1

Institutional Presentation

November 2011

Disclaimer

This presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for or purchase

any securities neither does this presentation nor anything contained herein form the basis to any contract or

commitment whatsoever.

The material that follows contains general business information about LPS Brasil – Consultoria de Imóveis S.A

(“LPS”) as of September 30th, 2011. It is not intended to be relied upon as advice to potential investors. The

information does not purport to be complete and is in summary form. No reliance should be placed on the

accuracy, fairness, or completeness of the information presented herein and no representation or warranty,

express or implied, is made concerning the accuracy, fairness, or completeness of the information presented

herein.

This presentation contains statements that are forward-looking and are only predictions, not guarantees of

future performance. Investors are warned that these forward-looking statements are and will be subject to

many risks, uncertainties, and factors related to the operations and business environments of LPS and its

subsidiaries such as competitive pressures, the performance of the Brazilian economy and the industry, changes

on market conditions, among other factors disclosed in LPS filed disclosure documents. Such risks may cause the

actual results of the companies to be materially different from any future results expressed or implied in such

forward-looking statements.

LPS believes that based on information currently available to LPS management, the expectations and

assumptions reflected in the forward-looking statements are reasonable. Lastly, LPS expressly refuses any duty to

update any of the forward-looking statements contained herein.

2

Investment Highlights

3

Highlights 2011

Awards

Considered the main award of the real estate industry in Brazil; Lopes won The Top Imobiliário

aditions, since 1993.

Top Imobiliário Award

Ranking Valor 1000

Listed by Valor Econômico as one of the 1000 largest business groups in Brazil;

Greater emphasis on the 20 th largest net margin between all groups; 8th place in value generation between service companies.

Agressive strategies of M&A, expanding business into other regions of the country;

Lopes was considered the largest company in real estate marketing and consulting in Brazil, in the last five

years.

IG/ Insper Award

Achievements

Mr. Francisco Lopes

initiates its activities

intermediating

properties

1935 40´s

50´s

60´s

70´s

80´s

90´s

00´s

Launch one of the

first buildings under

the condominium

concept

First TV

advertisement for

a real estate

development

Start of long term

partnership with

Gomes de Almeida

Fernandez (Gafisa)

Launch and sell of 14

office buildings at Av.

Paulista

Launch and sell of 11

office buildings at the Faria

Lima region

Creation of the launching

system with sales stands

and marketing materials,

attracting customers

specially during weekends

Identification of Marginal

Pinheiros as an attractive

area and launch one of

the first buildings in the

region

Start up of sales of hotel

condominium (Flats)

Partner of Grupo Espírito

Santo in selling one of the

largest launching in Lisboa:

Parque dos Príncipes

Introduction of the

concept of condominium

clubs

First “Top Imobiliário”

award, in 1993 – Largest

Brokerage Company

Lopes becomes an important player at

the segment of gated communities

Triples in size in a decade,

strengthening its leadership

Wins its 16th consecutive

“Top Imobiliário”

Lopes’ IPO

Lopes starts its geographic expansion

process

Lopes’ website become leader on real

state market

Joint Venture with Itaú Bank in order to

create CrediPronto, our mortgage

company.

