This document provides an overview of LPS Brasil, a real estate consulting and brokerage firm in Brazil. Some key points: - LPS Brasil has established itself as the largest real estate brokerage firm in Brazil with over 300 homebuilder clients and a presence in 10 states. - The company has diversified its business model through acquisitions in the primary and secondary markets as well as a joint venture with Itaú bank to provide mortgage loans. - In 2012, LPS Brasil closed total real estate transactions of R$19 billion, a 4% increase over 2011, with approximately half of transactions from the primary market.

1. .
4th Quarter, 2012
1
Institutional Presentation

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 December 31st, 2012. 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

4. Awards and recognitions | Recently
“The hearts of 96% of people
beat stronger for Lopes”
In research conducted in São Paulo, IBOPE Intelligence, revealed that1:
• 9 out of 10 residents of the city know the brand Lopes
• 96% would consider the brand when buying
• 67% had any contact with the company, and among these, 76% would recommend Lopes
The 200 best Brazilian companies | 2012 Época Negócios 360º Guide2
Evaluation of 6 scopes:
• Financial results
• HR Practices
• Governance
• Environmental
• Process of innovation
• Future vision
1) Survey conducted between Jul 26, 2012 and Aug 08, 2012. 2) October, 2012 issue. Preparation: Fundação Dom Cabral.
Ranking:
50º: Lopes
68º: Homebuilder
85º: Homebuilder
96º: Homebuilder
104º: Shopping Mall
117º: Homebuilder
Top of Mind IBOPE
4

5. Awards and recognitions| 2012
Master Imobiliário Award
Award organized by Sindicato da Habitação de São Paulo (Secovi-SP) and Federação Internacional das
Profissões Imobiliárias, suported by Grupo Estado
Lopes was awarded in the segment “Institucional” by 2011 Annual Report of the Brazilian Real Estate Market
Top Imobiliário Award
Considered the main award of the real estate industry in Brazil
Lopes has been winning every Top Imobiliário since its first edition in 1993
Ranking Valor 1000
Listed by Valor Econômico as one of the 1000 largest business groups in Brazil
Highlighted as the 20th higher net margin among all groups
8th place in value generation among service companies
IG/ Insper Award
Assertive M&A strategy, expanding the business to other regions of the country
Lopes was considered the largest company in real estate brokerage and consulting in Brazil, in the last five years
VII Award Relatório Bancário
CrediPronto! was awarded in the segment “Best Online File Management”
Highlight for the efficiency in the mortgage approval
5

6.  Mr. Francisco Lopes
initiates its activities
intermediating
properties
1935
40´s
50´s
60´s
70´s
80´s
90´s
00´s
 Launch one of the
first buildings under
the condominium
concept
 First TV
advertisement for
a real estate
development
 Start of long term
partnership with
Gomes de Almeida
Fernandez (Gafisa)
 Launch and sell of 14
office buildings at Av.
Paulista
 Launch and sell of 11
office buildings at the Faria
Lima region
 Creation of the launching
system with sales stands
and marketing materials,
attracting customers
specially during weekends
 Becomes reference in real
estate launchings and
presents its new logo
 Identification of Marginal
Pinheiros as an attractive
area and launch one of
the first buildings in the
region
 Start up of sales of hotel
condominium (Flats)
 Partner of Grupo Espírito
Santo in selling one of the
largest launching in Lisboa:
Parque dos Príncipes
 Introduction of the
concept of condominium
clubs
 First “Top Imobiliário”
award, in 1993 – Largest
Brokerage Company
 Lopes becomes an important player at the
segment of gated communities
 7 acquisitions in the primary market
 Triples in size in a decade, strengthening its
leadership
 Wins its 16th consecutive
“Top Imobiliário”
 Lopes’ IPO
 Lopes starts its geographic expansion process
 Lopes’ website become leader on real state
market
 Joint Venture with Itaú Bank in order to create
CrediPronto, our mortgage company
 The company’s first
logo
The Brokerage Market Has No Other Company With Our History
and Track Record
2010s
 More than 300 clients in the
primary market (homebuilders)
divided between listed and non-
listed companies
 5 acquisitions in the primary
market and 13 acquisitions in the
secondary market
 The secondary market is
responsible for 25% of total sales
 Breakeven point of LPS Brasil’s
stake in Credipronto! In
November and December, 2012
 Credipronto! has reached
R$ 2.1 billion in average portfolio
balance in 2012
 Lopes’ follow-on
6

