2Q09 Results

August 2009

2

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 expansion mode

•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 access to capital markets

•IPO raises R$307mm

•Business model enables flexibility to accelerate when there is ample liquity

•Total PSV launched of R$545mm, 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 launchedof R$347mm, andCR2’s share ofR$293mm

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

2009

•Year begins withlots of uncertaintyand limited visibility

•Minha Casa Minha Vida changesoutlook for thesector

•Initiatives to preserve cash andreduce inventoriesachieve plannedresults

•Disbursements fromCAIXA and a more normalized creditmarket will enablecompanyreacelleration

Managers Track-record

3

Positioning

Launches of 2007/08 reach maturation and cycle of cash preservation concluded

Disbursements from CAIXA reached inflection point in July/August 2009

Transfer of home-buyer credits to CAIXA reached 709 year-to-August (vs 423 until June)

Record setting initial transfer of 209 units from the Acqua Park project over a singleweekend—CAIXA s largest since beginning of Minha Casa, Minha Vida!

Low leverage to open oportunities in a more normalized credit market

Projects ready to be launched, with financing in final stages of approval process

New launches in 2S09 to reaccelerate company

Cash Inflows’ Evolution

4

25.53930.702

39.754

54.161

66.995

2Q08 3Q08 4Q08 1Q09 2Q09

Cash Inflow Evolution (R$mm)

5

Low Leverage

-25%

-10%

-2%

2%

9%

13%

19%

19%

19%

20%

20%

22%

25%

32%

32%

36%

47%

112%

186%

Company R

Company Q

CR2

Company P

Company O

Company N

Company M

Company L

Company K

Company J

Company I

Company H

Company G

Company F

Company E

Company D

Company C

Company B

Company A

Net Debt (ex SFH) / Shareholders Equity

Room to increase leverage

6

Projects Ready To Be Launched

Development City (State) SegmentAverage Price (R$

000)Units

Total PSV (R$ MM)

CR2's PSV (R$ MM)

% CR2

Jardim Paradiso II – III Nova Iguaçu (RJ) Economic 68 1.283 87,0 80,9 93%

Top Life View (Javri) Santo André (SP) Economic 174 190 33,0 28,4 86%

Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economic 82 392 32,0 27,5 86%

Manaú 2 Guarulhos (SP) Economic 81 420 34,0 29,2 86%

Splendore Valqueire II Rio de Janeiro (RJ) Economic 156 160 25,0 20,0 80%

Sta. Cecília – Madureira I Nova Iguaçu (RJ) Economic 50 1.613 80,0 64,0 80%

Barrartes Rio de Janeiro (RJ) Commercial 237 507 120,0 84,0 70%

Sta. Cecília – Madureira II Nova Iguaçu (RJ) Economic 50 1.612 80,0 64,0 80%

Pq. das Águas II São Gonçalo (RJ) Economic 162 1.152 187,0 149,3 80%

Pq. das Águas III São Gonçalo (RJ) Economic 171 492 84,0 67,2 80%

Pq. das Águas IV São Gonçalo (RJ) Economic 89 942 84,0 67,2 80%

Warehouse ABEAR Rio de Janeiro (RJ) Commercial 591 389 230,0 161,0 70%

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

Total 83 39.335 3.256,0 3.022,7 93%

7

2Q09 Highlights

Contracted sales reached R$47mm (+95% vs 1Q09) and CR2´s share at R$35mm (+81% vs1Q09) driven by solid performance in the economy segment

Net revenue of R$72mm (+39% vs 1Q09), net profit of R$3,6mm (+176% vs 1Q09), and LPA ofR$0,08 (vs R$0,03 in 1Q09)

Results recognition driven by improvement in contracted sales and slight acceleration ofconstruction speed

12,619,1

34,63,0

4,9

12,1

4Q08 1Q09 2Q09

Contracted Sales

CR2 Partners

24,0

46,7

15,5

Period (R$ mm)

Inventory at the Beginning of

Period

Launches (CR2's share)

Contracted Sales (CR2's

share)

Inventory at the End of Period

SoSContracted Sales from Launches in

the Period

Inventory's Contracted

Sales

2006 0,0 33,4 11,9 21,5 35,7% 11,9 0,0

1Q07 21,5 62,4 31,5 52,4 37,6% 23,6 7,9

2Q07 52,4 20,4 18,5 54,3 25,4% 8,8 9,7

3Q07 54,3 63,1 32,4 85,0 27,6% 20,4 12,0

4Q07 85,0 170,3 59,2 196,1 23,2% 39,3 19,9

1Q08 196,1 47,9 27,2 216,8 11,1% 15,9 11,3

2Q08 216,8 131,3 144,4 203,7 41,5% 93,7 50,6

3Q08 203,7 113,9 67,6 250,0 21,3% 44,2 23,4

4Q08 250,0 0,0 12,6 237,5 5,0% 0,0 12,6

1Q09 237,5 0,0 19,1 218,4 8,0% 0,0 19,1

2Q09 218,4 0,0 34,6 183,8 15,8% 0,0 34,6

8

Inventory at Market Value & SoS

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)]

