Company PresentationM 2010May 2010

Saint Barth GouvernourRio de Janeiro - RJ

February 2010

Grand Lider OlympusBelo Horizonte - MG

December 2009

AndalusSão Paulo - SP

November 2008

Contents

AugeSão Paulo - SPLaunched in September 2009

Contents

Company Overview

Brazilian Real Estate Sector Overview

Company Overview

Sales Performance

Living

Outlook for the future

1Q10 Results

Appendix

NovAmérica MichiganSão Paulo - SPLaunched in November 2009

BrazilianBrazilianReal Estate

Sector Overview

A Booming Real Estate Market: Strong Fundamentals

The Brazilian real estate market is posed to benefit from a favorable environmentLow Supply of UnitsLow Supply of UnitsHigh Demand for HousingHigh Demand for Housing 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 Unit)1. Population and families

In millions PersonsYear

2007

2017E

Families

60.3

75 6

Population

189.1

211 2

Personsper family

3.1

2 8

5.46.7

5.6

4 N b f H M P

2017E

2030E

75.6

95.5

211.2

233.6

2.8

2.4

1991 2000 2008(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 families Growth rate(%) per year

BrazilBrazil

MexicoMexico

1.8x1.8x

4.0x4.0xup 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 1.4 5.9

-0.4%

3.9%

7.1%

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

G-7G-7 9-10x9-10xTotal 60.3 95.5 2.0%

4

Cy e a s u que y pos t o ed to ta e ad a tage o t e pos t e a a ea estate e o e t

(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.

Impact for Cyrela: The future is now

Monthly

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

Monthly Wages Housing Deficit

> R$ 4,8005.7 mm families10%

Monthly Income

Monthly Income

0.1 mm10 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

< R$1 200

67%

0.7 million

3 - 5

minimum

wages~30 million

families< R$1,20029.3 mm families51%

< R$1,40020.4 mm families

33%4.5 million

< 3

minimum

wages

Minimum monthly family income to purchase a property

TR+14%10 years

familiesTR+5% (1)

30 years

Cyrela’sCyrela’s

5.6 million

y y y

Cyrela’s addressable market increased from 10% to 67%

Cyrela s Lowest

Ticket perunit available

Cyrela s Lowest

Ticket perunit available

R$ 80,000.00R$ 110,000.00R$ 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(1) Within Minha Casa Minha Vida Program

Housing Deficit (2008)

Deficit by Region Domiciles % from the TotalDeficit by Region Domiciles % from the TotalSoutheast 2,116 26,576 8.0%South 483 9,355 5.2%Middle East 248 4,504 5.5%North 788 4,398 17.9%Northeast 1,938 16,162 12.0%

Total 5,572 60,994 9.1%

6Source: MCM Consultores and Sinduscon-SP/FGV

Low-Income Segment: Renewed Growth Opportunity

Minha Casa, Minha Vida program - Potential demand growth in BrazilLow mortgage rates + incentives = high affordability levelsMonthly 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

93 291105,199

117,107

92 700 93 309 97,122109,509

121,896

57,08364,505 59,104

71,32081,382

93,291

78,80090,400 92,700 93,309

84,73597,122

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

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

Effectiverate

(p.a.)5.12% 5.12% 5.12% 6.12% 8.47% 8.47% 8.47% 8.47%

(R$)

7Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data

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

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 MW

1,3951,395 1,8601,860 2,3252,325 2,7902,790 3,7203,720 4,1854,185 4,6504,650Minimum wage (R$) 3,255

7 MW

3,255

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%

Max Installment - 30% (R$)

Effective Rate (p.a.)

977

8.47%

977

8.47%

300300 300240 240240 240240 240240 240240 240240

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

Term (months)

Loan to Value (%)

240

100%

240

100%

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

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

Maximum financing (R$)

Maximum Incentive (R$)

84,73581,382

-

With the Program

Before the Program

78,80057,083 90,40064,505 92,70059,104 93,30971,320 97,12293,291 109,509105,199 121,896117,107Purchase Power (R$) 84,73581,382

8Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data

Financing: Interest and Term Impact

Model:Monthly Installment (R$)

Model:

Unit Value: R$ 120,00010 15 20 25 30

12% 1377 1152 1057 1011 98711% 1322 1091 991 941 914

Loan Term (years)

%)

Loan-To-Value: 80%

Loan: R$ 96,000

10% 1269 1032 926 872 8429% 1216 974 864 806 7728% 1165 917 803 741 7047% 1115 863 744 679 6396% 1066 810 688 619 576te

rest

Rat

e (%

Loan: R$ 96,000

Mortgage Effort: 30%

6% 1066 810 688 619 5765% 1018 759 634 561 5154% 972 710 582 507 4583% 927 663 532 455 4052% 883 618 486 407 355

Rea

l Int

Example

Rental : R$800 per monthMinimum Wages Required (monthly salary)

