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1Q10 Results
 May 17, 2010
Highlights


   Contracted sales of R$76.7mm (%CR2 R$58.4mm) in 1Q10, 220% higher than R$24.0mm (%CR2
R$19.0mm) in 1Q09.
  Revenues to be recognized of R$186.3mm and results to be recognized of R$55.4mm, with a
margin to be recognized of 29.8%.
   CEF Track record (“Crédito Associativo”):
        R$91,5mm in cumulative disbursements from CEF (R$23,5mm in 1Q10)
        2.595 contracted units
        1.591 credits transferred (61% of the total)
        Another 632 units approved in 2Q10, for a total of 3.227 contracetd units
   Performed receivables and those from projects with delivery scheduled for 2010 totaling
R$364.1mm (71% of the portfolio).
   Reiteration of the 2010 PSV launch Guidance of R$400mm.




                                                                                       2
Highlights

                                   101,6                            25,2


                     97%                             159%
             51,7
                                           9,7




             1Q09                  1Q10    1Q09                     1Q10
                     Net Revenue                     Gross Profit
                                   18,1                             7,2    (EPS R$ 0,16)



                                                    457%
                    698%


                                           1,3    (EPS R$ 0,03)
             2,3


             1Q09                  1Q10    1Q09                     1Q10
                       EBITDA                          Net Profit



                                                                                    3
Contracted Sales



        Total and %CR2 Contracted Sales (R$mm)               %CR2 Contracted Sales by Region (R$mm)
                                      80,4                                                            61,9
                                             76,7                                                                    58,4

                                      18,5
                                             18,3

             46,7                                                                                     38,1 62%
                                                                      34,6                                           39,4 67%
                        37,2                                                          28,0
             12,1
 24,0                   9,2           61,9            19,1
                                             58,4
                                                                      29,9 86%
 4,9                                                                                  25,4 91%
             34,6                                                                                     23,7
                        28,0                          15,0 79%
 19,1                                                                                                                19,0
                                                       4,1             4,7            2,6

 1Q09        2Q09      3Q09           4Q09   1Q10     1Q09            2Q09           3Q09            4Q09           1Q10
                        CR2    Partners
                                                    Metropolitan Area of SP   Capital and Metropolitan Area of RJ   %RJ




                                                                                                                          4
Contracted Sales



                                                              %CR2 Contracted Sales by Average Price
            Average Price Units Sold (R$)
                                                                            (R$mm)
  168,923                                                                                              61.9
                                 152,316    152,229                                                                  58.4
                                                                                                        4.4
                                                                                                                     3.3
             120,788   123,890

                                                                    34.6                                             28.0
                                                                                                       36.9
                                                                     4.7              28.0
                                                       19.1          7.9              2.9
                                                                                      5.8
                                                        0.3
                                                        4.4
                                                                                                                     27.1 46%
                                                                    22.0 64%          19.3 69%         20.5 33%
                                                       14.4 75%


   1Q09       2Q09      3Q09      4Q09       1Q10     1Q09          2Q09              3Q09             4Q09         1Q10
                                                      < R$130 k   R$131 k - R$350 k         R$351 k - R$500 k   % < R$130 k




                                                                                                                              5
Inventory at Market Value and SoS

              Inventory at the                            Contracted                                                Contracted Sales Inventory's
 Period                                 Launches                       Inventory at the
                Beginning of                                Sales                                        SoS        from Launches in Contracted
(R$ mm)                               (CR2's share)                      End of Period
                  Period                                 (CR2's share)                                                 the Period       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
   3Q09              183.8                  0.0                28.0                 155.8              15.2%                 0.0        28.0
   4Q09              155.8                  56.7               61.9                 150.5              29.1%                31.5        30.4
   1Q10              173,4*                 0.0                58.4                 115.0               33,7%*               0.0        58.4

SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]
* After price adjustment


                                                     30% of Shareholders’ Equity


                                                                                                                                                   6
Inventory at Market Value and SoS



  Inventory at Market Value                                Inventory at Market Value                     Inventory at Market Value
     Construction Status                                         Average Price                                    Region

      7%                                                      5%
                                                                                                   23%
                                                     18%                                                                      Capital and Metropolitan
19%                                                                              > R$130k                                     Area of RJ
                          Under Construction
                                                                                 R$131k - R$350k                              Metropolitan Area of SP
                          Construction not Started
                                                                                 R$351k - R$500k
                          Completed
                 74%                                                   77%                                      77%




                                                              100% of inventory
                                                                available for SFH



                                                                                                                                        7
Project Conclusions


     R$87mm of PSV delivered in 1Q10....                              ...and another R$105mm in 2Q10.




Project: Villaggio del Mare        Project: Barra Allegro            Project: Verano II
Location: Barra da Tijuca (RJ)     Location: Barra da Tijuca (RJ)    Location: Barra da Tijuca (RJ)
# Units: 120                       # Units: 144                      # Units: 346
% Sold: 98% (as of March, 2010)    % Sold: 98% (as of March, 2010)   % Sold: 89% (as of March, 2010)
PSV: R$45mm                        PSV: R$42mm                       PSV: R$105mm
Delivery Date: March, 2010         Delivery Date: February, 2010     Delivery Date: May, 2010



                                                                                                       8
Project Conclusions



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


            Delivery Schedule: PSV (R$mm)                                                          Delivery Schedule: Units
 15 projects (77% of Launched)                                                  5.321 Units
                          461                                                                           3,875

                         102

     322


     117
                                           187                                                          88%
                                                                                  1,446                                       1,344
                         359
                                            45

     204                                                      42
                                           142                                    97%                                                                 300
                                                              6                                                               61%
                                                              36                                                                                     95%

Delivered: from    To be Delivered    To be Delivered   To be Delivered   Delivered: from 2008 to To be Delivered 2010 To be Delivered 2011   To be Delivered 2012
 2008 to 1T10           2010               2011              2012                  1T10
                          CR2        Partners                                                                Sold     Inventory




                                                                                                                                                       9
Residential Land Bank

   100% of land bank in the economy segment
                                                                         Average Price                 Total PSV CR2's PSV
           Development                   City (State)        Segment                       Units                           % CR2
                                                                           (R$ 000)                    (R$ MM) (R$ MM)
       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 Village (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%



   0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and in
process of approval by CEF
                                                                                Average Price                       Total PSV CR2's PSV
           Development                      City (State)        Segment                             Units                               % CR2
                                                                                  (R$ 000)                          (R$ MM) (R$ MM)

       Sta. Cecília – 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%



                                                                                                                                          10
Commercial Land Bank


   Barrartes and Warehouse projects: positively affected by the choice of Rio as the site of the
Olympic Games
                                                                  M2        Average Total PSV CR2's
       Development            City (State)        Segment                                             % CR2
                                                               (buildable    Price  (R$ MM) PSV
         Barrartes          Rio de Janeiro (RJ)   Commercial     45,000      7,500    337.5   236.3   70%
      Warehouse ABEAR       Rio de Janeiro (RJ)   Commercial     64,000      4,500    288.0   201.6   70%
        Niterói Plaza          Niterói (RJ)       Commercial     6,500       7,000     45.5   31.9    70%

           Total                                                115,500      5,810    671.0   469.7   70%




                                                                                                        11
Income Statement

                     Net Revenue (R$mm)                              Gross Profit (R$mm) and Gross Margin
                                      101.357     101.557                                        25.062     25.223

                                                                                     21,8%
                                                            18,8%       19,4%                     24,7%     24,8%
                            75.223
            71.837

