1Q07 Results Presentation

1. 1st Quarter 2007
Conference Call Presentation
1st Quarter 2007
Conference Call Presentation

2. AgendaAgenda
Heitor Cantergiani
CEO
Main Highlights
Overall Outlook
Strategy
Leonardo Diniz
Commercial Director
Launches
Sales
Geographic Expansion
Gerson Cohen
Controller
Performance 1Q07
Backlog
Indebtedness
Sergio Rossi
IR Director
Guidance 2007-2008
Coverage RSID3
Share Performance

3. Overall Outlook
Heitor Cantergiani
Overall Outlook
Heitor Cantergiani

4. 1Q07 – Highlights
Launches reached R$ 459,7 million, with 1.265 units launched
* Rossi´s share = R$ 409,9 million (89,2%)
Contracted Sales reach 375,2 million
* Rossi´s share = R$ 286,9 million (76,4%)
Land Bank (in PSV) closed at R$ 8,75 billion
* Does not include R$ 2.35 billion in PSV from JV´s
* Rossi´s share = R$ 6,3 billion – w/ PSV JV´s = 7,8 billion
Geographic Expansion
* Opening up of our 6th
Regional Office in Salvador (NE) - jan-07
* 4 new markets: Fortaleza (CE), Natal (RN), Vila Velha & Serra (ES)
Expansion of our partnerships
* 4 new partnerships closed
* Intensifying presence in SE and creating strong backbone in the NE
Sales Team Vehicle
* Rossi Vendas exceeds monthly average volume of R$10 million
Net Earnings reach R$ 35,6 million
* Net Margin hits 21,8%
EBITDA came in at R$ 32,8 million
* EBITDA margin with high growth, reaching 20,1%
Net Revenues of R$ 163,5 million
* 91,9% growth over 1Q06
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5. Macroeconomic Outlook
Brazilian economy living very positive fundamentals...investment grade soon to come
Positive Economic TrendPositive Economic Trend
Largest economy in Latin America
Economic, political and social stability with growing
concern in relation to fiscal policy
Extremely strong economic fundamentals
Inflation under control
Unemployment rates falling
Country risk at lowest historic levels
Low external debt
Challenge: Growth
Economic Growth and falling int ratesEconomic Growth and falling int rates
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Nominal Interest Rate GDP Growth
2003 2004 2005 2006 2007E 2008E 2009E 2010E
23,50%
16,40%
19,00%
12,75%
11,00%
10,00%
9,00%
8,00%
0,5%
4,9%
2,3%
3,3%
4,1%
4,6 4,8%4,8%

6. Potential Demand in Brazil
Very dependent on interest rate levels and mortgage term maturities
4.7 million families
> R$ 4.801
R$ 1.201 < x > R$ 2.600
12.0 million families
< R$ 1.200
24.9 million
families
11.7 million families
> R$ 2.601
51%
25%
24%
Potential Demand:
+ 7 million families
+ 148% increase
2007 Expected
Avg unit value R$mm = 110
Real Mortgage Rate = 8%
# years = 20
PMT value = 0.9
% Household Income = 35%
Household Income = 2.6
R$ 1.201 < x > R$ 4.800
19.0 million families
< R$ 1.200
24.9 million
families51%
39%
10%
2005 Outlook
Avg unit value R$mm = 110
Real Mortgage Rate = 13%
# years = 10
PMT value = 1,7
% Household Income = 35%
Household Income = 4.8
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7. Competitive Environment
Today´s DynamicsToday´s Dynamics
Capital Markets
Total new capital raised (equity) exceeds R$ 12 billion
Companies extremely capitalized
Global liquidity - excess capital flowing into BRICs
Brazilian Real Estate withín investor market loop
Window of opportunity should take more players public
Land Acquisitions
Prime areas are fully acquired in cash
Landowners have the full upside of a bullish market...sell at premium
Swaps – very hard in urban centers like São Paulo & Rio de Janeiro
Land inflation – some regions have lived a 30% spike in prices
Crowding out – natural process to ensure swaps and land availability
Partnerships across markets
Northeast Brazil living huge expansion...big names are moving there
Growth through regional partnerships w/ local players is the game
Consolidationlalready happening – top brand names locking in locals
Less room for small to mid-sized players – capital is barrier for growth
Huge Launching Growth
Increasing demand - > mortgage market & interest rate decrease
Could potentially drive some market oversupplies...timing not precise
Sales speed downturn to drive launching rethinking...Rossi is hedged
Regional Expansion should fuel expected overall delivery
15 listed players...capitalized companies building up landbank and increasing launchings
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8. Launches, Sales, Geographic Expansion
Leonardo Diniz
Launches, Sales, Geographic Expansion
Leonardo Diniz

