1. Institutional Presentation
November 2009

2. Disclaimer
This presentation does not constitute an offer, or invitation, or solicitation of an offer to subscribe for or purchase
any securities neither does this presentation nor anything contained herein form the basis to any contract or
commitment whatsoever.
The material that follows contains general business information about LPS Brasil – Consultoria de Imóveis S.A
(“Lopes”) as of the 30th of September 2009. It is not intended to be relied upon as advice to potential investors.
The information does not purport to be complete and is in summary form. No reliance should be placed on the
accuracy, fairness, or completeness of the information presented herein and no representation or warranty,
express or implied, is made concerning the accuracy, fairness, or completeness of the information presented
herein.
This presentation contains statements that are forward-looking and are only predictions, not guarantees of
future performance. Investors are warned that these forward-looking statements are and will be subject to
many risks, uncertainties, and factors related to the operations and business environments of Lopes and its
subsidiaries such as competitive pressures, the performance of the Brazilian economy and the industry, changes
on market conditions, among other factors disclosed in Lopes filed disclosure documents. Such risks may cause
the actual results of the companies to be materially different from any future results expressed or implied in such
forward-looking statements.
Lopes believes that based on information currently available to Lopes management, the expectations and
assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses any duty
to update any of the forward-looking statements contained herein.
2

3. Investment Highlights
3

4. Investment Highlights
Experienced Simple and Focused
Management Team Value Added
and Outstanding Business Model
Track Record
Main Distribution
Unmatched Channel in the
Scale and Reach Industry with a
National Footprint
Low Risk Business
Already scaled with a Diversified
down to face new Client Base : Cash
market conditions Generator
Company
4

5. Brokerage Market Has No Other Company
With The History and Track Record of Lopes
 Launch and sell of 14
office buildings at Av.
Paulista
 Mr. Francisco Lopes
 Launch and sell of 11  Introduction of the
initiates its activities
office buildings at the Faria concept of condominium
intermediating
Lima region clubs
properties
 Creation of the launching  First “Top Imobiliário”
system with sales stands award, in 1993 – Largest
and marketing materials, Brokerage Company
attracting customers
 First TV 00 s
specially during weekends
advertisement for
a real estate
development  Becomes reference in real
estate launchings and 90 s
presents its new logo
80 s
70 s
60 s
50 s
 Lopes becomes an
40 s important player at the
1935  Identification of Marginal segment of gated
Pinheiros as an attractive communities
area and launch one of  Triples in size in a decade,
 Start of long term the first buildings in the strengthening its leadership
partnership with region
 The company‟s first Gomes de Almeida  Wins its 15th consecutive
 Start up of sales of hotel
logo Fernandez (Gafisa) “Top Imobiliário”
condominium (Flats)
 Launch one of the  Lopes‟ IPO
 Partner of Grupo Espírito
first buildings under  Lopes starts its geographic
Santo in selling one of the
the condominium expansion process
largest launching in Lisboa:
concept  Lopes‟ website become
Parque dos Príncipes
leader on real state market
5

6. Lopes‟ Operation
Pronto operates
Habitcasa in the secondary
Lopes operates
focuses on low market, unique Joint Venture with
in mid-high and
model of Itaú Bank in
high income income, selling franchising and providing
segments of the properties up to flagship mortgages
primary market
R$180 thousand conversion
6

7. Simple and Focused Business Model…
Lopes is exclusively focused on providing value-added real estate brokerage services to its client-developers,
with a permanent concern of avoiding conflicts of interest
Client-Developers Client-Buyers
How do we do
business?
 Formal relationship through  111,330 effective buyers1
agreements
 1,280,935 prospects
 Over 300 Clients included in our data base
Total Price
Revenue Recognition
$ 100 per Unit
How do we make money?2, 3
$ 2.45
$ 3.10
$ 0.12
$ 10 $ 0.53
Developer
$5
$ 1.05
Down- Gross
payment Commission $ 1.90
$ 0.73
Agents +
Managers $ 0.12
1 Data from the period between Jan/2001 and Sep/09
2 Figures only for example, not related to financials Net Commission Premium Contract Advisory Fee
3 Considering Sao Paulo market
7

