Apresentação institucional inglês 11.11.2010

1
Institutional Presentation
November 2010

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, 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 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

 Mr. Francisco Lopes
initiates its activities
intermediating
properties
1935
40 s
50 s
60 s
70 s
80 s
90 s
00 s
 Launch one of the
first buildings under
the condominium
concept
 First TV
advertisement for
a real estate
development
 Start of long term
partnership with
Gomes de Almeida
Fernandez (Gafisa)
 Launch and sell of 14
office buildings at Av.
Paulista
 Launch and sell 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
 Identification of Marginal
Pinheiros as an attractive
area and launch one of
the first buildings in the
region
 Start up of sales of hotel
condominium (Flats)
 Partner of Grupo Espírito
Santo in selling one of the
largest launching in Lisboa:
Parque dos Príncipes
 Introduction of the
concept of condominium
clubs
 First “Top Imobiliário”
award, in 1993 – Largest
Brokerage Company
 Lopes becomes an important player at
the segment of gated communities
 Triples in size in a decade,
strengthening its leadership
 Wins its 16th consecutive
“Top Imobiliário”
 Lopes‟ IPO
 Lopes starts its geographic expansion
process
 Lopes‟ website become leader on real
state market
 Joint Venture with Itaú Bank in order to
create CrediPronto, our mortgage
company.
 Lopes‟ follow-on
 The company‟s first
logo
 Becomes reference in real
estate launchings and
presents its new logo
Brokerage Market Has No Other Company
With The History and Track Record
4

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

6
Joint Venture with Banco Itaú to
provide mortgage loans
Low, mid and high-income segments
Mortgage LoanPrimary Market Secondary Market
Focus on secondary market, with a
unique model of own stores and a
network of licensed brokers
Growth through acquisitions
LPS Brasil: Unique Business Platform
+
6

3.23% 3.16% 3.19% 3.10%
2.85% 2.84% 2.79%
3,04%
2005 2006 2007 2008 2009 1Q10 2Q10 3Q10
Lopes Net Commission
SP GVS / Consolidated GVS 100% 95% 80% 50% 48% 54% 49% 50%
Net Commission São Paulo
Net Commission Brazil
3.23% 3.15% 3.06%
2.60% 2.54% 2.59% 2.48% 2,67%
2005 2006 2007 2008 2009 1Q10 2Q10 3Q10
7

8
LPS Brasil‟s unparalleled reach and extraordinary scale complement each other, increasing its success
rate and continuously attracting new brokers and clients
Virtuous Cycle of the Business Model Creating Strong
Barriers to Entry
Strong Established Base
 Leading, nationally recognized brand
 Present in 12 Brazilian states and in the Federal
District
 Extensive distribution channel
 Database with more than 1.7 million clients
 More than 230 homebuilder clients
Leadership and Wide Range of ProductsIndisputable Sales Performance
 Speed of sales of 29.5% in 3Q10,
and 50.8% for Habitcasa
 R$9.6 billion in contracted sales in
2010
 Most visited site in the real estate
sector: more than 4.7 million hits
in the quarter
Retention of Talent
 Largest sales force: more than 9,300
independent brokers
 Attracts and maintains its sales force
 Leader in the primary market
 One-stop-shop: unique and
complete solution for the client
 : unique platform to
develop the secondary market
 : partnership with one
of the largest retail banks in the
world, Itaú Unibanco
8

Institucional Website
9
Website Visits
Source: Google Analytics,
The most visited
website in the real
estate market
Strong investment
in online media
Increased
generation of
Leads
Higher sales
conversion
594,442
1,308,093
2,018,064
2,195,698
2,432,703
2,578,826
3,533,156 3,523,517
4,248,592 4,348,621
4,737,108
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Competitive Advantage
Competitive Advantage: A single, integrated solid Company
“Lopes” culture in all business
units of different states
National Integration
of Systems
One single brand,
recognized by the market
Identity that stands Lopes
out from the competitors
10

