- The document provides an overview of a company's 1Q13 earnings conference call, including highlights of financial performance, operational results, and recent developments. - Revenue declined year-over-year due to lower seasonal activity and higher sales cancellations. Operating results have not yet reflected margins due to legacy project resolutions and structural changes. - Cash generation was positive in 1Q13, with increased launch activity and land purchases to result in neutral operating cash flow for 2013. The new Tenda business model focuses on minimizing costs and balance sheet risk while maintaining construction quality.

1. 1
1Q13 Results
Conference Call
May 13th, 2013

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.
1

3. Financial Performance – André Bergstein, CFO
Overview of 1Q13 Results - Duilio Calciolari, CEO

4. • Launches reached R$308 mn, with sales of R$218 mn in 1Q13, in keeping
with lower seasonal activity
• Consolidated sales velocity was 5.9%, or 7.2% ex-Tenda, reflecting higher
sales cancellation
• 1,300 units delivered in 1Q13
• Operating results are not yet reflected in the financial statements as margins
continue to be impacted by the resolution of legacy projects and structural
changes made to restore profitability
• New Tenda business model to minimize costs, time and balance sheet risk,
while maintaining high construction standards
3
1Q13 Highlights and
Recent Developments

5. -453
-335
-273
-148
-58
-200
-76
231
149
381
20
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
• Cash position of R$1.4 bi in 1Q13
• Consolidated operating cash flow reached R$122 mn in 1Q13
• Cash generation of R$20 mn (pro-forma) and cash burn of R$89 mn in 1Q13, under
new accounting method
• Increased overall launch activity and land purchases (R$53 mm of recent acquisition)
to result in neutral operating cash flow in 2013
Cash Generation
Cash Generation/(Burn) Pro-Forma (3Q10 – 1Q13)
4
Cash burn
Cash generation
¹ including securitization in the amount of R$169 million
-89¹
Note: 1) cash burn of R$ 89mn under new accounting method.

6. Launches, Sales, Cancellations and SoS
Inventories
BoP1
Launches Dissolution Pre-Sales
Price Adjust
+ Other5
Inventories
EoP2
% Q-o-Q3 VSO4
Gafisa (A) 1,983,694 83,029 191,572 -292,688 -44,486 1,921,120 -3.2% 5.0%
Alphaville (B) 812,174 110,828 57,420 -167,799 -3,696 808,927 -0.4% 12.0%
Total (A) + (B) 2,795,867 193,857 248,992 -460,487 -48,182 2,730,047 -2.4% 7.2%
Tenda (C) 826,671 113,696 232,517 -239,302 -16,589 772,992 -6.5% 0.9%
Total (A) + (B) + (C) 3,622,538 307,553 481,508 -699,789 -208,771 3,503,039 -3.3% 5.9%
Note: 1) BoP beginning of the period – 4Q12. 2) EP end of the period – 1Q13. 3) % Change 1Q13 versus 4Q12.
4) 1Q13 sales velocity. 5) Projects cancelled during the period.
INVENTORYAT
MARKETVALUE
1SALESOVER
SUPPLYSoS(%)
SALESOVER
LAUNCHES(%)
23
5%
20%
14%
1Q13 4Q12 1Q12
Gafisa
14%
48%
31%
1Q13 4Q12 1Q12
Gafisa
12%
35%
22%
1Q13 4Q12 1Q12
Alphaville
46%
73%
63%
1Q13 4Q12 1Q12
Alphaville
7%
25%
16%
1Q13 4Q12 1Q12
Gafisa Group
Ex-Tenda
67%
45%
53%
1Q12 4Q12 1Q13
Gafisa Group
Ex-Tenda
-1%
-4%
-
31%
1Q13 4Q12 1Q12
Tenda
14%
0%
47%
1Q13 4Q12 4Q11
Tenda
6%
20%
10%
1Q13 4Q12 1Q12
Gafisa Group
32%
67%
48%
1Q13 4Q12 1Q12
Gafisa Group
5

