.

3nd Quarter 2012

1

Institutional Presentation

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 September 30th, 2012. 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

Awards and recognitions | Recently

4

“The hearts of 96% of people beat stronger for Lopes”

In research conducted in São Paulo, IBOPE Intelligence, revealed that1:

• 9 out of 10 residents of the city know the brand Lopes

• 96% would consider the brand when buying

• 67% had any contact with the company, and among these, 76% would recommend Lopes

The 200 best Brazilian companies | 2012 Época Negócios 360º Guide1

Evaluation of 6 scopes:

• Financial results

• HR Practices

• Governance

• Environmental

• Process of innovation

• Future vision

1) Survey conducted between Jul 26, 2012 and Aug 08, 2012. 2) October, 2012 issue. Preparation: Fundação Dom Cabral.

Ranking:

50º: Lopes

68º: Homebuilder

85º: Homebuilder

96º: Homebuilder

104º: Shopping Mall

117º: Homebuilder

Top of Mind IBOPE

Awards and recognitions| 2012

51) Pesquisa realizada entre os dias 26/jul-08/ago/12. 2) Edição outubro/12. Elaboração Fundação Dom Cabral

Master Imobiliário Award

Award organized by Sindicato da Habitação de São Paulo (Secovi-SP) and Federação Internacional das

Profissões Imobiliárias, suported by Grupo Estado

Lopes was awarded in the segment “Institucional” by 2011 Annual Report of the Brazilian Real Estate Market

Top Imobiliário Award

Considered the main award of the real estate industry in Brazil

Lopes won every Top Imobiliário, since its first edition in 1993

Ranking Valor 1000

Listed by Valor Econômico as one of the 1000 largest business groups in Brazil

Highlighted as the 20th higher net margin among all groups

8th place in value generation among service companies

IG/ Insper Award

Assertive M&A strategy, expanding the business to other regions of the country

Lopes was considered the largest company in real estate brokerage and consulting in Brazil, in the last five years

VII Award Relatório Bancário

CrediPronto! was awarded in the segment “Best Online File Management”

Highlight for the efficiency in the mortgage approval

Mr. Francisco Lopes

initiates its activities

intermediating

properties

193540 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

6

7

Asset Light

Services company

Low execution risk

Top

management

team of industry Unique position

in the primary

market Brazilian

Unique

opportunity

to consolidate

the secondary

market

CrediPronto!

Mortgage company

with Highest %

growth of Brazil

since 2009.

LPS Brasil

Investment Highlights

Joint Venture with Banco Itaú to

provide mortgage loans

Low, mid and high-income segments

Mortgage LoanPrimary 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

+

8

Top vehicle to Invest in Brazilian Real Estate Market.

9

Management Team

Top Management Team in Industry

Partners & Associates

Summing up over 300

Years of Real Estate

Experience

Over 33 Partners & Associates with stock Investment and long term alignment with company

Retention / Incentive tool for Top Performing Employees

Partnership Program:

10

Asset Light

Service Based Business Model

Mortgage

Business

Brokerage

Business

Immediate simple revenue recognition

No hard Assets

Yearly Investment = Depreciation

Easy short term adjustment in G&A, in case of a market downturn.

No hard Assets

Inexistence of physical offices (operates inside brokerage stores)

Mortgage portfolio generates recurring cashflow.

Primary

Market

Secondary

Market

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 2 million clients

More than 450 homebuilder clients

Leadership and Wide Range of ProductsIndisputable Sales Performance

The Transactions closed in 3Q12, of R$

5.0 million, growth of 16% over the

same period last year.

CrediPronto! achieved 362 million in

origination in the quarter and R$1,1

billion in 2012 (until Sep).

Most visited website in the real estate

sector: 15 million visitors in 2011.

