Green Design Offices São Paulo SP Launched in May/10 2Q10 RESULTS AUGUST,

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1 Green Design Offices São Paulo SP Launched in May/10 2Q10 RESULTS AUGUST,

2 Escritórios Mooca São Paulo - SP Launched in May/10 2Q10 Results Introduction Elie Horn Operating and Financial Results Luis Largman

3 Cyrela Highlights g Pre-sales: R$ 1.5 bn in 2Q10 e R$ 2.6 bn in 1H10 reaching 40% of the guidance R$ 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$ million with Net Margin of 13.9% Reassurance of the guidance announced in Nov/09: Living: Launches: R$ 6.9 billion to R$ 7.7 billion (100%) Contracted Sales: R$ 6.2 billion to R$ 6.9 billion (100%) 41.8% of PSV launched in 1H10 R$ 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 155 ongoing construction sites, of which 68 are Living sites 3

4 Maximo Guarulhos Guarulhos SP Launched in May/10 Operating Results Living

5 Launches (R$ million) % Living s Launches Region breakdown 1H10 SP 30% % 9% Q09 2Q10 1H09 1H10 South 9% North 4% Northeast 34% RJ 10% Southeast others 13% Living Partners Living: 35.2% of PSV launched in 2Q10 and 41.8% in 1H10 9 projects launched in 2Q10 and 18 in 1H thd units in 1H10, of which 3,241 units within MCMV program Average unit price of R$ 122 thd/unit in 2Q10 5

6 Living s Sales Pre-Sales (R$ million) % Region breakdown 1H10 SP 35% % South 11% North 6% Northeast 26% RJ 12% Southeast others 10% 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 Average unit price of R$ thd 2Q10 6

7 Sales Speed Living Average Sales Speed of Launches 2Q09 41% 37% 7% 2% 7% 95% 3Q09 61% 24% 8% 6% 98% 4Q09 74% 16% 6% 96% 1Q10 51% 34% 85% 2Q10 43% In 3 months In 6 months In 9 months In 12 months In 15 months 7

8 Living s Landbank Living 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$ thd PSV Living s landbank by unit price (R$ million) Region breakdown 9,000 8,000 7,000 3, ,924 RJ 19% 6,000 5,000 4,000 3,000 2,000 1,000 1, ,507 São Paulo 43% Southeast others 4% South 18% - Up to R$ 100 thd From R$ 100 thd to R$ 130 thd From R$ 130 thd to R$ 200 thd Total North 8% Northeast 8% 40.2 thd units or 52% of PSV eligible to MCMV program 8

9 Minha Casa, Minha Vida Program Contracted Units Caixa Living % Living 3to10M.W. 6.5% of market 0-3 Minimum Wages 240,569 2, % share in 3-10 Minimum Wages 280,374 18, % approvals Total 520,943 20, % (PJ + PF) Living no MCMV Evaluation Company contracting Company (PJ) and Client (PF) contracting Contracted (PJ) Submitted 2,000 Approved for sale 12,792 To be contracted + + 4,382 16,390 Total Transferred Contracted (PF) = 39,964 4,400* *1,700 units were transferred from April to June 2010 Note.: Contracts of Caixa until June, Living updated until June,

10 Previlege Exclusive Houses Porto Alegre - RS Launched in June/10 Operating Results

11 Launches Cyrela and Living 15 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 Launches (R$ million) Region breakdown 1H % 1,723.8 Midwest 12% SP 22% % 1, , North 2% , Q09 2Q10 1H09 1H10 Northeast 25% South 13% RJ 21% Southeast others 5% Cyrela Partners 11

12 Pre-Sales Cyrela and Living 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 1H % 2, SP 36% % 1,539.9 Midwest 1, % North RJ , % 18% , ,4 2Q09 2Q10 1H09 1H10 Northeast 23% Southeast others 6% South + Arg 8% Cyrela Partners 12 * Considering monthly average mid range of sales guidance

13 Sales Speed Cyrela Average Sales Speed of Launches 2Q09 53% 26% 5%3%4% 91% 3Q09 49% 19% 8% 7% 84% 4Q09 49% 11% 10% 69% 1Q10 44% 16% 59% 2Q10 69% In 3 months In 6 months In 9 months In 12 months In 15 months 13

