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Institutional Presentation
CR2 Empreendimentos ImobiliáriosCR2 Empreendimentos ImobiliáriosDeutsche Bank
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)
PSV: R$89mm (%CR2 R$82mm)
Units: 963
Segment: Economy
R$/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%
Project City (State) Segment
Average Price
(R$'000)Units
Total PSV
(R$mm)
CR2's PSV
(R$mm)% CR2
Sta. Cecíl ia – Madureira Nova Iguaçu (RJ) 0-3 minimum 49 3.780 185 185 100%
Total 49 3.780 185 185 100%
Project City (State) Segment
Average
Price 2
Total Area
(m2)
Total PSV
(R$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$/share
Minimum Dividends 11.151.773 0,23
Additional Dividends 13.069.758 0,27
17
X Date: May 02, 2011
Additional Dividends 13.069.758 0,27
Total 24.221.531 0,50
Payable until the end of the fiscal year of 2011
Valuation: Price/Book Value
1,39
1,30
1,27
0,98
0,98
0,82
0,81
0,73
0,70
Rossi
Brookfield
Even
Gafisa
Rodobens
Camargo
CR2*
Trisul
Viver
P/BV
18
*Date: 27/05/2011*Shareholders’ Equity ex-additional dividends of R$ 0,27/share
2,34
2,01
1,92
1,73
1,72
1,62
1,58
1,56
1,56
MRV
EZ Tec
Helbor
PDG Realty
JHSF
Tecnisa
Cyrela
IMOB
Direcional
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
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
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
Delivered Projects: 2009
Verano I
Location: Barra (RJ)
Segment: Middle-Income
Units: 395
PSV: R$130,0mm
% Sold: 98% (Mar-11)
Splendore Valqueire I
Location: V. Valqueire (RJ)
Segment: Middle-Income
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
Delivered Projects: 2010
Barra Allegro
Location: Barra da Tijuca (RJ)
Segment: Middle-Income
Units: 144
PSV: R$41,5mm
% Sold: 98% (Mar-11)
Verano II
Location: Barra (RJ)
Segment: Middle-Income
Units: 346
PSV: R$105,0mm
% Sold: 99% (Mar-11)
Villaggio del Mare
Location: Recreio (RJ)
Segment: Middle-Income
Units: 120
PSV: R$45,3mm
% Sold: 100% (Mar-11)
30
Delivered Projects: 2010 (cont.)
Villagio do Campo - Lotes 2 e 3
Location: Barra da Tijuca (RJ)
Segment: Economy
Units: 553
PSV: R$36,0mm
% Sold: 94% (Mar-11)
Parque das Águas - 1A
Location: São Gonçalo (RJ)
Segment: Economy
Units: 738
PSV: R$98mm (%CR2 R$78mm)
% Sold: 82% (Mar-11)
Jardim Paradiso – Lotes 1 a 4
31
Location: Nova Iguaçu (RJ)
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
PSV: R$47mm (%CR2 R$42mm)
% Sold: 92% (Mar-11)
Project: Jardim Paradiso – Lotes 5 e 20
Location: Nova Iguaçu (RJ)
Segment: Economy
Units: 174
PSV: R$14mm (%CR2 R$13mm)
% Sold: 90% (Mar-11)
Projects: Tracking
Development City (State) Launch Date SegmentLaunched
Units
Average
Price
(R$'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