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Institutional Presentation

2

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 ended at 30th of September 2008. 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 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.

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Investment Highlights

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Simple and Focused Value

Added Business Model

Simple and Focused Value

Added Business Model

Main Distribution Channel in a

Growing Industry with a National

Footprint

Main Distribution Channel in a

Growing Industry with a National

Footprint

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

UnmatchedScale and Reach

UnmatchedScale and Reach

Experienced Management

Team and Outstanding Track Record

Experienced Management

Team and Outstanding Track Record

Investment Highlights

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

Launch and sell of 14 office buildings at Av. Paulista

Launch and sell of 11 office buildings at the Faria Lima region

Creation of the launching system with sales stands and marketing materials, attracting customers specially during weekends

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

Start up of sales of hotel condominium (Flats)

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

Introduction of the concept of condominium clubs

First “Top Imobiliário” award, in 1993 – Largest Brokerage Company

Lopes becomes an important player at the segment of gated communities

Triples in size in a decade, strengthening its leadership

Wins its 15th consecutive “Top Imobiliário”

Lopes’ IPO Lopes starts its

geographic expansion process

The company’s first logo

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

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Lopes’ Market Share Evolution – São Paulo Market

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

Lopes’ Primary Market Share – São Paulo Market

Source: Embraesp. Launch GSV Market share in the greater São Paulo area. Non-official information for 2007.

Posit

ion

ing

1

2

3

4

5

1996199719981999200020012002200320042005

Competitor 1 Competitor 2

Competitor 4 Competitor 5

2006

Primary Market Positioning - GSV

2007

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

Competitor 3

Competitor 6

7

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

Formal relationship through exclusivity agreements

Over 160 Clients

– 46,393 effective buyers1

– 80,000 prospects included in our data base in 2007

Client-DevelopersClient-Developers Client-BuyersClient-Buyers

How

do w

e

How

do w

e

do b

usin

ess?

do b

usin

ess?

How

do w

e m

ake m

on

ey?

How

do w

e m

ake m

on

ey?2

, 3

2,

3

$ 0.53$ 0.12

$ 2.45

$ 100

$ 10

Total Price per Unit

Down-payment

GrossCommission

$ 0.73

$ 0.12

$ 1.05

Agents +Managers

Reven

ue R

ecog

nitio

nR

even

ue R

ecog

nitio

n

$ 5

Developer

1 Over the last 5 years in Sao Paulo2 Figures only for example, not related to financials3 Considering Sao Paulo market

$ 1.90

$ 3.10

Net Commission PremiumContract Advisory Fee

Simple and Focused Business Model…

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Market Share Lopes - SP

This is na estimative according to EMBRAESP’s informations – January to September 2008.

EMBRAESP’s Estimated Ranking

Habitcasa alone is the 5th biggest brokerage company in São Paulo’s market.

Habitcasa

Lopes Net Commission

SP GVS / Consolidated GVS 100% 95% 80% 50%

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Net Commission São Paulo

Net Commission Brazil

10

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

Working Capital

Is Fundamental Pre Sales

Speed of Sales Concentrated in

the Launch Period

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

Speed of Sales is the Key

for Profitability

With a Key Role in the Real Estate Value-Chain

Almost 7.000 brokers

Real Estate DevelopmentReal Estate DevelopmentBrazilian Market DynamicsBrazilian Market Dynamics

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

Lopes mission is to be the leading company in all main regions of the country, providing the best solution in Real State sales.

Product Consulting Lead Generation Lead Conversion

• Market intelligence

- Market potential

- Land analysis

- Product creation

- Performance analysis

• Control of the launching

process

• Coordination of national wide

activities

• Transfer of best practices

between the units

• Centralized customer base

management

- Specific campaign creation

- Segmented campaign analysis

- Performance monitor

- Relationship management

- New customers capture

• Multichannel strategy (Contact

Center)

- Phone

- Mail

- Web

- Sales Stand

• Motivated and qualified sales force

- Focused recruitment

- Professional recovery program

- Structured professional

development (Lopes University)

• Strategy and sales operations

- Structured pre-sales process

- Systematic distribution of brokers

to the products

- Focus on all launches phases

LOPES: Value-Added Services to Developers

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Unmatched Leader in the Real State Market Print Media

Quantity of Pages*

Lopes’ relationship with the main Brazilian newspapers guarantees the best exposure and reduces developers’ costs .

*Considering only Estado de São Paulo and Folha de São Paulo Newspapers . 12

Institutional Website

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Evolution of visits to Lopes’ Website

Source: Google Analytics

In comparison to 2Q08, the number of visits to Lopes’ Website in 3Q08 increased 54%.

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Notes: Managerial Reports.

