Company PresentationJuly 2010

Grand Lider OlympusBelo Horizonte - MG

Contents

Brazilian Real Estate Sector Overview

Company Overview

Outlook for the Future

Operating Results

Company Overview

Living – Economic and Super Economic segments

Financial Results

Appendix

NovAmérica MichiganSão Paulo - SPLaunched in November 2009

BrazilianReal EstateReal Estate

Sector Overview

The Brazilian real estate market is posed to benefit from a favorable environment

A Booming Real Estate Market: Strong Fundamentals

The Brazilian real estate market is posed to benefit from a favorable environment

Low Supply of UnitsLow Supply of UnitsHigh Demand for HousingHigh Demand for Housing

3. Rising Housing Deficit(1)

Expanding the market for housing (Millions of housing Units)1. Population and families

In millionsPersons

Year

2007

2017E

2030E

Families

60.3

75.6

95.5

Population

189.1

211.2

233.6

Personsper family

3.1

2.8

2.4

5.46.7

5.6

(2)

4. Number of Home Moves per PersonLow number of home moves as compared to other countries

BrazilBrazil 1.8x1.8x

2. Monthly income evolution

2007 2030(E)

In millions of familiesGrowth rate(%) per year

1991 2000 2008(2)

BrazilBrazil

MexicoMexico

G-7G-7

1.8x1.8x

4.0x4.0x

9-10x9-10x

up to R$ 1,000

from R$ 1,000 to R$ 8,000

31.7

27.2

29.1

60.4

more than R$ 8,000

Total

1.4

60.3

5.9

95.5

-0.4%

3.9%

7.1%

2.0%

4

Cyrela is uniquely positioned to take advantage of the positive Brazilian real estate environment

(1) Considers demand in excess of supply.(2) 2008: considering new methodology.Source: IBGE (Brazilian Institute of Geography and Statistics), Brazilian Central Bank, Ministry of Cities, Fundaçāo Pinheiro, FactSet, Bloomberg, Fundação Getulio Vargas and Wall Street Research.

20052005 20092009Housing Deficit (2008)Housing Deficit (2008)

Impact for Cyrela: The future is now

> R$ 4,8005.7 mm families10%

Monthly Income

Monthly Income

20052005 20092009Housing Deficit (2008)Housing Deficit (2008)

0.1 mm

10 minimum

wages

Monthly Wages Housing Deficit

Incremental Demand (vs. 2005):+35.7 mm families

From R$1,200 to R$4,80022.4 mm families39%

> R$1,40041.4 mm families

67%

0.3 million

5 – 10

minimum

wages

3 - 5

~30 millionfamilies

< R$1,20029.3 mm families51%

< R$1,40020.4 mm families

33%

0.7 million

4.5 million

minimum

wages

< 3

minimum

wages

Minimum monthly family income to purchase a property

TR+14%10 years

families

TR+5% (1)

30 years

Cyrela’s Lowest

Ticket perunit available

Cyrela’s Lowest

Ticket perunit available

R$ 80,000.00R$ 110,000.00

5.6 million

R$ 80,000.00

5

Cyrela’s addressable market increased from 10% to 67%of the Brazilian population in the past years

Source: IBGE (Brazilian Institute of Geography and Statistics), CBCI, GV Consult and Santander, MCM Consultores

unit availableunit available

(1) Within Minha Casa Minha Vida Program

Brazilian Saving Accounts and Mortgage System

65%

53%

Uses

Individual mortgages100%

SourcesUses

65%

Individual mortgages

and construction

g gProperties up to R$

500,000

Construction loansAverage loan up to R$

500,000

SavingsAccountsDeposits

Cost ofSaving Accounts

(R$ billion)loans

30%

12%Properties over R$ 500,000

, Cost of TR + 6.17% p.a.

Monthly averageor last 12

months average

19 %

(R$ billion)

256.6

30% Compulsory

Deposits

5%

months average(the lowest)

215.8

6

5% Free Usage

Jan/09 Jan/10

Source: Santander

Scenario Jan/2010 Mortgage

Funding Analysis (SBPE)

R$ 169 bn

Scenario Jan/2010

Prescribed Use(R$ billion)

Actual Use(R$ billion)

R$ 169 bn

Mortgage outstanding 2013

86Remaining)

$

With 40% of annual growth in mortgage and 10% in saving

accounts, the funding

R$ 169 bn

LCIs, LHs

R$ 230 bn

20

63

20Commitedloans

Mortgage outstanding

, gwill last for 4 years

Earmarked

resources149

ScenarioMortgage

outstandingSaving

outstanding

Mortgageoutstanding

(R$ bn )Year

1 60% 20% 262 Jan-2013

7Source: Santander(1) FCVS, default and multipliers.