8. Lopes Net Commission
3.23% 3.15% 3.06%
2.60% 2.61%
Net Commission Brazil
2005 2006 2007 2008 3Q09
SP GVS / Consolidated GVS 100% 95% 80% 50% 53%
3.23% 3.16% 3.19%
3.10%
Net Commission São Paulo 2.87%
2005 2006 2007 2008 3Q09
8

9. With a Key Role in the Real Estate Value-Chain
Lopes‟ business is clearly fundamental to the profitability and returns of its clients…
Real Estate Development
Brazilian Market Dynamics
Working
Capital
Is Fundamental Speed of Sales
Pre Sales Concentrated in
the
Speed of Sales is Launch Period
the Key
for Profitability
Reliance on Sales Force Scale and Efficiency
More than 6,000 brokers
…and its scale and reach – nearly impossible to replicate – enhance this importance
9

10. Value-Added Services Across the Development Cycle
Lopes is focused on providing its clients with a full range of consulting services, from land procurement
advisory to product formatting, development and sale
Formats
Coordinates Coordinates
Individual
Determines Product Develops Optimizes
Masters Product Product
Sales Strategy
the Site‟s Meeting Marketing Media
Market Launching Created to
Launching
Vocation Buyers‟ Campaign Negotiations
Research Events Each Product
“Wants and Events
Needs”
10

11. Competitive Advantage
“Lopes” culture in all business
units of different states
One single brand, National Integration
recognized by the market of Systems
Identity that stands Lopes
out from the competitors
Competitive Advantage: A single, integrated solid Company
11

12. Institutional Website
Evolution of visits to Lopes‟ Website
1,156,919
1,122,373
986,439
861,885
833,105 811,914 839,043
754,398 802,087
726,605
695,047
596,412 749,253
2,382,443 643,288
639,213
2,288,307
2,195,698
2,018,064
1,308,093
594,442
Source: Google Analytics

13. Sales Expertise in all Market Segments
Duo Alto da Lapa Sep/ 08 CASE
HIGH
Location Alto da Lapa / SP  100% sold.
 Developer: Even.
Sales 44 un. – R$ 5,600/m²
Usable Area 349m²
MEDIUM-HIGH
Good Life Vila Romana– Sep / 09 CASE
Location Lapa / SP  100% sold.
 Developer: Yuny.
Sales 132 un. – R$ 4,400/m²
Usable Area 98 and 136 m2
MEDIUM Città Della Mooca – Jul/ 09 CASE
Location Mooca/ SP  100% sold.
 Developers Kallas.
Sales 80 un. – R$ 3,600/m²
Usable Area 80 m2
Dez Vila Curuça – Jun / 09 CASE
ECONOMIC
Location São Miguel / SP  100% sold.
 Developer: Living / Cury.
Sales 252 un. – R$ 1,952/m²
Usable Area 43 / 45 m2
Helbor Offices – Aug/ 09 CASE
GATED COMMUNITIES
Location Chacara Sto Antonio / SP  100% sold.
Sales 140 un. – R$ 5,300/m²
 Developer: Helbor.
Usable Area 42 / 45 m²
Notes: Managerial Reports.
Absorption calculated over available units 13

14. Geographic Expansion
14

15. Lopes is Growing Nationwide
SOUTHEAST REGION
São Paulo – Beginning of operations in 1935. Acquisition of 60% of
Capucci &Bauer, in October 2007, for R$9 million (7.1x P/E 2008) and
an earn-out payment.
Rio de Janeiro – Entry by greenfield operation, with beginning of
operations in July 2006, with LCI-RJ.
CE
Espírito Santo – Acquisition of 60% of Actual, in July 2007, for R$5.76
million (7.0x P/E 2008) and an earn-out payment.
PE Minas Gerais – Entry by greenfield operation with beginning of
operations in February 2008.
BA SOUTHERN REGION
States of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition
DF of 75% of Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two
GO ear-out payments. In July 2008, Lopes acquired the 25% left by the
call/put mechanism.
MG
ES
MIDDLE WEST REGION
SP Federal District – Acquisition of 51% of Royal, in November 2007, for
RJ R$12 million (9.0x P/E 2008) and an earn-out payment.
PR
Goiás - Greenfield operation with beginning of operations in August
2008.
SC
RS NORTHEAST REGION
Bahia - Greenfield operation with beginning of operations in October
2007.
Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007,
for R$ 3 million (10.0x P/E 2008) and an earn-out payment. In
September 2009, Lopes acquired the 40% left by the call/put
mechanism.
Lopes tracks developers‟ regional movements, consolidates its Ceará – Acquisition of 60% of Immobilis, in January 2008, for R$2.4
position as the largest consulting and sales player million (10.0x P/E 2008) and an earn-out payment.
15

