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1Q12 Presentation

Presenters

Francisco Lopes – COO

Marcello Leone – CFO and IRO

Bruno Gama - COO CrediPronto!

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This presentation does not constitute or form part of any offer, or invitation or solicitation of any offer to purchase,

sell or subscribe for shares or other securities of the Company, nor shall this presentation or any information

contained herein form the basis of, or act as inducement to enter into, any contract or commitment whatsoever.

This presentation contains financial and other information related to the business operations of Lopes –LPS Brasil

Consultoria de Imóveis S.A and its subsidiaries (“LPS” or the “Company”) as of and for the period ended March

31st 2012. It should not be considered as a recommendation for prospective investors to sell, purchase or

subscribe for securities of the Company. The information presented herein is in summary form and does not

purport to be complete. No reliance should be placed on the accuracy completeness of the information

contained herein, and no representation or warranty, express or implied, is given on behalf of the Company or

its subsidiaries as to the accuracy completeness of the information presented herein.

This presentation contains forward-looking statements. Investors are advised that whilst the Company believes

they are based on reasonable assumptions by Management, forward-looking statements rely on current

expectations and projections about future events and financial trends, and are not a guarantee of future results.

Forward-looking statements are subject to risks and uncertainties that affect or may affect business conditions

and results of operations, which therefore could materially differ from those anticipated in forward-looking

statements due to several factors, including competitive pressures, Brazilian macroeconomic conditions,

performance of the industry, changes in market conditions, and other factors expressed or implied in these

forward-looking statements or disclosed by the Company elsewhere, factors currently deemed immaterial.

The forward-looking statements contained herein speak only as of the date they are made and neither

Management, nor the Company or its subsidiaries undertake any obligation to release publicly any revision to

these forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipated

events.

Forward-looking statements

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Program

I. Highlights

II. Operational Results

III. Credipronto!

IV. Financial Results

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Highlights

Highlights

5 *We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be our

standart from now.

Best first quarter in the company’s history, with sales of R$4.0 billion;

PSV launched in the quarter reached a historic record of R$3.6 billion, growing 14% over the 1Q11;

Net revenue of R$88.4 million, up 14% from 1Q11;

EBITDA 39% higher than 1Q11, achieving R$25.2 million; 54% growth in CrediPronto! origination from 1Q11, with R$322 million in mortgage loans in 1Q12;

Conclusion of three acquisitions in the quarter: LPS Foco, LPS Piccoloto and LPS Cappucci.

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Operational Results

Contracted Sales

(R$ million)

Contracted Sales

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Units Sold

In This Quarter, We Achieved Our Best First Quarter in Contracted Sales.

+15%

1Q12

4,003

3,044

0,959

1Q11

3,479

2,804

0,674

Primary Market

Secondary Market

+5%

1Q12

12,708

10,310

2,398

1Q11

12,046

10,659

1,387

Sales Speed over Supply

Lopes' Consolidated Sales Speed

*Informações Gerenciais O VSO é calculado com base nos valores de VGV vendido mediante estoque e lançamento, e foi apresentado o número médio de cada ano.

Habitcasa’s Sales Speed

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1Q12

21.6%

4Q11

16.2%

1Q12

35.3%

4Q11

39.6%

Units Sold

Contracted Sales

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Total units sold = 12,708

Total Contracted Sales = R$ 4,003 million

Sales by Income Segment – Primary and Secondary Markets

25%

23% 39%

12%

1Q11

35%

24%

31%

10%

1Q12

6%

47%

15% 31%

>600 <150 150-350 350-600

9%

35%

13% 43%

1Q11 1Q12

Contracted Sales

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Contracted Sales by Geographic Region – Primary and Secondary Markets

11%

50%

12%

18%

9%

12%

51%

11%

4%

22%

Brasília Sul Others Rio de janeiro São Paulo

1Q11 1Q12

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Breakdown of Contracted Sales

1.0 (24%)

1.3 (32%)

1.8 (44%)

(R$ BI)

Primary Market

50% 44% 42%

50% 56% 58%

2010 2011 1Q12

Breakdown – Contracted Sales 1Q12

Secondary Market Non-Listed Homebuilders Listed Homebuilders Top 10 clients

+14%

-34%

1Q12

3,611

1Q11

3,171

1Q12*

4,755

1Q11

7,171

* Value based on the previous Listed Homebuilders - does not include Living, JHSF and CR2 in the 1Q11 or 1Q12.