Lopes’ follow-on

The company’s first

logo

Becomes reference in real

estate launchings and

presents its new logo

The Brokerage Market Has No Other Company With Our History

and Track Record

5

Simple and Focused Value Added

Business Model

Main Distribution

Channel in the Industry with a

National Footprint

Low Risk Business

with a Diversified Client Base : Cash

Generator Company

Already scaled down to face new

market conditions

Unmatched Scale and Reach

Experienced Management Team

and Outstanding Track Record

Investment Highlights

6

7

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

Joint Venture with Banco Itaú to

provide mortgage loans

Low, mid and high-income segments

Mortgage Loan Primary Market Secondary Market

Focus on secondary market, with a

unique model of own stores and a

network of licensed brokers

Growth through acquisitions

LPS Brasil: Unique Business Platform

+

7

8

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

BRAZIL 2.5% 2.7% 2.5% 2.4% 2.4% 2.4%

Primary

SP 3.0% 3.2% 3.1% 2.9% 3.0% 3.0%

Habitcasa 1.8% 1.9% 1.9% 1.9% 1.9% 2.1%

RJ 2.2% 2.1% 2.1% 2.2% 2.0% 2.2%

Other

Markets 2.1% 2.3% 2.1% 2.1% 2.1% 2.1%

Secondary

SP 2.5% 2.4% 2.3% 1.9% 2.4% 2.3%

RJ - - 2.3% 2.4% 2.5% 2.4%

Other Markets

- - - 2.1% 2.4% 2.4%

Lopes Net Commission

9

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

Virtuous Cycle of the Business Model Creating Strong Barriers to Entry

Strong Established Base

Leading, nationally recognized brand

Present in 12 Brazilian states and in the Federal

District

Extensive distribution channel

Database with more than 1.9 million clients

More than 360 homebuilder clients

Leadership and Wide Range of Products Indisputable Sales Performance

Speed of sales of 22.6% in 9M11,

and 52% for Habitcasa

R$12.8 billion in contracted sales

in 9M11.

Most visited website in the real

estate sector: near 12 million

visitors in the first nine months of

2011.

Retention of Talent

Largest sales force: over 15,000

independent brokers

Attracts and maintains its sales force

Leader in the primary market

One-stop-shop: unique and

complete solution for the client

: unique platform to

develop the secondary market

: partnership with one

of the largest retail banks in the

world, Itaú Unibanco

9

Institutional Website

10

Visits on www.lopes.com.br

Source: Google Analytics,

The most visited

website in the real estate market

Strong investment

in online media

Increased

generation of Leads

Higher sales

conversion

• Over 12 million unique accesses in

the first nine months of 2011

•600 launches and more than 45

thousand units in the secondary

market

• Mobile version compatible with

over 5 thousand kinds of cell phones

• First brokerage company to launch

an App for iPad

• Leader in presence in social

networks

Competitive Advantage

Competitive Advantage: A single, integrated and solid Company

“Lopes” culture in all

business units of different

states

National Integration

of Systems

One single brand,

recognized by the

market

Identity that stands

Lopes out from the

competitors

11

LPS Brasil’s Market Mix

53% 52% 54% 49% 50% 46% 48% 44% 45%

5% 6% 5% 5%

11% 19% 18% 24% 21%

16% 14% 14% 17%

9%

12% 9% 8% 7%

7% 12% 10% 11% 12%

10% 11% 12% 12%

6% 6% 6% 6% 6%

5% 2% 2% 8%

13% 10% 11% 13% 12% 8% 12% 10% 7%

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

São Paulo

Rio de Janeiro

Brasília

South

Northeast

Other*

*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas 12

LPS Brasil in the Primary Market

13

Lopes is exclusively focused on providing value-added real estate brokerage services to its client-developers, with a permanent concern of avoiding conflicts of interest

Formal relationship through agreements

Over 360 Clients

1,903,925 prospects included in our data base

Client-Developers Client-Buyers

Ho

w d

o w

e d

o

bu

sin

ess

?

Ho

w d

o w

e m

ak

e m

on

ey

?2

, 3

$ 0.19

$ 0.07

$ 2.14

$ 100

$ 10

Total Price

per Unit

Down-

payment

Gross

Commission

$ 0.85

$ 1.15

Agents +

Managers

Re

ve

nu

e R

ec

og

nitio

n

$ 4.40 ²

Developer

1 Data until Dec-10 2 Data from the LTM

$ 2.00

$ 2.40

Net Commission Premium Contract Advisory Fee

Simple and Focused Business Model…

14

Lopes is focused on providing its clients with a full range of consulting services, from land procurement advisory to product formatting, development and sale