Absorption calculated over available units

Granja Viana / SPGranja Viana / SP

153/197/230 m2153/197/230 m2

Reserva Santa Maria – Sep/ 07

177 units177 units

LocationLocation

Usable AreaUsable Area

SalesSales

Cachambi / RJCachambi / RJ

48 to 65 m248 to 65 m2

Norte Village – Jun / 07

850 un. – R$ 113,000,000

850 un. – R$ 113,000,000

LocationLocation

Usable AreaUsable Area

SalesSales

Paralela / BAParalela / BA

112 to 243 m2112 to 243 m2

Le Parc Residential Resort – Nov / 07

258 un. – R$ 121,000,000

258 un. – R$ 121,000,000

LocationLocation

Usable AreaUsable Area

SalesSales

Barra da Tijuca / RJBarra da Tijuca / RJ

203 to 260 m2203 to 260 m2

Santa Mônica Jardins – Nov / 06

142 un. – R$ 20,700,000

142 un. – R$ 20,700,000

LocationLocation

Usable AreaUsable Area

SalesSales

Barra da Tijuca / RJBarra da Tijuca / RJ

262 to 278 m2262 to 278 m2

Itaúna Gold

30 units – R$ 45.000.000

30 units – R$ 45.000.000

LocationLocation

Usable AreaUsable Area

SalesSales

100% sold within 3 weeks

Developer: Scopel and Desim

CASE

90% sold within 5 months.Developer: Living / Brascan

CASE

58% sold within 11 days.Developers: Cyrella /

Andrade Mendonça / Jotagê

CASE

70% sold within 1 year.Developer: Brascan

CASE

80% sold within 30 daysDeveloper: Brascan

CASEHIGH

MEDIUM-HIGH

MEDIUM

ECONOMIC

GATED COMMUNITIES

Sales Expertise in all Market Segments

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HABITCASA: Focused on the Economic Segment

• Business Unit Exclusively Focused on the Economic Segment

• Units ranging up to R$180 thousand

• Focused in all Brazilian real state market

• Own units in São Paulo, Rio de Janeiro and São Paulo’s countryside

• The other markets work with the brandThe economic segment will be one of the most important drivers for the long term growth of the real estate industry, due to the Brazilian housing deficit of 8 million homes1.

1 According to Fundação Getúlio Vargas – FGV1 According to Fundação Getúlio Vargas – FGV

Lopes Positioning in the Low Income Segment

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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.

Lopes’ Market Share in the Low Income Segment

10%

23%

207%

113%

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Geographic Expansion

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Lopes is Growing Nationwide

SOUTHEAST REGIONSão Paulo – Beginning of operations in 1935. Acquisition of 60% of Capucci &Bauer, in October 2007, for R$9 million (7.1x P/E 2008) and an earn-out payment.

Rio de Janeiro – Entry by greenfield operation, with beginning of operations in July 2006, with LCI-RJ. Acquisition of 100% of Patrimóvel, in November 2007, for R$175 million, R$ 35 million in Lopes shares (12.5x P/E 2008) and two earn-out payments.

Espírito Santo – Acquisition of 60% of Actual, in July 2007, for R$5.76 million (7.0x P/E 2008) and an earn-out payment.

Minas Gerais – Entry by greenfield operation with beginning of operations in February 2008.

SOUTHERN REGIONStates of Rio Grande do Sul, Santa Catarina and Paraná – Acquisition of 75% of Dirani, in May 2007, for R$15.1 million (7.5x P/E 2008) and two ear-out payments. In July 2008, Lopes acquired the 25% left by the call/put mechanism.

MIDDLE WEST REGIONFederal District – Acquisition of 51% of Royal, in November 2007, for R$12 million (9.0x P/E 2008) and an earn-out payment.

Goiás - Greenfield operation with beginning of operations in August 2008.

NORTHEAST REGIONBahia - Greenfield operation with beginning of operations in October 2007.

Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 3 million (10.0x P/E 2008) and an earn-out payment.

Ceará – Acquisition of 60% of Immobilis, in January 2008, for R$2.4 million (10.0x P/E 2008) and an earn-out payment.

NORTHERN REGIONPará – Greenfield operation with beginning of operations in March 2008.

