1

Institutional Presentation

November 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

(“LPS”) as of September 30th, 2010. 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

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

Brokerage Market Has No Other Company

With The History and Track Record

4

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

5

6

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

+

6

3.23% 3.16% 3.19% 3.10%2.85% 2.84% 2.79%

3,04%

2005 2006 2007 2008 2009 1Q10 2Q10 3Q10

Lopes Net Commission

SP GVS / Consolidated GVS 100% 95% 80% 50% 48% 54% 49% 50%

Net Commission São Paulo

Net Commission Brazil

3.23% 3.15% 3.06%2.60% 2.54% 2.59% 2.48% 2,67%

2005 2006 2007 2008 2009 1Q10 2Q10 3Q10

7

8

LPS Brasil‟s unparalleled reach and extraordinary scale complement each other, increasing its success rate and continuously attracting new brokers and clients

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 1.7 million clients

More than 230 homebuilder clients

Leadership and Wide Range of ProductsIndisputable Sales Performance

Speed of sales of 29.5% in 3Q10,

and 50.8% for Habitcasa

R$9.6 billion in contracted sales in

2010

Most visited site in the real estate

sector: more than 4.7 million hits

in the quarter

Retention of Talent

Largest sales force: more than 9,300

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

8

Institucional Website

9

Website Visits

Source: Google Analytics,

The most visitedwebsite in the real

estate market

Strong investmentin online media

Increasedgeneration of

Leads

Higher salesconversion

594,442

1,308,093

2,018,0642,195,698

2,432,7032,578,826

3,533,156 3,523,517

4,248,592 4,348,621

4,737,108

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Competitive Advantage

Competitive Advantage: A single, integrated solid Company

“Lopes” culture in all business units of different states

National Integration of Systems

One single brand, recognized by the market

Identity that stands Lopes out from the competitors

10

LPS Brasil‟s Market Mix

42%

53% 52% 54%49% 50%

6%

5% 6% 5%5%

11%21%

16% 14% 14%17%

9%

9%7% 12% 10% 11% 12%

6%6%

6% 6% 6% 6%

16% 13% 10% 11% 13% 12%

2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

São Paulo

Rio de Janeiro**

Brasília

South

Northeast

Other*

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

** The sales values include 20% of the contracted sales of Patrimóvel, in proportion to our participation in the Company during the period. 11

LPS Brasil in the Primary Market

12

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 230 Clients

176,287 effective buyers1

1,706,559 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

$ 0.30

$ 0.08

$ 2.16

$ 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

$ 4.54 ²

Developer

1 Data until 09.13.20102 Data from the 3Q10

$ 2.00

$ 2.54

Net Commission Premium Contract Advisory Fee

Simple and Focused Business Model…

13

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

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. Lopes acquires permanently an

additional 10% stake of Patrimóvel, in July 2010, and 31% more, in

October 2010, amounting to a total 51% share.

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

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: Rossi

CASE

100% sold.

Developer: Kallas

CASE

99% sold.

Developer: Open (Even)

CASE

100% sold.

Developer: Maiojama

CASE

100% sold.

