Even discloses preliminary 4Q14 operating result

São Paulo, January 20, 2015 – Even Construtora e Incorporadora S.A. – EVEN (BM&FBOVESPA: EVEN3), a builder and developer with operations in the states of São Paulo, Rio de Janeiro, Rio Grande do Sul and Minas Gerais, focused on residential developments with units priced above R$250,000, announces its preliminary and unaudited data for launches, sales, land acquisitions and deliveries in the fourth quarter of 2014.

Launches¹
Seven projects were launched in the fourth quarter, totaling R$1,014 million (Even‘s share), bringing 12M14 accumulated launch value to R$2,079 million (Even‘s share).

Sales¹
Contracted sales came to R$508 million (Even‘s share), R$368 million (72%) of which from projects launched in the quarter and the remainder, R$140 million (28%), from units in inventory. The period sales-over-supply ratio (VSO) stood at 14%.

Landbank¹
We acquired five new sites in the fourth quarter, with a combined PSV of R$753 million (Even‘s share). YTD, we acquired 30 sites, with a combined PSV of R$3,631 million. As a result, our land bank closed 4Q14 with PSV of R$6.1 billion (Even‘s share).

Deliveries¹
In 4Q14, we delivered seven projects comprising 1,618 units, equivalent to a launch PSV of R$582 million (Even‘s share). As a result, in 12M14 we delivered 36 projects, totaling launch PSV of R$2.3 billion (Even‘s share) and 7,057 units.

¹Unaudited management figures, subject to alteration.

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For further information, please contact our IR area:

Dany Muszkat
CFO and IRO

Ivan Bonfanti
Investor Relations Manager

IR Contact:

Phone: +55 11 3377-3777
Fax: +55 11 3377-3780
E-mail: ri@even.com.br
www.even.com.br/ir