cyrela - corporate presentation - august 2009

1

Company PresentationAUGUST 2009

Menara Morumbi - São Paulo, SP – launched in August/2009

Apogeo Chacára KlabinSão Paulo, SPLaunched in June 200976% sold

Living

Housing Program – 100 days

Appendix

Contents

Company’s Highlights

Financial Information

Company’sHighlights

L’Acqua – phases I and IINatal, RNLaunched in April 2009

4

R$ 157 million Net Income: 56% higher than 1Q09 and 67% higher than 2Q08

Increase in sales speed for all income segments: pre-crisis levels

Lower interest rate in 50 years will be positive for the activity in the mid-high segments

Housing Program “Minha Casa, Minha Vida”One thousand units launched out of more than 10 thousand units already approved by CEF

1st contract of the Housing Program “Minha Casa, Minha Vida” with Banco do Brasil

70% sold in the month of launch

Goldsztein`s acquisition completed after approval on Shareholders’ Meeting held on June 2009

Board of Directors approved R$ 350 million loan due in 5 years

Clearer perspectives of the market allow Cyrela to announce guidance for 2009 and 2010

Guidance for 2009

Sales and launches: between R$ 4.6 and R$ 5.1 billion (Cyrela’s share: 70% to 75%)

Guidance for 2010

Launches between R$ 6.9 and R$ 7.7 billion (Cyrela’s share: 73% to 77%)

Sales between R$ 6.2 and R$ 6.9 billion (Cyrela’s share: 73% to 77%)

Current Panorama

5

Guidance

2009Gross Margin

Traditional: 36% to 39%

Living: 32% to 35%

Average for Cyrela: 35% to 39%

EBITDA Margin: 21% to 25%

Net Margin: 14% to 16%

Guidance 2009 2010

Launches R$ 4.6 billion to

R$ 5.1 billion

R$ 6.9 billion to

R$ 7.7 billion

Sales R$ 4.6 billion to

R$ 5.1 billion

R$ 6.2 billion to

R$ 6.9 billion

Cyrela’s share 70% to 75% 73% to 77%

6

416490

138

154554

644

1Q09 2Q09

Cyrela Partners

Launches

Distribution by region– 2Q09

Launches (R$ million) 14 projects launched in 2Q09

- 2 in April (MA and RN)

- 6 in May (SP, RJ, RN, PR)

- 6 in June (SP, RJ, ES, PA, RS)

Average price: R$ 219 thousand /unit

or R$ 3.1 thousand/sq.m.

LIVING: 36% of the PSV launched in 2Q09

SP39%

RJ10%

Expansion51%

7

346

626

156

214

502

840

1Q09 2Q09

Cyrela Partners

Pre-Sales

Sales(R$ million)

Sales by region – 2Q09

Decrease of inventory in 1H09

3.1 thousand units sold

Living: 29% of 2Q09 sales

1H09 Sales by launch period(R$ million–Cyrela’s share)

1H09 Sales : 46% of inventories

SP45% RJ

11%

Expansion44%

237285 281

86 6012 11

24% 29% 29%9% 6% 1% 1%

2Q0

9la

un

ch

1Q

09la

un

ch

es

200

8la

un

ch

es

200

7la

un

ch

es

200

6la

un

ch

es

200

5la

un

ch

es

Lau

nc

he

sp

rio

r to

200

5

Contracted Sales % CBR % of 1H09 sales

8

45%

35%

31%

41%

67%

31%

8%

13%

10%

12%

6%

2%

6%

70%

66%

52%

65%

26%

1%2%82%

2Q09

1Q09

4Q08

3Q08

2Q08

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

49.0%

27.7%

15.2% 12.6%21.5%

3Q08 4Q08 1Q09 2Q09 12M

Sales Speed – Cyrela + Living

Launches’ Sales Speed

Sales Over Total Supply (“VSO”) by quarterR$ million –Cyrela’s share

Back to pre-crisis salesspeed level

IN JULY

9

Units Delivered

2,787 units delivered in the first semester of2009 (R$ 1.1 billion)

97% of the units delivered in 2009 were sold

Forecast of 11 to 12 thousand units to bedelivered up to the end of 2009 (R$ 4.1 billion)

Currently: 153 construction work sites throughout the country (57 by Cyrela)