LPS Brasil‟s Market Mix
42%
53% 52% 54%
49% 50%
6%
5% 6% 5%
5%
11%
21%
16% 14% 14%
17%
9%
9%
7% 12% 10% 11% 12%
6%
6%
6% 6% 6% 6%
16% 13% 10% 11% 13% 12%
2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
São Paulo
Rio de Janeiro**
Brasília
South
Northeast
Other*
*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas
** The sales values include 20% of the contracted sales of Patrimóvel, in proportion to our participation in the Company during the period. 11

LPS Brasil in the Primary Market
12

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
 Formal relationship through
agreements
 Over 230 Clients
 176,287 effective buyers1
 1,706,559 prospects
included in our data base
Client-Developers Client-Buyers
Howdowedo
business?
Howdowemakemoney?2,3
$ 0.30
$ 0.08
$ 2.16
$ 100
$ 10
Total Price
per Unit
Down-
payment
Gross
Commission
$ 0.85
$ 1.15
Agents +
Managers
RevenueRecognition
$ 4.54 ²
Developer
1 Data until 09.13.2010
2 Data from the 3Q10
$ 2.00
$ 2.54
Net Commission Premium Contract Advisory Fee
Simple and Focused Business Model…
13

Lopes is focused on providing its clients with a full range of consulting services, from land procurement
advisory to product formatting, development and sale
Value-Added Services Across the Development Cycle
Determines
the Site‟s
Vocation
Masters
Market
Research
Formats
Product
Meeting
Buyers‟
“Wants and
Needs”
Develops
Marketing
Campaign
Optimizes
Media
Negotiations
Coordinates
Product
Launching
Events
Individual
Sales Strategy
Created to
Each Product
Coordinates
Product
Launching
Events
14

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. Lopes acquires permanently an
additional 10% stake of Patrimóvel, in July 2010, and 31% more, in
October 2010, amounting to a total 51% share.
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.
Lopes tracks developers‟ regional movements, consolidates its
position as the largest consulting and sales player
PR
RJ
BA
SP
RS
ES
SC
PE
MG
DF
CE
GO
15
RN

Notes: Managerial Reports.
Absorption calculated over available units
Location
Usable Area
Sales
Location
Usable Area
Sales
Location
Usable Area
Sales
Location
Usable Area
Sales
Location
Usable Area
Sales
100% sold.
Developer: Rossi
CASE
100% sold.
Developer: Kallas
CASE
99% sold.
Developer: Open (Even)
CASE
100% sold.
Developer: Maiojama
CASE
100% sold.
Developer: Helbor
CASE
Sales Expertise in all Market Segments
HIGH
MEDIUM-HIGH
MEDIUM
ECONOMIC
BUSINESS UNITS
Água Branca/ SP
128 / 168m²
Casa das Caldeiras – Sep/10
384 un. – R$ 6,000/m²
Campinas/ SP
Hemisphere Norte Sul – Aug / 10
16
33 / 44 m²
177 un. – R$ 6.000/m²
Vila Bela Vista/ SP
48 / 56m2
Premmio Vila Nova – Aug / 10
127 un. – R$ 2,996/m²
64/ 73m²
Park Club Bairro Jardim – Sep/10
536 un. – R$ 3,200/m²
Praia de Belas/ RS
39 / 74m2
Trend City-Residence– Jul / 10
274 un. – R$ 5,000/m²
Santo André/ SP

LPS Brasil in the Low Income Segment
17

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
18

19
Habitcasa Stands Up as the Biggest Player in sales in the Low
Income Segment
1,670 units sold
in the 3Q10
Average Price in the
3Q10 of R$166 thousand
51% Sales Speed
In the 3Q10
Sales in the 3Q10
increased 14% when
compared to the 2Q10
Only Real State
Brokerage Company
specialized on the low
income segment, not
only in sales, but also
in advisory
In 2009, Habitcasa became Caixa‟s
correspondent

20
42%
39%
12%
6%
11%
36%
25%
29%17%
36%22%
25%
30%
44%
17%
9%
3Q09
3Q09
3Q10
3Q10
Units Sold
Contracted Sales
Sales by Income Segment Primary and Secondary Market
Total units sold = 13,126
Total Contracted Sales = R$3,617 million

