1

Grand Life SaúdeSão Paulo - SP

Launched in Sep, 2005Delivered in Oct, 2008

100% sold

Company PresentationJanuary 2009

2

Agenda

Company Highlights

Financial Information

Appendix

Sector Review

3

Sector Review

Floris Bosque ResidencialSão Paulo - SPLaunched in August, 200890% sold until September, 2008

4

Demand in Expansion

São Paulo Rio de Janeiro

Source: SECOVI-SP/EMBRAESP Source: ADEMI-RJ

Supply to Sales - 12 month curve in units

Porto Alegre Fortaleza

Source: SINDUSCON-CE/FIECSource: SINDUSCON-RS

Supply to Sales - 12 month curve in units

Supply to Sales - 12 month curve in units

Supply to Sales - 12 month curve in units

Mar-0111.2

Apr-076.8

Mar-0610.0

Jul-0414.1 Mar-03

11.9

Apr-0012.5

Jun-0214.0

Aug-084.5

Apr-

00Au

g-00

Dec

-00

Apr-

01Au

g-01

Dec

-01

Apr-

02Au

g-02

Dec

-02

Apr-

03Au

g-03

Dec

-03

Apr-

04Au

g-04

Dec

-04

Apr-

05Au

g-05

Dec

-05

Apr-

06Au

g-06

Dec

-06

Apr-

07Au

g-07

Dec

-07

Apr-

08Au

g-08

Feb-0516.1 Jul-08

13.9 Feb-0812.3

May-0711.3 Aug-06

9.4

Jan-0612.1

Oct-0518.9

Jul-0414.7

Jul-0

4Se

p-04

Nov

-04

Jan-

05M

ar-0

5M

ay-0

5Ju

l-05

Sep-

05N

ov-0

5Ja

n-06

Mar

-06

May

-06

Jul-0

6Se

p-06

Nov

-06

Jan-

07M

ar-0

7M

ay-0

7Ju

l-07

Sep-

07N

ov-0

7Ja

n-08

Mar

-08

May

-08

Jul-0

8

Sep-086.5

Sep-077.2

Jul-0616.7

Feb-0622.5

Feb-0424.1

May-0217.8

Jan-0013.3

Jan-0

0May

-00Sep

-00Ja

n-01

May-01

Sep-01

Jan-0

2May

-02Sep

-02Ja

n-03

May-03

Sep-03

Jan-0

4May

-04Sep

-04Ja

n-05

May-05

Sep-05

Jan-0

6May

-06Sep

-06Ja

n-07

May-07

Sep-07

Jan-0

8May

-08Sep

-08

Aug-0811.5

Aug-0715.8

Aug-0620.7

Oct-0518.6

Mar-0525.1

Sep-0317.0

Apr-0224.9

Nov-0015.2

Jan-0020.5

Jan-0

0Apr-

00Ju

l-00

Oct-00

Jan-0

1Apr-

01Ju

l-01

Oct-01

Jan-0

2Apr-

02Ju

l-02

Oct-02

Jan-0

3Apr-

03Ju

l-03

Oct-03

Jan-0

4Apr-

04Ju

l-04

Oct-04

Jan-0

5Apr-

05Ju

l-05

Oct-05

Jan-0

6Apr-

06Ju

l-06

Oct-06

Jan-0

7Apr-

07Ju

l-07

Oct-07

Jan-0

8Apr-

08Ju

l-08

5

Income and Employment

Source: MCM Consultoria and IBGE Source: CAGED

Income Growth Unemployment Rate

R$2006 = 100

Real Overall Wages Avg. Real Incomeper capita

98100102104106108110112114116118

Jun-06 Nov-06 Apr-07 Sep-07 Feb-08 Jul-08 Dec-081,050

1,100

1,150

1,200

1,250

1,300

Dec-086.8%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

Feb-

02A

pr-0

2Ju

n-02

Aug

-02

Oct

-02

Dec

-02

Feb-

03A

pr-0

3Ju

n-03

Aug

-03

Oct

-03

Dec

-03

Feb-

04A

pr-0

4Ju

n-04

Aug

-04

Oct

-04

Dec

-04

Feb-

05A

pr-0

5Ju

n-05

Aug

-05

Oct

-05

Dec

-05

Feb-

06A

pr-0

6Ju

n-06

Aug

-06

Oct

-06

Dec

-06

Feb-

07A

pr-0

7Ju

n-07

Aug

-07

Oct

-07

Dec

-07

Feb-

08A

pr-0

8Ju

n-08

Aug

-08

Oct

-08

Dec

-08

Unemployment Rate in Metropolitan Regions (30 days)

