1. August 15th, 2008
Villagio do Campo Premium Campo Grande
Top Life Itamaraty
2Q08 Launches
2Q08 Conference Call

2. 2
1H08 Highlights
Total Launches of R$218 million, CR2’s share of R$179 million
2,309 launched units being 2,113 in low income segment.
Total Contracted Sales of R$221 million, CR2’s share of R$172 million
Contracted Sales of 1H08’s launches: R$157 million
Sales Speed of 72.3%
Sales over Total Offer of 30.5%
1,948 sold units being 1,545 in low income segment.
Net Revenues: R$85 million +662% year over year (y-o-y).
Net Profit: R$28 million +510% y-o-y. Net Margin of 33%
Revenues to be recognized: R$332 million and margin to be recognized of 29.6%.
CR2 sold its participation in CR2 Shoppings for R$16 million

3. 3
Recent Events
Creation of in-house brokerage office: DaCasa Consultoria Imobiliária.
Further expansion to São Paulo metropolitan area with two developments launched at
the end of July:
Top Life Park: 200 units launched with an average price of R$124 thousand (low
income) in Santo André (SP), with a total PSV of R$25 million. Until now, 187 units
were sold.
Acqua Park: we launched 747 units with an average price of $89 thousand (low
income) in Guarulhos (SP), with a total PSV of R$67 million. Until now, 97 units were
sold.

4. 4
Total launches of R$217.6 million, CR2’s share R$179.3 million
6 developments launched with 2,309 units +319% y-o-y
Launches
163%
15%
30.7
131.2
108.5
179.3
28.2
23.8 80.1
38.3
58.9
155.0
188.6
217.6
2T07 2T08 1S07 1S08
CR2 Parceiros
2Q07 2Q08
Partnerships
1H07 1H08
Launched PSV – R$ million

5. 46.7
170.9
1S07 1S08
Econômico
Média Renda
5
Launches per Segment
217.6
Focus on low-income segment
188.6
1H07 1H08
Launched PSV
(R$ million)
79%
21%
Economic
Middle Income

6. 6
Launches
Focus on low-income segment
R$ thousand per unit
R$ / m2
378
261
183
90 96
2,743
3,069
2,563
1,716
1,822
0
500
1.000
1.500
2.000
2.500
3.000
3.500
0
100
200
300
400
500
600
700
2T07 3T07 4T07 1T08 2T08
2Q07 3Q07 4Q07 1Q08 2Q08

7. 7
Contracted Sales
18.5
144.4
50.0
172.2
14.6
41.6
35.6
48.9
33.1
183.9
85.6
221.1
2T07 2T08 1S07 1S08
CR2 Parceiros
2Q07 2Q08
Partnerships
1H07 1H08
456%
158%
Total Contracted Sales of R$221 million, R$172 million CR2’s share

8. 8
1H08 Sales Speed
1H08 Launches (A):
Sales of 1H08 Launches (B):
1H08 Sales Speed (B/A):
217,603
157,362
72.3%
R$ thousand
217.6
157.4
Lançamentos do 1S08 Vendas Contratadas de Lançamentos do
1S08
72.3%
Sales of Launches
(R$ millions)
1H08 Launches Sales of 1H08 Launches

9. 9
Results to be Recognized
(R$’000) 2Q08 1Q08 Var. 2Q07 Var.
Revenues to be Recognized 331,852 209,752 58% 92,663 258%
Cost to be Recognized (233,694) (150,543) 55% (65,637) 256%
Results to be Recognized 98,158 59,209 66% 27,026 263%
Margin to be Recognized - Backlog Margin 29.6% 28.2% 1.4 p.p 29.2% 0.4 p.p.
29.2% 29.0%
27.6%
28.2%
29.6%
2T07 3T07 4T07 1T08 2T08
Margin to be Recognized
2Q07 3Q07 4Q07 1Q08 2Q08

