Gafisa SA (Brazil): Share Update
FTSE EPRA/NAREIT Global Real Estate Index Series

02 February 2010


Subject to the completion of the stock acquisition of Construtora Tenda (Brazil, Non Constituent) by Gafisa SA (Brazil, Non REIT, Non Rental, Constituent), FTSE, EPRA and NAREIT announce the following changes:

INDEX CHANGE EFFECTIVE FROM
START OF TRADING
EPRA/NAREIT GLOBAL INDEX Gafisa SA (Brazil, 2479619) will remain in the index with an increased shares in issue total of 166,517,910 and an unchanged investability weight of 100%. 09 February 2010
EPRA/NAREIT EMERGING INDEX Gafisa will remain in the index as detailed above. 09 February 2010
EPRA/NAREIT EMERGING AMERICAS INDEX Gafisa will remain in the index as detailed above. 09 February 2010

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