1 Scenario

2 Favorable economic scenario

“e” Stand for Estimated Source: Bacen Focus and IPEA 3 Favorable economic scenario

Source: SECOVI-SP

4 Overview

5 Helbor at a glance

More than 40 years of history.

240 projects launched and a PSV of more than R$ 13 billion.

It has delivered more than 37,500 units.

A public company listed on Stock Exchange, Bovespa since 2007.

Present in 30 cities and 10 states in .

2nd best reputation on “Reclame Aqui” in the sector - 100% service.

Leadership position in the segment

6 Time Line

Foundation and Expansion Geographic Expansion Financial Crisis New Cycle

1977 1997 2007 2010 2011 2013 2016 2017 2018 2019

Foundation Foundation Capital Follow On IPO Helbor Capital of Alden Consolidation in Increase Partnership with R$560MM R$233MM Increase other cities and Foundation of HB R$264MM WeWork, W Hotel, New Strategy New R$150MM segments Brokers Barzel and BSP. focused on São Diversification and Market Capital Increase entry in the City R$120MM Beginning of the Paulo and of cash generation pulverized cycle projects

7 Shareholding Structure

* It Does not consider members of the control block

The controlling group maintains majority position.

As of Feb/2020 8 Construction Partners.

100% of the works are made in advance with constructions partners, based on defined prices.

\\\\\

9 Strategy

10 New positioning, launches in São Paulo delivering strong results

Launches in the new growth cycle of the real estate sector 1 Wide São Paulo 2 Caminhos da Lapa | Jerivás 3 Spazio Vita

PSV total PSV total PSV total R$144 mm R$206 mm R$85 mm 8 Launch Launch Launch Dec/17 Dec/17 Sep/18 Units Sold Units Sold Units Sold 2 Marginal Tietê 3 100% 45% 59% Margin Margin Margin Sep/19: 48% Sep/19: 26% Sep/19: 26%

4 Facces 5 SPSH 6 W São Paulo

7 PSV total PSV total PSV total Marginal Pinheiros R$125 mm R$155 mm R$460 mm Launch Launch Feb/19 Mar/19 Launch Av. Paulista Sep/19 Units Sold Units Sold 1 4 54% 48% Units Sold 35% Av. Rebouças Margin Margin Sep/19: 32% Sep/19: 43%

6 7 EDITION 8 MY SQUARE

PSV total PSV total R$107 mm R$115 mm Launch Launch Dec/19 Nov/19 Units Sold Units Sold 50% 50%

5

# Launch locations 11 New positioning, launches in São Paulo delivering strong results

Projects in Greater São Paulo reached a remarkable Launches in the new growth cycle of the real estate sector percentage of Units Sold

1 Atria Alphaville 2 Patteo Bosque Maia | (Fase 2) 3 Myrá Alphaville

PSV total PSV total PSV total R$139 mm R$121 mm R$145 mm launch launch launch Mar/18 May-17 0 Dec/17 Units Sold 62% Units Sold 67% Units Sold 73% Margin Sep/19 : 31% Margin Sep/19: 31% Margin Sep/19 :33%

Praças de Ipoema 4 Palmer 683 | Santo André Origem Casas 5 6

PSV total PSV total R$60 mm R$96 mm PSV total R$86 mm launch Guarulhos launch Aug/18 launch Alphaville/Barueri Nov/18 2 Nov/19 6 7 Units Sold 85% Units Sold 62% 3 Cidade de 5 Units Sold 100% 1 Margin Sep/19 : 27% Margin Sep/19 : 37% São Paulo Mogi das Cruzes 4 Santo André 7 Passeo Patteo Mogilar

PSV total R$229 mm launch Nov/19 Units Sold 30% Greater São Paulo 12 Case studies of recent successful developments Helbor has developed reference projects in quality and innovation

Helbor Wide | Launched W Hotel | launch soon

First W Hotel and W Residence in Brazil.

Helbor has exclusivity to explore the W Brand in Brazil.

179 luxury hotel rooms and 216 residential units for sale.

