Safe-Harbor Statement

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2 Safe-Harbor Statement We make forward-looking statements that are subject to risks and uncertainties. These Statementsare 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 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. 2

3 Agenda Wilson Amaral Chief Executive Officer, Gafisa Antonio Carlos Ferreira Rosa Business Development Officer, Gafisa Flavio Fernandes Business Development, Tenda Mario Rocha Neto Construction Officer, Gafisa Marcelo Willer Business Development Officer, Alphaville Duilio Calciolari Chief Financial Officer and Investor Relations Officer, Gafisa 3

4 Wilson Amaral Chief Executive Officer, Gafisa

5 Histórico 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 Tenda Valuation of AUSA 20%

6 Shareholders s Structure Other Shareholders * Shareholder s Structure* 13.7% 86.1% 19% 6% 49% 26% ADRs Institucional Internacional Institucional Local Individual Average daily trading volume: R$120.6 million** AverageDailyTurnoverin thelast90 daysover freefloat 2.9% *Source: Itaú Custódia 12/11 **Nov 2nd Nov 25th, 2009

7 Delivering Goals Established Since IPO Gafisa was extremely efficient in the use of proceeds from its previous issuances Contracted sales (R$ mm) Before IPO Proceeds from equity offerings: 18% a.a After IPO R$494 mm R$488 mm 90% a.a ,627 After Follow On / NYSE 40% a.a. 1,627 2,578 3, Ajusted EBITDA Margin 13% (2005) 14% (2006) 20.4% (3T09) Geographic diversification Cities: 13 States: M09 Product diversification2 100% 100% 45% 48% Gafisa Gafisa 8% Gafisa Alphaville Tenda Note: 1 Considers the mean of Gafisa s guidance for 2009

8 Strategy Adopted End 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/ Launches R$ million Q09 Launches Estimates Q08 1Q09 2Q09 3Q09 4Q09E 2009E Inventory Launches

9 Significant Growth Sales 3, X 2, , ,329 1,345 1, Number of Clients +7.5X 22,400 9,500 12,400 5,000 9,500 12,400 17,400 71,000 36,000 29,500 6,000 7,000 24,500 28, Gafisa Alphaville Tenda Construction Site +7.7X E Tenda Gafisa Source: Gafisa, Alphaville e Tenda Number of Employees Gafisa Alphaville Tenda +10,8X 1, ,155 3,667 1, ,236 6,835 1, , Gafisa Alphaville Tenda

10 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 % in the beginning of 2012 The 20% regarding 2010 is being analyzed at the moment; Gafisais analyzing possible synergies in back office areas, always aiming to keep the brands separated.

11 Incorporation of Tenda In November 9th, 2009, Tenda s Independent Committee and Gafisa s administrators stipulated shareholders shall receive common Gafisa s shares, 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. Tendawill keep its differentiated structure and well succeed sales through its own stores and also its method of construction

12 Scenario Interest rate vs. housing financing Financing term(days) 30% 25% 20% 15% 10% 5% 0% Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Dec-05 Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Jan-03 Jun-03 Nov-03 Apr-04 Sep-04 Feb-05 Jul-05 Dec-05 May-06 Oct-06 Mar-07 Aug-07 Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Fundamentals supporting recent real state growth continue : Interest Rate (Selic) Real Estate Credit (R$MM) Consumer Confidence Index Record level pos crisis 115,5 Housing Financing vs. GDP (2008) 85% 46% 13% USA Spain Chile Mexico Brazil 9% 2% set/05 fev/06 jul/06 dez/06 mai/07 out/07 mar/08 ago/08 jan/09 jun/09 nov/09 Source: Bloomberg, BCB, IBGE, FGV 3% Brazil 2009E

13 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 Numberof families (mm) and monthly income (mm) 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% Population and Families E 2030E Families Population Person per house R$4 mil - R$8 thousand 3,3 5% 11 12% R$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% Número de mudanças de domicílio por pessoa Brazil Mexico G7 1.8x 4.0x 9-10x Housing deficit in Brazil is now R$6.8 million in Source: IBGE, FGV, Bloomberg, Central Bank

14 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.

15 AntônioCarlos Ferreira Rosa Business Development Officer, Gafisa

16 2008 / 2009 Scenario 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: 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).

