LPS Brasil is a leading real estate brokerage and consulting firm in Brazil that has over 75 years of experience in the industry. The document highlights LPS Brasil's strong position in the primary and secondary markets, its mortgage lending business through CrediPronto, and its goal to continue expanding its national footprint through acquisitions. LPS Brasil has a large sales force, a leading brand, and the largest website in the real estate sector in Brazil.

1. Institutional Presentation
.
3rd Quarter, 2013

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
(“LPS”) as of September 30th, 2013. 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 LPS 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 LPS 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.
LPS believes that based on information currently available to LPS management, the expectations and
assumptions reflected in the forward-looking statements are reasonable. Lastly, LPS expressly refuses any duty to
update any of the forward-looking statements contained herein.
2

3. Investment Highlights
3

4. Awards and recognitions | Recently
“The hearts of 96% of people
beat stronger for Lopes”
Top of Mind IBOPE
In research conducted in São Paulo, IBOPE Intelligence, revealed that1:
• 9 out of 10 residents of the city know the brand Lopes
• 96% would consider the brand when buying
• 67% had any contact with the company, and among these, 76% would recommend Lopes
The 200 best Brazilian companies | 2012 Época Negócios 360º Guide2
Evaluation of 6 scopes:
•
Financial results
•
HR Practices
•
Governance
•
Environmental
•
Process of innovation
•
Ranking:
Future vision
50º: Lopes
68º: Homebuilder
85º: Homebuilder
96º: Homebuilder
104º: Shopping Mall
117º: Homebuilder
1) Survey conducted between Jul 26, 2012 and Aug 08, 2012.
2) October, 2012 issue. Preparation: Fundação Dom Cabral.
4

5. Awards and recognitions| 2012
Top Imobiliário Award
Considered the main award of the real estate industry in Brazil
Lopes has been winning every Top Imobiliário since its first edition in 1993
Master Imobiliário Award
Award organized by Sindicato da Habitação de São Paulo (Secovi-SP) and Federação Internacional
das Profissões Imobiliárias, suported by Grupo Estado
Lopes was awarded in the segment “Institucional” by 2011 Annual Report of the Brazilian Real Estate
Market
Ranking Valor 1000
Listed by Valor Econômico as one of the 1000 largest business groups in Brazil
Highlighted as the 20th higher net margin among all groups
8th place in value generation among service companies
IG/ Insper Award
Assertive M&A strategy, expanding the business to other regions of the country
Lopes was considered the largest company in real estate brokerage and consulting in Brazil, in the last
five years
VII Award Relatório Bancário
CrediPronto! was awarded in the segment “Best Online File Management”
Highlight for the efficiency in the mortgage approval
5

6. The Brokerage Market Has No Other Company With Our History
and Track Record
 Mr. Francisco Lopes
initiates his brokering
activities
 First TV
advertisement for
a real estate
development
1935
40´s
50´s
 The company’s first
logo
 Launches one of
the first buildings
under the
condominium
concept
 Launch and sale of 14
office buildings at Av.
Paulista
 Launch and sale 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
 Becomes a reference in
real estate launches and
presents its new logo
60´s
 Start of long term
partnership with
Gomes de Almeida
Fernandez (Gafisa)
70´s
 Introduction of the
concept of condominium
clubs
 First “Top Imobiliário”
award, in 1993 – Largest
Brokerage Company
80´s
90´s
 Identifies Marginal
Pinheiros as an attractive
area and launches one of
the first buildings in the
region
 Starts up sales of hotel
condominium (Flats)
 Partner of Grupo Espírito
Santo in the sale of one of
the largest launches in
Lisboa: Parque dos
Príncipes
 More than 350 clients in the
primary market (homebuilders)
divided between listed and nonlisted companies
 5 acquisitions in the primary
market and 13 acquisitions in the
secondary market
 The secondary market has
become responsible for 25% of
total sales
 Breakeven point of LPS Brasil’s
stake in Credipronto! in 4Q12
 Credipronto! has reached
R$ 3.6 billion in average portfolio
balance in September 2013
 Lopes’ follow-on
00´s
2010s
 Lopes becomes an important player at the
segment of gated communities
 7 acquisitions in the primary market
 Triples in size in a decade, strengthening its
leadership
 Lopes’ IPO in 2006
 Lopes starts its geographic expansion process
 Lopes’ website become leader on real state
market
 Joint Venture with Banco Itaú in order to
create CrediPronto!, our mortgage company
6

