Exhibit 99.2

Tupi Project Tupi Project

Agenda Agenda Summary 1) Market exchange ratio: Exchange ratio evolution analysis based on market prices; 2) Valuation via Equity Research: Comparison between analysts projections: Gafisa: Cyrela and Rossi average; Tenda: MRV; 3) Valuation via Balance sheet: Exchange ratio evaluated via BV; NAV and Adjusted BV.

0,300 0,250 0,200 0,150 0,100 0,050 0,000 1. Market exchange ratio: (R$ / Tenda's share) : (R$ / Gafisa's Share) Market Closing exchange ratio Gafisa's Follow on Average: 0,175 Uncertainty about Tenda's financial liquidity 2-Jan-2009 16-Jan-2009 30-Jan-2009 13-Feb-2009 27-Feb-2009 13-Mar-2009 27-Mar-2009 10-Apr-2009 24-Apr-2009 8-May-2009 22-May-2009 5-Jun-2009 19-Jun-2009 3-Jul-2009 17-Jul-2009 31-Jul-2009 14-Aug-2009 28-Aug-2009 11-Sep-2009 25-Sep-2009 9-Oct-2009

0,240 0,220 0,200 0,180 0,160 0,140 0,120 0,100 0,080 1. Market exchange ratio: (R$ / Tenda's share) : (R$ / Gafisa's Share) Market exchange ratio evolution - 30 days exchange ratio average Gafisa's Follow on Average: 0,171 Uncertainty about Tenda's financial liquidity 2-Jan-2009 16-Jan-2009 30-Jan-2009 13-Feb-2009 27-Feb-2009 13-Mar-2009 27-Mar-2009 10-Apr-2009 24-Apr-2009 8-May-2009 22-May-2009 5-Jun-2009 19-Jun-2009 3-Jul-2009 17-Jul-2009 31-Jul-2009 14-Aug-2009 28-Aug-2009 11-Sep-2009 25-Sep-2009 9-Oct-2009

0,220 0,200 0,180 0,160 0,140 0,120 0,100 0,080 1. Market exchange ratio: (R$ / Tenda's share) : (R$ / Gafisa's Share) Gafisa's Follow on Market exchange ratio evolution - 60 days exchange ratio average Average: 0,167 Uncertainty about Tenda's financial liquidity 2-Jan-2009 16-Jan-2009 30-Jan-2009 13-Feb-2009 27-Feb-2009 13-Mar-2009 27-Mar-2009 10-Apr-2009 24-Apr-2009 8-May-2009 22-May-2009 5-Jun-2009 19-Jun-2009 3-Jul-2009 17-Jul-2009 31-Jul-2009 14-Aug-2009 28-Aug-2009 11-Sep-2009 25-Sep-2009 9-Oct-2009

2. Gafisa's Valuation (Reports average - Equity Research) Cyrela ROSSI Market Valuation Reports average: Credit-Suisse (08/03/2009) / Goldman Sachs (09/08/2009) / UBS (09/14/2009) / Itau / Merril Lynch (08/14/2009) Reports average: Credit-Suisse (08/14/2009) / Goldman Sachs (09/08/2009) UBS (09/14/2009) / Itau (08/14/2009) / Merril Lynch (08/14/2009) Cyrela 1H09 2009E 2010E Net Revenues 1.547 3.772 4.863 EBITDA 361 862 1.116 Net Profit 258 589 744 ROSSI 1H09 2009E 2010E Net Revenues 666 1.630 2.158 EBITDA 142 297 421 Net Profit 80 214 307 Rationale: Market Valuation Cyrela ROSSI* 6 Gafisa's valuation (stand-alone) will be based on: Cyrela and Rossi average multiples and growth forecast; 1H09 Results. * Post-money (after follow-on) R$ / share (market closing Oct/26th/2009) 25.3 13,2 # Shares 369 265 Mkt Cap (R$ mn) 9.332 3.502 Net Debt 1.780 (69) EV (R$ mn) 11.111 3.433 Shareholders' Equity 2.425 2.208 P / BV 3,8 x 1,6 x

