1. 4Q09 and 2009 Results
Conference Call
Tenda: Cotia Fase 4 – SP
Alphaville Porto Alegre - RS
Investor Relations Contact
Luiz Mauricio de Garcia Paula
ri@gafisa.com.br
1

2. Safe-Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties. These statements
are based on the beliefs and assumptions of our management, and on information currently available
to us. Forward-looking statements include statements regarding our intent, belief or current
expectations or that of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed future
results of operations, as well as statements preceded by, followed by, or that include the words
''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or
similar expressions. Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions because they relate to future events and therefore depend on
circumstances that may or may not occur. Our future results and shareholder values may differ
materially from those expressed in or suggested by these forward-looking statements. Many of the
factors that will determine these results and values are beyond our ability to control or predict.
2

3. Overview of 4Q09 and 2009 Results
Financial and Operational Performance – Wilson Amaral, CEO
3

4. Highlights
Strong Top Line Growth, Operating Margin Improvement and Comfortable Liquidity
Operating and Financial Highlights (R$ million) 4Q09 4Q08 Var. (%) 2009 2008 Var. (%)
Launches 1,000,353 644,969 55% 2,301,224 4,195,698 -63%
Launches, units - '000 4,258 1,469 190% 10,795 30,016 -73%
Contracted sales 1,053,810 588,370 79% 3,248,065 2,577,762 26%
Contracted sales, units - '000 6,413 3,760 71% 22,012 17,114 29%
Net revenues 897,540 561,738 60% 3,022,346 1,740,404 74%
Gross profit 277,418 147,644 88% 878,584 526,003 67%
Adjusted Gross margin (w/o capitalized interest) 34.7% 30.6% 410 bps 32.2% 33.3% -109 bps
(1)
Adjusted EBITDA 174,722 82,272 112% 604,476 300,472 101%
(1)
Adjusted EBITDA margin 19.5% 14.6% 490 bps 20.0% 17.3% 274 bps
(2)
Adjusted EBITDA 167,825 41,264 307% 529,930 259,463 104%
Adjusted EBITDA margin (2) 18.7% 7.3% 1140 bps 17.5% 14.9% 260 bps
(3)
Adjusted Net profit 86,074 43,624 97% 312,825 192,792 62%
Adjusted Net margin (3) 9.6% 7.8% 180 bps 10.4% 11.1% -73 bps
Net profit 55,321 12,844 331% 213,540 109,921 94%
EPS (R$/share) 0.3317 0.0988 236% 1.2804 0.8458 51%
Net debt and Investor obligations 1,998,079 1,246,619 60% 1,998,079 1,246,619 60%
Cash and availabilities 1,424,053 605,502 135% 1,424,053 605,502 135%
(Net debt + Obligations) / (Equity + Minorities) 83.8% 59.8% 2400 bps 83.8% 59.8% 1 bps
(1)
Adjusted for expenses w ith stock options plans (non-cash)
(2)
Adjusted for Tenda's goodw ill and net of provisions
(3)
Adjusted for expenses w ith stock options plans (non-cash), minority shareholders and non recurring expenses
4

5. Recent Developments
Acquisition of remaining 40% of TENDA’s shares approved: Gafisa now operate Tenda as a wholly-
owned subsidiary, benefiting from full integration of back offices and enterprise systems.
Approval of R$ 600 million in debentures with Caixa Econômica Federal in December 2009
Strong Sales in Middle and Mid-High Segments: Gafisa and Alphaville brands sold over R$ 670
million during the quarter, logging sales velocities of 23% and 44% respectively.
Diversified Geographies and Products: At the end of 2006 Gafisa-brand had a presence in 10 states
and 16 cities with a total of 70 developments. Today well-known brands Gafisa, Alphaville and Tenda
are present in 21 states, 100 cities with more than 188 developments, being 310 when accounting all
the phases.
Follow-on Share Offering: Today we are announcing that Gafisa intends to proceed with a follow-on
equity offering worth an estimated R$ 1 billion.
5

6. Efficiency Gains under “Minha Casa, Minha Vida” Program
Tenda contracted 5,114 units in 2009 and has over 25 thousand units under Caixa’s analysis
Caixa’s efficiency has been improving since the beginning of the program, indicating that could reach its
goal of 1 million units by the end of 2010.
R$ 24 billion 2010 FGTS budget is already 25% higher than the amount granted in 2009.
Monthly Evolution of Contracted Units 91
'000 units
Status – December 09 Units
Units Received 713,990
Units Contracted (Approved) 275,528
55
Units Analyzed - will approve 38,945
Document pending for analysis 63,998 42
Engineering analysis concluded 138,315
Pending engineering analysis 197,204
22 23
12 15
10
5
Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09
Source: CEF 6