14 Sales Speed Cyrela and Living Sales over Supply (VSO) 69.6% 32.1% 37.6% 25.4% 35.7% 3Q09 4Q09 1Q10 2Q10 12M Average Sales Speed of Launches 2Q09 49% 30% 6% 2% 5% 92% 3Q09 52% 20% 8% 6% 87% 4Q09 59% 13% 8% 80% 1Q10 48% 25% 73% 2Q10 60% In 3 months In 6 months In 9 months In 12 months In 15 months 14

15 Landbank PSV of R$ 39.7 billion (100%) and R$ 33.0 billion (%CBR) RJ 37% 19 plots of land acquired in 2Q10 with R$ 1.8 bn PSV 75% of landbank paid through swaps 207 projects with 152,000 units São Paulo 30% Southeast others 2% Northeast 18% Landbank by unit price 26% up to R$ 130 thd 87% up to R$ 500 thd South+Arg+Ur ug 7% NorthMidweast 5% 1% 160, , ,000 10,392 42,150 11,151 7,606 1, , ,000 80,000 39,641 60,000 40,000 20,000 17,651 22,148 - Up to R$ 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 15

16 Units Delivered in 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$ million Delivery forecast in 2010 : 17 to 21 thousand units Today: 155 construction sites, of which 68 are Living Global Park - RJ Delivered in May/10 Essência Alphaville - SP Delivered in June/10 Fatto Novo Avelino (Living) - SP Delivered in June/10 16

17 Jardim de Provence São Luis - MA Launched in June/2010 Financial Results

18 Financial Results (R$ million) Net Revenue % 2, % , , Q09 2Q10 1H09 1H % Gross Income 32.6% 35.7% 33.7% Backlog 34.4% 34.3% 33.4% % , , , % Q09 2Q10 1H09 1H Q10 1H10 Gross Profit Gross Margin Revenue to be Recog. Gross Mg. To be Recog. 18

19 EBITDA Financial Results (R$ million) Net Profit 23,9% 18,5% 23,3% 19,1% 17.9% 13.9% 16.6% 14.6% + 6.4% % 360,6 446, % % ,4 222, Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10 EBITDA EBITDA Margin Net Profit Net Margin Ratio Expenses to Sales Ratio Expenses to Net Revenue % 4.3% 6.3% 6.1% 5.9% 41% 4.1% 4.0% 2.7% 8.8% 7.0% 6.7% 4.8% 6.0% 5.8% 7.1% 7.6% 5.0% 5.1% 83% 8.3% 8.5% 6.6% 6.2% 2Q09 3Q09 4Q09 1Q10 2Q10 Selling Expenses Gen. & Admin. Expenses 2Q09 3Q09 4Q09 1Q10 2Q10 Selling Expenses Gen. & Admin. Expenses 19

20 Accounts Receivable (R$ million) Accounts Receivable And Costs to be incurred (R$ million) Accounts Receivable Schedule (R$ million) , , , ,429 Finished units: IGP-M + 12% Under Construction: INCC , , , Up to ,167.4 Constructed units 3,755 Schedule of costs to be incurred (sold units- R$ million) Units under construction Construction cost to incur sold units , ,764.9 Further years

21 Liquidity Debt (R$ million) Balance June 30, 2010 Maturity Cost SFH 1, to 2014 TR + ~ 10.4% p.a. Debentures 1 st issuance ,2013,2014 CDI % p.a. Debentures 2 nd issuance CDI % p.a. Debentures 3 rd issuance CDI % p.a. Bradesco (stand-by) and others Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI % p.a. Loans (foreign currency) US$ 50 million 54.0 Sep/2011 and Sep/2012 Libor + 3.5% and 4.3% p.a. Total Debt withsfh 2,746.7 Total Debt without SFH 1,168.5 Cash and Cash Equivalents (997.1) Net Debt withsfh 1,749.6 Net Debt without SFH Net Debt with SFH LTM EBITDA Net CASH without SFH = 2.3 times = 0.2 time * Interest rate repactuation in Jan/11 LTM EBITDA 21

22 Contact us Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Presidente Juscelino Kubitschek, 1.455, 3 rd floor São Paulo - SP Brasil CEP Investor Relations Phone: (55 11) ri@cyrela.com.br 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 bt till onchanges in market conditions. government rules. 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. 22