Units net of swaps

Units Delivered

2,2113,178

19,386

2,787

8,872

11,659

2007 2008 2009e 2010e

1H09 Units Delivered and Foreseen

Units Delivered 1H09PSV

Launched Units

Delivered % Sold

Vereda Ipiranga 128.799 392 100%Paulistânia 172.041 274 97%Páteo Pompéia - Perdizes 16.181 48 100%Les Residences De Mônaco 338.944 102 62%Front Lake 47.592 204 97%Contemporâneo 31.226 170 99%Iguatemi Aldeia Parque 23.840 76 96%Jardim Do Lago Fase I 11.009 64 100%Via Paulista 39.020 167 100%Nova Klabin 51.729 104 100%Allori Vila Romana 112.639 208 100%Belle Epoque 30.772 160 96%Vitoria Vila Matilde 18.031 289 100%Vero Campo Belo 14.287 91 100%Liber Park E Village 37.630 358 97%Garden Resort (Fase II) 12.967 80 100%

Total 1.086.706 2.787 97%

Units that will be delivered during the year 3.040.919 8.872 87%

10

Strengthened Relationship with the Housing Financial System and with Caixa Econômica Federal (CEF)

In 2009, R$ 706 million were contracted (R$ 334 million from CEF)

All 2009 projects already have SFH financing contracted

SFH Financing

351

4,3414,692

CEF Other banks Total

SFH Contracted Loans (R$ million)

11

SP31%

RJ40%

Expansion30%

Landbank

PSV: R$ 37.5 billion (100%) and R$ 30.4 billion (% Cyrela)

Units in landbank: 134.5 thousand

183 plots of land, 64 of which are outside of the Rio-SP region

Swaps: 72%

Geographical distribution on June 30, 2009

Argentina0.3%

Nothern region3.2%

Southern region5.1%

São Paulo inlands11.0%

Rio de Janeiro39.7%

São Paulo Capital City

19.5%

Northeast19.0%

Minas Gerais0.4%

Espírito Santo1.8%

Southeast71.5%

12

10,526

17,871

26,369

47,64910,51911,737

8,761 1,073 134,505

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

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

Landbank

113 thousand units eligible to financing by SFH

21%

up

to R

$ 13

0 th

d

84%

up

to R

$ 50

0 th

d

Units in landbank

Living

Fatto Sport Faria LimaSão Paulo - SPLaunched in May 2009

14

Living’s Operation

Southern region

Minas Gerais

Bahia

Northern region

Pernambuco

Espírito Santo

Ceará

Rio de Janeiro

Rio Grande do Norte

Living’s Nationwide Activity

Independent Activity

New Headquarters

Separate Accounting

100% Cyrela

Independent activity in all steps of the business:

Land acquisition

Real Estate Development

Sales

Construction

Customer Relationship

Organic operation and in partnership with JVs

CEF correspondent servicing all Brazilian

Regions

São Paulo

15

Construction

Living Construtora

Use of “Lean Construction” Concept

Simple projects, easily executed, with repetitions, standardized and focused on management

