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TENDA

Brazil Real Estate Conference – New York, September 15, 2009

Brazil Real Estate Conference – New York, September 15, 2009

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Disclaimer

The material that follows is a presentation of general background information about TENDA S.A. (collectively, “TENDA” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information.

This presentation may contain certain forward-looking statements and information relating to TENDA that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company nor any directors, officers, agents or employees shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

The market data, including forecasts used throughout this presentation was obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified such data. TENDA does not make any representation as to the accuracy of such information.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without TENDA’s prior written consent.

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TENDA Overview

Homebuilder Founded in 1969 with Exclusive Focus on the Affordable & Entry Level Market

National Presence in 64 High-Growth Metropolitan Areas

Network of 32 Stores Staffed by Tenda’s Well-trained, Dedicated Sales Force

Standardized, Large Scale Projects with a Short Construction Cycle

Broad Product Portfolio with Unit Prices of R$60K – R$200K

2008 – Attracted Strategic Investors and New Management Team

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Strong Government Support of the Housing Sector

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• High Operating Efficiency and Execution Capacity

• Knowledge of the Target Market

Capturing the Market Opportunity

Focus: Pure Play

Right Products

Strong Brand

Focus: Pure Play

Right Products

Strong Brand

• Nationwide Footprint to Address Housing Deficit

Unique Sales Model

Land Bank

Unique Sales Model

Land Bank

Scalable Model

Strong Balance Sheet

Strong Integration with Caixa

Scalable Model

Strong Balance Sheet

Strong Integration with Caixa

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100%12%24%

53%

11%

Up to 60K > R$ 60k toR$ 90k

> R$ 90k toR$ 130k

> R$ 130k Total

2008 Sales - R$ 901 MM 1H09 Sales – R$ 620 MM

Pure Play in the Fastest Growing SegmentPure Play in the Fastest Growing Segment

83% - MCMV Program83% - MCMV Program 88% - MCMV Program88% - MCMV Program

100%17%36%

32%

15%

Up to 60K > R$ 60k toR$ 90k

> R$ 90k toR$ 130k

> R$ 130k Total

Long-term dedication to the affordable segment has prepared TENDA to deliver on the “Minha Casa Minha Vida” (MCMV) Government Program

In 2008, TENDA was the Market Leader in launch of units under R$90,000, with 63% market share.

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Broad Product Portfolio in the Affordable Segment

Entry level

Earnings of 3-6 minimum monthly wages

Economic level

Earnings of 6-10 minimum monthly wages

Type GARDEN LIFEDUO TOWER PREMIUM

Buildings with elevators

4 – 5 story buildings,

with no elevator

Homes with2 floors

Ground level homesDescription

Buildings with

elevators

46.0 m2 70.0 m2

39.5 m2 66.5 m2

38.0 m2 46.5 m2

51.0 m2Average Unit

Size45.0 m2 70.0 m2

Average Price(R$’000) R$ 64.4 R$ 76.8R$ 78.3 R$ 91.9 R$ 118.0

TENDA’s suite of entry-level products offer high value at the lowest price points in the industry.TENDA’s suite of entry-level products offer high value at the lowest price points in the industry.

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Customers Have a Positive View of the TENDA Brand

1) Powerful sales/advertising

2) Easy to deal with

3) Respectful of clients

4) Employees are well prepared to address client questions

5) Trust in company

6) Commitment to client satisfaction

7) Feeling of “security” as client of TENDA

8) Transparency of the process

9) Tenda cares about its clients

10) The best option to buy houses and apartments

TENDA (%)

Source: EP – Escritório de Pesquisa

A recent independent study revealed the top 10 reasons why customers purchase from TENDA:

A recent independent study revealed the top 10 reasons why customers purchase from TENDA:

93

79

75

74

71

70

70

69

68

64

Partially agreePartially agree

Totally agree Totally agree

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Differentiated Sales Model

• Typically uses third-party real estate brokers

• Sales stand exclusive to one development

• Typically uses third-party real estate brokers

• Sales stand exclusive to one development

Traditional Model

Sales through individual stands at each development

SS

SSSS

TENDA Sales Model•Sales through centralized stores,

offering multiple developments

•Streamlined sales process

• Dedicated, well-trained sales force helps our customers to obtain appropriate unit and financing

• Retail stores located in high traffic areas

• Stores offer a broad variety of products and locations to best meet customer needs

• Dedicated, well-trained sales force helps our customers to obtain appropriate unit and financing

• Retail stores located in high traffic areas

• Stores offer a broad variety of products and locations to best meet customer needs

SS

TENDA’s sales model provides a higher level of convenience to customers, offering a broad range of products through strategically located retail stores.TENDA’s sales model provides a higher level of convenience to customers, offering a broad range of products through strategically located retail stores.