                                                                                    16.363

 51.682                                                                13.962

                                                            9.732




  1Q09       2Q09           3Q09          4Q09     1Q10     1Q09        2Q09         3Q09         4Q09      1Q10




          EBITDA (R$mm) and EBITDA Margin                              Net Profit (R$mm) and Net Margin
                                                   17,8%                                                    7,160
                                          15,4%
                                                                                      6,7%        5,2%       7,1%
            10,8%           9,7%                             2,5%        4,9%
 4,4%                                              18.094
                                      15.643                                                      5,253
                                                                                     5,005



            7.781           7.284
                                                                        3,552


                                                             1,286
 2.268



 1Q09       2Q09            3Q09          4Q09     1Q10      1Q09        2Q09        3Q09         4Q09      1Q10


                                                                                                            12
Revenues and Results to be Recognized




  Revenues to be Recognized of R$186.3mm
  Results to be Recognized of R$55.4mm (margin of 29.8%)

  Revenues and Results to be Recognized (R$ 000)    1Q10      1Q09     ∆1Q/1Q       4Q09     ∆1Q/4Q
  Revenues to be Recognized                        186,255   284,746    -35%       201,421    -8%
  Cost of Units Sold to be Recognized              130,834   193,016    -32%       142,150    -8%
  Results to be Recognized                         55,421    91,730     -40%       59,271     -6%
  Margin to be Recognized                          29.8%     32.2%     -2.5 p.p.   29.4%     0.3 p.p.




                                                                                                        13
Balance Sheet - Liquidity

                                           ...and improved debt profile.
                                                                                           179,4           187,6

                                                                                                   37,9%           36,8%
                                                                           141,8
                                                                                                                              SFH
                                                           119,5                   28,0%                   117,9
 Stronger cash position....                 87,6
                                                                   22,7%                   131,7                              Corporate Debt

                                                   13,0%                   117,3
                                                           94,8                                                               Net Debt/Equity
            Cash (R$mm)                     68,5
                                                                                                                   6,4%       (ex-SFH)
                                                                                                   3,2%                       Net Debt/Equity
                        +R$10,0mm   45,4                                                                   69,7
                                                                                   -3,1%   47,7                               (including SFH)
 39,0                                       19,1 -5,3%     24,7 -2,5%      24,5
         34,0    36,1     35,4
                                           1Q09            2Q09            3Q09            4Q09            1Q10

                                                                                           179,4           187,6


                                                                           141,8                                   40%
                                                                                           58,0    32%     74,8
                                                           119,5           17,9 13%

1Q09    2Q09     3Q09     4Q09      1Q10                   29,9 25%                                                        Long Term Debt
                                            87,6
                                                                                                                           Short Term Debt
                                            29,7   34%                                                                     % Long Term Debt
                                                                           123,9           121,4           112,9
                                                           89,6
                                            57,9



                                           1Q09            2Q09            3Q09            4Q09            1Q10




                                                                                                                                    14
Balance Sheet – Receivables from Clients
                                                                                             Total Receivables (R$ 000)
                                                                70% of portfolio             Projects Delivery Forecast
                                                                                             39,046
                                                                                               8%      102,839
                                                                                                         20%
                                                                                   108,313                            Performed
                                                                                     21%                              Receivables
                                                                                                                      2010
On/Off Balance Receivables (R$ 000)                    1Q10      4Q09
Receivables from Real Estate Developments and Sales                                                                   2011
                                                                                                      261,217
Short Term                                            147.984   155.432
                                                                                                        51%
Long Term                                             213.955   183.642                                               2012
(+) Total                                             361.939   339.074

Receivables to be Recognized
Short Term                                            61.115    73.823                   Total Receivables (R$ 000)
Long Term                                             88.360    87.221                         Financing Bank
(+) Total                                             149.475   161.044

Short Term Total                                      209.099   229.255
Long Term Total                                       302.315   270.863
                                                                                                                     CEF
(=) Total Receivables                                 511.414   500.118                                  204,119
                                                                                                           40%       Private Banks
                                                                                   307,295
                                                                                     60%
                                                                                                                    Credits to be
                                                                                                                   tranferred during
                                                                                                                      construction

