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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 September 21, 2016

1. Date, Time and Location: On September 21, 2016, at 11 a.m., by conference call, as expressly authorized by Article 21, §2º, of the Company’s Bylaws.

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, to approve all acts to be practiced by Company’s management regarding the execution of the contract “Termo de Acordo Extrajudicial”, to be celebrated between the Company, Gafisa SPE-113 Empreendimentos Imobiliários S.A., Yogo Participações e Empreendimentos Imobiliários S.A., Comasa Construtora Martins de Almeida Ltda. And Caixa Econômica Federal, for an indefinite period of time, regarding the construction of Real Estate development Target Offices & Mall. It was also approved the new total term of the contract “Contrato Particular de Mútuo para Construção de Empreendimento Imobiliário com Garantia Hipotecária e outras Avenças, com Recursos do Sistema Brasileiro de Poupança e Empréstimo – SBPE nº 155552609333”, to finance this Real Estate development, which is now of 50 months, due on August 2017.

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 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

SIGNATURE