Public Meeting - APIMEC

October, 2010

Business Model

Pure Play DeveloperPartnership With

Control on Each Project

2

Focus on Low-Income Segment

Strong Project Origination Platform

Ability to Anticipate Macro Trends

Ownership Breakdown – 2Q10

Board of Directors and Executive Officers

Board of Directors and Executive Officers

Free Float

54,7%

Free Float

54,7%

3

45,3%45,3%

Itaú Unibanco

20,6%

Itaú Unibanco

20,6%

Autonomy Capital

10,6%

Autonomy Capital

10,6%

ADRs

9,2%

ADRs

9,2%

Bovespa

14,3%

Bovespa

14,3%

54,7%54,7%

400,0 347,0

544,7

Total Launched PSV (R$mm)

Launched PSV by Region

400,0

22,1

183,0

544,7

55,7 42,0

164,0

64,1 55,7

1S102009200820072006

Capital and Metropoiltan Area of Rio de Janeiro Metropolitan Area of São Paulo

4

404,7

347,0

544,7

Total Launched PSV (R$mm)

Launched PSV by Segment

400,0

64,1

347,0

140,0 55,7

64,1 55,7

1S102009200820072006

Economy Middle-Income

5

Project Conclusions

We intend to reach the end of 2010 with R$702.5mm of PSV delivered, 69% of the total launched

426.7

Delivery Schedule: PSV (R$mm)

13 projects (69% of PSV Launched) 2,697

Delivery Schedule: Units

4.489 Units

6

267.2 227.2

197.7

48.7

159.4

48.6 54.3

8.3

275.8 252.0

57.0

Delivered: from 2008 to 1Q10

2H10 2011 2012

CR2 Partners

1,792 2,010

466

96%

91%

87%

67%

Delivered: from 2008 to 1Q10

2H10 2011 2012

Sold Inventory

Cash Position

238.7

273.8 282.8 Cash (R$ mm)

IPO: R$307,5 mm

(R$284,5 mm ex - IPO expenses)

7

54.0 45.4 35.4 36.1 34.0 39.0 43.6

86.9

133.6

178.4

49.7 51.4

2T101T104T093T092T091T094T083T082T081T084T073T072T071T072006

188,3

317,0

221,7

Total Contracted Sales (R$ mm)

Total Contracted Sales

116,6

19,9

1S102009200820072006

8

Inventory at Market Value and SoS

Period (R$

mm)

Inventory at the

Beginning of Period

Launches (CR2's

share)

Contracted Sales

(CR2's share)

Inventory at the

End of PeriodSoS

Contracted Sales

from Launches in the

Period

Inventory's

Contracted

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

9

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

3Q09 183.8 0.0 28.0 155.8 15.2% 0.0 28.0

4Q09 155.8 56.7 61.9 150.5 29.1% 31.5 30.4

1Q10 173.4* 0.0 58.4 115.0 33,7%* 0.0 58.4

2Q10 120.3* 0.0 31.5 88.9 26,1%* 0.0 31.5

22% of Shareholder’s Equity

SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]* After price adjustment

Receivables from Clients

148,79432%

150,46932%

158,10834%

10,8202%

Total Receivables (R$ 000)

Projects Delivery Forecast

Performed Receivables

2Q10

2011

2012

R$300mm - 64% of portfolio

On/Off Balance Receivables (R$ 000) 2Q10 1Q10

Receivables from Real Estate Developments and Sales

Short Term 144,256 147,984

Long Term 238,481 213,955

(+) Total 382,737 361,939

10

170,45036%

297,74264%

Total Receivables (R$ 000)

Financing Bank

CEF

Private Banks

Credits to be

transferred during

construction

(+) Total 382,737 361,939

Receivables to be Recognized

Short Term 32,208 61,115

Long Term 53,246 88,360

(+) Total 85,454 149,475

Short Term Total 176,464 209,099

Long Term Total 291,727 302,315

(=) Total Receivables 468,191 511,414

Receivables from Banks

Disbursements x Receivables from CEF Contracted Units x Credits Transferred

3,227 units contracted = 8 projects with a total PSV of R$304.3mm

1,948 credits transferred up to 2Q10

Another 138 credits transferred up to August 17, for a total of 2,086 units (65% of the total) andequivalent to R$188.3mm on mortgages

