Rossi Residencial S.A. e Controladas

Transcrição

1 Rossi Residencial S.A. e Controladas (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) Individual and Consolidated Interim Accounting Information accompanied by the Independent Auditor s Report March 31, 2018

2 Contents Page Report on the independent auditor s review of interim accounting information 3 Individual and consolidated interim accounting information 6 Management s explanatory notes to interim accounting information for the three-month period ended March 31,

3 3 Report on the Independent Auditor s Review of Individual and Consolidated Interim Accounting Information (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail. See Note 30 to the accompanying interim financial information.) The Shareholders, Council-Members and Management Rossi Residencial S.A. São Paulo - SP Introduction We have reviewed the individual and consolidated interim accounting information on Rossi Residencial S.A. (the Company ), identified as parent company and consolidated respectively, which are contained in the Quarterly Information Form ( ITR ) for the quarter ended March 31, 2018, and comprise the balance sheet as of March 31, 2018, and the statements of income, comprehensive income, changes in shareholders equity and cash flows for the three-month period then ended, as well as other explanatory notes. The Company s management is responsible for preparing individual and consolidated interim accounting information in accordance with the Technical Pronouncement CPC 21(R1) Interim Statement dealing with guidance contained in the Circular Letter /CVM/SNC/SEP 01/2018 related with application of the Guidance OCPC 04 on recognition of revenues over time, and interim information consolidated according to the international standard IAS 34 Interim Financial Reporting, as well as the presentation of this information consistently with CVM standards applicable to preparation of Quarterly Information ITR. Our responsibility is to arrive at a conclusion on this interim accounting information based on our review.

4 4 Scope of the review Our review was conducted in accordance with Brazilian and international standards for review of interim information (NBC TR 2410 Review of Interim Information Performed by the Auditor of the Entity and ISRE Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of enquiries, epecially of those responsible for financial and accounting matters and application of analytical and other review procedures. A review is significantly less in scope than an audit conducted in accordance with auditing standards, and consequently, we were not sure to be aware of all significant matters that might be identified in an audit. Therefore, we do not issue an audit opinion. Conclusion on individual and consolidated interim information prepared in accordance with CPC 21 (R1), dealing with guidance contained in the Circular Letter/CVM/SNC/SEP 01/2018 Based on our review, we are not aware of any fact that leads us to believe that the individual and consolidated interim accounting information contained in the quarterly information referred to above were not prepared, in all material respects, in accordance with the Technical Pronouncement CPC 21(R1) Interim Statement, which deals with guidance contained in the Circular Letter/CVM/SNC/SEP 01/2018 related with application of Guidance OCPC 04 on recognition of revenues over time, as well as presentation of this information consistently with the CVM standards applicable to preparation of Quarterly Information. Conclusion on consolidated interim information prepared in accordance with the international standard IAS 34 Interim Financial Reporting, dealing with guidance contained in the Circular Letter/CVM/SNC/SEP 01/2018 BCom base em nossa revisão, não temos conhecimento de nenhum fato que nos leve a acreditar que as informações contábeis intermediárias consolidadas incluídas nas informações trimestrais acima referidas não foram elaboradas, em todos os aspectos relevantes, de acordo com a norma internacional IAS 34 Interim Financial Reporting, contemplando a orientação contida no Ofício Circular/CVM/SNC/SEP 01/2018 relacionada à aplicação da Orientação OCPC 04, sobre o reconhecimento derevenues ao longo do tempo, assim como a apresentação dessas informações de forma condizente com as normas expedidas pela Comissão de Valores Mobiliários, aplicáveis à elaboração das Informações Trimestrais - ITR. Based on our review, we are not aware of any fact that leads us to believe that the consolidated interim accounting information contained in the quarterly information referred to above were not prepared, in all material respects, in accordance with the international standard IAS 34 Interim Financial Reporting which deals with guidance contained in the Circular Letter/CVM/SNC/SEP 01/2018 related with application of Guidance OCPC 04 on recognition of revenues over time, as well as presentation of this information consistently with the CVM standards applicable to preparation of Quarterly Information ITR. Relevant uncertainty related with operational continuity Attention is drawn to Note 1 to the individual and consolidated interim accounting information, stating that the Company bore losses of R$ 135,914 thousand during the three-month period ended March 31, Also, its accumulated lossas as of that date amount to R$ 2,364,319 thousand. As stated in Note 1, along with other matters already reported, these results materially impact the Company s financial flow. Among the actions proposed by the

5 5 Management, renegotiations of debt and other matters are underway, aimed to balance and adjust the financial flows to the Company s current conditions. However, the possible failure of any such actions and the strategic plan point to significant uncertainty that may raise doubt about the Company s capacity to continue in business. Our conclusion is not qualified because of this matter. Emphasis Revenue recognition As described in Note 2, the interim accounting information were prepared in accordance with CPC 21 (R1) (in the case of consolidated and individual information) and IAS 34 (in the case of consolidated information) dealing with guidance contained in the Circular Letter/CVM/SNC/SEP 01/2018 related with application of Guidance OCPC 04, now in force, on recognition of revenues over time, while the discussion of OCPC 04 is not completed. Our conclusion is not qualified because of this matter. Other matters Interim Value-Added Statements Included in the quarterly information referred to above are individual and consolidated valueadded statements ( DVA ), for the three-month period ended March 31, 2018, prepared under the responsibility of the Company s management and presented as supplementary information for the purposes of the IAS 34. These statements were subjected to review procedures jointly performed with the review of quarterly information, in order to conclude whether they are reconciled to the interim accounting information and accounting records, as applicable, and whether their form and contents comply with the criteria set forth in the Technical Pronouncement CPC 09 Value-Added Statement. Based on our review, we are not aware of any fact that leads us to belieave this statement was not prepared in all material respects in accordance with criteria defined by this Technical Pronouncement and consistently with the individual and consolidated interim accounting information taken as a whole. São Paulo, May 10, 2018 Maria Aparecida Regina Cozero Abdo CT CRC 1SP /O-0 Grant Thornton Auditores Independentes CRC 2SP /O-1

6 ROSSI RESIDENCIAL S.A. E CONTROLADAS BALANCE SHEETS AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) (In thousands of Reais - R$) Parent Company Consolidated Explanatory Note 03/31/ /31/ /31/ /31/2017 ASSETS CURRENT ASSETS Cash and cash equivalents 3 8,327 5,347 47,998 29,572 Marketable securities 4 3,314 3,278 6,362 17,092 Trade receivables 5 130, , , ,998 Properties for sale 6 47,077 47, , ,902 Other credits 8 154, ,239 94, ,618 Total current assets 344, ,998 1,665,596 1,457,182 NON-CURRENT ASSETS Trade receivables 5 23,834 24, , ,284 Properties for sale 6 9,256 11, , ,477 Escrow deposits 16 60,210 60,939 93,526 90,826 Related-party transactions 18 2,293,123 1,847, , ,954 Advance to business partners 7 370, , , ,810 Investments 9 2,794,652 3,087, ,857 1,046,836 Fixed assets 10 11,252 10,709 17,113 16,096 Intangibles 11 12,328 53,291 12,625 53,588 Total non-current assets 5,575,407 5,587,585 1,826,263 2,382,871 TOTAL ASSETS 5,919,504 5,938,583 3,491,859 3,840,053 The accompanying notes are an integral part of these financial statements 6

7 ROSSI RESIDENCIAL S.A. E CONTROLADAS BALANCE SHEETS AS OF MARCH 31, 2018 AND DECEMBER 31, 2017 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) (In thousands of Reais - R$) Parent Company Consolidated Explanatory Note 03/31/ /31/ /31/ /31/2017 LIABILITIES CURRENT LIABILITIES Loans and financing , , , ,300 Suppliers - trade payables 31,710 27,889 75,770 60,087 Payables from acquisition of plots of land 13a , ,702 Salaries and payroll taxes 4,232 4,135 5,927 7,760 Taxes and contributions collectible 4,689 4,727 27,554 24,044 Management s and employees participation in profits and results payable Advances from clients 13b , ,260 Related-party transactions 18 2,434,448 2,373, , ,164 Deferred taxes and contributions 17a 1,018 1,328 40,551 34,155 Other accounts payable 15 25,750 29, , ,745 Total current liabilities 2,756,322 2,782,592 1,813,361 2,001,806 NON-CURRENT LIABILITIES Loans and financing , ,579 1,118,674 1,141,519 Payables from acquisition of plots of land 13a - - 9,390 4,727 Taxes and contributions collectible 16 21,356 21,356 31,450 31,449 Provisions for risks 16 24,300 24, ,654 92,050 Provisions for construction w ork guarantee - 1,948 16,563 14,375 Deferred taxes and contributions 17a ,747 31,459 Provisions for losses on investments 14 1,976,746 1,916,219 78,851 80,100 Other accounts payable 15 1,032 34,509 53,172 72,623 Total non-current liabilities 2,929,382 2,779,387 1,452,501 1,468,302 SHAREHOLDERS EQUITY Capital stock 24a 2,611,390 2,611,390 2,611,390 2,611,390 Treasury stock 24b (83,313) (83,313) (83,313) (83,313) Capital reserve 24c 70,042 69,994 70,042 69,994 Accumulated losses (2,364,319) (2,221,467) (2,364,319) (2,221,467) Total shareholders equity attributable to majority 233, , , ,604 shareholders Minority shareholders participation - - (7,803) (6,659) Total shareholders equity 233, , , ,945 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 5,919,504 5,938,583 3,491,859 3,840,053 The accompanying notes are an integral part of these financial statements 7

8 8 ROSSI RESIDENCIAL S.A. E CONTROLADAS STATEMENT OF INCOME FOR THE PERIODS ENDED MARCH 31, 2018 AND 2017 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) (In thousands of Reais - R$, except for earnings (losses) per share) Parent Company Consolidated Explanatory Note From 01/01/2018 to 03/31/2018 From 01/01/2017 to 03/31/2017 From 01/01/2018 to 03/31/2018 From 01/01/2017 to 03/31/2017 NET REVENUE 19 4,577 7,719 59, ,619 COST OF PROPERTIES SOLD AND SERVICES RENDERED 20 (3) (12,464) (71,632) (141,015) GROSS INCOME 4,574 (4,745) (11,736) (2,396) REVENUES(EXPENSES) Administrative 21 a (9,253) (11,272) (10,343) (14,962) Selling 21 b (6,323) (2,407) (16,601) (13,505) Directors fees 18b (923) (1,147) (923) (1,147) Depreciation and amortization (3,706) (4,238) (4,001) (5,756) Equity pickup (69,921) (59,312) (10,754) (19,466) Other operating (expenses) revenues, net 21c (25,830) (18,830) (39,093) (25,425) INCOME (LOSS) BEFORE THE FINANCIAL INCOME (111,382) (101,951) (93,451) (82,657) FINANCIAL REVENUES ,448 5,283 5,348 FINANCIAL EXPENSES 22 (31,947) (63,380) (45,717) (82,897) PRETAX INCOME (LOSS) (142,852) (162,883) (133,885) (160,206) INCOME TAX AND SOCIAL CONTRIBUTION Current 17d - - (2,130) (3,471) Deferred 17d NET INCOME (LOSS) FOR THE YEAR (142,852) (162,883) (135,914) (163,576) Net income (loss) attributable to: Majority shareholders - - (142,852) (162,883) Minority shareholders - - 6,938 (693) EARNINGS (LOSSES) PER SHARE ATTRIBUTED TO SHAREHOLDERS OF THE COMPANY (EXPRESSED IN R$ PER SHARE) Basic 24d (8.3281) (9.4959) Dilluted 24d (8.3281) (9.4959) The accompanying notes are an integral part of these financial statements.

9 From 01/01/2018 to 03/31/ /01/2017 a 31/03/2017 From 01/01/2018 to 03/31/ /01/2017 a 31/03/2017 LOSS FOR THE YEAR (142,852) (162,883) (135,914) (163,576) Other comprehensive income COMPREHENSIVE INCOME FOR THE YEAR (142,852) (162,883) (135,914) (163,576) Comprehensive income for the year attributable to: Majority shareholders - - (142,852) (162,883) Minority shareholders - - 6,938 (693) 9 COMPREHENSIVE INCOME PER SHARE ATTRIBUTED TO SHAREHOLDERS OF THE COMPANY (EXPRESSED IN R$ PER SHARE) Basic 24d (8.3281) (9.4959) Dilluted 24d (8.3281) (9.4959) ROSSI RESIDENCIAL S.A. E CONTROLADAS STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED MARCH 31, 2018 AND 2017 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) Explanatory Note (In thousands of Reais - R$) Parent Company Consolidated The accompanying notes are an integral part of these financial statements.

10 10

11 ROSSI RESIDENCIAL S.A. E CONTROLADAS STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIODS ENDED MARCH 31, 2018 AND 2017 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) (In thousands of Reais - R$) Capital stock Treasury stock Capital reserve Accumulated losses Shareholders equity Minority shareholders equity Consolidated shareholders AT DECEMBER 31, ,611,390 (83,313) 69,134 (1,882,576) 714,635 18, ,575 Capital reduction by minority shareholders (8,286) (8,286) Stock-based compensation Loss for the year (162,883) (162,883) (693) (163,576) AT MARCH 31, ,611,390 (83,313) 69,247 (2,045,459) 551,865 9, ,826 AT DECEMBER 31, ,611,390 (83,313) 69,994 (2,221,467) 376,604 (6,659) 369,945 Capital reduction by minority shareholders (8,083) (8,083) Stock-based compensation Loss for the year (142,852) (142,852) 6,938 (135,914) AT MARCH 31, ,611,390 (83,313) 70,042 (2,364,319) 233,800 (7,804) 225,996 The accompanying notes are an integral part of these financial statements. equity 11

12 12 ROSSI RESIDENCIAL S.A. E CONTROLADAS STATEMENT OF CASH FLOWS FOR THE PERIODS ENDED MARCH 31, 2018 AND 2017 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) (In thousands of Reais - R$) Parent Company Consolidated Explanatory Note 03/31/ /31/ /31/ /31/2017 CASH FLOW FROM OPERATING ACTIVITIES (Loss) income before income tax and social contribution (142,852) (162,883) (133,885) (160,206) Adjustments not implying cash receipt or expenditure: Depreciation and amortization 3,706 4,238 4,001 5,756 Estimated loss on doubtful accounts 5, ,700 2,863 Adjustment to present value (1,599) Provisions for risks (204) 5, (3,379) Escrow deposits w ritten off 2,021 2,309 4,010 2,842 Provision for construction w ork guarantees (1,948) (96) (1,280) (1,413) Share-option compensation Provision for profit sharing Equity pickup 69,921 59,312 10,754 19,466 Gain on investments disposed of (172) (2,358) 221 (2,276) Realization ofexcessover the book value of investments purchased 12,700 3,275 12, Fixed assets and intangibles w ritten off 4, , Deferred taxes and contributions (374) 393 (159) 556 Financial discounts obtained Provision for losses on the recoverable value of inventories Net interest and financial charges 40,823 62,223 44,647 65,112 (5,846) (26,721) (45,849) (70,913) Changes in operating assets and liabilities: Decrease (increase) in trade receivables (162) 13,605 13,396 26,709 Decrease (increase) in properties for sale 2,773 10,730 31,820 85,577 Decrease (increase) in other credits, net of items classified as liabilities Decrease (increase) in other assets 526 (732) 15,371 21,876 Increase (decrease) in payables from acquisition of plots of land (1,292) (9,144) 808 (10,753) Increase (decrease) in taxes and contributions - - (429) (5,087) Increase (decrease) in advance from clients (38) (281) 3,314 1,282 Increase (decrease) in management s and employees participation in profits and results payable - (440) 341 6,118 Increase (decrease) in other liabilities - (511) - (511) Other: 3,783 2, (3,858) Interest paid - (87,337) (13,786) (92,290) Income tax and social contribution paid - - (3,254) (153) Net cash generated by (used in) operating activities (256) (98,514) 2,589 (42,003) CASH FLOW FROM INVESTING ACTIVITIES Increase (decrease) in investments - 31,907-2,735 Dividends received - - 3,772 6,065 Redemption (investment) in marketable securities (36) (204) 10, Acquisition of fixed assets (1,348) - (1,348) (15) Acquisition of softw are pieces (485) (2,891) (485) (2,891) Net cash generated by (used in) investing activities (1,869) 28,812 12,811 6,453 CASH FLOW FROM FINANCING ACTIVITIES Related-party transactions 7 e 18a 5,105 19,118 11,523 14,642 Other transactions w ith minority shareholders DMPL - - (8,082) (8,286) Loans and financing: Taken ,028 35, ,351 Repaid 12 - (155,271) (35,583) (191,324) Net cash generated by(used in) financing activities 5, ,875 3,026 93,383 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,980 31,173 18,426 57,833 CASH AND CASH EQUIVALENTS At the beginning of year 5,347 3,439 29,572 45,883 At the end of year 8,327 34,612 47, ,716 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,980 31,173 18,426 57,833 The accompanying notes are an integral part of these financial statements

13 13 ROSSI RESIDENCIAL S.A. E CONTROLADAS VALUE-ADDED STATEMENTS FOR THE PERIODS ENDED MARCH 31, 2018 AND 2017 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) (In thousands of Reais - R$) Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 REVENUES Properties sold and services rendered 4,203 8,192 61, ,472 Other revenues (expenses) (5,527) (3,030) (9,638) (3,212) Write off of (provision for) doubtful accounts (5,768) (919) (8,701) (2,863) (7,092) 4,243 42, ,397 INPUTS ACQUIRED FROM THIRD PARTIES Costs of properties sold (99) (12,464) (45,788) (115,372) Materials, energy, third-party and other services (12,568) (19,141) (28,628) (40,056) (12,667) (31,605) (74,416) (155,428) GROSS VALUE ADDED (19,759) (27,362) (31,485) (18,031) RETENTIONS Depreciation and amortization (3,706) (4,238) (4,001) (5,756) Realization of excess over the book value of purchase (12,700) (3,275) (12,019) (3,275) Net amount produced by the entity (36,165) (34,875) (47,505) (27,062) VALUE ADDED RECEIVED THROUGH TRANSFER Equity pickup (69,921) (59,312) (10,754) (19,466) Financial revenues 530 2,587 5,553 5,610 (69,391) (56,725) (5,201) (13,856) TOTAL VALUE-ADDED TO BE DISTRIBUTED (105,557) (91,600) (52,706) (40,918) Value-added distributed Personnel expenses Direct compensation 3,198 3,938 5,929 6,060 Benefits ,302 2,118 F.G.T.S ,297 2,267 4,383 5,444 8,528 10,445 Taxes, rates and contributions Federal 681 4,286 5,503 12,183 State Municipal , ,635 5,780 14,653 Return on third-party capital Interest and bank charges 31,842 60,317 68,199 96,078 Rentals ,482 Other ,185 61,204 68,900 97,560 Return on ow n capital (Losses incurred) retained earnings (142,852) (162,883) (142,852) (162,883) (142,852) (162,883) (142,852) (162,883) Participation of minority shareholders in retained earnings - - 6,938 (693) (105,557) (91,600) (52,706) (40,918) The accompanying notes are an integral part of these financial statements

14 14 (Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.) Management s explanatory notes to the interim accounting information for the period ended March 31, 2018 (in thousands of Reais - R$, except for amounts per share or otherwise stated) 1. Operations The operations performed by Rossi Residencial S.A. (the Company or Rossi Residencial ) and its investees comprise: (a) construction, development of plottings and sale of residential and commercial properties and plots of land; (b) provision of civil engineering services through their own operations; and (c) participation in Specific Purpose Entities SPE s and consortiums. The Company is a corporation domiciled in Brazil and headquartered in the capital city of the state of São Paulo, enrolled with the Brazilian Securities Commission CVM since July 1, 1997 and listed on the São Paulo Stock Exchange (including B3, former BM&F BOVESPA), having become part of the special segment known as New Market in January Operating and financial restructuring The Company identified the need to adjust its cash flow to its operating and financial obligations, due to, among other things, the significant losses sustained in this and previous years. Therefore, since August 2015, the Company s management works on its operating restructuring and renegotiation of debts, especially those of a corporate nature, the first renegotiation stage of which was completed in previous years. Currently, the management completes the second renegotiation stage with financial institutions, with a view to better adjust the Company s future financial flow. The following are actions taken to the date of this report: 1. Significant reduction of the Company s fixed and operating costs, by adjusting its operations to adverse market conditions; a) The reduction of operating costs is made possible by the Company s strategy that consists in completing works within schedule, thus reducing production expenses and the

15 15 administrative structure of its headoffice, optimizing the operation strategy in other states and cutting selling expenses; b) As regards operation in other states, on August 29, 2017, the Company disclosed a Relevant Fact, i.e., the decision to close its joint venture Capital Rossi Empreendimentos S.A. ("Capital Rossi") formed in 2010 by association with Construtora Capital S.A. This decision is in line with the Company s restructuring strategy, reduction of administrative structure and focus on activities in certain Brazilian regions. The closing of this partnership on March 31, 2018 has already been completed, with all corporate acts duly formalized and the related accounting effects reflected on these interim accounting information. Note that there was no need for cash disbursement, given the division of joint venture s assets; 2. Increase in the Company s cash generation over the latest periods, postponement of some entries, accelerated cancellation of contracts with defaulting clients and the resulting sale of housing units taken over, sale of the Company s non-strategic plots of land (receipt of R$ 197 million from 2015 to March 2018), and improved onlending of housing units; 3. Corporate and operating debts: a) Completion of the first stage of corporate financial debt renegotiation with Banco Bradesco and Banco do Brasil, thus ensuring extension of the debt average duration from 10 to 39 months, with significant reduction of financial costs (Note 12) as disclosed to the market in March and July 2016; b) In 2017, continued corporate debt renegotiation plan disclosed on December 21, 2017 (Relevant Fact), informing that on that date the Company completed its restructuring process involving approximately R$ 1,660 (one billion six hundred and sixty million Reais) of corporate debt contracted with Banco Bradesco and Banco do Brasil and the SFH (National Housing System) operating debt with Caixa Econômica Federal: a. On March 16, 2018 the Administrative Council approved the signature of a Global Restructuring Contract, debt confession and other agreements with Banco Bradesco. The impact of this initiative on the total debt is estimated at up to R$ 755 million (seven hundred and fifty five million Reais), of which R$ 315 millon (three hundred and fifteen million Reais) had its effects in 2017, and the remainder can be realized throughout 2017, as the transfers of all these assets are formalized; and b. The Company stresses the importance of completing this process, considering that the Restructuring process covers approximately 90% (ninety percent) of its total corporate debt and 100% (a hundred percent) of its debt with its main creditor for SFH operations; c) Closing of operations with the business partner RB Capital, according to the relevant fact disclosed on June 28, 2017, which made it possible for the Company to reduce its obligations by R$ 110 million, with immediate reduction of leverage and financial expenses as well as savings in stocks (completed housing housing units) delivered for debt amortization. On December 31, 2017 this operation was completed and the debt fully settled. 4. By completing the debt renegotiation with effect on accounting, the Company was able to have positive working capital, not considering the negative balance with related parties investees not

16 16 included in Rossi Residencial interim financial statements according to accounting criteria and practices (IFRS). With neutralization of the impact is neutralized by elimination of nonconsolidated investees, the Company s capital amounts to R$ 274 million. Lastly, although the strategic plan put into practice seems to be successful until now, there are other risk factors (see below) that may adversely affect the Company s plans: a) Political and Economic Crisis: although the economic recovery expectations are more optimistic, the Brazilian recession cycle remained in 2017, aggravated by political uncertainty. The deterioration of the economic scenario with high interest rates, rising unemployment, lower consumer confidence level and credit restriction led families, companies and the government to higher indebtedness. In such a scenario, extreme adjustments were necessary, which resulted in a slow recovery through deleveraging of the main economic agentes and gradual resumption of investments; b) Housing market: Since 2017 and the first quarte of 2018 the housing market has shown a cautious recovery, with normalization of inventory levels and sales. However, the risk of contract cancellation remains due to the current recession and the housing market s need for better economic conditions. 2. Presentation of Interim Accounting Information and Major Accounting Practices 2.1. Declaration of conformity Below, the Company s interim information: a) The parente company s individual interim information prepared in accordance with the Technical Pronouncement CPC 21 (R1) Interim Statement consistente with the CVM standards applicable to preparation of Quarterly Information ITR, identified as Individual ; and b) Consolidated interim informatioon prepared in accordance with accounting practices adopted in Brazil and the Technical Pronouncement CPC 21 (R1) Interim Statement and the international standard IAS 1 Presentation of Financial Statements issued by the IASB ( IFRS ), dealing with guidance contained in the CIRCULAR LETTER/CVM/SNC/SEP/no. 01/2018, related with the application of the Technical Guidance OCPC 04, issued by the Accounting Pronouncements Committee ( CPC ), as approved by the Brazilian Securities Commission ( CVM ) and the Federal Accounting Council ( CF!), on the revenue recognition over time, presented consistently with the standards issued by CVM and applicable to preparation of Quarterly Information ITR, identified as Consolidated"; c) The Company s management declares and confirms that all its own information included in the individual and consolidated interim financial information is evidenced and correspond to information used by the management in performing its functions Basis of preparation The interim accounting information was prepared based on the historical cost, some assets and liabilities at presente value and some inventory and financial instruments at their realizable value.

17 17 In preparing the interim accounting information in conformity with the IFRS applicable to construction in Brasil, accounting estimates and judgment by the Company s management were used. The Company conducts its own enterprises based on corporate structures related with Specific Purpose Entities SPE and consortiums, with segregation of assets pertaining to those structures. Information on the basis of preparation and presentation of interim accounting information, a summary of the major accounting practices and the use of estimates and judgment have not changed in relation to that disclosed in Notes 2 to the Annual Financial Statements for the year ended December 31, 2017 (hereinafter known as Financial Statements as of December 31, 2017), published on March 27, 2018 by DCI and Diário Oficial do Estado de São Paulo, and made available at the following websites: and Basis of consolidation and investment in controlled companies The individual and consolidated interim accounting information include the Company s interim accounting information and that of companies directly controlled by the Company or indirectly controlled through its controlled companies. Control is obtained when the Company: Holds power over the investee; Is exposed or is entitled to variable return due to its involvement with the investee; Is capable of using this power to influence the variable returns. The Company evaluates whether or not it holds power on an investe if facts or circumstances point to changes in one or more of the three previously mentioned control elements. In the case of entities in which the Company needs the agreement of other shareholders on relevant activities affecting variable returns from an entity, it has an agreement to participate in the entity, which can be classified as joint operation or joint venture. The consolidation of a subsidiary starts when the Company begins to control it and ends when this control is lost. Specifically, revenues and expenses from a subsidiary acquired or disposed of during the year are included in statements of income and statements of other comprehensive income from de date on which the Company gains control on the subsidiary to the date this control is lost. All of the Group s consolidated intercompany transactions, balances, revenues and expenses are fully eliminated from consolidated interim accounting information. The interim accounting information of controlled companies and jointly controlled enterprises included in the Parent Company s interim accounting information is recognized by the equity method. The accounting practices are consistently applied to all consolidated companies, and the interim accounting information of investees is prepared for a single disclosure period.

18 18 As described in Note 2.1, the individual interim accounting information was prepared in accordance with accounting practices adopted in Brazil. In the case of the Company, these practices differ from the IFRS applicable to construction in Brazil, with respect to separate interim accounting information in terms of capitalization of interest paid by the parent company on assets of subsididiaries, concerning individual interim accounting information. For the IFRS purposes, this capitalization is permitted only in the case of consolidated interim accounting information, rather than for separate interim accounting information. Because there is no difference between the parente company s and the consolidated shareholders equity and income, the Company opted for jointly presenting the individual and the consolidated interim accounting information as a single set New and revised standards and interpretations IFRS/CPC 47 Revenues from contracts with customers IFRS 15 Revenue from Contracts with Customers. On November 4, 2016 the CPC 47 Revenue from Contracts with Customers was issued, to supersede current revenue recognition standards, including CPC 30 (IAS 18) Revenues and CPC 17 (IAS 11) Construction Contracts. This new procedure introduces a comprehensive structure to determine if and when a revenue is recognized and how it is measured. Also, it significantly changes rules and criteria for definition of revenue from contracts with customers of housing unit purchase and sale operations, which may alter the Percentage of Completion method currently used. On January 10, 2018 the Brazilian Securities Commission ( CVM ) issued the CIRCULAR LETTER/CVM/SNC/SEP/no. 01/2018, informing that the OCPC 04 (R1) was kept at a public hearing throughout the year 2017, with the issuance process suspended by decision of the CPC due to consultation filed by the IASB Interpretation Committee IFRS IC, intended for analysis of possible alterations of OCPC 04. Consequently, now it is impossible to conclude about the criterion to be adopted from January 1, 2018 on, as well as the effects of its application, because the Company awaits the CPC 47 definitive interpretations and the technical guidance from the Accounting Pronouncements Committee ( OCPC ). IFRS 9 Financial Instruments In 2014 IASB issued the final version of the IFRS 9 Financial Instruments (CPC 48 Financial Instruments), that supersedes the IAS 39 Financial Instruments: Recognition and Measurement (CPC 38 Financial Instruments) and all the previous versions of the IFRS 9. The new standard brings together the three aspects of financial instrument recording: classification and measurement, reduction to the recoverable value of assets and hedge accounting. The IFRS 9 is in force for annual periods beginning on January 1, Except in the case of hedge accounting, it has to be retroactively applied (however, it is not mandatory to provide comparative information). The Company has adopted a new standard on the effective date required and has not provided comparative information, because it did not find significant effects to be considered until March 31, 2018.

