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Safe-Harbor Statement

We make forward-looking statements that are subject to risks and uncertainties. These

Statements are based on the beliefs and assumptions of our management, and on information

currently available to us. Forward-looking statements include statements regarding our intent, belief

or current expectations or that of our directors or executive officers.

Forward-looking statements also include information concerning our possible or assumed future

results of operations, as well as statements preceded by, followed by, or that include the words

''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or

similar expressions.

Forward-looking statements are not guarantees of performance. They involve risks, uncertainties

2

Forward-looking statements are not guarantees of performance. They involve risks, uncertainties

and assumptions because they relate to future events and therefore depend on circumstances that

may or may not occur. Our future results and shareholder values may differ materially from those

expressed in or suggested by these forward-looking statements. Many of the factors that will

determine these results and values are beyond our ability to control or predict.

Agenda

Wilson AmaralChief Executive Officer, Gafisa

Antonio Carlos Ferreira RosaBusiness Development Officer, Gafisa

Flavio FernandesBusiness Development, Tenda

Mario Rocha Neto

3

Mario Rocha Neto Construction Officer, Gafisa

Marcelo WillerBusiness Development Officer, Alphaville

Duilio CalciolariChief Financial Officer and Investor Relations Officer, Gafisa

Wilson AmaralChief Executive Officer, GafisaChief Executive Officer, Gafisa

Histórico

1954 2005 2006 2007 2008 2009

• Gafisa

founded

• Equity Int’l

(Sam Zell)

invests

• IPO

• Alphaville

Acquisition

• Follow-on

•NYSE listing

•60% control

of Tenda

• Gafisa

announces

intention tp

incorporate

100% of

TendaTenda

• Valuation of

AUSA 20%

Shareholders’s Structure

49%

26%

19%

6%

13.7% 86.1%

Other Shareholders *Shareholder´́́́s Structure*

26%

ADRs Institucional Internacional Institucional Local Individual

*Source: Itaú Custódia – 12/11

** Nov 2nd – Nov 25th, 2009

Average daily trading volume: R$120.6 million**

Average Daily Turnover in the last 90 days over free float – 2.9%

Delivering Goals Established Since IPO

Gafisa was extremely efficient in the use of proceeds from its previous issuances

325 254 450

2003 2004 2005

Contracted sales(R$ mm)

Ajusted EBITDAMargin

Before IPO

1

13% (2005) 20.4% (3T09)14% (2006)

After IPO

18% a.a.90% a.a.

40% a.a.

Proceeds from equityofferings:

R$494 mm R$488 mm

450

995

1,627

2005 2006 2007

1,627

2,5783,200

2007 2008 2009

After Follow On / NYSE

Productdiversification2

Margin

Geographicdiversification

Cities: 1335

16

100

21

13% (2005) 20.4% (3T09)14% (2006)

9M09

Note:

1 Considers the mean of Gafisa’s guidance for 2009

States: 8

100%

Gafisa

100%

Gafisa

48%

8%

45%

Gafisa Alphaville Tenda

Strategy AdoptedEnd of 2008:

• Seizing opportunities – Tenda´s Acquisition;• Preserving liquidity of the Company – 2009 Uncertainties.

Beginning of 2009:• Conservative strategy launch;• Focus on the sales of inventory.

End of 2009:

• Recovering of launches;

• Accelerate future growth.Inventory / Launches3.394

2.9292.679 2.814

747

160

626 514

1.000

2.301

4Q08 1Q09 2Q09 3Q09 4Q09E 2009E

Inventory Launches

4Q09 LaunchesEstimates

Inventory / Launches – R$ million

Significant GrowthSales

450995

1,329 1,345 1,548

238 300 369 59

932

1.363

2005 2006 2007 2008 2009


450

995

1,626

2,577

3,280

Construction Site Number of Employees

Number of Clients

9,500 12,400 17,400 24,500 28,0005,000

6,000 7,000

36,000

2005 2006 2007 2008 2009


9,500 12,400

22,40029,500

71,000

+7.5X

+7.3X

Construction Site

48 63 85 95 100

195 270

2006 2007 2008 2009 2010

Tenda Gafisa

290

370

48 63 85

Number of Employees

632 724 1,1552,236

5,025

145

197

259

1,234

1,551

2005 2006 2007 2008 2009


632 7241,879

3,667

6,835

Source: Gafisa, Alphaville e Tenda

E

+10,8X

+7.7X

Incorporation of Alphaville

In October 2006 we entered into a definitive agreement to acquire 100% of

Alphaville in 3 steps:

60% immediately(January,2007);

40 % in the next 5 years:

- 20% in the beginning of 2010

- 20% in the beginning of 2012

The 20% regarding 2010 is being analyzed at the moment;The 20% regarding 2010 is being analyzed at the moment;

Gafisa is analyzing possible synergies in back office areas, always aiming to

keep the brands separated.

