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2Q11 Results
Conference Call

                  1
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
Overview of 2Q11 Results
Financial and Operational Performance – Duilio Calciolari, CEO and IR Officer




                                                                                3
Highlights
   Operating and Financial Highlights                                               2Q11 vs.                     2Q11 vs.                        1H11 vs.
                                                          2Q11          2Q10                         1Q11                    1H11      1H10
   (R$ million)                                                                     2Q10 (%)                     1Q11 (%)                        1H10 (%)
   Launches                                                  1,380          1,009        37%               513       169%      1,893     1,712        11%
   Launches , units                                          6,083          4,398        38%             2,254       170%      8,337     8,281         1%
   Contracted s ales                                         1,147            890        29%               822        40%      1,969     1,747      12.7%
   Contracted s ales , units                                 4,219          4,476         -6%            3,361        26%      7,580     9,729       -22%
   Contracted s ales from Launches                             584            409        43%               296        97%        880       644        37%
   Contracted s ales from Launches - %                      42.3%          40.6%      171 bps           57.8%    -1553 bps    46.5%     37.6%      887 bps

   Net revenues                                              1,041           927           12%            800         30%      1,842     1,835         0%
   Adjus ted Gross profit (w/o capitalized interest)           277           305            -9%           185         18%        499       580       -14%
   Adjus ted Gross margin (w/o capitalized interest)        26.6%          32.8%       -624 bps         27.7%     -113 bps    27.1%     31.6%     -452 bps
   Adjus ted EBITDA (1)                                       151            184          -18%            107         42%        257       352       -27%
   Adjus ted EBITDA m argin (1)                            14.5%          19.8%        -535 bps        13.3%       117 bps    14.0%     19.2%     -523 bps
   Adjus ted Net profit (2)                                    40            107          -63%             24         64%         64       187       -66%
   Adjus ted Net margin (2)                                 3.8%          11.6%        -775 bps         3.0%        79 bps     3.5%     10.2%     -672 bps
   Net profit                                                  25             97          -74%             14         83%         39       162       -76%
   EPS (R$/s hare)                                           0.06           0.23          -74%           0.03         83%       0.09      0.38       -76%
   Number of s hares ('000 final)                         431,538        429,348            1%        431,384          0%    431,538   429,348         1%
   Revenues to be recognized                                4,277          3,209           33%          4,062          5%      4,277     3,209        33%
   REF margin (3)                                          36.5%          36.4%          13 bps        39.0%      -252 bps    36.5%     36.4%       13 bps

   Net debt and Investor obligations                         2,890          1,623         78%            2,742         5%      2,890     1,623       78%
   Cash and availabilities                                   1,163          1,806        -36%              927        25%      1,163     1,806      -36%
   (Net debt + Obligations) / (Equity + Minorities )        75.1%          45.2%      2988 bps          72.0%      309 bps    75.1%     45.2%    2988 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 AVP method introduced by law 11638
                                                                                                                                                             4
Recent Developments and Highlights

 Duilio Calciolari appointed CEO; Rodrigo Osmo named CFO


 R$170 million true securitization of part of portfolio of delivered and soon to be delivered receivables:
       - Receivables that are due (40%) and that will come due within the next six months.
        - No joint liability, no impact on the contra accounts.


 Alphaville: A major growth engine:
      - New brand extension, Terras Alpha, targeting the middle class community living;
      - We are focusing on urban centers through the development of large areas.


 Strong sales velocity supported by internal sales force and growing online presence:
      - Internal sales force responsible for approx. 52% of sales in the regions in which they are present.
      - Online sales contributed to approx. 16% of sales in the Rio and Sao Paulo.

                                                                                                              5
Launch and Sales Performance
2Q11 Launches by unit price                                                      2Q11 Pre-sales by unit price
%Gafisa - (R$ 000)                            2Q11         2Q10     Var. (%)   (%Gafisa) - R$ 000              2Q11        2Q10    Var. (%)
                                           729,837      222,272       228%     Gafisa          ≤ R$500 k    561,175     196,795     185%
Gafisa               ≤ R$500 k
                                            205,422      268,362      -23%                     > R$500 k    217,125     259,463      -16%
                     > R$500 k
                                           935,259      490,634        91%                     Total        778,300     456,258       71%
                     Tota l                                                                                                           79%
                                                                                               Uni ts          1,946       1,088
                     Units                    2,589        1,143      127%
                                                                               AlphaVille      ≤ R$100K;         -           -          0%
                                             95,567      227,483      -58%                     > R$500K       3,044          -          0%
AlphaVille           > R$100K; ≤ R$500K
                                                                                               Total        145,013     128,792       13%
                     Tota l                 95,567      227,483       -58%                                      752         424       77%
                                                                                               Uni ts
                     Units                      621          681       -9%

