Institucional Presentation - November 2006

1. Company Presentation
November 2006

2. Disclaimer
This material that follows is a presentation of general background information about Cyrela Brazil Realty as of the date of
the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon
as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No
representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy,
fairness, or completeness of the information presented herein.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and
are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be,
as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of
Cyrela Brazil Realty and its subsidiaries that may cause the actual results of the companies to be materially different from
any future results expressed or implied in such forward-looking statements.
Although Cyrela Brazil Realty believes that the expectations and assumptions reflected in the forward-looking statements
are reasonable based on information currently available to Cyrela Brazil Realty management, Cyrela Brazil Realty cannot
guarantee future results or events. Cyrela Brazil Realty expressly disclaims a duty to update any of the forward-looking
statement.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the
Securities Act of 1933. Any offering of securities to be made in the United States will be made by means of an offering
circular that may be obtained from the underwriters.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any
securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment
whatsoever.
2

3. Agenda
1. Company Highlights
2. Recent Events
4. Financial Information
Appendix
3

4. Shareholder Structure
Before Equity Offering
Before Equity Offering Post-Equity Offering(1)
Post-Equity Offering(1)
Controlling
Shareholders Controlling
51% Shareholders
42%
Free Float Free Float
46% 55%
Management Management
3% 3%
152,532,439 shares
152,532,439 shares 177,232,439 shares
177,232,439 shares
(1) Include exercise of 15% "greenshoe“
After the equity offering, the free float increased to 55%
After the equity offering, the free float increased to 55% 4

5. Cyrela Price Performance and Trading Volume
Price pe r Share - CYRE3
50 140.000.000
45 IPO Follow -On
Se p/05 Jul/06 120.000.000
40
(Trading Volume - R$)
100.000.000
(Closing Price - R$)
35
30 80.000.000
25
60.000.000
20
15 40.000.000
10
20.000.000
5
- -
06
05
06
5
5
5
6
6
05
05
06
06
6
6
t/0
/0
/0
t/0
/0
/0
/0
v/
v/
v/
n/
n/
n/
n/
ar
ar
o
o
ai
ou
se
fe
no
no
ja
ju
ja
ju
ag
ag
m
m
m
Volume (R$) Price (R$)
9M06 Average Daily Trading Volume (ADTV): R$ 16 million
5

6. Main Activities of Cyrela Brazil Realty
Gross Revenues - 2005
R$725 million
Residential Development
Residential Development
Focus on the development of residential buildings for high and mid-
high income classes in São Paulo and Rio de Janeiro
19 launches in 2005 totaling R$ 1.052 billion in potential sales, of
which 58.0% were pre-sold in the period (R$ 1.930 bi in 9M06)
Pre-sales contracts of R$ 983 million in 2005 (R$ 1.346 bi in 9M06)
93%(*)
Land bank with 5.9 million m2 to be launched
Rental Portfolio
Rental Portfolio
CBR currently leases prime office properties and owns participations
in 3 shopping centers in São Paulo
Services
Services
5% CBR provides administrative services to commercial buildings and
shopping centers, real estate brokerage and construction fees
2% charged over partners
(*) Excluding office sales = 90% 6

7. Smart and Efficient Financial Management
Land Exchange agreements (80%) when acquiring land to
reduce cash disbursements
Construction financed by customers
15% received before start of construction
Construction 56% received before delivery of the unit
More than 70% of units sold before start of
construction
Use of SFH (1) funds (TR + 12% p.a.)
Customer financing of receivables at INCC (2)
Customer financing of remaining receivables at
Post - IGP-M + 12% p.a.(3)
delivery Insignificant losses from default
(1) Brazilian mortgage financing system, reference rate index (TR) was 2.9% p.a. in 2005
(2) Residential Construction Cost index
(3) General market price index 7

