This document summarizes Cyrela's business and the Brazilian real estate market: 1) Cyrela is the largest homebuilder in Brazil with almost 50 years of experience and a nationwide presence across income segments. 2) The Brazilian real estate sector is poised for strong growth driven by demographics, rising incomes, and a large housing deficit despite a recent slowdown. 3) Cyrela is well positioned to capture growth opportunities given its scale, execution capacity, nationwide footprint, and track record of innovation and expansion into new segments and regions.

1. Ile St Louis
São Luis – MA
Launched in August 2009
Company Presentation
p y
November 2009

2. Auge
São Paulo – SP
Launched in September 2009
Contents
Company Overview
Brazilian Real Estate Sector Overview
Market Intelligence and Launched projects
g p j
Living
Outlook for the future
3Q09 Results
Appendix

3. Novo Jardim Family Resort
Santo André - SP
Launched in September 2009
Company
Overview
O i

4. Cyrela at a Glance: Scale, Execution Capacity and
Leadership
Largest homebuilder in Brazil, with almost 50 years of experience
Brazil
Nationwide footprint in all income-levels, with proven capacity to develop market
segments
Fully integrated real estate developer from construction to sales
Strong operating performance, with 48,400 units sold from 2005 to 9M09
representing a PSV of R$ 14.9 bn (Cyrela+partners) or R$ 10.2 bn (Cyrela’s
stake)
Outstanding track-record with unique positioning to capture growth opportunities
4

5. Solid Track-Record of Growth and Value Creation
Strengthening Market Position Accelerating Geographic and Segment Expansion
Value created for shareholders since IPO (Base 100) - R$ (1)
400
345 US$100 invested in the 4,850(2)
300 IPO would be worth 4,612
211 US$ 432 currently
200
210
4,392
4 392
100
100 100 100
0
Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09
CYRELA (CYRE3+CCPR3) Ibovespa CYRE3 (Since FO 2006)
1,915
1,023
Pre-Sales Contracts (R$ million, 100%)
Follow-On BRL Debenture
2000: Cyrela Launching of the CCP’s spin-off offering
(US$382mm) first Living product
starts (US$190mm)
partnership 2002: Cyrela
1994: Brazil Realty,
with RJZ in RJ acquires IRSA’s
a JV with IRSA Sale of
(George Soros), is
Soros) stake in Brazil stake in Agra
founded Realty BRL Debenture (US$170mm)
BRL Offering
1998: Brazil Merger of (US$280mm)
Debenture
Realty issues Cyrela with Offering
1962: international Brazil Realty (US$247mm)
Cyrela is 1996: Brazil b d
bond
founded Realty goes Joined
public IPO Ibovespa
(US$397mm) Index
1962 - 2004 2005 2006 2007 2008 2009
(1) Source: Bloomberg, as of 13 October, 2009
(2) Considering mid point of 2009 guidance (from R$4.6bn to R$5.1bn – 100% stake) 5

6. What has been done since the IPO
PSV (R$ million) Sales (R$ million) Units Launched
4x 5x 4,612
, 7x 16,875
4,827
Achievements1 1,211
1,023 2,538
2005 2008 2005 2008 2005 2008
CAGR 2005 – 2008 Sound track record in innovation
Strong growth PSV: 59% (total 299%) ► Partnerships and Joint Ventures
and unparallel Sales: 65% (total 351%) ► Geographical expansion
execution ► In house sales force
Units launched: 88% (total 565%)
► Establishment of Living in 2006
g
Management team fully professionalized with deep knowledge of the real estate industry
Management
support Committee driven decision making process
Leverage upon partnership on local industry expertise
Strongest balance sheet in the industry, with capacity to grow in segments from low-income to
Solid balance mid-high
sheet and
EBITDA margin among the highest of industry (
g g g y (Integrated business model)
g )
profitability
Capacity to achieve excellent results with very low leverage compared to the Industry
(1) 100% stake 6

7. Geographical Expansion
Presence in 55 cities in 17 states of Brazil and in Buenos Aires in Argentina
2005 2006 2009
RR RR RR
AP AP AP
AM MA CE AM MA CE AM MA CE
PA PA PA
RN RN RN
P P PB
PI B PI B PI
PE PE PE
AC AC AC
TO AL TO AL TO AL
RO SE RO SE RO SE
BA BA BA
MT MT MT
GO DF GO DF GO DF
M M M
G G G
MS ES MS ES MS ES
SP SP SP
R R R
J J J
PR PR PR
SC SC SC
RS RS RS
Buenos
Aires
+ +
% of
Brazilian
GDP Covered
47.9% 80.5% 90.5%(1)
In a short period of time, Cyrela has achieved tremendous success
time
in its geographical growth strategy
(1) Considers 2007 data, most recent.
Source: Company and IBGE. 7

8. 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”
Minha Casa, Vida
Lowest interest rate in 50 years will be positive for the activity in the mid-high segments
Low execution risk
► 15 construction platforms distributed throughout Brazil
► Constructed area grew from 232 thousand sq.m in 2005 to 1.0 mm sq.m in 2008
► Conservative cash-flow management
g
► 161 construction sites ongoing in Sep/2009
Constructed Area per Year Units Delivered
Private area in thousands of sq.m.
Historical Historical (until 9M09)
Forecasted Forecasted
18,682
11,577
1,917 7,661
1,723
1,002
594
372 3,178 3,915
232 2,211
2 211
2005 2006 2007 2008 2009e 2010e 2007 2008 2009e 2010e
Source: Company data 8

