1st Quarter of 2007

Earnings Conference Call Presentation

Lopes – LPS Brasil PresentationPortugueseMarcos Lopes CEO - Roberto Amatuzzi CFO EnglishFrancisco Lopes COO - Roberto Amatuzzi CFO

Forward-looking Statements

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 Lopes – LPS Brasil – Consultoria de Imóveis S.A

related to the quarter ended on March 31, 2007. 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 – LPS Brasil – Consultoria de

Imóveis S.A 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 – LPS Brasil – Consultoria de Imóveis S.A 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 – LPS Brasil – Consultoria de Imóveis S.A believes that based on information currently available to Lopes – LPS Brasil -

Consultoria de Imóveis S.A management, the expectations and assumptions reflected in the forward-looking statements

are reasonable. Lastly, Lopes – LPS Brasil – expressly refuses any duty to update any of the forward-looking statements

contained herein.

Agenda

I. Operating Highlights

II. Geographical Expansion

III. Real Estate Market

IV. 1Q07 Financial Performance

Operating Highlights

Operational Highlights

Record Sales Contracted Volume of R$719 million in the 1Q07, 43 % up on the 1Q06.

Record Sales Contracted of launches, amounted to R$ 641 million, 45% growth compared to 1Q06.

Net Revenue totaled R$ 21 million, a 45% increase over 1Q06.

Rio de Janeiro operations grows on an accelerated pace, reaching a future launch pipeline of R$ 2.0 billion.

Acquisition of 75% of DIRANI, the largest real estate broker in the South Region, as platform for entrance and leadership in that region, acting on Rio Grande do Sul, Paraná, and in the near future, in Santa Catarina.

Announcement of entry in the Salvador market, through the creation of a new business unit, LOPES NORDESTE, starting in August of 07’.

Lopes, consolidates its positioning as the largest player in the Brazilian real estate brokerage industry, stepping forward in the development of its geographic expansion strategy started with the Business Unit in Rio de Janeiro and the Gated Communities Unit in Alphaville (LIL).

Sales Contracted – Total Volume

43%

719

502

Total contracted GSV (R$ MM)

1Q06* 1Q07

Contracted GSV of Launches (R$ MM)

1,253

1,556

2003 2004 2005

CAGR: 28 %

CAGR: 28 %

1,853

850

591

1,166

20022000 2001 2006*

2,545

1Q06 1Q07

443

641

45%

59

78

641443

Launches* Secondary market* 2006 and previous information are managerial and unaudited.

Sales Contracted – By Market Segment

Launches (R$ MM) Secondary Market (R$ MM)

45%641

4437832%

59

1Q06 1Q07

1Q06* 1Q07

* 2006 and previous information are managerial and unaudited.

Sales Contracted by Income Segment (R$) 1Q07

Sales Contracted by Income Segment – Launches*

150k-350k

> 600k

43%

31%

14%

12%

0-150k 350k-600k919 Units

656 Units

306 Units

266 Units

Total Units Sold: 2,147

* Does not include LCI-RJ. Does not include parking slots; includes sales of lots.

Net Fee and Consulting Services

Lopes’ Net Fee

1Q06

3.27% 3.07% 3.09% 3.21% 3.22%

2Q06 3Q06 4Q06 1Q07Note: Net fee in the São Paulo Market. 2006 information are managerial. For 1Q07, accounting figures. Net Fee consists of the sum of Lopes’ net fee with premium and advisory services commission, when applicable.

LCI-RJ is the largest announcer on O GLOBO newspaper*

Rio de Janeiro Business Unit: Update

Lopes is already recognized as one of the major players in this market, which supports its pursuit for leadership

Concrete progress – launch pipeline expressive growth, reaching more than R$ 2.0 billion in only 8 months of operation.

Apr/07

671

Sales InventoriesSales InventoriesR$ MM

Dec/06 Apr/07

1,400

2,014

Sep/06

731

CAGR: 66 %

CAGR: 66 %

Launch PipelineLaunch Pipeline

R$ MM

Sales ForceSales Force

250

Nº of brokers

Apr/07Dec/06

146

Dec/06

463

* Sum of pages published in March and April in the largest newspaper in Rio de Janeiro.

Geographic Expansion: Southern Region

Geographic Expansion Opportunity

Lopes acquires 75% of the largest real estate broker in sales volume in the South Region of Brazil, entering simultaneously both in the Parana and Rio Grande do Sul markets.

DIRANI is recognized as one of the most respectful real estate brokers in the South Region of Brazil, having an important market share in Porto Alegre and operating in Curitiba, a market with total GSV of R$1.2 billion in 2006*, since late 2006.

Attractive acquisition model with significant discounts in relation to Lopes’P/E multiple.

The South Region market, except for Porto Alegre, is currently fragmented in the real estate brokerage business, which adds a significant growth potential to this transaction.

* Fonte: Secovi-RS, Secovi-PR

Dirani

2005 2006 2007*

61161

320160 %

100 %

* Internediation GSV estimated by Dirani for 2007. GSV contracted (in R$ MM)

12 years of operations and current leader in the contracted sales market.

Structured business model, operating with average gross commissions rate of4% plus premium (up to 1%).

Management widely recognized in the South Region of Brazil.

Consolidated operations:

– Very promising launch pipeline amounting to R$ 700 million in 2007.