9. Launches (PSV)
PSV - Price Breakdown (in units) - 1265PSV - Price Breakdown (in units) - 1265
7 projects launched in the quarter: São Paulo (02), CPS (02), Vitória (01), POA (1), RJ (01)
12,7
49,8
81,6
409,9
1Q06 1Q07
459,7
94,3 +402%
Rossi
Partners
17,39%
26,56%
46,72%
9,33%
33,03%
29,99%
33,90%
7,00%
PSV - Price Breakdown (in R$)PSV - Price Breakdown (in R$)
> 500K
350K < x > 500K
200K < x > 350K
0 < x > 200K
9

10. Contracted Sales
Contracted Sales (in R$) by price segmentContracted Sales (in R$) by price segment Contracted Sales (in units:1247) by price segmentContracted Sales (in units:1247) by price segment
Excellent sales turnover across different operating markets
0,80% 9,78%
13,31%
52,13%
23,98%
0,44%
22,81%
16,78%
48,74%
11,23%
Commercial
> 500K
350K < x > 500K
200k < x > 350K
0 < x > 200K
10
+162%
22,1
88,3
109,6
286,9
1T06 1T07
375,2
131,7
Rossi
Partners

11. Sizable Land Bank
Land Bank distributed throughout 30 cities, showing
less dependence on any specific market
5.6 million m2
in buildable area
future launches (in units) – 46.378
4 to 5 years in the bag for future launches
Potential Sales Volume (100%): R$ 8.75 billion
Rossi´s share: R$6.3 billion
Ex 2.35 billion PSV of JV´s
495 594
939 1.128
2.266 2.4811.331
1.472
2.628
3.463
6.407 6.275
1.826
2.066
3.567
4.591
8.673
Dec 05 1Q06 2Q06 3Q06 4Q06 1Q07
8.756
Land Bank * PSV in R$Land Bank * PSV in R$
1Q07 Consolidated Rossi´s share
Acquired 6.358.000.000 4.382.000.000
Optioned 2.398.000.000 1.893.000.000
Total 8.756.000.000 6.275.000.000
Balance Consolidated Rossi´s share
LB Dec-31-2006 8.673.000.000 6.407.000.000
Launches 1Q07 -460.000.000 -410.000.000
Origination 1Q07 543.000.000 278.000.000
LB Final 1Q07 8.756.000.000 6.275.000.000
* ex joint ventures´ PSV of R$ 2,35billion
Acquisition MethodAcquisition Method
31%
52%
17%
Cash
Swap by
Units
Financial
Swap
11
+324%
Rossi
Partners