Loan Term (years)Rental : R$800 per monthAnnual Yield: 8%

Equivalent to Loan Instalment with

10 15 20 25 3012% 10 8 8 7 711% 9 8 7 7 710% 9 7 7 6 6(%

)

Loan Term (years)

Real Interest Rate at 8% and 20 years term

9% 9 7 6 6 68% 8 7 6 5 57% 8 6 5 5 56% 8 6 5 4 45% 7 5 5 4 4In

tere

st R

ate

9

5% 7 5 5 4 44% 7 5 4 4 33% 7 5 4 3 32% 6 4 3 3 3

Rea

l

Brazilian Saving Accounts and Mortgage System

Uses SourcesUses

65%

53%Individual mortgages

100%

65%

Individual mortgages

g gProperties up to R$

500,000

Construction loans

SavingsAccountsDeposits

and construction

loans12%

Average loan up to R$ 500,000 Cost of

TR + 6.17% p.a.

Saving Accounts(R$ billion)

240.0

30%

Properties over R$ 500,000

Monthly averageor last 12

months average

17 %

30% Compulsory

Deposits

months average(the lowest)

206.2

5% Free Usage

10

Oct/08 Oct/09

Source: Santander

Funding Analysis (SBPE)

Scenario Oct/2009 Mortgage outstanding 2013

R$ 163 bn

Prescribed Use(R$ billion)

Actual Use(R$ billion)

R$ 163 bn

87

18

$

With 40% of annual growth in mortgage

R$ 163 bn

LCIs, LHs

19

87

145

Remaining (1)

Commited

and 10% in saving accounts, the funding will finish in 4 years

Earmarked

R$ 220 bn

57

19Commitedloans

Mortgage outstanding

resources

Scenario Mortgage t t di

Saving t t di

Mortgage outstanding Yearoutstanding outstanding g

(R$ Bn)1 60% 20% 256 20122 40% 10% 220 2013

11Source: Santander

3 40% 17% 327 20144 20% 0% 156 2015

(1) FCVS, default and multipliers.

Real Overall Payroll Growth

Southeast South Middle East Northeast NorthLess than 2 Minimun Wages 59.5% 49.2% 53.7% 53.2% 52.4%2 to 5 Minimum Wages 39 9% 39 7% 38 1% 49 4% 42 5%

Real Overall Payroll Growth 2005 to 2008

2 to 5 Minimum Wages 39.9% 39.7% 38.1% 49.4% 42.5%5 to 10 Minimum Wages 15.5% 12.7% 37.5% 33.9% 16.3%10 to 20 Minimum Wages 0.6% 2.5% 34.8% 22.6% -10.3%More then 20 Minimum Wages 7.1% -2.7% 29.8% 23.6% -5.3%Total 26 5% 23 6% 37 9% 41 0% 28 8%Total 26.5% 23.6% 37.9% 41.0% 28.8%

Southeast South Middle East Northeast NorthLess than 2 Minimun Wages 20.5% 20.5% 20.2% 21.1% 19.8%

Real Overall Payroll Growth 2009 to 2012

g % % % % %2 to 5 Minimum Wages 18.7% 18.5% 20.5% 29.7% 22.1%5 to 10 Minimum Wages 18.8% 18.8% 18.6% 29.6% 23.7%10 to 20 Minimum Wages 18.8% 19.3% 17.1% 28.2% 29.2%More then 20 Minimum Wages 19.2% 20.4% 15.5% 27.5% 29.0%gTotal 19.3% 19.4% 18.6% 25.5% 22.5%

12Source: MCM Consultores

Payroll Growth x GDP Growth

GDP Average Growth p.a.2010 to 2012

Real Income(R$)

+ 3%

0%1,370

1,420

1,470

- 3%

1,220

1,270

1,320

1,120

1,170

GDP Var ‐3% GDP Var 0% GDP Var 3%

Perspective of Real Income Growth

GDP growth p.a.-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%

g p

13Source: MCM Consultores

2011 -1.7% 0.3% 2.2% 3.5% 4.2%2012 -2.2% 0.1% 2.3% 3.8% 4.5%

Ventura Clube de MorarPorto Alegre- RSLaunched in November 2009

CompanyOverview

Cyrela 2010: Ready for Growth

Abundant financingMortgage Loans Funding (R$ bn)Mortgage Loans Funding (R$ bn)

