1

EARNINGS RELEASE

4T11 / FY2011

Viver Announces its 4Q11 and 2011YE

Results

Record High Volume of Deliveries in Company History

Inventory of 2007& 2008 Launched Units, Down 40%

São Paulo, March 30, 2012 – Viver Incorporadora e Construtora

S.A. (BM&FBOVESPA: VIVR3) announces its operating and financial

results for 4Q11 & 2011YE.

Highlights

Record high volume of deliveries in company history; 26 projects

completed during the year, for a VGV of R$1.2 billion, or 5,981

units.

Relentless focus on inventory reduction. Pre-sales exceeded

launches by 7% in 2011, achieving R$646.0 million, 66% of

which, sales of inventory units.

Inventory of completed and nearly completed units, mostly 2007

and 2008 launches, declined 40%.

SAP completion in mid-year increased Viver’s overall ability to

manage its budget at all levels of the organization.

Efficient client credit transfer (“repasse”) added to receivables

securitizations in 4Q11 led to near cash burn breakeven.

Creation of the Lagoa dos Ingleses Properties (“LIP”) subsidiary

in 3Q11, with independent management structure.

Restructuring of Construction division, with initial focus on

appraisal of ongoing projects and their corresponding budgets,

has led the company to recognize cost overruns in several of its

construction sites

4Q11 Results Conference Call

Monday, April 2, 2012

English 9:30 am (New York time) 10:30 am (Brasilia Time) Phone: (+1 412) 317-6776 Access Code: Viver Portuguese 8:30 am (New York time) 9:30 am (Brasilia Time) Phone: (+55 11) 3127-4971 Access Code: Viver

The Company’s operating and financial information, except when otherwise indicated, is presented on a consolidated basis and in

Brazilian reais (R$) and in accordance with those international financial reporting standards (IFRS) applicable to Brazilian real estate

companies, as approved by the Accounting Pronouncements Committee (CPC), the Brazilian Securities and Exchange Commission

(CVM) and the Federal Accounting Council (CFC).

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Operating Highlights (R$000) 4Q11 4Q10 4Q11x4Q10 2011 2010 2011x2010

Launches (100%) 579,033 446,533 29.7% 1,025,175 1,198,132 -14.4%

Launches (% Viver) 271,759 342,848 -20.7% 603,861 802,136 -24.7%

Launches (Units) 1,064 2,298 -53.7% 3,669 6,327 -42.0%

Average Unit Launch Price(R$) 544,204 194,314 180.1% 279,415 189,368 47.6%

Pre-Sales (100%) 179,241 326,110 -45.0% 918,550 1,063,647 -13.6%

Pre-Sales (% Viver) 131,788 269,191 -51.0% 645,984 788,964 -18.1%

Pre-Sales (Units) 742 1,524 -51.3% 3,500 4,534 -22.8%

Average Unit Sales Price (R$) 242,166 213,982 13.2% 262,443 234,594 11.9%

Financial Highlights 4Q11 4Q10 4Q11x4Q10 2011 2010 2011x2010

Net Revenue (R$000) 141,507 248,624 -43.1% 727,419 778,316 -6.5%

Gross Profit (R$000) (37,934) 75,452 na 106,648 222,184 -52.0%

Gross Margin -26.8% 30.3% na 14.7% 28.5% na

Adjusted EBITDA * (R$000) 19,886 45,635 -56.4% 120,585 140,077 -13.9%

Adjusted EBITDA Margin * 11.8% 18.4% -658 bps 16.0% 18.0% -202 bps

Net Income (Loss) (R$000) (120,757) 19,833 na (114,928) 67,373 na

Net Margin -85.3% 8.0% na -15.8% 8.7% na

Backlog of Revenues (R$000) 715,538 726,999 -1.6% 715,538 726,999 -1.6%

Backlog of Results (R$000) 249,830 265,560 -5.9% 249,830 265,560 -5.9%

Backlog Margin 34.9% 36.5% -161 bps 34.9% 36.5% -161 bps

* Excluding non recurring items.

Message from Management

Several steps taken in 2011 will shape the future of our Company.

In June, we began restructuring our Construction division. All operational procedures were revised and

we opted to centralize two of the division´s main activities, procurement and budgeting, at

Headquarters. These two responsibilities were handed over to seasoned professionals and since then,

results obtained have been most promising. The initial focus of the newly arrived team was the analysis

of ongoing projects and their corresponding budgets. Their findings led us to recognize cost overruns

in several of our construction sites. We understand that the recognition of such mistakes was necessary

so that we could move forward, confident that we have regained control of our construction activity.

26 projects, or 6,000 units, were delivered by VIVER in 2011.

Another priority throughout 2011 was the sale of inventory units. During the year, pre-sales exceeded

launches by 7%. 66% of these were backlog sales. Inventories of complete and nearly complete units,

mostly 2007 and 2008 legacy projects, declined by more than 40%.

SAP completion in mid-year, increased the Company’s overall ability to manage its budget at all levels

of the organization. The system’s engineering, construction and operations module enables Viver to

track the progress of its projects, risks and cash-flow needs in real time.

With the creation of Lagoa dos Ingleses Properties ("LIP") in 3Q11, and the hiring of one of the most

recognized names in the real estate sector in Belo Horizonte, as its CEO, we accelerated the

development of Lagoa dos Ingleses. Focusing on developing sustainable and eco-friendly projects in the

3

region, we hired renowned architect Jaime Lerner, Urbanism and Sustainability Adviser to the UN, to

develop the Master Plan of the region.

