Apresentação institucional inglês 17.05.2010

1. Institutional Presentation May 2010

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 March 31st, 2010. 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. 2

3. Investment Highlights 3

5. Launch and sell of 11 office buildings at the Faria Lima region

6. Creation of the launching system with sales stands and marketing materials, attracting customers specially during weekends

7. Mr. Francisco Lopes initiates its activities intermediating properties

8. Introduction of the concept of condominium clubs

9. First “Top Imobiliário” award, in 1993 – Largest Brokerage Company

11. Triples in size in a decade, strengthening its leadership

12. Wins its 15th consecutive “Top Imobiliário”

13. Lopes’ IPO

14. Lopes starts its geographic expansion process

15. Lopes’ website become leader on real state market

17. Start up of sales of hotel condominium (Flats)

18. Partner of GrupoEspírito Santo in selling one of the largest launching in Lisboa: Parque dos Príncipes

19. Start of long term partnership with Gomes de Almeida Fernandez (Gafisa)

20. The company’s first logo

21. Launch one of the first buildings under the condominium concept4

22. Investment Highlights Simple and Focused Value Added Business Model Experienced Management Team and Outstanding Track Record Unmatched Scale and Reach Main Distribution Channel in the Industry with a National Footprint Already scaled down to face new market conditions Low Risk Business with a Diversified Client Base : Cash Generator Company 5

23. Lopes’ Operation 6

25. 1,280,935 prospects included in our data base

26. Formal relationship through agreements

27. Over 300 ClientsHow do we do business? Revenue Recognition Total Price per Unit $ 100 $ 3.00 $ 10 How do we make money?2, 3 Developer $ 5.00 $ 2.00 Down-payment GrossCommission Agents +Managers 1 Data from the period between Jan/2001 and Sep/09 Figures only for example, not related to financials Considering Sao Paulo market 7

28. Lopes Net Commission Net Commission Brazil 2005 2006 2007 2008 2009 1Q10 SP GVS / Consolidated GVS 100% 95% 80% 50% 48% 54% Net Commission São Paulo 8

29. With a Key Role in the Real Estate Value-Chain Lopes’ business is clearly fundamental to the profitability and returns of its clients… Real Estate Development Brazilian Market Dynamics Working Capital Is Fundamental Pre Sales Speed of Sales Concentrated in the Launch Period Speed of Sales is the Key for Profitability Reliance on Sales Force Scale and Efficiency More than 8,600 brokers …and its scale and reach – nearly impossible to replicate – enhance this importance 9

30. Value-Added Services Across the Development Cycle Lopes is focused on providing its clients with a full range of consulting services, from land procurement advisory to product formatting, development and sale Optimizes Media Negotiations Coordinates Product Launching Events Determines the Site’s Vocation Develops Marketing Campaign Individual Sales Strategy Created to Each Product Coordinates Product Launching Events Masters Market Research Formats Product Meeting Buyers’ “Wants and Needs” 10

31. Lopes: Thevirtuouscirclethatmakes us the Best BrokerageCompany in the Real EstateMarket Sales Products MarketInteligence Brokers Clients 11

32. Institucional Website Evolution of visits to Lopes’ Website Themostvisitedwebsite in the real estatemarket Stronginvestment in online media Increasedgenerationof Leads Highersalesconversion Source: Google Analytics, 12

33. Competitive Advantage “Lopes” culture in all business units of different states One single brand, recognized by the market National Integration of Systems Identity that stands Lopes out from the competitors Competitive Advantage: A single, integrated solid Company 13

39. Developer: Helbor.Location 140 un. – R$ 5,300/m² Sales 42 / 45 m² Usable Area Notes: Managerial Reports. Absorption calculated over available units 14

40. Geographic Expansion 15

41. 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. In September 2009, Lopes acquired the 40% left by the call/put mechanism. 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. CE RN PE BA DF GO MG ES SP RJ PR SC RS Lopes tracks developers’ regional movements, consolidates its position as the largest consulting and sales player 16

42. Lopes’ Market Mix Other* Northeast South Brasília Rio de Janeiro São Paulo *Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas 17

43. Lopes in the Low Income Segment 18

44. HABITCASA: Focus on Low Income Segment Focus on Low Income Segment Units up to R$ 180 thousand The Habitcasa brand is applied in all Lopes’ markets 19