7. LPS Brasil
Investment Highlights
CrediPronto!,
Mortgage company,
with highest growth in
mortgage industry.
Asset Light with low
execution risk
Top management
team in industry
Unique position
in primary
market
Unique
opportunity
to consolidate
the secondary
market
7

8. LPS Brasil: Unique Business Platform
Primary Market
Secondary Market
Mortgage Loan
+
Low, mid and high-income segments
Focus on secondary market, with a
unique model of own stores and a
network of licensed brokers
Growth through acquisitions
Joint Venture with Banco Itaú to
provide mortgage loans
Top vehicle to Invest in Brazilian Real Estate Market.
8

9. Management Team
Top Management Team in Industry
Partners & Associates
Partnership Program:
Summing up over 300
Years of Real Estate
Experience
Over 30 Partners & Associates with stock Investment
and long term alignment with company
Retention / Incentive tool for Top Performing
Employees
9

10. Asset Light
Service Based Business Model
Brokerage
Business
Primary
Market




Mortgage
Business
Secondary
Market
Immediate simple revenue
recognition
Asset light
Yearly Investment = Depreciation
Easy short term adjustment in
G&A, in case of a market
downturn.

Asset light

Inexistence of physical offices
(operates inside brokerage
stores)

Mortgage portfolio generates
recurring cashflow.
10

11. Virtuous Cycle of the Business Model Creating Strong Barriers to Entry
Solid Sales Performance



Total transactions closed of R$ 4.5 billion in
3Q13 and R$ 14.2 billion in 9M13, down 10%
from 3Q12, and up 2% from 9M12,
respectively.





Leader in the primary market

: unique platform to
develop the secondary market

CrediPronto! originated R$ 564 million in
3Q13 and R$ 5.0 billion since its creation in
2008.
: partnership with one
of the largest retail banks in the
world, Itaú-Unibanco
One-stop-shop: unique and
complete solution for the client
Most visited website in the real estate
sector: more than 10 million visitors in 2012.
Strong Established Base


Wide Range of Products
Leading, nationally recognized brand
Present in 10 Brazilian States and in the
Federal District
Extensive distribution channel
Database with more than 2 million clients
More than 350 homebuilder clients
High Retention of Talent


Sales force of more than 15,500
independent brokers
Attracts and maintains its sales force
11

12. Institutional Website
LEADS
www.lopes.com.br
• More than 10 million visitors in 2012
Organic: 48%
• iPhone and Android App. Mobile version.
• First brokerage company to launch an App for iPad
Direct: 26%
Paid: 44%
Strong investment
in online media
Source: Google Analytics,
• 185k Properties listed
• 70k on the Primary Market and 115k on the Secondary
• 35-40% exclusive sales
Largest Website
among Real Estate
Companies
Strong Lead
Generation
Higher sales
conversion
12

13. Strong database of clients
Sales
Force
• Over 2 million clients Database
More
than
2.0
million
Media
POS
Source: Lopes database - Lopesnet
Homebuilders
• Online and offline client sources
• A structured CRM for serving clients
from different backgrounds
Online
Lopes
Website
13

14. Top of Mind: Lopes has been frequently mentioned among Real Estate Subjects
Talking about
Viral Reach
Total Reach
Frequency per Unique User
• Leader in social networks
• Approximately 1,000,000 Facebook fans
• High engagement level and spontaneous mentions
14

15. LPS Brasil’s Market Mix
São Paulo
12%
12%
9%
10%
56%
3Q10
9%
10%
12%
12%
11%
9%
Rio de Janeiro
9%
13%
8%
12%
8%
4%
7%
25%
19%
18%
24%
49%
50%
47%
47%
4Q10
1Q11
2Q11
3Q11
*Others: Northeast, Espírito Santo, and Minas Gerais.
South
Others*
12%
11%
11%
11%
10%
8%
12%
12%
15%
13%
14%
14%
4%
10%
12%
Brasília
5%
4%
4%
4%
3%
22%
21%
21%
20%
10%
20%
4%
20%
19%
21%
18%
52%
51%
50%
50%
52%
54%
53%
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
48%
3Q13
15

