1Q10 ResultsConference Call

Tenda

Alphaville

Investor Relations Contact

Luiz Mauricio de Garcia Paula

ri@gafisa.com.br

1

Gafisa

Safe-Harbor Statement

We make forward-looking statements that are subject to risks and uncertainties. These statementsare based on the beliefs and assumptions of our management, and on information currently availableto us. Forward-looking statements include statements regarding our intent, belief or currentexpectations or that of our directors or executive officers.

Forward-looking statements also include information concerning our possible or assumed futureresults of operations, as well as statements preceded by, followed by, or that include the words''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' orsimilar expressions. Forward-looking statements are not guarantees of performance. They involverisks, uncertainties and assumptions because they relate to future events and therefore depend oncircumstances that may or may not occur. Our future results and shareholder values may differmaterially from those expressed in or suggested by these forward-looking statements. Many of thematerially from those expressed in or suggested by these forward-looking statements. Many of thefactors that will determine these results and values are beyond our ability to control or predict.

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Financial and Operational Performance – Wilson Amaral, CEO

Overview of 1Q10 Results

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Financial and Operational Performance – Wilson Amaral, CEO

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 sales 857,321 558,565 53% 1,053,810

Contracted sales , units - '000 5,253 4,100 28% 6,413

Net revenues 907,585 541,887 67% 897,540

Gross profit 252,656 154,639 63% 277,418

Adjus ted Gross m argin (w/o capitalized interest) 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%

HighlightsStrong Top Line Growth, Operating Margin Improvement and Comfortable Liquidity

Adjus ted EBITDA m argin 18.6% 14.1% 442 bps 18.7%

Adjus ted Net profit (2) 79,624 57,055 40% 86,074

Adjus ted Net m argin (2) 8.8% 10.5% -170 bps 9.6%

Net profit 64,819 36,733 76% 55,321

EPS (R$/share) 0.1548 0.1413 10% 0.1659

Results to be recognized (3) 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

Cash 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) Adjusted for expenses w ith stock options plans (non-cash) and Tenda goodw ill net of provisions.(2) Adjusted for expenses w ith stock options plans (non-cash), minority shareholders and non recurring expenses(3) Results to be recognized net f rom PIS/Cof ins - 3.65%; excludes the AVP method introduced by law 11638

4

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%;

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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.

Efficiency Gains under “Minha Casa, Minha Vida” ProgramTenda 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.

Minimum Wages Caixa Econômica Fereral(1)

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.

Contracted Units in the "MCMV" I

Pipeline

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Period To be contracted(2)

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 Units

2009 5,114

1Q10 1,898

April 2010 724

TOTAL 7,736

Transferred

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: Isla

Tenda: Valle Verde Cotia, SP

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Gafisa Acácia II

Diversified, High-Quality Land Bank Provides Strong Platform for Growth

418 different projects or phases in 22 states

/ ‘000 units

PSV - R$ million

(%Gafisa)

%Swap

Total

%Swap

Units

%Swap

Financial

Potential units

(%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; ≤ 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

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� 39.4% acquired by swap agreements.

� Affordable entry-level segment represents 53% of potential units in land bank.

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

1Q10 Launches by unit price 1Q10 Pre-sales by unit price

Strong Launches and Sales Performance

1Q10 1Q09

Gafisa ≤ R$500 k 142,816 78,559

> R$500 k 166,481 59,803

Total 309,298 138,362

Units 743 478

Alphaville ≤ R$100K; - -

> R$100K; ≤ R$500K 97,269 21,881

> R$500K - -

Total 97,269 21,881

Units 340 172

Tenda 1)

≤ R$130 k 219,849 -

> R$130 k 76,794 -

(%Gafisa) - R$ 000 1Q10 1Q09

Gafisa ≤ R$500 k 322,697 180,287

> R$500 k 53,182 89,845

Total 375,879 270,132

Units 950 727

Alphaville ≤ R$100K; 27,450 19,569

> R$100K; ≤ R$500K 85,431 13,282

> R$500K 3,762 2,529

Total 116,643 35,379

Units 573 216

Tenda 1)