9. Cyrela Brazil Realty
2005 2006 2007 2008 9M09
Launches R$ 1.2 bn R$ 2.9 bn R$ 5.4 bn R$ 4.9bn R$ 3.1bn
Pre-sales R$ 1.0 bn R$ 1.9 bn R$ 4.4 bn R$ 4.7bn R$ 3.0bn
Landbank 3.0 mm sq.m. 4.9 mm sq.m. 8.8 mm sq.m. 11.2 mm sq.m. 11.9 mm sq.m.
Low income units 0 720 6.7 thd 10.5 thd 6 thd
Gross Margin 48.5% 42.2% 41.2% 40.1% 34.9%
EBITDA Margin* 27.1% 22.3% 22.9% 20.1% 22.6%
Net Margin* 23.2% 21.7% 24.7% 13.7% 18.0%
# Homebuilders listed 2 4 21 20 20
Market Cap Cyrela R$ 2.4 bn R$ 4.5 bn R$ 8.6 bn R$ 3.3 bn R$ 8.5 bn
Market Cap of the Industry R$ 6.0 bn R$ 10.0 bn R$ 48.1 bn R$ 13.4 bn R$ 40.9 bn
Number of cities 3 8 47 55 55
Employees 202 327 529 514 776
Seller Brokers & Team 100 200 743 637 1,150
*Adjusted for IPO expenses and according to BR GAAP before Law 11,638 until 2007. 9

10. Vitória Pirituba Gaivota
São Paulo, SP
Launched in September 2009
Brazilian
Real Estate
Sector Overview

11. Favorable Macroeconomic Conditions
Mortgage Loans Funding (R$ bn) Unemployment Rate Variation (‘000 people)
45.8 250 2,200
40.6 200 2,000
15.0 150 1,800
10.5
100 1,600
25.2 50 1,400
6.9 0 1,200
1 200
16.3
-50 1,000
10.4 30.0 30.8 Level (th people) (LHS)
7.0 -100 800
5.2 6.9 18.3 Accumulated Last Twelve Months (RHS)
4.6 4.8 5.0 5.5 -150 600
3.3 2.7 3 2.8 3.9 9.3
1.9 1.9 1.8 2.2 3.0 4.9 -200 400
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E -250 200
May-08
May-09
Jan-08
Sep-08
Dec-08
Jan-09
Jun-08
Jun-09
Feb-08
Feb-09
Nov-08
Oct-08
Aug-08
Aug-09
Apr-08
Apr-09
Jul-08
Jul-09
Mar-08
Mar-09
SBPE FGTS
GDP Growth (%) Consumer Confidence Index
125 Consumer confidence
5.7 120 returns to pre-crisis level
5.1 8
4.8 Sep/09
p
115
11 111.0
4.0 111.7
110
3.2
105
100
95
0.1
90
2005 2006 2007 2008 2009E 2010E Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09
Despite international crisis, macroeconomics in Brazil shows strong recovery trends
Source: Brazil Central Bank, IBGE, Credit Suisse, FGV .
11

12. Real Estate Financing: Still a Considerably Small
Percentage of Brazilian GDP
g
Total Real Estate Financing in Brazil (R$ billion) Total Real Estate Financing (% of GDP)
76.9
83.1%
63.3
59.2%
58.6%
45.9
45 9
35.7
51.3%
29.1
24.4 25.1 25.8
25 8 32.2%
32 2%
18.0%
13.0%
2002 2003 2004 2005 2006 2007 2008 Jul-09 2.4%
Source: Central Bank of Brazil, Caixa Econômica Federal, and Câmara Source: Spanish Mortgage Association, Central Bank of Brazil and ABECIP
Brasileira da Indústria da Construção (Nov/08)
Significant potential growth for Real Estate financing in Brazil
12

13. A Booming Real Estate Market: Strong Fundamentals
The Brazilian real estate market is poised to benefit from a favorable environment
High Demand for Housing Low Supply of Units
1. Population and families 3. Rising Housing Deficit(1)
Expanding the market for housing (Millions of housing Unit)
In millions
Persons
Year Families Population per family 7.2
6.7
5.4
2007 60.3 189.1 3.1
2017E 75.6
75 6 211.2
211 2 2.8
28
2030E 95.5 233.6 2.4
1991 2000 2009
2. Monthly income evolution 4. Number f Home M
4 N b of H Moves per P
Person
Low number of home moves as compared to other countries
In millions of families
Growth rate
2007 2030(E) (%) per year
Brazil 1.8x
up to R$ 1,000 31.7 29.1 -0.4%
from R$ 1,000 to R$ 8,000 27.2 60.4 3.9% Mexico 4.0x
more than R$ 8,000 1.4 5.9 7.1%
Total 60.3 95.5 2.0% G-7 9-10x
Cy e a s uniquely positioned
Cyrela is u que y pos t o ed to take advantage o t e pos t e Brazilian real estate e
ta e ad a tage of the positive a a ea environment
o e t
(1) Considers demand in excess of supply.
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.
13

14. Impact for Cyrela: The future is now
2005 2008 2009
Incremental
I t l Incremental
I t l
Monthly Demand (vs. 2005): Monthly Demand (vs. Monthly
Income +24.0 mm families Income 2005): Income
> R$ 4,800
10% 5.7 mm families
+35.7 mm
families
> R$1,400 > R$1,400
47% 28.8 mm families 41.4 mm families
From R$1,200 to R$4,800
39% 22.4 mm families
67%
< R$1,200 53% < R$1,400 ~30 million
51% 29.3 mm families 32.1 mm families families
< R$1,400
33% 20.4 mm
families
TR+14% TR+9% TR+5%1
10 years 30 years 30 years
Minimum monthly family income to purchase a property
Cyrela s
Cyrela’s
Lowest R$ 110,000.00 R$ 90,000.00 R$ 80,000.00
Ticket per
unit available
Cyrela s
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).
(1) Within Minha Casa Minha Vida Program 14

15. Low-Income Segment: Renewed Growth Opportunity
Minha Casa, Minha Vida program - Potential demand growth in Brazil
Low mortgage rates + incentives = high affordability levels
Monthly rent vs. mortgage payment already in tandem
Purchase Power – Impact of Minha Casa, Minha Vida Program
Before the Program Post-Program
121,896
117,107
109,509
105,199
90,400 92,700
92 700 93,309
93 309 93 291 97,122
93,291
78,800 81,382 84,735
71,320
64,505
57,083 59,104
3MW 4MW 5MW 6MW 7MW 8MW 9MW 10MW
Max monthly
installment 419 558 698 837 977 1,116 1,256 1,395
(R$)
Effective
rate 5.12% 5.12% 5.12% 6.12% 8.47% 8.47% 8.47% 8.47%
(p.a.)
Minha Casa, Minha Vida program enables millions of families to purchase houses
Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data
15

