1. 2011 Presentation
Presenters
Marcos Lopes – CEO
Francisco Lopes – COO
Marcello Leone – CFO and IRO
Bruno Gama - COO CrediPronto!
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2. Forward-looking statements
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
December 31th 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.
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3. Program
I. Highlights
II. Operational Results
III. Credipronto!
IV. Financial Results
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4. Highlights
4

5. Highlights
•LPS Brasil achieved historic records:
Best fourth quarter in the history of the market in Sales, Net Revenue, EBITDA and Net Profit;
Net Revenue: R$ 130.3 million in 4Q11, 20% above 4Q10;
Ebitda*: R$ 55.5 million, growth of 17% Q/Q;
4Q11 Sales: R$ 5.5 billion, growth of 16% Q/Q;
Best year in Net Revenue, EBITDA and Net Profit;
Net Revenue: R$ 432.4 million in 2011, up 28% Y/Y;
EBITDA*: R$ 165.1 million, growth of 10% Y/Y;
Net Profit before minority shareholders: R$ 150.6 million, 14% increase in comparison to 2010;
Net Profit after minority shareholders: R$ 142.6 million, up 31% versus 2010;
Leader in Sales in the Secondary Market: R$ 3.9 billion in 2011, up 200% in comparison to 2010;
CrediPronto! financed R$ 1.3 billion in 2011, growing 112% versus 2010, outpacing the market growth in
almost 3 times;
Since July/2010 we concluded 18 acquisitions, 8 acquisitions in 2011 and 3 in 2012;
*We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be our 5
standart from now.

6. Operational Results
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7. Contracted Sales
Contracted Sales Units Sold
(R$ million)
63,171
18,193 56,633 12% 8,406
16%
15,630 2,716
3,842
1,267
21,071
17,408 54,765
53,917
4,736 16% 5,471 14,364 14,351 21% 2,669
0,996
500 1,123
4,236 4,348 16,412 18,402
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
In This Year, We Achieved Our Record in Contracted Sales
7

8. Quartely Seasonality
Comparison of quarterly seasonality
vs LPS. market
Units launched per quarter – Brasil 2011
39%
29%
26% 29%
24% 22%
16%
15%
1Q11 2Q11 3Q11 4Q11
LPS Brasil Total Market
The seasonality of 4T11 was more sharped for LPS
the average of the market.

9. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed
45.5%
22.3% 21.6% 39.6%
3Q11 4Q11 3T11 4T11
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*Informações Gerenciais
O VSO é calculado com base nos valores de VGV vendido mediante estoque e lançamento, e foi apresentado o número médio de cada ano.

10. Sales by Income Segment – Primary and Secondary Markets
Contracted Sales
Total Contracted Sales = R$ 18,1930 million
2011
2010
10%
23% 13% 32%
34%
25% 39%
24%
Units Sold
Total units sold = 63,171
2011
2010
6% 8%
15% 34% 14% 41%
45% 37%
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11. Contracted Sales by Geographic Region – Primary and Secondary Markets
Contracted Sales
4Q10 4Q11
10% 10% 8%
10%
4%
12% 49% 52%
25%
19%
2010 2011
10%
10% 11%
10%
7% 49%
12% 49%
23%
19%
São Paulo Rio de Janeiro Brasília Sul Outros 11

12. 2011 Contracted Sales Breakdown
2011 Contracted Sales Breakdown
22%
33%
R$6 BI R$3,9 BI
8,3 BI
45%
Secondary Market
Non-listed homebuilders
Listed homebuilders
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13. LPS Brasil in the Mortgage Market
CrediPronto!
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14. CrediPronto!
2011
R$1,271 MM in Average LTV of Average Rate Average Period
4,755 Contracts
Mortgages 62% of 10% + TR of 304 months
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15. CrediPronto!
Financed Volume Accumulated Volume Sold*
(R$ MM) (R$ MM)
1,271
2,075
112%
158%
600
804
77% 376
213
4Q10 4Q11 2010 2011 dez/10 dez/11
CrediPronto! granted mortgage loans worth R$1,3 billion in 2011, 112%higher than 2010, and
almost three times higher than the matrgage market growth in the period.
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*It doesn’t include amortization.

