1.3Q13 Results Conference Call November 6. 201311

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. Forwardlooking 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 becausethey 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 forwardlooking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict.1 3. Highlights 3Q13Launches totaled R$498.3 million in the 3Q13, up 8.1% q-o-q and 10.3% y-o-y; Consolidated pre-sales totaled R$429.6 million in the 3Q13, reaching R$1.2 billion in 9M13; Gafisa Group delivered 7,779 units were during the 9M13, reaching 50% of the mid-range of full-year launch guidance. In the 3Q13 the Company delivered 3,106 units; Gross profit for the period was R$173.5 million, up from the R$143.8 million in 2Q13 and from the R$156.6 million registered in 3Q12. Gross margin rose to 27.6% +500 bps from 2Q13; Net income for the period was R$15.8 million, reversing a net loss of R$14.1 million in 2Q13, and up from net income of R$4.8 million in the 3Q12;Positive free cash flow of R$32.1 million in the 3Q13, compared to a cash burn of R$27.6 million in the 2Q13.2 4. Operating and Financial Highlights 3Q13(R$ 000 and % Gafisa. except where otherwise stated)3Q132Q13 Q-o-Q (%)3Q12Y-o-Y (%)9M139M12Y-o-Y (%)Launches498,348461,0438.1%451,94310.3%1,266,9431,462,201-13.4%Pre-sales428,994553,639-22.5%689,331-37.8%1,200,9141,727,863-30.5%Pre-sales of launches173,491262,411-33.9%447,154-61.2%529,436969,181-45.4%Sales over Supply (SoS)10.6%13.4%-280bps18.7%-810bps24.8%34.5%-1170bpsDelivered projects. units3,1063,0731.1%5,531-43.8%7,77917,728-56.1%Considering Alphaville Result as Available for Sale Net Revenue628,047640,864-2.0%743,453-15.5%1,776,4612,237,336-20.6%Gross Profit173,503143,79820.7%156,63810.8%395,446436,824-9.5%34%28%22.5%28%21.4%29%25%13.0%139,99793,92149.1%152,470-8.2%291,689368,461-20.8%22%15%764 bps21%4.8%16%16%-5 bps15,777(14,144)-211.5%4,841225.9%(53,840)(25,628)110.1%Adjusted Gross Margin Adjusted EBITDA Adjusted EBITDA Margin Net Income (Loss) 1) Adjusted by capitalized interests 2) Adjusted by expenses with stock option plans (non-cash). minority3 5. Updated Information on AlphavilleOn June 7, Gafisa signed an agreement to sell the 70% stake from Alphaville to the private equity funds Blackstone and Ptria. On July 3, Gafisa completed the purchase of the outstanding 20% stake in Alphaville. belonging to Alphapar. thus holding 100% of Alphavilles capital stock. Since the announcement of the transaction. the Company and its advisors have been working on meeting the conditions precedent to completion of the transaction. CADEs approval has already been granted, as well as consents from creditors and partners. The completion of the transaction is expected to happen until the end of 4Q13.June 2013 Sale AgreementJuly 2013 100% R$ 2,01 bn Acquisition of the remaining 20% R$ 367 mm Gafisa stake 80% Gafisa stake 100%4Q13 Approval of Precedent Conditions4Q13 R$1.4 bn gross amount of precedent funds ~55 60% new leverage level Gafisa stake 30%4 6. Gafisa Group - Post-Transaction, Flexible Balance Sheet Gafisas net debt/equity ratio to reach 55% post dealLeverage 3Q13 vs Pro-forma Post Transaction Net Debt/ Equity1,26xIndebtedness (R$ mm) and Taxes Debentures FGTS0,55x9.33% - 10.17% (TR)1,089Debentures - Working Capital 126%1.50% 1.95%+CDI/IPCA+7.96%/120%CDI/3.20%710Project Financing SFH7568.30% - 11.00%+TR(120) Working Capital9540.82% - 2.20%+CDI/114%125%CDIInvestor Obligations1300.235% - 0.82%+CDI/IGPM+7.25(252)96%(367) 55%Total9.54%3,639Debt Maturity as % of Total Debt R$ 2Q1320% AUSA Goodwill AcquisitionMinorities3Q13New Ratio1,179 42%1,252 49%341920 51%72%(i) cash entry net of taxes and transaction costs (ii) profit recorded by the result of the operation, impacting the Companys237100% 58%51%49% 28%shareholdersequity Until Sep/14(iii) reversal of goodwill previously recordedUntil Sep/15Until Sep/16Until Sep/17After