We remained focused on delivering positive operating cash flow, stemming from the large number of

projects completed and the sharp focus of our team in efficiently transferring client mortgages

(“repasse”) over to partner banks. The efficiency of the transfer process, in addition to securitizations

carried out in the fourth quarter, led the Company closer to breakeven in terms of cash burn during the

last three months of the year.

In late December, we introduced the “Viver Gestao” project, which represents an important effort

towards the development of a cohesive and effective corporate culture in a relentless pursuit of results.

During 2011 several of our processes were revisited and improved. We feel confident that the

experience accumulated during the past three years by our management team, will help us increase

company profitability and achieve a capital structure which will enable us to face any economic

scenario; providing our shareholders with consistent returns.

We appreciate the support and confidence of our stakeholders.

Launches

Viver launched four projects during the fourth quarter of 2011 with a VGV of R$271.8 million, down

20.7% from 4Q10.

In 2011 as a whole, Viver launched 17 projects with a VGV of R$603.9 million, down 24.7% from 2010.

Launches targeted at first-time homebuyers in the middle, low-income and super-low income segments

totaled R$492.8 million in 2011, or 82% of total launches.

The tables below detail the new projects launched in 4Q11 and 2011, versus 4Q10 and 2010 launches.

Table 1 - Launches 4Q11

Segments 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10

Super Low Income - 98.4 na - 1,207 na - 101,743 na

Low Income 19.2 127.7 -85.0% 150 747 -79.9% 255,838 186,001 37.5%

Mid Income 182.2 82.7 120.2% 590 260 126.9% 439,070 449,268 -2.3%

High 70.4 34.0 107.1% 324 84 285.7% 869,156 809,243 7.4%

TOTAL 271.8 342.8 -20.7% 1,064 2,298 -53.7% 544,204 194,314 180.1%

Region 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10

Sao Paulo 226.9 68.3 232.5% 626 847 -26.1% 699,919 149,601 367.9%

Southeast (ex SP) - 71.4 na - 152 na - 469,635 na

South - 112.9 na - 652 na - 173,179 na

Mid-West 19.2 11.2 70.7% 150 163 -8.0% 255,838 137,933 85.5%

Northeast 25.6 79.1 -67.6% 288 484 -40.5% 355,932 233,555 52.4%

TOTAL 271.8 342.8 -20.7% 1,064 2,298 -53.7% 544,204 194,314 180.1%

Launches % Viver (R$ milion) # of Units Average Unit Price (R$000)

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Table 2 - 2011 Launches

Segments 2011 2010 2011 x 2010 2011 2010 2011 x 2010 2011 2010 2011 x 2010

Super Low Income 105.3 206.5 -49% 1,207 2,394 -50% 109,095 97,396 12.0%

Low Income 153.8 238.3 -35% 1,103 2,010 -45% 175,936 172,732 1.9%

Mid Income 233.8 292.2 -20% 903 1,697 -47% 372,675 287,195 29.8%

Mid High 40.7 31.2 30% 132 142 -7% 615,966 439,634 40.1%

High 70.4 34.0 107% 324 84 286% 869,156 809,243 7.4%

TOTAL 603.9 802.1 -24.7% 3,669 6,327 -42.0% 279,415 189,368 47.6%

Region 2011 2010 2011 x 2010 2011 2010 2011 x 2010 2011 2010 2011 x 2010

Sao Paulo 382.8 243.8 57.1% 2,074 2,739 -24.3% 318,636 191,197 66.7%

Southeast (ex SP) - 155.8 na - 400 na - 389,602 na

South 103.8 177.8 -41.6% 791 1,386 -42.9% 131,197 129,883 1.0%

Mid-West 66.4 62.9 5.6% 348 501 -30.5% 381,706 250,959 52.1%

North 50.8 122.3 -58.4% 456 937 -51.3% 280,072 166,806 67.9%

Northeast - 39.6 na - 364 na - 155,376 na

TOTAL 603.9 802.1 -24.7% 3,669 6,327 -42.0% 279,415 189,368 47.6%

Launches % Viver (R$ milion) # of Units Average Unit Price (R$000)

Pre-sales

In 2011, pre-sales totaled R$646.0 million, of which 65.9% (R$425.8 million) were related to inventory

units and 34.1% (R$220.2 million) related to launches. Viver Vendas accounted for 43% of all 2011

sales in the projects where it operates.

The following tables provide the details of Viver’s pre-sales in 4Q11 and 2011 in comparison to 4Q10

and 2010, and the sales speed during the year.

Table 3 - Pre-Sales 3Q11

Segmentos 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10

Super Low Income 33.6 60.4 -44.3% 342 760 -55.0% 121,008 105,752 14.4%

Low Income 23.5 58.9 -60.1% 185 403 -54.1% 169,604 176,789 -4.1%

Mid Income 34.5 99.0 -65.1% 142 275 -48.4% 357,461 440,835 -18.9%

Middle High 33.3 46.8 -29.0% 50 73 -31.5% 781,821 627,608 24.6%

High 6.5 3.3 98.8% 22 11 100.0% 758,044 597,024 27.0%

Tourism ana Commercial 0.4 0.9 -54.7% 1 2 -50.0% 398,232 439,425 -9.4%

TOTAL 131.8 269.2 -51.0% 742 1,524 -51.3% 242,166 213,982 13.2%

Region 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10

São Paulo 77.7 85.9 -9.6% 402 818 -50.9% 260,556 163,665 59.2%

Southeast (ex SP) (3.8) 89.7 -104.2% (8) 172 -104.7% (471,548) 521,513 -190.4%

South 22.4 50.5 -55.6% 118 270 -56.3% 190,148 186,956 1.7%

Mid-West 9.1 11.4 -20.5% 39 86 -54.7% 547,612 257,945 112.3%

North 16.8 25.2 -33.3% 89 122 -27.0% 241,086 172,296 39.9%

Northeast 9.5 6.5 47.9% 102 56 82.1% 132,013 158,020 -16.5%

TOTAL 131.8 269.2 -51.0% 742 1,524 -51.3% 242,166 213,982 13.2%

Launch Year 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10 4Q11 4Q10 4Q11x4Q10

