V:House - Investment Analysis Model - Assumptions, Annual Summary, and Returns Analysis - Scenario #1 - Base Case

(R$ BRL in R$ as Stated, Unless Otherwise Noted)

Construction Assumptions: Units: Units:

Construction Name: Name V:House Number of Apartments: # 303

Location: Name São Paulo Parking Spots: # N/A
Construction Start Date: Year 2014-10-31 Number of Floors: # 23

Months in Year: # 12 Rentable Square Meters: sq. m. 39,200 sq. m.

Days in Year: # 365 Rentable to Gross Square Meters %: % 80.0%
Units: # 1,000 Gross Square Meters: sq. m. 49,000 sq. m.

Developer Name: Name Valyrian Developments Floor Area Ratio (FAR): # 4.0
Investor Name: Name Five Forts Partners Lot Square Meters: sq. m. 12,250 sq. m.

Financial Assumptions: Units: Units:

Lot Asking Price: R$ R$ 22,050,000 Upfront Client Payment: % 30.0%

Lot Upfront Payment %: % 50.0% Client Payment During Construction Period: % 30.0%
Month # for Upfront Payment: Month # 1 Client Payment Upon Construction End: % 40.0%
Month # for Remainder of Payment: Month # 6
% of Units Pre-Sold for Construction to Begin: % 60.0%
% of Units Pre-Sold Before Loan Draw: % 40.0% % of Units Pre-Sold for Next Phase to Begin: % 60.0%
Construction Loan Interest Rate: % 12.00%
# Months in Construction Period: # Months 24
Investor / Developer Returns Split:
Select Scenario: # 1
Low: High:
IRR Between: % 20.0% Scenario #1 - Base Case # 1
Five Forts Partners (Investors): % 80.0% Scenario #2 - Downside Case # 2
Valyrian Developments (Developers): % 20.0% Scenario #3 - Upside Case # 3

IRR Between: % 20.0% 25.0% Selected Market Scenario: Name Scenario #1 - Base Case
Five Forts Partners (Investors): % 70.0%
Valyrian Developments (Developers): % 30.0%

IRR Between: % 25.0%

Five Forts Partners (Investors): % 60.0%
Valyrian Developments (Developers): % 40.0%
Scenarios: Units:

Operating Cases:
Scenario #1 - Scenario #2 - Scenario #3 -
Assumption: Selected Case: Base Case Downside Case Upside Case Starting Year: Ending Year: Inflation Period:

Lot Price per Square Meter: R$ / sq. m. R$ 1,800 R$ 1,800 R$ 1,600 R$ 2,000
Apartment Selling Price per Square Meter: R$ R$ 8,200 R$ 8,200 R$ 7,500 R$ 9,000

Sales Velocity per Month: # Apt Units 6 6 4 8

Sales Price Inflation, Years 1 - 2: % 8.0% 8.0% 6.0% 9.0% 1 2 1

Sales Price Inflation, Years 3 - 4: % 6.0% 6.0% 4.0% 7.0% 3 4 2
Sales Price Inflation, Years 5 - 8: % 4.0% 4.0% 3.0% 5.0% 5 8 3

Expense Inflation, Years 1 - 2: % 7.5% 7.5% 6.0% 8.0% 1 2 1

Expense Inflation, Years 3 - 4: % 5.5% 5.5% 4.0% 6.0% 3 4 2
Expense Inflation, Years 5 - 8: % 3.5% 3.5% 3.0% 4.0% 5 8 3

Hard Costs per Square Meter: R$ / sq. m. R$ 4,000 R$ 4,000 R$ 3,900 R$ 4,100
Developer Fees % Monthly Sales: % 10.0% 10.0% 10.0% 10.0%
Soft Costs % Monthly Sales: % 11.0% 11.0% 11.0% 11.0%

Sources & Uses of Funds: Units: Units:

Uses of
Sources of Funds: Total: $ / RSM: % LTC: Funds: Total: $ / RSM: % LTC:
Construction Loan: R$ R$ 63,572,580 R$ 1,622 59.1% Land Acquisition Costs: R$ R$ 22,050,000 R$ 563 20.5%
Developer Equity: R$ 8,813,586 225 8.2% Operating Deficit: R$ 78,160,921 1,994 72.6%
Investor Equity: R$ 35,254,346 899 32.8% End-of-Project Debt Repayment: R$ 7,429,591 190 6.9%
Total Sources: R$ R$ 107,640,513 R$ 2,746 100.0% Total Uses: R$ R$ 107,640,513 R$ 2,746 100.0%
Annual Financial Summary: Units:

Year Number: # 1 2 3 4 5 6 7 8
Year End Date: Date Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 Oct 21 Oct 22

Fiscal Year: FY # FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22

Total Apartment Units Sold: # 92 96 111 4 - - - -

Cumulative % Total Units Sold: % 30.4% 62.0% 98.7% 100.0% 100.0% 100.0% 100.0% 100.0%

Total Gross Sales: R$ R$ 36,350,680 R$ 51,514,598 R$ 98,333,372 R$ 128,786,444 R$ 48,740,920 R$ - R$ - R$ -

Expenses:
Hard Costs: R$ (29,617,254) (53,876,666) (57,430,895) (60,670,449) (31,423,045) - - -
Developer Fees: R$ (3,635,068) (5,151,460) (9,833,337) (12,878,644) (4,874,092) - - -
Soft Costs: R$ (3,998,575) (5,666,606) (10,816,671) (14,166,509) (5,361,501) - - -
Total Expenses: R$ (37,250,897) (64,694,732) (78,080,903) (87,715,602) (41,658,639) - - -

Land Acquisition Costs: R$ (22,050,000) - - - - - - -

Gross Income: R$ (22,950,217) (13,180,134) 20,252,469 41,070,842 7,082,282 - - -

Cash Interest Expense: R$ - (294,119) (219,726) (182,510) (397,019) - - -
Cash Flow After Interest, Before Draws: R$ (22,950,217) (13,474,252) 20,032,742 40,888,331 6,685,263 - - -

Equity & Debt Draws:

Developer Equity: R$ 5,783,551 1,544,117 - - 1,485,918 - - -
Investor Equity: R$ 23,134,205 6,176,468 - - 5,943,673 - - -
Construction Loan: R$ - 7,955,032 2,880,962 27,149,579 25,587,007 - - -
Total Equity & Debt Draws: R$ 28,917,757 15,675,616 2,880,962 27,149,579 33,016,598 - - -

Construction Loan Repayments: R$ - (2,201,364) (5,873,042) (18,251,049) (39,701,861) - - -

Cash Flow After Draws & Debt Repayment: R$ R$ 5,967,540 R$ - R$ 17,040,663 R$ 49,786,861 R$ - R$ - R$ - R$ -

Unleveraged Cash Flows: R$ (22,950,217) (13,180,134) 20,252,469 41,070,842 7,082,282 - - -

Internal Rate of Return (IRR): % 26.2%
Cash-on-Cash Multiple: x 1.32 x

Total Cash Flows to Equity Investors: R$ (22,950,217) (7,720,584) 17,040,663 49,786,861 (7,429,591) - - -
Internal Rate of Return (IRR): % 28.8%
Cash-on-Cash Multiple: x 1.65 x

Investor Cash Flow: R$ (18,360,173) (6,176,468) 13,632,530 36,904,891 (5,943,673) - - -

Internal Rate of Return (IRR): % 26.1%
Cash-on-Cash Multiple: x 1.57 x

Developer Cash Flow: R$ (4,590,043) (1,544,117) 3,408,133 12,881,970 (1,485,918) - - -

Internal Rate of Return (IRR): % 38.6%
Cash-on-Cash Multiple: x 1.98 x
Sensitivity Analyses - Assumption Ranges and Output:

Sensitivity Analysis - Investor IRR and Lot Price per SQM vs. Initial Apartment Selling Price per SQM (Scenario #1 - Base Case)

Lot Price per Square Meter:

