.

4th Quarter, 2013

Institutional Presentation

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, 2013. 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

Investment Highlights

3

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

1) Survey conducted between Jul 26, 2012 and Aug 08, 2012.

Top of Mind IBOPE

4

Awards and recognitions| 2013

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

XII Prêmio Efinance

CrediPronto! was awarded for the second year in a row in the segment “CRM – Mortgage Financing”

– case Implantation of CRM: Innovation and cloud technology in the sales process and signing of

mortgage financing

5

Ranking As Melhores da Dinheiro

Also listed by Istoé Dinheiro as one of the 1000 largest business groups in Brazil

Época Negócios 360º Guide

Listed by Época Negócios as one of the 250 best Brazilian companies

Highlighted as one of the top 50 in vision of the future and Human Resources Practices

Mr. Francisco Lopes

initiates his brokering

activities

1935 40´s

50´s 60´s

70´s 80´s

90´s 00´s

Launches 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 sale of 14

office buildings at Av.

Paulista

Launch and sale 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 a reference in

real estate launches and

presents its new logo

Identifies Marginal

Pinheiros as an attractive

area and launches one of

the first buildings in the

region

Starts up sales of hotel

condominium (Flats)

Partner of Grupo Espírito

Santo in the sale of one of

the largest launches 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

Lopes’ IPO in 2006

Lopes starts its geographic expansion process

Lopes’ website becomes a leader on real

estate market

Joint Venture with Banco Itaú 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

6

More than 350 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 has

become responsible for 25% of

total sales

Credipronto! has reached

R$ 4.0 billion in average portfolio

balance in December 2013

Lopes’ follow-on

Asset Light with low

execution risk

Top management

team in industry Unique position

in primary

market

Unique

opportunity

to consolidate

the secondary

market

CrediPronto!,

Mortgage company,

with highest growth in

mortgage industry.

LPS Brasil

Investment Highlights

7

Joint Venture with Banco Itaú to

provide mortgage loans

Low, mid and high-income segments

Mortgage Loan Primary 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

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

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

Virtuous Cycle of the Business Model Creating Strong Barriers to Entry

Strong Established Base

Leading, nationally recognized brand

Present in 9 Brazilian States and in the Federal

District

Extensive distribution channel

Database with more than 2 million clients

More than 350 homebuilder clients

Wide Range of Products Solid Sales Performance

Total transactions closed of R$ 5.7 billion in

4Q13 and R$ 19.9 billion in 2013, up 11%

and 5% from 4Q12 and 2012, respectively.

CrediPronto! originated R$ 545 million in

4Q13 and R$ 5.6 billion since its creation in

2008.

Most visited website in the real estate

sector: more than 12 million visitors in 2013.

High Retention of Talent

Sales force of more than 15,500

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

Institutional Website

Source: Google Analytics,

Largest Website among Real Estate

Companies

Strong investment in online media

Strong Lead Generation

Higher sales conversion

• More than 12 million visitors in 2013

• iPhone and Android App. Mobile version.

• First brokerage company to launch an App for iPad

• 185k Properties listed

• 70k on the Primary Market and 115k on the Secondary

• 35-40% exclusive sales

Organic: 48%

Paid: 44%

Direct: 26%

LEADS www.lopes.com.br

12

Strong database of clients

More than 2.0

million

Sales Force

Home-builders

Online Lopes

Website POS

Media

Source: Lopes database - Lopesnet

• Over 2 million clients Database

• Online and offline client sources

• A structured CRM for serving clients

from different backgrounds

13

• Leader in social networks

• More than 1,000,000 Facebook fans

• High engagement level and spontaneous mentions

Viral Reach Talking about

Top of Mind: Lopes has been frequently mentioned among Real Estate Subjects

Total Reach Frequency per Unique User

14

LPS Brasil’s Market Mix

*Others: Northeast, Espírito Santo, and Minas Gerais.

