1. 1Q08 contracted sales totaled R$2.3 billion, a 225% increase year-over-year, with strong growth in São Paulo and Rio de Janeiro. 2. Net revenues increased 164% to R$55.3 million while adjusted EBITDA grew 197% to R$23.4 million in 1Q08. 3. Adjusted net income increased 171% to R$15.0 million in 1Q08 through geographic expansion and focus on lower-income housing segments.

1. 1Q08 Conference Call Presentation Results Presenters Marcos Lopes – CEO Francisco Lopes – COO Roberto Amatuzzi – CFO and IRO Marcello Leone - Corporate Planning Officer

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 March 31 st , 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 .

3. Summary Highlights Operating Results Real Estate Market Financial Results

4. Highlights

5. Highlights 1Q08 contracted sales totaled R$2.3 billion, representing year-over-year increase of 225%, with the São Paulo market having accounted for contracted sales of R$1.2 billion, Rio de Janeiro, R$528 million and other state markets, contracted sales of R$590 million. Analyzing only the units that were operating on the 1Q07, SP, year-over-year, grew 78% in GSV and LCI, on Rio de Janeiro, 285%. The 1Q08 volume of sales in the Brazilian market reached 8,583 units, with standard units, which are priced at a maximum of R$150 thousand and are targeted to lower-income customers, having accounted for 3,445 of this volume of sales. 1Q08 net revenues reached R$55.3 million, a 164% increase year-on-year. Adjusted EBITDA reached R$23.4 million in the first quarter of 2008, representing growth of 197% when compared to the same period in 2007. Adjusted net income* for 1Q08 increased by 171% year-on-year, to R$15.0 million. *Adjusted net income corresponds to the book value of net income, excluded the effects of amortization of the goodwill, which was R$2.8 million in this quarter.

6. Operating Results

7. Contracted Sales* Total GVS *Unaudited managerial information. ** The information for 2008 is based in the middle point of the divulged guidance. Total launched GVS (in R$ million) (in R$ million) CAGR: 28% 2,336 719 225% 236%

8. Contracted Sales per Market GVS - Launches GVS – Secondary Market (R$ MM) (R$ MM) 236% 132% For both Primary and Secondary Market, Lopes presented a significant contracted sales volume growth.

9. Contracted Sales by Geographic Region A year-over-year comparison of 1Q08 sales in the São Paulo market shows sales growth of 78%.

10. Units Sold by Income Segment Lopes concentrated 40% of its overall sales in standard residential units targeted to lower-income customers, with sales concentration of 45% in this segment in other state markets.

11. Sales Force Evolution (Number of agents) Lopes’ sales force at the end of the first quarter of 2008 attained approximately 6,000 independent sales agents, an increase by 314% in sales force as at the end of the fist quarter of 2007.

12. Geographic Expansion Note: For purposes of the information in this slide, the fraction numerators represent the number of months for which a unit has been operating, whereas the denominators represent the number of months making up the relevant period . For the second quarter of 2008, all Lopes units will be operational and active. The Lopes Group 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 LPS Brasil 3/3 3/3 3/3 3/3 3/3 3/3 LCI-RJ 3/3 3/3 3/3 3/3 3/3 3/3 Lopes Dirani - 1/3 3/3 3/3 3/3 3/3 Lopes Salvador - - 3/3 3/3 3/3 3/3 Lopes Actual - - 1/3 3/3 3/3 3/3 Lopes Sérgio Miranda - - - 1/3 3/3 3/3 Lopes Minas Gerais - - - - 2/3 3/3 Lopes Bauer - - - - 1/3 3/3 Lopes Pará - - - - - 3/3 Lopes Royal - - - - 2/3 3/3 Patrimóvel - - - 1/3 3/3 3/3 Lopes Immobilis - - - - 1/3 3/3

13. Real Estate Market

14. Prospects For Investments In the Brazilian Real Estate Market Share of Investments by Brazilian Economic Sectors In the coming four years, residential construction in Brazil should represent 44.1% of the investments in the Brazilian market, an increment of 10.7% over investments for the past four years. Source: BNDES, prepared by SAE (% of GDP) 37 %

15. Projection to the Mortgage Loans in Brazil Brazilian Mortgage Market 14,3 Source: BACEN, Lopes, Goldman Sachs reports. (% of GDP) 58% 50% 42% 36% 30%

16. Financial Results

17. Lopes Contracted Sales Seasonality

18. Net Revenues 1Q08 Net Revenues (R$ thousands) 164%

19. Adjusted EBITDA* 197% 37.5% 42.3% 1Q08 Adjusted EBITDA (R$ thousands) EBITDA Margin * As used by Lopes, Adjusted EBITDA information means net income before minority interests, financial revenues and expenses, income and social contribution taxes, depreciation and amortization, as well as certain non-operating revenues. The Adjusted EBITDA is not a measure of financial performance under the Brazilian GAAP, and should not be considered in isolation, or as an alternative to net income, or as an indication of operating performance, to operating cash flows or as an indicator of liquidity. EBITDA does not have a standard meaning and as defined and adopted by Lopes EBITDA or Adjusted EBITDA may not compare to EBITDA or Adjusted EBITDA as used by other companies.

20. Net Income 120% 26% 22% 1Q08 Net Income (R$ thousands) Net Margin

21. Adjusted Net Income* 171% 26.4% 27.1% 1Q08 Adjusted Net Income (R$ thousands) Net Adjusted Margin *Adjusted net income corresponds to the book value of net income, excluded the effects of amortization of the goodwill, which was R$2.8 million in this quarter.

22. Thank you!