19 19 Among the changes brought about by this new pronouncement, the most importante ones were the new financial assets classification of financial assets under three categories, namely: measured at fair value through the comprehensive income; measure at the amortized cost and measured at fair value through the income, depending on the characteristics and purpose of each instrument. The classification may be as financial income or comprehensive income. Additionally, the standard shows a new financial assets impairment model: one prospective model that replaces that of losses incurred, used until then and more flexible hedge accounting requirements. The results of the assessment by the Company and its controlled companies of the possible impact of the new prospective model involving expected credit losses were not relevant in the context of quarterly information as a whole. The assessment was based on current information and may be subject to changes resulting from modification of business models and/or new contracts signed by the Company in the future. The classification of financial obligations is the same established by the IAS 39 (CPC 39) Financial Instruments presentation, with inclusion of rules for financial liabilities measured at fair value only not applicable to the Company s operations. Below, the new and revised standards and interpretations already issued but not applicable as yet: Standard Pronouncements Description In force as from: IFRS 16 Not edited Commercial lease operations January 1, 2019 IFRS 2 Not edited Classification and measurement of payment To be determined of action-based transactions IFRS 10 e IAS 28 Not edited Measurement at fair value of affiliates and jointly controlled enterprise To be determined These pronouncements are due to be issued by the Brazilian Securities Commission CVM and CFC so that they can be adopted from the date of application onwards. The Company s management is assessing the impact of the new standards and interpretations already issued but not adopted yet. 3. Cash and Cash Equivalents These are mostly represented by bank balances and investments in savings accounts with an average return of 0.371% per month. The investments in the money market recorded as cash and cash equivalentes are readily convertible into a known cash amount involving a negligible risk of impairment. Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Cash and banks: 6,483 3,401 45,422 27,173 Blocked savings account 1,844 1,946 2,576 2,399 Current 8,327 5,347 47,998 29,572

20 20 4. Marketable Securities Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Investment funds ,936 1,437 Repo operations CDBs 2,922 2,886 3,419 15,648 3,314 3,278 6,362 17,092 Current 3,314 3,278 6,362 17,092 The financial instruments are recorded at the amortized cost and approximate the market value, i.e., they are recognized at the effective rate of each instrument, net of the amount related with the expected credit loss. The yield on these instruments vary from 101% to 101.5% of the DI CETIP CDI. 5. Trade Receivables Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Housing housing units under construction ,600 45,613 Adjustment to present value - - (500) (498) Plots of land sold 28,428 28,197 37,673 28,442 Housing housing units completed (i) 145, , , ,162 Services rendered (i) 2,605 2,605 9,184 4,728 Estimated losses on doubtful accounts (i) (22,200) (16,433) (41,676) (28,165) 154, ,809 1,026, ,282 Current 130, , , ,998 Non-current 23,834 24, , ,284 (i) The increase is due to the fact that investees began to be consolidated (according to the IFRS) from the time the partnerships were undone. The balances referring to housing housing units completed are trade receivables credits, the construction work of which was completed and is being released for being linked and passed on to the financial institutions which financed the project. The adjustment to present value was calculated based on receivables from housing units under construction, at the average discount rate of 2.74 % p.a. as of March 31, 2018 (5.84% p.a., as of December 31, 2017). The net adjustment at present value recorded as properties sold in the income statement totaled R$ 2 (consolidated) in the period ended March 31, 2018 (R$1,612 as of March 31, 2017).

21 21 The segregation of trade receivables by maturity date can be thus shown: Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Due: For up to 60 days 3,685 3,938 53,276 43,871 From 61 to 90 days 1,158 1,425 12,286 37,645 From 91 to 180 days 2,079 6,323 39,303 35,076 For over 180 days 100, , , , , , , ,092 Coming due: In up to 1 year 23,075 23, , ,906 From 2 to 3 years 6,697 6,821 46,750 38,983 In over 3 years 17,137 17,508 86,779 65,301 46,909 47, , , , ,809 1,026, ,282 Below, the changes in estimated losses on doubtful accounts for the periods ended March 31, 2018 and March 31, 2017: Parent Consolidated Company At December 31, 2016 (17,113) (25,970) Additions (1,553) (3,148) Reversals At March 31, 2017 (18,032) (28,833) Parent Company Consolidated At December 31, 2017 (16,433) (28,165) Additions (5,950) (11,525) Effect of investees that began to be consolidated (according to the IFRS) from the time partnerships were undone. - (4,811) Reversals 183 2,825 At March 31, 2018 (22,200) (41,676) Credit assignment operations Because its credit assignment operations with financial institutions include guarantee clauses for possible future losses, the Company fully kept these assignment balances in trade receivables and recognized the amount received therefrom as credit assignments, under Loans and Financing. As of March 31, 2018, the book value of the related liabilities was R$21,754 under the Parent Company and R$22,374 under Consolidated (R$20,895 under the Parent Company and R$22,179 under Consolidated as of December 31, 2017). See Note 12 b.

22 22 6. Properties for sale Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Properties completed (i) 45,882 45, , ,477 Properties under construction (i) , ,791 Plots of land for future real estate developments (i) 9,256 11, , ,477 Materials ,205 Advance to suppliers 1,195 1,772 2,294 2,488 Capitalized interest (ii) ,001 39,941 Total (iii) 56,333 59,106 1,128,242 1,013,379 Current 47,077 47, , ,902 Non-current 9,256 11, , ,477 (i) The classification of plots of land for future development as current and non-current assets is based on the expected deadline for launching of real estate enterprises, which is periodically reviewed by management. The properties under construction and those already completed are classified as current assets considering their availability for sale; (ii) The financial costs of funding are capitalized as Properties for Sale and realized as cost of properties sold in the income statement, based on the quantity of housing units sold. The financial costs of funding appropriated to the income under Cost of Properties Sold in accordance with the OCPC 01 (R1) totaled R$ 22,613 under Consolidated as of March 31, 2018 (R$ 16,255 as of March 31, 2017); (iii) The increase in balances under Consolidated is the result of consolidation of investees (according to the IFRS) which began at the time the partnerships were undone. 7. Advances to Business Partners Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Advances to business partners 370, , , ,810 The Advances to business partners refer to contributions of higher amounts than the Company s share in enterprises which will be realized through cash generation during a project execution and at the end thereof. Part of these advances bear interest at between 2% and 5% above the CDI. Due to specific contractual characteristics of the Company s acquisition of quotas of investees concerning retention of certain risks of the other party, they are recorded as Advances to business partners under Assets and bear interest at between 2% and 3% p.a. above the CDI. These transactions amounted to R$38,555 as of March 31, 2018 (R$38,557 as of December 31, 2017). a) Below, the changes in advances to business partners: Cash flow impact Parent Company Consolidated At December 31, 2016 (524,406) (519,710) Receipts from partners (contributions returned) Increase (7,966) (15,844) Advances to partners (new contributions) Decerease 17,111 55,877 At March 31, 2017 (515,261) (479,677)

23 23 Cash flow impact Parent Company Consolidated At December 31, 2017 (492,357) (473,810) Effect of consolidation of investees (IFRS)which began at - the time partnerships were undone 108, ,732 Receipts from partners (contributions returned) Increase 13,373 19,654 Advances to partners (new contributions) Decerease (500) (500) At March 31, 2018 (370,752) (345,924) 8. Other credits Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Dividends and profit receivable 127, ,510 20,812 24,584 Taxes recoverable 8,453 8,813 48,108 53,457 Prepaid expenses 1,632 1,748 2,884 3,440 Other (i) 16,967 17,168 22,796 26, , ,239 94, ,618 (i) These refer to advances to suppliers and service providers and loans to employees. 9. Investments The Parent Company and Consolidated investments can be summarized as follows: Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Controlled companies Wholly-owned 2,178,385 1,990, Through management of relevant activities 3, ,181,568 1,990, Non-controlled companies Due to the lack of relevant activities 480, , , ,365 Excess over the book value of purchse 94, ,605 62,815 90,471 Capitalized interest 38,005 39, ,794,652 3,087, ,857 1,046,836 The investments in investees with negative equity were reclassified as Provision for loss on investment (Note 14), because the Company assumes all obligations in addition to those legally imposed. The interest allocated to the investees real estate enterprises is capitalized in the related Parent Company and Consolidated investments under the heading Inventories. The investments and assets and liabilities, shareholders equity and income of the investees for the year ended March 31, 2018 and the year ended December 31, 2017 are detailed in Annex I.

24 24 The changes in investments for the years ended March 31, 2018 and March 31, 2017 can be shown as follows: Parent Consolidated Company At December 31, ,383,962 1,194,984 Additions to (reductions of) investments (29,549) (442) Realization of excess over the purchase book value (3,275) (990) Equity pick-up (59,312) (19,466) Capitalized interest net of appropriation to the income 1,153 - Dividends declared (3,109) - Reclassification as provision for losses on investees (Note 14) 54,100 (9,422) At March 31, ,343,970 1,164,664 Parent Company Consolidated At December 31, ,087,362 1,046,836 Effect of partnerships undone (Construtora Capital) (218,964) (471,413) Additions to (reductions of) investments (49,604) (1,544) Realization of excess over the purchase book value (12,700) (12,019) Equity pick-up (69,921) (10,754) Capitalized interest net of appropriation to the income (1,940) - Dividends declared (108) - Reclassification as provision for losses on investees (Note 14) 60,527 (1,249) At March 31, ,794, ,857 Excess over the book value of purchase The amortization of the excess over the book value of purchase is recognized in the income at the FIT (Ideal Fraction of Plot of Land) and POC (Percentage of Completion) rates corresponding to each one of the enterprises: Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Intangibles Properties for sale: Properties under construction 16,992 29,673 1,265 18,319 Plots of land for future development 77,517 77,539 61,453 72,055 94, ,212 62,718 90,374 94, ,605 62,815 90, Fixed assets Annual Parent Company Consolidated depreciation rate - % 03/31/ /31/ /31/ /31/2017 Plots of land ,577 1,577 Machines and equipment 10 20,680 20,680 28,990 27,839 Furniture and fixtures 10 2,806 2,806 3,500 3,282 Facilities 10 13,413 12,064 16,025 14,222 Computer hardware Sales stand ,335 4,336 37,002 35,653 54,668 51,402 Acccumulated depreciation (25,750) (24,944) (37,555) (35,306) 11,252 10,709 17,113 16,096 At each period end the Company re-examines the book value of its assets in search of signs of impairment loss. At December 31, 2017 the management did not find any signs of impairment loss.

25 25 Changes in fixed assets Machines and equipment Furniture and fixtures Parent Company Facilities Computer hardware Total At 12/31/2016 8, , ,129 Write-offs (1) (137) (17) - (155) Depreciation (518) (74) (241) (2) (835) At 03/31/2017 8, , ,139 Parent Company Machines and equipment Furniture and fixtures Facilities Computer hardware Total At 12/31/2017 6, , ,709 Additions - - 1,348-1,348 Write-offs Depreciation (517) (48) (240) - (805) At 03/31/2018 6, , ,252 Machines and equipment Furniture and fixtures Facilities Consolidated Computer hardware Stands Plots of land Other Total At 12/31/ ,072 1,174 5, ,405 1, ,954 Acquisitions Write-offs (1) (242) (17) (2) (262) Depreciation (697) (91) (298) (5) (1,261) - - (2,352) At 03/31/ , , ,144 1, ,355 Machines and equipment Furniture and fixtures Facilities Consolidated Computer hardware Stands Plots of land At 12/31/2017 9, , ,577-16,096 Acquisitions - - 1, ,348 Write-offs Depreciation (725) (67) (305) (5) (1,101) Other (i) At 03/31/2018 8, , ,577-17,113 Other Total (i) Effect of consolidation of investees (according to the IFRS) that began at the time partnerships were undone. 11. Intangibles Annual Parent Company Consolidated amortization rate % 03/31/ /31/ /31/ /31/2017 Excess over the book value of purchase Software pieces 10% e 20% 42,006 96,907 42,008 96,908 Accumulated amortization - (29,678) (43,616) (29,679) (43,616) 12,328 53,291 12,625 53,588 Changes in intangibles Parent Company Consolidated At December 31, ,882 62,197 Realization of excess over the book value of purachase - (17) Software pieces amortization (3,403) (3,404) At December 31, ,479 58,776

26 26 Parent Company Consolidated At December 31, ,291 53,588 Software pieces acquisitions Software pieces amortization (2,900) (2,900) Software pieces write-offs (i) (38,548) (38,548) At March 31, ,328 12,625 (i) In the first quarter of 2018 the Company s management cancelled the contract with a supplier referring to data hosting and development, originally intended to last for 10 years (Note 15). Commercial lease Hosting data storage Annual rate defined in accordance with the useful life Acquisition cost 42,577 (-) Accumulated amortization 10% (9,792) (-) Write-off due to contract termination (32,785) At 03/31/ Loans and financing Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Real estate credits (a) 733, ,631 1,470,255 1,325,230 Credit assignment (b) 21,754 20,895 22,374 22,179 Loans for working capital purposes (c) 405, , , ,410 1,159,838 1,120,936 1,901,637 1,754,819 Current 254, , , ,300 Non-current 905, ,579 1,118,674 1,141,519 Debt by Type (a) Real estate credits Property construction financing (Operational) The Company s financing for property construction of properties bear interest varying between 8.5% and 14.21% p.a., indexed at the Reference Rate TR, and amortizable through These financing contracts are guaranteed by mortgage and receivables from the related properties. Their consolidated balance amounts to R$737,181 as of March 31, 2018 (R$628,600 at December 31, 2017). Bank Credit Notes CCBs (Corporate) The Company has issued Bank Credit Notes CCB for use in the development of real estate projects. These financing lines are subject to financial charges varying from 111% to 117% p.a. of the CDI. The principal is amortized in quarterly, half-yearly and annual installments beginning in 2017 and ending in As of March 31, 2018 they amount to R$733,074 (R$696,630 at December 31, 2017).

27 27 (b) Credit assignment This comprises credit assignment to financial institutions arising from property unit sale contracts, bearing interest at the capitalized rate of 1.00% p.m. (12.68% p.a.) plus variation of the INCC General Market Price Index variation or IGPM General Market Price Index. The proceeds of the monthly installments collected is held at an account of the Company. Any expected losses on contracts assigned are guaranteed for the assignee. (c) Loans for working capital purposes (Corporate) Funds used in development of real estate projects, which bear interest at 111% do CDI, after amendments to contracts with renegotiation of terms and financial costs. The principal and interest are amortized in monthly, half-yearly and annual installments beginning in 2017 and ending in The guarantees given after renegotiations consisto f plots of land, real estate housing units and/or receivables from completed housing units, as well as capital quotas of certain companies (SPE) controlled by the Company. Maturity time chart The table below shows the maturity time chart of loans and financing in force as of March 31, 2018 and December 31, 2017: Parent Company Consolidated Year 03/31/ /31/ /31/ /31/ , , , , , , , ,450 Beyond , , , ,069 1,159,838 1,120,936 1,901,637 1,754,819 Changes in loans and financing Parent Company Consolidated At December 31, ,277,135 2,042,381 Additions 237, ,351 Payments (155,271) (191,324) Interest incurred 57,766 65,347 Interest paid (87,337) (92,290) At March 31, ,329,321 2,102,465 Parent Company Consolidated At December 31, ,120,936 1,754,819 Additions - 35,168 Payments - (35,583) Interest incurred 38,902 43,222 Interest paid - (13,786) Effect of consolidation of investees (according to the IFRS) which began at the time partnerships were undone - 117,797 At March 31, ,159,838 1,901,637

28 28 Corporate and operational debt renegotiation and restructuring First renegotiation stage extension of amortization terms In June 2016 the Company s management completed the first stage of its corporate debt restructuring with Banco Bradesco and Banco do Brasil, as announced to the market on July 1, It was agreed with Banco Bradesco to extend the corporate debt of approximately R$ 820 million, with a new 72-month term for payment and grace period of the principal and payment of interest during the first 12 months. With Banco do Brasil it was agreed to extend the debt of approximately R$ 228 million, with a new 48-month term for debt payment and grace period of 18 months. The book balances of these corporate debts contained in this interim accounting information already reflect the new conditions agreed upon. Second renegotiation stage restructuring with partial debt settlement using assets As disclosed as a relevant fact of December 21, 2017 and supplemented on March 16, 2018, the Company completed the restructuring of a debt of approximately R$ 1,660,000 contracted with Banco Bradesco, Banco do Brasil and Caixa Econômica Federal: Banco Bradesco (corporate debt): signature of a debt restructuring agreement referring to financial operations performed by the parties amounting to approximately R$ 1,020,000. As the main measure taken, the partial settlement of amounts due by the Company using assets already included in the set of guarantees supporting current financial operations is worth mentioning. The estimated impact of this initiative on the total debt may represent up to R$ 755,000, of which some R$ 315,000 has immediate effects already accounted for in The remainder will be completed throughout 2018, as the transfers of all these assets are formalized. And the balance will be settled by the Company over the next seven (7) years with a grace period of two (2) years for the principal and interest, and phasing of the amortized percentage year by year, the amortization beginning in the third year at 5% (five percent) of the total debit balance and ending in the seventh/last year of the agreement at 55% (fifty five percent) of the total debit balance. Banco do Brasil (corporate debt): restructuring of a financial debt currently at approximately R$ 250,000. Part of this amount will be settled in the next 3 (three) years using proceeds of properties sold (apartments completed and plots of land) which are already included in the set of guarantees supporting current financial operations. The term for settlement of remainder will also be extended to better adjustment to the Company s future cash flow; Caixa Econômica Federal (operational debt): completion and implementation of negotiation of production financing agreements ( SFH ) supporting 9 (nine) construction works financed by that institution, which already na indebtedness balance. The restructered amount reaches approximately R$ 410,000 and the new agreements provide for a three-year extension of the maturity date, in order to adjust the amortization flow to the expected sales of the related projects. The book balances contained in this interim accounting information already reflect the new conditions agreed upon.

29 Accounts payable from acquisition of plots of land and advances from clients a) Accounts payable from acquisition of plots of land The disbursement flow can be thus shown: Consolidated 03/31/ /31/2017 In , ,702 As from ,390 4, , ,429 Current 114, ,702 Non-current 9,390 4,727 Of the total Consolidated R$124,000, R$ 18,713 will be settled by sharing the revenue from the enterprise that will be developed on the plot of land, The remaining Consolidated R$105,287 will be paid in cash, monetarily restated (mostly at the IGPM and INCC rates), according to the payment flow defined through realization of cash from projects that are due to be launched. These accounts payable are guaranteed by promissory notes, sureties or insuranceguarantees of delivery of the property itself, in the case of physical barter deals. b) Advances from clients Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Advances from clients ,805 16,774 Advances from clients barter delas , ,486 Circulante , ,260 The advances from clients represent a portion in excess of receipts from clients, whem these exceed the revenues recognized. The advances from clients barter deals represent plots of land acquired through physical barter deals in enterprises the contractual resolutive clauses of which have been complied with and are recorded at fair value, on the date of initial recognition or whenever this evaluation is possible. The technique used was based on the revenue based on which the fair value of payment was determined and the quotation price of assets under the related project was used to define the fair value of housing units exchanged under barter deals, i.e., no active market price was used.

30 Provision for Loss on Investments Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Provision for negative shareholders equity of investees 1,976,746 1,916,219 78,851 80,100 Below, the changes in investments in the periods ended March 31, 2018 and December 31, 2017: Parent Company Consolidated At December 31, ,781, ,527 Reclassifed from investment (Note 9) 54,100 (9,422) At March 31, ,835,832 92,105 Parent Company Consolidated At December 31, ,916,219 80,100 Reclassifed from investment (Note 9) 60,527 (1,249) At March 31, ,976,746 78,851 The related assets and liabilities, negative shareholders equity and income for the period ended March 31, 2018 and the period ended March 31, 2017 of these investees are detailed in Annex 1 to this report. 15. Other Accounts Payable Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Payables from cancellation by clients(i) 17,090 17, , ,459 Contractual retentions by suppliers 1,602 1,602 25,950 22,884 Commercial lease (ii) 4,425 38,255 4,425 38,255 Other 3,665 7,571 8,330 13,770 26,782 64, , ,368 Current 25,750 29, , ,745 Non Current 1,032 34,509 53,172 72,623 (i) The management currently assesses the impacto f cancellations, as laid down in the technical pronouncement CPC 17 Construction Contract, Because a great number of promising purchasers contacted the entity to cancel their purchase and sale contracts, a provision for cancellation of Consolidated R$ 56,786 (Consolidated R$41,090 at December 31, 2017) was set up. The increase in the balance as compared to that of December 31, 2017 is due to the effect of investees consolidation (according to the IFRS) which began at the time the partnershipes were undone; (ii) The commercial lease agreement referring to data hosting contracted in 2016, (Note 11) in the first quarter of 2018 was cancelled, thus reducing the obligation payable in the amount of R$ 33,830.

31 Provisions for risks a) Labor issues The Company and its controlled companies are party to legal suits at several courts, especially because of solidarity granted to certain contractors whose exposure is monitored by controls accompanied by the Company, who also uses contractual retentions to cover expenditures. According to the Company s legal advisors, and the retentions recorded, the provision is supplemented when there is the probability of loss. Provisions were recorded for processes deemed to involve possible loss totaling R$ 53,869 as of March 31, 2018 (R$48,564 at December 31, 2017). b) Civil issues The Company and its controlled companies have been sued especially for issues related with sale of residential properties. In case of prosecution, the Company has to return to purchasers part of the installmens received and payment of redress for liability. The provision is supplemented whenever there is the probability of loss. No provision is set up for processes deemed to involve possible loss, which amount to R$ 186,985 as of March 31, 2018 (R$161,971 at December 31, 2017). c) Tax issues As of November 27 and , the Company and its subsidiary América Properties Ltda. opted for respectively payment in installments of debt with the Receita Federal (Federal Income Tax Authority) and the National Treasury Attorney s Office) under the Programa de Parcelamento Especial (Special Refinancing Program) - REFIS IV, instituted by Law 11,941 of May 27, These are debits arisin from legal questioning about the constitutionality of federal taxes related with Contribuição para o Financiamento da Seguridade Social (Contribution to the Social Security Funding) COFINS and the Programa de Integração Social (Social Integration Program) - PIS, specifically dealing with the extension of basis of contribution and levying of those taxes on revenues from sale of properties, previous to Law 9,718/98, for which escrow deposits have been made. On the date of option for refinancing, the restated debt amount was R$25,554, of which R$18,026 refera to the principal and R$7,528 to portions of interest and fines. As of September 30, 2011, the Company filed a request with the Receita Federal and the Procuradoria-Geral da Fazenda Nacional for consolidation of said debt, for which to the date of this report. there was no reply from the authorities.

32 32 The table below contains a summary of provisions for debt refinancing (REFIS) and escrow deposits made: Parent Company 03/31/ /31/2017 Escrow Provisions Escrow Provisions deposit deposit Civil issues 9,925 16,871 11,261 17,091 Labor issues 6,903 7,429 6,419 7,413 Provisions for risks 16,828 24,300 17,680 24,504 REFIS IV (Provisions recorded under Taxes and 43,382 21,356 43,259 21,356 contributions to be collected Non-current ) Taxes and contributions to be collected Non-current 43,382 21,356 43,259 21,356 60,210 45,656 60,939 45,860 Consolidated 03/31/ /31/2017 Escrow Provisions Escrow Provisions deposit deposit Civil issues 19,271 69,179 18,630 63,550 Labor issues 16,996 31,475 15,104 28,500 Tax issues Provisions for risks 36, ,654 34,259 92,050 REFIS IV (Provisions recorded under Taxes and contributions to be collected Non-current ) 56,734 25,539 56,567 25,554 PPI-2017 (recorded under Taxes and contributions to be collected Non-current ) - 5,911-5,895 Taxes and contributions to be collected Non-current 56,734 31,450 56,567 31,449 Total 93, ,104 90, ,499 The changes in escrow deposits and provisions can be summarized as follows: Escrow deposits Parent Company Consolidated At December 31, ,947 81,907 Deposits made 9,144 10,753 Deposits written off (2,309) (2,842) At March 31, ,782 89,818 Escrow deposits Parent Company Consolidated At December 31, ,939 90,826 Deposits made 1,292 3,961 Deposits written off (2,021) (4,010) Effect of investees consolidation (according to the IFRS) which began at the time partnerships were undone - 2,749 At March 31, ,210 93,526

33 33 Provisions Parent Company Consolidated At December 31, , ,409 Provisions for civil and labor risks 10,117 23,171 Write-offs and payments (4,438) (26,550) At March 31, , ,030 Provisions Parent Company Consolidated At December 31, , ,499 Provisions for civil and labor risks 1,713 6,224 Write-offs and payments (1,917) (5,868) Effect of investees consolidation (according to the IFRS) which began at the time partnerships were undone - 8,249 At March 31, , ,104 d) Federal tax debits Federal tax regularization programs (PRT/PERT) In 2017 the Company adhered to the Regularização Tributária PRT (Tax Regularization Program) and the Especial de Regularização Tributária PERT (Special Tax Regularization Program) programs totaling R$ 1,769. The programs were instituted by the Provisional Measures 766/2017 and 783/2017 (converted into law on October 24, 2017) and Law 13,496). Through the adherence, the Company was authorized to use the related tax benefits for settlement of federal tax debt of companies, the result being the relization of R$ 24,376 (restated with fines and interest included). The PRT made it possible to include tax and non-tax debits with the Receita Federal do Brasil (RFB) and the Fazenda Nacional (National Treasury) due up to November 30, 2016 and authorized the use of tax loss credits to offset the total restated debt. The PERT covered tax and non-tax debits with the Receita Federal do Brasil (RFB) and the Procuradoria-Geral da Fazenda Nacional (PGFN) due up to April 30, 2017, whether incurred or not, under discussion at administrative level or in court, including the migration of debits arising from refinancing made under the PRT. The program authorized regularization of tax debits with reduction of interest and fines and/or use of the Company s own and other group companies tax credits and tax losses. The Company s obligations and scope of the programs in question at December 31, 2017 are shown in the table below, considering the benefits granted: Adherence with benefits taken Total payable Description Restated debits included in PRT/PERT Tax loss Reduction of fines and interest Upon adherence as of 08/31/2017 (5 installments) Cofins collectible 11,292 (9,232) (1,624) 436 IRPJ collectible 5,839 (4,260) (840) 739 CSLL collectible 3,565 (2,601) (513) 451 PIS collectible 2,496 (2,041) (359) 96 Other debits 1,184 (967) (171) 46 Total 24,376 (19,101) (3,507) 1,768

34 34 Below, the effects of benefits on the Company s income as of December 31, 2017, due to adherence to PRT and PERT: 12/31/2017 Positive effects on the income for the period of tax loss benefits permitted by adherence to PERT/PRT 100% Consolidated (IFRS) Deductions of operating revenue (gross operating margin) 10,152 7,219 Income tax and social contribution expenses 6,860 4,638 Financial and other operating expenses, net 2,089 1,586 Total 19,101 13,443 e) Municipal tax debits (SP) Refinancing program under incentive In September 2017 the Company adhered to the program Parcelamento Incentivado da Prefeitura Municipal de São Paulo (São Paulo Municipality Refinancing Program under Incentive) ( PPI-2017, instituted by Law /17, on behalf of two SPEs controlled by Rossi Residencial who had incurred municipal urban land and building tax debt IPTU. The PPI-2017 is a refinancing program for taxpayers willing to regularize their tax and non-tax debt, whether incurred or not, including those already forming part of the Active Debt, already judged or not, in relation to tax events occurred up until December 31, 2016, with discount of 50% of arrear fines and 60% of arrear interest, by way of tax benefits. The total post-benefit debits payable included in the program amount to R$ 6.568, payable in 120 monthly, consecutive installments restated based on the Selic rate. The table below shows debits included in the refinancing program: Sociedade de Propósito Específico (SPE) Controladas Restated debit 03/31/2018 Benefits granted Balance payable (120 installments) Sandalo Desenvolvimento Imobiliário Ltda. 7,269 (1,554) 5,715 Linum Empreendimentos Imobiliários Ltda. 516 (87) 429 Bordo Empreendimentos Imobiliários Ltda 590 (166) 424 Total principal 8,375 (1,807) 6,568 (+) charges and restatement 154 (-) payments made until March 31, 2018 (254) (=) Balance as of March 31, ,468 Current presented under Taxes and contributions collectible - Current 557 Non-current - presented under "Taxes and contributions collectible non-current 5, Deferred Taxes and Contributions Collectible a) Below balance sheet accounts: Parent Company Liabilities 03/31/ /31/2017 Taxes and contributions on the difference of appropriation to real estate profit COFINS and PIS 1,226 1,600 1,226 1,600 Current 1,018 1,328 Non-current

35 35 Consolidated Liabilities 03/31/ /31/2017 Deferred taxes and contributions on the difference of appropriation of real estate profit Companies taxed by the real income taxation regime: Income tax and social contribution 37,688 27,664 COFINS and PIS 20,771 15,550 Companies taxed by the real income and segregate estate taxation regime: Income tax and social contribution COFINS and PIS Companies taxed by the assumed profit taxation regime: Income tax and social contribution 6,286 5,286 COFINS and PIS 7,449 6,263 Companies taxed by the assumed profit and segregate estate taxation regime: Income tax and social contribution 5,429 5,029 COFINS and PIS 5,881 5,448 84,298 65,614 Current 40,551 34,155 Non-current 43,747 31,459 The basis of calculation of deferred taxes is represented by the difference between the practice of recognizing profit on real estate activities for taxation purposes (cash basis) and accounting purposes (accrual basis) and the practice of deducting provisions. b) Below the conposition of temporary differences on the real income: 03/31/ /31/2017 Temporary differences - Parent Company Real estate appropriation 13,252 17,297 Tax loss offsetting (13,252) (17,297) - - Temporary differences controlled companies Real estate appropriation 118, ,235 Tax loss offsetting (35,670) (34,870) Basis 83,229 81,365 Nominal rate 34% 34% Deferred liabilities 28,298 27,664 c) The tax losses and negative bases for which there is no statutes of limitation, can be thus shown: Balances controlled on subsidiary tax books and not recognized in accounting records 03/31/ /31/2017 Parent Company 2,234,950 2,129,735 Temporary differences offset (13,252) (17,297) 2,221,698 2,112,438 Ccontrolled companies 1,715,618 2,186,161 Temporary differences offset (35,670) (34,870) 1,679,948 2,151,291 3,901,646 4,263,729

