NOTICE TO SHAREHOLDERS Distribution of Dividends

Mogi das Cruzes, April 29, 2015 - HELBOR EMPREENDIMENTOS S.A. ("Company") (BM&FBOVESPA: HBOR3), a residential and office real estate developer with projects in 27 cities in 10 Brazilian states and the Federal District, hereby informs its shareholders and the market in general that the Company's Annual Ordinary Shareholders' Meeting held on April 29, 2015 approved, among other matters, the distribution of dividends in the total amount of R$ 100,109,645.81 (one hundred million, one thousand and nine, six hundred and forty five reais and eighty one centavos), equiv alent to R$ 0.3962180104 per common share, less the 5,036,900 treasury shares , in accordance with the following terms:

1. The total amount of R$ 100,109,645.81 (one hundred million, one thousand and nine, six hundred and forty five reais and eighty one cen tavos), corresponding to 48% (forty eight percent) of the total net income and 50% (fifty percent) of the adjusted net income, in accordance with Article 202 Law nº 6.404, of December 15, 1976, as amended ("Brazilian Corporate Law").
2. Each common share, less the treasury shares, will confer the right to receive the amount of
R$ 0.3962180104 the mandatory dividend.
3. The people will be entitled to the dividend declared that were registered as shareholders of the Company on the base date of April 29, 2015.
4. As of April 29, 2015, inclusive, the Company`s shares will be traded ex -dividend rights.
5. The treasury shares will not be entitled to any amount as dividend, as provided for in § 4 º of
Article 30 of the Corporations Law and Article 16 of CVM Instruction N º. 10, 1980.
6. The payment will be executed, in a single installment in local currency, on May 12, 2015.
7. The payment will not be subject to any monetary restatement or remuneration between the present date and the effective payment date;
8. On the date of dividend payment, the Company will deposit the dividend payable to each shareholder according to the number of common shares held on the record date of April 29,
2015, according to the domicile provided to Banco Bradesco S .A., the financial institution provider of bookkeeping services of the Company's shares.
9. The shareholders whose records does not include the registration of CPF/CNPJ number or indication of "Bank / Branch / Current Account", the dividends will only be credited on the 3rd business day after the date of the registration update in the electronic files of Banco Bradesco S.A., which can be done through any branch.
10. The Shareholders whose shares are held in institutions providing securities custody services will have their dividends credited according to procedures adopted by depository institutions.
11. The receipt of the dividend is exempt from income tax in accordance with Article 10 of Law
Nº. 9,249, 1995.
12. Service Locations - In the branches of Banco Bradesco S.A. authorized to provide services to shareholders, during banking hour's service.
In accordance with applicable law and in accordance with best governance practices, the Company will keep its shareholders, its investors and the market in general informed about other corporate actions.
Mogi das Cruzes, April 29, 2015.

HELBOR EMPREENDIMENTOS S.A.

Roberval Lanera Toffoli
Chief Financial and Investor Relations Officer

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