1Q09 Results Presentation

1. Investor Relations
1Q09 Results

2. 2
1Q09 Results Conference Call
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 directors, 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 Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons
falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Financial Promotion Order, (iii) are
outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section
21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or
caused to be communicated (all such persons together being referred to as “relevant persons”). This material is directed only at relevant persons
and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this material relates
is available only to relevant persons and will be engaged in only with relevant persons.
This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities.
Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.

3. 3
1Q09 Results Conference Call
Heitor Cantergiani
CEO
Main Highlights of the Period
Leonardo Diniz
Sales Officer
Launches and Sales
Cássio Audi
CFO and IRO
Financial Performance
Agenda

4. 1Q09 Highlights

5. 5
1Q09 Results Conference Call
Operating and Financial Highlights
 80.2% increase in net income in 1Q09
 18.5% drop in administrative expenses (vs 4Q08)
 Adjusted gross margin grows 6.7 p.p (vs 1Q08)
 Contracted sales of R$ 342 million
 48% of PSV launched in 1Q09 already sold
 Record inventory sales: R$ 265 million
 Net reduction of R$ 140 million in inventories at market value
Economic Segment Highlights
 80,000 units in landbank attending the Housing Package
 68% of launched PSV was in the economic segment (83% of the units)
 55% of PSV launched in the economic segment already sold
 Sales in the economic segment grows 392% over 1Q08
 Strong sales in March and April shows recovery trend for the year

6. Sales and
Launches

7.  68% of launches were in the Economic Segment (83% of units)
Launches
All Segments Economic Segment
1Q09 1Q09
Projects Launched 9 7
Units Launched 1,048 872
Launched PSV 100% (R$ million) 161 109
Launched PSV % Rossi (R$ million) 143 91
Launches Breakdown by Income Segment and State – 1Q09
7
68%
19%
13%
Economic Segment
R$ 350,000 to R$ 500,000
R$ 200,100 to R$ 350,000 56%
22%
13%
9%
São Paulo (excluding Metro Reg.)
Paraná
Minas Gerais
Rio Grande do Sul

8. Contracted Sales
 Contracted Sales of R$ 342 million
 48% of total PSV launched in 1Q09 already sold
All Segments Economic Segment
1Q09 1Q09 1Q08 Var .
Contracted Sales 100% 342 152 31 392%
Contracted Sales % Rossi (R$ million) 283 129 31 320%
Usable area sold (000 m2) 142 79 17 362%
Units sold 1,862 1,127 280 303%
Launches Contracted Sales 100% (R$ million) 77 60
Launches Contracted Sales % Rossi (R$ million) 69 52
Units Launched Sales 530 464
% Launches Sales 48% 55%
 55% of total PSV launched in the Economic Segment already sold
 Economic Segment sales grew 392% versus 1Q08
Economic Segment
8

9. 9
Nossos Resultados em NúmerosSOS and Inventories
Sales over Supply (SOS) - % Rossi (R$ million) 2Q08 3Q08 4Q08 1Q09
Initial inventory 1,371 1,627 1,472* 1,770
Launches 776 518 573 143
Initial inventory + Launches 2,147 2,145 2,045 1,913
Sales in the period 533 539 276 283
SOS in the period 24.8% 25.1% 13.5% 14.8%
Final inventory in the period 1,614 1,606 1,770 1,630
Time for key delivery Ready
< 6
months
7 to 12
months
13 to 24
months
> 25
months
Total
Economic Segment 1.3 26.9 78.2 158.6 74.4 339.5
Until R$ 200,000 3.5 - 3.4 8.4 25.2 40.5
R$ 200,100 to R$ 350,000 12.7 21.6 15.7 116.8 87.2 254.0
R$ 350,100 to R$ 500,000 0.9 4.4 68.3 122.7 52.1 248.3
Above R$ 500,100 1.7 - 77.7 223.6 177.2 480.2
Commercial 0.8 0.1 5.9 25. 4 235.4 267.5
Total 20.9 52.9 249.2 655.5 651.4 1,630.0
1% 3% 15% 40% 40% 100%
 Net reduction in inventories: R$ 140 million
 Only 1% of units in inventories are ready: no price reduction pressure
* Excluiding units unavailable for sale

