Institutional Presentation February 2009

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 (“Lopes”) as of the 31 st of December 2008. 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 Lopes 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 Lopes 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. Lopes believes that based on information currently available to Lopes management, the expectations and assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses any duty to update any of the forward-looking statements contained herein.

Investment Highlights

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 in 2009 Unmatched Scale and Reach Experienced Management Team and Outstanding Track Record Investment Highlights

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 15 th consecutive “Top Imobiliário” Lopes’ IPO Lopes starts its geographic expansion process Lopes’ website become leader on real state market The company’s first logo Becomes reference in real estate launchings and presents its new logo Brokerage Market Has No Other Company With The History and Track Record of Lopes

Mr. Francisco Lopes initiates its activities intermediating properties

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 15 th consecutive “Top Imobiliário”

Lopes’ IPO

Lopes starts its geographic expansion process

Lopes’ website become leader on real state market

The company’s first logo

Becomes reference in real estate launchings and presents its new logo

1 st Lopes R$ 5 bn Market Share: 25% 5 th Habitcasa R$ 1 bn Market Share: 6% 31% 3 th Fernandes Mera 6% 1 st Lopes/ Habitcasa 4 th Coelho da Fonseca 5% 13% 5 th Del Forte (BR Brokers) 4% 2 nd Abyara 6 th IPrice (BR Brokers) 4% 9% 7 th Itaplan 2% 10 th Exclusiva 3% 23% 11 th to 167 th Other 9 th Klabin Segal Market Share R$ (MM) ¹ 8 th Avance (BR Brokers) 2% 142% 4.518 Launched GVS¹ (R$) and Market Share 2008 – RMSP ¹ Nominal Figures Source: Lopes Market Intelligence and Embraesp

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 Simple and Focused Business Model… Formal relationship through exclusivity agreements Over 160 Clients 46,393 effective buyers 1 80,000 prospects included in our data base in 2007 Client-Developers Client-Buyers How do we do business? How do we make money? 2, 3 $ 0.53 $ 0.12 $ 2.45 $ 100 $ 10 Total Price per Unit Down- payment Gross Commission $ 0.73 $ 0.12 $ 1.05 Agents + Managers Revenue Recognition $ 5 Developer 1 Over the last 5 years in Sao Paulo Figures only for example, not related to financials Considering Sao Paulo market $ 1.90 $ 3.10 Net Commission Premium Contract Advisory Fee

Formal relationship through exclusivity agreements

Over 160 Clients

46,393 effective buyers 1

80,000 prospects included in our data base in 2007

1 Over the last 5 years in Sao Paulo

Figures only for example, not related to financials

Considering Sao Paulo market

Lopes Net Commission SP GVS / Consolidated GVS 100% 95% 80% 50% Net Commission São Paulo Net Commission Brazil

Lopes’ business is clearly fundamental to the profitability and returns of its clients… With a Key Role in the Real Estate Value-Chain Almost 6.000 brokers Real Estate Development Brazilian Market Dynamics … and its scale and reach – nearly impossible to replicate – enhance this importance Working Capital Is Fundamental Pre Sales Speed of Sales Concentrated in the Launch Period Reliance on Sales Force Scale and Efficiency Speed of Sales is the Key for Profitability

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

Institutional Website Evolution of visits to Lopes’ Website Source: Google Analytics

Notes: Managerial Reports. Absorption calculated over available units Sales Expertise in all Market Segments Granja Viana / SP 153/197/230 m 2 Reserva Santa Maria – Sep/ 07 177 units Location Usable Area Sales Cachambi / RJ 48 to 65 m 2 Norte Village – Jun / 07 850 un. – R$ 113,000,000 Location Usable Area Sales Paralela / BA 112 to 243 m 2 Le Parc Residential Resort – Nov / 07 258 un. – R$ 121,000,000 Location Usable Area Sales Barra da Tijuca / RJ 203 to 260 m 2 Santa Mônica Jardins – Nov / 06 142 un. – R$ 20,700,000 Location Usable Area Sales Barra da Tijuca / RJ 262 to 278 m 2 Itaúna Gold 30 units – R$ 45.000.000 Location Usable Area Sales 100% sold within 3 weeks Developer: Scopel and Desim CASE 90% sold within 5 months. Developer: Living / Brascan CASE 58% sold within 11 days. Developers: Cyrella / Andrade Mendonça / Jotagê CASE 70% sold within 1 year. Developer: Brascan CASE 80% sold within 30 days Developer: Brascan CASE HIGH MEDIUM-HIGH MEDIUM ECONOMIC GATED COMMUNITIES