Tenda                ≤ MCMV                 310,505      216,666       43%     Tenda           ≤ MCMV       180,508     225,846      -20%
                     > MCMV                  38,938       73,745      -47%                     > MCMV        43,181      78,865      -45%
                     Tota l                 349,443      290,411       20%                     Total         223,689    304,711      -27%
                     Units                    2,873        2,574       12%                     Uni ts          1,521      2,964      -49%
Consolidated         Tota l               1,380,270    1,008,528       37%     Consolidated    Total       1,147,002    889,761       29%
                     Units                     6,083        4,398      38%                     Uni ts           4,219      4,476       -6%




                                                                                                                                          6
Inventory and Sales Velocity - 2Q11


   2Q11 Inventory
                    Beginning of period                        Price Increase +   End of period
    R$ million                            Launches     Sales                                      Sales velocity
                            Inventories                                   Other     Inventories

          Gafisa               1,724.2       935.3     778.3             59.7          1,940.9           28.6%
       AlphaVille                436.7        95.6     145.0             26.8            414.0           25.9%
          Tenda                  856.2       349.4     223.7             61.8          1,043.8           17.6%
           Total               3,017.0     1,380.3   1,147.0            148.3          3,398.6           25.2%




                                                                                                                   7
Diversified, High-Quality Land Bank Provides Strong Platform for Growth
 182 different projects in 19 states. Land bank grew 16.8% against 2Q10, reaching R$ 18.4 billion
                                              PSV - R$ million       %Swap              %Swap    %Swap      Potential units
                                                 (%Gafisa)           Total              Units   Financial     (%Gafisa)

Gafisa                < R$500K                       4,318            40.4%             36.6%     3.7%         14,155
                      > R$500K                       3,829            42.0%             38.3%     3.7%          4,837
                      Total                          8,147            41.3%             37.6%     3.7%         18,991

AlphaVille            < R$100K;                       657            100.0%             0.0%    100.0%          7,894
                      > R$100K; < R$500K             4,876            97.2%             0.0%     97.2%         20,189
                      > R$500K                        230             99.8%             0.0%     99.8%           26
                      Total                          5,763            97.4%             0.0%     97.4%         28,109

Tenda                 ≤ MCMV                         3,511            25.8%             17.8%     8.0%         35,761
                      > MCMV                          991             45.9%             45.9%     0.0%          5,556
                      Total                          4,502            32.2%             26.7%     5.5%         41,317

Consolidated                                        18,412            38.8%             34.4%     4.4%         88,418


   Land Bank (R$ million)        Gafisa       Alphaville     Tenda         Total

Land Bank - BoP                      8,433          5,083         4,547       18,063
2Q11 - Net Acquisitions              649.1          775.4         304.8        1,729
2Q11 - Launches                     (935.3)         (95.6)       (349.4)      (1,380)
Land Bank - EoP (2Q11)               8,147          5,763         4,502       18,412

             38.8% acquired by swap agreements.
                                                                                                                              8
             Affordable entry-level segment represents 46% of potential units in land bank.
Delivered Projects
      Gafisa delivered 23 developments or phases and 4,467 units during 2Q11, representing R$ 682 million of PSV.
             Gafisa: 8 projects/phases, 900 units, R$ 388 million
             AlphaVille: 2 projects/phases, 602 units, R$ 63 million                             Gafisa Supremo - SP

            Tenda: 13 projects/phases, 2,965 units, R$ 231 million


                                                                       AlphaVille Mossoró - RN
Tenda – FIT Goiânia - GO




                                                                                                                       9
Tenda Contracted and Transferred Units
Tenda contracted 6,858 units in 2Q11
     In 2Q11, Tenda transferred 3.066 units of which 83% were to the MCMV program

          Total Contracted Units under "MCMV" I
                                                                        (1)
               Minimum Wages                  Caixa Econômica Fereral
                  0 - 3 MW                            603,418
                  3- 10 MW                            533,868
                    TOTAL                            1,137,286
                  th
  (1) Until June 17 , 2011.

