1

Public PresentationDecember 2008

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IMPORTANT NOTICE

We make forward-looking statements that are subject to risks and uncertainties. Thesestatements are based on the beliefs and assumptions of our management, and oninformation currently available to us. Forward-looking statements include statementsregarding our intent, belief or current expectations or that of our directors or executiveofficers.

Forward-looking statements also include information concerning our possible orassumed future results of operations, as well as statements preceded by, followed by, orthat 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 thereforedepend on circumstances that may or may not occur. Our future results and shareholdervalues 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 arebeyond our ability to control or predict.

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AGENDA

Wilson AmaralChief Executive Officer, Gafisa

Antonio Carlos Ferreira RosaDevelopment Director, Gafisa

Mario Rocha NetoConstruction Director, Gafisa

Marcelo Martins LouroChief Financial Officer, Alphaville

Duilio CalciolariChief Financial Officer, Gafisa

Wilson Amaral

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OUR HISTORY

1954 1997 2004 2005 2006 2007 2008

• 60% Control of Tenda

• Equity International increases interest by 5%

• IPO

• Creation of Gafisa Vendas

• AlphaVille Acquisition

• Gafisa is founded

• GP Invests • GP takes control of the Company

• Equity International (Sam Zell) Invests

• Follow-on Equity-Offering

• NYSE Listing

• Creation of Fit Residencial

• Gafisa joins Ibovespa and IBRX 50

• Cipesa Acquisition

DIVERSIFIED AND INTERNATIONAL SHARE BASE

•Leading investor in the sector

•Founded by Sam Zell

79%19%

Free Float1

• Independent Board

• Novo Mercado listing

• US GAAP reconciliation

• 100% tag-along rights

• Sole Brazilian homebuilder listed on NYSE

• Compliance with the Sarbanes-Oxley Act requirements

• Audit, Compensation, Finance and Governance Committees

1 2% treasury shares

6

ADR

Institutional - International

Institutional - Local

Individual

53%27%

13%

7%

OUR STRATEGY

Gafisa Strategy

Create the leading residential development company in Brazil in terms of sales, profitability and product quality.

Financial and investment discipline

Superior revenuegrowth

Focus on high-return opportunities

Maintain land bank of 2-3 years of future sales

Geographic diversification

Product diversification

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Mid, Mid-High and High

Vertical

Metropolitan areas

Financing: Banks

Unique Projects

Unit Price: > R$200K

60% owned by Gafisa

Mid-High and High

Horizontal (lots)

Outside metropolitan areas

Financing: Direct

Unique Projects

Unit Price: R$70K –R$500K

60% owned by Gafisa

Low affordable entry level

Horizontal / Vertical

Metropolitan areas and outskirts

Financing: CEF and Banks

Standardized projects

Unit price: R$50K –R$200K

OUR PRODUCT LINES: MANAGEMENT FOCUSED ON EACH MARKET

Own sales force

In São Paulo, Rio de Janeiro and Northeast Region

Sales machine

Management of sales channels and CRM

Management of outsourced and local sales companies

8

340

498

743706

1.200931

126 268

562

467

239186

2005 2006 2007 9M08

São Paulo

Rio de Janeiro

New Markets

Launches (R$ million) Sales (R$ million)

OPERATING HIGHLIGHTS

2005-2007 CAGR 75%

230

575

635 610

20180

540686

140

219

399263

2005 2006 2007 9M08

São Paulo

Rio de Janeiro

New Markets

2005-2007 CAGR 90%

652

1,005

450

995

2,293

1,5602,235

1,627

9M08

Gafisa 69%

AlphaVille 9%

Other 1%

Fit 21%

Gafisa 67%AlphaVille 12%

Fit 19%

Other 2%

9M08

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ONE OF THE MOST GEOGRAPHICALLY DIVERSIFIED HOMEBUILDERS

States in which Gafisa or its subsidiaries have already launched developments:

Diversified and high quality land bank, 222 sites throughout Brazil, 73% acquired by means of swaps.

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TENDA CONSOLIDATES GAFISA’S POSITION IN LOW INCOME SEGMENT

► On October 21, Tenda’s EGM approved the merger of Fit, Gafisa’s subsidiary, into Tenda.

► As a result, Gafisa holds 60% of the shares of Tenda + Fit.

