3Q11Results

November 10, 2011

WaveRio de Janeiro - RJLaunched in September/2011

3Q11 Results

Introduction Elie Horn

José Florêncio Rodrigues

Ubirajara Freitas

Antonio Guedes

Cyrela - Operating Results

Living - Operating Results

Cyrela - Financial Results

Escritórios MorumboSão Paulo - SPLaunched in September/11

3

Cyrela’s Highlights

Launches reached R$ 4.6 Billion in 9M11, representing 60% of the guidance bottom point for 2011

Pre-Sales reached R$ 4.1 Billion in 9M11, reaching 60% of the guidance bottom point for 2011

Living's launches accounted for 33% of total launches and 28% of pre sales in 9M11

Net Revenue of R$ 1.6 Billion, up 34.2% from the 2Q11

Gross Margin of 28.6%, 0.9 p.p. expansion from the 2Q11

Operational Cash Generation of R$ 60 million ex- share buy back program and acquisition of stake in Cyrela NE

Awards:

“As empresas mais admiradas do Brasil” – ranked first in the category "Construction and Real Estate" for

the 9th consecutive year

Master Imobiliário – “Construindo Pessoas e Profissionais”, in the category "Professional - Social

Responsibility

Jardins HigienópolisPorto Alegre - RSLaunched in September/2011

OperatingResults

5

21 projects launched on the 3Q11 and 59 on the 9M11

Average Price: R$ 345 thd /unit, growth of 42% compared to 3Q10

Price/ sq.m. : R$ 5.3 thd/sq.m. in 3Q11, 39.5% higher than 3Q10

Cyrela and Living Launches

Launches Breakdown by Region 3Q11

+48%

+29%

9M11

4,564

897

3,666

9M10

3,083

750

2,333

3Q11

1,757

308

1,449

3Q10

1,359

331

1,028

PartnersCyrela

20%

17%

26%

19%

Mid West4%North

14%

Northeast

South

RJ

SP

(R$ million) By PSV

6

807

+13%

+41%

9M11

4,115

840

3,275

9M10

3,631

834

2,797

3Q11

1,449

2871,162

3Q10

1,025

219

Pre-Sales

Pre-Sales by Region 3Q11

12%

12%

37%

30%

MG/ES

2%

MidWest

2%

North5%Northeast

South

RJ

SP

3Q11 (12M)

55.6%

2Q11 (12M)

55.4%

3Q11

20.7%

2Q11

24.3%

Sales Speed (VSO)

Cyrela and Living Pre-Sales

58% of 3Q11 pre sales were from projects launched in

other quarters

3.4 thd units sold in 3Q11, totaling 13 thd units sold

on 9M11

Inventories on September 30: R$ 5.7 bn (100%) and R$

4.5 bn (%CBR): 9.5 months of sales*

* Considering monthly average of sales according to 2011 guidance

(R$ million)

PartnersCyrela

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PSV of R$ 45.6 bn (100%) and R$ 39.8 bn (%CBR)

78% of landbank acquired through swaps

244 projects comprised of 182,000 units

Landbank

Cyrela’s Landbank (100%)

(R$ billion)

Other States

12.8

South

3.2

São Paulo

13.9

Rio de Janeiro

15.7

Total

45.6

Launched

To be Launched

After 2013

~23.1

2013

~5.5

2012

~9.1

2011e

~8.1

4.6

3.5

Landbank Aging (100%)

(R$ billion)

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17.9 thd units delivered in 9M11 in 66 projects

Living delivered 9.7 thousand units in 25 projects

97% of delivered units were sold units

200 construction sites at the end of September/2011, of which 93 are Living's projects.

Delivered Units

7.1

2011

15.4

9.7

25.0

2.1

5.4

2010

8.28.3

7.5

9M11

17.9

2009

LivingMAP

(thd units)

StartGoiania - GOLaunched in September/2011

LivingOperating Results

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10 projects launched on the 3Q11, totaling 30 launches in 2011

R$ 1.5 billion launched in 9M11, reaching 32.7% of Cyrela’s launches in 2011

2.8 thd units launched in the 3Q11 38.4% within the “MCMV” Program

Living’s Sales: 28% of total PSV sold by Cyrela in 2011

7.2 thd units sold in the 9M11 with an average price of R$ 157 thd/unit

Living’s Launches and Pre-Sales

Pre-SalesLaunches

258 348

787

+29%

+6%

9M11

1,490

385

1,105

9M10

1,156

370

3Q11

463

1143Q10

436

178

PartnersLiving

202 204

807 831

+1%

+4%

9M11

1,136

305

9M10

1,130

323

3Q11

320

116

3Q10

306

105

(R$ million) (R$ million)

