2nd Quarter of 2007Earnings Conference Call Presentation

Slide PresentationPortugueseMarcos Lopes CEO - Roberto Amatuzzi CFO EnglishFrancisco Lopes COO - Roberto Amatuzzi CFO

Lopes – LPS Brasil

Forward-looking Statements

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 June 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.

Agenda

I. Operating Highlights

II. Geographic Expansion

III. Real Estate Market

IV. 2Q07 Financial Performance

Operating Highlights

Operating Highlights

Net Revenue grew by 54% over the 2Q06, reaching R$32.1 million.

Record Sales Contracted of Launches for a first half-yearly period – R$1.7 billion – 43% growth over the 2Q06

Net Income of R$14.1 million in the 2Q06, representing a 37%-growth when compared to the same period 2006.

Rio de Janeiro operations in accelerated pace, reaching R$145 million in Sales Contracted, a 332%-growth over the 1Q07, with net income of R$1.1 million yet in the fourth quarter of operation.

Operations in Salvador started on July 24, with a significant pipeline of future launches of R$1.0 billion and sales force of 120 brokers.

Lopes acquires the largest sales company in the state of Espírito Santo through a very accretive transaction to the Company, progressing in its geographic expansion strategy.

Lopes strengths its nationalization plan, 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 and buyers – in the states of São Paulo, Rio de Janeiro, Rio Grande do Sul, Paraná and Bahia.

Sales Contracted* – Total Volume

38%

1H06 1H07Secondary MarketLaunches

1,338

1,847

Total contracted GSV (R$ MM)

* Unaudited and managerial information.

Contracted GSV of Launches (R$ MM)

1,253

1,556

2003 2004 2005

CAGR: 28 %

CAGR: 28 %

1,853

850

591

1,166

20022000 2001 2006

2,545

1H06 1H07

1,186

1,699

43%152

148

1,699

1,186

Sales Contracted of Launches*

42%

2Q06 2Q07

743

1,058

R$ million

Quarterly

43%

1H06 1H07

1,186

1,699R$ million

Half-yearly

* Unaudited and managerial information.

Units Sold by Income Segment (R$) 2Q07 in São Paulo

0-150k

150k-350k

350k-600k

> 600k

41%

31%

16%

11%

Sales Contracted by Income – Launches*

Total Units Sold in São Paulo: 3,142

*Does not include LCI-RJ. Does not include parking slots; includes sales of residential land.

1.301 Units

978 Units

509 Units

354 Units

Geographic Expansion

Lopes Nordeste:BAHIA – Greenfield operation in Salvador (July 07), to explore the market potential of the Northeast market from this platform.

Lopes Sul:SOUTH REGION – After the acquisition of Dirani (May 07), the Company is benefiting from operating synergies aggregating its relationship with national developers, offering a solid local base.

Southeast Region:SAO PAULO – incontestable leader in the largest Brazilian market.RIO DE JANEIRO – LCI continuously progresses since its opening in July 2006, acquiring market shareESPÍRITO SANTO – Entry in this market through the acquisition of Actual (July 2007), the largest player in that state

Lopes is growing nationwide

Lopes has been following the regional movement of developers, consolidating itself as the distribution channel of choice with higher scale

and sales force pulverization capacity

Southeast Region

South Region

PRPRRJRJ

BABA

SPSP

RSRS

ESES

Northeast Region

LCI- Rio de Janeiro - Update

Significant growth in sales contracted in Rio de Janeiro, reaching R$145 million in 2Q07 – a 332% increase over 1Q07

Apr/07

629

Sales InventoriesSales InventoriesR$ million

Dec/06 Apr/07

1,400

1,976

Sep/06

731

CAGR: 322 %

CAGR: 322 %

Launches PipelineLaunches Pipeline

R$ million

Sales ForceSales Force

250

Number of Brokers

Apr/07Dec/06

146

Dec/06

463313

Jun/07Jul/07

586

2,425

Jul/07

Lopes Salvador (Bahia) : Opening and Operations Startup

Lopes in Salvador (Bahia)

Opening date: July 24, 2007

R$1,4 million in pre-operational investments

Main numbers:

– 120 independent brokers

– R$ 1.0 in future launches pipeline

Reception Desk of Lopes Reception Desk of Lopes NordesteNordeste located in Salvadorlocated in Salvador

Vitória (Espírito Santo): Acquisition of the leading company in the state

LOPES acquires 60% of the leading company in real estate brokerage in the state of EspíritoSanto (Actual).

Acquisition model very attractive in relation to Lopes’ P/E multiple.

Possibility of acquiring remaining 40% through the use of a call/put option mechanism

Maintenance of the management and a 8-year non-competition agreement in case Lopes acquires 100%

Opportunity that allows LOPES to start operations in a consolidated way in a state which is considered a promising growth alternative in the South Region market.

Lopes consolidates itself as the largest real-estate brokerage and property launch consultancy player in Brazil, operating now in 6 States, going forward with its geographic expansion strategy started in July 2006.

Real Estate Market

Volume of new units launched in the last 12 months is less than 10% higher than the average of past 10 years

São Paulo Market – Launched Units

Source: Secovi

Units

Sol

d: 3

0 k

64%

Launched Units M

ay 2

007

Tota

l O

fferin

g47

k

Mar

ket

Abs

orpt

ion

May

200

7 LT

M

May 2007 OutlookSão Paulo – Market Absorption

Initial Offering

18 k

29 k

Total Market Absorption

Current real estate market scenario in São Paulo

Thousand of units

Average:: 26.9

05

1015202530354045

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

May 2007

LTM

33%46%

60% 64%51%

0%

10%

20%

30%

40%

50%

60%

70%

2003 2004 2005 2006 May/07 LTM

2Q07 Financial Performance

Income Statement

(R$ 000)

Gross Revenue of Services

Gross Revenues Deductions

Net Income

Operating Expenses

Depreciation and Amortization

Financial Revenues, Net

Operating Income

Non-operating Income

Income Tax and Social Contributions

Minority Interests

Net Income

2Q07

35,529

(3,460)

32,069

(13,867)

(693)

(92)

17,415

-

(3,291)

(4)

14,120

Financial Highlights

54%

20,770

32,069

2Q06 2Q07

Net Revenue

(R$ 000)

34%

2Q06 2Q07

837

1.128

Total Contracted GSV* (R$ MM)

*Valor Gerencial

Financial Highlights – Cont’d

56%

11,687

18,200

37%10,297

14,120

2Q06 2Q07 2Q06 2Q07

Net Income Adjusted EBITDA*

(R$ 000)

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.

New level of costs to the Company 2Q07 vs. 1Q07:

13,660

1,600

378122 (503)

(394)

14,651

1Q07 2Q07

Provision for Variable

Compensation

Sales Commission to Corporations

and Independent Contractors

Telecommunication Expenses

Advertising (LCI-RJ, LPS and EBC)

G&A Variation

(212)

Advisory andConsultancy

2Q07 Cost Analysis