How To Profit From A Property Development

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1 3Q11 Earnings Release Net Revenues in the quarter of R$ 1.2 billion, a 91% increase over third quarter of 2010 Contracted Sales reached R$ 1.3 billion in the quarter, a 61% increase over last year Rio de Janeiro, November 11, 2011 Brookfield Incorporações S.A. ( Brookfield Incorporações or the Company ) (BM&FBovespa: BISA3, US OTC: BRRSY), one of Brazil's largest integrated developers, today announced its consolidated results for the third quarter of Financial Highlights Net revenues totaled R$1,198 million in the third quarter of 2011, up 36% over the second quarter of 2011 and up 91% over the third quarter of Gross profit totaled R$303 million in the third quarter, with a reported gross margin of 25.3%. Adjusting for capitalized interest of R$54.8 million, APV of R$7.1 million, the reallocation of depreciation and amortization due to the implementation of IFRS (non-cash effect) of R$3.0 million, and the special recognition of the BCP Corporate project, the adjusted gross margin was 33.2%. EBITDA of R$252 million in the third quarter, an increase of 65% over the same period of 2010 and an increase of 36% over the previous quarter, with a 21.0% margin. Net income totaled R$108 million in the third quarter, 38% higher than in the second quarter of 2011 and up 26% over the third quarter of A continuous improvement in earnings per share: R$0.24 in third quarter, versus R$0.17 of 2Q11 and R$0.15 in 1Q11. Return on Equity 1 was 14% for the annualized quarter, an increase from the 12% reported in the same period of During 3Q11 the company acquired 9.4 million shares for R$57.9 million, at an average price of R$6.13 per share. In October, the company acquired an additional 4.3 million shares totaling 13.7 million shares acquired for R$81.3 million, at an average price of R$5.94 per share, using 92% of its current share repurchase program. On November 9 th, 2011 the Board of the company approved the cancellation of 15 million shares held in treasury. Total cash consumption decreased to R$135 million in the quarter. Excluding share repurchase, the amount was only R$77 million. As of September, the company had R$3.5 billion of contracted Project Finance (SFH 2 ), of which R$1.1 billion already being disbursed and the remaining R$2.4 billion will be used to fund projects as they progress. This represents already contracted funding equivalent to 75% of the future construction costs of projects launched through the end of the quarter. The Company Issued Mortgage Backed Securities ( CRI ) of R$150 million in the third quarter of IR Contact Cristiano Machado CFO and IR Officer Paola Mello Marques IR Manager Tel: +55 (11) ri@br.brookfield.com Avenida das Nações Unidas, º andar Torre B São Paulo - SP, Brazil CEP: Q11 Conference Call November 14, 2011 English am (NY) pm (Brasília) 2.00 pm (London) 6.00 am (Los Angeles) Phone: +1 (973) Code: Replay: +1 (404) Replay Code: Webcast: Portuguese 07:00 am (NY) 10:00 am (Brasília) 12:00 pm (London) 4:00 am (Los Angeles) Phone: +55 (11) Code: Brookfield Replay: +55 (11) Replay Code: Brookfield Webcast: 1 Considers net income of the quarter annualized / shareholders equity. 2 Sistema Financeiro da Habitação Housing Financial System Funds originated from saving accounts deposits and FGTS (Government Severance Indemnity Fund for Employers) designated to housing mortgages and funding.

