PUBLIC MEETINGNOVEMBER 26TH, 2015

CYRELA’S HIGHLIGHTS Launches of R$ 610 million in 3Q15, 42.8% lower than 2Q15 and 22.0% lower than 3Q14.

In 2015, launched volume attained R$ 2,139 million, vs. R$ 3,588 million in 9M14.

Pre-Sales of R$ 1,009 million in 3Q15, 24.0% higher than 2Q15 and 1.7% higher than 3Q14.

In 2015, pre-sales totaled R$ 2,546 million, vs. R$ 3,797 million in 9M14.

Net Revenue of R$ 1,138 million in 3Q15 vs. R$1,138 million in 2Q15 and 29.5% lower than 3Q14.

In 2015, accumulated Net Revenue of R$ 3,311 million vs. R$ 4,287 million in 9M14.

Gross Margin of 34.7% in 3Q15, reduction of 0.4 p.p. vs. 2Q15 and growth of 4.8 p.p. vs. 3Q14.

In 2015, Gross Margin totals 34.9% vs. 32.0% in 9M14.

Net Income of R$ 131 million in 3Q15, 11.2% higher than 2Q15 and 26.7% lower than 3Q14.

In 2015, Net Income totals R$ 350 million vs. R$ 511 million in 9M14.

In 3Q15, operating Cash Generation of R$ 219 million vs. cash generation of R$ 219 million in 2Q15 and R$ 187

million generated in 3Q14.

In 2015, operating cash generation totals R$ 841 million vs. R$ 505 million in 9M14.

Net Debt / Equity of 21.3% in 3Q15 vs. 25.2% in 2Q15 and 37.0% in 3Q14 .

ROE of 8.6% (Net Income LTM / Average Equity LTM, without minorities).

Earnings per share of R$ 0.35 in 3Q15, 11.2% higher than 2Q15 and 25.0% lower than 3Q14. In 2015,

accumulated earnings per share of R$ 0.92, vs. R$ 1.30 in 9M14.

OPERATING FIGURES

79%85%83%65%

CYRELA’S LAUNCHES

R$ 610 million in 3Q15 vs. R$ 783 million in 3Q14.

R$ 2,139 million in 9M15 vs. R$ 3,588 million in 9M14.

In 9M15, %CBR of 79% vs. 85% in 9M14.

509 505

547

105274

439

-40.4%

-22.0%

9M15

2,139

1,700

9M14

3,588

3,041

3Q15

610

3Q14

783

CyrelaPartners

Launches

(R$ million)

% CBR

Ex-swap and “Faixa 1” (%CBR)

Launches per Region 9M15

São Paulo - Other Cities

25.1%

São Paulo

29.3%

South

10.4%

North

1.5%

Espírito Santo

2.0%

Rio de Janeiro

31.7%

-31.8%

9M15

1,616

9M14

2,370

One SixtySão Paulo - SP

MedplexPorto Alegre- RS LAUNCHES

AtmosferaSão Paulo - SP

Gran CyprianiSão Paulo - SP

5

78%84%78%78%

CYRELA’S PRE-SALES

%CBR of 78% in 3Q15.

Inventory sales in 3Q15 represent 72% of total sales.

Pre - sales

(R$ million)

% CBR

Ex-Swap and “Faixa 1” (%CBR)

Pre – Sales by Region – 9M15

(R$ million )

772 790

558

597

-33.0%

+1.7%

9M15

2,546

1,987

9M14

3,797

3,200

3Q15

1,009219

3Q14

992220

CyrelaPartners

Northeast

2.4%South

15.0%Middle West

1.5%North

2.3%Espírito Santo

1.1%Minas Gerais 0.9%

Rio de Janeiro

25.2%

São Paulo - Other Cities

15.6%

São Paulo

35.9%

-26.1%

9M15

1,922

9M14

2,601

SALES SPEED

The SOS12M of 3Q15 attained 39.2%.

Excluding the “MCMV Faixa 1”, the SOS12M of 3Q15 attained 38.6%.

Pre – Sales by Launch Period

(R$ million)

Sales Speed

565

285

285

474250176

-33.0%

+1.7%

9M15

2,546

1,442

818

9M14

3,797

1,925

1,621

251

3Q15

1,009

3Q14

992251

Previous Years Launches

Previous Quarters Launches

Quarter’s Launches

32%

42%

31%

36%

47%

21%

13%

8%

22%

2%

8%

3Q15

2Q15 58%

1Q15 42%3%

4Q14 63%6%

3Q14 70%3% 7%

In 15 monthsIn 9 months

In 12 monthsIn 6 months

In 3 months

(60% ex-”Faixa 1”)

25%25%FU/TI*

INVENTORY

R$ 6.9 billion in inventories (R$ 5.5 billion %CBR);

25% of finished units inventories (vs. 25% in 2Q15)

Inventory

(R$ million)

Change in Inventory

(R$ million)-5.5%

3Q15

6,853

5,110

1,743

2Q15

7,250

5,459

1,791

Units under constructionFinished units

*: FU = Finished Units / TI = Total InventoryUnits under Construction Finished Units

-5.5%

Inventory 3Q15

6,853

Price change

2

Sales of launches

3T15

-285

Launches 3T15

610

Sales of inventories

-724

-199-525

Inventory 2Q15

7,250

R$ 1,743 million of finished units inventories (vs. R$ 1,791 million in 2Q15)

Northeast and Espírito Santo represent 35% of total finished units.

