Institutional Presentation

Marcos Lopes – CEORoberto Amatuzzi – CFO and IRri@lopes.com.br

Disclaimer

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 LPS Brasil – Consultoria de Imóveis S.A (“Lopes”) as of the Fiscal Year concluder at 30th of July 2007. It is not intended to be relied upon as advice topotential 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 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 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 believes that based on information currently available to Lopes management, the expectations and assumptions reflected in the forward-looking statements are reasonable. Lastly, Lopes expressly refuses any duty to update any of the forward-looking statements contained herein.

Investment Highlights

Simple and Focused Value Added

Business Model

Simple and Focused Value Added

Business Model

Main Distribution Channel in a

Growing Industry with a

Nationalization Plan

Main Distribution Channel in a

Growing Industry with a

Nationalization Plan

Low Risk Business with a Diversified

Client Base : Cash generator Company

Low Risk Business with a Diversified

Client Base : Cash generator Company

Key Position to Benefit from Market

Growth due to Homebuilders’ IPOs

Key Position to Benefit from Market

Growth due to Homebuilders’ IPOs

High Barriers to New Entrants -

UnmatchedScale and Reach

High Barriers to New Entrants -

UnmatchedScale and Reach

Experienced Management Team

and Outstanding Track Record

Experienced Management Team

and Outstanding Track Record

Investment Highlights

Mr. Francisco Lopes initiates its activities intermediating properties

193540´s

50´s60´s

70´s

80´s

90´s

00´s

Launch one of the first buildings under the condominium concept

First TV advertisement for a real estate development

Start long term partnership with Gomes de Almeida Fernandez (Gafisa)

Launch and sell 14 office buildings at Av. PaulistaLaunch and sell 11 office buildings at the Faria Lima region Creates the launching system with sales stands and marketing materials, attracting customers specially during weekends

Identifies Marginal Pinheiros as an attractive area and launch one of the first buildings in the region

Start the sales of hotel condominium (Flats)

Partner of Grupo EspíritoSanto in selling one of the largest launching in Lisboa: Parque dos Príncipes

Introduces the concept of condominium clubsFirst “Top Imobiliário”prize, in 1993 – Largest Brokerage Company

Becomes an important player at the segment of gated communitiesTriples in size in a decade, strengthening its leadershipWins its 13th

consecutive“Top Imobiliário”

The first logo of the company

Becomes reference in real estate launchings and presents its new logo

Brokerage Market Has No Other Company With The History and Track Record of Lopes

Lopes’ Market Share Evolution – São Paulo Market

Uncontestable leader in the São Paulo real estate market for more than 10 years

Posit

ioni

ng

1

2

3

4

5

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Lopes Company 2

Company 3 Company 4

2006

Lopes’ Market Share– São Paulo Market Market Positioning - GSV

1S07

Source: Embraesp. Launched VGV in the greater São Paulo area.

R$ Milhões

Source: Embraesp. Launch VGV Market share in the greater São Paulo area. Non-official information for 2006 and 2007. In 2006, adjustment by the exclusion of launches not referring to the same year.

Company 5

Company 6

25% 24%

28%

23%

18%21%

25%

33%31%

1999 2000 2001 2002 2003 2004 2005 2006E 1S07E

Formal relationship through exclusivity agreementsMore than 100 Clients

– 46,393 effective buyers1

– 926,129 prospects

ClientClient--DevelopersDevelopers ClientClient--BuyersBuyers

How

do

we

do

How

do

we

do

busin

ess?

busin

ess?

How

do

we

mak

e m

oney

?Ho

w d

o w

e m

ake

mon

ey?22

Lopes is exclusively focused on proving value-added real estate brokerage services to its client-developers, with a permanent concern with avoiding conflicts of interest

$ 0.53$ 0.53$ 0.12$ 0.12

$ 2.45$ 2.45

$ 100

$ 10

Total Price

Down-payment

GrossCommission

$ 0.73$ 0.73

$ 0.12$ 0.12

$ 1.05$ 1.05

Agents +Managers

Revenue RecognitionRevenue Recognition

$ 5

Developer

Note: 1 Over the last 5 years in Sao Paulo2 Figures only for example, not related to financials