7. Concluded Projects
Gafisa completed 152 developments or phases during 2009, representing R$ 1.4 billion of PSV.
Gafisa: 17 projects/phases, R$ 694 million
Alphaville: 5 projects/phases, R$ 204 million
Tenda: Valle Verde Cotia, SP
Tenda: 130 projects/phases, R$ 496 million
Gafisa: Felicità, SP
Gafisa: Colina de São Francisco, SP
Alphaville 7

8. Diversified, High-Quality Land Bank Provides Strong Platform for Growth
383 different projects or phases in 21 states
PSV - R$ million %Swap %Swap %Swap Potential units
(%Gafisa) Total Units Financial (%Gafisa)
Gafisa ≤ R$500K 4,149 47.2% 39.0% 8.3% 4,490
/ ‘000 units
> R$500K 3,427 38.0% 36.0% 2.1% 14,235
Total 7,576 42.1% 37.3% 4.8% 18,725
Alphaville ≤ R$100K; 404 94.2% 0.0% 94.2% 5,340
> R$100K; ≤ R$500K 3,458 99.7% 0.0% 99.7% 18,705
> R$130K 100 0.0% 0.0% 0.0% 50
Total 3,962 98.5% 0.0% 98.5% 24,094
Tenda ≤ R$130K 3,822 24.3% 24.3% 0.0% 44,876
> R$130K 463 5.7% 5.7% 0.0% 2,826
Total 4,285 19.4% 19.4% 0.0% 47,703
Consolidated 15,823 50.7% 23.6% 27.1% 90,522
 50.7% acquired by swap agreements.
 Affordable entry-level segment represents 52% of potential units in land bank.
8

9. Strong Launches and Sales Performance
4Q09 Launches by unit price 4Q09 Pre-sales by unit price
(%Gafisa) - R$ k 4Q09 2009 (%Gafisa) - R$ k 4Q09 2009
Gafisa ≤ R$500 k 328,283 612,866 Gafisa ≤ R$500 k 185,480 610,494
> R$500 k 249,301 651,654 > R$500 k 281,099 899,581
Total 577,584 1,264,520 Total 466,579 1,510,075
Units 1,472 3,413 Units 1,210 4,190
Alphaville ≤ R$100K; 24,030 24,030 Alphaville ≤ R$100K; 7,710 25,697
> R$100K; ≤ R$500K 262,000 395,482 > R$100K; ≤ R$500K 194,169 331,915
> R$500K --- --- > R$500K 2,456 19,272
Total 286,030 419,512 Total 204,336 376,885
Units 1,451 2,096 Units 969 1,952
Tenda 1) ≤ R$130 k 102,507 288,013 Tenda 1) ≤ R$130 k 311,403 1,165,171
> R$130 k 34,232 329,179 > R$130 k 71,491 195,934
Total 136,739 617,191 Total 382,895 1,361,105
Units 1,335 5,286 Units 4,234 15,871
Consolidated Total 1,000,353 2,301,224 Consolidated Total 1,053,810 3,248,065
Units 4,258 10,795 Units 6,413 22,012
1) 1) Includes Tenda and Fit Residencial in 2008
Includes Tenda and Fit Residencial in 2008
Other Other
38% São Paulo
36%
47%
São Paulo
56%
Rio de
Janeiro Rio de
7% Janeiro 9
17%

10. Inventories and Sales Velocity - 4Q09
The Highest Sales Velocity of 2009 Contributes to Substantial Inventory Reduction
4Q09 Inventory
Inventories beginning *Inventory Release Inventories end
R$ million Launches Sales Sales velocity
of period + Other of period
Gafisa 1,358.1 577.6 466.6 101.3 1,570.4 22.9%
AlphaVille 180.9 286.0 204.3 0.9 263.5 43.7%
Tenda 1,275.9 136.7 382.9 (233.1) 796.6 32.5%
Total 2,814.9 1,000.4 1,053.8 (130.9) 2,630.5 28.6%
Inventory reduction (R$ million)
3.394
2,929
2,679 2,815 2,631
-233
1.402
1.149
934 1.276 797
215
199 203 264
181
1.777 1.581 1.542 1.570
1.358
4Q08 1Q09 2Q09 3Q09 4Q09
Gafisa Alphaville Tenda
* Tenda’s units reintroduced/blocked 10

