LPS Brasil is a leading real estate brokerage and consulting firm in Brazil with over 75 years of experience. It has achieved significant growth and awards for its assertive M&A strategy and leadership in the industry. LPS has an experienced management team, a simple and focused business model, unmatched scale and national reach, and a low risk business with a diversified client base, positioning it well for continued success.

1. Institutional Presentation
May 2012
1

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 March 31st, 2012. 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. Achievements
Highlights 2011
Awards
VII Award
Top Imobiliário Award Ranking Valor 1000 IG/ Insper Award Relatório Bancário
Considered the main award Listed by Valor Econômico as Assertive M&A strategy, CrediPronto! was awarded in the
of the real estate industry in one of the 1000 largest business expanding the business to segment “Best Online File
Brazil; groups in Brazil; other regions of the country; Management”
Lopes won every Top Highlighted as the 20th higher Lopes was considered the Highlighted for the efficiency
Imobiliário, since its first edition net margin among largest company in real in the mortgage approval
in 1993. all groups; estate brokerage and
consulting in Brazil, in the
 8th place in value generation last five years.
among service companies.
4

5. The Brokerage Market Has No Other Company With Our History
and Track Record
 Launch and sell of 14
office buildings at Av.
Paulista
 Mr. Francisco Lopes
 Launch and sell of 11  Introduction of the
initiates its activities
office buildings at the Faria concept of condominium
intermediating
Lima region clubs
properties
 Creation of the launching  First “Top Imobiliário”
system with sales stands award, in 1993 – Largest
and marketing materials, Brokerage Company
attracting customers
 First TV 00 s
specially during weekends
advertisement for
a real estate
development  Becomes reference in real
estate launchings and 90 s
presents its new logo
80 s
70 s
60 s
50 s
 Lopes becomes an important player at
40 s the segment of gated communities
1935  Identification of Marginal  Triples in size in a decade,
Pinheiros as an attractive strengthening its leadership
area and launch one of
 Start of long term  Wins its 16th consecutive
the first buildings in the
partnership with “Top Imobiliário”
region
 The company’s first Gomes de Almeida  Lopes’ IPO
 Start up of sales of hotel
logo Fernandez (Gafisa)  Lopes starts its geographic expansion
condominium (Flats)
 Launch one of the process
 Partner of Grupo Espírito
first buildings under  Lopes’ website become leader on real
Santo in selling one of the
the condominium state market
largest launching in Lisboa:
concept  Joint Venture with Itaú Bank in order to
Parque dos Príncipes
create CrediPronto, our mortgage
company.
 Lopes’ follow-on 5

6. Investment Highlights
Experienced Simple and Focused
Management Team Value Added
and Outstanding Business Model
Track Record
Main Distribution
Unmatched Channel in the
Scale and Reach Industry with a
National Footprint
Low Risk Business
Already scaled with a Diversified
down to face new Client Base : Cash
market conditions Generator
Company
6

7. LPS Brasil: Unique Business Platform
Primary Market Secondary Market Mortgage Loan
+
Low, mid and high-income segments Focus on secondary market, with a Joint Venture with Banco Itaú to
unique model of own stores and a provide mortgage loans
network of licensed brokers
Growth through acquisitions
7

8. Lopes Net Commission
Net Comssion Fee
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
BRAZIL 2,45% 2,63% 2,48% 2,30% 2,36% 2,36% 2,42% 2,31%
Primary
SP 2,97% 3,25% 3,07% 2,88% 2,95% 2,87% 3,06% 2,78%
Habitcasa 1,77% 1,90% 1,87% 1,90% 1,91% 2,12% 2,05% 2,02%
RJ 2,17% 2,06% 2,08% 2,17% 2,02% 2,23% 2,12% 2,11%
Other Markets 2,14% 2,28% 2,14% 2,13% 2,11% 2,08% 2,06% 2,12%
Secondary
SP 2,21% 2,16% 2,28% 2,22% 2,34% 2,33% 2,40% 2,24%
RJ 2,33% 2,43% 2,52% 2,42% 2,28% 2,33%
Other Markets 2,08% 2,36% 2,35% 2,53% 2,33%
8

