1. First Quarter 2008 Results
Earnings Release and Supplemental Financial Information
Investor Relations Contact:
Villagio Panamby – Salvador (BA)
Julia Freitas
ir@gafisa.com.br
1

2. Overview of 1Q08 results - Wilson Amaral, CEO
Financial and Operational Performance
2

3. Highlights of the Quarter
Consolidated Launches increased 91% over 1Q07
Launches increased to R$578 million in 1Q08 from R$303 million in 1Q07
Pre-sales increased 97% q-o-q
Pre-sales increased to R$503 million in 1Q08 from R$255 million in 1Q07
Net Operating Revenues rose 42% q-o-q
Net operating revenues increased to R$319 million in 1Q08 from R$224 million in 1Q07
1Q08 EBITDA reached R$51 million (15.9% EBITDA margin) a 51% increase q-o-q
Net Income increased to R$42 million in 1Q08, from the adjusted¹ net income of R$21 million in
1Q07
Launches in 2 new markets: João Pessoa in the state of Paraiba and São Bernardo in the state of
São Paulo
Upgrade on Fitch corporate rating to A bra (stable outlook) from A- (A minus) bra
¹ Adjusted for follow on expenses 3

4. Recent Developments
Fit sales reached R$80 million. Fit now has 11 developments in 6
metropolitan areas.
Successful launch in January of Horto - Villagio Panamby, located in
Salvador, Bahia: 98% of units pre-sold.
Gafisa Vendas expands to the North East: Gafisa established Gafisa Vendas
to shore up the performance of third party sales teams and ensure sales speed
and excellence in the region.
Bairro Novo Cotia started construction this quarter for phases 1 and 2,
launched in December 2007.
Conservative Accounting Practices: the Company began capitalizing interest
cost from corporate debt.
Potential Financing Program: recently, the Company submitted an initial filing
with the CVM for a potential R$1 billion debenture program. Currently, we
are registering the first tranche, of R$200 million.
4

5. Mortgage Lending Expanding Rapidly
Strong growth in mortgage lending still does not meet pent-up demand
Housing Credit (R$ bn) Savings Accounts Outstanding Balance (R$ bn)
CAGR (2003-2007): 43%
25,3 • FGTS funds can now be used to
finance mortgages of up to R$ 245
+55%
thousand
• CEF increases mortgages tenors
6,9 to 30 years.
16,3
-1%
+57%
243
+51% 10,4 235
7,0
+15%
27%
6,9 98%
6,0 18,4 187
41%
5,5
168
3% 158
3,9 88%
90% 9,3
3,8 143
63%
36% 4,9 5,5
2,2 3,0 2,9
2003 2004 2005 2006 2007 1Q07 1Q08 2003 2004 2005 2006 2007 1Q08
Mortgages using resources from FGTS
Mortgages using resources from SBPE Saving Deposits (R$bn)
Sources: ABECIP, Central Bank of Brazil, CEF and FGV.
5

6. Increasing Commercial Mortgage Penetration
Gafisa is benefiting from higher mortgage availability and is working with banks to
develop innovative mortgage products
Pre Sales financed by Gafisa vs financed by Banks
16% 16%
34%
54% 20% 18%
32%
30% 64% 66%
34%
16%
2005 2006 2007 1Q08
Gafisa direct financing longer than 36 months
Gafisa direct financing up to delivery of keys
Mortgage Loans
Reduction in accounts receivables duration, improves Gafisa’s working capital
Higher returns
Higher asset turnover
Improving terms for clients with lower rates and longer payment periods
6

7. Delivering on Growth Strategy: Strong Launches
Launches (R$ million)
New Markets
Rio de Janeiro
São Paulo 578
10% 5%
91% 218
Gafisa
AlphaVille
303
108
60 Fit Residencial
151
252 85%
93
1Q07 1Q08
7

8. Delivering on Growth Strategy: Strong Pre-sales
Pre-sales (R$ million)
New Markets
Rio de Janeiro
São Paulo 503
16% 1%
97% 230 11% Gafisa
AlphaVille
255 Fit Residencial
52 78 Bairro Novo
73
72%
195
129
1Q07 1Q08
8

