2006 / 4Q06 Results Presentation

March 15, 2007

2

Cyrela Brazil Realty Team

Chief Executive Officer Elie Horn

Chief Financial and IR Officer Luis Largman

Control and Financial Planning Saulo Lara

3

Highlights – 2006

Favorable scenario on Real Estate MarketFavorable scenario on Real Estate Market

Launches totaled R$ 3.6 billion, including our partners’ stakeLaunches totaled R$ 3.6 billion, including our partners’ stake

Net Revenue of R$ 1.1 billionNet Revenue of R$ 1.1 billion

Higher Financing Volume, Extended Tenors and Interest Rate Reduction• Agreement with commercial banks in order to finance the economic segmentHigher Financing Volume, Extended Tenors and Interest Rate Reduction• Agreement with commercial banks in order to finance the economic segment

Pre-sales contracts amounted to R$ 2.2 billionPre-sales contracts amounted to R$ 2.2 billion

Debentures Issuance – R$ 500 millionDebentures Issuance – R$ 500 million

Landbank reached R$ 18.1 billion of PSVLandbank reached R$ 18.1 billion of PSV

Annual Net Profit amounted to R$ 242 million (90% higher than 2005)(*)Annual Net Profit amounted to R$ 242 million (90% higher than 2005)(*)

Present in 8 states and 14 citiesPresent in 8 states and 14 cities

Spin-off of our Rental Portfolio – Cyrela Commercial PropertiesSpin-off of our Rental Portfolio – Cyrela Commercial Properties

(*) Our profit includes finished units, thus, results from current sales are not considered.

4

Launches – 2006

São Paulo 59.41,858,634

Rio de Janeiro 63.51,121,388

2006 Total 58.03,617,970

59.2

55.9

56.7

Minas Gerais 50.0134,528 41.9(R$ million)

+ 198.7

%

Espírito Santo 50.016,398 36.5

Rio Gde do Sul 46.261,273 47.1

Potential Sales(R$000) % Cyrela % Sold

São Paulo - Countryside 46.1339,988 54.4

Bahia 25.585,760 40.3

Income SegmentIncome Segment

Launches reach R$ 3.6 billion 199% more than 2005

Launches reach R$ 3.6 billion 199% more than 2005

42 launches in 200642 launches in 2006

3,618

1,211

17.6%

44.3%

36.1%

1.9%

LuxuryMid-HighMiddleEconomic

331

1,121832

1,859

63848

2005 2006

Geographic Expansion RJ SP

5

Launches– 4Q06

São Paulo 45.0924,658

Rio de Janeiro 88.7419,910

4Q06 Total 55.81,730,011

44.6

37.8

43.8

Minas Gerais -- -

(R$ million)

+ 737.8

%

Espírito Santo 50.016,398 36.5

Rio Gde do Sul 50.030,047 14.6

% Cyrela

São Paulo - Countryside 51.7253,237 54.6

Bahia 25.585,760 40.3

Income SegmentIncome Segment

Launches in the quarter totaled R$1.7 billion

Launches in the quarter totaled R$1.7 billion

207

1,730

Potential Sales(R$000) % Sold

3.2%

54.0%

4.1%

38.7%

LuxuryMid-HighMiddleEconomic

420

925

38548 159

4Q05 4Q06

Geographic Expansion RJ SP

6

Pre-Sales Contracts

Sales by QuarterSales by Quarter

2,247

1,023

(R$ million)

+ 119.6

%901

349

+ 157.9

%

Full YearFull Year QuarterQuarter

Pre-Sales Contracts increased 119.6% Y-o-YPre-Sales Contracts increased 119.6% Y-o-Y

Income SegmentIncome Segment

(R$ million)

10%

53%

35%

2%

LuxuryMid-HighMiddleEconomic

211

520786

1,394

33326

73.8%

64.6%

2005 2006

Geographic Expansion RJ SP % CBR

228

181

317

492

3 29

75.5%

57.0%

4Q05 4Q06

Geographic Expansion RJ SP % CBR

29.1%21.9%

49.0%

4Q06 Launches

1/2/3Q06 Launches

Previous Years

7

Landbank

AnnualGrowth: + 117%

Landbank EvolutionLandbank Evolution

Usable Area(million m2)

