Adjusted Net Profit ends 3Q07 with an 184.0% increase in relation to the same period of the previous year.

Contracted Sales reaches R$ 491 million in 9M07

São Paulo, November 5th 2007 – Even Construtora e Incorporadora S.A. – EVEN (Bovespa:

EVEN3), one of the largest developers and constructors in Brazil, focused on commercial and

residential projects targeting the emerging, middle and upper-middle income segments,

announces its results for the third quarter of 2007 (3Q07). The financial and operating

information herein, except where otherwise stated, is in Brazilian Reais (R$) and in accordance

with the Brazilian Accounting Practices

IR Contact Eduardo Cytrynowicz Assistant IR Director Tel.:+55 (11) 3377-3777 Fax:+ 55 (11) 3377-3780 ri@even.com.br www.even.com.br/ri

3Q07 Conference Call Date: November 06 2007.

Portuguese 10:00 am (Brasília Time) 7:00 am (New York Time) Tel.: + 55 (11) 2188-0188 Replay: + 55 (11) 2188-0188 Code: EVEN

English 12:00 am (Brasília Time) 09:00 am (New York Time) Tel.: + 1 (973) 935-8893 Replay: + 1 (973) 341-3080 Code: 9318836 Portuguese Webcast: www.mz-ir.com/even/3t07 English Webcast: www.mz-ir.com/even/3t07/?e

Quotation

Closing on November 5th 2007

Number of Shares 140,572,502 R$ 16.97 per Share

3Q07 HIGHLIGHTS

Even’s share in total launches in the 9M07: R$718

million (R$356.8 million in the 3Q07).

Even’s share in total sales in the 9M07: R$491 million

9M07 results show an increasing profitability:

Gross Margin: 39.3%

Adjusted Ebitda Margin: 18.7% (excluding IPO

expenses)

Adjusted Net Margin: 13.7% (excluding IPO expenses)

Rapid pace of sales: 60.4% of units sold within 6

months of launch

Maintenance of the new markets entry strategy:

Present in 13 Brazilian cities

Launches in Rio de Janeiro, Belo Horizonte and in the

São Paulo countryside totalled R$190 million,

accounting for 53% of Even’s PSV in 3Q07.

29 active construction sites and other 50 sites

already scheduled to be at work until the end of 2008

A 495-employee company, with a declining ratio of

G&A per total launched PSV.

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Management Comments

In the third quarter of 2007 (3Q07), we focused on establishing a new benchmark for the

Company, continuing with the process already started with the IPO, and boosted by the

expansion of the land bank in the past few months. The higher number of projects underway

will allow the Company to reduce the variation in the number of launches in the different

periods, mainly in the beginning of next year. This can already be seen in the new positioning

of Even, which strongly expanded the number of launches, and also the sales growth

compared to the last quarters.

In the 3Q07 launches totaled R$ 356.8 million (R$ 439.7 million, if also considering the share

of the remaining partners in the projects). Of this total, 53% of the PSV (Even’s share) was

launched in cities located outside São Paulo’s metropolitan region. In the 9M07, we reached a

total launched value of R$ 718.2 million (R$ 954.3 million if also considering the share of the

remaining partners in the projects). Sales kept growing at hefty rates: we ended September

2007 with a sales rate of 60.4% in the number of units sold during the 6 months following the

launch, considering in the calculation the projects launched in the previous 12 months.

We continued our expansion to new markets, with a highlight for the launch of projects in Rio

de Janeiro, Belo Horizonte and Sorocaba. We also acquired sites targeted at projects in the popular segment, which will allow us to launch approximately ⅔ of the projects forecasted for

this segment, until June 2008 (the initial launches expectation in this segment is about R$ 90

million PSV for the next 12 months)

Finally, it is important to underline that in the 3Q07 we contracted a structured loan of R$ 150

million with Itaú and Unibanco, with a 5-year term and annual amortization from the 3rd year

on. This loan may be converted into a debenture operation, with the same term and under the

same conditions, within the scope of the R$ 500-million program approved by our Board of

Directors on October 26 2007.