60.0g

Strong demand supported by growth of real wages and favorable 10.5

25 2

40.651.0

19.019.0

gdemographics

15 different independent construction 9 3

18.330.0 32.0

3 95.5

7.0

6.9

5.2 4.6 4.8 5.0 6.910.4

16.3

25.2

41.0

pplatforms in 55 cities 1.9 1.9 1.8 2.2 3.0 4.9 9.33.3 2.7 3 2.8 3.9

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

SBPE FGTS

2010E

Source: CEF and AbecipSource: CEF and Abecip

15

Outstanding track-record with unique positioning to capture growth opportunities

Geographical Expansion

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

200920092006200620052005 200920092006200620052005

AM

RR

MAPA

AP

CEAM

RR

MAPA

AP

CEAM

RR

MAPA

AP

CE

MG

GO

MT

AC

ROBA

PI

PA

TO

RN

PE

ALSE

MS ES

DF

PB

MG

GO

MT

AC

ROBA

PI

PA

TO

RN

PE

ALSE

MS ES

DF

PB

MG

GO

MT

AC

ROBA

PI

PA

TO

RN

PE

ALSE

MS ES

DF

PB

RS

SC

PR

SP RJ

BuenosAires

RS

SC

PR

SP RJ

RS

SC

PR

SP RJ

+ +

In a short period of time Cyrela has achieved tremendous success

% ofBrazilian

GDP Covered

% ofBrazilian

GDP Covered 90.5%(1)80.5% 47.9%

16

In a short period of time, Cyrela has achieved tremendous success in its geographical growth strategy

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

Nationwide Operations

Present in 66 cities in 16 statesLivingLivingLi iLi iC lC l

Present in 47 cities in 12 statesLivingLivingLivingLivingCyrelaCyrela

RR AP

ALPEPB

RNCEMAPAAM

ACTO

PI

SE

GODF

MG

BARO

MT

TO SE

PR

SP

MGES

RJMS

RS

SC

17

Prospects of strong growth with unique track record

Increase in sales speed in most relevant income segments: pre-crisis levels Living benefits from Housing Program “Minha Casa Minha Vida”Living benefits from Housing Program Minha Casa, Minha VidaLowest interest rate in 50 years will be positive for the activity in the mid-high segmentsLow execution risk

► 15 construction platforms distributed throughout Brazil► Constructed area grew from 232 thousand sq.m in 2005 to 1.7 mm sq.m in 2009► Conservative cash-flow managementg► 175 construction sites ongoing in Dec/2009

Constructed Area per YearConstructed Area per Year Units DeliveredUnits DeliveredPrivate area in thousands of sq.m.

ForecastedHistorical

ForecastedHistorical (until 2009) 17,000 – 21,000

1,6552,186 7,661

232 372594

1,002

1,6557,510

2,2113,178

18Source: Company data

232

2005 2006 2007 2008 2009 2010e

2,211

2007 2008 2009 2010e

Cyrela Brazil Realty

2005 20072006 2008 2009

Launches

Pre-sales

R$ 1.2 bn

R$ 1.0 bn

R$ 5.4 bn

R$ 4.4 bn

R$ 2.9 bn

R$ 1.9 bn

R$ 5.5 bn

R$ 5.1 bn

R$ 5.7 bn

R$ 5.2 bn

Landbank

Low income units launched

3.0 mm sq.m.

0

8.8 mm sq.m.

6.7 thd

4.9 mm sq.m.

720

11.2 mm sq.m.

11.1 thd

12.6 mm sq.m.

16.1 thd

EBITDA Margin*Gross Margin*

27.1%

48.5%

22.9%

41.2%

22.3%

42.2%

16.5%

38.0%

22.3%

34.5%

# Homebuilders listed

Net Margin*

2

23.2%

21

24.7%

4

21.7%

20 18

9.8% 17.8%

Market Cap Cyrela**Market Cap of the Industry

R$ 2.4 bn

R$ 6.0 bn

R$ 8.6 bn

R$ 48.1 bn

R$ 4.5 bn

R$ 10.0 bn

R$ 3.3 bn

R$ 13.4 bn

R$ 10.4 bn

R$ 51.6 bn

946EmployeesNumber of cities

202

3

529

47

327

8

514

55 66

19

1,265

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

Seller Brokers & Team 100 743200 637

** On December 31, of each year.

Art de VivreSão Paulo, SPLaunched in November 2009

S lSalesPerformancePerformance

Strong Sales PerformanceLaunches and Sales from 2006 to 2009

Launches (R$ bn)Launches (R$ bn) Sales (R$ bn)Sales (R$ bn)Launches (R$ bn)Launches (R$ bn) Sales (R$ bn)Sales (R$ bn)

5 4 4.8 5 726.4 29.2 27.6

5.222.1

29.6

6.221.0 24.4 21.9

2.9

5.4 5.7

9.1

4.7 10.517.5

24.41.9

4.44.6

6.6

14.9

2006 2007 2008 2009

Market Cyrela Launches

2006 2007 2008 2009

Market Cyrela Sales

Sales over Supply (VSO) from 4Q08 to 4Q09

32%38%

21%14% 12%

21%26%

15% 13%

22%

21Source: Jornal Valor Econômico and Cyrela

4Q08 1Q09 2Q09 3Q09 4Q09

Market VSO Cyrela's VSO

Sales Force

In-house Sales Force RR AP

1,637brokers (March 2009)Focused on launches and inventory PB

RNCEMAPAAM

Online and traditional brokers

E t l S l F DFBA

ALPE

PB

ACRO

MT

TO

PI

SE

External Sales ForceLopesBR B k SP

GODF

MGES

RJMS

BR BrokersRegional brokerage houses: SC

PR

SP RJ

► Elite (SP)