Usable Area(million m2)

Potential Sales Value(R$ million)

Potential Sales Value(R$ million)

AnnualGrowth: + 128%

3.0

5.9 6.5

71%

84%

74%

2005 9M06 2006

Usable Area % Exchange

7.9

16.018.1

92%

76% 77%

2005 9M06 2006

Potential Sales Value % CBR

8

Landbank – By Region and Segment

Total

In December/2006

6,501,998

2,653,481

3,277,419

68,529

86,258

280,783

Exchange%

74%

45%

98%

30%

71%

14%

Total Landbank: 6.5 million m2 – 74% acquired through exchanges Total Landbank: 6.5 million m2 – 74% acquired through exchanges

123,158 29%

12,369 45%

Usable Area(000 m²) % Total

40.8%

50.4%

1.1%

1.3%

4.3%

1.9%

0.2%

100%

By SegmentBy Segment

São Paulo

Rio de Janeiro

Minas Gerais

Espírito Santo

Rio Gde do Sul

São Paulo - Countryside

Bahia

2%

54%

11%

33%LuxuryMid-HighMiddleEconomic

9

2006 Highlight: Economic Segment

4 Projects Launched in 4Q06:96% Sold in the first months

4 Projects Launched in 4Q06:96% Sold in the first months

Líber – SP

PSV: R$37.6 million

358 units

Average Price: R$ 105,000

100% Sold (*)

Vero Campo Belo – SP

PSV : R$14.3 million

91 units

Average Price : R$ 157,000 (average)

95% Sold (*)

Garden Resort – Jundiaí

PSV : R$21.1 million

148 units

Average Price: R$ 143,000

87% Sold (*) – 1st phase

(*) sales until March ‘07

Bela Vista – SP

PSV : R$11.7 million

123 units

Average Price : R$ 95,000

100% Sold (*)

10

Growth based on Geographical ExpansionPresent in 8 states and 14 cities

São Paulo (São Paulo, Campinas, Jundiaí, São José dos Campos*, Guarulhos, Santos)Rio de Janeiro (Rio de Janeiro, Niterói)Minas Gerais (Belo Horizonte)Espírito Santo (Vitória)Bahia (Salvador)Pernambuco (Recife*)Rio Grande do Sul (Porto Alegre)Rio Grande do Norte (Natal*)

LiderLider

Salvador

Belo Horizonte

Rio de Janeiro

Campinas São Paulo

Santos

Porto AlegreNew CitiesPrevious Cities

Vitória

Recife

Niterói

Natal

* Agreements starting on 2007

11

Cyrela Properties: Corporate Towers and Shopping Centers

R$ 23.4 million

Shopping CentersCorporate Towers

2006 Gross Revenue

Leasable Area 2006 Total RevenueR$ 52.4 million

2006 Total RevenueR$ 52.4 million

% Cyrela Properties

50,855 m²

100.0%

R$ 28.9 million

133,538 m²

59.5%

Portfolio composed of 9 Buildings and 3 Shopping Centers

Portfolio composed of 9 Buildings and 3 Shopping Centers

3 projects with 66 thd m² of rental under development

3 projects with 66 thd m² of rental under development

12

Receivables

2,380

Finished units

Units under construction

Construction cost to be realized

Receivables vs. construction costs(R$ million, as of December 31, 2006)Receivables vs. construction costs(R$ million, as of December 31, 2006)

260

2,120

974

2,380

1,378

2005 2006

+72.7%

Receivables Balance Evolution(R$ million)

Receivables Balance Evolution(R$ million)

13

Financial Highlights

14

1,117

689

524

2004 2005 2006

Net Revenue

R$ 000 2005 2006 1,082.,08671,173

52,42336,193

21,83717,833

(40,087)(36,351)

