NOVAMERICASão Paulo, SP

Launched in March 200945% sold within the quarter

1Q09 Results1Q09 ResultsMay 13th, 2009

1st Quarter 2009

Escritório SantanaSão Paulo, SPLaunched in March 200959% sold within the quarter

1st Quarter 2009

Introduction Elie Horn

Living Antônio Guedes

Operational Results Luis Largman

Financial Results Saulo LaraSaulo Lara

Current Panorama

Continuous improvement in the real estate market

Good market response to launchesGood market response to launchesNovAmérica: R$ 278 million PSV - 69% sold to dateEscritórios Santana: 78% soldMérito Vila Curuçá: 85% soldApril/2009: L’Acqua Natal/RN:1st launch in RN 46% soldApril/2009: L Acqua – Natal/RN:1st launch in RN - 46% soldApril/2009: Ventura Ecoville – Curitiba/PR: 65% sold

Government Housing Program “Minha Casa, Minha Vida”News on LivingLaunches in the near futureIncreased participation of Economic projects in Cyrela’s portfolio

Increased limits for SFH and FGTS eligibility: increase in debt transfers and sales

Aquisition of GoldszteinAquisition of Goldsztein 3rd JV partner acquiredWork model to be implemented similar to that of RJZ Cyrela, in RJCurrent Goldsztein Officers will remain in charge of the Southern Region UnitIncrease of Cyrela’s participation in the 100% figures

3

Increase of Cyrela s participation in the 100% figuresDue diligenceTo be concluded until June, 2009

News on Living Living’s Nationwide Activity

Northern region

Ceará Rio Grande do Norte

Pernambuco

Bahia

Independent ActivityNew HeadquartersSeparate Accounting

Espírito Santo

Separate Accounting100% CyrelaIndependent activity in all steps of the business:

L d i itiRio de Janeiro

Land acquisitionReal Estate DevelopmentSales

Southern i

Minas Gerais São PauloConstructionCustomer Relationship

Organic operation and in partnership with JVsregion

4

CFC correspondent servicing all Brazilian regions

Construction

Living’s Construtora

Use of “Lean Construction” ConceptUse of Lean Construction ConceptSimple projects, easily executed, with repetitions, standardized and focused on managementAssembly lineAssembly lineReduction of wastes and costsIncreased productivity during works executionIncreased construction qualityIncreased flexibility of requirementsFlexibility of works execution scheduleIncreased custumer satisfaction

Enhancement of construction methods for popular housingProduct blueprint definition developed together with suppliesProduct blueprint definition developed together with supplies

Land bought to fit the product

Price defined by product (not by sq.m.)

5

In-house and trained labor

15% cost reduction expected

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”

Project Region

Average Price of Unit (R$

thd)

Number of Units

PSVEstimate (R$ thd)

% Cyrela

)

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%g

Arboretto – Fase 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%q

Parque dos Sonhos - Fase 4 Ferraz de Vasconcelos – SP 80 200 15,953 50%

Liber Park Rio de Janeiro – RJ 112 380 42,453 75%

T t l 123 3 060 377 625 61%

6

Total 123 3,060 377,625 61%

Living’s launches in the quarter

São Paulo - SP

Most of the projects in the quarter were launched in March

São Paulo - SPSão Paulo SP

55% sold

São Paulo SP

85% sold

Economic Project Economic Project

Avanti GuarulhosLaunched in Mar/2009PSV: R$ 37.7 millionUnits: 279

Mérito Vila CuruçáLaunched in Jan/2009PSV: R$ 21.8 millionUnits: 197Units: 279

Average price: R$ 135 thd/ unUnits: 197Average price: R$ 111 thd/ un.

São Luís - MA

100% sold

Fortaleza - CE10% sold

Economic Project Mid-low Project

Condomínio Brisas LifeLaunched in Mar/09PSV: R$ 50.4 millionUnits: 300

Vivace Residencial Clube 1st phaseLaunched in Mar/09PSV: R$ 23.0 millionU it 155

7

Units: 300Average price: R$ 168 thd/ un.

Units: 155Average price: R$ 148 thd/ un.

Living launches and pre-sales – 1Q09

Launchesin R$ million

Pre-sales in R$ million

26951%

133

234

122

-51% -48%

190

88

1Q08 1Q09

16679

1Q08 1Q09

Average sales speed

Cyrela Partners Cyrela Partners

63%

53%

21%

32%

3%

2%1%

2%

89%

88%2Q08

1Q08

35%

41%

9%

18%

44%

66%7%

4Q08

3Q08

8

26% 26%1Q09

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

Living’s landbank – 1Q09

70 000

Landank by unit pricePotential PSV: R$ 8.5 billion

17,867

22,309 3,628 62,662

40,000

50,000

60,000

70,000(100%) or R$ 6.1 billion (% Living)

93 Plots of land

18,858

-

10,000

20,000

30,000

Swaps: 66%

Up toR$ 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

Total

By RegionBy Region By Segment

Northeast14%

Economic70%

Super Economic

24%

Southeast65% North

3%

9PS.: Calculations done in units

Middle6%

South18%

Reserva VerdeSerra, ESLaunched in March 2009Sales started in April 2009

Operational ResultsResults

Cyrela’s Launches in the quarter

In January 2009, Absolutto, a project in Novo Hamburgo (RS) was re-launched and 65% sold