16. Economic Segment : Sector’s Outlook
3 MW 3 MW 4 MW 4 MW 5 MW 5 MW 6 MW 6 MW 7 MW 7 MW 8 MW 8 MW 9 MW 9 MW 10 MW 10 MW
Minimum wage (R$) 1,395 1,395 1,860 1,860 2,325 2,325 2,790 2,790 3,255 3,255 3,720 3,720 4,185 4,185 4,650 4,650
Max Installment - 30% (R$) 419 419 558 558 698 698 837 837 977 977 1,116 1,116 1,256 1,256 1,395 1,395
Effective Rate (p.a.) 5.12% 5.12% 5.12% 5.12% 8.47% 5.12% 8.47% 6.17% 8.47% 8.47% 8.47% 8.47% 8.47% 8.47% 8.47% 8.47%
Term (months) 300 300 240 300 240 240 240 240 240 240 240 240 240 240 240 240
Loan to Value (%) 90% 90% 100% 90% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Maximum financing (R$) 50,699 55,800 61,705 74,400 59,104 83,700 71,320 91,309 81,382 84,735 93,291 97,122 105,199 109,509 117,107 121,896
Maximum Incentive (R$) 6,384 23,000 2,800 16,000 - 9,000 - 2,000 - - - - - - -
Purchase Power (R$) 57,083 78,800 64,505 90,400 59,104 92,700 71,320 93,309 81,382 84,735 93,291 97,122 105,199 109,509 117,107 121,896
With the Program
Before the Program
Source: IBGE (Brazilian Institute of Geography and Statistics) and Company data 16

17. Financing: Interest and Term Impact
Monthly Installment (R$)
Model: Loan Term (years)
10 15 20 25 30
1377 1152 1057 1011 987
Unit Value: R$ 120,000 12%
11% 1322 1091 991 941 914
%)
terest Rate (%
10% 1269 1032 926 872 842
Loan-To-Value: 80% 9% 1216 974 864 806 772
8% 1165 917 803 741 704
7% 1115 863 744 679 639
Loan: R$ 96,000 6% 1066 810 688 619 576
Real Int
5% 1018 759 634 561 515
4% 972 710 582 507 458
Mortgage Effort: 30% 3% 927 663 532 455 405
2% 883 618 486 407 355
Example
Minimum Wages Required (monthly salary)
Rental : R$800 per month Loan Term (years)
Annual Yield: 8% 10 15 20 25 30
12% 10 8 8 7 7
11% 9 8 7 7 7
Equivalent to Loan Instalment with Real Interest Rate (%) 10% 9 7 7 6 6
Real Interest Rate at 8% 9% 9 7 6 6 6
and 20 years term. 8% 8 7 6 5 5
7% 8 6 5 5 5
6% 8 6 5 4 4
5% 7 5 5 4 4
4% 7 5 4 4 3
3% 7 5 4 3 3
2% 6 4 3 3 3
17

18. Dez Curuçá
São Paulo, SP
Launched in July 2009
Market
Intelligence
and
Launched
Projects
j

19. Sales Performance – Residential – 2009
São Paulo Rio de Janeiro
(R$ million) (R$ million)
8,289 4,891 2,556
1,604
Market
Cyrela
1,386
,386 961 961 221
Launches in SP Pre-Sales in SP Launches in RJ Pre-Sales in RJ
17% 20% 15% 14%
Launches Pre-Sales Launches Pre-Sales
Cyrela’s stakes indicate strong sales performance in the main markets
Source: Cyrela MID
19

20. Launches 2004 to 2009 - SP Metropolitan Region
Units Potential Sales Value
(R$ million)
65,833 17,822
17,422
58 512
58,512 9,611
7,030 5,052
7,282
18,864
11,274
19,074
9,0
34,345 35,350 9,607
33,153
28,782 3,688 4,051 1,886 7,997 3,939 8,290
7,326
3,320 5,626
3,224 8,567 10,129 9,040 2,012
5,307 28,987 3,119
21,524
3,894
3 894
8,937 10,269 3,242 3,204
12,721 15,517 1,977
4,072 4,154
11,821 1,803 1,928 2,688 2,376
11,314 10,884
8,449 8,371 6,710
1,098 1,117 753 972 760 698
2004 2005 2006 2007 2008 9M09* 2004 2005 2006 2007 2008 9M09*
Luxury > R$ 3 500/
L 3,500/sq.m.
Middle > R$ 2,700/sq.m., <3,500/sq.m.
Economic > R$ 1,900/sq.m., <2,700/sq.m.
Super-Economic < R$ 1 900/
S E i 1,900/sq.m.
Source: Cyrela MID
* 2009 price ranges updated to: Luxury > R$4500 sq.m., Middle > R$ 3000 sq.m. < 4500 sq.m., Economic > R$2,200 sq.m < R$ 3,000 sq.m and Super-Economic < R$ 2,200 sq.m. 20

21. Launches 2004 to 2009 - RJ and Region
Units Potential Sales Value
(R$ million)
15,911 4,121
13,350 3,446
4,419
3,147
2,363
2 363 1,894
1 894
9,933 1,272
2,354 2,443
7,831 3,885 4,484
2,945 1,729
6,856 7,019
1,734 883 1,226
1,491 ,
1,761 1,353 975 ,
1,225
3,666 1,677 2,511 4,559 509
5,800 659 690 391
3,570
1,141 2,680 980 791
3,080 273 759 577
1,142 2,449 200 659
907 1,171 1,302 1,657 221 219 211 249
506 203 69
2004 2005 2006 2007 2008 9M09 2004 2005 2006 2007 2008 9M09
Luxury > R$ 3 500/
L 3,500/sq.m.
Middle > R$ 2,700/sq.m., <3,500/sq.m.
Economic > R$ 1,900/sq.m., <2,700/sq.m.
Super-Economic < R$ 1 900/
S E i 1,900/sq.m.
Source: Cyrela MID
21

