Presentation

Cyrela by Pininfarina São Paulo - SP

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

AGENDA

2

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

3

CYRELA AT A GLANCE

Leadership position in the industry 50 years of history ~ 15,000 employees More than 200,000 clients Receivables – R$ 6,2 billion (As of June, 2016) The “Most Admired Company in Brazil” in “Construction,

Homebuilding and Real Estate Development Companies” category for the tenth consecutive year

45% 21% 34%

Free-float Founders Top Shareholders

Solid group with extensive experience in the industry

Geographical footprint (Launches) Operational highlights

Shareholders’ structure

26.0% 36.9%

Source: Cyrela Note: (1) Including third parties

1

4

South

Minas Gerais

Rio de Janeiro

São Paulo - Other Cities

São Paulo 16.6% 43.1%

16.7%

9.7%

13.8%

• National Scale: AA-(bra) • Foreign Currency: BB • Outlook: Stable.

• National Scale: brAA- • Global Scale: BB • Outlook: Stable.

• National Scale: Aa2.br • Global Scale: Ba2 • Outlook: Stable.

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

5

SOLID TRACK RECORD

Cyrela is founded as a land broker in São Paulo

Expansion to Rio de Janeiro and other states

Cyrela’s IPO

Spin-off of Properties Division ( Cyrela Commercial Properties)

1st debenture offering (out of a serie of 6 debentures)

1st receivables back securities (CRI’s) offering (out of a serie of 2 CRI’s)

Launch of facebook sales channel

6st debenture offering

60’s 80’s and 90’s ´00-’10 ´11-´13

Vertical integration

Land broker

Developer

Cyrela becomes listed company

Foundation Integration Expansion Consolidation

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Dividend payout: approximately 25% of its adjusted net income

Internal committees in line with the best corporate governance and risk mitigation practices

Corporate governance practices, based on principles that privilege transparency

Business management. Follow-up and accountability models are based on strict ethical principles

Board of directors made up of at least 5 members

At least 20% should be independent members

Ensure at least 25% of the total stock is available for trading

Adopt public offer procedures that favor the shareholding dispersion

Minimum standards for quarterly disclosure of information

Stock option program Allow the company and its subsidiaries to attract and retain Eligible Persons

Transparency

Independent and strong board of directors

1st homebuilder

listed on Novo Mercado

Clear internal politics

Well defined key business

process

Align shareholder

interests

Oreganic growth

Key internal process control

Focus on key segments (income profile)

Solid financial discipline

Focus on profitability over growth

CORPORATE GOVERNANCE & STRATEGY

1 Source: Cyrela

Strategy

Corporate governance

7

CYRELA HIGHLIGHTS

1 Leadership position in the industry and key markets

2 Fully integrated real estate company (from land acquisition to selling)

3 Exposure to all customer segments

4 Fully professionalized management team with deep industry

Solid balance sheet (largest real estate company in Brazil by market cap)

5

Expertise in designing innovative projects 6

Strong Brand: The most admired Real estate company 7

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RECENTS AWARDS

Cyrela by Pininfarina was the winner of the 2016 iF Design Award in the Architecture and Interiors category. With 60 years of tradition, this german award is one of the most respected in the sector.

The 2nd best developer and homebuilder - 2016.

Cyrela received the Top Employer Certification, given to the world’s best employers, in 2015.

Cyrela is in Valor Econômico newspaper’s Anuário Inovação Brasil Ranking of Brazil’s 100 most innovative companies. It ranks 4th in the Engineering, infrastructure and Logistics category, standing out for the implementation of processes to shorten deadlines, cut down on waste and increase productivity at work.

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The “Most admired Company in Brazil” in “Construction and Real Estate Development Companies” category. – 2015.