► Beginning of the integration process.

► New CEO hired on November 26: Carlos Trostli

► Hiring process for the CFO position underway

► Business plan development

► Strengthening relationship with public and private commercial banks

► Integration of the financial and human resources areas in progress

► Reviewing Commercial, Marketing and Operations structures to identify potential synergies

► Business Plan Execution

October 2008 November 2008 - December 2008 2009

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As of October 2008, Gafisa holds 60% of shares in Tenda, a residential real estate company exclusively focused on the low-income segment with its own sales force. Tenda is separately listed on Bovespa under ticker TEND3.

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Savings Account Balances (R$ billion)Home Mortgages (R$ billion)CAGR (2003-2007): 43%

Sources: ABECIP, Central Bank of Brazil, CEF and FGV.

115126

135

150

187

206

2003 2004 2005 2006 2007 Oct 2008

57%

51%

15%

55%

STRONG GROWTH IN MORTGAGE LENDING STILL DOES NOT MEET PENT-UP DEMAND

Balance in Oct-2008 was 18% higher than in Oct-2007

2.2 3.04.9

9.3

18.4

25.2

3.83.9

5.5

7.0

6.9

10.2

2003 2004 2005 2006 2007

Financing with Funds from Savings

Financing with FGTS Funds

25.3

16.3

6.06.9

10.4

35.4

Savings through Oct 2008FGTS through Nov 2008

0%

5%

10%

15%

20%

25%

30%

dez

-02

mai

-03

set-

03

fev-

04

jun

-04

no

v-0

4

mar

-05

jul-

05

dez

-05

abr-

06

ago

-06

jan

-07

mai

-07

set-

07

jan

-08

abr-

08

jul-

08

ou

t-0

8

20,000

25,000

30,000

35,000

40,000

45,000

50,000

55,000

60,000

65,000

Interest Rate (Selic) Real Estate Credit (R$MM)

FUNDAMENTALS SUPPORTING RECENT REAL ESTATE GROWTH CONTINUE

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Housing deficit Pent-up demand for 7.8 million houses.

Source: Central Bank of Brazil

Source: Brasil Sustentável, Ernst & Young, 2008

Loan availability at historically low rates and

long terms

GOVERNMENT SUPPORT FOR THE HOME BUILDING SECTOR IS A PRIORITY

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In October the government announced an additional R$10 billion available tofinance up to 20% of each development, at rates of TR+10% to TR+11%, withinthe limits of 65% of savings balances which must be used for real estatefinancing.

In December the FGTS Oversight Board announced new financing conditions:

• Builders– R$3 billion of FGTS to finance up to 80% of each development atTR+7% per annum for properties up to R$130 thousand, and TR+9% overthis value

• Clients– interest rate decreases to TR+5% for workers with up toR$2,000/month income (TR+4.5% if the worker has an FGTS account)

Antonio Carlos Ferreira

2008 HIGHLIGHTS

LaunchesR$2.0 billion year to date

SalesR$1.3 billion year to date

Deliveries20 Developments delivered

Land bankR$7.8 billion PSV

Figures as of December 8, 2008.16

LAUNCHES

LAUNCHES TOTALED R$2.04 BILLION

Region Number of Launches Number of Gafisa Units PSV R$ MM

North, South, Center 6 514 198Northeast 7 1,250 369Cipesa 3 100 71Rio de Janeiro 8 984 486São Paulo 13 2374 918

