2. Ownership Breakdown – 03/31/11
Board of Directors and
Free Float
Executive Officers
54,7%
45,3%
Itaú Unibanco Squadra ADRs Bovespa
20,6% 9,6% 9,2% 15,3%
2
3. History
1999-2005 2006 2007
• Banco CR2 foundation in • FIP – Funding of R$60mm • IPO – Funding of R$307mm
1999
• CR2 Empreendimentos • Flexible business model allows
• Focus on Credit and Real Imobiliários foundation rapid acceleration in times of
Estate abundant liquidity
• CR2 lauches 11 projets with • CR2 launches nine projects with
R$218mm of PSV PSV of R $ 600mm (2006-2007)
2008 2009 / 2010 2011
• CR2 launches 10 projects • Policy of cash management, • Predicted finish delivery of the
with R$347mm of PSV inventory reduction and first cycle of releases
delivery of projects
• In anticipation of the • Strategy of unlocking the value
worsening global crisis, CR2 • At the end of the period, of land bank
reduced rate of release reaching positive cash flow
• Payment of dividends
•Priorities were to raise funds
for projects and preserve cash
3
4. Launched PSV – By Region
Total Lauched PSV(R$mm)
544,7
376,0
347,0
544,7 164,0 250,0
55,7 64,1
183,0
42,0 126,0
55,7 22,1
2006 2007 2008 2009 2010
Capital and Metropolitan Area of Rio de Janeiro Metropolitan Area of Sao Paulo
4
6. Project Conclusion
Prevision: R$991,1mm of cumulative delivered PSV untill the end of 2011 (87% do
lançado)
Delivery Schedule: PSV (R$mm)
Delivery Schedule: Units
Total PSV of R$991,1mm (87% of PSV launched)
6.881 Units
3.761
636,9
192,9 93%
1.637 1.483
1.207
197,6
444,0 156,6 146,3 96%
85%
147,9 138,3 123,1 34%
Delivered: From 2Q11 2H11 2012 Delivered: From 2Q11 2H11 2012
2008 to 1Q11 2008 to 1Q11 Sold Inventory
CR2 Partners
Estoque de lançamentos do 4T10: 58% 8%
6
9. 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
9
10. Launches – 4Q10
Launches: 2 projets, with total PSV ofR$126mm (%CR2 R$112mm)
Project: Jardim Paradiso IIB-III
Projeto: Jardim Paradiso IIB-III Projeto: Splendore Valqueire II II
Project: Splendore Valqueire
Location: Nova Iguaçu (RJ)
Localização: NovaIguaçu (RJ) Localização:Vila Valqueire (RJ)
Location: Vila Valqueire (RJ)
PSV: R$89mm (%CR2 R$82mm)
VGV: R$ 89mm (%CR2 R$ 82mm) VGV: R$37mm (%CR2 R$R$30mm)
PSV: R$37mm (%CR2 30mm)
Units: 963
Unidades: 963 Unidades: 160
Units: 160
Segment: Economy
Segmento: Econômico Segmento: Econômico
Segment: Economy
R$/unit: R$92 thousand (+33% vs. 1st
R$/unidade: R$92 mil (+33% vs. 1ª fase) phase) R$/unidade: R$231 mil (+78% vs. 1ªvs. 1st phase)
R$/unit: R$231 thousand (+78% fase)
Estimated delivery: 4Q11
Entrega Prevista: 4T11 Entrega Prevista: 4T124Q12
Estimated delivery:
10
11. Barrartes Swap – 4Q10
Terra Encantada
Barrartes: Av. Ayrton Senna Barrartes Hospital Unimed
* Original Project
Land Area: 27.000 m2
PSV: R$240mm (aprox. R$9.000/m2)
Segment: Commercial
Maximum Launch Date: 2Q11
Maximum Delivery Date: 2Q14
Payment:
40% Swap over Gross PSV
Loan Operations of R$20mm on IPCA
+ 0,5% p.m.
