CYRELAPUBLIC MEETING

DECEMBER, 2017

This material that follows is a presentation of general background information about Cyrela Brazil Realty as of the date of the presentation.

It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential

investors. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy,

fairness, or completeness of the information presented herein.

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section

21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future

performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks,

uncertainties and factors relating to the operations and business environments of Cyrela Brazil Realty and its subsidiaries that may cause

the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking

statements.

Although Cyrela Brazil Realty believes that the expectations and assumptions reflected in the forward-looking statements are reasonable

based on information currently available to Cyrela Brazil Realty management, Cyrela Brazil Realty cannot guarantee future results or

events. Cyrela Brazil Realty expressly disclaims a duty to update any of the forward-looking statement.

Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of

1933. Any offering of securities to be made in the United States will be made by means of an offering circular that may be obtained from

the underwriters.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither

this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.

DISCLAIMER

Operational and Financial Results;

2018;

Sector Fundamentals;

Cyrela – Long Term.

AGENDA

3

CYRELA’S LAUNCHES

R$ 532 million in 3Q17 vs. R$ 452 million in 3Q16.

In 3Q17, %CBR of 71% vs. 57% in 3Q16.

259 380

1.1631.365

193152

500

419

7,3%

17,7%

9M17

1.784

9M16

1.663

3Q17

532

3Q16

452

CyrelaPartners

Launches

(R$ million)

% CBR

Ex-Swap and %CBR

Launches per Region and Product 2017

Middle West

South

Rio de Janeiro

11%

5%

6%

São Paulo

79%

9M16

21,3%

9M17

1.326

1.094

57% 71% 70% 76%

MCMV 2 and 3

Middle

22%

37%

High end41%

HERITAGE

Location: Rua Leopoldo Couto de Magalhães, 1.200 - Itaim Bibi.

Video

GREENWICH

Location: Rua Bela Vista, 709 – Chácara Santo Antônio.

Video

CYRELA’S PRE-SALES

%CBR of 76% in 3Q17.

Inventory sales in 3Q17 represents 63% of total sales

October and November sales amounted R$ 845 million vs R$ 730 million in 3Q17.

Sales

(R$ million)

% CBR

Ex-Swap and %CBR Pre – Sales by Region - 2017

(R$ million )

417554

1.2741.489

156176

401

517

19,7%

27,3%

9M17

2.006

9M16

1.675

3Q17

730

3Q16

573

CyrelaPartners

56%

Northeast

7%North and Others

2%South 6%

Rio de Janeiro

20%

São Paulo - Other Cities

9%

São Paulo

1.227

1.459

9M16

+19%

9M17

73% 76% 76% 74%

SALES SPEED

The SOS12M of 3Q17 attained 32,7% .

Pre – Sales by Launch Period

(R$ million)

Sales Speed

321

703

1.156

142

695

583

277

267

277

267

191

1.675

3Q17

730

3Q16

573

105

19,7%

27,3%

9M17

2.006

9M16

6%

2%

7%

16%

12% 4%5%

50%

640 47%31%

612 47%18%

532

22%

1274 78%50% 12% 10%

452 84%61%

In 15 months

In 12 months

In 9 months

In 6 months

In 3 months

Previous Years Launches

Previous Quarters Launches

Quarter’s Launches

43%38%FU/TI*

INVENTORY

R$ 6.2 billion in inventories (R$ 5.2 billion %CBR);

43% of finished units inventory.

Inventory

(R$ million)

Change in Inventory

(R$ million)

-3,6%

3Q17

6.212

3.556

2.656

2Q17

6.441

3.975

2.466

Units under construction

Finished units

*: FU = Finished Units / TI = Total Inventory

Units under Construction Finished Units

-3,6%

Inventory 3Q17

6.212

Price change

-31

Sales of launches

3Q17

-267

Launches 3Q17

532

Sales of inventories

-463-222

-241

Inventory 2Q17

6.441

R$ 2,656 million of finished units inventory (vs. R$ 2,466 million in 2Q17).

