Presentation

HeritageSão 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 Paulo 13%47%

18%

7%

15%

• 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 PRACTICESENVIRONMENTAL 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 STARTEDIN 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 THEONES THAT ATE IN LINE WITH CYRELA’S STRATEGY

SHIFT IN STRATEGY HAS ALREADY TRANSLATED INTOMORE 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%

28.8%

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

�SP�RJ�SOUTH�MIDDLE WEST

JV’sNew Businesses

Financial strength, credibility and entrepreunership

18

THE WAY CYRELA PLAYS IN THE REAL ESTATE MARKETUSING AN INTEGRATED BUSINESS PLATFORM

Luxury / High

Middle

Economic

19

AGENDA

Cyrela

� Overview;

� History;

� Strategic focus;

� Operational figures;

� Financial indicators;

� Portfolio.

20

� PSV of R$ 50.9 bn (100%) and R$ 44.1 bn (%CBR).

� 46% of landbank acquired through swaps.

(R$ billion)

LANDBANK

OthersSouthSão PauloRio de Janeiro

14.3

Total

50.9

36.6

14.3

25.4

11.1

15.2

3.7 6.6

Swap agreement

Cyrela – Landbank (100%)

21

OPERATIONAL HISTORY

Launches – PSV (billion)

Pre-Sales – PSV (billion) Direct employees

Launched units (thousands)

22

5.6

2011

7.9

2010

7.6

2009

5.7

2008

5.5

2007

5.4

-18%+10%

2016

2.9

2015

2.9

2014

5.8

2013

6.6

2012

-30%+9%

2016

9.7

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

-27%+9%

20162015

3.4

2014

5.7

2013

7.2

2012

6.0

2011

6.5

2010

6.2

2009

5.2

2008

5.2

2007

4.4

2.8

820984946

514

-14%+50%

20152014

1,264

2013

1,373

2012

1,460

2011

1,728

2010

1,512

20092008 2016

CYRELAOPERATING RESULTS

� 32 projects launched in 2016, 91 in 2015, 53 in 2014 and 74 in 2013;

� 8.7 thd units sold in 2016, 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

4.53.4 3.8

5.4

1.7

2007

2.0

2.0

2.9

2016

4.6

2.4

2015

0.7

2.9

6.6

2008

4.9

1.0

2012

5.8

2014

2.2

Partners CBR

2.8

2016

2.1

0.6

2015

6.2

1.34.4

2.9

20082007

2.1

4.0

5.2

1.5

3.1

5.2

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

Northeast

4.8%South

15.8%Middle West

1.5%North

0.1%

Espírito Santo0.5%Minas Gerais 1.9%

Rio de Janeiro16.7%

São Paulo - Other Cities

13.1%

São Paulo45.5%

0.1%

-27%+9%

2016

2.8

2015

3.4

2014

5.7

2013

7.2

2012

6.0

2011

6.5

2010

6.2

2009

5.2

2008

5.2

2007

4.4

SOS LTM ex-”Faixa 1”

3Q15

27.2%

2Q15

30.1%

1Q15

32.2%

4Q15

33.1%

4Q16

29.1%

SALES BY VINTAGE

(R$ million)

Sales by vintage of launching

25

Sales Speed of the last 12 months attained 29.1% in 4Q16.

Sales by vintage of launchings

1.858 2.030635

282

635

355425

1.249

100137282

-18%

+29,2%

2016

2.766

100

2015

3.390

4Q16

1.090

4Q15

844

37%

38%

42%

61%

50%

5%

17%

10%

12%

5%

8%

6%

2%

4Q16

3Q16 73%

2Q16 58%

1Q16 65%2%

4Q15 52%2%

In 15 months

In 12 months

In 9 months

In 6 months

In 3 months

Previous Years Launches

Previous Quarters Launches

Quarter’s Launches

INVENTORIES

� Finished units represent 37% of inventories.