16. Lopes‟ Market Mix
15% 13% 13% 13% Other*
16%
8% 9% 6% Northeast
8% 6%
9% 7% South
8% 7% 9%
9% 9% 16% Brasília
24% 21%
5% Rio de Janeiro
18% 20%
6% 6%
53% São Paulo
42% 42% 41% 42%
3Q08 4Q08 1Q09 2Q09 3Q09
*Other: Estpírito Santo, Minas Gerais, Goiás and the city of Campinas 16

17. Lopes in the Low Income Segment
17

18. HABITCASA: Focus on Low Income Segment
Focus on Low Income Segment
Units up to R$ 180 thousand
The Habitcasa brand is applied in all Lopes‟ markets
18

19. Habitcasa Stands Up as the Biggest Player in sales in the Low Income Segment
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
Only Real State
Sales in the 3Q09 Brokerage Company
increased 43% when specialized on the low
compared to the 2Q09 income segment, not
only in sales, but also
in advisory
9,618 units sold
Average Price in the
in the 9M09
9M09 of R$128 thousand
66% Sales Speed
In the 3Q09
19

20. Sales by Income Segment 3Q09
Units Sold Contracted GVS
Total units sold = 10,280 Total Contracted GVS = R$2,601 million
6% 25% 17%
12%
42%
22% 36%
39%
<150K 150k-350k 350k-600k >600k
10% 13%
32%
36%
54% 54%
<130K 130k-500k >500K
20

21. Increase in the Potential Demand
Unit Value Mortgage
R$120,000 R$96,000
30% of income 80% of the total value
commitment financed
In Minimum Wages Monthly Payment (R$)
Maturity in years Maturity in years
10 15 20 25 30 10 15 20 25 30
12% 13 11 10 10 9 12% 1,377 1,152 1,057 1,011 987
11% 13 10 9 9 9 11% 1,322 1,091 991 941 914
10% 12 10 9 8 8 10% 1,269 1,032 926 872 842
Interest Tax (%)
Interest Tax (%)
9% 12 9 8 8 7 9% 1,216 974 864 806 772
8% 11 9 8 7 7 8% 1,165 917 803 741 704
7% 11 8 7 6 6 7% 1,115 863 744 679 639
6% 10 8 7 6 6 6% 1,066 810 688 619 576
5% 10 7 6 5 5 5% 1,018 759 634 561 515
21

22. Better Economic Situation of the Low Income Segment…
Monthly Income (Millions of Families) 2007 2008
Untill R$1,000 31.7 53% 29.1 31%
From R$1,000 to R$2,000 15.5 26% 27.6 29%
From R$2,000 to R$4,000 8.4 14% 21.8 23%
From R$4,000 to R$8,000 3.3 5% 11 12%
From R$8,000 to R$16,000 1.1 2% 4.3 5%
From R$16,000 to R$32,000 0.3 0% 1.3 1%
More than R$32,000 0 0% 0.3 0%
TOTAL 60.3 100% 95.4 100%
Source: IBGE, FGV, Ernst & Young
“Minha Casa, Minha Vida” Funds % of the population with monthly income between
R$1,064 and R$4,561 (program‟s target population)
1 52.0
47.0
7.5
38.0 40.0
36.5 37.4
34 32.5
25.5
Government FGTS BNDES TOTAL 1992 1995 1998 2001 2004 2007 2008
Budget
Source: “Minha Casa, Minha Vida” Program Source: FGV
22

