2Q13 Results Conference Call

August 12, 2013

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.

1

Recent Events – Gafisa S.A. Enters Into Agreement to Sell

70% Stake in Alphaville to Blackstone and Pátria

▲ Gafisa S.A. signed an agreement to sell a majority stake in Alphaville, valuing AUSA at

R$2.01 billion.

▲ Sale transaction to generate expected gross cash proceeds of R$1.4 billion

▲ Proceeds to strengthen Gafisa’s balance sheet by reducing leverage and

generating long-term shareholder value

▲ Transaction to allow shareholders, through the 30% remaining stake in Alphaville,

to participate in the long-term value creation produced by partnering with two

leading investment firms

▲ Opportunity to unlock significant value generated under Gafisa’s stewardship

since the acquisition in 2006

▲ Cash proceeds will reduce leverage, allowing increased focus on operating

performance

▲ Gafisa also agreed to complete the purchase of the outstanding 20% stake in Alphaville

which it did not already own, finalizing the arbitration process for a total consideration of

R$367 million,

2

Second Quarter Highlights

▲ 2Q13 sales of R$554 mm exceeded launches of R$461 mm and increased q-o-q

▲ Sequential improvement in SoS on higher gross sales and fewer dissolutions

▲ 1H13 unit deliveries represented 30% of guidance midpoint

▲ Performance of new Tenda launches sound and in line with the Company’s expectations

▲ During the 1H13, Gafisa Group expanded its landbank in order to support future growth, with

acquisitions of R$1.0 billion in PSV

▲ At the end of June, the Company had R$1.1 billion in cash and cash equivalents

3

Gafisa Segment – Status of the Turnaround Strategy

Gafisa’s brand increasingly focused on Strategic Markets

Gross Margin per Market (2011-1S13) Net Revenue per Market

▲ Gafisa’s operations in strategic markets, especially SP, are performing well. However,

on a consolidated basis, margins continue to be impacted by non-core markets

4

20% 18% 8%

20% 17%

13%

60% 65% 79%

2011 2012 1H13

Other markets RJ SP

-70,0%

-50,0%

-30,0%

-10,0%

10,0%

30,0%

50,0%

2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 1H13

SP RJ Other markets

Gafisa Segment - Status of the Turnaround Strategy

▲ Delivery of legacy projects is in line with guidance and should conclude by year-end. Currently, 3

projects remain under construction, with delivery scheduled for 2H13. Only 1 project (4 phases) is

scheduled for 2014

Construction Execution per Market (2Q13-4Q15)

5

25% 19% 14% 17%

0%

14% 13%

9% 4%

0%

61% 68%

77% 78%

100%

2011 2012 2013E 2014E 2015E

Other markets RJ SP

28% 18%

8% 9% 0%

15%

17%

16% 5%

0%

57% 66%

76% 86%

100%

2011 2012 2013 2014 2015

Other markets RJ SP

Other markets data 2011 2012 2013 2014 2015

Number of phases/works 30 14 6 4 -

Other markets data 2011 2012 2013 2014 2015

Units 6,300 2,714 720 360 -

Projects/Phases Units

227

546

114

814

101

217

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Descontinued markets Strategic markets

Launches per Market (1Q12-2Q13) Gross Sales per Market (1Q12-2Q13)

9

47 48

26

65

48 42

71

123

75

127

90

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Descontinued markets Strategic markets

Resale of Cancelled Units (1H13)

Dissolutions per Market (1Q12-2Q13)

27 55 46 56 48 63

340

520

453

544

244 291

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Descontinued markets Strategic markets

40%

56%

21%

SP RJ NM

Gafisa Segment - Status of the Turnaround Strategy

6

▲ Concentration of Launches

and Sales in strategic

markets

▲ Dissolutions gradually

reducing, and should reach

normalized levels

Tenda Segment - Status of the Turnaround Strategy

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

0

20

40

60

80

100

120Units under Construction

Sites

Continued progress in the conclusion and delivery of Tenda legacy projects

600

650

700

750

800

850

900

950

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

Legacy Inventory

7

units units R$ million

Gross Sales (4Q11-2Q13) Dissolutions (4Q11-2Q13)

14

12

10 11

7

2Q12 3Q12 4Q12 1Q13 2Q13

Tenda – Financial Cycle (2Q2-2Q13)

▲ Dissolutions continue to decline as Tenda concludes the units of legacy projects, developed out of

the new fundamentals, and transfer them to financial institutions

Note: 61% of 1H13 cancelled units were already resold within the quarter

Tenda Segment - Status of the Turnaround Strategy

467

340 329

264

318

232

158

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

248 249

345

294 288

239

328

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13

NEW LAUNCHES

LEGACY PROJECTS

8

4

▲ Tenda’s financial cycle is sound. The average time has

been halved to 7 months in the 2Q13, from 14 months

in the same period last year

▲ In 2Q13, the financial cycle (average time between

sale, unit transfer and registration) for new launches

was around 4 months

Launches resumed under new business fundamentals

Tenda Segment - Status of the Turnaround Strategy

Chart 5. Tenda New Launches Under Fundamentals

Launches 1H13

Novo Horizonte

Vila Cantuária

Itaim Paulista Life

Launches

mar-13

mar-13

may-13

PSV Launches (R$ mil)

