Apresentação resultados eng 2 t10 final

2Q10 Conference Call Presentation Results

PresentersMarcos Lopes – CEOFrancisco Lopes – COOMarcello 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 June 30th 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

4

Highlights

Highlights  In this quarter, Lopes reached the highest levels of its key indicators: Contracted Sales, Mortgages, Net Revenue, EBITDA and Net Income.

Contracted Sales totaled R$3.4 billion in 2Q10, 56% higher than 2Q09.

Lopes sold 12,369 units in Brazil in 2Q10, 49% higher than 2Q09, of which 34% were in the low-income segment (units prices up to R$150,000).

Sales Speed Over Supply stood at 36.4%, when isolating the low-income segment, Habitcasa´s Sales Speed Over Supply was 65.4% in the quarter, both among one of the largest sales speed of the sector.

In 2Q10, CrediPronto! granted mortgage loans worth R$146.0 million. Since its operational startup, CrediPronto! has registered mortgage portfolio of R$436.8 million.

The Company takes this opportunity to announce the new financing guidance for Credipronto! for 2010, which is R$500 million.

Lopes Net Revenue totaled R$80 million, an increase of 48% when compared to the 2Q09.

Pro-forma EBITDA in 2Q10 was R$39.1 million, an increase of 82% over 2Q09. Pro-forma EBITDA Margin in the period was 49%.

Lopes posted Pro-forma Net Income of R$24.0 million in 2Q10, up 121% on the same period last year. Pro-forma Net Margin was 30% in 2Q10.

In line with its M&A strategy, Lopes has already acquired VNC in São Paulo and Self in Niterói, Rio de Janeiro, both fucused in the secondary market. The Company also structured the foundation for the acquisition of the control of Patrimóvel, in Rio de Janeiro.

5

6

Operational Results

Launches

GVS Launched Units Launched

7

2Q09 2Q10

2,323

6,053

2Q09 2Q10

10,376

24,754

139%161%

(R$ MM)

2Q09 2Q10

7,940

11,756

381

613

Primary Market Secondary Market

Contracted Sales

(R$ MM)

Contracted Sales

8

2Q09 2Q10

2,020

3,138

163

272

Primary Market Secondary Market

2,183

56%8,321

Units Sold

49%

3,410 12,369

9

2Q09 2Q10

25.9%36.4%

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.

2Q09 2Q10

60.7%65.4%

10

37%

43%

13%7%

13%

39%27%

22%15%

38%22%

25%

34%

44%

17%5%

2Q09

2Q09

2Q10

2Q10

Units Sold

Contracted Sales

Sales by Income Segment – Primary and Secondary Markets

Total units sold = 12,369

Total Contracted Sales = R$3,410 million

49%

17%5%

5%

11%

14%

São Paulo Brasília CampinasRio de Janeiro South Region Other

42%

21%8%

6%

9%14%

2Q10

2Q09

11

Contracted Sales

Contracted Sales by Geographic Region – Primary and Secondary Markets

Primary Market

Contracted Sales Units Sold

12

2Q09 2Q10

2,020

3,138

2Q09 2Q10

7,940

11,756

48%55%

(R$ MM)

Secondary Market

Contracted Sales Units Sold

13

2Q09 2Q10

163

272

2Q09 2Q10

381

613

61%67%

(R$ MM)

Financed Volume

CrediPronto!

CrediPronto! financed in the 2Q10 R$146 million, ammounting to 521 contracts with an average payment term in the period of 270 months. In 2010

Credipronto! has already registered mortgage portfolio of R$232.9 million .

(R$ MM)

2Q09 2Q10 1H09 1H10

27.2

146.0

49.0

232.9

436%

375%

14

jan/10 feb/10 mar/10 apr/10 may/10 jun/10

216.7

247.4

290.9

330.9

384.9

436.8

Monthly Progress of the Mortgage Portfolio

CrediPronto!

