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MATERIAL INFORMATION RELEASE

GAFISA S.A. (Bovespa, GFSA3; NYSE, GFA) (“Gafisa” or “Company”), in accordance with CVM Instruction No. 358/02, informs its shareholders and the market the guidances for 2014 and following years.

Our guidance  for launching volume in 2014, considering only Gafisa and Tenda operations, should be between R$2,1 - R$2,5 billion. Gafisa segment will be responsible for R$1,5 - R$1,7 bilhões and Tenda segment should reach R$600 - R$800 milhões.

With the completion of the sale of the stake in Alphaville, on December 9, 2013, Gafisa enters 2014 with a comfortable liquidity position and capital structure. As disclosed in the Material Fact, the relationship Net Debt/Equity, 3Q13 results and considering transaction proceeds, reaches 47,8%. Given this scenario, we expect to maintain our leverage level between 55% - 65% Net Debt/Equity.

Furthermore, the Company also provides guidance, an improvement in the relationship between launching volume and administrative expenses, Gafisa segment should reach 7.5% in 2014. Tenda segment has no guidance for 2014, but is expected to reach 7.0% in 2015.

The Company expects that the Return on Invested Capital (ROIC) in 3 years, should reach between 14% - 16% for both, Gafisa and Tenda segment.

Considering the aforementioned information, the perspectives and amounts presented, the guidance for 2014 is as follows:

It should also be pointed out that all the above mentioned premises are subject to change and involve risks and uncertainty that is beyond the Company’s control. Any changes in perception, or in the abovementioned circumstances, could mean that the results obtained differ materially from the forecasts (guidance). In that case, the guidance could be submitted to review.

São Paulo, December 18, 2013.