► Eduardo Feitosa (PE)

► Morar Vendas (ES)

► Unire (GO)

RS

External Sales Force( )

► Francisco Rocha (MA)

► Achaval (ARG)

► Lider (MG)

► Pereira Feitosa (MA)

External Sales Force

In-house and External Sales Force

22

Parque dos SonhosSão Paulo, SPLaunched in 2007

Living

Paving the way to grow fast with a lean structure

1. Solid Track Record of Growth

2. Know-How of the Segment

7. Nationwide presence

3. Sufficient 6. Management Teamith th 15 Supply of Raw

Materials / Services and

with more than 15 years experience in

the low income segment Personnel segment

4. Landbank Already Available

5. Secured Financing AvailableFinancing

24

Living’s Historical Figures

Over 30,000 units launched from December/2006 to December/2009

Units launchedUnits launched Units soldUnits sold

16,062 14,913

6 666

10,459

,

8,934

720

6,666

2006 2007 2008 2009

390 5,077

2006 2007 2008 2009

Launches (R$ million)(1)Launches (R$ million)(1) Sales (R$ million)(1)Sales (R$ million)(1)

1,499

1,807

1 247

1,726

85

884

44 641

1,247

25(1) Considering 100% stake

2006 2007 2008 2009 2006 2007 2008 2009

Organizational Chart

Antonio Guedes Cyrela Corporate CenterHead Living IR and Capital Markets, Supply Chain, Land

Committee and Strategic Decision

EngineeringLand Development FinancialSales

Regional Offices

São Paulo Rio de Janeiro

Regional Offices

North/Northeast

Total of 140 employees

BH/ ES/ Mid-West South

26

Living Environment

Customer Service Platform EngineeringMonitoring of the

SalesTermination of

Centralizes all phases of the process, from the time a client buys a property until he/she pays the last installment.

gconstruction worksTechnical visitsCondominium meetingsTechnical assistance

agreementsSales terms and conditionsSales officePrice table

Reduces risks and consolidates the relationship with clients

Increases client assistance capabilities

Customer Service Platform

Participation in promotional campaigns

LegalFinancialIncreases client assistance capabilities

Financing Availability

Termination of agreementsPurchase agreements

Credit AnalysisFinancial productsCollectionPrice tableOn lending schedule

Strengthened relationship with the Housing Financing System (SFH) and Caixa Econômica Federal (CEF)

g

CEF correspondents serve all Brazilian regions

B d il bilit f f d d th

DevelopmentMarketing

► Communication► Research

Broad availability of funds under the Minha Casa, Minha Vida Program

► Brochures► Promotional campaigns► Campaigns

Indication/Benefits/Performance

27

Short Cycle Process

Launch Go-ahead DeliveryFinancing

0 – 6 monthsPre-Launching

12M 16M Up to 20M8M4M0M

Construction

Living Corporate EnvironmentEngineeringProduct

Servicing the client from purchase onwards, through a single communication channel: the Customer Servicing Platform

Use of “Lean Construction” ConceptAssembly lineReduction of waste and costs

Simple, standard and easily executed projects focused on low income segment. Standardization of: g

In-house and trained sales forceFinancing availability through CaixaEconômica Federal

Enhancement of construction methods for popular housingIncreased productivity and quality during works execution

► Land acquisition► Real Estate Development► Sales g

Increased costumer satisfactionPrice defined by product (not by sq.m.)

► Construction► Customer Relationship

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

Source: Company

15% cost reduction expected200,000Units from 45sq.m. to 75sq.m

28

Source: Company

Product Lines

Prices up to R$ 90,000 Prices from R$ 90,000 to R$ 130,000p , ,

Partners: Líber, Mérito and Avanti VidaUnits of 45 sq.m. to 62 sq.m.T+7 and T+16

Partners : Vitória, Dez and Parque dos SonhosUnits of 45 sq.m. to 62 sq.m.T+3 to T+9 T 7 and T 16

1 parking spaceElegible MCMV – 3 to 10 MW100% financed

T+3 to T+9Parking space optionalEligible MCMV – 3 to 6 MW 100% financed

29Eco Parque - PALiber Vila Matilde - SPParque dos Sonhos - SP

Reserva Parque - BA

Product Lines

Prices from R$ 130,000 to R$ 200,000 Prices from R$ 100,000 to R$ 200,000

Partners: Fatto, Garden and Avanti ClubeUnits of 48 sq.m. to 75 sq.m.T+16 (most verticalized project)

Partners: Fatto, Garden and Avanti ClubeUnits of 90 sq.m. to 130 sq.m.Ground or Two story houses

1 to 2 parking spacesEligible for SFH financing80% financedComplete leisure

1 a 2 parking spacesEligible for MCMV and SFH financing80% to 100% financedComplete leisureComplete leisure Complete leisure

