AndalusSão Paulo – SP Launched in Nov/09

4Q09 d 2009 R lt4Q09 and 2009 ResultsMarch 26, 2010

4Q09 d FY2009

Praça SantanaSão Paulo – SP Launched in Oct/09

4Q09 and FY2009

Introduction Elie Horn

Operating Results Living and Cyrela Luis LargmanLiving and Cyrela Luis Largman

Financial Results Saulo Lara

HighlightsCyrela

Launches: R$ 2.6 bn in 4Q09 and R$ 5.7 bn in 2009, 11% above top end of guidance

C S $ Q $ % fContracted Sales: R$ 2.3 bn in 4Q09 and R$ 5.2 bn in 2009, 3% above top end of guidance

Net Profit: R$ 729.3 million, 2.6 times higher than in 2008

Living:Living:

16.1 thd units launched, 10.3 thd of them within “Minha Casa, Minha Vida” program in 2009

Construction

7,510 units delivered in 2009, of which 2,096 are Living units

156 ongoing construction sites and 58 to be started this year

17 thd to 21 thd units to be delivered in 2010

Funding

F ll R$ 1 2 b i d i th i ff i i i t th th f th tFollow-on: R$ 1.2 bn raised in the primary offering aiming to the growth for the next years

Stand-by of R$ 300 million signed with Banco do Brasil

3

Challenges for the futurePressure on construction costs:

Labor:

Reduction of productivity at the construction sites stemming from the hiring of

untrained labor at the same price

Increase in the cost of labor not properly reflected in the INCC-FGV indexp p y

Equipment:

Increases in the prices of equipment not properly reflected in the INCC-FGV index

What Cyrela is doing:

Reviewing the prices of its products14% Construction avg. nominal income INCC labor cost portion

Guaranteeing execution of the more critical

portions of construction: rigging, concrete

structure electric and hydraulic installations 6%8%

10%12%14% Construction avg. nominal income INCC labor cost portion

structure, electric and hydraulic installations

Training employees in electrical and hydraulic

operations through the “Construindo 0%2%4%

4Source: IBGE/PME, FGV and MCM Consultores

Profissionais” Program

Liber Bosque Clube Pirituba – Fase ISão Paulo – SPLaunched in Nov/09

OperatingResultsResults Living

Living’s Launches and Sales – 4Q09 and 2009

Launches(R$ million)

Sales(R$ million)

476 1,351

1,726

495 483

1 012

1,611 1,807

657920

1,250262

431

198

918

7111,116

1,324302

1 2

1,012

128657

70 198

4Q08 4Q09 2008 2009Living Partners

90

71163

152

4Q08 4Q09 2008 2009

23 projects launched in 4Q09 totaling 45 in 2009

Living Partners

23 projects launched in 4Q09, totaling 45 in 2009

16.1 thd units launched in 2009, of which 10.3 thd units within “MCMV” program

14,913 units sold in 2009 with an average price of R$ 115.7 thd of which 8,354 units within

6

, g p $ ,

“MCMV” program

Sales Speed Living

Average Sales Speed of Launches

29%

36%

41%

9%

1%

7% 4%4%

72%

60%

1Q09

4Q08

61%

41%

24%

37% 7%

84%

85%

3Q09

2Q09

74%

61% 24% 84%

4Q09

3Q09

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

7

Living Highlights in 4Q09

Living above R$ 130 thd/unit

Launched in Nov/09

Plaza Sprada - PR

Launched in Dec/09

Pleno Residencial 1st and 2nd phases - PA

Launched in Nov/09 and Dec/09

Liber Bosque Clube Pirituba - SP

Launched in Nov/09PSV: R$ 43 millionUnits: 269Average price: R$ 145 thd/un.

98% SOLD

Launched in Dec/09PSV: R$ 31 millionUnits: 180Average price: R$ 174 thd/un.

100% SOLD

Launched in Nov/09 and Dec/09PSV: R$ 60 millionUnits: 432Average price: R$138 thd/un.

89% SOLD

Living – “Minha Casa, Minha Vida”

Vitória Jundiaí - SP

L h d i D /09

Recreio das Laranjeiras - ES

L h d i O t/09

Único Guarulhos - SP

L h d i N /09 Launched in Dec/09PSV: R$ 48 millionUnits: 512Average price: R$ 94 thd/un.

Launched in Oct/09 PSV: R$ 52 millionUnits: 512Average price: R$101 thd/un.

Launched in Nov/09PSV: R$ 223 millionUnits: 2,380Average price: R$ 94 thd/un.

