Rossi Residencial S.A. and Subsidiaries

Transcrição

1 (Convenience Translation into English from the Original Previously Issued in Portuguese) Rossi Residencial S.A. and Subsidiaries Interim Financial Information For the Six-month Period Ended June 30, 2014

2 (Convenience Translation into English from the Original Previously Issued in Portuguese) INDEPENDENT AUDITOR S REPORT To the Shareholders, Directors and Management of Rossi Residencial S.A. São Paulo, SP Introduction We have reviewed the accompanying individual and consolidated interim financial information of Rossi Residencial S.A. ( Company ), identified as Parent and Consolidated, respectively, included in the Interim Financial Information Form (ITR), for the quarter ended June 30, 2014, which comprises the balance sheet as at June 30, 2014 and the related income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the threeand six-month period then ended, including the explanatory notes. Management is responsible for the preparation of the individual interim financial information in accordance with technical pronouncement CPC 21 (R1) - Interim Financial Reporting and the consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board IASB, which takes into consideration the technical guideline OCPC 04 on the application of technical interpretation ICPC 02 to real estate development entities in Brazil, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM) and the Federal Accounting Council (CFC), as well as for the presentation of such information in accordance with the standards issued by the CVM applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express an opinion on this interim financial information based on our review. Scope of review We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the individual interim financial information prepared in accordance with CPC 21 (R1), which considers Technical Instruction OCPC 04 on the application of Technical Interpretation ICPC 02 to Real Estate Development Entities in Brazil, issued by the CPC and approved by the CVM and the CFC Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the interim financial statements referred to above is not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1), applicable to the preparation of the Interim Financial Information (ITR), and presented in accordance with the standards issued by the CVM.

3 Conclusion on the consolidated interim financial information prepared in accordance with IAS 34, which considers Technical Instruction OCPC 04 on the application of Technical Interpretation ICPC 02 to Real Estate Development Entities in Brazil, issued by the CPC and approved by the CVM and the CFC Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial information included in the interim financial statements referred to above is not prepared, in all material respects, in accordance with IAS 34, considering technical guideline OCPC 04 on the application of technical interpretation ICPC 02 to real estate development entities in Brazil, issued by the CPC and approved by the CVM and CFC, applicable to the preparation of the Interim Financial Information (ITR), and presented in accordance with the standards issued by the CVM. Emphasis of matter Revenue recognition As described in Note 2, the individual and consolidated interim financial information has been prepared in accordance with accounting practices adopted in Brazil (CPC 21 (R1)) and in accordance with the International Financial Reporting Standards ( IFRSs ) applicable to real estate development entities (IAS 34, for interim financial reporting), and also consider Technical Instruction OCPC 04 issued by the CPC. This Technical Instruction addresses the recognition of revenue by real estate development entities, including the matters related to the meaning and application of the concept of continuous transfer of risks, rewards and control on the sale of real estate units. Our conclusion is not qualified with respect to this matter. Other matters Statement of value added We have also reviewed the individual and consolidated interim statements of value added ( DVA ), for the six-month period ended June 30, 2014, prepared under the responsibility of the Company s management, the presentation of which is required by the standards issued by the Brazilian Securities Commission (CVM) applicable to the preparation of Interim Financial Information (ITR), and is considered as supplemental information for IFRS that does not require the presentation of a DVA. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they are not prepared, in all material respects, in relation to the individual and consolidated interim financial information in accordance with CPC 21, taken as a whole. São Paulo, August 12, 2014 DELOITTE TOUCHE TOHMATSU Auditores Independentes Tarcisio Luiz dos Santos Engagement Partner

4 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES BALANCE SHEET AS AT JUNE 30, 2014 (In thousands of Brazilian reais - R$) ASSETS Note 06/30/ /31/ /30/ /31/2013 Parent Consolidated CURRENT ASSETS Cash and cash equivalents 5 226, , , ,149 Securities 6 53,814 93,729 82, ,480 Trade receivables 7 126, ,431 1,754,037 1,950,729 Properties for sale 8 17,379 12, ,522 1,182,302 Other receivables 9 991, ,523 1,068, ,281 Total current assets 1,416,002 1,193,055 4,362,119 4,542,941 NONCURRENT ASSETS Securities 6 3, , , ,076 Trade receivables 7 81,692 68, , ,471 Properties for sale 8 33,728 28, , ,361 Escrow deposits 17 41,668 39,486 55,001 52,010 Related parties 19 1,988,803 2,022, , ,217 Investments 10 4,149,532 3,832,783 1,531,163 1,327,853 Property, plant and equipment 11 25,884 28,133 50,906 53,894 Intangible assets 12 55,766 46,967 57,426 49,070 Total noncurrent assets 6,380,853 6,237,495 3,371,285 3,049,952 TOTAL ASSETS 7,796,855 7,430,550 7,733,404 7,592,893 The accompanying notes are an integral part of these financial statements.

5 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES BALANCE SHEET AS AT JUNE 30, 2014 (In thousands of Brazilian reais - R$) LIABILITIES Note 06/30/ /31/ /30/ /31/2013 Parent Consolidated CURRENT LIABILITIES Construction financing - real estate loans , ,483 1,074,956 1,234,947 Working capital loans , , , ,982 Debentures , , , ,761 Trade payables 16,940 20,940 95,605 86,518 Payables for purchase of land 15 4,668 6, , ,795 Payroll and related charges 5,496 12,485 29,328 30,621 Taxes and contributions payable 7,149 1,788 43,256 30,669 Employees' and management's profit sharing payable 24 4,916 5,551 4,916 5,551 Advances from customers ,059 82, ,795 Related parties 19 2,565,076 1,976,832 1,078, ,838 Deferred taxes and contributions 18 5,296 5, , ,036 Other payables 16 15,128 3,009 99,288 55,407 Total current liabilities 3,430,820 3,227,066 3,419,522 3,239,920 NONCURRENT LIABILITIES Construction financing - real estate loans , ,301 1,217, ,790 Working capital loans , , , ,306 Debentures 14 48, ,000 48, ,000 Payables for purchase of land ,714 54,890 Taxes and contributions payable 17 21,356 21,356 25,554 25,554 Provision for risks 17 16,003 64,315 57,235 66,861 Provision for work guarantees 41,341 40,699 41,691 41,050 Deferred taxes and contributions 18 2,204 2,243 58,155 47,111 Equity deficit of investees and other , , , ,641 Total noncurrent liabilities 1,971,927 1,810,566 1,846,546 1,888,203 EQUITY Capital 25 2,611,390 2,611,390 2,611,390 2,611,390 Treasury shares 25 (82,701) (82,331) (82,701) (82,331) Capital reserves 25 49,008 54,567 49,008 54,567 Accumulated losses (183,589) (190,708) (183,589) (190,708) Total equity attributable to the owners of the Company 2,394,108 2,392,918 2,394,108 2,392,918 Noncontrolling interest ,228 71,852 Total equity 2,394,108 2,392,918 2,467,336 2,464,770 TOTAL LIABILITIES AND EQUITY 7,796,855 7,430,550 7,733,404 7,592,893 The accompanying notes are an integral part of these financial statements.

6 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES INCOME STATEMENT FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2014 (In thousands of Brazilian reais - R$, except earnings per share) Parent Consolidated Note 06/30/ /30/ /30/ /30/2013 NET REVENUES 20 34,102 63, ,637 1,048,845 COST OF PROPERTIES SOLD AND SERVICES PROVIDED 21 (4,412) (64,056) (781,409) (846,137) GROSS PROFIT (LOSS) 29,690 (516) 193, ,708 OPERATING INCOME (EXPENSES) Administrative 22 (48,824) (76,562) (72,384) (90,897) Selling 22 (28,704) (14,525) (81,883) (63,370) Management fees (2,000) (2,106) (2,000) (2,106) Depreciation and amortization (3,300) (3,194) (3,347) (3,264) Equity in subsidiaries 10 26, ,122 27,503 77,349 Other operating income (expenses), net 22 53,772 (8,151) 15,317 (18,694) PROFIT BEFORE FINANCE INCOME (COSTS) 26,946 60,068 76, ,726 FINANCE INCOME 23 51,095 51,385 85,224 73,066 FINANCE COSTS 23 (70,922) (75,022) (120,765) (101,869) PROFIT BEFORE TAXES 7,119 36,431 40,893 72,923 INCOME TAX AND SOCIAL CONTRIBUTION 18 Current - - (19,684) (19,512) Deferred (11,403) PROFIT FOR THE PERIOD 7,119 36,431 21,762 42,008 Profit attributable to: Company's owners - - 7,119 36,431 Noncontrolling interest ,643 5,577 EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S SHAREHOLDERS (IN R$ PER SHARE) Basic Diluted The accompanying notes are an integral part of these financial statements.

7 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2014 (In thousands of Brazilian reais - R$) Parent Consolidated 06/30/ /30/ /30/ /30/2013 PROFIT FOR THE PERIOD 7,119 36,431 21,762 42,008 OTHER COMPREHENSIVE INCOME COMPREHENSIVE INCOME FOR THE PERIOD 7,119 36,431 21,762 42,008 Comprehensive income attributable to: Company's owners - - 7,119 36,431 Noncontrolling interest ,643 5,577 The accompanying notes are an integral part of these financial statements.

8 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2014 (In thousands of Brazilian reais - R$) Accumulate Treasury Capital d Noncontrolling Consolidated Note Capital shares reserve losses Equity interest equity BALANCES AS AT DECEMBER 31, ,573,526 (80,870) 37,222 (231,766) 2,298,112 94,131 2,392,243 Capital increase 26 36, ,804-36,804 Profit for the period ,431 36,431 5,577 42,008 Capital decrease by noncontrolling shareholders (26,306) (26,306) Share issuance goodwill Share issuance costs 26 (657) (657) - (657) Treasury shares - (406) - - (406) - (406) Share-based compensation ,902-8,902-8,902 BALANCES AS AT JUNE 30, ,609,673 (81,276) 46,141 (195,335) 2,379,203 73,402 2,452,605 BALANCES AS AT DECEMBER 31, ,611,390 (82,331) 54,567 (190,708) 2,392,918 71,852 2,464,770 Profit for the period ,119 7,119 14,643 21,762 Capital decrease by noncontrolling shareholders (6,617) (6,617) Dividends distributed to noncontrolling shareholders (6,650) (6,650) Treasury shares 26 - (370) - - (370) - (370) Share-based compensation (5,559) - (5,559) - (5,559) BALANCES AS AT JUNE 30, ,611,390 (82,701) 49,008 (183,589) 2,394,108 73,228 2,467,336 The accompanying notes are an integral part of these financial statements.

9 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES STATEMENT OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2014 (In thousands of Brazilian reais - R$) ' Parent Consolidated 06/30/ /30/ /30/ /30/2013 CASH FLOW FROM OPERATING ACTIVITIES Profit before income tax and social contribution 7,119 36,431 40,893 72,923 Adjustments not representing cash inflow or outflow: Depreciation and amortization 3,300 3,194 6,406 7,706 Allowance for doubtful debts (1,618) (4,201) (1,617) (4,201) Provisions for risks (48,312) 4,781 (9,626) 4,781 Provision for work guarantees 644 (2,197) 644 (2,197) Accrued share-based compensation (5,559) 8,902 (5,559) 8,901 Accrued profit sharing - 5,643-5,643 Equity in subsidiaries (26,312) (165,122) (27,503) (77,349) Gain on investments sold (15,983) (11,887) (10,685) 5,048 Goodwill realization 16,230 14,718 9,135 8,252 Loss on sale of property, plant and equipment and intangible assets Deferred taxes and contributions (712) ,626 Financial interest and charges, net (22,487) (3,614) (26,435) (93,060) (93,334) (112,963) (23,711) (57,927) Changes in operating assets and liabilities: Decrease in trade receivables 101,313 31, , ,426 Decrease (increase) in properties for sale 10,189 63, ,663 51,327 Decrease (increase) in other credits, net of items under liabilities (6,141) (210,559) (36) (139,995) Decrease (increase) in other assets (2,182) (1,470) (2,991) (2,684) Decrease in payables for purchase of land (1,585) (10,174) (10,067) (42,745) Increase (decrease) in taxes and contributions 5,361 1,521 3,657 (12,413) Increase (decrease) in advances from customers (12,631) 1,328 (42,399) (21,891) Decrease in employees' and management profit sharing payable (635) (5,531) (635) (5,531) Increase (decrease) in other liabilities (10,989) 1,759 7,791 23,843 Other Interest (91,465) - (485,038) - Income tax and social contribution paid - - (10,754) (7,896) Net cash provided by (used in) operating activities (102,099) (241,153) (195,424) (83,486) CASH FLOW FROM INVESTING ACTIVITIES Acquisition of investments (187,489) (335,987) (174,269) (246,506) Dividends received 42, ,343 40,729 65,536 Redemption of securities 206, , , ,632 Purchase of property, plant and equipment items (135) (3,576) (2,502) (1,526) Acquisition of software (10,071) (7,540) (10,071) (7,403) Net cash provided by investing activities 51, ,992 80, ,733 CASH FLOW FROM FINANCING ACTIVITIES Related-party transactions 418, , , ,436 Dividends paid (17,110) Capital increase - 36,804-36,804 Share issuance goodwill Share issuance costs - (23,889) - (23,889) Treasury shares (370) (406) (370) (406) Noncontrolling interest - - (13,267) (26,306) Borrowings and financing: Funds raised 288,343 19, , ,075 Repayment (353,306) (246,740) (357,891) (890,442) Debentures: Repayment (199,436) (135,537) (199,436) (135,537) Net cash provided by (used in) financing activities 153,636 (78,340) 298,195 (326,358) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 102,896 (91,501) 183,750 (155,111) CASH AND CASH EQUIVALENTS At the beginning of period 123, , , ,893 At the end of period 226, , , ,782 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 102,896 (91,501) 183,750 (155,111) The accompanying notes are an integral part of these financial statements.

10 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES STATEMENT OF VALUE ADDED FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2014 (In thousands of Brazilian reais - R$) Parent Consolidated 06/30/ /30/ /30/ /30/2013 REVENUES Sale of properties and services provided 36,503 68, ,540 1,079,152 Write-off of allowance for doubtful debts 1,618 4,201 1,618 4,201 38,121 73,010 1,001,158 1,083,353 INPUTS FROM THIRD PARTIES Cost of sales (30,526) (8,075) (812,271) (672,147) Materials, energy, third-party services and other (22,751) (25,036) (28,326) (58,654) (53,277) (33,111) (840,597) (730,801) GROSS VALUE ADDED (15,156) 39, , ,552 RETENTIONS Depreciation and amortization (3,300) (3,194) (6,406) (7,706) Realization of goodwill (16,230) (14,718) (9,135) (8,252) Wealth created by the entity (19,530) 21,987 (15,541) 336,594 WEALTH RECEIVED IN TRANSFER Share of profits of investess 26, ,122 27,503 77,349 Finance income 51,095 51,385 85,224 73,066 Other 54, , , , , ,453 TOTAL WEALTH FOR DISTRIBUTION 97, , , ,047 Wealth distributed Personnel Direct compensation 17,654 41,879 81,094 92,550 Benefits 4,025 6,965 9,608 16,052 F.G.T.S. 1,935 3,108 5,785 6,372 23,614 51,952 96, ,974 Taxes, rates and contributions Federal 7,710 14,725 32,069 78,541 State Municipal ,134 19,862 8,920 15,470 46,757 99,066 Lenders and lessors Interest 53, , , ,337 Rental 4,072 4,530 5,011 5,662 57, , , ,999 Shareholders Retained earnings 7,119 36,431 7,119 36,431 Noncontrolling interest in retained earnings ,643 5,577 7,119 36,431 21,762 42,008 97, , , ,047 The accompanying notes are an integral part of these financial statements.

11 ROSSI RESIDENCIAL S.A. AND SUBSIDIARIES NOTES TO THE INTERIM FINANCIAL INFORMATION FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2014 (Amounts in thousands of Brazilian reais - R$, except amounts per share or unless otherwise stated) 1. GENERAL INFORMATION Rossi Residencial S.A. ( Company or Rossi Residencial ) and its investees are engaged in: (a) the development, building and sale of residential and commercial properties, and land subdivision; and (b) the provision of engineering services through own operations, by holding interests in Special Purpose Entities (SPEs) and consortia. The Company is a corporation domiciled in Brazil with registered head offices in São Paulo, State of São Paulo, registered with the Brazilian Securities and Exchange Commission (CVM) since July 1, 1997, and with shares traded on the São Paulo Stock Exchange (BM&F BOVESPA - RSID3). The individual and consolidated interim financial information of Rossi Residencial for the sixmonth period ended June 30, 2014 was authorized for disclosure by the Board of Directors on August 12, 2014, in accordance with Article 25, VI, of CVM Instruction 480/ SIGNIFICANT ACCOUNTING POLICIES 2.1. Statement of compliance The Company s interim financial information comprises: a) The Parent s individual interim financial information prepared in accordance with CPC 21 (R1) - Interim Financial Reporting, which contemplates OCPC 04 on the application of technical interpretation ICPC 02 to real estate development companies in Brazil issued by the Accounting Pronouncements Committee (CPC), in line with the standards issued by the Brazilian Securities Commission (CVM) applicable to the preparation of Interim Financial Information (ITR), identified as Parent, and b) The consolidated interim financial information prepared in accordance with accounting practices adopted in Brazil and international financial reporting standards, as set out in CPC 26 (R1) and IAS 1 - Presentation of Financial Statements issued by International Accounting Standards Board (IASB) ( IFRSs ), which contemplates guidance OCPC 04 on the application of technical interpretation ICPC 02 to real estate development companies in Brazil issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities Commission (CVM) and the Federal Accounting Council (CFC), identified as Consolidated. The accounting practices adopted in Brazil comprise the policies set out in Brazilian Corporate Law and the technical pronouncements, instructions, and interpretations issued by the Accounting Pronouncements Committee ( CPC ) and approved by the Federal Accounting Council ( CFC ) and the Brazilian Securities Commission ( CVM ).

12 In the individual interim financial information, investments in subsidiaries, joint ventures and associates are stated under the equity method of accounting in accordance with the legislation prevailing in Brazil. Accordingly, this individual interim financial information cannot be considered fully compliant with IFRSs, which requires the measurement of such investments in the separate financial statements of the parent company at fair value or at cost. Since there is no difference between the consolidated equity and the consolidated profit or loss for the period attributable to the Parent s owners recorded in the consolidated interim financial information prepared in accordance with IFRSs and the accounting practices adopted in Brazil, and the Parent s equity and profit or loss for the period recorded in the individual interim financial information prepared in accordance with accounting practices adopted in Brazil, the Company elected to present the individual and consolidated interim financial information as a single set, in the side-by-side format Basis of preparation The interim financial information has been prepared taking into consideration the historical cost basis value. In preparing the interim financial information in accordance with IFRSs applicable to real estate development entities in Brazil, accounting estimates were used and judgment was exercised by the Company s management. The areas in which the assumptions and estimates are significant for the interim financial information are disclosed in Note 3. The significant accounting policies applied in preparing the individual and consolidated interim financial information are consistent with those described in Note 2 to the Company s financial statements for the year ended December 31, The accounting policies were applied consistently to all reporting periods. The Company develops its real estate projects using the corporate structures of Special Purpose Entities (SPEs) and consortia, through the segregation of assets related to these projects through these structures Revised standards and interpretations a) The new and revised International Financial Reporting Standards (IFRSs) below, effective for annual periods beginning on or after January 1, 2014, were adopted in this interim financial information. The adoption of these new and revised IFRSs did not have any significant impacts on the amounts reported and/or disclosed for the current and prior years/periods. IFRS/IAS IFRIC 21 CPC 39 / IAS 32 Description Levies Offsetting Financial Assets and Financial Liabilities

13 b) New standards and interpretations already issued but not yet adopted since they are effective beginning on or after January 1, 2015: IFRS 9 Financial Instruments Amendments Mandatory Application Date of IFRS 9 and Transition Disclosures to IFRS 9 and IFRS 7 IFRS 15 Revenue from Contracts with Customers (*) (*) On May 28, 2014, the International Accounting Standards Board (IASB) issued IFRS 15 Revenue from Contracts with Costumers to clarify and converge the recognition of revenue. Under the International Financing Reporting Standards (IFRS), the standard will become effective on or after January 1, The Company s management does not expect any significant impacts arising from the application of these new standards and interpretations, except for IFRS 15 whose impacts were not analyzed by the Company. 3. CRITICAL ACCOUNTING JUDGMENTS AND KEY ESTIMATES AND ASSUMPTIONS The preparation of individual and consolidated interim financial information requires the use of estimates to account for certain assets, liabilities and other transactions. The interim financial information includes, therefore, several estimates related to the selection of useful lives of property, plant and equipment, the provisions for risks, the determination of provisions for taxes, the budgeted costs and progress of construction works, the allocation of selling expenses and other similar provisions. Actual results could differ from those estimates. The main estimates are as follows: a) Revenue from property development and sale Revenue and costs related to uncompleted real estate units sold are recognized in profit or loss during construction period, and the following procedures are adopted: i. For installment sales of a completed unit, revenue is recognized at the time the sale is consummated through the significant transfer of risks and rights, regardless of the term for receipt of the amount established by contract. ii. In sales of uncompleted units, the following procedures are met: the incurred cost of units sold, including cost of land and other expenditures directly related to the cost of the real estate unit, is fully recognized in profit or loss; The percentage of cost incurred (including land) is determined in relation to its total budgeted cost, and such percentage rate is applied on revenue from units sold, which is adjusted based on the terms and conditions of sales agreements, therefore resulting in the amount of revenue to be recognized directly proportionately to cost ( POC criterion ); and

14 b) Construction services The amounts of sales revenues, including inflation adjustment and adjustment to present value recognized in excess of amounts effectively received from customers are accounted for in current assets or noncurrent assets, in line item Trade receivables. If amounts received are higher than the reported amounts of revenues, these are accounted for in line item Advances from customers. Revenues from real estate services are recognized to the extent services are provided, and are related to third-party construction management activities. c) Impairment of assets In order to determine whether goodwill arising from business acquisitions is impaired it is necessary to estimate the cash generation amount to which goodwill was allocated. Fair value is calculated based on estimates of expected future cash flows at a discount rate that represents the Company s average capital cost. Goodwill arises on the acquisition of investees and is allocated to the appreciation of assets. In the consolidated interim financial information, goodwill is reclassified to the line items of the underlying acquired assets. d) Share-based compensation The provisions for stock options compensation and the restricted stock option plan are recorded at the fair value of the options, which is calculated by the Company using the Black & Scholes model. Beginning July 2014, the Company will calculate new Stock Option Programs and Restricted Stock Option Plan using the Binomial method. e) Fair value of financial instruments Financial instruments are initially measured at fair value. The Company determines the classification of its financial instruments when it becomes a party to the contractual provisions of the financial instrument. f) Provisions for risks The Company recognizes a provision for civil and labor claims. The likelihood of loss is assessed based on available evidences, the hierarchy of laws, jurisprudence available, most recent court decisions, their relevance within the legal system, and the assessment made by the outside legal counsel. Provisions are reviewed and adjusted so as to consider changes in circumstances, such as applicable statute of limitations, conclusions of tax audits or additional exposures identified based on new matters or court rulings. g) Budgeted costs of real estate projects Total budgeted costs are reviewed periodically during construction, and the impact of such review on estimates affects the Company s profit or loss, as prescribed in CPC 23 Accounting Policies, Changes in Accounting Estimates and Errors.

15 4. FINANCIAL INSTRUMENTS a) Analysis of financial instruments The Company and its investees conduct transactions with financial instruments to fund their activities or invest available funds. These risks are managed based on conservative strategies aimed at liquidity, profitability and security. The control policy consists of permanently monitoring contracted rates compared to market rates. Transactions are not conducted with financial instruments for speculative purposes. Financial instruments are recognized only as from the date in which the Company becomes a party to the underlying contract. When recognized, they are initially recorded at fair value, plus transaction costs directly attributed to their acquisition or issuance (where applicable). They are then measured at the end of each reporting period, in accordance with the rules established for each type of classification of financial assets and liabilities. The Company restricts its exposure to credit risks related to banks and cash and cash equivalents by making its investments in financial institutions with credit capacity. The credit risks on trade receivables are managed through specific credit analysis rules and individual exposure limits by customer. Financial instruments are recorded in balance sheet accounts and are represented by shortterm investments, borrowings and financing, debentures and treasury shares, the estimated fair values of which are substantially similar to their carrying amounts, except for treasury shares. Additionally, trade receivables, when referring to completed projects and those in progress, may be traded in securitization and/or assignment transactions. Through June 30, 2014, no derivative transactions were contracted. b) Categories of financial instruments Parent Consolidated Category 06/30/ /31/ /30/ /31/2013 Financial assets Cash and cash equivalens Loans and receivables 226, , , ,149 Securities Loans and receivables 57, , , ,556 Trade receivables Loans and receivables 208, ,383 2,452,697 2,559,200 Related parties Loans and receivables 1,988,803 2,022, , ,217 Business partners Loans and receivables 811, , , ,946 Financial liabilities Constuction financing - real estate loans Other financial liabilities 1,089,672 1,088,784 2,292,032 2,183,737 Working capital loans Other financial liabilities 306, , , ,288 Debentures Other financial liabilities 358, , , ,761 Trade payables Other financial liabilities 16,940 20,940 95,605 86,518 Payables for acquisition of land Other financial liabilities 4,668 6, , ,685 Related parties Other financial liabilities 2,565,076 1,976,832 1,078, ,838 Other payables Other financial liabilities 195, , , ,221 Financial assets and financial liabilities described above, which are stated at amortized cost, are adjusted for inflation based on the indices and interest rates contracted up to the balance sheet date, and do not differ significantly from market value.

16 c) Risk factors that may affect the Company s and its subsidiaries business In conducting its operations, the Company is exposed to the following main risks: Liquidity risk The controls of the Company s liquidity and cash flows are monitored on a daily basis to ensure that the generation of operating cash and early fundraising, if necessary, are sufficient to pay its schedule of commitments. Credit risk The Company takes into consideration in assessing the credit risks of trade receivables, the collateral transfers made, since its portfolio is collateralized by the sold properties, but the amount of the effective risk of probable losses is recognized as impairment loss (Note 7). Market risk (i) Interest rate and inflation rate risk - the interest rate risk arises from the debt portion pegged to the TR, a managed prime rate, the Interbank Deposit Rate (CDI) and the National Construction Cost Index (INCC), short-term investments pegged to the CDI and trade payables indexed to the INCC and the General Market Price Index (IGP-M), which may adversely affect finance income or costs if there are unfavorable changes in the interest and inflation rates. The Company defined three scenarios (probable, possible and remote) for simulation. Management has set in the probable scenario the rates disclosed by BM&FBOVESPA, and the possible and remote scenarios showed a depreciation of 25% and 50%, respectively, of the variables. The basis used is the amount in the notes corresponding to cash and cash equivalents, securities, trade receivables, borrowings, financing, debentures, trade payables and payables for the acquisition of land. Risk factor Base Parent Probable scenario Possible scenario Remote scenario Financial assets: Cash and cash equivalents: CDBs CDI 201,372 17,719 13,289 8,860 Savings account TR 2, Securities: Investment funds - DI CDI 25,337 2,229 1,672 1,115 CDBs CDI 30,255 2,662 1,997 1,331 Capitalization bonds TR 2, Trade receivables: Units under construction INCC Completed units IGP-M 208,104 12,999 9,749 6,499 Business partners CDI 811,223 71,381 53,536 35,691 Financial liabilities: Construction financing - real estate loans TR 1,089, , , ,358 Working capital loans CDI 293,887 25,860 32,325 38,790 Credit assignment INCC and IGP-M 12, ,092 1,310 Payables for acquisition of land INCC and IGP-M 4, Debentures CDI and TR 358,858 27,700 30,028 32,356 Other payables INCC 195,965 14,027 17,534 21,040

17 Risk factor Base Probable scenario Consolidated Possible scenario Remote scenario Financial assets: Cash and cash equivalents: CDBs CDI 229,049 20,155 15,116 10,077 Savings account TR 28, Securities: Investment funds - DI CDI 25,869 2,276 1,707 1,138 Repurchase transactions - DI CDI 8, CDBs CDI 99,537 8,759 6,569 4,379 Capitalization bonds TR 2, Treasury notes - LTFs and NTNs SELIC 37,233 3,058 2,294 1,529 Trade receivables: Units under construction INCC 1,736, ,313 93,235 62,157 Completed units IGP-M 715,967 44,722 33,541 22,361 Business partners CDI 729,974 64,232 48,174 32,116 Financial liabilities: Construction financing - real estate loans TR 2,292, , , ,818 Working capital loans CDI 292,914 25,774 32,218 38,661 Credit assignment INCC and IGP-M 67,690 4,845 6,056 7,268 Payables for acquisition of land INCC and IGP-M 256,618 18,368 22,961 27,553 Debentures CDI and TR 358,858 27,700 30,028 32,356 Other payables INCC 225,073 16,111 20,138 24,166 Due to the nature, complexity and segregation of one single variable, estimates presented may not fairly represent the amount of loss, if the related variable shows the depreciation presented. (ii) Currency risk the Company does not conduct foreign currency-denominated transactions. (iii) Derivative transactions - the Company does not conduct derivative and similar risk transactions. 5. CASH AND CASH EQUIVALENTS Cash and cash equivalents are represented basically by banks, investments in private securities (Bank Certificates of Deposit, or CDBs), issued or managed by financial institutions, all with average yield equivalent to 98% to 101% of the DI CETIP CDI rate. Short-term investments recorded as cash and cash equivalents are immediately convertible into a known cash amount and are subject to an insignificant risk of change in value. Parent Consolidated 06/30/ /31/ /30/ /31/2013 Cash and banks 22,474 85, , ,034 Short-term investments: CDBs and other investments (*) 201,372 35, ,049 75,347 Savings account 2,519 2,636 28,295 23, , , , ,149 (*) Refers to investments yielding interest based on the CDI rate.

18 6. SECURITIES Parent Consolidated 06/30/ /31/ /30/ /31/2013 Current: Held-for-trading securities (a) - 26,450 8,053 75,094 Loans and receivables (b) 53,814 67,279 74,660 87,386 Noncurrent: 53,814 93,729 82, ,480 Loans and receivables (b) 3, , , ,076 a) Held-for-trading securities 57, , , ,556 Held-for-trading securities consist basically of exclusive investment fund units held at financial institutions. They are represented by fixed and floating government bonds indexed, to the Selic rate. Funds are marked-to-market and changes in fair value are reflected in the income (loss) from operations. b) Loans and receivables The amounts recorded approximate their fair values and are classified as loans and receivables, and, accordingly, are accounted for under the amortized cost method, i.e., interest is recognized based on the effective rate of each instrument, except for exclusive funds classified as financial assets at fair value through profit or loss. These securities yield interest from 96.89% to 99.78% of the DI CETIP CDI. The balance of these investments is R$25,869 as at June 30, 2014 (R$35,603 as at December 31, 2013). 7. TRADE RECEIVABLES Represented by: Parent Consolidated 06/30/ /31/ /30/ /31/2013 Units under construction 69,015 69,401 1,748,894 1,492,662 Adjustments to present value (443) (410) (12,164) (12,108) Sale of land 30,170 45,574 66,838 83,613 Completed units 132, , ,358 1,019,879 Allowance for doubtful debts (23,194) (24,812) (23,229) (24,846) 208, ,383 2,452,697 2,559,200 Current 126, ,431 1,754,037 1,950,729 Noncurrent: 81,692 68, , ,471

19 The adjustment to present value was calculated on the receivables from the sale of units under construction, using the average discount rate of 3.44% per year as at June 30, 2014 (3.43% per year as at December 31, 2013). The aging list of trade receivables is as follows: Parent Consolidated 06/30/ /31/ /30/ /31/2013 Past-due: Up to 60 days 10,365 12, , , to 90 days 3,184 3,965 27,609 75, to 180 days 5,486 10,483 68,808 84,527 Above 181 days 21,473 79, , ,509 40, , , ,061 Current: Up to 1 year 74,502 76,872 1,349,137 1,242,668 2 to 3 years 45,229 29, , ,717 Above 3 years 48,153 39, , , , ,824 2,062,347 1,851, , ,383 2,452,697 2,559,200 The changes in the allowance for doubtful debts are as follows: Parent Consolidated Balance as at December 31, ,812 24,846 Additions 3,710 3,710 Reversals (5,328) (5,327) Balance as at June 30, ,194 23,229 Receivable assignment The Company s receivable assignment with financial institutions are guaranteed against future losses. Therefore, the Company fully maintained the balance of these assignments in trade receivables and recognized the amount received in this transfer as receivable assignment in liabilities. As at June 30, 2014, the carrying amount of the related liability is R$12,201 in the Parent and R$67,690 in consolidated (R$16,228 in the Parent and R$28,329 in consolidated as at December 2013), pursuant to Note 13.

20 8. PROPERTIES FOR SALE Represented by: Parent Consolidated 06/30/ /31/ /30/ /31/2013 Completed properties 11,436 3,814 84,970 92,065 Properties under construction , ,018 Land for future developments 14,539 14, , ,339 Expenses on new projects 7,533 7,222 15,234 15,746 Consumables ,666 21,456 Advances to suppliers 1,897 1,952 48,772 41,615 Capitalized interest 15,659 14, , ,424 51,107 41,805 1,439,640 1,499,663 Current 17,379 12, ,522 1,182,302 Noncurrent: 33,728 28, , ,361 Expenses on new projects are classified as Properties for sale since they are necessary for the acquisition of land already being negotiated and qualified as future Company projects. Should the transaction not be completed, the expenses are written off as expenses on project development, in line item Selling expenses. As at June 30, 2014, the amount of R$8 was recognized (R$2,455 in the Parent and R$2,476 in consolidated as at December 31, 2013). Borrowing costs are capitalized to Properties for sale for future real estate development and allocated to profit or loss proportionately to the units sold. 9. OTHER RECEIVABLES Represented by: Parent Consolidated 06/30/ /31/ /30/ /31/2013 Advances to business partners 811, , , ,946 Dividends receivable 114,207 93,762 34,510 42,981 Recoverable taxes 24,244 17,008 68,595 49,497 Transfers from customers 13,587 21, , ,996 Prepaid expenses 3,474 1,185 12,254 1,415 Other 25,009 14,961 27,908 18, , ,523 1,068, ,281 The balances of advances to business partners refer to contributions made that exceed the interests held by the Company in the projects, which are offset over the implementation of such projects. Part of these advances yield interest varying from 2% to 5% above the CDI. The Company conducts transactions for the purchase of shares of investees which, due to specific contractual characteristics about the retention of certain risks by the other party, are

21 accounted for in assets as advances to business partners, yielding interest based on the INCC-G rate plus 14% per year. The balance of these transactions was R$53,805 as at June 30, 2014 (R$48,120 as at December 31, 2013). Transfers from customers refer to credits arising from trade receivables from projects that have been completed and are in the process of being released for assignment and transfer to the financial institutions that financed the project. 10. INVESTMENTS Investments in the individual and consolidated are summarized as follows: Parent Consolidated 06/30/ /31/ /30/ /31/2013 Subsidiaries: Wholly-owned 2,238,173 2,146, Due to management of core business 271, , ,509,209 2,372, Non-controlled entities Because there is no management of core business 1,363,240 1,168,742 1,364,288 1,175,698 Goodwill 122, , , ,245 Capitalized interest 154, ,228 57,323 33,910 4,149,532 3,832,783 1,531,163 1,327,853 Investments in investees that record equity deficiency have been reclassified to line item Investees equity deficiency (Note 16). Interest allocated to real estate projects of investees are capitalized to the respective investments in the Parent and Consolidated for the non-controlled entities. The effect on the Consolidated of controlled entities is accounted for in inventories. The investments and the balances of assets and liabilities, equity and profit or loss for the period of the investees are detailed in Appendix I to this interim financial information. Changes in investments at June 30, 2014 are as follows: Parent Consolidated Balance as at December 31, ,832,783 1,327,853 Additions to investments 187, ,269 Goodwill realization (16,230) (8,692) Equity in subsidiaries 26,312 27,503 Capitalized interest 66,985 38,739 Dividends declared (63,106) (32,258) Transfer to investees equity deficiency 115,299 3,749 Balance as at June 30, ,149,532 1,531,163

22 Goodwill Goodwill arises on the acquisition of SPEs, based on asset appreciation, as shown below: Parent Consolidated 06/30/ /31/ /30/ /31/2013 Intangible assets 2,029 3, ,012 Properties for sale: Properties under construction 51,634 65,535 39,828 47,390 Land for future developments 69,054 70,298 69,354 69, , , , , , , , , PROPERTY, PLANT AND EQUIPMENT Represented by: Annual depreciation Parent Consolidated rate - % 06/30/ /31/ /30/ /31/2013 Land ,577 1,577 Macnhinery and equipment 10 24,909 25,440 36,050 36,581 Furniture and fixtures 10 3,394 3,345 4,226 4,172 Facilities 10 12,443 12,358 14,529 14,018 IT equipment Sales stands ,293 21,002 Other property, plant and equipment ,879 41,276 73,189 77,721 Accumulated depreciation (14,995) (13,143) (22,283) (23,827) 25,884 28,133 50,906 53,894 At end of each year, the Company reviews the carrying amounts of its assets to determine if there is any indication of impairment. As at June 30, 2014, the Company management did not identify any indication of impairment of property, plant and equipment items. Changes in property, plant and equipment Machinery and equipment Parent Furniture and fixtures Facilities IT equipment Total Balance as at December 31, ,387 1,946 7, ,133 Acquisitions Write-offs (356) (356) Depreciation (1,257) (203) (554) (14) (2,029) Balance as at June 30, ,774 1,792 7, ,884 Machinery and equipment Consolidated Furniture and fixtures Facilities IT equipment Sales stands Land Other Total Balance as at December 31, 2 26,825 2,532 8, ,891 1, ,894 Acquisitions , ,502 Write-offs (357) (357) Depreciation (1,813) (242) (637) (19) (2,421) - - (5,132) Balance as at June 30, ,655 2,344 8, ,264 1, ,907

23 12. INTANGIBLE ASSETS Represented by: Annual depreciation Parent Consolidated rate - % 06/30/ /31/ /30/ /31/2013 Goodwill ,658 2,102 Software licenses 20 64,098 54,028 64,100 54,029 Accumulated amortization - (8,332) (7,061) (8,332) (7,061) 55,766 46,967 57,426 49,070 Changes in intangible assets Parent Consolidated Balance as at December 31, ,967 49,070 Goodwill - (443) Software - purchases 10,071 10,071 Software - amortization (1,272) (1,272) Balance as at June 30, ,766 57, BORROWINGS AND FINANCING Represented by: Parent Consolidated 06/30/ /31/ /30/ /31/2013 Current: Real estate loans (a) 317, ,483 1,074,956 1,234,947 Assignment of receivables(b) 3,011 4,360 38,189 9,447 Working capital loans( c) 175, , , , , ,420 1,287,304 1,425,929 Noncurrent: Real estate loans (a) 772, ,301 1,217, ,790 Assignment of receivables(b) 9,190 11,868 29,501 18,882 Working capital loans( c) 118, , , , , ,592 1,365,332 1,134,096 1,395,760 1,448,012 2,652,636 2,560,025 a) Real estate loans Correspond to financing for the construction of the properties, subject to interest rates ranging from 8.00% to 12.00% per year, indexed to the TR, payable in installments until Such financing is guaranteed by mortgages and receivables from the respective properties. The consolidated balance is R$1,202,360 as at March 30, 2014, (R$1,094,953 as at December 31, 2013). The Company has Bank Credit Notes (CCBs), which were acquired to be used in the development of real estate projects. These financing facilities are subject to financial charges ranging from % to % of CDI. Principal is repaid on a quarterly,

24 semiannual and annual basis, starting in 2013 and ending in The consolidated balance as at June 30, 2014 is R$1,089,672 (R$1,088,784 as at December 31, 2013). IN February 2014 the Company renegotiated the maturity dates of CCBs in the amount of R$450,000, which will expire through In May 2014 the Company renegotiated CCBs in the amount of R$100,000, bearing monthly interest with a 24-month maturity, a 12-month grace period and payable in 12 monthly, consecutive installments, the first maturing on May 25, 2015 and the last on May 25, b) Assignment of receivables They correspond to receivables assigned to financial institutions, arising from real estate unit sales agreements, subject to interest of 12% per year (12.68% in 2013), plus INCC or IGP-M fluctuation. The proceeds from the related collection of monthly installments are deposited in an account held by the Company. Expected losses on agreements assigned are secured to the assignee (Note 7). c) Working capital loans Used for the development of real estate projects, subject to the full fluctuation of the CDI, plus interest of up to 1.94% per year. Interest incurred is paid on a monthly or quarterly basis and the amortization of principal began in May 2010, with final payment in These loans are guaranteed by the controlling shareholders by means of guarantee letters and promissory notes issued by the Company. d) Maturities The table below shows the maturities schedule of borrowings and financing outstanding as at June 30, 2014: Year Parent Consolidated , , , , , , , ,281 After , ,579 1,395,760 2,652,636 Total interest incurred as at June 30, 2014 was R$120,316 in the Parent and R$174,039 in the Consolidated. Of this total, R$65,422 in Parent and R$128,325 in Consolidated were capitalized in line item Properties for sale and portion of interest capitalized in investments (Note 10). As at December 31, 2013, interest of R$210,541 in the Parent and R$328,623 in the Consolidated were incurred. Of this amount, R$110,025 in Parent and R$273,358 in Consolidated were capitalized.