36 36 d) The income tax and social contribution expenses (revenues) on the income are thus distrubuted: Consolidated 03/31/ /31/2017 Current taxes on: Companies taxed by the real income taxation regime (667) (595) Companies taxed by the real income and segregated estate taxation regime: (27) (420) Companies taxed by the assumed profit taxation regime (866) (2,356) Companies taxed by the assumed profit and segregated estate taxation regime (570) (100) Total current taxes (2,130) (3,471) Difference of appropriation of real estate profit: Companies taxed by the real income taxation regime (495) 214 Companies taxed by the real income and segregated estate taxation regime Companies taxed by the assumed profit taxation regime 269 (9) Companies taxed by the assumed profit and segregated estate taxation regime 21 (177) Total deferred taxes e) The reconciliation of income tax and social contribution (both current and deferred) to taxes on real income stated in the income for periods ended as of March 31, 2018 and 2017 at the nominal rate: Parent Company 03/31/ /31/2017 Loss before income tax and social contribution (142,852) (162,883) Nominal rate in force 34% 34% Expected income tax and social contribution expenses 48,570 55,380 Equity pickup (23,773) (20,166) Other additions and exclusions (9) (39) Tax credits not incurred (24,788) (35,175) (-) Income tax and social contribution expenses or revenues - - Consolidated 03/31/ /31/2017 Loss for the year (135,914) (163,576) (-) Net income assumed profit and RET (special taxation regime) companies (4,729) 274 Loss for the year real income (131,185) (163,850) (-) Income tax and social contribution expenses/revenues (1,162) (381) Loss before income tax and social contribution (130,023) (163,469) Nominal rate in force 34% 34% Expected income tax and social contribution expenses 44,208 55,579 Equity pickup (3,656) (6,618) Other additions and exclusions (260) (1,784) Tax loss offset Tax credits not incurred (41,770) (47,796) (-) Income tax and social contribution expenses or revenues (1,162) (381) Recomposition of current and deferred taxes Taxes on income - deferred (revenue) 2,147 2,452 Taxes on income - deferred (expense) (2,642) (2,238) (=) Taxes on income deferred (1) (495) 214 (+) Taxes on income current (expense) (2) (667) (595) (=) Taxes on income (current (-) deferred) (1-2) (1,162) (381) f) Assets with equity segregation: The Company s equity segregation structures refer to the Special Taxation Regime segregated estate. Below, the enterprises included in the RET:

37 37 Description Proportion under Consolidated R$ (thousand) Consolidated total 03/31/2018 % of assts Rossi Mais 99,652 3,491, % Rossi Mais Jardins De Paulinia 25,428 3,491, % Rossi Mais Parque Da Lagoa 195,804 3,491, % Rossi Mais Horizontes 46,947 3,491, % Rossi Atual Alto Da Lapa 24,211 3,491, % Espaço Vip Residencial (Retiro Dos 3,491,859 64, % Artistas) Alta Vista Piedade 36,151 3,491, % Rossi Litorâneo 55,367 3,491, % Palacio Imperial 29,814 3,491, % Rossi Mais Parque Iguaçu 48,822 3,491, % Arte Studios Residencial 16,351 3,491, % Rossi Praças Ipê Roxo 19,596 3,491, % Pontal Das Américas 59,964 3,491, % Total Assets 722,557 3,491, % 18. Related-Party Information a) Enterprise current accounts The Company develops projects through the SPEs and participates in the development of other projects with direct partners by carrying out work, holding interests in other companies or consortiums. The management structure and cash management of these enterprises is centralized on Rossi Residencial, who monitors the work and budgets, thus ensuring that all necessary resources are applied and allocated as planned. The origin and application of resources of these enterprises are reflected in the balances and the related percentage of participation, which are not subject to restatement or financial charges without predetermined maturity date. The average term of development and completion of enterprises in which resources are investe is three years, always based on the project and physical and financial time charts of each work. The related-party transactions were negotiated under conditions agreed upon by the related parties. Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Related-party assets Wholly-owned controlled companies 2,077,075 1,669, Controlled companies through management of 4,772 1, relevant activities Non-controlled companies 211, , , ,954 2,293,123 1,847, , ,954 Related-party liabilities Wholly-owned controlled companies 1,855,150 1,472, Controlled companies through management of 15,654 5, relevant activities Non-controlled companies 563, , , ,164 2,434,448 2,373, , ,164

38 38 Related-party assets and liabilities as of March 31, 2018 and December 31, 2017 are detailed in Annex II hereof. Changes in related-party cash flows: Cash flow impact Parent Company Consolidated At December 31, , ,217 Financial contribution returned Decrease (167,273) (107,618) New financial contribution received Increase 174,146 82,227 At March 31, , ,826 Cash flow impact Parent Company Consolidated At December 31, , ,210 Effect of partnerships undone (Construtora Capital) - (398,877) (398,877) Financial contributions returned Decrease - (72,322) New financial contributions received Increase 13,639 13,639 At March 31, , ,650 b) Management s and Directors Fees (Parent Company e Consolidated ) The global annual fixed and variable fees determined at the General Ordinary Shareholders Meeting for 2018 amounted up to R$5,013 (R$6,052 for 2017) for members of the Administrative Council, the Fiscal Council and Directors. Currently, the members of the Administrative Council and Directors jointly hold 4,062,246 shares of the Company after the reverse stock split as of March 31, 2018 (4,062,246 at December 31, 2017). The appropriated accumulated fees was thus distributed in the years: Parent Company and Consolidated 03/31/ /31/2017 Fixed Variable Total Fixed Variable Total Fees: Council members Statutory directors ,147-1,147 The above mentioned council members - 3 and 5 respectively - are those on the Fiscal and the Administrative Council for the year ended December 31, 2018 and Some coworkers own stock options (Note 23.c) 19. Net Revenue The net operating revenue is thus composed: Parent Company Consolidated From 01/01/2018 to From 01/01/2017 to From 01/01/2018 to From 01/01/2017 to 03/31/ /31/ /31/ /31/2017 Properties sold and services rendered 4,951 8,192 61, ,472 Sale and service taxes (374) (473) (1,374) (4,853) 4,577 7,719 59, ,619

39 Cost of Properties Sold and Services Rendered The cost of properties sold and services rendered classified by nature is thus composed: Parent Company Consolidated From 01/01/2018 to From 01/01/2017 to From 01/01/2018 to From 01/01/2017 to 03/31/ /31/ /31/ /31/2017 Construction work and development cost (3) (12,464) (42,137) (101,665) Plots of land - - (6,836) (20,779) Realization of excess over the book value of - - purchase (plots of land) (675) (2,285) Reversal (provisions) for construction work (31) guarantee Financial charges allocated to cost - - (22,613) (16,255) (3) (12,464) (71,632) (141,015) 21. Revenues (Expenses) a) Administrative expenses Parent Company Consolidated From 01/01/2018 to From 01/01/2017 to From 01/01/2018 to From 01/01/2017 to 03/31/ /31/ /31/ /31/2017 Salaries and benefits to employees (4,074) (4,294) (4,055) (5,269) Stock bônus (48) (114) (48) (114) Third-party services (3,812) (4,593) (4,805) (6,398) Rentals (345) (887) (409) (1,051) Energy, water supply and (251) (426) (254) (529) communication. Other expenses (723) (958) (772) (1,601) (9,253) (11,272) (10,343) (14,962) b) Selling revenues (expenses) Parent Company Consolidated From 01/01/2018 to From 01/01/2017 to From 01/01/2018 to From 01/01/2017 to 03/31/ /31/ /31/ /31/2017 Marketing and advertising (556) (1,488) (7,901) (11,062) Other selling revenues (expenses), net (5,767) (919) (8,700) (2,443) (6,323) (2,407) (16,601) (13,505) c) Other revenues (expenses) net Parent Company Consolidated From 01/01/2018 to From 01/01/2017 to From 01/01/2018 to From 01/01/2017 to 03/31/ /31/ /31/ /31/2017 Gain (loss) on investments disposed of 172 2,358 (221) 2,276 Realization of excess over book value of (12,700) (3,275) (12,025) (990) purchase Other revenues (expenses), net (i) (13,302) (17,913) (26,847) (26,711) (25,830) (18,830) (39,093) (25,425) (i) As of March 31, 2018 and 2017, the balances are mostly composed of expenses/provisions for risks and completed work guarantee expenses.

40 Financial Income Parent Company Consolidated From 01/01/2018 to From 01/01/2017 to From 01/01/2018 to From 01/01/2017 to 03/31/ /31/ /31/ /31/2017 Financial revenues: Yield on investments in the money market ,411 Interest received on loan agreements and trade receivables Other financial revenues 444 1,896 4,180 3, ,448 5,283 5,348 Financial expenses: Bank charges (541) (631) (1,667) (1,278) Finanial Operation Tax - IOF (127) (3,109) (225) (3,296) Loans and financing charges (30,592) (57,918) (40,726) (67,009) Discounts given (66) (103) (1,629) (1,733) Other financial expenses (621) (1,619) (1,470) (9,581) (31,947) (63,380) (45,717) (82,897) (31,470) (60,932) (40,434) (77,549) 23. Employee Benefit Expenses a) Profit sharing program The employees and management s participation in the Company s profit and results will be the subject of deliberation by the Administrative Council, according to the Company s bylaws, art. 21, subparagraph XVI. b) Supplementary Pension Plan Rossi Prev Under the pension plan regulations (defined contribution ) the contributions of participant employees can vary between 1% and 8% of the nominal salary, whereas the Company s contribution will be amount resulting from application of 50% to 100% of the employees contribution, according to their length of employment. The related costs are allocated during the participant s active employment. In the evento f dismissal of employees or beneficiary executives, the participant contributions will be entirely released and those of the Company released in accordance with the participant s length of employment. The Company s and participants contributions are thus distributed in the years ended March 31, 2018 and 2017: From 01/01/2018 to 03/31/2018 Parent Company From 01/01/2017 to 03/31/2017 From 01/01/2018 to 03/31/2018 Consolidated From 01/01/2017 to 03/31/2017 Company Participants

41 41 c) Stock option plan c.1) Stock option programs ( Programs ) Program 2008 On May 26, 2009, the Company s Administrative Council approved the Stock Option Program for 2008 ( Program 2008 ), which granted 544,012 options. Under this Plan, as a precondition, the participants invested 10% or 20% of their annual variable compensation in shares of the Company ( invested shares ) and authorized the blocking of those shares for negotiation. The multiple of options to be granted to each participant was set at 4, given the number of invested shares. The term forthe first year started on May 26, 2011 and ended in May The exercise price of Program 2008 was set at R$4.22 not subject to monetary restatement. Program 2009 On April 23, 2010 the Company s Administrative Council approved the Stock Option Program for 2009 ( Program 2009 ), which granted 456,520 options. The multiple of options to be granted to each participant was set at 4, given the number of invested shares. The exercise price of Program 2009 was set at R$12.56 not subject to monetary restatement. The Program 2009 started on September 1, 2010 and ended in May 2015, the conditions for settlement being the same as established for Program Program 2010 On May 16, 2011 the Company s Administrative Council approved the Stock Option Program for 2010 ( Program 2010 ), which granted 628,150 options. The multiple of options to be granted to each participant was set at 4, given the number of invested shares. The exercise prices of Program 2010 were set at R$1.00 and R$12.05 not subject to monetary restatement. The conditions for settlement of Program 2010 are the same as established for Program Program 2011 On April 24, 2012 the Company s Administrative Council approved the Stock Option Program for 2011 ( Program 2011 ), which granted 859,904 options. The multiple of options to be granted to each participant was set at 4, given the number of invested shares. The exercise prices of Program 2010 were set at R$1.00 and R$9.17 not subject to monetary restatement. The conditions for settlement of Program 2011 are the same as established for Program As of March 31, 2018 no expenses were incurred in connection with these Programs, (R$ 4 as of March 31, 2017).

42 42 Below, the changes in the program balances: Program Program Program Program Total Options not exercised at December 1,047 1,544 2,469 6,887 11,947 31, 2016 Abandonment/Limitation (27) (148) (206) (537) (918) Options not exercised at March 31, ,020 1,396 2,263 6,350 11,029 Program 2008 Program 2009 Program 2010 Program 2011 Options not exercised at December 31, ,090 3,117 4,645 Abandonment/Limitation - (50) (226) (996) (1,272) Options not exercised at March 31, ,121 3,373 Total c.2) Restricted stock option plan ( Restricted Stocks ) The right to dispose of stocks obtained through the exercise of options will be suject to vesting, in four annual, equal and consecutive 25% installments, the first on the second option granting anniversary and the others on each subsequent anniversary. While holding the position of executive in the Company, participants will be entitled to a minimum investment in stocks obtained through the exercise of the option (guideline) in accordance with their position and related retention level, which will be defined by the Administrative Council. Should the period of permanence is not complied with, either by dismissal or death, or even the guideline, the Company is authorized to exercise the option for these stocks, for the exercise price RR 1.00 per stock without monetary restatement whatsoever providing that they have not reached the condition of vested. Restritcted Stocks 2009 On December 21, 2009, the Company s Administrative Councilo approved the Plan and a consecutive granting of 1,820,000 restricted stock options as part of the remaining treasury stocks (Note 25.b) to the Company s statutory directors and chief executives. The Plan is limited to a maximum of options that enables dillution of up to 6% of the capital. Restritcted Stocks 2011 On March 28, 2011, the Company s Administrative Councilo approved granting of 1,600,000 restricted stock options and authorized the issuance of 1,600,000 common, nominative book-entry shares within the limits of authorized capital, excluding right of preference held by the Company s current shareholders. Restritcted Stocks 2012 On September 4, 2012 the Company s Administrative Councilo approved granting of 8,148,000 restricted stock options and authorized the issuance of 8,148,000 common, nominative, book-entry shares within the limits of authorized capital, excluding right of preference held by the Company s current shareholders.

43 43 Restritcted Stocks 2013 On April 22, 2013 the Company s Administrative Council approved granting of 1,716,956 restricted stock options and authorized the issuance of 1,716,956 common, nominative, book-entry shares within the limits of authorized capital, excluding right of preference held by the Company s current shareholders. As of March 31, 2018, R$ 48 of the restricted stock plan was incurred. (R$117 as of March 31, 2017). Below, the changes in the balances: Restricted stocks 2009 Restricted stocks 2011 Restricted stocks 2012 Restricted stocks 2013 Options not exercised at December 31, ,800 12,100 86,000 22, ,206 Exercises - (1,800) (5,631) - (7,431) Abandonment/Limitation - - (2,921) - (2,921) Options not exercised at March 31, ,800 10,300 77,448 22, ,854 Total Restricted stocks 2009 Restricted stocks 2011 Restricted stocks 2012 Restricted stocks 2013 Options not exercised at December 31, ,400 5,000 37,923 15,334 63,657 Exercises - (1,800) (6,801) - (8,601) Abandonment/Limitation Options not exercised at March 31, ,400 3,200 31,122 15,334 55,056 Total 24. Shareholders equity a) Capital stock Capital stock subscribed and paid in the amount of R$2,635,280 as of March 31, 2018 and December 31, 2017 comprises 17,153,337 common nominative stocks (after the reverse stock split). The authorized capital stock comprises 20,000,000 common stocks. The capital stock can be thus shown as of March 31, 2018 and December 31, 2017: Subscribed capital stock 2,635,280 Share issue expenses (23,890) Capital stock 2,611,390 b) Treasury stock Until March 31, 2018, 415,509 sets of stocks have been acquired and groups of common shares amounting to R$83,313 remained as treasury stock (415,509 sets of common shares amounting to R$83,313 at December 31, 2017). The minimum, weighted average and maximum costs per share are respectively R$1.00, R$9.35 and R$25.32, (R$10.00, R$93.50 and R$253.20, after the reverse stock split) and the market value of these shares as of March 31, 2018 was R$ 6.54 per set of nominative shares (R$7.19 at December 31, 2017). The acquisitions are limited to the value of reserves, the destination being disposal or cancellation.

44 44 c) Capital reserves These include portions of recognized granting under the stock option plan. d) Earnings per share: The table below shows the calculation of earnings per share and the dilluted earnings per share, based on the income for the years, both individual and consolidated: Basic/Dilluted (i) 03/31/ /31/2017 Loss for the year (142,852) (162,883) Weighted average of shares/ sets of shares outstanding 17,153 17,153 Income per share/ groups of shares - basic/ dilluted (denominated in R$) (8,3281) (9,4959) (i) According to the CPC 41, the calculation of dilluted income per share does not assume the conversion, exercise or further issuance of common shares that might have na anti-dillution effect on the income per share. Therefore, as of March 31, 2018 and 2017 there is no difference between the basic loss and the basic dilluted loss per share. e) Appropriation of income for the year The net income for the year after the legally established offsetting and deductions, and according to statutory provisions, where applicable, is appropriated as follows: 5% to a legal reserve up to 20% of the capital stock paid or 30% of total reserves; 25% of the balance after appropriation to a legal reserve will be set aside for payment of minimum statutory dividends to all shareholders. Dividends not received or claimed lapse within three years from the date they are made available to shareholders, and be reversed to the Company. 25. Construction work in progress The Company and its controlled companies adopt the procedures established by CVM Deliberation 624/10 (technical guidance OCPC 01 (R1) Real Estate Development Entities) for recognition of earnings from real estate operations. As a consequence, these interim accounting information do not reflect costs due to incur in connection with properties sold and any unappropriated income on properties sold, as well as all accounts receivable from customers for real estate development. The unappropriated income on sales of properties shown below does not consider financial costs, taxes, provision for guarantee and discounts given, although these are reflected in the interim accounting information.

45 45 a) Unappropriated income on properties sold ( Consolidated ) Consolidated 03/31/ /31/2017 Contracted sales less cancellations 506, ,917 Appropriated gross revenues (479,426) (386,258) Unappropriated revenues from properties sold 26,652 37,659 Budgeted costs of properties sold 398, ,786 Appropriated costs incurred (379,328) (366,548) Non-incurred budgeted costs 19,323 25,238 Unappropriated income on properties sold 7,329 12,421 The percentage-of-completion method was used based on costs incurred/costs budgeted (POC) for measurement of receivables from housing units under construction, which are shown net of receipts. b) Expected disbursement to be incurred on properties sold ( Consolidated ) Consolidated 03/31/ /31/2017 In up to 12 months 19,323 25,238 After 12 months ,323 25, Transactions not Affecting Cash and Cash Equivalents The Company and its controlled companies conducted the following investment and financing activities which did not affect cash and cash equivalents and were not included in the statements of cash flow: Parent Company 03/31/ /31/2017 Assets Liabilities Assets Liabilities Transfer from unfunded liabilities- Note 9/ Note 14 60,527 60, , ,487 Dividends declared Note 9 / Note (140,492) - Dividends receivable Note 9 / Note ,492 - Acquisition of intangible assets ,931 4,931 Settlement of RB Capital debt using inventories - Note 6/ Note (105,446) (105,446) Effect of partnerships undone (Construtora Capital) Note 8/ Note (218,964) (218,964) (157,952) (157,952) 33,972 33,972 Consolidated 03/31/ /31/2017 Assets Liabilities Assets Liabilities Transfer from unfunded liabilities - Note 9/ Note 14 (1,249) (1,249) (21,427) (21,427) Dividends declared Note 9 / Note (42,482) - Dividends receivable Note 9 / Note ,482 - Acquisition of intangible assets ,931 4,931 Settlement of RB Capital debt using inventories - Note 6/ Note - - (105,446) (105,446) 15 Effect of partnerships undone (Construtora Capital) Note 8/ (455,776) (455,776) - - Note 17 (456,540) (456,540) (121,942) (121,942)

46 Insurance It is the Company s policy to contract insurance coverage for assets subject to risks, in order to cover possible disasters, considering the nature of its activities. All insurance policies are in force and the premiums have been duly paid. Below, the insurance policies: Type in R$ 03/31/ /31/2017 Engineering risks (a) 764, ,710 Fire (b) 1,520,143 1,471,923 Work completion (c) 4,746 4,746 D&O Insurance (d) 100, ,000 2,389,586 2,157,379 (a) Engineering Risks: (i) Civil liability coverage for involuntary material and physical damage to third parties, caused during construction work, implementation of facilities and assemblies at the place covered by insurance; (ii) Physical damage to properties (financed construction work) coverage for failure, losses and material damage caused by sudden and unpredictable accidents. (b) Fire lightning and explosion at the headoffice and regional offices; (c) Work completion - guarantee of delivery of work to promising purchasers; (d) Civil liability insurance for executives (D&O) coverage for defense expenses in the event of legal suits and use of arbitration chambers. 28. Financial instruments a) Analysis of financial instruments The Company and its controlled companies participate in operations involving financial instruments, all recorded in balance sheet accounts for financing their activities or using the available financial resources. These risks are managed through conservative strategies aimed to provide liquidity, profitability and security. The control policies consist in continuingly checking the contracted rates against those ruling in the market. No operations involving financial instruments are performed for speculation purposes. The financial instruments are only recognized as from the date the Company becomes party to contracts, and once recognized, they are initially recorded at fair value plus the transaction costs directly attributable to acquisition or issuance (where applicable), according to rules established for each type of financial assets and liabilities. The Company restricts exposure to credit risks related with banks and cash and cash equivalents by making investments in first-tier financial institutions. The risks associated

47 47 with receivables are monitored based on specific credit analysis standards and limits of exposure by client. The financial instruments represented by investments in the money market, loans and financing and debentures with estimated values substantially similar to their book values are recorded in balance sheet accounts. Additionally, when related with completed work and/or work in progress, trade reeivables can be negotiated through securitization and/or assignment operations. As of March 31, 2018 and December 31, 2017 there are no operations involving financial derivative instruments. b) Classification of financial instruments Parent Company Consolidated Category 03/31/ /31/ /31/ /31/2017 Financial assets Savings account Loans and receivables 8,327 5,347 47,998 29,572 Securities 3,314 3,278 6,362 17,092 Investment funds, repurchase agreements, CDBs and other Loans and receivables 3,314 3,278 6,362 17,092 Trade receivables Loans and receivables 154, ,809 1,026, ,282 Related-part transactions Loans and receivables 2,293,123 1,847, , ,954 Escrow deposits Loans and receivables 60,210 60,939 93,526 80,826 Advances to business partners Loans and receivables 370, , , ,810 Financial liabilities Loans and financing Other financial liabilities 1,159,838 1,120,936 1,901,637 1,754,819 Construction financing - housing credit Other financial liabilities 733, ,631 1,470,254 1,325,230 Loans for working capital Other financial liabilities 405, , , ,410 Credit assignment Other financial liabilities 21,755 20,895 22,375 22,179 Suppliers - trade payables Other financial liabilities 31,710 27,889 75,770 60,087 Advance from Clients Other financial liabilities , ,260 Accounts payable from acquisition of plots of land Other financial liabilities , ,429 Related-part transactions Other financial liabilities 2,434,448 2,373, , ,164 Other payables (business partners and others) Other financial liabilities 25,750 29, , ,745 The financial assets and liabilities referred to above measured at the amortized cost except in the case of assets held for trading, which are measured at fair value, are monetarily restated (except the related-party items) at índices and interest rates contracted up to the closing date of interim accounting information and do not differ significantly from the market value. Under Other accounts payable are financial liabilities without risk of financial variation. c) Risk factors that may affect the Company s and controlled companies businesses Capital risk management Because it consists of continuous monitoring and control of capital level compatible with the Company s strategic objectives, the capital management is intended to establish methods and procedures to attenuate the Company s capital risk. Through an analysis of capital management, the Company determines the need for operating flow required to maintain a sustainable flow of resources to meet obligations, make investments and maintain reserves for future contingencies. In calculating its net debt, the Company uses its own capital debt (obligations with majority and minority shareholders) plus the third-party capital debt (loans and financing, credit assignment and debentures) net of cash and cash equivalentes and marketable securities.

48 48 Parent Company Consolidated 03/31/ /31/ /31/ /31/2017 Company s own resources Shareholders equity 233, , , ,945 Third-party resources Loans and financing 1,138,083 1,100,041 1,879,263 1,732,640 Credit assignment 21,754 20,895 22,374 22,179 Total third-party resources 1,159,837 1,120,936 1,901,637 1,754,819 Cash and cash equivalentes and marketable securities 11,641 8,625 54,360 46,664 Net debt 1,148,196 1,112,311 1,847,277 1,708,155 Liquidity risk The Company s and controlled companies controls on liquidity and cash flow are constantly monitored in order to guarantee that the operating cash generation and anticipated resources obtained are sufficient to maintain their obligation settlement program. The management has monitored the Company s indebtedness with financial institutions, which if necessary, is adjusted to the Company s current profile and flow of receipts. Credit risk With respect to risk surrounding trade receivables, the Company and controlled companies take into consideration the portions of reservation of tile, since the portfolio is guaranteed by the properties intended for sale themselves. However, the actual risk of loss is reflected under the heading Estimated losses on doubtful accounts (Note 5). Market risk (i) Interest rate and inflation rate risk the interest rate risk arises from the debt portion related with TR, CDI and INCC; investments in the money market related with CDI; and other accounts payable bearing interest at INCC and IGPM, which may adversely affect financial expenses or revenues, in the event of unfavorable changes in interest and inflation rates. (ii) Foreign exchange rate risk the Company does not perform foreign currency operations. (iii) Derivative operations - e Company does not perform derivative operations nor other operations involving similar risks

49 49 d) Sensitivity analysisis of financial assets and liabilities The Companhia defined three simulation scenarios: probable, possible and remote. In the probable scenario the rates prevailing in the market were disclosed by management (including B3, former BM&FBOVESPA); and in the possible and the remote scenario a deterioration of variables of 25% and 50%, respectively was recorded. The basis of calculation is the amount shown in Notes dealing with cash and cash equivalents, marketable securities, accounts receivable, loans and financing, debentures, accounts payable and accounts payable from acquisition of plots of land, business partners and other accounts payable. Parent Company Position Risk Scenario I Scenario II Scenario III Operation 03/31/2018 Factor Probable Possible Remote Cash and cash equivalents Savings account 1,844 TR % % % Marketable securities Investment funds - DI CDBs 392 2,922 CDI CDI % % % % % % Trade receivables Units completed Business partners 151, ,752 IGP-M CDI % % % % % % 6,520 29,215 8,149 21,911 9,779 14,608 Escrow deposits % % % 60,210 TR Construction financing - housing credit Loans for working capital Credit assignment 733,075 21, ,006 TR CDI INCC % % % % % % % % % 4,374 1,714 14,945 5,468 2,143 18,681 6,561 2,571 22,417 Advance from Clients % % % 141 INCC Other accounts payable ( other) Other accounts payable (commercial lease and termination by clients) 4,425 20,755 INCC IGPM % % % % % %

50 50 Consolidated Posição Risk Scenario I Scenario II Scenario III Operation 03/31/2018 Factor Probable Possible Remote Cash and cash equivalents Savings account 2,576 TR % % % Marketable securities Investment funds - DI 2,936 CDI % % % Repo operations - DI 7 CDI % % % CDBs 3,419 CDI % % % Trade receivables Units under construction 47,100 INCC % % % 1,738 1, Units completed 970,661 IGP-M % % % 41,738 52,173 62,608 Business partners 345,924 CDI % % % 27,259 20,444 13,629 Escrow deposits % % % 93,526 TR Construction financing - housing credit 1,470,254 TR % % % 8,773 10,966 13,160 Loans for working capital 22,375 CDI % % % 1,763 2,204 2,645 Credit assignment 409,008 INCC % % % 15,092 18,866 22,639 Accounts payable from acquisition of plots of land 124,000 INCC % % % 4,576 5,720 6,863 Advance from clients % % % 164,953 INCC 6,087 7,608 9,130 Other accounts payable (other) 4,425 INCC % % % Other accounts payable (commercial lease and termination by clients) 201,019 IGP-M % % % 8,644 6,483 4,322 Given the nature, complexity of a single variable, the estimates presented may fail to reflect actual losses. 29. Approval of the interim accounting information The Company s individual and consolidated interim accounting information for the period ended March 31, 2018 were authorized to be disclosed by the Administrative Council on May 10, 2018, in conformity with CVM Instruction 480/09, art. 25, subparagraph VI. 30. Explanation added to the translation for the English version The accompanying interim financial information was translated into English from the original Portuguese version prepared for local purposes. Certain accounting practices applied by the Company that conform to those accounting practices adopted in Brazil may not conform to the generally accepted accounting principles in the countries where this interim financial information may be used.