Evolution of Launches 1Q12

Evolution of Launches – Listed Homebuilders and Lopes

Listed Homebuilders

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Breakdown Homebuilders

(R$ BI)

Breakdown Top 5 Clients Breakdown – Homebuilders

49% 53%

56%

51% 47% 44%

2010 2011 1Q12

Demais Clientes 10 Maiores Clientes

292 236 301

7.6% 9.5% 8.9%

7.1% 5.3% 6.2%

6.1% 5.2% 5.0%

6.1% 5.1% 4.4%

4.7% 4.0% 4.1%

2010 2011 1Q12

1st 2nd 3rd 4th 5th Other Clients Top 10 clients in sales Other Clients

Nº Homebuilders

17% 18%

14%

23%

15%

19% 19% 21%

31%

22%

32%

24% 25% 27%

25% 22% 23%

29% 28% 26%

24%

37%

29%

41%

16%

33% 30% 30%

2005 2006 2007 2008* 2009 2010 2011

Seasonality

Average of historical seasonality of the first

quarter:

17.9%

LPS Brasil in the Mortgage Market

CrediPronto!

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CrediPronto!

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R$322MM in Mortgages

Average LTV of 59%

1,087 Contracts Average Period of 311 months

Average Rate of 10% + TR

1Q12

Financed Volume

CrediPronto!

(R$ MM)

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(R$ MM)

Accumulated Volume Sold*

*It doesn’t include amortization.

CrediPronto! granted mortgage loans worth R$322 millions in 1Q12, 54%higher than 1Q11.

322

209

+54%

1Q12 1Q11 1Q11

1,013

2,397

+137%

1Q12

Mortgages Portfolio

CrediPronto!

The Average Portfolio Balance in 1Q12 was R$1.8 billion.

(R$ MM)

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+13%

Ending Portfolio Balance

1,989

Starting Portfolio Balance

1,768

Accumulated Sales Volume *

CrediPronto!

(R$ MM)

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The CrediPronto! exceeded the $ 2.3 billions in financing since the beginning of the operation.

*Not including amortization.

217 291

385 474

591 727

854 1,013

1,219

1,461

1,698

1,956

2.153

2.397

Financial Results

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Net Commission

Net Commission by Market

Net Comssion Fee

1Q12 4Q11 3Q11 2Q11 1Q11 4Q10 3Q10 2Q10

BRAZIL 2.3% 2.4% 2.4% 2.4% 2.3% 2.5% 2.6% 2.4%

Primary

SP 2.8% 3.1% 2.9% 3.0% 2.9% 3.1% 3.2% 3.0%

Habitcasa 2.0% 2.1% 2.1% 1.9% 1.9% 1.9% 1.9% 1.8%

RJ 2.1% 2.1% 2.2% 2.0% 2.2% 2.1% 2.1% 2.2%

Other Markets 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.3% 2.1%

Secondary

SP 2.2% 2.4% 2.3% 2.3% 2.2% 2.3% 2.2% 2.2%

RJ 2.3% 2.3% 2.4% 2.5% 2.4% 2.3% - -

Other Markets 2.3% 2.5% 2.4% 2.4% 2.1% - - -

Gross and Net Revenue

Net Revenue

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(R$ MM)

Gross Revenue

(R$ MM)

This quarter we have achieved 14% growth in net income compared to 1Q11.

+18%

1Q12

100.6

1Q11

85.1

+14%

1Q12

88.4

1Q11

77.4

Gross Revenue Reconciliation

IMPORTANT CRITERIA FOR CONTRACTED SALES

The contracted sales released in the quarter is exclusively based on the invoiced sales,

which multiplied by the net commission result in the gross revenue of the quarter.

Thus, the R$4 billion in contracted sales in the 1Q12 meets all the criteria for accounting

the Company’s gross revenue, even including the contract approval by the homebuilder.

Additional sales generated during this same period, that do not meet all the accounting

criteria were not considered as contracted sales of the period.

1Q12 - Gross Revenue Reconciliation (R$ Million)

Contracted Sales (a) 4,003

Net Comission (b) 2.31%

Gross Brokerage

Revenue (a) x (b)92.5

Revenue to Accrue from Itaú

Operations3.6

Other revenues 4.5

Gross Revenue 100.6

Results 1Q12

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Results 1Q12

(R$ thousand)

LAUNCHES PRONTO! CREDIPRONTO! CONSOLIDATED

Gross Service Revenue 73,405 22,724 4,496 100,625

Revenue from Real Estate Brokerage 69,780 22,724 4,496 97,000

Revenue to Accrue from Itaú Operations 3,625 - - 3,625

Earn Out - - - -

Net Operating Revenue 64,541 20,003 3,833 88,377

(-)Costs and Expenses (44,644) (14,670) (3,396) (62,710)

(-) Stock Option Expenses CPC10 (235) - - (235)