26.1% R$ 1,400 R$ 1,500 R$ 1,600 R$ 1,700 R$ 1,800 R$ 1,900 R$ 2,000 R$ 2,100 R$ 2,200
R$ 9,000 60.8% 57.0% 53.5% 50.5% 47.7% 45.1% 42.8% 40.7% 38.7%
8,800 53.8% 50.4% 47.4% 44.6% 42.1% 39.9% 37.8% 35.9% 34.1%
8,600 47.0% 44.1% 41.4% 38.9% 36.7% 34.7% 32.8% 31.1% 29.5%
8,400 40.5% 37.8% 35.5% 33.3% 31.4% 29.6% 27.9% 26.4% 25.0%
8,200 34.0% 31.7% 29.7% 27.8% 26.1% 24.5% 23.0% 21.7% 20.4%
Initial Apartment Selling Price
per Square Meter: 8,000 27.6% 25.7% 23.9% 22.2% 20.7% 19.4% 18.0% 16.5% 15.2%
7,800 21.2% 19.6% 18.0% 16.5% 15.0% 13.5% 11.9% 10.4% 9.0%
7,600 14.7% 12.9% 11.3% 9.5% 7.9% 6.3% 4.9% 3.5% 2.2%
7,400 6.4% 4.6% 2.9% 1.4% (0.1%) (1.5%) (2.8%) (4.1%) (5.3%)
7,200 (3.5%) (5.1%) (6.6%) (8.0%) (9.3%) (10.5%) (11.7%) (12.8%) (13.9%)
7,000 (15.6%) (17.1%) (18.4%) (62.1%) (62.0%) (61.9%) (61.9%) (61.8%) (61.7%)

Sensitivity Analysis - Investor IRR and Sales Velocity per Month vs. Initial Apartment Selling Price per SQM (Scenario #1 - Base Case)

Sales Velocity per Month:

26.1% 2 3 4 5 6 7 8 9 10
R$ 9,000 39.3% 37.6% 35.1% 40.7% 47.7% 53.5% 61.9% 67.9% 80.0%
8,800 37.6% 34.9% 31.6% 36.3% 42.1% 47.0% 53.7% 58.1% 67.3%
8,600 35.9% 32.3% 28.1% 31.9% 36.7% 40.7% 45.9% 49.2% 55.8%
8,400 34.3% 29.7% 24.6% 27.6% 31.4% 34.5% 38.5% 40.7% 45.5%
8,200 32.6% 27.0% 21.1% 23.3% 26.1% 28.4% 31.4% 32.8% 36.0%
Initial Apartment Selling Price
per Square Meter: 8,000 31.0% 24.4% 17.5% 18.9% 20.7% 22.5% 24.4% 25.3% 27.2%
7,800 29.4% 21.8% 13.4% 14.1% 15.0% 15.6% 16.5% 16.8% 17.8%
7,600 27.8% 18.8% 8.5% 8.3% 7.9% 7.7% 7.6% 7.3% 6.7%
7,400 26.2% 15.6% 3.1% 1.8% (0.1%) (0.7%) (1.9%) (2.5%) (4.7%)
7,200 24.7% 11.7% (3.2%) (5.5%) (9.3%) (9.9%) (12.2%) (13.9%) (17.3%)
7,000 23.1% 7.3% #NUM! (14.5%) (62.0%) (20.6%) (24.0%) (98.9%) (95.9%)

Sensitivity Analysis - Investor IRR and Hard Costs per SQM vs. Initial Apartment Selling Price per SQM (Scenario #1 - Base Case)

Hard Costs per Square Meter:

26.1% R$ 3,600 R$ 3,700 R$ 3,800 R$ 3,900 R$ 4,000 R$ 4,100 R$ 4,200 R$ 4,300 R$ 4,400
R$ 9,000 69.8% 64.1% 58.3% 52.9% 47.7% 42.7% 37.8% 33.1% 28.4%
8,800 63.6% 57.9% 52.4% 47.2% 42.1% 37.3% 32.5% 27.9% 23.3%
8,600 57.5% 51.9% 46.7% 41.6% 36.7% 32.0% 27.3% 22.6% 18.0%
8,400 51.4% 46.2% 41.1% 36.2% 31.4% 26.7% 22.0% 17.4% 12.1%
8,200 45.7% 40.6% 35.6% 30.8% 26.1% 21.4% 16.6% 11.1% 4.7%
Initial Apartment Selling Price
per Square Meter: 8,000 40.0% 35.1% 30.2% 25.5% 20.7% 15.8% 10.0% 3.6% (3.5%)
7,800 34.5% 29.6% 24.8% 20.1% 15.0% 9.0% 2.4% (4.8%) (13.1%)
7,600 29.0% 24.2% 19.4% 14.1% 7.9% 1.1% (6.3%) (14.8%) (56.1%)
7,400 23.6% 18.8% 13.2% 6.8% (0.1%) (7.7%) (16.7%) #NUM! Err:502
7,200 18.0% 12.2% 5.6% (1.4%) (9.3%) (18.7%) (50.2%) Err:502 Err:502
7,000 11.2% 4.5% (2.8%) (10.9%) (62.0%) Err:502 Err:502 Err:502 Err:502

Sensitivity Analysis - Investor IRR and # Construction Months in Each Phase vs. Initial Apartment Selling Price per SQM (Scenario #1 - Base Case)

# of Construction Months in Each Phase:

26.1% 24 26 28 30 32 34 36 38 40
R$ 9,000 47.7% 46.4% 45.3% 44.5% 43.5% 42.3% 41.4% 40.5% 39.9%
8,800 42.1% 40.9% 39.8% 39.0% 37.9% 36.8% 35.9% 35.1% 34.3%
8,600 36.7% 35.5% 34.5% 33.6% 32.6% 31.5% 30.6% 29.8% 29.1%
8,400 31.4% 30.3% 29.2% 28.4% 27.4% 26.4% 25.6% 24.8% 24.1%
8,200 26.1% 25.0% 24.1% 23.2% 22.3% 21.3% 20.3% 19.3% 18.4%
Initial Apartment Selling Price
per Square Meter: 8,000 20.7% 19.8% 18.8% 17.7% 16.6% 15.3% 14.1% 13.0% 11.8%
7,800 15.0% 13.8% 12.4% 11.0% 9.8% 8.6% 7.4% 6.3% 4.8%
7,600 7.9% 6.4% 5.0% 3.6% 2.4% 1.4% 0.3% (1.1%) (3.2%)
7,400 (0.1%) (1.7%) (3.2%) (4.8%) (6.0%) (6.9%) (7.7%) (9.8%) (13.0%)
7,200 (9.3%) (11.2%) (13.0%) (15.1%) (16.4%) (17.1%) (69.8%) (67.3%) (61.1%)
7,000 (62.0%) (59.2%) (56.6%) #NUM! (51.9%) Err:502 Err:502 Err:502 Err:502
V:House - Investment Analysis Model - Construction Timeline and Monthly Cash Flows - Scenario #1 - Base Case
(R$ BRL in R$ as Stated, Unless Otherwise Noted)

Construction Timeline & Assumptions: Units: Units:

Construction Phases:
Pre-Construction: # 1
Construction: # 2
Post-Construction: # 3

Total # of Construction Months: # Months 49

Final Month in Model: Month # 96
Maximum # of Years in Project: # Years 8.0
Total # Project Duration (MODEL CHECK): # Years 4.6

Phase I: # Months: Month #:

Phase I Start Month: Month # 1 Sales Phase I - # Units To Be Sold: # Units 50
Phase I Pre-Construction Duration: # Months 5 Sales Phase I - Average Unit Size: sq. m. 125 sq. m.
Phase I Construction Start Date: Month # 6
# of Months of Construction: # Months 24
Phase I Construction Completion Date: Month # 30

Phase II: # Months: Month #:

