4Q09 Conference Call Presentation Results

Presenters

Marcos Lopes – CEO

Francisco Lopes – COO

Marcello Leone – CFO and IRO

2

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

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

December 31st, 2009. 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.

3

Program

I. Highlights

II. Operational Results

III. Financial Results

4

Highlights

5

Highlights

• In 4Q09, contracted sales totaled R$3.1 billion. In 2009, Lopes recorded contracted sales of R$9.3 billion, of

which R$8.7 billion was in the primary market.

• In 4Q09, São Paulo accounted for R$1.6 billion of overall contracted sales, Brasília for R$433 million and Other

Markets R$1.0 billion. In the year, São Paulo accounted for R$4.4 billion, Brasília R$1.6 billion and Other Markets

R$3.2 billion.

• Lopes sold 12,731 units in the Brazilian market in 4Q09, of which 5,095 (40%) were in the low-income segment

(units priced up to R$150,000), and 36,888 units in 2009, with 14,713 (40%) in the low-income segment.

• In 4Q09, the Sales Speed Over Supply stood at 27%, while for Habitcasa it was 70%.

• In 4Q09, CrediPronto! granted mortgage loans worth R$67 million, which corresponds to GVS (General Value of

Sales) of R$111 million. Since its operational launch, CrediPronto! has registered a mortgage volume of R$204

million, corresponding to GVS of R$325 million, surpassing its financing target for the period. CrediPronto!’s

guidance for 2010 is R$350 million in mortgages.

• The Company surpassed its 2009 sales guidance of R$9.0 billion, and has announced its sales guidance for 2010

as between R$12.0 billion and R$12.5 billion.

• Pro-forma EBITDA in 4Q09 was R$33 million, an increase of 11% over 3Q09, and R$90 million in 2009, 21% up over

2008. Pro forma EBITDA Margin was 46% in 4Q09 and 40% in 2009.

• Lopes posted Pro-forma Net Income of R$24 million in 4Q09, up 37% quarter-on-quarter, and R$55 million in

2009, up 72% year-on-year. Pro forma Net Margin was 33% in 4Q09 and 25% in 2009.

•The Company proposes the distribution of R$41.3 million in dividends for 2009. This represents the maximum

amount available for the payment of dividends.

6

Operational Results

Contracted Sales

(R$ BI)

Contracted Sales

1,509

2,851 2,448 2,851

8,031 8,658

91

210153

210

728

599

3,061

1,339

4Q08 4Q09 3Q09 4Q09 2008 2009

Primary Market Secondary Market Patrimóvel

91%

10,099

2,60118% 3,061

7

6% 9,257

1,600

8

2009 Contracted Sales

9.3 9,3 10.9

1.6

Lopes Patrimóvel (10% Lopes) Total Sales

Contracted Sales 2009

In 2009, Lopes’ Contracted Sales, adding up the sales of Patrimóvel, totaled

R$10.9 billion.

(R$ BI)

Sales Guidance – Primary and Secondary Market

9.0 9.3

12.0 – 12.5

Guidance 2009 2009 Contracted

Sales

Guidance 2010

Guidance

Lopes’ 2010 sales guidance is from R$12.0 to R$12.5 billion,

a growth of 32% when compared to 2009.

(R$ Bi)

