- CR2 completed two residential projects in 4Q12 and reduced corporate debt by 29% and inventory levels by 48% in 2012. - Contracted sales increased 82% in 2012, while G&A expenses declined 16% in 4Q12 compared to the previous year. - The company has several projects in its land bank representing 70% of the total potential sales value.

1. Results 4Q12 and 2012
March 28, 2013

2. Highlight 4Q12 and 2012
Conclusion of the Delivery Cycle.
Reduction in the G&A of 16% in 4Q12 when compared with 4Q11.
Reduction of Corporate Debt by 29% in 2012.
Reduction in the inventory of Market Value by 48% in 2012.
4Q12 and 2012 2

3. Completion of Projects
Acqua Park II Valqueire II
Segment: Economy
Location: Guarulhos (SP) Segment: Economy
Location Vila Valqueire (RJ)
% Sold: 85%
Units: 332 % Sold: 95%
Units: 160
PSV: R$ 29,9mm (%CR2 R$25,6mm)
PSV: R$ 88,6mm (%CR2 R$88,6mm)
4Q12 and 2012 3

4. Contracted Sales
Net sales of 627 units in 2012
Vendas Contratadas Totais (R$mm)
95,7
+ 82%
52,7
18,6
6,3
4Q11
4T11 4Q12
4T12 2011 2012
4Q12 and 2012 4

5. Inventory
Reduction in the inventory of Market Value by 48% in 2012
R$86.1 mm, representing only 22.1% of the Company's net equity.
(R$ mm)
Inventory at Market Price* (R$'000) Units in Inventory
160,5 165,9 1.350
1.279
- 7,3% - 46%
- 48%
109,2 853 846
100,8
86,1 86,1 723 723
- 33,3%
- 0,8%
1Q12 2Q12 3Q12 4Q12 2011 2012 1Q12 2Q12 3Q12 4Q12 2011 2012
* Inventory at market price (%CR2)
4Q12 and 2012 5

6. Land Bank
Book Value Book/m² Total PSV
Project City (State) Segment % CR2
(R$'000 ) (R$) (R$mm)
Cidade Paradiso Nova Iguaçu (RJ) Economy 74.568 28 2.202 100%
Parque das Águas São Gonçalo (RJ) Economy 26.615 375 446 80%
Sta. Cecília – Madureira Nova Iguaçu (RJ) Economy 5.113 9 350 100%
Diamond White (Chafi Chaia) Campo Grande (RJ) Medium 2.099 525 22 80%
Diamond Black (Chafi Chaia) Campo Grande (RJ) Commercial 4.999 1.250 37 80%
Manaú 2 Guarulhos (SP) Economy 1.955 176 49 100%
Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 4.083 110 39 100%
Total 119.432 35 3.146
% Projects PSV on our Land bank
5%
11%
Cidade Paradiso
14% Parque das Águas
70% Sta. Cecília – Madureira
Outros
4Q12 and 2012 6

7. Corporate Debts
28% of Debts Reduction in 2012
Gross Debt
Corporate vs. SFH (R$mm)
90 80
123 110 72 158 -28%
71 77
76
113
SFH
SFH
158 Corporate Debt
Divida corporativa
152 142
129 127 132 130
113
1T11
1Q11 2T11
2Q11 3T11
3Q11 4T11
4Q11 1T12
1Q12 2T12
2Q12 3T12
3Q12 4T12
4Q12 2011
4T11 2012
4T12
4Q12 and 2012 7

8. Cash
Evolução do (R$mm)
Cash Caixa (R$mm)
37,2
34,2
30,6
26,5
20,0
4T11
4Q11 1T12
1Q12 2T12
2Q12 3T12
3Q12 4T12
4Q12
4Q12 and 2012 8

9. G&A
(R$'000) 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
G&A 7.337 9.201 9.684 10.079 10.560 8.811 8.929 8.500
SPE's 2.903 4.389 4.905 5.797 6.010 4.914 4.777 4.877
Judi ci a l Expens es 25 1.462 1.650 2.808 3.585 2.628 2.682 2.231
Others 2.878 2.927 3.255 2.989 2.425 2.286 2.095 2.646
Holding 4.434 4.812 4.779 4.282 4.550 3.897 4.152 3.623
G&A Holding
(R$’000)
4.812 4.779
4.550
4.434
Reduction:
2Q11 x 4Q12 = - 27,7%
4.282 4.282
4.152 -15%
3.897
3.623 3.623
1T11
1Q11 2T11
2Q11 3T11
3Q11 4T11
4Q11 1T12
1Q12 2T12
2Q12 3T12
3Q12 4T12
4Q12 4Q11
4T11 4T12
4Q12
4Q12 and 2012 9

10. G&A – SPE’s
Desp Judiciais
Judicial Expenses (R$’000)
3.585
-20% Reduction:
2.808 2.808 1Q12 x 4Q12 = - 37,8%
2.628 2.682
2.231 2.231
1.650
1.462
1Q11
1T11 2Q11
2T11 3Q11
3T11 4Q11
4T11 1Q12
1T12 2Q12
2T12 3Q12
3T12 4Q12
4T12 4Q11
4T11 4Q12
4T12
Others
Outros
(R$’000)
3.255
2.989 2.989 -11%
2.878 2.927 Reduction:
2.646 2.646 3Q11 x 4Q12 = - 18,7%
2.425
2.286
2.095
1Q11
1T11 2Q11
2T11 3Q11
3T11 4Q11
4T11 1Q12
1T12 2Q12
2T12 3Q12
3T12 4Q12
4T12 4Q11
4T11 4Q12
4T12
4Q12 and 2012 10

11. 4Q12 and 2012 Results
Receita Líquida (R$ mm)
Net Revenue (R$mm) Lucro Bruto (R$mm)
Gross Profit (R$mm)
35,0 32,9
157,4 30,0
25,0
20,0
13,5
68,5 15,0
10,0 8,1
32,5 30,0 26,4 5,9 5,4
5,0
0,0
1Q12
1Q12
1T12 2T12
2Q12 3T12
3Q12 4T12
4Q12 2012
2012 1Q12
1T12 2Q12
2T12 3Q12
3T12 4Q12
4T12 2012
2012
EBITDA (R$ mm)
EBITDA (R$mm) Net Profit (R$mm)
6,0
4,4
-
4,0
1Q12
1T12 2Q12
2T12 3Q12
3T12 4Q12
4T12 2012
(5,0)
2,0 -3,6
0,7 -6,0 -5,3
(10,0)
- -10,7
1Q12
1T12 2Q12
2T12 3Q12
3T12 4Q12
4T12 2012 (15,0)
(2,0)
(2,1) (2,1) (20,0)
(4,0)
(25,0)
(6,0) (5,1) -25,6
(30,0)
4Q12 and 2012 11

12. Receivables
(R$'000) 4Q12 3Q12
Receivables from Real Estate Sales 316.066 326.178
Revenues to be Recognized 15.858 20.783
Advances from Clients (14.112) (15.790)
TOTAL Receivables from Clients 317.812 331.171
Receivable from Transfer of Receivables 34.581 46.075
Direct Financing 7.959 8.812
TOTAL Receivables 360.352 386.058
Total Receivables (R$'000) Total % Total
Performed 214.241 59%
2013+ (ex link) 21.931 6%
Link 124.181 34%
Total 360.353 100%
4Q12 and 2012 12

13. IR Contact
Investor Relations
Rogério Furtado
Chief Financial and Investor Relations Officer
Bruno Barreto Silva
Financial and Investor Relations Analyst
Contact:
www.cr2.com.br/ir
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.
4Q12 and 2012 13