                                                                                                                                     15
Balance Sheet – CEF Relationship

      CEF Status:
            1,591 credits transferred, equivalent to R$138.9mm of PSV on mortgages
            R$91.5mm cash disbursed by CEF
            Accounts Receivable from CEF: R$47.4mm
            Another 632 units contracted in 2Q10, for a total of 3,227 units

       Disbursements x Receivables from CEF                                                    Contracted Units x Credits Transferred
                      (R$mm)                                              47.4                                                                                      3,227
                                                      43.2
                                                                                                      2,595           2,595           2,595            2,595

                                     29.7
                                               26.1
                              22.9                                 23.5                                                                             1,591
                                                                                                                                    1,274
                                                                                                                     967
                                                                                                                                              61%
                9.8                                                                      630
8.7                   8.8                                                                                                     49%
      7.5                                                                                            495    37%
                                                                                       174     19%
                                                                                 28%

  1Q09           2Q09             3Q09            4Q09              1Q10               1Q09          2Q09            3Q09            4Q09            1Q10

            Disbursements R$000      Receivables (balance) R$000
                                                                                         Credits tranferred to CEF            Units contracted by CEF          % Transferred
                                                                                                                                                               16
IR Contact


Investor Relations
Rogério Furtado
Chief Financial and Investor Relations Officer

Paulo Castro
Financial and IR Analyst

Contact:
www.cr2.com.br/ir
ri@cr2.com.br
Phone: +55 (21) 3095-4600 / 3031-4600
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.