Market Multiples Growth Forecast 2009 and 2010 2. Gafisa's Valuation (Reports average - Equity Research) Researches multiples 2009 2010 2009 2010 2009 2010 Average EV / Net Revenues 2,9 x 2,3 x 2,1 x 1,6 x 2,5 x 1,9 x Average EV / EBITDA 12,9 x 10,0 x 11,6 x 8,2 x 12,2 x 9,1 x Average P / E 15,8 x 12,5 x 16,4 x 11,4 x 16,1 x 12,0 x P / BV 3,8 x 1,6 x 2,7 x Cyrela ROSSI Average (Cyrela e ROSSI) Cyrela [ A ] 1S09 [ B ] 2009 Forecast: Average of Researches [ C B / A ] Net Revenues 1.547 3.772 2,44 EBITDA 361 862 2,39 Net Profit 258 589 2,29 Cyrela [ A ] 2009E [ B ]2010E [ C B / A ] Net Revenues 3.772 4.863 1,29 EBITDA 862 1.116 1,30 Net Profit 589 744 1,26 ROSSI [ A ] 1S09 [ B ] 2009 Forecast: Average of [ C B / A ] Net Revenues 666 1.630 2,45 EBITDA 142 297 2,09 Net Profit 80 214 2,69 ROSSI [ A ] 2009E [ B ]2010E [ C B / A ] Net Revenues 1.630 2.158 1,32 EBITDA 297 421 1,42 Net Profit 214 307 1,43

2. Gafisa's Valuation (Reports average - Equity Research) Gafisa [ A ] 1S09 [ B ] 2009 Growth Forecast:Average of ROSSI and Cyrela 2009E [ C A*B ] Net Revenues 780 2,44 1.905 EBITDA 188 2,24 422 Net Profit 95 2,49 235 Gafisa 2009 Applying Cyrela's and Rossi's growth multiples into Gafisa. Valuation via 2009 Multiples Valuation via 2009 Multiples Gafisa (stand alone) via Multiples [ D ] Multiple (Average of ROSSI and Cyrela) [ E C*D ] EV (R$ mn) [ F ] Net Debt (R$ mn) [ E F ] Equity Value (R$ mn) R$ / share EV / Net Revenues 2,5 x 4.811 1.387 3.424 26,3 EV / EBITDA 12,2 x 5.163 1.387 3.776 29,0 Gafisa (stand alone) via Multiples [ D ] Multiple (Average of ROSSI and Cyrela) [ C*D ] Equity Value (R$ mn) R$ / share P / E 16,1 x 3.782 29,0 P / BV 2,7 x 4.665 35,8

2. Gafisa's Valuation (Reports average - Equity Research) Gafisa [ A ] 2009E [ B ] Growth Forecast (Cyrela and Rossi Average) 2010E [ C B * A ] Net Revenues 1.905 1,31 2.489 EBITDA 422 1,36 573 Net Profit 235 1,35 317 Gafisa 2010 Applying Cyrela's and Rossi's growth multiples into Gafisa. Valuation via 2010 Multiples Valuation via 2010 Multiples Gafisa (stand alone) via Multiples [ D ] Multiple (Average of ROSSI and Cyrela) [ E C*D ] EV (R$ mn) [ F ] Net Debt (R$ mn) [ E F ] Equity Value (R$ mn) R$ / share EV / Net Revenues 1,9 x 4.823 1.387 3.436 26,4 EV / EBITDA 9,1 x 5.186 1.387 3.799 29,1 Gafisa (stand alone) via Multiples [ D ] Multiple (Average of ROSSI and Cyrela) [ C*D ] Equity Value (R$ mn) R$ / share P / E 12,0 x 3.793 29,1 P / BV 2,7 x 4.665 35,8

2. Tenda's Valuation (Reports average - Equity Research) MRV MRV 1S09 2009E 2010E Net Revenues 662 1.695 2.843 EBITDA 158 424 726 Net Profit 123 332 568 Reports average : Credit-Suisse (09/01/2009) Goldman Sachs (09/08/2009) Itau (10/15/2009) UBS (09/14/2009) Merril Lynch (10/15/2009) Market Valuation Rationale: 10 Tenda's valuation will be based on: MRV's growth forecast and multiples (reports average); 1H09 results. * Post-money (after follow-on) Market Valuation MRV* R$ / share (market closing Oct/26th/2009) 35,6 # Shares 160 Mkt Cap (R$ mn) 5.713 Net Debt (6) EV (R$ mn) 5.706 Shareholders' Equity 2.186 P / BV 2,6 x

