FEDERAL PUBLIC SERVICE CVM - BRAZILIAN SECURITIES AND ... · FEDERAL PUBLIC SERVICE CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION – ITR COMMERCIAL, INDUSTRY

FEDERAL PUBLIC SERVICE CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION – ITR COMMERCIAL, INDUSTRY & OTHER TYPES OF COMPANY Voluntary New Presentation

June 30, 2010

Brazilian Corporate Law

1

REGISTRATION WITH CVM SHOULD NOT BE CONSTRUED AS AN EVALUATION OF THE COMPANY. COMPANY MANAGEMENT IS RESPONSIBLE FOR THE INFORMATION PROVIDED.

01.01 - IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - CNPJ (Corporate Taxpayer’s ID)

01446-0 CYRELA BRAZIL REALTY SA EMPRS E PARTS 73.178.600/0001-18

4 - NIRE (Corporate Registry ID)

35.300.137.728

01.02 - HEADQUARTERS

1 - ADDRESS

Rua Professor Manoelito de Ornellas, 303 2 - DISTRICT

Ch Sto Antonio

3 - ZIP CODE

04719-040 4 - CITY

São Paulo 5 - STATE

SP

6 - AREA CODE

11 7 - TELEPHONE

4502-3516 8 - TELEPHONE

4502-3516 9 - TELEPHONE

4502-3516 10 - TELEX

11 - AREA CODE

11 12 - FAX

4502-3140 13 - FAX

4502-3140 14 - FAX

4502-3140

15 - E-MAIL

[email protected]

01.03 - INVESTOR RELATIONS OFFICER (Company Mailing Address)

1- NAME

Luiz Largman

2 - ADDRESS

Av Pres Juscelino Kubitschek,1455, 5º And 3 - DISTRICT

Vila Olímpia

4 - ZIP CODE

04543-011 5 - CITY

São Paulo 6 - STATE

SP

7 - AREA CODE

11 8 - TELEPHONE

4502-3153 9 - TELEPHONE

4502-3153 10 - TELEPHONE

4502-3153 11 - TELEX

12 - AREA CODE

11 13 - FAX

4502-3225 14 - FAX

4502-3225 15 - FAX

4502-3225

16 - E-MAIL

[email protected]

01.04 – ITR REFERENCE AND AUDITOR INFORMATION

CURRENT YEAR CURRENT QUARTER PREVIOUS QUARTER

1 - BEGINNING 2 - END 3 - QUARTER 4 - BEGINNING 5 - END 6 - QUARTER 7 - BEGINNING 8 - END

1/1/2010 12/31/2010 2 4/1/2010 6/30/2010 1 1/1/2010 3/31/2010

09 - INDEPENDENT AUDITOR

Terco Grant Thornton Auditores Independentes Soc Simples 10 - CVM CODE

00635-1

11. TECHNICIAN IN CHARGE

José André Viola Ferreira

12 – TECHNICIAN’S CPF (INDIVIDUAL TAXPAYER’S ID)

163.086.958-90


June 30, 2010


2

01.01 - IDENTIFICATION

1 - CVM CODE

01446-0 2 - COMPANY NAME

CYRELA BRAZIL REALTY SA EMPRS E PARTS. 3 - CNPJ (Corporate Taxpayer’s ID)

73.178.600/0001-18

01.05 – CAPITAL STOCK

Number of Shares

(in thousands)

1 – CURRENT QUARTER

6/30/2010

2 – PREVIOUS QUARTER

3/31/2010

3 – SAME QUARTER, PREVIOUS YEAR

6/30/2009

Paid-up Capital

1 - Common 422,917 422,401 368,553

2 - Preferred 0 0 0

3 - Total 422,917 422,401 368,553

Treasury Shares

4 - Common 6 6 6

5 - Preferred 0 0 0

6 - Total 6 6 6

01.06 - COMPANY PROFILE 1 - TYPE OF COMPANY

Commercial, Industry and Other Types of Company

2 - STATUS

Operational 3 - NATURE OF OWNERSHIP

Domestic Private 4 - ACTIVITY CODE

3110 - Holding Company - Construction, Building Materials And Interior Design 5 - MAIN ACTIVITY

Real Estate Development 6 - CONSOLIDATION TYPE

Total 7 – TYPE OF REPORT OF INDEPENDENT AUDITORS

Unqualified opinion 01.07 - COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS 1 - ITEM 2 - CNPJ (Corporate Taxpayer’s ID) 3 - COMPANY NAME

01.08 - CASH DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER 1 - ITEM 2 - EVENT 3 – APPROVAL 4 - TYPE 5 - DATE OF PAYMENT 6 - TYPE OF SHARE 7 - AMOUNT PER SHARE

01 AGO/E 4/30/2010 Dividend 5/11/2010 Common 0.4709027120 * AGO/E – Extraordinary and Annual General Meeting

(A free translation of the original in Portuguese) FEDERAL PUBLIC SERVICE CVM – BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRY & OTHER TYPES OF COMPANY Voluntary New Presentation

June 30, 2010


3

01.01 – IDENTIFICATION

1 - CVM CODE



73.178.600/0001-18 01.09 – SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR

1 - ITEM 2 - DATE OF CHANGE 3 - CAPITAL STOCK

(In thousands of reais)

4 - AMOUNT OF CHANGE

(In thousands of reais)

5 - NATURE OF CHANGE 7 - NUMBER OF SHARES ISSUED

(thousand)

8 - SHARE PRICE WHEN ISSUED

(in reais)

16 1/18/2010 2,582,101 68 Granting Plan AGO/E 4/28/2006 7 9.1531000000

17 4/28/2010 2,582,106 5 Granting Plan 4/28/2008 504 0.0100000000

18 6/18/2010 2,582,288 182 Granting Plan 4/29/2006 12 15.1900000000 01.10 – INVESTOR RELATIONS OFFICER 1 – DATE

08/11/2010 2 – SIGNATURE


June 30, 2010


4


1 - CVM CODE



73.178.600/0001-18

02.01 - BALANCE SHEET - ASSETS (in R$ thousand)

1 – CODE 2 – DESCRIPTION 3 – 6/30/2010 4 – 3/31/2010

1 Total Assets 6,353,357 6,260,096

1.01 Current Assets 388,860 643,674

1.01.01 Cash and Cash Equivalents 177,994 549,631

1.01.01.01 Cash and Cash Equivalents 18,050 37,926

1.01.01.02 Financial Investments 159,699 511,429

1.01.01.03 Securities 245 276

1.01.02 Credits 91,061 46,656

1.01.02.01 Clients 10,994 14,499

1.01.02.01.01 Accounts receivable 10,994 14,499

1.01.02.02 Sundry Credits 80,067 32,157

1.01.02.02.01 Checking Account with Project Partners 27,132 2,226

1.01.02.02.02 Recoverable taxes and contributions 11,400 10,778

1.01.02.02.03 Unearned Selling Expenses 0 0

1.01.02.02.04 Prepaid expenses 8,353 8,990

1.01.02.02.05 Other Accounts Receivable 33,182 10,163

1.01.03 Inventories 119,805 47,387

1.01.03.01 Real estate to be sold 119,805 47,387

1.01.04 Other 0 0

1.02 Non-current Assets 5,964,497 5,616,422

1.02.01 Long-term Assets 766,350 711,057

1.02.01.01 Sundry Credits 185,525 200,069

1.02.01.01.01 Accounts Receivable 5,147 2,559

1.02.01.01.02 Financial Investment 147,898 83,633

1.02.01.01.03 Receivable from expropriation 0 0

1.02.01.01.04 Recoverable taxes and contributions 26,442 27,513

1.02.01.01.05 Real estate to be sold, long term 6,038 86,364

1.02.01.01.06 Advances for real estate acquisition 0 0

1.02.01.02 Credits with Related Parties 567,256 497,367

1.02.01.02.01 With Direct and Indirect Associated Companies 0 0

1.02.01.02.02 With Controlled companies 567,256 497,367

1.02.01.02.03 With Other Related Parties 0 0

1.02.01.03 Other 13,569 13,621


1.02.01.03.02 Deferred Taxes (IRPJ and CSLL) 9,904 9,937

1.02.02 Permanent Assets 5,198,147 4,905,365

1.02.02.01 Investments 5,145,672 4,854,495

1.02.02.01.01 In Direct/Indirect Associated Companies 12,665 13,885

1.02.02.01.02 In Direct/Indirect Associated Companies - Goodwill 0 0

1.02.02.01.03 In Controlled companies 5,089,674 4,792,126

1.02.02.01.04 In Controlled companies - Goodwill 0 0

1.02.02.01.05 Other Investments 0 0

1.02.02.01.06 Goodwill 43,333 48,484

1.02.02.02 Fixed Assets 13,015 12,161

1.02.02.03 Intangible Assets 39,460 38,709

1.02.02.04 Deferred Charges 0 0


June 30, 2010


5


1 - CVM CODE


CYRELA BRAZIL REALTY SA EMPRS E PARTS 3 - CNPJ (Corporate Taxpayer’s ID)

73.178.600/0001-18

02.02 - BALANCE SHEET - LIABILITIES (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3 – 6/30/2010 4 – 3/31/2010

2 Total Liabilities 6,353,357 6,260,096

2.01 Current Liabilities 745,094 899,699

2.01.01 Loans and Financing 63,163 58,779

2.01.02 Debentures 17,170 25,893

2.01.02.01 Interest on debentures 17,170 25,893

2.01.03 Suppliers 8,467 16,042

2.01.04 Taxes, Fees and Contributions 5,678 3,660

2.01.04.01 Current Taxes, Fees and Contributions 4,844 2,948

2.01.04.02 Deferred Taxes (IRPJ and CSLL) 834 712

2.01.05 Dividends Payable 0 198,907

2.01.06 Provisions 16,013 34,527

2.01.06.01 Payroll, charges and profit sharing 16,013 34,527

2.01.07 Debts with Related Parties 500,092 480,176

2.01.07.01 Related Parties 500,092 480,176

2.01.08 Other 134,511 81,715

2.01.08.01 Checking Account with Project Partners 16,031 1,004

2.01.08.02 Advances from Clients 53,030 67,864

2.01.08.03 Accounts Payable for real estate acquisition 7,735 9,454

2.01.08.04 Other Accounts Payable 57,715 3,393

2.02 Non-current Liabilities 1,406,528 1,329,451

2.02.01 Long-Term Liabilities 1,406,528 1,329,451

2.02.01.01 Loans and Financing 468,512 392,400

2.02.01.02 Debentures 905,124 904,747

2.02.01.03 Provisions 32,269 32,044

2.02.01.03.01 Taxes Payable and labor suits 1,564 1,306


2.02.01.03.03 Recoverable Taxes and Contributions 3,739 3,739

2.02.01.04 Debt with Related Parties 0 0

2.02.01.05 Advance for Future Capital Increase 0 0

2.02.01.06 Other 623 260

2.02.01.06.01 Accounts Payable for Real Estate Acquisition 540 0

2.02.01.06.02 Suppliers 83 0

2.02.01.06.03 Other Accounts Payable 0 260

2.03 Deferred Income 0 0

2.05 Shareholders' Equity 4,201,735 4,030,946

2.05.01 Paid-in Capital 2,548,497 2,548,310

2.05.01.01 Capital Stock 2,582,288 2,582,101

2.05.01.02 (-) Expenses with share issuance (33,791) (33,791)

2.05.02 Capital Reserves 49,493 44,968

2.05.02.0 1 Shares granted 49,493 44,968

2.05.03 Revaluation Reserve 0 0

2.05.03.01 Own Assets 0 0


June 30, 2010


6


1 - CVM CODE



73.178.600/0001-18

02.02 - BALANCE SHEET - LIABILITIES (in R$ thousand)


2.05.03.02 Controlled/Direct and Indirect Associated Companies

0 0

2.05.04 Profit Reserves 1,270,878 1,270,878

2.05.04.01 Legal 104,201 104,201

2.05.04.02 Statutory 0 0

2.05.04.03 For Contingencies 0 0

2.05.04.04 Unrealized Profits 0 0

2.05.04.05 Profit Retention 1,166,688 1,166,688

2.05.04.06 Special for Undistributed Dividends 0 0

2.05.04.07 Other Profit Reserves (11) (11)

2.05.04.07.01 Treasury Stock (11) (11)

2.05.05 Assets Valuation Adjustments (8,822) (7,450)

2.05.05.01 Securities Adjustments 0 0

2.05.05.02 Accumulated Translation Adjustments (8,822) (7,450)

2.05.05.03 Business Combination Adjustments 0 0

2.05.06 Retained Earnings/Accumulated Losses 341,689 174,240

2.05.07 Advance for Future Capital Increase 0 0

FEDERAL PUBLIC SERVICE CVM – BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION - ITR COMMERCIAL, INDUSTRY & OTHER TYPES OF COMPANY Voluntary New Presentation

June 30, 2010


7

01.01 – IDENTIFICATION 1 - CVM CODE



73.178.600/0001-18 03.01 – STATEMENT OF INCOME (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3- 4/1/2010 to 6/30/2010 4- 1/1/2010 to 6/30/2010 5-4/1/2009 to 6/30/2009 6- 1/1/2009 to 6/30/2009

3.01 Gross Revenue from Sales and/or Services (701) 302 (426) 1,701

3.01.01 Real Estate Development and Resale (701) 302 (481) 1,526

3.01.02 Land subdivision 0 0 0 0

3.01.03 Rental 0 0 0 0

3.01.04 Service Rendering and other 0 0 55 175

3.02 Gross Revenue Deductions (227) (964) 111 (92)

3.03 Net Revenue from Sales and/or Services (928) (662) (315) 1,609

3.04 Cost of Goods Sold and/or Services Provided (474) (587) (848) (1,414)

3.04.01 From properties sold and resold (474) (587) (864) (1,430)

3.04.02 From land subdivision 0 0 0 0

3.04.03 From services and other 0 0 16 16

3.05 Gross Income (1,402) (1,249) (1,163) 195

3.06 Operating Expenses/Revenue 172,051 349,138 161,234 263,333

3.06.01 Selling Expenses (7,342) (14,944) (3,435) (5,209)

3.06.02 General and Administrative (27,921) (60,033) (27,585) (53,703)

3.06.02.01 General and Administrative Expenses (26,843) (57,970) (26,643) (51,824)

3.06.02.02 Management Fees (1,078) (2,063) (942) (1,879)

3.06.03 Financial (13,646) (25,281) (20,378) (56,884)

3.06.03.01 Financial Revenues 26,082 50,164 18,699 29,132

3.06.03.02 Financial Expenses (39,728) (75,445) (39,077) (86,016)

3.06.04 Other Operating Revenues (654) (17,461) 28,873 (24,745)

3.06.04.01 Other Investment Income (654) (17,461) 28,826 (24,866)

3.06.04.20 Other Revenues 0 0 47 121

3.06.05 Other Operating Expenses 0 0 0 0

3.06.05.20 Other Expenses 0 0 0 0

3.06.06 Net Equity Income 221,614 466,857 183,759 403,874


June 30, 2010


8




73.178.600/0001-18 03.01 – STATEMENT OF INCOME (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3- 4/1/2010 to 6/30/2010 4- 1/1/2010 to 6/30/2010 5-4/1/2009 to 6/30/2009 6- 1/1/2009 to 6/30/2009

3.07 Operating Income 170,649 347,889 160,071 263,528

3.08 Non-operating Income 0 0 0 0

3.08.01 Revenues 0 0 0 0

3.08.02 Expenses 0 0 0 0

3.09 Income Before Taxes/Interest 170,649 347,889 160,071 263,528

3.10 Provision for Income Tax and Social Contribution 0 0 0 0

3.11 Deferred Income Tax 0 0 0 0

3.12 Statutory Interest/Contributions (3,200) (6,200) (3,000) (6,000)

3.12.01 Interests (3,200) (6,200) (3,000) (6,000)

3.12.02 Contributions 0 0 0 0

3.13 Reversal of Interest on Equity 0 0 0 0

3.15 Income/Loss for the Period 167,449 341,689 157,071 257,528

No. SHARES, EX-TREASURY (in thousands) 422,911 422,911 368,547 368,547

EARNINGS PER SHARE (Reais) 0.39594 0.80795 0.42619 0.69877

LOSS PER SHARE (Reais)


June 30, 2010


9




73.178.600/0001-18 04.01 – STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3- 4/1/2010 to 6/30/2010 4- 1/1/2010 to 6/30/2010 5- 4/1/2009 to 6/30/2009 6- 1/1/2009 to 6/30/2009

4.01 Net Cash from Operating Activities 126,462 605,988 412,578 377,123 4.01.01 Cash generated in the Operations (7,492) (25,972) 7,417 (58,169) 4.01.01.01 Net income before IR/CSL, interests and min. 170,649 347,889 160,071 263,528

4.01.01.02 Depreciation and amortization of fixed assets and intangible assets

1,901 2,815 942 1,892

4.01.01.03 Goodwill Amortization 8,002 24,809 0 1,663 4.01.01.04 Equity Pickup (221,614) (466,857) (183,759) (403,874) 4.01.01.05 Increase (decrease) in taxes payable – LP 0 0 0 0 4.01.01.06 Interest and monetary variation on loans 33,448 65,275 30,163 78,622 4.01.01.07 Deferred taxes 122 97 0 0 4.01.01.08 Accumulated profit – effects of Law 11,638 0 0 0 0 4.01.01.09 Statutory provisions 0 0 0 0 4.01.01.10 Minority Interest 0 0 0 0 4.01.02 Variation in Assets and Liabilities 133,954 631,960 405,161 435,292 4.01.02.01 Decrease (increase) in financial investments 287,465 769,560 42,006 97,145 4.01.02.02 Decrease (increase) in accounts receivable 917 199 7,071 8,797 4.01.02.03 Decrease (increase) in marketable properties 7,908 3,855 (2,976) (7,092)

4.01.02.04 Decrease (increase) in checking accounts from partners

(9,879) (5,631) (5,068) (5,816)

4.01.02.05 Decrease (increase) in related parties (49,973) (147,073) 288,915 150,446 4.01.02.06 Decrease (increase) in other assets 82,273 191,475 141,569 253,796

4.01.02.07 Increase (decrease) in accounts payable from properties

(1,179) (1,308) (632) (568)

4.01.02.08 Increase (decrease) in taxes payable 258 417 8 17 4.01.02.09 Increase (decrease) in taxes and contributions 1,896 2,068 (136) (948) 4.01.02.10 Increase (decrease) in other liabilities (185,732) (181,602) (65,596) (60,485) 4.01.02.11 Increase (decrease) in minority interest 0 0 0 0


June 30, 2010


10




73.178.600/0001-18 04.01 – STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand)


4.01.03 Other 0 0 0 0 4.01.03.01 Paid Income tax and Social contribution 0 0 0 0 4.02 Net Cash from Investment Activities (185,040) (473,329) (319,410) (223,380) 4.02.01 Acquisition of fixed assets (1,651) (3,232) (161) (205) 4.02.02 Investment Acquisition (181,721) (462,477) (356,691) (257,701) 4.02.03 Funds invested in intangible assets (1,855) (6,978) (3,597) (6,513) 4.02.04 Dividends allocations 0 0 0 0 4.02.05 Capital Increase 187 (642) 0 0 4.02.06 Increase (decrease) in capital merger/spin-off 0 0 41,039 41,039 4.03 Net Cash from financing activities 38,702 (124,333) (93,187) (154,830) 4.03.01 Entry of new loans and financing 99,532 222,580 34,869 72,778 4.03.02 Debentures 0 (197,142) 0 0 4.03.03 Payment of loans and financing (19,633) (80,984) (76,944) (117,938) 4.03.04 Interests paid (41,197) (68,787) (51,112) (109,670) 4.04 Exchange Variation on cash and cash equivalents 0 0 0 0

4.05 Increase (Decrease) in cash and cash equivalents

(19,876) 8,326 (19) (1,087)

4.05.01 Opening balance of cash and cash equivalents 37,926 9,724 2,188 3,256 4.05.02 Closing balance of cash and cash equivalents 18,050 18,050 2,169 2,169


June 30, 2010


11


1 - CVM CODE

01446-0

2 - COMPANY NAME


73.178.600/0001-18

05.01 – CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 4/1/2010 TO 6/30/2010 (in R$ thousands)

1- CODE 2 – DESCRIPTION 3 - CAPITAL STOCK

4 - CAPITAL RESERVES

5 - REVALUATION RESERVES

6 - PROFIT RESERVES

7 - ACCRUED PROFIT/LOSS

8 - ADJUSTMENT TO ASSETS VALUATION

9 – TOTAL SHAREHOLDERS’ EQUITY

5.01 Opening Balance 2,548,310 44,968 0 1,270,878 174,240 (7,450) 4,030,946

5.02 Adjustments of Previous Years 0 0 0 0 0 0 0

5.03 Adjusted Balance 2,548,310 44,968 0 1,270,878 174,240 (7,450) 4,030,946 5.04 Income/Loss for the Period 0 0 0 0 167,449 0 167,449 5.05 Allocations 0 0 0 0 0 0 0

5.05.01 Dividends 0 0 0 0 0 0 0 5.05.02 Interests on Equity 0 0 0 0 0 0 0 5.05.03 Other Allocations 0 0 0 0 0 0 0 5.06 Realization of Profit Reserves 0 0 0 0 0 0 0 5.07 Assets Valuation Adjustments 0 0 0 0 0 (1,372) (1,372) 5.07.01 Securities Adjustments 0 0 0 0 0 0 0

5.07.02 Accumulated Translation Adjustments 0 0 0 0 0 0 0

5.07.03 Business Combination Adjustments 0 0 0 0 0 0 0 5.08 Increase/decrease in Capital Stock 187 0 0 0 0 0 187 5.08.02 Increase in capital due to share issue 187 0 0 0 0 0 187 5.09 Recording/Realization of Capital Reserves 0 0 0 0 0 0 0 5.10 Treasury Shares 0 0 0 0 0 0 0 5.11 Other Capital Transactions 0 0 0 0 0 0 0 5.12 Other 0 4,525 0 0 0 0 4,525 5.12.01 Stock Option Plan 0 4,525 0 0 0 0 4,525 5.13 Closing Balance 2,548,497 49,493 0 1,270,878 341,689 (8,822) 4,201,735


June 30, 2010


12

5.02 – CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 1/1/2010 TO 6/30/2010 (in R$ thousands)




6 - PROFIT RESERVES




5.01 Opening Balance 2,549,139 40,362 0 1,270,878 0 (7,575) 3,852,804


5.03 Adjusted Balance 2,549,139 40,362 0 1,270,878 0 (7,575) 3,852,804

5.04 Income/Loss for the Period 0 0 0 0 341,689 0 341,689

5.05 Allocations 0 0 0 0 0 0 0

5.05.01 Dividends 0 0 0 0 0 0 0

5.05.02 Interests on Equity 0 0 0 0 0 0 0

5.05.03 Other Allocations 0 0 0 0 0 0 0

5.06 Realization of Profit Reserves 0 0 0 0 0 0 0

5.07 Assets Valuation Adjustments 0 0 0 0 0 (1,247) (1,247)

5.07.01 Securities Adjustments 0 0 0 0 0 0 0

5.07.02 Accumulated Translation Adjustments 0 0 0 0 0 (1,247) (1,247)

5.07.03 Business Combination Adjustments 0 0 0 0 0 0 0

5.08 Increase/decrease in Capital Stock (642) 0 0 0 0 0 (642)

5.08.02 Increase in capital due to share issue 255 0 0 0 0 0 255

5.08.04 Expenses with public issue of shares (897) 0 0 0 0 0 (897)

5.09 Recording/Realization of Capital Reserves 0 0 0 0 0 0 0

5.10 Treasury Shares 0 0 0 0 0 0 0

5.11 Other Capital Transactions 0 0 0 0 0 0 0

5.12 Other 0 9,131 0 0 0 0 9,131

5.12.01 Stock Option Plan 0 9,131 0 0 0 0 9,131

5.13 Closing Balance 2,548,497 49,493 0 1,270,878 341,689 (8,822) 4,201,735


June 30, 2010


13


1 - CVM CODE



73.178.600/0001-18

08.01 – CONSOLIDATED BALANCE SHEET - ASSETS (in R$ thousand)


1 Total Assets 11,232,125 10,879,642

1.01 Current Assets 7,814,719 6,895,185

1.01.01 Cash and Cash Equivalents 708,395 1,181,008

1.01.01.01 Cash and Cash Equivalents 197,379 236,742

1.01.01.02 Financial Investments 510,697 943,929

1.01.01.03 Securities 319 337

1.01.02 Credits 4,018,462 3,745,813

1.01.02.01 Clients 3,616,142 3,391,335

1.01.02.01.01 Accounts receivable 3,616,142 3,391,335

1.01.02.02 Sundry Credits 402,320 354,478

1.01.02.02.01 Checking Account with Project Partners 186,467 140,277

1.01.02.02.02 Recoverable Taxes and Contributions 81,271 65,624

1.01.02.02.03 Unearned Sale Expenses 20,800 16,282

1.01.02.02.04 Prepaid Expenses 11,217 12,658


1.01.03 Inventories 3,087,862 1,968,364

1.01.03.01 Marketable Real Estate 3,087,862 1,968,364

1.01.04 Other 0 0

1.02 Non-current Assets 3,417,406 3,984,457

1.02.01 Long-term Assets 3,151,534 3,728,083

1.02.01.01 Sundry Credits 2,655,649 3,264,186

1.02.01.01.01 Accounts Receivable 1,919,069 1,835,368

1.02.01.01.02 Financial Investments 288,722 105,107

1.02.01.01.03 Accounts Receivable due to Expropriation 0 4,812

1.02.01.01.04 Recoverable Taxes 28,589 34,479

1.02.01.01.05 Marketable Real Estate 419,269 1,284,420

1.02.01.01.06 Advances due to real estate acquisition 0 0

1.02.01.02 Credits with Related Parties 452,713 411,760

1.02.01.02.01 With Direct and Indirect Associated Companies 0 0

1.02.01.02.02 With Controlled companies 452,713 411,760

1.02.01.02.03 With Other Related Parties 0 0

1.02.01.03 Other 43,172 52,137



1.02.02 Permanent Assets 265,872 256,374

1.02.02.01 Investments 12,665 13,885

1.02.02.01.01 In Direct/Indirect Associated Companies 12,665 13,885

1.02.02.01.02 In Controlled Companies 0 0

1.02.02.01.03 Other Investments 0 0

1.02.02.01.06 Goodwill 0 0

1.02.02.02 Fixed Assets 154,235 143,890

1.02.02.03 Intangible Assets 98,972 98,599

1.02.02.04 Deferred Charges 0 0


June 30, 2010


14


1 - CVM CODE



73.178.600/0001-18

08.02– CONSOLIDATED BALANCE SHEET - LIABILITIES (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3 – 6/30/2010 4 – 3/31/2010 2 Total Liabilities 11,232,125 10,879,642

2.01 Current Liabilities 4,058,768 3,994,937

2.01.01 Loans and Financing 498,780 415,856

2.01.02 Debentures 17,170 25,893

2.01.02.01 Interest on debentures 17,170 25,893

2.01.03 Suppliers 223,170 305,641

2.01.04 Taxes, Fees and Contributions 285,001 268,296

2.01.04.01 Taxes, fees and contributions 98,568 86,500

2.01.04.02 Deferred taxes and contributions 186,433 181,796

2.01.05 Dividends Payable 0 198,907

2.01.06 Provisions 53,361 66,291

2.01.06.01 Payroll, charges and profit sharing 53,361 66,291

2.01.07 Debts with Related Parties 153,279 162,204

2.01.07.01 Related Parties 153,279 162,204

2.01.08 Other 2,828,007 2,551,849

2.01.08.01 Checking account with project partners 261,865 162,784

2.01.08.02 Advances from clients 2,169,462 2,019,691

2.01.08.03 Accounts Payable for real estate acquisition 213,855 204,494

2.01.08.20 Other accounts payable 182,825 164,880

2.02 Non-current Liabilities 2,695,799 2,590,386

2.02.01 Long-Term Liabilities 2,695,799 2,590,386

2.02.01.01 Loans and Financing 1,341,972 1,226,245

2.02.01.02 Debentures 905,124 904,747

2.02.01.03 Provisions 210,726 213,815

2.02.01.03.01 Taxes payable and labor proceedings 15,781 22,194


2.02.01.03.03 Taxes and contributions payable 11,927 11,927

2.02.01.04 Debts with Related Parties 0 0

2.02.01.05 Advance for Future Capital Increase 0 0

2.02.01.06 Other 237,977 245,579

2.02.01.06.01 Accounts Payable for real estate acquisition 133,925 143,346

2.02.01.06.02 Suppliers 46,146 44,564

2.02.01.06.10 Negative goodwill in investments 0 0

2.02.01.06.20 Other Accounts Payable 57,906 57,669

2.03 Deferred Income 0 0

2.04 Minority Interest 275,823 263,373

2.05 Shareholders' Equity 4,201,735 4,030,946

2.05.01 Paid-in Capital 2,548,497 2,548,310

2.05.01.01 Capital Stock 2,582,288 2,582,101

2.05.01.02 (-) Expenses with public issue of shares (33,791) (33,791)

2.05.02 Capital Reserves 49,493 44,968


June 30, 2010


15


1 - CVM CODE



73.178.600/0001-18

08.02– CONSOLIDATED BALANCE SHEET - LIABILITIES (in R$ thousand)

1 - CODE 2 – DESCRIPTION 3 – 6/30/2010 4 – 3/31/2010 2.05.02.01 Shares granted 49,493 44,968

2.05.03 Revaluation Reserves 0 0

2.05.03.01 Own Assets 0 0

2.05.03.02 Controlled/Direct and Indirect Associated Companies 0 0

2.05.04 Profit Reserves 1,270,878 1,270,878

2.05.04.01 Legal 104,201 104,201

2.05.04.02 Statutory 0 0

2.05.04.03 For Contingencies 0 0

2.05.04.04 Unrealized Profits 0 0

2.05.04.05 Profit Retention 1,166,688 1,1 66,688

2.05.04.06 Special for Undistributed Dividends 0 0

2.05.04.07 Other Profit Reserves (11) (11)

2.05.04.07.01 Treasury stock (11) (11)

2.05.05 Assets Valuation Adjustments (8,822) (7,450)

2.05.05.01 Securities Adjustments 0 0

2.05.05.02 Accumulated Translation Adjustments (8,822) (7,450)

2.05.05.03 Business Combination Adjustments 0 0

2.05.06 Retained Earnings/Accumulated Losses 341,689 174,240

2.05.07 Advance for Future Capital Increase 0 0


June 30, 2010


16




73.178.600/0001-18 09.01 – CONSOLIDATED STATEMENT OF INCOME (in R$ thousand)

1- CODE 2- DESCRIPTION 3- 4/1/2010 to 6/30/2010 4- 1/1/2010 to 6/30/2010 5- 4/1/2009 to 6/30/2009 6- 1/1/2009 to 6/30/2009

3.01 Gross Revenue from Sales and/or Services 1,234,539 2,404,708 909,715 1,608,711

3.01.01 Real Estate Development and Resale 1,191,445 2,332,001 887,540 1,572,557

3.01.02 Land subdivision 26,952 45,043 13,379 18,604

3.01.03 Rental 0 0 0 0

3.01.04 Service Rendering and other 16,142 27,664 8,796 17,550

3.02 Gross Revenue Deductions (28,704) (66,425) (34,115) (61,657)

3.03 Net Revenue from Sales and/or Services 1,205,835 2,338,283 875,600 1,547,054

3.04 Cost of Goods Sold and/or Services Provided (812,794) (1,550,625) (575,732) (995,101)

3.04.01 From real estate sold and resold (788,554) (1,509,222) (563,157) (973,788)

3.04.02 From land subdivision (11,417) (20,005) (6,656) (9,408)

3.04.03 From services and other (12,823) (21,398) (5,919) (11,905)

3.05 Gross Income 393,041 787,658 299,868 551,953

3.06 Operating Expenses/Revenue (157,155) (335,988) (96,202) (197,767)

3.06.01 Selling Expenses (103,019) (197,207) (52,750) (105,174)

3.06.02 General and Administrative (74,366) (148,759) (51,154) (97,098)

3.06.02.01 General and Administrative Expenses (73,035) (146,201) (47,476) (92,248)

3.06.02.02 Management Fees (1,331) (2,558) (3,678) (4,850)

3.06.03 Financial 20,507 25,895 (5,487) (6,226)

3.06.03.01 Financial Revenues 79,023 136,292 47,545 102,732

3.06.03.02 Financial Expenses (58,516) (110,397) (53,032) (108,958)

3.06.04 Other Operating Revenues (491) (16,367) 6,105 3,922

3.06.04.01 Other Investment Income (559) (16,436) 3,969 1,737

3.06.04.20 Other Revenues 68 69 2,136 2,185


June 30, 2010


17




73.178.600/0001-18 09.01 – CONSOLIDATED STATEMENT OF INCOME (in R$ thousand)

1- CODE 2- DESCRIPTION 3- 4/1/2010 to 6/30/2010 4- 1/1/2010 to 6/30/2010 5- 4/1/2009 to 6/30/2009 6- 1/1/2009 to 6/30/2009

3.06.05 Other Operating Expenses 0 0 0 0

3.06.05.20 Other Expenses 0 0 0 0

3.06.06 Net Equity Income 214 450 7,084 6,809

3.07 Operating Income 235,886 451,670 203,666 354,186

3.08 Non-operating Income 0 0 0 0

3.08.01 Revenues 0 0 0 0

3.08.02 Expenses 0 0 0 0

3.09 Income Before Taxes/Interest 235,886 451,670 203,666 354,186

3.10 Provision for Income Tax and Social Contribution (19,909) (43,840) (18,704) (33,645)

3.11 Deferred Income Tax (15,687) (16,280) (3,286) (17,071)

3.12 Statutory Interest/Contributions (3,544) (8,531) (3,000) (6,000)

3.12.01 Interests (3,544) (8,531) (3,000) (6,000)

3.12.02 Contributions 0 0 0 0

3.13 Reversal of Interest on Equity 0 0 0 0

3.14 Minority Interest (29,297) (41,330) (21,605) (39,942)

3.15 Income/Loss for the Period 167,449 341,689 157,071 257,528

NUMBER OF SHARES, EX-TREASURY (in thousands)

422,911 422,911 368,547 368,547

EARNINGS PER SHARE (Reais) 0.39594 0.80795 0.42619 0.69877

LOSS PER SHARE (Reais)


June 30, 2010


18




73.178.600/0001-18 10.01 – CONSOLIDATED STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand)


4.01 Net Cash from Operating Activities (153,552) (5,108) (97,903) (137,795) 4.01.01 Cash generated in the Operations 303,579 607,376 240,190 450,517 4.01.01.01 Net income before IR/CSL, interests and min. 235,886 451,670 203,666 354,186

4.01.01.02 Depreciation and amortization of fixed assets and intangible assets

2,622 3,842 1,355 2,550

4.01.01.03 Goodwill Amortization 8,294 25,394 1,883 3,675 4.01.01.04 Equity Pickup (214) (450) (7,084) (6,809) 4.01.01.05 Increase (decrease) in taxes payable – LP 0 0 0 0 4.01.01.06 Interest and monetary variation on loans 56,103 108,837 40,560 100,890 4.01.01.07 Deferred taxes 888 18,083 (190) (3,975) 4.01.01.08 Accumulated profit – effects of Law 11,638 0 0 0 0 4.01.01.09 Statutory provisions 0 0 0 0 4.01.01.10 Minority Interest 0 0 0 0 4.01.02 Variation in Assets and Liabilities (437,222) (568,644) (319,389) (555,823) 4.01.02.01 Decrease (increase) in financial investments 249,617 652,869 234,511 (106,923) 4.01.02.02 Decrease (increase) in accounts receivable (308,508) (986,255) (402,710) (127,765) 4.01.02.03 Decrease (increase) in marketable properties (254,347) (145,376) 83,965 (67,268)

4.01.02.04 Decrease (increase) in checking accounts from partners

52,891 (122,506) (28,197) (35,019)

4.01.02.05 Decrease (increase) in related parties (49,878) (61,134) (14,319) (9,656) 4.01.02.06 Decrease (increase) in other assets 9,419 (24,463) (13,455) 6,664

4.01.02.07 Increase (decrease) in accounts payable from properties

(60) 42,232 (2,803) (52,428)

4.01.02.08 Increase (decrease) in taxes payable (6,413) (2,958) 136 374 4.01.02.09 Increase (decrease) in taxes and contributions 12,068 19,397 10,453 17,707 4.01.02.10 Increase (decrease) in other liabilities (125,164) 77,636 (187,036) (26,881) 4.01.02.11 Increase (decrease) in minority interest (16,847) (18,086) 66 (154,628)


June 30, 2010


19




73.178.600/0001-18 10.01 – CONSOLIDATED STATEMENT OF CASH FLOW - INDIRECT METHOD (in R$ thousand)


4.01.03 Other (19,909) (43,840) (18,704) (32,489) 4.01.03.01 Paid tax income and social contribution (19,909) (43,840) (18,704) (32,489) 4.02 Net Cash from Investment Activities (20,013) (41,773) 11,589 3,036 4.02.01 Acquisition of Fixed Assets (11,731) (23,420) (9,113) (19,475) 4.02.02 Investment Acquisition 1,434 (5) (642) 12,343 4.02.03 Funds invested in intangible assets (9,903) (17,706) (19,695) (30,871) 4.02.04 Dividend Payment 0 0 0 0 4.02.05 Capital Increase 187 (642) 0 0 4.02.06 Increase (decrease) in capital merger/spin-off 0 0 41,039 41,039 4.03 Net Cash from Financing Activities 134,202 31,074 93,410 115,137 4.03.01 Entry of new loans and financing 337,773 682,372 278,623 475,090 4.03.02 Debentures 0 (197,142) 0 0 4.03.03 Payment of loans and financing (143,752) (349,299) (124,573) (230,294) 4.03.04 Interests paid (59,819) (104,857) (60,640) (129,659) 4.04 Exchange variation on cash and cash equivalents 0 0 0 0 4.05 Increase (decrease) in cash and cash equivalents (39,363) (15,807) 7,096 (19,622) 4.05.01 Opening balance of cash and cash equivalents 236,742 213,186 64,667 91,385 4.05.02 Closing balance of cash and cash equivalents 197,379 197,379 71,763 71,763


June 30, 2010


20


1 - CVM CODE



73.178.600/0001-18 11.01 – CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 4/1/2010 TO 6/30/2010 (in R$ thousands)




6 - PROFIT RESERVES




5.01 Opening Balance 2,548,310 44,968 0 1,270,878 174,240 (7,450) 4,030,946


5.03 Adjusted Balance 2,548,310 44,968 0 1,270,878 174,240 (7,450) 4,030,946 5.04 Income/Loss for the Period 0 0 0 0 167,449 0 167,449 5.05 Allocations 0 0 0 0 0 0 0

5.05.01 Dividends 0 0 0 0 0 0 0 5.05.02 Interests on Equity 0 0 0 0 0 0 0 5.05.03 Other Allocations 0 0 0 0 0 0 0 5.06 Realization of Profit Reserves 0 0 0 0 0 0 0 5.07 Assets Valuation Adjustments 0 0 0 0 0 (1,372) (1,372) 5.07.01 Securities Adjustments 0 0 0 0 0 0 0


5.07.03 Business Combination Adjustments 0 0 0 0 0 0 0 5.08 Increase/decrease in Capital Stock 187 0 0 0 0 0 187 5.08.02 Capital increase due to stock option plan 187 0 0 0 0 0 187 5.09 Recording/Realization of Capital Reserves 0 0 0 0 0 0 0 5.10 Treasury Shares 0 0 0 0 0 0 0 5.11 Other Capital Transactions 0 0 0 0 0 0 0 5.12 Other 0 4,525 0 0 0 0 4,525 5.12.01 Stock Option Plan 0 4,525 0 0 0 0 4,525 5.13 Closing Balance 2,548,497 49,493 0 1,270,878 341,689 (8,822) 4,201,735


June 30, 2010


21


1 - CVM CODE



73.178.600/0001-18 11.02 – CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 1/1/2010 TO 6/30/2010 (in R$ thousands)




6 - PROFIT RESERVES




5.01 Opening Balance 2,549,139 40,362 0 1,270,878 0 (7,575) 3,852,804


5.03 Adjusted Balance 2,549,139 40,362 0 1,270,878 0 (7,575) 3,852,804

5.04 Income/Loss for the Period 0 0 0 0 341,689 0 341,689

5.05 Allocations 0 0 0 0 0 0 0

5.05.01 Dividends 0 0 0 0 0 0 0

5.05.02 Interests on Equity 0 0 0 0 0 0 0

5.05.03 Other Allocations 0 0 0 0 0 0 0

5.06 Realization of Profit Reserves 0 0 0 0 0 0 0

5.07 Assets Valuation Adjustments 0 0 0 0 0 (1,247) (1,247)

5.07.01 Securities Adjustments 0 0 0 0 0 0 0


5.07.03 Business Combination Adjustments 0 0 0 0 0 0 0

5.08 Increase/decrease in Capital Stock (642) 0 0 0 0 0 (642)

5.08.02 Capital increase due to stock option plan 255 0 0 0 0 0 255

5.08.04 Expenses with public issue of shares (897) 0 0 0 0 0 (897)

5.09 Recording/Realization of Capital Reserves 0 0 0 0 0 0 0

5.10 Treasury Shares 0 0 0 0 0 0 0

5.11 Other Capital Transactions 0 0 0 0 0 0 0

5.12 Other 0 9,131 0 0 0 0 9,131

5.12.01 Stock Option Plan 0 9,131 0 0 0 0 9,131

5.13 Closing Balance 2,548,497 49,493 0 1,270,878 341,689 (8,822) 4,201,735


June 30, 2010


01446-0 CYRELA BRAZIL REALTY SA EMPRES E PARTS 73.178.600/0001-18

06.01 – NOTES TO THE FINANCIAL STATEMENTS

22

1. Operating context Cyrela Brazil Realty S.A. Empreendimentos e Participações (“Company”) is a publicly-held business corporation headquartered in the City of São Paulo, State of São Paulo, with its shares traded on the São Paulo Stock Exchange - BOVESPA - Novo Mercado - under the ticker CYRE3. The Company has as corporate purpose and main activity the development and construction of residential real estate, mainly jointly with other partners through the interest in integrally subsidiaries or companies under shared control, associated companies and in joint ventures. The subsidiaries share the corporate, managerial and operational structures and costs of the Company or of the partner, as per each case. 2. Presentation of the quarterly information and main accounting practices adopted

2.1. Main accounting practices adopted in preparing these statements

The quarterly information was prepared in accordance with the accounting practices adopted in Brazil, based on the provisions contained in the Brazilian Corporation Law (Law n. 6,404/76 and changes arising from Laws n. 11,638/07 and n. 11,941/09), on the standards and instructions issued by the Brazilian Exchange and Securities Commission - CVM, and Interpretations issued by the Brazilian Accounting Standards Board (CPC), effective up to June 30, 2010.