11. Overview of 4Q09 and 2009 Results
Financial Performance – Duilio Calciolari, CFO and IR Officer
11

12. Strong Pre-Sales Positively Impact Backlog of Revenues to be
Recognized
(R$000) 4Q09 4Q08 3Q09 4Q09 x 4Q08 4Q09 x 3Q09
Gafisa Revenues to be recognized 1,662 1,870 1,661 -11.1% 0.1%
Costs to be recognized (1,044) (1,220) (1,051) -14.4% -0.7%
Results to be recognized (REF) 618 650 609 -4.9% 1.4%
REF margin 37.2% 34.8% 36.7% 2423 bps 48 bps
Tenda 1) Revenues to be recognized 1,363 1,018 1,245 33.9% 9.5%
Costs to be recognized (915) (653) (839) 40.2% 9.1%
Results to be recognized (REF) 448 365 406 22.8% 10.3%
REF margin 32.9% 35.8% 32.6% -298 bps 24 bps
Consolidated Revenues to be recognized 3,025 2,888 2,905 4.8% 4.1%
Costs to be recognized (1,959) (1,873) (1,890) 4.6% 3.7%
Results to be recognized (REF) 1,066 1,015 1,015 5.0% 5.0%
REF margin 35.2% 35.1% 35.0% 10 bps 28 bps
Note: Revenues to be recognized are net from PIS/Cofins (3.65%). Backlog of Revenues not adjusted to present value.
1) Includes Fit Residencial and Bairro Novo in 2008
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13. SG&A
Improvement over 2008 – Better SG&A Ratios Over Top Line Expected After Tenda’s Integration
into Gafisa
Company 4Q09 4Q08 2009 2008
Consolidated Selling expenses 73,277 66,897 226,621 154,401
G&A expenses 60,298 75,787 233,129 180,838
SG&A 133,575 142,684 459,750 335,239
Selling expenses / Sales 7.0% 11.4% 7.0% 6.0%
G&A expenses / Sales 5.7% 12.9% 7.2% 7.0%
SG&A / Sales 12.7% 24.3% 14.2% 13.0%
Selling expenses / Net revenues 8.2% 11.9% 7.5% 8.9%
G&A expenses / Net revenues 6.7% 13.5% 7.7% 10.4%
SG&A / Net revenues 14.9% 25.4% 15.2% 19.3%
 Integrating Tenda into Gafisa should start yield the benefits in the coming quarters mainly due to better
dilution of costs due to higher volumes of launches and sales.
 Synergies to be achieved through shared back office functions, the leveraging of office infrastructure, and
the accelerated implementation of systems such as SAP across Tenda’s operations, all resulting in better
SG&A/Top Lines ratios in the coming quarters.
13

14. Strong Cash Position: R$1.4 billion
Net Debt/Equity (Excluding Project Finance): 13.3% Debt Maturity
74% Long-Term Debt
Short Term
R$ million 4Q09 3Q09 26%
Total Debt 3,122 2,532
Total Cash 1,424 1,100
Obligation to Investors 300 300
Net Debt & Obligation to Investors 1,998 1,732
(Net Debt & Obligation to Investors) / (Equity + Minorities) 83.8% 74.1% Long Term
74%
(Net Debt & Obl.) / (Eq. + Min.) – Exc. Project Finance (SFH +
13.3% 27.3%
FGTS Debenture)
Cash-burn rate 348(1) 246
Until Until Until Until After
Company (R$000) Total
December/2010 December/2011 December/2012 December/2013 December/2013
Debentures - FGTS (project finance) 602,648 2,648 0 0 300,000 300,000
Debentures - Working Capital 704,473 108,473 346,000 125,000 125,000 0
Project financing (SFH) 406,643 225,453 152,894 23,536 4,760 0
Working capital 686,082 397,418 221,626 36,078 30,960 0
Total debt - Gafisa 2,399,846 733,992 720,520 184,614 460,720 300,000
Debentures - FGTS (project finance) 611,256 11,256 0 150,000 300,000 150,000
Project finance (SFH) 60,376 44,533 15,843 0 0 0
Working capital 50,654 10,908 23,220 12,240 4,286 0
1)
Total debt - Tenda 722,286 66,697 39,063 162,240 304,286 150,000
Total consolidated debt 3,122,132 800,689 759,583 346,854 765,006 450,000
% Total 26% 24% 11% 25% 14%
(1) R$ 266 Net Debt change + R$ 82 million of treasury shares sold in the 4Q09.
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15. Follow-on Share Offering – Full Primary
Today we are announcing that Gafisa intends to proceed with a follow-on primary
equity offering worth an estimated R$ 1 billion;
A follow-on offering will afford us the opportunity to comfortably fund our business
objectives over the next few years while enhancing our current capital structure;
Intended Use of Proceeds:
Use of Proceeds %
Land Acquisition 35
Working Capital 25
Launches 20
M&A 20
TOTAL 100
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16. 2010 Outlook
Gafisa expects to launch projects totaling R$ 4 billion to R$ 5 billion during 2010, of
which 40-45% will be dedicated to the affordable entry-level segment through Tenda.
We expect full year 2010 EBITDA margin to reach between 18.5%- 20.5%.
16

17. Gafisa: The Most Liquid Brazilian Real Estate Company and the Only
One Listed on NYSE
Volume Diário (R$ MM)
ADTV1 (R$ MM) Preço (GFSA3) (R$/share)
Price GFSA3
210 40
180 35
30
150
25
120
20
90
15
60
10
30 5
0 0
Gafisa’s average daily trading volume: R$105.4 million (Nov 1st, 2009 – Jan 29th, 2010)
Average Daily Turnover in the last 90 days over free float: 3.2%
(1)ADTV = Average Daily Trade Volume 17