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    • 11Q13 ResultsConference CallMay 13th, 2013
    • Safe-Harbor StatementWe make forward-looking statements that are subject to risks and uncertainties, These statements are based on the beliefs andassumptions of our management, and on information currently available to us, Forward-looking statements include statementsregarding 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 asstatements 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, Theyinvolve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances thatmay or may not occur, Our future results and shareholder values may differ materially from those expressed in or suggested bythese forward-looking statements, Many of the factors that will determine these results and values are beyond our ability tocontrol or predict.1
    • Financial Performance – André Bergstein, CFOOverview of 1Q13 Results - Duilio Calciolari, CEO
    • • Launches reached R$308 mn, with sales of R$218 mn in 1Q13, in keepingwith lower seasonal activity• Consolidated sales velocity was 5.9%, or 7.2% ex-Tenda, reflecting highersales cancellation• 1,300 units delivered in 1Q13• Operating results are not yet reflected in the financial statements as marginscontinue to be impacted by the resolution of legacy projects and structuralchanges made to restore profitability• New Tenda business model to minimize costs, time and balance sheet risk,while maintaining high construction standards31Q13 Highlights andRecent Developments
    • -453-335-273-148-58-200-76231149381203Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13• Cash position of R$1.4 bi in 1Q13• Consolidated operating cash flow reached R$122 mn in 1Q13• Cash generation of R$20 mn (pro-forma) and cash burn of R$89 mn in 1Q13, undernew accounting method• Increased overall launch activity and land purchases (R$53 mm of recent acquisition)to result in neutral operating cash flow in 2013Cash GenerationCash Generation/(Burn) Pro-Forma (3Q10 – 1Q13)4Cash burnCash generation¹ including securitization in the amount of R$169 million-89¹Note: 1) cash burn of R$ 89mn under new accounting method.
    • Launches, Sales, Cancellations and SoSInventoriesBoP1Launches Dissolution Pre-SalesPrice Adjust+ Other5InventoriesEoP2% Q-o-Q3 VSO4Gafisa (A) 1,983,694 83,029 191,572 -292,688 -44,486 1,921,120 -3.2% 5.0%Alphaville (B) 812,174 110,828 57,420 -167,799 -3,696 808,927 -0.4% 12.0%Total (A) + (B) 2,795,867 193,857 248,992 -460,487 -48,182 2,730,047 -2.4% 7.2%Tenda (C) 826,671 113,696 232,517 -239,302 -16,589 772,992 -6.5% 0.9%Total (A) + (B) + (C) 3,622,538 307,553 481,508 -699,789 -208,771 3,503,039 -3.3% 5.9%Note: 1) BoP beginning of the period – 4Q12. 2) EP end of the period – 1Q13. 3) % Change 1Q13 versus 4Q12.4) 1Q13 sales velocity. 5) Projects cancelled during the period.INVENTORYATMARKETVALUE1SALESOVERSUPPLYSoS(%)SALESOVERLAUNCHES(%)235%20%14%1Q13 4Q12 1Q12Gafisa14%48%31%1Q13 4Q12 1Q12Gafisa12%35%22%1Q13 4Q12 1Q12Alphaville46%73%63%1Q13 4Q12 1Q12Alphaville7%25%16%1Q13 4Q12 1Q12Gafisa GroupEx-Tenda67%45%53%1Q12 4Q12 1Q13Gafisa GroupEx-Tenda-1%-4%-31%1Q13 4Q12 1Q12Tenda14%0%47%1Q13 4Q12 4Q11Tenda6%20%10%1Q13 4Q12 1Q12Gafisa Group32%67%48%1Q13 4Q12 1Q12Gafisa Group5
