3Q07 Earnings PresentationNovember 19th, 2007

Rogério Furtado, CFO and IR Officer

Strategic view of the sector

Real estate market in a strong expansion, due to increasing credit availability, long-term

financing and lower interest rates

Focus on the segment which was more affected by the credit availability, starting to operate

on the mid-low income segment:

Launch of the first phase of Splendore Valqueire (Jul/07)

Accumulated sales of 93% of total units launched

Launch in Alcântara of the 1st phase of Parque das Águas (Oct/07)

Comprising 4 phases and total PSV of R$ 509 million.

Recent Events

Parque das Águas: 1st phase launched in Oct/07

Location: Alcântara (RJ)

Mid-Low Income segment with average price of R$110,000

Total PSV of R$ 140 million, CR2’s PSV of R$ 112 million

4 phases total PSV: R$ 509 million

Sales Speed of launched developments:

Verano’s 1st phase: 79% in 6 months;

Villaggio Del Mare: 57% in 5 months;

Splendore Valqueire: 93% in 2 months;

Verano’s 2nd phase: 19% in only 2 weeks.

Sales Speed

Market Maker and Expansion to São Paulo

In order to increase the liquidity of our common shares (Bovespa: CRDE3), on

October 1st we hired Credit Suisse as our Market Maker

Expansion to São Paulo with the acquisition of a site in Guarulhos (SP) allocated to

the low income segment with PSV of R$32 million

Operating Highlights 3Q07

Total launched PSV 3Q07: R$ 121.5 MM, CR2’s PSV of R$ 76.0 MM

Verano’s 2nd phase: R$ 105.6 MM, CR2’s PSV: R$ 63.4 MM

346 units launched on the 2nd week of September, with 65 units sold until

09/30/2007

Splendore Valqueire’s 1st phase: R$ 16 MM, CR2’s PSV: R$ 12.6 MM

120 units launched, more than 90% sold on the first weekend

The launch of a new type of loan developed with Unibanco: payment in advance improves the cash flow increasing the return on investment

Total launched PSV: R$ 310.1 MM, CR2’s PSV of R$ 184,5 MM

1,017 units launched

101.348 m2 of private area launched

608 units sold

Verano’s 1st phase: 311 units

Green Park: 31 units

Villaggio Del Mare: 89 units

Splendore Valqueire: 112 units

Verano’s 2nd phase: 65 units

Operating Highlights 9M07

Financial Highlights 9M07

Revenues to be recognized: R$ 134 MM

Results to be recognized: R$ 38.8 MM

Margin to be recognized: 29.0%

Contracted Sales (R$ Million)

19.9

136.4

42.1

43.6

50.8

2006 1Q07 2Q07 3Q07 2007 YTD

Financial Highlights 9M07

Gross Revenue: R$ 21.2 MM

Gross Profit: R$ 4.4 MM, Gross Margin of 21.6%

G&A expenses including wages and management’s fees: R$ 5 MM

Selling Expenses: R$ 3.7 million

Adjusted Net Income: R$ 11.0 MM, adjusted net margin of 53.8%

Financial Highlights 9M07

R$ 8.9 MM negative variation on Cash and Cash Equivalents comparing 3Q07 x 2Q07:

Land Acquisition: R$ 4 MM (Estrada do Campinho, Henrique Costa and Barra Allegro)

Construction Expenses: R$ 9.7 MM (Green Park and Caxias)

Selling Expenses: R$ 2.9 MM (Verano’s 2nd phase and Splendore Valqueire’s 1st phase)

Property & Equipment: R$ 1 MM (infra-structure, furniture and IT)

Intercompany Loan: R$ 1.5 MM

R$ 7 MM of financial income and customer’s receivable

Landbank

PSV CR2 PSV R$ MM R$ MM

Verano I e II Barra da Tijuca Launched Middle 235 60% 141 Villaggio Del Mare Recreio Launched Middle 59 52% 31 Splendore Valqueire I Valqueire (RJ) Launched Mid-Low 16 80% 13 Parque das Águas I Alcântara (RJ) Launched Mid-Low 140 80% 112 Henrique Costa Jacarepaguá 4Q07 Mid-Low 29 70% 20 Barra Trade Barra da Tijuca 4Q07 Commercial 30 70% 21 Barra Allegro Barra da Tijuca 4Q07 Middle 42 70% 29 Parque das Águas II Alcântara (RJ) 4Q07 Mid-Low 187 80% 150 Verano III Barra da Tijuca 4Q07 Middle 67 60% 40 Splendore Valqueire II Valqueire (RJ) 4Q07 Mid-Low 25 80% 20 Duque de Caxias Caxias (RJ) 1Q08 Low Income 5 66% 3 Manaú Guarulhos (SP) 1Q08 Low Income 32 80% 26 Parque das Águas III Alcântara (RJ) 2Q08 Mid-Low 57 80% 45 Lote B-3 Barra da Tijuca 3Q08 Middle 58 60% 35 Estr. Madureira Nova Iguaçú (RJ) 3Q08 Low Income 161 80% 129 Cidade da Barra Barra da Tijuca 4Q08 Commercial 1,200 25% 300 Parque das Águas IV Alcântara (RJ) 4Q08 Mid-Low 111 80% 89 Estrada do Campinho Cpo. Grande (RJ) 4Q08 Mid-Low 65 70% 46 Nova Iguaçu I Nova Iguaçú (RJ) 4Q08 (1) Low Income 147 100% 147 Nova Iguaçu II, III e IV Nova Iguaçú (RJ) From 2009 on Low Income 2,415 100% 2,415

Total 2007 - Launched (2) 450 66% 296Total 2007 - to be Launched 380 74% 281Total 2007 830 70% 577Total 2008 1,836 45% 819Total from 2009 on 2,415 100% 2,415Landbank Total to be Launched 4,631 3,515

% CR2 Development Localization Lauching Segment

Guidance

Guidance 2008 : CR2’s PSV of R$ 1.2 billion

Acquired land for 2008’s launches:

Estrada do Madureira in Nova Iguaçu (RJ): PSV R$ 161 million

Estrada do Campinho in Campo Grande (RJ): PSV R$ 65 million

IR ContactRogério FurtadoCFO and IR Officer

e-mail: rogerio@cr2.com.br

Daniel MagnoIR Manager

e-mail: dmagno@cr2.com.br

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