$ 1.90

$ 3.10

Net Commission Premium Contract Advisory Fee

Simple and Focused Business Model…

Over 270 Exclusive Sponsored Sales Over 270 Exclusive Sponsored Sales Points Points

Working CapitalWorking CapitalIs FundamentalIs Fundamental

Pre SalesPre SalesSpeed of Sales

Concentrated in the

Launching Period

Reliance on Sales Force Scale and EfficiencyReliance on Sales Force Scale and Efficiency

Real Estate DevelopmentReal Estate DevelopmentBrazilian Market DynamicsBrazilian Market Dynamics

Lopes’ business is clearly fundamental to the profitability and returns of its clients…

…and its scale and reach – nearly impossible to replicate – enhance this importance

Speed of Sales is Speed of Sales is Key Key

to the Profitabilityto the Profitability

More than 2,400 LopesMore than 2,400 Lopes’’ agents agents

With a Key Role in the Real Estate Value-Chain…

Lopes is focused on providing its clients a full range of consulting services, from land procurement advisory to product formatting, development and sales

Determines the Site’s Vocation

Determines the Site’s Vocation

Masters Market

Research

Masters Market

Research

Formats ProductMeeting Buyers’

“Wants and Needs”

Formats ProductMeeting Buyers’

“Wants and Needs”

Develops Marketing Campaign

Develops Marketing Campaign

Optimizes Media

Negotiations

Optimizes Media

Negotiations

Coordinates Product

Launching Events

Coordinates Product

Launching Events

Value-Added Services Across the Development Cycle

100% sold in 20 daysIncreased developer’s margin by 20%Dev.: Cyrela-Lucio-Agra

CASE

Mooca / SP

115/157/202 m2

Central Park – Jun/06

564 Units –GSV - R$284 MM

Location

Usable Area

Sales

Apartments besides the beach96% sold in 1weekDev.: CCDI

CASE

Bertioga / SP

153/197/230 m2

Península de S Lourenço -Oct/06

60 Units –GSV -R$ 54 MM

Location

Usable Area

Sales

2 towers – one apt per floor - 50% sold in 4 weeksAverage Sales Price -R$ 1.55 millionDev.: Even-Tishman Speyer

CASE

Campo Belo / SP

385-674 m2

Particolare – Aug/06

62 Units –GSV -R$ 100 MM

Location

Usable Area

Sales

2 towers – Unique Project50% Sold in 35 days.Dev.: Odebrecht

CASE

Morumbi /SP

146-352 m2

Riverside – May/06

132 Units –GSV -R$ 84 MM

Location

Usable Area

Sales

3 towers

78% sold in 2 months

Dev.: ZKF

CASE

Jabaquara / SP

54-122 m2

Oasis – Jun/06

285 Units –GSV - R$ 38 MM

Location

Usable Area

Sales

HIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

LEISURE

Sales Expertise in all Market Segments

Note: Management Reports. Absorption calculated over available units.

0-150k

150k-350k

350k-600k

> 600k

41%

32%

15%

12%

Total Units Sold: 8,078

Note: Does not Include LCI-RJ or Secondary Market Units. Includes lot sales (LIL).Does not account for extra-parking spots sold with units. Includes lots.

3,338 Units

2,555 Units

1,178 Units

1,007 Units

Pre-Sales Contracts by Income Segment – Primary Market in SP*

Units Sold by Income Segment (R$)

2006

0-150k

150k-350k

350k-600k

> 600k

42%

31%

15%

12%

2,220 Units

1,634 Units

620 Units

1H07

Total Units Sold: 5,286

812 Units

Lopes’ unmatched reach and remarkable scale reinforce each other, enhancing success rate and permanently attracting new brokers

More More AgentsAgents

(2,400 Lopes(2,400 Lopes’’Agents)Agents)

More More Efficiency Efficiency in Salesin Sales

More Trust More Trust from the from the

DevelopersDevelopers

More Deal More Deal FlowFlow

•• Amplify market intelligenceAmplify market intelligence•• Improve financial performanceImprove financial performance•• Attract and maintain top talentsAttract and maintain top talents

More More Sales PointsSales Points

(270 Sales (270 Sales Sites)Sites)

More Media More Media ExposureExposure

2.000 pages 2.000 pages / year/ year

Virtuous Growth Cycle: High Barrier to Entry

Sales Force Evolution

2006 1,400

1,0972005

Sales Force - Number of Independent Brokers

28%

2,400

71%

Sep/07

Location: São Paulo

Provides Brokerage

Services in the state of Rio de

Janeiro.

