2Q09 Results saw strong growth over 1Q09. Contracted sales reached R$47mm (+95%) and CR2's share was R$35mm (+81%), driven by solid performance in the economic segment. Net revenue was R$72mm (+39%) and net profit was R$3.6mm (+176%). Results were boosted by improving contracted sales and slightly accelerating construction. Several projects were ready for launch in 2H09 to further boost growth, supported by strengthening credit markets and cash flows. Low leverage provided opportunities to increase growth.

1. 2Q09 Results
August 2009

2. Managers Track-record
1999-2005 2006 2007 2008 2009
•Group CR2 is •Sector in expansion •Sector gains access •Anticipating the •Year begins with
founded in 1999 mode to capital markets impact from the lots of uncertainty
global financial and limited visibility
•Activities in Credit •Raised R$60mm via •IPO raises R$307mm crisis, the pace of
and Real Estate fund structure new launches is •Minha Casa Minha
reduced starting in Vida changes
•Business model 1H08
•Brazilian real estate •Banks increase enables flexibility to outlook for the
sector still in its credit availability to accelerate when sector
infancy construction finance there is ample liquity •Priorities are to
and home buyers secure financing for •Initiatives to
projects, preserve preserve cash and
•CR2 launches 11 •Total PSV launched cash
projects with PSV •CR2 of R$545mm, and reduce inventories
worth R$218mm Empreendimentos CR2’s share of achieve planned
Imobiliários SA is R$535mm •Total PSV launched results
founded of R$347mm, and
CR2’s share of •Disbursements from
R$293mm CAIXA and a more
•Shift in target
market from normalized credit
high/middle income •Launches consistent market will enable
to economic with initiative to company
segment focus on the reacelleration
economic
segment, and to
expand into the São
Paulo market
2

3. Positioning
Launches of 2007/08 reach maturation and cycle of cash preservation concluded
Disbursements from CAIXA reached inflection point in July/August 2009
Transfer of home-buyer credits to CAIXA reached 709 year-to-August (vs 423 until June)
Record setting initial transfer of 209 units from the Acqua Park project over a single
weekend—CAIXA s largest since beginning of Minha Casa, Minha Vida!
Low leverage to open oportunities in a more normalized credit market
Projects ready to be launched, with financing in final stages of approval process
New launches in 2S09 to reaccelerate company
3

4. Cash Inflows’ Evolution
Cash Inflow Evolution (R$mm)
66.995
54.161
39.754
30.702
25.539
2Q08 3Q08 4Q08 1Q09 2Q09
4

5. Low Leverage
Net Debt (ex SFH) / Shareholders Equity
Company A 186%
Company B 112%
Company C 47%
Company D 36%
Company E 32%
Company F 32%
Company G 25%
Company H 22%
Company I 20%
Company J 20%
Company K 19%
Company L 19%
Company M 19%
Company N 13%
Company O 9%
Room to increase leverage
Company P 2%
CR2 -2%
Company Q -10%
Company R -25%
5

6. Projects Ready To Be Launched
Average
Total PSV CR2's PSV
Development City (State) Segment Price (R$ Units % CR2
(R$ MM) (R$ MM)
000)
Jardim Paradiso II – III Nova Iguaçu (RJ) Economic 68 1.283 87,0 80,9 93%
Top Life View (Javri) Santo André (SP) Economic 174 190 33,0 28,4 86%
Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economic 82 392 32,0 27,5 86%
Manaú 2 Guarulhos (SP) Economic 81 420 34,0 29,2 86%
Splendore Valqueire II Rio de Janeiro (RJ) Economic 156 160 25,0 20,0 80%
Sta. Cecília – Madureira I Nova Iguaçu (RJ) Economic 50 1.613 80,0 64,0 80%
Barrartes Rio de Janeiro (RJ) Commercial 237 507 120,0 84,0 70%
Sta. Cecília – Madureira II Nova Iguaçu (RJ) Economic 50 1.612 80,0 64,0 80%
Pq. das Águas II São Gonçalo (RJ) Economic 162 1.152 187,0 149,3 80%
Pq. das Águas III São Gonçalo (RJ) Economic 171 492 84,0 67,2 80%
Pq. das Águas IV São Gonçalo (RJ) Economic 89 942 84,0 67,2 80%
Warehouse ABEAR Rio de Janeiro (RJ) Commercial 591 389 230,0 161,0 70%
Cidade Paradiso Nova Iguaçu (RJ) Economic 72 30.183 2.180,0 2.180,0 100%
Total 83 39.335 3.256,0 3.022,7 93%
6