49% 50% 47% 47% 52% 51% 50% 50% 52% 54% 53%

48% 51%

19% 18% 24% 21%

25% 22% 21% 20%

20% 19% 21%

18%

21%

12% 9%

8%

7%

4%

4% 5% 4%

4% 4% 3%

4%

4%

10% 11%

12%

12%

10% 12% 12% 15% 13% 14% 14%

20% 15%

9% 12% 9% 13%

8% 12% 11% 11% 11% 10% 8% 10% 10%

4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

São Paulo Rio de Janeiro Brasília South Others*

15

LPS Brasil’s total transactions closed

Transactions Closed

(R$ billion)

2.5 4.9

9.4 8.7

14.4 14.4 14.4 14.9

0.3

0.3

0.7 0.6

1.3 3.8 4.6 4.9

2006 2007 2008 2009 2010 2011 2012 2013

Primary market Secondary market

18.2

2.8

5.2

10.1 9.3

15.7

19.0

16

19.9

LPS Brasil in the Primary Market

17

Market Intelligence

Brazil still represents a case for growth in the primary market

Launches by Market – Brazil – 2012

Source: LPS Brasil Market Intelligence

28.5

11.1

3.9 3.3 3.0 2.7 2.4 2.2 2.0 2.0 1.9 1.5 1.3 1.1 1.0 0.7 0.3

10.8

MR

SP

Gre

ate

r R

J

BH

DF

P.A

leg

re

Sa

lva

do

r

Fo

rta

leza

Sa

nto

s

Cu

ritib

a

Go

iân

ia

Re

cife

Flo

ria

nó

po

lis

Vitó

ria

Ca

mp

ina

s

Ma

na

us

Na

tal

Be

lém

Oth

ers

79.7 billion / 183 thousand units

Total Brazil

18

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)

(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

19

64%

36%

82%

18%

A, B and C classes D and E classes

56% 55% 55% 58%

60% 64%

68% 70% 69%

67% 63%

60%

0

50

100

150

200

250

1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 2060

Total Population (Million)

Economically active population = 15 – 64 years old

10% 5% 0% 5% 10%

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80-84

90+

2010

10% 5% 0% 5% 10%

0-4

10-14

20-24

30-34

40-44

50-54

60-64

70-74

80-84

90+

2060

National footprint

Stake

(%)

Payment

(R$ million)

Stake

(%)

Payment

(R$ million)

São Paulo Campinas

100% 49.52

80% 13.82 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 Ceará

60% 8.12

51% 5.51

Sul

100% 41.02

51% 36.71

20

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

greenfield

greenfield

greenfield

greenfield

CE

PR

RJ

BA

SP

RS

ES

SC

MG

DF

CE

Lopes tracks developers’ regional movements, consolidating its position as the largest consulting and sales player

MEDIUM- HIGH

Sales Expertise in all Market Segments

Porto Alegre/RS

Axis - Office – Nov/13

160 un. – R$ 9,800/m²

Location

Sales

94% sold

Developer : Cyrela/Golsztein

CASE

São Paulo/SP

Urbanity Residencial – Oct/13

396 un. – R$ 10,500/m²

Location

Sales

80% sold

Developer : Even / Yuni

CASE

21

BUSINESS UNITS

Rio de Janeiro/RJ

Pestana Rio Barra – Dec/13

311 un. – R$ 20,000/m²

Location

Sales

78% sold

Developer: Dominus

CASE

HOTEL

ECONOMIC Guarulhos/SP

Fatto Reserva Vila Rio – May/13

380 un. – R$ 4,100/m²

Location

Sales

95% sold

Developer : Plano&Plano

CASE

MEDIUM São Paulo/SP

Autêntico Mooca – Sep/13

125 un. – R$ 7,500/m²

Location

Sales

95% sold

Developer : Even

CASE

Transactions Closed – Primary Market

(R$ billion)

2.5

4.9

9.4 8.7

14.4 14.4 14.4 14.9

2006 2007 2008 2009 2010 2011 2012 2013

Transactions Closed – Primary Market

LPS Brasil took advantage of Listed Homebuilders growth through Capital raises. (equity + debt)

