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1

The Gafisa segment accounted for 20% of the year’s net pre-sales, while the Tenda segment accounted for the remaining 80%.

Table 2. Gafisa Group Pre-Sales (R$ thousand)

Consolidated Sales over Supply (SoS)

Consolidated sales over supply reached 10.6% in 1Q16, lower than the 12.8% recorded in 1Q15 and the 14.1% posted in 4Q15. The consolidated speed of sales for 1Q16 launches reached 9.8% while in the year it reached 39.5%.

Table 3. Gafisa Group Sales over Supply (SoS)

Delivered Projects

During the first quarter of 2016, the Company delivered 5 projects/phases accounting for 655 units and representing a total of R$166.5 million in PSV. Delivery date is based on the date of the “Delivery Meeting” that takes place with customers, rather than physical completion, which occurs prior to the Delivery Meeting.

2

Inventory (Properties for Sale)

In the 1Q16, the market value of consolidated inventory decreased by 3.6% vs. 4Q15, at R$2.8 billion. In regards to 1Q16 sales, 91.0% related to remaining units, comprised of R$58.7 million from the Gafisa segment and R$244.6 million from the Tenda segment.

The market value of Gafisa inventory, which represents 70.0 % of total inventory, was R$2.0 billion at the end of 1Q16, down by 2.7% q-o-q and by 4.6% y-o-y. Tenda’s inventory was valued at R$849.1 million at the end of 1Q16, compared to R$899.8 million at the end of 4Q15, down by 5.6%.

Table 4. Inventory at Market Value 1Q16 x 4Q15 (R$)

¹Adjustments of the period reflect updates related to the project’s scope, date of launch and prices.

Focus on residential projects in the Middle, Medium-High and High income segments, with average unit sales price exceeding R$250,000.

Gafisa Launches

First quarter launches totaled R$80.1 million and consisted of 1 project/phase in São Paulo, which started sales in the last week of March. The sales speed of this launch reached 10.2%.

Gafisa Pre-Sales

First quarter gross pre-sales in the Gafisa segment totaled R$237.1 million. Dissolutions in 1Q16 were R$170.3 million, yielding total net pre-sales of R$66.8 million, down 72.7% q-o-q and down 62.8% y-o-y. The Gafisa segment’s SoS of the last twelve months reached 28.9% compared to 28.0% in the same period last year. In the 1Q16, SoS was 3.3%, compared to 10.8% in the previous quarter and to 8.0% in 1Q15.

It is worth noting that in 1Q16 operating performance was impacted quite heavily, especially in January and February due to the continued deterioration of the macroeconomic environment and the troubled political scenario, also taking into account seasonal characteristics. Results in March reached R$101.1 million in net pre-sales, closer to last year’s result, signaling an improvement when compared to the first two months of the year.

Another important highlight in 1Q16 is the volume of dissolutions – which was higher than the LTM average, especially due to the strong volume of projects delivered in 4Q15, totaling R$1.0 billion in PSV, approximately 43% of the total PSV delivered in the FY2015, thus reflecting in a higher volume of dissolutions in the following period.

As seen in 2015, and one of the main current operational guidelines for the following year, the Company continues to focus its efforts on the sale of remaining units. As a result, 87.8 % of net sales for the quarter were related to units in inventory. Due to the higher volume of dissolutions of projects launched before 2015,  net sales of 2015 launches accounted for 82% of total net sales of remaining units.

3

Out of the 257 Gafisa segment units cancelled and returned to inventory during the quarter, 45.1%, or 116 units were resold over the same period

Gafisa Delivered Projects

In 1Q16, 2 projects/phases were delivered, accounting for 191 units and representing a total of
R$104.8 million in PSV.

Focus on residential projects in the economic segment, targeted within the range II of the Minha Casa Minha Vida (MCMV) program.

Tenda Launches

First-quarter launches from the Tenda segment totaled R$228.5 million, which included 9 projects/phases in the states of São Paulo, Rio Grande do Sul, Minas Gerais, Bahia and Pernambuco. The Tenda brand accounted for 74% of the 1Q16 consolidated launches.

Tenda Pre-Sales

During 1Q16, gross sales reached R$312.7 million, and dissolutions totaled R$46.2 million, yielding R$266.5 million of net pre-sales. This figure represents a 12.2% increase when compared to that of 4Q15 and of 9.4% compared to 1Q15.

Sales from units launched during 1Q16 represented 8.2% of total segment sales. Tenda’s SoS reached 23.9% in the quarter.

Table 5. SoS Gross Sales (Ex-Dissolutions)

Table 6. SoS Net Sales

In keeping with its policy of dissolving contracts with ineligible clients in order to sell the units to qualified customers, dissolutions decreased by 17.9% in 1Q16 when compared to 1Q15 and increased by 15.9% when compared to 4Q15, in line with a higher volume of gross sales recorded this quarter, ending the period at R$46.2 million.

4

Based on its policy of immediate transfer after the sale and reduction in the legacy projects portfolio, Tenda segment presented a lower volume of dissolutions. Nearly 56% of dissolutions of the quarter related to Tenda’s legacy projects, even though dissolutions represented only 14.8% of gross sales in the quarter. Of the 314 Tenda units cancelled and returned to inventory in 1Q16, 57.3% were resold to qualified customers during the same period.

Table 7. Cancelled PSV Tenda Segment (R$ thousand and % over Gross Sales per Model)

Tenda Delivered Projects

3 projects/phases, accounting for 464 units were delivered in the quarter, representing R$61.7 million in PSV.