9

32%

Sales Speed over Supply

29.3% 26.5%

3Q09 4Q09

Lopes' Consolidated Sales Speed

*Management information,

The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

65.9% 69.7%

3Q09 4Q09

Habitcasa’s Sales Speed

10

40%

42%

12%6%

<150K 150k-350k 350k-600k >600k

Units Sold

Sales by Income Segment 2009

Total units sold = 36,888

16%

38%22%

24%

Contracted GVS

Total Contracted GVS = R$9,257 million

11

Contracted Sales by Geographic Region

Contracted Sales

48%

18%

6%

6%

9%

13%

São Paulo Brasília Campinas Rio de Janeiro South Region Other

47%

7%5%

19%

7%

15%

20092008

12

Some Examples of Successful Projects 4Q09

Project: Atua Mooca II

Developer: Atua

Low Income Segment

Region: Mooca – São Paulo

Launch: Feb/10

Area: 34, 42, 43, 47 m²

Price per m²: R$ 2,380

Total Units: 232

100% sold

Project: Home Flex Pacaembu

Developer: Helbor

Middle Segment

Region: Barra Funda – São Paulo

Launch: Jan/10

Area: 57 m²

Price per m²: R$ 4,800/ m²

Total Units: 192

100% sold

Project: Praça Santana

Developer: Cyrela/Niss

High End Segment

Region: Casa Verde – São Paulo

Launch: Oct/09

Area: 134 m²

Price per m²: R$ 4,300/m²

Total Units: 108

95% sold

Project: Paulista Corporate

Developer: Gafisa

Commercial

Region: Ch. Santo Antônio – São Paulo

Launch: Oct/09

Area: 34, 83, 94 m²

Price per m² : R$ 12,100/m²

Total Units: 168

87% sold

13

CrediPronto!

14

Accumulated Mortgage Inventory in

the end of 2008 and 2009:

-Financed Volume: R$204MM

-GVS: R$325MM

-Contracts: 703

-Average Payment Term: 285 months

CrediPronto!’s Financing

(R$ MM)

The amount financed by CrediPronto! was achieved through our Pronto! Stores, that

totaled 152 stores

94,7

136,6

-

41.9

67.3

203.9

3Q09 4Q09 Late 2008 +

2009

61%

Guidance CrediPronto!

CrediPronto!

(R$ MM)

15

200 204

350

2009 Itaú's Earn Out

Goal

Accumulated

Financed Volume

in 2009

2010 Guidance

72%

127 credentialed stores in 2009

Strengthening and Expansion of

the credentialed stores

25 stores in 2009

Focus in investments for our

owed stores

Acquisition of significant players

in the Brazilian market

16

Value to be Achieved

Earn Out

R$220 MM adjusted

by the CDI

CrediPronto!

Greater

Market Value

Expansion in

the Secondary

Market

Achieving the highest potential of the business

Lopes’ Secondary Market Expansion

Credentialed Owned Stores M&A

Financial Results

17

Net Commission by Market

4Q08

4Q09

Net Commission

18

2.79% 2.49% 2.09% 2.49%

São Paulo Rio de Janeiro Other Markets Brazil

3.06%1.94%

2.46% 2.60%

São Paulo Rio de Janeiro Other Markets Brazil

Results 2009

Results 2009

(R$ ‘000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED

Net Revenue 216,658 6,777 1,258 224,693

Operating Costs and Expenses (121,383) (8.945) (3,563) (133,891)

Stock Option Expenses (CPC 10) (4,172) (4,172)

Expenses Accrual from Itaú (953) (953)

Pro-Forma EBITDA1 94,322 (2,167) (2,305) 89,850

Pro-Forma EBITDA Margin 44% -32% -183% 40%

Pro-Forma Net Income2 59,010 (2,864) (664) 55,482

Pro-Forma Net Income Margin 27% -42% -53% 25%

Without Pronto! and Credipronto!’s

effect, Lopes’ EBITDA would’ve been

R$94 millions, with a 44% margin and

a Net Income of R$59 million, with a

27% margin.

Brasília had a R$22.5 million Income,

while Campinas had a R$8.8 million

Income, what explains the minorities

Interests of R$18.1 million.

191 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.

Results 4Q09

Results 4Q09

(R$ ‘000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED

Net Revenue 69.142 2.527 95 71.763

Operating Costs and Expenses (34.616) (2.486) (1.445) (38.546)

Stock Option Expenses (CPC 10) (1.350) (1.350)

Expenses Accrual from Itaú (238) (238)

Pro-Forma EBITDA1 34.288 41 (1.350) 32.978

Pro-Forma EBITDA Margin 50% 2% -1425% 46%

Pro-Forma Net Income2 24.427 194 (640) 23.981

Pro-Forma Net Income Margin 35% 8% -675% 33%

Without Pronto! and Credipronto!’s

effect, Lopes’ EBITDA would’ve been

R$34 millions, with a 50% margin and

a Net Income of R$24 million, with a

35% margin.