Retention of Talent

Largest sales force: more than 16,000

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

11

Institutional Website

Visits on www.lopes.com.br

Source: Google Analytics,

The most visited

website in the real estate market

Strong investmentin online media

Increased

generation ofLeads

Higher salesconversion

• Over 15 million unique visitors in

2011

•700 launches and more than 50

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

12

LPS Brasil’s Market Mix

São Paulo

Rio de Janeiro

Brasília

South

Other*

*Other: Northeast, Espírito Santo, Minas Gerais and Goiás.

59%53% 56%

49% 50% 47% 47%52% 51% 50% 50%

5%

5%

10%19% 18% 24%

21%

25%22% 21% 20%

14%17%

9%12% 9%

8%7%

4%4% 5% 4%

10%11% 12%

10%11%

12%12%

10%12% 12% 15%

12% 14% 12% 9% 12%9%

13%8% 11% 11% 11%

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

13

LPS Brasil in the Primary Market

14

15

Market Intelligence

Brazil still represents a case for growth in the primary market.

MexicoUnits launched:

700 thousand/year ²

BrazilUnits launched:

214 thousand/year ¹

Launches by Market – Brazil - 2011

R$86 billion / 214k Units

Total Brazil

Source: ¹ LPS Market Intelligence

² Infonavit, Softec and others (considering new homes from homebuilders and self construction).

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

3.31.1 0.3

29.1 27.6

21.8

11

4.31.6

Up toR$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

16

The demographic bonus, combined with economic growth, will lead 12.5 and 6.5 million people to move up into the

middle (C) and upper middle/high (B/A) classes respectively, over the next 2 years. These families will certainly be

seeking better living conditions.

National Footprint

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

RN

Source: Lopes RI17

RegionPayment

(R$mm)Region

Payment

(R$mm)

SÃO PAULO

Greenfield CAMPINAS

29.2 9.0

10.2

RIO DE JANEIRO FEDERAL DISTRICT

Greenfield 12.0

ESPÍRITO SANTO BAHIA

5.76 Greenfield

MINAS GERAIS PERNAMBUCO

Greenfield 3.0

5.5

SULCEARÁ E RIO GRANDE

DO NORTE

15.12.4

35.7

HIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

BUSINESS UNITS

Sales Expertise in all Market Segments

São Paulo/SP

Brooklin Prime Offices – Sep/12

80 un. – R$ 12.000/m²

Location

Sales

Valinhos/SP

Floratta – Sep/12

192 un. – R$ 3.820/m²

Location

Sales

Rio de Janeiro/RJ

Seasons – Jul/12

128 un. – R$ 5.400/m²

Location

Sales

95% sold.

Developer : BNCORP

CASE

81% sold.

Developer : Engelux

CASE

88% sold.

Developer : Dominus /

Opportunity

CASE

São Paulo/SP

Parque da Cidade – Sep/12

612 un. – R$ 14.200/m²

Location

Sales

100% sold.

Developer : Odebrecht

CASE

São Paulo/SP

LED Barra Funda – Sep/12

168 un. – R$8.000/m²

Location

Sales

98% sold.

Developer : Odebrecht

CASE

18

Transactions Closed – Primary Market

(R$ billion)

2.5

4.9

9.4 8.7

14.4 14.4

2006 2007 2008 2009 2010 2011

Transactions Closed – Primary Market

Took advantage of Listed Homebuilders growth through Capital raisings.(equity + debt)

19

(R$ Billion)

Primary MarketBreakdown – Transactions Closed 3Q12

20

50%44% 42% 40%

32%

50%56% 58% 60%

68%

2010 2011 1Q12 2Q12 3Q12

1.224%

2.652%

1.224%

Non-listed Homebuilders Listed Homebuilders Secondary market

Limited exposure to large homebuilders

Launches and Transactions Closed – Primary Market 9M12

21

51.0

38.0

9M11 9M12

17.3 17.0

9M11 9M12

-1%

-25%

Launches 9M12

Market*

* Source: Lopes Market Intelligence. It considers vertical residential projects, business units and flat/hotels launched in the most important brazilian regions.

