EARNINGS 4Q15 Conference Call March 4, 2016

EARNINGS 4Q15 Conference Call March 4, 2016

SAFE-HARBOR STATEMENT We make forward-looking statements that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our management, and on information currently available to us. Forward-looking statements include statements regarding our intent, belief or current expectations of our directors or executive officers. Forward-looking statements also include information concerning our possible or assumed future results of operations, as well as statements preceded by, followed by, or that include the words ''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,' ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or similar expressions. Forwardlooking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Our future results and shareholder values may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results and values are beyond our ability to control or predict. 2

GAFISA SEGMENT 4Q15 Results The Gafisa Segment launched five projects in the 4Q15, representing R$380.3 million. In 2015, 12 projects were launched, totaling R$996.3 million Net pre-sales totaled R$245.2 million in 4Q15, up 38% y-o-y and stable compared to 3Q15. Net pre-sales in 2015 reached R$914.8 million against R$811.0 million in the previous year In 4Q15, adjusted gross profit was R$127.4 million, with a 36.1% adjusted gross margin against 37.9% in 3Q15 and 30.7% in the previous year. In 2015, adjusted gross profit totaled R$532.6 million, with a 36.9% adjusted gross margin Adjusted EBITDA reached R$49.9 million, with a 14.1% EBITDA margin compared to 16.6% from the previous quarter and 16.7% from 4Q14. In 2015, adjusted EBITDA was R$227.4 million with a 15.8% margin Selling, general and administrative expenses remained stable compared to the previous year, totaling R$55.3 million in the quarter. In 2015, it had a decrease of 11% y-o-y, totaling R$195.4 million In 4Q15, Gafisa s net income was R$13.8 million, compared to R$36.8 million in the previous year. In 2015, the Gafisa segment reported a net income of R$44.1 million. 3

GAFISA SEGMENT Operational and Financial Highlights (R$ 000 and % Gafisa) 4Q15 3Q15 Q/Q (%) 4Q14 Y/Y (%) 12M15 12M14 Y/Y (%) Launches 380,270 288,234 32% - - 996,316 1,023,012-3% Net pre-sales 245,196 247,608-1% 177,294 38% 914,796 811,032 13% Net pre-sales of Launches 129,227 71,433 81% 57,770 124% 282,069 342,387-18% Sales over Supply (SoS) 10.8% 11.0% -20 bps 7.2% 360 bps 31.1% 26.1% 500 bps Delivered projects (Units) 1,641 - - 1,412 16% 4,986 3,806 31% Net Revenue 352,424 402,483-12% 490,947-28% 1,443,357 1,580,860-9% Adjusted Gross Profit 1 127,392 152,627-17% 150,806-16% 532,621 560,254-5% Adjusted Gross Margin 1 36.1% 37.9% -180 bps 30.7% 540 bps 36.9% 35.4% 150 bps Adjusted EBITDA 2 49,858 66,846-25% 81,843-39% 227,393 296,695-23% Adjusted EBITDA Margin 2 14.1% 16.6% -250 bps 16.7% -260 bps 15.8% 18.8% -300 bps Net Income (Loss) 13,818 1,656 734% 36,819-62% 44,129 66,887-34% 1) Adjusted by capitalized interests. 2) Adjusted by expenses with stock option plans (non-cash), minority. and does not consider AUSA equity income. 4

GAFISA SEGMENT G&A reduction and consistent adjusted gross margin Maintenance of the level of net sales in the period, despite a more challenging macroeconomic scenario Adjusted gross margin ended the quarter at 36.1%, confirming the equilibrium and stability of the Gafisa segment, observed since the beginning of 2013, due to the solid performance of its projects Launches (R$ million) 679 419 354 380 315 253 288 217 101 107 75 0 1Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15 Adjusted Gross Margin 42,0% 37,9% 36,1% 30,7% Gross Sales by Market (R$ million) 453 383 345 358 318 291 294 280 244 221 235 213 48 63 41 55 54 52 33 49 25 13 12 12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 SP + RJ Other Markets Net Revenues (R$ million) 1,664 1,581 327 398 365 491 340 348 402 352 2% 5% 5% 3% 2% 1% 0% 0% 0% 14% G&A expenses decreased 95% 95% 98% 97% 98% 99% 100% 100% 100% by 21.9% compared to 86% previous year 4Q13 4Q14 3Q15 4Q15 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 SP+RJ Other markets 5