2.2. Summary of the main accounting practices adopted in preparing this quarterly

information The main accounting practices adopted for the preparation of this quarterly information are described as follows: (a) Cash and cash equivalents The Company and its subsidiaries classified as “Cash equivalents” the short-term investments, of high liquidity, which are immediately convertible into a known cash amount and which are subject to an insignificant risk of change in value. Investments in investment funds are stated at the value of the quota on the balance sheet date, plus the yield earned, less, when applicable, the provision for adjustment to its net realizable value. (b) Financial investments The financial investments to be held up to their maturity date are stated at cost, increased by the yield earned up to the balance sheet date. Those investments that are intended for trading are stated at cost and adjusted by a provision that might be necessary so that they are not stated in an amount higher than the market value.


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23

(c) Determination of income regarding the development activities and sales of real estate, among others

The procedures and standards established by Resolution CFC n. 963 of the Federal Accounting Council and Guidance Pronouncement CPC O-01 are observed:

(i) For credit sales of completed units:

- Income is appropriated at the time the sale is made effective, regardless of the maturity term for receiving the contractual value;

- Interest and inflation adjustments, levied on accounts receivable as from the delivery of

the keys, are appropriated to the income in the development, real estate sale revenue and the financial revenue, when incurred, in compliance with the accrual basis of accounting.

(ii) For sales of units not yet completed:

- The cost incurred (including the expenditures with land, development, construction, financial charges during the construction), corresponding to the units sold, is totally appropriated to income;

- The percentage of the cost incurred regarding units sold (including the cost of the land)

is calculated in relation to its total budgeted cost. That percentage is applied on the revenue from units sold, adjusted according to the conditions in the sales contracts, and on selling expenses (commissions) so as to determine the amount of sales revenue and expenses to be recognized;

- The amounts of the sales revenues recognized that are higher than the amounts

actually received from clients, are recorded in current assets or long term assets. The amounts received regarding sales of units that are higher than the recognized amounts of revenues, are recorded in the “Advances from Clients” account;

- The financial charges of real estate credit operations and of financing directly attributed to the real estate project, incurred during the construction period are appropriated to the cost of the units being appropriated to the result (cost) when the selling takes place. Other financial charges are appropriated to the financial result when incurred, as well as real estate credit operations incurred after the completion of the construction.

(iii) Other practices related to the real estate activity:

Swaps: for land swaps, with the delivery of apartments yet to be built; the value of the land acquired by the Company and by its subsidiaries is calculated based on the market value of real estate units to be delivered, and was recorded as land bank, as a balancing item to advances from clients in the liabilities, at the moment the risks were assumed and when sales projects are established. These transactions shall have the same appropriation criteria applied to the result of real estate development as a whole; Provision for collateral: created in order to cover expenses with repairs in ventures covered in the collateral period. The provision is created as a balancing item to the result (cost), as cost of units sold is incurred; any fortuitous remaining unused balance of the provision is reversed after the expiration of the collateral offered, which is usually after five years from the delivery of the venture.


June 30, 2010




24

(d) Accounts receivable The accounts receivable of units sold is calculated according to the criteria mentioned in the previous item. The preestablished interest of accounts receivable of units completed is appropriated to the result, observing the accrual basis (pro rata day), regardless of it being received, and it is recorded in the financial income account. The allowance for doubtful accounts is established when there is objective evidence that the Company will not be able to collect all of the amounts owed according to the original terms of the accounts receivable. The Company deems the credit risk low, since there is actual guarantee of recovery of the assets sold and thus it does not create an allowance for doubtful accounts. According to CPC-O-01 - Real estate development entities, when units not yet completed are sold on credit, inflation adjusted receivables, including the portion regarding the keys, without interest, must be discounted at present value, since contracted inflation adjustment indexes do not include interest. The adjustment and its reversion, when performed during the construction period, are recorded as a balancing item to real estate development revenue. (e) Real estate for sale

1) Composition of cost:

The real estate ready to be sold are stated at formation costs, which do not exceed their net realizable value. In the event of real estate under construction, the portion in the inventory corresponds to the cost incurred of the units not yet sold. The net realizable value is the sales price estimated for the ordinary course of the businesses, less the execution costs and the selling expenses and taxes. The formation cost comprises cost of the land and expenditures necessary for its legalization, development expenditures, construction expenditures related to materials, labor (own or outsourced) and other construction-related costs, including the financial cost of the financing (incurred during the venture development period until the construction has been completed).

2) Swap:

The Company acquires part of its land through swap operations, in which in exchange for land, it commits to: (a) deliver real estate units of ventures under construction, or (b) percentage of the portion of accounts receivable from the sales of real estate units of the ventures.

3) Capitalization of financial charges:

Interest levied on loans, financing and debentures, identified directly to the real estate ventures are qualified to be capitalized as cost of properties to be sold if: a) land acquisition costs or real estate construction costs are being incurred; b) loans costs are being incurred; and c) the activities necessary to prepare the real estate for sale are in progress, and such activities will be appropriated to the income as part of the cost, observing the same criteria adopted to recognize revenues and cost of units sold.


June 30, 2010




25

4) Distinction between long and short term:

Distinction between long and short term is performed by Management based on the time period expectation for launching the real estate ventures, which is periodically reviewed by means of launching estimates. (f) Unearned selling expenses These refer to the brokerage expenses on real estate sales and are appropriated to income as part of the selling expenses by observing the same criterion adopted for the recognition of revenues and costs of the units sold (Note 2 (c)). The charge related to the sales commission belonging to the acquirer of the real estate does not constitute revenue or expense of the Company or of its subsidiaries. The other selling expenses, including advertising, are appropriated to the income when incurred, according to the accrual basis of accounting, having their broadcasting as a reference. (g) Income tax and social tax on income In the companies taxed by the taxable income, income tax and social tax are calculated at the regular rates of, 15%, increased of an additional rate of 10%, for income tax and 9% for social tax, on the accounting profit for the year, adjusted according to criteria established by the tax legislation in force. As allowed by the tax legislation, certain subsidiaries, the prior year’s annual billing of which was lower than R$48,000, have opted for the presumed profit regime. For those companies, the income tax base is calculated at the rate of 8% and the social tax base is calculated at the rate of 12% over gross revenues (32% when the income stems from service rendering and 100% from financial revenues), over which the regular tax rates of the respective taxes are applied. Additionally, as allowed by Law n. 12,024 of August 27, 2009, which altered Law n. 10,931/2004 that had introduced the special taxation regime (RET), certain subsidiaries decided to submit their ventures to the detached assets, which are made irrevocably and irreversibly upon their registration. For these ventures, the charges of the income tax and of the social tax are calculated at the rate of 2.87% on gross revenues (6% also considering the charge of the Tax for Social Security Financing - COFINS and the Tax for the Social Integration Program - PIS). Deferred tax assets are recognized to the extension in which it is probable that the future taxable income is available to be used in the compensation of temporary differences, based on projections of future results prepared and founded on internal assumptions and on future economic scenarios that may, therefore, undergo changes. The deferred income tax and the deferred social tax are presented in Note 20 (a). Tax effects arising from the first-time adoption of Law n. 11,638/07 and Law n. 11,947/09 were recorded as per the existing rules, particularly for record keeping of income tax and social contribution on net income, when applicable. The Company and its subsidiaries chose to adopt the RTT, as per Law n. 11,941/09 by means of the 2009 Corporate Income Tax Return.


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26

(h) Investments

(i) In wholly-owned subsidiary or company under shared control - equity value When the Company holds more than half of the voting capital stock of another company, it is considered a subsidiary. In the companies in which the Company holds less than 50% of the voting stock, agreements ensure the Company the right of veto in decisions that significantly affect the businesses of the subsidiary, ensuring it the shared control. The investments in subsidiaries are recorded by the equity method of accounting. According to this method, the participation of the Company in the increase or decrease of the shareholders’ equity of the subsidiaries, after the acquisition, due to the calculation of the net income or loss in the period or due to gains or losses in capital reserves or adjustments from prior years, except made for the changes introduced by Law n. 11,638/07 and Law n. 11,941/09, is recognized as operating revenue (or expense). The cumulative movements after the acquisitions are adjusted against the investment cost. The investments of the Company in the subsidiaries include goodwill (net of accumulated amortization) or negative goodwill in the acquisition. When the participation of the Company in the losses of the subsidiaries is equal to or surpasses the investment amount, the Company does not recognize additional losses, unless it has assumed obligations, made payments on behalf of these companies or made advances for future capital increase. The acquisition cost of a subsidiary is measured by the amount of assets granted or liabilities assumed on the date of the acquisition, plus costs directly attributable to the acquisition. The amount of the acquisition cost which exceeds the book value of the net assets of the subsidiary acquired is recorded as goodwill. When necessary, the accounting practices of the subsidiaries are changed to ensure consistence with the practices adopted by the Company.

(ii) In associated companies that are not controlled

Interest held in associated companies is recorded by the equity method of accounting, as described in the previous item (i). Cyrela Commercial Properties S.A. Empreendimentos e Participações (“CCP”): the Company holds an interest smaller than 5% in this company; however, it has significant influence in its political, financial and operating decisions, therefore it assesses the investment by the equity method of accounting.

(iii) Investments assessed at cost

Investments assessed at acquisition cost are deducted of provision to adjust them to the realization value, when applicable.


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27

(iv) Investments in companies located abroad

Functional currency and presentation of accounting statements The Company’s functional currency is the real, the same currency used in preparing and for presenting these financial statements: Brazil Realty Serviços e Investimentos Ltd.: this subsidiary is located in the Bahamas and it is, in essence, an extension of our financial activities in Brazil. Therefore, assets, liabilities and results are adapted to the accounting practices in force in Brazil and translated into reais using the following method: (i) monetary assets and liabilities by the closing rate; (ii) non-monetary assets and liabilities, and shareholders’ equity are translated by the effective rate on the transaction dates; (iii) revenues and expenses are translated at the average rate, as long as no significant fluctuations occurred in the exchange rate. Gains and losses from the translation are recorded in the income for the period. Cyrsa S.A.: this subsidiary under common control is located in Argentina and has their own management personnel, as well as administrative, financial and operational independence. Therefore, their assets and liabilities, as well as results, are translated by the following method: (i) assets and liabilities by the closing rate; (ii) shareholders’ equity is translated by the effective rate on the transaction dates; (iii) revenues and expenses are translated at the average rate, as long as no significant fluctuations occurred in the exchange rate. The effects of the exchange rate changes are recorded in the accumulated translation adjustments account, in shareholders’ equity. Liveck S.A., Zetol S.A. and Vista Al Muelle S.A.: these subsidiaries under common control are located in Uruguay and have their own management personnel, like Cyrsa S.A., as well as administrative, financial and operational independence. Therefore, their assets, liabilities, and results, are translated by the following method: (i) assets and liabilities by the closing rate; (ii) shareholders’ equity is translated by the effective rate on the transaction dates; (iii) revenues and expenses are translated at the average rate, as long as no significant fluctuations occurred in the exchange rate. The effects of the exchange rate changes are recorded in the accumulated translation adjustments account, in shareholders’ equity. (i) Tangible assets Stated at the acquisition cost, combined with the depreciation calculated by the straight-line method, based on the estimated useful life of the assets (Note 9). As per guidance of CPC-O-01 - Real estate development entities - expenses incurred with the construction of sales stands, model apartments and respective furniture are now part of the Company’s and its subsidiaries’ fixed assets. These assets are depreciated after the launching and effectuation of the venture during their useful life span, which, on average, represents 24 (twenty-four) months, besides being subject to periodic impairment analysis. (j) Intangible assets The separately acquired intangible assets are measured at initial recognition at the acquisition cost and later deducted from the accumulated amortization and losses of the recoverable amount, when applicable. Thus they are stated at the acquisition cost, combined with annual amortization rates, calculated by the straight-line method, mentioned in Note 10, taking into consideration the useful life defined for the asset.


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(k) Goodwill and negative goodwill The goodwill is calculated in the acquisition or subscription of capital in another company, represented by the value of the acquisition cost of the investment that exceeds the equity accounting value, calculated from the percentage of acquisition or subscription on the value of the shareholders’ equity of the other company. The recording of the goodwill in shareholder’s equity account, presented in the account heading “intangible assets” in the consolidated balance sheet, is made considering the economic basis of expectation of future profitability of the venture, which takes place during the period of its expected useful life. The estimated useful life of the investment is based on the capacity to generate results from the ventures launched and/or to be launched in the future and other inherent factors. The goodwill is recognized as loss in the income of the year as the future profitability is realized, the analyses of which are made each time the financial statements are prepared (“Impairment Test”). When the future profitability has been fully realized, the balance of the goodwill still recorded in the shareholder’s equity account will be fully written off in the income of the year complying with what has been provided for in CPC-01 - Reduction to the recoverable amount of assets. When negative goodwill occurs, the negative goodwill is realized in connection with the investment that originated it and, in the consolidated, it is presented in the noncurrent liabilities, in the account heading “Negative goodwill in investments”. (l) Profit sharing and dividend distribution - PLR The Company and the other companies of the group have a profit sharing and dividend distribution program for employees and managers (“bonus”). The bonus system operates with performance indicators, structured in the efficiency of the corporate objectives, then by business objectives and finally by individual objectives. The calculation of the bonus is estimated at the end of each period of disclosure of financial statements and recorded to the result in the account heading “profit sharing and dividend distribution for employees and managers.” (m) Accounts payable in the acquisition of real estate and advances from clients by

swap The obligations in the acquisition of real estate are recognized by the amounts that correspond to the contractual obligations assumed. Subsequently, they are presented by the amortized cost, i.e., plus or minus, when applicable, charges and interest proportional to the period incurred and adjustment to present value up to the balance sheet date. Swap operations between land and real estate units are recorded in the inventories against the account heading “Advances from clients”. The operations are recorded only after the project is defined and amounts are stated at their fair value. The revenue is recognized in the income in the account heading “Revenue from the sales of real estate units” by the same criteria of item 2.2(c). (n) Loans, financing and debentures The financial funds borrowed, whether they are loans, financing or debentures are recognized initially upon receiving the funds, net of transaction costs and are presented by the amortized cost, i.e., plus charges and interest proportional to the period incurred until the balance sheet date.


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(o) Contingent liabilities and legal liabilities Contingent liabilities are provisioned when losses are evaluated as probable and the amounts involved are measurable with sufficient reliability. When the losses are considered as probable, but the amounts involved are not measurable with sufficient reliability or when losses are considered possible, they are disclosed in explanatory notes. The other contingent liabilities, the losses of which are considered remote, are not provisioned nor disclosed. The legal liabilities are recorded when incurred. (p) Other assets and liabilities Other assets and liabilities are presented at the cost or realization value (assets), or for known or calculable values (liabilities), plus, when applicable, proceeds and financial charges incurred. (q) Adjustment to present value Certain assets and liabilities, referring to monetary and long-term items, or relevant short-term items, are adjusted to present value based on discount rates that aim at expressing the best current market evaluations regarding the time value of money and specific assets and liabilities risk. Due to the analyses, adjustments were made to present value in the accounts receivable (Note 2(d)) and accounts payable due to acquisition of properties (Note 2(m)). The average rate used on June 30, 2010 was of 6.64% (March/2010: 6.71%) for accounts receivable from undelivered units. Assets and liabilities are adjusted in the initial recording of the transaction, taking into account the contractual cash flows, the explicit interest rate, and in certain events the implicit interest rate, of the respective assets and liabilities and the rates used on the market in similar transactions. Such interest is subsequently reallocated in financial expense and revenue lines, in the income, except for the real estate activity revenues the treatment of which is mentioned in Note 2 (d), using the effective interest rate method for contractual cash flows. (r) Use of estimates When preparing the financial statements, it is necessary to use estimates that affect the stated amounts of assets, liabilities and other transactions during the reported periods and which require the disclosure of contingent assets and liabilities on the date of the financial statements. Financial statements include estimates used to determine items including, among other aspects, the costs budgeted for the ventures, the allowances for doubtful accounts, guarantees - necessary for the economic non-recovery of assets, the allowance for non-recognized credits referring to the deferred income tax and the recognition of liability contingencies, the actual results of which might vary from the estimates. (s) Impairment test Management annually reviews the net book value of the assets in order to evaluate events or changes in economic, operating or technological circumstances that might show impairment. When such pieces of evidence are identified and the net book value exceeds the recoverable amount, a provision for impairment is created, adjusting the net book value to the recoverable amount. The main accounts liable to impairment assessments are: securities, real estate to be sold, investments, fixed assets, intangible assets and investments quoted in a stock exchange.


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(t) Expenses with transaction in the issuance of securities The expenses with registration of public distribution of securities are recorded in a balancing account to funds received. Thus, the expenses referring to the issuance of debentures are classified in the account heading “Debentures” as disclosed in Note 12, and the expenses with public distribution are classified in the account heading “Capital stock” as disclosed in Note 21 (a). (u) Net earnings per share The net earnings per share are calculated based on the number of outstanding shares on the balance sheet date. (v) Consolidated financial statements The consolidated financial statements comprise the Company’s financial statements and those of its subsidiaries (individually and under common control or created for specific purposes regarding the management of real estate ventures). The current accounts, the revenues and expenses among the consolidated companies, as well as the investments are eliminated from the consolidated financial statements; and the minority interest is stated in such consolidated financial statements. The non-controlled associated companies are not consolidated.

2.3. Pronouncements and accounting interpretations in effect as of January 2010: During 2009 the Brazilian Accounting Standards Board (CPC) issued several pronouncements with optional implementation for 2009 and mandatory for the financial statements of December 31, 2010. As set forth by CVM Resolution n. 603/09, the Company did not make early the adoption any of the accounting pronouncements, compulsory for 2010, for the financial statements of 2009, March 31, 2010 and June 30, 2010. When preparing the financial statements for the year ending December 31, 2010, the financial statements 2009 and those presented in 2010 without applying the pronouncement in effect will be presented again with a view to the comparability between the years, as required by the accounting practices adopted in Brazil. We present, below, the key pronouncements that may influence when preparing the financial statements 2010: a) CPC 15 - Business combinations: on July 31, 2009, CVM issued Resolution n. 580. Its objective is to increase the relevance, the reliability and the comparability of the information that the company provides in its financial statements concerning business combinations and their effects; b) CPC 18 - Investments in associated and subsidiaries: on November 26, 2009 CVM issued Resolution n. 605. Its objective is to determine how the investments in associated companies should be recorded in the investor's individual and consolidated financial statements and, how the investments in subsidiaries should be recorded in the financial statements of the parent company;


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c) CPC 19 - Investments in jointly controlled ventures (joint venture): on November 26, 2009 CVM issued Resolution n. 606. Its objective is to determine how to record the interest held in jointly controlled ventures (joint ventures) and the disclosure of assets, liabilities, revenues and expenses of such ventures in the investors' financial statements; d) CPC 22 - Information per segment: on July 31, 2009, CVM issued Resolution n. 582. Such Resolution specifies ways of disclosing the information regarding its operating segments in the annual financial information that enable the users of the financial statements to assess the nature and the financial effects of the business activities in which it is involved and the economic environments in which it operates; e) CPC 28 - Investment property: on July 31, 2009, CVM issued Resolution n. 584. Such Resolution establishes the accounting treatment for investment properties and the respective disclosure requirements; f) CPC 31 - Noncurrent assets held for sale and discontinued operations: on September 15, 2009, CVM issued Resolution n. 598. Such Resolution establishes the recording of noncurrent assets held for sale (put on sale) and the presentation and the disclosure of discontinued operations; g) ICPC 08 - Accounting for proposed dividend payments: on October 7, 2009, CVM issued Resolution n. 601. Such Resolution addresses the accounting for the dividend payment proposal; h) ICPC 02 - Construction contract for the real estate industry: on December 22, 2009, the Brazilian Exchange and Securities Commission (CVM) issued CVM Resolution n. 612, which approved the Technical Interpretation ICPC-02 of the Brazilian Accounting Standards Board (CPC) that addresses the construction contracts for the real estate industry. Said Interpretation establishes the recording criteria for the revenues and the corresponding costs of companies that carry out the development and/or construction of real estate either directly or by means of subcontractor companies. The aforementioned pronouncement will bring an important impact onto the companies that have the development of residential and commercial real estate as an activity, because as from the calendar year ending December 31, 2010 companies will have to adopt the new recognition system for real estate result (revenues and costs). The main conceptual impacts of the change to the accounting practice may be summarized as follows:

Description

CFC Resolution n. 963/03 / OCP-01 (applicable until the year ended December 31, 2009)

ICPC-02 (applicable as from the the year ending December 31, 2010)

Revenue from real estate sold

Recorded at the result in accordance with the percentage of financial evolution of the construction.

Recorded at the result when transferring the ownership, the risks and the benefits to the purchaser of the real estate (usually after the construction has been completed and by delivering the keys of the real estate).

Cost with real estate sold

Recorded at the result, when incurred, in proportion to the units sold.

Recorded at the result in proportion to the units sold taking into account the same recognition criterion of the revenue from real estate sold.


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32

Considering the extent and complexity of the changes required and the difficulty to quantify and measure, the Company decided not to include the interpretation and pronouncements abovementioned. The Company is discussing with other companies of the segment about a better understanding on the subject and the application in the Brazilian market, therefore, it understands that it is not possible to measure with reasonable reliability the effects in shareholders’ equity and income for June 30 and March 31, 2010 and 2009.

3. Cash and cash equivalents

(i) Average monthly rates equivalent to 101% of the Interbank Deposit Certificate (CDI); (ii) Average monthly rates equivalent to 100.5% of the Interbank Deposit Certificate (CDI). 4. Securities They correspond to 0.10% interest held by the Company Portobello S.A. and, in the consolidated, the interest of 0.26% in Real Estate Investment Fund Rio Bravo Renda Corporativa is added; the amounts are presented at the acquisition cost adjusted by provision for adjustment to its net realizable value, when applicable.

Cash and cash equivalents and Financial investmentsEquivalent in

Thousands of

US Dollars

Parent Company Consolidated Consolidated

06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

Cash and cash equivalents

Cash and banks

National currency 18,050 37,926 195,691 235,062 - -

Foreign currency - - 1,688 1,680 937 943

18,050 37,926 197,379 236,742 937 943

Financial investments

Investment funds - multimarket

National currency (i) 960 4,974 96,135 114,157

Bank deposit certificates

National currency (ii) 306,637 590,088 703,284 934,879

307,597 595,062 799,419 1,049,036

(-) Long-term assets 147,898 83,633 288,722 105,107

Short-term assets 159,699 511,429 510,697 943,929


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33

5. Accounts receivable

The accounts receivable are substantially adjusted for inflation by the variance of the Civil Construction National Index (INCC) until the delivery of the keys. The post-key receivables yield interest of 12% per year plus adjustment for inflation corrected by the IGP-M1 and all of them are guaranteed by the respective financing of the constructions. As mentioned in Note 2.2(c), the Company and its subsidiaries adopt the procedures and standards established by CVM Resolution n. 561/08 (CPC-O-01) for the accounting recognition of the income earned in the real estate operations carried out. Consequently, the accounts receivable balance of units sold and not yet completed is not fully reflected in the financial statements, since its recording is limited to the portion of the income that is recognized accounting wise, net of the installments already received. The adjustment to present value increased the result, in the account heading “Revenue from real estate development and resale”, totaled R$9,254 on June 30, 2010 (R$12,133 in March 2010); R$3,322 on June 30, 2009 (R$9,250 in March 2009).

1 General Market Price Index.

Parent Company Consolidated

06/2010 03/2010 06/2010 03/2010

Concluded ventures 16,141 17,058 1,428,778 1,439,667

Ventures under Construction Appropriated income - - 7,337,741 6,546,577 Installments received - - (3,156,876) (2,675,849)

- - 4,180,865 3,870,728

Appropriated accounts receivable 16,141 17,058 5,609,643 5,310,395

Adjustment to Present Value (AVP) - - (74,432) (83,692)

Total accounts receivable 16,141 17,058 5,535,211 5,226,703

(-) Long-term assets 5,147 2,559 1,919,069 1,835,368

Short-term assets 10,994 14,499 3,616,142 3,391,335


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34

As a complementary piece of information, the balance of accounts receivable, taking into consideration the balance not yet reflected in the accounting and the accounting balances referring to the activity of real estate development and resale, already deducted from the installments received, may be stated as follows:

Receivables portfolio timeline Long-term portfolio is totaled by receivables with maturity after twelve months from the period stated.

6. Accounts receivable from expropriation They are represented by the amount receivable from the State of São Paulo Finance Department, relative to the expropriation of commercial real estate, receivable in annual installments the final maturity date of which has been forecast for the year 2011. The correction over the installments is performed based on the index for the inflation adjustment of debits, disclosed by the Court of Justice. The total balance receivable on June 30, 2010 is R$4,812, being recorded in the account heading “Other accounts receivable” of current assets (R$4,461 in March 2010).


06/2010 03/2010 06/2010 03/2010

Current 10,994 14,499 3,616,142 3,391,335 Long term 5,147 2,559 1,919,069 1,835,368

16,141 17,058 5,535,211 5,226,703

Contracted sales to be appropriated - - 5,855,621 5,232,174 Installment classified as advances from clients - - (94,837) (64,152)

16,141 17,058 11,295,995 10,394,725

Current 8,766 9,454 4,045,452 3,727,558 Long term 7,375 7,604 7,250,543 6,667,167

16,141 17,058 11,295,995 10,394,725

Year Parent Company Consolidated

06/2010 03/2010 06/2010 03/2010

2010 7,275 8,744 3,499,328 3,665,239 2011 2,058 1,992 2,115,097 1,790,274 2012 1,612 1,513 1,932,164 1,639,749 2013 1,495 1,369 1,161,068 896,542 2014 1,303 1,168 523,741 458,922 2015 969 870 471,427 444,650 2016 783 750 425,808 401,953

up to 2030 646 652 1,167,362 1,097,396

Total 16,141 17,058 11,295,995 10,394,725


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7. Real estate for sale They are represented by the costs of the real estate units available for sale (both ready and under construction) and land for future developments, in addition to advances to real estate suppliers, as shown below:

The interest capitalized to the inventories in the consolidated totaled R$54,513 on June 30, 2010 (R$51,633 in March 2010) and the appropriation to the result, in the account heading “Cost of real estate sold”, totaled R$20,133 on June 30, 2010 (R$11,627 in June 2009). There is an action was filed against the former owner of one of our lands, the estate of Mr. Anthero Machado, drawn up on November 29, 2007. The lawsuit has as purpose the deed of the fraction of the land known as Vicolo/Amergin to be submitted to us, located in the City of São Paulo. Therefore, it will be possible to transfer the land fraction as a payment regarding the last installment of the sales agreement, entered into as of January 31, 2005. Our purchase obligation arising from said agreement, including the previous condition, was satisfied. The total amount of the promise of sale is of R$8.7 million and the approximate amount of R$4.0 million has already been paid. Provision was not created for this action, since our advisers understand that the likelihood of success is considered possible.


06/2010 03/2010 06/2010 03/2010

Real estate under construction - - 831,110 800,369 Real estate completed 39,211 39,254 201,548 153,477 Land for future ventures 84,397 92,262 2,455,086 2,278,854

123,608 131,516 3,487,744 3,232,700

Advances to suppliers 2,235 2,235 19,387 20,084 125,843 133,751 3,507,131 3,252,784

Short-term 119,805 47,387 3,087,862 1,968,364 Long-term 6,038 86,364 419,269 1,284,420

125,843 133,751 3,507,131 3,252,784


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36

8. Investments

a) The main information on interest held in companies is summarized below:

Interest - % Net

profit (loss)

06/2010 03/2010 Shareholders' Equity for the year Investment Equity

Total Direct Direct 06/2010 03/2010 06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

Associated and not controlled companies and investment at cost 12.665 13.885 214 236

Directly and indirectly controlled companies

Abc II De Investimentos Imob Ltda 63,93 34,00 34,00 9.978 9.978 399 89 3.527 3.422 105 30 Abc Realty De Investimentos Imob Ltda 95,00 95,00 95,00 8.392 8.712 10.755 2.371 18.189 10.530 7.965 2.252 Aldeia Da Colina Empreend Imobil Spe Ltda 60,00 60,00 60,00 37.956 38.268 1.074 4.866 23.418 25.879 (2.275) 2.919 Angra Dos Reis Empreend Imob Ltda 67,89 67,89 67,89 16.314 16.314 154 (893) 11.181 10.132 711 (607) B R - Servicos E Invest. Bahamas Ltd 100,00 100,00 100,00 1.712 1.692 (23) (12) 1.688 1.679 26 - Barao De Miracema Empreend Imob Spe Ltda 70,00 70,00 70,00 2.978 2.978 3.133 1.071 4.278 2.835 1.443 750 Belgica Empreend Imob Ltda 100,00 99,99 99,99 4.843 2.543 3.120 869 7.962 3.412 2.250 869 Boa Vista Empreend Imob Spe Ltda 80,00 80,00 80,00 5.725 7.046 (139) (64) 4.469 5.586 (60) (51) Brazil Realty - Cia Securitizadora De Creditos Imobiliarios 98,00 98,00 98,00 (87) (87) (19) (1) (104) (87) (17) (1) Brc Administracao E Participacao Ltda 100,00 99,99 99,99 2.076 1.976 (143) (165) 1.931 1.810 21 (165) Cajati Empreend Imob Ltda 100,00 99,99 99,99 10 10 - - 10 10 - - Calafete Investimentos Imob Ltda 100,00 99,90 99,90 338 88 1.930 10.122 2.266 10.201 (8.184) 10.112 Caninde De Investimento Imob Ltda 96,85 53,35 53,35 13.766 13.763 931 (1.085) 7.840 6.763 1.075 (579) Canoa Quebrada Empreend Imob Ltda 99,99 99,99 99,99 12 12 (1) - 13 13 - - Capital Realty De Investimentos Imob Ltda 99,99 99,99 99,99 6.668 6.618 (9) - 6.658 6.619 (9) - Carapa Empreend Imob Ltda 100,00 99,99 99,99 10 10 - - 10 10 - - Carcavelos Empreend Imob Ltda 99,99 99,99 99,99 6.119 6.119 (1) - 6.118 6.118 - - Cbr 004 Empreend Imob Ltda 99,99 99,99 99,99 476 425 (24) - 452 424 (23) - Century De Investimentos Imob Ltda. 100,00 99,99 99,99 93.557 95.874 4.884 819 98.441 96.692 4.065 819 Country De Investimentos Imob Ltda 97,23 72,24 72,24 51.115 44.001 9.127 (73) 43.519 31.727 6.646 (52) Cybra De Investimento Imob Ltda 100,00 99,99 99,99 462.071 461.971 47.312 1.068 509.384 463.038 46.244 1.068 Cyrela Alasca Empreend Imob Ltda 99,99 99,99 99,99 60 60 1 - 62 60 2 - Cyrela Boraceia Empreend Imob Ltda 90,00 90,00 90,00 6.783 5.773 (37) (736) 6.071 4.536 629 (662) Cyrela Bracy De Investimentos Imob Ltda 96,41 61,24 61,24 27.871 29.230 3.896 1.970 19.457 19.109 1.180 1.207 Cyrela Braga Empreend Imob Ltda 100,00 99,99 99,99 110.311 110.311 21.785 10.422 132.083 120.722 11.361 10.421 Cyrela Braganca Empreend Imob Ltda 100,00 99,99 99,99 870 870 (100) - 770 870 (100) - Cyrela Brazil Realty Rjz Empreend Imob Ltda 99,99 99,99 99,99 43.232 43.182 5.528 (644) 48.754 42.534 6.171 (644) Cyrela Chile Empreend Imob Ltda 75,00 75,00 75,00 11.544 11.574 4.438 3.172 11.985 11.059 949 2.379 Cyrela Classic De Investimento Imob Spe Ltda 95,64 50,00 50,00 2.229 2.179 (263) (143) 983 1.019 (60) (71) Cyrela Comercial Imobiliaria Ltda. 89,00 89,00 89,00 20.148 20.477 1.926 308 19.645 18.484 1.440 274 Cyrela Construtora Ltda 99,99 99,99 99,99 16.270 10.915 (9.074) (2.649) 7.195 8.263 (6.425) (2.649) Cyrela Costa Rica Empreend Imob Ltda 100,00 99,99 99,99 7.066 7.066 7.272 5.827 14.336 12.894 1.444 5.827 Cyrela Cuzco Empreend Imob Ltda 100,00 99,99 99,99 1.048 1.048 253 (438) 1.301 610 691 (438) Cyrela Dinamarca Empreend Imob Ltda 99,99 99,99 99,99 9.465 9.465 (2.302) (5.514) 7.162 3.951 3.211 (5.513) Cyrela Dinamica De Investimentos Imob Ltda 96,39 50,00 50,00 20.874 25.432 3.199 1.400 12.036 13.416 900 700 Cyrela Elwing Empreend Imob Spe Ltda 80,00 80,00 80,00 40.158 35.538 10.987 5.744 40.915 33.025 4.194 4.595 Cyrela Empreend Imobil. Coml. Import. E Export. Ltda 99,98 99,98 99,98 130.768 130.768 8.691 (816) 139.435 129.930 9.506 (816) Cyrela Europa Empreend Imob Ltda 99,99 99,99 99,99 1.619 1.119 1 - 1.619 1.118 1 - Cyrela Administradora De Bens Ltda 100,00 99,99 99,99 11 1 - - 10 - - - Cyrela Genova Empreend Imob Ltda 100,00 99,99 99,99 4 4 - - 5 5 - - Cyrela Greenfield De Investimentos Imob Ltda 95,64 50,00 50,00 3.015 2.995 (92) (46) 1.461 1.475 (23) (23) Cyrela Grenwood De Investimentos Imob Ltda 95,70 55,00 55,00 14.761 18.261 (1.402) 913 7.348 10.618 (1.273) 502 Cyrela Guarani Empreend Imob Ltda 100,00 99,99 99,99 100 100 - - 100 100 - - Cyrela Holanda Empreend Imob Ltda 100,00 0,01 0,01 50.683 50.683 (24) 1.867 5 5 - - Cyrela Iberia Empreend Imob Ltda 99,99 99,99 99,99 24.308 24.308 6.237 3.907 30.542 28.211 2.330 3.906 Cyrela Imobiliaria Ltda 99,76 99,75 99,75 197.815 209.282 39.693 32.412 236.928 241.102 7.263 32.333 Cyrela Índico Empreend Imob Ltda 72,00 72,00 72,00 13.957 13.379 (16) (1) 10.037 9.631 (11) (1) Cyrela Jamaica Empreend Imob Ltda 90,00 90,00 90,00 3.785 4.085 485 (424) 3.939 3.280 818 (382) Cyrela Januaria Empreend Imob Ltda 100,00 99,99 99,99 3 3 - - 4 4 - - Cyrela Japao Empreend Imob Spe Ltda 80,00 80,00 80,00 10.070 10.220 1.471 856 9.233 8.862 492 685 Cyrela Jequitiba Empreend Imob Ltda 100,00 99,99 99,99 3 3 - - 4 4 - -


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37

Interest - % Net

profit (loss)




Cyrela Lakewood Empreend Imob Ltda 95.64 50.00 50.00 9,525 10,525 395 705 4,960 5,613 (155) 352 Cyrela Lambari Empreend Imob Ltda 100.00 99.99 99.99 3 3 (1) - 4 4 - - Cyrela Mac Manaus Empreend Imob Ltda. 100.00 97.47 37.47 21,490 38,294 (2,505) (2,204) 18,506 13,525 (1,615) (826) Cyrela Magik California Empreend Imob Spe Ltda 75.87 56.00 56.00 23,338 29,288 2,766 818 14,617 16,857 1,091 458 Cyrela Magik Monaco Empreend Imob Ltda 80.00 80.00 80.00 89,490 96,856 4,570 (36) 75,248 77,455 3,685 (29) Cyrela Malasia Empreend Imob Ltda 90.00 90.00 90.00 13,459 16,096 344 (1,703) 12,423 12,953 1,843 (1,533) Cyrela Maresias Empreend Imob Ltda 99.99 99.99 99.99 8,828 6,944 (1,840) (2,618) 6,987 4,324 778 (2,619) Cyrela Mexico Empreend Imob Ltda 100.00 99.99 99.99 18,880 18,880 77 266 18,956 19,145 (189) 266 Cyrela Monza Empreend Imob Ltda 99.99 99.99 99.99 268,199 254,999 24,856 45,266 293,026 298,668 (20,408) 45,261 Cyrela Niss Empreend Imob Ltda 75.00 75.00 75.00 6,981 11,481 1,282 1,359 6,196 9,629 (58) 1,019 Cyrela Oceania Empreend Imob Ltda 60.00 60.00 60.00 16,068 16,058 3,420 26 11,692 9,650 2,036 15 Cyrela Pacifico Empreend Imob S.A. 80.00 80.00 80.00 20,031 20,031 (35) - 15,997 16,026 (28) - Cyrela Palermo Empreend Imob Ltda 100.00 99.99 99.99 5,707 5,807 (26) (11) 5,681 5,796 (15) (11) Cyrela Parana Empreend Imob Ltda 99.99 99.99 99.99 82,096 77,546 3,438 406 85,525 77,939 3,032 401 Cyrela Paris Empreend Imob Ltda 93.90 32.19 32.19 147,117 147,117 10,596 (11,949) 50,769 43,511 7,258 (3,847) Cyrela Participacoes E Empreend Imob Ltda 85.98 79.00 79.00 21,838 22,585 (560) 557 16,809 18,281 (882) 440 Cyrela Polinesia Empreend Imob Ltda 99.99 99.99 99.99 31,041 28,191 (532) (351) 30,506 27,837 (181) (351) Cyrela Pompeia Empreend Imob Ltda 99.99 99.99 99.99 26,259 23,059 6,934 2,717 33,189 25,774 4,217 2,716 Cyrela Porto Velho Empreend Imob Ltda 100.00 99.99 99.99 3,402 2,752 2,467 (489) 5,869 2,265 2,955 (489) Cyrela Portugal Empreend Imob Ltda 76.00 75.99 75.99 40,578 40,578 (53) (49) 30,800 30,803 (3) (37) Cyrela Rjz Construtora E Empreend Imob Ltda 99.16 86.02 86.02 65,748 65,748 3,292 4,379 59,393 60,411 (935) 3,767 Cyrela Rjz Empreend Imob Ltda 97.36 59.90 59.90 506,751 523,748 90,102 75,979 357,515 359,173 8,460 45,511 Cyrela Rondonia Empreend Imob Ltda 99.99 99.99 99.99 1,828 1,728 (1,722) (3) 106 1,726 (1,719) (3) Cyrela Roraima Empreend Imob Ltda 99.99 99.99 99.99 44,738 44,538 (144) (13) 44,590 44,521 (130) (13) Cyrela Sanset De Investimentos Imob Spe Ltda 73.41 38.00 38.00 22,708 23,397 1,646 627 9,254 9,129 387 238 Cyrela Sao Paulo Empreend Imob Ltda 99.99 99.99 99.99 24 4 (4) - 20 4 (3) - Cyrela Sintra Empreend Imob Spe Ltda 75.00 75.00 75.00 10,703 12,303 420 88 8,342 9,293 249 66 Cyrela Tupiza Empreend Imob Ltda 100.00 99.99 99.99 110 10 (8) - 102 10 (8) - Cyrela Turim Empreend Imob Ltda 100.00 99.99 99.99 10 - (1) - 10 - - - Cyrela Ubatuba Empreend Imob Ltda 99.99 99.99 99.99 11 11 - - 11 11 - - Cyrela Vermont De Investimentos Imob Ltda 97.89 50.00 50.00 9,545 9,358 (228) (78) 4,659 4,642 (75) (39) Cyrela Vila Real Empreend Imob Ltda 99.99 99.99 99.99 163 163 - - 163 163 - - Cyrela Volpago Participacoes Societarias S.A. 91.00 0.02 0.02 160,892 187,367 37,540 (7,186) 45 40 10 (2) Cyrela White River De Investimento Imob Spe Ltda 96.43 50.00 50.00 26,083 29,883 2,098 (576) 14,089 14,652 1,337 (288) Cyset Empreend Imob Ltda 69.92 37.00 37.00 571 543 (3) (52) 210 181 18 (19) Cytec Empreend Imob Ltda 100.00 99.99 99.99 49,393 40,705 1,457 1,380 50,850 42,086 78 1,379 Cz6 Empreend Comerciais Ltda 99.91 63.99 63.99 40,922 41,919 2,213 389 27,607 27,078 1,168 249 Egito Empreend Imob Ltda 100.00 99.99 99.99 3,472 3,402 (100) (78) 3,372 3,325 (22) (78) Estrada Rodrigues Caldas Empreend Imob Spe Ltda. 90.00 90.00 90.00 1,865 1,820 (19) (5) 1,661 1,634 (12) (5) Fazenda Sao Joao Empreend Imob Spe Ltda 85.00 85.00 85.00 22,755 22,755 (9) (3) 19,334 19,345 (5) (3) Flamingo Investimentos Imob Ltda 99.97 99.96 99.96 1,501 1,501 (1) - 1,500 1,501 - - Funchal Empreend Imob Ltda 75.00 45.00 45.00 5,069 5,219 (43) (29) 2,262 2,336 (6) (13) Cyrela Moinho Empreend Imob Ltda. 100.00 99.99 99.99 13,754 7,954 (229) (107) 13,525 7,847 (122) (107) Gliese Incorporadora Ltda 57.54 57.53 57.53 22,538 22,978 4,383 2,551 15,489 11,616 1,361 1,161 Goiania Empreend Imob Ltda 80.00 80.00 80.00 18,491 16,116 1,753 991 16,195 13,684 610 793 Goldsztein Cyrela Empreend Imob S/A 100.00 99.99 99.99 199,833 182,666 25,978 13,159 225,811 195,826 12,819 13,159 Guararema Empreend Imob Ltda 100.00 99.99 99.99 10 10 - - 10 10 - - Guaruba Empreend Imob Spe Ltda 60.00 60.00 60.00 6,309 3,169 1,424 6 4,639 1,904 851 3 Gv 10 Empreend Imob Ltda 80.00 80.00 80.00 8,671 4,029 (2,313) (3,275) 5,087 4,407 770 (2,620) Jardim America Incorporadora Spe Ltda 60.00 60.00 60.00 6 6 346 27 211 20 191 16 Jardim Cedro Do Libano Empreend Imob Spe Ltda 70.00 70.00 70.00 8,552 7,252 926 1,208 6,634 5,921 (198) 846 Lc Empreend Imob Spe Ltda 100.00 99.99 99.99 78,144 78,144 9,126 11,301 87,270 89,440 (2,175) 11,301 Living Construtora Ltda 99.98 - - 8,802 3,892 (5,258) (1,957) - - - - Living Empreend Imob Ltda 99.99 99.99 99.99 273,782 257,019 (7,199) (4,648) 266,557 252,347 (2,548) (4,651) Lombok Incorporadora Ltda 100.00 99.99 99.99 66,078 56,675 10,560 4,932 76,638 61,607 5,628 4,932 Londrina Empreend Imobilliarios Ltda 80.00 80.00 80.00 3,829 3,829 (345) (232) 2,787 2,877 (90) (186)


