Board of Directors

Cyrela’s Board of Directors consists of the following executives:

Elie Horn, Chairman

Chairman of the Board of Directors and Chief Executive Officer of Cyrela. Has been holding both positions since the foundation of Brazil Realty in 1994 and is largely experienced in the real estate business industry and developments. He is also a founding partner and chairman of Cyrela since 1978.

Rogério Jonas Zylbersztajn, Vice-Chairman

Vice-Chairman since 2006. Civil Engineer graduated from Universidade Santa Úrsula, in Rio de Janeiro (RJ). Also Vice-Chairman of the Association of Managers of Real Estate Companies in Rio de Janeiro (ADEMI), Vice-Chairman of SINDUSCON-Rio and meritorious partner of the Press Association of Barra (AIB). Director of RJZ Engenharia LTDA, founded in 1985, which under his management reached the goal of building 996,064 m2 in more than 130 projects in the state of Rio de Janeiro. Received for his management the following awards: “Entrepreneur of the Year” in 2001, and “Company of the Year” in 2002, 2006 and 2007 by ADEMI; “Medal of Honor Pedro Ernesto” in 2002 and “Meritorious Citizen” in 2004, both granted by the Municipal Chamber of Rio de Janeiro; “Master Imobiliário” in 2004 and 2005 (the so-called “Oscar” of the real estate marketing) and “Top Marketing” by ADVB in 2004, 2005, 2007, and 2008. Graduated in Civil Engineering from Universidade de Santa Úrsula, in Rio de Janeiro.

George Zausner, Board Member

Member since 1997. Technical Director at Cyrela since 1982. Former manager of FOA - Engenharia e Fundações LTDA, from 1970 to 1982. Graduated in Civil Engineering from Escola Politécnica da Universidade da Bahia.

Rafael Novellino, Board Member

Member since 1997. Chief Financial Officer of Cyrela since 1982. Worked as CFO of Indústria Anhembi (1981 and 1982), controller of Grupo Ferraz de Andrade (1972 and 1981) and manager of Supergasbras Distribuidora de Gás (1961 to 1972). Graduated in Accounting from Escola Técnica do Comércio 30 de Outubro, and in Economics from Faculdade de Ciências Econômicas São Luís.

Fernando Goldsztein, Board Member

Member of the Board of Directors and executive director for operations in South Region, Argentina. In 2005, was sales director for Goldsztein Participações. In 2006, held the position of sales and development director of the joint venture Goldsztein Cyrela, taking the position of chairman in 2008. One year after the incorporation of Goldsztein Partipações by Cyrela, he started managing operations in those regions. Graduated in Business Management from Pontifícia Universidade Católica do Rio Grande do Sul (PUC-RS), specializing on Marketing by Universidade Federal do Rio Grande do Sul (URFGS), Post-Graduated by Fundação Dom Cabral and Master in Business Management by MIT/Sloan School of Management.

Sergio Rial, Independent Member

Member of Cyrela’s Board of Directors since 2010. Currently holds the position of Corporate Vice-President of Cargill Inc., and is the Chairman of Carval Investidores LLC, where he works since 2004. He was also a senior manager at Bear Stearns in New York and investment chief for the institution. For 18 years was a part of the Board of Directors of the Dutch bank ABN AMRO in Latin America, Europe, and Asia. Graduated in Law from Universidade Federal do Rio de Janeiro (UFRJ) and in Economics from Universidade Gama Filho. Also holds a MBA by Instituto Brasileiro de Mercado de Capitais (IBMEC), in addition to specialization courses taken at Harvard Business School, Insead Institute, and Wharton.

João Cesar de Queiroz Tourinho, Independent Member*.

Director of Mauá Sekular Investimentos since 2009, was also Vice-Executive Director of Banco Safra, for 12 years responsible for the treasury and for Banco de Investimentos. From December 2006 to December 2009 was a part of the Ethics Committee of BM&. Graduated in Mechanics and Production Engineering from Pontifícia Universidade Católica do Rio de Janeiro (PUC-RJ). Holds an Executive MBA in Finance from IBMEC.

Ubirajara Spessotto de Camargo de Freitas, Board Member*

Member since 2011. Director of the Development Department of Cyrela Brazil Realty in 2004. Later, went to the General Management of Cyrela São Paulo in 2007. He was South America President and Junior Partner of Cushman & Wakefield from 2002 to 2002. In 1996, took the Executive Management of Schahin Cury (now Grupo Schahin), where he activated the group’s incorporator, reaching the fourth position in the city of São Paulo. Graduated in Civil Engineering from Escola de Engenharia Civil of Universidade Mackenzie, specializing on Business Management PDG EXEC/IBMEC in 1988.

Antonio Fernando Guedes, Board Member*

Member since 2006. Graduated in Civil Engineering (1983) from Universidade Paulista (UNIP), with habilitation course on Production Engineering from Fundação Vanzolini (1998) and specialization on Business Management from Universidade de São Paulo (2001). Started his career in Civil Construction in 1982 at Jafet, Tommassi e Sayeg. Worked for 13 years in Gafisa as General Works Manager, General Development Manager, and Marketing and Sales Manager. In May 2005, joined Grupo Cyrela to work as Sales Manager, later becoming General Executive Officer of Living Construtora.

* Board members elected in 2011