2007 Conference Call Presentation Results

PresentersMarcos Lopes – CEOFrancisco Lopes – EVPRoberto Amatuzzi – CFO and IRO

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 (“Lopes” 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.

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Summary

I. Highlights

II. Operating Results

III.Lopes Itaú Joint Venture

IV.Financial Results

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Highlights

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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.

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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. 6

Operating Results

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Contracted Sales*

Secondary marketLaunches

Total actual GVS

* Unaudited managerial information.

Total launched GVS

569

1,253

1,556

2003 2004 2005

CAGR: 35 %

CAGR: 35 %

1,853

850

591

1,166

20022000 2001 2006

2,545

2007

4,873

83%83%

2006 2007

2,856

5,221

311

4,873

2,545

311

348

91%91%

(in R$ million)

(in R$ million)

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Contracted sales by geographic region (launches)

Contracted sales for 2007(Launches)

80%

13%

7%

S ão P aulo R io Other

95%

5%

1Q07

82%

11%7%

3Q07

85%

14% 1%0%

2Q07

Lopes expanded activities to other geographic regions in 2007, which permitted fast diversification of the sources of contracted sales for the

period.9

Launched Units Sold by Income Segment (Primary Market)

São Paulo35%

35%

18%

12%

34%

44%

15%7%

Rio

Other46%

27%

19%

8%

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

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Sales Force in 2007

100

1.308 1.4081.038

1.446

2.409

4.993

0

Other markets Rio São Paulo Brazil

(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 11

2006 2007

Geographic Expansion

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 3/3Lopes 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 

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.

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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

17% 18%14%

21%

31%

22%25%

22% 23%

37%

29%

41%

2005 2006 2007

1Q 2Q 3Q 4Q

Lopes - Itaú Joint Venture

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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

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Lopes Itaú Joint Venture

Growth in mortgage origination volume.

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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

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

Both Lopes and Banco Itaú agreed to an initial R$14 million investment to implement and put the joint marketing company into operation.

Financial Results

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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 18

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 MarginEBITDA Margin

49.6%49.6%49.0%49.0% 48.2%48.2%

49.3%49.3%

(in R$ million)

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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%38.5%

35.1%35.1%

Net marginNet margin

38.6%38.6%37.0%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.

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Proposed dividend distribution – 2007 net income

(in R$ thousands)

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Payments for acquisitions and amortization of premium

Payment schedule*(in R$ thousands)

9M07 4Q07 1Q08**

2Q08 3Q08 4Q08 1Q09 4Q092010**

*2011**

*Total

Total Lopes

7,88551,71

69,699 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 TotalTotal 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

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Guidance 2008

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

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.

Thank you!