FREE TRANSLATION

This is a free translation of the notice to the marked made public by PDG Realty S.A. Empreendimentos e

Participações on February 24, 2015, and is being distributed for informational purposes only.

PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES

Publicly-Held Corporation

Corporate Taxpayer ID (CNPJ): No. 02.950.811/0001-89
Company Registry (NIRE): 33.300.285.199 | CVM Code 20478

NOTICE TO THE MARKET

PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES (BM&FBOVESPA PDGR3), a publicly held corporation, enrolled with the Corporate Taxpayer ID (CNPJ) under No.

02.950.811/0001-89, with headquarter in the City of Rio de Janeiro, State of Rio de Janeiro, located
at Rua da Quitanda, No. 86, 4th floor (parte), Centro, Zip Code 20091-005 (the "Company"), hereby, in fulfillment of the obligation set forth in article 12 of CVM Normative Ruling No. 358, dated January 3, 2002, as amended, notifies that Bank of America Corporation ("Bank ofAmerica"), sent a notification to the Company informing that, on February 18, 2015, Bank of America became the holder, through various vehicles, of a total of sixty six million, nine hundred eighty four thousands, seven hundred and ninety nine (66,984,799) common shares (ON), representing 5.06% of the common shares issued by the Company.
As stated in the notice received by the Company, Bank of America declares that (i) the purpose of the equity stake mentioned hereinabove is solely for investment, and does not intend to alter the Company's corporate control or management structure; (ii) it does not hold debentures that might be converted into shares issued by the Company; (iii) has not entered in any contract or agreement regarding the voting rights or the purchase and sale of securities issued by the Company; and (iv) the equity stake mentioned above is held by non-resident vehicles of Bank of America, which are legally represented in Brazil by Citibank Distribuidora de Títulos e Valores Mobiliários S.A., enrolled under the taxpayer ID (CNPJ/MF) under No. 33.868.597/0001-40.
The Schedule I to this notice reproduces the terms of the letter received from Bank of
America' representative.
Rio de Janeiro, February 24, 2015.

FREE TRANSLATION

This is a free translation of the notice to the marked made public by PDG Realty S.A. Empreendimentos e

Participações on February 24, 2015, and is being distributed for informational purposes only.

SCHEDULE I

Notice to the Market of BANK OF AMERICA CORPORATION released in February 23, 2015.

CVM 5% REPORT

23 February 2015 lnvestor Relations Officer - Mr Marco Racy Kheirallah

Av. Engenheiro Luis Carlos Berrini, 105 - 11º andar

CEP 04571-010, Cidade Monções - São Paulo/SP

E-mail: ri@pdg.com.br

Bank of America Corporation - Disclosure on the Disposition of Material Equity Holding in PDG Realty SA.

Dear Sir,

1 For the purposes of Article 12 of the Brazilian Securities Exchange ("CVM") Ruling No.

358, of January 3, 2002, as amended ("Ruling No. 358"), the undersigned, Bank of

America Corporation ("Bank of America"), hereby informs that, as of February 18,

2015, it holds through various subsidiaries, shares that total 66,984,799 shares representing 5.06% of the total outstanding shares issued by PDG Realty SA.

Common Stock/Ordinarv Shares

66,984,799

TOTAL

66,984,799

2 Bank of America further requests PDG REALTY S.A.'s Investors Relations Officer disclose the following information to CVM through the Occasional Periodic lnformation System - IPE:

(i) Bank of America Corporation is a corporation validly existing under the laws of the State of Delaware, with the IRS Employer Identification Number is 56-

0906609. Its registered office is located at: Bank of America Corporate Center

100 North Tryon Street, Charlotte, NC 28255 USA;

FREE TRANSLATION

This is a free translation of the notice to the marked made public by PDG Realty S.A. Empreendimentos e

Participações on February 24, 2015, and is being distributed for informational purposes only.

(ii) Bank of America holds the equity positions through various subsidiaries that may acquire the securities solely for investment or client facilitation purposes; however, Bank of America does not seek a change of control or a change in the management structure of PDG REALTY S.A.

(iii) Bank of America has holdings totaling to 66,984,799 shares; these holdings are hedges of the exposure resulting from derivative contracts entered by Bank of America and/or its affiliates with clients, pursuant to Section 48, II, (e), of Instruction CVM 400 of December, 29 of 2003, as amended.

(iv) No debenture convertible into shares issued PDG REALTY S.A. is held by

Bank of America;

(v) No agreement or contract regulating the exercise of the voting right or the purchase and sale of securities issued by PDG REALTY S.A. was executed by Bank of America; and

(vi) The equity position in PDG REALTY S.A. are held by non-resident subsidiaries of Bank of America represented by CITIBANK DTVM SA (CNPJ: 33.868.597/0001-40).

We look forward to hearing from you with regard to the request above. Please do not hesitate to contact us with any further question or comment on the above at the following contact:

Lawrence Emerson

Vice President

Global Regulatory Equity Aggregation Team-Americas

Phone: (212) 670 - 2756

Fax: (212) 670 - 0413

Lawerence.Emerson@bankofamerica.com

Yours faithfully,

Ronnie Ojera

Vice President

Bank of America Corporation

distributed by