6

1.9 1.9 1.8 2.2 3.0 4.99.3

18.3

30.0 30.0

3.3 2.7 3 2.8 3.95.5

7.0

6.9

9.0 11.8

5.2 4.6 4.8 5.0 6.910.4

16.3

25.2

39.0 41.8

2000 2001 2002 2003 2004 2005 2006 2007 2008e 2009e

SBPE FGTS

Mortgage Credit Available

Mortgage Loans Funding (in R$ billion)

Source: ABECIP, Central Bank of Brazil and Secovi

65%

111%

73%

20%53% 46%

13% 10% 2% 2% 8% 6% 9%

249%

166% 156%141% 137% 125%

63%46% 37% 35% 33% 28% 17%

-20%

30%

80%

130%

180%

230%

280%

USA

Neth

erla

nds UK

Sout

h Af

rica

Irela

nd

Spai

n

Chile

Hung

ary

Indi

a

Braz

ilCz

ech

Rep.

Pola

nd

Mex

ico

Mortgage credit to GDP Ratio Total Credit to GDP

Mortgage to GDP Ratio

Source: Central Bank and Bradesco Corretora

CAGR 2003-2009e: 42%

0

100

200

300

400

500

600

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

e

SBPE FGTS

Source: ABECIP, Central Bank of Brazil and Banco Real

Mortgage LoansRecord = 627.000 in 1980

CAGR 2003-2008e: 19%

Con

trac

ts(th

ousa

nds)

7

Regulations of Mortgage Availability

Savings Accounts Funding

-

50

100

150

200

250

300

350

400

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Savings Accounts Mandatory Lending Mortgage Loans

Source: Central Bank and Banco Real

Note: assumptions for the estimates following 2007 are-stability of savings account s with TR + 6%p.a. remuneration-mandatory lending at 65% of savings accounts-mortgage loans growth of 25%p.a. as of 2006-2007 growth

R$

Bill

ion

8

Low Default Rate for Mortgage

Cyrela’s ReceivablesOverdue receivables as the delay in payment > 31 days

Overdue receivables 1.4%Core business 1.6%Living 0.3%

Deliquency rate is close to zero

Source: Cyrela, ACSP, ABECIP and Banco Real* Market Data of 3Q08 not available – 3Q08 figure refers to 2Q08

Market Mortgage LoansDefault as the delay in payment > 90 days

Default on mortgage loans = 3.7%Default on general credit lines = 7.3%Default on loans with no collateral = 14.1%

3.6%2.4% 2.0% 1.3% 1.4% 1.4% 1.4%

11.0%

8.1%

4.0% 4.0% 3.7%2.1%

5.9%

9.2%

3.7%*

2003 2004 2005 2006 2007 1Q08 2Q08 3Q08

Cyrela 31 days overdue receivables Market Mortgage Loans with > 3 late payments

9

Market for Units of R$ 110,000 in 2005 and R$ 90,000 in 2008

> R$ 4,8004.7 mm families

From R$1,200 to R$4,80019.0 mm families

< R$1,20024.9 mm families

> R$1,40022.6 mm families

< R$1,40026.0 mm families

10%

39%

51%

47%

53%

TR+9%30 years

TR+14%10 years

Potential Demand:+17.9 mm families

Growth of Potential Demand

2005

Monthly Income Monthly Income

2008

Source: UBS Pactual

10

CompanyHighlights

Vivae Residencial Clube (Living)Rio de Janeiro - RJLaunched in July, 200870% sold until September, 2008

11

272207

992

1,965

972 1,211

2,917

5,393

3,4281,924

1,004700

5,250 - 5,600

2004 2005 2006 2007 2008e

236 268

546

1,572

949 1,023

1,915

4,392

2,8201,369755713

4,675 - 4,950

2004 2005 2006 2007 2008e

Excellent Track Record of Growth

Consistent track record of growth in Launches and Pre-sales Contracts

Launches (in R$ million) Pre - Sales Contracts (in R$ million)