16. CrediPronto!
Mortgages Portfolio
(R$ MM)
1,768
148%
707
Open portfolio balance Ending portfolio balance
The Average Portfolio Balance in 2011 was R$976millions.
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17. CrediPronto!
Accumulated Sales Volume *
(R$ MM)
2.500
2.075
1.955
2.000 1.843
1.700
1.599
1.462
1.500 1.341
1.220
1.114
1.013
928
804 854
1.000
727
654
529 591
500 385 437 474
291 331
217 247
-
The CrediPronto! exceeded the $ 2 billion in financing since the beginning of the
operation.
*Not including amortization.
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18. Financial Results
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19. Net Commission by Market
Net Commission
2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
BRASIL 2.5% 2.7% 2.5% 2.4% 2.4% 2.4% 2.4%
Primary
SP 3.0% 3.2% 3.1% 2.9% 3.0% 3.0% 3.1%
Habitcasa 1.8% 1.9% 1.9% 1.9% 1.9% 2.1% 2.1%
RJ 2.2% 2.1% 2.1% 2.2% 2.0% 2.2% 2.1%
Other
2.1% 2.3% 2.1% 2.1% 2.1% 2.1% 2.1%
markets
Secondary
SP 2.5% 2.4% 2.3% 1.9% 2.4% 2.3% 2.4%
RJ - - 2.3% 2.4% 2.5% 2.4% 2.3%
Other
- - - 2.1% 2.4% 2.4% 2.5%
markets
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20. Gross and Net Revenue
Gross Revenue Net Revenue
(R$ MM) (R$ MM)
28%
30%
432,4
484,2 20% 338,7
22% 373,3
108,4 130,3
119,3 146,0
4T10 4T11 2010 2011
4T10 4T11 2010 2011
In This Year, We Achieved Our Record in Revenues.
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21. Results 2011
2011 Results
(R$ thousand, except percentages)
LAUNCHES PRONTO! CREDIPRONTO! CONSOLIDATED
Gross Service Revenue 353,144 96,269 34,787 484,200
Revenue from Real Estate Brokerage 338,644 96,269 3,805 438,718
Revenue to Accrue from Itaú Operations 14,500 - - 14,500
Earn Out - - 30,982 30,982
Net Operating Revenue 313,045 85,098 34,245 432,388
(-)Costs and Expenses (194,255) (53,409) (15,754) (263,418)
(-) Stock Option Expenses CPC10 (1,782) - - (1,782)
(-) Expenses to Accrue from Itaú (953) - (1,142) (2,095)
(=)EBITDA 116,056 31,688 17,349 165,093
EBITDA Margin 37.1% 37.2% 50.7% 38.2%
(+/-) Other nonrecurring results - (26,576) - (26,576)
(-)Depreciation and amortization (26,178) (21,069) (38) (47,285)
(+/-) Financial Result (16,418) 92,768 653 77,003
(-)Income tax and social contribution (10,894) (4,912) (1,798) (17,604)
(=)Net income in period 62,565 71,900 16,166 150,631
Net Operating Margin 20.0% 84.5% 47.2% 34.8%
(=)Net Income in Period
- Non-controlling Shareholders (7,992)
- Controlling Shareholders 142,638
Net Margin after Minority Interest 33.0%
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22. Net Income 2011
Net Income from Launches Net Income from Pronto! 2011
31%
4,421
20%
25.414 17,707
43.475 84%
25,448
14,627 91.735
1,130
33%
96.382
71,902
62,564
27.743
Net Income Nonrecurring Amortization of Effect of IRPJ/CSLL Adjusted Net Net Income Nonrecurring Amortization of M&A Cost Effect of Adjusted Net
under IFRS effects intangible assets acquisitions in Income under IFRS effects intangible acquisitions in Income
financial result assets financial result
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23. Operational Expenses
Evolution of Operational Expenses* Guidance for Operational Expenses 2012
(R$ MM)
71.252 74.992
66.013
59.210 17.897
18.326
16.133
9.982 5.703
3.707 -10%
3.098 3.416
289
49.219 51.392 260
46.130 46.464
2º Semestre 2011 anualizado Meta 2012
1T11 2T11 3T11 4T11
Orgânico (pré M&A) CrediPronto! Aquisição
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* Não considera IFRS

24. IFRS Adjustments
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25. EBITDA
EBITDA
(R$ Milhares)
44%
38%
10%
44%
43%
17% 150.411 165.093
47.436 55.336
4Q10 4T11 2010 2011
EBITDA Margin
EBITDA by quarter 2011
47%
43%
37%
30%
62.143
55.336
29.485
18.129
1Q11 2Q11 3Q11 4Q11
EBITDA Margin
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*We consider now the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator. We recalculated all previous EBITDAs in the same way. This will be our
standart from now.

