The document provides an overview of LPS Brasil, a real estate brokerage firm operating in Brazil. It highlights LPS Brasil's long history and leadership position in the Brazilian real estate market. The summary also notes that LPS Brasil has a simple and focused business model providing brokerage services to property developers while also operating in the primary, secondary, and mortgage loan markets.

1. Institutional Presentation
April 2011
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 December 31st, 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

3. Investment Highlights
3

4. 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
4

5. 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
5

6. 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
6 6

7. Lopes Net Commission
3.23% 3.15% 3.06%
2.60% 2.54% 2.56%
Net Commission Brazil
2005 2006 2007 2008 2009 2010
SP GVS / Consolidated GVS 100% 95% 80% 50% 48% 46%
3.23% 3.19%
3.16% 3.10%
Net Commission São Paulo 2.88%
2.85%
2005 2006 2007 2008 2009 2010
7

8. Virtuous Cycle of the Business Model Creating Strong Barriers to Entry
Indisputable Sales Performance Leadership and Wide Range of Products
 Speed of sales of 34,2% in 4Q10,  Leader in the primary market
and 58.9% for Habitcasa
 R$15.6 billion in contracted sales
 One-stop-shop: unique and
in 2010 complete solution for the client
 Most visited website in the real  : unique platform to
estate sector: more than 4.8 develop the secondary market
million hits in the quarter  : partnership with one
of the largest retail banks in the
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 11,300
District independent brokers
 Extensive distribution channel  Attracts and maintains its sales force
 Database with more than 1.7 million clients
 More than 350 homebuilder clients
8
8

9. Institucional Website
Visits on www.lopes.com.br
4,737 4.814
4,249 4,349
3,533 3,524
2,432 2,579
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
The most visited Increased
Strong investment Higher sales
website in the real generation of
in online media conversion
estate market Leads
Source: Google Analytics,
9

10. 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
10

11. LPS Brasil‟s Market Mix
8% Other*
13% 10% 11% 13% 12%
16% Northeast
5%
6% 6% 6% 6%
6%
6% 10% South
7% 12% 10% 11% 12%
9%
12% Brasília
16% 14% 14% 9%
17%
21% 5%
5% 6% 11% 19% Rio de Janeiro**
5%
6%
53% 52% 54%
49% 50% São Paulo
42% 46%
2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas
11

12. LPS Brasil in the Primary Market
12

13. 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  176,287 effective buyers1
agreements
 1,727,568 prospects
 Over 350 Clients included in our data base
Total Price
Revenue Recognition
$ 100 per Unit
How do we make money?2, 3
$ 2.21
$ 2.56
$ 0.07
$ 10 $ 0.28
Developer
$ 4.56 ²
Down- Gross $ 1.15
payment Commission $ 2.00
$ 0.85
Agents +
Managers
1 Data until Dec-10 Net Commission Premium Contract Advisory Fee
2 Data from the LTM
13

14. 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”
14

15. 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 more 31% in october 2010 (51% total).
CE
RN 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.
PE Minas Gerais – Entry by greenfield operation with beginning of operations in
February 2008.
BA 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
DF payments. In July 2008, Lopes acquired the 25% left by the call/put
GO mechanism.
MG MIDDLE WEST REGION
ES
Federal District – Acquisition of 51% of Royal, in November 2007, for R$12
million (9.0x P/E 2008) and an earn-out payment.
SP RJ
Goiás - Greenfield operation with beginning of operations in August 2008.
PR
NORTHEAST REGION
SC Bahia - Greenfield operation with beginning of operations in October 2007.
RS Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 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
Pernambuco.
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
Source: Lopes RI 15