Launches 9M12

LPS

Transactions Closed –

Primary Market 9M12

LPS

10.0 10.5

9M11 9M12

5%

Despite the 25% decrease in the volume of launches of the market, LPS presented the same

levels of launches as last year and growth in the volume of transactions closed.

49%53% 56% 54% 57%

51%47% 44% 46% 43%

2010 2011 1Q12 2Q12 3Q12

Other Homebuilders Top 10 homebuilders in sales

Breakdown Homebuilders

Breakdown Top 5 HomebuildersBreakdown – Homebuilders

292 236301 7.6%9.5% 8.9%

6.2%

12.2%

7.1%

5.3% 6.2%

6.1%

4.9%

6.1%5.2% 5.0%

5.6%

4.4%

6.1%5.1% 4.4%

5.3%

4.4%

4.7% 4.0% 4.1%5.1%

3.6%

2010 2011 1Q12 2Q12 3Q12

1st 2nd 3rd 4th 5th

# Homebuilders

22

272 308

R$/m2

Real Estate Market Overview – Prices

* Launches occurred in residential vertical in SP Capital Jan/96 to Sep/12.

Source: EMBRAESP

Nominal

INCC Adjusted

Evolution of Average Launches’ Prices in SP

R$/m2

1,4801,480 1,680 1,710 1,8602,120

2,4502,770

3,160 3,170 3,380 3,2903,550

3,930

5,300

6,7507,030

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

20

11

9M

12

5,1904,870

5,250 5,060 5,0405,300

5,590 5,440 5,5805,130 5,170

4,780 4,710 4,880

6,180

7,310 7,190

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

20

11

9M

12

23

144.6

129.0

113.4

jan

/09

Jan

-09

Feb

-09

Mar

-09

Ap

r-0

9

May

-09

Jun

-09

Jul-

09

Au

g-0

9

Sep

-09

Oct

-09

No

v-0

9

De

c-0

9

Jan

-10

Feb

-10

Mar

-10

Ap

r-1

0

May

-10

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct

-10

No

v-1

0

De

c-1

0

Jan

-11

Feb

-11

Mar

-11

Ap

r-1

1

May

-11

Jun

-11

Au

g-1

1

Sep

-11

Oct

-11

No

v-1

1

De

c-1

1

Jan

-12

Feb

-12

Mar

-12

Ap

r-1

2

May

-12

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Expectation Index Lopes' Confidence Index Present Situation Index

Source: Lopes Market Intelligence

Lopes’ Confidence Index (LCI)

Lopes is the first company to create a Real Estate Consumer Confidence Index.

Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short

term, housing purchase tendency.

The sample has 524 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)

24

LPS Brasil in the Low Income Segment

25

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

26

3Q11

3Q11

3Q12

3Q12

Number of Transactions Closed

Transactions Closed

12,929 units

Transactions Closed by Price Segment – Primary and Secondary Markets

27

R$ 4,286 million R$ 4,975 million

11%

31%

22%

36%7%

31%

28%

34%

42%

36%

12%9%

34%

37%

19%

10%

15,061 units

LPS Brasil in the Secondary Market

28

Present in 11 states and the Federal District

– Covers 91% of the Brazilian GDP

– 76 own stores

– 145 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 GrowthWell 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

– 19 acquisitions since July 2010 focused on the secondary market

– Benchmark for future partners

– Accretion

29

Pronto!

Pronto has 221 stores in 11 States + Federal District : 76 owned stores and 145 licensed brokers

30

Acquisitions*

* Average of 40% in downpayment and 60% in earn outs linked performance

CompanyPayment ( R$ mm)

CompanyPayment ( R$ mm)

7.1 8.41

2.6 12.2

11.7 4.9

17.3 24.3

25.6 15.0

15.5 10.0

20.9 6.6

Transactions Closed Historical in the Secondary Market

Transactions Closed – Secondary Market

( R$ billion)

0.3 0.3

0.7 0.6

1.3

3.8

11%

7% 7% 6%8%

21%

2006 2007 2008 2009 2010 2011

Strong growth of Secondary Market in our transactions closed.