25 14. DEBENTURES Balances (individual and consolidated) are broken down as follows: 06/30/ /31/2013 Public (a) 203, ,134 Private (b) 155, , , ,761 Current 309, ,761 Noncurrent 48, ,000 The maturities of debentures at June 30, 2014 are as follows: Year R$ , , , ,508 After , ,858 The total interest incurred as at June 30, 2014 was R$27,181. Out of this total, R$21,054 was capitalized in line item Properties for sale. As at December 31, 2013, R$64,307 was incurred. Of this amount, R$33,403 was capitalized. a) Public issue First issue On July 25, 2007, the Company issued 30,000 unsecure, nonconvertible debentures, in a single series, with unit face value of R$10,080.24, which cannot be restructured, maturing within seven years after the issue date, in the total amount of R$302,407, which pay interest equivalent to 106.6% of the CDI, for a base year of 252 business days, as calculated and disclosed by CETIP S.A. - Balcão Organizado de Ativos e Derivativos (Brazilian Clearing House and OTC market). b) Private issue Third issue On May 5, 2010 the issuance of simple, nonconvertible debentures, in a single series, guaranteed by the Company, totaling 50,000 securities with par value (in Brazilian reais) of R$10,000, maturing in May 2015, was approved. These debentures will be repaid in five semiannual installments, commencing on May 1, These debentures pay semiannual interest equivalent to the accumulated TR, plus a coupon of 8.75% per year.

26 Fourth issue On April 29, 2011, the issuance of simple, nonconvertible debentures, in a single series, guaranteed by the Company, totaling 675 securities with unit face value (in Brazilian reais) of R$ , was approved. These debentures were settled on September 28, 2011, generating the inflow into the Company of proceeds totaling R$150,000, corresponding to 500 securities. These debentures mature on September 27, The unpaid debentures were cancelled by the Issuer. The debenture yield will be paid in semiannual installments and will pay interest equivalent to the 100% of the daily average interbank deposit (DI) rate, over extra group, expressed as a percentage per year, plus a surcharge of 1.40% per year. Covenants The indentures of first, third and fourth issues of simple debentures include covenants that require compliance with maximum leverage and indebtedness ratios, as well as minimum debt service coverage of the future installments and costs. In addition to these financial commitments, there are other assumed commitments, namely: Failure to renew permits and licenses, including environmental permit. Not to transform the Company in a limited liability company. Failure to comply with final and unappealable court decisions. Failure to reduce capital other than for offsetting losses. Not to transfer or assign shareholding control. Not to change the shareholding structure, such as mergers, spin-offs and takeovers exceeding 10% of equity. As at June 30, 2014 and December 31, 2013, the Company was compliant with these covenants. As disclosed to the market, the Company proposed a renegotiation of the 4 th issue of debentures. On June 27, 2014, 332 debentureholders, out of a total of 500, rejected the terms and conditions of such renegotiations, and the amount of R$99,600 was repaid out of the outstanding balance. As at June 30, 2014, there was an outstanding balance of R$50,400, maturing on June 27, The renegotiation determined the reduction of the compensation from 1.40% p.a. to 1.00% p.a., above the accumulated fluctuation of the CDI rate, the exclusion of the Minimum Coverage Ratio as from the renegotiation date and the inclusion of an full or partial optional early redemption clause, among others. 15. PAYABLES FOR THE PURCHASE OF LAND AND ADVANCES FROM CUSTOMERS a) Payables for purchase of land Cash outflows are broken down as follows:

27 Parent Consolidated 06/30/ /31/ /30/ /31/ (six months) 4,674 6, , , ,679 23, ,134 29, ,470 13,045 4,674 6, , ,637 Adjustment to present value (6) (87) (4,597) (13,952) 4,668 6, , ,685 Current 4,668 6, , ,795 Noncurrent - - 7,714 54,890 Of a total of R$4,668 (R$256,618 - consolidated), R$310 (R$214,809 - consolidated) will be settled with the share of revenues generated by the project to be developed in the land. The remaining R$4,358 (R$41,809 - consolidated) will be paid in legal tender, adjusted for inflation (mainly IGPM or INCC), according to the related cash flows. These payables are guaranteed by promissory notes, bonds or delivery guarantee insurance of the property, in case of physical barters. The adjustment to present value is accounted for as a balancing item to properties for sale, using an average discount rate of 3.44% p.a. as at June 30, 2014 (3.43% p.a. as at December 31, 2013), in accordance with the contractual provisions on interest and inflation adjustments of balances payable. b) Advances from customers Parent Consolidated 06/30/ /31/ /30/ /31/2013 Advances from customers ,059 37,103 74,088 Advances from customers - barters ,293 50, ,059 82, ,795 Advances from customers represent the portion of amounts received from customers that exceeds the recognized revenue amounts. Advances from customers - barters represent land acquired by means of physical barters in projects, whose contractual clauses have been complied with, and are recorded at their fair value.

28 16. INVESTEES EQUITY DEFICIENCIES AND OTHER Parent Consolidadted 06/30/ /31/ /30/ /31/2013 Payables business partners (a) 191, , , ,156 Provision for investees equity deficiency (b) 757, ,205 56,990 54,485 Payables for customers terminations 3,414 2,052 21,015 11,778 Suppliers contractual retentions ,149 34,564 Other 4, ,563 9, , , , ,048 Current 15,128 3,009 99,288 55,407 Noncurrent 942, , , ,641 (a) The Company sold shares in investees which, due to specific contractual characteristics about the retention of certain risks by it, recorded in liabilities payables business partners, yielding interest based on the INCC-DI rate plus 12% or 14.80% per year. (b) The investments reclassified to equity deficiency and the balances of assets and liabilities, equity and profit or loss for the period of the investees are detailed in Appendix I to this interim financial information. 17. PROVISIONS FOR RISKS a) Labor issues The Company and its investees have been held liable in certain lawsuits filed with different courts, mainly deriving from joint and several liability for certain contractors obligations, whose controls used for reducing their exposure are monitored by the Company, which also makes contractual retentions to cover such disbursements. In conformity with the assessment of our legal counsel and the contractual retentions made, the Company increased provisions for probable loss risks. This type of lawsuits classified as possible losses are not accrued and totaled R$29,564 as at June 30, 2014 (R$35,655 as at December 31, 2013). b) Civil issues The Company and its investees are defendants in civil lawsuits, mainly related to the termination of sales contracts of residential units, resulting, in case of an unfavorable decision, in reimbursing the buyers part of the installments received, and civil damages actions. When risk of an unfavorable outcome is considered probable, the related provision is increased. This type of lawsuits classified as possible losses are not accrued and totaled R$47,369 as at June 30, 2014 (R$37,904 as at December 31, 2013). c) Tax issues On November 27 and 30, 2009, the Company and its investee América Properties Ltda., respectively, joined the tax installment plan called REFIS IV, created under Law of May 27, 2009, for the payment of debts collected by the Federal Revenue Service and the National Treasury Attorney General s Office.

29 The tax debts refer to those federal taxes (PIS and COFINS) whose constitutionality was challenged in courts, namely the broadening of their tax bases and their levy on revenues earned from the sale of real estate, prior to the enactment of Law 9718/98, for which escrow deposits were made. On the date the Company and its investee joined the tax installment plans, the adjusted amount of the debt was R$21,356, of which R$18,026 referred to principal and R$3,330 referred to fines and interest imposed thereon. On September 30, 2011, the Company filed an application with the Federal Revenue Service and the National Treasury Attorney General s Office for the consolidation of said debts. Up to the issuance of these financial statements, these agencies had not replied to the application made. Summary of recognized provisions, tax installments (REFIS) and escrow deposits: 06/30/ /31/2013 Parent Escrow deposits Provision Escrow deposits Provision Civil 3,056 10,742 1,504 43,417 Labor 3,747 5,261 3,117 20,898 6,803 16,003 4,621 64,315 REFIS IV 34,865 21,356 34,865 21,356 41,668 37,359 39,486 85,671 06/30/ /31/2013 Consolidated Escrow deposits Provision Escrow deposits Provision Civil 9,950 40,927 6,948 45,963 Labir 4,446 16,308 3,549 20,898 14,396 57,235 10,497 66,861 REFIS IV 34,865 21,356 34,865 21,356 Tax 5,740 4,198 6,648 4,198 40,605 25,554 41,513 25,554 55,001 82,789 52,010 92,415 Changes in escrow deposits and provisions are summarized as follows: Escrow deposits Parent Consolidated Balance as at December 31, ,486 52,010 Deposits 4,896 6,096 Written-off deposits (2,714) (3,105) Balance as at June 30, ,668 55,001

30 Provisions Parent Consolidated Balance as at December 31, ,671 92,415 Provisions for civil and labor risks 8,787 8,787 Write-offs (750) (3,296) Transfer to subsidiaries (*) (41,232) - Transferer to non-controlled entities (*) (15,117) (15,117) Balance as at June 30, ,359 82,789 (*) In June 2014 the Company transferred the amount relating to provisions for civil and labor risks to its respective SPEs. The amount of the reversal was accounted for in line item Other operating expenses, net. 18. DEFERRED TAXES AND CONTRIBUTIONS The balances in balance sheet accounts are as follows: Parent Liabilities and equity 06/30/ /31/2013 Deferred taxes on real estate profit allocation difference COFINS and PIS 7,500 8,211 7,500 8,211 Current 5,296 5,968 Noncurrent 2,204 2,243 Consolidated Liabilities and equity 06/30/ /31/2013 Deferred taxes on real estate profit allocation difference Companies taxed based on taxable income: Income tax and social contribution 92,994 94,156 COFINS and PIS 44,155 44,961 Companies taxed under the deemed income and earmarked assets regime: Income tax and social contribution 27,791 27,015 COFINS and PIS 32,933 32, , ,147 Current 139, ,036 Noncurrent 58,155 47,111

31 The tax base of deferred taxes is represented by the difference between the real estate profit recognition policy adopted for tax purposes (cash basis) and the policy adopted for accounting purposes (accrual basis). Deferred income tax and social contribution recorded in profit or loss are as follows: Consolidated 06/30/ /30/2013 Current taxes on: Companies taxed based on taxable income (6,932) (4,429) Companies taxed based on deemed income (12,752) (15,083) Total current taxes (19,684) (19,512) Real estate profit allocation difference: Companies taxed based on taxable income 1,377 (11,333) Companies taxed based on deemed income (824) (70) Total deferred taxes 553 (11,403) The reconciliation of current and deferred income tax and social contribution shown in the income statement with the amounts calculated at statutory rate is as follows: Parent 06/30/ /30/2013 Profit (loss) before taxes 7,119 36,431 Statutory rate 34% 34% Expected income tax and social contribution (2,420) 12,387 Equity in subsidiaries 8,946 56,141 Tax credits of companies that elected taxation on taxable income not recognized (6,526) (43,754) Expenses recognized in profit or loss - - Consolidated 06/30/ /30/2013 Revenue for the period of companies that elected deemed income taxation 440, ,981 Effective rate % (13,575) (15,153) Revenue for the period of companies that elected taxable income taxation 16,341 46,359 Tax rate - 34% (5,556) (15,762) Expense recognized in profit or loss (19,131) (30,915)

32 Analysis of the impacts arising from Law 12973/14 Within the next months, the Company should decide to apply the new provisions set forth in Law in 2014 or beginning The main impact can be expected on real estate barter transactions, occurring as from the adoption of new tax rules. 19. RELATED-PARTY DISCLOSURES a) Current accounts of projects The Company develops projects through Specific Purpose Entities (SPEs) and participates in the development of joint projects with other partners on a direct basis, through the implementation of joint projects or holding ownership interests or consortia. The management structure of these projects and the cash management are centralized at Rossi Residencial, which oversees the progress of the construction works and budgets. This way, Rossi Residencial ensures that the necessary funds are invested and allocated as planned. The sources and uses of the project s funds are reflected in these balances, to the extent of the equity interest held therein, which is not subject to inflation adjustments or financial charges and do not have a fixed maturity date. The average term for the development and completion of the projects in which the funds have been invested is three years, always based on the plans and time budgets of each work. Parent Consolidated 06/30/ /31/ /30/ /31/2013 Receivables from related parties Wholly-owned subsidiaries 1,567,943 1,545, Subsidiaries due to management of core business 127, , Non-controlled entities 293, , , ,217 1,988,803 2,022, , ,217 Payables to related parties Wholly-owned subsidiaries 1,279, , Subsidiaries due to management of core business 229, , Non-controlled entities 1,055, ,990 1,078, ,838 2,565,076 1,976,832 1,078, ,838 The balances of intragroup assets and liabilities in the period are detailed in Appendix II to this interim financial information. Related-party transactions are conducted based conditions agreed upon by the parties, which could be different had the transactions been carried out with unrelated parties. b) Directors and officers compensation Annual overall fixed and variable compensation authorized by the Annual Shareholders Meeting for 2014 was set at up to R$9,797 (R$12,000 in 2013) for the members of the Board of Directors, Supervisory Board and Executive Board. Currently, our directors and officers hold, collectively, 3,588,254 Company s shares.

33 Aggregate compensation paid up in the periods is as follows: 06/30/ /30/2013 Fixed Variable Total Fixed Variable Total Compensation: Directors Officers 1, ,637 1,578 1,337 2,915 2, ,188 2,106 1,337 3,443 Some employees are entitled to stock option plans, as described in Note 24.c. 20. REVENUES Breakdown of net operating revenue: Parent Consolidated 06/30/ /30/ /30/ /30/2013 Sale of properties 34,513 68, ,007 1,076,153 Services provided 1, ,534 2,999 Taxes on services and sales (2,401) (5,269) (24,904) (30,307) 34,102 63, ,637 1,048, COST OF PROPERTIES SOLD AND SERVICES Breakdown of cost of properties sold and services provided: Parent Consolidated 06/30/ /30/ /30/ /30/2013 Construction and development costs (832) (11,101) (567,483) (671,075) Land - (25) (101,964) (53,791) Reversal (recognition) of trovision for construction warranty (644) 2,197 (644) 2,197 Financial charges allocated to cost (2,936) (55,127) (111,318) (123,468) Other - - (4,412) (64,056) (781,409) (846,137) 22. OPERATING (EXPENSES)/INCOME a) Administrative expenses

34 Parent Consolidated 06/30/ /30/ /30/ /30/2013 Salaries and employee benefits (31,946) (48,100) (48,357) (57,402) Share-based compensation 5,559 (8,901) 5,559 (8,901) Outside services (13,758) (9,325) (15,046) (11,698) Rentals (4,092) (4,519) (4,842) (5,184) Utilities (2,006) (2,137) (2,297) (2,588) Other (2,581) (3,580) (7,401) (5,124) (48,824) (76,562) (72,384) (90,897) b) Selling expenses Parent Consolidated 06/30/ /30/ /30/ /30/2013 Marketing and advertising (28,696) (12,070) (79,502) (53,021) Sales stands - - (2,373) (7,873) Expenses on new projects (8) (2,455) (8) (2,476) (28,704) (14,525) (81,883) (63,370) c) Other operating expenses, net Parent Consolidated 06/30/ /30/ /30/ /30/2013 Gain (loss) on sale of investments 15,983 11,887 15,983 (5,048) Goodwill realization (16,230) (14,718) (8,249) (8,252) Provisions for risks 54,896 (4,781) 8,460 (4,781) Other income (expenses), net (877) (539) (877) (613) 53,772 (8,151) 15,317 (18,694)

35 23. FINANCE INCOME (COSTS) Parent Consolidated 06/30/ /30/ /30/ /30/2013 Finance income: Income from short-term investments 11,290 25,633 31,866 38,883 Interest receivable on intragroup loans and trade receivables 36,710 23,691 41,102 26,600 Other finance income 3,095 2,061 12,256 7,583 51,095 51,385 85,224 73,066 Finance costs: Banking expenses (855) (434) (3,026) (1,634) Tax on financial transactions (IOF) (1,884) (1,429) (3,436) (2,660) Charges on working capital (54,894) (45,669) (45,714) (45,398) Commissions on working capital (646) (768) (1,087) (768) Interest on debentures (6,127) (19,289) (6,127) (19,289) Discounts granted (3,110) (3,203) (40,056) (24,367) Other finance costs (3,406) (4,230) (21,319) (7,753) (70,922) (75,022) (120,765) (101,869) (19,827) (23,637) (35,541) (28,803) 24. EXPENSES ON BENEFITS TO EMPLOYEES a) Profit sharing program Employee and management profit sharing will be decided at the Annual Shareholders Meeting as provided for by Article 21, XV, of the Company s bylaws. b) Pension plan Rossi Prev Under the regulations of the benefit plan (defined contribution), the contributions of participating employees may vary from 1% to 8% of their nominal salaries and the Company s contribution will correspond to 50% to 100% of a participant s contribution, depending on his or her length of service at the Company, and the costs will be allocated over the participant s active career. If an employee or officer is terminated, the participant s contributions will be fully reimbursed, and the Company s contributions will be reimbursed based on participant s length of service at the Company. The contributions by the Company and the participants for the reporting periods are as follows:

36 Controladora Consolidado 30/06/ /06/ /06/ /06/2013 Companhia Participantes c) Stock option plan c.1) Stock Option Plans - Programs 2008 Program On May 26, 2009, the Company s Board of Directors approved the 2008 stock option plan ( 2008 Program ), which granted a total of 544,012 options. Under the Plan s terms, as a condition precedent, the participants invested 10% or 20% of their annual variable compensation in Company shares ( Invested shares ) and authorized blocking such shares for trading. The multiple of stock options to be granted to each participant according to the number of invested shares was set at four (4), with first exercise period beginning on May 26, 2011 and ending May The strike price was set at R$4.22, with no inflation adjustment Program On April 23, 2010, the Company s Board of Directors approved the 2009 stock option plan ( 2009 Program ), which granted a total of 456,520 options. The multiple of stock options to be granted to each participant according to the number of invested shares was set at four (4). The strike price of each 2009 Program stock option was set at R$12.56, with no inflation adjustment. The 2009 Program is effective for the period from September 1, 2010 to May 2015, and its settlement is made under the same terms of the 2008 Program Program On May 16, 2011, the Company s Board of Directors approved the 2010 stock option plan ( 2010 Program ), which granted a total of 618,150 options. The multiple of stock options to be granted to each participant according to the number of invested shares was set at four (4). The strike price of each 2010 Program stock option was set at R$1.00 and R$12.05, with no inflation adjustment. The settlement of 2010 Program will be made under the same terms of the 2008 Program Program On April 24, 2012, the Company s Board of Directors approved the 2011 stock option plan ( 2011 Program ), which granted a total of 859,904 options. The multiple of stock options to be granted to each participant according to the number of invested shares was set at four (4). The strike price of each 2011 Program stock option was set at R$1.00 and R$9.17, with no inflation adjustment. The settlement of 2011 Program will be made under the same terms of the 2008 Program.

37 As at June 30, 2014, R$998 in expenses on these programs were allocated to profit or loss (R$2,454 at December 31, 2013). Changes in the balances are as follows: 2008 Program 2009 Program 2010 Program 2011 Program Total Options not exercised as at December 31, , , , ,938 1,305,707 Releases (3,411) - (119,672) (60,095) (183,178) Cancelled (8,384) (8,376) (16,564) (28,940) (62,264) Options not exercised as at June 30, , , , ,903 1,060,265 c.2) Restricted stock option plan - Restricted stock The right to sell shares resulting for the exercise of stock options is subject to a vesting period and will occur in four annual, equal and consecutive installments of 25%, the first as from the second anniversary of the stock options and the others installments on the subsequent anniversaries. While remaining as an executive officer of the Company, each participant must hold a minimum investment in shares arising from the exercise of stock options (Guideline), according to his or her position and level of retention, to be set by the Board of Directors. If this is not fulfilled during employment period, whether due to dismissal or death, or the Guideline is not complied with, the Company is entitled to exercise a call option of these shares, provided that they are not vested, at the strike price of R$1.00 per share, without inflation adjustment restricted stock The Board of Directors approved the Plan at the Extraordinary Shareholders Meeting on December 21, 2009, and granted 1,820,000 restricted stock options included in treasury shares (Note 25.b) to the Company s officers and key executives. The Plan has a stock options ceiling that results in a maximum dilution of 3% of the Company s capital restricted stock On March 28, 2011, the Board of Directors approved and granted 1,600,000 restricted stock options and authorized the issuance of 1,600,000 registered, book-entry common shares, within the authorized capital limits, waiving the preemptive rights of the current Company shareholders restricted stock On September 4, 2012, the Board of Directors approved and granted 8,148,000 restricted stock options and authorized the issuance of 8,148,000 registered, bookentry common shares, within the authorized capital limits, waiving the preemptive rights of the current Company shareholders restricted stock On April 22, 2013, the Board of Directors approved and granted 1,716,956 restricted stock options and authorized the issuance of 1,716,956 registered, book-entry

38 common shares, within the authorized capital limits, waiving the preemptive rights of the current Company shareholders. As at June 30, 2014, R$6,732 in expenses on these programs were allocated to profit or loss (R$14,873 at December 31, 2013). Changes in the balances are as follows: 2009 restricted stock 2011 restricted stock 2012 restricted stock 2013 restricted stock 2014 restricted stock Total Options not exercised as at December 31, ,130,000 1,030,000 5,937,000 1,644,333-9,741,333 Vested , ,000 Exercised (675,713) (261,250) (936,963) Cancelled - (30,000) (262,000) - - (292,000) Options not exercised as at June 30, , ,750 5,675,000 1,644, ,000 8,872, EQUITY a) Capital As at June 30, 2014 and December 31, 2013, subscribed and paid-in capital is R$2,635,280, represented by 428,833,420 registered common shares (428,473,420 registered common shares as at December 31, 2013). Authorized capital is 500,000,000 common shares. As at June 30, 2014 and December 31, 2013, capital is broken down as follows: Subscribed capital 2,635,280 Share issuance costs (23,890) Capital 2,611,390 On November 16, 2012, the Board of Directors approved the capital increase in the amount of R$600,000 upon the issuance of 150,000,000 shares, from R$2,033,563 to R$2,633,563, represented by 426,756,464 common shares. On March 31, 2003, the Company ratified the capital increase of R$600,000. The additional amount obtained by the Company in the over-allotment auction, totaling R$17, and which exceeds the portion of the share issuance price to increase capital, was allocated to capital reserve, in a share premium line item. In addition, the commissions and other expenses with the issue were recorded as share issuance costs, in the amount of R$23,889, as a balancing item to capital. The remaining balance in the amount of R$36,805 was fully paid in on February 28, On April 22, 2013, the Board of Directors approved the issuance of 1,716,956 common shares which will be subscribed by the participants in the Restricted Stock Program ( 2012 Restricted Stock ) under the Company s Restricted Stock Option Plan. Upon the issuance, the capital social increased from R$2,633,563 to R$2,635,279.

39 b) Treasury shares Up to June 30, 2014, 9,776,223 common shares were bought and held in treasury, in the amount of R$82,701 (9,386,223 common shares n the amount of R$82,331 as at December 31, 2013). The minimum, weighted average and maximum costs per share are R$1.00, R$9.35 and R$25.32, respectively, and the market value of these shares at June 30, 2014 was R$1.73 per registered common share (R$2.04 as at December 31, 2013). Buybacks are limited to the amounts of reserves and repurchased shares can either be resold or canceled. c) Capital reserves It includes the amounts referring to the recognition of stock option grants. d) Earnings per share The Company s basic earnings per share and diluted earnings per share for the period, individual and on a consolidated basis, are as follows: Basic 06/30/ /30/2013 Profit (loss) for the period 7,119 36,431 Weighted average number of outstanding shares 428, ,656 Basic earnings per share - in R$ Diluted 06/30/ /30/2013 Profit (loss) for the period 7,119 36,431 Weighted average number of outstanding shares 428, ,656 Average number of stock options granted 9, Weighted average number of outstanding shares, adjusted by effects of the stock option plans 438, ,534 Diluted earnings per share - in R$ ALLOCATION OF PROFIT FOR THE YEAR Profit for the year, after the statutory offsets and deductions and pursuant to the Company s bylaws, will be allocated as follows: 5% to the legal reserve, up to the limit of 20% of the paid-in capital or 30% of total reserves. 25% of the balance, after allocation to legal reserve, will be allocated to the payments of minimum mandatory dividends to all shareholders. Unreceived or unclaimed dividends will expire in three years after the date when they were made available to shareholders and will be transferred back to the Company.

40 27. CONSTRUCTION IN PROGRESS The Company and its subsidiaries have adopted the procedures set out in CVM Resolution 624/10 (OCPC 01 (R1) - Real Estate Development Entities) for accounting recognition of profit or loss on real estate activities. Consequently, the balances of budgeted costs to be incurred on units sold and receivables from properties sold to be recognized, in addition to the full balance of receivables from real estate development are not reflected in the interim financial information. The main consolidated balances, less finance costs, not reflected in the interim financial information, are as follows: a) Receivables from properties sold to be recognized 06/30/ /31/2013 Sales agreements, net of contractual terminations 4,530,048 4,093,161 Gross revenue (3,359,171) (2,668,791) Revenues from sale of properties to be recognized 1,170,877 1,424,370 Budgeted costs of properties sold 2,951,296 2,667,656 Costs incurred (2,199,423) (1,725,423) Unincurred costs 751, ,233 Receivables from properties sold to be recognized 419, ,137 b) Expected disbursement to be incurred for units sold Consolidated 06/30/ /2013 Short term 503, ,543 Long term 247, , , , NONCASH TRANSACTIONS The Company and its investees conducted the following investing and financing activities not affecting cash or cash equivalents, and these activities were not included in the statement of cash flows: Parent Consolidated 06/30/ /30/ /30/ /30/2013 Increase (write-off) of advances from customers - barter (8,105) Transfer from equity deficiency 115,299-3,749 - Dividends declared 20,445 - (8,471) - Capitalized interest 85, ,379 -

41 29. INSURANCE The Company has the policy of insuring risk-exposed assets to cover probable losses, in light of the nature of its business. The policies in effect and the insurance premiums have been duly paid. The Company considers that it has a risk management program to mitigate risks by looking in the market for coverage consistent with its size and operations. The insurance coverage is as follows: Type in R$ Insured amount Engineering risks 3,189,626 Fire 956,937 Construction warranty 262,524 D & O 30,000 a) Engineering risks 4,439,087 i) Civil liability - coverage for property damage and bodily injury caused involuntarily to third parties, arising from the execution of the construction, installation and assembly work at the insured location. ii) Property damage (financed construction) - coverage for damage and losses arising from sudden and unforeseeable accidents occurred at the real estate. b) Fire - lightning and explosion at head office and regional offices. c) Construction completion insurance - guarantees the delivery of units to the committed buyers. d) D&O liability - coverage of defense costs in possible lawsuits or arbitration proceedings. 30. EVENT AFTER THE REPORTING PERIOD On July 1, 2014, the Company fully repaid the outstanding balance of the 1 st issue of simple, nonconvertible, unsecured debentures, in one single series, without possibility of renegotiation, yielding interest corresponding to 106.6% of the CDI rate, in the amount of R$100,000.

42 APPENDIX I

43 Summary of the main information on investments as at June 30, Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Abadir Emp. Imob. Ltda 18,852 24,276 (5,424) (1,066) (1,065) (5,418) - 5,418 - Abeguar Empr. Imob. Ltda 1, ,158 (1,195) Abramites Empr. Imob. Ltda (6) (2) (2) (6) Abrotano Emp. Imob. Ltda Absirto Emp. Imob. Ltda 10,898 10, Açafate Emp. S/A 29,944 14,446 15, , ,498 Acapurana Empr. Imob. Ltda - 2 (2) (2) Acaulis Empr. S/A (9) (9) Acer Participações S/A 31,062 16,909 14,153 (4) (4) 14, ,139 Acragante Empr. Imob. Ltda 1,849 1,852 (3) (3) Adiantum Emp. S/A 31,755 28,775 2,980 (308) (154) 1,490 2,530-4,020 Afine Empr. S/A (1) 11 (12) (1) (1) (12) Afragola Empr. Imob. Ltda - 1 (1) (1) Africano Empr. Imob. Ltda (17) (2) (2) (17) Aglaonema Emp. S/A 14,826 7,454 7,372 (277) (277) 7, ,372 Agnes Empr. Imob. Ltda - 2 (2) (2) Agraecum Emp. S/A 13,409 6,375 7, , ,027 Aisar Empr. Imob. Ltda 1 4 (3) (3) Aisne Empr. Imob. Ltda 9,143 2,675 6,468 2, Ajacis Empr. S/A (1) 16 (17) (2) (2) (17) Ajuga Empr. Imob. Ltda (1) (1) (1) (1) Alamanada Emp. Imob. Ltda (1) 522 (523) (1) (1) (522) Alanje Empr. Imob. Ltda (8) (1) (1) (8) Alcaçus Emp. Imob. Ltda (209) (2) (2) (208) Alcea Emp. Imob. Ltda 213,471 32, ,390 24, , , ,390 Alcines Emp. Imobiliarios Ltda 1, (1) (1) Aldrovandi Emp. Imob. Ltda 13,296 9,732 3,564 1, ,566 3, ,561 Alisso Empr. S/A (10) (1) (1) (10) Alium Emp. S/A 10,654 1,626 9, , ,028 Allure Des. Imob. S/A 13,498 2,184 11,314 (143) (143) 11, ,314 Almeirim Empr. Imob. Ltda - 3 (3) (3) Alpen Haus Des. Imob. S/A 9,949 9, Alpen Haus Neg. Imob. S/A 15,883 12,959 2,924 (174) (122) 2, ,260 Alpínia Des. Imob. Ltda 43,014 13,092 29,922 (171) (171) 29, ,922 Alquemila Emp. S/A 19,617 8,302 11, , ,315 Alteia Emp. Ltda 32, ,716 6, ,836 31, ,716 Altenau Empr. Imob. Ltda (27) (1) (1) (27) Alternantera Emp. S/A 70,873 35,028 35,845 1, ,949 35, ,809 Amapola Empr. Imob. Ltda (25) (25) Ambassador Emp. S/A 6,037 2,373 3,664 (2) (1) 1, ,832 Ambato Emp. Imob. Ltda 2,019 2,986 (967) (1) (1) (966) América Piqueri Incorp. S/A 5,007 4, (90) (18) América Properties Ltda 37,181 32,639 4,542 (3,768) (3,768) 4, ,542 Amniso Empr. Imob. Ltda 3,415 4,025 (610) (179) (179) (609) Anabi Empr. Imob. Ltda 3, ,210 (499) Anacardium Empr. S/A - 12 (12) (1) (1) (11) Anadia Empr. Imob. Ltda 1,358 1,581 (223) (212) (212) (223) Anagalide Emp. S/A 72,053 82,281 (10,228) (5,870) (5,864) (10,218) 7,210 3,008 - Anapo Empr. Imob. Ltda 9,688 5,337 4,351 2, ,638 4, ,347 Anauro Empr. Imob. Ltda (139) (138) Ancusa Emp. S/A 26,755 14,522 12,233 (38) (38) 12, ,221 Aniene Emp. Imob. Ltda 15,359 9,816 5,543 (334) (334) 5, ,537 Anigro Emp. Imob. Ltda 14,311 14,343 (32) (32) Anloga Empr. Imob. Ltda 13,161 5,655 7,506 3, ,120 5, ,254 Anteros Emp. Imob. Ltda 10,239 3,658 6, , ,580 Antigua Empr. S/A - 12 (12) (1) (1) (12) Antirinum Empr. S/A (3) 110 (113) (1) (1) (113) Antocleista Empr. S/A 7,433 7, Antronapiana Empr. Imob. Ltda - 1 (1) (1) Aparine Empr. Imob. Ltda 1,742 1,790 (48) (48) Apeliotes Empr. Imob. Ltda 2,348 2,369 (21) (1) (1) (21) Apidano Emp. Imob. Ltda 17,577 24,140 (6,563) (6,557) - 6,557 - Apistograma Empr. Imob. Ltda - 3 (3) (3) Apuléia Emp. Ltda 55,949 52,590 3,359 (2,758) (2,758) 3, ,359

44 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Aqueronte Empr. Imob. Ltda 5 8 (3) (3) Aralia Empr. S/A 2 19 (17) (2) (2) (17) Araticum Emp. S/A 10,230 8,190 2, , ,038 Araucaia Emp. S/A 35,795 4,554 31, , ,209 Araure Empr. Imob. Ltda 10,955 12,040 (1,085) (137) (110) (868) Arborea Empr. S/A (26) (1) (1) (26) Arbustiva Empr. S/A (14) (1) (1) (14) Ardesco Empr. Imob. Ltda (3) (3) Arielle Empr. Imob. Ltda 1 5 (4) (3) Aristasia Emp. S/A 22,870 22, (119) (119) Aristata Emp. S/A 21,574 8,801 12, , ,764 Arizona Empr. Imob. Ltda (25) (1) (1) (25) Arkansas Emp. S/A 10,758 1,211 9,547 (63) (63) 9, ,538 Aronis Empr. Imob. Ltda 1 4 (3) (3) Arquitotis Emp. S/A 37,773 14,834 22,939 (2) (2) 22, ,939 Artocarpus Emp. S/A 17,444 2,127 15,317 1, ,047 15, ,302 Arundina Empr. Imob. Ltda 1,599 1, Asopo Emp. Imob. Ltda 4,980 3,449 1,531 1, Asterion Emp. Imob. Ltda 10,872 6,463 4,409 2, ,396 4, ,417 Astir Ass. Téc. Imob. Part. Ltda (4,060) 15,204 (19,264) (8,708) (8,699) (19,245) - 19,245 - Atenor Empr. Imob. Ltda (2,725) 1,890 (4,615) (4,613) (4,608) (4,610) - 4,610 - Atinidia Empr. Imob. Ltda 2 3,771 (3,769) (3,603) (3,599) (3,766) - 3,766 - Atromeia Emp. S/A 55,887 29,615 26, , ,245 Autentic Des. Imobiliário S/A 5,623 3,821 1, , ,261 Autentic Emp. S/A 5,862 5, Aven Emp. Imob. Ltda 79,055 81,644 (2,589) (1,019) (1,018) (2,586) 12,041-9,455 Bafira Emp. Imob. Ltda 8,332 8,872 (540) (294) (191) (351) 1, Balderico Empr. Imob. Ltda (1) - (1) (1) Balerta Empr. Imob. Ltda 1 2 (1) (1) Balsemão Empr. Imob. Ltda (5) (1) (1) (5) Barão do Café Emp. Imob. S/A 1, , Barão do Café Incorp. S/A 3,461 1,350 2,111 (3) (2) 1, ,056 Barbana Empr. Imob. Ltda (48) (1) (1) (48) Bartica Empr. Imob. Ltda (134) (134) Basileu Emp. Imob. Ltda 4,158-4, , ,158 Basiliana Empr. Imob. Ltda (1) 1 (2) (2) Basilico Emp. S/A 49,634 60,082 (10,448) (7,314) - 7,314 - Bazagueda Empr. Imob. Ltda - 3 (3) (3) BCP Emp. Imob. Ltda 36,479 4,734 31, , ,745 Belisário Empr. Imob. Ltda 6,449 6, Benitoite Empr. Imob. Ltda - 3 (3) (3) Beselga Empr. Imob. Ltda (3) (1) (1) (3) Beuvron Empr. Imob. Ltda (4) (4) Bidasoa Emp. Imob. Ltda 19,827 21,280 (1,453) (813) (812) (1,452) - 1,452 - Bipinatus Emp. S/A 4,696 9,680 (4,984) (1) (1) (4,979) - 4,979 - Bitinia Emp. Imob. Ltda 27,437 31,669 (4,232) (772) (771) (4,228) - 4,228 - Bocholte Empr. Imob. Ltda - 4 (4) (4) Boditi Empr. Imob. Ltda (714) (713) Bolero Emp. S/A 26,731 29,684 (2,953) (810) (809) (2,950) - 2,950 - Bonina Emp. Imob. Ltda 25,714 26,887 (1,173) (47) (47) (1,172) - 1,172 - Bordo Emp. S/A 8, ,972 (2) (2) 7, ,964 Boristenes Empr. Imob. Ltda (3) (3) Bouvardia Emp. Imob. Ltda 5,924 3,979 1,945 1, ,552 1, ,943 Bresbe Emp. Imob. Ltda 6,381 3,938 2,443 1, ,197 1, ,588 Brionia Empr. Imob. Ltda (2) (2) Brossasco Empr. Imob. Ltda - 1 (1) (1) Brumalia Empr. Imob. Ltda 1 19 (18) (18) Brutio Emp. Imob. Ltda 18,294 19,770 (1,476) (351) (228) (959) 1, Burgendi Empr. Imob. Ltda (12) (1) (1) (12) Butajira Emp. Imob. Ltda 7,464 7,964 (500) (1) (1) (499) Cabudare Empr. Imob. Ltda - 3 (3) (3) Cacatua Empr. Imob. Ltda (4) (4) Caerulea Emp. S/A 8,655 2,705 5,950 2, ,141 5, ,944 Cainara Empr. Imob. Ltda

