Tenda Pre-SalesIn keeping with a necessary change in strategy, second-quarter gross pre-sales increased 38% Q-o-Q to R$344.8 million, compared to R$249.1 million in 1Q12, in part due to the success of CEF's recent Feirão (annual sales event), which attracted strong demand. Since 1Q12, pre-sales recognition and the remuneration of the Tenda sales force has been contingent upon the ability to pass mortgages onto financial institutions. Second-quarter net pre-sales (gross pre-sales less dissolutions) were R$15.7 million compared with negative R$90.4 million in 1Q12. The net pre-sales results reflect the dissolution of contracts in 2Q12 of R$329.1 million with potential homeowners who no longer qualify for bank mortgages versus R$339.6 million in the previous quarter. Despite ongoing dissolutions expected in 2012, the Gafisa group is experiencing positive demand for these units. Of the 4,957 units returned to inventory, 62% have already been resold to qualified customers within the 1H12. Tenda Segment Operations Since June 2011 the number of units contracted by financial institutions has accelerated, which in part reflects the addition of a new CEF unit dedicated to major homebuilders. In 1H12, Tenda transferred 6.300 units to financial institutions, or 53% of the mid-range of guidance provided for the full year of 10.000–14.000 customers, contributing positively to the positive operational cash flow achieved in the period. Tenda Delivery The Tenda segment is expected to represent 50% of the Gafisa Group’s planned deliveries ranging from 22,000 to 26,000 units in 2012. During the 1H12, Tenda delivered 39 projects/phases and 6.534 units, reaching 54% of the mid-range of full-year delivery guidance for the brand. About Gafisa Gafisa is a leading diversified national homebuilder serving all demographic segments of the Brazilian market. Established over 57 years ago, we have completed and sold more than 1,000 developments and built more than 12 million square meters of housing, more than any other residential development company in Brazil. Recognized as one of the foremost professionally managed homebuilders, "Gafisa" is also one of the most respected and best-known brands in the real estate market, recognized among potential homebuyers, brokers, lenders, landowners, competitors, and investors for its quality, consistency, and professionalism. Our pre-eminent brands include Tenda, serving the affordable/entry-level housing segment, and Gafisa and Alphaville, which offer a variety of residential options to the mid- to higher-income segments. Gafisa S.A. is traded on the Novo Mercado of the BM&FBOVESPA (BOVESPA:GFSA3) and on the New York Stock Exchange (NYSE:GFA).