                                Contracted
                       Period                          Units                  % MCMV
                    2009                               6,102                   74%
                    2010                              22,288                   78%
                    1Q11                               1,835                   87%
                    2Q11                               6,858                   74%
                 TOTAL 2011                            8,693                   77%

                                Transferred
                       Period                          Units                  % MCMV
                    4Q10                               2,865                   95%
                    2010                               9,659                   89%
                    1Q11                               1,892                   67%
                    2Q11                               3,066                   83%
                 TOTAL 2011                            4,958                   84%     10
Proven Execution Capacity – No Expected Challenges for 2011
      Units Under Construction                                  Projects under Construction

                                           54,977
                                                    52.586
                                  49,423                                                                                 204           197
                                                                                                     188


                         33,586


                                                                                  85
              16,099                                                 63




                  2007   2008     2009     2010      2Q11           2007        2008                 2009            2010              2Q11

      Units Completed                                           Number of Engineers

                                                                                                                                       1.024
                                                    E: 25,000                                                            920
                                                                                                     880
                                                                                                                                        381
                                                                                 674                 309                 399
                                           12,894                                                                                        56
                                                                     459         241                  58
                                  10,831                                                                                  61
                                                                                  47
                         8,206                                       186
                                                                      31                             513                                587
                                                                                                                         460
              3,108                                                              386
                                                     7.527           242


                  2007   2008     2009      2010     2Q11           2007        2008                 2009                2010          2Q11
                                                                           Construction Architects          On the Job          Soma
                                                                                                                                               11
 Source: Gafisa
Overview of 2Q11 Results
Financial Performance




                           12
SG&A
Maintenance in primary SG&A ratio indicators
 (R$'000)                                            2Q11        2Q10       1Q11     2Q11 x 2Q10   2Q11 x 1Q11
                  Revenue                          1,041,344    927,442    800,356        12%           30%
                  Launches                         1,380,270   1,008,528   512,606        37%          169%
                  Sales                            1,147,002    889,761    822,220        29%           40%
 Consolidated     Selling expenses                   61,970      61,140     51,505        1%            20%
                  G&A expenses                       60,389      55,125     56,307        10%           7%
                  SG&A                              122,359     116,265    107,812        5%            13%
                  Selling expenses / Launches         4.5%        6.1%       2.7%      -157 bps      177 bps
                  G&A expenses / Launches             4.4%        5.5%       3.0%      -109 bps      140 bps
                  SG&A / Launches                     8.9%       11.5%       5.7%      -266 bps      317 bps
                  Selling expenses / Sales            5.4%        6.9%       6.3%      -147 bps       -86 bps
                  G&A expenses / Sales                5.3%        6.2%       6.8%       -93 bps      -158 bps
                  SG&A / Sales                       10.7%       13.1%      13.1%      -240 bps      -244 bps
                  Selling expenses / Net revenue      6.0%        6.6%       6.4%       -64 bps       -48 bps
                  G&A expenses / Net revenue          5.8%        5.9%       7.0%       -14 bps      -124 bps
                  SG&A / Net revenue                 11.8%       12.5%      13.5%       -79 bps      -172 bps


      Higher launches led to higher selling expenses, which was diluted by strong launch volume in 2Q11;
      Annual wages adjustments and higher stock option provision increased G&A expenses;
      The SG&A/Net Revenue ratio decreased 79 bp svs. 2Q10 mainly due to higher revenue recognition in
   2Q11.
                                                                                                                 13
Comfortable Cash Position of R$ 1.2 billion; Capital Structure Supports Growth
         Net Debt/Equity (Excluding Project Finance): 24.5%;
         Project Finance to represent 46% of the total debt;
         Over R$ 100 million of receivables from delivered units available for securitization.
                             R$ million                     2Q11            1Q11            2Q10
 Total Debt                                                 3,593           3,289           3,049
 Total Cash                                                 1,163             927           1,806
 Investor Obligations                                        460              380            380
 Net debt and investor obligations                          2,890           2,742           1,623
                                                                              -               -
 Net debt and investor obligations /
 (Equity +Minorities)                                       75.1%           72.0%       45.2%
                                                                              -           -
 (Net debt + Ob.) / (Eq + Min.) - Exc.
 Project Finance (SFH + FGTS Deb.)                          24.5%           19.6%           -2.4%
                                                                              -               -

 Cash Burn1)                                                 148              273            415

