Institutional Presentation

March 2010

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

(“Lopes”) as of December 31st, 2009. 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 Lopes 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 Lopes 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.

Lopes believes that based on information currently available to Lopes management, the expectations and

assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses any duty

to update any of the forward-looking statements contained herein.

2

Investment Highlights

3

Simple and Focused Value Added

Business Model

Main Distribution

Channel in the Industry with a

National Footprint

Low Risk Business with a Diversified

Client Base : Cash Generator

Company

Already scaled down to face new market conditions

UnmatchedScale and Reach

Experienced Management Team

and Outstanding Track Record

Investment Highlights

4

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 15th 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.

The company‟s first

logo

Becomes reference in real

estate launchings and

presents its new logo

Brokerage Market Has No Other Company

With The History and Track Record of Lopes

5

Lopes‟ Operation

Lopes operatesin mid-high and

high income segments of the primary market

Habitcasa

focuses on low

income, selling

properties up to

R$180 thousand

Pronto operates in the secondary market, unique

model of franchising and

flagship conversion

Joint Venture with Itaú Bank in providing

mortgages

6

Lopes is exclusively focused on providing value-added real estate brokerage services to its client-developers, with a permanent concern of avoiding conflicts of interest

Formal relationship through agreements

Over 300 Clients

111,330 effective buyers1

1,280,935 prospects included in our data base

Client-Developers Client-Buyers

Ho

w d

o w

e d

o

bu

sin

ess

?H

ow

do

we

ma

ke

mo

ne

y?

2, 3

$ 0.62

$ 0.16

$ 2.22

$ 100

$ 10

Total Price

per Unit

Down-

payment

Gross

Commission

$ 0.85

$ 1.15

Agents +

Managers

Re

ve

nu

e R

ec

og

nitio

n

$ 5.00

Developer

1 Data from the period between Jan/2001 and Sep/092 Figures only for example, not related to financials3 Considering Sao Paulo market

$ 2.00

$ 3.00

Net Commission Bonus Contract Advisory Fee

Simple and Focused Business Model…

7

Lopes Net Commission

SP GVS / Consolidated GVS 100% 95% 80% 50% 48%

Net Commission São Paulo

Net Commission Brazil

3.23% 3.15% 3.06%2.60% 2.54%

3.23% 3.16% 3.19% 3.10%2.85%

2005 2006 2007 2008 2009

2005 2006 2007 2008 2009

8

Lopes‟ business is clearly fundamental to the profitability and returns of its clients…

Working

Capital

Is FundamentalPre Sales

Speed of Sales

Concentrated in

the

Launch Period

Reliance on Sales Force Scale and Efficiency

Speed of Sales is

the Key

for Profitability

With a Key Role in the Real Estate Value-Chain

More than 7,500 brokers

Real Estate DevelopmentBrazilian Market Dynamics

…and its scale and reach – nearly impossible to replicate – enhance this importance

9

Lopes is focused on providing its clients with a full range of consulting services, from land procurement advisory to product formatting, development and sale

Value-Added Services Across the Development Cycle

Determines

the Site‟s Vocation

Masters Market

Research

Formats ProductMeeting Buyers‟

“Wants and

Needs”

Develops

Marketing Campaign

Optimizes Media

Negotiations

Coordinates

Product

Launching

Events

Individual Sales Strategy

Created to Each Product

Coordinates Product

Launching Events

10

Lopes: The virtuous circle that makes us the Best Brokerage

Company in the Real Estate Market

+ Market Inteligence + Brokers

+ Products+ Sales

+ Clients

11

Institucional Website

12

Evolution of visits to Lopes‟ Website

Source: Google Analytics,

94,442

1,308,093

2,018,064

2,195,698 2,288,3072,450,181

2,656,731

3,098,150

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

The most visitedwebsite in the real

estate market

Strong investmentin online media

Increasedgeneration of

Leads

Higher salesconversion

Notes: Managerial Reports.

Absorption calculated over available units

Location

Usable Area

Sales

Location

Usable Area

Sales

Location

Usable Area

Sales

Location

Usable Area

Sales

Location

Usable Area

Sales

100% sold.

