Even Construtora e Incorporadora S.A. Quarterly Information (ITR) at March 31, 2011 and Report on Review of Quarterly Information

Transcription

1 Even Construtora e Incorporadora S.A. Quarterly Information (ITR) at March 31, 2011 and Report on Review of Quarterly Information

2 Report on Review of Quarterly Information To the Board of Directors and Shareholders Introduction We have reviewed the accompanying parent company and consolidated interim accounting information of EVEN Construtora e Incorporadora S.A., included in the Quarterly Information (ITR) Form for the quarter ended March 31, 2011, comprising the balance sheet and the statements of income, changes in equity and cash flows, for the quarter then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation of the parent company interim accounting information in accordance with the Accounting Standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and of the consolidated interim accounting information in accordance with Accounting Standard CPC 21 and International Accounting Standard (IAS) 34 - Interim Financial Reporting, which considers OCPC Orientation 04 on the application of Technical Interpretation ICPC 02 to the Real Estate Development Entities in Brazil, issued by the CPC and approved by the Brazilian Securities Commission (CVM) and the Federal Accounting Council, as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the parent company and consolidated interim information prepared in accordance with CPC 21 Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated interim accounting information included in the quarterly information 2

3 referred to above has not been prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the Brazilian Securities Commission (CVM). Conclusion on the consolidated interim information prepared in accordance with IAS 34, which considers OCPC Orientation 04 on the application of Technical Interpretation ICPC 02 to the Real Estate Development Entities in Brazil, issued by the Brazilian Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities Commission (CVM) and the Federal Accounting Council (CFC) Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with IAS 34, which considers OCPC Orientation 04 on the application of Technical Interpretation ICPC 02 to the Real Estate Development Entities in Brazil, issued by the Brazilian Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities Commission (CVM) and Federal Accounting Council (CFC), applicable to the preparation of Quarterly Information (ITR) and presented in accordance with the standards issued by the Brazilian Securities Commission. Emphasis of matter As described in Note 2, the parent company and consolidated interim accounting information was prepared in accordance with accounting practices adopted in Brazil (CPC 21). The consolidated interim accounting information prepared in accordance with the IAS 34 also complies with OCPC Orientation 04 issued by the Accounting Pronouncements Committee, addressing the recognition of the revenue of the real estate development sector, as further explained in Note 3. Certain matters related to the meaning and application of the concept of continuous transfer of risks, rewards and control in sales of real estate units will be analyzed by the International Financial Reporting Interpretations Committee (IFRIC). The results of this analysis may cause real estate development companies to revise their accounting practices for revenue recognition. Other matters Interim statements of value added We have also reviewed the parent company and consolidated interim statements of value added for the quarter ended March 31, 2011, which are required to be presented in accordance with standards issued by the Brazilian Securities Commission (CVM) applicable to the preparation of Quarterly Information (ITR) and are considered supplementary information under IFRS, which does not require the presentation of the statement of value added. These statements have been submitted to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they have 3

4 not been prepared, in all material respects, in relation to the parent company and consolidated interim accounting information taken as a whole. São Paulo, May 9, 2011 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 Valdir Renato Coscodai Contador CRC 1SP165875/O-6 4

5 Contents Information General Information 1 Address 2 Securities 3 Auditor 4 Share Registrar 5 Investor Relations Officer or Equivalent 6 Shareholders' Department 7 Notes to the Quarterly Information 1 General Information 52 2 Summary of Significant Accounting Policies 52 3 Critical Accounting Estimates and Judgments 53 4 Financial Risk Management Financial risk factors Capital risk management Fair value estimation 55 5 Financial Instruments by Category 55 6 Credit Quality of Financial Assets 55 7 Financial Assets at Fair Value through Profit or Loss 56 8 Restricted Accounts 56 9 Trade Receivables and Assignment of Receivables Properties for Sale Investments Property and Equipment Intangible Assets Payables for Purchase of Land Borrowings and Debentures Advances from Customers Provisions Deferred Income Tax and Social Contribution Pension Plan Liabilities Development Partners Current Accounts with Development Partners Share Capital and Reserves Changes in the number of shares Stock options Dividends Revenue reserves Segment Information Revenue Other Operating Income (Expenses), Net Expenses by Nature Employee Benefit Expenses Finance Income and Costs Income Tax and Social Contribution Expense Earnings per Share Net Cash Used in Operating Activities Contingencies Commitments Transactions with Related Parties 73

6 Registration Form Even Construtora e Version: 5 Incorporadora S.A. 1 General Information Corporate name Date of adoption of the October 29, 2002 corporate name Type Previous corporate name Publicly-held corporation Terepins, Chusyd Engenharia e Construçoes Ltda. Date of establishment May 5, 1980 Federal Corporate Taxpayers' Registration Number (CNPJ) Brazilian Securities Commission (CVM) code / CVM registration date March 2, 2007 CVM registration status Active Date of effectiveness of status March 2, 2007 Home country Country in which the securities are held in custody Brazil Brazil Other countries in which the securities can be traded Country Date of admission Activity sector Description of activities Issuer category Date of registration in the current category Issuer status Civil Construction, Construction Material and Decoration Construction and Development Category A January 1, 2010 Operating phase Date of effectiveness of status March 2, 2007 Type of ownership control Private Date of last change in ownership control Date of last change of the fiscal year Month/day of the end of the fiscal year December 31 Issuer's website on the Internet Newspapers in which the issuer discloses its information 1 of 78 Name of newspapers in which the issuer discloses its information Diário do Comércio e Indústria Diário Oficial do Estado State SP SP

7 Registration Form Even Construtora e Version: 5 Incorporadora S.A. 2 Address Mail address Rua Hungria, 1400, 2 o andar - Jardim América - São Paulo - SP - Brasil - CEP Telephone (011) Fax (011) ri@even.com.br Headquarters' address Rua Hungria, 1400, 2 o andar - Jardim América - São Paulo - SP - Brasil - CEP Telephone (011) Fax (011) ri@even.com.br 2 of 78

8 Registration Form Even Construtora e Version: 5 Incorporadora S.A. 3 Securities Shares Trading Listing Managing Market entity Beginning End Business segment Beginning End Stock exchange BM&FBOVESPA April 2, 2007 New Market April 2, 2007 Debentures Trading Listing Managing Market entity Beginning End Business segment Beginning End Organized OTC market CETIP February 7, 2008 Traditional February 7, of 78

9 Registration Form Even Construtora e Version: 5 Incorporadora S.A. 4 Auditor Does the Issuer have an auditor? Yes CVM code Type of auditor Name/Corporate name National PricewaterhouseCoopers Individual Taxpayers' Registration Number (CPF)/ Federal Corporate Taxpayers' Registration Number (CNPJ) / Period of services January 1, 2010 Partner responsible Period of services CPF Valdir Renato Coscodai January 1, of 78

10 Registration Form Even Construtora e Version: 5 Incorporadora S.A. 5 Share Registrar Does the Company have a service provider? Corporate name Yes Itaú Corretora de Valores S.A. CNPJ / Period of services March 4, 2007 Service address Avenida Brigadeiro Faria Lima, n o o andar - Itaim Bibi - São Paulo - SP - Brasil - CEP Telephone (011) Fax (011) investfone@itau.com.br 5 of 78

11 Registration Form Even Construtora e Version: 5 Incorporadora S.A. 6 Investor Relations Officer or Equivalent Name Dany Muszkat Investor Relations Officer CPF/CNPJ Mail address Rua Hungria, o andar - Jardim América - São Paulo - SP - Brasil - CEP Telephone (011) Fax (011) ri@even.com.br Date when the person assumed the position January 27, 2011 Date when the person left the position 6 of 78

12 Registration Form Even Construtora e Version: 5 Incorporadora S.A. 7 Shareholders' Department Contact Dany Muszkat Date when the person assumed the position June 26,2009 Date when the person left the position Mail address Rua Hungria, 1400, 2 o andar - Jardim América - São Paulo - SP - Brasil - CEP Telephone (011) Fax (011) ri@even.com.br 7 of 78