TENDA SEGMENT 4Q15 Results The Tenda segment launched 9 projects in this fourth quarter, totaling R$302.6 million in PSV. In 2015, launches reached R$1.1 billion Net pre-sales totaled R$237.5 million in 4Q15, an increase of 88% y-o-y, and a 3% decrease compared to 3Q15. In the year, net pre-sales reached R$1.0 billion In 4Q15, adjusted gross profit was R$61.9 million, with a 29.9% adjusted gross margin against 32.1% in 3Q15 and 28.6% in the previous year. In 2015, adjusted gross profit totaled R$260.2 million with a 30.6% margin compared to R$153.1 million of adjusted gross profit and a 26.9% margin in the previous year Adjusted EBITDA reached R$1.5 million in 4Q15, with a 0.7% EBITDA margin, compared to a 11.0% margin in the previous quarter and a negative margin of 19.5% in 4Q14. In the year, adjusted EBITDA was R$62.2 million, with a 7.3% margin Selling, general and administrative expenses showed an increase of 14% y-o-y and a decrease of 6% compared to the previous quarter, reaching R$40.6 million. In 2015, these expenses increased 8.0%, totaling R$150.8 million Tenda s net result was a negative R$13.0 million in 4Q15, higher than the net loss of R$28.8 million in 4Q14 although lower than net income of R$11.8 million in 3Q15. In the year, net income was positive R$30.3 million, substantially higher when compared to a loss of R$109.4 million in the same period in 2014. 6

TENDA SEGMENT Operational and Financial Highlights (R$000 and % Tenda) 4Q15 3Q15 Q/Q (%) 4Q14 Y/Y (%) 12M15 12M14 Y/Y (%) Launches 302,635 318,585-5.0% 241,549 25.3% 1,088,941 613,299 78% Net pre-sales 237,452 245,195-3.2% 126,594 87.6% 1,016,131 395,981 157% Net pre-sales of Launches 192,275 162,543 18% 92,638 108% 507,570 176,823 187% Sales over Supply (SoS) 20.9% 23.0% -210 bps 13.3% 760 bps 53.0% 32.3% 2,070 bps Delivered projects (Units) 1,480 1,304 13% 1,624-9% 5,711 6,264-9% Net Revenue 206,822 221,560-7% 158,329 31% 850,962 570,138 49% Adjusted Gross Profit 1 61,927 71,150-13% 45,262 37% 260,162 153,088 70% Adjusted Gross Margin 1 29.9% 32.1% -220 bps 28.6% 130 bps 30.6% 26.9% 370 bps Adjusted EBITDA 2 1,464 24,403-94% (30,856) -105% 62,203 (67,503) - Adjusted EBITDA Margin 2 0.7% 11.0% -1030 bps -19.5% 2,020 bps 7.3% -11.8% -450 bps Net Income (Loss) (12,991) 11,830 - (28,774) -55% 30,320 (109,436) - 1) Adjusted by capitalized interests. 2) Adjusted by expenses with stock option plans (non-cash), minority, and does not consider the equity income from AUSA. 7

TENDA SEGMENT Evolution in Level of Revenues and Higher Profitability Launches (R$ million) Adjusted Gross Margin 319 303 Adjusted gross margin in line with previous quarters 181 242 238 229 28,5% 30,4% 29,8% 28,6% 30,0% 32,1% 30,1% 29.9% Operational consolidation of the New Model projects with better performance and profitability, contributing to maintaining the adjusted gross margin at high levels Annual growth of adjusted EBITDA and adjusted EBITDA margin, reflecting the operational consolidation of the New Model 14 226 114 271 33 57 60 224 104 88 84 154 153 92 99 91 Gross Sales (R$ million) 116 183 126 107 75 233 67 67 269 75 233 54 245 32 13.3% 14,7% 12,3% 1.4% Net Revenues by Model (R$ million) 817 570 106 177 129 158 179 243 222 207 24% 15% 6% 16% 45% 36% 28% 27% 61% 90% 76% 85% 94% 84% 55% 64% 72% 73% 39% 10% 1Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q15 New Projects Legacy 2013 2014 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 New Projects Legacy 8

