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2013/4Q13 Presentation

Presenters

Marcos Lopes – CEO

Francisco Lopes – COO

Marcello Leone – CFO and IRO

Bruno Gama - COO CrediPronto!

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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 financial and other information related to the business operations of Lopes –LPS Brasil

Consultoria de Imóveis S.A and its subsidiaries (“LPS” or the “Company”) as of and for the period ended

December 31th 2013. 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.

Forward-looking statements

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Schedule

I. Highlights

II. Operational Results

III. Credipronto!

IV. Financial Results

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Highlights

2013 Highlights

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Total transactions closed reached a record R$ 19.9 billion.

We had the best year ever in transactions closed in the primary market in our history. Transactions closed in the

primary market totaled R$ 14.9 billion, an increase of 4% when compared to 2012.

A record of R$ 4.9 billion in transactions closed in the secondary market, up 7% from 2012.

Net revenue came to R$ 503.8 million, up 22% from 2012.

EBITDA of R$ 222.4 million, and adjusted EBITDA by non-recurring effects of R$ 171.9 million, the best indicators

ever achieved by the company.

EBITDA Margin adjusted by non-recurring effects of 38.4%, 290 bps above 2012.

Net income of controlling shareholders before IFRS was R$ 142.1 million, with net margin of 28.2%. Up 65% from

2012 and increase of 730 bps of net margin.

Credipronto! originated a volume of R$ 2.0 billion, up 34% from 2012.

Credipronto!’s mortgage loan portfolio reached R$ 4.0 billion, an increase of 45% from 2012.

We recognized R$ 57.7 million in 2013 from the second stake of Credipronto!’s earnout

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Operational Results

Transactions Closed

(R$ MM)

Transactions Closed

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Number of Transactions Closed

+5%

+11%

2013

19,858

14,947

4,912

2012

18,981

14,389

4,592

4Q13

5,656

4,370 1,286

4Q12

5,101

3,886 1,216

Primary Market Secondary Market

-14%

2013

-17%

49,022

40,624

8,398

2012

58,923

48,988

9,935

4Q13

13,897

12,099 1,798

4Q12

16,082

13,655 2,427

(# units)

Sales Speed over Supply

Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed

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4Q13

16.6%

3Q13

15.7%

4Q13

19.5%

3Q13

25.8%

(%) (%)

Transactions closed/supply ratio fell when compared to 3Q13

Units

Transactions Closed

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49,022 units

R$ 19,858 million

Transactions Closed by Income Segment – Primary / Secondary Markets

36%

26%

30%

8%

43%

27%

25%

5%

10%

38%

17% 35%

>600 <150 150-350 350-600

15%

37%

22%

27%

R$ 18,981 million

58,923 units

20132012

2012 2013

Transactions Closed by Region – Primary and Secondary Market

Transactions Closed

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6% 5%

13%

4%

21%

51%

5% 5%

15%

4%

21%

51%

Others

Northest

South

Brasília

Rio de janeiro

São Paulo

2013

Increase of 200 basis points of South region’s stake

2012

Breakdown of Transactions Closed

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Breakdown Transactions Closed

(%)

39% 41%

61% 59%

44%50%

56%50%

2013 2012 2011 2010

Listed Homebuilders

Non Listed Homebuilders

Breakdown Transactions Closed Primary Market

(%)

25%

31%

44%

Secondary Market

Listed Homebuilders

Non Listed Homebuilders

Breakdown of Homebuilders

55%

68% 64%

67% 65%

55%

45%

32% 36% 33% 35% 45%

2012 2013 1Q13 2Q13 3Q13 4Q13

Other Homebuilders Top 10 Homebuilders

9% 5% 7% 5% 6%

10%

7%

5% 5% 5% 5%

8%

6% 5%

5% 4% 5%

5%

5% 4% 5% 4% 4%

4%

4% 3% 4% 3% 4% 4%

2012 2013 1Q13 2Q13 3Q13 4Q13

1st 2nd 3rd 4th 5th

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Breakdown – Homebuilders Breakdown Top 5 Homebuilders

(%) (%)

LPS Brasil in the Mortgage Market

CrediPronto!

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CrediPronto!

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R$2,020 MM in Mortgages

Average LTV of 58.4%

6,555 Contracts Average Period of 305 months

Average Rate of 8.8% + TR

2013

Financed Volume

CrediPronto!

(R$ MM)

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(R$ MM)

Mortgage Portfolio

545440

+24%

4Q13 4Q12 2012 2013

1,503

2,020

+34%

4,031

+45%

Ending Portfolio Balance 4Q13

Ending Portfolio Balance 4Q12

2,771

The average portfolio balance was R$ 3,3 billion in 2013. The total volume granted until Dec,13 reached R$ 5.6 billion

CrediPronto!