9. One of the Most Geographically Diverse Homebuilder already
present in 18 states
127 projects under development
Riviera de Ponta Negra – Manaus (AM)
*States in which Gafisa or its subsidiaries already launched projects.
9

10. Gafisa has a Diversified, High-Quality Land Bank
144 different sites, all over the country
Future Sales
Potential Units Potential Units Swap
Company %Gafisa
100% % Gafisa Agreements %
(R$ bn)
Gafisa 26,466 19,163 6,122 45%
AlphaVille 34,612 16,342 2,998 98%
Fit Residencial 17,203 13,382 1,401 7%
Bairro Novo 19,807 9,904 615 78%
Total 98,088 58,791 11,136 81%
10

11. Our Product Lines: Focused Management Teams for Each Market
60% owned by Gafisa 100% Gafisa 50/50 JV with
Mid, Mid High and Own sales force
Odebrecht
High Mid High and High Affordable Entry Level In São Paulo, Rio de
Low Affordable Entry
Vertical Horizontal (lots) Vertical Janeiro and Northeast
Level
Metropolitan areas Outside Metropolitan Metropolitan Areas and Selling Machine
Horizontal / Vertical
Financing: Banks areas Outskirts Management of
Metropolitan areas and
Financing: direct Financing: CEF and Channels & CRM
Unique Projects Outskirts
Banks Management of
Unit Prices: > Unique Projects Financing: CEF and
Standardized Projects Outsourced & Local SC
R$200K Unit prices: R$70K – Banks
R$500K Unit Prices: R$80K – Standardized Projects
R$200K
Unit Prices: < R$100K
11

12. Our Differentials
Professional
Management
and Established
Organization
World-class
Shareholders
Industry Leadership and and the Highest
Strong Brand Standards of
Recognition Corporate
Governance
Geographic
Diversification Growth Through
Supported by Strategic Product
Land Bank Diversification
12

13. Overview of 1Q08 results
Financial and Operational Performance – Duilio Calciolari, CFO
13

14. Interest Capitalization
Targeting the best accounting practices, in 4Q07 we began to capitalize interest cost
from corporate debt….
1Q08 1Q07 2Q07 3Q07 4Q07 2007
COGS (2,749) (2,433) (2,600) (3,283) (3,220) (11,535)
Financial Expenses 16,626 6,865 7,339 9,264 9,087 32,554
Income Taxes (4,718) (1,507) (1,611) (2,034) (1,995) (7,146)
Net Income 9,159 2,925 3,128 3,947 3,872 13,873
Earnings per share (R$) 0.07 0.02 0.02 0.03 0.03 0.11
Properties for Sale (Current Assets) 34,914 21,037
…. now we recognize it on a Percentage of Completion basis on COGS
14

15. 1Q08: Operating Highlights
Net Revenues (R$ million) Gross Profit (R$ million)
33.5%
42%
29.2%
63%
319
224
66 107
1Q07 1Q08 1Q07 1Q08
Net Revenues Gross Profit Gross Margin
Adjusted EBITDA¹ (R$ million) Adjusted Net Income¹ (R$ million)
15.9%
13.0%
15.1%
9.2%
51% 103%
34 51 42
21
1Q07 1Q08 1Q07 1Q08
Adjusted EBITDA Adjusted EBITDA Margin Adjusted Net Income Adjusted Net Margin
¹ Adjusted for Follow on expenses 15

16. Strong Pre-Sales Positively Impact Backlog
R$665 million of results to be recognized (79% growth compared to 1Q07)
1Q08 4Q07 1Q07 1Q08 x 1Q07 1Q08 x 4Q07
Sales to be recognized—end of period 1,725.9 1,526.6 985.7 75.1% 13.1%
Cost of units sold to be recognized - end of period (1,060.7) (943.2) (613.8) 72.8% 12.5%
Backlog of Results to be recognized 665.2 583.4 371.9 78.9% 14.0%
Backlog Margin - yet to be recognized 38.5% 38.2% 37.7% 80bps 30bps
16