Value-Added Services Across the Development Cycle

Determines

the Site’s Vocation

Masters Market

Research

Formats Product Meeting Buyers’

“Wants and Needs”

Develops

Marketing Campaign

Optimizes Media

Negotiations

Coordinates

Product

Launching

Events

Individual Sales Strategy

Created to Each Product

Coordinates Product

Launching Events

15

Lopes is Growing Nationwide

SOUTHEAST REGION São Paulo – Beginning of operations in 1935. Acquisition of 60% of Capucci

&Bauer, in October 2007, for R$9 million (7.1x P/E 2008) and an earn-out

payment. Acquisition of 51% of Itaplan, in September 2011, for R$29.2 million

(R$10.6 million + R$18.6 million earn out).

Rio de Janeiro – Entry by greenfield operation, with beginning of operations in

July 2006, with LCI-RJ. . Lopes acquires permanently an additional 10% stake

of Patrimóvel, in July 2010, and more 31% in October 2010 (51% total).

Espírito Santo – Acquisition of 60% of Actual, in July 2007, for R$5.76 million

(7.0x P/E 2008) and an earn-out payment.

Minas Gerais – Entry by greenfield operation with beginning of operations in

February 2008. Acquisition of 51% of Brisa, in September 2011, for R$5.5 million

(R$1.9 million + R$3.6 million earn out).

SOUTHERN REGION States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition of 75% of

Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two ear-out

payments. In July 2008, Lopes acquired the 25% left by the call/put

mechanism.

MIDDLE WEST REGION Federal District – Acquisition of 51% of Royal, in November 2007, for R$12

million (9.0x P/E 2008) and an earn-out payment.

Goiás - Greenfield operation with beginning of operations in August 2008.

NORTHEAST REGION Bahia - Greenfield operation with beginning of operations in October 2007.

Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 3

million (10.0x P/E 2008) and an earn-out payment. In September 2009, Lopes

acquired the 40% left by the call/put mechanism. In 2010, there was a transfer

to LPS Fortaleza –of 100% (one hundred percent) of the capital stock of LPS

Pernambuco.

Ceará e Rio Grande do Norte – Acquisition of 60% of Immobilis, in January

2008, for R$2.4 million (10.0x P/E 2008) and an earn-out payment.

Lopes tracks developers’ regional movements, consolidates its

position as the largest consulting and sales player

PR

RJ

BA

SP

RS

ES

SC

PE

MG

DF

CE

GO

RN

Source: Lopes RI 16

HIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

BUSINESS UNITS

Sales Expertise in all Market Segments

Local

Usable Area

Sales

Location

Usable Area

Sales

Location

Usable Area

Sales

Location

Usable Area

Sales

Capital Augusta – Aug/11

Location

Usable Area

Sales

CASE

CASE

CASE

CASE

CASE

17

Consolação/ SP

38 / 54 m2

157 un. – R$ 10,150/m²

99% sold.

Developer: Esser

Saúde/ SP

55 m²

Bosque da Estação – Jul/11

52un. – R$7,250/m²

100% sold.

Developer : Zogbi

São Paulo/ SP

47 / 55 m²

Reserva do Horto – Aug/11

102 un. – R$ 4,400/m²

90% sold.

Developer : Jose Turecki

Guarapiranga/ SP

43 / 46 m2

Dez Guarapiranga – Aug/11

181 un. – R$ 3,220/m²

100% sold.

Developer : Cury

Sumaré/ SP

32 / 449 m²

Office Sumaré – Sep/11

125 un. – R$ 5,000/m²

80% sold.

Developer : Rossi

LPS Brasil in the Low Income Segment

18

HABITCASA: Focus on Low Income Segment

Focus on Low Income Segment

Units up to R$ 300 thousand

The Habitcasa brand is applied in all Lopes’ markets

19

20

11%

36%

25%

29%

3Q10

3Q10

3Q11

3Q11

Units Sold

Contracted Sales

Total units sold = 12,929

Total Contracted Sales = R$4,286 million

11%

31%

22%

36%

30%

44%

17%

9%

42%

36%

12%

10%

Sales by Income Segment – Primary and Secondary Markets

LPS Brasil in the Secondary Market

21

Pronto!