9. Virtuous Cycle of the Business Model Creating Strong Barriers to Entry
Indisputable Sales Performance Leadership and Wide Range of Products
 1Q12 was the best first quarter of  Leader in the primary market
LPS history, with R$4.0 billion in
sales.  One-stop-shop: unique and
 CrediPronto! achieved 322 complete solution for the client
million in origination in the quarter  : unique platform to
and R$1,3 billion in 2011. develop the secondary market
 Most visited website in the real  : partnership with one
estate sector: 15 million visitors in of the largest retail banks in the
2011. world, Itaú Unibanco
Strong Established Base Retention of Talent
 Leading, nationally recognized brand
 Present in 12 Brazilian states and in the Federal  Largest sales force: more than 16,000
District independent brokers
 Extensive distribution channel  Attracts and maintains its sales force
 Database with more than 2 million clients
 More than 380 homebuilder clients
9

10. Institutional Website
Visits on www.lopes.com.br
• Over 15 million unique visitors in
2011
•700 launches and more than 50
thousand units in the secondary
market.
• Mobile version compatible with
over 5 thousand kinds of cell phones
• First brokerage company to launch
an App for iPad
• Leader in presence in social
networks
The most visited Increased
Strong investment Higher sales
website in the real generation of
in online media conversion
estate market Leads
Source: Google Analytics,
10

11. Competitive Advantage
“Lopes” culture in all
business units of different
states
One single brand, National Integration
recognized by the of Systems
market
Identity that stands
Lopes out from the
competitors
Competitive Advantage: A single, integrated and solid Company
11

12. LPS Brasil’s Market Mix
9% 9% 8% 11% Other*
12% 14% 12% 12% 13%
10% 12% 10%
10% 12% 11% 12% South
11% 12% 4%
12% 8% 4% Brasília
14% 9% 9% 7%
17% 25%
5% 10% 22% Rio de Janeiro
19% 18% 24%
5% 21%
59%
53% 56% São Paulo
49% 50% 52% 51%
47% 47%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
*Other: Northeast, Estpírito Santo, Minas Gerais, Goiás. 12

13. LPS Brasil in the Primary Market
13

14. Simple and Focused Business Model…
Lopes is exclusively focused on providing value-added real estate brokerage services to its client-
developers, with a permanent concern of avoiding conflicts of interest
Client-Developers Client-Buyers
How do we do
business?
 Formal relationship through
agreements  2,081,769 prospects
 Over 382 Clients included in our data base
Total Price
Revenue Recognition
$ 100 per Unit
How do we make money?1
$ 2.04
$ 2.75
$ 0.19
$ 10 $ 0.53
Developer
$ 5.13
Down- Gross $ 1.41
payment Commission $ 2.38
$ 0.97
Agents +
Managers
Net Commission Premium Contract Advisory Fee
1 Launches Lopes 1Q12 14

15. 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
Formats
Coordinates Coordinates
Individual
Determines Product Develops Optimizes
Masters Product Product
Sales Strategy
the Site’s Meeting Marketing Media
Market Launching Created to
Launching
Vocation Buyers’ Campaign Negotiations
Research Events Each Product
“Wants and Events
Needs”
15

16. 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. Acquisition of 51% of Itaplan, in September 2011, for R$29.2 million
(R$10.6 million + R$18.6 million earn out). Acquisition of 51% of Eduardo
Imóveis, in October 2011, for R$10.2 million (R$3.4 million + R$6.8 million earn
out).
CE Rio de Janeiro – Entry by greenfield operation, with beginning of operations in
RN July 2006, with LCI-RJ. . Lopes acquires permanently an additional 10% stake
of Patrimóvel, in July 2010, and more 31% in October 2010 (51% total).
PE 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.
BA Minas Gerais – Entry by greenfield operation with beginning of operations in
February 2008. Acquisition of 51% of Brisa, in September 2011, for R$5.5 million
(R$1.9 million + R$3.6 million earn out).
DF
GO SOUTHERN REGION
States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition of 75% of
MG Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two ear-out
ES
payments. In July 2008, Lopes acquired the 25% left by the call/put
mechanism.
SP RJ
MIDDLE WEST REGION
PR Federal District – Acquisition of 51% of Royal, in November 2007, for R$12
million (9.0x P/E 2008) and an earn-out payment.
SC
Goiás - Greenfield operation with beginning of operations in August 2008.
RS
NORTHEAST REGION
Bahia - Greenfield operation with beginning of operations in October 2007.
Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 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. In 2010, there was a transfer
to LPS Fortaleza –of 100% (one hundred percent) of the capital stock of LPS
Lopes tracks developers’ regional movements, consolidates its Pernambuco.
position as the largest consulting and sales player
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.
Source: Lopes RI
16

