Pursuing Leadership in the Secondary Market

PresentationMarcos Lopes – CEOFrancisco Lopes – COOMarcello Leone – CFO and IROAdemar Larine – CEO Pronto!

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 information related to the business operations of Lopes –LPS Brasil Consultoria de Imóveis S.A and its subsidiaries (“Lopes” or the “Company”). 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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Agenda

I. Introduction

II. The Secondary Market

III.A New Platform

IV.Status Update and Investment Overview

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Introduction and Disclosure Calendar

I. First advertisement for the new operation through the Marketing

Campaign “Vem aí” (Coming Soon): 14th November

II. Opening of the first five stores in São Paulo: 14th November

III.Disclosure of the creation of the new operation to the Capital Market

: 18th November

IV.Beginning of the pre operational phase: 25th November

V. Disclosure of Capital Markets guidance: 27th November4

On November 14th, we initiated the marketing campaign of our new operation, dedicated to the secondary market.

We are taking this opportunity to present the new operation’s strategy.

Please see below the calendar for key operational milestones and financial disclosure:

Secondary Market

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The secondary market represents a significant volume of transactions of ready-to-go properties (new and used)

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Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis

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Primary

Secondary

100%

1.3Goiânia

Porto Alegre

1.3Recife

1.4Fortaleza

12.3Rio de Janeiro

4.0Brasília

3.0

0.6Manaus

0.4

Vitória

0.5

1.8Salvador

2.7Curitiba

23.7São Paulo

Belém

Maceió

0.3Cuiabá

Secondary

100%

Primary

0.6

Real estate market by segment in 2006 – Total for Brazil and key cities

(Total in R$ billion, % of total potential sales value)

In Brazil, the price of ready-to-go properties is subject to a large discount compared to new developments

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Difference (in %) between the average price per m² in new development vs. used properties in various countries / cities

In the city of São Paulo, the difference is as high as 30% ~ 50%

In the majority of large real estate markets, the leaders have a significant share in the secondary market

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• Market Share – 8%

• Growth through acquisitions of stores for over 20 years

• Market Share – 16%

• Growth through the sale of franchises for over 30 years

• Market Share – 12%-15%

• Local business which adapted to the entrance of Remax

A New Platform

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We will build a starting position that will support our growth strategy

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Our ambition

• To build a significant market presence

• To establish a sustainable competitive advantage based on a scalable model

• Create barriers to entry

• To achieve profit margins above the segment average

• To rationalize investments

We believe that our business model has the fundamental and necessary attributes to deliver success

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Key Features of Business Model

•One stop-shopping: purchase and financing of property at the same stores

•Broad footprint: efficient stores with local neighborhood presence and specialization

•Hybrid model: owned stores, franchises and converted stores

•Distinct brand that communicates specialization in the segment

•Separate, focused management team

•Completely separate sales teams

The hybrid model, with an emphasis on franchises, facilitates maximum growth of store network with optimized CAPEX

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1. Time-to-market

2. Local presence

3. Brand

4. “One-stop shop”

5. Procurement and Systems

6. Optimization of investment

Resulting in…

• Owned outlets set the standard and define the model. Franchise and converted outlets provide rapid growth

• Services based on real knowledge of the local area. Specialist real estate agents endorse the model

• A strong new dedicated brand (Pronto! Imóveis), associated with the most trusted and recognized brand in the market (Lopes) supports the business launch and accelerates business penetration

• Solution that combines supply of real estate with financing through Credipronto! (JV with Itaú) is essential for business development. Integrated purchase and financing of property makes customers’ lives easier and changes the supply dynamics of the secondary market

• Consistency and standardization guarantee quality of service and of the sale process for franchisees, agents and customers

• Franchises and conversions maximize growth of store network while optimizing CAPEX

Owned, Converted and Franchise Stores

A new brand: automatic association with operating segment

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www.pronto.com.br *

The internet is the main gateway for property buyers

*On line from November 25th

The brand and company launch campaign focuses on the strengths of our model

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Advertisement published in the country’s leading newspaper(O Estado de São Paulo)

The new brand clearly communicates our role in the segment

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The brand and company launch campaign focuses on the strengths of our model

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The brand and company launch campaign focuses on the strengths of our model

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Status Update and Investment Overview

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At the same time that a property sale generates a “derived” demand for financing, it broadens the base of buyers, creating a virtuous circle that supports liquidity in the secondary real estate

market. Pronto! and Credipronto! (JV with Itaú) will mutually strengthen this virtuous circle, offering a unique service in the real estate market

The concept of One-Stop-Shop will deliver significant synergies between Credipronto! and Pronto! - a competitive advantage that will be difficult to replicate in the market

With Lopes’ leadership and financing from Itaú (Brazil’s largest bank), Pronto! and Credipronto!, acting together, will create a competitive advantage that is hard to replicate

Our operational backbone provides the basis for our growth in the secondary market

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...and are looking to

B

State of the art operations

A

Creation and expansion of network

• Predictable and automated operational flows

• Unique CRM system

• Training tools for agents

• Cost rationalization

We are building....

• Convert sales operations that have strong representation in their local markets

• Obtain a significant number of stores over a short period of time and with low investment

• Attract more customers and the best agents through our value proposition and physical presence

The End

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