51 51 Annex I Summary of the main information on investments as of March 31, 2018: March - 18 Assets Liabilities Shareholders Income for Equity the year Part. % Equity Pickup Investment balance AFAC s Transfer unfunded liabilities Total investments Controlled Companies AATIP - Assessoria Tecnica, Imobiliaria E Participacoes Ltda % Abadir Empreendimentos Imobiliários Ltda 99, ,095 (31,287) (9,230) 99.90% (4,691) (48,080) - 48,080 - Abante Empreendimentos Imobiliários Ltda 2, , % Abeguar Empreendimentos Imobiliários Ltda 75,093 69,541 5,552 (1,042) % (1,332) (1,665) - 1,665 - Abrotano Empreendimentos Imobiliários Ltda 1 15 (14) % - (14) Absirto Empreendimentos Imobiliários Ltda 7,082 3,214 3, % 119 3, ,227 Acalifa Empreendimentos S/A 8,384 10,167 (1,782) (50) % (27) (1,814) - 1,814 - Acauã Investimentos Imobiliários Ltda 12,193 1,064 11, % 13 10, ,618 Acer Participações S/A 20,319 26,077 (5,758) % 25 (5,774) - 5,774 - Adiantum Empreendimentos Ltda 1, , % (6) Afelandra Empreendimentos S/A 15,261 16,905 (1,644) % - (1,251) - 1,251 - Agerato Empreendimentos S/A 1,233 2,967 (1,734) 3, % - (1,717) - 1,717 - Aglaonema Empreendimentos S/A 26,000 17,928 8, % 18 7, ,852 Aisne Empreendimentos Imobiliários Ltda 30,373 25,833 4,540 (499) % (1,518) (546) Alcea Empreendimentos Ltda 275,370 64, ,292 (62) % (36) 211, ,428 Aldrovandi Empreendimentos Imobiliários Ltda 3,248 1,393 1, % 46 1, ,748 Alocasia Empreendimentos S/A 2,768 19,348 (16,580) % - (16,559) - 16,559 - Alpen Haus Desenvolvimento Imobiliário S/A 10,031 9, (10) 70.00% Alpen Haus Negócios Imobiliários S/A 13,734 12,345 1, % (38) Alteia Empreendimentos Imobiliários Ltda 26,893 1,633 25,260 (74) % 8 24, ,952 Alternantera Empreendimentos Imobiliários Ltda 105,119 61,176 43, % (4) 43, ,777 América Piqueri Incorporadora S/A 5,913 5, (54) 20.00% América Properties Ltda 46,456 44,094 2,362 (444) % (575) 1, ,273 América Urbanismo S/A 1,080 1,564 (483) % Amniso Empreendimentos Imobiliários Ltda 3, ,231 (2) 99.90% - 3, ,199 Anabi Empreendimentos Imobiliários Ltda 36,786 31,600 5,186 (226) 0.00% Anagalide Empreendimentos S/A 1,765 30,357 (28,591) % (4) (29,018) - 29,018 - Anapo Empreendimentos Imobiliários Ltda 14,169 6,635 7,534 (324) 99.90% 41 7, ,665 Anfriso Empreendimentos Imobiliários Ltda 7,671 1,351 6,320 (2) 0.10% Aniene Empreendimentos Imobiliários Ltda 9,097 4,426 4,671 (238) 99.90% - 4, ,683 Anigro Empreendimentos Imobiliários Ltda 21,106 1,519 19,587 1, % 50 10, ,750 Anloga Empreendimentos Imobiliários Ltda 10,156 3,584 6,572 (415) 70.00% 32 4, ,877 Anteros Empreendimentos Imobiliários Ltda 11,250 10, % Antocleista Empreendimentos S/A 3,356 2, % Apidano Empreendimentos Imobiliários Ltda 145, ,854 (17,067) (1,311) 99.90% (6,664) (36,577) - 36,577 - Apuleia Empreendimentos Imobiliários Ltda 583 9,962 (9,379) % Araucaia Empreendimentos Imobiliários Ltda 35,933 4,645 31,288 (31) % (46) 31, ,232 Araucaia Empreendimentos Imobiliários Ltda - SCP Alegro (31) 0.00% Araucaia Empreendimentos Imobiliários Ltda - SCP Cotegipe 30,516-30, % Araure Empreendimentos Imobiliários Ltda 66,633 71,854 (5,221) (617) 99.90% 274 (13,477) - 13,477 - Aretusa Empreendimentos Imobiliários Ltda 7,000 4,771 2,229 (46) 0.00% Argentea Empreendimentos S/A 199, ,990 (32,093) (18) 99.90% 568 (30,610) - 30,610 - Aristasia Empreendimentos Imobiliários Ltda % Artocarpus Empreendimentos Imobiliários Ltda 1, % Arundina Empreendimentos Ltda 1,393 1, (21) % Asistasia Empreendimentos S/A 6,849 2,672 4, % Asmiscada Empreendimentos S/A 14,232 10,681 3, % 11 3, ,584 Asopo Empreendimentos Imobiliários Ltda 9,244 3,033 6, % (72) 4, ,038 Asterion Empreendimentos Imobiliários Ltda (2) 99.90% Astir Ass.Tec.ImobiliáriosParticipações ltda 4,198 65,924 (61,726) (1,484) 99.90% (403) (66,373) - 66,373 - Atenor Empreendimentos Imobiliários Ltda ,760 (19,896) (174) 99.90% (396) (21,737) - 21,737 - Atromeia Empreendimentos S/A 57,442 29,987 27, % 82 27, ,304 Auriculata Empreendimentos S/A 1,120 5,136 (4,015) % - (4,061) - 4,061 - Aven Empreendimentos Imobiliários Ltda 114, ,547 (17,339) (377) 99.90% 173 (17,970) - 17,970 - Baça Empreendimentos Imobiliários Ltda - SPE (448) % Baceiro Empreendimentos Imobiliários Ltda 23,363 9,691 13,672 (72) 0.10% Bafira Empreendimentos Imobiliários Ltda 21,623 32,087 (10,464) (681) 65.00% (419) (8,924) - 8,924 - Barão do Café Empreendimentos Imobiliários S/A (36) 50.00% Barão do Café Incorporadora S/A % Bazagueda Empreendimentos Imobiliários Ltda 23,847 23,877 (30) % - (31) Beaumontia Empreendimentos S/A 11,377 14,430 (3,053) % - (3,588) - 3,588 - Belinda Empreendimentos Imobiliários Ltda 138, ,619 (15,604) (3,569) 99.90% (2,054) (23,228) - 23,228 - Belisário Empreendimentos Imobiliários Ltda 20,397 11,636 8,761 (643) 99.90% (315) 7, ,470 Berilo Empreendimentos Imobiliários Ltda - 1,661 (1,661) % - (2) Bidasoa Empreendimentos Imobiliários Ltda 14,555 17,430 (2,875) (405) 99.90% (3) (2,942) - 2,942 - Bisira Empreendimentos Imobiliários Ltda 33,406 8,372 25,034 1, % , ,416 Bitinia Empreendimentos Imobiliários Ltda 20,524 38,586 (18,062) (694) 99.90% 5 (17,940) - 17,940 - Bolero Empreendimentos S/A - 20,871 (20,871) % 487 (18,548) - 18,548 - Bonina Empreendimentos Imobiliários Ltda (27) 2,386 (2,413) % 55 (2,411) - 2,411 - Borago Empreendimentos S/A (248) % 42 (234)

52 52 March - 18 All Assets Liabilities Shareholders Income for Equity the year Part. % Equity pickup Investment balance AFAC s Transfer unfunded liabilities Total investments cont. Controlled Companies Bordo Empreendimentos Imobiliários Ltda 8,593 3,280 5, % - 4, ,888 Bouvardia Empreendimentos Imobiliários Ltda 15,864 5,997 9, % 17 9, ,390 Bresbe Empreendimentos Imobiliários Ltda 12,751 4,859 7, % (32) 5, ,119 Brossasco Empreendimentos Imobiliários Ltda 44,531 45,970 (1,438) (72) 99.90% (41) (1,651) - 1,651 - Brumalia Empreendimentos Imobiliários Ltda 1 22 (21) (20) 99.90% (1) (27) Brutio Empreendimentos Imobiliários Ltda 23,617 36,202 (12,584) (251) 65.00% (210) (9,234) - 9,234 - Cabimas Empreendimentos Imobiliários Ltda 110, ,485 (9,644) (2,346) 99.90% (2,627) (28,016) - 28,016 - Caerulea Empreendimentos S/A 24,350 17,679 6,671 (3) 99.90% 2 6, ,466 Cainara Empreendimentos Imobiliários Ltda % Calabozo Empreendimentos Imobiliários Ltda 3,005 3,139 (134) % Caliandra Incorporadora Ltda 189, ,964 19, % (41) 18, ,522 Calibracoa Empreendimentos S/A 9,469 6,425 3,043 (4) % - 2, ,981 Campainha Empreendimentos S/A % Caniço Empreendimentos Imobiliários Ltda - SPE - 14 (14) % Capisicum Empreendimentos Imobiliários Ltda 2, ,830 (29) % - 1, ,361 Capital Rossi Gerenciadora Ltda (Ex Deodoro) 3,134 3,306 (172) % - (1) Capital Rossi Performance e Construção Ltda 17,897 17, % (4) (3) Carimbosa Empreendimentos Imobiliários Ltda 63,104 66,582 (3,478) % (1) (4,530) - 4,530 - Cariniana Empreendimentos S/A 10,124 14,816 (4,692) (122) % (8) (4,732) - 4,732 - Caroba Empreendimentos S/A % Cartamus Empreendimentos Imobiliários Ltda 112, , (120) % (130) Cartatica Empreendimentos Imobiliários Ltda 39,738 27,490 12,248 (9) % - 12, ,179 Cartaxo Empreendimentos Imobiliários Ltda 52,947 70,119 (17,172) (1,350) 0.10% - (18) Catarantus Empreendimentos S/A 38,864 40,479 (1,615) (3,126) % 3 (2,065) - 2,065 - Cedrela Empreendimentos Imobiliários Ltda 1, , % - 1, ,570 Cefisso Empreendimentos Imobiliários Ltda 241, ,508 (21,907) (2,341) 0.10% (5) (39) Celebrete Empreendimentos S/A 58,242 37,546 20, % (71) 15, ,504 Celebrete Empreendimentos S/A-SCP Celebrete 181, ,070 40, % - 15, ,490 Celebrity Icaraí Negócios Imobiliários Ltda (135) 4,584 (4,719) 1, % 93 (4,212) - 4,212 - Celeni Empreendimentos Imobiliários Ltda 134, ,415 23,132 (226) % , ,450 Ceressa Empreendimentos Imobiliários Ltda 1,457 1,465 (7) (8) 99.90% (1) (14) Certima Empreendimentos Imobiliários Ltda 7,522 1,911 5, % (4) 5, ,636 Cheflera Empreendimentos Imobiliários Ltda 10, , % 4 9, ,359 Chilodus Empreendimentos Imobiliários Ltda 10,665 26,820 (16,155) (148) 99.90% (19) (15,794) - 15,794 - Chilon Empreendimentos Imobiliários Ltda - 5 (4) % - (5) Cianus Empreendimentos S/A 36,026 35, % Ciconia Empreendimentos Imobiliários Ltda 15,239 18,324 (3,086) (327) 99.90% (5) (2,708) - 2,708 - Cinara Empreendimentos S/A 27,976 20,538 7, % 50 7, ,161 Citero Empreendimentos Imobiliários Ltda 78,883 84,268 (5,385) (380) 0.10% Climenia Empreendimentos Imobiliários Ltda 65,016 65,478 (462) % (92) (5,685) - 5,685 - Clube Tuiuti Empreendimentos S/A 4,523 3,193 1, % Colocasia Empreendimentos Imobiliários Ltda 4,239 3, % Colorata Empreendimentos Imobiliários Ltda 4,078 3, % Cond. Palmeiras Desenvolvimento Imobiliário Ltda 10,878 4,272 6, % Cond. Palmeiras Empreendimentos S/A % 39 (5) Congorsa Empreendimentos S/A % - (77) Congossa Empreendimentos Imobiliários Ltda 2, , % - 2, ,230 Consolda Empreendimentos Imobiliários Ltda 24,033 11,934 12, % , ,968 Coribante Empreendimentos Imobiliários Ltda % - (18) Cravina Empreendimentos S/A ,870 (13,372) % 118 (13,254) - 13,254 - Crimiso Empreendimentos Imobiliários Ltda 12,894 12, (703) 0.10% Daciano Empreendimentos Imobiliários Ltda (9) % (1) (11) Dalmazo Empreendimentos Imobiliários Ltda - 4 (4) % (72) (76) Damiane Empreendimentos Imobiliários Ltda 34,680 40,302 (5,622) (701) 99.90% (23) (12,299) - 12,299 - Dangila Empreendimentos Imobiliários Ltda 32,527 41,759 (9,231) (1,198) 70.00% (220) (13,260) - 13,260 - Del Monte Negócios Imobiliários S/A % Delcine Empreendimentos Imobiliários Ltda (4) % (1) Dessau Empreendimentos Imobiliários Ltda 21,163 99,801 (78,637) 6, % (108) (79,776) - 79,776 - Diantus Empreendimentos S/A 39,454 42,586 (3,132) (52) 99.90% (18) (3,423) - 3,423 - Diomedes Empreendimentos Imobiliários Ltda (5) % (1) Diomen Empreendimentos Imobiliários Ltda (4) % (1) Dipladenia Empreendimentos Imobiliários Ltda 37,326 36, (57) % Dirito Empreendimentos Imobiliários Ltda 3,986 2,721 1,265 (182) % (1) 1, ,263 Dorinda Empreendimentos Imobiliários Ltda (4) % (1) Doubs Empreendimentos Imobiliários Ltda 14,890 2,845 12, % 9 11, ,829 Dranci Empreendimentos Imobiliários Ltda 77, ,012 (27,793) (7,093) 70.00% (1,510) (34,417) - 34,417 - Driope Empreendimentos Imobiliários Ltda 50,662 61,331 (10,669) (571) 99.90% (318) (14,067) - 14,067 - Dunedine Empreendimentos Imobiliários Ltda 27,284 27,871 (587) % - (588) Eitorfe Empreendimentos Imobiliários Ltda 65,492 63,872 1,619 (680) 99.90% (2,013) (11,185) - 11,185 - Elida Empreendimentos Imobiliários Ltda 37,947 28,123 9, % (73) 10, ,068

53 53 All Ativo Passivo Patrimônio Líquido March - 18 Resultado do exerc. Part. % Resultado da equiv. patrim. Saldo de Investimentos AFAC s Transf. passivo a descoberto Total em investimentos cont. Controlled Companies Empreendimentos Imobiliários Ltda Jaguare Spe Ltda 74,050 57,096 16, % (239) 19, ,186 Enipeu Empreendimentos Imobiliários Ltda 94, ,468 (10,716) (359) 0.10% Entradero Empreendimentos Imobiliários Ltda (9) (3) 99.90% - (11) Entreverdes Urbanismo S/A 11,820 16,863 (5,044) (786) % (166) (8,041) - 8,041 - Equinacia Empreendimentos S/A 348 4,986 (4,638) % - (4,833) - 4,833 - Ercilio Empreendimentos Imobiliários Ltda (5) % (1) Erimanto Empreendimentos Imobiliários Ltda 17,476 27,194 (9,718) (96) % (162) (10,109) - 10,109 - Erinus Empreendimentos S/A 920 9,029 (8,109) % - (8,136) - 8,136 - Escabiosa Empreendimentos S/A 47,935 45,387 2,549 (10) 99.90% (50) 2, ,376 Escalda Empreendimentos Imobiliários Ltda 19,596 44,252 (24,656) (2,365) 99.90% (601) (28,683) - 28,683 - Esepo Empreendimentos Imobiliários Ltda 121, ,083 (4,132) (344) 0.00% Esposende Empreendimentos Imobiliários Ltda - 11 (11) % Estrimon Empreendimentos Imobiliários Ltda - SPE (773) % - (1) Estrumosa Empreendimentos S/A 13,047 12, % (2) Etolia Empreendimentos Imobiliários Ltda 188, ,497 9, % (477) 7, ,746 Euforbia Empreendimentos S/A (534) % (1) Euriabe Empreendimentos S/A 3, , % (3) 2, ,536 Eustoma Empreendimentos S/A (87) % - (86) EVU Lorena Empreendimentos Imobiliários Ltda (4) % (136) (5) Exacum Empreendimentos Imobiliários Ltda - 44 (44) % - (44) Fabrice Empreendimentos Imobiliários Ltda 6,394 2,837 3, % - 4, ,569 Faon Empreendimentos Imobiliários Ltda (4) % - (392) Fasciata Empreendimentos Imobiliários Ltda 15,200 4,588 10,612 (1) % - 10, ,623 Flegetonte Empreendimentos Imobiliários Ltda (5) % Florença Participações S/A 62,292 19,501 42,791 (199) 99.90% 1 42, ,198 Frigia Empreendimentos Imobiliários Ltda 1, ,332 (7) 99.90% - 1, ,330 Furano Empreendimentos Imobiliários Ltda 8,854 1,609 7, % 343 9, ,961 Galeria Boulevard Desenvolvimento Imobiliário S/A 4, ,436 (26) 50.00% - 1, ,718 Galeria Boulevard Negócios Imobiliários S/A 14,199 2,210 11, % - 5, ,911 Galeso Empreendimentos Imobiliários Ltda 22,025 22,380 (355) % - (462) Ganges Empreendimentos Imobiliários Ltda 1,260 1,367 (107) % (1) (110) Garden Up Desenvolvimento Imobiliário Ltda 6,886 5, (10) 50.00% Garden Up Negócios Imobiliários S/A 8,557 8,689 (132) (12) 50.00% (4) (117) Gardênia Participações S/A 2,515 2, (15) % General Rondon Incorporadora Ltda 8,111 7, (222) 50.00% Gestia Empreendimentos S/A 3,196 1,769 1,427 (6) 99.90% Giardino Empreendimentos Imobiliários S/A 13 (41) % Girassol Incorporadora Ltda 4,298 1,360 2,938 (10) 99.99% - 2, ,937 Glicínia Desenvolvimento Imobiliário Ltda 3,425 1,186 2, % 3 2, ,246 Glinde Empreendimentos Imobiliários Ltda 101, ,225 (11,726) (1,116) 99.90% (1,499) (15,629) - 15,629 - Gonfrena Empreendimentos Imobiliários Ltda 253, ,652 6, % 499 7, ,135 Grandiflora Empreendimentos Imobiliários Ltda (710) % - (705) Gustavia Empreendimentos S/A 1, % Helicônias Desenvolvimento Imobiliário Ltda 1,442 (57) 1, % 4 1, ,506 Hibisco Incorporadora Ltda 6,523 6, % Hibride Empreendimentos Imobiliários Ltda 50,453 40,840 9, % Iberidifolia Empreendimentos Imobiliários Ltda 24, , % (3) 24, ,182 Ibero Empreendimentos Imobiliários Ltda 11,823 8,560 3,263 (974) 99.90% (61) Ibicela Empreendimentos S/A 1,250 2,564 (1,314) % Imbrasco Empreendimentos Imobiliários Ltda 72,207 77,421 (5,214) (1,274) 99.90% (338) (2,747) - 2,747 - Impatiens Empreendimentos Imobiliários Ltda 23,069 8,728 14,341 1, % , ,930 Indre Empreendimentos Imobiliários Ltda 26,196 26,339 (143) (47) % 2 (198) Ipomoea Empreendimentos Imobiliários Ltda 36,589 7,332 29, % 10 28, ,899 Iturbe Empreendimentos Imobiliários Ltda 5,740 3,097 2,642 (105) 99.90% (615) Jamino Empreendimentos Imobiliários Ltda - 2,812 (2,811) (2,779) 99.90% (3) Jardins das Margaridas Empreendimentos Imobiliários Ltda 12, , % 8 11, ,935 Jetirana Empreendimentos S/A 105,093 58,004 47,089 (1,539) % (980) 35, ,095 Kansas Empreendimentos Imobiliários Ltda % Lacio Empreendimentos Imobiliários Ltda 15,345 29,874 (14,530) (8) 99.90% (1,702) (16,279) - 16,279 - Lacrima Empreendimentos Imobiliários Ltda 120, ,037 (20,789) (1,878) 99.90% (1,996) (33,375) - 33,375 - Lagos Empreendimentos S/A (18) % - (9) Laion Empreendimentos Imobiliários Ltda 40,549 6,464 34,085 (126) % 87 33, ,325 Liepaja Empreendimentos Imobiliários Ltda 36,712 9,966 26,746 4, % 97 24, ,436 Linania Empreendimentos Imobiliários Ltda 142, ,835 (50,286) 1, % 127 (50,937) - 50,937 - Linum Empreendimentos Imobiliários Ltda 18,252 2,484 15, % (33) 15, ,313 Lobélia Empreendimentos S/A 9,476 8, % Lobulama Empreendimentos Imobiliários Ltda 4,742 4,757 (15) % (1) (14) Lonicera Empreendimentos Imobiliários Ltda 7, , % - 7, ,086 Maine Empreendimentos Imobiliários Ltda 44,135 1,620 42,514 (966) 0.00% Mandevila Empreendimentos Imobiliários Ltda 2, , % - 1, ,647

54 54 March - 18 All Ativo Liabilities Shareholders Income for Equity the year Part. % Equity Pickup Investment balance AFAC s Transfer unfunded liabilities Total em investimentos cont. Controlled Companies Mansoa Empreendimentos Imobiliários Ltda 6,736 16,341 (9,605) (26) 99.90% (67) (9,379) - 9,379 - Marene Empreendimentos Imobiliários Ltda 1 4 (3) % - (4) Marianinha Empreendimentos S/A % - 1, ,137 Marshall Empreendimentos Ltda 4,398 4, % Matioca Empreendimentos Imobiliários Ltda 73,781 57,941 15,840 (17) % - 15, ,838 Melampodio Empreendimentos S/A 9,258 9,512 (254) % (4) Mincio Empreendimentos Imobiliários Ltda 44,126 41,638 2,488 (180) % 56 4, ,101 Minulo Empreendimentos S/A 165, ,221 (25,062) 1, % (739) (28,816) - 28,816 - Molie Empreendimentos Imobiliários Ltda 7,602 1,131 6, % 11 6, ,308 Monstera Empreendimentos S/A 90,683 59,291 31, % 71 31, ,495 Moscatu Empreendimentos S/A 98,517 57,344 41,173 7, % Naiades Empreendimentos Imobiliários Ltda 435 3,601 (3,166) (12) 99.90% (3) Nenufar Empreendimentos Imobiliários Ltda 7,492 7, % Nepeta Empreendimentos S/A 56,124 37,629 18, % 2 18, ,409 Nicandra Empreendimentos S/A 140,881 58,106 82, % , ,707 Nicotiana Empreendimentos Imobiliários Ltda 42 3,810 (3,767) % Nicuri Empreendimentos Imobiliários Ltda 54,542 50,976 3,566 (524) 99.90% (1,165) (838) Nidus Empreendimentos S/A 72,274 81,633 (9,359) (448) 70.00% 164 (6,396) - 6,396 - Nievre Empreendimentos Imobiliários Ltda 9,897 23,135 (13,237) (95) 99.90% (118) (13,245) - 13,245 - Nigra Empreendimentos S/A % - (7) Oelde Empreendimentos Imobiliários Ltda 21,447 6,986 14,462 (1,114) 70.00% (40) 10, ,394 Orquídea Incorporadora Ltda 79, ,832 (147,175) % (72) (150,230) - 150,230 - Pachira Empreendimentos Imobiliários Ltda 4,080 1,675 2,405 (74) % - 2, ,569 Pacino Empreendimentos Imobiliários Ltda 2,843 5,595 (2,752) (63) % 8 (2,829) - 2,829 - Paludosum Empreendimentos Imobiliários Ltda 1,679 6,518 (4,839) % - (4,820) - 4,820 - Panaque Empreendimentos Imobiliários Ltda 21,420 5,143 16,277 (174) % , ,204 Papoila Empreendimentos S/A 5,566 4,328 1,238 (91) 99.90% - 1, ,045 Pepo Empreendimentos S/A 315 1,803 (1,488) % 308 (1,405) - 1,405 - Perpetuas Empreendimentos Imobiliários Ltda 41,709 26,420 15,289 (13) % (8) 16, ,540 Pervinca Empreendimentos S/A 29,676 33,681 (4,005) % 35 (3,925) - 3,925 - Petrea Empreendimentos Imobiliários Ltda 1, , % - 1, ,680 Pietraporzio Empreendimentos Imobiliários Ltda 2, , % - 2, ,734 Piper Empreendimentos S/A 13,080 10,427 2, % 66 1, ,773 Piracanta Empreendimentos S/A 1, , % - 1, ,549 Plomeu Empreendimentos Imobiliários Ltda (301) (294) 99.90% - (301) Porto Paradiso Incorporadora S/A 509 2,077 (1,568) % - (1,540) - 1,540 - Pozuoli Empreendimentos Imobiliários Ltda - 4 (4) % (19) (143) Praça Capital Negócios Imobiliários Ltda 3, , % (1) 3, ,230 Praça Paris Incorporadora S/A 234 5,098 (4,864) (1) % - (4,831) - 4,831 - Prelude Empreendimentos S/A 103,537 96,731 6,806 (913) % (2,035) (1,746) - 1,746 - Pulchela Empreendimentos S/A 242 5,093 (4,851) % (5) Pumila Empreendimentos S/A 6,710 10,192 (3,482) % Quadra B-3 Incorporadora Ltda 99 4,424 (4,325) (1) 99.90% 81 (4,320) - 4,320 - Quenopodio Empreendimentos S/A 16,474 13,402 3, % - 2, ,301 Quibor Empreendimentos Imobiliários Ltda 993 5,670 (4,678) (1) 99.90% (5) Ramizeri Empreendimentos Imobiliários Ltda 14,753 7,623 7,129 (1) 0.00% Ramizeri Empreendimentos Imobiliários Ltda 14,753 7,623 7,129 (1) 0.00% Raniona Empreendimentos Imobiliários Ltda 38,874 41,383 (2,509) % (242) (4,296) - 4,296 - RCI Consultoria de Imóveis Ltda 5, ,664 (26) 99.90% (22) 4, ,545 Recreio Desenvolvimento Imobiliários Ltda 24,918 19,880 5,038 (41) % 1 4, ,407 Recreio Empreendimentos Imobiliários Ltda 29,420 12,383 17, % 5 17, ,032 Rilstone Empreendimentos Imobiliários Ltda 1, , % - 1, ,608 Rimasco Empreendimentos Imobiliários Ltda - 4 (4) % (9) (161) Risaralda Empreendimentos Imobiliários Ltda 17,489 8,742 8, % 12 9, ,008 Riservato Negócios Imobiliários Ltda 1, , % - 1, ,699 Rodolita Empreendimentos e Participações Ltda 114, ,550 (13,295) (10,003) 99.90% 113 (16,579) - 16,579 - Rosalba Empreendimentos Imobiliários Ltda 8, ,097 (1) % - 8, ,095 Rossi América Gerenciamento Ltda 22,330 21,272 1, % Rossi Consultoria de Imóveis Aracajú Ltda 2,930 1,049 1, % Rossi Consultoria de Imóveis Aracajú Ltda 2,930 1,049 1, % Rossi Consultoria de Imóveis Ltda 9,530 19,601 (10,072) (1,027) 99.99% (278) (10,807) - 10,807 - Rossi Indústria de Artefatos de Concreto Ltda 16,834 31,874 (15,040) (91) % (209) (15,941) - 15,941 - Rossi Montante Incorporadora S/A 38,099 43,457 (5,358) (2) 99.98% (4) (5,158) - 5,158 - Rossi Morumbi Incorporadora S/A 9,398 21,359 (11,962) % - (9,128) - 9,128 - Rossi Norte Empreendimentos S/A 1,858,149 1,703, ,517 (19,060) % (19,257) 214, ,119 Rossi Oscar Porto Incorporadora Ltda 107,597 86,589 21, % 10 21, ,028 Rossi Performance e Construções Ltda 63,881 66,231 (2,350) % (203) (3,278) - 3,278 - Rossi S/A 1,135 1,638 (503) (2) % (2) (511) Rossi Securities Empreendimentos Imobilíarios Ltda 7, ,249 (48) % 1 7, ,283 Rossi Trust e Participações Ltda 5, , % 235 5, ,776

