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Project: Green Park                  Project: Verano 1                   Project: Splendore Valqueire         Project: Mirante Bonsucesso
Location: Barra da Tijuca (RJ)       Location : Barra da Tijuca (RJ)     Location : Vila Valqueire (RJ)       Location : Guarulhos (SP)
Units: 240                           Units : 395                         Units : 120                          Units : 368
% Sold: 100% (as of Dec-09)          % Sold : 87% (as of Dec-09)         % Sold : 94% (as of Dec-09)          % Sold : 95% (as of Dec-09)
PSV: R$56mm                          PSV: R$130mm                        PSV: R$16mm                          PSV: R$28mm
Delivery Date: Dec-08                Delivery Date : Sep-09              Delivery Date : Sep-09               Delivery Date : Sep-09




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        Project: Villaggio del Mare           Project: Barra Allegro
        Location: Barra da Tijuca (RJ)        Localition: Barra da Tijuca (RJ)
        Units: 120                            Units: 144
        % Sold: 94% (as of Dec-09)            % Sold: 97% (as of Dec-09)
        PSV: R$45mm                           PSV: R$42mm
        Delivery Date: March 2010             Delivery Date: February 2010

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Project: Jardim Paradiso IIA                            Project: Top Life View
Location: Nova Iguaçu (RJ)                              Location: Santo André (SP)
Units: 320 (including phase 1 = 854)                    Units: 300
Price/Unit = R$69,000                                   Price/Unit = R$125,000 – 150,000
PSV = R$22mm (including phase 1 = R$59mm)               PSV = R$42mm
CR2 Stake = 93%                                         CR2 Stake = 86%
% Sold (as of Dec-09) = 50% (including phase 1 = 68%)   % Sold (as of Dec-09) = 59%
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                                                                                                                          22
Investors Relations

                Rogério Furtado
Chief Financial Officer and Investor Relations Officer

               www.cr2.com.br/ri
              phone: (21) 3095-4600
                     (21) 3031-4600




                                                         23
>             +

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' ability to continue to obtain sufficient
                                                                                    s
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.




