Company PresentationNovember 2006

2

Disclaimer

This material that follows is a presentation of general background information about Cyrela Brazil Realty as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of Cyrela Brazil Realty and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements.

Although Cyrela Brazil Realty believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to Cyrela Brazil Realty management, Cyrela Brazil Realty cannot guarantee future results or events. Cyrela Brazil Realty expressly disclaims a duty to update any of the forward-looking statement.

Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933. Any offering of securities to be made in the United States will be made by means of an offering circular that may be obtained from the underwriters.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.

3

Agenda

1. Company Highlights

2. Recent Events

Appendix

4. Financial Information

4

Shareholder Structure

After the equity offering, the free float increased to 55%After the equity offering, the free float increased to 55%

(1) Include exercise of 15% "greenshoe“

Post-Equity Offering(1)Post-Equity Offering(1)Before Equity OfferingBefore Equity Offering

152,532,439 shares152,532,439 shares 177,232,439 shares177,232,439 shares

Controlling Shareholders

51%

Management3%

Free Float46%

Management3%

Free Float55%

Controlling Shareholders

42%

5

Cyrela Price Performance and Trading Volume

9M06 Average Daily Trading Volume (ADTV): R$ 16 million

Price per Share - CYRE3

-

5

10

15

20

25

30

35

40

45

50

jan/05

mar/05

jun/05

ago/0

5ou

t/05

nov/0

5jan

/06fev

/06mar/

06mai/

06jun

/06ag

o/06

set/0

6no

v/06

(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

(Trading Volume - R

$)

Volume (R$) Price (R$)

IPOSep/05

Follow -OnJul/06

6

Main Activities of Cyrela Brazil Realty

Gross Revenues - 2005R$725 million

Residential DevelopmentResidential Development

Focus on the development of residential buildings for high and mid-high income classes in São Paulo and Rio de Janeiro19 launches in 2005 totaling R$ 1.052 billion in potential sales, of which 58.0% were pre-sold in the period (R$ 1.930 bi in 9M06)Pre-sales contracts of R$ 983 million in 2005 (R$ 1.346 bi in 9M06)Land bank with 5.9 million m2 to be launched

Rental PortfolioRental Portfolio

CBR currently leases prime office properties and owns participations in 3 shopping centers in São Paulo

ServicesServicesCBR provides administrative services to commercial buildings andshopping centers, real estate brokerage and construction fees charged over partners

93%(*)

5%

2%(*) Excluding office sales = 90%

7

Smart and Efficient Financial Management

Exchange agreements (80%) when acquiring land to reduce cash disbursements

Construction financed by customers

15% received before start of construction

56% received before delivery of the unit

More than 70% of units sold before start of construction

Use of SFH (1) funds (TR + 12% p.a.)

Customer financing of receivables at INCC (2)

Customer financing of remaining receivables at IGP-M + 12% p.a.(3)

Insignificant losses from default

Land

Construction

Post -delivery

(1) Brazilian mortgage financing system, reference rate index (TR) was 2.9% p.a. in 2005(2) Residential Construction Cost index(3) General market price index

8

Consolidated Leadership in the Largest Brazilian Markets

Cyrela has the leading brand in the main Brazilian real estate marketsCyrela has the leading brand in the main Brazilian real estate markets

São Paulo Rio de Janeiro

20052005

20042004

1st1st 2nd2nd 3rd3rd

1st1st 10th10th --

4th4th

--

10 largest players = 74%10 largest players = 74%

1st1st 2nd2nd 3rd3rd

1st1st 4th4th 6th6th

4th4th

--

20032003 1st1st 2nd2nd -- --

Source: Embraesp, % of developments launched Source: Ademi, % of VGV launched(1) Cyrela RJZ Empreendimentos Imobiliários Ltda.

2nd2nd 3rd3rd 1st1st --

10 largest players = 33%10 largest players = 33%

(1)

10%

4% 3% 3%

20%13%

12% 12%

9

Launches

Potential Sales (R$ million)Potential Sales (R$ million)

1,052

826

2004 2005

721

331

660

166

Usable Area (m² 000)Usable Area (m² 000)

386

286

2004 2005

294

92

234

52

CAGR.: 27.4%

CAGR.: 34.9%

SP RJ

10

Launches – 9M06

# of Units (*)Usable AreaPotential Sales

(R$000)

