Focuses on residential developments within the upper, upper-middle, and middle-income segments, with unit prices exceeding R$250,000.

Gafisa Launches

Second-quarter launches reached R$465.9 million and included 5 projects/phases fully concentrated in São Paulo, 117% higher than the R$214.7 million in the previous quarter.

Gafisa Pre-Sales

Second-quarter pre-sales totaled R$456.4 million, a 44% increase compared to 1Q12. Units launched during the same year represented 48% of total sales, while sales from inventory accounted for the remaining 52%. In 2Q12, sales velocity (sales over supply) was 19.6%, compared to 13.9% in 1Q12, and 19.7% in 2Q11. The sales velocity of Gafisa launches was 41.8%.

Gafisa Delivery

During the first half of 2012, Gafisa delivered 23 projects/phases and 4.026 units.

Focuses on the sale of residential lots, with unit prices between R$100,000 and R$500,000.

Alphaville Launches

Second-quarter launches totaled R$80.6 million, a 16% decrease compared to 2Q11, and included 2 projects/phases across 2 states. The brand accounted for a 33 percent share of 1H12 consolidated launches, up from 15% percent a year ago, underscoring the increasing share of Alphaville in the product mix.

Alphaville Pre-Sales

Second-quarter pre-sales reached R$158.2 million, a 13% decrease compared to the first quarter of 2012 and 9% increase y-o-y. During 1H12, the residential lots segment’s share of consolidated pre-sales increased to 33% from 16% in 1H11. In 2Q12, sales velocity (sales over supply) was 21.6%, compared to 22.2% in 1Q12. Second-quarter sales velocity from launches was 54%. Sales from launches represented 51% of total sales, while the remaining 49% came from inventory.

Alphaville Delivery

During the 1H12, Alphaville delivered 5 projects/phases and 1,637 units.

Focuses on affordable residential developments, with unit prices between R$80,000 and R$200,000.

Tenda Launches

Reflecting remedial actions at Tenda and a focus on execution and delivery, no projects were launched in the first half of 2012. Throughout the year, Tenda is not expected to represent more than 10% of consolidated launch guidance of between R$2.7 and R$3.3 billion.

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