Gafisa : Notice to the Market - Relevant Stake

GAFISA S.A.

CNPJ/MF n 01.545.826/0001-07

NIRE 35.300.147.952

Publicly-held Company

NOTICE TO THE MARKET

São Paulo, SP, Brazil, January 24, 2017 - GAFISA S.A. (BOVESPA: GFSA3) ("Gafisa" or "Company"), makes available to the market the following notice received on this date:

"The Grupo GWI, of which GWI Asset Management S.A., a corporation headquartered in the City and State of São Paulo at Av. Brigadeiro Faria Lima, nº 3900, 6º andar, conj. 602, is a part of, pursuant to CVM Instruction No. 358/2002, amended by CVM Instruction No. 449/07, hereby informs that, by means of direct and indirect vehicles, at trading sessions of BM&FBOVESPA over the last days, ACQUIRED common shares issued by Gafisa S.A. enrolled with the corporate taxpayer's ID (CNPJ/MF) No. 01.545.826/0001-07 ("Company"), and now holds the total amount of seven million, eight hundred and twenty-four thousand, one hundred and ninety-six (7,824,196) common shares, corresponding to 27.90% of the Company's common shares.

The Fund points out that this share acquisition has the sole purpose of investment, also informs that (i) it neither holds warrants nor debentures convertible into shares issued by the Company; and (ii) it has not executed any agreement or contract regulating the exercise of voting right or the purchase and sale of securities issued by the Company.

There being no further matter to discuss, we remain at your disposal for any clarification."

GAFISA S.A.

Carlos Calheiros

Chief Financial and Investor Relations Officer