16. LPS Brasil’s total transactions closed
Transactions Closed
(R$ billion)
Primary market
Secondary market
18.2
15.7
19.0
3.8
4.6
1.3
10.1
0.7
2.8
0.3
2.5
2006
5.2
0.3
13.9
14.2
3.4
3.6
10.5
10.6
9M12
9M13
9.3
0.6
14.4
9.4
2009
14.4
8.7
2008
14.4
4.9
2007
2010
2011
2012
16

17. LPS Brasil in the Primary Market
17

18. Market Intelligence
Launches by Market – Brazil – 2012
79.7 billion / 183 thousand units
Total Brazil
28.5
11.1
2.0
1.9
1.5
1.3
1.1
1.0
0.7
0.3
Recife
Florianópolis
Vitória
Campinas
Manaus
Natal
Belém
Others
2.0
Goiânia
2.2
Santos
2.4
Fortaleza
2.7
Salvador
3.0
P.Alegre
3.3
DF
BH
Greater RJ
MRSP
3.9
Curitiba
10.8
Brazil still represents a case for growth in the primary market
Source: LPS Brasil Market Intelligence
18

19. Significant Creation of Demand
Demographic Bonus
Population Pyramid (millions of people)
250
200
150
56% 55% 55%
58%
60%
64%
68%
70% 69%
67%
2010
63%
60%
100
50
0
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060
90+
80-84
70-74
60-64
50-54
40-44
30-34
20-24
10-14
0-4
10%
5%
0%
2060
5%
90+
80-84
70-74
60-64
50-54
40-44
30-34
20-24
10-14
0-4
10%
10%
5%
0%
5%
10%
Total Population (Million)
Economically active population = 15 – 64 years old
Number of Families by Income Segment (millions)
Social classes1 Population from 18 to 64 years old
2009
2020e
Growth 2007 - 2030
(8%)
31.7
18%
36%
78%
29.1
160%
233%
291%
27.6
21.8
64%
A, B and C classes
2007A
15.5
82%
D and E classes
3.3
R$1k to
R$2k
R$2k to
R$4k
2030E
11
8.4
Up to
R$1k
433%
R$4k to
R$8k
1.1
4.3
R$8k to
R$16k
0.3 1.6
Above
R$ 16k
The demographic bonus, combined with economic growth, will lead 35.6 million people to move up from D and E
classes to A, B and C classes over the next 10 years. These families will certainly be seeking better living conditions.
Source: IBGE, Bird, Febraban and FGV
1) Source: PNAD/IBGE Preparation: Bradesco. Take into account RO, AC, AM, AP, PA and RR regions
19

20. National footprint
Stake
(%)
Payment
(R$ million)
51%
13.82
51%
Federal District
greenfield
DF
SP
51%
142.22
Espírito Santo
MG
RJ
ES
60.52
São José dos
Campos
10.21
Rio de Janeiro
BA
15.01
51%
80%
PE
49.52
Campinas
greenfield
CE
CE
Payment
(R$ million)
100%
São Paulo
Stake
(%)
Bahia
60%
greenfield
11.32
Minas Gerais
Ceará
PR
greenfield
SC
51%
RS
60%
8.12
100%
4.12
5.51
Sul
Pernambuco
100%
41.02
51%
36.71
Lopes tracks developers’ regional movements, consolidating position as the largest consulting and sales player
Lopes tracks developers’ regional movements, consolidates itsits position as the largest consulting and sales player
1) Considering the base scenario of the acquisition
2) Concluded Acquisitions
20

21. Sales Expertise in all Market Segments
Habitarte – May/13
Location
São Paulo/SP
Sales
HIGH
391 un. – R$ 11,486/m²
Jardim das Perdizes – Mar/13
Location
São Paulo/SP
Sales
MEDIUM-HIGH
640 un. – R$ 8,200/ m²
Autêntico Mooca – Sep/13
Location
São Paulo/SP
Sales
MEDIUM
125 un. – R$ 7,500/m²
Fatto Reserva Vila Rio – May/13
Location
Guarulhos/SP
Sales
ECONOMIC
380 un. – R$ 4,100/m²
Porto Atlântico – Mar/13
BUSINESS UNITS
Location
Rio de Janeiro/RJ
Sales
804 un. – R$ 15,382/m²
CASE
 100% sold.
 Developer : Yuny / Stan
CASE
 76% sold.
 Developer : PDG / Tecnisa
CASE
 100% sold.
 Developer :
Even
CASE
 74% sold.
 Developer : Plano&Plano
CASE
 100% sold.
 Developer: Odebrecht
21