17 Special Reservation 1 st Quarter 510 Units sold 165 million in PSV 2 nd Quarter 391 units sold 136 million in PSV

18 Gafisa Sales 995 1,329 1,345 1, % 33% 32% 33% 68% 68% M09 Remaining Launches

19 Launches / Sales 2008: Sales / Launches ratio = 0.7x 9M9: Sales / Launches ratio= 1.5x 2,500 2,000 1,913 2,500 2,000 1,500 1,345 1,500 1,000 1,000 1, Sales Launches 0 Sales Launches

20 Launches 9M09 PARÁ R$35.3 million AMAZONAS R$42.1 million MARANHÃO R$20.6 million RONDÔNIA R$40.3 million BAHIA R$40.9 million GOIÁS R$60.5 million RIO DE JANEIRO R$63.2 million R. G. DO SUL R$15.9 million SÃO PAULO R$368 million TOTAL: R$687 million

21 2009 Special Reservation Special Reservation Focus on Remaining Developments Focus on Remaining Developments Speed up in the volume of launches Focus on Launches Jan Mar Jun Sep Dec Launches: 138 thousand Sales: 270 thousand 10% launches 90% stock Launches: 352 thousand Sales: 390 thousand 34% launches 66% stock Launches : 197 thousand Sales : 384 million 45% launches 55% stock 10 Launches expected

22 Launches PAULISTA CORPORATE Launch: OCT City: São Paulo SP PSV: R$72 million RESERVA IBIAPABA Launch: OCT City: Belém PA PSV: R$17 million PARQUE MACEIÓ Launch: OCT City: Maceió AL PSV: R$15 million LONDON VILLE Launch: OCT City: Barueri SP PSV: R$71 million

23 Launches VISION BROOKLIN Launch: NOV City: São Paulo SP PSV: R$117 million CITY PARK EXCLUSIVE Launch: NOV City: Salvador BA PSV: R$12 million VISTA PATAMARES Launch: NOV City: Salvador BA PSV: R$37 million OFFICE LIFE Launch: NOV City: Curitiba PR PSV: R$26 million

24 Launches GLOBAL OFFICE Launch: DEC City: Niterói RJ PSV: R$33 million IT Launch: DEC City: São Paulo SP PSV: R$177 million

25 Landbank Landbank Gafisa of 7.1 billion in potential PSV -3Q09 Midwest 2% South 4% North 7% RJ 14% Southeast 64% SP 44% Northeast 23% ES 2% MG 4%

26 Importance of Local Partners 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

27 Brand Safe Acquisition Developments Delivered 55 Years Campaign

28 Institutional Campaign

29 FlávioFernandes Business Development, Tenda

30 Real Estate Industry Economic Segment Family Dynamics Favorable Scenario Residential Market Economic Segment Housing Deficit Brazilian Middle-Class Growth MCMV Region Housing Deficit* Units Expected (MCMV)** Coverage North 897, ,018 11% Northeast 2,354, ,197 15% Midwest 324,615 69,785 21% Southeast 2,629, ,984 14% South 625, ,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 = Opportunities

31 Real Estate Industry Economic Segment (Southeast) São Paulo Metropolitan Region (RMSP) in 2009: 19,986 units launched (60% Affordable/Economic Segment) Growth in Units Launched- RMSP Evolução Unidades Lançadas - RMSP 38,990 Total Affordable Economic 34,475 50% 13,085 6,402 4,978 58% 60% 15,117 19,986 10,058 Source: EMBRAESP; 2009 data up to November; Affordable: Units up to 99 thousand and Economic: units from 100 thousand to 250 thousand. Rio de Janeiro Metropolitan Region in 2009: units launched (90% Affordable/Economic Segment) 1, Units Launched Affordable 2,390 3,037 Economic 13,025 6,381 Overall Total 18,011 10,427 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.

32 Minha Casa, Minha Vida (My House, My Life) 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 Simulation of impact on the market size Average price of the unit R$80,000 Before Minha Casa, Minha Vida Subsidies 0 16,000 Mortgage Cost (TR+) Monthly installment Monthly income required 80,000 7% 665 2,661 64,000 5% 394 1,969 Interest rates from TR+5% to TR+8% # of minimum wages Financing to construction companies of 100% of the unit value Market included (millions of homes) With no down payment and monthly payments during construction for families with monthly income of up to 3 minimum wages Additional market: increase of approximately 10 million homes Source: Market reports 32

33 Minha Casa, Minha VidaProgram -CEF Contracts under Analysis 000 Nov Nov Oct Out Sep Set Aug Ago Jul Jul a to salários minimum mínimos wages Jun Jun Units Contracted a to 6 salários 6 minimum mínimos wages 00 a to 3 salários 3 minimum mínimos wages Nov Nov Oct Out Sep Set Ago Aug Jul Jun a to salários minimum mínimos wages 3 a to 66 salários minimum mínimos wages 0 a to 33 salários minimum mínimos wages Fonte: CEF