    • Consolidated Land Bank6• Pipeline of projects to be developed in line with current strategy for each segment• Alphaville acquired R$1.8 bn in the quarter through swap%SwapTotal%Swapuntis%FinancialSwap# PotentialUnits (%costake)# PotentialUnits 100%Gafisa5.343.612 150.388 -83.029 74.164 5.485.13638% 37% 1%10.623 12.115Tenda1.890.797 59.653 -113.696 165.869 2.002.62230% 20% 10%17.728 17.728Alphaville11.434.261 1.815.021 -110.828 -116.692 13.021.76199% - 99%79.954 128.691Consolidated 18.668.669 2.025.061 -307.553 123.341 20.509.519 108.305 158.534Other (price adj.) 1Q131T134Q12Landbank Acquisitions Launches
    • Relaunch of Tenda under New Business Model• Resumption of Tenda launches following restructuring ofoperational and financial cycle in 2012• Run-off of legacy projects to be substantially completedin 2013• Launches totaled R$114mn in 1Q13• During 1Q13, Tenda transferred around 2,451 units to financialinstitutions• 40% of the 1,473 units cancelled during 1Q13 were resoldduring the period• Pre-sales reached R$6.8 million (gross pre-sales of R$239million and R$232 million in sales calncellation)• Units are being sold only to customers that have access to amortgage and can be immediately transferred to financialinstitutions• All projects qualified for financing under the MCMV or SFHprograms• During 1Q13, 1300 units were contracted for financing under theMCMV program• Sales from launches totaled R$14 million under the process ofbeing transferred to the banksCustomers Transferred (# of units) vs, % MCMVRun Off – Tenda71.8982.5152.3812.8651.8923.0663.1682.8632.7963.6203.15134332.45181%89%85%95%67%83%95% 92% 92% 89%95% 92% 92%Transferred units to CEF MCMV (%)051015202530SPRJNEMG84 23Construction sites
    • Purchase of Landand DevelopmentLaunch of theSales Phase ofthe ProjectCompletion of theProjectDeliveryPhase 1 Purchases a parcel of land(on which it can build anumber of homes) orsubdivides the land into lotsto build multiple projects thatwill be launched in phases. Tenda targets areas wherecustomers make 3-6 timesthe monthly minimum wage(2nd range of the housingprogram MCMV - My House,My Life). Participants in the landdevelopment stage are:financial institutions (projectsneed to be approved andcontracted before the 2ndphase), municipal planningand zoning departments,elected officials andcommunity interest groups.Phase 2 Tenda’s marketing campaigns areconducted internally, eliminatingthe need for a sales stand. Sales are conducted by aninternal force. The remuneration of the internalsales team is based on the“repasse” (transfer of units tofinancial institutions). As a result of the tighter creditpolicy and the new sales process,sales velocity has no peaks duringthe launch phase, but on the otherhand, sales expenses are lower,and sales are steady. The modelis made to have between 7-10%SoS per month, each and everymonth, until the project is sold outat least in 15 months.Phase 4• Collections for sold unitsare in accordance with thepayment plan provided byfinancial institutions underthe “associativo” MCMVprogram).• Tenda receives 100% ofthe value of the unit duringthe construction phase,eliminating the risk ofdelinquency on its balancesheet.Phase 3• Aluminum molds are used inconstruction to ensure a high qualityand cost efficiency.• Shorter cycle given the use ofaluminum mold results in improvedvisibility of cost trends.• The overall process (from authorization- to delivery), is planned to takeapproximately 2 years.• The loan starts out as a constructionloan based on a subsidized line ofcredit and rolls over into a permanentmortgage to the final buyer.• The assurance of financing, whichallows the builder to focus on executionand better schedule constructionworkflow.1 2 3 46 months 2 yearsTenda’s New Business Model Workflow8