8. Consolidated Leadership in the
Largest Brazilian Markets
São Paulo Rio de Janeiro
10 largest players = 33%
10 largest players = 33% 10 largest players = 74%
10 largest players = 74%
10% 20%
13%
12% 12%
4% 3%
3%
(1)
2005
2005 1st
1st 2nd
2nd 3rd
3rd 4th
4th 1st
1st 2nd
2nd 3rd
3rd 4th
4th
2004
2004 1st
1st 10th
10th -- -- 1st
1st 4th
4th 6th
6th --
2003
2003 1st
1st 2nd
2nd -- -- 2nd
2nd 3rd
3rd 1st
1st --
Source: Embraesp, % of developments launched Source: Ademi, % of VGV launched
(1) Cyrela RJZ Empreendimentos Imobiliários Ltda.
Cyrela has the leading brand in the main Brazilian real estate markets
Cyrela has the leading brand in the main Brazilian real estate markets 8

9. Launches
Potential Sales (R$ million)
Potential Sales (R$ million)
1,052
826 .4% Usable Area (m² 000)
Usable Area (m² 000)
.: 2 7
C AGR 721
386
660
286 %
3 4 .9
R.:
331
C AG
166 294
234
2004 2005
92
52
2004 2005
SP RJ
9

10. Launches – 9M06
Potential Sales
Usable Area # of Units (*) % Cyrela % Sold
(R$000)
São Paulo 975,964 326,564 2,238 70.7 67.1
Rio de Janeiro 701,478 124,025 747 48.4 73.6
Minas Gerais 134,528 36,358 110 50.0 30.9
Rio Gde do Sul 31,226 12,424 170 42.5 57.1
Other Cities 86,751 39,600 241 17.2 43.6
2006 Total 1,929,947 538,971 3,506 58.3 65.3
1,929
% (R$ million)
.1 976
92 SP
+ RJ
701 MG
1,004
RS
721 135 Other Cities
31
283 87
(*) exchange excluded 9M05 9M06
10

11. Launches – 9M06 – By Segment
Potential Sales
(R$ 000) Luxury Mid-High Middle % Total
São Paulo - 723,558 252,406 51%
Rio de Janeiro 583,297 118,182 - 36%
Minas Gerais - 134,528 - 7%
Rio Gde do Sul - - 31,226 2%
Other Cities - - 86,751 4%
Total 583,297 976,268 370,383 100%
By Segment
19% 30%
Luxury
Mid-High
Middle
51%
11

12. Excellent Track Record of Growth
Pre-Sales Contracts -- in R$ million
Pre-Sales Contracts in R$ million
(1998 – 2005)
(1998 – 2005)
983
CAGR
CAGR
2002-2005 (in R$ MM)
2002-2005 (in R$ MM)
807
51%
365
290 285 = 30%
211 A GR 5%
195 05 C
153 8 - 20
199
Market CBR
SP + RJ
1998 1999 2000 2001 2002 2003 2004 2005 Source: Embraesp and Ademi
Consistent track record of growth in Pre-sales Contracts
Consistent track record of growth in Pre-sales Contracts 12

13. Pre-Sales Contracts
Pre-Sales increased 99.7% Y-o-Y
1,345
9M05
9M05 9M06
9M06
7%
99.
+ 912
30%
44% 56%
674 70%
339
492 41
17
Inventory
182 36
Launches
9M05 9M06
(R$ million)
SP RJ MG RS Other Cities
13

14. Pre-Sales to be Recognized
R$ mm (as of) 2004 2005 3Q06
Sales to be recognized at the beginning of the period 366.5 678.7 1,379.4
Sales recorded in the period 825.8 1,012.5 264.7
Revenues recognized in the period (513.6) (671.2) (216.9)
Sales to be recognized at the end of the period 678.7 1,020.0 1,427.2
Cost of units sold to be recognized (363.0) (521.1) (794.4)
Selling expenses (19.8) (21.0) (32.7)
Profit to be recognized (deferred results) 295.9 477.8 600.1
Percentage of gross profit 46.5% 48.9% 44.3%
14

