1. Institutional Presentation
November 2011
1

2. 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, 2011. 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

3. Investment Highlights
3

4. Achievements
Highlights 2011
Awards
Top Imobiliário Award IG/ Insper Award
Ranking Valor 1000
Considered the main award Agressive strategies of M&A,
of the real estate industry in Listed by Valor Econômico as expanding business into other
Brazil; one of the 1000 largest business regions of the country;
groups in Brazil;
Lopes won The Top Imobiliário Lopes was considered the largest
aditions, since 1993. Greater emphasis on the 20 th company in real estate marketing
largest net margin between and consulting in Brazil, in the last five
all groups; years.
 8th place in value generation
between service companies.

5. The Brokerage Market Has No Other Company With Our History
and Track Record
 Launch and sell of 14
office buildings at Av.
Paulista
 Mr. Francisco Lopes
 Launch and sell of 11  Introduction of the
initiates its activities
office buildings at the Faria concept of condominium
intermediating
Lima region clubs
properties
 Creation of the launching  First “Top Imobiliário”
system with sales stands award, in 1993 – Largest
and marketing materials, Brokerage Company
attracting customers
 First TV 00´s
specially during weekends
advertisement for
a real estate
development  Becomes reference in real
estate launchings and 90´s
presents its new logo
80´s
70´s
60´s
50´s
 Lopes becomes an important player at
40´s the segment of gated communities
1935  Identification of Marginal  Triples in size in a decade,
Pinheiros as an attractive strengthening its leadership
area and launch one of
 Start of long term  Wins its 16th consecutive
the first buildings in the
partnership with “Top Imobiliário”
region
 The company’s first Gomes de Almeida  Lopes’ IPO
 Start up of sales of hotel
logo Fernandez (Gafisa)  Lopes starts its geographic expansion
condominium (Flats)
 Launch one of the process
 Partner of Grupo Espírito
first buildings under  Lopes’ website become leader on real
Santo in selling one of the
the condominium state market
largest launching in Lisboa:
concept  Joint Venture with Itaú Bank in order to
Parque dos Príncipes
create CrediPronto, our mortgage
company.
 Lopes’ follow-on
5

6. Investment Highlights
Experienced Simple and Focused
Management Team Value Added
and Outstanding Business Model
Track Record
Main Distribution
Unmatched Channel in the
Scale and Reach Industry with a
National Footprint
Low Risk Business
Already scaled with a Diversified
down to face new Client Base : Cash
market conditions Generator
Company
6

7. LPS Brasil: Unique Business Platform
Primary Market Secondary Market Mortgage Loan
+
Low, mid and high-income segments Focus on secondary market, with a Joint Venture with Banco Itaú to
unique model of own stores and a provide mortgage loans
network of licensed brokers
Growth through acquisitions
7
7

8. Lopes Net Commission
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
2.1% 2.3% 2.1% 2.1% 2.1% 2.1%
Markets
Secondary
SP 2.5% 2.4% 2.3% 1.9% 2.4% 2.3%
RJ - - 2.3% 2.4% 2.5% 2.4%
Other
- - - 2.1% 2.4% 2.4%
Markets
8

9. Virtuous Cycle of the Business Model Creating Strong Barriers to Entry
Indisputable Sales Performance Leadership and Wide Range of Products
 Speed of sales of 22.6% in 9M11,  Leader in the primary market
and 52% for Habitcasa
 R$12.8 billion in contracted sales
 One-stop-shop: unique and
in 9M11. complete solution for the client
 Most visited website in the real  : unique platform to
estate sector: near 12 million develop the secondary market
visitors in the first nine months of  : partnership with one
2011. of the largest retail banks in the
world, Itaú Unibanco
Strong Established Base Retention of Talent
 Leading, nationally recognized brand
 Present in 12 Brazilian states and in the Federal  Largest sales force: over 15,000
District independent brokers
 Extensive distribution channel  Attracts and maintains its sales force
 Database with more than 1.9 million clients
 More than 360 homebuilder clients
9
9

10. Institutional Website
Visits on www.lopes.com.br
• Over 12 million unique accesses in
the first nine months of 2011
•600 launches and more than 45
thousand units in the secondary
market
• Mobile version compatible with
over 5 thousand kinds of cell phones
• First brokerage company to launch
an App for iPad
• Leader in presence in social
networks
The most visited Increased
Strong investment Higher sales
website in the real generation of
in online media conversion
estate market Leads
Source: Google Analytics,
10

