Cidade Paradiso reported its 4Q08 and full year 2008 results. In 2008, EPS was R$1.08 compared to R$0.39 in 2007. Net profit increased 178% to R$49.8 million in 2008. Launches totaled R$347 million in 2008, down from R$586 million in 2007 due to decelerating credit conditions. The company prioritized securing construction financing and reducing inventory, which ended at R$258 million or 65% of shareholder's equity. Cidade Paradiso expects positive cash flow in 2009 from project deliveries and financing kick-ins.

1. 4Q08 and 2008 Results
Cidade Paradiso (Nova Iguaçu, RJ)
April 2009

2. Business Model
Pure-play developer that outsources construction and brokerage services
Partnership model with niche players:
Project origination mechanism
Market analysis
Low fixed costs (headcount of approximately 80)
Agility/Operational flexibility
CR2 Focus: Offer products where there is credit availability
2

3. Managers Track-record
1999-2005 2006 2007 2008 1S09
•Group CR2 is •Sector in expansion •Sector gains access •Anticipating the •Economic activity
founded in 1999 mode to capital markets impact from the still contracting and
global financial visibility limited
•Activities in Credit •Raised R$60mm via •IPO raises R$307mm crisis, the pace of
and Real Estate fund structure new launches is •Lower interest rates
reduced starting in and controlled
•Business model 1H08
•Brazilian real estate •Banks increase enables flexibility to inflation are
sector still in its credit availability to accelerate when positives
infancy construction finance there is ample liquity •Priorities are to
and home buyers secure financing for •Government
projects, preserve housing package to
•CR2 launches 11 •Total PSV launched cash
projects with PSV •CR2 of R$774mm, and provide
worth R$218mm Empreendimentos CR2’s share of oppotunitites
Imobiliários SA is R$535mm •Total PSV launched
founded of R$347mm, and •Focus remains in the
CR2’s share of economic segment
R$293mm (92% of land bank)
•Shift in target
market from
high/middle income •Launches consistent •Maintain selective
to economic with initiative to stance towards new
segment focus on the launches, focus on
economic segment, inventory reduction
and to expand into
the São Paulo
market
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4. 2008 Highlights
2008 marked by the contrast between strong growth in 1H and deceleration already evident in 2H
Given deteriorating credit conditions in 3Q08, our priorities were:
Secure construction financing with Caixa Econômica Federal (CEF) and commercial banks
Contract whenever possible financing under CEF’s Crédito Associativo model
Preserve and rebuild our cash position
In 2H08 we postponed new launches and concentrated our efforts in reducing inventories
Inventory at market value was R$258mm (4Q08), representing 65% of shareholder’s equity
(among the lowest in the sector)
In 2009 our cash flow is expected to turn positive, given the typical construction cycle and that
CR2 initiated its operations in 2006
We have secured financing for 95% of launched PSV (2006-2008)
4

5. 2008 Operational Highlights
With a conservative posture, we launched in 2008 PSV of R$347mm (R$293mm %CR2) compared to
R$586mm (R$385mm %CR2) in 2007
Contracted sales of R$317mm (+43% vs 2007) and CR2’s share of R$252mm (+78% vs 2007)
We delivered 2 projects in 2008 with total PSV of R$61mm
Launches (R$ mm)* Contraced Sales (R$ mm)
317,0
586,3
65,3
201,1 221,7
347,0
Partners 80,1 Partners
53,7
CR2 251,7 CR2
385,2
293,4 141,6
2007 2008 2007 2008
*2007 lanches adjusted for the cancellation of the Parque das
Águas project (total PSV of R$187mm, and CR2’s share of
R$149,3mm) 5