23. ... and also Better Supply of Mortgages
New % of new
Housing Total of New houses
houses houses
(„000) houses financed
formed financed
2002 48,035 1,530 83 5%
2003 49,710 1,675 104 6%
2004 51,752 2,042 112 5%
2005 53,114 1,362 101 7%
2006 56,610 1,496 151 10%
2007 56,343 1,733 166 10%
Source: IBGE, BC
Housing Credit
(R$ billions)
10.2
6.9
7 25.2
5.5 18.4
3.8 3.9 9.3
2.2 3 4.9
2003 2004 2005 2006 2007 Savings untill
Oct 2008 FGTS
untill Nov 2008
Financed with FGTS' Funds Financed with Savings' Funds
Source: ABECIP, Central Bank of Brazil, CEF e FGV 23

24. Minha Casa Minha Vida
Brazilian Government will dispose of R$34 bi.
In the State of São Paulo 183,995 units will be built.
41% have a monthly family income
São Paulo‟s families 10% has purchase intention for
between 3 and 10 minimum wages,
the next 12 months
with “Minha Casa, Minha Vida” this
families will become potential
buyers.
It is estimated that there is a 140
thousand units demand in the city of
(3.4 million of families) (1.4 million of families)
São Paulo inside the
“Minha Casa, Minha Vida” program .
Source: Lopes‟ Market Intelligence
Premise: with the federal government subsidy, the decrease of interest rates and more extended mortgages terms, the minimum family income to acquire
a R$100 thousand house became 3 minimum wages, not 6 minimum wages as before. 24

25. Minha Casa Minha Vida
Steps Untill 3 minimum wages Between 3 and 10 minimum wages
R$10 billions
Government Contribution R$16 billion
(2.5 bi Government and 7.5 bi FGTS)
Subsidy Full Value -
Insurance Exception Reduction
Reduction
Registration Costs Exception (90% form 3 to 5 minimum wages
80% from 5 to 10 minimum wages)
Units per Income Units Distribution In the Southeast Region
5%
0 to 3 minimum wages 20%
40% 24% Espírito Santo
3 to 4 minimum wages
10% Minas Gerais
50%
4 to 5 minimum wages Rio de Janeiro
10%
21% São Paulo
5 to 6 minimum wages
20%
6 to 10 minimum wages
25

26. Sales Speed MRSP Low Income Segment
Units Launched and Sold
SP Capital
units Sold/Launched
Average from Jan/09 to Ago/09 = 1.52
units Sold/Launched
4,146 Average from Jun/08 to Dec/08 = 0.80
4,027 4,010
3,642 3,574 3,578
3,613 3,541
3,430
2,931
2,550 2,544 2,541
2,518
2,368
2,162 2,220
2,092
1,953
1,760
1,677 1,715
1,556 1.561 1,603
1,211
1,113 1,061
946
382
Jun/08 Jul/08 Aug/08 Sep/08 Oct/08 Nov/08 Dec/08 Jan/09 Feb/09 Mar/09 Apr/09 May/09 Jun/09 Jul/09 Ago/09
Units Sold Units Launched
Average number of units launched:
 Jun/08 to Dec/08: 3,100
 Jan/09 to Ago/09: 1,648
Source: Secovi –SP and Lopes‟ Market Intelligence.
26

27. Lopes in the Secondary Market
27

28. Joint Venture Lopes Itaú
Lopes and Itaú created the first and biggest pure mortgage company of Brazil.
 Direct and exclusive access to its  Service excellence
customer database  Competitive financing terms and
 Seamlessly integrated operation with conditions
Lopes‟ sales process, including an  Speed and quality of processing
incentive compensation plan  Experienced credit analysis
 Lopes media exposure  Successful exposure to the lending
business and in joint ventures
Leadership position
Management
in their respective High Value Brands
Excellence
markets
Strengthening of mortgage origination and other related services.
28

29. CrediPronto!
Innovative Real State Financing Process
Assessment of Issuance of the Release of
Credit Analysis Legal Analysis
the Property Contract Resources
Until 3 2 3 5
24 hours working working working working
days days days days
Efficiency in Release of Credit
The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions. 29

