4Q11 Results - The company delivered a total of R$326 million in projects in 2011, including 854 units in the Jardim Paradiso project. - Inventory at market price totaled R$166 million for 1,350 units as of 4Q11, with 89% located in the capital region and metropolitan area of Rio de Janeiro. - The company's land bank consisted of projects totaling R$3.1 billion in potential sales value across Rio de Janeiro and Sao Paulo states.

1. 4Q11 and 2011 Results
April 2, 2012

2. Completion of Projects
Total PSV R$326mm delivered in 2011
Jardim Paradiso I/IIA
Location : Nova Iguaçu (RJ) Segment: Economy
Units: 854 % Sold: 81%
VGV: R$ 110mm (%CR2 R$110mm)
Verano III
Location : Barra da Tijuca (RJ)
Units: 172
Segment: Medium
% Sold: 99%
PSV: R$67mm (%CR2 R$40mm) Premium Cpo. Grande
Parque das Águas 1–B Location: Campo Grande (RJ)
Localização: São Gonçalo (RJ) Units: 196
Units: 320 Segment: Economy
Segment: Economy % Sold: 98%
% Sold: 75% PSV: R$47mm (%CR2 R$42mm)
PSV: R$42mm (%CR2 R$34mm)
4Q11 2

3. Completion of Projects
Delivery Schedule: PSV (R$mm) Delivery Schedule: Units
326,2
2.527
193,3 1.870
139,6
125,7 1.168
989
89%
61,0
370 91% 52%
87%
88%
1Q11 2Q11 3Q11 4Q11 2011 2012 1Q11 2Q11 3Q11 4Q11 2011 2012
Total PSV %Sold Inventory
4Q11 3

4. Contracted Sales
Total Contracted Sales (R$mm)
52,7
52,7
20,4
13,8 12,3
20,4 6,3
13,8 12,3
6,3
1Q11 2Q11 3Q11 4Q11 2011
4Q11 4

5. Inventory
Date Inventory at Market Price* % Units
Delivered 66.584 40% 453
2Q12 78.367 47% 778
3Q12 7.464 4% 55
4Q12 11.377 7% 50
1Q13 2.531 2% 14
Total 166.323 100% 1.350
*Inventory %CR2 at Market Price in R$mm
Inventory at Market Value Inventory at Market Value Inventory at Market Value
Construction Status Average Price Region
3% 11%
Under Construction
> R$170k
43% Capital and
Metropolitan Area of RJ
Construction not 41% R$171k - R$350k
started 56% Metropolitan Area of
57% R$351k - 1,000k SP
Completed
89%
4Q11 5

6. Land Bank
Average Price Total PSV CR2 PSV
Project City (State) Segment Units % CR2
(R$ 000) (R$ mm) (R$ mm)
Cidade Paradiso Nova Iguaçu (RJ) Economy 95 23.183 2.202 2.202 100%
Parque das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80%
Sta. Cecília – Madureira Nova Iguaçu (RJ) Economy 100 3.500 350 350 100%
Chafi Chaia - Residencial Campo Grande (RJ) Medium 518 42 22 17 80%
Chafi Chaia - Comercial Campo Grande (RJ) Commercial 316 117 37 30 80%
Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86%
Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86%
Total 102 30.937 3.146 3.032 96%
% Projects PSV on our Land bank
5%
11%
Cidade Paradiso
14% Parque das Águas
70% Sta. Cecília – Madureira
Outros
4Q11 6

7. Land Bank – Jardim Paradiso
2,7 million m² of land;
1.817 launched units in two
phases;
Phase 1A (Delivered): 854 units
constructed with self capital in process
1: Jardim Paradiso 5: Parque Urbano of transfer of receivebles by Caixa
2: Clube Paradiso 6: Setor Residêncial
3: Complexo Industrial 7: Setor Comercial Misto Econômica
4: Equipamentos / Terminal Rodoviário
Comunitários 8: Setor Comercial
Phase 1B (May/12 to Ago/12):
Launched at 3Q10 with 963 units, uses
SFH financing.
Project near Queimados industrial
zone.
4Q11 7

8. Land Bank – Parque das Águas
Agregate Value
1058 residencial units delivered;
Project in Alcântara, city of São Gonçalo;
Near COMPERJ;
Shopping construction prevision in the land
infront of.
Other Phases
Area: 71.261m²;
Book Value: R$21,7mm (R$321/m²);
4Q11 8

