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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 October 7, 2013

1. Date, Time and Location: On October 7, 2013, at 2 p.m., by conference call, as expressly authorized by Article 21, 2^nd paragraph of 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 “Instrumento Particular, com Efeito de Escritura Pública, de Abertura de Crédito no Âmbito do Sistema de Financiamento Imobiliário (SFI), com Hipoteca em Garantia e Outras Avenças, Nr. 313.201.952”, to be celebrated between the Company and Banco do Brasil S.A., in a total amount of R$300,000,000,00 and final due date in 2017 (“SFI Contract”). 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 SFI Contract: (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. The SFI Contract to be executed will substitute the Certificate of Bank Credit (Cédula de Crédito Bancário Imobiliária) issued in favor of Banco do Brasil S.A., in the total amount of R$217,000,000.00, as approved in the Meeting of the Board of Directors held on May 13, 2013.

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, 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.

Renata de Carvalho Fidale

Secretary

SIGNATURE