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Public-Held Corporation with Authorized Capital CNPJ/MF No 02.950.811/0001-89 Praia De Botafogo, 501, 2 Nd Floor, Part Zip Code 22250-040, Pão De Açúcar Tower

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Public-Held Corporation with Authorized Capital CNPJ/MF No 02.950.811/0001-89 Praia De Botafogo, 501, 2 Nd Floor, Part Zip Code 22250-040, Pão De Açúcar Tower Public-held Corporation with Authorized Capital CNPJ/MF No 02.950.811/0001-89 Praia de Botafogo, 501, 2 nd floor, part Zip Code 22250-040, Pão de Açúcar Tower. Rio de Janeiro – RJ Company’s Identification PDG Realty S.A. Empreendimentos e Participações, enrolled in the Federal Taxpayers Registry under the No 02.950.811/0001-89 and with its articles of incorporation filed in the Commercial Registry of the States of São Paulo and Rio de Janeiro. Headquarters Praia de Botafogo, 501, block 1, room 201, part, Pão de Açúcar Tower, Centro Empresarial Mourisco, at the Capital of the State of Rio de Janeiro. Investor Relations Office Located in our office in the City of Rio de Janeiro, State of Rio de Janeiro, at Praia de Botafogo, 501, Pão de Açúcar Tower, cj. 203. Mr. Michel Wurman is responsible for this office and may be contacted through the phone number (+55 21) 3504-3802, fax (+55 21) 3504-3849 and e-mail [email protected]. Company’s Independent Auditors Ernst & Young Auditores Independentes S.S. Shareholders Services Our shareholders services is performed by our agent Itaú Corretora de Valores Mobiliários S.A., located at Avenida Engenheiro Armando de Arruda Pereira, 707, 7 th floor, orange side, in the city of São Paulo, State of São Paulo, telephone (+55 11) 5029-7780 and fax (+55 21) 3274-3543. Newspapers in which the Company Diário Oficial of the Company’s headquarters and Valor discloses information Econômico newspaper. Site www.pdgrealty.com.br. The information contained in the website is not part of this Reference Form, neither is incorporated to it. Reference Form’s last Update January 17, 2011. BZDB01 88170085.3 14-dez-10 15:52 Reference Form - PDG Realty S.A. Empreendimentos e Participações CONSIDERATIONS ABOUT THIS FORM This “ Formulário de Referência” (“Form ” or “Reference Form ”) is based on the Brazilian Securities and Exchange Commission (“CVM ”) Rule No. 480 dated as of December 7, 2009 (“ICVM480 ”). The date of the last update of this Form does not necessarily mean that this document had all its information updated at such date, but that some or all of the information contained herein was updated pursuant to Article 24 Paragraphs 1, 2 e 3 of ICVM480. This Form cannot be characterized as a securities public offer document, nor does it constitute an offer of sale or a request for offer of purchase of securities sales in Brazil or any other jurisdiction. This is a free translation of the Form filed with CVM and shall not be used, in any matter or grainds, as the basis for any investment decision, contract or commitment whatsoever. The Portuguese and official version of the Form can be found at www.cvm.gov.br and www.pdgrealty.com.br/ri. 1. IDENTIFICATION OF THE INDIVIDUALS RESPONSIBLE FOR THE FORM’S CONTENT 1.1. Statement of the CEO and the Investor Relations Officer José Antonio T. Grabowsky (CEO of the Company) and Michel Wurman (Financing Vice-President and Investor Relations Officer) declare that: (i) they reviewed this Form; (ii) all information contained here meets the requirements contained in the ICVM480, in special articles 14 to 19; and (iii) the information contained here is true, accurate and complete description of the economic-financial situation of the Company and of the risks inherent to its activities and its issued securities. 2 BZDB01 88170085.3 14-dez-10 15:52 Reference Form - PDG Realty S.A. Empreendimentos e Participações 2. AUDITORS 2.1. Independent Auditors Fiscal Year ended on 12.31.2009 Fiscal Year ended on 12.31.2008 Fiscal Year ended on 12.31.2007 Corporate name Terco Grant Thornton Auditores Terco Grant Thornton Auditores Ernst & Young Auditores Independentes S.S. Independentes S.S. Independentes S.S. Name, CPF and contact information (telephone and e -mail) of person in charge Name: Eduardo José Ramon Leverone Name: Eduardo José Ramon Leverone Name: Mauro Moreira CPF: 833.302.597-87 CPF: 833.302.597-87 CPF: 510.931.467-53 Tel.:(+55 21) 2222-3100 Tel.:(+55 21) 2222-3100 Tel.: (+55 21) 2109-1400 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Service contracting date 02.13.2008 02.13.2008 04.20.2007 Description of contracted services Individual and consolidated ITR revision Individual and consolidated ITR revision Individual and consolidated ITR revision - Annual audit of individual and consolidated - Annual audit of individual and consolidated balance sheet balance sheet Auditors substitution Not applicable Not applicable Not applicable Reason for substitution Not applicable Not applicable In order to uniformize the audit for all companies of the group in a single auditor, once Terco Grand Thorthon was already the auditor of the controlled Goldfarb. Eventual arguments submitted by the auditor against the Company’s reason for its substitution, according to CVM´s specific regulations in this subject Not applicable Not applicable Not applicable 2.2. Inform the total amount of remuneration of the independent auditors in the last fiscal year, specifying the fees relative to audit services and those relative to any other provided services In the last fiscal year ended on December 31, 2009, the independent auditors received fees that amounted to a total of R$1,196,950.80, referring to the services of Audit of the Controller and Consolidated Financial Statements. 