4 q11 presentation

4Q11 and 2011 Results

April 2, 2012

Completion of Projects

Total PSV R$326mm delivered in 2011

Jardim Paradiso I/IIA

Location : Nova Iguaçu (RJ)

Units: 854

Verano III

Location : Barra da Tijuca (RJ)

Segment: Economy

% Sold: 81%

VGV: R$ 110mm (%CR2 R$110mm)

4Q11 2

Location : Barra da Tijuca (RJ)

Units: 172

Segment: Medium

% Sold: 99%

PSV: R$67mm (%CR2 R$40mm)

Parque das Águas 1–B

Localização: São Gonçalo (RJ)

Units: 320

Segment: Economy

% Sold: 75%

PSV: R$42mm (%CR2 R$34mm)

Premium Cpo. Grande

Location: Campo Grande (RJ)

Units: 196

Segment: Economy

% Sold: 98%

PSV: R$47mm (%CR2 R$42mm)

326,2

193,3

Delivery Schedule: PSV (R$mm)

2.527

1.870

Delivery Schedule: Units

Completion of Projects

4Q11

61,0

139,6 125,7

193,3

1Q11 2Q11 3Q11 4Q11 2011 2012

Total PSV

370

989 1.168

1.870

88%87%

91%

89%

52%

1Q11 2Q11 3Q11 4Q11 2011 2012

%Sold Inventory

3

52,7

52,7

Total Contracted Sales (R$mm)

Contracted Sales

4Q11

13,820,4

12,36,3

52,7

13,8

20,4

12,3

6,3

1Q11 2Q11 3Q11 4Q11 2011

4

Inventory

*Inventory %CR2 at Market Price in R$mm

Date Inventory at Market Price* % Units

Delivered 66.584 40% 453

2Q12 78.367 47% 778

3Q12 7.464 4% 55

4Q12 11.377 7% 50

1Q13 2.531 2% 14

Total 166.323 100% 1.350

4Q11 5

57%

43%

Inventory at Market Value

Construction Status

Under Construction

Construction not started

Completed

89%

11%

Inventory at Market Value

Region

Capital and Metropolitan Area of RJ

Metropolitan Area of SP

56%

41%

3%

Inventory at Market Value

Average Price

> R$170k

R$171k - R$350k

R$351k - 1,000k

Land Bank

Project City (State) SegmentAverage Price

(R$ 000)Units

Total PSV

(R$ mm)

CR2 PSV

(R$ mm)% CR2

Cidade Paradiso Nova Iguaçu (RJ) Economy 95 23.183 2.202 2.202 100%

Parque das Águas São Gonçalo (RJ) Economy 137 3.253 446 357 80%

Sta. Cecília – Madureira Nova Iguaçu (RJ) Economy 100 3.500 350 350 100%

Chafi Chaia - Residencial Campo Grande (RJ) Medium 518 42 22 17 80%

Chafi Chaia - Comercial Campo Grande (RJ) Commercial 316 117 37 30 80%

Manaú 2 Guarulhos (SP) Economy 109 450 49 42 86%

Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 100 392 39 34 86%

Total 102 30.937 3.146 3.032 96%

4Q11 6

70%

14%

11%

5%

% Projects PSV on our Land bank

Cidade Paradiso

Parque das Águas

Sta. Cecília – Madureira

Outros

Land Bank – Jardim Paradiso

2,7 million m² of land;

1.817 launched units in twophases;

Phase 1A (Delivered): 854 unitsconstructed with self capital in processof transfer of receivebles by Caixa1: Jardim Paradiso 5: Parque Urbano

4Q11 7

of transfer of receivebles by CaixaEconômica

Phase 1B (May/12 to Ago/12):Launched at 3Q10 with 963 units, usesSFH financing.

Project near Queimados industrialzone.

1: Jardim Paradiso2: Clube Paradiso3: Complexo Industrial4: Equipamentos Comunitários

5: Parque Urbano6: Setor Residêncial7: Setor Comercial Misto / Terminal Rodoviário8: Setor Comercial

Land Bank – Parque das Águas

� 1058 residencial units delivered;

� Project in Alcântara, city of São Gonçalo;

� Near COMPERJ;

� Shopping construction prevision in the landinfront of.

