2Q07 Results PresentationAugust 15, 2007

1

Cyrela Brazil Realty Team

Chief Executive Officer Elie Horn

CFO and Investor Relations Officer Luis LargmanCFO and Investor Relations Officer Luis Largman

Control and Financial Planning Officer Saulo Lara

22

1H07 Highlights

LIVING: among the 2 largest players of its segment up to the end of 2007LIVING: among the 2 largest players of its segment up to the end of 2007

Presence in 12 states and 24 citiesPresence in 12 states and 24 cities

R$ 3 billion available to client financingR$ 3 billion available to client financing

Launches of R$ 1.293 billion in the semester (23.3% higher than 1H06) Launches of R$ 1.293 billion in the semester (23.3% higher than 1H06)

Contracted Sales totaled R$ 1 372 billion (72 1% higher than 1H06)Contracted Sales totaled R$ 1 372 billion (72 1% higher than 1H06)Contracted Sales totaled R$ 1.372 billion (72.1% higher than 1H06)Contracted Sales totaled R$ 1.372 billion (72.1% higher than 1H06)

Current Landbank comprises R$ 27.7 billion of Potential PSVCurrent Landbank comprises R$ 27.7 billion of Potential PSV

R$ 103 million Non-Operating Result derived from Agra’s IPOR$ 103 million Non-Operating Result derived from Agra’s IPO

Agra and CCP’s results not included in CBR’s statements since 2Q07Agra and CCP’s results not included in CBR’s statements since 2Q07

CCP: spin-off concludedCCP: spin-off concluded

2Q07 G M i i d t bl ith t CCP’ fi2Q07 G M i i d t bl ith t CCP’ fi

33

2Q07 Gross Margin remained stable, even without CCP’s figures2Q07 Gross Margin remained stable, even without CCP’s figures

Launches – in R$ million

Including AgraIncluding Agra Excluding AgraExcluding Agra(R$ million)(R$ million)

363264

318135

135 71.8% 65.1%

72.0%

64.3%1.049

741

919943

363

531135 283

13564.3% 54.5%

65.1%

55.5%

1.049 1.044919

1.293

521

226

371

264

303

212

552

255521 404

363

426264 358

336552

B kd b I S t 1S07*B kd b I S t 1S07*Potential Sales

1S06 1H07 2Q06 2Q07

SP RJ Geographical Expansion %CBR

1S06 1H07 2Q06 2Q07

SP RJ Geographical Expansion %CBR

Breakdown by Income Segment- 1S07*Breakdown by Income Segment- 1S07*Potential Sales(R$ million)

% Cyrela % Sold

São Paulo 336.2 54.3 54.4

São Paulo - 289 0 39 2 37 0Mid-High

36 1% %Countryside 289.0 39.2 37.0

Rio de Janeiro 425.7 69.0 21.5

Espírito Santo 96.5 65.0 59.9

Ri Gd d S l 52 6 50 0 93 6

36.1% Middle 39.8%

44

Rio Gde do Sul 52.6 50.0 93.6

Bahia 92.8 41.5 93.3

1H07 Total* 1,292.7 55.5 41.4* Including AGRA

Luxury 13.4%

Economic 9.4%

Super Economic

1.4%

Pre-Sales Contracts – in R$ million

Including AgraIncluding Agra Excluding AgraExcluding Agra

1,327

565

36460.2%75.3%

58.6%

852

589

1,327

797425

70.9%

75.3%70 7%

698589

1.087

797

281203

331

206589

446

364

6477

6 137

74.1%

218203

331206

589446

273

6 332 6 137

74.1%70.7%589

1H06 1H07 2Q06 2Q07

Geographical Expansion RJ SP % CBR

1H06 1H07 2Q06 2Q07

Geographical Expansion RJ SP % CBR

Breakdown by Origin – 1H07*Breakdown by Origin – 1H07*Breakdown by Income Segment - 1S07*Breakdown by Income Segment - 1S07*

44.7%20%6%

Launches

Inventory

30% Luxury

Mid-High

Middle

5* Including AGRA * Including AGRA

55.3%44%

Economic

Landbank

27.7 92%

Usable Area (million m2)Usable Area (million m2) Potential Sales Value (R$ billion)Potential Sales Value (R$ billion)G

RA

18.1

16.3

77%

59%

ING

AG

6.5

10.7

7.9

7.3

12.2

NC

LUD

3.0

71% 74% 71%

2005 2006 1H07 2005 2006 1H07Potential Sales Value PSV CBR % CBR

IR

A Usable Area (million m2)Usable Area (million m2) Potential Sales Value (R$ billion)Potential Sales Value (R$ billion)

