BlancSão Paulo - SPLaunched March/11

1Q11ResultsResults

May 13, 2011

1Q11 R lt

Le ChampSão Paulo - SPLaunched in March/11

1Q11 Results

Introduction Elie Horn

Cyrela - Operating Results Ubirajara Freitas

Living - Operating Results Luis Largman

Cyrela - Financial Results Luis LargmanCyrela - Financial Results Luis Largman

Cyrela’s Highlights

Launches totaled R$ 1,152.5 million, 93.3% higher than 1Q10, representing 14.3% of the

guidance midpoint for the year.

I t l t d t R$ 757 5 illi d t d 75 9% f t t l lInventory sales stood at R$ 757.5 million and represented 75.9% of total sales.

Living's launches totaled R$ 346.5 million, up 7.1% yoy and accounted for 30,1% of the totalg p y y

PSV launched .

Deliveries: 3.9 thd units, 1.9 thd from Living.

Net Income of R$ 1 200 7 million 6 0% higher than in 1Q10Net Income of R$ 1,200.7 million, 6.0% higher than in 1Q10.

Recovery of 2,9 p.p. in Gross Margin for 1Q11 (27.4% in 1Q11 vs. 24.5% in 4Q10 ).

3

Atrio GiornoSão Paulo - SPLaunched in March/11

Operatingp gResults

Cyrela and Living Launchesy g15 projects launched

Average price: R$ 306.9 thd/unit

Price/ sq.m. : R$ 4.5 thd/sq.m.

Breakdown by Region 1Q11Launches y g(R$ million)

245.3

1,152.5 SP

47%

RJ18%

907.2 114,7

596.3

481,6

1Q10 1Q11

Northeast28%

North1%

Midwest6%

5

Cyrela Partners

Cyrela and Living Pre-Sales y g

75.9 % of 1Q11 sales were from inventory

4.0 thd units sold in 1Q11

Inventories on March 31, 2011: R$ 5.2 bn (100%) and R$ 4.1 bn (%CBR) 6.8 months of sales*

Sales (R$ million) Sales by region – 1Q11

196.7 154.6

1,065.8 998.6

RJ22%

869.0 844.0

SP35%

South12%

1Q10 1Q11

Northeast24%North

4%

Midwest3%

6

Q Q

Cyrela Partners

4%

* Considering the sales monthly average according to 2011 guidance

LandbankPSV of R$ 44.6 bn (100%) and R$ 38.5 bn (%CBR)

31 plots of land acquired in 1Q11 with PSV of R$ 3.6 bn

Land Plots by Segment

79% of landbank acquired through swaps

245 projects with 182,000 units

Cyrela 73%

Living27%

All land plots related to 2011 launches have already been acquired

Cyrela’s Landbank – 100%( R$ billion) Land Plots by Region

RJ36%

14 5

São Paulo30%

Southeast5.4 6.4

14.512.9

5.3 Southeast others

2%South

6%

NortheastNorth

MidWest3%

5 5.3

Super Economic Middle Mid-High High-End

7

17%North6%Economic

Units Delivered and TransferredVolume Transferred by Segment

444.7 460.8431 4

172.7153.0

138.8

203 6

431.4

65.8114.9

272.0 307.8 292.6

53.7

88.7119.5

203.6

1Q10 2Q10 3Q10 4Q10 1Q11

Living MAP

3.9 units delivered in 1Q11 in 18 projects

R$ 1.1 billion in PSV of delivered units

Living delivered 1.9 units in 8 projects, with PSV of R$ 243.6 million

96% of delivered units have already been sold

8

y

207 construction sites at the end of March, of which 89 are Living's projects.

