1. Presentation Francisco Lopes - COO Roberto Amatuzzi - CFO and IRO 3rd Quarter of 2007 Earnings Conference Call Presentation

2. 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 Lopes – LPS Brasil – Consultoria de Imóveis S.A related to the quarter ended on September 30, 2007. 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 – LPS Brasil – Consultoria de Imóveis S.A 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 – LPS Brasil – Consultoria de Imóveis S.A 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 – LPS Brasil – Consultoria de Imóveis S.A believes that based on information currently available to Lopes – LPS Brasil - Consultoria de Imóveis S.A management, the expectations and assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes – LPS Brasil – expressly refuses any duty to update any of the forward-looking statements contained herein. Forward-looking Statements

4. Operating Highlights

6. Contracted Sales* – Total Volume 90% 3Q06 3Q07 Secondary Market Launches 645 1,222 Total Contracted GVS (R$ MM) * Unaudited and managerial information. Contracted GVS of Launches (R$ MM) 1,253 1,556 2003 2004 2005 CAGR: 28 % 1,853 850 591 1,166 2002 2000 2001 2006 2,545 9M06 9M07 1,754 2,823 61% 76 99 1,123 569

7. Launches Volume - Brazil 161% 2,438 935 3Q06 3Q07 4,664 1,887 9M06 9M07 147% Total GVS of Launches (R$ MM) Total GVS of Launches (R$ MM)

8. Units Sold by Income Segment (3Q07) - Brazil Contracted Sales of Launches by Income Segment Total Units Sold: 3,427 *Does not include secondary market; Does not include parking slots; includes sales of residential land. 0-150k 150k-350k 350k-600k > 600k 35% 33% 19% 13% 1,160 Units 1,148 Units 666 Units 453 Units

9. Business Units

13. Other Markets Sales Team Number of brokers 126 Sep/07 2008 770 Pipeline * R$MM 4Q07 835 *Considering total potential. Adjusted potential GVS in Salvador is estimated at R$545 million and R$700 million in 4Q07 and 2008, respectively, while, in Vitória, it is estimated at R$225 million and R$916 million, for 4Q07 and 2008, respectively. Lopes already posts expressive indicators for its new units operating in the states of Bahia and Espírito Santo. Lopes Salvador Lopes Actual Sales Team Number of brokers 90 Sep/07 2008 1,158 Pipeline * R$MM 4Q07 275

14. Geographic Expansion

15. STATE OF BAHIA - Greenfield operation in the state of Bahia, with launches initiated in October, 2007. STATE OF PERNAMBUCO – Entry in this market through the acquisition of Sergio Miranda, one of the leading real estate brokers in that market. Operations initiated in October, 2007. Lopes is Growing Nationwide Southeast Region South Region PR RJ BA SP RS ES Northeast Region SC PE MG PA North STATE OF PARÁ – Greenfield operation in the state of Pará with launches scheduled for January, 2008. STATE OF SÃO PAULO – Lopes is the incontestable leader, with a 29% share of the largest Brazilian market. Lopes also expanded its operations to Campinas metropolitan region, acquiring the largest real estate broker in the region. STATE OF RIO DE JANEIRO – LCI-RJ completed its first operational year in July 2007 and is already ranked second in that market. STATE OF ESPÍRITO SANTO – Entry in this market through the acquisition of Actual, leading real estate broker in that market. STATE OF MINAS GERAIS – Greenfield operation in the state of Minas Gerais, consolidating Lopes position in the Southeast Region. STATES OF RIO GRANDE DO SUL, SANTA CATARINA E PARANÁ – After the acquisition of Dirani in May, 2007, Lopes is already benefiting from operating synergies and foresees opportunities to consolidate its leading position in the region.

19. Brazilian Real Estate Market

21. Greater Professionalism Agile Development of Products Greater Scale in Launchings 690 1,27 2,46 11,24 2H05 1H06 2H06 Jan-Oct/07 New Level of Business for the Market Industry Capitalization Developers raised R$15.7 billion in Capital Markets over last 2 years* Positive Results Over last 2 years, 23 Brazilian developers listed its shares on Bovespa, all of them under the Novo Mercado. Source: CVM. Filings. Net Resources raised by real-estate developers in IPOs held since September 2005. Public Offerings – Developers (R$ MM)

22. Financial Highlights

23. Net Revenue 55% 55.4 86.0 9M06 9M07 Net Revenue (9M) (R$ MM) 64% 3Q06 3Q07 20.1 32.9 (R$ MM) Net Revenue (3Q)

24. Net Income 148% 5.0 12.4 3Q06 3Q07 Net Income (3Q) (R$ MM) 50% 9M06 9M07 21.4 32.0 (R$ MM) 39% 37% Net Margin 25% 38% Net Income (9M)

25. Adjusted EBITDA* 123% 7.9 17.6 53% 28.5 43.7 9M06 9M07 3Q06 3Q07 Adjusted EBITDA (9M) Adjusted EBITDA(3Q) (R$MM) EBITDA Margin 52% 51% 40% 54% Adjusted EBITDA is a non-accounting measure created by Lopes, consisting of net profit before minority interests, income tax and social contribution tax, net financial result (financial income and expenses), depreciation, amortization and non-operating income. The calculation of Adjusted EBITDA does not correspond to any accounting practice adopted in Brazil, does not represent cash flow for the periods presented, and should not be considered a substitute for net income as an indicator for operating performance or a substitute of cash flow as an indicator of liquidity. Adjusted EBITDA does not have a standardized meaning and the definition of Adjusted EBITDA adopted by Lopes may not be equivalent or comparable to the definitions of EBITDA or Adjusted EBITDA adopted by other companies.

26. Additional Information

27. Geographic Expansion & Nation Leadership Ranking Number Of Brokers Operation Segment Region of Operation Business Unit Rio de Janeiro 2 nd 90 50 Rio Grande do Sul, Paraná and Santa Catarina Espírito Santo 111 Launches 364 Minas Gerais 126 Bahia 76 Pernambuco 1 st 1,616 São Paulo 2 nd N/A 1 st 1 st 2 nd Campinas Pará 50 50 1 st N/A Launches and Secondary Market Launches Launches Launches Launches and Secondary Market Launches and Secondary Market Launches and Secondary Market Launches and Secondary Market

28. Launches – São Paulo Lopes reached a market share of 32%* in São Paulo, consolidating its leading position in the largest and more competitive Brazilian market * Market share according to EMBRAESP ranking for launches, using the criteria of points in the São Paulo Metropolitan Region, from January to September, 2007. Abyara Avance Tenda F. Mera C. Da Fonseca Del Forte Iprice Itaplan Plus Lopes 1 LOPES 6,829 54 1,477,459.394 2,807,619,119 327.3 2 ABYARA 5,865 21 1,296,614.890 2,101,335,034 223.4 3 F. MERA 975 9 288,844.546 667,433,462 62.5 4 C. DA FONSECA 971 11 273,690.444 485,574,790 56.2 5 AVANCE 3,072 18 307,234.862 356,825,130 86.0 6 DEL FORTE 1,276 12 226,781.612 331,399,830 50.5 7 IPRICE 1,329 11 163,868.135 275,203,716 46.0 8 TENDA 2,440 18 176,928.318 205,402,000 84.6 9 ITAPLAN 828 8 98,379.691 164,212,700 29.6 10 PLUS 675 12 66,079.950 80,253,365 23.9 TOTAL AREA GSV (R$) POINTS Ranking COMPANIES NUMBER OF UNITS TOTAL LAUNCHES