Gafisa Announces Approval of One-for-Two Stock Split

USA - English

• USA - English
• USA - English
• USA - English

SAO PAULO, Feb. 23 /PRNewswire-FirstCall/ -- Gafisa S.A. (NYSE: GFA; Bovespa: GFSA3), one of Brazil's leading diversified national homebuilders, announced that the Company's shareholders approved at today's Extraordinary Shareholders' Meeting a one-for-two stock split.

Shareholders of record as of February 22, 2010 will receive two common shares for each common share currently owned. Shares will commence trading on the new basis at the opening of business on February 23, at the Bovespa and by March 4 at the NYSE.

The number of common shares represented by each ADR will remain unchanged. Thus, the total number of ADRs will be adjusted in the same proportion as the stock split, one-for-two. The split common shares will confer equal rights and benefits, including dividends, capital interest and future capital remuneration compared to the other common shares issued by the Company.

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Gafisa. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors; therefore, they are subject to change without prior notice.

    For additional information:
    Luiz Mauricio Garcia
    Investor Relations
    Phone: +55 11 3025-9297/9242/9305
    Fax: +55 11 3025-9348
    [email protected]

SOURCE Gafisa S.A.