Increase in the Potential Demand
Maturity in years
10 15 20 25 30
12% 13 11 10 10 9
11% 13 10 9 9 9
10% 12 10 9 8 8
9% 12 9 8 8 7
8% 11 9 8 7 7
7% 11 8 7 6 6
6% 10 8 7 6 6
5% 10 7 6 5 5
Maturity in years
10 15 20 25 30
12% 1,377 1,152 1,057 1,011 987
11% 1,322 1,091 991 941 914
10% 1,269 1,032 926 872 842
9% 1,216 974 864 806 772
8% 1,165 917 803 741 704
7% 1,115 863 744 679 639
6% 1,066 810 688 619 576
5% 1,018 759 634 561 515
Unit Value
R$120,000
Mortgage
R$96,000
30% of income
commitment
80% of the total value
financed
In Minimum Wages Monthly Payment (R$)
InterestTax(%)
InterestTax(%)
21

Better Economic Situation of the Low Income Segment…
Monthly Income (Millions of
Families)
2007 2008
Untill R$1,000 31.7 53% 29.1 31%
From R$1,000 to R$2,000 15.5 26% 27.6 29%
From R$2,000 to R$4,000 8.4 14% 21.8 23%
From R$4,000 to R$8,000 3.3 5% 11 12%
From R$8,000 to R$16,000 1.1 2% 4.3 5%
From R$16,000 to R$32,000 0.3 0% 1.3 1%
More than R$32,000 0 0% 0.3 0%
TOTAL 60.3 100% 95.4 100%
25.5
7.5
1
34
Government
Budget
FGTS BNDES TOTAL
“Minha Casa, Minha Vida” Funds
32.5
36.5 37.4
38.0 40.0
47.0
52.0
1992 1995 1998 2001 2004 2007 2008
% of the population with monthly income between
R$1,064 and R$4,561 (program‟s target population)
Source: “Minha Casa, Minha Vida” Program
Source: FGV Source: IBGE, FGV, Ernst & Young
22
62.2
9.5
71.7
Government
Budget
FGTS TOTAL
“Minha Casa, Minha Vida 2” Funds

2.2 3 4.9
9.3
18.4
25.2
3.8 3.9
5.5
7
6.9
10.2
2003 2004 2005 2006 2007 Savings untill
Oct 2008 FGTS
untill Nov 2008
Financed withFGTS' Funds Financed withSavings' Funds
Housing Credit
(R$ billions)
Housing
(„000)
Total of
houses
New
houses
formed
New houses
financed
% of new
houses
financed
2002 48,035 1,530 83 5%
2003 49,710 1,675 104 6%
2004 51,752 2,042 112 5%
2005 53,114 1,362 101 7%
2006 56,610 1,496 151 10%
2007 56,343 1,733 166 10%
... and also Better Supply of Mortgages
Source: ABECIP, Central Bank of Brazil, CEF e FGV
Source: IBGE, BC
23

Minha Casa Minha Vida
Brazilian Government will dispose of R$34 bi.
In the State of São Paulo 183,995 units will be built.
Source: Lopes‟ Market Intelligence
São Paulo‟s families
(3.4 million of families)
41% have a monthly family income
between 3 and 10 minimum wages,
with “Minha Casa, Minha Vida” this
families will become potential
buyers.
It is estimated that there is a 140
thousand units demand in the city of
São Paulo inside the
“Minha Casa, Minha Vida” program .
10% has purchase intention for
the next 12 months
(1.4 million of families)
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. 24

Steps Untill 3 minimum wages Between 3 and 10 minimum wages
Government Contribution R$16 billion
R$10 billions
(2.5 bi Government and 7.5 bi FGTS)
Subsidy Full Value -
Insurance Exception Reduction
Registration Costs Exception
Reduction
(90% form 3 to 5 minimum wages
80% from 5 to 10 minimum wages)
40%
20%
10%
10%
20%0 to 3 minimum wages
3 to 4 minimum wages
5%
24%
21%
50%
Espírito Santo
Minas Gerais
Rio de Janeiro
São Paulo
Units per Income Units Distribution In the Southeast Region
Minha Casa Minha Vida
25

