Presentation

HeritageSão Paulo - SP

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

AGENDA

2

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

AGENDA

3

CYRELA AT A GLANCE

Leadership position in the industry

More than 50 years of history

~ 2.500 employees (construction + administrative)

More than 200,000 clients

Receivables – R$ 3.5 billion (As of June, 2018)

64% 15%*32%

Free-float FoundersTop

Shareholders

26.0%36.9%

4

South16%

São Paulo – Other cities6%

63%

Rio de Janeiro

15%

São Paulo

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

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

Solid group with extensive experience in the industry Shareholders’ structure

Geographical footprint (Launches) – 2Q18 Rating

* Free-float includes Top Shareholders

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

AGENDA

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 ( Cyrela Commercial Properties);

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

1st receivables back securities (CRI’s) offering (out of a serieof 8 CRI’s);

Launch of facebook sales channel;

8th CRI’s emission.

10th debenture offering;

60’s 80’s and 90’s ´00-’10 ´11-´18

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

Organic

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

7

Strategy

Corporate Governance

Nationwide presence in Brazil

CYRELA HIGHLIGHTS

Leadership position in the industry and key markets

Fully integrated real estate company

(from land acquisition to selling)

Exposure to all customer segments

Fully professionalized management team with deep

industry

Solid balance sheet (largest real estate company in Brazil

by market cap)

Expertise in designing innovative projects

Strong Brand: prize Top Imobiliário 2018 (Real estateDevelopment and Construction), Brazilian leaders 2017

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1

3

4

5

6

7

8

2

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

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

In 2018, Cyrela won the 3rd place for Incorporating category and 6th place in Construction category for the “Prêmio Top Imobiliário”.

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

10

Objectives Examples os initiatives

Objectives Examples os initiatives

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

11

Distinctive environmentally-friendly practices

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

AGENDA

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

Back to Basics

Partnerships

Startups

Closing / Acquisition

Final Position

2006 2007 2008 2009 2010 2011 ... 2017 2018

5 11 11 9 7 4 ... 5 5

REDUCTION IN THE NUMBER OF JV’S, KEEPING THE

ONES THAT ARE 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’s15

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

81%

2013 91%

2014 94%

2015 95%

2016 93%

2017 96%

2T18 96%

2008 28%

2009 34%

2010 47%

2011 60%

2012

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

79%

6M18 64%

68%

2009 78%

2010 77%

2011 79%

2012 69%

2013 70%

2014 83%

2015 81%

2016 75%

2017

2008

Company should keep working with partners on development

Cyrela has been focusing on using own engineering

GROSS MARGIN

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

16

Gross Margin Gross Margin EX Ret / Riserva Golf

32.8%

29.9% 29.9%

39.8%

24.6%

26.8%

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%

+20%

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

25.0% 25.0%

17

Income Comitment

2017

R$400,000

9.5% p.a

35 years

R$ 3,126

R$ 12,505

25.0%

For each 1% increase (decrease) in interest rate, the monthly income must rise (fall) by

aproximately 8%.

- 15%

-2.0%

RECOGNIZED BRANDS AND DIVERSIFIED PROTFOLIO

18

Financial strenght, credibility and entrepreneurship

JV’s

SPRJSUL

THE WAY CYRELA PLAYS IN THE REAL ESTATE MARKET

USING AN INTEGRATED BUSINESS PLATFORM

19

Luxury / High End

Middle Income

Economic

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

AGENDA

20

PSV of R$ 43.0 bn (100%) and R$ 39.0 bn (%CBR) in 2Q18.

75% of landbank acquired through swaps.

(R$ billion)

LANDBANK

1329

São Paulo

14

Total

14

9

Rio de Janeiro

2

South Others

43 23

5

Swap agreement

21

Cyrela – Landbank (100%) – 2Q18

Direct employees

OPERATIONAL HISTORY

22

20142008 20122009 2010 20132011 2015 2016 6M18

2.9

5.7

7.7 8.0

5.66.6

5.8

2.9 3.1

1.4

+40%

-61%

2012

9.0

20092008 2010 2011 2013 2014 2015 2016 6M18

27.626.4 26.123.4

9.7

27.9

13.1

8.45.2

+5%

-68%

2008 201220102009 2011 2013 2014 2015 2016 6M18

5.26.2 6.5

6.0

7.2

5.7

3.42.8

3.3

1.7

+38%-54%

514

946 984820 740

2010 20152008 20112009 20142012 2013 2016 2017

1,3731,512

1,728

1,4601,264

+236%-53%

Launches - PSV (R$ billion) Launched units (thd.)

