HELBOR EMPREENDIMENTOS S.A. REPORTS 1Q14 RESULTS Total Pre-Sales reached R$ million

HELBOR EMPREENDIMENTOS S.A. REPORTS 1Q14 RESULTS Total Pre-Sales reached R$ 412.4 million Mogi das Cruzes, May 13, 2014 Helbor Empreendimentos S.A. (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer covering 31 cities in 10 states, in addition to the Federal District, Brasília, announces today its results for the first quarter (1Q14). The operational and financial is presented in comparison with the first quarter of 2013 (1Q13) and fourth quarter of 2013 (). The Company s consolidated financial statements are prepared in accordance with the accounting practices adopted in Brazil, which include the rules issued by the Brazilian Securities and Exchange Commission (CVM), the Accounting Pronouncements Committee (CPC), and the Federal Accounting Board (CFC). They also comply with those International Financial Reporting Standards (IFRS) applicable to real estate developers in Brazil. RESULTS CONFERENCE CALL (In Portuguese with simultaneous translation into English) Date: May 14, 2014 Time: 3:00 p.m. (Brasília time) 2:00 p.m. (NY time) 6:00 p.m. (US EST) Portuguese Dial-in: +55 (11) 2188-0155 Code: Helbor Webcast: Click here Replay: +55 (11) 2188-0155 Code: Helbor English Dial-in: +1 (646) 843-6054 Code: Helbor Webcast: Click here Replay: +55 (11) 2188-0155 Code: Helbor IR CONTACTS Roberval Lanera Toffoli Ricardo Rosanova Garcia Naira Oey Vinicius Bioni E-mail: ri@helbor.com.br Tel: +55 (11) 3174-1211 or +55 (11) 4795-8555 http://ir.helbor.com.br/ Highlights Total Pre-Sales came to R$ 412.4 million in 1Q14 and Helbor s share reached R$ 297.0 million, increases of 46.2% and 25.8% respectively over 1Q13. Total Launched Potential Sales Value (PSV) came to R$ 247.9 million in 1Q14, of which Helbor s share was R$ 163.6 million, 40.9% lower than 1Q13. The Sales over Supply Ratio (SoS), Helbor s share, stood at 13.2% in 1Q14, and the SoS LTM, that considers the last 12 months, reached 42.3%. Deliveries totaled R$ 594.0 million in Total PSV in 1Q14, corresponding to 961 units, while Helbor s share at the time of launch was R$ 398.4 million. Net Operating Revenue grew 13.2% in the quarter, from R$ 378.4 million in 1Q13 to R$ 428.3 million in 1Q14. Gross Profit came to R$ 125.3 million in 1Q14, with a Gross Margin of 29.3% and an Adjusted Gross Margin of 38.2%. Net Income amounted to R$ 51.7 million in, with a Net Margin of 12.1%. ROE in the last 12 months came to 25.7%, while quarterly annualized ROE stood at 16.8%. HBOR3 Shares issued: 257,699,937 Closing price*: R$ 7.54 Market cap*: R$ 1.94 billion * on 05/12/2014 Página 1

CONTENTS Main Indicators... 3 Management Comments... 4 Launches... 5 Pre-Sales... 5 Inventory... 7 Land Bank... 11 Deliveries... 12 Backlog Result... 12 Operating Revenue... 13 Gross Profit... 13 General and Administrative Expenses... 14 Selling Expenses... 14 Financial Result... 15 EBITDA... 15 Net Income... 16 Receivables... 16 Cash and Debt... 17 Glossary... 19 Appendix I Development Projects... 20 Appendix II Consolidated Income Statement... 24 Appendix III Consolidated Balance Sheet... 25 Appendix IV Consolidated Cash Flow... 27 Página 2

Main Indicators in thousands of Reais Var. Var. 1Q14 1Q13 except when indicated otherwise 1Q14 1Q14 x Launches Total PSV 247,874 318,107-22.1% 1,028,702-75.9% Helbor PSV 163,593 276,978-40.9% 804,577-79.7% Helbor's Interest (%) 66.0% 87.1% -2110 bps 78.2% -1220 bps # of Launched Developments 3 5 (2) 11 (8) # of Launched Units 466 660 (194) 2,798 (2,332) Pre-Sales Total Pre-Sales 412,357 282,142 46.2% 541,738-23.9% Helbor's Pre-Sales 297,019 236,064 25.8% 406,668-27.0% Helbor's Interest (%) 72.0% 83.7% -1160 bps 75.1% -300 bps # of Units Sold 803 624 179 1,166 (363) SoS Helbor's Interest (%) 13.2% 15.2% -200 bps 17.1% -390 bps Land Bank Total PSV 7,162,131 6,688,588 7.1% 6,621,100 8.2% Including Alden - Total PSV 8,965,635 8,492,092 5.6% 8,424,604 6.4% Helbor's PSV 5,578,228 5,093,694 9.5% 5,068,349 10.1% Including Alden - Helbor's PSV 6,443,572 5,959,038 8.1% 5,933,693 8.6% Inventory Total Inventory 2,615,452 1,772,876 47.5% 2,697,290-3.0% Helbor's Inventory 2,007,867 1,379,865 45.5% 2,079,144-3.4% Deliveries Total PSV 593,985 242,463 145.0% 740,903-19.8% Helbor PSV 398,441 231,889 71.8% 435,800-8.6% # of Delivered Units 961 960 1 2,259 (1,298) Financial Highlights Net Operating Revenues 428,252 378,405 13.2% 636,259-32.7% Gross Profit 125,307 125,538-0.2% 193,597-35.3% Gross Margin (%) 29.3% 33.2% -390 bps 30.4% -110 bps Adjusted Gross Margin (%) 38.2% 37.3% 90 bps 33.8% 440 bps G&A / Net Operating Revenues (%) 4.7% 4.1% 60 bps 3.0% 170 bps EBITDA 73,704 90,587-18.6% 134,023-45.0% EBITDA Margin (%) 17.2% 23.9% -670 bps 21.1% -390 bps Adjusted EBITDA Margin (%) 26.6% 27.8% -120 bps 24.5% 210 bps Net Income 51,678 52,215-1.0% 92,344-44.0% Net Margin (%) 12.1% 13.8% -170 bps 14.5% -240 bps ROE LTM (%) 1 25.7% 27.2% -150 bps 27.0% -130 bps ROAE (%) 2 16.8% 19.5% -280 bps 30.0% -1330 bps Earnings per Share (R$) 3 0.2005 0.2026-1.0% 0.3583-44.0% Backlog Results Backlog Revenues 2,061,029 2,091,556-1.5% 2,089,577-1.4% Backlog Results 725,755 781,558-7.1% 736,872-1.5% Backlog Margin (%) 35.2% 37.4% -220 bps 35.3% -10 bps Indebtedness Net Debt 936,965 791,478 18.4% 997,522-6.1% Net Debt ex-sfh (127,256) (98,845) 28.7% (80,452) 58.2% Net Debt / Total Net Worth (%) 53.7% 52.3% 140 bps 58.2% -450 bps Net Debt ex-sfh / Total Net Worth (%) -7.3% -6.5% -80 bps -4.7% -260 bps 1 Net income in the last 12 months divided by shareholders equity in the same period. 2 ROE calculation on quarters: (Net Income/Equity)*4. 3 Considering 257,699,937 shares for all periods after the distribution of share bonuses in April 2013. Página 3