Developer: Helbor.

CASE

100% sold.

Developer: Atua.

CASE

100% sold.

Developers Kallas.

CASE

100% sold.

Developer: Yuny.

CASE

100% sold.

Developer: Even.

CASE

Sales Expertise in all Market Segments

HIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

GATED COMMUNITIES

Alto da Lapa / SP

349m²

Duo Alto da Lapa Sep/ 08

44 un. – R$ 5,600/m²

Chacara Sto Antonio / SP

Helbor Offices – Aug/ 09

Mooca/ SP

80 m2

Città Della Mooca – Jul/ 09

80 un. – R$ 3,600/m²

Lapa / SP

98 and 136 m2

Good Life Vila Romana– Sep / 09

132 un. – R$ 4,400/m²

13

42 / 45 m²

140 un. – R$ 5,300/m²

Mooca/ SP

34/42/43 / 47 m2

Atua Mooca II – Feb / 10

232 un. – R$ 2,380/m²

Geographic Expansion

14

Lopes is Growing Nationwide

SOUTHEAST REGION

São Paulo – Beginning of operations in 1935. Acquisition of 60% of

Capucci &Bauer, in October 2007, for R$9 million (7.1x P/E 2008) and

an earn-out payment.

Rio de Janeiro – Entry by greenfield operation, with beginning of

operations in July 2006, with LCI-RJ.

Espírito Santo – Acquisition of 60% of Actual, in July 2007, for R$5.76

million (7.0x P/E 2008) and an earn-out payment.

Minas Gerais – Entry by greenfield operation with beginning of

operations in February 2008.

SOUTHERN REGION

States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition

of 75% of Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two

ear-out payments. In July 2008, Lopes acquired the 25% left by the

call/put mechanism.

MIDDLE WEST REGION

Federal District – Acquisition of 51% of Royal, in November 2007, for

R$12 million (9.0x P/E 2008) and an earn-out payment.

Goiás - Greenfield operation with beginning of operations in August

2008.

NORTHEAST REGION

Bahia - Greenfield operation with beginning of operations in October

2007.

Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007,

for R$ 3 million (10.0x P/E 2008) and an earn-out payment. In

September 2009, Lopes acquired the 40% left by the call/put

mechanism.

Ceará e Rio Grande do Norte – Acquisition of 60% of Immobilis, in

January 2008, for R$2.4 million (10.0x P/E 2008) and an earn-out

payment.

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

GO

15

RN

Lopes‟ Market Mix

42% 41% 42%

53% 52%

20%

6% 6%

5% 6%

9%

24% 21%

16% 14%

9% 7% 9%7% 12%

8% 9% 6%6%

6%

13% 13% 16% 13% 10%

4Q08 1Q09 2Q09 3Q09 4Q09

São Paulo

Rio de Janeiro

Brasília

South

Northeast

Other*

*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas 16

Lopes in the Low Income Segment

17

HABITCASA: Focus on Low Income Segment

Focus on Low Income Segment

Units up to R$ 180 thousand

The Habitcasa brand is applied in all Lopes‟ markets

18

19

Habitcasa Stands Up as the Biggest Player in sales in the Low Income Segment

14,713 units sold

in 2009

It sells with 13 public held companies:

Agre, Brascan, Camargo Correa,

Cyrela, Even, Gafisa, Helbor, Inpar,

MRV, Rossi, Tecnisa, Tenda

and Trisul

Average Price in the 2009

of R$124 thousand

70% Sales Speed

In the 4Q09

Sales in the 4Q09

increased 25% when

compared to the 3Q09

Only Real State

Brokerage Company

specialized on the low

income segment, not

only in sales, but also

in advisory

Minha Casa Minha Vida

Brazilian Government will dispose of R$34 bi.

In the State of São Paulo 183,995 units will be built.

Source: Lopes‟ Market Intelligence

São Paulo‟s families

(3.4 million of families)

41% have a monthly family income between 3 and 10 minimum wages,

with “Minha Casa, Minha Vida” this families will become potential

buyers.

