Gafisa reported strong financial and operational results for 2007 and 4Q07. Key highlights included: - 122% increase in consolidated launches and 63% increase in pre-sales for 2007. Net operating revenues rose 77% for the year. - 4Q07 results showed 176% increase in launches and 75% increase in pre-sales over 4Q06. Net operating revenues rose 56% quarter-over-quarter. - Adjusted EBITDA increased 87% in 2007 and 101% in 4Q07, with margins of 15.7% and 16.5% respectively. Adjusted net income rose 89% for the full year. - Backlog of results reached a record

1. 2007 Full Year and Fourth Quarter Results
Earnings Release and Supplemental Financial Information
Investor Relations Contact:
Duilio Calciolari
CFO and IR Officer
ir@gafisa.com.br
Parc Paradiso – Belém (PA)
1

2. Overview of 2007 and 4Q07 results - Wilson Amaral, CEO
Financial and Operational Performance
2

3. Highlights of the Year
Consolidated Launches increased 122% over 2006
Launches increased to R$2,236 million in 2007 from R$1,005 million in 2006
Pre-sales increased 63% y-o-y
Pre-sales increased to R$1,627 million in 2007 from R$995 million in 2006
Net Operating Revenues rose 77% y-o-y
Net operating revenues increased to R$1,172 million in 2007 from R$664 million in 2006
2007 EBITDA, adjusted for public offering expenses, reached R$184 million (15.7% adjusted
EBITDA margin) a 87% increase y-o-y
Net Income, adjusted for public offering expenses, increased 89%
Adjusted net income increased to R$144 million in 2007 from R$76 million in 2006
Backlog of results reached R$583 million in 4Q07
96% increase compared to the R$298 million in 4Q06, with a 4Q07 backlog margin of 38.2%
Gafisa’s land bank totaled R$10.2 billion, 15% growth over 3Q07
3

4. Highlights of the Quarter
Consolidated Launches increased 176% over 4Q06
Launches increased to R$1,036 million in 4Q07 from R$375 million in 4Q06
Pre-sales increased 75% q-o-q
Pre-sales increased to R$662 million in 4Q07 from R$379 million in 4Q06
Net Operating Revenues rose 56% q-o-q
Net operating revenues increased to R$373 million in 4Q07 from R$238 million in 4Q06
4Q07 EBITDA reached R$61 million (16.5% EBITDA margin) a 101% increase q-o-q
Net Income increased 326%
Net income increased to R$63 million in 4Q07 from R$15 million in 4Q06
Launches in 2 new markets: Volta Redonda and Rezende in the state of Rio de Janeiro
4

5. Recent Developments
Bairro Novo successfully launched its first project in 4Q07
Fit launched 10 developments since inception in March 2007 comprising 2,459
units (Gafisa’s stake) and a potential sales value of R$263 million in the states
of São Paulo, Bahia, Maranhão, Goiás and Pará
Gafisa Vendas is the main vehicle of sales for Gafisa products in the markets
were it operates, São Paulo and Rio de Janeiro
5

6. Mortgage Lending Expanding Rapidly
Strong growth in mortgage lending still does not meet pent-up demand
Housing Credit (R$ billion)
• FGTS funds can now be used to finance
CAGR (2003-2006): 40%
mortgages of up to R$245 thousand
• CEF increases mortgage tenors to 30 years.
+55% 25,3
+57%
6,9
16,3
-1% 26%
+51%
10,4
+15% 7,0
27% 98%
6,9 235
6,0 18,4
41% 5,5
3% 187
3,9 90% 9,3 131%
3,8 63%
36% 4,9
3,0 1.6
2,2 0.7
2003 2004 2005 2006 2007 2006 2007 Jan.07 Jan.08
Mortgages using resources from FGTS Mortgages using
Saving Deposits (R$mn)
Mortgages using resources from SBPE resources from SBPE
Sources: ABECIP, Central Bank of Brazil, CEF and FGV.
6

7. Increasing Commercial Mortgage Penetration
Gafisa is benefiting from higher mortgage availability and is working with banks to
develop innovative mortgage products
Sales financed by Gafisa vs financed by Banks
16%
34%
54% 20%
32%
30% 64%
34%
16%
2005 2006 2007
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
7

