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Gafisa S.A.
Investors Relations

Ana Maria Loureiro Recart

Danielle Aline de Alencar Hernandes
Investor Relations Analyst

Av. Nações Unidas, 8501 – 19th floor
São Paulo – SP 05425-070
Tel: (55 11) 3025-9474
Fax: (55 11) 3025-9348

Banco Itaú S.A.
Capital Markets Services
Av. Eng. Armando de Arruda Pereira, 707
Torre Eudoro Villela, 9º Andar
São Paulo - SP – CEP: 04344-902
Tel.: 3003-9285 (metropolitan region)
0800-720-9285 (other regions)

Citibank N.A.
Depositary Services
Teresa Loureiro Stein
388 Greenwich Ave.
New York – NY 10013
Tel. (1-877-248-4237)

Companhia Brasileira de Liquidação e
Custódia - CBLC
Rua XV de novembro, 275 - 6º Andar
São Paulo - SP 01013-001
Tel.: (55 11) 3233-2178
Fax: (55 11) 3233-2053

Customer Relations:
Tel: (55 11) 4002-1001 (SP and RJ) / 0800-77-42347 Other Locations
Business hours: from Monday to Friday, from 8:00 am to 10:00 pm and Saturdays from 09:00 am to 19:00 pm



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Demographics: in 14 years (2000 to 2014), according to the IBGE (Brazilian Institute of Geography & Statistics), the Brazilian population grew from 169.8 million to 202.7 million – an increase of 19.4%. In addition, the life expectancy of Brazilians increased from 62 years in 1980 to 75 years in 2014. These advances reflect the economic expansion and improved quality of life seen over the last 30 years, during which time the country continued to benefit from the demographic dividend and young people became a more significant percentage of the population. These factors create the fundamentals for an increased demand in housing.

Also according to the IBGE Census, São Paulo and Rio de Janeiro are two of Brazil’s three most populous states, both of which are target markets and the focus of Gafisa’s operations.

Socio-economic factors: according to the National Household Sample Survey (Pnad), released by the IBGE in 2012, the total number of families exceeded 67 million. However, the residential density index (relationship between the number of people living in occupied private homes and the number of occupied private homes) declined by approximately 14.1% during the last decade. This was driven by both economic and cultural factors and has led to a continued demand for new housing.

Additionally, the environment of economic stability achieved in the early 1990’s, and the economic expansion in recent years, has led to low unemployment levels and a rise in real incomes.

Macroeconomic scenario: maintenance of interest rates at historically low levels, combined with stable prices and the development of mechanisms to stimulate home lending, have resulted in a robust expansion of the market over the last decade. The Home Lending / GDP relationship reached 6.9% in 2013, but still remains well behind other emerging countries such as Mexico, Chile, South Africa and China.


Economic scenario x Real estate market: the availability of real estate loans, inflation and interest rates are factors that could affect – positively or negatively – the demand for housing.

Inflation: inflation causes the population to have less purchasing power and slows economic activity. This directly affects the real estate market by reducing people’s capacity to invest.

Interest rates: interest rate levels also have a strong influence on the population’s consumption and investment decisions.

Availability of credit: due to a series of macroeconomic and regulatory factors, credit plays a key role in the ability of Brazil’s real estate market to expand. Without credit, the country’s capacity for development is significantly compromised.

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