Developer: Helbor

CASE

Sales Expertise in all Market Segments

HIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

BUSINESS UNITS

Água Branca/ SP

128 / 168m²

Casa das Caldeiras – Sep/10

384 un. – R$ 6,000/m²

Campinas/ SP

Hemisphere Norte Sul – Aug / 10

16

33 / 44 m²

177 un. – R$ 6.000/m²

Vila Bela Vista/ SP

48 / 56m2

Premmio Vila Nova – Aug / 10

127 un. – R$ 2,996/m²

64/ 73m²

Park Club Bairro Jardim – Sep/10

536 un. – R$ 3,200/m²

Praia de Belas/ RS

39 / 74m2

Trend City-Residence– Jul / 10

274 un. – R$ 5,000/m²

Santo André/ SP

LPS Brasil 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

1,670 units sold

in the 3Q10Average Price in the

3Q10 of R$166 thousand

51% Sales Speed

In the 3Q10

Sales in the 3Q10

increased 14% when

compared to the 2Q10

Only Real State

Brokerage Company

specialized on the low

income segment, not

only in sales, but also

in advisory

In 2009, Habitcasa became Caixa‟s

correspondent

20

42%

39%

12%6%

11%

36%

25%

29%17%

36%22%

25%

30%

44%

17%

9%

3Q09

3Q09

3Q10

3Q10

Units Sold

Contracted Sales

Sales by Income Segment Primary and Secondary Market

Total units sold = 13,126

Total Contracted Sales = R$3,617 million

Increase in the Potential Demand

Maturity in years

10 15 20 25 30

12% 13 11 10 10 9

11% 13 10 9 9 9

10% 12 10 9 8 8

9% 12 9 8 8 7

8% 11 9 8 7 7

7% 11 8 7 6 6

6% 10 8 7 6 6

5% 10 7 6 5 5

Maturity in years

10 15 20 25 30

12% 1,377 1,152 1,057 1,011 987

11% 1,322 1,091 991 941 914

10% 1,269 1,032 926 872 842

9% 1,216 974 864 806 772

8% 1,165 917 803 741 704

7% 1,115 863 744 679 639

6% 1,066 810 688 619 576

5% 1,018 759 634 561 515

Unit Value

R$120,000

Mortgage

R$96,000

30% of income

commitment80% of the total value

financed

In Minimum Wages Monthly Payment (R$)

Inte

rest

Ta

x (

%)

Inte

rest

Ta

x (

%)

21

Better Economic Situation of the Low Income Segment…

Monthly Income (Millions of

Families)2007 2008

Untill R$1,000 31.7 53% 29.1 31%

From R$1,000 to R$2,000 15.5 26% 27.6 29%

From R$2,000 to R$4,000 8.4 14% 21.8 23%

From R$4,000 to R$8,000 3.3 5% 11 12%

From R$8,000 to R$16,000 1.1 2% 4.3 5%

From R$16,000 to R$32,000 0.3 0% 1.3 1%

More than R$32,000 0 0% 0.3 0%

TOTAL 60.3 100% 95.4 100%

25.5

7.5

1

34

Government

Budget

FGTS BNDES TOTAL

“Minha Casa, Minha Vida” Funds

32.5

36.5 37.438.0

40.0

47.0

52.0

1992 1995 1998 2001 2004 2007 2008

% of the population with monthly income between

R$1,064 and R$4,561 (program‟s target population)

Source: “Minha Casa, Minha Vida” Program

Source: FGV Source: IBGE, FGV, Ernst & Young

22

62.2

9.5

71.7

Government

Budget

FGTS TOTAL

“Minha Casa, Minha Vida 2” Funds

2.2 3 4.99.3

18.425.2

3.8 3.95.5

7

6.9

10.2

2003 2004 2005 2006 2007 Savings untill

Oct 2008 FGTS

untill Nov 2008

Financed with FGTS' Funds Financed with Savings' Funds

Housing Credit (R$ billions)

Housing

(„000)

Total of

houses

New

houses

formed

New houses

financed

% of new

houses

financed

2002 48,035 1,530 83 5%

2003 49,710 1,675 104 6%

2004 51,752 2,042 112 5%

2005 53,114 1,362 101 7%

2006 56,610 1,496 151 10%

2007 56,343 1,733 166 10%

... and also Better Supply of Mortgages

Source: ABECIP, Central Bank of Brazil, CEF e FGV

Source: IBGE, BC

23

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.

24

Steps Untill 3 minimum wages Between 3 and 10 minimum wages

Government Contribution R$16 billionR$10 billions

(2.5 bi Government and 7.5 bi FGTS)

Subsidy Full Value -

Insurance Exception Reduction

Registration Costs ExceptionReduction

(90% form 3 to 5 minimum wages80% from 5 to 10 minimum wages)

40%

20%

10%

10%

20%0 to 3 minimum wages

3 to 4 minimum wages

4 to 5 minimum wages

5 to 6 minimum wages

6 to 10 minimum wages

5%

24%

21%

50%

Espírito Santo

Minas Gerais

Rio de Janeiro

São Paulo

Units per Income Units Distribution In the Southeast Region

Minha Casa Minha Vida

25

Steps Untill 3 minimum wages Between 3 and 10 minimum wages

Government Contribution R$37 billionR$25 billions

(15.5 bi Government and 9.5 bi FGTS)

Subsidy Full Value -

Insurance Exception Reduction

Registration Costs ExceptionReduction

(90% form 3 to 5 minimum wages80% from 5 to 10 minimum wages)

60%

30%

10%

0 to 3 minimum wages

3 to 6 minimum wages

6 to 10 minimum wages

Units per Income

Minha Casa Minha Vida 2

26

LPS Brasil in the Secondary Market

27

Pronto!