17. Sales Expertise in all Market Segments
HIGH Roof Gardens Bela Cintra – Oct/ 11 CASE
Location Consolação/ SP  97% sold.
 Developer: Fakiani
Sales 118 un. – R$ 11,600/m²
Usable Area 34/190 m2
Helbor Boulevard Tatuapé – Mar/12 CASE
MEDIUM-HIGH
Location Tatuapé/ SP  99% sold.
 Developer: Helbor
Sales 72 un. – R$6,400/m²
Usable Area 100 m²
MEDIUM Naturalle – Feb/12 CASE
Location Rio de Janeiro/ RJ  98% sold.
 Developer: Brookfield
Sales 216 un. – R$ 4,700/m²
Usable Area 42/ 66 m²
Premiere Morumbi – Feb/12 CASE
ECONOMIC
Location Paulínia / SP  97% sold.
 Developer: Queiroz Galvão
Sales 376 un. – R$ 3,500/m²
Usable Area 58/ 123m2
Neo Superquadra – Corporate – CASE
Jan/12
BUSINESS UNITS
Location Curitiba/ PR  100% sold.
 Developer: Arquisul
Sales 92 un. – R$ 4,000/m²
Usable Area 30/ 70m²
17

18. LPS Brasil in the Low Income Segment
18

19. 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
19

20. Sales by Income Segment – Primary and Secondary Markets
Contracted Sales
Total Contracted Sales = R$4,003 million
1Q11 1Q12
12% 10%
25%
35%
31%
39%
23%
24%
Units Sold
Total units sold = 12,708
1Q11 1Q12
6% 13% 9%
15% 31%
35% 43%
47%
20

21. LPS Brasil in the Secondary Market
21

22. Pronto!
SOUTHEAST REGION
São Paulo – Acquisition of 51% of VNC, in July 2010, for R$7.1
million (R$ R$1,8 million + R$0,3 million of investments + R$5,2
million of earn out ).
Acquisition of 51% of Plus Imóveis, in August 2010, for R$11.7
million (R$4.7 million + R$7.0 million of earn out).
Acquisition of 51% of Maber, in September 2010, for R$17.3 million
(R$6.0 million + R$11.3 million of earn out).
Acquisition of 55% of Local, in December 2010, for R$25.6 million
(R$10.0 million + R$15.6 million of earnout)
Acquisition of 60% of Erwin Maack, in March 2011, for R$8.4 million
(R$2.9 million + R$5.5 million of earn out)
Acquisition of 51% of Condessa in July 2011, for R$4.9 million
(R$1.9 million + R$3 million of earn out).
Acquisition of 60% of Imóvel A in October 2011, for R$24.3 million
(R$10 million + R$14.3 million earn out).
Acquisition of 51% of Foco in March 2012 , for R$15 million (R$6
million + R$9 million earn out).
Acquisition of 51% of Piccoloto in March 2012, for R$10 million
(R$4 million + R$6 million earn out).
Acquisition of 51% of Cappucci in March 2012 , for R$6.6 million
(R$2.5 million + R$4.1 million earn out).
Rio de Janeiro – Acquisition of 51% of Self Imóveis, in July 2010,
SOUTH REGION for R$ 2,6 million (R$900 thousand + R$1,7 million of earn out)
Rio Grande do Sul – Acquisition of 51% of Ducati, in December
2010 forR$15,5 million (R$5.3 million + R$10.2 million of earnout).
FEDERAL DISTRICT :
Paraná – Acquisition of 60% of Thá, in February 2011, for R$20.9 Acquisition of 51% of AçãoDall’Oca in April 2011, for R$12.2 million
million (R$7.4 million + R$13.6 million of earnout). (R$3 million + R$9.2 million of earn out).
Pronto has 252 stores in 11 States + Federal District : 52 owned stores and
200 licensed brokers 22

23. Pronto!: A Natural Consolidator
Well Defined Acquisition Model with a Successful Track
Unique Platform Poised for Growth
Record
 Present in 11 states and the Federal  Acquisition strategy:
District
– Companies with expertise in their regional markets
– Covers 91% of the Brazilian GDP – Companies with limited access to capital
– Over 50 own stores – Well positioned in relevant markets
– 200 licensed brokers – Widespread network
– Strong presence in São Paulo
and Rio de Janeiro
 Appreciation and alignment of interests
– Earn-out
 Unique one-stop-shop business model – 51% ownership stake
 Solid client base
 Successful acquisitions through the years
 Strong internet presence
– 18 acquisitions since July 2010 focused on the
 Diversified products in the portfolio secondary market
– Benchmark for future partners
– Accretion
Natural Consolidator
 Potential synergies:
– Scale and reach: network effect
– Access to mortgage financing
– Expertise of LPS Brasil management
23