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Potential PSV of R$ 12.2 bn (100%) and R$ 10.7 bn (% Living)

7 plots acquired in 3Q11 PSV of R$ 524.5 million

68% of landbank acquired through swaps

Average price per unit R$ 136 thd

Living’s Landbank

Living’s Landbank – 100% Breakdown by Region(R$ billion)

Super Economic

5.0

Economic

6.9

Mid-income

0.3

12%

5%

25%

33%

MidWest

8%North

14%

Northeast

South

SoutheastOthers

3%

RJ

SP

(By PSV)

395 PlaceBelém - PALaunched in September/2011

Financial Highlights

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Net Revenue

Financial Results

(R$ million)

2Q11

1,560

3Q11

1,163

4,143

3,501

3Q10

18.4%

34.2%12.8%

9M119M10

1,383

14

Gross Profit and Gross Margin

Financial Results

(R$ million)

409446382

3Q11

3.4%

9.0%

28.6%

16.6%

1,157

27.9%

9M11

1,197

2Q11

34.2%

9M10

35.2%

3Q10

27.7%

Gross ProfitGross Margin

30.7%

Adjusted Gross Margin

32.5%

36.7% 35.5%31.4%

15

Adjusted EBITDA and Adjusted EBITDA Margin

Financial Results

(R$ million)

199297 246

739 679

-8.2%

+20.5%+54.8%

9M11

16.4%

9M10

21.1%

3Q10

21.2%

3Q11

19.0%

2Q11

14.4%

Adjusted EBITDAAdjusted EBITDA Margin

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Accounts Receivable

Units under construction

Constructed units

Construction costs to be incurred – sold units

Price index:Finished units: IGP-M + 12% p.aUnder Construction: INCC

Receivables Schedule(1)Accounts Receivable x

Cost to be incurred

Schedule of Cost to be incurred

After 2013 3.8

2013 2.2

2012 3.8

2011 2.9

Costs to be Incurred

5.8

4.0

1.8

Receivables

12.7

11.1

1.6

(R$ billion)

Further years 2.31.6 0.7

2012 2.61.8 0.8

2011 0.90.6 0.3

Sold Units Inventory UnitsConstruction costs to incurred – inventory units

(R$ billion)

(R$ billion)

(1) Receivables schedule according to economic criterion (considers integral and immediate payment at the end of construction of unit)

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In the quarter, transferred amount in PSV is 24% higher than in 3Q10

Number of units volume is 2% higher than volume done in the same period of 2010

R$ 1.6 billion or 9,9 thousand units transferred in 9M11

Volume is equivalent to 129% of 2010 FY

Transferred Units

Transferred Volume (in units)Transferred Amount(R$ million)

9M11

9,933

7,449

2,484

9M10

8,442

7,261

1,181

+18%

316

749

+106%

9M11

1,583

834

9M10

769

453

MAP Living

41%

59%

47%

53%

14%

86%

25%

75%

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Liquidity and Debt

Net Debt

2,787

Without SFH146

With SFH2,641

Cash and Cash Equivalents

1,776

Gross Debt

4,563

SFH Debt2,641

Corporate Debt1,922

With SFH = 4.29Net Debt

EBITDA LTM Without SFH = 0.23

With SFH = 0.57Net Debt

Equity Without SFH = 0.03

Leverage(R$ million)

19

Cash Burn

-136

-806

60

-212

-83%

-128%

9M119M103Q113Q10

Cash Burn (ex-dividend, buyback program and acquisition of stakes)

(R$ million)

* ex-dividends, shares buyback program and acquisition of stakes

Cash Generation* of R$ 60 million

in 3Q11 and cash burn of R$ 136

million in 9M11

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Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455, 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 presentation may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances. industry conditions. company performance and thefinancial results of Cyrela Brazil Realty. These are just projections and. as such. exclusively based on management'sexpectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance theCompany's business plan. Such future considerations rely substantially on changes in market conditions. governmentrules. competitor's pressure. segment performance and the Brazilian economy. among other factors. in addition to therisks presented on the released documents filed by Cyrela Brazil Realty. and therefore can be modified without priornotice.

Contact IR