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

EXTRAORDINARY SHAREHOLDERS’ MEETING

CALL NOTICE

Shareholders of GAFISA S.A. (“ Company ”) are summoned to hold a meeting on January 22, 2018, at 10:00 a.m., on second call, at the Company’s headquarters, in the City and State of São Paulo, at Avenida das Nações Unidas, 8.501, 19º andar, in an Extraordinary Shareholders’ Meeting to resolve on a proposal to amend Article 53 of the Company’s Bylaws, increasing from 30% to 50% the total number of Company’s shares, limit percentage set forth in items (a) and (b) of the said Article, which, if reached, binds the shareholder to carry out a public offering for the acquisition of the shares of the remaining shareholders of the Company.

This call notice is carried out at the request of the shareholders GWI Classic Fundo de Investimento em Ações, GWI High Value Fundo de Investimento em Ações, GWI Pipes Fundo de Investimento em Ações, GWI Small e Mid Caps Fundos de Investimento em Ações, GWI Leverage Fundo de Investimento em Ações – GWI Leverage FIA, GWI Asset Management S.A., GWI Real Estate Fundo de Investimento em Ações Investimento do Exterior S.A. and GWI Brazil and Latin America Master Fund (hereinafter collectively referred to as “GWI”), based on Article 123, Sole Paragraph, Item “c” of Law 6404/76.

General Information:

⇨          The proposal of statutory amendment formulated by GWI, as well as the respective reasoning, the information set forth in CVM Instruction No. 481 of December 17, 2009 and the statement of the Company’s management on the said proposal were submitted to the Brazilian Securities and Exchange Commission (CVM), through the Periodic Information System (IPE), pursuant to Article 6 of the said Instruction, and are available to the Shareholders, at the Company’s headquarters, at its Investor Relations website (www.gafisa.com.br/ri/), and on the websites of B3 S.A. – Brasil, Bolsa e Balcão (www.b3.com.br) and the Brazilian Securities and Exchange Commission ( www.cvm.gov.br ).

⇨          The Shareholder's participation may be in person or by a duly constituted proxy.

⇨          The shareholder or its proxy must attend the Meeting with documents proving its identity.

⇨          The Shareholders that are part of the Fungible Custody of Registered Shares of – B3 S.A. – Brasil, Bolsa e Balcão and who wish to attend the Meeting must submit the updated statement of their shareholding, provided by the custodian institution in the period of 48 hours before the Meeting.

⇨          The powers of attorney with special powers for representation of the Shareholder in the Meeting referred to in this call notice should be deposited at the Company’s headquarters at the Investor Relations Department up until January 19, 2018.

São Paulo, January 12, 2018.

Odair Garcia Senra
Chairman of the Board of Directors