Green Design OfficesSão Paulo – SP Launched in May/10

2Q10 RESULTSAUGUST, 12 2010

2Q10 R lt

Escritórios MoocaSão Paulo - SPLaunched in May/10

2Q10 Results

Introduction Elie HornIntroduction Elie Horn

O ti dOperating and Financial Results Luis Largman

HighlightsCyrela

Pre-sales: R$ 1.5 bn in 2Q10 e R$ 2.6 bn in 1H10 reaching 40% of the guidance

R$ 881 9 illi f i t ld i th

g g

• R$ 881.9 million of inventory sold in the year

• 64.5% of 1H10 launches sold by 2Q10

• Inventories in June/10 5 months of sales

Launches: R$ 1.1 bn in 2Q10 and R$ 1.7 bn in 1H10 reaching 24% of the guidance

Net Revenue R$ 1.2 bn and Net Profit R$ 167.5 million with Net Margin of 13.9%

Reassurance of the guidance announced in Nov/09:Reassurance of the guidance announced in Nov/09:

Launches: R$ 6.9 billion to R$ 7.7 billion (100%)

Contracted Sales: R$ 6.2 billion to R$ 6.9 billion (100%)

Living:

41.8% of PSV launched in 1H10 R$ 720.2 million up 97% from 1H09

5,686 thd units launched in 1H10 57% of them within “Minha Casa, Minha Vida”

Construction

5,321 units delivered in 2010, of which 1,844 are Living units

3

5,321 units delivered in 2010, of which 1,844 are Living units

155 ongoing construction sites, of which 68 are Living sites

Maximo GuarulhosGuarulhos – SP

Launched in May/10

Operating ResultsResultsLiving

Living’s Launchesg

Launches(R$ million)

Region breakdown 1H10

SP

220.6

720.2

69 9%

+ 96.6%SP

30%

RJ10%South

499.653.3

133.3 98.3 233.4

396.5 366.2

+ 69.9% 10%

Southeast others 13%

North4%

9%

180.0263.2 267.9

53.3

2Q09 2Q10 1H09 1H10

Northeast34%

Living Partners

Living: 35.2% of PSV launched in 2Q10 and 41.8% in 1H10

9 projects launched in 2Q10 and 18 in 1H10

5.7 thd units in 1H10, of which 3,241 units within “MCMV” program

5

Average unit price of R$ 122 thd/unit in 2Q10

Living’s Salesg

Pre-Sales(R$ million)

Region breakdown 1H10

237.9

845.9 SP35%

+ 130.1%

608.0133.3

108.2 245.5

434.4 367.6

RJ12%

North6%

South11%

+ 77.0%

180.2301.1 259.4

65.3

2Q09 2Q10 1H09 1H10

Southeast others 10%

Northeast26%

2Q09 2Q10 1H09 1H10

Living Partners

Living: 28.2% of PSV sold in 2Q10 and 32.5% in 1H10

3,296 units sold in 2Q10 totaling 6,448 in 1H10

6

Average unit price of R$ 131.8 thd 2Q10

Sales Speed Livingp g

Average Sales Speed of Launches

41% 37% 7% 2% 7% 95%2Q09

74%

61%

16%

24%

6%

8% 6%

96%

98%

4Q09

3Q09

51%

74%

34%

16% 6%

85%

96%

1Q10

4Q09

43%2Q10

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

7

Living’s LandbankgLiving Landbank R$ 7.9 billion (100%) and R$ 6.9 billion (% Living)

8 plots of land acquired in 2Q10 totaling R$ 1.0 bn PSV

69% of landbank paid through swaps

Unit’s average price - R$ 123.2 thd

PSV Living’s landbank by unit price(R$ million) Region breakdown

7 9249,000

2 507

3,829 7,924

5,000

6,000

7,000

8,000 RJ

19%

Southeast others

1,588

2,507

1,000

2,000

3,000

4,000 São Paulo

43%

4%

South18%

-

,

Up toR$ 100 thd

From R$ 100 thd to

R$ 130 thd

From R$ 130 thd to

R$ 200 thd

TotalNortheast

8%North8%

8

40.2 thd units or 52% of PSV eligible to MCMV program

“Minha Casa, Minha Vida” Programg

Contracted Units

Caixa Living % Living 3 to 10 M.W.Caixa Living % Living

0-3 Minimum Wages 240,569 2,560 1.1%3-10 Minimum Wages 280,374 18,230 6.5%Total 520 943 20 790 4 0%