17. Current Revenues Come From Previous Years’ Sales
88% of the 1Q08 sales come from projects launched after 2007….
502
500
400 204
319
300 31
87.8%
255 37.3%
224 88
75
200 64 28.4% 237
87.7%
120
130 109
100
33 70
34 51
26
0 15 0 11
1Q07 Pre-Sales 1Q07 Revenues 1Q08 Pre-Sales 1Q08 Revenues
Launched up to 2004 Launched in 2005 Launched in 2006 Launched in 2007 Launched in 2008
… but only 37% of the 1Q08 revenues come from those projects
17

18. Gafisa’s Operation is Highly Efficient
SG&A over launches and sales begins to be diluted…
SG&A expenses 1Q08 1Q07
Selling Expenses 24,047 12,006
G&A Expenses 32,150 19,484
SG&A Expenses 56,197 31,490
Selling Expenses / Launches 4.2% 4.0%
G&A Expenses / Launches 5.6% 6.4%
SG&A / Launches 9.7% 10.4%
Selling Expenses / Sales 4.8% 4.7%
G&A Expenses / Sales 6.4% 7.7%
SG&A / Sales 11.2% 12.4%
Selling Expenses / Revenues 7.5% 5.4%
G&A Expenses / Revenues 10.1% 8.7%
SG&A / Revenues 17.6% 14.0%
Deferred selling expenses1 1Q08 1Q07
Deferred Selling Expenses (R$ 000) 44,633 18,972
Deferred Selling Expenses / LTM Launches 1.8% 1.7%
Deferred Selling Expenses / LTM Sales 2.4% 1.7%
Deferred Selling Expenses / LTM Revenues 3.5% 2.5%
…Gafisa adopts one of the most conservative accounting practices in the industry
¹ Current assets account 18

19. Strong Financial Position
Gafisa is prepared to deliver on its aggressive growth strategy, with only 23% of
net debt to equity ratio…
1Q08 1Q07 4Q07
Short Term Debt 85 56 69
Long Term Debt 1,006 299 621
Total Debt 1,091 356 689
Cash and Cash Equivalents 722 621 514
Net Debt (Net Cash) 369 (265) 175
Shareholder’s Equity 1,573 1,424 1,531
Total Capitalization 2,664 1,780 2,220
Net Debt / Equity 23.4% (18.6%) 11.4%
… over R$200 million of receivables of completed units
which is available for securitization anytime
19

20. Our Shares
600 Volume (R$ MM) Price (R$) 40
Stock has highest trading volume of
500 35 any company in real estate sector
30
400 25 NYSE Listing: Gafisa is the only Brazilian Homebuilder to
300 20 have an ADR program
200 15
10
100 5
Stock performance
0 0 Since IPO: 97% from R$18.50 to R$36.49 (Apr 30, 2008)
May-06
Oct-06
May-07
Oct-07
Feb-06
Jul-06
Dec-06
Mar-07
Aug-07
Jan-08
Mar-08
Since Follow on: 40% from R$26.00 to R$36.49 (Apr 30 2008)
Avg. daily equity turnover from Jan - Abr.08 (R$ M M ) M arket Cap (R$ M M )
120 12.000
100
9.000
80
60 6.000
40
3.000
20
0 -
CCDI
PDG
Gafisa
Inpar
Invest Tur
JHSF
MRV
Agra
Tenda
Tecnisa
Klabin
Brascan
São
CR2
Rossi
Trisul
Lopes
Rodobens
EZ Tec
Cyrela
Abyara
Even
Company
20

21. Outlook for 2008
Launch guidance for 2008 of R$3.0 billion
R$ 2.0 billion from Gafisa’s core business
R$ 700 million from Fit Residencial and Bairro Novo
R$ 300 million from AlphaVille
EBITDA margin guidance of 16-17% for 2008
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22. “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.
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