12. Land Bank...Overall Launchings
Focus on low to middle income segments – 74% of our business targets ceiling price of R$ 350K
Land Bank (2006) - PSV Breakdown : by price range and by regionLand Bank (2006) - PSV Breakdown : by price range and by region
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Segment
R$
SP CPS RJ POA BH NE Total PSV
up to 200K 347.239 785.459 745.770 1.038.199 318.982 379.647 3.615.296 41,28%
200,1 - 350K 1.146.507 1.098.814 289.316 72.369 156.149 106.704 2.869.859 32,77%
350,1 - 500K 133.658 85.561 305.762 295.607 93.197 - 913.785 10,44%
> 500k 36.032 206.044 106.688 30.373 - 1.200.362 13,71%
Commercial - 157.220 - - - - 157.220 1,80%
Total PSV 1.633.437 2.948.279 1.546.892 1.512.863 598.700 486.351 8.756.522
19,00% 33,67% 17,66% 17,28% 6,84% 5,55%
* Average estimated sales price (R$/m2 of usable area) = R$ 2.100 - 2.450
74,05%
821,225

13. Land Bank - Breakdown
Rossi should continue focusing on low to middle income segments...low income DNA
Land Bank – Regional BreakdownLand Bank – Regional Breakdown
São Paulo (city) & Metro account for 27% of total
Land Bank – Price BreakdownLand Bank – Price Breakdown
Land Bank (31-Mar-2007) = R$ 8.7 billion
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NE
BH
POA
RJ
CPS
SP
1,80%
13,71%
10,44%
32,77%
41,28%
Commercial
> 500M
350M < x > 500M
200M < x > 350M
0 < x > 200M
5,55%
6,84%
17,28%
17,66%25,53%
27,14%

14. Geographical Presence
Long Term Sustainable Competitive Advantage: Building up Local Know-How
Regional Offices (6)Regional Offices (6)
(1) 1980 – São Paulo
(2) 1996 – Campinas
(3) 1999 – Porto Alegre
(4) 2001 – Rio de Janeiro
(5) 2006 – Belo Horizonte
(6) 2007 – Salvador
Geographical PresenceGeographical Presence
1
2
3
4
5
6
Operations in 30 cities within 11 states in Brazil
RS
PR
SP
MG
RJ
ES
BA
PE
SC
CE
RN
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15. Joint-Ventures
Strong presence in South, SE and NE Brazil: 4 new partnerships in 1Q07
15
}1Q07
PSV = R$ 1.47 billion
% Rossi
City
State
Segments nº projects
Potential
Sales
R$MM
Paraná
&
Santa
Catarina
4
8050% Porto Alegre HIgh 3
50% Vitória
100
50-70% All 6 200
50%
Belo
Horizonte
All
6 200
50-70% Recife 15 500
300
50-80% Salvador 3 500
50% Vila Velha 6
Total 55 2.350
50-75%
Fortaleza
Natal
12 470
All
All
All
All
All

16. Geographical Diversification
Geographical Diversification is a key element that brings up Rossi´s key market differentials
Geographical Diversification RationaleGeographical Diversification Rationale
Local Partnerships
Natural fuel to provide increasing growth perspectives
Immediate access to highly qualified landbank
Access to high quality local construction services
Highly Diversified Landbank: 4-5 years of future launches in the bag
Paving our way through a smoother project approval process
Regional Offices
Real Estate is a “LOCAL” business – be close to your markets
Understanding the local demand - key driver for successful projects
Local market surveys and research – optimize product conception
Rossi is creating a national brand, but with a very local approach
We think real estate 24/7 at a local level
Diversification
Coverage of all income segments with Rossi´s leading brandname
Geographic coverage: 30 cities within 11 states
Competitive Advantages in low-income segments: 27,000 units
l launched to date (priced up to R$ 100K)
Portfolio mix with over 100 different products
Branding
Brand exposure through our local presence and product expertise
Backbone of any successful strategy going forward
Rossi is able to market its label by addressing local client demands
Marketing and sales strategies at a local level deliver high sales
t turnover
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17. Operational Performance
Gerson Cohen
Operational Performance
Gerson Cohen