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Retail Presence & Positive Buying Experience Builds Brand

32 Stores Located in High-Traffic Areas Over 20,000 Customers Visit Our Stores Every Month

TENDA’s extensive network of retail stores staffed with knowledgeable sales

professionals contributes to TENDA’s brand recognition in the target market

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Over R$ 130,000;

17.3%

Up to R$ 130,000; 82.7%

Other; 25.5%

RJ; 23.6%

BA; 4.3%MG; 11.5%

SP; 35.1%

Landbank for 744 units

Landbank for 744 units

Landbank for 6,033

units

Landbank for 6,033

units

Landbank for 44,252

units

Landbank for 44,252

units

Landbank for 6,000

units

Landbank for 6,000

units

Landbank for 4,692

units

Landbank for 4,692

units

Positioned in States that Account for 82% of Housing Deficit

Sources: E&Y and FGV

TENDA’s land bank of R$5.5 billion is distributed across major metropolitan markets with high growth potentialTENDA’s land bank of R$5.5 billion is distributed across major metropolitan markets with high growth potential

By Price Range – 2Q09

By Region – 2Q09

Housing ProgramHousing Program

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Standardized, Large Scale Projects

16 Items represent about 90% of TENDA’s construction cost

Hybrid Approach to Construction

39 construction partners supplemented by proprietary team of professionals

Greater flexibility in resource allocation, more efficient construction management and higher productivity.

Innovative Processes & Technology Shorten Construction Cycle

Improves returns and shortens construction and working capital cycles

Example: New aluminum mold-based construction method reduced the construction cycle from 10 to 6 months (Cotia)

Operational Model Enhances Execution Capacity

19,765 units underconstruction

New Aluminum Mold-Based ConstructionNew Aluminum Mold-Based Construction

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First monthly installment: 6 months later First monthly installment: 6 months later

Income necessary for acquisitionIncome necessary for acquisition

Shortening the Construction Cycle

Deadline Delivery for UnitsDeadline Delivery for Units

STANDARDSTANDARD

SUPER 6SUPER 6 1st 1st 2nd to 4th 2nd to 4th

Construction7th to 19th month

Construction7th to 19th month

DeliveryMonthDeliveryMonth

Launch1st to 6th month

Launch1st to 6th month

1st month: Launch2nd to 4th month: Construction 6th month: Delivery

1st month: Launch2nd to 4th month: Construction 6th month: Delivery

6% Down payment 6% Down payment

Guaranteed delivery in 6 months Guaranteed delivery in 6 months

Example: SUPER 6Example: SUPER 6

6th 6th

20th20th

Down paymentDuring the

ConstructionMortgage Financing

Super 6 6% - 94%

Standard 80%20%

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► As of June 30th, 2009, TENDA’s cash was R$ 656.9 million, net debt to equity was 9.0%

Caixa Debenture Strengthens Financial Position

Financial Position (R$ '000) 06/30/2009 % Total 03/31/2009 % Total

Cash Position 656,925 126,769

Total Debt 756,571

Working Capital 75,894 54,946

Construction Finance 73,163 75,082

Debentures 607,514 -

Short-term 93,245 12.3% 61,430 47.2%

Long-term 663,326 87.7% 68,598 52.8%

Net Debt (Cash) 99,646 3,259

Net Debt (Cash) / Equity 9.0% 0.3%

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Benefiting Clients through a Strong Relationship with Caixa

Corporate Credit Profile

Corporate Credit Profile

Project Financing

Project Financing

Credit AnalysesCredit Analyses Customer Portfolio

Monitoring

Customer Portfolio

Monitoring

Mortgage FinancingMortgage Financing

Bank Representative

Bank Representative

FinancingFinancing R$ 600 MM – Debenture R$ 120 MM – Project Finance R$ 600 MM – Debenture R$ 120 MM – Project Finance

Projects ApprovalProjects Approval

26,000 units under approval2,000 units / month 26,000 units under approval2,000 units / month

Full compliance with CAIXA standards Full compliance with CAIXA standards

Maintenance of the right profile Maintenance of the right profile

6 regions: 80% of Sales 3,000 customers in 2009 6 regions: 80% of Sales 3,000 customers in 2009

CAIXA operational standardsCAIXA operational standards

Tenda operational standardsTenda operational standards

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Pure Play in the Fastest Growing Segment of the Brazilian Housing Market

High Value Products at Lowest Price Points

Strong Brand Equity in Target Market

Unique Business Model Supported by Targeted Sales Approach and National Land bank

Scalable Execution Capacity

Experienced Management Team Supported by Strong Strategic Partners

Financial Strength to Drive Sustainable Growth

Pure Play in the Fastest Growing Segment of the Brazilian Housing Market

High Value Products at Lowest Price Points

Strong Brand Equity in Target Market

Unique Business Model Supported by Targeted Sales Approach and National Land bank

Scalable Execution Capacity

Experienced Management Team Supported by Strong Strategic Partners

Financial Strength to Drive Sustainable Growth

Tenda is Best Positioned to Meet Market Needs

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Construtora Tenda S.A.

Engenheiro Luiz Carlos Berrini Avenue, 1.376, 9º Floor, Brooklin Paulista

São Paulo, SP, 04571-000

Bovespa: TEND3

Marcus Thieme+55 (11) 3040-6426

www.tenda.com

IR Contact: RI@tenda.com.brIR Contact: RI@tenda.com.br