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Rossi 3Q13 and 9M13 Results

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3Q13 and 9M13 Results Investor Relations


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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. 2


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Index Opening Remarks and Estrategic Planning: Leonardo Nogueira Diniz | CEO Operational Results: Rodrigo Martins | Commercial Officer Financial Results: Rodrigo Medeiros | CFO and Investor Relations Officer 3


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2013-2015 Strategic Plan | Update Strategic Plan Focus Focus on cash generation and profitability Achievments 9M13 Operational Cash Generation ex interest: R$ 199 MM Net Income: R$ 39 MM Financing Transfers Focus in house restructuring and transfer of financing Increase by 16% of Transfers vs 9M12 Operation Operations focused on 7 metropolitan regions (+JVs), where it ranks among Top 3 New Launches: Income Segment Focus on medium-/high-income segments (average price between entre R$ 200 k and R$ 1 million) Partners Increase Rossi´s stake in the launches up to 95% of the total PSV, excluding JVs Capital Rossi and Norcon Rossi) Construction Execution of 90% of the construction São Paulo, Campinas, Aracaju, Porto Alegre, Manaus and Belo Horizonte Average Price: R$ 349 kl/unit % Rossi (s/ JVs): 83% 90% of the construction beginning in 2013 will be done by Rossi Rossi already executes 67% of the ongoing projects Rossi Vendas Increase Rossi Vendas stake on the total sales % Rossi Vendas: 52% G&A G&A Expenses efficiency Decrease of 7% vs 9M12 Land Bank Disablement of the Land Bank outside from the launching pipeline New Asset Sales: R$ 78 MM Business Units Search for financial/strategic partners for Urbanizadora and Properties Sold its stake on North Shopping Joquei by R$ 80 MM (November) 4


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Operational Perfomance 5


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Launches R$ million Launches |R$ MM New Launches: 2.363 646 -14% In line with the Strategic Plan -63%  826 161 665 3Q12 706 1.717 265 Metropolitan 280  9M12 Region with proven track record: São Paulo, Rio and Campinas 590 442 3Q13  870 Focus on cash generation and profitability Focus on medium-/high-income segments 9M13 Rossi Partners Metropolitan Region Breakdown (% Rossi) – 9M13 Launches (% Rossi) 9Q13 | Metropolitan Region Belo Horizonte Campinas 3% 8% Norcon Rossi (Aracaju/Recife) 23% Rio de Janeiro 10% Product Breakdown (% Rossi) - 9M13 Launches % Rossi 9M13| Product Breakdown Above 750 k 9% From R$350k to R$ 500k 12% From R$500k to R$650k 31% Porto Alegre 13% São Paulo 20% Capital Rossi (Manaus) 22% Commercial 21% From R$200k to R$350k 27% 6


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Gross Sales R$ million Product Breakdown (% Rossi) - 9M13 Vendas Brutas (% Rossi) 9M13 | Segmento de Renda Gross Sales|R$ MM Commercial 5% Low Income 15% 3.119 728 0% -38% 1.941 430 2.391 158 616 3Q12 3Q13 9M12 Conventional 60% MCMV 20% 1.511 169 607 9M13 Ros si Partners Sales Speed (LTM) Metropolitan Region Breakdown (% Rossi) – 9M13 Vendas Brutas (% Rossi) 9M13 | Regiões Metropolitanas 69% 58% 60% 61% 67% 70% Bras ília 5% Curitiba 6% Belo Horizonte 3% Non-Strategic Regions 21% Norcon Rossi (Aracaju/Recife) 6% 55% 48% Rio de Janeiro 7% 4Q12 1Q13 Sales Speed (SoS) 2Q13 3Q13 Finished Units SoS ¹ Low Income: average price between R$ 170 and R$ 200 k; MCMV: Units launched in the Minha Casa Minha Vida Program. Porto Alegre 17% Capital Rossi (Manaus) 8% Campinas 11% São Paulo 15% 7