June 30, 2010




38

Interest - % Net

profit (loss)




Maiastra 1 Empreendimento Imob Ltda. 100.00 99.99 99.99 13,148 12,728 (116) (73) 13,032 12,654 (43) (73) Maiastra 2 Empreendimento Imob Ltda. 100.00 99.99 99.99 7,065 6,865 (44) (46) 7,021 6,820 1 (46) Marina Crepi Empreend Imob Spe Ltda 65.00 65.00 65.00 638 638 (1) (1) 414 416 - - Nepal Empreend Imob Ltda 90.00 90.00 90.00 3,214 2,047 392 999 3,245 2,742 (547) 899 Nilo Empreend Imob Ltda 90.00 90.00 90.00 10,130 11,698 802 14,176 9,839 23,288 (12,037) 12,759 Nova Zelandia Empreend Imob Ltda 100.00 99.99 99.99 84,637 84,487 (215) 1,830 84,414 86,307 (2,045) 1,830 Oaxaca Incorporadora Ltda 100.00 99.99 99.99 34,652 27,263 3,170 (135) 37,821 27,128 3,304 (135) Option De Investimentos Imob Ltda. 100.00 99.99 99.99 122,773 125,137 9,854 1,622 132,627 126,760 8,232 1,622 Peniche Empreend Imob Ltda 100.00 99.99 99.99 12,255 9,445 1,113 1,752 13,368 11,196 (640) 1,752 Peru Empreend Imob Ltda 99.99 99.99 99.99 12 12 - - 12 12 - - Pitombeira Empreend Imob Ltda 100.00 99.99 99.99 10 10 - - 10 10 - - Potim Empreend Imob Ltda 100.00 99.99 99.99 10 10 - - 10 10 - - Praca Oiapoque Empreend Imobil Spe Ltda 70.00 70.00 70.00 22,161 29,186 6,494 1,044 20,058 21,160 3,815 731 Praia Do Forte Empreend Imob Ltda 80.00 80.00 80.00 (23) 252 (169) (51) (154) 160 (95) (41) Raimundo Pereira De Magalhaes Empreend Imob Spe Ltda 100.00 99.99 99.99 2,921 5,216 643 2,651 3,563 7,867 (2,008) 2,651 Rua Do Orfanato Empreend Imob Spe Ltda 80.00 80.00 80.00 21,929 19,591 3,566 1,790 20,396 17,104 1,420 1,432 Saracura - Investimentos Imob Ltda 100.00 99.99 99.99 25,228 17,365 1,660 (1,053) 26,888 16,312 2,713 (1,053) Seller Consultoria Imobiliaria E Representacoes Ltda 99.95 99.95 99.95 23,482 20,592 (5,586) (3,493) 17,887 17,089 (2,092) (3,492) Sevilha Empreend Imob Ltda 99.99 99.99 99.99 2,179 2,179 (3) (2) 2,175 2,176 (1) (2) Sociedade Residencial Gran Bueno Ltda 70.00 70.00 70.00 21,812 19,762 1,451 259 16,284 14,014 835 181 Spe Brasil Incorporacao 2 Ltda 63.00 63.00 63.00 3,027 3,720 195 (693) 2,030 1,907 560 (437) Spe Goiania Incorporacao 5 S/A 70.00 70.00 70.00 20,093 15,393 3,522 1,626 16,530 11,913 1,327 1,138 Suriname Empreend Imob Ltda 75.87 56.00 56.00 39,300 38,845 (263) (21) 21,861 21,741 (136) (12) Tal De Investimento Imob Ltda. 100.00 99.99 99.99 2,870 3,060 55 32 2,925 3,092 23 32 Tal Empreend Imob Ltda 99.99 99.99 99.99 18,388 23,188 (2,167) 92 16,220 23,277 (2,258) 92 Tamoios Empreend Imob Spe Ltda 60.00 60.00 60.00 6,350 4,781 490 568 4,104 3,210 (47) 341 Tapira Empreend Imob Ltda 100.00 99.99 99.99 10 10 - - 10 10 - - Toulon Empreend Imob Spe Ltda 90.00 90.00 90.00 21,093 20,721 (64) (17) 18,926 18,633 (42) (16) Unique De Investimentos Imob Ltda 96.49 46.00 46.00 6,715 6,715 81 (4) 3,127 3,088 39 (2) Viana Do Castelo Empreend Imob Ltda 100.00 99.99 99.99 32,083 32,083 27 (909) 32,109 31,173 936 (909) Vix One Empreend Imob Spe Ltda 65.00 65.00 65.00 38,402 40,926 5,365 (945) 28,448 25,987 4,102 (614)

Interest - % Net

profit (loss)



Companies under common control

Joint venture

Atlantida Empreend Imob Spe Ltda 80.00 59.99 59.99 72 (692) (1,296) (2,629) (734) (1,994) 799 (1,577) Cury Construtora E Incorporadora S/A 50.00 50.00 50.00 82,670 84,670 22,915 7,152 52,793 45,911 7,882 3,576 Cyrela Andrade Mendonca Empreend Imob Ltda 80.00 80.00 80.00 148,110 155,604 18,539 16,696 133,319 137,841 1,475 13,357 Cyrela Mac Amazonas Empreend Imob Spe Ltda 80.00 60.00 60.00 16,187 16,187 1,162 (7,355) 10,409 5,298 5,111 (4,413) Cyrela Mac Monterey Empreend Imob Spe Ltda 63.00 33.00 33.00 5,127 13,414 5,233 3,797 3,419 5,679 474 1,253 Cyrela Suecia Empreend Imob Ltda 89.50 50.00 50.00 45,251 40,777 (3,955) (2,828) 20,648 18,974 (564) (1,414) Cyrsa S/A 50.00 50.00 50.00 125,211 107,274 21,014 - 73,112 53,638 10,507 - Fernao Dias Empreend Imob Spe Ltda 79.99 - - 16,272 14,372 5,027 1,784 - - - - Gabriele Empreend Imobil Spe Ltda 65.00 30.00 - 10,992 - (236) - 3,227 - (22) - Lao Empreend Imob Ltda 40.00 10.00 10.00 1,657 1,657 687 337 234 200 35 34 Licy Empreend Imob S/A 50.00 50.00 50.00 3,716 4,692 (1,864) (2,090) 926 1,301 113 (1,045) Liveck S/A 50.00 50.00 50.00 7,611 7,300 (598) (204) 3,507 3,547 (197) (102) Lucio Brazil Real Estate S.A. 49.97 49.97 49.97 4,851 6,331 25,483 13,160 15,167 9,745 6,161 6,580 Mac Construtora Ltda 50.00 20.00 20.00 42,665 49,871 21,671 6,963 12,867 11,367 2,942 1,393 Mac Cyrela Equador Empreend Imob Ltda 68.00 38.00 38.00 21,764 21,861 658 785 8,520 8,605 (48) 298 Mac Cyrela Italia Empreend Imob Ltda 50.00 20.00 20.00 35,214 35,214 16,452 3,514 10,334 7,746 2,588 703 Mac Cyrela Mafra Empreend Imob Ltda 80.00 59.99 59.99 84,113 112,113 11,593 4,395 57,423 69,904 4,319 2,637 Mac Dinamarca Empreend Imobil Ltda 70.00 40.00 39.99 745 745 1,661 1,013 962 701 259 405 Mac Empreend Imob Ltda 50.00 50.00 45.17 193,102 197,420 58,673 18,212 125,888 97,408 18,722 8,227 Mac Holanda Empreend Imobilairios Ltda 70.00 40.00 40.00 620 105 (142) (4) 191 40 (55) (2) Mac Mexico Empreend Imob Ltda 70.00 40.00 40.00 9,190 45,756 4,094 2,340 5,314 19,238 702 936 Mac Spot Manay Empreend Imob Ltda 70.00 37.47 - 17,984 - (21) - 6,732 - (8) - Plano & Plano Construcoes E Participacoes Ltda 79.00 79.00 79.00 185,624 185,624 12,223 4,326 156,299 150,060 6,239 3,418 Plano Amoreira Empreend Imob Spe Ltda 91.60 60.00 60.00 20,105 20,105 139 (206) 12,146 11,937 207 (124) Plano Castanheira Empreend Imob Spe Ltda 91.60 60.00 60.00 298 248 (4) (2) 176 147 (1) (1) Queiroz Galvao Mac Cyrela Veneza Empreend. Imobil. S.A. 30.00 15.00 15.00 50,663 51,252 18,707 3,938 10,405 8,265 2,215 591 Rummaala S/A - - - - - - - - - - - Sk Realty Empreend Imob S/A 50.00 50.00 50.00 63,441 63,441 7,645 1,765 35,543 32,603 2,940 882 Vereda Paraiso Empreend Imob Ltda 57.38 10.00 10.00 19,876 19,876 (18) (73) 1,986 1,980 6 (7)


June 30, 2010




39

Interest - % Net

profit (loss)




Agra Cyrela Spe Ltda 46.45 25.00 25.00 1,891 1,796 224 578 529 593 (89) 144 Alpen Haus Desenvolvimento Imob S/A 24.00 24.00 24.00 7,516 7,516 1,755 1,009 2,224 2,045 179 242 Alpen Haus Negocios Imob S/A 24.00 23.99 23.99 2,857 333 384 332 778 161 12 80 Arizona Investimentos Imob Ltda 50.00 50.00 50.00 18,460 13,853 897 - 9,679 6,927 448 - C.E.A. Empreend Imob Spe Ltda 50.00 50.00 50.00 11,139 13,739 7,792 6,254 9,466 9,996 769 3,127 Camargo Correa - Cyrela Empreend Imobil Spe Ltda 50.00 50.00 50.00 5,979 5,979 (70) (58) 2,954 2,960 (6) (29) Cbr 005 Empreend Imob Ltda 50.00 50.00 50.00 128 128 (6) (5) 61 61 - (3) Cbr 011 Empreend Imob Ltda 32.50 32.50 32.50 55,158 53,915 (245) (144) 17,846 17,475 (33) (47) Cipasa Votorantim Empreend Imob S/A 50.00 50.00 50.00 1,318 1,318 4,025 1,127 2,673 1,224 1,449 564 City Parque Morumbi Spe S.A. 50.00 50.00 50.00 (694) 3,334 (7) (7) (351) 2,873 - (4) Costa De Guadalupe Empreend Imob S.A. 45.00 45.00 45.00 28,608 28,608 (78) (73) 12,839 12,841 (2) (33) Costa Maggiore Empreend Imob Ltda 50.00 50.00 50.00 18,012 18,012 2,058 345 10,035 9,180 857 172 Cyrela Gafisa Spe Ltda 46.50 25.00 25.00 3,312 3,392 444 38 939 854 101 10 Cyrela Magik Tecnisa Empreend Imob Spe Ltda 36.67 30.00 30.00 17,198 19,088 817 276 5,404 5,808 162 83 Cyrela Minas Empreend Imob Spe Ltda 50.00 50.00 50.00 6,648 6,648 (318) (1,324) 3,164 2,661 503 (662) Cyrela Rjz Jcgontijo Empreend Imob Ltda 43.00 25.00 25.00 54,054 52,814 (61) (2) 13,498 13,204 (15) - Cyrela Tecnisa De Invest Imob Ltda 50.00 50.00 50.00 31,015 31,015 288 403 15,652 15,710 (58) 202 Cyrela Tecnisa Klabin Segall Empreend. Imob Spe Ltda 32.42 20.00 10.52 13,658 13,658 (1,073) 37 2,516 2,738 (222) 7 Forest Hill De Investimentos Imob Ltda 49.44 25.00 25.00 2,411 2,411 (2) - 602 603 (1) - Jaguariuna Empreend Imob Ltda 50.00 50.00 50.00 6,979 6,979 70 (507) 3,525 3,237 288 (254) Klabin Segallcyrela Spe Ltda 37.93 20.75 20.75 4,795 4,865 (167) 132 960 1,037 (62) 27 Klabin Segall Vergueiro Emp. Imobil Spe Ltda 38.60 38.59 38.59 (2,086) (1,629) 441 492 (634) (437) (20) 190 Magnum Investimentos Imob Ltda 30.00 30.00 30.00 1,000 1,000 (210) - 238 301 (63) - Marquise Empreend Imob Spe Ltda 50.00 50.00 50.00 3,585 3,572 (5) (3) 1,790 1,784 (1) (2) Moinho Velho Empreend Imob Spe Ltda 50.00 50.00 50.00 4,993 4,993 - - 2,497 2,497 - - Nova Vila Guilherme Empreend Imob Spe Ltda 50.00 50.00 50.00 3,403 3,403 (1) 1 1,701 1,704 (1) 1 Office Shopping 2 Empreend Ltda 50.00 50.00 50.00 2,718 2,203 (6) (1) 1,356 1,102 (2) - Parque Turiassu Empreend Imob Spe Ltda 40.00 39.99 39.99 6,161 6,161 2,798 1,342 3,583 3,001 582 537 Plarcon Cyrela Empreend Imob Spe Ltda 50.00 50.00 50.00 67,935 70,775 3,271 1,946 35,603 36,365 663 973 Queiroz Galvao Cyrela Empreendimento Imob S.A. 38.62 32.00 32.00 5,910 5,910 268 85 1,978 1,919 59 27 Queiroz Galvao Cyrela Oklahoma Empreend Imobil Spe Ltda 48.90 40.00 40.00 17,546 17,749 8,482 - 10,411 7,101 3,393 - Rouxinol Salvador Alende Empreend Imob Ltda 50.00 50.00 50.00 13,345 10,953 (158) (18) 6,593 5,467 (70) (9) Savona Empreendimento Imob Spe Ltda 50.00 50.00 50.00 7,292 6,404 (210) (20) 3,541 3,192 (95) (10) Scp Isla 25.00 25.00 - 23,658 - 6,730 - 7,597 - 352 - Slk Empreendimento Imob Spe Ltda 30.00 29.99 29.99 7,312 7,312 4,900 2,178 3,664 2,847 817 653 Spe Brasil Incorporacao 7 Ltda 50.00 50.00 - 1,236 - - - 618 - - - Spe Brasil Incorporacao 11 Ltda 50.00 50.00 - 3,313 - - - 1,656 - - - Tibirica Empreend Imob Ltda 50.00 50.00 50.00 (1,322) (234) (2,640) (1,572) (1,981) (898) (534) (786)

Total Investment 5,102,339 4,806,011 221,614 245,243


June 30, 2010




40

b) The changes in the Company’s investments are set forth as follows:

c) The changes in the investments relating to the Company’s goodwill are as follows:

(i) In the consolidated financial statements the goodwill due to future profitability was reclassified to the “Intangible assets” account (Note 10).

Directly and indirectly Companies evaluated by the cost

controlled method and affiliated and

companies Joint Ventures Other Sub-Total not controlled companies Total

Balance on March 31, 2010 3,913,852 700,141 178,133 4,792,126 13,885 4,806,011

Capital subscription (reduction) 157,653 12,169 10,499 180,321 - 180,321

Dividends (77,070) (24,298) (2,788) (104,156) - (104,156)

Equity accounting 139,239 72,801 9,360 221,400 214 221,614

Other changes (17) - - (17) (1,434) (1,451)

Balance on June 30, 2010 4,133,657 760,813 195,204 5,089,674 12,665 5,102,339

Controlled companies

under common control

Balance on Goodwill / Balance on

March 31, Negative June 30,

2010 Goodwill Amortization 2010

Goodwill in the Company

Calafete Investimentos Imob Ltda 10,746 - (2,431) 8,315 Costa De Guadalupe Empreend Imob S.A. 762 - - 762 Cyrela Commercial Properties S.A. Empreend e Participações 2,493 - - 2,493 Global Park Residencial Empreend Imob Ltda - 2,611 - 2,611 Lc Empreend Imob Spe Ltda 14,733 - (3,784) 10,949 Liveck S/A 340 - - 340 Lombok Incorporadora Ltda 864 - (119) 745 Mac Cyrela Mafra Empreend Imob Ltda 1,134 - (51) 1,083 Mac Holanda Empreend Imobilairios Ltda - (2) 2 - Maiastra 1 Empreendimento Imob Ltda. 2,284 - - 2,284 Maiastra 2 Empreendimento Imob Ltda. 1,197 - - 1,197 Oaxaca Incorporadora Ltda 1,819 - - 1,819 Rouxinol Salvador Alende Empreend Imob Ltda 1,512 - - 1,512 Saracura - Investimentos Imob Ltda 10,600 - (1,377) 9,223 Spe Brasil Incorporacao 7 Ltda - 242 (242) -

Total 48,484 2,851 (8,002) 43,333

Goodwill in Investees

Goldsztein Cyrela Empreend Imob S/A 2,417 2,010 (292) 4,135 Liveck S/A 4,035 175 - 4,210 Living Empreend Imob Ltda 1,945 - - 1,945

Total 8,397 2,185 (292) 10,290

Total Consolidated (i) 56,881 5,036 (8,294) 53,623


June 30, 2010




41

d) The main information on indirect investments of the parent company is summarized as follows:

Net income (loss)

Total interest-% Shareholders' Equity for the year

06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

Controlled companies

Agcc Empreendimentos Imobiliarios Ltda 99.99 99.99 3,154 3,669 1,357 601 Betabens Administracao De Bens Ltda 79.99 79.99 8,215 8,215 1,382 607 Carlos Gomes Square Empreendimento Imobiliario Ltda 66.99 66.99 9,728 9,728 5,356 1,598 Cbr 002 Empreendimentos Imobiliarios Ltda 99.99 99.99 10,328 10,328 914 139 Cbr 007 Empreendimentos Imobiliarios Ltda 99.98 99.98 18 18 - - Cotia Empreendimentos Imobiliarios Ltda 99.99 99.99 3,339 3,169 (82) (36) Cyrela Investimento E Participacoes Ltda 99.97 99.97 26,081 26,599 5,169 246 Cyrela Panama Empreendimentos Imobiliarios Ltda 99.99 99.99 13,603 5,803 (1,196) (235) Cyrela Rjz Gulf Empreendimentos Imobiliarios Ltda 77.88 77.88 72,468 72,468 11,184 13,454 Cyrela Somerset De Investimentos Imobiliarios Ltda 82.79 82.79 89,219 94,453 13,903 12,116 Cyte Magik Empreendimentos Imobiliarios Ltda 80.00 80.00 10,852 12,129 847 (1,004) Dgc Ana Garibaldi Ltda 94.99 94.99 3,330 3,525 2,211 (90) Dgc Campo Comprido Ltda 94.99 94.99 909 909 3,202 3,446 Dgc Ecoville Ltda 99.99 99.99 1,124 1,124 1,445 466 Dgc Niepce Ltda 79.99 79.99 28 17 (22) (13) Dgc Pugsley Ltda 99.99 99.99 (974) 363 4,514 1,906 Dgc Santa Quiteria Ltda 79.99 79.99 1,988 1,988 (118) (124) Dgc Uberaba Ltda 79.99 79.99 1,941 2,007 298 32 Dgc Vivare Ltda 99.99 99.99 2,740 2,740 1,909 2,556 Ephigenio Sales Empreendimentos Imobiliarios Spe Ltda 89.99 62.97 5,353 5,353 - - Farroupilha Empreendimentos Imobiliarios S/A 99.99 99.99 9,226 9,066 (102) (30) Fgc Empreendimentos Imobiliarios Ltda 64.99 64.99 2,151 2,151 1,154 523 Fh 10 Empreendimentos Imobiliarios Ltda 75.00 75.00 4,272 4,272 (61) (40) Garibaldi Empreendimentos Imobiliarios Ltda 99.98 99.98 11 11 (5) (2) Gcw Wangri-La Urbanismo Ltda 59.99 59.99 21,557 21,557 7,596 3,866 Global Park Residencial Empreendimentos Imobiliarios Ltda 94.99 94.99 68,876 68,876 6,968 (959) Goldsztein Cyrela Scp Nh 89.99 89.99 2,363 2,363 274 87 Himalaia Empreendimentos Imobiliarios Ltda 99.98 99.98 17,048 14,378 637 (249) Horizons Empree. Imob. Ltda 89.99 89.99 565 565 656 434 Jardim Acropole Empreendimentos Imobilia 99.89 99.89 2,871 2,372 (20) (334) Jardim Real Empreendimentos Imobiliarios Ltda 99.99 99.99 6,992 6,992 (23) (91) Living Apiai Empreendimentos Imobiliarios Ltda 99.99 99.99 602 - 1 - Living Araxa Empreendimentos Imobiliarios Ltda 99.99 99.99 183 183 (22) - Living Construtora Ltda 99.98 99.98 8,802 3,892 (5,258) (1,957) Living Piracema Empreendimentos Imobiliarios Ltda 99.99 99.99 7,793 2,543 (2) (16) Madison Propriedades Imobiliarias Ltda 99.99 99.99 240 240 (4) (4) Matheo Empreendimentos Imobiliarios Ltda 64.99 64.99 2,087 2,087 1,843 878 Prime Planejamento Imobiliario Ltda 99.99 99.99 11,271 11,271 296 (40) Scp - Balneario Costa Do Sol 99.98 99.98 13,698 11,917 4,843 - Scp - Bento Quadra C 79.99 79.99 184 5 - - Scp - Ibitirama 99.98 99.98 3,490 3,490 - - Selling Consultoria Imobiliaria E Representacoes Ltda 99.98 99.98 1,190 87 (4,558) (1,415) Teresopolis Empreendimentos Imobiliarios Ltda 79.99 79.99 13,185 13,185 2,544 1,624 Torres Vedras Empreendimentos Imobiliarios Ltda 99.99 99.99 22,212 32,036 3,511 2,627 Vinhedo Empreendimentos Imobiliarios Ltda 99.99 99.99 21,456 32,868 836 1,949


June 30, 2010




42

Net income (loss)


06/2010 03/2010 06/2010 03/2010 06/2010 03/2010


Joint venture

Acropole Incorporadora Ltda 40.00 40.00 4,383 6,131 1,618 835 Augusto De Miranda Empreendimentos Imobiliarios Spe Ltda 49.99 49.99 5,188 5,588 2,003 961 Australia Empreeendimentos Imobiliarios Ltda 68.00 68.00 106,991 107,418 14,287 23,913 Autentico Vila Carrao Empreend Imobil Spe Ltda 49.99 49.99 3,454 3,454 438 439 Brigadeiro Galvao Empreendimentos Imobiliarios Spe Ltda 49.99 49.95 9,500 8,967 5,761 3,198 Capri Incorporadora Spe Ltda 49.99 49.99 24,042 23,014 2,611 698 Chiachiaretta Empreendimentos Imobiliarios Ltda 54.40 54.40 6,666 6,826 982 1,047 Cedro Consultoria Imobiliaria Ltda 49.95 49.95 (30) 31 (274) (135) Cubatao Empreendimentos Imobiliarios Ltda 49.99 49.99 (587) 928 1,712 139 Curupaiti Empreendimentos Imobiliarios Spe Ltda 49.99 49.99 10,719 9,987 4,688 (71) Cyrela Andrade Mendonça Jcpm Empreendimentos Imobiliário Spe S.A.68.00 68.00 10,174 10,174 (209) (2,415) Cyrela China Empreendimentos Imobiliarios Ltda 79.99 79.99 5,191 5,191 435 937 Cyrela Mac Everest Empreendimentos Imobiliarios Spe Ltda 54.05 54.02 1,967 2,827 293 239 Europa Brasil Empreendimento Imobiliario Spe Ltda 49.96 49.96 (759) 6,123 9,674 4,395 Fabia Empreendimentos Imobiliarios Spe Ltda 32.50 32.50 8,382 11,382 (490) (974) Girassol - Vila Madalena Empreend Imobil S/A 25.00 25.00 (26) (26) 144 (2) Gran Via Incorporadora Ltda 49.95 49.95 40 30 (31) (30) Horto Do Sol Incorporadora Ltda 49.95 49.95 268 - (91) - Jardim Sul Incorporadora Ltda 9.99 9.99 3,435 3,335 (132) (17) Lorena Empreendimentos Imobiliarios Spe Ltda 49.99 49.99 14,438 16,838 1,345 1,747 Mac Brasil Empreendimentos Imobiliarios Ltda 49.99 49.95 402 1 - - Mac Canada Empreendimentos Imobiliarios Ltda 99.99 69.97 5,446 5,043 (12) (11) Mac Cyrela Spot Empreendimentos Imobiliarios Ltda 68.59 68.57 4,848 4,816 (36) (33) Mac Cyrela Manay Empreendimentos Imobiliarios Ltda 68.59 68.57 15,783 15,068 (2,299) (2,077) Mac Incorporadora Ltda 24.99 24.97 6 6 - - Mac Investimentos E Participações Ltda 49.99 49.95 1,316 1,316 (1,316) (1,074) Mac Irlanda Empreendimentos Imobiliarios Ltda 49.99 49.95 7,946 7,946 3,503 3,369 Mac Suiça Empreendimentos Imobiliarios Ltda 49.99 49.95 233 49 (174) (62) Mac Monaco Empreendimentos Imobiliarios Ltda 49.99 49.95 1,715 - (3) - Mac Venezuela Empreendimentos Imobiliarios Ltda 49.99 49.95 70 - (1) - Madagascar Incorporadora Ltda 49.95 49.95 4,404 1,813 2,384 (30) Merito Empreendimentos Imobiliarios Spe Ltda 49.99 49.99 16,394 19,024 2,489 994 Mesopotamia Empreendimento Imobiliario Spe S.A. 68.00 68.00 20,418 13,668 6,893 2,457 Miralta Empreendimento Imobiliario Spe Ltda 54.58 51.35 6,715 5,822 (835) (401) Monterey Incorporadora Ltda 49.95 49.95 294 294 - - Nova Delhi Incorporadora Spe Ltda 49.99 49.99 30,188 30,065 10,784 5,329 Paraba Investimentos E Participações Ltda 21.42 21.41 10 3,650 84 (41) Plano Araucaria Empreendimentos Imobiliarios Ltda 78.98 78.97 31,726 31,106 2,591 1,877 Plano Aroeira Empreendimentos Imobiliarios Ltda 78.98 78.98 9,557 9,797 1,771 590 Plano Cambara Empreendimentos Imobiliarios Ltda 78.98 78.97 10 10 2 3 Plano Cedro Empreendimentos Imobiliarios Ltda 78.98 78.98 14,840 11,620 1,021 904 Plano Cerejeiras Empreendimentos Imobiliarios Ltda 78.98 78.97 3,222 3,222 817 (374) Plano Figueira Empreendimentos Imobiliarios Ltda 78.98 78.98 43,715 40,920 3,572 2,359 Plano Flambouyant Empreendimentos Imobiliarios Ltda 78.98 78.98 4,023 3,978 340 (65) Plano Guapira Empreendimentos Imobiliarios Ltda 78.98 78.98 6,589 6,589 54 (332) Plano Ipe Empreendimentos Imobiliarios Ltda 78.98 78.98 21,129 13,174 5,251 1,614 Plano Jacaranda Empreendimentos Imobiliarios Ltda 78.98 78.98 2,977 2,977 953 606 Plano Jatoba Empreendimentos Imobiliarios Ltda 78.98 78.98 23,903 24,048 2,621 1,253 Plano Macieira Empreendimentos Imobiliarios Ltda 78.98 78.98 11 11 (9) (2) Plano Manaca Empreendimentos Imobiliarios Ltda 78.98 78.97 10 10 (5) (2) Plano Mangueira Empreendimentos Imobiliarios Ltda 78.98 78.98 586 586 (8) (3) Plano Mogno Empreendimentos Imobiliarios Ltda 78.98 78.98 5,406 4,966 (501) (270) Plano Paineira Empreendimentos Imobiliarios Ltda 78.98 78.98 25 10 (1) (1) Plano Palmeiras Empreendimentos Imobiliarios Ltda 78.98 78.97 10,622 14,407 716 499


June 30, 2010




43

Net income (loss)


06/2010 03/2010 06/2010 03/2010 06/2010 03/2010


Joint venture

Plano Pitangueiras Empreend Imobiliarios Ltda 78.98 78.98 10,455 9,865 681 353 Plano Seringueira Empreendimentos Imobiliarios Ltda 78.98 78.98 11,878 19,658 6,167 2,386 Plaza Del Arte Incorporadora Ltda 49.95 49.95 66 66 - - Porto Esperanca Incorporadora Ltda 49.95 49.95 1,277 852 795 100 Prata Brasil Empreendimentos Imobiliarios Ltda 49.92 49.92 680 680 2,572 1,215 Provincia Incorporadora Ltda 49.95 49.95 924 2,368 2,262 718 Rail Incorporadora Ltda. 19.99 19.98 840 840 111 40 Salto Empreendimentos Imobiliarios Spe Ltda 49.99 49.99 7,477 7,407 265 1,059 Scp - Baturite 49.04 49.01 17,731 18,266 10,798 4,589 Scp - Jardim Celeste 0.01 71.08 47 140 60 (4) Scp - Jeronimo Veiga (Mac Investimentos E Participações Ltda)12.50 12.48 265 265 82 41 Scp - Provence Horto 0.01 72.00 926 926 (321) (518) Sk Desenvolvimento Imobiliario V Ltda 49.99 49.99 6,771 5,730 (227) (41) Ssb Empreendimento Imobiliario Spe S.A. 53.59 53.59 6,432 6,432 714 2,476 Stuhlberger Vila Mariana Spe S/A 16.66 16.65 513 513 (263) (295) Topazio Brasil Empreendimento Imobiliario Spe Ltda 49.96 49.96 2,496 11,345 13,347 7,621 Urimonduba Empreendimentos Imobiliarios Spe Ltda 49.99 49.99 9,701 18,766 1,293 (402) Vero Campo Belo Empreend. Imobil. Spe Ltda 78.98 78.98 (266) 936 571 (189) Vero Sta Isabel Empreend. Imobil. Spe Ltda 78.98 78.98 12,223 12,223 (779) (32) Viena Incorporadora Spe Ltda 49.99 49.99 711 711 779 380 Vista Al Muelle S.A. 45.00 45.00 2,863 2,081 (198) (71) Vivere Franca Empreendimentos Imobiliarios Ltda 40.00 39.96 2,762 2,762 517 198 Vivere Japao Empreendimentos Imobiliarios Ltda 40.00 39.96 14,406 12,896 1,567 1,046 Vmss Empreendimento Imobiliario Spe S.A. 53.59 53.59 (3,909) (3,909) 2,998 3,144 Zetol S.A. 45.00 45.00 5,086 4,180 (183) (29)

Net income (loss)


06/2010 03/2010 06/2010 03/2010 06/2010 03/2010


Alexandria Empreendimentos Imobiliarios Ltda 49.99 49.99 14,268 14,268 (671) (1,391) Caiobas Empreendimentos Imobiliarios Spe Ltda 49.99 49.99 4,253 3,743 339 175 Chl Xxxv Incorporações S.A. 39.66 39.66 839 839 304 149 Cyrela Milao Empreendimentos Imobiliarios S.A. 48.67 48.67 43,246 43,246 4,233 701 Cyrela Tennessee Empreendimentos Imobiliarios S.A 48.67 48.67 36,914 37,771 1,922 (103) Dalia Empreendimentos Imobiliarios Ltda 48.61 48.61 9,309 9,309 410 (72) Estela Borges Empreendimentos Imobiliarios S.A. 49.99 49.99 15,759 14,696 2,933 2,038 Galeria Boulevard Desenvolvimento Imobiliario S/A 48.61 48.61 3,073 3,073 74 133 Galeria Boulevard Negocios Imobiliarios S/A 48.61 48.61 22,565 22,565 (4,639) (3,781) Gcm Empreendimentos Imobiliarios Ltda 49.99 49.99 6,147 6,147 (1,063) 227 Klabin Segall Cyrela Rjz Empreendimento Imobiliario Spe Ltda48.67 48.67 6,202 6,202 (48) (3) Mestre Alvaro Empreendimentos Imobiliarios Ltda 49.99 49.99 31,385 32,835 (2,932) (1,301) Np Empreendimentos Imobiliarios Ltda 34.95 34.95 (2,410) (2,415) (11) (95) Padre Adelino Empreendimentos Imobiliarios S.A. 49.99 49.99 16,136 22,736 4,003 (88) Petronio Portela Empreend Imobiliarios S.A. 49.99 49.99 2,448 2,676 70 (4) Residencial Sao Conrado Empreendimentos Imobiliarios Ltda 48.67 48.67 17,432 19,932 650 199 Saira-Sapucaia Empreendimentos Imobiliarios Ltda 49.99 49.99 11,504 10,954 (1,401) (1,982) Salmiana Empreendimentos S/A 49.99 49.99 20,988 20,988 58 (243) Santo Eliseu Empreendimentos Imobiliário 49.99 49.99 6,760 6,760 - - Scp - Classic/Galli 47.81 47.81 518 518 (37) (2) Vila Maria Empreendimentos Imobiliarios Spe S.A. 49.99 49.99 10,554 9,741 1,647 670


June 30, 2010




44

e) The total balances of the balance sheet accounts and income statement accounts of the subsidiaries under common control, both directly and indirectly, considered in the consolidated financial statements as of June 30, 2010, March 31, 2010 and for the income statement accounts as of June 30, 2009 proportionately to the interest held, may be summarized as follows:

June 30, 2010 Assets

Interest Non

- % Current Current Permanent Total

Agra Cyrela Spe Ltda 46.44 859 372 - 1,231

Alexandria Empreend Imob Ltda 49.99 12,830 460 - 13,290

Alpen Haus Desenvolvimento Imob S/A 24.00 2,481 - - 2,481

Alpen Haus Negocios Imob S/A 23.99 3,811 36 - 3,847

Arizona Investimentos Imob Ltda 50.00 23,337 (1,014) - 22,323

C.E.A. Empreend Imob Spe Ltda 50.00 19,198 1,619 - 20,817

Caiobas Empreend Imob Spe Ltda 49.99 4,875 567 - 5,442

Camargo Correa - Cyrela Empreend Imobil Spe Ltda 50.00 7,052 (45) 143 7,150

Cbr 005 Empreend Imob Ltda 50.00 (238) 27,747 - 27,509

Cbr 011 Empreend Imob Ltda 32.50 17,789 - 78 17,867

Chl Xxxv Incorporacoes S.A. 39.66 3,434 - - 3,434

Cipasa Votorantim Empreend Imob S/A 50.00 4,868 - - 4,868

City Parque Morumbi Spe S.A. 50.00 25,139 - 1,148 26,287

Costa De Guadalupe Empreend Imob S.A. 45.00 455 12,723 34 13,212

Costa Maggiore Empreend Imob Ltda 50.00 13,667 302 - 13,969

Cyrela Gafisa Spe Ltda 46.49 1,951 - - 1,951

Cyrela Magik Tecnisa Empreend Imob Spe Ltda 36.67 3,616 4,574 - 8,190

Cyrela Milao Empreend Imob S.A. 48.67 11,352 19,697 - 31,049

Cyrela Minas Empreend Imob Spe Ltda 50.00 6,324 6,312 - 12,636

Cyrela Rjz Jcgontijo Empreend Imob Ltda 43.00 343 76,777 585 77,705

Cyrela Tecnisa De Invest Imob Ltda 50.00 11,412 6,905 - 18,317

Cyrela Tecnisa Klabin Segall Empreend. Imob Spe Ltda 32.41 1,068 2,156 - 3,224

Cyrela Tennessee Empreend Imob S.A 48.67 6,685 14,202 - 20,887

Dalia Empreend Imob Ltda 48.61 2,038 2,757 19 4,814

Estela Borges Empreend Imob S.A. 49.99 19,725 886 - 20,611

Forest Hill De Investimentos Imob Ltda 49.44 51 5,969 - 6,020

Galeria Boulevard Desenvolvimento Imob S/A 48.61 15,241 - - 15,241

Galeria Boulevard Negocios Imob S/A 48.61 36,770 208 - 36,978

Gcm Empreend Imob Ltda 49.99 6,875 7,690 - 14,565

Jaguariuna Empreend Imob Ltda 50.00 11,751 71 81 11,903

Klabin Segall Cyrela Rjz Empreendimento Imob Spe Ltda 48.67 3,270 - - 3,270

Klabin Segallcyrela Spe Ltda 37.93 615 1,453 - 2,068

Klabin Segall Vergueiro Emp. Imobil Spe Ltda 38.59 1,402 92 - 1,494

Magnum Investimentos Imob Ltda 30.00 18,526 2,062 - 20,588

Marquise Empreend Imob Spe Ltda 50.00 30 1,348 382 1,760

Mestre Alvaro Empreend Imob Ltda 49.99 24,592 1,647 - 26,239

Moinho Velho Empreend Imob Spe Ltda 50.00 18,193 (2,407) - 15,786

Nova Vila Guilherme Empreend Imob Spe Ltda 50.00 1 83,531 68 83,600


June 30, 2010




45


Interest Non


Np Empreend Imob Ltda 34.95 (3,945) 3,328 - (617)

Office Shopping 2 Empreend Ltda 50.00 598 - 769 1,367

Padre Adelino Empreend Imob S.A. 49.99 14,440 925 - 15,365

Parque Turiassu Empreend Imob Spe Ltda 39.99 4,788 3,434 - 8,222

Petronio Portela Empreend Imob S.A. 49.99 1,716 377 - 2,093

Plarcon Cyrela Empreend Imob Spe Ltda 50.00 58,831 24,849 - 83,680

Queiroz Galvao Cyrela Empreendimento Imob S.A. 38.62 664 1,891 - 2,555

Queiroz Galvao Cyrela Oklahoma Empreend Imobil Spe Ltda 48.90 10,506 3,454 - 13,960

Residencial Sao Conrado Empreend Imob Ltda 48.67 6,875 5,956 - 12,831

Rouxinol Salvador Alende Empreend Imob Ltda 50.00 6,767 234 1,821 8,822

Saira-Sapucaia Empreend Imob Ltda 49.99 6,214 - 183 6,397

Salmiana Empreend S/A 49.99 30,141 - - 30,141

Santo Eliseu Empreend Imob Ltda 49.99 4,890 - 11 4,901

Savona Empreendimento Imob Spe Ltda 50.00 3,990 (28) 831 4,793

Scp - Classic/Galli 47.81 1,038 208 - 1,246

Scp Isla 25.00 5,242 4,433 - 9,675

Slk Empreendimento Imob Spe Ltda 29.99 8,827 629 - 9,456

Spe Brasil Incorporacao 11 Ltda 50.00 4,378 (27) - 4,351

Spe Brasil Incorporacao 7 Ltda 50.00 2,854 (16) - 2,838

Tibirica Empreend Imob Ltda 50.00 10,963 1,911 281 13,155

Vila Maria Empreend Imob Spe S.A. 49.99 13,121 - - 13,121


Joint Ventures and its investees Interest Non


Acropole Incorporadora Ltda 40.00 7,397 - - 7,397

Atlantida Empreend Imob Spe Ltda 79.99 41,408 2,011 726 44,145

Augusto De Miranda Empreend Imob Spe Ltda 49.99 3,517 2,955 - 6,472

Australia Empreeendimentos Imob Ltda 68.00 249,089 90,145 7,250 346,484

Autentico Vila Carrao Empreend Imobil Spe Ltda 49.99 4,313 - - 4,313

Brigadeiro Galvao Empreend Imob Spe Ltda 49.99 8,899 - - 8,899

Capri Incorporadora Spe Ltda 49.99 20,728 403 356 21,487

Cbr 012 Empreend Imob Ltda 80.00 23,846 - - 23,846

Cedro Consultoria Imobiliaria Ltda 49.95 3 - 68 71

Chiachiaretta Empreend Imob Ltda 54.40 9,651 - 1,452 11,103

Cubatao Empreend Imob Ltda 49.99 1,287 4,197 - 5,484

Curupaiti Empreend Imob Spe Ltda 49.99 9,001 - - 9,001

Cury Construtora E Incorporadora S/A 50.00 17,721 17 55,525 73,263

Cyrela Andrade Mendonca Empreend Imob Ltda 80.00 59,766 40,912 116,360 217,038

Cyrela Andrade Mendonça Jcpm Empreend Imob Spe S.A. 68.00 17,691 1,176 6,432 25,299

