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GAFISA S.A.

CNPJ/MF n° 01.545.826/0001-07
NIRE 35.300.147.952

Publicly-held Company

Minutes of the Fiscal Council’s Meeting of Gafisa S.A. (“Company”), held on November 9, 2017.

1. Date, Time and Place: On November 9, 2017, at 2:30 p.m. via conference call.

2. Call Notice and Attendance: All members were previously summoned, and the Fiscal Council has been instated. The sitting members, Laiza Fabiola Martins de Santa Rosa, Peter Edward Cortes Marsden Wilson and Olavo Fortes Campos Rodrigues Junior attended the meeting.

3. Composition of the Board: Chairman: Olavo Fortes Campos Rodrigues Junior; Secretary: Janine Maria Corrêa Pupo.

4. Resolutions: Members of the Fiscal Council unanimously resolved to give their favorable opinion on the approval of the Management’s proposal to increase the Company’s capital in the total amount of up to three hundred million Reais (R$300,000,000.00), and partial ratification is possible in case of subscription of, at least, two hundred million and ten Reais (R$200,000,010.00), by means of the issue for private subscription of at least, thirteen million, three hundred, thirty-three thousand, three hundred and thirty-four (13,333,334) and, at most, twenty million (20,000,000) non-par, registered, book-entry, new common shares, at a price per share of R$15.00 based on Article 170, Paragraph 1, item III of Law No. 6.404/76, of which one centavo of Real (R$0.01) per share shall be allocated to the capital stock and fourteen Reais and ninety-nine centavos (R$14.99) per share to the capital reserve, pursuant to Article 182, Paragraph 1, “a”, of Law No. 6.404/76. In view of resolution taken at this Meeting referring to the proposal approved at the Board of Directors’ meeting held on this date, the report which is an integral part of the minutes of this meeting as Attachment I is hereby approved and signed.

5. Closing: There being no further business to discuss, and after the Chairman offered the floor to anyone who intended to speak, as no one did, the meeting was adjourned for the time necessary to draw up these minutes, which were then read, approved and signed by all attending members.

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SIGNATURE