1) Gafisa reported strong results in 1Q10 with launches up 339% and net revenues up 67% compared to 1Q09. Backlog of revenues to be recognized was R$1.03 billion, up 2.7% from 1Q09. 2) Key operational and financial highlights included increased sales velocity at Tenda, diversified high-quality land bank, and SG&A improvement with better expense ratios over top lines. 3) Recent developments positively positioned Gafisa for continued growth, such as the follow-on equity offering and expansion of the Minha Casa Minha Vida program.

1. 1Q10 Results
Conference Call
Tenda
Alphaville
Gafisa
Investor Relations Contact
Luiz Mauricio de Garcia Paula
ri@gafisa.com.br
1

2. Safe-Harbor Statement
We make forward-looking statements that are subject to risks and uncertainties. These statements
are based on the beliefs and assumptions of our management, and on information currently available
to us. Forward-looking statements include statements regarding our intent, belief or current
expectations or that of our directors or executive officers.
Forward-looking statements also include information concerning our possible or assumed future
results of operations, as well as statements preceded by, followed by, or that include the words
''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or
similar expressions. Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions because they relate to future events and therefore depend on
circumstances that may or may not occur. Our future results and shareholder values may differ
materially from those expressed in or suggested by these forward-looking statements. Many of the
factors that will determine these results and values are beyond our ability to control or predict.
2

3. Overview of 1Q10 Results
Financial and Operational Performance – Wilson Amaral, CEO
3

4. Highlights
Strong Top Line Growth, Operating Margin Improvement and Comfortable Liquidity
Operating and Financial Highlights (R$ 000) 1Q10 1Q09 Var. (%) 4Q09
Launches 703,209 160,243 339% 1,000,353
Launches , units - '000 3,871 651 495% 4,258
Contracted s ales 857,321 558,565 53% 1,053,810
Contracted s ales , units - '000 5,253 4,100 28% 6,413
Net revenues 907,585 541,887 67% 897,540
Gros s profit 252,656 154,639 63% 277,418
Adjus ted Gros s m argin (w/o capitalized interes t) 30.4% 31.8% -140 bps 34.7%
Adjus ted EBITDA (1) 168,459 76,644 120% 167,825
Adjus ted EBITDA m argin (1) 18.6% 14.1% 442 bps 18.7%
Adjus ted Net profit (2) 79,624 57,055 40% 86,074
(2)
Adjus ted Net m argin 8.8% 10.5% -170 bps 9.6%
Net profit 64,819 36,733 76% 55,321
EPS (R$/s hare) 0.1548 0.1413 10% 0.1659
(3)
Res ults to be recognized 1,030,075 1,003,075 3% 1,065,777
REF m argin (3) 35.1% 34.6% 50 bps 35.2%
Net debt and Inves tor obligations 1,207,988 1,361,909 -11% 1,998,079
Cas h and availabilities 2,125,613 500,778 324% 1,424,053
(Net debt + Obligations ) / (Equity + Minorities ) 34.6% 61.9% -2700 bps 83.8%
(1) A djusted for expenses w ith stock options plans (non-cash) and Tenda goodw ill net of provisions.
(2) A djusted for expenses w ith stock options plans (non-cash), minority shareholders and non recurring expenses
(3) Results to be recognized net f rom PIS/Cofins - 3.65%; excludes the AVP method introduced by law 11638
4

5. Recent Developments
Follow-on Share Offering: R$ 1.02 billion of net proceeds will allow the company to acquire land,
increase launch activity and pursue strategic acquicitions;
Acquired additional 20% of AlphaVille: Gafisa now owns 80% of Alphaville; will own 100% in 2012;
Increased Launches, Strong Sales Velocity at Tenda: Tenda, continued to ramp up its launches of
new developments in the entry level and affordable market segment, achieving sales velocity of more
than 32%;
Tenda’s Operational Improvement: The first quarter of 2010 was the first full quarter that Tenda
has been operated as a wholly-owned subsidiary of Gafisa. The results of the work that was begun last
year with Tenda and this past quarter are now bearing fruit;
Minha Casa Minha Vida: CEF contracted volumes reached 417,814 units through April 26th, showing
a improved pace of execution and appears to be on track to reach 1 million by the end of the year;
Minha Casa, Minha Vida 2: Government announced an extension of MCMV through 2014, and a
total investment of R$ 72 billion, more than double the R$ 34 billion allocated to the initial program.
5

6. Efficiency Gains under “Minha Casa, Minha Vida” Program
Tenda contracted 11,210 units through April and has close to 22,000 units under CEF analysis
Caixa’s efficiency continue to improve.
In April, Tenda contracted 2,320 units, the highest monthly amount since the beginning of MCMV.
Contracted Units in the "MCMV" I
(1)
Minimum Wages Caixa Econômica Fereral Tenda Share %
0 - 3 MW 208,559 - -
3- 10 MW 209,255 11,210 5.4%
TOTAL 417,814 11,210 2.7%
(1) Until April 26th, 2010 for CEF and April 30th for Tenda. Breakdow between 0-3 and 3-10 based on the % from April 13th.
Pipeline
(2)
Period To be contracted Contracted TOTAL
2009 - 6,102 6,102
1Q10 - 2,788 2,788
April 2010 21,831 2,320 24,151
TOTAL 21,831 11,210 33,041
(2) Units being contracted and already filed with CEF untill April 2010
Transferred
Transferred Units
2009 5,114
1Q10 1,898
April 2010 724
TOTAL 7,736
6