Agregate Value

4Q11 8

� Area: 71.261m²;

�Book Value: R$21,7mm (R$321/m²);

Other Phases

Land Bank – Santa Cecília

Land with 786 thousand m² and

potential for 4 thousand units, located at

Estrada de Madureira , Nova Iguaçu;

Due the increase of the income of the

region, it was decided to amend the project

from a 0-3 wages to a “Crédito Associativo”

4Q11 9

financing with a average price of R$110

thousand per unit.

The project will be develop in phases to

agregate value during it development.

4Q11 Results

Net Revenue (R$mm) Gross Profit (ex-SFH) (R$mm)

EBITTDA (R$mm) Net Profit (R$mm)

55,1

70,1

3Q11 4Q11

28,7

45,8

46,8%

62,9%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

0,05,0

10,015,020,025,030,035,040,045,050,0

3Q11 4Q11

EBITDA (R$mm)

4Q11 10

EBITTDA (R$mm) Net Profit (R$mm)

21,5

29,5

39,0% 42,1%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

-

5,0

10,0

15,0

20,0

25,0

30,0

35,0

3Q11 4Q11

8,2

23,8

14,9%

34,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

0,0

5,0

10,0

15,0

20,0

25,0

3Q11 4Q11

EBITDA (R$mm)

2011 Result

434,1

195,6

2010 2011

122,2

86,8

25,3%

38,6%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

0,0

20,0

40,0

60,0

80,0

100,0

120,0

140,0

2010 2011

Net Revenue (R$mm) Gross Profit (ex-SFH) (R$mm)

EBITTDA (R$mm) Net Profit (R$mm)EBITDA (R$mm)

4Q11 11

83,7

42,2

19,3%21,6%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

-

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

2010 2011

47,0

7,4

10,8%

3,8% 0,0%5,0%10,0%15,0%20,0%25,0%30,0%35,0%40,0%45,0%50,0%

-5,0

10,0 15,0 20,0 25,0 30,0 35,0 40,0 45,0 50,0

2010 2011

EBITTDA (R$mm) Net Profit (R$mm)EBITDA (R$mm)

Cash Flow

(R$'000) 2011 4Q11 3Q11 2Q11 1Q11 4Q10

Cash 30.640 30.640 29.741 39.891 69.368 68.1090 0 0 0 0

0 0 0 0 0

Change in Cash (37.469) 899 (10.150) (29.477) 1.259 4.408

Operational Activities 23.027 12.669 13.734 1.934 (5.310) 12.926

4Q11 12

Operational Activities 23.027 12.669 13.734 1.934 (5.310) 12.926

Acquisition of Cidade Paradiso Swap Rights (52.011) - - (10.096) (41.915) -

Disbursement (Amortization) of SFH Debt (41.275) (12.205) (19.024) (14.197) 4.151 (5.586)

Disbursement (Amortization) of Corporate Debt 35.096 435 19.362 (7.118) 22.417 15.061

Dividends Payment (24.222) - (24.222) - - (17.993)

Capital Increase 21.915 - - - 21.915 -

Receivables

(R$'000) 2011 2010

Receivables from Real Estate Sales 380.366 434.517

Revenues to be Recognized 63.413 111.671

Advances from Clients (37.420) (61.185)

TOTAL Recevables from Clients 406.359 485.003

Receivable from Transfer of Receivables 66.796 83.622

Direct Financing 7.530 10.539

TOTAL Receivables 480.685 579.164

4Q11 13

Total Receivables (R$'000)Total

Receivables

Total

ObligationSFH

Credit

Assingments

Net

Receivables

Performed - SHF Paid Down 105.712 19 - 19 105.693

Performed - Amortizating SFH 110.297 58.397 58.397 - 51.900

To be Performed - 2012 91.411 22.038 22.038 - 69.373

Link Swap 150.506 - - - 150.506

Niteroi Plaza Land 22.759 - - - 22.759

Total 480.685 80.454 80.435 19 400.231

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Contact:

www.cr2.com.br/ri

[email protected]

IR Contact

4Q11 14

[email protected]

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.