45 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Cairica Emp. S/A 2,875 2, Calêndula Emp. Ltda 20,352 1,803 18,549 (1) (1) 18, ,549 Caliandra Incorp. Ltda 121,395 99,568 21,827 (1,262) (1,261) 21, ,816 Califórnia 5 Emp. Ltda 18,770 5,000 13, , ,770 Caliméria Empr. Imob. Ltda - 2 (2) (2) Campainha Emp. S/A 11,777 8,402 3,375 (195) (137) 2, ,526 Capuchinha Empr. Imob. Ltda 9,130 9, Cardunculus Emp. Imob. Ltda 834 2,105 (1,271) (2) (2) (1,269) - 1,269 - Cargese Empr. Imob. Ltda - 1 (1) (1) Carimbosa Emp. S/A 68,338 80,674 (12,336) (606) (605) (12,324) - 12,324 - Caroba Emp. S/A (2) (2) Cartamus Emp. S/A 156, ,489 4, , ,290 Cartatica Emp. Ltda 37,530 26,259 11,271 (2) (2) 11, ,271 Cascade Empr. S/A (11) (1) (1) (11) Cassia Empr. S/A - 26 (26) (1) (1) (26) Casuar Emp. Imob. Ltda 933 1,457 (524) (1) (1) (524) Catalina Empr. Imob. Ltda 2,554 2,693 (139) (1) (1) (139) Catarantus Emp. S/A 112, ,650 6,728 (691) (346) 3,364 2,807-6,171 Caudata Emp. Ltda 24,930 14,147 10, , ,783 Cavour Empr. Imob. Ltda - 1 (1) (1) Cedrela Emp. Ltda 19,695 12,529 7, , ,166 Cedren Empr. Imob. Ltda (13) (13) Celebrete Emp. S/A 16,852 14,624 2,228 (1,263) (1,262) 2, ,225 Celebrity Icaraí Des. Imob. Ltda 29,291 7,326 21, , ,965 Celebrity Icaraí Neg. Imob. S/A 61,217 65,080 (3,863) (832) (832) (3,863) - 3,863 - Celeni Empr. Imob. Ltda 10,625 (52) 10, , ,677 Celosia Emp. S/A 676 1,339 (663) (1) (1) (663) Centalo Empr. Imob. Ltda - 1 (1) (1) Centáurea Empr. S/A (1) 17 (18) (1) (1) (18) Ceressa Empr. Imob. Ltda - 2 (2) (2) Chác. Sto. Antonio Vivanti Des. Imob. Ltda 17,294 1,674 15,620 (169) (169) 15, ,620 Cheflera Emp. S/A 10, , , ,179 Chialomberto Empr. Imob. Ltda - 1 (1) (1) Chiapera Empr. Imob. Ltda (1) - (1) (1) Chilibre Emp. Imob. Ltda 4,112 5,715 (1,603) (16) (16) (1,601) - 1,601 - Chilodus Emp. Imob. Ltda 21,502 24,347 (2,845) (944) (943) (2,842) - 2,842 - Chilon Empr. Imob. Ltda 1 3 (2) (2) Ciconia Emp. Imob. Ltda 24,714 27,407 (2,693) (820) (819) (2,690) - 2,690 - Cineraria Empr. S/A (1) 10 (11) (1) (1) (11) Citrus Emp. S/A 16,298 1,394 14, , ,904 Clarinda Empr. Imob. Ltda - 6 (6) (6) Clarquia Emp. Imob. Ltda 4,321 4,514 (193) (33) (26) (155) Clematis Empr. S/A - 90 (90) (1) (1) (90) Climenia Empr. Imob. Ltda (250) (82) (82) (250) Clube Tuiuti Emp. S/A 4,178 3,161 1, Cocinea Empr. S/A (1) 11 (12) (1) (1) (12) Colocasia Emp. Imob. Ltda 8,167 3,488 4,679 1, ,843 4, ,679 Colorata Emp. Imob. Ltda 18,753 8,781 9,972 2, ,159 9, ,972 Cond. das Palmeiras Emp. S/A 10,478 6,976 3,502 (154) (108) 2, ,452 Congea Emp. S/A 34,033 16,371 17,662 (96) (96) 17, ,662 Congorsa Emp. S/A 13,365 11,216 2,149 (197) (197) 2, ,147 Congossa Emp. S/A 25,196 22,350 2,846 (1,100) (1,099) 2, ,843 Consolda Emp. S/A 17,930 11,936 5, , ,988 Cordifolia Emp. S/A 4,353 2,297 2,056 (7) (7) 2, ,054 Coribante Emp. Imob. Ltda 9,434 3,526 5, , ,908 Coridora Empr. Imob. Ltda (11) (1) (1) (11) Cortemila Empr. Imob. Ltda - 1 (1) (1) Costa Andrade Incorp. 1 Ltda 12,125 1,280 10,845 1, ,348 10, ,845 Cronios Empr. Imob. Ltda (3) 4 (7) (7) Cucumis Empr. S/A (2) (2) Cucurbita Empr. S/A (1) 17 (18) (2) (2) (18) Daciano Empr. Imob. Ltda - 2 (2) (2) Dalmazo Empr. Imob. Ltda - 1 (1) (1) Damaris Empr. Imob. Ltda 4 7 (3) (3) - 3 -

46 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Damiane Empr. Imob. Ltda 1 4 (3) (3) Damion Empr. Imob. Ltda 1 2 (1) (1) Dangila Emp. Imob. Ltda 33,837 34,356 (519) (363) 6,774-6,411 Del Monte Des. Imob. Ltda 12,564 4,717 7, , ,847 Del Monte Neg. Imob. S/A 11,291 11, (62) (62) Delcine Empr. Imob. Ltda 1 3 (2) (2) Delfinio Empr. S/A (1) 14 (15) (1) (1) (15) Demetris Empr. Imob. Ltda 1 4 (3) (3) Deodoro Empr. Imob. Ltda 1 4 (3) (3) Derveni Emp. Imob. Ltda 1, , , ,779 Dessau Empr. Imob. Ltda - 4 (4) (4) Dilber Empr. Imob. Ltda (2) (2) Dinarte Empr. Imob. Ltda 1,990 1,992 (2) Diomedes Empr. Imob. Ltda - 2 (2) (2) Diomen Empr. Imob. Ltda 1 3 (2) (2) Dions Empr. Imob. Ltda 1 3 (2) (2) Dipladênia Emp. Imob. Ltda 48,251 28,571 19,680 3, ,742 9, ,840 Dirito Emp. Imob. Ltda 2, , , ,551 Dorinda Empr. Imob. Ltda 1 3 (2) (2) Doubs Emp. Imob. Ltda 12,144 3,567 8,577 2, ,103 8, ,568 Dranci Emp. Imob. Ltda 50,786 53,896 (3,110) (990) (693) (2,177) 8,877-6,700 Driope Emp. Imob. Ltda 22,510 20,907 1,603 (1,298) (1,297) 1, ,601 Dueto Desenv. Imobiliário Ltda 7,238 7, Dueto Neg. Imob. S/A 9,253 10,492 (1,239) (620) 1, Dunedine Emp. Imob. Ltda 19,093 19,353 (260) (260) Egeon Empr. Imob. Ltda 1 3 (2) (2) Eitorfe Empr. Imob. Ltda 1,494 1,636 (142) (93) (93) (142) Elida Emp. Imob. Ltda 46,401 40,164 6, , ,231 Embua Emp. Imob. Ltda 7,506 13,099 (5,593) (5,587) 1,204 4,383 - Emp. Imob. Jaguaré SPE Ltda 83,856 69,022 14,834 4, ,989 14, ,834 Entradero Empr. Imob. Ltda 1 4 (3) (3) Envigado Empr. Imob. Ltda - 4 (4) (4) Epiro Emp. Imob. Ltda 2,197 8,551 (6,354) (6,348) - 6,348 - Equinacia Emp. S/A 27,445 32,248 (4,803) (1,076) (1,076) (4,803) - 4,803 - Equio Emp. Imob. Ltda (230) (1) (1) (230) Ercilio Empr. Imob. Ltda 1 3 (2) (2) Eritreia Empr. Imob. Ltda (1) (1) Ermesinde Empr. Imob. Ltda - 3 (3) (3) Escabiosa Emp. S/A 34,433 33, Escalda Emp. Imob. Ltda 8,689 11,569 (2,880) (632) (631) (2,878) - 2,878 - Esculenta Emp. S/A 14,716 8,881 5, , ,830 Espinelio Empr. Imob. Ltda (148) (148) Esqueria Emp. Imob. Ltda 545 1,595 (1,050) (1,048) - 1,048 - Estense Empr. Imob. Ltda - 1 (1) (1) Estifitia Empr. Imob. Ltda (25) (2) (2) (25) Estige Emp. Imob. Ltda 727 2,346 (1,619) (1,617) - 1,617 - Estramoio Emp. S/A 26,574 18,282 8,292 (18) (18) 8, ,292 Estrumosa Emp. S/A 2,817 2, Etolia Empr. Imob. Ltda 12,216 13,759 (1,543) (1,124) (1,123) (1,542) - 1,542 - Euforbia Empr. S/A 12,598 12,608 (10) (3) (3) (10) Euriabe Emp. S/A 37,718 31,169 6,549 (833) (832) 6, ,543 Eustoma Emp. S/A 18,883 16,981 1,902 (19) (15) 1,522 3,641-5,163 Fabrice Emp. Imob. Ltda 1, ,489 1, ,441 1, ,488 Facatativa Empr. Imob. Ltda (348) (1) (1) (348) Facelia Empr. S/A 1,637 1, (2) (2) Faon Empr. Imob. Ltda 1 3 (2) (2) Faraji Empr. Imob. Ltda 1 4 (3) (3) Felicia Empr. Imob. Ltda (1) 27 (28) (1) (1) (28) Fiumicino Empr. Imob. Ltda - 1 (1) (1) Florença Participações S/A 56,061 18,290 37,771 8, ,818 37, ,733 Frigia Emp. Imob. Ltda 1, ,416 (1) (1) 1, ,533 Fruticosa Empr. S/A 4 29 (25) (1) (1) (25) Fubelo Empr. Imob. Ltda - 1 (1) (1) Furano Emp. Imob. Ltda 5, ,532 (77) (77) 5, ,532

47 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Gabrio Empr. Imob. Ltda 1 3 (2) (2) Galeria Boulevard Des. Imob. S/A 28,913 25,347 3, , ,783 Galeria Boulevard Neg. Imob. S/A 79,184 67,981 11,203 (870) (435) 5, ,718 Galeso Empr. Imob. Ltda 14,718 14,723 (5) (5) Ganges Empr. Imob. Ltda (98) (69) (69) (98) Ganimedes Empr. Imob. Ltda (5) (1) (1) (5) Garden Up Des. Imob. Ltda 6,952 5,901 1,051 (21) (11) Garden Up Negócios Imob. S/A 9,858 9, Gardênia Participações S/A 4,541 1,206 3, , ,669 Garessaio Empr. Imob. Ltda - 1 (1) (1) Garona Empr. Imob. Ltda - 4 (4) (4) Gazania Emp. S/A 96,011 68,277 27, , ,706 Gelsemino Emp. Ltda 5, ,240 (2) (2) 5, ,240 Gemelinda Empreendimentos Imobiliários Ltda (16) (20) (20) (16) Gerbreras Emp. S/A (248) (1) (1) (248) Giardino Des. Imob. S/A (1) (1) Giardino Emp. Imob. S/A (1) (1) Giochino Empr. Imob. Ltda - 3 (3) (3) Gionata Emp. Imob. Ltda 905 1,890 (985) (62) (62) (984) Girassol Incorp. Ltda 4,016 1,069 2,947 (1) (1) 2, ,947 Glicério Empr. Imob. Ltda - 2 (2) (2) Glicínia Des. Imob. Ltda 3,269 1,057 2, , ,212 Glinde Emp. Imob. Ltda 5,512 6,374 (862) (2) (2) (861) Goivo Emp. Imob. Ltda 2,257 3,124 (867) (866) Gondomar Empr. Imob. Ltda 1 4 (3) (3) Gonfrena Emp. Imob. Ltda 255, ,520 16,239 (3,681) (3,677) 16, ,223 Graminea Des. Imob. S/A (1) (1) Gran Vita Des. Imobiliário Ltda (43) 281 (324) (125) (125) (324) Granda Empr. Imob. Ltda - 3 (3) (3) Grandiflora Emp. Imob. Ltda 16,851 16,889 (38) (117) (117) (38) Grimentz Empr. Imob. Ltda - 1 (1) (1) Guaraná Emp. S/A 37,404 39,398 (1,994) (317) (317) (1,994) - 1,994 - Helicônias Des. Imob. S/A 1, , , ,443 Helitropo Empr. S/A (2) 14 (16) (1) (1) (16) Hibisco Incorp. Ltda 7,006 5,545 1, , ,461 Hirtela Emp. S/A 24,430 1,923 22, , ,485 Ianira Empr. Imob. Ltda - 9 (9) (9) Iberidifolia Emp. Imob. Ltda 68,375 41,983 26,392 1, ,367 26, ,366 Ibero Emp. Imob. Ltda 7,594 8,311 (717) (716) Ibicela Emp. S/A 4,041 5,086 (1,045) (98) (24) (254) Iguatemi Porto Alegre Des. Imob. Ltda 12,360 4,765 7,595 (31) (31) 7, ,595 Impatiens Emp. Imob. Ltda 11,757 10,308 1,449 1, ,253 1, ,448 Ipomoea Emp. S/A 30,483 2,138 28,345 (238) (238) 28, ,317 Isele Empr. Imob. Ltda - 1 (1) (1) Ismeno Empr. Imob. Ltda (21) (1) (1) (21) Iturbe Emp. Imob.. Ltda 24,993 19,972 5,021 5, ,711 5, ,016 Jacobina Empr. Imob. Ltda (2) (2) Jamino Empr. Imob. Ltda (4) (4) Jardins de Londres Des. Imob. Ltda (173) (173) Jester Empr. Imob. Ltda (1) 11 (12) (2) (2) (12) Jetirana Emp. S/A 105,495 57,257 48,238 14, ,147 24,119 9,435-33,554 Kansas Emp. Imob. Ltda 13,117 12, (33) (17) Kidia Empr. Imob. Ltda - 1 (1) (1) Klabin Segal Emp. Imob. SPE Ltda 7,298 2,878 4, , ,246 Laciniata Emp. S/A 1, ,295 (2) (2) 1, ,295 Lacrima Emp. Imob. Ltda 36,050 41,496 (5,446) (477) (477) (5,441) 8,785-3,344 Lamberti Empr. Imob. Ltda - 1 (1) (1) Lamego Empr. Imob. Ltda - 3 (3) (3) Lanterninha Emp. Ltda 162, ,833 40,664 (86) (86) 40, ,624 Latacunga Empr. Imob. Ltda (4) (4) Lavatera Emp. S/A 5,989 2,737 3, , ,700 Levaldige Empr. Imob. Ltda - 1 (1) (1) Liepaja Emp. Imob. Ltda 8,240 1,202 7,038 2, ,137 7, ,038 Linania Emp. S/A 195, ,900 (40,717) (4,048) (4,044) (40,677) - 40,677 -

48 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Linum Emp. S/A 17,008 1,020 15, , ,972 Litodora Empr. Imob. Ltda (18) 1,598 (1,616) (41) (41) (1,614) - 1,614 - Lobulama Emp. S/A 7,469 5,461 2, , ,008 Lonicera Emp. S/A 10,771 3,705 7, , ,059 Lourosa Empr. Imob. Ltda - 4 (4) (4) Luandre Empr. Imob. Ltda 1,044 1,046 (2) (2) Lucita Empr. Imob. Ltda (9) (1) (1) (9) Luisiane Emp. Imob. Ltda 3,086 3,296 (210) (2) (2) (210) Lutea Empreendimentos Imobiliarios Ltda (12) (2) (2) (12) Macaracas Empr. Imob. Ltda - 3 (3) (3) Machibongo Empr. Imob. Ltda - 3 (3) (3) Maculata Empr. S/A (1) 27 (28) (1) (1) (28) Mafuane Empr. Imob. Ltda 7 1,361 (1,354) (1,353) (1,352) (1,353) - 1,353 - Magiorino Empr. Imob. Ltda - 3 (3) (3) Malagueta Empr. S/A 17,077 9,778 7,299 6, ,075 7, ,291 Mallorca Empr. Imob. Ltda (4) (4) Malvaisco Emp. S/A 36,991 24,345 12,646 (225) (225) 12, ,633 Mandevila Emp. Ltda 1, ,675 (1) (1) 1, ,675 Mandisa Empr. Imob. Ltda (2) (2) Mangualde Emp. Imob. Ltda 21,386 9,331 12,055 5, ,962 12, ,043 Manjericão Empr. Imob. Ltda 1,606 1,615 (9) (1) (1) (9) Mansoa Emp. Imob. Ltda 11,381 14,699 (3,318) (663) (662) (3,315) - 3,315 - Maracaja Emp. Imob. Ltda 1,028 2,557 (1,529) (1) (1) (1,528) - 1,528 - Mardigras Emp. S/A 1,385 2,210 (825) (2) (2) (824) Marene Empr. Imob. Ltda - 1 (1) (1) Marginata Empr. Imob. Ltda (84) (2) (2) (84) Matioca Emp. Imob. Ltda 103,113 91,353 11, , ,964 Maurin Empr. Imob. Ltda - 1 (1) (1) Meandro Emp. Imob. Ltda 571 1,210 (639) (1) (1) (638) Melampodio Empr. S/A (87) (2) (2) (87) Melisenda Empreendimentos Imobiliários Ltda 9,848 5,003 4, , ,845 Mesembrianteme Emp. Imob. Ltda 26,396 28,818 (2,422) (2,420) - 2,420 - Mincio Emp. Imob. Ltda 32,910 30,552 2,358 1, ,355 2, ,356 Minulo Emp. S/A 202, ,491 (21,952) (3,523) (3,519) (21,930) - 21,930 - Molie Emp. Imob. Ltda 22,718 16,452 6, , ,260 Monazita Emp. Imob. Ltda (260) (260) Moscatu Emp. S/A 63,652 42,839 20, , ,813 Mosela Empr. Imob. Ltda (229) (223) (223) (229) Mosteiros Empr. Imob. Ltda (16) 183 (199) (196) (196) (199) Mulatupo Empr. Imob. Ltda Muricata Empr. S/A (1) 16 (17) (1) (1) (17) Nagolde Empr. Imob. Ltda 1 6 (5) (5) Naiades Emp. Imob. Ltda 3,432 3,436 (4) (4) Narzole Empr. Imob. Ltda (1) - (1) (1) Natura Recreio Des. Imob. S/A 20,108 14,971 5, , ,132 Natura Recreio Emp. Ltda 29,003 11,967 17, , ,035 Nemuro Emp. Imob. Ltda (208) (207) Nenufar Emp. Imob. Ltda 10,465 3,522 6,943 2, ,819 6, ,943 Nepeta Emp. S/A 45,546 26,969 18,577 (89) (89) 18, ,559 Nicandra Emp. S/A 202, ,041 83, , ,383 Nicotiana Emp. Imob. Ltda 25,067 28,332 (3,265) (3,265) - 3,265 - Nicuri Empr. Imob. Ltda 3,708 4,014 (306) (181) (181) (306) Nidus Emp. S/A 83,466 91,188 (7,722) (702) (491) (5,406) 2,670 2,736 - Nierembergia Emp. Imob. Ltda 7,300 8,051 (751) (29) (29) (750) Nievre Emp. Imob. Ltda 25,250 34,425 (9,175) (2,790) (2,787) (9,166) - 9,166 - Nigela Emp. S/A 4,930 5,378 (448) (29) (15) (224) Novara Empr. Imob. Ltda (1) - (1) (1) Odivelas Empr. Imob. Ltda (3) (1) (1) (3) Oelde Emp. Imob. Ltda 12,267 7,305 4,962 3, ,477 3, ,473 Oise Empr. Imob. Ltda (118) (118) Olerácea Emp. S/A 19,341 18, (58) (29) Onagra Emp. S/A 34,831 15,660 19,171 (211) (211) 19, ,151 Orquídea Incorp. Ltda 344, ,217 (73,064) (4,924) (4,924) (73,064) - 73,064 - Oviedo Emp. Imob. Ltda 4, , , ,801

49 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Pachira Emp. Imob. Ltda 6, , , ,211 Pacino Emp. Imob. Ltda 16,459 18,309 (1,850) (335) (335) (1,848) - 1,848 - Paludosum Emp. Imob. Ltda 21,935 27,256 (5,321) (408) (408) (5,316) - 5,316 - Pamparo Empr. Imob. Ltda (380) (372) (372) (380) Panaque Emp. Imob. Ltda 15,216 8,360 6, , ,856 Papaver Empr. Imob. Ltda (1) 8 (9) (1) (1) (9) Pelargonium Emp. Imob. Ltda 3, ,896 (2) (2) 2, ,896 Peloponeso Emp. Imob. Ltda 2,269 2,734 (465) (2) (2) (465) Peltatum Emp. Imob. Ltda 14,625 14, (230) (230) Pepo Emp. S/A 31,990 32,787 (797) (121) (121) (797) Perpetuas Emp. Imob. Ltda 6,852 1,273 5,579 2, ,471 5, ,579 Perudia Empr. Imob. Ltda - 1 (1) (1) Pervinca Emp. S/A 55,393 59,894 (4,501) (306) (306) (4,497) - 4,497 - Petrea Emp. Ltda 1, ,682 (2) (2) 1, ,682 Piacenza Empr. Imob. Ltda (1) - (1) (1) Pietraporzio Empr. Imob. Ltda (1) - (1) (1) Pimento Empr. S/A - 42 (42) (1) (1) (42) Pinerolo Empr. Imob. Ltda - 1 (1) (1) Pinhel Empr. Imob. Ltda 1,205 1,388 (183) (1) (1) (183) Piper Emp. S/A 11,923 12,287 (364) (218) 2,990-2,772 Piracanta Emp. S/A 38,049 38,162 (113) (38) 1,921-1,883 Piripiri Emp. S/A 9,141 6,045 3,096 (48) (48) 3, ,093 Pitalito Empr. Imob. Ltda (2) (2) Plinia Emp. Imob. Ltda 30,276 6,477 23, , ,799 Plomeu Empr. Imob. Ltda 1 5 (4) (4) Poejo Emp. S/A 10,757 3,931 6,826 (17) (17) 6, ,819 Porto Central Des. Imob. S/A 1, ,898 (2) (2) 1, ,898 Porto Paradiso Emp. S/A 6,815 5,216 1, , ,598 Porto Paradiso Incorp. S/A 7,332 10,089 (2,757) (579) (579) (2,757) 1, Pozuoli Empr. Imob. Ltda (1) - (1) (1) Praça Capital Des. Imob. Ltda 11,591 9,789 1, , ,802 Praça Capital Empr. Dois S/A 4,154 4, Praça Capital Empr. Imob. Ltda 5,328 5, Praça Capital Neg. Imob. S/A 25,258 21,706 3,552 (306) (306) 3, ,562 Praça Vila Romana Des. Imob. Ltda 32,719 30,642 2, Prelude Emp. S/A 11,773 8,883 2,890 2, ,034 2, ,887 Primulino Empr. Imob. Ltda (167) (1) (1) (167) Procumbens Emp. Imob. Ltda (508) (2) (2) (507) Quibor Empr. Imob. Ltda 10,888 10,984 (96) (1) (1) (96) Radamanto Empr. Imob. Ltda (1) 4 (5) (1) (1) (5) Raniona Emp. Imob. Ltda 11,874 12,336 (462) (462) Raritá Des. Imob. Ltda 7,268 7, Raritá Neg. Imob. S/A 7,924 6,744 1,180 (20) (20) 1, ,181 Ratisbona Empr. Imob. Ltda (248) (247) RCI Consultoria de Imóveis Ltda 6,337 1,796 4,541 (762) (761) 4, ,536 Rilstone Emp. Imob. Ltda 13,203 10,813 2,390 (22) (22) 2, ,387 Rimasco Empr. Imob. Ltda (1) - (1) (1) Riservato Neg. Imob. Ltda 1, ,701 (2) (2) 1, ,701 Rivulo Empr. Imob. Ltda 862 1,106 (244) (1) (1) (244) Rocanige Empr. Imob. Ltda (1) - (1) (1) Rodolita Empr. Imob. Ltda (46) (46) Rodostomo Empr. Imob. Ltda (3) (3) Rosalba Emp. Imob. Ltda 8, ,106 (1) (1) 8, ,106 Rossi Commercial Properties S/A 14,130 14,636 (506) (14) (14) (506) Rossi Consultoria de Imóveis Ltda 7,864 4,745 3,119 (507) (507) 3, ,119 Rossi Emp. Imob. S/A 2,994 1,132 1,862 (2) (2) 1, ,862 Rossi Ind. de Art. de Concreto Ltda 22,366 31,918 (9,552) (781) (780) (9,542) - 9,542 - Rossi Montante Incorp. S/A 260, ,618 (3,636) (2,545) 8,518-5,973 Rossi Morumbi Incorp. S/A 108, ,723 (8,210) (8,210) - 8,210 - Rossi Oscar Porto Incorp. Ltda 105,600 84,628 20, , ,962 Rossi S/A 1,611 1,624 (13) (8) (8) (13) Rossi Securities Emp. Imob. S/A 28,322 8,907 19,415 (169) (169) 19, ,415 Rossi Trust e Participações Ltda 54,924 52,748 2,176 (2,619) (2,619) 2, ,176 RRTI Des. Imob. Ltda 20,603 7,020 13, , ,583

50 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Rubrum Emp. Imob. Ltda 52,903 59,759 (6,856) (2,692) (2,689) (6,849) - 6,849 - Rubus Empr. S/A (26) (1) (1) (26) Sabanalarga Emp. Imob. Ltda 29,282 24,895 4,387 (361) (361) 4, ,383 Sambre Empr. Imob. Ltda 13,118 7,124 5,994 2, ,310 5, ,988 Sampeire Empr. Imob. Ltda 1 2 (1) (1) Sândalo Des. Imob. Ltda 156,498 24, ,233 7, , , ,233 Sândalo Emp. S/A 43,900 56,084 (12,184) (1,003) (1,003) (12,184) - 12,184 - Sanderae Emp. Imob. Ltda 147, ,781 (28,086) (3,922) (3,918) (28,058) - 28,058 - Sanquezia Emp. Imob. Ltda 85,185 64,951 20, , ,164 Santa Adelaida Emp. Imob. Ltda 4,492 2,319 2,173 (102) (51) 1, ,087 Santa Agia Emp. Imob. Ltda 22,477 26,124 (3,647) (520) (519) (3,643) - 3,643 - Santa Alda Empr. Imob. Ltda (13) (2) (2) (13) Santa Alfreda Emp. Imob. Ltda 6,642 2,004 4, , ,633 Santa Amanda Emp. Imob. Ltda 65,145 66,008 (863) (1,515) (606) (345) 8,893-8,548 Santa Anastácia Empr. Imob. Ltda (1) 11 (12) (2) (2) (12) Santa Apolonia Emp. Imob. Ltda 50,973 19,798 31, , ,144 Santa Avelina Emp. Imob. Ltda 10, , Santa Bernadete Emp. Imob. Ltda (348) (1) (1) (347) Santa Bertila Empr. Imob. Ltda (120) (14) (14) (120) Santa Brigida Emp. Imob. Ltda (15) 305 (320) (30) (30) (320) Santa Camila Emp. Imob. Ltda 28,591 29,705 (1,114) (430) (215) (557) 3,212-2,655 Santa Capitolina Empr. Imob. Ltda 4,419 4,423 (4) (4) Santa Caridade Emp. Imob. Ltda 18,898 4,184 14,714 4, ,223 14, ,699 Santa Carissima Empr. Imob. Ltda - 15 (15) (2) (2) (15) Santa Celestina Emp. Imob. Ltda 86,654 94,001 (7,347) (5,064) (5,059) (7,340) - 7,340 - Santa Dionisia Emp. Imob. Ltda 9,396 13,872 (4,476) (4,471) - 4,471 - Santa Dominica Empr. Imob. Ltda (1) 9 (10) (1) (1) (10) Santa Doroteia Emp. Imob. Ltda 10,554 4,520 6,034 3, ,029 6, ,034 Santa Duna Empr. Imob. Ltda 3,492 3,504 (12) (1) (1) (12) Santa Edite Emp. Imob. Ltda 24,672 26,917 (2,245) (1,478) (1,477) (2,243) - 2,243 - Santa Elenice Empr. Imob. Ltda 416 1,938 (1,522) (7) (7) (1,521) - 1,521 - Santa Erasma Emp. Imob. Ltda 6,542 3,477 3,065 (108) (54) 1, ,532 Santa Esperança Emp. Imob. Ltda 36,226 46,719 (10,493) (1,673) (1,671) (10,482) - 10,482 - Santa Estefania Emp. Imob. Ltda 27,277 27,911 (634) (633) Santa Eufrosina Empr. Imob. Ltda 2, ,147 1, ,083 2, ,144 Santa Eulalia Empr. Imob. Ltda (130) (1) (1) (130) Santa Exuperia Emp. Imob. Ltda 13,798 5,600 8,198 (1) (1) 8, ,198 Santa Fausta Empr. Imob. Ltda (41) (5) (5) (41) Santa Florinda Empr. Imob. Ltda 1 9 (8) (8) Santa Genoveva Emp. Imob. Ltda 6, ,451 1, ,977 5, ,446 Santa Georgia Emp. Imob. Ltda 4, , , ,766 Santa Gontilda Emp. Imob. Ltda 9,823 15,789 (5,966) (1,665) (1,663) (5,960) - 5,960 - Santa Hildegarda Empr. Imob. Ltda 5 17 (12) (2) (2) (12) Santa Irene Empr. Imob. Ltda (2) (2) Santa Iza Emp. Imob. Ltda 10,286 1,438 8, , ,539 Santa Joconda Emp. Imob. Ltda 16,890 20,383 (3,493) (247) (247) (3,489) - 3,489 - Santa Justina Empr. Imob. Ltda 2,150 2,163 (13) (2) (2) (13) Santa Luisa Emp. Imob. Ltda 22,370 17,645 4,725 4, ,217 4, ,721 Santa Manuela Emp. Imob. Ltda 30,143 27,129 3, , ,011 Santa Marcela Empr. Imob. Ltda (1) 11 (12) (1) (1) (12) Santa Margarete Emp. Imob. Ltda 14,952 7,163 7,789 3, ,364 7, ,781 Santa Mariana Empr. Imob. Ltda 1, Santa Marianela Emp. Imob. Ltda 68,265 65,078 3,187 (1,931) (1,738) 2,868 4,169-7,037 Santa Matilda Emp. Imob. Ltda 19,210 9,845 9, , ,355 Santa Maura Emp. Imob. Ltda 39,004 39,349 (345) (11) (10) (302) 15,090-14,788 Santa Melania Emp. Imob. Ltda 25,372 33,104 (7,732) (704) (703) (7,724) - 7,724 - Santa Mena Emp. Imob. Ltda 3,467 1,628 1,839 (18) (18) 1, ,837 Santa Narcisa Emp. Imob. Ltda 8,368 1,482 6, , ,879 Santa Natalia Empr. Imob. Ltda 3, ,021 1, ,813 3, ,018 Santa Nina Emp. Imob. Ltda 14,137 16,270 (2,133) (229) (229) (2,131) - 2,131 - Santa Noemia Emp. Imob. Ltda 53,718 61,623 (7,905) (1,351) (1,350) (7,897) - 7,897 - Santa Odete Emp. Imob. Ltda 4,902 1,844 3,058 (25) (25) 3, ,058 Santa Odilia Emp. Imob. Ltda 21,935 10,859 11, , ,076 Santa Olga Emp. Imob. Ltda 29,216 19,346 9,870 1, ,491 9, ,870

51 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Santa Otavia Emp. Imob. Ltda 16,294 2,135 14, , ,159 Santa Paloma Emp. Imob. Ltda 28,785 17,861 10, , ,913 Santa Patrícia Emp. Imob. Ltda 55,266 64,011 (8,745) (1,821) (1,819) (8,736) - 8,736 - Santa Quilonia Part. e Empr. Ltda (22) (1) (1) (22) Santa Quitéria Emp. Imob. Ltda 15,700 9,474 6, , ,220 Santa Rafaela Empr. Imob. Ltda 1 4 (3) (3) Santa Rebeca Emp. Imob. Ltda 4, , , ,338 Santa Rosana Empr. Imob. Ltda (1) 12 (13) (1) (1) (13) Santa Ruth Emp. Imob. Ltda 14,158 2,201 11,957 (162) (162) 11, ,945 Santa Sabina Emp. Imob. Ltda 65,489 62,259 3,230 (671) (670) 3, ,227 Santa Sueli Empr. Imob. Ltda (99) (1) (1) (98) Santa Susana Emp. Imob. Ltda 34,109 61,455 (27,346) (1,857) (1,855) (27,319) - 27,319 - Santa Taciana Emp. Imob. Ltda 7,123 6, (2) (2) Santa Tarcila Emp. Imob. Ltda 127, ,099 7, ,546 12,523-16,069 Santa Tatiana Empr. Imob. Ltda (18) (3) (3) (18) Santa Veneranda Empr. Imob. Ltda (250) (74) (74) (249) Santa Veronica Emp. Imob. Ltda 7,846 7, (30) (24) Santa Zenaide Emp. Imob. Ltda 30,749 14,949 15,800 2, ,995 15, ,784 Santa Zenobia Emp. Imob. Ltda 42,215 34,698 7,517 (268) (268) 7, ,510 Santa Zita Emp. Imob. Ltda 19,330 18,017 1, Santa Zoraide Empr. Imob. Ltda (77) (2) (2) (77) Santa Priscila Emp. Imob. Ltda 41,149 33,267 7,882 (736) (735) 7, ,874 Santo Adalberto Emp. Imob. Ltda (536) (1) (1) (535) Santo Adauto Empr. Imob. Ltda (1) 10 (11) (1) (1) (11) Santo Agapito Empr. Imob. Ltda (185) (2) (2) (185) Santo Albino Emp. Imob. Ltda 3, , , ,161 Santo Ambrosio Emp. Imob. Ltda 29,383 38,513 (9,130) (2,621) (2,618) (9,121) - 9,121 - Santo Anastacio Emp. Imob. Ltda 21,568 34,595 (13,027) (4,252) (4,248) (13,014) - 13,014 - Santo Angelo Emp. Imob. Ltda 15,083 9,321 5,762 2, ,636 5, ,762 Santo Anselmo Emp. Imob. S/A 1,196 2,534 (1,338) (4) (4) (1,337) - 1,337 - Santo Antão Empr. Imob. Ltda (211) (20) (20) (210) Santo Atanasio Emp. Imob. Ltda 9,300 2,648 6, , ,646 Santo Audifax Empr. Imob. Ltda 5,197 5, (3) (3) Santo Aureliano Empr. Imob. Ltda 4,095 4,332 (237) (43) (43) (236) Santo Eduardo Emp. Imob. Ltda 34,852 37,699 (2,847) (1,164) (1,163) (2,844) - 2,844 - Santo Elias Empr. Imob. Ltda (204) (2) (2) (204) Santo Erasmo Emp. Imob. Ltda 201, ,691 (4,356) (322) (322) (4,352) - 4,352 - Santo Estanislau Emp. Imob. Ltda 62,376 69,158 (6,782) (3,080) (3,077) (6,775) - 6,775 - Santo Estevão Emp. Imob. Ltda 12,400 6,850 5,550 1, ,306 5, ,545 Santo Eugenio Emp. Imob. Ltda 5,581 3,502 2, , ,663 Santo Eusebio Emp. Imob. Ltda 30,464 32,335 (1,871) (744) (743) (1,869) - 1,869 - Santo Evaristo Emp. Imob. Ltda 83,883 95,674 (11,791) (5,738) (5,732) (11,779) - 11,779 - Santo Herculano Empr. Imob. Ltda 7,202 7, (204) (163) Santo Higino Emp. Imob. Ltda 2, ,723 (2) (2) 2, ,721 Santo Hilario Empr. Imob. Ltda (1) 12 (13) (1) (1) (13) Santo Humberto Emp. Imob. Ltda 38,795 22,516 16, , ,263 Santo Inacio Empr. Imob. Ltda 29,231 29, (238) (238) Santo Inocencio Empr. Imob. Ltda 5,538 5, Santo Irineu Emp. Imob. Ltda 9,823 1,759 8, , ,056 Santo Ivo Emp. Imob. Ltda 1,644 4,651 (3,007) (11) (11) (3,004) - 3,004 - Santo Olavo Empr. Imob. Ltda 2,391 2,549 (158) (1) (1) (158) Santo Onesimo Empr. Imob. Ltda (82) (2) (2) (82) Santo Onofre Emp. Imob. Ltda 3 1,963 (1,960) (3) (3) (1,958) - 1,958 - Santo Osvaldo Empr. Imob. Ltda (1) 7 (8) (1) (1) (8) Santo Ovidio Emp. Imob. Ltda 2,129 2,398 (269) (4) (4) (269) Santo Ulrico Empr. Imob. Ltda 1,419 1,425 (6) (1) (1) (6) Santo Uriel Emp. Imob. Ltda 7,475 9,389 (1,914) (74) (74) (1,912) - 1,912 - São Bartolomeu Empr. Imob. Ltda (1) 8 (9) (1) (1) (9) São Benigno Emp. Imob. Ltda 788 1,040 (252) (1) (1) (252) São Benildo Emp. Imob. Ltda 8,413 9,939 (1,526) (309) (309) (1,525) - 1,525 - São Benito Empr. Imob. Ltda (1) 10 (11) (2) (2) (11) São Bertino Emp. Imob. Ltda 35,364 40,511 (5,147) (1,257) (1,256) (5,142) - 5,142 - São Bessario Emp. Imob. Ltda 14,621 13, (469) (375) 744 2,968-3,712 São Bonifácio Emp. Imob. S/A 887 1,107 (220) (2) (2) (220)

52 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total São Braulio Emp. Imob. Ltda 19,319 13,554 5,765 1, ,182 5, ,759 São Bruno Emp. Imob. Ltda 5,718 3,794 1, , ,923 São Caemon Emp. Imob. Ltda 16,516 17,070 (554) (277) 2,185-1,908 São Calisto Empr. Imob. Ltda - 8 (8) (1) (1) (8) São Canuto Empr. Imob. Ltda (6) 27 (33) (2) (2) (33) São Celestino Empr. Imob. Ltda 28,088 27, São Cesario Emp. Imob. Ltda 41,531 43,432 (1,901) (2,516) (2,513) (1,900) - 1,900 - São Cirilo Empr. Imob. Ltda (1) 12 (13) (2) (2) (13) São Cornelio Emp. Imob. Ltda 2, ,341 1, ,551 2, ,341 São Crisanto Emp. Imob. Ltda 18,584 20,451 (1,867) (1,865) - 1,865 - São Crisogono Empr. Imob. Ltda (1) 11 (12) (2) (2) (12) São Crispim Emp. Imob. Ltda 70,032 47,806 22,226 10, ,008 22, ,204 São Crispiniano Emp. Imob. Ltda 97, ,748 (13,294) (5,142) (5,137) (13,281) - 13,281 - São Damaso Emp. Imob. Ltda 1,964 2,768 (804) (36) (36) (804) São Desiderio Emp. Imob. Ltda 6,611 3,295 3,316 (107) (107) 3, ,312 São Dionisio Emp. Imob. Ltda 34,521 32,887 1,634 2, ,054 1,307 11,168-12,475 São Dubricio Empr. Imob. Ltda - 8 (8) (1) (1) (8) São Fabiano Emp. Imob. Ltda 753 1,512 (759) (2) (2) (758) São Fidenciano Empr. Imob. Ltda (10) (1) (1) (10) São Geraldo Empr. Imob. Ltda. 10, ,797 (143) (143) 9, ,787 São Gerôncio Emp. Imob. Ltda 8,718 2,881 5, , ,086 São Gonzalo Emp. Imob. Ltda 20,420 21,957 (1,537) (804) (563) (1,076) 3,119-2,043 São Gotardo Empr. Imob. Ltda 4,798 6,776 (1,978) (1) (1) (1,976) - 1,976 - São Lorenzo Emp. Imob. Ltda 35,724 24,870 10,854 (782) (781) 10, ,843 São Loureano Emp. Imob. Ltda 7,958 8,442 (484) (483) São Mamede Empr. Imob. Ltda (9) 25 (34) (8) (8) (33) São Mancio Emp. Imob. Ltda 48,317 60,782 (12,465) (3,363) (3,360) (12,452) - 12,452 - São Marçal Emp. Imob. Ltda 12,143 11, (735) (588) 288 1,341-1,629 São Marcio Empr. Imob. Ltda 2,000 2,003 (3) (3) São Mariano Emp. Imob. Ltda 860 1,758 (898) (3) (3) (897) São Mario Emp. Imob. Ltda 13,295 12,250 1,045 (228) (182) 836 1,880-2,716 São Martim Emp. Imob. Ltda 88, ,305 (32,777) (1,662) (1,660) (32,744) - 32,744 - São Mauricio Emp. Imob. Ltda 80, ,157 (33,608) (4,259) (4,255) (33,574) - 33,574 - São Maurilio Emp. Imob. Ltda 17,863 3,011 14,852 (256) (256) 14, ,837 São Mucio Emp. Imob. Ltda 6,890 8,946 (2,056) (188) (188) (2,054) - 2,054 - São Narcisio Empr. Imob. Ltda 3 27 (24) (3) (3) (24) São Nazario Emp. Imob. Ltda 851 1,950 (1,099) (2) (2) (1,098) - 1,098 - São Pelagio Emp. Imob. Ltda 9,391 1,702 7,689 3, ,259 7, ,681 São Procopio Emp. Imob. Ltda 44,207 50,522 (6,315) (1,777) (1,775) (6,309) 5, São Quirino Emp. Imob. Ltda 35,327 34, (845) (844) São Ranieri Empr. Imob. Ltda - 8 (8) (1) (1) (8) São Remigio Emp. Imob. Ltda 23,526 13,422 10,104 3, ,233 10, ,104 São Ricardo Empr. Imob. Ltda 10,592 10, (50) (30) São Rodrigo Empr. Imob. Ltda 9,263 9,260 3 (44) (26) São Severo Emp. Imob. Ltda 394 3,321 (2,927) (1) (1) (2,924) - 2,924 - São Silvestre Emp. Imob. Ltda 7, ,142 (143) (143) 6, ,135 São Tarcisio Emp. Imob. Ltda (436) (2) (2) (436) São Telmo Empr. Imob. Ltda 9 25 (16) (16) São Teodorico Emp. Imob. Ltda 15,316 19,415 (4,099) (1,582) (1,580) (4,095) - 4,095 - São Teofilo Empr. Imob. Ltda 6,816 2,773 4,043 2, ,643 4, ,039 São Torquato Empr. Imob. Ltda (43) (3) (3) (43) São Columbano Empr. Imob. Ltda (2) (2) São Norberto Empr. Imob. Ltda 3,281 3,288 (7) (7) São Prudencio Emp. Imob. Ltda 8,037 2,009 6,028 (51) (51) 6, ,022 Saratoga Emp. S/A 26,134 22,739 3,395 (2) (2) 3, ,391 Sarita Emp. Imob. Ltda 42,101 39,978 2,123 (284) (284) 2, ,121 Sativus Empr. S/A (1) 22 (23) (1) (1) (11) SCP Campinas SCP Celebrete - Celebrete Emp. 130, ,138 5,037 (2,522) (1,261) 2,519 19,405-21,924 Seixal Empr. Imob. Ltda (6) (1) (1) (6) Sempione Empr. Imob. Ltda - 1 (1) (1) Sempreflores Emp. Imob. Ltda 2,774 4,367 (1,593) (6) (6) (1,591) - 1,591 - Senecio Emp. S/A 28,845 2,844 26, , ,001 Serpa Empr. Imob. Ltda (9) (9) - 9 -