11
12. Land Bank Value - Niterói Plaza
Niterói Plaza:
Shopping Expension (SPE-30):
Memorandum of understanding with BR Malls
Sell: R$5mm on 2Q08 (R$7,3mm based on CDI)
Right to develop a commercial tower (SPE-31):
PSV R$89mm (%CR2 R$72mm)
R$10.000/m2
Book value: R$622mil (1T11)
12
13. Land Bank Value - Cidade Paradiso
Feb/11: Acquisition of the swap rights over Cidade Paradiso
Cidade Paradiso Jardim Paradiso
PSV R$2,1bi (25.000 units) PSV R$148mm (1.817 units)
Befor Operation 3,2 million of m2 Launched
Swap of 8,323% over PSV
of R$2,1 billion
After Operation
R$30mm cash
2,3mm shares at R$9,50
2,5% over PSV
R$23/m2
13
14. Land Bank Value - Parque das Águas
Parque das Águas:
Phases 1A/1B (Launched):
PSV: R$140mm (%CR2 R$112mm)
Conclusion: Phase 1A: 4Q10 / Phase 1B: 3Q11
Other Phases:
PSV: R$447mm (%CR2 R$358mm)
Land Area: 71.261 m2
Book value: R$21,7mm (R$321/m2)
Sold to Helbor:
Price: R$687/m2 on 3Q09 (R$805/m2 on CDI)
14
15. Land Bank
Average Price Total PSV CR2 PSV
Project City (State) Segment Units % CR2
(R$ 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%
Cidade Paradiso - 2011 Nova Iguaçu (RJ) Economy 85 1.000 85 85 100%
Residencial
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$mm)
Sta. Cecília – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%
Total 49 3.780 185 185 100%
Average Total Area Total PSV CR2's PSV
Comercial
Project City (State) Segment 2 % CR2
Price (m ) (R$mm) (R$mm)
2
Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82%
Total 10.000 8.700 87 71 82%
15
16. Balance Sheet Adjusted
Balance Sheet - 1T11
Assets Liabilities and Shareholder's Equity
Cash and Cash Equivalents 69.368 Debentures 62.310
Receivables of Clients (On and Off-Balance): Bank Loans 46.497
Performed 161.268 Construction Financing - SFH 122.523
2011 159.833 Loan Operations 20.308
2012+ 137.497 Real Estate Financing
Receivables from Third Parties: Niterói Plaza (SPE-30) 14.042
Transfer (CEF) 75.931 Cidade Paradiso 10.096
Others 23.944 Financial Swap 447
Inventory of Units: Custo a Incorrer Vendidas (Off Balance) 63.362
Concluded 22.890 Dividends Payable 11.595
Under Construction 55.410 Others Liabilities 66.863
Lands:
Niterói Plaza (SPE-30) 16.673
Niterói Plaza (SPE-31) 623
Parque das Águas 21.743 Shareholders' Equity
Cidade Paradiso 74.456 Shareholders' Equity - Holding Company 413.622
Others 10.905 Profit to be Recognized (Off Balance) 26.305
Loan Operations 12.274
Net Property and Equipment 9.415 Minority Interest 25.715
Others Assets 31.455
TOTAL 883.685 TOTAL 883.685
16
17. Dividends
Approval of Management Proposition for dividends
Management Proposition R$ R$/share
Minimum Dividends 11.151.773 0,23
Additional Dividends 13.069.758 0,27
Total 24.221.531 0,50
X Date: May 02, 2011
Payable until the end of the fiscal year of 2011
17
19. IR Contact
Investor Relations
Rogério Furtado
Chief Financial and Investor Relations Officer
Paulo Castro
Financial and Investor Relations Coordinator
Contact:
www.cr2.com.br/ri
ri@cr2.com.br
Phones: (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.
