Lopes provides an institutional presentation on its business. It has a simple and focused business model of real estate brokerage services. It has experienced management and national scale, acting as the main distribution channel in the industry. The presentation outlines Lopes' operations, competitive advantages, expansion plans, services across market segments, and an overview of the growing Brazilian real estate market.

1. Institutional Presentation August 2009

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 (“Lopes”) as of the 30thof June 2009. 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

3. Investment Highlights 3

4. Investment Highlights Simple and Focused Value Added Business Model Experienced Management Team and Outstanding Track Record Unmatched Scale and Reach Main Distribution Channel in the Industry with a National Footprint Already scaled down to face new market conditions in 2009 Low Risk Business with a Diversified Client Base : Cash Generator Company 4

6. Launch and sell of 11 office buildings at the Faria Lima region

7. Creation of the launching system with sales stands and marketing materials, attracting customers specially during weekends

8. Mr. Francisco Lopes initiates its activities intermediating properties

9. Introduction of the concept of condominium clubs

10. First “Top Imobiliário” award, in 1993 – Largest Brokerage Company

12. Triples in size in a decade, strengthening its leadership

13. Wins its 15th consecutive “Top Imobiliário”

14. Lopes’ IPO

15. Lopes starts its geographic expansion process

17. Start up of sales of hotel condominium (Flats)

18. Partner of GrupoEspírito Santo in selling one of the largest launching in Lisboa: Parque dos Príncipes

19. Start of long term partnership with Gomes de Almeida Fernandez (Gafisa)

20. The company’s first logo

21. Launch one of the first buildings under the condominium concept5

22. Lopes’ Operation 6

24. 80,000 prospects included in our data base in 2007

25. Formal relationship through exclusivity agreements

26. Over 160 ClientsHow do we do business? Revenue Recognition Total Price per Unit $ 100 $ 3.10 $ 10 How do we make money?2, 3 Developer $ 5 $ 1.90 Down-payment GrossCommission Agents +Managers 1 Over the last 5 years in Sao Paulo Figures only for example, not related to financials Considering Sao Paulo market 7

27. Lopes Net Commission Net Commission Brazil 2005 2006 2007 2008 2Q09 SP GVS / Consolidated GVS 100% 95% 80% 50% 42% Net Commission São Paulo 8

28. With a Key Role in the Real Estate Value-Chain Lopes’ business is clearly fundamental to the profitability and returns of its clients… Real Estate Development Brazilian Market Dynamics Working Capital Is Fundamental Pre Sales Speed of Sales Concentrated in the Launch Period Speed of Sales is the Key for Profitability Reliance on Sales Force Scale and Efficiency More than 5.000 brokers …and its scale and reach – nearly impossible to replicate – enhance this importance 9

29. 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 Optimizes Media Negotiations Coordinates Product Launching Events Determines the Site’s Vocation Develops Marketing Campaign Individual Sales Strategy Created to Each Product Coordinates Product Launching Events Masters Market Research Formats Product Meeting Buyers’ “Wants and Needs” 10

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

31. Institutional Website Evolution of visits to Lopes’ Website Source: Google Analytics 12

37. Developer: Helbor.Location 238 un. – R$ 45,000,000 Sales 34 / 44 / 53 / 78 m2 Usable Area Notes: Managerial Reports. Absorption calculated over available units 13

38. Geographic Expansion 14

39. 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. 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 REGION States 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 REGION Federal District – Acquisition of 51% of Royal, in November 2007, for R$12 million (9.0x P/E 2008) and an earn-out payment. Goiás - Greenfield operation with beginning of operations in August 2008. NORTHEAST REGION Bahia - Greenfield operation with beginning of operations in October 2007. Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 3 million (10.0x P/E 2008) and an earn-out payment. Ceará – Acquisition of 60% of Immobilis, in January 2008, for R$2.4 million (10.0x P/E 2008) and an earn-out payment. CE PE BA DF GO MG ES SP RJ PR SC RS Lopes tracks developers’ regional movements, consolidates its position as the largest consulting and sales player 15