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

26

3Q16

6,412

4,271

2,142

2Q16

6,558

4,450

2,108

1Q16

6,480

4,523

1,957

4Q15

6,563

4,936

1,627

4Q16

6,537

4,135

2,402

Em AndamentoConcluído

Inventory to be

deliveredTotal Consolidation Equity Method

Finished 2.402 2.043 359

12 Months 1.703 1.567 136

24 Months 1.074 909 165

36 Months 1.359 1.076 282

48 Months - - -

Total 6.537 5.594 943

27

TOTAL INVENTORY

+2.0%

Inventory 4Q16

6,537.3

Price change

-58.7

Sales of launches

4Q16

-635.5

Launches 4Q16

1,274.0

Sales of inventories

6,537.3-285.1-169.6

Inventory 3Q16

-454.8

6,412.3

Inventory under construction Finished inventory

Minas Gerais

0.5%

Espírito Santo

1.0%

Middle West

2.0%

North2.6%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$ 6.5 billions in inventory (R$ 5.4 billion %CBR);

� R$ 2,402 million of finished units inventory (vs. R$ 2,145 million in 2Q15).

(R$ million)

FINISHED UNITS INVENTORY

Finished Units Finished Units Breakdown

28

2,141.5

Finished Inventory

Sales

2,402.0

+12%

-285.1

Finished Inventory

3Q16

Price Change

Finished Inventory

4Q16

-51.7

Deliveries

597.317.7%

São Paulo

17.2% São Paulo -Other Cities

27.4%

Rio de Janeiro

15.4%Minas Gerais

3.7%North

1.4%

Middle West13.5%

South 0.9%

Northeast

2.8%

Espírito Santo

10.2

2015

24.0

14.8

9.1

2014

20.8

9.2

11.6

2013

-11.2%

11.8

13.2

2012

23.8

13.2

10.6

2011

15.4

7.1

8.3

2010

7.5

2.1

5.4

-16.9% +15.2%

2016

21.3

11.1

25.0

� 7.3 thousand units delivered in 4Q16, in 24 projects. In the year, 21.3 thousand units delivered, in 75 projects;

� Middle + MCMV: 4.6 thousand units delivered in 14 projects in 4Q16.

� The units delivered in 4Q16 represent launches PSV of R$ 2.4 billion. In the year, the PSV delivered represented

R$ 7,9 billions.

(Units thd)

DELIVERED UNITS

Middle+MCMV

High End

29

+104.5%+73.5%

4Q15

1,172495

676

4Q16

2,396

881

1,515

3Q16

1,381

392990

2016

2,3432,410

7,894

4,396

2015

5,551

6,807

+16%

AGENDA

Cyrela

� Overview;

� History;

� Strategic focus;

� Operational figures;

� Financial indicators;

� Portfolio.

30

571151

448

661719

498

600

2015201420132012

660

20112010 2016

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%33.3%

2010 2011 2012 2013 2014 2015 2016

4.7%

12.3%

8.8%

11.7% 13.4%

11.4%10.3%

2010 2011 2012 2013 2014 2015 2016

16.5%

15.2%

19.4% 20.5%18.0%

17.2%

10.7%

2010 2011 2012 2013 2014 2015 2016

FINANCIAL RESULTS

(R$ million)

Margin

Gross revenue Gross profit and Gross Margin

EBITDA and EBITDA Margin Net Income and Net Margin

32

948847

-26%

-10%+12%

2016

3,291

2015

4,466

4Q15

1,059

4Q163Q16

349261 265

-29%

-24%+1%

2016

1,063

33.3%

2015

1,503

34.6%

4Q15

33.9%

4Q16

28.8%

3Q16

31.7%

749

144343

-54%

-34%+38%

2016

10.7%

2015

17.3%

4Q15

14.0%

4Q16

95

10.3%

3Q16

69

8.3%

98

448

151

-66%

-68%+114%

2016

4.7%

2015

10.3%

4Q15

9.5%

4Q16

31

3.4%

3Q16

14

1.8%

COVENANTS

>= 1,5

ou <0

<= 0,80

>= 1,5

ou <0

0.17

0.07

-0.09

-0.03

3.58

3.61

4.24

7.329.33

-17.81-44.00

-43.57

2,288.90

-205.88-3.32

TOTAL DEBT+ PROPERTIES PAYABLE - SFH DEBT - DISPOSALS

EQUITY

RECEIVABLES + PROPERTY FOR SALE

NET DEBT - PROPERTIES PAYABLE - UNRECOGNIZED COSTS AND EXPENSE

EBIT

FINANCE COSTS

RETURN ON EQUITY

� Return on Equity (net income LTM / Average Equity LTM ex - minorities) attained 2.5%

