PresentationFrancisco Lopes - COORoberto Amatuzzi - CFO and IRO

3rd Quarter of 2007Earnings Conference Call Presentation

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

Agenda

I. Operating Highlights

II. Business Units

III.Geographic Expansion

IV.Brazilian Real Estate Market

V. Financial Highlights

VI.Additional Information

Operating Highlights

Operating Highlights

Lopes’ contracted sales amounted to R$1.2 billion in 3Q07, 90% up on the R$645 million registered in 3Q06.

In 9M07, Lopes contracted sales amounted to R$3.1 billion, 55% up on the R$2.0 billion registered in 9M06.

In terms of volume of launches, in the 9M07, Lopes launched R$4.7 billion, a 147% growth when compared to the same period in 2006.

Lopes’ sales force reached 2,383 brokers in 3Q07, nearly twice the 3Q06 force.

In terms of geographic expansion, Lopes expanded its operations to 4 new important markets in Brazil:

– Lopes acquired 60% of the 2nd largest sales operation in the state of Pernambuco, Sérgio Miranda, with a launch pipeline of R$1.2 billion1.

– Lopes acquired 60% of Cappucci & Bauer, the largest real estate brokerage and consultancy company in the Campinas Metropolitan Region, the 5th biggest metropolitan market in the country, with a 46%2 market share and pipeline of R$1.7 billion1.

– Expansion to the state of Minas Gerais, one of the biggest markets in Brazil, through a greenfield operation. Operations are scheduled to start in December, with contracted sales expected to reach R$200 million in 2008.

– Expansion to the state of Santa Catarina, important economic pole in the South Region of Brazil, through the operation platform already established in other states of the South Region.

– We have recently announced Lopes’ entry in the state of Pará, one of the main markets in the North Region of Brazil.

Lopes consolidates its strategy of becoming a benchmark as provider of real-estate brokerage and property launch consultancy services with single scale – offering a higher added-value to clients–developers in 10 states of Brazil: Sao Paulo, Rio de Janeiro, Espírito Santo, Minas Gerais, Rio Grande do Sul, Paraná, Santa Catarina, Bahia, Pernambuco and Pará.

Creation of Habitcasa: Lopes’ business unit focused on the economic segment with administrative, operating and financial autonomy to operate in one of the most promising segments in the real estate market, with a initial total pipeline1 of R$5.1 billion.

1 Considering adjusted potential GVS

2 Market Share calculation was based on GSV of Launches provided by SECOVI Campinas

Contracted Sales* – Total Volume

90%

3Q06 3Q07

Secondary MarketLaunches

645

1,222

Total Contracted GVS (R$ MM)

* Unaudited and managerial information.

Contracted GVS of Launches (R$

MM)

1,253

1,556

200320042005

CAGR: 28 %

CAGR: 28 %

1,853

850

591

1,166

200220002001 2006

2,545

9M06 9M07

1,754

2,823

61%

76

99

1,123

569

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)

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

Business Units

HABITCASA: Focus on the Economic Segment

Lopes’ Business Unit exclusively focused on the

Economic Segment

Habitcasa was created to operate nationwide in real estate launches oriented to the economic segment.

Potential GVS of more than R$5.1 billion and over 44 thousand units1.

Intermediation of units ranging from R$60 thousand to R$180 thousand.

Habitcasa will immediately benefit from the proven proficiency and expertise of Lopes, which has been the leading company in the sale of units to this income segment from 2003 to 2006, according to a survey of EMBRAESP (2).

The economic segment will be one of the most important drives for the long term growth of the real estate industry, due to the Brazilian housing deficit of 7.2 million

homes (3).

1 Considering total potential. Adjusted potential GVS is estimated at R$4.34 billion and 38.7 thousand units2 According to EMBRAESP ranking, for units with price lower than R$180,000 in the São Paulo Metropolitan Region3 According to João Pinheiro Foundation

1 Considering total potential. Adjusted potential GVS is estimated at R$4.34 billion and 38.7 thousand units2 According to EMBRAESP ranking, for units with price lower than R$180,000 in the São Paulo Metropolitan Region3 According to João Pinheiro Foundation

LCI-RJ

Contracted Sales in Rio de Janeiro reached R$117,4 million and 470 units sold in the 3Q07.

2008

1,989

Estimated Launch Pipeline*Estimated Launch Pipeline*R$MM

Sales TeamSales TeamNumber of brokers

4Q07

1,478364

Sep/07

•LCI-RJ, our business unit in Rio de Janeiro, had contracted sales of R$117.4 million in 3Q07 and R$295.5 million in 9M07.•In the 3Q07, launches reached R$531.2 million and, in the 9M07, R$877.8 million.