18. 1Q07 – Financial Highlights I
Net Revenues (R$ mm)Net Revenues (R$ mm)
85,2
163,5
1Q06 1Q07
+ 91,9%
EBITDA (R$ mm)EBITDA (R$ mm)
Ebitda Ebitda Margin
1Q06 1Q07
9,5
32,8
11,2%
20,1%
+
245%
Net Profit (R$ mm)Net Profit (R$ mm)
Gross Profit (R$ mm)Gross Profit (R$ mm)
Gross Profit Gross Margin
35,1%
30,0%
25,5
57,3
+
124%
1Q06 1Q07
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1Q06 1Q07
Net Profit Net Margin
+
58%
22,5
21,8%
35,6
26,5%

19. 1Q07 – Financial Highlights II
Unearned Profits (R$ mm)Unearned Profits (R$ mm)
4T06 1T07
229,2
184,4
35,7%
35,6%
+ 24,3%
Backlog MarginUnearned Profits
54,80%
0,78%
44,42%
Total Debt: R$ 137,7 millionTotal Debt: R$ 137,7 million
Short Term Construction Financing
Short Term Facilities
Long Term Construction Financing
Cash Position: R$ 246,7 milionCash Position: R$ 246,7 milion
3,81%
95,58%
0,62%
Cash & Banks
Short Term Investments
Long Term Investments
Net Debt: R$ (109,0) millionNet Debt: R$ (109,0) million
* Debentures Shelf Program: R$ 600MM
* Material Fact file with CVM on 26-april-2007
Additional Funding Rossi Residencial (Debt)
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20. Guidance
Sergio Rossi
Guidance
Sergio Rossi

21. RSID3 – Performance and Volumes
21
Average Daily Trading Volume
2006: USD 6,0 MM (525K shares)
2007: USD 6,24 MM (506K shares)
Average Daily Trading Volume
2006: USD 6,0 MM (525K shares)
2007: USD 6,24 MM (506K shares)
Performance RSID3 x Ibovespa
Base 100: Jan-10-2006
Performance RSID3 x Ibovespa
Base 100: Jan-10-2006
RSID3
Since IPO (Feb-2006): + 30,0%
Performance in 2007: + 23,0%
RSID3
Since IPO (Feb-2006): + 30,0%
Performance in 2007: + 23,0%
Jan-06
Mar-06
May-06
Jul-06
Sep-06
Nov-06
Mar-07
11-May-07
IBOVESPA RSID3
ClosngPrice–R$
25,00
May-07
15,35
RSID3= R$32,50
Ibovespa 50.902

22. Ownership Structure
Current free float stands at 55,63% : +/- USD 700MM (base 11-may-07 – RSID @ R$32,50)Current free float stands at 55,63% : +/- USD 700MM (base 11-may-07 – RSID @ R$32,50)
78,851,814 shares78,851,814 shares
Post-Equity Offering (1)Post-Equity Offering (1)
Pre-Equity Offering Feb 2006Pre-Equity Offering Feb 2006
48,351,814 shares48,351,814 shares
91,47%
8,53%
Controlling
Shareholders
Free
Float
Treasury
55,69%
43,41%
0,96%
Controlling
Shareholders Free Float
22
Buy Back Program RSID3 = 5,0% of free float
* Equal to 2.2mm shares (current treasury position = 756.100 shares)
Buy Back Program RSID3 = 5,0% of free float
* Equal to 2.2mm shares (current treasury position = 756.100 shares)

23. Guidance 2007-2008
Scale in revenues to bring bottom line benefits and margin expansion along the way
23
Rossi´s stake (in R$MM ) 2007E 1Q07 2008E
Net Revenues 550 - 650 164 800 - 900
Launches (PSV) 1.300 - 1.450 410 1.560 - 1.740
Contracted Sales 1.000 - 1.100 287 1.150 - 1.265
Backlog Margin 35 - 37 35,6% 35 - 37
Gross Margin % 34 - 36 35,1% 34 - 36
EBITDA Margin % 16 - 18 20,01 18 - 20

