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

SECOND CALL NOTICE
EXTRAORDINARY SHAREHOLDERS’ MEETING

The shareholders of Gafisa S.A. (“Company”) are summoned to an Extraordinary Shareholders’ Meeting (“Meeting”) to be held, in a second call, on February 20, 2017, at 10 a.m., at the Company’s headquarters, located in the City and State of São Paulo, at Avenida das Nações Unidas, 8.501, 19º andar to resolve on the following agenda:

(i)                 amendment to Article 5 of the Company’s Bylaws, in order to reflect the capital increases and cancellations of shares approved by the Board of Directors until the date of the Extraordinary Shareholders’ Meeting;

(ii)               reverse split of the Company’s common shares, at the ratio of 13.483023074 to 1 and proportional adjustment of the limit of the authorized capital; and

(iii)             restatement of the Company’s Bylaws to improve the governance structures and to reflect the changes resulting from items (i) and (ii) above, as detailed in the Management Proposal released on this date.

- The Management Proposal, encompassing, amongst others, the information required by Article 11 of CVM Instruction nº 481/09 is available to Shareholders, at the Company’s headquarters, at its Investor Relations website (www.gafisa.com.br/ri/) and at the websites of BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange (www.bmfbovespa.com.br) and Brazilian Securities and Exchange Commission (www.cvm.gov.br).

- The Shareholder or his/her legal representative shall attend the Meeting bearing his/her identity card.

- The shareholders participating in the Fungible Custody of Registered Shares of BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange intending to attend the Meeting shall submit an updated statement of their shareholding position provided by the custody institution within 48 hours prior to the Meeting.

- We request that the proxy instruments with special powers for representation at the Meeting to which this present call notice refers be deposited at the Company’s headquarters, at the Investor Relations Department until February 16, 2017.

São Paulo, February 9, 2017.

Odair Garcia Senra
Chairman of the Board of Directors