2Q11

ResultsAugust 12, 2011

Maayan

Rio de Janeiro - RJ

Launched in June/2011

2Q11 Results

Introduction Elie Horn

Luis Largman and

José Florêncio

Rodrigues

Ubirajara Freitas

Antonio Guedes

Cyrela - Operating Results

Living - Operating Results

Cyrela - Financial Results

Anita Garibaldi – Libero Badaro

Porto Alegre - RS

Launched in June/11

3

Cyrela’s Highlights

Launches totaled R$ 2,806.6 million in 1H11, representing 35% of the guidance midpoint for 2011.

Pre-Sales totaled R$ 2,666.7 million in 1H11, reaching 37% of the guidance midpoint for 2011.

Living's launches totaled de R$ 1,027.8 million accounting for 37% of the total PSV launched in

the period.

Net Revenue of R$ 1,382.9 million, up 15.2% from the 1Q11.

Gross Margin of 27.7%, 0.3 p.p. expansion from the 1Q11.

Backlog Margin of 31.7%, 0.7p.p. expansion from the 1Q11.

Adjusted Gross Margin of 30.7%, 0.1 p.p. expansion from the 1Q11.

Cash burn ex-dividends of R$ 48 million (R$ 288 million on 2Q10)

Universe Empresarial

Rio de Janeiro - RJ

Launched in May/2011

Operating

Results

5

23 projects launched on the 2Q11 and 38 on the 1H11

Average Price: R$ 261.5 thd /unit, growth of 24.4% compared to 2Q10

Price/ sq.m. : R$ 4.5 thd/sq.m. , 34.7% higher than 2Q10

Cyrela and Living Launches

Launches Breakdown by Region 2Q11

794

62.8%

46.7%

1H11

2,807

590

2,217

1H10

1,724

448

1,276

2Q11

1,654

345

1,310

2Q10

1,127

333

PartnersCyrela

6%

10%

35%

37%

Mid West

6%North

6%Northeast

South

RJ

SP

(R$ million) By PSV

6

41.8 % of 2Q11 sales were from launches

5.6 thd units sold in 2Q11

Inventories on June 30, 2011: R$ 5.3 bn (100%) and R$ 4.1 bn (%CBR) 8.6 months of sales*

Cyrela and Living Pre-Sales

* Considering the sales monthly average according to 2011 guidance

Sales Sales Speed (VSO)

1,108 1,275

1,977 2,113

2.3%

8.3%

393

1H10

432

2Q11

2,606

1,668

2Q10

629

1,540

2,667

1H11

553

PartnersCyrela

53.8% 55.4%

1Q11 (12M) 2Q11 (12M)2Q11

24.3%

1Q11

16.5%

(R$ million)

7

PSV of R$ 45.8 bn (100%) and R$ 39.4 bn (%CBR)

78% of landbank acquired through swaps

245 projects with 183,000 units

Landbank

Cyrela’s Landbank – 100%

(R$ billion)

15.7

30.1

45.8

Other StatesRio de JaneiroTotal

Launched

To be Launched

After 2013

~23

2013

~6

2012

~9

2011e

~8

3

5

Landbank Aging – 100%

(R$ billion)

Strategic Landbank in Rio de Janeiro totals R$ 15

billion and has mature in medium term

Cyrela already has the lands for launches in 2011 e 2012, and

currently is focused on land purchase for launches in 2013

8

14.3 thd units delivered in 1H11 in 51 projects

Living delivered 7.7 thousand units in 19 projects

97% of delivered units have already been sold

189 construction sites at the end of June/2011, of which 91 are Living's projects.

Delivered Units

7,510

2,096

5,414

2011e

20,000 a 25,000

1H11

14,254

7,728

6,526

2010

15,400

7,053

8,347

2009

LivingMid-high end

9

54

89

173153 139

333

+195%

2Q11

601

268

1Q11

433

294

4Q10

461

308

3Q10

445

272

2Q10

204

115

1Q10

120

66

LivingMid-high end

375

643

603

491

971

+29%

2Q11

3,562

2,591

1Q11

2,792

2,301

4Q10

4,229

3,626

3Q10

3,504

2,861

2Q10

2,762

2,387

1Q10

2,176

2,013

163

In the quarter, transferred volume in PSV is 195% higher than in 2010

Number of units volume is 29% higher than 2010

R$ 1.0 billion or 6,4 thousand units transferred in the semester

Volume is equivalent to 84% of 2010 FY

Transferred Units

Transferred UnitsTransferred Volume

(R$ million)

