- The document is a presentation of Lopes' 2008 conference call results. It summarizes operational and financial results for Q4 2008 and full year 2008. - Key operational highlights included over R$1.6 billion in contracted sales in Q4 2008 and over R$10.1 billion for the full year. Lopes sold over 6,686 units in Q4 2008. - Key financial highlights included a 38% decrease in net revenues in Q4 2008 compared to Q4 2007, but an adjusted EBITDA margin of 26% for 2008 when excluding one-time effects.

1. 2008 Conference Call Presentation Results Presenters Marcos Lopes – CEO Francisco Lopes – COO Marcello Leone – CFO and IRO

2. 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 period ended December 31st, 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 .

4. Highlights

6. Operational Results

7. Contracted Sales (R$ MM) Contracted Sales -26% 93% 1.6 2.2 5.2 10.1 4Q07 4Q08

8. 2.3 3.3 2.9 Contracted Sales 1.6 (R$MM) Contracted Sales Evolution by Geographic Region

9. 193% 37% R$ 2.9 BN R$ 4.0 BN 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.

10. 1 st Lopes R$ 5 bn Market Share: 25% 5 th Habitcasa R$ 1 bn Market Share: 6% 31% 3º Fernandes Mera 6% 1º Lopes/ Habitcasa 4 º Coelho da Fonseca 5% 13% 5º Del Forte (BR Brokers) 4% 2 º Abyara (BR Brokers) 6º IPrice (BR Brokers) 4% 9% 7º Itaplan 2% 10º Exclusiva 3% 23% 11º to 167º Other 9º Klabin Segal Market Share R$ (MM) ¹ 8º Avance (BR Brokers) 2% 142% 4.518 Launched GVS¹ (R$) and Market Share 2008 – RMSP ¹ Nominal Figures Source: Lopes Market Intelligence and Embraesp

11. Financial Results

12. Net Revenues Net Revenues (R$ MM) -38% 62%

13. Cash Position Before and After Patrimóvel’s Renegotiation *Future Payments: R$ 145 millions - Patrimóvel R$30 millions – Acquisitions Payments R$35 millions – Estimated Acquisitions’ Earn-out Payments * Future Payments: R$30 millions – Acquisitions Payments R$35 millions – Estimated Acquisitions’ Earn-out Payments

14. Non Recorrent Effects Patrimóvel Patrimóvel’s Goodwill (R$ 75.4 MM) Total Patrimóvel’s Payable Accounts (interest expenses reversal) R$ 14.6 MM Impact on Results (R$ 60.8 MM) New Accounting Practices CPC 04 – Pre-Operational Costs R$10 MM CPC 10 – Stock Option R$6.3 MM Estimated Cost Reduction Reduction One-Time Costs 1 st phase R$ 41 MM/year R$ 3.1 MM 2 nd phase R$ 26 MM/year R$ 2.3 MM Total R$ 67 MM/year R$ 5.4 MM

15. Adjusted EBITDA Pro Forma* *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. Adjusted EBITDA Pro Forma does not considers the effects of Patrimóvel’s goodwill lost, changes on accounting practices and the cost reduction. Adjusted EBITDA Pro Forma -167% 50% -54% EBITDA Margin -18% 51% 26% 4Q07 4Q08 2007 2008 (R$ MM) Adjusted EBITDA Pro Forma 2008 (R$ MM)

16. Lopes 2008 EBITDA’s Analyze 42% 45% 31% -54% 26% *This value is not an indicative of Pronto!’s operational costs, it should not be used as base to on going expenses, because of the accounting practices changes. 3Q08 ∆ 4Q08 Sales R$2.9 Billions -45% R$1.6 Billion Net Commission 2.5% 4% 2.6% Net Revenue R$65.3 Millions -46% R$35.5 Millions Operational Expenses R$44.9 Millions -14% R$38.7 Millions Pronto!’s Operational Costs* - - R$2.8 Millions

17. Adjusted Net Income Pro Forma* Adjusted Net Income Pro Forma (R$ MM) -166% 35% -37% Adjusted Net Margin -39% 37% 14% 4Q07 4Q08 2007 2008 Adjusted Net Income Pro Forma 2008 (R$ MM) * The adjusted net income is the accounted net income, excluding the amortization of the goodwill. Adjusted Net Income Pro Forma does not considers the effects of Patrimóvel’s goodwill lost, changes on accounting practices and the cost reduction.

19. Next Events 2008 Results Conference Call Portuguese English Date: 02/20/2009, Friday Data: : 02/20/2009, Friday Time: 10h (BR Time) / 08h (NY Time) Time: 12h (BR Time)/ 10h (NY Time) Telephone: +55 (11) 4688-6301 Telephone: +55 (11) 4688-6301 +1 786 924-6977 Password: Lopes Password: Lopes Replay: (55 11) 4688-6312 Replay: (55 11) 4688-6312 Replay Code: 634 Replay Code: 875 CONTACTS Marcello Leone CFO and IRO Tel. +55 (11) 3067-0015 Samia Nemer IR Coordinator Tel. +55 (11) 3067-0257 E-mail: [email_address] www.lopes.com.br/ri