22

Pronto has 248 stores in 11 States + Federal District : 48 owned stores and

200 licensed brokers

SOUTHEAST REGION

São Paulo – Acquisition of 51% of VNC, in July 2010, for R$7.1

million (R$ R$1,8 million + R$0,3 million of investments + R$5,2

million of earn out ).

Acquisition of 51% of Plus Imóveis, in August 2010, for R$11.7

million (R$4.7 million + R$7.0 million of earn out).

Acquisition of 51% of Maber, in September 2010, for R$17.3

million (R$6.0 million + R$11.3 million of earn out).

Acquisition of 55% of Local, in December 2010, for R$25.6 million

(R$10.0 million + R$15.6 million of earnout)

Acquisition of 60% of Erwin Maack, in March 2011, for R$8.4 million

(R$2.9 million + R$5.5 million of earn out)

Acquisition of 51% of Condessa in July 2011, for R$4.9 million

(R$1.9 million + R$3 million of earn out).

Acquisition of 60% of Imóvel A in October 2011, for R$24.3 million

(R$10 million + R$14.3 million earn out).

Rio de Janeiro – Acquisition of 51% of Self Imóveis, in July 2010,

for R$ 2,6 million (R$900 thousand + R$1,7 million of earn out)

FEDERAL DISTRICT :

Acquisition of 51% of AçãoDall’Oca in April 2011, for R$12.2 million (R$3 million + R$9.2 million of earn out).

SOUTH REGION

Rio Grande do Sul – Acquisition of 51% of Ducati, in December

2010 forR$15,5 million (R$5.3 million + R$10.2 million of earnout).

Paraná – Acquisition of 60% of Thá, in February 2011, for R$20.9

million (R$7.4 million + R$13.6 million of earnout).

23

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

Present in 11 states and the Federal District

– Covers 91% of the Brazilian GDP

– 48 own stores

– 200 licensed brokers

– Strong presence in São Paulo and Rio de Janeiro

Unique one-stop-shop business model

Solid client base

Strong internet presence

Diversified products in the portfolio

Unique Platform Poised for Growth Well Defined Acquisition Model with a Successful Track

Record

Appreciation and alignment of interests

– Earn-out

– 51% ownership stake

Natural Consolidator

Potential synergies:

– Scale and reach: network effect

– Access to mortgage financing

– Expertise of LPS Brasil management

Pronto!: A Natural Consolidator

Acquisition strategy:

– Companies with expertise in their regional markets

– Companies with limited access to capital

– Well positioned in relevant markets

– Widespread network

Successful acquisitions through the years

– 11 acquisitions since July 2010 focused on the secondary market

– Benchmark for future partners

– Accretion

23

Strengthening of mortgage origination and other related services.

Leadership position

in their respective

markets

Management

Excellence High Value Brands

Joint Venture Lopes Itaú

Lopes and Itaú created the first and biggest pure mortgage company of Brazil.

Direct and exclusive access to its

customer database

Seamlessly integrated operation with

Lopes’ sales process, including an

incentive compensation plan

Lopes media exposure

Service excellence

Competitive financing terms and

conditions

Speed and quality of processing

Experienced credit analysis

Successful exposure to the lending

business and in joint ventures

24

25

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

Differentiated Model: One-Stop-Shop

Winning Model

Secondary Market: a significant potential for origination

48 own stores and 200 licensed real estate brokers in 11

states and the Federal District

Selective acquisitions to replicate the successful formula

used in the primary market

37% of Pronto!’s contracted sales are financed by

Credipronto!

Distinctive channel for clients in the secondary market

Over R$1.6 billion in financing

Incipient market in Brazil with huge expansion potential

59% of CrediPronto! transactions are originated through

Pronto!