≤ R$130 k 262,473 219,106

> R$130 k 102,326 33,948

(%Gafisa) - R$ million

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> R$130 k 76,794 -

Total 296,643 -

Units 2,788 -

Consolidated Total 703,209 160,243

Units 3,871 651

> R$130 k 102,326 33,948

Total 364,799 253,054

Units 3,729 3,157

Consolidated Total 857,321 558,565

Units 5,253 4,100

São Paulo

42.5%

Rio de

Janeiro

17.1%

Other

40.5%

São Paulo

44.5%

Rio de

Janeiro

14.1%

Other

41.4%

R$ millionInventories beginning

of period Launches Sales

Price Increase +

Other

Inventories end

of periodSales velocity

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%

Inventories and Sales Velocity - 1Q10Sales Velocity in 1Q10 Contributed to Substantial Inventory Reduction

1Q10 Inventory

Inventory reduction (R$ million)

1,581 1,570 1,531

199 264 250

1,149797 765

1Q09 4Q09 1Q10

Gafisa Alphaville Tenda 10

2,929

2,631 2,546

16,099

33,586

49,423 50,494

2007 2008 2009 1Q10

Proven of ExecutionOn track to deliver consistent growth

Units Under Construction Projects under Construction

63

85

188 194

2007 2008 2009 1Q102007 2008 2009 1Q10

242 386

513 484 31

47

58 67

186

241

309 356

459

674

880 907

2007 2008 2009 1Q10

Intern Enginners Construction Architects On the Job11

Units Completed Number of Engineers

Source: Gafisa

2007 2008 2009 1Q10

3,108

8,206

10,831

3,365

E: 25,000

2007 2008 2009 1Q10/2010E

Financial Performance – Duilio Calciolari, CFO and IR Officer

Overview of 1Q10 Results

Financial Performance – Duilio Calciolari, CFO and IR Officer

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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

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Note: Revenues to be recognized are net of PIS/Cofins (3.65%). Backlog of Revenues not adjusted to present value.

REF margin 35.1% 34.6% 35.2% 54 bps -12 bps

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

Company (R$000)

SG&AImprovement over 1Q09 with Better SG&A Ratios Over Top Lines

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� 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).

R$ million 1Q10 4Q09

Total Debt 3,034 3,122

Total Cash 2,126 1,424

Investor Obligations 300 300

Net debt and investor obligations 1,208 1,998-

34.6% 83.8%-

(Net debt + Ob.) / (Eq + Min.) - Exc. Project

Net debt and investor obligations / (Equity

+Minorities)

Net Debt/Equity (Excluding Project Finance): (13.8%)

71% of the Consolidated Debt is Long-Term

Strong Cash Position: R$2.1 billionDebt Maturity

Short Term

29%

Long Term

71%

-13.8% 13.3%-

Cash Burn Rate 1) 233 348

1) Already adjusted for the R$ 1.02 billion Equity Offering

(Net debt + Ob.) / (Eq + Min.) - Exc. Project

Finance (SFH + FGTS Deb.)

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(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%

Growing Credit Availability Despite Recent Selic Increase

Interest Rates vs. Housing Financing

0%

5%

10%

15%

20%

25%

30%

Dec-02 Jul-04 Feb-06 Sep-07 Nov-08 Dec-09

0

10

20

30

40

50

60

70

80

90

100

Selic (%a.a.) Real State Financing (R$ bn)

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;

According to the Central Bank, the market is expecting a

Selic of 11.75% by the end of 2010, followed by a reduction in

2011.

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101%

83%

18% 13%3%

Denmark UK Chile Mexico Brazil

Real Estate Financing – Amount Funded (R$ bn) Home Financing vs. GDP1

Source: Central Bank, IBGE and ABECIP1. Data from 2006 but for Brazil, its from 2009

3 6 918

30 3445

3 46

7

1016

23

610

15

25

4050

68

2004 2005 2006 2007 2008 2009 2010E

SBPE FGTS

Brazil: low mortgage penetration and high growth potential for home financing

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:

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Use of Proceeds %

Land Acquisition 35

Working Capital 25

Launches 20

M&A 20

TOTAL 100

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%.

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Gafisa: The Most Liquid Brazilian Real Estate Company and the Only

One Listed on NYSE

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8

10

12

14

16

18

100

150

200

250

300

ADTV (R$ MM) Price GFSA3 (R$ / share)

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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

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