São Paulo 975,964

% Cyrela

(*) exchange excluded

Rio de Janeiro

2006 Total

% Sold

538,971 58.33,5061,929,947 65.3

Minas Gerais

283

1,929

1,004

9M05 9M06

(R$ million)976

701

721

+ 92.1% SP

RJMG

Rio Gde do SulOther Cities

326,564 70.72,238

124,025 48.4747701,478

67.1

73.6

36,358 50.0110134,528 30.9

12,424 42.517031,226 57.1

39,600 17.224186,751 43.6

RSOther Cities

3187

135

11

51%

Launches – 9M06 – By Segment

Luxury

Total

Rio de Janeiro

583,297

São Paulo

Minas Gerais

Other Cities

% Total

100%

Potential Sales(R$ 000) Mid-High Middle

976,268 370,383

By SegmentLuxuryMid-HighMiddle

Rio Gde do Sul

51%

36%

7%

4%

2%

-

583,297

-

-

723,558

118,182

134,528

-

252,406

-

-

86,751

- - 31,226

30%19%

12

Excellent Track Record of Growth

51%

5%

MarketSP + RJ

CBR

CAGR 2002-2005 (in R$ MM)

CAGR 2002-2005 (in R$ MM)

Source: Embraesp and Ademi

Consistent track record of growth in Pre-sales ContractsConsistent track record of growth in Pre-sales Contracts

Pre-Sales Contracts - in R$ million(1998 – 2005)

Pre-Sales Contracts - in R$ million(1998 – 2005)

807

365285290

195211153

1998 1999 2000 2001 2002 2003 2004

983

2005

1998 - 2005 CAGR = 30%

13

Pre-Sales Contracts

LaunchesInventory

9M059M05 9M069M06

44% 56%30%

182

1,345

674

9M05 9M06

(R$ million)

912

339

492

+ 99.7%

SP RJ MG RS Other Cities

1736

41

Pre-Sales increased 99.7% Y-o-Y

70%

14

Pre-Sales to be Recognized

R$ mm (as of) 2004

366.5

825.8

(19.8)

295.9

(363.0)

678.7

(513.6)

46.5%

Sales to be recognized at the beginning of the period

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

2005

678.7

1,012.5

(21.0)

477.8

(521.1)

1,020.0

(671.2)

48.9%

3Q06

1,379.4

264.7

(32.7)

600.1

(794.4)

1,427.2

(216.9)

44.3%

15

Recent Events

16

Major Accomplishments Since IPO

Significant Growth in Land Bank

Growth Through JVs / Acquisitions

Growth Through Geographical Diversification

Entering Middle Low Income Segment

Expansion of Management Team

17

Significant Growth in Land Bank

Land bank in prime areas in São Paulo, Rio de Janeiro and other 8 cities:

5.9 million m2 in buildable area

4.3 million m2 added since IPO

Potential Sales of R$ 16 billion

Distribution of Land Bank AreaDistribution of Land Bank AreaAcquisition FormAcquisition Form

Enough land bank to secure next 5 years of launches in averageEnough land bank to secure next 5 years of launches in average

Cash16%

Exchange84%

Sept. 05 Sept 06

5.9

1.6

Growth: 272,5%(million of m2 in usable area)

Land BankLand Bank

Total

Belo Horizonte

São Paulo

Vitória

Salvador

Rio de Janeiro

Porto Alegre

Other Cities

% Total38.2%

1.2%

0.5%

0.4%

56.1%

0.9%

2.8%

100%

18

Landbank – 9M06 – by Segment

Luxury

Total

Joint Ventures

111,391

CBR 60,566

50,825

Mid-High Middle

1,590,866

1,523,324

67,542

3,507,491

2,928,676

578,815

740,087

218,559

521,528

Economic

1.9% Total 26.7 59.0 12.4

Total Potential Sales: R$ 16 billion

Usable Area (m²)Exchange

%

88%

53%

19

Growth Through JVs / Acquisitions

4 joint ventures established with other players in the sector:Best talents in the sectorR$240 MM in capital committed to fund the business

Acquisition of RJZ in May 06

CityCity

São Paulo/Salvador

São Paulo/Salvador

São PauloSão Paulo

São PauloSão Paulo

Porto AlegrePorto Alegre

Commitment to Invest

Commitment to Invest

R$120R$120

R$50R$50

R$50R$50

R$20R$20

R$240R$240

% Cyrela% Cyrela

49%49%

50%50%

79%79%

50%50%

Planned Launches ‘06

Planned Launches ‘06

R$567R$567

R$134R$134

R$97R$97

R$106R$106

R$904R$904

Market TypeMarket Type

Mid-High/HighMid-High/High

Mid-High/HighMid-High/High

Mid-Low/LowMid-Low/Low

Mid-High/HighMid-High/High

Rio de Janeiro Rio de Janeiro N.A.N.A.100%(Acquired)