22. Successful Track Record: São Paulo and Rio de Janeiro
Menara Cosmopolitan
São Paulo Rio de Janeiro
Launched: Aug/09 Launched: May/06
L h d M /06
80% sold on the first day 94% sold upon launch
PSV R$ 81.3 million PSV R$ 19.5 million
254 units 114 units
91% sold until Oct/09 100% sold until Oct/09
Reserva J di
R Jardim
NovAmérica (several phases) Rio de Janeiro
São Paulo Launched: Oct/07
Launched: Mar/09, May/09,
Aug/09 and Sep/09
g p Antecipated phases due to
high demand
PSV R$ 599.0 million
1,528 units PSV R$ 368.2 million
86% sold until Oct/09 1,292 units
74% sold until Oct/09
Escritórios Europa CEO (1st phase)
São Paulo Rio de Janeiro
Launched: J l/08
La nched Jul/08 Launched: Aug/09
L h d A /09
100% sold in the launch 90% sold in the first month
weekend
PSV R$ 112.9 million
PSV R$ 55.5 million
55 5 illi 469 offices
ff
254 units 92% sold until Oct/09
22

23. Successful Track Record: Other regions
Urban Concept Residence
and Commercial Le Parc
Porto Alegre – RS
g Salvador – BA
Launched: Oct/08 Launched: Nov/07
62% sold in the first month 739 units sold in 6 days
PSV R$ 105.9 million PSV R$ 502.5 million
180 flats and 204 offices 990 units
83% and 92% sold until 89% sold until Oct/09
Oct/09
Acqua Verde Île Saint Louis (1st phase)
Curitiba - PR São Luis - MA
Launched: Dec/08 Launched: Aug/09
PSV R$ 72.9 million PSV R$ 57.8 million
215 units 60 units
85% sold until Oct/09 90% sold until Oct/09
Grand Lider Olympus
(phases I/II/III) Vitrine
Belo Horizonte – MG Belém – PA
Launched: Jun/06, Aug/07, Launched: Jun/09
May/08
PSV R$ 37.0 million
PSV R$ 347.9 million 50 units
246 units
it 96% sold until O t/09
ld til Oct/09
85% sold until Oct/09
23

24. Cyrela’s Highlights
NovAmérica with PSV of R$ 691.8 million, totally launched in 2009 with 1.7 mil units and 80%
sold until November/2009
NovAmérica Office Park Varanda NovAmérica
Launched in Mar/09 Launched in Aug/09
PSV: R$ 195.1 million PSV: R$ 91.6 million
Usable area: 32,979 sq.m. Usable area: 23,526 sq.m.
Units: 548 Units: 324
NovAmérica Colorado NovAmérica California
Residence Park Collection
Launched in Mar/09 Launched in Sep/09
PSV: R$ 82.6 million PSV: R$ 139.1 million
Usable area: 24,961 sq.m. Usable area: 36,696 msq.m.
Units: 216 Units:
U it 224
NovAmérica Florida
NovAmérica Michigan
Residence Park
Launched in Oct/09
Launched in May/09
PSV: R$ 92.8 million
PSV: R$ 90.6 million
Usable area: 24,961 msq.m.
Usable area: 24,961 sq.m.
, q
Units:
U it 216
Units: 216
24

25. Living Proven Success Track Record - Living
Minas Village
Vita Praia
Belo Horizonte – MG
Salvador – BA
Launched: Apr/08
Launched: Feb/08
First Living Project in
100% sold
Minas Gerais
PSV R$ 37.7 million
PSV R$ 49.9 million
49 9 illi
264 units
386 units
Avanti Vida
Paradiso
São Paulo
Serra – ES
Launched: Jun/09
Launched: Oct/07
60% sold in the day of
100% sold in 20 days
launch
l h
PSV R$ 46.5 million
PSV R$ 60.3 million
400 units
383 units
89% sold until Oct/09
25

26. Fatto Jardiim Botânico
São Paulo – SP
Launched in September 2009
Living

27. Paving the way to grow fast with a lean structure
1. Solid Track
Record of Growth
7. Nationwide 2. Know-How of
presence the Segment
3. Sufficient
6. Management Team
Supply of Raw
with more than 15
ith th
Materials /
years experience in
Services and
the low income
Personnel
segment
5. Secured 4. Landbank Already
Financing Available
27

28. Short Cycle Process
Launch Go-ahead Financing Delivery
0 – 6 months
Construction
Pre-Launching
0M 4M 8M 12M 16M Up to 20M
Product Engineering Living Corporate Environment
Simple, standard and easily Use of “Lean Construction” Concept Servicing the client from purchase
executed projects focused on low Assembly line onwards, through a single
income segment. Standardization communication channel: the
Reduction of waste and costs
of: Customer Servicing Platform
g
Enhancement of construction
► Land acquisition In-house and trained sales force
methods for popular housing
► Real Estate Development Financing availability through Caixa
Increased productivity and quality
► Sales Econômica Federal
g
during works execution
► Construction Increased costumer satisfaction
► Customer Relationship Price defined by product (not by
Prices from R$90,000 to R$ sq.m.)
200 000
200,000 15% cost reduction expected
Units from 45sq.m. to 75sq.m
Source: Company
28

