PDG Realty has signed a joint venture with Abaurre, a large real estate developer in Espírito Santo, Brazil. Under the agreement, any projects prospected by one partner in Espírito Santo must be presented to the other to promote joint development, with Abaurre owning 30% of projects. The joint venture expects to develop projects worth R$100 million per year starting in 2008, focused on medium- and low-medium income segments. The first project launch under the partnership is forecast for 2007.

1. PDG Realty signs joint venture with
Abaurre from Espírito Santo
Investors Relations:
Michel Wurman
Investors Relations Director
João Mallet
Investors Relations Manager
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Telephone : (21) 3504-3800
E-mail: ri@pdgrealty.com.br
Website: www.pdgrealty.com.br/ri

2. Joint Venture between PDG Realty &
Abaurre
Founded in 1971, Abaurre is one of the largest real estate developers in
Espírito Santo.
The joint venture foresees that, within the market of Espirito Santo, all of the
projects prospected by one partner must be presented to the other in order to
promote a merged development, of which 30% will belong to Abaurre
Prospect of projects development in the VGV amount of R$100 million (pro-
rata PDG Realty) year on year starting in 2008
Focused in the medium and low-medium income
Forecast to launch the first development of the partnership still in 2007
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3. Partnership Rationale
Allow PDG Realty’s entrance yet into another market, spreading our capillarity and
geographic diversification
Capture the potential swell in the real state market in Espírito Santo, especially within the
medium and medium-low income
Generate new ventures also to Goldfarb, who will be responsible to develop the projects in
the medium and medium-low income
Partnership with a company of an effective capacity of performance and strong presence in
Espírito Santo
Leverage PDG Realty’s result
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4. Proven Track Record
Despite the strong competition, PDG Realty was able to generate important acquisition in accretive
deals
A successful track record of PDG proves its talent to continuously generate investment opportunities
in private equity and co-incorporation
Additional
Acquisition
of 21% Joint Venture
Sep-06 PDG &
Abaurre JV
Private Equity Acquisition
of 20% Joint
Investiments... Aquisition of
40% Venture
Feb-06 Additional CHL & PIAL JV
Acquisition
of 10% Sale of
JV April-07 20% stake
May-06 Nov-06 Feb-07 June-07
5 projects launched 28 projects launched
Fundação 2004 14 projects launched
2006
2003 1Q/2007
2 projects launched
9 projects launched IPO ...and Co-
2003 2005
developments
Jan-07
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