2 40% 10% 230 Nov-2013

3 40% 17% 331 Dec-2014

4 20% 0% 167 May-2015

Mortgage Loans Funding (R$ bn)Mortgage Loans Funding (R$ bn)Perspective of Real Income GrowthPerspective of Real Income Growth

Cyrela: ready for growth

Mortgage Loans Funding (R$ bn)Mortgage Loans Funding (R$ bn)Perspective of Real Income GrowthPerspective of Real Income Growth

GDP growth p.a.

-3% 0% 3% 5% 7%10.5

25 2

40.6

51.0

17.0

68.0

18.0

3% 0% 3% 5% 7%2008 3.4% 3.4% 3.4% 3.4% 3.4%2009 3.4% 3.4% 3.4% 3.4% 3.4%2010 0.5% 1.3% 2.1% 2.6% 2.8%2011 -1.7% 0.3% 2.2% 3.5% 4.2%2012 -2.2% 0.1% 2.3% 3.8% 4.5% 1.9 1.9 1.8 2.2 3.0 4.9

9.318.3

30.0 34.0

3.3 2.7 3 2.8 3.95.5

7.0

6.9

5.2 4.6 4.8 5.06.9

10.4

16.3

25.2

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

50.0

2010e

Middle income class growthMiddle income class growthBrazilian population (millions of inhabitants)Brazilian population (millions of inhabitants)

SBPE FGTSSource: CEF and AbecipSource: MCM Consultores

Jan-04 Mar-10 ChgTotal Population 181.6 193.2 High income class (A) 6.1 9.3 +3.2mm

Upper middle income class (B) 7.4 10.9 +3.5mm

Middle income class (C) 70.9 98.2 +27.3mm

Lower middle income class (D) 33 7 39 7 +6 0mmHigh income

class (A)3 4%

Upper middle income class (B)

4,1%

Middle income class (C )

39,1%

Lower middle income class (D)

18,6%

Low income Hi h i l

Upper middle income class (B)

5,6%

Middle income class (C )

50,8%

Lower middle income class

(D)20 5%Low income

8

Source: IBGE

Jan/04 Mar/10

Lower middle income class (D) 33.7 39.7 +6.0mm

Low income class (E) 63.6 35.0 -28.6mm

Source: IBGE

3,4% Low income class (E)

35,0%

High income class (A)

4,8%

20,5%Low income class (E)

18,1%

0.6% p.a. -0.02% p.a.Millions of inhabitants

Brazilian population - estimates

1.9% p.a.

% pMillions of inhabitants

9.3

12.819.1 28.9 38.4

48.9

118 6

171.3

191.5

207.1 216.4 219.1 215.3

68.5

111.0128.8 146.4 150.8 148.0

138.1

4.8

118.6

45.3 51.0 49.9 41.6 36.8 32.6 28.3

1980 2000 2009 2020 2030 2040 2050

0 - 14 years old 15 - 64 years old 65 years old or more

Source: IBGE

Population (millions of inhabitants)

2009 2030

Australia 22 24

9

Canada 34 40

New Zealand 4.3 5.2

Brazil 191.5 216.4

Source: IBGE , UN

Ventura Clube de MorarPorto Alegre- RSLaunched in November 2009

CompanyCompanyOverview

Units DeliveredUnits Delivered

Prospects of strong growth with unique track record

Forecasted

Historical (until 2009)

7 661

17,000 – 21,00050 years of history

15 diff t i d d t7,510

2,211 3,178

7,661

2007 2008 2009 2010eConstructed Area per YearConstructed Area per Year

15 different independent

construction platforms in 66 cities

Private area in thousands of sq.m.

ForecastedHistorical

Constructed Area per YearConstructed Area per Year

Around 8,000

372594

1,002

1,6552,186

More than100

Around 8,000employees

11Source: Company data

232 372

2005 2006 2007 2008 2009 2010e

thousand costumers

Outstanding track-record with unique positioning to capture growth opportunities

Presence in 66 cities in 16 states of Brazil, Buenos Aires in Argentina and Montevideo in Uruguay

Geographical Expansion

Presence in 66 cities in 16 states of Brazil, Buenos Aires in Argentina and Montevideo in Uruguay

Living is present in 47 cities and 12 states

200920092006200620052005

MG

GO

MT

AC

AM

RR

ROBA

PI

MAPA

AP

TO

CE

RN

PE

AL

SE

S ES

DF

PB

MG

GO

MT

AC

AM

RR

RO

BA

PI

MAPA

AP

TO

CE

RN

PE

AL

SE

S ES

DF

PB

MG

GO

MT

AC

AM

RR

RO

BA

PI

MAPA

AP

TO

CE

RN

PE

AL

SE

S ES

DF

PB

RS

SC

PR

SP

MS

RJ

ES

BuenosAires

RS

SC

PR

SP

MS

RJ

ES

RS

SC

PR

SP

MS

RJ

ES

+ +

12

% ofBrazilian

GDP Covered

% ofBrazilian

GDP Covered

(1) Considers 2007 data, most recent.Source: Company and IBGE.