100%(Acquired) N.A.N.A.Mid-High/HighMid-High/High

Total

20

Growth Through Geographical Diversification

Entered 8 new cities through JVs and partnershipsBelo Horizonte, Salvador, Porto Alegre (and South Region), Santos, Vitória, Niterói, Jundiaí and Guarulhos4 other cities under negotiations

LiderLider

Salvador

Belo Horizonte

Rio de JaneiroCampinas São Paulo

Santos

Porto AlegreNew citiesPrevious cities

Vitória

21

Entering Lower Middle Class Income Segment

Creation of a lower middle income class division in CBRJoint Venture with Plano & Plano

Talented management team

Partnerships with other players in the segmentPlanned launches totaling R$100 million in potential sales for 2006

Housing DeficitHousing Deficit

5.4

6.7

0

3

6

9

1991 2005Source: Fundação João Pinheiro

2000

7.2

Income Segments in BrazilIncome Segments in Brazil

47 mn households

Consumption

19%A/B > 10 min wages - US$ 1,240 52%

4 – 10 min wagesUS$ 500 - US$ 1,240

30%C 28%

< 4 min wages - US$ 500

51%D/E 20%

Source: Losango

Segment with the highest long-term growth potentialSegment with the highest long-term growth potential

(million homes)

22

Financing: Interest and Term Impact

Model:Unit Value: R$ 120,000Loan-To-Value: 75%Loan: R$ 90,000Mortgage Effort: 30%

Example

Rental : R$800 per monthAnnual Yield: 8%

Equivalent to Loan Instalment with Real Interest Rate at 8% and 20 years

term.

10 15 20 25 3012% 12 10 9 9 911% 12 10 9 8 810% 11 9 8 8 8

9% 11 9 8 7 78% 10 8 7 7 67% 10 8 7 6 66% 10 7 6 6 55% 9 7 6 5 5R

eal I

nter

est R

ate

(%)

Loan Term (years)

10 15 20 25 3012% 1,291 1,080 991 948 926 11% 1,240 1,023 929 882 857 10% 1,189 967 869 818 790

9% 1,140 913 810 755 724 8% 1,092 860 753 695 660 7% 1,045 809 698 636 599 6% 999 759 645 580 540 5% 955 712 594 526 483

Loan Term (years)

Rea

l Int

eres

t Rat

e (%

)

Monthly Instalment (R$)Monthly Instalment (R$)

Minimum Wages Required (monthly salary)Minimum Wages Required (monthly salary)

23

Expansion of Management Team

Stock option plan implemented in May 2006 covered all the executive officers and 50% of the managers

Cyrela has the deepest management bench in the real estate sectorCyrela has the deepest management bench in the real estate sector

Board of Directors

DevelopmentsConstructionLand New Businesses Sales

MarketingHuman ResourcesControllingFinancial ManagementITInvestor Relations

CorporateCEO

Vice PresidentRio de Janeiro

Rental /Shopping

CenterDevelopments ConstructionLand

24

Financial Information

25

Net Revenues

R$ million 2005

671,173

36,193

17,833

(36,351)

2004

513,634

36,343

7,025

(32,565)

Net Revenues(R$ million)

Net Revenues(R$ million)

689

2004 2005

CAGR.: 46.0%

524,437 688,848

524

Development Sales

Rent of Properties

Services

(-) Deduction

Net Revenues

2003

300,192

30,831

5,797

(13,514)

323,306

2003

323

9M05 9M06

698,102556,766

40,12328,097

16,37811,405

(28,707)(30,473)

725,896565,795

9M05 9M06

726

28.3%

566

26

Operating Expenses

R$ million 2005

(94,315)

(44,844)

(25,726)

963

2004

(45,335)

(33,124)

2,750

Operating Expenses(R$ million)

Operating Expenses(R$ million)

76

138

2004 2005

(138,196)(75,709)

(163,922)(75,709)

CAGR.: 58.1%

Selling ExpensesAdministrative Expenses

Others

Underwriting ExpenseOperational Expenses

Total Expenses

2003

(30,927)

(22,464)

(1,866)

(55,257)

(55,257)

2003

55

Employees Participation

9M06

(81,492)

(49,616)

(3,000)

(20,827)

3,943

9M05

(67,032)

(32,122)

-

(25,726)

823

(130,165)(98,331)

(150,992)(124,057)