11. Competitive Advantage
“Lopes” culture in all
business units of different
states
One single brand, National Integration
recognized by the of Systems
market
Identity that stands
Lopes out from the
competitors
Competitive Advantage: A single, integrated and solid Company
11

12. LPS Brasil’s Market Mix
8% 7% Other*
13% 10% 11% 13% 12% 12% 10%
5% 2% 8% Northeast
6% 6% 6% 6% 2%
6% 10% 11% 12%
12%
South
7% 12% 10% 11% 12%
12% 9% 8% Brasília
7%
16% 14% 14% 9%
17%
5% 5% 11% 19% 18% 24% 21%
6% Rio de Janeiro
5%
53% 52% 54%
49% 50% São Paulo
46% 48% 44% 45%
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
*Other: Ceará, Estpírito Santo, Minas Gerais, Goiás and the city of Campinas
12

13. LPS Brasil in the Primary Market
13

14. Simple and Focused Business Model…
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
Client-Developers Client-Buyers
How do we do
business?
 Formal relationship through
agreements  1,903,925 prospects
 Over 360 Clients included in our data base
Total Price
Revenue Recognition
$ 100 per Unit
How do we make money?2, 3
$ 2.14
$ 2.40
$ 0.07
$ 10 $ 0.19
Developer
$ 4.40 ²
Down- Gross $ 1.15
payment Commission $ 2.00
$ 0.85
Agents +
Managers
1 Data until Dec-10 Net Commission Premium Contract Advisory Fee
2 Data from the LTM
14

15. Value-Added Services Across the Development Cycle
Lopes is focused on providing its clients with a full range of consulting services, from land procurement
advisory to product formatting, development and sale
Formats
Coordinates Coordinates
Individual
Determines Product Develops Optimizes
Masters Product Product
Sales Strategy
the Site’s Meeting Marketing Media
Market Launching Created to
Launching
Vocation Buyers’ Campaign Negotiations
Research Events Each Product
“Wants and Events
Needs”
15

16. 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. Acquisition of 51% of Itaplan, in September 2011, for R$29.2 million
(R$10.6 million + R$18.6 million earn out).
Rio de Janeiro – Entry by greenfield operation, with beginning of operations in
July 2006, with LCI-RJ. . Lopes acquires permanently an additional 10% stake
CE of Patrimóvel, in July 2010, and more 31% in October 2010 (51% total).
RN
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.
PE
Minas Gerais – Entry by greenfield operation with beginning of operations in
February 2008. Acquisition of 51% of Brisa, in September 2011, for R$5.5 million
BA (R$1.9 million + R$3.6 million earn out).
SOUTHERN REGION
DF States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition of 75% of
GO 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
MG mechanism.
ES
MIDDLE WEST REGION
SP RJ Federal District – Acquisition of 51% of Royal, in November 2007, for R$12
million (9.0x P/E 2008) and an earn-out payment.
PR
Goiás - Greenfield operation with beginning of operations in August 2008.
SC
NORTHEAST REGION
RS Bahia - Greenfield operation with beginning of operations in October 2007.
Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 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. In 2010, there was a transfer
to LPS Fortaleza –of 100% (one hundred percent) of the capital stock of LPS
Pernambuco.
Lopes tracks developers’ regional movements, consolidates its Ceará e Rio Grande do Norte – Acquisition of 60% of Immobilis, in January
position as the largest consulting and sales player 2008, for R$2.4 million (10.0x P/E 2008) and an earn-out payment.
Source: Lopes RI 16

17. Sales Expertise in all Market Segments
HIGH Capital Augusta – Aug/11 CASE
Location Consolação/ SP  99% sold.
 Developer: Esser
Sales 157 un. – R$ 10,150/m²
Usable Area 38 / 54 m2
MEDIUM-HIGH
Bosque da Estação – Jul/11 CASE
Location Saúde/ SP  100% sold.
 Developer : Zogbi
Sales 52un. – R$7,250/m²
Usable Area 55 m²
MEDIUM Reserva do Horto – Aug/11 CASE
Location São Paulo/ SP  90% sold.
 Developer : Jose Turecki
Sales 102 un. – R$ 4,400/m²
Usable Area 47 / 55 m²
Dez Guarapiranga – Aug/11 CASE
ECONOMIC
Location Guarapiranga/ SP  100% sold.
 Developer : Cury
Sales 181 un. – R$ 3,220/m²
Usable Area 43 / 46 m2
Office Sumaré – Sep/11 CASE
BUSINESS UNITS
Local Sumaré/ SP  80% sold.
 Developer : Rossi
Sales 125 un. – R$ 5,000/m²
Usable Area 32 / 449 m²
17

