Cr2 presentation fator real estate day - 01-jun-11

Institutional Presentation

CR2 Empreendimentos ImobiliáriosCR2 Empreendimentos ImobiliáriosFator Real Estate Day

June / 2011

Ownership Breakdown – 03/31/11

Board of Directors and Executive Officers

Board of Directors and Executive Officers

Free Float

54,7%

Free Float

54,7%45,3%45,3%

Itaú Unibanco

20,6%

Itaú Unibanco

20,6%

Squadra

9,6%

Squadra

9,6%

ADRs

9,2%

ADRs

9,2%

Bovespa

15,3%

Bovespa

15,3%

54,7%54,7%

2

History

1999-2005

• Banco CR2 foundation in 1999

• Focus on Credit and Real Estate

• CR2 lauches 11 projets with R$218mm of PSV

2006

• FIP – Funding of R$60mm

• CR2 Empreendimentos Imobiliários foundation

2007

• IPO – Funding of R$307mm

• Flexible business model allows rapid acceleration in times of abundant liquidity

• CR2 launches nine projects with PSV of R $ 600mm (2006-2007)

3

2008

• CR2 launches 10 projects with R$347mm of PSV

• In anticipation of the worsening global crisis, CR2 reduced rate of release

•Priorities were to raise funds for projects and preserve cash

2009 / 2010

• Policy of cash management, inventory reduction and delivery of projects

• At the end of the period, reaching positive cash flow

2011

• Predicted finish delivery of the first cycle of releases

• Strategy of unlocking the value of land bank

• Payment of dividends

Launched PSV – By Region

376,0347,0

544,7

Total Lauched PSV(R$mm)

4

126,0 22,1

183,0

544,7

55,7 42,0

164,0 250,0

64,1 55,7

20102009200820072006

Capital and Metropolitan Area of Rio de Janeiro Metropolitan Area of Sao Paulo

Launched PSV – By Segment

404,7

544,7

347,0376,0

Total Launched PSV (R$mm)

5

140,0

347,0

64,1126,0

55,7

404,7

250,0

55,7 64,1

2006 2007 2008 2009 2010

Economy Middle-Income Swap

Project Conclusion

Prevision: R$991,1mm of cumulative delivered PSV untill the end of 2011 (87% dolançado)

192,9

636,9

Delivery Schedule: PSV (R$mm)

Total PSV of R$991,1mm (87% of PSV launched)

3.761

93%

Delivery Schedule: Units

6.881 Units

6

Estoque de lançamentos do 4T10: 58% 8%

444,0

147,9 138,3 123,1

197,6 156,6 146,3

Delivered: From 2008 to 1Q11

2Q11 2H11 2012

CR2 Partners

1.637 1.483 1.207

96%

34%

85%

Delivered: From 2008 to 1Q11

2Q11 2H11 2012

Sold Inventory

Cash Position

IPO funding: R$307,5 mm(R$284,5 mm ex-IPO expenses)

282,8 273,8

238,7

Cash (R$mm)

7

51,4 49,7

238,7

178,4

133,6

86,9

43,6 39,0 34,0 36,1 35,4 45,4 54,0 63,7 68,1 69,4

2006 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Net Operation Revenue - Quaterly

130,7 133,4

Net Operation Revenue (R$mm)

8

27,2

58,6 69,0 76,1

51,7

72,3 75,2

100,9 101,6

69,3

39,7

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

2010 Strategy

Unlock Land Bank value

Debt profile inprovement

Launches Resume

� Jardim Paradiso IIB-III (4Q10)

� Splendore Valqueire II (4Q10)

Swap

� Barrartes (4Q10)

Sale of Land

� Warehouse ABEAR (2Q10)

9

Debenture Issuance

Corporate Debt Restructure

IR Strategy

Non deal Roadshows

Launches – 4Q10

Launches: 2 projets, with total PSV ofR$126mm (%CR2 R$112mm)

