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1 Institutional Presentation February 2009

ApresentaçãO Institucional InglêS 20.02.2009.Erratum

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Page 1: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

1

Institutional Presentation

February 2009

Page 2: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

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 the 31st of December 2008. 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

Page 3: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Investment Highlights

3

Page 4: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Simple and Focused Value

Added Business Model

Simple and Focused Value

Added Business Model

Main Distribution Channel in the Industry with a

National Footprint

Main Distribution Channel in the Industry with a

National Footprint

Low Risk Business with a

Diversified Client Base : Cash Generator Company

Low Risk Business with a

Diversified Client Base : Cash Generator Company

Already scaled down to face new

market conditions in

2009

Already scaled down to face new

market conditions in

2009

UnmatchedScale and Reach

UnmatchedScale and Reach

Experienced Management

Team and Outstanding Track Record

Experienced Management

Team and Outstanding Track Record

Investment Highlights

4

Page 5: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Mr. Francisco Lopes initiates its activities intermediating properties

193540´s

50´s60´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

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

Page 6: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

1st Lopes R$ 5 bnMarket Share: 25%

5th Habitcasa R$ 1 bnMarket Share: 6%

31%

3th Fernandes

Mera

6%

1st Lopes/

Habitcasa

4th Coelho da Fonseca

5%

13%

5th Del Forte

(BR Brokers)

4%

2nd Abyara

6th IPrice(BR

Brokers)

4%

9%

7th Itaplan

2%

10th Exclusiva

3%

23%

11th to 167th Other

9th Klabin Segal

Market Share

R$ (MM) ¹

8th Avance

(BR Brokers)

2%

142%

Launched GVS¹ (R$) and Market Share 2008 – RMSP

¹ Nominal FiguresSource: Lopes Market Intelligence and Embraesp

6

Page 7: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

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 exclusivity agreements

Over 160 Clients

– 46,393 effective buyers1

– 80,000 prospects included in our data base in 2007

Client-DevelopersClient-Developers Client-BuyersClient-Buyers

How

do w

e

How

do w

e

do b

usin

ess?

do b

usin

ess?

How

do w

e m

ake m

on

ey?

How

do w

e m

ake m

on

ey?2

, 3

2,

3

$ 0.53$ 0.12

$ 2.45

$ 100

$ 10

Total Price per Unit

Down-payment

GrossCommission

$ 0.73

$ 0.12

$ 1.05

Agents +Managers

Reven

ue R

ecog

nitio

nR

even

ue R

ecog

nitio

n

$ 5

Developer

1 Over the last 5 years in Sao Paulo2 Figures only for example, not related to financials3 Considering Sao Paulo market

$ 1.90

$ 3.10

Net Commission PremiumContract Advisory Fee

Simple and Focused Business Model…

7

Page 8: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Lopes Net Commission

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

Net Commission São Paulo

Net Commission Brazil

8

Page 9: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

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

Working Capital

Is Fundamental Pre Sales

Speed of Sales Concentrated in

the Launch Period

Reliance on Sales Force Scale and EfficiencyReliance on Sales Force Scale and Efficiency

Speed of Sales is the Key

for Profitability

With a Key Role in the Real Estate Value-Chain

Almost 6.000 brokers

Real Estate DevelopmentReal Estate DevelopmentBrazilian Market DynamicsBrazilian Market Dynamics

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

9

Page 10: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

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 Determines the Site’s the Site’s Vocation Vocation

Determines Determines the Site’s the Site’s Vocation Vocation

Masters Masters Market Market

ResearchResearch

Masters Masters Market Market

ResearchResearch

Formats Formats ProductProductMeeting Meeting Buyers’Buyers’

““Wants and Wants and Needs”Needs”

Formats Formats ProductProductMeeting Meeting Buyers’Buyers’

““Wants and Wants and Needs”Needs”

Develops Develops Marketing Marketing CampaignCampaign

Develops Develops Marketing Marketing CampaignCampaign

Optimizes Optimizes Media Media

NegotiationsNegotiations

Optimizes Optimizes Media Media

NegotiationsNegotiations

Coordinates Product Launching

Events

Coordinates Product Launching

Events

Individual Individual Sales Sales

Strategy Strategy Created to Created to

Each Each Product Product

Individual Individual Sales Sales

Strategy Strategy Created to Created to

Each Each Product Product

Coordinates Coordinates Product Product

Launching Launching EventsEvents

Coordinates Coordinates Product Product

Launching Launching EventsEvents

10

Page 11: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Institutional Website

Evolution of visits to Lopes’ Website

Source: Google Analytics11

Page 12: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Notes: Managerial Reports.

