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

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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$ 319.9 million in 4Q14, a decrease of 68.9% compared to 4Q13.

Helbor’s interest totaled R$ 245.5 million. In 2014, launches summed R$ 1,262.8 million in total PSV and R$ 942.6 million in Helbor’s interest, a decrease of, respectively 36.0% and 37.4% compared to 2013.

Total Pre-Sales summed R$ 362.9 million in the quarter, an amount 33.0% lower than 4Q13. Helbor’s interest reached R$ 273.3 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 2013.

Total Sales over Supply (SoS) Helbor’s stake, reached 10.1% in the quarter and 30.7% in 2014.

Deliveries in 4Q14 totaled R$ 614.5 million in Total PSV or R$ 495.4 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

Operational Highlights

4Q14

4Q13

Var.

3Q14

Var. 2014

2013

Var.

(Preliminary) 4Q14 x

4Q13

4Q14 x

3Q14 (Preliminary) 2014 x 2013

Launches (100%)

Net PSV (R$ '000)

²

319,918 1,028,702 -68.9% 427,958 -25.2% 1,262,765 1,972,164 -36.0%

# of Units

¹

1,059 2,798 (1,739) 820 239 2,753 4,599 (1,846)

# of Net Units

²

861 1,952 (1,091) 779 82 2,413 3,599 (1,186)

# of Developments 4 11 (7) 4 0 14 23 (9)

Launches (% Helbor)

Net PSV (R$ '000)

²

245,463 804,577 -69.5% 325,050 -24.5% 942,562 1,504,683 -37.4%

Helbor's Interest

²

76.7% 78.2% -150 bps 76.0% 80 bps 74.6% 76.3% -170 bps

Pre-Sales (100%)

Pre-Sales (R$ '000) 362,948 541,738 -33.0% 380,756 -4.7% 1,397,256 1,428,456 -2.2%

Sold Units 892 1,166 (274) 724 168 2,864 3,052 (188)

Pre-Sales (% Helbor)

Pre-Sales (R$ '000) 273,301 406,668 -32.8% 266,461 2.6% 1,014,106 1,110,223 -8.7%

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

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LAUNCHES

Total Launched PSV reached R$ 319.9 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$ 245.5 million) represents a decrease of 69.5% year- over-year and 24.5% quarter-over-quarter. In 2014, launches totaled R$ 1,262.8 million in total PSV and R$ 942.6 in Helbor’s interest, a decrease of, respectively, 36.0% and 37.4% in relation to 2013.

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 112 105 67,162 60,446 90.0%

Passarela Park Prime - 2nd Phase Mar-14 Campo Grande/MS Upper Middle 120 112 92,533 37,013 40.0%

Up Offices Berrini Mar-14 São Paulo/SP Commercial 234 179 88,178 66,134 75.0%

Total 1Q14 - 3 Developments 466 396 247,874 163,593 66.0%

Spazio Helbor Mooca Apr-14 São Paulo/SP High 100 98 71,841 71,834 100.0%

Trilogy Home - 2nd Phase May-14 São Bernardo do

Campo/SP Middle 174 174 95,848 67,094 70.0%

Condominio Art Vitta Jun-14 Campinas/SP High 134 105 99,326 69,528 70.0%

Total 2Q14 - 3 Developments 408 377 267,015 208,456 78.1%

Helbor Family Garden Sep-14 São Bernardo do

Campo/SP Upper Middle 206 193 161,933 97,160 60.0%

Adagio Batel Sep-14 Curitiba/PR Hotel 221 203 72,070 57,656 80.0%

Trilogy Hotel - 3rd Phase Sep-14 São Bernardo do

Campo/SP Hotel 204 204 79,034 55,324 70.0%

Helbor Reserva da Praça Sep-14 Fortaleza/CE Middle 189 179 114,921 114,910 100.0%

Total 3Q14 - 4 Developments 820 779 427,958 325,050 76.0%

The CittyPlex Osasco out-14 Osasco Flat 364 357 102,823 71,976 70.0%

Helbor Downtown out-14 São José dos Campos Commercial 202 186 52,997 52,992 100.0%

