1

4Q10 and 2010 Results

Conference Call

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 thefactors that will determine these results and values are beyond our ability to control or predict.

2

3

Financial and Operational Performance – Wilson Amaral, CEO

Overview of 4Q10 and 2010 Results

Operating and Financial Highlights (R$ million) 4Q1 0 4Q094Q10 vs. 4Q09 (%)

2010 20092010 vs. 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 bpsAdjusted EBITDA (1) 198 168 18% 747 530 41%

Adjusted EBITDA margin (1) 21.3% 18.7% 260 bps 20.1% 17.5% 255 bps

Adjusted Net profit (2) 148 58 154% 475 157 202%

Adjusted Net margin (2) 16.0% 6.5% 949 bps 12.8% 5.2% 755 bpsNet 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%

REF margin (3) 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) Adjusted for stock option plans expenses (non-cash) and Tenda goodw ill net of provisions.(2) Adjusted for 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 AVP method introduced by law 11638

HighlightsStrong Top Line Growth, Operating Margin Improvement and Ample Liquidity

4

Recent Developments and Highlights

5

Wilson Amaral to Retire from the Company by the End of 2011: Today, the Company announced that

Chief Executive Officer Wilson Amaral advised the Board of Directors that he currently plans to retire

from the Company towards the end of 2011 to pursue other opportunities. Mr. Amaral has served Gafisa

for more than five years, taking it from a privately held company to one of the few fully public

corporations, and the only NYSE-listed Brazilian real estate company, in Brazil. Mr. Amaral will remain on

the Board of Directors of Gafisa and expect to play a more active role in the future. He will work together

with the Board to identify his successor and insure a smooth transition.

Tenda Advances under Federal Housing Program: Tenda almost quadrupled the number of units it

contracted with Caixa Economica Federal (Caixa), reaching over 22,000 units in 2010 as compared to

6,000 in 2009. The Company understands that is among the top performing companies in the sector in

this regard under the program MCMV;

AlphaVille: Gafisa continues to be pioneer in innovative concepts in the homebuilding sector, example

of this is in residential community living offered through its AlphaVille unit, which launched 8 new

projects in 2010, extending its footprint to northern and northeastern area of Brazil. Now present in 64

cities in 22 states, AlphaVille accounted for 16.5% of Gafisa’s launches and 14.9% of pre-sales in 2010.

With demographics changing and significant investments in the country’s infrastructure, high quality

suburban living is expected to become more common and the unit is expected to make a greater

contribution to the Company’s overall business in future periods

4Q10 Launches by unit price 4Q10 Pre-sales by unit price

Strong Launch and Sales Performance

6

4Q10 4Q09 Var. (%)

Gafisa ≤ R$500 k 522,007 328,283 59%

> R$500 k 301,415 249,301 21%

Tota l 823,422 577,584 43%

Units 2,109 1,472 43%

AlphaVille > R$100K; ≤ R$500K 192,016 286,030 -33%

Tota l 192,016 286,030 -33%Units 1,359 1,451 -6%

Tenda ≤ R$130K 280,509 102,507 174%> R$130K ; < R$200K 247,202 34,232 622%

Tota l 527,711 136,739 286%Units 4,275 1,335 220%

Consolidated Tota l 1,543,149 1,000,353 54%Units 7,742 4,258 82%

%Gafisa - (R$ 000) 4Q10 4Q09 Var. (%)

Gafisa ≤ R$500 k 418,520 185,480 126%> R$500 k 203,512 281,099 -28%

To tal 622,032 466,579 33%Units 1,427 1,210 18%

AlphaVille > R$100K; ≤ R$500K 192,971 204,336 -6%

To tal 192,971 204,336 -6%Units 1,173 969 21%

Tenda ≤ R$130 k 234,321 311,403 -25%> R$130 k; < R$200k 191,493 71,491 168%

To tal 425,815 382,895 11%

Units 3,332 4,234 -21%Consolidated To tal 1,240,818 1,053,810 18%

Units 5,933 6,413 -7%

(%Gafisa) - R$ 000

SP

43%

PA

12%

MG

9%

RO

5%

PR

5%

MA

5%

RS

4%

Others

17%

SP

41%

PA

12%

RJ

10%

MG

6%

BA

6%

PR

6%

PE

5%

Outros

14%

2010 Launches by unit price 2010 Pre-sales by unit price

Strong Launch and Sales Performance

7

2010 2009 Var. (%)Gafisa ≤ R$500 k 1,103,066 739,590 49%

> R$500 k 1,052,257 524,930 100%Tota l 2,155,323 1,264,520 70%Uni ts 5,124 3,428 49%