Market Multiples 2. Tenda's Valuation (Reports average - Equity Research) Multiples 2009 2010 EV / Net Revenues 3,4 x 2,0 x EV / EBITDA 13,5 x 7,9 x P / E 17,2 x 10,1 x P / BV 2,6 x MRV Growth Forecast: 2009 and 2010 MRV [ A ] 1S09 [ B ] 2009 Forecast: Reports [ C B / A ] Net Revenues 662 1.695 2,56 EBITDA 158 424 2,68 Net Profit 123 332 2,70 MRV [ A ] 2009E [ B ] 2010E [ C B / A ] Net Revenues 1.695 2.843 1,68 EBITDA 424 726 1,71 Net Profit 332 568 1,71

Tenda 2009 2. Tenda's Valuation (Reports average - Equity Research) Applying MRV's growth multiples into Tenda. Tenda [ A ] 1S09 [ B ] 2009 Growth Forecast: MRV 2009E [ C A*B ] Net Revenues 468 2,56 1.198 EBITDA 62 2,68 167 Net Profit 34 2,70 93 Tenda 2009 2. Tenda's Valuation (Reports average - Equity Research) Applying MRV's growth multiples into Tenda. Tenda [ A ] 1S09 [ B ] 2009 Growth Forecast: MRV Valuation via 2009 Multiples Tenda via Multiples [ D ] Multiple (MRV) [ E C*D ] EV (R$ mn) [ F ] Net Debt (R$ mn) [ E F ] Equity Value (R$ mn) R$ / share EV / Net Revenues 3,4 x 4.034 100 3.935 9,8 EV / EBITDA 13,5 x 2.244 100 2.145 5,4 Tenda via Multiples [ D ] Multiple (MRV) [ C*D ] Equity Value (R$ mn) R$ / share P / E 17,2 x 1.601 4,0 P / BV 2,6 x 2.877 7,0

2. Tenda's Valuation (Reports average - Equity Research) Tenda 2010 Applying MRV's growth multiples into Tenda. Tenda [ A ] 2009E [ B ] Growth Forecast: MRV 2010E [ C A*B ] Net Revenues 1.198 1,68 2.010 EBITDA 167 1,71 286 Net Profit 93 1,71 159 Valuation via 2010 Multiples Tenda via Multiples [ D ] Multiple (MRV) [ E C*D ] EV (R$ mn) [ F ] Net Debt (R$ mn) [ E F ] Equity Value (R$ mn)

2009 Multiples EV / Net EV / Exchange Ratio P/ E P / BV Revenues EBITDA [ A ] # TENDA's shares held by GFSA 240 240 240 [ B ] R$ / Tenda's share 9,8 5,4 4,0 7,2 [ C = A*B ] Valuation of GFSA's investment (R$ mn) 2.361 1.287 960 [ D ] # Gafisa's shares 130 130 130 [ E = C / D ] R$ / share of Gafisa's investment 18,1 9,9 7,4 [ F ] R$ / share - GFSA (stand alone) 26,3 29,0 29,0 [ G = E+F ] R$ / share GFSA 44,4 38,8 36,4 35,8 [ H = B / G ] Exchange Ratio 0,221 x 0,138 x 0,110 x 0,201 x 2010 Multiples EV / Net EV / Exchange Ratio P/ E P / BV Revenues EBITDA [ A ] # TENDA's shares held by GFSA 240 240 240 [ B ] R$ / Tenda's share 9,8 5,4 4,0 7,2 [ C = A*B ] Valuation of GFSA's 2.361 1.287 960 investment (R$ mn) [ D ] # Gafisa's shares 130 130 130 [ E = C / D ] R$ / share of Gafisa's 18,1 9,9 7,4 investment [ F ] R$ / share - GFSA (stand alone) 26,4 29,1 29,1 [ G = E+F ] R$ / share GFSA 44,5 39,0 36,5 35,8 [ H = B / G ] Exchange Ratio 0,221 x 0,137 x 0,110 x 0,201 x