16. Sales Expertise in all Market Segments
Le Premier Ibirapuera Parc– Oct/10 CASE
HIGH
Location Paraíso/ SP  94% sold.
 Developer : EZTEC
Sales 46un. – R$ 11.300/m²
Usable Area 216 / 358m²
Le Monde – Dec/ 10 CASE
MEDIUM-HIGH
Location Campinas/ SP  98% sold.
 Developer : Rossi Residencial
Sales 52 un. – R$ 5.500/m²
Usable Area 87m2
MEDIUM Lumiere Residences – Dec/10 CASE
Location Nova Lima/ SP  100% sold.
 Developer : Dominus
Sales 224 un. – R$ 3.500/m²
Usable Area 70m²
Mais Cangaíba – Nov/10 CASE
ECONOMIC
Location Jardim Castelo/ SP  100% sold.
 Developer : Living
Sales 399 un. – R$ 2.702/m²
Usable Area 47m2
The Blue Officemall– Nov / 10 CASE
BUSINESS UNITS
Location Santos/ SP  100% sold.
 Developer : Odebrecht
Sales 58 un. – R$ 11.000/m²
Usable Area 42/49m²
Notas: Relatórios Gerenciais.
Absorção calculada sobre unidades 16

17. LPS Brasil in the Low Income Segment
17

18. HABITCASA: Focus on Low Income Segment
Focus on Low Income Segment
Units up to R$ 200 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
In 2009, Habitcasa became Caixa‟s
correspondent
Only Real State
Sales in the 4Q10 Brokerage Company
increased 37,6% when specialized on the low
compared to the 3Q10 income segment, not
only in sales, but also
in advisory
2,297 units sold
Average Price in the
in the 4Q10
4Q10 of R$157 thousand
58.5% Sales Speed
In the 4Q10
19

20. Sales by Income Segment – Primary and Secondary Markets
Contracted Sales
Total Contracted Sales = R$ 15,630 million
2010
2009
13%
16% 23%
24%
25% 39%
22% 38%
Units Sold
Total units sold = 56,633
2010
2009
6% 6%
12% 15% 34%
40%
42% 45%
20

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

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

23. ... and also Better Supply of Mortgages
New % of new
Housing Total of New houses
houses houses
(„000) houses financed
formed 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%
Source: IBGE, BC
Housing Credit
(R$ billions)
10.2
6.9
7 25.2
5.5 18.4
3.8 3.9 9.3
2.2 3 4.9
2003 2004 2005 2006 2007 Savings untill
Oct 2008 FGTS
untill Nov 2008
Financed with FGTS' Funds Financed with Savings' Funds
Source: ABECIP, Central Bank of Brazil, CEF e FGV
23

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

25. LPS Brasil in the Secondary Market
25

26. 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
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).
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$5.5 million of earn out)
Rio de Janeiro – Acquisition of 51% of Self Imóveis, in July
2010, for R$ 2,6 million (R$900 thousand + R$1,7 million of
earn out)
SOUTH REGION
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).
Paraná – Acquisition of 60% of Thá, in February 2011, for
R$20.9 million (R$7.4 million + R$13.6 million of earnout).
Pronto has 229 stores in 12 States + Federal District : 44 owned stores and185 licensed brokers
26

27. Pronto!: A Natural Consolidator
Well Defined Acquisition Model with a Successful Track
Unique Platform Poised for Growth
Record
 Present in 12 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
– 44 own stores – Well positioned in relevant markets
– 185 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
– 8 acquisitions since July focused on the secondary
 Diversified products in the portfolio market
– Benchmark for future partners
– Accretion
Natural Consolidator
 Potential synergies:
– Scale and reach: network effect
– Access to mortgage financing
– Expertise of LPS Brasil management
27
27

28. 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.
28

29. Differentiated Model: One-Stop-Shop
 Secondary Market: a significant potential for origination  Distinctive channel for clients in the secondary market
Focus
 44 own stores and 185 licensed real estate brokers in 12  R$804 million in financing
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
 27% 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
29
29

30. CrediPronto!
Financed Volume
(R$ MM)
600.0
279%
213.0
216% 158.2
67.3
4Q09 4Q10 2009 2010
In 2010, CrediPronto! financed R$600 million , representing 2,176 contracts, with avarege rate
of 10.1% + TR and an average term of 272 months.
30

31. CrediPronto!
Mortgages Portfolio
(R$ MM)
707
297%
178
Opening portfolio balance Ending portfolio balance
The Average Portfolio Balance in 2010 was R$403 million.
31

