RESULTS | CYRELA

2Q14 August 14, 2014.

Riserva GolfRio de Janeiro

2Q14 Results

Introduction Raphael Horn

Financial Results Eric Alencar

Operating Figures Raphael Horn

Grand VertSouth

3

Cyrela’s Highlights

Launches of R$890 million in 2Q14, 49.5% lower vs. 2Q13 and 53.5% lower vs. 1Q14.

In 6M14, the volume launched was R$2,805 million, which is 3.2% higher than 6M13.

Pre-Sales of R$1,258 million in 2Q14, 42.3% lower vs. 2Q13 and 18.7% lower vs. 1Q14.

In 6M14, Pre-Sales of R$2,805 million, which is 20.7% lower than 6M13.

Net Revenue of R$1,358 million in 2Q14, 1.0% lower than 2Q13 and 3.3% higher vs. 1Q14.

In 6M14, Net Revenue totaled R$2,674 million, increase of 3.3% vs. 6M13.

Gross Margin of 33.4% in 2Q14, increase 0.8p.p. vs. 2Q13 and higher 0.1p.p. vs. 1Q14.

In 6M14, Gross Margin attained 33.3%, higher 0.7p.p. vs. 6M13.

EBITDA Margin of 19.9% in 2Q14, 0.1p.p. lower vs. 2Q13 and an increase of 1.4p.p. vs. 1Q14.

In 6M14, the EBITDA Margin stood at 19.2%, 1.4p.p. lower vs. 6M13.

In 2Q14, cash generation of R$159 million vs. a generation of R$154 million in 2Q13 and a generation of

R$159 million in1Q14.

In 6M14, cash generation of R$318 million vs. R$369 million in 6M13.

Net Debt / Equity of 39.4% in 2Q14 vs. 35.6% in 2Q13 and 37.8% vs. 1Q14.

ROE of 12.5% (Net income LTM / Equity average LTM ex-minorities).

OperatingFigures

Grand VertSul

5

Cyrela’s Launches

R$890 Million in 2Q14 vs. R$1,762 million in 2Q13.

R$2,805 million in 6M14 vs. R$2,717 million in 6M13.

In 6M14, %CBR of 90% vs. 67% in 6M13.

+3.2%

-49.5%

6M14

2,805

2Q14

890

812

78

2Q13

1,762

2,532

273

6M13

2,717

1,812

906

1,251

512

Launches Launches by Region 2Q14(R$ million)

% CBR 71% 91%

51%

City of São Paulo17%Rio de Janeiro

31%

São Paulo - Other Cities

Ex-Swap and “Faixa 1” (%CBR)

67% 90%

CYRELAPARTNERS

1,353

6M14

+39.1%

6M13

1,881

(%CBR)

6

Find out more aboutMisti Morumbi

Find out more aboutEncontro Imigrantes

7

Cyrela´s Pre-Sales

% CBR: 84.7% in the quarter.

Pre-Sales from inventories represented 76.3% of total sales in the quarter.

-42.3%

6M14

2,805

2,428

377

1,065

192

2Q13

2,181

1,470

711

-20.7%

6M13

3,540

2,419

1,120

2Q14

1,258

Pre-Sales(R$ million)

Pre-Sales by Region 2Q14

% CBR

CYRELAPARTNERS

19%

São Paulo - Other Cities

31%

São Paulo28%

North

South7%

Middle West1%

3%

Northeast7%

Rio de Janeiro

Espírito Santo

2%

Minas Gerais

1%

Ex-Swap and “Faixa 1” (%CBR)

67% 85% 68% 87%

(%CBR)

-7.5%

6M14

1,843

6M13

1,992

8

Sales Speed

Sales Speed of the last 12 months attained 49.9% in 2Q14 .

Excluding the “MCMV Faixa 1”, sales speed of the last 12 months attained 48.1% in 2Q14.

Sales Speed – Last 12 monthsPre-Sales by launch period

33%

47%

53%

44%

62%

12%

8%

12%

13%

4%

6%

4%

4%

2%1%

2Q14

1Q14

4Q13

3Q13

2Q13

In 3 months In 6 months In 9 months In 12 months In 15 months

82%

65%

65%

60%

(57% "Ex-Faixa 1")

(75% "Ex-Faixa 1")

933 726

234

688

298

298-42.3%

-20.7%

1,143

2,805

2,181

3,540

2Q14 6M132Q13

1,754

6M14

1,098

1,364

1,258

150

1,098

2Q14 Launches

Previous Years Launches1Q14 Launches

43%58%

50%49%

9

Inventory

R$7 billion in inventories (R$5.6 billion %CBR);

15% of finished units inventories (vs. 15% in 1Q14).

