1) CR2 is a Brazilian real estate developer focused on low-income housing. They use partnerships and control projects from land acquisition through delivery. 2) In 1H07, CR2 launched $182M in projects, sold $105.6M in contracts, and recognized $11.6M in revenue. They also signed agreements for $2.5B in financing. 3) CR2 has a land bank of projects through 2019 totaling $5B in potential sales, most of which are low-income housing developments.

1. 2Q07 Conference Call
Speakers:
Rogério Furtado
g
CFO and IR Officer

2. Initial Public Offering
IPO on April 23, 2007 - Novo Mercado
Bovespa code : CRDE3
Total of 15,378,750 ordinary shares (ON)
IPO´s Proceeds of R$ 307.6 million
$
Funds raised will be used in the development and launch of new projects:
Residencials – R$ 229 million
Commercials – R$ 42.9 million
Shoppings Centers – R$ 14.3 million
Shareholder’s Structure pos IPO Free Float per Investor Type
(06/30/2007) (06/30/2007)

3. The Company
CR2 is a pure real estate developer.
Forming partnerships for each project particularly with local contractors and
project,
developers, seeking to draw on their specific expertise to complement the Company’s
project execution.
CR2 maintains control of the projects and decision making power in all stages from land
stages,
acquisition to project development, marketing strategies, launch, construction, financing
and delivery.
CR2 created and implemented a unique business model focused exclusively on real estate
development and based on project-specific partnerships managed and controlled by the
Company
Focused on low income segment:
low-income
Products tailored, since this segment has been the most poorly assisted over the last
decades, without credit access and less benefited by the economic growth.
Business model based on two strategies:
partnerships with real estate players;
strong risk management

4. Portfolio Segments
Middle Income Mid-Low Income Low Income
- 4 projects - total VGV of R$465 - 4 projects – total VGV of
j l f
million R$580 million - 2 projects – total VGV of
R$2,615 million
- Main Project: Verano - Main Project: Alcântara
- Partnership with CEF for
- Total VGV of R$290 million with - Total VGV of R$470 million financing potential buyers up
890 units with 4.3 thousand units to 2.5 billion.
launched on 4Q07 with launches
- First phase: Launched 395 units (1stt and 2nd phases) iin 4Q07
d d h ) - Main Project: Nova Iguaçú
in 1Q07
-Launch of Splendore Valqueire - 32,000 units (4 phases)
- Launch of Villaggio Del Mare in in Jul/07 with Unibanco already
May/07 with total VGV of R$59 - Total VGV of R$2.6 billion
offering a new fi
ff i financing t
i type.
million

5. Launches in 2007
Villaggio Del Mare
Launched i 2Q07
L h d in
Segment: Middle Income
Residencial
156 units launched in 2Q07 (19 Physical Exchange)
48 units sold till 06/30/07- accumulated sales of 35% net of physical exchange
35%, exchange.
Total VGV of R$ 59 million – CR2´s share of R$30.6 million

6. Launches in 2007
Splendore Valqueire
Financial A
Fi i l Agreement with U ib
t ith Unibanco – d l i a new lloan t
developing type
Segment: Mid Low Income
The two phases of the development consist in 280 units
units.
1st Phase: 4 buildings have been launched with 120 units: 2 buildings of 40 units and 2
buildings of 20 units
Total potencial VGV of this phase is R$15.7 million
Until now 113 units were sold representing 94% of total units
2nd Phase: 3 buildings with 160 units
Total potencial VGV of R$23 million

7. 1H07 Highlights
Financial Agreements
The launch of a new type of loan with Unibanco, already applied to Splendore
Valqueire, offering 25 years to pay and direct loan of 95% of the property value.
Signed a financial agreement with Caixa Econômica Federal (a federal S&L bank) for
g g ( )
developments focused on low-income segments, in line with PAC (Accelerated Growth
Program) launched by the Federal Government, in the amount of R$2.5 billion.