R$125,7mm in cumulative disbursements, R$25.2mm of which in 2Q10 and R$9.4mm up to August 17

Accounts Receivable from CEF on August 17: R$79.5mm

11

9,8

22,9 26,1 23,5 25,2

9,4 8,8

29,7

43,2 47,4

72,5

79,5

2Q09 3Q09 4Q09 1Q10 2Q10 17/08/10

Disbursements x Receivables from CEF

(R$mm)

Disbursements R$000 Receivables (balance) R$000

495

967

1.274

1.591

1.9482.086

2.595 2.595 2.595 2.595

3.227 3.227

19%

37%

49%

61%60%

65%

2Q09 3Q09 4Q09 1Q10 2Q10 17/08/10

Contracted Units x Credits Transferred

Credits Transferred to CEF Units Contracted by CEF %Transferred

Land Bank

Land Bank Total PSV = R$ 3,2bi

Segmento de Renda (R$mm)Land Bank Ex-Cidade Paradiso Por Região

12

2.180 69%

52016%

1856%

296 9%

Cidade Paradiso

Economy

0-3 Wages (MCMV)

Comercial

931 93%

707%

Land Bank Ex-Cidade Paradiso Por Região

(R$mm)

Capital and Metropolitan Area of Rio de Janeiro

Metropolitan Area of São Paulo

Land Bank

100% of land bank in the economy segment

Development City (State) SegmentAverage Price

(R$'000)Units

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Splendore Valqueire II Rio de Janeiro (RJ) Economy 188 160 30 24 80%

Jardim Paradiso IIB - III Nova Iguaçu (RJ) Economy 68 963 65 61 93%

Manaú 2 Guarulhos (SP) Economy 86 420 36 31 86%

Pq. das Águas II São Gonçalo (RJ) Economy 162 1,152 187 149 80%

Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29 86%

Pq. das Águas III São Gonçalo (RJ) Economy 171 492 84 67 80%

Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67 80%

13

0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and inprocess of approval by CEF

Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67 80%

Cidade Paradiso Nova Iguaçu (RJ) Economy 72 30,183 2,180 2,180 100%

Total 78 34,704 2,700 2,609 97%

Development City (State) SegmentAverage Price

(R$'000)Units

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum wage 49 3,780 185 185 100%

Total 49 3,780 185 185 100%

Land Bank

Development City (State) Segment Total Area (m2)

Average Price

(R$/m2)

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Barrartes Rio de Janeiro (RJ) Comercial 25,000 10,000 250 175 70%Niterói Plaza Niterói (RJ) Comercial 6,500 7,000 46 32 70%

Total 31,500 9,381 296 207 70%

14

Net Operating Revenue - Quarterly

130.7

100.7 101.4

75.2 71.8 75.9

Net Operating Revenue (R$ mm)

15

75.2 71.8

51.7

75.9 69.0

58.6

27.2

2T101T104T093T092T091T094T083T082T081T08

Net Operating Revenue - Yearly

231.4

300.1

230.7

Net Operating Revenue (R$ mm)

16

1S102009 2008

Net Profit CR2 - Quarterly

21.2

Net Profit CR2 (R$ mm)

17

7.4 7.2 5.3 5.0

3.6

1.3

11.1

4.8

0.5

2T101T104T093T092T091T094T083T082T081T08

Net Profit CR2 - Yearly

37.6

Net Profit CR2 (R$ mm)

18

14.6 15.1

1S102009 2008

Delivered Projects: 2008

Green Park 3000/4000

Location: Barra da Tijuca (RJ)

Segment: Middle-Income

Units: 240

PSV: R$55,7mm

% Sold: 100% (Aug-10)

% Disbursed/Paid Down: 90% (Aug-10)