    • Financial Performance – André Bergstein, CFOOverview of 1Q13 Results - Duilio Calciolari, CEO
    • • Beginning January 1, 2013, jointly controlled entities are consolidated by the equity method,instead of the proportional method. As a result, the Company consolidates jointly controlledentities in the consolidated financial statements• The main impacts occurred in net revenue, costs, gross financial result and equityImpact of New Industry Accounting Standards onthe Group’s Consolidated Financial Statements10Pro-forma 1Q13 (A) Effective Data 1Q13 (B) (A) – (B) = (C)1(C) / (D)Net Operating Revenues 718.927 668.591 (50.336) -8%Operating Costs (542.187) (510.315) 31.872 5%Gross Profit 176.740 158.276 (18.464) -3%Gross Margin 24,6% 23,7% -0,9% 0%Operating Expenses (162.049) (161.643) 406 0%Equity - 21.813 21.813 3%Net Financial Result (53.006) (56.302) (3.296) 0%Taxes (7.363) (7.641) (278) 0%Minority shareholders (9.795) (9.976) (181) 0%Net Loss (55.473) (55.473) -Adjusted EBITDA ² 63.474 67.886 4.412Adjusted EBITDA margin ² 9% 10% 1%
    • • Majority of legacy projects with lower margins, to be delivered in 2013, paving the way forimproved future profitability1Q13 4Q12 Q/Q(%) 1Q12 Y/Y(%)Net revenues 668,591 815,071 -18% 842,996 -21%Gross profit 158,276 221,360 -28% 180,973 -13%Gross margin 23,7% 27,2% -349 bps 21,5% 221 bpsAdjusted EBITDA 67,888 32,842 107% 100,609 -33%Adjusted EBITDA (ex-Tenda) 93,382 90,925 3% 111,965 -17%Adjusted EBITDA Margin 10% 4,0% 612 bps 12% -178 bpsAdj, EBITDA Mg (ex-Tenda) 17,68% 14,64% 304 bps 20% -271 bpsNet Profit -55,473 - 98,875 -44% -31,515 76%Consolidated Margins Have Not Yet Returned toNormalized LevelsGafisa Alphaville Gafisa + Alphaville Tenda Total 1Q13Net Revenues (R$mm) 367,284 161,042 528,326 140,265 668,591Revenues (% contribution) 55% 24% 79% 21% 100%Gross Profit (R$mn) 87,767 80,132 167,899 -9,623 158,276Gross Margin (%) 24% 50% 32% -7% 24%Gross Profit (% contribution) 55% 51% 106% -6% 100%Adjusted EBITDA 44,972 48,410 93,382 -25,494 67,888Adjusted EBITDA Margin 12% 30% 18% -18% 10%EBITDA (% contribution) 66% 71% 138% -38% 100%Contribution by Brand – 1Q13Consolidated Key Financial Figures11Note: We adjust our EBITDA for expenses associated with stock option plans, as this is a non-cash expense. Net Revenues include 6% of sales from landbank that did not generatemargins
    • Improved Y-o-Y Gross MarginFY 2013 Net Revenues Total Cost Gross Profit Gross Margin FinancialGross ProfitwithoutFinancialGross Marginwithout FinancialRegional SP/RJ 365.285 (271.498) 93.787 25,7%(17.925) 111.71230,6%Regional NM 2.000 (8.020) (6.020) -301,0%(4.150) (1.870)-93,5%Total 367.285 (279.518) 87.767 23,9%(22.075) 109.84229,9%Gafisa Segment – Gross Margin Breakdown Market Region• Gross Profit negatively impacted by performance of projects in non-core markets• Delivery of products outside of strategic markets to be substantially concluded in 201312
