Gafisa S.A. (Bovespa: GFSA3; NYSE: GFA), Brazil’s leading diversified national homebuilder, today reported the results of the Annual General Meeting of Shareholders (AGM) and the Extraordinary General Meeting (EGM) held on May 11, 2012 at the Company’s headquarters in São Paulo. The agenda of the meeting included: (i) to receive the accounts drawn up by the Company’s officers, and to examine, discuss and vote on the financial statements for the fiscal year ended December 31, 2011; (ii) to establish the number of members that shall comprise the Company’s Board of Directors; (iii) to elect the members of the Board of Directors, as a result of the expiration of their term of office; (iv) to establish the amount of global remuneration to be paid to the Company’s administrators in 2012; (v) to install and establish the number of members that shall comprise the Company’s Fiscal Council; (vi) to elect the members of the Company’s Fiscal Council, due to the expiration of their term of office; and (vii) to establish the amount of global remuneration to be paid to the members of Company’s Fiscal Council in 2012. All items were approved by majority vote of shareholders, while a cumulative vote was held for the nomination of the members of the Board of Directors. In accordance with the voting results, the Board of Directors of Gafisa will be made up of eight independent members, of which four are current members of the Board. The current members are Guilherme Affonso Ferreira, José Écio Pereira da Costa Junior, Gerald Dinu Reiss and Henri Phillippe Reichstul. The four new members comprise Cláudio José Carvalho de Andrade, Nelson Machado, Maurício Marcellini Pereira and Rodolpho Amboss. Mr. Odair Garcia Senra will also be returning to the Board as a non-independent member. The Fiscal Council will comprise the following members: Olavo Fortes Campos Rodrigues Junior, Adriano Rudek de Moura and Luis Fernando Brum de Melo. Marcello Mascotto Iannalfo, Paulo Ricardo de Oliveira and Laiza Fabiola Martins de Santa Rosa are the alternate members of the Fiscal Council.