22. Transactions Closed – Primary Market
Transactions Closed – Primary Market
(R$ billion)
14.4
9.4
14.4
14.4
10.5
10.6
9M12
9M13
8.7
4.9
2.5
2006
2007
2008
2009
2010
2011
2012
LPS Brasil took advantage of Listed Homebuilders growth through Capital raises.
(equity + debt)
22

23. Limited exposure to large homebuilders
Breakdown – Transactions Closed 3Q13
Primary Market
50%
29%
26%
44%
56%
61%
43%
68%
60%
28%
30%
Non-listed Homebuilders
Listed Homebuilders
Secondary market
50%
2010
44%
2011
39%
2012
Listed
32%
3Q12
40%
3Q13
Non-Listed
23

24. Breakdown Homebuilders
Breakdown – Homebuilders
Breakdown Top 5 Homebuilders
4%
47%
45%
36%
33%
35%
4%
5%
5%
53%
55%
64%
67%
65%
5%
3%
4%
5%
4%
4%
5%
4%
5%
5%
5%
4%
5%
5%
6%
7%
10%
2011
2012
Other Homebuilders
1Q13
2Q13
3Q13
Top 10 Homebuilders in Sales
9%
7%
5%
6%
2011
2012
1Q13
2Q13
3Q13
1st
2nd
3rd
4th
5th
24

25. 3Q13 Launches
Launches 3Q11 | 3Q12 | 3Q13
(R$ Billion)
(1.6)
(2.5)
7.8
6.9
5.3
3Q11
3Q12
3Q13
3Q13 presented less launches than 3Q11, that was already seasonally weak
25

26. Quarterly Concentration of Launches
Concentration of Launches
(%)
4Q13E
42%
4Q12
4Q11
44%
45%
15%
3Q13
26%
3Q12
3Q11
22%
25%
2Q13
18%
2Q12
2Q11
23%
15%
1Q13
1Q12
1Q11
45%
12%
10%
In line with the historical seasonality observed in the pipeline of launches, we believe in a strong
turnaround of the volume of launches in 4Q13
26

27. Real Estate Market Overview – Prices
Evolution of Average Launches’ Prices in SP
R$/sq m
Nominal
8,160
6,750
8,960 9,100
7,330
5,300
1,480 1,680 1,710
1,860 2,120
2,450 2,770
3,160 3,170 3,380 3,290
3,550
3,930
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q13 2Q13 3Q13
INCC Adjusted
5,230
5,650 5,440 5,420
5,710 6,020 5,850 6,000
7,860 7,980
8,600
9,160 9,120
6,650
5,530 5,560
5,150 5,070 5,250
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q13 2Q13 3Q13
* Launches occurred in residential vertical in SP
Capital Source: EMBRAESP
27

28. Lopes’ Confidence Index (LCI)
Lopes is the first company to create a Real Estate Consumer Confidence Index.
Lopes’ Confidence Indexes (LCI)
126
109
The survey take into account
the opinion for the next 6
months about the situation of
Brazil’s economy, the financials
of household and the intention
to acquire a property
Sep-13
Jul-13
Aug-13
Present Situation Index
The survey take into account
the summation of the present
situation
index
and
the
expectation index
Jun-13
Apr-13
Lopes' Confidence Index
May-13
Mar-13
Jan-13
Feb-13
Dec-12
Oct-12
Nov-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Feb-12
Mar-12
Jan-12
Dec-11
Nov-11
Sep-11
Oct-11
Jun-11
Aug-11
Apr-11
May-11
Mar-11
Jan-11
Expectation Index
Feb-11
Dec-10
Oct-10
Nov-10
Sep-10
Jul-10
Aug-10
Jun-10
Apr-10
May-10
Feb-10
Mar-10
Jan-10
Nov-09
Dec-09
Sep-09
Oct-09
Aug-09
Jul-09
93
The survey take into account
the current opinion about the
situation of Brazil’s economy,
the financials of household
and the intention to acquire a
property
Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short
term, housing purchase tendency.
The sample has 524 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months
and are interested in purchasing a new home.
(basis: jan/2009 = 100)
Source: Lopes Market Intelligence
28