3Q12 secondary sales reached 24% of total sales (R$1.2 billion)

.

Secondary Market Sales over total

Transactions Closed

Secondary Market Transactions Closed

31

CrediPronto!

32

Source: Goldman Sachs, Abecip, BCB

Mortgage Market

Mortgage Market as a % of GDP

33

88%

81%

48%

42%38%

19%

11% 11%

6% 5%2% 2%

UK USA GERMANYSOUTH AFRICA FRANCE CHILE MEXICO CHINA INDIA BRAZIL RUSSIA ARGENTINA

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 ABECIPNotes:1 Data from 2006, except for Brazil (2009) 2 FGV’s Center for Social Studies, 20103 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

6.35.8

1991 2000 2006 2007 2008

Quantitative Housing Shortage (millions of homes)

34

Strengthening of mortgage origination and other related services.

Leadership position

in their respective

markets

Management

ExcellenceHigh 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

35

Differentiated Model: One-Stop-Shop

Winning Model

Secondary Market: a significant potential for origination

76 own stores and 145 licensed real estate brokers in 11

states and the Federal District

Selective acquisitions to replicate the successful formula

used in the primary market

33% of Pronto!’s contracted sales are financed by

Credipronto!

Distinctive channel for clients in the secondary market

Over R$3.1 billion in financing

Incipient market in Brazil with huge expansion potential

50% of CrediPronto! transactions are originated through

Pronto!

Use of LPS Brasil’s platform and significant reduction in

CAPEX requirement

Focus

Relevance

Growth

Potential

Synergies

36

The Average Portfolio Balance in the 3Q12 was R$ 2.3 billion.

Volume of origination

(R$ MM)

*Does not include amortization.

(R$ MM)

Volume of originationaccumulated

CrediPronto!

37

358

362

3Q11 3Q12

178

3,134

Jan/10 Sep/12

1,661%1%

Ending Portfolio Balance

CrediPronto!

(R$ MM)

The ending portfolio balance grew an average of 7% per month since jun/10 and it’s already at R$ 2.5 billion.

38

392

634

809

1058

1380

1661

1883

2196

2492

Credipronto!: Unique Partnership to Capture Mortgage Loan Market

Potential

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

Business Highlights

Profit Sharing with limited credit risk

Leverage on LPS Brazil’s points of sale

Differentiated process of approval and release of funds

Unprecedented credit in the market

Innovative Real Estate Financing Process

1 ABECIP

2 Bacen

* Excluding Caixa

+Market

Leader

Largest Private Bank

in Brazil

High Growth Potential – Real Estate Financing equals only 5% of Brazilian GDP2

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

39

Ranking of Real estate Financing 3Q12 (R$ mm)

9,101

1,693

1,484 1,220 976 246 132 25 10 15

Caixa Itaú Bradesco Santander Banco do Brasil

HSBC Banrisul Citibank Banese Poupex

362

7,5% de Market Share*21% of Itaú

100

168 177

245 241

376411 432 370 433 416

125145 147 144

179209 198 189

209243

1.4% 1.9% 1.7% 2.4% 2.4% 3.0% 2.8% 3.1% 2.8% 3.0% 2.4%

4.7%5.8% 5.1%

6.1% 5.7%7.3%

6.4% 6.8% 6.9% 7.4% 7.5%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

1T10 2T10 3T10 4T10 1T11 2T11 3T11 4T11 1T12 2T12 3T12Credipronto! Mercado Market Share CDP! Market Share CDP!

(Private Banks)

Operational Highlights

40

3,326 3,793

960

1,181

3Q11 3Q12

4,975

4,286

Transactions Closed

(R$ MM)

Transactions Closed

Number of Transactions Closed

The Transactions Closed in 3Q12 increased 16% compared to the same period the year

before.

