Gafisa (GFASY) F-4 Registration of securities (foreign)

Exhibit 99.4

[GRAPHIC OMITTED] APPRAISAL REPORT RJ-0434/09 -01 1/2 VIAS (VOLUME II/II)

[GRAPHIC OMITTED] REPORT RJ-0434/09-01 REFERENCE DATE: September 30, 2009 REQUESTED BY: TENDA S.A., with head office located on Rua. Gomes de Carvalho, 1.507, 4th floor, Vila Olimpia, in the city of Sao Paulo, SP, registered with the General Roster of Corporate Taxpayers (CNPJ) under no. 71.476.527/0009-92, hereinafter called TENDA. OBJECT: GAFISA S.A., with head office located on Avenida das Nacoes Unidas, 8.501, 19th floor, Alto de Pinheiros, in the city of Sao Paulo, SP, registered with the General Roster of Corporate Taxpayers (CNPJ) under no. 01.545.826/0001-07, hereinafter called GAFISA and CONSTRUTORA TENDA S.A., previously qualified. PURPOSE: Calculation of the Net Equities of GAFISA AND TENDA at market prices, following appraisal of the equities of all such companies pursuant to the same criteria and on the same dates for regulatory purposes originated from the acquisition of control of the referred to companies. APSIS CONSULTORIA 1 REPORT RJ-0434/09-01

EXECUTIVE SUMMARY APSIS CONSULTORIA EMPRESARIAL Ltda. (APSIS) was hired by TENDA to calculate the Net Equities of GAFISA and TENDA at market prices, following appraisal of the equities of all such companies pursuant to the same criteria and on the same dates for regulatory purposes originated from the acquisition of control of the referred to companies. The technical procedures used in this report are in accordance with the criteria set forth by appraisal standards. Appraisal calculations to assess the value of assets were devised on the basis of the income, asset and market approaches. This report presents the market values of the companies' assets and liabilities used to adjust the book Net Equity of GAFISA and TENDA through the assets approach. APSIS CONSULTORIA REPORT RJ-0434/09-01 2

SUMMARY OF RESULTS The tables below present an overview of the Net Equities at market prices of the companies involved in the operation, as of the base date of this report: MARKET EQUITY GAFISA TENDA MARKET EQUITY (THOUSANDS R$) 2,129,373 1,217,188 TOTAL NUMBER OF STOCKS 130,508,346 400,652,450 R$ PER STOCKS 16.315994 3.038015 EXCHANGE RELATION 0.186199 1.000000 Obs.: Quantity of GAFISA's shares for 1 TENDA share APSIS CONSULTORIA REPORT RJ-0434/09-01 3

INDEX 1. INTRODUCTION 5 2. PRINCIPLES AND QUALIFICATIONS 6 3. RESPONSIBILITY LIMITS 7 4. APPRAISAL METHODOLOGY 8 5. GAFISA'S PROFILE 10 6. TENDA'S PROFILE 11 7. GENERAL APPRAISAL CRITERIA 12 8. APPRAISAL OF GAFISA'S SHAREHOLDERS' EQUITY AT MARKET VALUE 14 9. APPRAISAL OF TENDA'S SHAREHOLDERS' EQUITY AT MARKET VALUE 18 10. CONCLUSION 22 11. LIST OF ATTACHMENTS 23 APSIS CONSULTORIA REPORT RJ-0434/09-01 4

1. INTRODUCTION APSIS CONSULTORIA EMPRESARIAL S/C Ltda. (APSIS) was hired by GAFISA and TENDA to calculate the Net Equities of GAFISA and TENDA at market prices, following appraisal of the equities of all such companies pursuant to the same criteria and on the same dates for regulatory purposes originated from the acquisition of control of the referred to companies according to law art. 264 of Law no. 6.404, de 15/12/1976 (Lei das S/A). In preparing this report, data and information supplied by third parties were used in the form of documents and verbal interviews with the clients. The estimates used in this process are based on documents and information which include, among others, the following: o Financial statements of the group's companies; o List of permanent assets ; o ITR (Quarterly Report) of the companies; o Documents with technical specifications of the equipment appraised. The APSIS team responsible for the coordination and performance of this report consists of the following professionals: o CESAR DE FREITAS SILVESTRE Accountant (CRC/RJ 044779/O-3) o ANA CRISTINA FRANCA DE SOUZA Civil Engineer Post-graduated in Accounting Sciences (CREA/RJ 91.1.03043-4) o LUIZ PAULO CESAR SILVEIRA Mechanical engineer Master of Business Management (CREA/RJ 89.1.00165-1) o MARCELO UNFER PARABONI Business manager Post-graduated in Financial Management (CRA/RJ 20-47.164-6) o MARGARETH GUIZAN DA SILVA OLIVEIRA Civil engineer, (CREA/RJ 91.1.03035-3) o RICARDO DUARTE CARNEIRO MONTEIRO Civil engineer Post-graduated in Economic Engineering (CREA/RJ 30137-D) o SERGIO FREITAS DE SOUZA Economist (CORECON/RJ 23521-0) o WASHINGTON FERREIRA BRAGA Accountant (CRC/RJ 024100-6 / CVM 6734) APSIS CONSULTORIA REPORT RJ-0434/09-01 5

2. PRINCIPLES AND QUALIFICATIONS This report strictly complies with the fundamental principles described below. o The consultants and appraisers have no personal bias towards the subject matter involved in this report nor do they derive any advantages from it. o The professional fees of APSIS are not, in any way, subject to the conclusions of this report. o The report was prepared by APSIS and no one, other than the consultants themselves, prepared the analyses and respective conclusions. o In this report, one assumes that the information received from third parties is correct and that the sources thereof are contained in said report. o To the best knowledge and credit of the consultants, the analyses, opinions and conclusions presented in this report are based on data, diligence, research and surveys that are true and correct. o For projection purposes, we start from the premise of the inexistence of liens or encumbrances of any nature, whether judicial or extrajudicial, affecting the purpose of the relevant work, other than those listed in this report. o This Report meets the specifications and criteria established by the standards of the Brazilian Association of Technical Standards (ABNT), the specifications and criteria established by USPAP (Uniform Standards of Professional Appraisal Practice), in addition to the requirements imposed by different bodies, such as: the Treasury Department, the Central Bank of Brazil, CVM (the Brazilian equivalent to the US Securities and Exchange Commission), SUSEP (Private Insurance Superintendence), etc. o The report presents all the restrictive conditions imposed by the methodologies adopted, which affect the analyses, opinions and conclusions contained in the report. o APSIS declares that it does not have any direct or indirect interests in the companies contemplated in this report, in their respective controllers, or in the transaction to which the "Protocol and Justification" refer, there being no relevant circumstances which may characterize conflict or communion of interests, whether potential or current, towards the issue of this Appraisal Report. o In the course of our work, controllers and managers of the companies contemplated in this report did not direct, limit, hinder or practice any acts, which have or may have compromised access, use or knowledge of information, property, documents or work methodologies relevant to the quality of our conclusions. APSIS CONSULTORIA 6 REPORT RJ-0434/09-01

3. RESPONSIBILITY LIMITS o To prepare this report, APSIS used historical data and information audited by third parties or not audited and projected non-audited data, supplied in writing or verbally by the company's management or obtained from other sources mentioned. Therefore, APSIS assumed as true the data and information obtained for this report and does not have any responsibility in connection with their truthfulness. o The scope of this work did not include on audit of the financial statements or revision of the works performed by its auditors. o Our work was developed for use by the applicants aiming at the already described objectives. Therefore, it may be disclosed as part of the documents related to the acquisition of the autstanding shares of TENDA by GAFISA, with mention of this work in related publications being authorized. It may also be filed with the Brazilian Securities and Exchange Commission - CVM and at the U.S. Securities and Exchange Commission - SEC, as well as made available to shareholders and third parties, including through the websites of the companies involved. o We highlight that understanding of the conclusion of this report will take place by reading it and its attachments in full. Therefore, conclusions should not be based on a partial reading of the report. o We are not responsible for occasional losses suffered by applicant, its shareholders, directors, creditors or to other parties as a result of the use of data and information supplied by the company and set forth in this report. o The analyses and conclusions contained herein are based on several premises, held as of this date, of future operational projections, such as: macroeconomic factors, amounts practiced by the market, exchange rate variations, sale prices , volumes, market share, revenues, taxes, investments, operational margins, etc. Thus, future results may differ from any forecast or estimate contained in this report. o This appraisal does not reflect events and their respective impacts, occurring after the date of issue of this report. APSIS CONSULTORIA 7 REPORT RJ-0434/09-01

4. APPRAISAL METHODOLOGY ASSETS APPROACH - NET EQUITY AT MARKET PRICES This methodology derives from generally accepted accounting principles (GAAP), where financial statements are prepared based on the principle of historic or acquisition cost. According to these principles and to the fundamental principle of accounting, the book value of the assets of a company less the book value of its liabilities equals the book value of its net equity. The application of this methodology contemplates, as a starting point, the book values of assets and liabilities and requires that some of these items be adjusted so as to reflect their probable realization values. The result from the application of this method may provide an initial basis towards the estimate of the company's value, as well as a useful basis of comparison with results from other methodologies. On the other hand, the basic economics principles allow us to create the following appraisal technique: the value defined for assets less the value defined for liabilities equals the value defined for a company's net equity. From an appraisal perspective, the relevant value definitions are those appropriate to the purpose of the appraisal. The assessment of assets, therefore, aims at appraising a company according to the adjustment of the book value (net balance) to its respective fair market values. The assets and liabilities deemed relevant are appraised on the basis of their fair market value, with a comparison being made between this amount and the book value (net balance) . The general appraisal criteria applied towards the adjustment of assets subject to an appraisal at market prices are detailed in Chapter 7 of this report. After being duly analyzed, these adjustments are added to the book Net Equity value, thus establishing the market value of the company through the assets approach. The company's fair market value will be the Net Equity value after adjustments found for assets and liabilities appraised are accounted for. APSIS CONSULTORIA 8 REPORT RJ-0434/09-01

It's worth pointing out that the identification and quantification of liabilities that were neither recorded nor disclosed by the Company's Management was not included in our work. In this appraisal, the methodology and scope adopted aimed at appraising a company's going concern. Therefore, expenses incurred in asset realization or liability requirements, as well as those related to the companies' bankruptcy or liquidation processes were not contemplated in the calculations. MAIN APPRAISAL STAGES o Reading and analysis of the companies' balance sheet. o Analysis of asset and liability accounts registered on the company's balance sheet, aiming at identifying accounts which are subject to adjustments, and calculations of their probable market values. o Adjustment of relevant intangible operating assets to their respective market values, based on of premises and appraisal criteria developed by Apsis. o Application of the equity method of accounting to the net equities at market value of subsidiary and affiliated companies in order to calculate the value of investments. o Calculation of the market value of the companies' net equity. APSIS CONSULTORIA REPORT RJ-0434/09-01 9

5. GAFISA'S PROFILE Gafisa works in the real state development and construction sector in Brazil with a focus on the residential market. In 2006, Gafisa began trading its shares on the Stock Exchange of Sao Paulo, and in early 2007, also started trading on to the New York Stock Exchange. Gafisa is already present in 20 states and 99 cities and operates in all residential sectors through Gafisa and its subsidiaries: Alphaville, Tenda and Bairro Novo. Short History of the Company GAF was established in 1954 in the city of Rio de Janeiro with operations in the real estate markets in the cities of Rio de Janeiro and Sao Paulo. In December 1997, GP Investments S.A. and its affiliates, or 'GP,' entered into a partnership with the shareholders of GAF to create Gafisa S.A. In February 2006, Gafisa concluded their initial public offering in Brazil. In March, 2007, Gafisa concluded its initial public offering of common shares in the United States. In October 2008, Gafisa obtained 60.0% of the total and voting capital stock of Tenda and FIT was merged into Tenda, a publicly -held company listed on the Novo Mercado segment of the BM&F BOVESPA. [Graphic Appears Here] Gafisa operates in 99 cities located in 20 of the 26 states of Brazil.Its brands are positioned and operate as described below: "Gafisa: developer focusing on residential developments in the Middle Segment, Medium High and High Income in 46 cities in 18 states, with unit sales price exceeding R$ 200 thousand. The company is also invested in CIPESA EMPREENDIMENTOS IMOBILIARIOS (70%) and other SPEs. "Tenda: developer focusing on residential developments in the segment, with sales price between R$ 500 thousand and R$ 200 thousand. " Alphaville: largest urban development focused on the sale of residential lots for segments Medium, Medium High and High Income. APSIS CONSULTORIA LAUDO RJ-0173/07 -01 10

