Presentation

HeritageSão Paulo - SP

Cyrela

Ø Overview;

Ø History;

Ø Strategic focus;

Ø Operational figures;

Ø Financial indicators;

Ø Portfolio.

AGENDA

2

Cyrela

Ø Overview;

Ø History;

Ø Strategic focus;

Ø Operational figures;

Ø Financial indicators;

Ø Portfolio.

AGENDA

3

CYRELA AT A GLANCE

Ø Leadership position in the industry

Ø More than 50 years of history

Ø ~ 2.500 employees (construction + administrative)

Ø More than 200,000 clients

Ø Receivables – R$ 3.8 billion (As of March, 2019)

70% 12%*30%

Free-float Founders Top Shareholders

26.0%36.9%

4

• National Scale: brAAA• 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) of 1Q19 Rating

* Free-float includes Top Shareholders

83,7%

16,3%

São Paulo

Others

Cyrela

Ø Overview;

Ø History;

Ø Strategic focus;

Ø Operational figures;

Ø Financial indicators;

Ø Portfolio.

AGENDA

5

SOLID TRACK RECORD

ØCyrela is foundedas a land brokerin São Paulo; ØExpansion to Rio de

Janeiro and other states;ØCyrela’s IPO;

ØSpin-off of Properties Division ( Cyrela Commercial Properties);

Ø1st debenture offering (out of a serie of 6 debentures);

Ø1st receivables back securities (CRI’s) offering (out of a serieof 8 CRI’s);

ØLaunch of facebook sales channel;

Ø8th CRI’s emission.Ø10th debenture offering;

60’s 80’s and 90’s ´00-’10 ´11-´18

ØVertical integration;

ØLand brokerØDeveloper

ØCyrela becomes listed company.

Foundation Integration Expansion Consolidation

6

ØDividend payout: approximately 25% of its adjusted net income

Ø Internal committees in line with the best corporate governance and risk mitigation practices

ØCorporate governance practices, based on principles that privilege transparency

Ø Business management. Follow-up and accountability models are based on strict ethical principles

Ø Board of directors made up of at least 5 members

ØAt least 20% should be independent members

Ø Ensure at least 25% of the total stock is available for trading

ØAdopt public offer procedures that favor the shareholding dispersion

ØMinimum standards for quarterly disclosure of information

Ø Stock option programØAllow 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 deepindustry

Solid balance sheet (largest real estate company in Brazilby market cap)

Expertise in designing innovative projects

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

8

1

3

4

5

6

7

8

2

RECENTS AWARDS

The Customer Relationship area won the "Best Companies in Customer Satisfaction Award" in 2018 - Instituto Mesc

Mr. Elie Horn was honored at the 24th “Prêmio Master Imobiliário” of 2018 in the "Hors Concours" category for his workwith the “Instituto Cyrela” for Early Childhood and TeenageEducation.

The company got the Most Respect to Consumers Award 2018 -Modern Consumer.

Cyrela was recognized as one of the 100 Most InnovativeCompanies in IT Use by “IT Mídia 2018”. The winning projectwas CashMe, our Home Equity’s Fintech.

In 2018, Cyrela won the 3rd place for Incorporation category and6th place in Construction category for the “Prêmio Top Imobiliário”.

Cyrela is in Valor Econômico newspaper’s as 100 most innovative companies of “Anuário Inovação Brasil” Ranking. 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.

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

Ø Sustainable Production

Ø Environmental policy for suppliers

Ø Benchmark in waste management

Ø Recycling Program

Ø 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

11

Distinctive environmentally-friendly practices

Cyrela

Ø Overview;

Ø History;

Ø Strategic focus;

Ø Operational figures;

Ø Financial indicators;

Ø Portfolio.

