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Institutional Presentation

May 2009

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 the 31st of March 2009. 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.

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Investment Highlights

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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 in 2009

UnmatchedScale and Reach

Experienced Management Team

and Outstanding Track Record

Investment Highlights

4

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 15th consecutive “Top Imobiliário”

Lopes’ IPO Lopes starts its geographic

expansion process Lopes’ website become

leader on real state market

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

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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 exclusivity agreements

Over 160 Clients

– 46,393 effective buyers1

– 80,000 prospects included in our data base in 2007

Client-DevelopersClient-Developers Client-BuyersClient-Buyers

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2, 3

2, 3

$ 0.53$ 0.12

$ 2.45

$ 100

$ 10

Total Price per Unit

Down-payment

GrossCommission

$ 0.73

$ 0.12

$ 1.05

Agents +Managers

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$ 5

Developer

1 Over the last 5 years in Sao Paulo2 Figures only for example, not related to financials3 Considering Sao Paulo market

$ 1.90

$ 3.10

Net Commission Premium Contract Advisory Fee

Simple and Focused Business Model…

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Lopes Net Commission

SP GVS / Consolidated GVS 100% 95% 80% 50% 41%

Net Commission São Paulo

Net Commission Brazil

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2005 2006 2007 2008 1Q09

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

Working Capital

Is FundamentalPre Sales

Speed of Sales Concentrated in

the Launch Period

Reliance on Sales Force Scale and EfficiencyReliance 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 5.000 brokers

Real Estate DevelopmentReal Estate DevelopmentBrazilian Market DynamicsBrazilian Market Dynamics

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

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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 Determines the Site’s the Site’s Vocation Vocation

Masters Masters Market Market

ResearchResearch

Formats Formats ProductProductMeeting Meeting Buyers’Buyers’

““Wants and Wants and Needs”Needs”

Develops Develops Marketing Marketing CampaignCampaign

Optimizes Optimizes Media Media

NegotiationsNegotiations

Coordinates Product

Launching Events

Individual Individual Sales Strategy Sales Strategy

Created to Created to Each Product Each Product

Coordinates Coordinates Product Product

Launching Launching EventsEvents

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Institutional Website

Evolution of visits to Lopes’ Website

Source: Google Analytics 10

Notes: Managerial Reports.

Absorption calculated over available units

Granja Viana / SP

153/197/230 m2

Reserva Santa Maria – Sep/ 07

177 units

Location

Usable Area

Sales

Cachambi / RJ

48 to 65 m2

Norte Village – Jun / 07

850 un. – R$ 113,000,000

Location

Usable Area

Sales

Paralela / BA

112 to 243 m2

Le Parc Residential Resort – Nov / 07

258 un. – R$ 121,000,000

Location

Usable Area

Sales

Barra da Tijuca / RJ

203 to 260 m2

Santa Mônica Jardins – Nov / 06

142 un. – R$ 20,700,000

Location

Usable Area

Sales

Barra da Tijuca / RJ

262 to 278 m2

Itaúna Gold

30 units – R$ 45.000.000

Location

Usable Area

Sales

100% sold within 3 weeks

Developer: Scopel and Desim

CASE

90% sold within 5 months.Developer: Living / Brascan

CASE

58% sold within 11 days.Developers: Cyrella / Andrade

Mendonça / Jotagê

CASE

70% sold within 1 year.Developer: Brascan

CASE

80% sold within 30 daysDeveloper: Brascan

CASEHIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

GATED COMMUNITIES

Sales Expertise in all Market Segments

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HABITCASA: Focused on the Economic Segment

• Business Unit Exclusively Focused on the Economic Segment

• Units ranging up to R$180 thousand

• Focused in all Brazilian real state market

• Own units in São Paulo, Rio de Janeiro and São Paulo’s countryside

• The other markets work with the brand

The economic segment will be one of the most important drivers for the long term growth of the real estate industry, due to the Brazilian housing deficit of 8 million homes1.

1 According to Fundação Getúlio Vargas – FGV

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Geographic Expansion

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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.

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.

Ceará – 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

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Lopes’ Market Mix

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São Paulo

Rio de Janeiro

Brasília

South

Northeast

Other*

*Other: ES, MG, GO and PA.