517 707

881 1,162

1,454

1,756 1,989

2,266 2,492

2,771 2,986

3,328

3,688

4,031

Sep, 10 Dec, 10 Mar, 11 Jun, 11 Sep, 11 Dec, 11 Mar, 12 Jun, 12 Sep, 12 Dec, 12 Mar, 13 Jun, 13 Sep, 13 Dec, 13

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Ending Portfolio Balance

(R$ MM)

The ending portfolio balance of Credipronto! has been growing on average 6.0% per month since Sep,10 and reached R$ 4.0 billion in Dec, 13

CrediPronto! P&L

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(R$ Thousand)

CrediPronto’s 2013 Result

1- Weighted average portfolio balance. *2013 managerial P&L figures were reviewed by Ernst&Young and, as a result of their managerial nature, do not following accounting standards.

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

Financial Results

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Net Commission by Market

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%

Gross and Net Revenue

Net Revenue

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(R$ MM)

Gross Revenue

(R$ MM)

Net revenue grew 22% and reached R$ 503.8 million in 2013

CrediPronto’s earnout CrediPronto’s earnout

4Q12

14.8

4Q13

+25%

124.0 111.4

138.8 +11%

503.8

412.8

2013 2012

412.8 448.1

55.6

+22%

+9%

4Q12

156.9

+24%

127.0

15.4

141.5

4Q13

+11%

2012 2013

470.4

470.4

567.1

509.3

57.7

+8%

+21%

CrediPronto’s earnout CrediPronto’s earnout

2013 Gross Revenue Reconciliation

IMPORTANT CRITERIA FOR CONTRACTED SALES

The contracted sales released in the quarter is exclusively based on the invoiced sales,

which multiplied by the net commission result in the gross revenue of the quarter.

Thus, the contracted sales meets all the criteria for accounting the Company’s gross

revenue, even including the contract approval by the homebuilder. Additional sales

generated during this same period, that do not meet all the accounting criteria were not

considered as contracted sales of the period.

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2013 - Gross Revenue Reconciliation (R$ Million)

Contracted Sales (a) 19,858

Net Comission (b) 2.40%

Gross Brokerage

Revenue (a) x (b)475.9

Earn Out Recognition 57.7

Revenue to Accrue from Itaú

Operations14.5

Other revenues 23.1

Adjustment to Present Value (4.1)

Gross Revenue 567.1

Results 2013 Before IFRS

(R$ thousand)

Launches Pronto! CrediPronto!Consolidated

Ex. Non-recurringNon-recurring Consolidated

Gross Service Revenue 374,682 115,817 18,896 509,395 57,733 567,128

Revenue from Real Estate Brokerage 363,846 116,283 18,896 499,024 - 499,024

Revenue to Accrue from Itaú Operations 14,500 - - 14,500 - 14,500

Earn Out - - - - 57,733 57,733

Adjustment to Present Value (3,664) (465) - (4,129) - (4,129)

Net Operating Revenue 329,208 101,818 17,104 448,130 55,626 503,755

(-)Costs and Expenses (136,437) (52,029) (14,926) (203,392) (2,966) (206,358)

(-)Shared Services (54,899) (16,932) - (71,830) (2,159) (73,989)

(-) Stock Option Expenses CPC10 (1,461) - - (1,461) - (1,461)

(-) Expenses to Accrue from Itaú (953) - - (953) - (953)

(+/-) Equity Equivalence - - 1,371 1,371 - 1,371

(=)EBITDA 135,458 32,857 3,549 171,864 50,500 222,364

EBITDA Margin 41.1% 32.3% 20.8% 38.4% 44.1%

(-)Depreciation and amortization (11,579) (4,385) (0) (15,964) - (15,964)

(+/-) Financial Result 11,552 4,065 7 15,624 - 15,624

(-)Income tax and social contribution (25,875) (10,371) (3,954) (40,200) (6,279) (46,480)

(=)Net income before IFRS 109,555 22,166 (398) 131,323 44,221 175,544

Net Margin before IFRS 33.3% 21.8% -2.3% 29.3% 34.8%

(-) Non-controlling Shareholders (33,407) (33,407)

(=) Net Income Attributable to Controlling Shareholders Before IFRS* 97,917 44,221 142,138

Net Margin Controlling Shareholders 21.9% 28.2%

*W e consider the net income ajusted by non cash IFRS 3 effects (Business Combination) the best net income indicator

2013 Results

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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;

A

B

C

Net Income 2013 by segment

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Launches Net Income Before IFRS

Net Margin (%)

109,555 (33%)

Amortization of intangible assets

24,584

Impairment

19,363

Call/put effect

10,178

Earnout impact

6,306

Taxes over intangible assets

12,944

Launches Net Income After IFRS

Net Margin (%)

74,680 (23%)

Pronto! Net Income Before IFRS

Net Margin (%)

22,166 (22%)