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Financial and Operating Highlights

1 2007, third quarter. 2 2006, third quarter. 3 2007, from January to September. 4 2006, from January to September. 5 Definitions in Economic and Financial Performance specific item. 6 Considers the effective PIS and COFINS tax rates for each project as the date of the balance sheet. 7 Sum of the current and non-current asset operational accounts deducted from the sum of the current and non-current liabilities operational accounts. 8 Total debt deducted from cash and cash equivalents balance.

9 Potential sales value, i.e., result or potential result by the sale of all units of a real state development, at a pre-determined price during its launch period. 10

Value of the contracts signed with clients, in reference to the sales of launched units or about to be launched (deducted from sales

commission).

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Sector Performance

In the 3Q07, the real estate market maintained a strong sales growth. The stability of the

positive macroeconomic scenario and favorable housing credit conditions were the main drivers

behind this growth. The impact of the stretching in the housing credit terms and the reduction

in the former rates led to a decrease in the real estate credit services, with two important

effects: lower income requirements and expansion in the potential customers base.

Notwithstanding this scenario, in the 3Q07 the Company recorded a small drop in sales rates

as opposed to the previous quarter. According to the SECOVI-SP, new residential property

sales in August 2007 recorded a 16.5% sales over supply, up from 14.1% in July 2007, but

below May and June results (17.5% and 17.4%, respectively). These results may be partially

explained by July vacations, but were also impacted by a smaller concentration of launches in

the two months, with a smaller impact of media expenses, which would have contributed to

sales growth.

Operating Performance

Launches

Over the last three months, we maintained our initial schedule of launches, with initial sales of

6 new projects, (3 in São Paulo, 1 in Rio de Janeiro, 1 in Belo Horizonte and 1 in Sorocaba),

totaling a R$ 439.7 million total launched PSV (R$ 356.8 million if we consider only the

Company’s share). The table below shows provides the breakdown of these launches:

Of the total number of launches in the 9M07, 10.5% of total PSV (14.0% if we consider only

the Company’s share in the launches) refer to the emerging segment. The projects targeted at

the middle, upper-middle and upper-class segments had a 89.5% participation in the total

launched PSV (86.0%, if we consider only the Company’s share in the launches). The tables

below show the breakdown of launches by segment in 3Q07 and 9M07:

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Sales

Total contracted sales in the 3Q07 were R$ 221.4 million (R$ 156.0 million if we consider only

the Company’s share in sales results). This result is due to the continuation of the Company’s

differentiated marketing approach and the favorable market conditions. The tables below

provide the sales breakdown for the quarter and 9M07, sorted by product segment:

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The table below shows the sales breakdown per launch year:

If we consider the total sales in the 9M07, R$ 691.4 million in real estate products were sold

(R$ 490.7 million if we only consider Even’s share). The total sales volume in the 9M07 already

exceeded by 45% the total volume sold of R$ 338.6 million in 2006 (considered only Even’s

share).

As of September 30, we had in our inventories units summing up a total of R$ 835.0 million in

PSV (R$ 591.2 if we only consider Even’s share). The participation used in the Even PSV

consolidation were equal to those used in the assessment of the consolidated percentage of

completion and deferred inventory cost. The table below provides the sales breakdown for the

quarter, sorted by product segment and launch year:

Units to be sold indicate a potential gross margin of 38.4%, assuming, in addition to the total

costs of units in stock, the effect of an average sale rate of 3.2% paid to the real estate

company, and consolidated PIS and COFINS of each project as of September 30 2007.

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Land Bank

Land bank totaled 867,355 m², which allowed the Company to launch approximately R$5.7

billion in real estate products (R$4.3 billion only considering Even’s share in the forecasted

PSV). In the 3Q07 we maintained our policy of acquiring sites that allow us to reach a high

sales rate and low concentration in terms of segment, location and project size. These sites

have potential to launch 72 projects within the next 30 months. The table below shows the

Company’s land bank, by project, as of November 5 2007:

Continues on the next page.

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The tables below provide the breakdown by market segment and location:

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Economic-Financial Performance

Revenue from Sales and Services

In the 3Q07 our gross revenue from sales and services reached R$ 115.8 million, representing

an increase of R$ 53.8 million (86.8%) over gross revenue for the same period last year. This

upturn comes from the increase in real estate development and resale revenue, which totaled

R$ 111.9 million in the 3Q07, a R$ 52.7 million (89.0%) growth over the 3Q06. New sales

during the quarter accounted for R$ 60.1 million (53.7%) of the development revenue for the

period. The result was also affected by the recognition of income from units sold in previous

periods, due to the spreading of the cost across the quarter, which contributed R$ 51.8 million

(46.3%) of the period’s development revenue.

In the 9M07, gross revenue from development and resale reached R$ 279.5 million,

representing an increase of R$ 141.1 million (102.0%) over gross revenue for the same period

last year. New sales contributed, in the 9M07, R$ 170.3 million (60.9%), while revenues from

increase in percentage of completion totaled R$ 109.2 million (39.1%).

The tables below show the evolution of revenues recognized in the periods, broken down by

launch year:

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The table below shows the evolution of sales and expenses in our projects in the 3Q07:

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The table below shows the evolution of sales and expenses in our projects in the 9M07:

Gross operating revenue was also positively impacted by income from construction and

services, which reached R$ 3.9 million in the 3Q07, an increase of R$ 1.0 million (34.5%)

compared to the same quarter of 2006.

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Gross operating revenue was affected by taxes on services and income in the amount of

R$ 5.7 million in the 3Q07, an increase of R$ 2.8 million (95.6%) compared to the same period

in 2006. These taxes (PIS, COFINS and ISS) are, on average, 4.9% of gross operating

revenue, higher than the 4.7% corresponding to the 3Q06. This increase was due to the

growth in income from construction and services.

Net operating income after these taxes totaled R$ 110.1 million in the 3Q07, growing by

R$ 51.0 million (86.3%) in comparison to net operating income for the same period in 2006.

Gross Income

During the past 12 months, launches and sales in the upper-middle and upper-class segments

had a significant participation in our gross income, represented by the Wingfield, Campo

Belíssimo, Particolare, Plaza Mayor, The Gift, In Citta, Arts Ibirapuera and Gabrielle projects.

As a result, the Company’s gross margin in the 9M07 was positively affected, reaching 39.3%,

representing an improvement of 36.2% in relation to the gross margin of the 9M06. Gross

margin in the 3Q07 was 39.7%, if considered on an isolate basis, an increase compared to the

same period in 2006, of 37.7%.

Gross income reached R$ 43.7 million in the 3Q07, moving up by R$ 21.4 million (96.0%) in

comparison to gross income recorded in the 3Q06. In the 9M07, gross income totaled

R$ 108.7 million, representing an increase of R$ 58.2 million (115.2%) in relation to the 9M06.

Of the selling expenses recorded in the period, R$ 33.8 million (50.9%) refer to recognized

expenses with sales from previous periods. Contracted sales in the 3Q07 had a R$ 32.6 million

(49.1%) effect on the cost of goods and services.

Operating Results

Due to the growth in the volume of launches, especially since the second quarter of 2006,

there was an increase in the corresponding selling expenses. Although the budgeted selling

expenses represented a smaller stake of the launched PSV (3.0%) in the 9M07, the increase in

selling expenses recorded in this period was higher than the growth in sales revenue

recognition. Such effect is due to the fact that a significant portion of selling expenses incurred

before the beginning of sales and during the launch months is more quickly reflected on the

results than the revenue from units sold. In this way, selling expenses as a percentage of net

revenue are greater in the initial phases of projects than the budgeted average. In the 3Q07,

then, selling expenses reached R$ 9.3 million, an increase of R$ 4.5 million (93.8%) over the

3Q06. In the 9M07, selling expenses reached R$ 28.2 million, representing a R$18.9 million

(203.2%) growth versus the same period in 2006.