8Note: Until 03/01/2010

100% SOLD82% SOLD 99% SOLD

Living’s Landbank – 4Q09São Paulo

Potential PSV: R$ 7.5 billion (100%) and

R$ 6.1 billion (% Living)

43%

R$ 6.1 billion (% Living)

89 plots of land

68% paid through swaps RJ24%

Northeast10%

g

Unit’s average price - R$ 121 thd24%

Southeast others

5%

South17%

Landbank by unit price70 000

5%

22,148

22,799 61,912

40,000

50,000

60,000

70,000

16,965 10,000

20,000

30,000

40,000

9

-

,

Up toR$ 100 thd

From R$ 100 thd to

R$ 130 thd

From R$ 130 thd to

R$ 200 thd

Total

“Minha Casa, Minha Vida” Program

Caixa Econômica Federal Figures

Contracted unitsCEF Living

0-3 Minimum Wages 197,588 2,560 1%Living target: 3 to 10 M.W.

3-6 Minimum Wages 93,665 4,304 5%6-10 Minimum Wages 35,837 6,964 19%Total 327,090 13,828 4%

8.7% of market share in

approvals

Living submitted units

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

Contracted

13,828

Total

29,950=Approved for sale

9,878

To be contracted

6,244+ + 13,828 29,950

Transferred

1,705

9,878 6,244

+

10Note.: Contracts of Caixa in Feb, 2010Living updated until Mar 2010

Grand Life IcaraiRio de Janeiro - RJLaunched in Nov/09

OperatingResults

Launches Cyrela + Living

42 projects launched in 4Q09 and 91 in 2009

Average price: R$ 215 thd/unit or R$ 3 2 thd/sq mAverage price: R$ 215 thd/unit or R$ 3.2 thd/sq.m.

LIVING: 39.7% of PSV launched in 4Q09 and 31.8% in 2009

Region breakdown in 2009Launches(R$ million)

5 679 SP47%

1,669 1,214

5,453 5,679

RJ13%

North5%

Midwest1%

3 7844,465472

2,552

Southeast others

8%South

8%

Northeast18%718

2,079

3,784

230 948

12

4Q08 4Q09 2008 2009

Cyrela Partners

Sales Cyrela + Living24.0 thd units sold in 2009

VSO: 37.6% in the quarter (vs. 32.1% in 3Q09) and 59.0% in 2009

LIVING: 40.5% of PSV sold in 4Q09 and 32.9% in 2009

27% of sales in 2009 are related to inventories

Inventories 2009YE: R$ 3.6 bn (100%) and R$ 2.7 bn (%CBR) 8 months of sales*

Sales R i b kd i 2009Sales (R$ million) Region breakdown in 2009

SP51%5,144 5,241

Midwest1%

1,686 1,153

2 269RJ

14%

Southeast othersSouth

Northeast15%

North4%

454

1,757

3,4584,088

207

511

661

2,269

13* Considering monthly average sales in 2009

others6%9%454

4Q08 4Q09 2008 2009

Cyrela Partners

Sales Speed Cyrela

Average Sales Speed of Launches

38% 7% 12% 7% 8% 73%4Q08

40%

38%

26%

7%

11%

12%

6%

7% 8%

83%

73%

1Q09

4Q08

49%

53%

19%

26% 5%

69%

85%

3Q09

2Q09

45%4Q09

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

14

Sales Speed Cyrela + Living

Average Sales Speed of Launches

37%

38%

30%

7%

9%

11%

5%

7% 7%

80%

71%

1Q09

4Q08

52%

49%

20%

30% 6%

72%

85%

3Q09

2Q09

56%4Q09

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

15

Cyrela Highlights in 4Q09

Recovery of the demand in the mid to high segments and high speed of sales oflaunches

Launched in jul/09PSV: R$ 20 million

Praça Santana - SP Le Parc Boa Viagem 1° Fase - PE

Launched in Dec/09PSV: R$ 170 million

Launched in Oct/09PSV: R$ 66 millionUnits: 114

Average price: R$174 mil/un.

100% SOLD

PSV: R$ 170 millionUnits: 352Average price: R$ 484 thd/un.

61% SOLD

PSV: R$ 66 millionUnits: 108Average price: R$ 614 thd/un.

Andalus - SP Upper Northway - RS

Launched in Nov/09PSV: R$ 119 millionUnits: 298Average price: R$ 398 thd/un.

Launched in Oct/09PSV: R$ 29 millionUnits: 125Average price: R$ 234 thd/un.

