1. 3Q08 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 (“Lope s” or the “Company” ) as of and for the three-month period ended September 30th, 2008. 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 . 2

4. Highlights

6. Operational Results

7. Contracted Sales (R$ MM) Contracted Sales 136% 177%

8. Contracted Sales per Market Segment Contracted GVS – Primary Market Contracted GVS – Secondary Market (R$ MM) (R$ MM) 138% 117%

9. Lopes’ Performance in Relation to the Market Reduction on Contracted Sales -12% -23% The 3Q08 presented a reduction of contracted sales in the entire real estate sector . Source: Outcomes revealed by the Companies (CCDI, Cyrela, Even, Gafisa, Helbor, Klabin Segall, MRV, PDG, Rodobens and Rossi)

10. Contracted Sales Evolution by Geographic Region 2,336 3,279 2,883 Contracted Sales (R$ MM)

11. Lopes Positioning in the Low Income Segment With the expansion of the low income segment in São Paulo’s market, the Habitcasa’s initiative was essential to protect the Lopes’ market share of launchings. Data of the Metropolitan Region of São Paulo – Source: EMBRAESP and Lopes managerial data. Lopes’ Market Share in the Low Income Segment 10% 23% 207% 113%

12. Lopes Market Share - SP Lopes Estimation based on information from EMBRAESP – January to September 2008. EMBRAESP Ranking Estimation Habitcasa alone is the 5 th biggest brokerage company in São Paulo’s market. Habitcasa

13. Sales Force (Number of agents)

14. Institutional Website Evolution of visits to Lopes’ Website Source: Google Analytics In comparison to 2Q08, the number of visits to Lopes’ Website in 3Q08 increased 54%.

15. Financial Results

16. Net Revenues Net Revenues (R$ MM) 98%

17. Adjusted EBITDA * * Adjusted EBITDA is a non-accounting measure created by Lopes, consisting of net income before the participation of minority interests, income tax and social contribution tax, net financial result (financial revenues and expenses), depreciation, amortization and non-operating income. The calculation of the Adjusted EBITDA does not correspond to any generally accepted accounting practice in Brazil, nor does it represent cash flow for the periods presented, and should not be considered a substitute for net income or a substitute for cash flow as an indicator of liquidity. 16% 53.5% 31.2% Adjusted EBITDA (R$ MM) EBITDA Margin Cash Flow from Operations (R$ MM) 47%

18. Adjusted Net Income * -19% 39.5% 16.1% Adjusted Net Income (R$ MM) Adjusted net margin * The adjusted net income is the accounted net income, excluding the amortization of the goodwill which came to R$3.2 million in the period under consideration. 5% 40.6% 21.5% Adjusted Net Income Before Minority’s Interest (R$ MM) Adjusted net margin before minority interest

19. EBTIDA Margin Reduction 2Q08-3Q08 Can be explained by two factors I. Net Revenue decrease of R$ 10 million from 2Q08 represents a reduction of approximately 13% of the EBITDA Margin. II. Combined increase of R$ 2,8 (7%) on Operating Costs and Expenses represents a reduction of approximately 4% of the EBITDA Margin. R$ Million 3Q08 2Q08 Delta % Cost of Service 11.7 14,3 -2,6 -18% Sales Expense 10.6 7,9 2,7 34% Management Compensation 2.6 2 0,6 30% General and Administrative 17.1 15 2,1 14% Total 42 39,2 2.8 7%

20. Contracted Sales’ Scenario Contracted Sales’ Scenario 2008 iii) According to the economic scenario, Lopes’ will accomplish its guidance but will not achieve the over deliver , and the Company reduced its costs to readapt to the new reality. * Projection based on the historical seasonality of the sector i) Guidance overcome on the 3 previous quarters. Potential over delivery Overcoming of the 08 guidance ii) Increase in the G&A in order to achieve a platform capable of deal with a higher volume of sales for 4Q08 and 2009.