Institutional Presentation

August 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 (“Lopes”) as of June 30st, 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 Lopes 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 Lopes 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.

Lopes believes that based on information currently available to Lopes management, the expectations and

assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses

any duty to update any of the forward-looking statements contained herein.

2

Investment Highlights

3

Mr. Francisco Lopes initiates its activities intermediating properties

193540´s

50´s60´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.

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 of Lopes

4

Simple and Focused Value

Added Business Model

Simple and Focused Value

Added Business Model

Main Distribution Channel in the Industry with a

National Footprint

Main Distribution Channel in the Industry with a

National Footprint

Low Risk Business with a

Diversified Client Base : Cash Generator Company

Low Risk Business with a

Diversified Client Base : Cash Generator Company

Already scaled down to face new

market conditions

Already scaled down to face new

market conditions

UnmatchedScale and Reach

UnmatchedScale and Reach

Experienced Management

Team and Outstanding Track Record

Experienced Management

Team and Outstanding Track Record

Investment Highlights

5

Lopes’ Operation

Lopes operates in mid-high and

high income segments of the primary

market

Habitcasa focuses on low income, selling properties up

to R$180 thousand

Pronto operates in the

secondary market, unique

model of franchising and

flagship conversion

Joint Venture with Itaú Bank

in providing mortgages

6

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 300 Clients

111,330 effective buyers1

1,280,935 prospects included in our data base

Client-Developers Client-Buyers

How

do w

e

do b

usin

ess?

How

do w

e m

ake m

on

ey?2

, 3

$ 0.62$ 0.16

$ 2.22

$ 100

$ 10

Total Price per Unit

Down-payment

GrossCommission

$ 0.85

$ 1.15

Agents +Managers

Reven

ue R

ecog

nitio

n

$ 5.00

Developer

1 Data from the period between Jan/2001 and Sep/092 Figures only for example, not related to financials3 Considering Sao Paulo market

$ 2.00

$ 3.00

Net Commission Premium Contract Advisory Fee

Simple and Focused Business Model…

7

3.23% 3.16% 3.19% 3.10%2.85% 2.79%

2005 2006 2007 2008 2009 2Q10

Lopes Net Commission

SP GVS / Consolidated GVS 100% 95% 80% 50% 48% 49%

Net Commission São Paulo

Net Commission Brazil

3.23% 3.15% 3.06%2.60% 2.54% 2.48%

2005 2006 2007 2008 2009 2Q10

8

Lopes’ business is clearly fundamental to the profitability and returns of its clients…

Working Capital

Is Fundamental Pre Sales

Speed of Sales Concentrated in

the Launch Period

Reliance on Sales Force Scale and Efficiency

Speed of Sales is the Key

for Profitability

With a Key Role in the Real Estate Value-Chain

More than 9,000 brokers

Real Estate DevelopmentBrazilian Market Dynamics

…and its scale and reach – nearly impossible to replicate – enhance this importance

9

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

Determines the Site’s Vocation

Masters Market

Research

Masters Market

Research

Formats ProductMeeting Buyers’

“Wants and Needs”

Formats ProductMeeting Buyers’

“Wants and Needs”

Develops Marketing Campaign

Develops Marketing Campaign

Optimizes Media

Negotiations

Optimizes Media

Negotiations

Coordinates Product Launching

Events

Coordinates Product Launching

Events

Individual Sales

Strategy Created to

Each Product

Individual Sales

Strategy Created to

Each Product

Coordinates Product

Launching Events

Coordinates Product

Launching Events

10

Lopes: The virtuous circle that makes us the Best Brokerage Company in the Real Estate Market

Market Inteligence Brokers

ProductsSales

Clients

11

Institucional Website

12

Evolution of visits to Lopes’ Website

Source: Google Analytics,

The most visited website in the

real estate market

Strong investment in online media

Increased generation of

Leads

Higher sales conversion

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10

594,442

1,308,093

2,018,0642,195,698

2,432,7032,578,826

3,533,156 3,523,517

4,248,592 4,348,621

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

13

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: Helbor.

CASE

100% sold.Developer: Dominus/ PDG Realty

CASE

100% sold.Developers Helbor

CASE

100% sold.Developer: Even.

CASE

100% sold.Developer: Even.

