1. 3Q08 Conference Call Results
Cidade Paradiso (Nova Iguaçu, RJ) – Biggest Undertaking Residential of the Baixada Fluminense
November 11th, 2008

2. 9M08 Key Highlights
EPS of R$0.16 in 3Q08 (vs R$0.14 ex-cost IPO in 3Q07) and R$0.77 in 9M08 (vs R$0.24 ex-cost
IPO in 9M07)
Net profit before minorities of R$9.1 million in 3Q08 (12.7% margin), and R$41.0 million in
9M08 (25.5% margin)
Total Launches in 3Q08 of R$129 million, with CR2´s share at R$114 million
1,481 units (100% in the economic segment)
Contracted sales in Q308 of R$80 million and CR2´s share at R$68 million
794 units sold
Cash position of R$87 million, bank debt of R$16 million, and construction financing (SFH) of
R$27 million
Parque das Águas 2 – Post-3Q08 we have cancelled the phase 2 of the project Parque das
Águas in São Gonçalo, which was launched in 4Q07 with total PSV of R$187 million. Of the 109
units already sold in phase 2, we have converted around 60% to phase 1.
2

3. Business Model
Pure-play developer that outsources construction and brokerage services;
Partnership model with niche “players” :
Projects origination mechanism;
Market analysis;
Low fixed costs (around 80 employees);
Agility/Operational flexibility.
CR2 Focus: Offer products where there is credit availability.
3

4. Segments of Operation
Diversified portfolio to support growing
Economic Middle Income Commercial
12 projects with total PSV of 14 projects with total PSV of 4 projects with total PSV of
R$2.8 billion (R$2.7 billion R$1.1 billion (R$804 million R$1.6 billion (R$565 million
CR2) CR2) CR2)
Main project: Nova Iguaçu
Total PSV of R$2.3 billion
with 32 thousand units (in
phases)
Deal with Caixa for
financing up to R$2.5
billion in PSV The segments are classified by price per m² and
by unit price:
Segment R$ / m² Unit Price
Economic up to 2.200 up to R$ 125 mil
Middle-Income 2.200 - 3.500 R$ 125 – R$ 400 mil
Middle-High 3.500 - 4.500 R$ 400 – R$ 600 mil
High-Income higher than 4.500 higher than R$ 600 mil
4

5. Launches 3T08/9M08
Total launches in 3Q08 of R$129 million, with CR2 s share at R$114 million. In 9M08 we launched
R$347 million of which R$293 million CR2 s share
9 projects launched in 2008: 4 in São Paulo (total PSV of R$164 million, 1,732 units) and 5 in
Rio de Janeiro (total PSV of R$183 million, 2,072 units)
Launches PSV – R$ million
129,4
120,9 347,0
15,5
309,8
53,7
45,2
125,5
113,9
293,3
75,7
184,3
3Q07 3Q08 9M07 9M08
CR2 Partners CR2 Partners
5

6. Launches by Segment 9M08
Efforts geared towards the economic segment
PSV of Launches (R$ MM)
15%
271,6 Economic
309,8
Middle Income
85%
47,0
9M07 9M08
6

7. Launches history
Efforts geared towards the economic segment
3,069
2,741
2,572
1,822
1,716
1,533
7

8. Contracted sales 3T08/9M08
Total contracted sales of R$301 million, with CR2 s share at $239 million
Contracted sales – R$ million
80,4
12,8 301,4
62,3
50,8
50.8
18,4
67,6
136,4
239,1
54,0
32,4
82,4
3Q07 3Q08 9M07 9M08
CR2 Partners CR2 Partners
8

9. Sales Speed 9M08
Launches in the period (A) – R$´000 346,511
Sales of launches in the period (B) - R$´000 224,792
Sales Velocity (B/A) 64.9%
64.9%
346.511
224.792
Launches 9M08 Sales of the 9M08 launches
9