Incorporation of Tenda

In November 9th, 2009, Tenda´s Independent Committee and Gafisa´sadministrators stipulated shareholders shall receive 0.205 common Gafisa´sshares, for each Tenda´s share;

Extraordinary General Shareholders’ Meeting scheduled for 12/23;

Structure after incorporation:

Shared back office areas;

Independent brands focused on their own segments.

Tenda will keep its differentiated structure and well succeed sales through its own

stores and also its method of construction

Scenario

Interest rate vs. housing financing

20.000

35.000

50.000

65.000

80.000

95.000

0%

5%

10%

15%

20%

25%

30%

De

c-0

2

Ap

r-0

3

Au

g-0

3

De

c-0

3

Ap

r-0

4

Au

g-0

4

De

c-0

4

Ap

r-0

5

Au

g-0

5

De

c-0

5

Ap

r-0

6

Au

g-0

6

De

c-0

6

Ap

r-0

7

Au

g-0

7

De

c-0

7

Ap

r-0

8

Au

g-0

8

De

c-0

8

Ap

r-0

9

Au

g-0

9

Interest Rate (Selic) Real Estate Credit (R$MM)

Financing term (days)

0

500

1.000

1.500

2.000

2.500

3.000

3.500

Jan

-03

Jun

-03

No

v-0

3

Ap

r-0

4

Sep

-04

Feb

-05

Jul-

05

De

c-0

5

Ma

y-0

6

Oct

-06

Ma

r-0

7

Au

g-0

7

Jan

-08

Jun

-08

No

v-0

8

Ap

r-0

9

Sep

-09

Fundamentals supporting recent real state growth continue :

Interest Rate (Selic) Real Estate Credit (R$MM)

Consumer Confidence Index

90

95

100

105

110

115

120

125

set/

05

fev/

06

jul/

06

de

z/0

6

ma

i/0

7

ou

t/0

7

ma

r/0

8

ag

o/0

8

jan

/09

jun

/09

no

v/0

9

115,5

Record level

pos crisis

Source: Bloomberg, BCB, IBGE, FGV

85%

46%

13% 9%2%

USA Spain Chile Mexico Brazil

Housing Financing vs. GDP (2008)

3%

Brazil2009E

Potencial Demand Growth And Still Low Bid

The increase in purchasing power and number of families is expected to support

residential real state demand in the coming decades

Population andFamilies

2007 2017E 2030E

Families 60.3 75.6 95.5

Population 189.1 211.2 233.6

Person per house 3.1 2.8 2.4

Number of families (mm) and monthly income (mm)

2007 2030

Above R$32 thousand 0 0% 0,3 0%

R$16 mil - R$32 thousand 0,3 0% 1,3 1%

R$8 mil - R$16 thousand 1,1 2% 4,3 5%

R$4 mil - R$8 thousand 3,3 5% 11 12%

R$2 mil - R$4 thousand 8,4 14% 21,8 23% Número de mudanças de domicílio por pessoaR$2 mil - R$4 thousand 8,4 14% 21,8 23%

R$1 mil - R$2 thousand 15,5 26% 27,6 29%

Up to R$1 thousand 31,7 53% 29,1 31%

TOTAL 60,3 100% 95,4 100%

Brazil Mexico G7

1.8x 4.0x 9-10x

Número de mudanças de domicílio por pessoa

Source: IBGE, FGV, Bloomberg, Central Bank

Housing deficit in Brazil is now R$6.8 million in 2008.

Perspectivas

Gafisa reaffirm the full-year guidance for sales in 2009:

R$ 3.2 billion in contracted sales

4Q09 launches are over R$ 1.2 billion;

We continue with an optimistic outlook for the sector.

Antônio Carlos Ferreira RosaBusiness Development Officer, GafisaBusiness Development Officer, Gafisa

The financial crisis impacts the speed of property sales:

Insecure clients;

Concerns about unemployment;

Financial health of developing companies;

Delivery capacity.

Gafisa strategies for 2009:

2008 / 2009 Scenario

Gafisa strategies for 2009:

Sales focused on remaining developments;

Sales will only start when there is a sufficient sales reservation level that guarantees

approximately 40% of sales in the start;

Launch only when the hiring of construction financing is guaranteed;

Institutional campaign Compra Segura (Safe Acquisition).

