1

Institutional Presentation

August 2011

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 June 30th, 2011. 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

Investment Highlights

3

Highlights 2011

Awards

Considered the main award of the real estate industry in Brazil;

Lopes won The Top Imobiliário aditions, since 1993.

Top Imobiliário Award

Ranking Valor 1000

Listed by Valor Econômico as one of the 1000 largest business groups in Brazil; Greater emphasis on the 20 th largest net margin between all groups; 8th place in value generation between service companies.

Agressive strategies of M&A, expanding business into other regions of the country;

Lopes was considered the largest

company in real estate marketing and consulting in Brazil, in the last five years.

IG/ Insper Award

Achievements

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

The Brokerage Market Has No Other Company With Our History

and Track Record

5

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

6

7

Joint Venture with Banco Itaú to

provide mortgage loans

Low, mid and high-income segments

Mortgage Loan Primary 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

+

7

8

2T10 3T10 4T10 1T11 2T11

BRAZIL 2.5% 2.7% 2.5% 2.4% 2.4%

Primary

SP 3.0% 3.2% 3.1% 2.9% 3.0%

Habitcasa 1.8% 1.9% 1.9% 1.9% 1.9%

RJ 2.2% 2.1% 2.1% 2.2% 2.0%

Other markets

2.1% 2.3% 2.1% 2.1% 2.1%

Secondary

SP 2.5% 2.4% 2.3% 1.9% 2.4%

RJ - - 2.3% 2.4% 2.5%

Other markets

- - - 2.1% 2.4%

Lopes Net Commission

9

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 1.8 million clients

More than 350 homebuilder clients

Leadership and Wide Range of Products Indisputable Sales Performance

Speed of sales of 25% in 2Q11,

and 51% for Habitcasa

R$4.9 billion in contracted sales in

2Q11.

Most visited website in the real

estate sector: near 9 million

visitors in the first half of 2011.

Retention of Talent

Largest sales force: over 13,000

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

9

Institutional Website

10

Visits on www.lopes.com.br

Source: Google Analytics,

The most visited website in the real

estate market

Strong investment in online media

Increased generation of

Leads

Higher sales conversion

• 9 million unique accesses in the

first half of 2011

• Over 600 launches and more than

40 thousand units in the secondary

market

• Mobile version compatible with

over 5 thousand kinds of cell phones

• First brokerage company to launch

an App for iPad

• Leader in presence in social

networks

Competitive Advantage

Competitive Advantage: A single, integrated and 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

11

LPS Brasil‟s Market Mix

53% 52% 54% 49% 50% 46% 48% 44%

5% 6% 5% 5%

11% 19% 18% 24%

16% 14% 14% 17%

9%

12% 9% 8%

7% 12% 10% 11% 12%

10% 11% 12% 6% 6% 6% 6% 6%

5% 2% 2%

13% 10% 11% 13% 12% 8% 12% 10%

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

São Paulo

Rio de Janeiro**

Brasília

South

Northeast

Other*

*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas 12

LPS Brasil in the Primary Market

13

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 350 Clients

1,847,522 prospects

included in our data base

Client-Developers Client-Buyers

Ho

w d

o w

e d

o

bu

sin

ess

?

Ho

w d

o w

e m

ak

e m

on

ey

?2

, 3

$ 0.19

$ 0.07

$ 2.14

$ 100

$ 10

Total Price

per Unit

Down-

payment

Gross

Commission

$ 0.85

$ 1.15

Agents +

Managers

Re

ve

nu

e R

ec

og

nitio

n

$ 4.40 ²

Developer

1 Data until Dec-10 2 Data from the LTM

$ 2.00

$ 2.40

Net Commission Premium Contract Advisory Fee

Simple and Focused Business Model…

14

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

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).

