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2011 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 2011. 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

•LPS Brasil achieved historic records:

Best fourth quarter in the history of the market in Sales, Net Revenue, EBITDA and Net Profit;

Net Revenue: R$ 130.3 million in 4Q11, 20% above 4Q10;

Ebitda*: R$ 55.5 million, growth of 17% Q/Q;

4Q11 Sales: R$ 5.5 billion, growth of 16% Q/Q;

Best year in Net Revenue, EBITDA and Net Profit;

Net Revenue: R$ 432.4 million in 2011, up 28% Y/Y;

EBITDA*: R$ 165.1 million, growth of 10% Y/Y;

Net Profit before minority shareholders: R$ 150.6 million, 14% increase in comparison to 2010;

Net Profit after minority shareholders: R$ 142.6 million, up 31% versus 2010;

Leader in Sales in the Secondary Market: R$ 3.9 billion in 2011, up 200% in comparison to 2010;

CrediPronto! financed R$ 1.3 billion in 2011, growing 112% versus 2010, outpacing the market growth in

almost 3 times;

Since July/2010 we concluded 18 acquisitions, 8 acquisitions in 2011 and 3 in 2012;

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.

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Operational Results

Contracted Sales

(R$ million)

Contracted Sales

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Units Sold

In This Year, We Achieved Our Record in Contracted Sales

4,236 4,348

14,364 14,351

500 1,123

1,267 3,842

4Q10 4Q11 2010 2011

5,471 4,736

15,630 16%

16%

18,193

16,412 18,402

53,917 54,765

0,996 2,669

2,716

8,406

4Q10 4Q11 2010 2011

17,408

21,071

21%

12%

63,171

56,633

15%

24% 22%

39%

16%

29%

26% 29%

1Q11 2Q11 3Q11 4Q11

Units launched per quarter – Brasil 2011

LPS Brasil Total Market

Quartely Seasonality

The seasonality of 4T11 was more sharped for LPS the average of the market.

Comparison of quarterly seasonality vs LPS. market

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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22.3% 21.6%

3Q11 4Q11

45.5% 39.6%

3T11 4T11

Units Sold

Contracted Sales

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Total units sold = 63,171

Total Contracted Sales = R$ 18,1930 million

2010

2010

2011

2011

Sales by Income Segment – Primary and Secondary Markets

13%

39% 25%

23% 10%

34%

24%

32%

34%

45%

15% 6%

41%

37%

14% 8%

Contracted Sales

52%

25%

4%

10% 8%

49%

19%

12%

10% 10%

4Q11 4Q10

11

49%

23%

7%

11% 10%

São Paulo Rio de Janeiro Brasília Sul Outros

2011

49%

19%

12%

10% 10%

2010

Contracted Sales by Geographic Region – Primary and Secondary Markets

R$3,9 BI

8,3 BI

R$6 BI

Secondary Market

Non-listed homebuilders

Listed homebuilders

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2011 Contracted Sales Breakdown

2011 Contracted Sales Breakdown

22%

45%

33%

LPS Brasil in the Mortgage Market

CrediPronto!

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CrediPronto!

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R$1,271 MM in Mortgages

Average LTV of 62%

4,755 Contracts Average Period of 304 months

Average Rate of 10% + TR

2011

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$1,3 billion in 2011, 112%higher than 2010, and

almost three times higher than the matrgage market growth in the period.

213

376

600

1,271

4Q10 4Q11 2010 2011

77%

112%

804

2,075

dez/10 dez/11

158%

Mortgages Portfolio

CrediPronto!

The Average Portfolio Balance in 2011 was R$976millions.

(R$ MM)

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707

1,768

Open portfolio balance Ending portfolio balance

148%

Accumulated Sales Volume *

CrediPronto!

(R$ MM)

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The CrediPronto! exceeded the $ 2 billion in financing since the beginning of the operation.

*Not including amortization.

217 247 291 331 385 437 474 529 591

654 727

804 854 928

1.013 1.114

1.220 1.341

1.462 1.599

1.700 1.843

1.955 2.075

-

500

1.000

1.500

2.000

2.500

Financial Results

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Net Commission

Net Commission by Market

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

BRASIL 2.5% 2.7% 2.5% 2.4% 2.4% 2.4% 2.4%

Primary

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

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

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

Other markets

2.1% 2.3% 2.1% 2.1% 2.1% 2.1% 2.1%

Secondary

SP 2.5% 2.4% 2.3% 1.9% 2.4% 2.3% 2.4%

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

Other markets

- - - 2.1% 2.4% 2.4% 2.5%

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.