1st Quarter

510 Units sold165 million in PSV

Special Reservation

2nd Quarter

391 units sold136 million in PSV

Gafisa Sales

450

995

1,329 1,345

1,044

32% 33%68%

450

2005 2006 2007 2008 9M09Remaining Launches

32% 33%68%

Launches / Sales

2008: Sales / Launches ratio = 0.7x 9M9: Sales / Launches ratio = 1.5x

1,345

1,913

1,000

1,500

2,000

2,500

1,0441,000

1,500

2,000

2,500

0

500

1,000

Sales Launches

687

0

500

1,000

Sales Launches

Launches – 9M09

PARÁ – R$35.3 million

MARANHÃO – R$20.6 million

BAHIA – R$40.9 million

AMAZONAS – R$42.1 million

RONDÔNIA – R$40.3 million

SÃO PAULO – R$368 million

RIO DE JANEIRO – R$63.2 million

R. G. DO SUL – R$15.9 million

GOIÁS – R$60.5 million

RONDÔNIA – R$40.3 million

TOTAL: R$687 million

2009

Focus on Remaining Developments

Focus on Remaining Developments

Speed up in the volume of launches

Focus on Launches

Special Reservation

Special Reservation

Jan Mar Jun Sep Dec

Launches: 138 thousandSales: 270 thousand

10% launches90% stock

Launches: 352 thousandSales: 390 thousand


Launches : 197 thousandSales : 384 million


10 Launches expected

Launches

RESERVA IBIAPABA

Launch: OCT

City: Belém – PA

PSV: R$17 million

PARQUE MACEIÓ

PAULISTA CORPORATE

Launch: OCT

City: São Paulo – SP

PSV: R$72 million

PARQUE MACEIÓ

Launch: OCT

City: Maceió – AL

PSV: R$15 million

LONDON VILLE

Launch: OCT

City: Barueri – SP

PSV: R$71 million

VISION BROOKLIN

Launch: NOV


PSV: R$117 million

Launches

VISTA PATAMARES

Launch: NOV

City: Salvador – BA

PSV: R$37 million

CITY PARK EXCLUSIVE

Launch: NOV

City: Salvador – BA

PSV: R$12 million

OFFICE LIFE

Launch: NOV

City: Curitiba – PR

PSV: R$26 million

LaunchesGLOBAL OFFICE

Launch: DEC

City: Niterói – RJ

PSV: R$33 million

IT

Launch: DEC


PSV: R$177 million

Landbank

Landbank Gafisa of 7.1 billion in potential PSV - 3Q09

North 7%

South 4%

Midwest 2%

RJ 14%

Southeast

Northeast 23%

SP 44%

ES 2%

MG 4%

Southeast64%

Knowledge of local market

Knowledge of local culture

Easier access to local agencies reducing the time for approvals

Access to business opportunities

Mitigate entry barriers

Local operational support

Importance of Local Partners

Brand

Safe AcquisitionSafe Acquisition

Developments DeliveredDevelopments Delivered

55 YearsCampaign55 Years

Campaign

Institutional Campaign

Flávio FernandesBusiness Development, TendaBusiness Development, Tenda

Real Estate Industry – Economic Segment

Family DynamicsFamily Dynamics

Housing DeficitHousing Deficit

Brazilian Middle-Class Brazilian Middle-Class

Favorable Scenario Residential Market Economic

Segment

Favorable Scenario Residential Market Economic

Segment

Region Housing Deficit*Units Expected

(MCMV)**Coverage

North 897,544 103,018 11%

Northeast 2,354,132 343,197 15%

Midwest 324,615 69,785 21%Brazilian Middle-Class

Growth

Brazilian Middle-Class

Growth

MCMVMCMV

= Opportunities

Midwest 324,615 69,785 21%

Southeast 2,629,497 363,984 14%

South 625,521 120,016 19%

TOTAL 6,831,309 1,000,000 15%

*Source: 2008 Housing Deficit in Brazil - FGV

** Manual MCMV Program - Federal Government. Preliminary distribution subject to

changes due to the contribution of States and Municipalities

� São Paulo Metropolitan Region (RMSP) in 2009: 19,986 units launched (60% Affordable/Economic Segment)

Growth in Units Launched - RMSP

Real Estate Industry – Economic Segment (Southeast)

Source: EMBRAESP;

Evolução Unidades Lançadas - RMSP

38,990

34,475

19,986

6,402

15,117

10,05813,085

Total Affordable Economic

50%58% 60%

�Rio de Janeiro Metropolitan Region in 2009: 10.427 units launched (90% Affordable/Economic Segment)

Source: VSO – ADEMI-RJ survey;2009 data up to November;Affordable: Units up to 50 square meters and Economic: units from 51 to 100 square meters.

