Gafisa S.A. Appoints Citi as Depositary for its NYSE-listed ADR Program

March, 21, 2007, New York, NY – Gafisa S.A. has appointed Citi as depositary for its NYSE-listed American Depositary Receipt (ADR) Program. The company is headquartered in São Paulo. The Gafisa American Depositary Shares (ADSs) trade under the symbol GFA (CUSIP 362607301). The ratio of common shares to ADRs is 2 to 1. The underlying common shares are listed on the BOVESPA in Brazil.

Gafisa's NYSE listing represents an upgraded DR program for the company. Until this offering, Gafisa had offered its shares to investors through a privately placed Global Depositary Receipt (GDR) program.

Nancy Lissemore, Managing Director — Depositary Receipt Services at Citi, said, "With its move to a NYSE listing, we are pleased to see Gafisa take steps to achieve its goals of long-term liquidity and broadly based research coverage. We look forward to facilitating Gafisa's successful ADR program for many years to come."

Gafisa is one of Brazil's leading homebuilders. Over the last 50 years, the company has been recognized as one of the foremost professionally-managed homebuilders, having completed and sold more than 900 developments and constructed over ten million square meters, believed to be more than any other residential development company in Brazil. Gafisa is one of the best-known brands in the Brazilian real estate development market, enjoying a reputation among potential homebuyers, brokers, lenders, landowners and competitors for quality, consistency and professionalism.

For further information on Depositary Receipt Services, visit www.citigroup.com/adr.

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