                                                                                    Until         Until       Until       Until       After
 (R$ million)                             Average Cost (p.a.)       Total
                                                                                Jun/2012      Jun/2013    Jun/2014    Jun/2015    Jun/2015
 Debentures - FGTS (project finance)          TR + 9.20%              599.7          3.1         148.9       298.9      148.9          -
 Debentures - Working Capital                 CDI + 1.43%             677.3       137.8          124.3       117.2      143.2       154.7
 Project financing (SFH)                      TR + 10.44%           1,280.5       466.4          498.2       312.6         3.1         0.2
 Working capital                              CDI + 1.80%           1,035.8       235.9          184.2       229.1      259.3       127.4
 sub-total consolidated debt                    12.5%               3,593.2       843.2          955.5       957.8      554.4       282.3
 Investor Obligations                            CDI                   460          143           145         145           14          13
 Total consolidated debt                                            4,053.2       986.2        1,100.5     1,102.8      568.4       295.3     14
 % Total                                                                             24%           27%         27%         14%           7%
Debt Covenants
Gafisa remains in a comfortable position with all major debt covenants.
Positive operating cash flow generation is expected for the 2H11 to improve these ratios.

                  Debenture covenants - 5th issuance                                     1Q11    2Q11

                  (Total debt - SFH debt - Cash) / Equity ≤ 75%                          42.2%   44.0%
                  (Total Receivables + Finis hed Units) / (Total Debt - Cash) ≥ 2.2x     4.2x    4.3x
                  Maturity (in R$ m illion)             5th issuance
                  2012                                            125
                  2013                                            125
                  Total                                           250



                  Debenture covenants - 7th / 8th issuance                               1Q11    2Q11

                  (Total Receivables + Finis hed Units) / (Total Debt - Cash - Project
                  Debt) > 2                                                              27.3x   21.9x
                  (Total Debt - SFH Debt - project debt - Cash) / Equity ≤ 75%           9.6%    12.5%

                  EBIT / (Net Financial Result) > 1,3                                    6.58    4.94
                  Maturity (in R$ m illion)              7th iss uance   8th iss uance
                  2013                                            300              -
                  2014                                            300             144
                  After 2015                                       -              156
                  Total                                           600             300
                                                                                                         15
2011 Guidance vs. Actual
Achieved 36% of full year launch guidance of between R$ 5.0 billion and R$ 5.6 billion;
The 14.0% EBITDA margin reached in 1H11 came in 100 bps lower than the mid-range expectation for the first half,
mainly due to higher than expected costs coming from outsourced projects under the Tenda brand.
      Assuming a more conservative approach, full year EBITDA margin guidance lowered by 200 bps, from 18%-22% to
      16%-20%;
Lower cash burn rate in 2Q11 followed by positive operating cash flow in the 2H11 should result in Net Debt/Equity ratio
reduction below 60% at the end of the year.
                    Launches                           Guidance
                                                                     1H11       %
                    (R$ million)                           2011
                    Gafisa                      Min.       5,000               38%
                    (consolidated)          Average        5,300    1,893      36%
                                               Max.        5,600               34%


                                                       Guidance                           Guidance
                    EBITDA Margin (%)                                1H11       %
                                                           1H11                               2011
                    Gafisa                      Min.      13.0%               100 bps        16.0%
                    (consolidated)          Average       15.0%     14.0%    -100 bps        18.0%
                                               Max.       17.0%              -300 bps        20.0%


                    Net Debt/Equity (%) -              Guidance
                                                                     1H11       %
                    EoP                                    2011
                                                                                                                       16
                    Ga fis a                   Max.     < 60.0%     75.1%   1510 bps
Why We Expect Positive Cash Flow in the Short Term
Since 3Q10, cash burn has declined sequentially to R$ 148 million reported in 2Q11.

                                                                                        Short Term Obligations versus Expected Inflow
                                                                                        R$ million - June/2011
                                                                                        Consolidated                                     TOTAL
                                                                                        Suppliers                                          226
                                                                                        Land and advances from clients                     527
                                                                                        Taxes + Other Liabilities¹                         595
                                                                                        Dividends                                          103
                                                                                        Construction Expenses                            2,340
                                                                                        Total Obligations                                3,790
Growing units being delivered means….   Positive cash flow performance.
                                                                                        Short-Term Debt repayment²                       1,104
                                                                                        Short-Term Receivables³                          6,392
                                                                                        Surplus (Deficit) - Scenario 1                   1,498
  Assuming short-term receivables net of ST                                             Surplus (Deficit) - Scenario 2                      -
  obligations, we see approximately R$ 1.5                                              Assumptions:
  billion net cash inflow (Scenario 1), even                                            ¹ Ta x: PIS/COFINS + Income Tax
                                                                                        ² Incl udi ng Interest expens es
  assuming no debt refinancing and not                                                  ³ Short-Term including on a nd off ba l ance receiva bles
  considering the cash position. To offset the                                          Scena rio 1 = 100% of ST receivabl es, Scena ri o 2 = 77%
                                                                                        of ST receiva bl es
  expected positive inflow in the short-term, it                          +53%
                                                                                 +36%
  is necessary to assume a discount of 23%
  over short-term receivables, plus no debt                                             Considering the R$
  refinancing.                                                                          170 million
                                                                                        securitized, cash                                        17
                                                                                        inflow surpassed R$ 1
                                                                                        billion.
Why We Expect Margin Expansion
Projects from and prior to 2008 will have a lower impact on revenue recognition, while recent projects (from 4Q10 and
2011) which are starting to be built, are positively contributing to the expected margin improvement in 2H11.

