2. Business Model
Partnership With
Pure Play Developer
Control on Each Project
Focus on Low- Strong Project
Income Segment Origination Platform
Ability to Anticipate Macro
Trends
2
3. Ownership Breakdown – 12/02/2010
Board of Directors and
Free Float
Executive Officers
54,7%
45,3%
Itaú Unibanco Squadra ADRs Bovespa
20,6% 9,5% 9,2% 15,4%
3
4. Launched PSV by Region
Total Launched PSV (R$mm)
544,7
347,0
544,7 164,0
126,0
55,7 64,1
183,0
42,0 126,0
55,7 22,1
2006 2007 2008 2009 2010 acum.
Capital and Metropoiltan Area of Rio de Janeiro Metropolitan Area of São Paulo
4
6. Project Conclusion
We intend to reach the end of 2010 with R$702.5mm of PSV delivered, 69% of the total launched
Delivery Schedule: PSV (R$mm) Delivery Schedule: Units
13 projects (69% of PSV Launched) 4.489 Units
2.362
459,3 2.127
98% 2.010
163,9
90%
243,2 252,0
90%
44,1 54,3
295,4
466
199,1 197,7 57,0
8,3
48,7 80%
Delivered: from 4Q10 2011 2012 Delivered: from 4Q10 2011 2012
2008 to 3Q10 2008 to 3Q10
CR2 Partners Sold Inventory
Total PSV CR2's PSV
Project Units
(R$mm) (R$mm)
Felicittá 29,3 20,5 230
Jardim Paradiso I - Lotes 5 and 6 21,2 19,7 226
Parque das Águas 1A 97,7 78,1 738
Premium Cpo. Grande 47,0 42,3 196
Villagio do Campo - Lotes 3 to 5 48,0 38,4 737
Total 243,2 199,1 2.127
6
9. Total Contracted Sales
Total Contracted Sales (R$ mm)
317,0
221,7
188,3
142,9
19,9
2006 2007 2008 2009 9M10
9
10. Inventory at Market Value and SoS
Contracted Sales Inventory's
Period Inventory at the Launches Contracted Sales Inventory at the
SoS from Launches in Contracted
(R$ mm) Beginning of Period (CR2's share) (CR2's share) End of Period
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
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
3Q10 101,6* 0,0 19,3 82,3 19,0%* 0,0 19,5
SoS (%CR2) = [Contracted Sales in the period / (Inventory at beginning of period + launches of the period net of physical exchange)]
* After price adjustment
21% of Shareholder’s Equity
10
11. Balance Sheet – Receivables from Clients
R$240mm - 58% of portfolio Total Receivables (R$ 000)
Projects Delivery Forecast
19.389
5%
Performed
127.182 Receivables
On/Off Balance Receivables (R$ 000) 3Q10 2Q10 31% 2Q10
150.880
Receivables from Real Estate Developments and Sales
37%
Short Term 128.445 144.256 2011
Long Term 230.119 238.481
2012
(+) Total 358.564 382.737
112.083
Receivables to be Recognized 27%
Short Term 18.258 32.208
Long Term 32.711 53.246 Receivables (R$'000) Private
Total CEF
(+) Total 50.969 85.454 Delivery Forecast Banks
Short Term Total 146.703 176.464 Performed Receivables 127.182 100.768 26.479
Long Term Total 262.830 291.727 4Q10 112.083 63.665 48.377
2011 150.880 91.374 59.487
(=) Total Receivables 409.533 468.191
2012 19.389 - 19.383
Total 409.534 255.807 153.726
Projects delivered in 3Q10: R$25,2mm
11
12. Balance Sheet – CEF Relationship
3,227 units contracted = 8 projects with a total PSV of R$304.3mm
2,275 credits transferred, 327 of which in 3Q10
R$150.1mm in cumulative disbursements, R$24.4mm of which in 3Q10
Accounts Receivable from CEF as of 3Q10: R$82.1mm
Disbursements x Receivables from CEF Contracted Units x Credits Transferred
(R$mm) 82,1 3.227 3.227
72,5
2.595 2.595 2.595
2.275
1.948
47,4
43,2 1.591 60% 70%
1.274 61%
29,7
26,1 25,2 967
22,9 23,5 24,4 49%
37%
3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10
Disbursements R$mm Receivables (balance) R$mm
Credits Transferred to CEF Units Contracted by CEF %Transferred