Total 37 5,222 2,042

SP Verdemar - Guarujá 44.4 80 NM (NSCO) Magnific (Goiânia) 30.5 27

Granja Viana 25.9 35 Carpe Diem (Belém) 32.5 63

Nova Petrópolis 108.5 268 Mistral (Belém) 34.0 140

Terraças Alto da Lapa 72.7 182 Ecolive (Curitiba) 40.4 122

Cond. Clube Barueri 152.0 677 Reserva do Bosque F1 29.3 79

Terraças Tatuapé 48.6 105 Reserva do Bosque F2 32.4 86

Montblanc 106.4 90

Alegria 78.9 278 NM (NE) Horto F2 (Salvador) 87.8 92

Details 53.5 38 Pablo Picasso (João Pessoa) 12.6 11

Patio Condomínio Clube 59.4 192 G Park Calhau (São Luiz) 15.0 75

Chacara Santana 62.8 150 Manhatthan (Salvador) 168.3 771

Brink 46.4 192 G Park Arvores (São Luiz) 12.1 75

Mandala (Fortaleza) 41.7 107

RJ Costa Maggiore 24.0 30

Carpe Diem 29.5 91 NM (Cipesa) Dubai (São Luiz) 31.8 120

London Green 54.7 140 Res. Pq Maceió (Maceió ) 11.6 63

Reserva Laranjeiras 61.8 108 Beira Mar - Nouvelle 27.1 12

Reserva Santa Cecília F 2 23.8 92 Beira Mar - Lumiere 32.1 25

Lagua Di Mare 57.5 108

Quintas do Pontal 79.5 91

Alphaville Barra 155.0 324

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Updated up to December 8.

PSV R$ MM Units PSV R$ MM Units

ALAGOAS+SERGIPE– R$70.8 million

LAUNCHES

CEARÁ – R$41.7 million

PARÁ – R$66.5 million

MARANHÃO – R$58.9 million

BAHIA – R$256.1 million

SÃO PAULO – R$918 million

RIO DE JANEIRO – R$486.2 million

PARAÍBA – R$12.6 million

PARANÁ – R$40.4 million

RONDÔNIA – R$61.7 million

GOIÁS – R$30.5 million

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Local market knowledge

Local culture knowledge

Access to local government bodies, reducing time of appovals

Access to business opportunities

Reduce barriers to entry

Local operational support

IMPORTANCE OF LOCAL PARTNERS

19

198

369

71

486

918

NSCO NE CP RJ SP

1,698

2,043

2007 2008

Launches

Regional Launches

9.7%

45.0%

18.1%

3.5%

23.8%

20.3%

LAUNCH GROWTH

2007 X 2008 PSV (Million)

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New institutional campaign

Research: Attributes which most motivate clients to purchase properties:

Honest and Reliable

Keeps its promise

Innovative and Creative

Tradition

DIFFERENTIATED BRAND POSITIONING

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DELIVERY ADVERTISEMENTS

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CURRENT SCENARIO

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Financial crisis has impact on real estate sales velocity

• Uncertain buyers;

• Unemployment;

• Financial health of homebuilders;

• Delivery capacity.

Measures adopted by Gafisa for launches:

• Launch only after reaching a pre-reservation that assures 50% of sales;

• Launches only after construction financing contracting is complete;

• Institutional campaign “Safe Purchase”.

SAFE PURCHASE

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LATEST LAUNCHES – CHÁCARA SANTANA

CHÁCARA SANTANA

Launch: 11/1

Pre-sale period: 30 days

Sales: 60 %

PSV 100%: R$ 120 million

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LATEST LAUNCHES - BRINK

BRINK

Launch: 11/29

Pre-sale period: 40 days

Sales: 67 %

PSV 100%: R$ 46.4 million

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LATEST LAUNCHES – ALPHAVILLE BARRA DA TIJUCA

ALPHAVILLE BARRA

Launch: 12/6

Pre-sale period: 30 days

Sales: 62 %

PSV 100%: R$ 300 million

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Mario Rocha Neto

GAFISA - CONSTRUCTION

Construction volume;

National reach;

Organization structure and recruiting;

Reduction of construction time;

Production management;

Eldorado.

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CONSTRUCTION VOLUME

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Monthly Area

Total Area

1000

1100

1200

1300

1400

1500

1600

1700

1800

1900

2000

2100

2200

2300

2400

2500

2600

2700

2800

2900

3000

3100

50

55

60

65

70

75

80

85

90

95

100

105

110

115

120

125

130

135

Jun/08 Jul/08 Aug/08 Sep/08 Oct/08 Nov/08 Dec/08 Jan/09 Feb/09 Mar/09 Apr/09 May/09 Jun/09

To

tal B

uil

t A

rea

(x

1,0

00

sp

.m)

Mo

nth

ly B

uil

t A

rea

(x

1,0

00

sq

.m)

