2Q11 Presentation

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2Q11 Presentation

PresentersFrancisco Lopes – COOMarcello Leone – CFO and IROBruno Gama - COO CrediPronto!

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 informationcontained 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 BrasilConsultoria de Imóveis S.A and its subsidiaries (“LPS” or the “Company”) as of and for the period ended June 30th

2011. It should not be considered as a recommendation for prospective investors to sell, purchase or subscribefor securities of the Company. The information presented herein is in summary form and does not purport to becomplete. 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 tothe accuracy completeness of the information presented herein.

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

Forward-looking statements

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This presentation contains forward-looking statements. Investors are advised that whilst the Company believesthey are based on reasonable assumptions by Management, forward-looking statements rely on currentexpectations 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 conditionsand results of operations, which therefore could materially differ from those anticipated in forward-lookingstatements 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 theseforward-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 neitherManagement, nor the Company or its subsidiaries undertake any obligation to release publicly any revision tothese forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipatedevents.

Program

I. Highlights

II. Operational Results

III.

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III. Credipronto!

IV. Financial Results

Highlights

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Highlights

Highlights

• LPS Brasil reached R$5 billion in contracted sales in 2Q11, a 44% growth from 2Q10, which marks a record forthe Company in a single quarter, with R$3.9 billion only in the primary market.

• Net Revenue in this quarter was R$126.7 million, 59% higher than 2Q10, also an all time record.

• EBITDA in 2Q11 was R$59.2 million, up 94% from 2Q10, with EBITDA Margin of 47%.

• LPS Brasil posted Net Income of R$45.9 million in 2Q11, a growth of 72% on 2Q10. Net Income After MinorityInterest was R$39.7 million.

• CrediPronto! granted R$328 million in mortgage loans in this quarter, from a VGV of R$525.7 million and• CrediPronto! granted R$328 million in mortgage loans in this quarter, from a VGV of R$525.7 million andaccrued origination of over R$1.3 billion.

• In June, Financed Volume surpassed R$121 million, setting a new record, putting the company toward anannualized run rate of R$ 1,45b

• Acquisitions : AçãoDall’Oca (Brasília) in 2Q11 and Condessa (São Paulo) in July.

•As an efficient distribution channel, Lopes continues to post a solid sales speed (VSO), above the marketaverage (24,5% consolidated and 51% in the low income segment)

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Financed VolumeContracted Sales Contracted Sales

Mortgage LoanSecondary Market

LPS Brasil: Unique Business Platform

Primary Market

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Financed Volume

125% 2Q11 x 2Q10

R$ 328 MM

Contracted Sales

299% 2Q11 x 2Q10

VGV R$ 1,1B

Contracted Sales

23% 2Q11 x 2Q10

VGV R$ 3,9B

LPS Brasil Net Revenue59% 2Q11 x 2Q10

R$ 127 MM

Operational Results

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Operational Results

2,293 12,369

272

1,0853,410

45%

38%

4,957

17,125

Contracted Sales

Contracted Sales

(R$ MM)

Units Sold

11.756 14,832

613

2Q10 2Q11

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3,1383,872

2Q10 2Q11

In this Quarter, we Achieved R$ 5 billion in Contracted Sales.

Gross and Net Revenue

Net Revenue

(R$ MM)

Gross Revenue

(R$ MM)

57%

59%

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In this quarter, we recognized R$127 million in Net Revenue.

87.9

138.0

2Q10 2Q11

57%

79.9

126.7

2Q10 2Q11

Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed

Sales Speed over Supply

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23.8% 24.5%

1Q11 2Q11

59.8%51.0%

1Q11 2Q11

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

13%

39%27%

22% 10%

35%

23%

32%

2Q10 2Q11

Sales by Income Segment – Primary and Secondary Markets

Contracted SalesContracted Sales

Total Contracted Sales = R$4,957 million

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34%

45%

15%8%

34%

44%

17%5%

2Q10 2Q11

UnitsUnits SoldSold

Total units sold = 17,125

12%

9%13%

2Q112Q10

Contracted Sales by Geographic Region – Primary and Secondary Markets

ContractedContracted SalesSales

44%

24%

8%

3%

12%

São Paulo Rio de Janeiro Brasília Campinas South Other

49%

5%

17%

5%

11%

12

7%

Secondary Market

8% 10%

Primary Market

Contracted Sales= R$ 5 billion

Contracted Sales by Geographic Region – Primary and Secondary Markets

ContractedContracted SalesSales

45%

15%

3%5%

25%

São Paulo Rio de Janeiro Brasília Campinas South Other

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44%

27%

9%3%

8%

22%35%

Contracted Sales breakdown

ContractedContracted SalesSales

Contracted Sales= R$ 5 billion

R$ 1,1biR$ 1,7bi

43%

Secondary Market

Non-listed homebuilders

Listed homebuilders

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R$ 2,2bi

LPS Brasil in the Mortgage Market

CrediPronto!CrediPronto!

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CrediPronto!

2Q112Q11

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R$328 MM in Mortgages

Average LTV of62,4%

Total Sales Volume of

R$ 1,34bi (LTD)

Average Termof 293months

Average Rate of 10% + TR

In June, CrediPronto! financed more than R$ 121 million, another record for the company

CrediPronto!

