2Q15 and 1H15 PRELIMINARY OPERATIONAL RESULTS

Pre-Sales reached R$ 243.9 million, an increase of 7.7% at 1H15 Mogi das Cruzes, July 22, 2015 - Helbor Empreendimentos S.A. (BM&F BOVESPA: HBOR3), a residential and commercial real estate developer covering 27 cities in 10 states, in addition to the Federal District, Brasília, announces today its preliminary unaudited operating results for the second quarter and first half of 2015 (2Q15 and 1H15).Total Launched Potential Sales Value (PSV) reached R$ 107.9 million in 2Q15, a decrease of 59.6% compared to 2Q14.

Helbor's interest totaled R$ 64.8 million. In the first six months of 2015, launches summed R$ 165.1 million in total PSV
and R$ 104.8 million in Helbor's interest, a decrease of, respectively, 67.9% and 71.8% compared to 1H14.

Total Pre-Sales summed R$ 243.4 million in the quarter, an amount 1.6% higher than 2Q14 and 7.7% higher compared to 1Q15. Helbor's interest reached R$ 181.8 million, 2.4% higher year-over-year and 4.7% higher compared to 1Q15. In

1H15, total pre-sales reached R$ 469.4 million, representing a decrease of 28.0%, compared to 1H14.

Sales over Supply (SoS), considering Helbor's stake, reached 7.0% in the second quarter and 12.9% in the first half of

2015. The SoS Helbor's interest, considering the last 12 months, reached 27.8%.

Deliveries in 2Q15 totaled R$ 280.6 million in Total PSV or R$ 210.4 million in Helbor´s interest, at the launching date, corresponding to 742 units delivered in the period. OPERATIONAL HIGHLIGHTS Operational Highlights 2Q15 2Q14 Var. 1Q14 Var. 1H15 1H14 Var. Launches (100%) (Preliminary) 2Q15 x 2Q14 2Q15 x 1Q14 (Preliminary) 1H15 x 1H14

Net PSV (R$ '000)2 107,930 267,015 -59.6% 57,191 88.7% 165,121 514,889 -67.9%

# of Units1 150 408 -258 176 -26 326 874 -548

# of Net Units2 135 377 -242 122 13 257 773 -516

# of Developments 1 3 -2 1 0 2 6 -4

Launches (% Helbor)

Net PSV (R$ '000)2 64,758 208,456 -68.9% 40,034 61.8% 104,792 372,049 -71.8% Helbor's Interest2 60.0% 78.1% -1810 bps 70.0% -1000 bps 63.5% 72.3% -880 bps Pre-Sales (100%)

Pre-Sales (R$ '000) 243,409 239,541 1.6% 225,963 7.7% 469,372 651,899 -28.0%

Sold Units 501 441 60 459 42 960 1,244 -284

Pre-Sales (% Helbor)

Pre-Sales (R$ '000) 181,778 177,456 2.4% 173,625 4.7% 355,403 472,672 -24.8% Helbor's Interest 74.7% 74.1% 60 bps 76.8% -220 bps 75.7% 72.5% 320 bps SoS 7.0% 8.0% -100 bps 6.8% 20 bps 12.9% 18.4% -550 bps

1 - Includes units under swap agreements

2 - Net of swap agreements

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LAUNCHES


Total Launched PSV reached R$ 107.9 million in 2Q15, with Helbor´s interest of 60.0%, and refers to the 2nd phase of "Family Garden", a residential development located in São Bernardo do Campo, which evolution of sales of the 1st phase, launched in 3Q14, favored this launch in 2Q15. This volume of Helbor's PSV (R$ 64.8 million) represents a decrease of

68.9% year-over-year and an increase of 61.8% quarter-over-quarter. In the first six months of 2015, launches totaled R$ 165.1 million in total PSV and R$ 104.8 in Helbor's interest, a decrease of, respectively, 67.9% and 71.8% in relation to

1H14.
The table below details the launches of the year:

Developments (PSV in R$ '000) Date Location Segment Units1 Net Units Total Net PSV2 Helbor Net PSV2 Helbor's Interest

