This document summarizes CR2's performance in 4Q07 and provides guidance for 2008. Key highlights include: - 4Q07 launches totaled R$463.5 million, with CR2's share being R$350 million. - Contracted sales in 4Q07 were R$85.3 million, with CR2's share being R$59.2 million. - Guidance for 2008 forecasts CR2's PSV from launches will total R$1.2 billion.

1. 4Q07 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, higher
g 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 flow
1

3. Highlights 2007
Total Launches amounted to R$ 773 million, CR2’s share R$ 535 million
, % , % , p y
increase of 1,289% and 1,500% over 2006, respectively
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).
Total Launches PSV
(R$ million) Launched PSV CR2 (R$ million)
463.5
350.4
773.5
773 5 534.9
534 9
121.5
76.1
58.9
30.7
129.7
55.7
55 7 77.8
77 8
33.4
2006 1Q07 2Q07 3Q07 2006
4Q07 2007 1Q07 2Q07 3Q07 4Q07 2007
2

4. Launches 2007
Splendore Valqueire
Development with Unibanco of a new type of mortgage – individualized
mortgage
g 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 Águas
q g
Localization: Alcântara in São Gonçalo (RJ)
Mid-Low I
Mid L Income segment
t
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 million
5.8
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
Development Localization Segment Launching % CR2
R$ MM R$ MM
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 ( )
j (RJ) Commercial 3Q08 230 70% 161
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% 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
2 341 100% 2.341
2 341
Total Landbank to be Launched 4.724 75% 3.551
6

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;
launches
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;
238.7
Guaranteed funding for 2008 launches;
Guidance of 2008 launches;
CR2’s PSV of R$ 1.2 billion.
7

9. IR Contact
Rogério Furtado
R éi F t d
CFO and IR Officer
e-mail: rogerio@cr2.com.br
g @
Daniel Magno
IR M
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 the
forward-looking
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 future
y 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
Company’s filed disclosure documents and are therefore subject to change without
are, therefore,
prior notice.