Units Launched

Source: EMBRAESP;2009 data up to November;Affordable: Units up to 99 thousand and Economic: units from 100 thousand to 250 thousand.

6,402 4,9781,956

2007 2008 2009

2008 2009

Affordable 2,390 3,037

Economic 13,025 6,381

Overall Total 18,011 10,427

Subsidies 0 16,000

Simulation of impact on the market size

BeforeMinha Casa, Minha Vida

Average price of the unitR$80,000

Mortgage

Cost (TR+)

Monthly installment

Monthly income

80,000

7%

665

64,000

5%

394

Highlights

Financing of 1 million homes with subsidies of up to R$23 thousand for families with monthly income of up to 10 minimum wages (R$4,650)

Package totaling R$34 billion (Federal Government, FGTS and BNDES)

Property financing from R$80 thousand to R$130 thousand

Minha Casa, Minha Vida (My House, My Life)

32

Additional market: increase of approximately 10 million homes

Monthly income required

# of minimum wages

Market included(millions of homes)

2,661

6.4

13.4

1,969

4.2

23.4

Source: Market reports

thousand

Interest rates from TR+5% to TR+8%

Financing to construction companies of 100% of the unit value

With no down payment and monthly payments during construction for families with monthly income of up to 3 minimum wages

Minha Casa, Minha Vida Program - CEF

Contracts under Analysis – ‘000

23

38

64

73

83

107

25

44

69

93

116

138

25

63

117

173

248

322

Jun

Jul

Ago

Set

Out

Nov

6 a 10 salários mínimos



567

447

339

249

145

73

120

108

90

104

72

Nov

Oct

Sep

Aug

Jul

Jun

6 to 10 minimum wages



Units Contracted – ‘0000 a 3 salários mínimos

5

6

9

12

16

18

13

20

28

35

45

56

8

15

26

38

66

103

Jun

Jul

Ago

Set

Out

Nov




176

127

85

63

41

26

49

42

22

22

15

Fonte: CEF


Nov

Oct

Sep

Aug

Jul

Jun




Units Sold Units Concluded Units Contracted

1Q09 3,157 1,305 1,036

2Q09 4,366 2,151 987

3Q09 4,114 1,417 1,436

Total 11,637 4,873 3,459

Units Contracted - Tenda

Sales and Launches – Regional Distribution (9M09)

Launches: 61 Launches: 61 million

Sales: 43 million

Launches: 25 million

Sales: 142 million

480 million Launches978 million Sales

480 million Launches978 million Sales


Sales: 674 million


Sales: 58 million

Launches: NDSales: 62 million

Domestic Presence32 Stores64 Cities15 States

Domestic Presence32 Stores64 Cities15 States

Sales Model

TENDA’s sales model is more convenient to its clients, offering a wide range of products

through strategically-located stores.

Conventional Model

Sales in individual stands in different locations

SSSS

TENDA Sales ModelSales in centralized storesoffering several projects

SS

• Generally, it uses outsourced real estate agents

• Sales stands exclusive for each project

SS• A well-trained and dedicated sales team helps our clients find

the more appropriate property and financing

• Stores located in busy areas

• The stores offer a greater variety of products and locations that better meet customer needs

Type GARDEN LIFEDUO TOWER PREMIUM

Buildings (4 or 5stories without

elevator)TownhouseHouseDescription

Buildings(with elevator)

Buildings(with elevator)

Tenda Products Portfolio

Affordable

3-6 minimum wages

Economic

6-10 minimum wages

46.0 m2

70.0 m2

39.5 m2

66.5 m2

38.0 m2

46.5 m251.0 m2Average Unit 45.0 m2

70.0 m2

Average Price(R$/m²) R$ 64.4 R$ 76.8R$ 78.3 R$ 91.9 R$ 118.0

Share of Sales (9M09)