2 Operating Highlights Contracted Sales totaled R$1.3 billion in the third quarter, an increase of 61% over the same quarter of 2010 and a 22% sequential increase from the second quarter of Launches reached R$913 million in the third quarter of 2011, 23% higher than the third quarter of last year and 22% greater sequentially than the prior quarter. Recent Events In October, the Company had contracted sales of approximately R$300 million. Consequently, for the first ten months of the year, the company has reached 83% of the mid-point of its sales guidance for 2011 (89% of the lower range). On November 9, 2011 the Company announced that the share buy back program initiated in May 2011 has been terminated, and that the Company s Board of Directors approved the commencement of a new share buyback program for the purchase of up to 17 million shares, or R$170 million. The share buyback program will extend for 365 days from November 9, 2011 to November 8, In connection with the share buy back program, the Company will cancel 15 million shares which are held in treasury. Operating and Financial Highlights R$ million 3Q11 3Q10 Δ(%) 9M11 9M10 Δ(%) Launches % 2,125 1, % Contracted Sales 1, % 3,056 2, % Inventory at Market Value 2,960 3,398-12,9% 2,960 3,398-12,9% Sales Velocity (%) 32.0% 15.0% 17.0% Net revenues 1, % 2,809 2, % Gross profit % % Gross Margin 25.3% 34.2% -8.9% 27.6% 29.1% -1.5% Adjusted Gross Margin % 37.6% -4.4% 34.0% 33.9% 0.1% EBITDA % % EBITDA Margin 21.0% 23.9% -2.9% 21.9% 22.4% -0.5% Net Profit % % Net Margin 9.0% 13.6% -4.6% 9.0% 12.2% -3.2% Revenues to be recognized 3,592 2, % 3,592 2, % Results to be recognized 1,358 1, % 1,358 1, % Backlog Margin 37.8% 37.9% -0.1% 37.8% 37.9% -0.1% Net Debt 2,162 1, % 2,162 1, % Cash and Short Term Investments 1, % 1, % Equity 3,056 2, % 3,056 2, % Net Debt / Equity (%) 70.7% 43.0% 27.8% 70.7% 43.0% 27.8% ROE in the period (%) 3.5% 3.2% 0.3% 8.2% 10.4% -2.1% 3 For more details on Adjusted Gross Margin please read page 6. Page 2 of 26

3 Index Net Revenues in the quarter of R$ 1.2 billion, a 91% increase over third quarter of Financial Highlights... 1 Operating Highlights... 2 Recent Events... 2 Operating and Financial Highlights... 2 Message from the CEO... 4 Return on Equity (ROE)... 5 Margins... 6 Backlog Margin... 6 Sales, General and Administrative Expenses... 7 Launches... 8 Contracted Sales Sales Velocity Inventory Land Bank Execution Capability Delivered Projects Liquidity and Capital Resources Funding Capital Markets and Ownership Structure Share Buyback Program Glossary About Brookfield Incorporações S.A About Brookfield Brasil Income Statement Balance Sheet Cash Flow Page 3 of 26

4 Message from the CEO The demand for high quality, well-placed real estate products remains steadfast and the fundamentals supporting this demand remain robust a lack of supply, continued high consumer confidence, low unemployment rates and increased access to financing. In the first nine months of 2011 all of the markets in which we operate, except for Campinas, continue to demonstrate solid launches and sales growth. From our perspective, demand in the Brazilian real estate market remains strong as demonstrated by sales across all of our product lines including, residential, corporate and office suites. We sold a record number of developments for a third quarter, posting record sales velocity of 32% on R$1.3 billion in contracted sales for the third quarter. The momentum continued into the month of October as we saw a sustained level of contracted sales reaching almost R$300 million. As a Company that aims to deliver a superior industry ROE, we remain focused on enhancing profitability. We continue our efforts on generating returns and monetizing our long term projects, such as Brookfield Towers ( Giroflex ), enhancing our working capital requirements by selling our existing portfolio of receivables and increasing construction finance as a larger portion of our overall funding. A key element of our strategy to improve profitability includes implementing strict cost and expense controls. Our operating expenses for the quarter indicate we are on track with general and administrative expenses down almost 13% sequentially on an absolute basis. As a percentage of revenue, G&A expenses are lower on both a sequential and year-over-year basis. In addition, selling and marketing expenses as a percentage of revenues both sequentially and year-over-year have improved as we have developed creative solutions such as a 3D mock-up tested in some of our projects recently and we have been more active on pre-launch marketing campaigns. Our ability to manage our cost of capital also contributes to our returns. We are improving our net debt to equity ratio as we bring cash consumption consistently lower and increasing the share of SFH funding in our debt mix to reduce our average cost of debt. Cash consumption for the operations for the quarter was R$77 million down from R$168 million in second quarter. While as a percentage of total debt, SFH decreased due to amortizations, on a nominal basis it increased. It is worth nothing, as of September we had R$3.5 billion in contracted SFH, which will be released to projects as they progress. In terms of liquidity, our cash and short term investments of R$1.1 billion and broad access to the capital markets puts us in a strong position to support growth. Two important projects during the quarter demonstrate our ability to present the right mix in the right location, the Cadoro project in São Paulo, a 900-unit residential, office suite and hotel with PSV of R$366 million was launched and almost 100% sold during the quarter and the Brookfield Towers Project, a triple A corporate building in São Paulo was sold for R$373 million. We are confident that we will meet our sales guidance of R$4.0 billion for 2011 and R$4.2 billion for In terms of launches, we are working on a pipeline of developments that would allow us to achieve our guidance for full year However, we will continue to monitor the market carefully and prudently execute on the pipeline of developments. As noted, we have many levers available to us in driving returns for our shareholders. One additional strategy is through the implementation of a share buyback program. In the previous quarter we saw the opportunity to acquire at an average price of R$6.13, below the book value per share. Until the end of October we acquired 92% of the total program of 15,000,000 shares. The global macroeconomic outlook remains uncertain and we are cautious about the future. We will continue to focus on driving returns by improving our profitability, lowering our cost of capital and implementing strategies that make best use of our capital at any point in time. Nicholas Reade, CEO Page 4 of 26