Management Comments Helbor Empreendimentos S.A. is pleased to announce its operating and financial results for the first quarter of 2014. This was another quarter results in line with the seasonality of the beginning of the year, with lower volume of launches, but with sales above expectations in the real estate market. Thus, again Helbor reports solid figures and maintaining its margins. The robust sales volume is a consequence of good products in our portfolio that meet the demand of different segments and regions we operate, which confirms the strategy to mitigate market risks through geographic diversification. The Company launched three projects in the quarter, of which two in the state of São Paulo, one in Campo Grande, totaling 466 units, of which Helbor s PSV share was R$ 163.6 million. Two of these developments were the second phases of developments that has already been presented to the market when we launched their first stages. Another quarterly highlight was the inventory, which presented a slightly reduction in the percentage of completed units from 6.5%, in the previous quarter, to 5.4%, underlining the Company s efforts to maintain the lowest possible volume of completed units in its inventory. This ratio did not increase despite the upturn in delivery volume in recent quarters. Another important indicator was the increase in land bank PSV, which amounted R$ 7.2 billion (Helbor s share R$ 5.6 billion) and the greater share of swap agreements, which reached 79.9% of the total. It is particularly worth mentioning the site acquired on the Campinas region in São Paulo, with a PSV of R$ 320 million, to be paid mainly through swaps in the area. Helbor has excellent sites in strategic locations with enormous commercial potential and in the process of approval, ensuring the Company s growth this year and in the years ahead. We highlight that in 1Q14, reflecting deliveries in recent quarters, 711 units have been transferred, which allowed the Company to invest R$ 50.8 million in land acquisition and CEPACs (additional potential construction certificates) and still generate cash of R$ 60.4 million, excluding the R$ 2 million used for share buyback program. The Company reported net income of R$ 51.7 million in the quarter, with an ROE in the last 12 months of 25.7%, within the Company s historical average and remaining among the highest in the industry. Even in the current and more challenging scenario, the Company s results continue to reflect management s efforts to maintain project profitability. Helbor would therefore like to thank its investors for their trust over the years and reaffirm its commitment to maintaining its business model and ensuring that the Company remains among the most efficient and profitable in the sector, focusing, as always, on responsible and transparent management in relation to its clients and shareholders. Página 4

450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50, 000 0 90. 0% 80. 0% 70. 0% 60. 0% 50. 0% 40. 0% 30. 0% 20. 0% 10. 0% 0.0 % Launches Total launched Potential Sales Value (PSV) came to R$ 247.9 million in 1Q14 from the launch of 3 projects, of which Helbor s share was 66.0%, or R$ 163.6 million, 40.9% lower than 1Q13 and 79.7% than in. The following table gives details on the projects launched in the quarter: Developments (PSV in R$ '000) Date Location Segment Units 1 Net Units 2 Total Net PSV 2 Helbor Net PSV 2 Helbor's Interest Origem Tatuapé By Helbor - 2ª Fase Feb-14 São Paulo - SP Middle 112 105 67,162 60,446 90.0% Passarela Park Prime - 2ª Fase Mar-14 Campo Grande - MS Upper Middle 120 112 92,533 37,013 40.0% Up Offices Berrini Mar-14 São Paulo - SP Commercial 234 179 88,178 66,134 75.0% Total 1Q14-3 Developments 466 396 247,874 163,593 66.0% 1 Includes swapped units 2 - Net of swap agreements Of the launches in the quarter, Up Offices Berrini was a highlight. This development of commercial offices is located in one of the most valuable regions of the State. Pre-Sales Total pre-sales came to R$ 412.4 million in 1Q14, a 46.2% increase over 1Q13 and 23.9% lower than. Helbor s share was R$ 297.0 million, 72.0% of the total, 25.8% higher than in 1Q13 and a 27.0% decrease over. The increase over the same period of 2013 reflects the large volume of launches occurred in and the Company's efforts to boost sales of inventory. The rescissions in 1Q14 represented R$ 78.5 million, of which Helbor s share was R$ 59.2 million. Of Helbor s total 1Q14 pre-sales, 25.5% came from units launched in the quarter and 74.5% from inventory units. The following chart shows the period launch and inventory sales trends: Quartely Helbor's Pre-Sales Breakdown (R$ 000) 406,668 35.6% 297,019 236,064 254,862 212,628 64.3% 79.8% 81.2% 64.4% 74.5% 35.7% 20.2% 18.8% 25.5% 1Q13 2Q13 3Q13 1Q14 Launches Inventory Página 5

The tables below give a breakdown of pre-sales in 1Q14 by city and product profile: Region Total Pre-Sales R$ (000) 1Q14 Helbor s Pre-Sales R$ (000) # of Units Part. over Total Sales (Helbor's Interest) São Paulo 96,579,932 79,304,388 184 26.7% Mogi das Cruzes 70,161,578 57,786,053 149 19.5% São Bernardo do Campo 41,490,522 28,655,473 110 9.6% São José dos Campos 30,883,701 25,873,228 75 8.7% Santos 19,369,446 15,707,452 48 5.3% Guarulhos 7,718,486 6,841,929 13 2.3% Belo Horizonte 6,998,035 5,598,428 23 1.9% Campinas 4,251,173 2,975,821 3 1.0% Taubaté 3,164,436 2,996,160 7 1.0% Rio de Janeiro 2,050,332 1,435,232 5 0.5% Diadema 1,275,000 637,500 3 0.2% São Vicente 886,762 798,085 3 0.3% São Gonçalo 700,168 490,118 6 0.2% Bertioga 550,000 549,945 1 0.2% Southeast - Total 286,079,570 229,649,812 630 77.3% Campo Grande 83,611,762 33,444,705 106 11.3% Brasília 7,899,686 3,279,935 9 1.1% Cuiabá 4,424,268 3,981,841 6 1.3% Goiânia 4,245,344 3,085,741 7 1.0% Mid West - Total 100,181,060 43,792,221 128 14.7% Joinville 14,001,670 13,894,012 26 4.7% Curitiba 9,404,452 7,523,562 11 2.5% South - Total 23,406,122 21,417,574 37 7.2% Salvador 1,648,661 1,118,307 5 0.4% Fortaleza 1,041,117 1,041,012 3 0.4% Northeast - Total 2,689,778 2,159,319 8 0.7% Total 412,356,530 297,018,926 803 100.0% Income Segment Pre-Sales R$ (000) 1Q14 Helbor's Pre- Sales R$ (000) # of Units Part. over Total Sales (Helbor's Interest) Middle 274,380,071 187,101,010 457 63.0% Commercial 89,379,069 68,696,235 269 23.1% High 31,771,904 27,771,393 29 9.4% Lower Middle 7,793,335 7,702,034 31 2.6% Upper Middle 4,543,321 3,503,840 5 1.2% Hotel 4,488,829 2,244,415 12 0.8% Total 412,356,530 297,018,926 803 100.0% Página 6

The Sales over Supply Ratio (SoS) stood at 13.2% in the first quarter. As in the previous quarters, SoS was a result of the new pattern of real estate market demand in place since 3Q12. Sales Over Suply (SoS) 46.3% 32.6% 21.7% 21.6% 15.8% 13.0% 17.1% 13.2% 14.7% 11.9% 9.2% 10.6% 2Q13 3Q13 1Q14 SoS SoS of Launches SoS of Inventory Inventory The total inventory closed 1Q14 with a market value of R$ 2,615.5 million, of which Helbor s share was R$ 2,007.9 million (76.8%). In comparison with 1Q13, the total inventory posted an increase of 47.5%, while Helbor s share grew 45.5%. The increase in inventory primarily reflects the large number of launches in, which now accounts for 23.5% of the total inventory. Página 7