53 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Shuarbe Emp. Imob. Ltda 28,897 29,004 (107) (626) (626) (107) Shuarbe Incorp. de Emp. Imob. Ltda 17,928 5,451 12, , ,477 Sibipuruna Emp. S/A 12,074 5,251 6,823 (31) (31) 6, ,823 Sincelejo Empr. Imob. Ltda 5 44 (39) (39) Sinuatum Emp. Imob. Ltda 39,863 50,363 (10,500) (1,624) (1,622) (10,490) - 10,490 - Sisiano Empr. Imob. Ltda (1) 1 (2) (2) Sogamoso Emp. Imob. Ltda 13,113 10,758 2,355 1, ,460 2, ,352 Somme Empr. Imob. Ltda (4) (1) (1) (4) SPE Pier Emp. Imob. Ltda 38,902 9,942 28,960 (98) (98) 28, ,960 Tabebuia Emp. S/A 1,872 1, (1) (1) Tacarigua Empr. Imob. Ltda - 3 (3) (3) Tadorna Emp. Imob. Ltda 13,455 12, , , Tainacam Empr. Imob. Ltda 7,921 7,943 (22) (22) Talauma Empr. S/A 4,724 4, Tamboata Empr. Imob. Ltda - 4 (4) (4) Tanais Empr. Imob. Ltda 13,531 13,548 (17) (17) Tarragona Empr. Imob. Ltda (3) (3) Taumante Empr. Imob. Ltda 1 4 (3) (3) Tauranga Emp. Imob. Ltda 39,971 46,134 (6,163) (6,157) - 6,157 - Tavira Empr. Imob. Ltda - 4 (4) (4) Temiscira Emp. Imob. Ltda 8,402 4,560 3,842 2, ,138 1, ,921 Tenela Emp. S/A 15,524 1,323 14, , ,201 Termodonte Empr. Imob. Ltda - 3 (3) (3) Tessalia Emp. Imob. Ltda 63,394 64,665 (1,271) (928) (927) (1,270) - 1,270 - Teutrania Empr. Imob. Ltda 811 1,101 (290) (33) (33) (290) Tieze Empr. Imob. Ltda (1) - (1) (1) Tindaro Empr. Imob. Ltda 9,586 7,509 2, , ,075 Titaresso Empr. Imob. Ltda 1 4 (3) (2) Tracia Emp. Imob. Ltda 903 1,127 (224) (224) Trespodia Emp. Imob. Ltda - 2,135 (2,135) (2,133) - 2,133 - Trevoro Empr. Imob. Ltda 1 4 (3) (3) Trifila Empr. S/A - 9 (9) (2) (2) (9) Trimestis Empr. S/A 2,488 2,495 (7) (1) (1) (7) Troade Emp. Imob. Ltda 9,729 1,225 8, ,495 1,161-9,656 Trofa Empr. Imob. Ltda (4) (4) Trombeta Emp. S/A 48,581 32,993 15,588 2, ,336 17, ,924 Tropicana Emp. S/A (1) 240 (241) (1) (1) (241) Tulipa Incorp. Ltda 17,019 30,170 (13,151) (2,798) (2,798) (13,151) - 13,151 - Tunico Emp. Imob. Ltda 16,349 24,044 (7,695) (2,163) (2,161) (7,687) - 7,687 - Turmero Empr. Imob. Ltda - 3 (3) (3) Uliginosa Emp. Imob. Ltda 14,429 5,089 9,340 3, ,631 9, ,331 Uribia Emp. Imob. Ltda 22,194 21,162 1, , ,385 Valeriana Empr. Imob. Ltda (7) (1) (1) (7) Valladolid Empr. Imob. Ltda - 4 (4) (4) Valpaços Empr. S/A (4) (1) (1) (4) Valpeline Empr. Imob. Ltda 1 2 (1) (1) Vanzone Empr. Imob. Ltda 1 2 (1) (1) Venaria Empr. Imob. Ltda - 1 (1) (1) Venusta Emp. Ltda 2,637 1,162 1,475 (2) (2) 1, ,475 Vernante Empr. S/A 11,700 3,404 8,296 (2,123) (2,123) 8, ,296 Vernonia Emp. Ltda 25,346 14,159 11,187 (31) (31) 11, ,187 Vicença Emp. Imob. Ltda 15,725 16,050 (325) (163) 1,987-1,824 Viene Emp. Imob. Ltda 629 2,280 (1,651) (1,650) - 1,650 - Vigevano Empr. Imob. Ltda 1 2 (1) (1) Vila Albani Emp. Imob. Ltda 22,450 1,281 21, , ,169 Vila Solo Emp. Ltda 20,072 4,134 15, , ,938 Vilaine Emp. Imob. Ltda (920) (919) Vinadio Empr. Imob. Ltda 6,915 6, Viterbo Empr. Imob. Ltda 13,788 12,242 1,546 1, ,546 1, ,545 Vitis Emp. S/A 44,374 48,036 (3,662) (3,658) - 3,658 - Voerde Empr. Imob. Ltda (113) (110) (110) (113) Volturno Emp. Imob. Ltda (257) (257) Zaculeu Emp. Imob. Ltda 25,390 15,308 10,082 4, ,421 10, ,082 Zadoque Empr. Imob. Ltda 3,414 3,959 (545) (491)

54 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Zapopan Empr. Imob. Ltda (227) (221) (221) (226) Zinia Empr. Imob. Ltda (2) 1,042 (1,044) (1,043) - 1,043 - Zitau Empr. Imob. Ltda - 6 (6) (6) Zuquini Emp. S/A 13,949 12,724 1, ,402 Other (50) (3) 205 (1,048) Capitalized interest - 97, ,043 Goodwill (51,233) 13, ,165 (1,191) 1,735, , ,366 2,618,369

55 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Abelia Emp. Imob. Ltda 1, , Acalantis Emp. Imob. Ltda 5,571 2,093 3,478 1, , ,741 Acalifa Emp. S/A 22,386 23,106 (720) (214) (128) (432) Acauã Invest. Imob. Ltda 7, ,914 2, ,538 4, ,840 Acidantera Emp. Imob. Ltda 1, , Adenium Emp. Imob. Ltda 1, , Adoncia Emp. Imob. Ltda 88,505 94,754 (6,249) (820) (410) (3,125) 10,137-7,012 Afelandra Emp. S/A 19,880 22,211 (2,331) (1,748) 42 1,706 - Agave Emp. Imob. Ltda 1, , Agerato Emp. S/A 38,470 38, (2,319) (1,623) 158 4,918-5,076 Aliberti Emp. S/A 10,014 8,538 1,476 (329) (247) 1, ,181 Alocasia Emp. S/A 43,588 48,916 (5,328) (1,928) (1,350) (3,729) 1,615 2,114 - Amarelinha Empr. S/A 1,403 1, (50) (17) Anagalis Emp. S/A (562) (14) (7) (281) Aneliasia Emp. S/A 1,714 1, (16) (8) Anemone Empr. S/A 1, (10) (3) Anona Emp. S/A 27,069 29,890 (2,821) (299) (135) (1,270) 180 1,090 - Apetenia Emp. S/A 51,226 63,844 (12,618) (8,833) - 8,833 - Ardisia Emp. S/A 88, ,986 (17,024) (2,858) (2,572) (15,322) 36,376-21,054 Argentea Emp. S/A 292, ,866 (20,007) 2, ,926 (16,005) 71,636-55,631 Aridarum Emp. S/A 13,231 8,497 4,734 (110) (55) 2, ,369 Asistásia Emp. S/A 9,695 5,515 4, , ,028 Asmiscada Emp. S/A 18,029 14,583 3, , ,412 Asperula Empr. S/A 4 15 (11) (6) Astilbe Emp. Imob. Ltda 1, , Auriculata Emp. S/A 19,807 20,833 (1,026) (844) (422) (513) 3,147-2,634 Bantri Empr. Imob. Ltda (14) (2) (1) (7) Barbarea Empr. Imob. Ltda (3) (2) 4-2 Beaumontia Emp. S/A 31,728 34,874 (3,146) (10) (5) (1,573) Belinda Emp. Imob. Ltda 37,266 35,509 1,757 (74) (37) ,669 Betonica Empr. Imob. Ltda 2,419 1,212 1,207 (462) (231) ,220 Bétula Emp. S/A 73,098 62,099 10,999 (226) (158) 7, ,699 Bisira Emp. Imob. Ltda 5,823 4, , , ,516 Borago Emp. S/A 78,973 81,868 (2,895) (300) (150) (1,448) 6,897-5,449 Brassica Emp. S/A 62,039 61, (1,391) (974) 522 4,705-5,227 Cabimas Emp. Imob. Ltda 20,199 22,106 (1,907) (455) (319) (1,335) Caima Empr. Imob. Ltda (92) (1) (1) (65) Calaminta Emp. S/A 7,105 6, (67) (34) 193 1,395-1,588 Calibracoa Emp. S/A 12,380 7,396 4, , ,492 Campanula Emp. S/A 7,828 7, Campos Sales Emp. Imob. Ltda 54,127 33,943 20,184 3, , ,731 Capital Rossi Emp. S/A 833, , ,013 42, , , , ,130 Cariniana Emp. S/A 18,541 23,060 (4,519) (50) (35) (3,163) 286 2,877 - Centela Emp. S/A 5,710 2,249 3, ,249 2,543-4,792 Certima Empr. Imob. Ltda 2, ,746 1, ,102 1, ,744 Chenopodio Emp. S/A 87,656 82,209 5, ,270 8,259-10,529 Cianus Emp. S/A 42,241 40,357 1,884 (424) (212) Ciclame Des. Imob. S/A 28,055 4,361 23,694 1, , ,370 Ciclame Emp. S/A 2, , , ,462 Cinara Emp. S/A 25,366 5,057 20,309 (906) (634) 14, ,216 Cladeu Emp. Imob. Ltda 4,491 6,919 (2,428) (153) (107) (1,699) 96 1,603 - Clarence Empr. Imob. Ltda (69) (57) (40) (48) Cleomeia Emp. S/A 64,693 20,952 43,741 2, ,553 26, ,245 Convulata Emp. S/A (38) (2) (1) (19) Coreópisis Emp. S/A 115, ,843 (8,814) (310) (147) (4,187) 92 4,095 - Coriandrum Emp. S/A 2,691 2, (1) (1) Costa Esmeralda I SPE Ltda 120,671 83,937 36, ,367 3,121-21,488 Courgete Emp. S/A 10,948 24,085 (13,137) (706) (353) (6,569) - 6,569 - Cravina Emp. S/A 25,842 38,160 (12,318) (1,793) (1,255) (8,622) 13,590-4,968 Cyrela Havai Emp. Imob. Ltda - (5,131) 5,131 (40) (20) 5, ,168 Dalia Emp. Imob. Ltda 2,164 (1,331) 3, , ,098 Damacena Emp. S/A 279, ,260 (30,311) (4,966) (3,228) (19,702) 45,972-26,270 Diantus Emp. S/A 74,041 70,274 3,767 (357) (179) 1,884 11,781-13,665 Difusa Emp. S/A 89,199 45,980 43,219 4, ,761 28, ,093

56 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Donovan Empr. Imob. Ltda 1, (3) (2) Duarte - Edificio Vila Boa Vista Ltda 4,053 1,080 2,973 1, , ,486 Elvas Emp. Imob. Ltda 32,721 36,224 (3,503) (2,290) (1,489) (2,277) - 2,277 - Erimanto Emp. Imob. Ltda 25,575 29,101 (3,526) (922) (645) (2,468) 8,301-5,833 Erinus Emp. S/A 7,829 14,522 (6,693) (130) (104) (5,354) 549 4,805 - Erioteca Empr. S/A 1,226 1,241 (15) (8) - - (8) Evre Emp. Imob. Ltda 6,470 2,892 3,578 (84) (42) 1, ,789 Exacum Empr. Imob. Ltda (43) (1) (1) (22) Falcatus Emp. S/A 14,172 4,863 9, , ,500 Feacios Emp. Imob. Ltda 40,869-40, , ,609 Fiães Empr. Imob. Ltda (4) (2) Freamunde Emp. Imob. Ltda 14,867 7,618 7,249 2, ,896 4, ,712 Fucsia Emp. S/A 169, ,089 (24,125) (1,546) (928) (14,475) 25,226-10,751 Gabier Empr. Imob. Ltda 9 13 (4) (2) Gestia Emp. S/A 28,123 24,107 4,016 (977) (684) 2, ,860 Glicínia Empr. S/A 1,858 1, Gustávia Emp. S/A 1, (1) (1) Ideal Matão Neg. Imob. Ltda 1,089 1,091 (2) (1) Imbrasco Emp. Imob. Ltda 83,684 81,544 2,140 (18) (15) 1,840 14,858-16,698 Incana Emp. S/A 18,121 13,055 5,066 (81) (41) 2,533 3,310-5,843 Indre Emp. Imob. Ltda 29,528 29, (950) (760) 295 5,413-5,708 Inhame Empr. S/A (163) (163) Lacio Emp. Imob. Ltda 20,807 22,920 (2,113) (382) (382) (2,110) 7,158-5,048 Lagos Emp. S/A (4) (2) Laion Emp. Imob. Ltda 35,388 2,313 33,075 4, ,786 28, ,445 LHM Participação S/A 2 24 (22) (1) (1) (11) Lobelia Emp. S/A 20,949 17,479 3, ,082 2,100-4,182 Londres Incorp. SPE Ltda 165, ,609 58,724 1, ,362 14,201-43,563 Malmequer Emp. S/A 118,735 73,566 45,169 (206) (98) 21, ,455 Mandarim Emp. Imob. Ltda 46,653 49,105 (2,452) (1,441) (937) (1,594) 5,867-4,273 Manêtia Emp. S/A 4,339 4,412 (73) (51) Marianinha Emp. S/A 107, ,697 (18,065) (450) (315) (12,646) 9,988 2,658 - Mergonia Emp. S/A 877 2,062 (1,185) (32) (8) (288) Messina Incorp. SPE Ltda 63,954 41,576 22,378 (905) (362) 8, ,833 Monstera Emp. S/A 87,936 42,345 45, ,473 2,176-38,649 Mostardeira Emp. S/A Mucuna Emp. S/A 4,794 4,808 (14) (1) (1) (10) Nemofila Empr. Imob. Ltda (256) (1) (1) (128) Nigra Emp. S/A 46,974 28,029 18,945 (32) (22) 13, ,262 Nonacris Emp. Imob. Ltda 24,113 4,053 20,060 5, ,608 10, ,030 Norcon Rossi Emp.. S/A. 333, , ,547 9, , ,383 5, ,772 North York Emp. S/A 2, , , ,161 North York Negócios Imob. S/A 2,078 2,702 (624) (312) Papoila Emp. S/A 38,940 24,174 14,766 (44) (22) 7, ,383 Peônia Emp. Imob. S/A 87,470 39,810 47,660 (30) (10) 16, ,384 Praça Paris Des. Imob. S/A 15,785 9,880 5, , ,315 Praça Paris Incorp. S/A 13,190 17,265 (4,075) (170) (153) (3,667) 717 2,950 - Prunus Emp. S/A 11,853 8,590 3, , ,387 Pulchela Emp. S/A 23,910 30,493 (6,583) (643) (322) (3,292) 6,405-3,113 Pumila Emp. S/A 12,414 15,253 (2,839) (43) (21) (1,377) 356 1,021 - Purpurata Emp. S/A 17,430 3,840 13,590 1, , ,629 Quadra B-3 Incorp. Ltda 34,163 39,122 (4,959) (2,480) 6,218-3,738 Quenopodio Emp. S/A 16,455 13,331 3, , ,531 RCG Urbanismo Ltda 11,708 11,720 (12) (2) (1) (6) 1,997-1,991 Realengo SPE Empr. Imob. S/A (230) (138) Risaralda Emp. Imob. Ltda 14,740 7,771 6,969 3, ,284 4, ,578 Rossi Melnick Des. Imob. S/A 1,829 1,942 (113) (145) (102) (79) Rossi Melnick Empr. S/A Rype SPE 3 - Emp. Imob. Ltda 19,245 7,903 11, , ,805 Salmiana Emp. S/A 48,287 41,582 6,705 (190) (95) 3, ,651 Santa Agape Emp. Imob. Ltda 9, , , ,295 Santa Agueda Empr. Imob. Ltda (4) (2) Santa Alice Empr. Imob. Ltda 9 12 (3) (2) Santa Antonina Empr. Imob. Ltda 1,416 1,

57 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Santa Aurelia Emp. Imob. Ltda 38,105 35,467 2, ,583 1,354-2,937 Santa Beatriz Emp. Imob. Ltda 156, ,044 (8,006) (3,244) (1,784) (4,403) 23,920-19,517 Santa Bibiana Emp. Imob. Ltda 12,472 9,080 3, , ,707 Santa Brenda Emp. Imob. Ltda 28,898 30,743 (1,845) (91) (46) (922) 2,814-1,892 Santa Enriqueta Emp. Imob. Ltda 16,490 16, ,002-5,028 Santa Felipa Emp. Imob. Ltda 9,682 1,586 8,096 2, ,998 6, ,477 Santa Flavia Emp. Imob. Ltda 9,595 10,200 (605) (454) Santa Francisca Emp. Imob. Ltda 12,947 12, ,916-4,573 Santa Gaudencia Emp. Imob. Ltda 1,598 1,632 (34) (1) (1) (17) Santa Gisela Emp. Imob. Ltda 2,248 3,568 (1,320) (2) (2) (1,188) 110 1,078 - Santa Gundelina Emp. Imob. Ltda 13,302 9,580 3, , ,861 Santa Hermelinda Emp. Imob. Ltda 1,570 1,757 (187) (2) (1) (93) Santa Kilian Emp. Imob. Ltda 33,672 36,259 (2,587) (2,070) 9,645-7,575 Santa Lucrecia Emp. Imob. Ltda 1,470 5,134 (3,664) (9) (8) (3,298) 90 3,208 - Santa Silvana Emp. Imob. Ltda 27,575 6,472 21, , ,635 Santa Silvia Emp. Imob. Ltda 50,309 58,183 (7,874) (1,297) (713) (4,331) 10,527-6,196 Santa Sofia Emp. Imob. Ltda 103, ,326 (35) (3) 8,489-8,486 Santa Solange Empr. Imob. Ltda 9,110 2,368 6,742 4, Santa Tais Emp. Imob. Ltda 1 14 (13) (2) (1) (6) Santa Teodata Emp. Imob. Ltda 102, ,132 (4,510) (3,964) (2,775) (3,157) 13,507-10,350 Santo Abaco Empr. Imob. Ltda (12) (2) (1) (6) Santo Adriano Emp. Imob. Ltda 5,307 2,345 2,962 (376) (226) 1, ,777 Santo Agostinho Emp. Imob. Ltda 35,815 47,810 (11,995) (176) (106) (7,197) 3,777 3,420 - Santo Alberto Emp. Imob. Ltda 4,938 5,118 (180) (2) (1) (126) Santo Alexandre Emp. Imob. Ltda 1,625 1,716 (91) (5) (3) (45) Santo Amadeu Emp. Imob. Ltda 22,356 5,757 16, , ,769 Santo Aniceto Emp. Imob. Ltda 9,037 5,560 3,477 (158) (79) 1, ,738 Santo Egidio Emp. Imob. Ltda 47,073 55,419 (8,346) (1,070) (535) (4,173) 6,289-2,116 Santo Eliseu Emp. Imob. Ltda 6, ,755 (1) (1) 3, ,378 Santo Expedito Emp. Imob. S 52,624 61,379 (8,755) (3,772) (1,886) (4,378) 6,176-1,798 Santo Isidro Empr. Imob. Ltda 1,410 1,460 (50) (24) (16) (33) Santo Orestes Empr. Imob. Ltda (6) (3) 6-3 Santo Orlando Emp. Imob. Ltda 16,713 7,322 9, , ,574 São Basilio Emp. Imob. Ltda 23,058 27,819 (4,761) (734) (514) (3,333) 6,227-2,894 São Beltran Emp. Imob. Ltda 25,833 29,818 (3,985) (436) (218) (1,992) 2, São Boris Empr. Imob. Ltda (11) (2) (1) (7) São Felix Emp. Imob. Ltda 67,820 30,779 37,041 7, ,178 20, ,372 São Fidelis Emp. Imob. Ltda 31,170 31,273 (103) (570) (285) (52) 7,968-7,916 São Gabino Emp. Imob. Ltda 9,203 4,979 4,224 (37) (19) 2, ,112 São Genciano Emp. Imob. Ltda 19,597 21,233 (1,636) (818) São Gildasio Emp. Imob. Ltda 388 1,021 (633) (5) (3) (316) São Hipolito Emp. Imob. Ltda 52,876 54,392 (1,516) (152) 1,526-1,374 São Leopoldo Emp. Imob. Ltda 17,147 3,592 13,555 4, , ,355 São Marcelo Empr. Imob. Ltda 728 1,035 (307) (5) (3) (153) São Nicodemus Emp. Imob. Ltda 8,988 6,380 2,608 (49) (25) 1, ,304 São Petronius Empr. Imob. Ltda (10) (1) (1) (6) São Placido Empr. Imob. Ltda 2,713 2,874 (161) (64) São Ponciano Emp. Imob. Ltda 2,214 3,698 (1,484) (3) (1) (593) São Ramiro Empr. Imob. Ltda 4, ,550 1, , ,775 São Severino Emp. Imob. Ltda 8,865 2,809 6, , ,845 São Teobaldo Emp. Imob. Ltda 31,085 15,417 15,668 2, ,931 14, ,101 São Tiburcio Emp. Imob. Ltda 320 1,200 (880) (4) (2) (440) São Tranquilino Emp. Imob. Ltda 35,797 37,960 (2,163) (771) (308) (865) 12,668-11,803 Saponaria Empr. S/A 3,367 3, Sarapo Emp. Imob. Ltda 12,545 15,216 (2,671) (28) (14) (1,336) 3,231-1,895 SCP Cyrela Seina Emp. Imob. Ltda 12,648 14,118 (1,470) (735) Sobradinho I Des. Imob. Ltda 945 1,373 (428) (389) (195) (214) Sobradinho II Des. Imob. Ltda (84) (44) (22) (42) SPE Alto da Boa Vista Emp. Imob. T Ltda 23,375 13,131 10,244 6, ,415 7, ,091 SPE Cond. Jardins da França Ltda 25,394 1,884 23,510 7, ,075 16, ,461 SPE Cond. Recanto das Árvores Ltda 65,124 67,456 (2,332) (478) (335) (1,633) 2, SPE Cond. Vila Das Artes Ltda 56,896 55,512 1, ,557-6,526 SPE Parque Sementeiras Emp. Imob. T Ltda 109, ,314 (4,820) (1,831) (1,282) (3,374) 9,711-6,337

58 Assets Liabilities Equity Profit or loss Interest - % June 2014 Equity in subsidiaries Advances Transfer of for future equity Investments capital increase deficiency Total Talassa Emp. Imob. Ltda 11,206 3,564 7, , ,967 Tapiriri Emp. S/A 34,298 35,596 (1,298) (2) (1) (649) Tibouchina Emp. S/A 29,336 18,581 10, , ,384 Tintoria Empr. S/A 1 27 (26) (6) Toctao-Rossi Emp. Imob. S.A 511 6,741 (6,230) (822) (411) (3,115) 1,513 1,602 - Tumbergia Emp. S/A 23,687 1,889 21, , ,899 Tunja Empr. Imob. Ltda (7) (1) (1) (7) 12-5 Vardaman Emp. Imob. Ltda 13,826 5,435 8, , ,195 Visnaga Emp. S/A 18,679 11,702 6, , ,140 Other (781) 1,200 (145) 1,055 Goodwill , ,552 Capitalized interest (15,326) 57, ,323 27, , ,038 56,990 1,531, ,312 2,509, , ,356 4,149,532

59 Summary of the main information on investments as at December 31, Subsidiaries Assets Liabilities Equity Profit/loss for the year December 2013 Share of Advance for Transf. profits of Investment future capital equity Total investess balance increase deficiency Total Consolidated Abadir Emp. Imob. Ltda 3,800 8,158 (4,358) (1,997) (1,995) (4,354) - 4, Abeguar Empr. Imob. Ltda 2,151 2,767 (616) (614) (613) (615) Abramites Empr. Imob. Ltda (4) (2) (2) (4) Abrotano Emp. Imob. Ltda (1) (1) Absirto Emp. Imob. Ltda 11,010 10, Açafate Emp. S/A 29,243 13,493 15,750 4, ,831 15, ,750 - Acapurana Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Acaulis Empr. S/A (9) (1) (1) (9) Acer Participações S/A 30,993 16,836 14,157 (12) (12) 14, ,143 - Acragante Empr. Imob. Ltda 1,946 1,949 (3) (1) (1) (3) Adiantum Emp. S/A 31,771 28,482 3, ,644 2,518-4,162 - Afine Empr. S/A 1 11 (10) (4) (4) (10) Afragola Empr. Imob. Ltda - 1 (1) (1) (1) (1) Africano Empr. Imob. Ltda (15) (4) (4) (15) Aglaonema Emp. S/A 14,407 6,133 8,274 2, ,504 8, ,274 - Agnes Empr. Imob. Ltda - 2 (2) (1) (1) (2) Agraecum Emp. S/A 14,766 7,366 7,400 2, ,756 7, ,393 - Aisar Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Aisne Empr. Imob. Ltda 3,515 2,348 1,167 1, ,167 1, ,166 - Ajacis Empr. S/A 1 17 (16) (4) (4) (16) Ajuga Empr. Imob. Ltda (4) (4) Alamanada Emp. Imob. Ltda (521) (210) (210) (521) Alanje Empr. Imob. Ltda (8) (2) (2) (8) Alcaçus Emp. Imob. Ltda (207) (3) (3) (206) Alcea Emp. Imob. Ltda 189,676 32, ,105 36, , , ,105 - Alcines Emp. Imobiliarios Ltda 1, (1) (1) Aldrovandi Emp. Imob. Ltda 11,776 9,780 1,996 1, ,635 1, ,994 - Alisso Empr. S/A (9) (1) (1) (9) Alium Emp. S/A 10,656 1,636 9,020 (11) (11) 9, ,020 - Allure Des. Imob. S/A 13,508 2,051 11,457 (308) (308) 11, ,457 - Almeirim Empr. Imob. Ltda - 3 (3) (1) (1) (3) Alpen Haus Des. Imob. S/A 9,944 9, Alpen Haus Neg. Imob. S/A 15,996 12,898 3,098 (408) (286) 2, ,375 - Alpínia Des. Imob. Ltda 43,175 13,082 30,093 1, ,030 30, ,093 - Alquemila Emp. S/A 19,433 8,331 11, , ,102 - Alteia Emp. Ltda 33,367 8,489 24,878 (626) (626) 24, ,878 - Altenau Empr. Imob. Ltda (26) (2) (2) (26) Alternantera Emp. S/A 76,057 42,163 33,894 7, ,134 33, ,861 - Amapola Empr. Imob. Ltda (25) (24) (24) (25) Ambassador Emp. S/A 6,039 2,373 3,666 (8) (4) 1, ,833 - Ambato Emp. Imob. Ltda 2,020 2,986 (966) (2) (2) (965) América Piqueri Incorp. S/A 4,741 4, América Properties Ltda 40,777 32,467 8,310 (5,258) (5,257) 8, ,310 - Amniso Empr. Imob. Ltda 2,077 2,508 (431) (430) (430) (431) Amoneti Emp. Imob. Ltda 7, ,901 (1) (1) 7, ,901 - Anabi Empr. Imob. Ltda 3,739 4,449 (710) (537) (536) (709) Anacardium Empr. S/A 1 11 (10) (4) (4) (10) Anadia Empr. Imob. Ltda 1,798 1,809 (11) (1) (1) (11) Anapo Empr. Imob. Ltda 6,857 5,147 1,710 1, ,914 1, ,709 - Anauro Empr. Imob. Ltda (138) (7) (7) (138) Ancusa Emp. S/A 27,179 14,907 12, , ,259 - Aniene Emp. Imob. Ltda 7,659 1,782 5,877 3, ,611 5, ,871 - Anigro Emp. Imob. Ltda 13,725 14,302 (577) (319) (319) (576) Anloga Empr. Imob. Ltda 8,234 3,757 4,477 4, ,368 3, ,134 - Anteros Emp. Imob. Ltda 9,371 2,130 7,241 4, ,138 7, ,241 - Antirinum Empr. S/A (112) (4) (4) (112) Antocleista Empr. S/A 7,363 7, (9) (6) Antronapiana Empr. Imob. Ltda - 1 (1) (1) (1) (1) Aparine Empr. Imob. Ltda 1,232 1,279 (47) (47) (47) (47) Apeliotes Empr. Imob. Ltda 2,266 2,286 (20) (1) (1) (20) Apidano Emp. Imob. Ltda 17,973 25,025 (7,052) (3,066) (3,063) (7,045) - 7, Apistograma Empr. Imob. Ltda - 3 (3) (2) (2) (3) Apuléia Emp. Ltda 56,795 50,678 6,117 (1,927) (1,927) 6, ,117 - Aqueronte Empr. Imob. Ltda 5 8 (3) (1) (1) (3) Aralia Empr. S/A 3 18 (15) (3) (3) (15) Owners hip interest

60 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Araticum Emp. S/A 11,348 9,364 1, , ,982 - Araucaia Emp. S/A 35,710 4,554 31, , ,125 - Araure Empr. Imob. Ltda 6,970 7,918 (948) (946) (757) (759) Arborea Empr. S/A (25) (4) (4) (25) Arbustiva Empr. S/A (14) (1) (1) (14) Ardesco Empr. Imob. Ltda (3) (1) (1) (3) Arielle Empr. Imob. Ltda 1 4 (3) (2) (2) (3) Aristasia Emp. S/A 22,956 22, Aristata Emp. S/A 21,595 8,204 13,391 2, ,547 13, ,381 - Arizona Empr. Imob. Ltda (23) (3) (3) (23) Arkansas Emp. S/A 10,815 1,204 9, , ,601 - Aronis Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Arquitotis Emp. S/A 37,775 14,835 22,940 (773) (773) 22, ,940 - Artocarpus Emp. S/A 16,350 2,081 14,269 1, ,927 14, ,255 - Arundina Empr. Imob. Ltda 1,596 1, Asopo Emp. Imob. Ltda 3,537 3, , Asterion Emp. Imob. Ltda 7,066 1,393 5,673 3, ,116 5, ,681 - Astir Ass. Téc. Imob. Part. Ltda 3,576 14,132 (10,556) (12,087) (12,075) (10,546) - 10, Atenor Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Atinidia Empr. Imob. Ltda 8,064 8,231 (167) (30) (30) (167) Atromeia Emp. S/A 55,700 29,442 26,258 1, ,222 26, ,231 - Autentic Des. Imobiliário S/A 5,622 3,818 1, , ,263 - Autentic Emp. S/A 5,859 5, Bafira Emp. Imob. Ltda 7,029 7,275 (246) (160) 1,196-1,036 - Balderico Empr. Imob. Ltda - 1 (1) (1) (1) (1) Balerta Empr. Imob. Ltda - 1 (1) (1) (1) (1) Balsemão Empr. Imob. Ltda (4) (1) (1) (4) Barão do Café Emp. Imob. S/A 1, ,082 (3) (2) Barão do Café Incorp. S/A 3,465 1,332 2, , ,066 - Barbana Empr. Imob. Ltda (47) (1) (1) (47) Bartica Empr. Imob. Ltda (134) (9) (9) (133) Basileu Emp. Imob. Ltda 3, ,926 (19) (19) 3, ,926 - Basiliana Empr. Imob. Ltda - 2 (2) (1) (1) (2) Basilico Emp. S/A 48,219 58,825 (10,606) (7,424) - 7, Bazagueda Empr. Imob. Ltda - 3 (3) (1) (1) (3) BCP Emp. Imob. Ltda 36,179 4,447 31, , ,732 - Belisário Empr. Imob. Ltda 3,270 3,685 (415) (413) (413) (414) Benitoite Empr. Imob. Ltda - 2 (2) (1) (1) (2) Beselga Empr. Imob. Ltda (3) (1) (1) (3) Beuvron Empr. Imob. Ltda (4) (2) (2) (4) Bidasoa Emp. Imob. Ltda 9,570 10,210 (640) (212) (212) (639) Bipinatus Emp. S/A 4,715 9,698 (4,983) (4,978) - 4, Bitinia Emp. Imob. Ltda 31,145 34,605 (3,460) (775) (774) (3,456) - 3, Bocholte Empr. Imob. Ltda - 3 (3) (1) (1) (3) Boditi Empr. Imob. Ltda (713) (711) (710) (712) Bolero Emp. S/A 27,189 29,332 (2,143) (1,678) (1,676) (2,141) - 2, Bonina Emp. Imob. Ltda 19,292 20,418 (1,126) (717) (716) (1,125) - 1, Bordo Emp. S/A 8, ,974 (269) (269) 7, ,966 - Boristenes Empr. Imob. Ltda (3) (1) (1) (3) Bouvardia Emp. Imob. Ltda 4,254 3, Bresbe Emp. Imob. Ltda 4,411 3, , Brionia Empr. Imob. Ltda (1) (1) (1) (1) Brossasco Empr. Imob. Ltda - 1 (1) (1) (1) (1) Brumalia Empr. Imob. Ltda 1 19 (18) (7) (7) (18) Brutio Emp. Imob. Ltda 13,447 14,572 (1,125) (426) (277) (731) 1,927-1,196 - Burgendi Empr. Imob. Ltda (11) (4) (4) (11) Butajira Emp. Imob. Ltda 7,489 7,988 (499) (360) (360) (498) Cabudare Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Cacatua Empr. Imob. Ltda (3) (1) (1) (3) Caerulea Emp. S/A 6,366 1,293 5,073 5, ,055 5, ,067 - Cainara Empr. Imob. Ltda Cairica Emp. S/A 2,901 2, Calêndula Emp. Ltda 20,352 1,802 18, , ,550 -

61 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Caliandra Incorp. Ltda 87,499 64,410 23,089 (689) (689) 23, ,077 - Califórnia 5 Emp. Ltda 17,626 3,867 13,759 1, ,258 13, ,759 - Caliméria Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Campainha Emp. S/A 11,577 7,904 3, , ,735 - Capuchinha Empr. Imob. Ltda 9,075 8, Cardunculus Emp. Imob. Ltda 836 2,105 (1,269) (366) (366) (1,268) - 1, Cargese Empr. Imob. Ltda - 1 (1) (1) (1) (1) Carimbosa Emp. S/A 67,869 79,599 (11,730) (473) (473) (11,719) - 11, Caroba Emp. S/A (4) (4) Cartamus Emp. S/A 155, ,931 3, , ,994 - Cartatica Emp. Ltda 38,468 27,196 11,272 2, ,941 11, ,272 - Cascade Empr. S/A (10) (4) (4) (10) Cassia Empr. S/A 1 26 (25) (3) (3) (25) Casuar Emp. Imob. Ltda 933 1,457 (524) (2) (2) (523) Catalina Empr. Imob. Ltda 2,556 2,694 (138) (137) (137) (138) Catarantus Emp. S/A 98,979 91,559 7,420 (283) (142) 3,710 2,807-6,517 - Caudata Emp. Ltda 24,887 14,188 10, , ,699 - Cavour Empr. Imob. Ltda - 1 (1) (1) (1) (1) Cedrela Emp. Ltda 20,185 13,054 7,131 1, ,007 7, ,131 - Cedren Empr. Imob. Ltda (12) (1) (1) (12) Celebrete Emp. S/A 20,365 16,875 3,490 2, ,714 3, ,487 - Celebrity Icaraí Des. Imob. Ltda 27,960 6,372 21,588 (1,295) (1,295) 21, ,588 - Celebrity Icaraí Neg. Imob. S/A 57,529 60,559 (3,030) 1, ,020 (3,030) - 3, Celeni Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Celosia Emp. S/A 676 1,339 (663) (8) (8) (662) Centalo Empr. Imob. Ltda - 1 (1) (1) (1) (1) Centáurea Empr. S/A 1 17 (16) (4) (4) (16) Ceressa Empr. Imob. Ltda - 2 (2) (1) (1) (2) Chác. Sto. Antonio Vivanti Des. Imob. Ltda 17,296 1,506 15,790 (4) (4) 15, ,790 - Cheflera Emp. S/A 11, , , ,164 - Chialomberto Empr. Imob. Ltda - 1 (1) (1) (1) (1) Chiapera Empr. Imob. Ltda - 1 (1) (1) (1) (1) Chilibre Emp. Imob. Ltda 3,325 4,912 (1,587) (216) (216) (1,586) - 1, Chilodus Emp. Imob. Ltda 9,170 11,072 (1,902) (921) (920) (1,900) - 1, Chilon Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Ciconia Emp. Imob. Ltda 21,786 23,659 (1,873) (790) (789) (1,871) - 1, Cineraria Empr. S/A 1 11 (10) (4) (4) (10) Citrus Emp. S/A 16,300 1,395 14,905 (10) (10) 14, ,905 - Clarinda Empr. Imob. Ltda - 6 (6) (4) (4) (6) Clarquia Emp. Imob. Ltda 4,318 4,478 (160) (128) Clematis Empr. S/A 1 90 (89) (3) (3) (88) Climenia Empr. Imob. Ltda (169) (168) (168) (168) Clube Tuiuti Emp. S/A 4,145 3,144 1, Cocinea Empr. S/A 1 11 (10) (4) (4) (10) Colocasia Emp. Imob. Ltda 5,334 4, , , Colorata Emp. Imob. Ltda 17,455 1,795 15,660 11, ,055 15, ,660 - Cond. das Palmeiras Emp. S/A 10,334 6,636 3, , ,588 - Congea Emp. S/A 34,935 17,177 17, , ,758 - Congorsa Emp. S/A 13,625 11,279 2,346 (2,316) (2,314) 2, ,344 - Congossa Emp. S/A 24,874 20,928 3,946 (782) (781) 3, ,942 - Consolda Emp. S/A 18,455 13,340 5, , ,110 - Cordifolia Emp. S/A 4,362 2,299 2, , ,061 - Coribante Emp. Imob. Ltda 8,849 2,278 6,571 2, ,837 6, ,571 - Coridora Empr. Imob. Ltda (10) (2) (2) (10) Cortemila Empr. Imob. Ltda - 1 (1) (1) (1) (1) Costa Andrade Incorp. 1 Ltda 10,736 1,239 9,497 2, ,517 9, ,497 - Cronios Empr. Imob. Ltda - 7 (7) (6) (6) (7) Cucumis Empr. S/A (4) (4) Cucurbita Empr. S/A 1 17 (16) (4) (4) (16) Daciano Empr. Imob. Ltda - 2 (2) (1) (1) (2) Dalmazo Empr. Imob. Ltda - 1 (1) (1) (1) (1) Damaris Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Damiane Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Damion Empr. Imob. Ltda 1 2 (1) (1) (1) (1)