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Sales Cancellation R$ million Breakdown by Broker Rescission |R$ MM Rossi Vendas | Rescissions (%) -39% 985 -44% 208 404 80 59% 62% 41% 38% 4Q12 1Q13 603 135 323 228 51 177 3Q12 3Q13 68% 66% 32% 34% 2Q13 3Q13 777 468 9M12 9M13 Ros si Partners Rossi Vendas Other Construction stage breakdown(% Rossi) | 9M13 Rescisão (%Rossi) 9M13 Non-Strategic Regions: 21% Under Cons truction 34% Bras ília: 11% Finished 66% Porto Alegre: 9% São Paulo: 7% Campinas: 6% Curitiba: 5% Rio de Janeiro: 3% Belo Horizonte:1% Capital Rossi: 1% 8


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Land Bank Land Bank Breakdown Residential Developments:    Rossi´s PSV of R$ 8.8 billion, approximately 3 years of launches equivalent to PSV Rossi | R$ Land Bank Only land that passed the new feasibility tests as per the company’s new standards was retained PSV 100% PSV RR Units 20.489 15.438 76.468 10.889 8.751 26.151 Disablement 2.583 1.871 11.401 Rossi Urbanizadora 7.016 4.817 38.916 Rossi Residencial Decrease of 4% in land disablement Metropolitan Region Breakdown (% Rossi) Capital Rossi Brasília (Manaus) 3% 4% Belo Horizonte 5% Product Breakdown (% Rossi) R$ 500 to R$ 650k 11% Norcon Rossi (Aracaju/Recife) 27% R$ 350 to R$ 500 k 26% R$ 650 to R$ 750k 17% São Paulo 11% Rio de Janeiro 15% Porto Alegre 18% Campinas 16% > R$ 750k 20% R$ 200 to R$ 350 k 25% 9


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Financial Performance 10


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Financial Highlights¹ Net Revenues (R$ million) Gross Profit (R$ million) and Gross Margin² (%) 845 -8% 2.347 -23% 649 2.155 36.0% 221 736 3Q13 9M12 9M13 9M13 Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (%) 492 208 30.7% 3Q12 9M12 -6% +2% 721 30.1% 28.2% 3Q12 3Q13 Net Income (R$ million) and Net Margin (%) 133 -18% -70% 405 20.9% 18.8% +16% 117 16.3% 3Q12 5.7% 136 19 18.5% 2.6% 3Q13 ¹ Consolidated proporcionally results ² Adjusted Gross Margin by capitalized interests 9M12 9M13 3Q12 39 -89% 1.8% 2 0.3% 3Q13 9M12 9M13 11


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Financial Transfers and Cash Generation Financial Transfers (R$ MM) | 100% Cash Flow (R$ MM) | 100% Cash flow(R$ MM) | 100% Financial Transfers (R$ MM) | 100% 2.121 +60% +27% 749 661 458 537 461 613 469 747 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1Q13 3Q13 768 2Q13 606 3Q13 9M13 Cash Flow¹ R$ MM Cash Generation (Burn) ¹ 9M13 3Q13 2Q13 1Q13 (54) (10) 9 5 2 2 27 14 2 11 (65) (35) (6) (24) (+) Interest Expenses 264 79 119 65 Operational Cash Generation (Burn) ex interests 199 45 113 41 (+) Urban Development Expenses (+) Commercial Properties Expenses (+) Capital Increase Expenses Operational Cash Generation (Burn) (125) 24 (61) 24 ¹ Proportional Net Debt variation 12


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Indebtedness Liquidity ¹ Liquidity ² R$ million 3Q13 2Q13 Var. (%) Gross Debt 4.010 4.074 -2% Cash and Equivalents 1.052 1.170 -10% Net Debt 2.958 2.904 2% 123,9% 122,1% 1,9 p.p Net Debt / Equity Debt Schedule ¹ | R$ MM R$ million Gross Debt Cash and Equivalents Net Debt Net Debt / Equity 3Q13 2Q13 Var. (%) 3.346 3.463 -3% 820 1.005 -18% 2.526 2.459 3% 103,0% 100,2% 2,,8 p.p. Debt Profile¹ Cronograma de Endividamento | R$ MM 1,767 752 1,064 499 411 566 293 2013 2014 Corporate Debt ¹ Proportional figures ² Consolidation by IFRS 10 405 1.015 117 768 2015 SFH 44% Corporate 56% 363 +2016 SFH 13


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IR Contacts Equipe de RI IR Team Phone: +55 (11) 4058-2502 Obrigado! ri@rossiresidencial.com.br www.rossiresidencial.com.br/ri 14


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