15. Recent Events
15

16. Major Accomplishments Since IPO
Significant Growth in Land Bank
Growth Through JVs / Acquisitions
Growth Through Geographical Diversification
Entering Middle Low Income Segment
Expansion of Management Team
16

17. Significant Growth in Land Bank
Land Bank
Land Bank
Land bank in prime areas in São (million of m2 in usable area)
,5 %
Paulo, Rio de Janeiro and other 8 Grow
t h: 27
2 5.9
cities:
5.9 million m2 in buildable area
1.6
4.3 million m2 added since IPO
Potential Sales of R$ 16 billion Sept. 05 Sept 06
Acquisition Form
Acquisition Form Distribution of Land Bank Area
Distribution of Land Bank Area
% Total
Cash
16% São Paulo 38.2%
Rio de Janeiro 56.1%
Exchange
84% Belo Horizonte 1.2%
Vitória 0.5%
Salvador 0.4%
Porto Alegre 0.9%
Other Cities 2.8%
Total 100%
Enough land bank to secure next 5 years of launches in average
Enough land bank to secure next 5 years of launches in average 17

18. Landbank – 9M06 – by Segment
Usable Area (m²)
Luxury Mid-High Middle Economic Exchange
%
CBR 60,566 1,523,324 2,928,676 218,559 88%
Joint Ventures 50,825 67,542 578,815 521,528 53%
Total 111,391 1,590,866 3,507,491 740,087
% Total 1.9 26.7 59.0 12.4
Total Potential Sales: R$ 16 billion
18

19. Growth Through JVs / Acquisitions
4 joint ventures established with other players in the sector:
Best talents in the sector
R$240 MM in capital committed to fund the business
Acquisition of RJZ in May 06
Commitment
Commitment Planned
Planned
% Cyrela
% Cyrela City
City Market Type
Market Type to Invest
to Invest Launches ‘06
Launches ‘06
São Paulo/
São Paulo/
49%
49% Mid-High/High
Mid-High/High R$120
R$120 R$567
R$567
Salvador
Salvador
50%
50% São Paulo
São Paulo Mid-High/High
Mid-High/High R$50
R$50 R$134
R$134
79%
79% São Paulo
São Paulo Mid-Low/Low
Mid-Low/Low R$50
R$50 R$97
R$97
50%
50% Porto Alegre
Porto Alegre Mid-High/High
Mid-High/High R$20
R$20 R$106
R$106
100%
100% Rio de Janeiro
Rio de Janeiro Mid-High/High
Mid-High/High N.A.
N.A. N.A.
N.A.
(Acquired)
(Acquired)
Total R$240
R$240 R$904
R$904
19

20. Growth Through Geographical Diversification
Entered 8 new cities through JVs and partnerships
Belo Horizonte, Salvador, Porto Alegre (and South Region), Santos, Vitória, Niterói, Jundiaí and Guarulhos
4 other cities under negotiations
Salvador
Lider
Lider
Belo Horizonte
Vitória
Campinas São Paulo Rio de Janeiro
Santos
Porto Alegre
New cities
Previous cities
20

21. Entering Lower Middle Class Income Segment
Creation of a lower middle income class division in CBR
Joint Venture with Plano & Plano
Talented management team
Partnerships with other players in the segment
Planned launches totaling R$100 million in potential sales for 2006
Housing Deficit
Housing Deficit Income Segments in Brazil
Income Segments in Brazil
(million homes)
9 Consumption
7.2
6.7 A/B 19% > 10 min wages - US$ 1,240 52%
6 5.4 C 30% 4 – 10 min wages 28%
US$ 500 - US$ 1,240
< 4 min wages - US$ 500
3
D/E 51% 20%
0
1991 2000 2005
Source: Fundação João Pinheiro 47 mn households
Source: Losango
Segment with the highest long-term growth potential
Segment with the highest long-term growth potential 21