7. 2Q09 Highlights
Contracted sales reached R$47mm (+95% vs 1Q09) and CR2´s share at R$35mm (+81% vs
1Q09) driven by solid performance in the economy segment
Net revenue of R$72mm (+39% vs 1Q09), net profit of R$3,6mm (+176% vs 1Q09), and LPA of
R$0,08 (vs R$0,03 in 1Q09)
Results recognition driven by improvement in contracted sales and slight acceleration of
construction speed
Contracted Sales
46,7
12,1
24,0
4,9
15,5
34,6
3,0
19,1
12,6
4Q08 1Q09 2Q09
CR2 Partners 7

8. Inventory at Market Value & SoS
Inventory at the Contracted Contracted Sales Inventory's
Period Launches (CR2's Inventory at the
Beginning of Sales (CR2's SoS from Launches in Contracted
(R$ mm) share) End of Period
Period share) the Period Sales
2006 0,0 33,4 11,9 21,5 35,7% 11,9 0,0
1Q07 21,5 62,4 31,5 52,4 37,6% 23,6 7,9
2Q07 52,4 20,4 18,5 54,3 25,4% 8,8 9,7
3Q07 54,3 63,1 32,4 85,0 27,6% 20,4 12,0
4Q07 85,0 170,3 59,2 196,1 23,2% 39,3 19,9
1Q08 196,1 47,9 27,2 216,8 11,1% 15,9 11,3
2Q08 216,8 131,3 144,4 203,7 41,5% 93,7 50,6
3Q08 203,7 113,9 67,6 250,0 21,3% 44,2 23,4
4Q08 250,0 0,0 12,6 237,5 5,0% 0,0 12,6
1Q09 237,5 0,0 19,1 218,4 8,0% 0,0 19,1
2Q09 218,4 0,0 34,6 183,8 15,8% 0,0 34,6
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)]
2Q09 = 49 % of Shareholders’ Equity
8

9. Inventory at Market Value Profile
Inventory at Market Value - Construction Status Inventory at Market Value - Average Price
3% 7%
14%
Under Construction < R$130k
31%
Construction not Started R$131k - R$350k
Completed R$351k - R$500k
62%
83%
100% of inventory
eligible to SFH
financing
9

10. Projects Delievery - Schedule
Delivery Schedule (Units Sold and Inventory)
2.500
2.247
2.000
1.797
1.500
1.000 883
68% 615
73%
500
89%
94% 172
- 61%
3Q09 4Q09 1H10 2H10 1H11
Sold Inventory
7 projects to be concluded in 2009 with total PSV of R$363mm and CR2’s share at R$254mm
78% of the 2,680 units to be delivered in 2009 already sold 10