45. Habitcasa Stands Up as the Biggest Player in sales in the Low Income Segment In 2009, HabitcasabecameCaixa’scorrespondent Only Real State Brokerage Company specialized on the low income segment, not only in sales, but also in advisory Sales in the 1Q10 increased 150% when compared to the 1Q09 1,615 units sold in the 1Q10 Average Price in the 2009 of R$135 thousand 61% Sales Speed In the 1Q10 20

46. Habitcasa – Strategy that turns into results Active Sales in streets Habitcasa’s Store Car Sound Moving Unit Pamphlet 21

47. Habitcasa – Strategy that turns into results Moving Unit Stand Active Sales in streets Case Guarulhos: 8000 visits captured by Habitcasa’s brokers 20,000 visits in the Guarulhos’ products Conversionaveragesales / visits = 29% 22

48. Sales by Income Segment 1Q10 Contracted Sales Total Contracted Sales = R$2,545 million 1Q10 1Q09 UnitsSold Total unitssold = 10,521 1Q10 1Q09 23

49. Increase in the Potential Demand Mortgage R$96,000 Unit Value R$120,000 30% of income commitment 80% of the total value financed Monthly Payment (R$) In Minimum Wages Interest Tax (%) Interest Tax (%) 24

50. Better Economic Situation of the Low Income Segment… Source: IBGE, FGV, Ernst & Young Source: FGV Source: “Minha Casa, Minha Vida” Program 25

51. ... and also Better Supply of Mortgages Source: IBGE, BC Source: ABECIP, Central Bankof Brazil, CEF e FGV 26

52. Minha Casa Minha Vida Brazilian Government will dispose of R$34 bi. In the State of São Paulo 183,995 units will be built. 41% have a monthly family income between 3 and 10 minimum wages, with “Minha Casa, Minha Vida” this families will become potential buyers. São Paulo’s families (3.4 million of families) 10% has purchase intention for the next 12 months It is estimated that there is a 140 thousand units demand in the city of São Paulo inside the “Minha Casa, Minha Vida” program . (1.4 million of families) Source: Lopes’ Market Intelligence Premise: with the federal government subsidy, the decrease of interest rates and more extended mortgages terms, the minimum family income to acquire a R$100 thousand house became 3 minimum wages, not 6 minimum wages as before. 27

53. Minha Casa Minha Vida Units per Income Units Distribution In the Southeast Region 28

54. Minha Casa Minha Vida 2 Units per Income 29

55. Sales Speed Metropolitan Region of São Paulo Low Income Segment Units Launched and Sold SP Capital Average (UnitsSold/Launched) = 1.50 Average (UnitsSold/Launched) = 0.80 6.131 5.663 4.027 3.613 1.644 1.113 382 jun/08 feb/10 Sep/08 dec/08 Sep/09 dec/09 jun/09 mar/09 UnitsSold YearUnitsLaunchedUnitsSold 2008 34.500 32.800 2009 30.100 35.800 UnitsLaunched Source: Secovi –SP and Lopes’ Market Intelligence. 30

56. Lopes in the Secondary Market 31

58. Competitive financing terms and conditions

59. Speed and quality of processing

60. Experienced credit analysis

61. Successful exposure to the lending business and in joint ventures

62. Direct and exclusive access to its customer database

63. Seamlessly integrated operation with Lopes’ sales process, including an incentive compensation plan

64. Lopes media exposureLeadership position in their respective markets Management Excellence High Value Brands Strengthening of mortgage origination and other related services. 32

65. CrediPronto! Innovative Real Estate Financing Process The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions. 33

67. Agility and perception of a non-financial institution; and

68. Lower process costs.34

69. CrediPronto! CrediPronto!’s Financing (R$ MM) 300% In the 1Q10 CrediPronto! financed R$86.9 million, through 334 contracts and an average payment term of 270 months. 35

70. CrediPronto! Mortgage Portfolio Evolution (R$ MM) Sincethebeginningof its operation, CrediPronto! alreadyfinanced R$291 million. 36

71. Pronto! Pronto has 30 ownedstoresand 175 credentialedstores 1Q10 205 Stores 152 Stores 4Q09 93 Stores 3Q09 23 Stores 2Q09 1Q09 9 Stores 37

