NOTICE TO THE MARKET

Sul América S.A. ("Company") (SULA11), hereby announces to the market, in accordance with Article 6.6.1 of BM&F Bovespa Nivel 2 Regulation, that amended on this date the disclosure of the items listed below in its Calendar of Events, for operational reasons:

(a) Change the date of disclosure to CVM and BM&FBOVESPA of the Formulário de Referência, for the fiscal year in progress.
From: May 30, 2014.
To: February 28, 2014.

(b) Change the date of disclosure to CVM and BM&FBOVESPA of the Quarterly Financial Statements - ITR, relative to the 1st quarter of 2014:
From: April 30, 2014.
To: May 15, 2014.

(c) Change the date of the Quarterly Conference Call - relative to the 1st quarter of 2014:
From: May 02, 2014.
To: May 16, 2014.

The Company reports that the updated Calendar of Events is available for consultation at the IPE System. The updated document can also be accessed through the websites of the Securities and Exchange Commission - CVM (www.cvm.gov.br), the BM&FBOVESPA S.A. - Stock Exchange, Commodities and Futures (www.bmfbovespa.com.br) and the company (www.sulamerica.com.br).

Rio de Janeiro, February 27, 2014.

Arthur Farme d'Amoed Neto
Vice-President of Control and Investor Relations

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