AGENDA

12

ExecutionØ Cost controlØ Systems and process improvementØ Corporate EngineeringØ Bonus – focus on deliveries

Company LongevityØ Leader’s developmentØ MeritocracyØ Cyrela’s cultura

Financial DisciplineØ Focus on marginØ “Cost Culture”Ø Leverage Reduction

Back to Cyrela “DNA”Ø Focus on mid to high-end productsØ Living as a brandØ MCMV through Cury

BACK TO BASICS...PROCESS THAT STARTED IN 2010

GovernanceØ CommiteesØ Processes and policies

Back to Basics

13

Back to Basics

PartnershipsStartups

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 THEONES THAT ARE 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’s15

89%

96%

96%

93%

95%

81%

60%

47%

34%

28%

20.0%0.0% 40.0% 100.0%60.0% 80.0%

2017

1Q19

2018

2016

2010

2015

2013

2014

2012

2011

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

2018

2012

79%

68%

1Q19

2017

2016

2015

2014

2013

83%

2011

2010

78%

70%

75%

81%

70%

77%

69%

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

29,9%

32,8%35,1%

39,8%

30,7% 30,9%

25,1%

30,1%

3Q13

4Q13

1Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

Gross Margin Gross Margin EX Ret / Riserva Golf

ECONOMIC CYCLES

Fonte: Banco Central do Brasil

Interest

Unemployment

Trust

Mortgage

Deliveries

Cancellations

Savings

Inventories

Mortgage

Availability

Prices

2014 - 2017

2018-2019

Slowly Recovering

Cancellations Inventories Prices

Interest

Mortgage

Trust

Unemployment

Deliveries

Launches

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.y

35 years

R$ 3,068

R$ 12,273

R$400,000

11.5% p.y

35 years

R$ 3,678

R$ 14,712

+2.5%

+20%

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

25.0% 25.0%

18

Income Comitment

2018

R$400,000

9% p.y

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

19

Financial strenght, credibility and entrepreneurship

JV’s

ØSPØRJØSUL

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

20

Luxury / High End

Middle Income

Economic

Cyrela

Ø Overview;

Ø History;

Ø Strategic focus;

Ø Operational figures;

Ø Financial indicators;

Ø Portfolio.

AGENDA

21

Ø PSV of R$ 41 bn (100%) and R$ 36.9 bn (%CBR) in 1Q19.

Ø 75% of landbank acquired through swaps.

(R$ billion)

LANDBANK

27

14

5

Total

14

8

22

Rio de Janeiro

13

São Paulo

1

South Others

41

CH Swap agreement

22

Cyrela – Landbank (100%)

Direct employees

OPERATIONAL HISTORY

23

3.1

2010 2011 2012 201520142013 2016 2017 2018 1T19

4.85.6

8.07.76.6

2.9

5.8

2.9

0.5

+5%-11%

2015 201720142010 2011 20162012 2013 2018 1T19

27.626.4 27.926.123.4

13.18.4 9.7 9.0

2.2

+1%

-25%

20132010 2011 2012

5.1

2014 2016

7.2

2015 2017 2018 1T19

3.4

6.2 6.5

2.8

6.0 5.7

3.3

1.0

-2%-3%

984820 740 745

20152011 20162010 2012 2013 2014 2017

1,460

2018

1,7281,512

1,2641,373

+14%

-11%

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

Pre Sales - PSV (R$ billion)

CYRELAOPERATING RESULTS

Ø 9 projects launched in 1Q19, 60 projects launched in 2018 and 39 in 2017.

Ø 3.3 thd units sold in 1Q19, 14.5 thd units sold in 2018 and 10.2 thd in 2017.

24

2.2

4.9

1.2

4.5

5.7

2010

6.0

1.6

2.0

6.3

2012 2014

4.63.9

2013

5.6

2.9

1.0

7.6

2015 2017

1.7

0.5

0.12.4

2016

0.7

2011

2.9

2.1

2018

1.7

0.4

0.9

7.9

6.6

5.8

3.1

0.5

1T19

CBRPartners

5.3

1T192014

1.2 5.7

4.8

2010 2011

1.6

4.4

2012 2017

7.2

2013

3.5

1.0

2.1

0.32.1

0.8

2.6

4.7

2015

0.6

2016

2.8

5.1

5.1

1.4

0.9

2.4

1.6

2018

0.8

6.26.5

6.0

3.4 3.3

1.0

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

SALES

(R$ billion)

25

São Paulo South

11.2%

Rio de Janeiro

São Paulo - Other Cities

North and Other

57.7%

14.0%

7.0%

10.1%

201220112010 2013 2014 2015 2016 2017 2018 1T19

6.56.27.2

6.0 5.7

3.42.8 3.3

5.1

1.0

-2%-3%

1Q192Q181Q18 3Q18

39.4%37.9%

4Q18

35.2%

45.1%49.6%

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

Sales Speed - 12M

SALES SPEED§ The SOS12M of 1Q19 attained 49.6%.