Vita Home Club

São Paulo - SP

Launched in June/2011

Living

Operating

Results

11

13 projects launched on the 2Q11, totalling 20 launches in 2011

R$ 1.0 billion launched in 1H11, reaching 36.6% of Cyrela’s launches in 2011

4.1 thd units launched in the 2Q11 38.4% within the “MCMV” Program

Living’s Sales: 29.3% of PSV sold in 1H11

5.6 thd units sold in the 1H11 with an average price of R$ 146.4 thd/unit

Living’s Launches and Pre-Sales

Pre-SalesLaunches

534500

757

263

42.7%

71.8%

1H11

1,028

271

1H10

720

221

2Q11

681

147

2Q10

396

133

PartnersLiving

301 358

608627

-3.5%

12.5%

1H11

816

189

1H10

846

238

2Q11

489

131

2Q10

434

133

(R$ million) (R$ million)

12

Potential PSV of R$ 12.1 bn (100%) and of R$ 10.6 bn (% Living)

9 plots of land acquired in 2Q11 PSV of R$ 727.3 million

69% of landbank paid through swaps

Average price per unit R$ 109.4 thd

Living’s Landbank

Living’s Landbank – 100% Breakdown by Region

(R$ billion)

5.2

6.6

0.3

Super EconomicEconomicMiddle

12%

5%

24%

33%

North

8%

Mid

West

15%

Northeast

South

Southeast

Others

3%

RJ

SP

Maayan

Rio de Janeiro - RJ

Launched in June/2011

Financial

Highlights

14

Net Revenue

2,584

2,338

1,2061,383

1,201

2Q11 2Q10 1H111H10

10.5%

15.2% 14.7%

1Q11

Financial Results

(R$ million)

15

Gross Profit and Gross Margin

711

788

393382

329

27.4%

16.4%

32.6%

1H112Q11

27.5%

1H10

33.7%

27.7%

2Q101Q11

-2.7%

-9.7%

Gross ProfitGross Margin

Financial Results

(R$ million)

Adjusted Gross Margin

30.6% 30.7%34.0%

34.8% 30.7%

16

Adjusted EBITDA and Adjusted EBITDA Margin

375

489

248

190185

2.7%

1H11

14.5%

-23.4%

-23.3%

1H10

20.9%

2Q10

20.6%

2Q11

13.7%

1Q11

15.4%

Adjusted EBITDAAdjusted EBITDA Margin

Financial Results

(R$ million)

17

Accounts Receivable

Units under construction

Constructed units

Construction costs to be incurred – sold units

Finished units: IGP-M + 12%

Under Construction: INCC

Receivables ScheduleAccounts Receivable x

Cost to be incurred

Schedule of Cost to be incurred

3.4

2.1

2.9

3.8

After 2013

2013

2012

2011

1.6

1.810.7

Custos a Incorrer

5.9

4.2

Recebíveis

12.3

(R$ billion)

Further years 1.71.2 0.5

2012 2.51.7 0.7

2011 1.81.2 0.5

Sold Units Inventory Units

Construction costs to incurred – inventory units

(R$ billion)

(R$ billion)

18

Liquidity and Debt

198

610

48

288

-67%

-83%

1H111H102Q112Q10Net Debt

2,596

Without SFH

171

With SFH

2,425

Cash and Cash

Equivalents

1,568

Gross Debt

4,165

SFH Debt

2,425

Other Debts

1,740

With SFH = 4.05Net Debt

EBITDA LTM Without SFH = 0.27

With SFH = 0.54Net Debt

Equity Without SFH = 0.04

Cash Burn of R$ 48 million in 2Q11

and R$ 198 million in 1H11

Higher cash generation tendency

Indebtness Cash Burn (ex-dividend)

(R$ million) (R$ million)

19

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455, 3rd floor

São Paulo - SP – Brasil

CEP 04543-011

Investor Relations

Phone: (55 11) 4502-3153

ri@cyrela.com.br

www.cyrela.com.br/ir

Statements contained in this presentation 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.

Contact IR