6. TENDA'S PROFILE Tenda is a company's residential real estate company exclusively focused on popular segments. Tenda in 13 major metropolitan areas of Brazil, in a total of 64 cities. Short History of the Company The Company's history began in 1969 with the Incorporation of Tenda Engenharia S.A. in the city of Belo Horizonte. The Incorporation of Construtora Tenda S.A. happened in 1994 in the city of Belo Horizonte. Tenda began operating in the metropolitan area of Sao Paulo in 1999 and the metropolitan area of Rio de Janeiro in 2006. In 2007, Tenda acquired new shareholders and began operating in the metropolitan area of the following states: Rio Grande do Sul, Pernambuco, Goias, Espirito Santo, Bahia, Parana, besides Distrito Federal. In October 2008, Tenda merged with Fit Residencial Empreendimentos Imobiliarios Ltda, the former subsidiary of Gafisa S.A. As a result, Gafisa became the parent company of Tenda, thus contributing to the latter's expansion both in terms of geographical area and the income range of its clients, which is now between 4 and 20 minimum wages. In April 2009, Equity International (El), a private investment company, announced the acquisition of over 20 million Tenda shares, equivalent to 5.03% of the Company's free float. Shareholder Structure Tenda has its shares listed on BM&F BOVESPA. APSIS CONSULTORIA REPORT RJ-0434/09-01 11

7. GENERAL APPRAISAL CRITERIA This report was prepared for the purpose of meeting the terms stated in article 264 of Law no. 6,404, on December 31, 1976 (Brazilian Corporate Law) so as to appraise the equities of the companies directly involved in the acquisition process according to the same criteria and on the same dates at market prices. EVENTS AND ADJUSTMENTS CONSIDERED IN THE APPRAISAL The audited Financial Statements used as basis for this report were prepared by the Companies in full compliance to Law no. 11,638/07. The table below presents the general criteria defined for the appraisal of each account and/or group of accounts of the companies involved in the operation: GROUP OF ACCOUNTS ASSUMPTIONS GENERAL Accounts with an amount less than R$ 500,000 were not analyzed and the book value was maintained, except for those consolidated in some specific group. Available Funds Represented by: o Cash and Banks o Cash Equivalents' Short-term investments with original maturity within 90 days or less and readily convertible into cash. Accounts Receivable Represented substantially by: o Properties saled APPRAISAL CRITERION Market value same as book value. Market value same as book value. Market value same as book value., considering the book value after present value adjustments, according to the Law no.11.638, APSIS CONSULTORIA LAUDO RJ-0173/07 -01 12

GROUP OF ACCOUNTS ASSUMPTIONS Inventories Represented substantially by: o Lands o Properties for sale Expenses Represented substantially by: o Expenses payed in Advance o Expenses with Sales o Recognized Sales Expenses Intangible Assets Represented mostly by: o Intellectual Property (Trademark, brands, patents) Other Accounts Payable Represented by various accounts payable. Shareholder's Equity o Market Adjustments - Result of appraisal of the Assets, Rights, and Obligations, appraised by the market, net of the effects of taxes. APPRAISAL CRITERION Market Value. The balances were annulled. Market Value. Tax and Social Contribution related to to the adjustments was calculated and added. TMarket value. APSIS CONSULTORIA REPORT RJ-0434/09-01 13

8. APPRAISAL OF GAFISA'S SHAREHOLDERS- EQUITY AT MARKET VALUE This report adopted the assets approach for appraising GAFISA's Shareholders' Equity at market value. We appraised the relevant assets and liabilities in order to reflect their fair market value according to the criteria stated in Chapter 7. RELEVANT ASSETS For us to arrive at the amount of GAFISA's Shareholders Equity at market value, it was necessary to carry out appraisals of its relevant operating assets. INTANGIBLE ASSETS In order to appraise GAFISA's registered trademarks, a derivation of the approach for valuing income from brands was chosen as the methodology to do so as recommended industries with the common practice of paying royalties. This approach is known as the 'relief-from-royalty' approach, Valuation of Intellectual Property and Intangible Assets (Smith, Parr) and has as its base the growth of cash flow after taxes derived from the fact that the company does not need to pay royalties to third parties for using a certain brand. The brand's fair market value can then be attributed to the cash flow generated by these savings, bringing to present value by a discount rate that represents the associated risk. Since brands do not have a measurable life, perpetuity is also added to the cash flow. ESTIMATES Based on the Cash Flow of the savings generated by not paying royalties for each brand it owns, forecasted into the next 07 years, we discounted these amounts at present value using a discount rate of 9.3% p.a. FINAL AMOUNT REACHED Based on the studies carried out by APSIS on the date of September 30, 2009, the appraisers reach the following market values for the GAFISA brands for purposes of buying and selling. GAFISA'S BRAND VALUE (R$ millions) discount rate (p.a.) 9.3% GAFISA'S BRAND VALUE (R$ millions) $ 166.24 AUSA'S BRAND VALUE (R$ millions) $ 54.61 TOTAL $ 220.85 APSIS CONSULTORIA REPORT RJ-0434/09 -01 14

APPRAISAL OF OTHER GAFISA INVESTMENTS GAFISA's other investments were considered by them respective book value, whether due to their small relevance or the make-up of their assets (cash or cash equivalents) . APPRAISAL OF OTHER ASSETS AND LIABILITIES For GAFISA's other assets and liabilities, the criteria stated in Chapter 8 were adopted, as demonstrated on the calculation spreadsheets of attachment 1. APSIS CONSULTORIA REPORT RJ-0434/09 -01

GAFISA'S SHAREHOLDERS' EQUITY AT MARKET VALUE The table below presents GAFISA's Shareholders' Equity at Market Value on the base date with the respective adjustments on the main accounts: COMPANY: GAFISA S/A REFERENCE DATE: 30/09/09 RELEVANTES VALUE (THOUSANDS REAIS) ACCOUNTS ACCOUNTING ADJSTMENTS MARKET ASSETS 6,931,539 524,087 7,455,626 CORRENT ASSETS 4,321,581 303,236 4,624,817 CASH AND EQUIVALENT 1,099,687 - 1,099,687 CREDITS 1,718,110 - 1,718,110 CLIENTS 1,718,110 - 1,718,110 PROPETRIES SALED 1,627,327 - 1,627,327 OTHER CLIENTS 79,511 - 79,511 OTHER ACCOUNTS RECEIVABLE 11,272 - 11,272 OTHER CREDITS - - - INVENTORIES 1,376,236 323,963 1,700,199 OTHER 127,548 (20,727) 106,821 RECOGNIZED SALES EXPENSES 7,205 (7,205) - OTHER ACCOUNTS 93,722 - 93,722 EXPENSES PAYED IN ADVANCE 13,522 (13,522) DIFFERED TAXES 13,099 - 13,099 LONG TERM ASSETS 2,351,482 - 2,351,482 FIXED ASSETS 258,476 220,851 479,327 INVESTMENT 195,088 - 195,088 LAND AND PROPERTIES 53,698 - 53,698 INTANGIBLE 9,690 220,851 230,541 COMPANY: GAFISA S/A REFERENCE DATE: 30/09/09 RELEVANTES VALUE (THOUSANDS REAIS) ACCOUNTS ACCOUNTING ADJSTMENTS MARKET LIABILITIES 5,148,863 178,190 5,326,253 CORRENT LIABILITIES 1,798,052 - 1,798,052 LONG TERM LIABILITIES 2,797,122 178,190 2,975,312 LOANS AND FINANCING 636,639 - 636,639 DEBENTURES 1,244,000 - 1,244,000 PROVISIONS 59,509 - 59,509 PROVISION FOR CONTINGENCIES 59,509 - 59,509 RELATED PARTY DEBT - - - ADVANCED TO FUTURE CAPITAL GROWTH 1,180 - 1,180 OTHER 831,701 178,190 1,009,891 ADVANCE TO CLIENT 147,168 - 147,168 DIFERRED TAXES AND CONTRIBUTION 322,870 - 322,870 OTHER ACCOUNTS PAYABLE 361,663 178,190 539,853 FUTURE NET PROFIT RESULT 24,093 - 24,093 GOODWILL ON ACQUISITIONS OF SUBSIDIARIES 12,499 - 12,499 GAIN ON SALES INVESTMENT 11,594 - 11,594 MINORITY INTEREST 552,889 - 552,889 EQUITY 1,783,476 345,897 2,129,373 SHARE CAPITAL 1,215,847 - 1,215,847 CAPITAL RESERVE 190,584 - 190,584 PROFIT RESERVE 218,827 - 218,827 ACCUMULATED PROFIT AND LOSSES 158,218 - 158,218 MARKET ADJUSTMENTS 245,897 345,897 APSIS CONSULTORIA REPORT RJ-0434/09-01 16

VALUE OF GAFISA'S SHARES ON BASE DATE 130,508,346 shares (1) VALUE PER SHARE Net book value R$ 13.665609 Adjustment per share R$ 2.6503853 Book value adjusted to market R$ 16.315994 (1) treasury stocks were excluded. APSIS CONSULTORIA REPORT RJ-0434/09-01 17

9. APPRAISAL OF TENDA'S SHAREHOLDERS' EQUITY AT MARKET VALUE This report adopted the assets approach for appraising the Shareholders' Equity at TENDA's market value. In this approach we appraised the relevant assets and liabilities in order to reflect their fair market value according to the criteria stated in Chapter 7. RELEVANT ASSETS For us to arrive at the amount of the TENDA's Shareholders Equity at market value, it was necessary to carry out appraisals of TENDA's relevant operating assets. INTANGIBLE ASSETS In order to appraise TENDA's registered trademarks, a derivation of the approach for valuing income from brands was chosen as the methodology to do so that is recommended in industries with the common practice of paying royalties. This approach is known as the 'relief-from-royalty' approach, Valuation of Intellectual Property and Intangible Assets (Smith, Parr) and has as its base the growth of cash flow after taxes derived from the fact that the company does not need to pay royalties to third parties for using a certain brand. The brand's fair market value can then be attributed to the cash flow generated by these economies, bringing to present value by a discount rate that represents the associated risk. Since brands do not have a measurable life, perpetuity is also added to the cash flow. ESTIMATES Based on the Cash Flow of the savings generated by not paying royalties for each brand it owns, forecasted into the next 07 years, we discounted these amounts at present value using a discount rate of 9.3% p.a. FINAL AMOUNT REACHED Based on the studies carried out by APSIS on the date of September 30, 2009, the appraisers reach the following market values for the TENDA brand for purposes of buying and selling: TENDA'S BRAND VALUE (R$ millions) discount rate (p.a.) 9.3% TENDA'S BRAND VALUE (R$ millions) R$ 55.60 APSIS CONSULTORIA REPORT RJ-0434/09 -01 18

APPRAISAL OF OTHER TENDA INVESTMENTS TENDA's other investments were considered by their respective book value, whether due to their small relevance or by the make-up of their assets (cash or cash equivalents) . APPRAISAL OF OTHER ASSETS AND LIABILITIES For TENDA's other assets and liabilities, the criteria stated in Chapter 8 were adopted, as demonstrated on the calculation spreadsheets of attachment 1. APSIS CONSULTORIA REPORT RJ-0434/09 -01

TENDA'S SHAREHOLDERS' EQUITY AT MARKET VALUE The table below presents TENDA's Shareholders' Equity at Market Value on the base date with the respective adjustments on the main accounts: COMPANY: CONSTRUTORA TENDA S/A (CONSOLIDADO) REFERENCE DATE: 30/09/09 RELEVANTES VALUE (THOUSANDS REAIS) ACCOUNTS ACCOUNTING ADJSTMENTS MARKET ASSETS 2,383,672 145,176 2,528,848 CURRENT ASSETS 1,526,988 (4,784) 1,522,204 CASH AND EQUIVALENT 430,481 - 430,481 CREDITS 146,082 - 146,082 ACCOUNTS RECEIVABLE 521,839 - 521,839 PROPERITY FOR SALE 357,130 - 357,130 ADVANCE GRANTED 49,613 - 49,613 RECOVERABLE TAXES 13,054 - 13,054 DIFFERED TAXES 2,879 - 2,879 RECOGNIZED SALES EXPENSES 4,784 (4,784) - OTHER 1,126 - 1,126 LONG TERM ASSETS 829,462 94,357 923,819 ACCOUNTS RECEIVABLE 537,291 - 537,291 PROPERTY FOR SALE 105,403 101,741 207,144 DIFFERED TAXES 117,624 - 117,624 JUDICAL DEPOSITS 12,739 - 12,739 RECOGNIZED SALES EXPENSES 7,384 (7,384) - RELATED PARTIES 47,487 - 47,487 OTHER 1,534 - 1,534 FIXED ASSETS 27,222 55,683 82,825 INVESTMENTS - - - LAND AND PROPERTIES 21,755 - 21,755 INTANGIBLE 5,467 55,603 61,070 COMPANY: CONSTRUTORA TENDA S/A (CONSOLIDADO) REFERENCE DATE: 30/09/09 RELEVANTES VALUE (THOUSANDS REAIS) ACCOUNTS ACCOUNTING ADJSTMENTS MARKET LIABILITIES 1,262,300 49,360 1,311,660 CURRENT LIABILITIES 381,886 - 381,886 LOANS AND FINANCING 71,585 - 71,585 DEBENTURES 19,861 - 19,861 ACCOUNTS PAYABLE 66,536 - 66,536 LABOR AND TAX OBLIGATIONS 24,978 - 24,978 TAX PAYABLE 2,779 - 2,779 ADVANCE TO CLIENT 46,764 - 46,764 REFUSED CONTRACTS 27,410 - 27,410 ACCOUNTS PAYABLE REFERRED TO LAND ACQUISITION 45,043 - 45,043 DIFFERED TAXES 52,375 - 52,375 RELATED PARTIES - - - PROVISION FOR INVESTMENT LOSSES - - - OTHER 24,555 - 24,555 LONG TERM LIABILITIES 880,414 49,360 929,774 LOANS AND FINANCING 55,584 - 55,584 DEBENTURES 600,000 - 600,000 ACCOUNTS PAYABLE REFERRED TO LAND ACQUISITION 12,633 - 12,633 PROVISION FOR CONTINGENCIES 25,829 - 25,829 TAXES PAYABLE 12,882 49,360 62,242 DIFFERED TAXES 116,343 - 116,343 ACCOUNTS PAYABLE - BAIRRO NOVO ACQUISITION 44,637 - 44,637 OTHER 12,506 - 12,506 MINORITY INTEREST - - - EQUITY 1,121,372 95,816 1,217,188 SHARE CAPITAL 755,236 - 755,236 CAPITAL RESERVE 398,419 - 398,419 ACCUMULATED PROFIT AND LOSSES -32,283 - (32,283) MARKET ADJUSTMENTS 95,816 95,816 APSIS CONSULTORIA 20 REPORT RJ-0434/09-01

