4Q11 and 2011

Results March 27, 2012

Thera Faria LimaSão Paulo – São Paulo StateLaunched in December 2011

4Q11 and 2011 Results

Operating Results Living

Introduction Elie Horn

Financial Results Cyrela

José Florêncio Rodrigues

Operating ResultsCyrela Raphael Horn

Mandara KauaiAquiraz – Ceará StateLaunched in December 2011

Antonio Guedes

3

Cyrela Highlights

Operational Cash Generation totaled R$ 130 million in 4Q11

Gross Margin stood at 29.1% in 4Q11, up 0.5 p.p. from 3Q11

Launches amounted to R$ 7.9 billion in 2011, 104% of the guidance low end

Sales came to R$ 6.5 billion in 2011, 94% of the guidance low end

Living comprised 34% of all Cyrela’s launches and 30% of all its sales in 2011

Net Revenues came to R$ 2.0 billion in 4Q11, up 27% from 3Q11

Carta Capital Award for the most admired companies in Brazil

Operating Results

Vega Luxury Design OfficesBrasília – Federal DistrictLaunched in December 2011

5

Cyrela and Living Launches

41 projects launched in 4Q11 and 98 launched in 2011

Average price: R$ 295 thd/unit in 2011, up 7% YoY

Price/sq. m: R$ 4.9 thd/sq. m in 2011, up 20% YoY

4%

90%

2011

7,905

1,624

6,281

2010

7,610

1,655

5,955

4Q11

3,342

727

2,615

3Q11

1,757

3081,449

PartnersCyrela

37%

35%

10%

6%

11%

13%

18%

45%

Mid-West5%North

9%

Northeast

South

RJ

SP

Launches Breakdown by Region in 2011by PSV(R$ million)

6

Cyrela and Living Pre-Sales

56% of the 3Q11 pre-sales were from projects launched in the

same quarter

8.5 thd units sold in 4Q11, totaling 21.3 thd units sold in 2011

Inventories on 12.31.2011: R$ 6.5 bn (100%) e R$ 5.2 bn (%CBR):

10.5 months of sales*

Considering the monthly average of sales according to 2012 guidance midpoint

5%

64%

2011

6,497

1,230

5,267

2010

6,172

1,395

4,778

4Q11

2,382

390

1,992

3Q11

1,449

2871,162

Pre-Sales

(R$ million)

Pre-Sales by Region 2011

7%

11%

29%

43%

SoutheastOthers

1%

Mid West

3%

Northeast5%Northeast

South

RJ

SP

4Q11 (LTM)

50.8%

3Q11 (LTM)

55.6%

4Q11

26.2%

3Q11

20.7%

Sales Speed (VSO)

PartnersCyrela

7

Landbank

Landbank (100%)(R$ billion)

Oher States

12.6

South

3.4

São Paulo

15.9

Rio de Janeiro

16.9

Total

48.9

PSV of R$ 48.9 bn (R$ 42.7 bn %CBR)

78% of landbank acquired through swaps

222 projects comprising 166,000 units

(R$ billion)

Landbank Aging (100%)

~31.9

After 20132013

~7.0

2012

~10.0

8

23.8 thd units delivered in 2011 in 88 projects

Living: 13.2 thd units delivered in 33 projects

96% of the delivered units had already been sold

205 construction sites at the close 2011, 97 of which were Living projects

Delivered Units

2012E

25.0– 30.0

2011

23.8

13.2

10.6

2010

15.4

7.1

8.3

2009

7.5

2.1

5.4

LivingHigh-End

(thd units)

Living Operating Results

Way PenhaSão Paulo - São Paulo StateLaunched in December 2011

10

Living’s Launches and Pre-Sales

26 projects launched in 4Q11, totaling 54 launched in 2011

R$ 2.7 billion launched in 2011, accounting for 34% of all Cyrela’s launches

7.4 thd launched in 4Q11 57% within MCMV program

Living Sales: 30% of the total PSV sold by the Company in 2011

13 thd units sold in 2011 with an average price of R$ 149.5 thd/unit

Pre-Sales Launches (R$ million) (R$ million)

393

909

20%

159%

2011

2,688

675

2,014

2010

2,231

543

1,689

4Q11

1,198

289

3Q11

463

70

PartnersLiving

204

580

150%

8%

2011

1,951

512

1,439

2010

1,804

472

1,332

4Q11

801

220

3Q11

320

116

11

Living’s Landbank

PSV of R$ 13.2 bn (100%) and R$ 11.6 billion (% Living)

