Urban Office and Hotel Curitiba RESULTS 1Q13. May 14, 2013

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1 Urban Office and Hotel Curitiba RESULTS May 14, 2013

2 Duo Concept Porto Alegre Results Introduction Elie Horn Operating Results Raphael Horn Financial Results José Florêncio Rodrigues

3 Highlights Gross Margin of 33,3%*, up 0.5 p.p. vs and 3.8 p.p. higher when compared to. EBITDA Margin of 20.2%*, down 0.1 p.p. vs and 6,4 p.p. higher when compared to. Cash generation of R$ 180 million in *. Pre-sales of R$ 1.4 billion in, 11.3% higher than. Launches of R$ million in, up 7.3% vs. Net revenue of R$ 1.3 billion in, lower 12.9% vs. Net Debt / Equity of 39.7% in vs 44.8% in 4T12 and 54.2 % in. * Excluding IFRS impacts 3

4 Now Alto da Boa Vista São Paulo Operating Results

5 Cyrela s Launches Launches totaled R$ 955 million in vs R$ 890 million in ; Price/m 2 (ex-lots and Faixa 1 ): R$ 8.8 thd in (R$ 4.6 thd including Faixa 1 ) vs R$ 6.2 thd in ; Price/unit (ex-lots): R$ 463 thd/unit in (R$ 236 thd including Faixa 1 ) vs R$ 162 thd/unit in. Launches Launches by Region (R$ million) 7,3% % 21% São Paulo - Other Cities 40,4% 32,9% Rio de Janeiro 81% 79% MAP Economic MAP Economic 26,7% São Paulo Cyrela Partners 5

6 Cyrela s Pre-Sales 60.4% of pre-sales were from inventories. Pre-sales by region São Paulo - Other Cities 3.9 thd units sold in (6.2 thd considering São Paulo 33,9% 22,0% Faixa 1 ), compared to 3.5 thd in. Pre-sales 20,4% 6,1% 5,5% Rio de Janeiro 1,0% Northeast 9,4% 0,6% 1,1% Minas Gerais South Espírito Santo Middle West North (R$ million) +11.3% Sales Speed 12M 1,220 1, % 51.6% 53.0% 49.6% 50.9% % CBR 79% 70% Cyrela Partners 2Q12 3Q12 6

7 Cyrela s Pre-Sales 17.8% (R$ million) of pre-sales were from finished units; Sales speed of the vintage launched in attained 86% of sales, while 2Q12 vintage attained 76%, 3Q12 vintage attained 56% and the attained 61% yet. Pre-sales by launch period Vendas sobre Oferta por safra (R$ million) 1, , , % % % Launches Previous Years 2013 Ex-"Faixa 1" 7

8 Inventory R$ 6.3 billion of inventorye (R$ 4.8 billion %CBR); 13.3% of finished units (vs 14.4% in ); Pre-sales of R$ million were from finished units. Inventory Change in inventory (R$ million) -4.3% (R$ million) 6, , , % ,341 5,674 5, FU/TI¹ 14.4% 13.3% Finishend Construction Inventory Sales of Inventory Launches Sales of Launches Price chg. Inventory ¹ Finished units / Total inventory Inventory in construction Finished units 8

9 Finished Units R$ 843 million of finished units (vs. R$ 953 million in ) The 10 biggest projects with finished units represent, approximatelly, 52% of total finished units in. Finished Units Finished Units Breakdown (R$ million) % % delivered in 2012 South North 10% 6% São Paulo 11% São Paulo - Other ci 14% Northeast 33% 7% 2% 16% Rio de Janeiro Espírito Santo Minas Gerais Finished Units Sales of Finished Units Sales of Delivered Units Deliveries (Finished Units) Price chg. Finished Units 9

10 Delivered Units (Units thd) +1.3% T13 MAP Economic + MCMV 5.2 thd units delivered in in 17 projects; Economic + MCMV: 2.5 thd units in 9 projects in ; Delivered units in represent PSV of R$ 1.0 billion. 10

11 Varanda Ipiranga São Paulo Financial Results

12 Financial Results (R$ million) 1,487-14% Gross Revenue -14% 1,501 1,286 1,282 Gross Revenue and Gross Margin -11% -2% 32,8% 33,3% 29,5% 33,3% IFRS 4T12 s/ RET 1T13 1T12 1T13 IFRS EBITDA and EBITDA Margin Net Income and Net Margin -13% 27% 22.3% % 52% 14.3% 20.3% % % % % w/o RET IFRS w/o RET IFRS 12 Margem

13 Transfers, Settlements, Trust Deed Volume Units % +32% ,0 4,0 0,7 +17% +8% 4,7 4,3 1,2 0,7 0,1 0, ,3 3,4 3,5 Pay offs Trust Deeds Transfers The high volume of cash inflow in is due to : Increase in settlements (500 units more when compared to ); Higher stake of MAP projects (71% in vs 54% in ). As a consequence there was an increase in the average ticket from R$ 187 thd in to R$ 227 thd in. Emphasis on São Paulo and Northeast regions, which together, accounted for 56% of the settled units, specially in the projects Nova América and Salvador Shopping Bossiness. 13

14 Liquidity and Debt Net debt / Equity attained levels lower than 40%; Net Debt / Equity dropped from 44.8% to 39,7% Debt (R$ billion) Indicators Total Debt IFRS Total Debt Debt w/o SFH Corp Corp. -6.7% Corp Long Term Net Debt/ EBITDA 12M Net Debt/ Equity Average Cost 1.79x 2.12x 0.56x 34.3% 39.7% 10.6% w/o SFH: 111.4% CDI SFH: TR % p.y. Duration 2,1 years 2,1 years SFH 1.9 SFH 1.6 SFH 0.8 Short Term 0.6 Short Term 19% 21% 13% Gross Debt Gross Debt Gross Debt Debt Schedule Cash and Cash Equivalents Net Debt Without SFH Long Term 81% 79% 87% Net Debt / Equity 54.2% 44.8% 39.7% 14

15 Cash Generation / Burn* (R$ million) Non Recurring Q12 3Q12 Cash generation of R$ 180 million in against a cash burn of R$ 6.2 million in and a cash generation of R$ 240 million in ; Settlements as key driver of Cash Generation more than 100% increase against and (approx. R$ 200 million). Ex dividend payment, buyback program and stake acquisition. 15

16 Contact IR Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Presidente Juscelino Kubitschek, 1455, 3 rd floor São Paulo SP Brazil CEP Investor Relations Phone number: (55 11) This presentation contains forward-looking information about Cyrela Brazil Realty s business prospects, projected operating and financial results and growth prospects. These are merely projections and, as such, exclusively based on Cyrela Brazil Realty s management s expectations regarding the Company s business in the future and its continued access 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 the Brazilian economy, among other factors, in addition to the risks described in the documents released and filed by Cyrela Brazil Realty. They are, therefore, subject to change without prior notice. 16

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