The following tables give a breakdown of inventory by city and product profile in 1Q14: Region (R$ 000) Total Inventory % of Total Inventory Helbor s Inventory % of Helbor s Inventory São Paulo 589,127 22.5% 464,592 23.1% Mogi das Cruzes 342,696 13.1% 275,326 13.7% São José dos Campos 283,599 10.8% 253,672 12.6% São Bernardo do Campo 246,446 9.4% 159,748 8.0% Rio de Janeiro 163,093 6.2% 116,166 5.8% Guarulhos 136,802 5.2% 115,347 5.7% Santos 121,613 4.6% 84,875 4.2% São Vicente 106,746 4.1% 96,071 4.8% Barueri 37,854 1.4% 15,142 0.8% Campinas 35,962 1.4% 25,341 1.3% Belo Horizonte 31,150 1.2% 24,920 1.2% Jundiaí 13,430 0.5% 7,252 0.4% Taubaté 11,483 0.4% 10,335 0.5% São Gonçalo 11,411 0.4% 7,987 0.4% Nova Lima 1,679 0.1% 1,511 0.1% Diadema 449 0.0% 224 0.0% Southest 2,133,543 81.6% 1,658,512 82.6% Campo Grande 82,309 3.1% 32,924 1.6% Cuiabá 72,921 2.8% 65,415 3.3% Brasília 35,805 1.4% 15,338 0.8% Goiânia 5,194 0.2% 3,636 0.2% Mid West 196,229 7.5% 117,312 5.8% Salvador 106,868 4.1% 67,394 3.4% Fortaleza 41,260 1.6% 41,256 2.1% Northeast 148,128 5.7% 108,650 5.4% Joinville 106,419 4.1% 98,487 4.9% Curitiba 31,133 1.2% 24,907 1.2% South 137,553 5.3% 123,393 6.1% Total 2,615,452 100.0% 2,007,867 100.0% Income Segment (R$ 000) Total Inventory % of Total Inventory Helbor s Inventory % of Helbor s Inventory Commercial 712,191 27.2% 540,315 26.9% Upper Middle 660,941 25.3% 502,806 25.0% Middle 588,889 22.5% 454,649 22.6% High 582,554 22.3% 478,532 23.8% Hotel 70,604 2.7% 31,517 1.6% Land Division 273 0.0% 49 0.0% Total 2,615,452 100.0% 2,007,867 100.0% Página 8

The following table gives a breakdown of the 1Q14 inventory by the quarter in which the units were launched: Launching Date (R$ 000) Total % of Helbor s % of Helbor s Inventory Inventory Inventory Inventory Concluded Units 140,184 5.4% 107,638 5.4% 1Q11 27,417 1.0% 22,084 1.1% 2Q11 255,655 9.8% 210,198 10.5% 3Q11 59,570 2.3% 36,509 1.8% 4Q11 164,160 6.3% 118,900 5.9% 1Q12 47,642 1.8% 43,461 2.2% 2Q12 229,749 8.8% 158,814 7.9% 3Q12 117,166 4.5% 101,281 5.0% 4Q12 285,355 10.9% 214,167 10.7% 1Q13 193,402 7.4% 158,503 7.9% 2Q13 154,078 5.9% 125,752 6.3% 3Q13 155,410 5.9% 121,372 6.0% 608,435 23.3% 471,181 23.5% 1Q14 177,229 6.8% 118,006 5.9% Total 2,615,452 100.0% 2,007,867 100.0% Breakdown of Helbor's Inventory by Quarter of Launch 23.5% 10.5% 10.7% 5.4% 5.9% 7.9% 5.0% 7.9% 6.3% 6.0% 5.9% 1.1% 1.8% 2.2% Concluded Units 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 1Q14 This quarter saw a further reduction in the share of finished-units in the total inventory (Helbor s share) from 6.5%, in, to 5.4% in 1Q14, reflecting the recent efforts of the sales department to reduce the number of completed units by working more closely with its partner brokers. In addition, the Helbor Magnifiquè project (a residential development in Joinville) accounts for 21.4% of total PSV of finished units alone. Página 9

The following table shows the inventory of completed units at the close of 1Q14: R$ (000) City Delivery Month # Units Total Inventory (R$ 000) Part. % Helbor's Inventory (R$ 000) Part. % Helbor Magnifiqué Joinville May-12 18 23,043 16.4% 23,041 21.4% Parque das Aguas Empresarial São Gonçalo Mar-12 44 11,411 8.1% 7,987 7.4% Empresarial Rio Business Center Rio de Janeiro Oct-13 27 11,016 7.9% 7,711 7.2% Edition Vila Nova São Paulo Feb-14 4 8,163 5.8% 5,714 5.3% Comercial Casa das Caldeiras São Paulo Nov-13 20 10,992 7.8% 5,496 5.1% Isla Life Style Brasília Oct-13 15 10,165 7.3% 5,082 4.7% Helbor Offices Joinville Joinville Feb-14 8 4,235 3.0% 4,023 3.7% Double Life Curitiba Sep-13 4 4,891 3.5% 3,913 3.6% Helbor Espaço & Vida Ipoema 2 Mogi das Cruzes Jun-13 15 4,006 2.9% 3,909 3.6% Helbor Park Elegance Cuiabá Mar-13 4 4,214 3.0% 3,792 3.5% Spazio Club Alto do Ipiranga Mogi das Cruzes Feb-14 12 4,271 3.0% 3,417 3.2% Jazz Life Style Goiânia Mar-13 6 3,895 2.8% 2,726 2.5% Helbor New Tatuapé São Paulo Feb-14 3 3,411 2.4% 2,388 2.2% Comfort Stay Verano II Rio de Janeiro Jun-13 6 3,206 2.3% 2,244 2.1% Helbor Belvedere Jardim das Colinas São José dos Campos Sep-12 2 2,233 1.6% 2,233 2.1% Comfort Stay Verano I Rio de Janeiro Jun-13 6 3,123 2.2% 2,186 2.0% Helbor Offices SP II São Paulo Nov-13 6 3,109 2.2% 2,176 2.0% Helbor Espaço & Vida Ipoema Mogi das Cruzes Mar-13 5 1,826 1.3% 1,825 1.7% Cap Ferrat Santos May-11 1 1,655 1.2% 1,655 1.5% Helbor Home Club Itapety Mogi das Cruzes Nov-11 3 1,611 1.1% 1,611 1.5% Helbor Trend Vila da Serra Nova Lima Oct-13 3 1,679 1.2% 1,511 1.4% Helbor Offices Champagnat Curitiba Nov-13 4 1,685 1.2% 1,348 1.3% Condominium Parque Clube Guarulhos May-11 3 2,600 1.9% 1,300 1.2% Residência Casa das Caldeiras São Paulo Feb-14 2 2,531 1.8% 1,266 1.2% Helbor Offices São Paulo São Paulo Jun-13 2 1,174 0.8% 1,174 1.1% Helbor Trend Joinville Joinville Nov-11 1 1,157 0.8% 1,157 1.1% Helbor Bella Vita 2 São Paulo Sep-12 3 1,302 0.9% 977 0.9% Vision Du Parc Life Style Goiânia Aug-11 3 1,299 0.9% 909 0.8% Alpha Park Lifestyle Salvador Oct-10 2 1,310 0.9% 852 0.8% Helbor Offices Vila Rica Santos Jan-12 3 1,019 0.7% 815 0.8% Helbor Prime Haus Joinville Jan-13 1 802 0.6% 802 0.7% Helbor Home Flex Gonzaga Santos Sep-09 1 617 0.4% 602 0.6% Helbor Offices Norte Sul Campinas Aug-12 1 558 0.4% 558 0.5% Helbor Home Flex Pacaembu São Paulo Sep-13 1 479 0.3% 478 0.4% Ipoema Mogi das Cruzes Dec-11 1 306 0.2% 276 0.3% Condomínio Vitta Parque Diadema Dec-13 1 449 0.3% 224 0.2% Helbor Tower Mogi das Cruzes Before 2007 4 469 0.3% 211 0.2% Bella Citá Mogi das Cruzes Feb-12 2 273 0.2% 49 0.0% Total - Concluded Units 247 140,184 100.0% 107,638 100.0% Página 10