29. LPS Brasil in the Low Income Segment
29

30. HABITCASA: Focus on Low Income Segment
Focus on Low Income Segment
Units up to R$ 300 thousand
The Habitcasa brand is applied in all Lopes’ markets
30

31. Transactions Closed by Price Segment – Primary and Secondary Markets
Transactions Closed
R$ 5.0 billion
R$ 4.5 billion
3Q12
3Q13
7%
34%
5%
31%
24%
45%
26%
28%
Number of Transactions Closed
15,061 units
10,730 units
3Q12
10%
19%
3Q13
15%
34%
27%
22%
37%
36%
31

32. LPS Brasil in the Secondary Market
32

33. Pronto!: A Natural Consolidator
Well Defined Acquisition Model with a Successful Track
Record
Unique Platform Poised for Growth

Present in 10 States and the Federal
District
– Covers 85% of the Brazilian GDP
in 2010, combined 1
– 69 own stores
– 88 licensed brokers
– Strong presence in São Paulo
and Rio de Janeiro
Solid client base

Appreciation and alignment of interests
– Earn-out
– 51% ownership stake
Successful acquisitions through the years
– 19 acquisitions since July 2010 focused on the
secondary market
– Benchmark for future partners
– Accretion
Strong internet presence


Unique one-stop-shop business model

Acquisition strategy:
– Companies with expertise in their regional markets
– Companies with limited access to capital
– Well positioned in relevant markets
– Widespread network



Diversified products in the portfolio
Natural Consolidator

1 – Source: IBGE
Potential synergies:
– Scale and reach: network effect
– Access to mortgage financing
– Expertise of LPS Brasil management
33

34. Pronto!
Acquisitions*
Stake
(%)
Payment
(R$ million)
Stake
(%)
Payment
(R$ million)
51%
10.01
55%
25.61
51%
6.61
51%
17.31
60%
24.31
51%
15.51
60%
20.91
51%
7.11
51%
12.21
73%
2.61
60%
8.41
51%
4.91
Pronto has 157 stores in 10 States + Federal District : 69 owned stores and
88 licensed brokers
* Average of 40% in downpayment and 60% in earn outs linked performance
1) Considering the base scenario of the acquisition
34

35. Transactions Closed Historical in the Secondary Market
Transactions Closed – Secondary Market
( R$ billion)
24%
24%
26%
21%
4.6
3.4
3.8
3.6
11%
7%
7%
6%
8%
1.3
0.7
0.3
2006
2007
0.6
2008
2009
0.3
2010
2011
Secondary Market Sales over
total Transactions Closed
2012
9M12
9M13
Secondary Market
Transactions Closed
Strong growth of Secondary Market in our transactions closed.
9M13 secondary sales reached 26% of total sales (R$ 3.6 billion)
.
35

36. CrediPronto!
36

37. Mortgage Market
Mortgage Market as a % of GDP | Brazil 2011, others 2010
85%
63%
63%
62%
61%
60%
52%
41%
36%
23%
22%
16%
10%
Source: Abecip, Brazil Central Bank, Federal Reserve, Haver. Preparation: Goldman Sachs
5%
5%
37

38. Market Potential for Real Estate Financing
Quantitative Housing Shortage (millions of homes)
Growth Drivers
 Housing deficit
7.9
– 7.2 million houses (2009)
6.7
 Incipient mortgage loan market
6.3
5.4
 Declining interest rates
5.8
 Rising employees’ income
 Growing availability of long-term funding
 Increasing secondary market financing
 Increasing family turnover
1991
Mortgage Loan Access (% by Social Class)2
2000
2006
2007
2008
Family Turnover3
9.0 – 10.0x
7.7%
5.0%
4.0x
3.0%
1.8x
1.7%
Classes A and B
Class C
Class D
Class E
G-7
Source: Bacen and ABECIP
Notes:
1 Data from 2006, except for Brazil (2009)
2 FGV’s Center for Social Studies, 2010
3 Represents the number of times a family moves to a different house during their lifetime. Source: Credit Suisse
Mexico
Brazil
38

39. Joint Venture Lopes-Itaú
Lopes and Itaú created the first and biggest pure mortgage company of Brazil.



Direct and exclusive access to its
customer database
Seamlessly integrated operation with
Lopes’ sales process, including an
incentive compensation plan
Lopes media exposure
Leadership position
in their respective
markets
Management
Excellence