Phase II Start Month: Month # 6 Sales Phase II - # Units To Be Sold: # Units 153
Phase II Pre-Construction Duration: # Months 15 Sales Phase II - Average Unit Size: sq. m. 150 sq. m.
Phase II Construction Start Date: Month # 21
# of Months of Construction: # Months 24
Phase II Construction Completion Date: Month # 45

Phase III: # Months: Month #:

Phase III Start Month: Month # 21 Sales Phase III - # Units To Be Sold: # Units 100
Phase III Pre-Construction Duration: # Months 10 Sales Phase III - Average Unit Size: sq. m. 100 sq. m.
Phase III Construction Start Date: Month # 31
# of Months of Construction: # Months 24
Phase III Construction Completion Date: Month # 55
Construction Timeline: Units:

Inflation Period: # 1 1 1 1 1 1 1 1 1 1 1 1
Sales Price Inflation: % 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%
Sales Inflation Multiplier: # 1.00 1.01 1.01 1.02 1.03 1.03 1.04 1.05 1.05 1.06 1.07 1.08 1.08

Inflation Period: # 1 1 1 1 1 1 1 1 1 1 1 1
Expense Inflation: % 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Expense Inflation Multiplier: # 1.00 1.01 1.01 1.02 1.03 1.03 1.04 1.04 1.05 1.06 1.06 1.07 1.08

Calendar Month: Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15

Absolute Year #: # 1 1 1 1 1 1 1 1 1 1 1 1
Absolute Month #: # 1 2 3 4 5 6 7 8 9 10 11 12
% of Total Building Units Sold: % 2.0% 4.0% 5.9% 7.9% 9.9% 13.9% 17.8% 21.8% 24.4% 26.4% 28.4% 30.4%
Total Monthly Units Sold: # 6 6 6 6 6 12 12 12 8 6 6 6

Phase I:
Monthly Units Sold: # 6 6 6 6 6 6 6 6 2 - - -
Cumulative Units Sold: # 6 12 18 24 30 36 42 48 50 50 50 50
Cumulative Percentage Sold: % 12.0% 24.0% 36.0% 48.0% 60.0% 72.0% 84.0% 96.0% 100.0% 100.0% 100.0% 100.0%
Total Value of Apartments Sold: R$ R$ 6,191,000 R$ 6,232,273 R$ 6,273,822 R$ 6,315,647 R$ 6,357,752 R$ 6,400,137 R$ 6,442,804 R$ 6,485,756 R$ 2,176,332 R$ - R$ - R$ -

Status (1 = Pre, 2 = Constr, 3 = Post-Constr): # 1 1 1 1 1 2 2 2 2 2 2 2

Phase II:
Monthly Units Sold: # 6 6 6 6 6 6 6
Cumulative Units Sold: # 6 12 18 24 30 36 42
Cumulative Percentage Sold: % 3.9% 7.8% 11.8% 15.7% 19.6% 23.5% 27.5%
Total Value of Apartments Sold: R$ R$ 7,680,164 R$ 7,731,365 R$ 7,782,907 R$ 7,834,794 R$ 7,887,025 R$ 7,939,606 R$ 7,992,536

Status (1 = Pre, 2 = Constr, 3 = Post-Constr): # 1 1 1 1 1 1 1

Phase III:
Monthly Units Sold: #
Cumulative Units Sold: #
Cumulative Percentage Sold: %
Total Value of Apartments Sold: R$

Status (1 = Pre, 2 = Constr, 3 = Post-Constr): #

 1 1 1 1 1 1 1 1 1 1 1 1
0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7% 0.7%
1.09 1.10 1.10 1.11 1.12 1.13 1.13 1.14 1.15 1.16 1.17 1.17

1 1 1 1 1 1 1 1 1 1 1 1
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.08 1.09 1.10 1.10 1.11 1.12 1.13 1.13 1.14 1.15 1.15 1.16

Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16

2 2 2 2 2 2 2 2 2 2 2 2
13 14 15 16 17 18 19 20 21 22 23 24
32.3% 34.3% 36.3% 38.3% 40.3% 42.2% 44.2% 46.2% 50.2% 54.1% 58.1% 62.0%
6 6 6 6 6 6 6 6 12 12 12 12

- - - - - - - - - - - -
50 50 50 50 50 50 50 50 50 50 50 50
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

2 2 2 2 2 2 2 2 2 2 2 2

6 6 6 6 6 6 6 6 6 6 6 6
48 54 60 66 72 78 84 90 96 102 108 114
31.4% 35.3% 39.2% 43.1% 47.1% 51.0% 54.9% 58.8% 62.7% 66.7% 70.6% 74.5%
R$ 8,045,820 R$ 8,099,459 R$ 8,153,455 R$ 8,207,811 R$ 8,262,530 R$ 8,317,614 R$ 8,373,065 R$ 8,428,885 R$ 8,485,078 R$ 8,541,645 R$ 8,598,589 R$ 8,655,913

1 1 1 1 1 1 1 1 2 2 2 2

6 6 6 6
6 12 18 24
6.0% 12.0% 18.0% 24.0%
R$ 5,656,718 R$ 5,694,430 R$ 5,732,393 R$ 5,770,609

1 1 1 1
 2 2 2 2 2 2 2 2 2 2 2 2
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
1.18 1.18 1.19 1.20 1.20 1.21 1.21 1.22 1.23 1.23 1.24 1.25

2 2 2 2 2 2 2 2 2 2 2 2
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
1.17 1.17 1.18 1.18 1.19 1.19 1.20 1.20 1.21 1.22 1.22 1.23

Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17

3 3 3 3 3 3 3 3 3 3 3 3
25 26 27 28 29 30 31 32 33 34 35 36
66.0% 70.0% 73.9% 77.9% 81.8% 85.8% 88.8% 90.8% 92.7% 94.7% 96.7% 98.7%
12 12 12 12 12 12 9 6 6 6 6 6

- - - - - - - - - - - -
50 50 50 50 50 50 50 50 50 50 50 50
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

2 2 2 2 2 3 3 3 3 3 3 3

6 6 6 6 6 6 3 - - - - -
120 126 132 138 144 150 153 153 153 153 153 153
78.4% 82.4% 86.3% 90.2% 94.1% 98.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ 8,699,193 R$ 8,742,688 R$ 8,786,402 R$ 8,830,334 R$ 8,874,486 R$ 8,918,858 R$ 4,481,726 R$ - R$ - R$ - R$ - R$ -

2 2 2 2 2 2 2 2 2 2 2 2

6 6 6 6 6 6 6 6 6 6 6 6
30 36 42 48 54 60 66 72 78 84 90 96
30.0% 36.0% 42.0% 48.0% 54.0% 60.0% 66.0% 72.0% 78.0% 84.0% 90.0% 96.0%
R$ 5,799,462 R$ 5,828,459 R$ 5,857,601 R$ 5,886,889 R$ 5,916,324 R$ 5,945,905 R$ 5,975,635 R$ 6,005,513 R$ 6,035,541 R$ 6,065,718 R$ 6,096,047 R$ 6,126,527

1 1 1 1 1 1 2 2 2 2 2 2
 2 2 2 2 2 2 2 2 2 2 2 2
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
1.25 1.26 1.26 1.27 1.28 1.28 1.29 1.30 1.30 1.31 1.32 1.32

2 2 2 2 2 2 2 2 2 2 2 2
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
1.23 1.24 1.24 1.25 1.26 1.26 1.27 1.27 1.28 1.28 1.29 1.30

Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18

4 4 4 4 4 4 4 4 4 4 4 4
37 38 39 40 41 42 43 44 45 46 47 48
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
4 - - - - - - - - - - -

- - - - - - - - - - - -
50 50 50 50 50 50 50 50 50 50 50 50
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
153 153 153 153 153 153 153 153 153 153 153 153
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

2 2 2 2 2 2 2 2 3 3 3 3

4 - - - - - - - - - - -
100 100 100 100 100 100 100 100 100 100 100 100
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ 4,104,773 R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