24. Joint Venture Lopes Itaú
Lopes and Itaú created the first and biggest pure mortgage company of Brazil.
 Direct and exclusive access to its  Service excellence
customer database  Competitive financing terms and
 Seamlessly integrated operation with conditions
Lopes’ sales process, including an  Speed and quality of processing
incentive compensation plan  Experienced credit analysis
 Lopes media exposure  Successful exposure to the lending
business and in joint ventures
Leadership position
Management
in their respective High Value Brands
Excellence
markets
Strengthening of mortgage origination and other related services.
24

25. Differentiated Model: One-Stop-Shop
 Secondary Market: a significant potential for origination  Distinctive channel for clients in the secondary market
Focus
 Over 50 own stores and 200 licensed real estate brokers in  Over R$2 billion in financing
11 states and the Federal District
Relevance
 Selective acquisitions to replicate the successful formula  Incipient market in Brazil with huge expansion potential
used in the primary market
Growth
Potential
 59% of CrediPronto! transactions are originated through
 33% of Pronto!’s contracted sales are financed by Pronto!
Credipronto!  Use of LPS Brasil’s platform and significant reduction in
CAPEX requirement
Synergies
Winning Model
25

26. CrediPronto!
Operational Highlights
Accumulated Financed
Financed Volume
Volume*
(R$ MM) (R$ MM)
322 2,397
54%
137%
209
1,013
1T11 1T12 mar/11 mar/12
CrediPronto! achieved R$2.4 billion in financed volume
26
*Does not include amortization.

27. CrediPronto!
Mortgages Portfolio
(R$ MM)
1.989
1,017%
178
Opening portfolio balance Ending portfolio balance
Jan/10 Mar/12
The Average Portfolio Balance in the 1Q12 was R$1.8 billion.
27

28. CrediPronto!
Accumulated Sales Volume *
(R$ MM)
2.397
2.153
1,956
10%
1,698
1,461
1,219
1,013
854
727
591
474
385
291
217
CrediPronto! granted mortgage loans worth more than R$2.3 billion in its first years of operation
28
*Not including amortization / October, November and December are unaudited preliminary draft released on January 30th, 2012

29. Credipronto!: Unique Partnership to Capture Mortgage Loan Market
Potential
Business Highlights Innovative Real Estate Financing Process
+
Market Largest Private Bank
Leader in Brazil Assessment of Issuance of the Release of
Credit Analysis Legal Analysis
the Property Contract Resources
Until 3 2 3 5
24 hours working working working working
days days days days
 Profit Sharing with limited credit risk
 Leverage on LPS Brasil’s points of sale
 Differentiated process of approval and release of funds Efficiency in Release of Credit
 Unprecedented credit in the market
Evolution of Origination (base 100 = Jan-10)1
3,0% 2,8% 3,1% 2,8% 4,0%
2,4% 2,4%
1,9% 1,7%
1,4% 2,0%  CrediPronto! already has a Market Share of
432
376 411 370 5.7% among private banks (excluding Caixa)
0,0%  It is responsible for more than 18% of the
245 241 mortgage portfolio of Itaú
168 177 -2,0%
 Total market financing 1Q12: R$11.6 billion
209 198 189 -4,0%
100 145 147 144 179
125
1T10 2T10 3T10 4T10 1T11 2T11 3T11 4T11 1T12 -6,0%
Credipronto! Mercado Market Share CDP!
High Growth Potential – Real Estate Financing equals only 5% of Brazilian GDP2
Notes:
1 ABECIP (as of December 30th, 2010) and Company. Ranking based on June/2011 origination
2 Excluding Caixa 29
3 Bacen

30. Brazilian Real Estate Market
30

31. Significant Creation of Demand
Demographic Bonus Population Pyramid (millions of people)
100%
80%
60%
40%
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
Economically active population = 15 – 64 year-old
Dependence Index
Expansion of Class C (% of the population) Number of Families by Income Segment (millions)
2003 2008 Growth 2007 - 2030
(8%) 78% 160% 233% 291% 433%
8% 11%
16%
28% 31.7
29.1 27.6
37% 21.8
24% 2007A
49% 15.5
11 2030E
27% 8.4
3.3 4.3
1.1 0.3 1.6
Classes A and B Class C Class D Class E
Up to R$1k to R$2k to R$4k to R$8k to Above
R$1k R$2k R$4k R$8k R$16k R$ 16k
Source: IBGE, Bird, Febraban and FGV
31

