2006 and 4Q06 Results Presentation

Investor Relationsri@lopes.com.br

PresentationFrancisco Lopes - COO Roberto Amatuzzi - CFO

Lopes – LPS BrasilMarch, 27th, 2007

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 Lopes – LPS Brasil – Consultoria de ImóveisS.A as of the Fiscal Year concluder at 31st of December of 2006. 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.

Program

I. Operational Highlights 2006 and 4T06

II. Real Estate Market

III. Financial Performance 2006 and 4Q06

IV. Lopes in the Capital Markets

Operational Highlights 2006 and 4Q06

Operational Highlights 2006

Record VGV Sold in Primary Market in São Paulo – R$ 2.4 Billion, 31% Growth compared to 2005.Gross Service Revenues reached R$ 90.6 Mlillion, a 28% increase over last year.VGV Sold reached R$ 114 Million in Rio de Janeiro.

Net Income of R$ 31.7 Million, accounting for an increase of 17% over 2005 Results.

Geographic ExpansionLCI – RJ started operations in July entering Brazil’s second largest market.Opening of LIL (Alphaville) – strengthening of presence in the gated communities market and in upstate São Paulo Market.

SAP DeploymentProject “Go Live” scheduled for 1st of April, 2007.

Note – VGV refers to “Valor Geral de Vendas”, or the General Sales Value of a development

Sales Contracts – Total Volume

37%

1,853

2,545

2005 2006Secondary Market

232

Primary Market*

311

2,085

2,856

Full Year (R$ MM)

1,253

1,556

2003 2004 2005

CAGR: 25 %

CAGR: 25 %

1,853

850

591530

1,166

200220001999 2001 2006

2,545

Primary Market Evolution (R$ MM)

Note: Primary Market is the market for launchings of new developments whereas the secondary market states for the sales of pre-owned properties* Managerial numbers until 12/31/06– Includes Sales Contracts of LCI-RJ in 2006, which totaled R$ 114 Million.

Sales Contracts - By Market Segment

37%

793

2005 2006

692

1,853

2,545

83

2005 200678

232311

4th Quarter

R$ Million R$ Million

Full Year (R$ MM) Secondary Market

34%

15%

6%

Note: Primary Market is the market for launchings of new developments whereas the secondary market states for the sales of pre-owned properties* Managerial numbers until 12/31/06– Includes Sales Contracts of LCI-RJ in 2006, which totaled R$ 114 Million.

0-150k

150k-350k

350k-600k

> 600k

41%

32%

15%

12%

Total Units Sold: 8,078

Note: Does not Include LCI-RJ or Secondary Market Units. Includes slot sales (LIL).Does not account for extra-parking spots sold with units. Includes lots.

3,338 Units

2,555 Units

1,178 Units

1,007 Units

Pre-Sales Contracts by Income Segment – Primary Market in SP*

Units Sold by Income Segment (R$) 2006

Sales Force Evolution

2006 1,400

1,0972005

4Q06 1,400

1,2083Q06

17%

Sales Force - Number of IndependentBrokers (year-end)

28%

Sales Force Number of IndependentBrokers 4Q

100% sold in 20 daysIncreased developer’s margin by 20%Dev.: Cyrela-Lucio-Agra

CASE

Mooca / SP

115/157/202 m2

Central Park – Jun/06

564 Units –GSV - R$284 MM

Location

Usable Area

Sales

Apartments besides the beach96% sold in 1weekDev.: CCDI

CASE

Bertioga / SP

153/197/230 m2

Península de S Lourenço -Oct/06

60 Units –GSV -R$ 54 MM

Location

Usable Area

Sales

2 towers – one apt per floor - 50% sold in 4 weeksAverage Sales Price -R$ 1.55 millionDev.: Even-Tishman Speyer

CASE

Campo Belo / SP

385-674 m2

Particolare – Aug/06

62 Units –GSV -R$ 100 MM

Location

Usable Area

Sales

2 towers – Unique Project50% Sold in 35 days.Dev.: Odebrecht

CASE

Morumbi /SP

146-352 m2

Riverside – May/06

132 Units –GSV -R$ 84 MM

Location

Usable Area

Sales

3 towers

78% sold in 2 months

Dev.: ZKF

CASE

Jabaquara / SP

54-122 m2

Oasis – Jun/06

285 Units –GSV - R$ 38 MM

Location

Usable Area

Sales

LUXURY

MEDIUM-HIGH

MEDIUM

ECONOMIC

LEISURE

Sales Expertise in all Market Segments

Note: Management Reports. Absorption calculated over available units.

Brokerage and Service Fees

4Q05 4Q06

3.16%3.21%

2005 2006

3.23% 3.15%

Net Average Fee – 4th Quarter

Net Annual Average Fee

Increase in Client-Base

2001-2005 2002-2006

38,22740,665

Customers who bought with Lopes in the last 5 years

79,000 new prospects added to database in 2006.

LCI – Rio de Janeiro: New Business Unit

Start of Operations: JUN 06

R$1.5 Million in Investments

First Launching – NOV 06

Sales Contracts - R$ 114 MM

Current Sales Backlog - R$ 600 MM – 31 Developments

Future Developments Pipeline with expressive players such as Brascan, Rossi, Even, Gafisa, João Fortes, Dominus, Via, Plarcon, CR2 e Metro

Case Santa Monica Condominium Club

Apartments from 206 to 260 m2

LOPES launched with BRASCAN, in NOV 06 the development that

obtained the best performance in its segment in Rio de Janeiro in

2006.