                                                                                                                                                                  17

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1 q10 presentation

  • 1. 1Q10 Results May 17, 2010
  • 2. Highlights Contracted sales of R$76.7mm (%CR2 R$58.4mm) in 1Q10, 220% higher than R$24.0mm (%CR2 R$19.0mm) in 1Q09. Revenues to be recognized of R$186.3mm and results to be recognized of R$55.4mm, with a margin to be recognized of 29.8%. CEF Track record (“Crédito Associativo”): R$91,5mm in cumulative disbursements from CEF (R$23,5mm in 1Q10) 2.595 contracted units 1.591 credits transferred (61% of the total) Another 632 units approved in 2Q10, for a total of 3.227 contracetd units Performed receivables and those from projects with delivery scheduled for 2010 totaling R$364.1mm (71% of the portfolio). Reiteration of the 2010 PSV launch Guidance of R$400mm. 2
  • 3. Highlights 101,6 25,2 97% 159% 51,7 9,7 1Q09 1Q10 1Q09 1Q10 Net Revenue Gross Profit 18,1 7,2 (EPS R$ 0,16) 457% 698% 1,3 (EPS R$ 0,03) 2,3 1Q09 1Q10 1Q09 1Q10 EBITDA Net Profit 3
  • 4. Contracted Sales Total and %CR2 Contracted Sales (R$mm) %CR2 Contracted Sales by Region (R$mm) 80,4 61,9 76,7 58,4 18,5 18,3 46,7 38,1 62% 34,6 39,4 67% 37,2 28,0 12,1 24,0 9,2 61,9 19,1 58,4 29,9 86% 4,9 25,4 91% 34,6 23,7 28,0 15,0 79% 19,1 19,0 4,1 4,7 2,6 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 CR2 Partners Metropolitan Area of SP Capital and Metropolitan Area of RJ %RJ 4
  • 5. Contracted Sales %CR2 Contracted Sales by Average Price Average Price Units Sold (R$) (R$mm) 168,923 61.9 152,316 152,229 58.4 4.4 3.3 120,788 123,890 34.6 28.0 36.9 4.7 28.0 19.1 7.9 2.9 5.8 0.3 4.4 27.1 46% 22.0 64% 19.3 69% 20.5 33% 14.4 75% 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 < R$130 k R$131 k - R$350 k R$351 k - R$500 k % < R$130 k 5
  • 6. Inventory at Market Value and SoS Inventory at the Contracted Contracted Sales Inventory's Period Launches Inventory at the Beginning of Sales SoS from Launches in Contracted (R$ mm) (CR2's share) End of Period Period (CR2's share) the Period 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 3Q09 183.8 0.0 28.0 155.8 15.2% 0.0 28.0 4Q09 155.8 56.7 61.9 150.5 29.1% 31.5 30.4 1Q10 173,4* 0.0 58.4 115.0 33,7%* 0.0 58.4 SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)] * After price adjustment 30% of Shareholders’ Equity 6
  • 7. Inventory at Market Value and SoS Inventory at Market Value Inventory at Market Value Inventory at Market Value Construction Status Average Price Region 7% 5% 23% 18% Capital and Metropolitan 19% > R$130k Area of RJ Under Construction R$131k - R$350k Metropolitan Area of SP Construction not Started R$351k - R$500k Completed 74% 77% 77% 100% of inventory available for SFH 7
  • 8. Project Conclusions R$87mm of PSV delivered in 1Q10.... ...and another R$105mm in 2Q10. Project: Villaggio del Mare Project: Barra Allegro Project: Verano II Location: Barra da Tijuca (RJ) Location: Barra da Tijuca (RJ) Location: Barra da Tijuca (RJ) # Units: 120 # Units: 144 # Units: 346 % Sold: 98% (as of March, 2010) % Sold: 98% (as of March, 2010) % Sold: 89% (as of March, 2010) PSV: R$45mm PSV: R$42mm PSV: R$105mm Delivery Date: March, 2010 Delivery Date: February, 2010 Delivery Date: May, 2010 8
  • 9. Project Conclusions We intend to reach the end of 2010 with R$782.8mm of PSV delivered, 77% of the total launched Delivery Schedule: PSV (R$mm) Delivery Schedule: Units 15 projects (77% of Launched) 5.321 Units 461 3,875 102 322 117 187 88% 1,446 1,344 359 45 204 42 142 97% 300 6 61% 36 95% Delivered: from To be Delivered To be Delivered To be Delivered Delivered: from 2008 to To be Delivered 2010 To be Delivered 2011 To be Delivered 2012 2008 to 1T10 2010 2011 2012 1T10 CR2 Partners Sold Inventory 9
