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2010 Presentation

Presenters

Marcos Lopes – CEO

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

December 31th 2010. 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

•In 2010, LPS Brasil was the absolute leader in the primary market, both in number of Launches and Sales aswell as in Revenues, EBITDA and Net Income.

•LPS Brasil reached its highest levels of: Contracted Sales, Mortgages Sold, Net Revenue, EBITDA and NetIncome.

•In 2010, LPS Brasil achieved R$15.6 billion in contracted sales, R$14.4 billion only in the primary market. In the4Q10, sales totaled R$4.7 billion, R$3.6 billion in the primary market.

•LPS Brasil sold 56,633 units in 2010, 54% higher than 2009, and 34% of which in the low income segment. Wesold 17,408 in the 4Q10, 37% higher than 2009, and 34% of which in the low income segment (less than 150thousand).

•LPS Brasil Net Revenues totaled R$338.7 million in 2010, the greatest in the sector of real estate brokerage. In4Q10, Net Revenues achieved R$108.4 million.

•In 4Q10, CrediPronto! granted mortgage loans worth R$213 million, amounting to R$600 million in 2010,exceeding the guidance in 20%. The portfolio balance at the end of the period was R$707.1 million.

•EBITDA was R$168.6 million in 2010, 68% higher than 2009. In 4Q10, it was R$60.5 million, an 18% growth over4Q09. EBITDA Margin was 50% in 2010 and 56% in 4Q10.

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Highlights

•LPS Brasil posted Net Income of R$53.2 million in 4Q10, up 88% over the same period last year, and R$132million in 2010, 437% higher than 2009. Net Margin was 39% in 2010 and 49% in 4Q10.

•In 2010, our operation in the Secondary Market, Pronto!, has already become profitable, with a Net Income ofR$13.6 million.

•Net Income Assigned to LPS Shareholders was R$108.5 million in 2010 and the Net Income Assigned to Non-Controlling Shareholders was R$23.5 million.

•In 2010, we announced a new partnership plan for the Company. The new plan comprehends moreexecutives, aiming at strengthening the relationship between the Company and its main talents and a longterm commitment. The new plan does not exceed the 5% dilution upper limit.

•We started in 2010 our process of consolidation in the secondary market. We acquired 6 companies in thatyear and another 2 in 2011. Besides, we acquired the control of Patrimovel, market leader in Rio de Janeiro, inOctober 2010.

•In the second half of 2010, we raised R$207 million through a primary offering. The proceeds will be used forour project of consolidation in the secondary market.

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Financed Volume

216% 4Q10 x 4Q09

279% 2010 x 2009

Contracted Sales

138% 4Q10 x 4Q09

111% 2010 x 2009

Contracted Sales

49% 4Q10 x 4Q09

66% 2010 x 2009

Mortgage LoanSecondary Market

LPS Brasil Net Income51% 4Q10 x 4Q09

51% 2010 x 2009

LPS Brasil: Unique Business Platform

Primary Market

26% 34% 41% 49%

1Q10 2Q10 3Q10 4Q10

2238

4860

16 27

36 53

34%48% 55% 56%

4Q10 Performance - Comparative Analysis

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50%

R$169

R$339Net Revenue

(R$ million)

EBITDA Margin

R$132Net Income(R$ million)

EBITDA(R$ million)

Net Revenue, EBITDA Margin, Net Income andNet Margin Analisys

63 80 87

108

Highest EBITDA of

the history of the

Company, and a

Margin in the

same level as in

the IPO.

Highest Net

Income of the

history of the

Company.

Net Revenues

Record in the

Real Estate

Services Sector.

39%Net Margin

2010

45%

R$100

R$225

R$25

11%

2009

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Operational Results

10

6,599 10,857

15,271

27,479

4Q09 2009 4Q10 2010

65%

(R$ MM)

80%

Launches

Launches Volume Units Launched

27,791 39,491

64,255

106,084

4Q09 4Q10 2009 2010

42%

65%

Contracted Sales

(R$ MM)

Contracted Sales

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Units Sold

In This Year, We Achieved Our Record in Contracted Sales

2,8514,236

8,658

14,364

210

500

599

1.267

4Q09 4Q10 2009 2010

4,736

3,061

9,257

69%

55%

15,630

12,273 16,412

35,512

53,917

458996

1,376

2,716

4Q09 4Q10 2009 2010

17,40812,731

37%

54%

56,633

36,888

Gross and Net Revenue

Net Revenue

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(R$ MM)

Gross Revenue

(R$ MM)

In This Year, We Achieved Our Record in Revenues.