2004 – 2008e CAGR = 55%

2004 – 2008e CAGR = 51%

+129%+85%

Cyrela Partners Cyrela Partners

12

703 6971,466

2,693

356

679

1,352

1,058 1,053

2,145

4,045

355

3Q07 3Q08 9M07 9M08Cyrela Partners

922 7481,513

2,685

305

911

1,286

1,574

1,053

2,424

3,971

652

3Q07 3Q08 9M07 9M08

Cyrela Partners

Launches and Pre-Sales Contracts – in R$ million

3Q08 Launches – Region

Launches Pre-Sales

3Q08 Pre-Sales – Income Segment

+89%+64%

-33.1%-0.5%

21%

26%

18%

30%

6%

Luxury

Mid-High

Middle

Economic

Super EconomicSP37% RJ

15%

Expansão47%

13

1,053

414

63839%

3Q08 Launches Sales of Launches3Q08 in 3Q08

3Q08 Inventory

Sales Speed – in R$ million

Sales Speed of Launches

Seller and Selling sales accounted for R$419.9million in 3Q08

It represents 47% of sales in the regions where Seller and Selling operate39%

64%

47%

47%

9%

30%

16% 12% 5%

39%

74%

0% 77%

81%

3Q08

2Q08

1Q08

4Q07

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

51%

28%20%

1%

2,6851,721

964

1,265

733

532

538

152

386

4,587

2,693

1,893

99.3

12.4

86.9

Inventory Dec/07 +Launches 9M08

Sales 9M08 Inventory Sep/08

Launches 2008 2007 2006 Previous Years

Inventory in Sep/08 - %CBR 3Q08 Launch Sales

1T08Velocidade de VendasSales speed

14

Sales Performance – Residential – Jan/Sep 2008

Source: Cyrela MID - Jan-Sep 2008

13,060

1,567

Launches in SP

7,822

1,202

Pre-Sales in SP

MarketCyrela

2,569

548

Launches in RJ

1,453

319

Pre-Sales in RJ

MarketCyrela

São Paulo Rio de Janeiro

12% 15% 21% 22%

Cyrela’s stakes indicate strong sales performance in the main markets

Launches Pre-Sales Launches Pre-Sales

(R$ million) (R$ million)

15

Potential Sales Value (R$ million)

Launches 2004 to 2008 - SP Metropolitan Region

Source: Cyrela MID

Units

Luxury > R$ 3,500/m²

Super-Economic < R$ 1,900/m²

Economic > R$ 1,900/m², <2,700/m²

Middle > R$ 2,700/m², <3,500/m²

11,314 8,449 6,651

8,937 12,72123,464

5,30710,129

14,191

3,2244,051

6,162

28,78234,345 35,350

58,51250,468

10,88411,821

21,52410,269

19,074

8,567

7,030

3,688

2004 2005 2006 2007 Jan-Sep 2008

1,098 753 6361,803 2,688 3,5521,977

3,8944,3743,119

3,9394,497

7,9979,607

11,274

17,422

13,059

9721,117

4,0721,928

7,326

3,242

5,052

3,320

2004 2005 2006 2007 Jan-Sep2008

16

Launches 2004 to 2008 - RJ and Region

Luxury > R$ 3,500/m²

Super-Economic < R$ 1,900/m²

Economic > R$ 1,900/m², <2,700/m²

Middle > R$ 2,700/m², <3,500/m²

Source: Cyrela MID

Potential Sales Value (R$ million)Units

907 506 1,5981,142 3,080

2,6571,141

2,5113,846

3,666

1,734

1,7286,856 7,019

7,831

13,350

9,829

1,3021,171

5,800

2,680

3,885

1,677

2,363

1,491

2004 2005 2006 2007 Jan-Sep 2008

221 69 134200 659 350273

690 1,096659

1,729989

1,353

2,354

3,1473,446

2,569

219203

980759

975

509

1,272

883

2004 2005 2006 2007 Jan-Sep 2008

17

Sales Performance 9M08 – Residential Buildings

Source: Cyrela MID

77%

66%59% 57%

77%83%

75% 75%

Super-economic

Economic Middle Luxury

MarketCyrela

São Paulo – Sales Speed

Rio de Janeiro – Sales Speed

39%49%

44%

59%64% 60% 63% 62%

Super-economic

Economic Middle Luxury

MarketCyrela

18

LIVING – Sales Performance

Average Sales Speed

41%

63%

53%

50%

21%

32%

14% 14% 7%

2%

84%

87%

83%

41%3Q08

2Q08

1Q08

4Q07

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

19

3.0

6.5

8.8

11.1

2005 2006 2007 9M08

Landbank

Income Segment

PSV: R$34.6 billion

Cyrela's Share: 76%

81% exchanged

11.1 million sq. m.