Impairment

22,404

Amortization of intangible assets

19,594

Earnout Impact

13,228

Call/put effect

54,009

Pronto! Net Income after IFRS

Net Margin (%)

47,405 (47%)

Net Income from launches 2013 (R$ Thousand)

Net Income from Pronto! 2013 (R$ Thousand)

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4Q13 / 2013 Results – Launches segment before IFRS

Launches EBITDA & Margin

Launches Net Income & Margin before IFRS

(R$ MM) (R$ MM)

2012 2013

122.9 (40%) +44%

4Q13

43.4 (47%)

4Q12

30.3 (36%)

+10%

135.5 (41%)

4Q13

+52%

33.8 (37%)

4Q12

22.3 (27%)

109.6 (33%) 96.2

(31%)

2013 2012

+14%

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4Q13 / 2013 Results – Pronto! segment before IFRS

Pronto! EBITDA & Margin

Pronto! Net Income & Margin before IFRS

(R$ MM) (R$ MM)

+125%

4Q13

10.9 (40%)

4Q12

4.9 (20%)

2012 2013

20.6 (22%)

32.9 (32%)

+60%

+319%

4Q13

9.4 (35%)

4Q12

2.2 (9%)

2012 2013

12.9 (14%)

22.2 (22%)

+72%

Expenses

1) Excludes costs and expenses of CrediPronto!.. 2) Fonte: IBGE

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Operacional Expenses

0% (-0.6)

2013

258.5

2012

259.1

IPCA²

+6%

2013

983.3

2012

928.4

(R$ MM)

EBITDA and Margin

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EBITDA1

EBITDA Margin (%)

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

37.1 (33%)

222.4 (44%)

171.9 (38%)

50.5

+17%

+52%

+46%

+86%

2013

54.3 (44%)

69.0 (50%) 146.6

(36%) 14.7

4Q12 2012 4Q13

Non-recurring²

Non-recurring²

(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.

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EBITDA¹ CAGR

(R$ MM)

2011 2012

146.6 171.9

134.9

2013

Net Revenue CAGR

(R$ MM)

2011 2012

412.8 448.1

401.1

2013

Net Income and Margin Before IFRS

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Net Income Attributable to Controlling Shareholders ex-IFRS 1

Net Margin (%)

1) We consider the net income adjusted by non cash IFRS 3 effects (Business Combination) the most accurate net income indicator. 2) Non recurring: Partial recognition of the 2nd installment of CrediPronto's earnout, expenses related to CrediPronto's earnout and restructuring charge.

4Q12

18.5 (17%)

+14%

2012 2013

+75%

+145%

86.1 (21%)

142.1 (28%)

+65%

44.2

97.9 (22%)

4Q13

45.4 (33%)

32.3 (26%)

13.0 Non-recurring²

Non-recurring²

(R$ MM)

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IFRS Impacts – Net Income before non-controlling shareholders

(1) Impairment of Goodwill and Intangible Assets from Acquisition. Since 2010, the acquisitions made by LPS Brasil are

accounted by the “CAP” of “Earnout” amounts. Every year, as the CAP amounts are not confirmed by the performance of the companies, goodwill and intangible assets are impaired accordingly, with a counter-entry reducing the earnout amounts payable. (2) Amortization of Intangible Assets. (3) Combined effect from: i) Gains and Losses, with non-cash net effects, from the booking of call and put options at subsidiaries, based on the fair value of future estimates, and ii) non-cash correction/write-off of earnout installments payable.

(4) Deferred income tax on intangible assets of LPS Brasil. (5) Effects related to deferred income tax and amortization of intangible assets at non-controlling shareholders.

Description Before IFRSIFRS Effects*

After IFRS Before IFRSIFRS Effects*

After IFRS

Net Revenue

Costs and Expenses -58,569 -11,257 -69,826 -239,623 -41,767 -281,390 (1)

Non-Recurring Losses 0 0 0

Depreciation and Amortization -4,921 -10,834 -15,755 -15,965 -44,178 -60,143 (2)

Finance Result 5,065 20,442 25,507 15,625 63,365 78,990 (3)

Operational Profit 80,363 -1,649 78,714 263,792 -22,580 241,212 (1)+(2)+(3)

Income tax and social contribution -13,596 9,624 -3,972 -46,481 12,944 -33,537 (4)

Net Income 66,767 7,975 74,742 217,311 -9,636 207,675 (1)+(2)+(3)+(4)

Non-controlling Shareholders -21,406 7,613 -13,793 -75,174 24,088 -51,086 (5)

Net Income attributable to

controlling shareholders45,361 15,588 60,949 142,138 14,452 156,590 (1)+(2)+(3)+(4)+(5)

* Noncash efects with IFRS 3 (Business Combination)

4Q13 2013

CONTACTS

IR Tel. +55 (11) 3067-0520/0312/0242

E-mail: ri@lopes.com.br www.lopes.com.br/ir

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