8. Delivering on Growth Strategy: Strong Launches
Launches (R$ million)
New Markets
Other Rio de Janeiro
2.236
Rio de Janeiro Metropolitan Area
Other São Paulo
São Paulo Metropolitan Area
742 12% 2%
122%
11%
Gafisa
134
AlphaVille
1.036 1.005 427 Fit Residencial
Bairro Novo
368 233 157
176%
83 273
375 151 76%
64 773
69 497
401
240
4T06 4T07 2006 2007
8

9. Delivering on Growth Strategy: Strong Pre-sales
Pre-sales (R$ million)
New Markets
Other Rio de Janeiro 1,627
Rio de Janeiro Metropolitan Area
Other São Paulo 63%
541
São Paulo Metropolitan Area 3% 1%
15%
995 64
81
Gafisa
335 AlphaVille
246
662 Fit Residencial
75% 52
Bairro Novo
379 286
32 666
78 634
124
82%
253 206
4Q06 4Q07 2006 2007
9

10. One of the Most Geographically Diverse Homebuilder already
present in 18 states
118 projects under construction in 15 different states
Riviera de Ponta Negra – Manaus (AM)
*States in which Gafisa or its subsidiaries already launched projects.
10

11. Gafisa has a Diversified, High-Quality Land Bank
136 different sites, all over the country
Future Sales
Potential Units Potential Units Swap
Company %Gafisa
100% % Gafisa Agreements %
(R$ bn)
Gafisa 21,765 16,994 5,729 63%
AlphaVille 37,092 20,536 2,930 97%
Fit Residencial 13,271 10,309 973 12%
Bairro Novo 18,143 9,072 563 77%
Total 90,271 56,911 10,195 82%
11

12. Our Product Lines: Focused Management Teams for Each Market
60% owned by Gafisa 100% Gafisa 50/50 JV with Odebrecht
Mid, Mid High ang Mid High and High Affordable Entry Level Low Affordable Entry Own sales force
High Level
Horizontal (lots) Horizontal/Vertical In São Paulo and Rio de
Vertical Horizontal / Vertical Janeiro
Outside Metropolitan Metropolitan Areas and
Metropolitan areas areas Outskirts Metropolitan areas and Selling Machine
Outskirts
Financing: Banks Financing: direct Financing: CEF and Management of
Banks Financing: CEF and Channels & CRM
Unique Projects Unique Projects
Banks
Standardized Projects Management of
Unit Prices: > Unit prices: R$70K –
Standardized Projects Outsourced & Local SC
R$200K R$500K Unit Prices: R$80K –
R$200K Unit Prices: < R$100K
12

13. 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
13

14. Overview of 2007 and 4Q07 results
Financial and Operational Performance – Duilio Calciolari, CFO
14

15. Interest Capitalization
Targeting the best accounting practices….
2007 2007
Consolidated Adjustment
Pre Adjustment Post Adjustment
Net Revenues 1,172 1,172
Cost of Goods Sold -785 -12 -797
Gross Profits 387 -12 ¹ 375
Gross Margin 33.0% 32.0%
EBITDA 195 -12 184
EBITDA Margin 16.7% 15.7%
Financial Result -18 33 ² 14
Taxes -24 -7³ -31
Adjusted Net Income¹ 130 14 144
Adjusted Net Margin¹ 11.1% 12.3%
Adjusted EPS¹ 1.04 1.15
…. now we recognize interest from corporate debt on a POC basis on COGS
¹ Interest recognized through the POC method
² Total interest capitalized
³ Deferred income tax effect over net adjustment 15

16. FY2007 and 4Q07: Operating Highlights
Net Revenues (R$ million) Gross Profit (R$ million)
36.1%
32.0%
77%
29.8%
28.3%
89%
1172
56% 375
664 100%
198
373 134
238 67 0
4Q06 4Q07 2006 2007 4Q06 4Q07 2006 2007
Net Revenues Gross Profit Gross Margin
Adjusted EBITDA¹ (R$ million) Adjusted Net Income¹ (R$ million)
16.5% 16.9%
15.7%
14.8%
12.3%
12.8%
87% 11.4%
89%
184 144
6.2%
101% 326%
98 63 76
61 0 0
31 15
4Q06 4Q07 2006 2007
4Q06 4Q07 2006 2007
Adjusted EBITDA Adjusted EBITDA Margin
Adjusted Net Income Adjusted Net Margin
¹ Adjusted for IPO and Follow on offering expenses 16

