Notice to Shareholders

NOTICE TO THE SHAREHOLDERS

São Paulo, April 22, 2016 - EVEN CONSTRUTORA E INCORPORADORA S.A. ("Company"), hereby informs the Shareholders that the dividends declared by the Company at the Annual Shareholders‘ Meeting of April 22, 2016, at 10:00, totaling thirty-five million reais (R$35,000,000.00), exempt from withholding income tax, in accordance article 10 of Law 9,249/95, will be paid to the Company‘s Shareholders of record on April 22, 2016, as follows:

1. Dividends totaling R$0.160137233 per common share.

2. Instructions related to the credit of the dividends:

2.1. The dividends will be paid on May 03, 2016.

2.2. The shareholders will have their credit available based on their banking address registered with Itaú Unibanco S/A, custodian institution of the shares issued by the Company, on the payment data referred to in item 2.1 above.

2.3. For the shareholders whose records do not include the individual taxpayer ID (CPF/CNPJ) or the information on "Bank/Branch/Current Account", the dividends will only be credited as of the third business day after the date when the record is updated in the electronic files of Itaú Unibanco S/A, the record can be updated through any branch of the bank‘s network or through correspondence addressed to Unidade de Processamento e Serviços para Corporações, at Rua Ururai, nº 111, Térreo, Prédio B, Tatuapé, CEP 03084-010, in the city and state of São Paulo.

3. Services to shareholders: At the branches of Itaú Unibanco S/A authorized to render services to shareholders.

4. The Company‘s shares will be traded ex-dividends as of April 25, 2016, inclusive.

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Cordially,

Dany Muszkat
Co-CEO

Vinicius Mastrorosa
Strategy and IR Director

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
www.even.com.br/ir