24. Coverage – RSID3
Rossi is currently covered by 5 institutions....5 more to initiate coverage in the near future
Current CoverageCurrent Coverage
Institution
Unibanco
Fator
Santander
Deutsche Bank
Banco do Brasil
On the wayOn the way
Institution Analyst Contact Information
Guilherme Vilazante guilherme.vilazante@ubs.com
Gordon Lee gordon.lee@ubs.com
Marcelo Telles marcelo.telles@credit-suisse.com
Vanessa Quiroga vanessa.quiroga@credit-suisse.com
Carlos Firetti 5900.cfiretti@bradesco.com.br
Marcos Suzaki 5900.marcos@bradesco.com.br
Adrian Huerta adrian.huerta@jpmorgan.com
Somesh Agarwal somesh.k.agarwal@jpmorgan.com
Bulltick Rafael Pinho rpinho@bulltick.com
UBS Pactual
Bradesco
JP Morgan
Credit Suisse
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25. Why Rossi ?
Competitive advantage in the industry: growth through updated process-oriented tools
Diversification
Expertise and Backbone to invest in diverse:
Geographic regions (currently 30 cities within 11 states)
Markets (exposure to all income segments)
Products (portfolio with over 100 products in the shelf)
Management Expertise
Top management with over 25-year experience in the sector
Strong background in managing operations across different markets
Fully focused and oriented towards implementing and executing R
RRossi´s business strategy going forward
SAP technology fully
implemented
Business fully process oriented
All operations across the country online and fully integrated with back-
o office areas (sales, financial, accounting, legal, engineering)
Current system capable of holding up to 30,000 active clients
Fast Reporting – market and partners
Low-income intelligence
27,000 units (< R$100K) delivered to date: Plano 100, Vida Nova, VF
We truly know how to manage low-income client portfolios
Rossi has mastered the engineering and construction process
Great exposure to low-income in the past – will drive our leadership
Credit scoring process developed in-house
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26. Investor Relations Team
Sérgio Rossi
Investor Relations Officer
sergiorossi@rossiresidencial.com.br
+ 55 11 3759-7232
Ciro Piovesana
Investor Relations Manager
ciropiovesana@rossiresidencial.com.br
+ 55 11 3759-8551
www.rossiresidencial.com.br
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27. Disclaimer
This material is a presentation of general background information about Rossi Residencial S.A. (“Rossi”) as of the date of this presentation.
Information contained herein has been summarized and does not purport to be complete. This presentation shall not be considered an advice of
investment by potential investors. This presentation is strictly confidential and may not be disclosed to any third person. There are no representations
or warranties, express or implied, regarding the accuracy, fairness, or completeness of the information presented herein, which shall not support any
decision of investment.
This presentation contains statements and information that are forward-looking pursuant section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934. Such forward-looking statements and information are only predictions and cannot assure
Rossi´s future performance. Investors have been cautioned that any such forward-looking statements and information are subject to many risks and
uncertainties relating to the operations and business of Rossi and its subsidiaries. As a result of such risks and uncertainties, the actual results of
Rossi and its subsidiaries may be materially different from any future result expressed or implied in the forward-looking statement or information
contained herein.
Although Rossi believes that the expectations and assumptions reflected in the forward-looking statements and information are reasonable and have
been based on data currently available to its officers and directores, Rossi cannot guarantee future results or events. Rossi does not assume the
commitment of update any of the forward-looking statement of information.
Securities may not be offered or sold in the United States unlesss they are registered or exempt from registration under the Securities Act of 1933, as
amended. Any offering of securities to be made in the United States will be made by means of an offering memorandum that may be obtained from
the underwriters. Such offering memorandum will contain, or incorporate by reference, detailed information about Rossi and its subsidiaries, their
business and financial results, as well as its financial statements.
This material is for distribution only to person who (i) have professional experience in matters relating to investments falling within Article 19 (5) of the
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within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Financial Promotion Order, (iii)a are outside the
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This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither
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