(R$ MM)

26%

15

Some Examples of Successful Projects 2Q10

Maximo GuarulhosGuarulhos– April

Cury

100% SOLD

Passione FreguesiaSão Paulo - June

Even

100% SOLD

Helbor Office IISão Paulo- June

Helbor

100% SOLD

Rossi PeasseioPorto Alegre- June

Rossi

99% SOLD

96% SOLD

Code BerriniSão Paulo - June

Even

Upper Side Batel São Paulo- May

Ciromac

96% SOLD

Rossi Ideal Vila ItacaréSerra- May

Even

95% SOLD

Largo Boa VistaCuritiba- June

Equilíbio

91% SOLD

Vida Viva Clube MoinhoPorto Alegre- May

Melnick Even

91% SOLD

Residencial AlvoradaLimeira - May

Rio Verde

90% SOLD

L ItaimSão Paulo – April

Trisul

90% SOLD

Boulevard SideSalvador– April

Odebrecht

89% SOLD

Rossi IdealBoulevard ABetim– April

Rossi

88% SOLD

Premmio Vila NovaSão Paulo - June

Kallas

87% SOLD

Bela CintraSão Paulo - June

Even

87% SOLD

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Some Examples of Successful Projects 2Q10

85% SOLD

Dream GuarulhosGuarulhos– April

Open (Even)

Helbor Offices ChampagnatCuritiba– June

Helbor

84% SOLD

Via ParqueSerra– June

Metron

84% SOLD

Campos do Conde São ClementeMonte Mor– May

Agre

84% SOLD

Parque das Flores - BosqueSão Paulo– April

Agre

83% SOLD

Dueto Parque PradoCampinas– June

Rossi

Noveau Vila da Serra Nova Lima– April

Even

82% SOLD

83% SOLD

The Graden OrquidárioSantos– June

Odebrecht

80% SOLD

Magno Água VerdeCuritiba– April

Tarjab

Pátio da PedraPalhoca– AprilPedra Branca

79% SOLD

75% SOLD

Residencial BarcasParnamirim– May

MRV

73% SOLD

73% SOLD

Buena Vista Residence ClubFortaleza– April

J Simoes Engenharia

Rossi OrquidarioSantos– April

Rossi

70% SOLD

Pateo MondrianSão Paulo– April

Gafisa

Alpha Park ResidencialAlphaville– April

Odebrecht

70% SOLD

70% SOLD

17

Financial Results

18

19

Net Commission

São Paulo Rio de Janeiro Other Markets Brazil

3.0%2.8%

2.3%2.6%

2.9%

2.2% 2.2%

2.6%2.8%

2.5%

2.1%

2.5%

2.8%

2.5%2.3%

2.6%2.8%

2.2% 2.1%

2.5%

2Q09 3Q09 4Q09 1Q10 2Q10

Net Commission by Market

Results 2Q10

 Results 2Q10 (R$ ‘000)

 LOPES PRONTO!

CREDIPRONTO!

CONSOLIDATED

  Net Revenue 76,147 3,540 181 79,868

Operating Costs and Expenses (36,615) (2,861) (1,025) (40,501)

Stock Option Expenses (CPC 10) (816)     (816)

  Expenses Accrual from Itaú (238)     (238)

Pro-Forma EBITDA1 39,294 679 (844) 39,129

  Pro-Forma EBITDA Margin 52% 19% -466% 49%

Pro-Forma Net Income2 24,915 330 (1,238) 24,007

Pro-Forma Net Income Margin 33% 9% -684% 30%

Without Pronto! and Credipronto!’s effect, Lopes’ EBITDA would’ve been R$39

millions, with a 52% margin and a Net Income of R$25 million,

with a 33% margin.

Brasília had a R$8.3 million Income, while Campinas had a

R$2.1 million Income, what explains the minorities Interests

of R$6.0 million.

201 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.

The CrediPronto!

Revenue does not include the

mortgages financial spread

Guidance CrediPronto!

