Results 1Q12

May 17, 2012

Highlights 1Q12

Following the Business Plan: continue with the Company’s unleveraging process.

� Cash generation of the operational activity of R$ 38,9 mm;

� Increase in the cash position - R$ 6,6 mm;

1Q12 2

� Increase in the cash position - R$ 6,6 mm;

� Reduction in gross debt of R$ 32,3 mm.

Completion of Projects

902,2

Delivery Schedule: PSV (R$mm)

Total PSV of R$1,137.5mm (100% of PSV launched)

Projects PSV(R$mm) Delivery Schedule

Jardim Paradiso IIB-III 89,0 1H12

Acqua Park 67,3 2S12

Splendore Valqueire II 37,0 2H12

Top Life View 42,0 1H13

Total 235,3

Expected Budget :

1Q12 3

651,5

89,0 87,1 35,9

89,0 104,3 42,0

Delivered: From 2008 to 2011

1H12 2H12 1H13

CR2 Partners

Expected Budget :

� Total disbursement until conclusion: -R$51,1mm;

Funding sources

� Construction financing (SFH): +R$35,5mm;

� Crédito Associativo : +R$34,3mm;

Contracted Sales

13,8

20,4

12,3

Total Contracted Sales (R$mm)

1Q12 4

12,3

6,3

10,9

1Q11 2Q11 3Q11 4Q11 1Q12

Inventory

*Inventory %CR2 at Market Price in R$mm

Date Inventory at Market Price* % Units

Delivered 65.518 41% 428

2Q12 76.567 48% 757

3Q12 4.728 3% 32

4Q12 11.094 7% 48

1Q13 2.561 2% 14

Total 160.468 100% 1.279

1Q12 5

56%

0%

44%

Inventory at Market Value

Construction Status

Under Construction

Completed

91%

9%

Inventory at Market Value

Region

Capital and Metropolitan Area of RJ

Metropolitan Area of SP51%44%

5%

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%

1Q12 6

70%

14%

11%

5%

% Projects PSV on our Land bank

Cidade Paradiso

Parque das Águas

Sta. Cecília – Madureira

Outros

2011 Result

Increase in the cash position and Reduction in gross debt

80,4

251,6 237,5

242,4 238,9

213,5

48,4%

50,4%47,2%

Gross Debt

Corporate vs. SFH (R$mm)

37.199

30.640 29.741

39.891

Cash (R$mm)

1Q12 7

129,1 127,2 151,9 158,5 141,9

122,5 110,3 90,4 80,4

71,6

13,6%

21,4%

29,0%29,0%

24,5%

41,5%48,4%

41,3%

1Q11 2Q11 3Q11 4Q11 1Q12

Corporate Debt SFH

Net Debt/Equity (ex-SFH) Net Debt/Equity (including SFH)

30.640 29.741

1Q124Q113Q112Q11

1Q12 Results

Net Revenue (R$mm) Gross Profit (R$mm)

39,7

32,5

1T11 1T12

6,5

5,9

5,65,7

5,85,9

6,06,16,2

6,36,46,5

6,6

1T11 1T121Q121Q11 1Q121Q11

1Q12 8

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

0,8

(5,1) 10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

(6,0)

(5,0)

(4,0)

(3,0)

(2,0)

(1,0)

-

1,0

2,0

1T11 1T12

-7,1

-10,7-12,0

-10,0

-8,0

-6,0

-4,0

-2,0

0,0

1T11 1T121Q121Q11 1Q121Q11

Cash Flow

(R$'000) 1Q12 4Q11 3Q11 2Q11 1Q11

Cash 37.199 30.640 29.741 39.891 69.3680 0 0 0 0

0 0 0 0 0

Change in Cash 6.559 899 (10.150) (29.477) 1.259

Operational Activities 38.861 12.669 13.734 1.934 (5.310)

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

1Q12 9

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

Disbursement (Amortization) of SFH Debt (10.398) (12.205) (19.024) (14.197) 4.151

Disbursement (Amortization) of Corporate Debt (21.904) 435 19.362 (7.118) 22.417

Dividends Payment - - (24.222) - -

Capital Increase - - - - 21.915

Receivables

(R$'000) 1Q12 4Q11

Receivables from Real Estate Sales 322.323 380.366

Revenues to be Recognized 44.928 63.413

Advances from Clients (28.964) (37.420)

TOTAL Recevables from Clients 338.287 406.359

Receivable from Transfer of Receivables 58.823 66.796

Direct Financing 8.024 7.530

TOTAL Receivables 405.134 480.685

1Q12 10

TOTAL Receivables 405.134 480.685

Total Receivables (R$'000)Total

ReceivablesSFH

Net

Receivables

Performed - SHF Paid Down 109.918 - 109.918

Performed - Amortizating SFH 56.969 27.574 29.395

To be Performed - 2012 98.137 44.035 54.102

2013 + 140.111 - 140.111

Total 405.134 71.608 333.526

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Contact:

www.cr2.com.br/ri

ri@cr2.com.br

IR Contact

1Q12 11

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.