FREE TRANSLATION

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

Participações on September 10, 2013, 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

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), Center, Zip Code 20.091-005 (the "Company"), hereby, in fulfillment of the obligation set forth in paragraph 4th Article 12, of CVM Normative Ruling No. 358, dated January 3, 2002, as amended, notifies that Goldman Sachs International ("GSI"), a corporation enrolled with the CNPJ under No.

05.987.220/0001-74, has informed the Company that, on September 2, 2013, due to the sale of equity interest, the corporate stake held by GSI reached 65,845,560 (sixty-five million, eight hundred forty-five thousand, five hundred sixty) shares, representative of 4.9% (four point nine percent) of the common stock issued by the Company, consisting of (i) 23,689,386 (twenty-three million, six hundred eighty-nine thousand, three hundred eighty-six) shares; (ii)

256,811 (two-hundred fifty-six thousand, eight-hundred eleven) American Depository

Recepits, each of which represents 2 (two) shares; (iii) 29,500,000 (twenty-nine million, five hundred thousand) call option contracts that provide GSI the right to acquire 29,500,000 (twenty-nine million, five hundred thousand) shares on or before December 16,2013; (iv)

4,188,000 (four million, one hundred eighty-eight thousand) call option contracts that provide GSI the right to acquire 4,188,000 (four million, one hundred eighty-eight thousand) shares on or before February 17, 2014; (v) 7,954,552 (seven million, nine-hundred fifty four thousand, five-hundred fifty two) convertible debentures representing 7,954,552 (seven million, nine hundred and fifty four thousand, five hundred and fifty two) shares on an as-converted basis.

As stated in the notice received by the Company, GSI declares that (i) the purpose of the corporate stake mentioned hereinabove is strictly a minority investment that does not have as a purpose a promote a change in the corporate control of the Company; (ii) other than disclosed herein, in this Notice to the Market, none of the subsidiaries or affiliates of The Goldman Sachs Group hold any interest in the Company; (iii) other than as disclosed herein, in this Notice to the Market, there are no convertible debentures held, directly or indirectly, by The

FREE TRANSLATION

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

Participações on September 10, 2013, and is being distributed for informational purposes only.

Goldman Sachs Group or any of its subsidiaries or affiliates; and (iv) has not entered in any contract or agreement regarding the voting rights or the purchase and sale of securities issued by the Company.

In Exhibit I attached hereto, in this Notice to the Market, we have reproduced the full content of the notice received from GSI's representative.

São Paulo, September 10, 2013.

FREE TRANSLATION

This is a free translat:ion of the not:ice to the marked made pubhc by PDG Realty S.A. Empreendimentos e

Part:icipaçOes on September 10, 2013, and is being distributed for infonnat:ional purposes only.

EXHIBITI

EXHIBIT l TO THE NOTICE TO THE MARKET FROM PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAçòES MADE PUBLIC ON SEPTEMBER 10,2013.

Sao Paulo, September 1O, 2013. Sao Paulo, 1O de setembro de 2013.
To Para

PDG Realty S.A. Empreendimentos e PDG Realty S.A. Empreendimentos e Participaçoes

Attn.: Sr. Guido Prestes Lemos lnvestor Relations Manager
Rua Tenerife, 31, 5th floor, Vila Olfmpia
CEP 01310-100, Sao Paulo- SP

Ref.: Disposition of common stock

Dear Siror Madam,
Goldman, Sachs & Co. ("Goldman Sachs"), a New York limited partnership and registered as a broker-dealer and as an investment adviser pursuant to the laws of the United States Securities and Exchange Commission, a wholly­ owned subsidiary of The Goldman Sachs Group, lnc. and enrolled with the C.N.P.J. under No. 05.987.216/0001-06, by its undersigned legai representative, in fulfillment of the obligation set forth in article 12, caput, of CVM Normative Ruling No. 358, dated January 3,
2002, as amended ("CVM 358"), notifies that on September 2, 2013 Goldman Sachs lnternational ("GSI"), a wholly-owned subsidiary of The Goldman Sachs Group, lne. and enrolled with the C.N.P.J. under No. 05.479.103/0001-
08, disposed of 1,635,847 (one million, six hundred thirty-five thousand, eight hundred forty-seven) shares of common stock (the "Shares") of PDG Realty S.A. Empreendimentos e Participaç6es (the "Companv''), bringing its total ownership to
65,845,560 (sixty-five million, eight hundred
forty-five thousand, five hundred sixty) Shares or 4.9% (four point nine percent) of the Shares issued by the Company. The 65,845,560 (sixty-five million, eight hundred forty-five thousand, five hundred sixty) Shares of the

