1. 3Q11 Presentation
Presenters
Francisco Lopes – COO
Marcello Leone – CFO and IRO
Bruno Gama - COO CrediPronto!
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2. Forward-looking statements
This presentation does not constitute or form part of any offer, or invitation or solicitation of any offer to purchase,
sell or subscribe for shares or other securities of the Company, nor shall this presentation or any information
contained herein form the basis of, or act as inducement to enter into, any contract or commitment whatsoever.
This presentation contains financial and other information related to the business operations of Lopes –LPS Brasil
Consultoria de Imóveis S.A and its subsidiaries (“LPS” or the “Company”) as of and for the period ended
September 30th 2011. It should not be considered as a recommendation for prospective investors to sell, purchase
or subscribe for securities of the Company. The information presented herein is in summary form and does not
purport to be complete. No reliance should be placed on the accuracy completeness of the information
contained herein, and no representation or warranty, express or implied, is given on behalf of the Company or its
subsidiaries as to the accuracy completeness of the information presented herein.
This presentation contains forward-looking statements. Investors are advised that whilst the Company believes
they are based on reasonable assumptions by Management, forward-looking statements rely on current
expectations and projections about future events and financial trends, and are not a guarantee of future results.
Forward-looking statements are subject to risks and uncertainties that affect or may affect business conditions
and results of operations, which therefore could materially differ from those anticipated in forward-looking
statements due to several factors, including competitive pressures, Brazilian macroeconomic conditions,
performance of the industry, changes in market conditions, and other factors expressed or implied in these
forward-looking statements or disclosed by the Company elsewhere, factors currently deemed immaterial.
The forward-looking statements contained herein speak only as of the date they are made and neither
Management, nor the Company or its subsidiaries undertake any obligation to release publicly any revision to
these forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipated
events.
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3. Program
I. Highlights
II. Operational Results
III. Credipronto!
IV. Financial Results
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4. Highlights
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5. Highlights
• LPS Brasil reached R$4.3 billion in contracted sales in 3Q11, a 19% growth from 3Q10
• In the 9M11, contracted sales totaled R$12.7 billion, 33% higher than the same period of 2010
• Net Revenue in this quarter was R$97.9 million, 12% higher than 3Q10
• In October, CrediPronto! set a new record for a single month, originating R$144 million in
mortgages. The growth in sales from January to October was 115%.
• 8 acquisitions in 2011: Imobiliária Thá (Curitiba), Erwin Maack (São Paulo), AçãoDall’Oca
(Brasília), Condessa (São Paulo), Brisa (Minas Gerais), Itaplan (São Paulo), Imóvel A (São
Paulo) and Eduardo Imóveis (Mogi das Cruzes). We have accomplished 15 acquisitions since
July 2010, with total sales of R$6.2 billion.
• CrediPronto! financed R$358 million in the 3Q11, corresponding to R$581.1 in sales. The
accumulated origination since the begining of the Company’s operations sums over R$1.8
billion, considering October’s results.
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6. Operational Results
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7. Contracted Sales
Contracted Sales Units Sold
(R$ MM)
4,286
18% 13,126 -2%
3,617 12,929
960 657 2,057
272
9,940
3,345 3,326 10,872
3Q10 3Q11 3Q10 3Q11
In this Quarter, we Achieved R$ 4.3 billion in Contracted Sales.
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8. Contracted Sales – 9M11
Contracted Sales Units Sold
(R$ MM)
12,721 42,100
33% 36,016 17%
9,573 5,737
2.719 1,674
731
34,342 36,363
10,002
8,842
9M10 9M11 9M10 9M11
In the first nine months of 2011, we reached R$ 12.7 billion in contracted sales.
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9. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed
51% 45.5%
24.5% 22.3%
2Q11 3Q11 2Q11 3Q11
*Management information, 9
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

