1. 1
3Q10 Results
Conference Call

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. 3
Financial and Operational Performance – Wilson Amaral, CEO
Overview of 3Q10 Results

4. Operating and Financial Highlights (R$ million) 3Q10 3Q09
3Q10 vs.
3Q09 (%)
9M10 9M09
9M10 vs.
9M09 (%)
Launches 1,237 514 140% 2,949 1,301 127%
Launches, units 6,210 3,333 86% 14,491 6,552 121%
Contracted sales 1,018 800 27.3% 2,766 2,194 26.0%
Contracted sales, units 5,082 5,545 -8% 14,811 15,540 -5%
Contracted sales from Launches 579 288 101% 1,650 629 163%
Contracted sales from Launches - % 46.8% 56.0% -922 bps 56.0% 48.3% 764 bps
Net revenues 957 877 9% 2,792 2,125 31%
Adjusted Gross profit (w/o capitalized interest) 310 277 12% 856 640 34%
Adjusted Gross margin (w/o capitalized interest) 32.3% 31.6% 77 bps 30.7% 30.1% 53 bps
Adjusted EBITDA
(1)
197 174 13% 550 362 52%
Adjusted EBITDA margin
(1)
20.6% 19.8% 77 bps 19.7% 17.0% 265 bps
Adjusted Net profit (2)
133 89 50% 326 227 44%
Adjusted Net margin (2)
13.9% 10.1% 378 bps 11.7% 10.7% 102 bps
Net profit 117 64 83% 279 158 76%
EPS (R$/share) 0.27 0.24 11% 0.65 0.61 7%
Number of shares ('000 final) 430,910 261,017 65% 430,910 261,017 65%
Revenues to be recognized 3,429 2,905 18% 3,429 2,905 18%
REF margin (3)
38.2% 35.0% 322 bps 38.2% 35.0% 322 bps
Net debt and Investor obligations 2,076 1,732 20% 2,076 1,732 20%
Cash and availabilities 1,231 1,100 12% 1,231 1,100 12%
(Net debt + Obligations) / (Equity + Minorities) 55.6% 74.1% -1850 bps 55.6% 74.1% -1850 bps
(1)
Adjusted for stock option plans expenses (non-cash) and Tenda goodw ill net of provisions.
(2)
Adjusted for stock option plans expenses (non-cash), minority shareholders and non recurring expenses
(3)
Results to be recognized net from PIS/Cofins - 3.65%; excludes the AVPmethod introduced by law 11638
Highlights
Strong Top Line Growth, Operating Margin Improvement and Ample Liquidity
4

5. Recent Developments
5
Improved EBITDA Margin: Gafisa’s improved EBITDA margin of 20.6% in the third quarter continue to
reflect the gradual delivery of old-lower margins units that negatively impact the company’s results, while
the integration of Tenda and other structural efficiencies contributed to improved SG&A ratios;
The Gafisa Brand Celebrates Completion of 1000th Project: On October 19th, Gafisa celebrated the
delivery of the Company’s 1000th project, Terraças Alto do Lapa, a twenty-four story, 192-unit apartment
building located in São Paulo;
R$300 million Debenture Issuance: On November 5th, Gafisa announced that it completed the
pricing of a R$ denominated issue of 5 year and 6 year notes, consisting of R$300 million aggregate
principal amount;
New Chairman and Board members: On November 8th, Gafisa announced the appointment of Caio
Racy Mattar to succeed Gary Garrabrant as non-executive chairman of the board. Gary Garrabrant and
Thomas McDonald, both from Equity International (EI), elected to step down from the board of directors
following the reduction in EI’s holdings in Gafisa. This change followed the election on October 14th of
Wilson Amaral de Oliveira and Renato de Albuquerque to Gafisa’s Board of Directors.