VALUE OF TENDA'S SHARES ON BASE DATE 400,652,450 shares VALUE PER SHARE Net book value R$ 2.798865 Adjustment per share R$ 0.239150 Book value adjusted to market R$ 3.038015 APSIS CONSULTORIA 21 REPORT RJ-0434/09-01

10. CONCLUSION In light of the review carried out on the documentation mentioned previously and using as a basis other APSIS studies, the experts have reached the following amount per share of GAFISA and TENDA, appraised by the value Shareholders' Equity at Market Value calculated using the assets approach on September 30, 2009: GAFISA: R$ 16.315994 per ON or PN share TENDA: R$ 3.038015 per ON share This brings Report RJ-0434/09 -01 to a close, which is composed of 25 (twenty five) typewritten sheets on one side and 4 (four) attachments and extracted on 3 (three) original copies. APSIS Consultoria Empresarial Ltda., CREA/RJ 82.2.00620 -1 and CORECON/RJ RF/2.052 -4, a company specialized in asset appraisal, legally represented below by its directors, may be contacted if for any reason there seems to be clarifications that may be necessary. Rio de Janeiro - November 05, 2009 [GRAPHIC OMITTED] APSIS CONSULTORIA 22 REPORT RJ-0434/09-01

11. LIST OF ATTACHMENTS 1. APPRAISAL CALCULATIONS 2. APPRAISAL OF INTANGIBLE ASSETS 3. SUPPORT DOCUMENTATION 4. GLOSSARY AND APSIS PROFILE i RIO DE JANEIRO - RJ Rua Sao Jose, 90, grupo 1802 Centro, CEP: 20010-020 Tel.: + 55 21 2212.6850 Fax: + 55 21 2212.6851 SAO PAULO - SP Alameda Franca, 1467, 44 Sao Paulo - SP CEP: 01422-001 Tel.: + 55 11 2626.0510 APSIS CONSULTORIA 23 REPORT RJ-0434/09-01

ATTACHMENT 1

REPORT: RJ-0434/09-01 COMPANY: GAFISA S/A REFERENCE DATE: 30/09/09 - ----------------------------------------------------------------------------------------- RELEVANTES VALUE (THOUSANDS REAIS) ------------------------------------- ACCOUNTS ACCOUNTING ADJSTMENTS MARKET - ----------------------------------------------------------------------------------------- ASSETS 6.931.539 524.087 7.455.626 - ----------------------------------------------------------------------------------------- CORRENT ASSETS 4.321.581 303.236 4.624.817 CASH AND EQUIVALENT 1.099.687 - 1.099.687 CREDITS 1.718.110 - 1.718.110 CLIENTS 1.718.110 - 1.718.110 PROPETRIES SALED 1.627.327 - 1.627.327 OTHER CLIENTS 79.511 - 79.511 OTHER ACCOUNTS RECEIVABLE 11.272 - 11.272 OTHER CREDITS - - - INVENTORIES 1.376.236 323.963 1.700.199 OTHER 127.548 (20.727) 106.821 RECOGNIZED SALES EXPENSES 7.205 (7.205) - OTHER ACCOUNTS 93.722 - 93.722 EXPENSES PAYED IN ADVANCE 13.522 (13.522) DIFFERED TAXES 13.099 - 13.099 LONG TERM ASSETS 2.351.482 - 2.351.482 FIXED ASSETS 258.476 220.851 479.327 INVESTMENTS 195.088 - 195.088 - ----------------------------------------------------------------------------------------- LAND AND PROPERTIES 53.698 - 53.698 - ----------------------------------------------------------------------------------------- - - INTANGIBLE 9.690 220.851 230.541 - ----------------------------------------------------------------------------------------- - - - ----------------------------------------------------------------------------------------- 1 / 4 APSIS CONSULTORIA EMPRESARIAL GAFISA

REPORT: RJ-0434/09-01 COMPANY: GAFISA S/A REFERENCE DATE: 30/09/09 - ---------------------------------------------------------------------------------------------- RELEVANTES VALUE (THOUSANDS REAIS) --------------------------------------------------- ACCOUNTS ACCOUNTING ADJSTMENTS MARKET - ---------------------------------------------------------------------------------------------- LIABILITIES 5.148.063 178.190 5.326.253 - --------------------------------------------------------------------------------------------- CURRENT LIABILITIES 1.798.052 1.798.052 LONG TERM LIABILITIES 2.797.122 178.190 2.975.312 LOANS AND FINANCING 636.639 636.639 DEBENTURES 1.244.000 1.244.000 PROVISIONS 59.509 59.509 PROVISION FOR CONTINGENCIES 59.509 59.509 RELATED PARTY DEBT - - - ADVANCE TO FUTURE CAPITAL GROWTH 1.180 1.180 OTHER 831.701 178.190 1.009.891 ADVANCE TO CLIENT 147.168 147.168 DIFERRED TAXES AND CONTRIBUTION 322.870 322.870 OTHER ACCOUNTS PAYABLE 361.663 178.190 539.853 FUTURE NET PROFIT RESULT 24.093 24.093 GOODWILL ON ACQUISITIONS OF SUBSIDIARIES 12.499 12.499 GAIN ON SALES INVESTMENT 11.594 11.594 MINORITY INTEREST 552.889 552.889 - --------------------------------------------------------------------------------------------- EQUITY 1.783.476 345.897 2.129.373 - --------------------------------------------------------------------------------------------- SHARE CAPITAL 1.215.847 1.215.847 CAPITAL RESERVE 190.584 190.584 PROFIT RESERVE 218.827 218.827 ACCUMULATED PROFIT AND LOSSES 158.218 158.218 MARKET ADJUSTMENTS 345.897 345.897 - --------------------------------------------------------------------------------------------- 2 / 4 APSIS CONSULTORIA EMPRESARIAL GAFISA

REPORT: RJ-0434/09-01 COMPANY: CONSTRUTORA TENDA S/A (CONSOLIDADO) REFERENCE DATE: 30/09/09 - ---------------------------------------------------------------------------------------- RELEVANTES VALUE (THOUSANDS REAIS) --------------------------------------------------- ACCOUNTS ACCOUNTING ADJSTMENTS MARKET - ---------------------------------------------------------------------------------------- ASSETS 2.383.672 145.176 1.991.557 - ---------------------------------------------------------------------------------------- CURRENT ASSETS 1.526.988 (4.784) 1.522.204 CASH AND EQUIVALENT 430.481 - 430.481 CREDITS 146.082 - 146.082 ACCOUNTS RECEIVABLE 521.839 - 521.839 PROPERTY FOR SALE 357.130 - 357.130 ADVANCE GRANTED 49.613 - 49.613 RECOVERABLE TAXES 13.054 - 13.054 DIFFERED TAXES 2.879 - 2.879 RECOGNIZED SALES EXPENSES 4.784 (4.784) - OTHER 1.126 - 1.126 LONG TERM ASSETS 829.462 94.357 386.528 ACCOUNTS RECEIVABLE 537.291 - PROPERTY FOR SALE 105.403 101.741 207.144 DIFFERED TAXES 117.624 - 117.624 JUDICIAL DEPOSITS 12.739 - 12.739 RECOGNIZED SALES EXPENSES 7.384 (7.384) - RELATED PARTIES 47.487 - 47.487 OTHER 1.534 - 1.534 FIXED ASSET 27.222 55.603 82.825 INVESTMENTS - - - - ---------------------------------------------------------------------------------------- LAND AND PROPERTIES 21.755 - 21.755 - ---------------------------------------------------------------------------------------- INTANGIBLE 5.467 55.603 61.070 - ---------------------------------------------------------------------------------------- 3 / 4 APSIS CONSULTORIA EMPRESARIAL TENDA

REPORT: RJ-0434/09-01 COMPANY: CONSTRUTORA TENDA S/A (CONSOLIDADO) REFERENCE DATE: 30/09/09 - -------------------------------------------------------------------------------------------- RELEVANTES VALUE (THOUSANDS REAIS) -------------------------------------------- ACCOUNTS ACCOUNTING ADJSTMENTS MARKET - -------------------------------------------------------------------------------------------- LIABILITIES 1.262.300 49.360 1.311.660 - -------------------------------------------------------------------------------------------- CURRENT LIABILITIES 381.886 - 381.886 LOANS AND FINANCING 71.585 - 71.585 DEBENTURES 19.861 - 19.861 ACCOUNTS PAYABLE 66.536 - 66.536 LABOR AND TAX OBLIGATIONS 24.978 - 24.978 TAXES PAYABLE 2.779 - 2.779 ADVANCE TO CLIENT 46.764 - 46.764 REFUSED CONTRACTS 27.410 - 27.410 ACCOUNTS PAYABLE REFERRED TO LAND ACQUISITION 45.043 - 45.043 DIFFERED TAXES 52.375 - 52.375 RELATED PARTIES - - - PROVISION FOR INVESTMENT LOSSES - - - OTHER 24.555 - 24.555 LONG TERM LIABILITIES 880.414 49.360 929.774 LOANS AND FINANCING 55.584 - 55.584 DEBENTURES 600.000 - 600.000 ACCOUNTS PAYABLE REFERRED TO LAND ACQUISITION 12.633 - 12.633 PROVISION FOR CONTINGENCIES 25.829 - 25.829 TAXES PAYABLE 12.882 49.360 62.242 DIFFERED TAXES 116.343 - 116.343 ACCOUNTS PAYABLE - BAIRRO NOVO ACQUISITIION 44.637 - 44.637 OTHER 12.506 - 12.506 MINORITY INTEREST - - - - -------------------------------------------------------------------------------------------- EQUITY 1.121.372 95.816 1.217.188 - -------------------------------------------------------------------------------------------- 4 / 4 APSIS CONSULTORIA EMPRESARIAL TENDA

ATTACHMENT 2

1. VALUATION METHODOLOGY - INTANGIBLE ASSETS The acknowledgment of importance of intangible assets has been speedily growing, as more and more companies have been trading in view of their off-balance assets. The valuation study of intellectual property and intangible assets does not exactly determine a specific value, but rather collect the largest amount of data and information about the business and its market, which analyzed and modeled, allows the appraiser to determine a probable number for the subject -matter under study, in view of specific features of situation and purpose studied. All companies have a portfolio of assets, which responsable for the performance and continuation of operations, and aim to generate profits representing a satisfactory return on capital invested. Such assets are divided into three categories: o Monetary assets - represented by net current capital, which is the difference between current assets (cash, short-term investments, invoices receivable, inventories, etc.) and current liabilities (suppliers, accounts payable, income tax, etc.).. o Fixed assets (tangible assets) - are those assets, which can be swapped, that is to say, they have a physical existence. They include machinery and equipment, land, vehicles, real properties, amongst others; o Intangible assets and intellectual property -intangible assets are those, which do not have a physical existence, but they provide rights and privileges to their owners. They are mainly represented by client portfolios, agreements, and relationships with clients, franchising, etc. Intellectual property generally refers to trademarks and patents, copyrights and know-how. It represents a special classification within intangible assets, as their owner is protected by law against third parties illegal exploration of intellectual property. APSIS CONSULTORIA REPORT RJ-0434/09