13 Quarterly Information (ITR) - March 31, Version: 5 Contents Company information Capital composition 1 Parent Company Financial Statements Balance Sheet - Assets 2 Balance Sheet - Liabilities and Equity 3 Statement of Income 4 Statement of Cash Flows 5 Statement of Changes in Equity 1/1/2011 to 3/31/ /1/2010 to 3/31/ Statement of Value Added 8 Consolidated Financial Statements Balance Sheet - Assets 9 Balance Sheet - Liabilities and Equity 10 Statement of Income 11 Statement of Cash Flows 12 Statement of Changes in Equity 1/1/2011 to 3/31/ /1/2010 to 3/31/ Statement of Value Added 15 Management Report / Comments on Company Performance 16 Notes to the Quarterly Information 47 Other Information Considered Relevant by the Company 76 Reports Report on Special Review - Without Exceptions 77 8 of 78

14 Quarterly Information (ITR) - March 31, Version: 5 Company information/capital composition Number of shares Current quarter (units) March 31, 2011 Paid-up capital Common shares 223,293,408 Preferred shares 0 Total 223,293,408 Treasury shares Common shares 0 Preferred shares 0 Total 0 9 of 78

15 Quarterly Information (ITR) - March 31, Version: 5 Parent Company Financial Statements/ Balance Sheet - Assets (R$ thousand) 1 - Code 2 - Description Current quarter March 31, 2011 Prior year December 31, Total assets 2,201,747 2,041, Current assets 290, , Cash and cash equivalents 1,245 1, Financial investments 202, , Financial investments at fair value 202, , Trade receivables 2,342 2, Customers 2,342 2, Inventories 38,821 55, Properties for sale 38,821 55, Taxes recoverable 12,066 10, Current taxes recoverable 12,066 10,559 1,0108 Other current assets 33,634 46, Other 33,634 46, Current accounts with development partners 24,982 37, Other receivables 8,652 9, Non-current assets 1,911,002 1,761, Long-term receivables 507, , Trade receivables 21,629 21, Customers 21,629 21, Receivables from related parties 19,455 16, Other non-current assets 466, , Advances for future capital increase 463, , Other receivables 2,864 5, Investments 1,384,097 1,375, Equity investments 1,382,978 1,373, Investments in subsidiaries 1,382,978 1,373, Properties for investment 1,119 1, Goodwill 1,108 1, Other investments Property and equipment 16,688 16, Property and equipment in use 16,688 16, Intangible assets 2,561 2, Intangible assets 2,561 2, of 78

16 Quarterly Information (ITR) - March 31, Version: 1 Parent Company Financial Statements/ Balance Sheet - Liabilities and Equity (R$ thousand) 1 - Code 2 - Description Current quarter march 31, 2011 Prior year December 31, Total liabilities and equity 2,201,747 2,041, Current liabilities 261, , Trade payables 4,432 5, Taxes and contributions payable 21,348 17, Borrowings 84, , Borrowings 10,491 26, Debentures 73,600 75, Other liabilities 151, , Payables to related parties 56,763 56, Debt with subsidiaries 56,763 56, Other 94,543 97, Minimum mandatory dividend payable 59,967 59, Assignment of receivables 1,891 1, Advances from customers Current accounts with development partners Other payables 32,621 35, Non-current liabilities 490, , Borrowings 470, , Borrowings 108,479 97, Debentures 361, , Other liabilities 20,577 20, Other 20,577 20, Taxes payable Assignment of receivables 17,990 18, Payables for purchase of properties 2,422 2, Equity Realized share capital 1,067,491 1,067, Share capital 1,083,266 1,083, Transaction costs (15,775) (15,775) Capital reserves 12,613 12, Options granted 12,613 12, Revenue reserves 309, , Legal reserve 20,986 20, Profit retention reserve 289, , Non- controlling interests (721) (721) Retained earnings (accumulated deficit) 60, of 78

17 Quarterly Information (ITR) - March 31, Version: 1 Parent Company Financial Statements / Statement of Income (R$ thousand) 1 - Code 2 - Description Accumulated - current year January 1, 2011 to March 31, 2011 Accumulated - prior year January 1, 2010 to March 31, Sales revenue 13,780 11, Cost of sales (17,392) (13,476) 3.03 Gross profit (3,612) (1,542) 3.04 Operating income/expenses 73,868 58, Selling expenses (2,144) (1,396) General and administrative expenses (26,654) (19,386) Administrative expenses (25,303) (18,087) Management compensation (1,351) (1,299) Other operating expenses (2,157) (774) Share of profit of subsidiaries 104,823 79, Share of results of subsidiaries 104,925 80, Provision for losses (102) (739) 3.05 Result before finance result and taxes 70,256 56, Finance result (9,916) (12,833) Finance income 8,552 1, Finance costs (18,468) (14,644) 3.07 Result before taxes on profit 60,340 44, Net result from continuing operations 60,340 44, Profit (loss) for the period 60,340 44, Earnings per Share - (Reais/Share) 12 of 78

18 Quarterly Information (ITR) - March 31, Version: 1 Parent Company Financial Statements/ Statement of Cash Flows - Indirect Method (R$ thousand) 1 - Code 2 - Description Accumulated - current year January 1, 2011 to March 31, 2011 Accumulated - prior year January 1, 2010 to March 31, Net cash from operating activities (8,391) (12,540) Cash generated from operations (39,365) (23,082) Profit before taxes 60,340 44, Amortization of goodwill Share of results of subsidiaries (104,925) (80,671) Depreciation and amortization 1, Stock option plan 52 (861) Accrued interest 3,573 14, Provision (reversal) for losses on investees 102 (739) Changes in assets and liabilities 30,974 10, Decrease (increase) in trade receivables 81 3, Decrease (increase) in properties for sale 17,120 2, Decrease (increase) in current account with partners 12,216 (18,785) Decrease (increase) in current taxes recoverable (1,507) (559) Decrease (increase) in other assets 3,778 17, Increase (decrease) in trade payables (1,271) 2, Increase (decrease) in payables for purchase of properties (3) (344) Increase (decrease) in advances from customers (175) Increase (decrease) in tax obligations 3,915 3, Increase (decrease) in taxes and contributions payable (3,180) 1, Net cash from investing activities (85,460) 37, Purchase of property and equipment and intangible assets (1,227) (1,826) Decrease (increase) in investments 9,249 (22,155) Dividends received 86,180 36, Advance for future capital increase (140,540) (26,958) Decrease (increase) in financial investments measured at fair value (39,122) 51, Net cash from financing activities 93,649 (17,849) Proceeds from issuance of debentures 250, Repayment of borrowings and debentures (153,406) (6,035) Receivables from (payables to) related parties (2,945) (11,795) Payment of discount of receivables 0 (19) 6.05 Increase (decrease) in cash and cash equivalents (202) 7, Opening balance of cash and cash equivalents 1,447 3, Closing balance of cash and cash equivalents 1,245 10, of 78

19 Quarterly Information (ITR) - March 31, Version: 1 Parent Company Financial Statements/Statement of Changes in Equity - January 1, 2011 to March 31, 2011 (R$ thousand) 1 - Code 2 - Description Paid-up capital Capital reserves, options granted and treasury shares Revenue reserves Retained earnings/ accumulated deficit Other comprehensive income Equity 5.01 Opening balances 1,083,266 (3,214) 309, ,389, Adjusted opening balances 1,083,266 (3,214) 309, ,389, Capital transactions with partners Options granted Total comprehensive income , , Profit for the period , , Closing balances 1,083,266 (3.162) 309,350 60, ,449, of 78

20 Quarterly Information (ITR) - March 31, Version: 1 Parent Company Financial Statements/Statement of Changes in Equity - January 1, 2010 to March 31, 2010 (R$ thousand) 1 - Code 2 - Description Paid-up capital Capital reserves, options granted and treasury shares Revenue reserves Retained earnings/ accumulated deficit Other comprehensive income Equity 5.01 Opening balances 757,264 10,981 85,654 31, , Adjusted opening balances 757,264 10,981 85,654 31, , Capital transactions with partners Options granted Total comprehensive income , , Profit for the period , , Closing balances 757,264 11,043 85,654 75, , of 78