                                            1H11
    Consolidated                               COGS w/o
                                                                                Gross
     (R$ million)   Net Revenue         %     capitalized     Gross Profit
                                                                             margin (%)
                                                interest
2011 launches            109.9         6%             -65.1          44.9        40.8%
2010 launches            530.4        29%           -326.3         204.3         38.5%
2009 launches            396.9        22%           -254.1         143.0         36.0%
≤ 2008 launches          804.6        44%           -697.2         107.8         13.4%
Total                   1,841.7      100%          -1,342.7        500.0         27.1%



The recognition from projects < 2008 should diminish and will be replaced by the revenue recognition/increase of
projects from 2H10 and 2011, with average gross margin in the range of 38%-41%, compared to 13% from 2008.




                                                                                                                        18

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2Q11 Presentation

  • 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. Overview of 2Q11 Results Financial and Operational Performance – Duilio Calciolari, CEO and IR Officer 3
  • 4. Highlights Operating and Financial Highlights 2Q11 vs. 2Q11 vs. 1H11 vs. 2Q11 2Q10 1Q11 1H11 1H10 (R$ million) 2Q10 (%) 1Q11 (%) 1H10 (%) Launches 1,380 1,009 37% 513 169% 1,893 1,712 11% Launches , units 6,083 4,398 38% 2,254 170% 8,337 8,281 1% Contracted s ales 1,147 890 29% 822 40% 1,969 1,747 12.7% Contracted s ales , units 4,219 4,476 -6% 3,361 26% 7,580 9,729 -22% Contracted s ales from Launches 584 409 43% 296 97% 880 644 37% Contracted s ales from Launches - % 42.3% 40.6% 171 bps 57.8% -1553 bps 46.5% 37.6% 887 bps Net revenues 1,041 927 12% 800 30% 1,842 1,835 0% Adjus ted Gross profit (w/o capitalized interest) 277 305 -9% 185 18% 499 580 -14% Adjus ted Gross margin (w/o capitalized interest) 26.6% 32.8% -624 bps 27.7% -113 bps 27.1% 31.6% -452 bps Adjus ted EBITDA (1) 151 184 -18% 107 42% 257 352 -27% Adjus ted EBITDA m argin (1) 14.5% 19.8% -535 bps 13.3% 117 bps 14.0% 19.2% -523 bps Adjus ted Net profit (2) 40 107 -63% 24 64% 64 187 -66% Adjus ted Net margin (2) 3.8% 11.6% -775 bps 3.0% 79 bps 3.5% 10.2% -672 bps Net profit 25 97 -74% 14 83% 39 162 -76% EPS (R$/s hare) 0.06 0.23 -74% 0.03 83% 0.09 0.38 -76% Number of s hares ('000 final) 431,538 429,348 1% 431,384 0% 431,538 429,348 1% Revenues to be recognized 4,277 3,209 33% 4,062 5% 4,277 3,209 33% REF margin (3) 36.5% 36.4% 13 bps 39.0% -252 bps 36.5% 36.4% 13 bps Net debt and Investor obligations 2,890 1,623 78% 2,742 5% 2,890 1,623 78% Cash and availabilities 1,163 1,806 -36% 927 25% 1,163 1,806 -36% (Net debt + Obligations) / (Equity + Minorities ) 75.1% 45.2% 2988 bps 72.0% 309 bps 75.1% 45.2% 2988 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 AVP method introduced by law 11638 4