All approaches for asset valuation start from the swap principle. Such principle presumes that a prudent buyer will not pay for a property a higher value than the acquisition cost of a property with the same usefulness. From the swap principle, three types of approaches are defined, which can be used to determine the value of an intangible asset. For each valuation, the most appropriate approach is chosen, however they can also be used jointly. They are: o Market approach - it aims at comparing the asset under analysis with other similar assets recently sold or under offer; o Cost approach - it measures the investment necessary to reproduce a similar asset, which shows an identical capacity to generate benefits; o Income approach - it defines the asset value as being the current value of future benefits resulting from property rights associated with the asset. In the specific case of valuation of GAFISA and TENDA trademarks, a derivation of income approach was chosen as methodology, recommended in industries with payment of royalties as a common practice. This approach, known as relief-from-royalty approach, is based on the incremental cash flow after taxes derived from the fact a company is not required to pay royalties to third parties for the utilization of a certain trademark. As there is a worldwide and active market of royalties, then it is possible to dissociate the trademarks value from other less explicit intangible assets, which participate in the generation of company cash, such as goodwill. The market value (fair value) of trademarks can be attributed to the cash flow generated by such economies and than to the present value through a discount rate representing the associated risk. Since trademarks do not have a measurable life, perpetuity of the cash flow is assumed. DISCOUNT RATE The discount rate to be used to calculate the present value of yields determined in the projected cash flow represents the minimum profitability required by investors, considering that a company is financed by its own capital, which requires a higher yield when compared to a standard risk investment, and third-party capital. The discount rate is calculated by the WACC (Weighted Average Cost of Capital) methodology, in which the cost of capital is determined by the weighted average market value of the capital structure components (own and third-parties capital), as described below. APSIS CONSULTORIA REPORT RJ-0434/09

discount rate WACC = (Re x We) + Rd (1 -t) x Wd Re = cost of own capital Rd = cost of third-party capital We = percentage of own capital in the capital structure Wd = percentage of third-parties capital in the capital T = company's income tax and social contribution Cost of own capital Re = Rf + beta*(Rm - Rf) + Rp Rf Risk-free rate - it is based on US Treasury annual interest rate for 30-year bonds, net of the US long- term inflation Rp Country Risk - it represents the risk of investing in an asset in a specific country when compared to a similar investment in a country deemed as safe. Rm Market Risk - it measures the appreciation of a fully diversified stock portfolio for a 30-year period Beta It adjusts the market risk to the risk of a specific industry beta alavancado It adjusts the industry beta for risk of a company. Cost of third Rd = Rf (*) + alfa + Rp parties capital Rf (*) Risk-free rate - it is based on US Treasury annual interest rate for 10-year bonds, net of the US long-term inflation Alfa Specific Risk - it represents the risk of investing in the company under analysis. APSIS CONSULTORIA REPORT RJ-0434/09

2. VALUATION OF GAFISA'S TRADEMARKS Pursuant to methodology previously described, portfolios or families of GAFISA's trademarks were selected, which are the following: o GAFISA [Graphic Appears Here] PROJECTION PREMISES - GAFISA'S TRADEMARKS: Premises adopted for the projection of cash flow generated by royalties economies (Attachment 1), in accordance with methodology used, are detailed in chart below: PARAMETER PREMISES LOGIC ROYALTY o A 3% rate p.a. was applied o The royalty rates used in the construction industry to Net Operating Revenue. are approximately 3% of the VGV. It was decided to use this rate according to current rates and other official information from construction companies (information judicially protected). APSIS CONSULTORIA REPORT RJ-0434/09

PARAMETER PREMISES LOGIC GENERAL SALES VALUE o The general sales value was o Recovery of consumer market projected for each one of the in Brazil, with economy upturn, families in GAFISA: stabilizing after 2011. GAFISA AND ALPHAVILLE o An annual VGV variation was considered in the projections, based on estimates provided in management reports of the company. o The values adopted are based on estimated potential release of land already acquired and do not represent any kind of indication of the plan or business potential. ROYALTIES SAVINGS o NOR of each trademark x 2.0% x o Demonstration of savings (1 -34%) - which is income tax + generated by each trademark. social contribution rate applicable. DETERMINATION OF DISCOUNT RATE It was calculated by WACC methodology - Weighted Average Cost of Capital, model in which capital cost is determined by the weighted average market value of the capital structure components (own capital and of third parties), the real discount rate with constant currency in Brazil of 9.3% p.a. TRADEMARKS VALUE From the Cash Flow of savings generated from the non-payment of royalty of each own trademark projected for the next 07 years, discounted savings at present value, by using the real discount rate outlined in to previous item, we reached the following values for each own trademark: GAFISA'S BRAND VALUE (R$ millions) discount rate (p.a.) 9.3% GAFISA'S BRAND VALUE (R$ millions) $ 166.24 AUSA'S BRAND VALUE (R$ millions) $ 54.61 TOTAL $ 220.85 APSIS CONSULTORIA REPORT RJ-0434/09

3. VALUATION OF TENDA'S TRADEMARKS Pursuant to methodology outlined previously mentioned, portfolio of TENDA's trademarks was selected, which is the following: o TENDA [GRAPHIC OMITTED] PROJECTION PREMISES ' TENDA'S TRADEMARKS PARAMETER PREMISES ROYALTY o A 3% rate p.a. was applied on Net Operating Revenue. GENERAL SALES VALUE o The general sales value was projected for each one of the families in TENDA. ROYALTIES SAVINGS o NOR of each trademark x 2.0% x (1 -34%) - which is income tax + social contribution rate applicable. LOGIC o The royalty rates used in the construction industry are approximately 3% of the VGV. It was decided to use this rate according to current rates and extra official information from construction companies (information judicially protected). o Recovery of consumer market in Brazil, with economy upturn, stabilizing after 2011. o An annual VGV variation was considered in the projections, based on estimates provided in management reports of the company. o The values adopted are based on estimated potential release of land already acquired and do not represent any kind of indication of the plan or business potential. o Demonstration of savings generated by each trademark. APSIS CONSULTORIA REPORT RJ-0434/09

DETERMINATION OF DISCOUNT RATE It was calculated by WACC methodology - Weighted Average Cost of Capital, model in which capital cost is determined by the weighted average market value of the capital structure components (own capital and of third parties), the real discount rate with constant currency in Brazil of 9.3% p.a. TRADEMARKS VALUE From the Cash Flow of savings generated from the non-payment of royalties of each trademark projected for the next 07 years, discounted to at present value by using the real discount rate outlined in previous item, we reached the following values for each trademark: TENDA'S BRAND VALUE (R$ millions) discount rate (p.a.) 9.3% TENDA'S BRAND VALUE (R$ millions) $ 55.60 APSIS CONSULTORIA REPORT RJ-0434/09

GAFISA/AUSA REPORT RJ-0434/09-01 BASE DATE: 09/30/2009 2009 2010 2011 2012 2013 20142015 LANDBANK PROJECTS * VGV (R$ MILLIONS) 606 1,520 1,633 1,416 650 346 894 Project 1 71 - - - - - - Project 2 18 - - - - - - Project 3 71 - - - - - - Project 4 15 - - - - - - Project 5 24 - - - - - - Project 6 113 - - - - - - Project 7 17 - - - - - - Project 8 37 - - - - - - Project 9 31 - - - - - - Project 10 20 - - - - - - Project 11 12 - - - - - - Project 12 179 - - - - - - Project 13 - 65 - - - - - Project 14 - 7 - - - - - Project 15 - 46 - - - - - Project 16 - 67 - - - - - Project 17 - 26 - - - - - Project 18 - 35 - - - - - Project 19 - 71 - - - - - Project 20 - 95 - - - - - Project 21 - 44 - - - - - Project 22 - 51 - - - - - Project 23 - 58 - - - - - Project 24 - 22 - - - - - Project 25 - 50 - - - - - Project 26 - 93 - - - - - Project 27 - 74 - - - - - Project 28 - 54 - - - - - Project 29 - 24 - - - - - Project 30 - 51 - - - - - Project 31 - 78 - - - - - Project 32 - 115 - - - - - Project 33 - 43 - - - - - Project 34 - 41 - - - - - Project 35 - 36 - - - - - Project 36 - 61 - - - - - Project 37 - 52 - - - - - Project 38 - 64 - - - - - Project 39 - 34 - - - - - Project 40 - 29 - - - - - Project 41 - 33 - - - - - Project 42 - - 5 - - - - Project 43 - - 46 - - - - Project 44 - - 25 - - - - Project 45 - - 44 - - - - FUTURE PROJECTS - GAFISA Apsis Consultoria Empresarial Ltda. 1 / 7

GAFISA/AUSA REPORT RJ-0434/09-01 BASE DATE: 09/30/2009 2009 2010 2011 2012 2013 2014 2015 LANDBANK PROJECTS * Project 46 - - 43 -- - - Project 47 - - 10 -- - - Project 48 - - 35 -- - - Project 49 - - 29 -- - - Project 50 - - 24 -- - - Project 51 - - 48 -- - - Project 52 - - 34 -- - - Project 53 - - 33 -- - - Project 54 - - 140 -- - - Project 55 - - 45 -- - - Project 56 - - 89 -- - - Project 57 - - 52 -- - - Project 58 - - 45 -- - - Project 59 - - 53 -- - - Project 60 - - 50 -- - - Project 61 - - 92 -- - - Project 62 - - 79 -- - - Project 63 - - 29 -- - - Project 64 - - 25 -- - - Project 65 - - 179 -- - - Project 66 - - 43 -- - - Project 67 - - 54 -- - - Project 68 - - 47 -- - - Project 69 - - 23 -- - - Project 70 - - 99 -- - - Project 71 - - 44 -- - - Project 72 - - 35 -- - - Project 73 - - 36 -- - - Project 74 - - - 10- - - Project 75 - - - 10- - - Project 76 - - - 22- - - Project 77 - - - 28- - - Project 78 - - - 43- - - Project 79 - - - 85- - - Project 80 - - - 34- - - Project 81 - - - 64- - - Project 82 - - - 16- - - Project 83 - - - 52- - - Project 84 - - - 37- - - Project 85 - - - 111- - - Project 86 - - - 50- - - Project 87 - - - 53- - - Project 88 - - - 63- - - Project 89 - - - 56- - - Project 90 - - - 43- - - Project 91 - - - 94- - - FUTURE PROJECTS - GAFISA Apsis Consultoria Empresarial Ltda. 2 / 7

GAFISA/AUSA REPORT RJ-0434/09-01 BASE DATE: 09/30/2009 2009 2010 2011 2012 2013 2014 2015 LANDBANK PROJECTS * Project 92 - - - 209 - - - Project 93 - - - 53 - - - Project 94 - - - 55 - - - Project 95 - - - 50 - - - Project 96 - - - 99 - - - Project 97 - - - 51 - - - Project 98 - - - 25 - - - Project 99 - - - - 7 - - Project 100 - - - - 114 - - Project 101 - - - - 19 - - Project 102 - - - - 36 - - Project 103 - - - - 52 - - Project 104 - - - - 54 - - Project 105 - - - - 42 - - Project 106 - - - - 22 - - Project 107 - - - - 85 - - Project 108 - - - - 21 - - Project 109 - - - - 64 - - Project 110 - - - - 54 - - Project 111 - - - - 50 - - Project 112 - - - - 29 - - Project 113 - - - - - 208 - Project 114 - - - - - 87 - Project 115 - - - - - 50 - Project 116 - - - - - - 51 Project 117 - - - - - - 13 Project 118 - - - - - - 233 Project 119 - - - - - - 14 Project 120 - - - - - - 104 Project 121 - - - - - - 62 Project 122 - - - - - - 417 * The name of the projects are not disclosed due to confidentiality. FUTURE PROJECTS - GAFISA 3 / 7 Apsis Consultoria Empresarial Ltda.

GAFISA/AUSA REPORT RJ-0434/09-01 BASE DATE: 09/30/2009 2009 2010 2011 2012 2013 LANDBANK PROJECTS * VGV (R$ MILLIONS) 351 751 741 819 685 Project 1 43 Project 2 109 Project 3 8 Project 4 44 Project 5 28 Project 6 16 Project 7 56 Project 8 18 Project 9 21 Project 10 8 Project 11 64 Project 12 76 Project 13 67 Project 14 65 Project 15 20 Project 16 26 Project 17 57 Project 18 53 Project 19 26 Project 20 24 Project 21 39 Project 22 36 Project 23 20 Project 24 37 Project 25 116 Project 26 25 Project 27 558 Project 28 89 Project 29 70 Project 30 24 Project 31 682 Project 32 111 Project 33 0 Project 34 25 Project 35 390 Project 36 26 Project 37 41 Project 38 25 Project 39 61 Project 40 31 Project 41 76 Project 42 35 * The name of the projects are not disclosed due to confidentiality. FUTURE PROJECTS - AUSA Apsis Consultoria Empresarial Ltda. 4 / 7

GAFISA/AUSA REPORT RJ-0434/09 -01 BASE DATE: 09/30/2009 ROYALTY RATE COMPANIES LICENCE OBJECT INDUSTRY (% REVENUES) CENTURY 21 REAL STATE CORP CENTURY 21 INCORPORACAO / CONSTRUCAO 3.00% INTERO MARCA INTERO INCORPORACAO / CONSTRUCAO 3.00% ROYALTIES 5 / 7 Apsis Consultoria Empresarial Ltda.

