apresentação resultados 3 t10. ing. final

1

3Q10 Conference Call Presentation Results

Presenters

Marcos Lopes – CEO

Francisco Lopes – COO

Marcello Leone – CFO e IRO

2

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 (“LPS” or the “Company”) as of and for the period ended

September 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.

Forward-looking statements

3

Program

I. Highlights

II. Operational Results

III. Financial Results

4

Highlights

Highlights

•LPS Brasil reached the highest levels of: Contracted Sales, Mortgages, Net Revenue, EBITDA, Net Incomebefore Minorities Interest and Net Income.

•Contracted Sales totaled R$3.6 billion in 3Q10, 39% higher than 3Q09. As for the year, contracted sales wereR$9.6 billion, 55% above 2009.

•LPS Brasil sold 13,126 units in 3Q10, a 28% increase over the 3Q09. Out of these units, 30% were in the low-income segment (units prices up to R$150,000). In 2010, 36,016 units were sold, an increase of 49% over 2009.

•Net Revenues totaled R$87.5 million in 3Q10, 36% higher than 3Q09, reaching the highest level in real estatebrokerage sector. As for the year, the Net Revenues were 51% higher than 2009.

•In 3Q10, CrediPronto! granted mortgage loans worth R$154.1 million. Since its operational startup,CrediPronto! has registered a total mortgages volume of R$591.0 million, R$387.1 million only in 2010.

•Pro-forma EBITDA in 3Q10 was R$43.9 million, an increase of 48% over 3Q09. Pro-forma EBITDA Margin in theperiod was 50%. For 2010, Pro Forma EBITDA totaled R$105.4 million, with a 45% margin.

•LPS Brasil posted Pro-forma Net Income of R$29.7 million in 3Q10, up 70% on the same period last year. Pro-forma Net Margin was 34% in 3Q10. For the 9M10, LPS’s Pro Forma Net Income totaled R$65.2 million, with amargin of 29%, establishing itself as the most profitable company of the real estate services sector.

5

6

Financed Volume

268% 3Q10 x 3Q09

326% 9M10 x 9M09

Contracted Sales

78% 3Q10 x 3Q09

88% 9M10 x 9M09

Contracted Sales

37% 3Q10 x 3Q09

52% 9M10 x 9M09

Mortgage LoanSecondary Market

12 States + Federal District

91% of GDP

LPS Brasil: Unique Business Platform

Primary Market

12%

29%34% 37%

25%

37% 38%

9%

20%27%

33%

20%30% 34%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

3 11

18 24

12

24 30

16%

40% 46% 46%36%

49% 50%

7

+34p.p.

+25p.p

+149%

+900%

35 53

6472

6380 87

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

Net Revenue in

the in Real Estate

Brokerage

Sector.

+26p.p.

Net Revenue, EBITDA Margin, Net Income and Net MarginAnalisys

3Q10 Performance - Comparative Analysis

Net Revenue

(R$ million)

EBITDAMargin

Pro-Forma

Net Income

(R$ million)

Pro-FormaNet Margin

Net Marginbefore

MinoritiesInterests

8

Operational Results

Launches

Launches Volume Units Launched

9

(R$ MM)

4,1365,605

8,672

14,555

3Q09 3Q10 9M09 9M10

17.444 20.268

35.316

58.993

3Q09 3Q10 9M09 9M10

16%36%

68% 67%

*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.

Contracted Sales

(R$ MM)

Contracted Sales – Primary and Secondary Markets

10

Units Sold

10,280 13,126

24,157

36,016

3Q09 3Q10 9M09 9M10

2,601 3,617

6,196

9,572

3Q09 3Q10 9M09 9M10

55%

39% 28%

49%

In This Quarter, We Achieved Our Record in Contracted Sales

*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.

Gross and Net Revenue

Net Revenue

11

64.4 87.5

152.9

230.3

3Q09 3Q10 9M09 9M10

36%

(R$ MM)

Gross Revenue

71.4 96.8

170.1

254.0

3Q09 3Q10 9M09 9M10

36%

(R$ MM)

In This Quarter, We Achieved Our Record in Revenues.

49% 51%

12

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.