Steps Untill 3 minimum wages Between 3 and 10 minimum wages
Government Contribution R$37 billion
R$25 billions
(15.5 bi Government and 9.5 bi FGTS)
Subsidy Full Value -
Insurance Exception Reduction
Registration Costs Exception
Reduction
(90% form 3 to 5 minimum wages
80% from 5 to 10 minimum wages)
60%
30%
10%
Units per Income
Minha Casa Minha Vida 2
26

LPS Brasil in the Secondary Market
27

Pronto!
28
Pronto has 183 stores in 12 States: 41 owned stores and142 licensed brokers
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
investiments + 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$11.3 million of earn out).
Rio de Janeiro – Acquisition of 51% of Self Imóveis, in July
2010, for R$ 2,6 million (R$900 thousand + R$1,7 million of
earn out)

29
 Present in 12 states and the Federal
District
– Covers 91% of the Brazilian GDP
– 41 own stores
– 142 licensed brokers
– Strong presence in São Paulo
and Rio de Janeiro
 Unique one-stop-shop business model
 Solid client base
 Strong internet presence
 Diversified products in the portfolio
Unique Platform Poised for Growth
Well Defined Acquisition Model with a Successful Track
Record
 Appreciation and alignment of interests
– Earn-out
– 51% ownership stake
Natural Consolidator
 Potential synergies:
– Scale and reach: network effect
– Access to mortgage financing
– Expertise of LPS Brasil management
Pronto!: A Natural Consolidator
 Acquisition strategy:
– Companies with expertise in their regional markets
– Companies with limited access to capital
– Well positioned in relevant markets
– Widespread network
 Successful acquisitions through the years
– 4 acquisitions since July focused on the secondary
market
– Benchmark for future partners
– Accretion
29

Strengthening of mortgage origination and other related services.
Leadership position
in their respective
markets
Management
Excellence
High Value Brands
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
 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
30

31
Differentiated Model: One-Stop-Shop
CrediPronto! and Pronto!Imóveis Platform: unique model in the secondary market
Winning Model
 Secondary Market: a significant potential for origination
 41 own stores and 142 licensed real estate brokers in 12
states and the Federal District
 Selective acquisitions to replicate the successful formula
used in the primary market
 27% of Pronto!‟s contracted sales are financed by
Credipronto!
 Distinctive channel for clients in the secondary market
 R$591 million in financing
 Incipient market in Brazil with huge expansion potential
 65% of CrediPronto! transactions are originated through
Pronto!
 Use of LPS Brasil‟s platform and significant reduction in
CAPEX requirement
Focus
Relevance
Growth
Potential
Synergies
31

Financed Volume
CrediPronto!
CrediPronto! financed in the 3Q10 R$154.1 million, which accounted for R$387.1 million in
mortgages for 2010 .
(R$ MM)
27.2
146.0
90.9
387.1
3Q09 3Q10 9M09 9M10
268%
326%
32

216.7
247.4
290.9
330.9
384.9
436.8
474,3
529,1
591,0
150,0
200,0
250,0
300,0
350,0
400,0
450,0
500,0
550,0
600,0
jan/10 feb/10 mar/10 apr/10 may/10 jun/10 jul/10 ago/10 set/10
Accumulated Sales Volume*
CrediPronto!
(R$ MM)
12%
33
*Excluding amortization.

34
Credipronto!: Unique Partnership to Capture Mortgage Loan
Market Potential
CrediPronto!: difficult to imitate model that enables LPS Brasil to provide the best financing solution to its
clients
Evolution of Origination (base 100 = Jan-10)1
Business Highlights
 In 1.5 year, it has already reached 5.2% of market share
in the private mortgage loan market (excluding Caixa)1
 Profit Sharing with limited credit risk
 Leverage on LPS Brasil‟s points of sale
 Differentiated process of approval and release of funds
 Unprecedented credit in the market
Innovative Real Estate Financing Process
Notes:
1 ABECIP (as of September 30th, 2010) and Company. Ranking based on September/2010 origination
2 Bacen
+
Market
Leader
Largest Private Bank
in Brazil
Market Share CrediPronto!
High Growth Potential – Real Estate Financing equals only 3% of Brazilian GDP2
15% of Itaú
Ranking of Real Estate Financing September 2010 (R$ mm)¹
Total Origination
Sep/10: R$3.1 bi
1,850
404
321
210
143 88
23 18 4 2
62
Caixa
Itaú
Bradesco
Santander
Bancodo
Brasil
HSBC
Citibank
Banrisul
Poupex
Banese
Credit Analysis Assessment of
the Property
Legal Analysis Issuance of the
Contract
Release of
Resources
24 hours
Until 3
working
days
2
working
days
3
working
days
5
working
days
Efficiency in Release of Credit
0,7% 1,7% 1,8% 1,6% 2,0%2,1% 1,3% 1,9% 2,0%
100
240
340 314
423 406
293
429
485
99 132 130 136 148 156 160 166
CrediPronto! Market
Jan - 10Feb - 10 Mar - 10 Apr - 10May - 10Jun - 10 Jul - 10 Aug -10 Sep - 10
34