28

Pronto has 183 stores in 12 States: 41 owned stores and142 licensed brokers

SOUTHEAST REGION

São Paulo – Acquisition of 51% of VNC, in July 2010, for

R$7.1 million (R$ R$1,8 million + R$0,3 million of

investiments + R$5,2 million of earn out ).

Acquisition of 51% of Plus Imóveis, in August 2010, for

R$11.7 million (R$4.7 million + R$7.0 million of earn out).

Acquisition of 51% of Maber, in September 2010, for

R$17.3 million (R$6.0 million + R$11.3 million of earn out).

Rio de Janeiro – Acquisition of 51% of Self Imóveis, in July

2010, for R$ 2,6 million (R$900 thousand + R$1,7 million of

earn out)

29

Present in 12 states and the Federal District

– Covers 91% of the Brazilian GDP

– 41 own stores

– 142 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

– 4 acquisitions since July focused on the secondary market

– Benchmark for future partners

– Accretion

29

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

30

31

Differentiated Model: One-Stop-Shop

CrediPronto! and Pronto!Imóveis Platform: unique model in the secondary market

Winning Model

Secondary Market: a significant potential for origination

41 own stores and 142 licensed real estate brokers in 12

states and the Federal District

Selective acquisitions to replicate the successful formula

used in the primary market

27% of Pronto!‟s contracted sales are financed by

Credipronto!

Distinctive channel for clients in the secondary market

R$591 million in financing

Incipient market in Brazil with huge expansion potential

65% of CrediPronto! transactions are originated through

Pronto!

Use of LPS Brasil‟s platform and significant reduction in

CAPEX requirement

Focus

Relevance

Growth

Potential

Synergies

31

Financed Volume

CrediPronto!

CrediPronto! financed in the 3Q10 R$154.1 million, which accounted for R$387.1 million in mortgages for 2010 .

(R$ MM)

27.2

146.0

90.9

387.1

3Q09 3Q10 9M09 9M10

268%

326%

32

216.7

247.4

290.9

330.9

384.9

436.8

474,3

529,1

591,0

150,0

200,0

250,0

300,0

350,0

400,0

450,0

500,0

550,0

600,0

jan/10 feb/10 mar/10 apr/10 may/10 jun/10 jul/10 ago/10 set/10

Accumulated Sales Volume*

CrediPronto!

(R$ MM)

12%

33*Excluding amortization.

34

Credipronto!: Unique Partnership to Capture Mortgage Loan Market PotentialCrediPronto!: difficult to imitate model that enables LPS Brasil to provide the best financing solution to its clients

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

Business Highlights

In 1.5 year, it has already reached 5.2% of market share

in the private mortgage loan market (excluding Caixa)1

Profit Sharing with limited credit risk

Leverage on LPS Brasil‟s points of sale

Differentiated process of approval and release of funds

Unprecedented credit in the market

Innovative Real Estate Financing Process

Notes:1 ABECIP (as of September 30th, 2010) and Company. Ranking based on September/2010 origination2 Bacen

+Market

Leader

Largest Private Bank

in Brazil

Market Share CrediPronto!

High Growth Potential – Real Estate Financing equals only 3% of Brazilian GDP2

15% of Itaú

Ranking of Real Estate Financing September 2010 (R$ mm)¹

Total OriginationSep/10: R$3.1 bi

1,850

404

321210

143 8823 18 4 2

62

Ca

ixa

Ita

ú

Bra

de

sco

Sa

nta

nd

er

Ba

nc

o d

o

Bra

sil

HSB

C

Citib

an

k

Ba

nrisu

l

Po

up

ex

Ba

ne

se

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

0,7% 1,7% 1,8% 1,6% 2,0%2,1% 1,3% 1,9% 2,0%

100

240

340 314 423 406

293

429 485

99 132 130 136 148 156 160 166

CrediPronto! Market

Jan - 10Feb - 10 Mar - 10 Apr - 10May - 10Jun - 10 Jul - 10 Aug -10 Sep - 10

34

Brazilian Real Estate Market

35

36

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%

70-74

60-64

50-54

40-44

30-34

20-24

10-14

0-4

Age

2000 2020

174 209Total

10 10 0 100 10

Men

Women

2003 2008

11%

49%

24%

16%

Classes A and B Class C Class D Class E

8%

37%

27%

28%

Source: IBGE, 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

36

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%

37

38

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

Despite recent strong growth, mortgage loan still has broad room to grow in Brazil

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)

