August 15th, 2008

Villagio do Campo Premium Campo GrandeTop Life Itamaraty

2Q08 Launches

2Q08 Conference Call

2

1H08 Highlights

Total Launches of R$218 million, CR2’s share of R$179 million

2,309 launched units being 2,113 in low income segment.

Total Contracted Sales of R$221 million, CR2’s share of R$172 million

Contracted Sales of 1H08’s launches: R$157 million

Sales Speed of 72.3%

Sales over Total Offer of 30.5%

1,948 sold units being 1,545 in low income segment.

Net Revenues: R$85 million +662% year over year (y-o-y).

Net Profit: R$28 million +510% y-o-y. Net Margin of 33%

Revenues to be recognized: R$332 million and margin to be recognized of 29.6%.

CR2 sold its participation in CR2 Shoppings for R$16 million

3

Recent Events

Creation of in-house brokerage office: DaCasa Consultoria Imobiliária.

Further expansion to São Paulo metropolitan area with two developments launched at

the end of July:

Top Life Park: 200 units launched with an average price of R$124 thousand (low

income) in Santo André (SP), with a total PSV of R$25 million. Until now, 187 units

were sold.

Acqua Park: we launched 747 units with an average price of $89 thousand (low

income) in Guarulhos (SP), with a total PSV of R$67 million. Until now, 97 units were

sold.

4

Total launches of R$217.6 million, CR2’s share R$179.3 million

6 developments launched with 2,309 units +319% y-o-y

VGV Vendas

Launches

163%

15%

30.7

131.2108.5

179.3

28.2

23.8 80.1

38.3

58.9

155.0

188.6

217.6

2T07 2T08 1S07 1S08

CR2 Parceiros

2Q07 2Q08

Partnerships

1H07 1H08

Launched PSV – R$ million

46.7

170.9

1S07 1S08

Econômico

Média Renda

5

Launches per Segment

217.6

Focus on low-income segment

188.6

1H07 1H08

Launched PSV

(R$ million)

79%

21%

Economic

Middle Income

6

Launches

Focus on low-income segment

R$ thousand per unit

R$ / m2

378

261

183

90 96

2,743

3,069

2,563

1,7161,822

0

500

1.000

1.500

2.000

2.500

3.000

3.500

0

100

200

300

400

500

600

700

2T07 3T07 4T07 1T08 2T082Q07 3Q07 4Q07 1Q08 2Q08

7

Contracted Sales

VGV Vendas

18.5

144.4

50.0

172.2

14.6

41.6

35.6

48.9

33.1

183.9

85.6

221.1

2T07 2T08 1S07 1S08

CR2 Parceiros

2Q07 2Q08

Partnerships

1H07 1H08

456%

158%

Total Contracted Sales of R$221 million, R$172 million CR2’s share

8

VGV Vendas

1H08 Sales Speed

1H08 Launches (A):

Sales of 1H08 Launches (B):

1H08 Sales Speed (B/A):

217,603

157,362

72.3%

R$ thousand

217.6

157.4

Lançamentos do 1S08 Vendas Contratadas de Lançamentos do 1S08

72.3%

Sales of Launches

(R$ millions)

1H08 Launches Sales of 1H08 Launches

9

Results to be Recognized

(R$’000) 2Q08 1Q08 Var. 2Q07 Var.

Revenues to be Recognized 331,852 209,752 58% 92,663 258%

Cost to be Recognized (233,694) (150,543) 55% (65,637) 256%

Results to be Recognized 98,158 59,209 66% 27,026 263%

Margin to be Recognized - Backlog Margin 29.6% 28.2% 1.4 p.p 29.2% 0.4 p.p.

29.2% 29.0%

27.6%28.2%

29.6%

2T07 3T07 4T07 1T08 2T08

Margin to be Recognized

2Q07 3Q07 4Q07 1Q08 2Q08

10

Land bank

Development Location Units Segment Launch DateTotal PSV

(R$ million)% CR2

CR2 PSV

(R$ million)

Mirante Bonsucesso Guarulhos (SP) 368 Low Income Launched 1Q08 28 86% 25

Residencial Via Parque Caxias (RJ) 99 Low Income Launched 1Q08 5 66% 3

Felicittá Rio de Janeiro (RJ) 230 Low Income Launched 1Q08 29 70% 20

Top Life Itamaraty Santo André (SP) 417 Low Income Launched 2Q08 43 86% 37

Res. Premium Cpo. Grande Rio de Janeiro (RJ) 196 Middle Income Launched 2Q08 45 90% 41

