On/Off Balance Receivables (R$ 000) 1Q11 1Q10

Receivables from Real Estate Developments and Sales

Short Term 181.437 147.984

Long Term 243.147 213.955

Total 424.584 361.939

Receivables to be Recognized Receivables (R$'000)Total

Private CEF

1Q11 10

Receivables to be Recognized

Short Term 14.535 61.115

Long Term 19.479 88.360

Total 34.014 149.475

Short Term Total 195.972 209.099

Long Term Total 262.626 302.315

Total Receivables 458.598 511.414

Receivables (R$'000)

Delivery ForecastTotal

Private

BanksCEF

Performed Receivables 187.565 152.201 35.364

2Q11 81.923 42.928 38.995

2H11 51.614 34.178 17.435

2012 + 137.497 108.761 28.736

Total 458.598 338.067 120.531

IR Contact

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Paulo Castro

Financial and IR Coordinator

Contact:

1Q11 11

Contact:

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.