30

30Alcance Niterói - RJ Garden Jundiaí - SPBrisas Life - MA Casas do Bosque - BA

Living / CEF Flow

Definition of the Financial Product Setup of the

ProcessSending to Regional

OfficeProcess Office

North,

Northeast and RJ

Other

RegionsNortheast and RJ Regions

Support of the Living Financial Products Area

RJ SP(SP)

Sending to Corporate RJ

Sending to Corporate SPSupport of the

Living Financial

Responsible CEF

gProducts Area

(RJ)

31

Responsible CEF

Regional Superintendency

CEF Project Flow

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

Evaluation Contracting Company (PJ) Contracting Company (PJ) and Individual (PF)

Legal

Note: deadlines are conservative, as they tend to be shortened

Pre-Analysis(Evaluation) Engineering

RegionalCommittee

ContractingPJ

ContractingRisk

gPF

32

“Minha Casa, Minha Vida” Program

Caixa Econômica Federal Figures

3 to 10 M WContracted Units

CEF Living % Living 3 to 10 M.W.7.3% of market

share in approvals

CEF Living % Living0-3 Minimum Wages 203,997 2,560 1.3%3-10 Minimum Wages 204,667 15,040 7.3%

(PJ + PF)Total 408.664 17,600 4.3%

Living submitted units

Evaluation Company contracting Company (PJ) andClient (PF) contracting( ) g

Contracted (PJ)

14,900 TotalApproved for sale To be contractedSubmitted

38,264=Transferred

Contracted (PF)2 700

10,792 5,872+ +4,000

33Note.: Contracts of Caixa until April 13, 2010Living updated until May 13, 2010

2,700

Onlending Structure

ONLENDING COORDINATOR

ONLENDING COMMITTEESONLENDING COMMITTEES(PER PROJECT)COORDINATOR (PER PROJECT)

- Quarterly Portfolio SummaryRegistries: INCOME/EMPLOYMENT/FAMILY

Situation in SPC (Credit Protection Service)

ONLENDING SPECIALIST 1

Situation in SPC (Credit Protection Service)

- Discussion of Strategies resulting fromthe Analysis of the Quarterly Summary

Risk Mitigation ProvisionsONLENDING SPECIALIST 2

ONLENDING COMPANY 2

- Risk Mitigation Provisionsencourage rescission in some cases

Follow-up of project delivery timetable to “kick off” onlending processes

ONLENDING COMPANY 1

ONLENDING COMPANY 4

ONLENDING COMPANY 3

to kick off onlending processes

Monitoring of documentation needed for onlending (Documentation for Inhabitation Permit,

Inhabitation Permit and CND)

CO.5

04/10 07/10 10/10

* CO.

4CO.

6CO.

203/10 06/10 09/10

CO.1

CO.3

CO.11

03/10 04/10 17/10* CO.10

CO.12

CO.8

02/10 05/10 06/10

CO.7

CO.9

)ONLENDING COMPANIESONLENDING COMPANIES

‐ Scope of Work

Semi‐Annual Monitoring

Quarterly Portfolio Summary CURRENTLYCURRENTLYQuarterly Portfolio  Summary

Preparation of Onlending Folders

Effective Onlending to Customers

For Each Onlending Compan

30 employees20 outsourced consultants(with 8 employees each) 

CURRENTLYCURRENTLY

34

‐ For Each Onlending Company

Maximum of 3,000 customers

* Projects with onlending Dates Spaced Quarterly

The Business Financial Cycle

Financial Product Associative ClientFinancial Product AssociativeAmortization

Project Sales Construction Works InhabitationPermit

Beginningof Sales

End ofSales

Ti

Deliveryof Unit

End ofConstruction

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

ONLENDING BEGINS

Time(months) ...up to 360 months

ClientFunds Down payment Interest Interest + Amortization

Creditor Developer Bank

35

Economic Construction Concept

‘’Lean Construction’’ Concept Living’s Concept

Simple standardized projects, easily

executed, and focused on process

Market research Partners + R&D Center

management

Synergy gains from the integration of Product Technology

product development, technology and

production process Production process

Architecture

Better relationship between designers,

manufactures and construction

Industrial management

Integrated process management

This new concept allowed Living to be

competitive in the lower segments of

management

g

the pyramid

36

CEO Salvador ShoppingSalvador - BALaunched in September 2009

Outlook for theF tFuture:Cyrela’sCyrela s

Revised Plan

Excellent Track Record of Growth

Launches(R$ million)

Pre - Sales Contracts(R$ million)

5,393 5,453 5,679

4,392 5,144 5,241

4 465

2,917

4 0881,915

700 1.004 1.924

3.428 3.784 4.465

972 1,211

713 755 1.369

2.815 3.458

4.088 949 1,023

2004 2005 2006 2007 2008 2009

Partners Cyrela

2004 2005 2006 2007 2008 2009

Partners Cyrela

38

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

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 6 2 to 6 9 7 6 to 8 4 9 7 to 10 7(R$ billion)

