- The document summarizes Gafisa's third quarter 2009 results conference call. - Key highlights include a 43% decrease in launches but a 48% increase in contracted sales compared to the previous year. Net revenues increased 131% while gross margins decreased. - Recent developments discussed include strong sales in mid-to-mid-high segments, expansion of the affordable housing program, and plans to merge shares of Tenda into Gafisa to increase scale and efficiency. - Gafisa has a diversified land bank of 313 sites in 21 states representing over 15 billion reais in potential sales.

1. Third Quarter 2009 Results
Conference Call
Investor Relations Contact
Luiz Mauricio de Garcia Paula
ri@gafisa.com.br
1

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.
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3. Overview of 3Q09 Results
Financial and Operational Performance – Wilson Amaral, CEO
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4. Highlights of the Quarter
Operating and Financial Highlights (R$ million) 3Q09 3Q08 Var. (%)
Launches 514.3 898.7 -43%
Launches, units - '000 3.6 5.3 -32%
Contracted sales 800.2 541.0 48%
Contracted sales, units - '000 5.5 3.5 61%
Net revenues 877.1 379.0 131%
Gross profit 255.2 132.6 92%
Mainly due to the SAP
Gross margin 29.1% 35.0% -590 bps implementation that
Adjusted EBITDA (1) 179.1 69.8 157% reduced the construction
Adjusted EBITDA margin (1) 20.4% 18.4% 200 bps cost recognition in the
3Q08, and adjusted in the
Adjusted Net profit (2) 88.6 37.6 136% 4Q08.
Adjusted Net margin (3) 10.1% 9.9% -20bps
Net profit 63.7 14.5 340%
EPS (R$/share) 0.49 0.11 339%
Revenues to be recognized 2,905.4 1,971.2 47%
Results to be recognized (3) 1,015.5 711.3 43%
REF margin (3) 35.0% 36.1% -110 bps
Net debt and Investor obligations 1,732.0 894.0 94%
Cash and availabilities 1,099.7 777.4 41%
Equity 1,783.5 1,638.4 9%
Equity + Minority shareholders 2,336.4 1,684.4 39%
Total assets 6,931.5 4,468.2 55%
(Net debt + Obligations) / (Equity + Minorities) 74.1% 53.1% 2090 bps
(1) Adjusted for expenses with stock options plans (non-cash)
(2) Adjusted for expenses with stock options plans (non-cash) and minority shareholders
(3) Results to be recognized net from PIS/Cofins - 3.65%; excludes the AVP method introduced by law 11638 4

5. Recent Developments
Strong Sales Performance of Mid/Mid-High Segments: Demand for Gafisa’s product portfolio and also
TENDA’s affordable entry level offerings.
Affordable Entry-Level Segment: On October 1st, the government announced the expansion of the
number of cities currently eligible to receive subsidies and financing under MCMV(1) program.
Diversified Geographies and Products: Gafisa continues to expand its national footprint. December 2006:
10 states and 16 cities with 70 developments. September 2009: leading brands are present in more than
21 states and 100 cities with 250 developments that serve multiple segments
Execution Capacity: The Company continues to cultivate a pipeline of professional talent. There are now
over 450 engineers in training and 250 in the field managing the construction of 250 projects.
R$600 Million Debenture: On October 15th, Gafisa called for an EGSM(2) to approve the issuance of a
debenture from CAIXA in the amount of up to R$600 million to fund additional projects.
Merger of All of TENDA Shares: On October 22nd, the Company announced that it intends to merge all of
its subsidiary CONSTRUTORA TENDA S.A.’s shares into Gafisa.
(1) MCMV: Minha Casa Minha Vida program /
(2) Extraordinary General Shareholder Meeting 5

6. Incorporation of Tenda’s Shares
Benefits to Gafisa and Tenda shareholders:
• Economies of Scale;
• Increase in operational, commercial and administrative efficiency;
• Optimization of consolidated balance sheet ;
• Streamlined administration;
• Greater share liquidity.
According to CVM Guidance 35, an independent committee was created to represent Tenda in the
negotiation of the transaction terms with Gafisa’s Management;
Consolidated daily liquidity of approximately R$ 150 million(1):
• R$ 76.7 mm (US$ 44.1 mm – Gafisa ADRs – NYSE);
• R$ 74.4 mm (R$ 60 mm Gafisa + R$ 14.4 mm Tenda - BMF&BOVESPA).
(1) source: Bloomberg – Gafisa + Tenda: average of the last 30
days up to Oct. 30. 6