22. Financing: Interest and Term Impact
Monthly Instalment (R$)
Monthly Instalment (R$)
Model:
Loan Term (years)
Unit Value: R$ 120,000 10 15 20 25 30
12% 1,291 1,080 991 948 926
Real Interest Rate (%)
Loan-To-Value: 75%
11% 1,240 1,023 929 882 857
Loan: R$ 90,000 10% 1,189 967 869 818 790
9% 1,140 913 810 755 724
Mortgage Effort: 30% 8% 1,092 860 753 695 660
7% 1,045 809 698 636 599
6% 999 759 645 580 540
5% 955 712 594 526 483
Example
Rental : R$800 per month
Minimum Wages Required (monthly salary)
Minimum Wages Required (monthly salary)
Annual Yield: 8%
Loan Term (years)
10 15 20 25 30
Equivalent to Loan Instalment with
12% 12 10 9 9 9
Real Interest Rate (%)
Real Interest Rate at 8% and 20 years
11% 12 10 9 8 8
term.
10% 11 9 8 8 8
9% 11 9 8 7 7
8% 10 8 7 7 6
7% 10 8 7 6 6
6% 10 7 6 6 5
5% 9 7 6 5 5
22

23. Expansion of Management Team
Board of Directors
Corporate
CEO
Marketing
Human Resources
Controlling
Financial Management
IT
Investor Relations
Vice President
Rio de Janeiro
Rental /
New
Land Construction Developments Land Shopping Developments Construction Sales
Businesses
Center
Stock option plan implemented in May 2006 covered all the executive officers
and 50% of the managers
Cyrela has the deepest management bench in the real estate sector
Cyrela has the deepest management bench in the real estate sector 23

24. Financial Information
24

25. Net Revenues
R$ million 2003 2004 2005 9M05 9M06
Development Sales 300,192 513,634 671,173 556,766 698,102
Rent of Properties 30,831 36,343 36,193 28,097 40,123
Services 5,797 7,025 17,833 11,405 16,378
(-) Deduction (13,514) (32,565) (36,351) (30,473) (28,707)
Net Revenues 323,306 524,437 688,848 565,795 725,896
Net Revenues
Net Revenues
(R$ million)
(R$ million)
726
689
524
566
%
4 6 .0
R.: .3 %
323 C AG 28
2003 2004 2005 9M05 9M06 25

26. Operating Expenses
R$ million 2003 2004 2005 9M05 9M06
Selling Expenses (30,927) (45,335) (94,315) (67,032) (81,492)
Administrative Expenses (22,464) (33,124) (44,844) (32,122) (49,616)
Employees Participation - - - - (3,000)
Others (1,866) 2,750 963 823 3,943
Operational Expenses (55,257) (75,709) (138,196) (98,331) (130,165)
Underwriting Expense (25,726) (25,726) (20,827)
Total Expenses (55,257) (75,709) (163,922) (124,057) (150,992)
Operating Expenses
Operating Expenses
(R$ million)
(R$ million)
151
138
124
%
76 1.7
.1 % +2
55 58
R.:
C AG
2003 2004 2005 9M05 9M06
26

27. Financial Highlights - I
Net Revenues
Net Revenues Gross Profit
Gross Profit
(R$ million)
(R$ million) (R$ million)
(R$ million)
726 8% 319 318
R: 46.0
% 689
: 43.
CAG GR 274
566 CA
524
213
.3 %
28
th 15 . 8
%
ow w th
323 Gr 154
Gro
48.5%
47.7% 46.3%
40.6% 43.8%
2003 2004 2005 9M05 9M06 2003 2004 2005 9M05 9M06
Net Revenues Gross Profit Margin
27

