Presentation

Cyrela byPininfarinaSão 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$ 5.8 billion (As of September, 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 FoundersTop

Shareholders

Solid group with extensive experience in the industry

Geographical footprint (Launches) Rating

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 Paulo17%

49%

12%

12%

10%

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

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

• National Scale: Aa3.br• Global Scale: Ba2• Outlook: Negative.

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

5

SOLID TRACK RECORD

Cyrela is foundedas a land brokerin São Paulo

Expansion to Rio de Janeiro and other states

Cyrela’s IPO

Spin-off of Properties Division ( CyrelaCommercial Properties)

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

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

6

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

1Leadership position in the industry and key markets

2Fully integrated real estate company

(from land acquisition to selling)

3Exposure to all customer segments

4Fully 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

8

RECENTS AWARDS

Cyrela by Pininfarina was the winner of the 2016 iF DesignAward in the Architecture and Interiors category. With 60 years oftradition, this german award is one of the most respected in thesector.

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 BrasilRanking 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.

9

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 brandingproject the Company launched in 2013

Internal

SUSTAINABILITY PRACTICES – SOCIAL INITIATIVES

External

Improvement of well beingof Cyrela workers and

their families

Eliminate illiteracy among Cyrelaworkers

Increase family income throughprofessional training for worker’s

wives

Professional training for youngrelatives of workers

Positive impact in local communities

Cyrela institute (vehicle for workingwith NGOs and developing

programs)

First professional experience for young adults from low income

communities

Objectives

Objectives

Examples of initiatives

Examples of initiatives

10

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

11

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

15100%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 76%

GROSS MARGIN

Cyrela expects the gross margin to grow in a sustainable pacegoing foward

16

29,9%

27.4%

31,7%

Gross Margin Gross Margin EX Ret / Riserva Golf

2014

MORTGAGE RATE INCREASE BRINGS MORE SALES CANCELLATION

2016

Unit value

Interest Rate (TR+)

Loan term

1st installment - SAC

Monthly Income

R$400,000

9% p.a

35 years

R$ 3,068

R$ 12,273

R$400,000

11,5% p.a

35 years

R$ 3,678

R$ 14,712

+ 2.5 p.p.

+20%

ExampleAssumptions: Loan-to-Value 80% (LTV)

25.0% 25.0%Income Commitment

17

RECOGNIZED BRANDS AND DIVERSIFIED PROTFOLIO

SPRJSOUTHMIDDLE WEST

JV’sNew Businesses

Financial strength, credibility and entrepreunership

18

THE WAY CYRELA PLAYS IN THE REAL ESTATE MARKET

USING AN INTEGRATED BUSINESS PLATFORM

Luxury / High

Middle

Economic

19

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

20

PSV of R$ 52.3 bn (100%) and R$ 45.3 bn (%CBR).

76% of landbank acquired through swaps.

(R$ billion)

LANDBANK

Others

7.6

South

4.2

São Paulo

15.0

Rio de Janeiro

25.5

11.2

14.3

Total

52.3

38.0

14.3 Swap agreement

Cyrela – Landbank (100%)

21

OPERATIONAL HISTORY

Launches – PSV (billion)

Pre-Sales – PSV (billion) Direct employees

Launched units (thousands)

22

-22%

+10%

9M16

1.7

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%

9M16

5.0

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%

9M16

1.7

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

4.4984946

514529

-13%

+34%

20152014

1,264

2013

1,373

2012

1,460

2011

1,728

2010

1,512

200920082007

CYRELA

OPERATING RESULTS

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

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

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

23

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

1.7

9M16

4.6

2.4

2015

0.5

2.9

6.6

2008

4.9

1.0

2012

5.8

2014

1.2

Partners CBR

1.7

9M16

1.3

0.4

2015

6.2

1.34.4

2.9

20082007

2.1

4.0

5.2

1.5

3.1

5.1

4.8

2009

1.4

6.5

4.4

1.26.0

5.3

2010 2011

1.6

0.8

2014

2.6

3.4

1.0

2013

4.7

5.72.1

2012

5.1

7.2

SALES

* Considering the sales LTM

(R$ billion)

Sales – PSV (billion) Sales 2016– Region

Sales speed* – 12M

24

North

-1.6%

Espírito Santo

0.8%Minas Gerais 3.3%

Rio de Janeiro

21.8%

São Paulo - Other Cities

13.0%

São Paulo43.1%

0.1%

Northeast

3.3%

South

11.2%Middle West

1.9%-31%

+9%

9M16

1.7

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

32.2%

4Q15

33.1%

33.1%

3Q15

39.2%

38.6%

3Q16

27.2%

27.2%SOS LTM ex-”Faixa 1”

2Q15

30.1%

30.1%

1Q15

32.2%

SALES BY VINTAGE

(R$ million)

Sales by vintage of launching

25

Sales Speed of the last 12 months attained 27.2% in 3Q15.