5 Return on Equity (ROE) The company has consistently increased the return on equity for shareholders Return on Equity (%) Annualized 10% 14% 12% 14% 7% Q10 3Q11 The company s strategy to continue growth in ROE is based on four pillars: 1) Execution capability: primarily related to construction expertise, which can be measured by gross margin improvement and backlog margin stability (please read pages 6 and 14). 2) Increased asset turnover through shortening the business cycle: faster land bank turnover and improved revenue recognition (please read page 13). 3) SG&A expense reduction as a percentage of revenues: increased operational leverage and efficiency gains (please read page 7). 4) Reduction in cost of capital: increasing the proportion of project finance (SFH) in the debt mix and refinancing, at lower cost, the debt contracted in 2009 (please read pages 16 and 17). Page 5 of 26

6 Margins The gross margin, on its own, does not fully reflect the profitability of the core business because of the distortions caused by non-cash items and financial expenses allocated to COGS. We prefer to focus on the adjusted gross margin, which excludes: 1) amortization of goodwill originated from the business combination and allocated to land, previously classified as depreciation and amortization expense in the Income Statement, and now booked under the cost of real estate development and sales; 2) financial impact on the reported gross margin due to adjustments of the present value of long term assets and liabilities (APV); and 3) capitalized interest of project loans. During the 3Q11 we recognized all revenues and costs of the BCP Corporate project, launched in The project was comprised of an Office Tower, a Corporate Tower and a Shopping Mall. The Corporate tower was sold in 2007 with an obligation to guarantee a minimum return to the buyers. Since this obligation could not be measured by the time of the sale, all revenue and cost recognition was postponed until the end of construction, which occurred during this quarter. The project had revenues of R$95.7 million with a gross margin of only 0.7%, which reduced our overall 3Q11 gross margin by 210 bps. Reconciliation of Margins 2.1% 0.3% 0.5% 4.9% 25.3% 27.5% 27.5% 27.5% 33.2% 3Q11 BCP * 3Q11 without BCP Goodwill Allocation of MB Acquisition APV Capitalized Interest 3Q11 Adjusted The main factor impacting current gross margin is the higher value of capitalized interest which represents over half of the difference in gross margin, since we are increasing our exposure to construction finance. Backlog Margin The backlog of results to be recognized under the PoC method reached R$1.4 billion with a 37.8% margin. Revenues to be Recognized (R$ million) Sep 2011 Jun 2011 Mar 2011 Dec 2010 Sep 2010 Revenues to be Recognized 3, , , , ,620.7 Advances from Clients Total Revenues to be Recognized 3, , , , ,648.8 Costs to be Recognized -2, , , , ,645.3 Results to be Recognized 1, , , , ,003.5 Backlog Margin (1) 37.8% 39.3% 40.4% 40.7% 37.9% (1) Margin before taxes and interest capitalized Please note that in order to use backlog margin as an indication of future gross margin, the following adjustments must be made: deduct PIS/Cofins (which typically ranges between 3.13% and 3.65% of revenues), future interest to be capitalized (which historically ranged between 2% and 5% of revenues), and adjustment to present value, and add future index adjustments of accounts receivable (INCC or IGP- M). Page 6 of 26

7 Sales, General and Administrative Expenses In the third quarter SG&A ratios improved due to higher operating leverage, the sale of the Brookfield Towers Project and efficiency gains. SG&A Expenses Analysis 3Q11 3Q10 Sales Expenses (R$ million) G&A Expenses (R$ million) Sales Expenses + G&A (R$ million) Sales Expenses /Contracted Sales 4.1% 3.7% G&A / Contracted Sales 3.2% 4.6% Sales Expenses + G&A / Contracted Sales 7.3% 8.3% Sales Expenses /Gross Revenues 4.4% 4.7% G&A / Gross Revenues 3.5% 5.9% Sales Expenses + G&A / Gross Revenues 7.9% 10.6% Sales Expenses /Net Revenues 4.6% 4.8% G&A / Net Revenues 3.6% 6.1% Sales Expenses + G&A / Net Revenues 8.1% 10.9% Page 7 of 26

