- The company generated R$38.9 million in cash from operations in 1Q12 and increased its cash position by R$6.6 million while reducing gross debt by R$32.3 million. - Four projects are scheduled for completion in 2012 and 2013 with a total PSV of R$235.3 million. - Contracted sales totaled R$20.4 million in 1Q12. - The company has a land bank of 7 projects with a total PSV of R$3.146 billion, of which 96% is from CR2 projects.

1. Results 1Q12
May 17, 2012

2. Highlights 1Q12
Following the Business Plan: continue with the Company’s unleveraging process.
Cash generation of the operational activity of R$ 38,9 mm;
Increase in the cash position - R$ 6,6 mm;
Reduction in gross debt of R$ 32,3 mm.
1Q12 2

3. Completion of Projects
Projects PSV(R$mm) Delivery Schedule
Delivery Schedule: PSV (R$mm) Jardim Paradiso IIB-III 89,0 1H12
Acqua Park 67,3 2S12
Splendore Valqueire II 37,0 2H12
Total PSV of R$1,137.5mm (100% of PSV launched) Top Life View 42,0 1H13
902,2
Total 235,3
Expected Budget :
Total disbursement until conclusion: -R$51,1mm;
651,5
89,0 104,3
42,0 Funding sources
89,0 87,1 35,9
Delivered: From 1H12 2H12 1H13 Construction financing (SFH): +R$35,5mm;
2008 to 2011
CR2 Partners
Crédito Associativo : +R$34,3mm;
1Q12 3

4. Contracted Sales
Total Contracted Sales (R$mm)
20,4
13,8
12,3
10,9
6,3
1Q11 2Q11 3Q11 4Q11 1Q12
1Q12 4

5. Inventory
Date Inventory at Market Price* % Units
Delivered 65.518 41% 428
2Q12 76.567 48% 757
3Q12 4.728 3% 32
4Q12 11.094 7% 48
1Q13 2.561 2% 14
Total 160.468 100% 1.279
*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
5%
9%
Under Construction > R$170k
Capital and
Metropolitan Area of RJ
44% R$171k - R$350k
44% 51%
56% Metropolitan Area of SP
Completed R$351k - 1,000k
91%
0%
1Q12 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
1Q12 6

7. 2011 Result
Increase in the cash position and Reduction in gross debt
Gross Debt
Cash (R$mm) Corporate vs. SFH (R$mm)
39.891 251,6 242,4
237,5 238,9
37.199
47,2%
50,4% 213,5
29.741 30.640
48,4% 90,4 80,4
122,5 41,5% 110,3 29,0%
29,0% 71,6 41,3%
24,5%
21,4%
13,6%
151,9 158,5 141,9
129,1 127,2
2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12
Corporate Debt SFH
Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH)
1Q12 7

8. 1Q12 Results
Net Revenue (R$mm) Gross Profit (R$mm)
39,7 6,6 6,5
32,5 6,5
6,4
6,3
6,2
6,1
6,0 5,9
5,9
5,8
5,7
5,6
1Q11
1T11 1Q12
1T12 1T11
1Q11 1T12
1Q12
EBITDA (R$mm) Net Profit (R$mm)
2,0 100,0%
0,8 0,0
1,0 90,0%
80,0% -2,0
-
(1,0) 70,0% -4,0
60,0%
(2,0) -6,0
50,0%
(3,0)
40,0% -8,0 -7,1
(4,0) 30,0%
(5,0) -10,0
20,0%
(6,0) (5,1) 10,0% -12,0 -10,7
1T11
1Q11 1Q12
1T12 1T11
1Q11 1T12
1Q12
1Q12 8

9. Cash Flow
(R$'000) 1Q12 4Q11 3Q11 2Q11 1Q11
Cash 37.199
0
30.640
0
29.741
0
39.891
0
69.368
0
0 0 0 0 0
Change in Cash 6.559 899 (10.150) (29.477) 1.259
Operational Activities 38.861 12.669 13.734 1.934 (5.310)
Acquisition of Cidade Paradiso Swap Rights - - - (10.096) (41.915)
Disbursement (Amortization) of SFH Debt (10.398) (12.205) (19.024) (14.197) 4.151
Disbursement (Amortization) of Corporate Debt (21.904) 435 19.362 (7.118) 22.417
Dividends Payment - - (24.222) - -
Capital Increase - - - - 21.915
1Q12 9

10. Receivables
(R$'000) 1Q12 4Q11
Receivables from Real Estate Sales 322.323 380.366
Revenues to be Recognized 44.928 63.413
Advances from Clients (28.964) (37.420)
TOTAL Recevables from Clients 338.287 406.359
Receivable from Transfer of Receivables 58.823 66.796
Direct Financing 8.024 7.530
TOTAL Receivables 405.134 480.685
Total Net
Total Receivables (R$'000) SFH
Receivables Receivables
Performed - SHF Paid Down 109.918 - 109.918
Performed - Amortizating SFH 56.969 27.574 29.395
To be Performed - 2012 98.137 44.035 54.102
2013 + 140.111 - 140.111
Total 405.134 71.608 333.526
1Q12 10

11. 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.
1Q12 11