2. Recent Events
Launches: 2 projects, for a total PSV of R$126mm (%CR2 R$112mm)
Project: Jardim Paradiso IIB-III Project: Splendore Valqueire II
Location: Nova IguaƧu (RJ) Location: Vila Valqueire (RJ)
PSV: R$89mm (%CR2 R$82mm) PSV: R$37mm (%CR2 R$30mm)
# Units: 963 # Units: 160
Income Segment: Economy Income Segment: Economy
R$/unit: R$92 thousand R$/unit: R$231 thousand
3Q10 2
3. Recent Events
Debenture Issuance
Total Amount: R$ 60 million
Interest: Brazilian Interbank Rate (CDI) + 2,5% p.a.
Maturity Rate: November 05, 2013 (3 years)
Amortization Schedule of Principal: 3 installments every semester starting on November 05, 2012
Interest Payment: Every semester, starting on May 05, 2011
Coordinators: BB Banco de Investimento S.A. (Leader) e Bradesco BBI S.A.
Settlement Date: November 12, 2010
3Q10 3
5. Contracted Sales
Total and %CR2 Contracted Sales (R$mm) Total Contracted Sales by Region (R$mm)
142,9
143,2
32%
33,7
107,9 107,9
26,2
107,0 75%
94,6 88%
109,2
37,2 37,2
26,3 81,7 26,5
9,2
7,0 34,2 92%
28,0 19,3 73% 35,9
19,3 13,2
3,0 7,0
3Q09 3Q10 9M09 9M10 3Q09 3Q10 9M09 9M10
CR2 Partners Metropolitan Area of SP Capital and Metropolitan Area of RJ RJ
Total Contracted Sales by Average Price (R$mm)
Average Price of Units Sold (R$)
143,2
10,5
178.713 107,9
147.931 13,3 59,1
123.890 130.156
28,6
37,2
4,9 26,5 73,3 51%
66,0 61%
9,4 1,7
11,4
22,9 62%
13,2 50%
3Q09 3Q10 9M09 9M10 3Q09 3Q10 9M09 9M10
< R$130 k R$131 k - R$350 k R$351 k - R$500 k % < R$130 k
3Q10 5
6. Inventory at Market Value and SoS
Contracted Sales Inventory's
Period Inventory at the Launches Contracted Sales Inventory at the
SoS from Launches in Contracted
(R$ mm) Beginning of Period (CR2's share) (CR2's share) End of Period
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
2Q10 120.3* 0,0 31,5 88,9 26,1%* 0,0 31,5
3Q10 101,6* 0,0 19,3 82,3 19,0%* 0,0 19,5
SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]
* After price adjustment
21% of Shareholderās Equity
3Q10 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
5%
13%
23%
20%
Under Construction > R$130k Capital and Metropolitan
17% Area of RJ
R$131k - R$350k
Construction not
Started Metropolitan Area of SP
R$351k - R$500k
70% Completed
75% 77%
100% of inventory
available for SFH
3Q10 7
8. Project Conclusion
Total PSV of R$38.2mm delivered in 3Q10 (R$230.0mm in 9M10)
Project: Jardim Paradiso 1 ā Lotes 1 a 4 (58% of the total) Project: Villagio do Campo - Lote 2 (26% of the total)
Location: Nova IguaƧu (RJ) Location: Campo Grande (RJ)
# Units: 308 # Units: 262
Income Segment: Economy Income Segment: Economy
% Sold: 98% % Sold: 94%
PSV: R$21.2mm (%CR2 R$19.7mm) PSV: R$17.0mm (%CR2 R$ 13.6mm)
3Q10 8
9. Project Conclusion
We intend to reach the end of 2010 with R$702.5mm of PSV delivered, 69% of the total launched
Delivery Schedule: PSV (R$mm) Delivery Schedule: Units
13 projects (69% of PSV Launched) 4.489 Units
2.362
459,3 2.127
98% 2.010
163,9
90%
243,2 252,0
90%
44,1 54,3
295,4
466
199,1 197,7 57,0
8,3
48,7 80%
Delivered: from 4Q10 2011 2012 Delivered: from 4Q10 2011 2012
2008 to 3Q10 2008 to 3Q10
CR2 Partners Sold Inventory
Total PSV CR2's PSV
Project Units
(R$mm) (R$mm)
FelicittĆ” 29,3 20,5 230
Jardim Paradiso I - Lotes 5 and 6 21,2 19,7 226
Parque das Ćguas 1A 97,7 78,1 738
Premium Cpo. Grande 47,0 42,3 196
Villagio do Campo - Lotes 3 to 5 48,0 38,4 737
Total 243,2 199,1 2.127