11. Financial Highlights 2Q09
Net Operating Revenue (R$ 000) Gross Profit (R$ 000) & Gross Profit Margin
80.000
71.837 16.000 18,8% 19,4% 20,0%
70.000 14.000 13.962 18,0%
16,0%
60.000 12.000
51.682 14,0%
50.000
9.732
10.000 12,0%
40.000 8.000 10,0%
30.000 6.000 8,0%
6,0%
20.000 4.000
4,0%
10.000 2.000 2,0%
- - 0,0%
1Q09 2Q09 1Q09 2Q09
EBITDA (R$ 000) & EBITDA Margin Net Profit (R$ 000) & Profit Margin
9.000 10,8% 12,0% 4.000 6,0%
3.552
8.000 3.500
10,0% 5,0%
7.000 7.781 3.000 4,9%
6.000 8,0% 4,0%
2.500
5.000
6,0% 2.000 2,5% 3,0%
4.000 4,4%
1.500 1.286
3.000 4,0% 2,0%
2.268 1.000
2.000
2,0% 1,0%
1.000 500
- 0,0% - 0,0%
1Q08 1Q09 1Q08 1Q09
11

12. Results to be Recognized
1Q09 revenue to be recognized of R$285mm and results to be recognized of R$92mm (32,2%
margin)
On and off balance sheet receivables totalled R$527mm in 1Q09, of which R$151mm are
short-term
Revenues and Results to be Recognized (R$ 000) 2Q09 1Q09 4Q08 4Q07
Revenues to be Recognized 253.131 284.746 311.074 195.918
Cost of Units Sold to be Recognized 176.419 193.016 206.360 139.923
Gross Profit to be Recognized 76.712 91.730 104.714 55.995
Gross Margin to be Recognized 30,3% 32,2% 33,7% 28,6%
12

13. 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 240 214 89% 55,7 33,4 60%
Verano I Barra (RJ) mar/07 Middle-Income 395 312 79% 130,0 78,0 60%
Villaggio Del Mare Recreio (RJ) may/07 Middle-Income 120 106 88% 45,3 23,6 52%
Splendore Valqueire I V. Valqueire (RJ) jul/07 Economic 120 115 96% 15,9 12,7 80%
Verano II Barra (RJ) sep/07 Middle-Income 346 217 63% 105,0 63,0 60%
Parque das Águas I S. Gonçalo (RJ) oct/07 Economic 1.058 538 51% 140,0 112,0 80%
Verano III Barra (RJ) oct/07 Middle-Income 172 105 61% 67,0 40,2 60%
Barra Allegro Barra (RJ) nov/07 Middle-Income 144 116 81% 41,5 29,0 70%
Mirante Bonsucesso Guarulhos (SP) mar/08 Economic 368 360 98% 28,4 24,4 86%
Via Parque Caxias (RJ) mar/08 Economic 99 59 60% 4,9 3,2 66%
Felicittá Jacarepaguá (RJ) mar/08 Economic 230 215 93% 29,3 20,5 70%
Top Life Itamaraty Santo André (SP) apr/08 Economic 417 414 99% 43,0 37,0 86%
Villagio do Campo Campo Grande (RJ) jun/08 Economic 999 799 80% 65,0 52,0 80%
Premium Cpo. Grande Campo Grande (RJ) jun/08 Economic 196 150 77% 47,0 42,3 90%
Acqua Park Guarulhos (SP) jul/08 Economic 415 387 93% 37,4 32,2 86%
Acqua Park II Guarulhos (SP) jul/09 Econômico 332 0 0% 29,9 25,7 86%
Top Life Park Santo André (SP) jul/08 Economic 200 190 95% 25,3 21,8 86%
Jardim Paradiso I Nova Iguacu (RJ) sep/08 Economic 534 321 60% 36,8 34,2 93%
Cummulative Total 6.385 4.618 72% 947,4 685,3 72%
In 2006* 240 43 55,7 33,4 60%
In 2007* 2.355 1.126 544,7 358,5 66%
In 2008* 3.790 2.920 347,0 293,3 85%
In 2009* 0 529 0,0 0,0 0%
Total 6.385 4.618 72% 947,4 685,3 72%
*Values of the referred period.
13

14. IR Contact
Investors Relations
Rogério Furtado
CFO and IR Officer
Daniel Grozdea
Finance and IRManager
www.cr2.com.br/ir
phone: (21) 3095-4600
(21) 3031-4600
14

15. 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.
15