17. Strong Pre-Sales Positively Impact Backlog
R$583 million of results to be recognized (96% growth compared to 2006)
4Q07 3Q07 4Q06 4Q07 x 3Q07 4Q07 x 4Q06
Sales to be recognized—end of period 1,527 1,209 795 26.3% 92.0%
Cost of units sold to be recognized - end of period (943) (744) (498) 25.4% 87.0%
Backlog of Results to be recognized 583 465 298 25.4% 95.6%
Backlog Margin - yet to be recognized 38.2% 38.5% 37.5% -0.3% 0.7%
17

18. Current Revenues Come From Previous Years’ Sales
88% of the 2007 sales come from projects launched after 2006….
1,627
1.400
1,172
1.200
1.139 192
1.000
47%
88%
800 360
662
600
400 93% 373 442
583 290
107
61%
200 120
102 137
35 179
0 35 45 0 61
10
4Q07 Pre-Sales 4Q07 Revenues 2007 Pre-Sales 2007 Revenues
Launched up to 2004 Launched in 2005 Launched in 2006 Launched in 2007
… but only 47% of the 2007 revenues come from those projects
18

19. Gafisa’s Operation is Highly Efficient
We have gained productivity in terms of selling expenses…
G&A Expenses 2007 2006
Selling Expenses / Launches 3.6% 5.1%
G&A Expenses / Launches 5.1% 5.2%
SG&A / Launches 8.6% 10.3%
Selling Expenses / Sales 4.9% 5.2%
G&A Expenses / Sales 7.0% 5.2%
SG&A / Sales 11.8% 10.4%
Selling Expenses / Revenues 6.8% 7.8%
G&A Expenses / Revenues 9.6% 7.9%
SG&A / Revenues 16.4% 15.6%
Deferred selling expenses 2007 2006
Deferred Selling Expenses / Launches 1.7% 1.7%
Deferred Selling Expenses / Sales 2.3% 1.7%
Deferred Selling Expenses / Revenues 3.2% 2.6%
…Gafisa adopts one of the most conservative accounting practices in the industry
19

20. Strong Financial Position
Gafisa is prepared to deliver on its aggressive growth strategy…
4Q07 4Q06 3Q07
Short Term Debt 69 28 34
Long Term Debt 621 267 343
Total Debt 689 295 377
Cash and Cash Equivalents 514 266 372
Net Debt (Net Cash) 175 29 4
Shareholder’s Equity 1,531 814 1,493
Total Capitalization 2,220 1,110 1,870
Net Debt / Equity 11.4% 3.6% 0.3%
… with only 11% of net debt to equity ratio
20

21. Our Shares
Volume (R$ MM - LHS) Price (R$ - RHS)
500 40 Stock has highest trading volume of
35
400 30 any company in real estate sector
300 25
20 NYSE Listing: Gafisa is the only Brazilian Homebuilder to
200 15 have an ADR program
100 10
5 Stock performance
- -
Since the IPO: 79% from R$18.50 to R$33.05 (Feb 2008)
Nov-06
Oct-07
May-06
May-07
Aug-06
Sep-06
Aug-07
Sep-07
Feb-06
Apr-06
Dec-06
Feb-07
Jun-06
Mar-07
Dec-07
Feb-08
Jun-07
Jan-08
Since the Follow on: 27% from R$26.00 to R$33.05 (Feb 2008)
A verage daily vo lume in Feb.08 (R$ M M - LHS) M arket Cap (R$ M M - RHS)
100 12.000
80 10.000
8.000
60
6.000
40 4.000
20 2.000
0 -
CCDI
PDG
Gafisa
Inpar
Invest Tur
JHSF
CR2
MRV
Agra
Klabin
São
Rossi
Tenda
Trisul
Tecnisa
Brascan
Lopes
Rodobens
EZ Tec
Cyrela
Even
Abyara
Company
21

22. 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
22

23. “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.
23

24. New Markets
Other Rio de Janeiro
Rio de Janeiro Metropolitan Area
Other São Paulo
São Paulo Metropolitan Area
742
134
427
368 233 157
83 273
773
64
401 497
240
4T06 4T07 2006 2007