7. Asset Light
Services company
Low execution risk
Top
management
team of industry Unique position
in the primary
market Brazilian
Unique
opportunity
to consolidate
the secondary
market
CrediPronto!
Mortgage company
with Highest %
growth of Brazil
since 2009.
LPS Brasil
Investment Highlights
7

8. Joint Venture with Banco Itaú to
provide mortgage loans
Low, mid and high-income segments
Mortgage LoanPrimary Market Secondary Market
Focus on secondary market, with a
unique model of own stores and a
network of licensed brokers
Growth through acquisitions
LPS Brasil: Unique Business Platform
+
Top vehicle to Invest in Brazilian Real Estate Market.
8

9. Management Team
Top Management Team in Industry
Partners & Associates
Summing up over 300
Years of Real Estate
Experience
Over 30 Partners & Associates with stock Investment
and long term alignment with company
Retention / Incentive tool for Top Performing
Employees
Partnership Program:
9

10. Asset Light
Service Based Business Model
Mortgage
Business
Brokerage
Business
 Immediate simple revenue
recognition
 Asset light
 Yearly Investment = Depreciation
 Easy short term adjustment in
G&A, in case of a market
downturn.
 Asset light
 Inexistence of physical offices
(operates inside brokerage
stores)
 Mortgage portfolio generates
recurring cashflow.
Primary
Market
Secondary
Market
10

11. Virtuous Cycle of the Business Model Creating Strong Barriers to Entry
Strong Established Base
 Leading, nationally recognized brand
 Present in 10 Brazilian states and in the Federal
District
 Extensive distribution channel
 Database with more than 2 million clients
 More than 300 homebuilder clients
Leadership and Wide Range of ProductsIndisputable Sales Performance
 Total transactions closed of R$ 19.0 billion,
up 4% from 2011.
 CrediPronto! reached R$ 440 million in
origination in the 4Q12, R$1.5 billion in 2012
and R$ 3.6 billion since its creation in 2008.
 Most visited website in the real estate
sector: more than 15 million visitors in 2012.
Retention of Talent
 Largest sales force: more than 14,900
independent brokers
 Attracts and maintains its sales force
 Leader in the primary market
 One-stop-shop: unique and
complete solution for the client
 : unique platform to
develop the secondary market
 : partnership with one
of the largest retail banks in the
world, Itaú Unibanco
11

12. Institutional Website
Visits on www.lopes.com.br
Source: Google Analytics,
The most visited
website in the real
estate market
Strong investment
in online media
Increased
generation of
Leads
Higher sales
conversion
• Over 15 million unique visitors in 2012
• Mobile version compatible with over 5
thousand kinds of cell phones
• App for IPhone (more than 18,000
downloads)
• App for Android
• First brokerage company to launch an App
for iPad
• Leader in presence in social networks
• More than 370,000 fans on Facebook
12

13. LPS Brasil’s Market Mix
*Others: Northeast, Espírito Santo, Minas Gerais and Goiás (until 3Q12).
59%
53% 56%
49% 50% 47% 47%
52% 51% 50% 50% 52%
5%
5%
10%
19% 18% 24%
21%
25%
22% 21% 20%
20%
14%
17%
9%
12%
9%
8%
7%
4%
4% 5% 4%
4%
10%
11% 12%
10%
11%
12%
12%
10%
12% 12% 15% 13%
12% 14% 12% 9% 12%
9%
13%
8% 11% 11% 11% 11%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
São Paulo Rio de Janeiro Brasília South Others*
13

14. LPS Brasil’s total transactions closed
Transactions Closed
(R$ billion)
2.5
4.9
9.4 8.7
14.4 14.4 14.4
0,3
0,3
0,7
0,6
1,3
3,8 4,6
2006 2007 2008 2009 2010 2011 2012
Primary market Secondary market
18.2
2.8
5.2
10.1
9.3
15.7
19.0
14