18. LPS Brasil in the Low Income Segment
18

19. HABITCASA: Focus on Low Income Segment
Focus on Low Income Segment
Units up to R$ 300 thousand
The Habitcasa brand is applied in all Lopes’ markets
19

20. Sales by Income Segment – Primary and Secondary Markets
Contracted Sales
Total Contracted Sales = R$4,286 million
3Q10 3Q11
11% 11%
29%
36%
36% 31%
25%
22%
Units Sold
Total units sold = 12,929
3Q10 3Q11
9%
10%
30%
17% 12% 42%
44% 36%
20

21. LPS Brasil in the Secondary Market
21

22. Pronto!
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 investments + 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).
Acquisition of 55% of Local, in December 2010, for R$25.6 million
(R$10.0 million + R$15.6 million of earnout)
Acquisition of 60% of Erwin Maack, in March 2011, for R$8.4 million
(R$2.9 million + R$5.5 million of earn out)
Acquisition of 51% of Condessa in July 2011, for R$4.9 million
(R$1.9 million + R$3 million of earn out).
Acquisition of 60% of Imóvel A in October 2011, for R$24.3 million
(R$10 million + R$14.3 million earn out).
Rio de Janeiro – Acquisition of 51% of Self Imóveis, in July 2010,
for R$ 2,6 million (R$900 thousand + R$1,7 million of earn out)
SOUTH REGION
Rio Grande do Sul – Acquisition of 51% of Ducati, in December
2010 forR$15,5 million (R$5.3 million + R$10.2 million of earnout).
Paraná – Acquisition of 60% of Thá, in February 2011, for R$20.9
million (R$7.4 million + R$13.6 million of earnout).
FEDERAL DISTRICT :
Acquisition of 51% of AçãoDall’Oca in April 2011, for R$12.2 million
(R$3 million + R$9.2 million of earn out).
Pronto has 248 stores in 11 States + Federal District : 48 owned stores and
200 licensed brokers
22

23. Pronto!: A Natural Consolidator
Well Defined Acquisition Model with a Successful Track
Unique Platform Poised for Growth
Record
 Present in 11 states and the Federal  Acquisition strategy:
District
– Companies with expertise in their regional markets
– Covers 91% of the Brazilian GDP – Companies with limited access to capital
– 48 own stores – Well positioned in relevant markets
– 200 licensed brokers – Widespread network
– Strong presence in São Paulo
and Rio de Janeiro
 Appreciation and alignment of interests
– Earn-out
 Unique one-stop-shop business model – 51% ownership stake
 Solid client base
 Successful acquisitions through the years
 Strong internet presence
– 11 acquisitions since July 2010 focused on the
 Diversified products in the portfolio secondary market
– Benchmark for future partners
– Accretion
Natural Consolidator
 Potential synergies:
– Scale and reach: network effect
– Access to mortgage financing
– Expertise of LPS Brasil management
23
23

24. Joint Venture Lopes Itaú
Lopes and Itaú created the first and biggest pure mortgage company of Brazil.
 Direct and exclusive access to its  Service excellence
customer database  Competitive financing terms and
 Seamlessly integrated operation with conditions
Lopes’ sales process, including an  Speed and quality of processing
incentive compensation plan  Experienced credit analysis
 Lopes media exposure  Successful exposure to the lending
business and in joint ventures
Leadership position
Management
in their respective High Value Brands
Excellence
markets
Strengthening of mortgage origination and other related services.
24

25. Differentiated Model: One-Stop-Shop
 Secondary Market: a significant potential for origination  Distinctive channel for clients in the secondary market
Focus
 48 own stores and 200 licensed real estate brokers in 11  Over R$1.6 billion in financing
states and the Federal District
Relevance
 Selective acquisitions to replicate the successful formula  Incipient market in Brazil with huge expansion potential
used in the primary market
Growth
Potential
 59% of CrediPronto! transactions are originated through
 37% of Pronto!’s contracted sales are financed by Pronto!
Credipronto!  Use of LPS Brasil’s platform and significant reduction in
CAPEX requirement
Synergies
Winning Model
25
25

26. CrediPronto!
Financed Volume Accumulated Volume Sold*
(R$ MM) (R$ MM)
1,699
358
187%
132%
154
591
3Q10 3Q11 sep/10 sep/11
In 3Q11, CrediPronto! financed R$358 million, reaching R$895 million in mortgage loans in 2011.
26
26
*It doesn’t include amortization.