CONSOLIDATED RESULTS Operational and Financial Highlights (R$000 and % Gafisa) 4Q15 3Q15 Q/Q (%) 4Q14 Y/Y (%) 12M15 12M14 Y/Y (%) Launches 682,905 606,819 13% 241,549 183% 2,085,257 1,636,311 27% Net pre-sales 482,648 492,803-2% 303,888 59% 1,930,927 1,207,013 60% Net pre-sales of Launches 321,502 233,976 37% 150,408 114% 789,639 519,210 37% Sales over Supply (SoS) 14.1% 14.8% -70 bps 8.9% 520 bps 39.7% 27.9% 1,180 bps Delivered projects (Units) 3,121 1,304 139% 3,036 3% 10,697 10,070 6% Net Revenue 559,246 624,043-10% 649,276-14% 2,294,319 2,150,998 7% Adjusted Gross Profit 1 189,319 223,777-15% 196,068-3% 792,783 713,342 11% Adjusted Gross Margin 1 33.9% 35.9% -200 bps 30.2% 370 bps 34.6% 33.2% 140 bps Adjusted EBITDA 2 78,026 92,417-16% 71,725 9% 339,639 261,491 30% Adjusted EBITDA Margin 2 14.0% 14.8% -80 bps 11.0% 300 bps 14.8% 12.2% 260 bps Net Income (Loss) 827 13,486-94% 8,045-90% 74,449 (42,549) - 1) Adjusted by capitalized interests. 2) Adjusted by expenses with stock option plans (non-cash), minority, and does not consider AUSA equity income. 9

DEBT AND LEVERAGE Net Debt/Equity Ratio of 46.6% Leverage 4Q15 Debt Breakdown (R$ mm) Net Debt/Equity 0.47x Cash generation of R$128,4M in 4Q15 Debentures FGTS 654 TR + 9.08% - 9.8247% 2.485 2.519 1.444 1.101 2.858 782 2.024 1.159 1.404 1.408 1.385 1.440 1.563 1.280 1.463 1.157 1.116 1.535 1.563 1.572 877 922 1.443 712 Net Debt Availabilities Debentures WC Project Finance/SFH Working Capital Obligations with Investors 204 CDI + 1.90% - 1.95% / IPCA + 7.96% - 8.22% 1.162 131 5 TR + 8.30% - 11.00% / 117.0% CDI / 12.87% CDI + 2.20% / 117.9% CDI CDI + 0.59% 94,0% 96,2% 120,2% Total 2.156 Average Cost 14.05% (99.4% CDI) 36,1% 44,9% 44,9% 44,3% 47,1% 50,0% 50,4% 50,5% 46.6% Debt Maturity Timeline 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Leverage Level In 4Q15, R$570.7 million in gross debt was amortized Net effect was amortization of R$463.2 million One of the smallest leverage levels in the sector, aligned to the Company s guidelines (55-65%) 23% 87% 91% 66% 77% 13% 9% 34% Up to Dec/16 Up to Dec/17 Up to Dec/18 After Dec/18 Corporate Debt Project Finance 10

SPIN-OFF PROCESS Processo de Spin Off Updated status Status Atualizado Ao longo do quarto trimestre, demos continuidade aos estudos para uma potencial separação das unidades de negócio Gafisa e Tenda. On Durante April o ano 29, de 2015, 2014 foram further implementadas to the material uma série fact de released ações, de modo on February a permitir uma 7, 2014, operação the independente: Company disclosed divisão efetiva a new de diversos material departamentos, fact informing como its Central shareholders Serviços, Gente and the e Gestão, market Jurídico, in general entre outras; that studies alteração and do registro evaluation da categoria of the de potential emissor de separation Tenda junto of à (CVM), the Gafisa passando and à Categoria Tenda business A; atuação units junto aos are bancos still in e seguradoras para abertura de limite de crédito independente para Tenda; e mapeamento de contratos e avaliação de progress, aimed at achieving conditions seen as sufficient for its implementation. potencial impacto em virtude do spin-off. Adicionalmente, a Companhia segue dando prosseguimento aos estudos finais relacionados às alternativas de However, separação das considering duas empresas. that the process of definition of capital structure is still ongoing, and being this definition a necessary step in the separation process, the asset still does not show the Dentre characteristics as iniciativas e estudos for immediate sendo conduzidos, separation podemos in destacar: its current conditions. Therefore, it is not yet possible to determine when the potential separation will be concluded. Avaliação das estruturas societárias possíveis; Evolução dos processos de abertura de crédito em Tenda; Avaliação sobre a futura estrutura de governança corporativa de Tenda; Avaliação junto a BM&F/Bovespa dos procedimentos necessários para a negociação de Tenda, e avaliação de potencial listagem de ADR Nível 1; Definição de um modelo de estrutura de capital adequada ao ciclo de negócios de cada uma das empresas. Conforme informado quando do anuncio dos estudos iniciais, nossa expectativa é de que a potencial separação, caso aprovada, venha a ser implementada ainda no ano de 2015. A Companhia manterá seus acionistas e o mercado em geral informados quanto à evolução e os desenvolvimentos dessa potencial separação. 11 13

THANK YOU www.gafisa.com.br /ri ri@gafisa.com.br