7. Diversified, High-Quality Land Bank Provides Strong Platform for Growth
313 different sites in 21 states
PSV %Swap %Swap %Swap Potential units Potential units
R$ Million / ‘000 units
(%Gafisa) Total Units Financial (%Gafisa) (100%)
Gafisa ≤ R$500K 4,189.8 45% 37% 8% 13.9 15.7
> R$500K 2,903.3 35% 32% 2% 4.1 4.5
Total 7,093.1 42% 37% 8% 18.0 20.1
Alphaville > R$100K; ≤ R$500K 3,336.0 96% 0% 96% 21.4 38.7
Total 3,336.0 96% 0% 96% 21.4 38.7
Tenda ≤ R$130K 3,896.2 28% 28% 0% 49.8 49.8
> R$130K 1,021.5 5% 5% 0% 5.8 5.8
Total 4,917.7 22% 22% 0% 55.6 55.6
Consolidated 15,346.8 85% 3% 82% 95.0 114.4
85% acquired by swap agreements.
Affordable entry-level segment represents 59% of potential Gafisa units in land bank.
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8. Conservative Approach Toward Launches – Already Accelerated in Q4
3Q09 Launches by unit price 3Q09 Pre-sales by unit price
(%Gafisa) – R$ million 3Q09 3Q08 (%Gafisa) – R$ million 3Q09 3Q08
Gafisa ≤ R$500 k 107.8 286.6 Gafisa ≤ R$500 k 237.1 259.2
> R$500 k 88.8 213.1 > R$500 k 146.6 51.1
Total 196.6 499.6 Total 383.7 310.3
Units 953 1,122 Units 1,150 1,054
Alphaville > R$100 k; ≤ R$500 k 29.1 50.9 Alphaville > R$100 k; ≤ R$500 k 58.2 52.6
Total 29.1 50.9 Total 58.2 52.6
Units 205 286 Units 281 364
Tenda 1) ≤ R$130 k 121.4 310.2 Tenda 1) ≤ R$130 k 311.2 119.0
> R$130 k 167.2 37.9 > R$130 k 47.6 59.1
Total 288.6 348.1 Total 358.3 178.1
Units 2,463 3,933 Units 4,114 2,036
Consolidated Total 514.3 898.7 Consolidated Total 800,2 541.0
Units 3,621 5,341 Units 5,545 3,455
1) Includes Tenda, Fit and Bairro Novo in 2008 1) Includes Tenda, Fit and Bairro Novo in 2008
São Paulo São Paulo
33% Other
41%
42%
Other
58%
Rio de
Janeiro Rio de
9% Janeiro
17%