2 2 2 2 2 2 2 2 2 2 2 2
 3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.33 1.33 1.34 1.34 1.34 1.35 1.35 1.36 1.36 1.37 1.37 1.38

3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.30 1.30 1.31 1.31 1.32 1.32 1.32 1.33 1.33 1.33 1.34 1.34

Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19

5 5 5 5 5 5 5 5 5 5 5 5
49 50 51 52 53 54 55 56 57 58 59 60
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- - - - - - - - - - - -

- - - - - - - - - - - -
50 50 50 50 50 50 50 50 50 50 50 50
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
153 153 153 153 153 153 153 153 153 153 153 153
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
100 100 100 100 100 100 100 100 100 100 100 100
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

2 2 2 2 2 2 3 3 3 3 3 3
 3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.38 1.39 1.39 1.39 1.40 1.40 1.41 1.41 1.42 1.42 1.43 1.43

3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.35 1.35 1.35 1.36 1.36 1.37 1.37 1.37 1.38 1.38 1.39 1.39

Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20

6 6 6 6 6 6 6 6 6 6 6 6
61 62 63 64 65 66 67 68 69 70 71 72
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- - - - - - - - - - - -

- - - - - - - - - - - -
50 50 50 50 50 50 50 50 50 50 50 50
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
153 153 153 153 153 153 153 153 153 153 153 153
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
100 100 100 100 100 100 100 100 100 100 100 100
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3
 3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.44 1.44 1.45 1.45 1.46 1.46 1.47 1.47 1.48 1.48 1.49 1.49

3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.39 1.40 1.40 1.41 1.41 1.41 1.42 1.42 1.43 1.43 1.44 1.44

Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21

7 7 7 7 7 7 7 7 7 7 7 7
73 74 75 76 77 78 79 80 81 82 83 84
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- - - - - - - - - - - -

- - - - - - - - - - - -
50 50 50 50 50 50 50 50 50 50 50 50
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
153 153 153 153 153 153 153 153 153 153 153 153
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
100 100 100 100 100 100 100 100 100 100 100 100
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3
 3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.50 1.50 1.51 1.51 1.52 1.52 1.53 1.53 1.54 1.54 1.55 1.55

3 3 3 3 3 3 3 3 3 3 3 3
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
1.44 1.45 1.45 1.46 1.46 1.46 1.47 1.47 1.48 1.48 1.49 1.49

Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22

8 8 8 8 8 8 8 8 8 8 8 8
85 86 87 88 89 90 91 92 93 94 95 96
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- - - - - - - - - - - -

- - - - - - - - - - - -
50 50 50 50 50 50 50 50 50 50 50 50
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
153 153 153 153 153 153 153 153 153 153 153 153
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3

- - - - - - - - - - - -
100 100 100 100 100 100 100 100 100 100 100 100
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

3 3 3 3 3 3 3 3 3 3 3 3
Monthly Cash Flows: Units:

Calendar Month: Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15
Monthly Gross Sales:
Phase I - Initial Deposits: R$ R$ 1,857,300 R$ 1,869,682 R$ 1,882,147 R$ 1,894,694 R$ 1,907,325 R$ 1,920,041 R$ 1,932,841 R$ 1,945,727 R$ 652,899 R$ - R$ - R$ -
Phase I - Construction-Phase Deposits: R$ - - - - - 392,131 472,133 552,668 633,740 660,944 660,944 660,944
Phase I - Final Deposits: R$ - - - - - - - - - - - -
Phase I Total Sales: R$ 1,857,300 1,869,682 1,882,147 1,894,694 1,907,325 2,312,172 2,404,974 2,498,395 1,286,639 660,944 660,944 660,944

Phase II - Initial Deposits: R$ - - - - - 2,304,049 2,319,410 2,334,872 2,350,438 2,366,108 2,381,882 2,397,761
Phase II - Construction-Phase Deposits: R$ - - - - - - - - - - - -
Phase II - Final Deposits: R$ - - - - - - - - - - - -
Phase II Total Sales: R$ - - - - - 2,304,049 2,319,410 2,334,872 2,350,438 2,366,108 2,381,882 2,397,761

Phase III - Initial Deposits: R$ - - - - - - - - - - - -

Phase III - Construction-Phase Deposits: R$ - - - - - - - - - - - -
Phase III - Final Deposits: R$ - - - - - - - - - - - -
Phase III Total Sales: R$ - - - - - - - - - - - -

Total Monthly Gross Sales: R$ 1,857,300 1,869,682 1,882,147 1,894,694 1,907,325 4,616,221 4,724,384 4,833,267 3,637,077 3,027,052 3,042,826 3,058,705

Monthly Expenses:
Hard Costs: R$ - - - - - (4,152,363) (4,178,316) (4,204,430) (4,230,708) (4,257,150) (4,283,757) (4,310,530)
Developer Fees: R$ (185,730) (186,968) (188,215) (189,469) (190,733) (461,622) (472,438) (483,327) (363,708) (302,705) (304,283) (305,870)
Soft Costs: R$ (204,303) (205,665) (207,036) (208,416) (209,806) (507,784) (519,682) (531,659) (400,079) (332,976) (334,711) (336,458)
Total Monthly Expenses: R$ (390,033) (392,633) (395,251) (397,886) (400,538) (5,121,770) (5,170,436) (5,219,416) (4,994,494) (4,892,831) (4,922,750) (4,952,858)

Land Acquisition Costs: R$ (11,025,000) - - - - (11,025,000) - - - - - -

Gross Income: R$ (9,557,733) 1,477,049 1,486,896 1,496,808 1,506,787 (11,530,549) (446,053) (386,149) (1,357,417) (1,865,779) (1,879,925) (1,894,153)
Cash Interest Expense: R$ - - - - - - - - - - - -
Cash Flow After Interest, Before Draws: R$ -R$ 9,557,733 R$ 1,477,049 R$ 1,486,896 R$ 1,496,808 R$ 1,506,787 -R$ 11,530,549 -R$ 446,053 -R$ 386,149 -R$ 1,357,417 -R$ 1,865,779 -R$ 1,879,925 -R$ 1,894,153
 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944
- - - - - - - - - - - -
660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944 660,944

2,413,746 2,429,838 2,446,037 2,462,343 2,478,759 2,495,284 2,511,919 2,528,665 2,545,523 2,562,493 2,579,577 2,596,774
- - - - - - - - 1,509,213 1,615,276 1,722,047 1,829,529
- - - - - - - - - - - -
2,413,746 2,429,838 2,446,037 2,462,343 2,478,759 2,495,284 2,511,919 2,528,665 4,054,736 4,177,770 4,301,624 4,426,303

- - - - - - - - 1,697,016 1,708,329 1,719,718 1,731,183

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - 1,697,016 1,708,329 1,719,718 1,731,183

3,074,690 3,090,782 3,106,981 3,123,287 3,139,703 3,156,228 3,172,863 3,189,610 6,412,696 6,547,043 6,682,286 6,818,430

(4,337,471) (4,364,580) (4,391,859) (4,419,308) (4,446,929) (4,474,722) (4,502,689) (4,530,831) (4,559,149) (4,587,643) (4,616,316) (4,645,168)
(307,469) (309,078) (310,698) (312,329) (313,970) (315,623) (317,286) (318,961) (641,270) (654,704) (668,229) (681,843)
(338,216) (339,986) (341,768) (343,562) (345,367) (347,185) (349,015) (350,857) (705,397) (720,175) (735,051) (750,027)
(4,983,156) (5,013,645) (5,044,325) (5,075,199) (5,106,266) (5,137,530) (5,168,990) (5,200,649) (5,905,815) (5,962,522) (6,019,596) (6,077,038)