Easy access to Shopping JK Iguatemi

First development under the guidelines of the “New Master Plan” in São Paulo Patteo Bosque Maia | Launched

180-unit mixed-use building from an internationally renowned P Reference building 89m high and brand - Hilton Garden INN 32 floors In front of the Bosque Maia park, one 128m high reference building with 31 floors of the largest in the city 392 residential units and 91 4 Cinemark rooms commercial units 33 stores - ConVem1 strip mall Master Real Estate Award 2019 - Secovi-SP / Fiabci-Brasil 73% already sold 339 residential units 100% sold during launch

Note: (1) Management of HBR Realty 13 Product strategy

Focus on Geographic diversification of PSV (smaller projects with multiphase developments) and focus on residential units

It was Now is

Projects with higher PSV and number of units, in the Focus on projects with lower PSV, launching customized residential units residential and commercial segments

Launch strategy for large projects on Smaller projects with phased development strategy large lots with many units

Focus on increasing PSV launch, which Flexibility to launch projects according to market demand, with customized solutions demanded more standardized products

Commercial projects launched by Helbor Average units per project Helbor's customized products units units Wide W Hotel

4 211

120 None

2014 - 2018 2019 2010-18 2019 YTD R$ 90 – 120 milhões PSV(1) target per project Note: (1) Corresponds to Helbor's participation in each project 14 Successful liabilities management strategy

Successful effort to reduce leverage, increase duration and reduce the average cost of debt places Helbor on a great growth path

Successful liabilities management, increased duration, reduced debt cost and cash generation

Duration from 2.1 to 4 years 8.5% reduction in the average cost of debt

Structuring CRIs (2) backed by inventory and leased properties Change in the debt profile, significantly reducing Construction helped to lower the cost of debt and increase the average debt Financing (SFH) by half since 2017 duration

Breakdown of net debt between old stock (1) and new stock (1) Evolution of debt composition, average cost and duration R$ mm and % % of total debt, years and% in nominal R $

4.0

8,5%

1,422 of the cost of debt (1.1p.p.) do custo da dívida 27% 35% 56% 20%

3Q19 2017 2018 3Q19 Corporate debt Financing Net debt (Old Stock) Net debt (New Stock) Inventory CRI CRI of Leased Properties Average cost Duration (years)

Source: Company Information and Central Bank of Brazil Notes: (1) Old inventory corresponds to launches until November 2017, while new inventory corresponds to launches after November 2017; (2) Certificate of Real Estate Receivables 15 Successful liabilities management strategy

The innovative approach to the liability management strategy helped Helbor to monetize part of its inventory and reduce the total cost of debt Real Estate Receivables Certificates (CRI) “CRI” of leased properties Stock “CRI” ▪ Securitized by lease agreements of 632 units with We Work, Ânima and ▪ Securitized by units in stock Unimed / Santander (3) and 153 finished inventory units that can potentially be ▪ Roughly R$ 1,259mm funding in 7 issues leased ▪ Last issue of R$ 380mm with a 5-year term, with no grace period for interest, ▪ R$ 339 million Funding guarantee of 131% of the offer’s value in chattel mortgage, chattel of the ▪ 16-year term escrow account and R$ 5 million cash collateral, released in proportion to the ▪ R$ 22 million savings in maintenance expenses and financial costs, with amortization of the “CRI” debit balance expected revenue of ~ R$ 40mm in rental ▪ Potential upside with the sale of leased properties

Estimated reduction in the cost of debt with lease “CRI” Estimated reduction in cost of debt with inventory “CRI” % %

12.0% 12.0% 10.9%

8.4%

(1) (2) ConstructionCusto do Financiamento financing cost de Custo do CRI de Propriedades Custo do Financiamento de Custo do CRI de Estoque Construção CRI costArrendadas of leased properties ConstructionConstrução financing cost CRI inventory cost

High quality inventory was essential to ensure a successful liabilities management strategy, proving the liquidity of properties

Source: Company Information and Central Bank of Brazil Notes: (1) The average CRI cost of leased properties corresponds to the Brazilian inflation index, forecast by the Central Bank of 3.5% for the long term, plus 7.1% fixed; (2) The average CRI cost of the stock corresponds to the average Selic rate expected for 2019-22 (6.1%) plus a spread of 2.15%, which is the issue cost of ~ R $ 423mm CRI; (3) Rent to Unimed guaranteed by Santander 16 Successful liabilities management strategy

The innovative approach to the liability management strategy helped Helbor to monetize part of its inventory and reduce the total cost of debt.