VOLUME DE OBRAS Área Mensal

Área Total

PARÁ 6 sites with 162.8 thousand sq.m

PARANÁ 3 sites with 65.0 thousand sq.m

MATO GROSSO 1 work with18.9 thousand sq.m

RIO GRANDE DO SUL 2 sites with 29.4 thousand sq.m

GOIÁS 4 sites with 108.4 thousand sq.m

BAHIA 6 sites with 324.1 thousand sq.m

RIO DE JANEIRO 30 sites with 794.3 thousand sq.m

SÃO PAULO 51 sites with 1,756.0 thousand sq.m

MARANHÃO 3 sites with 98.4 thousand sq.m

CEARÁ 2 sites with 48.9 thousand sq.m

AMAZONAS 3 sites with 57.3 thousand sq.m

I

II

III

IV

V

VI

VIII

VII

AM

PA

ACRO

RRAP

TOBA

PI

MA CE

PR

SC

MT

GO

MS

NATIONAL REACH

Rio de Janeiro - 30 sites with 794.3 sq.m

III

IV

II

I

Belém - 09 sites with 220.1 sq.m

Salvador - 06 sites with 324.1 sq.m

V

VI

São Paulo - 51 sites with 1,756.0 sq.m

Sergipe, Alagoas and PE – 05 sites with 189.2 sq.m

Goiânia - 10 sites with 221.7 sq.mVII

VIII Maranhão, Piauí, Ceará, RN and Paraíba – 06 sites with 162.7 sq.m

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SP, S, N and CO Operations

DirectorSérgio Cincurá

Technical DirectorJosé Marmo

Construction/EngineeringMário Rocha

Supplies DirectorPércio Martins

Planning Operations

Mario Merolli

People and ManagementKarine Oliveira

RJ and NE Operations

DirectorGerson Sallum

DASSIEwerton Bonetti

ORGANIZATIONAL STRUCTURE – GAFISA CONSTRUCTION

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33

Arte Campanha

RECRUITING QUALIFIED PERSONNEL - CONSTRUCTION

Lectures and fairs at SP and RJ universities

Internship program:2008 – 49 hires2009 – 75 graduates

Trainee Program:2007 – 6 hired2008 – 10 under training

Partnerships: SENAI, Sintraconstr, CREA.

Work with us: resumes posted on Gafisa’s website.

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45 15 n 2 months

16 monthsLaunch -10 months

We reduced construction time by 180 days and project time by 120 days.

REDUCTION OF LEAD TIMES

2 months

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Conditions for Project Start-up

A commitment to shortening the stages prior to launch through:

• Faster incorporation

• Streamlining legal approvals (local government)

• Product standardization

Conditions for construction

A commitment to shortening the stages prior to launch through:

• Earlier completion of initial construction tasks (form, foundations, and sitework)

• Streamlining legal approvals (local government, fire department, concessionaires, etc.)

• Faster construction techniques (example: use of aluminum form)

REDUCTION OF CONSTRUCTION TIME

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QUALITY (Indicators)

PRODUCTION MANAGEMENT

Standardization of procedures - Brazil

Flow

Conclusion

Quality of services

36

PRODUCTION MANAGEMENT

Fill out FVP – Product Verification Cards

Tracking of recurring problems (critical)

Use of analysis tools (statistical database)

Action on causes

37

ELDORADO

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Marcelo Martins Louro

ALPHAVILLE HISTORY

► AlphaVille is founded by Construtora Albuquerque, Takaoka

► 14 developments launched in São Paulo metropolitan area

► Approximately 10 million sq m built

► Start of geographical expansion

► AlphaVille present in 13 states in 2007

► Gafisa acquires control

► 6 launches in 2007 and 8 launches in 2008 through September

► In 2007, 116% growth in launches and 70% in sales over 2006

► Corporate Governance – Management controls, SAP, SOX, Investment Committee

1974 - 1995 1995 - 2007 2007...

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ALPHAVILLE CONCEPT

Residential Area

Commercial Area

Multi-family Area

AlphaVille Club

Commercial Center

Residential Area

Residential Area

Example AlphaVille Graciosa (Curitiba, Paraná)

Typical AlphaVille project

► Transformation of large rural lots into high quality urbanized lots, involving:

Special infrastructure – water and sewage network, paving, sidewalks, lighting.

Leisure Area – sports club, parks.

Security – security plan, monitoring systems, wall.

► AlphaVille Projects as a generating source of local development – creation of new business opportunities

► AlphaVille Foundation – concern for social and environmental sustainability in the surroundings of developments.