    • 13Revenues From Previous Launch Periods1Q13 1Q12Launch year PreSales %PreSales Revenues % PreSales %PreSales Revenues %Gafisa 2013 Launches 11.696 12% - 0% 0 0% - 0%(55% stake 2012 Launches 131.985 131% 142.409 39% 67.863 21% 0 0%Total 2011 Launches (4.637) -5% 82.226 22% 81.243 26% 100.907 24%Revenues) 2010 Launches (17.620) -17% 103.843 28% 56.423 18% 116.108 28%≤ 2010 Launches (20.309) -20% 38.807 11% 111.174 35% 190.649 45%Land Bank 0 0 0% 0 0 12.593 3%Total Gafisa 101.116 100% 367.285 100% 316.702 100% 420.258 100%Alphaville 2013 Launches 50.924 46% 1.942 1% 0 0% - 0%(24% stake 2012 Launches 33.789 31% 73.993 46% 155.081 85% 3.950 3%Total 2011 Launches 16.918 15% 61.057 38% 16.062 9% 39.307 33%Revenues) 2010 Launches 3.806 3% 15.011 9% 3.213 2% 48.459 41%≤ 2010 Launches 4.942 4% 9.039 6% 7.622 4% 25.863 22%Land Bank - 0 - 0% - 0 - 0%Total AUSA 110.380 100% 161.042 100% 181.978 100% 117.580 100%Tenda 2013 Launches 13.656 201% - 0% 0 0 - 0%(21% stake 2012 Launches - 0% 3 0% 0 0% - 0%Total 2011Launches (15.230) -224% 9.875 7% (30.635) 34% 15.365 5%Revenues) 2010 Launches 4.520 67% 66.010 47% (67.567) 75% 91.696 31%≤ 2010 Launches 3.838 57% 64.378 46% 7.759 -9% 181.817 62%Land Bank - 0 0% 0 4.968 2%Total Tenda 6.785 100% 140.265 100% (90.443) 100% 293.846 100%Consolidated 2013 Launches 76.276 35% 1.942 0% 0 0% - 0%2012 Launches 165.774 76% 216.405 32% 222.944 55% 3.950 0%2011 Launches (2.948) -1% 153.157 23% 66.670 16% 155.580 19%2010 Launches (9.293) -4% 184.864 28% (7.931) -2% 256.263 31%≤ 2010 Launches (11.528) -5% 112.224 17% 126.555 31% 398.329 48%Land Bank - 0 - 0% - 0 17.561 2%Total Total Gafisa Group 218.281 100% 668.592 100% 408.237 100% 831.683 100%
    • Gafisa (A) Tenda (B) Alphaville (C) (A) + (B) + (C) (A) + (C)Revenues to be recognized 1,951,419 361,914 996,580 3,309,913 2,947,999Costs to be incurred (units sold) -1,273,873 -275,766 -470,771 -2,020,410 -1,744,644Results to be Recognized 677,546 86,148 525,809 1,289,503 1,203,355Backlog Margin 35% 24% 53% 39% 41%Gafisa Group Consolidated Results to Be Recognized (REF) (R$ million)1Q13 4Q12 Q/Q(%) 1Q12 Y/Y(%)Results to be recognized 3,309,913 3,676,320 -10% 3,616,289 -8%Costs to be incurred (units sold) -2,020,410 -2,226,575 -9% -2,338,561 -14%Results to be Recognized 1,289,503 1,449,745 -11% 1,277,728 1%Backlog Margin 39% 39% -48 bps 35% 363 bpsBacklog of Results14Results to Be Recognized (REF) by Segment (R$ million) 1Q13• The consolidated margin for the quarter rose to 39% from 35% in 1Q12, due to contributionof new projects, lower participation of Tenda’s legacy projects and increased stake ofAlphaville’s projects in the Group’s product mix
    • 1Q13 4Q12 1Q12Project financing (SFH) 791 705 485Debentures - FGTS (Project Finance) 1,190 1,163 1,244Debentures - Working Capital 585 573 704Working Capital 1,146 1,199 1,138Investor Obligations 216 324 364Total Consolidated Debt + Obligations 3,929 4,240 3,936Consolidated Cash and Cash Availabilities 1,444 1,568 847Net Debt 2,485 2,396 3,089Equity + Minority Shareholders 2,644 2,695 2,717(Net debt + Obligations) / (Equity + Noncontrolling) 94% 89% 114%Debt ProfileProject Finance Debt 1,981 2,144 1,729Corporate Debt and Investor Obligations 1,948 2,096 2,207Total Consolidated Debt + Obligations 