7. Consolidated Land Bank
6
• Pipeline of projects to be developed in line with current strategy for each segment
• Alphaville acquired R$1.8 bn in the quarter through swap
%Swap
Total
%Swap
untis
%Financial
Swap
# Potential
Units (%co
stake)
# Potential
Units 100%
Gafisa
5.343.612 150.388 -83.029 74.164 5.485.136
38% 37% 1%
10.623 12.115
Tenda
1.890.797 59.653 -113.696 165.869 2.002.622
30% 20% 10%
17.728 17.728
Alphaville
11.434.261 1.815.021 -110.828 -116.692 13.021.761
99% - 99%
79.954 128.691
Consolidated 18.668.669 2.025.061 -307.553 123.341 20.509.519 108.305 158.534
Other (price adj.) 1Q13
1T13
4Q12Landbank Acquisitions Launches

8. Relaunch of Tenda under New Business Model
• Resumption of Tenda launches following restructuring of
operational and financial cycle in 2012
• Run-off of legacy projects to be substantially completed
in 2013
• Launches totaled R$114mn in 1Q13
• During 1Q13, Tenda transferred around 2,451 units to financial
institutions
• 40% of the 1,473 units cancelled during 1Q13 were resold
during the period
• Pre-sales reached R$6.8 million (gross pre-sales of R$239
million and R$232 million in sales calncellation)
• Units are being sold only to customers that have access to a
mortgage and can be immediately transferred to financial
institutions
• All projects qualified for financing under the MCMV or SFH
programs
• During 1Q13, 1300 units were contracted for financing under the
MCMV program
• Sales from launches totaled R$14 million under the process of
being transferred to the banks
Customers Transferred (# of units) vs, % MCMV
Run Off – Tenda
7
1.898
2.515
2.381
2.865
1.892
3.066
3.168
2.863
2.796
3.620
3.151
3433
2.451
81%
89%
85%
95%
67%
83%
95% 92% 92% 89%
95% 92% 92%
Transferred units to CEF MCMV (%)
0
5
10
15
20
25
30
SP
RJ
NE
MG
84 23
Construction sites

9. Purchase of Land
and Development
Launch of the
Sales Phase of
the Project
Completion of the
Project
Delivery
Phase 1
 Purchases a parcel of land
(on which it can build a
number of homes) or
subdivides the land into lots
to build multiple projects that
will be launched in phases.
 Tenda targets areas where
customers make 3-6 times
the monthly minimum wage
(2nd range of the housing
program MCMV - My House,
My Life).
 Participants in the land
development stage are:
financial institutions (projects
need to be approved and
contracted before the 2nd
phase), municipal planning
and zoning departments,
elected officials and
community interest groups.
Phase 2
 Tenda’s marketing campaigns are
conducted internally, eliminating
the need for a sales stand.
 Sales are conducted by an
internal force.
 The remuneration of the internal
sales team is based on the
“repasse” (transfer of units to
financial institutions).
 As a result of the tighter credit
policy and the new sales process,
sales velocity has no peaks during
the launch phase, but on the other
hand, sales expenses are lower,
and sales are steady. The model
is made to have between 7-10%
SoS per month, each and every
month, until the project is sold out
at least in 15 months.
Phase 4
• Collections for sold units
are in accordance with the
payment plan provided by
financial institutions under
the “associativo” MCMV
program).
• Tenda receives 100% of
the value of the unit during
the construction phase,
eliminating the risk of
delinquency on its balance
sheet.
Phase 3
• Aluminum molds are used in
construction to ensure a high quality
and cost efficiency.
• Shorter cycle given the use of
aluminum mold results in improved
visibility of cost trends.
• The overall process (from authorization
- to delivery), is planned to take
approximately 2 years.
• The loan starts out as a construction
loan based on a subsidized line of
credit and rolls over into a permanent
mortgage to the final buyer.
• The assurance of financing, which
allows the builder to focus on execution
and better schedule construction
workflow.
1 2 3 4
6 months 2 years
Tenda’s New Business Model Workflow
8