21 Quarterly Information (ITR) - March 31, Version: 1 Parent Company Financial Statements/ Statement of Value Added (R$ thousand) 1 - Code 2 - Description Accumulated - current year January 1, 2011 to March 31, 2011 Accumulated - prior year January 1, 2010 to March 31, Revenue 14,995 13, Sales of goods and services 14,995 13, Inputs acquired from third parties (13,268) (9,583) Costs of goods and services sold (3,107) (1,530) Material, electricity, outsourced services and others (10,161) (8,053) 7.03 Gross value added 1,727 3, Retentions (1,000) (619) Depreciation, amortization and depletion (1,000) (619) 7.05 Net value added produced 727 2, Value added received through transfer 113,375 81, Share of profit of subsidiaries 104,925 80, Finance income 8,552 1, Other (102) (739) Provision for losses on investees (102) (739) 7.07 Total value added to distribute 114,102 84, Distribution of value added 114,102 84, Personnel 27,700 19, Other 27,700 19, Salaries and social charges 22,297 17, Management compensation 1,351 1, Stock option plan 52 (861) Employee profit sharing 4,000 2, Taxes and contributions 6,538 5, Remuneration of third-party capital 19,524 15, Rentals 1, Other 18,468 14, Finance costs 18,468 14, Remuneration of own capital 60,340 44, Profits reinvested/loss for the year 60,340 44, of 78

22 Quarterly Information (ITR) - March 31, Version: 1 Consolidated Financial Statements/ Balance Sheet - Assets (R$ thousand) 1 - Code 2 - Description Current quarter March 31, 2011 Prior year December 31, Total assets 3,488,055 3,218, Current assets 2,964,102 2,589, Cash and cash equivalents 33,383 26, Financial investments 623, , Financial investments at fair value 623, , Trade receivables 1,699,381 1,486, Customers 1,691,849 1,471, Other trade receivables 7,532 15, Restricted accounts 7,532 15, Inventories 473, , Properties for sale 473, , Taxes recoverable 17,843 15, Current taxes recoverable 17,843 15, Other current assets 116, , Other 116, , Current accounts with development partners 33,045 45, Other receivables 83,467 81, Non-current assets 523, , Long-term receivables 501, , Trade receivables 302, , Inventories 181, , Properties for sale 181, , Receivables from related parties 4,751 4, Other non-current assets 12,277 10, Advance for future capital increase 9,288 4, Other receivables 2,989 5, Investments Equity investments Other equity investments Property and equipment 19,674 18, Property and equipment in use 19,674 18, Intangible assets 2,733 2, Intangible assets 2,733 2, of 78

23 Quarterly Information (ITR) - March 31, Version: 1 Consolidated Financial Statements/ Balance Sheet - Liabilities and Equity (R$ thousand) 1 - Code 2 - Description Current quarter March 31, 2011 Prior year December 31, Total liabilities and equity 3,488,055 3,218, Current liabilities 1,076,900 1,065, Trade payables 51,509 50, Taxes and contributions payable 43,842 42, Borrowings 606, , Borrowings 532, , Debentures 73,600 75, Other liabilities 375, , Payables to related parties 0 13, Other 375, , Minimum mandatory dividend payable 59,967 59, Assignment of receivables 13,600 14, Advances from customers 163, , Payables for purchase of properties 51,782 26, Current accounts with development partners 64 1, Other payables 86,576 80, Non-current liabilities 940, , Borrowings 748, , Borrowings 387, , Debentures 361, , Other liabilities 133, , Other 133, , Advance for future capital increase 3,602 2, Taxes payable 67,058 63, Assignment of receivables 34,034 34, Payables for purchase of properties 28,954 29, Deferred taxes 57,419 54, Deferred income tax and social contribution 57,419 54, Consolidated equity 1,471,132 1,409, Realized share capital 1,067,491 1,067, Share capital 1,083,266 1,083, Transaction costs (15,775) (15,775) Capital reserves 12,613 12, Options granted 12,613 12, Revenue reserves 309, , Legal reserve 20,986 20, Profit retention reserve 289, , Non-controlling interests (721) (721) Retained earnings (accumulated deficit) 60, Non-controlling interests 21,338 20, of 78

24 Quarterly Information (ITR) - March 31, Version: 1 Consolidated Financial Statements/ Statement of Income (R$ thousand) 1 - Code 2 - Description Accumulated - current year January 1, 2011 to March 31, 2011 Accumulated - prior year January 1, 2010 to March 31, ,01 Sales revenue 429, , Cost of sales (316,755) (262,283) 3.03 Gross profit 113,139 98, Operating income/expenses (46,648) (38,966) Selling expenses (16,451) (17,824) General and administrative expenses (28,488) (20,654) General and administrative (27,137) (19,355) Management compensation (1,351) (1,299) Other operating expenses (1,709) (488) 3.05 Result before finance result and taxes 66,491 59, Finance result 10,667 (3,567) Finance income 28,924 9, Finance costs (18,257) (13,409) 3.07 Result before taxes on profit 77,158 56, Income tax and social contribution on net income (15,915) (12,732) Current (12,846) (11,442) Deferred (3,069) (1,290) 3.09 Net result from continuing operations 61,243 43, Consolidated profit (loss) for the period 61,243 43, Attributed to partners of the parent 60,340 44, Attributed to non-controlling partners 903 (571) 3.99 Earnings per Share - (Reais/Share) 19 of 78

25 Quarterly Information (ITR) - March 31, Version: 1 Consolidated Financial Statements/ Statement of Cash Flows - Indirect Method (R$ thousand) 1 - Code 2 - Description Accumulated - current year January 1, 2011 to March 31, 2011 Accumulated - prior year January 1, 2010 to March 31, Net cash from operating activities (8,100) (29,021) Cash generated from operations 105,041 86, Profit before taxes 77,158 56, Write-offs Depreciation and amortization 1,122 1, Stock option plan 52 (861) Accrued interest 26,709 28, Changes in assets and liabilities (79,467) (91,795) Decrease (increase) in restricted accounts 7,881 3, Decrease (increase) in trade receivables (88,722) (141,519) Decrease (increase) in properties for sale (48,928) 6, Decrease (increase) in current account with partners 11,222 (2,191) Decrease (increase) in current taxes recoverable (2,807) (843) Decrease (increase) in other assets 452 (4,139) Increase (decrease) in trade payables 1,440 19, Increase (decrease) in payables for purchase of properties 25,357 7, Increase (decrease) in advances from customers 3,906 2, Increase (decrease) in tax obligations 5,089 9, Increase (decrease) in other liabilities 5,643 8, Increase (decrease) in non-controlling interests 0 (375) Other (33,674) (23,539) Interest paid (20,828) (12,097) Income tax and social contribution paid (12,846) (11,442) 6.02 Net cash from investing activities (138,935) (17,634) Purchase of property and equipment (1,693) (2,824) Increase (decrease) in financial investments measured at fair value (137,242) (14,810) 6.03 Net cash from financing activities 154,005 39, Advances for future capital increase (4,241) (103) Proceeds from (payment of) discount of receivables (2,166) (681) Proceeds from new borrowings 140,579 96, Proceeds from new debentures 250, Repayment of borrowings and debentures (216,985) (55, Proceeds from (payables to) related parties (13,182) (229) 6.05 Increase (decrease) in cash and cash equivalents 6,970 (7,269) Opening balance of cash and cash equivalents 26,413 24, Closing balance of cash and cash equivalents 33,383 17, of 78

26 Quarterly Information (ITR) - March 31, Version: 1 Consolidated Financial Statements/Statement of Changes in Equity - January 1, 2011 to March 31, 2011 (R$ thousand) 1 - Code 2 - Description Paid-up capital Capital reserves, options granted and treasury shares Revenue reserves Retained earnings/ accumulated deficit Other comprehensive income Equity Noncontrolling interests Consolidated equity 5.01 Opening balances 1,083,266 (3,214) 309, ,389,402 20,435 1,409, Adjusted opening balances 1,083,266 (3,214) 309, ,389,402 20,435 1,409, Capital transactions with partners Options granted Total comprehensive income , , , Profit for the period , , , Closing balances 1,083,266 (3,162) 309,350 60, ,449,794 21,338 1,471, of 78