Assembly line

Reduction of wastes and costs

Increased productivity during works execution

Increased construction quality

Increased flexibility of requirements

Flexibility of works execution schedule

Increased costumer satisfaction

Enhancement of construction methods for popular housing

Product blueprint definition developed together with supplies

Land bought to fit the product

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

In-house and trained labor

15% cost reduction expected

16

Living’s Launches in the Near Future

Yes7880%33025,636Praça do Sol - Phase I

Yes5350%30015,953Parque dos Sonhos – Buriti – Phase IV

Yes11779%30435,609Fatto Sport Faria Lima

ProjectsPSV

(R$ thd)Units % Cyrela

Average price

(R$thd/un.)MCMV

3Q09 545,265 4,491 72% 121 56% of units

Eco Park Home Resort (Phase II - 50%) 41,310 255 100% 162 No

Imbuí 32,110 394 80% 81 No

Fatto Lago dos Patos - Guarulhos 42,104 163 79% 258 No

Fatto Jardim Botânico Phase I 52,053 379 71% 137 No

Stilo Phase I 54,337 330 72% 165 No

Santa Quitéria 22,261 148 80% 150 No

Arboretto (Phase II) Tower V 14,022 95 100% 148 No

Tumelero – Porto Alegre 28,159 210 100% 134 No

Liber Residencial Clube Phase II 41,262 309 75% 134 No

Avanti Vida Phase II 48,105 400 40% 120 Yes

Viva Mais (Itaqua) 43,745 380 50% 115 Yes

Recreio das Laranjeiras - Phase I 23,565 230 60% 102 Yes

Jg Lauro de Freitas 43,899 409 68% 107 Yes

Vitória Pirituba – Phase II 25,036 264 60% 95 Yes

São Cristóvão 27,889 312 83% 89 Yes

17

79

18043

65

122

246

1Q09 2Q09

Living Partners

88

18045

53

233

133

1Q09 2Q09

Living Partners

37%

31%

35%

41%

63%

38%

9%

18%

21% 3%

8%

67%

69%

50%

74%

30%

6%

7%

2%2% 90%

2Q09

1Q09

4Q08

3Q08

2Q08

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

Living’s Launches and Sales – 2Q09

Average Sales and Launchings Speed

Launches(R$ million)

Contracted Sales(R$ million)

IN JULY

18

10,526

17,871

26,369 54,766

-

10,000

20,000

30,000

40,000

50,000

60,000

Up toR$ 100 thd

From R$ 100 thd to

R$ 130 thd

Above R$ 130 thd

Total

Living’s Lanbank – 2Q09

Landbank by unit price

Note.: Calculations done in units

PSV: R$ 7.2 billion (100%)

R$ 5.7 billion (% Living)

81 plots of land

Swaps: 66%

MCMV52%

Others48%

Housing Program “Minha Casa, Minha Vida”

100 days of program

20

Main Changes in the Program

Change in the debt-to-income level

20% to 30% of the gross family income.

Construction term

Change from 12 to 15 months.

Participating municipalities

Extintion of the minimum of 100 thousand inhabitants.

Additional R$ 1 billion were dedicated for construction for the 0 to 3MW

bracket in municipalities with up to 50 thousand inhabitants.

Changes in the Operation Supervision Fee

Change from 1.5% per stage to R$ 1,200 per construction period under

CAIXA’s supervision.

Programa Minha Casa, Minha Vida

21

The table below shows the general requirements – Ref. SP, RJ, FD andmetropolitan regions:

1.5% to6.64%

1.5% to6.64%

1.5% to6.64%

1.5% to6.64%

1.5% to6.64%

ExemptExemptExemptInsurance(% of installment)

0.68%0.68%0.68%0.68%0.50%0.42%0.42%0.42%Rate (p.m.)

8.47%8.47%8.47%8.47%6.17%5.12%5.12%5.12%Effective Rate (p.a.)

8.16%8.16%8.16%8.16%6.00%5.00%5.00%5.00%Nominal Rate (p.a.)

240240 240 240 240 240 300 300 Term (months)

121,896109,50997,12284,73593,30992,70090,40078,800Purchasing power

----2,0009,00016,00023,000Maximum subsidy

121,896109,50997,12284,73591,30983,70074,40055,800Maximum amountto be financed

1,3951,2561,116977837698558419 Max. Installmentsvalue (20%)

4,6504,1853,7203,2552,7902,3251,8601,395Wages

10 MW9 MW8 MW7 MW6 MW5 MW4 MW< 3 MW

New range accepted

Purchasing Power

22

Caixa Econômica Federal

Immediate Enhancements

Corporate Desk

Corporate Department independent from regional offices, helping developers

with the process in the branches.

Increased Commitment

The Engineering, Risk and Law departments are more committed to the

project, and instead of controllers they are now managers of the process. They are

closer to the business, directly helping developers.

Analysis Deadlines

Project analysis now with deadlines. There are no longer partial analysis, only

projects with all due documents can be analyzed.

Authorization for sales and for the use of the brand CAIXA and MCMV after

pre-analysis (15 days in average).

23

Caixa Econômica Federal

Short Term Enhancements

Property Assessment System

Several discussions with developers to enhance the assessment system.

New system called CAIXA SIMBRASIL GEO to assess demand, income,

demographic density and several other issues addressed in the assessment, which

was previously based mainly on supply and property price in the region.

New Project Portal

Control of the status of each project subject to approval, with access granted

for Presidential Staff Office (CASA CIVIL), CAIXA’s directors and for developers.

Control of each stage’s analysis period. Justification is required if deadlines

are not met.