10. Financial Performance – André Bergstein, CFO
Overview of 1Q13 Results - Duilio Calciolari, CEO

11. • Beginning January 1, 2013, jointly controlled entities are consolidated by the equity method,
instead of the proportional method. As a result, the Company consolidates jointly controlled
entities in the consolidated financial statements
• The main impacts occurred in net revenue, costs, gross financial result and equity
Impact of New Industry Accounting Standards on
the Group’s Consolidated Financial Statements
10
Pro-forma 1Q13 (A) Effective Data 1Q13 (B) (A) – (B) = (C)1
(C) / (D)
Net Operating Revenues 718.927 668.591 (50.336) -8%
Operating Costs (542.187) (510.315) 31.872 5%
Gross Profit 176.740 158.276 (18.464) -3%
Gross Margin 24,6% 23,7% -0,9% 0%
Operating Expenses (162.049) (161.643) 406 0%
Equity - 21.813 21.813 3%
Net Financial Result (53.006) (56.302) (3.296) 0%
Taxes (7.363) (7.641) (278) 0%
Minority shareholders (9.795) (9.976) (181) 0%
Net Loss (55.473) (55.473) -
Adjusted EBITDA ² 63.474 67.886 4.412
Adjusted EBITDA margin ² 9% 10% 1%

12. • Majority of legacy projects with lower margins, to be delivered in 2013, paving the way for
improved future profitability
1Q13 4Q12 Q/Q(%) 1Q12 Y/Y(%)
Net revenues 668,591 815,071 -18% 842,996 -21%
Gross profit 158,276 221,360 -28% 180,973 -13%
Gross margin 23,7% 27,2% -349 bps 21,5% 221 bps
Adjusted EBITDA 67,888 32,842 107% 100,609 -33%
Adjusted EBITDA (ex-Tenda) 93,382 90,925 3% 111,965 -17%
Adjusted EBITDA Margin 10% 4,0% 612 bps 12% -178 bps
Adj, EBITDA Mg (ex-Tenda) 17,68% 14,64% 304 bps 20% -271 bps
Net Profit -55,473 - 98,875 -44% -31,515 76%
Consolidated Margins Have Not Yet Returned to
Normalized Levels
Gafisa Alphaville Gafisa + Alphaville Tenda Total 1Q13
Net Revenues (R$mm) 367,284 161,042 528,326 140,265 668,591
Revenues (% contribution) 55% 24% 79% 21% 100%
Gross Profit (R$mn) 87,767 80,132 167,899 -9,623 158,276
Gross Margin (%) 24% 50% 32% -7% 24%
Gross Profit (% contribution) 55% 51% 106% -6% 100%
Adjusted EBITDA 44,972 48,410 93,382 -25,494 67,888
Adjusted EBITDA Margin 12% 30% 18% -18% 10%
EBITDA (% contribution) 66% 71% 138% -38% 100%
Contribution by Brand – 1Q13
Consolidated Key Financial Figures
11Note: We adjust our EBITDA for expenses associated with stock option plans, as this is a non-cash expense. Net Revenues include 6% of sales from landbank that did not generate
margins

13. Improved Y-o-Y Gross Margin
FY 2013 Net Revenues Total Cost Gross Profit Gross Margin Financial
Gross Profit
without
Financial
Gross Margin
without Financial
Regional SP/RJ 365.285 (271.498) 93.787 25,7%
(17.925) 111.712
30,6%
Regional NM 2.000 (8.020) (6.020) -301,0%
(4.150) (1.870)
-93,5%
Total 367.285 (279.518) 87.767 23,9%
(22.075) 109.842
29,9%
Gafisa Segment – Gross Margin Breakdown Market Region
• Gross Profit negatively impacted by performance of projects in non-core markets
• Delivery of products outside of strategic markets to be substantially concluded in 2013
12