9. Inventories and 4Q09 Launches Preview
3Q09 Inventory
Inventories beginning of *Inventory Release + Inventories end of
R$ million Launches Sales Sales velocity
period Other period
Gafisa 1,541.8 196.6 383.7 3.5 1,358.1 22.0%
AlphaVille 203.4 29.1 58.2 6.6 180.9 24.3%
Tenda 934.0 288.6 358.3 411.6 1,275.9 21.9%
Total 2,679.2 514.3 800.2 421.7 2,814.9 22.1%
Over R$ 1 billion in launches in the 4Q09
R$ million
Twice the 3Q09
October launches reached R$ 367
million.
626
514 Sales velocity still high: Alphaville Porto
Alegre (PSV of R$82 million) and Paulista
160
Corporate (PSV of R$ 75 million) sold
1T09 2Q09 3Q09 4Q09
respectively 100% and 60% up to Nov, 4th.
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10. Overview of 3Q09 Results
Financial Performance – Duilio Calciolari, CFO and IR Officer
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11. Strong Pre-Sales Positively Impact Backlog of Revenues to be
Recognized
R$1.0 billion of results to be recognized (42.8% growth compared to 3Q08)
3Q09 3Q08 2Q09 3Q09 x 3Q08 3Q09 x 2Q09
Gafisa (R$000) 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% 2 bps -34 bps
Tenda 1) (R$000) 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 (R$000) Revenues to be recognized 2,905 1,971 3,092 47.4% -6.0%
Costs to be recognized (1,890) (1,260) (1,968) 50.0% -4.0%
Results to be recognized (REF) 1,015 711 1,125 42.8% -9.7%
REF margin 35.0% 36.1% 36.4% -113 bps -142 bps
Note: Revenues to be recognized are net from PIS/Cofins (3.65%). Backlog of Revenues not adjusted to present value.
1) Includes Fit Residencial and Bairro Novo in 2008
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12. SG&A
- Greater revenues recognition in Gafisa improved SG&A ratios
R$ 000
3Q09 Gafisa Tenda Total 3Q08 Gafisa Tenda Total
Selling Expenses (R$ 000) 27,701 27,855 55,556 Selling Expenses (R$ 000) 29,265 5,898 35,162
G&A Expenses (R$ 000) 35,604 21,997 57,601 G&A Expenses (R$ 000) 19,162 11,151 30,313
SG&A Expenses (R $000) 63,305 49,851 113,157 SG&A Expenses (R $000) 48,426 17,049 65,475
Selling Expenses / Sales 6.3% 7.8% 6.9% Selling Expenses / Sales 8.1% 5.5% 7.5%
G&A Expenses / Sales 8.1% 6.1% 7.2% G&A Expenses / Sales 5.3% 10.5% 6.5%
SG&A / Sales 14.3% 13.9% 14.1% SG&A / Sales 13.3% 16.0% 14.0%
Selling Expenses / Revenues 4.5% 10.9% 6.3% Selling Expenses / Revenues 8.6% 15.8% 9.3%
G&A Expenses / Revenues 5.7% 8.6% 6.6% G&A Expenses / Revenues 5.6% 29.8% 8.0%
SG&A / Revenues 10.2% 19.5% 12.9% SG&A / Revenues 14.2% 45.6% 17.3%
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13. Strong Financial Position: Consolidated Cash of R$1.1 billion
80% of Gafisa’s construction has financing lines in place Debt to maturity
Cash-burn rate was R$246 million in 3Q09
Short Term
R$ million 3Q09 2Q09 26%
Total Debt 2,532 2,243
Total Cash 1,100 1,056
Obligation to Investors 300 300
Net Debt & Obligation to Investors 1,732 1,486
(Net Debt & Obligation to Investors) / (Equity + Minorities) 74.1% 65.6% Long Term
74%
Cash-burn rate 246 111
Until Until Until Until After
Company (R$000) 2Q09 3Q09 3Q09x2Q09
Sep/2010 Sep/2011 Sep/2012 Sep/2013 Sep/2013
Debentures 500,388 704,920 41% 60,920 394,000 125,000 125,000 ---
Project financing (SFH) 306,348 394,820 29% 152,823 208,876 29,312 3,809 ---
Working capital 674,047 684,956 2% 359,178 249,711 36,836 36,906 2,325
Total debt - Gafisa 1,486,182 1,784,696 20% 572,921 852,587 191,148 165,715 2,325
Debentures 607,514 619,861 --- 19,861 --- --- 300,000 300,000
Project financing (SFH) 73,163 78,795 8% 34,584 44,211 --- --- ---
Working capital 75,894 48,375 -36% 23,722 12,192 8,175 4,286 ---
Total debt - Tenda 1) 756,571 747,031 -1% 78,167 56,403 8,175 304,286 300,000
Total consolidated debt 2,242,753 2,531,727 13% 651,088 908,990 199,323 470,001 302,325
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14. Gafisa: the most liquid Brazilian real estate company and the only one
listed on NYSE
Volume Diário (R$ MM)
ADTV1 (R$ MM) Preço (GFSA3) (R$/share)
Price GFSA3
210 40
180 35
30
150
25
120
20
90
15
60
10
30 5
0 0
Gafisa’s average daily trading volume: R$135.8 million (Oct 1st, 2009 – Oct 30th, 2009)
Average Daily Turnover in the last 90 days over free float: 2.9%
(1)ADTV = Average Daily Trade Volume 14

15. Outlook for 2009
We maintain our outlook for 2009 and reaffirm the full-year guidance for sales
and EBITDA margin:
- Consolidated Sales: between R$2.7 billion and R$3.2 billion
- Consolidated EBITDA Margin: between 16% and 17%
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