Increased transparency throughout the whole process.

24

Figures of the Industry

Source: BACEN/CAIXA | * position on June/09

Mortgages Contracted(R$ billion)

24.3

4.56.4

8.8

14.1

21.117*

2003 2004 2005 2006 2007 2008 2009

18.4

48.0

40.3

101520253035404550

Dec

-07

Jan-

08

Feb

-08

Mar

-08

Apr

-08

May

-08

Jun-

08

Jul-0

8

Aug

-08

Sep

-08

Oct

-08

Nov

-08

Dec

-08

Jan-

09

Feb

-09

Mar

-09

Apr

-09

May

-09

SF Nacional (-) CAIXACAIXASF Nacional

Mortgage growth index - % in 12 months balance

25

Figures of the Industry

North – 10.3%Goal 103,018

Northeast – 34.3%Goal 343,197

Mid‐West – 7.0%Goal 69,786

Southeast – 36.4%Goal 363,983

South – 12.0%Goal 120,016

0 to 3 MW 164

3 to 6 MW 260

42,292

33,040

25,5331576 to 10 MW

UnitsProjectsIncome

Approvals until July, 2009

100,865581TOTAL

Total of investments - R$ 6.4 bn

Source: CAIXA

10 thousand Living units withinMCMV already approved until July

Financial Results

Vitória Pirituba JuritiSão Paulo, SP

Launched in May 2009100% sold in the quarter

27

5,124.2 4,920.64,331.6

33.4% 32.4%32.5%

2008 1Q09 1H09

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

Backlog(R$ million)

310.8 299.9

530.3 552.0

34.2%

39.1% 39.4%

35.7%

2Q08 2Q09 1H08 1H09

Gross Profit Gross Margin

Financial Results

Net Revenue(R$ million)

Gross Income(R$ million)

-3%

+15%

+10%

+4%

794.9875.6

1,345.7

1,547.1

2Q08 2Q09 1H08 1H09

Net Revenue

28

+58%

94.0

157.1 162.5

257.5

16.6%

12.1%

17.9%

11.8%

2Q08 2Q09 1H08 1H09

Net Profit Net Margin

152.9209.4

247.4

360.6

18.4%

23.9%

19.2%

23.3%

2Q08 2Q09 1H08 1H09

EBITDA EBITDA Margin

+37%

+46%

Financial Results

Expenses over Contracted Sales

EBITDA(R$ million)

Expenses over Net Revenue

Net Profit(R$ million)

+67%

4.6%

7.6%

14.5%

10.9%

6.3%

5.6%

9.6% 9.5%

6.1%

2.4%

2Q08 3Q08 4Q08 1Q09 2Q09

Selling Expenses Gen. & Admin. Expenses

13.5%11.6% 11.6%

7.8%6.0%

6.9%8.5% 7.6% 6.8%

5.8%

2Q08 3Q08 4Q08 1Q09 2Q09

Selling Expenses Gen. & Admin. Expenses

29

Accounts Receivable

Accounts Receivable Performance(R$ million)

Units under construction

Finished units

Construction cost to incur- sold

Receivables’ Remuneration(R$ million)

Built: IGP-M + 12%Under construction: INCC

Receivables Schedule(R$ million)

7,4647,681 7,685

2008 1Q09 1H09

Receivables

6,578

886

7,464

2,771

1,5781,675

779492 397 358 332 303 268

1,282

2009 2010 2011 2012 2013 2014 2015 2016 2017 Until2028

30

Liquidity

Debt(R$ million)

As of June30, 2009

Maturity Cost

SFH 948.7 2009 to 2014 TR + 10.5% to 12.0% p.a.

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

Debentures 2nd issuance* 489.5 2018 CDI + 0.65% p.a.

Bradesco (stand-by) and others 301.0Nov/2010, Nov/2011, Nov/2012, Nov/2013

CDI + 0.81% p.a.

Loans (foreign currency) – US$ 20 million 39.0 Sep/2011 Libor + 3.5% p.a.