Cyrela China Empreend Imob Ltda 79.99 60,744 3,726 1,973 66,443

Cyrela Mac Amazonas Empreend Imob Spe Ltda 80.00 42,979 41,576 - 84,555

Cyrela Mac Everest Empreend Imob Spe Ltda 54.05 1,167 299 - 1,466

Cyrela Mac Monterey Empreend Imob Spe Ltda 63.00 18,453 2,698 - 21,151

Cyrela Suecia Empreend Imob Ltda 89.50 213,792 60 3,601 217,453

Cyrsa S/A 50.00 94,902 12,559 637 108,098

- -


June 30, 2010




46


Interest Non


Europa Brasil Empreendimento Imob Spe Ltda 49.96 22,005 - - 22,005

Fabia Empreend Imob Spe Ltda 32.50 3,053 1,757 - 4,810

Fernao Dias Empreend Imob Spe Ltda 79.99 40,185 1,233 214 41,632

Gabriele Empreend Imobil Spe Ltda 65.00 8,022 - - 8,022

Girassol - Vila Madalena Empreend Imobil S/A 25.00 245 - - 245

Gran Via Incorporadora Ltda 49.95 5 - - 5

Horto Do Sol Incorporadora Ltda 49.95 840 - 12 852

Jardim Sul Incorporadora Ltda 9.99 225 175 - 400

Lao Empreend Imob Ltda 40.00 1,241 476 - 1,717

Licy Empreend Imob S/A 50.00 129 33 4,110 4,272

Liveck S/A 50.00 638 - 7,616 8,254

Lorena Empreend Imob Spe Ltda 49.99 9,496 2,362 - 11,858

Lucio Brazil Real Estate S.A. 49.97 691 1,214 13,995 15,900

Mac Brasil Empreend Imob Ltda 49.99 202 - - 202

Mac Canada Empreend Imob Ltda 99.99 11,287 - 377 11,664

Mac Construtora Ltda 50.00 43,858 - 13,608 57,466

Mac Cyrela Equador Empreend Imob Ltda 68.00 27,645 1,455 19 29,119

Mac Cyrela Italia Empreend Imob Ltda 50.00 21,215 16,920 - 38,135

Mac Cyrela Mafra Empreend Imob Ltda 79.99 86,587 9,097 7,798 103,482

Mac Cyrela Manay Empreend Imob Ltda 68.59 10,976 - - 10,976

Mac Cyrela Spot Empreend Imob Ltda 68.59 2,445 - 1,065 3,510

Mac Dinamarca Empreend Imobil Ltda 70.00 10,686 - - 10,686

Mac Empreend Imob Ltda 50.00 32,115 24,402 144,808 201,325

Mac Espanha Empreend Imob Ltda 50.00 11,754 - - 11,754

Mac Spot Manay Empreend Imob Ltda 69.99 1 - 12,574 12,575

Mac Holanda Empreend Imobilairios Ltda 70.00 239 - 330 569

Mac Incorporadora Ltda 24.99 4 - - 4

Mac Investimentos E Participacoes Ltda 49.99 3,548 979 1,571 6,098

Mac Irlanda Empreend Imob Ltda 49.99 11,407 238 649 12,294

Mac Italia Empreend Imob Ltda 50.00 5 - - 5

Mac Mexico Empreend Imob Ltda 70.00 31,194 - 1,020 32,214

Mac Monaco Empreend Imob Ltda 49.99 4,025 - - 4,025

Mac Portugal Empreend Imob Ltda 50.00 24,627 - 60 24,687

Mac Suiça Empreend Imob Ltda 49.99 22 - 52 74

Mac Venezuela Empreend Imob Ltda 49.99 34 - - 34

Madagascar Incorporadora Ltda 49.95 3,331 3,624 2 6,957

Merito Empreend Imob Spe Ltda 49.99 9,318 1,117 - 10,435

Mesopotamia Empreendimento Imob Spe S.A. 68.00 13,757 9,835 481 24,073

Miralta Empreendimento Imob Spe Ltda 54.58 5,213 202 - 5,415

Monterey Incorporadora Ltda 49.95 147 - - 147

Nova Delhi Incorporadora Spe Ltda 49.99 37,664 - 31 37,695

Paraba Investimentos E Participacoes Ltda 21.42 604 386 - 990

Plano & Plano Construcoes E Participacoes Ltda 79.00 3,602 671 214,727 219,000


June 30, 2010




47


Interest Non


Plano Amoreira Empreend Imob Spe Ltda 91.60 48,372 2,142 - 50,514

Plano Araucaria Empreend Imob Ltda 78.98 31,461 - - 31,461

Plano Aroeira Empreend Imob Ltda 78.98 25,035 - - 25,035

Plano Cambara Empreend Imob Ltda 78.98 18,648 - - 18,648

Plano Castanheira Empreend Imob Spe Ltda 91.60 277 - - 277

Plano Cedro Empreend Imob Ltda 78.98 14,169 - - 14,169

Plano Cerejeiras Empreend Imob Ltda 78.98 4,609 - 189 4,798

Plano Figueira Empreend Imob Ltda 78.98 43,691 - - 43,691

Plano Flambouyant Empreend Imob Ltda 78.98 7,710 (16) 40 7,734

Plano Guapira Empreend Imob Ltda 78.98 7,850 - 21 7,871

Plano Ipe Empreend Imob Ltda 78.98 29,316 - - 29,316

Plano Jacaranda Empreend Imob Ltda 78.98 3,629 - - 3,629

Plano Jatoba Empreend Imob Ltda 78.98 24,977 5 - 24,982

Plano Manaca Empreend Imob Ltda 78.98 7 (3) - 4

Plano Mangueira Empreend Imob Ltda 78.98 467 - - 467

Plano Mogno Empreend Imob Ltda 78.98 4,850 - 466 5,316

Plano Paineira Empreend Imob Ltda 78.98 19 - - 19

Plano Palmeiras Empreend Imob Ltda 78.98 17,311 - - 17,311

Plano Pitangueiras Empreend Imob Ltda 78.98 12,216 - - 12,216

Plano Seringueira Empreend Imob Ltda 78.98 47,343 - - 47,343

Platina Brasil Empreendimento Imob Spe Ltda 49.92 4,139 - - 4,139

Plaza Del Arte Incorporadora Ltda 49.95 1,189 - - 1,189

Porto Esperanca Incorporadora Ltda 49.95 3,624 - 185 3,809

Prata Brasil Empreend Imob Ltda 49.92 8,078 - - 8,078

Provincia Incorporadora Ltda 49.95 6,868 593 4 7,465

Queiroz Galvao Mac Cyrela Veneza Empreend. Imobil. S.A. 30.00 17,751 12,729 - 30,480

Rail Incorporadora Ltda. 19.99 261 194 - 455

Salto Empreend Imob Spe Ltda 49.99 2,377 3,506 2 5,885

Scp - Baturite 49.04 12,036 7,239 - 19,275

Scp - Jeronimo Veiga (Mac Investimentos E Participacoes Ltda)12.49 81 - - 81

Sk Desenvolvimento Imob V Ltda 49.99 3,275 - - 3,275

Sk Realty Empreend Imob S/A 50.00 143 2,996 38,990 42,129

Ssb Empreendimento Imob Spe S.A. 53.59 6,574 12,967 1,248 20,789

Stuhlberger Vila Mariana Spe S/A 16.66 132 - - 132

Topazio Brasil Empreendimento Imob Spe Ltda 49.96 49,332 151 - 49,483

Urimonduba Empreend Imob Spe Ltda 49.99 2,715 3,599 - 6,314

Vereda Paraiso Empreend Imob Ltda 57.38 (34,870) 14,958 - (19,912)

Vero Campo Belo Empreend. Imobil. Spe Ltda 78.98 747 - - 747

Vero Sta Isabel Empreend. Imobil. Spe Ltda 78.98 24,280 - 1 24,281

Viena Incorporadora Spe Ltda 49.99 2,502 1,494 4 4,000

Vista Al Muelle S.A. 45.00 3,615 - - 3,615

Vivere Franca Empreend Imob Ltda 40.00 2,175 - - 2,175

Vivere Japao Empreend Imob Ltda 40.00 7,118 - - 7,118

Vmss Empreendimento Imob Spe S.A. 53.59 6,910 4,284 1,067 12,261

Zetol S.A. 45.00 2,231 - - 2,231


June 30, 2010




48

June 30, 2010 Liabilities

Interest Non


Agra Cyrela Spe Ltda 46.44 237 12 982 1,231

Alexandria Empreend Imob Ltda 49.99 1,895 4,598 6,797 13,290

Alpen Haus Desenvolvimento Imob S/A 24.00 187 69 2,225 2,481

Alpen Haus Negocios Imob S/A 23.99 3,007 61 779 3,847

Arizona Investimentos Imob Ltda 50.00 4,831 7,815 9,677 22,323

C.E.A. Empreend Imob Spe Ltda 50.00 4,982 6,369 9,466 20,817

Caiobas Empreend Imob Spe Ltda 49.99 2,665 481 2,296 5,442

Camargo Correa - Cyrela Empreend Imobil Spe Ltda 50.00 65 4,131 2,954 7,150

Cbr 005 Empreend Imob Ltda 50.00 14,428 13,020 61 27,509

Cbr 011 Empreend Imob Ltda 32.50 20 - 17,847 17,867

Chl Xxxv Incorporacoes S.A. 39.66 9 2,971 454 3,434

Cipasa Votorantim Empreend Imob S/A 50.00 2,300 (103) 2,671 4,868

City Parque Morumbi Spe S.A. 50.00 24,035 2,602 (350) 26,287

Costa De Guadalupe Empreend Imob S.A. 45.00 123 250 12,839 13,212

Costa Maggiore Empreend Imob Ltda 50.00 1,412 2,523 10,034 13,969

Cyrela Gafisa Spe Ltda 46.49 205 - 1,746 1,951

Cyrela Magik Tecnisa Empreend Imob Spe Ltda 36.67 1,290 293 6,607 8,190

Cyrela Milao Empreend Imob S.A. 48.67 4,658 3,279 23,112 31,049

Cyrela Minas Empreend Imob Spe Ltda 50.00 6,033 3,438 3,165 12,636

Cyrela Rjz Jcgontijo Empreend Imob Ltda 43.00 53,064 1,425 23,216 77,705

Cyrela Tecnisa De Invest Imob Ltda 50.00 2,629 36 15,652 18,317

Cyrela Tecnisa Klabin Segall Empreend. Imob Spe Ltda 32.41 (1,010) 153 4,081 3,224

Cyrela Tennessee Empreend Imob S.A 48.67 1,353 629 18,905 20,887

Dalia Empreend Imob Ltda 48.61 91 - 4,723 4,814

Estela Borges Empreend Imob S.A. 49.99 7,504 3,763 9,344 20,611

Forest Hill De Investimentos Imob Ltda 49.44 30 4,799 1,191 6,020

Galeria Boulevard Desenvolvimento Imob S/A 48.61 13,389 322 1,530 15,241

Galeria Boulevard Negocios Imob S/A 48.61 26,852 1,411 8,715 36,978

Gcm Empreend Imob Ltda 49.99 2,869 9,155 2,541 14,565

Jaguariuna Empreend Imob Ltda 50.00 6,277 2,102 3,524 11,903

Klabin Segall Cyrela Rjz Empreendimento Imob Spe Ltda 48.67 182 92 2,996 3,270

Klabin Segallcyrela Spe Ltda 37.93 86 226 1,756 2,068

Klabin Segall Vergueiro Emp. Imobil Spe Ltda 38.59 236 1,894 (636) 1,494

Magnum Investimentos Imob Ltda 30.00 20,158 192 238 20,588

Marquise Empreend Imob Spe Ltda 50.00 (56) 27 1,789 1,760

Mestre Alvaro Empreend Imob Ltda 49.99 11,489 524 14,226 26,239

Moinho Velho Empreend Imob Spe Ltda 50.00 1 13,289 2,496 15,786

Nova Vila Guilherme Empreend Imob Spe Ltda 50.00 81,899 - 1,701 83,600


June 30, 2010




49


Interest Non


Np Empreend Imob Ltda 34.95 205 25 (847) (617)

Office Shopping 2 Empreend Ltda 50.00 11 - 1,356 1,367

Padre Adelino Empreend Imob S.A. 49.99 4,888 409 10,068 15,365

Parque Turiassu Empreend Imob Spe Ltda 39.99 525 4,114 3,583 8,222

Petronio Portela Empreend Imob S.A. 49.99 633 202 1,258 2,093

Plarcon Cyrela Empreend Imob Spe Ltda 50.00 24,015 24,061 35,604 83,680

Queiroz Galvao Cyrela Empreendimento Imob S.A. 38.62 135 34 2,386 2,555

Queiroz Galvao Cyrela Oklahoma Empreend Imobil Spe Ltda 48.90 1,027 207 12,726 13,960

Residencial Sao Conrado Empreend Imob Ltda 48.67 3,396 633 8,802 12,831

Rouxinol Salvador Alende Empreend Imob Ltda 50.00 1,588 641 6,593 8,822

Saira-Sapucaia Empreend Imob Ltda 49.99 963 384 5,050 6,397

Salmiana Empreend S/A 49.99 19,167 451 10,523 30,141

Santo Eliseu Empreend Imob Ltda 49.99 1,521 - 3,380 4,901

Savona Empreendimento Imob Spe Ltda 50.00 945 307 3,541 4,793

Scp - Classic/Galli 47.81 1,014 2 230 1,246

Scp Isla 25.00 1,818 261 7,596 9,675

Slk Empreendimento Imob Spe Ltda 29.99 1,210 4,582 3,664 9,456

Spe Brasil Incorporacao 11 Ltda 50.00 2,682 13 1,656 4,351

Spe Brasil Incorporacao 7 Ltda 50.00 2,213 7 618 2,838

Tibirica Empreend Imob Ltda 50.00 5,345 9,790 (1,980) 13,155

Vila Maria Empreend Imob Spe S.A. 49.99 6,626 394 6,101 13,121




Acropole Incorporadora Ltda 40.00 4,997 - 2,400 7,397

Atlantida Empreend Imob Spe Ltda 79.99 32,137 12,986 (978) 44,145

Augusto De Miranda Empreend Imob Spe Ltda 49.99 507 2,368 3,597 6,472

Australia Empreeendimentos Imob Ltda 68.00 138,681 125,333 82,470 346,484

Autentico Vila Carrao Empreend Imobil Spe Ltda 49.99 2,326 41 1,946 4,313

Brigadeiro Galvao Empreend Imob Spe Ltda 49.99 897 372 7,630 8,899

Capri Incorporadora Spe Ltda 49.99 8,137 23 13,327 21,487

Cbr 012 Empreend Imob Ltda 80.00 23,839 439 (432) 23,846

Cedro Consultoria Imobiliaria Ltda 49.95 222 - (151) 71

Chiachiaretta Empreend Imob Ltda 54.40 5,944 998 4,161 11,103

Cubatao Empreend Imob Ltda 49.99 4,803 118 563 5,484

Curupaiti Empreend Imob Spe Ltda 49.99 929 369 7,703 9,001

Cury Construtora E Incorporadora S/A 50.00 14,796 5,674 52,793 73,263

Cyrela Andrade Mendonca Empreend Imob Ltda 80.00 41,829 41,890 133,319 217,038

Cyrela Andrade Mendonça Jcpm Empreend Imob Spe S.A. 68.00 12,832 5,691 6,776 25,299

Cyrela China Empreend Imob Ltda 79.99 57,067 4,876 4,500 66,443

Cyrela Mac Amazonas Empreend Imob Spe Ltda 80.00 19,394 51,281 13,880 84,555

Cyrela Mac Everest Empreend Imob Spe Ltda 54.05 75 169 1,222 1,466

Cyrela Mac Monterey Empreend Imob Spe Ltda 63.00 13,559 1,066 6,526 21,151

Cyrela Suecia Empreend Imob Ltda 89.50 177,410 3,084 36,959 217,453

Cyrsa S/A 50.00 28,772 6,214 73,112 108,098


June 30, 2010




50


Interest Non


Europa Brasil Empreendimento Imob Spe Ltda 49.96 3,214 14,337 4,454 22,005

Fabia Empreend Imob Spe Ltda 32.50 2,003 245 2,562 4,810

Fernao Dias Empreend Imob Spe Ltda 79.99 22,580 2,015 17,037 41,632

Gabriele Empreend Imobil Spe Ltda 65.00 1,030 1 6,991 8,022

Girassol - Vila Madalena Empreend Imobil S/A 25.00 40 174 31 245

Gran Via Incorporadora Ltda 49.95 - - 5 5

Horto Do Sol Incorporadora Ltda 49.95 397 367 88 852

Jardim Sul Incorporadora Ltda 9.99 15 56 329 400

Lao Empreend Imob Ltda 40.00 75 704 938 1,717

Licy Empreend Imob S/A 50.00 3,316 30 926 4,272

Liveck S/A 50.00 19 4,728 3,507 8,254

Lorena Empreend Imob Spe Ltda 49.99 3,642 326 7,890 11,858

Lucio Brazil Real Estate S.A. 49.97 742 - 15,158 15,900

Mac Brasil Empreend Imob Ltda 49.99 1 - 201 202

Mac Canada Empreend Imob Ltda 99.99 6,230 - 5,434 11,664

Mac Construtora Ltda 50.00 23,831 1,467 32,168 57,466

Mac Cyrela Equador Empreend Imob Ltda 68.00 12,620 1,254 15,245 29,119

Mac Cyrela Italia Empreend Imob Ltda 50.00 11,699 603 25,833 38,135

Mac Cyrela Mafra Empreend Imob Ltda 79.99 23,910 3,007 76,565 103,482

Mac Cyrela Manay Empreend Imob Ltda 68.59 1,727 - 9,249 10,976

Mac Cyrela Spot Empreend Imob Ltda 68.59 208 - 3,302 3,510

Mac Dinamarca Empreend Imobil Ltda 70.00 707 8,296 1,683 10,686

Mac Empreend Imob Ltda 50.00 9,906 65,954 125,465 201,325

Mac Espanha Empreend Imob Ltda 50.00 3,607 473 7,674 11,754

Mac Spot Manay Empreend Imob Ltda 69.99 - - 12,575 12,575

Mac Holanda Empreend Imobilairios Ltda 70.00 234 - 335 569

Mac Incorporadora Ltda 24.99 3 - 1 4

Mac Investimentos E Participacoes Ltda 49.99 6,010 88 - 6,098

Mac Irlanda Empreend Imob Ltda 49.99 6,412 159 5,723 12,294

Mac Italia Empreend Imob Ltda 50.00 - - 5 5

Mac Mexico Empreend Imob Ltda 70.00 3,165 19,749 9,300 32,214

Mac Monaco Empreend Imob Ltda 49.99 3,168 - 857 4,025

Mac Portugal Empreend Imob Ltda 50.00 3,771 943 19,973 24,687

Mac Suiça Empreend Imob Ltda 49.99 44 - 30 74

Mac Venezuela Empreend Imob Ltda 49.99 - - 34 34

Madagascar Incorporadora Ltda 49.95 3,387 178 3,392 6,957

Merito Empreend Imob Spe Ltda 49.99 918 75 9,442 10,435

Mesopotamia Empreendimento Imob Spe S.A. 68.00 4,481 1,020 18,572 24,073

Miralta Empreendimento Imob Spe Ltda 54.58 880 1,326 3,209 5,415

Monterey Incorporadora Ltda 49.95 - - 147 147

Nova Delhi Incorporadora Spe Ltda 49.99 11,009 6,201 20,485 37,695

Paraba Investimentos E Participacoes Ltda 21.42 16 954 20 990

Plano & Plano Construcoes E Participacoes Ltda 79.00 34,060 28,641 156,299 219,000


June 30, 2010




51


Interest Non


Plano Amoreira Empreend Imob Spe Ltda 91.60 31,564 407 18,543 50,514

Plano Araucaria Empreend Imob Ltda 78.98 4,187 168 27,106 31,461

Plano Aroeira Empreend Imob Ltda 78.98 16,049 38 8,948 25,035

Plano Cambara Empreend Imob Ltda 78.98 18,638 - 10 18,648

Plano Castanheira Empreend Imob Spe Ltda 91.60 8 - 269 277

Plano Cedro Empreend Imob Ltda 78.98 1,582 59 12,528 14,169

Plano Cerejeiras Empreend Imob Ltda 78.98 1,505 104 3,189 4,798

Plano Figueira Empreend Imob Ltda 78.98 6,167 175 37,349 43,691

Plano Flambouyant Empreend Imob Ltda 78.98 4,288 - 3,446 7,734

Plano Guapira Empreend Imob Ltda 78.98 2,465 159 5,247 7,871

Plano Ipe Empreend Imob Ltda 78.98 8,250 231 20,835 29,316

Plano Jacaranda Empreend Imob Ltda 78.98 414 111 3,104 3,629

Plano Jatoba Empreend Imob Ltda 78.98 3,874 159 20,949 24,982

Plano Manaca Empreend Imob Ltda 78.98 - - 4 4

Plano Mangueira Empreend Imob Ltda 78.98 10 - 457 467

Plano Mogno Empreend Imob Ltda 78.98 1,441 - 3,875 5,316

Plano Paineira Empreend Imob Ltda 78.98 - - 19 19

Plano Palmeiras Empreend Imob Ltda 78.98 2,382 5,976 8,953 17,311

Plano Pitangueiras Empreend Imob Ltda 78.98 3,364 55 8,797 12,216

Plano Seringueira Empreend Imob Ltda 78.98 11,653 21,438 14,252 47,343

Platina Brasil Empreendimento Imob Spe Ltda 49.92 4,140 - (1) 4,139

Plaza Del Arte Incorporadora Ltda 49.95 - 1,156 33 1,189

Porto Esperanca Incorporadora Ltda 49.95 299 2,473 1,037 3,809

Prata Brasil Empreend Imob Ltda 49.92 1,132 5,324 1,622 8,078

Provincia Incorporadora Ltda 49.95 1,949 3,924 1,592 7,465

Queiroz Galvao Mac Cyrela Veneza Empreend. Imobil. S.A. 30.00 5,874 3,796 20,810 30,480

Rail Incorporadora Ltda. 19.99 5 260 190 455

Salto Empreend Imob Spe Ltda 49.99 480 1,534 3,871 5,885

Scp - Baturite 49.04 4,201 1,085 13,989 19,275

Scp - Jeronimo Veiga (Mac Investimentos E Participacoes Ltda)12.49 10 27 44 81

Sk Desenvolvimento Imob V Ltda 49.99 6 - 3,269 3,275

Sk Realty Empreend Imob S/A 50.00 2,490 4,095 35,544 42,129

Ssb Empreendimento Imob Spe S.A. 53.59 14,531 2,428 3,830 20,789

Stuhlberger Vila Mariana Spe S/A 16.66 41 49 42 132

Topazio Brasil Empreendimento Imob Spe Ltda 49.96 5,879 35,688 7,916 49,483

Urimonduba Empreend Imob Spe Ltda 49.99 378 439 5,497 6,314

Vereda Paraiso Empreend Imob Ltda 57.38 (31,334) 27 11,395 (19,912)

Vero Campo Belo Empreend. Imobil. Spe Ltda 78.98 506 1 240 747

Vero Sta Isabel Empreend. Imobil. Spe Ltda 78.98 8,621 6,621 9,039 24,281


Vista Al Muelle S.A. 45.00 94 2,321 1,200 3,615

Vivere Franca Empreend Imob Ltda 40.00 821 42 1,312 2,175

Vivere Japao Empreend Imob Ltda 40.00 384 345 6,389 7,118

Vmss Empreendimento Imob Spe S.A. 53.59 8,778 3,973 (490) 12,261

Zetol S.A. 45.00 25 - 2,206 2,231


June 30, 2010




52

June 30, 2010 Result

Other Current and

Interest Net Operating Financial income & deferred

- % income Costs expenses income expenses IT and SC* Total

Agra Cyrela Spe Ltda 46.44 103 - (17) - - 18 104

Alexandria Empreend Imob Ltda 49.99 2,527 (2,651) (133) 29 - (108) (336)

Alpen Haus Desenvolvimento Imob S/A 24.00 659 (213) (2) (4) - (19) 421

Alpen Haus Negocios Imob S/A 23.99 1,650 (1,528) (82) 26 - 27 93

Arizona Investimentos Imob Ltda 50.00 649 (549) (48) 541 - (146) 447

C.E.A. Empreend Imob Spe Ltda 50.00 9,517 (5,234) (17) (85) - (285) 3,896

Caiobas Empreend Imob Spe Ltda 49.99 623 (306) (115) (13) - (20) 169

Camargo Correa - Cyrela Empreend Imobil Spe Ltda 50.00 (3) - - 17 - (50) (36)

Cbr 005 Empreend Imob Ltda 50.00 - - (3) - - - (3)

Cbr 011 Empreend Imob Ltda 32.50 - - (82) 5 - (2) (79)

Chl Xxxv Incorporacoes S.A. 39.66 143 - (11) - - (11) 121

Cipasa Votorantim Empreend Imob S/A 50.00 4,369 (2,374) (9) 218 - (192) 2,012

City Parque Morumbi Spe S.A. 50.00 - - (4) 1 - - (3)

Costa De Guadalupe Empreend Imob S.A. 45.00 - - (36) 1 - - (35)

Costa Maggiore Empreend Imob Ltda 50.00 4,953 (3,605) (199) 45 - (166) 1,028

Cyrela Gafisa Spe Ltda 46.49 62 - (6) 98 - 52 206

Cyrela Magik Tecnisa Empreend Imob Spe Ltda 36.67 173 16 (155) 268 - (3) 299

Cyrela Milao Empreend Imob S.A. 48.67 406 12 (148) 1,863 - (73) 2,060

Cyrela Minas Empreend Imob Spe Ltda 50.00 1,215 (1,103) (334) 28 - 35 (159)

Cyrela Rjz Jcgontijo Empreend Imob Ltda 43.00 - - (27) 1 - (1) (27)

Cyrela Tecnisa De Invest Imob Ltda 50.00 38 6 (18) 51 - 68 145

Cyrela Tecnisa Klabin Segall Empreend. Imob Spe Ltda 32.41 (237) - (2) 11 - (119) (347)

Cyrela Tennessee Empreend Imob S.A 48.67 (77) (37) (132) 1,204 - (22) 936

Dalia Empreend Imob Ltda 48.61 11 35 33 126 - (7) 198

Estela Borges Empreend Imob S.A. 49.99 2,398 (636) (93) (173) - (31) 1,465

Forest Hill De Investimentos Imob Ltda 49.44 (1) - - 1 - (1) (1)

Galeria Boulevard Desenvolvimento Imob S/A 48.61 81 - (4) (39) - (2) 36

Galeria Boulevard Negocios Imob S/A 48.61 529 (3,399) (137) 71 - 681 (2,255)

Gcm Empreend Imob Ltda 49.99 1,940 (2,379) (14) (21) - (58) (532)

Jaguariuna Empreend Imob Ltda 50.00 1,105 (673) (250) (115) - (32) 35

Klabin Segall Cyrela Rjz Empreendimento Imob Spe Ltda 48.67 91 (76) (23) 12 (1) (26) (23)

Klabin Segallcyrela Spe Ltda 37.93 25 (46) (27) 9 - (24) (63)

Klabin Segall Vergueiro Emp. Imobil Spe Ltda 38.59 1,084 (864) (1) 7 (1) (56) 169

Magnum Investimentos Imob Ltda 30.00 (31) - (1) 6 - (36) (62)

Marquise Empreend Imob Spe Ltda 50.00 - - (2) - - (1) (3)

Mestre Alvaro Empreend Imob Ltda 49.99 490 (1,735) (47) (179) - 6 (1,465)

Moinho Velho Empreend Imob Spe Ltda 50.00 - - - - - - -

Nova Vila Guilherme Empreend Imob Spe Ltda 50.00 - 1 (1) - - - -


June 30, 2010




53


Other Current and



Np Empreend Imob Ltda 34.95 3 - (17) 3 - 7 (4)

Office Shopping 2 Empreend Ltda 50.00 - - (3) - - - (3)

Padre Adelino Empreend Imob S.A. 49.99 2,278 (36) (162) (84) - 5 2,001

Parque Turiassu Empreend Imob Spe Ltda 39.99 4,126 (2,586) (50) (248) 1 (124) 1,119

Petronio Portela Empreend Imob S.A. 49.99 156 (140) (8) 10 - 16 34

Plarcon Cyrela Empreend Imob Spe Ltda 50.00 7,494 (5,943) (967) 1,365 - (313) 1,636

Queiroz Galvao Cyrela Empreendimento Imob S.A. 38.62 81 - (83) 98 - 7 103

Queiroz Galvao Cyrela Oklahoma Empreend Imobil Spe Ltda 48.90 4,910 (831) (26) 90 5 - 4,148

Residencial Sao Conrado Empreend Imob Ltda 48.67 (37) (24) (65) 401 - 41 316

Rouxinol Salvador Alende Empreend Imob Ltda 50.00 - - (73) (6) - - (79)

Saira-Sapucaia Empreend Imob Ltda 49.99 2,294 (1,920) (729) (40) - (306) (701)

Salmiana Empreend S/A 49.99 430 (149) (140) (84) - (28) 29

Santo Eliseu Empreend Imob Ltda 49.99 - - - - - - -

Savona Empreendimento Imob Spe Ltda 50.00 - - (106) 2 - (1) (105)

Scp - Classic/Galli 47.81 - (2) (26) 10 - - (18)

Scp Isla 25.00 8,852 (4,704) (2,199) 13 - (280) 1,682

Slk Empreendimento Imob Spe Ltda 29.99 7,066 (5,287) (86) 1 - (224) 1,470

Spe Brasil Incorporacao 11 Ltda 50.00 - - - - - - -

Spe Brasil Incorporacao 7 Ltda 50.00 - - - - - - -

Tibirica Empreend Imob Ltda 50.00 2,656 (3,046) (718) (88) - (123) (1,319)

Vila Maria Empreend Imob Spe S.A. 49.99 3,944 (2,892) (62) (45) - (121) 824


Other Current and

Joint Ventures and its investees Interest Net Operating Financial income & deferred


Acropole Incorporadora Ltda 40.00 1,322 (613) (20) (6) - (36) 647

Atlantida Empreend Imob Spe Ltda 79.99 15,353 (14,611) (1,183) 95 - (690) (1,036)

Augusto De Miranda Empreend Imob Spe Ltda 49.99 3,559 (2,430) (22) 32 (29) (107) 1,003

Australia Empreeendimentos Imob Ltda 68.00 106,153 (86,960) (5,589) (2,170) 534 (2,252) 9,716

Autentico Vila Carrao Empreend Imobil Spe Ltda 49.99 749 (371) (141) - - (18) 219

Brigadeiro Galvao Empreend Imob Spe Ltda 49.99 6,661 (3,676) (70) 8 - (43) 2,880

Capri Incorporadora Spe Ltda 49.99 8,383 (5,409) (1,397) (9) - (262) 1,306

Cbr 012 Empreend Imob Ltda 80.00 - - (16) - - - (16)

Cedro Consultoria Imobiliaria Ltda 49.95 - - (135) (1) - - (136)

Chiachiaretta Empreend Imob Ltda 54.40 4,268 (2,435) (1,282) - - (16) 535

Cubatao Empreend Imob Ltda 49.99 3,216 (2,183) (34) (10) (9) (124) 856

Curupaiti Empreend Imob Spe Ltda 49.99 7,848 (4,064) (545) (1) (621) (273) 2,344

Cury Construtora E Incorporadora S/A 50.00 8,244 (4,739) (2,946) (857) 11,756 - 11,458

Cyrela Andrade Mendonca Empreend Imob Ltda 80.00 5,612 (6,652) (6,589) (59) 22,780 (261) 14,831

Cyrela Andrade Mendonça Jcpm Empreend Imob Spe S.A. 68.00 5,728 (2,985) (2,860) 215 - (240) (142)

Cyrela China Empreend Imob Ltda 79.99 10,208 (6,722) (2,806) (49) - (284) 347

Cyrela Mac Amazonas Empreend Imob Spe Ltda 80.00 15,547 (13,864) (443) (105) - (204) 931

Cyrela Mac Everest Empreend Imob Spe Ltda 54.05 (474) 409 (26) 257 - (7) 159

Cyrela Mac Monterey Empreend Imob Spe Ltda 63.00 8,382 (4,992) (169) 79 - (4) 3,296

Cyrela Suecia Empreend Imob Ltda 89.50 6,263 (4,433) (5,170) 66 - (267) (3,541)

Cyrsa S/A 50.00 32,861 (23,185) (14) 2,700 - (1,855) 10,507


June 30, 2010




54


Other Current and



Europa Brasil Empreendimento Imob Spe Ltda 49.96 17,578 (11,442) (813) 112 1 (603) 4,833

Fabia Empreend Imob Spe Ltda 32.50 1,285 (1,411) (51) 1 73 (59) (162)

Fernao Dias Empreend Imob Spe Ltda 79.99 8,519 (3,921) (153) (262) - (163) 4,020

Gabriele Empreend Imobil Spe Ltda 65.00 - - (153) (1) - - (154)

Girassol - Vila Madalena Empreend Imobil S/A 25.00 370 (311) (13) 1 - (10) 37

Gran Via Incorporadora Ltda 49.95 - - (15) - - - (15)

Horto Do Sol Incorporadora Ltda 49.95 - - (46) - - - (46)

Jardim Sul Incorporadora Ltda 9.99 - - (34) 20 5 (5) (14)

Lao Empreend Imob Ltda 40.00 - - (13) 296 - (8) 275

Licy Empreend Imob S/A 50.00 - - (1,689) 7 746 4 (932)

Liveck S/A 50.00 - - (29) (98) (172) - (299)

Lorena Empreend Imob Spe Ltda 49.99 3,463 (2,600) (114) 21 20 (118) 672

Lucio Brazil Real Estate S.A. 49.97 - - (78) 23 12,789 - 12,734

Mac Brasil Empreend Imob Ltda 49.99 - - - - - - -

Mac Canada Empreend Imob Ltda 99.99 - - (12) - - - (12)

Mac Construtora Ltda 50.00 15,441 (9,233) (733) 146 5,214 - 10,835

Mac Cyrela Equador Empreend Imob Ltda 68.00 4,007 (4,100) (98) 468 135 34 446

Mac Cyrela Italia Empreend Imob Ltda 50.00 10,867 (2,950) (97) 815 - (409) 8,226

Mac Cyrela Mafra Empreend Imob Ltda 79.99 44,866 (30,365) (4,555) 1,070 - (1,741) 9,275

Mac Cyrela Manay Empreend Imob Ltda 68.59 - - (1,486) 5 (95) (2) (1,578)

Mac Cyrela Spot Empreend Imob Ltda 68.59 - - (24) - - - (24)

Mac Dinamarca Empreend Imobil Ltda 70.00 4,611 (2,487) (1,010) 204 29 (185) 1,162

Mac Empreend Imob Ltda 50.00 1,293 - (5,157) (1,919) 35,119 - 29,336

Mac Espanha Empreend Imob Ltda 50.00 6,603 (4,595) (41) 13 - (117) 1,863

Mac Spot Manay Empreend Imob Ltda 69.99 - - - - (14) - (14)

Mac Holanda Empreend Imobilairios Ltda 70.00 - - (99) - - - (99)

Mac Incorporadora Ltda 24.99 - - - - - - -

Mac Investimentos E Participacoes Ltda 49.99 (140) - (51) 13 (479) (1) (658)

Mac Irlanda Empreend Imob Ltda 49.99 11,706 (8,627) (1,029) 102 - (402) 1,750

Mac Italia Empreend Imob Ltda 50.00 - - (28) - - - (28)

Mac Mexico Empreend Imob Ltda 70.00 12,499 (7,370) (2,169) 434 - (527) 2,867

Mac Monaco Empreend Imob Ltda 49.99 - - (1) - - - (1)

Mac Portugal Empreend Imob Ltda 50.00 18,202 (10,634) (86) 22 - (308) 7,196

Mac Suiça Empreend Imob Ltda 49.99 116 - (190) - (3) (10) (87)

Mac Venezuela Empreend Imob Ltda 49.99 - - (1) - - - (1)

Madagascar Incorporadora Ltda 49.95 2,886 (1,544) (59) (7) - (86) 1,190

Merito Empreend Imob Spe Ltda 49.99 2,119 (660) (149) (3) - (62) 1,245

Mesopotamia Empreendimento Imob Spe S.A. 68.00 15,164 (9,231) (744) 4 - (505) 4,688

Miralta Empreendimento Imob Spe Ltda 54.58 246 (257) (219) (218) 7 (16) (457)

Monterey Incorporadora Ltda 49.95 - - - - - - -

Nova Delhi Incorporadora Spe Ltda 49.99 13,684 (7,660) (251) 74 - (456) 5,391

Paraba Investimentos E Participacoes Ltda 21.42 - - (10) 31 - (3) 18

Plano & Plano Construcoes E Participacoes Ltda 79.00 3,470 (2,075) (8,338) (1,861) 18,460 - 9,656


June 30, 2010




55


Other Current and



Plano Amoreira Empreend Imob Spe Ltda 91.60 1,208 (1,048) (70) 83 - (46) 127

Plano Araucaria Empreend Imob Ltda 78.98 7,275 (5,016) (75) 55 - (192) 2,047

Plano Aroeira Empreend Imob Ltda 78.98 7,852 (5,747) (121) (331) - (253) 1,400

Plano Cambara Empreend Imob Ltda 78.98 - - (1) 5 - (2) 2

Plano Castanheira Empreend Imob Spe Ltda 91.60 - - (4) - - - (4)

Plano Cedro Empreend Imob Ltda 78.98 2,810 (1,774) (228) 71 - (73) 806

Plano Cerejeiras Empreend Imob Ltda 78.98 3,472 (2,228) (508) 15 - (107) 644

Plano Figueira Empreend Imob Ltda 78.98 12,474 (9,146) (88) (40) - (380) 2,820

Plano Flambouyant Empreend Imob Ltda 78.98 - - (55) 356 - (32) 269

Plano Guapira Empreend Imob Ltda 78.98 1,592 (1,110) (472) 94 - (61) 43

Plano Ipe Empreend Imob Ltda 78.98 18,357 (12,772) (817) (35) - (586) 4,147

Plano Jacaranda Empreend Imob Ltda 78.98 3,692 (2,161) (693) 15 - (101) 752

Plano Jatoba Empreend Imob Ltda 78.98 6,657 (4,243) (118) (32) - (194) 2,070

Plano Manaca Empreend Imob Ltda 78.98 - - (4) - - - (4)

Plano Mangueira Empreend Imob Ltda 78.98 - - (7) 1 - - (6)

Plano Mogno Empreend Imob Ltda 78.98 - - (395) - - - (395)

Plano Paineira Empreend Imob Ltda 78.98 - - (1) - - - (1)

Plano Palmeiras Empreend Imob Ltda 78.98 6,903 (5,691) (381) (40) - (227) 564

Plano Pitangueiras Empreend Imob Ltda 78.98 3,789 (3,040) (57) (38) - (115) 539

Plano Seringueira Empreend Imob Ltda 78.98 17,616 (11,138) (575) (430) - (602) 4,871

Platina Brasil Empreendimento Imob Spe Ltda 49.92 - - - (1) - - (1)

Plaza Del Arte Incorporadora Ltda 49.95 - - - - - - -

Porto Esperanca Incorporadora Ltda 49.95 2,618 (1,668) (470) - - (82) 398

Prata Brasil Empreend Imob Ltda 49.92 5,926 (4,376) (78) 4 - (193) 1,283

Provincia Incorporadora Ltda 49.95 3,519 (2,241) (27) (13) - (108) 1,130

Queiroz Galvao Mac Cyrela Veneza Empreend. Imobil. S.A. 30.00 16,713 (10,647) (81) 209 - (583) 5,611

Rail Incorporadora Ltda. 19.99 - - (5) 28 - (1) 22

Salto Empreend Imob Spe Ltda 49.99 1,514 (1,476) (24) 1 172 (54) 133

Scp - Baturite 49.04 9,699 (4,232) (36) 62 - (199) 5,294

Scp - Jeronimo Veiga (Mac Investimentos E Participacoes Ltda)12.49 - - (1) 12 - - 11

Sk Desenvolvimento Imob V Ltda 49.99 - - (113) (1) - - (114)

Sk Realty Empreend Imob S/A 50.00 191 - (1,284) (401) 5,317 - 3,823

Ssb Empreendimento Imob Spe S.A. 53.59 7,367 (5,819) (764) 726 - (1,127) 383

Stuhlberger Vila Mariana Spe S/A 16.66 - - (4) (12) (4) (23) (43)

Topazio Brasil Empreendimento Imob Spe Ltda 49.96 29,402 (20,422) (1,404) 66 - (973) 6,669

Urimonduba Empreend Imob Spe Ltda 49.99 2,097 (1,349) (61) 5 68 (113) 647

Vereda Paraiso Empreend Imob Ltda 57.38 9 - - 6 - (25) (10)

Vero Campo Belo Empreend. Imobil. Spe Ltda 78.98 852 (293) (63) (61) 42 (27) 450

Vero Sta Isabel Empreend. Imobil. Spe Ltda 78.98 1,892 (1,901) (336) (398) - 128 (615)

Viena Incorporadora Spe Ltda 49.99 1,513 (1,049) (31) (7) - (37) 389

Vista Al Muelle S.A. 45.00 - - (43) (46) - - (89)

Vivere Franca Empreend Imob Ltda 40.00 1,299 (887) (195) 18 - (28) 207

Vivere Japao Empreend Imob Ltda 40.00 3,650 (2,427) (480) 3 - (119) 627

Vmss Empreendimento Imob Spe S.A. 53.59 7,173 (4,376) (1,122) 147 - (217) 1,605

Zetol S.A. 45.00 - - (26) (57) - - (83)


June 30, 2010




56

March 31, 2010 Assets

Interest Non


Agra Cyrela Spe Ltda 46.44 1,356 - - 1,356

Alexandria Empreendimentos Imobiliarios Ltda 49.99 13,476 (1) - 13,475

Alpen Haus Desenvolvimento Imobiliario S/A 24.00 2,157 - - 2,157

Alpen Haus Negocios Imobiliarios S/A 23.99 4,737 36 - 4,773

Arizona Investimentos Imobiliarios Ltda 50.00 19,661 6 6 19,673

C.E.A. Empreendimentos Imobiliarios Spe Ltda 50.00 16,614 1,400 - 18,014

Caiobas Empreendimentos Imobiliarios Spe Ltda 49.99 4,264 636 25 4,925

Camargo Correa - Cyrela Empreend Imobil Spe Ltda 50.00 7,469 - 143 7,612

Cbr 005 Empreendimentos Imobiliarios Ltda 50.00 (3,018) 30,153 - 27,135

Cbr 011 Empreendimentos Imobiliarios Ltda 32.50 17,721 - 49 17,770

Chl Xxxv Incorporações S.A. 39.66 3,457 - - 3,457

Cipasa Santa Maria Empreendimentos Imobiliarios S.A. 50.00 5,975 - - 5,975

City Parque Morumbi Spe S.A. 50.00 24,570 - 1,138 25,708

Costa De Guadalupe Empreendimentos Imobiliarios S.A. 45.00 392 12,723 32 13,147

Costa Maggiore Empreendimentos Imobiliarios Ltda 50.00 13,197 - - 13,197

Cyrela Gafisa Spe Ltda 46.49 2,004 - - 2,004

Cyrela Magik Tecnisa Empreendimentos Imobiliarios Spe Ltda 36.67 2,979 4,790 - 7,769

Cyrela Milao Empreendimentos Imobiliarios S.A. 48.67 10,193 21,041 - 31,234

Cyrela Minas Empreendimentos Imobiliarios Spe Ltda 50.00 6,382 7,309 - 13,691

Cyrela Rjz Jcgontijo Empreendimentos Imobiliarios Ltda 43.00 54,842 21,951 568 77,361

Cyrela Tecnisa De Invest Imob Ltda 50.00 8,973 9,291 - 18,264

Cyrela Tecnisa Klabin Segall Empreend. Imobiliarios Spe Ltda 17.06 667 410 - 1,077

Cyrela Tennessee Empreendimentos Imobiliarios S.A 48.67 5,512 14,409 - 19,921

Dalia Empreendimentos Imobiliarios Ltda 48.61 1,741 2,901 - 4,642

Estela Borges Empreendimentos Imobiliarios S.A. 49.99 20,114 761 - 20,875

Forest Hill De Investimentos Imobiliarios Ltda 49.44 206 5,820 - 6,026

Galeria Boulevard Desenvolvimento Imobiliario S/A 48.61 15,298 - - 15,298

Galeria Boulevard Negocios Imobiliarios S/A 48.61 46,255 208 - 46,463

Gcm Empreendimentos Imobiliarios Ltda 49.99 6,035 8,243 - 14,278

Jaguariuna Empreendimentos Imobiliarios Ltda 50.00 9,500 975 88 10,563

Klabin Segall Cyrela Rjz Empreendimento Imobiliario Spe Ltda 48.67 2,156 1,143 - 3,299

