ANNOUNCE TO THE MARKET

CAMARGO CORRÊA DESENVOLVIMENTO IMOBILIÁRIO S.A.

Corporate Taxpayers ID (CNPJ/MF): 67.203.208/0001-89

Company Registry (NIRE) 35300194411

Publicly Held, BM&F/Bovespa-listed Company

We hereby inform our stakeholders and the Market in general that the Company’s Board of Directors of Camargo Corrêa Desenvolvimento Imobiliário S/A (“Companhia”), in the Board meeting, in September 28, 2011, at 5 p.m. decided to appoint Mr. Maurício Tavares for the Chief Executive Officer, starting October 1st, 2011, replacing Mr. Francisco Sciarotta Neto, that has hereby renounced its function starting September, 30, 2011, to lead new professional challenges.

O Sr. Maurício Barbosa has 17 years’ experience on the real estate segment. He joined CCDI as Development Director in 2007. Previously, he worked for 10 years at Rossi Residencial, as director of urban projects director among others positions. Before Rossi he worked at Schahin Cury in the engineer area. He holds a Civil Engineering degree from Escola Politécnica da Universidade de São Paulo (USP), with graduate degrees in Production Engineering from Fundação Vanzolini, and Business Administration from Fundação Getúlio Vargas (FGV).

São Paulo, September 28th, 2011

Ian Monteiro de Andrade

CHIEF FINANCIAL OFFICER AND INVESTOR RELATIONS OFFICER