Cyrela Brazil Realty Sa Empreendimentos E ParticipacoesBMFBOVESPA: CYRE3

Material Fact - Repurchase Program

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CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES

Corporate Taxpayer's ID (CNPJ/MF) 73.178.600/0001-18
AN AUTHORIZED CAPITAL PUBLICLY-HELD COMPANY

MATERIAL FACT CYRELA BRAZIL REALTY S.A EMPREENDIMENTOS E PARTICIPAÇÕES ("CYRELA BRAZIL REALTY"), in accordance to CVM Instruction No. 358 of January 3, 2002, hereby informs its shareholders and the market in general that on September 03, 2013 the Board of Directors authorized the repurchase of Company shares to be held in treasury for future sale or cancellation. The purpose of this repurchase program is to maximize the value to shareholders.

This transaction shall comply with the limits and conditions listed below, under CVM Instruction 10/80, as amended.
I. Purpose: to acquire Company shares to be held in treasury for future sale or cancellation, and the proceeds of such transaction will be invested with the aim to maximize the value to shareholders.
II. Number of shares to be acquired: up to 22,378,516 book-entry registered common shares with no par value issued by the Company, respecting the minimum limit of 25% of outstanding shares required by the Novo Mercado Listing Rules.
III. Deadline for the buy-back program: 365 (three hundred and sixty-five) days from this date.
IV. Number of outstanding shares: 274,744,650 common shares, pursuant to CVM Rule
10/80, and as registered in a stock deposit account with the depositary institution on
September 02, 2013.
V. Place for acquisition: BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e
Futuros (São Paulo Stock, Commodities and Futures Exchange).
VI. Maximum price of the shares: The shares will be acquired at market prices.
VII. Authorized brokers: (i) Citigroup Global Markets Brasil, Corretora de Cambio, títulos e Valores Mobiliários S.A., with head offices in the City of São Paulo, State of São Paulo, at Avenida Paulista, 1,111 - 11th floor, or (ii) Itaú Corretora de Valores S/A, with head offices in the City of São Paulo, State of São Paulo, at Avenida Brigadeiro Faria Lima, 3400 - 10th floor.
São Paulo, September 03, 2012

CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES ERIC ALENCAR FINANCIAL DIRECTOR AND INVESTOR RELATIONS DIRECTOR
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