Lopes in the Secondary Market

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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%

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

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At the same time that a property sale generates a “derived” demand for financing, it broadens the base of buyers, creating a virtuous circle that supports liquidity in the secondary real estate market. Pronto! and Credipronto! (JV with Itaú) will mutually strengthen this virtuous circle, offering a unique service in

the real estate market

Synergies Between Credipronto! and Pronto! – Competitive Advantage

With Lopes’ leadership and financing from Itaú (Brazil’s largest bank), Pronto! and Credipronto!, acting together, will create a competitive advantage that is hard to replicate

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CrediPronto!

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Strengthening of mortgage origination and other related services.

Leadership position in their respective

markets

Management Excellence High Value Brands

Joint Venture Lopes Itaú

Establishment of a Promotion Sales Company (non-financing company) to promote and offer financial products and services – mortgage and other related – with emphasis on the secondary market and with

exclusivity to Lopes’ clients

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

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Innovative Real State Financing Process

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

CrediPronto!

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Brazilian Real Estate Market

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Social Economic Scenario and Housing Shortage

5,4

6,7

1991 20062000

7,9

Source: Fundação João Pinheiro e Ministério das Cidades

Source: Credit Suisse

47 million homes

19%A/B > 10 minimum wages- US$ 1.900 52%

5 – 10 minimum wages- US$ 950 - US$ 1.900

30%C 28%

< 5 minimum wages - US$ 950

51%D/E 20%

Source: Losango

* 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

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AAA

AAA

AA

A+A+

A

A-

BBB+

BBB-BBB-

BBB+

Mortgage Market as a % of GDP

Mortgage Market and the Investment Grade

Source: Lopes, FMI, S&P and Santander

X Rating S&P

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Number of Launches - RMSP

GVS¹ Launched (R$ bn) - RMSP

Units Launched (‘000) - RMSP

¹ Launched values adjusted by the INCC until December/08.

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

1996 1997 2006 2007 2008

Nominal GVS launched in 2008 was the same amount as 2007: R$ 20 bn.

20,6

Launches RMSP – Historic data (1996 - 2008)

Source: Lopes’ Market Intelligence*2009E – 1996 + GDP growth or similar amount of 2006 (GDP growth – CAGR with data from IBGE, GDP of 2008 was annualized).

2009E*

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+14%

+37%

R$/m2

SPMR Real Estate Market Overview – Prices

Source: EMBRAESP

Nominal

INCC Adjusted

Evolution of Average Launches’ Prices in the SPMR

R$/m2

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Lopes’ Confidence Index

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116,9

Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,

housing purchase tendency.

The sample has 565 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and

are interested in purchasing a new home.

+35.6%

Lopes’ Confidence Index (LCI) April/09

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

Lopes’ Confidence Index (LCI) - April/09

Lopes is the first company to create a Real Estate Consumer Confidence Index.

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The scenario is positive when compared the present purchase intention with the purchase intention for the next 6 months,

specially in the Low Income and Medium-High Segment.

The factors that show the optimism for the future are:

(i) the perception about the brazilian economic situation in the next 6 months, which for 47% of the interviewed will be good;

and (ii) the purchase intention, which is high or medium for 75% of the interviewed.

116,9

36%

39%31%

(base: jan/2009=100)Fonte: Inteligência de Mercado Lopes

Lopes’ Confidence Index (LCI) – April/09

Low Income

Medium-High

High

Lopes’ Confidence Index

Present Situation Index

Expectation Index

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Operational Highlights

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Contracted Sales’ Historical*

* Unaudited managerial information.

Total GVS – Primary Market(in R$ million)

CAGR: 36%

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-38%

Contracted Sales

(R$ MM)

Contracted Sales

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2,336

1,441-12%

1,600

Units Sold per Region and per Income Segment

Sales per Segment(in units)

Sales per Region(in units)

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Lopes stands out as the brokerage company with the best performance per sales agent. The highest contracted GVS per sales agent ratio is an appeal and a retention factor for the best brokers of the market.