8 Launches Launches in 3Q11 totaled R$913 million, 23% higher than 3Q10 and 22% higher than the previous quarter in ,032 units were launched in the quarter. Launches were geographically distributed mostly among the regions in which we operate: 49% in São Paulo, 25% in Rio de Janeiro, 21% in the Midwest and 5% in other regions. +23% +14% Launches (R$ million) Unit Price 3Q11 3Q10 Residential % % Affordable Up to R$170 thousand % % Mid-Low R$170 to R$350 thousand % % Middle R$350 to R$500 thousand - 0.0% % Mid-High R$500 thousand to R$1 million % % High Above R$1 million - 0.0% % Lots % % Office % % Corporate - 0.0% - 0.0% Office Suites % % Total % % Launches State and Launch Year of (R$ million) 3Q11 2Q11 1Q São Paulo Rio de Janeiro Mid-West ,321 Other Total ,981 Note: Mid-West includes Federal District, Goiás, Mato Grosso and Mato Grosso do Sul; Other includes: Ceará, Santa Catarina, Bahia and Paraná. Page 8 of 26

9 Launched Projects Segment State City Saleable Area (sqm) PSV (R$mm) BISA Share Units Average Price (R$000) R$/sqm Ettore Living Middle SP São Paulo 8, ,308 L'Adresse High SP São Paulo 5, ,185 11,185 Home Design Mid-High SP São Paulo 15, ,691 Astral Mid-Low DF Ceilândia 8, ,733 Vivace Mid-Low DF Taguatinga 29, ,204 Unic Mid-Low SP Campinas 4, ,903 Doce Lar Conquista (Belfort Roxo) Affordable RJ Belfort Roxo 20, ,250 Doce Lar Conquista (Aguas Lindas) Affordable GO Águas Lindas 16, ,588 Doce Lar Conquista (Hortolândia) Affordable SP Hortolândia 9, ,145 Total 1Q11 118, , ,930 Pirelli Shopping Corporate SP São Paulo 29, ,000 4,539 One World (Corporate) Corporate RJ Rio de Janeiro 7, ,484 8,994 One World (Matertrade (Mall) Corporate RJ Rio de Janeiro 1, ,471 10,471 One World (Matertrade (Office) Office Suites RJ Rio de Janeiro 48, ,466 Wish Mid-High MT Cuiabá 7, ,400 Blend Mid-Low DF Águas Lindas 27, ,122 Spot Mid-Low DF Águas Lindas 10, ,799 Yes Mid-Low MS Campo Grande 20, ,317 Doce Lar Conquista (Triunfo Fase 1) Affordable GO Águas Lindas 8, ,676 Doce Lar Conquista (Triunfo Fase 2) Affordable GO Águas Lindas 8, ,677 Total 2Q11 170, , ,386 Cadoro (Residential) Mid-High SP São Paulo 21, ,746 Cadoro (Commercial) Commercial SP São Paulo 16, ,499 Marquês Business Center Commercial SP São Paulo 8, ,700 CNIO - Clube Náutico Itaúna Lots RJ Rio de Janeiro 18, Ponta Negra (Maricá) Lots RJ Maricá 3,109, L Ecran Mid-High RJ Rio de Janeiro 4, ,944 12,561 Punto Offices - Salas Comerciais Commercial RJ Rio de Janeiro 6, ,750 Punto Offices - Lojas Commercial RJ Rio de Janeiro 1, ,425 10,200 Ink Champagnat Mid-Low PR Curitiba 8, ,300 Connect Towers Commercial CO Águas Claras 21, ,528 Jardins do Cerrado 5 - (Triunfo - Fase1) Low CO Goiânia 23, ,150 Sahy - Gleba Norte I Low RJ Mangaratiba 12, ,294 Piabetá - Fase 1 Low RJ Magé 18, ,278 Total 3Q11 3,271, , ,983 Note: RJ: Rio de Janeiro, SP: São Paulo, DF: Federal District, GO: Goiás, MT: Mato Grosso, MS: Mato Grosso do Sul, PR: Parará. We currently have a pipeline of R$2.3 billion of projects approved or under approval that we are ready to launch in 4Q11, assuming approvals are forthcoming. Out of this total, R$943 million comprises projects with a higher risk of delays on approval process. In order to achieve our launching guidance we need to approve and launch 52% of these projects with the higher approval risk. Page 9 of 26

