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GAFISA S.A.
CNPJ/MF n° 01.545.826/0001-07
NIRE 35.300.147.952
Publicly-held Company

NOTICE TO THE MARKET

GAFISA S.A. (“Company” or “Gafisa”), complementing the Material Fact released on December 14, 2016 and the Notice to Shareholders released on February 22, 2017, hereby informs that, since the number of Gafisa’s ex-treasury shares was not altered, the proportion to exercise the Preemptive Right, which initiates on March 17, 2017, remains unchanged, so that the Preemptive Right will be ensured at the proportion of 0.07416734322 common shares issued by Tenda for each common share held by Gafisa (for this purpose, excluding the Reverse Split effects).

The term to exercise the Preemptive Right shall be 30 days as of March 17, 2017, (inclusive), i.e., until April 15, 2017 (inclusive) and further information on this procedure is outlined in the Notice to Shareholders released on February 22, 2017.

São Paulo, March 16, 2017.

André Bergstein
Investor Relations Officer