27 Quarterly Information (ITR) - March 31, Version: 1 Consolidated Financial Statements/Statement of Changes in Equity - January 1, 2010 to March 31, 2010 (R$ thousand) 1 - Code 2 - Description Paid-up capital Capital reserves, options granted and treasury shares Revenue reserves Retained earnings/ accumulated deficit Other comprehensive income Equity Noncontrolling interests Consolidated equity 5.01 Opening balances 757,264 10, , ,792 32, , Adjusted opening balances 757,264 10, , ,792 32, , Capital transactions with partners (375) (313) Options granted Dividends (375) (375) 5.05 Total comprehensive income , ,001 (571) 43, Profit for the period , ,001 (571) 43, Closing balances 757,264 11, ,547 44, ,855 31, , of 78

28 Quarterly Information (ITR) - March 31, Version: 1 Consolidated Financial Statements/ Statement of Value Added (R$ thousand) 1 - Code 2 - Description Accumulated - current year January 1,2011 to March 31, 2011 Accumulated - prior year January 1, 2010 to March 31, Revenue 448, , Sales of goods and services 448, , Inputs acquired from third parties (328,180) (274,535) Costs of goods and services sold (302,472) (250,337) Material, electricity, outsourced services and others (25,708 (24,198) 7.03 Gross value added 120, , Retentions (1,122) (1,735) Depreciation, amortization and depletion (1,122) (1,735) 7.05 Net value added produced 119, ,034 7,06 Value added received through transfer 28,924 9, Finance income 28,924 9, Total value added to distribute 148, , Distribution of value added 148, , Personnel 27,700 19, Other 27,700 19, Salaries and social charges 22,297 17, Management compensation 1,351 1, Stock option plan 52 (861) Employee profit sharing 4,000 2, Taxes and contributions 39,881 34, Remuneration of third-party capital 19,313 14, Rentals 1, Other 18,257 13, Remuneration of own capital 61,243 43, Profits reinvested/loss for the year 60,340 44, Minority interest in retained earnings 903 (572) 23 of 78

29 Quarterly Information (ITR) - March 31, Version: 1 Management Report/Comments on Company Performance Even maintains high sales/supply ratio of 33% and reaches ROE LTM of 22.4% in 1Q11 São Paulo, May 9, EVEN (BM&FBovespa: EVEN3), a company with operations in São Paulo, Minas Gerais, Rio de Janeiro and Rio Grande do Sul and a focus on residential developments with units priced up to R$500,000, announces its results of the first quarter of 2011 (1Q11). Except where stated otherwise, the consolidated financial and operating information herein is presented in Brazilian real (R$). Dany Muszkat CFO and IRO Ariel Mizrahi IR Associate IR CONTACT IR CONTACT Tel.:+55 (11) Fax:+ 55 (11) ri@even.com.br Stock Price Closing price on: 05/09/2011 Number of shares: R$ 8.45 per share HIGHLIGHTS. Even ended the quarter with a Cash position of R$664.8 million. In March 2011, we successfully concluded our first Debentures issue, raising R$250 million, which bolstered our Cash balance by R$105 million, the remainder being used to pre-pay debt maturing in 2011 and Even Vendas, with 566 brokers, was responsible for 70% of sales in the areas where the brokerage unit operates.. In the last 12 months, Even acquired lots that represented combined potential launch value (PSV) of R$3.48 billion (Even's share), ending the quarter with a land bank of R$4.6 billion in Launch PSV, which guarantees the supply of our main raw material for 2011 and We expanded our share in the state of Rio Grande do Sul in the Joint Venture MelnickEven (from 50% to 80% for all new projects).. Even executes 95% of all of its construction projects and the SAP system has been fully implemented, ensuring better control of costs and updates on a quarterly basis of reported data.. We delivered 5 projects in the quarter, which corresponds to PSV of R$351 million (based on the sale price at time of launch). Date: May 10, 2011 CONFERENCE CALL RESULTS FOR QUARTER ENDED ON MARCH 31,2011 English 12:00 pm (Brasília) 11:00 am (U.S. ET) Dial-in: +1 (973) : Replay: +1 (706) Code: Portuguese 2:30 p.m. (Brasília time) 1:30 p.m. (New York time) Dial-in: +55 (11) Replay: +55 (11) Code: Even 24 of 78

30 Quarterly Information (ITR) - March 31, Version: 1 The information, figures and data included in this performance report that do not correspond to the accounting balances and the information contained in the Quarterly Information, such as Potential Sales Value (PSV), Total Sales, Even's Sales, Usable Area, Units, Inventories at Market Value, Expected Delivery Year, Backlog Gross Margin and other items, were not reviewed by the independent auditors. Period Highlights Introduction The first quarter of 2011 once again reflects the company's assertiveness in consolidating its strategy. We closed the quarter with launches of R$ 278 million, sales of R$ 370 million and lot acquisitions representing combined potential sales of R$ 877 million (with all indicators based on Even's share in each project). Our high-turnover strategy proved successful, with our launches spread over 6 projects with average potential sales value (PSV) of R$66 million. This guaranteed an excellent sales-over-supply ratio of 33%, as well as an ROE of 22.4%. In R$ Million (% Even) 2Q10 3Q10 4Q10 1Q11 LTM Launches ,550 Sales ,000 Lot Acquisitions , ,479 Deliveries (Launch PSV) ,200 Land bank We closed the first quarter of 2011 with a land bank representing potential sales of R$ billion (R$ billion comprising Even's share) spread across 79 different projects or phases. The land bank has a short maturation term, which ensures the achievement of our launch guidance. Execution capacity We always seek a high degree of discipline in terms of our execution capacity and controls. We have a high volume of projects to deliver over the course of 2011, which will increase the need for labor and additional execution capacity. This effect will ensure for Even a level of installed capacity above that in our guidance for Bear in mind that today we are the 5 th largest builder in Brazil, based on the latest ITC Net ranking released on March 7 of this year, and we execute 95% of all of our construction projects. This highly vertical orientation, together with a fully implemented SAP system, guarantees us greater flexibility in controlling the costs of our construction works. Note that our balance sheet is based on the real cost of our projects, and is updated on a monthly basis. Over the course of the first quarter of the year, our construction projects, on a consolidated basis, registered a real cost increase of 0.13% (above the INCC construction cost index), which is already included in this statement. This dynamic of systematically updating the construction costs of each project on the balance sheet is essential for reflecting the company's real performance. 25 of 78

31 Quarterly Information (ITR) - March 31, Version: 1 Financial capacity On March 14, 2011, we concluded our debentures offering. The transaction inaugurated a new type of funding for us, with Even accessing a previously untapped market. The debentures were successfully placed, generating demand in excess of the offering and consequently reducing the funding fee. The offering generated proceeds of R$ 250 million and we used R$145 million to prepay corporate debt coming due in 2011 and 2012, periods in which our operations will have higher capital requirements. As a result, we increased our gross debt by only R$105 million, but simultaneously increased our investment capacity by R$250 million. Our leverage remained low in the period, with a Net Debt/Equity ratio of 46.9%. Strengthening of branch offices We have maintained a presence outside of São Paulo for approximately 5 years. We selected the year 2011 to strengthen our presence in 3 states (Minas Gerais, Rio Grande do Sul and Rio de Janeiro) and in turn increase the share of our projects located outside of São Paulo. Our land bank outside of São Paulo already represents 37% of the total, which is the first step towards expanding this share. We have divided this strategy into two fronts: Rio de Janeiro/Minas Gerais - Strengthening the team of senior employees, including transferring key teams from São Paulo to these offices, which will allow us to adopt our high-turnover strategy in these areas. These actions have been ongoing during the first quarter of 2011; Rio Grande do Sul - We recently finalized a new agreement with Melnick, increasing Even's share in all projects in Rio Grande do Sul from 50% to 80%. After four years of this joint venture, we are very comfortable with our operations at MelnickEven, a company that has demonstrated the same ability in terms of the execution capacity of our projects, and which is responsible for 100% of all of our projects in the country's South. This increase in our share will result in an important increase in our share of business in the South region. Even vendas Even Vendas ended the year with 566 brokers and was responsible for 70% of our sales in the year in the areas where it operates in the first quarter As a result, we ended the period with inventory corresponding to 6.2 months of sales (based on the pace of sales in the first quarter), or R$ 762 million. Highlights The following table presents our key financial and operating indicators on a consolidated basis. 26 of 78

