Investor Relations ContactJulia Freitas Forbesri@gafisa.com.br

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First Quarter 2009 ResultsConference Call

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Financial and Operational Performance – Wilson Amaral, CEO

Overview of 1Q09 Results

Highlights of the Quarter

1Q09 launches decreased 72% over 1Q08Launches declined to R$160 million in 1Q09 from R$578 million in 1Q08

Pre-sales increased 11% from 1Q08Pre-sales rose to R$558 million in 1Q09 from R$502 million in 1Q08

Net operating revenues rose 59% from 1Q08Net operating revenues increased to R$542 million in 1Q09 from R$341 million in 1Q08

1Q09 EBITDA reached R$108 million (20% EBITDA margin), a 69% increase over 1Q08

Net income before minority interest and stock options increased to R$57 million in 1Q09, a 21%increase from R$47 million in 1Q08

Gafisa consolidated its presence in affordable segment; Tenda s privileged position to benefit from theGovernment Housing Package announced in March

In this quarter, Gafisa completed six projects totaling 578 units. Alphaville completed a project inGravataí-RS with 654 lots while Tenda completed 21 projects totaling 1,305 units.

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Recent Developments

Government Housing Plan announced on late March and already showing results: “Minha

Casa, Minha Vida” comprises investments over R$30bn. Tenda is well positioned to benefit

from it with over two thirds of its current business concentrated in the targeted segment (one

to ten minimum wages)

Tenda completed a R$600 million debenture with Caixa Econômica Federal: receipt of net

proceeds took place in May and will serve to finance 81 existing projects, with a revolving

credit mechanism

Ceiling for units to be eligible to subsidized SFH loans raised from R$350K to R$500K, directly

benefitting Gafisa

Gafisa sold receivables of completed units with immediate net cash proceeds of R$ 70 million

2006 debenture covenant negotiation underway: the absolute covenant did not contemplate

the current size of the company – we are negotiating with bondholders

Gafisa agreed to transfer Cotia development to Tenda, which was originally part of the Bairro

Novo join venture with Odebrecht

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Gafisa 86%

Alphaville

14%

252

74

108

24

218

62

1Q08 1Q09

Conservative Approach Towards Launches

1Q09 Launches (R$ million)

-72%

Other regions

Rio de Janeiro

São Paulo

5

578

160

195 233

7792

230233

1Q08 1Q09

Gafisa 48%

Alphaville

6%

Tenda 46%

Other Regions

Rio de Janeiro

São Paulo

Strong Pre-sales: significant inventory reduction

1Q Pre-sales (R$ million)

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+11%

502558

Dedicated Management Teams for Each Market Segment, Product Line

Mid, Mid High and High

Vertical

Metropolitan areas

Financing: Banks

Unique Projects

Unit Prices: > R$200K

60% owned by Gafisa

Mid High and High

Horizontal (lots)

Outside Metropolitan Areas

Financing: Direct

Unique Projects

Unit prices: 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 Prices: R$50K –R$200K

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Mid, Mid High and High

Vertical

Metropolitan areas

Financing: Banks

Unique Projects

Unit Prices: > R$200K

Sales through own sales force and brokers

60% owned by Gafisa

Mid High and High

Horizontal (lots)

Outside Metropolitan Areas

Financing: Direct

Unique Projects

Unit prices: R$70K –R$500K

Sales through own sales force and brokers

60% owned by Gafisa

Affordable Entry Level

Horizontal / Vertical

Metropolitan Areas and Outskirts

Financing: CEF and Banks

Standardized Projects

Unit Prices: R$50K – R$200K

Sales in stores through own sales force - and brokers

One of the Most Geographically Diverse Homebuilders

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*States where Gafisa or its subsidiaries already launched projects.

188 projects under construction in 18 different states

Projects worth R$ 406 million completed in the first quarter of 2009Gafisa completed 6 developments valued at R$279 million, AlphaVille 1 development valued at R$32 million and Tenda 21 developments or phases valued at R$ 95 million.

71% of our inventory consists of developments launched but not started or up to 30% completedCompleted units represent only 6% of the total PSV available for sales

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Not Started

Up to 30% Completed

30% to 70% Completed

Over 70% Completed

Completed Total

Gafisa 169 942 312 50 100 1,572

AlphaVille 9 67 27 58 38 199

Tenda 325 568 99 122 34 1,149

Total 503 1,577 438 230 172 2,920

Diversified, High-Quality Land Bank Provides StrongPlatform for Growth

207 different sites, in 21 states

SegmentPotential Units

% GafisaPotential Units

100%

Future Sales% Gafisa

R$ bn

Swap Agreements %

Gafisa 18,800 22,298 7,589 40%

AlphaVille 21,845 40,623 3,178 98%

Tenda 67,578 70,116 6,324 20%

Total 108,223 133,036 17,091 76%

76% acquired by swap agreements.

Affordable entry level represents 62% of potential Gafisa units in land bank.

