RESULTS 2Q16 / 6M16 AUGUST 10, 2016

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1 RESULTS / AUGUST 10, 2016

2 INTRODUCTION EFRAIM HORN OPERATING FIGURES EFRAIM HORN FINANCIAL RESULTS ERIC ALENCAR

3 CYRELA S HIGHLIGHTS Launches of R$ 598 million in, 2.4% lower than and 44% lower than. In the year, launches accounted for R$ 1,211 million, 21% lower than the. Pre-Sales of R$ 558 million in, 2.7% higher than and 31% lower than. Sales accounted for R$ 1,102 million in the semester, 28% lower than the same period of Net Revenue of R$ 641 million in vs. R$811 million in and 44% lower than. In the semester, net revenue of R$ 1,452 million, vs. R$ 2,173 million in the same period of Gross Margin of 39.6% in, growth of 4.8 p.p. vs. and 4.5 p.p higher than. In the year, gross margin of 36.9%, 2.0 p.p higher than the gross margin of. Net Income of R$ 45 million in, 27% lower than and 62.1% lower than. In the first semester, net income of R$ 106 million, volume 52% lower than the first semester of In, Cash Burn of R$ 29 million vs. cash burn of R$ 13 million in and R$ 219 million generated in. In the year, cash burn of R$ 42 million, vs. Cash generation of R$ 622 million in. Net Debt / Equity of 24.1% in vs. 22.2% in and 25.2% in. ROE of 5.7% (Net Income LTM / Average Equity LTM, without minorities). Earnings per share of R$ 0.12 in, 27% lower than and 62.1% lower than.

4 OPERATING FIGURES

5 CYRELA S LAUNCHES R$ 598 million in vs. R$ 1,066 million in. In the year, launches of R$ 1,211 million a reduction of 21% compared to. In, %CBR of 83% vs. 81% in. Launches Ex-swap and Faixa 1 (%CBR) Launches per Region 2016 (R$ million) -21% -44% 1, , ,195 1, ,156-27% 843 São Paulo - Other Cities São Paulo 13.8% 43.2% 16.6% Rio de Janeiro 16.7% 9.7% South Minas Gerais % CBR 81% 83% 78% 75% Partners Cyrela

6 LAUNCHES - HIGHLIGHTS Find out more information Castelo do Batel

7 CYRELA S PRE-SALES %CBR of 79% in. In the year, sales accounted for R$ 1,102 million vs. R$ 1,536 million in. Inventory sales in represent 55% of total sales. Pre - sales Ex-Swap and Faixa 1 (%CBR) Pre Sales by Region 2016 (R$ million) -28% (R$ million ) -31% , ,198 1, ,167-30% 816 South Middle West 13.1% North Espírito Santo 2.3% Minas Gerais 4.3% 1.0% -2.2% 22.8% Rio de Janeiro 17.1% São Paulo 42.6% São Paulo - Other Cities % CBR 76% 79% 78% 78% Partners Cyrela

8 SALES SPEED The SOS 12M of attained 30.1%. Pre Sales by Launch Period Sales Speed (R$ million) 1,536-28% 36% 22% 7% 5% 4% 74% % , Q15 47% 10% 6% 6% 69% 4Q15 37% 5% 5% 47% % 17% 55% % Quarter s Launches Previous Quarters Launches Previous Years Launches In 3 months In 6 months In 9 months In 12 months In 15 months

9 INVENTORY R$ 6.6 billion in inventories (R$ 5.4 billion %CBR); 32% of finished units inventories (vs. 30% in ). Inventory Change in Inventory (R$ million) +1.2% (R$ million) +1.2% 6,480 1,957 6,558 2,108 6, ,558 4,523 4,450 FU/TI* 30% 32% Inventory Sales of inventories Launches Sales of launches Price change Inventory Finished units Units under construction Units under Construction Finished Units *: FU = Finished Units / TI = Total Inventory

10 FINISHED UNITS R$ 2,108 million of finished units inventories (vs. R$ 1,957 million in ). Finished Units Breakdown (R$ million) +7.7% 1, ,108 Northeast 23.0% São Paulo 9.2% São Paulo - Other Cities 15.9% Finished Units Sales of finished units PSV Delivered Price change Finished Units South 15.5% 1.9% 5.2% 26.3% 1.9% Middle West 1.1% Rio de Janeiro North Espírito Santo Minas Gerais

11 DELIVERED UNITS Delivered Units Delivered PSV (thd units) High end Middle + MCMV % -16.9% (R$ billion) +7.4% +12.6% 1,985 2,132 1,894 1,485 1,562 1, thousand units delivered in, 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. The units delivered in represent launches PSV of R$ 2,132 million. In the semester, the PSV delivered represented R$ 4,1 billion.

12 FINANCIAL RESULTS

13 FINANCIAL RESULTS (R$ million) Margin Gross Revenue Gross Income and Gross Margin -29% -33% 39.6% 35.1% 34.8% 35.0% 36.9% -43% -21% -36% -10% 2,234 1,166 1, EBITDA and EBITDA Margin Net Income and Net Margin -73% -46% 20.8% 14.4% 9.8% % 18.0% 12.4% % -27% 10.4% 7.0% 7.6% % 10.1% 7.3%

14 PROFITABILITY ROE Earnings per Share ¹ 9.6% 8.6% 7.8% 7.0% 5.7% Q15 4Q15 EPS Shares ex-treasury The Return on Equity (Net Income LTM / Equity average LTM ex-minorities) attained 5.7%. Earnings Per Share of R$ 0.12 in. In the year, EPS of R$ 0.28, vs. R$ 0.58 in. ¹ Calculus: Net Income of the quarters / Number of shares minus treasury shares as of June 30, 2016.

15 TRANSFERS, PAYOFFS AND TRUST OF DEEDS Volume Units (R$ million) -16% (Thd. units) -20% 1, , % +20.5% , % % Payoffs Trust of Deeds Transfers In, the volume of transfers, payoffs and trust of deeds attained R$ 792 million, 20.5% lower than and 10.9% lower than. In the year, R$ 1,449 million, volume 16% lower than.

16 CASH GENERATION* (R$ million) Cash generation ex- acquisition of equity interest Cash consume of R$ 29 million in, vs. a cash consume of R$ 13 million in and a cash generation of R$ 219 million in. In the year, cash consume of R$ 42 million, vs. a cash generation of R$ 622 million in. *Ex dividend payment, buyback program and stake acquisition.

17 LIQUIDITY AND DEBT Net Debt / Equity attained 24.1%. Debt (R$ billion) Corp Corp Corp Short 1.88 Indicators Net Debt/ EBITDA 12M Total Debt Debt Ex-SFH 3.0x -1.4x SFH SFH SFH Long 1.63 Net Debt/ Equity Average Cost 24.1% W/o SFH: 99.4% CDI SFH: TR % p.y. Duration 1.8 year 2.0 year Gross Debt 4Q15 27% Gross Debt Gross Debt 22.2% 24.1% Term Cash and Cash Equivalents Net Debt Without SFH* Short Term 33% 17% Long Term 67% 83% Net Debt / Equity *Net Debt Ex-SFH = R$ -753 million

18 CONTACT IR Cyrela Brazil Realty S.A. Empreendimentos e Participações Av. Presidente Juscelino Kubitschek, 1.455, 3rd Floor São Paulo - SP Brasil CEP Investor Relations ri@cyrela.com.br 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. 18