- - - - - - - - - - - -

(1,908,466) (1,922,863) (1,937,344) (1,951,911) (1,966,563) (1,981,302) (1,996,127) (2,011,039) 506,881 584,520 662,689 741,392
- - - - - - - - (80,744) (76,483) (71,402) (65,489)
-R$ 1,908,466 -R$ 1,922,863 -R$ 1,937,344 -R$ 1,951,911 -R$ 1,966,563 -R$ 1,981,302 -R$ 1,996,127 -R$ 2,011,039 R$ 426,137 R$ 508,038 R$ 591,287 R$ 675,902
 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
660,944 660,944 660,944 660,944 660,944 - - - - - - -
- - - - - 21,743,313 - - - - - -
660,944 660,944 660,944 660,944 660,944 21,743,313 - - - - - -

2,609,758 2,622,807 2,635,921 2,649,100 2,662,346 2,675,657 1,344,518 - - - - -

1,937,728 2,046,468 2,155,752 2,265,582 2,375,961 2,486,892 2,598,378 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399
- - - - - - - - - - - -
4,547,486 4,669,275 4,791,672 4,914,682 5,038,307 5,162,549 3,942,896 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399

1,739,839 1,748,538 1,757,280 1,766,067 1,774,897 1,783,772 1,792,690 1,801,654 1,810,662 1,819,715 1,828,814 1,837,958
- - - - - - 726,110 800,805 875,874 951,318 1,027,140 1,103,341
- - - - - - - - - - - -
1,739,839 1,748,538 1,757,280 1,766,067 1,774,897 1,783,772 2,518,800 2,602,459 2,686,536 2,771,034 2,855,954 2,941,299

6,948,269 7,078,756 7,209,897 7,341,693 7,474,148 28,689,634 6,461,696 5,256,859 5,340,936 5,425,433 5,510,353 5,595,698

(4,666,458) (4,687,846) (4,709,332) (4,730,917) (4,752,600) (4,774,383) (4,796,265) (4,818,248) (4,840,332) (4,862,517) (4,884,803) (4,907,192)
(694,827) (707,876) (720,990) (734,169) (747,415) (2,868,963) (646,170) (525,686) (534,094) (542,543) (551,035) (559,570)
(764,310) (778,663) (793,089) (807,586) (822,156) (3,155,860) (710,787) (578,254) (587,503) (596,798) (606,139) (615,527)
(6,125,595) (6,174,385) (6,223,411) (6,272,672) (6,322,171) (10,799,206) (6,153,222) (5,922,189) (5,961,928) (6,001,858) (6,041,978) (6,082,289)

- - - - - - - - - - - -

822,674 904,371 986,486 1,069,021 1,151,977 17,890,428 308,474 (665,330) (620,993) (576,425) (531,624) (486,591)
(58,730) (51,091) (42,558) (33,119) (22,760) (11,468) - - - - - -
R$ 763,943 R$ 853,280 R$ 943,928 R$ 1,035,902 R$ 1,129,217 R$ 17,878,961 R$ 308,474 -R$ 665,330 -R$ 620,993 -R$ 576,425 -R$ 531,624 -R$ 486,591
 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 - - - -
- - - - - - - - 91,596,345 - - -
2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 2,654,399 91,596,345 - - -

1,231,432 - - - - - - - - - - -
1,179,922 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232
- - - - - - - - - - - -
2,411,354 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232

5,065,753 3,885,631 3,885,631 3,885,631 3,885,631 3,885,631 3,885,631 3,885,631 92,827,577 1,231,232 1,231,232 1,231,232

(4,929,683) (4,952,278) (4,974,976) (4,997,778) (5,020,684) (5,043,696) (5,066,813) (5,090,035) (5,113,365) (5,136,801) (5,160,345) (5,183,996)
(506,575) (388,563) (388,563) (388,563) (388,563) (388,563) (388,563) (388,563) (9,282,758) (123,123) (123,123) (123,123)
(557,233) (427,419) (427,419) (427,419) (427,419) (427,419) (427,419) (427,419) (10,211,033) (135,435) (135,435) (135,435)
(5,993,492) (5,768,260) (5,790,958) (5,813,760) (5,836,667) (5,859,678) (5,882,795) (5,906,018) (24,607,156) (5,395,360) (5,418,903) (5,442,555)

- - - - - - - - - - - -

(927,738) (1,882,629) (1,905,327) (1,928,129) (1,951,036) (1,974,047) (1,997,164) (2,020,387) 68,220,421 (4,164,128) (4,187,672) (4,211,323)
- - - - - - - - (182,510) - - -
-R$ 927,738 -R$ 1,882,629 -R$ 1,905,327 -R$ 1,928,129 -R$ 1,951,036 -R$ 1,974,047 -R$ 1,997,164 -R$ 2,020,387 R$ 68,037,910 -R$ 4,164,128 -R$ 4,187,672 -R$ 4,211,323
 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 - - - - - -
- - - - - - 41,353,530 - - - - -
1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 41,353,530 - - - - -

1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 1,231,232 41,353,530 - - - - -

(5,199,116) (5,214,280) (5,229,489) (5,244,741) (5,260,039) (5,275,380) - - - - - -

(123,123) (123,123) (123,123) (123,123) (123,123) (123,123) (4,135,353) - - - - -
(135,435) (135,435) (135,435) (135,435) (135,435) (135,435) (4,548,888) - - - - -
(5,457,675) (5,472,839) (5,488,047) (5,503,300) (5,518,597) (5,533,939) (8,684,241) - - - - -

- - - - - - - - - - - -

(4,226,443) (4,241,607) (4,256,816) (4,272,068) (4,287,365) (4,302,707) 32,669,288 - - - - -

- - - - - - (397,019) - - - - -
-R$ 4,226,443 -R$ 4,241,607 -R$ 4,256,816 -R$ 4,272,068 -R$ 4,287,365 -R$ 4,302,707 R$ 32,272,270 R$ - R$ - R$ - R$ - R$ -
 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
Debt & Equity Schedules: Units:

Calendar Month: Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15

Interest on Construction Loan: R$ R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

Cash Interest on Construction Loan: R$ - - - - - - - - - - - -
Interest Accrued to Loan Principal: R$ - - - - - - - - - - - -

Equity & Debt Draws:

Developer Equity: R$ 1,911,547 - - - - 2,306,110 89,211 77,230 271,483 373,156 375,985 378,831
Investor Equity: R$ 7,646,186 - - - - 9,224,439 356,842 308,919 1,085,933 1,492,623 1,503,940 1,515,323
Construction Loan: R$ - - - - - - - - - - - -
Total Equity & Debt Draws: R$ 9,557,733 - - - - 11,530,549 446,053 386,149 1,357,417 1,865,779 1,879,925 1,894,153

Cash Generated After Equity & Debt Draws: R$ - 1,477,049 1,486,896 1,496,808 1,506,787 - - - - - - -

Equity & Debt Balances:

Developer Equity: R$ 1,911,547 1,911,547 1,911,547 1,911,547 1,911,547 4,217,656 4,306,867 4,384,097 4,655,580 5,028,736 5,404,721 5,783,551
Investor Equity: R$ 7,646,186 7,646,186 7,646,186 7,646,186 7,646,186 16,870,625 17,227,467 17,536,387 18,622,320 20,114,943 21,618,883 23,134,205
Construction Loan: R$ - - - - - - - - - - - -
Total Equity & Debt Balances: R$ 9,557,733 9,557,733 9,557,733 9,557,733 9,557,733 21,088,282 21,534,334 21,920,483 23,277,900 25,143,679 27,023,603 28,917,757

Construction Loan Repayments: R$ - - - - - - - - - - - -

Cash Flow After Draws & Debt Repayment: R$ R$ - R$ 1,477,049 R$ 1,486,896 R$ 1,496,808 R$ 1,506,787 R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16

R$ - R$ - R$ - R$ - R$ - R$ 19,666 R$ 39,675 R$ 60,033 R$ 80,744 R$ 76,483 R$ 71,402 R$ 65,489

- - - - - - - - 80,744 76,483 71,402 65,489
- - - - - 19,666 39,675 60,033 - - - -

