1. 1Q10 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
March 31st, 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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3. Program
I. Highlights
II. Operational Results
III. Financial Results
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4. Highlights
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5. Highlights
Contracted sales totaled R$2.5 billion in 1Q10, 80% higher than 1Q09.
Lopes sold 10,521 units in Brazil in 1Q10, an 89% increase when compared to the 1Q09, of which 41%
were in the low-income segment (units priced up to R$150k).
Consolidated Sales Speed Over Supply stood at 43%, when isolating the low-income segment,
Habitcasa´s Sales Speed Over Supply was 61%, both among one of the largest sales speed of the sector.
The State of São Paulo accounted for R$1.5 billion of our contracted sales, positioning Lopes as the leader
in the biggest Brazilian market. In the markets of Brasília and the South Region, Lopes also stood up as the
leader with R$350 million and R$244 million sales respectively.
The Company opened its new units: Lopes Focus, Lopes ABC, new head office of Rio de Janeiro, Lopes
Curitiba, Habitcasa Campo Grande-RJ and Habitcasa Nova Iguaçu – RJ. In addition, three new Pronto!
stores were opened in Sao Paulo. Through these new units, the Company seeks to strengthen its strategy
of liquidity.
In 1Q10, CrediPronto! granted mortgage loans worth R$87 million .Since the beginning of its operations
until March this year, the amount financed by Credipronto! already reached R$291 million.
Lopes Net Revenue totaled R$63 million, an increase of 82% when compared to the 1Q09.
Pro-forma EBITDA in 1Q10 was R$22.4 million, an increase of 293% over 1Q09. Pro-forma EBITDA Margin
was 36%.
Lopes posted Pro-forma Net Income of R$12.4 million in 1Q10, up 296% year-on-year. Pro-forma Net
Margin was 20% in 1Q10.
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6. Operational Results
6

7. Launches
GVS Launched Units Launched
(R$ MM)
31% 86%
13,971
2,897
2,212 7,496
1Q09 1Q10 1Q09 1Q10
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8. Contracted Sales
Contracted Sales Units Sold
(R$ MM)
2,545 10,521
404
187
80% 89%
1,411 5,556
72 197
10,117
2,359
1,339 5,359
1Q09 1Q10 1Q09 1Q10
Primary Market Secondary Market Primary Market Secondary Market
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9. Sales Speed over Supply
Lopes' Consolidated Sales Speed Habitcasa’s Sales Speed
42.7% 69.7% 61.0%
26.5%
4Q09 1Q10 4Q09 1Q10
*Management information, 9
The Sales Speed over Supply is obtained based on the quarter’s contracted GVS compared to inventory and launches.

10. Sales by Income Segment 1Q10
Contracted Sales
Total Contracted Sales = R$2,545 million
1Q10
1Q09
19% 17%
23% 17%
24%
24% 36% 40%
Units Sold
Total units sold = 10,521
1Q10
1Q09
6% 5%
13% 13%
40% 41%
42% 42%
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11. Contracted Sales by Geographic Region
Contracted Sales
1Q09 1Q10
16% 12%
41% 10%
7%
6% 5%
5% 54%
6%
14%
24%
São Paulo Brasília Campinas Rio de Janeiro South Region Other
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12. Primary Market
Contracted Sales Units Sold
(R$ MM)
89%
76%
2,359 10,117
1,339 5,359
1Q09 1Q10 1Q09 1Q10
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13. New Units – Lopes Focus
Lopes Focus is the first unit exclusively dedicated to the sales of inventory.
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14. New Units – Lopes ABC
Lopes opened its unit in the ABC region, the third largest market in the state of São Paulo.
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15. New Units – Lopes Rio de Janeiro (new head office)
Lopes opened its new head office in Rio de Janeiro to better meet the potential of this market.
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16. New Units – Lopes Curitiba
Lopes opened its head office in Curitiba, a region with great potential for the Brazilian real estate
market.
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17. New Units – Habitcasa RJ: Campo Grande and Nova Iguaçu
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18. Secondary Market
Contracted Sales Units Sold
(R$ MM)
105%
160%
404
187
197
72
1Q09 1Q10 1Q09 1Q10
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19. Pronto!
1Q10 205 Stores
4Q09 152 Stores
3Q09 93 Stores
2Q09 23 Stores
1Q09 9 Stores
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20. Secondary Market
Sales Point Sales Point
(Owned Stores) (Rede Pronto!)
233%
175
30
9
-
1Q09 1Q10 1Q09 1Q10
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21. New Units – Pronto! Moema, Pompéia and Vila Mariana
Pronto! Moema Pronto! Vila Mariana
Pronto! Pompéia 21

22. CrediPronto!
(R$ MM)
CrediPronto!’s Financing
(R$ MM)
300%
86.9
21.7
1Q09 1Q10
In 1Q10, CrediPronto! financed R$86.9 million, ammounting to 334 contracts. The average
payment term in the period was 270 months.
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23. CrediPronto!
Mortgage Portfolio Evolution
(R$ MM)
290.9
247.4
216.7
jan/10 feb/10 mar/10
Since the beginning of its operation, CrediPronto! already financed R$291 million.
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24. Some Examples of Successful Projects 1Q10
Liber Bosque dos Jequetibas Atua Mooca II Espaço e Vida Ipoema II Helbor Sunshine Arc de Frence Residence
São Paulo – January São Paulo – February Mogi das Cruzes – March Santos – March Fortaleza –February
Living Atua Helbor Helbor Mota Machado
Novo Horizonte Jardins II Residencial dos Veleiros - 1ª Fase In Breeini Tribeca Helbor Home Flex Pacaembu
Belo Horizonte – February
Dominus
Parnamirim – January
MRV
0
São Paulo– February
Camargo Corrêa
São Paulo– March
Even
São Paulo – January
Helbor
Real Celebration Life Club Serenitá Alameda Clube Residencial Portal Bordon II – Fase 7 Portal do Vale
Águas Claras – February Porto Alegre – January 0
Curitiba – March Sumare – March Taubaté – January 24
Real Engenharia Goldstein / Cyrela Living Scopel Scopel