LPS LPS BrasilBrasil (Lopes)(Lopes)

Provides contract sales

advisory services to purchaser-

clients of real estate

developments.

SATI SATI

Provides Brokerage

Services in the sale of pre-

owned properties.

Lopes’ arm in the secondary

real estate market.

Provides brokerage

services in the sale of gated communities

and other services in the

cities of the state of Sao

Paulo.

Provides brokerage

services in the sale of

launchings to a specific

developer.

Provides Brokerage

Services in the Southern Region

of Brazil.

Provides Brokerage

Services in the state of Bahia.

Provides brokerage services in the sale of real estate developments and holds equity

interests in subsidiary companies.

New Units - RJAdvisory ServicesSecondary Mkt- SPSão Paulo Up StateNew Units - São Paulo New Units - South New Units - BA New Units - ES

Provides Brokerage

Services in the state of Espírito

Santo.

Note: Excludes LPS Recife, since the financial settlement of the acquisition of Sérgio Miranda Imobiliária had not been concluded on the date of this presentation

LRLR LILLIL EBCEBC LCI LCI –– RJ RJ LPSLPS--DiraniDirani LPS LPS NordesteNordeste LPS ActualLPS Actual

Organized across the Brazilian Real Estate retail-end and well positioned as the utmost solution provider in terms of brokering, consulting and advisory services

… And Diversified Business Units

2020

Lopes Recent Corporate Structure

LPS Brasil – Consultoria de Imóveis S.A.Controladas: EBC – Consultoria de Imóveis Ltda.LCI Brasil – Consultoria e Marketing Imobiliário Ltda.LIL – Intermediação Imobiliária Ltda.LPS Nordeste – Consultoria de Imóveis Ltda.LPS Sul – Consultoria de Imóveis Ltda.LR – Consultoria de Imóveis Ltda.SATI – Assessoria Imobiliária Ltda.LPS ES – Consultoria de Imóveis Ltda.LPS Recife – Consultoria de Imóveis Ltda.

LIL

LPS Brasil

99.9% 99.9%99.9%75.0%99.9%99.9%

EBC LPS SULLPS-NELIL LR SATILCI-RJ

99.9%

LPS-ES LPS-PE

60% 60%

Lopes Corporate Structure

Geographic Expansion

Lopes Nordeste:BAHIA – Greenfield Operation set in Salvador, to explore the northeastern market’s potential, starting through SalvadorPERNAMBUCO - Entrance in the market through the acquisition of Sérgio Miranda Imobiliária, one of the leading Real Estate brokers in Pernambuco (to be approved on the Shareholders Meeting).

Lopes Sul:SOUTH REGION – After Dirani’s acquisition in May, the company benefits from operational synergies and finds room to consolidate further its leadership position.

Sudeste:SAO PAULO – Uncontestable leader in the largest national marketRIO DE JANEIRO – LCI demonstrates continuous advances earning market share and growing marginESPÍRITO SANTO – Entrance in the market through the acquisition of Actual, largest player of sales in the state.

Lopes expands nationally

Lopes tracks developers’ regional movements, consolidates its position as the only consulting and sales player with a national footprint

PRPRRJRJ

BABA

SPSP

RSRS

ESES

PEPE

SCSC

Southeast Region

South Region

Northeast Region

Lopes Nordeste

SalvadorSalvadorMigration of important nationwide real estate developers to the state of BahiaFragmented launches market with no relevant real estate brokers in the segment, despite the good intermediate and launched GSV2.247 units launched on 4Q06, twice the same period of 05’. 1.733 units sold in 1Q07, 60% above sales for 1Q06.

Lopes Nordeste’s pipeline already accounts for R$ 1.0 Billion in launchings expected preliminarily by September 08’.

