2Q09 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 June 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.

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Program

I. Highlights

II. Operational Results

III.Financial Results

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Highlights

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Highlights

The Contracted Sales in the 2Q09 totaled R$2,183 million, achieving R$3,595 million in the

first half of 2009.

The 2Q09 market mix shows Lopes’ geographic diversification efficiency. São Paulo

accounted to R$917 million, Rio de Janeiro R$135 million and the Other Markets R$1,132

million. Brasilia’s contracted sales share was 21%, or R$461 million, in the 2Q09.

Lopes’ Sales Speed over Supply increased from 19.0% in the first quarter, to 25.9% in the

second quarter of 2009.

Habitcasa stands up as the biggest player in sales in the low income segment, its sales

increased 68% in the 2Q09 when compared to the 1Q09.

CrediPronto! presents its first results. Since the beginning of its operation, in the end of

2008, CrediPronto! already financed R$95 million, which represents a GVS of R$148 million.

Because of the results obtained, the Company is rising, in this opportunity, its sales

guidance to R$8-8.5 billion.

Pro forma EBITDA in the 2Q09 was R$21.6 million, and increase of 279% when compared to

the 1Q09. Pro forma EBITDA Margin in this quarter was 40.02%.

Lopes’ achieved Pro forma Net Income of R$10.8 million in 2Q09, 246% higher than in 1Q09.

Pro forma Net Income Margin in this quarter was 20.13%.

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Operational Results

Contracted Sales

(R$ MM)

Contracted Sales

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3,279

1,441

55%

2,183

51%41%

Contracted Sales Primary Market

Contracted Sales Primary MarketContracted Sales Primary Market

The growth between the 1Q09 and the 2Q09 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)

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Launches Vs. Sales

51%

5%

Even though the contracted sales in the 2Q09 grew significantly, the launched

GVS remained stable, what proves Lopes’ good performance on inventory sales.

Launched GVSLaunched GVS Contracted Sales Primary Contracted Sales Primary MarketMarket

(R$ MM) (R$ MM)

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Sales Speed over Supply

Brazil Consolidated Sales Speed Lopes+Habitcasa

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

Habitcasa’s Sales Speed

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Habitcasa Stands Up as the Biggest Player in sales in the Low Income Segment

5,269 units sold in the 1H09

It sells with 15 public held companies: Agra, Abyara, Brascan, Camargo Correa,

Cyrela, Even, Gafisa, Helbor, Klabin Segall, Inpar, MRV, Rossi,

Tecnisa, Tenda and Trisul

Average Price in the 1H09 of R$127

thousand

70% of the Launched GVS of low income segment in

2009 was already sold

Sales in the 2Q09 increased 68% when

compared to the 1Q09

Only Real State Brokerage Company

specialized on the low income segment, not only in sales, but also

in advisory

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Units SoldUnits Sold

Sales by Income Segment 2Q09

Total units sold = 8,321

Contracted GVSContracted GVS

Total Contracted GVS = R$2,183 million

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Contracted Sales by Geographic Region

Contracted SalesContracted Sales

2Q09

2Q08

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Some Examples of Successful Projects 1H09

Project: Dez Vila CuruçaDeveloper: Cury/ LivingRegion: São Miguel – São PauloSegment: PopularLaunch: Jun/09

Area: 43m²/ 45m²Price per m²: R$ 2,000

Total units: 252100% sold in 10 days

Project: Lugano ClubDeveloper: YunyRegion: Vila Carrão – São PauloSegment: MiddleLaunch: May/09

Area: 98m², 126m²Price per m²: R$ 3,450

Total units: 104100% in 1 day

Project: Helbor Offices Norte SulDeveloper: HelborRegion: CampinasSegment: CommercialLaunch: Apr/09

Area: 34m², 44m², 53m² e 78m²Price per m²: R$ 5,400

Total units: 238100% in 1 day

Project: Living Park SulDeveloper: JC GontijoRegion: Brasília – GuaráSegment: Middle-highLaunch: Apr/2009

Area: 84 a 164m²Price per m²: $ 6,347

Total units: 1,15075% in 3 months

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Project: Ventura EcovilleDeveloper: Cyrela / Goldsztein / DoriaRegion: CuritibaSegment: Middle-LowLaunch: Apr/09

Area: 49m²/ 72m²Price per m²: R$3,250

Total units: 211100% sold in 26 days

Project: Le Paysage IbirapueraDeveloper: YunyRegion: Ibirapuera – São PauloSegment: HighLaunch: Oct/08