Total Debt with SFH 2,278.2

Total Debt without SFH 1,329.5

Cash and Cash Equivalents (498.4)

Net Debt withSFH 1,779.8

Net Debt without SFH 831.1

Net Debt withSFH

LTM EBITDA

= 2.9 times

* Repactuation in 2010 and 2011

Net Debt without SFH

LTM EBITDA

= 1.3 time

31

Delays and Cancellations

Note: Considering only the portfolio managed by Cyrela

Delays

Cancellations

1.09%

1.34% 1.43% 1.35% 1.38%1.52%

1.64%

2.00% 1.98%1.87%

1.82%1.92%

1.43% 1.37% 1.39%

1.79%1.59%

1.26%

Jan-0

8Feb

-08

Mar

-08

Apr-0

8M

ay-0

8Ju

n-08

Jul-0

8Aug

-08

Sep-0

8Oct

-08

Nov-0

8Dec

-08

Jan-0

9Feb

-09

Mar

-09

Apr-0

9M

ay-0

9Ju

n-09

Delays above 31 days

0.21% 0.20%0.23%

0.26%0.23% 0.22%

0.26% 0.27%

0.14%

0.17%

0.21%

0.36%

0.22% 0.23%

0.24%

0.18% 0.20%

0.07%

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Cancellation index = cancellations / active clients

32

2007

1,597.1

4,515.2

(26.3)

1,327.9

(2,604.7)

4,081.6

(2,030.3)

32.5%

R$ million

Sales to be recognized at the beginning of the period

Net sales recorded in the period

Revenues recognized in the period

Sales to be recognized at the end of the period

Cost of units sold to be recognized

Selling Expenses

Gross profit to be recognized

Percentage of gross profit

2008

4,081.6

3,974.4

(37.6)

1,719.9

(3,217.2)

5,124.1

(2,930.8)

33.5%

Pre-Sales to be Recognized

June 30 ‘09

5,124.2

828.2

(19.8)

1,402.9

(2,770.7)

4,331.6

(1,591.2)

32.4%

(149.0)Taxes (187.0) (158,1)

Appendix

Barra Prime OfficeRio de Janeiro – RJLaunched in Nov/08

34

1.9 1.9 1.8 2.2 3.0 4.99.3

18.3

30.0 30.8

3.3 2.7 3 2.8 3.95.5

7.0

6.9

10.5

5.2 4.6 4.8 5.06.9

10.4

16.3

25.2

40.6

45.8

15.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e

SBPE FGTS

0

100

200

300

400

500

600

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

e

SBPE FGTS

Mortgage Credit Available

Mortgage Loans Funding (R$ billion)

Source: ABECIP, Central Bank of Brazil and Secovi

65%

111%

73%

20%

53% 46%

13% 10% 2% 2% 8% 6% 9%

249%

166% 156%141% 137%

125%

63%46% 37% 35% 33% 28%

17%

-20%

30%

80%

130%

180%

230%

280%

USA

Net

herl

ands U

KSo

uth

Afr

ica

Irela

nd

Spai

n

Chi

le

Hun

gary

Indi

a

Bra

zil

Cze

ch R

ep.

Pola

nd

Mex

ico

Mortgage credit to GDP Ratio Total Credit to GDP

Mortgage to GDP Ratio

Source: Central Bank and Bradesco Corretora

CAGR 2003-2009e: 45%

Source: ABECIP, Central Bank of Brazil and Banco Real

Mortgage LoansRecord = 627.000 in 1980

CAGR 2003-2009e: 18%

Co

ntr

acts

(th

ou

san

ds

)

Housing Program

“Minha Casa, Minha Vida”(R$ billion)

Source: Programa “Minha Casa, Minha Vida”