22

Primary Market Breakdown – Transactions Closed 2013

44% 39% 41% 39% 40% 45% 41%

56% 61% 59% 61% 60%

55% 59%

2011 2012 1Q13 2Q13 3Q13 4Q13 2013

Listed Non-Listed

26%

44%

30%

Limited exposure to large homebuilders

23

44%

31%

25%

Non-listed Homebuilders

Listed Homebuilders

Secondary market

55% 64% 67%

65%

55%

45% 36% 33%

35%

45%

2012 1Q13 2Q13 3Q13 4Q13

Other Homebuilders Top 10 Homebuilders in Sales

Breakdown Homebuilders

Breakdown Top 5 Homebuilders Breakdown – Homebuilders

9% 7% 5% 6% 10%

7%

5% 5% 5%

8%

6%

5% 4% 5%

5%

5% 5% 4% 4%

4%

4% 4% 3% 4% 4%

2012 1Q13 2Q13 3Q13 4Q13

1st 2nd 3rd 4th 5th

24

1,480 1,480 1,680 1,710 1,860 2,120 2,450

2,770 3,160 3,180 3,380 3,290 3,550

3,930

5,300

6,740 7,330

8,900

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Real Estate Market Overview – Prices

* Launches occurred in residential vertical in SP Capital Source: EMBRAESP

Evolution of Average Launches’ Prices in SP

25

Nominal

INCC Adjusted

R$/sq m

5,650 5,290

5,710 5,500 5,480 5,770 6,080 5,910 6,070 5,580 5,620

5,200 5,130 5,300

6,720

7,950 8,060

9,110

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

150

131

112

Ja

n-0

9

feb

-09

Ma

r-09

ap

r-09

ma

y-0

9

Ju

n-0

9

Ju

l-09

Au

g-0

9

Se

p-0

9

Oc

t-0

9

No

v-0

9

De

c-0

9

Ja

n-1

0

Fe

b-1

0

Ma

r-10

Ap

r-1

0

Ma

y-1

0

Ju

n-1

0

Ju

l-10

Au

g-1

0

Se

p-1

0

Oc

t-1

0

No

v-1

0

De

c-1

0

Ja

n-1

1

Fe

b-1

1

Ma

r-11

Ap

r-1

1

Ma

y-1

1

Ju

n-1

1

Au

g-1

1

Se

p-1

1

Oc

t-1

1

No

v-1

1

De

c-1

1

Ja

n-1

2

Fe

b-1

2

Ma

r-12

Ap

r-1

2

Ma

y-1

2

Ju

n-1

2

Ju

l-12

Au

g-1

2

Se

p-1

2

Oc

t-1

2

No

v-1

2

De

c-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-1

3

Ma

y-1

3

Ju

n-1

3

Ju

l-13

Au

g-1

3

Se

p-1

3

Oc

t-1

3

No

v-1

3

De

c-1

3

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)

26

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

LPS Brasil in the Low Income Segment

27

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

28

35%

38%

17%

10%

5%

25%

27%

43%

8%

30%

26%

36%

27%

37%

22%

14%

2013

Number of Transactions Closed

Transactions Closed

58,923 units

Transactions Closed by Price Segment – Primary and Secondary Markets

R$ 19.0 billion R$ 19.9 billion

29

49,022 units

2012 2013

2012

LPS Brasil in the Secondary Market

30

Present in 9 States and the Federal District

– Covers 85% of the Brazilian GDP in 2010, combined 1

– 66 own stores

– 58 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

31 1 – Source: IBGE

Pronto!

Pronto has 124 stores in 9 States + Federal District : 66 owned stores and

58 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% 7.11

51% 12.21 73% 2.61

60% 8.41

51% 4.91

32

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 4.9

11%

7% 7% 6% 8%

21%

24% 25%

2006 2007 2008 2009 2010 2011 2012 2013

Strong growth of Secondary Market in our transactions closed.

4Q13 secondary sales reached 25% of total sales (R$ 4.9 billion)

.

Secondary Market Sales over

total Transactions Closed Secondary Market

Transactions Closed

33

CrediPronto!

34

81%

69% 67% 64%

61%

45% 43%

24% 23%

14% 12%

9% 8% 4% 3% 2%

Source: Abecip. Preparation: Goldman Sachs

Mortgage Market

Mortgage Market as a % of GDP | Brazil 2013, others 2012

35

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)

36

High Value Brands

Strengthening of mortgage origination and other related services.

