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).

Launches in 4Q14 Region Total PSV (R$ thousand)

PSV Even

(R$ thousand)

Usable Area

(sqm)

Units

Average

Unit Value

(R$ thousand)

Segment



Up Barra RJ 194,736 194,736 36,121 568 343 Emerging RG Personal Residences (2nd phase) RJ 63,108 63,108 8,442 96 657 Middle Portal Centro SP 153,481 153,481 22,538 399 385 Emerging Martese Alto da Lapa SP 299,310 299,310 31,162 192 1,559 Upper Hotel Ibis SP 208,587 208,587 7,451 369 565 Commercial Ato RS 63,296 50,636 2,595 22 2,877 Upper Viva Vida Boulevard RS 55,407 44,326 4,809 159 348 Emerging

Total 1,037,924 1,014,184 128,559 1,805 675



Launches (Even's share) Launches (partners)


Launches (partners) Total (R$ million)

2,931

467

1,232

1,699

1,232

704

118

586

293

4

289

1,038

24

1,014

508

2,423

2,225

146

2,079

4Q13 1Q14 2Q14 3Q14 4Q14 2013 2014

¹ Unaudited management figures, subject to alteration. Page 1 of 3

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%.


23%



Inventory Sales Launch Sales VSO

Accumulated Sales (R$ million)

2,118 721 13% 13% 10% 14% 483 341 378 59 126 270 25 508 368

238 281 251 245

140

4Q13 1Q14 2Q14 3Q14 4Q14 2013 2014 Land Bank¹

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).

Land acquisition PSV (Even's share) # of sites acquired



SP RJ RS # of sites acquired

12 8 12 9 9 4 5 8

1

894

1,103

1,249

5

525

753

1 1 2

5 5

7 7 3 2

1

1 2

4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14

¹ Unaudited management figures, subject to alteration. Page 2 of 3

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.


Delivered PSV (Even's share)² Delivered PSV (partners)² # of projects

16

310

# of projects

Delivered PSV (partners)²

Delivered PSV (Even's share)²

36 7

144 21

913

7 7

8

582

31

755

1,431

498

2,261

333 367

398

4Q13 1Q14 2Q14 3Q14 4Q14 2013 2014

² Figure in R$ million, considering the sales price at time of launch.

¹ Unaudited management figures, subject to alteration. Page 3 of 3

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