1. Local partners provide knowledge of the local real estate market and local customer preferences. 2. They have established relationships with local construction agencies, which can help reduce costs. 3. Local partners offer access to business opportunities that leverage their knowledge of the local market. 4. Partnering mitigates risks when entering new local markets that Gafisa is less familiar with. 5. Local partners can help manage day-to-day local operational activities more efficiently.

2. 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
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
1954 2005 2006 2007 2008 2009
• Gafisa • Equity Int’l • IPO • Follow-on •60% control • Gafisa
founded (Sam Zell) of Tenda announces
invests • Alphaville •NYSE listing intention tp
Acquisition incorporate
100% of
Tenda
• Valuation of
AUSA 20%

6. Shareholders’s Structure
Other Shareholders *
´
Shareholder´s Structure*
6%
13.7% 86.1%
19%
49%
26%
ADRs Institucional Internacional Institucional Local Individual
Average daily trading volume: R$120.6 million**
Average Daily Turnover in the last 90 days over free float – 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
Before IPO After IPO After Follow On / NYSE
Proceeds from equity
R$494 mm R$488 mm
offerings:
40% a.a. 3,200
90% a.a. 2,578
Contracted sales 18% a.a.
1,627
1,627
(R$ mm) 995
325 450 450
254
1
2003 2004 2005 2005 2006 2007 2007 2008 2009
Ajusted EBITDA
Margin
13% (2005) 14% (2006) 20.4% (3T09)
Cities: 13
Geographic 35 100
diversification
States: 8 16 21
9M09
Product 100% 100% 45% 48%
diversification2
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.
3.394 Inventory / Launches – R$ million 4Q09 Launches
Estimates
2.929 2.814
2.679
2.301
1.000
747 626 514
160
4Q08 1Q09 2Q09 3Q09 4Q09E 2009E
Inventory Launches

9. Significant Growth
Sales Number of Clients
3,280 71,000
+7.3X
2,577
1.363 +7.5X
1,626 932 36,000
59 369 29,500
238 300 22,400
995 6,000 7,000
1,329 1,345 1,548 9,500 12,400 5,000
450 995 24,500 28,000
450 9,500 12,400 17,400
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
Gafisa Alphaville Tenda
Gafisa Alphaville Tenda
Construction Site Number of Employees
370
6,835
290
+7.7X 1,551
+10,8X 259
270 3,667
195
1,234
85 1,879 197 5,025
48 63 724
632 145 2,236
63 85 95 100 1,155
48 632 724
2006 2007 2008 2009 2010 E 2005 2006 2007 2008 2009
Tenda Gafisa Gafisa Alphaville Tenda
Source: Gafisa, Alphaville e 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 2010
- 20% in the beginning of 2012
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.

11. Incorporation of Tenda
In November 9th, 2009, Tenda´s Independent Committee and Gafisa´s
administrators stipulated shareholders shall receive 0.205 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.
Tenda will keep its differentiated structure and well succeed sales through its own
stores and also its method of construction

12. Scenario
Fundamentals supporting recent real state growth continue :
Interest rate vs. housing financing Financing term (days)
3.500
30% 95.000 3.000
25% 80.000 2.500
20% 2.000
65.000
15% 1.500
50.000
10% 1.000
5% 35.000 500
0% 20.000 0
Jan-03
Jun-03
May-06
Oct-06
Mar-07
Jan-08
Jun-08
Nov-03
Apr-04
Sep-04
Feb-05
Jul-05
Dec-05
Aug-07
Nov-08
Apr-09
Sep-09
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
Interest Rate (Selic) Real Estate Credit (R$MM)
Consumer Confidence Index Housing Financing vs. GDP (2008)
125
120 115,5
85%
115
110
46%
105
100
Record level 13% 9%
95 pos crisis 2% 3%
90
USA Spain Chile Mexico Brazil Brazil
set/05
fev/06
jul/06
mai/07
mar/08
out/07
nov/09
dez/06
ago/08
jan/09
jun/09
2009E
Source: Bloomberg, BCB, IBGE, FGV

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
Number of families (mm) Population and
2007 2030 2007 2017E 2030E
and monthly income (mm) Families
Above R$32 thousand 0 0% 0,3 0% Families 60.3 75.6 95.5
R$16 mil - R$32 thousand 0,3 0% 1,3 1% Population 189.1 211.2 233.6
R$8 mil - R$16 thousand 1,1 2% 4,3 5% Person per house 3.1 2.8 2.4
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 pessoa
R$1 mil - R$2 thousand 15,5 26% 27,6 29%
Brazil Mexico G7
Up to R$1 thousand 31,7 53% 29,1 31%
TOTAL 60,3 100% 95,4 100% 1.8x 4.0x 9-10x
Housing deficit in Brazil is now R$6.8 million in 2008.
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. Antônio Carlos 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
1st Quarter
510 Units sold
165 million in PSV
2nd Quarter
391 units sold
136 million in PSV

