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3Q11 Presentation

Presenters

Francisco Lopes – COO

Marcello Leone – CFO and IRO

Bruno Gama - COO CrediPronto!

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This presentation does not constitute or form part of any offer, or invitation or solicitation of any offer to purchase,

sell or subscribe for shares or other securities of the Company, nor shall this presentation or any information

contained herein form the basis of, or act as inducement to enter into, any contract or commitment whatsoever.

This presentation contains financial and other information related to the business operations of Lopes –LPS Brasil

Consultoria de Imóveis S.A and its subsidiaries (“LPS” or the “Company”) as of and for the period ended

September 30th 2011. It should not be considered as a recommendation for prospective investors to sell, purchase

or subscribe for securities of the Company. The information presented herein is in summary form and does not

purport to be complete. No reliance should be placed on the accuracy completeness of the information

contained herein, and no representation or warranty, express or implied, is given on behalf of the Company or its

subsidiaries as to the accuracy completeness of the information presented herein.

This presentation contains forward-looking statements. Investors are advised that whilst the Company believes

they are based on reasonable assumptions by Management, forward-looking statements rely on current

expectations and projections about future events and financial trends, and are not a guarantee of future results.

Forward-looking statements are subject to risks and uncertainties that affect or may affect business conditions

and results of operations, which therefore could materially differ from those anticipated in forward-looking

statements due to several factors, including competitive pressures, Brazilian macroeconomic conditions,

performance of the industry, changes in market conditions, and other factors expressed or implied in these

forward-looking statements or disclosed by the Company elsewhere, factors currently deemed immaterial.

The forward-looking statements contained herein speak only as of the date they are made and neither

Management, nor the Company or its subsidiaries undertake any obligation to release publicly any revision to

these forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipated

events.

Forward-looking statements

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Program

I. Highlights

II. Operational Results

III. Credipronto!

IV. Financial Results

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Highlights

Highlights

• LPS Brasil reached R$4.3 billion in contracted sales in 3Q11, a 19% growth from 3Q10

• In the 9M11, contracted sales totaled R$12.7 billion, 33% higher than the same period of 2010

• Net Revenue in this quarter was R$97.9 million, 12% higher than 3Q10

• In October, CrediPronto! set a new record for a single month, originating R$144 million in

mortgages. The growth in sales from January to October was 115%.

• 8 acquisitions in 2011: Imobiliária Thá (Curitiba), Erwin Maack (São Paulo), AçãoDall’Oca

(Brasília), Condessa (São Paulo), Brisa (Minas Gerais), Itaplan (São Paulo), Imóvel A (São

Paulo) and Eduardo Imóveis (Mogi das Cruzes). We have accomplished 15 acquisitions since

July 2010, with total sales of R$6.2 billion.

• CrediPronto! financed R$358 million in the 3Q11, corresponding to R$581.1 in sales. The

accumulated origination since the begining of the Company’s operations sums over R$1.8

billion, considering October’s results.

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Operational Results

9,940 10,872

657 2,057

3Q10 3Q11

13,126

3,345 3,326

272 960

3Q10 3Q11

3,617

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18% -2%

In this Quarter, we Achieved R$ 4.3 billion in Contracted Sales.

4,286

12,929

Contracted Sales

Contracted Sales

(R$ MM)

Units Sold

34,342 36,363

1,674

5,737

9M10 9M11

36,016

(R$ MM)

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8,842 10,002

731 2.719

9M10 9M11

9,573

33% 17%

In the first nine months of 2011, we reached R$ 12.7 billion in contracted sales.

12,721 42,100

Contracted Sales – 9M11

Contracted Sales Units Sold

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24.5% 22.3%

2Q11 3Q11

51% 45.5%

2Q11 3Q11

Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed

Sales Speed over Supply

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

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11%

36%

25%

29%

3Q10

3Q10

3Q11

3Q11

Sales by Income Segment – Primary and Secondary Markets

Units Sold

Contracted Sales

Total units sold = 12,929

Total Contracted Sales = R$4,286 million

11%

31%

22%

36%

30%

44%

17%

9%

42%

36%

12%

10%

45%

21%

7%

2%

12%

13%

São Paulo Rio de Janeiro Brasília Campinas South Other

3Q11 3Q10

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Contracted Sales by Geographic Region – Primary and Secondary Markets

Contracted Sales

51%

11%

9%

5%

12%

12%

53%

14% 6%

2%

15%

10%

Secondary Market

São Paulo Rio de Janeiro Brasília Campinas South Other

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42%

23%

7%

2%

11%

15%

Primary Market

Contracted Sales= R$4.3billion

Contracted Sales by Geographic Region – Primary and Secondary Markets

Contracted Sales

R$ 1 BI

R$1.8 BI

R$ 1.5 BI

Secondary Market

Non-listed homebuilders

Listed homebuilders

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Contracted Sales Breakdown

Contracted Sales

Contracted Sales= R$ 4.3 billion

22%

43%

35%

LPS Brasil in the Mortgage Market

CrediPronto!

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CrediPronto!

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R$358 MM in Mortgages

Average LTV of 61.6%

1,334 Contracts Average Term of 312 months

Average Rate of 9.93% + TR

3Q11

CrediPronto! financed R$ 144 million in October, a new record on a single month.

