1. 1Q10 Fact Sheet
Company Profile 1Q10 Highlights
Gafisa is a leading diversified national homebuilder serving Consolidated launches totaled R$ 703.2 million for the quarter, a 339% increase over 1Q09. Tenda launched R$ 297
all demographic segments across 21 states in the Brazilian million in the quarter, or 48% of the total amount launched in 2009.
market. Established over 55 years ago, our marquee brands Launches per company per unit price
include, Tenda, serving the affordable entry level housing (%Gafisa) - R$ 000 1Q10 1Q09 Var(%) 4Q09
segments and Gafisa and Alphaville, offering a variety of Gafisa ≤ R$500 mil 142,816 78,559 82% 328,283
residential options to the mid to higher income segments. > R$500 mil 166,481 59,803 178% 249,301
Total 309,298 138,362 124% 577,584
Recognized as one of the foremost professionally-managed
Units 743 478 55% 1,472
homebuilders, “Gafisa” is also one of the best-known brands Others Alphaville ≤ R$100 mil; - - - 24,030
41%
in the real estate development market, enjoying a strong > R$100 mil; ≤ 97,269 21,881 345% 262,000
São Paulo R$500 mil
reputation among potential homebuyers, brokers, lenders, 45% Total 97,269 21,881 345% 286,030
landowners, and competitors for quality, consistency, and Units 340 172 97% 1,451
Rio de Janeiro ≤ R$130 mil 219,849 - - 102,507
professionalism. Gafisa S.A. upholds one of the highest 14%
Tenda 1)
> R$130 mil 76,794 - - 34,232
standards of corporate governance as the only Brazilian real
Total 296,643 - - 136,739
estate company with an NYSE ADR traded under ticker GFA. In Units 2,788 - - 1,335
Brazil we are traded under the symbol of GFSA3 on the New Consolidado Total 703,209 160,243 339% 1,000,353
Units 3,871 651 495% 4,258
Market of the BM&FBOVESPA. 1)
Includes Tenda and Fit Residencial in 2008
1)
Includes Tenda and Fit Residencial
Pre-sales reached R$ 857.3 million for the quarter, a 53.5% increase as compared to first quarter 2009.
Outlook for 2010 Sales per company per unit price - PSV
Guidance for sales and EBITDA margin for 2010: (%Gafisa) - R$ 000 1Q10 1Q09 Var.(%) 4Q09
Gafisa ≤ R$500 mil 322,697 180,287 79% 185,480
Launch projects totaling R$ 4 billion to R$ 5 billion
> R$500 mil 53,182 89,845 -41% 281,099
during 2010, of which 40-45% will be dedicated to the Total 375,879 270,132 39% 466,579
affordable entry-level segment through Tenda. Unidades 950 727 31% 1,210
Alphaville ≤ R$100 mil; 27,450 19,569 40% 7,710
Others
2010 EBITDA Margin: between 18,5% - 20,5%. 40% > R$100 mil; ≤
São Paulo 85,431 13,282 543% 194,169
R$500 mil
42%
> R$500 mil 3,762 2,529 49% 2,456
Total 116,643 35,379 230% 204,336
Recent Developments Rio de Janeiro Unidades 573 216 165% 968
17% Tenda 1) ≤ R$130 mil 262,473 219,106 20% 311,403
> R$130 mil 102,326 33,948 201% 71,491
Follow-on Share Offering: R$ 1.02 billion of net Total 364,799 253,054 44% 382,895
proceeds will allow the company to acquire land, Unidades 3,729 3,157 18% 4,234
increase launch activity and pursue strategic acquicitions; Consolidado Total 857,321 558,565 53% 1,053,810
Unidades 5,253 4,100 28% 6,413
Acquired additional 20% of AlphaVille: Gafisa now 1)
Includes Tenda and Fit Residencial in 2008
owns 80% of Alphaville; will own 100% in 2012;
Net operating revenues, recognized by the Percentage of Completion (“PoC”) method, rose 67% to R$ 907.6 million from R$ 541.9
Increased Launches, Strong Sales Velocity at Tenda:
million in the 1Q09, reflecting a strong pace of execution.
Tenda, continued to ramp up its launches of new
developments in the entry level and affordable market
Adjusted EBITDA reached R$ 168.5 million with a 18.6% margin, a 120% increase when compared to Adjusted EBITDA of R$ 76.6
segment, achieving sales velocity of more than 32%;
million reached in the 1Q09, mainly due to the strong performance in all segments.
Tenda’s Operational Improvement: The first quarter
Net Income before minorities, stock option and non recurring expenses was R$ 79.6 million for the quarter (8.8% adjusted net margin),
of 2010 was the first full quarter that Tenda has been
an increase of 40% compared with the R$ 57.1 million in the 1Q09.
operated as a wholly-owned subsidiary of Gafisa.
The results of the work that was begun last year with
The Backlog of Revenues to be recognized under the PoC method reached R$ 2.93 billion, in line with the previous quarter. The Margin
Tenda and this past quarter are now bearing fruit;
to be recognized improved 54 bps to 35.1%.