6. 2008 Financial Highlights
2008 EPS of R$1,08 compared to R$0,39 (adjusted for IPO expenses) in 2007
Net profit of R$50mm in 2008, compared to R$18mm in 2007
Net margin before minorities of 24,3% in 2008
ROE de 13,6% em 2008, vs 8,4% in 2007
2008 net revenue of R$243mm, increased 488% from 2007
4T08 net revenue of R$82mm increased 309% vs 4T07
2008 EBITDA of R$49mm (20,3% margin)
4T08 EBITDA of R$14mm (17,2% margin)
Results above are before the accounting adjustments required by Law 11,638
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7. 2008 Financial Highlights
Consolidated Financials (R$'000) 4Q08 3Q08 4Q07 ∆4Q/3Q ∆4Q/4Q 2008 2007 ∆08/07
Gross Operating Revenue 82.469 71.305 20.162 16% 309% 242.840 41.277 488%
Gross Profit 25.655 21.825 4.906 18% 423% 73.128 10.021 630%
% Gross Profit Margin 31,1% 30,6% 24,3% 0,5 p.p. 6,8 p.p. 30,1% 24,3% 5,8 p.p.
EBITDA(1)(2) 14.164 7.238 -1.221 96% -1260% 49.266 -6.071 -911%
% EBITDA Margin 17,2% 10,2% -6,1% 7,0 p.p. 23,2 p.p. 20,3% -14,7% 35,0 p.p.
Net Profit before minorities(1) 18.093 9.080 7.633 99% 137% 59.065 18.053 227%
% Net Margin before minorities 21,9% 12,7% 37,9% 9,2 p.p. -15,9 p.p. 24,3% 43,7% -19,4 p.p.
Net Profit(1) 14.287 7.220 6.910 98% 107% 49.754 17.887 178%
% Net Profit 17,3% 10,1% 34,3% 7,2 p.p. -16,9 p.p. 20,5% 43,3% -22,8 p.p.
Net Income per Share(1) – EPS R$ 0,31 0,16 0,15 98% 107% 1,08 0,39 178%
(3)
ROE (%) - annualized 14,7% 7,6% 7,7% 7,1 p.p. 7,0 p.p. 13,6% 8,4% 5,3 p.p.
(1) For 2007, EBITDA, net income before minority interest, net income and EPS were adjusted by excluding non-recurring IPO expenses of R$23.108 million.
(2) In 2008, EBITDA includes R$15.252 million from the sale of the interest in CR2 Shoppings Empreendimentos.
(3) For the ROE in 2007, given the significant change in shareholder’s equity following the April 2007 IPO, we used the average shareholder’s equity between 2006 and 2007. For other periods, we used the
shareholder’s equity of the immediately preceding period as the denominator for calculating ROE.
7

8. Results to be Recognized
Revenue to be recognized of R$306mm in 4Q08 and result to be recognized of R$99mm (32,3%
margin)
On- and off-balance sheet receivables totaled R$256mm in 4Q08, out of which R$202mm
in the short term
Revenues and Results to be Recognized (R$ 000) 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
Revenues to be Recognized 136.489 202.990 214.237 339.572 366.611 306.111
Cost of Units Sold to be Recognized 94.999 144.234 150.543 233.694 248.861 207.262
Gross Profit to be Recognized 41.490 58.756 63.694 105.878 117.750 98.849
Gross Margin to be Recognized 30,4% 28,9% 29,7% 31,2% 32,1% 32,3%
Margin to be Recognized
32,1% 32,3%
31,2%
30,4%
29,7%
28,9%
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
8

9. Capital Structure / Liquidity
4Q8 Liquidity: R$44mm cash position and corporate debt of R$15mm
We expect positive cash flow in 2009, due to:
7 projects are scheduled to be delivered in 2009, with total PSV of R$373mm
SFH financing of R$41mm on the balance sheet (4Q08) accounted for only 2 projects, as of now
we already have 5 projects where SFH financing has kicked-in
With regards to CEF, we started to receive financing for 1 of our projects in early 2009, and
expect to have financing kick-in for another 5 projects before the end of April—already under the
improved terms from the Government’s housing package
Consolidated Financials (R$'000) 4Q08 3Q08 2Q08
Cash 43.612 86.891 133.608
Corporate Debt 14.620 15.808 0 2008 ROE = 13,6%,
Net Cash 28.992 71.083 133.608 with low leverage
SFH 40.644 26.647 9.873
Shareholders Equity 394.849 389.561 382.341
Total Assets 592.819 551.033 510.057
Net Cash / Shareholders Equity (ex SFH) -7,3% -18,2% -34,9%
Net Cash / Shareholders Equity (including SFH) 3,0% -11,4% -32,4%
9