10 Contracted Sales Contracted sales in 3Q11 totaled R$1,330 million, 61% higher than 3Q10 and 22% higher than the previous quarter. In line with the Company s strategy to focus on the highest growth segment of the population, 42% of the sales were in the middle-income segment (within the SFH4 limit) and 5% in the affordable segment (up to R$70,000). Contracted Sales (R$mm) Contracted Sales (R$mm) +61% +16% 1, ,001 2, ,763 3, ,316 2, ,667 3, , ,330 1, M10 9M11 3Q10 3T10 4T10 4Q10 1Q11 1T11 2Q11 2T11 3T10 3Q10 3T11 3Q11 Residencial Residential Corporativo Corporate Salas Office Comerciais Suites Residencial Residential Corporativo Corporate Salas Office Comerciais Suites Contracted Sales (R$ million) Unit Price 3Q11 3Q10 Residential % % Affordable Up to R$170 thousand % % Mid-Low R$170 to R$350 thousand % % Middle R$350 to R$500 thousand % % Mid-High R$500 thousand to R$1 million % % High Above R$1 million % % Lots 0 0.0% % Office % % Corporate % 7 0.9% Office Suites % % Total 1, % % Sales by State and Year of Launch Other (R$ million) Years Total % São Paulo % Rio de Janeiro % Mid-West* % Other % Total , % Note: Mid-West includes Federal District, Goiás, Mato Grosso and Mato Grosso do Sul; Other includes: Ceará, Santa Catarina, Bahia and Paraná. 4 Sistema Financeito da Habitação, for additional details please refer to the Glossary. Page 10 of 26

11 Sales by Stage of Development R$ million % Completed % Under Construction % Launching 5 1, % Total 1, % Note: Launches include projects launched in the previous 6 months.. Sales Velocity We reported record Sales Velocity of 32% in 3Q11, versus 28% in the previous quarter and 20% in the third quarter of Quarterly Sales Speed (%) 28% 28% 32% 17% 15% 15% 13% 9% 15% 22% 20% 16% 16% 10% 9% 1Q 2Q 3Q 4Q Sales Velocity Adjusted 6 3Q11 Sales Velocity 3Q11 Beginning Inventory 2,696 Beginning Inventory 3,238 Launches 913 Launches 913 Offer 3,609 Offer 4,151 Contracted Sales 957 Contracted Sales 1,330 Sales Velocity 27% Sales Velocity 32% Price Adjustment of Inventory 138 Price Adjustment of Inventory 138 Ending Inventory 2,514 Ending Inventory 2,960 5 Includes the sale of the Brookfield Towers Project for R$372.8 million. 6 Sales Speed Adjusted: excludes two projects: a) Brookfield Towers (Torre Sigma + Mall) given the specific marketing strategy that a product of this segment requires; and b) Gávea Green, which is not available for sale. Page 11 of 26

12 Inventory Inventory at market value ended the quarter at R$3.0 billion. Completed units represented R$199 million, corresponding to 6.7% of total inventory. Inventory per Stage of Office Residential % Development (R$ million) Suites % Corporate % Total % Completed % % - 0.0% % Under Construction 1, % % % 1, % Launching 1, % % % 1, % Total 2, % % % 2, % Inventory per Segment (R$ million) Unit Price 3Q11 % Residential 2, % Affordable Up to R$170 thousand % Mid-Low R$170 to R$350 thousand 1, % Middle R$350 to R$500 thousand % Mid-High R$500 thousand to RS1 million % High Above R$1 million % Lots % Office % Corporate % Office Suites % Total 2, % Inventory (R$ million) Other Years Total % São Paulo % Rio de Janeiro % Mid-West , % Other % Total , % Note: Mid-West includes Federal District, Goiás, Mato Grosso and Mato Grosso do Sul; Other includes: Ceará, Santa Catarina, Bahia and Paraná. Note 2: BISA inventory contains the Gávea Green Project launched in 2008 with PSV of R$134, which is not available for sale at the moment due to pending legal issues. Page 12 of 26

