- Gafisa reported financial results for the fourth quarter and full year of 2010 with increases in key metrics compared to previous periods - Launch volumes, net revenues, adjusted gross profit, adjusted EBITDA, and net profit all increased between 3-154% from the fourth quarter of 2009 - For the full year 2010, launch volumes, net revenues, adjusted gross profit, adjusted EBITDA, and net profit increased between 23-309% compared to 2009 - Inventory levels increased 11% from the third quarter of 2010 to R$3.3 billion at the end of 2010 due to launches outpacing sales during the period.

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4Q10 vs. 2010 vs.
Operating and Financial Highlights (R$ million) 4Q10 4Q09 2010 2009
4Q09 (%) 2009 (%)
Launches 1,543 1,000 54% 4,492 2,301 95%
Launches, units 7,742 4,258 82% 22,233 10,810 106%
Contracted sales 1,241 1,054 17.7% 4,006 3,248 23.3%
Contracted sales, units 5,933 6,413 -7% 20,744 21,952 -6%
Contracted sales from Launches 678 268 154% 2,672 1,439 86%
Contracted sales from Launches - % 44.0% 26.7% 1722 bps 59.5% 62.5% -303 bps
Net revenues 929 898 3% 3,721 3,022 23%
Adjusted Gros s profit (w/o capitalized interest) 336 311 8% 1,225 973 26%
Adjusted Gros s margin (w/o capitalized interest) 36.1% 34.7% 148 bps 32.9% 32.2% 73 bps
Adjusted EBITDA (1) 198 168 18% 747 530 41%
(1)
Adjusted EBITDA margin 21.3% 18.7% 260 bps 20.1% 17.5% 255 bps
(2)
Adjusted Net profit 148 58 154% 475 157 202%
(2)
Adjusted Net margin 16.0% 6.5% 949 bps 12.8% 5.2% 755 bps
Net profit 137 48 189% 416 102 309%
EPS (R$/share) 0.32 0.14 123% 0.97 0.31 217%
Number of shares ('000 final) 430,910 333,554 29% 430,910 333,554 29%
Revenues to be recognized 3,963 3,025 31% 3,963 3,025 31%
(3)
REF margin 38.9% 35.2% 363 bps 38.9% 35.2% 363 bps
Net debt and Inves tor obligations 2,469 1,998 24% 2,469 1,998 24%
Cash and availabilities 1,201 1,424 -16% 1,201 1,424 -16%
(Net debt + Obligations ) / (Equity + Minorities) 65.3% 83.8% -1855 bps 65.3% 83.8% -1855 bps
(1)
A djusted f or stock option plans expenses (non-cash) and Tenda goodw ill net of provisions.
(2)
A djusted f or stock option plans expenses (non-cash), minority shareholders and non recurring expenses
(3)
Results to be recognized net f rom PIS/Cof ins - 3.65%; excludes the AV P method introduced by law 11638