25. Some Examples of Successful Projects 1Q10
SohoOffice Isla Life Style Code Campo Belo Parque das Flores – Jardim Rossi Ideal Hortolândia – Cond Laranjeiras
São Paulo – March Guará – March São Paulo – March São Paulo – March Hortolândia – March
Even EBM Even Agre Rossi / Forn / GNO
Porto das Pedras Bella Vittà Jacareí Rossi Ideal Hortolândia – Cond Pitangueiras Livre Buritis – 1ª Etapa Belle Ville
Salvador – January Jacareí – March 0
Hortolância – March Goiania – March Campinas – March
Triplo Engenharia Scopel Rossi / Forn / GNO FR Incorporadora ACS
Reserva Santa Luisa Acquaplay – 3ª Fase Rossi Ideal Cores de Mogi Blue Center Prado Gallerie
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Ribeirão Preto – March
Scopel
Santos– February
Tecnisa
0
Mogi das Cruzes – January
Rossi
Rio de Janeiro – February
Disa Catisa
Porto Alegre – January
Goldsztein

26. Financial Results
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27. Net Commission by Market
Net Commission
1Q09
2.64% 2.48% 2.39%
1.90%
São Paulo Rio de Janeiro Other Markets Brazil
1Q10
2.84% 2.47% 2.59%
2.25%
São Paulo Rio de Janeiro Other Markets Brazil
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28. Results 1Q10
A Pronto! will
Results 1Q10 present positive
(R$ ‘000) LOPES PRONTO! CREDIPRONTO! CONSOLIDATED results until the
end of 2010
Net Revenue 60,481 2355 118 62,954
Operating Costs and Expenses (35,949) (3,066) (1,321) (40,336)
Stock Option Expenses (CPC 10) (818) (818)
Expenses Accrual from Itaú (238) (238)
Pro-Forma EBITDA1 24,294 (711) (1,203) 22,380
CrediPronto!’s
revenue
Pro-Forma EBITDA Margin 40% -30% -1020% 36%
doesn’t include
Pro-Forma Net Income2 14,032 (976) (627) 12,429 the financial
Pro-Forma Net Income Margin 23% -41% -532% 20% spread from the
mortgages
Without Pronto! and Credipronto!’s
Brasília had a R$5,2 million Income,
effect, Lopes’ EBITDA would’ve been
while Campinas had a R$1,5 million
R$24 millions, with a 40% margin and
Income, what explains the minorities
a Net Income of R$14 million, with a
Interests of R$4,0 million.
23% 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. 28
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.

29. Gross and Net Revenue
Gross Revenue Net Revenue
(R$ MM) (R$ MM)
81% 82%
69.3 63.0
38.3 34.7
1Q09 1Q10 1Q09 1Q10
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30. Costs of Services Provided and Operating Expenses
1Q10 Operating Costs and Expenses
(R$ MM)
4.7
Other R$3.4 MM
Itaú’s Expenses to Accrue R$0.2 MM
43.8 35.7 Depreciation R$2.4 MM
Stock Option Expenses (CPC 10) R$0.8 MM
3.4 Other
Total Operating Costs Pronto! and Operating Costs
and Expenses Credipronto! Costs and Expenses
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31. Pro Forma EBITDA*
Pro Forma EBITDA
(R$ MM)
36%
293%
16% 22.4
22,4
5.7
5,7
1Q09 1Q10
Pro Forma EBITDA Margin
EBITDA Pro Forma without Pronto! and CrediPronto! 1Q10
(R$ MM)
(0.8) (1.9)
21.6 22.4 24.3
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. 31

32. Pro Forma Net Income*
Pro Forma Net Income
(R$ MM)
20%
296%
9% 12.4
3.1
1Q09 1Q10
Pro Forma Net Margin
Pro Forma Net Income without Pronto! and CrediPronto! 2009
(R$ MM)
(0.8) (1.6)
11.6 12.4 14.0
Accounting Stock Option Pro Forma Net Income Pronto! Pro Forma Net Income
Net Income Expenses (CPC 10) Net Income and CrediPronto! without Pronto! and
CrediPronto!
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* 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.

33. Margin Analysis
(R$MM)
EBITDA Net
EBITDA Margin Net Income
Margin
1Q09 5.7 16%
3.1
9%
1Q10 22.4 36% 12.4 20%
293% 20 p.p. 296% 11 p.p.
With an EBITDA margin of 36% and net margin of 20%, Lopes continued for the fourth
consecutive quarter to present the best margins among the brokerage companies .
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34. Cash Generation
Assets
Cash and Cash & Equivalents R$ 154 million
Receivable From Clients R$ 66.9 million
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35. Next Events
1Q10 Results Conference Call
Portuguese English
Date: 05/18/2010, Tuesday Date: 05/18/2010, Tuesday
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/20100518/index.asp http://webcall.riweb.com.br/lopes/20100518/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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