São Paulo - SP

63% sold

São Paulo - SP

88% sold

NovAmérica Office ParkLaunched in March/09

NovAmérica Colorado Residence ParkLaunched in March/09

Office Project Medium Standard Project

Launched in March/09PSV: R$ 195.1 millionUsable area: 32,979 sq.m.Units: 548

Launched in March/09PSV: R$ 82.6 milionUsable area: 24,961 sq.m.Units: 216

Novo Hamburgo - RS65% sold

São Paulo - SP78% sold

AbsoluttoRe-launched in January/09PSV: R$ 30 7 million

Escritórios SantanaLaunched in March/09PSV: R$ 53 4 million

Office Project Medium Standard Project

11

PSV: R$ 30.7 millionUsable area: 9,405 sq.m.Units: 132

PSV: R$ 53.4 millionUsable area: 9,016 sq.m.Units: 224

Launches

811-32%

Launches – in R$ million

9 projects launched in 1Q09

554

9 projects launched in 1Q09

(vs. 19 in 1Q08)

Chronology of launches in the quarter581

416

1Q08 1Q09

January: Absolutto in RS (re-launch) and Mérito Vila Curuçá – Living in SP;March:3 Living launches in Guarulhos SP1Q08 1Q09

Cyrela Partners

3 Living launches in Guarulhos – SP, São Luis – MA and Fotaleza – CE.;Escritórios Santana, NovAmérica Office Park, Novamerica Residencial Colorado i SP d R V d i S ESLaunches by region and by brand – 1Q09 in SP, and Reserva Verde in Serra – ES.

1Q09 Launches: average price of R$ 244

thd /unit or R$ 3.6 thd /sq.m.

SP71%

LIVING: 24% of 1Q09 launchesCyrela76%

Living24%

RJ0%

12

0%Expansion

29%

Pre-sales

Pre-Sales – in R$ million

55%

1.7 thousand units sold

Average price of R$ 284 thd/unit or -55%Average price of R$ 284 thd/unit or

R$ 3.5 thd/sq.m.

Living: 24% of 1Q09 sales

1,125

Living: 24% of 1Q09 sales

Seller and Selling accounted for 51% of

quarter’s sales, or 56% considering 778

346

502

only the markets where they operate346

1Q08 1Q09Cyrela Partners

Pre-Sales by region and by brand – 1Q09

SP59%

Cyrela76%

Living24%

RJ

13

RJ13%

Expansion28%

Sales speed – Cyrela + Living

Launches Sales Speed

47% 32% 2%79%1Q08

41%

67%

13%

10% 2%1%

59%

80%

6%3Q08

2Q08

35%

31% 8%

35%

40%

1Q09

4Q08

1Q09 Sales according to launch periodR$ million Cyrela’s share

VSO by quarterR$ million –Cyrela’s share

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

55.4%

R$ million–Cyrela s share

153

44% 33%12% 8% 1% 0%

41.6%

27.7%

15.2% 12.6%

153116

42 29 4 1

% 0%

es es es es es es e

2Q08 3Q08 4Q08 1Q09 12M

14

1Q09

laun

che

2008

laun

che

2007

laun

che

2006

laun

che

2005

laun

che

Laun

che

befo

re20

05

Pre-sales contracts % CBR % of 1Q09 pre-sales

Sales performance

Up toR$ 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$ 1 million

AboveR$ 1 million TOTAL

2006 98% 99% 92% 98% 89% 82% 61% 88%1Q06 100% 99% 100%

Price per unit

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%1Q07 94% 95% 92% 98% 83% 94%rio

d

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%

Laun

ch p

er

Obs : cálculo em unidades

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 84% 87% 79% 77% 71% 83% 70% 79%Obs.: cálculo em unidades.

15

Units Delivered

Units Delivered 12,000

2,2113,178

1,266

2007 2008 2009e

Units net of swaps

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.

16

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 thousandIncrease 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

Debts transfers

Increase of debt transfer of delivered units previously forecast to be financed by Cyrela

ProjectsUnit

Average Price

Debt Transfer

Total in R$ million

Debt Transfer in

unitsmillionVEREDA 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

17

Total 41.2 202

SFH Financing

Closer relationship with Caixa Econômica Federal (CEF)R$ 243 million were contracted in 2009