19
25. Inventory at Market Value – 1Q11
Inventory at Market Value: R$185mm (%CR2 R$157mm)
38% over Shareholders Equity
Inventory at Market Value Inventory at Market Value Inventory at Market Value
Construction Status Average Price Region
1% 8%
22% 18%
Under Construction
> R$130k
Capital and Metropolitan
Area of RJ
Construction not R$131k - R$350k
11% started Metropolitan Area of SP
R$351k - R$500k
67% Completed
81%
92%
100% SFH included
25
26. Balance Sheet - Receivables from Clients
R$321mm - 70% of portfolio
Total Receivables (R$ 000)
Projects Delivery Forecast
137.497 Performed
30% Receivables
On/Off Balance Receivables (R$ 000) 1Q11 1Q10 161.268 2Q11
35%
Receivables from Real Estate Developments and Sales 2H11
Short Term 181.437 147.984
Long Term 243.147 213.955 51.614 2012 +
11% 108.219
Total 424.584 361.939
24%
Receivables to be Recognized
Short Term 14.535 61.115
Long Term 19.479 88.360
Total 34.014 149.475 Receivables (R$'000) Private
Total CEF
Short Term Total 195.972 209.099 Delivery Forecast Banks
Long Term Total 262.626 302.315 Performed Receivables 161.268 125.904 35.364
Total Receivables 458.598 511.414 2Q11 108.219 69.224 38.995
2H11 51.614 34.178 17.435
2012 + 137.497 108.761 28.736
Total 458.598 338.067 120.531
26
27. Balance Sheet – CEF Relationship
3,227 units contracted = 8 projects with a total PSV of R$304.3mm
2,532 credits transferred, 148 of which in 1Q11
R$196.3mm in cumulative disbursements, R$26.1mm of which in 1Q11
Accounts Receivable from CEF as of 1Q11: R$75.9mm
Disbursements x Receivables from CEF Contracted Units x Credits Transferred
(R$mm) 3.227 3.227 3.227 3.227
82,1 83,6
75,9 2.595
72,5 2.532
2.384
2.275
78%
1.948 74%
47,4 70%
1.591
60%
61%
23,5 25,2 24,4 26,1
20,1
1Q10 2Q10 3Q10 4Q10 1Q11 1Q10 2Q10 3Q10 4Q10 1Q11
Disbursements R$mm Receivables (balance) R$mm Credits Transferred to CEF Units Contracted by CEF % Transferred
27
28. Delivered Projects: 2008
Green Park 3000/4000
Location: Barra da Tijuca (RJ)
Segment: Middle-Income
Units: 240
PSV: R$55,7mm
% Sold: 100% (Mar-11)
Via Parque
Location: Caxias (RJ)
Segment: Economy
Units: 99
PSV: R$4,9mm
% Sold: 100% (Mar-11)
28
30. Delivered Projects: 2010
Barra Allegro
Verano II
Location: Barra da Tijuca (RJ)
Segment: Middle-Income Location: Barra (RJ)
Units: 144 Segment: Middle-Income
PSV: R$41,5mm Units: 346
% Sold: 98% (Mar-11) PSV: R$105,0mm
% Sold: 99% (Mar-11)
Villaggio del Mare
Location: Recreio (RJ)
Segment: Middle-Income
Units: 120
PSV: R$45,3mm
% Sold: 100% (Mar-11)
30
31. Delivered Projects: 2010 (cont.)
Villagio do Campo - Lotes 2 e 3
Parque das Águas - 1A
Location: Barra da Tijuca (RJ)
Segment: Economy Location: São Gonçalo (RJ)
Units: 553 Segment: Economy
PSV: R$36,0mm Units: 738
% Sold: 94% (Mar-11) PSV: R$98mm (%CR2 R$78mm)
% Sold: 82% (Mar-11)
Jardim Paradiso – Lotes 1 a 4
Location: Nova Iguaçu (RJ)
Segment: Economy
Unidades: 308
VGV: R$15,6mm
% Vendido: 90% (Mar-11)
31
32. Delivered Projects: 1Q11
Total PSV of R$61mm concluded on 1Q11