Pre Sales - PSV (R$ billion)

CYRELA

OPERATING RESULTS

18 projects launched in 6M18, 39 in 2017, 32 in 2016 and 91 in 2015;

5.5 thd units sold in 6M18, 10.2 thd in 2017, 8.7 thd in 2016 and 9.0 thd in 2015.

23

0.7

2014

2.9

2.4

0.5

2013

5.9

4.9

6M18

1.4

0.9

0.5

2016

3.0

0.9

2015

2.1

2.9

7.9

6.3

1.6

2009

7.6

6.0

1.7

2008

5.7

2.2

1.21.0

2012

6.6

4.64.5

2011

5.6

3.9

1.7

2010

2.0

CBRPartners

0.6

2014

3.4

2.6

2012

7.2

5.1

2.1

2011

6.0

4.4

1.6

2010

6.5

6M18

3.3

2.4

0.9

2015

2.75.3

1.2

2009

6.2

4.8

1.4

2008

5.3

4.0

1.1

0.6

2016

1.7

2.1

1.3

0.8

2013

5.7

4.7

1.0

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

SALES

(R$ billion)

24

South3,5%

North and Others

São Paulo - Other Cities 65.7%

São Paulo

8.8%

17,5%

Rio de Janeiro

2,7%

1,8%

Northeast

20092008

6.0

2015201220112010 2013 2014 6M182016

5.75.3

6.2 6.57.2

3.42.8

3.3

1.7

+38%

-54%

1Q182Q17

34.0%

3Q17 2Q184Q17

30.8% 32.7%35.2%

37.9%

Pre Sales - PSV (R$ billion) Sales per Region – 2018

Sales Speed - 12M

SALES BY VINTAGE

(R$ million)

25

Sales Speed of the last 12 months attained 37.9% in 2Q18.

559436

835 923120

245246

196

505

196

505

1

6M17

1,061

2Q17 2Q18

1,276

6M18

756

1,674

+40%

+31%

31%

50%

44%

29%

51%

16%

20%

14%

28%

9%

6%

9%

3%

7%

6%

4Q17

2Q17

1Q18

3Q17

2Q18

65%

83%

67%

57%

In 3 months

In 12 monthsIn 6 months

In 15 monthsIn 9 months

Quarter’s Launches

Previous Years Launches

Previous Quarters Launches

Sales by vintage of lauchings Sales by vintage of lauchings – SoS 12M

INVENTORIES

R$ 5.8 billion of inventory (R$ 4.8 billion %CBR) in 2Q18.

26

3,588

3,102

2,588

6,441

2,4662,656

3,9753,556

6,176

2Q17 3Q17 4Q17

2,595

3,318

1Q18

6,212

2,687

2Q18

5,913 5,789

Finished

Under Construction

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

Inventory to be

DeliveredTotal Consolidation Equity Method

Finished 3,102 2,839 263

12 Months 736 563 173

24 Months 1,229 1,043 185

36 Months 473 424 49

48 Months 248 116 133

Total 5,789 4,985 804

27

TOTAL INVENTORY

Inventory

1Q18

-373.5

-182.0

Launches

2Q18

-505.4

Price

change

Sales of

inventories

981.3

Sales of

launches

2Q18

-43.95,789.3

Inventory

2Q18

5,912.8

-555.5

-2.1%

Inventory under construction Finished inventory

São Paulo

São Paulo - Other Cities

2.3%Northeast

Rio de Janeiro

North

1.5%

12.5%

25.1%

South5.0%

Others

34.7%

18.9%

Change in Inventory Inventory Breakdown – 2Q18

(R$ million)

R$ 3,102 million of finished inventory in 2Q18 (vs. R$ 2,595 million in 1Q18).

(R$ million)

FINISHED UNITS INVENTORY

28

Price change

Finished Units 1Q18

-182

PSV Delivered

Sales of finished

units

754-65

Finished Units 2Q18

2,595

3,102

+19.6%

4.3%

Rio de Janeiro

São Paulo

São Paulo - Other Cities

Northeast

22.7%

South 1.4%

North

3.7%

Middle WestEspírito Santo

Minas Gerais

15.9%

37.4%

14.6%

Finished Inventory Finished Units Breakdown – 2Q18

5.1 thousand units delivered in 2Q18 in 17 projects. In the 6M18, 8.3 thousand units delivered in 30 projects;

Middle + MCMV: 4.0 thousand units delivered in 9 projects in 2Q18. During the first semester, 6.6 thousand units

delivered in 18 projects.

The units delivered in 2Q18 represented launches PSV of R$ 2.1 billion. In the 6M18, deliveries represented

launches PSV of R$ 3.15 billion.