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Participaçoes

At.: Sr. Guido Prestes Lemos
Diretor de Relaç6es com lnvestidores
Rua Tenerife, 31, 5° andar, Vila Olfmpia
CEP 01310-100, Sao Paulo - SP

Ref.: Alienaçao de açoes ordinarias

Prezados Senhores e Senhoras,
Goldman, Sachs & Co. ("Goldman Sachs"), uma limited partnership devidamente organizada e existente de acordo com as leis do Estado de Nova lorque e registrada como uma corretora e consultora de investimentos conforme as leis da Comissao de Cambio e Valores Mobiliarios dos Estados Unidos (United States Securities and Exchange Commission), uma subsidiaria integrai do The Goldman Sachs Group, lnc. e inserita no C.N.P.J. sob no
05.987.216/0001-06, por seu representante legai abaixo assinado, em cumprimento ao que estabelece o artigo 12, caput, da lnstruçao CVM n° 358, de 3 de janeiro de 2002, conforme alterada ("lnstrucao CVM 358"), comunica que em 02 de setembro de 2013 a Goldman Sachs lnternational, uma subsidiaria integrai da The Goldman Sachs Group, lnc. e inserita no C.N.P.J. sob no 05.479.103/0001-08 ("GSI"), alienou 1.635.847 (um milhao seiscentas e trinta e cinco mil oitocentas e quarenta e sete) aç6es ordinarias (as "Ac6es") de emissao da PDG Realty S.A. Empreendimentos e Participaç6es (a "Companhia"), passando a deter um total de 65.845.560 (sessenta e cinco milh6es oitocentas e quarenta e cinco mil quinhentas e sessenta) Aç6es ou 4,9°/o (quatro vfrgula nove por cento) das Aç6es de emissao
Company and owned by GSI consist of (i)

23,689,386 (twenty-three million, six hundred eighty-nine thousand, three hundred eighty-six) Shares, (ii) 256,811 (two hundred fifty-six thousand, eight hundred eleven) American Depository Receipts, each of which represents

2 (two) Shares, (iii) 29,500,000 (twenty-nine

million, five hundred thousand) cali option contracts that provide GSI the right to acquire

29,500,000 (twenty-nine million, five hundred thousand) Shares on or before December 16,

2013, (iv) 4,188,000 (four million, one hundred

eighty-eight thousand) cali option contracts that provide GSI the right to acquire 4,188,000 (four million, one hundred eighty-eight thousand) Shares on or before February 17, 2014, and (v)

7,954,552 (seven million, nine hundred fifty-four thousand, five hundred fifty-two) convertible debentures representing 7,954,552 (seven million, nine hundred fifty-four thousand, five hundred fifty-two) Shares on an as-converted basis. The Notice attached hereto also contains additional information on the acquisition of the Shares, including those required in article 12 of CVM 358.

According with article 12, §6° of CVM 358, we request the lnvestor Relations Officer to kindly take the necessary provisions for the immediate transmission of the information contained herein to CVM and to BM&FBOVESPA.
We remain at your entire disposal should you need any further clarification of this matter. In respect with the subject of this letter, you may contact Fernando Rosas, telephone (55 11)

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da Companhia. As 65.845.560 (sessenta e cinco milh6es oitocentas e quarenta e cinco mil quinhentas e sessenta) Aç6es de emissao da Companhia detidas pela GSI consistem em (i)

23.689.386 (vinte e tres milh6es seiscentas e

oitenta e nove mil trezentas e oitenta e seis) Aç6es, (ii) 256.811 (duzentos e cinquenta e seis mil oitocentos e onze) American Depository Receipts, cada qual representando 2 (duas) Aç6es, (iii) 29.500.000 (vinte e nove milh6es e quinhentos mil) contratos de opçao de cali que outorgam à GSI o direito de adquirir 29.500.000 (vinte e nove milh6es e quinhentas mil) Aç6es antes de ou em 16 de dezembro de 2013, (iv)