Sales by vintage of launchings

474

1.442 1.293

285

277

277

191

105

105

818

250

285

9M15

-43,2%

3Q16

573

3Q15

1.009

9M16

2.546

1.675

-34%

47%

37%

38%

42%

61%

10%

5%

17%

10%

6%

5%

8%

2%

6%

3Q16

2Q16 52%

1Q16 63%

4Q15 49%

3Q15 71%2%

In 15 months

In 12 months

In 9 months

In 6 months

In 3 months

Previous Years Launches

Quarter’s Launches

Previous Quarters Launches

INVENTORIES

Finished units represent 33% of inventories.

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

26

2Q15

6,558

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

3Q16

6,412

4,271

2,142

Em AndamentoConcluído

Inventory to be

deliveredTotal Consolidation Equity Method

Finished Units 2,142 1,775 364

12 Months 1,784 1,599 187

24 Months 1,541 1,382 158

36 Months 932 772 160

48 Months 14 - 14

Total 6,412 5,529 883

27

TOTAL INVENTORY

-175.6

Sales of

inventories

-296.5

Launches

3Q16

451.9

Sales of

launches

3Q16

-276.8

Price

change

-24.7

Inventory

3Q16

6,412.3

-2.2%

-120.9

Inventory

2Q16

6,558.4

Inventory under construction Finished inventory

Minas Gerais

0.5%

Espírito Santo

1.0%

Middle West

2.0%

North

2.6%South

8.5%

Northeast8.0%

Rio de Janeiro

28.2%

São Paulo - Other Cities

18.9%

São Paulo

30.3%

Changes in Inventory Inventory Breakdown

R$ 6.4 billions in inventory (R$ 5.2 billion %CBR);

R$ 2,142 million of finished units inventory (vs. R$ 2,108 million in 2Q15).

(R$ million)

FINISHED UNITS INVENTORY

Finished Units Finished Units Breakdown

28

2,108.3

VendasEstoquePronto

2,141.5

+2%

-175.6

Estoque Pronto 2Q15

Var. Preço Estoque Pronto 3Q16

-33.1

Entrega Estoque Pronto

241.9 14.3%

São Paulo

15.7% São Paulo -Other Cities

24.5%

Rio de Janeiro

1.0%

Minas Gerais

5.5%

North

1.8%

Middle West

14.3%South

21.2%

Northeast1.7%

Espírito Santo

-41.8%-16.9% +15.2%

9M16

13.9

6.5

7.4

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

3.7 thousand units delivered in 3Q16, in 15 projects. In the year, 13.9 thousand units delivered, in 51 projects;

Middle + MCMV: 1.3 thousand units delivered in 5 projects in 3Q16.

The units delivered in 3Q16 represent launches PSV of R$ 1,4 billion. In the semester, the PSV delivered

represented R$ 5,5 billion.

(Units thd)

DELIVERED UNITS

Middle+MCMV

High End

29

2,132

570

1,562

+0.2%-35.2%

3Q15

1,379

811

569

3Q16

1,381

392

990

2Q16

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

30

571

120

448

661719

498

600

2015201420132012

660

20112010 9M16

FINANCIAL RESULTS - YTD

Gross Margin EBTIDA Margin

(R$ million)

Net Margin

* Data before “CPC” (IFRS 10 and 11) “Ex-RET” 31

EBTIDA Margin

Net income

Ex RET

31.4%

30.3%32.3%

32.7% 32.1%

34.6%35.0%

2010 2011 2012 2013 2014 2015 9M16

5.3%

12.3%

8.8%

11.7% 13.4%

11.4%10.3%

2010 2011 2012 2013 2014 2015 9M16

16.5%

15.2%

19.4% 20.5%18.0%

17.2%

10,9%

2010 2011 2012 2013 2014 2015 9M16

FINANCIAL RESULTS

(R$ million)