Launches from 2011 55.9 - na 386 - na 209,033 - na

Launches from 2010 30.1 205.0 -85.3% 236 1,368 -82.7% 173,060 187,852 -7.9%

Launches from 2009 2.0 1.6 20.0% 16 9 77.8% 451,676 371,241 21.7%

Launches up to 2008 43.8 62.5 -29.9% 104 147 -29.3% 489,728 447,522 9.4%

TOTAL 131.8 269.2 -51.0% 742 1,524 -51.3% 242,166 213,982 13.2%

¹ Excluding commercial projects

Pre-Sales % Viver (R$ milion) # of Units¹ Average Unit Price¹

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Table 4 - Pre Sales 2011

Segments 2011 2010 2011 x 2010 2011 2010 2011 x 2010 2011 2010 2011 x 2010

Super Low Income 134.8 114.0 18.2% 1,343 1,262 6.4% 132,321 103,541 27.8%

Low Income 147.8 129.6 14.1% 1,060 1,192 -11.1% 172,661 169,927 1.6%

Mid Income 150.1 377.3 -60.2% 682 1,816 -62.4% 364,680 304,552 19.7%

Middle High 157.1 123.2 27.6% 300 211 42.2% 684,757 594,737 15.1%

High 50.9 18.7 172.6% 109 22 395.5% 902,877 1,164,056 -22.4%

Tourism and Commercial 5.3 26.3 -79.9% 6 31 -80.6% 302,295 847,096 -64.3%

TOTAL 646.0 789.0 -18.1% 3,500 4,534 -22.8% 262,443 234,594 11.9%

Region 2011 2010 2011 x 2010 2011 2010 2011 x 2010 2011 2010 2011 x 2010

São Paulo 325.2 311.2 4.5% 1,910 2,621 -27.1% 255,447 212,763 20.1%

Southeast (ex SP) 40.7 228.0 -82.2% 46 479 -90.4% 1,484,435 489,202 203.4%

South 122.6 146.1 -16.1% 599 728 -17.7% 204,614 192,538 6.3%

Mid-West 64.1 39.4 62.6% 294 291 1.0% 434,542 253,991 71.1%

North 62.0 50.7 22.4% 355 301 17.9% 187,702 137,096 36.9%

Northeast 31.4 13.6 131.5% 296 114 159.6% 153,406 143,173 7.1%

TOTAL 646.0 789.0 -18.1% 3,500 4,534 -22.8% 262,443 234,594 11.9%

Launch Year 2011 2010 2011 x 2010 2011 2010 2011 x 2010 2011 2010 2011 x 2010

Launches from 2011 220.2 - na 1,603 - na 196,559 - na

Launches from 2010 181.1 447.7 -59.6% 1,304 3,485 -62.6% 191,892 185,439 3.5%

Launches from 2009 19.5 19.3 1.4% 81 156 -48.1% 796,501 386,763 105.9%

Launches up to 2008 225.2 322.0 -30.1% 512 893 -42.7% 563,911 399,838 41.0%

TOTAL 646.0 789.0 -18.1% 3,500 4,534 -22.8% 262,443 234,594 11.9%

¹ Excluding commercial projects and the impact of the acquisition of rights in specific projects.

Pre-Sales % Viver (R$ milion) # of Units¹ Average Unit Price¹

Table 5 - Company's Sales Speed (R$000)

1T11 2T11 3T11 4T11

Initial Inventory 913,034 822,380 822,380 796,389

Launches 62,296 226,217 43,589 271,759

Pre-Sales 155,284 242,797 116,116 131,788

Sales speed in the quarter¹ 15.9% 23.2% 13.4% 12.3%

¹Sales speed in the quarter = Pre-Sales/(Initial Inventory+Launches)

Projects under Construction and Completed Projects

In 4Q11, Viver delivered 12 projects, consisting of 2,294 units with a VGV of R$707 million (Viver’s

share).

During the full year 2011, Viver delivered 26 projects, comprising 5,947 units with a VGV of R$1.2

billion (Viver’s share).

On December 31, 2011, the Company had 46 projects under construction comprising 10,187 units.

The table below shows the evolution of pre-sales and the percentage of construction completed in our

projects according to the quarter in which they were launched.

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Table 6 - Launched projects evolution

Quarter/Year of Launch % Units sold% Percentage of

Construction

2Q07 99% 100%

3Q07 85% 97%

4Q07 92% 91%

2007 91% 94%

1Q08 89% 96%

2Q08 82% 84%

4Q08 100% 69%

2008 87% 90%

3Q09 100% 28%

4Q09 97% 43%

2009 98% 40%

1Q10 100% 88%

2Q10 71% 29%

3Q10 80% 20%

4Q10 75% 21%

2010 76% 28%

1Q11 85% 11%

2Q11 60% 7%

3Q11 26% 1%

4Q11 8% 0%

2011 44% 4%

Total 77% 61%

Following is the updated timetable of scheduled deliveries through the end of 2014:

Table 7 - Projects to be delivered

1H12 2H12 2013 2014

VGV (%Viver) - R$ Million¹ 312.2 379.5 938.8 434.1

Units 1,773 2,552 5,418 1,993

¹VGV includes units sold and inventory units.