29. Low Income Operation
Independent activity in all steps of the business:
L d acquisition
Land i iti C t ti
Construction
Real Estate Development Customer Relationship
Sales 100% Financing with balance transfer
Prices from R$90,000 to Prices from R$130,000 to
Prices up to R$ 90,000
R$130,000 R$200,000
Living, Vitória, Dez, Parque dos Sonhos, Líber, Mérito and Avanti Clube Fatto, Avanti and Garden
and Avanti Vida Units from 45sq.m. to 62sq.m. Units from 48sq.m. to 75sq.m.
Units from 45sq.m. to 62sq.m.
1 parking space 1 parking space
Parking
P ki space optionalti l
Eligible for Minha Casa Minha Vida Eligible for SFH financing
Eligible for Minha Casa Minha Vida
financing 80% financed
financing
100% financed 100% financed
Well shaped for the low-income segment
Source: Company
29

30. Economic Construction Concept
‘’Lean Construction’’ Concept Living’s Concept
Market research Partners + R&D Center Simple standardized projects, easily
executed, and focused on process
management
Product Technology
Synergy gains from the integration of
product development, technology and
Production
Architecture
process production process
Industrial
management Better relationship between designers,
Integrated process manufactures and construction
management
This new concept allowed Living to be
competitive in the lower segments of
g
the pyramid
30

31. Living’s Historical Figures
Over 23,000 units launched from December/2006 to September/2009
Units launched Units sold
13,500
11,000
,
7,533
10,459 5,333
8,934
6,666 5,967
5 967
5,077 5,667
720 390
2006 2007 2008 2009E 2006 2007 2008 2009E
Achieved Estimate Achieved Estimate
Launches (R$ million)(1) Sales (R$ million)(1)
1,600
1,300
1,499 806
492
1,247
1 247
884
808
794 641
85 44
2006 2007 2008 2009E 2006 2007 2008 2009E
Achieved Estimate Achieved Estimate
31
Note: 1 Considering 100% stake

32. Living - Construction Method
Use of “Lean Construction” Concept Landbank - Minha Casa, Minha Vida (units)
Simple projects easily executed, with
projects, executed September 30, 2009
repetitions, standardized and focused on
management
Assembly line
Reduction of wastes and costs
Increased productivity during works MCMV Others
ti
execution 52% 48%
Increased construction quality
Increased flexibility of requirements
Flexibility of works execution schedule
Increased costumer satisfaction
Enhancement of construction methods
for popular housing
Product blueprint definition developed PSV: R$ 7.2 billion (100%)
together with suppliers R$ 5 7 billion (% Living)
5.7
Land bought to fit the product 81 plots of land
Price defined by product (not by sq.m.) Land Swaps: 66%
In-house
In ho se and trained labor
15% cost reduction expected
32

33. Living Environment
Customer Service Platform Engineering Sales
Monitoring of the
g Termination of
construction works agreements
Centralizes all phases of the process, Technical visits Sales terms and
from the time a client buys a property until Condominium meetings conditions
he/she pays the last installment. Technical assistance Sales office
Price table
Customer Participation in
Reduces risks and consolidates the promotional campaigns
Service
relationship with clients
Platform
Financial Legal
Increases client assistance capabilities
Credit Analysis Termination of
Financial products agreements
Collection Purchase agreements
Financing Availability Price table
On lending schedule
g
Strengthened relationship with the
Housing Financing System (SFH) and
Caixa Econômica Federal (CEF)
Development
CEF correspondents serve all Brazilian
Marketing
regions ► Communication
► Research
B d availability of funds under the
Broad il bilit f f d d th ► Brochures
► Promotional campaigns
Minha Casa, Minha Vida Program
► Campaigns
Indication/Benefits/Performance
33

34. CEO Salvador Shopping
Salvador - BA
Launched in September 2009
Outlook for the
Future:
F t
Cyrela s
Cyrela’s
Revised Plan

35. Excellent Track Record of Growth
Launches Pre - Sales Contracts
(R$ million) (R$ million)
5,393
4,827 4,612
4,392
2,917
1,915
972 1,211
1 211 3,428 3,332 949 1,023 3,074
2,815
1,924
1,004 1,369
700 713 755
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
Cyrela Partners Cyrela Partners
Consistent track record of growth in Launches and Pre-sales Contracts
35

36. Growth Opportunities Ahead
1 Ride the exceptional growth of the low-income segment in Brazil
2 Increase momentum of national expansion
3 Profitability driven growth in our core market
Launches (R$ billion)(1) Sales (R$ billion)(1)
6.9 - 7.7 6.2 - 6.9
4.6 - 5.1
4.6 5.1
46- 51
2009E 2010E 2009E 2010E
(1) Guidance range – Considering 100% stake
36

37. Xxxx
Guidance 2009 - 2012
Launches and Sales for 2009 - 2012
Guidance 2009 2010 2011 2012
Launches 4.6 to 5.1 6.9 to 7.7 8.3 to 9.1 10.5 to 11.5
(R$ billion)
Sales 4.6 to 5.1 6.2 to 6.9 7.6 to 8.4 9.7 to 10.7
(R$ billion)
% Cyrela 70% a 75% 73% a 77% > 75% > 75%
Living’s stake Margins over net revenue
for 2009 - 2012
% Living
2009 from 30% to 35% Gross margin 33% to 37%
2010 from 35% to 40%
2011 from 40% to 45%
EBITDA margin 20% to 24%
2012 from 45% to 50% Net margin 14% to 16%
37

38. Landbank Analysis – Acquisition of Land
Cyrela’s Landbank Maturity to Living’s Landbank Maturity
Launch (R$ million) to Launch (100% stake - R$ million)1
16,900
2,900
2 900
500
1,600
2,400 821 800
1,600 341
7,700 2009E 2010E 2011E 2012E Post 2012
809
Mid-High Income Landbank Maturity
t Launch (100% stake - R$ million)1
to L h t k illi )
5,100
4,241 16,100
6,891
6 891
4,800
5,100 309
1,880 3,500 3,420
4,491
4 491 1,539
1 539
3,500
2009E 2010E 2011E 2012E Post 2012
Existing Landbank Incremental Purchases 2009E 2010E 2011E 2012E Post 2012
70% of proceeds to be directed to landbank
(1) Potential PSV, 100%
38

