4Q14 and 2014 PRELIMINARY OPERATIONAL RESULTS Total Pre-Sales reached R$1.4 billion in 2014

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1 4Q14 and 2014 PRELIMINARY OPERATIONAL RESULTS Total Pre-Sales reached R$1.4 billion in 2014 Mogi das Cruzes, January 19, 2015 Helbor Empreendimentos S.A. (BM&FBOVESPA: HBOR3), a residential and commercial real estate developer covering 31 cities in 10 states, in addition to the Federal District, Brasília, announces today its preliminary unaudited operating results for the fourth quarter and for the year of 2014 (4Q14 and 2014). Total Launched Potential Sales Value (PSV) reached R$ million in 4Q14, a decrease of 68.9% compared to 4Q13. Helbor s interest totaled R$ million. In 2014, launches summed R$ 1,262.8 million in total PSV and R$ million in Helbor s interest, a decrease of, respectively 36.0% and 37.4% compared to Total Pre-Sales summed R$ million in the quarter, an amount 33.0% lower than 4Q13. Helbor s interest reached R$ million, 32.8% lower year-over-year. In 2014, total pre-sales reached R$ 1,397.2 million, representing a decrease of 2.2% compared to Total Sales over Supply (SoS) Helbor s stake, reached 10.1% in the quarter and 30.7% in Deliveries in 4Q14 totaled R$ million in Total PSV or R$ million in Helbor s interest, at the launching date, corresponding to 1,058 units delivered in the period. In 2014, deliveries totaled R$ 1,627.7 million in Total PSV or R$ 1,229.3 million in Helbor s interest, at the launching date, corresponding to 2,903 units delivered in the period. OPERATIONAL HIGHLIGHTS 4Q14 Var. Var Var. Operational Highlights 4Q13 4Q14 x 3Q14 4Q14 x 2013 (Preliminary) (Preliminary) 4Q13 3Q x 2013 Launches (100%) Net PSV (R$ '000) 2 319,918 1,028, % 427, % 1,262,765 1,972, % # of Units 1 1,059 2,798 (1,739) ,753 4,599 (1,846) # of Net Units ,952 (1,091) ,413 3,599 (1,186) # of Developments 4 11 (7) (9) Launches (% Helbor) Net PSV (R$ '000) 2 245, , % 325, % 942,562 1,504, % Helbor's Interest % 78.2% -150 bps 76.0% 80 bps 74.6% 76.3% -170 bps Pre-Sales (100%) Pre-Sales (R$ '000) 362, , % 380, % 1,397,256 1,428, % Sold Units 892 1,166 (274) ,864 3,052 (188) Pre-Sales (% Helbor) Pre-Sales (R$ '000) 273, , % 266, % 1,014,106 1,110, % Helbor's Interest 75.3% 75.1% 20 bps 70.0% 530 bps 72.6% 77.7% -510 bps SoS 10.1% 17.1% -700 bps 10.4% -30 bps 30.7% 39.9% -920 bps 1 Includes units under swap agreements 2 Net of swap agreements Página 1