2005 2006 1H07

Usable Area % Exchange

NG

AG

R

7.2

18.1 18.8 92%

77% 80%

XCLU

DIN

3.0

6.57.2

71% 74% 75%

7.9

7.3

13.9 15.0

66

EX

71% 74% 75%

2005 2006 2Q07

Usable Area % Exchange

2005 2006 2Q07Potential Sales Value PSV CBR % CBR

Landbank – By Region and Segment

Total Landbank: 7.2 million m2 – 75% acquired through exchangesTotal Landbank: 7.2 million m2 – 75% acquired through exchanges

Usable PotentialBy Region*By Region*1H07

Including AGRA

UsableArea

(thd m2)

PotentialSales

(R$ mm)

Exchange(%)

% CBR

Total 10,715.3 27,664.6 71% 59%33%

21%

1H07Excluding AGRA

Usable Area

(thd m2)

Potential Sales

(R$ mm)

Exchange(%)

% CBR

São PauloRio de JaneiroOther regions

By Income Segment*By Income Segment*

Total 7,236.8 18,838.8 75% 80%

São Paulo 2,354.8 6,405.9 51% 66%

São Paulo Interior 684.8 1,498.3 46% 66%

46%

,

Rio de Janeiro 3,341.8 8,799.1 97% 98%

Minas Gerais 93.1 288.9 27% 55%

Espírito Santo 71.7 138.7 84% 55%

1%

31%13%

4%

Luxury

Mid-HighEspírito Santo 71.7 138.7 84% 55%

Rio Gde do Sul 182.5 543.3 23% 45%

Bahia 149.7 365.7 83% 68%

Maranhão 341.4 763.9 0% 51% 50%

Middle

Economic

Super Economic

77

Maranhão 341.4 763.9 0% 51%

Goiás 16.9 34.9 100% 70% * Excluding AGRA

Geographical Expansion underwayPresence in 12 states and 24 cities based on JVs and partnerships

Geographical ExpansionGeographical Expansion

- 42 Projects out of the axle SP-RJ

Geographical ExpansionGeographical Expansion

- 42 Projects out of the axle SP-RJ- R$ 3.6 billion of Potential Sales Value (Cyrela’s stake: 59.0%)- R$ 3.6 billion of Potential Sales Value (Cyrela’s stake: 59.0%)

(excluding AGRA)Recife

Natal

Fortaleza

João Pessoa

Salvador

Goiânia

Belo Horizonte

Rio de Janeiro(2)

Campinas São Paulo (1)

Vitória

NiteróiCabo Frio

SJ C Rio de Janeiro( )

Santos

P t Al

Florianópolis

SJ Campos

8

(1) IncludesJundiaí, Guarulhos and ABCD(2) Includes Nova Iguaçu

Porto Alegre

Subsequent Events

Cyrela Commercial Properties S/ACyrela Commercial Properties S/A

Listing on Novo Mercado concludedListing on Novo Mercado concluded

Trading Initiation on 08/09/07Trading Initiation on 08/09/07

Postponement of Debt Notes Issuance in local currencyPostponement of Debt Notes Issuance in local currency

Amount: ~R$ 500 millionAmount: ~R$ 500 million

Maturity: 2017Maturity: 2017

Interest payments: semi-annualInterest payments: semi-annualInterest payments: semi-annualInterest payments: semi-annual

R$ 1.2 bn loans already contracted from SFHR$ 1.2 bn loans already contracted from SFH

New PartnershipsNew Partnerships

Geographical ExpansionGeographical Expansion

Growth on Economic and Super Economic segments Growth on Economic and Super Economic segments

Launching of first lots Portal de BragançaLaunching of first lots Portal de Bragança

99

g g çg g ç

62% sold in 3 days62% sold in 3 days

Growth Strategy on Economic Segment

LaunchedLaunched inin thethe 22ndnd halfhalf ofof 20062006LaunchedLaunched in in thethe 22ndnd halfhalf ofof 2006, 2006, LIVING is LIVING is alreadyalready oneone ofof thethe largestlargest players players ofof thisthis segmentsegment

10

Growth Strategy

Cyrela seeks for a leadership position in this segmentLIVING offers units starting at R$ 55 thousand

R$ 150 thd

Unit Price per Family IncomeUnit Price per Family Income

6 -12 minimum

R$ 150 thd

Economic

4 – 6 minimum wages

wages R$ 100 thd

Super Economic4 6 minimum wages

R$ 55 thd

11

Landbank – one of the largest in the segment

Landbank – Potential Sales Value (R$ million)Landbank – Potential Sales Value (R$ million)

4 335

2,649 2,671

4,335

2331,005

Competitor

ACompetitor

BCompetitor

CCompetitor

D

Growth Expectation

Growth Projection number of unitsGrowth Projection number of unitsGrowth Projection – number of unitsGrowth Projection – number of units