GAFISA/AUSA REPORT RJ-0434/09-01 BASE DATE: 09/30/2009 NET EQUITY COST RISK FREE RATE (Rf) 4.0% BETA 0.89 LEVERAGED BETA 1.07 MARKET RISK PREMIUM (Rm - Rf) 5.7% SIZE PREMIUM 3.7% BRAZIL RISK 2.3% Re (=) 16.2% COST OF DEBT RISK FREE RATE (Rf*) 3.3% SPECIFIC RISK (ALPHA) 3.4% BRAZIL RISK 2.3% Rd (=) 9.1% PROJECTED USA INFLATION 2.0% WACC NET EQUITY COST 16.2% COST OF DEBT 9.1% NOMINAL DISCOUNT RATE ( = ) 13.8% REAL DISCOUNT RATE ( = ) 9.3% TAXA DE DESCONTO Apsis Consultoria Empresarial Ltda. 6 / 7

GAFISA/AUSA REPORT RJ-0434/09 -01 BASE DATE: 09/30/2009 FUTURE VGV ANO 1 ANO 2 ANO 3 ANO 4 ANO 5 ANO 6 ANO 7 R$ Millions VGV - NON LAUNCHED PROJECTS - GAFISA 605.71 1,519.89 1,633.44 1,415.95 649.70 346.31 893.77 VGV - NON LAUNCHED PROJECTS - AUSA 351.00 751.00 741.04 818.92 685.00 - - Royalties Savings - after tax 18.94 44.96 47.01 44.25 26.43 6.86 17.70 GAFISA BRAND 11.99 30.09 32.34 28.04 12.86 6.86 17.70 AUSA BRAND 6.95 14.87 14.67 16.21 13.56 - - used royalty 3% premiss: royalty equivalent to the one negociated by companies from the same industry GAFISA'S BRAND VALUE (R$ millions) discount rate (p.a.) 9.3% GAFISA'S BRAND VALUE (R$ millions) $ 166.24 AUSA'S BRAND VALUE (R$ millions) $ 54.61 TOTAL $ 220.85 ROYALTY SAVINGS 7 / 7 Apsis Consultoria Empresarial Ltda.

TENDA REPORT RJ-0434/09-01 BASE DATE: 09/30/2009 2010 2011 2012 2013 2014 2015 2016 LANDBANK PROJECTS VGV (R$ MILLIONS) 1.336 705 308 308 308 308 308 Project 1 483 255 111 111 111 111 111 Project 2 99 52 23 23 23 23 23 Project 3 75 40 17 17 17 17 17 Project 4 29 15 7 7 7 7 7 Project 5 35 18 8 8 8 8 8 Project 6 81 43 19 19 19 19 19 Project 7 157 83 36 36 36 36 36 Project 8 102 54 24 24 24 24 24 Project 9 53 28 12 12 12 12 12 Project 10 221 117 51 51 51 51 51 Project 11 - - - - - - - Project 12 - - - - - - - * The name of the projects are not disclosed due to confidentiality. FUTURE PROJECTS 1 / 4 Apsis Consultoria Empresarial Ltda.

TENDA REPORT RJ-0434/09 -01 BASE DATE: 09/30/2009 ROYALTY RATE COMPANIES LICENCE OBJECT INDUSTRY (% REVENUES) CENTURY 21 REAL STATE CORP CENTURY 21 INCORPORACAO / CONSTRUCAO 3,00% INTERO MARCA INTERO INCORPORACAO / CONSTRUCAO 3,00% ROYALTIES 2 / 4 Apsis Consultoria Empresarial Ltda.

TENDA REPORT RJ-0434/09 -01 BASE DATE: 09/30/2009 NET EQUITY COST RISK FREE RATE (Rf) 4,0% BETA 0,89 LEVERAGED BETA 1,07 MARKET RISK PREMIUM (Rm - Rf) 5,7% SIZE PREMIUM 3,7% BRAZIL RISK 2,3% Re (=) 16,2% COST OF DEBT RISK FREE RATE (Rf*) 3,3% SPECIFIC RISK (ALPHA) 3,4% BRAZIL RISK 2,3% Rd (=) 9,1% PROJECTED USA INFLATION 2,0% WACC NET EQUITY COST 16,2% COST OF DEBT 9,1% NOMINAL DISCOUNT RATE ( = ) 13,8% REAL DISCOUNT RATE ( = ) 9,3% TAXA DE DESCONTO Apsis Consultoria Empresarial Ltda. 3 / 4

TENDA REPORT RJ-0434/09-01 BASE DATE: 09/30/2009 FUTURE VGV YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 R$ Millions VGV - NON LAUNCHED PROJECTS - TENDA 1.336,19 704,78 307,94 307,94 307,94 307,94 307,94 Royalties Savings - after tax 26,46 13,95 6,10 6,10 6,10 6,10 6,10 TENDA BRAND 26,46 13,95 6,10 6,10 6,10 6,10 6,10 used royalty 0% premiss: royalty equivalent to the one negociated by companies from the same industry TENDA'S BRAND VALUE (R$ millions) discount rate (p.a.) 9,3% TENDA'S BRAND VALUE (R$ millions) $ 55,60 ROYALTY SAVINGS 4 / 4 Apsis Consultoria Empresarial Ltda.

ATTACHMENT 3

Code Description 30/9/2009 30/6/2009 1 Total Assets 2.383.672 2.295.602 1.01 Current Assets 1.521.335 1.192.258 1.01.01 Cash and Cash Equivalents 574.563 656.924 1.01.01.01 Cash and Banks 492.233 596.448 1.01.01.02 Financial Investments 82.330 60.476 1.01.02 Credits 521.839 177.048 1.01.02.01 Clients 521.839 177.048 1.01.02.02 Other Receivables 0 0 1.01.03 Inventory 357.130 301.471 1.01.03.01 Properties for sale 357.130 301.471 1.01.04 Other 67.803 56.815 1.01.04.01 Advances rendered 44.892 36.533 1.01.04.02 Taxes to recover 13.054 8.969 1.01.04.03 Deferred taxes 2.879 2.879 1.01.04.04 Deferred selling expenses 4.784 4.567 1.01.04.05 Other receivables 2.194 3.867 1.01.04.06 Despesas Antecipadas 0 0 1.02 Non Current Assets 862.337 1.103.344 1.02.01 Long Term Receivables 835.115 1.076.841 1.02.01.01 Sundry Credits 537.291 718.989 1.02.01.01.01 Receivables from clients of developme 537.291 718.989 1.02.01.02 Credits w ith Related Parties 46.419 41.177 1.02.01.02.01 Associated companies 46.419 41.177 1.02.01.02.02 Subsidiaries 0 0 1.02.01.02.03 Other Related Parties 0 0 1.02.01.03 Other 251.405 316.675 1.02.01.03.01 Properties for sale 105.403 191.184 1.02.01.03.02 Deferred taxes 117.624 108.758 1.02.01.03.03 Escrow deposit 8.250 9.623 1.02.01.03.04 Deferred selling expenses 7.384 5.876 1.02.01.03.05 Other receivables 12.744 1.234 1.02.02 Permanent Assets 27.222 26.503 1.02.02.01 Investments 0 0 1.02.02.01.01 Interest in associated and similar comp 0 0 1.02.02.01.02 Interest in Subsidiaries 0 0 1.02.02.01.03 Other investments 0 0 1.02.02.02 Property and equipment 21.755 22.208 1.02.02.03 Intangible assets 5.467 4.295 1.02.02.04 Deferred charges 0 0

Code Description 30/9/2009 30/6/2009 2 Total Liabilities and Shareholders' equity 2.383.672 2.295.602 2.01 Current Liabilities 381.886 317.207 2.01.01 Loans and Financing 71.585 85.731 2.01.02 Debentures 19.861 7.514 2.01.03 Suppliers 66.536 36.831 2.01.04 Taxes, charges and contributions 80.132 51.905 2.01.04.01 Payroll, profit sharing and related charges 24.978 21.008 2.01.04.02 Deferred taxes 2.779 2.738 2.01.04.03 Deferred taxes 52.375 28.159 2.01.05 Dividends Payable 0 0 2.01.06 Provisions 0 0 2.01.07 Accounts payable to related parties 4.097 1.749 2.01.08 Other 139.675 133.477 2.01.08.01 Advances from customers 46.764 52.287 2.01.08.02 Distrates to pay 27.410 27.056 2.01.08.03 Land Payable 45.043 52.328 2.01.08.05 Other liabilities 20.458 1.806 2.02 Non Current Liabilities 880.413 877.175 2.02.01 Long Term Liabilities 880.413 877.175 2.02.01.01 Loans and Financing 55.584 63.326 2.02.01.02 Debentures 600.000 600.000 2.02.01.03 Provisions 25.829 26.795 2.02.01.03.01 Provision for contingencies 25.829 26.795 2.02.01.04 Accounts payable to related parties 0 0 2.02.01.05 Advance for future capital increase 0 0 2.02.01.06 Other 199.000 187.054 2.02.01.06.01 Land Payable 12.633 7.554 2.02.01.06.03 Tributos a pagar 12.882 14.871 2.02.01.06.04 Tributos Diferidos 116.343 114.200 2.02.01.06.05 Other liabilities 12.505 8.597 2.02.01.06.06 Contas a Pagar Aquisicao Societaria 44.637 41.832 2.03 Results from future exercise 0 0 2.04 Minority Interests 0 29 2.05 Shareholders' equity 1.121.373 1.101.191 2.05.01 Paid-in capital stock 755.236 755.236 2.05.02 Capital Stock 376.470 377.553 2.05.03 Revaluation reserves 0 0 2.05.03.01 Ow n assets 0 0 2.05.03.02 Subsidiaries/ Associated and similar Compan 0 0 2.05.04 Revenue reserves 0 0 2.05.04.01 Legal 0 0 2.05.04.02 Statutory 0 0 2.05.04.03 For Contingencies 0 0 2.05.04.04 Unrealized profits 0 0 2.05.04.05 Retained earnings 0 0 2.05.04.06 Special reserve for undistributed dividends 0 0 2.05.04.07 Other revenue reserves 0 0 2.05.05 Adjustments to Assets Valuation 0 0 2.05.05.01 Securities Adjustments 0 0 2.05.05.02 Cumulative Translation Adjustments 0 0 2.05.05.03 Business Combination Adjustments 0 0 2.05.06 Retained earnings/accumulated losses -10.333 -31.598 2.05.07 Advances for future capital increase 0 0

Code Description 30/9/2009 30/6/2009 1 Total Assets 6.931.539 6.435.538 1.01 Current Assets 4.321.581 3.412.196 1.01.01 Cash and Cash Equivalents 1.099.687 1.056.312 1.01.01.01 Cash and Banks 215.133 129.543 1.01.01.02 Financial Investments 884.554 926.769 1.01.02 Credits 1.718.110 989.326 1.01.02.01 Clients 1.718.110 989.326 1.01.02.01.01 Receivables from clients of developments 1.627.327 921.766 1.01.02.01.02 Receivables from clients of construction and services rendered 79.511 60.164 1.01.02.01.03 Other Receivables 11.272 7.396 1.01.02.02 Sundry Credits 0 0 1.01.03 Inventory 1.376.236 1.250.203 1.01.03.01 Properties for sale 1.376.236 1.250.203 1.01.04 Other 127.548 116.355 1.01.04.01 Deferred selling expenses 7.205 13.237 1.01.04.02 Other receivables 93.722 78.141 1.01.04.03 Prepaid expenses 13.522 22.098 1.01.04.04 Deferred taxes 13.099 2.879 1.02 Non Current Assets 2.609.958 3.023.342 1.02.01 Long Term Receivables 2.351.482 2.770.823 1.02.01.01 Sundry Credits 2.048.496 2.463.722 1.02.01.01.01 Receivables from clients of developments 1.662.300 1.924.000 1.02.01.01.02 Properties for sale 386.196 539.722 1.02.01.02 Credits with Related Parties 0 0 1.02.01.02.01 Associated companies 0 0 1.02.01.02.02 Subsidiaries 0 0 1.02.01.02.03 Other Related Parties 0 0 1.02.01.03 Other 302.986 307.101 1.02.01.03.01 Deferred taxes 250.846 227.848 1.02.01.03.02 Other receivables 49.651 32.323 1.02.01.03.03 Dividends receivable 0 0 1.02.01.03.04 Escrow deposit 2.489 46.930 1.02.02 Permanent Assets 258.476 252.519 1.02.02.01 Investments 195.088 195.088 1.02.02.01.01 Interest in associated and similar companies 0 0 1.02.02.01.02 Interest in Subsidiaries 0 0 1.02.02.01.03 Other investments 0 0 1.02.02.01.06 Goodwill 195.088 195.088 1.02.02.02 Property and equipment 53.698 49.126 1.02.02.03 Intangible assets 9.690 8.305 1.02.02.04 Deferred charges 0 0