Use of LPS Brasil’s platform and significant reduction in

CAPEX requirement

Focus

Relevance

Growth

Potential

Synergies

25

26

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

CrediPronto!

In 3Q11, CrediPronto! financed R$358 million, reaching R$895 million in mortgage loans in 2011.

26

Financed Volume

(R$ MM) (R$ MM)

Accumulated Volume Sold*

*It doesn’t include amortization.

154

358

3Q10 3Q11

132%

591

1,699

sep/10 sep/11

187%

Mortgages Portfolio

CrediPronto!

The Average Portfolio Balance in 3Q11 was R$1,272 million.

(R$ MM)

27

178

1,436

Opening portfolio balance Ending portfolio balance

Sep/11

707%

Jan/10

217 247 291 331 385

437 474 529

591 654

727 804

854 928

1,013 1,113

1,219

1,340

1.461

1.598 1.698

1.843

Accumulated Sales Volume *

CrediPronto!

(R$ MM)

28

CrediPronto! financed over R$143 million in October 2011.

*Not including amortization.

11%

29

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

Credipronto!: Unique Partnership to Capture Mortgage Loan Market Potential

Evolution of Origination (base 100 = Jan-10)1

Business Highlights

Profit Sharing with limited credit risk

Leverage on LPS Brasil’s points of sale

Differentiated process of approval and release of funds

Unprecedented credit in the market

Innovative Real Estate Financing Process

Notes: 1 ABECIP (as of December 30th, 2010) and Company. Ranking based on June/2011 origination 2 Excluding Caixa 3 Bacen

+ Market

Leader

Largest Private Bank

in Brazil

High Growth Potential – Real Estate Financing equals only 4% of Brazilian GDP2

Credit Analysis Assessment ofthe Property

Legal Analysis Issuance of theContract

Release ofResources

24 hoursUntil 3

workingdays

2 working

days

3 working

days

5 working

days

Efficiency in Release of Credit

29

1,4% 1,9% 1,7%

Market Share CrediPronto!

2,4% 2,4%

100

168 177

245 241

376

411

125 145 147 144 179

209

1T10 2T10 3T10 4T10 1T11 2T11 3T11

Credipronto! Mercado

3,0% 2,8% CrediPronto! already has a Market Share of

5.4% among private banks (excluding Caixa)

It is responsible for more than 15% of the mortgage portfolio of Itaú

Total market financing 3T11: R$12.8 billion and R$32.5 billion in the 9M11 (including Caixa)

Brazilian Real Estate Market

30

31

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

Growth 2007 - 2030

Significant Creation of Demand

Demographic Bonus Population Pyramid (millions of people)

Expansion of Class C (% of the population) Number of Families by Income Segment (millions)

40%

60%

80%

100%

1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

Economically active population = 15 – 64 year-old

Dependence Index

(8%) 78% 160% 233% 291% 433%

2003

2008

11%

49%

24%

16%

Classes A and B Class C Class D Class E

8%

37%

27%

28%

Source: IBGE, Bird, Febraban and FGV

31.7

15.5

8.4

3.3 1.1 0.3

29.1 27.6

21.8

11

4.3 1.6

Up to R$1k

R$1k to

R$2k

R$2k to

R$4k

R$4k to

R$8k

R$8k to

R$16k

Above

R$ 16k

2007A

2030E

31

106% 104%

88% 84%

81%

68% 65%

48%

42% 40% 38%

35%

22% 22% 19%

15% 11% 11% 10%

6% 5% 5% 5% 4% 3% 3% 2% 2% 2% 1% 1%

Source: Goldman Sachs, Abecip, BCB

Mortgage Market

Mortgage Market as a % of GDP

32

33

R: 176

G: 17

B: 22

R: 180

G: 180

B: 180

R: 90

G: 90

B: 90

R: 255

G: 155

B: 155

R: 253

G: 231

B: 227

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

R: 255

G: 155

B: 155

Growth Drivers

Housing deficit

– 7.2 million houses (2009)