10. Launches To Date
Units Total PSV CR2 PSV
Development City / State Launch Date Segment Units Sold % Units Solds % CR2
Launched (R$ 000) (R$ 000)
Green Park 3000/4000 Barra (RJ) mar/set 06 Middle Income 240 168 70% 55,7 33,4 60%
Verano I / II / III Barra (RJ) mar/set/out 07 Middle Income 913 580 64% 302,5 181,5 60%
Villaggio Del Mare Recreio (RJ) mai/07 Middle Income 156 112 72% 58,9 30,7 52%
Splendore Valqueire I V. Valqueire (RJ) jul/07 Middle Income 120 117 98% 15,9 12,7 80%
Parque das Águas I S. Gonçalo (RJ) out/07 Middle Income 1.058 373 35% 140,0 111,7 80%
Parque das Águas II S. Gonçalo (RJ) out/07 Middle Income 1.152 109 9% 187,0 149,3 80%
Barra Trade Barra (RJ) nov/07 Commercial 5 0 0% 28,0 19,6 70%
Barra Allegro Barra (RJ) nov/07 Middle Income 144 84 58% 41,5 29,1 70%
Mirante Bonsucesso Guarulhos (SP) mar/08 Economic 368 359 98% 28,4 24,4 86%
Via Parque Caxias (RJ) mar/08 Economic 99 46 46% 4,9 3,2 66%
Felicittá Jacarepaguá (RJ) mar/08 Economic 230 173 75% 29,3 20,5 70%
Top Life Itamaraty Santo André (SP) abr/08 Economic 417 417 100% 42,9 36,9 86%
Villagio do Campo Campo Grande (RJ) jun/08 Economic 999 747 75% 65,0 52,0 80%
Premium Cpo. Grande Campo Grande (RJ) jun/08 Middle Income 196 136 65% 47,0 42,3 90%
Acqua Park Guarulhos (SP) jul/08 Economic 747 228 31% 67,3 57,9 86%
Top Life Park Santo André (SP) jul/08 Economic 200 180 90% 25,3 21,8 86%
Jardim Paradiso I Nova Iguacu (RJ) set/08 Economic 534 106 20% 36,8 34,3 93%
Cummulative Total 7.578 3.935 52% 1.176,5 861,2 73%
Em 2006* 240 95 55,7 33,4 60%
Em 2007* 3.548 1.126 773,8 534,5 69%
Em 2008* 3.790 2.714 347,0 293,3 85%
Total 7.578 3.935 52% 1.176,5 861,2 73%
* Values of the referred period.
10

11. Land Bank (to be launched)
Total PSV (R$ CR2's PSV (R$
Development City (State) Segment Units % CR2
MM) MM)
Jardim Paradiso II – III Nova Iguaçu (RJ) Economic 1,283 87.0 80.9 93%
Javri Santo André (SP) Middle 190 33.0 28.4 86%
Colônia Paraíso S. J. Campos (SP) Economic 392 32.0 27.5 86%
Manaú 2 Guarulhos (SP) Economic 420 34.0 29.2 86%
Sta. Cecília – Madureira I Nova Iguaçu (RJ) Economic 1,613 80.0 64.0 80%
Pinheiro Guimarães Rio de Janeiro (RJ) Middle 128 49.0 34.3 70%
Barrartes Rio de Janeiro (RJ) Commercial 507 120.0 84.0 70%
Splendore Valqueire II Rio de Janeiro (RJ) Middle 160 25.0 20.0 80%
Warehouse ABEAR Rio de Janeiro (RJ) Commercial 389 230.0 161.0 70%
Cidade da Barra Rio de Janeiro (RJ) Commercial n.d. 1,200.0 300.0 25%
Pq. das Águas III São Gonçalo (RJ) Middle 492 84.0 67.2 80%
Pq. das Águas IV São Gonçalo (RJ) Middle 942 84.0 67.2 80%
Sta. Cecília – Madureira II Nova Iguaçu (RJ) Economic 1,612 80.0 64.0 80%
Cidade Paradiso Nova Iguaçu (RJ) Economic 30,183 2,180.0 2,180.0 100%
Total 38,311 4,318.0 3,207.8 74%
11