28. Financial Highlights - II
EBITDA
EBITDA Net Income
Net Income
(R$ million)
(R$ million) (R$ million)
(R$ million)
.8 %
R: 2 4 171
CAG 158 .7% 162
153 R: 2 0
140 CAG
128
101 105
88 3. 2 %
3% 81 th 5
th 11. Gro
w
w
Gro
27.1%
31.3% 29.2% 22.3%
26.8% 27.1% 18.6% 18.6%
22.9% 23.5% 15.5%
2003 2004 2005 9M05 9M06 2003 2004 2005 9M05 9M06
EBITDA – Adjusted
EBITDA – Adjusted
(*)
(*)
Net Income – Adjusted
Net Income – Adjusted
(*)
(*)
(R$ million)
(R$ million) (R$ million)
(R$ million)
182
.6 % 191
R: 3 4 183 179 32. 3
%
CAG R: 154
CAG
140 131
9. 1 %
101 .0 % 88 th 3
h7 Gro
w
Gr owt 81
27.1%
31.6% 29.2% 23.2% 25.1%
31.3% 26.8% 22.3%
26.6% 26.3% 15.5%
2003 2004 2005 9M05 9M06 2003 2004 2005 9M05 9M06
EBITDA EBITDA Margin Net Income Margin
28
(*) Excluding expenses from Public Share Offerings

29. Strong Financial Position
Historical net debt and coverage ratio
Historical net debt and coverage ratio Conservative financial approach towards
(R$ million)
(R$ million) leverage
9M06: R$667mm - 667
Net Cash 3.8x Predictable cash flow generation obtained
2.0x
from a high percentage of pre-sales
- 316
0.7x contracts before beginning of
0.0x
- 94 construction
1
2003 2004 2005 9M06* High quality of receivables due to low
Net Debt Net Debt / LTM EBITDA
* Considers last twelve months EBITDA delinquency rates
Receivables vs. construction costs
Receivables vs. construction costs Total receivables exceed construction
(R$ million, as of September, 30 2006)
(R$ million, as of September, 30 2006) budget by 152%
2,038 82.0% Non-Recognized Receivables
(related to developments under
Long-term receivables
1,522
construction)
Short-term receivables
Construction budget 810
516
Solid financial position is key to sustaining credibility in Brazilian
29
Real Estate Market

30. Solid Mortgage Receivables Portfolio
Maturity Schedule of Total Receivables
Maturity Schedule of Total Receivables R$ 2,038 million in customer financing
(R$ million, as of September 2006) receivables at attractive market rates
(R$ million, as of September 2006)
Financing rates at INCC / IGP-M + 12% p.a.
Average maturity
3.8 years
461 418 428
377
200
154
Oct -Dec 2007 2008 2009 2010 2011 and
2006 after
Credit Portfolio and
Credit Portfolio and Very conservative credit approval
Historical Overdue Receivable Rates
Historical Overdue Receivable Rates policy and low historical delinquency
(R$ million, % of receivables) rates
(R$ million, % of receivables)
Sale secured by the unit being
Average overdue receivables rate of purchased
2.4 % from 2002-9M06 2,038
100% of overdue credit has always
1,378 been recovered
863
496
High and mid-high income classes
3.6%
2.1% 2.4% 2.4%
present lower delinquency rates than
2003 2004 2005 9M06
other classes
Credit portfolio 30-day overdue receivables
30

31. Recurring Income from Rental Portfolio and
Shopping Centers
Office Rentals & Occupancy Rates
Office Rentals & Occupancy Rates Prime office properties valued at R$210.5
(R$ per m2,, % of total area)
(R$ per m2 % of total area) million by CBRE
94% 91%
86% 84% Rental income of R$ 20.3 million in 2005
R$ 44.24
R$ 40.64
R$ 36.09 Occupancy rate constantly above 84%
R$ 30.68
Prime tenants
Itaú, Credicard, Samsung, Net,
2002 2003 2004 1H05 Grupo Telefonica
Office rentals Occupancy rates
Interest in minority stakes in shopping
centers
Income of R$ 15.9 million in 2005
Recurring income from offices and shopping centers covers CBR’s
31
administrative expenses

32. Appendix
32

33. History
60s 70s 90s 2000 2002 2005
First real estate Cyrela was Brazil Realty - Partnership Acquired IRSA Merger of
development, created in 1976 Joint Venture with RJZ to stake in Brazil Cyrela and
mostly land focusing on the with IRSA to enter Rio de Realty Brazil Realty
residential develop and Janeiro market
Public Offering
development rent office
business properties
(1994)
Brazil Realty
IPO (1996)
33