Project: Jardim Paradiso – Lotes 5 e 20 Project: Premium Cpo. Grande
Location: Nova Iguaçu (RJ) Location: Campo Grande (RJ)
Segment: Economy Segment: Economy
Units: 174 Units: 196
PSV: R$14mm (%CR2 R$13mm) PSV: R$47mm (%CR2 R$42mm)
% Sold: 90% (Mar-11) % Sold: 92% (Mar-11)
32
33. Projects: Tracking
Average CR2's Financial % Units Inventory Total CR2's
Launched Total PSV Acquisition
Development City (State) Launch Date Segment Price % CR2 PSV Evolution Sold 1Q11 Inventory Inventory
Units (R$'mm) (1)
(R$'000) (R$'mm) 1Q11 1Q11(2) (units)(2) 1Q11 1Q11
Green Park 3000/4000 Barra (RJ) mar/sep 06 Middle-Income 240 232 55,7 60% 33,4 Financial Swap 100% 100% - (R$mm)(2)
0
- (R$mm)(2)
0
-
Total 2006 240 232 55,7 60% 33,4 100% 0 0,0 0,0
Verano I Barra (RJ) mar/07 Middle-Income 395 329 130,0 60% 78,0 Financial Swap 100% 98% 6 5,0 3,0
Villaggio Del Mare Recreio (RJ) may/07 Middle-Income 120 378 45,3 52% 23,6 Csh+Phs. Swap 100% 100% - - -
Splendore Valqueire I V. Valqueire (RJ) jul/07 Middle-Income 120 130 15,9 80% 12,7 Cash 100% 98% 2 0,4 0,3
Verano II Barra (RJ) sep/07 Middle-Income 346 303 105,0 60% 63,0 Financial Swap 100% 99% 4 2,0 1,2
Parque das Águas 1A S. Gonçalo (RJ) oct/07 Economy 738 130 98,0 80% 78,4 Cash 100% 83% 129 18,5 14,8
Parque das Águas 1B S. Gonçalo (RJ) oct/07 Economy 320 130 42,0 80% 33,6 Cash 92% 68% 101 24,1 19,3
Verano III Barra (RJ) oct/07 Middle-Income 172 390 67,0 60% 40,2 Financial Swap 94% 97% 5 3,3 2,0
Barra Allegro Barra (RJ) nov/07 Middle-Income 144 288 41,5 70% 29,0 Csh+Phs. Swap 100% 98% 3 1,4 1,0
Total 2007 2.355 231 544,7 66% 358,5 89% 250 54,7 41,6
Mirante Bonsucesso Guarulhos (SP) mar/08 Economy 368 77 28,4 86% 24,3 Cash 100% 98% 6 0,9 0,8
Via Parque Caxias (RJ) mar/08 Economy 99 50 4,9 66% 3,2 Physical Swap 100% 100% - - -
Felicittá Jacarepaguá (RJ) mar/08 Economy 230 128 29,3 70% 20,5 Cash 100% 94% 13 2,7 1,9
Top Life Itamaraty Santo André (SP) apr/08 Economy 417 103 43,0 86% 36,8 Cash 100% 100% - - -
Villagio do Campo Campo Grande (RJ) jun/08 Economy 999 65 65,0 80% 52,0 Cash 100% 95% 53 4,3 3,5
Premium Cpo. Grande Campo Grande (RJ) jun/08 Economy 196 240 47,0 90% 42,3 Cash 100% 92% 15 4,7 4,2
Acqua Park I Guarulhos (SP) jul/08 Economy 415 90 37,4 86% 32,0 Cash 85% 96% 17 2,2 1,9
Acqua Park II(3) Guarulhos (SP) jul/08 Economy 332 90 29,9 86% 25,6 Cash 18% 83% 56 7,2 6,2
Top Life Park Santo André (SP) jul/08 Economy 200 127 25,3 86% 21,8 Cash 96% 94% 13 2,4 2,1
Jardim Paradiso I Nova Iguacu (RJ) sep/08 Economy 534 69 36,8 93% 34,2 Cash(4) 100% 92% 43 3,2 3,0
Total 2008 3.790 92 347,0 84% 292,7 94% 216 27,6 23,4
Jardim Paradiso IIA Nova Iguaçu (RJ) nov/09 Economy 320 69 22,1 93% 20,5 Cash(4) 99% 88% 38 2,8 2,6
Top Life View Santo André (SP) nov/09 Economy 300 140 42,0 86% 35,9 Cash 16% 97% 10 1,8 1,6
Total 2009 620 103 64,1 88% 56,4 92% 48 4,7 4,2
Splendore Valqueire II Rio de Janeiro (RJ) nov/10 Economy 160 231 37,0 80% 29,6 Cash 15% 39% 98 21,9 17,6