Area: 322m² / 367m²Price per m²: R$ 8,500

Total units: 2465% sold in 8 months

Project: MaxHaus PanambyDeveloper: MaxcasaRegion: Panamby – São PauloSegment: Middle-HighLaunch: Apr/09

Area: 70m²Price per m²: R$ 3,700

Total units: 20185% sold in 2 months

Project: Vitória Pirituba JuritiDeveloper: Living / Cytec / NamourRegion: Pirituba – São PauloSegment: PopularLaunch: May/2009

Area: 43 m² / 44 m²Price per m²: R$ 1,900

Total units: 116100% in 1 day

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Some Examples of Successful Projects 1H09

CrediPronto!

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94.6

147.9

Accumulated Mortgage Inventory in 2008 and 1H09:

-GVS: R$148MM;-Volume Financed: R$95MM

- Contracts: 321

CrediPronto!’s FinancingCrediPronto!’s Financing

(R$ MM)

Sales Guidance – Primary and Secondary Market

Guidance 2009Guidance 2009

Lopes’ sales guidance has changed from R$6.6 to

R$7.4 billion to R$8.0 to R$8.5 billion.

(R$ Bi)

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18%

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Financial Results

2Q08

2Q09

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Net Commission by Market

Net Commission Net Commission

         

 2Q09 Results(R$’000)

 LOPES PRONTO! CREDIPRONTO! CONSOLIDATED

  Net Revenue 51,727 1,792 366 53,885

    Operating Costs and Expenses (29,438) (1,738) (905) (32,081)

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

      Expenses accrual from Itaú (238) -  -  (238)

EBITDA Pro-Forma 22,051 55 (540) 21,566

  Pro-Forma EBITDA Margin 42.63% 3.07% -147.69% 40.02%

Net income Pro-Forma 11,223 (242) (133) 10,849

Pro-Forma Net Margin 21.70% -13.47% -36.38% 20.13%

 

Without Pronto! and CrediPronto!’s effects, Lopes’ EBITDA would’ve been R$22.1

million, with a 43% margin, and a Net Income of R$11.2 million,

with a 22% margin.

Brasília had a R$6.9 million Income, while Campinas had a

R$2.8 million Income, what explains the Minority Interests of

R$5.7 million.

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Results 2Q09

Costs of Services Provided and Operating Expenses

Operating Costs and ExpensesOperating Costs and Expenses

(R$ MM)

Other R$2.6MM

Itaú‘s expenses accrual R$0.2 MM

Depreciation R$1.6 MM

Stock Option(CPC 10) R$0.8 MM

Other

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55%

7%

Costs and ExpensesCosts and Expenses Net RevenueNet Revenue

Operational Leverage as a basic premise for growth.

Result: Net Income Pro Forma increase of 246% with a 20%

Margin.

Operational Leverage

(R$ MM) (R$ MM)

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Financial Result

(in R$’000)

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Tax benefit recognized in the 1Q09 from

2008 investments

APV write off over the 75%

of Dirani’s acquisition

debt

Smaller profitability

caused by the CDI decrease in relation to

1Q09

Semiannual tax levied on investment

funds without grace period

Pro Forma EBITDA *

Pro Forma EBITDAPro Forma EBITDA

(R$ MM)

Pro Forma EBITDA without Pronto! Pro Forma EBITDA without Pronto! CrediPronto!CrediPronto!

Pro Forma EBITDA Margin

279%16%

45%40%

(R$ MM)

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

Pro Forma Net Income *

Pro Forma Net IncomePro Forma Net Income

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

(R$ MM)

Pro Forma Net Margin

26%20%

246%

9%

(R$ MM)

25* Pro Forma Net Income is a non-accounting measure drawn up by Lopes which consists of net income excluding the effect of stock option.

Cash Generation

Cash Position 2Q09Cash Position 2Q09

(R$ MM)

In the 2Q09, Lopes’ cash and cash & equivalents increased R$6,7 millions,

what totaled a R$126,7 millions cash position in the 2Q09.

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Includes the payment of R$6 million of acquisitions installments

Includes the R$0,8 million payment of dividends to minority

shareholders

2Q09 Results Conference Call

Portuguese EnglishDate: 08/12/2009, Wednesday Date: 08/12/2009, Wednesday Time: 10h00 (BR Time) / 09h00 (NY Time) Time: 12h00 (BR Time) / 11h00 (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/20090812/

http://webcall.riweb.com.br/lopes/20090812/english

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

Next Events

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