40. Lopes’ Market Mix Other* Northeast South Brasília Rio de Janeiro São Paulo *Other: Estpírito Santo, Minas Gerais and Goiás. 16

41. Lopes in the Low Income Segment 17

42. HABITCASA: Focus on Low Income Segment Focus on Low Income Segment Units up to R$ 180 thousand The Habitcasa brand is applied in all Lopes’ markets Utilização da marca em todos os mercados de atuação da Lopes 18

43. Sales by Income Segment 2Q09 Units Sold Contracted GVS Total units sold = 8,321 Total Contracted GVS = R$2,183 million The 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 FundaçãoGetúlio Vargas – FGV 19

44. Better Economic Situation of the Low Income Segment… Source: IBGE, FGV, Ernst & Young Source: FGV Source: “Minha Casa, Minha Vida” Program 20

45. ... and also Better Supply of Mortgages Source: IBGE, BC Source: ABECIP, Central Bankof Brazil, CEF e FGV 21

46. Increase in the Potential Demand Mortgage R$96,000 Unit Value R$120,000 30% of income commitment 80% of the total value financed Monthly Payment (R$) In Minimum Wages Interest Tax (%) Interest Tax (%) 22

47. Lopes in the Secondary Market 23

49. Competitive financing terms and conditions

50. Speed and quality of processing

51. Experienced credit analysis

52. Successful exposure to the lending business and in joint ventures

53. Direct and exclusive access to its customer database

54. Seamlessly integrated operation with Lopes’ sales process, including an incentive compensation plan

55. Lopes media exposureLeadership position in their respective markets Management Excellence High Value Brands Strengthening of mortgage origination and other related services. 24

56. CrediPronto! 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. 25

58. Agility and perception of a non-financial institution; and

59. Lower process costs.26

61. Volume Financed: R$95MM

62. Contracts: 32194.6 27

63. Secondary Market: Pronto!’sBusiness Model Feasible Leadership Assumptions as a Goal Fast Growth Credentialed Stores Converted Stores Owned Stores Start Up Highly Structured First Mover: only Brazilian one-stop-shop High Volume Creation Pronto! present in 11 Brazilian States, and in the Federal District. It has 50 Stores, 31 of which in the city of São Paulo.

64. Pronto!’s Business Model 2009 50 Shops August 34 Shops July June 23 Shops 17 Shops May 11 Shops April March 9 Shops February 7 Shops 6 Shops January

65. Pronto! OneStop Shop Concept One Stop Shop Purchasing/Selling your property + Financing 30

66. Synergies Between Credipronto! and Pronto! – Competitive Advantage Easy Credit Access (Financing) Distribution Channel Pronto! and CrediPronto! acting together create a competitive advantage that is hard to replicate. 31

67. Brazilian Real Estate Market 32

68. Brazil 1,8x Mexico 4,0x G-7 9-10x Social Economic Scenario and Housing Shortage Age Pyramid in Brazil Segments by Income in Brazil A/B > 10 minimum wages- US$ 1.900 52% 19% 5 – 10 minimum wages- US$ 950 - US$ 1.900 C 28% 30% < 5 minimum wages - US$ 950 D/E 20% 51% Source: IBGE 47 million homes Source: Losango Quantitative Housing Shortage (millions of homes) Qualitative Housing Shortage 7,9 6,7 5,4 Source: CreditSuisse 1991 2006 2000 * Qualitative Housing Shortage is the number of times that a family moves to different houses in life Source: Fundação João Pinheiro e Ministério das Cidades 33

69. MortgageMarketandtheInvestment Grade Mortgage Market as a % of GDP AAA AAA AA BBB+ A+ A+ A BBB+ BBB- A- BBB- X RatingS&P Source: Lopes, FMI, S&Pand Santander 34

70. 20,6 Launches RMSP – Historic data (1996 - 2008) GVS¹ Launched (R$ bn) - RMSP 1996 1997 2007 2008 2009E* 2006 ¹ Launched values adjusted by the INCC until June/09. Nominal GVS launched in 2008 was the same amount as 2007: R$ 20 bn. Number of Launches - RMSP Units Launched (‘000) - RMSP 35 +14% +37% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1H09 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1H09 Source: Lopes’ Market Intelligence *2009E – 1997 + GDP growth or similar amount of 2006 (GDP growth – CAGR with data from IBGE, GDP of 2008 was annualized).

