Gafisa S.A., Board Meeting, May 21, 2013., at 11:00 Argentina Standard Time. Agenda: To consider and recognize the company’s capital increase, taking into consideration the limit of the authorized capital, in the amount of ARS 4,862,130.00, due to the exercise, in the past 30 days, of stock options, which resulted in the issuance of 1,781,000 common shares, in accordance with the subscription bulletin, kept at the company’s headquarters. The abovementioned shares will take part in equal participating conditions, as the other existing shares, in all benefits, including in the possible distribution of dividends and in the payment of interest on net equity that may be declared by the company as of the present date. As a result of the capital increase, the company’s corporate capital shall be ARS 2,740,656,591.08, divided into 435,099,535 common shares, book-entry and without par value.

Gafisa S.A., Board Meeting, May 13, 2013., at 11:00 Argentina Standard Time. Agenda: To approve all present members of the Board of Directors and without any restrictions; and to approve all acts to be practiced regarding the issuance, by the company, of a Certificate of Bank Credit (Cédula de Crédito Bancário Imobiliária), in favor of Banco do Brasil S.A., in a total amount of BRL 217,000,000,00 in the respective date of issuance.

Gafisa S.A. (BOVESPA:GFSA3) will decide on a possible initial public offering (IPO) of AlphaVille Urbanismo S.A., said Duílio Calciolari, Chief Executive Officer of Gafisa, while speaking on a conference call with analysts. Calciolari added - Gafisa was "in no hurry" to spin off Alphaville. "All the options are open," Calciolari said, adding "I think we'll come to a decision on it this year." The transaction will reduce the debt of Gafisa.