32. CrediPronto!
Accumulated Sales Volume*
(R$ MM)
850 804
750 727
654
650
591
550 529
474
437
450
385
350 331
291
247
250 217
150
jan/10 feb/10 mar/10 apr/10 may/10 jun/10 jul/10 ago/10 set/10 out/10 nov/10 dez/10
The amount of financing of CrediPronto! grew by 12% per month in 2010.
*Excluding amortization.
32

33. 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
 In 1.5 year, it has already reached 5% of market share
in the private mortgage loan market (excluding Caixa)1
 Profit Sharing with limited credit risk
Efficiency in Release of Credit
 Leverage on LPS Brasil‟s points of sale
 Differentiated process of approval and release of funds
 Unprecedented credit in the market
Evolution of Origination (base 100 = Jan-10)1 Ranking of Real Estate Financing December 2010 (R$ mm)¹
Market Share CrediPronto!
Market Share CrediPronto!
1,949 Total Origination
0,7% 1,7% 1,8% 1,6% 2,1% 2,0% 1,3% 1,9% 2,0% 2,5% 2,5% 2,2% Dec/10: R$3.5 bi
12% of Itaú
576 601
485 490
423 429 625
406 293
340 314 341
240 77 235
148 156 160 166 160 189
100 99 132 130 136 137
181 105
29 22 4 2
CrediPronto! Mercado
Citibank
HSBC
Banco do
Itaú
Santander
Caixa
Banrisul
Poupex
Bradesco
Banese
Brasil
Jan - 10 Fev - 10 Mar - 10 Abr - 10 Mai - 10 Jun - 10 Jul - 10 Ago -10 Set - 10 Out - 10 Nov - 10 Dez - 10
High Growth Potential – Real Estate Financing equals only 3% of Brazilian GDP2
Notes:
1 ABECIP (as of December 30th, 2010) and Company. Ranking based on December/2010 origination
33
2 Bacen
33

34. Brazilian Real Estate Market
34

35. Significant Creation of Demand
Demographic Bonus Population Pyramid (millions of people)
100% 2000 2020 Men
Total 174 209 Women
Age
80%
70-74
60-64
60% 50-54
40-44
30-34
40% 20-24
10-14
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
0-4
Economically active population = 15 – 64 year-old
Dependence Index 10 0 10 10 0 10
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, Febraban and FGV 35
35

36. Mortgage Market
Mortgage Market as a % of GDP
86%
66%
50%
40%
35%
33%
30%
22%
15% 15%
13%
10% 11%
9%
6% 5% 5% 3% 5% 5%
3% 3% 2% 2% 2%
1% 1% 0% 0%
Source: Goldman Sachs – Base 2007-2008
36

37. 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 37
37

38. Primary Market: Leadership1 in an Expanding Market
Lopes: Leadership and Growth Second Growth Cycle
 Lopes‟ scale and reach result in extensive network and  Highly capitalized homebuilders
sales capacity: essential for distributing units launched
– US$10.4 billion raised since 2009²
 Unique database with more than 1.7 million clients
– Developments launched in the first wave have
 355 homebuilder clients completed their cycles, generating cash for further
investments in the market
 Speed of sales of 34.2% in 4Q10, and 58.9% for Habitcasa
Lopes Contracted Sales: Significant Growth (R$ mm) Launched PSV – Listed Companies (R$ mm)3
15.600
44.84
37.2
33.3
9.370 29.2
8.658
4,873
2,545
2007 2008 2009 2010E
2006 2007 2008 2009 2010
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 38
38

39. Launches Metropolitan Region of São Paulo
GVS¹ Launched (R$ bn) - SP
24.4 24,9
22.8
17.7 17.4
15.1 16.0
14.1
1996 1997 2006 2007 2008 2009 2010
¹ Launched values adjusted by the INCC until February/10
Number of Launches - SP
Units Launched („000) - SP
76
70 68 70
574 574 59
538 548 548
509 509 494
467 458 478
442
377 40 38
35 35 37 36
341 33 34
31
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Lopes’ Market Intelligence 39 39