100% sold within 3 weeks

Developer: Scopel and Desim

90% sold within 5 months.

Developer: Living / Brascan

58% sold within 11 days.

Developers: Cyrella / Andrade Mendonça / Jotagê

70% sold within 1 year.

Developer: Brascan

80% sold within 30 days

Developer: Brascan

HABITCASA: Focused on the Economic Segment Business Unit Exclusively Focused on the Economic Segment Units ranging up to R$180 thousand Focused in all Brazilian real state market Own units in São Paulo, Rio de Janeiro and São Paulo’s countryside The other markets work with the brand The economic segment will be one of the most important drivers for the long term growth of the real estate industry, due to the Brazilian housing deficit of 8 million homes 1 . 1 According to Fundação Getúlio Vargas – FGV

Business Unit Exclusively Focused on the Economic Segment

Units ranging up to R$180 thousand

Focused in all Brazilian real state market

Own units in São Paulo, Rio de Janeiro and São Paulo’s countryside

The other markets work with the brand

193% 37% R$ 2.9 BN R$ 4.0 BN Lopes Positioning in the Low Income Segment With the expansion of the low income segment in São Paulo’s market, the Habitcasa’s initiative was essential to protect the Lopes’ market share of launchings. Data of the Metropolitan Region of São Paulo – Source: EMBRAESP and Lopes managerial data.

Geographic Expansion

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. Rio de Janeiro – Entry by greenfield operation, with beginning of operations in July 2006, with LCI-RJ. 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. 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. Ceará – 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 CE GO PR RJ BA SP RS ES SC PE MG DF

Lopes in the Secondary Market

The Secondary Market Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis 118 Primary Secondary 100% (Total in R$ billion, % of total potential sales value) Real estate market by segment In the city of São Paulo, the difference is as high as 30% ~ 50% Difference (in %) between the average price per m² in new development vs. used properties

= At the same time that a property sale generates a “derived” demand for financing, it broadens the base of buyers, creating a virtuous circle that supports liquidity in the secondary real estate market. Pronto! and Credipronto! (JV with Itaú) will mutually strengthen this virtuous circle, offering a unique service in the real estate market Synergies Between Credipronto! and Pronto! – Competitive Advantage With Lopes’ leadership and financing from Itaú (Brazil’s largest bank), Pronto! and Credipronto!, acting together, will create a competitive advantage that is hard to replicate

CrediPronto!

Strengthening of mortgage origination and other related services. Leadership position in their respective markets Management Excellence High Value Brands Joint Venture Lopes Itaú Establishment of a Promotion Sales Company (non-financing company) to promote and offer financial products and services – mortgage and other related – with emphasis on the secondary market and with exclusivity to Lopes’ clients 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

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

Innovative Real State Financing Process The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions. CrediPronto!

Brazilian Real Estate Market

Social Economic Scenario and Housing Shortage 5,4 6,7 1991 2006 2000 7,9 Source: Fundação João Pinheiro e Ministério das Cidades Source: Credit Suisse 47 million homes 19% A/B > 10 minimum wages- US$ 1.900 52% 5 – 10 minimum wages- US$ 950 - US$ 1.900 30% C 28% < 5 minimum wages - US$ 950 51% D/E 20% Source: Losango * Qualitative Housing Shortage is the number of times that a family moves to different houses in life Age Pyramid in Brazil Segments by Income in Brazil Quantitative Housing Shortage (millions of homes) Qualitative Housing Shortage Source: IBGE