It is estimated that there is a 140

thousand units demand in the city of

São Paulo inside the

“Minha Casa, Minha Vida” program .

10% has purchase intention for the next 12 months

(1.4 million of families)

Premise: with the federal government subsidy, the decrease of interest rates and more extended mortgages terms, the minimum family income to acquire a R$100 thousand house became 3 minimum wages, not 6 minimum wages as before.

20

Sales Speed MRSP Low Income Segment

Source: Secovi –SP and Lopes’ Market Intelligence.

Units Launched and SoldSP Capital

21

Average (Units Sold/Launched) = 0.80

Average (Units Sold/Launched) = 1.40

Units Launched

Units Sold

2,1161,113

4,027

3,613

5,663

382

Aug/09Jul/09 Nov/09Jun/09May/09Apr/09Mar/09Feb/09Jan/09Dec/08 Oct/09Oct/08Sep/08Aug/08Jul/08Jun/08 Nov/08 Dec/09Sep/09

Year Units Launched Units Sold

2008 34.500 32.800

2009 30.100 35.800

4,011

6,131

Lopes in the Secondary Market

22

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

23

Innovative Real State Financing Process

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

The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions.

CrediPronto!

24

CrediPronto!

25

CrediPronto!‟s Financing

(R$ MM)

Accumulated Mortgage Inventory in

the end of 2008 and 2009:

-Financed Volume: R$204MM

-GVS: R$325MM

-Contracts: 703

-Average Payment Term: 285 months

The amount financed by CrediPronto! was achieved through our Pronto! Stores, that

totaled 152 stores

94,7 136,6

350,0

41.9

67.3

203.9

3Q09 4Q09 End of 2008 +

2009

Guidance

61%

72%

Pronto!

2009

February

March

June

July

7 Stores

9 Stores

23 Stores

34 Stores

6 StoresJanuary

11 Stores

17 Stores

April

May

50 StoresAugust

93 StoresSeptember

109 StoresOctober

115 StoresNovember

In the State of SP, Pronto

has 94 stores, 78 in the MRSP and 16 in the

countryside and coast.

26

152 StoresDecember

Brazilian Real Estate Market

27

19%

14%

52%

16%

Social Economic Scenario and Housing Shortage

5.4

6.7

1991 20072000

7.3

Source: Fundação João Pinheiro e Ministério das Cidades

Source: Credit Suisse

Brazil1,8x

Mexico4,0x

G-79-10x

-6% -4% -2% 0% 2% 4% 6%

0 to 4

10 to 14

20 to 24

30 to 34

40 to 44

50 to 54

60 to 64

more than 70

Men Women

* Qualitative Housing Shortage is the number of times that a family moves to different houses in life

Age Pyramid in Brazil Segments by Income in Brazil

Quantitative Housing Shortage

(millions of homes)Qualitative Housing Shortage

Source: IBGE

28

47 million homes

A/BIncome

> US$ 2,509

Income betweenUS$ 582 and US$ 2,509C

Income betweenUS$ 419 and US$ 582D

Source: FGV

EIncome

< US$ 419

Source: Goldman Sachs – Base 2007-2008

Mortgage Market

Mortgage Market as a % of GDP

86%

66%

50%

40%

33%

22%

10%6% 5% 5%

3% 3%1% 1% 0% 0%

15%11%

2%3%

2%

35%

30%

15%13%

9%5% 5%

2%

29

14.2 15.1 16.6

22.9 21.5

15.7

Number of Launches - RMSP

GVS¹ Launched (R$ bn) - RMSP

Units Launched („000) - RMSP

¹ Launched values adjusted by the INCC until December/09.

1996 1997 2006 2007 2008

Nominal GVS launched in 2008 was the same

amount as 2007: R$ 20 bn.

