Gafisa Announces New CEO and CFO

SAO PAULO, BRAZIL--(Marketwire - Jul 5, 2011) - Gafisa S.A. (BOVESPA: GFSA3) (NYSE: GFA), Brazil's leading diversified national homebuilder, today announced that Alceu Duilio Calciolari has been named Chief Executive Officer, effective immediately. He will also retain the role of IRO and has been interim-CEO since May 9th, 2011. Mr. Rodrigo Osmo, the Company's CEO of AlphaVille has been named CFO.

"Duilio is exactly the right leader for Gafisa and we are confident that he and Rodrigo as the new CFO will accomplish the goals set out for the Company. Duilio brings the right skill set, deep knowledge of the Company and real estate sector, and confidence within the marketplace to lead Gafisa while it completes a strategy of strengthening operations and turns its focus to growth with profitability," said Caio Mattar, Gafisa's Chairman of the Board. "Duilio's demonstrated leadership skills and extensive experience within the Company make him the right CEO to lead Gafisa as it continues to capitalize on the tremendous growth opportunity in the country and reinforces its position as one of Brazil's leading homebuilders," added Mr. Mattar.

"I'm very pleased to take on the role of CEO," said Alceu Duilio Calciolari. "This is a great company steeped with accomplishment and history, innovative products, extremely skilled and dedicated employees, and a solid and loyal customer base. The Gafisa team has done a tremendous job in building the Company into the powerhouse that it is today with a national presence, diversified product offering and highly recognized and respected brands. I'm excited about the opportunity to lead Gafisa with Rodrigo as a close partner and build on the momentum to grow the business profitably by continuing to be on the forefront of anticipating and responding to our client's housing needs."

Mr. Osmo holds the role of CFO and will maintain his position of CEO of AlphaVille through the end of the year, to continue to lead the development of the business plan that will support the purchase of the remaining 20% of AlphaVille, still owned by Alphapar. "Mr. Osmo has proven to be an invaluable leader at AlphaVille and has a strong track-record in strategy and finance. During this transition period, I will remain as IRO," said Mr. Calciolari.

Mr. Calciolari has worked with Gafisa for the last 11 years as its CFO, and the previous six, as its IRO as well. Prior to joining Gafisa, he served as chief financial officer at Tupy S.A. and ALL-América Latina Logística S.A. Mr. Calciolari has a degree in business administration and a Master's in controllership from the Pontifical Catholic University of São Paulo (PUC-SP).

Mr. Osmo served as CEO of AlphaVille since December 2009, and has been with Gafisa for 5 years. He has been an investment executive at GP Investments and a consultant at Bain & Company. He has also been an assistant professor of Finance at the Harvard Business School, Harvard University, and was the founding partner of Ysoquim Representações Internacionais. Mr. Osmo holds a bachelor's degree in chemical engineering from Polytechnic School at the University of São Paulo (USP) and a master's degree in business administration from Harvard Business School.