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. 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

PR

RJ

BA

SP

RS

ES

SC

PE

MG

DF

CE

GO

RN

Source: Lopes RI 16

HIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

BUSINESS UNITS

Sales Expertise in all Market Segments

Jundiaí/ SP

42 / 421 m²

Barão de Teffé – Jun/11

111 un. – R$ 6,550/m²

Local

Usable Area

Sales

Valinhos/ SP

44 / 64 m2

Mais Campos Salles – May/11

372 un. – R$ 2,800/m²

Location

Usable Area

Sales

Pari/ SP

55 / 75 m²

Aquarella Pari – Apr/11

592 un. – R$ 3,930/m²

Location

Usable Area

Sales

Vila Madalena/ SP

70 / 174 m2

SoulMada – Jun/ 11

50 un. – R$ 9,530/m²

Location

Usable Area

Sales

Itaim/ SP

35 / 974 m²

F.L. – May/11

329un. – R$12,500/m²

Location

Usable Area

Sales

91% sold.

Developer : Helbor

CASE

98% sold.

Developer : Living

CASE

100% sold.

Developer : Agre

CASE

98% sold.

Developer : PDG

CASE

100% sold.

Developer: Stan

CASE

17

LPS Brasil in the Low Income Segment

18

HABITCASA: Focus on Low Income Segment

Focus on Low Income Segment

Units up to R$ 300 thousand

The Habitcasa brand is applied in all Lopes‟ markets

19

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

Income Segment

Over 3,000 units sold

in the 1H11 Average Price in the

2Q11 of R$175 thousand

51% Sales Speed

In the 2Q11

Sales in the 1H11

increased 38% when

compared to the 1H10

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

Units Sold

Sales by Income Segment – Primary and Secondary Markets

Contracted Sales

21

13%

39% 27%

22%

34%

43%

15%

8%

Total Contracted Sales = R$ 4,957 million

34%

44%

17%

5%

10%

35%

23%

32%

2Q10

2Q10

2Q11

2Q11

Total units sold = 17,119

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$)

Inte

rest

Ta

x (

%)

Inte

rest

Ta

x (

%)

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%

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

23

62.2

9.5

71.7

Government

Budget

FGTS TOTAL

“Minha Casa, Minha Vida 2” Funds

2.2 3 4.99.3

18.425.2

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

LPS Brasil in the Secondary Market

26

Pronto!

27

Pronto has 246 stores in 11 States + Federal District : 46 owned stores and 200 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).

Acquisition of 55% of Local, in December 2010, for R$25.6

million (R$10.0 million + R$15.6 million of earnout)

Acquisition of 60% of Erwin Maack, in March 2011, for R$8.4

million (R$2.9 million + R$5.5 million of earn out)

Acquisition of 51% of Condessa in July 2011, for R$4.9 million

(R$1.9 million + R$3 million of earn out).

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)

FEDERAL DISTRICT :

Acquisition of 51% of AçãoDall’Oca in April 2011, for R$12.2 million (R$3 million + R$9.2 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).

28

Present in 11 states and the Federal District

– Covers 91% of the Brazilian GDP

– 46 own stores

– 200 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

– 10 acquisitions since July focused on the secondary market

– Benchmark for future partners

– Accretion

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

30

Differentiated Model: One-Stop-Shop

Winning Model

Secondary Market: a significant potential for origination

46 own stores and 200 licensed real estate brokers in 11

states and the Federal District

Selective acquisitions to replicate the successful formula

used in the primary market

30% of Pronto!‟s contracted sales are financed by

Credipronto!

Distinctive channel for clients in the secondary market

Over R$1.3 billion in financing

Incipient market in Brazil with huge expansion potential

59% of CrediPronto! transactions are originated through

Pronto!

Use of LPS Brasil‟s platform and significant reduction in

CAPEX requirement

Focus

Relevance

Growth

Potential

Synergies

30

31

437

1,341

Jun/10 Jun/11

CrediPronto!

In 2Q11, CrediPronto! financed R$327,6 million, growing 125% when compared to 2Q10.

146

328

2Q10 2Q11

125%

31

207%

Financed Volume

(R$ MM) (R$ MM)

Accumulated Volume Sold*

*It doesn’t include amortization.

Mortgages Portfolio

CrediPronto!

The Average Portfolio Balance in 2Q11 was R$1,063 million.

(R$ MM)

178

1,162

Opening portfolio balance Jan/10 Ending portfolio balance Jun/11

553%

32

217 247 291

331 385

437 474

529 591

654 727

804 854

928 1,013

1,113

1,219

1,340

100

300

500

700

900

1.100

1.300

1.500

Accumulated Sales Volume *

CrediPronto!