  • 5. Recent Developments and Highlights Duilio Calciolari appointed CEO; Rodrigo Osmo named CFO R$170 million true securitization of part of portfolio of delivered and soon to be delivered receivables: - Receivables that are due (40%) and that will come due within the next six months. - No joint liability, no impact on the contra accounts. Alphaville: A major growth engine: - New brand extension, Terras Alpha, targeting the middle class community living; - We are focusing on urban centers through the development of large areas. Strong sales velocity supported by internal sales force and growing online presence: - Internal sales force responsible for approx. 52% of sales in the regions in which they are present. - Online sales contributed to approx. 16% of sales in the Rio and Sao Paulo. 5
  • 6. Launch and Sales Performance 2Q11 Launches by unit price 2Q11 Pre-sales by unit price %Gafisa - (R$ 000) 2Q11 2Q10 Var. (%) (%Gafisa) - R$ 000 2Q11 2Q10 Var. (%) 729,837 222,272 228% Gafisa ≤ R$500 k 561,175 196,795 185% Gafisa ≤ R$500 k 205,422 268,362 -23% > R$500 k 217,125 259,463 -16% > R$500 k 935,259 490,634 91% Total 778,300 456,258 71% Tota l 79% Uni ts 1,946 1,088 Units 2,589 1,143 127% AlphaVille ≤ R$100K; - - 0% 95,567 227,483 -58% > R$500K 3,044 - 0% AlphaVille > R$100K; ≤ R$500K Total 145,013 128,792 13% Tota l 95,567 227,483 -58% 752 424 77% Uni ts Units 621 681 -9% Tenda ≤ MCMV 310,505 216,666 43% Tenda ≤ MCMV 180,508 225,846 -20% > MCMV 38,938 73,745 -47% > MCMV 43,181 78,865 -45% Tota l 349,443 290,411 20% Total 223,689 304,711 -27% Units 2,873 2,574 12% Uni ts 1,521 2,964 -49% Consolidated Tota l 1,380,270 1,008,528 37% Consolidated Total 1,147,002 889,761 29% Units 6,083 4,398 38% Uni ts 4,219 4,476 -6% 6
  • 7. Inventory and Sales Velocity - 2Q11 2Q11 Inventory Beginning of period Price Increase + End of period R$ million Launches Sales Sales velocity Inventories Other Inventories Gafisa 1,724.2 935.3 778.3 59.7 1,940.9 28.6% AlphaVille 436.7 95.6 145.0 26.8 414.0 25.9% Tenda 856.2 349.4 223.7 61.8 1,043.8 17.6% Total 3,017.0 1,380.3 1,147.0 148.3 3,398.6 25.2% 7
  • 8. Diversified, High-Quality Land Bank Provides Strong Platform for Growth 182 different projects in 19 states. Land bank grew 16.8% against 2Q10, reaching R$ 18.4 billion PSV - R$ million %Swap %Swap %Swap Potential units (%Gafisa) Total Units Financial (%Gafisa) Gafisa < R$500K 4,318 40.4% 36.6% 3.7% 14,155 > R$500K 3,829 42.0% 38.3% 3.7% 4,837 Total 8,147 41.3% 37.6% 3.7% 18,991 AlphaVille < R$100K; 657 100.0% 0.0% 100.0% 7,894 > R$100K; < R$500K 4,876 97.2% 0.0% 97.2% 20,189 > R$500K 230 99.8% 0.0% 99.8% 26 Total 5,763 97.4% 0.0% 97.4% 28,109 Tenda ≤ MCMV 3,511 25.8% 17.8% 8.0% 35,761 > MCMV 991 45.9% 45.9% 0.0% 5,556 Total 4,502 32.2% 26.7% 5.5% 41,317 Consolidated 18,412 38.8% 34.4% 4.4% 88,418 Land Bank (R$ million) Gafisa Alphaville Tenda Total Land Bank - BoP 8,433 5,083 4,547 18,063 2Q11 - Net Acquisitions 649.1 775.4 304.8 1,729 2Q11 - Launches (935.3) (95.6) (349.4) (1,380) Land Bank - EoP (2Q11) 8,147 5,763 4,502 18,412 38.8% acquired by swap agreements. 8 Affordable entry-level segment represents 46% of potential units in land bank.
  • 9. Delivered Projects Gafisa delivered 23 developments or phases and 4,467 units during 2Q11, representing R$ 682 million of PSV. Gafisa: 8 projects/phases, 900 units, R$ 388 million AlphaVille: 2 projects/phases, 602 units, R$ 63 million Gafisa Supremo - SP Tenda: 13 projects/phases, 2,965 units, R$ 231 million AlphaVille Mossoró - RN Tenda – FIT Goiânia - GO 9
  • 10. Tenda Contracted and Transferred Units Tenda contracted 6,858 units in 2Q11 In 2Q11, Tenda transferred 3.066 units of which 83% were to the MCMV program Total Contracted Units under "MCMV" I (1) Minimum Wages Caixa Econômica Fereral 0 - 3 MW 603,418 3- 10 MW 533,868 TOTAL 1,137,286 th (1) Until June 17 , 2011. Contracted Period Units % MCMV 2009 6,102 74% 2010 22,288 78% 1Q11 1,835 87% 2Q11 6,858 74% TOTAL 2011 8,693 77% Transferred Period Units % MCMV 4Q10 2,865 95% 2010 9,659 89% 1Q11 1,892 67% 2Q11 3,066 83% TOTAL 2011 4,958 84% 10
