II Real Estate Day

June 10, 2010

2

Business Model

Focus on Low-Income Segment

Pure Play DeveloperPartnership With

Control on Each Project

Strong Project Origination Platform

Ability to Anticipate Macro Trends

3

Ownership Breakdown – 1Q10

Board of Directors and Executive Officers

45,6%

Itaú Unibanco

20,6%

Autonomy Capital

10,6%

ADRs

10,9%

Bovespa

12,3%

Free Float

54,4%

4

Track Record

IPO raises R$307mm

2008

Anticipating the impact of the global financial crisis, the pace of new launches is reduced starting in 1H08

Launches consistent with initiative to focus on the economic segment, and to expand into the São Paulo market

Year begins with limited visibility

Initiatives to preserve cash and reduce inventories achieve planned results

Minha Casa Minha Vida program changes outlook for the sector

2007 20102009

Uptrend in cash flow

End of first cycle of launched projects; new one to be resumed

up to R$130k:

R$131 – R$350k:

R$351 – R$500k:

3%

78%

19%

86%

14%

0%

34%

66%

0%

18322

164

42

600

347

64

400SP

RJ

PSV launched (R$mm)

5

...and improved debt profile.

Stronger cash position....

39,0 34,0 36,1 35,4

45,4

1Q09 2Q09 3Q09 4Q09 1Q10

Cash (R$mm)+R$9,9mm

Balance Sheet - Liquidity

6

Balance Sheet – Receivables from Clients

70% of portfolio

On/Off Balance Receivables (R$ 000) 1Q10 4Q09

Receivables from Real Estate Developments and SalesShort Term 147.984 155.432

Long Term 213.955 183.642

(+) Total 361.939 339.074

Receivables to be RecognizedShort Term 61.115 73.823

Long Term 88.360 87.221

(+) Total 149.475 161.044

Short Term Total 209.099 229.255

Long Term Total 302.315 270.863

(=) Total Receivables 511.414 500.118 204,11940%

307,29560%

Total Receivables (R$ 000)Financing Bank

CEF

Private Banks

102,83920%

261,21751%

108,31321%

39,0468%

Total Receivables (R$ 000)Projects Delivery Forecast

Performed Receivables

2010

2011

2012

Credits to be tranferred during

construction

7

Project Conclusions

We intend to reach the end of 2010 with R$782.8mm of PSV delivered, 77% of the total launched

204

359

142

36

117

102

45

6

322

461

187

42

Delivered: from 2008 to 1T10

To be Delivered 2010

To be Delivered 2011

To be Delivered 2012

Delivery Schedule: PSV (R$mm)

CR2 Partners

15 projects (77% of Launched)

1,446

3,875

1,344

300 97%

88%

61%95%

Delivered: from 2008 to 1T10

To be Delivered 2010 To be Delivered 2011 To be Delivered 2012

Delivery Schedule: Units

Sold Inventory

5.321 Units

8

Residential Land Bank

100% of land bank in the economy segment

• 0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and in process of approval by CEF

Development City (State) SegmentAverage Price

(R$ 000)Units

Total PSV (R$ MM)

CR2's PSV (R$ MM)

% CR2

Splendore Valqueire II Rio de Janeiro (RJ) Economy 188 160 30 24,0 80%

Jardim Paradiso IIB - III Nova Iguaçu (RJ) Economy 68 963 65 60,7 93%

Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29,2 86%

Manaú 2 Guarulhos (SP) Economy 86 420 36 31,0 86%

Pq. das Águas II São Gonçalo (RJ) Economy 162 1.152 187 149,3 80%

Pq. das Águas III São Gonçalo (RJ) Economy 171 492 84 67,2 80%

Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67,2 80%

Cidade Paradiso Nova Iguaçu (RJ) Economy 72 30.183 2.180 2.180,0 100%

Total 78 34.704 2.700,3 2.608,6 97%

Development 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 wage 49 3.780 185,2 185,2 100%

Total 49 3.780 185,2 185,2 100%

9

Commercial Land Bank

Barrartes and Warehouse projects: positively affected by the choice of Rio as the site of the Olympic Games

10

• CEF status:

3,227 units contracted = 8 projects with a total PSV of R$304.3mm

1,945 units transferred, equivalent to R$138.9mm of PSV

R$100.6mm cash disbursed by CEF

Accounts Receivable from CEF: R$73.0mm

Balance Sheet – CEF Relationship

229 transfers on Top Life VIew

Disbursements x Receivables from CEF (R$mm) Contracted Units x Credits Transferred

11

Contracted Sales

12

Contracted Sales

13

Inventory at Market Value and SoS

100% of inventory available for SFH

77%

23%

Inventory at Market Value Region

Capital and Metropolitan Area of RJ

Metropolitan Area of SP

77%

18%

5%

Inventory at Market ValueAverage Price

> R$130k

R$131k - R$350k

R$351k - R$500k

74%

19%

7%

Inventory at Market ValueConstruction Status

Under Construction

Construction not Started

Completed

Total Inventory as of 1Q10: R$115mm (30% of Shareholder’s Equity)

14

Income Statement

15

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Paulo CastroFinancial and IR Analyst

Contact:

www.cr2.com.br/ir

ri@cr2.com.br

Phone: +55 (21) 3095-4600 / 3031-4600

IR Contact

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.