Land Bank The land bank closed 1Q14 at 1,112.3 thousand m², divided into 63 projects, representing total PSV of R$ 7.2 billion (R$ 9.0 billion including Alden). Helbor s share was R$ 5.6 billion (R$ 6.4 billion including Alden), or 77.9% of the total (71.9% including Alden). It is worth emphasizing that these PSV amounts represent potential revenue generation, not the mere booking of land for future developments. When acquiring sites, the Company prefers to enter into swap agreements with sellers. In 1Q14, such agreements accounted for 79.9% of the land bank. The following tables show those land bank projects in which Helbor will participate as a developer broken down by city and segment at the end of 1Q14: City / Region Total Area (sq.m) Total PSV (R$ 000) Helbor s PSV* (R$ 000) % of Total PSV # of Projects Total Units São Paulo 387,396 3,248,563 2,552,540 45.4% 25 6,063 Mogi das Cruzes 229,328 955,993 804,096 13.3% 7 1,606 Campinas 146,212 893,713 645,896 12.5% 11 2,061 São Bernardo do Campo 79,017 448,104 367,891 6.3% 3 954 Rio de Janeiro 36,968 331,955 242,144 4.6% 2 984 Osasco 39,421 316,493 233,599 4.4% 3 834 São José dos Campos 68,829 274,116 220,758 3.8% 3 424 Santo André 8,886 53,316 53,316 0.7% 1 42 Southeast - Total 996,056 6,522,253 5,120,239 91.1% 55 12,968 Brasília 15,838 134,623 74,043 1.9% 1 188 Campo Grande 36,969 129,392 64,696 1.8% 1 232 Cuiabá 11,080 72,017 68,159 1.0% 1 280 Mid West - Total 63,887 336,033 206,898 4.7% 3 700 Curitiba 36,518 211,228 163,619 2.9% 4 463 South - Total 36,518 211,228 163,619 2.9% 4 463 Fortaleza 15,832 92,618 87,472 1.3% 1 198 Northeast - Total 15,832 92,618 87,472 1.3% 1 198 Total Land Bank - Helbor 1,112,292 7,162,131 5,578,228 100.0% 63 14,329 * Net of swap agreements Income Segment Total Area (sqm) Total PSV (R$ 000) Helbor s PSV* (R$ 000) % of Total PSV # of Projects Total Units Upper Middle 366,855 2,501,257 1,918,908 34.9% 12 3,298 Middle 448,056 2,466,105 1,990,061 34.4% 24 5,643 Commercial 127,485 1,120,461 791,819 15.6% 12 3,207 High 122,423 594,784 486,452 8.3% 7 448 Hotel 32,354 453,820 365,284 6.3% 7 1,445 Lower Middle 15,120 25,704 25,704 0.4% 1 288 Total 1,112,292 7,162,131 5,578,228 100.0% 63 14,329 * Net of swap agreements Página 11

Deliveries Six projects were delivered in 1Q14, consisting of 961 units, of which Helbor s PSV share was R$ 398.4 million at the time of launch. All of the projects were delivered within the maximum contractual term and within the contracted budget, underlining the Company s strict control over the execution of the works in conjunction with its partner builders. In addition, 98% of the total units delivered in the first quarter had already been sold, reinforcing the strategy of keeping finished-unit inventories as low as possible. These two factors are crucial for strengthening the Company s cash flow and ensuring project profitability. Delivered Developments Delivery Net Total PSV* Helbor s PSV* Helbor's Location Segment Units Date Units* (R$ 000) (R$ 000) Interest Helbor Spazio Club Alto do Ipiranga Jan-14 Mogi das Cruzes Middle 184 184 67,588 67,588 100.0% Residencial Casa das Caldeiras Feb-14 São Paulo Middle 384 384 344,528 172,264 50.0% Helbor New Tatuapé Mar-14 São Paulo Middle 76 74 40,360 28,252 70.0% Helbor Offices Joinville Mar-14 Joinville Commercial 241 236 51,619 51,619 100.0% Edition Vila Nova Mar-14 São Paulo Middle 28 28 37,241 26,069 70.0% Helbor L'Alto Perdizes Mar-14 São Paulo Middle 48 43 52,649 52,649 100.0% Total 1Q14 961 949 593,985 398,441 67.1% (*) PSV at launch net of swap agreements Backlog Result The backlog result closed 1Q14 at R$ 725.7 million, 1.5% lower than, with a backlog margin of 35.2%, 10 bps less than the previous quarter. The following table gives a breakdown of the backlog result and its evolution. (R$ '000) 1Q14 1Q13 x 1Q13 x Gross Backlog Revenues 2,139,106 2,170,790-1.5% 2,168,736-1.4% Sales Taxes (78,077) (79,234) -1.5% (79,159) -1.4% Net Backlog Revenues 2,061,029 2,091,556-1.5% 2,089,577-1.4% Costs of Sold Units to be recognized 1 (1,335,274) (1,309,998) 1.9% (1,352,705) -1.3% Backlog Results 725,755 781,558-7.1% 736,872-1.5% Backlog Margin 35.2% 37.4% -220 bps 35.3% -10 bps Commercial Expenses to be recognized (73,252) (75,807) -3.4% (75,889) -3.5% 1 - Included in financial expenses related to interest on the debentures. 2 Excludes canceled sales, adjustments to present value and selling expenses. Página 12

Operating Revenue The table below gives a breakdown of operating revenue in: (R$ '000) 1Q14 1Q13 x 1Q13 x Real Estate Development and Sales 478,714 401,609 19.2% 681,193-29.7% Management Fees 2,645 501 427.9% 803 229.4% Gross Operating Revenues 481,359 402,110 19.7% 681,996-29.4% (-) Present Value Adjustments (18,352) 10,261 N.M. (4,018) 356.7% (-) Sales Deduction (25,675) (19,371) 32.5% (31,964) -19.7% (-) Sales Taxes (9,080) (14,595) -37.8% (9,755) -6.9% Net Operating Revenues 428,252 378,405 13.2% 636,259-32.7% Sales Deduction / Gross Revenues (%) 5.3% 4.8% 50 bps 4.7% 60 bps Sales Taxes / Gross Revenues (%) 1.9% 3.6% -170 bps 1.4% 50 bps GROSS OPERATING REVENUE Gross operating revenue increased 19.7% in 1Q14, from R$ 402.1 million, in 1Q13, to R$ 481.4 million. In comparison with the R$ 682.0 million reported in, the downturn came to 29.4%. Revenue recognized in the quarter reflects the costs incurred by the units sold (including land acquisition costs) and revenue from the sale of units launched, under construction and finished. NET OPERATING REVENUE Net operating revenue grew by 13.2% in 1Q14, from R$ 378.4 million, in 1Q13, to R$ 428.3 million. In addition, net operating revenue decreased by 32.7% over the previous quarter. Specifically this quarter, the sharp variation of NTN-B had a negative accounting impact of R$ 18.4 million in present value adjustment of receivables. Gross Profit Gross profit totaled R$ 125.3 million in 1Q14, in line with the one reported in 1Q13 and 35.3% lower than in, accompanied by a gross margin of 29.3% (adjusted gross margin of 38.2%), versus 33.2% in 1Q13 and 30.4% in, as shown in the following table: (R$ '000) 1Q14 1Q13 x Net Operating Revenues 428,252 378,405 13.2% 636,259-32.7% Operating Costs (302,945) (252,867) 19.8% (442,662) -31.6% Gross profit 125,307 125,538-0.2% 193,597-35.3% Gross Margin 29.3% 33.2% -390 bps 30.4% -110 bps Net Operating Revenues 428,252 378,405 13.2% 636,259-32.7% (-) Present Value Adjustment (18,352) 10,261 N.M. (4,018) 356.7% Adjusted Net Operating Revenues 446,604 368,144 21.3% 640,277-30.2% Operating Costs (302,945) (252,867) 19.8% (442,662) -31.6% (-) Financial Charges (26,756) (21,934) 22.0% (19,075) 40.3% Adjusted Operating Costs (276,189) (230,933) 19.6% (423,587) -34.8% (-) Adjusted Gross Profit 170,415 137,211 24.2% 216,690-21.4% Adjusted Gross Margin 38.2% 37.3% 90 bps 33.8% 440 bps Página 13

