GFASY Gafisa SA (PK)

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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. (BOVESPA: GFSA3) (“ Gafisa ” or “ Company ”) informs that on this date paid to Caixa Econômica Federal (CEF) the last tranche of the 7 ^th Issue of the Company’s Debentures, totaling R$157,522,342.50 million, including principal and interest.

The funds for such payment partially derive from anticipated refund referring to capital decrease of Construtora Tenda S.A. (“ Tenda” ), approved on December 14, 2016.

This event sets the last steps of the Company’s strategic plan which involved, in addition to the operational and corporate separation of Gafisa and Tenda, the sale of 70% interest in Alphaville. This new positioning allows the Company to rapidly respond to new business opportunities in its target market, also providing greater visibility of its operational performance.  

Finally, these actions are in line with the Company’s strategy of reducing its current level of indebtedness, enhancing its capital structure strength and advancing the Company’s strategic and operational positioning in this new cycle of the real estate market.

São Paulo, December 5, 2017.

GAFISA S.A.

Carlos Calheiros

Chief Financial and Investor Relations Officer