Leadership position

in their respective

markets

Management

Excellence

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

37

Differentiated Model: One-Stop-Shop

Winning Model

Secondary Market: a significant potential for origination

66 own stores and 58 licensed real estate brokers in 9 States

and the Federal District

Selective acquisitions to replicate the successful formula

used in the primary market

Distinctive channel for clients in the secondary market

Over R$ 5.6 billion in financing

Incipient market in Brazil with huge expansion potential

Use of LPS Brasil’s platform and significant reduction in

CAPEX requirement

Focus

Relevance

Growth

Potential

Synergies

38

50% of CrediPronto! transactions are originated through

Pronto!

39

Volume of Origination

The Average Portfolio Balance in 2013 was R$ 4.0 billion.

1,503

2,020

2012 2013

Volume of origination accumulated1

178

5,598

jan/10 dec/13

2,771

4,031

Ending portfolio

balance 2012

Ending portfolio

balance 2013

Portfolio Balance

CrediPronto!

( R$ million) ( R$ million)

( R$ million)

1) Does not include amortization

Ending Portfolio Balance

CrediPronto!

(R$ MM)

The ending portfolio balance grew an average of 6.0% per month since dec/10 and it’s already R$ 4.0 billion.

40

707 881

1,162

1,454

1,756 1,989

2,266 2,492

2,771 2,986

3,328

3,688

4,031

de

c/1

0

ma

r/1

0

jun

/11

sep

/11

de

c/1

1

ma

r/1

2

jun

/12

sep

/12

de

c/1

2

ma

r/1

3

jun

/13

sep

/13

de

c/1

3

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 Credit Analysis Assessment of

the PropertyLegal Analysis Issuance of the

Contract

Release ofResources

24 hoursUntil 3

workingdays

2 working

days

3 working

days

5 working

days

Efficiency in Release of Credit

Ranking of Real Estate Financing 4Q13 (R$ MM)

41

1,456

High Growth Potential – Real Estate Financing equals only 5% of Brazilian GDP2

11,431

2,260

2,010 1,941 1,821 477

545

Caixa Itaú Banco doBrasil

Santander Bradesco HSBC

7,5% Market Share* 19% of Itaú

100

168 177 245 241

376

411

432 370 433 416

506

438

610

648 626

125 145 147 144 179 209 198 189 209

243 251 245

334 340 338

1,4% 1,9% 1,7% 2,4% 2,4% 3,0% 2,8% 3,1% 2,8% 3,0% 2,4% 2,9% 2,5% 2,6% 2,7% 2,6%

4,7% 5,8% 5,1%

6,1% 5,7% 7,3%

6,4% 6,8% 6,9% 7,4% 7,5% 8,5% 7,9% 8,5% 8,2% 7,5%

Credipronto! Market Market Share CDP! Market Share CDP!(Private Banks)

Operating Highlights

42

12,525 8,528

2,536

2,202

2012 2013

Primary market Secondary market

14,389 14,947

4,592 4,912

2012 2013

Primary market Secondary market

19,858 18,981

Transactions Closed

(R$ MM)

Transactions Closed

Number of Transactions Closed

Transactions Closed in 2013 increased 5% when compared to 2012

43

58,923

49,022

Financial Highlights

44

86.1 97.9

-

44.2

2012 2013

142.1

(28%)

2013 Financial Highlights

Net Revenue

Net Income Attributable to Controlling

Shareholders before IFRS1

Net Margin (%)

1) We consider the net income adjusted by non cash IFRS 3 effects (Business Combination) the most accurate net income indicator.

2) Includes results from subsidiaries and companies under shared-control, in accordance with equity accounting, and results from non-controlling shareholders.

Note: EBITDA is not an accounting measure and does not represent the cash flow for the reported periods, and therefore should not be used as an alternative

to cash flow as a measure of liquidity. The Company’s EBITDA was calculated in accordance with CVM Instruction 52.

3) Non recurring: Partial recognition of the 2nd installment of CrediPronto's earnout, expenses related to CrediPronto's earnout and restructuring charge 45

(21%) (22%)

Non-recurring³

Earnout

(R$ MM)

(R$ MM)

146.6 171.9

-

50.5

2012 2013

222.4 (44%)

EBITDA2

EBITDA Margin (%)

Non-recurring³

(R$ MM)

(36%) (38%)

412.8 448.1

- 55.6

2012 2013

503.8

46

EBITDA¹ CAGR

(R$ MM)

Net Revenue CAGR

(R$ MM)

EBITDA and Net Revenue

1) Includes results from subsidiaries and companies under shared-control, in accordance with equity accounting, and results from non-controlling shareholders.