15. LPS Brasil in the Primary Market

16. Market Intelligence
Brazil still represents a case for growth in the primary market
Mexico
Units launched:
700 thousand/year ²
Brazil
Units launched:
214 thousand/year ¹
Launches by Market – Brazil - 2011
Source: ¹ LPS Market Intelligence ² Infonavit, Softec and others (considering new homes from homebuilders and self construction).
30,5
9,7
6,7
4,1 3,8 3,1 2,7 2,5 2,1 1,7 1,6 1,1 0,9 0,9 0,8
13,4
MRSP
GreaterRJ
DF
Salvador
Curitiba
BH
Goiânia
P.Alegre
Santos
Fortaleza
Natal
Vitória
Campinas
Florianópolis
Recife
Others
85,644 million / 214 thousand units
Total Brazil
16

17. Growth 2007 - 2030
Demographic Bonus Population Pyramid (millions of people)
Social classes1
Population from 18 to 64 years old
Number of Families by Income Segment (millions)
40%
60%
80%
100%
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050
Economically active population = 15 – 64 year-old
Dependence Index
(8%) 78% 160% 233% 291% 433%
2009 2020e
Source: IBGE, Bird, Febraban and FGV 1) Source: PNAD/IBGE Preparation: Bradesco. Take into account RO, AC, AM, AP, PA and RR regions
31.7
15.5
8.4
3.3
1.1 0.3
29.1 27.6
21.8
11
4.3
1.6
Up to
R$1k
R$1k to
R$2k
R$2k to
R$4k
R$4k to
R$8k
R$8k to
R$16k
Above
R$ 16k
2007A
2030E
The demographic bonus, combined with economic growth, will lead 35.6 million people to move up from D and E classes to A, B and C classes
over the next 10 years. These families will certainly be seeking better living conditions.
Significant Creation of Demand
17
64%
36%
82%
18%
A, B and C classes D and E classes

18. National footprint
Stake
(%)
Payment
(R$ million)
Stake
(%)
Payment
(R$ million)
São Paulo Campinas
100% 49.52
51% 29.21 São José dos
Campos
51% 10.21 51% 15.01
Rio de Janeiro Federal District
51% 60.52
51% 142.22
Espírito Santo Bahia
60% 11.32
Minas Gerais Pernambuco
100% 4.12
51% 5.51
Sul Ceará
100% 41.02 60% 8.12
51% 36.71
18
Lopes tracks developers’ regional movements, consolidates its position as the largest consulting and sales player
1) Considering the base scenario of the acquisition 2) Concluded Acquisitions
PR
RJ
BA
SP
RS
ES
SC
PE
MG
DF
greenfield
greenfield
greenfield
greenfield
CE

19. HIGH
MEDIUM-HIGH
MEDIUM
ECONOMIC
HOTEL
Sales Expertise in all Market Segments
São Paulo/SP
You Ibis Budget SP - Mar/13
163 un. – R$ 340,000
Location
Sales
Valinhos/SP
Floratta – Sep/12
192 un. – R$ 3,820/m²
Location
Sales
Rio de Janeiro/RJ
Seasons – Jul/12
128 un. – R$ 5,400/m²
Location
Sales
100% sold.
Developer : You.
CASE
81% sold.
Developer : Engelux
CASE
88% sold.
Developer : Dominus /
Opportunity
CASE
São Paulo/SP
Parque da Cidade – Sep/12
612 un. – R$ 14,200/m²
Location
Sales
100% sold.
Developer : Odebrecht
CASE
São Paulo/SP
Jardim das Perdizes – Mar/13
640 un. – R$ 8,200/ m²
Location
Sales
70% sold.
Developer : PDG / Tecnisa
CASE
19

20. Transactions Closed – Primary Market
(R$ billion)
2.5
4.9
9.4
8.7
14.4 14.4 14,4
2006 2007 2008 2009 2010 2011 2012
Transactions Closed – Primary Market
LPS Brasil took advantage of Listed Homebuilders growth through Capital raisings.
(equity + debt)
20

21. (R$ Billion)
Primary MarketBreakdown – Transactions Closed 2012
50%
44% 42% 40%
32%
41% 39%
50%
56% 58% 60%
68%
59% 61%
2010 2011 1Q12 2Q12 3Q12 4Q12 2012
24%
47%
29%
Non-listed Homebuilders Listed Homebuilders Secondary market
Limited exposure to large homebuilders
21