13 Land Bank In line with our strategy of increasing asset turnover, we have been reducing the development horizon of our land bank significantly. The land bank in 3Q11 totaled R$17.5 billion, equivalent to roughly 4.3 years of launches and approximately 60% with a short-term development horizon (land to be launched within the next 5 years). The Affordable (up to R$170,000), Mid-Low (between R$170,000 and R$350,000) and Middle (between R$350,000 and R$500,000) segments, including lots, represented 78% of the land bank. In the 3Q11, acquisitions totaled R$650 million in Potential Sales Value (PSV). 12% of the land was acquired through swap agreements and 88% through future commitments to be paid in cash in installments. Land Bank Turnover - PSV (R$ Billion) Landbank per Segment Q11 PSV Launch Years Middle 49% Mid-High 9% Lots 11% Affordable Mid-Low 7% 12% Corporate 1% Office Suites 10% High 1% Others 0% Land Bank 09/30/2011 Saleable Area ( 000 sqm) % PSV (R$ million) % São Paulo 2, % 8, % Rio de Janeiro 1, % 2, % Mid-West* 1, % 4, % Other % 1, % Total 5, % 17, % Note: Mid-West includes Federal District, Goiás, Mato Grosso and Mato Grosso do Sul; Other includes: Ceará, Santa Catarina, Bahia and Paraná. Page 13 of 26

14 Execution Capability Construction management is one of our key pillars for profitable growth. We are responsible for building all our developments, and do not use third parties as general contractors. This gives us the highest degree of control over the construction process. We finished 3Q11 with 85 work sites and 26,779 thousand units under construction, with approximately 5,400 direct and 13,500 indirect workers on these sites. No. of construction sitesx units under construction No. of employees involved in production process Construction sites 85 in progress 5,363 3,502 Units 26,779 units being developed 1,904 2,446 UN SP 26 Constuction sites 6,681 Units UN RJ 9 Constuction sites 2,077 Units UN CO 35 Constuction sites 12,376 Units UN ECON 12 Constuction sites 4,645 Units UN South 3 Constuction sites 1,000 Units Q11 Note 1: UN Business Unit. Note 2: RJ: Rio de Janeiro, SP: São Paulo, MW: Mid West and ECON: Affordable Segment. Page 14 of 26

15 Delivered Projects BISA already delivered 29 projects in the first nine months of the year totaling R$1.6 billion in PSV, which includes 7 projects in the third quarter of Delivered Projects Segment State City Saleable Area (sqm) PSV (R$mm) BISA Share Units Average Price (R$000) Tendence Mid-High SP São Paulo 2, ,800 Living Club Chácara Flora Mid-Low SP São Paulo 16, ,022 Fascination Mid-High SP São Paulo 11, ,300 Aquarela (Torre Coral) Mid-Low GO Goiânia 8, ,310 Noblesse Middle DF Águas Claras 8, ,622 Paineiras II (Bloco E) Mid-Low SP Campinas 2, ,926 Paysage (Torre Scene) Mid-Low GO Goiânia 9, ,325 Vivaz (Bloco C) Mid-Low GO Goiânia 10, ,962 Norte Village (Bloco Penedo) Mid-Low RJ Rio de Janeiro 4, ,280 Norte Village (Bloco Mauá) Mid-Low RJ Rio de Janeiro 4, ,190 Total 1Q11 80, ,791 The Penthouses Tamboré High SP Santana do Parnaíba 35, ,582 5,036 Tatuapé Cond. Club Middle SP São Paulo 36, ,074 Parque Clube Guarulhos Mid-Low SP Guarulhos 21, ,964 Lumini Mid-Low DF Águas Claras 14, ,853 Paysage - Horizon Mid-Low GO Goiânia 5, ,325 Ventura - Bloco A Mid-Low DF Samambaia 9, ,034 Ventura - Bloco B Mid-Low DF Samambaia 9, ,034 Felicitá - Bloco F Affordable GO Goiânia 5, ,629 Doce Lar (Jardim Dom Bosco) Affordable DF Cidade Ocidental 16, ,544 Doce Lar (Lot Mansões Camargo) Affordable GO Águas Lindas 7, ,520 Bella Colonia Fase 2 Mid-Low SP Jundiaí 9, ,552 Viva Alegria Cajamar Qd.25 Mid-Low SP Cajamar 14, ,299 Total 2Q11 186, , ,374 Felicitá - Bloco E Affordable GO Goiânia 5, ,795 Barra Prime Comercial RJ Rio de Janeiro 10, ,417 Jardins do Recreio Middle RJ Rio de Janeiro 48, ,534 Paineiras II - Bloco B Mid-Low SP Campinas 2, ,897 Grand Boulevard Parque da Móoca High SP São Paulo 10, ,042 4,541 BCP GV Comercial Comercial SP Alphaville 63, ,678 Trend Pacaembú Mid-Low SP São Paulo 4, ,314 Total 3T11 145, , ,216 R$/sqm Note: RJ: Rio de Janeiro, SP: São Paulo, DF: Federal District, GO: Goiás, MT: Mato Grosso, MS: Mato Grosso do Sul. Page 15 of 26

