Notice to Shareholders - Payment of Dividends

NOTICE TO SHAREHOLDERS

São Paulo, May 5, 2016 - EVEN CONSTRUTORA E INCORPORADORA S.A. ("Company"), hereby inform the Shareholders that the dividends declared by the Company at the Board of Directors Meeting of May 5, 2016, at 1:00pm (finished at 8:00pm), totaling two million, three hundred and forty five thousand, five hundred and four reais and eight centavos (R$2,345,504.08), 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 May 23, 2016, as follows:

1. Dividends totaling R$0.010731501 per common share.

1.1. The value of dividends per share indicated in item 1 above may change due to possible changes in the number of shares the Company‘s outstanding between now and May 23, 2016.

2. Instructions related to the credit of the dividends:

2.1. The dividends will be paid on June 3, 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 May 24, 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) 3377-2499
Fax: +55 (11) 3377-3780
E-mail: ri@even.com.br
www.even.com.br/ir