Cidade Paradiso (Nova Iguaçu, RJ)

4Q08 and 2008 Results

April 2009

2

Pure-play developer that outsources construction and brokerage services

Partnership model with niche players:

Project origination mechanism

Market analysis

Low fixed costs (headcount of approximately 80)

Agility/Operational flexibility

CR2 Focus: Offer products where there is credit availability

Business Model

3

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 expansionmode

•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 accessto capital markets

•IPO raises R$307mm

•Business modelenables flexibility to accelerate whenthere is ample liquity

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

2008

•Anticipating theimpact from theglobal financial crisis, the pace ofnew 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 consistentwith initiative to focus on theeconomic segment, and to expand intothe São Paulo market

1S09

•Economic activitystill contracting andvisibility limited

•Lower interest rates and controlledinflation are positives

•Governmenthousing package to provideoppotunitites

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

•Maintain selectivestance towards newlaunches, focus oninventory reduction

4

2008 Highlights

2008 marked by the contrast between strong growth in 1H and deceleration already evident in 2H

Given deteriorating credit conditions in 3Q08, our priorities were:

Secure construction financing with Caixa Econômica Federal (CEF) and commercial banks

Contract whenever possible financing under CEF’s Crédito Associativo model

Preserve and rebuild our cash position

In 2H08 we postponed new launches and concentrated our efforts in reducing inventories

Inventory at market value was R$258mm (4Q08), representing 65% of shareholder’s equity(among the lowest in the sector)

In 2009 our cash flow is expected to turn positive, given the typical construction cycle and thatCR2 initiated its operations in 2006

We have secured financing for 95% of launched PSV (2006-2008)

5

2008 Operational Highlights

293,4 385,2

53,7

201,1

20082007

Launches (R$ mm)

Partners

CR2

347,0

586,3

141,6

251,7

80,1

65,3

2007 2008

Contraced Sales (R$ mm)

Partners

CR2

221,7

317,0

221,7

317,0

With a conservative posture, we launched in 2008 PSV of R$347mm (R$293mm %CR2) compared toR$586mm (R$385mm %CR2) in 2007

Contracted sales of R$317mm (+43% vs 2007) and CR2’s share of R$252mm (+78% vs 2007)

We delivered 2 projects in 2008 with total PSV of R$61mm

*2007 lanches adjusted for the cancellation of the Parque das

Águas project (total PSV of R$187mm, and CR2’s share of

R$149,3mm)

*

6

2008 Financial Highlights

2008 EPS of R$1,08 compared to R$0,39 (adjusted for IPO expenses) in 2007

Net profit of R$50mm in 2008, compared to R$18mm in 2007

Net margin before minorities of 24,3% in 2008

ROE de 13,6% em 2008, vs 8,4% in 2007

2008 net revenue of R$243mm, increased 488% from 2007

4T08 net revenue of R$82mm increased 309% vs 4T07

2008 EBITDA of R$49mm (20,3% margin)

4T08 EBITDA of R$14mm (17,2% margin)

Results above are before the accounting adjustments required by Law 11,638

7

2008 Financial Highlights

(1) For 2007, EBITDA, net income before minority interest, net income and EPS were adjusted by excluding non-recurring IPO expenses of R$23.108 million.

(2) In 2008, EBITDA includes R$15.252 million from the sale of the interest in CR2 Shoppings Empreendimentos.

(3) For the ROE in 2007, given the significant change in shareholder’s equity following the April 2007 IPO, we used the average shareholder’s equity between 2006 and 2007. For other periods, we used the

shareholder’s equity of the immediately preceding period as the denominator for calculating ROE.

Consolidated Financials (R$'000) 4Q08 3Q08 4Q07 ∆4Q/3Q ∆4Q/4Q 2008 2007 ∆08/07

Gross Operating Revenue 82.469 71.305 20.162 16% 309% 242.840 41.277 488%

Gross Profit 25.655 21.825 4.906 18% 423% 73.128 10.021 630%

% Gross Profit Margin 31,1% 30,6% 24,3% 0,5 p.p. 6,8 p.p. 30,1% 24,3% 5,8 p.p.

