CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES 
By Corporate Taxpayer's ID (CNPJ/MF) 73.178.600/0001-18
An Authorized Capital Publicly-Held Company
NOTICE TO THE MARKET
São Paulo, January 22, 2013 Pursuant to Article 12 of Instruction 358 of Comissão de Valores Mobiliários ("CVM", or the Brazilian Securities and Exchange Commission), dated January 3, 2002, as amended, Cyrela Brazil Realty S.A. Empreendimentos e Participações ("Cyrela" or "Company"), a residential real estate developer, announces to its shareholders and the market in general that the Company received a notification letter from Carmignac Gestion, an investment adviser registered under the France legislation, on January 17, 2013 informing as follows:
(i) Under the terms of Article 12 of CVM Instruction 358, dated January 3, 2002, Janus reports a decrease in substantial holding in the beneficial ownership in Cyrela Brazil Realty S.A.
(ii) As of January 17, 2013, Carmignac Gestion held 10,122,500 common shares issued by the Company ("Common Shares"), corresponding to 2.43% of the Company's capital, on behalf of some of its clients and in the capacity of an investment adviser.
Carmignac Gestion further states that these Common Shares are held only for investment purposes and not to alter the Company's ownership breakdown or management structure.
Neither Carmignac Gestion nor any other persons associated with it hold, directly or indirectly, any bonuses, subscription rights, stock options or debentures convertible into common shares issued by the Company. Additionally, there are agreements or contracts regulating voting rights or the purchase and sale of securities issued by the Company.
The notification letter has been filed at the Company's headquarters.
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