34 Units Contracted - Tenda Units Sold Units Concluded Units Contracted 1Q09 3,157 1,305 1,036 2Q09 4,366 2, Q09 4,114 1,417 1,436 Total 11,637 4,873 3,459

35 Sales and Launches Regional Distribution (9M09) Launches: 61 million Sales: 43 million 480 million Launches 978 million Sales Launches: 25 million Sales: 142 million Launches: ND Sales: 62 million Launches: 300 million Sales: 674 million Launches: 94 million Sales: 58 million Domestic Presence 32 Stores 64 Cities 15 States

36 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 TENDA Sales Model Sales in centralized stores offering several projects S S S S Generally, it uses outsourced real estate agents Sales stands exclusive for each project A well-trained and dedicated sales team helps our clients find the more appropriate property and financing Storeslocatedinbusyareas The stores offer a greater variety of products and locations that better meet customer needs

37 Tenda Products Portfolio Type GARDEN DUO LIFE TOWER PREMIUM Description House Townhouse Buildings (4 or 5 stories without elevator) Buildings (with elevator) Buildings (with elevator) Average Unit 51.0 m m m m m m m m m 2 Average Price (R$/m²) R$ 64.4 R$ 78.3 R$ 76.8 R$ 91.9 R$ Share of Sales (9M09) 15% 2% 54% 10% 19% Affordable 3-6 minimum wages Economic 6-10 minimum wages

38 Super 6 6% down payment 6 months to pay the first installment 6 months to delivery Standard 1 st to 6 th month 7 th to 19 th month 20 th month Super 6 1 st month 2 nd to 4 th 6 th month month Launch Construction Delivery Revenue necessary for acquisition Down payment During the construction Bank financing Super 6 6% - 94% Standard 20% 80%

39 Launches 4Q09 Opportunity for sales speed increase in launches Project City State Type Launch Units PSV % sales Vale Verde Cotia Fase 4 - Etapa I Cotia SP Super 6 Oct % Lago dos Patos Guarulhos SP Premium Oct % Fit Marodin (Jardins) Porto Alegre RS Premium Oct % Parque Green Village Goiânia GO Premium Oct % Mirante do Lago Fase 2 Belém PA Premium Oct % Clube Garden - Mônaco São Paulo SP Super 6 Oct % Vivenda do Sol Porto Alegre RS Standard Oct % Vale Verde Cotia Fase 4 - Etapa II Cotia SP Standard Oct % Residencial Monet Lauro Freitas BA Super 6 Nov % Residencial Monet II Lauro Freitas BA Super 6 Nov % Portal do Sol Itaquaquecetuba SP Standard Nov % Carvalhaes Belford Roxo RJ Super 6 Dec % TOTAL 2,

40 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 City: São Paulo SP PSV: R$20 million 99% Sold

41 Launches 4Q09 Super 6 CARVALHAES Launch: DEC City: Belford Roxo RJ PSV: R$12 million 64% Sold

42 2010 Strategy Acquisition of strategic landbank aimed to increase operations; Toincreasetheshareofshortcycleprojects(Super6)intheproductportfolio; Opportunity to increase the sales speed in launches; To optimize the operational efficiency(gain of Scale).

43 MárioRocha Neto Construction Officer, Gafisa

44 Presentation Content Volume of Projects Projects by Region Development of New Technologies Cycle Reduction Brink and Super 6 Sustainability Eldorado and Genesis Organization Chart and People Qualification

45 Volume of Projects E Tenda Gafisa Equivalent to 4,100 thousand/sq.m.

46 Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI % RJ % Northeast % MG % North/ Midwest % South %

47 Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI % RJ % Northeast % MG % North/ Midwest % South %

48 Projects by Region REGIONAL GAFISA TENDA TOTAL % SP/ SPI % RJ % Northeast % MG % North/ Midwest % South %

49 Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI % RJ % Northeast % MG % North/ Midwest % South %

50 Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI % RJ % Northeast % MG % North/ Midwest % South %

51 Projects by Region REGION GAFISA TENDA TOTAL % SP/ SPI % RJ % Northeast % MG % North/ Midwest % South %

52 Total Projects REGION GAFISA TENDA TOTAL % SP/ SPI % RJ % Northeast % MG % North/ Midwest % South % 91* 173 * It does not include Alphaville Reference: November/09