30. CrediPronto!
The only real mortgage company of the market and
possibly with no conditions of being copied.
Focus on the Secondary Market
Opportunity to work in the Primary Market
with small Developers
Competitive Advantages
 Efficiency on releasing mortgages;
 Agility and perception of a non-financial institution; and
 Lower process costs.
30

31. CrediPronto!
CrediPronto!‟s Financing
(R$ MM)
54% 41.9
Accumulated Mortgage Inventory in
late 2008 and 9M09:
27.2 -GVS: R$213.5MM;
136.6 -Financed Volume: R$136.6MM
- Contracts: 465
94,7
-Average Payment Term: 240 months
67,5
- Average Spread : 4.3%
-
2Q09 3Q09 Pre Operational
Phase + 9M09
The amount financed by CrediPronto! in 3Q09 was achieved through our Pronto! Stores,
that totaled 115 stores
31

32. Secondary Market: Pronto!‟s Business Model
Feasible Leadership Assumptions as a Goal
Fast Growth
Credentialed Converted
Stores Stores
Start Up Highly Structured
Owned Stores
First Mover: only Brazilian one-stop-shop
High Volume
Pronto! present in 11 Brazilian States, and in the Creation
Federal District. It has 115 Stores, 73 of which in the
MRSP of São Paulo.

33. Pronto!
2009
November 115 Stores
October 109 Stores
September 93 Stores
August 50 Stores
July 34 Stores
June 23 Stores
May 17 Stores
April 11 Stores
In the State of SP, Pronto March 9 Stores
has 86 stores, 73 in the
MRSP and 13 in the February 7 Stores
countryside and coast.
January 6 Stores
33

34. Pronto! One Stop Shop Concept
One Stop Shop
Purchasing/Selling
your property
+
Financing
34

35. Synergies Between Credipronto! and Pronto! – Competitive Advantage
Easy Credit
Distribution
Access
Channel
(Financing)
Pronto! and CrediPronto! acting together create a competitive advantage that is hard to replicate.

36. Brazilian Real Estate Market
36

37. Social Economic Scenario and Housing Shortage
Age Pyramid in Brazil Segments by Income in Brazil
Income
A/B 16% > US$ 2,509
more than 70
60 to 64 Men Women
50 to 54 52%
Income between
C US$ 582 and US$ 2,509
40 to 44
30 to 34
20 to 24 14% Income between
D US$ 419 and US$ 582
10 to 14
Income
0 to 4 E 19%
< US$ 419
-6% -4% -2% 0% 2% 4% 6%
47 million homes
Source: IBGE
Source: FGV
Quantitative Housing Shortage
Qualitative Housing Shortage
(millions of homes)
7,3
6,7
1,8x Brazil
5,4
4,0x Mexico
9-10x G-7
Source: Credit Suisse
1991 2000 2007
* Qualitative Housing Shortage is the number of times that a family moves to different houses in life
Source: Fundação João Pinheiro e Ministério das Cidades
37

38. Mortgage Market and the Investment Grade
Mortgage Market as a % of GDP
AAA
69%
AAA
45% AA
BBB+
38%
34%
A+
A+
18% A BBB+
15%
12% 11% BBB-
A- BBB-
4% 4%
2%
X Rating S&P
Source: Lopes, FMI, S&P and Santander
38

39. Launches RMSP – Historic data (1996 - 2008)
GVS¹ Launched (R$ bn) - RMSP
22.7
21.3
16.5
14.9 15.7
14.1
8.7
1996 1997 2006 2007 2008 9M09 2009E*
¹ Launched values adjusted by the INCC until September/09.
Nominal GVS launched in 2008 was the same
amount as 2007: R$ 20 bn.
Number of Launches - RMSP
Units Launched („000) - RMSP
+14% 574 548 70 70
538 548 509 68
509
467 458 478
442
+37%
377
341
309 40 38 33
35 35 34 37 36
33
31
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 9M09 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 9M09
Source: Lopes‟ Market Intelligence
*2009E – 1997 + GDP growth or similar amount of 2006 (GDP growth – CAGR with data from IBGE, GDP of 2008 was annualized).
39