62 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Dangila Emp. Imob. Ltda 25,409 26,028 (619) (147) (103) (433) 4,882-4,449 - Del Monte Des. Imob. Ltda 12,530 4,713 7, , ,817 - Del Monte Neg. Imob. S/A 11,182 11, Delcine Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Delfinio Empr. S/A 1 14 (13) (4) (4) (13) Demetris Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Deodoro Empr. Imob. Ltda - 2 (2) (1) (1) (2) Derveni Emp. Imob. Ltda 1, ,779 (1) (1) 1, ,779 - Dessau Empr. Imob. Ltda 1 4 (3) (1) (1) (3) Dilber Empr. Imob. Ltda (1) (1) (1) (1) Dinarte Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Diomedes Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Diomen Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Dions Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Dipladênia Emp. Imob. Ltda 44,053 27,858 16,195 5, ,950 8, ,098 - Dirito Emp. Imob. Ltda 2, ,551 (126) (126) 1, ,551 - Dorinda Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Doubs Emp. Imob. Ltda 9,941 3,469 6,472 5, ,887 6, ,465 - Dranci Emp. Imob. Ltda 16,241 18,360 (2,119) (1,908) (1,336) (1,484) 8,330-6,846 - Driope Emp. Imob. Ltda 15,249 12,348 2,901 (927) (926) 2, ,898 - Dueto Desenv. Imobiliário Ltda 7,141 7, (51) (26) Dueto Neg. Imob. S/A 8,993 10,245 (1,252) (615) (308) (626) 1, Dunedine Emp. Imob. Ltda 24,935 25,195 (260) (197) (197) (260) Egeon Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Eitorfe Empr. Imob. Ltda 2,214 2,263 (49) (46) (46) (49) Elida Emp. Imob. Ltda 45,037 39,377 5, , ,654 - Elvas Emp. Imob. Ltda 27,289 28,502 (1,213) (837) (544) (788) Embua Emp. Imob. Ltda 7,554 13,244 (5,690) (4,885) (4,880) (5,684) 1,204 4, Emp. Imob. Jaguaré SPE Ltda 56,866 47,021 9,845 8, ,627 9, ,845 - Entradero Empr. Imob. Ltda 1 4 (3) (1) (1) (3) Envigado Empr. Imob. Ltda - 4 (4) (1) (1) (4) Epiro Emp. Imob. Ltda 2,199 8,553 (6,354) (1,493) (1,492) (6,347) - 6, Equinacia Emp. S/A 27,769 31,496 (3,727) (4,185) (4,185) (3,727) - 3, Equio Emp. Imob. Ltda (229) (4) (4) (228) Ercilio Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Eritreia Empr. Imob. Ltda Ermesinde Empr. Imob. Ltda - 3 (3) (1) (1) (3) Escabiosa Emp. S/A 34,458 34, Escalda Emp. Imob. Ltda 6,947 9,195 (2,248) (995) (994) (2,246) - 2, Esculenta Emp. S/A 14,577 8,878 5,699 (48) (48) 5, ,694 - Espinelio Empr. Imob. Ltda (148) (1) (1) (148) Esqueria Emp. Imob. Ltda 459 1,508 (1,049) (2) (2) (1,048) - 1, Estense Empr. Imob. Ltda - 1 (1) (1) (1) (1) Estifitia Empr. Imob. Ltda (24) (4) (4) (24) Estige Emp. Imob. Ltda 1,274 2,893 (1,619) (1) (1) (1,617) - 1, Estramoio Emp. S/A 26,977 17,886 9,091 3, ,122 9, ,091 - Estrumosa Emp. S/A 2,900 2, (4) (4) Etolia Empr. Imob. Ltda 1,562 1,981 (419) (418) (418) (419) Euforbia Empr. S/A 12,297 12,304 (7) (8) (8) (7) Euriabe Emp. S/A 41,363 33,818 7, , ,537 - Eustoma Emp. S/A 19,301 17,367 1, ,547 3,190-4,737 - Fabrice Emp. Imob. Ltda Facatativa Empr. Imob. Ltda (347) (345) (345) (347) Faon Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Faraji Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Felicia Empr. Imob. Ltda - 27 (27) (2) (2) (27) Fiumicino Empr. Imob. Ltda - 1 (1) (1) (1) (1) Florença Participações S/A 46,687 11,835 34,852 23, ,611 34, ,817 - Frigia Emp. Imob. Ltda 1, ,417 (1) (1) 1, ,466 - Fruticosa Empr. S/A 6 30 (24) (3) (3) (24) Fubelo Empr. Imob. Ltda - 1 (1) (1) (1) (1) Furano Emp. Imob. Ltda 5, ,608 (1) (1) 5, ,608 -

63 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Gabrio Empr. Imob. Ltda 1 3 (2) (1) (1) (2) Galeria Boulevard Des. Imob. S/A 28,924 25,348 3, , ,788 - Galeria Boulevard Neg. Imob. S/A 79,005 66,932 12,073 (416) (208) 6, ,153 - Galeso Empr. Imob. Ltda 15,041 15,045 (4) (4) (4) (4) Ganges Empr. Imob. Ltda (29) (3) (3) (29) Garden Up Des. Imob. Ltda 6,940 5,868 1, Garden Up Negócios Imob. S/A 9,767 9, Gardênia Participações S/A 4,466 1,236 3,230 (75) (38) 1, ,616 - Garessaio Empr. Imob. Ltda - 1 (1) (1) (1) (1) Garona Empr. Imob. Ltda 1 5 (4) (1) (1) (4) Gazania Emp. S/A 96,639 69,258 27,381 3, ,918 27, ,354 - Gelsemino Emp. Ltda 5, ,242 (3) (3) 5, ,242 - Gerbreras Emp. S/A (247) (1) (1) (247) Giardino Des. Imob. S/A Giardino Emp. Imob. S/A (4) (2) Giochino Empr. Imob. Ltda - 2 (2) (1) (1) (2) Gionata Emp. Imob. Ltda 619 1,541 (922) (855) (854) (921) Girassol Incorp. Ltda 3,995 1,047 2,948 (2) (2) 2, ,948 - Glicério Empr. Imob. Ltda - 2 (2) (1) (1) (2) Glicínia Des. Imob. Ltda 3,265 1,058 2, , ,207 - Glinde Emp. Imob. Ltda 5,557 6,417 (860) (3) (3) (860) Goivo Emp. Imob. Ltda 2,256 3,135 (879) (12) (12) (878) Gondomar Empr. Imob. Ltda - 3 (3) (1) (1) (3) Gonfrena Emp. Imob. Ltda 245, ,865 19,920 (7,147) (7,140) 19, ,900 - Graminea Des. Imob. S/A (3) (3) Gran Vita Des. Imobiliário Ltda (199) (199) Granda Empr. Imob. Ltda - 3 (3) (1) (1) (3) Grandiflora Emp. Imob. Ltda 16,981 16, (145) (145) Grimentz Empr. Imob. Ltda - 1 (1) (1) (1) (1) Guaraná Emp. S/A 37,524 39,201 (1,677) (1,019) (1,019) (1,677) - 1, Helicônias Des. Imob. S/A 1, , , ,436 - Helitropo Empr. S/A 1 16 (15) (4) (4) (14) Hibisco Incorp. Ltda 7,028 5,612 1,416 (11) (11) 1, ,416 - Hirtela Emp. S/A 24,196 1,919 22,277 5, ,663 22, ,255 - Ianira Empr. Imob. Ltda 1 10 (9) (1) (1) (9) Iberidifolia Emp. Imob. Ltda 66,228 41,204 25, , ,999 - Ibero Emp. Imob. Ltda 4,919 6,490 (1,571) (189) (189) (1,569) - 1, Ibicela Emp. S/A 4,063 5,010 (947) (58) (14) (230) Iguatemi Porto Alegre Des. Imob. Ltda 12,551 4,925 7,626 (164) (164) 7, ,626 - Impatiens Emp. Imob. Ltda 10,865 10, (416) (416) Ipomoea Emp. S/A 30,785 2,201 28, , ,555 - Isele Empr. Imob. Ltda - 1 (1) (2) (2) (1) Ismeno Empr. Imob. Ltda (21) (2) (2) (21) Iturbe Emp. Imob.. Ltda 20,413 20, (6) (6) Jacobina Empr. Imob. Ltda (1) (1) (1) (1) Jamino Empr. Imob. Ltda (3) (3) (3) (3) Jardins de Londres Des. Imob. Ltda (173) (173) Jester Empr. Imob. Ltda 1 12 (11) (4) (4) (11) Jetirana Emp. S/A 43,192 7,268 35,924 8, ,170 17, ,749 - Kansas Emp. Imob. Ltda 13,085 12, (601) (301) Kidia Empr. Imob. Ltda - 1 (1) (1) (1) (1) Klabin Segal Emp. Imob. SPE Ltda 7,189 2,808 4,381 (83) (42) 2, ,190 - Laciniata Emp. S/A 1, ,297 (4) (4) 1, ,297 - Lacrima Emp. Imob. Ltda 21,274 26,244 (4,970) (1,777) (1,775) (4,965) 7,730-2,765 - Lamberti Empr. Imob. Ltda - 1 (1) (1) (1) (1) Lamego Empr. Imob. Ltda 1 4 (3) (1) (1) (3) Lanterninha Emp. Ltda 157, ,686 40,750 2, ,710 40, ,710 - Latacunga Empr. Imob. Ltda (4) (2) (2) (4) Lavatera Emp. S/A 5,946 2,735 3,211 (45) (23) 1, ,679 - Levaldige Empr. Imob. Ltda - 1 (1) (1) (1) (1) Liepaja Emp. Imob. Ltda 5, , , ,901 - Linania Emp. S/A 195, ,370 (36,670) 6, ,411 (36,633) - 36, Linum Emp. S/A 16,527 1,034 15,493 2, ,686 15, ,478 - Litodora Empr. Imob. Ltda 11 1,586 (1,575) (1,387) (1,386) (1,573) - 1, Lobulama Emp. S/A 6,880 5,444 1, , ,436 -

64 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Lonicera Emp. S/A 11,173 4,158 7, , ,008 - Lourosa Empr. Imob. Ltda - 3 (3) (1) (1) (3) Luandre Empr. Imob. Ltda 1,044 1,046 (2) (1) (1) (2) Lucita Empr. Imob. Ltda (8) (2) (2) (8) Luisiane Emp. Imob. Ltda 3,093 3,301 (208) (6) (6) (208) Macaracas Empr. Imob. Ltda - 3 (3) (1) (1) (3) Machibongo Empr. Imob. Ltda - 3 (3) (1) (1) (3) Maculata Empr. S/A 1 27 (26) (4) (4) (26) Mafuane Empr. Imob. Ltda 1,360 1,361 (1) (1) (1) (1) Magiorino Empr. Imob. Ltda - 3 (3) (1) (1) (3) Mallorca Empr. Imob. Ltda (4) (1) (1) (4) Malvaisco Emp. S/A 37,294 24,423 12, , ,858 - Mandevila Emp. Ltda 1, ,677 (4) (4) 1, ,677 - Mandisa Empr. Imob. Ltda (1) (1) (1) (1) Mangualde Emp. Imob. Ltda 15,119 9,032 6,087 8, ,626 6, ,081 - Manjericão Empr. Imob. Ltda 1,621 1,629 (8) (3) (3) (8) Mansoa Emp. Imob. Ltda 8,529 11,184 (2,655) (936) (935) (2,652) - 2, Maracaja Emp. Imob. Ltda 1,053 2,581 (1,528) (1,527) - 1, Mardigras Emp. S/A 1,386 2,209 (823) (4) (4) (822) Marene Empr. Imob. Ltda - 1 (1) (1) (1) (1) Marginata Empr. Imob. Ltda (82) (4) (4) (82) Matioca Emp. Imob. Ltda 84,398 72,942 11,456 12, ,304 11, ,660 - Maurin Empr. Imob. Ltda - 1 (1) (1) (1) (1) Meandro Emp. Imob. Ltda 584 1,222 (638) (5) (5) (637) Melampodio Empr. S/A (86) (41) (41) (86) Mesembrianteme Emp. Imob. Ltda 26,887 29,368 (2,481) (703) (702) (2,479) - 2, Mincio Emp. Imob. Ltda 32,672 31,670 1,002 1, ,360 1, ,001 - Minulo Emp. S/A 218, ,524 (18,428) (14,720) (14,705) (18,410) - 18, Molie Emp. Imob. Ltda 22,677 16,470 6,207 2, ,248 6, ,200 - Monazita Emp. Imob. Ltda (260) (1) (1) (259) Moscatu Emp. S/A 55,342 34,347 20,995 3, ,083 20, ,995 - Mosela Empr. Imob. Ltda (6) (1) (1) (6) Mosteiros Empr. Imob. Ltda (3) (1) (1) (3) Mulatupo Empr. Imob. Ltda (1) (1) Muricata Empr. S/A - 15 (15) (3) (3) (15) Nagolde Empr. Imob. Ltda 1 5 (4) (1) (1) (4) Naiades Emp. Imob. Ltda 3,428 3,432 (4) (1) (1) (4) Narzole Empr. Imob. Ltda - 1 (1) (1) (1) (1) Natura Recreio Des. Imob. S/A 21,430 16,321 5, , ,104 - Natura Recreio Emp. Ltda 28,920 11,975 16, , ,945 - Nemuro Emp. Imob. Ltda (207) (1) (1) (207) Nenufar Emp. Imob. Ltda 5, ,818 3, ,542 4, ,818 - Nepeta Emp. S/A 49,544 30,294 19,250 2, ,333 19, ,230 - Nicandra Emp. S/A 203, ,800 84,782 6, ,377 84, ,697 - Nicotiana Emp. Imob. Ltda 23,436 27,306 (3,870) (1,516) (1,516) (3,870) - 3, Nicuri Empr. Imob. Ltda 4,110 4,235 (125) (125) (125) (125) Nidus Emp. S/A 83,390 90,410 (7,020) (372) (260) (4,914) 2,670 2, Nierembergia Emp. Imob. Ltda 7,363 8,086 (723) (52) (52) (722) Nievre Emp. Imob. Ltda 25,682 32,067 (6,385) (2,544) (2,541) (6,379) - 6, Nigela Emp. S/A 4,860 5,280 (420) (11) (6) (210) Novara Empr. Imob. Ltda - 1 (1) (1) (1) (1) Odivelas Empr. Imob. Ltda (3) (2) (2) (3) Oelde Emp. Imob. Ltda 8,521 7,097 1,424 3, , Oise Empr. Imob. Ltda (118) (2) (2) (117) Olerácea Emp. S/A 19,329 18, Olomuc Emp. Imob. Ltda 8, ,794 (2) (2) 8, ,794 - Onagra Emp. S/A 36,559 17,178 19, , ,362 - Orquídea Incorp. Ltda 330, ,969 (68,140) (25,235) (25,232) (68,140) - 68, Oviedo Emp. Imob. Ltda 5,045 4, (1) (1) Pachira Emp. Imob. Ltda 6, ,157 (2) (2) 6, ,151 - Pacino Emp. Imob. Ltda 16,127 17,642 (1,515) (112) (112) (1,514) - 1, Paludosum Emp. Imob. Ltda 18,531 23,444 (4,913) (1,319) (1,318) (4,908) - 4, Pamparo Empr. Imob. Ltda (8) (1) (1) (8) Panaque Emp. Imob. Ltda 15,858 9,434 6,424 (152) (152) 6, ,424 - Papaver Empr. Imob. Ltda - 8 (8) (3) (3) (8)

65 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Pelargonium Emp. Imob. Ltda 3, ,897 (72) (72) 2, ,897 - Peloponeso Emp. Imob. Ltda 2,271 2,734 (463) (211) (211) (463) Peltatum Emp. Imob. Ltda 13,989 13, (371) (371) Pepo Emp. S/A 49,825 50,502 (677) (3,033) (3,030) (676) Perpetuas Emp. Imob. Ltda 4,224 1,116 3,108 1, ,612 3, ,108 - Perudia Empr. Imob. Ltda - 1 (1) (1) (1) (1) Pervinca Emp. S/A 54,190 58,384 (4,194) (4,195) (4,192) (4,191) - 4, Petrea Emp. Ltda 1, ,684 (4) (4) 1, ,684 - Piacenza Empr. Imob. Ltda - 1 (1) (1) (1) (1) Pietraporzio Empr. Imob. Ltda - 1 (1) (1) (1) (1) Pimento Empr. S/A 1 42 (41) (4) (4) (41) Pinerolo Empr. Imob. Ltda - 1 (1) (1) (1) (1) Pinhel Empr. Imob. Ltda 1,205 1,387 (182) (2) (2) (182) Piper Emp. S/A 12,312 12,776 (464) (278) 2,990-2,712 - Piracanta Emp. S/A 38,444 38,992 (548) (739) (246) (183) 1,867-1,684 - Piripiri Emp. S/A 9,196 6,047 3, , ,146 - Pitalito Empr. Imob. Ltda (10) (10) Plinia Emp. Imob. Ltda 30,224 6,514 23, , ,710 - Plomeu Empr. Imob. Ltda 1 4 (3) (3) (3) (3) Poejo Emp. S/A 10,758 3,915 6, , ,836 - Porto Central Des. Imob. S/A 1, ,900 (17) (17) 1, ,900 - Porto Paradiso Emp. S/A 6,782 5,195 1, , ,586 - Porto Paradiso Incorp. S/A 7,308 9,486 (2,178) (2,179) (2,179) (2,178) 1, Pozuoli Empr. Imob. Ltda - 1 (1) (1) (1) (1) Praça Capital Des. Imob. Ltda 11,420 9,724 1,696 (66) (66) 1, ,696 - Praça Capital Empr. Dois S/A 4,133 4, Praça Capital Empr. Imob. Ltda 5,329 5, Praça Capital Neg. Imob. S/A 25,181 21,323 3, , ,868 - Praça Vila Romana Des. Imob. Ltda 32,693 30,647 2, Prelude Emp. S/A 9,912 9, , , Primulino Empr. Imob. Ltda (166) (3) (3) (166) Procumbens Emp. Imob. Ltda (506) (4) (4) (506) Quibor Empr. Imob. Ltda 6,973 7,069 (96) (4) (4) (95) Radamanto Empr. Imob. Ltda - 5 (5) (2) (2) (5) Raniona Emp. Imob. Ltda 10,893 11,840 (947) (1,004) (1,003) (946) Raritá Des. Imob. Ltda 7,268 7, Raritá Neg. Imob. S/A 7,940 6,740 1,200 (44) (44) 1, ,201 - Ratisbona Empr. Imob. Ltda (248) (216) (216) (247) RCI Consultoria de Imóveis Ltda 6, ,303 1, ,660 5, ,298 - Rilstone Emp. Imob. Ltda 13,113 10,702 2,411 (321) (321) 2, ,409 - Rimasco Empr. Imob. Ltda - 1 (1) (1) (1) (1) Riservato Neg. Imob. Ltda 1, ,703 (3) (3) 1, ,703 - Rivulo Empr. Imob. Ltda 862 1,105 (243) (210) (210) (243) Rocanige Empr. Imob. Ltda - 1 (1) (1) (1) (1) Rodolita Empr. Imob. Ltda 9 54 (45) (8) (8) (45) Rodostomo Empr. Imob. Ltda (3) (1) (1) (3) Rosalba Emp. Imob. Ltda 8, ,106 (508) (508) 8, ,106 - Rossi Commercial Properties S/A 12,057 12,550 (493) (423) (423) (492) Rossi Consultoria de Imóveis Ltda 8,641 5,015 3,626 1, ,998 3, ,625 - Rossi Emp. Imob. S/A 2,996 1,133 1,863 (4) (4) 1, ,863 - Rossi Ind. de Art. de Concreto Ltda 23,128 31,898 (8,770) (3,457) (3,454) (8,761) - 8, Rossi Montante Incorp. S/A 51,891 55,544 (3,653) (2,557) 8,515-5,958 - Rossi Morumbi Incorp. S/A 108, ,343 (8,271) (1,276) (1,276) (8,271) - 8, Rossi Oscar Porto Incorp. Ltda 115,104 94,278 20, , ,815 - Rossi S/A 1,610 1,615 (5) (1) (1) (5) Rossi Securities Emp. Imob. S/A 27,119 7,535 19, , ,584 - Rossi Trust e Participações Ltda 55,652 50,857 4, , ,795 - RRTI Des. Imob. Ltda 20,353 6,779 13, , ,574 - Rubrum Emp. Imob. Ltda 49,218 53,381 (4,163) (2,741) (2,738) (4,159) - 4, Rubus Empr. S/A (24) (4) (4) (24) Sabanalarga Emp. Imob. Ltda 26,458 21,710 4,748 1, ,237 4, ,743 - Sambre Empr. Imob. Ltda 10,660 6,978 3,682 4, ,479 3, ,679 - Sampeire Empr. Imob. Ltda 1 2 (1) (1) (1) (1) Sândalo Des. Imob. Ltda 148,875 23, ,082 20, , , ,082 - Sândalo Emp. S/A 44,620 55,802 (11,182) (11,182) - 11,

66 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Sanderae Emp. Imob. Ltda 148, ,969 (24,164) (1,228) (1,227) (24,140) - 24, Sanquezia Emp. Imob. Ltda 85,149 64,978 20, , ,119 - Santa Adelaida Emp. Imob. Ltda 5,305 3,030 2,275 1, , ,138 - Santa Agia Emp. Imob. Ltda 23,049 26,176 (3,127) (793) (792) (3,124) - 3, Santa Alda Empr. Imob. Ltda (11) (5) (5) (11) Santa Alfreda Emp. Imob. Ltda 6,494 2,215 4,279 1, ,287 4, ,275 - Santa Amanda Emp. Imob. Ltda 65,558 64, , ,694-6,955 - Santa Anastácia Empr. Imob. Ltda - 10 (10) (4) (4) (10) Santa Apolonia Emp. Imob. Ltda 44,308 13,725 30, , ,553 - Santa Avelina Emp. Imob. Ltda 10,678 10,822 (144) (21) (21) (144) 1, Santa Bernadete Emp. Imob. Ltda (347) (2) (2) (346) Santa Bertila Empr. Imob. Ltda (106) (3) (3) (106) Santa Brigida Emp. Imob. Ltda (290) (3) (3) (290) Santa Camila Emp. Imob. Ltda 21,571 22,255 (684) (173) (87) (342) 1,687-1,345 - Santa Capitolina Empr. Imob. Ltda 4,418 4,421 (3) (1) (1) (3) Santa Caridade Emp. Imob. Ltda 14,451 3,964 10,487 4, ,470 10, ,476 - Santa Carissima Empr. Imob. Ltda 2 15 (13) (4) (4) (13) Santa Celestina Emp. Imob. Ltda 98, ,270 (2,283) (2,280) - 2, Santa Dionisia Emp. Imob. Ltda 19,115 24,413 (5,298) (2,859) (2,856) (5,292) - 5, Santa Dominica Empr. Imob. Ltda 1 9 (8) (3) (3) (8) Santa Doroteia Emp. Imob. Ltda 6,187 1,475 4,712 3, ,975 4, ,712 - Santa Duna Empr. Imob. Ltda 3,344 3,355 (11) (4) (4) (11) Santa Edite Emp. Imob. Ltda 39,944 40,711 (767) (3,346) (3,343) (766) Santa Elenice Empr. Imob. Ltda 417 1,932 (1,515) (1,502) (1,500) (1,513) - 1, Santa Erasma Emp. Imob. Ltda 6,692 3,519 3,173 1, , ,586 - Santa Esperança Emp. Imob. Ltda 32,055 40,875 (8,820) (3,955) (3,951) (8,811) - 8, Santa Estefania Emp. Imob. Ltda 18,027 19,454 (1,427) (1,426) - 1, Santa Eufrosina Empr. Imob. Ltda 1, ,063 1, ,101 1, ,061 - Santa Eulalia Empr. Imob. Ltda (129) (3) (3) (129) Santa Exuperia Emp. Imob. Ltda 10,123 1,924 8,199 (66) (66) 8, ,199 - Santa Fausta Empr. Imob. Ltda (36) (3) (3) (36) Santa Florinda Empr. Imob. Ltda 1 9 (8) (1) (1) (8) Santa Genoveva Emp. Imob. Ltda 4, ,472 2, ,833 3, ,469 - Santa Georgia Emp. Imob. Ltda 4, ,544 1, ,490 3, ,540 - Santa Gontilda Emp. Imob. Ltda 13,734 18,035 (4,301) (2,151) (2,149) (4,297) - 4, Santa Hildegarda Empr. Imob. Ltda 7 18 (11) (4) (4) (11) Santa Irene Empr. Imob. Ltda (5) (5) Santa Iza Emp. Imob. Ltda 9, ,579 4, ,996 3, ,432 - Santa Joconda Emp. Imob. Ltda 16,766 20,012 (3,246) (1,436) (1,435) (3,242) - 3, Santa Justina Empr. Imob. Ltda 2,152 2,163 (11) (4) (4) (11) Santa Luisa Emp. Imob. Ltda 17,419 8,626 8,793 4, ,047 8, ,784 - Santa Manuela Emp. Imob. Ltda 27,656 25,386 2,270 3, ,186 2, ,267 - Santa Marcela Empr. Imob. Ltda - 11 (11) (3) (3) (11) Santa Margarete Emp. Imob. Ltda 11,383 6,961 4,422 4, ,394 4, ,417 - Santa Mariana Empr. Imob. Ltda 1, Santa Marianela Emp. Imob. Ltda 80,819 75,701 5,118 (2,615) (2,354) 4,606 4,169-8,775 - Santa Matilda Emp. Imob. Ltda 18,997 9,680 9,317 1, ,841 9, ,308 - Santa Maura Emp. Imob. Ltda 29,758 30,092 (334) (292) 6,630-6,338 - Santa Melania Emp. Imob. Ltda 28,956 35,983 (7,027) (2,126) (2,124) (7,020) - 7, Santa Mena Emp. Imob. Ltda 3,083 1,226 1, , ,855 - Santa Narcisa Emp. Imob. Ltda 8,430 1,548 6, , ,875 - Santa Natalia Empr. Imob. Ltda 1, ,205 1, ,285 1, ,204 - Santa Nina Emp. Imob. Ltda 13,043 14,947 (1,904) (1,028) (1,027) (1,902) - 1, Santa Noemia Emp. Imob. Ltda 53,719 60,273 (6,554) (3,073) (3,070) (6,547) - 6, Santa Odete Emp. Imob. Ltda 5,107 2,024 3, , ,083 - Santa Odilia Emp. Imob. Ltda 22,176 11,211 10,965 (215) (215) 10, ,965 - Santa Olga Emp. Imob. Ltda 28,066 19,687 8,379 2, ,118 8, ,379 - Santa Otavia Emp. Imob. Ltda 16,148 2,804 13,344 3, ,776 13, ,344 - Santa Paloma Emp. Imob. Ltda 28,769 17,912 10,857 1, ,340 10, ,846 - Santa Patrícia Emp. Imob. Ltda 62,398 69,322 (6,924) (4,510) (4,505) (6,917) - 6, Santa Quilonia Part. e Empr. Ltda (21) (5) (5) (21) Santa Quitéria Emp. Imob. Ltda 15,251 9,081 6,170 1, ,983 6, ,164 - Santa Rafaela Empr. Imob. Ltda 2 5 (3) (1) (1) (3) Santa Rebeca Emp. Imob. Ltda 4, ,135 1, ,824 3, ,132 - Santa Rosana Empr. Imob. Ltda - 12 (12) (6) (6) (12)

67 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Santa Ruth Emp. Imob. Ltda 14,706 2,587 12,119 5, ,085 12, ,107 - Santa Sabina Emp. Imob. Ltda 64,011 60,110 3,901 (1,775) (1,773) 3, ,897 - Santa Sueli Empr. Imob. Ltda (97) (3) (3) (97) Santa Susana Emp. Imob. Ltda 37,236 62,725 (25,489) (13,141) (13,128) (25,464) - 25, Santa Taciana Emp. Imob. Ltda 7,126 6, (5) (5) Santa Tarcila Emp. Imob. Ltda 125, ,301 6,838 2, ,105 3,419 11,051-14,470 - Santa Tatiana Empr. Imob. Ltda (16) (5) (5) (16) Santa Veneranda Empr. Imob. Ltda (175) (4) (4) (175) Santa Veronica Emp. Imob. Ltda 7,972 7, Santa Zenobia Emp. Imob. Ltda 41,139 33,354 7,785 2, ,193 7, ,777 - Santa Zita Emp. Imob. Ltda 22,958 21,657 1,301 1, Santa Zoraide Empr. Imob. Ltda (75) (4) (4) (75) Santa Priscila Emp. Imob. Ltda 43,876 35,258 8,618 (253) (253) 8, ,609 - Santo Adalberto Emp. Imob. Ltda (535) (534) Santo Adauto Empr. Imob. Ltda 1 11 (10) (4) (4) (10) Santo Agapito Empr. Imob. Ltda (184) (4) (4) (183) Santo Albino Emp. Imob. Ltda 3, , , ,140 - Santo Ambrosio Emp. Imob. Ltda 28,416 34,926 (6,510) (4,805) (4,800) (6,503) - 6, Santo Anastacio Emp. Imob. Ltda 21,309 30,084 (8,775) (9,296) (9,287) (8,766) - 8, Santo Angelo Emp. Imob. Ltda 9,198 1,435 7,763 5, ,267 7, ,763 - Santo Anselmo Emp. Imob. S/A 1,304 2,638 (1,334) (29) (29) (1,333) - 1, Santo Antão Empr. Imob. Ltda 1,140 1,331 (191) (184) (184) (191) Santo Atanasio Emp. Imob. Ltda 9,362 3,343 6,019 1, ,594 6, ,013 - Santo Audifax Empr. Imob. Ltda 5,223 5, (25) (25) Santo Aureliano Empr. Imob. Ltda 4,142 4,335 (193) (13) (13) (193) Santo Eduardo Emp. Imob. Ltda 25,030 26,713 (1,683) (1,092) (1,091) (1,681) - 1, Santo Elias Empr. Imob. Ltda 868 1,070 (202) (194) (194) (202) Santo Erasmo Emp. Imob. Ltda 177, ,656 (4,034) 3, ,049 (4,030) - 4, Santo Estanislau Emp. Imob. Ltda 62,191 65,893 (3,702) (3,100) (3,097) (3,698) - 3, Santo Estevão Emp. Imob. Ltda 11,219 6,976 4,243 4, ,319 4, ,239 - Santo Eugenio Emp. Imob. Ltda 7,515 5,785 1,730 1, ,046 1, ,384 - Santo Eusebio Emp. Imob. Ltda 32,604 33,731 (1,127) (662) (661) (1,126) - 1, Santo Evaristo Emp. Imob. Ltda 79,437 85,490 (6,053) (3,692) (3,688) (6,047) - 6, Santo Herculano Empr. Imob. Ltda 7,772 7, Santo Higino Emp. Imob. Ltda 2, ,725 (4) (4) 2, ,722 - Santo Hilario Empr. Imob. Ltda - 12 (12) (3) (3) (12) Santo Humberto Emp. Imob. Ltda 40,812 25,442 15,370 7, ,824 15, ,354 - Santo Inacio Empr. Imob. Ltda 27,485 27, Santo Inocencio Empr. Imob. Ltda 7,443 7, Santo Irineu Emp. Imob. Ltda 10,323 2,422 7,901 1, ,426 6, ,914 - Santo Ivo Emp. Imob. Ltda 1,644 4,640 (2,996) (2,993) - 2, Santo Olavo Empr. Imob. Ltda 2,392 2,549 (157) (148) (148) (157) Santo Onesimo Empr. Imob. Ltda (80) (26) (26) (80) Santo Onofre Emp. Imob. Ltda 6 1,963 (1,957) (637) (636) (1,955) - 1, Santo Osvaldo Empr. Imob. Ltda - 8 (8) (2) (2) (8) Santo Ovidio Emp. Imob. Ltda 2,136 2,401 (265) (11) (11) (265) Santo Ulrico Empr. Imob. Ltda 1,420 1,425 (5) (3) (3) (5) Santo Uriel Emp. Imob. Ltda 8,501 10,341 (1,840) (446) (446) (1,839) - 1, São Bartolomeu Empr. Imob. Ltda - 8 (8) (3) (3) (8) São Benigno Emp. Imob. Ltda 789 1,040 (251) (3) (3) (251) São Benildo Emp. Imob. Ltda 8,277 9,494 (1,217) (499) (499) (1,215) - 1, São Benito Empr. Imob. Ltda - 10 (10) (4) (4) (10) São Bertino Emp. Imob. Ltda 31,921 35,811 (3,890) (1,893) (1,891) (3,886) - 3, São Bessario Emp. Imob. Ltda 14,550 13,151 1, ,119 2,855-3,974 - São Bonifácio Emp. Imob. S/A 974 1,192 (218) (6) (6) (218) São Braulio Emp. Imob. Ltda 18,188 13,606 4,582 7, ,447 4, ,577 - São Bruno Emp. Imob. Ltda 5,463 3,600 1, , ,861 - São Caemon Emp. Imob. Ltda 17,885 19,073 (1,188) (594) 1,641-1,047 - São Calisto Empr. Imob. Ltda 1 8 (7) (2) (2) (7) São Canuto Empr. Imob. Ltda 1 32 (31) (4) (4) (31) São Celestino Empr. Imob. Ltda 22,584 22, São Cesario Emp. Imob. Ltda 44,552 43, São Cirilo Empr. Imob. Ltda - 11 (11) (4) (4) (11) São Cornelio Emp. Imob. Ltda 1,965 2,589 (624) (624) São Crisanto Emp. Imob. Ltda 14,106 16,142 (2,036) (2,034) - 2,

68 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries São Crisogono Empr. Imob. Ltda 1 12 (11) (4) (4) (11) São Crispim Emp. Imob. Ltda 61,228 49,020 12,208 21, ,322 12, ,196 - São Crispiniano Emp. Imob. Ltda 89,471 97,623 (8,152) (3,905) (3,901) (8,144) - 8, São Damaso Emp. Imob. Ltda 2,097 2,865 (768) (493) (493) (767) São Desiderio Emp. Imob. Ltda 6,732 3,309 3, , ,419 - São Dionisio Emp. Imob. Ltda 32,534 33,468 (934) (596) (477) (747) 9,974-9,227 - São Dubricio Empr. Imob. Ltda 1 8 (7) (2) (2) (7) São Fabiano Emp. Imob. Ltda 756 1,513 (757) (440) (440) (757) São Fidenciano Empr. Imob. Ltda (9) (3) (3) (9) São Geraldo Empr. Imob. Ltda. 10, ,940 3, ,365 9, ,930 - São Gerôncio Emp. Imob. Ltda 9,000 3,415 5,585 2, ,938 3, ,910 - São Gonzalo Emp. Imob. Ltda 20,984 21,717 (733) (525) (368) (513) 3,119-2,606 - São Gotardo Empr. Imob. Ltda 4,799 6,776 (1,977) (1,941) (1,939) (1,975) - 1, São Lorenzo Emp. Imob. Ltda 33,015 21,380 11,635 (603) (602) 11, ,624 - São Loureano Emp. Imob. Ltda 8,134 8,616 (482) (452) (452) (482) São Mamede Empr. Imob. Ltda 1 27 (26) (7) (7) (26) São Mancio Emp. Imob. Ltda 41,963 51,065 (9,102) (3,753) (3,749) (9,093) - 9, São Marçal Emp. Imob. Ltda 11,680 10,585 1, ,015-1,891 - São Marcio Empr. Imob. Ltda 2,001 2,004 (3) (1) (1) (3) São Mariano Emp. Imob. Ltda 864 1,760 (896) (6) (6) (895) São Mario Emp. Imob. Ltda 13,287 12,014 1, ,019 1,670-2,689 - São Martim Emp. Imob. Ltda 87, ,345 (31,115) (10,672) (10,661) (31,084) - 31, São Mauricio Emp. Imob. Ltda 99, ,132 (29,349) (20,430) (20,410) (29,320) - 29, São Maurilio Emp. Imob. Ltda 18,339 3,231 15,108 6, ,515 15, ,093 - São Mucio Emp. Imob. Ltda 6,984 8,852 (1,868) (221) (221) (1,866) - 1, São Narcisio Empr. Imob. Ltda 6 27 (21) (8) (8) (21) São Nazario Emp. Imob. Ltda 853 1,950 (1,097) (7) (7) (1,096) - 1, São Pelagio Emp. Imob. Ltda 5,983 1,557 4,426 3, ,739 2, ,213 - São Procopio Emp. Imob. Ltda 47,079 51,617 (4,538) (1,466) (733) (2,269) 5,775-3,506 - São Quirino Emp. Imob. Ltda 34,287 32,557 1,730 (447) (447) 1, ,728 - São Ranieri Empr. Imob. Ltda - 7 (7) (3) (3) (7) São Remigio Emp. Imob. Ltda 14,795 7,199 7,596 6, ,550 7, ,596 - São Ricardo Empr. Imob. Ltda 10,613 10, São Rodrigo Empr. Imob. Ltda 9,310 9, São Severo Emp. Imob. Ltda 395 3,321 (2,926) (854) (853) (2,923) - 2, São Silvestre Emp. Imob. Ltda 7,587 1,302 6,285 2, ,019 6, ,279 - São Tarcisio Emp. Imob. Ltda (434) (434) São Telmo Empr. Imob. Ltda 9 25 (16) (1) (1) (16) São Teodorico Emp. Imob. Ltda 15,561 18,077 (2,516) (1,007) (1,006) (2,514) - 2, São Teofilo Empr. Imob. Ltda 3,965 2,568 1,397 1, ,706 1, ,396 - São Torquato Empr. Imob. Ltda (40) (18) (18) (40) São Columbano Empr. Imob. Ltda São Norberto Empr. Imob. Ltda 3,284 3,291 (7) (1) (1) (7) São Prudencio Emp. Imob. Ltda 7,913 1,835 6,078 (9) (9) 6, ,072 - Saratoga Emp. S/A 26,433 23,037 3,396 (4) (4) 3, ,393 - Sarita Emp. Imob. Ltda 28,099 25,692 2,407 (228) (228) 2, ,404 - Sativus Empr. S/A - 21 (21) (4) (2) (11) SCP Campinas SCP Celebrete - Celebrete Emp. 129, ,709 7,559 5, ,721 3,780 15,727-19,507 - Seixal Empr. Imob. Ltda (5) (3) (3) (5) Sempione Empr. Imob. Ltda - 1 (1) (1) (1) (1) Sempreflores Emp. Imob. Ltda 3,001 4,588 (1,587) (31) (31) (1,585) - 1, Senecio Emp. S/A 28,922 3,206 25,716 5, ,624 25, ,716 - Serpa Empr. Imob. Ltda (9) (3) (3) (9) Shuarbe Emp. Imob. Ltda 35,409 34, (1,087) (1,087) Shuarbe Incorp. de Emp. Imob. Ltda 17,817 5,426 12,391 2, ,426 12, ,391 - Sibipuruna Emp. S/A 12,143 5,289 6,854 (28) (28) 6, ,854 - Sincelejo Empr. Imob. Ltda - 39 (39) (37) (37) (39) Sinuatum Emp. Imob. Ltda 31,368 40,245 (8,877) (839) (838) (8,868) - 8, Sisiano Empr. Imob. Ltda - 1 (1) (2) (2) (1) Sogamoso Emp. Imob. Ltda 11,656 10, Somme Empr. Imob. Ltda (3) (2) (2) (3) SPE Pier Emp. Imob. Ltda 38,576 9,518 29,058 4, ,526 29, ,058 - Tabebuia Emp. S/A 1,874 1, (3) (3) Tacarigua Empr. Imob. Ltda - 3 (3) (1) (1) (3)