Klabin Segallcyrela Spe Ltda 37.93 712 1,453 - 2,165

Klabin Segall Vergueiro Emp. Imobil Spe Ltda 38.59 1,101 2,336 - 3,437

Magnum Investimentos Imobiliarios Ltda 30.00 1,195 17,750 - 18,945

Marquise Empreendimentos Imobiliarios Spe Ltda 50.00 268 1,100 382 1,750

Mestre Alvaro Empreendimentos Imobiliarios Ltda 49.99 27,210 1,000 - 28,210

Moinho Velho Empreendimentos Imobiliarios Spe Ltda 50.00 (2,602) 18,186 - 15,584

Nova Vila Guilherme Empreendimentos Imobiliarios Spe Ltda 50.00 82,493 1,040 68 83,601

Np Empreendimentos Imobiliarios Ltda 34.95 (3,950) 3,330 - (620)

Office Shopping 2 Empreendimentos Ltda 50.00 22,760 - 752 23,512

Padre Adelino Empreendimentos Imobiliarios S.A. 49.99 19,317 882 - 20,199

Parque Turiassu Empreendimentos Imobiliario Spe Ltda 39.99 4,762 1,651 - 6,413

Petronio Portela Empreend Imobiliarios S.A. 49.99 1,815 414 - 2,229

Plarcon Cyrela Empreendimentos Imobiliarios Spe Ltda 50.00 60,902 32,070 - 92,972

Queiroz Galvao Cyrela Empreendimento Imobiliario S.A. 38.62 671 2,037 - 2,708

Queiroz Galvao Cyrela Oklahoma Empreend Imobil Spe Ltda 48.90 19,608 778 - 20,386

Residencial Sao Conrado Empreendimentos Imobiliarios Ltda 48.67 5,939 6,763 23 12,725

Rouxinol Salvador Alende Empreendimentos Imobiliarios Ltda 50.00 5,871 234 1,695 7,800

Saira-Sapucaia Empreendimentos Imobiliarios Ltda 49.99 5,190 - 181 5,371

Salmiana Empreendimentos S/A 49.99 29,292 - - 29,292

Savona Empreendimento Imobiliario Spe Ltda 50.00 4,032 - 565 4,597

Scp - Classic/Galli 47.81 1,038 208 - 1,246

Slk Empreendimento Imobiliario Spe Ltda 29.99 5,743 629 - 6,372

Tibirica Empreendimentos Imobiliarios Ltda 50.00 10,804 2,526 321 13,651

Vila Maria Empreendimentos Imobiliarios Spe S.A. 49.99 12,381 (766) - 11,615


June 30, 2010




57




Acropole Incorporadora Ltda 40.00 7,582 - - 7,582

Atlantida Empreendimentos Imobiliarios Spe Ltda 79.99 45,372 5,386 314 51,072

Augusto De Miranda Empreendimentos Imobiliarios Spe Ltda 49.99 2,547 3,167 - 5,714

Australia Empreeendimentos Imobiliarios Ltda 68.00 174,367 118,389 7,247 300,003

Autentico Vila Carrao Empreend Imobil Spe Ltda 49.99 6,051 - - 6,051

Brigadeiro Galvao Empreendimentos Imobiliarios Spe Ltda 49.95 7,310 - - 7,310

Capri Incorporadora Spe Ltda 49.99 13,792 - 358 14,150

Cbr 012 Empreendimentos Imobiliarios Ltda 80.00 23,840 - 12 23,852

Cedro Consultoria Imobiliaria Ltda 49.95 13 35 70 118

Chiachiaretta Empreendimentos Imobiliarios Ltda 54.40 6,972 1,795 1,318 10,085

Cubatao Empreendimentos Imobiliarios Ltda 49.99 2,101 4,236 - 6,337

Curupaiti Empreendimentos Imobiliarios Spe Ltda 49.99 4,966 - - 4,966


Cyrela Andrade Mendonca Empreendimentos Imobiliarios Ltda 80.00 53,460 31,343 109,873 194,676

Cyrela Andrade Mendonça Jcpm Empreendimentos Imobiliário Spe S.A.68.00 15,468 - 5,989 21,457

Cyrela China Empreendimentos Imobiliarios Ltda 79.99 62,977 3,926 2,214 69,117

Cyrela Mac Amazonas Empreendimentos Imobiliarios Spe Ltda79.98 43,127 35,838 - 78,965

Cyrela Mac Everest Empreendimentos Imobiliarios Spe Ltda 54.02 1,646 375 - 2,021

Cyrela Mac Manaus Empreendimentos Imobiliarios Ltda. 69.97 5,623 688 19,101 25,412

Cyrela Mac Monterey Empreendimentos Imobiliarios Spe Ltda 62.97 22,612 1,507 - 24,119

Cyrela Suecia Empreendimentos Imobiliarios Ltda 89.50 115,121 60 3,746 118,927

Cyrsa S/A 50.00 54,711 33,939 715 89,365

Ephigenio Sales Empreendimentos Imobiliarios Spe Ltda 62.97 6,447 - 95 6,542

Europa Brasil Empreendimento Imobiliario Spe Ltda 49.96 12,893 3,439 - 16,332

Fabia Empreendimentos Imobiliarios Spe Ltda 32.50 5,501 1,587 - 7,088

Fernao Dias Empreendimentos Imobiliarios Spe Ltda 79.99 31,954 - 9 31,963

Girassol - Vila Madalena Empreend Imobil S/A 25.00 552 - - 552

Gran Via Incorporadora Ltda 49.95 - - - -

Jardim Sul Incorporadora Ltda 9.99 336 134 - 470

Lao Empreendimentos Imobiliarios Ltda 39.97 1,597 515 - 2,112

Licy Empreendimentos Imobiliarios S/A 50.00 86 66 3,647 3,799

Liveck S/A 50.00 1,290 - 6,807 8,097

Lorena Empreendimentos Imobiliarios Spe Ltda 49.99 11,266 1,721 - 12,987

Lucio Brazil Real Estate S.A. 49.97 1,787 36 15,681 17,504

Mac Canada Empreendimentos Imobiliarios Ltda 69.97 7,818 - 250 8,068

Mac Construtora Ltda 49.97 44,371 - 10,820 55,191

Mac Cyrela Equador Empreendimentos Imobiliarios Ltda 67.97 31,657 1,438 20 33,115

Mac Cyrela Italia Empreendimentos Imobiliarios Ltda 49.97 16,646 16,176 - 32,822

Mac Cyrela Mafra Empreendimentos Imobiliarios Ltda 79.98 97,122 7,998 8,116 113,236

Mac Cyrela Manay Empreendimentos Imobiliarios Ltda 68.57 11,016 - - 11,016

Mac Cyrela Spot Empreendimentos Imobiliarios Ltda 68.57 2,440 - 1,048 3,488

Mac Dinamarca Empreend Imobil Ltda 69.97 10,612 - 446 11,058

Mac Empreendimentos Imobiliarios S.A. 49.95 17,053 17,982 145,049 180,084

Mac Espanha Empreendimentos Imobiliarios Ltda 49.95 10,070 - - 10,070

Mac Holanda Empreendimentos Imobilairios Ltda 69.97 73 - - 73

Mac Incorporadora Ltda 24.97 4 - - 4

Mac Investimentos E Participações Ltda 49.95 3,747 374 2,400 6,521

Mac Irlanda Empreendimentos Imobiliarios Ltda 49.95 11,249 - 720 11,969

Mac Italia Empreendimentos Imobiliarios Ltda 49.96 5 - - 5

Mac Mexico Empreendimentos Imobiliarios Ltda 69.97 34,657 1,273 1,165 37,095

Mac Portugal Empreendimentos Imobiliarios Ltda 49.95 17,160 1,774 8 18,942

Mac Suiça Empreendimentos Imobiliarios Ltda 49.95 11 - 17 28

Madagascar Incorporadora Ltda 49.95 1,865 358 2 2,225

Merito Empreendimentos Imobiliarios Spe Ltda 49.99 10,840 241 - 11,081

Mesopotamia Empreendimento Imobiliario Spe S.A. 68.00 13,105 2,243 672 16,020


June 30, 2010




58


Interest Non


Miralta Empreendimento Imobiliario Spe Ltda 51.35 6,755 120 - 6,875

Monterey Incorporadora Ltda 49.95 147 - - 147

Nova Delhi Incorporadora Spe Ltda 49.99 33,457 207 26 33,690

Onix Brasil Empreendimento Imobiliario Spe Ltda 49.92 123 - - 123

Paraba Investimentos E Participações Ltda 21.41 594 402 - 996

Plano & Plano Construcoes E Participacoes Ltda 79.00 858 3,658 199,321 203,837

Plano Amoreira Empreendimentos Imobiliarios Spe Ltda 91.60 33,872 2,142 - 36,014

Plano Araucaria Empreendimentos Imobiliarios Ltda 78.97 30,281 - - 30,281

Plano Aroeira Empreendimentos Imobiliarios Ltda 78.98 20,952 - - 20,952

Plano Cambara Empreendimentos Imobiliarios Ltda 78.97 8,712 - - 8,712

Plano Castanheira Empreendimentos Imobiliarios Spe Ltda 91.60 233 - - 233

Plano Cedro Empreendimentos Imobiliarios Ltda 78.98 13,999 - - 13,999

Plano Cerejeiras Empreendimentos Imobiliarios Ltda 78.97 2,658 - 262 2,920

Plano Figueira Empreendimentos Imobiliarios Ltda 78.98 40,393 - - 40,393

Plano Flambouyant Empreendimentos Imobiliarios Ltda 78.98 7,327 - 38 7,365

Plano Guapira Empreendimentos Imobiliarios Ltda 78.98 7,301 - 49 7,350

Plano Ipe Empreendimentos Imobiliarios Ltda 78.98 18,332 - - 18,332

Plano Jacaranda Empreendimentos Imobiliarios Ltda 78.98 3,345 - - 3,345

Plano Jatoba Empreendimentos Imobiliarios Ltda 78.98 22,340 5 - 22,345

Plano Macieira Empreendimentos Imobiliarios Ltda 78.98 - 7 - 7

Plano Manaca Empreendimentos Imobiliarios Ltda 78.97 1 6 - 7

Plano Mangueira Empreendimentos Imobiliarios Ltda 78.98 461 - - 461

Plano Mogno Empreendimentos Imobiliarios Ltda 78.98 4,832 - 348 5,180

Plano Paineira Empreendimentos Imobiliarios Ltda 78.98 - 7 - 7

Plano Palmeiras Empreendimentos Imobiliarios Ltda 78.97 13,677 - - 13,677

Plano Pitangueiras Empreend Imobiliarios Ltda 78.98 10,301 - - 10,301

Plano Seringueira Empreendimentos Imobiliarios Ltda 78.98 39,810 - - 39,810

Platina Brasil Empreendimento Imobiliario Spe Ltda 49.96 1,665 - - 1,665

Plaza Del Arte Incorporadora Ltda 49.95 33 - - 33

Porto Esperanca Incorporadora Ltda 49.95 2,888 - 219 3,107

Prata Brasil Empreendimentos Imobiliarios Ltda 49.92 4,915 - - 4,915

Provincia Incorporadora Ltda 49.95 1,374 2,991 4 4,369

Queiroz Galvao Mac Cyrela Veneza Empreend. Imobil. S.A. 29.98 18,924 2,433 - 21,357

Rail Incorporadora Ltda. 19.98 249 204 - 453

Riviera Ponta Negra Empreendimentos Imobiliarios Spe Ltda 48.98 28,496 1 - 28,497

Rubi Brasil Empreendimento Imobiliario Spe Ltda 49.92 3 - - 3

Salto Empreendimentos Imobiliarios Spe Ltda 49.99 2,085 3,906 2 5,993

Scp - Baturite 49.01 16,046 - - 16,046

Scp - Provence Horto 72.00 575 - - 575

Scp - Jardim Celeste 71.08 (4,495) - 15 (4,480)

Scp - Jeronimo Veiga (Mac Investimentos E Participações Ltda)12.48 245 - - 245

Sk Desenvolvimento Imobiliario V Ltda 49.99 3,266 - - 3,266

Sk Realty Empreendimentos Imobiliarios S/A 50.00 117 - 39,061 39,178

Ssb Empreendimento Imobiliario Spe S.A. 53.59 18,681 1,281 1,588 21,550

Stuhlberger Vila Mariana Spe S/A 16.65 131 - - 131

Topazio Brasil Empreendimento Imobiliario Spe Ltda 49.96 34,018 4,498 - 38,516

Urimonduba Empreendimentos Imobiliarios Spe Ltda 49.99 3,970 6,315 - 10,285

Vereda Paraiso Empreendimentos Imobiliarios Ltda 57.36 (34,785) 14,954 - (19,831)

Vero Campo Belo Empreend. Imobil. Spe Ltda 78.98 1,611 - - 1,611

Vero Sta Isabel Empreend. Imobil. Spe Ltda 78.98 25,644 - 5 25,649


Vista Al Muelle S.A. 45.00 3,231 - - 3,231

Vivere Franca Empreendimentos Imobiliarios Ltda 39.96 1,247 - 34 1,281

Vivere Japao Empreendimentos Imobiliarios Ltda 39.96 6,044 - 146 6,190

Vmss Empreendimento Imobiliario Spe S.A. 53.59 6,039 (6) 1,096 7,129

Zetol S.A. 45.00 1,890 - - 1,890


June 30, 2010




59

March 31, 2010 Liabilities

Interest Non


Agra Cyrela Spe Ltda 46.44 254 - 1,102 1,356

Alexandria Empreendimentos Imobiliarios Ltda 49.99 1,336 5,700 6,439 13,475

Alpen Haus Desenvolvimento Imobiliario S/A 24.00 33 78 2,046 2,157

Alpen Haus Negocios Imobiliarios S/A 23.99 4,497 117 159 4,773

Arizona Investimentos Imobiliarios Ltda 50.00 3,779 8,967 6,927 19,673

C.E.A. Empreendimentos Imobiliarios Spe Ltda 50.00 2,674 5,343 9,997 18,014

Caiobas Empreendimentos Imobiliarios Spe Ltda 49.99 2,215 751 1,959 4,925

Camargo Correa - Cyrela Empreend Imobil Spe Ltda 50.00 54 4,597 2,961 7,612

Cbr 005 Empreendimentos Imobiliarios Ltda 50.00 12,024 15,050 61 27,135

Cbr 011 Empreendimentos Imobiliarios Ltda 32.50 128 168 17,474 17,770

Chl Xxxv Incorporações S.A. 39.66 29 3,037 391 3,457

Cipasa Santa Maria Empreendimentos Imobiliarios S.A. 50.00 4,920 (168) 1,223 5,975

City Parque Morumbi Spe S.A. 50.00 24,031 14 1,663 25,708

Costa De Guadalupe Empreendimentos Imobiliarios S.A. 45.00 108 197 12,842 13,147

Costa Maggiore Empreendimentos Imobiliarios Ltda 50.00 1,356 2,664 9,177 13,197

Cyrela Gafisa Spe Ltda 46.49 354 54 1,596 2,004

Cyrela Magik Tecnisa Empreendimentos Imobiliarios Spe Ltda 36.67 568 100 7,101 7,769

Cyrela Milao Empreendimentos Imobiliarios S.A. 48.67 5,790 4,051 21,393 31,234

Cyrela Minas Empreendimentos Imobiliarios Spe Ltda 50.00 6,616 4,412 2,663 13,691

Cyrela Rjz Jcgontijo Empreendimentos Imobiliarios Ltda 43.00 53,161 1,490 22,710 77,361

Cyrela Tecnisa De Invest Imob Ltda 50.00 2,547 10 15,707 18,264

Cyrela Tecnisa Klabin Segall Empreend. Imobiliarios Spe Ltda 17.06 (767) (494) 2,338 1,077

Cyrela Tennessee Empreendimentos Imobiliarios S.A 48.67 1,006 579 18,336 19,921

Dalia Empreendimentos Imobiliarios Ltda 48.61 164 (12) 4,490 4,642

Estela Borges Empreendimentos Imobiliarios S.A. 49.99 7,719 4,790 8,366 20,875

Forest Hill De Investimentos Imobiliarios Ltda 49.44 31 4,803 1,192 6,026

Galeria Boulevard Desenvolvimento Imobiliario S/A 48.61 13,331 409 1,558 15,298

Galeria Boulevard Negocios Imobiliarios S/A 48.61 34,880 2,451 9,132 46,463

Gcm Empreendimentos Imobiliarios Ltda 49.99 2,137 8,954 3,187 14,278

Jaguariuna Empreendimentos Imobiliarios Ltda 50.00 6,362 965 3,236 10,563

Klabin Segall Cyrela Rjz Empreendimento Imobiliario Spe Ltda 48.67 91 189 3,019 3,299

Klabin Segallcyrela Spe Ltda 37.93 278 (9) 1,896 2,165

Klabin Segall Vergueiro Emp. Imobil Spe Ltda 38.59 368 3,509 (440) 3,437

Magnum Investimentos Imobiliarios Ltda 30.00 52 18,593 300 18,945

Marquise Empreendimentos Imobiliarios Spe Ltda 50.00 (61) 27 1,784 1,750

Mestre Alvaro Empreendimentos Imobiliarios Ltda 49.99 10,092 2,352 15,766 28,210

Moinho Velho Empreendimentos Imobiliarios Spe Ltda 50.00 1 13,087 2,496 15,584

Nova Vila Guilherme Empreendimentos Imobiliarios Spe Ltda 50.00 81,899 - 1,702 83,601

Np Empreendimentos Imobiliarios Ltda 34.95 205 52 (877) (620)

Office Shopping 2 Empreendimentos Ltda 50.00 22,215 195 1,102 23,512

Padre Adelino Empreendimentos Imobiliarios S.A. 49.99 8,343 533 11,323 20,199

Parque Turiassu Empreendimentos Imobiliario Spe Ltda 39.99 488 2,924 3,001 6,413

Petronio Portela Empreend Imobiliarios S.A. 49.99 659 234 1,336 2,229

Plarcon Cyrela Empreendimentos Imobiliarios Spe Ltda 50.00 25,681 30,931 36,360 92,972

Queiroz Galvao Cyrela Empreendimento Imobiliario S.A. 38.62 353 39 2,316 2,708

Queiroz Galvao Cyrela Oklahoma Empreend Imobil Spe Ltda 48.90 11,663 44 8,679 20,386

Residencial Sao Conrado Empreendimentos Imobiliarios Ltda 48.67 2,538 387 9,800 12,725

Rouxinol Salvador Alende Empreendimentos Imobiliarios Ltda 50.00 1,509 823 5,468 7,800

Saira-Sapucaia Empreendimentos Imobiliarios Ltda 49.99 551 336 4,484 5,371

Salmiana Empreendimentos S/A 49.99 18,386 533 10,373 29,292

Savona Empreendimento Imobiliario Spe Ltda 50.00 941 464 3,192 4,597

Scp - Classic/Galli 47.81 998 1 247 1,246

Slk Empreendimento Imobiliario Spe Ltda 29.99 1,099 2,426 2,847 6,372

Tibirica Empreendimentos Imobiliarios Ltda 50.00 5,432 9,123 (904) 13,651

Vila Maria Empreendimentos Imobiliarios Spe S.A. 49.99 4,457 1,952 5,206 11,615


June 30, 2010




60




Acropole Incorporadora Ltda 40.00 4,797 - 2,785 7,582

Atlantida Empreendimentos Imobiliarios Spe Ltda 79.99 41,031 12,697 (2,656) 51,072

Augusto De Miranda Empreendimentos Imobiliarios Spe Ltda 49.99 907 1,532 3,275 5,714

Australia Empreeendimentos Imobiliarios Ltda 68.00 107,589 103,109 89,305 300,003

Autentico Vila Carrao Empreend Imobil Spe Ltda 49.99 3,814 289 1,948 6,051

Brigadeiro Galvao Empreendimentos Imobiliarios Spe Ltda 49.95 924 308 6,078 7,310

Capri Incorporadora Spe Ltda 49.99 2,294 - 11,856 14,150

Cbr 012 Empreendimentos Imobiliarios Ltda 80.00 23,839 442 (429) 23,852

Cedro Consultoria Imobiliaria Ltda 49.95 171 - (53) 118

Chiachiaretta Empreendimentos Imobiliarios Ltda 54.40 4,936 866 4,283 10,085

Cubatao Empreendimentos Imobiliarios Ltda 49.99 5,699 105 533 6,337

Curupaiti Empreendimentos Imobiliarios Spe Ltda 49.99 8 - 4,958 4,966


Cyrela Andrade Mendonca Empreendimentos Imobiliarios Ltda 80.00 40,967 15,870 137,839 194,676

Cyrela Andrade Mendonça Jcpm Empreendimentos Imobiliário Spe S.A.68.00 10,497 5,684 5,276 21,457

Cyrela China Empreendimentos Imobiliarios Ltda 79.99 59,722 4,493 4,902 69,117

Cyrela Mac Amazonas Empreendimentos Imobiliarios Spe Ltda79.98 11,760 60,142 7,063 78,965

Cyrela Mac Everest Empreendimentos Imobiliarios Spe Ltda 54.02 147 217 1,657 2,021

Cyrela Mac Manaus Empreendimentos Imobiliarios Ltda. 69.97 18 140 25,254 25,412

Cyrela Mac Monterey Empreendimentos Imobiliarios Spe Ltda 62.97 12,205 1,075 10,839 24,119

Cyrela Suecia Empreendimentos Imobiliarios Ltda 89.50 33,945 51,017 33,965 118,927

Cyrsa S/A 50.00 20,579 15,149 53,637 89,365

Ephigenio Sales Empreendimentos Imobiliarios Spe Ltda 62.97 3,150 20 3,372 6,542

Europa Brasil Empreendimento Imobiliario Spe Ltda 49.96 2,885 8,191 5,256 16,332

Fabia Empreendimentos Imobiliarios Spe Ltda 32.50 3,433 272 3,383 7,088

Fernao Dias Empreendimentos Imobiliarios Spe Ltda 79.99 15,489 3,550 12,924 31,963

Girassol - Vila Madalena Empreend Imobil S/A 25.00 32 526 (6) 552

Gran Via Incorporadora Ltda 49.95 - - - -

Jardim Sul Incorporadora Ltda 9.99 80 58 332 470

Lao Empreendimentos Imobiliarios Ltda 39.97 134 1,182 796 2,112

Licy Empreendimentos Imobiliarios S/A 50.00 2,467 30 1,302 3,799

Liveck S/A 50.00 18 4,531 3,548 8,097

Lorena Empreendimentos Imobiliarios Spe Ltda 49.99 3,396 300 9,291 12,987

Lucio Brazil Real Estate S.A. 49.97 7,765 - 9,739 17,504

Mac Canada Empreendimentos Imobiliarios Ltda 69.97 4,547 - 3,521 8,068

Mac Construtora Ltda 49.97 25,337 1,452 28,402 55,191

Mac Cyrela Equador Empreendimentos Imobiliarios Ltda 67.97 16,348 1,373 15,394 33,115

Mac Cyrela Italia Empreendimentos Imobiliarios Ltda 49.97 13,048 419 19,355 32,822

Mac Cyrela Mafra Empreendimentos Imobiliarios Ltda 79.98 17,048 3,000 93,188 113,236

Mac Cyrela Manay Empreendimentos Imobiliarios Ltda 68.57 2,108 - 8,908 11,016

Mac Cyrela Spot Empreendimentos Imobiliarios Ltda 68.57 208 - 3,280 3,488

Mac Dinamarca Empreend Imobil Ltda 69.97 547 9,282 1,229 11,058

Mac Empreendimentos Imobiliarios S.A. 49.95 12,169 60,688 107,227 180,084

Mac Espanha Empreendimentos Imobiliarios Ltda 49.95 3,450 411 6,209 10,070

Mac Holanda Empreendimentos Imobilairios Ltda 69.97 2 - 71 73

Mac Incorporadora Ltda 24.97 3 - 1 4

Mac Investimentos E Participações Ltda 49.95 6,304 95 122 6,521

Mac Irlanda Empreendimentos Imobiliarios Ltda 49.95 6,263 54 5,652 11,969

Mac Italia Empreendimentos Imobiliarios Ltda 49.96 - - 5 5

Mac Mexico Empreendimentos Imobiliarios Ltda 69.97 2,818 622 33,655 37,095

Mac Portugal Empreendimentos Imobiliarios Ltda 49.95 4,155 820 13,967 18,942

Mac Suiça Empreendimentos Imobiliarios Ltda 49.95 36 - (8) 28

Madagascar Incorporadora Ltda 49.95 394 940 891 2,225

Merito Empreendimentos Imobiliarios Spe Ltda 49.99 1,057 16 10,008 11,081

Mesopotamia Empreendimento Imobiliario Spe S.A. 68.00 3,136 1,919 10,965 16,020


June 30, 2010




61


Interest Non


Miralta Empreendimento Imobiliario Spe Ltda 51.35 1,078 3,014 2,783 6,875

Monterey Incorporadora Ltda 49.95 - - 147 147

Nova Delhi Incorporadora Spe Ltda 49.99 11,922 4,069 17,699 33,690

Onix Brasil Empreendimento Imobiliario Spe Ltda 49.92 124 - (1) 123

Paraba Investimentos E Participações Ltda 21.41 23 200 773 996

Plano & Plano Construcoes E Participacoes Ltda 79.00 32,834 20,942 150,061 203,837

Plano Amoreira Empreendimentos Imobiliarios Spe Ltda 91.60 2,405 15,382 18,227 36,014

Plano Araucaria Empreendimentos Imobiliarios Ltda 78.97 3,301 930 26,050 30,281

Plano Aroeira Empreendimentos Imobiliarios Ltda 78.98 11,084 1,667 8,201 20,952

Plano Cambara Empreendimentos Imobiliarios Ltda 78.97 8,701 - 11 8,712

Plano Castanheira Empreendimentos Imobiliarios Spe Ltda 91.60 8 - 225 233

Plano Cedro Empreendimentos Imobiliarios Ltda 78.98 3,668 439 9,892 13,999

Plano Cerejeiras Empreendimentos Imobiliarios Ltda 78.97 670 - 2,250 2,920

Plano Figueira Empreendimentos Imobiliarios Ltda 78.98 5,113 1,097 34,183 40,393

Plano Flambouyant Empreendimentos Imobiliarios Ltda 78.98 4,274 - 3,091 7,365

Plano Guapira Empreendimentos Imobiliarios Ltda 78.98 2,327 82 4,941 7,350

Plano Ipe Empreendimentos Imobiliarios Ltda 78.98 6,213 439 11,680 18,332

Plano Jacaranda Empreendimentos Imobiliarios Ltda 78.98 441 72 2,832 3,345

Plano Jatoba Empreendimentos Imobiliarios Ltda 78.98 1,792 569 19,984 22,345

Plano Macieira Empreendimentos Imobiliarios Ltda 78.98 - - 7 7

Plano Manaca Empreendimentos Imobiliarios Ltda 78.97 - - 7 7

Plano Mangueira Empreendimentos Imobiliarios Ltda 78.98 - - 461 461

Plano Mogno Empreendimentos Imobiliarios Ltda 78.98 1,471 - 3,709 5,180

Plano Paineira Empreendimentos Imobiliarios Ltda 78.98 - - 7 7

Plano Palmeiras Empreendimentos Imobiliarios Ltda 78.97 1,539 365 11,773 13,677

Plano Pitangueiras Empreend Imobiliarios Ltda 78.98 1,959 272 8,070 10,301

Plano Seringueira Empreendimentos Imobiliarios Ltda 78.98 9,375 13,023 17,412 39,810

Platina Brasil Empreendimento Imobiliario Spe Ltda 49.96 1,665 - - 1,665

Plaza Del Arte Incorporadora Ltda 49.95 - - 33 33

Porto Esperanca Incorporadora Ltda 49.95 158 2,473 476 3,107

Prata Brasil Empreendimentos Imobiliarios Ltda 49.92 819 3,150 946 4,915

Provincia Incorporadora Ltda 49.95 483 2,344 1,542 4,369

Queiroz Galvao Mac Cyrela Veneza Empreend. Imobil. S.A. 29.98 4,569 238 16,550 21,357

Rail Incorporadora Ltda. 19.98 5 271 177 453

Riviera Ponta Negra Empreendimentos Imobiliarios Spe Ltda 48.98 28,060 440 (3) 28,497

Rubi Brasil Empreendimento Imobiliario Spe Ltda 49.92 3 - - 3

Salto Empreendimentos Imobiliarios Spe Ltda 49.99 580 1,179 4,234 5,993

Scp - Baturite 49.01 4,542 697 10,807 16,046

Scp - Provence Horto 72.00 (128) 409 294 575

Scp - Jardim Celeste 71.08 (2,665) (1,913) 98 (4,480)

Scp - Jeronimo Veiga (Mac Investimentos E Participações Ltda)12.48 181 26 38 245

Sk Desenvolvimento Imobiliario V Ltda 49.99 421 - 2,845 3,266

Sk Realty Empreendimentos Imobiliarios S/A 50.00 2,480 4,095 32,603 39,178

Ssb Empreendimento Imobiliario Spe S.A. 53.59 14,476 2,300 4,774 21,550

Stuhlberger Vila Mariana Spe S/A 16.65 46 49 36 131

Topazio Brasil Empreendimento Imobiliario Spe Ltda 49.96 5,384 23,654 9,478 38,516

Urimonduba Empreendimentos Imobiliarios Spe Ltda 49.99 589 515 9,181 10,285

Vereda Paraiso Empreendimentos Imobiliarios Ltda 57.36 (31,218) 28 11,359 (19,831)

Vero Campo Belo Empreend. Imobil. Spe Ltda 78.98 1,003 18 590 1,611

Vero Sta Isabel Empreend. Imobil. Spe Ltda 78.98 4,028 11,991 9,630 25,649

Viena Incorporadora Spe Ltda 49.99 540 2,471 546 3,557

Vista Al Muelle S.A. 45.00 102 2,224 905 3,231

Vivere Franca Empreendimentos Imobiliarios Ltda 39.96 69 29 1,183 1,281

Vivere Japao Empreendimentos Imobiliarios Ltda 39.96 293 325 5,572 6,190

Vmss Empreendimento Imobiliario Spe S.A. 53.59 6,830 708 (409) 7,129

Zetol S.A. 45.00 22 - 1,868 1,890


June 30, 2010




62


Other Current and



Acropole Incorporadora Ltda 40.00 2,733 (1,847) (12) (14) - (76) 784

Alexandria Empreendimentos Imobiliarios 49.99 4,408 (2,806) 33 (19) - (141) 1,475

Alpen Haus Negocios Imobiliarios S/A 24.00 1,182 (982) (76) 43 - (11) 156

Arizona Investimentos Imobiliarios Ltda 50.00 8,177 (4,077) (82) (236) 25 (274) 3,533

Augusto De Miranda Empreendimentos Imobi 49.99 1,782 (1,175) (218) 1 (92) (52) 246

Autentico Vila Carrao Empreend Imobil Sp 49.99 2,817 (2,343) (38) (19) - (76) 341

Brigadeiro Galvao Empreendimentos Imobil 49.91 2,510 (1,569) (32) 7 - (77) 839

C.E.A. Empreendimentos Imobiliarios Spe 50.00 5,244 (2,570) (15) 43 8 (182) 2,528

Caiobas Empreendimentos Imobiliarios Spe 49.99 (1,067) 590 (56) 222 - 23 (288)

Alpen Haus Desenvolvimento Imobiliario S 24.00 419 (167) (2) 25 - (12) 263

Camargo Correa - Cyrela Empreend Imobil 50.00 2 - (6) (61) - (8) (73)

Capri Incorporadora Spe Ltda 50.00 - - (39) - - - (39)

Cbr 005 Empreendimentos Imobiliarios Ltd 50.00 - - (6) (113) - - (119)

Cbr 011 Empreendimentos Imobiliarios Ltd 32.50 - - (235) - - - (235)

Cedro Consultoria Imobiliaria Ltda 50.00 88 - (128) (2) - (7) (49)

Chl Xxxv Incorporacoes Ltda 39.66 113 - (16) - - (9) 88

City Parque Morumbi Empreendimentos Imob 50.00 - - (53) - - - (53)

Licy Empreendimentos Imobiliarios S/A 50.00 - - (618) 5 1,213 (1) 599

Costa De Guadalupe Empreendimentos Imobi 45.00 - - (13) - - - (13)

Costa Maggiore Empreendimentos Imobiliar 50.00 1,656 (1,007) (121) 69 - (65) 532

Cubatao Empreendimentos Imobiliarios Ltd 49.99 545 (363) (36) 68 50 (1) 263

Curupaiti Empreendimentos Imobiliarios S 49.99 - - (14) (2) - - (16)

Cury Construtora E Incorporadora S/A 50.00 - - (860) (155) 2,500 - 1,485

Cyrela Rjz Jc Gontijo Empreendimentos Im 43.00 - - (19) 2 - - (17)

Cyrela Gafisa Spe Ltda 46.49 (7) - (8) 35 - 2 22

Cyrela Magik Tecnisa Empreendimentos Imo 36.67 10 7 (87) 165 - 10 105

Cyrela Milao Empreendimentos Imobiliario 48.67 (1,166) (458) (83) 471 2 (60) (1,294)

Cyrela Minas Empreendimentos Imobiliario 50.00 4,440 (4,243) (112) (634) - (144) (693)

Cyrela Tecnisa De Invest Imob Ltda 50.00 69 (88) (54) 8 - 1 (64)

Cyrela Tecnisa Klabin Segall Empreend. I 32.41 52 - (6) (1) - 2 47

Cyrela Tennessee Empreendimentos Imobili 48.67 (494) 42 (315) (4) - 112 (659)

Cyrsa S/A 50.00 - - (981) 4,470 (617) 142 3,014

D Empreendimentos E Participacoes Ltda 35.05 - - - - - - -

Dalia Empreendimentos Imobiliarios Ltda 48.61 (60) - (6) 25 - (6) (47)

Estela Borges Empreendimentos Imobiliari 49.99 8,391 (4,467) (90) (126) - (271) 3,437

Europa Brasil Empreendimento Imobiliario 49.92 7,595 (5,075) (833) (87) (14) (207) 1,379

Fabia Empreendimentos Imobiliarios Spe L 32.50 1,772 (1,190) (72) (26) 2 (63) 423

Farroupilha Empreendimentos Imobiliarios 49.99 - - (11) - - - (11)

Forest Hill De Investimentos Imobiliario 49.44 - (60) - - - - (60)

Galeria Boulevard Desenvolvimento Imobil 48.61 360 (9) (6) 369 - (13) 701

Galeria Boulevard Negocios Imobiliarios 48.61 14,633 (10,398) (95) 513 - (1,355) 3,298

Gcm Empreendimentos Imobiliarios Ltda 49.99 4,589 (3,017) (43) (34) - (126) 1,369

Girassol - Vila Madalena Empreend Imobil 50.00 - - (71) 2 - 4 (65)

Jaguariuna Empreendimentos Imobiliarios 50.00 1,454 (1,078) (317) 1 - (39) 21

Klabin Segall Cyrela Rjz Empreendimento 48.67 (2,510) 431 (1) 70 227 74 (1,709)

Klabin Segall Cyrela Spe Ltda 37.93 (147) 57 (27) 115 - 3 1

Klabin Segall Vergueiro Emp. Imobil Spe 38.50 2,582 (2,317) (54) 219 722 (106) 1,046


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63


Other Current and



Lao Empreendimentos Imobiliarios Ltda 39.95 2,652 (1,448) (16) 442 - (122) 1,508

Lorena Empreendimentos Imobiliarios Spe 49.99 2,977 (1,683) (84) (2) (44) (77) 1,087

Lucio Brazil Real Estate S/A 49.97 - - (60) (97) 5,516 - 5,359

Mac Brasil Empreendimentos Imobiliarios 49.91 - - - - - - -

Mac Construtora Ltda 49.95 13,086 (9,441) (432) 71 2,340 (256) 5,368

Mac Cyrela Italia Empreendimentos Imobil 49.95 11,744 (7,525) (9) 18 - (443) 3,785

Mac Empreendimentos Imobiliarios S/A 49.91 1,284 - (4,317) (1,684) 19,757 - 15,040

Mac Espanha Empreendimentos Imobiliarios 49.91 2,560 (1,974) (52) 11 - (79) 466

Mac Franca Empreend Imobiliarios Ltda 39.93 960 (658) (233) 3 - (30) 42

Mac Grecia Empreendimentos Imobiliarios 49.91 - - - - - - -

Mac Holanda Empreendimentos Imobilairios 49.91 - - - - (3) - (3)

Mac Incorporadora Ltda 24.95 - - (2) 2 - - -

Mac Investimentos E Participacoes Ltda 49.91 886 - (683) (2) 49 (104) 146

Mac Irlanda Empreendimentos Imobiliarios 49.91 - - (37) - - - (37)

Mac Italia Empreendimentos Imobiliarios 48.02 - - - - - - -

Mac Japao Empreendimentos Imobiliarios L 39.93 - - (56) - - - (56)

Mac Monaco Empreendimentos Imobiliarios 49.91 - - - - (2) - (2)

Mac Portugal Empreendimentos Imobiliario 49.91 5,336 (3,680) (90) 117 - (195) 1,488

Mac Suica Empreendimentos Imobiliarios L 49.91 - - - - - - -

Mac Venezuela Empreendimentos Imobiliari 49.91 - - - - (3) - (3)

Madagascar Incorporadora Ltda 49.95 - - (336) (2) - - (338)

Magnum Investimentos Imobiliarios Ltda 30.00 97 (279) (20) (328) - (83) (613)

Marquise Empreendimentos Imobiliarios Sp 50.00 - - (242) (1) 1 - (242)

Merito Empreendimentos Imobiliarios Spe 49.99 3,616 (2,078) (15) (12) - (111) 1,400

Mestre Alvaro Empreendimentos Imobiliari 49.99 9,915 (5,495) (23) (403) 1 (303) 3,692

Moinho Velho Empreendimentos Imobiliario 50.00 - - - (368) - - (368)

Monterey Incorporacoes Spe Ltda 50.00 - - (2) - - - (2)

Nova Delhi Incorporadora Spe Ltda 49.99 4,788 (2,991) (203) (45) - (150) 1,399

Nova Vila Guilherme Empreendimentos Imob 50.00 - - (40) - - - (40)

Abc II De Investimentos Imobiliarios Ltda 34.95 (7) 1 (12) 14 - 1 (3)

Office Shopping 2 Empreendimentos Ltda 50.00 - - (9) - - - (9)

Padre Adelino Empreendimentos Imobiliari 49.99 7,141 (3,765) (26) (71) - (211) 3,068

Paraba Empreendimentos E Participacoes L 21.39 659 (624) (40) (113) 1 (42) (159)

Parque Turiassu Empreend Imobiliario Spe Lt 39.99 1,640 (1,054) (32) 8 - (43) 519

Petronio Portela Empreend Imobiliarios S 49.99 (56) 35 (118) (29) - (1) (169)

Plarcon Cyrela Empreendimentos Imobiliar 50.00 23,217 (19,970) (1,159) (1,145) - (496) 447

Prata Brasil Empreendimento Imobiliario 49.92 1,407 (957) (406) 20 15 (47) 32

Provincia Incorporadora Ltda 50.00 635 (407) (149) (5) - (18) 56

Queiroz Galvao Cyrela Empreendimento Imo 38.62 (3) (325) (424) 153 - (6) (605)

Queiroz Galvao Cyrela Oklahoma Empreend 48.90 7,669 (4,427) (155) 149 - (232) 3,004

Queiroz Galvao Mac Cyrela Veneza Empreen 29.97 8,009 (5,153) (68) 476 - (423) 2,841

Residencial Sao Conrado Empreendimentos 48.67 1,701 (1,477) (349) 400 - (82) 193

Riviera Ponta Negra Empreendimentos Imob 48.96 - - (1) - - - (1)

Rummaala S/A 49.99 17,027 (10,469) (414) (4,062) - (637) 1,445

Salmiana Empreendimentos S/A 49.99 641 (257) (51) (161) - (7) 165

Salto Empreendimentos Imobiliarios Spe L 49.99 1,623 (958) (23) 37 (155) (63) 461

Santa Genebra Empreendimentos Imobiliari 49.99 - - (10) - - - (10)

Savona Empreendimento Imobiliario Spe Lt 50.00 - - (18) - - - (18)

Scp - Mac Construtora Ltda - Scp Baturit 49.91 6,836 (4,258) (28) 64 - (235) 2,379

Scp Classic/Galli 47.81 12 84 (244) 11 - 2 (135)

Sk Realty Empreendimentos Imobiliarios S/A 50.00 172 - (1,289) 13 4,620 - 3,516

Slk Empreendimento Imobiliario Spe Ltda 29.99 9,185 (4,832) (89) 101 - (317) 4,048

Tibirica Empreendimentos Imobiliarios Lt 50.00 1,647 (1,580) (260) (23) - (47) (263)

Topazio Brasil Empreendimento Imobiliari 49.92 14,290 (8,525) (987) (170) - (497) 4,111

Urimonduba Empreendimentos Imobiliarios 49.99 4,859 (2,725) (23) 81 142 (217) 2,117

Viena Incorporadora Spe Ltda 49.99 (14) 14 (145) (1) - 2 (144)

Vila Maria Empreendimentos Imobiliarios 49.99 1,830 (1,212) (54) 38 - (62) 540


June 30, 2010




64

Investments abroad The financial statements of the subsidiary Brazil Realty Serviços e Investimentos Ltda. (with headquarters in the Bahamas), expressed in US dollars, were translated to reais by the current exchange rate method, for which the exchange rate effective on June 30, 2010 was used - R$1.8015 (R$1.7810 March 2010). The financial statements of the subsidiaries under common control Cyrsa S.A. (headquartered in Argentina), Liveck S.A., Zetol S.A. and Vista Al Muelle S.A. (headquartered in Uruguay) expressed in Argentine and Uruguayan pesos, had their accounting practices reviewed as well as made to be consistent with the ones adopted by us and were translated to Brazilian reais using the historical rate method for the owner’s equity accounts and using the current rate method for the other asset and liability accounts, and for the latter the exchange rate effective on June 30, 2010 was used - R$0.4584 (R$0.4594 March 2010).

9. Tangible assets (fixed assets)

(i) The expenses are appropriated to the income as per the lease term of the real estate; (ii) The amortization is made as per the useful life of the assets used during the period for

selling the ventures.