67.755

45.941

33.056

# Units Launched

580

440

240

% PSV Units Sold¹

77,7%

22,1%

26,5%

% Units Transferred²

37,6%

8,0%

0,0%

Project

Osasco - SP

Camaçari - BA

São Paulo - SP

¹In July 2013, the % of units sold reached 92% (Novo Horizonte), 29% (Vila Cantuária) and 28% (Itaim Paulista Life). ²In July, the % of units trasferred was 62% (Novo Horizonte), 17% (Vila Cantuária) and 0% (Itaim Paulista Life).

9

Information regarding Tenda’s launches on 1H13

86%

55%

81%

14%

45%

19%

Gafisa Tenda Alphaville

Under construction Concluded units

Inventory distribution by Construction Status, Launch Year and

Market

Inventories

BP1 1Q13 Launches Dissolutions Pre-sales

Price Adjustments +

Others5

Inventories EP2

2Q13 % Q/Q3 SoS4

Gafisa (A) 1,921,120 215,910 137,674 (354,585) 87,690 2,007,810 5% 9.8%

Alphaville (B) 808,927 212,077 59,350 (226,237) 32,248 886,365 10% 15.8%

Tenda (C) 772,992 33,056 157,848 (327,689) 43,492 679,699 -12% 20.0%%

Total (A)+(B)+C) 3,503,039 461,043 354,872 (908,511) 163,430 3,573,874 2% 13.4%

Note: * 1) BP beginning of period – 1Q13. 2) EP end of period – 2Q13. 3) % variation 2Q13 vs. 1Q13 4) Sales speed on 2Q13. 5) Cancelled projects in the period

Inventories at Market Value at 2Q13 x 1Q13 (R$ 000)

Inventory at market value per construction status

84%

16%

SP and RJ Other Markets

88%

12%

Legacy Projects New Projects

Gafisa segment- Inventory at market value per market

Tenda segment - Inventory at market value by vintage

10

Classification of Alphaville as held for sale, with the retention of

associate non-controlling interest Given the impending sale of a 70% stake in Alphaville and associated transfer of operations

to the buyers, these assets have been classified as held for sale

1H13 Official Numbers Versus Non-Audited Reconciliation

R$000

Official

1H13 Adjustments Pro-Forma 1H13

Income Statement Amounts posted

06.30.13

Impact of adopting CPC 18(R2), 19

(R2) and CPC 36 (R3)

Impact of adopting CPC 31

Excluding the impact of the

effects mentioned

Net Operating Revenue 1.148.414 89.792 394.772 1.632.978

Operating Costs (926.471) (82.549) (201.967) (1.210.988)

Gross profit 221.943 7.243 192.804 421.990

OPEX (250.762) (14.815) (90.065) (355.642)

Equity Income 3.631 (6.880) 3.249 0

Net Interest Income (82.827) 8.345 (14.629) (89.111)

Income Tax and Social Contribution (13.429) (1.016) (7.344) (21.789)

Minority Shareholders (25.307) 243 (0) (25.064)

Results Descontinued Operations 80.765 0 (80.765) 0

Net Loss from Continued

Operations (69.617) 0 0 (69.617)

EBITDA Margin 13,2% 12,3%

Balance sheet Official

1H13 Adjustments Pro-Forma 1H13

Current Assets 6.745.681 769.575 (631.039) 6.884.207

Long-term Assets 1.042.373 (12.963) 452.409 1.481.819

Intangible and Property and

Equipment 149.850 28.563 143.517 321.930

Investments 554.840 (589.953) 35.113 0

Total Assets 8.492.744 195.222 0 8.687.966

Current Liabilities 2.873.442 (103.748) (293.425) 2.683.765

Shareholders' Equity 2.618.458 (2.763) 0 2.615.695

Shareholders' Equity 2.449.326 0 0 2.449.326

Non controlling interests 169.132 (2.763) 0 166.369

Liabilities and Shareholders' Equity 8.492.744 195.222 0 8.687.966

ND/E 96% 102%

11

On June 30, 2013 Gafisa’s financial statements

reflect the effects of the70% stake sale of AUSA

which its assets and liabilities were classified as "non-

current assets and liabilities held for sale" in

accordance with CPC 31

▲ Between July 2013 and the date of completion of

the sale of AUSA, given the purchase of the

remaining 20% stake of the AUSA on July 3, 2013,

we will report on a consolidated 100% of the result of

AUSA as "Income from discontinued operations",

without highlighting this minority investment. In the

holding Company will report the result of 100% AUSA

in the line of equity income. The assets and liabilities

continue to be reported as "assets and liabilities held

for sale".