71. SPMR Real Estate Market Overview – Prices Evolution of Average Launches’ Prices in the SPMR R$/m2 R$/m2 Nominal INCC Adjusted Source: EMBRAESP 36

72. The Secondary Market Real estate market by segment Difference (in %) between the average price per m² in new development vs. used properties (Total in R$ billion, % of total potential sales value) 100% 118 Primary Secondary In the city of São Paulo, the difference is as high as 30% ~ 50% Source: ITBI, Gafisa prospectus, CushmanWakefieldreport, teamanalysis 37

73. Factors that Sustain the Growth in the Real State Market 38

74. Lopes’ Confidence Index 39

75. 116,9 Lopes’ Confidence Index (LCI) - July/09 Lopes is the first company to create a Real Estate Consumer Confidence Index. Lopes’ Confidence Index (LCI) July/09 +42% Lopes’ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term, housing purchase tendency. The sample has 585 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 40

76. 116,9 Lopes’ Confidence Index by Segment The scenario is positive when compared the present purchase intention with the purchase intention for the next 6 months, for all segments. The factors that show the optimism for the future are: the perception about the Brazilian economic situation in the next 6 months; and the purchase intention for the next 6 months. 39% 43% 49% Low Income Medium-High High Lopes’ Confidence Index Expectation Index Present Situation Index (base: jan/2009=100) Source: Lopes Market Intelligence 41

77. Operational Highlights 42

78. Operating Performance 2007 2008 1H09 Launches 4,535 9,285 21,260 Contracted Sales 3,595 5,221 10,099 Primary Market 9,370 3,359 4,873 348 Secondary Market 728 235 11 States 13 11 Market Value (R$ million) 519.2 1,683.5 326.4 Headcount 508 699 563 5,495 4,993 Independent Brokers 5,799 43

79. Contracted Sales’ Historical* Total GVS – Primary Market (in R$ million) CAGR: 36% * Unaudited managerial information. 44

80. Contracted Sales Contracted Sales (R$ MM) 3,279 2,183 55% 1,441 45

81. UnitsSold per Regionand per IncomeSegment Sales per Region (in units) Sales per Segment (in units) 46

82. Sales Speed over Supply Brazil Consolidated Sales Speed Lopes+HabitCasa Habitcasa’s Sales Speed *Management information, The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches. 47

83. Financial Highlights 48

84. Net Commission by Market Net Commission 2Q08 2Q09 49

85. Results 2Q09 Without Pronto! and CrediPronto!’s effects, Lopes’ EBITDA would’ve been R$22.1 million, with a 43% margin, and a Net Income of R$11.2 million, with a 22% margin. Brasília had a R$6.9 million Income, while Campinas had a R$2.8 million Income, what explains the Minority Interests of R$5.7 million. 50

86. Costs of Services Provided and Operating Expenses OperatingCostsandExpenses (R$ MM) Other 51

87. Operational Leverage PrimaryMarketCostsandExpenses Net Revenue (R$ MM) (R$ MM) 55% 18% Operational Leverage as a basic premise for growth. Result: Net Income Pro Forma increase of 246% with a 20% Margin. 52

88. Guidance for 2009 53

89. Sales’ Guidance for 2009 (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. 54

90. Additional Information 55

92. 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.Unstable sales behavior in each quarter accounts for variations in yearly sales 56 * The seasonality can not be verified in 2008, because of the effects of the world financial crises.

93. OwnershipStructure Ownership Structure Post-IPO Total of 49,448,033 common shares 57

94. Analysts Coverage 58

95. Contacts 59