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GAFISA S.A.

Corporate Taxpayer’s ID (CNPJ/MF) 01.545.826/0001-07

Corporate Registry (NIRE) 35.300.147.952

Publicly-held Company

Minutes of the Board of Directors’ Meeting of Gafisa S.A. (“Company”) held on

January 22, 2019

1. Date, Time and Place: On January 22^nd, 2019 at 8:00 a.m., by teleconference.

2. Call Notice and Attendance: Call notice sent by Chairman of the Board to the electronic address of other members of the board of directors. Attendance: All members of the Board of Directors attended the meeting.

3. Composition of the Board. Chairman: Mu Hak You. Secretary: Karen Sanchez Guimarães

4. Resolutions: The attending Board members unanimously resolved without reservations to approve the cancellation of 370,000 (three hundred and seventy thousand) Company’s shares, acquired under the Stock Buyback Program approved in September 28th, 2018 (“Stock Buyback Program”), held in treasury, without reducing the capital stock which is now divided into 43,357,589 (forty three million three hundred fifty seven thousand and five hundred eighty nine) common shares, all nominative, book-entry shares with no par value.

The amendment of article 5 of the Bylaws, to compound the capital stock and the number of shares representing the Company's capital stock after the cancellation of the Shares will be deliberated at an Extraordinary General Meeting to be convened in a timely manner.

The Company clarifies that the Stock Buyback Program remains open, in order to fulfill its purpose, which is generating value to the Company’s shareholders.

5. Closing: With no further matters to be discussed, these minutes were read, approved and signed by the Board members. São Paulo, January 22, 2019. Signatures (signed) Mu Hak You, Chairman; Karen Sanchez Guimarães, Secretary. Board members: Mu Hak You, Karen Sanchez Guimaraes, Ana Maria Loureiro Recart, Thiago Hi Joon You, Pedro Carvalho de Mello.

This is a faithful copy of the Minutes drawn up in the Company’s records.