39. Landbank Analysis – as of September 30, 2009
CYRELA Region breakdown(1) LIVING Region breakdown(1)
South + São Paulo
Southeast 7.7% (Metropolitan)
São Paulo South +
10.3%
10 3%
(Metropolitan) Southeast
Northeast 19.1% 24.7%
18.3%
São Paulo
(Other Cities)
10.3% Northeast
North 10.2% São Paulo
4.0% (Other Cities)
32.3%
North
1.0%
Rio de Janeiro Rio de Janeiro
40.7% 21.5%
Landbank to be acquired in all geographical regions
(1) PSV, 100%
39

40. 2016 Olympic Games
Strategically positioned landbank in Rio de Janeiro
Barra da Tijuca - RJ R$ 14bn of PSV in Rio de Janeiro of which almost
Janeiro,
90% is located in Barra da Tijuca
Cidade
C Barra da Tijuca was chosen as the location for the new
Jardim Centro
Metropolitano Olympic Games facilities, such as the Olympic Training
Center and the Olympic Village. Such facilities and their
benefiting to the region will endure for long after the
Gleba F
Olympic Games
Future facilities of
Olympic Games
2016 Until 2016, more than R$100 billion of investments
expected for the project
Península
P í l
► The civil construction sector is expected to
account for approximately 10% of the
investments
► The local government announced R$ 11.4 bn
$
investment in transportation infrastructure to
facilitate access to the region
Source: Rio 2016 official Olympic project
Cyrela is the best positioned real estate company to profit from the 2016 Olympic Games
40

41. Cyrela’s Investment Plan
Use of proceeds 100% related to growth
Uses (R$ million) Sources (R$ million)
850
1,000
2,500 2,500
1,000
900
350
600
300
Working capital Cost of Cost of Total Sale of Bond Follow-on Other Total
Landbank (Low Landbank (Mid-
(Mid stake in Offering Offering Financing
Income) High Income) Agra
41

42. Quinta dos Moinhos
Canoas - RS
Launched in August 2009
3Q09 R
Results
lt

43. Living’s Launches
 6 thousand units launched in 9M09 and 78% sold up to Oct/09
Average
A
Projects PSV % sold
Units % Cyrela price MCMV
(R$ thd) until Oct/09
(R$thd/un.)
9M09 794,160 5,967 77.2% 133 49.6% 78%
3Q09 450,897 3,501 79.1% 129 57.2% 79%
Fatto Jardim Botanico - Phase 1 52,053
52 053 379 79.0%
79 0% 137 23 98%
Fatto Sport Faria Lima Phase 2 35,609 304 79.0% 117 304 70%
Fatto Sport Faria Lima – Phase 3 35,609 304 79.0% 117 304 55%
Avanti Clube 50,824 400 50.0% 127 267 52%
Liber Res - Phase 2 37,909 390 100.0% 97 390 41%
Vitoria Pirituba Gaivota 24,847 264 60.0% 94 264 97%
Dez Curuça 21,294 252 50.0% 85 252 100%
Parque Dos Sonhos Buritis 16,202 200 50.0% 81 200 100%
Ecoparque - Belem - Phase 1 41,200 255 100.0% 162 - 100%
Ecoparque - Belem – Phase 2 41,200 255 100.0% 162 - 83%
Fatto Mansoes 49,310 228 91.6% 216 - 100%
Alcance Niteroi 19,781 114 100.0% 174 - 100%
Buritis Cond Clube - Phase 2 25,057 156 60.0% 161 - 74%
43

44. R$ 941 mm of Living launches scheduled for 4Q09*
2,539 units and R$ 264.5 million already launched in 4Q09 until October 30, 2009
Estimate launches for the year: 14 thousand units
y Launches in October 2009
Ventura Clube Morar – Porto Alegre - RS
Living Projects Launched in Oct/09
PSV: R$ 35 million
to be Region PSV Units
Units: 250
Launched in R$ million
Average price: R$141 thd/ un.
4Q09
26 BRASIL 941.0 8,133 Único Guarulhos – São Paulo
Launched in Oct/09
10 São Paulo 393.5 3.601 PSV: R$ 223 million
Units: 2.380
5 Rio de Janeiro 233.9
233 9 1.996
1 996 Average price: R$94 thd/ un.
un
4 Rio Grande do Sul 100.4 670 Parque dos Sonhos – Jacarandá – São
Paulo
2 Espírito Santo 8
78.7 590 Launched in Oct/09
PSV: R$ 30 million
2 Paraná 47.6 328 Units: 355
Average price: 84 thd/un.
2 Bahia 66.9 732
1 Pará 20.0 216
* Forecast according to guidance 44

45. Living’s Launches and Sales – 3Q09 and 9M09
Launches Pre-Sales
(R$ million) (R$ million)
1,459
441 1,171
369
794 808
736
181 215
217 474
451 1,018 440
94 139 107 802
518 613 593
357 335 333
3Q08 3Q09 9M08 9M09 3Q08 3Q09 9M08 9M09
Living Partners Living
Li i Partners
P t
Average Sales Speed
3Q08 47% 7% 7% 8% 6% 75%
4Q08 35% 9% 7% 4% 55%
1Q09 29% 41% 1%72%
2Q09 41% 37% 78%
3Q09 61%
In 3 months In 6 months In 9 months In 12 months In 15 months
45

46. Living’s Lanbank – 3Q09
PSV: Landbank distribution
 R$ 6.8 billion (100%)
 R$ 5 4 billion (% Living)
5.4
MCMV
55% Others
76 plots of land 45%
69% paid through swaps
Landbank by unit price
60,000
24,248 53,457
50,000
40,000
30,000 18,267
20,000
10,942
10,000
-
Up to From From Total
R$ 100 thd R$ 100 thd to R$ 130 thd to
R$ 130 thd R$ 200 thd
PS.: Calculations done in units 46