                                                                                                                          24

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4 q09 presentation

  • 1.
  • 2. ' , + ' + )-.+ + 0&2 )3.4+ + / " ! # + + / ,/ " " / " %# # + 5 " # $ % # &'( + + 0 / 1 + % # ) *+ + ' &'( # )676+ + 8 # )36*+ + '# + + # #9+ + +" + # + + # = / % # " @ # % / 8 # + / " % # &'( )64.+ + / : .* # # ( # . . # & ; # )7..+ + $ 8 # 0 # &'( . . # &'( # )374+ + 8 # ) 3+ + > / + + 0? ; # % # + + ! + % # + + 8 / + " , # '< & + 2
  • 3. .. : # # A % # " 7B. 8 % # &'( )-7+ + &'( . .C )7..+ + 3 $ + .. 8 % # &'( ) 47+ + D ' ..*8 % # + 6 $ % # &'( ) 36+ + D % # E / 0+ F # +" + / + # # 8 # ( G (H + ' , $ 8 + " /" # # # # 2 "+ + " # $ ++ $ / # 0 ! G # H 3
  • 4. ' *.87 *86 7-84 8 348 78. 8 - 8 686 78 378- 38. *8. 8 8- 7B.* B. B. 3B. 7B. & 4
  • 5. > > + ..*9. ) 36+ + &'( G 4I .. -I ..*H ) 8./ # Project: Green Park Project: Verano 1 Project: Splendore Valqueire Project: Mirante Bonsucesso Location: Barra da Tijuca (RJ) Location : Barra da Tijuca (RJ) Location : Vila Valqueire (RJ) Location : Guarulhos (SP) Units: 240 Units : 395 Units : 120 Units : 368 % Sold: 100% (as of Dec-09) % Sold : 87% (as of Dec-09) % Sold : 94% (as of Dec-09) % Sold : 95% (as of Dec-09) PSV: R$56mm PSV: R$130mm PSV: R$16mm PSV: R$28mm Delivery Date: Dec-08 Delivery Date : Sep-09 Delivery Date : Sep-09 Delivery Date : Sep-09 5
  • 6. > > + . . " # )*4+ + ( ( B .8 )64.+ + # " Project: Villaggio del Mare Project: Barra Allegro Location: Barra da Tijuca (RJ) Localition: Barra da Tijuca (RJ) Units: 120 Units: 144 % Sold: 94% (as of Dec-09) % Sold: 97% (as of Dec-09) PSV: R$45mm PSV: R$42mm Delivery Date: March 2010 Delivery Date: February 2010 6
  • 7. & $ > " '# & $ # " # # $" # # !" # $ D*.. D-7* D-.. D7.. D -3 D .. D -7 D... * *.. *.I -.. 4I 7.. 47I 33 3.. 37 .. 6 I -I 6 I I B . B . 3B . 7B . ' ' ' ' 0 " 7
  • 8. ; # 7B. Project: Jardim Paradiso IIA Project: Top Life View Location: Nova Iguaçu (RJ) Location: Santo André (SP) Units: 320 (including phase 1 = 854) Units: 300 Price/Unit = R$69,000 Price/Unit = R$125,000 – 150,000 PSV = R$22mm (including phase 1 = R$59mm) PSV = R$42mm CR2 Stake = 93% CR2 Stake = 86% % Sold (as of Dec-09) = 50% (including phase 1 = 68%) % Sold (as of Dec-09) = 59% 8
  •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
  • 10. ++ ; / F # $ C " /" # # # # 2 "+ + !1 1 ' & ) ( * + % ! $ & ! $ , $ ( ! $ ( * J G JH ++ 3.D... 76D... 4D6.. 33486 3-83 4.I F # J G JH ++ *D... -7D... 7D6.. **8. . 8- 4.I A Q & ! A Q G JH ++ A9 -D6.. 4D... 7686 3 8 4.I ) . . . / 0 / , 10
  • 11. #E % 2 3 *487 *.8. * 83 448* 4.86 4 8 -48. -*86 -*83 - 87 678 3 8* 3.84 686 B.* 3B.* 7B.* B. B. 3B. 7B. #0 % & $ , #' C G'E: H8 & "+ 8 8 EG R H8 / D & $ C 8 8 / "8 8/ 8 D 11
  •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
  • 13. E # E 7B. C D 47 E8 5 ) ++ &'( + )-*+ + # / /" E )73+ + / # / # " 7 ) 8 1 7 1 !9 $ 73D - D6 6 D6 6 D6 6 D-4 -D . D*-7 D 47 -4 -3. D4 4 7 6 *D47 *D4- 3-* 4D7** 47 - 7 .* . . 3 . 7 . B. B. 3B. 7B. EG + H @ /" EG + H > / + )... / G/ # H )... 13
  • 14. & + 1 P E ; ) 3-+ + & + 1 % # 0 N8 ' &'( )66*+ + 4 $ % ) ( * +( * 4 ( : 6 & " , " 4 1 9 < ! $ ! $ ! $ ! $ ' ; ! $ ( 0 3.8. 4*8. .4 > 3 6 *4I 6 86 7*8 8. 0 N ( > 7683 38- " .4 > B . .7 7I -8* 78- .84 ' ( 00 .68. -38. ' .4 . 37- 46I 3*8* 3 8 .8. 0 N & 5 O 0 9 7.8. 8. 2 .4 9 . 9 D.6* 6*I - 8. .84 .8. 0 N ( 000 -48. 7.8 2 .4 4 4*I 338. 8- .8. 7 86 8. A .4 > B . 3. 4I 386 8* 83 ' E 1 83 .86 .* 2 . 3. -I 8. 68- .8. ' ) / - / - . 0- 0, - / - / -/ 14
  • 15. & + 1 P E + / + # ) 3 ++ 7B. 3.8. *8 78 68. .84 .8. *87 -86 68. 384 8* .8. 68. B.* 3B.* 7B.* B. B. 3B. 7B. G68.H G78*H G .8.H G*8 H G 68.H > / + G )+ + H + ! G )++H 15
  • 16. / & / + / .. ) . ++ 7.8. 3-83 368. 3 8* 3.8. 68. .8. *87 68. 387 .8. 68. B. B. 3B. 7B. + " )+ + 0 + )+ + 16
  • 17. > / & 1 ! $ 0= = = -= 0= % 1 '# + 3D *D3 . 7D773 3D - D6 3 ; + D7.* -*4 D3 6 *D 6- ) 0. . 0. 0. 0 0 0 . 2 & ! 2>$ '# + 3 D7*- -6D 6* ..D4. D*3- ; + 7.D-77 *D * D-*7 -D64 3 D*74 ) 0 . 00 .0 0. 0 . 0 - . - 73D- 3*D * 33D * 3-D.* 36D7 7 6? 34 D. - 34 D-4* 34-D63. 344D - 34 D -* 17
  • 18. 0 " ( S ' ' # # + ( 4 # 9 & & 8 8 4 ! $ ! + $ 6 8( ( ! + $ ( ..- .8. 3387 8 86 3684I 8 .8. B.4 86 - 87 3 86 6 87 348-I 38- 48 B.4 6 87 .87 *86 6783 687I *8* 84 3B.4 6783 -38 3 87 *68. 48-I .87 8. 7B.4 *68. 4.83 6 8 -8 38 I 3 83 8 B.* -8 748 48 -8* 8 I 68 83 B.* -8* 3 83 7787 .384 7 86I 384 6.8- 3B.* .384 38 -48- 6.8. 83I 778 387 7B.* 6.8. .8. 8- 3486 68.I .8. 8- B. 3486 .8. 8 *87 *8.I .8. 8 B. *87 .8. 378- *38* 68*I .8. 378- 3B. *38* .8. *8. 668* 68 I .8. *8. 7B. 668* 6-84 - 8 6.86 8 I 3 86 3.87 ' ' GI HTU ' # & 9 G0 " # / # V #" ,# # HW 0= @0 , 8 6? 18
  • 19. 0 " ( & # < * # < * ' & ( *I 3I 7I @ 37I X ) 3. ' ) 3 )36. + )36 )6.. -3I -*I , 8 1 8 2> 19
  •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
  •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
  • 22. / ! / ! ) . ++ 7B. / ! )6 + + G+ 87IH / 9 / )7 .+ + 7B. 8 / ) 7+ + # # + 1 & ; ! $ / ! . D7 3 D.47 @ ' / ! 7 D 6. .-D3-. & / ! 6 D 4 .7D4 7 / ! 87I 3384I 22
  • 23. Investors Relations Rogério Furtado Chief Financial Officer and Investor Relations Officer www.cr2.com.br/ri phone: (21) 3095-4600 (21) 3031-4600 23
  • 24. > + 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' ability to continue to obtain sufficient s 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. 24