Gafisa Reports Delay in Filing Annual Report on Form 20F for the Year Ended December 31, 2010

SAO PAULO, BRAZIL--(Marketwire - Jul 26, 2011) - Gafisa S.A. (BOVESPA: GFSA3) (NYSE: GFA), Brazil's leading diversified national homebuilder, reports delay in filing annual report on Form 20F for the year ended December 31, 2010.

Gafisa S.A. (the "Company") previously filed a Form 12b-25 with the U.S. Securities and Exchange Commission (the "SEC") notifying the SEC that the Company had been unable to finalize all the information required for its annual report on Form 20-F for the year ended December 31, 2010 (the "2010 20-F") by the June 30, 2011 prescribed filing date. Accordingly, the deadline to file the Company's 2010 20-F was extended to July 15, 2011 in accordance with Rule 12b-25 of the U.S. Securities Exchange Act of 1934, as amended.

The delay was due to the Company's reevaluation of certain aspects of its U.S. GAAP revenue recognition and other U.S. GAAP classification matters contained in the Company's U.S. GAAP reconciliation footnote in its consolidated financial statements as disclosed in its Current Reports on Form 6-K filed on April 1, 2011 and June 27, 2011. Due to the complex nature of the issues involved in the Company's evaluation of these matters and the procedures to be carried out by the Company in connection therewith, the Company is unable to provide a specific date by which it will file its 2010 20-F. The Company's management is committed to filing the 2010 20-F as soon as possible.

GAFISA S.A.
Alceu Duilio Calciolari
CEO and Investor Relations Officer

About Gafisa
Gafisa is a leading diversified national homebuilder serving all demographic segments of the Brazilian market. Established more than 57 years ago, the Company has 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. Gafisa's preeminent 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).