3 to 10 M.W.6.5% of market

share in approvals(PJ + PF)Total 520,943 20,790 4.0%

Living no MCMV

(PJ PF)

Evaluation Company contracting Company (PJ) and Client (PF) contracting

Contracted (PJ)

Living no MCMV

16,390 Total

39,964=Transferred

Contracted (PF)

Approved for sale

12,792

To be contracted

4,382+ +Submitted

2,000

Contracted (PF)4,400*

*1,700 units were transferred from April to June 2010

9Note.: Contracts of Caixa until June, 30 2010Living updated until June, 30 2010

Previlege Exclusive HousesPorto Alegre - RSLaunched in June/10

OperatingResults

Launches Cyrela and Livingy g15 projects launched in 2Q10 and 30 projects during the year

Average price: R$ 210 thd/unit in 2Q10 and R$ 203 thd/unit in 1H10

Price/ sq.m. : R$ 3.4 thd/sq.m. in 2Q10 and R$ 3.2 thd/sq.m. in 1H10

Region breakdown 1H10Launches(R$ million)

1,723.8

SP22%

Midwest12%

+ 43.9%

333.4 292.2

448.1

644.3

1,127.5 1,198.2 RJ

21%

North2%

+ 75.0%

489.9794.1 906.0

1,275.7154.4

2Q09 2Q10 1H09 1H10

Southeast others5%

South13%

Northeast25%

11

2Q09 2Q10 1H09 1H10

Cyrela Partners

Pre-Sales Cyrela and Livingy g

56.1 % of total sold in 2Q10 is related to inventory sales

6.0 thd units sold in 2Q10 and 10.7 sold in 1H10

Inventories in June/10: R$ 2.6 bn (100%) and R$ 1.9 bn (%CBR) 5 months of sales*

Sales (R$ million) Region breakdown 1H10

628

2,605.7 SP36%

+ 94.2%

1 977 2

431.7 369.7

839 8

1,539.91,341.6

RJ18%

North1%

Midwest8%

+ 83.4%

626.01,108.2 1.192,4

1,977.2213.8

839.8 18%

Southeast others6%South + Arg

Northeast23%

1%

12

2Q09 2Q10 1H09 1H10

Cyrela Partners

8%

* Considering monthly average mid range of sales guidance

Sales Speed Cyrelap y

Average Sales Speed of Launches

53% 26% 5%3%4% 91%2Q09

49%

49%

11%

19%

10%

8% 7%

69%

84%

4Q09

3Q09

%

44%

9%

16%

% 0%

59%

69%

2Q10

1Q10

Q

69%2Q10

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

13

Sales Speed Cyrela and Living

69.6%

p y gSales over Supply (VSO)

32.1%37.6%

25.4%35.7%

3Q09 4Q09 1Q10 2Q10 12M3Q09 4Q09 1Q10 2Q10 12M

Average Sales Speed of Launches

49% 30% 6% 2%5% 92%2Q09

59%

52%

49%

13%

20%

30%

8%

8%

6%

6%

2%5%

80%

87%

92%

4Q09

3Q09

2Q09

60%

48%

59%

25%

13% 8%

73%

80%

2Q10

1Q10

4Q09

14In 3 months In 6 months In 9 months In 12 months In 15 months

Landbank

PSV of R$ 39.7 billion (100%) and R$ 33.0 billion (%CBR)