10. Highlights:
1Q09 Launches
Rossi Allegra in Marília /São Paulo
84 units
PSV %Rossi: R$ 10.6 million
Average Price: R$ 1,769m2
% sold until April/30: 69%
Vila Ventura in Valinhos / São Paulo
140 units
PSV %Rossi: R$ 11.7 million
Average Price: R$ 2,200m2
% sold until April/30: 81%
Vida Bella in Colombo / Paraná
300 units
PSV %Rossi: R$ 35.5 million
Average Price: R$ 2,269m2
% sold until April/30: 77%
VF Hortolândia / São Paulo
148 units
PSV %Rossi: R$ 14.6 million
Average Price: R$ 1,664m2
% sold until April/30: 77%
10

11. 11
Real Estate Market: Industry and Company OverviewEconomic Segment and Government Housing Package
• More than 25,000 units delivered in the economic segment (Plano 100, Vida Nova, Villa Flora,
Praça Residenciais and Prédios Verticais)
• 42% of the landbank in the economic segment
• Exclusive team focused on the specific business of the Economic Segment (financial, marketing,
engineering).
 80,000 units in landbank ready for the Package
ON MAY 26: Economic Segment Plan Performance and the Government Housing Package
• Rating “A” (Highest rating
attributed by Caixa
Econômica Federal)
• Highest geographic
diversification places Rossi
more likely to reach the
geographical goals settled
by the package

12. Potential PSV (100%): R$ 20.7 billion
% Rossi: R$ 13.8 billion
Land bank PSV in R$ million
1Q08
Total
Total Rossi
20,678 13,785
Changes
Launched PSV
Final 4Q08
Changes
Final 1Q09 20,678 13,785
142 sites and 62 cities, low concentration.
13.2 million m2 in buildable area
115,000 units for future launches
Expertise Rossi e Diferenciais Competitivos
20,347 13,362
12
Acquisition Method
Units Swap
Cash
Financial Swap
42%
25%
32%
10.7 11.8 13.4
4.6
4.5
6.0
0
5
10
15
20
25
1Q08 2Q08 3Q08
R$ billion Partners
Rossi
4Q08
13.4
7.0
Expertise Rossi e Diferenciais CompetitivosLandbank
1Q09
13.8
6.9
161 143
492 566
 R$ 20.7 billion PSV in Landbank; 75% acquired through swaps

13. Expertise Rossi e Diferenciais Competitivos
 Landbank diversified by region and product
 42% of Landbank focused on the Economic Segment
Land Bank 1Q09 (in R$ million) - PSV by State and Income Segment
13
Estado
Economic
Segment
>
R$ 200,000
R$200,001 to
R$ 350,000
R$350,001 to
R$ 500,000 > R$ 500,000 Commercial Lots Total %
Amazonas 291 - - - - - - 291 1%
Bahia 35 322 1,327 - - - - 1,683 8%
Ceará 352 - - 104 - - - 456 2%
Federal District 27 179 - - - 588 - 794 4%
Espírito Santo 512 - - - - 116 - 628 3%
Goiás 846 31 - - - - - 877 4%
Mato Grosso do Sul 53 - - - - - - 53 0%
Minas Gerais 1,684 187 - 132 194 - - 2,196 11%
Paraná 130 - - - 66 - - 196 1%
Rio de Janeiro 147 293 586 1,103 88 - - 2,216 11%
Rio Grande do Norte 166 - - - - 82 - 248 1%
Rio Grande do Sul 2,323 - 586 - 891 - - 3,801 18%
São Paulo
(Other cities)
1,706 232 1,289 618 297 108 544 4,794 23%
São Paulo
(Metro. Region)
318 - 192 622 1,089 85 140 2,445 12%
T O T A L 8,589 1,243 3,979 2,578 2,626 978 684 20,677 100%
Distribution 42% 6% 19% 12% 13% 5% 3% 100%
Landbank

