PDG Realty in $925 Million Secondary Public Offering

February 9, 2010

Cleary Gottlieb represented PDG Realty Empreendimentos e Participações and its principal shareholder in a secondary public offering of common shares registered in Brazil and exempt from registration in the United States and elsewhere pursuant to Rule 144A and Regulation S. The offering, which was conducted on the Novo Mercado segment of the São Paulo Stock Exchange (the “BM&FBOVESPA”), priced on February 4, and Banco BTG Pactual exercised the greenshoe option on February 9. The total amount of the offering was R$1,618,891,461.50 (approximately US$925.0 million).

PDG Realty is a Brazilian real estate developer focused on lower-income and lower-middle income residential projects, which also develops residential projects for higher income segments. PDG Realty is the real estate developer with the largest growth in Brazil in terms of general sales volume launched since its IPO in 2007, among the real estate companies listed on the BM&FBOVESPA.