1,116,681688,848

By Segment

Revenue ShareRevenue Share

Net Revenue reached R$ 1.1 billion in 2006Net Revenue reached R$ 1.1 billion in 2006

Net Revenue(R$ million)

Net Revenue(R$ million)

Development Sales

Rent of Properties

Services

(-) Deductions

Net Revenue

+62.1%

93.6%

1.9%4.5%

DevelopmentRentalServices

15

213

319

471

40.5%46.3%

42.2%

2004 2005 2006

Gross Profit Gross Margin

Financial Highlights - I

Gross Profit(R$ million)

Gross Profit(R$ million)

+47.9%

16

Operating Expenses

R$ 000 2006

(131,233)

(74,746)

(4,603)

(20,827)

3,320

2005

(94,315)

(44,844)

-

(25,726)

963

Operating Expenses (R$ million)

Operating Expenses (R$ million)

(207,262)(138,196)

(228,089)(163,922)

+39.1%

Selling ExpensesAdministrative ExpensesEmployees ParticipationOthers

Underwriting ExpenseOperational Expenses

Total Expenses

228

164

2005 2006

17

269

183

140

26.8% 26.6%24.1%

2004 2005 2006Adjusted EBITDA Adjusted EBITDA Margin

248

158140

26.8%22.9% 22.3%

2004 2005 2006EBITDA EBITDA Margin

263

154

81

15.5%22.3% 23.6%

2004 2005 2006

Adjusted Net Income Adjusted Net Margin

242

128

81

15.5%18.6%

21.7%

2004 2005 2006Net Income Net Margin

Financial Highlights - II

+57.5%

Net Income(R$ million)

Net Income(R$ million)

EBITDA(R$ million)EBITDA

(R$ million)

Adjusted Net Income(R$ million)

Adjusted Net Income(R$ million)

Adjusted EBITDA(R$ million)

Adjusted EBITDA(R$ million)

+46.8%

+89.6%

+71.4%

18

Pre-Sales to be Recognized

2006

1,020.0

1,659.7

(37.0)

634.6

(925.5)

1,597.1

1,082.6

42.1%

2005

678.7

1,012.4

(21.0)

452.9

(546.1)

1,020.0

(671.2)

46.5%

R$ mn

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

Profit to be recognized (Deferred results)

Percentage of Gross Profit

19

Net Debt

20062005

108.7

95.1

(520.0)

67.5

57.2

(560.6)

(316.2) (435.9)

203.8 124.7

9M06

91.3

70.6

(828.9)

(667.0)

161.9

Net Cash of R$ 435.9 million at 2006 year-endNet Cash of R$ 435.9 million at 2006 year-end

R$ million

Long-term Debt

Short-term Debt

Cash & Cash Equivalents

Net Debt

Total Debt

20

Cyrela – Price Performance and Trading Volume

Average Daily Trading Volume

2006: R$ 16.6 million2007: R$ 35.0 million

Average Daily Trading Volume

2006: R$ 16.6 million2007: R$ 35.0 million

CYRE3

Since IPO: +171.9%Performance in 2006: + 27.4%

CYRE3

Since IPO: +171.9%Performance in 2006: + 27.4%

Price Performance - CYRE3

-

5

10

15

20

25

Jan-0

5Mar-

05Ju

n-05

Aug-05

Oct-05

Nov-05

Jan-0

6Feb

-06Mar-

06May

-06Ju

n-06

Aug-06

Sep-06

Nov-06

Dec-06

Feb-07

(Clo

sing

Pric

e - R

$)

-

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000

(ADTV - R

$)

Volume (R$) Price (R$)

IPOSep/05 Follow-On

Jul/06

21

Contact IR

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAddress: Av. Brigadeiro Faria Lima, nº 3.400, 10th floor

São Paulo - SP - BrazilZIP Code: 04538-132

Luis Largman Dani AjbeszycCFO and Investor Relations Officer Investor Relations ManagerPhone: +55 (11) 4502-3153 Phone: +55 (11) 4502-3144 e-mail: ri@cyrela.com.br e-mail: dania@cyrela.com.br

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.