14. 14
Rossi Vendas
Present in São Paulo, Rio de Janeiro, Porto Alegre and Campinas
Expected to begin operations in: Vitória (in June), Curitiba and Fortaleza
Rossi Vendas
 Present in Launches and focused on inventories
73.50%
26.50%
Inventory
Launches
Contracted sales totaled R$ 82.0 million
Responsible for 24% of total Contracted Sales in 1Q09
# of Brokers 235
São Paulo 90
Porto Alegre 55
Rio de Janeiro 45
Campinas 45

15. 15
Financial
Highlights

16. 16
Destaques Resultados
 80.2% increase in net income (vs 1Q08)
 Adjusted gross margin grows 6.7p.p (vs 1Q08)
 Lowest cash burn among the biggest real estate companies
R$ 502 million in the last 12 months
 Gradual and consistent improvement in debt quality:
Construction financing share in total debt grows:
from 31% to 36%
Long term debt share in total debt grows:
from 83% to 87%
 Administrative expenses reduction program
Result: 18.5% decrease in administrative expenses (vs 4Q08)
12.7% decrease in monthly average expenses (2008 vs 2009)
 Selling expenses reduction program
Result: 25.2% decrease in monthly average expenses (2008 vs 2009)
Financial Highlights

17. 217
296
1Q08 1Q09
17
Nossos Resultados em Números
Net Revenue
37%
88%
33.4%
26.7%
1Q09 Financial Highlights
Adjusted Gross Income and Adjusted Gross Margin*
 Adjusted gross margin grows 6.7p.p (vs 1Q08)
Net Revenue 1Q09 1Q08 2008 Var.
Property sales and services 297 100.3% 198 91.2% 1.140 92.5%
Monetary variation and interest 9 3.0% 26 12.0% 133 10.8%
(-) Sales taxes (10) -3.4% (7) -3.2% (40) -3.3%
Total 296 100% 217 100% 1,233 100%
Costs of property sold 1Q09 1Q08 2008 Var.
Works + sites 191 90.5% 140 94.0% 778 95.6%
Financial charges 20 9.5% 9 6.0% 36 4.4%
Total 211 100% 149 100% 814 100%
51
96
1Q08 1Q09
* Excluding financial effects
Adjusted gross income* 96 51 307
Gross Margin 29% 31% 34%
Adjusted Gross Margin* 33% 27% 28%

18. 16
29
1Q08 1Q09
19
32
1Q08 1Q09
18
Nossos Resultados em Números
EBITDA and EBITDA Margin Net Income and Net Margin
80%
7.3%
9.6%
64%
9.0%
10.8%
EBITDA 1Q09 1Q08 Var.
Operating Income (Loss) 33 19 70%
(+) Depreciation and amortization 5 2 192%
(+/-) Financial Expenses (Revenues) (3) (0) 3629%
(-) Profit sharing (2) (1) 80%
EBITDA 32 19 64%
EBITDA Margin 10.8% 9.0% 1.8 p.p.
 Net Income grows 80.2% (vs 1Q08)
 EBITDA margin grows 1.8 p.p. and Net margin grows 2.3 p.p.
1Q09 Financial Highlights

19. 19
Nossos Resultados em Números
-12.7%
 Administrative expenses reduction program
Result: 12.7% drop in monthly average expenses (2008 vs 2009)
18.5% drop in administrative expenses (vs 4Q08)
Administrative expenses monthly average
(R$ million)
1Q09 Financial Highlights
8.9
7.8*
2008 2009
Administrative Expenses
(R$ million)
-18.5%
28.5
23.2*
4Q08 1Q09
*excluding non recurring expenses

20. 20
Nossos Resultados em Números
 Selling expenses reduction program
Result: 25.2% drop in monthly average (2008 vs 2009)
1Q09 Financial Highlights
Selling expenses monthly average
(R$ million)
-25.2%11.7
8.7
2008 2009