Urban Resort Mar-15 São Paulo/SP Middle 176 122 57,191 40,034 70.0%

Total 1Q15 - 1 Development 176 122 57,191 40,034 70.0%

Helbor Family Garden - 2nd Phase

Apr-15 São Bernando d

Campo/SP

o Upper 150

Middle

135

107,930

64,758

60%

Total 2Q15 - 1 Development

150

135

107,930

64,758

60%

Total 2015 - 2 Developments

326

257

165,121

104,792

63.5%

1 - Including units under swap agreements

2 - Net of swap agreements

PRE-SALES


Total Pre-Sales reached R$ 243.4 million in 2Q15, an increase of 1.6% year-over-year. Helbor´s interest amounted to R$ 181.8 million (74.7% of total pre-sales), 2.4% higher than 2Q14. Compared to 1Q14, pre-sales increase respectively 7.7% and 4.7%.
In the first six months of 2015, pre-sales totaled R$ 469.4 million in total PSV, a decrease of 28.0% compared to 1H14 and

R$ 355.4 in Helbor's interest, 24.8% lower when compared to 1H14.

The sales cancellations in 2Q15 totaled R$ 167.7 million and Helbor's interest were R$ 126.7 million. In the first six months of 2015, the sales cancellations totaled R$ 312.5 million and Helbor's interest amounted R$ 231.7 million.
Sales over Supply (SoS) reached 7.0% in the second quarter and 12.9% in the first six months of the year. Sales over Supply
(SoS) LTM, considering the last 12 months, reached 27.8%.

SoS (Helbor's Share) 2Q15

Inventory at the Beginning of the Period (A) 2,423,173

Launchs (B) 64,758

Cancellations (C) 126,708

Supply (A+B+C) 2,614,639

Sales (D) 181,778

SoS (D/A+B+C) 7.0%

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SoS LTM (Helbor's Share) 2Q15

Inventory at the Beginning of the Period (A) 2,151,304

Launchs (B) 675,305

Cancellations (C) 391,962

Supply (A+B+C) 3,218,572

Sales (D) 896,024

SoS (D/A+B+C) 27.8%

From the sales of the quarter (Helbor's interest), 8.7% refers to launches and 91.3% 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.

The following tables detail Pre Sales, by city and income segment, in 2Q15 and 1H15:

2Q15

Income Segment

Pre-Sales

R$ (000)

Helbor's Pre-Sales

R$ (000)

# of Units

Part. over Total Sales

(Helbor's Interest)

Middle

99,634

76,444

243

42.1%

Upper Middle

80,008

57,684

108

31.7%

Commercial

31,812

24,182

114

13.3%

High

28,393

20,328

22

11.2%

Hotel

2,057

1,645

7

0.9%

Lower Middle

1,506

1,494

7

0.8%

Total

243,409

181,778

501

100.0%

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2Q15

Region

Total Pre-Sales Helbor´s Pre-Sales # of Part. over Total Sales

R$ (000) R$ (000) Units (Helbor's Interest)

São Bernardo do Campo 46,172 28,532 78 15.7%

São Paulo 46,054 34,663 90 19.1%

Mogi das Cruzes 43,927 35,462 101 19.5%

São José dos Campos 21,173 18,865 31 10.4%

Guarulhos 12,846 10,555 21 5.8%

Santos 7,905 5,929 25 3.3%

Campinas 7,141 5,125 8 2.8%

São Vicente 4,461 4,015 23 2.2%

Rio de Janeiro 3,610 2,588 9 1.4%

Osasco 1,400 980 5 0.5%

Diadema 1,356 678 3 0.4%

Jundiaí 795 429 3 0.2%

São Gonçalo 604 423 6 0.2%

Nova Lima 336 302 1 0.2%

São Caetano do Sul 245 221 1 0.1%

Southeast - Total 198,023 148,766 405 81.8%

Campo Grande 8,732 3,493 10 1.9%

Cuiabá 5,448 4,854 11 2.7%

Brasília 4,080 1,808 6 1.0%

Mid West - Total 18,260 10,154 27 5.6%

Curitiba 10,183 8,146 26 4.5%

Joinville 6,932 6,932 12 3.8%

South - Total 17.115 15.078 38 8,3%

Salvador 6,193 4,259 21 2.3%

Fortaleza 3,817 3,520 10 1.9%

Northeast - Total 10,010 7,779 31 4.3%

Total 243,409 181,778 501 100.0%

1H15

Income Segment

Pre-Sales

R$ (000)