Land Bank

On December 31, 2011, Viver’s land bank represented an estimated total sales value of R$10.6 billion.

Of the total land bank, approximately R$5.0 billion is related to projects to be launched in the next

three years (short-term land bank), 83.2% of it in the middle, low and super-low income segments

(first home buyers).

The table below provides the breakdown of projects in our current short-term land bank:

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Table 8 - Land bank to be launched in the next three years

Super Low Income Low Income Middle Mid High High Commercial Total

São Paulo (state) 369 391 463 105 134 491 1,953

Southeast (ex SP) 422 447 1,574 62 - - 2,504

South 151 154 - - 8 - 312

Middle West - 25 - - 24 - 49

Noth 140 - - 24 - - 164

Northeast - 62 - - - - 62

Total of VGV (Company's share) 1,082 1,078 2,037 191 166 491 5,044

% of Total 21.4% 21.4% 40.4% 3.8% 3.3% 9.7% 100.0%

# of Units 12,943 7,623 9,664 456 559 8 31,253

Potential VGV Viver's share (R$ million)

Adjustments to Construction Budgets

In June 2011, the Company began reorganizing and strengthening its Construction area. David Fratel,

an executive whose career has spanned major builders and a construction management company, was

appointed Chief Construction Officer. The Construction area was further strengthened with the arrival

of a new team for the Planning & Control and Supply areas. The initial focus on evaluating the ongoing

projects led to the recognition of deviations in existing budgets, originated mainly by the lengthening of

the deadlines for completing these projects. We understand that this recognition was necessary so that

the Company could move ahead confident that it has regained control of its construction activity and

the future planning of its projects. The total impact of cost overruns was R$117 million (total share), as

detailed below.

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Project Location SegmentTotal Sales Value

(VGV) in R$MMCost Overrun in R$MM Rationale

Residencial Alto Belvedere Belo Horizonte - MG Mid High 62 - -

Felice Nova Lima - MG Low Income 53 - -

Gran Paradiso Belo Horizonte - MG Mid High 62 - -

Bora Bora Nova Lima - MG Mid 84 - -

Mont Blanc Belo Horizonte - MG Mid 75 - -

Mirante do Sol Nova Lima, MG Mid High 154 1.1 GenEx

Mairarê (fase 1) São Paulo - SP Mid 159 - -

Passeio Vila Leopoldina São Paulo - SP Mid 82 - -

Ghaia Tamboré, SP Mid High 222 18.3 GenEx/AFE

Ereditá Tamboré, SP Mid High 108 12.9 GenEx/AFE

Mund São Paulo, SP Mid 129 5.6 GenEx

Dream Guarulhos - SP Low Income 56 - -

Mairarê (fase 2) São Paulo - SP Mid 192 - -

Collection São Paulo - SP Low Income 59 - -

The Spot Ribeirão Preto - SP Mid 62 - -

Esmerald Park Marília - SP Super Low Income 41 - -

Viver Sumaré Amabilis Sumaré - SP Super Low Income 21 - -

Viver Sumaré Nobile Sumaré - SP Super Low Income 20 - -

Ways São Paulo - SP Mid 66 - -

Ventura Guarulhos - SP Super Low Income 70 - -

Viver Sumaré Aurea Sumaré - SP Super Low Income 24 - -

Viver Sumaré Splendidum Sumaré - SP Super Low Income 101 - -

Viver Sumaré Vivenda Sumaré - SP Super Low Income 21 - -

Viver Sumaré Verano Sumaré - SP Super Low Income 23 - -

Nova Fiusa Ribeirão Preto - SP Mid 157 - -

Residencial Línea Florianópolis - SC Mid 89 - -

Viver Canoas Canoas, RS Super Low Income 59 1.2 GenEx

Viver São Leopoldo São Leopoldo, RS Super Low Income 44 3.0 GenEx

Veríssimo Porto Alegre - RS Low Income 27 - -

Parque das Arvores Porto Alegre, RS Low Income 61 5.9 GenEx

Viver Reserva Porto Alegre - RS Super Low Income 44 - -

São José dos Pinhais S.J. dos Pinhais, PR Super Low Income 67 7.6 GenEx/PR

Canoas Happiness Canoas, RS Mid 63 13.1 GenEx/PR/PC

Marine Florianópolis, SC Tourism 126 5.2 GenEx/AFE/PC

Total Life Belém - PA Low Income 46 - -

Altos do Umarizal Belém - PA Mid High 64 - -

Viver Ananindeua Belém, PA Super Low Income 85 12.6 GenEx/PR

Sports Garden Batista Campos Belém, PA Mid 50 7.5 GenEx/AFE

Unique Natal, RN Mid High 40 6.5 GenEX/PC

Barra Bali Maceió, AL Tourism 61 7.8 GenEX/PC

Beira Mar (fase 1) Paulista - PE Low Income 49 - -

Beira Mar (fase 2) Paulista - PE Low Income 53 - -

Beach Park Wellness Resort Aquiraz - CE Tourism 109 6.9 GenEx

Premier Unique Goiânia - GO High 43 - -

Visage Oeste Goiânia - GO High 18 - -

L'Essence Rose Goiânia - GO High 39 - -

L'Essence Energie Goiânia - GO Mid 30 - -

Visage Arena Goiânia - GO Low Income 25 - -

Essenciale Style Goiânia - GO Low Income 23 - -

Areião Goiânia - GO Mid High 30 - -

Visage Sudoeste Goiânia - GO Low Income 13 - -

Premier Vision Goiânia - GO High 47 - -

Visage Actuelle Goiânia - GO Low Income 64 - -

Fama Goiânia, GO Low Income 70 2.2 GenEx

3,642 117

GenEx=general expenses, site operations, fixed administrative and technical teams

PR=relocation of panel plant/additional machinery rental costs

AFE=additional finishing expenses

PC=construction partner change

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Equally important to finding the deviations were the measures taken to prevent them from happening

again. In the revamped structure implemented by the area’s new management team, the degree of

autonomy of the Construction Manager was reduced and key tasks were transferred to the central

office, where specialized and highly experienced professionals now control these actions.