14. 13
Revenues From Previous Launch Periods
1Q13 1Q12
Launch year PreSales %PreSales Revenues % PreSales %PreSales Revenues %
Gafisa 2013 Launches 11.696 12% - 0% 0 0% - 0%
(55% stake 2012 Launches 131.985 131% 142.409 39% 67.863 21% 0 0%
Total 2011 Launches (4.637) -5% 82.226 22% 81.243 26% 100.907 24%
Revenues) 2010 Launches (17.620) -17% 103.843 28% 56.423 18% 116.108 28%
≤ 2010 Launches (20.309) -20% 38.807 11% 111.174 35% 190.649 45%
Land Bank 0 0 0% 0 0 12.593 3%
Total Gafisa 101.116 100% 367.285 100% 316.702 100% 420.258 100%
Alphaville 2013 Launches 50.924 46% 1.942 1% 0 0% - 0%
(24% stake 2012 Launches 33.789 31% 73.993 46% 155.081 85% 3.950 3%
Total 2011 Launches 16.918 15% 61.057 38% 16.062 9% 39.307 33%
Revenues) 2010 Launches 3.806 3% 15.011 9% 3.213 2% 48.459 41%
≤ 2010 Launches 4.942 4% 9.039 6% 7.622 4% 25.863 22%
Land Bank - 0 - 0% - 0 - 0%
Total AUSA 110.380 100% 161.042 100% 181.978 100% 117.580 100%
Tenda 2013 Launches 13.656 201% - 0% 0 0 - 0%
(21% stake 2012 Launches - 0% 3 0% 0 0% - 0%
Total 2011Launches (15.230) -224% 9.875 7% (30.635) 34% 15.365 5%
Revenues) 2010 Launches 4.520 67% 66.010 47% (67.567) 75% 91.696 31%
≤ 2010 Launches 3.838 57% 64.378 46% 7.759 -9% 181.817 62%
Land Bank - 0 0% 0 4.968 2%
Total Tenda 6.785 100% 140.265 100% (90.443) 100% 293.846 100%
Consolidated 2013 Launches 76.276 35% 1.942 0% 0 0% - 0%
2012 Launches 165.774 76% 216.405 32% 222.944 55% 3.950 0%
2011 Launches (2.948) -1% 153.157 23% 66.670 16% 155.580 19%
2010 Launches (9.293) -4% 184.864 28% (7.931) -2% 256.263 31%
≤ 2010 Launches (11.528) -5% 112.224 17% 126.555 31% 398.329 48%
Land Bank - 0 - 0% - 0 17.561 2%
Total Total Gafisa Group 218.281 100% 668.592 100% 408.237 100% 831.683 100%

15. Gafisa (A) Tenda (B) Alphaville (C) (A) + (B) + (C) (A) + (C)
Revenues to be recognized 1,951,419 361,914 996,580 3,309,913 2,947,999
Costs to be incurred (units sold) -1,273,873 -275,766 -470,771 -2,020,410 -1,744,644
Results to be Recognized 677,546 86,148 525,809 1,289,503 1,203,355
Backlog Margin 35% 24% 53% 39% 41%
Gafisa Group Consolidated Results to Be Recognized (REF) (R$ million)
1Q13 4Q12 Q/Q(%) 1Q12 Y/Y(%)
Results to be recognized 3,309,913 3,676,320 -10% 3,616,289 -8%
Costs to be incurred (units sold) -2,020,410 -2,226,575 -9% -2,338,561 -14%
Results to be Recognized 1,289,503 1,449,745 -11% 1,277,728 1%
Backlog Margin 39% 39% -48 bps 35% 363 bps
Backlog of Results
14
Results to Be Recognized (REF) by Segment (R$ million) 1Q13
• The consolidated margin for the quarter rose to 39% from 35% in 1Q12, due to contribution
of new projects, lower participation of Tenda’s legacy projects and increased stake of
Alphaville’s projects in the Group’s product mix

16. 1Q13 4Q12 1Q12
Project financing (SFH) 791 705 485
Debentures - FGTS (Project Finance) 1,190 1,163 1,244
Debentures - Working Capital 585 573 704
Working Capital 1,146 1,199 1,138
Investor Obligations 216 324 364
Total Consolidated Debt + Obligations 3,929 4,240 3,936
Consolidated Cash and Cash Availabilities 1,444 1,568 847
Net Debt 2,485 2,396 3,089
Equity + Minority Shareholders 2,644 2,695 2,717
(Net debt + Obligations) / (Equity + Noncontrolling) 94% 89% 114%
Debt Profile
Project Finance Debt 1,981 2,144 1,729
Corporate Debt and Investor Obligations 1,948 2,096 2,207
Total Consolidated Debt + Obligations 3,929 4,240 3,936
Project Finance (% stake of total debt) 50% 51% 48%
Corporate Debt (% stake of total debt) 50% 49% 52%
Net Debt to Equity Decreased to 94%
from 115% in 1Q12
(R$ million)
• Comfort cash position of R$1.4 bi
• Consolidated cash burn of R$89
million in 1Q13 (R$20 million of
generation before the new
accounting method
• Net Debt / Equity stable in 94%
(96% in Mar/13 and 95% in Dec/12
before the new accounting method)
• Sequential increase in leverage
consistent with focus on
reinvestment and growth
• Project finance represented 50% of
total debt versus 48% a year ago
• 38% of short-term debt is
represented by project finance
15