Margin

Gross revenue Gross profit and Gross Margin

EBITDA and EBITDA Margin Net Income and Net Margin

32

847662

-31%

-28%+28%

9M16

2,343

9M15

3,407

3Q15

1,173

3Q162Q16

261

798

395254

-31%

-34%+3%

9M16

35.0%

9M15

1,154

34.9%

3Q15

34.7%

3Q16

31.7%

2Q16

39.6%

214

605

249

9.8%

-59%

-68%+9%

9M16

10.9%

9M15

18.3%

3Q15

18.8%

3Q16

69

8.3%

2Q16

63131

350

45120

-66%

-89%-68%

9M16

5.3%

9M15

10.6%

3Q15

11.5%

3Q16

14

1.8%

2Q16

7.0%

RETURN ON EQUITY

Return on Equity (net income LTM / Average Equity LTM ex - minorities) attained 3.7%

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

33

Ex-RET

3Q16

3.7%

2Q16

5.7%

1Q16

10.6%

4Q15

11.9%

3Q15

12.3%

HEALTHY LIQUIDITY AND DEBT INDICATORS

(R$ million)

* Data before “CPC” (IFRS 10 and 11)

2011

27.4%22.2%

32.8%

39.6%41.5%

55.1%

2015 9M162013 20142012

Debt

Net debt / Equity

34

Net Debt

1.85

Cash and Cash Equivalents

1.59

Term

3.44

2.18

1.25

Gross Debt 3Q16

3.44

2.28

1.16

Gross Debt 2Q16

3.51

2.39

1.13

Gross Debt 4Q15

3.71

2.32

1.40 IndicatorsTotal Debt

DebtEx-SFH

Net Debt/ EBITDA 12M

4.72x -1.08x

Net Debt/ Equity

27.4%

Average CostW/o SFH: 101.4% CDISFH: TR + 9.14% p.y.

Duration 1.7 year 1.4 year

Short Term 40% 46%

Long Term 60% 54%

TRANSFERS, PAY OFFS, TRUST OF DEED

(R$ million) (units thd)

Volume Units

35

In 3Q16, the volume of transfers, payoffs and trust of deeds attained R$ 690 million, 13% lower than 2Q16 and 15%

lower than 3Q15. In the year, R$ 2,139 million, volume 16% lower than 9M15.

553 432 423

223203 308

615

718

61

5539

690

3Q163Q15

816 792

2Q16

2,549

9M15

2,139

9M16

-16%

-12.8%-15.4%

1,855

80

1,269

153

Trust of DeedsPayoffs Transfers

8.0

-23.7%

3.7

0.3

5.7

-18%

-11.1%

9.8

3.6

9M15

0.9

12.0

1.90.2

1.4

2.0

3Q15

3.11.3

2.6

3.5

2Q16

0.1

3Q16

4.0

9M16

0.5

0.2

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

Development12-24 months

Sales & Construction36 months

Consuption of 15% in case of acquisition

Low cash comsuption

5% cash recovery Recovery of 25%

- - -Revenues as percentage of completion method

Delivery3 – 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

36

CASH GENERATION*

(R$ million)

*Ex dividends, buyback and stake acquisition37

Cash consumption of R$ 225 million in 3Q16 (R$ 152 million ex-Tecnisa), vs. a cash consumption of R$ 29 million in 2Q16

and a cash generation of R$ 219 million in 3Q15. In the year, cash consumption of R$ 267 million, vs. a cash generation

of R$ 841 million in 9M15.

Cash generation ex- acquisition of equity interest

-152 -152 -193

-73 -73-73

-29

841

219

-225

2Q16 9M1

6

-267

9M1

5

3Q16

-225

3Q153Q16

Cash burn Acquisition % Tecnisa

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;;

Portfolio.

38

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;

39

CIRAGAN

SÃO PAULO (2007)

First project to

aggregate a residencial

and a commercial tower in

the same project

40

PARQUE ALFREDO VOLPI

SÃO PAULO (2007)

Very luxury

product, with unit

prices over US$ 5 mi

41

JK 1455

SÃO PAULO (2009)

42

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;

43

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

44

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

45

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.46

CYRELA BY PININFARINA

SÃO PAULO (2014)

Unique project in São Paulo (Vila Olímpia);

Price per sqm.: R$ 25 thd

47

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'scurrent view and estimates of future economic circumstances, industry conditions, company performance and thefinancial results of Cyrela Brazil Realty. These are just projections and, as such, exclusively based on management'sexpectations of Cyrela Brazil Realty regarding future business and continuous access to capital to finance the Company'sbusiness 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 riskspresented on the released documents filed by Cyrela Brazil Realty, and therefore can be modified without prior notice.

49