1. 3Q07 Earnings Presentation
November 19th, 2007
Rogério Furtado, CFO and IR Officer

2. Strategic view of the sector
Real estate market in a strong expansion, due to increasing credit availability, long-term
financing and lower interest rates
Focus on the segment which was more affected by the credit availability, starting to operate
on the mid-low income segment:
Launch of the first phase of Splendore Valqueire (Jul/07)
Accumulated sales of 93% of total units launched
Launch in Alcântara of the 1st phase of Parque das Águas (Oct/07)
Comprising 4 phases and total PSV of R$ 509 million.

3. Recent Events
Parque das Águas: 1st phase launched in Oct/07
Location: Alcântara (RJ)
Mid-Low Income segment with average price of R$110,000
Total PSV of R$ 140 million, CR2’s PSV of R$ 112 million
4 phases total PSV: R$ 509 million

4. Sales Speed
Sales Speed of launched developments:
Verano’s 1st phase: 79% in 6 months;
Villaggio Del Mare: 57% in 5 months;
Splendore Valqueire: 93% in 2 months;
Verano’s 2nd phase: 19% in only 2 weeks.

5. Market Maker and Expansion to São Paulo
In order to increase the liquidity of our common shares (Bovespa: CRDE3), on
October 1st we hired Credit Suisse as our Market Maker
Expansion to São Paulo with the acquisition of a site in Guarulhos (SP) allocated to
the low income segment with PSV of R$32 million

6. Operating Highlights 3Q07
Total launched PSV 3Q07: R$ 121.5 MM, CR2’s PSV of R$ 76.0 MM
Verano’s 2nd phase: R$ 105.6 MM, CR2’s PSV: R$ 63.4 MM
346 units launched on the 2nd week of September, with 65 units sold until
09/30/2007
Splendore Valqueire’s 1st phase: R$ 16 MM, CR2’s PSV: R$ 12.6 MM
120 units launched, more than 90% sold on the first weekend
The launch of a new type of loan developed with Unibanco: payment in advance
improves the cash flow increasing the return on investment

7. Operating Highlights 9M07
Total launched PSV: R$ 310.1 MM, CR2’s PSV of R$ 184,5 MM
1,017 units launched
101.348 m2 of private area launched
608 units sold
Verano’s 1st phase: 311 units
Green Park: 31 units
Villaggio Del Mare: 89 units
Splendore Valqueire: 112 units
Verano’s 2nd phase: 65 units

8. Financial Highlights 9M07
Revenues to be recognized: R$ 134 MM
Results to be recognized: R$ 38.8 MM
Margin to be recognized: 29.0%
Contracted Sales (R$ Million)
50.8
43.6 136.4
42.1
19.9
2006 1Q07 2Q07 3Q07 2007 YTD

9. Financial Highlights 9M07
Gross Revenue: R$ 21.2 MM
Gross Profit: R$ 4.4 MM, Gross Margin of 21.6%
G&A expenses including wages and management’s fees: R$ 5 MM
Selling Expenses: R$ 3.7 million
Adjusted Net Income: R$ 11.0 MM, adjusted net margin of 53.8%

10. Financial Highlights 9M07
R$ 8.9 MM negative variation on Cash and Cash Equivalents comparing 3Q07 x 2Q07:
Land Acquisition: R$ 4 MM (Estrada do Campinho, Henrique Costa and Barra Allegro)
Construction Expenses: R$ 9.7 MM (Green Park and Caxias)
Selling Expenses: R$ 2.9 MM (Verano’s 2nd phase and Splendore Valqueire’s 1st phase)
Property & Equipment: R$ 1 MM (infra-structure, furniture and IT)
Intercompany Loan: R$ 1.5 MM
R$ 7 MM of financial income and customer’s receivable

11. Landbank
PSV CR2 PSV
Development Localization Lauching Segment R$ MM % CR2 R$ MM
Verano I e II Barra da Tijuca Launched Middle 235 60% 141
Villaggio Del Mare Recreio Launched Middle 59 52% 31
Splendore Valqueire I Valqueire (RJ) Launched Mid-Low 16 80% 13
Parque das Águas I Alcântara (RJ) Launched Mid-Low 140 80% 112
Henrique Costa Jacarepaguá 4Q07 Mid-Low 29 70% 20
Barra Trade Barra da Tijuca 4Q07 Commercial 30 70% 21
Barra Allegro Barra da Tijuca 4Q07 Middle 42 70% 29
Parque das Águas II Alcântara (RJ) 4Q07 Mid-Low 187 80% 150
Verano III Barra da Tijuca 4Q07 Middle 67 60% 40
Splendore Valqueire II Valqueire (RJ) 4Q07 Mid-Low 25 80% 20
Duque de Caxias Caxias (RJ) 1Q08 Low Income 5 66% 3
Manaú Guarulhos (SP) 1Q08 Low Income 32 80% 26
Parque das Águas III Alcântara (RJ) 2Q08 Mid-Low 57 80% 45
Lote B-3 Barra da Tijuca 3Q08 Middle 58 60% 35
Estr. Madureira Nova Iguaçú (RJ) 3Q08 Low Income 161 80% 129
Cidade da Barra Barra da Tijuca 4Q08 Commercial 1,200 25% 300
Parque das Águas IV Alcântara (RJ) 4Q08 Mid-Low 111 80% 89
Estrada do Campinho Cpo. Grande (RJ) 4Q08 Mid-Low 65 70% 46
(1)
Nova Iguaçu I Nova Iguaçú (RJ) 4Q08 Low Income 147 100% 147
Nova Iguaçu II, III e IV Nova Iguaçú (RJ) From 2009 on Low Income 2,415 100% 2,415
(2)
Total 2007 - Launched 450 66% 296
Total 2007 - to be Launched 380 74% 281
Total 2007 830 70% 577
Total 2008 1,836 45% 819
Total from 2009 on 2,415 100% 2,415
Landbank Total to be Launched 4,631 3,515

12. Guidance
Guidance 2008 : CR2’s PSV of R$ 1.2 billion
Acquired land for 2008’s launches:
Estrada do Madureira in Nova Iguaçu (RJ): PSV R$ 161 million
Estrada do Campinho in Campo Grande (RJ): PSV R$ 65 million

13. IR Contact
Rogério Furtado
CFO and IR Officer
e-mail: rogerio@cr2.com.br
Daniel Magno
IR Manager
e-mail: dmagno@cr2.com.br
www.cr2.com.br/ir
phone: +55 (21) 3095-4600