1. 4Q10 and 2010 Results
March 31, 2011

2. Recent Events
Feb, 2011: Acquisition of swap rights over the land corresponding to the
Cidade Paradiso project
Cidade Paradiso Jardim Paradiso
PSB R$2,1bi (25,000 units) PSV R$148mm (1,817 units)
Before the Deal 3.2 million m2 Already launched
Swap of 8.323% on
R$2.1 billion PSV
After the Deal
R$30mm in cash
2.3mm shares at R$9.50
4Q10 and 2010 2

3. Recent Events
Feb, 2011: Capital Increase of R$ 21.9 million
Before After* Change
Capital Increase
Total % Total % Total ∆
Shares Outstanding 46.136.250 48.443.062 2.306.812 + 5,0%
Management 20.939.681 45,4% 20.939.681 43,2% 0 -2,2 p.p.
Itaú Unibanco 9.512.227 20,6% 9.512.227 19,6% 0 -1,0 p.p.
Squadra 4.365.800 9,5% 4.365.800 9,0% 0 -0,5 p.p.
ADRs 4.244.572 9,2% 4.244.572 8,8% 0 -0,4 p.p.
Bovespa 7.073.970 15,3% 9.380.782 19,4% 2.306.812 +4,0 p.p.
Social Capital (R$) 369.431.745 391.346.459 21.914.714 + 5,9%
R$/share 8,01 8,08 9,50 + 0,07
* The preemptive rights were not exercised
* Estimative based on shareholders’ base on December 31, 2010
4Q10 and 2010 3

4. 4Q10 Highlights
Launches
Total and %CR2 PSV
(R$mm)
125,6
13,6
64,0
7,3
112,0 Project: Jardim Paradiso IIB-III Project: Splendore Valqueire II
Location: Nova Iguaçu (RJ) Location: Vila Valqueire (RJ)
56,7 Launch Date: 4Q10 Launch Date: 4Q10
PSV: R$ 88.6mm (%CR2 R$ 82.4mm) PSV: R$37.0 mm (%CR2 R$ 30.0mm)
Units: 963 Units: 160
2009 2010 Segment: Economy Segment: Economy
R$/unit: R$92 thousand (+33% vs. 1st phase) R$/unit: R$231 thousand (+78% vs. 1st phase)
CR2 Partners
Expected Delivery: 4Q11 Expected Delivery: 4Q12
% Financial Evolution (4Q10): 35% % Financial Evolution (4Q10): 15%
% Units Sold (4Q10): 10% % Units Sold (4Q10): 32%
4Q10 and 2010 4

5. 4Q10 Highlights
Dec, 2010: Sale of the Barrartes project Terra Encantada
Av. Ayrton Senna Barrartes Hospital Unimed
Private Area: 27,000 m2
PSV: R$ 240 million
Segment: Commercial
Maximum Launch Date: 2Q11
Maximum Delivery Date: 2Q14
Payment: Swap of 40% on gross PSV
4Q10 and 2010 5

6. 4Q10 Highlights
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, 2012
Amortization Schedule of Interest: Every semester, starting on May 05, 2011
Book Runners: BB Banco de Investimento S.A. (Lead Book Runner) and Bradesco BBI S.A.
Settlement Date: November 12, 2010
4Q10 and 2010 6

7. 4Q10 Highlights
Management Proposition for dividends
R$/share
Management Proposition Before Capital After Capital
R$
Increase Increase
Minimum Dividends 11.151.773 0,24 0,23
Additional Dividends 13.069.758 0,28 0,27
Total 24.221.531 0,52 0,50
X Date: May 02, 2011
4Q10 and 2010 7

8. 2010 Strategy
Unlock Land Bank value
Launches Resume Swap Sale of Land
Jardim Paradiso IIB-III (4Q10) Barrartes (4Q10) Warehouse ABEAR (2Q10)
Splendore Valqueire II (4Q10)
Debt profile inprovement
Debenture Issuance
Corporate Debt Restructure
IR Strategy
Non deal Roadshows
Research prospection
4Q10 and 2010 8

9. Land Bank
Average Price Total PSV CR2 PSV
Project City (State) Segment Units % CR2
(R$ 000) (R$ mm) (R$ mm)
Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86%
Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86%
Pq. das Águas 2011 São Gonçalo (RJ) Economy 99 1.014 100 80 80%
Residential
Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 85 100%
Pq. das Águas II São Gonçalo (RJ) Economy 199 1.029 205 164 80%
Pq. das Águas III São Gonçalo (RJ) Economy 207 294 61 49 80%
Pq. das Águas IV São Gonçalo (RJ) Economy 88 916 81 65 80%
Cidade Paradiso Nova Iguaçu (RJ) Economy 85 22.183 1.886 1.886 100%
Total 92 27.278 2.505 2.403 96%
Average Price Total PSV CR2's PSV
Project City (State) Segment Units % CR2
(R$'000) (R$mm) (R$mm)
Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%
Total 49 3.780 185 185 100%
Average Total Area Total PSV CR2's PSV
Commercial
Project City (State) Segment 2 % CR2
Price (m ) (R$mm) (R$mm)
2
Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82%
Total 10.000 8.700 87 71 82%
Land Cost: R$ 243 thousand
4Q10 and 2010 9

10. Completion of Projects
Total PSV of R$117mm completed in 4Q10 (R$341mm in 2010)
Project: Parque das Águas 1A Project: Villagio do Campo - Lote 3 (29% of the total)
Location: São Gonçalo (RJ) Location: Campo Grande (RJ)
# Units: 738 # Units: 291
Income Segment: Economy Income Segment: Economy
% Sold: 79% % Sold: 95%
PSV: R$98mm (%CR2 R$78mm) PSV: R$19mm (%CR2 R$ 15mm)
4Q10 and 2010 10

