CR2 held a 2Q08 conference call to discuss financial results and business updates. Key highlights included: - Total launches of R$217.6 million with a focus on the low-income segment. - Contracted sales of R$221 million, with a sales speed of 72.3% for 1H08 launches. - Net revenues increased 662% year-over-year to R$85 million. - Net profit increased 510% year-over-year to R$28 million. - The company has an extensive land bank that will support future launches. - Operating expenses declined as a percentage of revenues and launches compared to prior periods.

1. 2Q08 Conference Call
2Q08 Launches
Top Life Itamaraty Villagio do Campo Premium Campo Grande
August 15th, 2008

2. 1H08 Highlights
Total Launches of R$218 million, CR2’s share of R$179 million
2,309 launched units being 2,113 in low income segment.
Total Contracted Sales of R$221 million, CR2’s share of R$172 million
Contracted Sales of 1H08’s launches: R$157 million
Sales Speed of 72.3%
Sales over Total Offer of 30.5%
1,948 sold units being 1,545 in low income segment.
Net Revenues: R$85 million +662% year over year (y-o-y).
Net Profit: R$28 million +510% y-o-y. Net Margin of 33%
Revenues to be recognized: R$332 million and margin to be recognized of 29.6%.
CR2 sold its participation in CR2 Shoppings for R$16 million
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3. Recent Events
Creation of in-house brokerage office: DaCasa Consultoria Imobiliária.
Further expansion to São Paulo metropolitan area with two developments launched at
the end of July:
Top Life Park: 200 units launched with an average price of R$124 thousand (low
income) in Santo André (SP), with a total PSV of R$25 million. Until now, 187 units
were sold.
Acqua Park: we launched 747 units with an average price of $89 thousand (low
income) in Guarulhos (SP), with a total PSV of R$67 million. Until now, 97 units were
sold.
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4. Launches
Total launches of R$217.6 million, CR2’s share R$179.3 million
6 developments launched with 2,309 units +319% y-o-y
Launched PSV – R$ million
217.6
15%
188.6 38.3
155.0
23.8 80.1
163%
179.3
58.9
131.2
108.5
28.2
30.7
2T07
2Q07 2T08
2Q08 1S07
1H07 1S08
1H08
CR2 Parceiros
Partnerships
4

5. Launches per Segment
Focus on low-income segment
Launched PSV
(R$ million)
217.6
188.6 21%
170.9 Econômico
Economic
Middle Renda
Média Income
46.7
79%
1S07
1H07 1S08
1H08
5