Winner in the category of Brand Communication with the “Identidade Cyrela” [Cyrela Identity] case, about the branding project the Company launched in 2013

Internal

SUSTAINABILITY PRACTICES – SOCIAL INITIATIVES

External

Improvement of well being of Cyrela workers and

their families

Eliminate illiteracy among Cyrela workers

Increase family income through professional training for worker’s

wives

Professional training for young relatives of workers

Positive impact in local communities

Cyrela institute (vehicle for working with NGOs and developing

programs)

First professional experience for young adults from low income

communities

Objectives

Objectives

Examples of initiatives

Examples of initiatives

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Sustainability and acessibility handbook

Sustainable Production

Environmental policy for suppliers

Benchmark in waste management

Recycling Program

CarboboNeutro® Program

Eco-efficiency guidelines for projects:

Selective waste collection

Water-saving devices

Collection of used batteries

Individual water and gas meters

Power-saving devices

Oil collection for recycling

Optimization of resources

Acessibility

Bicycle parking lot

Waste management

Technological development

Nature-friendly construction

Cyrela moves foward in defining integrated eco-efficient actions

SUSTAINABILITY PRACTICES ENVIRONMENTAL INITIATIVES

Distinctive environmentally-friendly practices

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AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

12

Execution Cost control Systems and process improvement Corporate Engineering Bonus – focus on deliveries

Company Longevity Leader’s development Meritocracy Cyrela’s cultura

Financial Discipline Focus on margin “Cost Culture” Leverage Reduction

Back to Cyrela “DNA” Focus on mid to high-end products Living as a brand MCMV through Cury

BACK TO BASICS ...PROCESS THAT STARTED IN 2010

Governance Commitees Processes and policies

Back to Basics

13

Partnerships

Startups

Closing / Acquisition

Final Position

2006 2007 2008 2009 2010 2011 2012 ... 2016

5 11 11 9 7 4 4 ... 4

REDUCTION IN THE NUMBER OF JV’S, KEEPING THE ONES THAT ATE IN LINE WITH CYRELA’S STRATEGY

SHIFT IN STRATEGY HAS ALREADY TRANSLATED INTO MORE ORGANIC OPERATIONS

Cyrela’s share in projects (%) Cyrela’s share in construction site management (%) 1 2

1 Share in projects launched 2 Cyrela + JV’s

Company should keep working with partners on development

Cyrela has been focusing on using own engineering

15 100% 80% 60% 40% 20% 0%

2012 87%

2006 44%

2007 28%

2008 34%

2009 47%

2010 60%

2011 81%

2013 91%

2014 94%

2015 95%

2016 97%

+100.0% +80.0% +60.0% +40.0% +20.0% 0%

2006 73%

2007 65%

2008 59%

2009 76%

2010 77%

2011 81%

2012 73%

2013 71%

2014 82%

2015 78%

2016 78%

GROSS MARGIN

Cyrela expects the gross margin to grow in a sustainable pace going foward

16

39.6%

27.4%

33.0%

Gross Margin Gross Margin EX Ret / Riserva Golf

RECOGNIZED BRANDS AND DIVERSIFIED PROTFOLIO

SP RJ SOUTH MIDDLE WEST NORTH

JV’s New Businesses

Financial strength, credibility and entrepreunership

17

THE WAY CYRELA PLAYS IN THE REAL ESTATE MARKET USING AN INTEGRATED BUSINESS PLATFORM

Luxury / High

Middle

Economic

18

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

19

PSV of R$ 51.8 bn (100%) and R$ 44.8 bn (%CBR).

76.5% of landbank acquired through swaps.

(R$ billion)

LANDBANK

Others

7.6

South

4.2

São Paulo

14.6

Rio de Janeiro

25.5

11.2

14.3

Total

51.8

37.6

14.3 Swap agreement

Cyrela – Landbank (100%)

20

OPERATIONAL HISTORY

Launches – PSV (billion)

Pre-Sales – PSV (billion) Direct employees

Launched units (thousands)