Codigo da Conta Descricao da Conta 30/9/2009 30/6/2009 2 Total Liabilities and Shareholders' equity 6.931.539 6.435.538 2.01 Current Liabilities 1.798.052 1.506.543 2.01.01 Loans and Financing 570.307 388.671 2.01.02 Debentures 80.781 113.902 2.01.03 Suppliers 194.302 155.701 2.01.04 Taxes, charges and contributions 132.216 120.624 2.01.05 Dividends Payable 26.106 26.106 2.01.06 Provisions 10.512 9.437 2.01.06.01 Provision for contingencies 10.512 9.437 2.01.07 Accounts payable to related parties 0 0 2.01.08 Other 783.828 692.102 2.01.08.01 Obligations for purchase of real estate and ad 488.935 489.656 2.01.08.02 Payroll, profit sharing and related charges 61.206 71.159 2.01.08.03 Other liabilities 181.312 103.128 2.01.08.04 Impostos e Contribuicoes Diferidos 52.375 28.159 2.02 Deferred taxes 2.773.029 2.584.853 2.02.01 Non Current Liabilities 2.773.029 2.584.853 2.02.01.01 Loans and Financing 636.639 746.180 2.02.01.02 Debentures 1.244.000 994.000 2.02.01.03 Provisions 59.509 67.532 2.02.01.03.01 Provisions for contingencies 59.509 67.532 2.02.01.04 Accounts payable to related parties 0 0 2.02.01.05 Advance for future capital increase 1.180 817 2.02.01.06 Other 831.701 776.324 2.02.01.06.01 Obligations for purchase of real estate and ad 147.168 140.439 2.02.01.06.02 Deferred taxes 322.870 276.582 2.02.01.06.03 Other liabilities 361.663 359.303 2.03 Resultados de Exercicios Futuros 24.093 79.802 2.03.01 Negative goodwill on acquisition of subsidiari 12.499 15.608 2.03.02 Amortization of gain on partial sale of Fit Resi 11.594 64.194 2.04 Minority Interests 552.889 547.094 2.05 Shareholders' equity 1.783.476 1.717.246 2.05.01 Paid-in capital stock 1.215.847 1.214.529 2.05.01.01 Capital Stock 1.233.897 1.232.579 2.05.01.02 Treasury shares -18.050 -18.050 2.05.02 Capital Reserves 190.584 189.389 2.05.03 Revaluation reserves 0 0 2.05.03.01 Own assets 0 0 2.05.03.02 Subsidiaries/ Associated and similar Compani 0 0 2.05.04 Revenue reserves 218.827 218.827 2.05.04.01 Legal 21.081 21.081 2.05.04.02 Statutory 159.213 159.213 2.05.04.03 For Contingencies 0 0 2.05.04.04 Unrealized profits 0 0 2.05.04.05 Retained earnings 38.533 38.533 2.05.04.06 Special reserve for undistributed dividends 0 0 2.05.04.07 Other revenue reserves 0 0 2.05.05 Adjustments to Assets Valuation 0 0 2.05.05.01 Securities Adjustments 0 0 2.05.05.02 Cumulative Translation Adjustments 0 0 2.05.05.03 Business Combination Adjustments 0 0 2.05.06 Retained earnings/accumulated losses 158.218 94.501 2.05.07 Advances for future capital increase 0 0

ATTACHMENT 4

GLOSSARY ASSETS APPROACH - valuation methodology in which all assets and liabilities (including unregistered ones) have their value adjusted according to their market values. BETA - measurement of a stock systematic risk, price trend of a certain stock to be related to changes in a certain index. BUSINESS RISK - uncertainty level for realizing future returns expected for the business, which do not result from financial leverage. CAPITAL STRUCTURE - breakdown of the capital invested in a company, including own capital (equity) and third-party capital (indebtedness) . CAPITALIZATION - conversion of a simple period of economic benefits into value. CAPITALIZATION RATE - any divisor used for converting economic benefits into value in a simple period. CAPM - Capital Asset Pricing Model - model in which the cost of capital for any stock or group of stocks is equivalent to the risk-free rate added to a risk premium, provided by the systematic risk of the stock or group of stocks under analysis. CASH FLOW - cash generated by an asset, group of assets or company during a certain period of time. Usually, such term is complemented by a qualification, depending on the context (operating, non-operating, etc) COMPANY - commercial, industrial, service or investment entity performing an economic entity. CONSTRUCTION EQUIVALENT AREA - constructed area on which the corresponding construction unit cost equivalence is applied, as provided by the principles of NB-140 of ABNT (Brazilian Association of Technical Rules). CONTROL - power to direct the company's management. CONTROLLING PREMIUM - value or percentage of a controlling stocks pro rata value over the non-controlling stocks pro rata value, which reflect controlling power. COST OF CAPITAL - expected return rate required by the market for attracting funds for a determined investment. CURRENT VALUE - value for replacing an existing asset for a new one, depreciated according its physical conditions. DISCOUNT FOR LACK OF CONTROL - value or percentage deducted from the 100%-pro rata value of a company value, which reflects the lack of part or whole control. DISCOUNT FOR LACK OF LIQUIDITY - value or percentage deducted from the 100% pro rata value of a company value, which reflects the lack of liquidity. DISCOUNT RATE - any divisor used for converting a future economic benefit flow into present value. EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization. ECONOMIC BENEFIT - benefits such as revenues, net income, net cash flow, etc. ELECTRIC DAMAGE VALUE - estimation of the cost for repairing or replacing the parts of an asset in case of electric damage. Values are scheduled in percentages of the Replacing Value and were calculated through manual analysis of the equipment and the repairing maintenance expertise of APSIS' technicians. APSIS CONSULTORIA 1

FAIR MARKET VALUE - value for which a certain asset changes ownership between a potential seller and a potential buyer, when both parties are aware of relevant facts and none of them are under pressure to make the deal. GOODWILL - intangible asset referring to name, reputation, client portfolio, loyalty, localization and other similar items that cannot be identified separately. HOMOGENIZED AREA - usable, private or constructed area with mathematical treatments for valuation purposes, according to criteria set forth by APSIS, based on the real state market. INCOME APPROACH - valuation methodology by converting to present value expected economic benefits. INSURANCE MAXIMUM VALUE - the maximum value of an asset for which it is advisable to insure it. Such criterion establishes that the asset which depreciation is higher than 50% should have a Insurance Maximum Value equivalent to twice the Current Value; and, an asset which depreciation is lower than 50%, should have a Insurance Maximum Value equivalent to the Replacing Value. INSURANCE VALUE - the value for which the insurance company assumes the risks, excluding land and foundations, except in special cases. INTANGIBLE ASSETS - non-physical assets such as brands, patents, rights, contracts, industrial secrets that provide the owner with rights and values. INTERNAL RETURN RATE - discount rate in which the present value of the future cash flow is equivalent to the investment cost. INVESTED CAPITAL - sum of own capital and third-party capital invested in a company. Third-party capital is usually related to debts with short and long term interest to be specified in the valuation context. INVESTED CAPITAL CASH FLOW - cash flow generated by the company to be reverted to financers (interests and amortizations) and shareholders (dividends) after operating costs and expenses and capital expenditures. INVESTMENT VALUE - value for a particular investor, based on particular interests for a certain asset such as synergy with other companies of a investor, different perceptions of risk and future performances, etc. ISSUE DATE - date on which the valuation report is issued, when valuation conclusions are presented to the client. LEVERAGED BETA - beta value reflecting the indebtedness in the capital structure. LIQUIDATION VALUE - the value of a sale in the market, out of its original productive process. In other words, it is the value that would be verified in case the asset was deactivated and put up for sale separately, considering costs of disassembly or demolition (in case of real estate), storage and transportation. LIQUIDITY - capacity to rapidly convert a certain asset into cash or into a debt payment. MARKET APPROACH - valuation methodology, which utilizes multiples that result from the sale price of similar assets. MARKET NET EQUITY - see assets approach. MULTIPLE - market value of a company, stock or invested capital, divided by a company's measurement (revenues, income, client volume, etc.). NON-OPERATING ASSETS - assets that are not directly related to the company operating activity (whether they generate revenue or not) and that may be sold without affecting its operation. APSIS CONSULTORIA 2

OPERATING ASSETS - assets that are necessary for the company's operations. PERPETUITY VALUE - value at the end of the projective period to be added to the cash flow. PRESENT VALUE - value of a future economic benefit on a specific date, calculated by the application of a discount rate. PRIVATE AREA - usable area including building elements (such as walls, columns, etc.) and elevators hall (in some cases). REFERENCE DATE - specific date (day, month and year) to apply the valuation. RESIDUAL VALUE - the value of a new or old asset projected for a certain date, limited to the date on which such asset turns into scrap, considering that during such period of time, the asset will be operating. REPLACING VALUE (FOR A NEW ASSET) - value based on the price (usually at market current prices) or replacing an asset for a new equal or similar one. SCRAP VALUE - the asset value at the end of its useful life, considering its disassembly or demolition value (in case of real estate), storage and transportation. SUPPORTING DOCUMENTATION - discount rate is a return rate used to convert into present value a payable or receivable amount. TANGIBLE ASSETS - physical assets such as lands, constructions, machines and equipment, furniture and appliances, etc. USEFUL AREA - usable area of real estate, measured by the internal face of its walls. USEFUL LIFE - period of time during which an asset may generate economic benefits VALUATION - act or process through which the value of a company, stock interest or other asset is determined. VALUATION METHODOLOGY - the approaches used for preparing value calculations in order to indicate the value of a company, stock interest or other asset. VALUE - price denominated in monetary quantity. WACC (Weighted Average Cost of Capital) - model in which the cost of capital is determined by the weighted average of the value. APSIS CONSULTORIA 3

[GRAPHIC OMITTED] APPRAISAL REPORT RJ-0435/09 -01 1/2 COPIES

[GRAPHIC OMITTED] REPORT RJ-0435/09-01 REFERENCE DATE: September 30, 2009 REQUESTED BY: GAFISA S/A, with head office located on Avenue Nacoes Unidas, 8.501, 19(degree) floor Pinheiros, in the city of Sao Paulo, SP, registered with the General Roster of Corporate Taxpayers (CNPJ) under no., n(0) 01,545,826/0001-07, hereinafter called GAFISA. OBJECT: Common Stocks of CONSTRUCTION TENDA S/A, with head office located on Avenue Engenheiro Luiz Carlos Berrini, 1.376, 9(0) floor, Brooklin, , in the city of Sao Paulo, SP, registered with the General Roster of Corporate Taxpayers (CNPJ) under no., n(0) 71,476,527/0001-35, hereinafter called TENDA. PURPOSE: Verify the book value of TENDA~s shares, in the terms described in article 8(0) of the Law n(0) 6,404/76. APSIS CONSULTORIA REPORT RJ-0435/09-01 1

[GRAPHIC OMITTED] INDEX 1 - INTRODUTION 3 2 - PRINCIPLES AND QUALIFICATIONS 4 3 - RESPONSIBILITY LIMITS 5 4 - APPRAISAL METHODOLOGY 6 5 - APPRAISAL OF COMMON STOCKS THE TENDA (TEND3) 7 6 - CONCLUSION 8 7 - LIST OF ATTACHMENTS 9 APSIS CONSULTORIA REPORT RJ-0435/09-01 2

1 - INTRODUTION THE APSIS CONSULTORIA EMPRESARIAL Ltda, hereinafter called APSIS, with head office located at Sao Jose, n(0) 90 - 1.802, in the city of Rio de Janeiro, RJ, registered with the General Roster of Corporate Taxpayers (CNPJ) under n(degree)27,281,922/0001 -70, was appointed to determine the book value of common stocks of Tenda for capital increase in Gafisa, in article 8(0) of the law n(0) 6,404/76. In preparing this report, data and information supplied by third parties were used in the form of documents and verbal interviews with the clients. The estimates in this report are based on documents and information which include, among others, the following: - - Quarterly financial information (ITR) of TENDA, third quarter 2009. APSIS has prepared recent valuations of traded companies, for various purposes, of following companies: o PACTUAL BANK S/A o GEODEX COMMUNICATIONS OF BRAZIL S/A o GERDAU S/A o OTHON HOTEL S/A o LIGHT ELECTRIC SERVICE S/A o REPSOL YPF BRAZIL S/A o TAM AIR TRANSPORT S/A o WAL OIL S/A The APSIS team responsible for the coordination and performance of this report consists of the following professionals: o ALINNE CAETANO mechanic engineer o ANA CRISTINA FRANCA DE SOUZA civil engineer pos graduated in accountancy (CREA/RJ 91.1.03043-4) o FLAVIO LUIZ PEREIRA counter (CRC/RJ 022016/O-9) o GABRIEL ROCHA VENTURIM Project Manager o LUIZ PAULO CESAR SILVEIRA mechanic engineer masters in business administration(CREA/RJ 89.1.00165-1) o RICARDO DUARTE CARNEIRO MONTEIRO civil engineer pos graduated in engineering economic (CREA/RJ 30137-D) o SERGIO FREITAS DE SOUZA economist (CORECON/RJ 23521-0 APSIS CONSULTORIA REPORT RJ-0435/09 -01 3