4.188.000 (quatro milh6es cento e oitenta e oito

mil) contratos de opçao de cali que outorgam à GSI o direito de adquirir 4.188.000 (quatro milh6es cento e oitenta e oito mil) Aç6es antes de ou em 17 de fevereiro de 2014, e (v)

7.954.552 (sete milh6es, novecentos e cinquenta e quatro mil, quinhentos e cinquenta e duas) debentures conversfveis em aç6es que representam 7.954.552 (sete milh6es, novecentos e cinquenta e quatro mil, quinhentos e cinquenta e duas) Aç6es se ja estivessem convertidas. O Comunicado anexo contém informaç6es adicionais sobre a aqu1s1çao das Aç6es, incluindo aquelas previstas no artigo 12 da lnstruçao CVM 358.

Nos termos do artigo 12, §6° da lnstruçao CVM
358, solicitamos ao Diretor de Relaç6es com lnvestidores da Companhia a gentileza de que tome as providencias para a imediata transmissao das informaç6es aqui contidas à CVM e à BM&FBOVESPA.
Permanecemos à disposiçao de V.Sas. para quaisquer esclarecimentos que se façam necessarios. Em relaçao ao assunto tratado nesta correspondencia, V.Sas. poderao

3372-0107, e-mail fernando.rosas@gs.com, with offices at Rua Leopoldo Couto de

contatar o Sr. Fernando Rosas, telefone (55 11)

3372-0107, email fernando.rosas @ gs.com,

Magalhaes Jr., no 700, 161

Paulo, SP, Brasil.

floor, ltaim Bibi, Sao

com escrit6rio na Rua Leopoldo Couto de

Magalhaes Jr., n° 700, 16° andar, ltaim Bibi, Sao Paulo, SP, Brasil.

Sincerely,

Atenciosamente,

Goldman, Sachs & Co.

Goldman Sachs lnternational

ice President/Vice Presidente

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PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAçòES

Publicly-held Company

PDG REALTY S.A. EMPREENDIMENTOS E PARTICIPAçòES

Companhia Aberta
CNPJ/MF 10.629.105/0001-68
NIRE 33.3.0029084-2
CNPJ/MF 10.629.105/0001-68
NIRE 33.3.0029084-2
In accordance with the main section of article 12 of Em cumprimento ao que estabelece o artigo 12, CVM lnstruction No. 358 of January 3, 2002, as caput, da lnstruçao CVM n° 358, datada de 3 de amended, Goldman, Sachs & Co. ("Goldman janeiro de 2002, conforme alterada, Goldman, Sachs"), a New York limited partnership and Sachs & Co. ("Goldman Sachs"), uma limited registered as a broker-dealer and as an investment partnership devidamente organizada e existente adviser pursuant to the laws of the United States de acordo com as leis do Estado de Nova lorque e Securities and Exchange Commission, a wholly- registrada como uma corretora e consultora de owned subsidiary of The Goldman Sachs Group, investimentos conforme as leis da Comissao de lnc. and enrolled with the C.N.P.J. under No. Cambio e Valores Mobiliarios dos Estados Unidos

05.987.216/0001-06, with its principal piace of (United States Securities and Exchange

business at 200 West Street, New York, NY Commission), uma subsidiaria integrai do The

10282, hereby informs that on September 2, 2013 Goldman Sachs Group, lne. e inserita no C.N.P.J. Goldman Sachs lnternational ("GSI"), a wholly- sob no 05.987.216/0001-06, com sede em 200 owned subsidiary of The Goldman Sachs Group, West Street, New York, NY 10282, vem por meio lnc. and enrolled with the C.N.P.J. under No. desta comunicar que em 02 de setembro de 2013