19

Via Parque

Location: Caxias (RJ)

Segment: Economy

Units: 99

PSV: R$4,9mm

% Sold: 100% (Aug-10)

% Disbursed/Paid Down: 100% (Aug-10)

Delivered Projects: 2009

Verano I

Location: Barra (RJ)

Segment: Middle-Income

Units: 395

PSV: R$130,0mm

% Sold: 94% (Aug-10)

% Disbursed/Paid Down: 75% (Aug-10)

Splendore Valqueire I

Location: V. Valqueire (RJ)

Segment: Middle-Income

Units: 120

PSV: R$15,9mm

% Sold: 97% (Aug-10)

% Disbursed/Paid Down: 85% (Aug-10)

20

Mirante Bonsucesso

Location: Guarulhos (SP)

Segment: Economy

Units: 368

PSV: R$28,4mm

% Sold: 98% (Aug-10)

% Disbursed/Paid Down: 93% (Aug-10)

Delivered Projects: 1H10

Barra Allegro

Location: Barra da Tijuca (RJ)

Segment: Middle-Income

Units: 144

PSV: R$41,5mm

% Sold: 99% (Aug-10)

% Disbursed/Paid Down: 51% (Aug-10)

Verano II

Location: Barra (RJ)

Segment: Middle-Income

Units: 346

PSV: R$105,0mm

% Sold: 95% (Aug-10)

% Disbursed/Paid Down: 17%

21

Villaggio del Mare

Location: Recreio (RJ)

Segment: Middle-Income

Units: 120

PSV: R$45,3mm

% Sold: 97% (Aug-10)

% Disbursed/Paid Down: 36% (Aug-10)

Delivered Projects: 3Q10

Villagio do Campo - Lote 2

26% over total

Location: Campo Grande (RJ)

Segment: Economy

Units: 262

22

Units: 262

PSV: R$17,0mm

% Sold: 98% (Aug-10)

% Disbursed: 74% (Aug-10)

Delivered Projects: 3T10

Jardim Paradiso I – Lotes 1 a 4

58% over total

Location: Nova Iguaçu (RJ)

Segment: Economy

23

Units: 308

PSV: R$21,2mm

% Sold: 98% (Aug-10)

% Disbursed: To begin in 4Q10

57,1354,67

53,5843,12

37,9536,0035,65

21,6421,61

17,7314,74

João Fortes

Lopes

Helbor

Camargo

Trisul

EZ Tec

BR Brokers

Direcional

PDG Realty

MRV

Brookfield

% YTD

CRDE3 Performance - 2010

14,7412,54

7,147,06

4,671,37

-1,00-3,37

-4,39-7,76-8,05

-12,27

Brookfield

IMOB

Even

Rossi

CR2

IBOV

Rodobens

Tecnisa

Gafisa

Cyrela

Inpar

JHSF

24

*Data base: 10/22/2010

23,7421,35

20,3717,99

13,8010,17

8,545,965,895,79

4,93

Lopes

Trisul

Camargo

BR Brokers

Direcional

CR2

Helbor

Inpar

Rodobens

JHSF

Even

% 1 Mês

CRDE3 Performance - 2010

25

*Data base: 10/22/2010

4,933,08

2,742,33

1,760,55

0,18-1,02

-1,87-3,66

-4,71-7,76

Even

Tecnisa

Gafisa

PDG Realty

IBOV

IMOB

Rossi

João Fortes

EZ Tec

Brookfield

MRV

Cyrela

Valuation: Price/Book Value*

1,54

1,52

1,34

1,29

1,15

0,85

0,76

Brookfield

Tecnisa

Rodobens

Trisul

Camargo

Inpar

CR2

P/BV

26

3,06

2,53

2,29

2,15

1,93

1,79

1,66

1,64

1,63

MRV

Direcional

Cyrela

PDG

Helbor

Rossi

Gafisa

Even

Eztec

*Data base: 10/22/2010

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Paulo Castro

Financial and IR Coordinator

Contact:

www.cr2.com.br/ir

IR Contact

27

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.