~126.7 thd units

Landbank – Usable Area(in million of sq.m)

+117%

+26%

+35%

Rio de Janeiro49.7%

Northeast19.8%

North3.0%

South5.7%

Minas Gerais0.5%

Espírito Santo3.0%

Southeast71.4%

São Paulo Capital29.6%

São Paulo Other cities

17.3%

4%

25%

31%

32%

8%Luxury

Mid-High

Middle

Economic

SuperEconomic

20

Availability of financing funds for construction

It is possible to launch R$ 3 of Potential Sales Value for each R$ 1 available for construction financingIt is possible to finance approximately R$ 15 billion in potential sales value with the creditlines still available, not considering the securitization of receivables

Financing Capacity - SFH

Exemplo:

100% of PSV

Land: up to 20%

Construction: 40%

80% financed by SFH = 32% of PSV

20%: own capital or CEF = 8% of PSV

R$

billi

on

Amount due: 0.6

Credit limit 8.1

Available 5.0

Agreed 3.1

21

Client Debt Transfers

Transfers in 2008: R$ 70 million, 117% higher than 2007

70% are transferred less than 1 month after condominuimregistration

Debt transfers forecast: R$ 200 million in 2009 and R$ 400 millionin 2010

October/2008: First Living client debt transfer (Garden Resort in Jundiaí – SP)

22

For the client:

- Amount limited to 80% of the sale

and evaluation value

- Guaranty: deed of trust

- Payment terms up to 30 years

For construction:

- Amount limited to 80% of the total

construction cost or R$ 350 thousand/unit

which can represent PSV of R$ 1 million/unit

- Guaranty: 120% of the amount due

- Payment term up to 4 years after completion

of construction

- All projects can be financed by SFH, taking

into consideration the maximum value of units

Financing by SFH

Up to R$ 350 thousandper unit

23

Guidance Revision

63 to 68%UnderRevision62 to 67%63 to 68%%CBR

20092008(R$ million)

PreviousNewPreviousNew

UnderRevision

UnderRevisionLaunches – 100% 5,250 to 5,600 7,000 8,800

Pre-Sales – 100% 4,675 to 4,950 5,500 7,000

24

Financial Information

Brisas Altos do Calhau (Living)São Luis - MALaunched in August, 200875% sold until September, 2008

25

2007

1,577.6

3,328.6

(60.8)

1,283.0

(1,919.0)

3,202.0

(1,703.7)

40.1%

2006

1,020.0

1,630.7

(36.8)

653.9

(923.7)

1,577.6

(1,072.8)

41.4%

R$ million

Sales to be recognized at the beginning of the period

Net sales recorded in the period

Revenues recognized in the period

Sales to be recognized at the end of the period

Cost of units sold to be recognized

Selling Expenses

Gross profit to be recognized

Percentage of gross profit

9M08

3,201.9

3,529.7

(81.8)

1,832.5

(2,800.5)

4,714.8

(2,016.4)

40.6%

Pre-Sales to be Recognized

26

Financial Results – in R$ million

Net Revenues

Gross Profit Backlog

+125%

+82%

+81%

180.5300.4 294.2

449.1

812.2

40.4% 41.5%42.3%43.5% 41.8%

3Q07 2Q08 3Q08 9M07 9M08

Gross Profit Gross Margin

2,099.1

3,202.03,581.1

4,425.9 4,714.8

40.1% 40.6%40.2%40.5% 40.5%

9M07 2007 3M08 1H08 9M08Revenue to be Recog. Gross Mg. To be Recog.

+68%

+63%

414.8

743.9 695.8

1,073.6

1,958.6

3Q07 2Q08 3Q08 9M07 9M08

27

Financial Results – in R$ million

Expenses on Pre-Sales Contracts

EBITDA

Expenses on Net Revenue

+51%

110.4162.8 151.4

279.9

423.6

21.9% 21.8% 21.6%

26.6% 26.1%

3Q07 2Q08 3Q08 9M07 9M08

EBITDA EBITDA Margin

+37%

2.8% 2.5%

4.0%

2.6%

5.6%

4.2% 3.8%

5.6%4.6%

7.6%

3Q07 4Q07 1Q08 2Q08 3Q08

Gen. & Admin. Expenses Selling Expenses

8.9%8.1%

6.7%

8.5%7.2%

10.7%

13.6%

11.3%12.1% 11.6%

3Q07 4Q07 1Q08 2Q08 3Q08

Gen. & Admin. Expenses Selling Expenses

28

Financial Results – in R$ million

Adjusted Net Income

+26%

Adjustment: net of the appreciation of Agra's shares in 2Q07 and 9M07.