29.3% 29.5%

3Q09 3Q10

65.9%50.8%

3Q09 3Q10

42%

39%

12%6%

30%

44%

17%

9%

11%

36%

25%

29%17%

36%22%

25%

13

3Q09

3Q09

3Q10

3Q10

Units Sold

Contracted Sales

Sales by Income Segment – Primary and Secondary Markets

Total units sold = 13,126

Total Contracted Sales = R$3,617 million

50%

9%5%

11%

12%

12%

São Paulo Brasília Campinas Rio de Janeiro South Region Other

53%

16%

6%

5%

7%

13%

3Q103Q09

14

Contracted Sales

Contracted Sales by Geographic Region – Primary and Secondary Markets

LPS Brasil in the Primary Market

15

Primary Market

Contracted Sales Units Sold

16

(R$ MM)

2,448 3,345

5,807

8,842

3Q09 3Q10 9M09 9M10

9,940 12,469

23,239

34,342

3Q09 3Q10 9M09 9M10

25%37%

52%48%

*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.

LPS Brasil in the Secondary Market

17

Secondary Market

Contracted Sales Units Sold

18

(R$ MM)

153 272

388

730

3Q09 3Q10 9M09 9M10

340 657

918

1.674

3Q09 3Q10 9M09 9M10

93%78%

88%

82%

*3Q10 data include 20% of Patrimóvel’s result in proportion to our interest during the period.

LPS Brasil in the Mortgage Market

19

CrediPronto!

20

*ABECIP (as of September 30th, 2010) and Company.

Market Share CrediPronto!

0,7% 1,7% 1,8% 1,6% 2,0%2,1% 1,3% 1,9% 2,0%

100

240

340 314

423 406 293

429 485

99 132 130 136 148 156 160 166

CrediPronto! Market

Jan - 10Feb - 10 Mar - 10 Apr - 10May - 10Jun - 10 Jul - 10 Aug -10 Sep - 10

Evolution of Origination (base 100 = Jan-10)

15% of Itaú

Total OriginationSep/10: R$3.1 bi

1.850

404

321

210

14388

23 18 4 2

Ca

ixa

Ita

ú

Bra

de

sco

Sa

nta

nd

er

Ba

nc

o d

o

Bra

sil

HSB

C

Citib

an

k

Ba

nri

sul

Po

up

ex

Ba

ne

se

62

Mortgages Ranking - September 2010

(R$ MM)

216.7

591.0

jan/10 sep/10

Financed Volume

CrediPronto!

CrediPronto! financed in the 3Q10 R$154 million, ammounting to 555 contracts with an average rate of

10.1% + TR and an average payment term in the period of 281months.

(R$ MM)

21

41.9

154.1

90.9

387.1

3Q09 3Q10 9M09 9M10

268%

326%

(R$ MM)

173%

Accumulated Volume Sold*

*It doesn’t include amortization.

Financial Results

22

23

Patrimóvel’s Acquisition

Renegotiation of Patrimóvel -

10% share + call option

Acquisition of an additional

10% stake and a call option to

buy another 31% stake for

R$ 10 million

Acquisition of remaining 31%

to acquire control for

R$51.8 million

Jul/10Dec/08 Oct/10

3Q10

4Q10

20% Consolidation of Patrimóvel’s

Results through Equity Income

Total Consolidation of Patrimóvel’s

Results with Minorities Interest

Payment of 49%

51%Result

24

Secondary Market Acquisition

LPS Brasil Acquired Four Secondary Market Companies in the 3Q10

The Results of Those Companies Are Going to

Be Consolidated since October 2010

Acquisition date July 8th, 2010 July 23rd, 2010 August 17th, 2010 September 09th, 2010

Share 51% 51% 51% 51%

Location São Paulo -SP Rio de Janeiro-RJ São Paulo - SP São Paulo –SP

Payment R$7.1 million R$ 2.6 million R$11.7 million R$17.3 million

25

Net Commission

2.9%

2,2%2.4%

2.6%2.8%

2.5%

2.1%

2.5%

2.8%

2.5%2.3%

2.6%2.8%

2.5%2.3%

2.5%

3.0%

2.1%2.3%

2.7%

São Paulo Rio de Janeiro Other Markets Brazil

3Q09 4Q09 1Q10 2Q10 3Q10

Net Commission by Market

Results 3Q10

Results 3Q10

(R$ ‘000) LOPES PRONTO! CREDIPRONTO! LPS BRASIL

Net Revenue 84,033 3,275 179 87,487

Operating Costs and Expenses (40,203) (3,134) (1,146) (44,483)

Stock Option Expenses (CPC 10) (817) (817)

Expenses Accrual from Itaú (238) (238)

Pro-Forma EBITDA1 44,747 141 (967) 43,921

Pro-Forma EBITDA Margin 53% 4% -540% 50%

Pro-Forma Net Income2 30,763 (327) (719) 29,717

Pro-Forma Net Income Margin 37% -10% -402% 34%

Without Pronto! and Credipronto!’s

effect, LPS Brasil’ EBITDA would’ve

been R$45 millions, with a 53%

margin and a Net Income of R$31

million, with a 37% margin.