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
High Value Brands
Strengthening of mortgage origination and other related services.
39

40. Differentiated Model: One-Stop-Shop
 Secondary Market: a significant potential for origination
 Distinctive channel for clients in the secondary market
Focus
 69 own stores and 88 licensed real estate brokers in 10
States and the Federal District
 Over R$ 5.0 billion in financing
Relevance
 Selective acquisitions to replicate the successful formula
used in the primary market
 Incipient market in Brazil with huge expansion potential
Growth
Potential
 33% of Pronto!’s contracted sales are financed by
Credipronto!
Synergies
 50% of CrediPronto! transactions are originated through
Pronto!
 Use of LPS Brasil’s platform and significant reduction in
CAPEX requirement
Winning Model
40

41. CrediPronto!
Volume of Origination
( R$ million)
Volume of origination accumulated1
( R$ million)
564
5,053
362
178
3Q12
3Q13
Portfolio Balance
( R$ million)
jan/10
jun/13
1) Does not include amortization
3,688
2,492
The Average Portfolio Balance in
3Q13 was R$ 3.6 billion.
Ending portfolio
balance 3Q12
Ending portfolio
balance 3Q13
41

42. CrediPronto!
Ending Portfolio Balance
3,688
(R$ MM)
3,328
2,771
2,266
1,756
2,986
2,492
1,989
1,454
1,162
sep/13
jun/13
mar/13
dec/12
sep/12
jun/12
mar/12
dec/11
sep/11
jun/11
881
mar/10
dec/10
sep/10
517
707
The ending portfolio balance grew an average of 5.9% per month since jun/10 and it’s already
R$ 3.7 billion.
42

43. Credipronto!: Unique Partnership to Capture Mortgage Loan Market Potential
Business Highlights
Innovative Real Estate Financing Process
+
Market
Leader
Largest Private Bank
in Brazil
Credit Analysis
Assessment of
the Property
Legal Analysis
Until 3
working
days
24 hours
Issuance of the
Contract
2
working
days
3
working
days
Release of
Resources
5
working
days
 Profit Sharing with limited credit risk
 Leverage on LPS Brazil’s points of sale
Efficiency in Release of Credit
 Differentiated process of approval and release of funds
 Unprecedented credit in the market
Evolution of Origination (base 100 = Jan-10)1
4,7%
5,8% 5,1% 6,1% 5,7%
7,3%
Ranking of Real Estate Financing 3Q13 (R$ MM)
7,4% 7,5% 8,5% 7,9% 8,5% 8,2%
6,4% 6,8% 6,9%
2,4% 2,4% 3,0% 2,8% 3,1% 2,8% 3,0% 2,4% 2,9% 2,5% 2,6% 2,7%
1,4% 1,9% 1,7%
610 648
506
376
245
168
100
125
177
145
147
241
144
179
411
209
433
432
370
198
189
438
416
334
209
243
251
340
245
5,0%
12,204
0,0%
8.5% Market Share*
20% of Itaú
-5,0%
-10,0%
-15,0%
1T10 2T10 3T10 4T10 1T11 2T11 3T11 4T11 1T12 2T12 3T12 4T12 1T13 2T13 3T13
Credipronto!
10,0%
Mercado
Market Share CDP!
2,845
564
-20,0%
1,456
Market Share CDP!
(Bancos Privados)
Caixa
Itaú
1,872
1,705
Banco do Brasil
Bradesco
1,697
463
Santander
HSBC
High Growth Potential – Real Estate Financing equals only 5% of Brazilian GDP2
1 ABECIP
2 Bacen
* Excluding Caixa
43

44. Operating Highlights
44

45. Operating Expenses
Operating Expenses1 3Q13
(R$ MM)
72.1
68.1
65.6
65.0
63.4
3Q12
4Q12
1Q13
2Q13
3Q13
3Q13 represented a lower level of operating expenses
1. Excludes costs and expenses of CrediPronto!
45

46. Transactions Closed
Transactions Closed
Number of Transactions Closed
(R$ MM)
4,975
4,497
1,181
15,061
2,536
10,730
1,310
2,202
3,793
3,188
3Q12
3Q13
Primary market
Secondary market
12,525
8,528
3Q12
Primary market
3Q13
Secondary market
Transactions Closed in 3Q13 decreased 10% when compared to 3Q12
46