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%Gafisa - (R$ 000) 4Q10 4Q09 Var. (%) (%Gafisa) - R$ 000 4Q10 4Q09 Var. (%)
' Z 522,007 328,283 59% ' Z 418,520 185,480 126%
Z 301,415 249,301 21% Z 203,512 281,099 -28%
d 823,422 577,584 43% d 622,032 466,579 33%
2,109 1,472 43% h 1,427 1,210 18%
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s Z Z
d 192,971 204,336 -6%
d 192,016 286,030 -33%
h 1,173 969 21%
h 1,359 1,451 -6%
d ≤ R$130K 280,509 102,507 174% d Z 234,321 311,403 -25%
R$130K ; R$200K 247,202 34,232 622% Z Z 191,493 71,491 168%
d 527,711 136,739 286% d 425,815 382,895 11%
h 4,275 1,335 220% h 3,332 4,234 -21%
d 1,543,149 1,000,353 54% d 1,240,818 1,053,810 18%
h 7,742 4,258 82% h 5,933 6,413 -7%
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%Gafisa - (R$ 000) 2010 2009 Var. (%) (%Gafisa) - R$ 000 2010 2009 Var. (%)
' Z 1,103,066 739,590 49% ' Z 1,245,723 819,257 52%
Z 1,052,257 524,930 100% Z 728,594 690,819 5%
d 2,155,323 1,264,520 70% d 1,974,317 1,510,075 31%
h 4,773 4,210 13%
h 5,124 3,428 49%
s Z Z 740,592 419,512 77% s Z Z 598,938 376,885 59%
d 740,592 419,512 77% d 598,938 376,885 59%
h 3,607 2,096 72% h 2,906 1,872 55%
d ≤ R$130K 954,770 288,013 232% d Z 941,574 1,168,616 -19%
R$130K ; R$200K 641,149 329,179 95% Z Z 491,551 192,488 155%
d 1,595,919 617,192 159% d 1,433,125 1,361,105 5%
h 13,502 5,286 155% h 13,065 15,871 -18%
d 4,491,835 2,301,224 95% d 4,006,380 3,248,065 23%
h 22,233 10,810 106% h 20,744 21,953 -6%
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Inventories
Price Increase End of period
R$ million Beginning of Launches Sales Sales velocity
+ Other Inventories
period
Gafisa Inventories
1,645 823 622 11 1,857 25.1%
AlphaVille 415 192 193 4 419 31.6%
Tenda 877 528 426 41 1,020 29.5%
Total 2,937 1,543 1,241 56 3,295 27.4%
Sales Velocity (%)
27.4% 28.6%
25.7%
4Q10 3Q10 4Q09

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Gafisa = R$500K 4,495 42.6% 36.9% 5.8% 15,222
R$500K 3,751 35.1% 30.8% 4.3% 4,836
Total 8,245 37.9% 33.0% 4.9% 20,059
AlphaVille = R$100K; 552 100.0% 0.0% 100.0% 6,973
R$100K; = R$500K 4,648 96.9% 0.0% 96.9% 22,976
R$500K 23 0.0% 0.0% 0.0% 26
Total 5,223 97.0% 0.0% 97.0% 29,975
Tenda ≤ R$130K 3,098 36.3% 36.3% 0.0% 33,646
R$130K ; R$200K 1,488 49.9% 48.5% 1.4% 9,203
Total 4,586 39.7% 39.1% 0.6% 42,849
Consolidated 38.5% 34.5% 4.0%
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Land Bank - BoP (3Q10) 7,810 4,735 4,006 16,551
4Q10 - Net Acquisitions 1,258.9 679.5 1,108.2 3,047
4Q10 - Launches (823.4) (192.0) (527.7) (1,543)
Land Bank - EoP (4Q10) 8,245 5,223 4,586 18,054

