1Q10 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, 2010. 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

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Highlights

 Contracted sales totaled R$2.5 billion in 1Q10, 80% higher than 1Q09.

Lopes sold 10,521 units in Brazil in 1Q10, an 89% increase when compared to the 1Q09, of which 41% were in the low-income segment (units priced up to R$150k).

Consolidated Sales Speed Over Supply stood at 43%, when isolating the low-income segment, Habitcasa´s Sales Speed Over Supply was 61%, both among one of the largest sales speed of the sector.

The State of São Paulo accounted for R$1.5 billion of our contracted sales, positioning Lopes as the leader in the biggest Brazilian market. In the markets of Brasília and the South Region, Lopes also stood up as the leader with R$350 million and R$244 million sales respectively.

The Company opened its new units: Lopes Focus, Lopes ABC, new head office of Rio de Janeiro, Lopes Curitiba, Habitcasa Campo Grande-RJ and Habitcasa Nova Iguaçu – RJ. In addition, three new Pronto! stores were opened in Sao Paulo. Through these new units, the Company seeks to strengthen its strategy of liquidity.

In 1Q10, CrediPronto! granted mortgage loans worth R$87 million .Since the beginning of its operations until March this year, the amount financed by Credipronto! already reached R$291 million.

Lopes Net Revenue totaled R$63 million, an increase of 82% when compared to the 1Q09.

Pro-forma EBITDA in 1Q10 was R$22.4 million, an increase of 293% over 1Q09. Pro‑forma EBITDA Margin was 36%.

Lopes posted Pro-forma Net Income of R$12.4 million in 1Q10, up 296% year-on-year. Pro‑forma Net Margin was 20% in 1Q10.

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Operational Results

Launches

GVS Launched Units Launched

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1Q09 1Q10

2,212 2,897

1Q09 1Q10

7,496

13,971

86%31%

(R$ MM)

1Q09 1Q10

5,359

10,117 197

404

Primary Market Secondary Market

Contracted Sales

(R$ MM)

Contracted Sales

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1Q09 1Q10

1,339

2,359 72

187

Primary Market Secondary Market

1,411

80%

5,556

Units Sold

89%

2,545 10,521

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4Q09 1Q10

26.5%

42.7%

4Q09 1Q10

69.7% 61.0%

Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed

Sales Speed over Supply

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

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40%

42%

13%6%

17%

40%24%

19%17%

36%24%

23%

41%

42%

13%5%

1Q09

1Q09

1Q10

1Q10

Units Sold

Contracted Sales

Sales by Income Segment 1Q10

Total units sold = 10,521

Total Contracted Sales = R$2,545 million

54%

14%

5%

5%

10%12%

São Paulo Brasília CampinasRio de Janeiro South Region Other

41%

24%6%

6%

7%

16%

1Q10

1Q09

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Contracted Sales

Contracted Sales by Geographic Region

Primary Market

Contracted Sales Units Sold

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1Q09 1Q10

1,339

2,359

1Q09 1Q10

5,359

10,117

89%76%

(R$ MM)

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New Units – Lopes Focus

Lopes Focus is the first unit exclusively dedicated to the sales of inventory.

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New Units – Lopes ABC

Lopes opened its unit in the ABC region, the third largest market in the state of São Paulo.

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New Units – Lopes Rio de Janeiro (new head office)

Lopes opened its new head office in Rio de Janeiro to better meet the potential of this market.

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New Units – Lopes Curitiba

Lopes opened its head office in Curitiba, a region with great potential for the Brazilian real estate market.

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New Units – Habitcasa RJ: Campo Grande and Nova Iguaçu

Secondary Market

Contracted Sales Units Sold

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1Q09 1Q10

72

187

1Q09 1Q10

197

404

105%

160%

(R$ MM)

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Pronto!