40. Sales Speed Metropolitan Region of São Paulo
Units Launched and Sold
SP Capital
Average (Units Sold/Launched) = 1.42
Average (Units Sold/Launched) = 0.66 0.76
7.516
4.960
2.541
1.677
Dez/08 Jan/09 Fev/09 Mar/09 Abr/09 Mai/09 Jun/09 Jul/09 Ago/09 Set/09 Out/09 Nov/09 Dez/09 Jan/10 Fev/10 Mar/10 Abr/10 Mai/10 Jun/10 Jul/10 Ago/10 Set/10 Out/10 Nov/10 Dez/10
Units Sold
Year Units Launched Units Sold
Units Launched
2008 34,500 32,800
2009 30,100 35,800
2010 37,300 35,870
Source: Secovi –SP and Lopes’ Market Intelligence.
40

41. SPMR Real Estate Market Overview – Prices
Evolution of Average Launches‟ Prices in SP
R$/m2
R$/m2 4470
3480
3200
3050 3000
2850 2890
Nominal 2230
2470
1930
1620 1740
1550
1360 1370
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
4570
4390 4340
4120 4180 4140 4070 4180 4190
4040 4040
3880 3770 3680 3730
INCC Adjusted
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Source: EMBRAESP
41

42. Factors that Sustain the Growth in the Real State Market
Financing Availability Positive Economic Trend
Smaller Taxes, longer terms; Brazil is Latin America’s biggest economy
SFH and FGTS limit increase; and presents economic, political and
social stability;
Higher participation of the private Positive economic fundaments:
sector; and 1. Country-risk in minimum historical level
In Brazil, the mortgages represent 2. Inflation under control
10-20% of the total credit, smaller than in 3. Extern debt at lower levels
other countries (70%).
4. Decreasing of the unemployment tax
Housing Deficit Real State Sector Development
Consumer’s buying intention increase;
Estimated deficit of 7.2MM de houses; Technology achieved in both sides;
Bad quality housing for middle and low Products with more sophisticated
attributes for the middle income
income segments. segment;
Technology in the low income segment
construction; and
Development of new
Brazilian markets.
42

43. Lopes‟ Confidence Index
43

44. Lopes‟ Confidence Index (LCI) – February/11
Lopes is the first company to create a Real Estate Consumer Confidence Index.
Lopes‟ Confidence Index (LCI)
February/11
142,9
137,4
131,9
118,0
100,0
82,0
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 582 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
44

45. Present Purchase Intention Growth – February
Evolution of the current intention of purchasing property
Simple Answer
Economic Average Standard High Standard
High and
Average
Low
jan/09 apr/09 jul/09 oct/09 jan/10 apr/10 jul/10 oct/10 jan/11 jan/09 apr/09 jul/09 oct/09 jan/10 apr/10 jul/10 oct/10 jan/11 jan/09 apr/09 jul/09 oct/09 jan/10 apr/10 jul/10 oct/10 jan/11
For the housing market are considered the positives attributes of the intended
purchase of property High and Average that is mentioned by the prospects
during the interview .
(base: jan/2009=100)
Source: Lopes Market Intelligence
45

46. Sales Speed Over Supply
46

47. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa‟s Sales Speed
61% 59%
34%
25%
2009 2010 2009 2010
*Management information,
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

48. Operational Highlights
48

49. Contracted Sales‟ Historical in the Primary Market*
Total GVS – Primary Market
(in R$ thousands)
14,364
9,370
8,658
4,873
2,545
1,556 1,853
850 1,166 1,253
591
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
•Unaudited managerial information.
• 2010 considers 100% of Patrimovel sales 49

50. Contracted Sales – Primary and Secondary Markets
Contracted Sales Units Sold
(R$ MM)
54%
69%
56,633
15,630
37%
55% 36,888
9,257
4,736 17,408
3,061 12,731
4Q09 4Q10 2009 2010 4Q09 4Q10 2009 2010
In This Quarter, We Achieved Our Record in Contracted Sales
50