CASE

Sales Expertise in all Market Segments

HIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

BUSINESS UNITS

Alto da Lapa / SP

349m²

Duo Alto da Lapa – Sep/ 09

44 un. – R$ 5,600/m²

Chacara Sto Antonio / SP

Helbor Offices – Aug/ 09

14

42 / 45 m²

140 un. – R$ 5,300/m²

Santa Mônica / BH

52 /54/67/69 m2

Novo Horizonte Jardins II – Mar / 10

192 un. – R$ 2,350/m²

63 / 80m²

Espaço & Vida Ipoema – Jan / 10

240 un. – R$ 2,867/m²

Alto da Lapa / SP

76 / 93 m2

Tribeca – Mar / 10

132 un. – R$ 4,850/m²

Mogi das Cruzes / SP

Geographic Expansion

15

Lopes is Growing Nationwide

SOUTHEAST REGIONSão 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, amounting to a total 20% 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 REGIONStates 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 REGIONFederal 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 REGIONBahia - 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

16

RN

Lopes’ Market Mix

2Q09 3Q09 4Q09 1Q10 2Q10

42%53% 52% 54% 49%

6%

5% 6% 5%5%

21%

16% 14% 14%17%

9%7% 12% 10% 11%

6%6%

6% 6% 6%

16% 13% 10% 11% 13%

São Paulo

Rio de Janeiro

Brasília

SouthNortheast

Other*

*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas 17

Lopes in the Low Income Segment

18

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

19

20

Habitcasa Stands Up as the Biggest Player in sales in the Low Income Segment

1,561 units sold in the 2Q10 Average Price in the

2T10 of R$146 thousand

65% Sales Speed In the 2Q10

Sales in the 2Q10 increased 50% when

compared to the 2Q09

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

21

37%

43%

13%7%

13%

39%27%

22%15%

38%22%

25%

34%

44%

17%5%

2Q09

2Q09

2Q10

2Q10

Units Sold

Contracted Sales

Sales by Income Segment Primary and Secondary Market

Total units sold = 12,369

Total Contracted Sales = R$3,410 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 ValueR$120,000

MortgageR$96,000

30% of income commitment

80% of the total value financed

In Minimum Wages Monthly Payment (R$)

Inte

rest

Tax (

%)

Inte

rest

Tax (

%)

22

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%

Government Budget

FGTS BNDES TOTAL

25.5

7.5

1

34

“Minha Casa, Minha Vida” Funds

1992 1995 1998 2001 2004 2007 2008

32.536.5 37.4

38.0 40.0

47.0

52.0

% 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

23

Government Budget

FGTS TOTAL

62.2

9.5

71.7

“Minha Casa, Minha Vida 2” Funds

2.2 3 4.9 9.318.4

25.2

3.8 3.95.5

7

6.9

10.2

2003 2004 2005 2006 2007 Savings untill Oct 2008 FGTS untill Nov 2008

Financed with FGTS' Funds Financed with Savings' 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

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.

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. 25

Steps Untill 3 minimum wages Between 3 and 10 minimum wages

Government Contribution

R$16 billionR$10 billions

(2.5 bi Government and 7.5 bi FGTS)

Subsidy Full Value -

Insurance Exception Reduction

Registration Costs ExceptionReduction

(90% form 3 to 5 minimum wages80% from 5 to 10 minimum wages)

40%

20%10%

10%

20%0 to 3 minimum wages

3 to 4 minimum wages

4 to 5 minimum wages

5 to 6 minimum wages

6 to 10 minimum wages

5%

24%

21%

51%

Espírito SantoMinas GeraisRio de JaneiroSão Paulo

Units per Income Units Distribution In the Southeast Region

Minha Casa Minha Vida

26

Steps Untill 3 minimum wages Between 3 and 10 minimum wages

Government Contribution

R$37 billionR$25 billions

(15.5 bi Government and 9.5 bi FGTS)

Subsidy Full Value -

Insurance Exception Reduction

Registration Costs ExceptionReduction

(90% form 3 to 5 minimum wages80% from 5 to 10 minimum wages)

60%

30%

10%

0 to 3 minimum wages

3 to 6 minimum wages

6 to 10 minimum wages

Units per Income

Minha Casa Minha Vida 2

27

Lopes in the Secondary Market

28

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

29

Innovative Real Estate Financing Process

Credit Analysis

Assessment of the Property

Legal Analysis Issuance of the Contract

Release of Resources

24 hoursUntil 3

working days

2 working days

3 working days

5 working

days

Efficiency in Release of Credit

The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions.