6. SP
42%
RJ
15%
PI
9%
PR
9%
BA
4%
MG
4%
PA
12%
Others
6%
Launches
3Q10 Launches by unit price 3Q10 Pre-sales by unit price
Strong Launch and Sales Performance
6
SP
46%
RJ
11%
PI
9%
PR
7%
MG
5%
PA
5%
Others
17%
3Q10 3Q09 Var. (%)
Gafisa ≤ R$500 k 215,971 107,790 100%
> R$500 k 315,999 88,786 256%
Total 531,969 196,576 171%
Units 1,130 665 70%
AlphaVille > R$100K; ≤ R$500K 223,824 29,135 668%
Total 223,824 29,135 668%
Units 1,215 205 492%
Tenda
1)
≤ R$130 k 237,746 121,427 96%
> R$130K; < R$200K 243,408 167,208 46%
Total 481,154 288,635 67%
Units 3,865 2,463 57%
Consolidated Total 1,236,947 514,346 140%
Units 6,210 3,333 86%
%Gafisa - (R$ 000) 3Q10 3Q09 Var. (%)
Gafisa ≤ R$500 k 307,710 237,137 30%
> R$500 k 212,437 146,557 45%
Total 520,147 383,694 36%
Units 1,308 1,150 14%
AlphaVille > R$100K; ≤ R$500K 160,532 58,210 176%
Total 160,532 58,210 176%
Units 735 281 161%
Tenda ≤ R$130 k 218,934 311,192 -30%
> R$130 k; < R$200k 118,866 47,151 152%
Total 337,800 358,343 -6%
Units 3,039 4,114 -26%
Consolidated Total 1,018,480 800,247 27%
Units 5,082 5,545 -8%
(%Gafisa) - R$ 000

7. 7
Inventory and Sales Velocity - 3Q10
3Q10 Inventory
R$ Million
Inventories
beginning of
period
Launches Sales
Price Increase +
Other
End of period
Inventories
Sales velocity
Gafisa 1,610 532 520 23 1,645 24.0%
AlphaVille 351 224 161 1 415 27.9%
Tenda 764 481 338 (31) 877 27.8%
Total 2,726 1,237 1,018 (7) 2,937 25.7%
25.7%
22.1%
24.6%
3Q10 3Q09 2Q10
Sales Velocity (%)

8. Diversified, High-Quality Land Bank Provides Strong Platform for Growth
212 different projects in 22 states
8
 38.5% acquired by swap agreements.
 Affordable entry-level segment represents 45% of potential units in land bank.
PSV - R$ million
(%Gafisa)
%Swap
Total
%Swap
Units
%Swap
Financial
Potential units
(%Gafisa)
Gafisa <= R$500K 4,808 44.8% 37.8% 7.0% 17,194
> R$500K 3,003 29.7% 27.3% 2.4% 4,065
Total 7,810 37.9% 33.0% 4.9% 21,259
AlphaVille <= R$100K; 669 100.0% 0.0% 100.0% 6,995
> R$100K; <= R$500K 4,043 96.8% 0.0% 96.8% 21,961
> R$500K 23 0.0% 0.0% 0.0% 26
Total 4,735 97.0% 0.0% 97.0% 28,982
Tenda <= R$130K 3,289 33.1% 32.2% 0.9% 37,566
> R$130K; < R$ 200K 716 52.5% 52.5% 0.0% 4,321
Total 4,006 39.7% 39.1% 0.6% 41,887
Consolidated 16,551 38.5% 34.5% 4.0% 92,128
Land Bank (R$ million) Gafisa Alphaville Tenda Total
Land Bank - BoP (2Q10) 7,497 4,298 3,972 15,768
3Q10 - Net Acquisitions 845.3 660.4 514.4 2,020
3Q10 - Launches (532.0) (223.8) (481.2) (1,237)
Land Bank - EoP (3Q10) 7,810 4,735 4,006 16,551

9. Delivered Projects
Gafisa delivered 16 developments or phases during 3Q10, representing R$ 300 million of PSV.
Gafisa: 6 projects/phases, 933 units, R$ 176 million
Tenda: 10 projects/phases, 1,565 units, R$ 124 million
9
Tenda Gusmão - RS
Gafisa Terraças
Alto da Lapa - SP
Gafisa Nice -
Manaus

