1. 4Q09 Conference Call Presentation Results
Presenters
Marcos Lopes – CEO
Francisco Lopes – COO
Marcello 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
December 31st, 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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3. Program
I. Highlights
II. Operational Results
III. Financial Results
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4. Highlights
4

5. Highlights
• In 4Q09, contracted sales totaled R$3.1 billion. In 2009, Lopes recorded contracted sales of R$9.3 billion, of
which R$8.7 billion was in the primary market.
• In 4Q09, São Paulo accounted for R$1.6 billion of overall contracted sales, Brasília for R$433 million and Other
Markets R$1.0 billion. In the year, São Paulo accounted for R$4.4 billion, Brasília R$1.6 billion and Other Markets
R$3.2 billion.
• Lopes sold 12,731 units in the Brazilian market in 4Q09, of which 5,095 (40%) were in the low-income segment
(units priced up to R$150,000), and 36,888 units in 2009, with 14,713 (40%) in the low-income segment.
• In 4Q09, the Sales Speed Over Supply stood at 27%, while for Habitcasa it was 70%.
• In 4Q09, CrediPronto! granted mortgage loans worth R$67 million, which corresponds to GVS (General Value of
Sales) of R$111 million. Since its operational launch, CrediPronto! has registered a mortgage volume of R$204
million, corresponding to GVS of R$325 million, surpassing its financing target for the period. CrediPronto!’s
guidance for 2010 is R$350 million in mortgages.
• The Company surpassed its 2009 sales guidance of R$9.0 billion, and has announced its sales guidance for 2010
as between R$12.0 billion and R$12.5 billion.
• Pro-forma EBITDA in 4Q09 was R$33 million, an increase of 11% over 3Q09, and R$90 million in 2009, 21% up over
2008. Pro forma EBITDA Margin was 46% in 4Q09 and 40% in 2009.
• Lopes posted Pro-forma Net Income of R$24 million in 4Q09, up 37% quarter-on-quarter, and R$55 million in
2009, up 72% year-on-year. Pro forma Net Margin was 33% in 4Q09 and 25% in 2009.
•The Company proposes the distribution of R$41.3 million in dividends for 2009. This represents the maximum
amount available for the payment of dividends. 5

6. Operational Results
6

7. Contracted Sales
Contracted Sales
(R$ BI)
10,099
6% 9,257
1,339
599
728
8,658
18% 3,061 8,031
3,061
91% 2,601
210 210
1,600 153
91 2,851 2,851
2,448
1,509
4Q08 4Q09 3Q09 4Q09 2008 2009
Primary Market Secondary Market Patrimóvel
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8. 2009 Contracted Sales
Contracted Sales 2009
(R$ BI)
1.6
10.9
9.3 9,3
Lopes Patrimóvel (10% Lopes) Total Sales
In 2009, Lopes’ Contracted Sales, adding up the sales of Patrimóvel, totaled
R$10.9 billion.
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9. Sales Guidance – Primary and Secondary Market
Guidance
(R$ Bi)
32%
12.0 – 12.5
9.0 9.3
Guidance 2009 2009 Contracted Guidance 2010
Sales
Lopes’ 2010 sales guidance is from R$12.0 to R$12.5 billion,
a growth of 32% when compared to 2009.
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10. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed
65.9% 69.7%
29.3% 26.5%
3Q09 4Q09 3Q09 4Q09
*Management information, 10
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

