2007 Results Conference Call. March 14, 2008

(1)

2007 Results Conference Call

March 14, 2008

(2)

2007 Highlights Elie Horn

Operating Results Luis Largman

Financial Results Saulo Lara

2007 Results

(3)

- R$ 3.1 billion launched in the 4Q07; Cyrela’s share was R$ 1.9 billion - R$ 5.4 billion launched; Cyrela’s share was R$ 3.4 billion

- 17 thousand units in 77 projects

2007 Highlights

Launches: 85% higher vs. 2006

Pre-Sales Contracts: 129% higher vs. 2006

Landbank: R$ 22.1 billion of Potential PSV the largest in the market - R$ 2.2 billion sold in the 4Q07; Cyrela’s share was R$ 1.3 billion - R$ 4.4 billion sold; Cyrela’s share was R$ 2.8 billion

- R$ 1.7 billion sold by Seller

- Cyrela’s share: R$ 17.7 billion (80%) - 81% exchanged

- R$ 10.1 billion of Potential PSV acquired in 2007

(4)

LIVING: 6.7 thousand units launched in its first year of operations

2007 Highlights

Geographical Expansion

Growth leveraged through partnerships

- R$ 883.5 million of PSV, Cyrela’s share was 68%

- 70% sold during the launch

- R$ 7.6 billion of PSV outside SP – RJ axle

- New locations: CE, RN, MA, SC, PA, AM and Argentina

- 5 new regional offices: São Paulo, Rio de Janeiro, North, Northeast and Middle-West / South

Important JVs created in 2007: Cytec, Cury, Concima, SKR, Líder and

Irsa-Cyrela

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5 Launches – in R$ million

Breakdown by Region – 2007 Breakdown by Income Segment – 2007

1,925

3,430 388

1,120 992

1,963

6,000

7,500

844 1,949

4Q06 4Q07 2006 2007 2008e 2009e

Cyrela Partners Previous Guidance New Guidance

3,069 1,232

5,393

7,000

8,800

2,917

Luxury 8.0%

Mid-High 59.8%

Middle 26.0%

Economic 3.3%

Super Economic

2.9% ^{São Paulo}

46.4%

Rio de Janeiro 14.5%

Other Regions

39.1%

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Launches 78.2%

Inventory 21.8%

Luxury 14%

Mid-High 60%

Middle Economic

4%

2%

Breakdown by Income Segment – 2007

6 Pre-Sales Contracts – in R$ million

Breakdown by Origin – 2007 2,820

230 899 4,400

5,500

1,369 1,348

464 1,572

546 4Q06 4Q07 2006 2007 2008e 2009e

Cyrela Partners Previous Guidance New Guidance

4,392

1,915 693

5,500

7,000

2,247

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7 Landbank

 Potential PSV: R$ 22.1 billion

Cyrela’s share: 80%

 81% exchanged

 8.8 million of sq. m.

Argentina 0.3%

Northeast 10.7%

North 0.7%

Southeast 81.7%

South 6.6%

São Paulo Metro Area

27.5%

São Paulo Countryside

16.2%

Rio de Janeiro 52.6%

Minas Gerais 1.6%

Espírito Santo

2.2%

Luxury Mid-High 4%

31%

Middle 41%

Economic 16%

8%

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Growth through Joint Ventures

% CBR Region Segment Year

50% São Paulo Middle / Mid-High 2006

50% South All 2006

50% São Paulo Mid-High / High 2007

50% MG and DF All 2007

50% Buenos Aires All 2007

50% São Paulo Economic / Super

Economic 2007

80% São Paulo Economic / Super

Economic 2007

75% São Paulo Economic / Super

Economic 2007

79% São Paulo Economic / Super

Economic 2006

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9 Geographical Expansion



Expansion of activities to additional 19 cities in 2007, totalling 43 cities in 14 states of Brazil and 1 city in Argentina

97 Projects outside SP – RJ axle R$ 7.6 billion of PSV

(Cyrela’s stake: 64%)

(1) Includes Barueri, Jundiaí, Sorocaba, Guarulhos, ABCD, Cotia, Suzano, Osasco, Jacareí, Piracicaba, Mogi das Cruzes (2) Includes Nova Iguaçu, Caxias, Belford Roxo, São Gonçalo, Campos, Rezende