Pre – Sales by Launch Period(R$ million)

Sales Speed

126280

487

764

1Q18 1Q19

1,044

613

+70.3%

Quarter’s Launches

Previous Years Launches

78%

6%

1Q19

28% 5%7%1Q18 9%29%

3%14%51%

8%

2Q18

20%

9%

49%3Q18

66%4Q18

51%

74%

77%

74%

51%

In 3 months In 15 monthsIn 6 months In 12 months

In 9 months

INVENTORIES

27

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

4.843 4.769 4.582 4.536 4.057

1.070 1.020 992 1.128962

1Q18 4Q182Q18 3Q18

5,574 5,664

1Q19

% CBR

5,913 5,7895,019

Inventory to be delivered Total Consolidation Equity

Finished 2,216 1,918 297 12 Months 874 589 285 24 Months 1,266 853 413 36 Months 512 416 96 48 Months 152 152 - Total 5,019 3,928 1,091

• R$ 5,019 billion in inventories (R$ 4,057 billion %CBR) in 1Q19.

28

TOTAL INVENTORY

Inventory under construction Finished inventory

Change in Inventory Inventory Breakdown – 1Q19

(R$ million)

Launches 1Q19

Inventory 4Q18

547-489

Inventory 1Q19

-275

Sales of inventories

-280

Sales of launches

1Q19

-147

Price change

-764

5,019

5,664-11.4%

41,5%

16,0%

22,4%

12,4%

7,7%South

São Paulo

São Paulo - Other Cities

Rio de Janeiro

Others

Ø Decrease of 11.4% in total inventory, from 5,664 million in 4Q18 to 5,019 million in 1Q19

§ R$2,216 million of finished units inventories (vs. R$2,493 million in 4Q18).

Finished Units(R$ million)

Breakdown

FINISHED UNITS

Sales of finished

units

-275

Finished Units 4Q18

58

Price change

PSV Delivered

-59 2,216

Finished Units 1Q19

2,493-11.1%

16,2%

24,6%

38,5%

13,8%

6,9%South

São Paulo

Rio de Janeiro São Paulo - Other Cities

Others

§ 1,445 units delivered in 1Q19, in 5 projects, all are from the Middle + MCMV segments.

§ The units delivered in the quarter represent launches PSV of R$357 million.

DELIVERED UNITS

6.5

13.2

5.3

2013

0.4

11.6

2014

6.58.9

9.1

6.6

8.3

2015

19.5

3.3

2.7

10.2

4.3

2016

6.5

4.1

9.0

2017 2018

6.8

1.0

21.3

1T19

25.0

20.8

24.0

14.32.1

High end

Middle

MCMV

287

48115

323

4Q18

183

174

1Q19

485

233

1Q18

486

357

1,005

-27% -64%

Delivered PSV

(R$ million)

Delivered Units

(thd units)

AGENDA

Cyrela

Ø Overview;

Ø History;

Ø Strategic focus;

Ø Operational figures;

Ø Financial indicators;

Ø Portfolio.

31

(R$ million)

125

249314

27,7% 30,1% 25,1%20

1Q18 1Q19 4Q18

+99.5% -25.5%

Gross Profit and Gross MarginNet RevenueMargin

-51

48116

1Q19

-11.4%

8.7%

1Q18

5.9%

4Q18

Net Income and Net Margin

451

826

1.078

254

1Q191Q18 4Q18

1,331

+83.4% -37.9%

FINANCIAL RESULTS

Provision for Cancellations Non-Recurring

0.16

0.05

-0.08

-0.02

0.09

4.245.45

9.0710.64

8.90

5.22

COVENANTS

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

EQUITY

RECEIVABLES + PROPERTY FOR SALE

NET DEBT - PROPERTIES PAYABLE - UNRECOGNIZED COSTS AND EXPENSE

EBITFINANCE COSTS >= 1.5 or <0

>= 1.5 or <0

-43.57 -58.55

2288.90

-17.45 -3.08

-3.28

-3.93 -12.20

RETURN ON EQUITY

Ø Return on Equity (net income LTM / Average Shareholders’ Equity LTM ex - minorities) attained 0.3% 1Q19.