Brazilian Real Estate Market
35

36
Growth 2007 - 2030
Significant Creation of Demand
Demographic Bonus Population Pyramid (millions of people)
Expansion of Class C (% of the population) Number of Families by Income Segment (millions)
40%
60%
80%
100%
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
Economically active population = 15 – 64 year-old
Dependence Index
(8%) 78% 160% 233% 291% 433%
70-74
60-64
50-54
40-44
30-34
20-24
10-14
0-4
Age
2000 2020
174 209Total
10 10 0 100 10
Men
Women
2003 2008
11%
49%
24%
16%
Classes A and B Class C Class D Class E
8%
37%
27%
28%
Source: IBGE, Febraban and FGV
31.7
15.5
8.4
3.3
1.1 0.3
29.1 27.6
21.8
11
4.3
1.6
Up to
R$1k
R$1k to
R$2k
R$2k to
R$4k
R$4k to
R$8k
R$8k to
R$16k
Above
R$ 16k
2007A
2030E
36

Source: Goldman Sachs – Base 2007-2008
Mortgage Market
Mortgage Market as a % of GDP
86%
66%
50%
40%
33%
22%
10%
6% 5% 5% 3% 3% 1% 1% 0% 0%
15%
11%
2%
3%
2%
35%
30%
15%13%
9%
5% 5%
2%
37

38
Growth Drivers
 Housing deficit
– 7.2 million houses (2009)
 Incipient mortgage loan market
 Declining interest rates
 Rising employees‟ income
 Growing availability of long-term funding
 Increasing secondary market financing
 Increasing family turnover
Market Potential for Real Estate Financing
Despite recent strong growth, mortgage loan still has broad room to grow in 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
Mortgage Loan Access (% by Social Class)2
7.7%
5.0%
3.0%
1.7%
Classes A and B Class C Class D Class E
4.0x
1.8x
9.0 – 10.0x
G-7 Mexico Brazil
Family Turnover3
5.4
6.7
7.9
6.3
5.8
1991 2000 2006 2007 2008
Quantitative Housing Shortage (millions of homes)
38

39
33.3
37.2
29.2
2007 2008 2009 2010E
Lopes: Leadership and Growth
Primary Market: Leadership1 in an Expanding
Market
Second Growth Cycle
Notes:
1 Includes the acquisition of Patrimóvel
2 US$3.4 billion raised in 9 equity offerings and US$7.0 billion issued in debt. Only includes public issuances. Source: Bloomberg
3 Earnings release: Brookfield, CCDI, CR2, Cyrela, Direcional, EVEN, EZTEC, Gafisa, Helbor, Inpar, JHSF, João Fortes, MRV, PDG, Rodobens, Rossi, Tecnisa and Trisul
4 Annualized, considers that contracted sales launched in the first half are equal to 40% of contracted sales launched per year
 Highly capitalized homebuilders
– US$10.4 billion raised since 2009²
– Developments launched in the first wave have
completed their cycles, generating cash for further
investments in the market
Lopes Contracted Sales: Significant Growth (R$ mm)
 Lopes‟ scale and reach result in extensive network and
sales capacity: essential for distributing units launched
 Unique database with more than 1.7 million clients
 230 homebuilder clients
 Speed of sales of 29.5% in 3Q10, and 50.8% for Habitcasa
Launched PSV – Listed Companies (R$ mm)3
44.84
Undisputed leader in the primary market with strong growth potential
2,545
4,873
9,370
8,658
9,572
12,500
2006 2007 2008 2009 9M10 2010E
39