90.5%(1)80.5% 47.9%

Cyrela Brazil Realty

2005 20072006 2008 2009

Launches

Pre-sales

2005

R$ 1.2 bn

R$ 1.0 bn

2007

R$ 5.4 bn

R$ 4.4 bn

2006

R$ 2.9 bn

R$ 1.9 bn

2008

R$ 5.5 bn

R$ 5.1 bn

2009

R$ 5.7 bn

R$ 5.2 bn

Landbank

Low income units launched

Gross Margin*

3.0 mm sq.m.

0

48.5%

8.8 mm sq.m.

6.7 thd

41.2%

4.9 mm sq.m.

720

42.2%

11.2 mm sq.m.

11.1 thd

12.6 mm sq.m.

16.1 thd

38.0% 34.5%

# Homebuilders listed

EBITDA Margin*

Net Margin*

2

27.1%

23.2%

21

22.9%

24.7%

4

22.3%

21.7%

20 18

16.5%

9.8%

22.3%

17.8%

Number of cities

Market Cap Cyrela**

Market Cap of the Industry

3

R$ 2.4 bn

R$ 6.0 bn

47

R$ 8.6 bn

R$ 48.1 bn

8

R$ 4.5 bn

R$ 10.0 bn

55

R$ 3.3 bn

R$ 13.4 bn

66

R$ 10.4 bn

R$ 51.6 bn

13

1,265

946

*Adjusted for IPO expenses and according to BR GAAP before Law 11,638 until 2007.

Employees

Seller Brokers & Team

202

100

529

743

327

200

514

637

** On December 31, of each year.

Stock Market – CYRE3

Ownership Breakdown Stock Performance*Ownership Breakdown(05/31/2010)

Stock Performance

200

250

300

350

400

Others51.7%

Black Rock Inc.5.6%

Carmignac

-

50

100

150

200

Sep

-05

No

v-05

Jan

-06

Mar

-06

May

-06

Jul-

06

Sep

-06

No

v-06

Jan

-07

Mar

-07

May

-07

Jul-

07

Sep

-07

No

v-07

Jan

-08

Mar

-08

May

-08

Jul-

08

Sep

-08

No

v-08

Jan

-09

Mar

-09

May

-09

Jul-

09

Sep

-09

No

v-09

Jan

-10

Mar

-10

May

-10

Gestion7.8%

Free Float: 64.8%

* Adjusted data by paid dividends

S N J M M S N J M M S N J M M S N J M M S N J M M

Cyrela IbovespaControlling

Group34.9%

Paid Dividends

Payment date Action CYRE3 Dividend yield(R$/share) 154% growth in

14

(R$/share)5/11/2010 (-) Paid dividend 0.4703 2.24%5/11/2009 (-) Paid dividend 0.1854 0.87%5/16/2008 (-) Paid dividend 0.0410 0.19%9/25/2007 (-) Paid dividend 0.1687 0.80%5/10/2007 (-) Paid dividend 0.0852 0.40%

154% growth in the last year

CEO Salvador ShoppingSalvador - BALaunched in September 2009

Outlook for theFuture:Cyrela’s

Revised Plan

Guidance 2010 - 2012Xxxx

Launches and Sales for 2010 - 2012

Guidance 2010 2011 2012

Launches (R$ billion)

6.9 to 7.7 8.3 to 9.1 10.5 to 11.5

Sales (R$ billion)

6.2 to 6.9 7.6 to 8.4 9.7 to 10.7

Margins over net revenuefor 2010 - 2012

Living’s stake

% Cyrela 73% a 77% > 75% > 75%

for 2010 - 2012

2010 from 35% to 40%

% LivingGross margin 33% to 37%

EBITDA margin 20% to 24%N t i 14% t 16%

16

2011 from 40% to 45%

2012 from 45% to 50%

Net margin 14% to 16%

Landbank Analysis – Acquisition of Land

Cyrela’s Landbank Maturity to Cyrela’s Landbank Maturity to Living’s Landbank Maturity Living’s Landbank Maturity y yLaunch (R$ million)

y yLaunch (R$ million)

g yto Launch (100% stake - R$ million)1

g yto Launch (100% stake - R$ million)1

16.900

16,900

11,5002,900 3,274

4,085

5,409

5,750

809

7,7004,859

9,100

9,620

1,8072,400

1,807500

2009 2010E 2011E 2012E Post 2012

800

821 341

Mid-High Income Landbank Maturityto Launch (100% stake - R$ million)1

Mid-High Income Landbank Maturityto Launch (100% stake - R$ million)1

6,891

809

5,678

4,800

16,100

1 585

5,0054,211

5,750

5,678

2009 2010E 2011E 2012E Post 2012

4,241

1,8803,871

4,491

3093,871

1,585

3,420

1,539

17(1) Potential PSV, 100%

Existing Landbank Incremental Purchases 2009 2010E 2011E 2012E Post 2012

Cyrela’s Investment Plan

Sources (R$ million)Sources (R$ million)Uses (R$ million)Uses (R$ million)