Brasília had a R$4,6 million Income,

while Campinas had a R$2,2 million

Income, what explains the minorities

Interests of R$4,0 million.

201 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.2 Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.

42.5

3.9

4.3

34.4

Total Operating Costs

and Expenses

Pronto! and

Credipronto! Costs

Operating Costs

and Expenses

Costs of Services Provided and Operating Expenses

4Q09 Operating Costs and Expenses

(R$ MM)

Other R$3.9 MM

Itaú’s Expenses to Accrue R$0.2 MM

Depreciation R$2.3 MM

Stock Option Expenses (CPC 10) R$1.4 MM

Other

21

Pro Forma EBITDA*

Pro Forma EBITDA

(R$ MM)

* Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.

85.7

(4.2)

89.9

(4.4)

94.3

EBITDA Stock Option

Expenses (CPC 10)

Pro Forma EBITDA Pronto! and

CrediPronto!'s

EBITDA

Pro Forma EBITDA

without Pronto! and

CrediPronto!

EBITDA Pro Forma without Pronto! and CrediPronto! 2009

Pro Forma EBITDA Margin

(R$ MM)

22

29.633.0

74.089.9

3Q09 4Q09 2008 2009

21%32%

46%

40%

46%

11%

Pro Forma Net Income*

Pro Forma Net Income

* Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses.

50.0

(4.2) (1.3)

55.5

(3.5)

59.0

Accounting

Net Income

Stock Option

Expenses (CPC 10)

One Off Costs

(Pará)

Pro Forma

Net Income

Net Income Pronto!

and CrediPronto!

Pro Forma Net

Income without

Pronto! and

CrediPronto!

Pro Forma Net Income without Pronto! and CrediPronto! 2009

(R$ MM)

Margem Líquida Pro Forma

(R$ MM)

23

55.5

32.3 24.0

17.5

200920084Q093Q09

33%

25%

72%

14%

27%

37%

24

Margin Analyses

Pro Forma EBITDA Margin

Pro Forma Net Income Margin

42%45%

31%

-12%

16%40%

46% 46%

1Q 2Q 3Q 4Q

2008

2009

27% 26%

16%

-37%

9%

20%

27%33%

1Q 2Q 3Q 4Q

2008

200970 p.p.

58 p.p.

Cash Generation

136.0

25.8

(4.1) (4.1)

153.6

Cash Positon 3Q09 Operations Investments Financing Cash Positon 4Q09

Cash Flow 4Q09

(R$ MM)

In the 4Q09, Lopes’ cash and cash & equivalents increased R$17.6 million, what

totaled a R$153,6 million cash position in the quarter.

25

26

Dividend Distribution Proposal

49,997

31,000

41,333

28

8,683

41,333

10,333

Net Income Legal Reserve Capital Absorption

Available for Distribution

Mandatory Distribution

(25%)

Additional Dividends Proposed

(75%)

Total Dividends Proposed

(100%)

Dividend Distribution Proposal

A The Company proposes distribution of R$ 41.3 million in dividends, the maximum

amount available for payment.

(R$ ‘000)

4Q09 Results Conference Call

Portuguese English

Date: 03/05/2010, Friday Date: 03/05/2010, Friday

Time: 10h00 a.m. (BR Time) 08h00 a.m. (NY Time)

Time: 12h00 p.m. (BR Time) 10h00 a.m. (NY Time)

Telephone: (11) 4688-6361Password: Lopes

Telephone Brazil: (11) 4688-6361Telephone US: +1 888-700-0802

Telephone other countries: +1 786 924-6977Password: Lopes

Replay: Replay:http://webcall.riweb.com.br/lopes/20100305/index.asp http://webcall.riweb.com.br/lopes/20100305/english/index.asp

CONTACTS

Marcello LeoneCFO and IROTel. +55 (11) 3067-0015

Samia NemerIR CoordinatorTel. +55 (11) 3067-0257

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

Next Events

27