47. Launches
27 projects launched in 3Q09 and 49 in 9M09
Average price: R$ 248 thd /unit or R$ 3.5 thd /sq.m.
LIVING: 23.1% of PSV launched in 3Q09 and 25.7% in 9M09
Launches Distribution by region – 3Q09
(R$ million)
4,505
SP
1,447
53%
3,127
742
1,952 RJ
461 19%
1,138 3,058
2,385
2 385
327
1,491
811 Expansion
28%
3Q08 3Q09 9M08 9M09
Cyrela Partners
47

48. Contracted Sales
Sales peak record in September (45% of 3Q09 sales)
11.4
11 4 thousand units sold in 9M09
Sales Over Supply: 32.1% in 3Q09 vs. 21.9% in 2Q09
LIVING: 27.0% f
LIVING 27 0% of 3Q09 sales and 27 2 of 9M09 sales
l d 27.2 f l
35% of sales in 9M09 were from inventory
Sales Sales by region and brand – 3Q09
(R$ million)
SP
4,611 52%
1,528
1 528
2,973
769 RJ
1,631 16%
1,161 400 3,083
389 2,203
1,231
771
Expansion
3Q08 3Q09 9M08 9M09 32%
Cyrela Partners
48

49. Sales Speed – Cyrela + Living
Average Sales Speed
3Q08 44% 12% 5% 6% 5% 71%
4Q08 37% 10% 14% 9% 69%
1Q09 37% 30% 9% 75%
2Q09 49% 30% 79%
3Q09 52%
In 3 months In 6 months In 9 months In 12 months In 15 months
49

50. Landbank
R$ 37.2 billion in PSV (Cyrela’s stake is R$ 30.6 billion)
185 projects with 136 9 thd units 117 3 thd of which eligible for SFH financing
136.9 units, 117.3
Units in
landbank
l db k
21% up to R$ 130 thd 86% up toR$ 500 thd
1,073 136,946
140,000 7,331
11,283
9,763
120,000 39,150
100,000
80,000 39,137
60,000
40,000 18,267
20,000
20 000 10,942
10 942
-
Up to From From From From From From Above R$ Total
R$ 100 thd R$ 100 thd R$ 130 thd R$ 200 thd R$ 350 thd R$ 500 thd R$ 600 thd 1,200 thd
to to to to to to
R$ 130 thd R$ 200 thd R$ 350 thd R$ 500 thd R$ 600 thd R$ 1,200
thd
50

51. Financial Results
Net Revenue
(R$ million)
+38.1%
2,895.9
2 895 9
2,096.4
+79.7%
1,348.9
750.7
3Q08 3Q09 9M08 9M09
Gross Income
G I Net Revenue
Backlog
(R$ million)
(R$ million) 34,7% 33,6% 34,0%
40.7% 39.9%
34.0% 34.9%
+20.9%
1,010.5 4.741,0
4.173,5 4.355,8
836.0
+50.0%
+50 0%
458.6
305.7
3Q08 3Q09 9M08 9M09
1Q09 1H09 9M09
Gross Profit Gross Margin
Revenue to be Recog. Gross Mg. To be Recog. 51

52. Accounts Receivable
Accounts receivable performance Receivables’ remuneration
(R$ million) (R$ million)
8,327 Built: IGP-M + 12%
7,685 7,464 Under construction: INCC
8,327
8 32
765
7,561
1Q09 1H09 9M09
Receivables
2,877
Receivables Schedule
(R$ million) Constructed units
Units under construction
2,412 Construction cost to incur- sold
1,646
1,181
798
518 410 376 354 329 302
2009 2010 2011 2012 2013 2014 2015 2016 2017 Until
2028
52

53. Financial Results
EBITDA Net Profit
(R$ million) (R$ million)
19.6%
22.6% 18.0%
18 0%
21 7%
21.7%
19.6% 18.8%
11.5%
11 5%
653.9 10.4%
+65.8% 521.6
394.3 +117.0%
+99.6%
293 3
293.3 264.1
264 1 240.4
240 4
+239.0%
146.9
77.9
3Q08 3Q09 9M08 9M09 3Q08 3Q09 9M08 9M09
EBITDA EBITDA Margin Net Profit Net Margin
Expenses over Contracted Sales Expenses over Net Revenue
14.5%
12.2% 11.6%
10.9%
7.9%
7 9% 7.8%
7.1%
7 1%
9.6% 9.5% 6.3% 5.9% 8.5% 6.0%
7.6%
6.8%
5.5% 6.1% 5.8%
5.0%
4.1%
3Q09 4Q08 1Q09 2Q09 3Q09 3Q09 4Q08 1Q09 2Q09 3Q09
Selling Expenses Gen. & Admin. Expenses Selling Expenses Gen. & Admin. Expenses
53

54. Liquidity
Debt Balance
(R$ million)
illi ) Maturity Cost
Sep 30, 2009
SFH 1,117.6 2009 to 2014 TR + ~ 10.4% p.a.
Debentures 1st issuance 500.0 2012, 2013, 2014 CDI + 0.48% p.a.
Debentures 2nd issuance* 373.0 2018 CDI + 0.65% p.a.
Debentures 3rd issuance 350.0 2014 CDI + 0.81% p.a.
Nov/2010, Nov/2011,
Bradesco (stand-by) and others 378.6 CDI + 0.81% p.a.
Nov/2012, Nov/2013
Loans (foreign currency) – US$ 50 million 88.9 Sep/2011 and Sep/2012 Libor + 3.5% and 4.3% p.a.
Total Debt withSFH 2,808.1
Net Debt withSFH
Total Debt without SFH 1,690.5 = 3.0 times
Cash and Cash Equivalents (865.1) LTM EBITDA
Net Debt withSFH 1,943.0
Net Debt without SFH 825.4 Net Debt without SFH
= 1.3 time
LTM EBITDA
* Repactuation in 2010 and 2011
54

