2Q07 Conference CallSpeakers:

Rogério FurtadogCFO and IR Officer

Initial Public Offering

IPO on April 23, 2007 - Novo Mercado

Bovespa code : CRDE3Bovespa code : CRDE3

Total of 15,378,750 ordinary shares (ON)

IPO´s Proceeds of R$ 307.6 million$

Funds raised will be used in the development and launch of new projects:Residencials – R$ 229 million

Commercials – R$ 42.9 million

Shoppings Centers – R$ 14.3 million

Shareholder’s Structure pos IPO(06/30/2007)

Free Float per Investor Type(06/30/2007)

The Company

CR2 is a pure real estate developer.

Forming partnerships for each project particularly with local contractors andForming partnerships for each project, particularly with local contractors anddevelopers, seeking to draw on their specific expertise to complement the Company’sproject execution.

CR2 maintains control of the projects and decision making power in all stages from landCR2 maintains control of the projects and decision making power in all stages, from landacquisition to project development, marketing strategies, launch, construction, financingand delivery.

CR2 created and implemented a unique business model focused exclusively on real estateCR2 created and implemented a unique business model focused exclusively on real estatedevelopment and based on project-specific partnerships managed and controlled by theCompany

Focused on low income segment:Focused on low-income segment:

Products tailored, since this segment has been the most poorly assisted over the lastdecades, without credit access and less benefited by the economic growth.

Business model based on two strategies:

partnerships with real estate players;

strong risk managementstrong risk management

Portfolio Segments

Middle Income Mid-Low Income

4 j l VGV f

Low Income

- 4 projects - total VGV of R$465million

- Main Project: Verano

- 4 projects – total VGV ofR$580 million

- Main Project: Alcântara

- 2 projects – total VGV of R$2,615 million

Partnership with CEF for - Total VGV of R$290 million with890 units

- First phase: Launched 395 units

- Total VGV of R$470 millionwith 4.3 thousand unitslaunched on 4Q07 with launches(1 t d 2 d h ) i 4Q07

- Partnership with CEF for financing potential buyers up to 2.5 billion.

Main Project: Nova IguaçúFirst phase: Launched 395 unitsin 1Q07

- Launch of Villaggio Del Mare inMay/07 with total VGV of R$59

(1st and 2nd phases) in 4Q07

-Launch of Splendore Valqueirein Jul/07 with Unibanco already

ff i fi i t

- Main Project: Nova Iguaçú

- 32,000 units (4 phases)

- Total VGV of R$2.6 billionMay/07 with total VGV of R$59million

offering a new financing type.

Launches in 2007

Villaggio Del MareL h d i 2Q07Launched in 2Q07

Segment: Middle Income

ResidencialResidencial

156 units launched in 2Q07 (19 Physical Exchange)

48 units sold till 06/30/07- accumulated sales of 35% net of physical exchange48 units sold till 06/30/07- accumulated sales of 35%, net of physical exchange.

Total VGV of R$ 59 million – CR2´s share of R$30.6 million

Launches in 2007

Splendore ValqueireFi i l A t ith U ib d l i l tFinancial Agreement with Unibanco – developing a new loan type

Segment: Mid Low Income

The two phases of the development consist in 280 unitsThe two phases of the development consist in 280 units.

1st Phase: 4 buildings have been launched with 120 units: 2 buildings of 40 units and 2buildings of 20 units

Total potencial VGV of this phase is R$15.7 million

Until now 113 units were sold representing 94% of total units

2nd Phase: 3 buildings with 160 units

Total potencial VGV of R$23 million

1H07 Highlights

Financial Agreements

The launch of a new type of loan with Unibanco, already applied to SplendoreThe launch of a new type of loan with Unibanco, already applied to SplendoreValqueire, offering 25 years to pay and direct loan of 95% of the property value.

Signed a financial agreement with Caixa Econômica Federal (a federal S&L bank) forg g ( )developments focused on low-income segments, in line with PAC (Accelerated GrowthProgram) launched by the Federal Government, in the amount of R$2.5 billion.