Minha Casa Minha Vida: CEF contracted volumes
reached 417,814 units through April 26th, showing a Gafisa’s consolidated land bank totaled R$15.6 billion in the 1Q10, with approximately R$520 million of new acquisitions, reflecting the
internal policy of the Company to keep an averageof 2 – 3 years of Land bank.
improved pace of execution and appears to be on track
to reach 1 million by the end of the year;
On March 23, the Company concluded the public offering, raising R$ 1.02 billion1.
Minha Casa, Minha Vida 2: Government announced
an extension of MCMV through 2014, and a total Gafisa’s consolidated cash position exceeded R$ 2.1 billion at the end of March, supporting the Company’s strategy to fund and execute
investment of R$ 72 billion, more than double the R$ 34 its growth plan.
billion allocated to the initial program.
1
: Reflects accounting changes according to Law 11.638 and CVM Instruction 561.

2. 1Q10 Fact Sheet
Gafisa’s National Footprint Land Reserves
PSV - R$ Potential
Gafisa is consolidating its national presence and currently has more than 194 projects million % Swap Total % Swap Units % Swap units
Financial
under construction in 21 states: (%Gafisa) (%Gafisa)
Gafisa ≤ R$500K 4,269 52.5% 44.8% 7.7% 14,110
> R$500K 3,338 31.2% 29.1% 2.0% 4,137
Total 7,606 40.8% 36.2% 4.6% 18,247
Alphaville ≤ R$100K; 2,129 98.1% 0.0% 98.1% 19,137
> R$100K; ≤
874 94.9% 0.0% 94.9% 3,534
R$500K
> R$500K 949 96.8% 0.0% 96.8% 140
Total 3,952 96.8% 0.0% 96.8% 22,811
Tenda ≤ R$130K 3,677 35.1% 35.1% 0.0% 43,055
> R$130K 411 24.6% 24.6% 0.0% 2,579
Total 4,089 33.7% 33.7% 0.0% 45,634
Consolidated 15,647 39.4% 35.6% 3.8% 86,692
Growing Credit Availability Despite Recent
Selic Increase
The availability of credit started a favorable growth trend in 2005, when the annual Selic was close
to 20%;
In 2008 the Central Bank increased the Selic from 11.25% to 13.75% without any impact on home
financing;
Brand States Cities Legend According to the Central Bank, the market is expecting a Selic of 11.75% by the end of 2010,
18 44 followed by a reduction in 2011;
Brazil: low mortgage penetration and high growth potential for home financing.
13 86
16 32 Home Financing vs. GDP1 Interest Rates vs. Housing Financing
Urbanismos S.A.
Consolidated 21 100 101%
35% 120
83%
30% 100
25%
80
Competitive Strenghts
20%
60
15%
40
10%
18% 5% 20
13% 3%
Large land 0% 0
bank to sustain dec-02 apr-04 sep -05 feb-07 apr-08 apr-09 mar-10
future growth
National reach Well-developed Denmark UK Chile Mexico Brazil Selic (%a.a.) Real State Financing (R$ bi)
& strong local and recognized
partnerships brands
Source: Central Bank, IBGE and ABECIP
Professional
management with a Reputation for
1
:Data from 2006 but for Brazil, its from 2009
World-class Shareholder and High Standards
significant pipeline financial discipline
of talent
The strongest
of Corporate Governance
Focus on the
Gafisa is the only Brazilian real estate company listed on the NYSE. Gafisa’s shares are listed on
platform to sustain
residential market in leadership in the
all income segments rapidly growing
lower income
segments
the Novo Mercado segment of the Bovespa (São Paulo Stock Exchange), which brings together
companies committed to adopting a higher standard of transparency in corporate governance
practices that goes beyond the legal requirements. Gafisa’s shares and ADRs have the highest
Over the last 55 years Gafisa has created a powerful platform for growth enhanced by one of liquidity in the real estate sector. In addition, our management is backed by Equity International,
the largest and most diverse land banks in the sector and teams focused on delivering high an institutional shareholder with a successful track record.
quality products within budget and on time to all segments of the Brazilian population. Our
brand enhances our ability to continue to sell our product rapidly and attract the strongest GFSA3 GFA
partners. Furthermore, our capital structure, strong cash position and dual-listed equity will NOVO
MERCADO
continue to support our accelerated growth.
100%
Leadership and Strong Brand Recognition
Buyers trust the excellence of Gafisa products and know that the company will deliver quality
developments in a timely manner. Rapid sales confirm the strength of the brand and its solid
reputation among potential property buyers, agents, financers, landowners as well as our
competitors.
Professional Management 80% 100%
and Organization
The organizational structure, with independent management at Gafisa, Tenda and AlphaVille,
is in line with the strategy of expanding the product portfolio and nationwide presence,
which is essential for sustained long-term growth. Urbanismos S.A.
Ratings
Contact Information:
Moody´s (Ba2) Moody´s National (A1. br) Luiz Mauricio Garcia
S&P National (br A-) Fitch (A-bra) Investor Relations Manager
Phone.: +55 (11) 3025-9297
IR Website:
www.gafisa.com.br/ir
E-mail:ri@gafisa.com.br