Sep/17 5Corporate DebtProject Debt 7. Cash GenerationFree Cash Flow1Q132Q133Q131,146,1761,101,160781,605(102,055)(45,016)(319,555)-35,634370,998Acquisition AUSA--366,662Shares repurchased-35,6344,336(102,055)(9,382)51,4433,602,1053,620,3783,639,707(16,740)18,27319,329Cash Burn (1) (2)(85,315)(27,655)32,114Cash Burn (YTD)(85,315)(112,970)(80,855)Availabilities Change in Availabilities Total InvestmentsChange in cash ex-investments (1) Debt + Obligations Change in Debt + Obligations (2)Positive free cash flow of R$32.1 million in the 3Q13, compared to a cash burn of R$27.6 million in the previous quarter.6 8. Gafisa Segment Turnaround Status Clear and well defined strategyExclusive focus in the So Paulo and Rio de Janeiro markets;Delivery of projects outside core markets shall be concluded in 2014.Wrap Up Operational Turnaround Gafisa (R$ 000 and units) 3Q134Q12SP+RJOther MarketsTotalSP+RJOther MarketsTotalPSV in Inventory1,543,056320,8031,863,8591,659,206324,8881,983,694Units in Inventory2,5397303,2682,9327153,6474645052658Units to be delivered11,1351,21612,35112,5422,45614,998Costs to be incurred1,484,36376,9151,561,2781,673,828273,8621,947,690Main IndicatorsProjects under construction7 9. Gafisa Segment - Turnaround Status Launches by Market (1Q12-3Q13)Gross Sales by Market (1Q12-3Q13) 544520 453814 340Launches and sales focused on core markets291546 244227217 114101107 271Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q1355SP + RJGross Sales by Market (2011-3Q13)56464863411Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13SP + RJ Ongoing evolution of gross margin signals reduction of contribution of projects outside core markets221Others MarketsNet Revenue by Market (2011-3Q13)60.0% 40.0%20%18%80%82%201120126%20.0% 0.0% 2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 3Q13 -20.0%94%-40.0% -60.0% -80.0% SP+RioOther MarketsSP+RioOther Markets3Q138 10. Tenda Segment Turnaround StatusResumed launches in the beginning of 2013 under a strong new business plan; Currently operating in 4 macro regions: So Paulo, Rio de Janeiro, Minas Gerais and Northeast (Bahia and Pernambuco);Conclusion and delivery of legacy projects scheduled for 2014; Compared to the 31,000 units in December 2011, Tenda currently has around 10,000 thousand units to be delivered, related to the legagy projects.Wrap Up Operational Turnaround Tenda ($ 000 and units) 3Q134Q12New ModelOther MarketsTotalNew ModelOther MarketsTotalPSV in Inventory122,815591,972714,788-826,671826,671Units in Inventory9433,6754,618-5,5525,55253035-5252Units to be delivered1,8599,99511,854-13,57913,579Costs to be incurred92,957170,722263,679-460,629460,629Projects under construction9 11. Tenda Segment - Turnaround Status Launches resumed under a strong business planLaunches 9M13Novo HorizonteVila CanturiaItaim Paulista LifeGermnia LifeVerde VidaJaragu LifeLaunchesmar-13mar-13may-13jul-13jul-13aug-13PSV Launches (R$ 000)67.75545.94133.05624.88037.91240.852# Units580440240200340260% PSV Sold (YTD)100%41%46%23%50%40%% Units Transferred (YTD)89%24%35%11%3%24%Osasco - SPCamaari - BASo Paulo - SPPorto Alegre - RSSalvador - BASo Paulo - SPProject10 12. Outlook Guidance 2013 Estimates Launches 2013E Consolidated Launches Breakdown by Brand Launches Gafisa Launches Alphaville Launches TendaGuidance (2013E) R$2.7 R$3.3 bn R$1.15 R$1.35 bn R$1.3 R$1.5 bn R$250 R$450 mmActual numbers 9M13A 1.2 507 367 327Guidance EBITDA Margin (2013E) Guidance (2013E) 12% - 14%ConsolidatedActual numbers 9M13A 14%Note: Ebitda margin presented for the 9M13 in this table is pro-forma, excluding the IFRS adjustments, thus being comparable with guidance released in the beginning of the year.Delivery Estimates (2013E)Consolidated Data Breakdown by Brand Deliveries Gafisa Deliveries Alphaville Deliveries TendaGuidance (2013E) 13,500 17,500Actual numbers 9M13A 7,7793,500 5,000 3,500 5,000 6,500 7,0003,205 1,034 3,54011