72. Pronto! OneStop Shop Concept One Stop Shop Purchasing/Selling your property + Financing 38

73. Synergies Between Credipronto! and Pronto! – Competitive Advantage Easy Credit Access (Financing) Distribution Channel Pronto! and CrediPronto! acting together create a competitive advantage that is hard to replicate. 39

74. Brazilian Real Estate Market 40

75. Brazil 1,8x Mexico 4,0x G-7 9-10x Social Economic Scenario and Housing Shortage Age Pyramid in Brazil Segments by Income in Brazil Income > US$ 2,509 A/B Income between US$ 582 and US$ 2,509 C Income between US$ 419 and US$ 582 D Income < US$ 419 E 47 million homes Source: IBGE Source: FGV Quantitative Housing Shortage (millions of homes) Qualitative Housing Shortage Source: CreditSuisse * Qualitative Housing Shortage is the number of times that a family moves to different houses in life Source: Fundação João Pinheiro e Ministério das Cidades 41

76. MortgageMarket Mortgage Market as a % of GDP Source: Goldman Sachs – Base 2007-2008 42

77. 20,6 Launches Metropolitan Region of São Paulo – Historic data (1996 - 2009) GVS¹ Launched (R$ bn) - SP 1996 1997 2007 2008 2009 2006 ¹ Launched values adjusted by the INCC until February/10 Nominal GVS launched in 2008 was the same amount as 2007: R$ 20 bn. Number of Launches - SP Units Launched (‘000) - SP 43 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: Lopes’ Market Intelligence

78. SPMR Real Estate Market Overview – Prices Evolution of Average Launches’ Prices in SP R$/m2 R$/m2 Nominal INCC Adjusted Source: EMBRAESP 44

79. The Secondary Market Real estate market by segment Difference (in %) between the average price per m² in new development vs. used properties (Total in R$ billion, % of total potential sales value) 100% 118 Primary Secondary In the city of São Paulo, the difference is as high as 30% ~ 50% Source: ITBI, Gafisa prospectus, CushmanWakefieldreport, teamanalysis 45

80. Factors that Sustain the Growth in the Real State Market 46

81. Lopes’ Confidence Index 47

82. 116,9 Lopes’ Confidence Index (LCI) – April/10 Lopes is the first company to create a Real Estate Consumer Confidence Index. Lopes’ Confidence Index (LCI) April/10 Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term, housing purchase tendency. The sample has 536 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and are interested in purchasing a new home. (base: jan/2009=100) Source: Lopes Market Intelligence 48

83. Optimist Evaluation Growth Present Purchase Intention Growth (base: jan/2009=100) Source: Lopes Market Intelligence

84. Sales Speed Over Supply 50

85. Sales Speed over Supply Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed *Management information, The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches. 51

86. Habitcasa’s Sales Speed Over Supply Sales Speed Over Supply HBC x In-House Sales Forces In-House Sales Forces Month Habitcasa’s Sales Speed Over Supply proves to be much larger than the averageof the Internal Sales Forces’. 52

87. Operational Highlights 53

88. Contracted Sales’ Historical* Total GVS – Primary Market (in R$ million) CAGR: 31% * Unaudited managerial information. 54

89. Contracted Sales Contracted Sales (R$ MM) 2,545 1,411 55

90. UnitsSold per Regionand per IncomeSegment Sales per Region (in units) Sales per Segment (in units) 56

91. Financial Highlights 57

92. Net Commission by Market Net Commission 1Q09 1Q10 58

93. Results 1Q10 Without Pronto! and Credipronto!’s effect, Lopes’ EBITDA would’ve been R$24 million, with a 40% margin and a Net Income of R$14 million, with a 23% margin. Brasília had a R$5.2 million Income, while Campinas had a R$1.5 million Income, what explains the minorities Interests of R$4.0 million. 59

94. Costs of Services Provided and Operating Expenses OperatingCostsandExpenses 1Q10 (R$ MM) Other 60

95. Guidance for 2010 61

96. Sales’ Guidance for 2010 (R$ BI) 32% * 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. 62

97. Additional Information 63

99. 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.Unstable sales behavior in each quarter accounts for variations in yearly sales 64 * The seasonality can not be verified in 2008, because of the effects of the world financial crisis.

100. OwnershipStructure OwnershipStructurePost-IPO Total of49,506,719 commonshares 65

101. Analysts Coverage 66

102. Contacts 67