As mentioned in the previous section the effects of the adjustment to present value had an important impact on the calculation of gross margin. Therefore, with the analysis of the adjusted gross margin that excludes the effects of "non-cash" and financial cost, we observe a large increase in the adjusted gross margin of 1Q14 in comparison with 1Q13 and, in which changes were 90 bps and 440 bps above the presented in the respective periods. OPERATING COSTS Operating costs (costs from the sale of properties) decreased by 31.6%, from R$ 442.7 million in to R$ 302.9 million in 1Q14, reflecting the decrease of sales between and 1Q14. General and Administrative Expenses General and administrative expenses totaled R$ 20.2 million in 1Q14, 30.8% higher than on 1Q13 and 5.7% higher than in, representing 4.8% of net revenue, 3.0% up over. Proportional and nominal changes are due to higher revenue recognition in, an increase in headcount compared to 1Q13 and the impact of the payment of bonuses to employees of the company that occurred last March. (R$ '000) 1Q14 1Q13 x Personnel (7,841) (6,236) 25.7% (6,646) 18.0% Third Party Services (3,345) (2,913) 14.8% (3,655) -8.5% Occupancy (2,675) (1,678) 59.4% (2,411) 10.9% Management and Board of Directors Remuneration (1,525) (1,402) 8.8% (1,441) 5.8% Stock Option Plan - - - - - Legal (1,017) (496) 105.0% (1,005) 1.2% Depreciation and amortization (349) (317) 10.1% (369) -5.4% Facilities expenses (1,472) (1,299) 13.3% (1,755) -16.1% Other Administrative Expenses (1,989) (1,117) 78.1% (1,844) 7.9% Total General and Administrative Expenses (20,213) (15,458) 30.8% (19,126) 5.7% Net Operating Revenue 428,252 378,405 13.2% 636,259-32.7% G&A / Net Operating Revenue 4.7% 4.1% 60 bps 3.0% 170 bps Selling Expenses Selling expenses grew by 65.5%, from R$ 22.2 million (5.9% of net revenue) in 1Q13 to R$ 36.8 million (8.7% of net revenue) in 1Q14. These expenses decreased in comparison with, when they totaled R$ 38.9 million. The increase in selling expenses was a result of increased spending on advertising, for actions to promote the sale of inventories due to slower sales and other actions to encourage and promote products to the greater number of developments with units in the inventory. The following table gives a breakdown of selling expenses: (R$ '000) 1Q14 1Q13 x Marketing (16,319) (7,156) 128.0% (22,632) -27.9% Sales Commissions (10,715) (9,432) 13.6% (7,549) 41.9% Sales Spot (5,914) (3,890) 52.0% (6,568) -10.0% Housing Decoration Model (3,687) (982) 275.5% (2,676) 37.8% Management Fees (122) (745) -83.6% 503-124.3% Total Commercial Expenses (36,757) (22,205) 65.5% (38,922) -5.6% Net Operating Revenue 428,252 378,405 13.2% 636,259-32.7% Commercial Expenses / Net Revenue 8.6% 5.9% 270 bps 6.1% 250 bps Página 14

Financial Result Financial income totaled R$ 30.0 million in 1Q14, 46.5% up over 1Q13 and 43.3% up over. Financial expenses totaled R$ 12.6 million in 1Q14, 24.3% up over 1Q13 and 3.3% up over. Consequently, the 1Q14 net financial result came to R$ 17.4 million, 68.4% higher than 1Q13 and 99.4% higher than in. The following table gives a breakdown of financial income and expenses: (R$ '000) 1Q14 1Q13 x Financial Income 6,741 4,496 49.9% 5,579 20.8% Monetary Correction 8,435 2,745 207.3% 8,335 1.2% Other Financial Income 14,851 13,251 12.1% 7,046 110.8% Total Financial Income 30,027 20,492 46.5% 20,960 43.3% Interest Payed or Incurred (3,955) (2,093) 89.0% (4,493) -12.0% Monetary Correction (1,406) (1,072) 31.2% (1,250) 12.5% Commissions and Banking Fees (450) (608) -26.0% (447) 0.7% Other Financial Expenses (6,831) (6,399) 6.8% (6,050) 12.9% Total de Financial Expenses (12,642) (10,172) 24.3% (12,240) 3.3% Financial Result 17,384 10,320 68.4% 8,720 99.4% EBITDA EBITDA totaled R$ 73.7 million in 1Q14, 18.6% lower than 1Q13 and 45.0% lower than. The EBITDA margin stood at 17.2%, down by 670 bps over 1Q13 and 390 bps over, while the EBITDA margin adjusted for financial charges and present value adjustments came to 26.6% in 1Q14, 120 bps less than in 1Q13. The following table shows the reconciliation of EBITDA and adjusted EBITDA, as well as the respective margins: (R$ '000) 1Q14 1Q13 x Profit Before Income Tax And Social Contribution 85,445 97,479-12.3% 136,601-37.4% (-) Financial Revenues 30,026 20,492 46.5% 20,960 43.3% (-) Financial Expenses 12,642 10,172 24.3% 12,240 3.3% (-) Depreciation and Amortization* 5,643 3,428 64.6% 6,142-8.1% EBITDA 73,704 90,587-18.6% 134,023-45.0% Net Operating Revenues 428,252 378,405 13.2% 636,259-32.7% EBITDA Margin 17.2% 23.9% -670 bps 21.1% -390 bps EBITDA 73,704 90,587-18.6% 134,023-45.0% (-) Present Value Adjustments 18,352 (10,261) N.M. 4,018 356.7% (-) Financial Charges in Cost 26,853 21,934 22.4% 19,075 40.8% Adjusted EBITDA 118,909 102,260 16.3% 157,116-24.3% Adjusted Net Operating Revenues 446,604 368,144 21.3% 640,277-30.2% Adjusted EBITDA Margin 26.6% 27.8% -120 bps 24.5% 210 bps Página 15

