Notice to Shareholders - Payment of Dividends

NOTICE TO SHAREHOLDERS

PAYMENT OF DIVIDENDS



São Paulo, April 16, 2012 - Even Construtora e Incorporadora S.A. - EVEN (BM&FBovespa: EVEN3), a builder and developer with operations in the states of São Paulo, Minas Gerais, Rio de Janeiro and Rio Grande do Sul and a focus on residential developments with units priced up to R$500,000, hereby informs its shareholders that the dividends declared by the Company at the Annual Shareholders’ Meeting held on April 18, 2012, at 10:00 a.m., in the total amount of fifty-three million, seven hundred three thousand, seven hundred seventy-three reais and forty-four centavos (R$53,703,773.44), which is exempt from income tax, in accordance with Article 10 of Federal Law 9,249/95, will be paid to Shareholders of record on April 18, 2012, in accordance with the following procedures:

1) Dividend of R$0.2301984179 per common share.

2) Instructions for crediting the dividends:

2.1) The dividends will be paid on April 30, 2012.

2.2) The credits will be made available to shareholders based on the bank information provided to Itaú Unibanco S.A., the bookkeeping institution of the Company‘s shares, on the payment date indicated in item 2.1 above.

2.3) For shareholders whose registration information does not contain the taxpayer identification number (CPF/CNPJ) or data for the “Bank/Branch/Current Account”, the dividends will be credited only as of the third business day after the registration information is updated in the electronic files of Itaú Unibanco S/A, which may be effected at any branch of the bank network or by delivering correspondence to the address Unidade de Processamento e Soluções para Corporações, Avenida Engenheiro Armando de Arruda Pereira, 707, 10º andar, Jabaquara, CEP 04344-902, city and state of São Paulo.

3) Service locations: The bank branches of Itaú Unibanco S.A. authorized to provide services to shareholders.

4) The Company‘s shares will trade ex-dividends as of April 19, 2012, inclusive.

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