Jardim Paradiso IIB - III Nova Iguaçu (RJ) nov/10 Economy 963 92 88,6 93% 82,4 Cash(4) 35% 11% 859 75,7 70,4
Total 2010 1.123 112 125,6 89% 112,0 15% 957 97,6 87,9
Total 8.128 140 1.137,0 75% 853,0 82% 1.471 184,6 157,1
33
34. Project: Types of Funding
Total PSV
Project Type of Funding Project Delivery / Forecast Financing Status Line of Credit
(R$ mm)
Green Park 3000/4000 55,7 "Repasse nas Chaves" Delivered 4Q08 Transfer of credit finalized Itaú/Unibanco
Verano I 130,0 "Plano Empresário" Delivered 3Q09 Transfer of credit finalized / "Plano Emp". Paid Down R$160mm Plano Emp. (R$69mm in active lines)
Verano II 105,0 "Plano Empresário" Delivered 2Q10 Transfer of credit finalized / "Plano Emp." Paid Down
Parque das Águas Delivered 4Q10/To be delivered 1A - "Plano Emp." under payment R$431mm of PSV
140,0 "Plano Empresário"
1A/1B 3Q11 1B - Financing kicked-in
Parque das Águas 1A 97,7 "Repasse na Delivered 4Q10 Transfer of credits finalized Itaú/Unibanco
Splendore Valqueire I 15,9 "Repasse na Planta" Delivered 3Q09 Transfer of credits finalized R$29mm of PSV
Villaggio Del Mare 45,3 "Plano Empresário" Delivered 1Q10 Transfer of credit in progress / "Plano Emp". Paid Down Real/Santander
Barra Allegro 41,5 "Plano Empresário" Delivered 1Q10 Transfer of credit in progress / "Plano Emp". Paid Down R$42mm of "Plano Emp." (R$12mm in active lines)
Felicittá 29,3 "Plano Empresário" To be delivered 2Q11 Contract Signed - financing kicked-in R$116mm of PSV
Verano III 67,0 Plano Empresário 2Q11 Contract Signed - financing kicked-in Bradesco
R$52mm of "Plano Emp." (R$33mm in active lines)
Splendore Valqueire II 37,0 Plano Empresário 4Q12 Contract to be Signed R$104mm of PSV
Via Parque 4,9 "Repasse nas Chaves" Delivered 1Q08 Transfer of credits finalized
Mirante Bonsucesso 28,4 "Crédito Associativo" Delivered 3Q09 Contract Signed - financing kicked-in
Top Life Itamaraty 43,0 "Crédito Associativo" 2Q11 Contract Signed - financing kicked-in
Lote 2 and 3 - Delivered 3Q10/4Q10
Villagio do Campo 65,0 "Crédito Associativo" Contract Signed - financing kicked-in
Lotes 4 and 5 - To be delivered 2Q11
Premium Cpo. Grande 47,0 "Crédito Associativo" Delivered 1Q11 Contract Signed - financing kicked-in
Acqua Park I 37,4 "Crédito Associativo" 2Q12 Contract Signed - financing kicked-in CEF(1)
Acqua Park II 29,9 "Crédito Associativo" 2Q12 to 3Q12 Contract Signed - financing kicked-in R$ 2,5 bilion of PSV
Top Life Park 25,3 "Crédito Associativo" 3Q11 Contract Signed - financing kicked-in
Lotes 1 to 4 - Delivered 3Q10
Jardim Paradiso I 36,8 "Crédito Associativo" Lote 5 - Delivered 1Q11 Post-key credit transfer already started
Lote 6 - To be delivered 2Q11
Lotes 7, 8 e 9 - To be delivered
Jardim Paradiso IIA 22,1 "Crédito Associativo" 2Q11 To begin post-key credit transfer
Lote 20 - Delivered 1Q11
Top Life View 42,0 "Crédito Associativo" 3Q12 Contract Signed - financing kicked-in
FGTS Financing
Jardim Paradiso IIB - III 88,6 4Q11 Contract already Signed
"Plano Empresário"
34