CrediPronto!

30

CrediPronto!

Efficiency on releasing mortgages;

Agility and perception of a non-financial institution; and

Lower process costs.

Focus on the Secondary Market

Opportunity to work in the Primary Market with small Developers

Competitive Advantages

31

The only real mortgage company of the market and possibly with no conditions of being copied.

Financed Volume

CrediPronto!

CrediPronto! financed in the 2Q10 R$146.0 million, which accounted for R$232.9 million in mortgages for 2010 .

(R$ MM)

2Q09 2Q10 1H09 1H10

27.2

146.0

49.0

232.9

436%

375%

32

jan/10 feb/10 mar/10 apr/10 may/10 jun/10

216.7

247.4

290.9

330.9

384.9

436.8

Monthly Progress of the Mortgage Portfolio

CrediPronto!

(R$ MM)

26%

33

Pronto! One Stop Shop Concept

One Stop Shop

Purchasing/Selling your property

+Financing

34

Synergies Between Credipronto! and Pronto! – Competitive Advantage

35

Easy Credit

Access

(Financing)

Distribution

Channel

Pronto! and CrediPronto! acting together create a competitive advantage that is hard to replicate.

Brazilian Real Estate Market

36

19%

14%

52%

16%

Social Economic Scenario and Housing Shortage

Source: Fundação João Pinheiro e Ministério das Cidades

Source: Credit Suisse

BrazilBrazil1,8x1,8x

MexicoMexico4,0x4,0x

G-7G-79-10x9-10x

0 to 45 to 9

10 to 1415 to 1920 to 2425 to 2930 to 3435 to 3940 to 4445 to 4950 to 5455 to 5960 to 6465 to 69

more than 70

-5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5%

Men Women

* Qualitative Housing Shortage is the number of times that a family moves to different houses in life

Age Pyramid in Brazil Segments by Income in Brazil

Quantitative Housing Shortage(millions of homes)

Qualitative Housing Shortage

Source: IBGE

37

47 million homes

A/BIncome

> US$ 2,509

Income betweenUS$ 582 and US$ 2,509C

Income between US$ 419 and US$

582

D

Source: FGV

EIncome

< US$ 419

1991 2000 2006 2007 2008

5.4

6.7

7.9

6.35.8

Source: Goldman Sachs – Base 2007-2008

Mortgage Market

Mortgage Market as a % of GDP

UKUSA

Germ

any

Japan

S Africa

Isra

el

Hungar

y

Czech

Bulgar

ia

Polan

d

Kazak

hstan

Ukran

ia

Roman

ia

Turk

ey

Egyp

t

Russia

Chile

Mex

ico

Argen

tina

Brazil

Colom

bia

Taiw

an

Mal

asya

Thai

land

S Kor

ea

China

India

Philipin

es

Indon

esia

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%

38

Se-ries1

14.3 15.216.8

23.121.7

16.5

6.7

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

39

5M10

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 5M10

509

377341

467 458

538 548509

442478

574548

494

196

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 5M10

70

33 3540

35 34 3731

36 38

68 70

59

25

Sales Speed Metropolitan Region of São Paulo

Source: Secovi –SP and Lopes’ Market Intelligence.

Units Launched and SoldSP Capital

40

Average (Units Sold/Launched) = 0.80

Average (Units Sold/Launched) = 1.50

Units Launched

Units SoldYear Units Launched Units Sold

2008 34,500 32,8002009 30,100 35,800

4,027

may/10mar/10jan/10jul/08may/08 sep/08 nov/08 jan/09 mar/09 may/09 jul/09 sep/09 nov/09

3,613

1,113

382

5,663

2,173

6,131

1,949

R$/m2

SPMR Real Estate Market Overview – Prices

Source: EMBRAESP

Nominal

INCC Adjusted

Evolution of Average Launches’ Prices in SP

R$/m2

41

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

1H

10

1357 13701546 1619 1741

19302230

2473

2861 28953064 2979

32113475

4003

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

1H

10

39443716

3995 3956 3891 39944205

4007 41633869 3875

3577 3524 3567

4139

Brazil

63%

37%

The Secondary Market

Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis

118

Primary

Secondary

100%

(Total in R$ billion, % of total potential sales value)

Real estate market by segment

In the city of São Paulo, the difference is as high as 30% ~ 50%

USA Spain South Africa Mexico

139 11

19

Difference (in %) between the average price per m² in new development vs.