21. 6 19 14
103 103 103
11
69 67 67
33
2009 2010 2011 2012 2013 2014...
Debentures Working Capital 21
Nossos Resultados em Números
 Construction financing share in total
debt drops from 31% to 36%
Total Debt: R$ 925.4 million
Amortization Schedule
Debt
Debt mar/09 dec/08 Var (%)
Debt – Short Term 121.9 149.4 -18%
Loans – working capital 10.8 10.1 7%
Construction financing 104.6 113.6 -8%
Debentures 6.4 25.7 -75%
Debt – Long Term 803.5 728.8 10%
Loans – working capital 236.2 235.7 0%
Construction financing 224.5 157.6 42%
Debentures 342.9 335.4 2%
Total Debt 925.4 878.2 5%
Cash position
Financial investments – short term 211.8 302.1 -30%
Financial investments – long term 1.1 1.1 0%
Total cash position 212.9 303.2 -30%
Net debt 712.5 575.0 24%
 Gradual improvement of debt quality:
 Long term debt share in total debt
grew from 83% to 87%
27%
36%
38%
Loans – Working Capital
Construction Financing
Debentures

22. 22
NossosResultados em Números
 Lowest among the biggest competitors
R$ 502 million in the last 12 months
Cash Burn
Cash Burn(R$ million) Variation in Net Debt Capitalization Cash burn
1Q09 138 138
4Q08 -31 150 119
3Q07 117 117
2Q08 128 128
Total 502
Market value RSID3
Number of shares 157,703,628
Number of new shares issued 34,482,760
Total shares after capital increase 192,186,388
Closing Price May/14 R$ 7.11
Market value R$ 1,366,425,219

23. 23
NossosResultados em Números1Q09 Results Conference Call
RSID3 - 2009
50
70
90
110
130
150
170
190
210
230
2-Jan-09 17-Jan-09 1-Feb-09 16-Feb-09 3-Mar-09 18-Mar-09 2-Apr-09 17-Apr-09 2-May-09
RSID3 IBOV IMOB
Source: Bloomberg
R$ / share

24. 24
NossosResultados em Números
Institution Analyst Contact
BB Investimentos Antonio Emilio Ruiz antonioemilio@bb.com.br
Banco Fator Renato Pinto rpinto@bancofator.com.br
Barclays Guilherme Vilazante guilherme.vilazante@barcap.com
Citigroup Cecília del Castillo
Rodrigo Villanueva Bravo
cdelcastillo@accival.com
rvillanueva@accival.com
Credit Suisse Marcelo Telles
Guilherme Rocha
marcelo.telles@credit-suisse.com
Guilherme.rocha@credit-suisse.com
Goldman Sachs Jason B. Mollin
Leonardo Zambolín
jason.molin@gs.com
leonardo.zambolin@gs.com
Itaú David Lawant
Cecília Viriato
david.lawant@itau.com.br
Cecilia.medeiros@itau.com.br
JP Morgan Adrian Huerta
Marcelo Motta
adrian.huerta@jpmorgan.com
marcelo.g.motta@jpmorgan.com
Merrill Lynch Alexandre Miguel
Carlos Peryrelongue
alexandre_miguel@ml.com
carlos_peryrelongue@ml.com
Raymond James Conrado Vegner conrado.vegner@raymondjames.com
Santander Marcello Milman
Gonzalo Fernández
mmilman@santander.com.br
gofernandez@santander.com.mx
UBS Pactual Gordon Lee
Rodrigo Monteiro
gordon.lee@ubs.com
rodrigo.monteiro@ubs.com
1Q09 Results Conference Call
Analyst Coverage

25. 25
Cássio Elias Audi
CFO and IRO
cassioaudi@rossiresidencial.com.br
Ph. (55 11) 3759-7431
Maria Claudia Biolchini
IR Manager
mariabiolchini@rossiresidencial.com.br
Ph. (55 11) 3759-7516
IR Team
1Q09 Results Conference Call

26. Q&A