34.0

7.5

25.5

1.0

FEDERALBUDGET

FGTS BNDES TOTAL

35

Demand in Expansion

São Paulo Rio de Janeiro

Source: SECOVI-SP/EMBRAESP Source: ADEMI-RJ

Supply to Sales - 12 month curve in units

Porto Alegre Fortaleza

Source: SINDUSCON-CE/FIECSource: SINDUSCON-RS




Jun-0923.1

Jan-0710.4

Dec-0512.2

Jan-0811.8

Oct-0414.9

Nov-0817.2

abr-0517.4

mar-0611.3

mai-0711.3

Oct-04

Feb-0

5Ju

n-05

Oct-05

Feb-0

6Ju

n-06

Oct-06

Feb-0

7Ju

n-07

Oct-07

Feb-0

8Ju

n-08

Oct-08

Feb-0

9Ju

n-09

Supply to sales

jan-0423,2

Apr-098.5

Jul-9910.4

Apr-086.8

Dec-0615.2

Dec-0522.7

May-0217.8

Aug-0012.2

Apr-9817.6

Apr-9

8Oct-

98Apr

-99

Oct-99

Apr-0

0Oct-

00Apr

-01

Oct-01

Apr-0

2Oct-

02Apr

-03

Oct-03

Apr-0

4Oct-

04Apr

-05

Oct-05

Apr-0

6Oct-

06Apr

-07

Oct-07

Apr-0

8Oct-

08Apr

-09

Suppy to sales

Jul-076.3

Feb-0512.3

May-0311.9

Jan-0111.4 Apr-06

9.8

May-0214.0

Jul-084.6

Mar-09 7.1

Jan-

01Aug

-01

Mar

-02

Oct-02

May

-03

Dec-0

3Ju

l-04

Feb-0

5Sep

-05

Apr-0

6Nov

-06

Jun-

07Ja

n-08

Aug-0

8M

ar-0

9

Supply to sales

Dec-0716.3

Oct-0619.7

May-0619.1

May-0418.7

Aug-0223.6

Apr-0018.1 May-01

16.1 Apr-0913.1

Apr-0

0Oct-

00Apr

-01

Oct-01

Apr-0

2Oct-

02Apr

-03

Oct-03

Apr-0

4Oct-

04Apr

-05

Oct-05

Apr-0

6Oct-

06Apr

-07

Oct-07

Apr-0

8Oct-

08Apr

-09

Supply to sales

36

Sales Performance – Residential – 2008

Source: Cyrela MID

São Paulo Rio de Janeiro

9% 12% 17% 20%

Cyrela’s stakes indicate strong sales performance in the main markets

Launches Pre-Sales Launches Pre-Sales

(R$ million) (R$ million)

4,123

720

Launches in RJ

1,949

384

Pre-Sales in RJ

Market

Cyrela

40,520

4,794

Pre-Sales in SP

65,833

6,050

Launches in SP

Market

Cyrela

37

Potential Sales Value

(R$ million)

Launches 2004 to 2008 - SP Metropolitan Region

Units

Luxury > R$ 3,500/m²

Super-Economic < R$ 1,900/m²

Economic > R$ 1,900/m², <2,700/m²

Middle > R$ 2,700/m², <3,500/m²

11,314 8,449 8,371

8,937 12,721

28,9875,30710,129

18,864

4,051

9,611

28,782

34,345 35,350

58,512

65,833

10,88411,821

21,524

10,269

19,074

8,567

7,030

3,688

3,224

2004 2005 2006 2007 2008

1,098 753 760

1,803 2,6884,154

1,977

3,894

5,626

3,939

7,282

7,997

9,607

11,274

17,422 17,822

9721,117

4,0721,928

7,326

3,242

5,052

3,320

3,119

2004 2005 2006 2007 2008

Source: Cyrela MID

38

Launches 2004 to 2008 - RJ and Region

Luxury > R$ 3,500/m²

Super-Economic < R$ 1,900/m²

Economic > R$ 1,900/m², <2,700/m²

Middle > R$ 2,700/m², <3,500/m²

Potential Sales Value

(R$ million)

Units

907 5062,4491,142

3,080

4,559

1,141

2,511

4,484

1,734

4,419

6,856 7,0197,831

13,350

15,911

1,171 1,302

2,680

5,8001,677

3,885

3,6661,491

2,363

2004 2005 2006 2007 2008

221 69 211200 659

791273

690

1,225

1,729

1,894

1,353

2,354

3,1473,446

4,121

219203

980759

975

509

1,272

883

659

2004 2005 2006 2007 2008

Source: Cyrela MID

39

Excellent Track Record of Growth

Consistent track record of growth in Launches and Pre-sales Contracts

Launches(R$ million)

Pre - Sales Contracts(R$ million)

2004 – 2008 CAGR = 49%

2004 – 2008 CAGR = 48%

972 1,211

2,917

5,3934,827

3,3323,428

1,9241,004700

2004 2005 2006 2007 2008

Cyrela Partners

949 1,0231,915

4,392 4,612

713 7551,369

2,815 3,074

2004 2005 2006 2007 2008

Cyrela Partners

40

Cyrela Brazil Realty

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

Employees

Seller Brokers & Team

Number of cities

Launches

Pre-sales

Landbank

Low income units

Market Cap Cyrela Brazil Realty

# Homebuilders listed

Market Cap of the Industry

Baixa RendaEBITDA Margin*

Baixa RendaGross Margin

Baixa RendaNet Margin*

2005

202

100

3

R$ 1.2 bn

R$ 1.0 bn

3.0 mn sq.m.

