Gafisa : Material Fact - Cancellation of the Request for Registration of the Secondary Public Offering of Shares

CNPJ/MF nº 01.545.826/0001-07 NIRE 35.300.147.952

GAFISA S.A. (Bovespa, GFSA3; NYSE, GFA) ("Gafisa") and CONSTRUTORA TENDA S.A.

("Tenda"), in addition to the Material Facts disclosed by Gafisa on August 16 and on September 26, 2016, jointly inform that Gafisa's Board of Directors has resolved, on this date, to request the cancellation of the application for registration of the Tenda secondary public offering before the Brazilian Securities and Exchange Commission (CVM). The decision reflects the current unfavorable market environment.

The Companies will continue the process of separating the Gafisa and Tenda business units into two publicly-traded and independent Companies, and will keep working on the analysis of strategic alternatives for the Tenda business unit, aiming at maximizing value for Gafisa shareholders.

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São Paulo, December 13, 2016.

Sincerely,

Gafisa S.A. André Bergstein CFO and

Investor Relations Officer

Investor Relations Officer

Pursuant to CVM Rule nº 358/2002, as amended and Conduct Handbook for Disclosure and Use of Information and Trading Policy of Securities Issued by Gafisa S.A., this Material Fact will be released in the following websites: www.cvm.gov.br, www.gafisa.com.br/ri, and http://economia.estadao.com.br/fatos-relevantes/.