4Q07 Earnings Release4Q07 Earnings ReleaseMarch 13th, 2008

Sector’s overview and CR2

Real Estate Sector had a strong increase with the return of long-term mortgages, encouraged by the stable macro-economic climate, decline in interest rates, higher g y , , gincome levels and better legal framework related to mortgage

Apr/07: IPO funding of R$ 307 million (Bovespa: CRDE3)

77% of the CR2’s landbank of R$ 3.6 billion focused on low income segment;

R$ 2.5 billion guarantee with a signed agreement with the Caixa Econômica Federal

Expansion to São Paulo Metropolitan area with focus on low income segment;

In partnership with Unibanco we developed an individualized mortgage to

homebuyers:

bring the client to the bank immediately from the beginning of sales transaction

improves the projects cash flowimproves the projects cash flow

1

Highlights 2007

Total Launches amounted to R$ 773 million, CR2’s share R$ 535 million

increase of 1,289% and 1,500% over 2006, respectively , % , % , p y

Launch of 6 developments: 4,068 units

Increase of 1,595% over 2006

Entrance in the Mid-Low Income segment (average price of units ranging from R$

120,000 to R$ 200,000).

Launched PSV CR2 (R$ million) Total Launches PSV

(R$ million)

534 9

350.4

773 5

463.5

534.9

77 8

30.776.1

55 7

773.5

129.7

58.9

121.5

2006 1Q07 2Q07 3Q07 4Q07 2007

33.4 77.8

2006 1Q07 2Q07 3Q07 4Q07 2007

55.7

2

Launches 2007

Splendore Valqueire

Development with Unibanco of a new type of mortgage – individualizedmortgageg g

Mid-Low Income segment

1st Phase: Accumulated sales of 90%

2nd Phase: 3 towers with 160 units in 2Q08

Total potential PSV of R$ 25 million

3

Launches 2007

Parque das Águasq g

Localization: Alcântara in São Gonçalo (RJ)

Mid L I tMid-Low Income segment

Total PSV: R$ 509 million

In just two weeks, more than 350 units were sold

4

Highlights 2007

Total Contracted Sales of R$ 221.7 million and CR2’s share of R$ 141.6 million, more

than 1,100 units sold

Net Revenue reached R$ 39.8 million

G&A Expenses: R$ 8 million

Selling Expenses: R$ 5 8 millionSelling Expenses: R$ 5.8 million

Brokerage Expenses: R$ 2.3 million were booked as soon as they were incurred

Net Income, adjusted by IPO expenses, increased 1,110% to R$17.9 million

Revenues to be recognized of R$199.3 million and Results to be recognized of R$55

million

5

Landbank

Total PSV CR2 PSVR$ MM R$ MM

Duque de Caxias Caxias (RJ) Low Income 1Q08 5 66% 3

% CR2 Development Localization Segment Launching

Duque de Caxias Caxias (RJ) Low Income 1Q08 5 66% 3Mirante Bonsucesso Guarulhos (SP) Low Income 1Q08 28 86% 24Henrique Costa Jacarepaguá (RJ) Mid-Low 1Q08 29 70% 20Residencial Itamarati Santo André (SP) Mid-Low 2Q08 42 86% 36Campo Grande I Cpo. Grande (RJ) Mid-Low 2Q08 45 90% 41Nova Iguaçu I Nova Iguaçu (RJ) Low Income 2Q08 120 93% 112Estrada do Campinho Cpo. Grande (RJ) Low Income 2Q08 61 80% 49Splendore Valqueire II Valqueire (RJ) Mid-Low 2Q08 25 80% 20Água Chata Guarulhos (SP) Low Income 2Q08 67 86% 57Warehouse ABEAR Barra da Tijuca (RJ) Commercial 3Q08 230 70% 161j ( )Estrada do Madureira I Nova Iguaçu (RJ) Low Income 3Q08 80 70% 56Juquiá Santo André (SP) Low Income 3Q08 25 86% 22Lote B-3 Barra da Tijuca (RJ) Middle 3Q08 58 60% 35Parque das Águas III e IV Alcântara (RJ) Mid-Low 4Q08 168 80% 134Estrada do Madureira II Nova Iguaçu (RJ) Low Income 4Q08 80 70% 56Estrada do Madureira II Nova Iguaçu (RJ) Low Income 4Q08 80 70% 56Barrantes Barra da Tijuca (RJ) Commercial 4Q08 120 70% 84Cidade da Barra Barra da Tijuca (RJ) Commercial 4Q08 1,200 25% 300 Nova Iguaçu II, III e IV Nova Iguaçu (RJ) Low Income From 2008 on 2.341 100% 2.341

1Q08 62 76% 47 2Q08 360 88% 315 3Q08 393 70% 274 4Q08 1.568 37% 5742008 Total PSV 2.383 51% 1.210Total PSV from 2009 on 2 341 100% 2 341

6

Total PSV from 2009 on 2.341 100% 2.341Total Landbank to be Launched 4.724 75% 3.551

Highlights 4T07 and 2008 Guidance

Total launches of R$ 463.5 million, CR2’s share of R$ 350 million, representing

60% and 65% of 2007 total launches respectively;60% and 65% of 2007 total launches, respectively;

Launch of 4 developments: 3,051 units;

Contracted Sales of R$ 85.3 million, CR2’s share of R$ 59.2 million;

Net Operating Revenue: R$ 19.4 million;

Net Income: R$ 7 million;

Positive Net Cash Position: R$ 238 7 million;Positive Net Cash Position: R$ 238.7 million;

Guaranteed funding for 2008 launches;

Guidance of 2008 launches;

CR2’s PSV of R$ 1.2 billion.

7

IR Contact

R é i F t dRogério FurtadoCFO and IR Officer

e-mail: rogerio@cr2.com.brg @

Daniel MagnoIR MIR Manager

e-mail: dmagno@cr2.com.br

www.cr2.com.br/irphone: +55 (21) 3095-4600

Disclaimer

This release contains forward looking statements relating to the prospects of theThis release contains forward-looking statements relating to the prospects of thebusiness, estimates for operating and financial results, and those related to growthprospects of the Company. These are merely projections and, as such, are basedexclusively on the expectations of the Company’s management concerning the futurey p p y g gof the business and its continued access to capital to fund its business plan.

Such forward-looking statements depend, substantially, on changes in marketconditions, government regulations, competitive pressures, the performance of theBrazilian economy and the industry, among other factors and risks disclosed in theCompany’s filed disclosure documents and are therefore subject to change withoutCompany s filed disclosure documents and are, therefore, subject to change withoutprior notice.