18. Gafisa Sales
1,329 1,345
995 1,044
450
68%
68%
32%
32% 33%
33%
2005 2006 2007 2008 9M09
Remaining Launches

19. Launches / Sales
2008: Sales / Launches ratio = 0.7x 9M9: Sales / Launches ratio = 1.5x
2,500 2,500
2,000
1,913
2,000
1,500 1,345 1,500
1,044
1,000 1,000
687
500 500
0 0
Sales Launches Sales Launches

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

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

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

23. Launches CITY PARK EXCLUSIVE
VISION BROOKLIN Launch: NOV
VISTA PATAMARES
Launch: NOV City: Salvador – BA
Launch: NOV
City: São Paulo – SP PSV: R$12 million
City: Salvador – BA
PSV: R$117 million
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 Knowledge of Easier access to Access to Mitigate Local
local market local culture local agencies business entry operational
reducing the opportunities barriers support
time for
approvals

27. Brand
Safe
Acquisition
Developments
Delivered
55 Years
Campaign

28. Institutional Campaign

29. Flávio Fernandes
Business Development, Tenda

30. Real Estate Industry – Economic Segment
Favorable Scenario
Family Dynamics Residential Market Economic
Segment
Housing Deficit Units Expected
Region Housing Deficit* Coverage
(MCMV)**
North 897,544 103,018 11%
Northeast 2,354,132 343,197 15%
Brazilian Middle-Class Midwest 324,615 69,785 21%
Southeast 2,629,497 363,984 14%
Growth 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
MCMV 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
Total Affordable Economic
38,990
34,475
58% 60%
50%
19,986
15,117
13,085
10,058 Source: EMBRAESP;
6,402 4,978 2009 data up to November;
1,956 Affordable: Units up to 99 thousand and
Economic: units from 100 thousand to 250
thousand.
2007 2008 2009
Rio de Janeiro Metropolitan Region in 2009: 10.427 units launched (90% Affordable/Economic Segment)
Units Launched 2008 2009
Affordable 2,390 3,037 Source: VSO – ADEMI-RJ survey;
Economic 13,025 6,381 2009 data up to November;
Affordable: Units up to 50 square meters
Overall Total 18,011 10,427 and Economic: units from 51 to 100 square
meters.

32. Minha Casa, Minha Vida (My House, My Life)
Highlights Simulation of impact on the market size
Average price of the unit Minha Casa,
Before Minha Vida
R$80,000
Financing of 1 million homes with subsidies of
up to R$23 thousand for families with monthly Subsidies 0 16,000
income of up to 10 minimum wages (R$4,650)
Mortgage 80,000 64,000
Package totaling R$34 billion (Federal
Cost (TR+) 7% 5%
Government, FGTS and BNDES)
Monthly installment 665 394
Property financing from R$80 thousand to R$130
thousand Monthly income
required 2,661 1,969
Interest rates from TR+5% to TR+8% # of minimum wages 6.4 4.2
Market included 13.4 23.4
Financing to construction companies of 100% of (millions of homes)
the unit value
With no down payment and monthly payments
during construction for families with monthly Additional market: increase of
income of up to 3 minimum wages approximately 10 million homes
Source: Market reports
32

33. Minha Casa, Minha Vida Program - CEF
Contracts under Analysis – ‘000
Nov 567
Nov 107 138 322
Oct 447 120
Out 83 116 248
Sep
Set 73 93 173
339 108
Aug
Ago 64 69 117
249 90
Jul 38 44 63 145 104 66 to 10 minimum wages
a 10 salários mínimos
Jul
Jun 23 25 25 73 33 to salários mínimos
a 6 6 minimum wages
Jun 72
00 to salários mínimos
a 3 3 minimum wages
Units Contracted – ‘000
Nov
Nov 18 56 103 176
Oct
Out 16 45 66 127
49
Sep
Set 12 35 38 85 42
Aug
Ago 9 28 26 63
22 6 ato 10 minimum wages
6 10 salários mínimos
Jul
Jul 6 20 15 41 22 3 ato 6 minimum wages
3 6 salários mínimos
Jun
Jun 5 13 8 26
15 0 ato 3 minimum wages
0 3 salários mínimos
Fonte: CEF