17. Well Structured Debt Schedule and Profile
(R$million) Avg, Cost (% p,a,) Total
Until
Mar /13
Until
Mar /14
Until
Mar /15
Until
Mar /16
After
Mar /16
Debentures - FGTS (A) TR + (9,54% - 10,09%) 1.189.918 241.925 247.993 350.000 150.000 200.000
Debentures - Working Capital (B) CDI + (1,50% - 1,95%) 584.890 140.698 283.659 150.000 6.913 3.620
Project Financing SFH – (C) TR + (8,30% - 11,50%) 790.881 200.618 373.449 160.448 40.684 15.682
Working Capital (D) CDI + (1,30% - 3,04%) 1.146.952 410.715 331.764 250.182 137.711 16.580
Total (A)+(B)+(C)+(D) = (E) 3.712.641 993.956 1.236.865 910.630 335.308 235.882
Investor Obligations (F)
CDI + (0,235% - 0,82%) /
IGPM+7,25%
216.375 184.819 15.133 9.885 5.399 1.139
Total consolidated debt (G) 3.929.016 1.178.775 1.251.998 920.515 340.707 237.021
% Total (H) 9,33% 30% 32% 23% 9% 6%
Project Finance due to corresponding
period as % of total debt
50% 38% 50% 55% 56% 91%
Corporate Debt due to corresponding
period as % of total debt
50% 62% 50% 45% 44% 9%
• Gafisa has R$1.2 billion or 30% of total debt due in the short term. Of this total,
project finance accounts for 38%
16

18. Receivables + Inventory vs
Construction Obligations
Receivables
Inventory at market
value
Total
Construction
obligations
Gafisa (A) 3.678.097 1.957.850 5.635.947 517.477
Alphaville (B) 1.746.194 636.258 2.382.452 173.502
Tenda (C) 1.243.188 915.036 2.158.224 512.644
Total (A) + (B) + (C) 6.667.479 3.509.143 10.176.622 1.203.623
R$ million
(R$000) Consolidated 1Q13 4Q12 Q-o-Q (%) 1Q12 Y-o-Y (%)
Receivables from developments – LT (off BS) 3.435.302 3.815.589 -10% 3.753.284 -8%
Receivables from PoC – ST (on balance sheet) 2.492.119 2.493.170 0% 3.002.163 -17%
Receivables from PoC – LT (on balance sheet) 740.058 820.774 -10% 1.024.027 -28%
Total Gafisa Group 6.667.479 7.129.533 -6% 7.779.474 -14%
17
Receivables

19. Outlook
Launches Guidance –
2013E
Guidance
(2013E)
Actual numbers
1Q13A
Consollidated Launches R$2,7 – R$3,3 bi 307mn
Breadown by Brand
Launches Gafisa R$1,15 – R$1,35 bi 83 mn
Launches Alphaville R$1,3 – R$1,5 bi 111 mn
Launches Tenda R$250 – R$450 mn 114 mn
Guidance
(2013E)
Actual number
1Q13A
Consolidated stable 94%
Guidance
(2013)
Actual numbers
1Q13A
Consolidated (# units) 13,500 – 17,500 1,300
Delivery by Brand
# Gafisa Delivery 3,500 – 5,000 86
# Alphaville Delivery 3,500 – 5,000 419
# Tenda Delivery 6,500 – 7,000 795
• Given the focus for cash
generation in 2012,
Gafisa enters 2013 with a
comfortable liquidity position
and capital structure, having
restructured debt and
diversified funding sources
and cash facilities
Guidance
(2013E)
Actual number
1Q13A
Consolidated 12% - 14% 10%
Launch Guidance – 2013 Estimates
Guidance Leverage (2013E)
Guidance EBITDA Margin (2013E)
Delivery Estimates 2013E
18