381,693 384,573 387,469 390,382 - - - - - - - -

1,526,773 1,538,290 1,549,876 1,561,529 - - - - - - - -
- - - - 1,966,563 1,981,302 1,996,127 2,011,039 - - - -
1,908,466 1,922,863 1,937,344 1,951,911 1,966,563 1,981,302 1,996,127 2,011,039 - - - -

- - - - - - - - 426,137 508,038 591,287 675,902

6,165,245 6,549,817 6,937,286 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668
24,660,978 26,199,269 27,749,144 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673
- - - - 1,966,563 3,967,531 6,003,333 8,074,406 7,648,269 7,140,231 6,548,944 5,873,042
30,826,223 32,749,086 34,686,430 36,638,341 38,604,905 40,605,872 42,641,675 44,712,747 44,286,610 43,778,573 43,187,285 42,511,383

- - - - - - - - (426,137) (508,038) (591,287) (675,902)

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17

R$ 58,730 R$ 51,091 R$ 42,558 R$ 33,119 R$ 22,760 R$ 11,468 R$ - R$ - R$ 6,653 R$ 12,930 R$ 18,823 R$ 24,328
58,730 51,091 42,558 33,119 22,760 11,468 - - - - - -
- - - - - - - - 6,653 12,930 18,823 24,328

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - 665,330 620,993 576,425 531,624 486,591
- - - - - - - 665,330 620,993 576,425 531,624 486,591

763,943 853,280 943,928 1,035,902 1,129,217 17,878,961 308,474 - - - - -

7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668
29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673
5,109,099 4,255,819 3,311,891 2,275,989 1,146,772 - - 665,330 1,292,976 1,882,330 2,432,778 2,943,696
41,747,440 40,894,160 39,950,232 38,914,330 37,785,114 36,638,341 36,638,341 37,303,671 37,931,317 38,520,672 39,071,119 39,582,038

(763,943) (853,280) (943,928) (1,035,902) (1,129,217) (1,146,772) - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ 16,732,188 R$ 308,474 R$ - R$ - R$ - R$ - R$ -
 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18

R$ 29,437 R$ 39,009 R$ 58,225 R$ 77,861 R$ 97,921 R$ 118,410 R$ 139,335 R$ 160,700 R$ 182,510 R$ - R$ 41,641 R$ 83,934
- - - - - - - - 182,510 - - -
29,437 39,009 58,225 77,861 97,921 118,410 139,335 160,700 - - 41,641 83,934

- - - - - - - - - - - -
- - - - - - - - - - - -
927,738 1,882,629 1,905,327 1,928,129 1,951,036 1,974,047 1,997,164 2,020,387 - 4,164,128 4,187,672 4,211,323
927,738 1,882,629 1,905,327 1,928,129 1,951,036 1,974,047 1,997,164 2,020,387 - 4,164,128 4,187,672 4,211,323

- - - - - - - - 68,037,910 - - -

7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668
29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673
3,900,871 5,822,509 7,786,062 9,792,051 11,841,007 13,933,464 16,069,963 18,251,049 - 4,164,128 8,393,441 12,688,698
40,539,213 42,460,851 44,424,403 46,430,392 48,479,349 50,571,806 52,708,304 54,889,391 36,638,341 40,802,469 45,031,782 49,327,040

- - - - - - - - (18,251,049) - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ 49,786,861 R$ - R$ - R$ -
 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19

R$ 126,887 R$ 170,420 R$ 214,541 R$ 259,254 R$ 304,567 R$ 350,487 R$ 397,019 R$ - R$ - R$ - R$ - R$ -

- - - - - - 397,019 - - - - -
126,887 170,420 214,541 259,254 304,567 350,487 - - - - - -

- - - - - - 1,485,918 - - - - -
- - - - - - 5,943,673 - - - - -
4,226,443 4,241,607 4,256,816 4,272,068 4,287,365 4,302,707 - - - - - -
4,226,443 4,241,607 4,256,816 4,272,068 4,287,365 4,302,707 7,429,591 - - - - -

- - - - - - 39,701,861 - - - - -

7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 7,327,668 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586
29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 29,310,673 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346
17,042,028 21,454,056 25,925,412 30,456,734 35,048,667 39,701,861 - - - - - -
53,680,370 58,092,397 62,563,753 67,095,076 71,687,008 76,340,202 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932

- - - - - - (39,701,861) - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586
35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346
- - - - - - - - - - - -
44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932

- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586
35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346
- - - - - - - - - - - -
44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932

- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586 8,813,586
35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346 35,254,346
- - - - - - - - - - - -
44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932 44,067,932

- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
Waterfall Returns Schedule: Units:

Calendar Month: Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15

Cash Flow to Equity Investors:

Invested Equity: R$ -R$ 9,557,733 R$ - R$ - R$ - R$ - -R$ 11,530,549 -R$ 446,053 -R$ 386,149 -R$ 1,357,417 -R$ 1,865,779 -R$ 1,879,925 -R$ 1,894,153
Net Cash Flow After Debt Service: R$ - 1,477,049 1,486,896 1,496,808 1,506,787 - - - - - - -
Total Cash Flow to Equity Investors: R$ (9,557,733) 1,477,049 1,486,896 1,496,808 1,506,787 (11,530,549) (446,053) (386,149) (1,357,417) (1,865,779) (1,879,925) (1,894,153)

Tier 1 IRR - Up to 20.0%:

Beginning Balance: R$ - 9,557,733 8,227,008 6,866,063 5,474,371 4,051,393 15,643,967 16,329,520 16,965,665 18,582,817 20,733,089 22,930,427
Investor Injections: R$ 9,557,733 - - - - 11,530,549 446,053 386,149 1,357,417 1,865,779 1,879,925 1,894,153
Investor Accruals: R$ 20.0% - 146,324 125,951 105,116 83,810 62,025 239,501 249,996 259,735 284,493 317,413 351,053
Tier 1 Accrual Distribution: R$ - (1,477,049) (1,486,896) (1,496,808) (1,506,787) - - - - - - -
Ending Balance: R$ 9,557,733 8,227,008 6,866,063 5,474,371 4,051,393 15,643,967 16,329,520 16,965,665 18,582,817 20,733,089 22,930,427 25,175,633

Investor Cash Flow: R$ 80.0% (7,646,186) 1,181,639 1,189,517 1,197,447 1,205,430 (9,224,439) (356,842) (308,919) (1,085,933) (1,492,623) (1,503,940) (1,515,323)
Developer Cash Flow: R$ 20.0% (1,911,547) 295,410 297,379 299,362 301,357 (2,306,110) 16,739 5,960 132,093 132,973 - -

Cash Flow Available for Tier 2 Distribution: R$ - - - - - - - - - - - -

Tier 2 IRR - 20.0% to 25.0%:

Beginning Balance: R$ - 9,557,733 8,260,076 6,928,216 5,561,445 4,159,042 15,767,652 16,509,652 17,205,675 18,886,030 21,106,286 23,382,360
Investor Injections: R$ 9,557,733 - - - - 11,530,549 446,053 386,149 1,357,417 1,865,779 1,879,925 1,894,153
Investor Accruals: R$ 25.0% - 179,392 155,036 130,038 104,384 78,062 295,947 309,874 322,938 354,477 396,149 438,870
Tier 1 Accrual Distribution: R$ - (1,477,049) (1,486,896) (1,496,808) (1,506,787) - - - - - - -
Tier 2 Accrual Distribution: R$ - - - - - - - - - - - -
Ending Balance: R$ 9,557,733 8,260,076 6,928,216 5,561,445 4,159,042 15,767,652 16,509,652 17,205,675 18,886,030 21,106,286 23,382,360 25,715,383

Investor Cash Flow: R$ 70.0% - - - - - - - - - - - -

Developer Cash Flow: R$ 30.0% - - - - - - - - - - - -

Cash Flow Available for Tier 3 Distribution: R$ - - - - - - - - - - - -

Tier 3 IRR - Above 25.0%:

Investor Cash Flow: R$ 60.0% - - - - - - - - - - - -

Developer Cash Flow: R$ 40.0% - - - - - - - - - - - -

Remaining Cash to Distribute: R$ R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16

-R$ 1,908,466 -R$ 1,922,863 -R$ 1,937,344 -R$ 1,951,911 R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -

- - - - - - - - - - - -
(1,908,466) (1,922,863) (1,937,344) (1,951,911) - - - - - - - -

25,175,633 27,469,525 29,812,931 32,206,696 34,651,674 35,182,173 35,720,794 36,267,660 36,822,899 37,386,638 37,959,007 38,540,140
1,908,466 1,922,863 1,937,344 1,951,911 - - - - - - - -
385,426 420,544 456,420 493,067 530,499 538,620 546,866 555,239 563,739 572,370 581,132 590,029
- - - - - - - - - - - -
27,469,525 29,812,931 32,206,696 34,651,674 35,182,173 35,720,794 36,267,660 36,822,899 37,386,638 37,959,007 38,540,140 39,130,169

(1,526,773) (1,538,290) (1,549,876) (1,561,529) - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

25,715,383 28,106,508 30,556,909 33,067,785 35,640,354 36,309,297 36,990,796 37,685,086 38,392,407 39,113,004 39,847,127 40,595,028
1,908,466 1,922,863 1,937,344 1,951,911 - - - - - - - -
482,659 527,539 573,531 620,658 668,943 681,499 694,290 707,321 720,597 734,122 747,901 761,939
- - - - - - - - - - - -
- - - - - - - - - - - -
28,106,508 30,556,909 33,067,785 35,640,354 36,309,297 36,990,796 37,685,086 38,392,407 39,113,004 39,847,127 40,595,028 41,356,967

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - 16,732,188 308,474 - - - - -
- - - - - 16,732,188 308,474 - - - - -

39,130,169 39,729,231 40,337,465 40,955,010 41,582,009 42,218,608 26,132,764 26,224,369 26,625,850 27,033,477 27,447,346 27,867,550
- - - - - - - - - - - -
599,062 608,233 617,545 627,000 636,599 646,345 400,079 401,481 407,628 413,868 420,204 426,637
- - - - - (16,732,188) (308,474) - - - - -
39,729,231 40,337,465 40,955,010 41,582,009 42,218,608 26,132,764 26,224,369 26,625,850 27,033,477 27,447,346 27,867,550 28,294,187

- - - - - 13,385,751 246,779 - - - - -
- - - - - 3,346,438 61,695 - - - - -

- - - - - - - - - - - -

41,356,967 42,133,207 42,924,016 43,729,668 44,550,442 45,386,621 29,506,306 29,751,644 30,310,060 30,878,958 31,458,533 32,048,987
- - - - - - - - - - - -
776,240 790,809 805,652 820,774 836,179 851,874 553,812 558,416 568,898 579,575 590,454 601,536
- - - - - (16,732,188) (308,474) - - - - -
- - - - - - - - - - - -
42,133,207 42,924,016 43,729,668 44,550,442 45,386,621 29,506,306 29,751,644 30,310,060 30,878,958 31,458,533 32,048,987 32,650,523

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - 49,786,861 - - -
- - - - - - - - 49,786,861 - - -

28,294,187 28,727,356 29,167,157 29,613,691 30,067,061 30,527,371 30,994,729 31,469,242 31,951,020 - - -

- - - - - - - - - - - -
433,169 439,801 446,534 453,370 460,311 467,358 474,513 481,777 489,153 - - -
- - - - - - - - (32,440,173) - - -
28,727,356 29,167,157 29,613,691 30,067,061 30,527,371 30,994,729 31,469,242 31,951,020 - - - -

- - - - - - - - 25,952,138 - - -
- - - - - - - - 6,488,035 - - -

- - - - - - - - 17,346,688 - - -

32,650,523 33,263,349 33,887,677 34,523,724 35,171,709 35,831,856 36,504,394 37,189,555 37,887,575 711,122 724,469 738,067
- - - - - - - - - - - -
612,826 624,329 636,047 647,985 660,147 672,538 685,161 698,021 711,122 13,347 13,598 13,853
- - - - - - - - (32,440,173) - - -
- - - - - - - - (5,447,402) - - -
33,263,349 33,887,677 34,523,724 35,171,709 35,831,856 36,504,394 37,189,555 37,887,575 711,122 724,469 738,067 751,920

- - - - - - - - 3,813,182 - - -
- - - - - - - - 1,634,221 - - -

- - - - - - - - 11,899,286 - - -

- - - - - - - - 7,139,572 - - -
- - - - - - - - 4,759,714 - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19

R$ - R$ - R$ - R$ - R$ - R$ - -R$ 7,429,591 R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - (7,429,591) - - - - -

- - - - - - - 7,429,591 7,543,334 7,658,819 7,776,071 7,895,119

- - - - - - 7,429,591 - - - - -
- - - - - - - 113,743 115,484 117,252 119,048 120,870
- - - - - - - - - - - -
- - - - - - 7,429,591 7,543,334 7,658,819 7,776,071 7,895,119 8,015,989

- - - - - - (5,943,673) - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

751,920 766,033 780,411 795,059 809,981 825,184 840,672 8,286,042 8,441,565 8,600,007 8,761,423 8,925,868
- - - - - - 7,429,591 - - - - -
14,113 14,378 14,648 14,923 15,203 15,488 15,779 155,523 158,442 161,416 164,445 167,532
- - - - - - - - - - - -
- - - - - - - - - - - -
766,033 780,411 795,059 809,981 825,184 840,672 8,286,042 8,441,565 8,600,007 8,761,423 8,925,868 9,093,400

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -

8,015,989 8,138,709 8,263,309 8,389,816 8,518,259 8,648,669 8,781,076 8,915,509 9,052,001 9,190,583 9,331,285 9,474,142
- - - - - - - - - - - -
122,721 124,599 126,507 128,444 130,410 132,407 134,434 136,492 138,581 140,703 142,857 145,044
- - - - - - - - - - - -
8,138,709 8,263,309 8,389,816 8,518,259 8,648,669 8,781,076 8,915,509 9,052,001 9,190,583 9,331,285 9,474,142 9,619,187

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

9,093,400 9,264,077 9,437,956 9,615,100 9,795,568 9,979,424 10,166,730 10,357,552 10,551,956 10,750,009 10,951,778 11,157,335
- - - - - - - - - - - -
170,676 173,880 177,144 180,468 183,856 187,306 190,822 194,404 198,052 201,770 205,557 209,415
- - - - - - - - - - - -
- - - - - - - - - - - -
9,264,077 9,437,956 9,615,100 9,795,568 9,979,424 10,166,730 10,357,552 10,551,956 10,750,009 10,951,778 11,157,335 11,366,750

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -

9,619,187 9,766,451 9,915,970 10,067,779 10,221,911 10,378,403 10,537,291 10,698,611 10,862,401 11,028,699 11,197,543 11,368,971
- - - - - - - - - - - -
147,265 149,519 151,808 154,132 156,492 158,888 161,320 163,790 166,298 168,844 171,428 174,053
- - - - - - - - - - - -
9,766,451 9,915,970 10,067,779 10,221,911 10,378,403 10,537,291 10,698,611 10,862,401 11,028,699 11,197,543 11,368,971 11,543,024

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

11,366,750 11,580,096 11,797,446 12,018,875 12,244,460 12,474,280 12,708,413 12,946,941 13,189,945 13,437,511 13,689,723 13,946,669
- - - - - - - - - - - -
213,346 217,350 221,429 225,585 229,820 234,133 238,528 243,005 247,566 252,212 256,946 261,769
- - - - - - - - - - - -
- - - - - - - - - - - -
11,580,096 11,797,446 12,018,875 12,244,460 12,474,280 12,708,413 12,946,941 13,189,945 13,437,511 13,689,723 13,946,669 14,208,438

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
- - - - - - - - - - - -
- - - - - - - - - - - -