7. Concluded Projects
Gafisa completed 27 developments or phases during 1Q10, representing R$ 338 million of PSV.
Gafisa: 3 projects/phases, 325 units, R$ 105 million
Tenda: 24 projects/phases, 3,040 units, R$ 233 million
Tenda: Valle Verde Cotia, SP
Gafisa Acácia II
Gafisa: Isla
7

8. Diversified, High-Quality Land Bank Provides Strong Platform for Growth
418 different projects or phases in 22 states
PSV - R$ million %Swap %Swap %Swap Potential units
(%Gafisa) Total Units Financial (%Gafisa)
Gafisa ≤ R$500K 4,269 52.5% 44.8% 7.7% 14,110
/ ‘000 units 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; ≤ R$500K 874 94.9% 0.0% 94.9% 3,534
> 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
39.4% acquired by swap agreements.
Affordable entry-level segment represents 53% of potential units in land bank.
8

9. Strong Launches and Sales Performance
1Q10 Launches by unit price 1Q10 Pre-sales by unit price
(%Gafisa) - R$ 000 1Q10 1Q09 (%Gafisa) - R$ million 1Q10 1Q09
Gafisa ≤ R$500 k 142,816 78,559 Gafisa ≤ R$500 k 322,697 180,287
> R$500 k 166,481 59,803 > R$500 k 53,182 89,845
Total 309,298 138,362
Total 375,879 270,132
Units 743 478
Units 950 727
Alphaville ≤ R$100K; - -
Alphaville ≤ R$100K; 27,450 19,569
> R$100K; ≤ R$500K 97,269 21,881
> R$100K; ≤ R$500K 85,431 13,282
> R$500K - -
> R$500K 3,762 2,529
Total 97,269 21,881 Total 116,643 35,379
Units 340 172
Units 573 216
1)
Tenda ≤ R$130 k 219,849 -
Tenda 1)
≤ R$130 k 262,473 219,106
> R$130 k 76,794 -
> R$130 k 102,326 33,948
Total 296,643 -
Total 364,799 253,054
Units 2,788 -
Units 3,729 3,157
Consolidated Total 703,209 160,243 Consolidated Total 857,321 558,565
Units 3,871 651 5,253 4,100
Units
Other São Paulo Other São Paulo
41.4% 44.5% 40.5% 42.5%
Rio de Rio de
Janeiro Janeiro
14.1% 17.1%
9

10. Inventories and Sales Velocity - 1Q10
Sales Velocity in 1Q10 Contributed to Substantial Inventory Reduction
1Q10 Inventory
Inventories beginning Price Increase + Inventories end
R$ million Launches Sales Sales velocity
of period Other of period
Gafisa 1,570.4 309.3 375.9 26.7 1,530.5 19.7%
AlphaVille 263.5 97.3 116.6 6.1 250.3 31.8%
Tenda 796.6 296.6 364.8 36.8 765.2 32.3%
Total 2,630.5 703.2 857.3 69.6 2,546.0 25.2%
Inventory reduction (R$ million)
2,929
2,631 2,546
1,149 797 765
199 264 250
1,581 1,570 1,531
1Q09 4Q09 1Q10
Gafisa Alphaville Tenda 10

11. Proven of Execution
On track to deliver consistent growth
Units Under Construction Projects under Construction
49,423 50,494
188 194
33,586
85
16,099 63
2007 2008 2009 1Q10 2007 2008 2009 1Q10
Units Completed Number of Engineers
E: 25,000 907
880
674 309 356
459 241 58 67
10,831
47
8,206 186
31 513 484
3,108 386
242
3,365
2007 2008 2009 1Q10/2010E 2007 2008 2009 1Q10
Intern Enginners Construction Architects On the Job
Source: Gafisa 11

12. Overview of 1Q10 Results
Financial Performance – Duilio Calciolari, CFO and IR Officer
12

13. Strong Pre-Sales Positively Impact Backlog of Revenues to be
Recognized
(R$ million) 1Q10 1Q09 4Q09 1Q10 x 1Q09 1Q10 x 4Q09
Consolidated Revenues to be recognized 2,934 2,901 3,025 1.1% -3.0%
Costs to be recognized (1,904) (1,898) (1,959) 0.3% -2.8%
Results to be recognized (REF) 1,030 1,003 1,066 2.7% -3.3%
REF margin 35.1% 34.6% 35.2% 54 bps -12 bps
Note: Revenues to be recognized are net of PIS/Cofins (3.65%). Backlog of Revenues not adjusted to present value.
13

