EVEN reports Material Fact - First Debentures Distribution Program/ Second Debentures Issue

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 (“Company”), pursuant to Instruction 358 issued by Brazil’s ecurities and Exchange Commission (“CVM”) and dated January 3, 2002, as amended, informs its shareholders and the general market the following:

The Company’s Board of Directors, at a meeting held on October 26, 2007, approved the creation of the Company’s First Debentures Distribution Program (“Program”), with the objective of enabling the Company to carry out public offerings of debentures, pursuant to Article 11 and subsequent articles of CVM Instruction 400 dated December 29, 2003, as amended. The Program has a maximum duration of two years, starting from its filing at the CVM, and maximum amount of R$500 million. Under the scope of the Program, the Company may issue only simple debentures not convertible into shares.

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