11,543,024 11,719,742 11,899,165 12,081,334 12,266,293 12,454,084 12,644,749 12,838,334 13,034,882 13,234,439 13,437,051 13,642,765
- - - - - - - - - - - -
176,718 179,423 182,170 184,959 187,790 190,665 193,584 196,548 199,557 202,612 205,714 208,864
- - - - - - - - - - - -
11,719,742 11,899,165 12,081,334 12,266,293 12,454,084 12,644,749 12,838,334 13,034,882 13,234,439 13,437,051 13,642,765 13,851,629

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

14,208,438 14,475,120 14,746,807 15,023,594 15,305,576 15,592,850 15,885,516 16,183,676 16,487,431 16,796,888 17,112,154 17,433,336
- - - - - - - - - - - -
266,682 271,687 276,787 281,982 287,274 292,666 298,159 303,756 309,457 315,265 321,183 327,211
- - - - - - - - - - - -
- - - - - - - - - - - -
14,475,120 14,746,807 15,023,594 15,305,576 15,592,850 15,885,516 16,183,676 16,487,431 16,796,888 17,112,154 17,433,336 17,760,547

- - - - - - - - - - - -
- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
- - - - - - - - - - - -

R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ - R$ -
Returns Summary: Units:

Calendar Month: Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15

Unleveraged Cash Flows: (9,557,733) 1,477,049 1,486,896 1,496,808 1,506,787 (11,530,549) (446,053) (386,149) (1,357,417) (1,865,779) (1,879,925) (1,894,153)
Internal Rate of Return (IRR): % 26.2%
Net Cash Flow: R$ 32,275,241
Invested Equity: R$ 100,210,921
Cash-on-Cash Multiple: x 1.32 x

Total Cash Flows to Equity Investors: (9,557,733) 1,477,049 1,486,896 1,496,808 1,506,787 (11,530,549) (446,053) (386,149) (1,357,417) (1,865,779) (1,879,925) (1,894,153)
Internal Rate of Return (IRR): % 28.8%
Net Cash Flow: R$ 28,727,131
Invested Equity: R$ 44,067,932
Cash-on-Cash Multiple: x 1.65 x

Investor Cash Flow: (7,646,186) 1,181,639 1,189,517 1,197,447 1,205,430 (9,224,439) (356,842) (308,919) (1,085,933) (1,492,623) (1,503,940) (1,515,323)
Internal Rate of Return (IRR): % 26.1%
Net Cash Flow: R$ 20,057,108
Invested Equity: R$ 35,254,346
Cash-on-Cash Multiple: x 1.57 x

Developer Cash Flow: (1,911,547) 295,410 297,379 299,362 301,357 (2,306,110) (89,211) (77,230) (271,483) (373,156) (375,985) (378,831)
Internal Rate of Return (IRR): % 38.6%
Net Cash Flow: R$ 8,670,024
Invested Equity: R$ 8,813,586
Cash-on-Cash Multiple: x 1.98 x
Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16

(1,908,466) (1,922,863) (1,937,344) (1,951,911) (1,966,563) (1,981,302) (1,996,127) (2,011,039) 506,881 584,520 662,689 741,392

(1,908,466) (1,922,863) (1,937,344) (1,951,911) - - - - - - - -

(1,526,773) (1,538,290) (1,549,876) (1,561,529) - - - - - - - -

(381,693) (384,573) (387,469) (390,382) - - - - - - - -

Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17

822,674 904,371 986,486 1,069,021 1,151,977 17,890,428 308,474 (665,330) (620,993) (576,425) (531,624) (486,591)

- - - - - 16,732,188 308,474 - - - - -

- - - - - 13,385,751 246,779 - - - - -

- - - - - 3,346,438 61,695 - - - - -
Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18

(927,738) (1,882,629) (1,905,327) (1,928,129) (1,951,036) (1,974,047) (1,997,164) (2,020,387) 68,220,421 (4,164,128) (4,187,672) (4,211,323)

- - - - - - - - 49,786,861 - - -

- - - - - - - - 36,904,891 - - -

- - - - - - - - 12,881,970 - - -
Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19

(4,226,443) (4,241,607) (4,256,816) (4,272,068) (4,287,365) (4,302,707) 32,669,288 - - - - -

- - - - - - (7,429,591) - - - - -

- - - - - - (5,943,673) - - - - -

- - - - - - (1,485,918) - - - - -
Oct 19 Nov 19 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -

- - - - - - - - - - - -
V:House - Investment Analysis Model - Development Summary - Scenario #1 - Base Case
(R$ BRL in R$ as Stated, Unless Otherwise Noted)

Development Summary: Units: Units:

Construction Name: Name V:House Building Profile & Prepaid Unit Economics: Units: Figure:
Location: Name São Paulo Lot Square Meters: sq. m. 12,250 sq. m.
Construction Start Date: Year 2014-10-31 Floor Area Ratio (FAR): # 4.0
Gross Square Meters: sq. m. 49,000 sq. m.
Developer Name: Name Valyrian Developments
Investor Name: Name Five Forts Partners Rentable to Gross Square Meters %: % 80.0%
Rentable Square Meters: sq. m. 39,200 sq. m.
Project Timeline: Units: Month #: Date:
Phase I Start Month: Month # 1 Oct 14 Number of Floors: # 23
Phase I Construction Start Date: Month # 6 Mar 15 Number of Apartments: # 303
Phase I Construction Completion Date: Month # 30 Mar 17 Average Apartment Size: sq. m. 129 sq. m.
Phase II Start Month: Month # 6 Mar 15 Parking Spots: # N/A
Phase II Construction Start Date: Month # 21 Jun 16
Phase II Construction Completion Date: Month # 45 Jun 18 Upfront Client Payment: % 30.0%
Phase III Start Month: Month # 21 Jun 16 Client Payment During Construction Period: % 30.0%
Phase III Construction Start Date: Month # 31 Apr 17 Client Payment Upon Construction End: % 40.0%
Phase III Construction Completion Date: Month # 55 Apr 19
% of Units Pre-Sold for Construction to Begin: % 60.0%
Total # of Construction Months: # Months 49 % of Units Pre-Sold for Next Phase to Begin: % 60.0%
Total # Project Duration (MODEL CHECK): # Years 4.6 % of Units Pre-Sold Before Loan Draw: % 40.0%

Financial Assumptions: Units: Figure: Sources of Funds: Total: $ / RSM: % LTC:

Lot Price per Square Meter: R$ / sq. m. R$ 1,800 Construction Loan: R$ 63,572,580 R$ 1,622 59.1%
Apartment Selling Price per Square Meter: R$ R$ 8,200 Developer Equity: 8,813,586 225 8.2%
Investor Equity: 35,254,346 899 32.8%
Sales Velocity per Month: # Apt Units 6 Total Sources: R$ 107,640,513 R$ 2,746 100.0%
Uses of
Sales Price Inflation, Years 1 - 2: % 8.0% Funds: Total: $ / RSM: % LTC:
Sales Price Inflation, Years 3 - 4: % 6.0% Land Acquisition Costs: R$ 22,050,000 R$ 563 20.5%
Sales Price Inflation, Years 5 - 8: % 4.0% Operating Deficit: 78,160,921 1,994 72.6%
End-of-Project Debt Repayment: 7,429,591 190 6.9%
Expense Inflation, Years 1 - 2: % 7.5% Total Uses: R$ 107,640,513 R$ 2,746 100.0%
Expense Inflation, Years 3 - 4: % 5.5%
Expense Inflation, Years 5 - 8: % 3.5% Returns Summary:
Investor IRR: % 26.1%
Hard Costs per Square Meter: R$ / sq. m. R$ 4,000 Investor Cash-on-Cash Multiple: x 1.57 x
Developer Fees % Monthly Sales: % 10.0% Developer IRR: % 38.6%
Soft Costs % Monthly Sales: % 11.0% Developer Cash-on-Cash Multiple: x 1.98 x