Gafisa : Notice to the Market - Relevant Stake

GAFISA S.A.

Corporate Taxpayer's ID (CNPJ/MF) No. 01.545.826/0001-07

Corporate Registry (NIRE) 35.300.147.952

Publicly-Held Company

NOTICE TO MARKET

São Paulo, SP, Brazil, January 31, 2018 - GAFISA S.A. (BOVESPA: GFSA3; NYSE, GFA) ("Gafisa" or "Company") hereby discloses to the market the communication received on this date from its shareholders (i) Wishbone Delaware Brazil I, LLC, enrolled with CNPJ/MF under No. 11.704.417/0001-51, and (ii) Wishbone Restricted Partners, LP, enrolled with CNPJ/MF under No. 11.925.127/0001-38, all with headquarters located at 155 North Wacker Drive, 46th floor, in the city of Chicago, Illinois, United States of America, and managed by Wishbone Management, LP ("Investor"), pursuant to Article 12 of CVM Instruction 358/02, as follows:

1. The Investor became the holder of 4,115,300 common shares issued by Gafisa, on January 29, 2018, being (i) 3,370,300 shares held by Wishbone Delaware Brazil I, LLC; and (ii) 745,000 shares held by Wishbone Restricted Partners, LP, reaching the total relevant participation of 14.68% of the total capital stock of the Company;

2. The Investor declares that its objective for the participation abovementioned is strictly of investment and the participation does not have the purpose of changing the controlling group or the administrative structure of the Company;

3. In addition, the Investor declares that he does not hold any convertible debentures issued by the Company or any other securities convertible in shares or that grant rights to subscribe or acquire shares issued by the Company; and

4. Finally, the Investor declares that has not entered into any contract or agreement governing the exercise of voting rights or the purchase and sale of the securities issued by the Company.

São Paulo, January 31, 2018.

GAFISA S.A.

Carlos Calheiros

Chief Financial and Investor Relations Officer