1,000850700

1,000

2,500

900

2,5001,000

2,5001,150

2,500

900

600

Working capital Cost of Cost of Total

300

350

Sale of Bond Follow on Other Total

300

350

600

18

Working capital Cost ofLandbank (Low

Income)

Cost ofLandbank (Mid-High Income)

Total Sale ofstake in

Agra

BondOffering

Follow-onOffering

OtherFinancing

Total

Mais São CristovãoRio de Janeiro - RJLaunched in November 2009

Cyrela and LivingOperating resultsOperating results

Q t l f l h d l til 2Q10

Launches and Sales Cyrela and Living

Quarterly pace of launches and sales until 2Q10

1H10 launches reached 24% of the 2010 launches guidance announced (mid range) and

sales reached 40%

Launches Sales

100% 100%

48%

60%

82%

100%

55%

24%40%50%60%70%80%90%

100%

49%

65%

88%

57%

100%

40%40%50%60%70%80%90%

100%

5% 18%

48%

15%9%

21%

8%

0%10%20%30%40%

1Q 2Q 3Q 4Q

2007 2008 2009 2010

9%25%

49%23%

10%

26%16%

0%10%20%30%40%

1Q 2Q 3Q 4Q

2007 2008 2009 2010

20

Cyrela and Living Operating Results Preview

S l

1,723.8

Launches(R$ million)

Sales (R$ million)

628.5

2,605.7

1,275.7154 4

333.4 292.2

448.1

644.3

1,127.5 1,198.2

1,977.2

431.7 369.7

839.8

1,539.91,341.6

489.9794.1 906.0

,154.4

2Q09 2Q10 1H09 1H10

C rela Partners

626.0 1,108.2 971.9

213.8

2Q09 2Q10 1H09 1H10

Cyrela PartnersCyrela Partners

Inventories sales reached 56.1% of sales in 2Q10

60 0% of 2Q10 and 64 5% of 1H10 launches were sold by 2Q10

21

60.0% of 2Q10 and 64.5% of 1H10 launches were sold by 2Q10

Living Operating Results Preview

Launches SalesLaunches(R$ million)

Sales (R$ million)

720.2 845.9

499.653 3

133.3 98.3

220.6

233.4

396.5 366.2

608.0133.3

108.2

237.9

245.5

434.4 367.6

180.0263.2 267.9

53.3

2Q09 2Q10 1H09 1H10

180.2301.1 259.4

65.3

2Q09 2Q10 1H09 1H10

Living Partners Living Partners

Living represented 41.8% of launches and 32.5% of sales in 1H10

f % f “ C

22

In 1H10, 3,241 of 5,686 or 57.0% units launched were eligible for the “Minha Casa, Minha Vida”

program

Launches and Sales Cyrela and Living

15 j t l h d i 1Q1015 projects launched in 1Q10

LIVING: 54.3% of PSV launched in 1Q10

73.3% of sales in 1Q10 are related to inventories

Launches(R$ million)

Sales (R$ million)

