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Gafisa Reports Unaudited Full Year 2011 Preliminary Results

Launches for 2012 are expected to be between R$2.7 and R$3.3 billion, reflecting the new more targeted regional focus and the deliberate slowdown of the Tenda business. Gafisa should represent 50%, Tenda 10% and AlphaVille 40% of launches. For the first quarter of 2012, the Gafisa Group already launched R$400 million.

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. During the first quarter of 2012, the Company delivered 6,000 units and transferred 2,500 Tenda units to financial institutions.

Finally, the Company expects to generate between R$ 500 million and R$700 million in operating cash flow for the full year of 2012. At March 31, 2012, the Company had approximately R$900 million in cash and cash equivalents.

PRELIMINARY UNAUDITED CONSOLIDATED INCOME STATEMENT

                 
R$ 000       2011   2010   YoY
Net Operating Revenue       2.788.559   3.720.860   -25%
Operating Costs -2.677.258 -2.634.556 2%
Gross profit 111.301 1.086.304 -90%
Operating Expenses -865.092 -525.307 65%
Operating Results -753.791 560.997 -234%
Net Interest Income -159.903 -82.118 95%
Deferred Taxes -139.790 -38.899 259%
Income After Taxes -1.053.484 439.980 -339%
Minority Shareholders -39.679 -23.930 66%
Net Income       -1.093.163   416.050   -363%
 

Note: The Income Statement reflects the impact of IFRS adoption, also for 2010.

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