34

-2.6%

1Q18 1Q193Q182Q18 4Q18

-2.7%

-0.7%

-1.6%

0.3%

LIQUIDITY AND DEBT§ Net Debt / Equity attained 12.0%.

Debt

(R$ billion) Indicators Total Debt

DebtEx-SFH

Net Debt/ Equity 12.0%

Average Cost W/o SFH: 113.4% CDISFH: TR + 8.2% p.y.

Duration 2.8 y 2.7 y

Short Term 10% 13%

Long Term 90% 87%

1.2

1.0

Gross Debt 4Q18

0.6

Gross Debt 1Q18

1.61.5

0.8

Gross Debt 1Q19

0.2

1.9

Term

1.4

Cash and Cash

Equivalents

Net Debt

2.12.12.4

2.1

0.7

Corp.Corp.

Corp.

Short

SFHSFH SFH

Long

20152014

32.8%

22.2%

2017

25.1%18.8%

2016

14.8%

2018

12.0%

1T19

Net Debt / Equity

TRANSFERS, PAYOFFS AND TRUST OF DEEDS

§ In 1Q19, the volume of transfers, payoffs and trust of deeds attained R$625 million, 14.6% lower than

4Q18 and 15.9% lower than 1Q18.

(R$ million)

UnitsVolume

(Thd. units)

552 497 546

158110

166

1Q19 4Q18

1833

1Q18

20

744625

732-15.9% -14.6%

Payoffs Trust of Deeds Transfers

0.70.1

2.4

0.5

2.7

1Q18

0.1

1Q19

0.70.1

3.0

4Q18

3.52.9

3.8-14.9% -21.9%

CASH GENERATION*(R$ million)

§ Cash generation of R$ 150 million in 1Q19.

*Ex dividend payment, buyback program and stake acquisition.

181

(R$ million)

137 150182

150

1Q191Q18

2

4Q18 1Q19

137150

184

150

+9.0%

-18.3%

Non Recurring

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

38

Cyrela

Ø Overview;

Ø History;

Ø Strategic focus;

Ø Operational figures;

Ø Financial indicators;;

Ø Portfolio.

AGENDA

39

MANDARIMSÃO PAULO (2006)

Ø The tallest residential

building in latin america (2006);

Ø Ballroom on the 41st floor;

Ø First project with different

typologies in the same building;

CIRAGANSÃO PAULO (2007)

Ø First project to aggregate a residencial and a commercial

tower in the same project

PARQUE ALFREDO VOLPISÃO PAULO (2007)

Ø Very luxury product, with unit prices over US$ 5 mi

JK 1455SÃO PAULO (2009)

LE PALAISRIO DE JANEIRO (2010)

Ø Architecture inspired by two historical buildings in thecomplex;

Ø The historical buildings were restored and adapted for

the leisure areas;

CENTRAL PARK MOOCASÃO PAULO (2010)

Ø First mover in a industrial area of São Paulo (Mooca)Ø Innovative product, creating a park inside the project

Ø All of its 560 units were sold in 10 days

LE PARCSALVADOR / BAHIA (2012)

Ø Largest Cyrela’s project;Ø 18 towers, 1.138 units;Ø PSV of R$ 1 billion (2013 value);ØIn the middle of the project, there is a 10,000 sqmt leisure facility.

RISERVA GOLFRIO DE JANEIRO (2014)

Ø Unique project in Barra da Tijuca;

Ø 2016 Olympics golf course;Ø Average sqm. Price: from R$ 25 thd to R$ 30 thd.

CYRELA BY PININFARINASÃO PAULO(2014)

48

Ø Unique project in São Paulo (Vila Olímpia);

Ø Price per sqm.: R$ 25 thd

ONE SIXTYSÃO PAULO(2015)

HERITAGESÃO PAULO(2017)

RIO BY YOORIO DE JANEIRO

IBIRAPUERA BY YOOSÃO PAULO

CONTACT IR

Cyrela Brazil Realty S.A. Empreendimentos e ParticipaçõesAv. Brigadeiro Faria Lima, 3.600 – 12th FloorSão Paulo - SP – BrasilZip Code 04538-132

Investor RelationsPhone: (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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