90.0119.2

72.4

221.0

277.4

14.2%16.0% 20.6%21.7% 10.4%

3Q07 2Q08 3Q08 9M07 9M08

Adjusted Net Profit Adjusted Net Margin

-20%

29

Accounts Receivable

Accounts Receivable Evolution(R$ million)

Units under construction

Finished units

Construction Cost to be Realized

Remuneration of Receivables

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

Schedule of Receivables (R$ million)

5,149

6,3666,886

4,607

3,206

1.3% 1.3% 1.4% 1.4% 1.4%

9M07 2007 3M08 1H08 9M08

Receivables 31-days overdue Receivables

+115%

6,388

4986,886

2,801

599

1,1871,372

845

473 437 391 352 313

917

2008 2009 2010 2011 2012 2013 2014 2015 2016 Up to2027

30

Liquidity

Debt(R$ million)

Balance on 09/30/2008 Maturity Cost

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

Debentures 2nd issuance 499.5 2018 CDI + 0.65% p.a.

Total Debt 999.5

Cash and Cash Equivalents (818.2)

Net Debt 181.3

Financing through SFH(R$ billion)

Net Debt

LTM EBITDA= 0.3 times

Operational financing through SFH not accounted for

3.1 0.6ContractedBalance Due

31

Appendix

Ineditto Clube Residencial (Living)São Bernardo do Campo, SP

Launched in June, 200873% sold until September, 2008

32

Cyrela Brazil Realty

*Adjusted for IPO expenses**Market caps as of Jan 22, 2009

EmployeesSeller Brokers & Team

Number of cities

Launches (Full Year)Pre-sales (Full Year)LandbankLow income units

Market Cap Cyrela Brazil Realty# Homebuilders listed

Market Cap of the Industry

Baixa RendaEBITDA Margin*Baixa RendaGross Margin

Baixa RendaNet Margin*

2005

202

100

3

R$ 1.2 bn

R$ 1.0 bn

3.0 mn sq.m.

0

R$ 2.4 bn

2

R$ 6.0 bn

524.427.1%

524.448.5%

524.423.2%

2007

529

743

47

R$ 5.4 bn

R$ 4.4 bn

8.8 mn sq.m.

6.7 thd

R$ 8.6 bn

21

R$ 48.1 bn

688.822.9%

688.841.2%

688.824.7%

2006

327

200

8

R$ 2.9 bn

R$ 1.9 bn

4.9 mn sq.m.

720

R$ 4.5 bn

4

R$ 10.0 bn

688.822.3%

688.842.2%

688.821.7%

9M08

~600

~700

55

R$ 4.0 bn

R$ 4.0 bn

11.1 mn sq.m.

9.5 thd

R$ 2.9 bn**

21

R$ 13.1 bn**

688.821.6%

688.841.5%

688.814.2%

33

Joint Ventures

2008Middle / Mid-HighSão Paulo50%

% CBR Region Segment Year

50% São Paulo Middle / Mid-High 2006

50% South All 2006

50% São Paulo Mid-High / Luxury 2007

50% MG and DF All 2007

50% Buenos Aires All 2007

50% São Paulo Economic / Super Economic 2007

75% São Paulo Economic / Super Economic 2007

79% São Paulo Economic / Super Economic 2006

34

70 Projects outside SP – RJ regionR$ 10.8 billion of PSV

(Cyrela’s stake: 59.0%)

Geographical Expansion

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 Fortaleza Goiânia GravataíGuarulhos Jacareí Jacarepaguá Joao Pessoa Jundiaí Lauro de Freitas Maceió Manaus Mogi das Cruzes Natal Niterói Nizia Floresta Nova Iguaçu Novo Hamburgo Palhoça ParnamirimPorto Alegre Praia Grande Recife Rezende Ribeirão Preto Rio de Janeiro Salvador 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

Presence in 55 cities in 17 states of Brazil and Buenos Aires in Argentina

35

Cyrela’s Distinct Brands: Maximizing Exposure to Demand

These brands allow Cyrela to reach all sectors of the Brazilian housing market

• Core business : “Mid” to “High End” housing

• “Economic” and “Super Economic”projects to enhance company’s growth and explore opportunities

• Strong demand with income growth and a favorable population pyramid

• Strong demand powered by lower interest rates and longer terms of financing

Demand

Description

Typical Cycle

Average Gross Margin

Other Information

36 months24 months

~40%~35%

• Collections of 40-60% until the delivery of the units

• Performed receivables are indexed at IGP-M + 12% p.a.