15% 2% 54% 10% 19%

Launch

Construction

Standard 1st to 6th month 7th to 19th month 20th month

Super 6 1st month 2nd to 4th

month6th month

Super 6

� 6% down payment

� 6 months to pay the first installment

� 6 months to delivery

Revenue necessary for acquisition

Down paymentDuring the

constructionBank financing

Super 6 6% - 94%

Standard 20% 80%

Construction

Delivery

Super 6month

Launches – 4Q09

Project City State Type Launch Units PSV % sales

Vale Verde Cotia Fase 4 -

Etapa ICotia SP Super 6 Oct-09 272 23 43%

Lago dos Patos Guarulhos SP Premium Oct-09 140 24 23%

Fit Marodin (Jardins) Porto Alegre RS Premium Oct-09 120 25 42%

Parque Green Village Goiânia GO Premium Oct-09 176 16 27%

Mirante do Lago Fase 2 Belém PA Premium Oct-09 144 23 13%

Clube Garden - Mônaco São Paulo SP Super 6 Oct-09 192 20 99%

� Opportunity for sales speed increase in launches

Vivenda do Sol Porto Alegre RS Standard Oct-09 200 14 4%

Vale Verde Cotia Fase 4 -

Etapa IICotia SP Standard Oct-09 224 19 36%

Residencial Monet Lauro Freitas BA Super 6 Nov-09 80 7 74%

Residencial Monet II Lauro Freitas BA Super 6 Nov-09 120 10 27%

Portal do Sol Itaquaquecetuba SP Standard Nov-09 300 24 16%

Carvalhaes Belford Roxo RJ Super 6 Dec-09 128 12 64%

TOTAL 2,096 217

Launches 4Q09 – Super 6

VALE VERDE COTIA (PHASE 4)

Launch: OCT

City: Cotia – SP

PSV: R$42 million

43% Sold

CLUBE GARDEN - MÔNACO

Launch: OCT


PSV: R$20 million

99% Sold

CARVALHAES

Launch: DEC

City: Belford Roxo – RJ

PSV: R$12 million

Launches 4Q09 – Super 6

PSV: R$12 million

64% Sold

2010 Strategy

� Acquisition of strategic landbank aimed to increase operations;

� To increase the share of short cycle projects (Super 6) in the product portfolio;

� Opportunity to increase the sales speed in launches;

�To optimize the operational efficiency (Gain of Scale).

Mário Rocha NetoConstruction Officer, GafisaConstruction Officer, Gafisa

Volume of Projects

Projects by Region

Development of New Technologies

Cycle Reduction – Brink and Super 6

Presentation Content

Sustainability – Eldorado and Genesis

Organization Chart and People Qualification

Volume of Projects

195

270

290

370

48 6385

Equivalent to 4,100 thousand/sq.m.

48 63 85 95 100

2006 2007 2008 2009 2010

Tenda Gafisa

48 63

E

REGION GAFISA TENDA TOTAL %

SP/ SPI 37 53 90 34%

RJ 19 27 46 17%

Northeast 18 26 44 17%

MG 0 37 37 14%

North/

Projects by Region

North/

Midwest 13 17 30 11%

South 4 13 17 6%


SP/ SPI 37 53 90 34%

RJ 19 27 46 17%


MG 0 37 37 14%

North/

Projects by Region

North/

Midwest 13 17 30 11%

South 4 13 17 6%

REGIONAL GAFISA TENDA TOTAL %

SP/ SPI 37 53 90 34%

RJ 19 27 46 17%


MG 0 37 37 14%

North/

Projects by Region

North/

Midwest 13 17 30 11%

South 4 13 17 6%


SP/ SPI 37 53 90 34%

RJ 19 27 46 17%


MG 0 37 37 14%

North/

Projects by Region

North/

Midwest 13 17 30 11%

South 4 13 17 6%


SP/ SPI 37 53 90 34%

RJ 19 27 46 17%


MG 0 37 37 14%

North/

Projects by Region

North/

Midwest 13 17 30 11%

South 4 13 17 6%


SP/ SPI 37 53 90 34%

RJ 19 27 46 17%


MG 0 37 37 14%

North/

Projects by Region

North/

Midwest 13 17 30 11%

South 4 13 17 6%


SP/ SPI 37 53 90 34%

RJ 19 27 46 17%


MG 0 37 37 14%

North/

Midwest 13 17 30 11%

Total Projects

91* 173

* It does not include Alphaville

Reference: November/09

South 4 13 17 6%

Elevated ExternalBathroom Pods

New Technologies

DrywallElevated ExternalPavement

Precast FacadePrefabricated Doors

Precast Beams PEX SystemMetal Moulds

New Technologies

Precast Staircase Raft Slabs Metal Staircase

Status de Aderência (Novembro)Universo: 48 obras

81,25%

12,50%6,25% Satisfatórias

Regulares

Insatisfatórias

670

558

687

568600

700

NUMBER OF CONNECTIONS MADE

Quality Monitoring

Adherence Status (November)

