São José do Rio Preto, May 02, 2011: The management of Rodobens Negócios Imobiliários S.A. (“Company”), pursuant to Instruction Nº 358/02 of the Brazilian Securities and Exchange Commission (CVM), as amended, informs the public that at its Board of Directors Meeting, held on May 02, 2011, it was approved, between others:

1. The implementation of one or more transactions for disposal the shares of Special Purposed Vehicle (SPVs) to third parties, a true sale transaction, which has as assets preponderantly, inventory units and client receivables, and which constructions have already been concluded, with total amount up to R$ 300,000,000.00 (three hundred million reais). Out of this amount, the Company has already committed with investors two transactions of total amount equivalent to R$ 180,000,000.00 (one hundred and eighty million reais), and liquidation estimated to May 2011. The transactions aim the current and operational assets monetization and the use of resources to reduce the Company’s indebtedness and capitalization. The transactions structure has the strategy of achieving the best efficiency on capital allocation, as well as the maintenance of Company’s operational margins.

2. The program for the acquisition of the Company´s shares to be held in treasury and to be traded or to be cancelled in the future, within the terms of Article 20, line “o” of the Company By-Laws, of CVM Instruction Nº 10/80, as amended, and Article 30 of Law Nº 6.404/76.

Click here to access the full content of the Material Fact.