12. Land Bank by Segment (to be launched)
Total PSV CR2's PSV Units % Land Cost
Segment Physical Financial
RS (MM) % RS (MM) % Qty % Cash
Swap Swap
Economic 2.493,0 58% 2.445,7 76% 35.503 93% 0% 90% 10%
Middle 275,0 6% 217,1 7% 1.912 5% 64% 0% 36%
Commercial 1.550,0 36% 545,0 17% 896 2% 42% 0% 58%
Total 4.318,0 3.207,8 38.311 15% 60% 25%
Land Bank - PSV CR2
17%
Economic
7%
Middle Income
Commercial
76%
12

13. Results to be Recognized
Receita e Resultado a Apropriar - R$´000 3Q07 4Q07 1Q08 2Q08 3Q08
Revenues to be recognized 136.489 202.990 214.237 339.572 366.611
Recurring cost of sold units 94.999 144.234 150.543 233.694 248.861
Gross profit to be recognized 41.490 58.756 63.694 105.878 117.750
Gross margin to be recognized 30,4% 28,9% 29,7% 31,2% 32,1%
Margin to be Recognized
32,1%
31,2%
30,4%
29,7%
28,9%
3Q07 4Q07 1Q08 2Q08 3Q08
13

14. Financial Highlights 3Q08 and 9M08
Consolidated Financials - R$'000 3Q08 2Q08 3Q07 ∆3Q/2Q ∆3Q/3Q 9M08 9M07 ∆9M/9M
(1)
Gross Operating Revenue 74.053 64.485 10.017 15% 639% 166.522 21.933 659%
Net Operating Revenue 71.305 62.140 9.638 15% 640% 160.371 21.115 660%
Gross Profit 21.825 18.390 2.629 19% 730% 47.473 5.115 828%
% Gross Profit Margin 30,6% 29,6% 27,3% 1,0 p.p. 3,3 p.p. 29,6% 24,2% 5,4 p.p.
EBITDA(2)(3) 7.237 26.219 -733 -72% -1087% 35.102 -4.850 -
% EBITDA Margin 10,1% 42,2% -7,6% -32,0 p.p. 17,8 p.p. 21,9% -23,0% 44,9 p.p.
Net Profit before minorities(2) 9.080 26.626 5.604 -66% 62% 40.964 10.420 293%
% Net Margin before minorities 12,7% 42,8% 58,1% -30,1 p.p. -45,4 p.p. 25,5% 49,3% -23,8 p.p.
Net Profit(2) 7.220 24.055 6.345 -70% 14% 35.467 10.977 223%
% Net Profit 10,1% 38,7% 65,8% -28,6 p.p. -0,8 p.p. 22,1% 52,0% -29,9 p.p.
Net Income per Share (2) – EPS R$ 0,16 0,52 0,14 -70% 14% 0,77 0,24 223%
Revenues to be Recognized(1) 366.611 339.572 136.489 8% 169%
Results to be Recognized(1) 117.750 105.878 41.490 11% 184%
Margin to be Recognized 32,1% 31,2% 30,4% 0,9 p.p. 1,7 p.p.
Cash 86.891 133.608 273.827 -35% -68%
Debt 15.808 0 0 - -
Net Cash 71.083 133.608 273.827 -47% -74%
SFH 26.647 9.873 0 170% -
Shareholders Equity 389.561 382.341 358.428 2% 9%
Total Assets 551.033 510.057 390.639 8% 41%
1) Beginning in 3Q08, we have included the monetary variation of real estate receivables in gross operating revenue, past periods
were reclassified to facilitate comparison
2) In 3Q07 and 9M07, EBITDA, Net Profit before minorities, Net Profit and Net Profit per share are adjusted by the exclusion of the
non recurring expenses related to the IPO (total of R$593,000 and R$23.108 million, respectively)
3) In 9M08 EBITDA includes R$15.252 million related to the sale of the participation on the CR2 Shoppings Empreendimentos.
14