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2007 2008 2009 2010 2007 2008 2009 2010
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459 241 58
12,894 61
10,831 47
8,206 186
31 513 460
3,108 386
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(R$'000) 4Q10 4Q09 3Q10 2010 2009 2010 x 2009
Revenue 928,637 897,540 957,196 3,720,860 3,022,346 23.1%
Launches 1,543,149 1,000,353 1,236,947 4,491,835 2,301,224 95.2%
Sales 1,240,818 1,053,810 1,018,480 4,006,380 3,248,065 23.3%
Consolidated Selling expenses 76,243 73,277 53,887 242,564 226,621 7.0%
GA expenses 64,894 60,298 59,317 236,754 233,129 1.6%
SGA 141,137 133,575 113,204 479,318 459,749 4.3%
Selling expenses / Launches 4.9% 7.3% 4.4% 5.4% 9.8% -445 bps
GA expenses / Launches 4.2% 6.0% 4.8% 5.3% 10.1% -486 bps
SGA / Launches 9.1% 13.4% 9.2% 10.7% 20.0% -931 bps
Selling expenses / Sales 6.1% 7.0% 5.3% 6.1% 7.0% -92 bps
GA expenses / Sales 5.2% 5.7% 5.8% 5.9% 7.2% -127 bps
SGA / Sales 11.4% 12.7% 11.1% 12.0% 14.2% -219 bps
Selling expenses / Net revenue 8.2% 8.2% 5.6% 6.5% 7.5% -98 bps
GA expenses / Net revenue 7.0% 6.7% 6.2% 6.4% 7.7% -135 bps
SGA / Net revenue 15.2% 14.9% 11.8% 12.9% 15.2% -233 bps
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(R$ million) 4Q10 4Q09 3Q10 4Q10 x 4Q09 4Q10 x 3Q10
Consolidated Revenues to be recognized 3,963 3,025 3,429 31.0% 15.6%
Costs to be recognized (2,423) (1,959) (2,120) 23.7% 14.3%
Results to be recognized (REF) 1,540 1,066 1,309 44.5% 17.6%
REF margin 38.9% 35.2% 38.2% 363 bps 69 bps
Note: Revenues to be recognized are net of PIS/Cofins (3.65%); excludes the AVP method introduced by Law nº 11,638
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R$ million 4Q10 3Q10
Total Debt 3,290 2,927
Total Cash 1,201 1,231
Investor Obligations 380 380
Net debt and investor obligations 2,469 2,076
-
Net debt and investor obligations /
(Equity +Minorities) 65.3% 55.6%
-
(Net debt + Ob.) / (Eq + Min.) - Exc.
Project Finance (SFH + FGTS Deb.) 13.5% 6.2%
-
Cash Burn 1) 342 453
Until Until Until Until Afte r
(R$ million) Ave rage Cos t (p.a.) Total
Dec /201 1 Dec /2012 Dec/2 013 Dec/2 014 Dec /201 4
D eben tures - FGTS (proj ect fi nance) (8.25% - 9.06%) + TR 1 ,211 .3 15.4 1 50.0 59 6.7 44 9.2 -
D eben tures - Workin g Ca pita l CDI + (1.5% - 1.95% ) 668 .6 11.1 1 22.6 12 5.8 10 9.5 299.6
Project fina ncin g (SFH) (8.30% - 12% ) + TR 745 .7 548.3 1 56.8 4 0.6 - -
Workin g ca pital CDI + (1.30% - 4.20%) 664 .5 249.6 88.4 7 9.3 24 7.2 -
sub-total c onsolidated debt 1 1.8% 3 ,290 .1 824.4 5 17.7 84 2.5 80 5.9 299.6
Investor Obliga tions CDI 38 0 - 127 127 1 27 -
Total c ons olida ted debt 3 ,670 .1 824.4 6 44.4 96 9.1 93 2.6 299.6
% Tota l 22 % 18% 26% 2 5% 8%

17. '
In 2010, Gafisa launches amounted to R$ 4.5 billion, equivalent to 2% over the mid-range of the launch´s
guidance and delivered a 20.1% EBITDA margin, 60 bps over the mid-range.
Gafisa´s Guidance vs Actual for 2010 is seen below:
Launches Guidance
4Q10 % 2010 %
(R$ million) 2010
Gafisa Min. 4,200 37% 107%
(cons olidated) Average 4,400 1,543 35% 4,492 102%
Max. 4,600 34% 98%
Guidance
EBITDA Margin (%) 4Q10 % 2010 %
2010
Gafisa Min. 18.5% 280 bps 160 bps
(cons olidated) Average 19.5% 21.3% 180 bps 20.1% 60 bps
Max. 20.5% 80 bps -40 bps

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Launches EBITDA Margin Net Debt/Equity (%) -
Guidance 2011
(R$ million) (%) EoP
Minimum 5,000 18.0%
Average 5,300 20.0%
Maximum 5,600 22.0% 60%
EBITDA Margin (%)
1H11 2H11 2011
Guidance 2011
Minimum 13.0% 20.0% 18.0%
Average 15.0% 22.0% 20.0%
Maximum 17.0% 24.0% 22.0%

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Average Daily Turnover in the last 90 days over free float: 2.3%
(1) Source Bloomberg: up to March 25th, 2011