(3) Includes Nizia Floresta, Parnamirim (4) Includes Lauro de Freitas

Cabo Frio Niterói São Luis

Salvador ⁽⁴⁾

Praia Grande

Novo Hamburgo Porto Alegre Canoas

Florianópolis Caxias do Sul Curitiba Rib. Preto Campinas

S.J. Campos São SebastiãoRio de Janeiro ⁽²⁾ São Paulo ⁽¹⁾

VitóriaSerra Belo Horizonte Goiânia

Recife Natal ⁽³⁾ Fortaleza Manaus

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LIVING: 1 year of operation

 6.7 thousand units launched in 2007

 Activities in 10 states

 Landbank: R$ 4.5 billion of Potential PSV

 Selling: Living sales force

 Average sales velocity of 70% in 2007

Launches Landbank

São Paulo 20.7%

São Paulo Countryside

37.3%

Rio de Janeiro 18.8%

Espírito Santo 6.8%

Rio Grande do Sul 9.7%

Bahia 6.6%

Mid-Low 54.1%

Economic 17.8%

Super Economic

28.1%

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11 11

Financial Highlights

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Financial Results – in R$ million

Net Revenue

Gross Profit

1,707

1,117 634

391 4Q06 4Q07 2006 2007

703 472

154 254

39.3% 40.1% 42.2% 41.2%

4Q06 4Q07 2006 2007

Gross Profit Gross Margin

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13 13

Operating Expenses – R$ million

G&A Expenses Selling Expenses

73

141

200

332 4Q06 4Q07 2006 2007

56

131

25

75 3.9%

3.6%

2.5%

3.0%

4Q06 4Q07 2006 2007

G&A Expenses % of Pre-Sales Contracts

86

203

50

131 7.2%

3.8%

6.9%

4.6%

4Q06 4Q07 2006 2007

Selling Expenses % of Pre-Sales Contracts

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14 14

Financial Results – in R$ million

Adjusted EBITDA Adjusted Net Income

EBITDA Net Income

111

248

391

78

22.9%

22.3%

17.5%

19.9%

4Q06 4Q07 2006 2007

EBITDA EBITDA Margin

111

269

391

78

22.9%

24.1%

19.9%

17.5%

4Q06 4Q07 2006 2007

Adjusted EBITDA Adjusted EBITDA Margin

91 422 263

81

23.6% 24.7%

14.4%

20.6%

4Q06 4Q07 2006 2007

Adjusted Net Income Adjusted Net Margin

91

422

81

242

21.7%

24.7%

20.6%

14.4%

4Q06 4Q07 2006 2007

Net Income Net Margin

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15 Pre-Sales to be Recognized

(R$ million) 2007 2006

Sales to be recognized at the beginning of the period ^1,577.2 ^1,020.0 Net Sales recorded in the period ^3,328.2 ^1,630.7 Revenues recognized in the period ^(1,703.7) ^(1,072.8) Sales to be recognized at the end of the period ^3,202.0 ^1,577.5 Cost of units sold to be recognized ^(1,919.0) ^(923.7)

Selling Expenses ^(60.8) ^(36.8)

Profit to be recognized (Deffered Results) ^1,222.3 ^617.1

Gross Margin (%) ^40.1% ^41.4%

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Receivables

Receivables vs. Construction costs

(R$ million, as of December 31, 2007)

Receivables Balance Evolution

(R$ million)

Units under construction Finished Units

Construction cost to be realized 541

4,066 4,607

1,919

4,607

2,380

3,206

2006 9M07 2007

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Net Debt

As of December 31, 2007 our Net Debt totaled R$ 135.9 million

(R$ million) 4Q06 3Q07 4Q07

Long-term Debt ^67.5 ^633.8 ^728.5

Short-term Debt ^57.2 ^85.7 ^90.3

Total Debt ^124.7 ^719.5 ^818.8

Cash & Cash Equivalents ^(560.6) ^(800.7) ^(682.8)

Net Debt ^(316.2) ^(81.2) ^135.9

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5.00 10.00 15.00 20.00 25.00 30.00 35.00

CYRE3 e Market Cap

18 Cyrela – Share Price Performance and Market Value

Average Daily Trading Volume

^(*)

2006: R$ 16.6 million 2007: R$ 32.8 million 2008: R$ 42.7 million

CYRE3

^(*)

Since Sept/05: +245.2%

In 2007: +36.1%

After IPO R$ 2,359 MM

After Follow-on R$ 4,541 MM

After Debentures I R$ 7,100 MM

CYRE3 03/13/2008 R$ 9,208 MM

After Debentures II R$ 8,226 MM CCP

Spin-Off

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Contact IR

Cyrela Brazil Realty S.A. Empreendimentos e Participações

Av. Brigadeiro Faria Lima, 3.400, 10

^th

floor São Paulo - SP – Brazil

ZIP Code: 04538-132

Luis Largman Juliana De Zagottis

CFO and Investor Relations Officer IR Manager

Phone: +55 (11) 4502-3153 Phone: +55 (11) 4502-3516

e-mail: [email protected] e-mail: [email protected]

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, such as, exclusive based on managements expectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company’s business plan. Such future consideration rely on, substantially, changes of market conditions, government rules, competitors 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 there for can be modified without prior notice.