27. CrediPronto!
Mortgages Portfolio
(R$ MM)
1,436
707%
178
Opening portfolio balance Ending portfolio balance
Jan/10 Sep/11
The Average Portfolio Balance in 3Q11 was R$1,272 million.
27

28. CrediPronto!
Accumulated Sales Volume *
(R$ MM)
1.843
1.698
1.598
1.461
11% 1,340
1,219
1,113
1,013
928
804 854
727
654
591
529
437 474
385
291 331
217 247
CrediPronto! financed over R$143 million in October 2011.
*Not including amortization.
28

29. Credipronto!: Unique Partnership to Capture Mortgage Loan Market
Potential
Business Highlights Innovative Real Estate Financing Process
+
Market Largest Private Bank
Leader in Brazil Assessment of Issuance of the Release of
Credit Analysis Legal Analysis
the Property Contract Resources
Until 3 2 3 5
24 hours working working working working
days days days days
 Profit Sharing with limited credit risk
 Leverage on LPS Brasil’s points of sale
 Differentiated process of approval and release of funds Efficiency in Release of Credit
 Unprecedented credit in the market
Evolution of Origination (base 100 = Jan-10)1
Market Share CrediPronto!
1,4% 1,9% 1,7% 2,4% 2,4% 3,0% 2,8%
 CrediPronto! already has a Market Share of
411 5.4% among private banks (excluding Caixa)
376  It is responsible for more than 15% of the
245
mortgage portfolio of Itaú
241
168 177  Total market financing 3T11: R$12.8 billion and
R$32.5 billion in the 9M11 (including Caixa)
100 209
179
125 145 147 144
1T10 2T10 3T10 4T10 1T11 2T11 3T11
Credipronto! Mercado
High Growth Potential – Real Estate Financing equals only 4% of Brazilian GDP2
Notes:
1 ABECIP (as of December 30th, 2010) and Company. Ranking based on June/2011 origination
2 Excluding Caixa 29
3 Bacen 29

30. Brazilian Real Estate Market
30

31. Significant Creation of Demand
Demographic Bonus Population Pyramid (millions of people)
100%
80%
60%
40%
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
Economically active population = 15 – 64 year-old
Dependence Index
Expansion of Class C (% of the population) Number of Families by Income Segment (millions)
2003 2008 Growth 2007 - 2030
(8%) 78% 160% 233% 291% 433%
8% 11%
16%
28% 31.7
29.1 27.6
37% 21.8
24% 2007A
49% 15.5
11 2030E
27% 8.4
3.3 4.3
1.1 0.3 1.6
Classes A and B Class C Class D Class E
Up to R$1k to R$2k to R$4k to R$8k to Above
R$1k R$2k R$4k R$8k R$16k R$ 16k
Source: IBGE, Bird, Febraban and FGV 31
31

32. Mortgage Market
Mortgage Market as a % of GDP
106%
104%
88%
84%
81%
68%
65%
48%
42%
40% 38%
35%
22% 22%
19%
15%
11% 11% 10%
6% 5% 5% 5% 4%
3% 3% 2% 2% 2% 1% 1%
Source: Goldman Sachs, Abecip, BCB
32

33. Market Potential for Real Estate Financing
Growth Drivers Quantitative Housing Shortage (millions of homes)
 Housing deficit
– 7.2 million houses (2009) 7.9
 Incipient mortgage loan market 6.7
6.3
5.8
 Declining interest rates 5.4
 Rising employees’ income
 Growing availability of long-term funding
 Increasing secondary market financing
 Increasing family turnover
1991 2000 2006 2007 2008
Mortgage Loan Access (% by Social Class)2 Family Turnover3
9.0 – 10.0x
7.7%
5.0%
4.0x
3.0%
1.7% 1.8x
Classes A and B Class C Class D Class E G-7 Mexico Brazil
Source: Bacen and ABECIP
Notes:
1 Data from 2006, except for Brazil (2009)
2 FGV’s Center for Social Studies, 2010
3 Represents the number of times a family moves to a different house during their lifetime. Source: Credit Suisse 33
33

34. Sales Speed Metropolitan Region of São Paulo
Units Launched and Sold
SP Capital
Average (Units Sold/Launched) = 0,85
Average (Units Sold/Launched) = 1,2
3687
3578
2471
3.430
2517
2234
Year Units Lauched Units Sold
Units Sold
2008 34.500 32.800
2009 30.100 35.800 Units Launched
2010 37.300 35.870
08M11 16.600 20.400