The chart below shows the changes in the Construction area:

Previous structure

Construction management

Cash

Inventory control

Procurement

Planning and controls

Quarterly budget updates

Site Manager: responsibilities

Current structure

Site Manager: responsibilities

Planning and Controls

Tracking of construction progress,on a monthly basis, both

physical and f inancial, utilizing “PMI”

Assessment of end result

Headed by ex responsible for planning, budgeting and

controls at PDG.

Supplies

Centralized procurement and inventory control

Headed by ex responsible for procurement and logistics at

Xerox Brazil.

Mai

n O

ffic

eSi

te

Co

nst

ruct

ion

sit

e

Construction management

Cash (managed via SAP)

Financial Performance

Net Revenue

Consolidated net operating revenues were R$141.5 million in 4Q11, 43.1% lower than the R$248.6

million reported in 4Q10.

Fourth-quarter revenue was impacted by the revision of construction cost budgets. As revenues in the

real estate sector are recognized based on the costs incurred in relation to the total budgeted costs

(Percentage of Completion method or PoC), the increase in budgeted costs reduced the percentage of

completion, consequently reducing the revenue recognition.

In 2011, net operating revenue totaled R$727.4 million, 6.5% lower than the R$778.3 million reported

in 2010.

Cost of Properties

Viver’s operating costs in 4Q11 were R$179.4 million, a 3.6% increase over 4Q10.

In 2011, operating costs totaled R$620.8 million, up 11.6% over 2010, mostly due to revision of

construction cost budgets and the start of construction of new projects.

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Financial charges resulting from development financing and corporate debt facilities used in

developments are capitalized under inventories and recognized under the operational cost in proportion

to the number of units sold.

The table below shows the breakdown of Costs of Properties:

Table 9 - Operating Cost (R$000)

(R$000) 4Q11 3Q11 4Q10 4Q11x3Q11 4Q11x4Q10 2011 2010 2011 x 2010

Total Operating Costs 179,441 133,699 173,172 34.2% 3.6% 620,771 556,132 11.6%

Cost of land, development and construction 164,827 112,303 155,006 46.8% 6.3% 553,507 511,855 8.1%

Financial Charges 14,614 21,396 18,166 -31.7% -19.6% 67,264 44,277 51.9%

Gross Profit and Backlog of Revenues and Results

Gross profit was a negative R$37.9 million in 4Q11, due to the revision of construction costs in the

quarter. The increase in budgeted costs, a nonrecurring effect, reduced gross profit by R$81.7 million

in 4Q11.

In 2011, gross profit totaled R$106.6 million, down 52.0% from 2010. Gross margin was 14.7% versus

28.5% in 2010, also due to the nonrecurring revision of the construction budgets.

Table 10 - Gross Profit (R$000)

(R$000) 4Q11 3Q11 4Q10 4Q11x3Q11 4Q11x4Q10 2011 2010 2011 x 2010

Gross Profit (37,934) 42,828 75,452 -188.6% -150.3% 106,648 222,184 -52.0%

Gross Margin -26.8% 24.3% 30.3% na na 14.7% 28.5% na

Adjusted Gross Margin¹ -16.5% 36.4% 37.7% na na 23.9% 34.2% na

¹ Excluding capitalized interest.

The tables below show that projects launched up to 2008 accounted for 68.4% of the revenue

recognized in 2011 and were the projects most affected by the construction budget revisions:

Table 11 - Gross Profit per year of launch (R$ 000)

Year of Launch Net Revenue Gross Profit Gross Margin

Launched in 2011 10,846 2,354 21.7%

Launched in 2010 44,635 3,065 6.9%

Launched in 2009 11,558 2,686 23.2%

Launched up to 2008 74,468 (46,039) -61.8%

TOTAL 141,507 (37,934) -26.8%

Year of Launch Net Revenue Gross Profit Gross Margin

Launched in 2011 48,031 16,112 33.5%

Launched in 2010 153,087 33,891 22.1%

Launched in 2009 28,780 6,847 23.8%

Launched up to 2008 497,521 49,798 10.0%

TOTAL 727,419 106,648 14.7%

4Q11

2011

11

In 4Q11, the backlog of revenues totaled R$715.5 million, while the backlog of results to be recognized

was R$249.8 million. The backlog margin in 4Q11 was 34.9%, 161 bps lower than in 4Q10, due to the

revision of budgeted costs of ongoing projects.

Costs to be recognized do not include financial charges and guarantee provisions, which are recognized

under operating costs in proportion to the units sold, when incurred.

The table below shows the backlog of revenues to be recognized in future periods, as well as

corresponding costs and expected margins:

Table 12 - Revenues and results to be recognized (R$000)

(for the period end) 4Q11 3Q11 4Q10 4Q11x3Q11 4Q11x4Q10

Revenues to be recognized 715,538 728,955 726,999 -1.8% -1.6%

Cost to be recognized (465,708) (457,377) (461,439) 1.8% 0.9%

Backlog of Results to be recognized 249,830 271,578 265,560 -8.0% -5.9%

Backlog Margin 34.9% 37.3% 36.5% -234 bps -161 bps

Selling, General and Administrative Expenses

In 4Q11, selling expenses reached R$15.6 million and general and administrative expenses amounted

to R$20.9 million.