16 Liquidity and Capital Resources Currently the Company has R$6.8 billion of receivables of which approximately 50% mature in 2011 and Receivables (R$ million) Sep/11 Jun/11 Mar/11 Units under Construction 2, , ,469.0 Units Concluded 1, , Services Adjusted Present Value (81.3) (74.2) (67.5) Provision for Losses (38.4) (37.0) (37.9) Total Receivables in Balance 3, , ,316.1 Revenues to be Recognized 3, , ,646.7 Advances from Customers (81.3) (23.0) (44.0) Total Receivables 6, , ,918.7 Schedule of Maturities (R$ million) Sep/11 Jun/11 Mar/ , , , , , , , , , After Total Receivables 6, , ,918.7 Revenues to be Recognized (3,156.5) (2,850.5) (2,646.7) Advances from Customers Total Receivables in Balance 3, , ,316.1 Funding During the third quarter, project finance (SFH) increased to R$979 million from R$944 million in the previous quarter. SFH now represents 30% of total debt. The company is committed to increasing the share of this type of funding in the debt mix, in line with the strategy of reducing the average cost of debt. In the quarter we issued mortgage backed securities ( CRI ) of R$150 million, of which R$49 million were a true sale. The increase in net debt was related primarily to the share buyback program and to interest incurred. Cash consumption from operations decreased to R$77 million in the third quarter of 2011, from R$168 million in the previous quarter. Today, BISA has a healthy debt amortization profile with no concentration of maturities in the short term. Liquidity (R$ million) 3Q11 2Q11 1Q11 Cash and Short Term Investments 1, Total Debt , ,541.6 Project Finance (SFH) Corporate Debt , ,846.5 Net Debt 2, , ,552.3 Net Debt Variation / Cash Consumption From operations Share repurchase Dividends MB Earn-out Shareholder's Equity 3, , ,748.1 Net Debt / Equity 71% 68% 56% Net Debt ex-project Finance (SFH) / Equity 39% 37% 31% Page 16 of 26

17 Debt Maturity Schedule 3Q >2016 Construction Loans (SFH) Corporate Debt Loans and Financing (R$ Million) Effective Rate Sep - 11 Jun - 11 Construction Loans TR + 8.3% to 13.0% After Debentures 108% of CDI After Debentures IPCA + 9.5% to 10.25% After Debentures CDI + 1.6% to 2.0% After Page 17 of 26

18 Loans and Financing (R$ Million) Effective Rate Sep - 11 Jun - 11 Working Capital Loans 1.5% + CDI 1, , After Total Debt 3.295,4 2, , After (Less) Cash and Short Term Investments (1,133.3) (989.3) Net debt (cash) 2, ,027.0 Equity 3, ,993.3 Net Debt to Equity Ratio 70.7% 67.7% Current Loans Long Term Loans 2, ,333.9 Total Debt 3, ,956.7 Note 1: Cash and Short Term Investments includes long term investments in the amount of R$219,790. Capital Markets and Ownership Structure Total Shares (Oct/2011) Nº of Shares % Brookfield Brasil Ltda 186,906, % Signatories to Shareholders Agreement 38,615, % Treasury 20,125, % Members of the Board 8 0.0% Free Float 214,535, % TOTAL 460,183, % Share Buyback Program The program which commenced in May 11 th of 2011 with duration of 365 days was limited to the acquisition of 15,000,000 shares or R$250 million in total. During the third quarter the company acquired 9.4 million shares for R$57.9 million, at an average price of R$6.13 per share, which is below the current book value per share. In October, the company acquired an additional 4.3 million shares, bringing the total acquired to 13.7 million shares for R$81.3 million, at an average price of R$5.94 per share, thereby completing 92% of our current share repurchase program. On November 9, 2011 the Company announced that the share buyback program initiated in May 2011 has been terminated, and that the Company s Board of Directors approved the commencement of a new share buyback program for the purchase of up to 17 million shares, or R$170 million. The share buyback program will extend for 365 days from November 9, 2011 to November 8, In connection with the share buyback program, the Company will cancel 15 million shares which are held in treasury. Page 18 of 26