2.3. Other relevant information. There is no other relevant information in respect to item “2”. 3. SELECTED FINANCIAL INFORMATION 3.1. The information presented by the table below is based on the Company’s financial statements or, when it is obligated to disclose consolidated financial statements, based on the consolidated financial statements of the Company. Nine months ended on Fiscal Year ended on Fiscal Year ended on Fiscal Year ended on Period 09.30.2010 12.31.2009 12.31.2008 12.31.2007 Equity (in R$ thousands) 5,893,694 2,940,820 1,476,437 1,349,666 Total Assets (in R$ thousands) 14,631,820 6,102,517 3,246,747 2,563,046 Net Revenue (in R$ thousands) 3,450,764 1,983,819 1,231,159 552,018 Gross Income (in R$ 1,065,683 576,026 433,360 196,682 thousands) Net Income (in R$ thousands) 586,699 338,132 182,463 71,157 Amount of shares, ex-treasury 553,121,087 389,877,818 292,006,296 (1) 291,465,070 (1) Equity value per share (in 10.6553 7.5429 5.0562 4.6306 Reais) 3 BZDB01 88170085.3 14-dez-10 15:52 Reference Form - PDG Realty S.A. Empreendimentos e Participações Nine months ended on Fiscal Year ended on Fiscal Year ended on Fiscal Year ended on Period 09.30.2010 12.31.2009 12.31.2008 12.31.2007 Net Income per share (in Reais) 1.0607 0.8673 0.6249 0.2441 Other selected information Not applicable Not applicable Not applicable Not applicable (1) Adjusted by the splitting. 3.2. Non accounting measures, conciliation between the disclosed values and the amounts of the audited financial statements and explanation about the reason why the Company understands that such measures are more appropriated for the correct understanding of its financial situation and the result of its operations. EBITDA Our EBITDA consists of the income before income tax and social contribution, added to the net financial revenues/expenses, depreciation e amortization. The EBITDA is not considered a measure in accordance with the Brazilian GAAP, nor does it represent the cash flow for the presented periods. It should not be considered as an alternative to net income as an indicator of our operational performance or as an alternative for cash flow as an indicator of liquidity. The EBITDA does not have a standard definition and our definition of EBITDA cannot be compared to the ones used by other companies. We are convinced that the EBITDA is an important index to be used to follow-up Company operational performance once our results are presented free from the impact of financial expenses that are influenced rather by conditions prevailing in the credit market and not by real the estate market conditions and free also from the influence of depreciation and amortization expenses which are essentially accounting expenses. Ni ne months period ended on Year ended on September 30, December 31, R$ Thousands 2010 2009 2009 2008 2007 Income before income tax and social contribution 696,734 268,174 371,327 245,061 122,786 (-/+) Financial Revenues / Expenses (28,611) (21,024) (52,841) (12,532) 36,202 (+) Depreciation and amortization 25,315 3,546 4,983 28,198 16,573 EBITDA 693,438 250,696 323,469 260,727 175,561 EBITDA Margin 20.10% 31.80% 18.38% 16.31% 21.20% ADJUSTED EBITDA Our Adjusted EBITDA is calculated based on the definition issued by CVM Rule 01/2007, consisting of the sum of income before interest, income tax, depreciation and amortization, added to the following adjustments: non- operational results, interest of non-controlling shareholders and compensation expenses based on stock options. Our Adjusted EBITDA is not considered as a measure of financial performance in accordance with the Brazilian GAAP, nor should it be considered individually or as an alternative to net income, as a measurement of operational performance, or as an alternative to the operating cash flows, or as a liquidity measurement. Other companies may calculate the Adjusted EBITDA based on a different method from the one adopted by us. Considering that the financial results, financial charges on the costs of properties sold, income tax and social contribution, depreciation and amortization expenses, interest of non-controlling shareholders and adjustments to compensation expense based on stock options, the Adjusted EBITDA is an indicator of our general economic performance, which is not affected by variations in interest rates, changes in the tax burden of income tax and social contribution or levels of depreciation and amortization.
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