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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

Minutes of the Meeting of the Board of Directors held on July 21, 2016

1. Date, Time and Location: On July 21, 2016, at 3 p.m., in the City of São Paulo, State of São Paulo, at Avenida das Nações Unidas 8,501, 19^th floor.

2. Call Notice and Attendance: As all members of the Company’s Board of Directors attended the meeting, the summoning was dismissed and the instatement and approval quorum were verified.

3. Composition of the Board: Chairman: Odair Garcia Senra. Secretary: Renata de Carvalho Fidale.

4. Resolutions: It was resolved, unanimously and without any restrictions, by all present members of the Board of Directors, as set forth in Article 22 (u) of the Company’s Bylaw:

4.1. To ratify all the acts already practiced by the Company’s Management in Gafisa’s grant of guarantee on behalf of its direct and indirect subsidiaries, Construtora Tenda S.A. (“Tenda”) and Tenda Negócios Imobiliários S.A. (“TNI”), in the execution of the “Private Instrument, with public deed effects to grant a loan facility to develop a real estate project, provide for collateral and other covenants, with funds from the Government Severance Indemnity Fund for Employees (“FGTS”), classified into the “Minha Casa Minha Vida” [My House My Life] Program, with Banco do Brasil S.A., up to 60-month term and the following characteristics:

4.2. To previously approve the practice of acts by the Company’s Management in Gafisa’s grant of guarantee on behalf of its direct and indirect subsidiaries, Tenda, TNI and subsidiaries of Tenda and TNI, to execute contracts with term exceeding 48 months, as long as to specifically contract a loan facility to build a project with funds from the FGTS, within the scope of the “Minha Casa Minha Vida” Program with Banco do Brasil S.A. and Brazilian Federal Savings Bank and up to 60-month term.

5. Closing: With no further matters to be discussed, these minutes were prepared and, after revised and unanimously approved by the Directors, duly executed. Signatures: Odair Garcia Senra (Chairman), Renata de Carvalho Fidale (Secretary). Directors: Odair Garcia Senra, Cláudio José Carvalho de Andrade, Francisco Vidal Luna, Guilherme Affonso Ferreira, José Écio Pereira da Costa Júnior, Maurício Marcellini Pereira and Rodolpho Amboss.

I certify that this is a true copy of the minutes drawn up in the appropriate book.

Renata de Carvalho Fidale
Secretary