41

16%

10,872 12,525

2,057

2,536

3Q11 3Q12

16%15,061

12,929

Financial Highlights

42

3Q12 Financial Highlights

90.1111.5

7.8

3T11 3T12

97.9 24%

Net Revenue

Net Income Attributable to Controlling

Shareholders before IFRS

13.1

25.5

7.0

3T11 3T12

EBITDA*

21.9

42.2

7.5

2T11 2T12

29.5

14.6%

22.8%

24.4%

37.8%

43

Earn out Itaú

94%20.2

Earn out Itaú Earn out Itaú

92%

¹Shareholders of LPS Brasil through the LPSB3 share

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

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

3Q12 Results

44

Results 3Q12 Before IFRS

(R$ thousand)

Lauches Pronto! CrediPronto! Consolidated

Gross Service Revenue 93,180 27,957 5,765 126,901

Revenue from Real Estate Brokerage 89,555 27,957 5,765 123,276

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

Earn Out - - - -

Net Operating Revenue 81,853 24,559 5,135 111,546

(-)Costs and Expenses (35,103) (14,386) (4,375) (53,865)

(-)Holding (11,365) (3,540) - (14,905)

(-) Stock Option Expenses CPC10 (384) - - (384)

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

(=)EBITDA 34,762 6,633 760 42,155

EBITDA Margin 42.5% 27.0% 14.8% 37.8%

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

(-)Depreciation and amortization (3,484) (875) (16) (4,376)

(+/-) Financial Result 4,469 404 17 4,891

(-)Income tax and social contribution (8,099) (2,318) 106 (10,311)

(=)Net income before IFRS* 27,648 3,843 867 32,359

Net Margin before IFRS 33.8% 15.7% 16.9% 29.0%

(=)Net income after IFRS 21,399 (2,622) 867 19,645

Net Operating Margin 26.1% -10.7% 16.9% 17.6%

(-) Non-controlling Shareholders (2,943)

(=) Net Income Attributable to Controlling Shareholders After IFRS 16,702

Net Margin Controlling Shareholders 15.0%

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

Lopes Net Commission

45

Net Comssion Fee

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

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

Primary

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

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

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

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

Secondary

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

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

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

CrediPronto!

*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 2011 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.

P&L*

2011(R$ thousands)

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

(-) Back Office expenses -6,729

(-) Sales expenses -20,124

(-) Commissions -12,547

(-) Others -187

(+/-) Correspondent bank -

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

(-) Allowance for doubtful accounts (ADA) 600

(-) Taxes -6,419

(=) Net result -21,835

% Net Margin -98.3%

50% Profit Sharing -10,918

46

Allowance for Doubtful Accounts

Example of P&L with a financing contract for a $200 unit:

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 forthe bank

-$50: Lossof the bank

Sale of therecoveredproperty

Recovery of

Property

¹ Including general allowance

Default

Financial Margin

Expenses¹

Specific Allowance

Result

47

Additional Information

48

Lopes’ Contracted Sales Seasonality

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

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

1Q 2Q 3Q 4Q

49

25%

Average of Historical

Seasonality of the third

quarter:

Ownership Structure

Total of 57,078,658 common shares

Ownership Structure Post-IPO

32%

25%1%

42%Rosediamond

Chairman and Vice Chairman

Management

Free Float

50

51

Company Roadmap

Achieve dominant position in Secondary

Market, Growing from 24% to 40/50% of our Sales

Long Term Strategic Goals

Mantain Leadership in Primary Market

Grow the Mortgage Portfolio, achieving high

profitability levels ( Break even 2H12)

Develop other Opportunities tied to Services in

Real Estate Market.

Contacts

INVESTOR RELATIONS CONTACT

E mail: ri@lopes.com.br

Website: www.lopes.com.br/ri

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