▲ After the completion of the sale of 70% stake in

AUSA we will no longer consolidate the assets,

liabilities and results of the company. Our minority

interest of 30% will be demonstrated throughout the

account line "Investments" and the results will be

captured through equity income. At the same

time, classifications of "Assets and Liabilities held for

sale" and "Income from discontinued operations" will

no longer exist.

57% 54% 49% 30%

0%

43% 46% 51% 70%

100%

Until Jun/14 Until Jun/15 Until Jun/16 Until Jun/17 After Jun/17

Corporate Debt Project Finance

3,620

1,062

128

996

736

697

Total

Investors Obligations

Working Capital

SFH / Project Finance

Debentures Working Capital

Debentures FGTS

3,620

2,519

1,604

1,101

915

Total debt Cash Net debt NetProceeds

(saletransaction+ purchase20% stake)

PosttransactionNet Debt

Indebtedness (R$ mm) and Taxes Leverage 2Q13 vs Pro-forma Post Transaction

Note: preliminary unaudited results 1 Net of liabilities related to R$250 mn in securitization 2 Pro-forma Post Transaction 2Q13.

Debt Maturity as % of Total Debt

Net Debt/ Equity 0.96x 8.2% - 10.2% (TR)

0.7% - 1.9% (CDI)

8.3% - 12.0% (TR)

0.2% - 1.0% (CDI)

9.54%

Gafisa Group - Post-Transaction, Flexible Balance Sheet

0.54x

1.3% - 2.2% (CDI)

1,179 1,252 920 341 237

R$

R$

Gafisa’s net debt/equity ratio is expected to drop from 96% reported in 2Q13 to

approximately 54%, based on pro forma unaudited information for the period

12

2T13 1T13 2T12

Project financing (SFH) 736 785 579

Debentures - FGTS (Project Finance) 1.062 1.190 1.213

Debentures - Working Capital 698 585 568

Working Capital 996 908 987

Investor Obligations 128 134 243

Total Consolidated Debt + Obligations 3.620 3.602 3.590

Consolidated Cash and Cash Availabilities 1.101 1.146 834

Net Debt + Investor Obligations 2.519 2.456 2.756

Equity + Minority Shareholders 2.618 2.644 2.745

(Net debt + Obligations) / (Equity + Non-controlling) 96% 93% 100%

Debt Profile Project Finance Debt 1.798 1.975 1.792

Corporate Debt and Investor Obligations 1.822 1.627 1.798

Total Consolidated Debt + Obligations 3.620 3.602 3.590

Project Finance (% stake of total debt) 50% 55% 50%

Corporate Debt (% stake of total debt) 50% 45% 50%

Net Debt to Equity stable at 96%

(R$ million)

13

Note: Consolidated Pro-Forma unaudited financial information are presented for 1Q13 and 2Q12 only for

informative and comparability purposes with 2Q13 data. The calculation of this amount considered Alphaville

consolidation effects and the adoption of new accounting rules over the consolidation of joint arrangements

control.

▲ Comfortable cash position of

R$1.1 billion

▲ Consolidated cash burn of

R$28 million in 2Q13

▲ Net Debt / Equity was 96%

▲ Project finance represented

50% of total debt

▲ 43% of short-term debt

comprises project finance

(1) excluding R$35 millions of expenses related to the share buyback program.

Outlook

Launches Guidance –

2013E

Guidance

(2013E)

Actual numbers

2Q13A

Consolidated Launches R$2.7 – R$3.3 bi 769mn

Breadown by Brand

Launches Gafisa R$1.15 – R$1.35 bi 299mn

Launches Alphaville R$1.3 – R$1.5 bi 323mn

Launches Tenda R$250 – R$450 mn 147mn

Guidance

(2013E)

Actual number

2Q13A

Consolidated Stable 95% 96%

Guidance

(2013)

Actual numbers

2Q13A

Consolidated (#

units)

13,500 – 17,500 4,673

Delivery by Brand

# Gafisa Delivery 3,500 – 5,000 1,728

# Alphaville Delivery 3,500 – 5,000 419

# Tenda Delivery 6,500 – 7,000 2,526

Guidance

(2013E)

Actual number

2Q13A

Consolidated 12% - 14% 13%

Launch Guidance – 2013 Estimates

Guidance Leverage (2013E)

Guidance EBITDA Margin (2013E)

Delivery Estimates 2013E

14

▲ Considering Alphaville’s sale to

Blackstone and Pátria, 2013 operational

goals established in the beginning of

2013 remain unchanged

▲ The Company will provide guidance to

reflect changes in accounting criteria in

a timely manner