15.1 16.0
17.7
24.4
22.8
17.4
14.1
Number of Launches - SP
GVS¹ Launched (R$ bn) - SP
Units Launched („000) - SP
¹ Launched values adjusted by the INCC until February/10
1996 1997 2006 2007 2008
Nominal GVS launched in 2008 was the same
amount as 2007: R$ 20 bn.
Launches Metropolitan Region of São Paulo – Historic data
Source: Lopes‟ Market Intelligence
2009
40
9M10
509
377
341
467 458
538 548
509
442
478
574
548
494
361
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 9M10
70
33
35
40
35 34
37
31
36 38
68 70
59
48
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 9M10

Sales Speed Metropolitan Region of São Paulo
Source: Secovi –SP and Lopes‟ Market Intelligence.
Units Launched and Sold
SP Capital
41
Average (Units Sold/Launched) = 0.77
Average (Units Sold/Launched) = 1.42
Units Launched
Units Sold
Year Units Launched Units Sold
2008 34,500 32,800
2009 30,100 35,800
9M10 21,800 17,700
4,146
1,113
5,663
1,6383,642
382
6,131
1,633

R$/m2
SPMR Real Estate Market Overview – Prices
Source: EMBRAESP
Nominal
INCC Adjusted
Evolution of Average Launches‟ Prices in SP
R$/m2
42
1360 1370
1550 1620
1740
1930
2230
2470
2850 2890
3050 3000
3200
3480
4100
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
9M10
4120
3880
4180 4140 4070 4180
4390
4190
4340
4040 4040
3770 3680 3730
4190
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
9M10

Factors that Sustain the Growth in the Real State Market
Positive Economic Trend
Brazil is Latin America‟s biggest economy
and presents economic, political and
social stability;
Positive economic fundaments:
1. Country-risk in minimum historical level
2. Inflation under control
3. Extern debt at lower levels
4. Decreasing of the unemployment tax
Real State Sector Development
Consumer‟s buying intention increase;
Technology achieved in both sides;
Products with more sophisticated
attributes for the middle income
segment;
Technology in the low income segment
construction; and
Development of new
Brazilian markets.
Housing Deficit
Estimated deficit of 7.5MM de houses;
Bad quality housing for middle and low
income segments.
Financing Availability
Smaller Taxes, longer terms;
SFH and FGTS limit increase;
Higher participation of the private
sector; and
In Brazil, the mortgages represent
10-20% of the total credit, smaller than in
other countries (70%).
43

(base: jan/2009=100)
Source: Lopes Market Intelligence
Lopes‟ Confidence Index (LCI) – October/10
Lopes is the first company to create a Real Estate Consumer Confidence Index.
45
Lopes‟ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,
housing purchase tendency.
The sample has 566 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and
are interested in purchasing a new home.
Lopes‟ Confidence Index (LCI)
October/10
118.0
124.7
131.6 133.8
147.4
137.5 141.3
145.3 142.8
153.4
157.8
145.9 142.1
138.7
142.3
136.6 138.0 133.2
143.3
146.3
135.8
130.5
100.0
105.7 109.4
116.3
124.1
119.0 120.3
125.3 127.0
134.4
137.6
131.7 128.2 127.4 131.3 127.5 130.0 128.7 131,0 133.7
126.5
127.5
82.0
86.8
87.2
98.7
100.8 100.5 99.3
105.3
111.2
115.5 117.5 117.6 114.4 116.0 120.4
118.5 122.0 124.1 118.8 121.1117.3
124.5
jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09 aug/09 sep/09 oct/09 nov/09 dec/09 jan/10 feb/10 mar/10 apr/10 may/10 jun/10 jul/10 aug/10 sep/10 oct/10
Expectation Index Lopes' Confidence Index Present Situation Index