34. Units Contracted - Tenda
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

35. Sales and Launches – Regional Distribution (9M09)
Launches: 61 480 million Launches
million 978 million Sales
Sales: 43
million
Launches: 25
million
Sales: 142 million
Launches: ND
Sales: 62 million Launches: 300
million
Sales: 674 million
Launches: 94 Domestic Presence
million
32 Stores
Sales: 58 million
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 TENDA Sales Model
Sales in individual stands in different
Sales in centralized stores
locations
offering several projects
S S S
S • A well-trained and dedicated sales team helps our clients find
the more appropriate property and financing
• Stores located in busy areas
• Generally, it uses outsourced real estate agents
• The stores offer a greater variety of products and locations
• Sales stands exclusive for each project that better meet customer needs

37. Tenda Products Portfolio
Type GARDEN DUO LIFE TOWER PREMIUM
Buildings (4 or 5 Buildings Buildings
Description House Townhouse stories without (with elevator) (with elevator)
elevator)
Average Unit 51.0 m2 38.0 m2 39.5 m2 46.0 m2 45.0 m2
46.5 m2 66.5 m2 70.0 m2 70.0 m2
Average Price
(R$/m²) R$ 64.4 R$ 78.3 R$ 76.8 R$ 91.9 R$ 118.0
Share of Sales
15% 2% 54% 10% 19%
(9M09)
Affordable Economic
3-6 6-10
minimum wages minimum wages

38. Super 6
6% down payment
6 months to pay the first installment
6 months to delivery
Standard 1st to 6th month 7th to 19th month 20th month
1st month 2nd to 4th 6th month Launch
Super 6
month Construction
Delivery
Revenue necessary for acquisition
During the
Down payment Bank financing
construction
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 -
Cotia SP Super 6 Oct-09 272 23 43%
Etapa I
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%
Vivenda do Sol Porto Alegre RS Standard Oct-09 200 14 4%
Vale Verde Cotia Fase 4 -
Cotia SP Standard Oct-09 224 19 36%
Etapa II
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

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;
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).

43. Mário Rocha 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
370
290
270
195
85
48 63
85 95 100
48 63
2006 2007 2008 2009 2010 E
Tenda Gafisa
Equivalent to 4,100 thousand/sq.m.

46. Projects by Region
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/
Midwest 13 17 30 11%
South 4 13 17 6%

47. Projects by Region
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/
Midwest 13 17 30 11%
South 4 13 17 6%

48. Projects by Region
REGIONAL 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/
Midwest 13 17 30 11%
South 4 13 17 6%

49. Projects by Region
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/
Midwest 13 17 30 11%
South 4 13 17 6%

50. Projects by Region
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/
Midwest 13 17 30 11%
South 4 13 17 6%

51. Projects by Region
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/
Midwest 13 17 30 11%
South 4 13 17 6%

52. Total Projects
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/
Midwest 13 17 30 11%
South 4 13 17 6%
91* 173
* It does not include Alphaville
Reference: November/09

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

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

55. Quality Monitoring
Adherence Status (November)
Status de Aderência (Novembro)
Universe: 48 projects
Universo: 48 obras
6,25%
12,50% Satisfactory
Satisfatórias
Fairly satisfactory
Regulares
Unsatisfactory
Insatisfatórias
81,25%
NUMBER OF CONNECTIONS MADE
700 670
687
568
558
600
500 464
421 452 440
448
459
390
406 385
377
400
354
320 349
324
300 274
301 269
267
199
197
200
100 43 25
34 27 16 17 7 8 10 8
2 2
0
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
SP Regional Dept
Department of Tenda’s Technical Gafisa’s Technical Fernando Thirty Parties Dept
Supplies Department Department
RJ Regional Dept
Carlos Luis Ciniello
Eduardo Calderon Luis Magini José Marmo
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 CURRENT STAFF
2009 – 8 trainees; POSITION #
OFFICERS 12
2010 – 11 trainees under training.
MANAGERS 52
ENGINEERS+ARCHITECTS 340
PEOPLE ACTIONS INTERNS 558
“Comece Bem” (Start Well) program;
TRIADE Training (Time management);
INDG Training.

60. Marcelo Willer
Business Development Officer, Alphaville

61. Project Design
An average Alphaville project
LEASURE
RESIDENCIAL AREA
AREA
RESIDENCIAL
AREA
COMMERCIAL
ALPHAVILLE
CLUB
COMMERCIAL RESIDENCIAL
Highly sustainable Business Model
AREA
AREA AREA
BUILDING AREA No Land Acquisition – Negotiations thru land swap
No investment in infrastructure prior to launching
No bank financing for customers
AlphaVille Graciosa (Curitiba, Paraná)
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 / PARTNERS/ LAND
PROJECT MARKETING
ACQUISITION CONSTRUCTION OCUPATION
STRATEGIC ANALIZYS APPROVAL & SALES
3 years 2 years
STRATEGIC ANALIZYS Analizys of legal and ambiental aspects, location, market and feasebility studies
PARTNERSHIP/LAN Contract with land owner
D ACQUISITION
PROJECT Development of regions planning to be submitted to local authorities for analysis,
APPROVAL registration and approval. This process takes in average three years and deals with
federal and local authorities.
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 62