$ 3R$ 357 million will be signed soon

Amount forecast to be contracted until July/2009: R$500 million

Growth of debt transfersDebt transfers totaled R$41 million in 1Q09

R$67 million of debt transfers being done

Debt transfers forecast until July/2009: R$109 million

SFH Financing

Debt transfers forecast until July/2009: R$109 million

Balance due in March 31st, 2009: R$799 million

SFH Financing

Credit limit 8.1

R$

billi

on Contracted 4.3

18

Balance due: 0.8 Amount available

3.8

Landbank

Geographical distribution in March 31st, 2009

Southern regionRJ

39%Nothern region3.2%

Southern region5.1%

São Paulo inlands11 1%

São Paulo Capital City

19.5%

Expansion31%

11.1%

Rio de Janeiro38.7%

Northeast19.9%

Southeast71.5%

SP31%

Argentina0.3%

Minas Gerais0.4%

Espírito Santo1.8%

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

19

Swaps achieving 72%

Landbank

126 thousand units elegible through SFH

units in landbank

4 955 6,698 1,013 138,307140 000

32,93118,766 4,955 6,698 ,0 3 38,30

100,000

120,000

140,000

17,867

37,219

40,000

60,000

80,000

18,858

-

20,000

40,000

Up to From From From From From From Above R$ Total

20

pR$ 100 thd R$ 100 thd

to R$ 130 thd

R$ 130 thdto

R$ 200 thd

R$ 200 thdto

R$ 350 thd

R$ 350 thdto

R$ 500 thd

R$ 500 thdto

R$ 600 thd

R$ 600 thdto

R$ 1,200thd

1,200 thd

FinancialFinancial Results

Mérito Vila CuruçáSão Paulo, SP

Launched in March 200962% sold within the quarter

Financial Results – in R$ million

Net Revenues+22%

550.8

671.5

1Q08 1Q09

Gross Income Backlog Net Revenues

37.5%39.8% 37.2%36.2% 37.1%

+15%

- 4%

252 14,081.7

5,124.2 4,920.6

219.5 252.1

22

1Q08 1Q09

Gross Profit Gross Margin

2007 2008 1Q09

Revenue to be Recog. Gross Mg. To be Recog.

Financial Results – in R$ million

EBITDA Net Profit

22.5%12.4% 15.0%

+47%+60%

94 5

151.2

17.2%

100.5

94.5 68.5

1Q08 1Q09

EBITDA EBITDA Margin

1Q08 1Q09

Net Profit Net Margin

Expenses on Pre-Sales Contracts Expenses on Net Revenues14.5%

10.9%

12.6% 12.1% 11.6% 11.6%

7 8%6.6%

4.6%

7.6%

4.3%2 6%

5.6%

9.6% 9.5%

7.8%

8.3%6.7%

8.5% 7.6% 6.8%

23

2.6%

1Q08 2Q08 3Q08 4Q08 1Q09

Selling Expenses Gen. & Admin. Expenses

1Q08 2Q08 3Q08 4Q08 1Q09

Selling Expenses Gen. & Admin. Expenses

Accounts receivable – in R$ million

Accounts receivable performance(R$ milion)

Remuneration of receivable(R$ milhões)

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

7,685

5,618

7,681

8317,685

2007 2008 1Q09 6,854

831

2007 2008 1Q09

Receivables

6,854

3,095

Units under construcion

Units build

Construction cost to Incur - sold

Receivable schedule (R$ million)

1,6321,452944

513 475 423 387 350 301

1,209

24

2009 2010 2011 2012 2013 2014 2015 2016 2017 Until2028

Liquidity

Debt(R$ million)

Balance on March Maturity Cost( $ )31 2009

y

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

Debentures 2nd issuance * 489.5 2018 CDI + 0.65% a.a.

Bradesco (stand-by) and others 264.3 Nov/2010, Nov/2011, Nov/2012, Nov/2013 CDI + 0.81% a.a.Nov/2012, Nov/2013

Loans – foreign currency(US$ 20 million)

46.3 Sep/2011 Libor + 3.5%

Total Debt with SFH 2,098.6

Total Debt without SFH 1,300.1

Cash and Cash Equivalents (725.7)Net Debt with SFH

LTM EBITDA

= 2.4 times

Net Debt with SFH 1,372.9

Net Debt without SFH 574.3

LTM EBITDA

Net debt without SFH

25* Repactuation in 2010 and 2011

et debt t out S

LTM EBITDA

= 1.0 time

Delays and Cancellations

Delays

1 64%

2.00%

1.09%1.34% 1.43% 1.35% 1.38%

1.52% 1.64%1.92%

1.43% 1.37% 1.39%

1.79%1.59%

1.26%

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-0

8Ju

l-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Cancellations

Delays above 31 days

0.21% 0.20%0.23%

0.26%

0.23%0.22%0.22%0.23%

0.26% 0.27%

0.14%

0.17%

0.18%0.20%

0.07%

26Obs.: Taking into consideration only clients portfolio managed by Cyrela

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Cancellation index = cancellations / active clients

IR Contact

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1.455São Paulo SP BrasilSão Paulo - SP – BrasilCEP 04543-011

Investors RelationsPhone: (55 11) 4502 3153Phone: (55 11) 4502-3153 ri@cyrela.com.br

l b /iwww.cyrela.com.br/ir

Statements contained in this press release may contain information which is forward-looking and reflects management'scurrent view and estimates of future economic circumstances, industry conditions, company performance and thefinancial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management'sexpectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance theC ' b i l S h f t id ti l b t ti ll h i k t diti t

27

Company's business plan. Such future considerations rely substantially on changes in market conditions, governmentrules, competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to therisks presented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without priornotice.