Annual depreciation

06/2010 03/2010 06/2010 03/2010 rate - %

Machinery and equipment (cost) 1,115 726 3,026 2,270

Accumulated depreciation (241) (217) (538) (472) 10

Furniture and fixtures (cost) 3,985 3,604 6,996 6,142

Accumulated depreciation (644) (549) (1,063) (900) 10

Computers (cost) 5,187 4,367 10,064 8,435

Accumulated depreciation (2,377) (2,151) (3,737) (3,314) 20

Facilities (cost) 353 316 969 756


Vehicles (cost) 92 92 120 120


Leasehold improvements 8,996 8,668 12,219 11,391

Accumulated amortization (3,417) (2,978) (4,275) (3,731) (i)

Sales Stands 54 359 181,466 181,231

Sales Stands charge-off - - (50,841) (57,894) (ii)

Other (cost) - - 7 7

13,015 12,161 154,235 143,890


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65

10. Intangible assets and goodwill The balances of goodwill due to future profitability were reclassified from the Investment group, parent company, to the Intangible assets.

(i) The Company began the amortization of the expenses with projects (development of the new corporate management system) in April 2010 in connection with the ending of the implantation period.

(ii) The analytical movement is demonstrated in Note 8(c). 11. Loans and financing

Loans in foreign currency, in the total amount of US$30,000, are subject to the variance of the LIBOR rate and 4.3% interest per year, plus exchange rate changes and with maturity in June 2012, having the controlling shareholder’s suretyship as collateral. The loans in domestic currency are subject to interest rates ranging from 8.5% to 11.8% per year, plus the Referential Rate (TR) variance, falling due up to 2018. Credit facilities for working capital, in the amount of R$200,000, are charged at a 100% rate of the Certificate of Interbank Deposit – CDI, with a 0.81% spread per year and paid in annual installments in a four-year term.

Amortization

Rate

% 06/2010 03/2010 06/2010 03/2010

Brands and Patents 20% 24 24 136 154 Software 20% 2,225 2,389 3,633 3,753 Expenses with projects under development ( i ) 37,211 36,296 41,580 37,811

39,460 38,709 45,349 41,718

Goodwill ( ii ) - - 53,623 56,881

Total Intangible Assets 39,460 38,709 98,972 98,599


In thousands of

US Dollars

Parent Company Consolidated Consolidated

06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

Loans - foreign currency 54,045 53,430 54,045 53,430 30,000 30,000

Loans - domestic currency 112,500 112,500 202,555 204,253 - -

Financing - domestic currency 362,254 282,366 1,578,221 1,379,689 - -

Interest to be paid - domestic currency 2,860 2,155 5,915 4,001 - -

Interest to be paid - foreign currency 16 728 16 728 9 409

531,675 451,179 1,840,752 1,642,101 30,009 30,409

Short-term 63,163 58,779 498,780 415,856

Long-term 468,512 392,400 1,341,972 1,226,245


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66

As a warrant for the aforementioned financing the suretyships from the controlling shareholder, a mortgage and collateral for accounts receivable were offered. Financing, represented by the agreements of real estate credit operations have advance maturity clauses in the event of the non-compliance with commitments assumed in them, such as the investment of funds in the purpose of the agreement, mortgage registration of the venture, compliance with the timeline of the constructions and other aspects. The commitments assumed are being complied with by the Company in the terms contracted. The mortgages and collateral of accounts receivable from the ventures totaled R$1,529,312 on June 30, 2010 (R$1,324,745 in March 2010). Long-term amounts have the following breakdown, as per maturity year:

12. Debentures

On January 5, 2008, the Company issued, in the amount of R$499,500, the second lot of simple debentures (1st tranche: April 1, 2007 – R$500,000), in registered book-entry form not convertible into shares, of the unsecured type, closing the public offering of distribution in the total raised amount of R$999,500. On September 1, 2009, the Company issued in a public offering, with restricted distribution, in the amount of R$ 350,000, simple debentures, in a single tranche, in registered book-entry form not convertible into shares, of the unsecured type. The expenses with the issuance of debentures totaled R$8,988, being R$2,033 (1st tranche), R$1,715 and (2nd tranche) and R$5,240 (3rd tranche), which are being amortized according to their maturity curve. The maturity term of the debentures and the yielding are:


Year 06/2010 03/2010 06/2010 03/2010

2011 76,951 162,555 627,078 627,506

2012 183,695 95,171 403,340 332,388

2013 108,450 81,400 168,505 171,847

2014 78,856 51,559 109,273 81,214

2018 20,560 1,715 33,776 13,290

Total 468,512 392,400 1,341,972 1,226,245

Parent Company and Consolidated 06/2010 03/2010

Debentures 911,890 911,890

(-) Expenses with debentures to amortize (6,766) (7,143)

905,124 904,747

Interest on debentures (Short-Term) 17,170 25,893

922,294 930,640


June 30, 2010




67

1st tranche with issuance on April 1, 2007, in the amount of R$500,000

The maturity term is seven (7) years counted from the date of their issuance, and their amortization is in three (3) annual, equal and consecutive installments as of April 1, 2012 with final maturity on April 1, 2014. The debentures are not subject to early redemptions at the discretion of the Company, except, however, the right of the Company to acquire at any time outstanding debentures, in compliance with the legislation in force. The charges of the debentures correspond to one hundred percent (100%) of the accumulated variance of the average daily rates of one-day interbank deposits disclosed, daily, by the CETIP2, plus a spread of 0.48% per year, levied on the nominal unit value not yet amortized, paid semiannually, with the first maturity on October 1, 2007. The first effectiveness period of the 1st Tranche Debentures Yielding began on the issuance date and will mature in 24 months counted from the issuance date. Last repricing date was on January 5, 2010. 2nd tranche with issuance on January 5, 2008, in the amount of R$499,500

The maturity term is ten (10) years counted from the date of their issuance, with final maturity on January 5, 2018. The debentures are not subject to early redemption at the discretion of the Issuer, except, however, the right of the Company to acquire at any time outstanding debentures, in compliance with the legislation in force. The charges of the debentures correspond to one hundred percent (100%) of the accumulated variance of the average daily rates of one-day interbank deposits disclosed, daily, by the CETIP, plus a spread of 0.65% per year. The first effectiveness period of the 2nd Tranche Debentures Yielding will begin on the issuance date and will mature in 36 months counted from the issuance date, Cyre 22 repricing date on January 5, 2011 and Cyre 12 repricing date on January 5, 2010. In 2009, the Company repurchased 14,404 debentures (CYRE12), being 1,000 (one thousand) in February 2009; 2,040 (two thousand and forty) in April; 9,614 (nine thousand six hundred and fourteen) in May; and 1,750 (one thousand, seven hundred and fifty) in November. The securities stayed in treasury until June 30, 2009 and were redeemed on July 15, 2009. In January 2010, the Company repurchased another 10,561 debentures (CYRE12). The Company also repurchased 9,605 debentures (CYRE22) in November 2009 and 9,191 debentures (CYRE22) in January 2010. On June 30, 2010, there was a remaining amount of R$911,890, related to the 1st tranche (CYRE11: R$500,000 and CYRE13: R$350,000) and 2nd tranche (CYRE12: R$100 and CYRE22: R$61,790). 3rd tranche with issuance on September 01, 2009, in the amount of R$350,000

The maturity term is five (5) years counted from the date of their issuance, and their amortization is in four (4) annual, equal and consecutive installments as from September 1, 2011 with final maturity on April 1, 2014.

2 Clearing House for the Custody and Financial Settlement of Securities.


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68

The debentures are not subject to early redemptions at the discretion of the Company, except, however, the right of the Company to acquire at any time outstanding debentures, in compliance with the legislation in force. The charges of the debentures correspond to one hundred percent (100%) of the accumulated variance of the average daily rates of one-day interbank deposits disclosed, daily, by the CETIP, plus a spread of 0.81% per year, levied on the nominal unit value not yet amortized, paid quarterly, with the first maturity on December 1, 2009. Contractual clauses (covenants) The private instrument of deed of the issuance of debentures has restrictive clauses establishing maximum indebtedness and leverage levels, as well as minimum levels of coverage of installments to mature and costs to incur. In addition to these financial commitments, there are other commitments assumed, such as: • Renewal of authorizations and licenses, including environmental ones; • Transformation into a limited company; • Compliance with judicial decisions transited in rem juditicam; • Reduction of the capital stock other than for the absorption of losses; • Transfer or assignment of controlling interest; and • Changes in the ownership structure, such as combinations, spin-offs and mergers in

transactions which exceed 10% of the shareholders’ equity. These contractual clauses were totally complied with until the end of the period ended June 30, 2010.

13. Related parties

a) Loan operations The balances of loan operations maintained with related parties do not have a previously established maturity date and are not subject to financial charges, except those entered into with the “Joint Ventures”.


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69

The balances in the financial statements of the parent company and the consolidated ones are presented as follows:


Assets Liabilities Assets Liabilities

06/2010 03/2010 06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

Other partners and administrators – Individual 44.092 41.470 - - 71.957 ( i ) 68.555 ( i ) 3.641 1.530

Other partners and administrators:

AGRA EMPREEND IMOBIL S/A 34 - 596 596 219 - 596 596 ALFA REALTY EMPREEDIMENTOS IMOBILIÁRIOS LTDA 332 332 - - 332 332 - - ASSIA ADMINISTRADORA DE IMOVEIS LTDA - - - - 600 600 - - BERRINI BANDEIRANTES EMPREENDIMENTOS IMOPBILIARIOS SPE LTDA 109 109 - - 109 109 - - BERTOLETTI PLANEJAMENTO E DESENVOLVIMENTO IMOBILIÁRIOS LTDA 1.529 1.592 - - 1.865 1.592 88 - BRASCAN IMOBILIÁRIA E INCOPORAÇÕES - - - - 615 615 - - BUENO NETO GESTAO IMOBILIARIA LTDA 855 855 - - 855 855 30 - BULLISH PARTICIPAÇÕES LTDA - - 125 124 9 134 - - CACAPAVA EMPREITADA DE LAVOR LTDA - - - - 2.009 2.009 219 - CARVALHO HOSKEN S/A ENGENHARIA E CONSTRUÇÃO - - 166 166 - - 166 - CDC EMPREENDIMENTOS E PARTICIPACOES LTDA. - - - - - - 1.531 1.531 CONCIMA EMPREENDIMENTOS E CONSTRUCOES LTDA 6.521 6.351 - - 6.868 6.698 - - CONENGE ENGENHARIA LTDA - - - - - - 402 - CONSORCIO MASSACA - - - - - - 4.829 - CONSTRUTORA ANDRADE MENDONÇA LTDA - - - - - - 794 - ELWING EMPREENDIMENTOS IMOBILIÁRIOS LTDA 3.628 2.620 - - 3.958 2.950 1.590 1.714 ENGELUX COMERCIAL E CONSTRUTORA LTDA - - - - 175 175 - - EXTO INCORPORAÇÕES LTDA - - - - 700 700 - 700 FROMER PLANEJAMENTO E DESENVOLVIMENTO IMOBILIARIO PARTIC LTDA - - - - 890 890 - - GIRONPARK DO BRASIL EMPREENDIMENTOS IMOBILIÁRIOS LTDA 170 170 - - 170 170 - - GOLDFARB INCORPORACOES E CONSTRUCOES LTDA - - - - 150 957 12 - GULF INVESTIMENTOS LTDA - - - - 745 745 160 785 HORIZON 3 EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - - 1.457 1.457 INCORPORADORA PINHEIRO PEREIRA LTDA 1.631 1.349 - - 1.706 1.349 191 - INCORTEL INCORPORAÇÕES HOTELEIRAS LTDA 6.419 4.479 - - 5.437 859 - - JCPM PARTICIPACOES E EMPREENDIMENTOS LTDA - - - - - - 1.266 - JOSE CELSO GONTIJO ENGENHARIA S/A 226 226 - - 226 226 593 - JOTAGE ENGENHARIA COMERCIO E INCORPORAÇÃO - - - - 59 59 354 - KLABIN SEGALL S/A - - - - 1.384 773 11 - KLARCON ENGENHARIA LTDA 277 277 156 156 277 277 268 - KOEMA EMPREENDIMENTOS E PARTICIPACOES LTDA - - - - - - 482 - LUCIO EMPREENDIMENTOS E PARTICIPACOES LTDA. - - - - - - 359 -


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70



06/2010 03/2010 06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

MAC DINAMARCA EMPREEND IMOBIL LTDA 9.215 - - - 9.215 5.650 - - MAC PARTICIPAÇÕES LTDA - - 3.327 3.327 4.322 3.040 3.487 3.327 MAGIK EMPREENDIMENTOS IMOBILIÁRIOS LTDA 19.123 11.625 56 56 24.774 17.276 1.896 - MELO TEIXEIRA ARQUITETURA E PLANEJAMENTO LTDA - - 240 240 - - 1.088 - MORAR CONSTRUTORA E INCORPORADORA LTDA 1.403 1.348 - - 2.440 2.386 521 - MVL - EMPREENDIMENTOS IMOBILIÁRIOS LTDA 1.529 1.453 - - 1.865 2.088 88 - NISS INCORPORAÇÕES E PARTICIPAÇÕES LTDA - - - - - - 34 - OMEGA SPE EMPREENDIMENTOS IMOBILIÁRIOS 1.263 1.242 - - 1.263 1.242 - - PHOENICIA BRAZIL S/A - - - - 1.520 1.595 - - PLARCON ENGENHARIA S/A 14.187 16.401 - - 14.187 16.401 - - QUASAR DE INVESTIMENTOS IMOBILIÁRIOS LTDA - - 638 638 - - 638 - REDIL EMPTREENDIMENTOS E PARTICIPACOES S/A - - - - - - 736 - REPAME PARTICIPACOES E EMPREENDIMENTOS LTDA. - - - - 528 - 31 - ROSSI RESIDENCIAL S/A - - - - 1.339 1.339 1.548 - SKR ENGENHARIA LTDA - - - - 21.024 20.444 1 - SM CONSTRUÇÃO E COMERCIO LTDA - - - - 1.661 1.661 50 - SOPEMA SOC PAULISTA DE EMPREENDIMENTOS IMOBILIÁRIOS E AGROP LTD - - - - 927 927 - - TECCO TECNOLOGIA E CONSTRUÇÃO LTDA - 3.148 5.786 - - 5.065 5.944 18.900 TECNISA ENGENHARIA E COMERCIO LTDA 1.019 1.019 1.749 1.749 7.941 6.344 1.749 1.749 TECNISA S/A - - - - 2.573 2.449 94 - TECNUM & CORPORARATE EMPREENDIMENTOS IMOBILIÁRIOS LTDA 5.766 3.681 - - 5.766 3.681 1.804 - TPR EMPREENDIMENTOS E PARTICIPAÇÕES LTDA - - - - 815 640 - - VIVENDA NOBRE INCORPORADORA LTDA - - - - 4.768 4.768 - - VIVER EMPREENDIMENTOS IMOBILIÁRIOS E PARTICIPAÇÕES LTDA 294 294 2.006 2.006 5.622 5.622 2.042 2.006 VR EMPREENDIMENTOS PARTICIPACOES E SEV L - - - - 9.169 - - -

Other partners and administrators : 119.625 100.040 14.846 9.060 223.036 194.247 40.792 34.295

Controlled companies:

ABC II DE INVESTIMENTOS IMOBILIARIOS LTDA - - 1.965 1.965 - - - - ABC REALTY DE INVESTIMENTOS IMOBILIARIOS LTDA 390 390 1.505 1.505 - - - - AGRA CYRELA SPE LTDA 219 132 - - 87 - 279 - ALDEIA DA COLINA EMPREEND IMOBIL SPE LTDA 4.662 5.190 3.926 3.926 3.926 - 3.926 - ALEXANDRIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 292 292 - - ALPEN HAUS NEGOCIOS IMOBILIARIOS S/A 171 171 - - 171 171 - - ANGRA DOS REIS EMPREENDIMENTOS IMOBILIARIOS LTDA 2.161 2.161 - - - - - - ARIZONA INVESTIMENTOS IMOBILIARIOS LTDA 6.957 6.970 3.400 3.400 6.957 5.579 3.400 3.400 ATLANTIDA EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 66 66 309 309 - 26 62 62 AUSTRALIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 2.116 - 59 - C.E.A. EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - - 1.400 1.400 - - 700 - CAIOBAS EMPREENDIMENTOS IMOBILIARIOS SPE LTDA. - - - - - 83 108 - CALAFETE INVESTIMENTOS IMOBILIARIOS LTDA 2 - 872 872 21.685 21.683 517 - CANINDE DE INVESTIMENTO IMOBILIARIO LTDA 314 314 2.911 2.911 - 96 - - CARCAVELOS EMPREENDIMENTOS IMOBILIARIOS LTDA - - 6.109 6.109 - - - - CBR 002 EMPREENDIMENTOS IMOBILIARIOS LTDA 213 213 - - - - - - CBR 003 EMPREENDIMENTOS IMOBILIARIOS LTDA 2.726 3.086 - - - 360 - - CBR 011 EMPREENDIMENTOS IMOBILIARIOS LTDA - 284 - - - 192 - - CBR 012 EMPREENDIMENTOS IMOBILIARIOS LTDA 549 549 - - 110 110 - - CHL XXXV INCORPORACOES LTDA - - - - 3.183 3.183 - - CITY PARQUE MORUMBI EMPREENDIMENTOS IMOBILIARIOS S 4.163 28 - - 2.081 14 - - CL EMPREENDIMENTOS IMOBILIARIOS S/A 1.556 1.556 - - 840 840 19 - CONCIMA PARTICIPACOES LTDA - 7 - - - 7 - 3.319 COSTA DE GUADALUPE EMPREENDIMENTOS IMOBILIARIOS LT 497 418 - - 332 289 - - COTIA EMPREENDIMENTOS IMOBILIARIOS LTDA 1.618 1.618 - - - - - -


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71



06/2010 03/2010 06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

COUNTRY DE INVESTIMENTOS IMOBILIARIOS LTDA 16,722 17,172 18,388 18,388 - - 500 4,584 CURY CONSTRUTORA E INCORPORADORA S/A 318 318 - - 318 318 - - CURY EMPREENDIMENTOS IMOBILIARIOS LTDA 42,281 41,115 - - 42,923 41,746 41 - CYBRA DE INVESTIMENTO IMOBILIARIO LTDA 5,856 6,041 143,043 143,043 - - 24 2,483 CYRELA ACONCAGUA EMPREENDIMENTOS IMOBILIARIOS LTDA 6,490 6,490 - - - - - - CYRELA ANDRADE MENDONCA EMPREENDIMENTOS IMOBILIARI 40,367 5,660 13,068 - 8,073 1,132 2,614 59 CYRELA BAHIA EMPREENDIMENTOS IMOBILIARIOS LTDA 350 350 - - - - - - CYRELA BORACEIA EMPREENDIMENTOS IMOBILIARIOS LTDA 1,512 2,034 - - - - - - CYRELA BRACY DE INVESTIMENTOS IMOBILIARIOS LTDA 285 285 1,536 1,536 - - - - CYRELA BRASILIA EMPREENDIMENTOS IMOBILIARIOS LTDA 295 295 - - 299 387 - - CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTIC 4,481 - 4,481 - 8,552 636 20,615 - CYRELA CHILE EMPREENDIMENTOS IMOBILIARIOS LTDA 20,269 20,247 5,901 5,901 - 128 - - CYRELA CLASSIC DE INVESTIMENTO IMOBILIARIO SPE LTD - - - - - - - 225 CYRELA COMERCIAL IMOBILIARIA LTDA. 368 368 588 588 - 4,217 3,011 17,812 CYRELA CONSTRUTORA LTDA 477 477 - - - - - - CYRELA DINAMICA DE INVESTIMENTOS IMOBILIARIOS LTDA - 166 3,005 3,005 - 801 - - CYRELA ELWING EMPREENDIMENTOS IMOBILIARIOS SPE LTD 5,140 4,785 1,323 1,323 - 409 - - CYRELA EMPREENDIMENTOS IMOBIL. COML. IMPORT. E EXP - - 31,127 31,127 - - - 565 CYRELA FINLANDIA EMPREENDIMENTOS IMOBILIARIOS LTDA 1,556 1,594 - - 1,103 1,103 - - CYRELA GRENWOOD DE INVESTIMENTOS IMOBILIARIOS LTDA 5,245 5,245 238 238 - 1,100 - - CYRELA HOLANDA EMPREENDIMENTOS IMOBILIARIOS LTDA 950 950 - - - - - - CYRELA IBERIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - - 385 - CYRELA IMOBILIARIA LTDA 533 533 - - - - 332 1,819 CYRELA INVESTIMENTO E PARTICIPACOES LTDA 352 352 - - - - - 3,112 CYRELA JAMAICA EMPREENDIMENTOS IMOBILIARIOS LTDA 300 - - - - - - - CYRELA JAPAO EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 286 286 - - - - - - CYRELA LAKEWOOD EMPREENDIMENTOS IMOBILIARIOS LTDA 50 50 1,115 1,115 - - - - CYRELA MAC AMAZONAS EMPREENDIMENTOS IMOBILIARIOS S 157 157 1,846 1,846 157 157 685 369 CYRELA MAC EVEREST EMPREENDIMENTOS IMOBILIARIOS SP - - 283 283 - - 225 225 CYRELA MAGIK CALIFORNIA EMPREEND IMOBILIARIOS SPE - - 7,757 9,885 - - - - CYRELA MAGIK MONACO EMPREENDIMENTOS IMOBILIARIOS S 2,254 3,574 7,225 7,225 - - - - CYRELA MAGIK TECNISA EMPREENDIMENTOS IMOBILIARIOS - - 2,997 2,997 - - 2,380 1,898 CYRELA MALASIA EMPREENDIMENTOS IMOBILIARIOS LTDA 5,185 4,877 - - - 284 - - CYRELA MEDITERRANEO EMPREENDIMENTOS IMOBILIARIOS L 1,595 1,595 - - 1,120 1,138 - - CYRELA MEXICO EMPREENDIMENTOS IMOBILIARIOS LTDA 520 520 - - - - - - CYRELA MILAO EMPREENDIMENTOS IMOBILIARIOS S/A 1,100 1,100 - - 565 565 - - CYRELA NISS EMPREENDIMENTOS IMOBILIARIOS LTDA 232 - 270 16 - 22 - - CYRELA OCEANIA EMPREENDIMENTOS IMOBILIARIOS LTDA 450 456 - - 5 6 - - CYRELA PARANA EMPREENDIMENTOS IMOBILIARIOS LTDA 405 405 - - - - - - CYRELA PARIS EMPREENDIMENTOS IMOBILIARIOS LTDA 6 6 17,000 17,000 - 6 - - CYRELA PORTO VELHO EMPREENDIMENTOS IMOBILIARIOS LT 1,646 1,646 - - - - - - CYRELA PORTUGAL EMPREENDIMENTOS IMOBILIARIOS LTDA 2,676 2,631 - - - - - - CYRELA RJZ CONSTRUTORA E EMPREENDIMENTOS IMOBILIAR 107,116 107,116 85,624 85,624 364 - 1,595 - CYRELA RJZ EMPREENDIMENTOS IMOBILIARIOS LTDA 11,532 11,957 12,583 12,583 - - - 2,889 CYRELA SANSET DE INVESTIMENTOS IMOBILIARIOS SPE L 80 - 6,072 6,072 - - - - CYRELA SINTRA EMPREENDIMENTOS IMOBILIARIOS SPE LTD 227 227 - - - - - - CYRELA SOMERSET DE INVESTIMENTOS IMOBILIARIOS LTDA 1,952 1,952 - - - - - 2,789 CYRELA SUECIA EMPREENDIMENTOS IMOBILIARIOS LTDA 896 896 - - 896 - - 820 CYRELA TECNISA DE INVEST IMOB LTDA - - 6,876 6,876 185 185 3,438 3,438 CYRELA TECNISA KLABIN SEGALL EMPREEND. IMOBILIARIO - - 1,330 1,080 - - 1,573 2,619 CYRELA VOLPAGO EMPREMDIMENTOS IMOBILIÁRIOS LTDA. 24,532 19,408 3,804 3,804 - 8,686 - 4,366 CYRELA WHITE RIVER DE INVESTIMENTO IMOBILIARIO SPE - 130 - - - 130 - - CYTEC EMPREENDIMENTOS IMOBILIARIOS LTDA 2,086 2,086 - - 2,086 - - - CZ6 EMPREENDIMENTOS COMERCIAIS LTDA 1,294 1,294 1,612 1,612 - - - - DALIA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - - 1,499 - FERNAO DIAS EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 1,068 1,848 - - 282 1,062 - - FOREST HILL DE INVESTIMENTOS IMOBILIARIOS LTDA - - 5,214 5,214 - - 7,775 4,662 FUTURA INCORPORADORA LTDA 1,636 1,636 - - 1,636 1,636 - -


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72

(i) They comprise agreements that totaled on June 30, 2010 R$62,736 (R$59,370 in March 2010) with shareholders of

subsidiaries, adjusted for inflation by the INCC and the IGP-M with levy of 12% interest per year. (ii) The balance of R$40,000 corresponds to advances granted to the company from which land was acquired, in order

that certain improvements be performed in the aforesaid land, as per contractually established. The advances are liable to inflation adjustments based on the variance of the Civil Construction National Index (INCC), plus 12% interest per year. The interest comes due monthly and the principal will be received when liquidating the purchase of the land that will take place by means of interest held in the sales of the venture to be implemented.



06/2010 03/2010 06/2010 03/2010 06/2010 03/2010 06/2010 03/2010

GIRASSOL - VILA MADALENA EMPREEND IMOBIL S/A - - - - 87 256 - - GLIESE INCORPORADORA LTDA 185 185 3,504 3,504 185 185 3,504 3,504 GLOBAL PARK RESIDENCIAL EMPREENDIMENTOS IMOBILIARI 493 493 - - - 928 - - GOIANIA EMPREENDIMENTOS IMOBILIARIOS LTDA 2,181 1,788 - - - - - 100 GOLDSZTEIN CYRELA EMPREENDIMENTOS IMOBILIARIOS S/A - - - - 16,867 1,350 - - GV 10 EMPREENDIMENTOS IMOBILIARIOS LTDA 31,185 27,265 - - - - - - JAGUARIUNA EMPREENDIMENTOS IMOBILIARIOS LTDA 2,315 1,200 - - 1,157 600 - - KLABIN SEGALL CYRELA SPE LTDA 15 - 830 830 18 - 1,030 515 LC EMPREENDIMENTOS IMOBILIARIOS SPE LTDA - - 8,945 8,945 - - - - LIVING EMPREENDIMENTOS IMOBILIARIOS LTDA 30,763 44,492 33,132 33,132 4,388 12,490 278 417 LOMBOK INCORPORADORA LTDA 13 13 2,108 2,108 - - - - LONDRINA EMPREENDIMENTOS IMOBILLIARIOS LTDA 655 603 - - - - - - MAC CONSTRUTORA LTDA 291 291 - - 291 291 - - MAC EMPREENDIMENTOS IMOBILIARIOS S/A 256 256 3,306 3,306 5,207 1,330 8,365 - MAC ESPANHA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - 721 - - MAC MEXICO EMPREENDIMENTOS IMOBILIARIOS LTDA 12,145 829 1,200 - 12,145 829 1,200 6,341 MAGNUM INVESTIMENTOS IMOBILIARIOS LTDA 1,533 1,533 1,930 1,930 1,533 1,073 1,718 1,930 MESTRE ALVARO EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - - - 1,050 1,900 NILO EMPREENDIMENTOS IMOBILIARIOS LTDA 511 511 - - - - - - NP EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 11 14 3,091 - OAXACA INCORPORADORA LTDA 15 15 1,364 1,364 - 15 - - PDG REALTY S/A EMPREENDIMENTOS E PARTICI - - - - - - 355 - PLANO & PLANO CONSTRUCOES E PARTICIPACOES LTDA 98 98 3,100 3,100 634 316 3,165 2,979 PLANO AMOREIRA EMPREENDIMENTOS IMOBILIATIOS LTDA. 572 572 - - 572 572 - - PLANO CAMBARA EMPREENDIMENTOS IMOBILIARIOS LTDA - - - - 6,000 6,000 - - PLATINA BRASIL EMPREENDIMENTO IMOBILIARI - - - - 1,694 - - - PLARCON CYRELA EMPREENDIMENTOS IMOBILIARIOS SPE LT 533 2,093 - - 267 1,047 - - PRACA OIAPOQUE EMPREEND IMOBIL SPE LTDA 350 350 - - - - - 103 PRAIA DO FORTE EMPREENDIMENTOS IMOBILIARIOS LTDA 961 - - - - - - - QUALITY MAC BELGICA EMPREENDIMENTOS IMOBILIARIOS L 106 106 - - - - - 944 QUEIROZ GALVAO CYRELA EMPREENDIMENTO IMOBILIARIO S 30 30 1,020 1,020 18 18 782 626 RESIDENCIAL SAO CONRADO EMPREENDIMENTOS IMOBILIARI - - - - 108 67 785 - RIVIERA PONTA NEGRA EMPREENDIMENTOS IMOBILIARIOS S 2 2 - - 9 192 - - ROUXINOL SALVADOR ALENDE EMPREENDIMENTOS 996 1,496 - - 498 813 - - RUA DO ORFANATO EMPREENDIMENTOS IMOBILIARIOS SPE L 1,451 1,138 - - - 2 - - SAIRA-SAPUCAIA EMPREENDIMENTOS IMOBILIAR - - - - 550 - - - SALMIANA EMPREENDIMENTOS S/A - - - - 237 215 - - SARACURA INVESTIMENTOS IMOBILIÁRIOS LTDA - - - - 18,340 18,340 - - SCP CLASSIC/GALLI 364 364 - - 104 580 225 476 SK REALTY EMPREENDIMENTOS IMOBILIARIOS S/A 85 85 - - 3,081 85 - - SLK EMPREENDIMENTO IMOBILIARIO SPE LTDA 360 360 - - 360 - - 9,975 SOCIEDADE RESIDENCIAL GRAN BUENO 4 LTDA 546 - - - - - - - SPE BRASIL INCORPORACAO 2 LTDA 200 - - - 200 - - - SSB EMPREENDIMENTO IMOBILIARIO SPE S/A - - - - 797 797 - - SURINAME EMPREENDIMENTOS IMOBILIARIOS LTDA 308 263 - - - - - - TAL DE INVESTIMENTO IMOBILIARIO LTDA. - - 763 763 - - - - TAL EMPREENDIMENTOS IMOBILIARIOS LTDA 500 500 - 4,173 - - - - TIBIRICA EMPREENDIMENTOS IMOBILIARIOS LTDA 761 761 - - 381 381 - 1,578 TOULON EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 1,645 1,646 - - - 2 - - UNIQUE DE INVESTIMENTOS IMOBILIARIOS LTDA - - 2,928 2,928 - - - - VEREDA PARAISO EMPREENDIMENTOS IMOBILIARIOS LTDA - - 4,834 4,834 - - 9,084 2,061 VIANA DO CASTELO EMPREENDIMENTOS IMOBILIARIOS LTDA - - 2,272 2,272 - - - - VIX ONE EMPREENDIMENTOS IMOBILIARIOS SPE LTDA 4,274 4,099 2,763 2,763 - - - 117 Other 1,543 409 4,544 3,367 3,592 29,228 22,093 32,828

Controlled companies: 447,632 397,327 485,246 471,116 189,677 177,513 112,487 127,909

CARVALHO HOSKEN - - - - 40,000 ( ii ) 40,000 ( ii ) - -

567,256 497,367 500,092 480,176 452,713 411,760 153,279 162,204


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73

b) Operations The operations maintained with related parties mainly correspond to the services that involve business strategy and viability, as well as technical responsibility of projects and the control of all of the contractors and specialized labor. Amounts are in accordance with the usual market value in similar operations. The amounts contracted from related parties may be presented as follows:

c) Operating agreement

On April 11, 2007 an operating agreement was entered into with Cyrela Commercial Properties S.A Empreendimentos e Participação (“CCP”), which has as purpose to set forth the conditions for the rendering of: (i) financial services, including treasury, collection, accounts receivable, accounts payable, planning and control; (ii) human resources services; (iii) IT services; (iv) customer care services; and (v) marketing services. This agreement was amended on February 10, 2010, where parties decided: (i) pursuant to clause 5.1 of Operating Agreement, to extend the term of effectiveness of said agreement up to December 31, 2010, which may be extended by any of the parties upon written amendment, as long as entered into until 30 days before its term of effectiveness expires; (ii) for the service provision, CCP should pay the Company the amount of R$40, monthly, and the parties establish that the Company must be the only service providing company for the contracted services. In addition, the Operating Agreement sets forth rules of mutual non-competitiveness for the term of 5 years, which prevent CCP from operating in the development of residential ventures and the Company from operating in the development of commercial and industrial ventures. Both parties may not compete between themselves, separately or jointly with other companies of the real estate industry, or by means of any strategic alliance or other form of direct or indirect association with companies of the real estate industry or business partners or any third parties, being prohibited to enter into any agreement or contract which may be construed as being identical or similar to the Operating Agreement, and to assume, directly or indirectly, any activity that may be construed as a competitor to the activities of one another. The parties also agreed not to practice any act that may be construed as unfair competition, as established by Article 195 of Law n. 9,279/96, which regulates the rights and obligations related to industrial property. The Operating Agreement also provides for that the commercial pieces of real estate that were transferred to CCP due to the partial spin-off of the Company, and which had been encumbered by the Company will be replaced by the Company during the term of the instrument, term in which the Company will provide the registering of these pieces of real estate in its name.


Costs Expenses

06/2010 03/2010 06/2010 03/2010

Alagoas Assessoria e Consultoria S/C Ltda. - - 115 115 Itaipava Empreitada de Lavor Ltda - - 17,927 7,634 Caçapava Empreiteira de Lavor S/C Ltda 39 15 31,174 15,253

39 15 49,216 23,002


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74

Should there be any breach of the Competitiveness and/or Confidentiality clauses, the breaching Party shall pay the other Party a daily fine of 2% of the amount of the payment made by the Company under the agreement in the past twelve (12) months counted as from the date on which the breach has been verified, adjusted for inflation using the IGP-M. The present agreement may be terminated without any responsibility to any of the parties, at any time:

(i) by mutual consent, written, between the parties with a thirty (30)-day prior notice; (ii) if any of the Parties is declared insolvent or bankrupt, suffers intervention or requires

composition with creditors; or (iii) in the event of force majeure or casualty which make it impossible to continue the services

of the Company to CCP. The Company is the lessee in some real estate of CCP, with agreements according to market conditions and with a monthly average value of R$236.

d) Management compensation

(i) Compensation: the overall compensation for the Company’s statutory Management, for 2010, was established to be up to R$10,000 in accordance with Extraordinary Shareholders’ General Meeting of May 13, 2010 (up to R$6,000 in 2009). The compensations recorded in the income of the Company are in the account heading “Expenses with management fees.” Accumulated expenses incurred in the period may be presented as follows:

(ii) Bonus: under Article 190 of Corporation Law, the Ordinary General Meeting that approves the accounts of the year can determine the distribution of up to 10% (ten percent) of the income of the year, after the adjustments of Article 189 of Corporation Law, to the Management and employees of the Company, by way of profit sharing. The profit sharing and allocation to Management and employees will only be able to take place in the years in which the payment of the minimum mandatory dividend provided for in Article 41 of this Articles of Incorporation is assured to the shareholders. The expenses recorded in the result of the Company are accrued based on the income projection and are in the account heading “Profit sharing of employees and management.”


06/2010 03/2010 06/2010 03/2010

Board of Directors 282 122 695 323

Board of Executive Officers 1,437 699 1,437 699

Charges 343 164 426 204

Total 2,062 985 2,558 1,226

Board of Directors- highest compensation 45 34 106 134

Board of Executive Officers - highest compensation 174 165 174 165

Board of Directors - lowest compensation 27 27 101 27

Board of Directors - lowest compensation 53 53 53 53

10

Total members

in the periods

4

6


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75

(iii) Stock options: the Company maintains stock option plans. All of the Management and employees that have the right to receiving the annual bonus and that do not have as a component of their compensation commissions directly or indirectly linked to sales or purchases of assets to the Company will be eligible to this modality. The Company does not maintain with its Management short- or long-term benefits, post-employment benefits or benefits due to rescission of employment contracts. 14. Checking accounts with venture partners The existing balances with the companies are related to the following ventures:


06/2010 03/2010 06/2010 03/2010

Venture Consortia

ACERVO - 128 299 501 ATMOSFERA - RJ - - 297 691 BOTAFOGO LONG STAY 5,091 5,446 10,945 12,181 BOTAFOGO SPAZIO - - 1,619 1,713 CAESAR BUSINESS BOTAFOGO 1,521 1,498 (522) (358) CHATEAU DE TOCQUEVILLE 1,356 (575) (327) (358) CHATEAU DU PARC 788 787 (324) (163) DAKOTA - - 2,498 2,245 FLORES DO CAMPO - (69) (391) (305) HABITAT CAMBUI - DALIA 467 467 3,167 4,067 HIPICA HOUSE 1,268 1,281 520 795 IBIS E MERCURE - ABC - - 1,907 2,621 IBIS MERCURY - DECORACAO - - - (2) IPIRANGA PREMIUM 1,759 1,748 110 174 LAGOA PRIVILEGE - (852) 6,072 6,921 LE PARC RESIDENTIAL RESORT - 7 2,589 4,400 LES JARDINS I - 120 (286) 287 LONG STAY WORLD CLASS 4,255 4,258 33 35 MANDARIM - RJ - - (1,410) (1,088) MELIA CAMPINAS EXECUTIVE FLAT (1,897) (1,897) (681) (568) PERDIZES PRIVILEGE 6 6 (270) (270) PERDIZES PROJECT 275 275 2,820 3,035 PIAZZA DELLO SPORT - - 7,733 7,972 PLACE DE LA CONCORDE 929 929 1,912 2,280 PLACE MAGNOLIA - (50) 1,271 1,579 PLACE VENDOME - - 500 500 PORTALE DELLA MOOCA - - (660) (371) VEREDA PARAISO - - 5,273 5,835

Venture Consortia 15,818 13,507 44,694 54,349


06/2010 03/2010 06/2010 03/2010

Other ventures

A RESERVA - 52 3 353 ABC PLAZA SHOPPING - - - (130) ALLORI VILA ROMANA - - (521) (502) APICE - - 205 292 BARRA PRIME OFFICE - - 136 425 BARRETO LEME - DALIA - - - 14 BERRINI - CAB - CORPORATIVO - LAJES - - 1,397 1,575 BERRINI CAB - RESIDENCIAL - - (311) (372)


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76


06/2010 03/2010 06/2010 03/2010

Other ventures

CENNARIO - - (674) (800) CENTRAL PARK MOOCA - - (1,612) (1,487) CHACARA DOS PASSAROS (8,231) (10,816) (3,119) (2,990) CHAPEUZINHO VERMELHO-PRUDENTE MORAI (879) (879) (754) (879) CHATEAU DE BEL CASTEL - - 2,035 2,295 CHATEAU DE BLOIS - - 1,952 1,682 CIRAGAN - 40 - 40 CONCEPT OFFICE(0209) - - - 30 RESERVA CASA GRANDE - JEQUITIBA - - (943) (697) CONTEMPORANEO - RAFAEL DE BARROS - - 960 1,194 CONTEMPORANEO CAMPO BELO - - (479) (443) CONTEMPORANEO MOEMA - ARAGUARI - - 788 1,053 COOPERSUCAR - - 1,584 1,600 CORPORATE PARK 237 237 (1,550) (1,349) ESSENCIA ALPHAVILLE - - 44 45 FARIA LIMA FINANCIAL CENTER (287) (287) - 345 FARIA LIMA SQUARE (2,412) (2,412) (2,958) (2,997) FREE WAY - - (710) (807) HELVETIA - - 645 600 HEMISPHERE - - 56,263 59,209 HIPICA BOULEVARD - - 4,586 4,539 HOME STAY PAULISTANO - (44) 2,032 2,287 INTERNATIONAL TRADE CENTER (0304) - (324) 100 100 JARDIM DO LAGO - - 36,672 38,705 JARDIM DO PARQUE - (6) 1,295 1,347 JARDIM GUEDALA - - - (92) JK 1455 (2,325) (2,325) (798) (825) JK FINANCIAL CENTER(0212) 886 886 994 1,186 L ESPACE - SAMPAIO FERRAZ - - 193 193 LACERDA FRANCO 978 978 945 978 LAURIANO FERNANDES 488 488 137 244 LAZULI - - 543 560 LE BEAU CHAMP - - - 240 LONG CHAMPS - - (88) (84) LONG STAY BELA CINTRA QUALITY SUITE - - (1,293) (1,203) LOTEAMENTO FAZENDA PETRONILHA - - 768 911 LOTEAMENTO SANTA HELENA - - 3,515 3,371 MAGNA VITA - - (2,815) (2,473) MAXIMUM DOUBLE SUITES - - 2,363 2,589 NORTE VILLAGE - 45% BRSCAN / 55% PA 1,400 1,400 (3,157) (3,187) ON THE PARK - - 4,614 5,791 ORNATO MOEMA - - (647) (631) PANAMBY LOTE 7 A (RESIDENCIAL) - 48 (1,378) (807) PARQUE ALFREDO VOLPI 1,100 1,100 (2,029) (2,027) PAULISTANIA BOSQUE RESIDENCIAL 100 100 6 9 PLAZA REGENCY RESIDENCE (0021) - - 3 - PODIUM VILA LEOPOLDINA - - (853) (902) PORTO ROTONDO - - - 40 PROVENCE HORTO(8688) - - 597 851


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77


06/2010 03/2010 06/2010 03/2010

RESERVA CASA GRANDE ( MANACA ) - - 858 1,200 RESIDENCIAL DI MARANELLO - 10 1,044 1,185 SP BUSINESS CENTER (0338) - - 1,944 2,438 TORRES DO TABOAO - - 159 200 VENTANA - - 1,471 1,524 VERO - GUARULHOS 1 - - (90) (59) VILLA SANTA BARBARA - - 131 100 VILLAGE BROOKLIN TOWNHOUSE - EAST ( - (309) 2,691 2,915 VILLAGE BROOKLIN TOWNHOUSE - WEST ( 1,010 1,010 - - VILLAGGIO DELLA HIPICA - - 53 91 WALK VILA NOVA - - 2,907 3,250 WIDE GARDEN - - 82 247 WIDE VIEW - - (1,032) (1,127) ILE ST LOUIS - EIT 23 - - 82 (123) BRISAS ALTOS DO CALHAU (8505) - - (1,744) (704) CONDOMINIO BRISAS LIFE - - (689) (842) ACCANTO - - 105 (38) VIA PAULISTA - - - (14) SAINT MARTIN - - (34,684) (33,173) GRAND LIFE SAÚDE - - (16) (5) TARUMA - - (93) (187) GRAVATA - - (198) (236) GLOBAL PARK RESIDENCIAL - - (2,146) (2,175) RAIMUNDO PEREIRA MAGALHÃES-LT 01 - - (102) (174) RAIMUNDO PEREIRA MAGALHÃES-LT 02 - - (87) (90) LIBER BOSQUE JEQUITIBAS - - (325) (436) LIBER BOSQUE BURITIS - - (219) (580) NOVAMERICA-COLORADO RESIDENCE PARK - - (96) (49) NOVAMERICA OFFICE PARK - - (81) (136) NOVAMERICA-FLORIDA RESIDENCE PARK - - (229) (240) LE PARC SALVADOR - - (747) (730) BREEZE - - (961) (1,060) MENARA RESIDENCIAL - - (22) (14) GRAND LIDER FELIPE DOS SANTOS - - (7,608) (7,464) Other 3,218 (1,232) (29,136) 641

Other ventures (4,717) (12,285) 29,908 73,144

Partners in other ventures

CYRELA VOLPAGO - - (150,000) (150,000)

Other ventures - - (150,000) (150,000)

11,101 1,222 (75,398) (22,507)

Balance on assets 27,132 2,226 186,467 140,277 Balance on liabilities (16,031) (1,004) (261,865) (162,784)

11,101 1,222 (75,398) (22,507)


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78

Partners in other ventures In October 2008, one of the subsidiaries of the Company issued redeemable preferred shares. Funds contributed by these shareholders were used for the development of real estate ventures. Through this subsidiary, the Company entered into an agreement with its preferred shareholders for the redemption of these shares, to take place from October 2011 to September 2014. Redemptions will be carried out using the results obtained from the ventures developed through this subsidiary. 15. Operations of sales of real estate to be incurred Due to the procedures applied by CVM Resolution n. 561/08 (CPC-O-01), the balances of income from sales and corresponding budgeted costs, related to the units sold and, with the costs not yet incurred, are not recorded in the financial statements of the Company and of its subsidiaries. The main balances to be reflected as the costs incur can be stated as shown below:

a) Contracted real estate operations to be appropriated

b) Commitments with budgeted costs of units sold


06/2010 03/2010 06/2010 03/2010

Amounts not recorded in the

financial statements

Income from sales to be appropriated - - 5,855,621 5,232,174

Cost of units sold to be appropriated - - (3,754,922) (3,309,648)

- - 2,100,699 1,922,526

Selling expenses to be appropriated - - (20,800) (16,282)

- - 2,079,899 1,906,244


06/2010 03/2010 06/2010 03/2010

Amounts not recorded in the

financial statements

Current - - 1,482,055 1,695,877

Long-term - - 2,272,867 1,613,771

- - 3,754,922 3,309,648


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79

16. Advances from clients

Advances from clients, originated by real estate swap in the acquisition of plots of land (Note 2.2, (c), iii), will be amortized to the income using the same procedure that recognizes sales revenues (according to the percentage of the cost incurred of the venture). 17. Provision for collateral The Company provides collateral to its clients on the sale of its real estate. These collaterals have specific features according to certain items, and are rendered for varying periods that range up to five years after the constructions have been completed and are partially shared with the suppliers of goods and services. The amounts recorded by the Company are in the account heading “Suppliers”.


