Notice to the Market BRAM's participation

BHG S.A. - Brazil Hospitality Group ("BHG" or "Company"), a publicly-held company with shares traded on the BM&FBOVESPA under ticker BHGR3, in compliance with CVM Instruction 358/02, communicates to its shareholders and the market in general that in a letter received by BHG on June 21, 2014, the shareholders BANCO BRADESCO S.A. and BRAM - BRADESCO ASSET MANAGEMENT S.A. DTVM ("Shareholders") reported, as the directors of the investment funds ("Funds") and managed portfolios ("Portfolios") the reduction of their holdings of the BHG common shares below 5.0% of the total common shares issued by the Company.

The terms of the communication received from the shareholders are reproduced in Schedule I to this notice.

Rio de Janeiro, May 22, 2014

Luiz Felipe Negreiros de Sá

Chief Financial and Investor Relations Officer
BHG S.A. - BRAZIL HOSPITALITY GROUP

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