38

39

33.3

37.2

29.2

2007 2008 2009 2010E

Lopes: Leadership and Growth

Primary Market: Leadership1 in an ExpandingMarket

Second Growth Cycle

Notes:1 Includes the acquisition of Patrimóvel2 US$3.4 billion raised in 9 equity offerings and US$7.0 billion issued in debt. Only includes public issuances. Source: Bloomberg3 Earnings release: Brookfield, CCDI, CR2, Cyrela, Direcional, EVEN, EZTEC, Gafisa, Helbor, Inpar, JHSF, João Fortes, MRV, PDG, Rodobens, Rossi, Tecnisa and Trisul4 Annualized, considers that contracted sales launched in the first half are equal to 40% of contracted sales launched per year

Highly capitalized homebuilders

– US$10.4 billion raised since 2009²

– Developments launched in the first wave have

completed their cycles, generating cash for further

investments in the market

Lopes Contracted Sales: Significant Growth (R$ mm)

Lopes‟ scale and reach result in extensive network and

sales capacity: essential for distributing units launched

Unique database with more than 1.7 million clients

230 homebuilder clients

Speed of sales of 29.5% in 3Q10, and 50.8% for Habitcasa

Launched PSV – Listed Companies (R$ mm)3

44.84

Undisputed leader in the primary market with strong growth potential

2,545

4,873

9,3708,658

9,572

12,500

2006 2007 2008 2009 9M10 2010E

39

15.1 16.017.7

24.422.8

17.4

14.1

Number of Launches - SP

GVS¹ Launched (R$ bn) - SP

Units Launched („000) - SP

¹ Launched values adjusted by the INCC until February/10

1996 1997 2006 2007 2008

Nominal GVS launched in 2008 was the same

amount as 2007: R$ 20 bn.

Launches Metropolitan Region of São Paulo – Historic data

Source: Lopes‟ Market Intelligence

2009

40

9M10

509

377341

467 458

538 548509

442478

574548

494

361

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 9M10

70

3335

4035 34

37

3136 38

68 70

59

48

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 9M10

Sales Speed Metropolitan Region of São Paulo

Source: Secovi –SP and Lopes‟ Market Intelligence.

Units Launched and SoldSP Capital

41

Average (Units Sold/Launched) = 0.77

Average (Units Sold/Launched) = 1.42

Units Launched

Units SoldYear Units Launched Units Sold

2008 34,500 32,800

2009 30,100 35,8009M10 21,800 17,700

4,146

1,113

5,663

1,6383,642

382

6,131

1,633

R$/m2

SPMR Real Estate Market Overview – Prices

Source: EMBRAESP

Nominal

INCC Adjusted

Evolution of Average Launches‟ Prices in SP

R$/m2

42

1360 13701550 1620

17401930

22302470

2850 28903050 3000

3200

3480

4100

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

9M

10

41203880

4180 4140 4070 41804390

41904340

4040 40403770 3680 3730

4190

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

9M

10

Factors that Sustain the Growth in the Real State Market

Positive Economic Trend

Brazil is Latin America‟s biggest economy

and presents economic, political and social stability;

Positive economic fundaments:

1. Country-risk in minimum historical level

2. Inflation under control

3. Extern debt at lower levels

4. Decreasing of the unemployment tax

Real State Sector Development

Consumer‟s buying intention increase;

Technology achieved in both sides;

Products with more sophisticated

attributes for the middle income

segment;

Technology in the low income segment

construction; and

Development of new

Brazilian markets.

Housing Deficit

Estimated deficit of 7.5MM de houses;

Bad quality housing for middle and low

income segments.

Financing Availability

Smaller Taxes, longer terms;

SFH and FGTS limit increase;

Higher participation of the private

sector; and

In Brazil, the mortgages represent

10-20% of the total credit, smaller than in

other countries (70%).

43

Lopes‟ Confidence Index

44

(base: jan/2009=100)

Source: Lopes Market Intelligence

Lopes‟ Confidence Index (LCI) – October/10

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

45

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

housing purchase tendency.

The sample has 566 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)

October/10

118.0

124.7131.6 133.8

147.4137.5 141.3

145.3 142.8

153.4157.8

145.9142.1

138.7142.3

136.6 138.0 133.2143.3

146.3

135.8130.5

100.0

105.7 109.4

116.3124.1

119.0 120.3125.3 127.0

134.4137.6

131.7 128.2 127.4 131.3127.5 130.0 128.7 131,0 133.7

126.5127.5

82.086.8

87.298.7

100.8 100.5 99.3105.3

111.2115.5 117.5 117.6 114.4 116.0 120.4

118.5 122.0 124.1 118.8 121.1117.3124.5

jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09 aug/09 sep/09 oct/09 nov/09 dec/09 jan/10 feb/10 mar/10 apr/10 may/10 jun/10 jul/10 aug/10 sep/10 oct/10

Expectation Index Lopes' Confidence Index Present Situation Index

(base: jan/2009=100)

Source: Lopes Market Intelligence

Present Purchase Intention Growth

For the Real Estate Market are considered positive attributes the

intentions of purchasing properties in HIGH and MEDIUM levels

which were mentioned at the moment of the interview.