26. Net Income
Net Income
(R$ Thousand)
43.5%
39.7%
32%
56,751
42,983
4Q10 4T11
Net Margin
(R$ Thousand)
33%
32%
31%
142,638
108,527
2010 2011
Net Margin
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27. Net Income after IFRS
Net Income after IFRS
(R$ milhares)
27% 28%
26%
117.435
93.514
2010 2011
Reconciliation of Net Income after IFRS
effects
(R$ thousand) 4Q11 4Q10 Var. % 2011 2010 Var. %
(=) Net Income Attributable to
56.750 42.983 32% 142.638 108.527 31%
Controlling Shareholders
(-) IFRS Effects -7.860 -13.024 -31% -14.763 -15.013 -2%
(-) Gain on Minority’s Interest due to -10.439 0 na -10.439 0 na
Impairment
(=) Net Income after IFRS effects 38.452 29.959 28% 117.435 93.514 26%
Net margin 29,5% 27,6% 1,9 pp 27,2% 27,6% -0,4 pp
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28. Acquisition
4Q11
Data da
September 2nd 2011 September 26th 2011 October 24th 2011 October 31st 2011
Aquisição
Participação 51% 51% 51% 51%
Pagamento R$ 5,5 million R$ 29,17 million R$ 24,3 million R$ 10,2 million
1Q12
Data da
March 2nd 2012 March 12th 2012 March 15th 2012
Aquisição
Participação 51% 51% 51%
Pagamento R$ 15 million R$ 10 million R$ 6,6 million
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29. Cash Position
ASSETS
Cash and Cash & Equivalents* R$ 235.4million
Receivable From Clients R$ 97.8 million
Acquisition Payment Schedule
(R$ million)
1T12 2T12 3T12 4T12 1T13 2T13 3T13 4T13 1T14 2T14 3T14 4T14 1T15 2T15 3T15 4T15 TOTAL
Acquisition -
18.4 - 7.1 9.3 14 - 3.3 13.1 15.7 - 8.7 14.2 10.5 - 8 - 122.2
Secondary
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30. CrediPronto!
P&L*
(R$ milhares)
2011
Total
Amount Financed 1,270,674
Opening portfolio 707,053
Closing portfolio 1,767,940
Average portfolio balance1 976,864
Financial Margin 24,401
% Spread 2.5%
(-) Sales taxes -2,194
(-) Total costs and expenses -37,622
)-) Itaú expenses -6,729
(-) Olímpia expenses -20,124
(-) Commissions paid -12,547
(-) Insurance and claims (+/-) -187
(+/-) Correspondent bank -
(+) Other revenues (Financ.) 1,365
(-) ADA 600
(-) IRPJ/CSLL (Itaú Balance) -6,419
(=) Net result -21,835
% Net Margin -98.3%
50% Profit Sharing -10,918
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*O P&L gerencial mensura o resultado da JV, são levadas em consideração a DRE da Olimpia, mais todas as receitas e despesas incoridas pelo Itau.
*Números do P&L gerencial foram auditados para 20101pela Ernst&Young e devido sua natureza gerencial não segue padrões de contabilidade.

31. Appendix
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32. Next Events
4Q11 Earnings Conference Call
Portuguese English
Date: 03/21/2012, Wednesday Date: 03/21/2012, Wednesday
Time: 11h00 a.m. (BR Time) Time: 12h30 p.m. (BR Time)
10h00 a.m. (NY Time) 11h30 a.m. (NY Time)
Telephone: (11) 4688-6361 Telephone Brazil: (11) 4688-6361
Password: Lopes Telephone US: +1 888-700-0802
Telephone other countries: +1 786 924-6977
Password: Lopes
Replay: Replay:
http://webcall.riweb.com.br/lpsbrasil/ http://webcall.riweb.com.br/lpsbrasil/english/
CONTACTS
Marcello Leone IR
CFO and IRO Tel. +55 (11) 3067-0218
Tel. +55 (11) 3067-0015
E-mail: ri@lopes.com.br
www.lopes.com.br/ir
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