WDG Woodbridge Holdings Corp

Woodbridge Holdings Corporation (NYSE: WDG) announced that its previously announced one-for-five reverse split of its common stock was effected as of the close of business today, September 26, 2008. Woodbridge effected the reverse stock split by filing Articles of Amendment to its Articles of Incorporation with the Florida Department of State.

As a result of the reverse stock split, each five shares of Woodbridge's Class A Common Stock outstanding as of the close of business automatically converted into one share of Class A Common Stock, and each five shares of Woodbridge's Class B Common Stock outstanding as of the close of business automatically converted into one share of Class B Common Stock. No fractional shares will be issued in connection with the reverse stock split. Instead, any fractional share resulting from the reverse stock split will be rounded up to the next largest whole share. Woodbridge's Class A Common Stock will begin trading on the New York Stock Exchange on a split-adjusted basis upon the opening of the market on Monday, September 29, 2008, and will continue to be traded under its current ticker symbol, "WDG."

The reverse stock split reduced the number of outstanding shares of Woodbridge's Class A Common Stock from 95,197,445 to approximately 19,039,489 (subject to rounding up of fractional shares) and the number of outstanding shares of Woodbridge's Class B Common Stock from 1,219,031 to 243,807. In addition, the number of authorized shares of Woodbridge's common stock, the number of shares of Class A Common Stock available for issuance under Woodbridge's equity compensation plans and the number of shares of Class A Common Stock underlying stock options and other exercisable or convertible instruments were also ratably decreased in connection with the reverse stock split.

The reverse stock split has no impact on shareholders' proportionate equity interests or voting rights in Woodbridge or the par value of Woodbridge's Class A Common Stock or Class B Common Stock, which in each case will remain unchanged at $0.01 per share. However, following the reverse stock split, the CUSIP number of Woodbridge's Class A Common Stock is now 978842201.

American Stock Transfer and Trust Company, transfer agent for Woodbridge's Class A Common Stock and exchange agent for the reverse stock split, will promptly send registered shareholders a letter of transmittal with instructions for the exchange of stock certificates. Shareholders who hold shares in brokerage accounts will be contacted by their brokers with instructions. Shareholders should not destroy any stock certificates and should not submit any certificates for exchange until requested to do so.

About Woodbridge Holdings Corporation

Woodbridge Holdings Corporation, directly and through its wholly owned subsidiaries, seeks to invest opportunistically within and outside the real estate industry. Historically, the Company's operations were primarily within the real estate industry; however, the Company's current business strategy includes the pursuit of opportunistic investments and acquisitions within or outside of the real estate industry, as well as the continued development of master-planned communities. Under this business strategy, the Company may not generate a constant earnings stream and the composition of the Company's revenues may vary widely due to factors inherent in a particular investment, including the maturity of the business, market conditions and cyclicality. Net investment gains and other income that may occur are to be driven by the Company's strategic initiatives as well as overall market conditions.

Core Communities, a wholly owned subsidiary, develops master-planned total-living community environments throughout the Southeastern United States, including its original and best known, St. Lucie West. The company's 8,200-acre Tradition(TM) Florida community is home to more than 1,700 families, vibrant commercial areas and a 4.5-mile-long employment corridor. The community is also home to the Florida Center for Innovation at Tradition (FCI) Research Park, in which The Torrey Pines Institute for Molecular Studies, Mann Research Center, Martin Memorial Health Systems and Oregon Health & Science University's Vaccine and Gene Therapy Institute have all announced plans to locate. Core is also expanding its Tradition(TM) brand with Tradition(TM) Hilton Head, an approximate 5,400-acre community planned to include 9,500 residences and 1.5 million square feet of commercial space, which features a variety of neighborhoods and housing styles, shopping and dining in Village Square, a Fitness Center & Spa and the Tommy Fazio-designed Tradition National Golf Course.

Cypress Creek Capital Holdings, LLC, a wholly owned subsidiary, is a real estate investment banking company. Cypress Creek Capital's acquisition program focuses on existing commercial income producing properties in Florida's growth markets. The company targets office, retail and industrial real estate.

Snapper Creek Equity Management, LLC is a wholly-owned subsidiary of Woodbridge Holdings Corporation focused on activities related to investing in and acquiring mid-market diverse operating businesses.

For further information, please visit our websites:

www.WoodbridgeHoldings.com
www.CoreCommunities.com
www.CypressCreekCapital.com
www.SnapperCreek.com

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Woodbridge Holdings Corporation Contact Information: Investor Relations: Leo Hinkley SVP, Investor Relations Officer Phone: (954) 940-4995 Fax: (954) 940-5320 Email: Email Contact