Real Estate Market

Current Real Estate Market Scenario

3

6

2.24.8

9.54.5

9.1

6.1

02468

1012141618

2003 2004 2005 2006

Commercial Banks CEF

Commercial Banks were responsible for the largest part of real estate financing in 2006...

Real Estate Credit Availability - Brazil

R$ Billion

65% of savings accounts deposits geared towards real estate.

Chattel mortgage system resulting in less deliquency

Cross Selling Opportunities for Banks

Legally Separated Funding for Developers

Main Drivers to Banks Credit Expansion

Source: ABECIP, Central Bank

16% 16%21%

53%

62%

10%

2%

Brazil Mexico Thailand Chile Malasya USA England

... while mortgage lending still represents only a small fraction of bank’s loan portfolio...

Brazilian Bank’s Loan Portfolio – By Category (Sep. 2006)

Source : Central Bank

Source: IMFI

Mortgage Lending as % of GDP

... and is still way behind international peers.

5%

24%

16%

22%

33%

Real Estate

Other

Services

Industry

Consumer

Current Real Estate Market Scenario – Cont.

In 2006 around 25,400 units were launched in

the city of São Paulo, still 14.4% and 4.4% below

the levels of 2000 and 2003, respectively.

Absorption levels with current growth in the last

years.

26,547

22,550

24,915

25,389

20.000

21.000

22.000

23.000

24.000

25.000

26.000

27.000

2003 2004 2005 20060,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%%

São Paulo Market – Units Launched

Fonte: Secovi Fonte: Secovi

Current Real Estate Market Scenario – Cont.

O mercado de São Paulo está se reerguendo

Financial Performance 2006 and 4Q06

Income Statement

(R$ 000)

Gross Service Revenues

Deductions from Gross Revenues

Net Revenues

Operating Expenses

Depreciation and Amortization

Financial Revenues, Net

Operating Profit

Non-Operating Result

Income Taxes and Contributions

Minority Interest

Net Income

2006

90,608

(8,600)

82,008

(41,345)

(1,249)

1,354

40,768

264

(8,221)

(1,117)

31,694

2005

71,001

(6,745)

64,256

(29,695)

(1,105)

1,521

34,977

1

(6,984)

(950)

27,042

4Q06

29,508

(2,849)

26,659

(13,441)

(380)

(83)

12,755

-

(2,480)

1

10,273

4Q05

24,958

(2,317)

22,641

(10,808)

(312)

385

11,906

-

(2,449)

(250)

9,205

Financial Highlights

18%34,55940,663

28%64,256

82,008

22,641 26,659

2005 2006 2005 20064th Quarter

Net Revenues Adjusted EBITDA*

(R$ 000)

11,831 13,21618% 12%

*We disclose adjusted EBITDA as a measure of our performance. We calculate adjusted EBITDA by adding income and social contribution taxes, depreciation, amortization, net financial income,non-operating income and minority interest to our net income or loss. Adjusted EBITDA is not a measure recognized under Brazilian GAAP or U.S. GAAP, does not have a standardized meaning and may not be comparable to adjusted EBITDA, EBITDA or similarly-titled measures as used by other companies or in markets outside Brazil. In addition, we have not calculated adjusted EBITDA in accordance with the guidelines adopted by the SEC for the presentation of non-GAAP financial measures. Adjusted EBITDA should not be considered as an alternative to net income or loss as an indicator of our operating performance or as an alternative to cash flow as an indicator of our liquidity.

Financial Highlights – Cont.

17%25,136

29,370

8,370 7,867

17 % 27,042

31,694

9,205 10,273

2005 2006 2005 2006

Net Income Cash Flow from Operations

4th Quarter

12 % -6%

(R$ 000)

Financial Highlights – Cont.

Cash Flow from Investing Activities (R$mm) Cash Flow from Operations (R$mm)

+18%

34.634.6

11.8 13.2

53.8% 52.3% 49.6%49.6%

2005 2006 4Q05 4Q06EBITDA (R$mm) EBITDA Margin

27.031.7

9.2 10.3

40.7%42.1%38.5%

38.6%

2005 2006 4Q05 4Q06

Net Income (R$mm) Net Margin

+17%

2.40.1

2.2

2005 2006 4Q05 4Q06

25,1 29.4

8.4 7.9

2005 2006 4Q05 4Q06

5.0

40.7

+17%

Adjusted EBITDA Net Income

Cash Flow from Investing Cash Flow from Operations

+12%

+12%

-6%

Lopes in the Capital Markets

Stock Performance and Liquidity

Successful Initial Public Offering – 3 days after company’s IPO the company’s stock increased 25% - Adequate Pricing (R$ 20 per stock) well received by the market.

Average Daily Trade Volume : R$ 6.7 Million Average Stock Quote: R$ 23.24

0.005.00

10.0015.0020.0025.0030.0035.0040.0045.0050.00

12/1

5/06

12/2

7/06

01/0

9/07

01/1

8/07

01/3

0/07

02/0

8/07

02/2

1/07

03/0

2/07

03/1

3/07

03/2

2/07

18.00

20.00

22.00

24.00

26.00

Volume IBOV LPBS3

25% de Valorizaçãoapós o IPO em três dias

150.00

LPBS3: +11%

IBOV: +4%

Fonte: Bovespa, Atualizada até22/03/2007

LPSB3 – Performance and Liquidity

R$/Stock

R$ MM