10. Financing by Project
Project Delivery -
Project Bank Type of Funding Financing Status Line of Credit
Forecast
Green Park 3000/4000 Itaú "Repasse nas Chaves" Dec-2008 Contract Signed - transfer of credit underway
Verano I Itaú "Plano Empresário" Aug-2009 Contract Signed - financing kicked-in Itaú
Verano II Itaú "Plano Empresário" Mar-2010 Contract Signed - financing kicked-in R$250 milion
Parque das Águas Itaú "Plano Empresário" Mai-2010 Contract Signed - financing kicked-in
Parque das Águas Unibanco "Repasse na Planta" Dec-2010 Contract Signed - transfer of credit underway Unibanco
Splendore Valqueire I Unibanco "Repasse na Planta" Jul-2009 Contract Signed - transfer of credit underway R$29 milion of PSV
Villaggio Del Mare Santander "Plano Empresário" Jul-2009 Contract Signed - financing kicked-in Santander
Barra Allegro Santander "Plano Empresário" Dec-2009 Contract Signed - financing kicked-in R$100 milion of PSV
Verano III Bradesco "Plano Empresário" Mar-2011 Contract in Process Bradesco R$90 milion
Felicittá Real "Plano Empresário" Apr-2010 Contract in Process Real R$12 milion
Via Parque CEF "Repasse nas Chaves" Mar-2008 Contract Signed - transfer of credit underway
Mirante Bonsucesso CEF "Crédito Associativo" Mai-2009 Contract Signed - financing kicked-in
Top Life Itamaraty CEF "Crédito Associativo" Feb-2010 Contract in Process
(1)
Villagio do Campo CEF "Crédito Associativo" Jun-Dec 2009 Contract in Process CEF
Premium Cpo. Grande CEF "Crédito Associativo" Jun-2010 Contract in Process R$ 2,5 bilion of PSV
Acqua Park CEF "Crédito Associativo" Jul-2010 Contract in Process
Top Life Park CEF "Crédito Associativo" Jul-2010 Contract in Process
Jardim Paradiso* CEF "Crédito Associativo" Paradiso 1: Dec-2009 Letter of Credit
*Commitment signed with CEF in July 2007. The R$2.5 billion will fully cover Cidade Paradiso.
Know-how and good
relationship with CEF 10