Finished Units

(R$ million)

Breakdown

FINISHED UNITS

Northeast

31.6%

South

18.0%

Middle West

1.8%

North

2.0%

Espírito Santo

3.0%

Minas Gerais

1.5%

Rio de Janeiro

17.7%

São Paulo - Other Cities

10.2%

São Paulo

14.1%

Finished Units 3Q15

-2.7%

-83

Price change

1,743

PSV Delivered

234

Sales of finished

units

-199

Finished Units 2Q15

1,791

6.8 thousand units delivered in 3Q15, in 19 projects. In 9M15, 19.6 thousand units delivered in 72 projects.

Middle + MCMV: 5.8 thousand units delivered in 13 projects in 3Q15. In 2015, 12 thousand units deliveredin 38 projects.

The units delivered in 3Q15 represent launches PSV of R$ 1.4 billion. The Launch PSV of the units deliveredin the year represent R$ 5.7 billion, vs. R$ 5.0 billion in 9M14

(Thd Units)

DELIVERED UNITS

-16.9%+1.3% +4.0%

2014

20.8

9.2

11.6

2013

25.0

11.8

13.2

2012

24.1

15.2

8.9

2011

23.8

13.2

10.6

2010

15.4

7.1

8.3

2009

7.5

2.1

5.4

9M15

19.6

7.6

12.0

Middle + MCMV

High end

3.3

+32.3%+15.2%

3Q14

5.1

1.5

3.6

3Q15

6.8

5.8

1.0

2Q15

5.9

2.5

FINANCIAL RESULTS

FINANCIAL RESULTS(R$ million)

3Q153Q14

1,1731,628

-22.2%

3,407

+0.6%

2Q15 9M14 9M15

1,166

4,377-28.0%

483 399395

-18.3%

9M15

1,154

-16.0%

-1.1%

3Q14

29.9%

34.9%

9M14

1,374

32.0%

2Q15

35.1%

3Q15

34.7%

279 236

793605

214

-23.8%

-9.3%-23.1%

9M15

18.3%

9M14

18.5%

2Q15

20.8%

3Q15

18.8%

3Q14

17.3%

511

179 118

350131

-31.6%

+11.2%-26.7%

9M15

10.6%

9M14

11.9%

2Q15

10.4%

3Q15

11.5%

3Q14

11.1%

Gross Income and Gross MarginGross Revenue

Net Income and Net MarginEBITDA and EBITDA Margin

Margin

379379388

3Q15

0.35

2Q15

0.31

3Q14

0.46

PROFITABILITY

2Q15

9.6%

1Q15

10.6%

4Q14

11.9%

3Q14

12.3%

3Q15

8.6%

The Return on Equity ( Net Income LTM / Equity average LTM ex-minorities) attained 8.6%.

Earnings Per Share of R$ 0.35 in 3Q15.

ROE Earnings per Share ¹

Shares ex-treasuryEPS

¹ Calculus: Net Income of the quarters / Number of shares minus treasury shares as of September 30, 2015.

TRANSFERS, PAYOFFS AND TRUST OF DEEDS

In 3Q15, the volume of transfers, payoffs and trust of deeds attained R$ 816 million, 8.2% lower than

2Q15 and 13.3% lower than 3Q14. In 9M15, this volume attained R$ 2.5 billion, 4.1% lower than

9M14.

(R$ million)

UnitsVolume

(Thd. units)

774 553 662

223 213

472615

143918

-13.3% -8.2%

9M15

-4.1%

2,549

1,855

80

2,657

9M14

2,127

58

3Q15 2Q15

889816

3Q14

940149

Trust of Deeds TransfersPayoffs

9M14

12.9

3.7

10.1

0.3

-4.1%

-6.8%

2.6

1.30.7

3Q14

4.4

3.6

4.2

2Q15

2.8

2.5

8.0

0.3

-8.7%

9M15

0.1

3Q15

0.1

4.0

1.30.1

12.0

CASH GENERATION*

Cash generation of R$ 219 million in 3Q15, vs. a cash generation of R$ 219 million in 2Q15 and a

cash generation of R$ 187 million in 3Q14.

In 2015, cash generation of R$ 841 million, 66.5% higher than 9M14 cash generation.

(R$ million)

841

505

219187219219

3Q15

0.0%

9M142Q15 9M153Q15

+17.3%

3Q14

+66.5%

*Ex dividend payment, buyback program and stake acquisition.

1.58

3.91

Gross Debt 2Q15

2.32

1.601.62

2.23

3.84

Gross Debt 4Q14

3.98

Cash and Cash

Equivalents

Net Debt

1.452.71

1.26

Gross Debt 3Q15

3.98

2.40

Term

2.52

LIQUIDITY AND DEBT

Net Debt / Equity attained 21.3%.

(R$ billion)

Without SFH*

32.8%

Net Debt / Equity

Corp. Corp. Corp.Short

SFH SFH SFH Long

25.2% 21.3%

Debt

Indicators Total DebtDebt

Ex-SFH

Net Debt / EBITDA 12M

1.7x -1.1x

Net Debt / Equity

21.3%

Average Costw/o SFH: 99.2% CDISFH: TR + 9.13% p.y.

Duration 1.7 year 1.8 year

Short Term 32% 25%

Long Term 68% 75%

*Net Debt Ex-SFH = R$ -944 million

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'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.

17