21

-22% +10%

6M16

1.2

2015

2.9

2014

5.8

2013

6.6

2012

5.6

2011

7.9

2010

7.6

2009

5.7

2008

5.5

2007

5.4

-45% +9%

6M16

3.4

2015

8.4

2014

13.1

2013

27.9

2012

23.4

2011

26.1

2010

27.6

2009

26.4

2008

18.3

2007

16.9

-15% +10%

6M16

1.1

2015

3.4

2014

5.7

2013

7.2

2012

6.0

2011

6.5

2010

6.2

2009

5.2

2008

5.1

2007

4.4 984946

514529

-13% +34%

2015 2014

1,264

2013

1,373

2012

1,460

2011

1,728

2010

1,512

2009 2008 2007

CYRELA OPERATING RESULTS

12 projects launched in 6M16, 91 in 2015, 53 in 2014 and 74 in 2013;

3.0 thd units sold in 6M16, 9 thd in 2015, 14.6 thd in 2014 and 30.0 thd in 2013.

Launches – R$ Billion Pre-Sales – R$ Billion

22

0.5

7.6

6.0

1.6

2010

7.9

6.3

1.7

2011

5.6

3.9

2009

1.7

5.5 1.2

2013

5.7

4.5 3.4 3.8

5.4

1.7

2007

2.0

2.0

1.2

6M16

4.6

2.4

2015

0.3

2.9

6.6

2008

4.9

1.0

2012

5.8

2014

0.9

Partners CBR

1.1

6M16

0.9 0.2

2015

6.2

1.3 4.4

2.9

2008 2007

2.1

4.0

5.2

1.5

3.1

5.1

4.8

2009

1.4

6.5

4.4

1.2 6.0

5.3

2010 2011

1.6

0.8

2014

2.6

3.4

1.0

2013

4.7

5.7 2.1

2012

5.1

7.2

SALES

* Considering the sales LTM

(R$ billion)

Sales – PSV (billion) Sales 2016– Region

Sales speed* – 12M

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Northeast

-0.8%

South

12.3% Middle West

2.2%

North -2.1% Espírito Santo

0.9% Minas Gerais 4.0%

Rio de Janeiro 21.4%

São Paulo - Other Cities

16.0%

São Paulo 40.1%

0.2%

-31% +9%

6M16

1.1

2015

3.4

2014

5.7

2013

7.2

2012

6.0

2011

6.5

2010

6.2

2009

5.2

2008

5.1

2007

4.4

SOS LTM ex-”Faixa 1”

32.2%

32.2%

4Q15

33.1%

33.1%

3Q15

39.2%

38.6%

2Q15

38.1%

37.5%

2Q16

30.1%

30.1%

1Q15

SALES BY VINTAGE

(R$ million)

Sales by vintage of launching

24

Sales Speed of the last 12 months attained 30.1% in 2Q15.

Sales by vintage of launchings

391306

386

252

-31,4%

2Q16

558

2Q15

814

36

Previous Years Launches

Quarter’s Launches

36%

47%

37%

38%

42%

22%

10%

5%

17%

5%

6% 6%

5%

2Q16

1Q16 55%

4Q15 47%

3Q15 69%

2Q15 74% 7% 4%

In 15 months In 12 months

In 9 months In 6 months In 3 months

INVENTORIES

Finished units represent 32% of inventories.

Inventories – Market value (R$ MM) Inventories – Delivery date

25

4,450

2,108

1Q15

6,480

4,523

1,957

4Q15

6,563

4,936

1,627

3Q15

6,853

5,110

1,743

2Q15

7,250

5,459

1,791

2Q16

6,558

Em Andamento Concluído

Inventory to be delivered Total Consolidation Equity Method

Finished Units 2.108 1.731 377 12 Months 1.638 1.456 182 24 Months 1.822 1.628 194 36 Months 873 842 31 48 Months 117 - 117 Total 6.558 5.657 902

R$ 2,108 million of finished units inventory (vs. R$1,957 million in 1Q15).

