NOTICE TO THE MARKET

BHG S.A. - Brazil Hospitality Group ("Company"), in compliance with BM&FBOVESPA Official Letter SAE 2903/14, partially reproduced below ("Official Letter"), concerning the latest changes in the shares issued by the Company, as well as the increase in the number of transactions and trading volume, hereby presents the clarifications requested therein.

"Considering the latest changes in the shares issued, and the increase in the number of transactions and trading volume, as indicated below, we hereby request you to inform us, by September 12, 2014, about any event that may be of your knowledge that could explain these changes.

We would like to stress that this request is performed under the context of the Cooperation Agreement, entered into between CVM and BM&FBOVESPA on December 13, 2011, and the failure to comply with this request may subject the company to eventual application of fine by the Company Relations Superintendence (SEP) under CVM, as prescribed by CVM Instruction 452/07."

The Company declares that it is not aware of any event that could explain the latest changes in the shares issued and the increase in the number of transactions and trading volume, except for (i) the information already disclosed to the market via material fact published on August 8, 2014, related to the launch, by Razuya Empreendimentos e Participações S.A., of tender offer for purpose of delisting the Company as a publicly-held company and, consequently, delisting it from the special trading segment of Novo Mercado, maintained by BM&FBOVESPA S.A. - Bolsa de Valores Mercadorias e Futuros; (ii) the information exclusively disclosed in the media related to the holding, on September 8, 2014, by a minority shareholder of the Company, of an auction for the sale of a significant number of shares; and (iii) the notice sent to the Company, at the end of September 11, 2014, by JHL Capital Group LLC, informing the conversion of its derivatives into shares issued by the Company.

Rio de Janeiro, September 12, 2014

Luiz Felipe Negreiros de Sá

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

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