22. 53% 56% 54% 57%
53%
47% 44% 46% 43%
47%
2011 1Q12 2Q12 3Q12 4Q12
Other Homebuilders Top 10 homebuilders in sales
Breakdown Homebuilders
Breakdown Top 5 HomebuildersBreakdown – Homebuilders
9.5% 8.9%
6.2%
12.2%
9.9%
5.3% 6.2%
6.1%
4.9%
9.7%
5.2% 5.0%
5.6%
4.4% 6.8%
5.1% 4.4%
5.3%
4.4%
4.9%
4.0% 4.1%
5.1%
3.6% 3.1%
2011 1Q12 2Q12 3Q12 4Q12
1st 2nd 3rd 4th 5th
22

23. R$/m2
Real Estate Market Overview – Prices
* Launches occurred in residential vertical in SP Capital
Source: EMBRAESP
Evolution of Average Launches’ Prices in SP
R$/m2
23
R$/m2
1.480 1.480 1.680 1.710 1.860
2.120
2.450
2.770
3.160 3.170 3.380 3.290
3.550
3.930
5.300
6.750
7.310
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
5.190
4.870
5.250 5.060 5.040
5.300
5.590 5.440 5.580
5.130 5.170
4.780 4.710 4.880
6.180
7.310 7.450
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Nominal
INCC
Adjusted

24. 148
134,6
121,4
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Expectation Index Lopes' Confidence Index Present Situation Index
(basis: jan/2009 = 100)
Source: Lopes Market Intelligence
Lopes’ Confidence Index (LCI)
Lopes is the first company to create a Real Estate Consumer Confidence 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 524 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3
months and are interested in purchasing a new home.
Lopes’ Confidence Indexes (LCI)
24
The survey take into account the
opinion for the next 6 months about
the situation of Brazil’s economy, the
financials of household and the
intention to acquire a property
The survey take into account the
current opinion about the situation of
Brazil’s economy, the financials of
household and the intention to
acquire a property
The survey take into account the
summation of the present situation
index and the expectation index

25. LPS Brasil in the Low Income Segment

26. 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
26

27. 2011
2011
2012
2012
Number of Transactions Closed
Transactions Closed
63,171 units
Transactions Closed by Price Segment – Primary and Secondary Markets
R$ 18.2 billion R$ 19.0 billion
10%
34%
24%
32%
8%
30%
26%
36%
41%
37%
14%
8%
35%
38%
17%
10%
58,923 units
27

28. LPS Brasil in the Secondary Market

29.  Present in 10 states and the Federal
District
– Covers 85% of the Brazilian GDP
in 2010, combined 1
– 76 own stores
– 145 licensed brokers
– Strong presence in São Paulo
and Rio de Janeiro
 Unique one-stop-shop business model
 Solid client base
 Strong internet presence
 Diversified products in the portfolio
Unique Platform Poised for Growth
Well Defined Acquisition Model with a Successful Track
Record
 Appreciation and alignment of interests
– Earn-out
– 51% ownership stake
Natural Consolidator
 Potential synergies:
– Scale and reach: network effect
– Access to mortgage financing
– Expertise of LPS Brasil management
Pronto!: A Natural Consolidator
 Acquisition strategy:
– Companies with expertise in their regional markets
– Companies with limited access to capital
– Well positioned in relevant markets
– Widespread network
 Successful acquisitions through the years
– 19 acquisitions since July 2010 focused on the
secondary market
– Benchmark for future partners
– Accretion
29
1 – Source: IBGE

30. Pronto!
Pronto has 221 stores in 10 States + Federal District : 76 owned stores and
145 licensed brokers
Acquisitions*
* Average of 40% in downpayment and 60% in earn outs linked performance 1) Considering the base scenario of the acquisition
Stake
(%)
Payment
(R$ million)
Stake
(%)
Payment
(R$ million)
51% 10.01 55% 25.61
51% 6.61 51% 17.31
60% 24.31 51% 15.51
60% 20.91 51% 11.71
51% 12.21 51% 7.11
60% 8.41 51% 2.61
51% 4.91
30

31. Transactions Closed Historical in the Secondary Market
Transactions Closed – Secondary Market
( R$ billion)
0.3 0.3
0.7 0.6
1.3
3.8
4.6
11%
7% 7% 6%
8%
21%
24%
2006 2007 2008 2009 2010 2011 2012
Strong growth of Secondary Market in our transactions closed.
4Q12 secondary sales reached 24% of total sales (R$4.6 billion)
.
Secondary Market Sales over total
Transactions Closed
Secondary Market
Transactions Closed
31