1Q09

2Q09

9 Stores

23 Stores

93 Stores3Q09

205 Stores1Q10

152 Stores4Q09

Secondary Market

Sales Point(Owned Stores)

Sales Point(Rede Pronto!)

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1Q09 1Q10

9

30

1Q09 1Q10

-

175

233%

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New Units – Pronto! Moema, Pompéia and Vila Mariana

Pronto! Moema Pronto! Vila Mariana

Pronto! Pompéia

CrediPronto!

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(R$ MM)CrediPronto!’s Financing

(R$ MM)

1Q09 1Q10

21.7

86.9

300%

In 1Q10, CrediPronto! financed R$86.9 million, ammounting to 334 contracts. The average payment term in the period was 270 months.

jan/10 feb/10 mar/10

216.7

247.4

290.9

Mortgage Portfolio Evolution

CrediPronto!

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Since the beginning of its operation, CrediPronto! already financed R$291 million.

(R$ MM)

Some Examples of Successful Projects 1Q10

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100% SOLD

100% SOLD

100% SOLD

100% SOLD

100% SOLD

100% SOLD

100% SOLD

100% SOLD

100% SOLD

100% SOLD

100% SOLD

99% SOLD

100% SOLD

98% SOLD

98% SOLD

Liber Bosque dos JequetibasSão Paulo – January

Living

Atua Mooca IISão Paulo – February

Atua

Espaço e Vida Ipoema IIMogi das Cruzes – March

Helbor

Helbor SunshineSantos – March

Helbor

Arc de Frence ResidenceFortaleza –February

Mota Machado

0

0

Novo Horizonte Jardins IIBelo Horizonte – February

Dominus

Residencial dos Veleiros - 1ª FaseParnamirim – January

MRV

In Breeini São Paulo– February

Camargo Corrêa

TribecaSão Paulo– March

Even

Helbor Home Flex PacaembuSão Paulo – January

Helbor

Real Celebration Life ClubÁguas Claras – February

Real Engenharia

SerenitáPorto Alegre – January

Goldstein / Cyrela

Alameda Clube ResidencialCuritiba – March

Living

Portal Bordon II – Fase 7Sumare – March

Scopel

Portal do ValeTaubaté – January

Scopel

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97% SOLD

88% SOLD

87% SOLD

86% SOLD

85% SOLD

80% SOLD

78% SOLD

73% SOLD

70% SOLD

67% SOLD

69% SOLD

SohoOfficeSão Paulo – March

Even

Isla Life StyleGuará – March

EBM

Code Campo BeloSão Paulo – March

Even

Parque das Flores – Jardim São Paulo – March

Agre

Rossi Ideal Hortolândia – Cond LaranjeirasHortolândia – MarchRossi / Forn / GNO

0Porto das PedrasSalvador – JanuaryTriplo Engenharia

Bella Vittà JacareíJacareí – March

Scopel

Rossi Ideal Hortolândia – Cond PitangueirasHortolância – MarchRossi / Forn / GNO

Livre Buritis – 1ª EtapaGoiania – March

FR Incorporadora

Belle VilleCampinas – March

ACS

0Prado Gallerie

Porto Alegre – JanuaryGoldsztein

Blue CenterRio de Janeiro – February

Disa Catisa

Rossi Ideal Cores de MogiMogi das Cruzes – January

Rossi

Reserva Santa LuisaRibeirão Preto – March

Scopel

Acquaplay – 3ª FaseSantos– February

Tecnisa

97% SOLD

91% SOLD

90% SOLD

90% SOLD

Some Examples of Successful Projects 1Q10

Financial Results

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Net Commission by Market

Net Commission

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São Paulo Rio de Janeiro Other Markets Brazil

2.64%1.90%

2.48% 2.39%

São Paulo Rio de Janeiro Other Markets Brazil

2.84% 2.47% 2.25% 2.59%

1Q09

1Q10

Results 1Q10

         

 Results 1Q10 (R$ ‘000)

 LOPES PRONTO!

CREDIPRONTO!