15. Operating Expenses
Expenses (R$ MM) 3Q08 2Q08 3Q07 ∆3Q/2Q ∆3Q/3Q 9M08 9M07 ∆9M/9M
General and Administratives - "G&A" 7,868 4,970 2,594 58.3% 203.3% 16.706 4,949 237.6%
G&A / Revenues 11.0% 8.0% 26.9% 3.0 p.p. -15.9 p.p. 10,4% 23.4% -13.0 p.p.
G&A / Launches 6.1% 3.2% 2.1% 2.9 p.p. 4.0 p.p. 4,8% 1.6% 3.2 p.p.
G&A / Sales 9.8% 2.7% 5.1% 7.1 p.p. 4.7 p.p. 5,5% 3.6% 2.0 p.p.
Selling Expenses 6,171 2,720 826 126.9% 647.1% 10.252 3,697 177.3%
Selling Expenses / Revenues 8.7% 4.4% 8.6% 4.3 p.p. 0.1 p.p. 6,4% 17.5% -11.1 p.p.
Selling Expenses / Launches (Total) 4.8% 1.8% 0.7% 3.0 p.p. 4.1 p.p. 3,0% 1.2% 1.8 p.p.
Selling Expenses / Sales 7.7% 1.5% 1.6% 6.2 p.p. 6.1 p.p. 3,4% 2.7% 0.7 p.p.
15

16. Financing by Project
Key Delivering -
Development Bank Tyoe of Funding Status (1) Financial Line
Forecast
Green Park 3000/4000 Itaú "Repasse nas Chaves" Dec-2008 Ready for transition
Verano I Itaú "Plano Empresário" Oct-2009 Signed Contract Itaú
Verano II Itaú "Plano Empresário" Apr-2010 Signed Contract R$250 million
Parque das Águas Itaú "Plano Empresário" Jul-2010 Signed Contract
Parque das Águas Unibanco "Repasse na Planta" Feb-2011 Signed Contract Unibanco
Splendore Valqueire I Unibanco "Repasse na Planta" Aug-2009 Signed Contract R$29 million of PSV
Villaggio Del Mare Santander "Plano Empresário" Sep-2009 Letter of Credit Santander
Barra Allegro Santander "Plano Empresário" Jan-2010 Signed Contract R$29 million
Verano III Bradesco "Plano Empresário" Jan-2011 Letter of Credit Bradesco R$35 million
Felicittá Real "Plano Empresário" Oct-2010 Letter of Credit Real R$12 million
Barra Trade Banco do Brasil "Fin. Emp. Comercial" Aug-2010 Preliminary Agreement Bco do Brasil R$10 million
Via Parque Caixa "Repasse nas Chaves" Mar-2008 Signed Contract
Mirante Bonsucesso Caixa "Crédito Associativo" Jul-2009 Letter of Credit
Top Life Itamaraty Caixa "Crédito Associativo" Apr-2010 Letter of Credit
Villagio do Campo Caixa "Crédito Associativo" Aug-2009 Letter of Credit CEF(2)
Premium Cpo. Grande Caixa "Crédito Associativo" Aug-2010 Letter of Credit R$ 2,5 billion of PSV
Acqua Park Caixa "Crédito Associativo" Sep-2010 Letter of Credit
Top Life Park Caixa "Crédito Associativo" Sep-2010 Letter of Credit
Jardim Paradiso* Caixa "Crédito Associativo" Paradiso 1: Feb-2010 Letter of Credit
(1) Status - (I) “Plano Empresário” / “Crédito Associativo”: (a) Preliminary Agreement: line size has been approved, but the project specific analysis still pending. (b)
Letter of Credit: credit approved, and a Letter of Credit is issued for the project. (c) Signed Contract: line ready to be utilized, or already utilized (II) “Repasse nas
Chaves” / “Repasse na Planta”: (a) Ready for Transition: Agreement signed with the bank, so that at the moment the construction is finished the purchaser´s credit is
transferred to the bank. (b) Signed Contract: line ready to be utilized, or already utilized (2) Memorandum of Understanding signed with Caixa Econômica Federal in
July 2007. 16

17. Cash Evolution
Cash (R$ MM)
282,8 273,8
238,7
178,4
133,6
86,9
51,4 49,7
2006 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
17

18. IR Contact
Investors Relations
Rogério Furtado
CFO and IR Officer
Daniel Grozdea
IR Manager
www.cr2.com.br/ir
phone: (21) 3095-4600
(21) 3031-4600
18

19. 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.
19