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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 27, 2012

1. Date, Time and Location: On March 27, 2012, at 9 a.m., by conference call, as expressly authorized by Article 21, 2^nd Paragraph of the bylaws of the Company.

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: Caio Racy Mattar. Secretary: Renata de Carvalho Fidale.

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 Bylaws, approve the grant of a warranty by the Company to Construtora Tenda S.A. (“Tenda”), in regards to Tenda’s obligations in the 1^st Public Issuance of Simple Debentures, Non-Convertible in Shares, in Single and Indivisible Lot, in Single Series, with Floating Guarantee and Additional Guarantee of Construtora Tenda S.A. (“1^st Issuance of Tenda’s Debentures”), including the Company as intervening guarantor party of Tenda’s obligations in the Deed of Issue, in compliance to the deliberation as set forth in item 6.3 of the General Meeting of Debenture Holders of the 1^st Issuance of Tenda’s Debentures held on March 5, 2012.

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: Caio Racy Mattar (Chairman), Renata de Carvalho Fidale (Secretary). Directors:  Caio Racy Mattar, Richard L. Huber, Gerald Dinu Reiss, José Écio Pereira da Costa Júnior, Wilson Amaral de Oliveira, Henri Philippe Reichstul, Guilherme Affonso Ferreira, Maria Letícia de Freitas Costa and Odair Garcia Senra.

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

Renata de Carvalho Fidale

Secretary