Net Income The Company posted 1Q14 net income of R$ 51.7 million, in line with the one posted 1Q13, with a net margin of 12.1%, down by 170 bps in comparison with 1Q13 and in comparison with, 44% down by 240 bps. Earnings per share amounted to R$ 0.2005 in the quarter. ROE (LTM net income/average LTM shareholders equity) came to 25.7% in 1Q14, while annualized ROE stood at 16.8%. The following table shows the net margin and ROE: (R$ '000) 1Q14 1Q13 x Net Operating Revenues 428,252 378,405 13.2% 636,259-32.7% Net Income 51,678 52,215-1.0% 92,344-44.0% Net Margin 12.1% 13.8% -170 bps 14.5% -240 bps Earnings per Share 1 0.2005 0.2026-1.0% 0.3583-44.0% ROE LTM 2 25.7% 27.2% -150 bps 27.0% -130 bps ROAE 3 16.8% 19.5% -280 bps 30.0% -1330 bps 1 Considering 257,699,937 shares for all periods after the distribution of share bonuses in April 2013. 2 Net income in the last 12 months divided by shareholders equity in the same period. 3 Net income in the quarter multiplied by four, divided by shareholders equity in the quarter. Receivables Total receivables, net of adjustments to present value and provisions for doubtful debt (PDD), came to R$ 2,187.9 million in 1Q14, R$ 690.2 million of which referring to completed units and R$ 1,497.7 million to units under construction. The evolution in receivables from finished units is consistent with the projects delivered in the last quarters. The following tables give a breakdown of receivables, including adjustment to present value and other credit: (R$ '000) 1Q14 1Q13 Concluded Developments Under Construction Total Receivables on Balance 1Q14 1Q13 1Q14 1Q13 Var 1Q14 Accounts Receivables * 642,711 249,578 157.5% 1,549,270 1,862,755-16.8% 2,191,981 2,112,333 3.8% Adjustment to Present Value - - - (69,629) (39,917) 74.4% (69,629) (39,917) 74.4% Other Credits 47,471 25,166 88.6% 18,030 16,881 6.8% 65,501 42,047 55.8% Total 690,182 274,744 151.2% 1,497,671 1,839,719-18.6% 2,187,853 2,114,463 3.5% * Net of PDD (R$ '000) 1Q14 Concluded Developments Under Construction Total Receivables on Balance x 1Q14 x 1Q14 Var. 1Q14 x Accounts Receivables * 642,711 914,465-29.7% 1,549,270 1,354,733 14.4% 2,191,981 2,269,198-3.4% Adjustment to Present Value - - - (69,629) (51,371) 35.5% (69,629) (51,371) 35.5% Other Credits 47,471 62,891-24.5% 18,030 12,200 47.8% 65,501 75,091-12.8% Total 690,182 977,356-29.4% 1,497,671 1,315,562 13.8% 2,187,853 2,292,918-4.6% * Net of PDD Página 16

Cash and Debt Cash and cash equivalents closed 1Q14 at R$ 371.5 million, 3.6% lower than 1Q13 and 9.9% higher than. Note that Helbor does not carry out transactions involving speculative financial instruments. Total debt ended the quarter at R$ 1,308.4 million, 11.2% up over 1Q13 and 2.0% lower than. The following table shows loans, construction financing and debentures and a breakdown of short and long-term debt. Debt (R$ '000) 1Q14 1Q13 x Loans 1,818 4,930-63.1% 6,921-73.7% Construction Financing 1,064,221 890,323 19.5% 1,077,974-1.3% Debentures 242,386 281,596-13.9% 250,615-3.3% Total Debt 1,308,425 1,176,849 11.2% 1,335,510-2.0% Short Term 557,054 474,221 17.5% 573,086-2.8% Long Term 751,371 702,628 6.9% 762,424-1.4% Construction financing is subject to interest of 10.5% p.a., is indexed to the reference rate (TR) and secured by the mortgages of the respective properties. Loans, which are secured by promissory notes and guarantees from the controlling shareholders, are subject to interest of 1.35% per month. The debentures issued in 2007, 2010 and 2012 are subject to 106.5% of the CDI interbank rate, the CDI plus 1.80% p.a. and the CDI rate plus 1.90 p.a., respectively. The following chart shows the amortization schedule for short- and long-term debt at the close of 1Q14: Amortization Schedule - Debentures (R$ 000) 127,694 37,000 38,846 38,846 Current 2015 2016 From 2017 on Helbor s net debt corresponds to 53.8% of its consolidated shareholders equity (or 7.3% excluding SFH construction financing, which is secured by the receivables portfolio). The following table shows the reconciliation of net debt: Debt (R$ '000) 1Q14 1Q13 x Total Debt 1,308,425 1,176,849 11.2% 1,335,510-2.0% Cash and Cash Equivalents 371,460 385,371-3.6% 337,988 9.9% Net Debt 936,965 791,478 18.4% 997,522-6.1% Construction Financing 1,064,221 890,323 19.5% 1,077,974-1.3% Net Debt (ex-sfh) (127,256) (98,845) 28.7% (80,452) 58.2% Controlling Shareholder s Equity* 1,256,468 1,102,733 13.9% 1,211,243 3.7% Total Shareholder s Equity* 1,744,557 1,513,254 15.3% 1,713,374 1.8% Net Debt / Controlling Shareholder s Equity* 74.6% 71.8% 280 bps 82.4% -780 bps Net Debt / Total Shareholder s Equity* 53.7% 52.3% 140 bps 58.2% -450 bps Net Debt (ex-sfh) / Shareholder s Equity -7.3% -6.5% -80 bps -4.7% -260 bps * Due to the new accounting standards, whereby each SPC s total debt is now consolidated, the Company will begin to adopt total shareholders' equity, and not just the parent company's, as a parameter for calculating net debt's share of this account. We are also stating net debt s share of the parent company s shareholders equity for purposes of comparison with the previous form of disclosure. Página 17

Cash generation stood at a substantial R$ 60.6 million in 1Q14, reflecting the completion of the transfer processes that in 1Q14 totaled R$ 231 million related to 711 units. We also highlight that in 1Q14 the Company invested R$ 50.8 million in the purchase of land and CEPACs (additional potential construction certificates), and the share buyback program totaled R$ 2.0 million. Cash Burn (Cash Generation) - R$ '000 1Q14 Net Debt (Beginning of Quarter) 997,522 Net Debt (End of Quarter) 936,965 Cash Burn (Cash Generation) (60,557) Dividends - Cash Burn (Cash Generation) ex-dividends (60,557) Página 18

Glossary Backlog Margin Equivalent to Backlog Result divided by Backlog Revenue. Backlog Result In view of the recognition of revenues and costs, which occurs in accordance with the progress of construction works (PoC Method) and not when the contract is signed, we recognize development revenue from contracts signed in future periods. Therefore, our Backlog Result corresponds to pre-sales less the budgeted construction costs of these same units to be recognized in future periods. Backlog Revenue Backlog revenue corresponds to the pre-sales for which revenue is recognized in future periods in accordance with the percentage of completion rather than when the contract is signed. Commercial Commercial and corporate units developed exclusively for sale. High Income Residential buildings with units priced between R$1 million and R$2 million. Land Bank Lots that Helbor holds for future developments, which are acquired in cash or through swap agreements. Lower Middle Income Residential building with units priced between R$150,000 and R$250,000. Middle Income Residential buildings with units priced between R$250,000 and R$600,000. Percentage of Completion (PoC) Method Under Brazilian GAAP, the revenue, costs and expenses from real estate development activities are recognized in profit and loss over the course of construction in accordance with the percentage of completion of works by measuring the percentage of costs incurred in relation to the total budgeted costs. Therefore, a substantial portion of development revenue in a period reflects the recognition of sales made in prior periods. Potential Sales Value (PSV) The potential sales represented by units launched. Pre-Sales The aggregate amount of sales resulting from all agreements for the sale of units entered into during a certain period, which include new units and units in inventory. Pre-sales are recognized as revenue in accordance with the progress of construction works (PoC method). RET - Special Taxation Regime It is a simplified regime for the payment of taxes, consisting of a joint incidence (IRPJ, CSLL, PIS and COFINS) that can vary among 1% and 4% (according to the tax dispensations of December 2012) of monthly gross revenues, depending on the type of project being developed. It is a governmental incentive which aims to support the adoption of the Segregate Estate, which is a prior condition to enter the regime, in the processes of real estate development. Return on Average Equity (ROAE) ROAE corresponds to net income in a period divided by average shareholders equity in the same period. SFH Funds Funds under the Housing Financing System (Sistema Financeiro da Habitação SFH) originated from the Severance Indemnity Fund for Employees (FGTS) and from savings account deposits. Commercial banks are required to direct 65% of their savings account deposits to the housing sector as loans to either homebuyers or developers at lower interest rates than the private market. Silent Partnership (SCPs) The silent partnerships (Sociedade em Conta de Participação SCP) that hold the development operations of our projects. SPE Entity created with the specific purpose of developing a specific real estate Project, which under Brazilian corporation law may adopt the form of various entities, including, but not limited, to SCPs and limited liability partnerships. Subdivision Projects Land subdivision projects that require the construction of new streets and infrastructure. Swap Agreements A method for acquiring land in which the seller receives a certain number of units or a percentage of the revenue from the sale of the units of the project to be developed on the property. Ultra High Income Residential buildings with units priced above R$2 million. Upper Middle Income Residential buildings with units priced between R$600,000 and R$1 million. Página 19