Mortgage Guidance 2010

21

Previous Guidance Revised Guidance

350 500

43%

The Company takes this opportunity to announce the new financing guidance for Credipronto! for 2010 which is R$500 million.

Gross and Net Revenue

Net Revenue

22

2Q09 2Q10

53.9

79.9

48%

(R$ MM)

Gross Revenue

2Q09 2Q10

60.4 87.9

46%

(R$ MM)

Costs of Services Provided and Operating Expenses

Operating Costs and Expenses

(R$ MM)

23

4Q09 1Q10 2Q10

42.5 43.8 44.1

The strategic management of costs and expenses of the Company guaranteed the maintenance of their levels over the quarters.

2Q09 2Q10

21,556

39,129

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!

38.3

(0.8)

39.1

(0.2)

39.3

EBITDA Pro Forma without Pronto! and CrediPronto! 2Q10

Pro Forma EBITDA Margin

(R$ MM)

24

82%

49%

40%

2Q09 2Q10

10,849

24,007

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! 2Q10

(R$ MM)

Pro Forma Net Margin

(R$ MM)

25

121%

30%

20%

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!

22.2

(0.8)

24.0

(0.9)

24.9

2Q10 Performance - Comparative Analysis

26

49%36%

46%46%40%+22%

1Q10

20%

4Q09

33%

3Q09

27%

2Q09

20%

1Q10

30%

+49%

2,1832,602

3,0622,545

56%Contracted Sales

(R$ million)

EBITDAMargin

Pro-Forma

10,025

16,342

22,631

11,611 +134%

Net Income(R$ thousand)

Pro-Forma Net Margin

Sales, EBITDA Margin, Net Income and Net Margin Progress

3,410

23,191

Highest EBITDA of the history of the Company, and

a Margin in the same level as in the IPO.

Highest Net Income of the history of the

Company.

Record of the Contracted Sales of the Company.

Acquisitions Secondary Market

July 8th, 2010

51%

Vila Nova Conceição, São Paulo

R$7,4 million (R$1,8 million + R$0,3 million of

investiments + R$5,2 million of earn out)

Acquisition date

Share

Location

Payment

July 23rd, 2010

51%

Niterói, Rio de Janeiro

R$ 2,6 million (R$900 thousand + R$1,7 million of

earn out)

27

Lopes Current Share

Step 1 Step 2 Lopes Final Share

10%

10%

31%

51%

Patrimóvel - Acquisition

The Company will consolidate its 20% stake of Patrimóvel in its financials.

2. Lopes receives a permanent call

option to purchase 31% of Patrimóvel within 150 days for

R$51.5 MM*

1. At this present moment, Lopes

acquires permanently 10% of Patrimóvel for R$10

MM

*After 90 days, the call option payment becames CDI adjusted28

Cash Position

29* The payment will be made if the call option is exercised.** The payments made from 4Q10 are related to earn out installments of the acquisition and the amounts in the above table are based on current market conditions.

Assets

Cash and Cash & Equivalents R$132 million

Receivable From Clients R$72.4 million

Schedule of Acquisition Payments  

(R$ thousand)  

        2Q10 3Q10 4Q10 1Q11 2Q11 Total

Primary Market     563 13,100 8,066 61,935 5,648 89,312

Patrimóvel       10,000 51,500*     61,500                   

    3Q10 4Q11 4Q12 3Q13 4Q13 3Q14 4Q14 Total

Secondary Market 3,000 1,319 1,319 1,300 1,319 400 1,319 9,976                   

Total                 160,788

2Q10 Results Conference Call

Portuguese English

Date: 08/06/2010, Tuesday Date: 08/06/2010, Tuesday

Time: 10h00 a.m. (BR Time) 09h00 a.m. (NY Time)

Time: 12h00 p.m. (BR Time) 11h00 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/20100608/index.asp

http://webcall.riweb.com.br/lopes/20100608/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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