Note: EBITDA is not an accounting measure and does not represent the cash flow for the reported periods, and therefore should not be used as an alternative to

cash flow as a measure of liquidity. The Company’s EBITDA was calculated in accordance with CVM Instruction 527.

134.9 146.6

171.9

2011 2012 2013

401.1 412.8 448.1

2011 2012 2013

2013 Results

47

A

B

C

Net effect of partial recognition of the second installment of CrediPronto’s earnout;

Non-recurring expenses: (R$ 4.2 million) restructuring charge and (R$ 0.9 million) bonus accrual referred to partial recognition of CrediPronto’s earnout;

Income Tax impact referred to partial recognition of CrediPronto’s earnout;

Lopes Net Commission

48

Net Comission Fee

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

BRAZIL 2.4% 2.3% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4%

Primary

SP 3.1% 2.8% 3.1% 3.0% 2.9% 2.9% 2.9% 2.9% 2.9%

Habitcasa 2.1% 2.0% 1.9% 2.1% 2.0% 2.4% 2.4% 2.4% 2.2%

RJ 2.1% 2.1% 2.1% 2.0% 2.2% 2.2% 2.1% 2.0% 2.1%

Other Markets 2.1% 2.1% 2.0% 2.1% 2.1% 2.1% 2.1% 2.1% 1.9%

Secondary

SP 2.4% 2.2% 2.2% 2.4% 2.2% 2.3% 2.4% 2.1% 2.5%

RJ 2.3% 2.3% 2.0% 2.3% 2.2% 2.3% 2.2% 2.3% 2.3%

Other Markets 2.5% 2.3% 2.5% 2.1% 2.5% 2.0% 2.3% 3.0% 2.6%

CrediPronto!

1 – Weighted average portfolio balance

• The numbers of the managerial P&L were audited for 2013 by Ernst&Young and, due to its managerial nature, it does not follow accounting standards.

P&L* 2013 (R$ thousand)

49

Total

Executed contracts 2,019,989

Opening portfolio 2,771,051

Closing portfolio 4,030,957

Average portfolio balance¹ 3,329,343

Financial Margin 58,141

% Spread 1.7%

(-) Sales taxes -4,234

(-) Total dos custos e despesas -69,599

(-) Backoffice Expenses -13,970

(-) Sales Expenses -33,644

(-) Commissions paid -19,876

(-) Insurance and claims (+/-) -2,337

(+) Other revenues (Financ.) 340

(-) ADA -112

(-) IRPJ/CSLL (Itaú Balance) -4,164

(=) Net result -19,857

% Net Margin -34.15%

50% Profit Sharing -9,928

(+) Retention of Commissions 1,330

CrediPronto! Result (LPS) -8,598

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

Recovery of

Property

¹ Including general allowance

Default

Financial Margin

Expenses¹

Specific Allowance

Result

50

Sale of the

recovered

property

Additional Information

51

Lopes’ Contracted Sales Seasonality – Primary Market

* The seasonality can not be verified in 2008, because of the effects of the world financial crisis.

29%

Average of Historical

Seasonality of the

fourth quarter:

52

18% 14%

23%

15% 19% 19%

21% 22%

31%

22%

32%

24% 25%

27%

26%

28% 22%

23% 29% 28% 26%

24% 26%

21%

29%

41%

16%

33% 30% 30%

27% 29%

2006 2007 2008* 2009 2010 2011 2012 2013

1Q 2Q 3Q 4Q

Ownership Structure

Ownership Structure | December 2013

31,5%

22,7%

0,2%

45,5%

Rosediamond Chairman and Vice Chairman Management Free Float

53

Total of 114,381,716 common shares

Company Roadmap

Achieve dominant position in Secondary Market,

Growing from 26% 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.

54

Contacts

INVESTOR RELATIONS CONTACT

E mail: ri@lopes.com.br

Website: www.lopes.com.br/ri

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