1Q09 Conference Call Presentation Results

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

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 informationcontained 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 BrasilConsultoria de Imóveis S.A and its subsidiaries (“Lopes” or the “Company”) as of and for the period endedMarch 31st, 2009. It should not be considered as a recommendation for prospective investors to sell, purchase orsubscribe for securities of the Company. The information presented herein is in summary form and does notpurport to be complete. No reliance should be placed on the accuracy completeness of the informationcontained herein, and no representation or warranty, express or implied, is given on behalf of the Company orits subsidiaries as to the accuracy completeness of the information presented herein.

2

This presentation contains forward-looking statements. Investors are advised that whilst the Company believesthey are based on reasonable assumptions by Management, forward-looking statements rely on currentexpectations 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 conditionsand results of operations, which therefore could materially differ from those anticipated in forward-lookingstatements 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 theseforward-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 neitherManagement, nor the Company or its subsidiaries undertake any obligation to release publicly any revision tothese forward-looking statements after the date of this presentation or to reflect the occurrence of unanticipatedevents.

Program

I. Highlights

II. Operational Results

III.

3

III. Financial Results

Highlights

4

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).

Highlights

� 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

Operational Results

6

Operational Results

181

Contracted Sales

(R$ MM)

Contracted Sales

2,336

1,600

2,155

1,509 1,339

91

72

1Q08 4Q08 1Q09

Primary Market Secondary Market

7

1,441-12%

1,600

Contracted Sales Evolution by Geographic Region

38%

ContractedContracted Sales Sales

41%

24%

35%

São Paulo Brasília Other Markets

42%

9%

50%

8

42% 41%

20%6%

38%53%

4Q08 1Q09

São Paulo Rio de Janeiro Other Markets

4Q08 1Q09

46%

35%

12% 7%

São Paulo

Units Sold Units Sold

Units Sold by Segment

9

40%

41%

13%6%

<150K

150k-350k

350k-600k

>600k

31%

50%

13% 7%

37%

44%

14%6%

Rio de Janeiro

Other Markets

1Q09

Total of units sold = 5,556

Sales Speed over Supply - Lopes

7,1% 7,0%6,2%

4,8% 5,0%

10,8%

Outubro Novembro Dezembro Janeiro Fevereiro Março

Brazil’s Sales Speed

16,3%

19%

4T08 1T09

Brazil’s Sales Speed

* Management information. São Paulo refers to the city of São Paulo.

Financial Results

11

Financial Results

Reasons for the Decrease of the net Commission

1Q08

Net Commission Net Commission Market MixMarket Mix

52%

23%

20%

5%

3.13%2.00% 2.56% 2.67%

São Paulo Rio de Janeiro Other Markets Brazil

Brasília

Brasília

12

1Q09

41%

6%29%

24%

2.64% 1.90% 2.26% 2.39%

São Paulo Rio de Janeiro Other Markets Brazil

Brasília

Net Commission São Paulo

3.23% 3.16% 3.19% 3.10% 2.64%

2005 2006 2007 2008 1Q09

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%

(1,313) (37) - (1,351)

13

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!’seffects 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.

EBITDA Pro Forma*

EBITDA Pro FormaEBITDA Pro Forma

(R$ MM)

23.4

(4.4)

5.7229%

(12.0)%

42.3%

16.4%

14* 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 CreditProntoCreditPronto!!

EBITDA Pro Forma Margin

4.9

0.8

5.7

1.8

7.4

EBITDA Stock Option Expenses (CPC 10)

EBITDA Pro Forma Pronto! and CrediPronto!'s

EBITDA

EBITDA Pro Forma without Pronto! and

CrediPronto!

1Q08 4Q08 1Q09

Net Income Pro Forma*

Net Net IncomeIncome Pro FormaPro Forma

(R$ MM)

3.1

(13.3)

15,0

27.1%

9.0%

124%

(37.3)%

15*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-Offcosts related to our Pará subsidiary.

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

Net Pro Forma Margin

10.8

1.33.1

1.5

4.6

Accounting Net Income

Stock Option Expenses (CPC 10)

Pará's One Off Costs

Net Income Pro Forma

Pronto! and CrediPronto!'s Net

Income

Net Income Pro Forma without

Pronto! and CrediPronto!

(13.3)

1Q094Q081Q08

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%

Costs of Services Provided and Operating Expenses

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 $ 14.6million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does notinclude the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú. The other operating expense line in 4Q08 includesfinancial results. If excluded, the amount would have been R$12.9 million.

16

3.9

(R$ MM)

Costs of Services Provided and Operating Expenses

OperatingOperating CostsCosts andand ExpensesExpenses

32.8

29

3.8

25. 1

Total Operating Costs and Expenses

Pronto! and Credipronto! Costs

Operating Costs and Expenses

17

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 MM

Other

1T09 Results Conference Call

Portuguese English

Date: 05/15/2009, Friday Data: : 05/15/2009, Friday

Time: 15h30 (BR Time) / 14h30 (NY Time) Time: 17h (BR Time)/ 16h (NY Time)

Telephone: +55 (11) 4688-6301 Telephone: +55 (11) 4688-6301

+1 786 924-6977

Password: Lopes Password: Lopes

Replay: (55 11) 4688-6312 Replay: (55 11) 4688-6312

Replay Code: 804 Replay Code: 102

Next Events

CONTACTS

Marcello Leone

CFO and IRO

Tel. +55 (11) 3067-0015

Samia Nemer

IR Coordinator

Tel. +55 (11) 3067-0257

E-mail: ri@lopes.com.br

www.lopes.com.br/ri

18