10

Projeto: Jardim Paradiso IIB-III

Localização: Nova Iguaçu (RJ)

VGV: R$ 89mm (%CR2 R$ 82mm)

Unidades: 963

Segmento: Econômico

R$/unidade: R$92 mil (+33% vs. 1ª fase)

Entrega Prevista: 4T11

Projeto: Splendore Valqueire II

Localização: Vila Valqueire (RJ)

VGV: R$37mm (%CR2 R$ 30mm)

Unidades: 160

Segmento: Econômico

R$/unidade: R$231 mil (+78% vs. 1ª fase)

Entrega Prevista: 4T12

Project: Splendore Valqueire II

Location: Vila Valqueire (RJ)

PSV: R$37mm (%CR2 R$30mm)

Units: 160

Segment: Economy

R$/unit: R$231 thousand (+78% vs. 1st phase)

Estimated delivery: 4Q12

Project: Jardim Paradiso IIB-III

Location: Nova Iguaçu (RJ)


Units: 963

Segment: Economy

R$/unit: R$92 thousand (+33% vs. 1st phase)

Estimated delivery: 4Q11

Barrartes Swap – 4Q10

� Land Area: 27.000 m2

� PSV: R$240mm (aprox. R$9.000/m2)

Hospital UnimedBarrartesBarrartes:

* Original Project

Av. Ayrton Senna

Terra Encantada

11

� 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.

Land Bank Value - Niterói Plaza

Shopping Expension (SPE-30):

�Memorandum of understanding with BR Malls

� Sell: R$5mm on 2Q08 (R$7,3mm based on CDI)

Niterói Plaza:

12

Right to develop a commercial tower (SPE-31):

� PSV R$89mm (%CR2 R$72mm)

� R$10.000/m2

� Book value: R$622mil (1T11)

Land Bank Value - Cidade Paradiso

Feb/11: Acquisition of the swap rights over Cidade Paradiso

Swap of 8,323% over PSV of R$2,1 billion

Jardim Paradiso

PSV R$148mm (1.817 units)Launched

Cidade Paradiso

PSV R$2,1bi (25.000 units)3,2 million of m2Befor Operation

13

R$30mm cash2,3mm shares at R$9,50

2,5% over PSV

R$23/m2

After Operation

Land Bank Value - Parque das Águas

� Phases 1A/1B (Launched):

� PSV: R$140mm (%CR2 R$112mm)

� Conclusion: Phase 1A: 4Q10 / Phase 1B: 3Q11

� Other Phases:

Parque das Águas:

14

� 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)

Land BankR

esid

enci

al

Project City (State) Segment

Average Price

(R$ 000)Units

Total PSV

(R$ mm)

CR2 PSV

(R$ mm)% CR2

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%

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%

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%

15

Co

mer

cial

Total 92 27.278 2.505 2.403 96%


Average Price

(R$'000)Units

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%

Total 49 3.780 185 185 100%


Average

Price 2

Total Area

(m2)

Total PSV

(R$mm)

CR2's PSV

(R$mm)% CR2

Niterói Plaza Niterói (RJ) Commercial 10.000 8.700 87 71 82%

Total 10.000 8.700 87 71 82%

Balance Sheet Adjusted

Balance Sheet - 1T11

Assets Liabilities and Shareholder's EquityCash 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

16

Inventory of Units: Custo a Incorrer Vendidas (Off Balance) 63.362

Concluded 22.890 Dividends Payable 11.595

Under Construction 55.410 Others Liabil ities 66.863

Lands:

Niterói Plaza (SPE-30) 16.673

Niterói Plaza (SPE-31) 623

Parque das Águas 21.743 Shareholders' EquityCidade 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