16,000

+29%

5 440

10,56025,000

12,4005,440

2007 2008E 2009E

Units in Landbank Total of units

13

Client Financing

~R$ 3 billion committed for the financing of units up to R$ 350,000Agreement with private banks for client financing

Rates starting at TR + 7.95% p.a.Tenor: up to 25 yearsp yFinancing after the hand-over of the keysLoan is entirely passed on, without any co-obligation

Granted Average % t b

Credit lines guaranteed for Cyrela – LIVING’s client financingCredit lines guaranteed for Cyrela – LIVING’s client financing

BankGranted

Credit LimitRate Tenor

AverageNumber of

Units

% to befinanced

HSBC R$ 400 million TR + 8% to 10.5% p.a. 20 years 3,419 80%

ABN Amro R$ 500 million TR + 9% to 10.5% p.a. 20 years 4,273 80%

Santander R$ 2 billion TR + 9% to 10.45% p.a. 20 years 17,094 80%

G aranteed

14

GuaranteedTotal R$ 2.9 billion 24,786 80%

Client Financing

- 24 to 30 months- INCC

- 20% of unit

- 300 months- starting at TR + 9%

- 80% of unit

VER

YS

CYRELA PARTNER BANK

HA

ND

-OV

OF

KEY

- 24 monthsINCC

- 300 monthst ti t TR +7 95%- INCC

-20% of unit- starting at TR +7.95%

- 80% of unit

15

Financial Highlights

1616

Net Revenues

Net Revenues reached R$ 658.8 million in 1H07Net Revenues reached R$ 658.8 million in 1H07

2,7%

Revenue Breakdown - 1H07Revenue Breakdown - 1H07R$ million 1H07 1H06Development Sales 668.1 481.2

IncorporaçãoServiços

By ActivityRent of Properties - 25.7Services 18.5 10.0(-) Deductions (27 8) (23 7)

97,3%

ç( ) Deductions (27.8) (23.7)Net Revenues 658.8 493.1

Net Revenues(R$ million)

Net Revenues(R$ million)

659

493

659

171H06 1H07

Operating Expenses

(R$ million) 1H07 1H06Selling Expenses (72 0) (47 7)Selling Expenses (72.0) (47.7)Administrative Expenses (44.7) (32.5)Employees Participation (3.0) (1.5)Others 0.1 1.1Operational Expenses (119.6) (80.6)

Operating Expenses(R$ million)

Operating Expenses(R$ million)

120

81

18

1H06 1H07

Financial Highlights

EBITDA(R$ million)EBITDA(R$ million)

Gross Profit(R$ million)

Gross Profit(R$ million)

269

219169

144

44.4% 40.8%

1H06 1H07

29.2% 25.7%

1H06 1H07

Net Income(R$ million)

Net Income(R$ million)

Gross Profit Gross Margin EBITDA EBITDA Margin

241

140130

26.4%

36.5%

21.3%

1H06 1H07 1H07 Adj.*

Net Income Net Margin19*Adjusted for AGRA

Pre-Sales to be Recognized

(R$ million) 1H07 1H06Sales to be recognized at the Beginning of theperiod 1,597.2 1,020.0p

Net Sales recorded in the period 881.7 831.5

Revenues recognized in the period (643.8) (472.0)g p

Sales to be recognized at the End of the period 1,835.0 1,379.4

Cost of units sold to be recognized (1,088.4) (762.6)g

Selling Expenses (43.5) (27.8)

Profit to be recognized (Deferred Results) 703.0 589.1g ( )

Percentage of Gross Profit 40.7% 44.7%

20

Receivables

Receivables vs. construction costs(R$ million, as of June 30, 2007)

Receivables vs. construction costs(R$ million, as of June 30, 2007)

2,787220

Receivables Balance EvolutionReceivables Balance Evolution

2,566

2,787

(R$ million)(R$ million)

Fi i h d it

1,110

2,564Units under construction

Finished units

Construction cost to be realized

1Q07 1H07

2121

Net Debt

As of June 30, 2007, our net debt totaled R$ 41.1 millionAs of June 30, 2007, our net debt totaled R$ 41.1 million

(R$ million) 2Q07 1Q07

Long-term Debt 594.8 125.1

Short-term Debt 86.5 124.1

Total Debt 681.2 249.2

Cash & Cash Equivalents 640.1 337.9

Net Debt 41.1 (88.7)

2222

Share Price Performance and Trading Volume

Price per Share - CYRE3

25 140.000.000IPOSep/05 Follow-On

CCP spin-offAug/07

15

20

e - R

$)

80 000 000

100.000.000

120.000.000

(Trading

Sep/05Jul/06

5

10

(Clo

sing

Pric

e

40.000.000

60.000.000

80.000.000 Volume - R

$)