53 New Technologies Bathroom Pods Drywall Elevated External Pavement Precast Facade Prefabricated Doors

54 New Technologies Metal Moulds Precast Beams PEX System Precast Staircase Raft Slabs Metal Staircase

55 Quality Monitoring Status Adherence de Aderência Status (November) (Novembro) Universe: Universo: 48 projects obras 6,25% 12,50% 81,25% Satisfactory Fairly satisfactory Unsatisfactory Satisfatórias Regulares Insatisfatórias NUMBER OF CONNECTIONS MADE dez/08 jan/09 fev/09mar/09abr/09mai/09jun/09 jul/09 ago/09 set/09 out/09nov/09 ( time ) Falha Failure Sucesso Success

56 Cycle Reduction BRINK CAMPO LIMPO -SP Super 6 VALE VERDE COTIA

57 Sustainability Eldorado and Gênesis ELDORADO LEED C&S PLATINUM Certification; Elevators; Water reuse; Air Conditioning and Lighting System; GÊNESIS FSC and ISO14001 Certification; No trees cut down; 800,000 sq.m. Permanent Preservation Area;

58 Organization Chart Managing Director of Operations Mário Rocha Control and Planning of Operations Department Marcelo Souza Physical and Financial Planning Department of Supplies Eduardo Calderon Tenda s Technical Department Luis Magini Gafisa s Technical Department José Marmo SP Regional Dept Fernando RJ Regional Dept Carlos Thirty Parties Dept Luis Ciniello MG Regional Dept Ronny North/Midwest Reg Dept - Gerson Northeast Reg Dept Sergio South Reg Department - Sidney Hiring / Supply Process/ Technology Price Execution

59 People Qualification INTERNSHIP PROGRAM 2009 In July 13 people were hired; 2009 hiring estimate of 103 people. TRAINEE PROGRAM trainees; trainees under training. PEOPLE ACTIONS Comece Bem (Start Well) program; TRIADE Training (Time management); INDG Training. CURRENT STAFF POSITION # OFFICERS 12 MANAGERS 52 ENGINEERS+ARCHITECTS 340 INTERNS 558

60 Marcelo Willer Business Development Officer, Alphaville

61 Project Design An average Alphaville project RESIDENCIAL AREA LEASURE AREA RESIDENCIAL AREA COMMERCIAL AREA ALPHAVILLE CLUB BUILDING AREA COMMERCIAL AREA AlphaVille Graciosa (Curitiba, Paraná) RESIDENCIAL AREA 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

62 Complex Project Approval Long and complicated process is an entry barrier to the segment DUE DILIGENCE / STRATEGIC ANALIZYS PARTNERS/ LAND ACQUISITION PROJECT APPROVAL MARKETING & SALES CONSTRUCTION OCUPATION 3 years 2 years STRATEGIC ANALIZYS Analizys of legal and ambiental aspects, location, market and feasebility studies PARTNERSHIP/LAN D ACQUISITION PROJECT APPROVAL MKT & SALES CONSTRUCTION OCUPATION Contract with land owner 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. In average, 80% of units sold at launch AlphaVillemanages construction process and generally contracts third parties to operate the work flow. Average developments takes 2 years from beginning to delivery In this last phase, clients are allowed to develop house projects and begin construction of units with AlphaVille ssupport and specific regulations of the new condominium 62

63 Strategy And Growth Boa Vista Belém Manaus São Luís Fortaleza Teresina Natal Mossoró João Pessoa Recife Caruaru Cuiabá Goiânia Brasília Belo Horizonte Juiz de Fora Campo Grande Campo Grande Londrina Curitiba Maringá Foz do Iguaçu Florianópolis Gramado Gravataí Porto Alegre Porto Alegre Caxias do Sul Novo Hamburgo Barueri Campinas Sorocaba Carapicuiba Piracicaba Barra da Tijuca Barra da Tijuca Rio das Ostras Rio das Ostras Maricá S. J. dos Campos Ribeirão Preto Jundiaí Cotia Cajamar Campinas Votorantim Itatiba Salvador Feira de Santana Camaçari Vitória Vitória Launched Contracted areas

64 Growth Sales And Launches 46% CAGR in salesfrom2006 to 2008 Number of projects and VGV Sales growth (R$ mm) R$ 312 mm R$ 312 mm 11 FY % % FY R$ 237 mm R$ 237 mm 6 R$ 111 mm 5 R$ 133 mm M M09

65 2008 Sales Velocity And Latest Launches Launched VGV - R$ M M Sold VGV - R$ M M VSO - sales velocity 56% 90% 95% Launched units Average price - R$ x

66 4Q09 Launches RIO COSTA DO SOL F1 Empreendimentos Lançados 4Q09 Porto Alegre Piracicaba Rio Costa do Sol F3 Gravataí II RIO COSTA DO SOL F3 launched Dec-09 Terras Alpha Foz do Iguaçu VGV Lçdoaté 3T09 R$ 133 MM VGV Lçdo4T09 R$ 278 MM VGV LçdoYTD R$ 411 MM