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

17

X Date: May 02, 2011

Additional Dividends 13.069.758 0,27

Total 24.221.531 0,50

Payable until the end of the fiscal year of 2011

Valuation: Price/Book Value

1,48

1,38

1,35

1,00

0,98

0,87

0,81

0,71

0,70

Rossi

Brookfield

Even

Gafisa

Rodobens

CR2*

Camargo

Trisul

Viver

P/BV

18

*Date: 27/05/2011*Shareholders’ Equity ex-additional dividends of R$ 0,27/share

2,36

2,04

1,92

1,80

1,79

1,68

1,63

1,60

1,57

1,48

MRV

EZ Tec

Helbor

JHSF

PDG

Tecnisa

Cyrela

IMOB

Direcional

Rossi

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Paulo CastroFinancial and Investor Relations Coordinator

Contact:

www.cr2.com.br/ri

IR Contact

www.cr2.com.br/ri

[email protected]

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

Annex

20

Annex

Net Revenue

300,1

434,9

Net Revenue (R$ mm)

21

230,9

300,1

2008 2009 2010

EBITDA

83,7

EBITDA (R$ mm)

22

26,6

35,2

2008 2009 2010

Net Profit

47,0

Net Profit (R$ mm)

23

26,2

15,1

2008 2009 2010

Contracted Sales

221,7

317,0

188,3

Total Contracted Sales (R$mm)

24

19,9

188,3 179,8

2006 2007 2008 2009 2010

Inventory at Market Value – 1Q11

Inventory at Market Value: R$185mm (%CR2 R$157mm)

38% over Shareholders Equity

22%

Inventory at Market ValueConstruction Status

Under Construction

8%

Inventory at Market ValueRegion

Capital and Metropolitan

18%

1%

Inventory at Market ValueAverage Price

> R$130k

25

100% SFH included

67%

11%

Construction not started

Completed

92%

Capital and Metropolitan Area of RJ

Metropolitan Area of SP

81%

R$131k - R$350k

R$351k - R$500k

161.26835%

108.219

51.61411%

137.49730%

Total Receivables (R$ 000)Projects Delivery Forecast

Performed Receivables2Q11

2H11

2012 +

Balance Sheet - Receivables from Clients

R$321mm - 70% of portfolio

On/Off Balance Receivables (R$ 000) 1Q11 1Q10

Receivables from Real Estate Developments and Sales

Short Term 181.437 147.984

Long Term 243.147 213.955

Total 424.584 361.939 108.21924%

26

Receivables (R$'000)

Delivery ForecastTotal

Private

BanksCEF

Performed Receivables 161.268 125.904 35.364

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

Total 424.584 361.939

Receivables to be Recognized

Short Term 14.535 61.115

Long Term 19.479 88.360

Total 34.014 149.475

Short Term Total 195.972 209.099

Long Term Total 262.626 302.315

Total Receivables 458.598 511.414

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 (R$mm) 3.227 3.227 3.227

Contracted Units x Credits Transferred

27

23,5 25,2 24,4 20,1

26,1

47,4

72,5

82,1 83,6

75,9

1Q10 2Q10 3Q10 4Q10 1Q11

(R$mm)

Disbursements R$mm Receivables (balance) R$mm

1.591

1.948

2.2752.384

2.5322.595

3.227 3.227 3.227 3.227

61%60%

70%

74%78%

1Q10 2Q10 3Q10 4Q10 1Q11

Credits Transferred to CEF Units Contracted by CEF % Transferred

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


Verano I

Location: Barra (RJ)


Units: 395

PSV: R$130,0mm

% Sold: 98% (Mar-11)

Splendore Valqueire I

Location: V. Valqueire (RJ)


Units: 120

PSV: R$15,9mm

% Sold: 98% (Mar-11)

Mirante Bonsucesso

Location: Guarulhos (SP)

Segment: Economy

Units: 368

PSV: R$28,4mm

% Sold: 98% (Mar-11)

29


Barra Allegro



Units: 144

PSV: R$41,5mm

% Sold: 98% (Mar-11)

Verano II

Location: Barra (RJ)


Units: 346

PSV: R$105,0mm

% Sold: 99% (Mar-11)

Villaggio del Mare

Location: Recreio (RJ)


Units: 120

PSV: R$45,3mm

% Sold: 100% (Mar-11)

30

Delivered Projects: 2010 (cont.)

