Results 4Q12 and 2012

March 28, 2013

Highlight 4Q12 and 2012

Conclusion of the Delivery Cycle.

Reduction in the G&A of 16% in 4Q12 when compared with 4Q11.

Reduction of Corporate Debt by 29% in 2012.

4Q12 and 2012 2

Reduction of Corporate Debt by 29% in 2012.

Reduction in the inventory of Market Value by 48% in 2012.

Completion of Projects

Segment: Economy

% Sold: 85%

Segment: Economy

% Sold: 95%

Acqua Park II

Location: Guarulhos (SP)

Units: 332

PSV: R$ 29,9mm (%CR2 R$25,6mm)

Valqueire II

Location Vila Valqueire (RJ)

Units: 160

PSV: R$ 88,6mm (%CR2 R$88,6mm)

4Q12 and 2012 3

95,7

Vendas Contratadas Totais (R$mm)

+ 82%

Contracted Sales

Net sales of 627 units in 2012

4Q12 and 2012

6,3

18,6

52,7

4T11 4T12 2011 2012

4

4Q11 4Q12

Inventory

- 7,3%

1.279 1.350

Units in Inventory

- 46%

Reduction in the inventory of Market Value by 48% in 2012

160,5 165,9

Inventory at Market Price* (R$'000)

- 48%

(R$ mm)

R$86.1 mm, representing only 22.1% of the Company's net equity.

4Q12 and 2012 5

- 33,3%- 0,8%

853 846723 723

1Q12 2Q12 3Q12 4Q12 2011 2012

* Inventory at market price (%CR2)

109,2 100,8

86,1 86,1

1Q12 2Q12 3Q12 4Q12 2011 2012

- 48%

Land Bank

Project City (State) SegmentBook Value

(R$'000 )

Book/m²

(R$)

Total PSV

(R$mm)% CR2

Cidade Paradiso Nova Iguaçu (RJ) Economy 74.568 28 2.202 100%

Parque das Águas São Gonçalo (RJ) Economy 26.615 375 446 80%

Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) Economy 5.113 9 350 100%

Diamond White (Chafi Chaia) Campo Grande (RJ) Medium 2.099 525 22 80%

Diamond Black (Chafi Chaia) Campo Grande (RJ) Commercial 4.999 1.250 37 80%

Manaú 2 Guarulhos (SP) Economy 1.955 176 49 100%

Top Life Vil lage (Colônia Paraíso) S. J. Campos (SP) Economy 4.083 110 39 100%

Total 119.432 35 3.146

4Q12 and 2012 6

70%

14%

11%

5%

% Projects PSV on our Land bank

Cidade ParadisoParque das ÁguasSta. Cecília – Madureira Outros

Corporate Debts

28% of Debts Reduction in 2012

Gross Debt

Corporate vs. SFH (R$mm)

4Q12 and 2012

129 127152 158

142 132 130113

158

113

123110

90 80

7271 77

76

1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T12

SFH

Divida corporativa

7

Corporate Debt

SFH

-28%

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 2011 2012

30,6

37,2

26,5

34,2

20,0

Evolução do Caixa (R$mm)

Cash

Cash (R$mm)

4Q12 and 2012

20,0

4T11 1T12 2T12 3T12 4T12

8

1Q12 2Q12 3Q124Q11 4Q12

G&A

4.812 4.779

G&A Holding(R$’000)

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

G&A 7.337 9.201 9.684 10.079 10.560 8.811 8.929 8.500

SPE's 2.903 4.389 4.905 5.797 6.010 4.914 4.777 4.877

Judicia l Expenses 25 1.462 1.650 2.808 3.585 2.628 2.682 2.231

Others 2.878 2.927 3.255 2.989 2.425 2.286 2.095 2.646

Holding 4.434 4.812 4.779 4.282 4.550 3.897 4.152 3.623

4Q12 and 2012 9

Reduction:� 2Q11 x 4Q12 = - 27,7%

-15%

4.434

4.282

4.550

3.897

4.152

3.623

4.282

3.623

1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T121Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 4Q12

1.462 1.650

2.808

3.585

2.628 2.682

2.231

2.808

2.231

1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T12

Desp Judiciais

-20%

G&A – SPE’s

Reduction:� 1Q12 x 4Q12 = - 37,8%

Judicial Expenses (R$’000)

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 4Q12

4Q12 and 2012 10

2.878 2.927

3.255

2.989

2.425 2.286

2.095

2.646

2.989

2.646

1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 4T11 4T12

Outros

-11%Reduction:� 3Q11 x 4Q12 = - 18,7%

(R$’000)

Others

3Q11 4Q11 3Q12 4Q12

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 4Q11 4Q12

32,5

68,5

30,0 26,4

157,4

1T12 2T12 3T12 4T12 2012

Receita Líquida (R$ mm)

4Q12 and 2012 Results

Net Revenue (R$mm)

1Q12

5,9

13,5

8,15,4

32,9

0,0

5,0

10,0

15,0

20,0

25,0

30,0

35,0

1T12 2T12 3T12 4T12 2012

Lucro Bruto (R$mm)Gross Profit (R$mm)

1Q12 2Q12 3Q12 4Q12 20121Q12 2Q12 3Q12 4Q12 2012

4Q12 and 2012

-10,7

-3,6-6,0 -5,3

-25,6(30,0)

(25,0)

(20,0)

(15,0)

(10,0)

(5,0)

-

1T12 2T12 3T12 4T12 2012

(5,1)

4,4

0,7

(2,1) (2,1)

(6,0)

(4,0)

(2,0)

-

2,0

4,0

6,0

1T12 2T12 3T12 4T12 2012

EBITDA (R$ mm)

11

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

2Q12

1Q12 4Q12

1Q12 3Q12 4Q12

2Q12 3Q12 2012

Receivables

(R$'000) 4Q12 3Q12

Receivables from Real Estate Sales 316.066 326.178

Revenues to be Recognized 15.858 20.783

Advances from Clients (14.112) (15.790)

TOTAL Receivables from Clients 317.812 331.171

Receivable from Transfer of Receivables 34.581 46.075

Direct Financing 7.959 8.812

4Q12 and 2012 12

TOTAL Receivables 360.352 386.058

Total Receivables (R$'000) Total % Total

Performed 214.241 59%

2013+ (ex link) 21.931 6%

Link 124.181 34%

Total 360.353 100%

Investor Relations

Rogério FurtadoChief Financial and Investor Relations Officer

Bruno Barreto SilvaFinancial and Investor Relations Analyst

Contact:

www.cr2.com.br/ir

IR Contact

4Q12 and 2012 13

www.cr2.com.br/ir

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.