(R$ million)

FINISHED UNITS INVENTORY

Finished Units Finished Units Breakdown

26

1,956.8

Vendas Estoque Pronto

2,108.3

+8%

-72.4

Estoque Pronto 1Q15

Var. Preço Estoque Pronto 2Q16

-49.7

Entrega Estoque Pronto

273.6 9.2%

São Paulo

15.9% São Paulo - Interior

26.3%

Rio de Janeiro 1.1%

Minas Gerais

5.2%

Norte

1.9%

Centro Oeste

15.5% Sul

23.0%

Nordeste 1.9%

Espírito Santo

-57.5% -16.9% +15.2%

6M16

10.2

5.2

5.0

2015

24.0

14.8

9.1

2014

20.8

9.2

11.6

2013

25.0

11.8

13.2

7.5

2.1

5.4

23.8

13.2

10.6

2011

15.4

7.1

8.3

2010 2012

5.8 thousand units delivered in 2Q16, in 17 projects. In the year, 10.2 thousand units delivered, in 36 projects;

Middle + MCMV: 2.9 thousand units delivered in 7 projects in 2Q16.

The units delivered in 2Q16 represent launches PSV of R$ 2,132 million. In the semester, the PSV delivered

represented R$ 4.1 billion.

(Units thd)

DELIVERED UNITS

Middle+MCMV High End

27

1,985

500

1,485

+12.6% +7.4%

2Q15

1,894

537

1,357

2Q16

2,132

570

1,562

1Q16

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

28

571106

448

661719

498600

2015 2014 2013 2012

660

2011 2010 6M16

FINANCIAL RESULTS - YTD

Gross Margin EBTIDA Margin

(R$ million)

Net Margin

* Data before “CPC” (IFRS 10 and 11) “Ex-RET” 29

EBTIDA Margin

Net income

Ex RET

31.4%30.3%

32.3%32.7%

32.1%34.6%

36.9%

2010 2011 2012 2013 2014 2015 6M16

12.3%

8.8%

11.7%13.4%

11.4%10.3%

7.3%

2010 2011 2012 2013 2014 2015 6M16

16.5%15.2%

19.4% 20.5% 18.0%17.2%

12.4%

2010 2011 2012 2013 2014 2015 6M16

FINANCIAL RESULTS

(R$ million)

Margin

Gross revenue Gross profit and Gross Margin

EBITDA and EBITDA Margin Net Income and Net Margin

30

833 662

-43% -21%

2Q15

1,166

2Q16 1Q16 6M15 6M16

2,234

1,495

-33%

399

760

254

536282

6M15 6M16

-36% -10%

2Q15

35.1%

2Q16

39.6%

1Q16

34.8%

-29%

35.0% 36.9%

236

390

18063117

-73% -46%

2Q15

20.8%

2Q16

9.8%

1Q16

14.4%

-54%

6M15

18.0%

6M16

12.4%

118

219

1064561

-62% -27%

2Q15

10.4%

2Q16

7.0%

1Q16

7.6% 7.3%

-52%

6M16 6M15

10.1%

RETURN ON EQUITY

Return on Equity (net income LTM / Average Equity LTM ex - minorities) attained 5.7%

* ROE: Net income / Average shareholders’ equity, excluding minorities 31

Ex-RET

2Q16

5.7%

1Q16

7.0%

4Q15

10.6%

3Q15

11.9%

2Q15

12.3%

HEALTHY LIQUIDITY AND DEBT INDICATORS

(R$ million)

* Data before “CPC” (IFRS 10 and 11)

2011

24.1% 22.2%

32.8% 39.6% 41.5%

55.1%

2015 2015 2013 2014 2012

Debt

Net debt / Equity

32

Net Debt

1.63

Cash and Cash Equivalents

1.88

Term

3.51

2.35

1.16

Gross Debt 2Q16

3.51

2.39

1.13

Gross Debt 1Q16

3.63

2.31

1.32

Gross Debt 4Q15

3.71

2.32

1.40 Indicators Total

Debt Debt

Ex-SFH Net Debt/ EBITDA 12M 3.0x -1.4x

Net Debt/ Equity 24.1%

Average Cost W/o SFH: 99.4% CDI SFH: TR + 9.11% p.y.

Duration 1.8 year 2.0 year

Short Term 33% 17%

Long Term 67% 83%

TRANSFERS, PAY OFFS, TRUST OF DEED

(R$ million) (units thd)

Volume Units

33

In 2Q16, the volume of transfers, payoffs and trust of deeds attained R$ 792 million, 20.5% lower than 1Q16 and

10.9% lower than 2Q15. In the year, R$ 1,449 million, volume 16% lower than 6M15.