Helbor's Pre-Sales

R$ (000)

# of Units

Part. over Total Sales

(Helbor's Interest)

Middle

213,555

163,995

522

46.1%

Upper Middle

147,658

111,837

195

31.5%

Commercial

52,169

39,500

181

11.1%

High

50,592

35,096

40

9.9%

Lower Middle

3,342

3,329

15

0.9%

Hotel

2,057

1,645

7

0.5%

Total

469,372

355,403

960

100.0%

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1H15

Region

Total Pre-Sales Helbor´s Pre-Sales # of Part. over Total Sales

R$ (000) R$ (000) Units (Helbor's Interest)

São Paulo 104,376 77,098 214 21.7%

Mogi das Cruzes 79,491 64,259 191 18.1%

São Bernardo do Campo 63,477 39,253 106 11.0%

São José dos Campos 60,687 54,376 95 15.3%

Santos 20,648 15,973 58 4.5%

Guarulhos 18,968 15,534 31 4.4%

Campinas 12,847 9,119 14 2.6%

São Vicente 4,681 4,213 24 1.2%

Osasco 4,446 3,112 16 0.9%

Rio de Janeiro 4,296 3,102 10 0.9%

Diadema 3,639 1,820 8 0.5%

Jundiaí 2,761 1,491 11 0.4%

Nova Lima 1,437 1,293 4 0.4%

São Gonçalo 825 577 8 0.2%

São Caetano do Sul 756 681 3 0.2%

Taubaté 10 9 1 0.0%

Southeast - Total 383,345 291,911 794 82.1%

Campo Grande 15,760 6,304 18 1.8%

Cuiabá 15,556 13,950 29 3.9%

Brasília 9,927 4,340 15 1.2%

Mid West - Total 41,243 24,594 62 6.9%

Joinville 15,259 15,257 26 4.3%

Curitiba 14,580 11,664 35 3.3%

South - Total 29,839 26,921 61 7.6%

Salvador 7,881 5,289 26 1.5%

Fortaleza 7,064 6,688 17 1.9%

Northeast - Total 14,945 11,977 43 3.4%

Total 469,372 355,403 960 100.0%

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DELIVERIES


The company delivered four developments in 2Q15, totaling 742 units and Helbor´s interest, at the launching date, of R$ 210.4 million PSV. Thus, throughout the year of 2015 Helbor has delivered 8 developments, totaling 2,056 units and a PSV of R$ 706.6 million.

Delivered Developments

Delivery

Date

Location

Segment

Units

Net

Units*

Total

PSV*

(R$ 000)

Helbor´s

PSV* (R$

000)

Helbor's

Interest

Helbor Cosmopolitan Home Stay & Offices

Jan-15

Salvador

Commercial

260

260

65,015

45,510

70.0%

Helbor Condomínio Parque Clube

Fortaleza I

Feb-15

Fortaleza

Middle

294

294

81,468

73,322

90.0%

Helbor My Way Ponta da Praia

Mar-15

Santos

Middle

216

182

75,385

56,539

75.0%

Helbor Concept - Life, Office e Corporate

Feb-15

Mogi das Cruzes

Commercial

472

423

157,744

126,195

80.0%

Helbor Boulevard Tatuapé

Jan-15

São Paulo

Upper Middle

72

72

46,380

46,380

100.0%

Total 1Q15

1,314

1,231

425,992

347,945

81.7%

Helbor Offices Imperatriz Leopoldina

May-15

São Paulo

Commercial

183

169

57,360

57,360

100.0%

Helbor Lead Offices Faria Lima

May-15

São Paulo

Commercial

128

120

121,964

60,982

50.0%

Helbor My Way Batel

May-15

Curitiba

Middle

131

98

45,914

36,731

80.0%

Helbor Offices São Paulo III

Jun-15

São Paulo

Commercial

300

246

55,372

55,372

100.0%

Total 2Q15

742

633

280,609

210,444

75%

Total 2015

2,056

1,864

706,601

558,389

79%

(*) 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 Analyst
E-mail: ri@helbor.com.br
Phone: +55 (11) 3174-1211 or +55 (11) 4795-8555 http://ir.helbor.com.br/

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