0

R$ 2.4 bn

2

R$ 6.0 bn

524.427.1%

524.448.5%

524.423.2%

2007

529

743

47

R$ 5.4 bn

R$ 4.4 bn

8.8 mn sq.m.

6.7 thd

R$ 8.6 bn

21

R$ 48.1 bn

688.822.9%

688.841.2%

688.824.7%

2006

327

200

8

R$ 2.9 bn

R$ 1.9 bn

4.9 mn sq.m.

720

R$ 4.5 bn

4

R$ 10.0 bn

688.822.3%

688.842.2%

688.821.7%

2008

514

637

55

R$ 4.9bn

R$ 4.7bn

11.2 mn sq.m.

10.5 thd

R$ 3.3 bn

20

R$ 13.4 bn

688.820.1%

688.840.1%

688.813.7%

41

Joint Ventures

2007AllBuenos Aires50%

% CBR Region Segment Year

50% São Paulo Middle / Mid-High 2006

50% São Paulo Mid-High / Luxury 2007

50% MG and DF All 2007

50% São Paulo Middle / Mid-High 2008

50% São PauloEconomic / Super

Economic2007

79% São PauloEconomic / Super

Economic2006

The former JV Goldsztein Cyrela was acquired in June 2009.

43

Typical Cyrela Project

Pre-sales 0 50 70 90 100 10080 95

% Budget Costs - - 0% 40% 100% 100%20% 65%

Revenues - - 0 36 100 10016 62

Up to 100M18M 24M 30M 36M12M6M0M

Assumptions for this example:

Potential sales: R$ 125 million

Exchange agreements (land): R$ 25 million

Does not include financial revenues in customer financing

Collections(cumulative)

Construction

Launch Go-ahead DeliveryCompletionof payments

6M - 9MLicensing

- 7 14 28 50 10020 34

44

Shorter operating cycle: 24 months

Typical Economic Project

Contracted Sales(cumulative)

- 70 80 10090 100

%Construction Cost - - 23% 100%55% 100%

Revenues(cumulative)

- - 19 10049 100

18M 24M Up to 28M12M6M0M

Assumptions for this example:

Potential Sales: R$ 110 million

Exchange agreements: 100% (R$10 mn), Unit price 80% financed by partner banks

Client is fully financed by the banks after the assignment of the financing to them

Collections(cumulative)

Launch Go-ahead Delivery

6 – 9 monthsPre-Launching

- 6 11 2013 100

Financing

Construction

45

Financing: Interest and Term Impact

Model:

Unit Value: R$ 120,000

Loan-To-Value: 80%

Loan: R$ 96,000

Mortgage Effort: 30%

Example

Rental : R$800 per monthAnnual Yield: 8%

Equivalent to Loan Instalment with Real Interest Rate at 8% and 20 years

term.

Monthly Installment (R$)

Minimum Wages Required (monthly salary)

10 15 20 25 30

12% 1,377 1,152 1,057 1,011 987 11% 1,322 1,091 991 941 914 10% 1,269 1,032 926 872 842 9% 1,216 974 864 806 772 8% 1,165 917 803 741 704 7% 1,115 863 744 679 639 6% 1,066 810 688 619 576 5% 1,018 759 634 561 515

Loan Term (years)

Rea

l Int

eres

t R

ate

(%)

10 15 20 25 30

12% 13 11 10 10 911% 13 10 9 9 910% 12 10 9 8 89% 12 9 8 8 78% 11 9 8 7 77% 11 8 7 6 66% 10 8 7 6 55% 10 7 6 5 5R

eal I

nter

est

Rat

e (%

)Loan Term (years)

Cyrela Brazil Realty S.A. Empreendimentos e Participações

Av. Presidente Juscelino Kubitschek, 1455, 3th floor – Itaim Bibi – ZIP Code 04543-011 – São Paulo/SP – Brazil

www.cyrela.com.br/ir

cyrela - corporate presentation - august 2009

Investor Relations