AAA AAA AA A+ A+ A A- BBB+ BBB- BBB- BBB+ Mortgage Market as a % of GDP Mortgage Market and the Investment Grade Source: Lopes, FMI, S&P and Santander X Rating S&P

Number of Launches - RMSP GVS¹ Launched (R$ bn) - RMSP Units Launched (‘000) - RMSP ¹ Launched values adjusted by the INCC until December/08. 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 +14% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 +37% 1996 1997 2006 2007 2008 Nominal GVS launched in 2008 was the same amount as 2007: R$ 20 bn. 20,6 Launches RMSP – Historic data (1996 - 2008) Source: Lopes’ Market Intelligence *2009E – 1996 + GDP growth or similar amount of 2006 (GDP growth – CAGR with data from IBGE, GDP of 2008 was annualized). 2009E*

R$/m 2 SPMR Real Estate Market Overview – Prices Source: EMBRAESP Nominal INCC Adjusted Evolution of Average Launches’ Prices in the SPMR R$/m 2

Real Estate Funding 87% 50% FGTS and Savings Accounts 1H07 x 1H08 FGTS and Savings Accounts Funding Source: CEF and Abecip

Macroeconomic Scenario Source: IPEA Source: Central Bank and ABN Real Source: IBGE Source: BEA e Bloomberg 5.9 1.4 GDP Brazil GDP US Brazil: Savings Accounts and Investments (% GDP) Savings Accounts and SHF Brazil GDP Growth(%) US GDP Growth (%) 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 6.0 4.0 2.0 - 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% Savings Accounts Related Resources Real Estate Financing 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 -

Lopes’ Confidence Index

Lopes’ Confidence Index (LCI) Janeiro/09 Lopes’ Confidence Index Present Situation Index Expectation Index +44% 116,9 (base: dec/2008=100) Source: Lopes Market Intelligence Lopes’ Confidence Index (LCI) - Janeiro/09 Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term, housing purchase tendency. The sample has 586 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and are interested in purchasing a new home. 120,0 Lopes is the first company to create a Real Estate Consumer Confidence Index.

The scenario is positive when compared the present purchase intention with the purchase intention for the next 6 months, specially in the Low Income and Medium-High Segment. Among the questions made in the research, the family economic situation was the most stable one. For 34% of the interviewed the family economic situation is good, while 61% considered it regular. or the nest 6 months, 28% believe that it will be better, while 69% believe it will be as it is. 116,9 Lopes’ Confidence Index (LCI) – January/09 Lopes’ Confidence Index Present Situation Index Expectation Index Low Income Medium-High 35% High 44% 53% 124.3 (base: dec/2008=100) Source: Lopes Market Intelligence

Operational Highlights 4Q08

Contracted Sales’ Historical* * Unaudited managerial information. Total GVS – Primary Market (in R$ million) CAGR: 36%

Contracted Sales (R$ MM) Contracted Sales -26% 93% 1.6 2.2 5.2 10.1 4Q07 4Q08

Units Sold per Region and per Income Segment Sales per Segment (in units) Sales per Region (in units)

Lopes stands out as the brokerage company with the best performance per sales agent. The highest contracted GVS per sales agent ratio is an appeal and a retention factor for the best brokers of the market. (R$ MM) Source: Lopes Market Intelligence Contracted Sales per Agent - SP

Financial Highlights 4Q08

Cash Position Before and After Patrimóvel’s Renegotiation *Future Payments: R$ 145 millions - Patrimóvel R$30 millions – Acquisitions Payments R$35 millions – Estimated Acquisitions’ Earn-out Payments * Future Payments: R$30 millions – Acquisitions Payments R$35 millions – Estimated Acquisitions’ Earn-out Payments