DELIVERED UNITS

29

2016

13.2

9.211.8

1.7

11.6

2013

8.3

2014

9.1

14.8

2015

24.1

10.2

13.011.1

6.5

2017

5.1

6M17

6.6

3.5

6M18

8.9

2012

15.2

25.0

20.8

23.9

8.6

21.319.5

-3%

High end Middle + MCMV

763287

2,145

558

6M17

718

2Q18

1,2541,587

1Q18

491

2Q17

1,363

945

1,875

1,276

6M18

1,005

2,309

3,151

+113% +71%

+36%

PSV Delivered

(R$ billion)

Units Delivered

(thd units)

3.51.7

AGENDA

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;

Portfolio.

30

FINANCIAL RESULTS

(R$ million)

Margin

31

Gross Revenue Gross Profit and Gross Margin

Net Income and Net Margin

(R$ million)

Margin

(R$ million)

Margin

* Previous periods are presented in pro forma way, considering MAC thru Equity Results.

591 658464

2Q17 2Q18

1,248

1Q18 6M17

1,122

6M18

+11% +42%

-10%

154 125

351 296171

26.7%

2Q17 6M17

26.8% 27.7%

2Q18 1Q18

28.9% 27.2%

6M18

+12% +37%

-16%

-141

-51

-137

-80

1Q18

-24.5%

2Q17

-4.4% -11.4%

2Q18

-11.3%

6M17

-7.3%

6M18

-28

COVENANTS

<= 0,80TOTAL DEBT+ PROPERTIES PAYABLE - SFH DEBT - DISPOSALS

EQUITY

RECEIVABLES + PROPERTY FOR SALE

NET DEBT - PROPERTIES PAYABLE - UNRECOGNIZED COSTS AND EXPENSE

EBIT

FINANCE COSTS>= 1.5 or <0

>= 1.5 or <0

0.07

-0.08

0.16

-0.06

0.07

0.004

3.58

0.00

4.24

7.329.33

11.66

8.90

12.70

-17.81

0.00-43.57

2288.90

-205.88

-3.32 -2.67 -3.93

-2.78

6.09

RETURN ON EQUITY

Return on Equity (net income LTM / Average Shareholders’ Equity LTM ex - minorities) attained -0.7% 2Q18.

33

-1.5%

2Q17 3Q17 4Q17

-1.6%

1Q18 2Q18

-1.9%

-2.6%

-0.7%

HEALTHY LIQUIDITY AND DEBT INDICATORS

(R$ billion)

2Q18

14.4%

2017

19.4%

2016

25.1%

2015

22.2%

2014

32.8%

2013

39.6%

34

SFH1.2

Corp.1.0

Gross Debt 2Q17

3.4

SFH2.1

Corp.1.2

Net Debt

0.8

Cash and Cash Equivalents

1.5

Term

2.4

1.3Long

1.1Short

Gross Debt 2Q18

2.4

SFH1.1

Corp1.3

Gross Debt 1Q18

2.1 IndicatorsTotal Debt

DebtEx-SFH

Net Debt/ Equity

14.4%

Average CostW/o SFH: 100% CDISFH: TR + 9.1% p.a.

Duration 1.8 year 1.6 year

Short Term 45% 52%

Long Term 55% 48%

Debt

Net Debt / Equity

TRANSFERS, PAYOFFS AND TRUST OF DEEDS

In 2Q18, the volume of transfers, payoffs and trust of deeds attained R$ 940 million, 27% higher than 1Q18 and 2Q17.

(R$ million)

UnitsVolume

(Thd. units)

461

651552

226

223

158

+27%+27%

1Q18

743

33

2Q18

940

66

2Q17

740

53

TransfersTrust of DeedsPayoffs

1Q18

3.5

2.7

0.1

0.7

2Q18

4.3

3.3

0.2

0.8

2Q17

3.1

+39% +23%

2.2

0.1

0.8

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 generation of R$ 181 million in 2Q18 and R$ 363 million in 6M18.

64

181 184

202

6M17

84

2Q182Q17

20

6M181Q18

181 182

363

+115% -0.5%

+80%

Stake Acquisition

2

** Previous periods are presented in pro forma way, considering MAC thru Equity Results.

Cyrela

Overview;

History;

Strategic focus;

Operational figures;

Financial indicators;;

Portfolio.

AGENDA

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)

HERITAGE

SÃO PAULO(2017)

CONTACT IR

Cyrela Brazil Realty S.A. Empreendimentos e Participações

Av. Brigadeiro Faria Lima, 3.600 – 12th Floor

São Paulo - SP – Brasil

Zip Code 04538-132

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.

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