Helbor Num Vila Nova dez-14 São Paulo Middle 267 135 90,642 54,385 60.0%

Helbor Trend Higienóplis dez-14 São Paulo Middle 226 183 73,456 66,110 90.0%

Total 4Q14 - 4 Developements 1,059 861 319,918 245,463 76.7%

Total 2014 - 10 Developments 2,753 2,413 1,262,765 942,562 74.6%

1 – Including units under swap agreements 2 – Net of swap agreements

PRE-SALES

Total Pre-Sales reached R$ 362.9 million in 4Q14, a decrease of 33.0% year-over-year. Helbor´s interest amounted to R$ 273.3 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 2013. 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 2013.

The cancellations in 4Q14 totaled R$ 114.6 million and Helbor’s interest were R$ 83.6 million. In 2014, the cancellations totaled R$ 384.7 million and Helbor’s interest amounted R$ 281.7 million.

Sales over Supply (SoS) reached 10.1% in the quarter and 30.7% in 2014.

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VSO (Parte Helbor) 4T14 VSO (Total) 4T14

Inventory at the Beginning of the Period

(A) 2,373,079 Inventory at the Beginning of the Period

(A) 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

Inventory at the Beginning of the Period

(A) 2,079,144 Inventory at the Beginning of the Period

(A) 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.

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Página | 4 The following tables detail Pre Sales, by city and income segment, in 4Q14 and 2014:

4Q14 Income Segment Pre-Sales

R$ (000)

Helbor's Pre-Sales

R$ (000) # of Units Part. over Total Sales (Helbor's Interest)

Middle 145,756 114,810 347 42.0%

Upper Middle 70,520 46,924 95 17.2%

Lower Middle 66,630 46,909 274 17.2%

High 43,651 33,131 37 12.1%

Commercial 36,391 31,526 139 11.5%

Total 362,948 273,301 892 100.0%

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Página | 5 4Q14

Region Total Pre-Sales

R$ (000)

Helbor´s Pre-Sales R$ (000)

# of Units

Part. over Total Sales (Helbor's Interest)

São Paulo 79,553 63,895 151 23.4%

Osasco 65,737 46,016 271 16.8%

São José dos Campos 55,821 49,214 148 18.0%

São Bernardo do Campo 36,630 23,129 67 8.5%

Mogi das Cruzes 33,588 27,190 76 9.9%

Santos 25,479 19,619 59 7.2%

Guarulhos 7,338 5,589 11 2.0%

Rio de Janeiro 4,749 3,488 10 1.3%

Diadema 4,113 2,056 9 0.8%

Campinas 4,035 2,824 4 1.0%

Jundiaí 2,655 1,434 10 0.5%

Nova Lima 1,232 1,109 3 0.4%

São Vicente 534 481 2 0.2%

São Gonçalo 244 171 2 0.1%

Southeast - Total 321,708 246,215 823 90.1%

Brasília 11,247 5,089 17 1.9%

Campo Grande 9,928 3,971 11 1.5%

Cuiabá 6,071 5,464 11 2.0%

Goiânia 1,484 1,039 2 0.4%

Mid West - Total 28,729 15,562 41 5.7%

Joinville 7,446 7,445 11 2.7%

Curitiba 1,328 1,062 4 0.4%

South - Total 8,774 8,507 15 3.1%

Salvador 1,919 1,285 9 0.5%

Fortaleza 1,819 1,733 4 0.6%

Northeast - Total 3,738 3,017 13 1.1%

Total 362,948 273,301 892 100.0%

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Página | 6 2014

Income Segment Pre-Sales R$ (000)

Helbor's Pre-Sales

R$ (000) # of Units Part. over Total Sales (Helbor's Interest)

Hotel 42,220 30,536 143 3.0%

Lower Middle 72,959 53,227 302 5.2%

High 145,990 106,225 123 10.5%

Commercial 200,704 155,918 618 15.4%

Upper Middle 444,059 279,467 579 27.6%

Middle 491,323 388,733 1,099 38.3%

Total 1,397,256 1,014,106 2,864 100.0%

2014

Region Total Pre-Sales

R$ (000)

