Lopes presented results from their 2007 conference call. Key highlights included geographic expansion through acquisitions and projects in 9 new states. Contracted sales totaled R$5.2 billion, up 83% from 2006. Net revenues reached R$57 million in 4Q07, up 114% from 4Q06. Adjusted EBITDA for 4Q07 was R$27.9 million, up 111% from 4Q06. Management will propose a dividend of R$35 million, equal to 70% of distributable net income. Lopes and Itaú also agreed to a joint venture focused on real estate financing.

1. 2007 Conference Call Presentation Results Presenters Marcos Lopes – CEO Francisco Lopes – EVP Roberto Amatuzzi – 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 December 31, 2007. 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 Lopes Itaú Joint Venture Financial Results

4. Highlights

5. Highlights A total of six acquisitions and three greenfield projects implemented in 2007 marked the Company’s geographic expansion to nine other Brazilian states, as well as to Brasilia, the Federal District, and to the metropolitan region of Campinas, in the state of São Paulo. In addition, the acquisition of Patrimóvel, (a large brokerage company based in Rio de Janeiro), gave the Company absolute leadership in that market. In an unprecedented transaction in the real estate market, in 2007 Lopes and Banco Itaú agreed to a joint venture that will permit both companies to operate jointly in the Brazilian real estate financing market. 4Q07 contracted sales totaled R$2.2 billion, an increase by 147% from 4Q06, where revenues from contracted sales in the São Paulo market accounted for R$1.7 billion, in the Rio de Janeiro market accounted for R$330.5 million and in other state markets accounted for R$ 268.6 million. Contracted sales for 2007 amounted to R$5.2 billion, an increase by 83% from 2006, with the São Paulo operations having accounted for R$4.3 billion, Rio de Janeiro operations for R$625.7 million and other state markets for R$359.8 million.

6. 4Q07 net revenues reached R$57.0 million, representing increase by 114% from 4Q06. Net revenues for 2007 totaled R$143.0 million, a 74% increase from 2006. 4Q07 Adjusted EBITDA reached R$27.9 million, representing growth of 111% from 4Q06, whereas Adjusted EBITDA for 2007 amounted to R$70.5 million, a 78% growth form 2006. Adjusted net income* for 4Q07 increased by 95% as compared to 4Q06, having reached R$20.0 million. The adjusted net income for 2007, which amounted to R$52.9 million, increased by 67% from 2006. At the 2008 annual shareholders’ meting, Management will submit a proposal to distribute to shareholders dividends totaling R$35 million, which corresponds to 70% of net income available for distribution after the mandatory R$2.0 million allocation of net income to the legal reserve (5% of net income for the year, limited to a total of 20% of the capital stock ). Highlights * Excludes the effects of premium amortization.

7. Operating Results

8. Contracted Sales* Secondary market Launches Total actual GVS * Unaudited managerial information. Total launched GVS 569 83% 2006 2007 2,856 5,221 311 4,873 2,545 311 348 91% (in R$ million) (in R$ million) 1,253 1,556 2003 2004 2005 CAGR: 35 % 1,853 850 591 1,166 2002 2000 2001 2006 2,545 2007 4,873

9. Contracted sales by geographic region (launches) Lopes expanded activities to other geographic regions in 2007, which permitted fast diversification of the sources of contracted sales for the period.

10. Launched Units Sold by Income Segment (Primary Market) Lopes concentrated 35% of its sales in standard residential units targeted to lower-income customers, which evidences its sound positioning to capture expected growth in this market segment Total launched units: 15,853

11. Sales Force in 2007 (Number of brokers ) In 2007, Lopes amassed the largest sales force in Brazil, which currently comprises approximately 5,000 independent brokers and sales agents, representing a 381% growth of the sales network 2006 2007

12. Geographic Expansion Note: For purposes of the information in this slide, the fraction numerators represent the number of months for which a a unit has been operating, whereas the denominators represent the number of months making up the relevant period . From the twelve companies currently comprising the Lopes group, just two companies were operating throughout 2007, whereas five of them were operating throughout the fourth quarter of 2007. 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 - - - - 1/3 3/3 Lopes Royal - - - - 2/3 3/3 Patrimóvel - - - 1/3 3/3 3/3 Lopes Immobilis - - - - 1/3 3/3

13. Two seasonality components: Natural variation in sales related to holidays or vacation periods over the year. The first quarter is more significantly affected by summer vacations and the week of Carnival celebrations. Variations in sales stemming from the sales pipeline in the real estate development market, in which projects launched are subject to licensing and permit requirements, which account for significant distortions in a quarter-over-quarter comparison. Contracted Sales Seasonality Unstable sales behavior in each quarter accounts for variations in yearly sales

