1. Cidade Paradiso (Nova Iguaçu, RJ)
4Q08 and 2008 Results
April 2009

2. 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. 3
Managers Track-record
1999-2005
•Group CR2 is
founded in 1999
•Activities in Credit
and 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 increase
credit availability to
construction finance
and home buyers
•CR2
Empreendimentos
Imobiliários SA is
founded
•Shift in target
market from
high/middle income
to economic
segment
2007
•Sector gains access
to capital markets
•IPO raises R$307mm
•Business model
enables flexibility to
accelerate when
there is ample liquity
•Total PSV launched
of R$774mm, and
CR2’s share of
R$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 launched
of R$347mm, and
CR2’s share of
R$293mm
•Launches consistent
with initiative to
focus on the
economic segment,
and to expand into
the São Paulo
market
1S09
•Economic activity
still contracting and
visibility limited
•Lower interest rates
and controlled
inflation are
positives
•Government
housing package to
provide
oppotunitites
•Focus remains in the
economic segment
(92% of land bank)
•Maintain selective
stance towards new
launches, focus on
inventory reduction

4. 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 that
CR2 initiated its operations in 2006
We have secured financing for 95% of launched PSV (2006-2008)

5. 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 to
R$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. 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. 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. 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$202mm
in the short term

9. 9
Capital Structure / Liquidity
Consolidated Financials (R$'000) 4Q08 3Q08 2Q08
Cash 43.612 86.891 133.608
Corporate Debt 14.620 15.808 0
Net Cash 28.992 71.083 133.608
SFH 40.644 26.647 9.873
Shareholders Equity 394.849 389.561 382.341
Total Assets 592.819 551.033 510.057
Net 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 now
we 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, and
expect to have financing kick-in for another 5 projects before the end of April—already under the
improved terms from the Government’s housing package
2008 ROE = 13,6%,
with low leverage

10. Project Bank Type of Funding
Project Delivery -
Forecast
Financing 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 milion
Parque 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

11. Segments of Operation
11
100%
Launches 2008
Economic
92%
8%
Land Bank
Economic Commercial

12. 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 PriceUnits Sold(R$)
12
Sales Historical Trend

13. 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. 14
Launches to Date
Development City (State) Launch Date Segment
Launched
Units
Sold 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. 15
Land Bank (to be launched)
Development City (State) Segment Units
Total 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. 16
Investors Relations
Rogério Furtado
CFO and IR Officer
Daniel Grozdea
IR Manager
www.cr2.com.br/ir
phone: (21) 3095-4600
(21) 3031-4600
IR Contact

17. 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.