Launches RMSP – Historic data (1996 - 2009)

Source: Lopes’ Market Intelligence

2009

30

509

377341

467 458

538 548 509

442478

574 548482

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

+14% 70

33 3540

35 34 3731

36 38

68 70

56

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

+37%

2009 2009

R$/m2

SPMR Real Estate Market Overview – Prices

Source: EMBRAESP

Nominal

INCC Adjusted

Evolution of Average Launches‟ Prices in the SPMR

R$/m2

31

1357 13701546 1619

17411930

2230

2473

2861 28953064 2979

3211

3501

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

38763651

3926 3888 3823 39254132

39384091

3802 38083515 3463 3532

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

63%

37%

Brazil

The Secondary Market

Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis

118

Primary

Secondary

100%

(Total in R$ billion, % of total potential sales value)

Real estate market by segment

In the city of São Paulo, the difference is as high as 30% ~ 50%

13 9

11

19

USA Spain South Africa Mexico

Difference (in %) between the average price per m² in new development vs. used properties

32

Lopes‟ Confidence Index

33

(base: jan/2009=100)

Source: Lopes Market Intelligence

Lopes‟ Confidence Index (LCI) - December/09

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

34

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

housing purchase tendency.

The sample has 567 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)

December/09

118.0

124.7131.6 133.8

147.4137.5 141.3

145.3 142.8

153,4 157,8

145,9

100.0

105.7 109.4

116.3124.1

119.0 120.3

125.3 127.0134,4 137,6

131,7

82.086.8

87.2

98.7100.8 100.5 99.3

105.3111.2

115,5 117,5 117,6

jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09 aug/09 sep/09 oct/09 nov/09 dec/09

Expectation Index

Lopes' Confidence Index

Present Situation Index

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Optimist evaluation growth in the items that measure the present situation

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Evolução da avaliação "boa" nos quesitos que medem a situação atual

Interviewed that considered as “good” the Brazilian present situation

Interviewed that considered “good” their family economic situation

Interviewed that considered “high” their house purchase intention

Linear (Interviewed that considered as “good” the Brazilian present situation)

Linear (Interviewed that considered “good” their family economic situation)

more

optimism

less

optimism

(base: jan/2009=100)

Source: Lopes Market Intelligence

Optimist Evaluation Growth

35

Sales Speed Over Supply

36

Sales Speed over Supply

29.3% 26.5%

3Q09 4Q09

Lopes' Consolidated Sales Speed

*Management information,

The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

65.9% 69.7%

3Q09 4Q09

Habitcasa‟s Sales Speed

37

Lopes‟ Sales Speed Over Supply

Exclusive sales: the formula of the biggest Sales Speed Over Supply in the

market

34.4%

41.7%45.9%

49.5%

52.2%54.3%

48.0%

56.1%

60.9%

64.0%66.4% 68.0%

79.60%83.00%

84.60% 85.70% 86.80%88.40%

56.6%

62.1%65.0%

67.8%70.2% 71.8%

30%

40%

50%

60%

70%

80%

90%

100%

30 days 60 days 90 days 120 days 150 days 180 days

Lopes SP 2008 Lopes SP 2009 Homebuilder 2 Homebuilder 1

38

In 2009 75% of a new development is sold, on average,

6 months after its lauching. In 2008 it was sold in 12 months

LAUNCHING

54%

62%66% 69%

72% 74%76% 77%

79% 80% 81% 82%

36%

47%

53%58%

62% 64%67%

69% 71%73% 74% 75%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

1 2 3 4 5 6 7 8 9 10 11 12

2008

2009

Habitcasa‟s Sales Speed Over Supply

Month

39

Sales Speed Over Supply HBC x In-House Sales Forces

-10%

0%

10%

20%

30%

40%

50%

60%

70%

0 1 2 3 4 5 6 7 8 9 10 11 12 13

In-House Sales

Forces

Habitcasa‟s Sales Speed Over Supply proves to be much larger than the average

of the Internal Sales Forces‟.

Habitcasa‟s Sales Speed Over Supply

Month

40

Operational Highlights

41

Contracted Sales‟ Historical*

* Unaudited managerial information.