In 2011, selling expenses amounted to R$61.3 million, 7.6% higher than in 2010, mainly due to

marketing campaigns to sell inventory units. As a percentage of net revenue, selling expenses came to

8.4% in 2011.

G&A expenses totaled R$69.7 million in 2011, down 5.2% over 2010 primarily due to the provision for

bonuses in the amount of R$8.1 million occurred in 2010.

Other Operating Expenses

In 4Q11, other operating expenses were R$25.1 million due to the nonrecurring provision for losses

arising from an agreement signed by the Company’s in 2007, whose guarantees were considered

insufficient by current management.

In 2011, other operating expenses totaled R$29.3 million, mainly due to the provision for losses in the

fourth quarter.

EBITDA

In 4Q11, Adjusted EBITDA excluding nonrecurring items related to the revision of the construction

budgets and other operating expenses was R$19.9 million (accompanied by an Adjusted EBITDA

12

margin of 8.9%). Including the impact of the nonrecurring items, 4Q11 EBITDA was negative R$83.7

million.

In 2011, Adjusted EBITDA excluding nonrecurring items mentioned above was R$120.6 million, with

margin of 14.9%. Including the impact of the nonrecurring items, 2011 EBITDA was R$17.0 million

(EBITDA margin of 2.3%).

The table below shows EBITDA and EBITDA margin in recent quarters and the comparison between

2011 and 2010.

Table 13 - EBITDA and Adjusted EBITDA (R$000)

4Q11 3Q11 2Q11 1Q11 2011 2010 2011x2010

EBT (115,134) (5,374) 15,584 15,028 (89,896) 94,667 -195.0%

(+) Financial Result

Net Financial Expenses (Income) 15,587 4,070 3,515 1,672 24,844 421 5801.2%

Non recurring Financial Expenses (Refis IV) - 11,468 - - 11,468 - na

SFH interest on Cost 6,692 10,770 9,885 6,826 34,173 19,731 73.2%

Corporate interest on Cost 7,922 10,626 6,440 8,103 33,091 24,546 34.8%

EBIT (84,933) 31,560 35,424 31,629 13,680 139,365 -90.2%

Depreciation 1,241 904 568 743 3,456 2,169 59.3%

Amortization (21) (32) (42) (55) (150) (427) -64.9%

Adjusted EBITDA (83,713) 32,432 35,950 32,317 16,986 141,107 -88.0%

EBITDA margin -59.2% 18.4% 15.8% 17.8% 2.3% 18.1% -1579 bps

Non recurring Itens 103,599 - - - 103,599 (1,030) na

Adjusted EBIT 18,666 31,560 35,424 31,629 117,279 138,335 -15.2%

Adjusted EBITDA 19,886 32,432 35,950 32,317 120,585 140,077 -13.9%

Adjusted EBITDA margin 11.8% 18.4% 15.8% 17.8% 16.0% 18.0% -202 bps

Financial Results

Net financial expenses totaled R$15.6 million in 4Q11, compared to net financial revenue of R$1.1

million in 4Q10. This increase was partly due to the recognition of financial expenses of R$4.0 million in

4Q11, impacted by the accounting reclassification (from operating costs to financial expenses) in a

project whose management was the responsibility of a partner.

In 2011, net financial expenses totaled R$36.3 million versus R$0.4 million in 2010. The financial result

in 2011 was impacted by a non-recurring effect amounting to R$11.5 million in 3Q11, related to an

adjustment in the migration of our tax obligation from PAEX to REFIS IV, in accordance with law

11,941/09.

Net Income

Viver posted a net loss of R$120.8 million in 4Q11 due to the revision of budgeted construction costs in

the quarter and the nonrecurring impact of other operating expenses. In 2011, the net loss was

R$114.9 million.

13

Balance Sheet

Cash, Cash Equivalents and Financial Investments

On December 31, 2011, cash, cash equivalents and financial investments totaled R$384.1 million,

compared to R$486.3 million as of September 30, 2011.

During the fourth quarter, funds were used for the payment of previously contracted land obligations,

financial expenses and other payments related to the Company’s operations.

The Company ended 2011 with R$516.1 million in receivables from finished units, related to the high

concentration of deliveries at the end of the year.

Transfer of client mortgages (“repasse”)

In 4Q11, Viver delivered 12 projects with VGV of R$707 million (Viver share). Excluding inventory units

and payments before the delivery of keys we had an amount of R$453 million in new receivables from

finished units by the end of 4Q11.

During 4Q11, R$78 million were transferred to banks and R$166 million were securitized. Considering

that at the end of 3Q11 Viver had a receivables portfolio from finished projects of R$307 million, the

receivables portfolio from finished projects totaled R$516 million, as detailed below:

* Excluding inventory units and pre-keys payments.

** True sale securitization with temporary co-obligation until ownership transfer.

4 of 12 projects fully notarized, R$150MM ready for transfer

R$ 460MM in performed receivables *

12 projects concluded during 4Q11

(R$ 700MM in VGV)

(3)

Performed

Receivables

Sep/11

Performed

Receivables

4Q11

44

307

453

283Notarized

Registry

110

Financial

Transfer

4Q11

Securitizations

4Q11 **

Performed

Receivables

Dec/11

78

166

516

14

Accounts Receivable

Accounts receivable (on balance) relating to development activities increased from R$892.9 million in

2010 to R$1,169.8 million on December 31, 2011, equivalent to 31.0%.

