Second Quarter Results

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1 Hemisphere São Paulo, SP, Brazil Launched in June 2008 Second Quarter Results August 15,

2 Praça das Águas São Paulo, SP, Brazil Launched in May 2008 Second Quarter 2008 Highlights for the Year Elie Horn Operating Highlights Luis Largman Financial Highlights Saulo Lara 2

3 Highlights for the Quarter Launches 2Q % Launch of 32 projects (15 in 2Q07), with PSV of R$2.2 billion: 195% growth when compared to 2Q07 2Q08 1, ,183 Sales 2Q Cyrela 698 Partners +178% R$1.9 billion in pre-sales contracts in 2Q08: 178% increase High Sales Speed: 56% of the quarterly launches sold up to 06/30 2Q08 Cyrela 1,278 Partners 663 1,941 Seller and Selling sales accounted for R$639.1 million and 33% of quarterly sales Landbank 4Q Q % R$32.1 billion of PSV: 32% increase in relation to 1Q08 2Q Cyrela Partners 3

4 Highlights for the Quarter Geographical Expansion Success stories in three new locations in 2Q08: Buenos Aires, Curitiba and Recife Buenos Aires, Argentina Curitiba, Paraná Recife, Pernambuco 96% sold Mid-High Horizons Launched in May 2008 PSV: R$192.8 million Usable area: 44,879 sq.m Units: % sold Economic Vivare, in Curitiba, Paraná (PR) Launched in June 2008 PSV: R$36.1 million Usable area: 15,677 sq.m Units: % sold Economic Condomínio Vita, in Recife, Pernambuco (PE) Launched in April 2008 PSV: R$37.1 million Usable area: 15,781 sq.m Units: 233 4

5 Operating Highlights Horizons Buenos Aires, Argentina Launched in May

6 Launches and Pre-sales Contracts in R$ million Launches Sales +209% 2, % 2, % 2, % 1, , , ,278 1, ,997 2Q07 2Q08 1H07 1H08 Cyrela Partners Launches - Income Segment - 2Q08 2Q07 2Q08 1H07 1H08 Cyrela Partners Sales - Income Segment - 2Q08 Super Economic 2% Super Economic 2% Economic 20% Economic 21% Middle 15% Middle 21% Mid-High 32% Mid-High 36% Luxury 32% Luxury 20% 6

7 Sales Speed in R$ million Sales Speed of Launches 2Q07 49% 21% 16% 3%1% 90% 3Q07 50% 33% 4% 1% 89% 4Q07 47% 16% 12% 76% 1Q08 47% 26% 74% 2Q08 56% 56% In 3 months In 6 months In 9 months In 12 months In 15 months 1Q08 Launch Sales (R$ million) 2Q08 Launch Sales (R$ million) 349 1, % 47% 85% 84 74% , % 85% 56% Lançamentos 1T08 Launches 1Q08 Venda de Lançamentos 1T08 no 1T08 Vendas em 2T08 dos Estoque 1T08 Sales of Launches Sales in 2Q08 of Lançamentos 1Q08 in 1Q081T08 Launches 1Q08 Sales speed Série1 Série2 Velocidade de Vendas Inventory 1Q08 Lançamentos Venda de Vendas em Estoque 1T08 1T08 Launches Lançamentos 2Q08 Sales 2T08 of dos Launches Inventory 2Q08 1T08 no 1T08 Lançamentos 1Q08 in 1Q08 1T08 Série1 Série2 Velocidade Sales speed de Vendas 7

8 LIVING Sales Performance Average Sales Speed 2Q07 43% 44% 3% 3%3% 95% 3Q07 27% 50% 11% 4% 91% 4Q07 50% 14% 14% 78% 1Q08 53% 32% 85% 2Q08 63% 63% In 3 Months In 6 months In 9 months In 12 months In 15 months 1Q08 Launch Sales (R$ million) 2Q08 Launch Sales (R$ million) % 53% 85% 84 85% % 85% 63% Lançamentos Venda de Vendas em Estoque 1T08 Sales of Launches 1T08 Lançamentos 2T08 dos 1T081Q08 no 1T08 in 1Q08 Lançamentos 1T08 Série1 Série2 Velocidade Sales speed de Vendas Launches 1Q08 Sales in 2Q08 of Launches 1Q08 Inventory 1Q08 Lançamentos Venda de Vendas em Estoque 1T08 Launches 1T08 2Q08 Lançamentos Sales 2T08 in dos2q08 of 1T08 no 1T08 Lançamentos Launches 2Q08 1T08 Série1 Série2 Velocidade Sales speed de Vendas Inventory 2Q08 8

9 Operating Highlights in R$ million Units Delivered 11,682 3,740 2,211 1,417 1, H08 2H08e 2009e Units net of exchanges 1H08: 11 projects delivered totaling 1.4 thousand units 2H08 estimate: delivery of 3.7 thousand units in 20 projects, totaling 31 projects and 5.2 thousand units delivered in 2008 Currently: 106 construction sites across Brazil, of which 30 are operated by Construtora Cyrela 9