3. Valuation via Balance sheet Multiples (August/2009) Balancesheet Multiples (August/2009) Balance Sheet Multiples (August/2009) (R$ mn) TENDA GAFISA A (+) Receivables 1.060 3.279 B (+) Revenues to be recognized 1.247 3.000 C (+) Inventory 472 1.753 D (-) Costs to be recognized 844 1.940 E (-) Land to be paid 78 440 F (-) Net Debt and obligations with investors 138 1.382 G Minorities 0 547 H A+B+C 2.779 8.033 I D+E+F 1.060 3.762 J = H - I Net Asset Value (NAV) - TENDA 1.719 H - I - 40%*J Net Asset Value (NAV)- GAFISA 3.583 NAV ( R$ /share ) 4,3 27,5 Exchange Ratio [ I ] 0,156 x Book Value (B) 1.108 1.751 B ( R$ /share ) 2,8 13,4 Exchange Ratio [ II ] 0,206 x Book Value, Adjusted (B Adj) 1.511 2.650 B Adj ( R$ /share ) 3,8 20,3 Exchange Ratio [ III ] 0,185 x Average exchange ratio [ I ; II and III ] 0,182 x Source: Company

Market exchange ratio: (R$ / Tenda's share) : (R$ / Gafisa's Share) Exchange Ratio Evolution - Material Fact 0,205 0,200 0,195 0,190 0,185 0,180

Market exchange ratio: (R$ / Tenda's share) : (R$ / Gafisa's Share) Exchange ratio evolution after the Follow On cancellation: 20/Jul -21/Oct 0,230 0,220 0,210 0,200 0,190 0,180

Tupi Project

Exchange Ratio Exchange Ratio Summary Market price; Equity Research; Multiple Analysis (P / BV); Multiple Analysis (P / BV Adjusted): Peers Conclusion.

Exchange Ratio Market Price Exchange ratio calculation from the average of the volume weighted average prices; Average of 30, 60, 90 and 120 days prior to the announcement. Days Date Exchange Ratio: Weighted Average Material Fact 10/22/2009 30 9/22/2009 0,190x 60 8/23/2009 0,188x 90 7/24/2009 0,189x 120 6/24/2009 0,194x Higher: [30; 60; 90; 120] 0,194x Lower: [30; 60; 90; 120] 0,188x

Exchange Ratio Equity Research Exchange ratio calculation obtained from the target prices; Range obtained from the higher and lower target price of each company. Tenda Source Research Date Target Price (R$ / Share) Fator 10/22/2009 6,7 JP Morgan 9/16/2009 6,0 Gafisa Source Research Date Target Price (R$ / Share) Goldman Sachs 9/8/2009 28,0 Banif 8/20/2009 30,0 Fator 10/22/2009 30,0 BES 10/23/2009 30,1 Safra 9/14/2009 31,0 Morgan Stanley 9/4/2009 33,0 Brascan 10/21/2009 33,8 Itau 8/4/2009 34,4 UBS 10/22/2009 34,5 CSFB 10/23/2009 34,9 JP Morgan 9/24/2009 35,0 Santander 8/31/2009 35,0 Company Higher Target Price Lower Target Price Tenda 6,7 6,0 Gafisa 35,0 28,0 Exchange Ratio 0,191x 0,214x

Exchange Ratio Exchange Ratio Multiple Analysis (P / BV) Exchange ratio calculation obtained from the P / BV (2Q09) of each company. Tenda Shareholders' Equity (2Q09) (R$ mn) 1.101 # of Shares 401 [A] R$ / share 2,7 Gafisa Shareholders' Equity (2Q09) (R$ mn) 1.717 # of Shares 130 [B] R$ / share 13,2 Gafisa Exchange Ratio ( A / D ): 0,209x