The total receivables portfolio (on balance and off balance) was R$1.9 billion at the end of 2011, as

detailed below.

Table 14 - Accounts Receivables (R$000)

4Q11 3Q11 4Q10 4Q11x3Q11 4Q11x4Q10

Current 983,743 1,000,464 805,895 -1.7% 22.1%

Long-term 186,095 168,651 87,037 10.3% 113.8%

Total “on balance” 1,169,838 1,169,115 892,932 0.1% 31.0%

Total "off balance” 700,487 716,218 718,621 -2.2% -2.5%

Total Account Receivables 1,870,325 1,885,333 1,611,553 -0.8% 16.1%

Total 2012 2013 2014 2015 and later

Total Account Receivables Schedule¹ 1,870,325 1,123,800 445,272 135,341 165,912

¹ Based on the schedule of projects delivery as of today's expectations and considering clients f inancial transfer process (“repasse”) in the construction conclusion.

Inventory (properties for development and sale)

Viver’s inventory balance on December 31, 2011 was R$1.3 billion. The Company’s inventory includes

land paid for in cash and acquired by swap, construction in progress, advances to suppliers and

completed units, as detailed below.

Table 15 - Inventory (R$000)

4Q11 3Q11 4Q10 4Q11x3Q11 4Q11x4Q10

Land 912,395 855,353 805,423 6.7% 13.3%

Properties under construction 301,363 326,814 330,960 -7.8% -8.9%

Units completed 89,780 70,739 61,780 26.9% 45.3%

Advances to Suppliers 31,769 31,986 1,861 -0.7% 1607.1%

Total 1,335,307 1,284,892 1,200,024 3.9% 11.3%

The table below shows the breakdown of our inventory units at market value in all stages of

construction at the close of 4Q11.

Table 16 - Inventory at market value (R$ 000)

(R$ million)

Segments Units completed Next 6 monthsNext 7 - 12

months

Next 13 - 24

monthsAfter 24 months Total

High 8,531 14,511 - 19,894 76,049 118,985

Middle High 74,143 - - 25,893 - 100,036

Middle 42,159 404 47,550 57,023 159,247 306,382

Low Income and Affordable 48,321 12,950 45,442 108,634 88,186 303,533

Commercial and Tourism 50,870 39,932 - - - 90,802

TOTAL 224,023 67,798 92,992 211,445 323,482 919,739

% 24.4% 7.4% 10.1% 23.0% 35.2% 100.0%

15

Indebtedness

Excluding SFH, other debts to finance projects and CEF debentures proceedings pledged Viver had a

net debt of R$313.7 million at the end of 2011 and a net debt to equity ratio of 31.1%. The total net

debt to equity ratio stood at 96.0% at the end of 2011.

Tabela 17 - Debt (R$ million)

Dec 11¹ Sep 11 Dec 10

Short Term 458.3 546.2 389.2

Corporate debt 199.3 207.6 182.3

SFH and Project financing debt² 259.0 338.6 206.9

Long Term 897.2 903.7 544.1

Corporate debt 262.2 291.8 281.8

SFH and Project financing debt² 635.0 611.9 262.3

Total Debt 1,355.5 1,449.9 933.3

Cash and Cash Equivalents 384.1 486.3 215.4

Net Debt 971.4 963.6 717.9

Net Debt (ex-SFH, Project financing debt and CEF debentures proceedings pledged) 315.6 265.0 248.7

Shareholder's Equity 1,005.9 1,126.7 1,120.8

Net Debt/Equity 96.6% 85.5% 64.1%

Net Debt/Equity (ex-SFH and Project financing debt) 31.4% 23.5% 22.2%

¹ As detailed in note 16 of the Company financial statements . 19.8

² As detailed in notes 15 and 16 of the Company financial statements .

16

About Viver Incorporadora e Construtora S.A.

Viver is a real estate developer and builder established over 19 years ago that is known for its high

quality developments and pioneering role in construction technology. The Company is active in all of

Brazil’s regions and its focus is on the residential market, particularly in the middle and low-income

segments. Viver is controlled by Paladin Realty Partners, a U.S.-based real estate private equity firm

focused on Latin America. The Company also benefits from the professional expertise of management

and adherence to strict standards of corporate governance. Viver’s stock is listed on BM&FBOVESPA’s

Novo Mercado segment and trades under the ticker VIVR3.

Investor Relations

Tel: (+55 11) 3046-3139

E-mail: ri.viver@viverinc.com.br

www.viver.com.vc/ir

17

Appendix

Consolidated Statements of Income - R$ (000) 4Q11 3Q11 4Q11 x 3Q11 4Q10 4Q11 x 4Q10

