1. 1 TENDA Brazil Real Estate Conference – New York, September 15, 2009

2. 2 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.

3. 3 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

4. 4 A Large and Growing Market Segment Note: Target market (%) refers to the main 6 metropolitan regions of Brazil Minimum Wage = R$465/month Source: FGV/CPS Affordable income segments represent more than half of the 60 million Brazilian families 35 million additional families expected by 2030 33 million families within our price range Families per Average Monthly Wage Additional Annual Families (Expected 2007-2030) (Million families) (Thousand families / Year)

5. 5 Strong Government Support of the Housing Sector

6. 6 High Operating Efficiency and Execution Capacity Knowledge of the Target Market Capturing the Market Opportunity  Focus: Pure Play  Right Products  Strong Brand Nationwide Footprint to Address Housing Deficit  Unique Sales Model  Land Bank  Scalable Model  Strong Balance Sheet  Strong Integration with Caixa

7. 7 How is TENDA Positioned to Achieve Market Leadership in the Affordable and Entry Level Segment?

8. 8 2008 Sales - R$ 901 MM 1H09 Sales – R$ 620 MM Pure Play in the Fastest Growing Segment 83% - MCMV Program 88% - MCMV Program 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.

9. 9 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 TypeGARDENLIFEDUOTOWERPREMIUM Buildings with elevators 4 – 5 story buildings, with no elevator Homes with 2 floors Ground level homes Description Buildings with elevators 46.0 m 2 70.0 m 2 39.5 m 2 66.5 m 2 38.0 m 2 46.5 m 2 51.0 m 2 Average Unit Size 45.0 m 2 70.0 m 2 Average Price (R$’000) R$ 64.4R$ 76.8R$ 78.3R$ 91.9 R$ 118.0 TENDA’s suite of entry-level products offer high value at the lowest price points in the industry.

10. 10 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: 93 79 75 74 71 70 69 68 64 Partially agree Totally agree

11. 11 Differentiated Sales Model Typically uses third-party real estate brokers Sales stand exclusive to one development Traditional Model Sales through individual stands at each development S S S S S S 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 S S TENDA’s sales model provides a higher level of convenience to customers, offering a broad range of products through strategically located retail stores.

12. 12 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

13. 13 Landbank for 744 units Landbank for 6,033 units Landbank for 44,252 units Landbank for 6,000 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 potential By Price Range – 2Q09 By Region – 2Q09 Housing Program

14. 14  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 under construction New Aluminum Mold-Based Construction

15. 15  First monthly installment: 6 months later Income necessary for acquisition Shortening the Construction Cycle Deadline Delivery for Units STANDARD SUPER 6 1st 2nd to 4th Construction 7th to 19th month Delivery Month Launch 1st to 6th month 1st month: Launch 2nd to 4th month: Construction 6th month: Delivery  6% Down payment  Guaranteed delivery in 6 months Example: SUPER 6 6th 20th Down payment During the Construction Mortgage Financing Super 6 6% - 94% Standard 80%20%

16. 16 ► 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

17. 17 Benefiting Clients through a Strong Relationship with Caixa Corporate Credit Profile Project Financing Credit Analyses Customer Portfolio Monitoring Mortgage Financing Bank Representative Financing  R$ 600 MM – Debenture  R$ 120 MM – Project Finance Projects Approval  26,000 units under approval  2,000 units / month  Full compliance with CAIXA standards  Maintenance of the right profile  6 regions: 80% of Sales  3,000 customers in 2009 CAIXA operational standards Tenda operational standards

18. 18  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

19. 19 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.br