6. Launches
Focus on low-income segment
R$ thousand per unit
700 R$ / m2 3.500
3,069
600 3.000
2,743
2,563
500 2.500
400 378 1,822 2.000
1,716
300 1.500
261
200 183 1.000
90 96
100 500
0 0
2Q07
2T07 3Q07
3T07 4Q07
4T07 1Q08
1T08 2Q08
2T08
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7. Contracted Sales
Total Contracted Sales of R$221 million, R$172 million CR2’s share
221.1
183.9 48.9
41.6 158%
456%
85.6
172.2
144.4 35.6
33.1
14.6 50.0
18.5
2T07 2T08 1H07
1S07 1H08
1S08
2Q07 2Q08
CR2 Parceiros
Partnerships
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8. 1H08 Sales Speed
R$ thousand
1H08 Launches (A): 217,603
Sales of 1H08 Launches (B): 157,362
1H08 Sales Speed (B/A): 72.3%
Sales of Launches
(R$ millions)
72.3%
217.6
157.4
Lançamentos do 1S08
1H08 Launches Vendas Sales of 1H08 Launches
Contratadas de Lançamentos do
1S08
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9. Results to be Recognized
(R$’000) 2Q08 1Q08 Var. 2Q07 Var.
Revenues to be Recognized 331,852 209,752 58% 92,663 258%
Cost to be Recognized (233,694) (150,543) 55% (65,637) 256%
Results to be Recognized 98,158 59,209 66% 27,026 263%
Margin to be Recognized - Backlog Margin 29.6% 28.2% 1.4 p.p 29.2% 0.4 p.p.
Margin to be Recognized
29.6%
29.2% 29.0%
28.2%
27.6%
2Q07
2T07 3Q07
3T07 4Q07
4T07 1Q08
1T08 2Q08
2T08
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10. Land bank
Total PSV CR2 PSV
Development Location Units Segment Launch Date % CR2
(R$ million) (R$ million)
Mirante Bonsucesso Guarulhos (SP) 368 Low Income Launched 1Q08 28 86% 25
Residencial Via Parque Caxias (RJ) 99 Low Income Launched 1Q08 5 66% 3
Felicittá Rio de Janeiro (RJ) 230 Low Income Launched 1Q08 29 70% 20
Top Life Itamaraty Santo André (SP) 417 Low Income Launched 2Q08 43 86% 37
Res. Premium Cpo. Grande Rio de Janeiro (RJ) 196 Middle Income Launched 2Q08 45 90% 41
Villagio do Campo Rio de Janeiro (RJ) 999 Low Income Launched 2Q08 61 80% 49
Acqua Park - Água Chata Guarulhos (SP) 747 Low Income Launched 3Q08 67 86% 57
Top Life Park - Juquiá Santo André (SP) 200 Low Income Launched 3Q08 25 86% 22
Jardim Paradiso – N. Iguaçu Nova Iguaçu (RJ) 1,817 Low Income to launch 120 93% 112
Colônia Paraíso S. J. Campos (SP) 392 Low Income to launch 32 86% 27
Sta. Cecília – Madureira I Nova Iguaçu (RJ) 1,613 Low Income to launch 80 70% 56
Javri Santo André (SP) 190 Middle Income to launch 33 86% 28
Pinheiro Guimarães Rio de Janeiro (RJ) 128 Middle Income to launch 49 70% 34
Barrartes Rio de Janeiro (RJ) 507 Comercial to launch 120 70% 84
Splendore Valqueire II Rio de Janeiro (RJ) 160 Middle Income to launch 25 80% 20
Warehouse ABEAR Rio de Janeiro (RJ) 389 Commercial to launch 230 70% 161
Cidade da Barra Rio de Janeiro (RJ) n.d. Commercial to launch 1,200 25% 300
Manaú 2 Guarulhos (SP) 420 Low Income to launch 34 86% 29
Pq. das Águas III São Gonçalo (RJ) 492 Middle Income to launch 84 80% 67
Pq. das Águas IV São Gonçalo (RJ) 942 Middle Income to launch 84 80% 67
Sta. Cecília – Madureira II Nova Iguaçu (RJ) 1,612 Low Income to launch 80 70% 56
Nova Iguaçu II, III e IV Nova Iguaçu (RJ) 30,183 Low Income to launch 2,341 100% 2,341
Total already launched in 2008 3,256 303 84% 254
Total to launch 38,845 4,512 75% 3,399
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11. Land bank to launch
Total PSV CR2 %PSV Potencial Units % land cost
Segment
(R$ million) (R$ million) 100% Physical swap Financial swap Cash
Low Income 2,687 2,638 36,037 0% 91% 9%
Middle 275 216 1,912 25% 0% 75%
Commercial 1,550 545 896 42% 0% 58%
TOTAL 4,512 3,399 38,845 13% 58% 29%
Land Bank a Lançar –– Total PSV
Land Bank to launch VGV Total
34%
Low Income
Econômico
Média Income
Middle
Comercial
Commercial
60%
6%
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12. 1H08 Operating Highlights
R$ thousand
1H07 Net Income 1H07 Gross Profit
Lucro Bruto (R$ mil)
25.5%
19.5%
85,104
21,686
2,175
11,166
1S07
1H07 1S08
1H08
1S07
1H07 1S08
1H08
Gross Margin
1H07 EBITDA Net Profit before minority interest
43.1%
37.5%
23,893 31,844
-4,428 4,816
1S07 1S08 1H07
1S07 1H08
1S08
1H08
1H07
Net Margin before minority interest 12

13. 1H08 Operanting Expenses
Expenses (R$’000) 2Q08 1Q08 Var. 1H08 1H07 Var.
General and Administrative 4,970 3,949 26% 8,919 2,355 279%
G&A / Revenues 8.4% 15.4% -7.0 p.p. 10.5% 21.1% -10.6 p.p.
G&A / Launches 3.2% 6.3% -3.1 p.p. 4.1% 1.2% 2.9 p.p.
G&A / Sales 2.7% 10.6% -7.9 p.p. 4.0% 2.7% 1.3 p.p.
Sales Expenses 2,720 1,361 100% 4,081 2,871 42%
Sale Expenses / Revenues 4.6% 5.3% -0.7 p.p. 4.8% 25.7% -20.9 p.p.
Sale Expenses / Launches 1.8% 2.2% -0.4 p.p. 1.9% 1.5% 0.4 p.p.
Sale Expenses / Sales 1.5% 3.7% -2.2 p.p. 1.8% 3.4% -1.6 p.p.
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14. Cash Position
Cash (R$ millions)
IPO R$
307mm
282.8 273.8
238.7
178.4
133.6
51.4 49.7
2006
2006 1Q07
1T07 2Q07
2T07 3Q07
3T07 4Q07
4T07 1Q08
1T08 2Q08
2T08
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15. Investor Relations
Rogério Furtado
Financial Director and IR
Daniel Magno
IR Manager
www.cr2.com.br/ri
tel:+55 (21) 3095-4600
+55 (21) 3031-4600
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16. Disclaimer
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.
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