General and administrative expenses totaled R$ 11.7 million in the 3Q07, versus R$ 7.7 million

in the 3Q06. This increase is due to the increased scale of the Company's operation, which

sought to prepare its support structure for the strong growth projected for 2007 and the

subsequent years. Taking as a base the general and administrative expenses as a percentage

of launched Total PSV, in the 9M07 general and administrative expenses were 3.2% lower than

the 5.9% recorded in the 9M06.

Net financial result was positive by R$ 0.4 million in the 3Q07, practically unaltered in relation

to the result observed in the 3Q06.

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In the 9M07, IPO expenses totaled R$ 22.7 million.

Net operating income in the 3Q07 reached R$ 22.7 million, R$ 12.5 million above the 3Q06.

IRPJ and CSLL

Income Tax and Social Contribution totaled R$ 4.0 million in the 3Q07, a R$ 2.5 million

(162.2%) variation compared to the 3Q06. This variation is due to the increase in revenue and

operating income recorded in the 2Q07.

Net Income

Net income in the 3Q07 reached R$ 16.8 million, up by R$ 10.7 million in relation to the same

period in 2006. Adjusted net income in the 9M07 (without IPO expenses) came to

R$ 34.2 million, representing an increase of R$ 15.3 million (80.5%) compared to the 9M06.

This variation resulted from the increases in revenue and gross income recorded in the 3Q07

and 9M07.

EBITDA

Earnings before interest, taxes, depreciation and amortization (without IPO expenses) in the

3Q07 totaled R$ 23.3 million, up by R$ 13.4 million (137.0%) in relation to the 3Q06. Adjusted

EBITDA margin, calculated on net revenue was 18.7% in the 9M07, compared to the 18.5%

recorded in the 9M06. The slight increase in the EBITDA margin is due to the growth in the

gross margin, partially offset by the increase in general and administrative expenses (a

consequence of the increase in the operating volume).

EBITDA for the first half and second quarter of years 2006 and 2007:

Sales Adjusted Income Statement

For the purpose of providing a better breakdown of the evolution in the Company’s activities,

we present below the normalized operating results and adjusted EBITDA and EBITDA

calculations (without IPO expenses) sorted by sales, as opposed to the method based on

recognition of revenues based on expenses growth. To accomplish this, we exclude from the

statements the effects of selling revenues from previous periods and incorporate into current

results the total deferred sales for the period.

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Consolidated Income Statement

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Consolidated Balance Sheet

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Glossary

Land bank: Even maintains a land bank for future projects, acquired in cash or through swap. Each lot

acquired is analyzed by our investment committee and approved by the Board of Directors.

High-Income Segment: Families with average income between R$15,000.00 and R$50,000.00 per

month, interested in acquiring property priced between R$750,000.00 and R$1,300,000.

Middle-Income Segment: Families with average income between R$4,400.00 and R$8,000.00 per

month, interested in acquiring property priced between R$220,000.00 and R$390,000.00.

Upper-Middle Income Segment: Families with average income between R$7,500.00 and R$20,000.00

per month, interested in acquiring property priced between R$405,000.00 and R$800,000.00.

Emerging Segment: Families with income between R$4,000 and R$6,000 per month, interested in

acquiring property priced between R$100,000 and R$250.000.

Revenue to be Recognized: Revenue to be recognized corresponds to contracted sales for which

revenue is to be recognized in future periods, as a function of the degree of progress of the construction

project, rather than moment when the contract is signed.

About the Company

Even Construtora e Incorporadora S.A. – EVEN (Bovespa: EVEN3), one of the largest real

estate developers in Brazil, with a focus on commercial and residential projects targeting the

emerging, middle and upper-middle segments, is the product of the merger of the operations

of companies with more than 25 years experience in the industry. In 2006, Even launched its

geographical expansion into Rio de Janeiro and Goiânia through partnerships with local

companies.

Disclaimer

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of EVEN. These are merely

projections and, as such, are based exclusively on the expectations of the Company’s’ management concerning the future of the business and its continuous access to capital to finance the Company’s

business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian and international economies and the industry and are, therefore, subject to change without prior notice.