55. Pre-Sales to be Recognized
R$ million 2007 2008 September 30 ‘09
Sales to be recognized at the beginning of the period 1,597.1 4,081.6 5,124.2
Net sales recorded in the period 4,515.2
4 515 2 3,974.4
3 974 4 2.401,2
2 401 2
Revenues recognized in the period (2,030.3) (2,930.8) (2.974,8)
Sales to be recognized at the end of the period 4,081.6 5,124.1 4.520,8
Taxes (149.0)
(149 0) (187.0)
(187 0) (165,0)
(165 0)
Cost of units sold to be recognized (2,604.7) (3,217.2) (2.876,6)
Selling Expenses (26.3) (37.6) (23,5)
Gross profit to be recognized 1,327.9 1,719.9 1.479,3
Percentage of gross profit 32.5% 33.5% 34,0%
55

56. Delays and Cancellations
Delays
3,11%
3 11%
2,27%
2,00% 2,06%
1,92%1,87%1,82%
1,52% 1,64%
1,34% 1,43% 1,35% 1,38%
1,79% 1,92%
1,09%
1,59%
1,43% ,
1,37% 1,39%
1,26%
1 26%
Delays above 31 days
Cancellations
0,36%
0,26% 0,26% 0,27%
0,23% 0,24%
0,23% 0,22%
0,21% 0,20% 0,21%
0,23%
0 23% 0,17%
,
0,22%
0 22%
0,14%
0,18% 0,20% 0,13%
0,09%
0,07%
0,07%
Cancellation index = cancellations / active clients
Obs.: Considering only the portfolio managed by Cyrela 56

57. NovaAmérica - Califórnia Collection
São Paulo-SP
Launched in September 2009
Appendix
A di

58. Shareholder Structure
Current ownership % Post-offering ownership %
Controlling
Shareholders,
Controlling Board
Shareholders, Members and
Board Management;
Members and
36.9%
Management;
42.3%
Free Float
Free Float; 63.1%
57.7%
Market Cap1: R$ 8.1 bn
p $ Market Cap post-offering1: R$ 9.3 bn
pp g $
Free Float1: R$ 4.7 bn Free Float post-offering1: R$ 5.9 bn
Daily liquidity2: R$ 71 mm Daily liquidity post-offering: R$ 114 mm
368,615,226 common shares 422,365,226 common shares2
1
1- Based on the price offer of R$ 22.00
22 00
2- ADTV in 2009 until Oct 27, 2009
3- ADTV from Oct 28, 2009 until Nov 11, 2009
58

59. Typical Cyrela Project
Completion
Launch Go-ahead Delivery
of payments
6M - 18M
Construction
Licensing
0M 6M 12M 18M 24M 30M 36M Up to 100M
Pre-sales
Pre sales 0 50 70 80 90 95 100 100
% Budget
- - 0% 20% 40% 65% 100% 100%
Costs
Revenues - - 0 16 36 62 100 100
Collections - 7 14 20 28 34 50 100
(cumulative)
Assumptions for this example:
 Potential sales: R$ 100 million
 Exchange agreements (land): R$ 20 million (recognized as revenues and COGS)
 Does not include financial revenues deriving from customer financing
59

60. Typical Living Project
Shorter operating cycle: 24 months
Launch Go-ahead Delivery Financing
0 - 6 months Construction
Pre-Launching
0M 6M 12M 18M 24M Up to 28M
Contracted Sales - 70 80 90 100 100
(cumulative)
%Construction
- - 23% 55% 100% 100%
Cost
Revenues - - 19 49 100
(cumulative)
100
Collections - 6 11 13 20
(cumulative)
100
Assumptions for this example:
 Potential Sales: R$ 100 million
 Exchange agreements: 100% (R$10 mm), 80% of unit price financed by commercial banks
 Client is fully financed by the banks after keys handover
60

61. Joint Ventures
% CBR Region Segment Year
50% São Paulo Middle / Mid-High 2006
50% São Paulo Mid-High / Luxury 2007
50% MG and DF All 2007
50% São Paulo Middle / Mid-High 2008
50% Buenos Aires All 2007
Economic / Super
50% São Paulo 2007
Economic
Economic / Super
79% São Paulo 2006
Economic
The former JV Goldsztein Cyrela was acquired in June 2009.
61

62. Geographical Expansion
Presence in 55 cities in 17 states of Brazil and Buenos Aires in Argentina
64 Projects outside SP – RJ region
R$ 11.2 billion of PSV
(Cyrela’s stake: 72%)
Barueri | Belém | Belford Roxo | Belo Horizonte |
Cabo Frio | Campinas | Campos | Canoas | Caxias
do Sul | Caxias | Cotia | Curitiba | Diadema | Duque
de Caxias | Ferraz de Vasconcelos | Florianópolis
| F t l
Fortaleza | G iâ i | G
Goiânia Gravataí | G
t í Guarulhos |
lh
Jacareí | Jacarepaguá | João Pessoa | Jundiaí |
Lauro de Freitas | Maceió | Manaus | Mogi das
Cruzes | Natal | Niterói | Nizia Floresta | Nova
Iguaçu | Novo Hamburgo | Palhoça | Parnamirim |
Porto Alegre | Praia Grande | Recife | Rezende
| Ribeirão Preto | Rio de Janeiro | Salvador |
be ão eto o Ja e o Sa ado
Santo André | São Bernardo | São Caetano | São
Gonçalo | São J. dos Campos | São José do Rio
Preto | São Luis | São Paulo | São Sebastião |
Serra | Sorocaba | Vila Velha | Vitória
62

63. Contact us
Cyrela Brazil Realty S.A. Empreendimentos e Participações
Av Presidente Juscelino Kubitschek 1 455 3rd floor
Av. Kubitschek, 1.455,
São Paulo - SP – Brasil
CEP 04543-011
Investor Relations
Phone: (55 11) 4502-3153
ir@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 and estimates of future economic circumstances, industry conditions, company performance and the financial
results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management's expectations
of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company's business
plan. Such future considerations rely substantially on changes in market conditions, government rules, competitor's
competitor s
pressure, segment performance and the Brazilian economy, among other factors, in addition to the risks presented on the
released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.
63