Absorption calculated over available units

Granja Viana / SPGranja Viana / SP

153/197/230 m2153/197/230 m2

Reserva Santa Maria – Sep/ 07

177 units177 units

LocationLocation

Usable AreaUsable Area

SalesSales

Cachambi / RJCachambi / RJ

48 to 65 m248 to 65 m2

Norte Village – Jun / 07

850 un. – R$ 113,000,000

850 un. – R$ 113,000,000

LocationLocation

Usable AreaUsable Area

SalesSales

Paralela / BAParalela / BA

112 to 243 m2112 to 243 m2

Le Parc Residential Resort – Nov / 07

258 un. – R$ 121,000,000

258 un. – R$ 121,000,000

LocationLocation

Usable AreaUsable Area

SalesSales

Barra da Tijuca / RJBarra da Tijuca / RJ

203 to 260 m2203 to 260 m2

Santa Mônica Jardins – Nov / 06

142 un. – R$ 20,700,000

142 un. – R$ 20,700,000

LocationLocation

Usable AreaUsable Area

SalesSales

Barra da Tijuca / RJBarra da Tijuca / RJ

262 to 278 m2262 to 278 m2

Itaúna Gold

30 units – R$ 45.000.000

30 units – R$ 45.000.000

LocationLocation

Usable AreaUsable Area

SalesSales

100% sold within 3 weeks

Developer: Scopel and Desim

CASE

90% sold within 5 months.Developer: Living / Brascan

CASE

58% sold within 11 days.Developers: Cyrella /

Andrade Mendonça / Jotagê

CASE

70% sold within 1 year.Developer: Brascan

CASE

80% sold within 30 daysDeveloper: Brascan

CASEHIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

GATED COMMUNITIES

Sales Expertise in all Market Segments

12

Page 13: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

HABITCASA: Focused on the Economic Segment

• Business Unit Exclusively Focused on the Economic Segment

• Units ranging up to R$180 thousand

• Focused in all Brazilian real state market

• Own units in São Paulo, Rio de Janeiro and São Paulo’s countryside

• The other markets work with the brandThe economic segment will be one of the most important drivers for the long term growth of the real estate industry, due to the Brazilian housing deficit of 8 million homes1.

1 According to Fundação Getúlio Vargas – FGV1 According to Fundação Getúlio Vargas – FGV

13

Page 14: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

14

193%

37%R$ 2.9 BN

R$ 4.0 BN

Lopes Positioning in the Low Income Segment

With the expansion of the low income segment in São Paulo’s market, the Habitcasa’s initiative was essential to protect the Lopes’ market share of launchings.

Data of the Metropolitan Region of São Paulo – Source: EMBRAESP and Lopes managerial data.

Page 15: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Geographic Expansion

15

Page 16: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Lopes is Growing Nationwide

SOUTHEAST REGIONSão 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 REGIONStates 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 REGIONFederal 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 REGIONBahia - 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.

Ceará – 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

16

Page 17: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Lopes in the Secondary Market

17

Page 18: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

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%

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

used properties

18

Page 19: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

=

At the same time that a property sale generates a “derived” demand for financing, it broadens the base of buyers, creating a virtuous circle that supports liquidity in the secondary real estate market. Pronto! and Credipronto! (JV with Itaú) will mutually strengthen this virtuous circle, offering a unique service in the real estate market

Synergies Between Credipronto! and Pronto! – Competitive Advantage

With Lopes’ leadership and financing from Itaú (Brazil’s largest bank), Pronto! and Credipronto!, acting together, will create a competitive advantage that is hard to replicate

19

Page 20: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

CrediPronto!

20

Page 21: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Strengthening of mortgage origination and other related services.

Leadership position in their

respective markets

Management Excellence

High Value Brands

Joint Venture Lopes Itaú

Establishment of a Promotion Sales Company (non-financing company) to promote and offer financial products and services – mortgage and other related – with emphasis on the

secondary market and with exclusivity to Lopes’ clients

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

21

Page 22: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Innovative Real State Financing Process

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

CrediPronto!

22

Page 23: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Brazilian Real Estate Market

23

Page 24: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Social Economic Scenario and Housing Shortage

5,4

6,7

1991 20062000

7,9

Source: Fundação João Pinheiro e Ministério das Cidades

Source: Credit Suisse

47 million homes

19%A/B > 10 minimum wages- US$ 1.90052%

5 – 10 minimum wages-

US$ 950 - US$ 1.900

30%C 28%

< 5 minimum wages - US$

95051%D/E 20%

Source: Losango

* 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

24

Page 25: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

AAA

AAA

AA

A+A+

A

A-

BBB+

BBB- BBB

-

BBB+

Mortgage Market as a % of GDP

Mortgage Market and the Investment Grade

Source: Lopes, FMI, S&P and Santander

X Rating S&P

25

Page 26: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Number of Launches - RMSP

GVS¹ Launched (R$ bn) - RMSP

Units Launched (‘000) - RMSP

¹ Launched values adjusted by the INCC until December/08.