14. Lopes - Itaú Joint Venture

15. Organization of a non-financial joint company to operate as a marketing resource center of financial products and services, including mortgage and related products and services, targeted principally to the secondary real estate market, and to Lopes customers, on an exclusive basis. Market leadership Excellence in management High valuable brands Unique customer database in the Brazilian real estate market Integrated business model, which is consistent with the sales process and includes incentive-based compensation packages Use of the Company’s communication channels to disseminate information Excellence in provision of financial services Competitive financing conditions Quality and speedy processing Experience in credit analysis A history of success in bank financing and joint operations Lopes Itaú Joint Venture Growth in mortgage origination volume.

16. The payment received from Banco Itaú will be recorded and deferred over a 20-year period (term of the contractually agreed exclusivity), beginning with the start of operations by the joint marketing company, expected to take place in the second half of 2008. Recognition of Revenue from Banco Itaú Payment Both Lopes and Banco Itaú agreed to an initial R$14 million investment to implement and put the joint marketing company into operation. Description Amount (in R$ thousands) Yearly deferral (in R$ thousands) Number of years (+) Revenue 290,000 14,500 20 (-) PIS tax (1,885) (94) 20 (-) COFINS tax (8,700) (435) 20 (-) Corporate income tax (23,200) (1,160) 20 (-) CSLL tax (8,352) (418) 20 (-) Related expenses (20,500) (1,025) 20 Net Revenue 227,363 11,368 20

17. Financial Results

18. Net Revenues 114% 26 . 7 57 . 0 4Q06 4Q07 4Q07 net revenues (in R$ million) 74% 2006 2007 82 . 0 143 . 0 (in R$ million) 2007 net revenues *Information for 2006 is pro forma information

19. Adjusted EBITDA* 78% 39.5 70.5 111% 13.2 27 . 9 4Q06 4Q07 2006 2007 4Q07 Adjusted EBITDA 2007 Adjusted EBITDA (in R$ million) * As used by Lopes, Adjusted EBITDA information means net income before 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. **Information for 2006 is pro forma information. EBITDA Margin 49.6% 49.0% 48.2% 49.3% (in R$ million)

20. Adjusted Net Income* 67% 31 . 7 52.9 2006 2007 2007 Adjusted Net Income (in R$ million) 4Q06 4Q07 10.3 20.0 (in R$ million) 38.5% 35.1% Net margin 38.6% 37.0% 4Q07 Adjusted Net Income 95% * As used by Lopes, adjusted net income is a non-accounting information that means net income after the amortization of goodwill. The amortization of goodwill in the 4T07 thousand (R$12) thousand, while the full year was R$833 thousand. ** Information for 2006 is pro forma information.

21. Proposed dividend distribution – 2007 net income (in R$ thousands)

22. Payments for acquisitions and amortization of premium Payment schedule* (in R$ thousands) 9M07 4Q07 1Q08 ** 2Q08 3Q08 4Q08 1Q09 4Q09 2010*** 2011*** Total Total Lopes 7,885 51,716 9,699 7,915 3,240 65,567 4,500 73,765 119,580 3,600 347,467 * Nominal amounts. ** A 1Q08 increase in capital stock took place as a result of the contribution of R$35 million related to the payment for Patrimóvel. *** Earn out payments for the acquisition will take place in 2010 and 2011. The information set forth above is based on the base earn out scenario and is thus subject to change. Schedule for amortization of premium * (in R$ thousands) 2007 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E Total Total Lopes 833 20,731 25,111 26,063 28,172 29,425 30,720 31,630 32,993 34,311 3,228 263,216 * Curve projection

23. Guidance 2008 Warning: As projected for 2008 and indicated herein, contracted general value of sales (GVS) may change due to a number of variables. This material information includes forward-looking statements based on estimates and projections related to future events and financial trends, including the business prospects, results of operations and Lopes’ prospects for growth. These forward-looking statements may be materially affected due to changes in market conditions, government policies and rules, competitive pressures, performance of the industry and Brazilian macroeconomic conditions, among other factors, in addition to other risk factors discussed in documents previously released by Lopes, and are therefore subject to unanticipated changes. Market Contracted GVS (in R$ millions) São Paulo 5,000 – 5,500 Rio de Janeiro 2,250 – 2,500 Other 2,250 – 2,500 Total 9,500 – 10,500

24. Thank you!