*Considering total potential. Adjusted potential GVS is estimated at $815 million and R$1,512 million in 4Q07 and 2008, respectively.*Considering total potential. Adjusted potential GVS is estimated at $815 million and R$1,512 million in 4Q07 and 2008, respectively.

313

Jul/07

Lopes Dirani

Lopes Dirani is the market leader in the South Region of Brazil*, operating in the states of Rio Grande do Sul, Paraná and Santa

Catarina.•Lopes Dirani ended its first operational quarter with contracted sales of R$80.6 million in the 3Q07, with launches of R$304.5 million in the period

•Lopes Dirani sold 343 units in 3Q07, 93% of which were launches.

2008

822

Estimated Launch PipelineEstimated Launch Pipeline22

R$MM

4Q07

1,122

Sales TeamSales TeamNumber of brokers

111

Sep/071 Managerial data. 2 Considering total potential. Adjusted potential GVS is estimated at $759 million and R$637 million in 4Q07 and 2008, respectively.

1 Managerial data. 2 Considering total potential. Adjusted potential GVS is estimated at $759 million and R$637 million in 4Q07 and 2008, respectively.

79

Jul/07

Other Markets

Sales TeamSales TeamNumber of brokers

126

Sep/07 2008

770

PipelinePipeline * *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.*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 TeamSales TeamNumber of brokers

90

Sep/07 2008

1,158

PipelinePipeline * *R$MM

4Q07

275

Geographic Expansion

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.

Lopes started operations in the state of Santa Catarina last October. Operations in the state of Minas Gerais and Pará are scheduled to start in December, 2007 and January,

2008, respectively

Greenfield Operations: States of Minas Gerais, Santa Catarina and Pará

Lopes Minas Gerais will start operations with expected sales of R$200 million for 2008 and sales force of 50 brokers. The Minas Gerais market posted a 53% growth in the first half of 2007 when compared to the same period in 2006.

Entry of Lopes in the Minas Gerais and Santa Catarina markets consolidates

its leading position in the South and Southeast Regions of Brazil.

Minas Gerais

Lopes’ presence in the state of Santa Catarina follows the natural expansion process of the company in the South Region, based on the operations platform located in the neighbor states of Paraná and Rio Grande do Sul. Launches pipeline in Santa Catarina is expected to reach R$390 million1.

Santa Catarina

Lopes Pará will start operations with contracted sales expected to reach R$200 million in 2008 and a sales force of 50 brokers.

Pará

1 Considering total available pipeline

Lopes Sérgio Miranda

Payment for Sérgio Miranda will be as follows:

Initial fixed amount of R$3.0 million, R$549 thousand of which to be settled in cash and the remaining amount in 9 monthly and consecutive installments.

Remaining balance to be settled in a variable payment based on the net income accumulated in the 36 months after the acquisition with cap of R$11.15 million.

Estimated value for the transaction on the basis case scenario is R$9.1 million for the 60% stake acquired.

Payment for Sérgio Miranda will be as follows:

Initial fixed amount of R$3.0 million, R$549 thousand of which to be settled in cash and the remaining amount in 9 monthly and consecutive installments.

Remaining balance to be settled in a variable payment based on the net income accumulated in the 36 months after the acquisition with cap of R$11.15 million.

Estimated value for the transaction on the basis case scenario is R$9.1 million for the 60% stake acquired.

38%

2001

2751

4002

5502

36%

46%

(R$MM)

2005 2007E 2008E2006

Launched VolumeLaunched Volume

The earn out model adopted by Lopes in all acquisitions aligns Lopes’ and acquired companies’ interests

Lopes Sérgio Miranda started operations in October as one of the main real estate brokerage firms in the Pernambuco market, with sales force of 76 brokers.

The entry of Lopes in the Pernambuco market is a strategic opportunity to operate in one of the main poles of the Northeast Region real estate market, which has been welcoming large developers.

2 Managerial information.2 Intermediation GVS estimated by Sérgio Miranda for 2007 and 2008.

Lopes Bauer

Lopes Bauer will start operations with a launch pipeline of R$1.7 billion1.

