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4Q12 / 2012 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

September 30th 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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Schedule

I. Highlights

II. Operational Results

III. Credipronto!

IV. Financial Results

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Highlights

Highlights

Total transactions closed of R$ 19.0 billion, up 4% from 2011

Credipronto! reached breakeven point in November 2012

Total transactions closed in the primary market of R$ 14.4 billion. Stable performance compared

to 2011

Total transactions closed in the secondary market of R$ 4.6 billion. Growth of 20% over the

previous year

Net Revenue of R$ 423,1 million, increasing 5% above 20111

EBITDA of R$ 146.7 million, growth of 9% from 20111

Net Income of Controlling Shareholders before IFRS was R$ 86.2 million, increasing 11% from 20111

Growth of 57% of the portfolio balance compared to 2011

CrediPronto! originated mortgage loans worth R$ 1.5 billion in 2012, up 18% from 2011

Four companies acquired in 20122: LPS Foco, LPS Piccoloto, LPS Cappucci and Raul Fulgêncio

1) Ex-earn out

2) Considers acquisition of 51% stake in each company

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Operational Results

Transactions Closed

(R$ thousand)

Transactions Closed

7

Number of Transactions Closed

-7%

4Q12

5,101

3,886

1,216

4Q11

5,471

4,348

1,123

2011 2012

3,842

14,351

18,193

4,592

14,389

18,981

Primary Market Secondary Market

-24%

4Q12

16,082

13,655

2,427

4Q11

21,071

18,402

2,669

2011 2012

8,406

54,765

63,171

9,935

48,988

58,923

The Transactions Closed in 2012 achieved a growth of 4% over 2011

(R$ thousand)

Sales Speed over Supply

Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed

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4Q12

20.9%

3Q12

16.6%

4Q12

29.2%

3Q12

34.7%

Units

Transactions Closed

9

58,923 units

R$ 19.0 billion

Transactions Closed by Income Segment – Primary and Secondary Markets

32%

24%

34%

10%

36%

26%

30%

8%

8%

37%

14% 41%

>600 <150 150-350 350-600

10%

38%

17% 35%

R$ 18.2 billion

63,171 units

2011 2012

2011 2012

Transactions Closed by Region – Primary and Secondary Market

Transactions Closed

10

5%

11%

7%

23%

49%

5% 5%

13%

4%

21%

51%

6%

Nordeste

Sul

Brasília

Rio de janeiro

São Paulo

Outros

2011 2012

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Breakdown of Transactions Closed

2012 Breakdown - Transactions Closed

2011

44%

56%

2010

50%

50%

2012

61%

39% 47%

29% 24%

Listed Companies

Non Listed Companies

Secondary Market

2012 Breakdown - Transactions Closed

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Breakdown Homebuilders

Breakdown Top 5 Homebuilders Breakdown – Homebuilders

53% 56% 54% 57%

53%

47% 44% 46% 43% 47%

2011 1Q12 2Q12 3Q12 4T12

Other Homebuilders Top 10 Homebuilders

9,5% 8,9% 6,2%

12,2% 9,9%

5,3% 6,2%

6,1%

4,9%

9,7%

5,2% 5,0%

5,6%

4,4% 6,8%

5,1% 4,4% 5,3%

4,4% 4,9%

4,0% 4,1% 5,1% 3,6% 3,1%

2011 1Q12 2Q12 3Q12 4Q12

1st 2nd 3rd 4th 5th

LPS Brasil in the Mortgage Market

CrediPronto!

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CrediPronto!

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R$1,503MM in

Mortgages Average LTV of

59,14% 4,825

Contracts Average Period

of 308 months Average Rate

of 9,5% + TR

2012

Financed Volume

CrediPronto!

(R$ MM)

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(R$ MM)

Financed Volume 9M12

In the fourth quarter of 2012, the CrediPronto! financed R $ 440 million, achieving an accumulated volume of R$ 1,503 million in 2012, that means an increase of 18% compared to 2011

440

376

+17%

4Q12 4Q11

+18%

2012

1,503

2011

1,271

CrediPronto!

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Mortgages Portfolio 4Q12

The average Portfolio Balance in 2012 reached R$2,1 billion

(R$ MM)

2.7712.492

+11%

Ending Portfolio Balance

Starting Portfolio Balance

2.771

1.768

Ending Portfolio Balance

+57%

Starting Portfolio Balance

Mortgages Portfolio 2012

(R$ MM)

Ending Portfolio Balance

CrediPronto!

(R$ MM)

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The ending portfolio balance grew an average of 7% per month since jun/10 and it’s already at 2.8 billion.