51. Financial Highlights
51

52. Results 2010 - IFRS
2010 Income
(R$ thousand)
2010 Income Statements Lopes Pronto! Olímpia LPS Brasil
Gross Revenue 335,750 36,724 863 373,337
Revenue from Real Estate Brokerage 321,250 36,724 863 358,837
Revenue to Accrue from Itaú Operations 14,500 - - 14,500
Net Revenue 305,847 32,125 743 338,715
(-) Operating Costs and Expenses (148,440) (12,169) (6,025) (166,634)
(-)Stock Option Expenses (CPC 10) (3,268) - - (3,268)
(-) Expenses to Accrue from Itaú (952) - - (952)
(-) Other nonrecurring revenues (expenses), net 724 - - 724
(=)EBITDA 153,911 19,956 (5,282) 168,586
EBITDA margin 50.3% 62.1% -711.0% 49.8%
(-) Depreciation and Amortization (18,669) (3,361) (18) (22,048)
(+/-) Financial Result 27,067 (1,532) 1,045 26,580
(-) Income and social contribution taxes (39,521) (1,486) (81) (41,088)
(=) Net Income for the year 122,788 13,578 (4,336) 132,030
Net Margin 40% 42% -584% 39%
Attributable to:
LPS Brasil Shareholders 108,527
Non-Controlling Shareholders 23,504
52

53. 4Q10 Performance - Comparative Analysis
Net Revenue, EBITDA Margin, Net Income and Net
Margin Analisys
108 Net Revenues
80 87
Net Revenue R$225 63 R$339 Record in the Real
(R$ millions) Estate Services
Sector.
60
48 Highest EBITDA of
38
R$100 22 R$169 the history of the
EBITDA
Company, and a
Margin in the
same level as in
55% 56% the IPO.
48%
34%
EBITDA 45% 50%
Margin
53
36
Net Income R$25 27
(R$ millions) 16 R$132
Highest Net
Income of the
history of the
41% 49%
11% 26% 34% 39% Company.
Net Margin
2009 2010 53
1T10 2T10 3T10 4T10

54. CrediPronto!
(R$ thousand) P&L 2010
Amount financed 600,030
Portfolio opening balance 177,688
Portfolio ending balance 707,053
Portfolio average balance 403,587
Financial Margin 9,773
% Spread 2.42%
(-) SalesTaxes -919
(-) Total costs and expenses -22,087
(-) Expenses Itaú -3,471
(-) Expenses Olímpia -12,551
(-) Commissions -5,945
(-) Insurance and sinister (+/-) -120
(+/-) Bank correspondance -
(+) Other Revenues (Financial) 2,153
(-) Allowance for Doubtful Accounts -3,210
(-) IRPJ/CSLL 302
(=) Net result -13,988
% Net margin -143%
50% Profit Sharing -6,994
*The managerial P&L measures the results of the JV. Olimpia’s Results and all Revenues and Expenses incurred by Itau are considered. 54
• The numbers of the managerial P&L were audited for 2010 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.

55. Net Income – IFRS Adjustments
Reconciliation of BRGAAP Income and IFRS Income
(R$ thousand)
5,631
11,255
11,148 4,570 7,650
23,948 3,725 2,573
108,524
97,481
BRGAAP Call Patrimóvel Negative Amortization of Differed Financial Put Loss LPS Net Income
Income Adjustment Goodwill Intangible Income Tax Expense with Pernambuco Assigned to LPS
Assets Earn-Out Shareholders
IFRS
55

56. Additional Information
56

57. 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%
29% 29% 28% 26%
25% 24% 25%
22% 23% 23%
21% 22%
18% 19%
17% 16%
14% 15%
2005 2006 2007 2008* 2009 2010
1Q 2Q 3Q 4Q
Unstable sales behavior in each quarter accounts for variations in yearly sales
* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.
57

58. Ownership Structure
Ownership Structure Post-IPO
8% 2%
33% Rosediamond LLP
F.I.M. Crédito Privado Mocastland
Management
33%
Foreigner Investors - Free Float
8%
National Investors - Free Float
16%
Individual Investors
Total of 55,265,863common shares
58

59. Contacts
INVESTOR RELATIONS CONTACT
E mail: ri@lopes.com.br
Website: www.lopes.com.br/ri
59