32 Quarterly Information (ITR) - March 31, Version: 1 1 First quarter of First quarter of January to March October to December Excluding only the effects of the financial charges recognized under costs (corporate debt and financing for lot acquisitions and production). 6 Includes deduction of the effective rate of PIS and COFINS tax for each project as of March 31, 2011 and excludes effects from adjustment to present value. 7 Sum of liabilities related to loans, financings and debentures, net of cash and cash equivalents and pledged amounts. 8 Potential sales value, i.e., result or potential result from the sale of all units of a real estate development, based on the list price at time of launch. 9 Value of the contracts signed with clients involving sales of finished units or units for future delivery from a specific project (net of sales commissions). Financial Info 1Q11 (1) 1Q10 (2) Change 1Q11 (3) 4Q10 (4) Change Net Revenues 429, , % 429, , % Gross Profit 113,139 98, % 113, , % Adjusted Gross Margin (5) 30.5% 31.3% -0.8 p.p. 30.5% 31.7% -1.2 p.p. EBITDA 85,574 74, % 85, , % EBITDA Margin 19.9% 20.7% -0.8 p.p. 19.9% 20.9% -1.0 p.p. Net Income 60,340 44, % 60,340 69, % Net Margin before Minority Interest 14.2% 12.0% 2.2 p.p. 14.2% 12.1% 2.1 p.p. Net Revenues to be Recognized (6 ) 1,563,599 1,411, % 1,563,599 1,599, % Gross Income to be Recognized (6 ) 514, , % 514, , % Margin from results to be Recognized (6) 32.9% 33.0% -0.1 p.p. 32.9% 32.7% 0.2 p.p. Net Debt (7 ) 690, , % 690, , % Shareholders' Equity 1,471, , % 1,471,132 1,409, % Total Assets 3,488,055 2,422, % 3,488,055 3,218, % Economic Environment and Development Sector Launches 1Q11 (1) 1Q10 (2) Change 1Q11 (3) 4Q10 (4) Change Developments Launched % % PSV of launches (100%) (8 ) 398, , % 398, , % PSV of launches (% Even) 278, , % 278, , % Even's share on launches 69.8% 64.5% 5.3 p.p. 69.8% 77.8% -8.0 p.p. Number of units launched 860 1, % % Usable area of units launched (m 2 ) 75,577 94, % 75,577 70, % Average launch price (R$/m2) 7,194 4, % 7,194 4, % Average Price of Unit Launched (R$/Unit) % % Sales 1Q11 (1) 1Q10 (2) Change 1Q11 (3) 4Q10 (4) Change Contracted Pre-Sales (100%) (9 ) 463, , % 463, , % Contracted Pre-Sales (% Even) 370, , % 370, , % Even's share on Contracted Pre-Sales 79.9% 72.0% 7.9 p.p. 79.9% 78.9% 1.0 p.p. Number of units sold 1,106 1, % 1,106 1, % Usable area of units sold (m 2 ) 121, , % 121, , % Average Sale Price (R$/m2) 4,854 3, % 4,854 3, % Average Price of Unit Sold (R$/Unit) % % The Brazilian economy gained strength over the course of 2009 and 2010 maintained robust growth in the first quarter of The recovery in the overall economy also helped increase the availability of 27 of 78

33 Quarterly Information (ITR) - March 31, Version: 1 credit in the economy and boost consumer confidence (as per the consumer confidence index published by the Getúlio Vargas Foundation - FGV) as of the start of the second quarter 2009, with the last index reading standing at in February The development sector was benefited by the positive impacts from the set of incentives for the housing industry announced by the federal government. The incentives announced in the first half of 2009 will simultaneously benefit homes targeting lower-income groups (household income of up to 10 monthly minimum wages) as well as the middle class. For the latter, the federal government increased the maximum property price, from R$ 350,000 to R$ 500,000, to qualify buyers for using the balance of their FGTS severance funds towards home purchase, and also increased the maximum percentage of a property that can be financed from 70% to 90%. According to Secovi, the real estate industry association, 4,265 new residential properties were sold in the city of São Paulo in the first quarter of 2011, down 50% from a year earlier. The sales-over-supply ratio averaged 10.5% in 1Q11. In the first quarter of 2011, according to Embraesp, an industry research firm, residential and commercial projects worth R$3.82 billion were launched in the São Paulo Metropolitan Area, up 11% from the previous year. Business Performance We closed the quarter with launches representing R$ 278 million and sales of R$ 370 million. The first quarter of the year gave way to the consolidation of the recovery in Brazil's homebuilding industry, driven by continued improvement in consumer confidence already observed in the previous quarters. This improvement was observed directly at the sales stands, and translated into yet another quarter of strong sales for Even. Our sales came from both units in inventory (R$ million) and newly launched units (R$ million), for overall sales in the quarter of R$ million. In the first quarter alone, we launched 6 projects, with average potential sales value (PSV) per project of R$ 66.4 million, demonstrating the assertiveness of our strategy to diversify and not concentrate high amounts of PSV into a single project. Of the units launched in the quarter, 43% were sold in the same period (note that the majority of launches were concentrated at the end of the period). Of the total sales made in 1Q11, 67.9% came from projects launched in previous quarters. Even Vendas was responsible for 70% of sales in the areas in which it operates. We delivered 5 projects in 2011 that represented PSV of approximately R$ million at the time of launch and 662 units. Regarding our financial situation, we ended the quarter with a cash position of R$664.8 million. Cash burn in the fourth quarter was R$ 42.6 million (variation in net debt between December and March), already reflecting the lot acquisitions that intensified since the last quarter of 2009, and in the first quarter of this year alone we acquired the equivalent of R$ 877 million. Our construction financing index remained very high, with 95% of projects launched with financing already assured and the remainder with real financing guarantees. Another highlight in the quarter was the net income of R$60.3 million, which represents net margin of 14.2% and EBITDA margin of 19.9%. 28 of 78

34 Quarterly Information (ITR) - March 31, Version: 1 Sustainability We continued to make important strides forward in incorporating sustainability into our management model. Each year we publish our Corporate Sustainability Report (CSE), which describes our commitments and projects in this area and is prepared in accordance with the international standards of the Global Reporting Initiative (GRI). The report prepared in 2010, which is for fiscal year 2009, placed in the Top Ten among 137 companies in the selection conducted by the Brazilian Foundation for Sustainable Development (FBDS) in conjunction with the English company SustainAbility. Even was once more selected as a component of the Corporate Sustainability Index (ISE) stock index. For the period, the ISE is formed by 37 companies with recognized commitments in the area of social responsibility and corporate sustainability. We are the only company in the development and building industry to become a component of this index. Consolidating our pioneering position in this field, in October 2010, Even created a sustainability department. The department will report directly to the technical department, which in turn reports to the chief executive officer, and will be responsible for all actions and practices concerning sustainability. Even was the first company in the sector to disclose its carbon inventory and share its methodology with the market. The project, which began to be developed two years ago, received support from a consulting firm and followed ISO norms and the specifications of the GHG Protocol. The next step, which is already in progress, is to implement a program to reduce CO 2 emissions in the construction process. Operating Performance Development Launches in Period In 1Q11, we launched 6 new projects (3 in Greater São Paulo, 2 in Rio Grande do Sul, and 1 in Rio de Janeiro), for combined PSV of R$398.4 million (R$278.0 million considering only Even's share). The following table lists each of these launches: 29 of 78