12
13. Land Bank
100% of land bank in the economy segment
Average Price Total PSV CR2's PSV
Development City (State) Segment Units % CR2
(R$'000) (R$mm) (R$mm)
Manaú 2 Guarulhos (SP) Economy 86 420 36 31 86%
Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29 86%
Pq. das Águas II São Gonçalo (RJ) Economy 162 1.152 187 149 80%
Residential
Pq. das Águas III São Gonçalo (RJ) Economy 171 492 84 67 80%
Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67 80%
Cidade Paradiso Nova Iguaçu (RJ) Economy 72 30.183 2.180 2.180 100%
Total 78 33.581 2.605 2.524 97%
0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and in process
of approval by CEF
Average Price Total PSV CR2's PSV
Development City (State) Segment Units % CR2
(R$'000) (R$mm) (R$mm)
Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%
Total 49 3.780 185 185 100%
Average Price Total PSV CR2's PSV
Comercial
2
Development City (State) Segment Total Area (m ) 2 % CR2
(R$/m ) (R$mm) (R$mm)
Barrartes Rio de Janeiro (RJ) Comercial 25.000 10.000 250 175 70%
Niterói Plaza Niterói (RJ) Comercial 6.500 8.000 52 36 70%
Total 31.500 9.587 302 211 70%
13
14. Net Operating Revenue - Yearly
Net Operating Revenue (R$ mm)
300,1 300,6
230,7
2008 2009 9M10
14
19. Delivered Projects: 1H10
Barra Allegro
Verano II
Location: Barra da Tijuca (RJ)
Segment: Middle-Income Location: Barra (RJ)
Units: 144 Segment: Middle-Income
PSV: R$41,5mm Units: 346
% Sold: 98% (Oct-10) PSV: R$105,0mm
% Disbursed/Paid Down: 68% (Oct-10) % Sold: 99% (Aug-10)
% Disbursed/Paid Down: 56% (Oct-10)
Villaggio del Mare
Location: Recreio (RJ)
Segment: Middle-Income
Units: 120
PSV: R$45,3mm
% Sold: 100% (Oct-10)
% Disbursed/Paid Down: 54% (Oct-10)
19
20. Delivered Projects: 3Q10
Villagio do Campo - Lote 2
26% over total
Location: Campo Grande (RJ)
Segment: Economy
Units: 262
PSV: R$17,0mm
% Sold: 97% (Oct-10)
% Disbursed: 82% (Oct-10)
20
21. Delivered Projects: 3Q10
Jardim Paradiso I – Lotes 1 a 4
58% over total
Location: Nova Iguaçu (RJ)
Segment: Economy
Units: 308
PSV: R$21,2mm
% Sold: 99% (Oct-10)
% Disbursed: To begin in 1Q11
21
22. Estratégia de Relançamento
Retomada dos lançamentos:
Jardim Paradiso IIB-III, Splendore Valqueire II – LANÇADOS
Barrartes
Melhoria no perfil da dívida
Emissão de debênture
Reperfilamento da dívida coorporativa
Estratégia de RI
Non deal Road Shows
Prospecção de cobertura
22
23. Recent Events – 4Q10
Launches: 2 projects, totaling R$126mm in total PSV (%CR2 R$112mm)
Project: Jardim Paradiso IIB-III Project: Splendore Valqueire II
Location: Nova Iguaçu (RJ) Location: Vila Valqueire (RJ)
PSV: R$89mm (%CR2 R$82mm) PSV: R$37mm (%CR2 R$30mm)
# Units: 963 # Units: 160
Income Segment: Economy Income Segment: Economy
R$/unit: R$92 thousand R$/unit: R$231 thousand
23
24. Recent Events – 4Q10
Issuance of Debentures
Total Amount: R$ 60 million
Interest: Brazilian Interbank Rate (CDI) + 2,5% p.a.
Maturity: November 05, 2013 (3 years)
Amortization Schedule of Principal: 3 installments every semester, starting on November 05, 2010
Amortization Schedule of Interest: Every semester, starting on May 05, 2011
Coordinators: BB Banco de Investimento S.A. (Leader Coordinator) e Bradesco BBI S.A.
Settlement Date: November 12, 2010
24
29. IR Contact
Investor Relations
Rogério Furtado
Chief Financial and Investor Relations Officer
Paulo Castro
Financial and IR Coordinator
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.
29