Universe: 48 projects

Satisfactory

Fairly satisfactory

Unsatisfactory

43 34 25 27 16 17 2 7 2 8 10 8

421

320 324274

390

267

452

197

377440464

354 349301

406

269

459

199

385448

0

100

200

300

400

500

600

dez/08 jan/09 fev/09mar/09abr/09mai/09jun/09 jul/09 ago/09 set/09 out/09nov/09

( time )

Falha SucessoFailure Success

Cycle Reduction

BRINK

CAMPO LIMPO - SPCAMPO LIMPO - SP

VALE VERDE

COTIA

Super 6

LEED® C&S PLATINUM Certification;

Elevators;

Water reuse;

Air Conditioning and Lighting System;

ELDORADO

Sustainability – Eldorado and Gênesis

FSC and ISO14001 Certification;

No trees cut down;

800,000 sq.m. Permanent Preservation Area;

GÊNESIS

Managing Director of Operations

Mário Rocha

Department of Supplies

Eduardo Calderon

Tenda’s Technical Department

Luis Magini

Thirty Parties Dept

Luis Ciniello

Gafisa’s Technical Department

José Marmo

SP Regional Dept

Fernando

RJ Regional Dept

Carlos

Control and Planning of Operations Department

Marcelo Souza

Physical and Financial Planning

Organization Chart

Hiring / Supply

MG Regional Dept

Ronny

North/Midwest Reg Dept - Gerson

Northeast Reg Dept

Sergio

South Reg Department -

Sidney

Process/ TechnologyPrice Execution

2009 – In July 13 people were hired;

2009 – hiring estimate of 103 people.

INTERNSHIP PROGRAM

2009 – 8 trainees;

2010 – 11 trainees under training.

TRAINEE PROGRAM CURRENT STAFF

People Qualification

POSITION #

OFFICERS 12

MANAGERS 522010 – 11 trainees under training.

“Comece Bem” (Start Well) program;

TRIADE Training (Time management);

INDG Training.

PEOPLE ACTIONS

MANAGERS 52

ENGINEERS+ARCHITECTS 340

INTERNS 558

Marcelo WillerBusiness Development Officer, AlphavilleBusiness Development Officer, Alphaville

Project Design

An average Alphaville project

RESIDENCIAL AREA

LEASURE AREA

RESIDENCIAL AREA

COMMERCIAL AREA

BUILDING AREA

ALPHAVILLE CLUB

COMMERCIAL AREA

RESIDENCIAL AREA

AlphaVille Graciosa (Curitiba, Paraná)

Highly sustainable Business Model

� No Land Acquisition – Negotiations thru land swap

� No investment in infrastructure prior to launching

� No bank financing for customers

� No bank financing for specific projects – leverage on holding

Complex Project Approval

Long and complicated process is an entry barrier to the segment

STRATEGIC ANALIZYS Analizys of legal and ambiental aspects, location, market and feasebility studies

PARTNERSHIP/LAN

D ACQUISITION

Contract with land owner

DUE DILIGENCE /

STRATEGIC ANALIZYS

PARTNERS/ LAND ACQUISITION OCUPATIONPROJECT

APPROVALMARKETING& SALES

CONSTRUCTION

3 years 2 years

62

D ACQUISITION

MKT & SALES In average, 80% of units sold at launch

CONSTRUCTION AlphaVille manages construction process and generally contracts third parties to operate the work flow. Average developments takes 2 years from beginning to delivery

OCUPATION In this last phase, clients are allowed to develop house projects and begin construction of units with AlphaVille´́́́s support and specific regulations of the new condominium

PROJECT

APPROVAL

Development of regions planning to be submitted to local authorities for analysis, registration and approval. This process takes in average three years and deals with federal and local authorities.

Strategy And Growth

Recife Caruaru

João Pessoa

NatalMossoró

Fortaleza

São Luís

Manaus

Boa Vista

Cuiabá

Belém

Teresina

BarueriCampinasSorocabaCarapicuibaPiracicaba

S. J. dos CamposRibeirão PretoJundiaíCotiaCajamarCampinasVotorantimItatiba

Barra da TijucaRio das Ostras

Barra da TijucaRio das OstrasMaricá

GramadoGravataíPorto AlegrePorto AlegreCaxias do SulNovo

Hamburgo

Vitória Vitória

Salvador Feira de SantanaCamaçari

Belo Horizonte Juiz de Fora

GoiâniaBrasília

Cuiabá

Campo Grande Campo Grande

Londrina CuritibaMaringáFoz do Iguaçu Florianópolis

LaunchedContracted areas

238

300

173200

300

400

Growth – Sales And Launches

46% CAGR in sales from 2006 to 2008

Number of projects and VGV

R$ 237 mm

R$ 312 mm

Sales growth (R$ mm)