69 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Subsidiaries Tadorna Emp. Imob. Ltda 11,466 13,269 (1,803) (1,802) - 1, Tainacam Empr. Imob. Ltda 8,909 8,931 (22) (20) (20) (22) Talauma Empr. S/A 4,725 4, (1) Tamboata Empr. Imob. Ltda - 3 (3) (1) (1) (3) Tanais Empr. Imob. Ltda 13,491 13,507 (16) (1) (1) (16) Tarragona Empr. Imob. Ltda (3) (1) (1) (3) Taumante Empr. Imob. Ltda 1 4 (3) (1) (1) (3) Tauranga Emp. Imob. Ltda 34,006 40,748 (6,742) (6,735) - 6, Tavira Empr. Imob. Ltda 1 4 (3) (2) (2) (3) Temiscira Emp. Imob. Ltda 3,407 1,841 1,566 2, , Tenela Emp. S/A 14, ,316 1, ,891 14, ,316 - Termodonte Empr. Imob. Ltda - 3 (3) (1) (1) (3) Tessalia Emp. Imob. Ltda 41,708 42,051 (343) 1, ,729 (342) Teutrania Empr. Imob. Ltda 831 1,088 (257) (256) (256) (257) Tieze Empr. Imob. Ltda - 1 (1) (1) (1) (1) Tindaro Empr. Imob. Ltda 8,837 7,141 1,696 2, ,494 1, ,694 - Titaresso Empr. Imob. Ltda 1 4 (3) (1) (1) (2) Tracia Emp. Imob. Ltda 904 1,128 (224) (2) (2) (223) Trespodia Emp. Imob. Ltda - 2,135 (2,135) (6) (6) (2,133) - 2, Trevoro Empr. Imob. Ltda 1 4 (3) (2) (2) (3) Trifila Empr. S/A 1 8 (7) (3) (3) (7) Trimestis Empr. S/A 2,490 2,496 (6) (7) (7) (6) Troade Emp. Imob. Ltda 9, ,504 (57) (57) 8, ,969 - Trofa Empr. Imob. Ltda (3) (1) (1) (3) Trombeta Emp. S/A 53,778 36,428 17,350 15, ,604 17, ,350 - Tropicana Emp. S/A (240) (4) (4) (240) Tulipa Incorp. Ltda 17,850 28,202 (10,352) (7,587) (7,586) (10,352) - 10, Tunico Emp. Imob. Ltda 29,737 35,269 (5,532) (2,072) (2,070) (5,526) - 5, Turmero Empr. Imob. Ltda - 3 (3) (1) (1) (3) Uliginosa Emp. Imob. Ltda 10,746 5,041 5,705 5, ,095 5, ,699 - Uribia Emp. Imob. Ltda 18,311 10,981 7,330 2, ,929 7, ,561 - Valeriana Empr. Imob. Ltda (5) (3) (3) (5) Valladolid Empr. Imob. Ltda - 3 (3) (1) (1) (3) Valpaços Empr. S/A (3) (1) (1) (3) Valpeline Empr. Imob. Ltda 1 2 (1) (1) (1) (1) Vanzone Empr. Imob. Ltda 1 2 (1) (1) (1) (1) Venaria Empr. Imob. Ltda - 1 (1) (1) (1) (1) Venusta Emp. Ltda 2,639 1,163 1,476 (4) (4) 1, ,476 - Vernante Empr. S/A 11,496 1,077 10,419 (1,014) (1,014) 10, ,419 - Vernonia Emp. Ltda 25,222 14,005 11,217 (1,400) (1,400) 11, ,217 - Vicença Emp. Imob. Ltda 10,568 11,059 (491) (55) (28) (246) 1,572-1,326 - Viene Emp. Imob. Ltda 629 2,280 (1,651) (5) (5) (1,649) - 1, Vigevano Empr. Imob. Ltda 1 2 (1) (1) (1) (1) Vila Albani Emp. Imob. Ltda 22,429 1,288 21, , ,141 - Vila Solo Emp. Ltda 20,028 4,131 15, , ,897 - Vilaine Emp. Imob. Ltda (920) (1) (1) (919) Vinadio Empr. Imob. Ltda 1 2 (1) (1) (1) (1) Viterbo Empr. Imob. Ltda - 1 (1) (1) (1) (1) Vitis Emp. S/A 45,281 49,040 (3,759) (18,679) (18,660) (3,755) - 3, Voerde Empr. Imob. Ltda 9 12 (3) (1) (1) (3) Volturno Emp. Imob. Ltda (258) (256) (256) (258) Zaculeu Emp. Imob. Ltda 16,302 5,021 11,281 4, ,708 11, ,281 - Zadoque Empr. Imob. Ltda 2,608 3,683 (1,075) (1,074) (967) (967) Zapopan Empr. Imob. Ltda (5) (1) (1) (5) Zinia Empr. Imob. Ltda 21 1,064 (1,043) (1,032) (1,031) (1,042) - 1, Zitau Empr. Imob. Ltda - 5 (5) (1) (1) (5) Zuquini Emp. S/A 13,797 12,712 1, , ,159 1,619, , ,483 2,340,329 -

70 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Non-subsidiaries Abelia Emp. Imob. Ltda 1, ,124 (3) (1) Acalantis Emp. Imob. Ltda 4,127 2,082 2,045 1, , ,024 1,024 Acalifa Emp. S/A 22,344 22,850 (506) (304) Acauã Invest. Imob. Ltda 5, ,717 2, ,655 3, ,302 3,302 Acidantera Emp. Imob. Ltda 1, ,127 (1) Adenium Emp. Imob. Ltda 1, ,123 (1) Adoncia Emp. Imob. Ltda 19,647 25,077 (5,430) (1,660) (830) (2,715) 6,830-4,115 4,115 Afelandra Emp. S/A 19,251 21,599 (2,348) (160) (120) (1,761) 10 1, Agave Emp. Imob. Ltda 1, ,106 (1) Agerato Emp. S/A 38,614 36,069 2,545 (933) (653) 1,782 4,547-6,329 6,329 Aliberti Emp. S/A 9,921 8,110 1, , ,433 1,433 Alocasia Emp. S/A 43,267 46,667 (3,400) (2,914) (2,040) (2,380) 1, Amarelinha Empr. S/A 1,434 1, (6) (2) Anagalide Emp. S/A 62,623 66,980 (4,357) (2,628) (2,625) (4,353) 7,210-2,857 - Anagalis Emp. S/A (548) (65) (33) (274) Aneliasia Emp. S/A 1,675 1, (1) (1) Anemone Empr. S/A 1, (1) Anona Emp. S/A 26,775 29,297 (2,522) (1,135) Antigua Empr. S/A 1 11 (10) (4) (4) (10) Apetenia Emp. S/A 51,205 63,858 (12,653) (8,857) - 8, Ardisia Emp. S/A 76,735 90,901 (14,166) (6,365) (5,729) (12,750) 30,323-17,573 17,573 Argentea Emp. S/A 275, ,110 (22,414) (4,885) (3,908) (17,931) 60,274-42,343 42,343 Aridarum Emp. S/A 9,547 4,447 5,100 1, , ,552 2,552 Asistásia Emp. S/A 9,690 5,506 4, , ,030 2,030 Asmiscada Emp. S/A 17,986 14,556 3, , ,401 2,401 Asperula Empr. S/A 4 15 (11) (1) (1) (5) Astilbe Emp. Imob. Ltda 1, ,488 (1) Auriculata Emp. S/A 19,413 19,595 (182) (91) 3,147-3,056 3,056 Aven Emp. Imob. Ltda 90,312 91,882 (1,570) (304) (304) (1,568) 12,041-10,473 - Bantri Empr. Imob. Ltda (13) (1) (1) (6) Barbarea Empr. Imob. Ltda (3) (1) (1) (2) Beaumontia Emp. S/A 31,663 34,799 (3,136) (1,568) Belinda Emp. Imob. Ltda 30,106 28,275 1,831 (344) (172) ,707 1,707 Betonica Empr. Imob. Ltda 2, ,669 (477) (239) ,451 1,451 Bétula Emp. S/A 73,373 62,055 11, , ,923 7,923 Bisira Emp. Imob. Ltda 3,821 4,444 (623) (444) (311) (436) Borago Emp. S/A 78,674 81,269 (2,595) (861) (431) (1,298) 6,755-5,457 5,457 Brassica Emp. S/A 62,181 60,045 2,136 3, ,342 1,495 4,705-6,200 6,200 Cabimas Emp. Imob. Ltda 4,814 6,265 (1,451) 1, (1,016) Caima Empr. Imob. Ltda (92) (88) (62) (64) Calaminta Emp. S/A 7,045 6, ,372-1,607 1,607 Calibracoa Emp. S/A 12,371 7,327 5, , ,522 2,522 Campanula Emp. S/A 7,810 7, Campos Sales Emp. Imob. Ltda 42,815 26,187 16,628 1, , ,651 6,651 Capital Rossi Emp. S/A 754, , ,599 85, , , , , ,200 Cariniana Emp. S/A 18,479 22,948 (4,469) (3,128) 286 2, Centela Emp. S/A 5,618 2,198 3, ,223 2,543-4,766 4,766 Certima Empr. Imob. Ltda 1, Chenopodio Emp. S/A 83,574 78,429 5, ,144 6,000-8,144 8,144 Cianus Emp. S/A 59,042 35,713 23,329 4, ,044 11, ,667 11,667 Ciclame Des. Imob. S/A 29,599 5,966 23,633 3, ,775 22, ,312 22,312 Ciclame Emp. S/A 2, , , ,468 1,468 Cinara Emp. S/A 26,453 4,201 22,252 4, ,056 15, ,576 15,576 Cladeu Emp. Imob. Ltda 4,428 6,703 (2,275) (799) (559) (1,592) 65 1, Clarence Empr. Imob. Ltda (12) (3) (2) (8) Cleomeia Emp. S/A 62,300 20,630 41,670 2, ,244 25, ,002 25,002 Convulata Emp. S/A (37) (4) (2) (18) Coreópisis Emp. S/A 111, ,468 (8,505) 1, (4,040) 92 3, Coriandrum Emp. S/A 2,709 2, (108) (54) Costa Esmeralda I SPE Ltda 187, ,185 40,390 18, ,297 20,195 3,100-23,295 23,295 Courgete Emp. S/A 11,473 23,904 (12,431) (455) (228) (6,216) - 6, Cravina Emp. S/A 25,487 36,011 (10,524) (1,091) (764) (7,367) 13,590-6,223 6,223 Cyrela Havai Emp. Imob. Ltda 10, ,418 (3) (2) 5, ,209 5,209 Dalia Emp. Imob. Ltda 6,938 (1,260) 8,198 (119) (60) 4, ,099 4,099 Damacena Emp. S/A 264, ,138 (25,346) (14,992) (9,745) (16,475) 35,918-19,443 19,443 Diantus Emp. S/A 77,051 72,927 4,124 (1,070) (535) 2,062 5,225-7,287 7,287

71 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Non-subsidiaries Difusa Emp. S/A 86,217 45,396 40,821 7, ,805 26, ,533 26,533 Direcional Sodalita Emp. Imob. Ltda 2, ,565 (2) (1) 1, ,296 1,296 Donovan Empr. Imob. Ltda (98) (49) Duarte - Edificio Vila Boa Vista Ltda 2, ,305 1, Erimanto Emp. Imob. Ltda 21,059 23,663 (2,604) (943) (660) (1,823) 5,803-3,980 3,980 Erinus Emp. S/A 7,952 14,514 (6,562) (549) (439) (5,250) 471 4, Erioteca Empr. S/A 1,201 1,231 (30) (15) Evre Emp. Imob. Ltda 6,621 2,958 3,663 3, ,811 1, ,831 1,831 Exacum Empr. Imob. Ltda (42) (3) (2) (21) Facelia Empr. S/A 1,609 1, Falcatus Emp. S/A 14,004 4,705 9, , ,492 7,492 Feacios Emp. Imob. Ltda 42,618 42,727 (109) (76) 7,812-7,736 7,736 Fiães Empr. Imob. Ltda (3) (1) (1) (2) Freamunde Emp. Imob. Ltda 11,931 7,600 4,331 2, ,710 2, ,815 2,815 Fucsia Emp. S/A 163, ,351 (22,579) (11,981) (7,189) (13,547) 24,489-10,942 10,942 Gabier Empr. Imob. Ltda (4) (1) (1) (2) Ganimedes Empr. Imob. Ltda (4) (1) (1) (4) Gestia Emp. S/A 28,595 23,602 4,993 (598) (419) 3, ,544 3,544 Glicínia Empr. S/A 1,539 1, (27) (19) Gustávia Emp. S/A 1, (3) (2) Ideal Matão Neg. Imob. Ltda 1,088 1,089 (1) (1) Imbrasco Emp. Imob. Ltda 76,561 74,403 2, ,856 14,858-16,714 16,714 Incana Emp. S/A 17,974 12,827 5,147 (81) (41) 2,573 3,189-5,762 5,762 Indre Emp. Imob. Ltda 32,060 30,740 1,320 1, ,051 1,056 4,762-5,818 5,818 Inhame Empr. S/A (169) (156) (78) (85) Lacio Emp. Imob. Ltda 6,536 8,267 (1,731) (557) (418) (1,298) 3,940-2,642 2,642 Lagos Emp. S/A (4) (1) (1) (2) Laion Emp. Imob. Ltda 30,880 2,207 28,673 14, ,512 24, ,659 24,659 LHM Participação S/A 2 24 (22) (1) (1) (11) Lobelia Emp. S/A 20,919 17,474 3, ,067 2,100-4,167 4,167 Londres Incorp. SPE Ltda 218, ,548 66,759 38, ,162 33,380 14,201-47,581 47,581 Lutea Empreendimentos Imobiliarios Ltda (11) (4) (4) (11) Malagueta Empr. S/A 10,692 9,170 1,522 1, ,217 1, ,521 - Malmequer Emp. S/A 118,932 73,041 45,891 2, ,033 21, ,798 21,798 Mandarim Emp. Imob. Ltda 44,417 45,428 (1,011) (631) (410) (657) 5,255-4,598 4,598 Manêtia Emp. S/A 4,311 4,404 (93) (160) (112) (65) Marianinha Emp. S/A 104, ,008 (17,615) (12,330) 9,988 2, Melisenda Empreendimentos Imobiliários Ltda 9,970 5,125 4,845 3, ,884 4, ,845 - Mergonia Emp. S/A 885 2,039 (1,154) (184) (45) (280) Messina Incorp. SPE Ltda 91,535 68,252 23,283 10, ,118 9, ,864 9,864 Monstera Emp. S/A 94,949 41,833 53,116 6, ,959 42,493 2,176-44,669 44,669 Mostardeira Emp. S/A (13) (4) (2) (7) Mucuna Emp. S/A 4,664 4,677 (13) (1) (1) (9) Nemofila Empr. Imob. Ltda (255) (3) (2) (127) Nigra Emp. S/A 48,489 29,116 19,373 1, ,168 13, ,561 13,561 Nonacris Emp. Imob. Ltda 18,570 3,726 14,844 (897) (449) 7, ,422 7,422 Norcon Rossi Emp.. S/A. 279, , ,760 6, ,866 98, ,532 98,532 North York Emp. S/A 2, , , ,156 1,156 North York Negócios Imob. S/A 2,032 2,677 (645) (322) Papoila Emp. S/A 40,335 25,031 15,304 1, , ,652 7,652 Peônia Emp. Imob. S/A 72,257 24,566 47,691 (64) (22) 16, ,314 16,314 Petiolare Empr. S/A 2,414 2, (4) (2) Praça Paris Des. Imob. S/A 16,106 10,146 5, , ,364 5,364 Praça Paris Incorp. S/A 13,221 17,126 (3,905) (41) (37) (3,515) 717 2, Prunus Emp. S/A 13,830 10,724 3, , ,320 1,320 Pulchela Emp. S/A 22,251 28,191 (5,940) (3,244) (1,622) (2,970) 6,405-3,435 3,435 Pumila Emp. S/A 12,356 15,152 (2,796) (1,357) 286 1, Purpurata Emp. S/A 16,131 3,585 12, , ,898 8,898 Quadra B-3 Incorp. Ltda 31,779 36,898 (5,119) (2,872) (1,436) (2,559) 6,218-3,659 3,659 Quenopodio Emp. S/A 16,251 13,336 2,915 (154) (116) 2, ,374 2,374 RCG Urbanismo Ltda 10,897 10,907 (10) (3) (2) (5) 1,157-1,152 1,152 Realengo SPE Empr. Imob. S/A (230) (1) (1) (138) Risaralda Emp. Imob. Ltda 9,249 4,543 4,706 4, ,268 3, ,294 3,294 Rossi Melnick Des. Imob. S/A 1,927 1, Rossi Melnick Empr. S/A Rype SPE 3 - Emp. Imob. Ltda 23,971 6,256 17,715 5, ,510 10, ,629 10,629 Salmiana Emp. S/A 48,216 41,321 6,895 (179) (90) 3, ,746 3,746

72 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Non-subsidiaries Santa Agape Emp. Imob. Ltda 9, ,187 4, ,891 3, ,275 3,275 Santa Agueda Empr. Imob. Ltda (3) (1) (1) (2) Santa Alice Empr. Imob. Ltda 9 12 (3) (1) (1) (1) Santa Antonina Empr. Imob. Ltda 1,329 1, Santa Aurelia Emp. Imob. Ltda 44,144 41,553 2,591 (16) (10) 1,555 1,354-2,909 2,909 Santa Beatriz Emp. Imob. Ltda 165, ,188 (4,763) (5,153) (2,834) (2,619) 22,167-19,548 19,548 Santa Bibiana Emp. Imob. Ltda 7,833 4,497 3, , ,679 1,679 Santa Brenda Emp. Imob. Ltda 27,974 29,728 (1,754) (816) (408) (877) 2,383-1,506 1,506 Santa Enriqueta Emp. Imob. Ltda 11,515 12,001 (486) (85) (68) (389) 2,101-1,712 1,712 Santa Felipa Emp. Imob. Ltda 7,071 1,472 5,599 2, ,176 4, ,479 4,479 Santa Flavia Emp. Imob. Ltda 9,581 10,198 (617) (463) Santa Francisca Emp. Imob. Ltda 12,844 11, ,916-4,550 4,550 Santa Gaudencia Emp. Imob. Ltda 1,561 1,593 (32) (16) (8) (16) Santa Gisela Emp. Imob. Ltda 2,196 3,514 (1,318) (4) (4) (1,186) 45 1, Santa Gundelina Emp. Imob. Ltda 6,887 3,204 3,683 1, , ,841 1,841 Santa Hermelinda Emp. Imob. Ltda 1,562 1,747 (185) (167) (84) (92) Santa Kilian Emp. Imob. Ltda 15,327 17,947 (2,620) (363) (290) (2,096) 5,109-3,013 3,013 Santa Lucrecia Emp. Imob. Ltda 1,512 5,167 (3,655) (1) (1) (3,290) 90 3, Santa Margarida Emp. Imob. Ltda 13,542 9,094 4,448 (4) (2) 2, ,060 3,060 Santa Silvana Emp. Imob. Ltda 27,335 6,882 20,453 5, ,089 11, ,278 11,278 Santa Silvia Emp. Imob. Ltda 52,396 58,973 (6,577) (7,126) (3,919) (3,617) 8,623-5,006 5,006 Santa Sofia Emp. Imob. Ltda 38,519 39,004 (485) (95) (10) (49) 3,427-3,378 3,378 Santa Solange Empr. Imob. Ltda 4,970 2,244 2,726 1, Santa Tais Emp. Imob. Ltda - 11 (11) (4) (2) (6) Santa Teodata Emp. Imob. Ltda 93,687 94,233 (546) (3,436) (2,405) (382) 4,507-4,125 4,125 Santa Zenaide Emp. Imob. Ltda 27,928 15,126 12,802 10, ,396 12, ,789 - Santo Abaco Empr. Imob. Ltda (11) (4) (2) (5) Santo Adriano Emp. Imob. Ltda 5,743 2,405 3, , ,003 2,003 Santo Agostinho Emp. Imob. Ltda 40,043 51,862 (11,819) (7,783) (4,670) (7,091) 2,536 4, Santo Alberto Emp. Imob. Ltda 5,058 5,237 (179) (172) (120) (125) Santo Alexandre Emp. Imob. Ltda 1,620 1,706 (86) (12) (6) (43) Santo Amadeu Emp. Imob. Ltda 21,091 5,451 15,640 2, ,800 14, ,858 14,858 Santo Aniceto Emp. Imob. Ltda 9,256 5,622 3,634 3, ,988 1, ,817 1,817 Santo Egidio Emp. Imob. Ltda 55,957 63,233 (7,276) (4,760) (2,380) (3,638) 5,396-1,758 1,758 Santo Eliseu Emp. Imob. Ltda 6, ,756 (1) (1) 3, ,378 3,378 Santo Expedito Emp. Imob. S 54,934 59,917 (4,983) (3,207) (1,604) (2,492) 6,146-3,654 3,654 Santo Isidro Empr. Imob. Ltda 1,413 1,439 (26) (14) (9) (17) Santo Orestes Empr. Imob. Ltda (5) (1) (1) (3) Santo Orlando Emp. Imob. Ltda 12,997 3,704 9,293 5, ,921 6, ,505 6,505 São Basilio Emp. Imob. Ltda 31,222 35,249 (4,027) (1,328) (930) (2,819) 4,136-1,317 1,317 São Beltran Emp. Imob. Ltda 23,822 27,371 (3,549) (2,359) (1,180) (1,774) 1, São Boris Empr. Imob. Ltda (9) (3) (2) (6) São Felix Emp. Imob. Ltda 60,201 30,757 29,444 13, ,313 16, ,194 16,194 São Fidelis Emp. Imob. Ltda 14,880 14, (1,228) (614) 233 5,365-5,598 5,598 São Gabino Emp. Imob. Ltda 8,759 4,497 4, , ,131 2,131 São Genciano Emp. Imob. Ltda 15,548 17,311 (1,763) (538) (269) (881) São Gildasio Emp. Imob. Ltda 381 1,009 (628) (15) (8) (314) São Hipolito Emp. Imob. Ltda 43,024 44,932 (1,908) (191) São Leopoldo Emp. Imob. Ltda 12,810 3,355 9,455 5, São Marcelo Empr. Imob. Ltda 733 1,034 (301) (11) (6) (151) São Nicodemus Emp. Imob. Ltda 9,075 6,418 2,657 1, , ,329 1,329 São Petronius Empr. Imob. Ltda (9) (6) (4) (6) São Placido Empr. Imob. Ltda 2,642 2,802 (160) (106) (42) (64) São Ponciano Emp. Imob. Ltda 2,211 3,692 (1,481) (3) (1) (592) São Primiano Emp. Imob. Ltda 1, (10) (5) São Ramiro Empr. Imob. Ltda 2, ,708 1, São Severino Emp. Imob. Ltda 8,770 2,841 5,929 3, ,897 4, ,743 4,743 São Teobaldo Emp. Imob. Ltda 29,479 15,957 13,522 6, ,964 12, ,170 12,170 São Tiburcio Emp. Imob. Ltda 321 1,196 (875) (17) (9) (438) São Tranquilino Emp. Imob. Ltda 54,292 55,683 (1,391) (557) 3,545-2,988 2,988 Saponaria Empr. S/A 3,359 3, Sarapo Emp. Imob. Ltda 12,582 15,225 (2,643) (1,010) (505) (1,322) 3,231-1,909 1,909 SCP Cyrela Seina Emp. Imob. Ltda 4,496 6,046 (1,550) (321) (161) (775) Sobradinho I Des. Imob. Ltda (40) (1) (1) (20)

73 Assets Liabilities Equity Profit/loss for the year Owners hip interest - % December 2013 Share of profits of investess Advance for Transf. Investment future capital equity Total balance increase deficiency Total Consolidated Non-subsidiaries Sobradinho II Des. Imob. Ltda (40) (1) (1) (20) SPE Alto da Boa Vista Emp. Imob. T Ltda 12,137 8,200 3,937 6, ,553 2, ,676 3,676 SPE Cond. Jardins da França Ltda 17,637 1,377 16,260 11, ,703 11, ,375 11,386 SPE Cond. Recanto das Árvores Ltda 39,557 41,412 (1,855) (1,298) 1, SPE Cond. Vila Das Artes Ltda 25,234 23,577 1,657 (260) (182) 1, ,641 1,641 SPE Parque Sementeiras Emp. Imob. T Ltda 50,930 50, (1,298) (909) Talassa Emp. Imob. Ltda 10,588 3,693 6,895 3, ,976 4, ,481 4,481 Tapiriri Emp. S/A 34,344 35,640 (1,296) (5) (3) (648) Tibouchina Emp. S/A 20,239 9,897 10,342 1, , ,177 5,177 Tintoria Empr. S/A 1 27 (26) (1) (6) Toctao-Rossi Emp. Imob. S.A 1,157 6,565 (5,408) (1,853) (927) (2,704) 1,079 1, Tumbergia Emp. S/A 23,632 1,819 21, , ,907 10,907 Tunja Empr. Imob. Ltda (6) (2) (1) (3) Vardaman Emp. Imob. Ltda 13,564 5,230 8, , ,167 4,167 Visnaga Emp. S/A 19,127 12,116 7, , ,155 3,155 Other (562) (10) ,944 Goodwill , , ,245 Capitalized interest (108,544) 152, ,228 33,910 29, , ,944 53,722 1,492,454 1,327, ,983 2,499, , ,205 3,832,783 1,327,853

74 APPENDIX II Summary of the main information on related parties as at June 30, 2014 and December 31, 2013: June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities AATIP ASS Tec Imob e Part Abadir Empreendimentos Imobiliários Ltda 12, , Abante Empreendimentos Imobiliários Ltda Abeguar Empreendimentos Imobiliários Ltda , Abelia Empreendimentos Imobiliários Ltda Abramites Empreendimentos Imobiliários Ltda Abrotano Empreendimentos Imobiliários Ltda Absirto Empreendimentos Imobiliários Ltda Açafate Empreendimento S/A - 12, , Acalantis Empreendimentos Imobiliários Ltda 1,438-1,438-1,438-1,438 - Acalifa Empreendimentos S/A - 5,098-5,078-5,125-5,105 Acapurana Empreendimentos Imobiliários Ltda Acauã Investimentos Imobiliários Ltda Acaulis Empreendimentos S/A Acer Participações S/A - 19, , Acidantera Empreendimentos Imobiliários Ltda Acragante Empreendimentos Imobiliários Ltda 1, , Adenium Empreendimentos Imobiliários Ltda Adiantum Empreendimentos Imobiliários Ltda - 14, , Adoncia Empreendimentos Imobiliários Ltda - 27,115-27,115 5,309-5,309 - Afelandra Empreendimentos S/A - 1,093-1,099-1,116-1,121 Afine Empreendimentos S/A Afragola Empreendimentos Imobiliários Ltda Africano Empreendimentos Imobiliários Ltda Agave Empreendimentos Imobiliários Ltda Agerato Empreendimentos S/A - 13,764-13,492-13,801-13,529 Aglaonema Empreendimentos S/A - 2, Agnes Empreendimentos Imobiliários Ltda Agraecum Empreendimentos S/A 2, , Aisar Empreendimentos Imobiliários Ltda Aisne Empreendimentos Imobiliários Ltda 1, , Ajacis Empreendimentos S/A Ajuga Empreendimentos Imobiliários Ltda Alamanada Empreendimentos Imobiliários Ltda Alanje Empreendimentos Imobiliários Ltda Alcaçus Empreendimentos Imobiliários Ltda Alcea Empreendimentos Imobiliários Ltda - 15, , Alcines Empreendimentos Imobiliarios Ltda Aldrovandi Empreendimentos Imobiliários Ltda Aliberti Empreendimentos S/A Alisso Empreendimentos S/A Alium Empreendimentos Imobiliários Ltda 1, , Allure Desenvolvimento Imobiliário Ltda - 12, , Almeirim Empreendimentos Imobiliários Ltda Alocasia Empreendimentos S/A - 8,763-8,288-8,745-8,271 Alpen Haus Desenvolvimento Imobiliário S/A Alpen Haus Negócios Imobiliários S/A - 2, , Alpínia Desenvolvimento Imobiliário Ltda - 29, , Alquemila Empreendimentos Imobiliários Ltda 1, , Alteia Empreendimentos Imobiliários Ltda - 24, , Altenau Empreendimentos Imobiliários Ltda Alternantera Empreendimentos Imobiliários Ltda - 17, , Alzete Empreendimentos Imobiliários Ltda - 16,296-16,299-15,889-15,892 Amapola Empreendimentos Imobiliários Ltda Amarelinha Empreendimentos S/A Amatore Empreendimentos Imobiliários Ltda Ambassador Empreendimentos S/A - 1, , Ambato Empreendimentos Imobiliários Ltda 2, , América Piqueri Incorporadora S/A América Properties Ltda - 10, ,

75 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities América Urbanismo S/A Amniso Empreendimentos Imobiliários Ltda 2, , Amoneti Empreendimentos Imobiliários Ltda Anabi Empreendimentos Imobiliários Ltda , Anacardium Empreendimentos S/A Anadia Empreendimentos Imobiliários Ltda , Anadir Empreendimentos Imobiliários Ltda Anagalide Empreendimentos S/A 5, , Anagalis Empreendimentos S/A Ananke Empreendimentos Imobiliários Ltda Anapo Empreendimentos Imobiliários Ltda 3, , Anauro Empreendimentos Imobiliários Ltda Ancusa Empreendimentos Imobiliários Ltda - 11, , Aneliasia Empreendimentos S/A 1,064-1,064-1,063-1,063 - Anemone Empreendimentos S/A Anfriso Empreendimentos Imobiliários Ltda Aniene Empreendimentos Imobiliários Ltda 1, , Anigro Empreendimentos Imobiliários Ltda 13, , Anloga Empreendimentos Imobiliários Ltda 3, , Anona Empreendimentos S/A Anteros Empreendimentos Imobiliários Ltda Antigua Empreendimentos S/A Antirinum Empreendimentos S/A Antocleista Empreendimentos S/A Antronapiana Empreendimentos Imobiliários Ltda Aparine Empreendimentos Imobiliários Ltda 2, , Apeliotes Empreendimentos Imobiliários Ltda Apetenia Empreendimentos Imobiliários Ltda 52,042-52,042-52,022-52,022 - Apidano Empreendimentos Imobiliários Ltda 16, , Apistograma Empreendimentos Imobiliários Ltda Apolda Empreendimentos Imobiliários Ltda - 6,972-6,972-7,648-7,648 Apuléia Empreendimentos Imobiliários Ltda 9, , Aqueronte Empreendimentos Imobiliários Ltda Aralia Empreendimentos S/A Araticum Empreendimentos Imobiliários Ltda - 10, , Araucaia Empreendimentos Imobiliários Ltda - 4, , Araure Empreendimentos Imobiliários Ltda 4, , Arborea Empreendimentos S/A Arbustiva Empreendimentos S/A Ardesco Empreendimentos Imobiliários Ltda Ardisia Empreendimentos S/A - 18,605-19,670-1,732-2,426 Aretusa Empreendimentos Imobiliários Ltda Argentea Empreendimentos S/A - 36,171-98,735-33,494-77,609 Aridarum Empreendimentos S/A - 6,266-6,266-1,357-1,357 Arielle Empreendimentos Imobiliários Ltda Aristasia Empreendimentos Imobiliários Ltda 3, , Aristata Empreendimentos S/A Arizona Empreendimentos Imobiliários Ltda Arkansas Empreendimentos Imobiliários Ltda Aronis Empreendimentos Imobiliários Ltda Arquitotis Empreendimentos Imobiliários Ltda - 22, , Artocarpus Empreendimentos Imobiliários Ltda Arundina Empreendimentos Imobiliários Ltda Asistásia Empreendimentos S/A Asmiscada Empreendimentos S/A Asopo Empreendimentos Imobiliários Ltda 2, , Asperula Empreendimentos S/A Asplenium Empreendimentos Imobiliários Ltda Asterion Empreendimentos Imobiliários Ltda Astilbe Empreendimentos Imobiliários Ltda

76 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Astir Ass. Téc. Imob. Part. Ltda 7, , Atenor Empreendimentos Imobiliários Ltda 3, Atinidia Empreendimentos Imobiliários Ltda 3, , Atmosfera Desenvolvimento Imobiliário S/A Atmosfera Empreendimentos S/A Atromeia Empreendimentos S/A 2, , Auriculata Empreendimentos S/A 1,767-1,900-1,894-2,001 - Autentic Desenvolvimento Imobiliário S/A - 1, , Autentic Empreendimentos S/A Aven Empreendimentos Imobiliários Ltda - 20, , Avinon Empreendimentos Imobiliários Ltda - 2,422-2,400-8,811-8,790 Baça Empreendimentos Imobiliários Ltda Baceiro Empreendimentos Imobiliários Ltda Bafira Empreendimentos Imobiliários Ltda 8, , Balderico Empreendimentos Imobiliários Ltda Balerta Empreendimentos Imobiliários Ltda Balsemão Empreendimentos Imobiliários Ltda Bantri Empreendimentos Imobiliários Ltda Barão do Café Empreendimentos Imobiliários S/A Barão do Café Incorporadora S/A - 2, , Barbana Empreendimentos Imobiliários Ltda Barbarea Empreendimentos Imobiliários Ltda Bartica Empreendimentos Imobiliários Ltda Basileu Empreendimentos Imobiliários Ltda Basiliana Empreendimentos Imobiliários Ltda Basilico Empreendimentos S/A 3, , Batuira Empreendimentos Imobiliários Ltda Bazagueda Empreendimentos Imobiliários Ltda BCP Empreendimentos Imobiliários Ltda - 29, , Beaumontia Empreendimentos S/A - 6,234-6,421-6,235-6,423 Belinda Empreendimentos Imobiliários Ltda 2,189-2,729-2,173-2,468 - Belisário Empreendimentos Imobiliários Ltda 10, , Benitoite Empreendimentos Imobiliários Ltda Berilo Empreendimentos Imobiliários Ltda 4,168-3,974-4,164-3,970 - Beselga Empreendimentos Imobiliários Ltda Betonica Empreendimentos Imobiliários Ltda 1,801-1, Bétula Empreendimentos S/A - 5,521-5,521-5,521-5,521 Beuvron Empreendimentos Imobiliários Ltda Bidasoa Empreendimentos Imobiliários Ltda - 4, , Bipinatus Empreendimentos S/A 7, , Bisira Empreendimentos Imobiliários Ltda Bitinia Empreendimentos Imobiliários Ltda 10, , Bocholte Empreendimentos Imobiliários Ltda Boditi Empreendimentos Imobiliários Ltda Bolero Empreendimentos S/A 16, , Bom Sucesso Incorporação e Investimentos Imobiliários S/A 2,029-2,127-2,029-2,126 - Bonina Empreendimentos Imobiliários Ltda - 1, , Borago Empreendimentos S/A - 25,631-20,075-25,670-18,923 Bordo Empreendimentos Imobiliários Ltda Boristenes Empreendimentos Imobiliários Ltda Bouvardia Empreendimentos Imobiliários Ltda 2, , Brassica Empreendimentos S/A - 6,485-6,457-6,507-6,479 Bresbe Empreendimentos Imobiliários Ltda 2, , Brionia Empreendimentos Imobiliários Ltda Brossasco Empreendimentos Imobiliários Ltda Brumalia Empreendimentos Imobiliários Ltda Brutio Empreendimentos Imobiliários Ltda Bucaramanga Empreendimentos Imobiliários Ltda 1, Bugaba Empreendimentos Imobiliários Ltda Burgendi Empreendimentos Imobiliários Ltda

77 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Butajira Empreendimentos Imobiliários Ltda 8, , Cabimas Empreendimentos Imobiliários Ltda - 3,231-3, Cabudare Empreendimentos Imobiliários Ltda Cacatua Empreendimentos Imobiliários Ltda Caerulea Empreendimentos S/A Caima Empreendimentos Imobiliários Ltda Cainara Empreendimentos Imobiliários Ltda Cairica Empreendimentos Imobiliários Ltda 1, , Calabozo Empreendimentos Imobiliários Ltda Calaminta Empreendimentos S/A , ,869 Calêndula Empreendimentos Imobiliários Ltda - 18, , Caliandra Incorporadora Ltda - 19, , Calibracoa Empreendimentos S/A 2,147-2,147-2,147-2,147 - Califórnia 5 Empreendimentos Imobiliários Ltda - 9, , Caliméria Empreendimentos Imobiliários Ltda Campainha Empreendimentos S/A - 5, , Campanula Empreendimentos S/A Cancale Empreendimentos Imobiliários Ltda Capisicum Empreendimentos Imobiliários Ltda ,868-12,112 - Capital Rossi Empreendimentos S/A - 129, , , ,859 Capuchinha Empreendimentos Imobiliários Ltda 4, , Cardunculus Empreendimentos Imobiliários Ltda 2, , Cargese Empreendimentos Imobiliários Ltda Carimbosa Empreendimentos Imobiliários Ltda - 21, , Cariniana Empreendimentos S/A - 8,446-8,446-8,544-8,544 Caroba Empreendimentos S/A Cartamus Empreendimentos Imobiliários Ltda 31, , Cartatica Empreendimentos Imobiliários Ltda - 14, , Cartaxo Empreendimentos Imobiliários Ltda - 2,775-2,780-2,878-2,879 Cascade Empreendimentos S/A Cassia Empreendimentos S/A Casuar Empreendimentos Imobiliários Ltda 1, , Catalina Empreendimentos Imobiliários Ltda 2, , Catânia Empreendimentos Imobiliários Ltda Catarantus Empreendimentos S/A - 3, , Caudata Empreendimentos Imobiliários Ltda - 5, , Cavour Empreendimentos Imobiliários Ltda Cedrela Empreendimentos Imobiliários Ltda - 6, , Cedren Empreendimentos Imobiliários Ltda Cefisso Empreendimentos Imobiliários Ltda - 34,966-34, Celebrete Empreendimentos S/A 20, , Celebrete Empreendimentos S/A - SCP Celebrete 23, , Celebrity Icaraí Desenvolvimento Imobiliário Ltda - 11, , Celebrity Icaraí Negócios Imobiliários Ltda 16, , Celeni Empreendimentos Imobiliários Ltda 2, Celosia Empreendimentos S/A , Centalo Empreendimentos Imobiliários Ltda Centáurea Empreendimentos S/A Centela Empreendimentos S/A - 1,841-3,393-1,852-3,410 Ceressa Empreendimentos Imobiliários Ltda Certima Empreendimentos Imobiliários Ltda Chácara Santo Antonio Vivanti Desenvolvimento Imobiliário Ltda - 15, , Cheflera Empreendimentos Imobiliários Ltda - 9, , Chenopodio Empreendimentos S/A 13,167-17,035-14,340-18,208 - Chialomberto Empreendimentos Imobiliários Ltda Chiapera Empreendimentos Imobiliários Ltda Chilibre Empreendimentos Imobiliários Ltda 4, , Chilodus Empreendimentos Imobiliários Ltda 2, , Chilon Empreendimentos Imobiliários Ltda Cianus Empreendimentos S/A - 49,772-49,772-20,482-20,482

