1. Lopes reported contracted sales of R$1.4 billion in 1Q09, with 5,556 units sold in Brazil. EBITDA was R$5.7 million, up 229% from 4Q08, and net income was R$3.1 million, up 124% over the previous quarter. 2. Operational highlights included strong sales in Brasilia, with a 24% market share, and a sales speed of 19%, up from 16.3% in 4Q08. Financial results improved due to cost reductions implemented in late 2008. 3. Excluding losses from subsidiaries Pronto! and CrediPronto!, Lopes' EBITDA would have

1. 1Q09 Conference Call Presentation Results Presenters Marcos Lopes – CEO Francisco Lopes – COO Marcello Leone – CFO and IRO

2. 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 (“Lope s” or the “Company” ) as of and for the period ended March 31 st , 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 .

4. Highlights

6. Operational Results

7. Contracted Sales (R$ MM) Contracted Sales 2,336 1,441 -12% 1,600

8. Contracted Sales Evolution by Geographic Region Contracted Sales 4Q08 1Q09

9. São Paulo Rio de Janeiro Other Markets Units Sold Units Sold by Segment 1Q09 Total of units sold = 5,556

10. Sales Speed over Supply - Lopes Brazil’s Sales Speed Brazil’s Sales Speed * Management information.

11. Financial Results

12. Reasons for the Decrease of the net Commission 1Q08 1Q09 Net Commission Market Mix Brasília Brasília Net Commission São Paulo

13. Results 1Q09 Without Pronto! and CrediPronto!’s effects 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$1,0 million Income. 1Q09 Results (R$ 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% 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%

14. EBITDA Pro Forma* EBITDA Pro Forma (R$ MM) * 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 CreditPronto! EBITDA Pro Forma Margin 229% (12.0)% 42.3% 16.4%

15. Net Income Pro Forma* Net Income Pro Forma *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-Off costs related to our Pará subsidiary. Net Income Pro Forma without Pronto! and CrediPronto! (R$ MM) Net Pro Forma Margin 27.1% 9.0% 124% (37.3)%

16. * The total costs and operating expenses include the 4Q08 write-off on CPC04 of $ 10 million and the reversal of interest on Patrimóvel of $ 14.6 million and, therefore, without these effects, the total costs and operating expenses of the quarter would be of $ 54.6 million. The 1Q09 does not include the cost of CrediPtonto! worth of $ 0.7 million, which are managed by Banco Itaú. The other operating expense line in 4Q08 includes financial results. If excluded, the amount would have been R$12.9 million. Costs of Services Provided and Operating Expenses Operating Costs and Expenses (R$ 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% 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%)

17. (R$ MM) Other Costs of Services Provided and Operating Expenses Operating Costs and Expenses 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

18. Next Events 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 CONTACTS Marcello Leone CFO and IRO Tel. +55 (11) 3067-0015 Samia Nemer IR Coordinator Tel. +55 (11) 3067-0257 E-mail: [email_address] www.lopes.com.br/ri