Non Recorrent Effects Patrimóvel Patrimóvel’s Goodwill (R$ 75.4 MM) Total Patrimóvel’s Payable Accounts R$ 14.6 MM Impact on Results (R$ 60.8 MM) New Accounting Practices CPC 04 – Pre-Operational Costs R$10 MM CPC 10 – Stock Option R$6.3 MM Estimated Cost Reduction Reduction One-Time Costs 3Q08 R$ 41 MM/year R$ 3.1 MM 4Q08 R$ 26 MM/year R$ 2.3 MM Total R$ 67 MM/year R$ 5.4 MM

Adjusted EBITDA Pro Forma* *Adjusted EBITDA is a non-accounting measure created by Lopes, consisting of net income before the participation of minority interests, income tax and social contribution tax, net financial result (financial revenues and expenses), depreciation, amortization and non-operating income. The calculation of the Adjusted EBITDA does not correspond to any generally accepted accounting practice in Brazil, nor does it represent cash flow for the periods presented, and should not be considered a substitute for net income or a substitute for cash flow as an indicator of liquidity. Adjusted EBITDA Pro Forma does not considers the effects of Patrimóvel’s goodwill lost, changes on accounting practices and the cost reduction. Adjusted EBITDA Pro Forma -115% 50% -12% EBITDA Margin 3% 51% 32% 4Q07 4Q08 2007 2008 (R$ MM) Adjusted EBITDA Pro Forma 2008 (R$ MM)

Lopes 2008 EBITDA’s Analyze 42% 45% 31% -12% 32% *This value is not an indicative of Pronto!’s operational costs, it should not be used as base to on going expenses, because of the accounting practices changes. 3Q08 ∆ 4Q08 Sales R$2.9 Billions -45% R$1.6 Billion Net Commission 2.5% 4% 2.6% Net Revenue R$65.3 Millions -46% R$35.5 Millions Operational Expenses R$44.9 Millions -14% R$38.7 Millions Pronto!’s Operational Costs* - - R$2.8 Millions

Adjusted Net Income Pro Forma* Adjusted Net Income Pro Forma (R$ MM) -166% 35% -37% Adjusted Net Margin -39% 37% 14% 4Q07 4Q08 2007 2008 Adjusted Net Income Pro Forma 2008 (R$ MM) * The adjusted net income is the accounted net income, excluding the amortization of the goodwill. Adjusted Net Income Pro Forma does not considers the effects of Patrimóvel’s goodwill lost, changes on accounting practices and the cost reduction.

Cost Reduction Quarterly Effect *About the impact of this reduction annualized, the Company will also incur in: Pronto! expenses (with its own revenue guidance) Already granted Stock Options expenses (R$3.3 million in 2009) From a R$165MM year base, the on going costs reached an estimated amount of 67MM. Pronto!’s Costs in 4Q08

*About the impact of this reduction annualized, the Company will also incur in:

Pronto! expenses (with its own revenue guidance)

Already granted Stock Options expenses (R$3.3 million in 2009)

Guidance for 2009

Sales’ Guidance for 2009 – Primary Market 9% (R$ MM) * The General Value of contracted sales (Contracted GVS) projected in this release may change due to many variables. This material fact includes forward looking statements related to business perspectives, results estimates and, also, the growth outlook for Lopes. Such forward looking statements may be substantially affected by changes in market conditions, government decisions, stronger competition, industry performance as well as Brazilian economy performance, in addition to those risks presented in the documents released and filed by Lopes, consequently, they are subject to changes without previous notice.

Additional Information

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

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.

Ownership Structure Total of 49,448,033 common shares Ownership Structure Post-IPO

Analysts Coverage Institution Analyst Contact Agora Cristiane Viana (+55 21) 2529-3393 [email_address] Banco Espírito Santo TBD - Credit Suisse Marcelo Telles (+52 55) 5283-8933 [email_address] Itaú Tomas Awad (+55 11) 5029-4517 tomas.awad@itau.com.br Link Celso Boin Jr. (+55 11) 4505-6701 [email_address] Planner Ricardo Martins (+55 11) 2172-2600 rmartins@plannercorretora.com.br UBS Pactual Rodrigo Monteiro (+55 21) 3262-9208 [email_address] Coin Valores Marco Barbosa (+55 11) 3035-4141 [email_address]