2Q08 Conference Call Presentation Results

PresentersMarcos Lopes – CEOFrancisco Lopes – COORoberto Amatuzzi – CFO and IROMarcello Leone – Planning Director

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 June 30th, 2008. 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.

2

Program

I. Highlights

II. Operational Results

III.Financial Results

3

Highlights

4

Highlights

  Contracted sales in 2Q08 totaled R$3.3 billion, an increase of 191% over 2Q07.

São Paulo represented R$1.6 billion, Rio de Janeiro R$591 million and Other Markets R$1.1 billion. A highlight was the organic growth in São Paulo which came to 56%.

Lopes sold 12,543 units in the Brazilian market in 2Q08, of which 5,227 (42%) were in the low income segment (prices up to R$150,000).

The share of the low income segment of Lopes’ contracted sales came to 20% in 2Q08 and represented more than R$1billion in sales in 1H08.

Contracted sales in the 1H08 totaled R$ 5,6 billion, higher than the full year of 2007 (R$5,2 billion).

In 2Q08, Lopes announced its entry in Goiás and Ribeirão Preto markets.

Lopes’ net revenues came to R$75.8 million in 2Q08, 136% higher than in 2Q07.

The Adjusted EBITDA amounted to R$34.3 million in 2Q08, an increase of 88% over the same period of 2007 which was R$18.2 million;

5

Operational Results

6

Contracted Sales by Market Segment

Contracted GVS – Primary Market Contracted GVS – Secondary Market(R$ MM) (R$ MM)

7

187%

245%

Contracted Sales by Geographic Region

8

Organic Growth in São Paulo

Contracted GVS – Primary Market

(R$ MM) (R$ MM)

9

55%

Contracted GVS – Secondary Market

64%

Rio de Janeiro – Primary Market

10

1Q07 vs 1Q08 2Q07 vs 2Q08(R$ MM) (R$ MM)

86%

2%

* Managerial Informations.

Units Sold by Income Segment

11

Lopes: Strong Growth in the Low Income Segment

117.5k 119.4k 122.4k 116.4k 124.8k

Average Ticket

GVS (R$MM)

Number of units

Contracted Sales*

12

* For operating ends, Lopes considers the economy segment as units valued at up to R$180,000 (Concept adopted in the Habitcasa unit).

7% 5% 8% 16% 20%

% Total GVS

Growth of Units Sold

Growth of Units Sold

Sales Force Growth

(Number of agents)

14

Geographic Expansion

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

LPS Brasil   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

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

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

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

  - - -  1/3  3/3 3/3  3/3 

Patrimóvel   - - -  1/3 3/3 3/3  3/3 

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

Lopes Royal   - - - -  2/3 3/3 3/3

Lopes Bauer   - - - -  1/3 3/3  3/3 

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

Lopes Pará   - - - -  - 3/3  3/3 

Lopes Goiás - - - - - - 2/3

Note: For the ends of this slide, the numerator of the fraction should be seen as the number of months in operation of a unit and the denominator as the number of months of the quarter in question

15

Financial Results

16

Net Revenues

Net Revenues

(R$ MM)

17

136%

Adjusted EBITDA*

*Adjusted EBITDA is a non-accounting measure created by Lopes, consisting of net income before the participation of minority interests, income tax and social contribution tax, net financial result (financial revenues and expenses), depreciation, amortization and non-operating income. The calculation of the Adjusted EBITDA does not correspond to any generally accepted accounting practice in Brazil, nor does it represent cash flow for the periods presented, and should not be considered a substitute for net income or a substitute for cash flow as an indicator of liquidity.

18

88%

56.8% 45.2

%

Adjusted EBITDA

(R$ MM)

EBITDA MarginEBITDA Margin

2Q08

2Q07

Analysis of the Net Margin

Monetary Restatement

of the Acquisition Contracts

LPS Brasil and SATI changes to Real Profit Minority

Interests in the Acquired

Units

Goodwill of the

Acquisitions

19

Growth of 47.8% in 2Q08 over

2Q07

Adjusted Net Income*

20

40%

45%26%

Adjusted Net Income

(R$ MM)

Adjusted net marginAdjusted net margin

* The adjusted net income is the accounted net income, excluding the amortization of the goodwill which came to R$3.2 million in the period under consideration.

69%

45% 32%

Adjusted Net Income Before Minority Interest

(R$ MM)

Adjusted net margin before minority interest Adjusted net margin before minority interest

Thank you!

21