32. CrediPronto!

33. Source: Abecip, Brazil Central Bank, Federal Reserve, Haver. Preparation: Goldman Sachs
Mortgage Market
Mortgage Market as a % of GDP | Brazil 2011, others 2010
85%
63% 63% 62% 61% 60%
52%
41%
36%
23%
22%
16%
10%
5% 5%
33

34. Growth Drivers
 Housing deficit
– 7.2 million houses (2009)
 Incipient mortgage loan market
 Declining interest rates
 Rising employees’ income
 Growing availability of long-term funding
 Increasing secondary market financing
 Increasing family turnover
Market Potential for Real Estate Financing
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
Mortgage Loan Access (% by Social Class)2
7.7%
5.0%
3.0%
1.7%
Classes A and B Class C Class D Class E
4.0x
1.8x
9.0 – 10.0x
G-7 Mexico Brazil
Family Turnover3
5.4
6.7
7.9
6.3
5.8
1991 2000 2006 2007 2008
Quantitative Housing Shortage (millions of homes)
34

35. Strengthening of mortgage origination and other related services.
Leadership position
in their respective
markets
Management
Excellence
High Value Brands
Joint Venture Lopes Itaú
Lopes and Itaú created the first and biggest pure mortgage company of Brazil.
 Direct and exclusive access to its
customer database
 Seamlessly integrated operation with
Lopes’ sales process, including an
incentive compensation plan
 Lopes media exposure
 Service excellence
 Competitive financing terms and
conditions
 Speed and quality of processing
 Experienced credit analysis
 Successful exposure to the lending
business and in joint ventures
35

36. Differentiated Model: One-Stop-Shop
Winning Model
 Secondary Market: a significant potential for origination
 76 own stores and 145 licensed real estate brokers in 10
states and the Federal District
 Selective acquisitions to replicate the successful formula
used in the primary market
 33% of Pronto!’s contracted sales are financed by
Credipronto!
 Distinctive channel for clients in the secondary market
 Over R$3.6 billion in financing
 Incipient market in Brazil with huge expansion potential
 50% of CrediPronto! transactions are originated through
Pronto!
 Use of LPS Brasil’s platform and significant reduction in
CAPEX requirement
Focus
Relevance
Growth
Potential
Synergies
36

37. 37
Volume of Origination
The Average Portfolio
Balance in 2012 was R$ 2.1
billion.
1.271
1.503
2011 2012
Volume of origination accumulated1
178
3.600
jan/10 dec/12
1.661%
1.768
2.771
Initial portfolio balance Final portfolio balance
1) Does not include amortization
57%
Portfolio Balance 2012
CrediPronto!
18%

38. Ending Portfolio Balance
CrediPronto!
(R$ MM)
The ending portfolio balance grew an average of 7% per month since jun/10 and it’s already at
R$ 2.8 billion.
392
517
707
881
1.162
1.454
1.756
1.989
2.266
2.492
2.771
Jun,10
Jul,10
Aug,10
Sep,10
Oct,10
Nov,10
Dec,10
Jan,11
Feb,11
Mar,11
Apr,11
May,11
Jun,11
Jul,11
Aug,11
Sep,11
Oct,11
Nov,11
Dec,11
Jan,12
Feb,12
Mar,12
Apr,12
May,12
Jun,12
Jul,12
Aug,12
Sep,12
Dec,12
CAGR:
7.2%
38

