Corporate Presentation Marcelo Willer (CEO)

Camillo Baggiani (CFO)

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.

Table of Contents

Topics

1 Introduction and Product Description 2

2 Brand Equity and Sales Process 14

3 Business Model and Financial Highlights 18

4 Q&A 26

1. Introduction and Product Description

Time in Industry: 26 years

Alphaville: 12 years

Organizational Structure

5

Executive Officer

Alphaville

Marcelo Willer

Commercial Director

and

New Business

Human Resources

Foundation / Environment

Business Development

Operations

Director

Financial and

Administrative

Camillo Baggiani

Product

Director

Business

Director

Shared Services

(Gafisa)

Time in Industry: 20 years

Alphaville: 7 years

Time in Industry: 9 years

Alphaville: 7 years

Alphaville currently has 450 employees and 158 sites under construction

1. Introduction and Product Description

Introduction Alphaville Timeline

6

1973 2002/

2005 1998 1976 2001 1995

2006/

2007

2008/

2010 1997 2000

2011/

2012

Acquisition of 1st land parcel in the Barueri region (Campinas) 1st resident moves to

Alphaville and launch of the 2nd phase of the residential development

Launch of Alphaville

Goiânia

Lauch of Alphaville Lagoa dos Ingleses

(Belo Horizonte)

Acquisition of 60% stake by Gafisa.

9 developments

launched

Launch of the 1st Alphaville

development outside of the

Barueri region (Campinas)

Emphasis on

geographic

diversification,

with the launch of

15 projects

Foundation of

Alphaville

Urbanismo S.A.

Launch of Alphaville Graciosa (Curitiba)

Acquisition of

additional 20% by

Gafisa.

Accelerated growth

phase, with emphasis

on increasing volume

and margins. Launch

of 34 projects Creation of the

Alphaville

Foundation

Launch of second

venture, an urban

development in

Brasilia

Construtora Albuquerque

Takaoka

Alphaville Urbanismo S.A.

(Under management of founding partners)

Alphaville Urbanismo S.A.

( Under Gafisa

management)

Rebranding of

Alphaville

Development

launched in Portugal

1. Introduction and Product Description

7

Products in the

development phase

Núcleos

Urbyears

Planned

Communities

Open

Communities

Business Portfolio

1. Introduction and Product Description

Gated communities, targeted at higher income

customers (classes A)

Minimum lot size 400m²

Large living spaces and green areas

Complete security system

Enclosed convenience services

Benchmark for horizontal housing projects Alphaville Flamboyant - GO

1. Introduction and Product Description

Gated communities, targeted at higher income customers (classes A)

Average lot size 250 - 360 m²

Leading urban design optimized and shorter road system

Club and leisure facilities with option to extend

Simplified landscaping

Security infrastructure including camera access in the lobby and on the

walls for deployment by residents

Self-managed association with reduced oversight Imagem 3D – Terras Alphaville Foz do Iguaçu

1. Introduction and Product Description

10

Planned areas, self-sufficient and sustainable

Total area exceeds 5 million m²

Infrastructure complete with shops, business centers, schools, residential and multifamily developments

Strong management and product mix designed to maximize the standard of living

Policies incentivizing fiscal investment and the acceleration of occupation

Master plan – Núcleo Urbano Brasília close to DF

Núcleos Urbyears

1. Introduction and Product Description

11

Barueri 1974 Barueri 2008

Designing New Urban Communities

1. Introduction and Product Description

12

Alphaville Brasília 2008

Alphaville Brasília 2040

Vision of the Future

1. Introduction and Product Description

13

National Presence

63 million m² in

projects

executed and under

construction

57 developments executed (45 MN m²)

27 projects under construction (17 MN m²)

98 residential phases and 54 commercial phases

21 states and 53 cities

186 million m²

in projects yet to be

developed

1. Introduction and Product Description

Leader in Brazilian urban development for 40 years

Strong brand recognition with reputation for quality

Experience in the complex process of approving subdivisions since 1973

National Presence and consistent growth history

Presence in 57 cities and 21 states

Launches CAGR of 37% in the last 4 years. In 2012, launched projects totalled R$ 1.34 billion

Leadership position ensures access to the best land

– Signed partnerships in place with land owners representing a PSV of more than R$ 13 billion in land bank for

future developments

High-margin developments due to price premium and expertise in urbanization

Gross Margin of 50% (consolidated in 2012)

Unique positioning and high demand ensure good sales velocity. Track record of strong asset

appreciation, even during the development process.

