2007 Results Conference Call. March 14, 2008

2007 Results Conference Call March 14, 2008

2007 Results 2007 Highlights Elie Horn Operating Results Luis Largman Financial Results Saulo Lara 2

2007 Highlights Launches: 85% higher vs. 2006 - R$ 3.1 billion launched in the 4Q07; Cyrela s share was R$ 1.9 billion - R$ 5.4 billion launched; Cyrela s share was R$ 3.4 billion - 17 thousand units in 77 projects Pre-Sales Contracts: 129% higher vs. 2006 - R$ 2.2 billion sold in the 4Q07; Cyrela s share was R$ 1.3 billion - R$ 4.4 billion sold; Cyrela s share was R$ 2.8 billion - R$ 1.7 billion sold by Seller Landbank: R$ 22.1 billion of Potential PSV the largest in the market - Cyrela s share: R$ 17.7 billion (80%) - 81% exchanged - R$ 10.1 billion of Potential PSV acquired in 2007

2007 Highlights LIVING: 6.7 thousand units launched in its first year of operations - R$ 883.5 million of PSV, Cyrela s share was 68% - 70% sold during the launch Geographical Expansion - R$ 7.6 billion of PSV outside SP RJ axle - New locations: CE, RN, MA, SC, PA, AM and Argentina - 5 new regional offices: São Paulo, Rio de Janeiro, North, Northeast and Middle-West / South Growth leveraged through partnerships Important JVs created in 2007: Cytec, Cury, Concima, SKR, Líder and Irsa-Cyrela 4

Launches in R$ million 8,800 7,000 5,393 1,232 388 844 3,069 2,917 1,120 992 1,949 1,925 1,963 3,430 6,000 7,500 4Q06 4Q07 2006 2007 2008e 2009e Cyrela Partners Previous Guidance New Guidance Breakdown by Income Segment 2007 Luxury 8.0% Breakdown by Region 2007 Rio de Janeiro 14.5% Super 2.9% 3.3% Mid-High 59.8% São Paulo 46.4% Other Regions 39.1% Middle 26.0% 5

Pre-Sales Contracts in R$ million 7,000 5,500 4,392 1,572 693 230 464 2,247 899 1,348 1,915 546 1,369 2,820 4,400 5,500 4Q06 4Q07 2006 2007 2008e 2009e Cyrela Partners Previous Guidance New Guidance Breakdown by Income Segment 2007 Breakdown by Origin 2007 Luxury 14% Super 2% 4% Mid-High 60% Launches 78.2% Inventory 21.8% Middle 20% 6

Landbank Northeast 10.7% Argentina 0.3% North 0.7% Southeast 81.7% Rio de Janeiro 52.6% Minas Gerais 1.6% Espírito Santo 2.2% São Paulo Metro Area 27.5% South 6.6% São Paulo Countryside 16.2% Potential PSV: R$ 22.1 billion Middle 41% Cyrela s share: 80% 16% 81% exchanged 8.8 million of sq. m. Mid-High 31% Super 8% Luxury 4% 7

Growth through Joint Ventures % CBR Region Segment Year 50% São Paulo Middle / Mid-High 2006 50% South All 2006 50% São Paulo Mid-High / High 2007 50% MG and DF All 2007 50% Buenos Aires All 2007 50% São Paulo 80% São Paulo 75% São Paulo 79% São Paulo / Super / Super / Super / Super 2007 2007 2007 2006 8

Geographical Expansion Expansion of activities to additional 19 cities in 2007, totalling 43 cities in 14 states of Brazil and 1 city in Argentina 97 Projects outside SP RJ axle R$ 7.6 billion of PSV (Cyrela s stake: 64%) Manaus São Luis Fortaleza Natal (3) Recife Salvador (4) Goiânia Serra Vitória Rib. Preto Cabo Frio Campinas São Paulo (1) Niterói S.J. Campos Rio de Janeiro (2) São Sebastião Curitiba Praia Grande Florianópolis Caxias do Sul Canoas Novo Hamburgo Porto Alegre Belo Horizonte (1) Includes Barueri, Jundiaí, Sorocaba, Guarulhos, ABCD, Cotia, Suzano, Osasco, Jacareí, Piracicaba, Mogi das Cruzes (2) Includes Nova Iguaçu, Caxias, Belford Roxo, São Gonçalo, Campos, Rezende (3) Includes Nizia Floresta, Parnamirim (4) Includes Lauro de Freitas 9