79.5 119.3

249.6

373.3

4Q09 4Q10 2009 2010

50%

50%

71.8 108.4

224.7

338.7

4Q09 4Q10 2009 2010

51%

51%

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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. The values are the average sales speed of the quarters.

25%34%

2009 2010

61% 59%

2009 2010

VGV Contratado

14

40%

44%

11%5%

13%

40%24%

23%17%

41%20%

22%

34%

46%

14%6%

4Q09

4Q09

4Q10

4Q10

Sales by Income Segment – Primary and Secondary Markets

Units Sold

Contracted Sales

Total units sold = 17,408

Total Contracted Sales = R$4,736 million

40%

42%

12%6%

Units Sold

Contracted Sales

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Total units sold = 56,633

13%

39%25%

23%

Total Contracted Sales = R$ 15,630 million

16%

38%22%

24%

34%

45%

15%6%

2009

2009

2010

2010

Sales by Income Segment – Primary and Secondary Markets

Contracted Sales

46%

19%

12%

3%

10%

9%

São Paulo Rio de Janeiro Brasília Campinas South Region Other Markets

52%

6%

14%

5%

12%

11%

4Q104Q09

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Contracted Sales by Geographic Region – Primary and Secondary Markets

Total Contracted Sales = R$4,736 million

54%

12%

4%

8%

9%

12%

Secondary Market

São Paulo Rio de Janeiro Brasília Campinas South Region Other Market

Contracted Sales 2010

17

44%

19%

12%

4%

10%11%

Primary Market

Contracted Sales by Geographic Region – Primary and Secondary Markets

Total Contracted Sales = R$ 15,630 million

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In 2011, we announced the new stock option model for the Company’s executives

New Stock Option Plan

Partners

Associates

Employees

To align the interests between

executives and the Company’s Investors

To strenghthen the long term

commitment Professional x Company

creating a new concept of partnership

Maintenance of 5% of maximum

dilution approved in the original plan

The new plan comprehends more executives, aiming at strengthening the

relationship between the Company and its main talents

Objectives

LPS Brasil in the Mortgage Market

CrediPronto!

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CrediPronto!

20

R$600 MM in Mortgages

Average LTV of62%

2,176 ContractsAverage Periodof 272 months

Average Rate of 10,1% + TR

2010

204

804

dec/09 dec/10

Financed Volume

CrediPronto!

(R$ MM)

21

67

213

158

600

4Q09 4Q10 2009 2010

216%

279%

(R$ MM)

294%

Accumulated Volume Sold*

*It doesn’t include amortization.

In 2010, CrediPronto! financed R$600 million, surpassing its financing guidance for the year.

Mortgages Portfolio

CrediPronto!

The Average Portfolio Balance in 2010 was R$403 million.

(R$ MM)

178

707

Opening portfolio balance Ending portfolio balance

297%

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Accumulated Sales Volume *

CrediPronto!

(R$ MM)

23

217247

291331

385

437474

529

591

654

727

804

100

200

300

400

500

600

700

800

The financing amount of CrediPronto! grew by 12% per month in 2010.

*Not including amortization.

Financial Results

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25

Net Commission

2.8%

2.5%

2.1%

2.5%

2.8%

2.5%2.3%

2.6%2.8%

2.2% 2.1%

2.5%

3.0%

2.1%2.3%

2.7%2.8%

2.1% 2.1%

2.5%

São Paulo Rio de Janeiro Other Markets Brazil

4Q09 1Q10 2Q10 3Q10 4Q10

Net Commission by Market

* According to BRGAAP standards** Includes adjustments according to the CPCs published in 2010

Net Income 2010

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(R$ thousand)

49.997

2009

Reported Net

Income 2009*

23.981

2009

Net Income 2009 –

IFRS**

132.031

2010

Net Income 2010 -

IFRS

108.527

Net Income Assigned to

LPS Shareholders ¹

23.504

Net Income Assigned to

Non-Controlling

Shareholders ²

23,504

When comparing and :

49,997

108,527

2009 2010

Net Income(R$ Thousand)

117%

49,997

23,981

132,031

108,527

1- LPS Shareholders through LPSB3 share

2- Subsidiaries Shareholders

Results 2010 - IFRS

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2010 Income

(R$ thousand)