used properties

42

Factors that Sustain the Growth in the Real State Market

Positive Economic TrendBrazil 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

Lopes’ Confidence Index

44

(base: jan/2009=100)Source: Lopes Market Intelligence

Lopes’ Confidence Index (LCI) - June/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 572 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)

June/10

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

118.0

124.7131.6 133.8

147.4

137.5141.3 145.3 142.8

153.4157.8

145.9142.1 138.7

142.3136.6138.0

133.2

100.0

105.7 109.4

116.3124.1

119.0 120.3125.3 127.0

134.4137.6

131.7 128.2 127.4131.3

127.5 130.0128.7

82.086.8

87.298.7

100.8 100.5 99.3 105.3111.2

115.5 117.5 117.6 114.4116.0120.4

118.5 122.0124.1

Expectation Index

Lopes' Confidence Index

Present Situation Index

(base: jan/2009=100)Source: Lopes Market Intelligence

Present Purchase Intention Growth

Positive atributes

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

Sales Speed Over Supply

47

Sales Speed over Supply

2Q09 2Q10

25.9%36.4%

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.

2Q09 2Q10

60.7%

65.4%

Habitcasa’s Sales Speed

48

Sales Speed Over Supply HBC x In-House Sales Forces

0 1 2 3 4 5 6 7 8 9 10 11 12 13-10%

0%

10%

20%

30%

40%

50%

60%

70%

In-House Sales Forces

Habitcasa’s Sales Speed Over Supply proves to be much larger than the averageof the Internal Sales Forces’.

Habitcasa’s Sales Speed Over Supply

Month

49

Operational Highlights

50

Contracted Sales’ Historical in the Primary Market*

* Unaudited managerial information.

Total GVS – Primary Market

(in R$ million)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

591 850 1,166 1,253 1,556 1,853 2,545

4,873

9,370 8,658

CAGR:

31%

51

2Q09 2Q10

7,940

11,756

381

613

Primary Market Secondary Market

Contracted Sales

(R$ MM)

Contracted Sales

52

2Q09 2Q10

2,020

3,138

163

272

Primary Market Secondary Market

2,183

56%8,321

Units Sold

49%

3,410 12,369

Financial Highlights

53

54

Net Commission

São Paulo Rio de Janeiro Other Markets Brazil

3.0%2.8%

2.3%2.6%

2.9%

2.2% 2.2%

2.6%2.8%

2.5%

2.1%

2.5%

2.8%

2.5%2.3%

2.6%2.8%

2.2% 2.1%

2.5%

2Q09 3Q09 4Q09 1Q10 2Q10

Net Commission by Market

Results 2Q10

         

 Results 2Q10 (R$ ‘000)

 LOPES PRONTO!

CREDIPRONTO!

CONSOLIDATED

  Net Revenue 76,147 3,540 181 79,868

Operating Costs and Expenses (36,615) (2,861) (1,025) (40,501)

Stock Option Expenses (CPC 10) (816)     (816)

  Expenses Accrual from Itaú (238)     (238)

Pro-Forma EBITDA1 39,294 679 (844) 39,129

  Pro-Forma EBITDA Margin 52% 19% -466% 49%

Pro-Forma Net Income2 24,915 330 (1,238) 24,007

Pro-Forma Net Income Margin 33% 9% -684% 30%

 

Without Pronto! and Credipronto!’s effect, Lopes’ EBITDA would’ve been R$39

millions, with a 52% margin and a Net Income of R$25 million, with a

33% margin.

Brasília had a R$8.3 million Income, while Campinas had a

R$2.1 million Income, what explains the minorities Interests of

R$6.0 million.

551 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

Costs of Services Provided and Operating Expenses

Operating Costs and Expenses

(R$ MM)

56

4Q09 1Q10 2Q10

42.5 43.8 44.1

The strategic management of costs and expenses of the Company guaranteed the maintenance of their levels over the quarters.

Guidance for 2010

57

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. 58

2009 Sales 2010 Guidance

9.3

12.0 – 12.5

32%

Additional Information

59

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

2005 2006 2007 2008* 2009

17% 18%14%

23%

15%

21%

31%

22%

32%

24%25%22% 23%

29% 28%

37%

29%

41%

16%

33%

1Q 2Q 3Q 4Q

60* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.

Ownership Structure

Total of 49,506,719 common shares

Ownership Structure Post-IPO

61

37%

9%19%

30%

4% 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

62