55 55 todas Ativo Passivo Patrimônio Líquido March - 18 Resultado do exerc. Part. % Resultado da equiv. patrim. Saldo de Investimentos AFAC s Transf. passivo a descoberto Total em investimentos cont. Controlled Companies RRTI Desenvolvimento Imobiliário Ltda 17,298 3,705 13,593 (13) % - 13, ,594 Rubrum Empreendimentos Imobiliários Ltda 6,763 14,340 (7,577) (112) % (147) (8,674) - 8,674 - Rype Spe3-Empreendimentos Imobiliários Ltda 30,196 27,101 3, % (1) 2, ,618 Sabanalarga Empreendimentos Imobiliários Ltda 3,513-3, % 164 3, ,596 Sambre Empreendimentos Imobiliários Ltda 18,155 10,549 7,607 (85) 99.90% - 7, ,592 Sampeire Empreendimentos Imobiliários Ltda - 4 (3) % (11) (119) Sândalo Desenvolvimento Imobiliários Ltda 207,679 69, , % , ,292 Sândalo Empreendimentos Imobiliários Ltda ,804 (14,523) % Sanderae Empreendimentos Imobiliários Ltda ,695 (31,165) % - (31,042) - 31,042 - Sanquezia Empreendimentos Ltda 80,120 59,773 20,347 (17) 70.00% - 14, ,108 Santa Adelaida Empreendimentos Imobiliários Ltda 4,730 1,994 2, % 1 (151) Santa Adelvina Empreendimentos Imobiliários Ltda 89,108 91,202 (2,094) (172) 0.00% Santa Agape Empreendimentos Imobiliários Ltda 17,714 6,866 10, % 1 2, ,375 Santa Agia Empreendimentos Imobiliários Ltda 15,879 22,383 (6,504) % 10 (6,329) - 6,329 - Santa Alfreda Empreendimentos Imobiliários Ltda 6,213 1,868 4,345 (6) 99.90% 10 4, ,367 Santa Alice Empreendimentos Imobiliários Ltda 1,507 1,714 (208) (1) 50.00% - (118) Santa Amanda Empreendimentos Imobiliários Ltda 35,895 57,285 (21,389) (1,172) 80.00% (156) (16,402) - 16,402 - Santa Apolonia Empreendimentos Imobiliários Ltda 45,403 16,675 28, % (94) 29, ,191 Santa Aurelia Empreendimentos Imobiliários Ltda 30,913 27,808 3, % (1) 2, ,699 Santa Aurora Empreendimentos Imobiliários Ltda 15,326 9,205 6,121 (6) 0.10% Santa Belina Empreendimentos Imobiliários Ltda 12,069 2,121 9, % Santa Brenda Empreendimentos Imobiliários Ltda % (56) Santa Calixta Empreendimentos Imobiliários Ltda 25,891 7,726 18, % Santa Camila Empreendimentos Imobiliários Ltda 24,087 23, (64) % 128 (14) Santa Capitolina Empreendimentos Imobiliários Ltda 4,743 4, % Santa Caridade Empreendimentos Imobiliários Ltda 24,936 1,047 23, % (36) 23, ,978 Santa Cassilda Empreendimentos Imobiliários Ltda 18,357 2,846 15, % Santa Celestina Empreendimentos Imobiliários Ltda 36,724 84,611 (47,888) (2,885) 99.90% (169) (48,249) - 48,249 - Santa Cordelia Empreendimentos Imobiliários Ltda 61,571 85,151 (23,580) (1,987) 0.10% (1) (24) Santa Dionisia Empreendimentos Imobiliários Ltda 11,135 17,758 (6,623) (377) 99.90% 22 (6,753) - 6,753 - Santa Doroteia Empreendimentos Imobiliários Ltda 386 (41) 428 (10) 99.90% 117 1, ,212 Santa Duna Empreendimentos Imobiliários Ltda 3,554 3, % Santa Edite Empreendimentos Imobiliários Ltda 480 5,180 (4,700) % - (4,594) - 4,594 - Santa Emereciana Empreendimentos Imobiliários Ltda 27,231 5,150 22, % Santa Erasma Empreendimentos Imobiliários Ltda 5,022 4, % Santa Esperança Empreendimentos Imobiliários Ltda ,141 (13,803) % 5 (13,331) - 13,331 - Santa Eufrosina Empreendimentos Imobiliários Ltda 8,847 4,683 4, % 26 4, ,276 Santa Exuperia Empreendimentos Imobiliários Ltda 8,512 12,861 (4,349) (662) % (4) (3,960) - 3,960 - Santa Fidelmia Empreendimentos Imobiliários Ltda 10,897 1,458 9, % Santa Flavia Empreendimentos Imobiliários Ltda 8,894 9,457 (563) % 1 (419) Santa Francisca Empreendimentos Imobiliários Ltda 11,957 11, (16) 75.00% (1) Santa Genoveva Empreendimentos Imobiliários Ltda 8,960 2,053 6, % (152) 6, ,819 Santa Giana Empreendimentos Imobiliários Ltda 31,907 3,188 28,719 1, % Santa Gontilda Empreendimentos Imobiliários Ltda 170 9,165 (8,995) % 5 (9,155) - 9,155 - Santa Gundelina Empreendimentos Imobiliários Ltda (1) 99.90% - (35) Santa Humbelina Empreendimentos Imobiliários Ltda 27,626 19,609 8, % Santa Iza Empreendimentos Imobiliários Ltda 11,875 3,483 8, % 51 7, ,012 Santa Justina Empreendimentos Imobiliários Ltda 2,739 2,893 (154) % (1) Santa Manuela Empreendimentos Imobiliários Ltda 15,265 11,314 3,951 (94) % (85) 3, ,769 Santa Margarete Empreendimentos Imobiliários Ltda 23,233 7,474 15, % 75 15, ,648 Santa Marianela Empreendimentos Imobiliários Ltda 65,661 65, (242) 90.00% 17 (412) Santa Matilda Empreendimentos Imobiliários Ltda 28,948 19,544 9, % 4 9, ,413 Santa Maura Empreendimentos Imobiliários Ltda 29,924 30,771 (847) (52) 87.50% (39) (934) Santa Melania Empreendimentos Imobiliários Ltda 21,367 30,821 (9,453) (24) % (5) (10,194) - 10,194 - Santa Narcisa Empreendimentos Imobiliários Ltda 15,171 8,295 6, % (3) 6, ,873 Santa Natalia Empreendimentos Imobiliários Ltda 9, ,984 (24) 99.90% 6 8, ,997 Santa Nina Empreendimentos Imobiliários Ltda 9,171 11,697 (2,526) % (14) (2,701) - 2,701 - Santa Noemia Empreendimentos Imobiliários Ltda 8,044 21,324 (13,280) % (1) (12,371) - 12,371 - Santa Odete Empreendimentos Imobiliários Ltda 3, , % 3 3, ,157 Santa Olga Empreendimentos Imobiliários Ltda 31,285 19,680 11, % 1 12, ,564 Santa Patrícia Empreendimentos Imobiliários Ltda ,395 (10,292) % - (10,049) - 10,049 - Santa Priscila Empreendimentos Imobiliários Ltda 8, ,677 (89) % (1) 8, ,699 Santa Quilônia Participações e Empreendimentos Ltda (19) % - (19) Santa Ruth Empreendimentos Imobiliários Ltda 21,135 9,250 11,886 (5) % - 11, ,717 Santa Sabina Empreendimentos Imobiliários Ltda 40,137 39, % (144) Santa Silvana Empreendimentos Imobiliários Ltda 29,073 6,996 22, % (10) 1, ,908 Santa Silvia Empreendimentos Imobiliários Ltda 48,535 64,683 (16,148) (608) % Santa Sofia Empreendimentos Imobiliários Ltda 154, ,732 (778) (313) 10.00% (6) (120) Santa Solange Empreendimentos Imobiliários Ltda 17,485 3,010 14, % (1) 1, ,443 Santa Susana Empreendimentos Imobiliários S/A 47,235 84,673 (37,439) (196) 99.90% (273) (37,928) - 37,928 -

56 56 March - 18 All Ativo Liabilities Shareholders Income for Equity the year Part. % Equity Pickup Saldo de Investimentos AFAC s Transfer unfunded liabilities Total investments cont. Controlled Companies Santa Taciana Empreendimentos Imobiliários Ltda 8,026 7, % (1) Santa Tarcila Empreendimentos Imobiliários Ltda 3, ,439 1, % (1) 3, ,486 Santa Teodata Empreendimentos Imobiliários Ltda 57,100 77,486 (20,386) (832) % (454) (23,957) - 23,957 - Santa Zenaide Empreendimentos Imobiliários Ltda 34,404 14,732 19, % 8 19, ,707 Santa Zenobia Empreendimentos Imobiliários Ltda 4,465-4, % 209 4, ,674 Santa Zita Empreendimentos Imobiliários Ltda - 5,398 (5,398) % - (5,392) - 5,392 - Santo Anastacio Empreendimentos Imobiliários Ltda 12,525 40,650 (28,126) (92) 99.90% - (27,959) - 27,959 - Santo Anatolio Empreendimentos Imobiliários Ltda 36,457 5,736 30, % Santo Angelo Empreendimentos Imobiliários Ltda 14,525 12,626 1, % 4 1, ,943 Santo Aniceto Empreendimentos Imobiliários Ltda 10,834 5,734 5, % Santo Antao Empreendimentos Imobiliários Ltda 9,835 10,552 (717) % (5) Santo Artemio Empreendimentos Imobiliários Ltda 40,284 48,378 (8,094) (599) 0.00% Santo Eduardo Empreendimentos Imobiliários Ltda 26,977 38,502 (11,525) (125) 99.90% (8) (11,573) - 11,573 - Santo Egidio Empreendimentos Imobiliários Ltda 23,307 36,324 (13,017) (264) % (95) Santo Elias Empreendimentos Imobiliários Ltda 9,669 10,854 (1,185) % (5) Santo Erasmo Empreendimentos Imobiliários Ltda 114, ,776 (8,027) (1,068) 99.90% (239) (8,489) - 8,489 - Santo Estanislau Empreendimentos Imobiliários Ltda 64,881 76,922 (12,041) % 46 (12,338) - 12,338 - Santo Estevao Empreendimentos Imobiliários Ltda 8,808 6,009 2, % (1) 2, ,792 Santo Eugenio Empreendimentos Imobiliários Ltda 6,320 4,968 1,351 (2) 99.90% (1) Santo Eusebio Empreendimentos Imobiliários Ltda 79 2,635 (2,556) % 110 (2,556) - 2,556 - Santo Evaristo Empreendimentos Imobiliários Ltda 64, ,140 (46,229) (2,839) % (1,607) (54,344) - 54,344 - Santo Expedito Empreendimentos Imobiliários S/A ,227 (22,640) % Santo Humberto Empreendimentos Imobiliários Ltda 42,245 6,257 35,988 (27) 99.90% , ,267 Santo Ildefonso Empreendimentos Imobiliários Ltda 71,526 79,564 (8,039) (876) 0.10% - (11) Santo Inacio Empreendimentos Imobiliários Ltda 12,671 11, (57) 99.90% (50) Santo Indalecio Empreendimentos Imobiliários Ltda 10,520 3,255 7, % Santo Irineu Empreendimentos Imobiliários Ltda 14,574 6,350 8, % 1 7, ,198 Santo Lorenzo Empreendimentos Imobiliários Ltda 8, ,579 (37) % 74 8, ,657 Santo Uriel Empreendimentos Imobiliários Ltda 29,964 40,618 (10,654) (628) 99.90% (166) (10,204) - 10,204 - São Beltran Empreendimentos Imobiliários Ltda 149 4,139 (3,990) % - (3,986) - 3,986 - São Benildo Empreendimentos Imobiliários Ltda 89 1,723 (1,635) % (1) (1,633) - 1,633 - São Bertino Empreendimentos Imobiliários Ltda 10,810 19,735 (8,924) % (78) (9,391) - 9,391 - São Bessario Empreendimentos Imobiliários Ltda (251) % (32) (283) São Braulio Empreendimentos Imobiliários Ltda 20,586 14,552 6, % 2 6, ,053 São Caemon Empreendimentos Imobiliários Ltda 6,431 7,778 (1,348) (17) 99.90% (10) (1,259) - 1,259 - São Celestino Empreendimentos Imobiliários Ltda (31) % 51 (16) São Cesario Empreendimentos Imobiliários Ltda 21,700 28,966 (7,265) (143) 99.90% 47 (8,054) - 8,054 - São Constantino Empreendimentos Imobiliários Ltda 46,318 57,044 (10,726) (429) 0.10% - (12) São Cornelio Empreendimentos Imobiliários Ltda 19,091 2,558 16, % , ,582 São Crisanto Empreendimentos Imobiliários Ltda 13,333 22,428 (9,095) (1,104) 99.90% (319) (10,450) - 10,450 - São Crispim Empreendimentos Imobiliários Ltda 60,062 26,859 33, % 32 33, ,397 São Crispiniano Empreendimentos Imobiliários Ltda 112, ,451 (35,609) (1,266) 99.90% (207) (41,331) - 41,331 - São Desiderio Empreendimentos Imobiliários Ltda % - (1) São Dionisio Empreendimentos Imobiliários Ltda 22,649 24,533 (1,884) % 93 (1,828) - 1,828 - São Fiacre Empreendimentos Imobiliários Ltda 38,390 40,431 (2,041) % - (2) São Geroncio Empreendimentos Imobiliários Ltda 8,480 3,267 5, % 1 3, ,578 São Gonzalo Empreendimentos Imobiliários Ltda 11,487 17,178 (5,691) % (91) (4,725) - 4,725 - São Hipolito Empreendimentos Imobiliários Ltda 57,831 69,593 (11,761) (842) 10.00% (6) (984) São Leopoldo Empreendimentos Imobiliários Ltda 19,655 3,805 15, % 3 1, ,553 São Loureano Empreendimentos Imobiliários Ltda 4,018 8,761 (4,743) % - (5,052) - 5,052 - São Mancio Empreendimentos Imobiliários Ltda 43,982 82,729 (38,746) % 327 (37,852) - 37,852 - São Marçal Empreendimentos Imobiliários Ltda % São Marcelino Empreendimentos Imobiliários Ltda 13,465 13,484 (20) (1) % (2) (17) São Mario Empreendimentos Imobiliários Ltda % São Martim Empreendimentos Imobiliários Ltda 68, ,115 (36,462) % 15 (36,207) - 36,207 - São Mauricio Empreendimentos Imobiliários Ltda 5,261 56,367 (51,106) 1, % (1) (52,062) - 52,062 - São Mucio Empreendimentos Imobiliários Ltda 141 1,754 (1,613) % (3) (1,669) - 1,669 - São Nicodemus Empreendimentos Imobiliários Ltda 4,284 1,423 2, % - 2, ,842 São Norberto Empreendimentos Imobiliários Ltda 4,123 4,132 (9) % (2) São Procopio Empreendimentos Imobiliários Ltda 80 6,966 (6,886) % - (6,450) - 6,450 - São Quirino Empreendimentos Imobiliários Ltda 1, % - 1, ,023 São Raimundo Empreendimentos Imobiliários Ltda 53,478 53,668 (190) (250) 0.10% - (2) São Remigio Empreendimentos Imobiliários Ltda 9,777 6,962 2,815 (6) 99.90% 1 2, ,843 São Ricardo Empreendimentos Imobiliários Ltda (35) 4 (39) (40) 99.90% (1) São Severino Empreendimentos Imobiliários Ltda 6,929 4,521 2,408 (263) % 22 2, ,434 São Teodorico Empreendimentos Imobiliários Ltda 1,973 16,107 (14,134) (104) 99.90% (139) (10,674) - 10,674 - São Teofilo Empreendimentos Imobiliários Ltda 8,698 2,867 5, % 3 7, ,133 São Tranquilino Empreendimentos Imobiliários Ltda 45,707 48,397 (2,690) % (4) (2,758) - 2,758 - Sarapo Empreendimentos Imobiliários Ltda 6,606 9,615 (3,009) (39) 99.90% 37 (2,950) - 2,950 - Saratoga Empreendimentos Imobiliários Ltda 28,633 25,527 3, % - 3, ,136

57 57 todas Ativo Passivo Patrimônio Líquido March - 18 Resultado do exerc. Part. % Resultado da equiv. patrim. Saldo de Investimentos AFAC s Transf. passivo a descoberto Total em investimentos cont. Controlled Companies Sarita Empreendimentos Imobiliários Ltda 111 1,485 (1,374) % 14 (1,399) - 1,399 - Sarpedon Empreendimentos Imobiliários Ltda 3,693 3, % Sarre Empreendimentos Imobiliários Ltda 76,554 87,055 (10,502) (781) 0.00% - (11) SCP Fabrice-Fabrice Empreendimentos Imobiliários Ltda 7,965 3,775 4,190 (1) 0.00% Sempreflores Empreendimentos Imobiliários Ltda 2,939 4,702 (1,764) % Shuarbe Empreendimentos Imobiliários Ltda % Sinuatum Empreendimentos Imobiliários Ltda 28,075 54,388 (26,313) (129) 99.90% (1,147) (28,700) - 28,700 - Sogamoso Empreendimentos Imobiliários Ltda 5, ,492 (175) 99.90% - 5, ,472 Spe Alto Boa Vista Empreendimentos Imobiliários Ltda 34,847 13,653 21,194 (240) 99.90% (188) 20, ,787 Spe Condomínio Jardim da França Ltda 33,134 5,772 27, % 6 26, ,746 Spe Condomínio Recanto Árvores Ltda 44,347 53,101 (8,754) (351) 99.90% (123) (8,721) - 8,721 - Spe Condomínio Vila das Artes Ltda 39,553 42,876 (3,323) (269) 99.90% (4) (3,933) - 3,933 - Spe Parque Sementeiras Empreendimentos Imobiliários Ltda 82, ,303 (26,695) (2,104) 99.90% (1,529) (34,642) - 34,642 - Spe Pier Empreendimentos Imobiliários Ltda 31,778 5,311 26,467 (843) % , ,182 Sta Rafaela Empreendimentos Imobiliários Ltda (42) 5,677 (5,719) (4) 99.90% (5) Sto Exuperâncio Empreendimentos Imobiliários Ltda 3,286 (17) 3, % - 3, ,303 Tacarigua Empreendimentos Imobiliários Ltda (5) % - (6) Tadorna Empreendimentos Imobiliários Ltda 33,670 17,413 16, % (139) 16, ,045 Tainacam Empreendimentos Imobiliários Ltda 8,113 9,807 (1,694) % - (1,693) - 1,693 - Tanais Empreendimentos Imobiliários Ltda 1,157 6,482 (5,325) (5,055) 99.90% - (4,808) - 4,808 - Tapiriri Empreendimentos S/A 35,892 37,172 (1,280) % - 6, ,085 Tauranga Empreendimentos Imobiliários Ltda 76,678 84,230 (7,552) % (1,132) (6,971) - 6,971 - Temiscira Empreendimentos Imobiliários Ltda 10,691 4,349 6, % Termesso Empreendimentos Imobiliários Ltda 24,209 6,612 17, % Tessalia Empreendimentos Imobiliários Ltda 28,886 41,244 (12,358) (34) 99.90% (11) (12,428) - 12,428 - Teutrania Empreendimentos Imobiliários Ltda 46,743 45,267 1,476 (134) 99.90% 306 (1,046) - 1,046 - Tiberino Empreendimentos Imobiliários Ltda 131 2,371 (2,240) % Tibouchina Empreendimentos S/A 633 1,758 (1,125) % - (1,119) - 1,119 - Tieze Empreendimentos Imobiliários Ltda - 3 (3) % 1 (10) Tindaro Empreendimentos Imobiliários Ltda 10,775 8,330 2, % - 2, ,478 Trevoro Empreendimentos Imobiliários Ltda 2,811 2,817 (5) % (3) Troade Empreendimentos Imobiliários Ltda 18,387 14,912 3,475 (11) % (73) 3, ,211 Trombeta Empreendimentos Imobiliários Ltda 96,090 72,211 23,878 2, % (557) 25, ,757 Tulipa Incorporadora Ltda 46,178 64,779 (18,601) (921) % 337 (20,666) - 20,666 - Tunico Empreendimentos Imobiliários Ltda 2,379 10,901 (8,522) (39) 99.90% (19) (8,592) - 8,592 - Uribia Empreendimentos Imobiliários Ltda 7,654 6, (1) 99.90% Valpeline Empreendimentos Imobiliários Ltda - 3 (3) % (7) (129) Vardaman Empreendimentos Imobiliários Ltda (3) 99.90% - (6) Vendeia Empreendimentos Imobiliários Ltda 26,294 11,122 15, % Vicença Empreendimentos Imobiliários Ltda 18,058 22,132 (4,074) (84) % 247 (3,217) - 3,217 - Vigo Empreendimentos S/A 10,033 2,857 7, % 5 6, ,524 Vila Flora Hortolandia Empreendimentos Imobiliarios Ltda 153, ,797 50, % (45) 56, ,667 Vitis Empreendimentos S/A 59,102 62,224 (3,122) % 18 (3) - 3,517 - Zaculeu Empreendimentos Imobiliários Ltda 19,394 17,332 2, % 14 1, ,949 Zadoque Empreendimentos Imobiliários Ltda 31,895 38,377 (6,483) (2,573) 90.00% (1,825) (18,004) - 18,004 - Excess over the book value of purchase 32, ,091 Capitalized charges 38,001 38,001 Other (1,945) Subtotal Controlled Companies 13,979,385 13,278, ,449 (66,939) 394 (60,874) 357,148-1,898,029 2,251,658

58 58 Anexo I(sic) Summary of the main information on investments as of March 31, 2017:

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67 67

68 68 Anexo I(sic) Summary of the main information on investments as of December 31, 2017: December 2017 Assets Liabilities Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Subsidiaries Abadir Empreendimentos Imobiliários Ltda 86, ,749 (43,433) (21,376) 99.90% (16,420) (43,390) - 43,390 - Abeguar Empreendimentos Imobiliários Ltda 72,326 72,659 (333) (6,927) % (938) (333) Abrotano Empreendimentos Imobiliários Ltda 1 15 (14) % - (14) Absirto Empreendimentos Imobiliários Ltda 6,199 3,088 3,111 (668) 99.90% 69 3, ,108 Açafate Empreendimento S/A 3,982-3, % 2 3, ,982 Acalifa Empreendimentos S/A 8,387 10,174 (1,787) (55) % (334) (1,787) - 1,787 - Acauã Investimentos Imobiliários Ltda 16,486 5,881 10,605 (506) % (506) 10, ,605 Acer Participações S/A 20,319 26,124 (5,805) (46) 99.90% (46) (5,799) - 5,799 - Adiantum Empreendimentos Imobiliários Ltda % Afelandra Empreendimentos S/A 14,860 16,529 (1,668) (25) 75.00% (19) (1,251) - 1,251 - Agerato Empreendimentos S/A 1,189 2,908 (1,719) 3, % 3,459 (1,717) - 1,717 - Aglaonema Empreendimentos S/A 26,459 18,617 7, % 17 7, ,834 Agraecum Empreendimentos S/A % Aisne Empreendimentos Imobiliários Ltda 26,791 25, (4,068) % (1,646) Alcea Empreendimentos Imobiliários Ltda 276,166 64, , % , ,464 Aldrovandi Empreendimentos Imobiliários Ltda 2,991 1,287 1,703 (102) 99.90% 58 1, ,702 Alocasia Empreendimentos S/A 2,779 19,354 (16,575) % 280 (16,559) - 16,559 - Alpen Haus Desenvolvimento Imobiliário S/A 10,045 9, % (5) Alpen Haus Negócios Imobiliários S/A 13,810 12,344 1, % 129 1, ,026 Alteia Empreendimentos Imobiliários Ltda 26,775 1,831 24,944 (391) % (399) 24, ,944 Alternantera Empreendimentos Imobiliários Ltda 105,535 61,754 43,781 (128) % (397) 43, ,781 América Piqueri Incorporadora S/A 6,010 5, (115) 20.00% (37) América Properties Ltda 46,593 44,745 1,848 (958) % (720) 1, ,848 América Urbanismo S/A 1,080 1,564 (483) % Amniso Empreendimentos Imobiliários Ltda 3, ,203 (30) 99.90% (30) 3, ,199 Anabi Empreendimentos Imobiliários Ltda 30,895 30, (4,767) 0.00% Anagalide Empreendimentos S/A 1,290 30,334 (29,044) % 184 (29,015) 7,210 21,804 - Anapo Empreendimentos Imobiliários Ltda 14,256 6,625 7,632 (227) 99.90% (226) 7, ,624 Aniene Empreendimentos Imobiliários Ltda 10,067 5,379 4,688 (221) 99.90% (225) 4, ,684 Anigro Empreendimentos Imobiliários Ltda 11, , % 2,420 10, ,700 Anloga Empreendimentos Imobiliários Ltda 10,567 3,645 6,921 (66) 70.00% (16) 4, ,845 Anteros Empreendimentos Imobiliários Ltda 9,206 8, (149) 99.90% (478) Antocleista Empreendimentos S/A % Apidano Empreendimentos Imobiliários Ltda 138, ,805 (29,950) (14,193) 99.90% (4,154) (29,920) - 29,920 - Apuléia Empreendimentos Imobiliários Ltda % Araucaia Empreendimentos Imobiliários Ltda 35,923 4,644 31,278 (41) % (30) 31, ,278 Araure Empreendimentos Imobiliários Ltda 62,093 75,858 (13,765) (9,162) 99.90% (5,238) (13,752) - 13,752 - Argentea Empreendimentos S/A 200, ,952 (31,209) % 927 (31,178) - 31,178 - Aristasia Empreendimentos Imobiliários Ltda % Artocarpus Empreendimentos Imobiliários Ltda 1, % Arundina Empreendimentos Imobiliários Ltda 1,393 1, (21) % (7) Asistásia Empreendimentos S/A % Asmiscada Empreendimentos S/A 14,269 10,696 3, % 28 3, ,575 Asopo Empreendimentos Imobiliários Ltda 9,715 3,392 6, % 35 4, ,110 Assessoria Técnica, Imobiliária e Participações Ltda (2) 99.90% (1) Asterion Empreendimentos Imobiliários Ltda 4-4 (33) 99.90% Astir Assessoria Técnica Imobiliária e Participações Ltda 4,176 70,212 (66,036) (5,795) 99.90% (4,590) (65,970) - 65,970 - Atenor Empreendimentos Imobiliários Ltda 1,138 22,501 (21,363) (1,640) 99.90% (1,124) (21,341) - 21,341 - Atromeia Empreendimentos S/A 57,420 30,170 27, % , ,223 Auriculata Empreendimentos S/A 1,056 5,121 (4,065) % 206 (4,061) - 4,061 - Aven Empreendimentos Imobiliários Ltda 114, ,495 (18,161) (1,200) 99.90% (1,235) (18,143) - 18,143 - Bafira Empreendimentos Imobiliários Ltda 21,910 34,994 (13,084) (3,300) 65.00% (1,159) (8,505) - 8,505 - Barão de Café Empreendimentos Imob. S/A (36) 50.00% (18) Barão do Café Incorporadora S/A % Barbarea Empreendimentos Imobiliários Ltda 6 15 (9) % - (9) Bazagueda Empreendimentos Imobiliários Ltda 23,847 23,878 (31) (1) 99.90% (1) (31) Beaumontia Empreendimentos S/A 10,880 14,468 (3,588) (55) % 18 (3,588) - 3,588 - Belinda Empreendimentos Imobiliários Ltda 132, ,168 (21,196) (9,160) 99.90% (5,723) (21,174) - 21,174 - Belisário Empreendimentos Imobiliários Ltda 19,863 12,071 7,793 (1,612) 99.90% (1,576) 7, ,785 Bidasoa Empreendimentos Imobiliários Ltda 14,713 17,656 (2,942) (472) 99.90% (463) (2,939) - 2,939 - Bisira Empreendimentos Imobiliários Ltda 35,158 8,629 26,530 3, % 1,629 26, ,503 Bitinia Empreendimentos Imobiliários Ltda 21,239 39,201 (17,962) (595) 99.90% (1,104) (17,945) - 17,945 - Bolero Empreendimentos S/A 1,817 20,871 (19,054) 1, % 1,818 (19,034) - 19,034 - Bonina Empreendimentos Imobiliários Ltda (20) 2,448 (2,469) (4) 99.90% 51 (2,466) - 2,466 - Borago Empreendimentos S/A (276) % 281 (276) Bordo Empreendimentos Imobiliários Ltda 8,594 3,706 4,888 (425) % (1) 4, ,888 Bouvardia Empreendimentos Imobiliários Ltda 17,404 8,022 9,382 (480) 99.90% (394) 9, ,373 Bresbe Empreendimentos Imobiliários Ltda 12,800 4,876 7, % 68 5, ,150 Brossasco Empreendimentos Imobiliários Ltda 44,564 46,176 (1,612) (245) 99.90% (206) (1,610) - 1,610 - Brumalia Empreendimentos Imobiliários Ltda (2) 24 (26) (25) 99.90% (3) (26)