70 %11

9

12

15

18

70 %

R$ 237 mm

R$ 312 mmFY 2009

FY 2009

140173

0

100

200

2006 2007 2008 9M09

R$ 237 mm

3

65

0

3

6

9

2006 2007 2008 9M09

R$ 237 mm

R$ 111 mm R$ 133 mm

Launched VGV - R$ M M 29 118 53Sold VGV - R$ M M 16 106 51VSO - sales velocity 56% 90% 95%Launched units 205 429 216Average price - R$ x1.000 142 274 245

2008 Sales Velocity And Latest Launches

RIO COSTA DO SOL F1Empreendimentos Lançados 4Q09

Porto Alegre

Piracicaba

Rio Costa do Sol F3

Gravataí II

4Q09 Launches

RIO COSTA DO SOL F3 – launched Dec-09Terras Alpha Foz do Iguaçu

VGV Lçdo até 3T09 R$ 133 MM

VGV Lçdo 4T09 R$ 278 MM

VGV Lçdo YTD R$ 411 MM

Potential Diversification

Diversification strengthening the long-term growth.

Non considered potencial growth in constructed products

Launches 48%

Terras Alpha

9%

RSC 5%

Launches 66%

Rem. 29%

Terras Alpha

2%

LS 3%

2009 - New Products- 2014

Rem. 38%

Rem. 29%

Land bank

Landbank of R$ 3.3 billion at the end of 3Q09

LAND BANK BY REGION

January 1st 2009 3,032

Land Bank position in Sep-09 3,336

Terreno Brasília – 23 million m2

SP31%

RJ8%

NM61%

Duilio CalciolariChief Financial Officer and Investor Relations Officer, GafisaChief Financial Officer and Investor Relations Officer, Gafisa

457648

1,204

1,740

1,193

2,125

2005 2006 2007 2008 9M08 9M09

78%

139198

336

526

378

601

2005 2006 2007 2008 9M08 9M09

42%

57%59%

Indicadores Financeiros Crescentes

Net Revenue (R$ MM) Gross Profit (R$ MM)

Ajusted Net Income2 (R$ MM)Ajusted EBITDA1 (R$ MM)

42%

45%

71 89

180

300

218

430

2005 2006 2007 2008 9M08 9M09

25%

67% 97%

3144

92110

97

158

2005 2006 2007 2008 9M08 9M09

20%

42%

63%

Ajusted Net Income2 (R$ MM)Ajusted EBITDA1 (R$ MM)

Note:

1 Adjusted for non-cash stock option expenses.

2 Before minority shareholders and stock option expenses

SG&A

9M09 Gafisa Tenda Total

Selling expenses(R$000) 74,446 78,897 153,344

G&A expenses (R$000) 103,436 69,396 172,832

SG&A (R$000) 177,882 148,293 326,175

9M08 Gafisa Tenda Total

Selling expenses(R$000) 75,781 11,724 87,504

G&A expenses (R$000) 81,499 23,491 104,990

SG&A (R$000) 157,279 35,215 192,494

Better recognition of revenue in Gafisa improved SG&A ratios;

Potencial diluition of Tenda´s SG&A ratios – Direct impact on the EBITDA margin.

SG&A (R$000) 177,882 148,293 326,175

Selling expenses/ Sales 6.1% 8.1% 7.0%

G&A expenses/ Sales 8.5% 7.1% 7.9%

SG&A / Sales 14.6% 15.2% 14.9%

Selling expenses/ Net

Revenues5.3% 10.9% 7.2%

G&A expenses / Net

Revenues7.4% 9.6% 8.1%

SG&A / Net Revenues 12.7% 20.4% 15.4%

SG&A (R$000) 157,279 35,215 192,494

Selling expenses/ Sales 6.2% 3.6% 5.6%

G&A expenses/ Sales 6.6% 7.1% 6.7%

SG&A / Sales 12.8% 10.7% 12.3%

Selling expenses/ Net

Revenues6.8% 16.4% 7.3%

G&A expenses / Net

Revenues7.3% 32.9% 8.8%

SG&A / Net Revenues 14.0% 49.2% 16.1%

20.2%20%

EBITDA Magin - %

2006 – IPO and geographic expansion into new markets;

2007 – Follow-on and initiatives in low income segment;

2008 – Consolidation of initiatives in low-income - Acquisition of 60% of Tenda;

2009 – Incorporation and changes in Tenda’s management;

2010E – Synergies of Tenda’s total merger, better dilution of SG&A.