39. Credipronto!: Unique Partnership to Capture Mortgage Loan Market Potential
Evolution of Origination (base 100 = Jan-10)1
Business Highlights
 Profit Sharing with limited credit risk
 Leverage on LPS Brazil’s points of sale
 Differentiated process of approval and release of funds
 Unprecedented credit in the market
Innovative Real Estate Financing Process
1 ABECIP
2 Bacen
* Excluding Caixa
+
Market
Leader
Largest Private Bank
in Brazil
High Growth Potential – Real Estate Financing equals only 5% of Brazilian GDP2
Credit Analysis Assessment of
the Property
Legal Analysis Issuance of the
Contract
Release of
Resources
24 hours
Until 3
working
days
2
working
days
3
working
days
5
working
days
Efficiency in Release of Credit
Ranking of Real Estate Financing 2012 (R$ mm)
30,299
7,460
5,198 5,383 4,515
1,094 526 93 35 33
1,503
Caixa Itaú Bradesco Santander Banco do
Brasil
HSBC Banrisul Citibank Banese Poupex
8.5% Market Share*
20% of Itaú
100
168 177
245 241
376
411432 370 433 416
506
125
145 147 144
179
209 198 189
209
243 251
1,4% 1,9% 1,7% 2,4% 2,4% 3,0% 2,8% 3,1% 2,8% 3,0% 2,4%
2,9%
4,7%
5,8% 5,1%
6,1% 5,7%
7,3%
6,4% 6,8% 6,9% 7,4% 7,5%
8,5%
-15,0%
-10,0%
-5,0%
0,0%
5,0%
10,0%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Credipronto! Mercado Market Share CDP! Market Share CDP!
(Private Banks)
8,963
39

40. Operational Highlights

41. 14,351 14,389
3,842 4,592
2011 2012
18,981
18,193
Transactions Closed
(R$ MM)
Transactions Closed
Number of Transactions Closed
Transactions Closed in 2012 increased 4% compared to 2011
4%
54,765
48,988
8,406
9,935
2011 2012
-7%
58,923
63,171
41

42. Financial Highlights

43. 2012 Financial Highlights
401.1
423.1
31.3
2011 2012
432.4 5%
Net Revenue
Net Income Attributable to Controlling
Shareholders before IFRS*
Net Margin1 (%)
77.3
86.1
105.5
2011 2012
EBITDA*
EBITDA Margin1 (%)
134.9
146.7
30.1
2011 2012
165.1
17.9% 20.4% 33.6% 34.7%
Earn out Itaú
11%
28.2Earn out Itaú
Earn out Itaú
9%
*We consider the EBITDA, excluding other operating expenses (revenues), that considers IFRS non-cash, as the company performance indicator.
1) The 2011 margin does not consider Itaú Earn Out net of taxes.
43

44. 2012 Results
44

45. Lopes Net Commission
45

46. CrediPronto!
1 – Weighted average portfolio balance
• The numbers of the managerial P&L were audited for 2011 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.
P&L* 2012(R$ thousands)
46

47. CrediPronto!
47
CredìPronto achieved breakeven point in Nov/12, marking the moment the operation became profitable
Breakeven Point CrediPronto!
1Q12
2Q12
3Q12
4Q12 -92
-2.375
-3.120
-2.359
-650
365
193
Out, 12 Nov, 12 Dez, 12

48. Allowance for Doubtful Accounts
Example of P&L with a financing contract
for a $200 unit:
Ex: Sale for
$300
Ex: Sale for
$150
Month 8
$100
-$60
+$200
$240
Month 1
$100
-$60
-
$40
Month 2
$100
-$60
-$5
$35
Month 5
$100
-$60
-$25
$15
+$100: Profit for
the bank
-$50: Loss
of the bank
Sale of the
recovered
property
Recovery of
Property
¹ Including general allowance
Default
Financial Margin
Expenses¹
Specific Allowance
Result
48

49. Additional Information

50. Lopes’ Contracted Sales Seasonality
* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.
30%
Average of Historical
Seasonality of the
fourth quarter:
50
17% 18%
14%
23%
15%
19% 19%
21%21%
31%
22%
32%
24% 25%
27%
26%25%
22% 23%
29% 28% 26%
24%
26%
37%
29%
41%
16%
33%
30% 30% 27%
2005 2006 2007 2008* 2009 2010 2011 2012
1Q 2Q 3Q 4Q

51. Ownership Structure
Total of 114,157,316 common shares
Ownership Structure | Apr, 13
31.8%
23.3%0.2%
44.6%
Rosediamond Chairman and Vice Chairman Management Free Float
51

52. Company Roadmap
Achieve dominant position in Secondary Market,
Growing from 24% to 40/50% of our Sales
Long Term Strategic Goals
Mantain Leadership in Primary Market
Grow the Mortgage Portfolio, achieving high
profitability levels
Develop other Opportunities tied to Services in
Real Estate Market.
52

53. Contacts
INVESTOR RELATIONS CONTACT
E mail: ri@lopes.com.br
Website: www.lopes.com.br/ri
53