10 Landbank PSV: R$32.1 billion Cyrela's Share: 76% 83% exchanged North 3.1% South 6.9% Southeast 69.2% São Paulo Capital 24.6% São Paulo other cities 17.9% 10.9 million sq.m Northeast 20.8% Rio de Janeiro 53.3% Minas Gerais 0.7% Espírito Santo 3.5% Income Segment Income Segment per Brand Middle 34% Economic 26% Mid-High 29% Super Economic Luxury 4% 7% Cyrela 74% Living 26% 10

11 Favorable Scenario for the Industry Financing via FGTS and SBPE (R$ billion) +87% % SBPE 1H07 1H08 FGTS Source: CEF and Abecip e FGTS SBPE Source: CEF and Abecip 11

12 R$ billion Credit Availability Financing via SBPE Savings Accounts Mandatory Lending Mortgage Loans Source: Banco Central, Banco Real and Cyrela Note: The premises of the estimates are: - stability of the balance of savings paying TR + 6% p.a. - binding of 65% of the balance of savings by the SFH - growth of the balance of real estate financing at the rate of 25% p.a. (the same rate determined from 2006 to 2007) 12

13 Vita Residencial Clube (Living) Recife, Pernambuco Launched in April 2008 Financial Highlights 13

14 Financial Results in R$ million Net Revenues +92% 1, % Gross Profit 2Q07 2Q08 1H07 1H08 Backlog 41.9% 40.4% 40.8% 41.0% +93% % % 40.1% 40.7% 40.5% +103% 1, , % 1, , Q07 2Q08 1H07 1H08 Gross Profit Gross Margin H07 1H08 Revenue to be Recognized Gross Mg. to be Recognized 14

15 Financial Results in R$ million EBITDA 27.7% 25.7% 21.9% 21.6% +58% % Q07 2Q08 1H07 1H08 Expenses on Pre-Sales Contracts 6.1% 5.6% 4.6% 4.2% 3.8% 4.0% 3.3% 2.8% 2.5% 2.6% EBITDA EBITDA Margin Expenses on Net Revenue 13.6% 12.1% 11.5% 11.3% 10.7% 8.9% 8.1% 7.2% 6.7% 6.2% 2Q07 3Q07 4Q07 1Q08 2Q08 2Q07 3Q07 4Q07 1Q08 2Q08 Gen. & Admin. Expenses Selling Expenses Gen. & Admin. Expenses Selling Expenses 15

16 Financial Results in R$ million 20.0% Adjusted Net Income 16.0% 19.9% 16.2% +57% % Q07 2Q08 1H07 1H08 Adj. Net Income Adj. Net Margin Adjustment: net of the appreciation of Agra's shares in 2Q07 and 1H07. 16

17 Accounts Receivable Accounts Receivable Evolution (R$ million) +95% 4, % 5,149 6,366 Remuneration of Receivables Finished units: IGP-M + 12% Under construction: INCC , % 1.3% 1.4% 1.4% Q08 2Q08 5,810 2,631 Receivables 30-day overdue Receivables 1,151 1,261 Schedule of Receivables (R$ million) Finished units Units under construction Construction Cost to be Realized Up to

18 Liquidity Debt (R$ million) Balance on 06/30/2008 Maturity Cost Debentures 1st issuance , 2013, 2014 CDI % p.a. Debentures 2nd issuance CDI % p.a. Total Debt Cash and Cash Equivalents (969.0) Net Debt Net Debt LTM EBITDA = 0.1 times 18

19 Guidance in R$ million Launches % -67% 7, % -70 % 8,800 Cyrela Partners Sales % - 67% 5, % - 70% 7,000 Cyrela Partners 19

20 Performance: CYRE3, Ibovespa and Cyrela Results 59.5% 41.7% 43.7% 43.8% 31.8% 46.2% 37.1% 36.0% 27.4% 27.9% 32.8% 22.3% 10.7% 3.5% 3.2% 3.0% 4T06 1T07 2T07 3T07 4T07 1T08 2T08 Quarterly Change - Net Income - 12M CYRE3: accumulated change in relation to the 4Q06 Ibovespa: accumulated change in relation to the 4Q06 2Q07 Net Profit adjusted Average Daily Traded Volume (*) 2006: R$16.6 million 2007: R$32.8 million 2008: R$47.3 million CYRE3 (*) Since Sept/05: % Change in 2008: -10.7% Ibovespa in 2008: -13.7% (*) Up to August 14,

21 IR Contact Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Presidente Juscelino Kubitschek, 1.455, 3º andar São Paulo - SP Brazil CEP Luis Largman Juliana De Zagottis CFO and IR Officer IR Manager Telephone: (55 11) Telephone: (55 11) 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, as such, exclusively based on management's expectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company's business plan. Such future considerations rely substantially on changes in market conditions, government rules, competitor's 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 therefore can be modified without prior notice. 21

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