The process of sales and strong brand recognition generates strong interest at the opening of sale

High sales velocity, with some projects sold out during the weekend of launch

Main Highlights

1

2

4

3

14

1. Introduction and Product Description

Project Analysis, including legal, environmental, market, location and feasibility studies.

Business Steps

15

Land Prospecting

Due Diligence

Strategic Analysis

Project Development

Approval and Registration

Marketing and Sales

Construction and Execution

Customer Relationship / Deployment

1.5 years 3 years 2 years

Marketing and sales

Construction with centralized procurement of outsourced contractors.

Implementation / Customer to provide construction specifications

4

5

Development process and master plan, urban design of occupancy.

2

1

6

3 Referral to the appropriate agencies for review, approval and registration.

Final confirmation of economic feasibility, detailed design and technical budgeting.

Commercial

Director and New

Business

Commercial

Director and New

Business

Operations

Director

Financial Director

and Management

Director of Product

Management and

Business

Business

Director

Complete mastery of the complex approval process and development

1. Introduction and Product Description

2. Brand Equity and Sales Process

17

2.1 Alphaville Brand Equity

Alphaville is a TOP OF MIND* brand of upscale condominums, according to industry reports

70 awards for categories including urbanism, environment, marketing, marketing communications and social responsibility, and a Prix d’Excellence with Alphaville Flamboyant

Honorable mention in the competition to design the Olympic Village of Rio de Janeiro in 2012 (sole Brazilian company among more than 180 competitors)

More than 80% of customers are satisfied** with Brand: more than 21,500 customers in the portfolio

National presence: in 21 states, with 79 projects and more than 60 million m² urbanized. In the last two years, the company launched new projects in strategic regions, such as: Salvador, Minas Gerais and São José dos Campos.

National Partnership network: more than 2,000 real estate brokers connected

The only company in the market that has sold a concept for 40 years

Unique sales model: focused on creating desirable projects and involving all stakeholders (brokers, consumers, partners, etc) in the project launch of the project.

* In 2012, instituto Officina Sophia measure of brand recognition (between March and October).

** satisfaction survey -Officina Sophia – 2012

*** Source: Alphaville

18

• As a result...

2.2 Alphaville Brand Equity

• In 2012, we updated the positioning and visual identity of the brand as part of a rebranding compaign

Brand awareness increased 124% The Alphaville brand is synonymous with Tradition, Quality, Expertise and

Safety.

* Between March and October 2012, we conducted three waves of research with the institute Officina Sophia to measure the evolution of attitudes

towards the Alphaville brand.

19

00:03:55

00:19:50

4,3

5

0

1

2

3

4

5

6

00:00:00

00:07:12

00:14:24

00:21:36

00:28:48

00:36:00

00:43:12

Average

Time

2.3 Alphaville Brand Equity

• In 2012, Alphaville launched its own internet portal.

• New online tools give public wider access to key areas targeted at investors and brokers

Since the launch of the new site, we experienced a significant

increase navigation time

+17%

Since the launch of the new site, the average

number of visits has reached 42,500 per month.

+406%

+15 min e 54 sec

140.832

183.411 196.829

212.334

Apr to Aug 2012 Sep to Jan 2013

Total single access

Total Access

Also, we experienced a significant increase in site visits.