3 plots acquired in 4Q11 PSV of R$ 378.0 million

68% of landbank acquired through swaps

Average price per unit R$ 158 thd

Living’s Landbank – 100%(R$ billion)

Breakdown by Region

Super Economic

EconomicMiddle

5.2

7.8

0.2

(by PSV)

5%

8%

27%

37%

RJ

SP

South2%

SoutheastOthers

8%Mid West

13%North

Northeast

Financial Highlights

Vitamare NeovilleFlorianópolis - Santa Catarina StateLaunched in December 2011

13

Financial Results

Net Revenues

25%

43%27%

2011

6,127

2010

4,890

4Q10

1,389

4Q11

1,984

3Q11

1,560

(R$ million)

14

Financial Results

Gross Profit and Gross Margin

340

576446

70%

13%

29%

2011

1,733

28.3%

2010

1,537

31.4%

4Q10

24.5%

4Q11

29.1%

3Q11

28.6%

Gross Margin Gross Profit

(R$ million)

15

Financial Results

Adjusted EBITDA and Adjusted EBITDA Margin(R$ million)

231337

153

846 852

1%

120%46%

2011

13.9%

2010

17.3%

4Q10

11.0%

4Q11

17.0%

3Q11

14.8%

EBITDA Margin EBITDA

16

Financial Results

Net Income and Net Margin

147 18183

600498

-17%

120%24%

2011

8.1%

2010

12.3%

4Q10

5.9%

4Q11

9.1%

3Q11

9.4%

Net IncomeNet Margin

(R$ million)

17

Accounts Receivable

Accounts Receivable vs. Costs to be incurred Receivables Schedule(1)

Schedule of Costs to Be Incurred

Units under construction

Constructed units

Construction costs to be incurred – Sold units

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

Under Construction: INCC

0.8 0.4

24 months 1.91.3

1.2After 24 months

0.6

2.81.9 0.812 motnhs

Sold Units Inventory Units

Construction costs to be incurred – Inventory units

1.7

Costs to be incurred

5.8

4.1

1.8

Receivables

12.5

10.9

(R$ billion)

After 36 months 2.2

36 months 2.1

24 months 2.3

12 months 5.9

(R$ billion)

(R$ billion)

(1) Receivables schedule according to an economic criterion (payment when the construction of a unit is finished)

18

Transferred Units

+10%

2011

13,950

10,544

3,406

2010

12,669

10,887

1,782

In 2011, transferred amount in PSV rose by 47% YoY

In number of units transfers climbed by 10% YoY

R$ 557.5 million and 3.5 thd units were transferred in 4Q11

Number of Units TransferredTranferred Amount (R$ million)

468

948

+47%

2011

2,162

1,214

2010

1,469

1,000

LivingHigh-End

38%

62%

47%

53%

14%

86%

24%

76%

19

Liquidity and Debt

Debt(R$ billion)

2.8

Net Debt

2.7With SFH

Cash and Cash Equivalents

1.8

Term

4.6

1.1Short Term

3.5Long Term

Gross Debt

4.6

2.8SFH Debt

1.8Corporate

Debt

(34) Without SFH

Indicators TotalDebt

Debt without SFH

Net Debt/ EBITDA LTM 3.19x -0.04x

Net Debt/ Shareholders Equity 55.2% -0.7%

Average Cost 106% CDI 109.5% CDI

Duration 2.8 years 1.9 years

20

Cash Burn

-7

130

-492

-99%

-126%

20112010

-1,124

4Q114Q10

Cash Burn (ex-dividend, buyback program and acquisition of stakes)

(R$ million)

Cash Generation* of R$ 130 million in

4Q11 and cash burn of R$ 7 million in

2011

Securitization amounted R$ 47 million

in 2011

* ex-dividends, shares buyback program, and acquisition of stakes

21

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1455, 3rd floorSão Paulo – SP – BrazilCEP 04543-011

Investor RelationsPhone number: (55 11) 4502-3153 ri@cyrela.com.br

www.cyrela.com.br/ri

This presentation contains forward-looking information about Cyrela Brazil Realty’s business prospects, projectedoperating and financial results and growth prospects. These are merely projections and, as such, exclusively based onCyrela Brazil Realty’s management’s expectations regarding the Company’s business in the future and its continuedaccess to capital to fund its business plan. Such forward-looking statements depend heavily on the market conditions,government rules and competitive environment, as well as the performance of the real estate industry and of theBrazilian economy, among other factors, in addition to the risks described in the documents released and filed by CyrelaBrazil Realty. They are, therefore, subject to change without prior notice.

Contact IR