Inventory(R$ million)

Change in Inventory(R$ million)

FU/TI¹ 15% 15%

¹ Finished Units / Total Inventory

-2.4%

2Q14

7,020

5,935

1,085

1Q14

7,187

6,088

1,099

Units Under ConstructionFinished Units

Units under construction Finished Units

Inventory2Q14

-2.4%

7,020.2

PriceChange

200.7

Sales of Launches

2Q14

-297.9

Launches 2Q14

890.2

Sales of Inventories

-959.7

-261.7

-697.9

Inventory 1Q14

7,186.9

10

Finished Units

R$1.085 million (vs. R$1.099 million 1Q14)

The Northeast region and Espírito Santo account for 37% of total finished units

Finished Units(R$ million)

Breakdown

Rio de Janeiro

14%

São Paulo - Others 10%

South11%

São Paulo21% North

2%Espírito Santo

7%

Northeast30%

Minas Gerais

4%Mid West

0%

1,099.0

Finished Units 2Q14

+1.3%

1,085.0

PriceChange

76.9

Deliver of Finished

Units 2Q14

171.2

Sales of Finished Units

-261.7

Finished Units 2Q14

11

Delivered Units

13.2

23.8

10.6

20112010

15.412.4

25.1

12.77.1

15.2

24.1

2012

5.5

4.8

+4.2%

6M142013

10.2

+1.3%

8.3

2009

7.5

2.1

5.4

8.9

MAP Economic + MCMV

(Thousand Units)

5.4 thousand units delivered in 2Q14 in 23 projects. In 6M14, 10.2 thousand units in 42 projects.

Economic + MCMV: 2.7 thousand units in 9 projects in 2Q14. In 6M14, 4.8 thousand units in 15projects.

Delivered units in 2Q14 represent launches of R$1.8 billion. In 6M14, this volume amounted to R$3.4 billion.

FinacialResults

LeadRio de Janeiro

13

Financial ResultsGross profit and Gross margin(R$ million) Gross Revenue

Margin

Net income and Net marginEBITDA and EBITDA margin

+3.3%

-0.9%+3.4%

6M14

2,748

6M13

2,661

2Q13

1,410

2Q14

1,397

1Q14

1,351

438 448

845 891

454

+5.5%

+1.3%+3.6%

6M14

33.3%

6M13

32.6%

2Q13

32.6%

2Q14

33.4%

1Q14

33.3%

244 274

533 515

271

19,2%20,6%20,0%19,9%18,5%

-3,4%

-1,2%+11,1%

6M146M132Q132Q141Q14

183

362 332

169163

-8.1%

-7.6%+3.3%

6M14

12.4%

6M13

14.0%

2Q13

13.3%

2Q14

12.4%

1Q14

12.4%

14

Return on Equity

13.7%

13.8% 13.0%

4Q13 1Q143Q13

14.9%

13.2%

2Q13

14.9%

13.2%

2Q14

12.5%

O Return on Equity ( Net income LTM / Average Equity ) attained 12.5%.

Ex-RET

15

Transfers, Payoffs and Trust of Deeds

UnitsVolume(R$ million) (thd units)

701 794560

208

167

15621

2Q14

971

+30.1%+4.0%

1Q14

746

19

25

2Q13

934

TransfersTrust of DeedsPayoffs

+20.8%-6.1%

1Q14

3.8

2.9

0.10.8

2Q14

4.6

3.6

0.10.9

2Q13

4.9

4.1

0.10.7

In 2Q14, the volume of transfers, payoffs and trust of deeds accounted for R$971 million, an increase of 30.1% vs.

1Q14 and 4% higher vs. 2Q13.

In 6M14, the volume of transfers, payoffs and trust of deeds accounted for R$1,717 million, down 14,4% vs. 6M13.

-14.4%

4049

1,717

1,354

6M14

2,007

323

6M13

1,362

596

0.2

7.5

9.6

6M14

0.2

8.4

6.5

-12.5%

1.91.7

6M13

16

Cash Generation*

• Ex dividend payment, buyback program and stake acquisition.

(R$ million)

159154159159

2Q142Q132Q141Q14

318369

6M146M13

Cash generation of R$159 million in 2Q14 vs. a cash generation of R$154 million in 2Q13 and a cash generation of R$159

million in 1Q14.

In 6M14, the cash generation attained R$318 million vs. R$369 million in 6M13.

17

Liquidity and Debt

Debt(R$ billion)

Net debt / Equity remained at levels of 39.4%.

Term Net DebtCash and Equivalents

1.8

4.2

0.9

3.4

Gross Debt 2Q14

4.2

2.4

1.8

Gross Debt 1Q14

4.5

2.4

2.2

Gross Debt 2Q13

3.7

1.6

2.1

0.1

2.4

2.5

w/o SFH

35.6%

Net Debt / Equity

Corp.Corp.

Corp.

LongTerm

SFHSFH SFH Short

Term

37.8% 39.4%

Indicators Total Debt Debt ex-SFH

Net Debt / EBITDA 12M 2.30x 0.05x

Net Debt / Equity 39.4%

Average Cost w/o SFH: 105.1% CDISFH: TR + 9.13% p.y.

Duration 1.9 year 2.4 year

Short Term 21% 11%

Long Term 79% 89%

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Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Presidente Juscelino Kubitschek, 1455, 3rd floorSão Paulo – SP – BrazilCEP 04543-011

Investor RelationsPhone number: (55 11) 4502-3153 ri@cyrela.com.br

www.cyrela.com.br/ir

This presentation contains forward-looking information about Cyrela Brazil Realty’s business prospects, projectedoperating and financial results and growth prospects. These are merely projections and, as such, exclusively based onCyrela Brazil Realty’s management’s expectations regarding the Company’s business in the future and its continuedaccess to capital to fund its business plan. Such forward-looking statements depend heavily on the market conditions,government rules and competitive environment, as well as the performance of the real estate industry and of theBrazilian economy, among other factors, in addition to the risks described in the documents released and filed by CyrelaBrazil Realty. They are, therefore, subject to change without prior notice.

Contact IR