392 517

707 881

1.162 1.380

1.573 1.756

1.883 2.097

2.266

2.492 2.591

2.771

jun

/10

jul/

10

au

g/1

0

sep

/10

oc

t/10

no

v/1

0

de

c/1

0

jan

/11

feb

/11

ma

r/11

ap

r/11

ma

y/1

1

jun

/11

jul/

11

au

g/1

1

sep

/11

oc

t/11

no

v/1

1

de

c/1

1

jan

/12

feb

/12

ma

r/12

ap

r/12

ma

y/1

2

jun

/12

jul/

12

au

g/1

2

sep

/12

ou

t/12

no

v/1

2

de

z/12

Financial Results

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Net Commission by Market

Net Comssion Fee

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

BRAZIL 2.3% 2.4% 2.4% 2.4% 2.3% 2.4% 2.4% 2.4%

Primary

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

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

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

Other Markets 2.1% 2.1% 2.1% 2.1% 2.1% 2.0% 2.1% 2.1%

Secondary

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

RJ 2.4% 2.5% 2.4% 2.3% 2.3% 2.0% 2.3% 2.2%

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

Gross and Net Revenue

Net Revenue

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(R$ MM)

Gross Revenue

(R$ MM)

In 2012 we have achieved R$ 423.1 million in net revenue.

-6%

4Q12

130.0

4Q11

146.0

138.1

7.8

31.3

452.9

484.2

482.7

2011 2012

+7%

-7%

4Q12

114.0

4Q11

130.3

122.5

7.8

2011 2012

31.3

401.1

432.4

423.1

+5% Earn Out Itaú Earn Out Itaú

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 contracted sales 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.

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2012 - Gross Revenue Reconciliation (R$ Million)

Contracted Sales (a) 18,981

Net Comission (b) 2.4%

Gross Brokerage

Revenue (a) x (b)449.2

Revenue to Accrue from Itaú

Operations14.5

Other revenues 19.0

Gross Revenue 482.7

Results 2012

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Results 2012 Before IFRS

(R$ thousand)

Launches Pronto! CrediPronto! Consolidated

Gross Service Revenue 351,830 106,838 24,049 482,717

Revenue from Real Estate Brokerage 337,330 106,838 24,049 468,217

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

Earn Out - - - -

Net Operating Revenue 308,763 93,782 20,548 423,092

(-)Costs and Expenses (134,929) (57,666) (17,280) (209,875)

(-)Holding (48,823) (15,552) - (64,376)

(-) Stock Option Expenses CPC10 (1,164) - - (1,164)

(-) Expenses to Accrue from Itaú (953) - - (953)

(=)EBITDA 122,894 20,563 3,267 146,725

EBITDA Margin 40% 22% 16% 35%

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

(-)Depreciation and amortization (13,302) (3,252) (57) (16,612)

(+/-) Financial Result 18,027 1,262 127 19,417

(-)Income tax and social contribution (31,412) (5,696) (562) (37,670)

(=)Net income before IFRS* 96,208 12,877 2,775 111,860

Net Margin before IFRS 31% 14% 14% 26%

(-) Non-controlling Shareholders (25,715)

(=) Net Income Attributable to Controlling Shareholders After IFRS 86,145

Net Margin Controlling Shareholders 20%

*We consider the net income ajusted by non cash IFRS 3 effects (Business Combination) the best net income indicator

Net Income 2012 by segment

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Launches Net Income Before IFRS

31%

96,208

Taxes over intangible assets

2,127

Non-cash call/put effect

16,336

Earnout impact

2,436

Amortization of intangible assets

20,838

Launches Net Income After IFRS

30%

91,397

Pronto! Net Income Before IFRS

14%

12,877

Non-cash call/put effect

15,703

Earnout Impact

35,441

Impairment

7,437

Amortization of intangible assets

20,637

Pronto! Net Income after IFRS

38%

35,947

Net Income from launches 2012 (R$ Thousand)

Net Income from Pronto! 2012 (R$ Thousand)

Results 2012 - Launches

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Results Launches 4Q12 / 2012 Before IFRS

(R$ thousand)

4Q12 4Q11 ∆% 2012 2011 ∆%

(=)Transactions Closed 3,885,790 4,347,852 -11% 14,389,043 14,350,574 0%

(=)Gross Revenue 95,035 107,961 -12% 351,830 353,145 0%

(-)Deductions (11,624) (12,127) -4% (20,564) (40,099) -49%

(=)Net Revenue 83,411 95,834 -13% 308,763 313,046 -1%

(-)Costs and Expenses (53,144) (50,255) 6% (185,869) (180,991) 3%

(=)EBITDA 30,266 45,579 -34% 122,894 132,055 -7%

EBITDA Margin 36% 48% - 11 p.p. 40% 42% - 2 p.p.

(-)Depreciation and amortization (3,288) (3,155) 4% (13,302) (11,551) 15%

(+/-)Financial Result 3,598 6,532 -45% 18,027 27,054 -33%

(-)Income tax and social contribution (8,293) (12,175) -32% (31,412) (36,204) -13%

(=)Net Income 22,283 36,780 -39% 96,208 111,353 -14%

Net Margin 27% 38% - 12 p.p. 31% 36% - 4 p.p.

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Results 4Q12 / 2012 – Launches before IFRS

Launches EBITDA & Margin

Launches Net Income & Margin before IFRS

-39%

4Q12

22,283

26.7%

4Q11

36,780

38.4% 35.6%

96,208

31.2%

-13.6%

2011 2012

111,353

(R$ Thousand) (R$ Thousand)

-34%

4Q12

30,266

36.3%

4Q11

45,579

47.6%

-7%

2011 2012

132,055

42.2%

122,894

39.8%

Results 3Q12 – Pronto!