78 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Cicla Empreendimentos Imobiliários Ltda Ciclame Desenvolvimento Imobiliário S/A - 11,561-11,561-9,951-9,951 Ciclame Empreendimentos S/A Ciconia Empreendimentos Imobiliários Ltda 3, , Cinara Empreendimentos S/A Cineraria Empreendimentos S/A Citero Empreendimentos Imobiliários Ltda - 21,848-21,863-21,863-21,878 Citrus Empreendimentos Imobiliários Ltda - 14, , Cladeu Empreendimentos Imobiliários Ltda 3,376-3,376-5,054-5,054 - Clarence Empreendimentos Imobiliários Ltda Clarinda Empreendimentos Imobiliários Ltda Clarquia Empreendimentos Imobiliários Ltda - 1, , Clematis Empreendimentos S/A Cleome Empreendimentos Imobiliários Ltda Cleomeia Empreendimentos S/A 1,430-1,430-1,430-1,430 - Climenia Empreendimentos Imobiliários Ltda Clube Tuiuti Empreendimentos S/A Cocinea Empreendimentos S/A Coetupo Empreendimentos Imobiliários Ltda Colocasia Empreendimentos Imobiliários Ltda Colorata Empreendimentos Imobiliários Ltda Cond. das Palmeiras Empreendimentos S/A Condominio das Palmeiras Desenvolvimento Imobiliário S/A Congea Empreendimentos Imobiliários Ltda - 15, , Congorsa Empreendimentos S/A Congossa Empreendimentos Imobiliários Ltda - 8, , Consolda Empreendimentos Imobiliários Ltda - 11, , Consórcio Entreverdes , ,924 - Convulata Empreendimentos S/A Cordifolia Empreendimentos Imobiliários Ltda - 1, , Coreópisis Empreendimentos S/A - 12,453-12,311-3,652-1,667 Coriandrum Empreendimentos S/A 1,656-1,656-1,656-1,656 - Coribante Empreendimentos Imobiliários Ltda Coridora Empreendimentos Imobiliários Ltda Cortemila Empreendimentos Imobiliários Ltda Costa São Caetano Empreendimentos S/A - 10,088-10,088-10,040-10,040 Courgete Empreendimentos S/A - 6,020-5,969-5,529-5,478 Cravina Empreendimentos S/A - 8,837-8,612-5,031-4,806 Crimiso Empreendimentos Imobiliários Ltda Cronios Empreendimentos Imobiliários Ltda Cruá Empreendimentos S/A 3,197-3,197-3,197-3,197 - Cucumis Empreendimentos S/A Cucurbita Empreendimentos S/A Cumbria Empreendimentos Imobiliários Ltda - 4,264-6,519-6,601-6,553 Daciano Empreendimentos Imobiliários Ltda Dalia Empreendimentos Imobiliários Ltda , ,180 Dalmazo Empreendimentos Imobiliários Ltda Damacena Empreendimentos S/A - 17,850-26,369 8,411-8,125 - Damaris Empreendimentos Imobiliários Ltda Damiane Empreendimentos Imobiliários Ltda Damion Empreendimentos Imobiliários Ltda Dangila Empreendimentos Imobiliários Ltda - 9, , Del Monte Desenvolvimento Imobiliário Ltda - 3, , Del Monte Negócios Imobiliários S/A - 1, , Delcine Empreendimentos Imobiliários Ltda Delfinio Empreendimentos S/A Demetris Empreendimentos Imobiliários Ltda Deodoro Empreendimentos Imobiliários Ltda Derveni Empreendimentos Imobiliários Ltda - 1, , Dessau Empreendimentos Imobiliários Ltda

79 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Diantus Empreendimentos S/A 12,108-11,822-9,136-9,071 - Difusa Empreendimentos S/A Dilber Empreendimentos Imobiliários Ltda Dinarte Empreendimentos Imobiliários Ltda Diomedes Empreendimentos Imobiliários Ltda Diomen Empreendimentos Imobiliários Ltda Dions Empreendimentos Imobiliários Ltda Dipladênia Empreendimentos Imobiliários Ltda Direcional Riachos Empreendimentos Imobiliários Ltda Dirito Empreendimentos Imobiliários Ltda 1, Donovan Empreendimentos Imobiliários Ltda Dorinda Empreendimentos Imobiliários Ltda Dormagem Empreendimentos Imobiliários Ltda Doubs Empreendimentos Imobiliários Ltda 2, , Dranci Empreendimentos Imobiliários Ltda - 5, Driope Empreendimentos Imobiliários Ltda - 6, , Duarte - Edificio Vila Boa Vista Ltda Dueto Desenv. Imobiliário Ltda Dueto Negócios Imobiliários S/A - 2, , Duitama Empreendimentos Imobiliários Ltda Dunedine Empreendimentos Imobiliários Ltda 25, , Ecalia Empreendimentos Imobiliários Ltda Egeon Empreendimentos Imobiliários Ltda Eitorfe Empreendimentos Imobiliários Ltda 4, , Elida Empreendimentos Imobiliários Ltda 15, , Elvas Empreendimentos Imobiliários Ltda 1, Embua Empreendimentos Imobiliários Ltda 3, , Empreendimento Imobiliário Jaguaré SPE Ltda 1, , Enipeu Empreendimentos Imobiliários Ltda - 13,543-13,543-13,998-13,996 Entradero Empreendimentos Imobiliários Ltda Envigado Empreendimentos Imobiliários Ltda Epiro Empreendimentos Imobiliários Ltda 6, , Equinacia Empreendimentos S/A 12, , Equio Empreendimentos Imobiliários Ltda Erasino Empreendimentos Imobiliários Ltda Ercilio Empreendimentos Imobiliários Ltda Eridano Empreendimentos Imobiliários Ltda 3,432-3,390-3,401-3,384 - Erimanto Empreendimentos Imobiliários Ltda Erinus Empreendimentos S/A - 4,116-4,128-4,112-4,124 Erioteca Empreendimentos S/A Eritreia Empreendimentos Imobiliários Ltda Ermesinde Empreendimentos Imobiliários Ltda Escabiosa Empreendimentos S/A 18, , Escalda Empreendimentos Imobiliários Ltda 11, , Esculenta Empreendimentos Imobiliários Ltda - 8, , Esepo Empreendimentos Imobiliários Ltda - 38,612-38,871-27,215-27,215 Espargos Empreendimentos Imobiliários Ltda Espinelio Empreendimentos Imobiliários Ltda Esporeira Empreendimentos Imobiliários Ltda Esqueria Empreendimentos Imobiliários Ltda Estarreja Empreendimentos Imobiliários Ltda Estense Empreendimentos Imobiliários Ltda Estifitia Empreendimentos Imobiliários Ltda Estige Empreendimentos Imobiliários Ltda 3, , Estramoio Empreendimentos S/A - 14, , Estrimon Empreendimentos Imobiliários Ltda Estrumosa Empreendimentos S/A 2, , Etolia Empreendimentos Imobiliários Ltda 4, , Euforbia Empreendimentos S/A 9, , Euriabe Empreendimentos S/A 18, ,

80 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Eustoma Empreendimentos S/A - 1, , Evre Empreendimentos Imobiliários Ltda Exacum Empreendimentos Imobiliários Ltda Fabrice Empreendimentos Imobiliários Ltda Facatativa Empreendimentos Imobiliários Ltda Facelia Empreendimentos S/A Faetonte Empreendimentos Imobiliários Ltda Falcatus Empreendimentos S/A 2,201-2,201-2,201-2,201 - Faon Empreendimentos Imobiliários Ltda Faraji Empreendimentos Imobiliários Ltda Fasciata Empreendimentos Imobiliários Ltda Feacios Empreendimentos Imobiliários Ltda ,626-16,626 - Felicia Empreendimentos Imobiliários Ltda Fiães Empreendimentos Imobiliários Ltda Fiumicino Empreendimentos Imobiliários Ltda Florença Participações S/A 3, , Forli Empreendimentos Imobiliários Ltda Freamunde Empreendimentos Imobiliários Ltda Frigia Empreendimentos Imobiliários Ltda Fruticosa Empreendimentos S/A Fubelo Empreendimentos Imobiliários Ltda Fucsia Empreendimentos S/A 26,005-26,434-35,216-34,238 - Furano Empreendimentos Imobiliários Ltda Gabier Empreendimentos Imobiliários Ltda Gabrio Empreendimentos Imobiliários Ltda Galeria Boulevard Desenvolvimento Imobiliário S/A Galeria Boulevard Negócios Imobiliários S/A - 17, , Galeso Empreendimentos Imobiliários Ltda 3, Ganges Empreendimentos Imobiliários Ltda 1, Ganimedes Empreendimentos Imobiliários Ltda Garden Up Desenvolvimento Imobiliário Ltda - 1, , Garden Up Negócios Imobiliários S/A Gardênia Participações S/A - 2, , Garessaio Empreendimentos Imobiliários Ltda Garona Empreendimentos Imobiliários Ltda Gazania Empreendimentos Imobiliários Ltda - 8, , Gelsemino Empreendimentos Ltda - 5, , Gemelinda Empreendimentos Imobiliários Ltda General Rondon Incorporadora Ltda Gerbreras Empreendimentos S/A Gestia Empreendimentos S/A 1,871-1,871-1,871-1,871 - Giardino Desenvolvimento Imobiliário S/A Giardino Empreendimentos Imobiliários S/A Gijón Empreendimentos Imobiliários Ltda Giochino Empreendimentos Imobiliários Ltda Gionata Empreendimentos Imobiliários Ltda 1, , Girassol Incorporadora Ltda 1, , Glicério Empreendimentos Imobiliários Ltda Glicínia Desenvolvimento Imobiliário Ltda - 2, , Glicínia Empreendimentos S/A Glinde Empreendimentos Imobiliários Ltda 4, , Goivo Empreendimentos Imobiliários Ltda 3, , Gondomar Empreendimentos Imobiliários Ltda Gonfrena Empreendimentos Imobiliários Ltda 69, , Graminea Desenvolvimento Imobiliário S/A Gran Vita Desenvolvimento Imobiliário Ltda Granda Empreendimentos Imobiliários Ltda Grandiflora Empreendimentos Imobiliários Ltda 8, , Grimentz Empreendimentos Imobiliários Ltda Guaipira Empreendimentos Imobiliários Ltda 20-1,

81 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Guaraná Empreendimentos S/A - 5, , Gustávia Empreendimentos S/A Helicônias Desenvolvimento Imobiliário Ltda Helitropo Empreendimentos S/A Hibisco Incorporadora Ltda - 1, , Hirtela Empreendimentos Imobiliários Ltda Housing Barão do Café Ltda Ianira Empreendimentos Imobiliários Ltda Iberidifolia Empreendimentos Imobiliários Ltda - 23, , Ibero Empreendimentos Imobiliários Ltda , Ibicela Empreendimentos S/A Ideal Matão Negócios Imobiliários Ltda 1,089-1,089-1,088-1,088 - Iguatemi Porto Alegre Desenvolvimento Imobiliário Ltda - 7, , Imbrasco Empreendimentos Imobiliários Ltda - 18,832-18,832-18,859-18,859 Impatiens Empreendimentos Imobiliários Ltda , Incana Empreendimentos S/A - 13,955-12,358-13,955-12,164 Indre Empreendimentos Imobiliários Ltda - 6,434-6,431-5,801-5,798 Inhame Empreendimentos S/A Ipiales Empreendimentos Imobiliários Ltda Ipomoea Empreendimentos Imobiliários Ltda 1, , Isele Empreendimentos Imobiliários Ltda Ismeno Empreendimentos Imobiliários Ltda Ituni Empreendimentos Imobiliários. Ltda Jacobina Empreendimentos Imobiliários Ltda Jamino Empreendimentos Imobiliários Ltda Jardim das Margaridas Empreendimentos imobiliários Ltda Jardins de Londres Desenvolvimento Imobiliário Ltda Jasmim Desenvolvimento Imobiliários Ltda Jester Empreendimentos Imobiliários Ltda Jetirana Empreendimentos S/A - 3, , Kansas Empreendimentos Imobiliários Ltda - 2, , Kidia Empreendimentos Imobiliários Ltda Laciniata Empreendimentos Imobiliários Ltda - 1, , Lacio Empreendimentos Imobiliários Ltda - 6, Lacrima Empreendimentos Imobiliários Ltda - 7, , Lagos Empreendimentos S/A Laion Empreendimentos Imobiliários Ltda Lamberti Empreendimentos Imobiliários Ltda Lamego Empreendimentos Imobiliários Ltda Latacunga Empreendimentos Imobiliários Ltda Latosca Empreendimentos Imobiliários Ltda Lavatera Empreendimentos S/A - 1, , Levaldige Empreendimentos Imobiliários Ltda LHM Participação S/A Liepaja Empreendimentos Imobiliários Ltda Linania Empreendimentos Imobiliários Ltda 41, , Linum Empreendimentos Imobiliários Ltda - 3, Litodora Empreendimentos Imobiliários Ltda 1, , Living Martini Empreendimentos Imobiliários Ltda Lobelia Empreendimentos S/A - 4,085-4,085-4,085-4,085 Lobulama Empreendimentos Imobiliários Ltda Londres Empreendimentos S/A - 7,890-7,624-8,002-7,736 Lonicera Empreendimentos Imobiliários Ltda - 3, , Lourosa Empreendimentos Imobiliários Ltda Luandre Empreendimentos Imobiliários Ltda 1, , Lucita Empreendimentos Imobiliários Ltda Luisiane Empreendimentos Imobiliários Ltda 3, , Lutea Empreendimentos Imobiliarios Ltda Macaracas Empreendimentos Imobiliários Ltda Machibongo Empreendimentos Imobiliários Ltda

82 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Machiques Empreendimentos Imobiliários Ltda ,796-24,796 Maculata Empreendimentos S/A Mafuane Empreendimentos Imobiliários Ltda 1, , Magiorino Empreendimentos Imobiliários Ltda Malagueta Empreendimentos S/A Mallorca Empreendimentos Imobiliários Ltda Malmequer Empreendimentos S/A 2,486-2,486-2,486-2,486 - Malvaisco Empreendimentos Imobiliários Ltda - 13, , Mandarim Empreendimentos Imobiliários Ltda - 16,226-5,050-8,856-7,412 Mandevila Empreendimentos Imobiliários Ltda Mandisa Empreendimentos Imobiliários Ltda Manêtia Empreendimentos S/A Mangualde Empreendimentos Imobiliários Ltda 7, , Manjericão Empreendimentos Imobiliários Ltda 1, , Mansoa Empreendimentos Imobiliários Ltda 4, Manucau Empreendimentos Imobiliários Ltda Maracaja Empreendimentos Imobiliários Ltda 2, , Mardigras Empreendimentos S/A - 1, , Marene Empreendimentos Imobiliários Ltda Marginata Empreendimentos Imobiliários Ltda Marianinha Empreendimentos S/A - 47,152-33,348-46,492-32,517 Marshall Empreendimentos Ltda - 7, , Matioca Empreendimentos Imobiliários Ltda - 19, , Maurin Empreendimentos Imobiliários Ltda Meandro Empreendimentos Imobiliários Ltda 1, , Melampodio Empreendimentos S/A Melisenda Empreendimentos Imobiliários Ltda - 4, , Mergonia Empreendimentos S/A 1,803-1,803-1,799-1,799 - Mesembrianteme Empreendimentos Imobiliários Ltda 7, , Messina Incorporação SPE Ltda ,020-1,170 - Mincio Empreendimentos Imobiliários Ltda 19, , Minulo Empreendimentos S/A - 5, , Molie Empreendimentos Imobiliários Ltda 1, , Monazita Empreendimentos Imobiliários Ltda Monstera Empreendimentos S/A - 5,544-5,544-5,544-5,544 Moscatu Empreendimentos S/A - 28, , Mosela Empreendimentos Imobiliários Ltda Mostardeira Empreendimentos S/A Mosteiros Empreendimentos Imobiliários Ltda Mucuna Empreendimentos S/A 2,802-2,802-2,795-2,795 - Mulatupo Empreendimentos Imobiliários Ltda Muricata Empreendimentos S/A Nagolde Empreendimentos Imobiliários Ltda Naiades Empreendimentos Imobiliários Ltda 3, , Naioro Empreendimentos Imobiliários Ltda Namegata Empreendimentos Imobiliários Ltda Narzole Empreendimentos Imobiliários Ltda Nefitis Empreendimentos Imobiliários Ltda Nemofila Empreendimentos Imobiliários Ltda Nemuro Empreendimentos Imobiliários Ltda Nenufar Empreendimentos Imobiliários Ltda Nepeta Empreendimentos S/A - 25, , Nicandra Empreendimentos S/A - 67, Nicotiana Empreendimentos Imobiliários Ltda 10, , Nicuri Empreendimentos Imobiliários Ltda 3, , Nidus Empreendimentos S/A - 30, , Nierembergia Empreendimentos Imobiliários Ltda 8, , Nievre Empreendimentos Imobiliários Ltda 14, , Nigela Empreendimentos S/A - 1, , Nigra Empreendimentos S/A - 2,056-2,056-1,454-1,454

83 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Nonacris Empreendimentos Imobiliários Ltda Norcon Rossi Empreendimentos. S/A - 55,482-45,358-40,355-40,787 North York Empreendimentos S/A North York Negócios Imobiliários S/A Novara Empreendimentos Imobiliários Ltda Odivelas Empreendimentos Imobiliários Ltda Oelde Empreendimentos Imobiliários Ltda 4, , Oise Empreendimentos Imobiliários Ltda Olerácea Empreendimentos S/A 8, , Olomuc Empreendimentos Imobiliários Ltda Onagra Empreendimentos Imobiliários Ltda - 10, , Orituco Empreendimentos Imobiliários Ltda Orquídea Incorporadora Ltda 29, , Oviedo Empreendimentos Imobiliários Ltda , Pacarana Empreendimentos Imobiliários Ltda Pachira Empreendimentos Imobiliários Ltda - 2, Pacino Empreendimentos Imobiliários Ltda 2, , Paderbom Empreendimentos Imobiliários Ltda Paludosum Empreendimentos Imobiliários Ltda 4, , Pamparo Empreendimentos Imobiliários Ltda Panaque Empreendimentos Imobiliários Ltda 6, , Papaver Empreendimentos Imobiliários Ltda Papoila Empreendimentos S/A Pelargonium Empreendimentos Imobiliários Ltda - 2, , Peloponeso Empreendimentos Imobiliários Ltda 2, , Peltatum Empreendimentos Imobiliários Ltda - 7, , Peônia Empreendimentos Imobiliários S/A 2,649-3,526-2,114-2,990 - Pepo Empreendimentos S/A - 19, , Perila Empreendimentos Imobiliários Ltda Perpetuas Empreendimentos Imobiliários Ltda Persefone Empreendimentos Imobiliários Ltda Perudia Empreendimentos Imobiliários Ltda Pervinca Empreendimentos S/A 1, Petrea Empreendimentos Imobiliários Ltda Piacenza Empreendimentos Imobiliários Ltda Pietraporzio Empreendimentos Imobiliários Ltda Pimento Empreendimentos S/A Pinerolo Empreendimentos Imobiliários Ltda Pinhel Empreendimentos Imobiliários Ltda Piper Empreendimentos S/A 1, , Piracanta Empreendimentos S/A - 10, , Piripiri Empreendimentos S/A 3, , Pirna Empreendimentos Imobiliários Ltda 2,091-1, Pitalito Empreendimentos Imobiliários Ltda Plinia Empreendimentos Imobiliários Ltda - 22, , Plomeu Empreendimentos Imobiliários Ltda Poejo Empreendimentos Imobiliários Ltda - 1, Porto Central Desenvolvimento Imobiliário Ltda - 1, , Porto Paradiso Empreendimentos S/A Porto Paradiso Incorporadora S/A - 1, , Pozuoli Empreendimentos Imobiliários Ltda Praça Capital Desenvolvimento Imobiliário Ltda 3, , Praça Capital Empreendimentos Dois S/A Praça Capital Empreendimentos Imobiliários Ltda 2, , Praça Capital Negócios Imobiliários Ltda - 11, , Praça Paris Desenvolvimento Imobiliário S/A 5,855-5,855-5,855-5,855 - Praça Paris Incorporadora S/A - 5,627-4,726-5,358-4,457 Praça Vila Romana Desenvolvimento Imobiliário Ltda 6, , Praia do Futuro Empreendimentos Imobiliários S/A ,014-1,014 - Prelude Empreendimentos S/A 9, ,

84 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Primulino Empreendimentos Imobiliários Ltda Procumbens Empreendimentos Imobiliários Ltda Prunus Empreendimentos S/A 1,268-1,268-2,693-2,693 - Pulchela Empreendimentos S/A ,478-1,490 - Pumila Empreendimentos S/A - 3,689-3,869-3,233-3,413 Purpurata Empreendimentos S/A - 1,166-1,166-1,166-1,166 Quadra B-3 Incorporadora Ltda - 11,178-11,178-4,029-4,051 Quenopodio Empreendimentos S/A Quibor Empreendimentos Imobiliários Ltda 2, Radamanto Empreendimentos Imobiliários Ltda Ramizeri Empreendimentos Imobiliários Ltda , ,385 - Raniona Empreendimentos Imobiliários Ltda 7, , Raritá Desenvolvimento Imobiliário Ltda Raritá Negócios Imobiliários Ltda Rastate Empreendimentos Imobiliários Ltda Ratisbona Empreendimentos Imobiliários Ltda RCG Urbanismo Ltda 5,026-5,026-5,020-5,020 - RCI Consultoria de Imóveis Ltda - 5, , Realengo SPE Empreendimento Imobiliário S/A Recreio Desenvolvimento Imobiliário Ltda - 14, , Recreio Empreendimentos Imobiliários Ltda - 5, , Ricário Empreendimentos Imobiliários Ltda Rilstone Empreendimentos Imobiliários Ltda - 7, , Rimasco Empreendimentos Imobiliários Ltda Risaralda Empreendimentos Imobiliários Ltda Riservato Negócios Imobiliários Ltda Rivulo Empreendimentos Imobiliários Ltda 1, , Rocanige Empreendimentos Imobiliários Ltda Rodolita Empreendimentos Imobiliários Ltda Rodostomo Empreendimentos Imobiliários Ltda Roermond Empreendimentos Imobiliários Ltda Rosalba Empreendimentos Imobiliários Ltda Rossi Commercial Properties S/A Rossi Consultoria de Imóveis - Goiânia Ltda 2, , Rossi Consultoria de Imóveis Aracajú Ltda - 1, , Rossi Consultoria de Imóveis Ltda 1, Rossi Empreendimentos Imobiliários Ltda - 1, , Rossi Ind. de Art. de Concreto Ltda 20, , Rossi Melnick Desenvolvimento Imobiliário S/A Rossi Montante Incorporadora S/A - 1, , Rossi Morumbi Incorporadora S/A 12, , Rossi Oscar Porto Incorporadora Ltda - 83, , Rossi S/A Rossi Securities Empreendimentos Imobiliários Ltda - 16, , Rossi Trust e Participações Ltda - 3, , RRTI Desenvolvimento Imobiliário Ltda - 15, , Rubrum Empreendimentos Imobiliários Ltda 2, , Rubus Empreendimentos S/A Rype SPE 3 - Empreendimentos Imobiliário Ltda 5,166-5, Sabanalarga Empreendimentos Imobiliários Ltda 7, , Sabanitas Empreendimentos Imobiliários Ltda Salmiana Empreendimentos S/A - 5,410-5,410-5,419-5,419 Sambre Empreendimentos Imobiliários Ltda 6, , Sambucus Empreendimentos S/A Sampeire Empreendimentos Imobiliários Ltda Sândalo Desenvolvimento Imobiliário Ltda - 3, Sândalo Empreendimentos Ltda 6, , Sanderae Empreendimentos Imobiliários Ltda 18, , Sangario Empreendimentos Imobiliários Ltda 2,222-2,215-2,208-2,205 - Sanquezia Empreendimentos Imobiliários Ltda 12, ,

85 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Santa Adalsinda Empreendimentos Imobiliários Ltda Santa Adelaida Empreendimentos Imobiliários Ltda Santa Adelvina Empreendimentos Imobiliários Ltda - 23,133-23,151-23,124-23,103 Santa Agape Empreendimentos Imobiliários Ltda Santa Agia Empreendimentos Imobiliários Ltda 9, , Santa Agueda Empreendimentos Imobiliários Ltda Santa Alda Empreendimentos Imobiliários Ltda Santa Alfreda Empreendimentos Imobiliários Ltda 1, , Santa Alice Empreendimentos Imobiliários Ltda Santa Amanda Empreendimentos Imobiliários Ltda - 12, , Santa Anastácia Empreendimentos Imobiliários Ltda Santa Antonina Empreendimentos Imobiliários Ltda Santa Apolonia Empreendimentos Imobiliários Ltda - 11, , Santa Aurelia Empreendimentos Imobiliários Ltda - 3,230-3,193-3,220-3,184 Santa Avelina Empreendimentos Imobiliários Ltda , Santa Bartolomea Empreendimentos Imobiliários Ltda Santa Beatriz Empreendimentos Imobiliários Ltda - 5,168-5,188 2,596-2,622 - Santa Belina Empreendimentos Imobiliários Ltda 1,100-1,100-1,100-1,100 - Santa Bernadete Empreendimentos Imobiliários Ltda Santa Bertila Empreendimentos Imobiliários Ltda Santa Bibiana Empreendimentos Imobiliários Ltda - 7,675-7, Santa Brenda Empreendimentos Imobiliários Ltda Santa Brigida Empreendimentos Imobiliários Ltda Santa Camila Empreendimentos Imobiliários Ltda - 4, , Santa Capitolina Empreendimentos Imobiliários Ltda Santa Caridade Empreendimentos Imobiliários Ltda Santa Carissima Empreendimentos Imobiliários Ltda Santa Cassilda Empreendimentos Imobiliários Ltda Santa Celestina Empreendimentos Imobiliários Ltda 39, , Santa Cordelia Empreendimentos Imobiliários Ltda Santa Dionisia Empreendimentos Imobiliários Ltda 11, , Santa Dominica Empreendimentos Imobiliários Ltda Santa Doroteia Empreendimentos Imobiliários Ltda Santa Duna Empreendimentos Imobiliários Ltda 3, , Santa Edite Empreendimentos Imobiliários Ltda - 12, , Santa Elenice Empreendimentos Imobiliários Ltda 1, , Santa Emereciana Empreendimentos Imobiliários Ltda Santa Enriqueta Empreendimentos Imobiliários Ltda - 1,106-1, Santa Erasma Empreendimentos Imobiliários Ltda Santa Esperança Empreendimentos Imobiliários Ltda 14, , Santa Estefania Empreendimentos Imobiliários Ltda 5, , Santa Eufrosina Empreendimentos Imobiliários Ltda Santa Eulalia Empreendimentos Imobiliários Ltda Santa Exuperia Empreendimentos Imobiliários Ltda Santa Fausta Empreendimentos Imobiliários Ltda Santa Felipa Empreendimentos Imobiliários Ltda Santa Fidelmia Empreendimentos Imobiliários Ltda Santa Flavia Empreendimentos Imobiliários Ltda - 5,906-5,906-5,906-5,906 Santa Florinda Empreendimentos Imobiliários Ltda Santa Francisca Empreendimentos Imobiliários Ltda - 1,111-1,168-1,109-1,166 Santa Gaudencia Empreendimentos Imobiliários Ltda 1,318-1,318-1,318-1,318 - Santa Genoveva Empreendimentos Imobiliários Ltda Santa Georgia Empreendimentos Imobiliários Ltda Santa Giana Empreendimentos Imobiliários Ltda Santa Gisela Empreendimentos Imobiliários Ltda 2,207-3,165-2,087-3,045 - Santa Gontilda Empreendimentos Imobiliários Ltda 13, , Santa Gundelina Empreendimentos Imobiliários Ltda - 6,896-6,896 1,073-1,073 - Santa Hermelinda Empreendimentos Imobiliários Ltda 1,424-1,424-1,424-1,424 - Santa Hildegarda Empreendimentos Imobiliários Ltda Santa Humbelina Empreendimentos Imobiliários Ltda

86 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Santa Irene Empreendimentos Imobiliários Ltda Santa Iza Empreendimentos Imobiliários Ltda Santa Joconda Empreendimentos Imobiliários Ltda 10, , Santa Justina Empreendimentos Imobiliários Ltda 2, , Santa Kilian Empreendimentos Imobiliários Ltda - 12,271-12, Santa Leoncia Empreendimentos Imobiliários Ltda Santa Lucrecia Empreendimentos Imobiliários Ltda 4,895-4,895-4,988-5,015 - Santa Manuela Empreendimentos Imobiliários Ltda 17, , Santa Marcela Empreendimentos Imobiliários Ltda Santa Margarete Empreendimentos Imobiliários Ltda 1, , Santa Margarida Empreendimentos Imobiliários Ltda ,645-3,645 - Santa Mariana Empreendimentos Imobiliários Ltda Santa Marianela Empreendimentos Imobiliários S/A 8, , Santa Matilda Empreendimentos Imobiliários Ltda - 11, , Santa Maura Empreendimentos Imobiliários Ltda - 17, , Santa Melania Empreendimentos Imobiliários Ltda 18, , Santa Mena Empreendimentos Imobiliários Ltda , Santa Narcisa Empreendimentos Imobiliários Ltda - 4, Santa Natalia Empreendimentos Imobiliários Ltda Santa Nina Empreendimentos Imobiliários Ltda 3, , Santa Noemia Empreendimentos Imobiliários Ltda 6, , Santa Odete Empreendimentos Imobiliários Ltda - 1, , Santa Odilia Empreendimentos Imobiliários Ltda - 10, , Santa Olga Empreendimentos Imobiliários Ltda - 19, , Santa Otavia Empreendimentos Imobiliários Ltda - 2, Santa Paloma Empreendimentos Imobiliários Ltda - 6, , Santa Patrícia Empreendimentos Imobiliários Ltda 24, , Santa Quilonia Participações e Empreendimentos Ltda Santa Quitéria Empreendimentos Imobiliários Ltda 1, , Santa Rafaela Empreendimentos Imobiliários Ltda Santa Rebeca Empreendimentos Imobiliários Ltda Santa Rosana Empreendimentos Imobiliários Ltda Santa Ruth Empreendimentos Imobiliários Ltda , Santa Sabina Empreendimentos Imobiliários Ltda 20, , Santa Silvana Empreendimentos Imobiliários Ltda 1,595-1,595-1,595-1,595 - Santa Silvia Empreendimentos Imobiliários Ltda - 1,806-1,404-1,895-1,895 Santa Sofia Empreendimentos Imobiliários Ltda - 5,003-5, Santa Sueli Empreendimentos Imobiliários Ltda Santa Susana Empreendimentos Imobiliários S/A - 2, , Santa Taciana Empreendimentos Imobiliários Ltda Santa Tais Empreendimentos Imobiliários Ltda Santa Tarcila Empreendimentos Imobiliários Ltda - 8, , Santa Tatiana Empreendimentos Imobiliários Ltda Santa Teodata Empreendimentos Imobiliários Ltda - 20,616-20,494-5,951-5,957 Santa Veneranda Empreendimentos Imobiliários Ltda Santa Veronica Empreendimentos Imobiliários Ltda - 2, , Santa Zenaide Empreendimentos Imobiliários Ltda 12, , Santa Zenobia Empreendimentos Imobiliários Ltda 7, , Santa Zita Empreendimentos Imobiliários Ltda 6, , Santa Zoraide Empreendimentos Imobiliários Ltda Santa Priscila Empreendimentos Imobiliários Ltda - 11, , Santo Abaco Empreendimentos Imobiliários Ltda Santo Adalberto Empreendimentos Imobiliários Ltda Santo Adauto Empreendimentos Imobiliários Ltda Santo Adriano Empreendimentos Imobiliários Ltda Santo Agapito Empreendimentos Imobiliários Ltda Santo Agostinho Empreendimentos Imobiliários Ltda 11,972-11,969-14,254-14,250 - Santo Alberto Empreendimentos Imobiliários Ltda 4,061-4,061-4,034-4,033 - Santo Albino Empreendimentos Imobiliários Ltda - 2, , Santo Alexandre Empreendimentos Imobiliários Ltda 1,606-1,606-1,606-1,606 -

87 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Santo Amadeu Empreendimentos Imobiliários Ltda - 3,903-3,903-3,397-3,397 Santo Ambrosio Empreendimentos Imobiliários S/A - 17, , Santo Anastacio Empreendimentos Imobiliários S/A 3, , Santo Anatolio Empreendimentos Imobiliários Ltda Santo Angelo Empreendimentos Imobiliários Ltda Santo Aniceto Empreendimentos Imobiliários Ltda Santo Anselmo Empreendimentos Imobiliários S/A 2, , Santo Antão Empreendimentos Imobiliários Ltda 1, , Santo Artemio Empreendimentos Imobiliários Ltda - 9,115-9,115-3,641-3,641 Santo Atanasio Empreendimentos Imobiliários Ltda - 6, , Santo Atiliano Empreendimentos Imobiliários Ltda 1,176-1,176-1,176-1,176 - Santo Audifax Empreendimentos Imobiliários Ltda 5, , Santo Aureliano Empreendimentos Imobiliários Ltda 1, , Santo Eduardo Empreendimentos Imobiliários Ltda 5, Santo Egidio Empreendimentos Imobiliários Ltda 1,982-1,982-2,583-2,583 - Santo Elias Empreendimentos Imobiliários Ltda 1, Santo Eliseu Empreendimentos Imobiliários Ltda Santo Erasmo Empreendimentos Imobiliários Ltda - 48, , Santo Estanislau Empreendimentos Imobiliários Ltda 29, , Santo Estevão Empreendimentos Imobiliários Ltda 1, , Santo Eugenio Empreendimentos Imobiliários Ltda - 2, , Santo Eusebio Empreendimentos Imobiliários Ltda 6, , Santo Evaristo Empreendimentos Imobiliários Ltda 33, , Santo Expedito Empreendimentos Imobiliários S/A Santo Exuperancio Empreendimentos Imobiliários Ltda , Santo Herculano Empreendimentos Imobiliários Ltda - 1, , Santo Higino Empreendimentos Imobiliários Ltda - 2, , Santo Hilario Empreendimentos Imobiliários Ltda Santo Humberto Empreendimentos Imobiliários Ltda 3, , Santo Ildefonso Empreendimentos Imobiliários Ltda - 16,609-16,609-16,710-16,710 Santo Inacio Empreendimentos Imobiliários Ltda 3, Santo Indalecio Empreendimentos Imobiliários Ltda Santo Inocencio Empreendimentos Imobiliários Ltda Santo Irineu Empreendimentos Imobiliários Ltda - 3, Santo Isidro Empreendimentos Imobiliários Ltda Santo Ivo Empreendimentos Imobiliários Ltda 3, , Santo Lorenzo Empreendimentos Imobiliários Ltda 5, , Santo Olavo Empreendimentos Imobiliários Ltda - 1, , Santo Onesimo Empreendimentos Imobiliários Ltda Santo Onofre Empreendimentos Imobiliários Ltda 1, , Santo Orestes Empreendimentos Imobiliários Ltda Santo Orlando Empreendimentos Imobiliários Ltda - 1,921 1,573-2,149-2,149 - Santo Osvaldo Empreendimentos Imobiliários Ltda Santo Ovidio Empreendimentos Imobiliários Ltda 2, , Santo Ulrico Empreendimentos Imobiliários Ltda 1, , Santo Uriel Empreendimentos Imobiliários Ltda 15, , São Bartolomeu Empreendimentos Imobiliários Ltda São Basilio Empreendimentos Imobiliários Ltda - 10,919-12,223-6,733-6,742 São Beltran Empreendimentos Imobiliários Ltda 4,702-4,702-5,747-5,747 - São Benigno Empreendimentos Imobiliários Ltda São Benildo Empreendimentos Imobiliários Ltda - 1, , São Benito Empreendimentos Imobiliários Ltda São Bertino Empreendimentos Imobiliários Ltda 4, , São Bessario Empreendimentos Imobiliários Ltda - 4, , São Bonifácio Empreendimentos Imobiliários S/A 1, , São Boris Empreendimentos Imobiliários Ltda São Braulio Empreendimentos Imobiliários Ltda 5, , São Bruno Empreendimentos Imobiliários Ltda - 8, São Caemon Empreendimentos Imobiliários Ltda - 5, , São Calisto Empreendimentos Imobiliários Ltda

88 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities São Canuto Empreendimentos Imobiliários Ltda São Celestino Empreendimentos Imobiliários Ltda 15, , São Cesario Empreendimentos Imobiliários Ltda 15, , São Cirilo Empreendimentos Imobiliários Ltda São Constantino Empreendimentos Imobiliários Ltda - 4,168-4,168-4,185-4,185 São Cornelio Empreendimentos Imobiliários Ltda São Crisanto Empreendimentos Imobiliários Ltda 4, , São Crisogono Empreendimentos Imobiliários Ltda São Crispim Empreendimentos Imobiliários Ltda 10, , São Crispiniano Empreendimentos Imobiliários Ltda 26, , São Damaso Empreendimentos Imobiliários Ltda 3, , São Daniel Empreendimentos Imobiliários Ltda - 13,398-13,398-11,689-11,689 São Desiderio Empreendimentos Imobiliários Ltda São Dionisio Empreendimentos Imobiliários Ltda - 10, , São Dubricio Empreendimentos Imobiliários Ltda São Fabiano Empreendimentos Imobiliários Ltda 1, , São Felix Empreendimentos Imobiliários Ltda 2,750-2,750-2,750-2,750 - São Fiacre Empreendimentos Imobiliários Ltda - 20,917-20,917-19,355-19,355 São Fidelis Empreendimentos Imobiliários Ltda - 5,981-5,764 4,424-4,395 - São Fidenciano Empreendimentos Imobiliários Ltda São Gabino Empreendimentos Imobiliários Ltda ,137-1,137 - São Genciano Empreendimentos Imobiliários Ltda - 2,208-2,221 1,783-1,770 - São Geraldo Empreendimentos Imobiliários Ltda São Gerôncio Empreendimentos Imobiliários Ltda 1, , São Gildasio Empreendimentos Imobiliários Ltda São Gonzalo Empreendimentos Imobiliários Ltda - 2, , São Gotardo Empreendimentos Imobiliários Ltda 1, , São Hipolito Empreendimentos Imobiliários Ltda São Licinio Empreendimentos Imobiliários Ltda São Loureano Empreendimentos Imobiliários Ltda 8, , São Mamede Empreendimentos Imobiliários Ltda São Mancio Empreendimentos Imobiliários Ltda 17, , São Marçal Empreendimentos Imobiliários Ltda 2, , São Marcelino Empreendimentos Imobiliários Ltda ,167 2,627 - São Marcelo Empreendimentos Imobiliários Ltda 1,033-1,030-1,033-1,030 - São Marcio Empreendimentos Imobiliários Ltda São Mariano Empreendimentos Imobiliários Ltda 1, , São Mario Empreendimentos Imobiliários Ltda São Martim Empreendimentos Imobiliários Ltda 51, , São Mauricio Empreendimentos Imobiliários Ltda 40, , São Maurilio Empreendimentos Imobiliários Ltda São Mucio Empreendimentos Imobiliários Ltda 4, , São Narcisio Empreendimentos Imobiliários Ltda São Nazario Empreendimentos Imobiliários Ltda 1, , São Nicodemus Empreendimentos Imobiliários Ltda - 1,050-1, São Pelagio Empreendimentos Imobiliários Ltda 1, , São Petronius Empreendimentos Imobiliários Ltda São Placido Empreendimentos Imobiliários Ltda 1,275-1,275-1,285-1,285 - São Ponciano Empreendimentos Imobiliários Ltda 1,753-1,438-1,743-1,428 - São Procopio Empreendimentos Imobiliários Ltda 5, , São Quirino Empreendimentos Imobiliários Ltda 2, , São Raimundo Empreendimentos Imobiliários Ltda - 4,780-4,765-4,788-4,773 São Ramiro Empreendimentos Imobiliários Ltda São Ranieri Empreendimentos Imobiliários Ltda São Remigio Empreendimentos Imobiliários Ltda , São Ricardo Empreendimentos Imobiliários Ltda São Rodrigo Empreendimentos Imobiliários Ltda São Severino Empreendimentos Imobiliários Ltda 1,602-1,602-1,602-1,602 - São Severo Empreendimentos Imobiliários Ltda 2, , São Silvestre Empreendimentos Imobiliários Ltda