Crescent EBITDA Margin

12.9%

14.0%

15.0%

17.3%

10%

12%

14%

16%

18%

20%

2005 2006 2007 2008 9M09

(R$000) 3Q09 3Q08 2Q09 3Q09 x 3Q08 3Q09 x 2Q09

Gafisa Revenues to be recognized 1.661 1.738 1.905 -4.4% -12.8%Costs to be recognized (1.051) (1.100) (1.199) -4.5% -12.4%Results to be recognized (REF) 609 637 706 -4.4% -13.6%REF margin 36.7% 36.7% 37.0% 24 bps -34 bps

Tenda 1) Revenues to be recognized 1.245 234 1.187 432.6% 4.8%Costs to be recognized (839) (160) (768) 425.3% 9.2%

Strong Pre-Sales Positively Impact Backlog of Revenues to be Recognized

R$1.1 billion of results to be recognized (42.8% growth compared to 3Q08)

Costs to be recognized (839) (160) (768) 425.3% 9.2%Results to be recognized (REF) 406 74 419 448.5% -3.1%REF margin 32.6% 31.7% 35.3% 94 bps -267 bps

Consolidated Revenues to be recognized 2.905 1.971 3.092 47.4% -6.0%Costs to be recognized (1.890) (1.260) (1.968) 50.0% -4.0%Results to be recognized (REF) 1.015 711 1.125 42.8% -9.7%REF margin 35.0% 36.1% 36.4% -113 bps -142 bps

Note: Revenues to be recognized are net from PIS/Cofins (3.65%). Backlog of Revenues not adjusted to

present value.

1) Considers Tenda and Fit Residencial in 2008

Continuous Increase in Our Mortgage Sales (Gafisa)

82% of mortgage financed directly with banks

30%

32%

16%

34%

64%74%

82%

54%

34%

16% 14%7%

20%12%

11%

2005 2006 2007 9M08 9M09

Gafisa financing longer than 36 months

Gafisa direct financing up to delivery of keys

Mortgage loans

23

38

64

73

83

107

25

44

69

93

116

138

25

63

117

173

248

322

Jun

Jul

Agu

Sep

Oct

Nov

6 a 10 minimun wage

3 a 6 minimun wage

0 a 3 minimun wage

“Minha Casa, Minha Vida” Program - CEF

567

447

339

249

145

73

120

108

90

104

72

Submitted Units– ‘000

0 a 3 minimun wage

Contracted Units – ‘000

5

6

9

12

16

18

13

20

28

35

45

56

8

15

26

38

66

103

Jun

Jul

Ago

Set

Out

Nov




176

127

85

63

41

26

49

42

22

22

15

Source: CEF

Sold Units Concluded Units Contracted Units

1Q09 3,157 1,305 1,036

2Q09 4,366 2,151 987

3Q09 4,114 1,417 1,436

Total 11,637 4,873 3,459

Contracted Units - Tenda

R$ million 2Q09 3Q093Q09

Pro forma*

Total Debt 2,243 2,532 2,532

Total Cashl 1,056 1,100 1,700

Obligation to Investors 300 300 300

Solid Cash Position Allows Gafisa To Execute The Growth Strategy And Access Credit

Net Debt & Obligation to Investors 1,486 1,732 1,732

(Net Debt & Obligation to Investors) / (Equity+ Minorities) 65.6% 74.1% 74.1%

Cash-burn rate 111 246 246

* Considera a nova debênture de R$ 600 milhões no caixa do 3T09.

3Q09 Financial Highlights And Recent Events

Gafisa settled in December 10th the R$600 million debenture with Caixa.

R$1.1 billion in cash+ R$ 600 million of the new debenture.

R$3.5 billion in construction financing lines made available by Brazil’s largest banks:

R$2.1 bilhões em contratos assinados + nova debênture de R$ 600 milhões

R$1.1 billion contracts in progressR$1.1 billion contracts in progress

Ratings:

Moody’s: international (Ba2) and local (A1.br)

Fitch: (A-bra)

Standard & Poor’s: local (br A-)

Documents

Reunião Pública - Dez09v Eng 02[1]finals1.q4cdn.com/564376781/files/doc_presentations/2009/APIMEC-2009... · PARQUE MACEIÓ PAULISTA CORPORATE ... Affordable: Units up to 50 square