1. Results 1Q14 May 16 th, 2014

2. 1Q14 2 1Q14 Highlights Continuous cash flows generation:  Net debt reduction to R$ 53 mm (14% of Equity);  Net debt ex-SFH of R$ 21,3 mm (6% of Equity).

3. 1Q14 3 Concluded Projects All projects were delivered.

4. 1Q14 4 Cash Evolution 21%

5. 1Q14 5 Debt - 66% 66% of net debt reduction.

6. 1Q14 6 Debt (% Equity) Net debt (ex-SFH) of 6% of Equity in 1Q14.

7. 1Q14 7 Cash Flow Net cash provided by operating activities of R$ 20,7 mm. Statement of Cash Flow (R$ '000) 1T14 Losses Before Corporate Income Tax and Social Tax on Net Income (6.778) Reconciliation of net income to net cash provided by operating activities 1.294 Assets' Variations 26.864 Receivables from real estate development and sales29.312 Receivables from third parties(141) Real estate for sale(2.313) Others6 Liabilities' Variations (693) Net Cash Provided by Operating Activities 20.687 Corporate Income Tax and Social Tax on Net Income paid (1.039) Net cash from investing activities (724) Debt(15.561) Debentures (net)0 Loans and financing (net)(15.561) Real Estate Receivables Certificates - CRI (Link)(3.017) Real estate credit assignments(2.884) Secured amounts as collateral on the CRI(133) Financing Activities with Shareholders (5.477) Noncontrolling interest(3.455) Others(2.022) Net Increase / (decrease) in Cash and Cash Equivalents (5.131)

8. 1Q14 8 Financial Result Improvement of 37% to Financial Result in 1Q14 compared to 1Q13, ex-Top Life View’s Agreement. - 37% Obs: (1)Adjusted by the result of the swap.

9. 1Q14 42% reduction of inventory, representing only 5% of our historical PSV launched and 13 % of our Equity. 9 Inventory at Market Value - 42% Obs: (1)Jardim Paradiso’s inventory at market value is R$ 37,6 mm, which represents 72% of inventory and about 2% of launched PSV.

10. 1Q14 10 G&A - 17%

11. 1Q14 11 G&A – Consolidated (R$ ‘000)1Q122Q123Q124Q121Q132Q133Q134Q131Q14∆ (1Q13/1Q14) G&A Consolidated10.5608.8118.9298.5007.1218.8966.6889.4765.938-17% Personnel Expenses2.8102.8072.5592.3312.3602.4012.4492.1552.006-15% Rent/Condominium (HQ)507298612459456364334324328-28% Condominium (SPEs)5533902443434393353052.9334768% Units Sold00000002.727251- Inventory553390244343439335305206224-49% Legal Expenses 3.8752.9543.0992.7751.9852.0772.1362.0611.456-27% Others1.3057721.0979248192.261588806541-34%

12. 1Q14 Receivables 12

13. 1Q14 13 Land Bank ProjectCity (State)Segment Book Value (R$'000) Book/m² (R$ ) % CR2 Cidade ParadisoNova Iguaçu (RJ)Econômico75.56828100% Parque das ÁguasSão Gonçalo (RJ)Econômico27.38538680% DiamondsCampo Grande (RJ)Média / Comercial7.1491.78880% Sta. Cecília – MadureiraNova Iguaçu (RJ)Econômico5.1629100% Manaú 2Guarulhos (SP)Econômico2.23620186% Total 117.50035 Others

14. 14 Results

15. 1Q14 15 Results 1Q14 Obs: (1)Legal dispute with SIG: impact of R$ 21,5 mm in net income in 3Q13.

16. 1Q14 16 IR Contact Investor Relations Rogério Furtado Chief Financial and Investor Relations Officer Contact: 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.