AlphaVille > R$100K; ≤ R$500K 740,592 419,512 77%Tota l 740,592 419,512 77%Uni ts 3,607 2,096 72%

Tenda ≤ R$130K 954,770 288,013 232%> R$130K ; < R$200K 641,149 329,179 95%Tota l 1,595,919 617,192 159%Uni ts 13,502 5,286 155%

Consolidated Tota l 4,491,835 2,301,224 95%Units 22,233 10,810 106%

%Gafisa - (R$ 000) 2010 2009 Var. (%)Gafisa ≤ R$500 k 1,245,723 819,257 52%

> R$500 k 728,594 690,819 5%Total 1,974,317 1,510,075 31%Units 4,773 4,210 13%

AlphaVille > R$100K; ≤ R$500K 598,938 376,885 59%Total 598,938 376,885 59%Units 2,906 1,872 55%

Tenda ≤ R$130 k 941,574 1,168,616 -19%> R$130 k ; < R$200k 491,551 192,488 155%Total 1,433,125 1,361,105 5%Units 13,065 15,871 -18%

Consolidated Total 4,006,380 3,248,065 23%Units 20,744 21,953 -6%

(%Gafisa) - R$ 000

SP

44%

RJ

9%

PA

9%

PR

8%

MG

6%

BA

4%

RS

3%

Others

17%

SP

44%

PA

12%

RJ

7%

MG

6%

BA

6%

PR

5%

PE

3%

Others

17%

8

Inventory and Sales Velocity - 4Q10

4Q10 Inventory

27.4% 25.7%28.6%

4Q10 3Q10 4Q09

Sales Velocity (%)

R$ millionInventories

Beginning of period

Inventories

Launches Sales Price Increase

+ OtherEnd of period

InventoriesSales velocity

Gafisa 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%

Diversified, High-Quality Land Bank Provides Strong Platform for Growth177 different projects in 22 states. Growth of 14.1% over 2009, reaching R$ 18.1 billion

9� 38.5% acquired by swap agreements.

� Affordable entry-level segment represents 46% of potential units in land bank.

PSV - R$ million

(%Gafisa)

%Swap

Total

%Swap

Units

%Swap

Financial

Potential units

(%Gafisa)

Gafisa <= R$500K 4,495 42.6% 36.9% 5.8% 15,222> R$500K 3,751 35.1% 30.8% 4.3% 4,836Total 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% 26Total 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% 9,203Total 4,586 39.7% 39.1% 0.6% 42,849

Consolidated 18,054 38.5% 34.5% 4.0% 92,882

Land Bank (R$ million) Gafisa Alphaville Tenda Total

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

Delivered Projects

Gafisa delivered 83 developments or phases and 12,894 units during 2010, representing R$ 1.7 billion of PSV.

Gafisa: 18 projects/phases, 2,723 units, R$ 737 million

Alphavile: 8 projects/phases, 2,150 units, R$ 329 million

Tenda: 57 projects/phases, 8,021 units, R$ 627 million

10

Tenda Osasco Life - SP

Gaf isa SecretGarden - SP

AlphaVile Piracicaba - SP

Minimum Wages Caixa Econômica Fereral(1)

0 - 3 MW 482.741

3- 10 M W 522.387

TOTAL 1.005.128

(1) Unt il December 31st

, 2010 for CEF.

Period Units % MCMV

2009 6.102 74%

1Q10 2.788 88%

2Q10 6.239 78%

3Q10 7.785 79%

4Q10 5.476 77%

TOTAL 2010 22.288 100%

Period Units % MCMV

2009 5.114 48%

1Q10 1.898 81%

2Q10 2.515 89%

3Q10 2.381 85%

4Q10 2.865 95%

2010 9.659 89%

TOTAL 14.773 74%

Total Contracted Units under "MCMV" I

Contracted

Transferred

Efficiency Gains under “Minha Casa, Minha Vida” ProgramTenda contracted 22,288 units in 2010

Caixa’s efficiency continues to improve;