32. Mortgage Market
Mortgage Market as a % of GDP
88%
81%
48%
42%
38%
19%
11% 11%
6% 5% 2% 2%
UK USA Germany South France Chile Mexico China India Brazil Russia Argentina
Africa
Source: Goldman Sachs, Abecip, BCB
32

33. Market Potential for Real Estate Financing
Growth Drivers Quantitative Housing Shortage (millions of homes)
 Housing deficit
– 7.2 million houses (2009) 7.9
 Incipient mortgage loan market 6.7
6.3
5.8
 Declining interest rates 5.4
 Rising employees’ income
 Growing availability of long-term funding
 Increasing secondary market financing
 Increasing family turnover
1991 2000 2006 2007 2008
Mortgage Loan Access (% by Social Class)2 Family Turnover3
9.0 – 10.0x
7.7%
5.0%
4.0x
3.0%
1.7% 1.8x
Classes A and B Class C Class D Class E G-7 Mexico Brazil
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 33

34. Sales Speed Metropolitan Region of São Paulo
Units Launched and Sold
SP Capital
Average (Units Sold/Launched) = 0,95
Average (Units Sold/Launched) = 1,04
2858
2109
1383
1644
Year Units Lauched Units Sold
Units Sold
2008 34,500 32,800
2009 30,100 35,800
Units Launched
2010 37,300 35,870
2011 37,650 28,320
02M12 2,060 3,180 34

35. Real Estate Market Overview – Prices
Evolution of Average Launches’ Prices in SP
R$/m2
R$/m2
6,750 6,840
5,300
3,930
Nominal 3,160 3,170 3,380 3,290
3,550
2,770
2,450
2,120
1,710 1,860
1,480 1,480 1,680
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
1Q12
6,990 6,870
5,900
5,350 5,200 5,340
4,970 5,020 4,840 4,810 5,070 4,900 4,940
4,650 4,570 4,510 4,660
INCC Adjusted
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
1Q12
Source: EMBRAESP
* Launches occurred in residential vertical in SP Capital Jan/96 to Mar/12.
35

36. Lopes’ Confidence Index
36

37. Lopes’ Confidence Index (LCI) – March/12
Lopes is the first company to create a Real Estate Consumer Confidence Index.
Lopes’ Confidence Index (LCI)
March/12
151
137
124
118
100
82
Mar-09
Mar-10
Mar-11
Mar-12
Jan-09
May-09
Oct-09
Jan-10
May-10
Oct-10
Jan-11
May-11
Oct-11
Jan-12
Feb-09
Apr-09
Dec-09
Feb-10
Apr-10
Dec-10
Feb-11
Apr-11
Dec-11
Feb-12
Jun-09
Jul-09
Aug-09
Sep-09
Nov-09
Jun-10
Jul-10
Aug-10
Sep-10
Nov-10
Jun-11
Aug-11
Sep-11
Nov-11
jan/09
Expectation Index Lopes' Confidence Index Present Situation Index
Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,
housing purchase tendency.
The sample has 591 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 37

38. Operational Highlights
38

39. Contracted Sales
Contracted Sales Units Sold
(R$ MM)
4,003
15%
3,479
959,0
671,0
5%
2,804 3,044 12,708
12,046
1Q11 1Q12 1Q11 1Q12
Primary Market Secondary Market
In the 1Q12, We Achieved R$ 4.0 billion in Contracted Sales.
39

40. Breakdown of Contracted Sales
Breakdown – Contracted Sales 1Q12 Primary Market
(R$ BI)
1.8
(44%)
1.0 50% 56% 58%
(24%)
1.3 50% 44% 42%
(32%)
2010 2011 1Q12
Secondary Market Non-Listed Homebuilders Listed Homebuilders Top 10 clients
40

41. Evolution of Launches – Listed Homebuilders and Lopes
Evolution of Launches 1Q12
-34%
7,171
4,755
+14%
3,611
3,171
1Q11 1Q12* 1Q11 1Q12
Listed Homebuilders
* Value based on the previous Listed Homebuilders - does not include Living, JHSF and CR2 in the 1Q11 or 1Q12.
41