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

64. Growth – Sales And Launches
46% CAGR in sales from 2006 to 2008
Number of projects and VGV Sales growth (R$ mm)
18 400
FY 2009
R$ 312 mm
15 FY 2009 70 %
R$ 312 mm 300
300
12 11 70 % 238
9 R$ 237 mm R$ 237 mm 200 173
6 140
6 R$ 111 mm 5
R$ 133 mm
3 100
3
0 0
2006 2007 2008 9M09 2006 2007 2008 9M09

65. 2008 Sales Velocity And Latest Launches
Launched VGV - R$ M M 29 118 53
Sold VGV - R$ M M 16 106 51
VSO - sales velocity 56% 90% 95%
Launched units 205 429 216
Average price - R$ x1.000 142 274 245

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

67. Potential Diversification
Diversification strengthening the long-term growth.
Non considered potencial growth in
constructed products
Terras Alpha LS 3% RSC 5%
2% Terras Alpha
Launches 66% 9%
Launches 48%
Rem. 29%
Rem. 38%
2009 - New Products- 2014

68. Land bank
Landbank of R$ 3.3 billion at the end of 3Q09
January 1st 2009 3,032
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) Gross Profit (R$ MM)
59%
45% 57%
78%
601
42% 2,125 42% 526
1,740
378
336
1,204 1,193
198
648 139
457
2005 2006 2007 2008 9M08 9M09 2005 2006 2007 2008 9M08 9M09
Ajusted EBITDA1 (R$ MM) Ajusted Net Income2 (R$ MM)
63%
20%
67% 97%
42%
430 158
25% 300 110
92 97
218
180
44
71 89 31
2005 2006 2007 2008 9M08 9M09 2005 2006 2007 2008 9M08 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 78,897 153,344 Selling expenses(R$000) 75,781 11,724 87,504
G&A expenses (R$000) 103,436 69,396 172,832 G&A expenses (R$000) 81,499 23,491 104,990
SG&A (R$000) 177,882 148,293 326,175 SG&A (R$000) 157,279 35,215 192,494
Selling expenses/ Sales 6.1% 8.1% 7.0% Selling expenses/ Sales 6.2% 3.6% 5.6%
G&A expenses/ Sales 8.5% 7.1% 7.9% G&A expenses/ Sales 6.6% 7.1% 6.7%
SG&A / Sales 14.6% 15.2% 14.9% SG&A / Sales 12.8% 10.7% 12.3%
Selling expenses/ Net Selling expenses/ Net
5.3% 10.9% 7.2% 6.8% 16.4% 7.3%
Revenues Revenues
G&A expenses / Net G&A expenses / Net
7.4% 9.6% 8.1% 7.3% 32.9% 8.8%
Revenues Revenues
SG&A / Net Revenues 12.7% 20.4% 15.4% 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’s management;
2010E – Synergies of Tenda’s total merger, better dilution of SG&A.
EBITDA Magin - %
20.2%
20%
18% 17.3%
16% 15.0%
14.0%
14% 12.9%
12%
10%
2005 2006 2007 2008 9M09

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 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%
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

74. Continuous Increase in Our Mortgage Sales (Gafisa)
82% of mortgage financed directly with banks
16%
34%
30% 64%
74%
82%
32%
54% 20%
12%
34%
11%
16% 14%
7%
2005 2006 2007 9M08 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
567
Nov 107 138 322
447 120
Oct 83 116 248
Sep 73 93 173
339 108
Agu 64 69 117
249 90
Jul 38 44 63 145 104 6 a 10 minimun wage
Jun 23 25 25 73 3 a 6 minimun wage
72
0 a 3 minimun wage
Contracted Units – ‘000
Nov 18 56 103 176
Out 16 45 66 127
49
Set 12 35 38 85 42
Ago 9 28 26 63
22 6 a 10 salários mínimos
Jul 6 20 15 41 22 3 a 6 salários mínimos
Jun 5 13 8 26
15 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 2,151 987
3Q09 4,114 1,417 1,436
Total 11,637 4,873 3,459

77. Solid Cash Position Allows Gafisa To Execute The
Growth Strategy And Access Credit
3Q09
R$ million 2Q09 3Q09 Pro
forma*
Total Debt 2,243 2,532 2,532
Total Cashl 1,056 1,100 1,700
Obligation to Investors 300 300 300
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.

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-)