06/2010 03/2010 06/2010 03/2010

Upon receipt in the sales of real estate

Amounts received from the sales of venturesThe incorporation of which has not yet occurred - 167 14,620 23,224 Other advances 177 1,492 186,069 255,224

177 1,659 200,689 278,448

Units sold from ventures made effectiveAppropriated income (18,646) (18,244) (11,637,539) (10,648,995) Income received 18,646 18,244 11,732,376 10,713,147

- - 94,837 64,152

177 1,659 295,526 342,600

Upon real estate swap in the purchase of real estate

Amounts from land swap 52,853 66,205 1,873,936 1,677,091

53,030 67,864 2,169,462 2,019,691


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80

18. Accounts payable due to real estate acquisition

Current and long-term liabilities Investments are made in acquiring new plots of land, with the purpose of launching new ventures by the companies, alone or with the participation of third parties, generating commitments, represented by credits which had the following maturity timeline which may be stated as follows:

The accounts payable are substantially adjusted for inflation by the variance of the Civil Construction National Index (INCC) or by the variance of the General Market Price Index (IGP-M).

19. Taxes payable, labor and civil claims They are substantially represented by taxes the ability to pay of which is being questioned in court, as follows:


Year 06/2010 03/2010 06/2010 03/2010

2011 135 - 28,672 60,865 2012 270 - 49,505 27,945 2013 135 - 53,582 51,973 2014 - - 1,796 2,018

up to 2020 - - 370 545

Long-term installment 540 - 133,925 143,346

Short-term installment 7,735 9,454 213,855 204,494

Total 8,275 9,454 347,780 347,840


06/2010 03/2010 06/2010 03/2010

Expansion of the tax base regarding thetax for Social Integration Program (PIS)and the tax for Social Security Financing(COFINS) 797 797 797 797

COFINS and Social Contribution onNet Profit (CSLL) levyon companies without employees - - 6,116 5,991

797 797 6,913 6,788

Labor Claims 391 257 2,760 6,973 Civil Claims 376 252 6,108 8,433

1,564 1,306 15,781 22,194


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81

20. Tax operations - income tax, social contribution, PIS and COFINS The deferred income tax, tax for social contribution, PIS and COFINS are recorded to reflect the tax effects arising from temporary differences between the tax basis, which basically determines the moment for the collection, according to the receipt (Regulatory Instruction n. 84/79 issued by the Internal Revenue Department (SRF)) and the effective appropriation of the real estate profit, Note 2.2 (c), in accordance with Resolution n. 963/03 of the Federal Accounting Council (CFC) and CVM Resolution n. 561/08 (CPC-O-01)). The effective collection of these taxes occurs in a term equivalent to the term of the receipt of the sales installments, the maximum term of which reaches until 2028 (see Note 5).

a) Deferred income tax and tax for social contribution The Company and its subsidiaries have the following balances to be offset, deducted or increased to the tax bases of the future taxable income to be calculated based on the taxable income. In addition, certain subsidiaries have differences that will be levied in future years, stemming from profit in real estate activities taxed on a cash basis and the amount recorded using the accrual basis, considering the taxation by the presumed profit as indicated below:


06/2010 03/2010 06/2010 03/2010

(i) Credits to be offset - taxable income

Tax losses to be offset with future taxable income - IRPJ 670,164 609,123 709,334 613,507

Negative tax bases for the social contribution to be offsetwith future taxable income - CSLL 678,013 609,123 679,813 609,820

Temporarily non-deductible expenses - IRPJ 25,476 25,476 41,801 10,481 Temporarily non-deductible expenses - CSLL 18,669 18,669 18,669 18,669

(ii) Liabilities to be taxed - taxable income

Difference between the profit from real estate activities taxedby the cash basis and the amount recorded by the accrual basis (7,624) (7,719) (47,206) (15,406)

Temporarily non-deductible income - IRPJ and CSLL - - (11,520) (11,520) Unrealized profits (negative goodwill) amortized (71,689) (71,689) (71,689) (71,689) Taxable income from real estate expropriation - - (16,330) (16,330)

(iii) Liabilities to be taxed - presumed profit

Difference between profit from real estate activities taxedby the cash basis and the value recorded by the accrual basisIncome tax base - - (322,516) (330,068) Social contribution tax base - - (586,604) (516,058)


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82

Due to the aforementioned tax credits and liabilities, the corresponding tax effects have been recorded (deferred income tax and social contribution), as follows:

Considering the current context of the operations of the Parent Company, which is composed, substantially, of interest held in other companies, no the tax credit was created on the totality of the accumulated balance regarding tax losses and negative tax bases of social contribution neither on the balance of the temporarily non-deductible expenses in determining taxable income, which are substantially represented by taxes the payability of which is being questioned in court, the deductibility of which is conditioned to the transit in rem judicatam of the legal claims in progress, within an unpredictable term. Moreover, certain subsidiaries have tax losses and negative tax bases of social contribution the realization or recovery of which depends on future events, consequently, the corresponding tax credit is not recorded. The tax losses and negative tax bases of social contribution to be offset with future taxable income do not have limitation periods and their offset is limited to 30% of the taxable income calculated in each future base period. The taxation of the difference between the profit earned using the cash basis, and the one calculated in compliance with the accrual basis, occurs within the average term of 5 years, considering the term for receiving the sales made and the conclusion of the corresponding constructions. Income tax and tax for social contribution levied on unrealized profits, stemming from the amortization of the net negative goodwill calculated per subsidiary will be realized at the time of disposal or extinction of the corresponding investees, without any forecast of whether and when they will occur.


06/2010 03/2010 06/2010 03/2010

Long-term assets

Tax losses and negative tax bases for the social contribution (CSLL) 9,904 9,937 25,321 13,513 Difference of profit in real estate activities - presumed profit - - 2,029 22,451

9,904 9,937 27,350 35,964

Current and long-term liabilities

Difference of profit in real estate activities - taxable income (2,592) (2,625) (16,050) (5,237) Difference of profit in real estate activities - presumed profit - - (139,080) (140,614) Temporarily non-taxable income - IRPJ and CSLL - - (3,917) (3,917) Unrealized profit (negative goodwill) amortized (24,374) (24,374) (24,374) (24,374) Income from real estate expropriation - - (5,552) (5,552)

(26,966) (26,999) (188,973) (179,694)

Net amount of income tax and social contribution (17,062) (17,062) (161,623) (143,730)

Portion absorbed by merging companies and by changes

in interest held - - 2,982 5,188

Debit (credit) in the income tax and social contribution result - - (16,280) (593)


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83

b) Balance of PIS and COFINS Companies adopt, as allowed by the tax legislation in force, the cash basis for calculating the taxable income on real estate development and the taxable income is then calculated according to that system, used in determining taxable income.

c) Income tax and tax for social contribution of the year

Companies adopt, as allowed by the tax legislation in force, the cash basis for calculating the result in the real estate development and the result is then calculated according to the aforementioned system, used in determining the taxable income. The income tax and tax for social contribution charges may be summarized as follows:

The income tax and tax for social contribution owed on taxable income as well as the PIS and the COFINS, of the Parent Company and its subsidiaries, were calculated according to the criteria mentioned in Note 2.2 (c).


06/2010 03/2010 06/2010 03/2010

Curent 980 1,045 15,171 14,488

Deferred 834 712 180,478 181,797

1,814 1,757 195,649 196,285

Consolidated

Calculation method 06/2010 06/2009

Taxable income

Income tax 3,870 4,123

Tax for social contribution 1,857 1,770

5,727 5,893

RET

Income tax 8,977 6,567


13,632 9,981

Presumed profit

Income tax 16,601 11,958


24,481 17,771

Total: 43,840 33,645


June 30, 2010




84

d) Adhesion to the REFIS3 IV

On May 27, 2009, by means of Law n. 11,941 of May 27, 2009, and Joint Decree PGFN/RFB4 n. 06/2009, the Brazilian Internal Revenue Service “RFB” established the Tax Payment in Installments Program, denominated “REFIS IV.” The option for the installment payments this law addresses causes irrevocable and irreversible recognition of the debts on behalf of the taxpayer in order to compose said installments and it configures extrajudicial recognition. This program allows the installment payment, in up to 180 months, of existing tax debts overdue until November 30, 2008, as well as debits originated from tax-deficiency notices issued by the Internal Revenue Department, being compulsory to discontinue any fortuitous litigation on such debits. This installment provides for, among other aspects, (i) the abatement of certain percentage of the amounts owed of fine and interest, depending on the payment term to be determined by the Company and (ii) the use of the balance of tax losses and of income tax and negative tax base of the social contribution on the net profit of the remaining amounts of fine and interest, the consolidation of the debits of which will take place in 2010. On November 30, 2009, the Company and some of its subsidiaries formalized the option of adhesion to the program and, to date, they have been satisfying the legal requirements for the maintenance of the referred program. We highlight that one of the requirements for the adhesion to the program was the discontinuance of claims relative to the debits to be included in the installment payment. The debits of the Company and of its subsidiaries are, mainly, those originated from discussions relating to the applicability of the COFINS and of the tax for Social Contribution (CSLL) of Legal Entities without employees until December 31, 2005 and profits earned abroad. The balance payable of the installment payment is monthly adjusted for inflation using the variance of the Selic5 rate and there are not any goods given as collateral for the referred installment. The Company chose to pay its debits in the maximum term of up to 30 months. The Company and its investees await final consolidation of debits assessed in 2009, as presented below, at the RFB for the regularization and restatement of figures recorded up to the moment.

3 Tax Recovery Program. 4 Office of the General Counsel to the National Treasury/Brazilian Internal Revenue Services. 5 Special System for Settlement and Custody.

Effect of the REFIS IV Parent Company Consolidated

06/2010 03/2010 06/2010 03/2010

Amount inflation-adjusted

. Income Tax and CSLL on profits earned abroad 12,586 12,586 25,179 25,179

. COFINS and CSLL on companies without employees - - 5,276 5,276 12,586 12,586 30,455 30,455

less:

Benefits due to reduction of fines and interest (3,632) (3,632) (10,096) (10,096) Reduction based on the utilization of the tax lossand negative tax base of the social contribution (4,280) (4,280) (5,450) (5,450)

(7,912) (7,912) (15,546) (15,546)

Amount payable 4,674 4,674 14,909 14,909

Short-term installment 935 935 2,982 2,982 Long-term installment 3,739 3,739 11,927 11,927

Liabilities


June 30, 2010




85

21. Shareholders’ equity

a) Capital stock

The capital stock on June 30, 2010, its movement and the corresponding number of common shares may be shown as follows:

(i) The subscription occurred was resolved on by the Company’s board of directors to

comply with the provisions in the “Company’s Stock Option Plan”, as stated in Note 24(c).

Expenses corresponding to the subscription of common shares, approved on October 27 and November 9, 2009, totaled R$33,791 and are presented in the reduction account of the capital stock as per criteria mentioned in Note 2.2 (u). The Company’s Board of Directors is authorized to increase the capital stock, regardless of general meetings or bylaws amendments up to the limit of 750,000,000 common shares, for distribution in the country and/or abroad, publicly or privately. In the event of capital increase by subscription of new shares, the shareholders will have the preemptive right for subscription under Law n. 6.404/76.

b) Treasury shares

The Company may, by resolution of the Board of Directors, acquire its own shares, to be held in treasury and subsequently for cancellation or disposal. The balance of June 30, 2010 comes from the acquisition of preferred shares on May 13, 2003, and it is currently equivalent to 5,997 common shares. The quotation of the aforementioned shares as of June 30, 2010 was R$19.51 per share (R$21.06 in March 2010).

Quantity of Expenses with Capital net of

Shares Capital issuance of shares Expenses

On December 31, 2009 422,393,466 2,582,033 (32,894) 2,549,139

Increase due to subscription (i) 523,890 255 - 255 Expenses with issuance of shares in 2009 - - (897) (897)

On June 30, 2010 422,917,356 2,582,288 (33,791) 2,548,497

Date of the Board of Date of the OGM that Issue value Shares Issue Shares Issue

Directors' Meeting approved the granting plan Number of Shares Price Price - R$ thosuands

In 2010

1/18/2010 04/28/2006 and 04/29/2008 7,476 9.15 684/28/2010 4/29/2008 504,405 0.01 56/18/2010 4/28/2006 12,009 15.19 182Total 523,890 255


June 30, 2010




86

c) Profit reserve (expansion) It refers to the retention of the remaining balance of retained earnings, in order to meet the Company’s budget to finance additional investments of fixed and working capital and the expansion of operating activities, which may be formed with up to 100% of the net profit that remains after the legal and statutory allocations; nevertheless, it cannot exceed the amount of the paid-in capital stock.

d) Appropriations of the net profit of the year

The net profit of the year, after the compensations and deductions provided for by law and consonant to the statutory provision will be allocated as follows:

• 5% for legal reserve, until it reaches 20% of the paid-in capital stock; • 25% of the balance, after the appropriation for legal reserve, will be allocated for the

payment of a minimum mandatory dividend to all shareholders. Total dividends assessed in 2009, in the amount of R$198,907, approved at the Annual General Meeting held on April 30, 2010 and were paid on May 11, 2010. 22. Contingencies

The Company and its subsidiaries are party to labor, civil and tax claims and other prosecutions, and are discussing these issues administratively and judicially. Tax claims We were party to six tax claims established against us, the total amount of which was of R$23.4 million. With the advent of the Refis IV installment program the Company discontinued some claims and opted for the installment payment of the debits as mentioned in Note 20 d. The amount of our provision against the losses arising from pending tax claims was of R$6.9 million on June 30, 2010.

• Claims Our subsidiary Cyrela Imobiliária Ltda. is a party in a claim relating to the collection of the COFINS and the CSLL. We are defending such pretensions, since this subsidiary does not have employees and said taxes are owed only by companies that have employees. We created provision in our consolidated financial statements for that contingency in the amount of R$6.1 million on June 30, 2010. The remaining balance of the provision in the amount of R$0.8 million refers to a claim filed against the Company related to the collection of the COFINS.

• Administrative claims We are a party to two tax administrative claims relating to the CSLL and the IRPJ levied on profits supposedly earned by us. One of the administrative claims refers to the collection of the IRPJ and of the CSLL on the totality of the positive variance of equity pickup verified by our subsidiaries abroad, and not on the profit earned by them.


June 30, 2010




87

We applied for an injunction, to which we obtained, on January 27, 2003, granting preliminary injunction with the objective of removing the collection in the terms intended by the Brazilian tax authorities. The aforementioned administrative claim has as a purpose the objection of two tax-deficiency notices relating to the collection of the IRPJ and of the CSLL base year 2002 that, in spite of the existence of the preliminary injunction granted, mentioned above, was issued by the Brazilian tax authorities against the Company, on February 23, 2005, in the amount of R$11.9 million on June 30, 2010, classified by our external advisors as remote loss. The Brazilian tax authorities established a tax administrative claim against us in January 2005 demanding the payment of IRF6 levy on the interest relating to the installment of the Fixed Rate Notes issued by us. We defended this demand judicially and, based on our external lawyers' opinion, we did not create provision in our balance sheet for such administrative claim, in view of the possibility of success of our defense. On June 30, 2010 this claim reached the approximate amount of R$4.9 million, classified by our external advisors as remote loss. Labor claims On June 30, 2010, we were a party in labor claims established against us, and the total amount demanded in such claims is approximately R$21.2 million, of which R$2.8 million have been provisioned on June 30, 2010. The claims, in their great majority, are filed by employees of sub-contractor companies, outsourced service providers that were contracted by us. Under the Brazilian labor legislation, we are jointly and severally liable for the fulfillment of the labor obligations of the employees of service providing companies contracted for us. Civil claims On June 30, 2010, we were a party in civil claims, reaching the demanded total amount of approximately R$54.3 million, to which we have provisioned R$6.1 million on June 30, 2010. The balance of R$48.2 on June 30, 2010, based on our external lawyers' opinion, does not have any expectation of unfavorable decisions in such claims; therefore we have not created any provisions. Probable losses The forecast for the possible losses considered probable resulting from these claims is estimated and updated by the Management, based on the opinion of their legal consultants. On June 30, 2010, the provisions for contingencies are classified in the account heading “Taxes payable, labor and tax claims”, Note 19. Possible losses The Company has tax, civil and labor suits, involving risks of loss classified by the Management as possible, based on the assessment of its legal consultants, for which there is no provision constituted, according to the composition as follows:

6 Income Tax Withheld at Source.

Consolidated

06/2010 03/2010

Civil 25,658 27,543 Tax 4,998 16,934 Labor 14,576 15,485

Total 45,232 59,962


June 30, 2010




88

23. Benefits to directors and employees The benefits to the employees and administrators are all of the manners of compensation paid, payable, or provided, by the company, or on behalf of the company, in exchange for services that are rendered to the company:

a) Post-retirement benefits The Company and its subsidiaries do not maintain private pension plans for their employees; nevertheless, they perform monthly contributions based on payroll to the official retirement and social security funds, which are recorded in the expenses using the accrual basis.

b) Profit sharing program - PLR The Company and other companies of the group have a program for employee profit sharing in compliance with the collective bargaining agreement entered into with the Union of Civil Construction Industry workers of São Paulo. On June 30, 2010, the company accumulated a provision in the consolidated of R$8,531 (R$6,000 in June 2009), based on the indicators and parameters defined in the agreement entered into and income projections.

c) Stock option program Description of the plan The Company maintains stock options plans. All managers and employees who are entitled to the annual bonus and whose compensation does not include commissions directly or indirectly connected to the sale or purchase of assets for the Company will be eligible to this modality. The market value of options granted is recognized as expenses in the period the right is acquired, when the specific conditions for the acquisition of rights shall be met. At the reference date of the financial statements, the Company reviews its estimates regarding the quantity of options the rights of which should be acquired based on the terms of the contract. It recognizes the impact of the initial estimate review in the statement of income, as a counter entry to the shareholders’ equity, prospectively. To participate in the program, the manager or employee shall acquire shares from Cyrela at market price and in pre-defined terms, by means of utilizing the funds coming exclusively from the receipt of the annual bonus granted according to the compensation policy in force. As a counter entry to the acquisition of shares, the Company will enter, with each beneficiary, into an Instrument for Granting of Stock Option, by means of which the Company will grant, for each share acquired, stock options within the limits and conditions previously defined.

The plans offered by the Company are described below:

• 2008 granting plan At the Ordinary and Extraordinary General Meeting, held on April 29, 2008, the “Stock Option Plan” for the Management and employees was approved. • 2007 granting plan The “2007 Stock Option Plan” for the Management and employees was approved in the Ordinary and Extraordinary General Meetings held on April 30, 2007 and October 8, 2007.


June 30, 2010




89

• 2006 granting plan The “Stock Option Plan” for the Management and employees was approved in the Ordinary and Extraordinary General Meeting held on May 4, 2006.

The calculation of the stock options amounts and their accounting record is in compliance with the criteria set forth by CVM Resolution n. 562 of December 16, 2008, Share-Based Payment (CPC 10). Quantities, amounts, and terms of the plans The quantities of stock options granted, the grace periods and the years are commented as follows:

The market value of each stock option is estimated on the grant date, using the Black-Scholes option pricing model, which uses the following as basic assumptions: the price at the granting, the strike price; the grace period, the stock price volatility, the percentage of distributed dividends and the risk free rate. The amounts of the amortizations recorded as expense in the Company’s financial statements, since the grant date until June 30, 2010, are described as follows:

PlanGrant

Date

Term

for the

Year

Maturity

for the Year

Balance of

Shares

Granted as

of 12/31/2009

Shares

Exercised

2010

Shares

Cancelled

2010

Balance of

Shares

Granted as

of 6/30/2010

2006 05/04/2006four (4) yearsbeing 25% p.a.

05/03/2007;05/03/2008;05/03/2009;05/03/2010

244,503 (29,966) (10,538) 203,999

20075/17/2007;10/08/2007

five (5) years5/17/2012;05/08/2012

2,258,145 - (22,095) 2,236,050

2008 04/29/2008 five (5) years 4/28/2013 1,400,889 (498,928) 0 901,961

Total 3,903,537 (528,894) (32,633) 3,342,010

Quantities, amounts, and terms of the plans - Position as of June 30, 2010

Plan

Average

Price for

the year

Grant

Date

Accumulated

Expense

2006 14.60R$ 05/04/2006 3,718

2007 0.01R$ 05/17/2007;10/08/2007

31,102

2008 0.01R$ 04/29/2008 14,674

Total 49,494

Total accumulated expense up to June 30, 2010


June 30, 2010




90

Percentage of the dilution of ownership The percentage of ownership dilution to which the current shareholders will eventually be submitted in the event of exercising all of the options to be granted is of approximately 0.9938% (zero point nine nine three eight) on June 30, 2010 (1.0009% in June 2009):

24. Financial instruments The Company and its subsidiaries participate in operations involving financial instruments, all of which are recorded in equity accounts that are intended for meeting their needs and reducing the exposure to risks related to credit, currency and interest rates. The management of such risks is performed by defining strategies, establishing control systems and determining position limits. Operations involving financial instruments with speculative purposes are not carried out.

a) Comments on risks (i) Currency risks

On June 30, 2010, the Company presented a balance of loans in foreign currency, in the amount of US$30,000 (US$30,000 in March 2010), the financial investments totaled the equivalent to US$937 (US$943 in March 2010) and investments in companies abroad totaled the equivalent to US$937 (US$944 in March 2010), besides Argentine Pesos that totaled AR$89,728 (AR$59,555 in March 2010) and Uruguayan Pesos that totaled UY$40,977 (UY$40,089 in March 2010), without the existence of any instrument to protect this exposure on this date.

Basic and diluted earnings per share 06/2010 06/2009

Basic earnings per share:

Net profit of the period R$ 341,689 R$ 257,528

Average number of shares duing the year - Basic 422,157 368,615

Basic earnings per share R$ 0.80939 R$ 0.69864

Diluted earnings per share:

Net profit of the period R$ 341,689 R$ 257,528

Average number of shares duing the year - Basic 422,157 368,615

Increase in the number of suggested shares of the Stock Option Plans, in the event of fortuitous exercise of all of the shares granted

4,184 3,723

Average number of shares during the year - Diluted 426,341 372,338

Diluted earnings per share R$ 0.80144 R$ 0.69165

Share dilution percentage 0.98137% 0.99981%

Quantity of shares granted on total shares: 0.99110% 1.00990%


June 30, 2010




91

(ii) Interest rate risk

The interest rates on loans and financing are mentioned in Note 12. The interest rates contracted on financial investments are mentioned in Note 4. On the accounts receivable from concluded real estate, as mentioned in Note 6, 12% interest per year is levied, appropriated "pro rata temporis". In addition, as mentioned in Note 14, a substantial portion of the balances maintained with related parties and the balances maintained with partners in the ventures are not liable to financial charges. On June 30, 2010, the Company has no agreements in force related to operations with derivatives and hedge.

b) Valuation of financial instruments

The main assets and liabilities financial instruments are described below, as well as are the criteria for their valuation: (i) Cash and cash equivalents and financial investments

The market value of these assets does not significantly differ from the values presented in the financial statements (Note 3). The rates agreed upon reflect the usual market conditions.

(ii) Securities The market value of these assets is not significantly different from the values of the market values.

(iii) Accounts receivable The amounts of accounts receivable presented at book value have similar market value. (iv) Investments in subsidiaries Investments in subsidiaries are not listed on the stock exchange and, as a result, there are not enough assumptions for attributing their market value. (v) Investments listed on stock exchange Investments in associated companies are listed on the stock exchange and, therefore, we present the cost position and market value for such investments:

(vi) Loans, financing and debentures

The conditions and the terms of the loans and financing obtained are presented in Note 11. The settlement value of these liabilities is not significantly different from the values presented in the financial statements.

06/2010 03/2010

Market Book Market Book

value value Variance value value Variance

Affiliated Companies 11,079 5,643 5,436 13,503 5,491 8,012 Valued at cost 7,022 7,022 - 8,394 8,394 -

18,101 12,665 5,436 21,897 13,885 8,012


June 30, 2010




92

c) Operation with derivative instruments The Company and its investees do not have operations with derivative instruments on June 30, 2010. 25. Insurance The Company and its subsidiaries maintain insurance, the hired coverage of which is considered sufficient by the Management to cover fortuitous risks over their assets and/or liabilities, as indicated below: (a) Engineering risk: (i) basic - R$4,174,492, (ii) projects - R$3,227,645 and (iii) other -

R$430,381:

(i) Basic: accidents (sudden and unexpected) in the construction sites, such as: acts of God or force majeure, winds, storms, lightning, floods, earthquakes, etc., damages inherent to construction, the employment of defective or inadequate materials, flaws in the construction and the collapse of structures;

(ii) Projects: covers indirect damages caused by possible project errors; (iii) Other: refers to extraordinary expenses, clearing away of debris, riots, strikes,

foundation crusades, etc.

(b) Sales stand: fire - R$15,400, robbery - R$680 and other risks - R$65. (c) Sundry risks: fire - R$30,200, robbery - R$2,160 and other risks - R$3,600. (d) Contractual security: R$139,476. (e) Construction risks: civil liability - R$114,657 (f) Civil liability on actions taken by directors and managers - US$10,000. The risk assumptions adopted, given their nature, are not part of the auditing scope of the financial statements and, consequently, were not audited by our independent auditors.

26. Other statutory commitments In the Company’s Bylaws, Chapter X, Article 51, the definition regarding commercial conflicts is as follows:

o Our shareholders, managers and the Fiscal Council members undertake to resolve, by

means of arbitration, all and every dispute or controversy which may arise among them, especially related to or derived from enforcement, validity, effectiveness, construal, violation and their effects of provisions contained in these Bylaws, in the possible shareholders’ agreements filed at the Company’s headquarters, in Law n. 6.404/76, in the rules issued by the Brazilian Monetary Council (CMN), by the Brazilian Central Bank and by the Brazilian Securities and Exchange Commission (CVM), as well as other rules applicable to the capital markets operation in general, or those which arise from them, besides those included in the ”Novo Mercado” Listing Regulation, in the “Novo Mercado” Listing Agreement and in the Arbitration Regulation of the Market Arbitration Panel, in accordance with the Market Arbitration Panel Regulation instituted by BOVESPA.


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93

27. Explanation added to the translation into the English version The accompanying financial statements were translated into English from the original Portuguese version prepared for local purposes. Certain accounting practices applied by the Company that conform to those accounting practices adopted in Brazil may not conform to the generally accepted accounting principles in the countries where these financial statements may be used.


June 30, 2010



07.01 – COMMENTS ON THE COMPANY’S PERFORMANCE IN THE QUARTER

94

The operations carried out by the Company, its controlled companies and affiliated companies consist of the development of residential and commercial real estate and holding interest in other corporations as a shareholder or quotaholders. Thus, with the purpose of providing the best analysis of its business and results, the comments on the Company’s performance should be analyzed in a consolidated manner. Therefore, the consolidated comments are presented in section “Comments on the Company’s Consolidated Performance in the Quarter”.


June 30, 2010



12.01 – COMMENTS ON THE COMPANY’S CONSOLIDATED PERFORMANCE IN THE QUARTER

Cyrela’s sales amount to R$ 2.6 billion

and account for 40% of the guidance for sales

São Paulo, August 11, 2010 - Cyrela Brazil Realty S.A. Empreendimentos e Participações ("CBR” or “Company” or “Cyrela”) (Bovespa: CYRE3), one of the largest residential real estate developer in Brazil, announces its earnings results for the second quarter of 2010 (2Q10) and first half of 2010 (1H10). The following financial and operating information, except where otherwise indicated, are presented in Brazilian Reais (R$), pursuant to Law 11,638/07 and applicable regulation, and comparisons refer to the same period in 2009.

NET REVENUE: R$ 1.2 billion in 2Q10 and R$ 2.3 billion in 1H10, representing a 51.1% growth over 1H09.

EBITDA: R$ 222.8 million in 2Q10 and R$ 446.5 million in 1H10, up 23.8% from 1H09, with EBITDA margin of

19.1%.

NET INCOME: R$ 167.5 million in 2Q10 and R$ 341.7 million in 1H10, up 32.7% from 1H09, with net margin

of 14.6%.

LAUNCHES: R$ 1.7 billion launched in 1H10, up 43.9% year-over-year, 41.8% of which was launched within

the segments of Living.

SALES: R$ 2.6 billion in contracted sales, 94.2% higher than in 1H09, 64.5% of launches sold in 1H10.

DELIVERIES: 5,300 units in 31 projects in 1H10.

Contracted Sales and Sales of Inventory (in R$ million)

Highlights

349.4

1,212.0

414.1 269.6 185.5 315.8

1,014.4 1,439.7

284.2 676.5

702.6

728.9

638.4

296.5 296.4

524.0

616.5

828.9

781.5

863.4 1,052.0

1,940.9

1,052.5

566.1 481.9

839.8

1,630.9

2,268.5

1,065.8

1,539.9

66.8%

37.6%

60.7%

52.4%

61.5% 62.4%

37.8%

36.5%

73.3%

56.1%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

Sales of Launches from the Quarter Sales of Inventory % Sales of Inventory


June 30, 2010




96

96 [email protected]

The Brazilian economy remains on an upward trend, with rising income generation, stable employment

rates and a strict inflation control policy. The rise of GDP in the first quarter of 2010, announced in June by

IBGE (Brazilian Institute of Geography and Statistics), came to an overwhelming 9% year-over-year and

2.7% quarter-over-quarter. It was a record high in the historical quarterly series since it started in 1995.

The average real income of Brazil’s workforce, as measured in May, increased by 6.7% in 12 months,

whereas the unemployment rate stood at 7.0% in June, according to IBGE estimates. In June, the inflation

rate as measured by IPCA (Broad Consumer Price Index) came to 3.09% year to date and to 4.84% in 12

months. As a result, the Economic Policy Committee slowed down the increase in the basic interest rate

(SELIC) at its latest meeting held in July. Even though there will be presidential elections in Brazil in 2010,

we remain optimistic about the macroeconomic situation and the performance of the real estate industry.

Furthermore, we do not believe that the presidential change poses any major risks to the soundness of the

economic and industry fundamentals. Improvements in the economy pave the way for further

improvements, thus creating a virtuous circle likely to last long.

The real estate industry, which greatly contributed to the economic rebound, recorded the fifth consecutive

high in June according to CNI (Brazilian National Confederation of Industry). Cyrela recorded contracted

sales of R$ 1.5 billion in 2Q10, an 83.4% rise year-over-year. Over the last few months we have seen

records for hiring additional civil construction workforce and, as a consequence, pressure on the cost of

labor. While we launch new products, the prices are established at new levels in face of the new

environment. Our prices have been adjusted upwards so that our margins are protected in the future.

Sales have amounted to R$ 2.6 billion so far in the year and come to 40% of the 2010 sales guidance

midpoint. Launches in 1H10 stood at R$ 1.7 billion, 24% of the sales guidance midpoint, and will increase

in number in the second half of the year. 64.5% of all launches in 1H10 had been sold by late June, which

indicates a fast pace of sales and confirms that the market is on the rise.

Living is still growing and increasing its share in the Company's portfolio in 2010, as planned. Its sales

amounted to R$ 435 million in 2Q10 and R$ 846 million in 1H10, 28% and 32% of Cyrela’s sales

respectively in the same periods. Living launched 3,262 units in 2Q10, which brought in R$ 396 million,

and accounted for 35 % of Cyrela’s launches. In the year, 5,686 units were launched, totaling R$ 720

million or 42% of Cyrela’s launches.

Living has 40,000 units in different stages of the approval process for the "Minha Casa, Minha Vida"

Housing Program (MCMV). By late June, it had already transferred 4,400 units within the program, being

1,700 in the second quarter alone. 2,323 (71.2%) of all Living launches in 2Q10 are eligible for the MCMV

Program.

Message from the Management


June 30, 2010




97


www.cyrela.com.br/ri

In view of such positive economic and industry indicators, we reaffirm our commitment to growth and

remain optimistic about the performance of the real estate industry this year. We are expecting - and

working hard to ensure - a very positive 2H10 performance, with a higher number of launches and higher

sales. We are always alert to market risks and challenges, and firmly believe our employees and partners

will add more and more value to the company's shareholders.


June 30, 2010




98


(1) Including swapped units (2) Net of cancelled units

2Q10 2Q092Q10 x 2Q09

Chg%1Q10

2Q10 x

1Q10

Chg%

1H10 1H091H10 x 1H09

Chg%

Launches (1)

Number of Launches 15 14 7.1% 15 0.0% 30 23 30.4%

Launched PSV - R$ 000 (100%) 1,127,458 644,268 75.0% 596,294 89.1% 1,723,752 1,198,225 43.9%

Launched PSV - R$ 000 (%CBR) 794,093 489,895 62.1% 481,570 64.9% 1,275,663 906,026 40.8%

Cyrela's Share 70.4% 76.0% -5.6 p.p. 80.8% -10.3 p.p. 74.0% 75.6% -1.6 p.p.

PSV Swapped - R$ 000 (100%) 61,857 52,145 18.6% 66,861 -7.5% 128,717 72,127 78.5%

Average Price per sq. m. (R$) 3.355 3.077 9.0% 2.838 18.2% 3.156 3.312 -4.7%

Usable Area Launched (sq. m.) 336,044 209,366 60.5% 210,110 59.9% 546,155 361,773 51.0%

Units Launched 5,361 2,945 82.0% 3,134 71.1% 8,495 5,216 62.9%

Sales(2)

Pre-Sales Contracts - R$ 000 (100%) 1,539,902 839,830 83.4% 1,065,752 44.5% 2,605,653 1,341,622 94.2%

Pre-Sales Contracts - R$ 000 (%CBR) 1,108,156 625,994 77.0% 869,003 27.5% 1,977,159 971,949 103.4%

Cyrela's Share 72.0% 74.5% -2.6 p.p. 81.5% -9.5 p.p. 75.9% 72.4% 3.4 p.p.

Average Price per sq. m. (R$) 3.622 3.293 10.0% 3.146 15.1% 3.411 3.368 1.3%

Units Sold 5,984 3,302 81.2% 4,681 27.8% 10,665 5,070 110.4%

Sales from Launches (2)

Pre-Sales Contracts from Launches of the year - R$ 000 (100%) 828,397 315,795 162.3% 284,240 191.4% 1,112,637 686,688 62.0%

Pre-Sales Contracts from Launches of the year - R$ 000 (%CBR) 535,952 237,046 126.1% 236,725 126.4% 772,676 521,923 48.0%

Cyrela's Share 64.7% 75.1% -10.4 p.p. 83.3% 0.4 p.p. 69.4% 76.0% -6.6 p.p.

Average Price per sq. m.(R$) 3.428 3.059 12.1% 2.841 20.7% 3.257 3.295 -1.1%

Units Sold 3,922 1,442 172.0% 1,549 153.2% 5,471 3,028 80.6%

LandbankPSV with exchange - R$ 000 (100%) 39,074,418 39,685,700 37,542,559 5.7%

PSV without exchange - R$ 000 (100%) 34,435,984 34,984,276 33,074,377 5.8%

Landbank (sq. m.) 12,503,778 12,643,947 11,911,541 6.1%

% Swap over land value 72.5% 74.7% 71.9% 2.9 p.p.

% CBR 83.2% 83.2% 81.0% 2.2 p.p.

Financial IndicatorsNet Revenue (R$ 000) 1,205,835 875,600 37.7% 1,132,448 6.4% 2,338,283 1,547,054 51.1%

Gross Profit (R$ 000) 393,041 299,868 31.1% 394,617 -0.4% 787,658 551,953 42.7%

EBITDA (R$ 000) 222,751 209,403 6.4% 223,729 -0.4% 446,480 360,648 23.8%

Net Income (R$ 000) 167,449 157,071 6.6% 174,240 -3.9% 341,689 257,528 32.7%

Gross Margin 32.6% 34.2% -1.7 p.p. 34.8% -2.2 p.p. 33.7% 35.7% -2.0 p.p.

EBITDA Margin 18.5% 23.9% -5.4 p.p. 19.8% -1.3 p.p. 19.1% 23.3% -4.2 p.p.

Net Margin 13.9% 17.9% -4.0 p.p. 15.4% -1.5 p.p. 14.6% 16.6% -2.0 p.p.

Earnings per Share (R$) 0.3959 0.4262 -7.1% 0.4125 -4.0% 0.8079 0.6988 15.6%06/30/2010 03/30/2010 Chg%

Revenues to be Recognized (R$ 000) 5,641,891 5,041,199 12%

Gross Profit to be Recognized (R$ 000) 1,886,969 1,731,551 9%

Margin to be Recognized 33.4% 34.3% -0.9 p.p.

Main Indicators


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99


Note: detailed information on launches can be found at the end of this report in the appendix

tables.

Fifteen projects were launched in 2Q10 (5,361 units),

amounting to a total Potential Sales Value (PSV) of R$

1,127.5 million, a 75.0% rise year-over-year. In 1H10, 30

projects were launched, with a total PSV of R$ 1,723.8

million, 43.9% more than in 1H09. These launches

correspond to 24% of the midpoint of the guidance for

2010. This level of activity is within the Company's

expectations, since launching activity is historically

stronger in the second half of the year. Of the PSV

launched in the first half of the year, 64.5% was sold in the

period. Cyrela's share in launches reached 70.4% to R$

794.1 million, a 5.6 p.p. decrease over 2Q09.

Launches in the Northeast and the Midwest regions stood

out in the period, in line with the Company's strategy of

strengthening its activities beyond São Paulo and Rio de

Janeiro, which are the most traditional markets for the

Company. Of the total PSV launched in the quarter, 28.3% is located in the state of São Paulo,

20.7% the state of Rio de Janeiro, 19.1% in the Northeast region, 18.0% in the Midwest region,

8.0% in the other states in the Southeast region and 5.9% in the South region.

Concerning the breakdown of launches by income segment, the high-end segment accounted

for 14.8% and the middle segment for 50.0% of the total PSV launched in 2Q10, whereas no

launches were made in the mid-high segment. The economic and super economic segments −

corresponding to Living’s launches − accounted for 15.2% and 19.9%, respectively. In all, Living

accounted for 35.2% of all Cyrela’s launches in 2Q10.

Launches

1,198.2

1,723.8

1H09 1H10

Launched PSV(R$ million - 100% launched)

+ 43.9%

5,216

8,495

1H09 1H10

Units launched

+62.9%


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Note: detailed information on pre-sales can be found at the end of this report in the appendix

tables.

The pre-sales in the second quarter of 2010 totaled R$

1,539.9 million (5,984 units) including partners’ share and R$

1,108.2 million when considering Cyrela’s share only, an

increase of 83.4% and 77.0%, respectively, over the same

period in 2009. In 1H10, pre-sales totaled R$ 2,605.7 million,

94.2% more year-over-year. Cyrela’s share alone increased

by 103.4%, from R$ 971.9 million to R$ 1, 977.2 million.

The sales volume recorded in 1H10 comprises 40% of the sales guidance midpoint.

Sales of launched units in 2Q10 totaled R$ 676.5 million, or 43.9% of the total pre-sales in the

quarter, with a sales speed of launches at 60%. Sales of inventory units came to R$ 863.4

million in 2Q10, or 56.1% of pre-sales, which shows a balance between sales of launches and

inventory units in the period.

Sales over Supply (VSO) came to 35.7% in 2Q10,

considering an initial inventory of R$ 3,184.1 million (25.4%

in 1Q10 and 21.9% 2Q09). The inventory (all units available

for sale, including those launched in the period) at market

value amounted to R$ 2,551.4 million (100%) and R$ 1,869.1

million (Cyrela’s share) by the end of 2Q10. Of that amount,

15.0% consists of finished units – mostly high-end projects,

whose sales are concentrated close to the delivery dates.