– Awards: Top Marketing ADVB 2003 and Top Marketing ADVB 2006.

Markets

Porto Alegre Porto Alegre – Second largest launch market outside the Rio/São Paulo region.– Very similar market compared to São Paulo:

• Served by nationwide players (Gafisa, Rossi and Cyrela) and tending to be consolidated in large scale real estate brokers

• Highly liquid real estate products– Total GSV of R$688 million in 2006*.

CuritibaCuritiba– Fragmented launch market with an absence of large real estate brokers, despite the

significant volume of sold and launched GSV.– Recovering real estate market, with an improved realty supply/demand balance – GSV of R$494 million in 2006*.

Launches Show Rooms of DIRANI

* Source: Secovi-RS, Secovi-PR

Multiples

DIRANI ValuationEarn 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.

Closing Remarks

Local expertiseRio Grande do Sul + ParanáLeading management and sales force Relationship with local and nationwide players

Consolidated relationship with national real estate developersProven product development capacityCorporate Governance ActionsIT Structure (SAP)Nationally relevant player with state-of-the-art practices

+ =Leading company to

serve nationwide real estate developers in the South and Southeast regions of the country.

High growth potential due to market fragmentation.

Consolidated platform to serve other cities in the region.

2Building where Dirani headquarter is located on the 5th floor

1Building where Dirani main sales office is locatedCuritiba2Porto Alegre1

Geographic Expansion: Lopes Nordeste

Lopes Nordeste

SalvadorSalvadorMigration of important nationwide real estate developers to the state of BahiaFragmented Launch 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 reaches the state of Bahia through a new business unit, 100% owned by the company, in an association with high qualified local professionals.

Beginning of operations in August of 07’

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

Hiring of two local managers widely recognized in the market

These executives were responsible for a GSV of R$131 million in the last two years in the state of Bahia

Real Estate Market

New Market Level

6901.268

2.456

4.499

2S 05 1S 06 2S 06 1S 07

Industry Capitalization

Source: Brazilian Stock and Exchange Commission (CVM). Net funds raised by Real Estate Developers through Primary Offerings and Debenture Issuances as of September 2005.

Financial Raising Volume - Developers(R$ MM)

Developers Developers raisedRraisedR$ 8.9 billion since Sep/05$ 8.9 billion since Sep/05

• Stronger professionalism

• More agile market

• Higher Scale

Positive Results

Lopes holds a key position to benefit from this growth, as the largest channel of distributionwith no conflict of interest.

1Q07 Financial Performance

Financial Highlights

Net Revenue Total Contracted GSV (R$ MM)

719

45%

14,486

20,943

1Q06*

(R$ 000)

43%502

1Q06* 1Q071Q07

*Managerial Numbers

Income Statement

Gross Revenue of Services

Gross Revenue Deductions

Net Revenue

Operating Expenses

Depreciation & Amortization

Financial Revenues, Net

Operating Income

Non-operating Income

Income Tax and Social Contribution

Net Income

1Q07

23,038

(2,094)

20,944

(13,082)

(464)

(114)

7,284

-

(1,751)

5,533

(R$ 000)

Financial Highlights – Cont’d

Net Income Cash Flow from Operations

(R$ 000)

7,2436,115 -21% 5,746-10% 5,533

1Q06 1Q07 1Q06 1Q07

Result Analysis

Net Income of R$ 5,5 million results from a combination of several factors:

1Q07 1Q06 Var %

607 443 37,0%I. GSV growth in São Paulo according to projections

(R$ Million):

II. Individual Results from the business units (R$ Milhões):

Unit Net Result Net Margin CommentLaunches - SP 6,1 35,0% Increase in costs reduced margin.

EBC (Secondary Market) (0,4) (18,9%) Negative contribution for Lopes’overall result.

LCI-RJ (Rio de Janeiro) (0,5) (49,8%) Negative contribution for Lopes’overall result.

LIL (Gated Communitites)

0,2 27,0% Margin Growth phase for the business. – Dillutes total margin.

26%LOPES Consolidated 5,5 Consolidation harmed by unitswith negative net results for theperiod.

Result Analysis (cont.)

III. New level of costs to the company 1Q07 vs. 1Q06:

Cost Levels stable over the year, capable of supporting an increase in the sales volume.

Intercompany Loans

Rent, Office Supplies, Consulting Services

According to Prospectus’ Info.

Includes provisioning and variable remuneration.

(LCI-RJ, LIL, LR)

13.660

6.934

2.060

2.317

1.517652 180

1Q06 New Companies Personnel -Reorganzation

Increase in G&A Financial(Income)/Expenses

Depreciation 1Q07

Aligned Costs and Expenses

Adequacy of costs to the new publicly-held status of the Company

Preparation for real estate market current growth levels

Investments in technology, geographical expansion and new business units

Costs and Expenses of LPS Brasil

(R$ 000)

Cost and expenses are in line with the Company’s expected annual production level

13.66012.526

13.903

3T06 4T06 1T07

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%

4T

21%17%

25%

3T1T 2T

29%

4T

31%

18%22%

3T1T 2T

Quarterly Contribution for Annual Sales Contracted

2005 2006% of Annual Contracted GSV

Unstable behavior of quarterly contributions for annual sales