Gross operating revenue 146,745 183,242 -19.9% 209,842 -30.1%

Taxes (5,238) (6,715) -22.0% (7,838) -33.2%

Net operating revenue 141,507 176,527 -19.8% 202,004 -29.9%

Operating costs (179,441) (133,699) 34.2% (138,957) 29.1%

Gross profit (37,934) 42,828 -188.6% 63,047 -160.2%

Operating (expenses) income (61,613) (32,664) 88.6% (26,575) 131.8%

Selling expenses (15,607) (15,592) 0.1% (11,680) 33.6%

General and Administratives expenses (20,909) (17,243) 21.3% (16,906) 23.7%

Other Operating (expenses) income (25,097) 171 -14776.6% 2,011 -1348.0%

Income before financial results (99,547) 10,164 -1079.4% 36,472 -372.9%

Financial results (15,587) (15,538) 0.3% (257) 5965.0%

Financial expenses (32,590) (37,743) -13.7% (15,298) 113.0%

Financial income 17,003 22,205 -23.4% 15,041 13.0%

Income (Loss) before taxes on income (115,134) (5,374) 2042.4% 36,215 -417.9%

Income tax and social contribution (5,623) (7,325) -23.2% (7,541) -25.4%

Net Income (Loss) (120,757) (12,699) 850.9% 28,674 -521.1%

Consolidated Statements of Income - R$ (000) 2011 2010 2011 x 2010

Gross operating revenue 755,010 807,943 -6.6%

Taxes (27,591) (29,627) -6.9%

Net operating revenue 727,419 778,316 -6.5%

Operating costs (620,771) (556,132) 11.6%

Gross profit 106,648 222,184 -52.0%

Operating (expenses) income (160,232) (127,096) 26.1%

Selling expenses (61,272) (56,928) 7.6%

General and Administrative expenses (69,655) (73,453) -5.2%

Other Operating (expenses) income (29,305) 3,285 -992.1%

Income before financial results (53,584) 95,088 -156.4%

Financial results (36,312) (421) 8525.2%

Financial expenses (115,630) (51,119) 126.2%

Financial Income 79,318 50,698 56.5%

Income (Loss) before taxes on income (89,896) 94,667 -195.0%

Income tax and social contribution (25,032) (27,294) -8.3%

Net Income (Loss) (114,928) 67,373 -270.6%

18

Balance Sheet - R$ (000) Dec 2011 Sep 2011Dec 2011 x

Sep 2011Dec 2010

Dec 2011 x

Dec 2010

ASSETS

CURRENT ASSETS 1,983,191 1,963,992 1.0% 1,574,933 25.9%

Cash and Cash Equivalents 136,990 225,559 -39.3% 190,025 -27.9%

Financial Investments 238,158 140,894 69.0% - na

Receivables from clients 996,799 1,007,468 -1.1% 806,405 23.6%

Properties for development and sale 569,130 541,880 5.0% 512,636 11.0%

Other credits 23,279 32,680 -28.8% 51,918 -55.2%

Taxes to be recognized 14,196 10,296 37.9% 6,960 104.0%

Selling expenses to be recognized 4,639 5,215 -11.0% 6,989 -33.6%

NON CURRENT ASSETS 1,135,606 1,200,893 -5.4% 949,255 19.6%

Long-term assets 1,048,795 1,124,497 -6.7% 881,233 19.0%

Financial Investments 9,039 119,828 -92.5% 25,408 -64.4%

Receivables from clients 186,095 168,651 10.3% 87,037 113.8%

Properties for development and sale 766,177 743,012 3.1% 687,388 11.5%

Partnership current accounts 54,292 60,772 -10.7% 50,335 7.9%

Related parties 562 413 36.1% 258 117.8%

Taxes to be recognized 29,361 28,833 1.8% 27,600 6.4%

Selling expenses and others to be recognized 3,269 2,988 9.4% 3,207 1.9%

86,811 76,396 13.6% 68,022 27.6%

Properties and equipment 48,360 46,452 4.1% 45,015 7.4%

Intangible Assets 38,451 29,944 28.4% 23,007 67.1%

TOTAL ASSETS 3,118,797 3,164,885 -1.5% 2,524,188 23.6%

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES 836,131 834,111 0.2% 653,870 27.9%

Loans and financings 438,949 537,410 -18.3% 377,794 16.2%

Debentures ¹ 15,151 5,544 173.3% 1,945 679.0%

Co-obligation in assignment of receivables 141,623 37,383 278.8% 5,499 2475.4%

Securitization of Real Estate Receivables (CRI) 969 29 3241.4% - na

Derivatives 4,205 3,206 31.2% 9,524 -55.8%

Suppliers 39,940 32,293 23.7% 38,597 3.5%

Taxes and contributions 111,781 114,217 -2.1% 98,581 13.4%

Accounts payable 23,039 21,763 5.9% 42,263 -45.5%

Obligations for purchase of land 27,968 19,369 44.4% 28,955 -3.4%

Advances from clients 32,506 62,897 -48.3% 47,212 -31.1%

Related parties - - na 3,500 na

NON CURRENT LIABILITIES 1,276,763 1,204,114 6.0% 749,487 70.4%

Loans and financings 492,231 497,893 -1.1% 492,508 -0.1%

Debentures ¹ 396,411 396,177 0.1% 19,663 1916.0%

Co-obligation in assignment of receivables 84,815 60,409 40.4% 26,748 217.1%

Securitization of Real Estate Receivables (CRI) 97,912 86,540 13.1% - na

Derivatives 8,537 9,617 -11.2% 31,883 -73.2%

Taxes and contributions 48,978 51,212 -4.4% 46,540 5.2%

Accounts payable 17,728 18,196 -2.6% 19,150 -7.4%

Obligations for purchase of land 39,190 2,941 1232.5% 25,253 55.2%

Advances from clients 72,663 65,091 11.6% 72,695 0.0%

Reserves for contingencies 18,298 16,038 14.1% 15,047 21.6%

SHAREHOLDERS' EQUITY 1,005,903 1,126,660 -10.7% 1,120,831 -10.3%

Capital 1,208,063 1,208,063 0.0% 1,208,063 0.0%

Acumulated gain (loss) (202,160) (81,403) 148.3% (87,232) 131.7%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,118,797 3,164,885 -1.5% 2,524,188 23.6%

¹ As detailed in note 16 of the Company financial statments.