14. SG&A
Improvement over 1Q09 with Better SG&A Ratios Over Top Lines
Company (R$000) 1Q10 1Q09 4Q09 1Q10 x 1Q09
Consolidated Selling expenses 51,294 46,606 73,277 10%
G&A expenses 57,418 55,918 60,298 3%
SG&A 108,712 102,524 133,575 6%
Selling expenses / Sales 6.0% 8.3% 7.0% -236 bps
G&A expenses / Sales 6.7% 10.0% 5.7% -331 bps
SG&A / Sales 12.7% 18.4% 12.7% -567 bps
Selling expenses / Net revenues 5.7% 8.6% 8.2% -295 bps
G&A expenses / Net revenues 6.3% 10.3% 6.7% -399 bps
SG&A / Net revenues 12.0% 18.9% 14.9% -694 bps
All ratios improved when compared to the 1Q09, mainly due to the continued improvement at Tenda and
synergies related to the merger of Tenda into Gafisa.
We continue to expect synergies to be achieved through shared back office functions, leveraging office
infrastructure, and the implementation of systems such as SAP across Tenda’s operations (expected in the
3Q10).
14

15. Strong Cash Position: R$2.1 billion
Net Debt/Equity (Excluding Project Finance): (13.8%) Debt Maturity
71% of the Consolidated Debt is Long-Term
R$ million 1Q10 4Q09
Total Debt 3,034 3,122 Short Term
29%
Total Cash 2,126 1,424
Long Term
Investor Obligations 300 300 71%
Net debt and investor obligations 1,208 1,998
-
Net debt and investor obligations / (Equity
+Minorities) 34.6% 83.8%
-
(Net debt + Ob.) / (Eq + Min.) - Exc. Project
Finance (SFH + FGTS Deb.) -13.8% 13.3%
-
Cash Burn Rate 1 ) 233 348
1) Already adjusted for the R$ 1.02 billion Equity Offering
(R$ million) Total Until March/2010 Until March/2011 Until March/2012 Until March/2013 After March/2014
Debentures - FGTS (project finance) 1,231.6 31.6 150.0 300.0 450.0 300.0
Debentures - Working Capital 656.2 108.2 298.0 125.0 125.0 -
Project financing (SFH) 458.0 301.1 99.9 54.2 2.8 -
Working capital 687.8 430.8 181.3 43.2 32.5 -
Total consolidated debt 3,033.6 871.7 729.2 522.4 610.3 300.0
% Total 29% 24% 17% 20% 10%
15

16. Growing Credit Availability Despite Recent Selic Increase
Interest Rates vs. Housing Financing
The availability of credit started a favorable growth trend in
30% 100
90 2005, when the annual Selic was close to 20%;
25% 80
20% 70
60 In 2008 the Central Bank increased the Selic from 11.25%
15% 50
40 to 13.75% without any impact on home financing;
10% 30
5% 20
10 According to the Central Bank, the market is expecting a
0% 0
Dec-02 Jul-04 Feb-06 Sep-07 Nov-08 Dec-09 Selic of 11.75% by the end of 2010, followed by a reduction in
Selic (%a.a.) Real State Financing (R$ bn)
2011.
Real Estate Financing – Amount Funded (R$ bn) Home Financing vs. GDP1
68 101%
83%
50 23
40
16
25 10
15 7 45 18%
10 34 13%
6 6 30 3%
4 18
3
3 6 9
2004 2005 2006 2007 2008 2009 2010E Denmark UK Chile Mexico Brazil
SBPE FGTS
Brazil: low mortgage penetration and high growth
potential for home financing
Source: Central Bank, IBGE and ABECIP
1. Data from 2006 but for Brazil, its from 2009 16

17. Follow-on Share Offering – Full Primary
By the end of March we concluded the primary follow on share offering;
Net proceeds was equivalent to R$ 1.02 billion;
Intended Use of Proceeds continuous to be as follows:
Use of Proceeds %
Land Acquisition 35
Working Capital 25
Launches 20
M&A 20
TOTAL 100
17

18. 2010 Outlook
Gafisa continues to expect launches in the range of R$ 4 billion to R$ 5 billion
during 2010, of which 40-45% will be dedicated to the affordable entry-level segment
through Tenda.
We expect full year 2010 EBITDA margin to reach between 18.5% - 20.5%.
18

19. Gafisa: The Most Liquid Brazilian Real Estate Company and the Only
One Listed on NYSE
ADTV (R$ MM) Price GFSA3 (R$ / share)
300 18
16
250
14
200 12
10
150
8
100 6
4
50
2
0 0
Dec-09
Aug-09
Oct-09
Apr-09
Apr-10
Jan-09
Feb-09
May-09
Nov-09
Sep-09
Jan-10
Feb-10
Mar-09
Mar-10
Jun-09
Jul-09
Gafisa’s average daily trading volume: R$98.6 million (Jan 1st, 2010 – Apr 30th, 2010)
Average Daily Turnover in the last 120 days over free float: 2.0%
(1)ADTV = Average Daily Trade Volume 19