Lopes tracks developers’ regional movements, consolidates its position as the largest consulting and

sales player

PR

RJ

BA

SP

RS

ES

SC

PE

MG

PA

DF

CE

GO

Business Unit State Lopes Participati

on

Market

Habitcasa SP/RJ 100% Primary Market

LCI-RJ RJ 100% Primary Market

Lopes Sul PR/SC/RS 100% Primary and Secondary Market

Lopes Salvador BA 100% Primary Market

Lopes Actual ES 60% Primary and Secondary Market

Lopes Sérgio Miranda PE 60% Primary and Secondary Market

Lopes Minas Gerais MG 75% Primary Market

Lopes Bauer SP – Campinas 60% Primary and Secondary Market

Lopes Pará PA 60% Primary and Secondary Market

Lopes Royal DF 51% Primary and Secondary Market

Patrimóvel RJ 100% Primary and Secondary Market

Lopes Immobilis CE 60% Primary and Secondary Market

Lopes Goiás GO 100% Primary Market

Expansion Plan

Lopes is present in 12 States and Federal District, through more than 50 cities

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Geographic Expansion Status

The Lopes Group   1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08

LPS Brasil   3/3 3/3 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 3/3 3/3

Lopes Dirani   -  1/3 3/3 3/3 3/3 3/3 3/3 3/3

Lopes Salvador   - - 3/3 3/3 3/3 3/3 3/3 3/3

Lopes Actual   - - 1/3  3/3 3/3 3/3 3/3 3/3Lopes Sérgio Miranda

  - - -  1/3  3/3 3/3  3/3  3/3 

Lopes Minas Gerais   - - - - 2/3 3/3  3/3  3/3 

Lopes Bauer   - - - -  1/3 3/3  3/3  3/3 

Lopes Pará   - - - -  - 3/3  3/3  3/3 

Lopes Royal   - - - -  2/3 3/3 3/3 3/3

Patrimóvel   - - -  1/3 3/3 3/3  3/3  3/3 

Lopes Immobilis   - - -  -  1/3 3/3  3/3  3/3 

Lopes Goiás - - - - - - 2/3 3/3

Note: For purposes of the information in this slide, the fraction numerators represent the number of months for which a unit has been operating, whereas the denominators represent the number of months making up the relevant period. 20

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Joint Venture: Lopes Itaú

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Strengthening of mortgage origination and other related services.

Leadership position in their

respective markets

Management Excellence

High Value Brands

Joint Venture Lopes Itaú

Establishment of a Promotion Sales Company (non-financing company) to promote and offer financial products and services – mortgage and other related – with emphasis on the

secondary market and with exclusivity to Lopes’ clients

Direct and exclusive access to its customer database

Seamlessly integrated operation with Lopes’ sales process, including an incentive compensation plan

Lopes media exposure

Service excellence Competitive financing terms and

conditions Speed and quality of processing Experienced credit analysis Successful exposure to the

lending business and in joint ventures

Innovative Real State Financing Process

The deadlines mentioned are linked to the complete delivery of the documentation and they can change in case of any restrictions.

CrediPronto!

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24

Brazilian Real Estate Market

Brazil

Shortage

in units 7.9 MM

% 14.9

Northeast

Shortage

in units 2.7 MM

% 20.6%

Southeast

Shortage

in units 2.9 MM

% 12.2%

South

Shortage

in units 0.87 MM

% 10.4%

Mid West

Shortage

in units 0.54 MM

% 14%

North

Shortage

in units 0.85 MM

% 22.9%

Regional Housing Shortage

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Social Economic Scenario and Housing Shortage

5,4

6,7

1991 20062000

7,9

Source: Fundação João Pinheiro e Ministério das Cidades

Source: Credit Suisse

47 million homes

19%A/B > 10 minimum wages- US$ 1.90052%

5 – 10 minimum wages-

US$ 950 - US$ 1.900

30%C 28%

< 5 minimum wages - US$

95051%D/E 20%

Source: Losango

-6% -4% -2% 0% 2% 4% 6%

0 to 4

10 to 14

20 to 24

30 to 34

40 to 44

50 to 54

60 to 64

more than 70

Men Women

* Qualitative Housing Shortage is the number of times that a family moves to different houses in life

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Age Pyramid in Brazil - 2005 Segments by Income in Brazil

Quantitative Housing Shortage(millions of homes)

Qualitative Housing Shortage

Source: IBGE

AAA

AAA

AA

A+A+

A

A-

BBB+

BBB- BBB

-

BBB+

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Mortgage Market as a % of GDP

Mortgage Market and the Investment Grade

Source: Lopes, FMI, S&P and Santander

X Rating S&P

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Real Estate Credit Availability from Commercial Banks – Brazil

Source: IMF - 2006

CAGR Savings Accounts: 54.4%CAGR FGTS: 18.3%CAGR Total: 37.3%

(R$ Billion)

Commercial banks were mainly responsible for the expansion in real estate financing in 06’and the credit expansion trend was reflected in the market in 2007 and will be in 2008

Current Brazilian Real Estate Market Scenario

FGTS Savings Accounts

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Projection to the Mortgage Loans in Brazil

Mortgage Market in Brazil: Perspectives

8,1%

11,0%

3,8%

20182012

2,4%

20142010

14,3%

5,7%

2008 2016

Source: BACEN, Lopes and Goldman Sachs surveys.