2008 2007 Appendix I Development Projects Year Development Launch Estimated Delivery Location *Percentage sold in number of units and includes swapped units Income Segment Total Units Net Units* Total PSV (R$ 000) Helbor s PSV (R$000) % Sold % of Construction Absolute Business Style Apr-07 Delivered Goiânia Commercial 222 221 27,935 11,174 100.0% 100% Helbor Espaço e Vida Pacaembú May-07 Delivered São Paulo Middle 116 116 47,119 47,119 100.0% 100% Coral Gables May-07 Delivered Santos Upper Middle 192 192 94,934 85,441 100.0% 100% Helbor Trend Jardins Jun-07 Delivered São Paulo Middle 118 88 30,815 22,980 100.0% 100% Helbor Victoria Home Club Jul-07 Delivered Joinville Upper Middle 69 69 35,056 28,045 100.0% 100% Alpha Park Sep-07 Delivered Salvador Middle 174 174 38,437 24,984 98.8% 100% Vivere Ibirapuera Sep-07 Delivered São Paulo Upper Middle 38 32 26,922 26,922 100.0% 100% Helbor Tendence Oct-07 Delivered São Paulo Upper Middle 54 52 61,746 61,746 100.0% 100% Pensilvania By Helbor Oct-07 Delivered São Paulo Upper Middle 40 35 25,175 21,854 100.0% 100% Condominium Parque Club Nov-07 Delivered Guarulhos Middle 714 714 207,000 103,500 99.6% 100% Helbor Reserva do Itapety Dec-07 Delivered Mogi das Cruzes Middle 154 154 60,013 60,013 100.0% 100% Green Lifestyle Dec-07 Delivered Goiânia Middle 180 163 35,000 24,500 100.0% 100% Cap Ferrat Dec-07 Delivered Santos Upper Middle 140 124 108,925 98,033 99.3% 100% Helbor Horizons Dec-07 Delivered São Paulo Upper Middle 46 41 28,622 28,622 100.0% 100% Chateau Flamboyant Apr-08 Delivered Goiânia Upper Middle 57 51 28,000 19,600 100.0% 100% Bella Città May-08 Delivered Mogi das Cruzes Land Division 653 625 41,000 7,245 99.7% 100% Helbor Trend Pacaembu May-08 Delivered São Paulo Upper Middle 168 101 35,600 21,600 100.0% 100% Felice Parque da Moóca Jun-08 Delivered São Paulo Upper Middle 56 56 23,600 14,160 100.0% 100% Helbor Home Clube Itapety Jun-08 Delivered Mogi das Cruzes Upper Middle 176 154 68,100 68,100 98.4% 100% Breeze Life Style Aug-08 Delivered Goiânia Upper Middle 108 93 28,157 19,710 100.0% 100% Privilège Liceu Sep-08 Delivered Campinas Upper Middle 116 116 49,717 49,717 100.0% 100% Ekobé Espaço e Vida Sep-08 Delivered Taubaté Upper Middle 128 128 55,967 44,774 100.0% 100% Vision Du Parc Sep-08 Delivered Goiânia Upper Middle 39 39 33,500 23,450 94.6% 100% Helbor Sur La Citè Oct-08 Delivered São Paulo High 34 34 36,017 35,657 100.0% 100% Bella Città Villaggio 1 Nov-08 Delivered Mogi das Cruzes Land Division 201 181 12,537 2,215 99.7% 100% Helbor Magnifiquè Nov-08 Delivered Joinville Upper Middle 102 98 84,111 75,700 82.4% 100% Splendido Life Style Nov-08 Delivered Brasília Upper Middle 47 47 28,627 20,039 100.0% 100% Helbor Ipoema Nov-08 Delivered Mogi das Cruzes Lower Middle 194 165 33,950 23,765 96.6% 100% Helbor Offices Vila Rica Dec-08 Delivered Santos Commercial 661 507 114,837 91,869 99.4% 100% Bella Città Villaggio 2 Dec-08 Delivered Mogi das Cruzes Land Division 226 204 12,978 2,293 100.0% 100% Helbor Encanto Bela Vista Dec-08 Delivered Santo André Upper Middle 38 38 26,392 26,389 100.0% 100% Página 20

2010 2009 Year Development Launch Estimated Delivery Location *Percentage sold in number of units and includes swapped units Income Segment Total Units Net Units* Total PSV (R$ 000) Helbor s PSV (R$000) % Sold % of Construction L'art Vila Rica Feb-09 Delivered Santos High 22 22 30,064 24,051 100.0% 100% Bossa Nova Lifestyle Feb-09 Delivered Goiânia Upper Middle 116 116 39,704 27,793 100.0% 100% Helbor Home Flex Cambuí Feb-09 Delivered Campinas Upper Middle 84 84 17,562 17,562 100.0% 100% Helbor Tresór Moema Mar-09 Delivered São Paulo High 21 13 29,610 17,766 100.0% 100% Helbor Offices Norte Sul Apr-09 Delivered Campinas Commercial 238 232 46,275 46,275 99.6% 100% Chateau Bougainville Apr-09 Delivered Goiânia Upper Middle 50 45 38,825 27,178 100.0% 100% Helbor Bella Vita 1 May-09 Delivered São Paulo Middle 168 137 27,746 27,746 100.0% 100% Helbor The Stage Jun-09 Delivered São Paulo High 21 13 40,553 24,332 100.0% 100% Helbor Bella Vita 2 Jun-09 Delivered São Paulo Middle 192 157 32,627 32,627 98.4% 100% Helbor Belvedere Jd. das Colinas Jun-09 Delivered São José dos Campos Upper Middle 216 202 137,831 137,831 99.1% 100% Helbor Spazio Vitta Jul-09 Delivered São Paulo Middle 278 278 89,249 89,249 100.0% 100% Helbor Offices São Paulo Aug-09 Delivered São Paulo Commercial 140 140 32,388 32,388 98.6% 100% Helbor Offices Jd. das Colinas Aug-09 Delivered São José dos Campos Commercial 368 296 52,008 52,008 100.0% 100% Helbor Trend Joinville Sep-09 Delivered Joinville Middle 102 102 35,830 32,247 99.0% 100% Parque das Águas Empresarial Oct-09 Delivered São Gonçalo Commercial 336 336 39,596 27,717 86.9% 100% Helbor Offices São Caetano Oct-09 Delivered São Caetano do Sul Commercial 280 280 47,916 47,916 100.0% 100% Helbor Giardino Bella Vita Oct-09 Delivered São Paulo Middle 216 176 48,940 48,940 100.0% 100% Helbor Trend Santos Dumont Oct-09 Delivered Fortaleza Middle 88 88 22,254 20,029 100.0% 100% Helbor True Perdizes Nov-09 Delivered São Paulo Upper Middle 30 21 13,961 13,961 100.0% 100% Helbor Espaço & Vida Ipoema Dec-09 Delivered Mogi da Cruzes Lower Middle 240 218 39,860 39,860 97.9% 100% Helbor Ampliatto Dec-09 Delivered São Paulo Middle 138 136 45,123 45,123 100.0% 100% Jazz Life Style Dec-09 Delivered Goiânia Upper Middle 73 62 36,905 25,834 91.8% 100% Helbor Prime Hauss Dec-09 Delivered Joinville Upper Middle 68 68 36,704 33,034 98.5% 100% Helbor Home Flex Pacaembu Jan-10 Delivered São Paulo Middle 192 152 39,348 39,348 99.5% 100% Helbor Park Elegance Jan-10 Delivered Cuiabá Upper Middle 68 65 46,789 42,110 94.1% 100% Helbor Espaço e Vida Ipoema 2 Mar-10 Delivered Mogi das Cruzes Lower Middle 240 218 42,205 42,205 95.0% 100% Helbor Sunshine Gonzaga Mar-10 Delivered Santos Middle 82 82 43,536 39,182 100.0% 100% Isla Life Style Mar-10 Delivered Brasília Middle 586 586 202,534 101,267 97.4% 100% Helbor Offices São Paulo II Jun-10 Delivered São Paulo Commercial 230 230 71,153 49,807 94.3% 100% Helbor Offices Champagnat Jun-10 Delivered Curitiba Commercial 292 246 54,276 43,421 98.6% 100% Double Life Ecoville Jul-10 Delivered Curitiba High 107 87 49,328 39,462 96.3% 100% Comfort Stay Verano Jul-10 Delivered Rio de Janeiro Middle 338 338 106,953 74,867 96.4% 100% Comercial Casa das Caldeiras Aug-10 Delivered São Paulo Commercial 535 535 225,437 112,719 96.3% 100% Residencial Casa das Caldeiras Sep-10 Feb-14 São Paulo Upper Middle 384 384 344,528 172,264 99.5% 100% Helbor Trend Vila da Serra Sep-10 Delivered Nova Lima Middle 96 76 28,401 28,401 96.9% 100% Vitta Parque Oct-10 Delivered Diadema Middle 342 336 117,834 58,917 99.7% 100% Edition Vila Nova Nov-10 Feb-14 São Paulo High 28 28 37,241 26,069 85.7% 99% Helbor New Tatuapé Dec-10 Feb-14 São Paulo Middle 76 74 40,360 28,252 96.1% 99% Helbor L'Alto Perdizes Dec-10 Feb-14 São Paulo High 48 43 52,649 52,649 100.0% 99% Helbor Offices Joinville Dec-10 Feb-14 Joinville Commercial 241 236 51,619 51,619 96.7% 100% Helbor Spazio Club Alto do Ipiranga Dec-10 Feb-14 Mogi das Cruzes Middle 184 184 67,588 67,588 93.5% 99% Página 21