42. Breakdown Homebuilders
Breakdown – Homebuilders Breakdown Top 5 Clients
(R$ BI)
4.7% 4.0% 4.1%
6.1% 5.1% 4.4%
47% 44%
51%
5.2% 5.0%
6.1%
56% 6.2%
53% 5.3%
49% 7.1%
Nº Homebuilders
292 301 236
9.5% 8.9%
7.6%
2010 2011 1Q12 2010 2011 1Q12
Demais Clientes
Other Clients 10 Maiores Clientes
Top 10 clients in sales
1st 2nd 3rd 4th 5th
42

43. Financial Highlights
43

44. 1Q12 Financial Highlights
Net Revenue
14%
88.4
77.4
1Q11 1Q12
Net Income Attributable to
EBITDA*
Controlling Shareholders¹
24%
21% 29%
29% 23% 39%
21.3 25.2
16.5 18.1
1Q11 1Q12 1Q11 1Q12
¹Shareholders of LPS Brasil through the LPSB3 share
*We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same
way. This will be our standart from now
44

45. 1Q12 Results
Results 1Q12
(R$ thousand)
LAUNCHES PRONTO! CREDIPRONTO! CONSOLIDATED
Gross Service Revenue 73,405 22,724 4,496 100,625
Revenue from Real Estate Brokerage 69,780 22,724 4,496 97,000
Revenue to Accrue from Itaú Operations 3,625 - - 3,625
Earn Out - - - -
Net Operating Revenue 64,541 20,003 3,833 88,377
(-)Costs and Expenses (44,644) (14,670) (3,396) (62,710)
(-) Stock Option Expenses CPC10 (235) - - (235)
(-) Expenses to Accrue from Itaú (238) - - (238)
(=)EBITDA 19,424 5,333 437 25,194
EBITDA Margin 30.1% 26.7% 11.4% 28.5%
(+/-) Other nonrecurring results - - - -
(-)Depreciation and amortization (7,685) (5,923) (12) (13,620)
(+/-) Financial Result 18,682 3,262 56 22,000
(-)Income tax and social contribution (10,078) (1,478) (426) (11,982)
(=)Net income in period 20,343 1,194 55 21,592
Net Operating Margin 31.5% 6.0% 1.4% 24.4%
(=)Net Income in Period
- Non-controlling Shareholders (247)
- Controlling Shareholders 21.345
Net Margin after Minority Interest 24.2%
45

46. CrediPronto!
P&L*
(R$ thousands) 2011
Total
Amount Financed 1,270,674
Opening portfolio 707,053
Closing portfolio 1,767,940
Average portfolio balance1 976,864
Financial Margin 24,401
% Spread 2.5%
(-) Sales taxes -2,194
(-) Total costs and expenses -37,622
(-) Back Office expenses -6,729
(-) Sales expenses -20,124
(-) Commissions -12,547
(-) Others -187
(+/-) Correspondent bank -
(+) Other revenues (Financ.) 1,365
(-) Allowance for doubtful accounts (ADA) 600
(-) Taxes -6,419
(=) Net result -21,835
% Net Margin -98.3%
50% Profit Sharing -10,918
*The managerial P&L measures the results of the JV. Olimpia’s Results and all Revenues and Expenses incurred by Itau are considered.
• The numbers of the managerial P&L were audited for 2011 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards. 46

47. 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
Default Property
Ex: Sale for +$100: Profit for
Sale of the $300 the bank
recovered
property
Ex: Sale for -$50: Loss
$150 of the bank
¹ Including general allowance 47

48. Additional Information
48

49. Lopes’ Contracted Sales Seasonality
Two seasonality components:
• Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more
significantly affected by summer vacations and the week of Carnival celebrations.
• 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.
41%
37%
32% 33%
31% 30% 30%
29% 29% 28% 26% 27%
25% 24% 25% 24%
22% 23% 23%
21% 22%
18% 19% 19%
17% 16% 1Q Average:
14% 15%
18%
2005 2006 2007 2008* 2009 2010 2011
1Q 2Q 3Q 4Q
* The seasonality can not be verified in 2008, because of the effects of the world financial crisis. 49

50. Ownership Structure
Ownership Structure Post-IPO
33%
41%
Rosediamond
Chairman and Vice Chairman
Management
Free Float
1%
25%
Total of 56,668,005 common shares
50

51. Contacts
INVESTOR RELATIONS CONTACT
E mail: ri@lopes.com.br
Website: www.lopes.com.br/ri
51