1. Preliminary Unaudited Results 2011
April 2nd, 2012
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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.
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3. Highlights - Restructured organization and new strategic plan position Gafisa
Group for improved financial and operating performance
 4Q11 corrective adjustments are non-cash and impact 2011 results
 Review of development cost budget
 Dissolution of contracts due to new sales strategy
 Impairment related to downward valuation of no longer strategic Gafisa and Tenda land bank
 Other expenses
 New strategic plan position targets
 Narrowed geographic focus
 Reduced risk at Tenda, relaunch under profitable model
 Expanded share of AlphaVille in Group mix
 Existing and future liquidity to execute business plan
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4. 2011 adjustments derived 69% from Tenda and 31% from Gafisa
 Non-cash nature charges will lower earnings in the period due to the total net adjustments of R$889 million in the 4Q11;
 50% based on budget review, remaining due to change in strategy;
 Revenue reversal totaled R$1.2 billion (18% Gafisa and 82% Tenda)
• We expect to rebook ~ R$723 million (60%) of revenue reversal, with resale of returned units
• We expect to rebook ~ R$412 million (34%) in accordance with PoC of the related projects (79% launched< 2008)
• And only remaining 6% are unrecoverable.
(R$000)
Tenda Gafisa
2011 Budget Provisions Project Budget
Cost Effective Provisions for for Im pairm ent Provisions for Cancellati Cost Im pairm ent Provisions for
revision Dissolutions Bad Debt dissolutions LandBank Projets Delay on revision LandBank Project Delay
Net Operating Revenue 2.788.559 (227.203) (284.404) (438.913) (46.115) (213.721)
Operating Costs (2.677.258) 193.227 358.913 (10.600) (38.536) 28.638 (14.988) (12.675)
Gross profit 111.301 (91.177) (80.000) (17.477)
OPEX (865.092) (87.314) (57.917) (37.925)
Operating results (753.791)
Net Interest Income (159.903)
Minority Shareholders (39.679)
EBT (953.373)
Taxes (139.790)
Lucro Líquido (1.093.163)
EBITDA (489.501)
Total de Ajustes (889.532) (227.203) (91.177) (87.314) (80.000) (68.517) (38.536) (17.477) (213.721) (52.913) (12.675)
Stake (%) 100% 26% 10% 10% 9% 8% 4% 2% 24% 6% 1%
Stake by brand Tenda 69 %
Tenda = 69% Gafisa = 31%
Gafisa 31 %
 75% of adjustment to development cost budget is derived from 3rd party construction partnerships and from launches in
regions no longer part of the new narrowed geographic focus;
 Cost overruns represent 8% of the Company’s original targeted cost base of R$ 7.4bn;
 Sales criteria at Tenda changed to diminish future dissolutions, adequate provisions taken to complete current process.
Note: Impairment is a result of strategy to focus in reduced markets and resulted in an adjustment equivalent to 18% of the recorded cost

5. 2012 Positive Operating Cash Flow – Deleveraging Strategy
 Gafisa has a well structured debt schedule and profile
• 30% Short Term
• Project finance now represents 46% of total debt
• Competitive low rates: 109.5% CDI
Well structured debt schedule Debt Composition (R$ mm) and Rates
R$1.112 R$1.120 R$1.061 R$308 R$151
SFH / CDI+(0.72%-1.95%)
1,214
Debenture 46%
55% 47% FGTS
68% Proj. Fin. 708 8.22% -10.20%(TR)
100% 100% Working
Capital 1,148 CDI+(1.30-2.20%)
45% 53%
Debenture 54%
32% 685 CDI+(1.30%-1.95%)
Working Cap
Investor 473 CDI
Dec/12 Dec/13 Dec/14 Dec/15 After Dec/15 Obligations
Corporate Debt (R$ mn) Project Finance (R$ mn) 4.228 12.51%
Total
Note: It does not include investor obligations
 2012 expected operating cash flow of R$500-R$700 million
 Sufficient liquidity to execute our development plans
• R$1bn cash + R$500 mn available for securitization + R$352 mn of finished units in inventory
Leverage increased to 118.0% from 75.3%
Equity Net Debt
3Q11 75,3%
2.946
3.913
200 Cash Burn
99 Dividends
Equity (1.003)
reduction
3.245
4Q11 2.750 118,0%
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6. Accounts Receivable 2.6x Construction Obligations; Backlog Margin of 35%, or 38%
excluding Tenda
Accounts Receivable vs Construction Obligations
(R$ billion)
Results to be recognized by Segment (R$ million)
Gafisa Gafisa Group
Gafisa Tenda Alphaville Group ex- Tenda
Revenues to be recognized 2.530 1.316 670 4.516 3.200
Costs to be recognized (1.664) (978) (315) (2.957) (1.979)
Results to be recognized 866 338 355 1.559 1.221
Backlog margin 34,2% 25,7% 53,0% 34,5% 38,2%
Note: Revenues to be recognized are net of PIS/Cofins (3.65%); excludes the AVP method introduced by Law nº 11,638
9,499
3,716
Receivables Cost to be Incurred
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7. Gafisa is well prepared to face current challenges
 Geographic expansion and the Tenda acquisition increased complexity of business
 Corrective measures have redirected Gafisa’s growth trajectory and financial performance
 AlphaVille has exceeded initial expectations
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Growth Hurdles Achievements
 Replication of SP and RJ returns in other  Gafisa Segment operations in São Paulo and Rio
regions challenging de Janeiro
 Local market characteristics make management  High ROE
complex  High quality operating indicators
 Capacity of suppliers to adequately absorb  Long-standing reputation
velocity of growth
 Deviation from budgeted costs and impact on  Successful expansion of the AlphaVille model
speed of revenue recognition
 High ROE
 Regional diversification and Tenda legacy
 Growing product mix contribution
created cost overruns
 Significant brand awareness
 Tenda challenges related to sales dissolutions
 Progress with the Tenda business
and credit quality
 Record units delivered in 2011
 More stringent vetting means many customers
no longer qualify for bank mortgages  Reinforced relationship with CEF
 High capital employed, especially in accounts  Introduced aluminum mold technology
receivable related to Tenda’s legacy portfolio  Increased sales platform 7

8. Outlook
 Company expects to generate between R$500 million and R$700 million in operating cash flow for the
full year of 2012
 Launches for 2012 are expected to be between R$2.7 and R$3.3 billion
 The Gafisa Group plans to deliver between 22,000 and 26,000 units in 2012 broken down by 30%
Gafisa, 50% Tenda and 20% AlphaVille
 We expect to transfer between 10.000 – 14.000 customers to financial institutions
Guidance 2012 Achievement 1Q12 %
Consolidated Launches¹ R$2.7-R$3.3 bi R$450 MM 15%
Operacional Cash Flow R$500-R$700 MM neutral 0%
¹ (50% Gafisa, 10% Tenda, 40% Alphaville)
Other Relevant Operacional Indicators Achievement 1Q12 %
Units delivered 22.000 - 26.000 6.000 25%
Customers Transferred Tenda¹ 10.000 - 14.000 2.500 21%
¹ Customers transfered to finantial institutional
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