Message from the Management

EVEN CONSTRUTORA E INCORPORADORA S.A. (“Company”) hereby transmit to the market in general the messages received from Management and Board of Directors, due to recent changes approved today on the Extraordinary General Meeting, transcribed below.

MESSAGE FROM THE MANAGEMENT

In recent months, we have taken time to consider where Even has been during its life as a public company and where it should go over the long-term future.

Since the IPO in 2007, Even has consistently delivered return to its shareholders with rather conservative financial (low leverage) and operational (no costs overrun) structures. All that in a period when the real estate market went through the sizable and well-known turmoil of the post-IPO era.

Now it is time to look ahead, and we believe we still have a lot to do and to improve. After some changes in the company structure, the essence of the senior management remains the same, and fully aligned with the new Board of Directors. We are aware that we are probably facing a difficult market environment in the short-term, however, aligned with the shareholders, we will work hard pursuing efficiency and profitability, without leaving behind our financial and operational responsibility, and our values: ethics, transparency, sustainability and respect for the client. We are also conscious that our business is cyclical and capital intensive, therefore, given Brazil‘s history of high inflation and interest rates, our capital should earn a high return, and not just in good times, but across full economic cycles.

Targeting these objectives, we will work with the company‘s new Board in the short term on a strategic plan to emerge from this period as the most profitable and successful real estate company in our segment. We look forward to updating the market on these efforts in the future.

MESSAGE FROM THE BOARD OF DIRECTORS

Even‘s management have always been leaders in their field. They have distinguished themselves by maintaining geographic and product discipline during the industry‘s post-IPO frenzy and by delivering permanent return on capital, while maintaining prudent finances and conducting themselves with the high integrity for which they are well known.

We believe that now, Even must respond to the challenges of the present by striving to become the most efficient and financially disciplined company of its kind. Even has no intention in being Brazil‘s largest homebuilder, but, in our opinion, under Dany and João and their fantastic team, it will be one of the country‘s very best. Our goal is to establish an undoubtedly shareholder-oriented company and the most profitable, in our segment.

During the next weeks, we will work to create an incentive plan that directly ties management‘s compensation to the long-term return on our company‘s capital. We look forward to working with Dany and Joao as they begin the project of extending Even‘s legacy and enhancing its value.

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Cordially,

Dany Muszkat
CFO and IRO

Ivan Bonfanti
IR Manager

Fernanda Brienza
IR Analyst

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