69 69 December 2017 All Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Subsidiaries (cont.) Brutio Empreendimentos Imobiliários Ltda 22,876 36,758 (13,882) (1,549) 65.00% (678) (9,023) - 9,023 - Cabimas Empreendimentos Imobiliários Ltda 86, ,195 (25,414) (18,116) 99.90% (10,212) (25,389) - 25,389 - Caerulea Empreendimentos S/A 24,524 18,053 6,471 (34) 99.90% (35) 6, ,465 Cainara Empreendimentos Imobiliários Ltda (1) 99.90% (1) Caliandra Incorporadora Ltda 189, ,044 18,564 (544) % 19 18, ,564 Calibracoa Empreendimentos S/A 9,438 6,457 2,981 (32) % 5 2, ,982 Campainha Empreendimentos S/A % Carimbosa Empreendimentos Imobiliários Ltda 63,945 68,479 (4,534) (492) 99.90% 718 (4,529) - 4,529 - Cariniana Empreendimentos S/A 10,107 14,831 (4,724) (155) % (148) (4,724) - 4,724 - Caroba Empreendimentos S/A (1) 99.90% Cartamus Empreendimentos Imobiliários Ltda 112, , (762) % (867) Cartatica Empreendimentos Imobiliários Ltda 39,719 27,540 12,179 (78) % (59) 12, ,179 Catarantus Empreendimentos S/A 39,001 41,069 (2,068) (3,412) % (3,513) (1,985) - 1,985 - Cedrela Empreendimentos Imobiliários Ltda 1,570-1,570 (27) % - 1, ,570 Celebrete Empreendimentos S/A 57,736 42,146 15,590 (644) 99.90% (212) 15, ,574 Celebrity Icaraí Negócios Imobiliários Ltda 538 4,844 (4,305) 1, % 1,640 (4,305) - 4,305 - Celeni Empreendimentos Imobiliários Ltda 131, ,608 16,638 (4,768) % (2,825) 16, ,640 Ceressa Empreendimentos Imobiliários Ltda 1,470 1,483 (14) (15) 99.90% (9) (14) Certima Empreendimentos Imobiliários Ltda 7,597 1,951 5, % 47 5, ,640 Cheflera Empreendimentos Imobiliários Ltda 10, , % 4 9, ,355 Chilodus Empreendimentos Imobiliários Ltda 11,770 27,561 (15,791) % 63 (15,775) - 15,775 - Chilon Empreendimentos Imobiliários Ltda - 5 (5) (1) 99.90% (1) (5) Cianus Empreendimentos S/A 36,197 36, % Ciconia Empreendimentos Imobiliários Ltda 15,746 18,451 (2,705) % (112) (2,703) - 2,703 - Cinara Empreendimentos S/A 28,662 21,552 7,111 (8) % 31 7, ,111 Clarence Empreendimentos Imobiliários Ltda % Climenia Empreendimentos Imobiliários Ltda 60,011 65,610 (5,599) (5,137) 99.90% (1) (5,593) - 5,593 - Clube Tuiuti Empreendimentos S/A 4,537 3,284 1, % Colocasia Empreendimentos Imobiliários Ltda 3,650 3, % Colorata Empreendimentos Imobiliários Ltda 3,353 3, % 1, Cond. das Palmeiras Empreendimentos S/A (44) % 6 (23) Condominio das Palmeiras Desenvolvimento Imobiliário S/A 10,879 4,274 6, % Congorsa Empreendimentos S/A 1 78 (77) % 29 (77) Congossa Empreendimentos Imobiliários Ltda 2, , % 103 2, ,230 Consolda Empreendimentos Imobiliários Ltda 24,992 12,478 12, % , ,514 Coribante Empreendimentos Imobiliários Ltda - 19 (18) (44) 99.90% 21 (18) Cravina Empreendimentos S/A ,870 (13,372) % 87 (13,372) - 13,372 - Daciano Empreendimentos Imobiliários Ltda 1,211 1,222 (10) (1) 99.90% (1) (10) Dalmazo Empreendimentos Imobiliários Ltda - 4 (4) (1) 99.90% (1) (4) Damiane Empreendimentos Imobiliários Ltda 28,981 41,270 (12,289) (7,368) 99.90% (564) (12,277) - 12,277 - Dangila Empreendimentos Imobiliários Ltda 24,375 43,004 (18,629) (10,595) 70.00% (7,477) (13,040) - 13,040 - Del Monte Negócios Imobiliários S/A % Delcine Empreendimentos Imobiliários Ltda (645) 99.90% Dessau Empreendimentos Imobiliários Ltda 21, ,920 (79,748) 5, % 5,681 (79,668) - 79,668 - Diantus Empreendimentos S/A 39,287 42,695 (3,408) (327) 99.90% (217) (3,404) - 3,404 - Diomedes Empreendimentos Imobiliários Ltda (916) 99.90% Diomen Empreendimentos Imobiliários Ltda (651) 99.90% Dipladênia Empreendimentos Imobiliários Ltda 37,338 36, (33) % (39) Dirito Empreendimentos Imobiliários Ltda 3,991 2,727 1,264 (183) % (183) 1, ,264 Dorinda Empreendimentos Imobiliários Ltda (808) 99.90% (1) Doubs Empreendimentos Imobiliários Ltda 15,299 3,467 11,832 (205) 99.90% (212) 11, ,820 Dranci Empreendimentos Imobiliários Ltda 57, ,382 (47,009) (26,309) 70.00% (16,697) (32,906) - 32,906 - Driope Empreendimentos Imobiliários Ltda 51,451 65,214 (13,763) (3,665) 99.90% (1,184) (13,749) - 13,749 - Dunedine Empreendimentos Imobiliários Ltda 27,284 27,873 (589) (1) 99.90% (1) (588) Eitorfe Empreendimentos Imobiliários Ltda 56,744 65,927 (9,183) (11,483) 99.90% (1,940) (9,174) - 9,174 - Elida Empreendimentos Imobiliários Ltda 37,893 27,752 10, % (155) 10, ,141 Empreendimento Imobiliário Jaguaré SPE Ltda 75,870 56,445 19,425 2, % (54) 19, ,425 Entradero Empreendimentos Imobiliários Ltda (11) (5) 99.90% (5) (11) Entreverdes Urbanizadora S/A 11,776 19,651 (7,875) (3,618) % (3,042) (7,875) - 7,875 - Equinacia Empreendimentos S/A 93 4,925 (4,832) % 317 (4,832) - 4,832 - Ercilio Empreendimentos Imobiliários Ltda (655) 99.90% Erimanto Empreendimentos Imobiliários Ltda 17,017 26,965 (9,947) (326) % (31) (9,947) - 9,947 - Erinus Empreendimentos S/A 885 9,029 (8,145) (8) 99.90% 27 (8,136) - 8,136 - Escabiosa Empreendimentos S/A 47,885 45,457 2,428 (9) 99.90% (22) 2, ,426 Escalda Empreendimentos Imobiliários Ltda 24,058 52,168 (28,110) (5,818) 99.90% (6,724) (28,082) - 28,082 - Estrumosa Empreendimentos S/A 13,346 12, (1) 99.90% (1) Etolia Empreendimentos Imobiliários Ltda 193, ,817 8,232 (899) 99.90% (1,839) 8, ,223 Euforbia Empreendimentos S/A % Euriabe Empreendimentos S/A 3, ,541 (37) 99.90% (23) 2, ,539 Eustoma Empreendimentos S/A (86) % 163 (86) Exacum Empreendimentos Imobiliários Ltda - 44 (44) % - (44)

70 70 December 2017 All Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Subsidiaries (cont.) Fabrice Empreendimentos Imobiliários Ltda 7,411 2,837 4,573 1, % 958 4, ,569 Faon Empreendimentos Imobiliários Ltda (393) (388) 99.90% (388) (392) Fasciata Empreendimentos Imobiliários Ltda 15,311 4,687 10, % 11 10, ,624 Finab Financiamento 3,150 1,235 1, % Florença Participações S/A 62,101 19,862 42,239 (346) 99.90% (243) 42, ,197 Frigia Empreendimentos Imobiliários Ltda 1, ,332 (7) 99.90% (7) 1, ,330 Furano Empreendimentos Imobiliários Ltda 11,508 1,889 9,618 5, % 3,626 9, ,618 Galeria Boulevard Desenvolvimento Imobiliário S/A 4, ,436 (26) 50.00% (13) 1, ,718 Galeria Boulevard Negócios Imobiliários S/A 14,199 2,378 11, % 169 5, ,911 Galeso Empreendimentos Imobiliários Ltda 22,034 22,497 (462) (107) 99.90% 5 (462) Ganges Empreendimentos Imobiliários Ltda 1,260 1,369 (109) (3) 99.90% (2) (109) Garden Up Desenvolvimento Imobiliário Ltda 6,900 5, (70) 50.00% (23) Garden Up Negócios Imobiliários S/A 8,622 8,848 (225) (105) 50.00% (15) (113) Gardênia Participações S/A 2,521 2, (36) % (31) General Rondon Incorporadora Ltda 8,102 7, (496) 50.00% (174) Gestia Empreendimentos S/A 3,556 2, (35) 99.90% (4) Giardino Desenvolvimento Imobiliário S/A 1-1 (60) % (30) Giardino Empreendimentos Imobiliários S/A % Girassol Incorporadora Ltda 4,329 1,392 2,937 (11) 99.99% (11) 2, ,937 Glicínia Desenvolvimento Imobiliário Ltda 3,431 1,187 2, % 2 2, ,243 Glinde Empreendimentos Imobiliários Ltda 113, ,748 (14,146) (3,536) 99.90% (2,606) (14,132) - 14,132 - Gonfrena Empreendimentos Imobiliários Ltda 254, ,735 6,637 1, % 701 6, ,637 Grandiflora Empreendimentos Imobiliários Ltda (706) % 207 (705) Gustávia Empreendimentos S/A 1, % Helicônias Desenvolvimento Imobiliário Ltda 1,445 (57) 1, % 1 1, ,501 Hibisco Incorporadora Ltda 6,523 6, (1) 70.00% HOUSING BARÃO DO CAFÉ % Iberidifolia Empreendimentos Imobiliários Ltda 24, , % 9 24, ,185 Ibero Empreendimentos Imobiliários Ltda 7,793 7, (827) 99.90% (924) Ibicela Empreendimentos S/A % Imbrasco Empreendimentos Imobiliários Ltda 78,315 80,727 (2,412) 1, % (261) (2,409) - 2,409 - Impatiens Empreendimentos Imobiliários Ltda 26,147 8,672 17,475 4, % 3,421 17, ,457 Indre Empreendimentos Imobiliários Ltda 26,248 26,448 (200) (104) % (61) (200) Ipomoea Empreendimentos Imobiliários Ltda 36,177 7,289 28,888 (351) % (453) 28, ,888 Iturbe Empreendimentos Imobiliários. Ltda 5,991 4,430 1, % 71 1, ,560 Jamino Empreendimentos Imobiliários Ltda (3,035) 99.90% (3,041) Jardim das Margaridas Empreendimentos imobiliários Ltda 12, ,927 (17) % (26) 11, ,927 Jetirana Empreendimentos S/A 93,858 57,783 36,075 (6,835) % (9,888) 36, ,075 Kansas Empreendimentos Imobiliários Ltda % Lacio Empreendimentos Imobiliários Ltda 15,905 30,497 (14,592) (70) 99.90% (52) (14,577) - 14,577 - Lacrima Empreendimentos Imobiliários Ltda 118, ,135 (31,410) (12,499) 99.90% (6,489) (31,379) - 31,379 - Lagos Empreendimentos S/A (19) (1) 50.00% - (9) Laion Empreendimentos Imobiliários Ltda 45,244 12,006 33,238 (973) % (782) 33, ,238 Liepaja Empreendimentos Imobiliários Ltda 34,534 10,194 24,339 4, % 4,725 24, ,339 Linania Empreendimentos Imobiliários Ltda 142, ,593 (51,065) % 3,131 (51,065) - 51,065 - Linum Empreendimentos Imobiliários Ltda 20,030 4,668 15,362 (323) 99.90% (330) 15, ,346 Lobelia Empreendimentos S/A 9,476 8, (1) % (1) Lobulama Empreendimentos Imobiliários Ltda 1 13 (13) % 3 (13) Lonicera Empreendimentos Imobiliários Ltda 7, , % 4 7, ,086 Malvaisco Empreendimentos Imobiliários Ltda 5,880-5,880 (45) % (45) 5, ,880 Mandevila Empreendimentos Imobiliários Ltda 2, ,647 (1) % - 1, ,647 Mansoa Empreendimentos Imobiliários Ltda 7,481 16,801 (9,321) % (44) (9,311) - 9,311 - Marene Empreendimentos Imobiliários Ltda (4) (1) 99.90% (1) (4) Marianinha Empreendimentos S/A 1, , % 187 1, ,137 Marshall Empreendimentos Ltda 4,546 4, (15) 0.00% Matioca Empreendimentos Imobiliários Ltda 73,969 58,131 15,839 (18) % (17) 15, ,839 Melampodio Empreendimentos S/A 1-1 (4,138) 99.90% (4,134) Mergonia Empreendimentos S/A % Mincio Empreendimentos Imobiliários Ltda 44,225 40,180 4,045 1, % (258) 4, ,045 Minulo Empreendimentos S/A 169, ,207 (28,106) (1,448) 99.90% 1,389 (28,078) - 28,078 - Molie Empreendimentos Imobiliários Ltda 7,422 1,119 6,303 (154) 99.90% (252) 6, ,297 Monstera Empreendimentos S/A 90,793 59,338 31, % 31 31, ,424 Moscatu Empreendimentos S/A 48,460 47, , % 8, Naiades Empreendimentos Imobiliários Ltda (3) 99.90% (15) Nenufar Empreendimentos Imobiliários Ltda 8,087 7, % Nepeta Empreendimentos S/A 56,224 37,799 18, % 1 18, ,407 Nicandra Empreendimentos S/A 140,876 58,525 82, % , ,269 Nicotiana Empreendimentos Imobiliários Ltda % Nicuri Empreendimentos Imobiliários Ltda 52,797 52, (3,763) 99.90% (995) Nidus Empreendimentos S/A 72,665 82,036 (9,371) (460) 70.00% (358) (6,560) - 6,560 -

71 71 'December 2017 All Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Subsidiaries (cont.) Nievre Empreendimentos Imobiliários Ltda 10,809 23,949 (13,140) % (17) (13,127) - 13,127 - Nigra Empreendimentos S/A (7) (8) 99.90% 38 (7) Oelde Empreendimentos Imobiliários Ltda 22,491 7,586 14,905 (670) 70.00% (609) 10, ,434 Orquídea Incorporadora Ltda 81, ,190 (150,158) (2,730) % (2,846) (150,158) - 150,158 - Pachira Empreendimentos Imobiliários Ltda 4,080 1,512 2, % 90 2, ,569 Pacino Empreendimentos Imobiliários Ltda 2,958 5,794 (2,837) (147) % (149) (2,837) - 2,837 - Paludosum Empreendimentos Imobiliários Ltda 62 4,887 (4,825) % 221 (4,820) - 4,820 - Panaque Empreendimentos Imobiliários Ltda 24,564 5,522 19,042 2, % (570) 19, ,042 Papoila Empreendimentos S/A 1,046-1,046 (91) 99.90% (91) 1, ,045 Pepo Empreendimentos S/A 315 2,030 (1,716) (154) 99.90% 73 (1,714) - 1,714 - Perpetuas Empreendimentos Imobiliários Ltda 43,206 26,658 16,548 1, % (4) 16, ,548 Pervinca Empreendimentos S/A 29,715 33,675 (3,960) % 89 (3,960) - 3,960 - Petrea Empreendimentos Imobiliários Ltda 1, , % - 1, ,680 Pietraporzio Empreendimentos Imobiliários Ltda 4,356 1,622 2,734 (9) % (9) 2, ,734 Piper Empreendimentos S/A 10,061 7,214 2, % 84 1, ,708 Piracanta Empreendimentos S/A 1, , % 135 1, ,549 Plomeu Empreendimentos Imobiliários Ltda (301) (294) 99.90% (294) (301) Porto Paradiso Incorporadora S/A 509 2,049 (1,540) % 329 (1,540) - 1,540 - Pozuoli Empreendimentos Imobiliários Ltda 2,878 3,002 (124) (120) 99.90% (1) (124) Praça Capital Negócios Imobiliários Ltda 3, , % 143 3, ,231 Praça Paris Incorporadora S/A 235 5,066 (4,831) % 33 (4,831) - 4,831 - Prelude Empreendimentos S/A 105, , (5,889) % (3,457) Pulchela Empreendimentos S/A 3-3 (69) 99.90% Pumila Empreendimentos S/A % Purpurata Empreendimentos S/A 6,745-6, % - 6, ,745 Quadra B-3 Incorporadora Ltda 99 4,505 (4,405) (82) 99.90% (30) (4,401) - 4,401 - Quenopodio Empreendimentos S/A 16,474 13,406 3,068 (4) 75.00% (3) 2, ,301 Quibor Empreendimentos Imobiliários Ltda % Ramizeri Empreendimentos Imobiliários Ltda 14,824 7,630 7, % Raniona Empreendimentos Imobiliários Ltda 38,797 42,855 (4,058) (1,475) 99.90% (1,116) (4,054) - 4,054 - RCI Consultoria de Imóveis Ltda 5, ,572 (118) 99.90% (21) 4, ,567 Recreio Desenvolvimento Imobiliário Ltda 25,055 20,649 4,406 (673) % (44) 4, ,406 Recreio Empreendimentos Imobiliários Ltda 29,406 12,379 17,028 (2) % (6) 17, ,027 Rilstone Empreendimentos Imobiliários Ltda 1,608-1,608 (25) % (25) 1, ,608 Rimasco Empreendimentos Imobiliários Ltda 2,649 2,801 (152) (149) 99.90% (1) (152) Risaralda Empreendimentos Imobiliários Ltda 18,787 9,783 9, % 269 8, ,995 Riservato Negócios Imobiliários Ltda 1, , % - 1, ,699 Rodolita Empreendimentos Imobiliários Ltda 37,784 54,493 (16,709) (13,417) 99.90% (14,257) (16,692) - 16,692 - Rosalba Empreendimentos Imobiliários Ltda 8, ,095 (3) % - 8, ,095 Rossi Consultoria de Imóveis Ltda 10,509 21,039 (10,530) (1,486) 99.99% (1,148) (10,529) - 10,529 - Rossi Indústria de Artefatos de Concreto Ltda 16,209 31,941 (15,732) (784) % (575) (15,732) - 15,732 - Rossi Montante Incorporadora S/A 38,071 43,227 (5,156) % (44) (5,154) - 5,154 - Rossi Morumbi Incorporadora S/A 12,074 21,201 (9,128) 2, % 158 (9,128) - 9,128 - Rossi Oscar Porto Incorporadora Ltda 107,612 86,594 21, % 10 21, ,018 Rossi S/A 1,135 1,644 (509) (7) % (6) (509) Rossi Securities Empreendimentos Imobiliários Ltda 7, ,282 (15) % (15) 7, ,282 Rossi Trust e Participações Ltda 5, , % 589 5, ,542 RRTI Desenvolvimento Imobiliário Ltda 17,299 3,706 13,594 (13) % (12) 13, ,594 Rubrum Empreendimentos Imobiliários Ltda 6,796 15,323 (8,527) (1,062) % (716) (8,527) - 8,527 - Rype SPE 3 - Empreendimentos Imobiliário Ltda 29,952 27,333 2,619 (450) % (354) 2, ,619 Sabanalarga Empreendimentos Imobiliários Ltda 3, ,432 (69) % 186 3, ,432 Sambre Empreendimentos Imobiliários Ltda 18,546 10,946 7,600 (91) 99.90% (61) 7, ,593 Sampeire Empreendimentos Imobiliários Ltda 2,629 2,738 (108) (105) 99.90% (1) (108) Sândalo Desenvolvimento Imobiliário Ltda 208,915 76, ,139 (5,767) % (5,788) 132, ,139 Sândalo Empreendimentos Ltda % Sanderae Empreendimentos Imobiliários Ltda ,604 (31,042) % 755 (31,042) - 31,042 - Sanquezia Empreendimentos Imobiliários Ltda 79,915 59,760 20,154 (210) 70.00% (13) 14, ,108 Santa Adelaida Empreendimentos Imobiliários Ltda 5,116 5,268 (152) (138) % 10 (152) Santa Agape Empreendimentos Imobiliários Ltda 17,703 15,326 2,377 (11) 99.90% (3) 2, ,374 Santa Agia Empreendimentos Imobiliários Ltda 16,198 22,543 (6,345) % 125 (6,338) - 6,338 - Santa Alfreda Empreendimentos Imobiliários Ltda 6,312 1,950 4, % 4 4, ,358 Santa Alice Empreendimentos Imobiliários Ltda 1,523 1,759 (236) (29) 50.00% (14) (118) Santa Amanda Empreendimentos Imobiliários Ltda 36,607 56,914 (20,307) (90) 80.00% (141) (16,246) 13,175 3,071 - Santa Apolonia Empreendimentos Imobiliários Ltda 47,958 18,673 29, % 91 29, ,286 Santa Aurelia Empreendimentos Imobiliários Ltda 30,901 28,201 2,700 (129) % (461) 2,700 1,354-4,054 Santa Brenda Empreendimentos Imobiliários Ltda % Santa Camila Empreendimentos Imobiliários Ltda 24,491 24,634 (142) (95) % 17 (142) Santa Capitolina Empreendimentos Imobiliários Ltda 4,744 4,736 8 (1) 99.90% (1) Santa Caridade Empreendimentos Imobiliários Ltda 25, , % , ,014 Santa Celestina Empreendimentos Imobiliários Ltda 37,608 85,736 (48,128) (3,125) 99.90% (3,611) (48,080) - 48,080 -

72 72 December 2017 All Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Subsidiaries (cont.) Santa Dionisia Empreendimentos Imobiliários Ltda 11,240 18,022 (6,782) (536) 99.90% (552) (6,775) - 6,775 - Santa Doroteia Empreendimentos Imobiliários Ltda 1,096-1, % 658 1, ,095 Santa Duna Empreendimentos Imobiliários Ltda 3,554 3, (1) 99.90% (1) Santa Edite Empreendimentos Imobiliários Ltda 478 5,077 (4,598) % 337 (4,594) - 4,594 - Santa Erasma Empreendimentos Imobiliários Ltda 5,062 4, % Santa Esperança Empreendimentos Imobiliários Ltda ,597 (13,349) % 853 (13,335) - 13,335 - Santa Estefania Empreendimentos Imobiliários Ltda , % 2, Santa Eufrosina Empreendimentos Imobiliários Ltda 11,232 6,978 4, % 39 4, ,250 Santa Exuperia Empreendimentos Imobiliários Ltda 8,495 12,451 (3,956) (269) % (226) (3,956) - 3,956 - Santa Flavia Empreendimentos Imobiliários Ltda 8,897 9,457 (560) % 2 (420) Santa Francisca Empreendimentos Imobiliários Ltda 12,365 11, % Santa Genoveva Empreendimentos Imobiliários Ltda 9,623 2,645 6, % 109 6, ,970 Santa Gontilda Empreendimentos Imobiliários Ltda 1 9,170 (9,169) (6) 99.90% (1) (9,160) - 9,160 - Santa Gundelina Empreendimentos Imobiliários Ltda (35) (36) 99.90% 3 (35) Santa Iza Empreendimentos Imobiliários Ltda 12,327 3,625 8, % 631 6, ,961 Santa Justina Empreendimentos Imobiliários Ltda 2,866 2, % Santa Lucrecia Empreendimentos Imobiliários Ltda (1,379) % (2,104) Santa Manuela Empreendimentos Imobiliários Ltda 15,274 11,420 3,854 (190) % (226) 3, ,854 Santa Margarete Empreendimentos Imobiliários Ltda 23,736 8,147 15,589 (159) 99.90% 47 15, ,574 Santa Marianela Empreendimentos Imobiliários S/A 65,630 66,107 (476) (938) 90.00% (934) (429) Santa Matilda Empreendimentos Imobiliários Ltda 29,085 19,676 9, % 4 9, ,409 Santa Maura Empreendimentos Imobiliários Ltda 29,917 30,940 (1,022) (227) 87.50% (353) (895) Santa Melania Empreendimentos Imobiliários Ltda 21,407 31,596 (10,189) (759) % (592) (10,189) - 10,189 - Santa Narcisa Empreendimentos Imobiliários Ltda 15,255 8,379 6, % - 6, ,876 Santa Natalia Empreendimentos Imobiliários Ltda 10,362 1,362 9,000 (7) 99.90% (14) 8, ,991 Santa Nina Empreendimentos Imobiliários Ltda 9,324 12,014 (2,690) (24) 99.90% (44) (2,687) - 2,687 - Santa Noemia Empreendimentos Imobiliários Ltda 8,002 20,372 (12,370) 1, % 1,638 (12,370) - 12,370 - Santa Odete Empreendimentos Imobiliários Ltda 3, , % 36 3, ,155 Santa Olga Empreendimentos Imobiliários Ltda 32,485 19,922 12, % 6 12, ,563 Santa Patrícia Empreendimentos Imobiliários Ltda ,335 (10,049) % 696 (10,049) - 10,049 - Santa Quilonia Participações e Empreendimentos Ltda (19) (1) 99.90% - (19) Santa Rafaela Empreendimentos Imobiliários Ltda % (4) Santa Ruth Empreendimentos Imobiliários Ltda 21,140 9,423 11,717 (173) % (169) 11, ,717 Santa Sabina Empreendimentos Imobiliários Ltda 40,637 40, (178) % (160) Santa Susana Empreendimentos Imobiliários S/A 47,460 85,153 (37,693) (450) 99.90% (316) (37,656) - 37,656 - Santa Taciana Empreendimentos Imobiliários Ltda 8,099 7, (25) 99.90% (1) Santa Tarcila Empreendimentos Imobiliários Ltda 3, ,491 1, % 1,402 3, ,487 Santa Teodata Empreendimentos Imobiliários Ltda 56,088 79,592 (23,504) (3,949) % (3,282) (23,504) - 23,504 - Santa Zenaide Empreendimentos Imobiliários Ltda 34,370 14,651 19, % 86 19, ,699 Santa Zenobia Empreendimentos Imobiliários Ltda 4, , % 33 4, ,465 Santa Zita Empreendimentos Imobiliários Ltda - 5,398 (5,398) % - (5,392) - 5,392 - Santa Priscila Empreendimentos Imobiliários Ltda 8, ,700 (66) % (65) 8, ,700 Santo Anastacio Empreendimentos Imobiliários S/A 12,495 40,482 (27,987) % 48 (27,959) - 27,959 - Santo Angelo Empreendimentos Imobiliários Ltda 14,570 12,629 1, % 41 1, ,939 Santo Antão Empreendimentos Imobiliários Ltda (4,779) 99.90% (4,774) Santo Eduardo Empreendimentos Imobiliários Ltda 27,113 38,690 (11,577) (176) 99.90% (101) (11,565) - 11,565 - Santo Elias Empreendimentos Imobiliários Ltda (4,165) 99.90% (4,161) Santo Erasmo Empreendimentos Imobiliários Ltda 116, ,665 (8,259) (1,299) 99.90% (1,730) (8,250) - 8,250 - Santo Estanislau Empreendimentos Imobiliários Ltda 65,069 77,453 (12,385) (141) % 155 (12,385) - 12,385 - Santo Estevão Empreendimentos Imobiliários Ltda 8,807 6,011 2,795 (3) 99.90% (3) 2, ,793 Santo Eugenio Empreendimentos Imobiliários Ltda 6,472 6, (3) 99.90% (2,162) Santo Eusebio Empreendimentos Imobiliários Ltda 221 2,890 (2,668) (74) 99.90% 55 (2,666) - 2,666 - Santo Evaristo Empreendimentos Imobiliários Ltda 56, ,930 (52,737) (9,346) % (5,822) (52,737) - 52,737 - Santo Expedito Empreendimentos Imobiliários S/A % Santo Humberto Empreendimentos Imobiliários Ltda 44,591 6,797 37,794 1, % , ,756 Santo Inacio Empreendimentos Imobiliários Ltda 12,779 12, (258) 99.90% (207) Santo Irineu Empreendimentos Imobiliários Ltda 14,578 6,353 8, % 1 7, ,197 Santo Lorenzo Empreendimentos Imobiliários Ltda 8, ,584 (32) % (32) 8, ,584 Santo Uriel Empreendimentos Imobiliários Ltda 33,552 43,600 (10,048) (22) 99.90% (739) (10,038) - 10,038 - São Beltran Empreendimentos Imobiliários Ltda 210 4,200 (3,990) % 25 (3,986) - 3,986 - São Benildo Empreendimentos Imobiliários Ltda 90 1,723 (1,634) % (94) (1,632) - 1,632 - São Bertino Empreendimentos Imobiliários Ltda 10,775 20,097 (9,322) (229) 99.90% (123) (9,313) - 9,313 - São Bessario Empreendimentos Imobiliários Ltda (251) % 16 (251) São Braulio Empreendimentos Imobiliários Ltda 20,878 14,821 6, % 22 6, ,051 São Caemon Empreendimentos Imobiliários Ltda 6,659 7,910 (1,251) % (166) (1,250) - 1,250 - São Celestino Empreendimentos Imobiliários Ltda (67) (31) 99.90% 5 (67) São Cesario Empreendimentos Imobiliários Ltda 22,337 30,446 (8,109) (986) 99.90% (1,038) (8,101) - 8,101 - São Cornelio Empreendimentos Imobiliários Ltda 22,696 3,387 19,309 3, % 3,127 19, ,308 São Crisanto Empreendimentos Imobiliários Ltda 13,143 23,285 (10,142) (2,151) 99.90% (2,113) (10,132) - 10,132 - São Crispim Empreendimentos Imobiliários Ltda 65,275 31,910 33, % (296) 33, ,365

