3Q09 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

September 30th, 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

Contracted Sales in the 3Q09 totaled R$2.6 billion, achieving R$2.4 billion on the primary

market and R$153 million on the secondary market.

Lopes sold 10,280 units in the 3Q09, 4,349 or 42% of which in the low income segment (up to

R$150 thousand).

Lopes’ Sales Speed was 29.3%, a significant number considering that Lopes, as proxy of the

industry, should have posted an average of the sector and not one of its best marks.

The same applies to Habitcasa with a Sales Speed over Supply of 65.9%.

CrediPronto! financed R$42 million in the 3Q09. Since it began to operate, in late 2008,

CrediPronto! already financed R$137 million.

In accordance to the results achieved, Lopes is rising its sales guidance to R$9.0 billion.

Pro forma EBITDA in the 3Q09 was R$30 million, an increase of 37% qoq and 45% yoy. Pro

forma EBITDA Margin in this quarter was 46%.

Pro forma Net Income was R$18 million in 3Q09, 61% higher on a qoq basis and 66% higher

on a yoy basis. Pro forma Net Income Margin in this quarter was 27%.

6

Operational Results

Contracted Sales

(R$ MM)

Contracted Sales

2,669

2,020

2,448

215

163

153

3Q08 2Q09 3Q09

Primary Market Secondary Market

2,883

2,601

19%2,183

7

3,037 2,669

2Q08 3Q08

2,020 2,448

2Q09 3Q09

21%- 12%

Contracted Sales Primary Market

Contracted Sales Primary Market

The growth between the 2Q09 and the 3Q09 is not only caused by seasonality, but it is also

caused by (i) Lopes’ liquidity potential, above all on inventory, and by (ii) more favorable

market conditions.

(R$ MM)

8

Sales Speed over Supply

25.9% 29.3%

2Q09 3Q09

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.

60.7% 65.9%

2Q09 3Q09

Habitcasa’s Sales Speed

9

42%

39%

12%6%

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

Units Sold

Sales by Income Segment 3Q09

Total units sold = 10,280

17%

36%22%

25%

Contracted GVS

Total Contracted GVS = R$2,601 million

10

Contracted Sales by Geographic Region

Contracted Sales

53%

16%

6%

5%

7%

13%

São Paulo Brasília Campinas Rio de Janeiro South Region Other

42%

9%7%

18%

8%

16%

3Q093Q08

11

Some Examples of Successful Projects 3Q09

Project: Vitória Pirituba Gaivota

Developer: Cytec/Living

Low Income Segment

Region: Pirituba – São Paulo

Launch: Sep/09

Area: 44m²

Price per m²: R$ 2,400

Total Units: 264

100% sold

Project: Good Life Vila Romana

Developer: Yuny

Middle Segment

Region: Lapa – São Paulo

Launch: Aug/09

Area: 98 and 136m²

Price per m²: R$ 4,400

Total Units: 132

100% sold

Project: Altos do Bosque

Developer: Agra

High End Segment

Region: Ipiranga – São Paulo

Launch: Sep/09

Area: 127m²

Price per m²: R$ 4,500

Total Units: 168

100% sold

Project: Helbor Offices São Paulo

Developer: Helbor

Commercial

Region: Ch. Santo Antônio – São Paulo

Launch: Aug/09

Area: 42 and 47m²

Price per m² : R$ 5,300

Total Units: 140

100% sold

12

CrediPronto!

13

Accumulated Mortgage Inventory in

2008 and 9M09:

-GVS: R$213.5MM;

-Financed Volume: R$136.6MM

- Contracts: 465

-Average Payment Term: 240 months

- Average Spread : 4.3%

CrediPronto!’s Financing

(R$ MM)

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

totaled 115 stores

67,5

94,7

-

27.2

41.9

136.6

2Q09 3Q09 2008 + 9M09

54%

Pronto!

2009

February

March

June

July

7 Stores

9 Stores

23 Stores

34 Stores

6 StoresJanuary

11 Stores

17 Stores

April

May

50 StoresAugust

93 StoresSeptember

109 StoresOctober

115 StoresNovember

In the State of SP, Pronto has 86 stores, 73 in the

MRSP and 13 in the countryside and coast.