  • 10. Residential Land Bank 100% of land bank in the economy segment Average Price Total PSV CR2's PSV Development City (State) Segment Units % CR2 (R$ 000) (R$ MM) (R$ MM) 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 Village (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% 0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and in process of approval by CEF Average Price Total PSV CR2's PSV Development City (State) Segment Units % CR2 (R$ 000) (R$ MM) (R$ MM) Sta. Cecília – 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% 10
  • 11. Commercial Land Bank Barrartes and Warehouse projects: positively affected by the choice of Rio as the site of the Olympic Games M2 Average Total PSV CR2's Development City (State) Segment % CR2 (buildable Price (R$ MM) PSV Barrartes Rio de Janeiro (RJ) Commercial 45,000 7,500 337.5 236.3 70% Warehouse ABEAR Rio de Janeiro (RJ) Commercial 64,000 4,500 288.0 201.6 70% Niterói Plaza Niterói (RJ) Commercial 6,500 7,000 45.5 31.9 70% Total 115,500 5,810 671.0 469.7 70% 11
  • 12. Income Statement Net Revenue (R$mm) Gross Profit (R$mm) and Gross Margin 101.357 101.557 25.062 25.223 21,8% 18,8% 19,4% 24,7% 24,8% 75.223 71.837 16.363 51.682 13.962 9.732 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 EBITDA (R$mm) and EBITDA Margin Net Profit (R$mm) and Net Margin 17,8% 7,160 15,4% 6,7% 5,2% 7,1% 10,8% 9,7% 2,5% 4,9% 4,4% 18.094 15.643 5,253 5,005 7.781 7.284 3,552 1,286 2.268 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 12
  • 13. Revenues and Results to be Recognized Revenues to be Recognized of R$186.3mm Results to be Recognized of R$55.4mm (margin of 29.8%) Revenues and Results to be Recognized (R$ 000) 1Q10 1Q09 ∆1Q/1Q 4Q09 ∆1Q/4Q Revenues to be Recognized 186,255 284,746 -35% 201,421 -8% Cost of Units Sold to be Recognized 130,834 193,016 -32% 142,150 -8% Results to be Recognized 55,421 91,730 -40% 59,271 -6% Margin to be Recognized 29.8% 32.2% -2.5 p.p. 29.4% 0.3 p.p. 13
  • 14. Balance Sheet - Liquidity ...and improved debt profile. 179,4 187,6 37,9% 36,8% 141,8 SFH 119,5 28,0% 117,9 Stronger cash position.... 87,6 22,7% 131,7 Corporate Debt 13,0% 117,3 94,8 Net Debt/Equity Cash (R$mm) 68,5 6,4% (ex-SFH) 3,2% Net Debt/Equity +R$10,0mm 45,4 69,7 -3,1% 47,7 (including SFH) 39,0 19,1 -5,3% 24,7 -2,5% 24,5 34,0 36,1 35,4 1Q09 2Q09 3Q09 4Q09 1Q10 179,4 187,6 141,8 40% 58,0 32% 74,8 119,5 17,9 13% 1Q09 2Q09 3Q09 4Q09 1Q10 29,9 25% Long Term Debt 87,6 Short Term Debt 29,7 34% % Long Term Debt 123,9 121,4 112,9 89,6 57,9 1Q09 2Q09 3Q09 4Q09 1Q10 14
  • 15. Balance Sheet – Receivables from Clients Total Receivables (R$ 000) 70% of portfolio Projects Delivery Forecast 39,046 8% 102,839 20% 108,313 Performed 21% Receivables 2010 On/Off Balance Receivables (R$ 000) 1Q10 4Q09 Receivables from Real Estate Developments and Sales 2011 261,217 Short Term 147.984 155.432 51% Long Term 213.955 183.642 2012 (+) Total 361.939 339.074 Receivables to be Recognized Short Term 61.115 73.823 Total Receivables (R$ 000) Long Term 88.360 87.221 Financing Bank (+) Total 149.475 161.044 Short Term Total 209.099 229.255 Long Term Total 302.315 270.863 CEF (=) Total Receivables 511.414 500.118 204,119 40% Private Banks 307,295 60% Credits to be tranferred during construction 15
  • 16. Balance Sheet – CEF Relationship CEF Status: 1,591 credits transferred, equivalent to R$138.9mm of PSV on mortgages R$91.5mm cash disbursed by CEF Accounts Receivable from CEF: R$47.4mm Another 632 units contracted in 2Q10, for a total of 3,227 units Disbursements x Receivables from CEF Contracted Units x Credits Transferred (R$mm) 47.4 3,227 43.2 2,595 2,595 2,595 2,595 29.7 26.1 22.9 23.5 1,591 1,274 967 61% 9.8 630 8.7 8.8 49% 7.5 495 37% 174 19% 28% 1Q09 2Q09 3Q09 4Q09 1Q10 1Q09 2Q09 3Q09 4Q09 1Q10 Disbursements R$000 Receivables (balance) R$000 Credits tranferred to CEF Units contracted by CEF % Transferred 16
  • 17. IR Contact Investor Relations Rogério Furtado Chief Financial and Investor Relations Officer Paulo Castro Financial and IR Analyst Contact: www.cr2.com.br/ir ri@cr2.com.br Phone: +55 (21) 3095-4600 / 3031-4600 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. 17