* Google Analytics

+8%

+30%

Average Apr to Aug/12 Average Sep to Jan/13

Pages

per

access

OESP– May/12

Brasil Econômico– July and December/12

Jornal da Cidade, SE– Oct/12

21

Efeito Alphaville – Minas Gerais

Julho 2012

22

Price Point Evolution - Alphaville Alphaville São José dos Campos 88% sold in the launch phase

Alphaville Minas Gerais sold out in the launch phase

Fonte: Inteligência de Mercado Alphaville, Imobiliárias locais

R$ 328,00m² R$ 584,21m²

Lauch price Market price

R$ 644,00 m²

Current price

Jul/2012 As of today Units Launched MG

R$ 690,00 m²

Current price

R$ 597,00m² R$ 620,00m²

Lauch price Market price

Oct/2011 As of today Units Launched SJC

Alphaville Sergipe 96% sold in the launch phase Mar/2012 As of today

Terras Alphaville

Sergipe 97% sold in the launch phase

Total Units Launched Sergipe*

R$ 413,00m² R$ 336,73 m²

R$ 383,73 m² R$ 441,00m²

R$ 357,00 m²

Current price Sep/2012 As of today

23

Price Appreciation Alphaville Salvador – Media Article

Revista Exame - Junho de 2010

24

Price Appreciation Alphaville Minas Gerais- Media Article

Revista Exame - fevereiro de 2013

3. Business Model and Financial Highlights

26

Unique Model to Ensure Long-term Profitability

1

2

3

Partnership model restricts initial exposure to cash spending project, stand and marketing

Strong brand equity and Alphaville history enables partnerships in premium areas and in superior

condition than those obtained by peers

Construction process is mostly mechanized and automated (earthworks, drainage, paving, etc.)

enabling on-budget national expansion

Consistent execution - delivery within budget and on time in all regions throughout Brazil

Brand dominance, unique concept and proprietary sales process ensures the highest sales

velocity in the housing market at prices above the competition

Many instances of sales above R$ 100 MN of PSV on the day of launch

Unique Asset light model in the housing market, with superior gross margin (above 50%) and

lower cash exposure (aprox. 10% of PSV), resulting in ROEs higher than 50% p.a.

27

Cash Flow – Typical Project

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

-6 -2 2 6 10 14 18 22 26 30 34 38 42 46 50 54 58 62 66 70 74 78 82 86 90 94

Cash Flow Alphaville (% total PSV of development¹)

Cash exposure = (9% do VGV)

Launch phase results in peak cash

generation

Construction cycle is typically 22 months

Projects with healthy sales at launch

can generate a payment stream of

customers enough to offset

Alphaville’s exposure

Low cash exposure results in high return on capital

28

Operational Highlights Solid growth history

Launches (R$ MM) Contracted sales (R$ MM)

Inventory (R$ MM) Sales speed

Média = 59%

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

238 300 377

599

842

1.108

2007 2008 2009 2010 2010 2012

60% 59% 59% 59% 59% 58%

2007 2008 2009 2010 2010 2012

196 215281

419

582

812

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

29

Financial Highlights Growth matched by business profitability. Initial equity investment of just R$500 MM in

2007

Net Revenues (R$ MN) Net Income (R$ MN) Net Margin (%)

EBITDA (R$ MN) and EBITDA Margin (%) ROE

Média = 60%

200 247 277

445

673

819

2007 2008 2009 2010 2010 2012

47%

69%

44%

64%

79%

51%

2007 2008 2009 2010 2010 2012

24 45 67

125

225

278

12,0%

18,1%

24,2%

28,0%

33,5% 34,0%

2007 2008 2009 2010 2010 2012

15 35 40

87

161197

7,5%

14,2% 14,3%

19,5%

24,0% 24,0%

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

237 313 420

741972

1.343

2007 2008 2009 2010 2010 2012

30

Financial Highlights

Timeline of Receivables (R$ MN, % of total)¹ Net Debt / Equity

Duration = 3 years

Nota:

1. Net of delinquency

Duration of the portfolio of receivables of 3 years sustains the Company’s funding and cash position

172

376

289

221

160

10576

4918 6 3 0 0 0

12%

25%

20%

15%

11%

7%

5%

3%1%

0% 0% 0% 0% 0%

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0

202

1

202

2

202

3

202

4

202

5

2,0x1,7x

0,6x 0,6x0,3x 0,0x

2007 2008 2009 2010 2011 2012

ND/E

9M12

4. Q&A