Gafisa Announces Increased Investor Holding

Pursuant to Article 12 of CVM Instruction 358/02, GAFISA S.A. (BOVESPA: GFSA3) (“Gafisa” or “Company”) hereby discloses to the market the following communication, received on this date, from its shareholders, CREDIT SUISSE HEDGING-GRIFFO ASSET MANAGEMENT S.A., enrolled before CNPJ/MF under No. 68.328.632/0001-12, and CREDIT SUISSE HEDGING-GRIFFO SERVIÇOS INTERNACIONAIS S.A., enrolled before CNPJ/MF under No. 06.073.922/0001-05 (jointly “CSHG” or “Investor”), for the purposes of the terms of article 12 of CVM Regulatory Instruction nº 358, issued by the Brazilian Securities Commission:

1. The Investor, on behalf of non-resident investors and investment funds whose portfolios are managed by CSHG, under the responsibility of the Officer Luis Stuhlberger, has reached relevant participation of 5.33% of the total capital stock of the Company, equivalent to 23,061,200 common shares issued by Gafisa;

2. The Investor declares that the participation does not have the objective of changing the controlling group, and that the opportunity and convenience of exercising the right to elect either a Fiscal Council or Board of Directors member, assured by the Law No. 6,404/76, will be evaluated by the Investor;

3. In addition, the Investor declares that it does not hold any convertible debentures issued by the Company; and

4. Finally, the Investor declares that it has not entered into any agreement governing the exercise of voting rights or the purchase and sale of the securities issued by the Company.

About Gafisa

Gafisa is a leading diversified national homebuilder serving all demographic segments of the Brazilian market. Established over 57 years ago, we have completed and sold more than 1,000 developments and built more than 12 million square meters of housing, more than any other residential development company in Brazil. Recognized as one of the foremost professionally managed homebuilders, "Gafisa" is also one of the most respected and best-known brands in the real estate market, recognized among potential homebuyers, brokers, lenders, landowners, competitors, and investors for its quality, consistency, and professionalism. Our pre-eminent brands include Tenda, serving the affordable/entry-level housing segment, and Gafisa and Alphaville, which offer a variety of residential options to the mid- to higher-income segments. Gafisa S.A. is traded on the Novo Mercado of the BM&FBOVESPA (BOVESPA:GFSA3) and on the New York Stock Exchange (NYSE:GFA).

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Gafisa. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors; therefore, they are subject to change without prior notice.

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