662423 414

837

213308 207

391

515

37

14

2Q16 6M16

+20.5% -10.9%

6M15

1,733

1,302

40

1Q16

657

2Q15

889 792

61

1,449

98

-16%

-17.7%

1Q16

2.9

1.9

0.9 0.1

+19.6%

2Q16 6M15

3.5

1.9 0.2 1.4

2Q15

4.2

2.8

0.1 1.3

6M16

7.9

5.5

0.1

2.4 6.4

3.8

0.3

2.3

-20%

Payoffs Trust of Deeds Transfers

BUSINESS, CASH FLOW AND ACCOUNTING CYCLES

1 Source: Cyrela 2 Note: (1) Cycle I: In terms of % VGV of one project; Cycle II in terms of % revenues related to one project

Land swap or acquisition

Development 12-24 months

Sales & Construction 36 months

Consuption of 15% in case of acquisition

Low cash comsuption 5% cash recovery Recovery of 25%

- - - Revenues as percentage of completion method

Delivery 3 – 12 months

Final 70% of VGV

100% of revenues recognized

Launch

3% consumption due to marketing

3% of revenue recognition

Cash Flow

Accounting

70%

(15%)

0%

100%

Cash flow

Accounting

Business cycle

34

CASH GENERATION*

(R$ million)

*Ex dividends, buyback and stake acquisition 35

Cash consume of R$ 29 million in 2Q16, vs. a cash consume of R$ 13 million in 1Q16 and a cash generation of R$ 219

million in 2Q15. In the year, cash consume of R$ 42 million, vs. a cash generation of R$ 622 million in 6M15.

-42

622

-29

219

-29-13

6M15 2Q16 2Q15 2Q16 1Q16 6M16

Cash generation ex- acquisition of equity interest

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;;

Portfolio.

36

MANDARIM SÃO PAULO (2006)

The tallest residential building in latin america (2006);

Ballroom on the 41st floor;

First project with different typologies in the same building;

37

CIRAGAN SÃO PAULO (2007)

First project to aggregate a residencial and a commercial tower in the same project

38

PARQUE ALFREDO VOLPI SÃO PAULO (2007)

Very luxury product, with unit prices over US$ 5 mi

39

JK 1455 SÃO PAULO (2009)

40

LE PALAIS RIO DE JANEIRO (2010)

Architecture inspired by two historical buildings in the complex; The historical buildings were restored and adapted for the leisure areas;

41

CENTRAL PARK MOOCA SÃO PAULO (2010)

First mover in a industrial area of São Paulo (Mooca) Innovative product, creating a park inside the project All of its 560 units were sold in 10 days

42

LE PARC SALVADOR / BAHIA (2012)

Largest Cyrela’s project; 18 towers, 1.138 units; PSV of R$ 1 billion (2013 value); In the middle of the project, there is a 10,000 sqmt leisure facility

43

RISERVA GOLF RIO DE JANEIRO (2014)

Unique project in Barra da Tijuca; 2016 Olympics golf course; Average sqm. Price: from R$ 25 thd to R$ 30 thd.

44

CYRELA BY PININFARINA SÃO PAULO (2014)

Unique project in São Paulo (Vila Olímpia); Price per sqm.: R$ 25 thd

45

ONE SIXTY SÃO PAULO(2015)

CONTACT IR

Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Presidente Juscelino Kubitschek, 1.455, 3rd Floor São Paulo - SP – Brasil CEP 04543-011 Investor Relations Phone: (55 11) 4502-3153 ri@cyrela.com.br

www.cyrela.com.br/ir

Statements contained in this press release may contain information which is forward-looking and reflects management's current view and estimates of future economic circumstances, industry conditions, company performance and the financial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management's expectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company's business plan. Such future considerations rely substantially on changes in market conditions, government rules, competitor's pressure, segment performance and the Brazilian economy, among other factors, in addition to the risks presented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.

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