HELD ON APRIL 29, 2011

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SP - 1247526v1

EVEN CONSTRUTORA E INCORPORADORA S.A. Publicly-held Company

Company Registry (NIRE) No. 35.300.329.520

Corporate Taxpayers’ ID (CNPJ/MF) NO. CNPJ nº. 43.470.988/0001-65

MINUTES OF THE ANNUAL SHAREHOLDERS’ MEETING HELD ON APRIL 29,2011

1. DATE, TIME AND VENUE:April 29, 2011, at 10:00 a.m., at the headquarters of EVENCONSTRUTORA E INCORPORADORA S.A. (“Company”), located in the city and state of São Paulo, at Rua Hungria, nº 1400, 2º andar, Conjunto 21, CEP 01455-000.

2. CALL NOTICE: Call Notice was published pursuant to Article 124 of Law 6,404 of December 15, 1976, as amended (“Brazilian Corporate Law”), (a) in the Official Gazette of the State of São Paulo, in the editions of April 12, 13 and 14, 2011, on pages 92, 28 and 80, respectively, and (b) in the “Diário do Comércio e Indústria” newspaper, on the editions of April 12, 13 and 14, 2011, on pages C5, C7 and C8, respectively.

3. ATTENDANCE: Shareholders representing 47% (forty-seven percent) of the total voting capital of the Company, as may be verified through the signatures in the Shareholders’ Attendance Book were present as well as, Mr. Dany Muszkat, Chief CFO

and IRO, Mr. Mauricio Ribeiro de Menezes, member of the Company’s Fiscal Council

and Mr. Clovis Pereira, Regional Accounting Council (CRC-SP) membership no. 1SP222679-O9, representative of the independent auditors PricewaterhouseCoopers Auditores Independentes.

4. PRESIDING BOARD:Chairman: Mr. Carlos Eduardo Terepins; Secretary: Mr. Dany Muszkat.

5. PUBLICATIONS: Management Report Financial Statements and Report of Independent

Auditors related to the fiscal year ended December 31, 2010 published in the Official Gazette

of the State of São Paulo, on pages 151 to 163, and in the “Diário do Comércio e Indústria” newspaper, on pages A11 to A21, both in the edition March 29, 2011. On the same date, the documents above were made available to shareholders at the Company’s headquarters and on its website, together with the proposals for capital budget and

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amendment to the Company’s Bylaws and other relevant documents in accordance with the the applicable legislation.

6. AGENDA: to deliberate on (i) Report from Management, examination, discussion and vote on the Company’s Financial Statements accompanied by the Opinion of the Independent Auditors relative to the fiscal year ended December 31, 2010; (ii) the Management’s proposal for the allocation of net income relative to the fiscal year ended December 31, 2010 and for the distribution of dividends; and; (iii) the Company’s proposed capital budget for fiscal year 2011; (iv) elect the members of the Company’s Board of Directors; (v) determination of Management’s overall annual compensation for 2011; e (vi) change the mass circulation newspaper in which the Company’s acts will be published.

7. RESOLUTIONS: Once the Annual Shareholders’ Meeting was instated, after discussing the issues in the Agenda, the attending shareholders, with the abstention of those legally prevented from voting, resolved:

7.1 Authorize the drawing up of these minutes in a summary format, and their publication with the omission of the names of the shareholders, pursuant to article 130, paragraphs 1 and 2 of the Brazilian Corporate Law.

7.2 Approve, by majority vote, the Report from Management as well as the Company’s Financial Statements accompanied by the Opinion of the Independent Auditors relative to the fiscal year ended December 31, 2010.

7.3 Approve, by majority vote and with the amendments requested by shareholders, the management’s proposal for allocation of the Company’s net income from fiscal year ended December 31, 2010, in the amount of R$252,490,542.97 (two hundred fifty-two million, four hundred ninety thousand, five hundred forty-two reais and ninety-seven centavos) as follows:

(i) R$12,624,527.15 (twelve million, six hundred twenty-four thousand, