Corporate Presentation - March 2009

1. NOVAMERICA
São Paulo, SP
Launched in March 2009
Company Presentation
March 2009 1

2. Escritório Santana
São Paulo, SP
Launched in March 2009
Agenda
2009 Update
Company Highlights
Financial Information
Appendix
2

3. Barra Prime Office
Rio de Janeiro, RJ
Launched in November 2008
1Q09 Update
3

4. Current Panorama
Continuous improvement in the real estate market
Good market response to launches
NovAmérica: R$ 278 million PSV - 69% sold to date
Escritórios Santana: 78% sold
Mérito Vila Curuçá: 85% sold
April/2009: L’Acqua – Natal/RN:1st launch in RN - 46% sold
April/2009: Ventura Ecoville – Curitiba/PR: 65% sold
Government Housing Program “Minha Casa, Minha Vida”
News on Living
Launches in the near future
Increased participation of economic projects in Cyrela’s portfolio
Increased limits for SFH and FGTS eligibility: increase in debt transfers and sales
Aquisition of Goldsztein
3rd JV partner acquired
Work model to be implemented similar to that of RJZ Cyrela, in RJ
Current Goldsztein Officers will remain in charge of the Southern Region Unit
Increase of Cyrela’s participation in the 100% figures
Due diligence
To be concluded until June, 2009
4

5. News on Living Living’s Nationwide Activity
Northern region
Ceará Rio Grande do Norte
Pernambuco
Independent Activity
New Headquarters Bahia
Separate Accounting
100% Cyrela
Espírito Santo
Independent activity in all steps of the business:
Land acquisition
Real Estate Development Rio de Janeiro
Sales
Minas Gerais São Paulo
Construction
Customer Relationship
Organic operation and in partnership with JVs Southern region
CFC correspondent servicing all Brazilian
regions
5

6. Construction
Living Construtora
Use of “Lean Construction” Concept
Simple projects, easily executed, with repetitions, standardized and focused on management
Assembly line
Reduction of wastes and costs
Increased productivity during works execution
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 together with supplies
Land bought to fit the product
Price defined by product (not by sq.m.)
In-house and trained labor
15% cost reduction expected
6

7. Launches in the near future
Launches scheduled for the next months show more than 2 thousand units eligible to
the Government Housing Program “Minha Casa, Minha Vida”
Average
PSV
Price of Number of
Project Region Estimate % Cyrela
Unit (R$ Units
(R$ thd)
thd)
Fatto Mansões Campinas – SP 215 228 48,953 92%
Ventura Ecoville Curitiba – PR 169 191 32,246 40%
Tumelero Porto Alegre – RS 132 214 28,159 50%
Arboretto – phase 2 Porto Alegre – RS 154 286 44,097 50%
Dez Curuçá São Paulo – SP 83 252 20,916 50%
Fatto Jardim Botânico São Paulo – SP 130 236 31,646 71%
Vitoria Pirituba São Paulo – SP 87 396 34,435 60%
Fatto Sport Faria Lima Guarulhos – SP 118 277 32,816 79%
Avanti Parque São Lucas São Paulo – SP 115 400 45,951 40%
Ferraz de
Parque dos Sonhos - phase 4 80 200 15,953 50%
Vasconcelos – SP
Liber Park Rio de Janeiro – RJ 112 380 42,453 75%
Total 123 3,060 377,625 61%
7

8. Living’s launches in the quarter
Most of the projects in the quarter were launched in March
São Paulo - SP São Paulo - SP
55% sold 85% sold
Economic Project
Economic Project
Avanti Guarulhos Mérito Vila Curuçá
Launched in Mar/2009 Launched in Jan/2009
PSV: R$ 37.7 million PSV: R$ 21.8 million
Units: 279 Units: 197
Average price: R$ 135 thd/ un Average price: R$ 111 thd/ un.
Fortaleza - CE São Luís - MA
10% sold 100% sold
Economic Project
Mid-low Project
Vivace Residencial Clube
1st phase Condomínio Brisas Life
Launched in Mar/09 Launched in Mar/09
PSV: R$ 23.0 million PSV: R$ 50.4 million
Units: 155 Units: 300
Average price: R$ 148 thd/ un. Average price: R$ 168 thd/ un.
8

9. Living launches and pre-sales – 1Q09
Launches Pre-sales
in R$ million in R$ million
269
-51% 234 -48%
133 122
190 166
88 79
1Q08 1Q09 1Q08 1Q09
Cyrela Partners Cyrela Partners
Average sales speed
1Q08 53% 32% 2% 1% 89%
2Q08 63% 21% 3% 2% 88%
3Q08 41% 18% 7% 66%
4Q08 35% 9% 44%
1Q09 26% 26%
In 3 months In 6 months In 9 months In 12 months 9

10. Living’s landbank – 1Q09
Landank by unit price
Potential PSV: R$ 8.5 billion (100%)
70,000
3,628 62,662
or R$ 6.1 billion (% Living) 60,000
22,309
50,000
93 Plots of land 40,000 17,867
30,000
18,858
20,000
Swaps: 66%
10,000
-
Up to From From From Total
R$ 100 thd R$ 100 thd to R$ 130 thd to R$ 200 thd to
R$ 130 thd R$ 200 thd R$ 350 thd
By Region By Segment
Northeast
14%
Southeast
Super
65% North Economic Economic
3% 70% 24%
South
18%
Middle
6%
Obs.: Calculations in units 10

11. Reserva Verde
Serra, ES
Launched in March 2009
Operational
Results
11

12. Cyrela’s Launches in 1Q09
In January 2009, Absolutto, a project in Novo Hamburgo (RS) was re-launched and 65% sold
São Paulo - SP São Paulo - SP
63% sold 88% sold
Office Project Medium Standard Project
NovAmérica Colorado
NovAmérica Office Park Residence Park
Launched in March/09 Launched in March/09
PSV: R$ 195.1 million PSV: R$ 82.6 milion
Usable area: 32,979 sq.m. Usable area: 24,961 sq.m.
Units: 548 Units: 216
São Paulo - SP Novo Hamburgo - RS
78% sold 65% sold
Office Project Medium Standard Project
Escritórios Santana Absolutto
Launched in March/09 Re-launched in January/09
PSV: R$ 53.4 million PSV: R$ 30.7 million
Usable area: 9,016 sq.m. Usable area: 9,405 sq.m.
Units: 224 Units: 132
12

13. Launches
Launches – in R$ million
-32%
811
9 projects launched in 1Q09
554 (vs. 19 in 1Q08)
Chronology of launches in the quarter
581 January: Absolutto in RS (re-launch) and
416
Mérito Vila Curuçá – Living in SP;
March:
1Q08 1Q09 3 Living launches in Guarulhos – SP, São
Cyrela Partners Luis – MA and Fotaleza – CE.;
Escritórios Santana, NovAmérica Office
Park, Novamerica Residencial Colorado
Launches by region and by brand – 1Q09 in SP, and Reserva Verde in Serra – ES.
SP
71%
1Q09 Launches: average price of R$ 244 thd
/unit or R$ 3.6 thd /sq.m.
Cyrela Living
76% 24% LIVING: 24% of 1Q09 launches
RJ
0%
Expansion
29%
13

14. Pre-sales
Pre-Sales – in R$ million
1.7 thousand units sold
Average price of R$ 284 thd/unit or
1,125
R$ 3.5 thd/sq.m. -55%
Living: 24% of 1Q09 sales
502
Seller and Selling accounted for 51% of
778
quarter’s sales, or 56% considering only
346
the markets where they operate
1Q08 1Q09
Cyrela Partners
Pre-Sales by region and by brand – 1Q09
SP
59%
Cyrela Living
76% 24%
RJ
13%
Expansion
28% 14

15. Sales speed – Cyrela + Living
Launches Sales Speed
1Q08 47% 32% 2%79%
2Q08 67% 10% 2% 80%
1%
3Q08 41% 13% 6% 59%
4Q08 31% 8% 40%
1Q09 35% 35%
Launches In 3 months In 6 months In 9 months In 12 months
VSO by quarter
R$ million –Cyrela’s share 1Q09 Sales according to launch period
R$ million–Cyrela’s share
44% 33%
55.4% 12% 8%
153 1% 0%
41.6% 116
27.7% 42 29
4 1
15.2% 12.6%
launches
launches
launches
launches
launches
Launches
before
1Q09
2008
2007
2006
2005
2005
2Q08 3Q08 4Q08 1Q09 12M
Pre-sales contracts % CBR % of 1Q09 pre-sales
15

16. Sales performance
Price per unit
From From From From From
Up to Above
R$ 100 thd to R$ 130 thd to R$ 200 thd to R$ 350 thd to R$ 500 thd to TOTAL
R$ 100 thd R$ 1 million
R$ 130 thd R$ 200 thd R$ 350 thd R$ 500 thd R$ 1 million
2006 98% 99% 92% 98% 89% 82% 61% 88%
1Q06 100% 99% 100%
2Q06 100% 100% 85% 74% 90%
3Q06 97% 100% 90% 79% 94% 90%
4Q06 98% 99% 91% 88% 86% 82% 45% 84%
2007 95% 89% 87% 85% 78% 88% 91% 87%
Launch period
1Q07 94% 95% 92% 98% 83% 94%
2Q07 98% 99% 100% 84% 97%
3Q07 96% 95% 95% 69% 79% 99% 91%
4Q07 95% 88% 79% 79% 76% 90% 89% 84%
2008 75% 85% 78% 66% 63% 72% 58% 74%
1Q08 63% 96% 93% 74% 71% 85% 75% 85%
2Q08 99% 99% 85% 100% 90% 65% 90%
3Q08 68% 99% 76% 61% 68% 96% 49% 71%
4Q08 100% 56% 48% 73% 33% 14% 53%
2009 62% 19% 34% 45% 35%
1Q09 62% 19% 34% 45% 35%
TOTAL Obs.: cálculo em unidades.
84% 87% 79% 77% 71% 83% 70% 79%
16

17. Units Delivered
Units Delivered
12,000
3,178
2,211
1,266
2007 2008 2009e
1Q09 Units delivered and foreseen
Units net of swaps
Large projects delivered: Paulistânia (SP) and Les Residences de Monaco (RJ).
1.3 thousand units delivered in the first three months of 2009.
94% of units delivered were sold.
12 thousand units forecast to be delivered in 2009.
Currently: 142 construction work sites throughout the country.
17

18. Debt Transfer
Property to be financed by SFH:
Increase of price limit from R$ 350 thd/unit to R$ 500 thd/unit
Increase of price limit for eligibility of use of FGTS funds to R$ 500 thousand
Increase of percentage financed from 70% to 90% of the unit value up to R$ 500 thousand
Increase in demand for units in point of sales and in the Internet
Increase of debt transfer of delivered units previously forecast to be financed by Cyrela
Debts transfers
Debt
Unit Debt
Transfer
Projects Average Transfer in
Total in R$
Price units
million
VEREDA IPIRANGA R$ 400 thd 10.5 71
GRAND LIFE SAÚDE R$ 400 thd 2.8 20
HUMANARI R$ 400 thd 6.2 27
PATEO POMPEIA R$ 480 thd 9.4 48
SARAU PINHEIROS R$ 500 thd 2.4 7
PAULISTÂNIA R$ 600 thd 9.9 29
Total 41.2 202
18

19. SFH Financing
Closer relationship with Caixa Econômica Federal (CEF)
R$ 243 million were contracted in 2009
R$ 357 million will be signed soon
Amount forecast to be contracted until July/2009: R$500 million
Growth of debt transfers
Debt transfers totaled R$41 million in 1Q09
R$67 million of debt transfers being done
Debt transfers forecast until July/2009: R$109 million
Balance due in March 31, 2009: R$799 million
SFH Financing
Credit limit
8.1
R$ billion
Contracted
4.3
Balance due: 0.8 Amount
available
3.8
19

20. Landbank
Geographical distribution in March 31, 2009
Southern region
5.1% RJ
São Paulo Capital
Nothern region City 39%
3.2% 19.5%
São Paulo inlands
11.1%
Southeast
71.5% Expansion
Northeast 31%
Rio de Janeiro
19.9%
38.7%
Minas Gerais SP
0.4% 31%
Argentina Espírito Santo
0.3% 1.8%
Potential PSV: R$ 38.6 billion (100%) or R$ 30.6 billion (% Cyrela)
Units in landbank: 138 thousand
193 plots of land – 69 of which outside the SP-RJ region
Swaps achieving 72%
20

21. Landbank in units
126 thousand units elegible through SFH
t hd
00
d
5
th
R$
0
13
to
units
R$
up
in landbank
to
%
91
up
%
27
140,000 4,955 6,698 1,013 138,307
18,766
120,000
32,931
100,000
80,000 37,219
60,000
40,000
17,867
18,858
20,000
-
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
21

22. Financial
Results
Mérito Vila Curuçá
São Paulo, SP
Launched in March 2009 22

23. Financial Results – in R$ million
Net Revenues
+22% 671.5
550.8
1Q08 1Q09
Net Revenues
Gross Income Backlog
39.8% 36.2% 37.2% 37.1%
37.5%
- 4%
+15% 5,124.2 4,920.6
4,081.7
252.1
219.5
1Q08 1Q09
2007 2008 1Q09
Gross Profit Gross Margin
Revenue to be Recog. Gross Mg. To be Recog.
23

24. Financial Results – in R$ million
EBITDA Net Profit
22.5%
12.4% 15.0%
17.2%
+60% 151.2 +47%
100.5
94.5 68.5
1Q08 1Q09 1Q08 1Q09
Net Profit Net Margin
EBITDA EBITDA Margin
Expenses on Pre-Sales Contracts Expenses on Net Revenues
14.5% 12.6% 12.1% 11.6% 11.6%
10.9%
7.8%
7.6%
6.6% 9.6% 9.5% 8.5%
8.3% 7.6%
4.6% 6.7% 6.8%
5.6%
4.3%
2.6%
1Q08 2Q08 3Q08 4Q08 1Q09 1Q08 2Q08 3Q08 4Q08 1Q09
Selling Expenses Gen. & Admin. Expenses Selling Expenses Gen. & Admin. Expenses
24

25. Accounts receivable – in R$ million
Accounts receivable performance Remuneration of receivable
(R$ milion) (R$ million)
7,681 7,685 Finished units: IGP-M + 12% p.a.
Under construction: INCC
5,618 7,685
831
2007 2008 1Q09 6,854
Receivables
3,095
Receivable schedule Units build
(R$ million)
Units under construcion
Construction cost to Incur - sold
1,632
1,452
1,209
944
513 475 423 387
350 301
2009 2010 2011 2012 2013 2014 2015 2016 2017 Until
2028
25

26. Liquidity
Debt Balance on
(R$ million) March 31 Maturity Cost
2009
SFH 798.5 2009 to 2014 TR + 10.5% a 12.0% a.a.
Debentures 1st issuance 500.0 2012, 2013, 2014 CDI + 0.48% a.a.
Debentures 2nd issuance * 489.5 2018 CDI + 0.65% a.a.
Nov/2010, Nov/2011,
Bradesco (stand-by) and others 264.3 CDI + 0.81% a.a.
Nov/2012, Nov/2013
Loans – foreign currency
46.3 Sep/2011 Libor + 3.5%
(US$ 20 million)
Total Debt with SFH 2,098.6
Total Debt without SFH 1,300.1
Net Debt with SFH
Cash and Cash Equivalents (725.7) = 2.4 times
LTM EBITDA
Net Debt with SFH 1,372.9
Net Debt without SFH 574.3
Net debt without SFH
= 1.0 time
LTM EBITDA
* Repactuation in 2010 and 2011 26

27. Delays and Cancellations
Delays
2.00%
1.64%
1.52%
1.43% 1.35% 1.38% 1.92%
1.34% 1.79%
1.09% 1.59%
1.43% 1.37% 1.39%
1.26%
N 08
M 08
A 8
9
A 08
O 8
Ja 8
Ju 08
S 08
Fe 08
Fe 09
M 8
08
M 9
D 08
-0
-0
-0
-0
0
0
-
-
l-
-
-
n-
n-
-
b-
n-
b-
ct
pr
ep
ar
ay
ar
ug
ec
ov
Ju
Ja
Delays above 31 days
Cancellations
0.26% 0.26% 0.27%
0.23%
0.23% 0.22% 0.22%0.23%
0.21% 0.20%
0.17%
0.20%
0.18% 0.14%
0.07%
Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar-
08 08 08 08 08 08 08 08 08 08 08 08 09 09 09
Cancellation index = cancellations / active clients
Obs.: Taking into consideration only clients portfolio managed by Cyrela 27

28. Housing Program
Minha Casa, Minha Vida
28

29. The program
Total number of houses to be built by wage range:
Minimum Wages Number of houses Houses per region
0 to 3 MW 400 thd Southeast 37%
3 to 4 MW 200 thd Northeast 34%
4 to 5 MW 100 thd South 12%
5 to 6 MW 100 thd North 10%
6 to 10 MW 200 thd Midwest 7%
The price of the property to be financed varies according to the region as follows:
Municipality Amount
SP, RJ and FD Metropolitan Regions R$ 130 thd
Municipalities with more than 500thd inhabitants
R$ 100 thd
and other capital cities and metropolitan regions
Other municipalities R$ 80 thd
Maximum unit price for the 3 to 6 wages range is R$ 100 thd.
29

30. General Terms and Conditions
Deposit Guarantee Fund: loss of income and deliquency
3 to 5 wages: 36 installments
5 to 8 wages: 24 installments
8 to 10 wages: 12 installments
Terms and Conditions:
Effectiveness: contract term, after payment of 6 installments
Minimum Payment: 5% of the summ of the installments
Payment to the fund: 0.5% of the installment
Decrease in notary expenses for the customer:
0 to 3 minimum wages: no cost.
3 to 6 minimum wages : 90% decrease
6 to 10 minimum wages: 80% decrease
Decrease in notary expenses for the developer:
Property up to R$ 60 thd: 90% decrease
Property up to R$ 80 thd : 80% decrease
Property up to R$ 130 thd: 75% decrease
30

31. Up to 3 Minimum Wages = R$ 1,395
Program details
Capital cities and metropolitan regions, municipalities with more than 100
thousand inhabitants, and in special cases municipalities with 50 to 100 thousand
inhabitants, according to their housing deficit.
No project delivery insurance
Houses or apartments
Up to 500 units per module or 250 unit condos.
Pre-defined blueprints
Blueprint 1 – Ground houses – 32 sq.m. of usable area
Blueprint 2 – Apartment – 37sq.m. of usable area
Eligibility for buying
Not having benefitted previously from any government social housing program
Not owning a private house and not having a financing contract in any other State
Payment of 10% of the income for 10 years, with minimum installment of R$ 50,00,
corrected by TR and register of the property by the wife
No down payment and no payents during construction
No charges for insurances (death and permanent disability or physical damage of
the property)
31

32. Up to 3 Minimum Wages = R$ 1,395
Contract details
Upfront payment of the land
Fund transfer according to construction works development (24 hours after
work site check)
No insurance for completion of works
Special Tax Regime– (PIS, COFINS, CSLL and IRPJ from 7% to 1%)
No marketing expenses, once CAIXA is responsible for sales
No advertising expenses
Pre-defined price – SINAPI table (currently being discussed) + not included
items (BDI, project, construction site, among others)
Standard Cost/sq.m. (R$)
Normal 909.00
Low 653.00
Minimum 555.00
SINAPI table – Esimated cost for a typical blueprint: one story house (strip foundation) including living room, 2 bedrooms, corridor,
bathroom and kitchen. Usable area: 34,32 sq.m. 32

33. Up to 3 Minimum Wages = R$ 1,395
Feasibility Analysis
Cost reduction
Taxes –5.5% related to PIS and CONFINS on the revenue. According to the
new rule, it is possible to extinguish this charge and even have a further
discount of 0.5% (totaling 6%)
ITBI – it is usually around 2% of the land value (sale value). For this
segment, ITBI usually represents 8% of the PSV. This represents a reduction of
0.16% of the PSV.
Commercial expenses: reduction of 7.5%
Estimate reduction in sales price:
Item % of PSV (reduction)
Taxes 6.00%
ITBI 0.16%
Brokerage Fees 3.50%
Advertising 4.00%
Total 13.66%
33

34. From 3 to 10 minimum wages: from R$ 1,396 to R$ 4,650
Construction works financing agreements :
Financing of 100% of the construction cost with advanced transfer of up to 10% of
the total cost or land cost (whichever is lower)
30% sold or 20% of units financed by CEF or according to sales speed analysis (15%)
Transfers according to construction works development
Interest rates: 8% p.a. + TR
TAO: 1.5% of the amount transferred
Construction work completion insurance (0.6% of the work cost) and engineering
risk
Guarantees:
Guarantee by the owner of the construction company/RE developer
Mortgage of the units– 1.3x the amount financed.
Payment term up to 24 months after completion of construction works
During construction works: payment of interests
Requirement of insurance for completion of construction works and for engineering
risks
Maximum of 500 units per module
34

35. From 3 to 10 minimum wages: from R$ 1,396 to R$ 4,650
Eligibility for buying:
Not having active financing contract with SFH
Not being granted any discount by FGTS since May 1st 2005 when signing
a housing financing contract
Not being the owner, assignee, promissory buyer or not having the right of
acquisition of any other urban or rural residential property at the domicile
region or in the region where the domicile is intended to be established
SAC and PRICE tables
Percentage of total income assigned for payments: 20%
Payment term: up to 30 years
Financing up to 100% of the property price
Optional down payment
Nominal Effective
Wages Interests
Interests Interests
range (p.m.)
(p.a.) (p.a.)
3 to 5 MW 5% 5.16% 0.42%
5 to 6 MW 6% 6.17% 0.50%
6 to 10 MW 8.16% 8.47% 0.68%
35

36. From 3 to 10 minimum wages: from R$ 1,396 to R$ 4,650
The table below shows the general requirements – Ref. SP, RJ, FD and metropolitan regions:
< 3 MW 4 MW 5 MW 6 MW 7 MW 8 MW 9 MW 10 MW
Wages 1,380 1,840 2,300 2,760 3,220 3,680 4,140 4,600
Max. Amount of
276 368 460 552 644 736 828 920
installments (20%)
Maximum amount to
51,628 68,837 86,047 92,529 87,037 99,471 111,904 124,338
be financed
Maximum subsidy 23,000 16,000 9,000 2,000 - - - -
Purchasing power 74,000 84,000 95,000 94,000 87,000 99,000 111,000 124,000
Term (months) 360 360 360 360 360 360 360 360
Nominal Rate (p.a.) 5.00% 5.00% 5.00% 6.00% 8.16% 8.16% 8.16% 8.16%
Effective Rate (p.a.) 5.12% 5.12% 5.12% 6.17% 8.47% 8.47% 8.47% 8.47%
Rate (p.m.) 0.42% 0.42% 0.42% 0.50% 0.68% 0.68% 0.68% 0.68%
Insurance (% of 1.5% a 1.5% a 1.5% a 1.5% a 1.5% a
Exempt Exempt Exempt
installment) 6.64% 6.64% 6.64% 6.64% 6.64%
New range
accepted
36

37. Infrastructure
Characteristics
Financing up to 100% of the total cost
Advancement of 10% of the total cost at the signature of the contract
Funds from the Union available for subsidies: R$ 5 billion
Guarantees
Guarantee by the developers
Mortgage or deed of trust for the unsold units
Lien of the creditory rights related to the units sold
Bank guarantee
Term
Grace period: up to the completion of construction works, limited to 18 months
Payment: 36 months
Rates
TJLP + 1% p.a.
37

38. General Details
Environmental Lincenses: faster and simpler. A Resolution to be passed by CONAMA by the
end of April defines:
Uniform and simplified procedure for granting of environmental licenses for projects
occupying areas up to 100ha or 1.000.000 sq.m.
Single license for the whole project
Maximum of 30 days for environmental license granting
Unified criteria for all federal entities
Engineering analysis
Decrease from 225 to 30 items to be analyzed
Brazilian norms and environmental laws
Acceptance of projects analyzed in other regions, respecting local legislation and
new implementation requirements.
Approval by CAIXA
Cycle lowered from 120 to 45 days.
Approval of credit granting to the client in up to 15 days (previously: 30 days)
38

39. Yearly
Financial
Information
Acqua Verde
Curitiba, PR
Launched in December 2008 39

40. Pre-Sales to be Recognized
R$ million 2007 2008 1Q09
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 3,974.4 481.9
Revenues recognized in the period (2,030.3) (2,930.8) (685.0)
Sales to be recognized at the end of the period 4,081.6 5,124.1 4,920.6
Cost of units sold to be recognized (2,604.7 (3,217.2) (3,095.1)
Selling Expenses (26.3) (37.6) (16.4)
Gross profit to be recognized 1,476.9 1,906.9 1,809.1
Percentage of gross profit 36.2 37.2% 37.1%
40

41. Financial Results – in R$ million
Net Revenues
2,667.1
+56%
1,707.3
+12%
633.7 695.8 708.4
4Q07 3Q08 4Q08 2007 2008
Net Revenues
Gross Income Backlog
42.3% 41.2%
40.1% 40.1% 37.2%
36.2%
36.5%
+52% 1,070.7 +25% 5,124.2
4,081.7
703.2
+2%
254.2 294.2 258.6
4Q07 3Q08 4Q08 2007 2008 2007 2008
Revenue to be Recog. Gross Mg. To be Recog.
Gross Profit Gross Margin 41

42. Financial Results– in R$ million
EBITDA
22.9%
21.8%
20.1%
17.5%
15.9%
+37%
535.9
390.5
+2%
151.4
110.7 112.4
4Q07 3Q08 4Q08 2007 2008
EBITDA EBITDA Margin
Expenses on Pre-Sales Contracts Expenses on Net Revenues
14.5%
13.6%
12.1% 11.6% 11.6% 11.9% 11.7%
11.3%
7.6%
6.7%
5.6% 9.6% 8.9%
4.6% 4.6% 8.1% 8.5%
3.8% 7.6% 7.7% 7.7%
6.7%
5.6%
4.0% 4.4%
2.5% 2.6% 3.0%
4Q07 1Q08 2Q08 3Q08 4T08 2007 2008 4Q07 1Q08 2Q08 3Q08 4Q08 2007 2008
Selling Expenses Gen. & Admin. Expenses Selling Expenses Gen. & Admin. Expenses 42

43. Financial Results – in R$ million
Adjusted Net Profit
14.4% 18.2%
10.4% 12.6% 13.7%
+18%
366.5
311.5
-3%
91.4 72.4 89.0
4Q07 3Q08 4Q08 2007 2008
Adjusted Net Profit Adjusted Net Margin
Adjusted in 2007 for the valorization of investiment in Agra
43

44. Barra Prime Office
Rio de Janeiro – RJ
Launched in Nov/08
Appendix
44

45. Mortgage Credit Available
Mortgage Loans Funding (in R$ billion) Mortgage Loans
Record = 627.000 in 1980
45.8
40.6
% 600
: 45 15.0 %
09e 10.5 e: 18
20 500
0 3- 20 09
Contracts (thousands)
03- R 20
20 25.2 400 CAG
GR
CA 16.3
6.9 300
10.4 30.0 30.8 200
7.0
6.9 18.3
5.2 4.6 4.8 5.0 5.5 100
3.3 2.8 3.9 9.3
2.7 3 3.0 4.9
1.9 1.9 1.8 2.2 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e
95
96
97
98
99
00
01
02
03
04
05
06
07
08
e
09
19
19
19
19
19
20
20
20
20
20
20
20
20
20
20
SBPE FGTS
SBPE FGTS
Source: ABECIP, Central Bank of Brazil and Secovi Source: ABECIP, Central Bank of Brazil and Banco Real
Housing Program Mortgage to GDP Ratio
“Minha Casa, Minha Vida” (in R$ billion)
280% 249%
1.0
230%
7.5 166%
180% 156%
141% 137%
125%
130% 111%
34.0
73%
25.5 80% 65% 53% 46%
63%
46% 37% 35% 33% 28%
20%
30% 13% 10% 2% 2% 8% 6% 9%17%
-20%
UK
A
ia
il
FEDERAL FGTS BNDES TOTAL
d
ain
o
ile
ary
a
.
d
s
ep
az
US
xi c
lan
f ric
l an
Ind
nd
Ch
Sp
ng
Br
hR
BUDGET
rla
Me
Po
A
Ire
Hu
ec
th
the
u
Cz
Ne
So
Mortgage credit to GDP Ratio Total Credit to GDP
Source: Programa “Minha Casa, Minha Vida” Source: Central Bank and Bradesco Corretora
45

46. Demand in Expansion
São Paulo Rio de Janeiro
Supply to Sales - 12 month curve in units Supply to Sales - 12 month curve in units
Apr-02
Dec-00 13.8 Apr-03 Jan-05 Aug-05
Dec-08
11.9 12.2 Mar-06 Jan-05 18.7
11.6 Jun-04 Jul-08
17.4
10.0 15.6 Dec-05 Feb-08
14.1
Jun-07 Jan-09 12.2 Feb-07 Sep-07 12.3 13.9
Sep-06
6.4 Jun-08 5.9 10.4 10.5
9.5
4.6
D 04
D 05
D 06
D 07
D 08
Se 04
Ju 5
Se 05
Ju 6
Se 06
Ju 7
Se 07
Ju 8
Se 08
M 04
M 05
M 06
M 07
8
Ap -00
g 1
ec 1
Ap -01
g 2
ec 2
Ap -02
g 3
ec 3
Ap -03
g 4
ec 4
Ap -04
g 5
ec 5
Ap -05
g 6
ec 6
Ap -06
g 7
ec 7
Ap -07
g 8
ec 8
8
-0
-0
-0
-0
-0
Au r-0
D -0
Au r-0
D -0
Au r-0
D -0
Au r-0
D -0
Au r-0
D -0
Au r-0
D -0
Au r-0
D -0
Au r-0
D -0
-0
n-
p-
n-
p-
n-
p-
n-
p-
n-
p-
-
-
-
-
ar
ar
ar
ar
ec
ec
ec
ec
ec
ec
Ju
D
Supply to sales Supply to sales
Source: SECOVI-SP/EMBRAESP Source: ADEMI-RJ
Porto Alegre Fortaleza
Supply to Sales - 12 month curve in units Supply to Sales - 12 month curve in units
Aug-04 Aug-05 Apr-02
23.8 24.2 Dec-99 24.9 Jan-06 Jun-06
Mar-98 21.8
Dec-96 19.1 Jan-04 18.3 20.0 Aug-07
37,622.0 Dec-06 Jan-01
16.9 17.4 15.8
Jan-01 15.8 15.2 15.4 Feb-09
Apr-99 12.8
fev-09 12.1
10.7
7.4
O -97
O -02
O -07
g 8
Ja -98
b 0
J u - 01
g 3
Ja -03
b 5
J u - 06
g 8
Ja -08
a 7
Ju -99
ov 9
Ap -99
0
e 1
a 2
Ju -04
ov 4
Ap -04
5
e 6
a 7
09
ay 6
ay 1
ay 6
O -00
O -05
J a - 01
Fe - 0 3
J a - 06
Fe - 0 8
Au -01
Ju -02
N -02
Ap -02
Ju 04
D l-04
Au -06
Ju -07
N -07
Ap -07
09
M -99
M -00
Se -03
M -04
M -05
Se -08
Au r-9
N n- 9
Fep-0
D l-0
Au r-0
N 0
Fep-0
D l-0
Au r-0
M c-9
M t-9
Se r-0
M c-0
M t-0
Se r-0
M c-0
M t-0
n-
n-
b-
b-
n
n
ay
ay
g
p
g
p
ov
ov
ar
n
n
ec
r
ar
n
n
r
ct
ec
ct
c
c
c
e
D
D
Supply to sales Supply to sale
Source: SINDUSCON-RS Source: SINDUSCON-CE/FIEC
46

47. Sales Performance – Residential – 2008
São Paulo Rio de Janeiro
(R$ million) (R$ million)
65,833 40,520
4,123
1,949
Market Market
Cyrela Cyrela
4,794 720 384
6,050
Launches in SP Pre-Sales in SP Launches in RJ Pre-Sales in RJ
9% 12% 17% 20%
Launches Pre-Sales Launches Pre-Sales
Cyrela’s stakes indicate strong sales performance in the main markets
Source: Cyrela MID
47

48. Launches 2004 to 2008 - SP Metropolitan Region
Units Potential Sales Value (R$ million)
65,833 17,822
17,422
58,512 9 ,6 11
7 ,0 3 0 5 ,0 5 2
7 ,2 8 2
18 ,8 6 4
11,274
19 ,0 7 4
34,345 35,350 9,607
28,782 3 ,6 8 8 4 ,0 5 1 7,997 3 ,9 3 9
7 ,3 2 6
3 ,3 2 0 5 ,6 2 6
3 ,2 2 4 8 ,5 6 7 10 ,12 9
5 ,3 0 7 2 8 ,9 8 7 3 ,119
2 1,5 2 4
3 ,8 9 4
8 ,9 3 7 10 ,2 6 9 3 ,2 4 2
12 ,7 2 1 1,9 7 7
4 ,0 7 2 4 ,15 4
1,8 0 3 1,9 2 8 2 ,6 8 8
11,3 14 11,8 2 1 10 ,8 8 4
8 ,4 4 9 8 ,3 7 1
1,0 9 8 1,117 753 972 760
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
Luxury > R$ 3,500/m²
Middle > R$ 2,700/m², <3,500/m²
Economic > R$ 1,900/m², <2,700/m²
Super-Economic < R$ 1,900/m²
Source: Cyrela MID
48