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São Paulo, October 22, 2013.

Mr.

Nelson Barroso Ortega

Gerência de Acompanhamento de Emissores

BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros

c.c. CVM - Comissão de Valores Mobiliários

Sr. Fernando Soares Vieira - Superintendente de Relações com Empresas

Sr. Waldir de Jesus Nobre - Superintendente de Relações com o Mercado e Intermediários

Dear Sirs,

In regards to Ofício GAE 3876-13, which requests clarifications on the “news published in the newspaper Valor Econômico, edition of 10/21/2013, containing, among other information, that after the period dedicated to house cleaning, performed mainly in the Tenda segment, there is an expectation that historical margins of Gafisa will be resumed next year and the forecasted gross margin for Gafisa segment is 34% to 35% and for new projects in Tenda is 27% to 28%.” 

On August 9, 2013, Gafisa released the 2Q13 Earnigs Release, informing that the gross margin of Gafisa segment was being under the impact of legacy projects and, without the legacy projects the gross margin would have been of 35%: “It is worth mentioning that, while the projects launched in Sao Paulo and Rio de Janeiro keep performing well, the segment’s gross margin continues to be impacted by the resolution of legacy projects. During the 1Q13, the contribution of legacy projects in total revenues for the segment Gafisa was 8% versus 18% in 2012 and 20% in 2011. This should result in more normalized profitability characteristics from 2014 onwards. Excluding these projects, the gross margin would have been 35%.” 

The gross margin mentioned on the news is the same theoretical margin already released last August, in other words, around 35% and equivalent to the historical values, considering the progressive and significant decrease of the burden of legacy projects outside strategic markets as emphasized in this fiscal year.

Similar situation occurs in relation to Tenda. The gross margin reported is related to the verified situation and does not represent a guidance.

The guidance released by the Company is described in Company’s Form of Reference (Formulário de Referência). 

Best regards,

GAFISA S.A.

André Bergstein

Investor Relations Officer