(R$ MM)

33

CrediPronto! financed over R$121 million in June 2011.

*Not including amortization.

11%

34

Credipronto!: Unique Partnership to Capture Mortgage Loan Market Potential

Evolution of Origination (base 100 = Jan-10)1

Business Highlights

In 2 years, it has already reached over 6% 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 December 30th, 2010) and Company. Ranking based on June/2011 origination 2 Excluding Caixa 3 Bacen

+ Market

Leader

Largest Private Bank

in Brazil

High Growth Potential – Real Estate Financing equals only 4% of Brazilian GDP2

Ranking of Real Estate Financing 2T11 (R$ mm)¹

Credit Analysis Assessment ofthe Property

Legal Analysis Issuance of theContract

Release ofResources

24 hoursUntil 3

workingdays

2 working

days

3 working

days

5 working

days

Efficiency in Release of Credit

34

5.625

2.010

956 905 797 438

99 51 16 14

327

6% de Market Share ² 16% of Itau

Total origination 2T11: 10.9 billion 1H11: 19.7 billion

1,4% 1,9% 1,7%

Market Share CrediPronto!

2,4% 2,4%

100

168 177

245 241

376

125 145 147 144

179

1T10 2T10 3T10 4T10 1T11 2T11

Credipronto! Mercado

3%

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%

2003

2008

11%

49%

24%

16%

Classes A and B Class C Class D Class E

8%

37%

27%

28%

Source: IBGE, Bird, 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

106% 104%

88% 84%

81%

68% 65%

48%

42% 40%

38% 35%

22% 22% 19%

15% 11% 11% 10%

6% 5% 5% 5% 4% 3% 3% 2% 2% 2% 1% 1%

Source: Goldman Sachs, Abecip, BCB

Mortgage Market

Mortgage Market as a % of GDP

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

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

2,545

4,873

9.370 8.658

15.600

2006 2007 2008 2009 2010

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 1.8 million clients

Over 350 homebuilder clients

Speed of sales of 25% in 2Q11, and 51% for Habitcasa

Launched PSV – Listed Companies (R$ mm)3

44.84

39

40

15,1 16,0 17,7

24,4 22,8

17,4

24,9

Number of Launches - SP

GVS Launched (R$ bn) - SP

Units Launched („000) - SP

2010 2007 2006 1997 1996 2008

Launches Metropolitan Region of São Paulo

Source: Lopes’ Market Intelligence

2009

509

377 341

467 458

538 548 509

442 478

574 548

494

574

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

70

33 35

40 35 34

37

31 36 38

68 70

59

76

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

40

4010

2092

2380

2220 1603

3663

Year Units Lauched Units Sold

2008 34.500 32.800 2009 30.100 35.800

2010 37.300 35.870 05M11 10.830 8.960

Units Launched

Units Sold

Average (Units Sold/Launched) = 0,87

Average (Units Sold/Launched) = 1,31

41

Sales Speed Metropolitan Region of São Paulo

Units Launched and Sold SP Capital

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

4470

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

20

10

4120 3880

4180 4140 4070 4180 4390

4190 4340

4040 4040 3770 3680 3730

4570

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

20

10

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 7.2MM 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

15-20% of the total credit, smaller than in

other countries (70%).

43

Lopes‟ Confidence Index

44

118,0

143,1

100,0

82,0

129,2

116,1

Expectation Index Lopes' Confidence Index Present Situation Index

(base: jan/2009=100)

Source: Lopes Market Intelligence

Lopes‟ Confidence Index (LCI) – August/11

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 582 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)

August/11

(base: jan/2009=100)

Source: Lopes Market Intelligence

Present Purchase Intention Growth – August/11

46

Evolution of the current intention of purchasing property

Simple Answer

Economic Average Standard High Standard

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 .

High and

Average

Low 50%

75%76%

26% 25%

39%

74%

71%

61%

26%29%

44%

82%

68%56%

18%33%

Sales Speed Over Supply

47

48

24% 25%

1Q11 2Q11

60% 51%

1Q11 2Q11

Lopes' Consolidated Sales Speed Habitcasa‟s Sales Speed

Sales Speed over Supply

*Management information,

The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

Operational Highlights

49

Contracted Sales‟ Historical in the Primary Market*

•Unaudited managerial information.