CAGR 05 09 47 1% CAGR 05 09 50 4%CAGR 05-09 = 47,1% CAGR 05-09 = 50,4%

4,392

5,144 5,241 5,393 5,453 5,679

755.01,368.8

2,815.53,458.0

4,088.0

350.9869.0

1,023

1,915

510 1,066

1,004.21,924.4

3,332.33,783.6

4,464.8

416.1 481.6

1,211

2,917

554.0 596.3

23

2005 2006 2007 2008 2009 1Q09 1Q10

Cyrela Partners

2005 2006 2007 2008 2009 1Q09 1Q10

Cyrela Partners

Sales Speed Cyrela and Living

C l d Li iCyrela and Living

49%

39%

30%

31%

6%

9% 5%1%

88%

85%

2Q09

1Q09

3%

48%

59%

52%

13%

20% 8%

72%

81%

1Q10

4Q09

3Q09

Cyrela Living

In 3 months In 6 months In 9 months In 12 months In 15 months

49%

49%

53%

40%

11%

19%

26%

26%

8%

5%

11%

3%

6% 1%

60%

77%

88%

84%

4Q09

3Q09

2Q09

1Q09

74%

61%

41%

35%

16%

24%

37%

50%

8%

7%

2%

2%

90%

92%

87%

86%

4Q09

3Q09

2Q09

1Q09

24

44%1Q10

In 3 months In 6 months In 9 months In 12 months In 15 months

51%1Q10

In 3 months In 6 months In 9 months In 12 months In 15 months

Sales Speed Cyrela + Living

Sales over Supply (VSO)Contracted Sales and Sales of Inventory

Inventories in March/10: R$ 3.2 bn (10%) and R$ 2.4 bn (%CBR) 6 months of sales*

65.1%

66.8%60.7%

52.4%

61.5% 62.4%

37.8%

73.3%

21.9%

32.1%37.6%

25.4%728.9

616.5

828.9

1,052.0

1,940.9

1,052.5 839.8

1,630.9

2,268.5

1,065.8

37.6% 36.5%

2Q09 3Q09 4Q09 1Q10 12M

349.4

1,212.0

414.1 269.6 185.5 315.8

1,014.4 1,439.7

284.2

702.6 638.4

296.5 296.4 524.0 781.5 566.1 481.9

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

Sales of Launches Sales of Inventory % Sales of Inventory

25* Considering the calculated monthly pre – sales guidance mid range

LandbankRegion breakdown

R$ 39 1 billion of PSV (R$ 32 5 billion %CBR)São Paulo

30%

N th

South+Arg+

Urug7%

R$ 39.1 billion of PSV (R$ 32.5 billion %CBR)

R$ 5.2 billion acquired after the Follow - On

73 % paid through swaps

26% up to R$ 130 thd 74% up to R$ 500 thd

RJ37%

Southeast others

Northeast19%

North4%

202 projects with 150 thousand units

others2%

38,669

42,227 10,951

10,907 7,330 970 150,161

80 000

100,000

120,000

140,000

160,000

16,959

22,148

-

20,000

40,000

60,000

80,000

26

Up toR$ 100 thd

From R$ 100 thd

to R$ 130 thd

From R$ 130 thd

to R$ 200 thd

From R$ 200 thd

to R$ 350 thd

From R$ 350 thd

to R$ 500 thd

From R$ 500 thd

to R$ 600 thd

From R$ 600 thd

to R$ 1,200

thd

Above R$ 1,200 thd

Total

Liber bosque Pirituba São Paulo - SPLaunched in January 2010

Living Economic and Super Economic segmentEconomic segment

Li i 54 3% f PSV l h d d 38 6% f PSV ld i 1Q10

Living’s Launches

Living: 54.3% of PSV launched and 38.6% of PSV sold in 1Q10

9 projects launched in 1Q10 with 2.4 thd units of which 918 units within “MCMV” program

Launches(R$ million)

Sales(R$ million)

CAGR 05 09 177 2% CAGR 05 09 240 3%

1,499.0

1,806.6

CAGR 05-09 = 177.2% CAGR 05-09 = 240.3%

1,350.6

1,726.4

602.1

1,039.41,323.7

87.9236.5

84.8

883.5

132.8 323.7

442.6

919.71,250.3

79.2306.943.8

641.1

122.1 411.5

2006 2007 2008 2009 1Q09 1Q10

28

2006 2007 2008 2009 1Q09 1Q10

Living Partners

2006 2007 2008 2009 1Q09 1Q10

Living Parceiros

Living’s Landbank

4 plots of land acquired with a potential PSV of R$ 682 3 million4 plots of land acquired with a potential PSV of R$ 682.3 million

Potential PSV: R$ 7.5 billion (100%) and R$ 6.1 billion (% Living)

89 plots of land of which 68% paid through swaps

U it’ i R$ 120 6 thd

Landbank by unit price

Unit’s average price - R$ 120.6 thd

Region breakdowng

22 358

22,465 61,782

50,000

60,000

70,000 São Paulo

49%

16,959

22,358

10,000

20,000

30,000

40,000

RJ18%

South

Northeast9%

29

-

Up toR$ 100 thd

From R$ 100 thd to

R$ 130 thd

From R$ 130 thd to

R$ 200 thd

Total

Southeast others

6%

South18%

Low-Income Segment: Renewed Growth Opportunity

Minha Casa Minha Vida program : Potential demand growth in BrazilMinha Casa, Minha Vida program : Potential demand growth in Brazil

Low mortgage rates + incentives = high affordability levels

Monthly rent vs. mortgage payment already in tandem

Purchase Power – Impact of Minha Casa, Minha Vida ProgramPurchase Power – Impact of Minha Casa, Minha Vida Program

Before the Program Post-Program

71 32081,382

93,291

105,199

117,107

78,800

90,400 92,700 93,30984,735

97,122

109,509

121,896

57,08364,505

59,104

71,320

3MW 4MW 5MW 6MW 7MW 8MW 9MW 10MW

Effective

419 558 698 837 977 1,116 1,256 1,395Max monthly

installment(R$)

30Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data

Minha Casa, Minha Vida program enables millions of families to purchase houses

rate(p.a.)

