1Q09 Conference Call Presentation Results

PresentersMarcos Lopes – CEOFrancisco Lopes – COOMarcello Leone – CFO and IRO

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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 March 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.

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Program

I. Highlights

II. Operational Results

III.Financial Results

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Highlights

 

Contracted sales in 1Q09 totaled R$1,411.5 million, of which R$1,339.1 million in the primary

market and R$72.4 million in the secondary market.

São Paulo represented R$573.7 million, Rio de Janeiro, R$86.7 million and other markets R$751.1

million in 1Q09. The share of contracted sales in Brasília grew significantly, rising from 9% in 4Q08, to

24%, or R$342.0 million, in 1Q09.

Lopes sold 5,556 units in the Brazilian market in 1Q09, of which 2,227 were in the low income

segment (up to R$150,000 each).

Lopes’ Sales Speed over Supply was 19% in 1Q09 against 16.3% in 4Q08, that reflects the

Company's ability to react rapidly to the improvement of the market sales conditions .

EBITDA Pro Forma in 1Q09 was R$5.7 million, a increase of 229% when compared to 4Q08. EBITDA

Pro Forma Margin in 1Q09 was 16.41%.

Lopes achieved Net income Pro Forma of R$3.1 million no 1Q09, 124% higher than in the 4Q08. Net

Pro Forma Margin in 1Q09 was 9.05%.

Lopes’ Operating Costs and Expenses in 1Q09 fell by 36% when compared to 4Q08 due to the

implementation of cost reductions in the second half of 2008. Operating Costs and Expenses of new

launches, excluding non-recurring items, were R$25.1 million. 5

Highlights

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Operational Results

Contracted Sales

(R$ MM)

Contracted Sales

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2,336

1,441-12%

1,600

Contracted Sales Evolution by Geographic Region

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Contracted Sales Contracted Sales

4Q08 1Q09

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São Paulo

Rio de Janeiro

Other Markets

Units Sold Units Sold

Units Sold by Segment

1Q09

Total of units sold = 5,556

Sales Speed over Supply - Lopes

Brazil’s Sales Speed

Brazil’s Sales Speed

* Management information.

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Financial Results

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Reasons for the Decrease of the net Commission

1Q08

1Q09

Net Commission Net Commission Market MixMarket Mix

Brasília

Brasília

Net Commission São Paulo

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Results 1Q09

          

 1Q09 Results(R$ thousand)

  LOPES PRONTO! CREDIPRONTO! CONSOLIDATED

  Net Revenue 32,820 1,073 763 34,656

    Operating Costs and Expenses (25,141) (2,884) (704) (28,729)

    Stock Option Expenses(CPC 10) (824) - - (824)

      Expenses Appropriated from Itaú (238) - - (238)

EBITDA Pro-Forma 7,442 (1,812) 59 5,689

  Pro-Forma EBITDA Margin 22.68% -168.9% 7.7% 16.4%

  Non- Recurring Expenses (1,313) (37) - (1,351)

Net income Pro-Forma 4,614 (1,782) 304 3,136

Pro-Forma Net Margin 14.06% -166.1% 39.79% 9.05%

 

Without Pronto! and CrediPronto!’s effects Lopes’ EBITDA would achieve R$7,4

million, with a 23% margin, and a Net Income of R$4,6 million,

with a 14% margin.

Brasília had a R$4,7 million Income, while Campinas had a

R$1,0 million Income.

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EBITDA Pro Forma*

EBITDA Pro FormaEBITDA Pro Forma

(R$ MM)

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

EBITDA Pro Forma without Pronto! and EBITDA Pro Forma without Pronto! and CreditPronto!CreditPronto!

EBITDA Pro Forma Margin

229%

(12.0)%

42.3%

16.4%

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Net Income Pro Forma*

Net Income Pro FormaNet Income Pro Forma

*Net Income Pro Forma is a non-accounting measure drawn up by Lopes which consists of net income excluding the effect of stock option expenses and One-Off costs related to our Pará subsidiary.

Net Income Pro Forma without Pronto! and Net Income Pro Forma without Pronto! and CrediPronto!CrediPronto!

(R$ MM)

Net Pro Forma Margin

27.1%

9.0%

124%

(37.3)%

                         

  Operating Costs and Expenses    

  (R$ thousands)    

    4Q08 1Q09 Lopes Pronto! Var. %

  Personnel expenses   22,010   13,980   12,435   1,530   (37%)  

  Commissions and other services   2,120   1,091   959   117   (49%)  

  Third party services, advisory and consulting

7,155 2,344  

2,050

 

279 (67)%  

  Infrastructure   2,872   3,279   2,707   557   14%  

  Telecommunications   4,028   2,028   1,908   106   (50%)  

  Advertising and marketing   3,884   1,416   1,238   163   (64%)  

  Depreciation   1,500   1,633   1,406   228   9%  

  Office supplies   436   393   349   29   (10%)  

  Other operating expenses   (296)   3,493   3,373   105   (1,280%)  

  Stock Option expenses   6,299   824   824   -   (87%)  

  Itaú expenses to accrue   -   238   238   -   -  

Non-recurring Loss -   1,351 1,313 37   -

  Total   50,011   32,071   28,960   3,112   (36%)                         

* The total costs and operating expenses include the 4Q08 write-off on CPC04 of $ 10 million and the reversal of interest on Patrimóvel of $ 14.6 million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does not include the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú. The other operating expense line in 4Q08 includes financial results. If excluded, the amount would have been R$12.9 million.

Costs of Services Provided and Operating Expenses

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(R$ MM)

Other R$3.8M

Itaú‘s expenses to accrue R$0.2 MM

Depreciation R$1.4 MM

Pará’s One-Off Costs R$1.3 MM

Stock Option R$0.8 MMOther

Costs of Services Provided and Operating Expenses

Operating Costs and ExpensesOperating Costs and Expenses

1T09 Results Conference Call

Portuguese EnglishDate: 05/15/2009, Friday Data: : 05/15/2009, FridayTime: 15h30 (BR Time) / 14h30 (NY Time) Time: 17h (BR Time)/ 16h (NY Time)Telephone: +55 (11) 4688-6301 Telephone: +55 (11) 4688-6301

+1 786 924-6977Password: Lopes Password: LopesReplay: (55 11) 4688-6312 Replay: (55 11) 4688-6312Replay Code: 804 Replay Code: 102

CONTACTS

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

Samia NemerIR Coordinator Tel. +55 (11) 3067-0257

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

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