Finished Units

(R$ million)

Breakdown

FINISHED UNITS

Northeast 8%

South

15%

Minas Gerais

1%

Espírito Santo

2%

Middle West

3%

North2%

Rio de Janeiro

27%

São Paulo - Other Cities

25%

São Paulo

15%

PSV Delivered

7,7%

Finished Units 3Q17

Price change

2.656-85

497

Sales of finished

units

-222

Finished Units 2Q17

2.466

CANCELLATION CONSEQUENCES

Cancellation Consequences:

Lower net revenues

Negative impact in gross margin

Reduced cash generation

Double effort with selling expenses

]

3.390

5.444

CancellationsGross

Sales

-2.054

Net Sales

2.736

5.095

Cancellations Net SalesGross

Sales

-2.359

2.005

3.523

-1.518

Net SalesGross

Sales

Cancellations

2015 2016 2017

38% 46% 43%Cancellation / Gross Sales

Cancellation / Gross Sales

Cancellation/ Gross Sales

Cancelation out/nov: R$ 218 MM

SUBTÍTULO

Net Income

FINANCIAL RESULTS - YTD

(R$ million)

571

-144

151

448

661

498

600

9M172016201520142013

660

20122011* Data before “CPC” (IFRS 10 and 11) “Ex-RET”

Ex RET

Gross Margin Net Margin

31,4% 32,3% 32,7%32,1%

34,6%33,3%

27,5%

2011 2012 2013 2014 2015 2016 9M17

12,3%

8,8%

13,4%11,4%

10,3%

4,7%

2011 2012 2013 2014 2015 2016 9M17

CASH GENERATION*

Cash generation of R$285 million (R$182 million excluding the sale of stake in Tecnisa and in SPV

with CCP) in 3Q17 vs. R$64 million in 2Q17.

In the year, cash generation of R$467 million versus cash consumption of R$237 million in 9M16.

(R$ million)

*Ex dividend payment, buyback program and stake acquisition.

182

384103

83

-73

84

-164

64

285

2Q17

-20

3Q17 9M16 9M17

-237

467

Stake Acquisiton/Sell

Operational Cash Burn

SUBTÍTULO

LIQUIDITY AND DEBT INDICATORS

(R$ billion)

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

9M17

22,8%

2016

25,1%

2015

22,2%

2014

32,8%

2013

39,6%

2012

41,5%

3,1

1,3

1,7

1,4

Cash and Equivalents

Term

1,6

Net Debt

1,2

3,4

2,1

Gross Debt 2Q17

1,9

1,2

3,1

Gross Debt 3Q17

Gross Debt

Net Debt / Equity

IndicatorsTotal Debt

DebtEx-SFH

Net Debt/ Equity

22.8%

Average CostW/o SFH: 102.6% CDI

SFH: TR + 9.3% p.y.

Duration 1.5 year 1.5 year

Short Term 43% 29%

Long Term 57% 71%

Operational and Financial Results;

2018;

Sector Fundamentals;

Cyrela - Long Term.

AGENDA

15

16

DELIVERIES¹

9%4%

OthersNorth East

7%South

RJ

7%North SP

19%

SP Int

21%

32%

6.2564.8035.412

1.638

4.859

2018

North + NE + CW

SP + RJ + South

-26,9%

-15,8%

56

2017

5.773360

2016

7.894

2016 2017E

¹ These numbers reflect the estimates according to the constructions site schedule. Therefore, there may be changes according to constructions development.

22%SP Int

North

29%

42%

6%

RJ

1%South

SP

2018E

Deliveries Highlights 2018E

Riserva Golf I and II (RJ) – PSV 900mi

Like Residencial Club (RJ) – PSV 208mi

Vidamérica Clube Resid. (RJ) – PSV 204mi

Way Orquidário Antúrio (SP) – PSV 192mi

Living Magic Osasco (SP) – PSV 175mi

Medplex Sul (South) – PSV 144mi

Cyrela by Pininfarina (SP) – PSV 113mi

0%

4%

OthersNorth East

12%

South

RJ

2%

North

SP

33%

SP Int

21%

28%

17

2018 LAUNCHES

São Paulo

10%South

Rio de Janeiro

83%

7%

35%

High EndMCMV

31%

34%

Middle

Region Breakdown

Mainly concentrated in São Paulo

Similar breakdown with 2016 and 2017

18

CYRELA FOCUS 2018

Cash Generation - Strong reduction of costs to incur tend to bring positive impact for FCF;

- Current structure is dimensioned for the “new Cyrela”;

- Departure of non-strategic regional continues;

- Contingencies may reduce;

G&A

Engeneering- The last construction in the North region will be delivery in 2018;

- Savings on constructions budget will happen but in a lower volume;

- Most of the launches will be in SP;

- MCMV may reach 35% of lanches;Launches

- Number 1 priority on sales of finished units;

- Cancellations should drop;Inventory

- The Company has been changing expensive debts for cheaper ones;

- Net Debt / Equity is in heathy position.Funding

Operational and Financial Results;

2018;

Sector Fundamentals;

Cyrela – Long Term.