Villagio do Campo Rio de Janeiro (RJ) 999 Low Income Launched 2Q08 61 80% 49

Acqua Park - Água Chata Guarulhos (SP) 747 Low Income Launched 3Q08 67 86% 57

Top Life Park - Juquiá Santo André (SP) 200 Low Income Launched 3Q08 25 86% 22

Jardim Paradiso – N. Iguaçu Nova Iguaçu (RJ) 1,817 Low Income to launch 120 93% 112

Colônia Paraíso S. J. Campos (SP) 392 Low Income to launch 32 86% 27

Sta. Cecília – Madureira I Nova Iguaçu (RJ) 1,613 Low Income to launch 80 70% 56

Javri Santo André (SP) 190 Middle Income to launch 33 86% 28

Pinheiro Guimarães Rio de Janeiro (RJ) 128 Middle Income to launch 49 70% 34

Barrartes Rio de Janeiro (RJ) 507 Comercial to launch 120 70% 84

Splendore Valqueire II Rio de Janeiro (RJ) 160 Middle Income to launch 25 80% 20

Warehouse ABEAR Rio de Janeiro (RJ) 389 Commercial to launch 230 70% 161

Cidade da Barra Rio de Janeiro (RJ) n.d. Commercial to launch 1,200 25% 300

Manaú 2 Guarulhos (SP) 420 Low Income to launch 34 86% 29

Pq. das Águas III São Gonçalo (RJ) 492 Middle Income to launch 84 80% 67

Pq. das Águas IV São Gonçalo (RJ) 942 Middle Income to launch 84 80% 67

Sta. Cecília – Madureira II Nova Iguaçu (RJ) 1,612 Low Income to launch 80 70% 56

Nova Iguaçu II, III e IV Nova Iguaçu (RJ) 30,183 Low Income to launch 2,341 100% 2,341

Total already launched in 2008 3,256 303 84% 254

Total to launch 38,845 4,512 75% 3,399

11

Land bank to launch

SegmentTotal PSV

(R$ million)

CR2 %PSV

(R$ million)

Potencial Units

100%

% land cost

Physical swap Financial swap Cash

Low Income 2,687 2,638 36,037 0% 91% 9%

Middle 275 216 1,912 25% 0% 75%

Commercial 1,550 545 896 42% 0% 58%

TOTAL 4,512 3,399 38,845 13% 58% 29%

60%

6%

34%

Land Bank a Lançar – VGV Total

Econômico

Média

Comercial

Low Income

Middle Income

Commercial

Land Bank to launch – Total PSV

2,175

21,686

1S07 1S08

Lucro Bruto (R$ mil)1H07

4,816

31,844

1S07 1S08

-4,428

23,893

1S07 1S08

1H07

12

1H08 Operating Highlights

Net Margin before minority interest

Gross Margin

11,166

85,104

1S07 1S08

1H071H07

1H07

1H07

1H08

25.5%

19.5%

37.5%43.1%

Net Income Gross Profit

EBITDA Net Profit before minority interest

1H07 1H08

1H071H08

1H07 1H08

R$ thousand

Expenses (R$’000) 2Q08 1Q08 Var. 1H08 1H07 Var.

General and Administrative 4,970 3,949 26% 8,919 2,355 279%

G&A / Revenues 8.4% 15.4% -7.0 p.p. 10.5% 21.1% -10.6 p.p.

G&A / Launches 3.2% 6.3% -3.1 p.p. 4.1% 1.2% 2.9 p.p.

G&A / Sales 2.7% 10.6% -7.9 p.p. 4.0% 2.7% 1.3 p.p.

Sales Expenses 2,720 1,361 100% 4,081 2,871 42%

Sale Expenses / Revenues 4.6% 5.3% -0.7 p.p. 4.8% 25.7% -20.9 p.p.

Sale Expenses / Launches 1.8% 2.2% -0.4 p.p. 1.9% 1.5% 0.4 p.p.

Sale Expenses / Sales 1.5% 3.7% -2.2 p.p. 1.8% 3.4% -1.6 p.p.

13

1H08 Operanting Expenses

51.4 49.7

282.8 273.8238.7

178.4

133.6

2006 1T07 2T07 3T07 4T07 1T08 2T08

Cash (R$ millions)

14

IPO R$ 307mm

Cash Position

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

15

Investor Relations

Rogério FurtadoFinancial Director and IR

Daniel MagnoIR Manager

www.cr2.com.br/ri

tel:+55 (21) 3095-4600

+55 (21) 3031-4600

16

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.