Habitcasa is Lopes' new business unit exclusively focused on the economic real estate segment in Brazil. Habitcasa will have a pipeline of over $5.1 billion and 44 thousand units for future launches priced between $60,000-$180,000. This will allow Lopes to consolidate its position as the leading company in sales to the economic segment due to its large volume of launches and strengthened sales force. The economic real estate segment is expected to be an important driver of long-term industry growth in Brazil due to the country's housing deficit.

1. Lopes – LPS Brasil Business Unit Exclusively Focused on the Economic Segment

3. HABITCASA : Lopes’ New Business Unit

5. GVS (R$ MM) Units Launches Pipeline (São Paulo) Launches Pipeline (Other States)* Number of clients** The Largest Broker in the Brazilian Economic Segment Habitcasa indicators show its strengthen and scale as the main solution in real estate sales to the economic segment in Brazil * In other states, it includes the total amounts available for sale by Lopes and, also, the brokers of developers in some cases. Lopes’ total exclusive launches in other states is 12,493 units with GVS of R$ 1,62 million. ** Number of developer-clients of future launches 2,723 26,176 41 Developers operating in the Economic Segment 2,380 18,325 GVS (R$ MM) Units Diversified Customer Base

6. LOPES: Traditionally Operating in the Economic Segment

7. Lopes’ Leadership and Expertise in the Economic Segment Popular Market Positioning (Launched GVS) Source: Embraesp. Launched GVS at MRSP for units of up to R$ 180k. Lopes Contracted Sales in São Paulo - SP (1) (1) Does not include LCI-RJ contract sales. Does not take into consideration parking lots; includes sales of residential allotments 1 2 3 4 5 2003 2004 2005 Lopes Company 2 Company 3 Company 4 2006 Positioning in the Economic Segment (Launched GVS) Company 5 Company 6 Company 7 Company 8 Company 9 0 – 150k 150k – 350k 350k – 600k > 600k Average in 2004 – 2006 (in R$) 50% 31% 11% 8%

9. Potential Market

11. Impact of Improved Financing Conditions on the Demand Early 2006 Scenario (12% real interest rate and maturity of 15 years) Early 2007 Scenario (10.5% real interest rate and maturity of 20 years) Source: IBGE, UBS Pactual, Lopes’ Estimates, Conditions for buying a unit of R$ 150,000 4% Installment of R$ 1,2 k Installment of R$ 0,8 k 1: Considering 20% use of family income in Early 2006 Scenario, 25% in Early 2007 Scenario and 30% in the expected scenario and increase in maturity from 15 to 25 years. 2. From the Early 2006 Scenario to the Expected Scenario. 3. CRF – Use of Family Income CRF (3) : 20% Expected Scenario (8% real interest rate and maturity of 25 years) 7% Installment of R$ 1,0 k 11% Market Growth Additional Potential 45% CRF (3) : 25% CRF (3) : 30% … as an example, in the Expected Scenario, the same family will be able to buy a property of R$ 150,000 paying ten minimum wages less than it would have paid in the Early 2006 Scenario With more accessible credit and longer term financings, to buy a property in Brazil at the present time is now possible to many consumers… 3.3 million PROSPECT BUYERS 2 1.9 million Families 3.6 million Families 5.2 million Families Market Increase 86%