73 73 December 2017 All Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Subsidiaries (cont.) São Crispiniano Empreendimentos Imobiliários Ltda 112, ,889 (41,165) (6,821) 99.90% (3,510) (41,124) - 41,124 - São Desiderio Empreendimentos Imobiliários Ltda 2 2 (1) (2) 99.90% 4 (1) São Dionisio Empreendimentos Imobiliários Ltda 22,649 24,572 (1,923) % 16 (1,921) - 1,921 - São Geraldo Empreendimentos Imobiliarios Ltda 2, , % 10 1, ,492 São Gerôncio Empreendimentos Imobiliários Ltda 8,382 3,271 5,111 (64) 70.00% (53) 3, ,578 São Gonzalo Empreendimentos Imobiliários Ltda 11,124 17,744 (6,620) (834) 70.00% (637) (4,634) - 4,634 - São Loureano Empreendimentos Imobiliários Ltda 4,044 9,102 (5,057) (315) 99.90% (315) (5,052) - 5,052 - São Mancio Empreendimentos Imobiliários Ltda 44,847 83,064 (38,217) % (27) (38,179) - 38,179 - São Marçal Empreendimentos Imobiliários Ltda % São Marcelino Empreendimentos Imobiliários Ltda 13,586 13,601 (16) % 4 (16) São Mario Empreendimentos Imobiliários Ltda % São Martim Empreendimentos Imobiliários Ltda 68, ,175 (36,222) % 132 (36,222) - 36,222 - São Mauricio Empreendimentos Imobiliários Ltda 4,182 56,296 (52,114) % 614 (52,061) - 52,061 - São Mucio Empreendimentos Imobiliários Ltda 144 1,812 (1,668) % 133 (1,666) - 1,666 - São Nicodemus Empreendimentos Imobiliários Ltda 4,393 1,548 2,845 (14) 99.90% (14) 2, ,842 São Procopio Empreendimentos Imobiliários Ltda 77 6,533 (6,456) % 686 (6,450) - 6,450 - São Quirino Empreendimentos Imobiliários Ltda 1,024-1,024 1, % 1,545 1, ,023 São Remigio Empreendimentos Imobiliários Ltda 9,396 6,551 2, % 54 2, ,842 São Ricardo Empreendimentos Imobiliários Ltda % São Severino Empreendimentos Imobiliários Ltda 6,935 4,523 2,413 (258) % (208) 2, ,413 São Teodorico Empreendimentos Imobiliários Ltda 5,510 16,055 (10,546) 3, % 289 (10,535) - 10,535 - São Teofilo Empreendimentos Imobiliários Ltda 10,531 3,393 7,138 1, % (21) 7, ,130 São Tranquilino Empreendimentos Imobiliários Ltda 47,231 49,989 (2,757) (45) 99.90% (41) (2,755) - 2,755 - São Norberto Empreendimentos Imobiliários Ltda (1,674) 99.90% (1) Sarapo Empreendimentos Imobiliários Ltda 6,606 9,596 (2,990) (20) 99.90% (69) (2,987) - 2,987 - Saratoga Empreendimentos Imobiliários Ltda 31,520 28,384 3, % 17 3, ,137 Sarita Empreendimentos Imobiliários Ltda 71 1,485 (1,415) % 84 (1,413) - 1,413 - SCP Alegro - Araucaia Empreend (31) 0.00% SCP Celebrete - Celebrete Empreend. 180, ,978 30,979 (1,011) 50.00% (88) 15, ,489 SCP Cotegipe - Araucaia Empreend. 30,507-30,507 (10) 0.00% SCP Fabrice 8,030 6,062 1, % Sempreflores Empreendimentos Imobiliários Ltda % (1) Shuarbe Empreendimentos Imobiliários Ltda (26) (82) 99.90% 19 (26) Sinuatum Empreendimentos Imobiliários Ltda 27,785 55,367 (27,582) (1,398) 99.90% (1,071) (27,554) - 27,554 - Sisiano Empreendimentos Imobiliários Ltda % Sogamoso Empreendimentos Imobiliários Ltda 5, ,478 (189) 99.90% (182) 5, ,473 SPE Alto da Boa Vista Empreendimentos Imobiliários T Ltda 35,113 14,117 20,996 (438) 99.90% (471) 20, ,975 SPE Condomínio Jardins da França Ltda 33,899 7,132 26,767 (588) 99.90% (593) 26, ,740 SPE Condomínio Recanto das Árvores Ltda 44,683 53,288 (8,606) (203) 99.90% (402) (8,597) - 8,597 - SPE Condomínio Vila Das Artes Ltda 40,517 44,450 (3,933) (879) 99.90% (1,147) (3,929) - 3,929 - SPE Parque Sementeiras Empreendimentos Imobiliários T Ltda 75, ,066 (33,147) (5,555) 99.90% (6,150) (33,113) - 33,113 - SPE Pier Empreendimentos Imobiliários Ltda 32,136 6,159 25,977 (1,333) % (2,193) 25, ,977 Tacarigua Empreendimentos Imobiliários Ltda (6) (1) 99.90% (1) (6) Tadorna Empreendimentos Imobiliários Ltda 34,632 18,432 16,200 (39) 99.90% (192) 16, ,184 Tainacam Empreendimentos Imobiliários Ltda 8,123 9,817 (1,694) % 2 (1,692) - 1,692 - Talauma Empreendimentos S/A % Tanais Empreendimentos Imobiliários Ltda 1,170 5,982 (4,812) (4,542) 99.90% (4,537) (4,808) - 4,808 - Tapiriri Empreendimentos S/A 43,034 36,949 6, % 11 6, ,007 Tauranga Empreendimentos Imobiliários Ltda 81,275 87,120 (5,845) 2, % 725 (5,839) - 5,839 - Temiscira Empreendimentos Imobiliários Ltda 10,839 10, % Tenela Empreendimentos S/A 8,645-8, % - 8, ,645 Tessalia Empreendimentos Imobiliários Ltda 29,564 41,992 (12,429) (105) 99.90% 75 (12,416) - 12,416 - Teutrania Empreendimentos Imobiliários Ltda 46,302 47,655 (1,353) (2,963) 99.90% 603 (1,352) - 1,352 - Tibouchina Empreendimentos S/A 633 1,752 (1,119) % 6 (1,119) - 1,119 - Tieze Empreendimentos Imobiliários Ltda 14,500 14,510 (10) (7) 99.90% (1) (10) Tindaro Empreendimentos Imobiliários Ltda 14,034 11,554 2, % 64 2, ,478 Tintoria Empreendimentos S/A - 26 (26) % - (26) Trevoro Empreendimentos Imobiliários Ltda (2,812) 99.90% (1) Troade Empreendimentos Imobiliários Ltda 18,387 15,102 3,284 (201) % (766) 3, ,284 Trombeta Empreendimentos Imobiliários Ltda 124,837 98,524 26,313 5, % 5,670 26, ,313 Tulipa Incorporadora Ltda 45,310 66,313 (21,003) (3,323) % (2,287) (21,003) - 21,003 - Tunico Empreendimentos Imobiliários Ltda 2,507 11,088 (8,582) (99) 99.90% (211) (8,573) - 8,573 - Uribia Empreendimentos Imobiliários Ltda 7,655 6, (2) 99.90% (1) Valpeline Empreendimentos Imobiliários Ltda 2,322 2,444 (122) (118) 99.90% (1) (122) Vardaman Empreendimentos Imobiliários Ltda 1 7 (6) (37) 99.90% 9 (6) Vicença Empreendimentos Imobiliários Ltda 18,274 21,738 (3,464) % (62) (3,464) - 3,464 - Vigo Empreendimentos S/A 12,835 6,316 6,519 (452) % (424) 6, ,519 Vila Flora Hortolândia Empreendimentos Imobiliários Ltda 160, ,830 56,712 6, % , ,712 Vinadio Empreendimentos Imobiliários Ltda 26,747 26, (361) 99.90% (6) Viterbo Empreendimentos Imobiliários Ltda 79,731 82,809 (3,078) (529) 99.90% 386 (3,075) - 3,075 -

74 74 December 2017 All Ativo Passivo Equity Profit (loss) for the year Equity interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Subsidiaries (cont.) Vitis Empreendimentos S/A 58,654 62,193 (3,539) (392) 99.90% (410) (3,535) - 3,535 - Zaculeu Empreendimentos Imobiliários Ltda 19,217 17,279 1,938 (26) 99.90% (54) 1, ,936 Zadoque Empreendimentos Imobiliários Ltda 18,149 36,125 (17,976) (14,066) 90.00% (7,075) (16,178) - 16,178 - Capisicum Empreendimentos Imobiliarios Ltda. 1,361-1,361 (29) % - 1, ,361 Sibipuruna Empreendimentos Imobiliários Ltda % Praça Paris Desenvolvimento Imobiliário S/A % Celebrity Icaraí Desenvolvimento Imobiliário Ltda % Caudata Empreendimentos Imobiliários Ltda % (24) Malagueta Empreendimentos S/A % Zuquini Empreendimentos S/A % (3) Piripiri Empreendimentos S/A % Aristata Empreendimentos S/A % Uliginosa Empreendimentos Imobiliários Ltda % São Prudencio Empreendimentos Imobiliários Ltda % Santa Odilia Empreendimentos Imobiliários Ltda % (13) São Maurilio Empreendimentos Imobiliários Ltda % Santa Georgia Empreendimentos Imobiliários Ltda % Shuarbe Incorporações de Empreendimentos Imobiliários Ltda % Santo Exuperâncio Empreendimentos Imobiliários Ltda 3,286 (17) 3, % - 3, ,303 Santa Agueda Empreendimentos Imobiliários Ltda 1 7 (6) % - (6) Goodwill 17,134 17,134 Capitalized charges 39,941 39,941 Other (6,104) Subtotal Subsidiaries 10,098,884 9,912, ,279 (255,161) (166,128) 128,242 22,661 1,836,112 1,990,317

75 75 December 2017 Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Non-controlled subsidiaries Abante Empreendimentos Imobiliários Ltda. 2, , % Abelia Empreendimentos Imobiliários Ltda 1, ,090 (1) 33.93% Acidantera Empreendimentos Imobiliários Ltda 1, , % Adenium Empreendimentos Imobiliários Ltda 1, , % Agave Empreendimentos Imobiliários Ltda 1, , % Aliberti Empreendimentos S/A 10,184 9,165 1,019 (30) 75.00% (32) Alzete Empreendimentos Imobiliários Ltda 44,677 41,202 3,475 (2,097) 0.10% Amarelinha Empreendimentos S/A 6,163 5, % Anadir Empreendimentos Imobiliários Ltda 8 35 (26) (1) 0.10% Anagalis Empreendimentos S/A (585) % - (292) Ananke Empreendimentos Imobiliários Ltda - 31 (31) (2) 0.10% Aneliasia Empreendimentos S/A 1,818 1, (9) 50.00% (4) Anemone Empreendimentos S/A 2,258 1, % Anfriso Empreendimentos Imobiliários Ltda 7,470 1,280 6,190 (132) 0.10% Anona Empreendimentos S/A 15,522 18,676 (3,154) % 38 (1,419) - 1,419 - Apolda Empreendimentos Imobiliários Ltda 38,565 44,390 (5,825) (1,612) 0.10% (6) (6) Ardisia Empreendimentos S/A 109, ,517 (26,810) (1,698) 90.00% (726) (24,129) 49,518-25,389 Aretusa Empreendimentos Imobiliários Ltda 10,817 8,626 2,191 (84) 0.00% Avinon Empreendimentos Imobiliários Ltda 62,598 85,083 (22,484) (6,485) 0.10% (20) (22) Baça Empreendimentos Imobiliários Ltda (448) % Baceiro Empreendimentos Imobiliários Ltda 24,320 10,480 13, % Batuira Empreendimentos Imobiliários Ltda 12,298 10,066 2, % Berilo Empreendimentos Imobiliários Ltda - 1,661 (1,661) % (2) (2) Bétula Empreendimentos S/A 13,374 4,480 8,894 (74) 70.00% (37) 6, ,226 Brassica Empreendimentos S/A 11,683 12,683 (1,000) (367) 70.00% 207 (700) Bucaramanga Empreendimentos Imobiliários Ltda 57,806 59,225 (1,419) (14,460) 0.10% (9) (1) Calabozo Empreendimentos Imobiliários Ltda 2,993 3,130 (137) (3) 0.10% Calaminta Empreendimentos S/A 5,159 5,185 (26) (35) 50.00% (17) (13) Caliméria Empreendimentos Imobiliários Ltda 25,839 24,742 1, % Campanula Empreendimentos S/A 7,913 7, % Campos Sales Empreendimentos Imobiliários Ltda 49,120 16,393 32,727 (7,360) 40.00% (964) 13, ,091 Caniço Empreendimentos Imobiliários Ltda - 14 (14) % Capital Rossi Empreendimentos S/A 1,863,761 1,756, ,924 (66,653) 50.00% (19,243) 53, , ,339 Cartaxo Empreendimentos Imobiliários Ltda 50,850 68,694 (17,844) (2,023) 0.10% (15) (18) Cefisso Empreendimentos Imobiliários Ltda 233, ,658 (33,961) (14,396) 0.10% (18) (34) Centela Empreendimentos S/A 6,501 3,947 2, % 25 1, ,660 Ciclame Desenvolvimento Imobiliário S/A 42,265 16,532 25,733 (116) 94.41% (114) 24, ,295 Ciclame Empreendimentos S/A 3,273 1,520 1,753 (56) 70.00% (25) 1, ,227 Citero Empreendimentos Imobiliários Ltda 81,155 86,082 (4,928) % Cleomeia Empreendimentos S/A 76,239 21,295 54, % , ,966 Coreópisis Empreendimentos S/A 100, ,273 (9,774) % 355 (4,643) - 4,643 - Coriandrum Empreendimentos S/A (16) 50.00% (8) Costa São Caetano Empreendimentos S/A 58,670 58, % Courgete Empreendimentos S/A 9,011 24,128 (15,116) (423) 50.00% (112) (7,558) - 7,558 - Crimiso Empreendimentos Imobiliários Ltda 18,223 18,381 (158) (899) 26.00% Cumbria Empreendimentos Imobiliários Ltda 89, ,148 (21,117) (7,218) 0.10% (16) (21) Dalia Empreendimentos Imobiliários Ltda (18) 50.00% (8) Damacena Empreendimentos S/A 180, ,877 (42,268) (3,408) 65.00% (2,421) (27,474) 55,896-28,422 Demetris Empreendimentos Imobiliários Ltda 21,358 20, % Deodoro Empreendimentos Imobiliários Ltda 3,501 3,726 (224) (49) 0.10% Difusa Empreendimentos S/A 93,965 41,071 52,894 1, % 1,044 34, ,381 Dinarte Empreendimentos Imobiliários Ltda 2, ,775 (1) 0.00% Duarte - Edificio Vila Boa Vista Ltda 12,322 8,942 3,380 (335) 50.00% (165) 1, ,690 Egeon Empreendimentos Imobiliários Ltda 4,377 4,896 (519) (57) 0.10% - (1) Elvas Empreendimentos Imobiliários Ltda 28,084 31,459 (3,375) 1, % 814 (2,194) - 2,194 - Enipeu Empreendimentos Imobiliários Ltda 81, ,152 (24,469) (14,112) 0.10% Erasino Empreendimentos Imobiliários Ltda (167) % Eridano Empreendimentos Imobiliários Ltda 231, ,837 (5,513) (14,521) 0.10% (22) (32) Erioteca Empreendimentos S/A (1) 50.00% (1) Esepo Empreendimentos Imobiliários Ltda 125, ,106 (3,803) (14) 0.00% Esposende Empreendimentos Imobiliários Ltda - 12 (12) (1) 0.00% Estrimon Empreendimentos Imobiliários Ltda (773) % (1) (1) Flegetonte Empreendimentos Imobiliários Ltda (6) (1) 0.10% Freamunde Empreendimentos Imobiliários Ltda 16,871 7,891 8,980 (897) 65.00% (543) 5, ,837 Fucsia Empreendimentos S/A 132, ,375 (65,948) (3,085) 60.00% (1,016) (39,569) - 39,569 - Glicínia Empreendimentos S/A 2,028 1, % Guaipira Empreendimentos Imobiliários Ltda 27,350 2,689 24,660 4, % Hibride Empreendimentos Imobiliários Ltda 51,931 50,285 1, % Ideal Matão Negócios Imobiliários Ltda 22,304 15,801 6,504 7, % 3,216 3, ,249 Incana Empreendimentos S/A 14,167 9,590 4, % 83 2, ,288

76 76 December 2017 Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Non-controlled subsidiaries (cont.) Ipiales Empreendimentos Imobiliários Ltda (22) (2) 0.10% Ituni Empreendimentos Imobiliários. Ltda - 18 (18) (1) 0.10% LHM Participação S/A - 24 (24) % - (12) Londres Empreendimentos S/A 35,315 32,638 2, % 13 1, ,339 Machiques Empreendimentos Imobiliários Ltda 107, ,212 (16,573) (2,450) 0.10% (17) (17) Maine Empreendimentos Imobiliários Ltda 52,616 1,969 50,647 7, % Malmequer Empreendimentos S/A 108, ,976 6, % 24 2, ,979 Mandarim Empreendimentos Imobiliários Ltda 49,560 55,386 (5,826) (539) 65.00% (634) (3,787) - 3,787 - Messina Incorporação SPE Ltda 29,637 26,958 2,678 4, % 2,529 1,339 2,786-4,125 Moinho Velho Empreendimentos Imobiliários SPE Ltda 12, ,928 (1) 50.00% (12) 5, ,964 Mucuna Empreendimentos S/A 6,785 6,962 (177) % 2 (124) Norcon Rossi Empreendimentos. S/A 1,004, , ,505 (49,626) 70.00% (30,461) 124,953 44, ,511 North York Empreendimentos S/A 2, , % - 1, ,205 North York Negócios Imobiliários S/A 2,195 2,955 (760) (80) 50.00% (37) (380) Pacarana Empreendimentos Imobiliários Ltda 7, ,562 2, % Peônia Empreendimentos Imobiliários S/A 88,632 41,568 47, % (118) 15, ,860 Persefone Empreendimentos Imobiliários Ltda 11, ,445 (1) 0.00% Pinerolo Empreendimentos Imobiliários Ltda 20, , % - 9, ,999 Pirna Empreendimentos Imobiliários Ltda 69,176 89,175 (19,999) (7,647) 0.10% (14) (20) Prunus Empreendimentos S/A 4,499 2,605 1,894 (38) 42.50% (32) RCG Urbanismo Ltda 31,837 14,564 17, % 120 8, ,636 Realengo SPE Empreendimento Imobiliário S/A (283) % - (170) Salmiana Empreendimentos S/A 48,517 42,310 6,207 (45) 50.00% 35 3, ,103 Sangario Empreendimentos Imobiliários Ltda 68,259 66,095 2,164 (8,235) 0.10% Santa Adelvina Empreendimentos Imobiliários Ltda 89,542 91,645 (2,103) (180) 0.00% Santa Antonina Empreendimentos Imobiliários Ltda 4, , % 72 2, ,777 Santa Aurora Empreendimentos Imobiliários Ltda 15,449 9,348 6,101 (26) 0.10% Santa Beatriz Empreendimentos Imobiliários Ltda 126, ,406 1,652 (1,449) 55.00% (641) Santa Belina Empreendimentos Imobiliários Ltda 13,042 2,154 10, % Santa Calixta Empreendimentos Imobiliários Ltda 25,936 7,720 18, % Santa Cassilda Empreendimentos Imobiliários Ltda 24,933 10,389 14,544 (965) 0.10% Santa Cordelia Empreendimentos Imobiliários Ltda 69,530 93,015 (23,485) (1,891) 0.10% (20) (23) Santa Emereciana Empreendimentos Imobiliários Ltda 30,952 10,298 20,654 (1,383) 0.00% Santa Enriqueta Empreendimentos Imobiliários Ltda 16,787 26,153 (9,366) % 121 (5,620) - 5,620 - Santa Felipa Empreendimentos Imobiliários Ltda 13, , % 353 7, ,887 Santa Fidelmia Empreendimentos Imobiliários Ltda. 11,972 2,561 9,411 (11) 0.02% Santa Giana Empreendimentos Imobiliários Ltda 35,210 6,068 29,143 2, % Santa Humbelina Empreendimentos Imobiliários Ltda 28,084 20,036 8, % Santa Kilian Empreendimentos Imobiliários Ltda 38,562 48,772 (10,210) (1,486) 60.00% (808) (6,126) 16,838-10,712 Santa Leoncia Empreendimentos Imobiliários Ltda 14,565 8,022 6,543 (858) 50.00% Santa Silvana Empreendimentos Imobiliários Ltda 8,884 6,959 1, % 533 1, ,059 Santa Silvia Empreendimentos Imobiliários Ltda 47,490 48,010 (520) (2,877) 55.00% (1,167) (286) Santa Sofia Empreendimentos Imobiliários Ltda 155, ,623 (1,136) (672) 10.00% (58) (114) Santa Solange Empreendimentos Imobiliários Ltda 17,409 2,975 14,434 (29) 10.00% (3) 1, ,443 Santo Adriano Empreendimentos Imobiliários Ltda 4, , % 142 2, ,365 Santo Agostinho Empreendimentos Imobiliários Ltda 12,199 26,161 (13,962) (1,005) 60.00% (257) (8,377) - 8,377 - Santo Alberto Empreendimentos Imobiliários Ltda 6,994 7,081 (87) (17) 70.00% (12) (61) Santo Amadeu Empreendimentos Imobiliários Ltda 45,898 44,489 1, % (6) 1, ,338 Santo Anatolio Empreendimentos Imobiliários Ltda 44,051 15,515 28,536 (1,875) 0.00% Santo Aniceto Empreendimentos Imobiliários Ltda 6,554 5, % Santo Artemio Empreendimentos Imobiliários Ltda 40,368 48,566 (8,198) (703) 0.10% (7) (8) Santo Egidio Empreendimentos Imobiliários Ltda 23,005 22, (253) 50.00% (283) Santo Eliseu Empreendimentos Imobiliários Ltda 10, , % 109 1, ,344 Santo Ildefonso Empreendimentos Imobiliários Ltda. 75,733 85,972 (10,240) (3,077) 0.10% (9) (10) Santo Indalecio Empreendimentos Imobiliários Ltda 14,653 7,530 7,122 (116) 0.10% Santo Isidro Empreendimentos Imobiliários Ltda - 65 (65) % - (42) Santo Orlando Empreendimentos Imobiliários Ltda 13,508 3,500 10, % - 7, ,005 São Basilio Empreendimentos Imobiliários Ltda 18,721 21,563 (2,842) % (178) (1,990) - 1,990 - São Boris Empreendimentos Imobiliários Ltda - 12 (12) % - (8) São Constantino Empreendimentos Imobiliários Ltda 47,630 59,284 (11,655) (1,358) 0.10% (12) (12) São Daniel Empreendimentos Imobiliarios Ltda 73,492 73,925 (434) (8,473) 0.10% (21) (31) São Felix Empreendimentos Imobiliários Ltda 8,272 6,484 1,788 (107) 55.00% (3) São Fiacre Empreendimentos Imobiliários Ltda. 38,354 40,507 (2,153) (34) 0.10% (2) (2) São Fidelis Empreendimentos Imobiliários Ltda 51,898 76,896 (24,997) (10,344) 50.00% (2,422) (12,499) 13, São Hipolito Empreendimentos Imobiliários Ltda 62,097 71,871 (9,774) 1, % (136) (977) São Leopoldo Empreendimentos Imobiliários Ltda 19,220 3,724 15,495 (295) 10.00% (36) 1, ,550 São Raimundo Empreendimentos Imobiliários Ltda 54,560 55,922 (1,362) (1,422) 0.10% (2) (1) São Ramiro Empreendimentos Imobiliários Ltda 14,900 1,858 13,042 (641) 50.00% (320) 6, ,521 São Sinfronio Empreendimentos Imobiliários Ltda. 21,054 4,751 16,303 (2,621) 0.00%

77 77 December 2017 Ativo Passivo Equity Profit (loss) for Equity the year interest - % Share of profit (loss) of subsidiaries Investments balance AFCI s Transf. equity deficiency Total investments Non-controlled subsidiaries (cont.) São Teobaldo Empreendimentos Imobiliários Ltda 42,030 16,779 25, % 27 22, ,727 Sarpedon Empreendimentos Imobiliários Ltda 3,693 3, (1) 0.00% Sarre Empreendimentos Imobiliários Ltda 85,022 98,556 (13,535) (3,814) 0.00% - (11) Seina Empreendimentos Imobiliários Ltda 19,521 22,502 (2,980) (519) 50.00% (255) (1,490) - 1,490 - Simois Empreendimentos Imobiliários Ltda 72,889 53,261 19,628 8, % Soacha Empreendimentos Imobiliários Ltda 1,129 2,616 (1,487) (1,210) 0.01% SPE Accordes do Horto Empreendimentos Imobiliários T Ltda. 1,727 1, (1) 0.00% SPE Accordes Jabotiana Empreendimentos Imobiliários T Ltda. 24,134 1,714 22, % SPE Accordes Universita Empreendimentos Imobiliários T Ltda. 30,270 1,014 29, % SPE Arqui Farolândia Empreendimentos Imobiliários T. Ltda (2) 0.00% SPE Brisas Do Alto Empreendimentos Imobiliários T Ltda (1) 0.00% SPE Caminho das Árvores Empreendimentos Imobiliários T Ltda. 3, ,206 (1) 0.00% SPE Centro Saúde J.M.S. Ltda. 7, , % SPE Condomínio Boulevard Gustavo Dantas Ltda 21,732 9,375 12,357 (1) 0.00% SPE Estações Um Empreendimentos Imobiliários T Ltda. 5, , % SPE Juca Sampaio Empreendimentos Imobiliários T Ltda (1) 0.00% SPE Norcon Rossi Empreendimentos Imobiliários T Ltda (1) 0.00% SPE Quadra Cinco Empreendimentos Imobiliários T Ltda. 34,365 1,418 32, % SPE Quadra Dois Empreendimentos Imobiliários T Ltda. 6, ,322 (1) 0.00% SPE Quadra Seis Primeiro Empreendimentos Imobiliários T Ltda. 3,547 2,264 1,283 (1) 0.00% SPE Quadra Três Empreendimentos Imobiliários T Ltda. 1, , % SPE Sancho Lote Cinco Empreendimentos Imobiliários T Ltda. 1,816 1, (2) 0.00% SPE Sancho Lote Dois Empreendimentos Imobiliários T Ltda (1) 0.00% SPE Sementeiras Empreendimentos Imobiliários T Ltda. 16,477 5,062 11, % SPE Sítio Bacupari Empreendimentos Imobiliários T Ltda. 3,154 1,379 1,775 (1) 0.00% SPE Spazio Bello Empreendimentos Imobiliários T Ltda. 681 (62) % SPE Vilas Da Aruana Empreendimentos Imobiliários T Ltda. 14, ,421 (1) 0.00% Talassa Empreendimentos Imobiliários Ltda 9, , % 362 6, ,283 Termesso Empreendimentos Imobiliários Ltda 27,763 6,572 21,191 4, % Tiberino Empreendimentos Imobiliários Ltda 131 2,371 (2,240) % Tucupita Empreendimentos Imobiliários Ltda 33, ,127 (23) 0.10% - (1) Tumbergia Empreendimentos S/A 22, , % 2 10, ,957 Turmero Empreendimentos Imobiliários Ltda 7, ,461 (14) 0.00% Velberte Empreendimentos Imobiliários Ltda 45,498 40,408 5,090 (768) 0.00% Vendeia Empreendimentos Imobiliários Ltda 30,697 15,723 14, % Visnaga Empreendimentos S/A 19,417 14,851 4, % 4 2, ,055 Zaraza Empreendimentos Imobiliários Ltda 58,326 52,084 6,242 3, % Adoncia Empreendimentos Imobiliários Ltda % (1,150) Acalantis Empreendimentos Imobiliários Ltda % Non-controlled subsidiaries Goodwill 90,471 90,471 Capitalized charges - Other Subtotal Non-controlled subsidiaries 8,131,040 7,305, ,083 (223,069) 45 (52,913) 378, ,594 80,102 1,039,972 Non-controlled subsidiaries of consolidated companies Bom Sucesso Incorporação e Investimentos Imobiliários S/A. 28,004 3,485 24,519 (6) % 6 68, ,864 Other 25 Subtotal Non-controlled subsidiaries 8,131,040 3,485 24,519 (6) 31 68, ,864 Total Parent 18,233,211 17,218,561 1,014,659 (478,230) (219,041) 566, ,255 1,916,218 3,087,362 Total Consolidated 16,262,080 7,309, ,602 (223,075) (52,882) 446, ,594 80,100 1,046,836

78 3 Anexo II Summary of the main information on related parties at March 31, 2018 and December 31, 2017: Companies Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Controlled companies (Wholly-owned) March 2018 December 2017 Parent Company Consolidated Parent Company Consolidated Abadir Empreendimentos Imobiliários Ltda 34, , Absirto Empreendimentos Imobiliários Ltda Açafate Empreendimento S/A , Acalifa Empreendimentos S/A 1, , Acauã Investimentos Imobiliários Ltda - 10, , Acer Participações S/A , Adiantum Empreendimentos Imobiliários Ltda Afelandra Empreendimentos S/A 5, , Agerato Empreendimentos S/A 2, , Aglaonema Empreendimentos S/A - 9, , Alcea Empreendimentos Imobiliários Ltda - 211, , Aldrovandi Empreendimentos Imobiliários Ltda Alocasia Empreendimentos S/A 19, , Alpen Haus Desenvolvimento Imobiliário S/A - 3, Alpen Haus Negócios Imobiliários S/A , Alteia Empreendimentos Imobiliários Ltda - 24, , Alternantera Empreendimentos Imobiliários Ltda - 43, , América Properties Ltda 3, , América Urbanismo S/A Anagalide Empreendimentos S/A 23, , Anapo Empreendimentos Imobiliários Ltda - 7, , Aniene Empreendimentos Imobiliários Ltda - 4, , Anigro Empreendimentos Imobiliários Ltda - 13, Anloga Empreendimentos Imobiliários Ltda - 5, Anteros Empreendimentos Imobiliários Ltda , Antocleista Empreendimentos S/A Apidano Empreendimentos Imobiliários Ltda 3, , Araucaia Empreendimentos Imobiliários Ltda , Araure Empreendimentos Imobiliários Ltda 13, , Argentea Empreendimentos S/A 32, , Aristasia Empreendimentos Imobiliários Ltda Artocarpus Empreendimentos Imobiliários Ltda Asopo Empreendimentos Imobiliários Ltda - 3, , Astir Ass. Téc. Imob. Part. Ltda 64, , Atenor Empreendimentos Imobiliários Ltda 22, , Atromeia Empreendimentos S/A - 27, , Auriculata Empreendimentos S/A 5, , Aven Empreendimentos Imobiliários Ltda 13, , Bafira Empreendimentos Imobiliários Ltda 11, , Barão do Café Empreendimentos Imobiliários S/A Belinda Empreendimentos Imobiliários Ltda 15, , Belisário Empreendimentos Imobiliários Ltda - 5, , Bidasoa Empreendimentos Imobiliários Ltda - 4, , Bisira Empreendimentos Imobiliários Ltda - 19, Bitinia Empreendimentos Imobiliários Ltda 18, , Bolero Empreendimentos S/A 18, , Bonina Empreendimentos Imobiliários Ltda Borago Empreendimentos S/A Bordo Empreendimentos Imobiliários Ltda 3, , Bouvardia Empreendimentos Imobiliários Ltda - 8, , Bresbe Empreendimentos Imobiliários Ltda - 5, , Brossasco Empreendimentos Imobiliários Ltda 4, , Brutio Empreendimentos Imobiliários Ltda 12, , Cabimas Empreendimentos Imobiliários Ltda 25, , Caerulea Empreendimentos S/A - 8, , Cainara Empreendimentos Imobiliários Ltda Caliandra Incorporadora Ltda - 17, , Carimbosa Empreendimentos Imobiliários Ltda 21, , Cartamus Empreendimentos Imobiliários Ltda , Cartatica Empreendimentos Imobiliários Ltda - 12, , Catarantus Empreendimentos S/A , Cedrela Empreendimentos Imobiliários Ltda - 1, , Celebrete Empreendimentos S/A , Celebrete Empreendimentos S/A - SCP Celebrete - 33, , Celebrity Icaraí Negócios Imobiliários Ltda 4, , Celeni Empreendimentos Imobiliários Ltda - 18, , Ceressa Empreendimentos Imobiliários Ltda 1, , Certima Empreendimentos Imobiliários Ltda - 5, Cheflera Empreendimentos Imobiliários Ltda - 9, , Chilodus Empreendimentos Imobiliários Ltda 15, ,