-

5

an-05

Mar-05

un-05

ug-05

Oct-05

ov-05

an-06

eb-06

Mar-06

ay-06

un-06

ug-06

ep-06

ov-06

ec-06

eb-07

Mar-07

ay-07

un-07

ug-07

-

20.000.000

Average Daily Trading Volume - ADTV (*)Average Daily Trading Volume - ADTV (*) CYRE3 (*)CYRE3 (*)

Jan

Ma Jun

Aug Oct NovJa

nFeb MaMay Ju

nAug Sep NovDecFeb MaMay Ju

nAug

Volume (R$) Price (R$)

2323

2006: R$ 16.6 million2007: R$ 28.0 million2006: R$ 16.6 million2007: R$ 28.0 million

Since IPO: +242.2%In 2007: +26.3%

Since IPO: +242.2%In 2007: +26.3%

(*) Until August 13, 2007. CCP’s spin-off, which took place on August 09, 2007, was not considered.

Contate RI

Cyrela Brazil Realty S.A. Empreendimentos e Participações

A B i d i F i Li 3 400 10th flAv. Brigadeiro Faria Lima, 3.400, 10th floorSão Paulo - SP – BrasilZIP Code: 04538-132

Luis Largman Juliana De ZagottisCFO and Investor Relations Officer IR ManagerPhone: +55 (11) 4502-3153 Phone: +55 (11) 4502-3516Phone: +55 (11) 4502-3153 Phone: +55 (11) 4502-3516e-mail: ri@cyrela.com.br e-mail: juliana.zagottis@cyrela.com.br

www.cyrela.com.br/ir

Statements contained in this press release may contain information which is forward-looking and reflects management's current view andestimates of future economic circumstances, industry conditions, company performance, and the financial results of Cyrela Brazil RealtyThese are just projections and, such as, exclusive based on managements expectations of Cyrela Brazil Realty regarding future businessand continuous access to capital to finance the Company’s business plan. Such future consideration rely on, substantially, changes of

2424

and continuous access to capital to finance the Company s business plan. Such future consideration rely on, substantially, changes ofmarket conditions, government rules, competitors pressure, segment performance and the Brazilian economy, among other factors, inaddition to the risks presented on the released documents filed by Cyrela Brazil Realty, and there for can be modified without prior notice.

Appendix

2Q07 Launches

Region # LaunchesPotential

Sales$

% Cyrela % Sold

Including AgraIncluding Agra

(R$ mn)

São Paulo 9 403.6 44.9% 51.0%

São Paulo -Countryside 3 157.6 49.8% 30.7%y

Rio de Janeiro 5 357.9 65.0% 13.1%

Espírito Santo 1 96.5 65.0% 59.9%

Porto Alegre 1 28.6 50.0% 95.0%g

Total 19 1,044.3 54.5% 33.4%

Excluding AgraExcluding Agra

PotentialRegion # Launches

PotentialSales

(R$ mn)% Cyrela % Sold

São Paulo 7 225.9 69.7% 43.2%

São Paulo -Countryside 2 87.1 79.3% 47.5%

Rio de Janeiro 4 302.7 76.0% 16.6%

Espírito Santo 1 96 5 65 0% 59 9%

2626

Espírito Santo 1 96.5 65.0% 59.9%

Porto Alegre 1 28.6 50.0% 95.5%

Total 15 740.9 72.0% 35.1%

Joint Ventures7 joint ventures Optimization of knowledge on sector and region New Joint Ventures: Concima and Cury

RegionRegion% Cyrela% Cyrela SegmentSegment

São Paulo/Salvador

São Paulo/Salvador19.0%19.0% Mid-High / HighMid-High / High

São PauloSão Paulo

Porto AlegrePorto Alegre

50.0%50.0%

50.0%50.0%

Mid-High/HighMid-High/High

Middle/Mid-HighMiddle/Mid-High

São PauloSão Paulo79.0%79.0% Middle/EconomicMiddle/Economic

São Paulo/ São Paulo/ 80%80% E iE i

São Paulo São Paulo 50%50% Super EconomicSuper Economic

Jundiaí/Campinas Jundiaí/Campinas 80%80% EconomicEconomic

27

Typical Economic Project

LaunchingLaunching RecognitionRecognition DeliveryDelivery FinancingFinancing

Shorter operating cycle: 24 months

LaunchingLaunching RecognitionRecognition DeliveryDelivery

6 – 9 months

FinancingFinancing

C t ti

C t t d

18M 24M Up to 28M12M6M0M

6 9 monthsPre-Launching

Construction

Contracted Sales

(cumulative)- 80 90 100100 100

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

Revenues(cumulative) - - 19 10049 100

Assumptions for this example:P t ti l S l R$100 illi

Receipts(cumulative) - 6 11 2013 100

28

Potential Sales: R$100 millionLand exchange: 100%, Unit price 80% financed by partner banksClient is fully financed by the banks after the assignment of the financing to them