3,929 4,240 3,936Project Finance (% stake of total debt) 50% 51% 48%Corporate Debt (% stake of total debt) 50% 49% 52%Net Debt to Equity Decreased to 94%from 115% in 1Q12(R$ million)• Comfort cash position of R$1.4 bi• Consolidated cash burn of R$89million in 1Q13 (R$20 million ofgeneration before the newaccounting method• Net Debt / Equity stable in 94%(96% in Mar/13 and 95% in Dec/12before the new accounting method)• Sequential increase in leverageconsistent with focus onreinvestment and growth• Project finance represented 50% oftotal debt versus 48% a year ago• 38% of short-term debt isrepresented by project finance15
    • Well Structured Debt Schedule and Profile(R$million) Avg, Cost (% p,a,) TotalUntilMar /13UntilMar /14UntilMar /15UntilMar /16AfterMar /16Debentures - FGTS (A) TR + (9,54% - 10,09%) 1.189.918 241.925 247.993 350.000 150.000 200.000Debentures - Working Capital (B) CDI + (1,50% - 1,95%) 584.890 140.698 283.659 150.000 6.913 3.620Project Financing SFH – (C) TR + (8,30% - 11,50%) 790.881 200.618 373.449 160.448 40.684 15.682Working Capital (D) CDI + (1,30% - 3,04%) 1.146.952 410.715 331.764 250.182 137.711 16.580Total (A)+(B)+(C)+(D) = (E) 3.712.641 993.956 1.236.865 910.630 335.308 235.882Investor Obligations (F)CDI + (0,235% - 0,82%) /IGPM+7,25%216.375 184.819 15.133 9.885 5.399 1.139Total consolidated debt (G) 3.929.016 1.178.775 1.251.998 920.515 340.707 237.021% Total (H) 9,33% 30% 32% 23% 9% 6%Project Finance due to correspondingperiod as % of total debt50% 38% 50% 55% 56% 91%Corporate Debt due to correspondingperiod as % of total debt50% 62% 50% 45% 44% 9%• Gafisa has R$1.2 billion or 30% of total debt due in the short term. Of this total,project finance accounts for 38%16
    • Receivables + Inventory vsConstruction ObligationsReceivablesInventory at marketvalueTotalConstructionobligationsGafisa (A) 3.678.097 1.957.850 5.635.947 1.753.981Alphaville (B) 1.746.194 636.258 2.382.452 698.304Tenda (C) 1.243.188 915.036 2.158.224 463.716Total (A) + (B) + (C) 6.667.479 3.509.143 10.176.622 2.916.003R$ million(R$000) Consolidated 1Q13 4Q12 Q-o-Q (%) 1Q12 Y-o-Y (%)Receivables from developments – LT (off BS) 3.435.302 3.815.589 -10% 3.753.284 -8%Receivables from PoC – ST (on balance sheet) 2.492.119 2.493.170 0% 3.002.163 -17%Receivables from PoC – LT (on balance sheet) 740.058 820.774 -10% 1.024.027 -28%Total Gafisa Group 6.667.479 7.129.533 -6% 7.779.474 -14%17Receivables
    • OutlookLaunches Guidance –2013EGuidance(2013E)Actual numbers1Q13AConsollidated Launches R$2,7 – R$3,3 bi 307mnBreadown by BrandLaunches Gafisa R$1,15 – R$1,35 bi 83 mnLaunches Alphaville R$1,3 – R$1,5 bi 111 mnLaunches Tenda R$250 – R$450 mn 114 mnGuidance(2013E)Actual number1Q13AConsolidated stable 94%Guidance(2013)Actual numbers1Q13AConsolidated (# units) 13,500 – 17,500 1,300Delivery by Brand# Gafisa Delivery 3,500 – 5,000 86# Alphaville Delivery 3,500 – 5,000 419# Tenda Delivery 6,500 – 7,000 795• Given the focus for cashgeneration in 2012,Gafisa enters 2013 with acomfortable liquidity positionand capital structure, havingrestructured debt anddiversified funding sourcesand cash facilitiesGuidance(2013E)Actual number1Q13AConsolidated 12% - 14% 10%Launch Guidance – 2013 EstimatesGuidance Leverage (2013E)Guidance EBITDA Margin (2013E)Delivery Estimates 2013E18