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GAFISA S.A.

Corporate Taxpayers’ ID (CNPJ) 01.545.826/0001-07

Corporate Registry ID (NIRE) 35.300.147.952

Publicly-held Company

MATERIAL FACT

            In compliance to the dispositions of CVM Instruction No. 358/2002, GAFISA S.A. (“Company”) announces to its shareholders and the market the termination, due to the end of the term, of the agreement executed with ITAUVEST DTVM S.A., with head offices located in the City of São Paulo, State of São Paulo, at Praça Alfredo Egydio de Souza Aranha 1000, Conceição Tower, 7^th floor, enrolled with Corporate Taxpayers’ ID under No. 92.880.749/0001-99 (“ITAUVEST”), to render the services of market maker agent, which hiring was previously announced in the Material Fact disclosed on December 16, 2014.

The services of market maker agent will continue to be rendered by ITAUVEST until December 23, 2015. The Company will not maintain any hired market maker agent after this period, but may eventually hire these services again.

São Paulo, December 16, 2015.

André Bergstein

Investor Relations Officer

In compliance to CVM Instruction No. 358/2002, as amended, and the Conduct Manual Disclosure and Use of Information and Securities Trading Policy Issued by Gafisa S.A., the release of this Material Fact will be on the following websites: www.cvm.gov.br, www.gafisa.com.br/ri and http://economia.estadao.com.br/fatos-relevantes/.