Gafisa S.A. at its board of directors' meeting held on August 18, 2017, approved removal from office Mr. Sandro Rog rio da Silva Gamba as Chief Financial and Investor Relations Officer and as individual liable for the Company before the Federal RevenueTo elect for the position of Chief Financial and Investor Relations Officer and as individual liable for the Company before the Federal Revenue Office of the Ministry of Finance, with term of office until April 27, 2020, Mr. Carlos Eduardo Moraes Calheiros, Brazilian citizen, single, attorney, bearer of the identity card (RG) No. 30.760.048 SSP/SP, enrolled with the individual taxpayer's register (CPF/MF) No. 311.359.978-45, with office in the City and State of S o Paulo, at Avenida das Na es Unidas, n 8.501, 19 andar.

To elect for the positions of Chief Operating Officers, with term of office until April 27, 2020, (i) Mr. Gerson Cohen, Brazilian citizen, married, accountant, bearer of the identity card (RG) No. 14.492.089-X/SSP-SP, enrolled with the individual taxpayer's register (CPF/MF) No. 104.094.648-80, with office in the City and State of S o Paulo, at Avenida das Na es Unidas, n 8.501, 19 andar, and (ii) Mr. Luciano do Amaral, Brazilian citizen, married, civil engineer, bearer of the identity card (RG) No.

24.454.767-1/SSP-SP, enrolled with the individual taxpayer's register (CPF/MF) No. 302.027.938-00, with office in the City and State of S o Paulo, at Avenida das Na es Unidas, n 8.501, 19 andar. To elect (i) Messrs.

Carlos Eduardo Moraes Calheiros and (ii) Luciano do Amaral, identified above, for the Company's Investment Executive Committee, with term of office until February 2, 2018. It is hereby declared that Mr. Sandro Rog rio da Silva Gamba remains as Coordinator of the Investment Executive Committee. To elect Mr. Gerson Cohen, identified above, for the Company's Ethics Executive Committee, with term of office until February 2, 2018.

It is hereby declared that Mr. Sandro Rog rio da Silva Gamba remains as Coordinator of the Ethics Executive Committee. Remove Mr. Evandro Aparecido de Oliveira Almeida from the Company's Finance Executive Committee. To elect Mr. Carlos Eduardo Moraes Calheiros, identified above, for the Company's Finance Executive Committee, with term of office until February 2, 2018.

Mr. Carlos Eduardo Moraes Calheiros will be the Coordinator of the Finance Executive Committee.