Even reports Material Fact – Itaú and Unibanco Financing

MATERIAL FACT

Even Construtora e Incorporadora S.A., a publicly held company inscribed in the Roll of Corporate Taxpayers (CNPJ/MF) under no. 43.470.988/0001-65 (the “Company”), pursuant to CVM Instruction 358 dated January 3, 2002, as amended, hereby informs its shareholders and the general market that it has contracted jointly with Banco Itaú BBA S.A. (“Banco Itaú”) and Unibanco – União de Bancos Brasileiros S.A. (“Unibanco”) unsecured financing in the amount of R$75 million each, in the form of a Bank Letter of Credit (Cédula de Crédito Bancário ) (“CCB”), with maturity on July 30, 2012 and January 14, 2013, respectively, with the funds used to finance the Company’s working capital and to expand operations in São Paulo and in other regions of Brazil.

With these funds, Even reinforces its expansion strategy and strengthens its financial reserves for taking advantage of the current scenario marked by opportunities in the real estate sector.

São Paulo, September 17, 2007

Even Construtora e Incorporadora S.A.
Hélio Baptista Novaes
Chief Financial, Administrative and Investor Relations Officer