(base: jan/2009=100)
Source: Lopes Market Intelligence
Present Purchase Intention Growth
For the Real Estate Market are considered positive attributes the
intentions of purchasing properties in HIGH and MEDIUM levels
which were mentioned at the moment of the interview.
46
50%
84%
89%
50%
16%
12%
Jan/09 Apr/09 Jul/09 Oct/09 Jan/10 Apr/10 Jul/10 Oct/10
39%
84% 82%
61%
16% 18%
44%
78%
87%
56%
22%
13%
87%
13%
Oct/10
High and medium
Low
Economic Segment Medium Segment High Segment

Sales Speed over Supply
29.3% 29.5%
3Q09 3Q10
Lopes' Consolidated Sales Speed
*Management information,
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.
65.9%
50.8%
3Q09 3Q10
Habitcasa‟s Sales Speed

Contracted Sales‟ Historical in the Primary Market*
* Unaudited managerial information.
Total GVS – Primary Market
(in R$ million)
591 850
1,166 1,253
1,556
1,853
2,545
4,873
9,370
8,658
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
50

Contracted Sales
(R$ MM)
Contracted Sales
Units Sold
9,940
12,469
23,239
34,342
340
657
918
1.674
3Q09 3Q10 9M09 9M10
Primary Market Secondary Market
36.016
24.157
13.126
10.280
2,448
3,345
5,807
8,842
153
272
388
730
3Q09 3Q10 9M09 9M10
Primary Market Secondary Market
2,601
3,617
9,572
6,196
55%
39%
28%
49%
*The sales values include 20% of Patrimóvel‟s results, in proportion to our participation in the Company during the period.

Results 3Q10
(R$ „000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED
Net Revenue 84,033 3,275 179 87,487
Operating Costs and Expenses (40,203) (3,134) (1,146) (44,483)
Stock Option Expenses (CPC 10) (817) (817)
Expenses Accrual from Itaú (238) (238)
Pro-Forma EBITDA1
44,747 141 (967) 43,921
Pro-Forma EBITDA Margin 53% 4% -540% 50%
Pro-Forma Net Income2
30,763 (327) (719) 29,717
Pro-Forma Net Income Margin 37% -10% -402% 34%
Results 3Q10
Without Pronto! and Credipronto!‟s effect,
Lopes‟ EBITDA would‟ve been R$45
millions, with a 53% margin and a Net
Income of R$31 million, with a 37%
margin.
Brasília had a R$5.0 million Income, while
Campinas had a R$2.8 million Income,
what explains the minorities Interests of
R$4.7 million.
53
1 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.
The CrediPronto!
Revenue does not
include the mortgages
financial spread

12%
29%
34% 37%
25%
37% 38%
9%
20%
27%
33%
20%
30% 34%
1T09 2T09 3T09 4T09 1T10 2T10 3T10
3
11
18
24
12
24
30
16%
40% 46% 46%
36%
49% 50%
+34%
+25%
+149%
+900%
35
53
64
72
63
80 87
+26%
Net Revenue, EBITDA Margin, Net Income and Net Margin Progress
Net Margin before
Minority Interest of
38%.
Pro-Forma EBITDA
Margin of 52% for
Launches.
Net Revenue
(R$ million)
Net Income
(R$ thousand)
Pro-Forma Net
Margin
EBITDA
Margin
Pro-Forma
Net Margin
before
Minority
Interest
54

Sales‟ Guidance for 2010
(R$ BI)
* 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. 56
9.3
12.0 – 12.5
2009 Sales 2010 Guidance
32%

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.
Lopes‟ Contracted Sales Seasonality
Unstable sales behavior in each quarter accounts for variations in yearly sales
17% 18%
14%
23%
15%
21%
31%
22%
32%
24%25%
22% 23%
29% 28%
37%
29%
41%
16%
33%
2005 2006 2007 2008* 2009
1Q 2Q 3Q 4Q
58
* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.

Ownership Structure
Total of 54,368,644 common shares
Ownership Structure Post-IPO
59
34%
8%
17%
31%
9% 1%
Rosediamond LLP
F.I.M. Crédito Privado Mocastland
Management
Foreigner Investors - Free Float
National Investors - Free Float
Individual Investors

Contacts
INVESTOR RELATIONS CONTACT
E mail: ri@lopes.com.br
Website: www.lopes.com.br/ri
60

Apresentação institucional inglês 11.11.2010

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Apresentação institucional inglês 11.11.2010