---

9M05 9M06

124151

+21.7%

27

Financial Highlights - I

Gross Profit (R$ million)

Gross Profit (R$ million)

Net Revenues(R$ million)

Net Revenues(R$ million)

Net Revenues2003 2004 2005

689

524

323

CAGR: 46.0%

9M05 9M06Gross Profit Margin

2003

154

2004

213

2005

319

CAGR: 43.8%

9M05 9M06

47.7%40.6%

46.3%

274318

Growth 15.8%

48.5%43.8%

726

Growth 28.3%566

28

Financial Highlights - II

Net Income – Adjusted(*)

(R$ million)Net Income – Adjusted(*)

(R$ million)EBITDA – Adjusted(*)

(R$ million)EBITDA – Adjusted(*)

(R$ million)

2003 2004 2005

101

140

183

EBITDA EBITDA Margin

CAGR: 34.6%

9M05 9M06

26.6%26.8%31.3% 29.2%

CAGR: 32.3%

2003 2004 2005

81

154

Net Income Margin

88

9M05 9M06

27.1%

15.5% 22.3%

179191

Growth 7.0%

31.6%26.3%

131

182

Growth 39.1%

23.2% 25.1%

Net Income(R$ million)

Net Income(R$ million)

EBITDA(R$ million)EBITDA

(R$ million)

2003 2004 2005

101

140158CAGR: 24.8%

9M05 9M06

22.9%26.8%31.3% 29.2%

CAGR: 20.7%

2003 2004 2005

81

128

88

9M05 9M06

27.1%

15.5% 18.6%

153171

Growth 11.3%

27.1%23.5%

105

162

Growth 53.2%

18.6%22.3%

(*) Excluding expenses from Public Share Offerings

29

Strong Financial Position

Solid financial position is key to sustaining credibility in Brazilian Real Estate Market

Conservative financial approach towards leverage

Predictable cash flow generation obtained from a high percentage of pre-sales contracts before beginning of construction

High quality of receivables due to low delinquency rates

Total receivables exceed construction budget by 152%

82.0% Non-Recognized Receivables(related to developments underconstruction)

Net Debt Net Debt / LTM EBITDA

1- 94

- 667

2003 2004 9M06*

0.0x

0.7x

3.8x

Historical net debt and coverage ratio(R$ million)

Historical net debt and coverage ratio(R$ million)

* Considers last twelve months EBITDA

Receivables vs. construction costs(R$ million, as of September, 30 2006)

Receivables vs. construction costs(R$ million, as of September, 30 2006)

Short-term receivables

Long-term receivables

Construction budget

2,038

1,522

810

516

- 316

2005

2.0x

9M06: R$667mm Net Cash

30

Solid Mortgage Receivables Portfolio

R$ 2,038 million in customer financing receivables at attractive market rates

Financing rates at INCC / IGP-M + 12% p.a.

Very conservative credit approval policy and low historical delinquency rates

Sale secured by the unit being purchased

100% of overdue credit has always been recovered

High and mid-high income classes present lower delinquency rates than other classes

Average overdue receivables rate of 2.4 % from 2002-9M06

Average maturity3.8 years

Maturity Schedule of Total Receivables(R$ million, as of September 2006)

Maturity Schedule of Total Receivables(R$ million, as of September 2006)

Credit Portfolio andHistorical Overdue Receivable Rates

(R$ million, % of receivables)

Credit Portfolio andHistorical Overdue Receivable Rates

(R$ million, % of receivables)

2003

496

20052004Credit portfolio 30-day overdue receivables

863

9M06

2,038

3.6%2.1% 2.4% 2.4%

461

2007 2008 2009 2010 2011 andafter

418 377

200

428

154

Oct -Dec2006

1,378

31

Recurring Income from Rental Portfolio and Shopping Centers

Recurring income from offices and shopping centers covers CBR’sadministrative expenses

Prime office properties valued at R$210.5 million by CBRE

Rental income of R$ 20.3 million in 2005

Occupancy rate constantly above 84%

Prime tenants

Itaú, Credicard, Samsung, Net,Grupo Telefonica

Interest in minority stakes in shopping centers

Income of R$ 15.9 million in 2005

2002 2003 2004

94%86% 84%

R$ 30.68R$ 36.09

R$ 40.64

Office Rentals & Occupancy Rates(R$ per m2, % of total area)

Office Rentals & Occupancy Rates(R$ per m2, % of total area)

1H05

91%

R$ 44.24

Office rentals Occupancy rates

32

Appendix

33

History

Brazil Realty -Joint Venture with IRSA to develop and rent office properties (1994)