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ALPHAVILLE: STRATEGIC COMPETITIVE ADVANTAGES AND SYNERGIES

► Largest urban developer

► Sole urban developer with national reach

► The company is focused on area identification, development and commercialization of high quality residential lots, targeting upper and upper middle class families in the surroundings of metropolitan regions throughout Brazil

► Strengths:

• Strong brand recognition throughout Brazil (Top of Mind).

• Broad market experience and financial stability.

• Land bank acquired through swaps (no cash).

• Strategic land bank hard to be replicated.

• High growth potential with low risk.

• Huge operational synergies and cross-selling opportunities within the Group’s companies.

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OPERATING HIGHLIGHTS

43

Projects Launches – R$ MM

Sales – R$ MM

Duilio Calciolari

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5998

184 195

2005 2006 2007 9M07 9M08

139198

375 388

2005 2006 2007 9M07 9M08

Net Revenues (R$ million) Gross Profit (R$ million)

Adjusted EBITDA1 (R$ million)

45%

77%

43%

89%

Net Income (R$ million)

148%

89%

IMPROVING FINANCIAL INDICATORS

¹ Adjusted for IPO and Follow on expenses in 2006 and 2007. 9M07 adjusted for capitalized interest.

41% 64%

154%

240

127

54%

3176

144

55

2005 2006 2007 9M07 9M08

140

55

67%

87%

814

1,1501,172

457664

2005 2006 2007 9M07 9M08

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PERFORMANCE INDICATORS

Gross Profit vs. Launches

16.1%

10.4%11.8%

12.7%

652513

2,293

1,005

2,236

1,1951,218

697 52%54%

69%78%

2005 2006 2007 9M08

Launches (R$ million) Gross Profit Gros ProfitLaunches

2,2361,005

3,5002,167

11,136

5,736

2.2

2.6

3.2

2006 2007 2008

Launches (R$ million) Landbank1 (R$ millioin Landbank/Launches

¹Landbank at the end of the period

Sales vs. Launches Landbank vs. Launches

SG&A vs. Sales

8.0%

4.7%

4.8%5.2%9.3%

7.0%

6.8%

5.2%

2005 2006 2007 9M08

General and Administrative Expenses/Pre-SalesSelling Expenses/Pre-Sales

652

2,293

450

1,005

2,236

1,560

995

1,627

69%

99%

69%73%

2005 2006 2007 9M08

Launches (R$ million) Sales (R$ million) Sales/Launches

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GAFISA IS GROWING WITH INCREASING MARGINS

Gross Margin EBITDA Margin

Net Margin ROE3

¹ IPO in February 2006 with a capital increase of R$350 million; ² Follow-on in March 2007 with a capital increase of R$490 million³ ROE = adjusted net income / shareholders’ equity

10.2%12.3%

6.7%

11.4%

2005 2006 2007 9M08

17.2%15.7%

14.8%12.9%

2005 2006 2007 9M08

35.0%

30.4%29.8%

32.0%

2005 2006 2007 9M08

300

1,6891,531

814

11.3%9.4%

9.7%11.4%

2005 20061 20072 9M08

Shareholders’ Equity ROE (LTM)3

STRONG PRE-SALES POSITIVELY IMPACT BACKLOG OF REVENUES TO BE RECOGNIZED

R$711 million of sales backlog (69% growth compared to 3Q07)

3Q08 2Q08 3Q07 3Q08 x 2Q08 3Q08 x 3Q07

Gross sales to be recognized 2,045.1 1,927.5 1,208.6 6% 69%

Sales, net of 3.65% sales tax, to be recognized 1,970.4 1,857.1 1,164.5 6% 69%

Cost of units sold to be recognized (1,259.9) (1,190.1) (743.5) 6% 69%

Backlog of results to be recognized 710.5 667.0 421.0 7% 69%

Backlog margin to be recognized 34.7% 34.6% 34.8% 14 pps 23 pps

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16%

34%

64%30%

32%

20%12%

16% 14%

74%

34%

54%

2005 2006 2007 9M08

Gafisa financing longer than 36 monthsGafisa direct financing up to delivery of keysMortgage loans

INCREASED MORTGAGE PENETRATION

Pre-Sales Financed by Gafisa vs. Financed by Banks

Reduction in accounts receivable balances improves Gafisa’s working capitalHigher returnsHigher asset turnoverBetter terms for clients with lower rates at longer terms

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3Q08 2Q08

Total Debt 1,377 1,084

Obligation to Investors 300 300

Cash and Cash Equivalents 790 775

Net Debt & Obligation to Investors 887 609

Shareholders’ Equity 1,689 1,637

Total Capitalization 3,066 2,721

Net Debt & Obligation to Investors / Shareholders’ Equity 52.5% 37.3%

GAFISA’S SOLID FINANCIAL POSITION AND OPTIMIZATION OF CAPITAL STRUCTURE SUPPORT EXPANSION

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R$790 million in cash and cash equivalents, in addition to R$250 million in receivables available for securitization.