• 2010 considers 100% of Patrimovel sales

Total GVS – Primary Market

(in R$ thousands)

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

4,873

9,370 8,658

14,364

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

50

11,756 14,828

613

2,290

2Q10 2Q11

12,369

Contracted Sales

(R$ MM)

Contracted Sales

51

3,138 3,872

272

1,085

2Q10 2Q11

3,410

45%

Units Sold

38%

In this Quarter, We Achieved R$ 4.9 billion in Contracted Sales.

4,957 17,119

Financial Highlights

52

2Q11 Results

53

2Q11 Results

(R$ thousand)

LOPES Pronto! CrediPronto! Consolidado

Gross Revenue 94.787 27.068 16.125 137.979

Revenue from Real Estate Brokerage 91.162 27.068 481 118.710

Revenue to Accrue from Itaú 3.625 - - 19.269

Earn Out 15.644

Net Revenue 86.090 24.584 16.046 126.720

(-) Operating Costs and Expenses (48.117) (14.396) (3.707) (66.219)

(-) Stock Option Expenses (CPC 10) (517) - - (517)

(-) Expenses to Accrue from Itaú (238) - (571) (809)

(=)EBITDA 37.217 10.188 11.768 59.174

EBITDA Margin 43,2% 41,4% 73,3% 46,7%

(-) Depreciation and Amortization (6.819) (5.284) (10) (12.113)

(+/-) Financial Result 10.664 1.720 (267) 12.116

(-) Income and social contribution taxes (10.803) (1.521) (957) (13.282)

(=) Net Income for the year 30.260 5.102 10.534 45.896

Net Margin 35,1% 20,8% 65,6% 36,2%

(=) Net Income for the year

- Attributable to Non Controlling Shareholders (6.244)

- Attributable to Controlling Shareholders 39.652

Net margin after Non Controlling Shareholders 31,3%

54

Net Revenue

(R$ million)

EBITDA Margin

Net Income after Non

Controlling Shareholders

(R$ million)

Net Margin after Non

Controlling Shareholders

Disconsidering the

effect of the Earn

Out, net revenue

would be R$ 111

million

Net Income in the

2Q11 sustained the

growth compared

to 2Q09 e 2Q10.

Quarterly Performance – Compared Analysis

Evolution of Net Revenue, EBITDA Margin, Net Income and Net Margin

21%

27% 31%

2Q09 2Q10 2Q11

11

21

40

40%

48% 47%

53 80

127

139%

18%

260%

51%

CrediPronto!

55

(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.

• 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.

• General (0,5%)

56

Allowance for Doubtful Accounts

Automatic credit score – 100% of the new contracts

For delays higher than 29 days

Example of P&L with a contract de financiamento para um imóvel de $200:

Ex: Sale for

$300

Ex: Sale for

$150

Month 8

$100

-$60

+$200

$240

Month 1

$100

-$60

-

$40

Month 2

$100

-$60

-$5

$35

Month 5

$100

-$60

-$25

$15

+$100: Profit for the bank

-$50: Loss

of the bank

• Specific (variable)

Sale of the recovered property

Recovery of

Property

¹ Including general allowance

Default

Financial Margin

Expenses¹

Specific Allowance

Result

Additional Information

57

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

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

17% 18%

14%

23%

15%

19% 21%

31%

22%

32%

24% 25% 25% 22% 23%

29% 28% 26%

37%

29%

41%

16%

33% 30%

2005 2006 2007 2008* 2009 2010

1Q 2Q 3Q 4Q

Ownership Structure

Total of 56,562,283 common shares

Ownership Structure Post-IPO

59

34%

8% 18%

32%

7% 1%

Rosediamond LLP

F.I.M. Crédito Privado Mocastland

Administradores

Investidores Estrangeiros - Free Float

Investidores Nacionais - Free Float

Pessoa Física

Contacts

INVESTOR RELATIONS CONTACT

E mail: ri@lopes.com.br

Website: www.lopes.com.br/ri

60