Beginning of operations on July 24th

Based on the positive experience in Rio de Janeiro, operations will follow the same strategy to enter a new market

Two local managers, widely recognized in the market, were hired

Lopes Nordeste already has the largest sales force in the state: 120 agents

Photos of Lopes Photos of Lopes NordesteNordeste’’ss Reception in SalvadorReception in Salvador

Lopes Sul

Lopes Sul has shown advances in the first month of operations, growing the pipeline of launchings and conquering new clients

Apr/07* Jul/07

1.3341.443

R$ Million

Sales ForceSales Force

100

Number of Brokers

Jul/07

Launches PipelineLaunches Pipeline

Lopes Sul is recognized as the main player in the south of Brazil, rendering value-added services that reinforce its client-base in Paraná and Rio Grande do Sul

*Dirani*Dirani’’s pipeline at the time of the acquisitions pipeline at the time of the acquisition

LPS Espírito Santo

LPS Espírito Santo started operating as the leader in the sale of launches in the State.

R$ million

Sales ForceSales Force

60

Number of Brokers

Aug/07

Launches PipelineLaunches Pipeline

Lopes ES is recognized as the main player in the south of Brazil, rendering value-added services that reinforce its local and international client-base

Aug/07

800

20051 20061

49101

R$ million

Sales ValueSales Value

20072

150

1 Actual Management Reports. 2 Overlook for 2007

Geographic Expansion - Lopes

Name: LCI RJ

Greenfield Operation

Rio de Janeiro

Name: LPS Nordeste

Greenfield Operation

Bahia

Name: Actual Negócios Imobiliários

Basis Case Scenario Value: R$14.4 million

% Acquired: 60%

Espírito Santo

Rio Grande do Sul, Paranáand Santa Catarina

Name: Dirani

Basis Case Scenario Value: R$ 28 million

% Acquired: 75%

Pernambuco

Name: Sergio Miranda Imobiliária

Basis Case Scenario Value: R$ 9.1 milion:

% Acquired: 60%

Lopes is expanding nationally, consolidating its leading position inserving the main Brazilian developers.

Acquisitions

Acquisition of Dirani

DIRANI Valuation

Earn out with cap and floor aligns interests and takes the acquisition to a very accretive valuation range.

9.0x P/E 2008

7.5x P/E 2008

Acquisition P/E

Transaction Values

Initial payment of R$ 15.1 million (NPV) in five semi-annual installments until May 2009.

Remaining amount to be paid in two variable installments in May 2010, tied to the net income for the past 36 months.

Estimated value for the transaction base case scenario of R$ 28 million1.

1 relates to acquired 75%, based on cash flow projections with no guarantee of future performance.

Acquisition of Actual

ACTUAL ValuationACTUAL ValuationEarn out mechanism aligned to the company interests that places the acquisition into an

accretive valuation range.

8.0x P/E 2008

7.0x P/E 2008

Acquisition P/E

Transaction ValuesTransaction Values

Estimated value for the transaction – Base Case Scenario - R$ 14.4 millions1

Initial fixed installment of R$ 4.32 million and one more installment of R$ 1.44 million after 6 months.Remaining amount to be paid in variable installment tied to the net income for the operation accumulated in the last 36 months.Possibility to acquire the 40% remaining after first 3 years through a call/put mechanism.

1Considerating the 60% owned, based upon cash flow projections with no guarantee of future performance

Acquisition of Sérgio Miranda Imobiliária

SSÉÉRGIO MIRANDA IMOBILIRGIO MIRANDA IMOBILIÁÁRIA RIA ValuationValuationEarn out mechanism aligned to the company interests that places the acquisition into an

accretive valuation range.

10.1x P/E 2008

10x P/E 2008

Acquisition P/E

TransactionTransaction ValuesValues

Initial fixed amount of R$3.0 million to be paid R$546 thousand at sight and 9 monthly installments of R$273 thousand.

Remaining amount to be paid in variable installment after 36 months from the transaction closing date, tied to the net income accumulated in the 36 months after the transaction, with a cap of R$11.15 million.

Estimated value for the transaction on the base case scenario at R$9.1 million1

“Call” and “put” caps of R$9.0 million and R$3.2 million, respectively

1Considerating the 60% owned, based upon cash flow projections with no guarantee of future performance

Real Estate Market

...and the credit expansion trend has been reflected in the market for the first semester of 07’

Real Estate Credit Availability from Commercial Banks- Brazil

R$ Billion

Source: ABECIP, Central Bank

2006

2,2

20052003 2004 LTM Jun/07

Resources from savings accounts (SBPE)

34,8

9,5

12,1

Current Real Estate Market Scenario

Commercial banks were mainly responsible for the expansion in real estate financing in 06’...