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Results Pronto! 4Q12 / 2012 Before IFRS

(R$ thousand)

4Q12 4Q11 ∆% 2012 2011 ∆%

(=)Transactions Closed 1,215,662 1,122,820 8% 4,591,946 3,842,150 20%

(=)Gross Revenue 27,192 28,016 -3% 106,838 96,269 11%

(-)Deductions (3,326) (3,147) 6% (13,057) (11,172) 17%

(=)Net Revenue 23,866 24,869 -4% 93,782 85,097 10%

(-)Costs and Expenses (18,998) (18,919) 0% (73,218) (69,407) 5%

(=)EBITDA 4,868 5,951 -18% 20,563 15,690 31%

EBITDA Margin 20% 24% - 4 p.p. 22% 18% + 3 p.p.

(-)Depreciation and amortization (805) (843) -5% (3,252) (3,362) -3%

(+/-)Financial Result 438 338 29% 1,262 1,036 22%

(-)Income tax and social contribution (2,255) (1,222) 84% (5,696) (4,912) 16%

(=)Net Income 2,246 4,224 -47% 12,877 8,453 52%

Net Margin 9% 17% - 8 p.p. 14% 10% + 4 p.p.

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Results 3Q12 – Pronto! Before IFRS

2011 2012

-18%

4Q12

4,868

20.4%

4Q11

5,951

23.9%

15,690

18.4%

20,563

21.9%

+31%

Pronto! EBITDA & Margin

Pronto! Net Income & Margin before IFRS

(R$ Thousand) (R$ Thousand)

9.4%

4Q11

4,224

17.0% 13.7%

+52%

12,877

2012

-47%

2011

8,453

9.9%

4Q12

2,246

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Operational Expenses

* Does not consider IFRS

Evolution of Operational Expenses*

(R$ MM)

2012

276.4 267.3

2011

+3%

+3%

4Q12

76.9

4Q11

75.0

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Operational Expenses

* It doesn’t consider IFRS non cash effects

2012 Expenses Guidance*

2012 Adjust. Expenses and Costs

263.5

2012 Expenses’ Guidance

260.0

+1%

(R$ MM)

Adjusted Costs and Expenses

263.5

Consulting (OBZ - Budget Methodology)

0.5

Comissions and Others

0.9

Acquisitions and

Expansions

11.5

2012 Expenses and Costs

276.4

EBITDA

EBITDA* Margin EBITDA¹(%)

(R$ MM)

30 * We consider the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company

performance indicator

¹ The 2011 margin does not consider Itaú Earn Out net of taxes.

-22%

4Q12

37.1 (32.5%)

4Q11

55.3

47.8 (39.0%)

7.5

165.1

+9%

146.7 (34.7%)

134.9 (33.6%)

30.1

2011 2012

Earn Out Itaú

Earn Out Itaú

Net Income Attributable to Controlling Shareholders

Net Income Attributable to Controlling

Shareholders After IFRS (shareholders of LPB3)

Net Margin¹

(R$ Million)

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Net Income Attributable to Controlling

Shareholders before IFRS * (shareholders of LPB3)

Net Margin¹

142.6

-16%

2012

118.3 (28%)

2011

114.5 (29%)

28.2

4Q12

41.8

41.8 (37%)

4Q11

56.8

49.7 (41%)

7.0

118.3 +3%

(R$ Million)

+11%

105.5

-34%

2012

86.1 (20%)

2011

77.3 (18%)

28.2

4Q12

18.5 (16%)

4Q11

35.0

28.0 (23%)

7.0

¹ The 2011 margin does not consider Itaú Earn Out net of taxes.

*We consider the net income ajusted by non cash IFRS 3 effects (Business Combination) the best net income indicator

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Breakeven Point CrediPronto!

CredìPronto achieved breakeven point in nov/12, marking the moment the

operation became profitable

4Q12

3Q12

2Q12

1Q12

-92

-2,359

-3,120

-2,375

365

-650

Dec-12

193

Nov-12 Oct-12

Breakeven Point CrediPronto!

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CrediPronto! P&L 2012

1- Weighted average portfolio balance. *2012 managerial P&L figures were reviewed by Ernst&Young and, as a result of their managerial nature, do not following accounting standards

Total

Executed contracts 1,503,028

Opening portfolio 1,767,940

Closing portfolio 2,771,051

Average portfolio balance1 2,069,854

Financial Margin 46,655

% Spread 2.3%

(-) Sales taxes -3,756

(-) Total dos custos e despesas -58,099

(-) Backoffice Expenses -14,193

(-) Sales Expenses -20,383

(-) Commissions paid -14,574

(-) Insurance and claims (+/-) -1,091

(+) Other revenues (Financ.) 288

(-) ADA -8,146

(-) IRPJ/CSLL (Itaú Balance) -6,636

(=) Net result -21,836

% Net Margin -50.90%

50% Profit Sharing -10,918

(+) Retention of Commissions 2,972

CrediPronto! Result (LPS) -7,946

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

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