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the Registrant is also thereby furnishing the information to the Commission pursuant
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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 May 13, 2013

1. Date, Time and Location: On May 13, 2013, at 11 a.m., at Company’s headquarter, located 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: Paulo Sergio de Freitas Torres.

4. Resolutions: It was resolved, unanimously, by all present members of the Board of Directors and without any restrictions, as set forth in Article 22 (u) of the Company’s Bylaw, to approve all acts to be practiced regarding the issuance, by the Company, of a Certificate of Bank Credit (Cédula de Crédito Bancário Imobiliária), in favor of Banco do Brasil S.A., in a total amount of R$217,000,000,00 in the respective date of issuance (“CCB”). The members of the Board of Directors also approved all acts to be practiced by the management of the Company regarding the constitution of the following guarantees of the CCB: (a) mortgage of units of commercial and residential developments of the Company located in the States of São Paulo and Rio de Janeiro; and (b) fiduciary assignment of the receivables from the same residential developments.

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), Paulo Sergio de Freitas Torres (Secretary). Directors:  Odair Garcia Senra, Nelson Machado, Guilherme Affonso Ferreira, Maurício Marcellini Pereira, Cláudio José Carvalho de Andrade, José Écio Pereira da Costa Júnior, Gerald Dinu Reiss, Rodolpho Amboss and Henri Philippe Reichstul.

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

Paulo Sergio de Freitas Torres

Secretary