67 Potential Diversification Diversification strengthening the long-term growth. Nonconsidered potencial growthin constructed products Terras Alpha 2% LS 3% Launches 66% Terras Alpha 9% RSC 5% Launches 48% Rem. 29% Rem. 38% New Products- 2014

68 Land bank LandbankofR$ 3.3 billionattheendof3q09 January 1st ,032 Land Bank position in Sep-09 3,336 Terreno Brasília 23 million m2 LAND BANK BY REGION SP 31% NM 61% RJ 8%

69 Duilio Calciolari Chief Financial Officer and Investor Relations Officer, Gafisa

70 Indicadores Financeiros Crescentes Net Revenue (R$ MM) 45% Gross Profit(R$ MM) 57% 59% 78% % 648 1,204 1,740 1,193 2, % M08 9M09 AjustedEBITDA 1 (R$ MM) M08 9M09 AjustedNet Income 2 (R$ MM) 67% 97% 20% 63% % % M08 9M M08 9M09 Note: 1 Adjusted for non-cash stock option expenses. 2 Before minority shareholders and stock option expenses

71 SG&A Better recognition of revenue in Gafisa improved SG&A ratios; Potencial diluition of Tenda s SG&A ratios Direct impact on the EBITDA margin. 9M09 Gafisa Tenda Total 9M08 Gafisa Tenda Total Selling expenses(r$000) 74,446 78, ,344 G&A expenses (R$000) 103,436 69, ,832 SG&A (R$000) 177, , ,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 Revenues G&A expenses / Net Revenues 5.3% 10.9% 7.2% 7.4% 9.6% 8.1% SG&A / Net Revenues 12.7% 20.4% 15.4% Selling expenses(r$000) 75,781 11,724 87,504 G&A expenses (R$000) 81,499 23, ,990 SG&A (R$000) 157,279 35, ,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 Revenues G&A expenses / Net Revenues 6.8% 16.4% 7.3% 7.3% 32.9% 8.8% SG&A / Net Revenues 14.0% 49.2% 16.1%

72 Crescent EBITDA Margin 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 smanagement; 2010E Synergies of Tenda s total merger, better dilution of SG&A. 20% EBITDA Magin-% 20.2% 18% 17.3% 16% 14% 12.9% 14.0% 15.0% 12% 10% M09

73 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) (R$000) 3Q09 3Q08 2Q09 3Q09 x 3Q08 3Q09 x 2Q09 Gafisa Revenues to be recognized % -12.8% Costs to be recognized (1.051) (1.100) (1.199) -4.5% -12.4% Results to be recognized (REF) % -13.6% REF margin 36.7% 36.7% 37.0% 24 bps -34 bps Tenda 1) Revenues to be recognized % 4.8% Costs to be recognized (839) (160) (768) 425.3% 9.2% Results to be recognized (REF) % -3.1% REF margin 32.6% 31.7% 35.3% 94 bps -267 bps Consolidated Revenues to be recognized % -6.0% Costs to be recognized (1.890) (1.260) (1.968) 50.0% -4.0% Results to be recognized (REF) % -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

74 Continuous Increase in Our Mortgage Sales (Gafisa) 82% of mortgage financed directly with banks 16% 34% 30% 64% 74% 82% 32% 54% 34% 20% 12% 16% 14% 11% 7% M08 9M09 Gafisa financing longer than 36 months Gafisa direct financing up to delivery of keys Mortgage loans

75 Minha Casa, Minha Vida Program- CEF Submitted Units 000 Nov Oct Sep Agu Jul a 10 minimun wage Jun a 6 minimun wage Contracted Units a 3 minimun wage Nov Out Set Ago Jul Jun a 10 salários mínimos 3 a 6 salários mínimos 0 a 3 salários mínimos Source: CEF

76 Contracted Units- Tenda Sold Units Concluded Units Contracted Units 1Q09 3,157 1,305 1,036 2Q09 4,366 2, Q09 4,114 1,417 1,436 Total 11,637 4,873 3,459

77 Solid Cash Position Allows GafisaTo Execute The Growth Strategy And Access Credit R$ million 2Q09 3Q09 3Q09 Pro forma* Total Debt 2,243 2,532 2,532 Total Cashl 1,056 1,100 1,700 Obligation to Investors 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 * Considera a nova debênture de R$ 600 milhões no caixa do 3T09.

78 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 progress Ratings: Moody s: international(ba2) and local (A1.br) Fitch: (A-bra) Standard & Poor s: local (br A-)