10. Sales by Income Segment – Primary and Secondary Markets
Contracted Sales
Total Contracted Sales = R$4,286 million
3Q10 3Q11
11% 11%
29%
36%
36% 31%
25%
22%
Units Sold
Total units sold = 12,929
3Q10 3Q11
9%
30% 10%
17% 12% 42%
44% 36%
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11. Contracted Sales by Geographic Region – Primary and Secondary Markets
Contracted Sales
3Q10 3Q11
12% 13%
12% 12% 45%
5% 51% 2%
7%
9%
11% 21%
São Paulo Rio de Janeiro Brasília Campinas South Other
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12. Contracted Sales by Geographic Region – Primary and Secondary Markets
Contracted Sales
Contracted Sales= R$4.3billion
Secondary Market
Primary Market
10%
15%
11% 15%
42%
2% 2% 53%
7% 6%
23% 14%
São Paulo Rio de Janeiro Brasília Campinas South Other
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13. Contracted Sales Breakdown
Contracted Sales
Contracted Sales= R$ 4.3 billion
35% 22%
R$ 1.5 BI R$ 1 BI
R$1.8 BI
43%
Secondary Market
Non-listed homebuilders
Listed homebuilders
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14. LPS Brasil in the Mortgage Market
CrediPronto!
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15. CrediPronto!
3Q11
R$358 MM in Average LTV of Average Rate Average Term
1,334 Contracts
Mortgages 61.6% of 9.93% + TR of 312 months
CrediPronto! financed R$ 144 million in October, a new record on a single month.
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16. CrediPronto!
Financed Volume in Financed Volume -
Financed Volume
2011 October
(R$ MM) (R$ MM) (R$ MM)
144
Origination
LTM: R$1.108
358 358 129%
328
132%
209 63
154
3Q10 3Q11 1Q11 2Q11 3Q11 oct/11 oct/11
CrediPronto! financed over R$143 million in October alone
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17. CrediPronto!
Accumulated Sales Volume *
(R$ MM)
1,843
1,699
1,599
1,462
1,341
1,220
1,114
1,013
928
804 854
727
654
591
529
437 474
385
291 331
217 247
CrediPronto! grew 115% in origination from January to October 2011
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*Not including amortization.

18. Financial Results
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19. Net Commission by Market
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
2.1% 2.3% 2.1% 2.1% 2.1% 2.1%
markets
Secondary
SP 2.5% 2.4% 2.3% 1.9% 2.4% 2.3%
RJ - - 2.3% 2.4% 2.5% 2.4%
Other
- - - 2.1% 2.4% 2.4%
markets
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20. Gross and Net Revenue
Gross Revenue Net Revenue
(R$ MM) (R$ MM)
12%
26%
115.2 87.5 97,.9
87.5
3Q10 3Q11 3Q10 3Q11
In this quarter, we recognized R$98 million in Net Revenue.
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21. 3Q11 Results
3Q11 Results
(R$ thousand)
Lopes Pronto! CrediPronto! Consolidated
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%
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22. IFRS Effects on Net Income – Secondary Market
Pronto! Net Income
21%
, 1.523
4,470
22%
7,780
-4,832
Amortization of BRGAAP Net
M&A Costs
IFRS Net Intangibles + Income
Income Other IFRS
Impacts
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23. Operational Expenses
Evolution of Operational Expenses*
67,545 66,013
60,970
59,270
8,811 18,326 16,133
9,982
2,532
3.098 3,707 3,416
49,627 46,130 45,512 46464
4Q10 1Q11 2Q11 3Q11
Organic (pre M&A) CrediPronto! Acquisition
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* Not considering IFRS

24. EBITDA
EBITDA
(R$ Thousand)
44%
-33%
33%
32,453
IFRS Non-Recurring
2,968 Effect
48,255
29,485
3Q10 3Q11
EBITDA Margin
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25. Net Income
Net Income
(R$ Thousand)
41%
-6% 34%
35.904 33.684
3Q10 3Q11
Margem Líquida
IFRS Effects on Operational Expenses and Financial Results
Net Income
3Q11 DRE IFRS Impact
ex-IFRS
(+) Net Revenue 97,940 - 97,940
(-) Costs and expenses -68,455 2,969 -65,486
(=) EBITDA 29,485 - 32,454
(-) Depreciation and Amortization -12,044 8,226 -3,818
(+/-) Financial Results 22,960 -15,365 7,595
Net Income Attributable to Controlling Shareholders 29,721 -4,170 25,551
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26. Next Events
3Q11 Earnings Conference Call
Portuguese English
Date: 11/10/2011, Thursday Date: 11/10/2011, Thursday
Time: 10h00 a.m. (BR Time) Time: 12h00 p.m. (BR Time)
7h00 a.m. (NY Time) 9h00 a.m. (NY Time)
Telephone: (11) 4688-6361 Telephone Brazil: (11) 4688-6361
Password: LPS Brasil Telephone US: +1 888-700-0802
Telephone other countries: +1 786 924-6977
Password: LPS Brasil
Replay: Replay:
http://webcall.riweb.com.br/lpsbrasil/ http://webcall.riweb.com.br/lpsbrasil/english/
CONTACTS
Marcello Leone Lígia Azevedo
CFO and IRO Tel. +55 (11) 3067-0312
Tel. +55 (11) 3067-0015
E-mail: ri@lopes.com.br
www.lopes.com.br/ir
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