34. Succesfull Business Model
Experienced Know-How and Flexibility Expertise in Mix
Management to Pursue Business and Project
Team with a Opportunities Design
Successful
Track Record
Focus on Profitable Growth
Smart and
Business Model Efficiency in
Efficient
Based on Construction and Sales
Financial
Partnerships
Management
34

35. Typical Cyrela Project
Completion
Launch Go-ahead Delivery
of payments
6M - 9M
Construction
Licensing
0M 6M 12M 18M 24M 30M 36M Up to 100M
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
Payments – … 15 … … … 56 100
Assumptions for this example:
Potential sales: R$125 million
Exchange agreements (land): R$25 million
Does not include financial revenues in customer financing
35

36. Income Statement
R$ MM 2003 2004 2005 CAGR 9M05 9M06 Growth
Net Revenues(1) 323.3 524.4 688.8 46.0% 565.8 725.9 28.3%
Growth % 10.6% 62.2% 31.4%
Gross Profit 154.1 212.6 318.6 43.8% 274.5 317.9 15.8%
Margin % 47.7% 40.5% 46.2%
EBITDA 101.2 140.4 157.7 24.8% 153.5 170.5 11.3%
Margin % 31.3% 26.8% 22.9% % %
Income Taxes (18.9) (46.6) (17.8) (24.4) (38.7)
Minority Interest (14.7) (16.1) (16.1) (17.8) (23.7)
Net Income 87.7 81.0 127.8 20.7% 105.5 161.7 53.2%
Adjusted Net Income 87.7 123.0 153.6 32.3% 131.5 182.5 39.1%
(1) Includes residential development revenues, rentals and services
Consistent Growth in Sales with Sustained Profitability
Consistent Growth in Sales with Sustained Profitability 36

37. Consolidated Balance Sheet
R$ million 2003 2004 2005 9M06
Cash and Equivalents 99.8 81.0 95.5 43.2
Receivables 219.3 192.5 190.3 441.5
Real Estate in Inventory 330.0 429.0 421.0 694.5
Other Current Assets 48.7 142.0 129.0 857.6
Long term receivables 283.2 240.5 271.0 244.4
Other long term assets 130.7 138.4 556.6 308.5
Permanent Assets 106.7 88.8 111.9 183.6
TOTAL ASSETS 1,218.4
[] 1,312.3
[] 1,775.3
[] 2,773.2
[]
ST loans and financing 124.3
[] 158.1
[] 95.1
[] 70.6
[]
Costs to complete projects 123.9
[] 55.6
[] 25.2
[] 17.8
[]
Accounts payable 47.5
[] 111.6
[] 77.1
[] 152.5
[]
Other current liabilities 124.0 143.8 205.9 223.0
LT loans and financing 65.3 106.9 108.7 91.3
Other liabilities 282.3 221.5 166.0 169.9
Minority Interest 46.6 72.5 78.5 117.9
Shareholders’ Equity 404.4 442.4 1,018.8 1,930.1
TOTAL LIABILITIES 1,218.4 1,312.3 1,775.3 2,773.2
37

38. Net Financial Debt
R$ mm 2003 2004 2005 3Q06
Long-term Debt 65.4 106.9 108.7 91.3
Short-term Debt 124.3 158.1 95.1 70.6
Total Debt 189.7 265.0 203.8 161.9
Cash & Cash Equivalents (188.8) (170.9) (520.0) (828.9)
Net Debt 0.9 94.1 (316.2) (667.0)
38

39. Contact IR
Cyrela Brazil Realty S.A. Empreendimentos e Participações
Address: Av. Brigadeiro Faria Lima, nº 3.400, 10º floor
São Paulo - SP - Brazil
Zip: 04538-132
Luis Largman
CFO and Investor Relations Officer
Phone: 55 (11) 4502-3153
Fax: 55 (11) 4502-3149
e-mail: ri@cyrela.com.br
www.cyrela.com.br/ir
39