35. SPMR Real Estate Market Overview – Prices
Evolution of Average Launches’ Prices in SP
R$/m2
R$/m2 4470
3480
3200
3050 3000
2850 2890
Nominal 2230
2470
1930
1620 1740
1550
1360 1370
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
4570
4390 4340
4120 4180 4140 4070 4180 4190
4040 4040
3880 3770 3680 3730
INCC Adjusted
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Source: EMBRAESP
35

36. Lopes’ Confidence Index
36

37. Lopes’ Confidence Index (LCI) – September/11
Lopes is the first company to create a Real Estate Consumer Confidence Index.
Lopes’ Confidence Index (LCI)
September/11
133,1
125,0
118,0
116,9
100,0
82,0
Expectation Index Lopes' Confidence Index Present Situation Index
Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,
housing purchase tendency.
The sample has 591 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and
are interested in purchasing a new home.
(base: jan/2009=100)
Source: Lopes Market Intelligence
37

38. Sales Speed Over Supply
38

39. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed
51% 45.5%
24.5% 22.3%
2Q11 3Q11 2Q11 3Q11
*Management information, 39
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

40. Operational Highlights
40

41. Contracted Sales’ Historical in the Primary Market*
Total GVS – Primary Market
(in R$ thousands)
14,364
9,370
8,658
4,873
2,545
1,556 1,853
850 1,166 1,253
591
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
•Unaudited managerial information.
• 2010 considers 100% of Patrimovel sales 41

42. Contracted Sales
Contracted Sales Units Sold
(R$ MM)
4,286 12,929
3,617 18% 26%
272 960 10,280 2,057
340
3,345 3,326 9,940 10,872
3Q10 3Q11 3Q10 3Q11
In this Quarter, We Achieved R$ 4.3 billion in Contracted Sales.
42

43. Contracted Sales Breakdown
Contracted Sales
Contracted Sales= R$ 4.3 billion
35% 22%
R$ 1.5 BI R$ 1 BI
R$1.8 BI
43%
Secondary Market
Non-listed homebuilders
Listed homebuilders
43

44. Financial Highlights
44

45. 3Q11 Results
3Q11 Results
(R$ thousand)
Lopes Pronto! CrediPronto! Consolidado
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%
45

46. CrediPronto!
(R$ thousand) P&L 2010
Amount financed 600,030
Portfolio opening balance 177,688
Portfolio ending balance 707,053
Portfolio average balance 403,587
Financial Margin 9,773
% Spread 2.42%
(-) SalesTaxes -919
(-) Total costs and expenses -22,087
(-) Expenses Itaú -3,471
(-) Expenses Olímpia -12,551
(-) Commissions -5,945
(-) Insurance and sinister (+/-) -120
(+/-) Bank correspondance -
(+) Other Revenues (Financial) 2,153
(-) Allowance for Doubtful Accounts -3,210
(-) IRPJ/CSLL 302
(=) Net result -13,988
% Net margin -143%
50% Profit Sharing -6,994
*The managerial P&L measures the results of the JV. Olimpia’s Results and all Revenues and Expenses incurred by Itau are considered. 46
• The numbers of the managerial P&L were audited for 2010 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.

47. Allowance for Doubtful Accounts
• General (0,5%) Automatic credit score – 100% of the new contracts
• Specific (variable) For delays higher than 29 days
Example of P&L with a contract de
financiamento para um imóvel de $200:
Month 1 Month 2 Month 5 Month 8
Financial Margin $100 $100 $100 $100
Expenses¹ -$60 -$60 -$60 -$60
Specific Allowance - -$5 -$25 +$200
Result $40 $35 $15 $240
Recovery of
Default Property
Ex: Sale for +$100: Profit for
Sale of the $300 the bank
recovered
property
Ex: Sale for -$50: Loss
$150 of the bank
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¹ Including general allowance

48. Additional Information
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49. Lopes’ Contracted Sales Seasonality
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.
41%
37%
32% 33%
31% 30%
29% 29% 28% 26%
25% 24% 25%
22% 23% 23%
21% 22%
18% 19%
17% 16%
14% 15%
2005 2006 2007 2008* 2009 2010
1Q 2Q 3Q 4Q
Unstable sales behavior in each quarter accounts for variations in yearly sales
* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.
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50. Ownership Structure
Ownership Structure Post-IPO
7% 1%
32% Rosediamond LLP
F.I.M. Crédito Privado Mocastland
34%
Administradores
Investidores Estrangeiros - Free Float
8%
Investidores Nacionais - Free Float
18%
Pessoa Física
Total of 56,562,283 common shares
50

51. Contacts
INVESTOR RELATIONS CONTACT
E mail: ri@lopes.com.br
Website: www.lopes.com.br/ri
51