  • 11. Proven Execution Capacity – No Expected Challenges for 2011 Units Under Construction Projects under Construction 54,977 52.586 49,423 204 197 188 33,586 85 16,099 63 2007 2008 2009 2010 2Q11 2007 2008 2009 2010 2Q11 Units Completed Number of Engineers 1.024 E: 25,000 920 880 381 674 309 399 12,894 56 459 241 58 10,831 61 47 8,206 186 31 513 587 460 3,108 386 7.527 242 2007 2008 2009 2010 2Q11 2007 2008 2009 2010 2Q11 Construction Architects On the Job Soma 11 Source: Gafisa
  • 12. Overview of 2Q11 Results Financial Performance 12
  • 13. SG&A Maintenance in primary SG&A ratio indicators (R$'000) 2Q11 2Q10 1Q11 2Q11 x 2Q10 2Q11 x 1Q11 Revenue 1,041,344 927,442 800,356 12% 30% Launches 1,380,270 1,008,528 512,606 37% 169% Sales 1,147,002 889,761 822,220 29% 40% Consolidated Selling expenses 61,970 61,140 51,505 1% 20% G&A expenses 60,389 55,125 56,307 10% 7% SG&A 122,359 116,265 107,812 5% 13% Selling expenses / Launches 4.5% 6.1% 2.7% -157 bps 177 bps G&A expenses / Launches 4.4% 5.5% 3.0% -109 bps 140 bps SG&A / Launches 8.9% 11.5% 5.7% -266 bps 317 bps Selling expenses / Sales 5.4% 6.9% 6.3% -147 bps -86 bps G&A expenses / Sales 5.3% 6.2% 6.8% -93 bps -158 bps SG&A / Sales 10.7% 13.1% 13.1% -240 bps -244 bps Selling expenses / Net revenue 6.0% 6.6% 6.4% -64 bps -48 bps G&A expenses / Net revenue 5.8% 5.9% 7.0% -14 bps -124 bps SG&A / Net revenue 11.8% 12.5% 13.5% -79 bps -172 bps Higher launches led to higher selling expenses, which was diluted by strong launch volume in 2Q11; Annual wages adjustments and higher stock option provision increased G&A expenses; The SG&A/Net Revenue ratio decreased 79 bp svs. 2Q10 mainly due to higher revenue recognition in 2Q11. 13
  • 14. Comfortable Cash Position of R$ 1.2 billion; Capital Structure Supports Growth Net Debt/Equity (Excluding Project Finance): 24.5%; Project Finance to represent 46% of the total debt; Over R$ 100 million of receivables from delivered units available for securitization. R$ million 2Q11 1Q11 2Q10 Total Debt 3,593 3,289 3,049 Total Cash 1,163 927 1,806 Investor Obligations 460 380 380 Net debt and investor obligations 2,890 2,742 1,623 - - Net debt and investor obligations / (Equity +Minorities) 75.1% 72.0% 45.2% - - (Net debt + Ob.) / (Eq + Min.) - Exc. Project Finance (SFH + FGTS Deb.) 24.5% 19.6% -2.4% - - Cash Burn1) 148 273 415 Until Until Until Until After (R$ million) Average Cost (p.a.) Total Jun/2012 Jun/2013 Jun/2014 Jun/2015 Jun/2015 Debentures - FGTS (project finance) TR + 9.20% 599.7 3.1 148.9 298.9 148.9 - Debentures - Working Capital CDI + 1.43% 677.3 137.8 124.3 117.2 143.2 154.7 Project financing (SFH) TR + 10.44% 1,280.5 466.4 498.2 312.6 3.1 0.2 Working capital CDI + 1.80% 1,035.8 235.9 184.2 229.1 259.3 127.4 sub-total consolidated debt 12.5% 3,593.2 843.2 955.5 957.8 554.4 282.3 Investor Obligations CDI 460 143 145 145 14 13 Total consolidated debt 4,053.2 986.2 1,100.5 1,102.8 568.4 295.3 14 % Total 24% 27% 27% 14% 7%
