Material Fact

MATERIAL FACT

São Paulo, April 22, 2015 - Even Construtora e Incorporadora S.A. - The management of Even Construtora e Incorporadora S.A. ("Company"), in accordance with CVM Instruction 358/02, as amended, hereby announces that, the Board of Directors‘ Meeting of April 22, 2015 approved the creation of a buyback program of shares to be held in treasury for subsequent sale or cancellation, pursuant to Article 20, item "xvii", of the Company‘s Bylaws, of CVM Instruction 10/80, as amended, and Article 30 of Law 6404/76, under the following conditions:

a) Company‘s Purpose with the Transaction: To add value to Company shareholders, given the price of Company shares on the BM&FBOVESPA S.A. - Securities, Commodities and Futures Exchange as well as use said shares in the Company‘s stock option programs.

b) Number of Shares to be Acquired: Up to eleven million, six hundred sixty-four thousand, six hundred and seventy (11,664,670) Company registered common shares with no par value.

c) Number of Shares on the Free Float: two hundred thirty-three million, two hundred ninety-three thousand, four hundred and eight (233,293,408) Company registered common shares with no par value (equivalent to the sum of the shares on the free float and treasury shares) in accordance with Article 5 of ICVM 10. As a result, we highlight that the maximum number of shares to be issued corresponds to 5% of the common shares issued by the Company, respecting the maximum limit established by ICVM 10.

d) Acquisition Period: the acquisitions will be carried out by the Company in up to three hundred and sixty-five (365) days as of April 23, 2015, ending on April 22, 2016.

e) Intermediary Financial Institutions:

Itaú Corretora de Valores S.A.
Corporate Taxpayer ID (CNPJ/MF): 61.194.353/0001-64
Av. Brigadeiro Faria Lima, 3.400
São Paulo, SP
CEP 04538-132

BTG Pactual CTVM S.A.
Corporate Taxpayer ID (CNPJ/MF): 43.815.158/0001-22
Av. Brigadeiro Faria Lima, 3.477
São Paulo, SP
CEP 04538-133

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