9. Land Bank – Santa Cecília
Land with 786 thousand m² and
potential for 4 thousand units, located at
Estrada de Madureira , Nova Iguaçu;
Due the increase of the income of the
region, it was decided to amend the project
from a 0-3 wages to a “Crédito Associativo”
financing with a average price of R$110
thousand per unit.
The project will be develop in phases to
agregate value during it development.
4Q11 9

10. 4Q11 Results
Net Revenue (R$mm) Gross Profit (ex-SFH) (R$mm)
50,0 45,8 100,0%
70,1
45,0 90,0%
40,0 80,0%
55,1
35,0 28,7 70,0%
30,0
60,0%
25,0 62,9% 50,0%
20,0
15,0 46,8% 40,0%
10,0 30,0%
5,0 20,0%
0,0 10,0%
3Q11 4Q11 3Q11 4Q11
EBITTDA (R$mm)
EBITDA (R$mm) Net Profit (R$mm)
25,0 23,8 70,0%
35,0 100,0%
29,5 90,0%
30,0 60,0%
20,0
80,0%
25,0 21,5 50,0%
70,0%
15,0 40,0%
20,0 60,0%
15,0 50,0%
10,0 8,2 30,0%
34,0%
40,0% 20,0%
10,0 42,1%
39,0% 30,0%
5,0
5,0 14,9% 10,0%
20,0%
- 0,0
10,0% 0,0%
3Q11 4Q11 3Q11 4Q11
4Q11 10

11. 2011 Result
Net Revenue (R$mm) 140,0
Gross Profit (ex-SFH) (R$mm) 100,0%
434,1 122,2
120,0 90,0%
80,0%
100,0 86,8 70,0%
80,0 60,0%
195,6 60,0 50,0%
40,0%
40,0
38,6% 30,0%
20,0 20,0%
25,3%
0,0 10,0%
2010 2011 2010 2011
EBITTDA (R$mm)
EBITDA (R$mm) Net Profit (R$mm)
83,7 50,0 47,0 50,0%
90,0 60,0%
80,0 45,0 45,0%
70,0 40,0
50,0% 40,0%
35,0 35,0%
60,0
30,0
40,0% 30,0%
50,0 42,2 25,0 25,0%
40,0 20,0 20,0%
30,0%
30,0 15,0 15,0%
20,0 10,0 7,4 10,0%
20,0%
10,0 21,6% 5,0 10,8% 5,0%
19,3%
- -
10,0% 3,8% 0,0%
2010 2011 2010 2011
4Q11 11

12. Cash Flow
(R$'000) 2011 4Q11 3Q11 2Q11 1Q11 4Q10
Cash 30.640 30.640
0
29.741
0
39.891
0
69.368
0
68.1090
0 0 0 0 0
Change in Cash (37.469) 899 (10.150) (29.477) 1.259 4.408
Operational Activities 23.027 12.669 13.734 1.934 (5.310) 12.926
Acquisition of Cidade Paradiso Swap Rights (52.011) - - (10.096) (41.915) -
Disbursement (Amortization) of SFH Debt (41.275) (12.205) (19.024) (14.197) 4.151 (5.586)
Disbursement (Amortization) of Corporate Debt 35.096 435 19.362 (7.118) 22.417 15.061
Dividends Payment (24.222) - (24.222) - - (17.993)
Capital Increase 21.915 - - - 21.915 -
4Q11 12

13. Receivables
(R$'000) 2011 2010
Receivables from Real Estate Sales 380.366 434.517
Revenues to be Recognized 63.413 111.671
Advances from Clients (37.420) (61.185)
TOTAL Recevables from Clients 406.359 485.003
Receivable from Transfer of Receivables 66.796 83.622
Direct Financing 7.530 10.539
TOTAL Receivables 480.685 579.164
Total Total Credit Net
Total Receivables (R$'000) SFH
Receivables Obligation Assingments Receivables
Performed - SHF Paid Down 105.712 19 - 19 105.693
Performed - Amortizating SFH 110.297 58.397 58.397 - 51.900
To be Performed - 2012 91.411 22.038 22.038 - 69.373
Link Swap 150.506 - - - 150.506
Niteroi Plaza Land 22.759 - - - 22.759
Total 480.685 80.454 80.435 19 400.231
4Q11 13

14. IR Contact
Investor Relations
Rogério Furtado
Chief Financial and Investor Relations Officer
Contact:
www.cr2.com.br/ri
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.
4Q11 14