35 Quarterly Information (ITR) - March 31, Version: 1 Building Arizona 701 São Paulo Metro Area 104,941 83, % 656 Design Campo Belo São Paulo Metro Area 87,669 61, % 1,719 Airport Office São Paulo Metro Area 67,991 67, % 433 Reserva da Praia Rio de Janeiro 83,420 37, % 242 Bravo South 24,350 12, % 190 Arte Bela Vista 2nd phase City Total PSV (R$ 000) Even PSV (R$ 000) Units Even s Share Average unit price South 30,000 15, % 1, , , % 463 Launched PSV 8.7% 278,026 Market Segment (R$ '000) Affordable 150 to 200 Emerging 200 to 350 Middle 350 to 500 Upper-Middle 500 to 1,100 High 1,100 to 1,600 Luxury Above 1, ,784 1Q10 1Q11 The table below presents launches in the period grouped by segment: Launches in 1Q11 Segment Total PSV (R$ '000) Even PSV (R$ '000) Usable Area (m²) Units Even's Share 28% 30% Affordable 83,420 37,539 35, % Emerging 24,350 12,175 5, % Middle 104,941 83,953 13, % High 117,669 76,368 14, % 24% 14% 4% 48% up to R$500,000 Office 67,991 67,991 6, % Total 398, ,026 75, % 30 of 78

36 Quarterly Information (ITR) - March 31, Version: 1 The table below presents launches grouped by region: Launches in 1Q11 by Region Region São Paulo Metro Area 260, ,312 Rio de Janeiro 83,420 37,539 South 54,350 27,175 Total 398, ,026 Sales Total PSV (R$ '000) Even PSV (R$ '000) Contracted sales in 1Q11 totaled R$ million (R$ million considering Even's share), with 32.1% coming from launches in the quarter and 67.9% from units in inventory. The following tables present a breakdown of sales by launch segment. Sales RS: 10% 433,947 RJ: 13% SP Metro Area: 77% 370,341 1T11 Segment Total Sales (R$ '000) Even Sales (R$ '000) Usable Area (m 2 ) Units Even s Share Affordable 41,298 19,746 28, % Emerging 100,020 88,165 25, % Middle 137, ,291 23, % Upper-Middle 32,523 25,572 5, % High 56,441 39,926 12, % Luxury 11,294 12,809 2, % Lot 8,703 1,524 15, % Office 76,288 72,309 8, % Total 463, , ,194 1, % The following tables present a breakdown of sales by launch year. High Upper- Middle 1Q10 Commercial 11% 7% Emerging 24% Affordable Housing 20% 3% 5% 30% Luxury Middle 1Q11 59% up to R$ 500,000 1Q11 Year of Launch Total Sales (R$ '000) Even Sales (R$ '000) Usable Area (m 2 ) Units Even s Share up to % , % ,053 70,539 20, % ,182 75,177 15, % ,227 8,050 1, % ,437 95,827 42, % , ,891 41, % Total 463, , ,194 1, % % 32% 26% % % 2% of 78

37 Quarterly Information (ITR) - March 31, Version: 1 The following tables present a breakdown of sales by product region. 1Q11 Sales by Region Region Total PSV (R$ '000) Even PSV (R$ '000) São Paulo Metro Area 313, ,733 Rio Grande do Sul 39,202 37,872 Minas Gerais 27,434 10,888 Rio de Janeiro 83,539 52,849 Total 463, ,342 RS MG 3% 10% RJ 15% RS SP Metro Area 72% Units in Inventory On March 31, 2011, Even's share of units in inventory totaled R$ million in PSV (R$ million considering all units in inventory). The interests used to calculate Even's PSV are the same ones used to determine the balances of projects under construction and the deferred costs of the consolidated inventory. The table below provides a breakdown of the potential sales value of units in inventory by launch year: Year Total PSV (R$ '000) Even PSV (R$ '000) % Units Up to % % ,625 3,964 1% , ,686 24% , ,089 18% ,724 90,844 12% , ,346 28% , ,144 16% 340 Total 983, , % 1,881 Another way of analyzing our inventory is to group it by the expected year of conclusion, as shown in the following table (in R$ '000): Scheduled Conclusion Year Inventory at market value % of inventory Finished Units 109,405 14% ,392 29% ,685 20% ,695 32% ,154 5% Total 762, % 32 of 78

