1. Institutional Presentation May 2009

2. 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 March 2009. 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.

3. Investment Highlights

4. 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

7. Lopes Net Commission SP GVS / Consolidated GVS 100% 95% 80% 50% 41% Net Commission São Paulo Net Commission Brazil 2005 2006 2007 2008 1Q09

8. Lopes’ business is clearly fundamental to the profitability and returns of its clients… With a Key Role in the Real Estate Value-Chain More than 5.000 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

9. 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

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

13. Geographic Expansion

14. 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

15. Lopes’ Market Mix São Paulo Rio de Janeiro Brasília South Northeast Other* *Other: ES, MG, GO and PA.

16. Lopes in the Secondary Market

17. 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

18. 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

19. CrediPronto!

21. 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!

22. Brazilian Real Estate Market

23. 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

24. 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

25. 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 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 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* +14% +37%

26. 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

27. Lopes’ Confidence Index

28. 116,9 Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term, housing purchase tendency. The sample has 565 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and are interested in purchasing a new home. +35.6% Lopes’ Confidence Index (LCI) April/09 (base: jan/2009=100) Source: Lopes Market Intelligence Lopes’ Confidence Index (LCI) - April/09 Lopes is the first company to create a Real Estate Consumer Confidence Index.

29. 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. The factors that show the optimism for the future are : (i) the perception about the brazilian economic situation in the next 6 months , which for 47% of the interviewed will be good; and (ii) the purchase intention , which is high or medium for 75% of the interviewed. 116,9 36% 39% 31% (base: jan/2009=100) Fonte: Inteligência de Mercado Lopes Lopes’ Confidence Index (LCI) – April/09 Low Income Medium-High High Lopes’ Confidence Index Present Situation Index Expectation Index

30. Operational Highlights

31. Contracted Sales’ Historical* * Unaudited managerial information. Total GVS – Primary Market (in R$ million) CAGR: 36% -38%

32. Contracted Sales (R$ MM) Contracted Sales 2,336 1,441 -12% 1,600

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

34. 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

35. Financial Highlights

36. Results 1Q09 Without Pronto! and CrediPronto!’s effects Lopes’ EBITDA would achieve R$7,4 million, with a 23% margin, and a Net Income of R$4,6 million, with a 14% margin. Brasília had a R$4,7 million Income, while Campinas had a R$1,0 million Income. 1Q09 Results (R$ thousand) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED Net Revenue 32,820 1,073 763 34,656 Operating Costs and Expenses (25,141) (2,884) (704) (28,729) Stock Option Expenses(CPC 10) (824) - - (824) Expenses Appropriated from Itaú (238) - - (238) EBITDA Pro-Forma 7,442 (1,812) 59 5,689 Pro-Forma EBITDA Margin 22.68% -168.9% 7.7% 16.4% Non- Recurring Expenses (1,313) (37) - (1,351) Net income Pro-Forma 4,614 (1,782) 304 3,136 Pro-Forma Net Margin 14.06% -166.1% 39.79% 9.05%

38. Costs of Services and Operating Expenses * The total costs and operating expenses include the 4Q08 write-off on CPC04 of $ 10 million and the reversal of interest on Patrimóvel of $ 14.6 million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does not include the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú. Operating Costs and Expenses (R$ thousands) 4Q08 1Q09 Lopes Pronto! Var. % Personnel expenses 22,010 13,980 12,435 1,530 (37%) Commissions and other services 2,120 1,091 959 117 (49%) Third party services, advisory and consulting 7,155 2,344 2,050 279 -67% Infrastructure 2,872 3,279 2,707 557 14% Telecommunications 4,028 2,028 1,908 106 (50%) Advertising and marketing 3,884 1,416 1,238 163 (64%) Depreciation 1,500 1,633 1,406 228 9% Office supplies 436 393 349 29 (10%) Other operating expenses (296) 3,493 3,373 105 (1,280%) Stock Option expenses 6,299 824 824 - (87%) Itaú expenses to accrue - 238 238 - - Non-recurring Loss - 1,351 1,313 37 - Total 50,011 32,071 28,960 3,112 (36%)

39. (R$ MM) Other Costs of Services and Operating Expenses Operating Costs and Expenses Other R$3.8 MM Itaú ‘s expenses to accrue R$0.2 MM Depreciation R$1.4 MM Pará’s One-Off Costs R$1.3 MM Stock Option R$0.8 MM

40. Guidance for 2009

41. 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.

42. Sales’ Guidance for 2009 – Secondary Market *Secondary market sales from Lopes’ other units are not included. . Pronto!’s Guidance 2009 Contracted Sales R$ 1.1 billion – R$ 1.4 billion i. Sales Lopes* R$ 0.4 billion – R$ 0.6 billion ii. Sales Franchisers R$ 0.7 billion – R$ 0.8 billion Net Revenue R$ 12 million – R$ 14 million

43. Additional Information

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

46. 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 David Lawant (+55 11) 3073-3037 david.lawant @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]