2 - PRINCIPLES AND QUALIFICATIONS This report strictly complies with the fundamental principles described below. o The consultants and appraisers have no personal bias towards the subject matter involved in this report nor do they derive any advantages from it. o The professional fees of APSIS are not, in any way, subject to the conclusions of this report. o The report was prepared by APSIS and no one, other than the consultants themselves, prepared the analyses and respective conclusions. o In this report, one assumes that the information received from third parties is correct and that the sources thereof are contained in said report. o To the best knowledge and credit of the consultants, the analyses, opinions and conclusions presented in this report are based on data, diligence, research and surveys that are true and correct. o APSIS assumes full responsibility for the matter of Appraisal Engineering, including implicit appraisals, in the exercise its honorable duties, primarily established in the appropriate laws, codes or regulations. o This Report meets the specifications and criteria established by the standards of the Brazilian Association of Technical Standards (ABNT), the specifications and criteria established by USPAP (Uniform Standards of Professional Appraisal Practice), in addition to the requirements imposed by different bodies, such as: the Treasury Department, the Central Bank of Brazil, CVM (the Brazilian equivalent to the US Securities and Exchange Commission), SUSEP (Private Insurance Superintendence), etc. o The report presents all the restrictive conditions imposed by the methodologies adopted, which affect the analyses, opinions and conclusions contained in the report. o APSIS declares that it does not have any direct or indirect interests in the companies contemplated in this report, in their respective controllers, or in the transaction to which the "Protocol and Justification" refer, there being no relevant circumstances which may characterize conflict or communion of interests, whether potential or current, towards the issue of this Appraisal Report. o In the course of our work, controllers and managers of the companies contemplated in this report did not direct, limit, hinder or practice any acts, which have or may have compromised access, use or knowledge of information, property, documents or work methodologies relevant to the quality of our conclusions. APSIS CONSULTORIA REPORT RJ-0435/09 -01 4

3 - RESPONSIBILITY LIMITS o To prepare this report, APSIS used historical data and information audited by third parties or not audited and projected non-audited data, supplied in writing or verbally by the company~s management or obtained from other sources mentioned. Therefore, APSIS assumed as true the data and information obtained for this report and does not have any responsibility in connection with their truthfulness. o The scope of this work did not include an audit of the financial statements or revision of the works performed by its auditors. o Our work was developed for use by the applicants aiming at the already described objectives. Therefore, it may be disclosed as part of the documents related to the acquisition of the outstanding shares of TENDA by GAFISA, with mention of this work in related publications being authorized. It may also be filed with the Brazilian Securities and Exchange Commission ~ CVM and at the U.S. Securities and Exchange Commission ~ SEC, as well as made available to shareholders and third parties, including through the websites of the companies involved. o We highlight that understanding of the conclusion of this report will take place by reading it and its attachments in full. Therefore, conclusions should not be based on a partial reading of the report. o We are not responsible for occasional losses suffered by, its shareholders, directors, creditors or to other parties as a result of the use of data and information supplied by the company and set forth in this report. o The analyses and conclusions contained herein are based on several premises, held as of this date, of future operational projections, such as: macroeconomic factors, amounts practiced by the market, exchange rate variations, sale prices , volumes, market share, revenues, taxes, investments, operational margins, etc. Thus, future results may differ from any forecast or estimate contained in this report. o This appraisal does not reflect events and their respective impacts, occurring after the date of issue of this report. APSIS CONSULTORIA REPORT RJ-0435/09-01 5

4 - APPRAISAL METHODOLOGY Review of the supporting documentation mentioned above, in order to verify a that bookkeeping was done in good order and in accordance with legal regulations, standards and statutes governing the subject, and the principles and conventions of Generally Accepted Accounting principles. We examined the books of TENDA and all other documents necessary to prepare this report, based on the balance sheet of TENDA, as of September 30, 2009 (Annex 1) Experts have established that the assets and liabilities of TENDA are properly accounted for. APSIS CONSULTORIA REPORT RJ-0435/09-01 6

5 - APPRAISAL OF THE COMMON STOCK OF TENDA (TEND3) We examined the books of Tenda and all other documents necessary to prepare this report. Experts have established that the net equity of Tenda on September 30, 2009 was R$ 1,121,372 thousand (one billion, one hundred twenty -one million, three hundred and seventy -two thousand real), equivalent to a book value per share of R$ 2.80 (two real and eighty cents), given the total number of shares of the company of 400,652,450 as indicated in the next table: COMPANY: CONSTRUTORA TENDA S/A (CONSOLIDADO) REFERENCE DATE: 09/30/2009 RELEVANTES VALUE (THOUSANDS REAIS) ACCOUNTS ACCOUNTING ASSETS 2,383,672 CURRENT ASSETS 1,526,988 LONG TERM ASSETS 829,462 FIXED ASSET 27,222 LIABILITIES 1,262,300 CURRENT LIABILITIES 381,886 LONG TERM LIABILITIES 880,414 MINORITY INTEREST - EQUITY 1,121,372 BOOK VALUE PER SHARE (R$/share) 2.80 APSIS CONSULTORIA REPORT RJ-0435/09-01 7

6 - CONCLUSION In light of the review carried out of the documentation mentioned previously and using as a basis other APSIS studies, the experts concluded that the book value of common shares of Tenda, trading on the BM&F Bovespa under ticker symbol TEND3, which are to be exchanged for shares of Gafisa, represents R$ 2.80 (two real and eighty cents) on september 30, 2009. This brings Report RJ-0435/09 -01 to a close, which is composed of 09 (nine) typewritten sheets on one side and 02 (two) attachments and extracted on 2 (two) original copies. APSIS Consultoria Empresarial Ltda., CREA/RJ 82,2,00620 -1 and CORECON/RJ RF/2,052 -4, a company specialized in asset appraisal, legally was below by its directors, may be contacted if for any reason there seems to be clarifications that may be necessary Rio de Janeiro, November 05, 2009. [GRAPHIC OMITTED] APSIS CONSULTORIA REPORT RJ-0435/09-01 8

7 - LIST OF ATTACHMENTS 1. SUPPORT DOCUMENTATION 2. GLOSSARY SAO PAULO ~ SP Alameda Franca, 1467, 44 Sao Paulo - SP CEP: 01422-001 Tel.: + 55 11 2626.0510 Fax: + 55 11 3061.5879 RIO DE JANEIRO ~ RJ Rua Sao Jose, 90, grupo 1802 Centro, CEP: 20010-020 Tel.: + 55 21 2212.6850 Fax: + 55 21 2212.6851 APSIS CONSULTORIA REPORT RJ-0435/09-01 9

TENDA REPORT: RJ-0435/09-01 REFERENCE DATE: 09/30/2009 COMPANY: CONSTRUTORA TENDA S/A (CONSOLIDADO) REFERENCE DATE: 09/30/2009 RELEVANTES VALUE (THOUSANDS REAIS) ACCOUNTS ACCOUNTING ASSETS 2,383,672 CURRENT ASSETS 1,526,988 CASH AND EQUIVALENT 430,481 CREDITS 146,082 ACCOUNTS RECEIVABLE 521,839 PROPERTY FOR SALE 357,130 ADVANCE GRANTED 49,613 RECOVERABLE TAXES 13,054 DIFFERED TAXES 2,879 RECOGNIZED SALES EXPENSES 4,784 OTHER 1,126 LONG TERM ASSETS 829,462 ACCOUNTS RECEIVABLE 537,291 PROPERTY FOR SALE 105,403 DIFFERED TAXES 117,624 JUDICIAL DEPOSITS 12,739 RECOGNIZED SALES EXPENSES 7,384 RELATED PARTIES 47,487 OTHER 1,534 FIXED ASSET 27,222 INVESTMENTS - LAND AND PROPERTIES 21,755 INTANGIBLE 5,467 Apsis Consultoria Empresarial Ltda. Page: 1/1

TENDA REPORT: RJ-0435/09-01 REFERENCE DATE: 09/30/2009 COMPANY: CONSTRUTORA TENDA S/A (CONSOLIDADO) REFERENCE DATE: 09/30/2009 RELEVANTES VALUE (THOUSANDS REAIS) ACCOUNTS ACCOUNTING LIABILITIES 1,262,300 CURRENT LIABILITIES 381,886 LOANS AND FINANCING 71,585 DEBENTURES 19,861 ACCOUNTS PAYABLE 66,536 LABOR AND TAX OBLIGATIONS 24,978 TAXES PAYABLE 2,779 ADVANCE TO CLIENT 46,764 REFUSED CONTRACTS 27,410 ACCOUNTS PAYABLE REFERRED TO LAND ACQUISITION 45,043 DIFFERED TAXES 52,375 RELATED PARTIES - PROVISION FOR INVESTMENT LOSSES - OTHER 24,555 LONG TERM LIABILITIES 880,414 LOANS AND FINANCING 55,584 DEBENTURES 600,000 ACCOUNTS PAYABLE REFERRED TO LAND ACQUISITION 12,633 PROVISION FOR CONTINGENCIES 25,829 TAXES PAYABLE 12,882 DIFFERED TAXES 116,343 ACCOUNTS PAYABLE - BAIRRO NOVO ACQUISITIION 44,637 OTHER 12,506 MINORITY INTEREST - EQUITY 1,121,372 BOOK VALUE PER SHARE (R$/share) 2.80 Apsis Consultoria Empresarial Ltda. Page: 2/2

GLOSSARIO 30 anos APSIS ABORDAGEM DA RENDA - metodo de avaliacao pela conversao a valor presente de beneficios economicos esperados. ABORDAGEM DE ATIVOS - metodo de avaliacao de empresas onde todos os ativos e passivos (incluindo os nao contabilizados) tem seu valor ajustado aos seus valores de mercado. ABORDAGEM DE MERCADO - metodo de avaliacao onde sao adotados multiplos comparativos derivados de preco de vendas de bens similares. AREA EQUIVALENTE DE CONSTRUCAO - area construida sobre a qual, e aplicada a equivalencia de custo unitario de construcao correspondente, de acordo com os postulados da NB-140 da ABNT. AREA HOMOGENEIZADA - area util, privativa ou construida com tratamentos matematicos, para fins de avaliacao, segundo criterios fixados pela APSIS, baseado no mercado imobiliario. AREA PRIVATIVA - area util acrescida de elementos construtivos (tais como paredes, pilares, etc.) e hall de elevadores (em casos particulares). AREA UTIL - area utilizavel do imovel, medida pela face interna das paredes que o limitam. ATIVOS INTANG(Y)VEIS - ativos nao fisicos (marcas, patentes, direitos, contratos, segredo industrial, etc.) que garantem direitos e valor ao seu proprietario. ATIVOS NAO OPERACIONAIS - sao aqueles ativos que nao estao ligados diretamente as atividades de operacao da empresa (podem ou nao gerar receitas) e que podem ser alienados sem prejuizo do seu funcionamento. ATIVOS OPERACIONAIS - bens fundamentais ao funcionamento da empresa. ATIVOS TANG(Y)VEIS - ativos de existencia fisica tais como terrenos, construcoes, maquinas e equipamentos, moveis e utensilios. AVALIACAO - ato ou processo de determinar o valor de uma empresa, participacao acionaria ou outro ativo. BENEF(Y)CIOS ECONOMICOS - beneficios tais como receitas, lucro liquido, fluxo de caixa liquido, etc. BETA - medida de risco sistematico de uma acao; tendencia do preco de determinada acao a estar correlacionado com mudancas em determinado indice. BETAALAVANCADO - valor de beta refletindo o endividamento na estrutura de capital. CAPEX (Capital Expenditure) - investimento em ativo fixo CAPITAL INVESTIDO - somatorio de capital proprio e de terceiros investidos numa empresa. O capital de terceiros geralmente esta relacionado a dividas com juros (curto e longo prazo) devendo ser especificada dentro do contexto da avaliacao. CAPITALIZACAO - conversao de um periodo simples de beneficios economicos em valor. CAPM (Capital Asset Pricing Model) - modelo no qual o custo de capital para qualquer acao ou lote de acoes equivale a taxa livre de risco acrescido de premio de risco proporcionado pelo risco sistematico da acao ou lote de acoes em estudo. Geralmente utilizado para calcular o Custo de Capital Proprio ou Custo de Capital do Acionista. CONTROLE - poder de direcionar a gestao estrategica, politica e administrativa de uma empresa. CUSTO DE CAPITAL - taxa de retorno esperado requerida pelo mercado como atrativa de fundos para determinado investimento. CVM - Comissao de Valores Mobiliarios. D&A - Depreciacao e Amortizacao DATA BASE - data especifica (dia, mes e ano) de aplicacao do valor da avaliacao. DATA DE EMISSAO - data de encerramento do laudo de avaliacao, quando as conclusoes da avaliacao sao transmitidas ao cliente. DCF (Discounted Cash Flow) - fluxo de caixa descontado. DESCONTO POR FALTA DE CONTROLE - valor ou percentual deduzido do valor pro-rata de 100% do valor de uma empresa, que reflete a ausencia de parte ou da totalidade de controle. DESCONTO POR FALTA DE LIQUIDEZ - valor ou percentual deduzido do valor pro-rata de 100% do valor de uma empresa, que reflete a ausencia de liquidez.