Incipient mortgage loan market

Declining interest rates

Rising employees’ income

Growing availability of long-term funding

Increasing secondary market financing

Increasing family turnover

Market Potential for Real Estate Financing

Source: Bacen and ABECIP Notes: 1 Data from 2006, except for Brazil (2009) 2 FGV’s Center for Social Studies, 2010 3 Represents the number of times a family moves to a different house during their lifetime. Source: Credit Suisse

Mortgage Loan Access (% by Social Class)2

7.7%

5.0%

3.0%

1.7%

Classes A and B Class C Class D Class E

4.0x

1.8x

9.0 – 10.0x

G-7 Mexico Brazil

Family Turnover3

5.4

6.7

7.9

6.3 5.8

1991 2000 2006 2007 2008

Quantitative Housing Shortage (millions of homes)

33

3578

2471

2234

3.430

2517

3687

Average (Units Sold/Launched) = 0,85

Average (Units Sold/Launched) = 1,2

Units Launched and Sold SP Capital

Sales Speed Metropolitan Region of São Paulo

Year Units Lauched Units Sold

2008 34.500 32.800 2009 30.100 35.800 2010 37.300 35.870 08M11 16.600 20.400

Units Launched

Units Sold

R$/m2

SPMR Real Estate Market Overview – Prices

Source: EMBRAESP

Nominal

INCC Adjusted

Evolution of Average Launches’ Prices in SP

R$/m2

35

1360 1370 1550 1620 1740

1930 2230

2470

2850 2890 3050 3000

3200 3480

4470

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

4120 3880

4180 4140 4070 4180 4390

4190 4340

4040 4040 3770 3680 3730

4570

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

Lopes’ Confidence Index

36

118,0

133,1

100,0

125,0

82,0

116,9

Expectation Index Lopes' Confidence Index Present Situation Index

(base: jan/2009=100)

Source: Lopes Market Intelligence

Lopes’ Confidence Index (LCI) – September/11

Lopes is the first company to create a Real Estate Consumer Confidence Index.

37

Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,

housing purchase tendency.

The sample has 591 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and

are interested in purchasing a new home.

Lopes’ Confidence Index (LCI)

September/11

Sales Speed Over Supply

38

39

24.5% 22.3%

2Q11 3Q11

51% 45.5%

2Q11 3Q11

Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed

Sales Speed over Supply

*Management information, The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

Operational Highlights

40

(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)

(255, 128, 128) (255, 204, 153)

Contracted Sales’ Historical in the Primary Market*

•Unaudited managerial information.

• 2010 considers 100% of Patrimovel sales

Total GVS – Primary Market

(in R$ thousands)

591 850 1,166 1,253 1,556 1,853 2,545

4,873

9,370 8,658

14,364

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

41

(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)

(255, 128, 128) (255, 204, 153)

Contracted Sales

(R$ MM)

Contracted Sales

42

Units Sold

In this Quarter, We Achieved R$ 4.3 billion in Contracted Sales.

3,345 3,326

272 960

3Q10 3Q11

3,617 18%

4,286

9,940 10,872

340

2,057

3Q10 3Q11

10,280

26% 12,929

(128, 128, 128) (255, 225, 225) (192, 192, 192) (0, 0, 102) (128, 0, 0) (154, 186, 222) (234, 234, 234) (243, 250, 255)

(255, 128, 128) (255, 204, 153)

R$ 1 BI

R$1.8 BI

R$ 1.5 BI

Secondary Market

Non-listed homebuilders

Listed homebuilders

43

Contracted Sales Breakdown

Contracted Sales

Contracted Sales= R$ 4.3 billion

22%

43%

35%

Financial Highlights

44

3Q11 Results

45

3Q11 Results

(R$ thousand)

