1. 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 30 th 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.

3. Investment Highlights

4. Simple and Focused Value Added Business Model Main Distribution Channel in a Growing Industry with a National Footprint Low Risk Business with a Diversified Client Base : Cash Generator Company Key Position to Benefit from Market Growth due to Homebuilders’ IPOs Unmatched Scale and Reach Experienced Management Team and Outstanding Track Record Investment Highlights

6. 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. Positioning 1 2 3 4 5 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 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

8. 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 5 th biggest brokerage company in São Paulo’s market. Habitcasa

9. Lopes Net Commission SP GVS / Consolidated GVS 100% 95% 80% 50% Net Commission São Paulo Net Commission Brazil

10. Lopes’ business is clearly fundamental to the profitability and returns of its clients… With a Key Role in the Real Estate Value-Chain Almost 7.000 brokers Real Estate Development Brazilian Market Dynamics … and its scale and reach – nearly impossible to replicate – enhance this importance Working Capital Is Fundamental Pre Sales Speed of Sales Concentrated in the Launch Period Reliance on Sales Force Scale and Efficiency Speed of Sales is the Key for Profitability

12. 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 .

13. Institutional Website Evolution of visits to Lopes’ Website Source: Google Analytics In comparison to 2Q08, the number of visits to Lopes’ Website in 3Q08 increased 54%.

16. Lopes Positioning in the Low Income Segment 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%

17. Geographic Expansion

18. Lopes is Growing Nationwide SOUTHEAST REGION São 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 REGION States 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 REGION Federal District – Acquisition of 51% of Royal, in November 2007, for R$12 million (9.0x P/E 2008) and an earn-out payment. Goiás - Greenfield operation with beginning of operations in August 2008. NORTHEAST REGION Bahia - Greenfield operation with beginning of operations in October 2007. Pernambuco – Acquisition of 60% of Sérgio Miranda, in August 2007, for R$ 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 REGION Pará – Greenfield operation with beginning of operations in March 2008. Lopes tracks developers’ regional movements, consolidates its position as the largest consulting and sales player CE GO PR RJ BA SP RS ES SC PE MG PA DF

19. Expansion Plan Lopes is present in 12 States and Federal District, through more than 50 cities Business Unit State Lopes Participation 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

20. Geographic Expansion Status 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 . 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 3/3 Lopes 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

21. Joint Venture: Lopes Itaú

23. 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!

24. Brazilian Real Estate Market

25. Regional Housing Shortage 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%

26. Social Economic Scenario and Housing Shortage 5,4 6,7 1991 2006 2000 7,9 Source: Fundação João Pinheiro e Ministério das Cidades Source: Credit Suisse 47 million homes 19% A/B > 10 minimum wages- US$ 1.900 52% 5 – 10 minimum wages- US$ 950 - US$ 1.900 30% C 28% < 5 minimum wages - US$ 950 51% D/E 20% Source: Losango * Qualitative Housing Shortage is the number of times that a family moves to different houses in life Age Pyramid in Brazil - 2005 Segments by Income in Brazil Quantitative Housing Shortage (millions of homes) Qualitative Housing Shortage Source: IBGE

27. AAA AAA AA A+ A+ A A- BBB+ BBB- BBB- BBB+ Mortgage Market as a % of GDP Mortgage Market and the Investment Grade Source: Lopes, FMI, S&P and Santander X Rating S&P

28. 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

29. Projection to the Mortgage Loans in Brazil Mortgage Market in Brazil: Perspectives 8,1% 11,0% 3,8% 2018 2012 2,4% 2014 2010 14,3% 5,7% 2008 2016 14,3 Source: BACEN, Lopes and Goldman Sachs surveys. (% of GDP)

30. Source: 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

31. Market absorption levels reinforce the conclusion that demand is recovering after the market’s downturn in the late 90’s Units Sold: 43.1k 74% Units Launched 44.9k Market 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 Total Supply 58.4k

32. Source: CBIC – Câmara Brasileira da Indústria da Construção Brazilian Real Estate Market – Launches in Units Evolution of Launches in Units (Capital of the States Numbers)

33. R$/m 2 SPMR Real Estate Market Overview – Prices Source: Secovi-SP Nominal INCC Adjusted Evolution of Average Launches’ Prices in the SPMR R$/m 2

34. Operational Highlights 3Q08

35. Contracted Sales’ Historical* * Unaudited managerial information. Total launched GVS (in R$ million) CAGR: 35% 178%

36. Contracted Sales – 3Q07 x 3Q08 (R$ MM) Contracted Sales 1,222 2,883 136%

37. Contracted Sales per Market (R$ MM) (R$ MM) 138% 117% GVS – Primary Market GVS – Secondary Market

38. Units Sold per Income Segment Brazil (in units) Brazil (in %)

39. Sales Force

40. Financial Highlights 3Q08

41. 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 Margin (in R$ thousands) Adjusted Net Margin (in R$ thousands) Adjusted 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%

42. Guidance for 2008

43. 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)

44. Additional Information

46. Ownership Structure Total of 49,448,033 common shares Ownership Structure Post-IPO

47. Analysts Coverage Institution Analyst Contact Agora Cristiane Viana (+55 21) 2529-3393 [email_address] Banco Espírito Santo Rodrigo Bonsaver (+55 11) 3074-7412 [email_address] Credit Suisse Marcelo Telles (+52 55) 5283-8933 [email_address] Bulltick Rafael Pinho (+55 11) 3089-8748 [email_address] Itaú Tomas Awad (+55 11) 5029-4517 tomas.awad@itau.com.br Link Celso Boin Jr. (+55 11) 4505-6701 [email_address] Planner Ricardo Martins (+55 11) 2172-2600 rmartins@plannercorretora.com.br UBS Pactual Rodrigo Monteiro (+55 21) 3262-9208 [email_address] Coin Valores Marco Barbosa (+55 11) 3035-4141 [email_address] Waited for 2008 Fator