10. 10
Land bank
Development Location Units Segment Launch Date
Total PSV
(R$ million)
% CR2
CR2 PSV
(R$ million)
Mirante Bonsucesso Guarulhos (SP) 368 Low Income Launched 1Q08 28 86% 25
Residencial Via Parque Caxias (RJ) 99 Low Income Launched 1Q08 5 66% 3
Felicittá Rio de Janeiro (RJ) 230 Low Income Launched 1Q08 29 70% 20
Top Life Itamaraty Santo André (SP) 417 Low Income Launched 2Q08 43 86% 37
Res. Premium Cpo. Grande Rio de Janeiro (RJ) 196 Middle Income Launched 2Q08 45 90% 41
Villagio do Campo Rio de Janeiro (RJ) 999 Low Income Launched 2Q08 61 80% 49
Acqua Park - Água Chata Guarulhos (SP) 747 Low Income Launched 3Q08 67 86% 57
Top Life Park - Juquiá Santo André (SP) 200 Low Income Launched 3Q08 25 86% 22
Jardim Paradiso – N. Iguaçu Nova Iguaçu (RJ) 1,817 Low Income to launch 120 93% 112
Colônia Paraíso S. J. Campos (SP) 392 Low Income to launch 32 86% 27
Sta. Cecília – Madureira I Nova Iguaçu (RJ) 1,613 Low Income to launch 80 70% 56
Javri Santo André (SP) 190 Middle Income to launch 33 86% 28
Pinheiro Guimarães Rio de Janeiro (RJ) 128 Middle Income to launch 49 70% 34
Barrartes Rio de Janeiro (RJ) 507 Comercial to launch 120 70% 84
Splendore Valqueire II Rio de Janeiro (RJ) 160 Middle Income to launch 25 80% 20
Warehouse ABEAR Rio de Janeiro (RJ) 389 Commercial to launch 230 70% 161
Cidade da Barra Rio de Janeiro (RJ) n.d. Commercial to launch 1,200 25% 300
Manaú 2 Guarulhos (SP) 420 Low Income to launch 34 86% 29
Pq. das Águas III São Gonçalo (RJ) 492 Middle Income to launch 84 80% 67
Pq. das Águas IV São Gonçalo (RJ) 942 Middle Income to launch 84 80% 67
Sta. Cecília – Madureira II Nova Iguaçu (RJ) 1,612 Low Income to launch 80 70% 56
Nova Iguaçu II, III e IV Nova Iguaçu (RJ) 30,183 Low Income to launch 2,341 100% 2,341
Total already launched in 2008 3,256 303 84% 254
Total to launch 38,845 4,512 75% 3,399

11. 11
Land bank to launch
Segment
Total PSV
(R$ million)
CR2 %PSV
(R$ million)
Potencial Units
100%
% land cost
Physical swap Financial swap Cash
Low Income 2,687 2,638 36,037 0% 91% 9%
Middle 275 216 1,912 25% 0% 75%
Commercial 1,550 545 896 42% 0% 58%
TOTAL 4,512 3,399 38,845 13% 58% 29%
60%
6%
34%
Land Bank a Lançar – VGV Total
Econômico
Média
Comercial
Low Income
Middle Income
Commercial
Land Bank to launch – Total PSV

12. 2,175
21,686
1S07 1S08
Lucro Bruto (R$ mil)
1H07
4,816
31,844
1S07 1S08
-4,428
23,893
1S07 1S08
1H07
12
1H08 Operating Highlights
Net Margin before minority interest
Gross Margin
11,166
85,104
1S07 1S08
1H07
1H07
1H07
1H07
1H08
25.5%
19.5%
37.5%
43.1%
Net Income Gross Profit
EBITDA Net Profit before minority interest
1H07 1H08
1H07
1H08
1H07 1H08
R$ thousand

13. Expenses (R$’000) 2Q08 1Q08 Var. 1H08 1H07 Var.
General and Administrative 4,970 3,949 26% 8,919 2,355 279%
G&A / Revenues 8.4% 15.4% -7.0 p.p. 10.5% 21.1% -10.6 p.p.
G&A / Launches 3.2% 6.3% -3.1 p.p. 4.1% 1.2% 2.9 p.p.
G&A / Sales 2.7% 10.6% -7.9 p.p. 4.0% 2.7% 1.3 p.p.
Sales Expenses 2,720 1,361 100% 4,081 2,871 42%
Sale Expenses / Revenues 4.6% 5.3% -0.7 p.p. 4.8% 25.7% -20.9 p.p.
Sale Expenses / Launches 1.8% 2.2% -0.4 p.p. 1.9% 1.5% 0.4 p.p.
Sale Expenses / Sales 1.5% 3.7% -2.2 p.p. 1.8% 3.4% -1.6 p.p.
13
1H08 Operanting Expenses

14. 51.4 49.7
282.8 273.8
238.7
178.4
133.6
2006 1T07 2T07 3T07 4T07 1T08 2T08
Cash (R$ millions)
14
IPO R$
307mm
Cash Position
2006 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

15. 15
Investor Relations
Rogério Furtado
Financial Director and IR
Daniel Magno
IR Manager
www.cr2.com.br/ri
tel:+55 (21) 3095-4600
+55 (21) 3031-4600

16. 16
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.