1st Quotas of the Multi Renda Urbana Real Estate Investment Fund Issuance

Total sales of approximately R$ 400 million

(1) the precedent conditions described in the CCVs are met on that date.

(2) Free of commission / fee 17 Land Bank

18 Landbank positioned in strategic markets

Focus on residential projects in the city of São Paulo and Greater São Paulo, with an opportunistic approach to other regions.

Preference for smaller land Projects for medium and high income

Focus on prime regions Products with higher added value

1 Landbank break : PSV (%) ▪ São Paulo as the main target market Others ▪ Focus and flexibility on high quality products 11% São Paulo ▪ Projects with average target PSV between R$ 90 mm and R$ 120 mm (Helbor’s @stake) Greater SP2 17% ▪ Helbor's “Fortaleza” for its great knowledge of the 100% Greater region São Paulo residential ▪ Focus on middle-income projects São Paulo 72%

R$7.5 bi (100%) R$4.5 bi @stake ▪ Opportunistic approach to new projects Total PSV estimated for the 100% landbank: Others ▪ Strong partnerships with local construction R$ 10.4 billion companies and brokers Helbor's @stake: R $ 6.7 billion

Note: (1) Consider launchers already mapped up to 2025; (2) Refers to Mogi das Cruzes and 19 São Paulo: high quality land bank to sustain growth Helbor has a broad portfolio of valuable land concentrated in São Paulo, strategically located close to the subway network.

launches already mapped by 2025 Metro / train stations

Marginal Tietê

Marginal Pinheiros Av. Paulista R$7,5 Av. Rebouças billion Estimated total PSV of landbank1

Note: (1) Total estimated PSV of the landbank: R $ 7.5 billion (100%) / R $ 4.5 billion (@stake) 20 CEPAC Lands acquired through CEPAC auction for construction of high-end residential developments

21 Launches

22 Launches in 2019

FACES JARDIM BY HELBOR HELBOR SP SOUTH HOUSE HELBOR LANDSCAPE ECOVILLE W THE RESICENCES SÃO PAULO

Launch: February 2019 Launch: March 2019 Launch: June 2019 Launch: September 2019 Location: São Paulo Location: São Paulo Location: Curitiba Location: São Paulo Segment: High income Segment: Medium-high income Segment: High income Segment: High income Units: 19 Units: 216 Units: 54 Units: 216 Units Liquid²: 16 Units Liquid²: 216 Units Liquid²: 99 Units Liquid²: 216 Net PSV²: 125,458 Net PSV²: 155,427 Net PSV²: 131,985 Net PSV²: 460,270 Net Helbor PSV²: 62,729 Net Helbor PSV²: 108,799 Net Helbor PSV²: 105,588 Net Helbor PSV²: 264,655 Stake Helbor: 50.0% Stake Helbor: 70.0% \ Stake Helbor: 80.0% Stake Helbor: 57.5%

23 Launches in 2019

HELBOR MY SQUARE HELBOR EDITION V. MADALENA HELBOR PASSEO PATTEO MOGILAR ORIGEM CASAS

launch: November 2019 launch: December 2019 launch: November 2019 Launch: November 2019 Location: São Paulo Location: São Paulo Location: Mogi das Cruzes Location: Barueri Segment: Medium income Segment: High income Segment: Medium-high income Segment: High income Units: 252 Units: 170 Units: 324 Units: 63 Units Liquid²: 214 Units Liquid²: 84 Units Liquid²: 324 Units Liquid²: 63 Net PSV²: 115,963 Net PSV²: 107,482 Net PSV²: 229,989 Net PSV²: 86,081 Net Helbor PSV²: 57,982 Net Helbor PSV²: 96,734 Net Helbor PSV²: 183,991 Net Helbor PSV²: 25,824 Stake Helbor: 50.0% Stake Helbor: 90.0% Stake Helbor: 80.0% Stake Helbor: 30.0%