40. SPMR Real Estate Market Overview – Prices
Evolution of Average Launches‟ Prices in the SPMR
R$/m2
R$/m2
3187 3129
3049
2847 2931
2787
2367
2139
Nominal 1795
1622 1718
1609
1151 1197
9M09
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
4029
3804 3876
3720 3659 3709 3636
3513 3586
3358 3261
3164 3081 3161
INCC Adjusted
9M09
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Source: EMBRAESP
40

41. The Secondary Market
Difference (in %) between the average price
Real estate market by segment
per m² in new development vs. used properties
(Total in R$ billion, % of total potential sales value)
118 100%
Primary 37%
19
13 11
9
63% USA Spain South Africa Mexico
Secondary
In the city of São Paulo, the difference is as high as 30% ~ 50%
Brazil
Source: ITBI, Gafisa prospectus, Cushman Wakefield report, team analysis

42. Factors that Sustain the Growth in the Real State Market
Financing Availability Positive Economic Trend
Smaller Taxes, longer terms; Brazil is Latin America‟s biggest economy
SFH and FGTS limit increase; and presents economic, political and
social stability;
Higher participation of the private Positive economic fundaments:
sector; and 1. Country-risk in minimum historical level
In Brazil, the mortgages represent 2. Inflation under control
10-20% of the total credit, smaller than in 3. Extern debt at lower levels
other countries (70%).
4. Decreasing of the unemployment tax
Housing Deficit Real State Sector Development
Consumer‟s buying intention increase;
Estimated deficit of 7.5MM de houses; Technology achieved in both sides;
Bad quality housing for middle and low Products with more sophisticated
attributes for the middle income
income segments. segment;
Technology in the low income segment
construction; and
Development of new
Brazilian markets.
42

43. Lopes‟ Confidence Index
43

44. Lopes‟ Confidence Index (LCI) - October/09
Lopes is the first company to create a Real Estate Consumer Confidence Index.
Lopes‟ Confidence Index (LCI)
October/09
153,4
147.4 145.3 142.8
137.5 141.3 Expectation Index
131.6 133.8 134,4
124.7 125.3 127.0
124.1 Lopes' Confidence Index
116.3 119.0 120.3 115,5
118.0 111.2
105.7 109.4 105.3
100.8 100.5 99.3 Present Situation Index
100.0 98.7
87.2
86.8
82.0
jan/09 feb/09 mar/09 apr/09 may/09 jun/09 jul/09 aug/09 sep/09 oct/09
Lopes‟ Confidence Index intend to measure clients confidence, so Lopes can follow and anticipate, in the short term,
housing purchase tendency.
The sample has 582 interviews, with Grande São Paulo resident clients, which contacted Lopes in the last 3 months and
are interested in purchasing a new home.
(base: jan/2009=100)
Source: Lopes Market Intelligence
44

45. LCI by Segment
The scenario is positive when compared the present purchase intention with the purchase intention for
the next 6 months, for all segments.
40%
30%
28%
143.0
141.2 144.4 Low Income
126.4 125.1 129.6
111.7 105.8 116.2 Medium-High
High
Lopes‟ Confidence Present Situation Expectation
Index Index Index
The factors that show the optimism for the future are:
(i) the perception about the brazilian economic situation in the next 6 months; and
(ii) the purchase intention for the next 6 months.
(base: jan/2009=100)
Source: Lopes Market Intelligence
45

46. Operational Highlights
46

47. Contracted Sales‟ Historical*
Total GVS – Primary Market
(in R$ million)
9,370
CAGR: 36%
5,807
4,873
2,545
1,853
1,556
1,166 1,253
850
591
2000 2001 2002 2003 2004 2005 2006 2007 2008 9M09
* Unaudited managerial information. 47

48. Contracted Sales
Contracted Sales
(R$ MM)
2,883
215 2,601
19%
153
2,183
163
2,669
2,448
2,020
3Q08 2Q09 3Q09
Primary Market Secondary Market

49. Units Sold per Region and per Income Segment
12,593
7,311
Sales per Region
(in units)
1,024 1,027 1,635 1,127
672 622
South Region Southeast Region Middle West Region Northeast Region
3Q08 3Q09
5,646
4,349
4,007
3,538
Sales per Segment
(in units) 1,271 1,268
603 656
0-150K 150K-350K 350K-600K >600k
3Q08 3Q09
49

50. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa‟s Sales Speed
60.7% 65.9%
29.3%
25.9%
2Q09 3Q09 2Q09 3Q09
*Management information,
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

51. Financial Highlights
51

52. Net Commission by Market
Net Commission
3Q08
2.89% 2.58%
2.24% 2.30%
São Paulo Rio de Janeiro Other Markets Brazil
3Q09
2,87% 2.21% 2.35% 2.61%
São Paulo Rio de Janeiro Other Markets Brazil
52

53. Results 3Q09
3Q09 Results
(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 EBITDA 30,543 (451) (474) 29,618
Pro-Forma EBITDA Margin 48.51% -32.51% -1367.67% 46.00%
Pro-Forma Net income 18,747 (1,035) (195) 17,517
Pro-Forma Net Margin 29.77% -74.62% -562.55% 27.20%
Without Pronto! and CrediPronto!‟s
Brasília had a R$6.3 million Income,
effects, Lopes‟ EBITDA would‟ve been
while Campinas had a R$2.7 million
R$31 million, with a 49% margin, and a
Income, what explains the Minority
Net Income of R$19 million, with a 30%
Interests of R$5.3 million.
margin.
53

54. Costs of Services Provided and Operating Expenses
Operating Costs and Expenses
(R$ MM)
2.7
Other R$3.5MM
Itaú„s expenses accrual R$0.2 MM
38.4 32.2 Depreciation R$2.1 MM
35,7
Stock Option(CPC 10) R$1.2 MM
3.5 Other
Total Operating Costs and Pronto! and Credipronto! Operating costs and
Expenses Costs Expenses
54

55. Guidance for 2009
55

56. Sales‟ Guidance for 2009
(R$ MM)
9,000
Primary and Secondary Markets
* The General Value of contracted sales (Contracted GVS) projected in this release may change due to many variables. This material fact includes forward
looking statements related to business perspectives, results estimates and, also, the growth outlook for Lopes. Such forward looking statements may be
substantially affected by changes in market conditions, government decisions, stronger competition, industry performance as well as Brazilian economy
performance, in addition to those risks presented in the documents released and filed by Lopes, consequently, they are subject to changes without previous
notice. 56

57. Additional Information
57

58. Lopes‟ Contracted Sales Seasonality
Two seasonality components:
• Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more
significantly affected by summer vacations and the week of Carnival celebrations.
• Variations in sales stemming from the sales pipeline in the real estate development market, in which
projects launched are subject to licensing and permit requirements, which account for significant distortions
in a quarter-over-quarter comparison.
41%
37%
31% 32%
29% 29%
25%
22% 22% 23% 23%
21%
17% 18%
16%
14%
2005 2006 2007 2008*
1Q 2Q 3Q 4Q
Unstable sales behavior in each quarter accounts for variations in yearly sales
* The seasonality can not be verified in 2008, because of the effects of the world financial crises.
58

59. Ownership Structure
Ownership Structure Post-IPO
0%
29%
Foreigner Investors - Free Float
Nacional Investors - Free Float
6%
Controlling
65%
Management
Total of 49,448,033 common shares
59

60. Analysts Coverage
Institution Analyst Contact
Agora Cristiane Viana (+55 21) 2529-3393
cristiane.viana@agorainvest.com.br
Brascan Cristiano Hees (+55 21)3231-3134
chees@brascanctv.com.br
(+52 55) 5283-8933
Credit Suisse Marcelo Telles
marcelo.telles@credit-suisse.com
Itaú David Lawant (+55 11) 3073-3037
david.lawant@itau.com.br
Planner Ricardo Martins (+55 11) 2172-2600
rmartins@plannercorretora.com.br
(+1 212) 713 1094
UBS Gordon Lee
gordon.lee@ubs.com
(+55 21) 3262-9208
BTG Pactual Rodrigo Monteiro
rodrigo.monteiro@btgpactual.com
(+55 11) 3035-4141
Coinvalores Marco Barbosa
marco@coinvalores.com.br
60

61. Contacts
INVESTOR RELATIONS CONTACT
E mail: ri@lopes.com.br
Website: www.lopes.com.br/ri
61