3Q10 9
10. Residential Land Bank
100% of land bank in the economy segment
Average Price Total PSV CR2's PSV
Project City (State) Segment Units % CR2
(R$'000) (R$mm) (R$mm)
Splendore Valqueire II Rio de Janeiro (RJ) Economy 231 160 37 29,6 80%
Jardim Paradiso IIB - III Nova IguaƧu (RJ) Economy 92 963 89 82,8 93%
Total Launched in 4Q10 112 1.123 126 112 89%
Top Life Village (ColĆ“nia ParaĆso) S. J. Campos (SP) Economy 87 392 34 29,3 86%
ManaĆŗ 2 Guarulhos (SP) Economy 86 420 36 31,1 86%
Pq. das Ćguas II SĆ£o GonƧalo (RJ) Economy 162 1.152 187 149,0 80%
Pq. das Ćguas III SĆ£o GonƧalo (RJ) Economy 171 492 84 67,2 80%
Pq. das Ćguas IV SĆ£o GonƧalo (RJ) Economy 89 942 84 67,2 80%
Cidade Paradiso Nova IguaƧu (RJ) Economy 72 30.183 2.180 2.180,0 100%
Total 78 33.581 2.605 2.524 97%
0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and in
process of approval by CEF
Average Price Total PSV CR2's PSV
Project City (State) Segment Units % CR2
(R$'000) (R$mm) (R$mm)
Sta. CecĆlia ā Madureira Nova IguaƧu (RJ) 0-3 minimum wage 49 3.780 185,2 185,2 100%
Total 49 3.780 185 185 100%
3Q10 10
11. Commercial Land Bank
2
Average Price Total PSV CR2's PSV
Project City (State) Segment Total Area (m ) 2 % CR2
(R$/m ) (R$mm) (R$mm)
Barrartes Rio de Janeiro (RJ) Commercial 25.000 10.000 250,0 175,0 70%
NiterĆ³i Plaza NiterĆ³i (RJ) Commercial 6.500 7.000 45,5 31,9 70%
Total 31.500 9.381 296 207 70%
3Q10 11
12. Revenues and Results to be Recognized
Revenues to be Recognized of R$111.6mm
Results to be Recognized of R$31.7mm (margin of 28.5%)
Revenues and Results to be Recognized (R$'000) 3Q10 3Q09 ā3Q/3Q 2Q10 ā3Q/2Q
Revenues to be Recognized 111.558 223.917 -50% 144.942 -23%
Cost of Units Sold to be Recognized 79.819 157.824 -49% 101.207 -21%
Results to be Recognized 31.739 66.093 -52% 43.735 -27%
Margin to be Recognized 28,5% 29,5% -1,1 p.p. 30,2% -1,7 p.p.
3Q10 12
14. Balance Sheet ā Receivables from Clients
R$240mm - 58% of portfolio Total Receivables (R$ 000)
Projects Delivery Forecast
19.389
5%
Performed
127.182 Receivables
On/Off Balance Receivables (R$ 000) 3Q10 2Q10 31% 2Q10
150.880
Receivables from Real Estate Developments and Sales
37%
Short Term 128.445 144.256 2011
Long Term 230.119 238.481
2012
(+) Total 358.564 382.737
112.083
Receivables to be Recognized 27%
Short Term 18.258 32.208
Long Term 32.711 53.246 Receivables (R$'000) Private
Total CEF
(+) Total 50.969 85.454 Delivery Forecast Banks
Short Term Total 146.703 176.464 Performed Receivables 127.182 100.768 26.479
Long Term Total 262.830 291.727 4Q10 112.083 63.665 48.377
2011 150.880 91.374 59.487
(=) Total Receivables 409.533 468.191
2012 19.389 - 19.383
Total 409.534 255.807 153.726
Projects delivered in 3Q10: R$25,2mm
3Q10 14
15. Balance Sheet ā CEF Relationship
3,227 units contracted = 8 projects with a total PSV of R$304.3mm
2,275 credits transferred, 327 of which in 3Q10
R$150.1mm in cumulative disbursements, R$24.4mm of which in 3Q10
Accounts Receivable from CEF as of 3Q10: R$82.1mm
Disbursements x Receivables from CEF Contracted Units x Credits Transferred
(R$mm) 82,1 3.227 3.227
72,5
2.595 2.595 2.595
2.275
1.948
47,4
43,2 1.591 60% 70%
1.274 61%
29,7
26,1 25,2 967
22,9 23,5 24,4 49%
37%
3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10
Disbursements R$mm Receivables (balance) R$mm
Credits Transferred to CEF Units Contracted by CEF %Transferred
3Q10 15