Villagio do Campo - Lotes 2 e 3


Segment: Economy

Units: 553

PSV: R$36,0mm

% Sold: 94% (Mar-11)

Parque das Águas - 1A

Location: São Gonçalo (RJ)

Segment: Economy

Units: 738


% Sold: 82% (Mar-11)

Jardim Paradiso – Lotes 1 a 4

31


Segment: Economy

Unidades: 308

VGV: R$15,6mm

% Vendido: 90% (Mar-11)

Total PSV of R$61mm concluded on 1Q11

Delivered Projects: 1Q11

32

Project: Premium Cpo. Grande

Location: Campo Grande (RJ)

Segment: Economy

Units: 196


% Sold: 92% (Mar-11)

Project: Jardim Paradiso – Lotes 5 e 20


Segment: Economy

Units: 174


% Sold: 90% (Mar-11)

Projects: Tracking

Development City (State) Launch Date SegmentLaunched

Units

Average

Price

(R$'000)

Total PSV

(R$'mm)% CR2

CR2's

PSV

(R$'mm)

Acquisition

(1)

Financial

Evolution

1Q11

% Units

Sold

1Q11(2)

Inventory

1Q11

(units)(2)

Total

Inventory

1Q11

(R$mm)(2)

CR2's

Inventory

1Q11

(R$mm)(2)0 0Green Park 3000/4000 Barra (RJ) mar/sep 06 Middle-Income 240 232 55,7 60% 33,4 Financial Swap 100% 100% - - -

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 3,0Villaggio 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 0,3Verano 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 14,8Parque 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 2,0Barra 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 0,8Via Parque Caxias (RJ) mar/08 Economy 99 50 4,9 66% 3,2 Physical Swap 100% 100% - - -

33

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 4,2Acqua 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 6,2Top 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 2,6Top 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 17,6Jardim 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

Project: Types of Funding

Project Total PSV

(R$ mm)Type of Funding Project Delivery / Forecast Financing Status Line of Credit

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

1A/1B140,0 "Plano Empresário"

Delivered 4Q10/To be delivered

3Q11

1A - "Plano Emp." under payment

1B - Financing kicked-in

R$431mm of PSV

Parque das Águas 1A 97,7 "Repasse na Delivered 4Q10 Transfer of credits finalized Itaú/UnibancoSplendore 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 BradescoR$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

34

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-inTop Life Itamaraty 43,0 "Crédito Associativo" 2Q11 Contract Signed - financing kicked-in

Villagio do Campo 65,0 "Crédito Associativo"Lote 2 and 3 - Delivered 3Q10/4Q10

Lotes 4 and 5 - To be delivered 2Q11Contract Signed - financing kicked-in

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 PSVTop Life Park 25,3 "Crédito Associativo" 3Q11 Contract Signed - financing kicked-in

Jardim Paradiso I 36,8 "Crédito Associativo"

Lotes 1 to 4 - Delivered 3Q10

Lote 5 - Delivered 1Q11

Lote 6 - To be delivered 2Q11

Post-key credit transfer already started

Jardim Paradiso IIA 22,1 "Crédito Associativo"

Lotes 7, 8 e 9 - To be delivered

2Q11

Lote 20 - Delivered 1Q11

To begin post-key credit transfer

Top Life View 42,0 "Crédito Associativo" 3Q12 Contract Signed - financing kicked-in

Jardim Paradiso IIB - III 88,6FGTS Financing

"Plano Empresário"4Q11 Contract already Signed

Cr2 presentation fator real estate day - 01-jun-11

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Transcript of Cr2 presentation fator real estate day - 01-jun-11