10. Minimum Wages Caixa Econômica Fereral(1)
0 - 3 MW 313,087
3- 10 MW 368,622
TOTAL 681,709
(1) Until October 8 th
, 2010 for CEF.
Period To be contracted(2)
Contracted % MCMV TOTAL
2009 - 6,102 74% 6,102
1Q10 - 2,788 88% 2,788
2Q10 - 6,239 78% 6,239
3Q10 7,785 79% 7,785
4Q10 7,949 7,949
TOTAL 7,949 22,914 78% 30,863
(2) Units contracted in 2010 and already filed with CEF through Sep 2010.
Period Units % MCMV
2009 5,114 48%
1Q10 1,898 81%
2Q10 2,515 89%
3Q10 2,381 85%
TOTAL 11,908 69%
Total Contracted Units under "MCMV" I
Pipeline
Transferred
Efficiency Gains under “Minha Casa, Minha Vida” Program
Tenda contracted 22,914 units through September and has close to 8,000 units expected for 4Q10
Caixa’s efficiency continues to improve;
In 3Q10, Tenda contracted 7,785 units, close to 80% qualify as MCMV units.
10

11. 242
386
513 50831
47
58 59
186
241
309 352
459
674
880
919
2007 2008 2009 9M10
Intern Enginners Construction Architects On the Job
11
Proven Execution Capacity
Units Under Construction Projects under Construction
Units Completed Number of Engineers
Source: Gafisa
16,099
33,586
49,423 50,189
2007 2008 2009 3Q10
3,108
8,206
10,831
9,995
E: 15,000
2007 2008 2009 9M10/2010E
63
85
188
211
2007 2008 2009 9M10

12. Financial Performance – Duilio Calciolari, CFO and IR Officer
Overview of 3Q10 Results
12

13. 3Q10 3Q09 2Q10 3Q10 x 3Q09 3Q10 x 2Q10
Consolidated Selling expenses 53,887 55,556 61,140 -3% -12%
G&A expenses 59,317 57,601 55,125 3% 8%
SG&A 113,204 113,157 116,265 0% -3%
Selling expenses / Launches 4.4% 10.8% 6.1% -644 bps -171 bps
G&A expenses / Launches 4.8% 11.2% 5.5% -640 bps -67 bps
SG&A / Launches 9.2% 22.0% 11.5% -1285 bps -238 bps
Selling expenses / Sales 5.3% 6.9% 6.9% -165 bps -158 bps
G&A expenses / Sales 5.8% 7.2% 6.2% -137 bps -37 bps
SG&A / Sales 11.1% 14.1% 13.1% -303 bps -195 bps
Selling expenses / Net revenue 5.6% 6.3% 6.6% -70 bps -96 bps
G&A expenses / Net revenue 6.2% 6.6% 5.9% -37 bps 25 bps
SG&A / Net revenue 11.8% 12.9% 12.5% -107 bps -71 bps
(R$'000)
SG&A
Improvement over 3Q09 with lower SG&A ratios as a share of top lines
13
 Ratios continued to improve when compared to the 3Q09, mainly due to the operating leverage and
synergies achieved with the merger of Tenda into Gafisa.

14. New Projects Positively Impacted Backlog of Revenues to be Recognized
14
(R$ million) 3Q10 3Q09 2Q10 3Q10 x 3Q09 3Q10 x 2Q10
Consolidated Revenues to be recognized 3,429 2,905 3,209 18.0% 6.9%
Costs to be recognized (2,120) (1,890) (2,042) 12.2% 3.8%
Results to be recognized (REF) 1,309 1,015 1,167 28.9% 12.2%
REF margin 38.2% 35.0% 36.4% 322 bps 181 bps
Note: Revenues to be recognized are net of PIS/Cofins (3.65%); excludes the AVP method introduced by Law nº 11,638
 Recent projects are having a greater impact on the company’s results to be recognized.
National Construction Cost Index (INCC) increased over 3% in the period, reflecting inflation from May to
July, since contracted unit prices are adjusted based on INCC of the second prior month. In this period the
INCC also reflected the labor annual wage adjustment that happened across the country.