5.12% 5.12% 5.12% 6.12% 8.47% 8.47% 8.47% 8.47%

Economic Segment : Sector’s Outlook

7 MW3 MW3 MW 4 MW4 MW 5 MW5 MW 6 MW6 MW 8 MW8 MW 9 MW9 MW 10 MW10 MW7 MW

1,3951,395 1,8601,860 2,3252,325 2,7902,790 3,7203,720 4,1854,185 4,6504,650

419419 558558 698698 837837 1,1161,116 1,2561,256 1,3951,395

5.12%5.12% 5.12%5.12% 5.12%8.47% 6.17%8.47% 8.47%8.47% 8.47%8.47% 8.47%8.47%

Minimum wage (R$)

Max Installment - 30% (R$)

Effective Rate (p.a.)

3,255

977

8.47%

3,255

977

8.47%

300300 300240 240240 240240 240240 240240 240240

90%90% 90%100% 100%100% 100%100% 100%100% 100%100% 100%100%

55,80050,699 74,40061,705 83,70059,104 91,30971,320 97,12293,291 109,509105,199 121,896117,107

Term (months)

Loan to Value (%)

Maximum financing (R$)

240

100%

84,735

240

100%

81,382

With the Program

Before the Program

23,0006,384 16,0002,800 9,000- 2,000- - - - - - -

78,80057,083 90,40064,505 92,70059,104 93,30971,320 97,12293,291 109,509105,199 121,896117,107

Maximum Incentive (R$)

Purchase Power (R$) 84,735

-

81,382

31Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data

Notes:(1) Loan-to-value: Caixa finances 100% of the units in 240 months, 90% in 300 months and 80% in 360 months.(2) MCMV maximum incentive is R$ 23,000 for five metropolitan regions (São Paulo, Campinas, Santos, Rio de Janeiro and Brasília) and R$ 17,000 for other regions.

Financing: Interest and Term Impact

Model:

Unit Value: R$ 120,000

Monthly Installment (R$)

10 15 20 25 30

12% 1377 1152 1057 1011 987

11% 1322 1091 991 941 914

Loan Term (years)

%)

Loan-To-Value: 80%

Loan: R$ 96,000

Mortgage Effort: 30%

10% 1269 1032 926 872 842

9% 1216 974 864 806 772

8% 1165 917 803 741 704

7% 1115 863 744 679 639

6% 1066 810 688 619 576

5% 1018 759 634 561 515

4% 972 710 582 507 458Rea

l Int

eres

t R

ate

(%

Mortgage Effort: 30%

Example

Rental : R$800 per month

Minimum Wages Required (monthly salary)Loan Term (years)

3% 927 663 532 455 405

2% 883 618 486 407 355

R

Rental : R$800 per monthAnnual Yield: 8%

Equivalent to Loan Instalment with Real Interest Rate at 8%

and 20 years term

10 15 20 25 30

12% 10 8 8 7 7

11% 9 8 7 7 7

10% 9 7 7 6 6

9% 9 7 6 6 6

8% 8 7 6 5 5

t R

ate

(%)

Loan Term (years)

32

y7% 8 6 5 5 5

6% 8 6 5 4 4

5% 7 5 5 4 4

4% 7 5 4 4 3

3% 7 5 4 3 3

2% 6 4 3 3 3

Rea

l Int

eres

Economic Construction Concept

Simple standardized projects, easily

executed, and focused on process

Market research Partners + R&D Center

‘’Lean Construction’’ Concept Living’s Concept

management

Synergy gains from the integration of

product development, technology and

Product Technology

production process

Better relationship between designers,

manufactures and construction

Production process

Industrial management

Architecture

Integrated process management

This new concept allowed Living to be

competitive in the lower segments of

the pyramid

management

33

CEF Project Flow

Pre-Analysis(Evaluation)

Legal

EngineeringRegional

CommitteeContracting

PJ

Risk ContractingPF

Evaluation Company contracting Company (PJ) and Client (PF) contracting

Approved for sale

12,792

Submitted

4,000

To be contracted

4,382

Contracted (PJ)

16,390 Total

39,964TransferredContracted (PF)

4,400*

=

,

Contracted Units

CAIXA Deadline: 15 days CAIXA Deadline: 60 days CAIXA Deadline: 90 days

*1,700 units were transferred from April to June.

34

CEF Living % Living

0-3 Minimum Wages 240,569 2,560 1.1%3-10 Minimum Wages 280,374 18,230 6.5%Total 520,943 20,790 4.0%

3 to 10 M.W.6.5% of market share

in approvals(PJ + PF)

Note.: Contracts of Caixa until June, 2010Living updated until June, 2010

StilloNatal - RNLaunched in September 2009

Financial ResultsFinancial Results

Financial Results (R$ million)

Net Revenue - (R$ million)Net Revenue - (R$ million) EBITDA - (R$ million)EBITDA - (R$ million)Net Revenue (R$ million)Net Revenue (R$ million) EBITDA (R$ million)EBITDA (R$ million)

2,847.4

4,087.8 911.3

39444954596469

689.0

1,116.7

1,707.3

671.5

1,132.4

157.8

248.5

390.5 461.0

151.2 223.7

22.9% 22.3% 22.9% 16.2% 22.3% 22.5% 19.8%4090141924293439

34 8% 34 4%

Net Profit - (R$ million)Net Profit - (R$ million)Backlog - (R$ million)Backlog - (R$ million)

2005 2006 2007 2008 2009 1Q09 1Q10

729.3 6469

-1

2005 2006 2007 2008 2009 1Q09 1Q10

4,937.2 5,033.4 5,041.2

34.8% 34.4% 34.3%

242 3

422.1

277.7 2429343944495459

36

2008 2009 1Q10

Revenue to be Recog. Gross Mg. To be Recog.