98% SOLD 100% SOLD

16Note: Sales until Mar/10

Units Delivered in 2009

7 510 thousand units delivered in 47 projects with PSV launched of R$ 2 9 billion7,510 thousand units delivered in 47 projects with PSV launched of R$ 2.9 billion

Living delivered 8 projects in 2009 totaling 2,096 units with PSV R$ 221.4 million

In December 2009, there were 175 construction work sites, of which 65 sites are Living and110 are Cyrela projects

17 thd t 21 thd it t b d li d i 201017 thd to 21 thd units to be delivered in 2010

C t â RS L R id d M RJC t â C B l SPVitó i Vil M tild (Li i ) SP

17

Contemporâneo – RS Delivered in Mar/09

Les Residences de Monaco - RJDelivered in Nov/09

Contemporâneo C. Belo – SPDelivered in Oct/09

Vitória Vila Matilde (Living) – SPDelivered in Oct/09

Landbank São Paulo29%

R$ 39.2 billion of PSV (R$ 32.5 billion %CBR) North

%

South+Arg+Urug7%

72.6 % paid through swaps

204 projects with 151.0 thousand units RJ39%Northeast

20%

3%

26% up to R$ 130 thd 87% up to R$ 500 thd970

Southeast others

2%

41,869 11,167

10,907 7,263 970 150,984

120,000

140,000

160,000

22 148

39,695

60,000

80,000

100,000

16,965

22,148

-

20,000

40,000

18

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

Pleno Residencial – 1st and 2nd phasesPará - PALaunched in Nov and Dec/09

Financial Results

Net RevenueFinancial Results

4,087.8 (R$ million)

+43.6%

1 191 9

2,847.4

+58.7%

751.0 1,191.9

4Q08 4Q09 2008 2009

38.0%34 5%

Gross Income(R$ million)

Backlog(R$ million)

33.6% 34.0% 35.7%

1,082.6

1,409.3 32.8%

33.5% 34.5%

+30.2%

4 173 5 4,355.8 5,063.3

33.6%

246.6 398.7

,

+61.7%

4,173.5 ,

204Q08 4Q09 2008 2009Gross Profit Gross Margin

1S09 9M09 2009Receita Líquida a Apropriar Margem Bruta a Apropriar

Financial ResultsEBITDA Net Profit

21.6%

16 5%

22.3%

EBITDA(R$ million)

Net Profit(R$ million)

17.4% 17.8%

470 5

911.3

10.1%

16.5%

+93.7%

+162.6% 729.3 5.0%

9.8%

76.2 257.4

470.5 + 237.8% +457.3%

37.3 207.7 277.7

5.0%

4Q08 4Q09 2008 2009

EBITDA EBITDA Margin

Ratio Expenses to Sales Ratio Expenses to Net Revenue

4Q08 4Q09 2008 2009

Net Profit Net Margin

Ratio Expenses to Sales Ratio Expenses to Net Revenue

17.4%

10 9%

13.1%

7.8% 7 6%10.9%

6.3% 5.9%4.0%

10.2%9.5%

6.1%4 1%

7.8%6.0%

7.1% 7.6%

7.7% 6.8%5.8%

5.0% 5.1%

21

4.1% 2.7%

4Q08 1Q09 2Q09 3Q09 4Q09

Selling Expenses Gen. & Admin. Expenses

4Q08 1Q09 2Q09 3Q09 4Q09

Selling Expenses Gen. & Admin. Expenses

Accounts Receivable

Accounts receivable performance(R$ million)

Receivable’s remuneration(R$ million)

Finished units: IGP-M + 12%U d C t ti INCC

875 9,696

7,464 8,327

9,696

Under Construction: INCC

8,821

3,301 1H09 9M09 2009Receivables

Units under construction

Constructed units

Construction cost to incur - sold

Receivables Schedule(R$ million)

3,3023,302

1,972 1,385

740 441 427 386 347 696

22

441 427 386 347

2010 2011 2012 2013 2014 2015 2016 2017 Until 2028

Liquidity

Debt Balance(R$ million)

BalanceDec 31, 2009

Maturity Cost

SFH 1,190.3 2009 to 2014 TR + ~ 10.4% p.a.

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

Debentures 2nd issuance* 259.4 2018 CDI + 0.65% p.a.

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

Bradesco (stand-by) and others 213.4 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% p.a.

Loans (foreign currency) – US$ 50 million 87.1 Sep/2011 and Sep/2012 Libor + 3.5% and 4.3% p.a.( g y) p p p

Total Debt withSFH 2,600.2

Total Debt without SFH 1,409.9 Net Debt withSFH= 1.0 time

Cash and Cash Equivalents (1,665.8)

Net Debt withSFH 934.5

Net Debt without SFH (255 9)

LTM EBITDA

23

Net Debt without SFH (255.9)

* In Jan/2010: R$ 61.9 million outstanding

Net CASH without SFH

LTM EBITDA

= 0.3 time

Contact us

Cyrela Brazil Realty S.A. projects 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 ir@cyrela.com.br

l b /iwww.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 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

24

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.