47. Financial Highlights
47

48. 3Q13 Financial Highlights
Net Revenue
(R$ MM)
128.8
-
24.0
108.8
104.8
3Q12
3Q13
Earnout
Net Income Attributable to Controlling
Shareholders before IFRS1
Net Margin (%)
EBITDA2
EBITDA Margin (%)
(R$ MM)
(R$ MM)
60.2
37.0
(29%)
(47%)
Non-recurring³
-
42.3
25.5
(36%)
(23%)
(17%)
3Q12
3)
38.2
(39%)
1)
2)
21.9
3Q13
3Q12
3Q13
19.2
Non-recurring³
17.8
We consider the net income adjusted by non cash IFRS 3 effects (Business Combination) the most accurate net income indicator.
Includes results from subsidiaries and companies under shared-control, in accordance with equity accounting, and results from non-controlling shareholders.
Note: EBITDA is not an accounting measure and does not represent the cash flow for the reported periods, and therefore should not be used as an alternative
to cash flow as a measure of liquidity. The Company’s EBITDA was calculated in accordance with CVM Instruction 52.
Non recurring: Partial recognition of the 2nd installment of CrediPronto's earnout, expenses related to CrediPronto's earnout and restructuring charge
48

49. 3Q13 Results
49

50. Lopes Net Commission
50

51. CrediPronto!
(R$ thousand)
P&L* 2012
Total
Executed contracts
1,503,028
Opening portfolio
1,767,940
Closing portfolio
2,771,051
Average portfolio balance 1
2,069,854
Financial Margin
46,655
% Spread
2.3%
(-) Sales taxes
-3,756
(-) Total costs and expenses
-58,099
(-) Backoffice Expenses
-14,193
(-) Sales Expenses
-20,383
(-) Commissions paid
-14,574
(-) Insurance and claims (+/-)
-1,091
(+) Other revenues (Financ.)
288
(-) ADA
-8,146
(-) IRPJ/CSLL (Itaú Balance)
-6,636
(=) Net result
-21,836
% Net Margin
-50.90%
50% Profit Sharing
-10,918
(+) Retention of Commissions
2,972
CrediPronto! Result (LPS)
-7,946
1 – Weighted average portfolio balance
• The numbers of the managerial P&L were audited for 2012 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.
51

52. CrediPronto!
Breakeven Point CrediPronto!
4Q12
-92
365
3Q12
-2.375
Oct, 12
-3.120
2Q12
1Q12
Nov, 12
193
Dec, 12
-650
-2.359
CrediPronto! achieved breakeven point in November 2012, marking the moment the
operation became profitable
52

53. Allowance for Doubtful Accounts
Example of P&L with a financing contract
for a $200 unit:
Month 1
Month 2
Month 5
Month 8
Financial Margin
$100
$100
$100
$100
Expenses¹
-$60
-$60
-$60
-$60
Specific Allowance
-
-$5
-$25
+$200
Result
$40
$35
$15
$240
Recovery of
Property
Default
Sale of the
recovered
property
¹ Including general allowance
Ex:
Sale for
$300
Ex:
Sale for
$150
+$100: Profit for
the bank
-$50: Loss
of the bank
53

54. Additional Information
54

55. Lopes’ Contracted Sales Seasonality
41%
37%
31%
25%
21%
17%
2005
32%
29%
29%
22%
18%
23%
22%
14%
2006
2007
1Q
23%
33%
28%
24%
19%
16% 15%
2008*
2Q
30%
26%
25%
2009
* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.
24%
19%
2010
3Q
27% 30%
2011
27%
26%
26%
Average of Historical
Seasonality of the
fourth quarter:
30%
21%
2012
4Q
55

56. Ownership Structure
Ownership Structure | September 2013
31.7%
45.3%
0.2%
Rosediamond
22.8%
Chairman and Vice Chairman
Management
Free Float
Total of 114,381,766 common shares
56

57. Company Roadmap
Long Term Strategic Goals
Mantain Leadership in Primary Market
Achieve dominant position in Secondary Market,
Growing from 26% to 40/50% of our Sales
Grow the Mortgage Portfolio, achieving high
profitability levels
Develop other Opportunities tied to Services in
Real Estate Market.
57

58. Contacts
INVESTOR RELATIONS CONTACT
E mail: ri@lopes.com.br
Website: www.lopes.com.br/ri
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58