In 4Q10, Tenda transferred 5,476 units of which 77% were to the MCMV program

11

16,099

33,586

49,423

54,977

2007 2008 2009 2010

6385

188204

2007 2008 2009 2010

242 386

513 460 31

47

58 61

186

241

309 399

459

674

880 920

2007 2008 2009 2010

Construction Architects On the J ob Soma

3,108

8,206 10,831 12,894

25.000

2007 2008 2009 2010 2011E 12

Proven Execution Capacity with no additional challenges for 2011

Units Under Construction Projects under Construction

Units Completed Number of Engineers

Source: Gafisa

Financial Performance – Duilio Calciolari, CFO and IR Officer

Overview of 4Q10 and 2010 Results

13

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%G&A expenses 64,894 60,298 59,317 236,754 233,129 1.6%SG&A 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 bpsG&A expenses / Launches 4.2% 6.0% 4.8% 5.3% 10.1% -486 bpsSG&A / Launches 9.1% 13.4% 9.2% 10.7% 20.0% -931 bpsSelling expenses / Sales 6.1% 7.0% 5.3% 6.1% 7.0% -92 bpsG&A expenses / Sales 5.2% 5.7% 5.8% 5.9% 7.2% -127 bpsSG&A / Sales 11.4% 12.7% 11.1% 12.0% 14.2% -219 bpsSelling expenses / Net revenue 8.2% 8.2% 5.6% 6.5% 7.5% -98 bpsG&A expenses / Net revenue 7.0% 6.7% 6.2% 6.4% 7.7% -135 bpsSG&A / Net revenue 15.2% 14.9% 11.8% 12.9% 15.2% -233 bps

(R$'000)

SG&A4Q10 shows Improvement over 4Q09 against the main SG&A indicators

14

� SG&A over launches and sales continue to improve when compared to the 4Q09, mainly due to the

operating leverage and synergies achieved with the merger of Tenda into Gafisa;

� SG&A/Net revenues was affected mainly by higher sales expenses related to greater launches volume on

the 4Q10.

New Projects Positively Impacted Backlog of Revenues to be Recognized

15

(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

� Recent projects are having a greater impact on the company’s results to be recognized.

� At the same time, we are delivering our lower margin projects.

Net Debt/Equity (Excluding Project Finance): 13.5%;

Project Finance to represent 55% of the total debt;

An over R$ 200 million available for securitization.

16

Strong Cash Position of R$1.2 billion and Capital Structure to Support Growth

(R$ million) Average Cos t (p.a.) TotalUntil

Dec /2011Until

Dec /2012Until

Dec/2013Until

Dec/2014Afte r

Dec /2014Deben tures - FGTS (project finance) (8.25% - 9.06%) + TR 1 ,211 .3 15.4 150.0 596.7 449.2 - Deben tures - Working Capita l CDI + (1.5% - 1.95%) 668 .6 11.1 122.6 125.8 109.5 299.6 Project financing (SFH) (8.30% - 12%) + TR 745 .7 548.3 156.8 40.6 - - Working capital CDI + (1.30% - 4.20%) 664 .5 249.6 88.4 79.3 247.2 - sub-total consolidated debt 11.8% 3,290 .1 824.4 517.7 842.5 805.9 299.6 Investor Obliga tions CDI 380 - 127 127 127 - Total consolida ted debt 3 ,670 .1 824.4 644.4 969.1 932.6 299.6 % Tota l 22% 18% 26% 25% 8%

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

2010´s Guidance vs. Actual

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:

17

Launches (R$ million)

Guidance 2010

4Q10 % 2010 %

Gafisa Min. 4,200 37% 107%(consolidated) Average 4,400 1,543 35% 4,492 102%

Max. 4,600 34% 98%

EBITDA Margin (%)Guidance

20104Q10 % 2010 %

Gafisa Min. 18.5% 280 bps 160 bps(consolidated) Average 19.5% 21.3% 180 bps 20.1% 60 bps

Max. 20.5% 80 bps -40 bps

2011 Guidance

18

Guidance 2011Launches

(R$ million)EBITDA Margin

(%)Net Debt/Equity (%) -

EoP

Minimum 5,000 18.0%Average 5,300 20.0%

Maximum 5,600 22.0% < 60%

EBITDA Margin (%) Guidance 2011

1H11 2H11 2011

Minimum 13.0% 20.0% 18.0%Average 15.0% 22.0% 20.0%

Maximum 17.0% 24.0% 22.0%

We expect an adjusted EBTIDA margin for the full year of between 18% and 22%. This year we are

also giving the breakdown between the first and second half, since we expect some important

changes on the operational side, mainly related to:

1. lower revenue resulting from fewer launches in 2009, compared to 2008 (2009: R$2.3 billion; 2008 R$4.2

billion), ensuing impact on the diluting of fixed costs;

2. Delivery of lower margin products by Tenda and by Gafisa

3. Possible discounts on units that are ready but unsold, relating to launches in 2008 and earlier years.

19

Gafisa’s average daily trading volume: R$104.6 million (last 90 days)1

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

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

Listed on NYSE

30,000,000

80,000,000

130,000,000

180,000,000

230,000,000

9.00

10.00

11.00

12.00

13.00

14.00

15.00

Dec-10 Jan-11 Jan-11 Jan-11 Feb-11 Feb-11 Feb-11 Mar-11 Mar-11 Mar-11

Average Volume Price GFSA3 (R$ / share)

Gafisa EquityPrice and Volume vs. Time