  • 15. Debt Covenants Gafisa remains in a comfortable position with all major debt covenants. Positive operating cash flow generation is expected for the 2H11 to improve these ratios. Debenture covenants - 5th issuance 1Q11 2Q11 (Total debt - SFH debt - Cash) / Equity ≤ 75% 42.2% 44.0% (Total Receivables + Finis hed Units) / (Total Debt - Cash) ≥ 2.2x 4.2x 4.3x Maturity (in R$ m illion) 5th issuance 2012 125 2013 125 Total 250 Debenture covenants - 7th / 8th issuance 1Q11 2Q11 (Total Receivables + Finis hed Units) / (Total Debt - Cash - Project Debt) > 2 27.3x 21.9x (Total Debt - SFH Debt - project debt - Cash) / Equity ≤ 75% 9.6% 12.5% EBIT / (Net Financial Result) > 1,3 6.58 4.94 Maturity (in R$ m illion) 7th iss uance 8th iss uance 2013 300 - 2014 300 144 After 2015 - 156 Total 600 300 15
  • 16. 2011 Guidance vs. Actual Achieved 36% of full year launch guidance of between R$ 5.0 billion and R$ 5.6 billion; The 14.0% EBITDA margin reached in 1H11 came in 100 bps lower than the mid-range expectation for the first half, mainly due to higher than expected costs coming from outsourced projects under the Tenda brand. Assuming a more conservative approach, full year EBITDA margin guidance lowered by 200 bps, from 18%-22% to 16%-20%; Lower cash burn rate in 2Q11 followed by positive operating cash flow in the 2H11 should result in Net Debt/Equity ratio reduction below 60% at the end of the year. Launches Guidance 1H11 % (R$ million) 2011 Gafisa Min. 5,000 38% (consolidated) Average 5,300 1,893 36% Max. 5,600 34% Guidance Guidance EBITDA Margin (%) 1H11 % 1H11 2011 Gafisa Min. 13.0% 100 bps 16.0% (consolidated) Average 15.0% 14.0% -100 bps 18.0% Max. 17.0% -300 bps 20.0% Net Debt/Equity (%) - Guidance 1H11 % EoP 2011 16 Ga fis a Max. < 60.0% 75.1% 1510 bps
  • 17. Why We Expect Positive Cash Flow in the Short Term Since 3Q10, cash burn has declined sequentially to R$ 148 million reported in 2Q11. Short Term Obligations versus Expected Inflow R$ million - June/2011 Consolidated TOTAL Suppliers 226 Land and advances from clients 527 Taxes + Other Liabilities¹ 595 Dividends 103 Construction Expenses 2,340 Total Obligations 3,790 Growing units being delivered means…. Positive cash flow performance. Short-Term Debt repayment² 1,104 Short-Term Receivables³ 6,392 Surplus (Deficit) - Scenario 1 1,498 Assuming short-term receivables net of ST Surplus (Deficit) - Scenario 2 - obligations, we see approximately R$ 1.5 Assumptions: billion net cash inflow (Scenario 1), even ¹ Ta x: PIS/COFINS + Income Tax ² Incl udi ng Interest expens es assuming no debt refinancing and not ³ Short-Term including on a nd off ba l ance receiva bles considering the cash position. To offset the Scena rio 1 = 100% of ST receivabl es, Scena ri o 2 = 77% of ST receiva bl es expected positive inflow in the short-term, it +53% +36% is necessary to assume a discount of 23% over short-term receivables, plus no debt Considering the R$ refinancing. 170 million securitized, cash 17 inflow surpassed R$ 1 billion.
  • 18. Why We Expect Margin Expansion Projects from and prior to 2008 will have a lower impact on revenue recognition, while recent projects (from 4Q10 and 2011) which are starting to be built, are positively contributing to the expected margin improvement in 2H11. 1H11 Consolidated COGS w/o Gross (R$ million) Net Revenue % capitalized Gross Profit margin (%) interest 2011 launches 109.9 6% -65.1 44.9 40.8% 2010 launches 530.4 29% -326.3 204.3 38.5% 2009 launches 396.9 22% -254.1 143.0 36.0% ≤ 2008 launches 804.6 44% -697.2 107.8 13.4% Total 1,841.7 100% -1,342.7 500.0 27.1% The recognition from projects < 2008 should diminish and will be replaced by the revenue recognition/increase of projects from 2H10 and 2011, with average gross margin in the range of 38%-41%, compared to 13% from 2008. 18