AGENDA

19

SECTOR FUNDAMENTALS

CREDIT DEMOGRAPHY CONFIDENCE

1.5%

3.3%

5.9%

9.7%

13.0%

15.5%

18.0%

17.9%

15.1%

80 +

70 - 79

60 - 69

50 - 59

40 - 49

30 - 39

20 - 29

10 - 19

0 - 9

Consumer confidence isrecovering;

81%

69%61%

45% 43%

19%15%

9%

1 2 3 4 5 6 7 8

Residential Credit / GDP

47% of the population isamong the range 20 to 49 years-old.

Savings Account inflows have beenposting better results in 2017;

Interest rates are falling.

Residential Credit / GDP

70

80

90

100

110

120

130

jan/0

7

jun/0

7

nov/0

7

abr/

08

set/

08

fev/0

9

jul/09

dez/

09

mai/10

out/

10

mar/

11

ago/1

1

jan/1

2

jun/1

2

nov/1

2

abr/

13

set/

13

fev/1

4

jul/14

dez/

14

mai/15

out/

15

mar/

16

ago/1

6

jan/1

7

-15

-10

-5

0

5

10

440

460

480

500

520

540

Jan

-14

Mar

-14

May

-14

Jul-

14

Sep

-14

No

v-1

4

Jan

-15

Mar

-15

May

-15

Jul-

15

Sep

-15

No

v-1

5

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

Net Savings (R$ bn)

Savings Account Balance (R$ bn)

Committed income

2014

DROP IN INTEREST RATES TENDS TOIMPROVE CREDIT APPROVAL

2016

Cost per unit

Real interest rate

Long term

Monthly installment

Monthly income

9% a.a

35 years

R$ 3.068

R$ 12.273

25,0%

R$400.000

11,5% a.a

35 years

R$ 3.678

R$ 14.712

25,0%

+ 2.5 p.p.

Example(premise: 80% LTV)

+ 20%

R$400.000

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

approximately 8%.

2017

R$400.000

9,5% a.a

35 years

R$ 3.126

R$ 12.505

25,0%

- 2.0 p.p.

- 15%

Operational and Financial Results;

2018;

Sector Fundamentals;

Cyrela – Long Term.

AGENDA

22

RECOGNIZED BRANDS AND DIVERSIFIED

PORTFOLIO

SPRJSouth

JV’s

Financial strength, credibility and entrepreunership.

FUNDING SCENARIO

24

Corporate

SFH

1.283

465

818

Amortization 2018

Possible funding structure readjustmentinduced by Selic’s fall

New debt at lower rates

SFH financing amount of R$ 258 million readyto withdraw

Capital markets still accessible to Cyrela

Latest fundings:

Private Asset – 98% CDI

CRI CVM 400– 98% CDI

Highlights

25

R$ Million – Sep/2017

3.050

2.023

814

Assets

10.931

731

Investments

Land

Inventory

Cash

Accounts Receiveble

Other

2.699

1.614

490

1.039

3.083

445

Debt

Supplier and Provisions

Liabilities

10.931

5.874

Other

Minority

Equity

CYRELA LONG TERM

(R$ 4.239 million including

off balance)

(R$ 6.212 million at

Market value)

Cash Generation

• Deliveries

• Reduced Costs to be Incurred

Lower Contingencies

• There are no overdue projects anymore.

Gross Margin

Reduced Cancellations:

• Lower Deliveries;

• Drop in interest rate;

• Flat prices.

Selling Expenses

• Lower expenses on maintenance of finished inventory.

• Reduction in Selling Expenses / Net Revenues ratio.

Launches

CONTACT IR

Cyrela Brazil Realty S.A. Empreendimentos e Participações

Av. Brigadeiro Faria Lima, 3.600

São Paulo - SP – Brasil

CEP 04538-132

Investor Relations

Fone: +55 (11) 4502-3153

ri@cyrela.com.br

www.cyrela.com.br/ri

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.