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

+14%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

+37%

1996 1997 2006 2007 2008

Nominal GVS launched in 2008 was the same amount as 2007: R$ 20 bn.

Launches RMSP – Historic data (1996 - 2008)

Source: Lopes’ Market Intelligence*2009E – 1996 + GDP growth or similar amount of 2006 (GDP growth – CAGR with data from IBGE, GDP of 2008 was annualized).

2009E*

26

Page 27: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

R$/m2

SPMR Real Estate Market Overview – Prices

Source: EMBRAESP

Nominal

INCC Adjusted

Evolution of Average Launches’ Prices in the SPMR

R$/m2

27

Page 28: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Real Estate Funding

87%

50%

FGTS and Savings Accounts 1H07 x 1H08

FGTS and Savings Accounts Funding

Source: CEF and Abecip 28

Page 29: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Macroeconomic Scenario

Source: IPEA Source: Central Bank and ABN Real

Source: IBGE Source: BEA e Bloomberg

5.9

Brazil GDP Growth(%)US GDP Growth (%)

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

1.4

6.0

4.0

2.0

-

22.0%

20.0%

18.0%

16.0%

14.0%

12.0%

10.0%

8.0%

Savings Accounts Related Resources Real Estate Financing

400.0

350.0

300.0

250.0

200.0

150.0

100.0

50.0

-

GDP Brazil GDP US

Brazil: Savings Accounts and Investments

(% GDP)Savings Accounts and SHF

29

Page 30: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Lopes’ Confidence Index

30

Page 31: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Lopes’ Confidence Index (LCI) Janeiro/09

Lopes’ Confidence

Index

Present Situation

Index

Expectation Index

+44%

(base: dec/2008=100)Source: Lopes Market Intelligence

Lopes’ Confidence Index (LCI) - Janeiro/09

Lopes’ Confidence Index intend to measure clients

confidence, so Lopes can follow and anticipate, in the

short term, housing purchase tendency.

The sample has 586 interviews, with Grande São Paulo

resident clients, which contacted Lopes in the last 3

months and are interested in purchasing a new home.

120,0

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

31

Page 32: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

The scenario is positive when compared the present purchase intention with the purchase intention for the

next 6 months, specially in the Low Income and Medium-High Segment.

Among the questions made in the research, the family economic situation was the most stable one.

For 34% of the interviewed the family economic situation is good, while 61% considered it regular.

or the nest 6 months, 28% believe that it will be better, while 69% believe it will be as it is.

Lopes’ Confidence Index (LCI) – January/09

32

Lopes’ Confidence

Index

Present Situation Index

Expectation Index

Low Income

Medium-High

35%

High

44%53%

124.3

(base: dec/2008=100)Source: Lopes Market Intelligence

Page 33: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Operational Highlights 4Q08

33

Page 34: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Contracted Sales’ Historical*

* Unaudited managerial information.

Total GVS – Primary Market

(in R$ million)

CAGR: 36%

34

Page 35: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Contracted Sales

(R$ MM)

Contracted Sales

-26%

35

93%1.6

2.2

5.2

10.1

4Q07 4Q08

Page 36: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Units Sold per Region and per Income Segment

Sales per Segment(in units)

Sales per Region(in units)

36

Page 37: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Lopes stands out as the brokerage company with the best performance per sales agent. The highest contracted GVS per sales agent ratio is an appeal and a retention factor for

the best brokers of the market.

(R$ MM)

Source: Lopes Market Intelligence

Contracted Sales per Agent - SP

37

Page 38: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Financial Highlights 4Q08

38

Page 39: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Cash Position Before and After Patrimóvel’s Renegotiation

125

(85)

08 Cash Position Future Payments*

Final Cash Position

Cash Position With Patrimóvel(R$MM)

(210)125

60

(65)

08 Cash Position Future Payments*

Final Cash Position

Cash Position Without Patrimóvel(R$MM)

*Future Payments:

R$ 145 millions - Patrimóvel

R$30 millions – Acquisitions Payments

R$35 millions – Estimated Acquisitions’ Earn-out Payments

* Future Payments:

R$30 millions – Acquisitions Payments

R$35 millions – Estimated Acquisitions’ Earn-out Payments

39

Page 40: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Non Recorrent Effects

Patrimóvel

Patrimóvel’s Goodwill (R$ 75.4 MM)