CONSOLIDATED

  Net Revenue 60,481 2355 118 62,954

Operating Costs and Expenses (35,949) (3,066) (1,321) (40,336)

Stock Option Expenses (CPC 10) (818)     (818)

  Expenses Accrual from Itaú (238)     (238)

Pro-Forma EBITDA1 24,294 (711) (1,203) 22,380

  Pro-Forma EBITDA Margin 40% -30% -1020% 36%

Pro-Forma Net Income2 14,032 (976) (627) 12,429

Pro-Forma Net Income Margin 23% -41% -532% 20%

 

Without Pronto! and Credipronto!’s effect, Lopes’ EBITDA would’ve been R$24

millions, with a 40% margin and a Net Income of R$14 million,

with a 23% margin.

Brasília had a R$5,2 million Income, while Campinas had a

R$1,5 million Income, what explains the minorities Interests

of R$4,0 million.

281 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.

Gross and Net Revenue

Net Revenue

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1Q09 1Q10

34.7

63.0

82%

(R$ MM)

Gross Revenue

1Q09 1Q10

38.3

69.3

81%

(R$ MM)

Total Operating Costs and

Expenses

Pronto! and Credipronto! Costs

Operating Costs and Expenses

43.8

3.4

4.7

35.7

Costs of Services Provided and Operating Expenses

1Q10 Operating Costs and Expenses

(R$ MM)

Other R$3.4 MM

Itaú’s Expenses to Accrue R$0.2 MM

Depreciation R$2.4 MM

Stock Option Expenses (CPC 10) R$0.8 MM

Other

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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.

EBITDA Stock Option Expenses (CPC

10)

Pro Forma EBITDA

Pronto! and CrediPronto!'s

EBITDA

Pro Forma EBITDA without

Pronto! and CrediPronto!

21.6

(0.8)

22.4

(1.9)

24.3

EBITDA Pro Forma without Pronto! and CrediPronto! 1Q10

Pro Forma EBITDA Margin

(R$ MM)

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1Q09 1Q10

5.7

22.4

5.7

22.4293%

36%

16%

1Q09 1Q10

3.1

12.4

Pro Forma Net Income*

Pro Forma Net Income

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

Pro Forma Net Income without Pronto! and CrediPronto! 2009

(R$ MM)

Pro Forma Net Margin

(R$ MM)

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296%

20%

9%

Accounting Net In-

come

Stock Option Expenses

(CPC 10)

Pro Forma Net Income

Net Income Pronto!

and CrediPronto!

Pro Forma Net Income without

Pronto! and CrediPronto!

11.6

(0.8)

12.4

(1.6)

14.0

1Q10

EBITDA

1Q09

Net IncomeEBITDA Margin

5.7

22.4

293%

3.1

12.4

296% 11 p.p.

Net Margin

20 p.p.

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(R$MM)

9%

20%

16%

36%

With an EBITDA margin of 36% and net margin of 20%, Lopes continued for the fourth consecutive quarter to present the best

margins among the brokerage companies .

Margin Analysis

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Assets Liabilities

(R$ MM)

Cash and Cash & Equivalents 154

Debts 0

Receivable From Clients 66.9

Payment for Acquisitions (89.1)

Cash Generation

Schedule of Payment for Acquisitions (R$ thousand)

2Q10 3Q10 Earn Out* Total

Lopes Total 563 13,100 75,394 89,05

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* The payment of our acquisitions’ earn-out will occur on 2010 and 2011 and the amounts presented in the chart above are based on the current market conditions.

1Q10 Results Conference Call

Portuguese English

Date: 05/18/2010, Tuesday Date: 05/18/2010, Tuesday

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: +1 888-700-0802Telephone other countries: +1 786 924-6977Password: Lopes

Replay: Replay:http://webcall.riweb.com.br/lopes/20100518/index.asp

http://webcall.riweb.com.br/lopes/20100518/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

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