LIVING: 1 year of operation 6.7 thousand units launched in 2007 Activities in 10 states Landbank: R$ 4.5 billion of Potential PSV Selling: Living sales force Average sales velocity of 70% in 2007 Launches Landbank Rio Grande do Sul 9.7% Espírito Santo 6.8% Bahia 6.6% São Paulo 20.7% Super 28.1% Mid-Low 54.1% Rio de Janeiro 18.8% São Paulo Countryside 37.3% 17.8% 10

Financial Highlights 11

Financial Results in R$ million Net Revenue 1,707 1,117 391 634 4Q06 4Q07 2006 2007 Gross Profit 703 472 39.3% 40.1% 42.2% 41.2% 154 254 4Q06 4Q07 2006 2007 Gross Profit Gross Margin 12

Operating Expenses R$ million 332 200 141 73 4Q06 4Q07 2006 2007 G&A Expenses Selling Expenses 3.6% 3.9% 2.5% 3.0% 131 75 56 25 4Q06 4Q07 2006 2007 7.2% 6.9% 3.8% 4.6% 203 131 86 50 4Q06 4Q07 2006 2007 G&A Expenses % of Pre-Sales Contracts Selling Expenses % of Pre-Sales Contracts 13

Financial Results in R$ million EBITDA Net Income 19.9% 17.5% 22.3% 22.9% 391 20.6% 21.7% 24.7% 422 248 14.4% 242 78 111 4Q06 4Q07 2006 2007 81 91 4Q06 4Q07 2006 2007 EBITDA EBITDA Margin Net Income Net Margin Adjusted EBITDA Adjusted Net Income 19.9% 17.5% 24.1% 22.9% 391 20.6% 23.6% 24.7% 422 269 14.4% 263 78 111 4Q06 4Q07 2006 2007 81 91 4Q06 4Q07 2006 2007 Adjusted EBITDA Adjusted EBITDA Margin Adjusted Net Income Adjusted Net Margin 14

Pre-Sales to be Recognized (R$ million) 2007 2006 Sales to be recognized at the beginning of the period 1,577.2 1,020.0 Net Sales recorded in the period 3,328.2 1,630.7 Revenues recognized in the period (1,703.7) (1,072.8) Sales to be recognized at the end of the period 3,202.0 1,577.5 Cost of units sold to be recognized (1,919.0) (923.7) Selling Expenses (60.8) (36.8) Profit to be recognized (Deffered Results) 1,222.3 617.1 Gross Margin (%) 40.1% 41.4% 15

Receivables Receivables vs. Construction costs (R$ million, as of December 31, 2007) 4,607 541 4,066 1,919 Receivables Balance Evolution (R$ million) Finished Units Units under construction Construction cost to be realized 3,206 4,607 2,380 2006 9M07 2007 16

Net Debt As of December 31, 2007 our Net Debt totaled R$ 135.9 million (R$ million) 4Q06 3Q07 4Q07 Long-term Debt 67.5 633.8 728.5 Short-term Debt 57.2 85.7 90.3 Total Debt 124.7 719.5 818.8 Cash & Cash Equivalents (560.6) (800.7) (682.8) Net Debt (316.2) (81.2) 135.9 17

Cyrela Share Price Performance and Market Value 35.00 CYRE3 e Market Cap CYRE3 03/13/2008 R$ 9,208 MM 30.00 25.00 20.00 After IPO R$ 2,359 MM After Follow-on R$ 4,541 MM After Debentures I R$ 7,100 MM 15.00 10.00 CCP Spin-Off After Debentures II R$ 8,226 MM 5.00 Average Daily Trading Volume (*) 2006: R$ 16.6 million 2007: R$ 32.8 million 2008: R$ 42.7 million (*) Unitl March 13, 2008 CYRE3 (*) Since Sept/05: +245.2% In 2007: +36.1% 18

Contact IR Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Brigadeiro Faria Lima, 3.400, 10 th floor São Paulo - SP Brazil ZIP Code: 04538-132 Luis Largman Juliana De Zagottis CFO and Investor Relations Officer IR Manager Phone: +55 (11) 4502-3153 Phone: +55 (11) 4502-3516 e-mail: ri@cyrela.com.br e-mail: juliana.zagottis@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. 19