EBITDA(1)(2) 14.164 7.238 -1.221 96% -1260% 49.266 -6.071 -911%

% EBITDA Margin 17,2% 10,2% -6,1% 7,0 p.p. 23,2 p.p. 20,3% -14,7% 35,0 p.p.

Net Profit before minorities(1) 18.093 9.080 7.633 99% 137% 59.065 18.053 227%

% Net Margin before minorities 21,9% 12,7% 37,9% 9,2 p.p. -15,9 p.p. 24,3% 43,7% -19,4 p.p.

Net Profit(1) 14.287 7.220 6.910 98% 107% 49.754 17.887 178%

% Net Profit 17,3% 10,1% 34,3% 7,2 p.p. -16,9 p.p. 20,5% 43,3% -22,8 p.p.

Net Income per Share(1) – EPS R$ 0,31 0,16 0,15 98% 107% 1,08 0,39 178%

ROE (%) - annualized(3) 14,7% 7,6% 7,7% 7,1 p.p. 7,0 p.p. 13,6% 8,4% 5,3 p.p.

8

Results to be Recognized

Revenues and Results to be Recognized (R$ 000) 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

Revenues to be Recognized 136.489 202.990 214.237 339.572 366.611 306.111

Cost of Units Sold to be Recognized 94.999 144.234 150.543 233.694 248.861 207.262

Gross Profit to be Recognized 41.490 58.756 63.694 105.878 117.750 98.849

Gross Margin to be Recognized 30,4% 28,9% 29,7% 31,2% 32,1% 32,3%

30,4%

28,9%29,7%

31,2%32,1% 32,3%

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

Margin to be Recognized

Revenue to be recognized of R$306mm in 4Q08 and result to be recognized of R$99mm (32,3%margin)

On- and off-balance sheet receivables totaled R$256mm in 4Q08, out of which R$202mmin the short term

9

Capital Structure / Liquidity

Consolidated Financials (R$'000) 4Q08 3Q08 2Q08

Cash 43.612 86.891 133.608Corporate Debt 14.620 15.808 0Net Cash 28.992 71.083 133.608SFH 40.644 26.647 9.873Shareholders Equity 394.849 389.561 382.341Total Assets 592.819 551.033 510.057Net Cash / Shareholders Equity (ex SFH) -7,3% -18,2% -34,9%Net Cash / Shareholders Equity (including SFH) 3,0% -11,4% -32,4%

4Q8 Liquidity: R$44mm cash position and corporate debt of R$15mm

We expect positive cash flow in 2009, due to:

7 projects are scheduled to be delivered in 2009, with total PSV of R$373mm

SFH financing of R$41mm on the balance sheet (4Q08) accounted for only 2 projects, as of nowwe already have 5 projects where SFH financing has kicked-in

With regards to CEF, we started to receive financing for 1 of our projects in early 2009, andexpect to have financing kick-in for another 5 projects before the end of April—already under theimproved terms from the Government’s housing package

2008 ROE = 13,6%,

with low leverage

Project Bank Type of FundingProject Delivery -

ForecastFinancing Status Line of Credit

Green Park 3000/4000 Itaú "Repasse nas Chaves" Dec-2008 Contract Signed - transfer of credit underway

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

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

Parque das Águas Unibanco "Repasse na Planta" Dec-2010 Contract Signed - transfer of credit underway Unibanco

Splendore Valqueire I Unibanco "Repasse na Planta" Jul-2009 Contract Signed - transfer of credit underway R$29 milion of PSV

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

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

Verano III Bradesco "Plano Empresário" Mar-2011 Contract in Process Bradesco R$90 milion

Felicittá Real "Plano Empresário" Apr-2010 Contract in Process Real R$12 milion

Via Parque CEF "Repasse nas Chaves" Mar-2008 Contract Signed - transfer of credit underway