19 Glossary ADTV Average daily trading volume. Affordable Residential units priced below R$170,000. Backlog Margin Backlog of Results divided by Backlog of Revenues. CDI - Money market interest rate. CEF Caixa Ecônomica Federal is a government financial institution, provides banking products and services in Brazil, including real estate credit. Commercial Commercial units developed exclusively for sale. Contracted Sales Sale resulting from purchase and sale agreements including new units and those in inventory. These sales will be recognized according to the PoC method. Costs to be Recognized Off-balance sheet costs that will be recognized in the future according to the PoC. CRI Mortgage backed security. High Luxury residential units with a unit price of over R$1.0 million. ICC - Construction Cost Index, measured by Fundação Getulio Vargas FGV. IGP-M - General Market Price Index, measured by Fundação Getulio Vargas FGV. INCC - National Construction Cost Index, measured by Fundação Getulio Vargas FGV. Land Bank Land in inventory that is expected to be developed and launched in the future. Middle Residential units with a per unit price ranging between R$350,000 and R$500,000. Mid-High Residential units with a per unit price ranging between R$500,000 and R$1.0 million. Mid-Low Residential units with a per unit price ranging between R$170,000 and R$350,000. PoC Method In accordance with Brazilian GAAP, revenues and costs in the Real Estate sector are accrued based on actual costs incurred as compared to the total budget cost for every project s stage. PSV - Estimated potential sales value of our developments based on market conditions. Revenues to be Recognized Off-balance sheet revenues that will be recognized in the future according to the PoC. Sales Velocity - Sales over supply. SFH Funds Housing Financial System Funds originated from saving accounts deposits and FGTS (Government Severance Indemnity Fund for Employers) designatedto housing mortgages and funding. Swap Agreement Land acquisition system which exchanges a number of the projects future units or a stake in the future revenues of the project for the land. TR Reference Rate Page 19 of 26

20 About Brookfield Incorporações S.A. Brookfield Incorporações S.A. (BM&F Bovespa: BISA3) is one of the leading developers in Brazil s real estate industry, with operations that include land acquisition, product development, marketing, sales, construction and customer service. Brookfield Incorporações offers a broad array of products in the residential and office segments, with its primary focus on middle income residential. Brookfield Incorporações is present in the main metropolitan areas in Brazil, namely São Paulo, Rio de Janeiro, Federal District, Goiânia, Curitiba and Campinas, which account for the majority of the Brazilian real estate market. About Brookfield Brasil Brookfield Brasil owns 40.6% of Brookfield Incorporações S.A. and is an asset manager and a wholly owned subsidiary of Brookfield Asset Management Inc. Brookfield began investing and operating in Brazil in 1899 and currently has close to 7,500 employees. It maintains one of the largest investment platforms in the country with approximately R$22 billion of assets under management, managed on its behalf as well as its investment partners, which include some of the world s largest institutional investors. Brookfield Brazil invests in property, renewable power, agriculture and timberland assets in addition to financial and insurance brokerage services. Brookfield Asset Management Inc. is a global alternative asset manager with over $150 billion in assets under management. It has over a 100-year history of owning and operating assets with a focus on real estate, infrastructure, power and private equity. It has a range of public and private investment products and services, which leverage its expertise and experience and provide them with a distinct competitive advantage in the markets where they operate. Conference Call (English) Conference Call (Portuguese) Date: November 14, 2011 Date: November 14, 2011 Time: 9 am (NY) Time: 7 am (NY) 12 pm (Brasília) 10 am (Brasília) 2 pm (London) 12 pm (London) 6 am (Los Angeles) Phone: +1 (973) Code: Replay: +1 (404) Replay Code: Webcast: available at our website 4 am (Los Angeles) Phone: +55 (11) Code: Brookfield Replay: +55 (11) Replay Code: Brookfield Webcast: available at our website IR Contact: Cristiano Gaspar Machado CFO and IR Officer Paola Mello Marques IR Manager ri@br.brookfield.com This release contains forward-looking statements concerning the business prospects, estimates of operating and financial results and growth outlook for Brookfield Incorporações. These are merely projections and as such are based exclusively on the expectations of Brookfield Incorporações management concerning the future of the business and its continuous access to capital to finance Brookfield Incorporações business plan. These forward-looking statements depend materially on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors, in addition to those listed in the documents filed by Brookfield Incorporações, and are therefore subject to change without prior notice.except where stated otherwise, all figures for 2008 and prior periods are pro-forma. Page 20 of 26

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