6.2 to 6.9 7.6 to 8.4 9.7 to 10.7

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

Margins over net revenuefor 2010 - 2012

Living’s stakefor 2010 - 2012

Gross margin 33% to 37%2010 f 35% t 40%

% Living

EBITDA margin 20% to 24%Net margin 14% to 16%

2010 from 35% to 40%

2011 from 40% to 45%

39

2012 from 45% to 50%

Landbank Analysis – Acquisition of LandCyrela’s Landbank Maturity to

Launch (R$ million)Cyrela’s Landbank Maturity to

Launch (R$ million)Living’s Landbank Maturity

to Launch (100% stake - R$ million)1Living’s Landbank Maturity

to Launch (100% stake - R$ million)1

5 750

16.900

16,90011,500

2,900 3,274

4,085

5,409

5,750

4 859

9,100

9,620

1,8072,400

1,807500

800

821 341

Mid-High Income Landbank Maturityt L h (100% t k R$ illi )1

Mid-High Income Landbank Maturityt L h (100% t k R$ illi )1

809

5,678

7,7004,859

2009 2010E 2011E 2012E Post 2012

to Launch (100% stake - R$ million)1to Launch (100% stake - R$ million)1

6,891

5,678

4,800

16,100

1 5855,005

4,211

5,750

5,678 4,241

1,8803,871

4,491

3093,8711,585

3,420

Existing Landbank Incremental Purchases

2009 2010E 2011E 2012E Post 2012

3,871

2009 2010E 2011E 2012E Post 2012

1,539

40(1) Potential PSV, 100%

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

350350

600

Working capital Cost ofLandbank (Low

Cost ofLandbank (Mid-

Total

300

Sale ofstake in

BondOffering

Follow-onOffering

OtherFinancing

Total

300600

41

Landbank (LowIncome)

Landbank (MidHigh Income)

stake inAgra

Offering Offering Financing

Landbank Analysis – as of December 31, 2009

LIVING Region breakdown(1)LIVING Region breakdown(1)CYRELA Region breakdown(1) CYRELA Region breakdown(1)

São Paulo (Metropolitan)

9%South +

SoutheastSão Paulo

(M t lit )

South + Southeast

9% 9%Southeast 22%

(Metropolitan) 18%

Northeast 18%

São Paulo

Northeast 9%

São Paulo(Other Cities)

11%São Paulo

(Other Cities)35%North

1%

North 5%

Rio de Janeiro 24%

Rio de Janeiro 39%

42

Landbank to be acquired in all geographical regions(1) PSV, 100%

Mais São CristovãoRio de Janeiro - RJLaunched in November 2009

1Q10 Results

Living’s Launches

Launches(R$ million)

Region breakdown(R$ million)

SP20%87 2

323.7

RJ10%

North9%

87.2

132 8

South21%87 9

236.544.9 132.8

Northeast40%

87.9

1Q09 1Q10Living Partners

Living: 54.3% of PSV launched in 1Q10

Living Partners

9 projects launched in 1Q10

2.4 thd units of which 918 units within “MCMV” program

44

Average unit price of R$ 133.5 thd/unit R$ 142.7 thd in 1Q09

Living’s Sales

Sales(R$ illi )

Region breakdown(R$ million)

SP30%

104 6

411.5

RJ11%Southeast

others9%

104.6

South19%

North7%

9%

79.2

306.942.9

122.1

19%

Northeast25%

1Q09 1Q10Living Partners

Living: 38.6% of PSV sold in 1Q10

3,152 units sold in 1Q10

45

Average unit price of R$ 130.6 thd R$ 154.0 thd in 1Q09

Sales Speed Living

Average Sales Speed of LaunchesAverage Sales Speed of Launches

29% 41% 1% 71%1Q09

41%

29%

37%

41%

7%

1%

2% 87%

71%

2Q09

1Q09

74%

61%

16%

24% 8%

90%

92%

4Q09

3Q09

51%1Q10

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

46

Living’s Landbank

4 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)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 thdUnit’s average price - R$ 120.6 thd

Landbank by unit price Region breakdown

0 000 São Paulo

22 358

22,465 61,782

50,000

60,000

70,000 São Paulo49%

16,959

22,358

20,000

30,000

40,000

Northeast9%

-

10,000

Up toR$ 100 thd

From R$ 100 thd t

From R$ 130 thd t

Total

RJ18%

Southeast others

6%

South18%

47

R$ 100 thd R$ 100 thd to R$ 130 thd

R$ 130 thd to R$ 200 thd

6%

Launches Cyrela + Living

15 projects launched in 1Q10

Average price: R$ 190 thd/unit R$ 243.9 thd/unit in 1Q09

Price/ sq.m. : R$ 2.8 thd/sq.m. R$ 3.6 thd/sq.m. in 1Q09

Region breakdownLaunches

LIVING: 54.3% of PSV launched in 1Q10

Region breakdown(R$ million)

