GFASY Gafisa SA (PK)

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With the Completion of the Separation Process and
a New Cycle of Growth as a Streamlined, Premier Homebuilder,
Gafisa Announces Management Changes

FOR IMMEDIATE RELEASE - Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA) (“the Company”), one of Brazil’s leading homebuilders focused on the residential market, today announces the completion of the separation process of the Gafisa and Tenda business units. Accordingly, the Company is completing a cycle to develop a new solid platform for future growth. This cycle began with the sale of a 70% stake in Alphaville in 2013, improving Gafisa’s liquidity position and capital structure. Next, it initiated the strategic repositioning of Gafisa and Tenda, which led to the operational and corporate separation of both business units.

In keeping with these developments and new business platform, Gafisa hereby announces management changes which complement the restructuring initiated in February and align the Company with the current market scenario. These comprise the election of Guilherme Stefani Carlini and Rodrigo Lucas Tarabori as Chief Operating Officers, and the departure of André Bergstein from the positions of Chief Financial and Investor Relations Officer. Mr. Bergstein is departing to pursue new professional opportunities following the completion of the separation process and the completion of Gafisa’s strategic repositioning. Gafisa is now a streamlined homebuilder focused on leveraging its premier brand and reputation in its core mid to high income segments in São Paulo and Rio de Janeiro. The Company has commenced a search for Mr. Bergstein’s replacement. In the interim, Gafisa’s Chief Executive Officer, Sandro Gamba, will assume the responsibilities of Chief Financial and Investor Relations Officer.

“André has been a strong partner during his time at Gafisa, supporting the implementation of multiple strategic initiatives which have strengthened our capital structure and positioned the Company for the next cycle of growth, seeking to maximize value creation for shareholders. Given the completion of the separation of Gafisa and Tenda, this is an appropriate time for André to conclude his leadership cycle within the Company. We thank André for all his accomplishments and wish him success in his future endeavors“, said Sandro Gamba, Gafisa’s Chief Executive Officer.

With a streamlined business model, solid operational platform and strong brand recognition, Gafisa is well positioned to capture improving trends in the Brazilian real estate market. The changes in management already reflect this new positioning, and recognize the expertise and dedication of in-house executives. Guilherme Carlini and Rodrigo Tarabori join Katia Varalla Levy as Chief Operating Officers.

Guilherme Carlini is a Civil Engineer and has been working at Gafisa since 2009, when he joined as a New Business Manager. In 2013 he was promoted to New Business Officer, and in January 2017 he became Business Officer. He holds an MBA in Business Management from the University of São Francisco / Mackenzie (2007) and credentials in Management of Enterprises in Civil Construction from Universidade de São Paulo –USP.

Rodrigo Tarabori is a Civil Engineer and has been with Gafisa since 2000, having worked as New Business Coordinator, Sales Coordinator, Sales Manager and CRM Manager. In March 2010, he was promoted to Business Officer. In February, 2015 he was appointed Commercial Officer, responsible for the Sales and

Marketing structure of Gafisa Vendas. In 2017, he became responsible for commercial activities for Rio de Janeiro as Gafisa’s Sales and Marketing Officer. Rodrigo holds an MBA in Real Estate Management from Fundação Armando Álvares Penteado – FAAP.

"I congratulate the new Executive Officers, who along with Katia, myself and other of our colleagues will be responsible for steering Gafisa into this next cycle of growth for the Company. The market continues to present challenges but we are confident that Gafisa’s strong brand, strategic positioning and excellent team will uniquely position us to capitalize on future growth," said Sandro.