24 Operational and Financial

25 Performance of own sales team - HB Brokers

After 3 years of creation and with approximately 350 associated brokers, HB Brokers showed an exponential 691 MM growth in sales, in addition to the increase in the share of 508 MM +36% 50% share the developer in the areas where it has full operations. 358 MM 53% share 49% share +64% In 2019, HB was responsible for 50% of the company's sales (excluding PSV from CRI Multi Income operations). 2017 2018 2019

Beginning of It showed 36% growth from 2018 to 2019. In the 2nd half / 18 it Full operation in the operations in finished started operations in main squares in the projects Campinas and Mogi state of SP das Cruzes

26 Contracted Sales

R$ Millions $1.731

$689 28%

$1.239 211

$401 $346 $342 $332 $295 $300 99 $267 89 96 101 72% 58 80 94 478 302 257 236 237 220 241 173

1T18 2T18 3T18 4T18 1T19 2T19 3T19 4T19*

HelborHelbor ParceirosPartners

* Previous Result 27 Stake Helbor Sales $1.241

R$ Millions

Stake Helbor sales per quarter $905

* 2018 2019* Concluded Construction Launches

* Previous Result 28 Strong trend of improvement in operational metrics

Helbor demonstrated a significant improvement in its operational metrics in the last quarters

Net sales (1) In stock for ready delivery (1) R$ mm R$ mm

Note: (1) Considering Helbor's participation in the projects, the stock in 2Q19 was adjusted to the exclusion of the stock transferred to the investment property of ~ R $ 215 million 29 Success in sales actions - “Só a Helbor tem” History of events in the capital of SP

72 MM 68 MM 60 MM 120 unids 55 MM 125 unids 105 unids 115 unids

1st event Apr / 18 2nd event Nov / 18 3rd event May / 19 4th event Oct / 19

In the imminence of the crisis in 2015 and against what was being practiced by other developers in Brazil, in June Helbor created an event “Só a 93 editions throughout Brazil Helbor Tem”. R$ 1.3BI in PSV sold only in events There are 2,454 Units Sold The event, in partnership with Banco Bradesco, brought better credit conditions for financing and exclusivity for customers who bought at the event with 6 months of free condominium, all concentrated in a single weekend. 30 Conversion of cancellations

Qty

1.174

• 525 828 Sharp drop in cancellation orders in the last 3 years.

362 515 223 • % converted into business greater

55%* 194 255 than 50%.

426 56%* 110 272 50%* 150

RequestsPEDIDOS in 20172017 RequestsPEDIDOS in 20182018 RequestsPEDIDOS in 2019 2019

REVERTIDOSConverted CREDITOSCredits NÃONon REVERTIDOS Converted

31 Strong trend of improvement in financial metrics

Helbor recorded a significant increase in margins in the last quarters

Adjusted Gross Margin (1) % ≥30%

Note: (1) Adjusted for financial charges Maior nível de margens desde 2017 32 Strong trend of improvement in financial metrics Helbor has consistently increased its cash generation, registering positive results in the last 6 quarters Structured financial transaction (CRI) involving inventory of units R $ 380 Cash generation initiatives / impacts million Helbor cash flow generation Rescheduling of corporate debt ~ R $ 200 R$ mm million 05 years

HB Brokers created, accelerating Cash generation driven mainly by Signing of rental contracts and issuing inventory sales lower construction costs CRI backed by lease receivables Completion of capital increase (Follow On) R $ 560 million

100 880 254 249 245 198 225 159 212 115 50 80 100 61 0 2019 32 Cash Flow 6

-50 Cash Burn (17)

(62) -100

-150

~ R $ 100 million reduction in -200 Impacted by higher transfers from receivables from completed units

(374) customers to banks (receivables fell ~ R $ -250 200 million)

-300 2016 2017 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

GeraçãoCash Flow de Caixa RepasseTransferênciasOnlending / SecuritizationSecuritização

33 HBOR3

34 Shareholder’ Base Number of Shareholders

In seven months, we expanded our shareholders’ base by 1.9x. 90% growth

Source: Bradesco Custody

TRADING INDEX – B3

35 HBOR3 Volume

R$85.348.601

R$34.851.510

R$9.373.560

36 37