CR2 had a strong year in 2007 with total launches of R$773 million, up 1,289% from 2006. The company focused on the low to mid-income housing segments. Notable projects included Splendore Valqueire, a partnership with Unibanco, and Parque das Águas. For 4Q07, CR2 had launches of R$463.5 million, with contracted sales of R$85.3 million. The company has a large landbank of R$4.724 billion for future projects. Guidance for 2008 includes CR2 launches of R$1.2 billion and a continued focus on the low-income housing segment.

1. 4Q07 Earnings Release4Q07 Earnings Release
March 13th, 2008

2. Sector’s overview and CR2
Real Estate Sector had a strong increase with the return of long-term mortgages,
encouraged by the stable macro-economic climate, decline in interest rates, higherg y , , g
income levels and better legal framework related to mortgage
Apr/07: IPO funding of R$ 307 million (Bovespa: CRDE3)
77% of the CR2’s landbank of R$ 3.6 billion focused on low income segment;
R$ 2.5 billion guarantee with a signed agreement with the Caixa Econômica
Federal
Expansion to São Paulo Metropolitan area with focus on low income segment;
In partnership with Unibanco we developed an individualized mortgage to
homebuyers:
bring the client to the bank immediately from the beginning of sales
transaction
improves the projects cash flowimproves the projects cash flow
1

3. Highlights 2007
Total Launches amounted to R$ 773 million, CR2’s share R$ 535 million
increase of 1,289% and 1,500% over 2006, respectively, % , % , p y
Launch of 6 developments: 4,068 units
Increase of 1,595% over 2006
Entrance in the Mid-Low Income segment (average price of units ranging from R$
120,000 to R$ 200,000).
Launched PSV CR2 (R$ million)
Total Launches PSV
(R$ million)
534 9
350.4
773 5
463.5
534.9
77 8
30.7
76.1
55 7
773.5
129.7
58.9
121.5
2006 1Q07 2Q07 3Q07 4Q07 2007
33.4
77.8
2006 1Q07 2Q07 3Q07 4Q07 2007
55.7
2

4. Launches 2007
Splendore Valqueire
Development with Unibanco of a new type of mortgage – individualized
mortgageg g
Mid-Low Income segment
1st Phase: Accumulated sales of 90%
2nd Phase: 3 towers with 160 units in 2Q08
Total potential PSV of R$ 25 million
3

5. Launches 2007
Parque das Águasq g
Localization: Alcântara in São Gonçalo (RJ)
Mid L I tMid-Low Income segment
Total PSV: R$ 509 million
In just two weeks, more than 350 units were sold
4

6. Highlights 2007
Total Contracted Sales of R$ 221.7 million and CR2’s share of R$ 141.6 million, more
than 1,100 units sold
Net Revenue reached R$ 39.8 million
G&A Expenses: R$ 8 million
Selling Expenses: R$ 5 8 millionSelling Expenses: R$ 5.8 million
Brokerage Expenses: R$ 2.3 million were booked as soon as they were incurred
Net Income, adjusted by IPO expenses, increased 1,110% to R$17.9 million
Revenues to be recognized of R$199.3 million and Results to be recognized of R$55
million
5

7. Landbank
Total PSV CR2 PSV
R$ MM R$ MM
Duque de Caxias Caxias (RJ) Low Income 1Q08 5 66% 3
% CR2Development Localization Segment Launching
Duque de Caxias Caxias (RJ) Low Income 1Q08 5 66% 3
Mirante Bonsucesso Guarulhos (SP) Low Income 1Q08 28 86% 24
Henrique Costa Jacarepaguá (RJ) Mid-Low 1Q08 29 70% 20
Residencial Itamarati Santo André (SP) Mid-Low 2Q08 42 86% 36
Campo Grande I Cpo. Grande (RJ) Mid-Low 2Q08 45 90% 41
Nova Iguaçu I Nova Iguaçu (RJ) Low Income 2Q08 120 93% 112
Estrada do Campinho Cpo. Grande (RJ) Low Income 2Q08 61 80% 49
Splendore Valqueire II Valqueire (RJ) Mid-Low 2Q08 25 80% 20
Água Chata Guarulhos (SP) Low Income 2Q08 67 86% 57
Warehouse ABEAR Barra da Tijuca (RJ) Commercial 3Q08 230 70% 161j ( )
Estrada do Madureira I Nova Iguaçu (RJ) Low Income 3Q08 80 70% 56
Juquiá Santo André (SP) Low Income 3Q08 25 86% 22
Lote B-3 Barra da Tijuca (RJ) Middle 3Q08 58 60% 35
Parque das Águas III e IV Alcântara (RJ) Mid-Low 4Q08 168 80% 134
Estrada do Madureira II Nova Iguaçu (RJ) Low Income 4Q08 80 70% 56Estrada do Madureira II Nova Iguaçu (RJ) Low Income 4Q08 80 70% 56
Barrantes Barra da Tijuca (RJ) Commercial 4Q08 120 70% 84
Cidade da Barra Barra da Tijuca (RJ) Commercial 4Q08 1,200 25% 300
Nova Iguaçu II, III e IV Nova Iguaçu (RJ) Low Income From 2008 on 2.341 100% 2.341
1Q08 62 76% 47
2Q08 360 88% 315
3Q08 393 70% 274
4Q08 1.568 37% 574
2008 Total PSV 2.383 51% 1.210
Total PSV from 2009 on 2 341 100% 2 341
6
Total PSV from 2009 on 2.341 100% 2.341
Total Landbank to be Launched 4.724 75% 3.551

8. Highlights 4T07 and
2008 Guidance
Total launches of R$ 463.5 million, CR2’s share of R$ 350 million, representing
60% and 65% of 2007 total launches respectively;60% and 65% of 2007 total launches, respectively;
Launch of 4 developments: 3,051 units;
Contracted Sales of R$ 85.3 million, CR2’s share of R$ 59.2 million;
Net Operating Revenue: R$ 19.4 million;
Net Income: R$ 7 million;
Positive Net Cash Position: R$ 238 7 million;Positive Net Cash Position: R$ 238.7 million;
Guaranteed funding for 2008 launches;
Guidance of 2008 launches;
CR2’s PSV of R$ 1.2 billion.
7

9. IR Contact
R é i F t dRogério Furtado
CFO and IR Officer
e-mail: rogerio@cr2.com.brg @
Daniel Magno
IR MIR Manager
e-mail: dmagno@cr2.com.br
www.cr2.com.br/ir
phone: +55 (21) 3095-4600

10. Disclaimer
This release contains forward looking statements relating to the prospects of theThis release contains forward-looking statements relating to the prospects of the
business, estimates for operating and financial results, and those related to growth
prospects of the Company. These are merely projections and, as such, are based
exclusively on the expectations of the Company’s management concerning the futurey p p y g g
of the business and its continued access to capital to fund its business plan.
Such forward-looking statements depend, substantially, on changes in market
conditions, government regulations, competitive pressures, the performance of the
Brazilian economy and the industry, among other factors and risks disclosed in the
Company’s filed disclosure documents and are therefore subject to change withoutCompany s filed disclosure documents and are, therefore, subject to change without
prior notice.