14

Previous Guidance New Guidance Sales 9M09

Sales Guidance – Primary and Secondary Markets

Guidance 2009

Lopes’ Sales Guidance has changed

from R$8.0 to R$8.5 billion to R$9.0 billion.

(R$ Bi)

8.0 – 8.5 9.0

15

6.2

Financial Results

16

2.87% 2.21% 2.35% 2.61%

São Paulo Rio de Janeiro Other Markets Brazil

Net Commission by Market

3Q08

3Q09

2.89%2.24% 2.30% 2.58%

São Paulo Rio de Janeiro Other Markets Brazil

Net Commission

17

Results 3Q09

Results 3Q09

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

Net Revenue 62,969 1,386 35 64,390

Operating Costs and Expenses (32,188) (1,837) (509) (34,534)

Stock Option Expenses (CPC 10) (1,175) - - (1,175)

Expenses Accrual from Itaú (238) - - (238)

Pro-Forma EBITDA1 30,543 (451) (474) 29,618

Pro-Forma EBITDA Margin 48.51% -32.51% -1367.67% 46.00%

Pro-Forma Net Income2 18,747 (1,035) (195) 17,517

Pro-Forma Net Income Margin 29.77% -74.62% -562.55% 27.20%

Without Pronto! and Credipronto!’seffect, Lopes’ EBITDA would’ve been

R$31 millions, with a 49% margin and a Net Income of R$19 million, with a 30%

margin.

Brasília had a R$6.3 million Income,

while Campinas had a R$2.7 million

Income, what explains the minorities

Interests of R$5.3 million.

181 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.

38.4

3.5

2.7

32.2

Total Operating Costs

and Expenses

Pronto! and

Credipronto! Costs

Operating Costs

and Expenses

Costs of Services Provided and Operating Expenses

Operating Costs and Expenses

(R$ MM)

Other R$3.5MM

Itaú’s Expenses Accrual R$0.2 MM

Depreciation R$2.1 MM

Stock Option (CPC 10) R$1.2 MM

Other

19

35.0

38.4

2Q09 3Q09

53.9

64.4

2Q09 3Q09

19%10%

Costs and Expenses Net Revenue

Operational Leverage as a basic premise for growth.

Result: Pro Forma Net Income increased 61%, with a 27% Margin

Operational Leverage

(R$ MM) (R$ MM)

20

20.4 21.6

29.6

3Q08 2Q09 3Q09

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.

28.4

1.2

29.6

(0.9)

30.5

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!

Pro Forma EBITDA Margin

37%

40%

31%

46%

(R$ MM)

21

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.

16.3

1.2

17.5

(1.2)

18.7

Accounting

Net Income

Stock Option

Expenses (CPC 10)

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!

(R$ MM)

Margem Líquida Pro Forma

17.5

10.8 10.5

3Q092Q093Q08

16%

27%

61%

20%

(R$ MM)

22

23

Margin Analyses

Pro Forma EBITDA Margin

Pro Forma Net Income Margin

27% 26%

16%9%

20%

27%

1Q 2Q 3Q

2008

2009

42%45%

31%

16%

40%

46%

1Q 2Q 3Q

2008

2009

15 pp

11 pp

Cash Generation

126.7

21.4 (4.7) (7.4)

136.0

Cash Positon 2Q09 Operations Investments Financing Cash Positon 3Q09

Cash Flow 3Q09

(R$ MM)

In the 3Q09, Lopes’ cash and cash & equivalents increased R$9.2 million, what

totaled a R$136 million cash position in the quarter.

24

3Q09 Results Conference Call

Portuguese English

Date: 11/11/2009, Wednesday Date: 11/11/2009, Wednesday

Time: 10h00 a.m. (BR Time) 07h00 a.m. (NY Time)

Time: 12h00 p.m. (BR Time) 09h00 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/20091111/ http://webcall.riweb.com.br/lopes/20091111/english

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

25