05.479.103/0001-08 ("the Shareholder"), disposed a Goldman Sachs lnternational, uma subsidiaria of 1,635,847 (one million, six hundred thirty-five integrai do The Goldman Sachs Group, lne. e thousand, eight hundred forty-seven) shares of inserita no C.N.P.J. sob no 05.479.103/0001-08 (a common stock (the "Shares") of PDG Realty S.A. "Acionista"), alienou 1.635.847 (um milhao Empreendimentos e Participaç6es (the seiscentas e trinta e cinco mil oitocentas e "Company"), bringing its total ownership to quarenta e sete) aç6es ordinarias (as "Ac6es") de
65,845,560 (sixty-five million, eight hundred forty- emissao da PDG Realty S.A. Empreendimentos e five thousand, five hundred sixty) Shares or 4.9% Participaç6es (a "Companhia"), passando a deter (four point nine percent) of the Shares issued by um total de 65.845.560 (sessenta e cinco milh6es the Company. The 65,845,560 (sixty-five million, oitocentas e quarenta e cinco mil quinhentas e eight hundred forty-five thousand, five hundred sessenta) Aç6es ou 4,9% (quatro vfrgula nove por sixty) Shares of the Company and owned by GSI cento) das Aç6es de emissao da Companhia. As consist of (i) 23,689,386 (twenty-three million, six 65.845.560 (sessenta e cinco milh6es oitocentas e hundred eighty-nine thousand, three hundred quarenta e cinco mil quinhentas e sessenta) Aç6es eighty-six) Shares, (ii) 256,811 (two hundred fifty- de emissao da Companhia detidas pela GSI six thousand, eight hundred eleven) American consistem em (i) 23.689.386 (vinte e tres milh5es Depository Receipts, each of which represents 2 seiscentas e oitenta e nove mil trezentas e oitenta (two) Shares, (iii) 29,500,000 (twenty-nine million, e seis) Açoes, (ii) 256.811 (duzentos e cinquenta e five hundred thousand) cali option contracts that seis mil oitocentos e onze) American Depository previde GSI the right to acquire 29,500,000 Receipts, cada qual representando 2 (duas) (twenty-nine million, five hundred thousand) Aç6es, (iii) 29.500.000 (vinte e nove milh6es e

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Shares on or before December 16, 2013, (iv) quinhentos mil) contratos de opçao de cali que
4,188,000 (four million, one hundred eighty-eight outorgam à GSI o direito de adquirir 29.500.000 thousand) cali option contracts that previde GSI (vinte e nove milh6es e quinhentos mil) de Aç6es the right to acquire 4,188,000 (four million, one antes de ou em 16 de dezembro de 2013, (iv) hundred eighty-eight thousand) Shares on or 4.188.000 (quatro milh6es cento e oitenta e oito before February 17, 2014, and (v) 7,954,552 mil) contratos de opçao de cali que outorgam à (seven million, nine hundred fifty-four thousand, GSI o direito de adquirir 4.188.000 (quatro milh6es five hundred fifty-two) convertible debentures cento e oitenta e oito mil) Aç6es antes de ou em representing 7,954,552 (seven million, nine 17 de fevereiro de 2014, e (vi) 7.954.552 (sete hundred fifty-four thousand, five hundred fifty-two) milh6es, novecentos e cinquenta e quatro mil, Shares on an as-converted basis. This is a quinhentos e cinquenta e duas) debentures minority investment that does not involve a change conversfveis em aç6es que representam in the composition of corporate contrai or a change 7.954.552 (sete milh6es, novecentos e cinquenta e in the management structure of the Company. quatro mil, quinhentos e cinquenta e duas) Aç6es Currently, the Shareholder does not target any se ja estivessem convertidas. Este é um quantity of the Company's shares. Other than investimento minoritario que nao envolve mudança disclosed herein, none of the affiliates of the na composiçao do contrale acionario ou na Shareholder hold any interest in the Company. alteraçao da estrutura administrativa da Other than as disclosed herein, there are no Companhia. Atualmente, o Acionista nao visa convertible debentures already held, directly or deter urna quantidade especffica das aç6es da indirectly, by the Shareholder or any of its Companhia. Exceto pelo divulgado neste subsidiaries or affiliates, nor any agreement or Comunicado, nenhuma das afiliadas ou
contract regulating voting rights or the purchase controladas do Acionista detém participaçao
and sale of securities issued by the Company, to which the Shareholder or any of its subsidiaries or affiliates is a party.
acionaria na Companhia. Exceto pelo divulgado neste Comunicado, o Acionista, ou quaisquer de suas afiliadas ou controladas, nao detém, direta e/ou indiretamente, debentures conversfveis de emissao da Companhia, bem como nao fazem parte de nenhum centrato ou acordo dispondo sobre direito de voto ou sobre a compra e venda
de valores mobiliarios de emissao da Companhia.
September 1O, 2013 1O de setembro de 2013

Goldman, Sachs & Co.

Goldman Sachs lnternational

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