R$3.5 billion in construction financing lines made available by Brazil’s largest banks:

R$1.6 billion in signed contractsR$1.2 billion contracts in progressR$682 million in lines available

Ratings:Moody’s: international Ba2 and local Aa3.brFitch: A(bra) localStandard & Poor’s: BrA local

FINANCIAL HIGHLIGHTS

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As a company listed on the New York Stock Exchange (NYSE), Gafisa must comply with therequirements of the Sarbanes-Oxley Act (SOX).

In 2007, when Gafisa was listed on NYSE, its Corporate Governance was evaluatedaccording to Article 302 of SOX. The evaluation was analyzed by PricewaterhouseCoopers,which provided a letter of recommendations, which were quickly complied with. Suchdocuments are part of form 20F, filed with the U.S. Securities and Exchange Commission(SEC) in June 2008.

For the financial statements with reference date on December 31, 2008, Gafisa shall judgethe effective operation of the environment of its internal controls (Article 404 of SOX), aswell as under the Corporate Governance perspective (Article 302 of SOX).

For that, Gafisa is testing the controls which guarantee the accuracy of its financialstatements and information disclosed to the market. The controls are also tested by ourcertifiers, PricewaterhouseCoopers.

The opinion of Gafisa’s management and the opinion of our certifiers will be disclosedthrough form 20F, to be filed with the SEC during the first half of 2009.

EVOLUTION OF SOX CONTROLS IMPLEMENTATION

52

The implementation of SAP information system in 2008 was an important step in the company’s operations management to meet SOX requirements.

53

2008 OUTLOOK

2008 Launch Guidance:R$3.5 Billion► Equivalent to R$3.3 billion excluding

R$200 million of launches corresponding to Fit in the fourth quarter.

EBITDA Margin for 2008: 16%-17%

As of 4Q08, Gafisa’s financial statements will consolidate 100% of Construtora Tenda S.A., with the results of the stake Gafisa does not own flowing out through the minority shareholders line of the income statement.

CONSOLIDATED HIGHLIGHTS

(1) Before Provisions Except: Backlog of Revenues and Results, Shareholders’ Equity and Total Assets.(2) Pro-forma numbers were not reviewed and should not be considered for analysis.(3) Backlog of results discounting 3.65% of the gross operating revenue related to taxes on sales.

Gafisa

TendaBefore

Provisions(1)

Gafisa Pro Forma

Consolidated(2)

Financial and Operating Highlights (R$000) 9M08 9M08 9M08

Launches (% Company) 2,293,032 1,396,665 3,689,697

Launches (Units) (% Company) 9,875 18,263 28,138

Pre-Sales (% Company) 1,559,656 891,618 2,451,274

Net Operating Revenues 1,149,879 504,629 1,654,508

Gross Profit 387,606 200,213 587,819

Gross Margin 33.7% 39.7% 35.5%

EBITDA 195,154 84,463 279,617

EBITDA Margin 17.0% 16.7% 16.9%

Ne Income 139,781 71,136 210,917

Net Margin 12.2% 14.1% 12.7%

Earnings per Share (R$) 1.08 1.63

Weighted Average of the number of shares 129,591,117 129,591,117

Backlog of Revenues (After Provisions) (3) 2,045 737 2,782

Backlog of Results (After Provisions) (3) 711 291 1,002

Backlog Margin 34.7% 39.5% 36.0%

Net Debt and Obligation to Investors (Cash) 886,822 -11,869 874,953

Cash 790,325 92,995 883,320

Minority Stake - - 267,832

Shareholders’ Equity After Provisions 1,688,596 669,580 1,688,596

Total Assets After Provisions 4,606,797 1,015,091

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