GLOSSARIO 30 anos APSIS D(Y)VIDA L(Y)QUIDA - caixa e equivalentes, posicao liquida em derivativos, dividas financeiras curto e longo prazo, dividendos a receber e a pagar, recebiveis e contas a pagar relacionadas a debentures, deficits de curto e longo prazo com fundos de pensao, provisoes, outros creditos e obrigacoes com pessoas vinculadas, incluindo bonus de subscricao. DOCUMENTACAO DE SUPORTE - documentacao levantada e fornecida pelo cliente na estao baseadas as premissas do laudo. DRIVERS - direcionadores de valor ou variaveis-chave. EBIT - do ingles Earnings Before Interests and Taxes, que significa Lucro Antes juros e Impostos. EBTIDA - do ingles Earnings Before Interest, Taxes, Depreciation and Amortization, que significa Lucros Antes de Juros, Impostos, Depreciacao e Amortizacao. EMPRESA - entidade comercial, industrial, prestadora de servicos ou de investimento detentora de atividade economica. ENTERPRISE VALUE - valor economico da firma. EQUITY VALUE - valor economico do patrimonio liquido. ESTRUTURA DE CAPITAL - composicao do capital investido de uma empresa entre capital proprio (patrimonio) e capital de terceiros (endividamento). FCFF - do ingles Free Cash Flow to Firm, ou fluxo de caixa livre para a firma, ou fluxo de livre desalavancado. FLUXO DE CAIXA - caixa gerado por um ativo, grupo de ativos ou empresa, durante determinado periodo de tempo. Geralmente o termo e complementado por uma qualificacao referente ao contexto (operacional, nao operacional, etc.) FLUXO DE CAIXA DO CAPITAL INVESTIDO - fluxo de caixa gerado pela empresa a ser revertido aos financiadores (juros e amortizacoes) e aos acionistas (dividendos) depois de considerados custo e despesas operacionais e investimentos de capital. FLUXO DE CAIXA OPERACIONAL - o fluxo de caixa operacional leva em consideracao somente as receitas e receitas efetivamente recebidas e desembolsadas, provenientes operacoes da companhia. FREE FLOAT - percentual de acoes em circulacao sobre o capital total da empresa. GOODWILL - ativo intangivel resultante de nome, reputacao, carteira de clientes, lealdade, localizacao e demais fatores similares que nao podem ser identificados separadamente. LIQUIDEZ - capacidade de rapida conversao de determinado ativo em dinheiro ou em pagamento de determinada divida. METODO DE AVALIACAO - cada uma das abordagens utilizadas na elaboracao de calculos avaliatorios para a indicacao de valor de uma empresa, participacao acionaria ou outro ativo. METODOLOGIA DE AVALIACAO - uma ou mais abordagens utilizadas na elaboracao de calculos avaliatorios para a indicacao de valor de uma empresa, participacao acionaria ou outro ativo. MULTIPLO - valor de mercado de uma empresa, acao ou capital investido, dividido por uma medida da empresa (receita, lucro, volume de clientes, etc.). PATRIMONIO L(Y)QUIDO A MERCADO - vide abordagem de ativos. PREMIO DE CONTROLE - valor ou percentual de um valor pro rata de lote acoes controladoras sobre o valor pro rata de acoes sem controle, que refletem o poder do controle. Rd (Custo da Divida) - e uma medida do valor pago pelo capital provindo de terceiros, sob a forma de emprestimos, financiamentos, captacoes no mercado, outros. Re (Custo de Capital Proprio) - o custo de capital proprio e o retorno requerido pelo acionista pelo capital investido. RISCO DO NEGOCIO - grau de incerteza de realizacao de retornos futuros esperados do negocio, resultantes de fatores que nao alavancagem financeira. TAXA DE CAPITALIZACAO - qualquer divisor usado para a conversao de beneficios economicos em valor em um periodo simples. TAXA DE DESCONTO - qualquer divisor usado para a conversao de um fluxo de beneficios economico futuros em valor presente. TAXA INTERNA DE RETORNO - taxa de desconto onde o valor presente do fluxo de caixa futuro e equivalente ao custo do investimento. VALOR - preco expresso em quantidade monetaria.

GLOSSARIO 30 anos APSIS VALOR (JUSTO) DE MERCADO - valor pelo qual o bem troca de propriedade entre um potencial vendedor e um potencial comprador, quando ambas as partem tem conhecimento razoavel dos fatos relevantes e nenhuma das partes esta sob pressao de faze-lo. VALOR ATUAL - valor de reposicao por novo depreciado em funcao do estado fisico em que se encontra o bem. VALOR DA PERPETUIDADE - valor ao final do periodo projetivo a ser adicionado no fluxo de caixa. VALOR DE DANO ELETRICO - estimativa do custo do reparo ou reposicao de pecas, quando ocorre um dano eletrico no bem. Os valores sao tabelados em percentuais do Valor de Reposicao e foram calculados atraves de estudos dos manuais dos equipamentos e da experiencia em manutencao corretiva dos tecnicos da APSIS. VALOR DE INVESTIMENTO - E o valor para um investidor em particular, baseado em interesses particulares no bem em analise. No caso de avaliacao de negocios, este valor pode ser analisado por diferentes situacoes tais como sinergia com demais empresas de um investidor, diferentes percepcoes de risco e desempenhos futuros, diferentes planejamentos tributarios. VALOR DE LIQUIDACAO - E o valor de um bem colocado a venda no mercado, fora do processo normal, ou seja, e o valor que se apuraria caso o bem fosse colocado a venda separadamente, levando-se em consideracao os custos envolvidos e o desconto necessario para uma venda num prazo reduzido. VALOR DE REPOSICAO POR NOVO - valor baseado no que o bem custaria (geralmente ao nivel de precos correntes de mercado) para ser reposto ou substituido por outro, em estado de novo, igual ou similar. VALOR DE SEGURO - valor pelo qual uma Companhia de Seguros assume os riscos e nao se aplica ao terreno e fundacoes, exceto em casos especiais. VALOR DE SUCATA - valor do bem no final da sua vida util, levando-se em consideracao os custos de desmontagem ou demolicao (em caso de imoveis), estocagem e transportes. VALOR MAXIMO DE SEGURO - valor maximo do bem pelo qual e recomendavel que ele seja segurado. Este criterio estabelece que o bem com depreciacao maior que 50%, devera ter o Valor Maximo de Seguro igual a duas vezes o Valor Atual; e, bem com depreciacao menor do que 50% devera ter o Valor Maximo de Seguro igual ao Valor de Reposicao. VALOR PRESENTE - valor (em uma data base especifica) de um beneficio economico futuro, calculado pela aplicacao de uma taxa de desconto. VALOR RESIDUAL - valor do bem novo ou usado projetado para uma data, limitada a aquela em que ele se torna sucata, levando-se em consideracao que durante o periodo ele estara em operacao. VIDA UTIL - periodo de tempo no qual o ativo pode gerar beneficios economicos. WACC (Weighted Average Cost of Capital) - modelo no qual o custo de capital e determinado pela media ponderada do valor de mercado dos componentes da estrutura de capital (proprio e de terceiros).

[GRAPHIC OMITTED] Pequenos detalhes fazem a diferenca A APSIS faz historia ha mais de 28 anos. Durante todo esse tempo, participou da historia do Brasil e do mundo, em suas diversas mudancas: economicas, politicas, sociais, culturais e tecnologicas. Hoje, e referencia em avaliacao de empresas, avaliacao de marcas e outros intangiveis, avaliacao patrimonial de ativos, consultoria e negocios imobiliarios, gestao de ativo fixo e gestao ambiental, com atuacao no Brasil e no exterior. o Servicos especializados em consultoria patrimonial. o 15.000 laudos emitidos em todo o territorio nacional. o Equipes coordenadas por engenheiros pos-graduados, com cursos de extensao no Brasil e no exterior. o Cumprimento das normas ABNT, CVM, ESA, USPAP, Finep, BNDES e Receita Federal. o Qualidade internacional de acordo com os padroes da ASA (American Society of Appraisers) e IBA (Institute of Business Appraisers) . o Informacoes do mercado financeiro online. Avaliacao de empresas Avaliacao de marcas e outros ativos intangiveis Estudo de viabilidade de projetos Plano de negocios Laudos para reorganizacao societaria (Lei das S/A, RIR, FASB, IFRS e outros) Pericias judiciais ativo fixo Inventario patrimonial Avaliacao de ativos Conciliacao de dados (fisico x contabil) Base contabil (cadastro, exportacao e importacao) Treinamento, normatizacao e auditoria de processos sustentabilidade corporativa Politica de RSA MDL e Creditos de Carbono Diagnostico socio-ambiental Desenvolvimento Sustentavel (DJSI e ISE) Auditorias ambientais (Principios do Equador eoutros) Relatorios de Responsabilidade Social (Ethos e GRI) Documentos eticos Gestao da Comunicacao negocios imobiliarios Prospeccao de imoveis Renegociacao de contratos de aluguel Desmobilizacao Avaliacao imobiliaria Assessoria a investidores e fundos Gestao de carteira imobiliaria Estudos de vocacao e viabilidade Venda e locacao de imoveis ALL - AMERICA LATINA LOG(Y)STICA ALLIANT ENERGY AMBEV (INTERBREW) - COMPANHIA BRASILEIRA DAS AMERICAS BANCO BANIF BANCO BRADESCO BANCO DO BRASIL BANCO IBI BANCO ITAU BARBOSA, MUSSNICH & ARAGAO ADVOGADOS BELGO SIDERURGIA (GRUPO ARCELOR) BHP BILLITON METAIS BNDES - BANCO NACIONAL DE DESENVOLVIMENTO ECONOMICO E SOCIAL BORIS LERNER, FRAZAO, GARCIA, MALVAR E CONSULTORES BR - PETROBRAS DISTRIBUIDORA CAEMI MINERACAO E METALURGIA CARIOCA CHRISTIANI-NIELSEN ENGENHARIA CARREFOUR COMERCIO E INDUSTRIA CEG - COMPANHIA DISTRIBUIDORA DE GAS DO RIO DE JANEIRO CETUS INVESTIMENTOS E PARTICIPACOES CIA FORCA E LUZ CATAGUAZES LEOPOLDINA CLARO COCA-COLA CONSTRUTORA ANDRADE GUTIERREZ COTEMINAS - COMPANHIA DE TECIDOS NORTE DE MINAS CREDICARD CREDIT SUISSE FIRST BOSTON CSN - COMPANHIA SIDERURGICA NACIONAL CVRD - COMPANHIA VALE DO RIO DOCE DIAGEO DROGASIL ELETROBRAS - CENTRAIS ELETRICAS BRASILEIRAS EMBRATEL - EMPRESA BRASILEIRA DE TELECOMUNICACOES ESSO BRASILEIRA DE PETROLEO LIMITADA FGV - FUNDACAO GETULIO VARGAS FINEP - FINANCIADORA DE ESTUDOS E PROJETOS FLEXTRONICS FURNAS CENTRAIS ELETRICAS GAFISA S.A GERDAU ACO MINAS GERAIS GOL LINHAS AEREAS INTELIGENTES GOLDMAN SACHS GOUVEA VIEIRA ADVOGADOS GP INVESTIMENTOS GRUPO BRASCAN GRUPO GLOBO GRUPO MULTIPLAN GRUPO OI (TELEMAR) GRUPO PAO DE ACUCAR GRUPO VOTORANTIM HSBC BANK BRASIL INTELIG TELECOM KEPPEL FELS BRASIL LAFARGE BRASIL LIGHT - SERVICOS DE ELETRICIDADE LIQUIGAS DISTRIBUIDORA LOBO & IBEAS ADVOGADOS LOJAS AMERICANAS LOJAS RENNER MATTOS FILHO, VEIGA FILHO, MARREY JR. E QUIROGA MONSANTO DO BRASIL NESTLE BRASIL PETROBRAS - PETROLEO BRASILEIRO PETROS - FUNDACAO PETROBRAS DE SEGURIDADE SOCIAL PINHEIRO NETO ADVOGADOS PONTO FRIO (GLOBEX UTILIDADES) PREVI - CAIXA DE PREVIDENCIA DOS FUNCIONARIOS DO BANCO DO BRASIL REDE RECORD REPSOL YPF BRASIL ROLLS - ROYCE ENERGIA SHELL BRASIL SHV GAS BRASIL SOCIEDADE MICHELIN SOUZA, CESCON AVEDISSIAN, BARRIEU E FLESCH ADVOGADOS SUL AMERICA TIM BRASIL UBS PACTUAL ULHOA CANTO, REZENDE E GUERRA ADVOGADOS UNIBANCO UNIAO DE BANCOS BRASILEIROS VALESUL ALUMINIO VARIG VEIRANO ADVOGADOS VISANET VIVO WHITE MARTINS WORLD MINERALS DO BRASIL Rio de Janeiro - RJ Sao Paulo - SP Rua Sao Jose, 90 - Grupo 1802 Alameda Franca,1467 - Conj. 44 Centro, CEP 20010 -020 Jardim Paulista - CEP 01422 -001 Tel.: +55 (21) 2212.6850 Fax: +55 (21) 2212.6851 Tel.: +55 (11) 2626.0510 Fax: +55 (11) 3061.5879 WWW.APSIS.COM.BR