79 4 March 2018 December 2017 Companies Parent Company Consolidated Parent Company Consolidated Wholly-owned controlled companies Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Cianus Empreendimentos S/A , Ciconia Empreendimentos Imobiliários Ltda 1, , Cinara Empreendimentos S/A - 9, , Climenia Empreendimentos Imobiliários Ltda 9, , Clube Tuiuti Empreendimentos S/A - 1, Colocasia Empreendimentos Imobiliários Ltda , Colorata Empreendimentos Imobiliários Ltda Congossa Empreendimentos Imobiliários Ltda - 1, , Consolda Empreendimentos Imobiliários Ltda - 11, , Cravina Empreendimentos S/A 14, , Daciano Empreendimentos Imobiliários Ltda 1, , Damiane Empreendimentos Imobiliários Ltda 16, , Dangila Empreendimentos Imobiliários Ltda 7, , Del Monte Negócios Imobiliários S/A Dessau Empreendimentos Imobiliários Ltda 78, , Diantus Empreendimentos S/A 3, , Dipladênia Empreendimentos Imobiliários Ltda , Dirito Empreendimentos Imobiliários Ltda 2, , Doubs Empreendimentos Imobiliários Ltda - 11, , Dranci Empreendimentos Imobiliários Ltda 13, , Driope Empreendimentos Imobiliários Ltda 11, , Dunedine Empreendimentos Imobiliários Ltda 15, , Eitorfe Empreendimentos Imobiliários Ltda 10, , Elida Empreendimentos Imobiliários Ltda - 11, , Empreendimento Imobiliário Jaguaré SPE Ltda - 21, , Entradero Empreendimentos Imobiliários Ltda Equinacia Empreendimentos S/A 4, , Erimanto Empreendimentos Imobiliários Ltda 9, Erinus Empreendimentos S/A 9, , Escabiosa Empreendimentos S/A - 3, Escalda Empreendimentos Imobiliários Ltda 21, , Estrumosa Empreendimentos S/A 6, , Etolia Empreendimentos Imobiliários Ltda 7, , Euriabe Empreendimentos S/A Eustoma Empreendimentos S/A Fabrice Empreendimentos Imobiliários Ltda , Faon Empreendimentos Imobiliários Ltda Fasciata Empreendimentos Imobiliários Ltda 3, , Florença Participações S/A - 54, , Frigia Empreendimentos Imobiliários Ltda Furano Empreendimentos Imobiliários Ltda - 1, Galeria Boulevard Desenvolvimento Imobiliário S/A - 2, , Galeria Boulevard Negócios Imobiliários S/A - 4, , Galeso Empreendimentos Imobiliários Ltda 21, , Ganges Empreendimentos Imobiliários Ltda 1, , Garden Up Desenvolvimento Imobiliário Ltda - 2, , Garden Up Negócios Imobiliários S/A - 1, General Rondon Incorporadora Ltda Gestia Empreendimentos S/A - 2, , Girassol Incorporadora Ltda 1, , Glicínia Desenvolvimento Imobiliário Ltda - 1, , Glinde Empreendimentos Imobiliários Ltda 1, , Gonfrena Empreendimentos Imobiliários Ltda - 7, , Grandiflora Empreendimentos Imobiliários Ltda Gustávia Empreendimentos S/A Helicônias Desenvolvimento Imobiliário Ltda Iberidifolia Empreendimentos Imobiliários Ltda - 23, , Ibero Empreendimentos Imobiliários Ltda 4, , Imbrasco Empreendimentos Imobiliários Ltda 5, , Impatiens Empreendimentos Imobiliários Ltda - 14, Indre Empreendimentos Imobiliários Ltda , Ipomoea Empreendimentos Imobiliários Ltda - 27, , Iturbe Empreendimentos Imobiliários. Ltda , Jardim das Margaridas Empreendimentos imobiliários Ltda - 11, , Jetirana Empreendimentos S/A - 28, , Kansas Empreendimentos Imobiliários Ltda Lacio Empreendimentos Imobiliários Ltda 8, , Lacrima Empreendimentos Imobiliários Ltda 24, , Lagos Empreendimentos S/A Laion Empreendimentos Imobiliários Ltda - 31, ,

80 5 March 2018 December 2017 Non-controlled Parent Company Consolidated Parent Company Consolidated companies Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Liepaja Empreendimentos Imobiliários Ltda - 15, Linania Empreendimentos Imobiliários Ltda 46, , Linum Empreendimentos Imobiliários Ltda - 15, , Lobelia Empreendimentos S/A - 1, , Lonicera Empreendimentos Imobiliários Ltda - 7, , Malvaisco Empreendimentos Imobiliários Ltda , Mandevila Empreendimentos Imobiliários Ltda Mansoa Empreendimentos Imobiliários Ltda 8, Marianinha Empreendimentos S/A Matioca Empreendimentos Imobiliários Ltda - 17, , Mincio Empreendimentos Imobiliários Ltda - 5, , Minulo Empreendimentos S/A 80, , Molie Empreendimentos Imobiliários Ltda - 6, , Monstera Empreendimentos S/A - 34, , Moscatu Empreendimentos S/A , Nenufar Empreendimentos Imobiliários Ltda , Nepeta Empreendimentos S/A - 19, , Nicandra Empreendimentos S/A - 84, , Nicuri Empreendimentos Imobiliários Ltda - 1, , Nidus Empreendimentos S/A 19, , Nievre Empreendimentos Imobiliários Ltda 12, , Nigra Empreendimentos S/A Oelde Empreendimentos Imobiliários Ltda - 9, , Orquídea Incorporadora Ltda 148, , Pachira Empreendimentos Imobiliários Ltda - 2, , Pacino Empreendimentos Imobiliários Ltda 3, , Paludosum Empreendimentos Imobiliários Ltda 4, , Panaque Empreendimentos Imobiliários Ltda - 19, , Papoila Empreendimentos S/A - 1, , Pepo Empreendimentos S/A 1, , Perpetuas Empreendimentos Imobiliários Ltda - 16, , Pervinca Empreendimentos S/A 12, , Pietraporzio Empreendimentos Imobiliários Ltda 1, Piper Empreendimentos S/A Piracanta Empreendimentos S/A Plomeu Empreendimentos Imobiliários Ltda Porto Paradiso Incorporadora S/A 1, , Pozuoli Empreendimentos Imobiliários Ltda 1, Praça Capital Negócios Imobiliários Ltda - 2, , Praça Paris Incorporadora S/A 4, , Prelude Empreendimentos S/A 3, Purpurata Empreendimentos S/A , Quadra B-3 Incorporadora Ltda 4, , Quenopodio Empreendimentos S/A - 7, Raniona Empreendimentos Imobiliários Ltda 26, , RCI Consultoria de Imóveis Ltda - 4, , Recreio Desenvolvimento Imobiliário Ltda - 5, , Recreio Empreendimentos Imobiliários Ltda - 16, , Rilstone Empreendimentos Imobiliários Ltda - 1, , Rimasco Empreendimentos Imobiliários Ltda Risaralda Empreendimentos Imobiliários Ltda - 10, , Rodolita Empreendimentos Imobiliários Ltda Rosalba Empreendimentos Imobiliários Ltda Rossi Consultoria de Imóveis Ltda 12, , Rossi Ind. de Art. de Concreto Ltda 20, , Rossi Montante Incorporadora S/A 13, , Rossi Morumbi Incorporadora S/A 8, , Rossi Oscar Porto Incorporadora Ltda - 20, , Rossi Securities Empreendimentos Imobiliários Ltda - 6, , Rossi Trust e Participações Ltda - 5, , RRTI Desenvolvimento Imobiliário Ltda - 13, , Rubrum Empreendimentos Imobiliários Ltda 7, , Rype SPE 3 - Empreendimentos Imobiliário Ltda - 2, Sabanalarga Empreendimentos Imobiliários Ltda - 3, , Sambre Empreendimentos Imobiliários Ltda - 2, , Sampeire Empreendimentos Imobiliários Ltda Sândalo Desenvolvimento Imobiliário Ltda - 134, , Sanderae Empreendimentos Imobiliários Ltda 31, , Sanquezia Empreendimentos Imobiliários Ltda - 42, , Santa Adelaida Empreendimentos Imobiliários Ltda - 3,

81 6 March 2018 December 2017 Non-controlled Parent Company Consolidated Parent Company Consolidated companies Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Santa Agia Empreendimentos Imobiliários Ltda 6, , Santa Alfreda Empreendimentos Imobiliários Ltda - 3, Santa Alice Empreendimentos Imobiliários Ltda , Santa Amanda Empreendimentos Imobiliários Ltda 3, , Santa Apolonia Empreendimentos Imobiliários Ltda - 29, , Santa Aurelia Empreendimentos Imobiliários Ltda - 1, , Santa Camila Empreendimentos Imobiliários Ltda 1, , Santa Capitolina Empreendimentos Imobiliários Ltda 4, , Santa Caridade Empreendimentos Imobiliários Ltda - 23, Santa Celestina Empreendimentos Imobiliários Ltda 49, , Santa Dionisia Empreendimentos Imobiliários Ltda 8, , Santa Doroteia Empreendimentos Imobiliários Ltda - 1, , Santa Duna Empreendimentos Imobiliários Ltda 3, , Santa Edite Empreendimentos Imobiliários Ltda 4, , Santa Erasma Empreendimentos Imobiliários Ltda - 2, Santa Esperança Empreendimentos Imobiliários Ltda 13, , Santa Eufrosina Empreendimentos Imobiliários Ltda - 3, , Santa Exuperia Empreendimentos Imobiliários Ltda 3, , Santa Flavia Empreendimentos Imobiliários Ltda - 1, , Santa Francisca Empreendimentos Imobiliários Ltda , Santa Genoveva Empreendimentos Imobiliários Ltda - 6, , Santa Gontilda Empreendimentos Imobiliários Ltda 9, , Santa Iza Empreendimentos Imobiliários Ltda - 8, , Santa Justina Empreendimentos Imobiliários Ltda Santa Manuela Empreendimentos Imobiliários Ltda - 3, Santa Margarete Empreendimentos Imobiliários Ltda - 15, Santa Marianela Empreendimentos Imobiliários S/A Santa Matilda Empreendimentos Imobiliários Ltda - 8, , Santa Maura Empreendimentos Imobiliários Ltda 1, , Santa Melania Empreendimentos Imobiliários Ltda 9, , Santa Narcisa Empreendimentos Imobiliários Ltda - 6, Santa Natalia Empreendimentos Imobiliários Ltda - 8, Santa Nina Empreendimentos Imobiliários Ltda 2, , Santa Noemia Empreendimentos Imobiliários Ltda 20, , Santa Odete Empreendimentos Imobiliários Ltda - 2, , Santa Olga Empreendimentos Imobiliários Ltda - 12, , Santa Patrícia Empreendimentos Imobiliários Ltda 10, , Santa Ruth Empreendimentos Imobiliários Ltda - 11, , Santa Sabina Empreendimentos Imobiliários Ltda , Santa Susana Empreendimentos Imobiliários S/A 37, , Santa Taciana Empreendimentos Imobiliários Ltda 1, , Santa Tarcila Empreendimentos Imobiliários Ltda - 3, , Santa Teodata Empreendimentos Imobiliários Ltda 14, , Santa Zenaide Empreendimentos Imobiliários Ltda - 19, , Santa Zenobia Empreendimentos Imobiliários Ltda - 4, , Santa Zita Empreendimentos Imobiliários Ltda 5, , Santa Priscila Empreendimentos Imobiliários Ltda - 8, , Santo Anastacio Empreendimentos Imobiliários S/A 28, , Santo Angelo Empreendimentos Imobiliários Ltda - 1, , Santo Eduardo Empreendimentos Imobiliários Ltda 11, , Santo Erasmo Empreendimentos Imobiliários Ltda 13, , Santo Estanislau Empreendimentos Imobiliários Ltda 12, , Santo Estevão Empreendimentos Imobiliários Ltda - 2, , Santo Eugenio Empreendimentos Imobiliários Ltda , Santo Eusebio Empreendimentos Imobiliários Ltda 2, , Santo Evaristo Empreendimentos Imobiliários Ltda 59, , Santo Humberto Empreendimentos Imobiliários Ltda - 29, , Santo Inacio Empreendimentos Imobiliários Ltda , Santo Irineu Empreendimentos Imobiliários Ltda - 7, , Santo Lorenzo Empreendimentos Imobiliários Ltda - 8, , Santo Uriel Empreendimentos Imobiliários Ltda 10, , São Beltran Empreendimentos Imobiliários Ltda 4, , São Benildo Empreendimentos Imobiliários Ltda 1, , São Bertino Empreendimentos Imobiliários Ltda 8, , São Bessario Empreendimentos Imobiliários Ltda São Braulio Empreendimentos Imobiliários Ltda - 5, , São Caemon Empreendimentos Imobiliários Ltda 1, , São Celestino Empreendimentos Imobiliários Ltda São Cesario Empreendimentos Imobiliários Ltda 7, , São Cornelio Empreendimentos Imobiliários Ltda - 16, ,

82 7 March 2018 December 2017 Non-controlled Parent Company Consolidated Parent Company Consolidated companies Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities São Crisanto Empreendimentos Imobiliários Ltda 10, , São Crispim Empreendimentos Imobiliários Ltda - 21, , São Crispiniano Empreendimentos Imobiliários Ltda 70, , São Dionisio Empreendimentos Imobiliários Ltda 2, , São Geraldo Empreendimentos Imobiliários Ltda , São Gerôncio Empreendimentos Imobiliários Ltda - 4, São Gonzalo Empreendimentos Imobiliários Ltda 6, , São Loureano Empreendimentos Imobiliários Ltda 4, , São Mancio Empreendimentos Imobiliários Ltda 35, , São Marçal Empreendimentos Imobiliários Ltda São Marcelino Empreendimentos Imobiliários Ltda - 1, , São Martim Empreendimentos Imobiliários Ltda 35, , São Mauricio Empreendimentos Imobiliários Ltda 55, , São Mucio Empreendimentos Imobiliários Ltda 1, , São Nicodemus Empreendimentos Imobiliários Ltda - 2, , São Procopio Empreendimentos Imobiliários Ltda 6, , São Quirino Empreendimentos Imobiliários Ltda São Remigio Empreendimentos Imobiliários Ltda - 2, , São Ricardo Empreendimentos Imobiliários Ltda São Severino Empreendimentos Imobiliários Ltda - 2, , São Teodorico Empreendimentos Imobiliários Ltda 8, , São Teofilo Empreendimentos Imobiliários Ltda - 7, , Sarapo Empreendimentos Imobiliários Ltda 3, , Saratoga Empreendimentos Imobiliários Ltda 5, , Sarita Empreendimentos Imobiliários Ltda 1, , SCP Alegro - Araucaia Empreend SCP Cotegipe - Araucaia Empreend. - 30, , SCP Fabrice - Fabrice Empreendimentos Imobiliários Ltda 2, Sinuatum Empreendimentos Imobiliários Ltda 30, , Sisiano Empreendimentos Imobiliários Ltda Sogamoso Empreendimentos Imobiliários Ltda - 5, SPE Alto da Boa Vista Empreendimentos Imobiliários T Ltda - 23, , SPE Condomínio Jardins da França Ltda - 26, , SPE Condomínio Recanto das Árvores Ltda 7, , SPE Condomínio Vila Das Artes Ltda 3, , SPE Parque Sementeiras Empreendimentos Imobiliários T Lt 20, , SPE Pier Empreendimentos Imobiliários Ltda - 19, , Tacarigua Empreendimentos Imobiliários Ltda Tadorna Empreendimentos Imobiliários Ltda - 11, Tainacam Empreendimentos Imobiliários Ltda 9, , Tanais Empreendimentos Imobiliários Ltda 4, , Tauranga Empreendimentos Imobiliários Ltda 19, , Temiscira Empreendimentos Imobiliários Ltda - 4, , Tenela Empreendimentos S/A , Tessalia Empreendimentos Imobiliários Ltda 9, , Teutrania Empreendimentos Imobiliários Ltda 4, , Tieze Empreendimentos Imobiliários Ltda , Tindaro Empreendimentos Imobiliários Ltda - 2, , Troade Empreendimentos Imobiliários Ltda - 3, , Trombeta Empreendimentos Imobiliários Ltda 35, , Tulipa Incorporadora Ltda 21, , Tunico Empreendimentos Imobiliários Ltda 8, , Uribia Empreendimentos Imobiliários Ltda , Valpeline Empreendimentos Imobiliários Ltda Vernante Empreendimentos S/A 7, , Vicença Empreendimentos Imobiliários Ltda 4, , Vigo Empreendimentos S/A - 7, , Vila Flora Hortolândia Empreendimentos Imobiliários Ltda - 56, , Vinadio Empreendimentos Imobiliários Ltda 7, , Viterbo Empreendimentos Imobiliários Ltda 28, , Vitis Empreendimentos S/A 3, , Zaculeu Empreendimentos Imobiliários Ltda - 1, , Zadoque Empreendimentos Imobiliários Ltda 12, , Abeguar Empreendimentos Imobiliários Ltda 1, , Aisne Empreendimentos Imobiliários Ltda 2, América Piqueri Incorporadora S/A Anabi Empreendimentos Imobiliários Ltda Arundina Empreendimentos Imobiliários Ltda Condominio das Palmeiras Desenvolvimento Imobiliário S/A - 6, , Marshall Empreendimentos Ltda

83 8 March 2018 December 2017 Non-controlled Parent Company Consolidated Parent Company Consolidated companies Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Ramizeri Empreendimentos Imobiliários Ltda - 7, Rossi Consultoria de Imóveis Aracajú Ltda - 1, , Abante Empreendimentos Imobiliários Ltda Acaulis Empreendimentos S/A Aliberti Empreendimentos S/A ,359-1,345 Amarelinha Empreendimentos S/A ,096-4,095 Anadia Empreendimentos Imobiliários Ltda Aneliasia Empreendimentos S/A ,072-1,072 - Anemone Empreendimentos S/A Anona Empreendimentos S/A 3,244-3, Apolda Empreendimentos Imobiliários Ltda ,209-8,329 Ardisia Empreendimentos S/A - 14,474-14,474-44,406-48,567 Aretusa Empreendimentos Imobiliários Ltda ,314-7,533 Asmiscada Empreendimentos S/A - 10, , Avinon Empreendimentos Imobiliários Ltda ,357-1,175 Baça Empreendimentos Imobiliários Ltda Baceiro Empreendimentos Imobiliários Ltda Basilico Empreendimentos S/A , Beaumontia Empreendimentos S/A 4, , Berilo Empreendimentos Imobiliários Ltda ,661-1,661 - Bétula Empreendimentos S/A - 9,925-9,925-8,630-8,630 Bom Sucesso Incorporação e Investimentos Imobiliários S/A ,272-1,623 - Brassica Empreendimentos S/A 2,113-2, ,722-2,672 Bucaramanga Empreendimentos Imobiliários Ltda Calabozo Empreendimentos Imobiliários Ltda Calaminta Empreendimentos S/A - 2,210-2,210 2, Calibracoa Empreendimentos S/A - 6, , Caliméria Empreendimentos Imobiliários Ltda ,538-3,702 - Campanula Empreendimentos S/A Capisicum Empreendimentos Imobiliários Ltda - 1, , Cariniana Empreendimentos S/A 5, , Cartaxo Empreendimentos Imobiliários Ltda Cefisso Empreendimentos Imobiliários Ltda ,329-1,511 - Centela Empreendimentos S/A Ciclame Desenvolvimento Imobiliário S/A - 26,733-26,733-19,800-20,145 Ciclame Empreendimentos S/A - 2,636-2,636-2,089-2,089 Citero Empreendimentos Imobiliários Ltda ,021-16,217 Cleomeia Empreendimentos S/A - 65,022-65,022 1,459-1,459 - Coreópisis Empreendimentos S/A 16,395-16, ,325-5,338 Coriandrum Empreendimentos S/A Costa São Caetano Empreendimentos S/A Courgete Empreendimentos S/A 17,829-17, ,977-5,977 Crimiso Empreendimentos Imobiliários Ltda Cruá Empreendimentos S/A , Cumbria Empreendimentos Imobiliários Ltda ,072-2,185 Dalia Empreendimentos Imobiliários Ltda ,221 Damacena Empreendimentos S/A - 28,825-28,825-77,070-95,169 Demetris Empreendimentos Imobiliários Ltda Deodoro Empreendimentos Imobiliários Ltda Difusa Empreendimentos S/A - 71,777-71, Dinarte Empreendimentos Imobiliários Ltda Duarte - Edificio Vila Boa Vista Ltda - 5,699-5,699 1,041-1,041 - Dueto Negócios Imobiliários S/A Egeon Empreendimentos Imobiliários Ltda Elvas Empreendimentos Imobiliários Ltda 5,827-5,827-2,334-4,310 - Embua Empreendimentos Imobiliários Ltda , Enipeu Empreendimentos Imobiliários Ltda ,848-5,649 Erasino Empreendimentos Imobiliários Ltda Erioteca Empreendimentos S/A ,091-1,091 - Esepo Empreendimentos Imobiliários Ltda ,258-25,519 Estrimon Empreendimentos Imobiliários Ltda Freamunde Empreendimentos Imobiliários Ltda - 11,266-11, Fucsia Empreendimentos S/A 66,328-66, ,592-2,493 Glicínia Empreendimentos S/A , Ideal Matão Negócios Imobiliários Ltda ,660-1,660 - Incana Empreendimentos S/A - 2,905-2,905-7,224-6,001 Londres Empreendimentos S/A ,010-3,201 - Machiques Empreendimentos Imobiliários Ltda ,772 - Malmequer Empreendimentos S/A - 14,227-14,227 8,539-8,539 - Mandarim Empreendimentos Imobiliários Ltda 14,102-14, ,

84 9 Março de 2018 Dezembro de 2017 Non-controlled Controladora Consolidado Controladora Consolidado companies Ativo Passivo Ativo Passivo Ativo Passivo Ativo Passivo Messina Incorporação SPE Ltda ,865 Mucuna Empreendimentos S/A 3,823-3,823-4,982-5,411 - Norcon Rossi Empreendimentos. S/A - 37,380-37, , ,795 North York Empreendimentos S/A - 2,161-2, North York Negócios Imobiliários S/A 1,891-1, Peônia Empreendimentos Imobiliários S/A 1,234-1,234-3,841-3,841 - Pinhel Empreendimentos Imobiliários Ltda Pirna Empreendimentos Imobiliários Ltda ,162-1,889 - Praça Capital Desenvolvimento Imobiliário Ltda , Prunus Empreendimentos S/A RCG Urbanismo Ltda 1,742-1,742-1,330-1,330 - Realengo SPE Empreendimento Imobiliário S/A Rivulo Empreendimentos Imobiliários Ltda Rossi Melnick Desenvolvimento Imobiliário S/A Rossi Norte Empreendimentos S/A - 98, , ,743 Rossi S/A - SCP Guarujá Salmiana Empreendimentos S/A - 7,207-7,207-5,909-6,220 Santa Adelvina Empreendimentos Imobiliários Ltda ,555-19,593 Santa Agape Empreendimentos Imobiliários Ltda - 8, , Santa Anastácia Empreendimentos Imobiliários Ltda Santa Antonina Empreendimentos Imobiliários Ltda - 4,700-4, Santa Aurora Empreendimentos Imobiliários Ltda ,829-1,829 Santa Cassilda Empreendimentos Imobiliários Ltda ,985-6,985 Santa Cordelia Empreendimentos Imobiliários Ltda Santa Emereciana Empreendimentos Imobiliários Ltda ,739-2,739 Santa Enriqueta Empreendimentos Imobiliários Ltda 9,414-9,414-9,118-8,445 - Santa Felipa Empreendimentos Imobiliários Ltda - 12,162-12, Santa Fidelmia Empreendimentos Imobiliários Ltda Santa Giana Empreendimentos Imobiliários Ltda Santa Humbelina Empreendimentos Imobiliários Ltda Santa Kilian Empreendimentos Imobiliários Ltda - 6,413-6,413-24,963-24,960 Santa Silvana Empreendimentos Imobiliários Ltda - 9, ,100-1,100 - Santa Silvia Empreendimentos Imobiliários Ltda 3, ,467-1,152 Santa Sofia Empreendimentos Imobiliários Ltda ,221-6,994 - Santa Veronica Empreendimentos Imobiliários Ltda Santo Adriano Empreendimentos Imobiliários Ltda - 3,536-3, Santo Agostinho Empreendimentos Imobiliários Ltda 8,715-8,715-14,022-14,014 - Santo Alberto Empreendimentos Imobiliários Ltda 2,938-2,938-5,605-4,189 - Santo Anatolio Empreendimentos Imobiliários Ltda ,667-8,667 Santo Aniceto Empreendimentos Imobiliários Ltda - 2, Santo Artemio Empreendimentos Imobiliários Ltda ,063-19,035 Santo Egidio Empreendimentos Imobiliários Ltda 10, ,406-8,496 - Santo Eliseu Empreendimentos Imobiliários Ltda Santo Exuperancio Empreendimentos Imobiliários Ltda - 3, , Santo Indalecio Empreendimentos Imobiliários Ltda Santo Orlando Empreendimentos Imobiliários Ltda - 10,355-10,355-2,314 1,180 - São Basilio Empreendimentos Imobiliários Ltda 5,464-5, ,960-8,263 São Constantino Empreendimentos Imobiliários Ltda São Fiacre Empreendimentos Imobiliários Ltda ,750-1,753 São Fidelis Empreendimentos Imobiliários Ltda 2,446-2, ,605-2,168 São Hipolito Empreendimentos Imobiliários Ltda ,691-2,594 - São Licinio Empreendimentos Imobiliários Ltda São Raimundo Empreendimentos Imobiliários Ltda São Ramiro Empreendimentos Imobiliários Ltda - 10,031-10, São Teobaldo Empreendimentos Imobiliários Ltda - 26,456-26, São Tranquilino Empreendimentos Imobiliários Ltda 2, , Sarpedon Empreendimentos Imobiliários Ltda Sarre Empreendimentos Imobiliários Ltda ,023-15,200 Seina Empreendimentos Imobiliários Ltda 2,459-2, ,189-2,759 Soacha Empreendimentos Imobiliários Ltda Sobradinho I Desenvolvimento Imobiliário Ltda SPE Accordes do Horto Empreendimentos Imobiliários T Ltda SPE Accordes Jabotiana Empreendimentos Imobiliários T Ltda SPE Accordes Universita Empreendimentos Imobiliários T Ltda SPE Caminho das Árvores Empreendimentos Imobiliários T Ltda SPE Centro Saúde J.M.S. Ltda ,522-1,522 SPE Condomínio Boulevard Gustavo Dantas Ltda ,339-4,339 - SPE Quadra Cinco Empreendimentos Imobiliários T Ltda SPE Quadra Dois Empreendimentos Imobiliários T Ltda SPE Quadra Seis Primeiro Empreendimentos Imobiliários T Ltda

85 10 Março de 2018 Dezembro de 2017 Controladora Consolidado Controladora Consolidado Non-controlled Ativo Passivo Ativo Passivo Ativo Passivo Ativo Passivo companies SPE Sancho Lote Cinco Empreendimentos Imobiliários T Ltd SPE Sementeiras Empreendimentos Imobiliários T Ltda ,482-3,482 SPE Sítio Bacupari Empreendimentos Imobiliários T Ltda SPE Vilas Da Aruana Empreendimentos Imobiliários T Ltda Talassa Empreendimentos Imobiliários Ltda - 9,459-9, Tapiriri Empreendimentos S/A 15, , Tiberino Empreendimentos Imobiliários Ltda ,029-2,029 - Tibouchina Empreendimentos S/A Tumbergia Empreendimentos S/A - 21,254-21,254-1,278-1,278 Velberte Empreendimentos Imobiliários Ltda Visnaga Empreendimentos S/A - 11,178-11, Zaraza Empreendimentos Imobiliários Ltda Others 1,172 1, ,820 27,873 4,648 1,449 2,293,123 2,434, , ,317 1,847,146 2,373, , ,164 * * *

86 Conference Call São Paulo, May 14, Rossi Residencial S.A. (B3: RSID3; Bloomberg: RSID3 BZ Equity), announces its results for the first quarter of RSID3: R$ 6.21 per share Total shares: 17,153,337 Market Value: R$106.5 MM 27% reduction in Cancellations (% Rossi) vs. 4Q17 59% of cancelled units in 1Q18 were resold 30% drop in Administrative Expenses vs. 1Q17 Termination of the Joint Venture based in Manaus May 15, 2018 In Portuguese with simultaneous translation 11:30 a.m. (Brasília) / 10:30 a.m. (US ET) Phone: +1 (516) or +55 (11) Code: Rossi Replay (available until 05/22/2018): Phone: (+55 11) Code: Investor Relations Team ri@rossiresidencial.com.br +55 (11)