Total GVS – Primary Market

(in R$ million)

591 850 1,166 1,253

1,556 1,853

2,545

4,873

9,370

8,658

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

42

Contracted Sales

(R$ MM)

Contracted Sales

43

1,509

2,851 2,448 2,851

8,031 8,658

91

210153

210

728

599

3,061

1,339

4Q08 4Q09 3Q09 4Q09 2008 2009

Primary Market Secondary Market Patrimóvel

91%

10,099

2,60118% 3,061

6% 9,257

1,600

14,755 16,798

4,880

2,437

14,713 15,419

4,480 2,276

0-150K 150K-350K 350K-600K >600k

2008 2009

2,794

28,483

4,094 3,329 3,486

25,016

5,813 2,573

South Region Southeast Region Middle West Region Northeast Region

2008 2009

Units Sold per Region and per Income Segment

Sales per Segment(in units)

Sales per Region(in units)

44

Financial Highlights

45

Net Commission by Market

Net Commission

46

4Q08

4Q09

2.79% 2.49% 2.09% 2.49%

São Paulo Rio de Janeiro Other Markets Brazil

3.06%

1.94%2.46% 2.60%

São Paulo Rio de Janeiro Other Markets Brazil

2009 Results(R$‟000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED

Net Revenue 216,658 6,777 1,258 224,693

Operating Costs and Expenses (121,383) (8,945) (3,563) (133,891)

Stock Option Expenses (CPC 10) (4,172) (4,172)

Expenses accrual from Itaú (953) (953)

Pro-Forma EBITDA 94,322 (2,167) (2,305) 89,850

Pro-Forma EBITDA Margin 44% -32% -183% 40%

Pro-Forma Net income 59,010 (2,864) (664) 55,482

Pro-Forma Net Margin 27% -42% -53% 25%

Results 2009

47

Without Pronto! and Credipronto!‟s

effect, Lopes‟ EBITDA would‟ve been

R$94 millions, with a 44% margin and

a Net Income of R$59 million, with a

27% margin.

Brasília had a R$22.5 million Income,

while Campinas had a R$8.8 million

Income, what explains the minorities

Interests of R$18.1 million.

Costs of Services Provided and Operating Expenses

Operating Costs and Expenses 4Q09

(R$ MM)

48

42.5

3.9

4.3

34.4

Total Operating Costs

and Expenses

Pronto! and

Credipronto! Costs

Operating Costs

and Expenses

Other R$3.9 MM

Itaú’s Expenses Accrual R$0.2 MM

Depreciation R$2.3 MM

Stock Option (CPC 10) R$1.4 MM

Other

Guidance for 2009

49

Sales‟ Guidance for 2009

(R$ BI)

* The General Value of contracted sales (Contracted GVS) projected in this release may change due to many variables. This material fact includes forward

looking statements related to business perspectives, results estimates and, also, the growth outlook for Lopes. Such forward looking statements may be

substantially affected by changes in market conditions, government decisions, stronger competition, industry performance as well as Brazilian economy

performance, in addition to those risks presented in the documents released and filed by Lopes, consequently, they are subject to changes without previous

notice. 50

9.3

12.0 – 12.5

2009 Sales 2010 Guidance

32%

Additional Information

51

Two seasonality components:

• Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more significantly affected by summer vacations and the week of Carnival celebrations.

• Variations in sales stemming from the sales pipeline in the real estate development market, in which projects launched are subject to licensing and permit requirements, which account for significant distortions in a quarter-over-quarter comparison.

Lopes‟ Contracted Sales Seasonality

Unstable sales behavior in each quarter accounts for variations in yearly sales

17% 18%

14%

23%

15%

21%

31%

22%

32%

24%25%22% 23%

29% 28%

37%

29%

41%

16%

33%

2005 2006 2007 2008* 2009

1Q 2Q 3Q 4Q

52

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

Ownership Structure

Total of 49,448,033 common shares

Ownership Structure Post-IPO*

28%

6%

66%

0%Foreigner Investors - Free Float

Nacional Investors - Free Float

Controlling

Management

53

* In December 31st 2009.

Contacts

54

INVESTOR RELATIONS CONTACT

E mail: ri@lopes.com.br

Website: www.lopes.com.br/ri