19 plots of land acquired in 2Q10 with R$ 1.8 bn PSV

RJ37%

19 plots of land acquired in 2Q10 with R$ 1.8 bn PSV

75% of landbank paid through swaps

207 projects with 152,000 unitsSão Paulo

30%

Southeast others

2%

j

Landbank by unit price

Northeast18%

Midweast1%

North5%

South+Arg+Urug7%

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

42 15011,151

10,392 7,606 1,112 151,851

140,000

160,000

39,641

42,150

80,000

100,000

120,000

17,651

22,148

-

20,000

40,000

60,000

15

-Up to

R$ 100 thdFrom

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

Units Delivered in 2010

31 projects delivered with 5,321 units in 1H10 and PSV of R$ 1.8 bn

Living: 1,844 units in 8 projects and PSV of R$ 231.0 million

Delivery forecast in 2010 : 17 to 21 thousand unitsDelivery forecast in 2010 : 17 to 21 thousand units

Today: 155 construction sites, of which 68 are Living

16Fatto Novo Avelino (Living) - SPDelivered in June/10

Essência Alphaville - SPDelivered in June/10

Global Park - RJDelivered in May/10

Jardim de ProvenceSão Luis - MALaunched in June/2010

Financial Results

Financial Results (R$ million)

2,338.3

Net Revenue

+ 51.1%

875 61,205.8

1,547.1 + 37.7%

875.6

2Q09 2Q10 1H09 1H10

34.2% 32.6%35.7%

33.7%

2Q09 2Q10 1H09 1H10

34.4% 34.3% 33.4%

Gross Income Backlog

552.0

787.7 5,033.4 5,041.2

5,641.9

+ 31.1%

+ 42.7%

299.9 393.0

18

2Q09 2Q10 1H09 1H10

Gross Profit Gross Margin

2009 1Q10 1H10

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

Financial Results (R$ million)

23,9%18,5%

23,3% 19,1% 17.9%

13.9%16.6%

14.6%

EBITDA Net Profit

23 8%

222 8

360,6

446,5

257.5

341.7 + 6.4%

+ 23.8%

+ 6.6%

+ 32.7%

209,4 222,8 157.1 167.4

2Q09 2Q10 1H09 1H10

EBITDA EBITDA Margin

2Q09 2Q10 1H09 1H10

Net Profit Net Margin

Ratio Expenses to Sales Ratio Expenses to Net Revenue

8 3% 8.5%

5.6%4.3%2009

2009

Ratio Expenses to Sales Ratio Expenses to Net Revenue

6.0%7.1% 7.6%

8.3% 8.5%

5.8%5.0% 5.1%

6.6% 6.2%

6.3% 5.9%4.0%

8.8%6.7%

6.1%4 1%

7.0%

4.8%

192Q09 3Q09 4Q09 1Q10 2Q10

Selling Expenses Gen. & Admin. Expenses

4.1%2.7%

2Q09 3Q09 4Q09 1Q10 2Q10

Selling Expenses Gen. & Admin. Expenses

Accounts Receivable (R$ million)

Accounts ReceivableAnd Costs to be incurred Accounts Receivable Schedule

(R$ million)(R$ million)

1,429

11,296

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

1,932.2

2,115.1

3,499.3

2013

2012

2011

9 867

Under Construction: INCC

425 8

471.4

523.7

1,161.1

2017

2016

2015

2014

9,867

3,755 Schedule of costs to be incurred

1,167.4

425.8

Up to 2028

2017

Units under construction

Constructed units

Construction cost to incur – sold units 1,482.1 2010

(sold units- R$ million)

1,764.9 2011

20

508.0 Further years

Liquidity

Debt Balance

q y

(R$ million)Balance

June 30, 2010Maturity Cost

SFH 1,578.2 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.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 202.6 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% p.a.

Loans (foreign currency) – US$ 50 million 54.0 Sep/2011 and Sep/2012 Libor + 3.5% and 4.3% p.a.( g y) p p p

Total Debt withSFH 2,746.7

Total Debt without SFH 1,168.5 Net Debt with SFH= 2.3 times

Cash and Cash Equivalents (997.1)

Net Debt withSFH 1,749.6

Net Debt without SFH 171 4

LTM EBITDA

21

Net Debt without SFH 171.4 Net CASH without SFH

LTM EBITDA

= 0.2 time

* Interest rate repactuation 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 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

22

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.