127.8

242.3

100.5

174.2

18.6% 21.7% 24.7% 9.8% 17.8% 15.0% 15.4%

-14090141924

2005 2006 2007 2008 2009 1Q09 1Q10

Financial Results (R$ million)

Expenses to Sales Expenses to Net Revenue

4.3%20092009 5.6%

7 8% 7 6%8.3%10.3%

8 8% 7.8%

6.0%7.1% 7.6%

8.3%

6.8%5.8%

5.0% 5.1%6.6%

1Q09 2Q09 3Q09 4Q09 1Q10

6.3% 5.9%4.0%

8.8%

9.0%

6.1%4.1% 2.7%

7.0%

1Q09 2Q09 3Q09 4Q09 1Q10

Selling Expenses Gen. & Admin. ExpensesSelling Expenses Gen. & Admin. Expenses

37

Accounts Receivable

Receivable’s remuneration Receivables ScheduleReceivable s remuneration(R$ million)

Finished units: IGP-M + 12%

Receivables Schedule(R$ million)

1,440

10,395

1,639.7

1,790.3

3,665.2

2012

2011

2010

Finished units: IGP M 12%Under Construction: INCC

8,955

3,310 362.9

402.0

444.7

458.9

896.5

2017

2016

2015

2014

2013

Units under construction

Constructed units

3,310

Schedule of costs to be incurred(sold units- R$ million)

734.5 Up to 2028

Units under constructionConstruction cost to incur - sold

1,020.8

1,695.9

2011

2010

38

593.0 Further years

Liquidity

Debt(R$ million)

Balance

March 31, 2010Maturity Cost

SFH 1,379.7 2009 to 2014 TR + ~ 10.4% p.a.

Debentures 1st issuance 500.0 2012 ,2013,2014 CDI + 0.48% p.a.

Debentures 2nd issuance 61.9 2018 CDI + 0.65% p.a.

Debentures 3rd issuance 350.0 2014 CDI + 0.81% p.a.

Nov/2010 Nov/2011Bradesco (stand-by) and others 204.3

Nov/2010, Nov/2011, Nov/2012, Nov/2013

CDI + 0.81% p.a.

Loans (foreign currency) – US$ 50 million 53.4 Sep/2011 and Sep/2012 Libor + 3.5% and 4.3% p.a.

Total Debt withSFH 2,549.3

Total Debt without SFH 1,169.6

Cash and Cash Equivalents (1,286.1)

Net Debt withSFH 1,263.2

Net Debt without SFH (116 5)

Net Debt withSFH

LTM EBITDA

= 1.3 time

39

Net Debt without SFH (116.5)

Net CASH without SFH

LTM EBITDA

= 0.1 time

Pre-Sales to be Recognized

2007R$ illi 2008 2009 1Q102007

1,597.1

4 515 2

R$ million

Sales to be recognized at the beginning of the period

Net sales recorded in the period

2008

4,081.6

3 974 4

2009

5,124.2

4 324 6

1Q10

5,224.0

1 173 34,515.2

(2,030.3)

Net sales recorded in the period

Revenues recognized in the period

3,974.4

(2,930.8)

4,324.6

(4,192.3)

(149.0)Taxes (3.65%) (187.0) (190.7)

1,173.3

(1,158.6)

(191.0)

(2,604.7)

3,933.0Net Sales to be recognized at the end of the period

Cost of units sold to be recognized (3,217.2)

4,937.2

(3,300.8)

5,033.4

( ) ( ) ( )

(3,309.6)

5,041.2

( )

(26.3)

1,327.9

Selling Expenses

Gross profit to be recognized

(37.6)

1,719.9

(14.7)

1,732.6

(16.3)

1,731.6

40

33.8%Percentage of gross profit 34.8% 34.4% 34.3%

Pleno ResidencialBelém - PALaunched in March 2010

A diAppendix

Cyrela’s History

•Cyrela Follow-on II

•Second public debenture issue in the amount of R$ 499.5 million

Cyrela Follow on II •3rd debenture issue in the amount of R$ 350.0 million•Merger of Goldsztein Participações into Cyrela