38 Quarterly Information (ITR) - March 31, Version: 1 We have R$ million worth of units completed and not sold (14.4% of inventory), which are represented by 135 units at 25 different projects. Additionally, 85.6% of our inventory corresponds to units from projects that will be concluded between 2011 and Another important factor is the percentage sold of projects launched in each year, which is fully in line with our feasibility studies. Of the projects to be concluded until the end of 2011, we have already sold 91% % 91% 90% 22% 9% 10% The units in inventory indicate a potential gross margin of 34.1%, assuming the total costs of units in % 22% 39 inventory (excluding the deferred costs of units not launched in phased % sold % not sold projects of R$ million). To calculate this gross margin, we first deducted the rate of PIS and COFINS taxes for each project as well as the average commission paid to the real estate brokerage firms. Land Bank Even has always operated based on a High Turn Over concept in order to minimize the time between lot acquisition and the respective product launch. Our strategy focuses on the company's core business and does not involve speculation in the real estate market. All our feasibility studies take into account the cost of capital (cost of money over time). We are the leaders in the São Paulo, Minas Gerais and Rio Grande do Sul markets, and are strategically focused on Rio de Janeiro. The total area of the lots in the land bank is 3,006,970 m², which will enable the Company to launch approximately R$ 5.3 billion in real estate products (with Even's share in the potential sales of these projects R$ 4.6 billion), representing the potential for 79 launches. The table shows the land acquired by the Company, by project, as of March 31, 2011: Usable Usable Areas (m 2 ) Expected PSV Expected PSV chase Purchase Expected PSV Expected Areas (m²) Purchase PSV egionbuilding Area Areas (m²) Bulding Region Area (R$ '000) (R$ '000) ate Site Date Usable SiteUnits (R$ '000) (R$ Site Usable Date '000) Site (m2) Usable (m2) Total Total Total Even Even tal Even Even b-10 ão o Paulo 18,050 Anhaia Melo. Area Metro São Paulo 18,463 Feb-10 18,050 18, ,147 56,147 56,147 Feb-10 56,147 y-10 outh 43,311 Atlantida. Ph1 South 6,171 May-10 43,311 6, ,892 49,514 61,892 May-10 49,514 y-10 outh 24,655 Atlantida. Ph2 South 3,643 May-10 24,655 3, ,232 28,186 35,232 May-10 28,186 y-10 outh 23,424 Atlantida. Ph3 South 3,476 May-10 23,424 3, ,472 26,778 33,472 May-10 26,778 y-08 outh 5,203 Cabral. South 4,172 May-08 5,203 4, ,869 16,435 32,869 May-08 16,435 y-08 io de 12,266 Janeiro Cachamorra. Rio de 9,383 May-08 12,266 9, ,958 43,958 43,958 May-08 43,958 n-07 ão o Paulo Colinas Morumbi 0 Ph3 Area Metro São Paulo Jan ,102 Jan ,102 n-08 ortheast 4,660 Coliseu Coliseu. Ph1 Ph1 Northeast 13,663 Jan-08 4,660 13, ,788 48,788 48,788 48,788 Jan-08 48,788 ortheast n-08 ortheast 4,660 Coliseu Coliseu. Ph1 Ph1 Northeast Northeast 13,663 Jan-08 Jan-08 4,660 4,660 13,663 13, ,788 48,788 48,788 Jan-08 48,788 48,788 Jan-08 48,788 inas Gerais l-07 inas Gerais 8,228 EPO EPO Paranasa Paranasa. DUO DUO Minas Minas 19,559 Jul-07 Jul-07 8,228 8,228 19,559 19, , ,125 91,907 Jul-07 91, ,125 Jul-07 91,907 ão Paulo Grand Club Ph2 Countryside São Paulo Mar ,000 Mar-07 r-07 ão Paulo Grand Club Ph2 0. Countryside São Paulo Mar ,000 Mar ,000 rande José São Elias Level Grande São Paulo v-10 rande 3,148 José São Elias. Level Grande São Paulo 6,918 Nov-10 Nov-10 3,148 3,148 6,918 6, ,724 56,724 56,724 Nov-10 56,724 56,724 Nov-10 56,724 outh y-09 outh Luiz Manoel Gonzaga Luiz Manoel Gonzaga. South 1,307 Ária Petrópolis South Ária Petrópolis May-09 1,307 1,490 May-09 1,307 1,490 1, ,863 22,863 11,432 May-09 11,432 22,863 May-09 11,432 Muniz Aragão io de Janeiro Muniz Aragão. Rio de Jul-08 16,937 l-08 io de 16,937 Janeiro Caminhos da Barra Ph2 Rio de 11,488 Jul-08 16,937 Caminhos da Barra Ph2 11, , ,888 73,888 36,944 Jul-08 36,944 73,888 Jul-08 36,944 inas Gerais Monterosso Minas May-07 9,511 20, ,456 97,456 May-07 y-07 inas Gerais 9,511 Monterosso. Minas 20,094 May-07 9,511 20, ,456 97,456 97,456 May-07 97,456 ão Paulo Nações Unidas Metro São Paulo Area Jan-07 13,300Area 28, , ,900 Jan-07 n-07 ão o Paulo 13,300 Nações Unidas. Area Metro São Paulo 28,600 Jan-07 13,300 28, , , ,800 Jan ,900 ão Paulo Roseira Ph2 Horizonte Countryside São Paulo Jul-08 20,024 9, ,120 27,993 Jul-08 l-08 ão Paulo 20,024 Roseira Ph2. Horizonte Countryside São Paulo 9,489 Jul-08 20,024 9, ,120 27,993 61,120 Jul-08 27,993 ão Paulo Roseira Ph3 Terra Countryside São Paulo Jul-08 40,805 11, ,990 26,559 Jul-08 l-08 ão Paulo 40,805 Roseira Ph3. Terra Countryside São Paulo 11,787 Jul-08 40,805 11, ,990 26,559 57,990 Jul-08 26,559 ão Paulo Roseira Ph4 Terra Countryside São Paulo Jul-08 32,454 17, ,006 38,933 Jul-08 l-08 ão Paulo 32,454 Roseira Ph4. Terra Countryside São Paulo 17,309 Jul-08 32,454 17, ,006 38,933 85,006 Jul-08 38,933 ão Paulo Roseira Ph5 Terra Countryside São Paulo Jul-08 38,394 17, ,589 39,200 Jul-08 l-08 ão Paulo 38,394 Roseira Ph5. Terra Countryside São Paulo 17,523 Jul-08 38,394 17, ,589 39,200 85,589 Jul-08 39,200 outh Saturnino II - Quadra South Jun-08 5,562 4, ,690 14,845 Jun-08 n-08 outh 5,562 Saturnino II - Quadra H South 4,067 Jun-08 5,562 4, ,690 14,845 29,690 Jun-08 14,845 ão Paulo Sorocaba - Ph1. Countryside São Paulo Nov-07 6,380 36, ,665 Nov-07 v-07 ão Paulo 6,380 Sorocaba - Ph1. Countryside São Paulo 36,970 Nov-07 6,380 36, ,665 Nov ,665 ão Paulo Sorocaba Ph1 Countryside São Paulo Nov-07 6,380 36, ,665 53,665 Nov-07 v-07 ão Paulo 6,380 Sorocaba - Ph1. Countryside São Paulo 36,970 Nov-07 6,380 36, ,665 53,665 53,665 Nov-07 53, of 78