Brazil Realty IPO (1996)

First real estate development, mostly land

Partnership with RJZ to enter Rio de Janeiro market

Acquired IRSA stake in Brazil Realty

Merger of Cyrela and Brazil Realty

Public Offering

60s 90s 2000 2002 200570s

Cyrela was created in 1976 focusing on the residential development business

34

Succesfull Business Model

Know-How and Flexibilityto Pursue Business Opportunities

Know-How and Flexibilityto Pursue Business Opportunities

Expertise in Mix and Project Design

Expertise in Mix and Project Design

Smart and EfficientFinancial Management

Smart and EfficientFinancial Management

Business ModelBased on Partnerships

Business ModelBased on Partnerships

Efficiency in Construction and SalesEfficiency in Construction and Sales

Experienced Management Team with a Successful Track Record

Experienced Management Team with a Successful Track Record

Focus on Profitable GrowthFocus on Profitable Growth

35

Typical Cyrela Project

Pre-sales 0 50 70 90 100 10080 95

% Budget Costs - - 0% 40% 100% 100%20% 65%

Revenues - - 0 36 100 10016 62

Up to 100M18M 24M 30M 36M12M6M0M

Assumptions for this example:

Potential sales: R$125 million

Exchange agreements (land): R$25 million

Does not include financial revenues in customer financing

Payments

Construction

Launch Go-ahead Delivery Completionof payments

6M - 9MLicensing

– … 15 … 56 100… …

36

Income Statement

(1) Includes residential development revenues, rentals and services

R$ MM CAGR2003 2004 9M05 9M06 Growth2005

Margin % 47.7% 40.5% 46.2%

Margin % 31.3% 26.8% % %22.9%

Growth % 10.6% 62.2% 31.4%

Gross Profit 43.8%154.1 212.6 274.5 317.9 15.8%318.6

Income Taxes (18.9) (46.6) (24.4) (38.7)(17.8)

Net Revenues(1) 46.0%323.3 524.4 565.8 725.9 28.3%688.8

EBITDA 24.8%101.2 140.4 153.5 170.5 11.3%157.7

Net Income 20.7%87.7 81.0 105.5 161.7 53.2%127.8

Minority Interest (14.7) (16.1) (17.8) (23.7)(16.1)

Adjusted Net Income 32.3%87.7 123.0 131.5 182.5 39.1%153.6

Consistent Growth in Sales with Sustained ProfitabilityConsistent Growth in Sales with Sustained Profitability

37

Consolidated Balance Sheet

R$ millionCash and Equivalents ReceivablesReal Estate in Inventory

Long term receivablesOther long term assets

TOTAL ASSETSST loans and financing

TOTAL LIABILITIES

Costs to complete projectsAccounts payable

Other Current Assets

Other current liabilitiesLT loans and financingOther liabilitiesMinority Interest

Permanent Assets

Shareholders’ Equity

2003 99.8

219.3330.0

283.2130.7

[ ][ ]

1,218.4

[ ][ ]

48.7

1,218.4[ ][ ][ ]

124.3123.947.5

124.065.3

282.346.6

106.7

404.4

200481.0

192.5429.0

240.5138.4

[ ][ ]

1,312.3

[ ][ ]

142.0

[ ][ ][ ][ ]

1,312.3158.155.6

111.6143.8106.9221.572.5

88.8

442.4

9M0643.2

441.5694.5

244.4308.5

[ ][ ]

2,773.2

[ ][ ]

857.6

[ ][ ][ ][ ]

2,773.270.617.8

152.5223.091.3

169.9117.9

183.6

1,930.1

200595.5

190.3421.0

271.0556.6

[ ][ ]

1,775.3

[ ][ ]

129.0

[ ][ ][ ][ ]

1,775.395.125.277.1

205.9108.7166.078.5

111.9

1,018.8

38

Net Financial Debt

R$ mm 20042003

106.9

158.1

(170.9)

65.4

124.3

(188.8)

94.10.9

2005

108.7

95.1

(520.0)

(316.2)

265.0189.7 203.8

Long-term Debt

Short-term Debt

Cash & Cash Equivalents

Net Debt

Total Debt

3Q06

91.3

70.6

(828.9)

(667.0)

161.9

39

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

São Paulo - SP - BrazilZip: 04538-132

Luis LargmanCFO and Investor Relations Officer

Phone: 55 (11) 4502-3153Fax: 55 (11) 4502-3149e-mail: ri@cyrela.com.br

www.cyrela.com.br/ir

Contact IR