2 LAUNCHES Total Launched PSV reached R$ million in 4Q14, with Helbor s interest of 76.7%, and totaling 4 developments (2 residential, 1 flat and 1 commercial). This volume of Helbor s PSV (R$ million) represents a decrease of 69.5% yearover-year and 24.5% quarter-over-quarter. In 2014, launches totaled R$ 1,262.8 million in total PSV and R$ in Helbor s interest, a decrease of, respectively, 36.0% and 37.4% in relation to The table below details the launches of the year: Developments (PSV in R$ '000) Date Location Segment Units 1 Net Units 2 Total Net PSV 2 Helbor Net PSV 2 Helbor's Interest Origem Tatuapé By Helbor - 2nd Phase Feb-14 São Paulo/SP Middle ,162 60, % Passarela Park Prime - 2nd Phase Mar-14 Campo Grande/MS Upper Middle ,533 37, % Up Offices Berrini Mar-14 São Paulo/SP Commercial ,178 66, % Total 1Q14-3 Developments , , % Spazio Helbor Mooca Apr-14 São Paulo/SP High ,841 71, % Trilogy Home - 2nd Phase May-14 São Bernardo do Campo/SP Middle ,848 67, % Condominio Art Vitta Jun-14 Campinas/SP High ,326 69, % Total 2Q14-3 Developments , , % Helbor Family Garden Sep-14 São Bernardo do Campo/SP Upper Middle ,933 97, % Adagio Batel Sep-14 Curitiba/PR Hotel ,070 57, % Trilogy Hotel - 3rd Phase Sep-14 São Bernardo do Campo/SP Hotel ,034 55, % Helbor Reserva da Praça Sep-14 Fortaleza/CE Middle , , % Total 3Q14-4 Developments , , % The CittyPlex Osasco out-14 Osasco Flat ,823 71, % Helbor Downtown out-14 São José dos Campos Commercial ,997 52, % Helbor Num Vila Nova dez-14 São Paulo Middle ,642 54, % Helbor Trend Higienóplis dez-14 São Paulo Middle ,456 66, % Total 4Q14-4 Developements 1, , , % Total Developments 2,753 2,413 1,262, , % 1 Including units under swap agreements 2 Net of swap agreements PRE-SALES Total Pre-Sales reached R$ million in 4Q14, a decrease of 33.0% year-over-year. Helbor s interest amounted to R$ million (75.3% of total pre-sales), 32.8% lower than 4Q13. Compared to 3Q14, pre-sales decreased 4.7% compared Total PSV and increased 2.6% compared Helbor s interest. In 2014, pre-sales totaled R$ 1,397.2 million in total PSV, a decrease of 2.2% compared to 2013 and R$ 1,014.1 in Helbor s interest, 8.7% lower when compared to The result of sales, despite the lower volume of launches in the year, and events such as World Cup and elections remained at R$ 1.4 billion recorded in The cancellations in 4Q14 totaled R$ million and Helbor s interest were R$ 83.6 million. In 2014, the cancellations totaled R$ million and Helbor s interest amounted R$ million. Sales over Supply (SoS) reached 10.1% in the quarter and 30.7% in Página 2

3 VSO (Parte Helbor) 4T14 VSO (Total) 4T14 2,373,079 3,058,148 Launchs (B) 245,463 Launchs (B) 319,918 Sales Cancelations(C) 83,586 Sales Cancelations(C) 114,629 Supply (A+B+C) 2,702,129 Supply (A+B+C) 3,492,695 Sales (D) 273,301 Sales (D) 361,813 SoS (D/A+B+C) 10.1% VSO (D/A+B+C) 10.4% VSO LTM (Parte Helbor) 4T14 VSO LTM (Total) 4T14 2,079,144 2,697,290 Launchs (B) 942,562 Launchs (B) 1,262,765 Sales Cancelations(C) 281,747 Sales Cancelations(C) 384,661 Supply (A+B+C) 3,303,454 Supply (A+B+C) 4,344,715 Sales (D) 1,014,106 Sales (D) 1,397,256 SoS (D/A+B+C) 30.7% SoS (D/A+B+C) 32.2% From the sales of the quarter (Helbor s interest), 41.4% refers to launches and 58.6% from inventory, according to the following chart. It is important to highlight the sales of inventory, due to the company's focus on selling this kind of product, given the new scenario of slower sales. Página 3

4 The following tables detail Pre Sales, by city and income segment, in 4Q14 and 2014: Income Segment Pre-Sales 4Q14 Helbor's Pre-Sales # of Units Middle 145, , % Upper Middle 70,520 46, % Lower Middle 66,630 46, % High 43,651 33, % Commercial 36,391 31, % Total 362, , % Página 4

5 Region Total Pre-Sales 4Q14 Helbor s Pre-Sales # of Units São Paulo 79,553 63, % Osasco 65,737 46, % São José dos Campos 55,821 49, % São Bernardo do Campo 36,630 23, % Mogi das Cruzes 33,588 27, % Santos 25,479 19, % Guarulhos 7,338 5, % Rio de Janeiro 4,749 3, % Diadema 4,113 2, % Campinas 4,035 2, % Jundiaí 2,655 1, % Nova Lima 1,232 1, % São Vicente % São Gonçalo % Southeast - Total 321, , % Brasília 11,247 5, % Campo Grande 9,928 3, % Cuiabá 6,071 5, % Goiânia 1,484 1, % Mid West - Total 28,729 15, % Joinville 7,446 7, % Curitiba 1,328 1, % South - Total 8,774 8, % Salvador 1,919 1, % Fortaleza 1,819 1, % Northeast - Total 3,738 3, % Total 362, , % Página 5