11. Sales by Income Segment 2009
Units Sold Contracted GVS
Total units sold = 36,888 Total Contracted GVS = R$9,257 million
6% 16%
12% 24%
40%
22% 38%
42%
<150K 150k-350k 350k-600k >600k
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12. Contracted Sales by Geographic Region
Contracted Sales
2008 2009
15% 13%
7% 9%
47% 48%
6%
19% 6%
5% 7% 18%
São Paulo Brasília Campinas Rio de Janeiro South Region Other
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13. Some Examples of Successful Projects 4Q09
Project: Praça Santana Project: Atua Mooca II
Developer: Cyrela/Niss Developer: Atua
High End Segment Low Income Segment
Region: Casa Verde – São Paulo Region: Mooca – São Paulo
Launch: Oct/09 Launch: Feb/10
Area: 134 m² Area: 34, 42, 43, 47 m²
Price per m²: R$ 4,300/m² Price per m²: R$ 2,380
Total Units: 108 Total Units: 232
95% sold 100% sold
Project: Home Flex Pacaembu Project: Paulista Corporate
Developer: Helbor Developer: Gafisa
Middle Segment Commercial
Region: Barra Funda – São Paulo Region: Ch. Santo Antônio – São Paulo
Launch: Jan/10 Launch: Oct/09
Area: 57 m² Area: 34, 83, 94 m²
Price per m²: R$ 4,800/ m² Price per m² : R$ 12,100/m²
Total Units: 192 Total Units: 168
100% sold 87% sold
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14. CrediPronto!
CrediPronto!’s Financing
(R$ MM)
61% Accumulated Mortgage Inventory in
67.3
the end of 2008 and 2009:
41.9 -Financed Volume: R$204MM
203.9 -GVS: R$325MM
136,6
-Contracts: 703
94,7
-Average Payment Term: 285 months
-
3Q09 4Q09 Late 2008 +
2009
The amount financed by CrediPronto! was achieved through our Pronto! Stores, that
totaled 152 stores
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15. Guidance CrediPronto!
CrediPronto!
(R$ MM)
72%
350
200 204
2009 Itaú's Earn Out Accumulated 2010 Guidance
Goal Financed Volume
in 2009
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16. Lopes’ Secondary Market Expansion
Value to be Achieved
Earn Out CrediPronto! Expansion in
R$220 MM adjusted Greater the Secondary
by the CDI Market Value Market
Credentialed Owned Stores M&A
127 credentialed stores in 2009 25 stores in 2009  Acquisition of significant players
 Strengthening and Expansion of  Focus in investments for our in the Brazilian market
the credentialed stores owed stores
Achieving the highest potential of the business
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17. Financial Results
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18. Net Commission by Market
Net Commission
4Q08
3.06% 2.60%
2.46%
1.94%
São Paulo Rio de Janeiro Other Markets Brazil
4Q09
2.79% 2.49% 2.49%
2.09%
São Paulo Rio de Janeiro Other Markets Brazil
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19. Results 2009
Results 2009
(R$ ‘000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED
Net Revenue 216,658 6,777 1,258 224,693
Operating Costs and Expenses (121,383) (8.945) (3,563) (133,891)
Stock Option Expenses (CPC 10) (4,172) (4,172)
Expenses Accrual from Itaú (953) (953)
Pro-Forma EBITDA1 94,322 (2,167) (2,305) 89,850
Pro-Forma EBITDA Margin 44% -32% -183% 40%
Pro-Forma Net Income2 59,010 (2,864) (664) 55,482
Pro-Forma Net Income Margin 27% -42% -53% 25%
Without Pronto! and Credipronto!’s
Brasília had a R$22.5 million Income,
effect, Lopes’ EBITDA would’ve been
while Campinas had a R$8.8 million
R$94 millions, with a 44% margin and
Income, what explains the minorities
a Net Income of R$59 million, with a
Interests of R$18.1 million.
27% margin.
1 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses. 19
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.

20. Results 4Q09
Results 4Q09
(R$ ‘000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED
Net Revenue 69.142 2.527 95 71.763
Operating Costs and Expenses (34.616) (2.486) (1.445) (38.546)
Stock Option Expenses (CPC 10) (1.350) (1.350)
Expenses Accrual from Itaú (238) (238)
Pro-Forma EBITDA1 34.288 41 (1.350) 32.978
Pro-Forma EBITDA Margin 50% 2% -1425% 46%
Pro-Forma Net Income2 24.427 194 (640) 23.981
Pro-Forma Net Income Margin 35% 8% -675% 33%
Without Pronto! and Credipronto!’s
Brasília had a R$4,6 million Income,
effect, Lopes’ EBITDA would’ve been
while Campinas had a R$2,2 million
R$34 millions, with a 50% margin and
Income, what explains the minorities
a Net Income of R$24 million, with a
Interests of R$4,0 million.
35% margin.
1 Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses. 20
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.