1H07 Highlights

VGV Launched: R$ 182 million and in 2Q07 R$ 59 millionVGV Launched: R$ 182 million and in 2Q07 R$ 59 million

CR2 VGV: R$ 104.4 million and in 2Q07 R$30.6 million

Gross operating revenue: R$ 11.6 millionGross operating revenue: R$ 11.6 million

Gross profit : R$ 2.2 million/ Gross Margin: 19.5%

Adjusted Net Income: R$ 4.6 millionj

Contracted Sales: R$ 105.6 million

Revenues to be Recognized: R$ 92.7 million

Results to be Recognized: R$ 27.0 million/ Margin to be Recognized: 29.2%

Adjusted EBITDA: R$ (4.4) million

Cash and Equivalents: R$ 283 million

Contracted Sales in 1H07

442 units sold

Verano: 278 units

Green Park: 116 units

Villaggio Del Mare: 48 units

Total Contracted Sales: R$ 105.6 million - CR2´s share R$62 million

Launching Year Contracted Sales Total (R$ 000)

Contracted Sales CR2 (R$ 000)

% of CR2´s Total Sales (R$ 000)

Recognized Revenue (R$ 000) % of the Revenue

Launched in 2007 82,219 47,975 77.4% 4,613 39.8%Launched in 2006 23,346 14,008 22.6% 6,992 60.2%

TOTAL 105,565 61,982 100.0% 11,605 100.0%

Record Launches in 1H07

Development Month / Year of Launching

Total Private Area m2

Percentage Completion (%)

Recognized Revenue (R$ '000)Accrued Sales (%)of Launching m2 Completion (%) (R$ 000)

1H07 2Q07 1Q07 1H07Green Park 3000 Mar-06 9,709 36.55% 52.50% 42.50% 4,069Green Park 4000 Sep-06 9,709 34.22% 44.20% 39.20% 2,923Verano - Marbella Mar-07 10,677 3.92% 87.10% 70.20% 856Verano - Ibiza/ Mallorca Mar-07 20,173 3.49% 52.70% 35.10% 924Verano - Termoli Mar-07 9,428 3.98% 74.80% 17.90% 677Villaggio Del Mare May-07 21,488 12.71% 35.00% - 2,156TOTAL 81,184 11,605

+ Acquisition of new land bank located in Barra da Tijuca (RJ) with 7,344m² for the q j ( ) ,launch of Residencial Américas in the 4Q07 with potential VGV of R$ 42 million.

Landbank in 1H07

Expected TotalLaunch Units

Verano (Rio 2) I Barra Launched 395 123 60% 74 ResidentialVillaggio Del Mare Recreio Launched 156 59 52% 31 Residential

SegmentDevelopments Localization TOTAL VGV (R$ MM) CR2 % CR2 VGV

(R$ MM)

Villaggio Del Mare Recreio Launched 156 59 52% 31 ResidentialSplendore Valqueire I V. Valqueire Launched 120 16 80% 13 ResidentialVerano (Rio 2) II Barra 3Q07 346 102 60% 61 ResidentialHenrique Costa Jacarepaguá 3Q07 250 29 70% 20 ResidentialBarra Trade Barra 3Q07 5 28 60% 17 CommercialResidencial Américas Barra 4Q07 144 42 70% 29 ResidentialLote B-3 Barra 4Q07 240 58 60% 35 ResidentialVerano (Rio 2) III Barra 4Q07 148 65 60% 39 ResidentialSplendore Valqueire II V. Valqueire 4Q07 160 23 80% 18 ResidentialAlcântara I Alcântara 4Q07 1.212 133 80% 107 ResidentialAlcântara II Alcântara 4Q07 1.616 178 80% 142 ResidentialAlcântara III Alcântara 2Q08 492 54 80% 43 ResidentialAlcântara IV Alcântara 3Q08 960 106 80% 84 ResidentialDuque de Caxias Caxias 1Q08 83 5 66% 3 ResidentialCidade da Barra Barra 1Q08 - 1.370 25% 342 CommercialNova Iguaçu I Nova Iguaçu 4Q08* 3.000 195 100% 195 ResidentialNova Iguaçu II, III e IV Nova Iguaçu from 2009 on 29.000 2.415 100% 2.415 Residential

TOTAL 2007 launched 671 198 59% 117 TOTAL 2007 to be launched 4.121 658 71% 469 TOTAL 2007 4 792 855 68% 586 TOTAL 2007 4.792 855 68% 586 TOTAL 2008 4.535 1.729 39% 668 TOTAL from 2009 on 29.000 2.415 100% 2.415 Total Land Bank 38.327 5.000 73% 3.670 Land Bank to be Launched 37.656 4.800 74% 3.550

8 residencials developments and 2 commercials , Total VGV to be launched R$ 4.8 billion – CR2´s stake of 74% representing R$3.6 billion.

IR ContactIR Contact

Rogério FurtadoCFO and IR Officer

e-mail: rogerio@cr2.com.br

Daniel MagnoIR Manager

e-mail: dmagno@cr2.com.br

www.cr2.com.br/riphone: +55 21 3806-2924