11. Completion of Projects
We intend to reach the end of 1H11 with R$834.5mm of PSV delivered, 73% of the total
launched.
Delivery Schedule: PSV (R$mm) Delivery Schedule: Units
Total PSV of R$834,5mm 5.398 Units
(73% of PSV Launched)
575,9 3.391
94%
187,3
2.007
258,6 1.483
96% 1.207
14,3 146,3
388,7 156,6
244,2 18,4 23,2 83%
138,3 123,1 34%
Delivered: From 1H11 2H11 2012 Delivered: From 1H11 2H11 2012
2008 to 2010 2008 to 2010 Sold Inventory
CR2 Partners
4Q10 and 2010 11

12. Income Statement
85,0% 140,0
434,1
75,0% 109,8 120,0
45%
65,0% 69% 100,0
300,1
55,0% 80,0
65,1
45,0% 47,9 60,0
32% 133,4 92%
100,9 35,0% 40,0
24,9 35,9% 25,3%
25,0% 21,7% 20,0
24,7%
15,0% 0,0
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
Net Operating Revenue Gross Profit % Margin
127,0% 140,0
73,0% 80,0
120,0 70,0
107,0% 63,0%
60,0
100,0
53,0%
87,0% 82,8 47,0 50,0
80,0
43,0%
67,0% 31,9 40,0
135% 60,0
33,0% 211%
38,0 23,9% 30,0
47,0% 35,2
118% 40,0
23,0% 508% 15,1 20,0
27,0% 17,4 10,8%
19,1% 20,0
13,0% 5,3
28,5% 11,7% 10,0
5,2% 5,0%
17,2%
7,0% 3,0%
0,0 0,0
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
EBITDA % Margin Net Profit % Margin
4Q10 and 2010 12

13. Contracted Sales
Total and %CR2 Contracted Sales (R$mm) Total Contracted Sales by Region (R$mm)
188,3 188,3
179,8 179,8
44,7 46,0
41,1 47,0
80,4 80,4
18,5 143,6 142,3 76%
138,7 30,8 132,9 74%
36,9 36,9
61,9 7,4 7,1
49,6 62%
29,6 29,8 81%
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
Capital and Metropolitan Area of RJ Metropolitan Area of SP %RJ
CR2 Partners
Average Price of Units Sold(R$) Total Contracted Sales by Average Price (R$mm)
188,3
179,8
16,1
10,1
162.630
72,2
70,3
152.316
150.728
80,4
5,7
138.778
48,0 36,9 100,0 53% 99,5
3,3
13,9 55%
26,7 33% 19,7 53%
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
< R$130 K R$131 K - R$350 K R$351 K - R$500 K % < R$130 K
4Q10 and 2010 13

14. Inventory at Market Value
Inventory at Market Value: R$195mm (%CR2 R$165mm)
41% of CR2’s Equity
Inventory at Market Value Inventory at Market Value Inventory at Market Value
Construction Status Average Price Region
1% 9%
18%
21%
Under Construction
> R$130k
Capital and
Metropolitan Area of RJ
12% Construction not R$131k - R$350k
started Metropolitan Area of
R$351k - R$500k SP
Completed
70%
78%
91%
100% available for SFH
4Q10 and 2010 14

15. Liquidity
Cash (R$mm) Debt Amortization Schedule (R$ mm)
68,1
63,7
2011 24,6 87,2 111,8
54,0
45,4
2012 31,0 25,5 56,4
35,4
2013 42,1 5,2 47,3
2014 4,7 4,8
4Q09 1Q10 2Q10 3Q10 4Q10
Corporate Debt SFH
Dívida Bruta
Gross Debt Corporate vs. SFH (R$mm) Gross Debt (including SFH) Short Term vs. Long Term (R$mm)
SFH vs. Corporativa (R$mm)
215,9 220,4 215,9 207,4 220,4
207,4 187,6
179,4
41,0% 38,2%
187,6 36,7% 83,8 66,8
179,4 37,9% 36,3% 32% 108,6
39%
58,0 74,8 40% 49%
118,0 32%
127,1 124,1
117,9
131,7
132,1 140,6
8,6% 121,4 112,9 111,8
6,3% 8,8% 102,4
3,2% 69,7
88,7 83,3 4,9%
47,7
4Q09 1Q10 2Q10 3Q10 4Q10
4Q09 1Q10 2Q10 3Q10 4Q10
Corporate Debt SFH
Short Term Debt Long Term Debt % Long Term Debt
Net Debt/Equity CR2 (ex-SFH) Net Debt/Equity CR2 (including SFH)
4Q10 and 2010 15

16. Receivables from Clients
On/Off Balance Receivables (R$ 000) 2010 2009
Receivables from Real Estate Developments and Sales
Short Term 186.320 155.432
Receivables (R$'000) Private
Long Term 248.196 183.642 Total CEF
Delivery Forecast Banks
Total 434.516 339.074
Performed Receivables 146.023 116.538 29.485
Receivables to be Recognized
1S11 149.848 75.051 74.797
Short Term 21.648 69.512
2S11 53.770 34.463 19.307
Long Term 28.838 82.127
2012 38.161 9.516 28.645
Total 50.486 151.639
2013 97.200 97.200 -
Short Term Total 207.968 224.944
Long Term Total 277.034 265.769
Total 485.002 332.768 152.234
Total Receivables 485.002 490.713
4Q10 and 2010 16

17. 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.
4Q10 and 2010 17