América Centro EmpresarialRio de Janeiro - RJLaunched in March/11

LivingOperatingOperating Results

Living’s Launches and SalesgLaunches(R$ million)

Sales(R$ million)

104.6

58.5

411.5

327.4 87.2 124.0

323.7 346.5

306.9268.9236.5 222.5

1Q10 1Q111Q10 1Q11

Cyrela Partners

7 projects launched

Living Partners

2.4 thd units lauched in 70% within the “MCMV” Program

Living’s Sales: 32.8% of PSV sold in 1Q11

10

2.5 thd units sold with average price of R$ 131.7 thd/unit

Living’s Landbank g

Potential PSV of R$ 12.0 bn (100%) and of R$ 10.4 bn (% Living)

19 plots of land acquired in 1Q11 PSV of R$ 2 0 bn19 plots of land acquired in 1Q11 PSV of R$ 2.0 bn

72% of landbank paid through swaps

Average price per unit - R$ 127 3 thdAverage price per unit R$ 127.3 thd

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

RJ25%

6 3 São Paulo35% Southeast

others3%

South

5.46.3

12%

Northeast5%

North12%

MidWest8%

0.3

Super economic Economic Middle

11

12%Super economic Economic Middle

“Minha Casa, Minha Vida” Program

Living in MCMV (BB / CAIXA)TOTAL 43,192

Breakdown:

Submitted 2,572

Approved for sale 11,103

To be contracted 5,084

Li i T f d

Contracted 24,433

Living - Transferred2009 696

2010 10,887

From the total transferred units, about 80% were qualified for

MCMV program

1Q11 2,301

Total 13,884

2,301 units were transferred in the first quarter of 2011.

12

Reserva do Parque RosasRio de Janeiro - RJLaunched in March/2011

Financial Highlights

Financial Results (R$ million)

1 200 734.8%

Net RevenueGross Profit

6.0%

1,132.4 1,200.7

394.6

328.7

27.4%

- 16.7%

1Q10 1Q111Q10 1Q11

Gross Profit Gross Margin

14

Financial Results (R$ million)

EBITDA Net Income

15.4%

6.2%

EBITDA Net Income

19 8%

174.2

6 %

224.7

19.8%

11.6%

%- 57.4%

74.2 139.2

- 38.1%57.4%

1Q10 1Q11

f

1Q10 1Q11

Net Profit Net MarginEBITDA EBITDA Margin

15

Accounts Receivable (R$ million)

Accounts Receivable And Costs to be incurred

Receivable Schedule(R$ million)

1,741

11,858

And Costs to be incurred

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

22.3%

38.6%

2012

2011

10 117

Under Construction: INCC

23.5%

15.6%

After 2013

2013

10,117

3,976 Schedule of costs to be incurred

(sold units- R$ million)

Units under construction

Constructed units

Construction costs to incur – sold units1,427.4 2011

(sold units R$ million)

1,189.0

1,359.3

Further years

2012

16

Liquidity

Debt(R$ million)

BalanceMarch 31, 2011

Maturity Cost

q y

SFH 2,142.0 2010 to 2014 TR + ~ 10.4% p.a.

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

Debentures 2nd issue 42.6 2018* CDI + 0.65% p.a.

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

D b t 4rd i 300 0 2014 115% CDIDebentures 4rd issue 300.0 2014 115% CDI

Bradesco (stand-by) and others 221.5 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% p.a.

Loans (foreign currency) US$ 50 million 48 9 Jun/2012 Libor + 4 3% p aLoans (foreign currency) – US$ 50 million 48.9 Jun/2012 Libor + 4.3% p.a.

Total Debt withSFH 3,605.0

Total Debt without SFH 1,463.0Net Debt with SFH

= 3.3

Cash and Cash Equivalents (1,213.6)

Net Debt withSFH 2,391.4

LTM EBITDA

17

Net Debt without SFH 249.4 Net Debt without SFH

LTM EBITDA

= 0.3* Interest rate renegotiation in Jan/11

Contact us

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455, 3rd floorSão Paulo SP BrasilSão Paulo - SP – BrasilCEP 04543-011

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

l b /iwww.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 theC ' b i l S h f t id ti l b t ti ll h i k t diti t

18

Company'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.