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

34

Ex-RET

4Q16

2.5%

3Q16

3.7%

2Q16

10.6%

1Q16

11.9%

4Q15

12.3%

HEALTHY LIQUIDITY AND DEBT INDICATORS

(R$ million)

* Data before “CPC” (IFRS 10 and 11)

2011 2012 2013 2014 2015 2016

25.1%22.2%

32.8%39.6%41.5%

55.1%

Debt

Net debt / Equity

35

Net Debt

1.70

Cash and Cash Equivalents

1.70

Term

3.40

2.29

1.11

Gross Debt 4Q16

3.40

2.08

1.32

Gross Debt 4Q15

3.71

2.32

1.40

Gross Debt 4Q14

3.84

2.23

1.62Indicators

Total Debt

DebtEx-SFH

Net Debt/ EBITDA 12M

4.95x -1.10x

Net Debt/ Equity

25.1%

Average CostW/o SFH: 100.7% CDI

SFH: TR + 9.16% p.y.

Duration 1.7 y 1.6 y

Short Term 33% 22%

Long Term 67% 78%

TRANSFERS, PAY OFFS, TRUST OF DEED

(R$ million) (units thd)

Volume Units

36

� In 4Q16, the volume of transfers, payoffs and trust of deeds attained R$ 872 million, 26% higher than 3Q16 and 24%

higher than 4Q15. In the year, R$ 3,012 million, volume 7% lower than 2015.

463 539 432

207281

822

999

5553

34

-7%

+26.4%+23.9%

2016

3,012

1,807

206

2015

3,253

2,317

114

3Q16

690203

4Q16

872

4Q15

704

TransfersTrust of DeedsPayoffs

-10%

+23.4%+18.5%

2016

13.6

8.3

0.7

4.6

2015

15.2

10.1

0.4

4.7

3Q16

3.1

2.00.2

0.9

4Q16

3.8

2.6

0.21.0

4Q15

3.2

2.00.1

1.1

BUSINESS, CASHFLOW 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

37

CASH GENERATION*

(R$ million)

*Ex dividends, buyback and stake acquisition38

� Cash generation of R$ 156 million in 4Q16 (R$ 157 million ex-Tecnisa), vs. a cash consumption of R$ 225 million in 3Q16

and a cash consumption of R$ 28 million in 4Q15. In the year, cash consumption of R$ 111 million, vs. a cash generation

of R$ 893 million in 2015.

157 157 80

-152

-73

-75

80

813

2016

-111

2015

893

4Q16

156

4Q15

52

4Q16

156

3Q16

-225

-1-1 -37-28

Stake Acquisition

Cash burn

AGENDA

Cyrela

� Overview;

� History;

� Strategic focus;

� Operational figures;

� Financial indicators;;

� Portfolio.

39

MANDARIMSÃO PAULO (2006)

� The tallest residential

building in latin america (2006);

� Ballroom on the 41st floor;

� First project with different

typologies in the same building;

40

CIRAGANSÃO PAULO (2007)

� First project to

aggregate a residencial

and a commercial tower in

the same project

41

PARQUE ALFREDO VOLPISÃO PAULO (2007)

� Very luxury

product, with unit

prices over US$ 5 mi

42

JK 1455SÃO PAULO(2009)

43

LE PALAISRIO DE JANEIRO (2010)

� Architecture inspired by two historical buildings in the complex;

� The historical buildings were restored and adapted for the leisure

areas;

44

CENTRAL PARK MOOCASÃO 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

45

LE PARCSALVADOR / 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

46

RISERVA GOLFRIO DE JANEIRO (2014)

� Unique project in Barra da Tijuca;

� 2016 Olympics golf course;

� Average sqm. Price: from R$ 25 thd to R$ 30 thd.47

CYRELA BY PININFARINASÃO PAULO (2014)

� Unique project in São Paulo (Vila Olímpia);

� Price per sqm.: R$ 25 thd

48

ONE SIXTYSÃO PAULO(2015)

HERITAGESÃO PAULO(2017)

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.

51