2Q09 = 49 % of Shareholders’ Equity

83%

14%

3%

Inventory at Market Value - Construction Status

Under Construction

Construction not Started

Completed62%

31%

7%

Inventory at Market Value - Average Price

< R$130k

R$131k - R$350k

R$351k - R$500k

9

Inventory at Market Value Profile

100% of inventory eligible to SFH

financing

89%

73%68%

94%

61%

883

1.797

2.247

615

172

-

500

1.000

1.500

2.000

2.500

3Q09 4Q09 1H10 2H10 1H11

Delivery Schedule (Units Sold and Inventory)

Sold Inventory

10

Projects Delievery - Schedule

7 projects to be concluded in 2009 with total PSV of R$363mm and CR2’s share at R$254mm78% of the 2,680 units to be delivered in 2009 already sold

51.682

71.837

-

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

1Q09 2Q09

Net Operating Revenue (R$ 000)

9.732

13.962 18,8% 19,4%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

20,0%

-

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

1Q09 2Q09

Gross Profit (R$ 000) & Gross Profit Margin

2.268

7.781

4,4%

10,8%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

-

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

1Q08 1Q09

EBITDA (R$ 000) & EBITDA Margin

1.286

3.552

2,5%

4,9%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

-

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

1Q08 1Q09

Net Profit (R$ 000) & Profit Margin

Financial Highlights 2Q09

11

12

Results to be Recognized

1Q09 revenue to be recognized of R$285mm and results to be recognized of R$92mm (32,2%margin)

On and off balance sheet receivables totalled R$527mm in 1Q09, of which R$151mm areshort-term

Revenues and Results to be Recognized (R$ 000) 2Q09 1Q09 4Q08 4Q07

Revenues to be Recognized 253.131 284.746 311.074 195.918

Cost of Units Sold to be Recognized 176.419 193.016 206.360 139.923

Gross Profit to be Recognized 76.712 91.730 104.714 55.995

Gross Margin to be Recognized 30,3% 32,2% 33,7% 28,6%

13

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 240 214 89% 55,7 33,4 60%

Verano I Barra (RJ) mar/07 Middle-Income 395 312 79% 130,0 78,0 60%

Villaggio Del Mare Recreio (RJ) may/07 Middle-Income 120 106 88% 45,3 23,6 52%

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

Verano II Barra (RJ) sep/07 Middle-Income 346 217 63% 105,0 63,0 60%

Parque das Águas I S. Gonçalo (RJ) oct/07 Economic 1.058 538 51% 140,0 112,0 80%

Verano III Barra (RJ) oct/07 Middle-Income 172 105 61% 67,0 40,2 60%

Barra Allegro Barra (RJ) nov/07 Middle-Income 144 116 81% 41,5 29,0 70%

Mirante Bonsucesso Guarulhos (SP) mar/08 Economic 368 360 98% 28,4 24,4 86%

Via Parque Caxias (RJ) mar/08 Economic 99 59 60% 4,9 3,2 66%

Felicittá Jacarepaguá (RJ) mar/08 Economic 230 215 93% 29,3 20,5 70%

Top Life Itamaraty Santo André (SP) apr/08 Economic 417 414 99% 43,0 37,0 86%

Villagio do Campo Campo Grande (RJ) jun/08 Economic 999 799 80% 65,0 52,0 80%

Premium Cpo. Grande Campo Grande (RJ) jun/08 Economic 196 150 77% 47,0 42,3 90%

Acqua Park Guarulhos (SP) jul/08 Economic 415 387 93% 37,4 32,2 86%

Acqua Park II Guarulhos (SP) jul/09 Econômico 332 0 0% 29,9 25,7 86%

Top Life Park Santo André (SP) jul/08 Economic 200 190 95% 25,3 21,8 86%

Jardim Paradiso I Nova Iguacu (RJ) sep/08 Economic 534 321 60% 36,8 34,2 93%

Cummulative Total 6.385 4.618 72% 947,4 685,3 72%

In 2006* 240 43 55,7 33,4 60%

In 2007* 2.355 1.126 544,7 358,5 66%

In 2008* 3.790 2.920 347,0 293,3 85%

In 2009* 0 529 0,0 0,0 0%

Total 6.385 4.618 72% 947,4 685,3 72%

*Values of the referred period.

14

Investors Relations

Rogério FurtadoCFO and IR Officer

Daniel GrozdeaFinance and IRManager

www.cr2.com.br/irphone: (21) 3095-4600

(21) 3031-4600

IR Contact

15

Disclaimer

This presentation contains certain statements that are neither reported financial results or other historical information. Theyare forward-looking statements.

Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materiallyfrom those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that arebeyond CR2’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior ofother market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficientfinancing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Companyoperates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional ornational basis.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date ofthis document. CR2 does not undertake any obligation to publicly release any revisions to these forward looking statementsto reflect events or circumstances after the date of this presentation.