8. 1H07 Highlights
VGV Launched: R$ 182 million and in 2Q07 R$ 59 million
CR2 VGV: R$ 104.4 million and in 2Q07 R$30.6 million
Gross operating revenue: R$ 11.6 million
Gross profit : R$ 2.2 million/ Gross Margin: 19.5%
Adjusted Net Income: R$ 4.6 million
j
Contracted Sales: R$ 105.6 million
Revenues to be Recognized: R$ 92.7 million
Results to be Recognized: R$ 27.0 million/ Margin to be Recognized: 29.2%
Adjusted EBITDA: R$ (4.4) million
Cash and Equivalents: R$ 283 million

9. Contracted Sales in 1H07
442 units sold
Verano: 278 units
Green Park: 116 units
Villaggio Del Mare: 48 units
Total Contracted Sales: R$ 105.6 million - CR2´s share R$62 million
Contracted Sales Contracted Sales % of CR2´s Total Sales Recognized
Launching Year % of the Revenue
Total (R$ 000) CR2 (R$ 000) (R$ 000) Revenue (R$ 000)
Launched in 2007 82,219 47,975 77.4% 4,613 39.8%
Launched in 2006 23,346 14,008 22.6% 6,992 60.2%
TOTAL 105,565 61,982 100.0% 11,605 100.0%

10. Record Launches in 1H07
Month / Year Total Private Area Percentage Recognized Revenue
Development Accrued Sales (%)
of Launching m2 Completion (%) (R$ '000)
000)
1H07 2Q07 1Q07 1H07
Green Park 3000 Mar-06 9,709 36.55% 52.50% 42.50% 4,069
Green Park 4000 Sep-06 9,709 34.22% 44.20% 39.20% 2,923
Verano - Marbella Mar-07 10,677 3.92% 87.10% 70.20% 856
Verano - Ibiza/ Mallorca Mar-07 20,173 3.49% 52.70% 35.10% 924
Verano - Termoli Mar-07 9,428 3.98% 74.80% 17.90% 677
Villaggio Del Mare May-07 21,488 12.71% 35.00% - 2,156
TOTAL 81,184 11,605
+ Acquisition of new land bank located in Barra da Tijuca ( ) with 7,344m² for the
q j (RJ) ,
launch of Residencial Américas in the 4Q07 with potential VGV of R$ 42 million.

11. Landbank in 1H07
Expected Total TOTAL VGV CR2 VGV
Developments Localization CR2 % Segment
Launch Units (R$ MM) (R$ MM)
Verano (Rio 2) I Barra Launched 395 123 60% 74 Residential
Villaggio Del Mare Recreio Launched 156 59 52% 31 Residential
Splendore Valqueire I V. Valqueire Launched 120 16 80% 13 Residential
Verano (Rio 2) II Barra 3Q07 346 102 60% 61 Residential
Henrique Costa Jacarepaguá 3Q07 250 29 70% 20 Residential
Barra Trade Barra 3Q07 5 28 60% 17 Commercial
Residencial Américas Barra 4Q07 144 42 70% 29 Residential
Lote B-3 Barra 4Q07 240 58 60% 35 Residential
Verano (Rio 2) III Barra 4Q07 148 65 60% 39 Residential
Splendore Valqueire II V. Valqueire 4Q07 160 23 80% 18 Residential
Alcântara I Alcântara 4Q07 1.212 133 80% 107 Residential
Alcântara II Alcântara 4Q07 1.616 178 80% 142 Residential
Alcântara III Alcântara 2Q08 492 54 80% 43 Residential
Alcântara IV Alcântara 3Q08 960 106 80% 84 Residential
Duque de Caxias Caxias 1Q08 83 5 66% 3 Residential
Cidade da Barra Barra 1Q08 - 1.370 25% 342 Commercial
Nova Iguaçu I Nova Iguaçu 4Q08* 3.000 195 100% 195 Residential
Nova Iguaçu II, III e IV Nova Iguaçu from 2009 on 29.000 2.415 100% 2.415 Residential
TOTAL 2007 launched 671 198 59% 117
TOTAL 2007 to be launched 4.121 658 71% 469
TOTAL 2007 4.792
4 792 855 68% 586
TOTAL 2008 4.535 1.729 39% 668
TOTAL from 2009 on 29.000 2.415 100% 2.415
Total Land Bank 38.327 5.000 73% 3.670
Land Bank to be Launched 37.656 4.800 74% 3.550
8 residencials developments and 2 commercials , Total VGV to be
launched R$ 4.8 billion – CR2´s stake of 74% representing R$3.6 billion.

12. IR Contact
Rogério Furtado
CFO and IR Officer
e-mail: rogerio@cr2.com.br
Daniel Magno
IR Manager
e-mail: dmagno@cr2.com.br
www.cr2.com.br/ri
phone: +55 21 3806-2924