SPN th SP11%

RJ22%

North5%

137.8114.7

554.0 596.3

22%

Northeast36%416 1 481.6

137.8

South26%

416.1

1Q09 1Q10

48

26%1Q09 1Q10Cyrela Partners

Sales Cyrela + Living

4.7 thd units sold in the first quarter

73.3% of sales in 1Q10 are related to inventories

Inventories in March/10: R$ 3.2 bn (100%) and R$ 2.4 bn (%CBR) 9 months of sales*

Sales (R$ illi ) Region breakdown(R$ million) Region breakdown

SP36%

1,065.836%

196.7

510 4RJ

17%Northeast25%

350 9

869.0159.5 510.4

South14%

Southeast others

7%

350.9

1Q09 1Q10

Cyrela Partners

49

Cyrela Partners

* In monthly average sales in Jan – Mar/2010 (R$ 355 million – 100%)

Inventory Control

1Q10 was one of the strongest quarters of sales of inventories

66.8%62 4%

73.3%

60.7%

52.4%

61.5% 62.4%

37.8%

2,268.5

37.6%

%

36.5%

728.9 616 5

828.9

1 052 0

1,940.9

1 052 5

1,630.9

1 065 8

1,212.0 1,014.4 1,439.7 702.6 638.4

296.5 296 4524.0

616.5

781.5

1,052.0 1,052.5

566.1 481.9

839.8 1,065.8

349.4 414.1 269.6 185.5 315.8 284.2 296.4

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

S l f L h S l f I t % S l f I t

50

Sales of Launches Sales of Inventory % Sales of Inventory

Sales Speed: Cyrela

Average Sales Speed

40% 26% 11% 6% 1% 84%1Q09

49%

53%

19%

26%

8%

5% 3%

77%

88%

3Q09

2Q09

49%

49%

11%

19% 8%

60%

77%

4Q09

3Q09

44%1Q10

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

51

Sales Speed Cyrela + Living

Sales over Supply (VSO)65.1%

32.1%37.6%

25 4%21.9% 25.4%

A S l S d f L h

2Q09 3Q09 4Q09 1Q10 12M

Average Sales Speed of Launches

39% 31% 9% 5%1% 85%1Q09

52%

49%

20%

30%

8%

6%

81%

88%

3Q09

2Q09 3%

48%

59% 13% 72%

1Q10

4Q09

52In 3 months In 6 months In 9 months In 12 months In 15 months

LandbankRegion breakdown

São Paulo30%

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

10 plots of land acquired with potential PSV of R$ 1 3 billion

N th

South+Arg+

Urug7%

10 plots of land acquired with potential PSV of R$ 1.3 billion

R$ 5.2 billion acquired after the Follow - On

RJ37%Northeast

19%

North4%

73 % paid through swaps

202 projects with 150 thousand units

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

others2%

19%

10 907 7 330 970 150,161 160,000

42,227 10,951

10,907 7,330

100,000

120,000

140,000

22,148

38,669

40 000

60,000

80,000

100,000

16,959

-

20,000

40,000

Up to From From From From From From Above R$ Total

53

pR$ 100 thd R$ 100 thd

to R$ 130 thd

R$ 130 thd to

R$ 200 thd

R$ 200 thd to

R$ 350 thd

R$ 350 thd to

R$ 500 thd

R$ 500 thd to

R$ 600 thd

R$ 600 thd to

R$ 1,200 thd

1,200 thd

Units Delivered in 2010

3,407 thousand units delivered in 19 projects

PSV of delivered units R$ 1.1 billion

Living: 7 delivered projects totaling 1,680 unitsg p j g

PSV of Living’s delivered units R$ 208.8 million

Delivery forecast 17 to 21 thousand units

Today : 149 construction sites, of which 63 are LivingToday : 149 construction sites, of which 63 are Living

54

Autêntico – SPDelivered in Jan/10

Mérito Santo André (Living) – SPDelivered in Mar/10

Saint Barth – RJDelivered in Mar/10

Camarotte – SPDeliivered in Jan/10

Financial Results

1 132 4

Net Revenue(R$ million)

671 5

1,132.4 +68.7%

671.5

1Q09 1Q10Gross Income Backlog

37.5% 34.8%

(R$ million)g

(R$ million)

34.8% 34.4% 34.3%

252.1

394.6 +56.5%4,937.2 5,033.4 5,041.2

55

1Q09 1Q10Gross Profit Gross Margin

2008 2009 1Q10Revenue to be Recog. Gross Mg. To be Recog.