2012 2011 Year Development Launch Estimated Delivery Location *Percentage sold in number of units and includes swapped units Income Segment Total Units Net Units* Total PSV (R$ 000) Helbor s PSV (R$000) % Sold % of Construction Helbor Jardins Ipoema Mar-11 May-14 Mogi das Cruzes Lower Middle 240 216 51,548 41,238 67.9% 99% Helbor Paesaggio Jardim das Colinas Apr-11 Jul-14 São José dos Campos High 194 182 189,465 189,465 68.0% 90% Rio Business Center Jun-11 Delivered Rio de Janeiro Commercial 178 178 41,268 41,268 84.8% 100% Coletânea Vale do Canela Jun-11 Nov-14 Salvador Upper Middle 160 160 100,786 50,393 98.8% 66% Helbor Offices Barão de Teffé Jun-11 Aug-14 Jundiaí Commercial 111 98 31,536 17,029 70.3% 92% Helbor Cosmopolitan Home Stay & Offices Jun-11 Aug-14 Salvador Terraços Jardim das Colinas Jun-11 Nov-14 São José dos Campos Commercial and Middle 260 260 65,015 45,510 76.5% 83% Middle 296 261 131,040 91,728 73.3% 79% Helbor Varandas Ipoema Jun-11 Oct-14 Mogi das Cruzes Middle 228 205 84,627 84,627 51.8% 90% Helbor Condomínio Parque Clube Fortaleza I Helbor Condomínio Parque Clube Fortaleza II Sep-11 Jan-15 Fortaleza Middle 294 294 81,468 73,322 100.0% 71% Sep-11 Jul-15 Fortaleza Middle 294 294 75,094 67,584 98.5% 48% Helbor Offices Washington Luís Sep-11 Dec-14 Santos Commercial 121 121 51,796 46,616 59.5% 75% Perfect Lifestyle - Noroeste Sep-11 Oct-14 Brasília High 72 72 87,162 34,865 75.0% 75% Il Terrazzo Ponta da Praia Nov-11 Nov-14 Santos High 36 30 38,871 31,097 52.8% 75% Helbor My Way Ponta da Praia Nov-11 Feb-15 Santos Middle 216 182 75,385 56,539 72.2% 68% Helbor Concept - Life, Office e Corporate Nov-11 Dec-14 Mogi das Cruzes Commercial and Middle 472 423 157,744 126,195 96.0% 79% Helbor My Way Batel Nov-11 Apr-15 Curitiba Middle 131 98 45,914 36,731 70.2% 60% Helbor Lead Offices Faria Lima Nov-11 Nov-14 São Paulo Commercial 128 120 121,964 60,982 89.8% 60% Helbor Offices São Paulo III Dec-11 Oct-14 São Paulo Commercial 300 246 55,372 55,372 85.3% 89% Helbor Dual Business Office & Corporate Dec-11 Apr-15 Cuiabá Commercial 318 294 74,501 67,051 99.4% 62% Helbor Privilege Goiabeiras Dec-11 Jun-15 Cuiabá High 32 31 40,173 36,155 100.0% 52% Link Office, Mall & Stay Dec-11 Apr-14 Rio de Janeiro Commercial and Upper Middle 644 644 367,723 294,179 95.5% 97% Helbor Boulevard Tatuapé Mar-12 Feb-15 São Paulo Upper Middle 72 72 46,380 46,380 97.2% 68% Helbor Offices Imperatriz Leopoldina Mar-12 Mar-15 São Paulo Commercial 183 169 57,360 57,360 96.7% 58% Helbor Spazio Club Joinville Mar-12 Jul-15 Joinville Middle 116 116 65,731 59,158 47.4% 35% Reserva Bonifácia by Helbor May-12 Nov-15 Cuiabá Middle 160 114 78,868 70,981 36.9% 17% Mondial Salvador May-12 May-16 Salvador Hospitality, Commercial and Middle 457 408 126,134 75,680 73.7% 23% Helbor Up Offices Jun-12 Sep-15 São Paulo Commercial 244 244 73,240 54,930 95.9% 29% Movement City & Life Jun-12 Feb-16 São Bernardo Middle 368 368 173,717 104,230 60.3% 19% Offices Nações Unidas Sep-12 Aug-15 São Paulo Commercial 238 192 70,087 35,044 90.8% 39% Helbor Offices São Vicente Sep-12 May-16 São Vicente Commercial 472 469 145,066 130,559 40.5% 20% Patteo Mogilar Sky Sep-12 Aug-15 Mogi das Cruzes Commercial 330 275 61,126 48,901 100.0% 30% Adagio Alphaville Oct-12 May-16 Barueri Hotel 275 216 83,238 33,295 77.1% 9% Rio Stay Residence Nov-12 Jun-15 Rio de Janeiro Middle 187 187 94,124 65,887 98.9% 23% Landscape by Helbor Nov-12 Jun-16 Mogi das Cruzes High 192 186 229,020 183,216 65.1% 11% Helbor Classic Bosque Maia Dec-12 May-16 Guarulhos Upper Middle 172 145 140,925 112,740 84.9% 32% Square Offices and Mall Dec-12 Dec-15 Taubaté Commercial 138 131 35,481 31,933 78.3% 8% Helbor Dual Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Commercial 306 306 88,897 71,118 90.2% 12% My Helbor Patteo Mogilar Dec-12 Mar-16 Mogi das Cruzes Middle 216 216 69,059 55,247 62.0% 10% Helbor Carpe Diem Bosque Maia Dec-12 May-16 Guarulhos Middle 396 331 188,964 151,171 72.7% 11% Página 22