• Collections of 20% of the PSV up to delivery of the units

• 80% of the PSV is assigned to banks which fully finance the customer

36

4 – 6 minimum wages

6 -12 minimum wages

R$ 55 thd

R$ 100 thd

R$ 200 thd

Super Economic

Economic

Unit Price per Family Income

Cyrela seeks for a leadership position in this segmentLIVING offers units starting at R$ 55 thousand

Growth Strategy on Economic Segment

Launched in the 2nd half of 2006, LIVING is already one of the largest players of this segment

37

History

Brazil Realty -Joint Venture with IRSA to develop and rent office properties (1994)

Brazil Realty IPO (1996)

First real estate development, mostly land

Cyrela was created in 1962 focusing on the residential development business

Partnership with RJZ to enter Rio de Janeiro market

Acquisition of IRSA stake in Brazil Realty

Merger of Cyrela and Brazil Realty

Public Offering

90s 2000 2002 200560s 2006

Acquisition of RJZ

New JointVentures

Follow on

Living (Economicsegment)

2007

Spin-off of RentalProperties(CCP)

Debenturesissued part I

38

Smart and Efficient Financial Management

Exchange agreements (80%) when acquiring land to reduce cash disbursements

Construction financed by customers

12% received before start of construction

47% received before delivery of the unit

More than 70% of units sold before start of construction

Use of SFH (1) funds (TR + 10% p.a.)

Customer financing of receivables at INCC (2)

Customer financing of remaining receivables at IGP-M + 12% p.a.(3)

Insignificant losses from default

Land

Construction

Post -delivery

(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

39

Typical Cyrela Project

Pre-sales 0 50 70 90 100 10080 95

% Budget Costs - - 0% 40% 100% 100%20% 65%

Revenues - - 0 36 100 10016 62

Up to 100M18M 24M 30M 36M12M6M0M

Assumptions for this example:

Potential sales: R$125 million

Exchange agreements (land): R$25 million

Does not include financial revenues in customer financing

Collections(cumulative)

Construction

Launch Go-ahead Delivery Completionof payments

6M - 9MLicensing

- 7 14 28 50 10020 34

40

Typical Economic Project

Contracted Sales(cumulative) - 70 80 10090 100

%Construction Cost - - 23% 100%55% 100%

Revenues(cumulative) - - 19 10049 100

18M 24M Up to 28M12M6M0M

Assumptions for this example:Potential Sales: R$110 millionExchange agreements: 100% (R$10 mn), Unit price 80% financed by partner banksClient is fully financed by the banks after the assignment of the financing to them

Collections(cumulative)

Launch Go-ahead Delivery

6 – 9 monthsPre-Launching

- 6 11 2013 100

Financing

Construction

Shorter operating cycle: 24 months

41

Addressable Market Analysis

2005Conditions

Dec/2007Conditions

2008 +Low Income

Cheapest Unit Value Offered ('000 R$) 110 110 70Funding Rate (Nominal) 17.0% 11.4% 9.9%

Reference Tax (floating) 3.0% 0.9% 0.9%Spread 14.0% 10.5% 9.0%

(-) Expected Inflation 4.0% 3.0% 3.0%Funding Rate (Real) 13.0% 8.4% 6.9%# years 10 25 30Montly Instalment ('000 R$) 1.7 0.9 0.5% Household Income 33.3% 33.3% 33.3%Min. Monthly Income ('000 R$/month) 5.1 2.7 1.4Addressable Mkt (mn households) 5.2 11.7 22.61 Developers' entrance on the affordable segment has brought down the price of the cheapest unit offered.

1

Source: UBS Pactual

42

Financing: Interest and Term Impact

Model:Unit Value: R$ 120,000Loan-To-Value: 80%Loan: R$ 96,000Mortgage Effort: 30%

Example

Rental : R$800 per monthAnnual Yield: 8%

Equivalent to Loan Instalment with Real Interest Rate at 8% and 20 years

term.