2010 Income Statements Lopes Pronto! Olímpia LPS Brasil

Gross Revenue 335,750 36,724 863 373,337

Revenue from Real Estate Brokerage 321,248 (4,599) (44) 316,605

Revenue to Accrue from Itaú Operations 14,500 - - 14,500

Net Revenue 305,847 32,125 743 338,715

(-) Operating Costs and Expenses (148,440) (12,169) (6,025) (166,634)

(-)Stock Option Expenses (CPC 10) (3,268) - - (3,268)

(-) Expenses to Accrue from Itaú (952) - - (952)

(-) Other nonrecurring revenues (expenses),

net 724 - - 724

(=)EBITDA 153,911 19,956 (5,282) 168,586

EBITDA margin 50.3% 62.1% -711.0% 49.8%

(-) Depreciation and Amortization (18,669) (3,361) (18) (22,048)

(+/-) Financial Result 27,067 (1,532) 1,045 26,580

(-) Income and social contribution taxes (39,521) (1,486) (81) (41,088)

(=) Net Income for the year 122,788 13,578 (4,336) 132,030

Net Margin 40% 42% -584% 39%

Attributable to:

LPS Brasil Shareholders 108,527

Non-Controlling Shareholders 23,504

Net Income – IFRS Adjustments

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97,481

23,948

11,148

5,631 11,255 4,570 7,650

3,725 2,573

108,524

BRGAAP

Income

Call Patrimóvel

Adjustment

Discount Amortization

of Intangible

Assets

Differed

Income Tax

Financial

Expense with

Earn-Out

Put Loss LPS

Pernambuco

Net Income

Assigned to

LPS

Shareholders

IFRS

Reconciliation of BRGAAP Income and IFRS Income

(R$ thousand)

51,086 60,461

100,310

168,586

4Q09 4Q10 2009 2010

EBITDA

EBITDA

(R$ Thousand)

EBITDA Margin

18%

56%

71%

29

68%

45%

50%

30

Secondary Market Acquisition

Acquisition

dateJuly 8th, 2010 July 23rd, 2010 August 17th, 2010 September 9th, 2010

Share 51% 51% 51% 51%

Payment R$7.1 million R$ 2.6 million R$11.7 millionR$17.3 million

Acquisition

dateDecember 10th, 2010 December 20th, 2010 February 1st, 2011 March 21st, 2011

Share 55% 51% 60% 60%

Payment R$25.6 million R$ 15.5 million R$20.9 million R$8.41 million

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ASSETS

Cash and Cash & Equivalents* R$ 278.5 million

Receivable From Clients R$ 78.9 million

Cash Position

Acquisitions Payment

(R$ thousand)

4Q10 1Q11 2Q11 Total

Aquisitions – Primary 5,854 86,185 5,648 97,687

Patrimóvel 51,835 51,835

4Q11 1Q12 4Q12 1Q13 3Q13 4Q13 1Q14 3Q14 4Q14 1Q15 Total

Aquisition- Secondary 9,641 8,591 5,810 11,139 1,300 4,899 12,425 400 4,899 10,546 69,649

Total 219,649

CrediPronto!

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(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.

Appendix

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Primary Market

Contracted Sales Units Sold

34

(R$ MM)

2,851 3,610

8,658

12,356

627

2,008

4Q09 4Q10 2009 2010

Lopes Patrimóvel

49%

66%

14,364

4,236

12.273 14.371

35.512

47.154

2.041

6.763

4Q09 4Q10 2009 2010

Lopes Patrimóvel

34%

52%

53.917

16.412

Secondary Market

Contracted Sales Units Sold

35

(R$ MM)

210 288

599

1.013 212

253

4Q09 4Q10 2009 2010

Pronto! New Acquisitions

138%

111%

500

1,267

458 623

1,376

2.268

373

448

4Q09 4Q10 2009 2010

Pronto! New Acquisitions

117%

97%

2,716

996

4Q10 Earnings Conference Call

Portuguese English

Date: 03/25/2010, Friday Date: 03/25/2010, Friday

Time: 10h00 a.m. (BR Time) 09h00 a.m. (NY Time)

Time: 12h00 p.m. (BR Time) 11h00 a.m. (NY Time)

Telephone: (11) 4688-6361Password: LPS Brasil

Telephone Brazil: (11) 4688-6361Telephone US: +1 888-700-0802Telephone other countries: +1 786 924-6977Password: LPS Brasil

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

CONTACTS

Marcello LeoneCFO and IROTel. +55 (11) 3067-0015

Samia NemerIR ManagerTel. +55 (11) 3067-0257

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

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