CrediPronto!

CrediPronto! financed over R$143 million in October alone

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Financed Volume

(R$ MM) (R$ MM)

Financed Volume -

October

Financed Volume in 2011

(R$ MM)

154

358

3Q10 3Q11

132%

Origination LTM: R$1.108

209

328 358

1Q11 2Q11 3Q11

63

144

oct/11 oct/11

129%

217 247 291 331 385

437 474 529

591 654

727 804

854 928

1,013 1,114

1,220

1,341

1,462

1,599 1,699

1,843

Accumulated Sales Volume *

CrediPronto!

(R$ MM)

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CrediPronto! grew 115% in origination from January to October 2011

*Not including amortization.

Financial Results

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

BRAZIL 2.5% 2.7% 2.5% 2.4% 2.4% 2.4%

Primary

SP 3.0% 3.2% 3.1% 2.9% 3.0% 3.0%

Habitcasa 1.8% 1.9% 1.9% 1.9% 1.9% 2.1%

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

Other markets

2.1% 2.3% 2.1% 2.1% 2.1% 2.1%

Secondary

SP 2.5% 2.4% 2.3% 1.9% 2.4% 2.3%

RJ - - 2.3% 2.4% 2.5% 2.4%

Other markets

- - - 2.1% 2.4% 2.4%

Net Commission by Market

87.5 97,.9

3Q10 3Q11

87.5 115.2

3Q10 3Q11

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Gross and Net Revenue

Net Revenue

(R$ MM)

Gross Revenue

(R$ MM)

In this quarter, we recognized R$98 million in Net Revenue.

26%

12%

3Q11 Results

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3Q11 Results

(R$ thousand)

Lopes Pronto! CrediPronto! Consolidated

Gross Revenue 80,981 25,868 8,356 115,206

Revenue from Real Estate Brokerage 77,356 25,868 534 103,759

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

Earn Out - - 7,822 7,822

Net Revenue 67,946 21,704 8,290 97,940

(-) Operating Costs and Expenses (44,988) (19,058) (3,416) (67,462)

(-) Stock Option Expenses (CPC 10) (469) - - (469)

(-) Expenses to Accrue from Itaú (238) - (286) (524)

(=)EBITDA 22,250 2,646 4,589 29,485

EBITDA Margin 32.7% 12,2% 55.4% 30.1%

(-) Depreciation and Amortization (6,005) (6,030) (10) (12,044)

(+/-) Financial Result 22,625 173 162 22,960

(-) Income and social contribution taxes (4,690) (1,622) (406) (6,717)

(=) Net Income for the year 34,180 (4,832) 4,335 33,683

Net Margin 50.3% -22.3% 52.3% 34.4%

(=) Net Income for the year

- Attributable to Non Controlling Shareholders (3,963)

- Attributable to Controlling Shareholders 29,721

Net margin after Non Controlling Shareholders 30.3%

-4,832

4,470

7,780

, 1.523

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IFRS Effects on Net Income – Secondary Market

Pronto! Net Income

21%

22%

IFRS Net Income

Amortization of Intangibles +

Other IFRS Impacts

M&A Costs BRGAAP Net

Income

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Operational Expenses

60,970 59,270

67,545

* Not considering IFRS

Evolution of Operational Expenses*

66,013

49,627 46,130 45,512 46464

2,532 3.098 3,707 3,416

8,811 9,982

18,326 16,133

4Q10 1Q11 2Q11 3Q11

Organic (pre M&A) CrediPronto! Acquisition

EBITDA

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EBITDA

(R$ Thousand)

33%

44%

IFRS Non-Recurring

Effect

-33%

32,453

EBITDA Margin

48,255

29,485

2,968

3Q10 3Q11

35.904 33.684

3Q10 3Q11

Net Income

Net Income

(R$ Thousand)

Margem Líquida

-6% 34%

41%

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3Q11 DRE IFRS Impact

Net Income

ex-IFRS

(+) Net Revenue 97,940 - 97,940

(-) Costs and expenses -68,455 2,969 -65,486

(=) EBITDA 29,485 - 32,454

(-) Depreciation and Amortization -12,044 8,226 -3,818

(+/-) Financial Results 22,960 -15,365 7,595

Net Income Attributable to Controlling Shareholders 29,721 -4,170 25,551

IFRS Effects on Operational Expenses and Financial Results

3Q11 Earnings Conference Call

Portuguese English

Date: 11/10/2011, Thursday Date: 11/10/2011, Thursday

Time: 10h00 a.m. (BR Time) 7h00 a.m. (NY Time)

Time: 12h00 p.m. (BR Time) 9h00 a.m. (NY Time)

Telephone: (11) 4688-6361 Password: LPS Brasil

Telephone Brazil: (11) 4688-6361 Telephone US: +1 888-700-0802 Telephone other countries: +1 786 924-6977 Password: LPS Brasil

Replay: Replay: http://webcall.riweb.com.br/lpsbrasil/ http://webcall.riweb.com.br/lpsbrasil/english/

CONTACTS Marcello Leone CFO and IRO Tel. +55 (11) 3067-0015

Lígia Azevedo Tel. +55 (11) 3067-0312

E-mail: ri@lopes.com.br www.lopes.com.br/ir

Next Events

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