(% of GDP)

30Source: EMBRAESP

(R$ Billion)

São Paulo Real Estate Market

The SPMR has averaged 8.4 Billion in new residential launches over the last 10 Years.

Evolution of Launches in the São Paulo Metropolitan Region

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Market absorption levels reinforce the conclusion that demand is recovering after the market’s downturn in the late 90’s

Un

its S

old

:4

3.1

k7

4%

Units Launched

44.9kMarket Absorption:

Units Sold/

Total Units Available

Initial Supply:

13.5 k

Source: Secovi-SP

YTD: 12 months period from September 2007 to August 2008

Market Absorption – City of São Paulo

São Paulo Real Estate Market – Market Absorption

Market Absorption in 2008 YTD Tota

l S

up

ply

58.4

k

32Source: CBIC – Câmara Brasileira da Indústria da Construção

Brazilian Real Estate Market – Launches in Units

Evolution of Launches in Units (Capital of the States Numbers)

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R$/m2

SPMR Real Estate Market Overview – Prices

Source: Secovi-SP

Nominal

INCC Adjusted

Evolution of Average Launches’ Prices in the SPMR

R$/m2

34

Operational Highlights 3Q08

Contracted Sales’ Historical*

* Unaudited managerial information.

Total launched GVS

(in R$ million)

35

CAGR: 35%

178%

Contracted Sales – 3Q07 x 3Q08

(R$ MM)

Contracted Sales

1,222

2,883

136%

36

Contracted Sales per Market

(R$ MM) (R$ MM)

37

138% 117%

GVS – Primary Market GVS – Secondary Market

Units Sold per Income Segment

Brazil(in units)

Brazil(in %)

38

Sales Force

39

40

Financial Highlights 3Q08

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Financial Highlights

Net Revenues 3Q08 Adjusted EBITDA* 3Q08

Adjusted Net Income** 3Q08

*Adjusted EBITDA is a non-accounting measure created by Lopes, consisting of net income before the minorities interest, income tax and social contribution tax, net financial result (financial revenues and expenses), depreciation, amortization and non-operating income. The calculation of Adjusted EBITDA does not correspond to any generally accepted accounting practice in Brazil, does not represent cash flow for the periods presented, and should not be considered a substitute for net income or for cash flow as an indicator of liquidity. Adjusted EBITDA does not have a standardized meaning and the definition of EBITDA adopted by Lopes may not be identical or comparable to the definitions of EBITDA or Adjusted EBITDA used by other companies.**Adjusted Net Income is an accountability issue decided by Lopes, it represents the amount of net income without the goodwill amortization.

(in R$ thousands) (in R$ thousands)

Ebitda MarginEbitda Margin

(in R$ thousands)

Adjusted Net MarginAdjusted Net Margin

(in R$ thousands)

Adjusted Net Margin Before Minority InterestAdjusted Net Margin Before Minority Interest

Adjusted Net Income Before Minority Interest 3Q08

98%

53.5% 31.2%

16%

16.1%

5%

40.6%21.5%

39.5%

-19%

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Guidance for 2008

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Sales’ Guidance for 2008 – Primary Market

35%

105%

275% 596%

* The information for 2008 is based in the middle point of the divulged guidance.** Includes Lopes Bauer, located in São Paulo state.

(R$ MM)

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Additional Information

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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.

Lopes’ 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

Ownership Structure

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Total of 49,448,033 common shares

Ownership Structure Post-IPO

Institution Analyst Contact

Agora Cristiane Viana (+55 21) 2529-3393 cristiane.viana@agorainvest.com.br

Banco Espírito Santo

Rodrigo Bonsaver (+55 11) 3074-7412 rbonsaver@bessecurities.com.br

Credit Suisse Marcelo Telles (+52 55) 5283-8933 marcelo.telles@credit-suisse.com

Bulltick Rafael Pinho (+55 11) 3089-8748rpinho@bulltick.com

Itaú Tomas Awad (+55 11) 5029-4517 tomas.awad@itau.com.br

Link Celso Boin Jr. (+55 11) 4505-6701 cboin@linkinvestimentos.com.br

Planner Ricardo Martins (+55 11) 2172-2600 rmartins@plannercorretora.com.br

UBS Pactual Rodrigo Monteiro (+55 21) 3262-9208 rodrigo.monteiro@ubs.com

Coin Valores Marco Barbosa(+55 11) 3035-4141

marco@coinvalores.com.br

Analysts Coverage

Waited for 2008

Fator

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