Helbor´s Pre-Sales R$ (000)

# of Units

Part. over Total Sales (Helbor's Interest)

São Paulo 281,256 229,978 502 22.7%

São Bernardo do Campo 235,128 152,108 464 15.0%

Mogi das Cruzes 170,014 139,133 372 13.7%

São José dos Campos 142,587 119,700 357 11.8%

Osasco 65,737 46,016 271 4.5%

Santos 65,232 51,631 154 5.1%

Guarulhos 35,878 28,533 55 2.8%

Campinas 31,706 22,194 29 2.2%

Belo Horizonte 11,026 6,616 35 0.7%

Diadema 10,528 5,264 25 0.5%

Rio de Janeiro 9,364 6,762 19 0.7%

São Vicente 8,778 7,900 13 0.8%

Jundiaí 7,196 3,886 24 0.4%

Taubaté 3,459 3,262 8 0.3%

São Gonçalo 1,823 1,276 15 0.1%

Nova Lima 1,718 1,546 4 0.2%

Bertioga 550 550 1 0.1%

Southeast - Total 1,082,601 826,603 2,349 81.5%

Campo Grande 149,889 59,956 182 5.9%

Brasília 38,274 17,062 56 1.7%

Cuiabá 13,386 12,047 22 1.2%

Goiânia 8,764 6,249 13 0.6%

Mid West - Total 210,313 95,313 273 9.4%

Curitiba 41,484 33,187 109 3.3%

Joinville 36,495 36,491 68 3.6%

South - Total 77,978 69,678 177 6.9%

Fortaleza 16,781 16,320 33 1.6%

Salvador 9,584 6,192 32 0.6%

Northeast - Total 26,365 22,512 65 2.2%

Total 1,397,256 1,014,106 2,864 100.0%

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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 184 184 67,588 67,588 100.0%

Residencial Casa das Caldeiras Feb-14 São Paulo Middle 384 384 344,528 172,264 50.0%

Helbor New Tatuapé Mar-14 São Paulo Middle 76 74 40,360 28,252 70.0%

Helbor Offices Joinville Mar-14 Joinville Commercial 241 236 51,619 51,619 100.0%

Edition Vila Nova Mar-14 São Paulo Middle 28 28 37,241 26,069 70.0%

Helbor L'Alto Perdizes Mar-14 São Paulo Middle 48 43 52,649 52,649 100.0%

Total 1Q14 961 949 593,985 398,441 67.1%

Link Office, Mall & Stay Jun-14 Rio de Janeiro

Commercial and Upper

Middle

644 644 367,723 294,179 80.0%

Total 2Q14 644 644 367,723 294,179 80.0%

Helbor Jardins Ipoema Aug-14 Mogi das Cruzes Lower Middle 240 216 51,548 41,238 80.0%

Total 3Q14 240 216 51,548 41,238 80.0%

Helbor Offices Barão de Teffé out-14 Jundiaí Commercial 111 98 31,536 17,029 54.0%

Helbor Paesaggio Jardim das Colinas out-14 São José dos

Campos Alto 194 182 189,465 189,465 100.0%

Perfect Lifestyle - Noroeste nov-14 Brasília Alto 72 72 87,162 34,865 40.0%

Terraços Jardim das Colinas nov-14 São José dos

Campos Médio 296 261 131,040 91,728 70.0%

Helbor Varandas Ipoema dez-14 Mogi das Cruzes Médio 228 205 84,627 84,627 100.0%

Il Terrazzo Ponta da Praia dez-14 Santos Alto 36 30 38,871 31,097 80.0%

Helbor Offices Washington Luís dez-14 ^Santos Commercial 121 121 51,796 46,616 90.0%

Total 4Q14 1,058 969 614,496 495,427 80.6%

Total 2014 2,903 2,778 1,627,752 1,229,285 75.5%

() 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

E-mail: ri@helbor.com.br

Phone: +55 (11) 3174-1211 or +55 (11) 4795-8555

http://ir.helbor.com.br/