Exchange Ratio Multiple Analysis (P/BV Adjusted): Peers Tenda Shareholders' Equity (2Q09) (R$ mn) 1.101 Results to be recognized (R$ mn) 419 TOTAL 1.520 (P / BV Adjusted): MRV's Multiple 1,9x Equity (P/ BV Adj) (R$ mn) 2.879 # of Shares 401 [A] R$ / Share 7,2 Gafisa Shareholders' Equity (R$ mn) 2.186 Results to be recognized (R$ mn) 601 TOTAL 2.788 # of Shares 160 R$ / Share 17,4 Mkt Cap (27/10/2009) (R$ mn) 5.279 P/BV Adj. 1,9x MRV Cyrela Exchange Ratio Shareholders' Equity (2Q09) (R$ mn) 1.717 Results to be recognized (R$ mn) 1.125 -100% Results to be recognized of Tenda (R$ mn) -419 TOTAL 2.423 (P / BV Adjusted): Cyrela's Multiple 1,9x [B] Gafisa Stand Alone (R$ mn) 4.681 + 60% Results to be recognized of Tenda (R$ mn) 251 (P / BV Adjusted): MRV's Multiple 1,9x [C] Gafisa's stake in Tenda 476 [B] + [C] Gafisa + 60% Tenda (R$ mn) 5.158 # of Shares 130 [ D ] R$ / Share 39,6 Shareholders' Equity (R$ mn) 3.439 Results to be recognized (R$ mn) 1.383 TOTAL 4.822 # of Shares 416 R$ / Share 11,6 Mkt Cap (27/10/2009) (R$ mn) 9.316 P/BV Adj. 1,9x 6 Exchange Ratio ( A / D ): 0,182x Gafisa Shareholders' Equity (2Q09) (R$ mn) 1.101 Results to be recognized (R$ mn) 419 TOTAL 1.520 (P / BV Adjusted): MRV's Multiple 1,9x Equity (P/ BV Adj) (R$ mn) 2.879 # of Shares 401 [ A ] R$ / Share 7,2 Tenda Shareholders' Equity (R$ mn) 2.186 Results to be recognized (R$ mn) 601 TOTAL 2.788 # of Shares 160 R$ / Share 17,4 Mkt Cap (27/10/2009) (R$ mn) 5.279 P/BV Adj. 1,9x MRV Cyrela Exchange Ratio

Rossi Gafisa Shareholders' Equity (2Q09) (R$ mn) 1.101 Results to be recognized (R$ mn) 419 TOTAL 1.520 (P / BV Adjusted): PDG's Multiple 1,6x Equity (P/ BV Adj) (R$ mn) 2.506 # of Shares 401 [ A ] R$ / Share 6,3 Tenda Shareholders' Equity (R$ mn) 2.588 Results to be recognized (R$ mn) 690 TOTAL 3.278 # of Shares 366 R$ / Share 8,9 Mkt Cap (27/10/2009) (R$ mn) 5.404 P/BV Adj. 1,6x PDG Exchange Ratio Multiple Analysis (P / BV Adjusted): Peers Shareholders' Equity (R$ mn) 2.208 Results to be recognized (R$ mn) 522 TOTAL 2.730 # of Shares 265 R$ / Share 10,3 Mkt Cap (27/10/2009) (R$ mn) 3.192 P/BV Adj. 1,2x Shareholders' Equity (2Q09) (R$ mn) 1.717 Results to be recognized (R$ mn) 1.125 -100% Results to be recognized of Tenda (R$ mn) -419 TOTAL 2.423 (P / BV Adjusted): Rossi's Multiple 1,2x [ B ] Gafisa Stand Alone (R$ mn) 2.833 + 60% Results to be recognized of Tenda (R$ mn) 251 (P / BV Adjusted): PDG's Multiple 1,6 [C] Gafisa's stake in Tenda 414 [B] + [C] Gafisa + 60% Tenda (R$ mn) 3.248 # of Shares 130 [ D ] R$ / Share 24,9 Exchange Ratio ( A / D ): 0,251x Rossi Gafisa Shareholders' Equity (2Q09) (R$ mn) 1.101 Results to be recognized (R$ mn) 419 TOTAL 1.520 (P / BV Adjusted): PDG's Multiple 1,6x Equity (P/ BV Adj) (R$ mn) 2.506 # of Shares 401 [ A ] R$ / Share 6,3 Tenda Shareholders' Equity (R$ mn) 2.588 Results to be recognized (R$ mn) 690 TOTAL 3.278 # of Shares 366 R$ / Share 8,9 Mkt Cap (27/10/2009) (R$ mn) 5.404 P/BV Adj. 1,6x

Exchange Ratio Conclusion Given the average of the methodologies above: range: 0,192 - 0,217 (Gafisa's Share : Tenda' s Share); middle of the range: 0,205 (Gafisa's Share : Tenda' s Share). Exchange Ratio Gafisa / Tenda Criteria Lower Higher [A] Market Price [30; 60; 90; 120 days] 0,188x 0,194x [B] Target Price 0,191x 0,214x [C] Multiple Analysis (P / BV) 0,209x 0,209x [D] Multiple Analysis (P / BV Adjusted): Peers 0,182x 0,251x AVERAGE [A : D] 0,192x 0,217x MIDDLE OF THE RANGE 0,205x