Pre-Sales

1,341.6

2,605.7

72%

76%

1H09 1H10

Pre Sales Contracts(R$ Million)

% CBR

+94.2%

5,070

10,665

1H09 1H10

Units Sold

+110.4%


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Speed of Sales: Cyrela and Living

Inventory - Market Value R$ million %

Finished Units 383.6 15.0%

To be delivered on 2010 234.8 9.2%




Total 2,551.4 100%

60%

48%

59%

52%

49%

25%

13%

20%

30%

8%

8%

6%

6%

2%5%

73%

80%

87%

92%

2Q10

1Q10

4Q09

3Q09

2Q09

In 3 months In 6 months In 9 months In 12 months In 15 months

High-End11%

Mid-High19%

Middle38%

Economic15%

Super Economic

17%

Pre Sales by Segment(1H10 - %)

SP36%

RJ18%

Southeast Others6%

North1%

Northeast23%

South8%

Midwest8%

Pre Sales by Region(1H10 - %)


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Speed of Sales: Cyrela

2Q10 2Q09 1H10 1H09

Launches 2Q10 676,517 - 676,517 -

Launches 1Q10 151,880 - 436,120 -

Launches 4Q09 196,451 - 513,047 -

Launches 3Q09 125,843 - 287,220 -

Launches 2Q09 31,621 315,795 47,267 315,795

Launches 1Q09 10,536 165,540 15,486 370,893

Inventory 347,054 358,495 629,996 654,934

Previous Years 3,357 10,657 3,570 11,816

2005 13,113 10,481 24,556 16,360

2006 80,783 35,667 132,855 88,054

2007 90,440 59,956 159,542 132,944

2008 159,360 241,735 309,472 405,759

Total 1,539,902 839,830 2,605,653 1,341,622

Pre-Sales Contracts (R$ 000 ) - 100%

69%

44%

49%

49%

53%

16%

11%

19%

26%

10%

8%

5%

7%

3%4%

59%

69%

84%

91%

2Q10

1Q10

4Q09

3Q09

2Q09



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Seller and Selling, Cyrela’s and Living’s in-house sales forces, respectively, contributed R$

631.8 million or 43.0% of total pre-sales in 2Q10 and R$ 1,127.5 million or 45.4% of total pre-

sales in 1H10. These sales forces operate in 10 Brazilian states: São Paulo, Rio de Janeiro,

Espírito Santo, Rio Grande do Sul, Paraná, Bahia, Pernambuco, Rio Grande do Norte,

Maranhão and Pará. Pre-sales exclusively in the states where Seller/Selling operate accounted

for 53.2% of total sales in the quarter and 54.3% of total sales in 1H10. On June 30, 2010,

Seller had 921 brokers and Selling had 594, totaling 1,515 real estate sales professionals.

As of June 30, 2010, net sales revenues to be recognized amounted to R$ 5,641.9 million,

representing an 11.9% increase quarter-over-quarter. On the same date, the gross margin of

the revenues to be recognized was 33.4%, 0.9 p.p. lower than the 34.3% margin posted at the

close of 1Q10. The drop in net margin of sales to be recognized primarily derive from two

factors:

(i) the 2.3% real increase in the cost of the construction works in progress, which impacted

the gross margin;

(ii) the increase in the revenues to be recognized due to the real growth in prices of the

new launches.

These two factors caused the gross margin to result in 33.4% with a growth bias inasmuch as

new launches are made and sold. The sales of projects launched in 2Q10 present gross

margins above 36%.

Sales to be Recognized (R$ 000) 2Q10 1Q10 Chg %

Sales to be Recognized at the Beginning of the Period 5,224,037 5,224,037 0.0%

Sales Recorded in the Period 3,024,203 1,173,299 157.8%

Contracts Cancelled in the Period (15,575) (6,515) 139.1%

Revenues Recognized in the Period (2,377,044) (1,158,647) 105.2%

Sales to be Recognized at the End of the Period 5,855,621 5,232,174 11.9%

Taxes (213,730) (190,974) 11.9%

Net Revenue 5,641,891 5,041,199 11.9%

Costs of Units Sold to be Recognized (3,754,922) (3,309,648) 13.5%

Gross Profit to be Recognized 1,886,969 1,731,551 9.0%

Selling Expenses to be Recognized (20,800) (16,282) 27.7%

Income to be Recognized 1,866,169 1,715,269 8.8%

Gross Margin 33.4% 34.3% -0.9 p.p.


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Note: detailed information on landbank can be found at the end of this report in the appendix tables.

During the course of 2Q10, Cyrela acquired 19 plots of land located in the South, Southeast,

Midwest, Northeast and North regions of Brazil, adding 561,300 square meters to its landbank

and a PSV of R$ 1.8 billion. By the end of 2Q10, our landbank amounted to 12.6 million square

meters of commercially usable area with total potential sales of R$ 39.7 billion, considering the

joint-ventures and partnerships. Cyrela’s share in the landbank is 83.2%, equivalent to R$ 33.0

billion.

33.6% of the PSV of the Company’s landbank is located outside the states of Rio de Janeiro

and São Paulo, which represented 36.7% and 29.7%, respectively, of the overall landbank at

the close of 2Q10.

Of the total landbank, 74.7% of the value of the plots of land was paid through swap contracts,

with no cash disbursement. The amounts committed in cash to the existing landbank represent,

on average, 4.0% of the landbank's PSV, and the portion corresponding to land swap contracts

represents 11.9% on average of the total estimated PSV of all the projects.

In the Balance Sheet, including the effects of the accounting consolidation process, the

landbank corresponds to R$ 2,474.5 million under the “Marketable Real Estate” account, with

counterparts in “Advances from Customers” in the amount of R$ 1,873.9 million, related to the

fair value of the swapped units, and also in short and long-term “Accounts Payable for

Acquisition of Real Estate,” totaling R$ 347.8 million.

Landbank


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Overall, the landbank holds a potential number of 151,851 units, of which 87.4% of the units are

priced below R$ 500,000 and, therefore, eligible for SFH (House Financing System) financing

lines. In terms of the total PSV, these potential units account for 66.2% or

R$ 26.3 billion from a total amount of R$ 39.7 million.

Note: detailed information on Living can be found at the end of this report in the appendix

tables.

(1)Including swapped units

(2)Net of cancelled units

2Q10 2Q092Q10 x2Q09

Chg%1Q10

2Q10 x

1Q10

Chg%

1H10 1H09 Chg%

Launches (1)Number of Launches 9 6 50.0% 9 0.0% 18 10 80.0%

Launched PSV - R$ 000 (100%) 396,493 233,382 69.9% 323,688 22.5% 720,181 366,226 96.6%

Launched PSV - R$ 000 (%CBR) 263,156 180,033 46.2% 236,471 11.3% 499,627 267,893 86.5%

Cyrela's Share 66.3% 77.1% -10.8 p.p. 73.1% -9.3% 69.4% 73.1% -3.8 p.p.

PSV Swaped - R$ 000 (100%) 13,626 17,043 -20.1% 27,454 -50.4% 41,079 23,260 76.6%

Average Price per sq. m. (R$) 2.283 2.392 -4.5% 2.401 -4.9% 2.335 2.387 -2.2%

Usable Area Launched (sq. m.) 173,636 97,562 78.0% 134,789 28.8% 308,425 153,419 101.0%

Units Launched 3,262 1,690 93.0% 2,424 34.6% 5,686 2,621 116.9%

Sales(2)

Pre-Sales Contracts - R$ 000 (100%) 434,429 245,502 77.0% 411,517 5.6% 845,945 367,640 130.1%

Pre-Sales Contracts - R$ 000 (%CBR) 301,096 180,225 67.1% 306,902 -1.9% 607,998 259,428 134.4%

Cyrela's Share 69.3% 73.4% -4.1 p.p. 74.6% -5.3 p.p. 71.9% 70.6% 1.3 p.p.

Average Price per sq. m. (R$) 2.399 2.449 -2.0% 2.359 1.7% 2.379 2.463 -3.4%

Units Sold 3,296 1,646 100.3% 3,152 4.6% 6,448 2,439 164.4%

Living

São Paulo30%

Rio de Janeiro37%

Southeast Others2%

North5%

Northeast18%

South7%

Midwest1%

Landbank by Region(06/30/2010 -%)

4,094.4 3,829.4

17,471.1

10,693.7

3,597.2

Super Economic

Economic Middle Mid-High High-End

Landbank 100%(06/30/2010 -R$ million)

PSV


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Launches

In the second quarter of 2010, Living's launches totaled a PSV of R$ 396.5 million, up 69.9%

year-over-year. Its launches were regionally distributed as follows: 38.4% of PSV in the state of

São Paulo, 9.7% in the state of Rio de Janeiro, 22.7% in the state of Espírito Santo and 29.2%

in the Northeast region. Living’s launches accounted for 35.2% of the total PSV launched by

Cyrela in 2Q10. In 1H10, Living launched 18 projects with a total PSV of R$ 720.2 million, up

96.6% from 1H09 and 41.8% of the total PSV launched by Cyrela in 1H10. Launches came to

3,262 units in 2Q10 and 5,686 in 1H10. The average price for units launched in 2Q10 was R$

121,500.

Of all units launched in 1H10, 57.0% (3,241 units) are eligible for the "Minha Casa, Minha Vida"

(MCMV) Program and had an average price per unit of R$ 109,200, 7.5% higher than the

average price recorded at the end of 1Q10, R$101,600, due to the profile of the launches in the

period.

Sales

Living's sales totaled R$ 434.4 million in 2Q10, an increase of 77.0% over 2Q09, and comprised

28.2% of the Company's sales. In 1H10, sales amounted to R$ 845.9 million, up 130.1% year-

over-year, and corresponded to 32.5% of sales in the period.

Of total sales, the economic segment (units ranging from R$ 130,000 to R$ 200,000)

represented 47.2% in 2Q10 and 46.9% in 1H10, whereas the super economic segment (units

ranging from R$ 90,000 to R$ 130,000) accounted for 52.8% in 2Q10 and 53.1% in 1H10.

A total of 3,296 Living units were sold in 2Q10 at an average price of R$ 131,800 (R$ 149,200

in 2Q09) and 6,448 units were sold in 1H10.


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Speed of Sales: Living

Minha Casa, Minha Vida Program

By June 30, 2010, Living had submitted 39,964 units for approval to the "Minha Casa, Minha

Vida" Housing Program. Of those units, 19,390 have already been granted financing from Caixa

Econômica Federal, 4,400 of which have already been transferred, a number expected to rise in

the coming months as customers are transferred after six months following the projects' launch.

CEF Approval Flow:

43%

51%

74%

61%

41%

34%

16%

24%

37%

6%

8%

7%

6%

2% 7%

85%

96%

98%

95%

2Q10

1Q10

4Q09

3Q09

2Q09


Evaluation 14,792

Submitted 2,000

Approved for sales 12,792

Company Contracting 4,382

To be contracted 4,382

Company (PJ) and Client (PF) Contracting 20,790

Contracted PF 16,390

Contracted PJ 4,400

Total 39,964

*1,700 units w ere transferred from April to June


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Landbank

Living has 87 projects in its landbank, totaling a PSV of R$ 7.9 billion, of which R$ 6.9 billion is

the amount proportional to its stake. There is a total of 3.8 million square meters, with an

estimate of 64,308 units to be built, of which 62.6% or 40,249 units are eligible for the MCMV

Program. In PSV terms, R$ 4.1 billion out of R$ 7.9 billion, or 51.7%, is eligible for the MVMV

Program.

Living’s PSV in Landbank –

average sales prices (in R$ million)

Note: detailed information on urban development lots can be found at the end of this report in

the appendix tables.

No urban development lots have been launched in 2010.

Pre-sales for urban development projects in 2Q10 totaled R$ 4.2 million, down 87.0% from the

R$ 32.4 million in 2Q09. The Company's share in sales stood at 40.4%, an 8 percentage points

(p.p.) drop over the sales recorded in 2Q09.

In 1H10, pre-sales amounted to R$ 11.7 million, a 79.4% decrease over 1H09. The Company's

share in sales stood at 45.9%, a 5.8 p.p. rise over the same period of 2009.

No land was acquired for urban development projects in 2Q10.

Urban Development Lots

1,588

2,507

3,829 7,924

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Up toR$ 100 thd

From R$ 100 thd to R$ 130 thd

From R$ 130 thd to R$ 200 thd

Total


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The Company has a landbank for lots with a potential PSV of R$ 1.3 billion and 4.9 million

square meters for urban development projects in the states of São Paulo and Rio Grande do

Sul. 99% of the acquisition price of that land will be paid through swap contracts. Cyrela's share

is 55.2%. Most projects to be developed are in the mid-high segment, located in cities and

towns in the countryside of those states.

Note: detailed information on units delivered can be found at the end of this report in the

appendix tables.

In 1H10, Cyrela and Living delivered 31 projects that comprised 5,300 units and represented R$

1.8 billion in PSV with swaps, on the dates of their respective launches. From Living alone there

were 1,800 units with PSV of R$ 231.0 million. Of that amount, 93.1% of the units were sold in

line with our strategy of achieving the greatest number of sales possible before delivery. In

2010, the Company plans to deliver 17,000 to 21,000 units.

As of June 30, 2010, there were 155 Cyrela and Living projects in progress, of which 68 were

Living’s construction sites, and 87 were Cyrela’s sites. Cyrela’s own construction companies are

responsible for 107 construction sites, or 69.0% of the total. Cyrela owns construction

companies in the states of São Paulo, Rio de Janeiro, Rio Grande do Sul, Santa Catarina,

Paraná, Maranhão, Pará and Amazonas.

Construction Sites


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Revenues

Gross revenues from residential development, which

represent 96.5% of overall revenues, amounted to R$

1,191.4 million in 2Q10, an increase of 34.2%

compared to the R$ 887.5 million recorded in 2Q09.

This increase reflects the growth in launches and sales

of previous years, whose projects are being built and

delivered. Another factor influencing this result is the

real increase in selling prices for the projects launched in 2Q10, whose revenues have already

been recognized, highlighting Escritórios Mooca and

Villagio Manguinhos (Phase I) projects. The hike in

selling prices is driven by the strong market demand,

which allows for us to keep in line with the increase in

construction costs, while maintaining the selling

margins in the medium term.

In the past 12 months, the Company started

recognizing revenues from 74 projects launched in the

period, including: Jardins de Provence (Bahia),

Escritórios Mooca – Phase I (São Paulo), Splendore (Rio de Janeiro), NovAmérica California

(São Paulo), and Península Way (Maranhão). These new projects contributed recognition of

revenues in the amount of R$ 196.0 million in 2Q10. Of that amount, Living contributed R$ 54.9

million or 28.0%. Revenues from Living products (economic and super economic segments)

reached 23.7% of total revenues in 2Q10, up from 18.9% in 2Q09. The middle, mid-high and

high-end income segments (“MAP” as described in Portuguese) still represent the largest

portion of the Company’s revenues, having contributed 76.3% of total recognized revenues in

2Q10 (81.1% in 2Q09).

2Q10 2Q09 1H10 1H09

R$ 000 R$ 000 R$ 000 R$ 000

"MAP" Products (Middle, Mid-High and High-End) 908,980 76.3% 720,072 81.1% 26.2% 1,801,995 77.3% 1,273,610 81.0% 41.5%

LIVING Products (Economic and Super Economic) 282,465 23.7% 167,468 18.9% 68.7% 530,006 22.7% 298,946 19.0% 77.3%

Total 1,191,445 100.0% 887,540 100.0% 34.2% 2,332,001 100.0% 1,572,556 100.0% 48.3%

Chg % % CBR % CBR Chg %% CBRActivity % CBR

Economic and Financial Performance

1,572.6

2,332.0

1,608.7

1H09 1H10

Residential Real Estate Development Urban Development (Lots) Services Rendered

+49.5%+49.5%

2,404.7

887.5 1,191.4

909.7

1,234.5

2Q09 2Q10

Gross Revenue(R$ million)


+35.7%


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Revenues from urban development projects increased by 101.5% over 2Q09, and came to

2.2% of gross revenues for the quarter (1.5% in 2Q09), as a result of the recognition of three

new projects.

Revenues from services refer to the operations of subsidiaries Seller and Selling (sales

brokerage fees) and Cyrela Construtora (construction project management fees), and totaled

R$ 16.1 million. That amount represents a quarter-over-quarter increase of 83.5%. Revenues

from services represented 1.3% of total gross revenues (1.0% in 2Q09). This growth in the

second quarter refers to the increase in sales brokerage by subsidiaries Seller and Selling.

Cost of Goods Sold and/or Services Rendered

The cost of residential development, which accounts for 97.0%

of the total cost for the quarter, increased by 40.0%, primarily

due to the beginning of the construction works of new projects,

an item that alone was responsible for the increase of 14.7% in

the total cost for the quarter.

The cost budgets of all construction works in progress were

revised during the quarter, and the Company’s cost increased

by 2.3% above the INCC variation (the INCC rose 3.78% in the

quarter). The total impact of the increase in costs for the quarter

was R$ 36.6 million, or 4.6% of the costs incurred in the

quarter.

973.8

1,509.2

995.1

1,550.6

1H09 1H10

Residential Real Estate Development Urban Development (Lots)

Services Rendered

+55.8%

563.2 788.6

575.7

812.8

2Q09 2Q10

Cost by Segment (R$ Million)

Residential Real Estate Development Urban Development (Lots)

Services Rendered

+41.2%


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Gross Margin

The gross margin in 2Q10 was 32.6%, a decrease of 1.7 p.p. over 2Q09 (34.2%). During the

quarter, the real estate development gross margin was strongly impacted by the increase in costs

above the INCC. But the real increase in selling prices

mitigated the impact of the rise in costs in the gross margin.

The gross margin of the economic and super economic

segments (Living products) came to 29.1% in 1H10, in line

with our expectations.

The amortization of capitalized interests amounted to R$ 17.0

million in the quarter. The balance of capitalized interests is R$ 54.5 million and should be diluted

in future costs of goods sold.

The service gross margin resulted in 14.3%, a decrease of 12.0 p.p. over 2Q09 (26.3%).

Services corresponding to sales brokerage and construction, which support real estate

development operations, maintained positive margins, even though they were lower year-over-

year.

Selling, General & Administrative Expenses

Selling expenses in their entirety refer to the residential development business, and amounted

to R$ 103.0 million in 2Q10, an increase of 95.3% compared to the R$ 52.7 million posted in the

same period in 2009. This variation reflects the increased number of launches planned for 2010,

whereas in 2Q09 Cyrela had been cautious regarding new launches in view of the economic

situation seen in that period.

2Q10 2Q09 1H10 1H09

R$ 000 R$ 000 R$ 000 R$ 000

Show-rooms 37,924 20,194 87.8% 75,658 36,723 106.0%

Media 42,755 11,681 266.0% 85,128 40,186 111.8%

Third-party Services 14,488 12,959 11.8% 23,626 16,488 43.3%

Others 7,852 7,916 -0.8% 12,795 11,777 8.6%

Total 103,019 52,750 95.3% 197,207 105,174 87.5%

Commercial expenses % Chg % Chg

34.1% 32.3%

48.3%

56.7%

26.3%

14.3%

2Q09 2Q10

Gross Margin by Segment (%)



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113

[email protected]

Of the total selling expenses in 2Q10, R$ 27.4 million refer to expenses already incurred with

projects at initial launching or pre-launch stages and whose sales are just beginning. Thus, they

practically do not add revenues for the period. Selling expenses represented 6.7% of the pre-

sales in 2Q10, a 0.4 percentage-point increase over 2Q09.

General and administrative expenses (including management compensation) amounted to R$

74.4 million in 2Q10, an increase of 45.4% compared to the R$ 51.1 million recorded in the

same period in 2009. This amount represents 6.2% of the net revenues recognized in the period

(5.8% in 2Q09), reflecting the successful adjustment of the new structure of Living as an

independent company. Another factor adding to this result was the expansion of the structure to

support the rebound in the growth of the company’s operations.

These expenses represent 4.8% of pre-sales, a 1.3 percentage-point decrease when compared

with the figure recorded in 2Q09 (6.1% of pre-sales). This decrease was mainly due to the

higher volume of pre-sales in 2Q10 over 2Q09.

2Q10 2Q09 1H10 1H09

R$ 000 R$ 000 R$ 000 R$ 000

Salaries and Social Charges 31,183 19,377 60.9% 56,090 41,509 35.1%

Stock Options 4,526 4,543 -0.4% 9,131 8,693 5.0%

Board Members/Management Remuneration 1,331 2,582 -48.5% 2,558 4,850 -47.3%

Third-Party Services 21,053 15,038 40.0% 41,646 22,435 85.6%

SAP Project Amortization 917 - - 917 - -

Rent and Services 9,085 4,254 113.6% 16,563 9,691 70.9%

Provision for Contingencies - - - 5,353 - -

Others 6,271 5,360 17.0% 16,501 9,920 66.3%

Total 74,366 51,154 45.4% 148,759 97,098 53.2%

General & Administrative Expenses % Part % Chg


June 30, 2010




114

[email protected]

EBITDA

2Q10 EBITDA was R$ 222.7 million, up 6.4% year-over-year. EBITDA margin resulted in

18.5%, a 5.4 percentage-point decrease versus the 23.9% margin recorded in 2Q09. The lower

EBITDA margin mainly derives from the 1.7 percentage-point decrease in the gross margin, and

from the increase in selling expenses in 2Q10. Moreover, the increase in the share of the

economic and super economic segments in the product mix contributed to a lower margin.

Financial Result

In 2Q10, the financial result was a net financial income of R$ 20.5 million, reflecting the

increase in the monetary adjustment over accounts receivable, and the increase in revenues

from financial investments.

2Q10 2Q09 1H10 1H09

R$ 000 R$ 000 R$ 000 R$ 000

Earnings before Income Tax and Social Contribution 235,886 203,666 15.8% 451,670 354,186 27.5%(+) Financial Result (20,507) 5,487 -473.7% (25,895) 6,226 -515.9%(+) Depreciation and Amortization 2,622 1,367 91.8% 3,842 2,562 50.0%(+) Goodwill Amortization and Others 8,294 1,883 340.5% 25,394 3,675 591.0%(-) Employees Interest (3,544) (3,000) 18.1% (8,531) (6,000) 42.2%

EBITDA 222,751 209,403 6.4% 446,480 360,649 23.8%

EBITDA Margin (%) 18.5% 23.9% -5.4 p.p. 19.1% 23.3% -4.2 p.p.

EBITDA Chg % Chg %

R$ 000 2Q10 2Q09 1H10 1H09

Financial Expenses

SFH Interest (17,497) (16,715) (35,052) (32,975)

Interest on Corporate Financing (23,245) (29,681) (55,333) (70,531)

Capitalized Interest 10,284 12,573 18,380 24,033

Sub Total (30,458) (33,823) (72,005) (79,473)

Monetary Adjustment on Financing (12,487) (1,097) (16,929) (3,330)

Other financial expenses (15,571) (18,113) (21,463) (26,155)

Total Financial Expenses (58,516) (53,033) (110,397) (108,958)

Financial Revenues

Income on Investments 26,780 17,190 49,842 36,324

Income on Receivables 38,710 8,368 65,436 36,930

Income on Loans to Partners 10,740 18,759 16,702 23,121

Other financial income 2,793 3,229 4,312 6,357

Total Financial Revenues 79,023 47,546 136,292 102,732

- -

Financial Result 20,507 (5,487) 25,895 (6,226)


June 30, 2010




115

[email protected]

Net income and net margin

Net income was R$ 167.4 million in 2Q10, an

increase of 6.6% over the same quarter in 2009. Net

margin was 13.9%, down 4.1 percentage points

compared to the 17.9% net margin recorded in

2Q09. Earnings per share in 2Q10 was R$ 0.3959

versus R$0.4262 in 2Q09, a decrease of 7.1%.

Accounts Receivable

Considering all pre-sales contracts signed, and

including amounts not recognized in the balance

sheet to date, Accounts Receivable totaled R$ 11.3

billion as of June 30, 2010, an increase of 8.7% over

March 31, 2010, a result of the sales volume recorded

in the second quarter of 2010.

Financial Statements’ Highlights – Law 11,638/07 and Law 11,941/09

508.0

1,764.9

1,482.1

Further years

2011

2010

Schedule of costs to be incurred(sold units - R$ million)

157.1

167.4

17.9%

13.9%

2Q09 2Q10

Net Income(R$ million)

Net Margin

+ 6.6%

06/30/2010 03/31/2010

R$ 000 R$ 000

Units under construction 9,867,217 8,955,058 10.2%

Finished Units 1,428,778 1,439,667 -0.8%

Total Accounts Receivable 11,295,995 10,394,725 8.7%

Construction Cost to be Realized (3,754,922) (3,309,648) 13.5%

Net Accounts Receivable 7,541,073 7,085,077 6.4%

Accounts Receivable Chg%

1,167.4

425.8

471.4

523.7

1,161.1

1,932.2

2,115.1

3,499.3

Up to 2030

2016

2015

2014

2013

2012

2011

2010

Receivable Schedule(R$ million)


June 30, 2010




116

[email protected]

Of that amount, 12.6% refers to delivered units and 87.4%, to units under construction. The

average duration of Accounts Receivable is approximately 3.0 years. It is worth noting the

Company has not recorded significant losses in the realization of these assets. Receivables

from units under construction are generally used as guarantee for the financing to production

granted for the construction of the respective projects.

Real Estate Inventory

The main item in Inventory consists of plots of land earmarked for future development, and

accounts for 70.0% of the total (70.1% as of March 31, 2010). The Company’s policy for

acquiring new plots sets priority to those that may be acquired through swaps and that have no

restrictions regarding launch deadlines.

The real estate that is already built or under construction on June 30, 2010 represents PSV of

R$ 2,551.4 million (100%) and R$ 1,896.1 million (Cyrela’s share).

Debt

As of June 30, 2010, gross debt amounted to R$

2,746.7 million, an increase of 7.7% compared to the

R$ 2,549.3 million recorded on March 31, 2010. The

balance of the local currency-denominated financing

(57.5% of the total debt), entirely related to financing of

construction through the Housing Finance System

(SFH), rose 14.4% due to the increase in the number of

financing contracts for projects being developed and for new projects initiated in the quarter.

Construction financing through the SFH is mostly paid at interest rates between 8.5% and

11.8% p.a., plus TR (Brazilian reference rate), with an average weighted rate of TR + 10.4%

p.a., maturing between 2010 and 2018.

06/30/2010 03/31/2010

R$ 000 R$ 000

Units under construction 831,110 800,369 3.8%

Finished units 201,548 153,477 31.3%

Landbank 2,455,086 2,278,854 7.7%

Suppliers 19,387 20,084 (3.5%)

Total 3,507,131 3,252,784 7.8%

Inventory % Chg

95.7

363.5

422.7

657.5

714.6

515.9

2018

2014

2013

2012

2011

2010

Debt Payment Schedule(R$ Million)


June 30, 2010




117

[email protected]

The balance of local currency loans, which accounts for 40.6% of the total debt, decreased by

0.2% compared to the R$ 1,116.1 million recorded as of March 31, 2010, due to the

amortization of leasing in the amount of R$ 1.7 million. The debt balance refers to:

(i) 1st Issue of Debentures held in April 2007, with remuneration of 100% of the CDI plus

spread of 0.48% p.a., maturing in 2012, 2013 and 2014, in the proportion of 33.33% of the total

amount each year. Principal balance is R$ 500 million as of 06/30/2010;

(ii) 2nd Issue of Debentures held in January 2008, in two series remunerated at 100% of

CDI plus 0.65% p.a., maturing in 10 years and with renegotiation scheduled for 2010 (1st

Series) and 2011 (2nd Series). Principal balance was R$ 61.9 million as of 06/30/2010;

(iii) 3rd Issuance of Debentures held in September 2009, in a single series, remunerated at

100% of the CDI plus 0.81% p.a., maturing in five years from the date of issue. Principal

balance is R$ 350.0 million as of 06/30/2010; and

(iv) Long-term line of credit – granted by local financial institutions, of which R$ 200.0

million have already been used up to June 2010. The average cost of these credit lines is CDI

plus 0.81% p.a. and amortization will be carried out in annual installments over a 4-year period.

The balance of foreign currency loans is equivalent to R$ 54.0 million or 2.0% of the total debt

as of June 30, 2010. The US$ 30 million loan balance remains outstanding, subject to the

variation of LIBOR plus 4.3% p.a. interest, maturing in June 2012.

2,138 2,254

411 493

2,5492,747

84% 82%

31/03/2010 Em 30/06/10

Gross Debt(R$ million)

Long-Term Debt Short-Term Debt % Total

+7.7%

Debt (R$ 000) 06/30/2010 3/31/2010 % Chg

SFH financing 1,578,221 1,379,689 14.4%

Loans - local currency 1,114,445 1,116,143 -0.2%Loans - foreign currency 54,045 53,430 1.2%

Sub total 2,746,711 2,549,262 7.7%

Interest - local currency 23,085 29,894 -22.8%

Interest foreign - currency 16 728 -97.8%

Subtotal 23,101 30,622 -24.6%

Total 2,769,812 2,579,884 7.4%


June 30, 2010




118

[email protected]

The main disbursements made in 2Q10 were:

Advances from Customers

These mainly consist of commitments originated from physical swaps for the purchase of land,

and are assessed at the price of future sales of the units under construction, to be amortized

through the same procedure of recognition of sales revenues, without any actual cash

disbursement. As of June 30, 2010, advances from customers referring to swaps amounted to

R$ 1,873.9 million.

In R$ 000 6/30/2010 3/31/2010 % Chg

Long-Term Debt 2,253,862 2,138,135 5.4%

Short-Term Debt 492,849 411,127 19.9%

Total Debt 2,746,711 2,549,262 7.7%

Cash and Cash Equivalents 708,395 1,181,008 -40.0%

Long-Term Financial Investments 288,722 105,107 174.7%

Total Cash and Equivalents 997,117 1,286,115 -22.5%

Net Debt 1,749,594 1,263,147 38.5%

Disbursement (R$ million)

Dividends 199.0

Change in SFH indebtness 198.5

Land Acquisition 50.0

Onlending payment lag - Living 28.0

Working Capital 10.0

Total 485.5


June 30, 2010


119




1 - CVM CODE


CYRELA BRAZIL REALTY SA EMPRS E PART. 3 - CNPJ (Corporate Taxpayer’s ID)

73.178.600/0001-18

14.01 – CHARACTERISTICS OF PUBLIC OR PRIVATE ISSUANCE OF DEBENTURES

1 – ITEM 01

2 – ORDER no. 1st

3 –REGISTRY No. AT CVM CVM/SRE/DEB/2007/06

4 – REGISTRATION DATE AT CVM 4/27/2007

5 – ISSUED SERIES UN

6 – TYPE OF ISSUE SIMPLE

7 – NATURE OF ISSUE PUBLIC

8 – DATE OF ISSUE 4/1/2007

9 – EXPIRATION DATE 4/1/2014

10 – TYPE OF DEBENTURE WITHOUT PREFERENCE

11 – CONDITION FOR CURRENT REMUNERATION Dl + 0.48%

12 – PREMIUM/NEGATIVE GOODWILL

13 – NOMINAL VALUE (Reais) 10,000.00

14 – AMOUNT ISSUED (Thousands of Reais) 500,000

15 – NUMBER OF SECURITIES ISSUED (UNIT) 50,000

16 – OUTSTANDING SECURITIES (UNIT) 50,000

17 – TREASURY SECURITIES (UNIT) 0

18 – REDEEMED SECURITIES (UNIT) 0

19 – CONVERTED SECURITIES (UNIT) 0

20 – SECURITIES TO BE DISTRIBUTED (UNIT) 0

21 – DATE OF THE LAST RENEGOTIATION 1/5/2010

22 – DATE OF NEXT EVENT 4/1/2010


June 30, 2010


120




1 - CVM CODE



73.178.600/0001-18


1 – ITEM 02

2 – ORDER no. 2nd

3 –REGISTRY No. AT CVM 1135531/07-9


5 – ISSUED SERIES 2













18 – REDDEMED SECURITIES (UNIT) 43,761



21 – DATE OF THE LAST RENEGOTIATION 1/5/2010



June 30, 2010


121




1 - CVM CODE



73.178.600/0001-18


1 – ITEM 03

2 – ORDER no. 3rd

3 –REGISTRY No. AT CVM EXEMPTION ICVM 476/09


5 – ISSUED SERIES UN













18 – REDDEMED SECURITIES (UNIT) 0



21 – DATE OF THE LAST RENEGOTIATION



June 30, 2010



16.01 – COMMENTS ON THE COMPANY OUTLOOK

122



The projection for 2010 is annual and will be commented in the 2010 annual statements.


June 30, 2010



17.01 – COMPANY OUTLOOK

123



In accordance with the Material Fact of November 13, 2009, the Company’s projections have as

purpose the launches, contracted Sales, gross margin, EBITDA margin and the net margin, as

well as the interest in Living real estate projects and Company’s sales.

The current Company’s projections comprise fiscal year 2010, 2011 and 2012. The projections

presented may be affected in case its maturity date is compromised.

Projections 2010 2011 2012

Total Launches (in R$ billions) 6.9 to 7.7 8.3 to 9.1 10.5 to 11.5

Total contracted Sales (in R$ billions) 6.2 to 6.9 7.6 to 8.4 9.7 to 10.7

Cyrela¹’s share in total launches 73% to 77% > 75% > 75%

Share of segment Living² in total launches

and contracted sales. 35% to 40% 40% to 45% 45% to 50%

Gross Margin 33% to 37% 33% to 37% 33% to 37%

EBITDA Margin 20% to 24% 20% to 24% 20% to 24%

Net margin 14% to 16% 14% to 16% 14% to 16%

¹ Cyrela’s share refers to the interest percentage of the Company in the total sales and launches. The remaining balance represents the interest of Company’s partners in real estate projects. ² The Living segment represents the real estate projects focused on the public segments such as: economical, super economical construction and residential developments. The Living segment’s share represents a percentage interest of said segment in the Company’s total sales and launches.


June 30, 2010



20.01 – OTHER INFORMATION DEEMED AS RELEVANT BY THE COMPANY

124



SHAREHOLDING OF HOLDERS OF OVER 5% OF COMPANY’S SHARES OF ANY TYPE AND CLASS, UP TO INDIVIDUAL LEVEL

Company: Cyrela Brazil Realty S/A Empreendimentos e Participações

Shareholding on 6/30/2010

(Shares in units)

Shareholder Common Shares Total

Number % Number %

Eirenor Sociedad Anônima (1) 21,900,008 5.18 21,900,008 5.18

Elie Horn 107,418,278 25.40 107,418,278 25.40

EH Capital Management (2) 7,502,400 1.77 7,502,400 1.77

Carmignac Gestion (3) 33,401,765 7.90 33,401,765 7.90

BlackRoack Inc. (4) 23,492,223 5.55 23,492,223 5.55

Treasury Shares 5,997 0.00 5,997 0.00

Other 229,196,685 54.19 229,196,685 54.19

Total 422,917,356 100 422,917,356 100

(1) Holding company incorporated pursuant to the laws of Uruguay, in which Elie Horn holds a 100.0% stake.

(2) Holding company incorporated pursuant to the laws of the British Virgin Islands, in which Elie Horn holds a 100.0% stake

(3) Investment management company incorporated pursuant to the laws of France.

(4) Company manager of investments incorporated pursuant to the laws of United States of America.


June 30, 2010




125



CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGERS AND OUTSTANDING SHARES

Shareholding on 6/30/2010

Shareholders Number of

Common Shares (In Units)

% Total Number of Shares (In Units)

%

Controlling Shareholder 147,644,547 34.91 147,644,547 34.91

Managers

Board of Directors 1,014,669 0.24 1,014,669 0.24

Board of Executive Officers 181,433 0.04 181,433 0.04

Fiscal Council - - - -

Treasury Shares 5,997 0.00 5,997 0.00

Other Shareholders 274,070,710 64.81 274,070,710 64.81

Total 422,917,356 100 422,917,356 100

Outstanding Shares 274,070,710 64.81 274,070,710 64.81


June 30, 2010




126



CONSOLIDATED SHAREHOLDING OF CONTROLLING SHAREHOLDERS, MANAGERS AND OUTSTANDING SHARES

Shareholding on 6/30/2009 (12 months ago)

Shareholders Number of Common Shares

(In Units)

% Total Number of Shares (In Units)

%

Controlling Shareholder 156,319,834 42.41 156,319,834 42.41

Managers

Board of Directors 1,090,914 0.30 1,090,914 0.30

Board of Executive Officers 122,064 0.03 122,064 0.03 Fiscal Council - - - - Treasury Shares 5,997 0.00 5,997 0.00 Other Shareholders 211,013,895 57.26 211,013,895 57.26

Total 368,552,704 100 368,552,704 100

Outstanding Shares 211,013,895 57.26 211,013,895 57.26

In accordance with the Bylaws, chapter X, article 51, the Company, its shareholders, managers and the Fiscal Council members undertake to resolve by means of arbitration every and all dispute or controversy which may arise among them, especially related to or derived from enforcement, validity, effectiveness, construal, violation and their effects of provisions contained in these Bylaws, in the possible shareholders’ agreements filed at the Company’s headquarters, in Law no. 6,404/76, in the rules issued by the Brazilian Monetary Council (CMN), by the Brazilian Central Bank and by the Brazilian Securities and Exchange Commission (CVM), as well as other rules applicable to the capital markets operation in general and those included in the “Novo Mercado” Listing Regulation, in the “Novo Mercado” Listing Agreement and in the Arbitration Regulation of the Market Arbitration Panel, in conformity with the Market Arbitration Panel Regulation established by BOVESPA.


June 30, 2010



21.01 – SPECIAL REVIEW REPORT – UNQUALIFIED OPINION

127


Independent auditors’ special review report To the management and shareholders of Cyrela Brazil Realty S/A Empreendimentos e Participações:

1. We have performed a special review of the Quarterly Information (ITR) of Cyrela Brazil

Realty S/A Empreendimentos e Participações (individual and consolidated) as of June 30, 2010, comprising the balance sheets, the income statements, the statement of changes in shareholder’ equity, the statement of cash flows, notes to the financial statements and the financial statements included in the performance report for the quarter and half-year ended on that date, were prepared under the responsibility of the Company’s Management.

2. Our review was conducted in accordance with auditing standards established by the

Brazilian Institute of Independent Auditors and the Federal Accounting Board (CFC), which mainly comprised: (a) inquiries and discussion with managers responsible for the accounting, financial and operating areas of the Company and its subsidiaries, regarding the main criteria adopted in the preparation of the Quarterly Information, and (b) review of the information and subsequent events that may have a material effect on the financial position and operations of the Company and its subsidiaries.

3. Based on our special review, we are not aware of any material changes that should be

made to the aforementioned Quarterly Information for it to be in accordance with the accounting practices adopted in Brazil, applied consistently with the regulations issued by the Brazilian Securities and Exchange Commission (CVM), specifically applicable to the preparation of the Quarterly Information.

4. As mentioned in note 5, during the year of 2009 the Brazilian Securities Exchange

Commission - CVM approved several Pronouncements, Interpretations and Technical

Orientations issued by the Committee of Accounting Pronouncements - CPC, with

mandatory effectiveness for 2010, that change the accounting practices adopted in Brazil.

As provided for in CVM Resolution 603/09, the Quarterly Information mentioned in the first

paragraph were prepared in accordance with the accounting practices adopted in Brazil up

to December 31, 2009 and, therefore, does not include the new adjustments. In

accordance with this resolution, said changes are also not included in the accounting

information related to balances of shareholders’ equity on March 30, 2010, as well as in the

statements of income, changes in the shareholders’ equity and in the cash flows of the

period ended on June 30, 2009.

5. Equity information of March 31, 2010 was revised by us and we issued a special review

report as of May 13, 2010. The statement of income, changes in shareholders’ equity and

cash flows related to the quarter and half-year ended June 30, 2009 were reviewed by us

and we issued an unqualified special review report on August 13, 2009.

São Paulo, August 10, 2010.

José André Viola Ferreira Auditores Independentes Engagement Partner


June 30, 2010



23.01 – DESCRIPTION OF ALTERED INFORMATION

128



Change in the heading of the note concerning related parties (c)


June 30, 2010


129




1 - CVM CODE



73.178.600/0001-18

TABLE OF CONTENTS

GROUP TABLE DESCRIPTION PAGE

01 01 IDENTIFICATION 1

01 02 HEADQUARTERS 1

01 03 INVESTOR RELATIONS OFFICER (Company Mailing Address) 1

01 04 ITR REFERENCE AND AUDITOR INFORMATION 1

01 05 CAPITAL STOCK 2

01 06 COMPANY PROFILE 2

01 07 COMPANIES NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS 2

01 08 CASH DIVIDENDS 2

01 09 SUBSCRIBED CAPITAL AND CHANGES IN THE CURRENT YEAR 3

01 10 INVESTORS RELATION OFFICER 3

02 01 BALANCE SHEET – ASSETS 4

02 02 BALANCE SHEET – LIABILITIES 5

03 01 STATEMENT OF INCOME 7

04 01 04 - STATEMENT OF CASH FLOW 9

05 01 05 - CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FROM 4/1/2010 TO 6/30/2010

11


12

08 01 CONSOLIDATED BALANCE SHEET – ASSETS 13

08 02 CONSOLIDATED BALANCE SHEET – LIABILITIES 14

09 01 CONSOLIDATED STATEMENT OF INCOME 16

10 01 10.01 - CONSOLIDATED STATEMENT OF CASH FLOW 18


20


21

06 01 NOTES TO THE FINANCIAL STATEMENTS 22

07 01 COMMENTS ON THE COMPANY’S PERFORMANCE IN THE QUARTER 94

12 01 COMMENTS ON THE COMPANY’S CONSOLIDATED PERFORMANCE IN THE QUARTER

95

14 01 CHARACTERISTICS OF PUBLIC OR PRIVATE ISSUANCE OF DEBENTURES 119

16 01 COMMENTS ON THE COMPANY”S OUTLOOK 122

17 01 COMPANY OUTLOOK 123

20 01 OTHER INFORMATION DEEMED AS RELEVANT BY THE COMPANY 124

21 01 SPECIAL REVIEW REPORT 127

23 01 DESCRIPTION OF ALTERED INFORMATION 128

Documents

FEDERAL PUBLIC SERVICE CVM - BRAZILIAN SECURITIES AND ... · FEDERAL PUBLIC SERVICE CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION QUARTERLY INFORMATION – ITR COMMERCIAL, INDUSTRY