GFASY Gafisa SA (PK)

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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 March 3, 2016

1. Date, Time and Location: On March 3, 2016, at 6 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, to ratify all acts already practiced by Company’s management regarding the grant of guarantee in favor of its, direct and indirect, controlling companies Construtora Tenda S.A. (“Tenda”), Tenda Negócios Imobiliários S.A. (“TNI”) e Jardim São Luiz SPE Incorporadora Ltda. (“SPE Jardim São Luiz”) at the execution of the contracts “Contratos de Abertura de Crédito e Mútuo para Construção de Empreendimento Imobiliário com Garantia Hipotecária e Outras Avenças, com Recursos do Fundo de Garantia do Tempo de serviço – FGTS, no Âmbito do Programa Minha Casa Minha Vida”, celebrated with Caixa Econômica Federal, for a term of 60 months, and the following conditions:

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

SIGNATURE