89 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities São Sinfronio Empreendimentos Imobiliários Ltda São Tarcisio Empreendimentos Imobiliários Ltda São Telmo Empreendimentos Imobiliários Ltda São Teobaldo Empreendimentos Imobiliários Ltda São Teodorico Empreendimentos Imobiliários Ltda 11, , São Teofilo Empreendimentos Imobiliários Ltda 2, , São Torquato Empreendimentos Imobiliários Ltda São Tranquilino Empreendimentos Imobiliários Ltda - 6,214-6, São Columbano Empreendimentos Imobiliários Ltda São Norberto Empreendimentos Imobiliários Ltda São Prudencio Empreendimentos Imobiliários Ltda - 3, , Saponaria Empreendimentos S/A Sarapo Empreendimentos Imobiliários Ltda - 3,871-3,870-3,330-3,328 Saratoga Empreendimentos Imobiliários Ltda Sarita Empreendimentos Imobiliários Ltda - 6, , Sarpedon Empreendimentos Imobiliários Ltda Sarre Empreendimentos Imobiliários Ltda - 30,460-30,464-29,563-29,568 Sativus Empreendimentos S/A SCP Alegro - Araucaia Empreend SCP Cotegipe - Araucaia Empreend. - 16, , SCP Cyrela Seina Empreendimentos Imobiliários Ltda - 2,225-2,224-2,164-2,163 Seixal Empreendimentos Imobiliários Ltda Sempione Empreendimentos Imobiliários Ltda Sempreflores Empreendimentos Imobiliários Ltda 4, , Senecio Empreendimentos Imobiliários Ltda , Serpa Empreendimentos Imobiliários Ltda Shuarbe Empreendimentos Imobiliários Ltda - 14, , Shuarbe Incorporações de Empreendimentos Imobiliários Ltda 4, , Sibipuruna Empreendimentos Imobiliários Ltda Simeto Empreendimentos Imobiliários Ltda Simois Empreendimentos Imobiliários Ltda - 3,834-3,834-2,943-2,943 Sincelejo Empreendimentos Imobiliários Ltda Sinuatum Empreendimentos Imobiliários Ltda 31, , Sisiano Empreendimentos Imobiliários Ltda Soacha Empreendimentos Imobiliários Ltda Sobradinho I Desenvolvimento Imobiliário Ltda Sobradinho II Desenvolvimento Imobiliário Ltda Sogamoso Empreendimentos Imobiliários Ltda Somme Empreendimentos Imobiliários Ltda SPE Accordes do Horto Empreendimentos Imobiliários T Ltda SPE Accordes Jabotiana Empreendimentos Imobiliários T Ltda SPE Accordes Universita Empreendimentos Imobiliários T Ltda SPE Alto da Boa Vista Empreendimentos Imobiliários T Ltda - 6,577-2, SPE Altos do Jabotiana Empreendimentos Imobiliários Ltda SPE Arqui Farolândia Empreendimentos Imobiliários T. Ltda SPE Brisas Do Alto Empreendimentos Imobiliários T Ltda SPE Caminho das Árvores Empreendimentos Imobiliários T Ltda SPE Centro Saúde J.M.S. Ltda SPE Condomínio Boulevard Gustavo Dantas Ltda 1,733-1, SPE Condomínio Jardins da França Ltda SPE Condomínio Recanto das Árvores Ltda ,058-5,090 SPE Condomínio Vila Das Artes Ltda - 2,191-2,186-4,113-4,108 SPE Estações Um Empreendimentos Imobiliários T Ltda SPE Jabotiana Dos Altos Empreendimentos Imobiliários T Ltda SPE Jardins Sementeiras Empreendimentos Imobiliários T Ltda SPE Juca Sampaio Empreendimentos Imobiliários T Ltda SPE Norcon Rossi Empreendimentos Imobiliários T Ltda SPE Parque Sementeiras Empreendimentos Imobiliários T Ltda - 15,153-15,968-15,803-15,763 SPE Pier Empreendimentos Imobiliários Ltda - 16, ,

90 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities SPE Quadra Cinco Empreendimentos Imobiliários T Ltda SPE Quadra Dois Empreendimentos Imobiliários T Ltda SPE Quadra Seis Primeiro Empreendimentos Imobiliários T Ltda SPE Quadra Seis Segundo Empreendimentos Imobiliários T Ltda SPE Quadra Três Empreendimentos Imobiliários T Ltda SPE Sancho Lote Cinco Empreendimentos Imobiliários T Ltda SPE Sancho Lote Dois Empreendimentos Imobiliários T Ltda SPE Sementeiras Empreendimentos Imobiliários T Ltda SPE Sítio Bacupari Empreendimentos Imobiliários T Ltda SPE Spazio Bello Empreendimentos Imobiliários T Ltda SPE Vilas Da Aruana Empreendimentos Imobiliários T Ltda Tabebuia Empreendimentos S/A 1, , Tacarigua Empreendimentos Imobiliários Ltda Tadorna Empreendimentos Imobiliários Ltda Tainacam Empreendimentos Imobiliários Ltda 2, Talassa Empreendimentos Imobiliários Ltda Talauma Empreendimentos S/A Tamboata Empreendimentos Imobiliários Ltda Tanais Empreendimentos Imobiliários Ltda 13, , Tapiriri Empreendimentos S/A 33,958-33,958-33,957-33,957 - Tarouca Empreendimentos Imobiliários Ltda Tarragona Empreendimentos Imobiliários Ltda Taumante Empreendimentos Imobiliários Ltda Tauranga Empreendimentos Imobiliários Ltda 9, , Tavira Empreendimentos Imobiliários Ltda Temiscira Empreendimentos Imobiliários Ltda Tenela Empreendimentos S/A - 1, , Termesso Empreendimentos Imobiliários Ltda Termodonte Empreendimentos Imobiliários Ltda Tessalia Empreendimentos Imobiliários Ltda 13, , Teutrania Empreendimentos Imobiliários Ltda 1, , Tiberino Empreendimentos Imobiliários Ltda Tibouchina Empreendimentos S/A 1,587-1,587-1,582-1,582 - Tieze Empreendimentos Imobiliários Ltda Tindaro Empreendimentos Imobiliários Ltda 4, , Tintoria Empreendimentos S/A Titaresso Empreendimentos Imobiliários Ltda Toctao-Rossi Empreendimentos Imobiliários S/A 3,857-3,857-3,856-3,856 - Tracia Empreendimentos Imobiliários Ltda 1, , Trespodia Empreendimentos Imobiliários Ltda 2, , Trevoro Empreendimentos Imobiliários Ltda Trifila Empreendimentos S/A Trimestis Empreendimentos S/A 2, , Troade Empreendimentos Imobiliários Ltda Trofa Empreendimentos Imobiliários Ltda Trombeta Empreendimentos Imobiliários Ltda - 27, Tropicana Empreendimentos S/A Tucupita Empreendimentos Imobiliários Ltda 3,934-4,798-3,933-4,796 - Tulipa Incorporadora Ltda 2, , Tumaco Empreendimentos Imobiliários Ltda Tumbergia Empreendimentos S/A Tunico Empreendimentos Imobiliários Ltda 13, , Tunja Empreendimentos Imobiliários Ltda Turmero Empreendimentos Imobiliários Ltda Uliginosa Empreendimentos Imobiliários Ltda Upata Empreendimentos Imobiliários Ltda Uribia Empreendimentos Imobiliários Ltda - 4, , Valeriana Empreendimentos Imobiliários Ltda Valladolid Empreendimentos Imobiliários Ltda Valpaços Empreendimentos S/A

91 June 2014 December 2013 Parent Consolidated Parent Consolidated Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Valpeline Empreendimentos Imobiliários Ltda Vanzone Empreendimentos Imobiliários Ltda Vardaman Empreendimentos Imobiliários Ltda - 4,009-4,009-4,009-4,009 Velberte Empreendimentos Imobiliários Ltda 1,768-1, Venaria Empreendimentos Imobiliários Ltda Vendeia Empreendimentos Imobiliários Ltda Venusta Empreendimentos Imobiliários Ltda 1, , Vernante Empreendimentos S/A 2, Vernonia Empreendimentos Imobiliários Ltda 2, , Vicença Empreendimentos Imobiliários Ltda - 4, , Viene Empreendimentos Imobiliários Ltda 1, , Vigevano Empreendimentos Imobiliários Ltda Vila Albani Empreendimentos Imobiliários Ltda - 20, , Vila Flora Hortolândia Empreendimentos Imobiliários Ltda 34, , Vila Solo Empreendimentos Imobiliários Ltda - 15, , Vilaine Empreendimentos Imobiliários Ltda Vinadio Empreendimentos Imobiliários Ltda 1, Visnaga Empreendimentos S/A ,778-2,462 - Viterbo Empreendimentos Imobiliários Ltda 5, Vitis Empreendimentos S/A - 26, , Voerde Empreendimentos Imobiliários Ltda Volturno Empreendimentos Imobiliários Ltda Zacapa Empreendimentos Imobiliários Ltda Zaculeu Empreendimentos Imobiliários Ltda - 1, , Zadoque Empreendimentos Imobiliários Ltda 8, , Zapopan Empreendimentos Imobiliários Ltda Zaraza Empreendimentos Imobiliários Ltda Ziemia Empreendimentos Imobiliários Ltda Zinia Empreendimentos Imobiliários Ltda 1, , Zitau Empreendimentos Imobiliários Ltda Zuquini Empreendimentos S/A - 1, , Other 1, ,776 4, , ,988,803 2,565, ,260 1,078,875 2,022,014 1,976, , ,838

92 RSID3: R$ 1,27 per share OTC: RSRZY Total shares: Market cap: R$ million Conference Call August 15, 2014 In Portuguese with simultaneous translation 10:00 a.m. (Brasília) 9:00 a.m. (US ET) Dial-in: + 55 (11) Code: Rossi Replay available through August 21, 2014 Dial-in: +55 (11) Code: Investor Relations Team ri@rossiresidencial.com.br +55 (11) About Rossi Rossi is one of Brazil s leading real estate developers and builders. Rossi operates in a wide range of segments and markets and its portfolio boasts numerous sales successes registered by its residential and commercial projects. Rossi is traded on the Novo Mercado segment of the BM&FBovespa under the ticker RSID3 and on the U.S. overthe-counter market under the ticker RSRZY. For more information visit m.br/ri São Paulo, August 14, 2014 Rossi Residencial S.A. (BM&FBovespa: RSID3; OTC: RSRZY) ( Company ), one of Brazil s leading real estate developers and builders, announces its results for the second quarter (2Q14) and first half (1H14) of Highlights Cash generation. cash flow generation of R$ 82 million (proportional) and R$ 64 million (IFRS). Reduction in leverage. Net debt to shareholders equity (IFRS) of 94.6%. Extension of corporate debt maturities. Further to the rollover of R$450.0 million in maturing debt announced in the first quarter: (i) an additional rollover of R$100 million maturing in May, 2014; and (ii) payment of R$353.1 million until July Thus, only R$265 million of corporate debt matures in Improvements to Rossi s management process. Management by key performance indicators has already been rolled out in all areas of the company. Each manager has a cockpit related to cash generation and profitability targets. Restructuring aimed at improving the efficiency and governance of critical processes such as development and projects licensing, monitoring processes of certificate of occupancy issue and registration and financing transfer, ensuring greater predictability of the cycle and new projects margins, and the delivery of the legacy projects. Efficiency increase and growth in financing transfers. The volume transferred (signing of financing contracts or paid off by the customer) in the quarter increased +18% compared to the same period of last year and +14% versus the 1Q14. Units transfer SOS (volume of contracts settled and paid off units, divided by the total units with registration) increased to 28.8, against 19.7% in the same period of Strong growth in sale of inventory units. Despite the expected seasonality during the World Cup, Rossi s Digital Outlet campaign enabled a +6% growth in the first half of 2014 compared to the same period the previous year. Sales speed, measured by the sales-over-supply ratio in the past 12 months, was 45.2%. Increase in construction done by Rossi. Internal time executes 90% of launched projects since 2013 and 77% of ongoing projects. Significant reduction in construction works and sites. Rossi currently has 79 construction sites and costs to be incurred (Rossi's share) of R$2.2 billion, down 36% and 54%, respectively from December Acceleration of deliveries. Growth of +35% in PSV from the first quarter of 2014, which represents around 40% of the total expected for the year. Discipline in prioritizing cash generation and commitment to launch volumes profitability. This year, Rossi launched only 4 projects totaling R$457.3 million, concentrated in two metropolitan regions, which is well below the Company s business potential.

93 Key Operating and Financial Indicators R$ million 2Q14 2Q13 Chg. 1H14 1H13 Chg. Operational performance Launches 100% % % Gross Sales 100% % 1, , % Rescissions 100% % % Launches % Rossi % % Gross Sales % Rossi % % Rescissions % Rossi % % Financial performance Net Revenue % , % Gross Revenue (ex interest) 31.2% 35.3% -4.1 p.p. 31.2% 31.1% 0.1 p.p. Gross Margin 19.6% 24.3% -4.7 p.p. 19.8% 19.3% 0.5 p.p. Adjusted EBITDA¹ % % Adjusted EBITDA Margin¹ 14.7% 26.8% p.p. 18.3% 21.8% -3.5 p.p. Net Income % % Net Margin 0.1% 9.2% -9.1 p.p. 0.7% 3.5% -2.7 p.p. ¹ Adjusted EBITDA and Adjusted EBITDA Margin have been adjusted for expenses not involving any cash disbursement. EBITDA reconciliation in accordance with CVM Instruction 527/2012 is available on page 17 and in the glossary at the end of this document

94 Message from the CEO Substantial steps were taken in the second quarter of 2014 in the execution of the Strategic Plan, given that this is the third consecutive quarter of positive cash flow. Rossi delivered positive results, despite the slowdown of activities in June and July on account of the World Cup, with sales speed in the 12 months up to June increasing 2 percentage points to reach 45%. The financing transfer process too proved to be quite resilient. Despite the impact of fewer business days, financing transfer volume grew 27% over the same period the previous year and 23% from the first quarter, which itself was quite strong. The restructuring done in the management of this process has already been bringing consistent results. The sales speed (SOS) of transfers, measured by the number of contracts settled or transferred divided by the transfer potential, which consists of units in the documentation files and in conditions to be transferred, increased to 31%, from 18% in the same period in This translates into a reduction in the average period for transfer and registration, from the issue of the occupancy permit until the entry of cash into the company. As announced in the first quarter, due to our confidence in the financing transfer process, we intensified the process of terminating contracts with customers who did not show any interest in settlement or failed to obtain bank loans. Consequently we expect to continue speeding up cash inflows, which is our priority. In general, these are units with the potential for quicker resale and low impact in terms of the return of installments paid, and which have the potential for effective transfer by the end of To reinforce this strategy of improving the potential for financing transfers, a nationwide sales campaign for inventory units was launched, which will continue throughout the year, with the focus on units completed and which will be delivered in We also increased discounts in non-strategic regions to continue scaling down our operating structure in these regions. We are continuing our careful approach to launches, which proves our commitment to reduce Rossi s debt levels and our focus on reducing operating expenses as we conclude the delivery of legacy projects by the first half of In line with our commitment to improve transparency and the disclosure of information to the market, especially with regard to cash flows, Rossi s cash flow will be presented in two additional views that, I believe, will enable a clearer understanding of the current situation of the company, which has generated free cash flow for the third consecutive quarter. We notice that a few of our actions, mainly related to the centralization of surplus cash from SPEs at Rossi Residencial, impact the IFRS numbers, which could make it difficult to understand the operating cash flow. Hence, starting this quarter, operating cash flow will also be presented in two other ways: proportional consolidation, which was shown until the fourth quarter of 2013, and also considering 100% of the operations, regardless of the consolidation criteria. The combination of these different views will facilitate understanding and give greater transparency to the deleveraging process that already started in recent quarters and which, we expect, will continue to progress. It is already possible to envision the company being created in line with the Strategic Plan, given that we have already identified and mapped opportunities to improve Rossi s management right from land acquisition until the final transfer of financing - and are already implementing relevant action plans. Though our industry has a long cycle, thanks to the improvements made thus far, together with our long-term commitment, we can deliver consistent results. I once again thank everyone in our team for their combined efforts and determination, and count on their continued efforts so we can maintain the focus on executing our strategic plan even in a more challenging scenario. Leonardo Nogueira Diniz CEO

95 Debt Cash Flow In line with Rossi s strategy of constantly improving the disclosure of information to enable the economic agents complement the current situation of its operations, the following table shows the company s debt situation from two pro forma and unaudited views: (i) 100% of the companies, regardless of the consolidation criterion of IFRS; and (ii) Rossi s proportional share in the projects. Thus it is possible to conclude that, regardless of the consolidation criterion, the company has been generating cash consistently in recent quarters. We notice that a few of our actions, mainly related to the centralization of surplus cash from SPEs in at Rossi Residencial, impact the IFRS and proportional consolidation numbers, which could make it difficult to understand the operating cash flow. Hence, starting this quarter, operating cash flow will be shown in these three views to enable a better understanding of the company s cash generation. 100% R$ million 2Q14 1H14 Gross debt 4, ,434.4 Cash and Cash Equivalents 1, ,221.4 Net debt 3.168,1 3,212.9 Net Debt / Shareholder s Equity 108.7% 110.1% Cash Generation Cash Generation YTD Proportional R$ million 2T14 1T14 Gross debt 3, ,832.1 Cash and Cash Equivalents ,067.2 Net debt 2, ,764.9 Net Debt / Shareholder s Equity 114.9% 115.2% Cash Generation Cash Generation YTD 82.0

96 Since the beginning of the year, a total of R$353.0 million in corporate debt has been paid (considering 100% consolidation), as shown in the chart below. Another R$550.0 million was renegotiated to reduce the balance of debt maturing in 2014 to R$455.2 million, excluding the overdraft facility automatically renewable in December 2014 in the total of R$ 100 million. The following chart presents the pro-forma maturity schedule of corporate debt, considering 100% consolidation, and excluding: (i) the amortizations made in 2Q14; (ii) R$ million related to the payment of one debenture on July 1; and (ii) the R$100 million overdraft facility that is automatically renewable in December 2014, whose payment does not involve cash disbursement:

97 The following chart presents the reconciliation of gross debt in IFRS considering 100% consolidation and Rossi s share, with 82% of the debt from unconsolidated companies are related to loans under the National Housing System (SFH).

98 Operating Performance The operational indicators in this earnings release are calculated according to the proportional consolidation method. As announced in the 4Q13 earnings release, starting 1Q14, in addition to the proportional operating indicators, we also present the consolidated results in accordance with IFRS, as shown in Appendix I. The information related to amounts considering 100% of operations, regardless of the consolidation criteria, is available in Appendix II. Launches In the quarter, only two projects were launched in the metropolitan region of São Paulo, with total potential sales value (PSV) of R$ million (R$ million Rossi s share). Total launched PSV in the year was R$ million (R$ million Rossi s share). The following table presents launches in the six-month period, all in line with our strategic plan, concentrated in key metropolitan areas and products targeted at the middle and midhigh income segments: Project Metropolitan Region VGV 100% (R$ MM) VGV % Rossi (R$ MM) # Units Average Price (R$/units) Mansão Roberto Constâncio Vieira Aracaju ,057 Rossi Mais Parque Iguaçu Rio de Janeiro Rossi Mais Parque da Lagoa São Paulo Vila Nova Sabará Praça Inglesa São Paulo Total

99 Contracted sales and Sales Speed (SoS) In the quarter, gross contracted sales grew 15% in relation to 2Q13, totaling R$ million (R$ million Rossi's share), despite the temporary decline in demand caused by the World Cup. Gross sales in the year totaled R$ 1,232.7 million (R$ million Rossi s share), an increase of 6% from the same period in Gross Sales R$ MM +6% +15% 654,9 571,5 133,4 138,5 433,1 521, , ,7 261,2 264,9 903,8 967,8 2Q13 2Q14 1H13 1H14 Rossi Partners The following chart shows the successful 2 nd edition of Rossi Digital Outlet held in May, focused on completed projects or those ready for delivery in 2014, which grew 39% and 20%, respectively, from the second quarter and first half of Gross Sales (% Rossi) Finished + To be delivered R$ MM +20% +39% 568,6 680,3 265,9 370,5 2Q13 2Q14 1H13 1H14 The following tables present details on contracted gross sales, consolidated based on Rossi s share in the projects, segmented by metropolitan area and stage of construction: Gross sales 2Q14 To be delivered Under Finished Launches (% RR) R$ MM in 2014 construction Total Belo Horizonte Brasília Campinas Capital Rossi Curitiba Norcon Rossi Porto Alegre Rio de Janeiro São Paulo Non-Strategic Regions Total % 26.5% 37.4% 28.3% 7.7% 100.0%

100 Gross sales 1H14 (% RR) R$ MM Finished To be delivered 2014 in Under construction Launches Total Belo Horizonte Brasília Campinas Capital Rossi Curitiba Norcon Rossi Porto Alegre Rio de Janeiro São Paulo Non-Strategic Regions Total % 38.1% 28.4% 26.4% 7.1% 100.0% The following tables show the sales speed in the quarter and the past 12 months, considering Rossi s share in the projects: As a result of the discounts granted in the quarter, the inventory was revalued to better reflect the new pricing strategy. Quarterly SoS % Rossi 2Q13 3Q13 4Q13 1Q14 2Q14 Inventory - BOP 3, , , , ,276.3 Launches Projects canceled Inventory + Launches 3, , , , ,521.0 Gross Sales Sales Speed (SoS) (%) 12.1% 15.8% 12.9% 12.6% 14.8% Rescission Adjusts / Revalue (296.1) Inventory - EOP 3, , , , ,965.2 LTM SoS % Rossi 2Q13 3Q13 4Q13 1Q14 2Q14 Inventory - BOP 2, , , , ,393.3 Launches 1, , , ,174.9 Projects canceled Inventory + Launches 3, , , , ,568.2 Gross Sales 1, , , , ,064.3 Sales Speed (SoS) (%) 54.7% 48.3% 42.5% 43.9% 45.2% Rescission 1, Adjusts / Revalue (276.7) Inventory - EOP 3, , , , ,965.2

101 Rossi Vendas Rossi Vendas accounted for 57% of gross contracted sales in strategic metropolitan areas during the year. The following charts show the breakdown of sales in strategic regions and rescissions by brokerage firm. Note the effectiveness and quality of our in-house team s sales results: Gross Sales by Broker Strategic Regions 40% 52% 44% 41% 46% 60% 48% 56% 59% 54% 2Q13 3Q13 4Q13 1Q14 2Q14 Rossi Vendas Others Sales Cancellations by Broker 68% 66% 67% 62% 61% 32% 34% 33% 38% 39% 2Q13 3Q13 4Q13 1Q14 2Q14 Rossi Vendas Others

102 Sales Cancellations Sales cancellations totaled R$ million in the quarter (R$ million Rossi s share), an increase of 66% from the same period in The increase was due to Rossi s policy of speeding up portfolio turnover, that is, clients who, after the delivery of units, are not delinquent but are not interested in transfer of financing, either because they did not get approval for financing or were potential investors who backed out from the acquisition and whose contracts were rescinded. Thus, depending on the expected sales speed and resale price, Rossi rescinds the contract and the unit is sold to an actual buyer in order to speed up cash generation. Rescissions R$ MM +66% 207,5 42,9 164,6 +55% 343,5 375,1 81,7 83,3 261,9 291,8 581,1 140,1 441,0 2Q13 2Q14 1H13 1H14 Rossi Partners The rationale behind Rossi s strategy of speeding up the rescission process is: (i) Approximately 60% is resold until three months (ii) the amount returned to the customer is recovered within three months; (iii) that the buyer of completed units is normally the final buyer, who is fully interested in quickly carrying out the financing transfer process. The following chart shows the cumulative cash flow, that is, receipt from new sales after rescissions less returned to customers, which was a positive cash flow of R$ 19 million in the six months through June, and generated a potential transfer flow of R$ 153 million already for Cash Flow x Potential Financing transfer R$ MM +138,0 +153,0 +96,0 +21,0 +23,0 +19,0 April May June Flow = New sales inflow (-) Devolução Potential Financing Transfer

103 The following table shows the consolidated breakdown of rescissions by stage of construction and metropolitan region: Rescission 2Q14 (% RR) To be delivered in Under Finished Launches R$ MM 2014 construction Belo Horizonte Brasília Campinas Capital Rossi Curitiba Norcon Rossi Porto Alegre Rio de Janeiro São Paulo Non-Strategic Regions Total % 63.7% 20.3% 16.0% 100.0% Rescission 1H14 (% RR) R$ MM Finished To be delivered in 2014 Under construction Launches Belo Horizonte Brasília Campinas Capital Rossi Curitiba Norcon Rossi Porto Alegre Rio de Janeiro São Paulo Non-Strategic Regions Total % 70.0% 15.3% 14.8% 100.0%

104 Inventory at Market Value Inventory at market value, which is not recorded in Rossi s financial information, was R$3.0 billion, with completed units corresponding to 13.1% of total units. The following tables show detailed information by product line, metropolitan region and year of launch: Inventory % Rossi Launch Year (R$ million) Product 2010 and prior Total Commercial Conventional ,322.1 Land Development MCMV Low Income Total ,965.3 % 17.9% 21.6% 30.5% 19.8% 10.3% 100.0% Inventory % Rossi Launch Year (R$ million) Metropolitan Region 2010 and prior Total Belo Horizonte Brasília Campinas Capital Rossi Curitiba Norcon Rossi Porto Alegre Rio de Janeiro São Paulo Other regions Total ,965.2 % 17.9% 21.6% 30.5% 19.8% 10.3% 100.0% The following tables show detailed information by product line, metropolitan region and estimated year of delivery: Inventory % Rossi Expected Year of Conclusion (R$ million) Product Finished > 2016 Total Commercial Conventional ,322.1 Land Development MCMV Low Income Total ,965.4 % 13.1% 15.9% 25.2% 28.6% 17.2% 100.0%

105 Inventory % Rossi Expected Year of Conclusion (R$ million) Metropolitan Region Finished > 2016 Total Belo Horizonte Brasília Campinas Capital Rossi Curitiba Norcon Rossi Porto Alegre Rio de Janeiro São Paulo Other regions Total ,965.2 % 13.1% 15.9% 25.2% 28.6% 17.2% 100.0%

106 Units Delivered Rossi completed 2,183 units in the second quarter and 4,766 units in the first half of the year. The following table gives a breakdown of deliveries in 2Q14 by certificates of occupancy by product: 2Q14 Income Segment Units PSV 100% (R$ mil) PSV Rossi (R$ mil) Conventional 1, , ,836 Commercial Low Income , ,857 MCMV ,794 11,918 Total 2, , ,611 1H14 Income Segment Units PSV 100% (R$ mil) PSV Rossi (R$ mil) Conventional 2,708 1,051, ,876 Commercial ,198 57,058 Low Income 1, , ,340 MCMV ,240 50,719 Total 4,766 1,392,603 1,225,993 Currently Rossi has 79 construction sites and 21,509 units under construction. It expects to deliver between 10,000 and 12,000 units in 2014, with total PSV on the launch date of approximately R$ 3.6 billion (R$2.7 billion Rossi's share). The following chart presents the historical evolution of costs to be incurred (100%), which show a trend to drop: Historical costs to be incurred # construction sites -8,0% 4.235, , ,4% -3,5% 3.572, , ,6% 3.117,8-7,4% 2.886,2-6,8% 2.691, Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Costs to be incurred (100%) R$ Mil # Construction sites

107 Launch Year The table below shows the accumulated percentage of expected conclusion of works in relation to year of launch, of units under construction: Expected year to be delivered (% Accumulated) 2H14 1S15 2S % 100.0% 100.0% 100.0% 100.0% % 71.0% 100.0% 100.0% 100.0% % 38.5% 67.0% 100.0% 100.0% % 67.5% 100.0% % 100.0%

108 Land Bank Rossi has a top quality land bank and the amounts are segmented in line with its strategy and the respective operating profile: R$MM PSV 100% PSV Rossi Units Rossi Residencial 8, , ,414 Decommissioning 1, , ,915 Consolidated Land bank 10, , ,329 The land bank for the construction and development of residential properties totals PSV of R$8.7 billion in future launches, and another R$ 1.9 billion for potential decommissioning, i.e. available for sale or cancelation of the swap agreement, bringing the total to R$ 10.6 billion. The following table shows the land bank destined for residential developments broken down by metropolitan region and product type: Metropolitan Region From R$ 200 to R$ 350 k From R$ 350 to R$ 500 k From R$ 500 to R $ 650 k From R$ 650 to R$ 750 k > R$ 750 k Total Aracaju ,700.5 Belo Horizonte Campinas ,480.6 Curitiba Manaus Porto Alegre ,576.1 Rio de Janeiro São Paulo Total 2, , , , , ,718.3 % 29.9% 15.1% 18.2% 16.5% 20.3% 100%

109 Financial Performance The financial information in this earnings release was prepared in accordance with the accounting practices adopted in Brazil, including CPCs19 (R2) and 36 (R3), related to the consolidation of certain equity interests. Thus, since 1Q13, Rossi has been consolidating all its interests in subsidiaries and joint ventures in accordance with these accounting standards. Net Revenue Net revenue from property sales and services came to R$ million in the quarter, down 4% from the same period last year, mainly due to: (i) higher volume of rescissions and (ii discounts granted on the sale of completed units and to be delivered in R$ million 2Q14 2Q13 Var.(%) 1H14 1H13 Var.(%) Gross Operational Revenue Property Sales and Services % , % Tax and deductions (12.2) (14.8) -17.6% (24.9) (30.3) -17.8% Net Operational Revenue % , % Cost of Properties and Services Sold The cost of properties and services sold was R$ million in 2Q14, an increase of 2% from 2Q13. Financial charges from construction financing and corporate debt, whose funds are allocated to production for either land acquisitions or construction, are capitalized under inventories and taken to profit or loss in proportion to the number of units sold. R$ million 2Q14 2Q13 Var.(%) 1H14 1H13 Var.(%) Construction + Land % % Capitalized Interests % % Total % % Gross Income and Gross Margin Gross income totaled R$ 95.5 million in 2Q14 and R$ million in 1H14. Excluding charges allocated to costs, gross income was R$ 152 million and gross margin was 31.2% in 2Q14, and R$ 304 million and 31.2% in 1H14. Below is the detailed presentation: Gross Income 2Q14 2Q13 Var.(%) 1H14 1H13 Var.(%) Gross Margin (%) % % Adjusted Gross Income (¹) 19.6% 24.3% -4.7 p.p. 19.8% 19.3% +0.5 p.p. Adjusted Gross Margin (%) (¹) % % Adjusted Gross Margin (%) (¹) 31.2% 35.3% -4.1 p.p. 31.2% 31.1% 0.1 p.p. (¹) excluding financial charges allocated to costs As these projects are delivered simultaneously with the progress in more recent projects, Rossi s margins should increase gradually. Note that the discounts campaign started in May 2014, especially for the units completed and to be delivered in 2014, to speed up the cash generation process, will affect results even if in the short term. The tables in the following page show the breakdown of margin by year of launch and metropolitan region:

110 R$ million Net Revenue 2Q14 Gross Margin (ex interest) Net Revenue 1H14 Gross Margin (ex interest) 2010 and prior % % % % % % % % % % Total % % R$ million Net Revenue 2Q14 Gross Margin (ex interest) Net Revenue 1H14 Gross Margin (ex interest) Strategic Region % % Other Regions % % Total % % Selling and Administrative Expenses Administrative expenses totaled R$ 28 million in the quarter, with a non-recurring impact of R$13.5 million from the reversal of provisions related to the stock options plans of employees who were terminated. The increase in selling expenses is related to the brokerage and marketing expenses on account of the campaigns held during the period to speed up sales and cash generation, and of maintenance costs of inventory finished units. R$ million 2Q14 2Q13 Var.(%) 1HS14 1H13 Var.(%) Administrative (a) % % Selling (b) % % Administrative Net Revenue 5.8% 10.1% -4.2 p.p. 7.6% 8.9% -1.2 p.p. Selling Net Revenue 9.5% 6.8% +2.6 p.p. 8.4% 6.0% +2.4 p.p. (a) + (b) % % (a) + (b) Net Revenue 15.3% 16.9% -1.6 p.p. 16.0% 14.9% 1.1 p.p. ¹ Includes profit sharing and fees of executive officers Other Operating Revenues/Expenses, Net Other operating revenues (net) totaled R$ 15.3 million, due mainly to: (i) sale of land of R$ 15.0 in the first quarter (ii) reversal of the provision for risks, which were earlier booked at Rossi (parent company) and were now allocated to the respective SPEs. Equity income Equity income had a non-recurring impact of the allocation of provisions, as explained in the item Other Operating Revenues/Expenses. Excluding this amount, the pro forma income would be R$ 42.6 million in the year and R$ 21.4 million in the quarter. This change did not affect consolidated net income in the quarter.

111 EBITDA Adjusted EBITDA reached R$74.6 million in the year, with adjusted EBITDA margin of 15.3%. R$ million 2Q14 2Q13 Var.(%) 1H14 1H13 Var.(%) Net Income (Loss) % % (+/-) Financial Expenses (Revenues) % % (+) Provision for Tax and Social Contrib % % (+) Depreciation and Amortization % % EBITDA ¹ % % (+) Capitalized Interests % % (+) Stock Options (9.4) 4.3 N/A (5.6) 8.9 N/A Adjusted EBITDA² % % Adjusted EBITDA Margin(%)² 15.3% 28.0% p.p. 17.8% 22.5% -4.7 p.p. ¹ EBITDA according to CVM Instruction 527/2012. ² Adjusted EBITDA: adjusted for expenses that do not involve any cash disbursement. For more details, see the glossary at the end of this report. Net Financial Result The net financial result was an expense of R$ 16.4 million, due to the following main variations in relation to the previous periods: (i) interest income from loans to partners in the amount of +R$25 million, and (ii) -R$24 million from discounts granted to speed up financing transfers. Financial Results (R$ million) 2Q14 2Q13 Var.(%) 1H14 1H13 Var.(%) Financial Revenues % % Financial Expenses (70.6) (59.8) +18.0% (120.8) (101.9) +18.5% Financial Results (16.4) (16.7) -1.5% (35.6) (28.8) +23.4% Net Income In the year, Rossi registered net income of R$ 7.1 million, with net margin of 0.7%, as a result of the impacts described in the previous sections. R$ million 2Q14 2Q13 Var.(%) 1H14 1H13 Var.(%) Net Income % % Net Margin (%) 0.1% 9.2% -9.1 p.p. 0.7% 3.5% -2.7 p.p. Backlog Result The following table shows the backlog results, including PIS and Cofins taxes and excluding interested allocated to cost. Unearned Results (R$ million) 2Q14 1Q14 Var.(%) Gross revenues 1, , % Construction Costs (w/o capitalized interests) (751.9) (836.3) -10.1% Gross Profit % Gross Margin (%) 35.8% 36.0% -0.2 p.p.

112 The chart details the backlog margin by year of launch. Unearned Results Launch Year 39,2% 34,1% 34,2% 31,0% 2010 and prior ¹ ¹ not including Entreverdes Campinas, with margin of 68.4% The following chart presents the schedule of costs to be incurred. Appendix I shows the schedule of costs that will be booked in the result through the equity income method. Costs to be incurred 35,1% 32,5% 31,6% 0,8%

113 Accounts Receivable Trade accounts receivable from real estate developments to be recognized under the PoC method (recognition of the revenues and respective costs and expenses from real estate development over the course of construction) totaled R$ 3.6 billion. R$ million 2Q14 1Q14 Var.(%) Short Term 1, , % Units under construction 1, , % Finished Units % Land Receivables % Long Term % Units under construction % Finished Units % Land Receivables Total 2, , % Receivables to be incurred Short Term % Long Term % Total 1, , % Total Accounts Receivable 3, , % Delinquency The delinquency rate (overdue + outstanding) dropped 1 p.p. from 1Q14. In absolute terms, the delinquent portfolio remains stable, with the increase in the delinquency rate caused by the reduction in the receivables portfolio. The rate represents total balance of clients with any amount overdue more than 90 days. It also includes contract installments falling due, in order to provide a conservative overview of the rate. Deliquency Rate Deliquency/ Total Receivables 5,7% 3,4% 6,7% 6,6% 3,8% 3,8% 7,7% 6,7% 4,6% 4,8% 2Q13 3Q13 4Q13 1Q14 2Q14 Past Due Falling Due

114 Tradable Properties The following table details tradable properties booked in the balance sheet at historical cost. Compared to 1T14 there was a change in the criteria related to completed units in capitalized interest. Properties for sale (R$ million) 2Q14 1Q14 Var.(%) Finished properties % Properties under construction % Land for future developments % Expenses on new projects % Consumables % Advances to suppliers % Capitalized Interest % Total 1, , % Decommissioning and Sale of Assets Total asset sale agreements signed since December 2012 reached R$ million, of which R$ 10.2 million in 2Q14 alone. A sum of R$19.8 million was received in the quarter. As the table on Accounts Receivable on page 20 shows, R$ 66.8 million has already been booked, while the balance R$ 127,4 million is bound by conditions subsequent. Debt Rossi ended 2Q14 with a cash balance of R$ million and total debt of R$ 3.0 billion, down 4% from 1Q14 and semiannual generation of R$ 63.9 million. Real estate credit consists of loans for construction (SFH) and bank credit notes (CCB), which will be used for the construction and development of pre-determined housing projects. The Company also carried out a securitization operation with co-obligation, of the receivables of Entreverdes in the amount of R$35.8 million: R$ million 2Q14 1Q14 Var (%) Short Term 1, , % Construction Financing 1, % Working Capital % Receivables Securitization¹ % Debentures % Long Term 1, , % Construction Financing 1, , % Working Capital % Receivables Securitization¹ % Debentures % Total debt 3, , % Cash and Cash Equivalents % Net Debt 2, , % Net Debt / Shareholder s Equity 94.6% 89.9% 4.7 p.p. Cash Generation YTD 63.9

115 The following chart shows the pro forma corporate debt maturity schedule in accordance with IFRS, excluding the amortization of a debenture of R$ million on July 1, and an overdraft facility of R$ 100 million, automatically renewable in December and which does not involve any cash disbursement. Rossi is already negotiating a possible rollover of a part of the amortization scheduled for 4Q14. Debt Maturity Schedule - Pro Forma (IFRS) R$ MM 409,0 313,6 240,9 221,3 105,0 102,0 99,3 24,6 24,6 49,4 15,0 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 >2016