FREE TRANSLATION

(This is a free translation of the Call Notice to the General Debentureholders' Meeting of PDG Realty S.A. Empreendimentos e

Participações to be held on September 14, 2015 and it's been distributed for information purposes only.)

PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES

Public-Held Company
CNPJ/MF No. 02.950.811/0001-89
CVM Code 20478

CALL NOTICE GENERAL DEBENTUREHOLDERS' MEETING TO BE HELD ON SEPTEMBER 14, 2015 PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES, a corporation, with its headquarters located in the City of São Paulo, State of São Paulo, at Avenida Engenheiro Luis Carlos Berrini, No.105, 11th Floor, Cidade Monções district, Zip Code

04571-010, enrolled before the Corporate Taxpayer ID (CNPJ) under No. 02.950.811/0001-89, registered before the Brazilian Securities and Exchange Commission ("CVM") as a level "A" public held company, under the code 20478, with its shares traded on Novo Mercado, a segment of BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros ("BM&FBOVESPA") under the ticker "PDGR3" ("Company") hereby, in compliance with and for the purposes of Article 71 of Law No. 6,404, from December 15th, 1976, as amended ("Brazilian Corporation Law"), and with article 10 of the Private Instrument of Deed of the 8th Issuance of Unsecured Debentures, Convertibles into Shares of PDG Realty S.A. Empreendimentos e Participações, calls the debentureholders of the 8th Private Issuance of Unsecured Debentures, Convertibles into Shares of the Company ("8th Issuance") to take part on the General Debentureholders' Meeting ("GDM"), to be held on September 14, at 10 a.m., at the Company's headquarters, to examine, discuss and vote on the following agenda:
(i). to amend the Private Instrument of Deed of the 8th Issuance of Unsecured Debentures, Convertibles into Shares of the Company ("Deed"), ad referendum of the General Shareholders' Meeting, in order to, in case of alteration of the number of shares in which the Company's capital stock is divided as a result of bonuses, splits or reverse splits of the common shares issued by the Company, at any title, the liquidation of the debentures issued within the scope of the 8th Issuance ("Debentures") is made by adjusting the number of shares in which each Debenture can be converted and the price of conversion proportionally to the percentage of the reverse split, split or bonus of shares, on the date in which the conversion into shares is requested, with the consequent amendment to Section
4.16.5 of the Deed.

1295315v2

FREE TRANSLATION

(This is a free translation of the Call Notice to the General Debentureholders' Meeting of PDG Realty S.A. Empreendimentos e

Participações to be held on September 14, 2015 and it's been distributed for information purposes only.)

General Information:

Pursuant to article 126, of the Brazilian Corporation Law, in order to attend the GDM, the debentureholders shall submit to the Company the following documents: (a) identity card (General Registration Identity Card (RG), Driver's License (CNH), passport, identity cards issued by professional associations and work cards issued by the bodies of the Public Administration, provided that such documents contain a picture of the bearer thereof); (b) updated proof of ownership of debentures issued within the scope of the 8th Issuance, issued by the institution responsible for bookkeeping the Company's debentures, which is recommended to have been issued at most five (5) days prior to the date of the GDM; and (c) in case the debentureholder is represented by an attorney-in-fact, original or notarized copy of the power of attorney with the grantor's signature certified.
The representative of those debentureholder that are legal entities, shall submit a notarized copy of the following documents, duly registered with the proper body (Civil Registry of Legal Entities or Board of Trade, as the case may be): (a) articles of association or by-laws; and (b) corporate document of election of the manager which (b.i) shall attend the GDM as the representative of the legal entity, or (b.ii) shall grant a power of attorney to a third party to represent the legal entity that is a debentureholder.
In regard to investment funds, the representation of the quotaholders at the GDM shall be incumbent to the institution that manages the fund, with due regard to the provisions of the fund's regulation regarding the person who is entitled to exercise the voting rights of the shares and assets that are part of the fund's portfolio. In such case, the representative of the fund's manager, in addition to the corporate documents mentioned above in regarding to the fund's manager, shall also present copy of the fund's regulation, duly filled with the competent body.
In connection with the participation by means of an attorney-in-fact, the powers to participate at the GDM shall have been granted for less than one (1) year prior to the meeting, in accordance with article 126, Paragraph 1st, of the Brazilian Corporate Law. Additionally, in compliance with article 654, Paragraphs 1st and 2nd of the Brazilian Civil Code, the power-of-attorney shall indicate the place where it was granted, the complete qualification of the grantor and grantee, the date and the purposes of the granting, limiting the extension of the powers granted, with the grantor's signature duly notarized.
The documents of the debentureholder that were issued abroad shall be notarized by a Public Notary, legalized at the Brazilian Consulate, translated by a sworn translator registered with the Board of Trade, and filled before the Registry of Deeds and
Documents, in accordance with the applicable legislation.

1295315v2

FREE TRANSLATION

(This is a free translation of the Call Notice to the General Debentureholders' Meeting of PDG Realty S.A. Empreendimentos e

Participações to be held on September 14, 2015 and it's been distributed for information purposes only.)

For better organization purposes of the GDM, the Company, under the terms set forth by Paragraph 2nd of article 10 of the Company's By-laws, hereby recommends the deposit upon a three (3) days period prior to the GDM, of the above mentioned documents, to the attention of the Department of Investor Relations at: Avenida Engenheiro Luis Carlos Berrini, No.105, 11th Floor, Cidade Monções, Zip Code 04571-
010.
Please note that you may still be able to attend the AGD even if such documents are not previously deposited, by presenting the documents at the opening of the GDM, as provided by Paragraph 2nd of article 10 of the Company's By-laws.
The documents and information related to the matters of the agenda to be discussed at the GDM are available for consultation by the debentureholders at the Company's headquarters and at the website of the Company in the world wide web (http://www.pdg.com.br/ri), and have also been sent to BM&FBOVESPA
(http://www.bmfbovespa.com.br) and to CVM (http://www.cvm.gov.br).
São Paulo, August 28, 2015.

Gilberto Sayão da Silva

Chairman of the Board of Directors

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