Lopes Pronto! CrediPronto! Consolidado

Gross Revenue 80,981 25,868 8,356 115,206

Revenue from Real Estate Brokerage 77,356 25,868 534 103,759

Revenue to Accrue from Itaú 3,625 - - 3,625

Earn Out - - 7,822 7,822

Net Revenue 67,946 21,704 8,290 97,940

(-) Operating Costs and Expenses (44,988) (19,058) (3,416) (67,462)

(-) Stock Option Expenses (CPC 10) (469) - - (469)

(-) Expenses to Accrue from Itaú (238) - (286) (524)

(=)EBITDA 22,250 2,646 4,589 29,485

EBITDA Margin 32.7% 12,2% 55.4% 30.1%

(-) Depreciation and Amortization (6,005) (6,030) (10) (12,044)

(+/-) Financial Result 22,625 173 162 22,960

(-) Income and social contribution taxes (4,690) (1,622) (406) (6,717)

(=) Net Income for the year 34,180 (4,832) 4,335 33,683

Net Margin 50.3% -22.3% 52.3% 34.4%

(=) Net Income for the year

- Attributable to Non Controlling Shareholders (3,963)

- Attributable to Controlling Shareholders 29,721

Net margin after Non Controlling Shareholders 30.3%

CrediPronto!

46

(R$ thousand) P&L 2010

Amount financed 600,030

Portfolio opening balance 177,688

Portfolio ending balance 707,053

Portfolio average balance 403,587

Financial Margin 9,773

% Spread 2.42%

(-) SalesTaxes -919

(-) Total costs and expenses -22,087

(-) Expenses Itaú -3,471

(-) Expenses Olímpia -12,551

(-) Commissions -5,945

(-) Insurance and sinister (+/-) -120

(+/-) Bank correspondance -

(+) Other Revenues (Financial) 2,153

(-) Allowance for Doubtful Accounts -3,210

(-) IRPJ/CSLL 302

(=) Net result -13,988

% Net margin -143%

50% Profit Sharing -6,994

*The managerial P&L measures the results of the JV. Olimpia’s Results and all Revenues and Expenses incurred by Itau are considered.

• The numbers of the managerial P&L were audited for 2010 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.

• General (0,5%)

47

Allowance for Doubtful Accounts

Automatic credit score – 100% of the new contracts

For delays higher than 29 days

Example of P&L with a contract de financiamento para um imóvel de $200:

Ex: Sale for

$300

Ex: Sale for

$150

Month 8

$100

-$60

+$200

$240

Month 1

$100

-$60

-

$40

Month 2

$100

-$60

-$5

$35

Month 5

$100

-$60

-$25

$15

+$100: Profit for the bank

-$50: Loss of the bank

• Specific (variable)

Sale of the

recovered property

Recovery of

Property

¹ Including general allowance

Default

Financial Margin

Expenses¹

Specific Allowance

Result

Additional Information

48

Two seasonality components:

• Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more significantly affected by summer vacations and the week of Carnival celebrations.

• Variations in sales stemming from the sales pipeline in the real estate development market, in which projects launched are subject to licensing and permit requirements, which account for significant distortions in a quarter-over-quarter comparison.

Lopes’ Contracted Sales Seasonality

Unstable sales behavior in each quarter accounts for variations in yearly sales

49 * The seasonality can not be verified in 2008, because of the effects of the world financial crisis.

17% 18%

14%

23%

15%

19% 21%

31%

22%

32%

24% 25% 25% 22% 23%

29% 28% 26%

37%

29%

41%

16%

33% 30%

2005 2006 2007 2008* 2009 2010

1Q 2Q 3Q 4Q

Ownership Structure

Total of 56,562,283 common shares

Ownership Structure Post-IPO

50

32%

8%

18%

34%

7% 1%

Rosediamond LLP

F.I.M. Crédito Privado Mocastland

Administradores

Investidores Estrangeiros - Free Float

Investidores Nacionais - Free Float

Pessoa Física

Contacts

INVESTOR RELATIONS CONTACT

E mail: ri@lopes.com.br

Website: www.lopes.com.br/ri

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