15. Net Debt/Equity (Excluding Project Finance): 6.2%
R$ 300 million debenture not yet considered;
An additional R$ 300 million available for securitization.
15
Strong Cash Position of R$1.2 billion and Capital Structure to Support Growth
(R$ million) Average Cost (p.a.) Total
Until
Sep/2011
Until
Sep/2012
Until
Sep/2013
Until
Sep/2014
After
Sep/2014
Debentures - FGTS (project finance) (8.25% - 8.92%) + TR 1,238.5 42.9 - 448.5 598.5 148.5
Debentures - Working Capital CDI + (1.5% - 3.25%) 527.5 171.6 124.6 124.6 106.7 -
Project financing (SFH) (8.30% - 12%) + TR 607.7 417.0 171.2 19.5 - -
Working capital CDI + (0.66% - 4.2%) 553.5 372.3 91.9 86.9 2.3 -
Total consolidated debt 10.8% 2,927 1,004 388 680 707 149
Investor Obligations 380 - 127 127 127 -
%Total 30% 16% 24% 25% 4%
R$ million 3Q10 2Q10
Total Debt 2,927 3,049
Total Cash 1,231 1,806
Investor Obligations 380 380
Net debt and investor obligations 2,076 1,623-
Net debt and investor obligations /
(Equity +Minorities) 55.6% 45.2%
-
(Net debt + Ob.) / (Eq + Min.) - Exc.
Project Finance (SFH + FGTS Deb.) 6.2% -2.4%
-
Cash Burn 453 415

16. 757
2,922
2,236 2,075
3Q10 4Q10E 1Q11E 2Q11E
Bank Mortgage
Why Cash Burn still high and why should change to positive in 2011?
Cash burn continue high mainly due to Tenda’s units launched and sold mainly in 2007 and 2008 that are
being built using it’s own capital, instead of the mechanism of Blue-Print mortgages (Crédito Associativo);
Going forward, Tenda is gradually increasing the use of Associative Credit over current sales (that
already reached 62% in the 3Q10), contributing to reduce the Working Capital needs;
From now until June/11, Tenda will transfer approximately 7,000 units that did not contracted Blue-Print
mortgage, meaning that the invested money will return to Company’s cash.
16
Tenda’s Transferred of Concluded Units to CEF
- Pipeline
22%
38%
51%
62%
100%
78%
62%
49%
38%
2007 2008 2009 9M10 3Q10
Blue-PrintMortg. (Crédito Associativo) Tenda's Financing/Project Finance
Tenda is delivering units that did not
contracted Blue-Print mortgage in the past.
Tenda’s unit sales by type of finance
9,505 11,576 15,871 9,733 3,039

17. Launches
(R$ million)
Guidance
2010
3Q10 % 9M10 %
Gafisa Min. 4,200 29% 70%
(consolidated) Average 4,400 1,237 28% 2,949 67%
Max. 4,600 27% 64%
EBITDA Margin (%)
Guidance
2010
3Q10 % 9M10 %
Gafisa Min. 18.5% 210 bps 120 bps
(consolidated) Average 19.5% 20.6% 110 bps 19.7% 20 bps
Max. 20.5% 10 bps -80 bps
2010 Outlook
Gafisa is narrowing the range of the 2010 launch guidance to R$ 4.2 billion - R$ 4.6 billion.
We expect full year 2010 EBITDA margin to reach between 18.5% - 20.5%.
17

18. 18
Gafisa’s average daily trading volume: R$118.3 million (last 90 days)1
Average Daily Turnover in the last 90 days over free float: 2.1%
(1) Source Bloomberg: up to November 12th
Gafisa: The Most Liquid Brazilian Real Estate Company and the Only One
Listed on NYSE
30,000,000
80,000,000
130,000,000
180,000,000
230,000,000
9.00
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
Aug-10 Aug-10 Aug-10 Sep-10 Sep-10 Sep-10 Sep-10 Sep-10 Oct-10 Oct-10 Oct-10 Oct-10 Nov-10
Average Volume Price GFSA3 (R$ / share)
Gafisa Equity
Price and Volume vs. Time