FinancedFinanced VolumeVolume

(R$ MM) (R$ MM)

Financed Volume Financed Volume -- JuneJuneFinancedFinanced Volume in Volume in

20112011

(R$ MM)

328

125%

Origination LTM: R$904

74

86

101 106

121 Compund

Monthly growthrate of 19% 121

133%

Considering the financed volume of June, CrediPronto! is already on a run rate of R$ 1,45bi for the year.

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146

2Q10 2Q11

50

jan/11 feb/11 mar/11 apr/11 may/11 jun/11

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jun/10 jun/11

AccumulatedAccumulated Sales Volume Sales Volume **

CrediPronto!

(R$ MM)

437 474 529

591 654

727 804

854 928

1.013

1.114

1.220

1.341

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CrediPronto! compound monthly growth rate is 11% (LTD) and 19% in 2011

*Not including amortization.

217 247 291

331 385

437 474

Financial ResultsFinancial Results

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2T10 3T10 4T10 1T11 2T11

BRAZIL 2.5% 2.7% 2.5% 2.4% 2.4%

Primary

SP 3.0% 3.2% 3.1% 2.9% 3.0%

Habitcasa 1.8% 1.9% 1.9% 1.9% 1.9%

RJ 2.2% 2.1% 2.1% 2.2% 2.0%

Net Commission by Market

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RJ 2.2% 2.1% 2.1% 2.2% 2.0%

Othermarkets

2.1% 2.3% 2.1% 2.1% 2.1%

Secondary

SP 2.5% 2.4% 2.3% 1.9% 2.4%

RJ - - 2.3% 2.4% 2.5%

Othermarkets

- - - 2.1% 2.4%

2Q11 Results

2Q11 Results

(R$ thousand)

LOPES Pronto! CrediPronto! Consolidado

Gross Revenue 94.787 27.068 16.125 137.979

Revenue from Real Estate Brokerage 91.162 27.068 481 118.710

Revenue to Accrue from Itaú 3.625 - - 19.269

Earn Out 15.644

Net Revenue 86.090 24.584 16.046 126.720

(-) Operating Costs and Expenses (48.117) (14.396) (3.707) (66.219)

(-) Stock Option Expenses (CPC 10) (517) - - (517)

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(-) Stock Option Expenses (CPC 10) (517) - - (517)

(-) Expenses to Accrue from Itaú (238) - (571) (809)

(=)EBITDA 37.217 10.188 11.768 59.174

EBITDA Margin 43,2% 41,4% 73,3% 46,7%

(-) Depreciation and Amortization (6.819) (5.284) (10) (12.113)

(+/-) Financial Result 10.664 1.720 (267) 12.116

(-) Income and social contribution taxes (10.803) (1.521) (957) (13.282)

(=) Net Income for the year 30.260 5.102 10.534 45.896

Net Margin 35,1% 20,8% 65,6% 36,2%

(=) Net Income for the year

- Attributable to Non Controlling Shareholders (6.244)

- Attributable to Controlling Shareholders 39.652

Net margin after Non Controlling Shareholders 31,3%

8,811 9,982

18,326

Operational Expenses

60,970 59,270

67,545

EvolutionEvolution ofof OperationalOperational ExpensesExpenses**

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52,159 49,228 49,219

4Q10 1Q11 2Q11

Organic (pre M&A) Acquisition

* Not considering IFRS

EBITDA

EBITDAEBITDA

(R$ thousand)

54%

47%48%

42%

48%

20%

38.313

59.174

2Q10 2Q11

EBITDA margin

54%

38.31346.088

2Q10 2Q11 Ex Earn Out

20%

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Net Income

Net Income

R$39.7 MM

Net Income fromoperations

R$27,6 MM21.2 27.6 29.9

Net Income 2Q10 Net Income 2Q11 Net Income without IFRS

Net Income after minority interest(R$ MM)

30%

Net Income from

Earn Out

R$12,1 MM

The Earn Out will be accrued during the 12

month period of 2011. Therefore, we will book

an additional R$12.1 million Net Income in 3Q11

and 4Q11, 50% in each quarter.

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54.1 39.7

12.1

8.1 5.8

Net Income Attributable to Controlling Shareholders

Cash Difference -Earn Out

Goodwill Amortization

Net Positive Impact -Call/Put

Cash Earnings

"Cash Earnings"(R$ MM)

Net Revenue

(R$ million)

EBITDA Margin

Disregarding heeffect of theEarn Out, net revenue wouldbe R$ 111 million

Quarterly Performance – Compared Analysis

EvolutionEvolution ofof Net Net RevenueRevenue, EBITDA , EBITDA MarginMargin, Net , Net IncomeIncome andand Net Net MarginMargin

40%

48% 47%

53 80

127

139%

18%

25

Net Income after

Non Controlling

Shareholders(R$ million)

Net Margin after

Non Controlling

Shareholders

Net Income in the 2Q11

sustained thegrowth

compared to 2Q09 e 2Q10.

21%27%

31%

2Q09 2Q10 2Q11

11

21

40

18%

260%

51%

2Q11 Earnings Conference Call

Portuguese English

Date: 08/15/2011, Monday Date: 08/15/2011, Monday

Time: 11h00 a.m. (BR Time) 10h00 a.m. (NY Time)

Time: 12h30 p.m. (BR Time) 11h30 a.m. (NY Time)

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

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

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

Next Events

CONTACTS

Marcello Leone

CFO and IRO

Tel. +55 (11) 3067-0015

Paulo Samia

Planning and IR Director

Tel. +55 (11) 3067-0520

E-mail: ri@lopes.com.br

www.lopes.com.br/ir

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