Monthly Installment (R$)

Minimum Wages Required (monthly salary)

10 15 20 25 3012% 1,377 1,152 1,057 1,011 987 11% 1,322 1,091 991 941 914 10% 1,269 1,032 926 872 842 9% 1,216 974 864 806 772 8% 1,165 917 803 741 704 7% 1,115 863 744 679 639 6% 1,066 810 688 619 576 5% 1,018 759 634 561 515

Loan Term (years)

Rea

l Int

eres

t Rat

e (%

)10 15 20 25 30

12% 13 11 10 10 911% 13 10 9 9 910% 12 10 9 8 89% 12 9 8 8 78% 11 9 8 7 77% 11 8 7 6 66% 10 8 7 6 55% 10 7 6 5 5R

eal I

nter

est R

ate

(%)

Loan Term (years)

43

Financial Statements

Dez AricanduvaSão Paulo, SP

Launched in September, 2008100% sold

44

Income Statement

Consistent Growth in Sales with Sustained Profitability

(1) Includes residential development revenues, rentals and services until 2006

R$ million

Margin %

Margin %

Growth %

Gross Profit

Income Taxes

Net Revenues(1)

EBITDA

Net Income

Minority Interest

Adjusted Net Income

CAGR

48.6%

57.4%

57.4%

81.7%

65.8%

2005

46.2%

22.9%

31.4%

318.6

(17.8)

688.8

157.7

127.8

(16.1)

153.6

2006

48.0%

22.3%

62.1%

471.5

(58.0)

1,116.7

248.5

242.3

(24.0)

263.1

2007

41.2%

22.9%

52.9%

703.2

(55.7)

1,707.3

390.5

422.1

(24.5)

422.1

2005 - 079M08

812.1

(81.1)

1,958.6

423.6

277.4

(33.5)

277.4

41.5%

21.6%

45

Consolidated Balance Sheet

R$ millionCash and Equivalents ReceivablesReal Estate in ST Inventory

Long term receivablesOther long term assets

TOTAL ASSETSST loans and financing

TOTAL LIABILITIES

Costs to complete projectsAccounts payable

Other Current Assets

Other current liabilitiesLT loans and financingOther LT liabilitiesMinority Interest

Permanent Assets

Shareholders’ Equity

2006558.2549.6787.2

299.0417.7

[ ][ ]

3,025.5

[ ][ ]

201.7

[ ][ ][ ][ ]

3,025.557.250.1

250.1286.167.5

265.6100.3

212.2

1,948.6

200595.5

190.3421.0

271.0556.6

[ ][ ]

1,775.3

[ ][ ]

129.0

[ ][ ][ ][ ]

1,775.395.125.277.1

205.9108.7166.078.5

111.9

1,018.8

2007682.8788.5

1,029.9

678.11,002.6

[ ][ ]

4,723.6

[ ][ ]

309.7

[ ][ ][ ][ ]

4,723.690.349.6

405.0376.6728.5804.0198.8

232.0

2,070.8

9M08818.2

1,374.81,519.7

884.3912.7

[ ][ ]

6,140.7

[ ][ ]

367.0

[ ][ ][ ][ ]

6,140.7255.8

-420.9439.9

1,506.3906.6262.1

264.0

2,349.7

46

Net Financial Debt

R$ million 2007

728.5

90.3

(682.9)

135.9

818.8

Long-term Debt

Short-term Debt

Cash & Cash Equivalents

Net Debt

Total Debt

9M08*

1,503.7

208.9

(818.2)

894.4

1,712.7

Net Debt of R$ 894.4 million as of September 30, 2008

2006

67.5

57.2

(560.6)

(435.9)

124.7

* Accounts for the principal debt due

47

IR Contact

Luis Largman Juliana De ZagottisCFO and IR Officer IR ManagerTelephone: (55 11) 4502-3153 Telephone: (55 11) 4502-3516ri@cyrela.com.br juliana.zagottis@cyrela.com.br

Cyrela Brazil Realty S.A. Empreendimentos e Participações

Av. Presidente Juscelino Kubitschek, 1.455, 3th floorSão Paulo - SP – BrazilZIP Code: 04543-011

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 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.

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1455, 3th floor – Itaim Bibi – ZIP Code 04543-011 – São Paulo/SP – Brazil

www.cyrela.com.br/ir