11. Segments of Operation
Launches 2008 Land Bank
8%
92%
100%
Economic Commercial
Economic
11

12. Sales Historical Trend
Average Price Units Sold (R$)
326.292
209.621 204.762
166.422 164.587
116.630 112.891
101.154
87.331
2006 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
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13. Sales Speed – SS and SoS
Contracted Sales
Period (R$ Launched PSV in Sales Speed
of Launches in the
mm) the Period (SS)
Period
2007 336,5 137,2 41%
2008 293,1 203,3 69%
SS (CR2’s share): *contracted sales of launches in the period / launched PSV in the period+, net of physical
swaps
Inventory at the Contracted Inventory at
Period Launches Sales over
Beginning of Sales (CR2's the End of
(R$ mm) (CR2's share) Supply (SoS)
Period share) Period
2006 0,0 33,4 11,9 21,5 36%
2007 21,5 336,5 141,6 216,3 40%
2008 216,3 293,1 251,7 257,8 49%
SOS (CR2’s share): *contracted sales in the period / (inventories at the beginning of the period + launched PSV in the period net of physical
exchanges)]
65% of Shareholder’s Equity
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14. Launches to Date
Launched Total PSV CR2's PSV
Development City (State) Launch Date Segment Sold Units % Sold % CR2
Units (R$ MM) (R$ MM)
Green Park 3000/4000 Barra (RJ) mar/sep 06 Middle-Income 240 191 80% 55,7 33,4 60%
Verano I / II / III Barra (RJ) mar/sep/oct 07 Middle-Income 913 596 65% 302,0 181,2 60%
Villaggio Del Mare Recreio (RJ) may/07 Middle-Income 120 105 88% 58,9 30,6 52%
Splendore Valqueire I V. Valqueire (RJ) jul/07 Economic 120 115 96% 15,9 12,7 80%
Parque das Águas I S. Gonçalo (RJ) oct/07 Economic 1.058 403 38% 140,0 112,0 80%
Barra Trade Barra (RJ) nov/07 Comercial 5 0 0% 28,0 19,6 70%
Barra Allegro Barra (RJ) nov/07 Middle-Income 144 94 65% 41,5 29,0 70%
Mirante Bonsucesso Guarulhos (SP) mar/08 Economic 368 353 96% 28,4 24,4 86%
Via Parque Caxias (RJ) mar/08 Economic 99 54 55% 4,9 3,2 66%
Felicittá Jacarepaguá (RJ) mar/08 Economic 230 210 91% 29,3 20,5 70%
Top Life Itamaraty Santo André (SP) apr/08 Economic 417 415 100% 43,0 37,0 86%
Villagio do Campo Campo Grande (RJ) jun/08 Economic 999 765 77% 65,0 52,0 80%
Premium Cpo. Grande Campo Grande (RJ) jun/08 Economic 196 142 72% 47,0 42,3 90%
Acqua Park Guarulhos (SP) jul/08 Economic 747 276 37% 67,3 57,9 86%
Top Life Park Santo André (SP) jul/08 Economic 200 195 98% 25,3 21,8 86%
Jardim Paradiso I Nova Iguacu (RJ) sep/08 Economic 534 175 33% 36,8 34,2 93%
Cummulative Total 6.390 4.089 64% 989,0 712,0 72%
In 2006* 240 43 55,7 33,4 60%
In 2007* 2.360 1.126 586,3 385,2 66%
In 2008* 3.790 2.920 347,0 293,4 85%
Total 6.390 4.089 64% 989,0 712,0 72%
*Values of the referred period.
14

15. Land Bank (to be launched)
Total PSV CR2's PSV
Development City (State) Segment Units % CR2
(R$ MM) (R$ MM)
Jardim Paradiso II – III Nova Iguaçu (RJ) Economic 1.283 87,0 80,9 93%
Javri Santo André (SP) Economic 190 33,0 28,4 86%
Colônia Paraíso S. J. Campos (SP) Economic 392 32,0 27,5 86%
Manaú 2 Guarulhos (SP) Economic 420 34,0 29,2 86%
Splendore Valqueire II Rio de Janeiro (RJ) Economic 160 25,0 20,0 80%
Sta. Cecília – Madureira I Nova Iguaçu (RJ) Economic 1.613 80,0 64,0 80%
Barrartes Rio de Janeiro (RJ) Commercial 507 120,0 84,0 70%
Sta. Cecília – Madureira II Nova Iguaçu (RJ) Economic 1.612 80,0 64,0 80%
Pq. das Águas II São Gonçalo (RJ) Economic 1.152 187,0 149,3 80%
Pq. das Águas III São Gonçalo (RJ) Economic 492 84,0 67,2 80%
Pq. das Águas IV São Gonçalo (RJ) Economic 942 84,0 67,2 80%
Warehouse ABEAR Rio de Janeiro (RJ) Commercial 389 230,0 161,0 70%
Cidade Paradiso Nova Iguaçu (RJ) Economic 30.183 2.180,0 2.180,0 100%
Total 39.335 3.256,0 3.022,7 93%
Units, Total PSV and CR2’s PSV are represented in the expected launch amount and include exchange agreements (physical and financial).
15

16. IR Contact
Investors Relations
Rogério Furtado
CFO and IR Officer
Daniel Grozdea
IR Manager
www.cr2.com.br/ir
phone: (21) 3095-4600
(21) 3031-4600
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17. 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.
17