CAGR: 77 %

CAGR: 77 %

In June alone, the amount of financing made available by commercial banks

topped all of 2002’s levels

Mortgage Lending as % of GDP

16% 16%21%

53%62%

10%2%

Brazil Mexico Thailand Chile Malaysia USA England

Source: IMF

05

1015202530354045

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

LTM M

ai/07

São Paulo – Units Launched over last 10 years

Source: Secovi

Units

Sol

d:30

k -

64%

Units Launched M

ay/0

7 To

tal S

uppl

y To

tal –

47 k

Mar

ket

Abs

orpt

ion

LTM

May

/07

May 2007 OverviewSão Paulo – Market Absorption

InitialSupply

18 k

29 k

Market Absorption

São Paulo’s Real Estate Market Scenario

33%46%

60% 64%51%

0%

10%

20%

30%

40%

50%

60%

70%

2003 2004 2005 2006 LTM Mai/07

In thousands of units

Average: 26,9

• In São Paulo Metropolitan Region, the volume of new units launched in the last twelve months is less than 10% over the average of the last ten years

• Greater Professionalism

• Agile Development of Products

• Greater Scale in Launchings

Financial Offerings - Developers(R$ MM)

6901.268

2.456

7.370

2H 05 1H 06 2H 06 1H 07

New Level of Business for the Market

Industry Capitalization

Source: CVM. Filings. Net Resources raised by real-estate developers in Public Offerings of Stock and Bond Offerings, since September of 2005.

Developers Raised R$ 11.8 Billion in Developers Raised R$ 11.8 Billion in Capital Markets over last 2 yearsCapital Markets over last 2 years

Positive Results

Operational Highlights 2006 and 1H07

Contracted Sales – Total Volume

38%

1H06* 1H07Secondary MarketPrimary Market*

1,338

1,847

Total Contracted Sales (R$ MM)

* Until 2006, managerial numbers

Launches Contracted Sales (R$ MM)

1.253

1.556

2003 2004 2005

CAGR: 28 %

CAGR: 28 %

1.853

850

591

1.166

20022000 2001 2006*

2.545

152

148

1,699

1,186

1H07

Total Revenue: R$49.6 MM

10%

38%

25%

27%

0-150k

> 600k

350k-600k

150k-350k

2006

Total Revenue: R$77.6 MM

> 600k

350k-600k

150k-350k

0-150k

41%

22%

26%

11%

Pre-Sales Contracts by Income Segment – Primary Market in SP*

Revenue by Income Segment (R$)

Note: Does not Include LCI-RJ or Secondary Market Units. Includes lot sales (LIL).Does not account for extra-parking spots sold with units. Includes lots.

Contracted Sales – Primary Market

42%

2Q06* 2Q07

743

1.058

2Q07 (R$ MM)

43%

1H06* 1H07

1.186

1.699

1H07 (R$ MM)

* Until 2006, managerial numbers

Financial Performance 2006 and 1H07

50%

35,256

53,013

20,770 32,069

1H06 1H072nd Quarter

Net Revenues

(R$ 000)

54%

50%64,256

82,008

2005 2006

(R$ 000)

Financial Highlights

Net Income (R$MM)

27.031.7

16.4

19.7

46.6%

42.1%37.1%

38.6%

2005 2006 1H06 1H07

Net Margin

17%

Net Income

20%

34.6

34.6

19.5 26.1

53.8%

55.3%

49.2%49.6%

2005 2006 1H06 1H07

EBITDA (R$MM) EBITDA Margin

40.7

Adjusted EBITDA

34%

18%

*Adjusted EBITDA is used as a performance measure.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.

Financial Highlights

Two seasonality components for the Company:• Natural sales variability during the year due to holidays. On 1Q, Summer and Carnival Holidays.• Variability resulting from the developers’ pipeline – launches subject to postponements due to legal approvals, generating important distortions between the quarters

Importance of long-term revenues analysis

37%

4Q

21%17%

25%

3Q1Q 2Q

29%

4Q

31%

18%22%

3Q1Q 2Q

Quarterly Contribution for Annual Sales Contracted

2005 2006

Unstable behavior of quarterly contributions for annual sales

% of Annual Contracted GSV