2009

2008

M f B il R lt i t C l V d ti f C l B il R lt

•Cyrela Follow-on I

•Cyrela first debenture issue, in the amount of R$ 500.0 million•Spin-off of Cyrela Commercial Properties (CCP)

2006

2007

•Merger of Brazil Realty into Cyrela Vancouver and creation of Cyrela Brazil Realty Empreendimentos e Participações S.A (CBR) •Cyrela’s IPO

•Cyrela subsidiaries are grouped under Cyrela Vancouver2004

2005

•Brazil Realty a joint Venture with Argentine company IRSA is founded

•Brazil Realty’s IPO

•Beginning of the partnership of Cyrela with RJZ Engenharia, in Rio de Janeiro

1994

1996

2000

42•Cyrela is founded in São Paulo, SP

•Cyrela Construtora is founded and Seller (own sales team) are created

Brazil Realty, a joint Venture with Argentine company IRSA, is founded

1962

1981

Cyrela Brazil Realty Group

Development and Construction Joint Ventures and Partnerships

Sales ServicesSales Services

43

2016 Olympic Games

Strategically positioned landbank in Rio de Janeiro

R$ 14bn of PSV in Rio de Janeiro, of which almost

90% is located in Barra da Tijuca

Barra da Tijuca was chosen as the location for the new

Barra da Tijuca - RJ

C

g y p

Barra da Tijuca was chosen as the location for the new

Olympic Games facilities, such as the Olympic Training

Center and the Olympic Village. Such facilities and their

benefiting to the region will endure for long after the

Cidade Jardim Centro

Metropolitano

Gleba F

Olympic Games

Until 2016, more than R$100 billion of investments

expected for the project

G eba

Península

Future facilities of Olympic Games

2016

► The civil construction sector is expected to account for approximately 10% of the investments

► The local government announced R$ 11.4 bninvestment in transportation infrastructure to

Península

44

pfacilitate access to the region

Source: Rio 2016 official Olympic project

Cyrela is the best positioned real estate company to profit from the 2016 Olympic Games

Typical Cyrela Project

Launch Go ahead DeliveryCompletion

Construction

Launch Go-ahead Deliveryp

of payments

6M - 18MLicensing

Pre-sales 0 50 70 90 100 10080 95

Up to 100M18M 24M 30M 36M12M6M0M

Licensing

% Budget Costs

- - 0% 40% 100% 100%20% 65%

Revenues - - 0 36 100 10016 62

Assumptions for this example:

Potential sales: R$ 100 million

Collections(cumulative)

- 7 14 28 50 10020 34

45

Potential sales: R$ 100 million

Exchange agreements (land): R$ 20 million (recognized as revenues and COGS)

Does not include financial revenues deriving from customer financing

Shorter operating cycle: 24 months

Typical Living Project

p g y

Launch Go-ahead Delivery Financing

Contracted Sales

18M 24M Up to 28M12M6M0M

0 - 6 monthsPre-Launching

Construction

Contracted Sales(cumulative)

- 70 80 10090 100

%Construction Cost

- - 23% 100%55% 100%

RevenuesRevenues(cumulative)

- - 19 10049 100

Collections(cumulative)

- 6 11 2013 100

Assumptions for this example:

46

Potential Sales: R$ 100 million

Exchange agreements: 100% (R$10 mm), 80% of unit price financed by commercial banks

Client is fully financed by the banks after keys handover

Short Cycle Process

0 – 6 monthsPre-Launching

12M 16M Up to 20M8M4M0M

Launch Go-ahead Delivery

Construction

Financing

Servicing the client from purchase onwards, through a single

Use of “Lean Construction” Concept

Assembly line

Living Corporate EnvironmentEngineeringProduct

Simple, standard and easily executed projects focused on low , g g

communication channel: the Customer Servicing Platform

In-house and trained sales force

Financing availability through CaixaEconômica Federal

Assembly line

Reduction of waste and costs

Enhancement of construction methods for popular housing

Increased productivity and quality during works execution

p jincome segment. Standardization of:

► Land acquisition

► Real Estate Development

► Sales g

Increased costumer satisfaction

Price defined by product (not by sq.m.)

15% cost reduction expected

► Construction

► Customer Relationship

Prices from R$90,000 to R$ 200,000

Units from 45sq.m. to 75sq.m

47

Source: Company

Contact IR

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1455, 3rd floorSão Paulo - SP – BrasilCEP 04543-011

Investor RelationsPhone: (55 11) 4502-3153 ri@cyrela.com.br

www.cyrela.com.br/ir

Statements contained in this press release may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances, industry conditions, company performance and the financial

lt f C l B il R lt Th j t j ti d h l i l b d t' t ti

48

results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management's expectationsof Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company's businessplan. Such future considerations rely substantially on changes in market conditions, government rules, competitor'spressure, segment performance and the Brazilian economy, among other factors, in addition to the risks presented on thereleased documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.