3Q08 Conference Call Presentation Results

PresentersMarcos Lopes – CEOFrancisco Lopes – COOMarcello Leone – CFO and IRO

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 September 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 3Q08 totaled R$2,883.2 million, an increase of 136% over 3Q07. 

São Paulo represented R$1,216.3 million, Rio de Janeiro, R$521.5 million and Other Markets, R$1,145.4 million. 

Lopes sold 11,028 units in the Brazilian market, in 3Q08, of which 3,538 were in the low income segment (prices up to R$150,000).

Lopes’ net revenues came to R$65.3 million in 3Q08, 98% higher than the R$32.9 million of 3Q07. 

The Adjusted EBITDA amounted to R$20.4 million in 3Q08, an increase of 16% over the same period of 2007, which was R$17.6 million.

Operational Cash Flow reached, in 3Q08, R$10.7 million, 45% higher than the R$7.3 million of 2Q08.

In 3Q08, Lopes reached about 2 million visits to its website, which represented an increase of 54% over 2Q08.

Lopes had a cost reduction of R$41.0 million/year which proved our capacity of fast adequacy in term of expenses, maintaining our profitability in a low sales scenario.

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Operational Results

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Contracted Sales

(R$ MM)

Contracted Sales

7

136%

177%

1,123

2,669

3Q07 3Q08

Contracted Sales per Market Segment

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

8

138%

99

215

3Q07 3Q08

117%

Lopes’ Performance in Relation to the Market

Reduction on Contracted Sales

-12%-23%

The 3Q08 presented a reduction of contracted sales in the entire real estate sector.

Source: Outcomes revealed by the Companies (CCDI, Cyrela, Even, Gafisa, Helbor, Klabin Segall, MRV, PDG, Rodobens and Rossi)9

Contracted Sales Evolution by Geographic Region

10

2,336 3,279 2,883

Contracted SalesContracted Sales(R$ MM)(R$ MM)

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%

Lopes Market Share - SP

12Lopes Estimation based on information from EMBRAESP – January to September 2008.

EMBRAESP Ranking Estimation

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

Habitcasa

Sales Force

(Number of agents)

13

Institutional Website

14

Evolution of visits to Lopes’ Evolution of visits to Lopes’ WebsiteWebsite

Source: Google Analytics

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

Financial Results

15

32,9

65,3

3Q07 3Q08

Net Revenues

Net Revenues

(R$ MM)

16

98%

17.6

20.4

3Q07 3Q08

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.

17

16%

53.5%

31.2%

Adjusted EBITDA

(R$ MM)

EBITDA MarginEBITDA Margin

7.3

10.7

3Q07 3Q08

Cash Flow from Operations

(R$ MM)

47%

13.010.5

3Q07 3Q08

Adjusted Net Income*

18

-19%

39.5%

16.1%

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.

13.414.0

3Q07 3Q08

5%

40.6%

21.5%

Adjusted Net Income Before Minority’s Interest

(R$ MM)

Adjusted net margin before minority interestAdjusted net margin before minority interest

Contracted Sales’ Scenario

Contracted Sales’ Scenario 2008

iii) According to the economic scenario, Lopes’ will accomplish its guidance but will not achieve the over deliver, and the Company reduced its costs to readapt to the new reality.

* Projection based on the historical seasonality of the sector

i) Guidance overcome on the 3

previous quarters.

Potential over delivery

Overcoming of the 08 guidance

ii) Increase in the G&A in order to achieve a platform capable of deal with a higher volume of sales for 4Q08 and 2009.

Company’s Structure Adequacy

Cost Reduction

Units Reduction One-Time Cost Date

São PauloR$ 30.7 MM /

yearR$ 2.5 MM* October

Rio de Janeiro (1)

R$ 3.2 MM / year

R$ 0.4 MM September

Rio de Janeiro (2)

R$ 7.2 MM / year

R$ 0.3 MM October

TotalR$ 39.3 MM /

yearR$ 3.1 MM -

20* The amount of R$1.1 MM will be paid in October and the payment date for the remaining amount is not yet defined.(1)Reduction performed in August, due to the integration of the back office of LCI and Patrimóvel.(2)Reduction performed in October for the structure’s adequacy.

Besides the headcount reduction, Lopes believes that:

i) the Company is fully capable to reach the launching sales guidance of R$ 9.5 billions – R$ 10.5 billions;

ii) we are prepared to restart the growth velocity as soon as the market signalize its recovery; and

iii) we mantain the Company’s main strategic projects:- CRM and Internet (Primary Market);- CrediPronto!;- Secondary Market.