Brasília had a R$5.0 million Income,

while Campinas had a R$2.8 million

Income, what explains the minorities

Interests of R$4.7 million.

261 Pro Forma EBITDA is a non-accounting measure drawn up by LPS Brasil, which consists on EBITDA excluding the effects of stock option expenses.2 Pro Forma Net Income is a non-accounting measure drawn up by LPS Brasil, which consists on EBITDA excluding the effects of stock option expenses.

The CrediPronto!’s

revenue does not

include the

mortgages

financial spread

29,61843,921

56,863

105,430

3Q09 3Q10 9M09 9M10

Pro Forma EBITDA

(R$ MM)

43.1

(0.8)

43.9

(0.8)

44.7

EBITDA Stock Option

Expenses (CPC 10)

Pro Forma EBITDA Pronto! and

CrediPronto!'s

EBITDA

Pro Forma EBITDA

without Pronto! and

CrediPronto!

Pro Forma EBITDA without Pronto! and CrediPronto! 3Q10

Pro Forma EBITDA Margin

48%

50%

46%

(R$ MM)

27

85%37%

45%

Pro Forma EBITDA*

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

17,51729,717 31,502

66,153

3Q09 3Q10 9M09 9M10

Pro Forma Net Income*

Pro Forma Net Income

28.9

(0.8)

29.7

(1.0)

30.8

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! 3Q10

Pro Forma Net Margin

(R$ MM)

28

110%

34%

27%

(R$ MM)

70%

21%

29%

* 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.

29

ASSETS

Cash and Cash & Equivalents* R$ 116 million

Receivable From Clients R$ 81.8 million

Acquisition Payments

(R$ thousand)

3Q10 4Q10 1Q11 2Q11 Total

Primary Market 12,615 8,854 61,977 5,648 86,095

Patrimóvel 10,000 51,835 61,835

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

Secondary Market 8,001 5,810 1,300 4,899 400 4,899 25,309

Total 173,239

Cash Position

*It doesn’t include the proceeds of the offering** 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.

Appendix

30

Casa das Caldeiras

Residencial

São Paulo– September

Helbor

Imaginare Tatuapé

São Paulo - September

Lindencorp

Trend City-Offices

Porto Alegre- July

Maiojama

AIR Home garden

Belo Horizonte - September

MASB

Premmio Vila Nova - Fase III

São Paulo- July

Kallas

Ideia Vida & Lazer

Belo Horizonte- July

MASB

Hemisphere Norte Sul

Campinas- August

Rossi

MaxHaus Berrini

São Paulo- August

Maxcasa

Park Club Bairro Jardim

Santo André - September

Open (Even)

Barra Funda Park -

Condomínio Floresta

São Paulo – September

Tenda

Gardens Living Club

São Paulo– September

Brookfield

Novitá

Limeira - September

Rio Verde

Vanguarda

Curitiba - July

Rossi

Comfort Stay Verano

Rio de Janeiro - August

Dominus 31

The One Tower

Fortaleza– September

Brookfield

Some Examples of Successful Projects 3Q10

SPAZIO 23

Ceilândia– July

Civil Engenharia

Arbore

Curitiba– September

LN

The Nine Office

São Paulo– August

JF Engenharia

Residencial Passaredo

Fortaleza – August

Placic

Trend City-Corporate

Porto Alegre– July

Maiojama

The Lake Home

São Paulo – September

Charles Cambur

Parque dos Sonhos

Ferraz de Vasconcelos– July

Cury

Gran Felicità

Belo Horizonte – August

Direcional

Alameda Jardim

Fortaleza – September

Sistema Fácil

Soul Residence

Porto Alegre – July

RottaEly

32

Hangar

Salvador– August

Odebrecht

Parque Arvoredo

Curitiba– September

Fit Residenciali

Splendor Parque Prado

Campinas– September

Rossi

YOU LIFE STYLE

Águas Claras– July

EBM

Flex Diadema

Diadema– July

Tecnisa

Some Examples of Successful Projects 3Q10

3Q10 Earnings Conference Call

Portuguese English

Date: 11/17/2010, Wednesday Date: 11/17/2010, 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: +1 888-700-0802

Telephone other countries: +1 786 924-6977Password: Lopes

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

CONTACTS

Marcello LeoneCFO and IROTel. +55 (11) 3067-0015

Samia NemerIR ManagerTel. +55 (11) 3067-0257

E-mail: ri@lopes.com.brwww.lopes.com.br/ir

Next Events

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