Total Patrimóvel’s Payable Accounts

R$ 14.6 MM

Impact on Results (R$ 60.8 MM)

New Accounting Practices

CPC 04 – Pre-Operational CostsR$10 MM

CPC 10 – Stock OptionR$6.3 MM

Estimated Cost Reduction

Reduction One-Time Costs

3Q08 R$ 41 MM/year R$ 3.1 MM

4Q08 R$ 26 MM/year R$ 2.3 MM

Total R$ 67 MM/year R$ 5.4 MM

40

Page 41: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Adjusted EBITDA Pro Forma*

*Adjusted EBITDA is a non-accounting measure created by Lopes, consisting of net income before the participation of minority interests, income tax and social contribution tax, net financial result (financial revenues and expenses), depreciation, amortization and non-operating income. The calculation of the Adjusted EBITDA does not correspond to any generally accepted accounting practice in Brazil, nor does it represent cash flow for the periods presented, and should not be considered a substitute for net income or a substitute for cash flow as an indicator of liquidity. Adjusted EBITDA Pro Forma does not considers the effects of Patrimóvel’s goodwill lost, changes on accounting practices and the cost reduction.

28,5

(4,4)

72,2 74,0

Adjusted EBITDA Pro Forma

-115%

50%

-12%

EBITDA MarginEBITDA Margin

3%51% 32%

4Q07 4Q08 2007 2008

(R$ MM)

74 (75)

(10)(6)

(5)

(23)

Adjusted EBITDA Pro Forma

Patrimóvel s Goodwill New Accounting Practices

Stock Option Recognition

Cost Reduction Impact Adjusted EBITDA

Adjusted EBITDA Pro Forma 2008(R$ MM)

41

Page 42: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Lopes 2008 EBITDA’s Analyze

3Q08 ∆ 4Q08

Sales R$2.9 Billions -45% R$1.6 Billion

Net Commission 2.5% 4% 2.6%

Net Revenue R$65.3 Millions -46% R$35.5 Millions

Operational Expenses R$44.9 Millions -14% R$38.7 Millions

Pronto!’s Operational Costs*

- - R$2.8 Millions

23 34 20 (4)

74

1Q08 2Q08 3Q08 4Q08 2008

EBITDA 2008(R$MM)

42% 45%31% -12%

32%

*This value is not an indicative of Pronto!’s operational costs, it should not be used as base to on going expenses, because of the accounting practices changes.

42

Page 43: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Adjusted Net Income Pro Forma*

Adjusted Net Income Pro Forma(R$ MM)

-166%

35%

-37%

Adjusted Net MarginAdjusted Net Margin

-39%

37%14%

4Q07 4Q08 2007 2008

(61)32

(10)(6)

(5)

(50)

Adjusted Net Income Pro Forma

Patrimóvel Net Effect New Accounting Practices

Stock Option Recognition

Cost Reduction Impact

Adjusted Net Income

Adjusted Net Income Pro Forma 2008(R$ MM)

* The adjusted net income is the accounted net income, excluding the amortization of the goodwill. Adjusted Net Income Pro Forma does not considers the effects of Patrimóvel’s goodwill lost, changes on accounting practices and the cost reduction.

43

Page 44: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Cost Reduction Quarterly Effect

*About the impact of this reduction annualized, the Company will also incur in:

-Pronto! expenses (with its own revenue guidance)

-Already granted Stock Options expenses (R$3.3 million in 2009)

From a R$165MM year base, the on going

costs reached an estimated

amount of 67MM.

Pronto!’s Costs in 4Q08

44

Page 45: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Guidance for 2009

45

Page 46: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Sales’ Guidance for 2009 – Primary Market

9%

(R$ MM)

* 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. 46

Page 47: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Additional Information

47

Page 48: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

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

48

Page 49: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Ownership Structure

Total of 49,448,033 common shares

Ownership Structure Post-IPO

49

Page 50: ApresentaçãO Institucional InglêS 20.02.2009.Erratum

Institution Analyst Contact

Agora Cristiane Viana (+55 21) 2529-3393 [email protected]

Banco Espírito Santo

TBD -

Credit Suisse Marcelo Telles (+52 55) 5283-8933 [email protected]

Itaú Tomas Awad (+55 11) 5029-4517 [email protected]

Link Celso Boin Jr. (+55 11) 4505-6701 [email protected]

Planner Ricardo Martins (+55 11) 2172-2600 [email protected]

UBS Pactual Rodrigo Monteiro (+55 21) 3262-9208 [email protected]

Coin Valores Marco Barbosa(+55 11) 3035-4141

[email protected]

Analysts Coverage

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