The entry of Lopes in the Campinas market is an opportunity that enables LOPES to consolidate its leading position in the largest real estate market in Brazil, becoming the sales leader in the second largest metropolitan region in the São Paulo state and the fifth largest in Brazil

1 Considering total available pipeline2 Intermediation GVS estimated by Cappucci & Bauer for 2007 and 2008..

9.7x P/E 2008

7.1x P/E 2008

1Considerating the 60% stake acquired, based on cash flow projections with no guarantee of future

performance

Acquisition P/E

Initial payment of R$9 million to be settled in 6 installments

Variable payment based on the net income accumulated in the 36 months

Estimated value for the transaction on the basis case scenario is R$22.5 million1

Initial payment of R$9 million to be settled in 6 installments

Variable payment based on the net income accumulated in the 36 months

Estimated value for the transaction on the basis case scenario is R$22.5 million1

All Lopes’ acquisitions were made under very accretive acquisition models in relation to LOPES P/E ratio

3302

5002

52%

(R$MM)

2007E 2008E

Contracted SalesContracted Sales

Brazilian Real Estate Market

0.0%

5.0%

10.0%

0 to 4 20 to 24 40 to 44 60 to 6480 years or over

Brazil Europe

Current housing deficit of 7.2 million homes.

Favorable Timing

The development of the real estate market demand is expected to be driven by the combination of important factors in a unique scenario in Brazil

Fiduciary Alienation significantly reduced contract defaults

“Patrimônio de Afetação”* provided buyers with more confidence regarding the delivery of projects * New tax regime in which construction companies may elect a flat tax rate of 7 percent for the payment of federal taxes (corporate taxes and gross revenues taxes). They must separate revenues from other activities from revenues attributable to specific construction projects which are subject to the special tax regime.

Evolution of Real Estate Loans(R$ billion)

Commercial banks Brazilian Federal

Saving Bank (CEF)

Wide Availability of Loans

Improved Legal ContextFavorable Demographic

Conditions

Brazilian population is young and

concentrated in the age of buying

properties

Brazilian population is young and

concentrated in the age of buying

properties

Commercial banks are yet the largest real estate

financing providers

Legal security encourages investments

in the sector and provides banks with comfort to offer credit

34%34%

12%12%

54%54%

12%12%

Source: João Pinheiro Foundation

3.0

6.0

2.24.8

9.54.5

9.1

6.1

2003 2004 2005 2006

Greater Professionalism

Agile Development of Products

Greater Scale in Launchings

Public Offerings – Developers

(R$ MM)

6901,27

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 Developers raised R$15.7 billion in Capital Markets over last 2 years*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.

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.

Financial Highlights

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)

Net Income

148%

5.0

12.4

3Q06 3Q07

Net Income (3Q)

(R$ MM)

50%

9M06 9M07

21.4

32.0(R$ MM)

39%39% 37%37%

Net MarginNet Margin

25%25%

38%38%

Net Income (9M)

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 MarginEBITDA Margin

52%52% 51%51%

40%40%

54%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.

Additional Information

Geographic Expansion & Nation Leadership

RankingRankingNumber

Of BrokersNumber

Of BrokersOperation Segment

Operation Segment

Region of OperationRegion of Operation

Business UnitBusiness Unit

Rio de JaneiroRio de Janeiro

2nd2nd

9090

5050

Rio Grande do Sul,

Paraná and Santa

Catarina

Rio Grande do Sul,

Paraná and Santa

CatarinaEspírito SantoEspírito Santo

111111

LaunchesLaunches 364364

Minas GeraisMinas Gerais

126126BahiaBahia

7676PernambucoPernambuco

1st1st1,6161,616São PauloSão Paulo

2nd2nd

N/AN/A

1st1st

1st1st

2nd2nd

CampinasCampinas

ParáPará

5050

5050

1st1st

N/AN/ALaunches and

Secondary Market

Launches and Secondary

Market

LaunchesLaunches

LaunchesLaunches

LaunchesLaunches

Launches and Secondary

Market

Launches and Secondary

Market

Launches and Secondary

Market

Launches and Secondary

Market

Launches and Secondary

Market

Launches and Secondary

Market

Launches and Secondary

Market

Launches and Secondary

Market

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.

* Market share according to EMBRAESP ranking for launches, using the criteria of points in the São Paulo Metropolitan Region, from January to September, 2007.

32%

23%9%

9%

6%

6%

5%

3%2%

5%

Abyara

Avance

Tenda

F. Mera

C. Da Fonseca

Del Forte

Iprice

Itaplan Plus

Lopes

1 LOPES 6,829 54 1,477,459.394 2,807,619,119 327.32 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$) POINTSRanking COMPANIESNUMBER OF UNITS

TOTALLAUNCHES