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

Top Life Itamaraty CEF "Crédito Associativo" Feb-2010 Contract in Process

Villagio do Campo CEF "Crédito Associativo" Jun-Dec 2009 Contract in Process CEF(1)

Premium Cpo. Grande CEF "Crédito Associativo" Jun-2010 Contract in Process R$ 2,5 bilion of PSV

Acqua Park CEF "Crédito Associativo" Jul-2010 Contract in Process

Top Life Park CEF "Crédito Associativo" Jul-2010 Contract in Process

Jardim Paradiso* CEF "Crédito Associativo" Paradiso 1: Dec-2009 Letter of Credit

10

Financing by Project

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

Know-how and good

relationship with CEF

Segments of Operation

11

100%

Launches 2008

Economic

92%

8%

Land Bank

Economic Commercial

209.621

326.292

166.422

204.762

164.587

116.630 112.891 101.154

87.331

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

Average Price Units Sold (R$)

12

Sales Historical Trend

13

Sales Speed – SS and SoS

SS (CR2’s share): *contracted sales of launches in the period / launched PSV in the period+, net of physical

swaps

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)]

Period

(R$ mm)

Inventory at the

Beginning of

Period

Launches

(CR2's share)

Contracted

Sales (CR2's

share)

Inventory at

the End of

Period

Sales over

Supply (SoS)

2006 0,0 33,4 11,9 21,5 36%

2007 21,5 336,5 141,6 216,3 40%

2008 216,3 293,1 251,7 257,8 49%

Period (R$

mm)

Launched PSV in

the Period

Contracted Sales

of Launches in the

Period

Sales Speed

(SS)

2007 336,5 137,2 41%

2008 293,1 203,3 69%

65% of Shareholder’s Equity

14

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 240 191 80% 55,7 33,4 60%

Verano I / II / III Barra (RJ) mar/sep/oct 07 Middle-Income 913 596 65% 302,0 181,2 60%

Villaggio Del Mare Recreio (RJ) may/07 Middle-Income 120 105 88% 58,9 30,6 52%

Splendore Valqueire I V. Valqueire (RJ) jul/07 Economic 120 115 96% 15,9 12,7 80%

Parque das Águas I S. Gonçalo (RJ) oct/07 Economic 1.058 403 38% 140,0 112,0 80%

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

Barra Allegro Barra (RJ) nov/07 Middle-Income 144 94 65% 41,5 29,0 70%

Mirante Bonsucesso Guarulhos (SP) mar/08 Economic 368 353 96% 28,4 24,4 86%

Via Parque Caxias (RJ) mar/08 Economic 99 54 55% 4,9 3,2 66%

Felicittá Jacarepaguá (RJ) mar/08 Economic 230 210 91% 29,3 20,5 70%

Top Life Itamaraty Santo André (SP) apr/08 Economic 417 415 100% 43,0 37,0 86%

Villagio do Campo Campo Grande (RJ) jun/08 Economic 999 765 77% 65,0 52,0 80%

Premium Cpo. Grande Campo Grande (RJ) jun/08 Economic 196 142 72% 47,0 42,3 90%

Acqua Park Guarulhos (SP) jul/08 Economic 747 276 37% 67,3 57,9 86%

Top Life Park Santo André (SP) jul/08 Economic 200 195 98% 25,3 21,8 86%

Jardim Paradiso I Nova Iguacu (RJ) sep/08 Economic 534 175 33% 36,8 34,2 93%

Cummulative Total 6.390 4.089 64% 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%

Total 6.390 4.089 64% 989,0 712,0 72%

*Values of the referred period.

15

Land Bank (to be launched)

Development City (State) Segment UnitsTotal PSV

(R$ MM)

CR2's PSV

(R$ MM)% CR2

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

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

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

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

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

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

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

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

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

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

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

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

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

Total 39.335 3.256,0 3.022,7 93%

Units, Total PSV and CR2’s PSV are represented in the expected launch amount and include exchange agreements (physical and financial).

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.