(R$ MM)

Source: Lopes Market Intelligence

Contracted Sales per Agent - SP

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Financial Highlights

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Results 1Q09

         

 1Q09 Results(R$ thousand)

 LOPES PRONTO! CREDIPRONTO! CONSOLIDATED

  Net Revenue 32,820 1,073 763 34,656

Operating Costs and Expenses (25,141) (2,884) (704) (28,729)

Stock Option Expenses(CPC 10) (824) - - (824)

  Expenses Appropriated from Itaú (238) - - (238)

EBITDA Pro-Forma 7,442 (1,812) 59 5,689

  Pro-Forma EBITDA Margin 22.68% -168.9% 7.7% 16.4%

  Non- Recurring Expenses (1,313) (37) - (1,351)

Net income Pro-Forma 4,614 (1,782) 304 3,136

Pro-Forma Net Margin 14.06% -166.1% 39.79% 9.05%

 

Without Pronto! and CrediPronto!’s effects Lopes’ EBITDA would achieve R$7,4 million, with a 23% margin, and a Net Income of R$4,6 million, with a

14% margin.

Brasília had a R$4,7 million Income, while Campinas had a R$1,0 million

Income.

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Reasons for the Decrease of the net Commission

(i) Contracted sales decrease, from R$2.3 billions in the 1Q08 to R$1.4 billion in the 1Q09;

(ii) Market Mix change, with increase of Other Market’s share; e

(iii) Decrease of São Paulo’s net commission, once Habitcasa, LIL and LIV rose its share on São Paulo’s contracted sales.

1Q08

1Q09

Net Commission Net Commission Market Mix

Brasília

Brasília

Costs of Services and Operating Expenses

                         

  Operating Costs and Expenses    

  (R$ thousands)    

    4Q08 1Q09 Lopes Pronto! Var. %

  Personnel expenses   22,010   13,980   12,435   1,530   (37%)  

  Commissions and other services   2,120   1,091   959   117   (49%)  

  Third party services, advisory and consulting 7,155 2,344   2,050   279 -67%  

  Infrastructure   2,872   3,279   2,707   557   14%  

  Telecommunications   4,028   2,028   1,908   106   (50%)  

  Advertising and marketing   3,884   1,416   1,238   163   (64%)  

  Depreciation   1,500   1,633   1,406   228   9%  

  Office supplies   436   393   349   29   (10%)  

  Other operating expenses   (296)   3,493   3,373   105   (1,280%)  

  Stock Option expenses   6,299   824   824   -   (87%)  

  Itaú expenses to accrue   -   238   238   -   -  

Non-recurring Loss -   1,351 1,313 37   -

  Total   50,011   32,071   28,960   3,112   (36%)                         

* The total costs and operating expenses include the 4Q08 write-off on CPC04 of $ 10 million and the reversal of interest on Patrimóvel of $ 14.6 million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does not include the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú.

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39

(R$ MM)

Other R$3.8 MM

Itaú ‘s expenses to accrue R$0.2 MM

Depreciation R$1.4 MM

Pará’s One-Off Costs R$1.3 MM

Stock Option R$0.8 MM

Other

Costs of Services and Operating Expenses

Operating Costs and ExpensesOperating Costs and Expenses

Guidance for 2009

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Sales’ Guidance for 2009 – Primary Market

9%

(R$ MM)

* 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. 41

Sales’ Guidance for 2009 – Secondary Market

Pronto!’s Guidance 2009

Contracted Sales$ 1.1 billion – R$ 1.4 billion

i. Sales Lopes* R$ 0.4 billion – R$ 0.6 billion

ii. Sales Franchisers R$ 0.7 billion – R$ 0.8 billion

Net Revenue R$ 12 million – R$ 14 million

*Secondary market sales from Lopes’ other units are not included. .

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Additional Information

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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

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

Ownership Structure

Total of 49,448,033 common shares

Ownership Structure Post-IPO

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Institution Analyst Contact

Agora Cristiane Viana (+55 21) 2529-3393 cristiane.viana@agorainvest.com.br

Banco Espírito Santo TBD -

Credit Suisse Marcelo Telles (+52 55) 5283-8933

marcelo.telles@credit-suisse.com

Itaú David Lawant (+55 11) 3073-3037david.lawant@itau.com.br

Link Celso Boin Jr. (+55 11) 4505-6701 cboin@linkinvestimentos.com.br

Planner Ricardo Martins (+55 11) 2172-2600 rmartins@plannercorretora.com.br

UBS Pactual Rodrigo Monteiro (+55 21) 3262-9208 rodrigo.monteiro@ubs.com

Coin Valores Marco Barbosa (+55 11) 3035-4141marco@coinvalores.com.br

Analysts Coverage

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