119,3 146,0

373,3

484,2

4T10 4T11 2010 2011

22%

30%

108,4 130,3

338,7

432,4

4T10 4T11 2010 2011

20%

28%

Results 2011

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2011 Results

(R$ thousand, except percentages)

LAUNCHES PRONTO! CREDIPRONTO! CONSOLIDATED

Gross Service Revenue 353,144 96,269 34,787 484,200

Revenue from Real Estate Brokerage 338,644 96,269 3,805 438,718

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

Earn Out - - 30,982 30,982

Net Operating Revenue 313,045 85,098 34,245 432,388

(-)Costs and Expenses (194,255) (53,409) (15,754) (263,418)

(-) Stock Option Expenses CPC10 (1,782) - - (1,782)

(-) Expenses to Accrue from Itaú (953) - (1,142) (2,095)

(=)EBITDA 116,056 31,688 17,349 165,093

EBITDA Margin 37.1% 37.2% 50.7% 38.2%

(+/-) Other nonrecurring results - (26,576) - (26,576)

(-)Depreciation and amortization (26,178) (21,069) (38) (47,285)

(+/-) Financial Result (16,418) 92,768 653 77,003

(-)Income tax and social contribution (10,894) (4,912) (1,798) (17,604)

(=)Net income in period 62,565 71,900 16,166 150,631

Net Operating Margin 20.0% 84.5% 47.2% 34.8%

(=)Net Income in Period

- Non-controlling Shareholders (7,992)

- Controlling Shareholders 142,638

Net Margin after Minority Interest 33.0%

Net Income 2011

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Net Income from Launches Net Income from Pronto! 2011

62,564

96.382

1,130 14,627

43.475

25.414

Net Income

under IFRS

Nonrecurring

effects

Amortization of

intangible assets

Effect of

acquisitions in

financial result

IRPJ/CSLL Adjusted Net

Income

20%

31%

71,902

27.743

25,448

17,707

4,421

91.735

Net Income

under IFRS

Nonrecurring

effects

Amortization of

intangible

assets

M&A Cost Effect of

acquisitions in

financial result

Adjusted Net

Income

84%

33%

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Operational Expenses

* Não considera IFRS

Evolution of Operational Expenses*

46.130 49.219 46.464 51.392

3.098 3.707 3.416

5.703 9.982

18.326 16.133

17.897

1T11 2T11 3T11 4T11

Orgânico (pré M&A) CrediPronto! Aquisição

59.210

71.252 66.013

74.992

289

260

2º Semestre 2011 anualizado Meta 2012

Guidance for Operational Expenses 2012

(R$ MM)

-10%

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IFRS Adjustments

47.436 55.336

150.411 165.093

4Q10 4T11 2010 2011

EBITDA

EBITDA

(R$ Milhares)

EBITDA Margin

17%

43% 44%

25

10%

44% 38%

18.129

62.143

29.485

55.336

1Q11 2Q11 3Q11 4Q11

37%

47%

30%

43%

EBITDA Margin

EBITDA by quarter 2011

*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.

42,983 56,751

4Q10 4T11

Net Income

Net Income

(R$ Thousand)

Net Margin

32%

43.5%

39.7%

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108,527 142,638

2010 2011

33%

32% 31%

(R$ Thousand)

Net Margin

27

93.514

117.435

2010 2011

Net Income after IFRS

(R$ milhares)

28% 27%

26%

Net Income after IFRS

Reconciliation of Net Income after IFRS effects

(R$ thousand) 4Q11 4Q10 Var. % 2011 2010 Var. %

(=) Net Income Attributable to Controlling Shareholders

56.750 42.983 32% 142.638 108.527 31%

(-) IFRS Effects -7.860 -13.024 -31% -14.763 -15.013 -2%

(-) Gain on Minority’s Interest due to Impairment

-10.439 0 na -10.439 0 na

(=) Net Income after IFRS effects 38.452 29.959 28% 117.435 93.514 26%

Net margin 29,5% 27,6% 1,9 pp 27,2% 27,6% -0,4 pp

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Acquisition

Data da

Aquisição September 2nd 2011 September 26th 2011 October 24th 2011 October 31st 2011

Participação 51% 51% 51% 51%

Pagamento R$ 5,5 million R$ 29,17 million R$ 24,3 million R$ 10,2 million

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

4Q11

1Q12

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ASSETS

Cash and Cash & Equivalents* R$ 235.4million

Receivable From Clients R$ 97.8 million

Cash Position

Acquisition Payment Schedule

(R$ million)

1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 TOTAL

Acquisition - Secondary

18.4 - 7.1 9.3 14 - 3.3 13.1 15.7 - 8.7 14.2 10.5 - 8 - 122.2

CrediPronto!

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P&L*

2011 (R$ milhares)

*O P&L gerencial mensura o resultado da JV, são levadas em consideração a DRE da Olimpia, mais todas as receitas e despesas incoridas pelo Itau. *Números do P&L gerencial foram auditados para 20101pela Ernst&Young e devido sua natureza gerencial não segue padrões de contabilidade.

Total

Amount Financed 1,270,674

Opening portfolio 707,053

Closing portfolio 1,767,940

Average portfolio balance1 976,864

Financial Margin 24,401

% Spread 2.5%

(-) Sales taxes -2,194

(-) Total costs and expenses -37,622

)-) Itaú expenses -6,729

(-) Olímpia expenses -20,124

(-) Commissions paid -12,547

(-) Insurance and claims (+/-) -187

(+/-) Correspondent bank -

(+) Other revenues (Financ.) 1,365

(-) ADA 600

(-) IRPJ/CSLL (Itaú Balance) -6,419

(=) Net result -21,835

% Net Margin -98.3%

50% Profit Sharing -10,918

Appendix

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4Q11 Earnings Conference Call

Portuguese English

Date: 03/21/2012, Wednesday Date: 03/21/2012, Wednesday

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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