46

50%

84%

89%

50%

16%

12%

Jan/09 Apr/09 Jul/09 Oct/09 Jan/10 Apr/10 Jul/10 Oct/10

39%

84% 82%

61%

16% 18%

Jan/09 Apr/09 Jul/09 Oct/09 Jan/10 Apr/10 Jul/10 Oct/10

44%

78%

87%

56%

22%

13%

Jan/09 Apr/09 Jul/09 Oct/09 Jan/10 Apr/10 Jul/10 Oct/10

44%

78%

87%

56%

22%

13%

Jan/09 Apr/09 Jul/09 Oct/09 Jan/10 Apr/10 Jul/10 Oct/10

High and medium

Low

Economic Segment Medium Segment High Segment

Sales Speed Over Supply

47

Sales Speed over Supply

29.3% 29.5%

3Q09 3Q10

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%

50.8%

3Q09 3Q10

Habitcasa‟s Sales Speed

48

Operational Highlights

49

Contracted Sales‟ Historical in the Primary Market*

* 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

50

Contracted Sales

(R$ MM)

Contracted Sales

51

Units Sold

9,940 12,469

23,239

34,342

340

657

918

1.674

3Q09 3Q10 9M09 9M10

Primary Market Secondary Market

36.016

24.157

13.12610.280

2,448 3,345

5,807

8,842

153

272

388

730

3Q09 3Q10 9M09 9M10

Primary Market Secondary Market

2,6013,617

9,572

6,196

55%

39%28%

49%

*The sales values include 20% of Patrimóvel‟s results, in proportion to our participation in the Company during the period.

Financial Highlights

52

Results 3Q10

(R$ „000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED

Net Revenue 84,033 3,275 179 87,487

Operating Costs and Expenses (40,203) (3,134) (1,146) (44,483)

Stock Option Expenses (CPC 10) (817) (817)

Expenses Accrual from Itaú (238) (238)

Pro-Forma EBITDA1 44,747 141 (967) 43,921

Pro-Forma EBITDA Margin 53% 4% -540% 50%

Pro-Forma Net Income2 30,763 (327) (719) 29,717

Pro-Forma Net Income Margin 37% -10% -402% 34%

Results 3Q10

Without Pronto! and Credipronto!‟s effect,

Lopes‟ EBITDA would‟ve been R$45

millions, with a 53% margin and a Net

Income of R$31 million, with a 37%

margin.

Brasília had a R$5.0 million Income, while

Campinas had a R$2.8 million Income,

what explains the minorities Interests of

R$4.7 million.

53

1 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.

The CrediPronto! Revenue does not

include the mortgages financial spread

12%

29%34% 37%

25%

37% 38%

9%

20%27%

33%

20%30% 34%

1T09 2T09 3T09 4T09 1T10 2T10 3T10

3 11

18 24

12

24 30

16%

40% 46% 46%36%

49% 50%

+34%

+25%

+149%

+900%

3553

6472

6380 87

+26%

Net Revenue, EBITDA Margin, Net Income and Net Margin Progress

Net Margin before

Minority Interest of

38%.

Pro-Forma EBITDA

Margin of 52% for

Launches.

Net Revenue

(R$ million)

Net Income(R$ thousand)

Pro-Forma Net

Margin

EBITDA

MarginPro-Forma

Net Margin before

Minority Interest

54

Guidance for 2010

55

Sales‟ Guidance for 2010

(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. 56

9.3

12.0 – 12.5

2009 Sales 2010 Guidance

32%

Additional Information

57

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

58

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

Ownership Structure

Total of 54,368,644 common shares

Ownership Structure Post-IPO

59

34%

8%17%

31%

9% 1%

Rosediamond LLP

F.I.M. Crédito Privado Mocastland

Management

Foreigner Investors - Free Float

National Investors - Free Float

Individual Investors

Contacts

INVESTOR RELATIONS CONTACT

E mail: ri@lopes.com.br

Website: www.lopes.com.br/ri

60