21. Costs of Services Provided and Operating Expenses
4Q09 Operating Costs and Expenses
(R$ MM)
4.3
Other R$3.9 MM
Itaú’s Expenses to Accrue R$0.2 MM
42.5 34.4
Depreciation R$2.3 MM
Stock Option Expenses (CPC 10) R$1.4 MM
3.9 Other
Total Operating Costs Pronto! and Operating Costs
and Expenses Credipronto! Costs and Expenses
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22. Pro Forma EBITDA*
Pro Forma EBITDA
(R$ MM)
40%
32% 21%
46% 46%
11% 89.9
74.0
33.0
29.6
3Q09 4Q09 2008 2009
Pro Forma EBITDA Margin
EBITDA Pro Forma without Pronto! and CrediPronto! 2009
(R$ MM)
(4.2) (4.4)
85.7 89.9 94.3
EBITDA Stock Option Pro Forma EBITDA Pronto! and Pro Forma EBITDA
Expenses (CPC 10) CrediPronto!'s without Pronto! and
EBITDA CrediPronto!
* Pro Forma EBITDA is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses. 22

23. Pro Forma Net Income*
Pro Forma Net Income
(R$ MM)
25%
14%
33% 72%
27%
37% 55.5
32.3
24.0
17.5
3Q09 4Q09 2008 2009
Margem Líquida Pro Forma
Pro Forma Net Income without Pronto! and CrediPronto! 2009
(R$ MM)
(3.5)
(4.2) (1.3)
50.0 55.5 59.0
Accounting Stock Option One Off Costs Pro Forma Net Income Pronto! Pro Forma Net
Net Income Expenses (CPC 10) (Pará) Net Income and CrediPronto! Income without
Pronto! and
CrediPronto!
* Pro Forma Net Income is a non-accounting measure drawn up by Lopes, which consists on EBITDA excluding the effects of stock option expenses. 23

24. Margin Analyses
Pro Forma EBITDA Margin
46% 46%
42% 45%
40%
16% 31% 2008
58 p.p.
2009
-12%
1Q 2Q 3Q 4Q
Pro Forma Net Income Margin
33%
27% 26% 27%
9%
20% 16%
2008
70 p.p.
2009
-37%
1Q 2Q 3Q 4Q
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25. Cash Generation
Cash Flow 4Q09
(R$ MM)
(4.1) (4.1)
25.8
153.6
136.0
Cash Positon 3Q09 Operations Investments Financing Cash Positon 4Q09
In the 4Q09, Lopes’ cash and cash & equivalents increased R$17.6 million, what
totaled a R$153,6 million cash position in the quarter.
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26. Dividend Distribution Proposal
Dividend Distribution Proposal
(R$ ‘000)
28
8,683
10,333
49,997
41,333 41,333
31,000
Net Income Legal Reserve Capital Available for Mandatory Additional Total Dividends
Absorption Distribution Distribution Dividends Proposed
(25%) Proposed (100%)
(75%)
A The Company proposes distribution of R$ 41.3 million in dividends, the maximum
amount available for payment.
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27. Next Events
4Q09 Results Conference Call
Portuguese English
Date: 03/05/2010, Friday Date: 03/05/2010, Friday
Time: 10h00 a.m. (BR Time) Time: 12h00 p.m. (BR Time)
08h00 a.m. (NY Time) 10h00 a.m. (NY Time)
Telephone: (11) 4688-6361 Telephone Brazil: (11) 4688-6361
Password: Lopes Telephone US: +1 888-700-0802
Telephone other countries: +1 786 924-6977
Password: Lopes
Replay: Replay:
http://webcall.riweb.com.br/lopes/20100305/index.asp http://webcall.riweb.com.br/lopes/20100305/english/index.asp
CONTACTS
Marcello Leone Samia Nemer
CFO and IRO IR Coordinator
Tel. +55 (11) 3067-0015 Tel. +55 (11) 3067-0257
E-mail: ri@lopes.com.br
www.lopes.com.br/ir
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