39 Quarterly Information (ITR) - March 31, Version: 1 Continued next page. Usable Usable Areas (m PSV Areas (m²) ) Expected PSV Exp ecte Bulding Region Purchase Expected PSV Expected Areas (m²) (R$ PurcP ase gionbuilding Area Areas (m²) Bulding Region Area (R$ '000) (R$ '0 Date Site Site (R$ '000) (R$ Site Usable Total Da '000 e Site UsableUnits Units Site (m2) Usable (m2) Total Total Even EvenTotal 10 o Paulo 18,050 Taubaté Anhaia - Melo Ph2. Area São Metro São Paulo Paulo Countryside 18,463 Oct-07 Feb-10 18,050 5,014 18,463 8, ,147 14,522 56,147 14,52256,147 Feb 10 uth 43,311 Vale Atlantida do Sereno. Ph1. Ph1 Minas South Gerais 6,171 Jun-08 May-10 43,311 6,536 6,171 9, ,892 58,424 49,514 49,661 61,892 May 10 uth 24,655 Vale Atlantida do Sereno. Ph2. Ph2 Minas SouthGerais 3,643 Jun-08 May-10 24,655 6,513 3,643 9, ,232 58,223 28,186 49,49035,232 May 10 uth 23,424 Vale Atlantida do Sereno. Ph3. Ph3 Minas SouthGerais 3,476 Jun-08 May-10 23,424 7,662 11,154 3, ,472 68,497 26,778 58,22233,472 May 08 uth 5,203 Lot Cabral I. São South Paulo Metro Area 4,172 Apr-11 May-08 10,899 5,203 21,290 4, ,869 97,994 16,435 97,99432,869 May 08 de 12,266 Janeiro Lot Cachamorra II. São Rio Paulo de Metro Area 9,383 Aug-10 May-08 12,266 2,698 9,383 8, ,958 53,914 43,958 53,91443,958 May 07 o Paulo Lot Colinas III Morumbi 0Ph3Area São Metro São Paulo Paulo Apr-11 Jan , , , ,102 97,994 Jan 0 08rtheast 4,660 Lot Coliseu VIII. Ph1 São Northeast Paulo Metro 13,663 Area Aug-10 Jan-08 3,501 4,660 12,027 13, ,788 92,610 92,61048,788 Jan 08rtheast 4,660 Lot Coliseu IV. Ph1 Minas Northeast Gerais 13,663 Jan-11 Jan-08 4,237 4,660 13,663 5, ,788 33,048 48,788 33,04848,788 Jan nas 7 Gerais 8,228 Lot EPO V Paranasa. DUO São Minas Paulo Metro 19,559 Area Jul-10 Jul-07 8,970 8,228 17,244 19, ,125 59,586 91,907 59, ,125 Jul 07 o Paulo Lot Grand VI Club Ph2 0. São Countryside São Paulo Metro Area Nov-10 Mar ,8410 7, , ,000 51,632 Mar 0 10 ande 3,148 Lot José VII São Elias. Level Grande Paulo São Metro Paulo Area 6,918 Apr-11 Nov-10 10,892 3,148 21,290 6, ,724 97,994 97,99456,724 Nov 09 uth Lot Luiz IX Manoel Gonzaga. São Paulo Metro Area Sep-10 3,588 6, ,975 45,975 1,307 Lot X South South 1,490 Sep-10 May-09 11,108 1,307 12,084 1, ,863 72,808 11,432 58,246 22,863 May Ária Petrópolis Lot XI São Paulo Metro Area Aug-10 4,569 8, ,896 33,896 Muniz Aragão. 8 de 16,937 Janeiro Lot XII São Rio Paulo de Metro 11,488 Area Mar-11 Jul-08 16,937 1,774 11,488 5, ,888 50,673 36,944 50,67373,888 Jul Caminhos da Barra Ph2 Lot XIII South Oct-10 10,828 18, ,207 75, nas Gerais 9,511 Lot Monterosso XVIII. South Minas 20,094 Oct-10 May-07 10,828 9,511 18,110 20, ,456 94,207 97,456 75,365 97,456 May 07 o Paulo 13,300 Nações Unidas. Area Metro São Paulo 28,600 Jan-07 13,300 28, , , ,800 Jan Lot XL São Paulo Metro Area Dec-10 1,671 6, ,451 47,451 8o Paulo 20,024 Roseira Ph2. Horizonte Countryside São Paulo 9,489 Jul-08 20,024 9, ,120 27,993 61,120 Jul Lot XLI São Paulo Metro Area Feb-11 1,523 6, , ,912 8o Paulo 40,805 Roseira Ph3. Terra Countryside São Paulo 11,787 Jul-08 40,805 11, ,990 26,559 57,990 Jul Lot XLII São Paulo Metro Area Mar-11 1,571 3, ,516 50,516 8o Paulo 32,454 Roseira Ph4. Terra Countryside São Paulo 17,309 Jul-08 32,454 17, ,006 38,933 85,006 Jul Lot XLIII São Paulo Metro Area Mar-11 4,237 8, ,805 40,805 8o Paulo 38,394 Roseira Ph5. Terra Countryside São Paulo 17,523 Jul-08 38,394 17, ,589 39,200 85,589 Jul Lot XLIV Minas Gerais Mar-11 13,325 13, ,065 33,049 08uth 5,562 Saturnino II - Quadra H South 4,067 Jun-08 5,562 4, ,690 14,845 29,690 Jun Lot XLV São Paulo Metro Area Feb-11 18,007 13, ,981 59, o Paulo 6,380 Sorocaba - Ph1. Countryside São Paulo 36,970 Nov-07 6,380 36, ,665 Nov 0 Lot XLVI Rio de Janeiro Mar-11 9,366 13, ,648 46, o Paulo 6,380 Sorocaba - Ph1. Countryside São Paulo 36,970 Nov-07 6,380 36, ,665 53,665 53,665 Nov Lot XIV South May , , ,294 85,835 Lot XV South May , , ,294 85,835 Lot XVI South May , , ,294 85,835 Lot XVII São Paulo Metro Area Nov-10 10,727 16, ,084 73,084 Lot XIX São Paulo Metro Area Apr-11 1,655 4, ,504 61,504 Lot XX São Paulo Metro Area Mar-11 3,015 6, ,850 57,850 Lot XXI South Sep-10 11,108 12, ,808 58,243 Lot XXIII São Paulo Metro Area Dec-10 1,850 4, ,483 43,483 Lot XXXIII São Paulo Metro Area Mar-11 3,673 8, ,649 45,649 Lot XXVIII São Paulo Metro Area Sep-10 8,862 16, ,412 68,412 Lot XXIV São Paulo Metro Area Nov-10 5,420 12, ,990 77,990 Lot XXV São Paulo Metro Area Nov-10 7,798 27, , ,222 Lot XXVI São Paulo Metro Area Nov-10 5,199 18, ,815 74,815 Lot XXVII São Paulo Metro Area Sep-10 5,262 10, ,184 45,184 Lot XXIX Rio de Janeiro Dec-10 5,177 6, ,561 51,561 Lot XXX Rio de Janeiro Oct-10 5,848 9, ,434 64,434 Lot XXXI São Paulo Metro Area Nov-10 6,170 11, ,720 48,720 Lot XXXII São Paulo Metro Area Nov-10 3,382 10, ,267 74,267 Lot XXXIV São Paulo Metro Area Mar-11 3,869 7, ,907 53,017 Lot XXXIX São Paulo Metro Area Mar-11 1,750 5, ,904 42,904 Lot XXXV South Sep-10 31,191 7, ,424 24,970 Lot XXXVI South Sep-10 31,191 7, ,424 24,970 Lot XXXVII South Sep-10 34,872 13, ,002 47,201 Lot XXXVIII South Sep-10 11,262 4, ,110 15,244 Lot XLVII Rio de Janeiro Mar-11 20,302 24, , ,762 Lot XLVIII Rio de Janeiro Mar-11 20,302 2, ,621 22,621 Lot XLVIX South Apr-11 5,500 9, ,842 45,473 Usable Usable Areas (m 2 ) Expected Expected PSV PSV PSV Exp ecte ase Expected Areas (m²) PurcP Areas (m²) Purchase Areas (m²) gionbuilding Area Bulding Bulding Region Region Area (R$ (R$ '0 Site (R$ '000) (R$ Site Usable Da '000 e Site UsableUnits Units (R$ '000) Site (m2) Usable Date Site (m2) Total Total Total Even Even Total 0 o Paulo 18,050 Lot Anhaia L Melo. São São Paulo Paulo Metro Metro 18,463 Area Area Apr-11 Feb-10 18,050 3,500Area 18,463 16, ,720 56, ,72056,147 Feb 0uth 43,311 Lot Atlantida LI. Ph1 São South Paulo Metro Area 6,171 Mar-11 May-10 43,311 3,293 6,171 8, ,892 39,339 49,514 39,339 61,892 May 0uth 24,655 Lot Atlantida LII. Ph2 São South Paulo Metro Area 3,643 Mar-11 May-10 24,655 4,381 11,391 3, ,232 56,860 28,186 56,86135,232 May 0uth 23,424 Lot Atlantida LIII. Ph3 São South Paulo Metro Area 3,476 Mar-11 May-10 23,424 2,800 14,177 3, ,000 33,472 26, ,00033,472 May 8uth 5,203 Total Cabral Amount. South 4,172 May-08 3,006,970 5,203 1,296,681 4,172 17, ,322,413 32,869 4,621,473 16,435 32,869 May de Janeiro May 34 of 78 rtheast

40 Quarterly Information (ITR) - March 31, Version: 1 The following table shows our land bank by estimated launch year. Note that in the first quarter of 2011 alone we acquired new lots that combined represented potential sales value of R$ 877 million (Even's share). 2, , , and after launched Land Bank Acquired The position of the land bank (Even's share) and the balance of net debt related to lot acquisitions, based on the lots already acquired as well as the advances made and commitments assumed by the company as of March 31, 2011, are presented below: R$ '000 Advanced for purcharse of land 1 105,901 Land inventory 2 154,011 Off-balance Land inventory 3 607,149 Land Bank 867,061 Land Debt 4 (28,734) Off-balance Land Debt 5 - including financial swap (279,737) Exchange (off-balance) - physical swap (327,411) Land Bank (Net of Debt and Obligations) 231,179 1 Note 12 - lots not launched without deed 2 Note 12 - lots not launched with deed (reflected under accounting liability) 3 Note 34 (b) - lots not launched and off-balance 4 Debt of lots for which the project has not yet been launched and which have a title deed (included under liabilities, which also reflects the debt from lot acquisitions for projects that have already been launched) 5 Note 34 (b) lots not launched (commitment not reflected in the accounts and complements the amount paid under the item Land Bank) 35 of 78

41 Quarterly Information (ITR) - March 31, Version: 1 As mentioned in Note 2.9, the lots are booked only when a title deed is obtained, regardless of the progress of the associated negotiations. The following tables provide a breakdown of the lots negotiated by market segment and location: Market Segment # of launches Site Areas (m 2 ) Usable Units Estimated PSV (R$ '000) Total Even % EVEN Affordable , ,546 7,268 1,445,592 1,101,807 24% Emerging 23 2,506, ,105 4,955 1,593,745 1,389,330 30% Middle 15 81, ,171 2,557 1,087, ,884 22% Upper-Middle 6 30,777 62, , ,023 8% High 4 14,084 40, , ,242 6% Luxury % Office 8 32,725 52,105 1, , ,187 10% Lots % Total 79 3,006,970 1,296,681 17,085 5,322,413 4,621, % Commercial Upper - Middle High 8% 6% 10% 24% Affordable Middle 22% 30% Emerging 54% Even Location # of launches Site Areas (m 2 ) Usable Units Estimated PSV (R$ '000) Total Even % EVEN Goiás % Minas Gerais 7 56,012 89, , ,832 9% Other 2 9,319 27, ,576 97,576 2% Rio de Janeiro 7 90,197 76,575 2, , ,927 8% São Paulo , ,824 10,057 3,109,145 2,900,364 63% South 18 2,496, ,808 3,891 1,209, ,774 18% Total 79 3,006,970 1,296,681 17,085 5,322,413 4,621, % South Others 18% 2% MG RJ 9% 8% 63% SP 36 of 78