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Financial Performance – Duilio Calciolari, CFO and IR Officer

Overview of 1Q09 Results

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341

542

1Q08 1Q09

108

64

1Q08 1Q09

155

110

1Q08 1Q09

3740

1Q08 1Q09

1Q09 Operating Highlights

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

EBITDA (R$ million)

59%

69%

Net Income (R$ million)

Gross Profit Gross Margin

46

20.0%

18.8%

EBITDA EBITDA Margin

32.3%28.5%

40%

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6.8%

Net Income Net Margin

11.7%

-8%

Net Revenues

Strong Pre-Sales Positively Impact Backlog of Revenues to Be Recognized

R$1,0 billion of results to be recognized (66.6% growth compared to 1Q08)

1Q09 1Q08 4Q08 1Q09 x 1Q08 1Q09 x 4Q08

Sales to be recognized – end of period 3,011 1,726 2,997 74.5% 0.5%

Sales tax - 3.65% (110) (63) (109) 74.5% 0.5%

Net sales 2.901 1.663 2.888 74,5% 0,5%

Cost of units sold to be recognized – end of period (1,898) (1,061) (1,873) 79.0% 1.4%

Backlog of results to be recognized 1,003 602 1,015 66.6% -1.1%

Backlog margin - yet to be recognized 33.3% 34.9% 33.9% -158 bps -54 bps

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Gafisa’s Operation

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1Q09 1Q08

Selling Expenses (R$ 000) 46,606 21,419

G&A Expenses (R$ 000) 55,918 36,085

SG&A Expenses (R $000) 102,524 57,504

Selling Expenses / Sales 8.3% 4.3%

G&A Expenses / Sales 10.0% 7.2%

SG&A / Sales 18.4% 11.4%

Selling Expenses / Revenues 8.6% 6.3%

G&A Expenses / Revenues 10.3% 10.6%

SG&A / Revenues 18.9% 16.9%

- Tenda´s consolidation as well as marketing and sales efforts impacted our SG&A ratios - As top line growth improves with the significant opportunity in the affordable entry level, we expect these ratios to also improve

Strong Financial Position: consolidated cash position in May over R$1.1 billion. Additionally, we have:

1Q09 Proforma

With R$600 MM Debenture

4Q08

Total Debt 1,563 2,162 1,552

Total Cash 501 1,101 605

Obligation to Investors 300 300 300

Net Debt & Obligation to Investors 1,362 1,362 1,247

(Net Debt & Obligation to Investors) / (Equity + Minorities) 61.9% 61.9% 59.8%

Cash-burn rate 115 360

R$200 million in securitizable receivables.R$3.4 billion in construction finance lines of credit provided by all of the major banks:

R$1.9 billion in signed contractsR$458 million in contracts in processR$1 billion additional availability

Cash-burn rate substantially lower than 4Q08

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DEBENTURES

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2006 Debenture CovenantPosition as of

March 31, 2009

(Total Debt – SFH financing – Cash) / Equity ≤ 0.75x 0.41x

(Total Receivables + Inventory of Completed Units) / Total Debt ≥

2.0x3.6x

Total Debt – Cash < R$ 1 billion R$1.06 billion

Financial Statements June 30, 2006 March 31, 2009

Cash 422.8 500.8

Equity + Minorities 807.6 2,199.8

Total Assets 1,406.6 5,725.8

Equity / R$1 billion covenant 0.8x 2.2x

2006 debenture covenant – net debt could not be over R$ 1 billion

Absolute covenant does not correspond to current size and equity position of the Company (other covenants were based on relative metrics thus were not impacted):

This covenant is under negotiation with debenture holders and does not breach other financial obligations of the Company. The next assessment date is June,2009

Gafisa´s average daily trading volume: R$63 million. (Apr 1st, 2008 – Apr 30, 2009)

Average Daily Turnover in the last 90 days over free float – 3.6%

SHARE LIQUIDITY

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Volume (R$ MM) Price (GFSA3)

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Avg. daily volume from Apr 01 of 2008 - Apr 31 of 2009 (R$ MM) Market Cap (R$ MM )

NYSE Listing: Gafisa is the only Brazilian real estate company listed in the United States.

Outlook for 2009

Based on current market outlook, we are providing the following full-year guidance for sales and EBITDA margin:

- Consolidated Sales: between R$2.7 to R$3.2 billion (Gafisa 1.0-1.2 bn; Tenda 1.4-1.6 bn; Alphaville 0.3-0.4 bn)

- Consolidated EBITDA margin: between 16% to 17%

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Safe-Harbor Statement

We make forward-looking statements that are subject to risks and uncertainties. These statementsare based on the beliefs and assumptions of our management, and on information currently availableto us. Forward-looking statements include statements regarding our intent, belief or currentexpectations or that of our directors or executive officers.

Forward-looking statements also include information concerning our possible or assumed futureresults of operations, as well as statements preceded by, followed by, or that include the words''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' orsimilar expressions. Forward-looking statements are not guarantees of performance. They involverisks, uncertainties and assumptions because they relate to future events and therefore depend oncircumstances that may or may not occur. Our future results and shareholder values may differmaterially from those expressed in or suggested by these forward-looking statements. Many of thefactors that will determine these results and values are beyond our ability to control or predict.

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