1. 3Q10 and 9M10 Results
November 18, 2010

2. Recent Events
Launches: 2 projects, for a total PSV of R$126mm (%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
3Q10 2

3. Recent Events
Debenture Issuance
Total Amount: R$ 60 million
Interest: Brazilian Interbank Rate (CDI) + 2,5% p.a.
Maturity Rate: November 05, 2013 (3 years)
Amortization Schedule of Principal: 3 installments every semester starting on November 05, 2012
Interest Payment: Every semester, starting on May 05, 2011
Coordinators: BB Banco de Investimento S.A. (Leader) e Bradesco BBI S.A.
Settlement Date: November 12, 2010
3Q10 3

4. Highlights
300,6 61,9
51% 55%
198,7 40,1
20,6%
20,2%
9M09 9M10 9M09 9M10
Net Revenue (R$mm) Gross Profit (R$mm) %Margin
44,8
15,0
158%
53%
9,8
14,9%
17,3
8,7%
5,0% 5,0%
9M09 9M10 9M09 9M10
EBITDA (R$mm) %Margin Net Profit (R$mm) %Margin
3Q10

5. Contracted Sales
Total and %CR2 Contracted Sales (R$mm) Total Contracted Sales by Region (R$mm)
142,9
143,2
32%
33,7
107,9 107,9
26,2
107,0 75%
94,6 88%
109,2
37,2 37,2
26,3 81,7 26,5
9,2
7,0 34,2 92%
28,0 19,3 73% 35,9
19,3 13,2
3,0 7,0
3Q09 3Q10 9M09 9M10 3Q09 3Q10 9M09 9M10
CR2 Partners Metropolitan Area of SP Capital and Metropolitan Area of RJ RJ
Total Contracted Sales by Average Price (R$mm)
Average Price of Units Sold (R$)
143,2
10,5
178.713 107,9
147.931 13,3 59,1
123.890 130.156
28,6
37,2
4,9 26,5 73,3 51%
66,0 61%
9,4 1,7
11,4
22,9 62%
13,2 50%
3Q09 3Q10 9M09 9M10 3Q09 3Q10 9M09 9M10
< R$130 k R$131 k - R$350 k R$351 k - R$500 k % < R$130 k
3Q10 5

6. 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
3Q10 6

7. Inventory at Market Value and SoS
Inventory at Market Value Inventory at Market Value Inventory at Market Value
Construction Status Average Price Region
5%
13%
23%
20%
Under Construction > R$130k Capital and Metropolitan
17% Area of RJ
R$131k - R$350k
Construction not
Started Metropolitan Area of SP
R$351k - R$500k
70% Completed
75% 77%
100% of inventory
available for SFH
3Q10 7

8. Project Conclusion
Total PSV of R$38.2mm delivered in 3Q10 (R$230.0mm in 9M10)
Project: Jardim Paradiso 1 – Lotes 1 a 4 (58% of the total) Project: Villagio do Campo - Lote 2 (26% of the total)
Location: Nova Iguaçu (RJ) Location: Campo Grande (RJ)
# Units: 308 # Units: 262
Income Segment: Economy Income Segment: Economy
% Sold: 98% % Sold: 94%
PSV: R$21.2mm (%CR2 R$19.7mm) PSV: R$17.0mm (%CR2 R$ 13.6mm)
3Q10 8

9. 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
3Q10 9

10. Residential Land Bank
100% of land bank in the economy segment
Average Price Total PSV CR2's PSV
Project City (State) Segment Units % CR2
(R$'000) (R$mm) (R$mm)
Splendore Valqueire II Rio de Janeiro (RJ) Economy 231 160 37 29,6 80%
Jardim Paradiso IIB - III Nova Iguaçu (RJ) Economy 92 963 89 82,8 93%
Total Launched in 4Q10 112 1.123 126 112 89%
Top Life Village (Colônia Paraíso) S. J. Campos (SP) Economy 87 392 34 29,3 86%
Manaú 2 Guarulhos (SP) Economy 86 420 36 31,1 86%
Pq. das Águas II São Gonçalo (RJ) Economy 162 1.152 187 149,0 80%
Pq. das Águas III São Gonçalo (RJ) Economy 171 492 84 67,2 80%
Pq. das Águas IV São Gonçalo (RJ) Economy 89 942 84 67,2 80%
Cidade Paradiso Nova Iguaçu (RJ) Economy 72 30.183 2.180 2.180,0 100%
Total 78 33.581 2.605 2.524 97%
0-3 minimum wages MCMV: Project already approved by the Municipal Authorities and in
process of approval by CEF
Average Price Total PSV CR2's PSV
Project City (State) Segment Units % CR2
(R$'000) (R$mm) (R$mm)
Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum wage 49 3.780 185,2 185,2 100%
Total 49 3.780 185 185 100%
3Q10 10

11. Commercial Land Bank
2
Average Price Total PSV CR2's PSV
Project City (State) Segment Total Area (m ) 2 % CR2
(R$/m ) (R$mm) (R$mm)
Barrartes Rio de Janeiro (RJ) Commercial 25.000 10.000 250,0 175,0 70%
Niterói Plaza Niterói (RJ) Commercial 6.500 7.000 45,5 31,9 70%
Total 31.500 9.381 296 207 70%
3Q10 11

12. Revenues and Results to be Recognized
Revenues to be Recognized of R$111.6mm
Results to be Recognized of R$31.7mm (margin of 28.5%)
Revenues and Results to be Recognized (R$'000) 3Q10 3Q09 ∆3Q/3Q 2Q10 ∆3Q/2Q
Revenues to be Recognized 111.558 223.917 -50% 144.942 -23%
Cost of Units Sold to be Recognized 79.819 157.824 -49% 101.207 -21%
Results to be Recognized 31.739 66.093 -52% 43.735 -27%
Margin to be Recognized 28,5% 29,5% -1,1 p.p. 30,2% -1,7 p.p.
3Q10 12

13. Balance Sheet - Liquidity
215,9 207,4
187,6
179,4
41,0%
141,8 37,9% 127,1 36,3%
124,1
117,9 36,8%
28,0% 131,7
117,3 6,4% 8,8% 4,9%
3,2%
Cash (R$mm) 63,7
88,7 83,3
-3,1% 69,7
54,0 47,7
24,5
45,4
3Q09 4Q09 1Q10 2Q10 3Q10
36,1 35,4 Corporate Debt SFH
Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH)
215,9 207,4
187,6
179,4
83,8 39% 66,8 32%
141,8 58,0 32% 74,8 40%
17,9 13%
3Q09 4Q09 1Q10 2Q10 3Q10
132,1 140,6
123,9 121,4 112,9
3Q09 4Q09 1Q10 2Q10 3Q10
Short Term Debt Long Term Debt
3Q10 13

14. 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
3Q10 14

15. 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
3Q10 15

16. 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.
3Q10 16