BTG PACTUAL CONFERENCE SÃO PAULO FEBRUARY, 2015

BTG PACTUAL CONFERENCE SÃO PAULO FEBRUARY, 2015

OPERATING RESULTS

CYRELA S LAUNCHES R$ 2,260 million in 4Q14 vs. R$ 2,695 million in 4Q13. R$ 5,848 million in 2014 vs. R$ 6,646 million in 2013. In 2014, %CBR of 83% vs. 70% in 2013. Launches Ex-Swap and Faixa 1 (%CBR) Launches by region 2014 (R$ million) 2,695 773 1,922-16.1% 2,260 448 1,813-12.0% 6,646 5,848 2,001 995 4,645 4,853 (%CBR) 3,695 +7.2% 3,959 North South Minas Gerais 1% 2% 7% Rio de Janeiro 40% 15% São Paulo Other cities 36% São Paulo 4Q13 4Q14 2013 2014 2013 2014 % CBR 71% 80% 70% 83% CYRELA PARTNERS

CYRELA S PRE-SALES %CBR of 78% in 4Q14. Sales from inventories accounted for 50% from total sales in the quarter. Pre-sales Ex-swap and Faixa 1 (%CBR) Pre-Sales by region 2014 (R$ million) -20.8% 7,175 (%CBR) São Paulo São Paulo Other Cities 2,275 633 1,642-17.1% 1,887 414 1,473 2,089 5,086 5,684 1,011 4,673 4,199-7.0% 3,907 25% 25% Northeast 7% 1% 2% 1% South 7% 31% Midwest 1% Rio de Janeiro North Minas Gerais Espírito Santo 4Q13 4Q14 2013 2014 2013 2014 % CBR 75% 78% 70% 84% CYRELA PARTNERS

SALES SPEED (VSO) Sales speed of 45.3% (LTM). Excluding Faixa 1 MCMV, the sales speed was 44.8% (LTM). Sales by vintage Sales over supply LTM (R$ million) -20.8% -17.1% 7,175 1,431 2,780 5,684 951 2,113 2,275 1,431 229 615 1,887 951 241 694 2,965 2,620 4Q13 4Q14 2013 4Q Launches 2014 Launches <2014 Launches 2014

TOTAL INVENTORY R$ 7.3 billion of inventory (R$ 5.8 billion %CBR); 19% of finished units (vs. 18% in 3Q14) Inventory Change in inventory (R$ million) (R$ million) 6,905 1,243 +6.2% 7,331 1,379 6,905.4-935.8-660.3 2,260.5 +6,2% -951.0 52.0 7,331,1-275.5 5,662 5,952 3Q14 Finished units 4Q14 Under construction Inventory 3Q14 Sales of Inventory Launches of 4Q14 Sales of Launches 4Q14 Price Change Inventory 4Q14 *FU/TI 18% 19% Units under construction Finished units FU= Finished units / TI = Total inventory

FINISHED UNITS R$ 1,379 million of finished units (vs. R$ 1,243 million in 3Q14) Northeast and Espírito Santo account for 39% of total finished units. Finished units Breakdown of finished units (R$ million) 1,243.4-275.5 +10.9% 309.3 100.9 1,378,8 Northeast Espírito Santo North 5% 2% São Paulo 15% 34% 1% Minas Gerais 3% Midwest 12% Rio de Janeiro 20% South 8% São Paulo - Other cities Finished Units 3Q14 Sales of Finished Units Deliver of Finished units 4Q14 Price change Finished Units 4Q14

CYRELA S DELIVERED UNITS (thd units) 1.3% +4.2% High-end Middle + MCMV 15.4 23.8 10.6 24.1 8.9 25.1 12.4 20.8 11.8 7.5 5.4 2.1 8.3 7.1 13.2 15.2 12.7 9.0 2009 2010 2011 2012 2013 2014 4.9 thd units delivered in 4Q14 in 19 projects. In 2014, 20.8 thd units delivered in 81 projects. Middle + MCMV: 2.2 thd units delivered in 9 projects in 4Q14. In 2014, 9.0 thd units delivered in 30 projects. Delivered units in 4Q14 represent a volume of launches of R$ 1.7 billion. In 2014, this volume amounted to R$ 6.8 billion.

MARKET

SALES What to expect for 2015 Good projects continue to present a healthy speed of sales; Sales 100% ex- Faixa 1 50.7% 53.9% 49.3% 46.1% 2013 2014 Sales of launches Sales of inventories Although demand is slower, final costumer remains in the market: Market research; Right product in the right region; Anti-cyclical products; Launching strategy. Focus on sale of inventory: Well-prepared sales force; Product-by-product management; Adequate commercial strategy; War tactic ; Increasing sales expenses. Price change in line with inflation in key-markets.

CYRELA BY PININFARINA SP LAUNCHED IN OCT/2014 55% SOLD

STORIA VILA CLEMENTINO SP LAUNCHED IN OCT/2014 40% SOLD

LEAD AMÉRICAS RJ LAUNCHED IN FEB/2014 90% SOLD

INVITE TAQUARAL LAUNCHED IN MAR/2014 100% SOLD

PLOTS OF LAND (R$ billion) 51.7 24.8 Landbank What to expect for 2015 15.0 15.0 9.8 CH* Competition for purchasing land is lower; 36.7 16.8 3.2 7.0 The market tends to experience a period of prices stabilization; Total Rio de Janeiro São Paulo South Other states Price adjustment takes time (in a slower pace) in this market. In 2013, Cyrela decided to be more aggressive in land purchasing in key-markets. (Units) Land Acquisition 41 22 16 2012 2013 9M14 SP, RJ e South CYRELA S LANDBANK IS WELL POSITIONED IN 2015 CYRELA WILL PURSUE OPPORTUNITIES THAT WILL EVENTUALLY OCCUR. * Swap agreement with Carvalho Hosken

CYRELA IN 2015 Deliveries Projects in Natal and Salvador will be delivered up to the end of 2015; Legal provisions may have its peak in 2015, when the Company will deliver the remaining problematic projects; Finished units will peak in 2015, although the good inventory sales speed; Inventory Company focused on the selling of finished units in 2014 and it will remain in 2015; Chalange to sell finished units in regions where sales speed is slower; Cash generation Consistent cash generation since 2012; 2015 will be an year of cash generation; Focus on buyback and gradual reduction of leverage; Capital structure Leverage should remain at current levels (around 30 to 40% - Net Debt / Equity); SFH (project finance) is more attractive, but amortization is high in 2015; Buyback; Increasing asset turnover, focusing on plots of land which may be launched faster; Capital Allocation Cancelling or selling plots of land considered as not launchable ; Focus on sellling finished units.

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 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'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. 17