Financial Results

15 0% 15 4%

EBITDA(R$ million)

Net Profit(R$ million)

174.2

15.0% 15.4%

+47.9% +73.4%223.7

22.5%19.8%

100.5 151.2

1Q09 1Q101Q09 1Q10

Net Profit Net Margin

Ratio Expenses to Sales Ratio Expenses to Net RevenueEBITDA EBITDA Margin

4.3%20092009 5.6%

10.3%8.8% 7.8% 7 1% 7.6% 8.3%

6.3% 5.9%4.0%

9.0%

6.1%4.1% 2.7%

7.0%

6.0%7.1% 7.6%

6.8%5.8%

5.0% 5.1%6.6%

56

%

1Q09 2Q09 3Q09 4Q09 1Q10

Selling Expenses Gen. & Admin. Expenses

1Q09 2Q09 3Q09 4Q09 1Q10

Selling Expenses Gen. & Admin. Expenses

Accounts Receivable

Accounts receivable performance(R$ million)

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

9,696 10,395

1,440 10,395

Finished units: IGP-M + 12%Under Construction: INCC

7,681

2008 2009 1Q10

8,955

3,310

Constructed unitsReceivables Schedule

Receivables

Units under constructionConstructed units

Construction cost to incur - sold

(R$ million)

3,665

1,790 1,640 897 459 445 402 363 735

57

2010 2011 2012 2013 2014 2015 2016 2017 Until 2028

Liquidity

D btDebt(R$ million)

BalanceMarch 31, 2010

Maturity Cost

SFH 1 379 7 2009 t 2014 TR + 10 4%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 aDebentures 2 issuance 61.9 2018 CDI + 0.65% p.a.

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

Bradesco (stand-by) and others 204 3 Nov/2010, Nov/2011, CDI + 0 81% p aBradesco (stand-by) and others 204.3 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 3Total Debt withSFH 2,549.3

Total Debt without SFH 1,169.6

Cash and Cash Equivalents (1,286.1)

Net Debt withSFH

LTM EBITDA= 1.3 time

Cash and Cash Equivalents (1,286.1)

Net Debt withSFH 1,263.2

Net Debt without SFH (116.5)

LTM EBITDA

Net CASH without SFH

58

Net CASH without SFH

LTM EBITDA= 0.1 time

Pre-Sales to be Recognized

2007R$ million 2008 2009 1Q09

1,597.1

4 515 2

Sales to be recognized at the beginning of the period

Net sales recorded in the period

4,081.6

3 974 4

5,124.2

4 324 6

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)

1,173.3

(1,158.6)

3 933 0Net Sales to be recognized at the end of the period 4 937 2 5 033 4

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

5 041 2

(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)Selling Expenses (37.6) (14.7) (16.3)

1,327.9

33.8%

Gross profit to be recognized

Percentage of gross profit

1,719.9

34.8%

1,732.6

34.4%

1,731.6

34.3%

59

Pleno ResidencialBelém - PALaunched in March 2010

Appendixpp

Cyrela’s History

2009•Cyrela Follow II •3rd debenture issue in the amount of R$ 350.0 million•Merger of Goldsztein Cyrela Participações into Cyrela

2008 •Second public debenture issue in the amount of R$ 499.5 million

Merger of Goldsztein Cyrela Participações into Cyrela

2007

2006 •Cyrela Follow I

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

2006

2005•Merger of Brazil Realty into Cyrela Vancouver and creation of Cyrela Brazil Realty Empreendimentos e Participações S.A (CBR)

•Cyrela Follow I

2004

•Cyrela’s IPO

•Cyrela subsidiaries are grouped under Cyrela Vancouver

1996

2000

•Brazil Realty’s IPO

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

1981

1994

C l C t t i f d d d S ll ( l t ) t d

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

61

1981

1962 •Cyrela is founded in São Paulo, SP

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

Cyrela Brazil Realty Group

Development and Construction Joint Ventures and Partnerships

Sales ServicesSales Services

62

2016 Olympic Games

R$ 14bn of PSV in Rio de Janeiro of which almostBarra da Tijuca RJ

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 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

Cidade Jardim Centro

Metropolitano

benefiting to the region will endure for long after the

Olympic GamesGleba F

Future facilities of

Until 2016, more than R$100 billion of investments

expected for the projectPeníns la

Olympic Games 2016

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

$

Península

► The local government announced R$ 11.4 bninvestment in transportation infrastructure to facilitate access to the region

63Source: 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 Delivery Completionof payments

Construction6M - 18MLicensing

Pre sales 0 50 70 90 100 10080 95

Up to 100M18M 24M 30M 36M12M6M0M

Licensing

Pre-sales 0 50 70 90 100 10080 95

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

Revenues - - 0 36 100 10016 62

Assumptions for this example:

Collections(cumulative) - 7 14 28 50 10020 34

Potential sales: R$ 100 million

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

64

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

Does not include financial revenues deriving from customer financing

Typical Living Project

Shorter operating cycle: 24 months

Launch Go-ahead Delivery Financing

0 - 6 monthsPre-Launching

Construction

Contracted Sales(cumulative)

- 70 80 10090 100

18M 24M Up to 28M12M6M0M

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

Revenues(cumulative) - - 19 10049 100

Collections - 6 11 2013 100

Assumptions for this example:Potential Sales: R$ 100 million

(cumulative) - 6 11 2013 100

65

Exchange agreements: 100% (R$10 mm), 80% of unit price financed by commercial banksClient is fully financed by the banks after keys handover

Contact IR

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv Presidente Juscelino Kubitschek 1455 3rd floorAv. 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 financialresults 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's

66

plan. 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.