6 Income Segment Pre-Sales 2014 Helbor's Pre-Sales # of Units Hotel 42,220 30, % Lower Middle 72,959 53, % High 145, , % Commercial 200, , % Upper Middle 444, , % Middle 491, ,733 1, % Total 1,397,256 1,014,106 2, % Region Total Pre-Sales 2014 Helbor s Pre-Sales # of Units São Paulo 281, , % São Bernardo do Campo 235, , % Mogi das Cruzes 170, , % São José dos Campos 142, , % Osasco 65,737 46, % Santos 65,232 51, % Guarulhos 35,878 28, % Campinas 31,706 22, % Belo Horizonte 11,026 6, % Diadema 10,528 5, % Rio de Janeiro 9,364 6, % São Vicente 8,778 7, % Jundiaí 7,196 3, % Taubaté 3,459 3, % São Gonçalo 1,823 1, % Nova Lima 1,718 1, % Bertioga % Southeast - Total 1,082, ,603 2, % Campo Grande 149,889 59, % Brasília 38,274 17, % Cuiabá 13,386 12, % Goiânia 8,764 6, % Mid West - Total 210,313 95, % Curitiba 41,484 33, % Joinville 36,495 36, % South - Total 77,978 69, % Fortaleza 16,781 16, % Salvador 9,584 6, % Northeast - Total 26,365 22, % Total 1,397,256 1,014,106 2, % Página 6

7 DELIVERIES The company delivered seven developments in 4Q14, totaling 1,058 units and the Helbor s interest, at the launching date, of R$ 495,4 million PSV. Thus, throughout the year of 2014 Helbor has delivered 15 developments, totaling 2,903 units and a PSV of R$ 1,627.7 million. Delivered Developments Delivery Date Location Segment Units Net Units* Total PSV* (R$ 000) Helbor s PSV* (R$ 000) Helbor's Interest Helbor Spazio Club Alto do Ipiranga Jan-14 Mogi das Cruzes Middle ,588 67, % Residencial Casa das Caldeiras Feb-14 São Paulo Middle , , % Helbor New Tatuapé Mar-14 São Paulo Middle ,360 28, % Helbor Offices Joinville Mar-14 Joinville Commercial ,619 51, % Edition Vila Nova Mar-14 São Paulo Middle ,241 26, % Helbor L'Alto Perdizes Mar-14 São Paulo Middle ,649 52, % Total 1Q , , % Link Office, Mall & Stay Jun-14 Rio de Janeiro Commercial and Upper , , % Middle Total 2Q , , % Helbor Jardins Ipoema Aug-14 Mogi das Cruzes Lower Middle ,548 41, % Total 3Q ,548 41, % Helbor Offices Barão de Teffé out-14 Jundiaí Commercial ,536 17, % Helbor Paesaggio Jardim das Colinas out-14 São José dos Campos Alto , , % Perfect Lifestyle - Noroeste nov-14 Brasília Alto ,162 34, % Terraços Jardim das Colinas nov-14 São José dos Campos Médio ,040 91, % Helbor Varandas Ipoema dez-14 Mogi das Cruzes Médio ,627 84, % Il Terrazzo Ponta da Praia dez-14 Santos Alto ,871 31, % Helbor Offices Washington Luís dez-14 Santos Commercial ,796 46, % Total 4Q14 1, , , % Total ,903 2,778 1,627,752 1,229, % (*) PSV at the launching date, net of swap agreements For further information, please contact our IR team: Roberval Lanera Toffoli CFO and IR Officer Ricardo Rosanova Garcia IR Manager Vinicius Bioni - IR Jr. Analyst ri@helbor.com.br Phone: +55 (11) or +55 (11) Página 7