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

(=)EBITDA 19,424 5,333 437 25,194

EBITDA Margin 30.1% 26.7% 11.4% 28.5%

(+/-) Other nonrecurring results - - - -

(-)Depreciation and amortization (7,685) (5,923) (12) (13,620)

(+/-) Financial Result 18,682 3,262 56 22,000

(-)Income tax and social contribution (10,078) (1,478) (426) (11,982)

(=)Net income in period 20,343 1,194 55 21,592

Net Operating Margin 31.5% 6.0% 1.4% 24.4%

(=)Net Income in Period

- Non-controlling Shareholders (247)

- Controlling Shareholders 21.345

Net Margin after Minority Interest 24.2%

Net Income 1Q12

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Net Income from Launches 1Q12 Net Income from Pronto! 1Q12

Ajusted Net Income

22%

14,361

Amortization of intangible

assets

4,433

Taxes over intangible

assets

2,796

Non-cash call/put effect

12,317

Earnout impact

894

Net Income

32%

20,343

Ajusted Net Income

22%

4,405

M&A Costs

1,144

Amortization of intangible

assets

5,124

Taxes over intangible

assets

0

Non-cash call/put effect

1,227

Earnout Impact

4,284

Net Income

6%

1,194

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Operational Expenses

* Não considera IFRS

Evolution of Operational Expenses*

(R$ MM)

-16% +7%

63,183

1Q12

59,787

3,396

4Q11

74,993

51,276

17,897

5,820

3Q11

66,013

46,464

16,133

3,416

2Q11

71,252

49,219

18,326

3,707

1Q11

59,210

46,130

9,982

3,098

Organic (pre-M&A) Acquisitions CrediPronto!

EBITDA

EBITDA Margin EBITDA(%)

(R$ Milhares)

27 *We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be our

standart from now.

+39%

23%

1Q11

25,194

1Q12

29%

18,128

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IFRS Impacts – Net Income before non-controlling shareholders

DescriptionBefore

IFRSIFRS Effects* After IFRS

Net Operating Revenue 88,377 88,377

Costs and Expenses -63,183 0 -63,183

Depreciation and Amortization -4,063 -9,557 -13,620 (1)

Finance Result 5,732 16,268 22,000 (2)

Operational Profit 26,863 6711 33,574 (1)+(2)

Income tax and social contribution -9,186 -2796 -11,982 (3)

Net Income 17,677 3915 21,592 (1)+(2)+(3)

* IFRS 15 non cash effects (business combination)

(1) Amortization of Intangible Assets

(1) Combined effects: i) Gains and losses with net non-cash effects of call and put options from controlled companies, based on the fair value according to future estimates and ii) non-cash impacts from payable earnouts

(1) Deferred Income Tax over effects of call and put on LPS Brasil.

Net Income - Net Income after non-controlling shareholders

Net Income Attributable to Controlling Shareholders

Net Margin

(R$ Thousand)

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Net Income Attributable to Controlling Shareholders before IFRS *

Net Margin

+29%

1Q12

24%

21,345

1Q11

21%

16,514

+27%

1Q12

16%

13,768

1Q11

14%

10,872

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1Q12 Acquisitions

Data da

Aquisição March 2nd 2012 March 12th 2012 March 15th 2012

Participação 51% 51% 51%

Pagamento R$ 15 million R$ 10 million R$ 6,6 million

1Q12

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ASSETS

Cash and Cash & Equivalents* R$ 218.4million

Receivable From Clients R$ 94.2 million

Cash Position

Acquisition Payment Schedule

(R$ million)

2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 TOTAL

Acquisition - Secondary

8.4 7.1 9.3 17.3 2.9 3.3 13.1 18.0 3.2 8.7 14.2 17.8 - 8.0 - - 131.4

1Q12 Earnings Conference Call

Portuguese English

Date: 05/11/2012, Friday Date: 05/11/2012, Friday

Time: 11h00 a.m. (BR Time)

10h00 a.m. (NY Time)

Time: 12h30 p.m. (BR Time)

11h30 a.m. (NY Time)

Telephone: (11) 4688-6361 Password: Lopes

Telephone Brazil: (11) 4688-6361 Telephone US: +1 888-700-0802

Telephone other countries: +1 786 924-6977 Password: Lopes

Replay: Replay: http://webcall.riweb.com.br/lpsbrasil/ http://webcall.riweb.com.br/lpsbrasil/english/

CONTACTS Marcello Leone CFO and IRO Tel. +55 (11) 3067-0015

IR Tel. +55 (11) 3067-0218

E-mail: ri@lopes.com.br www.lopes.com.br/ir

Next Events

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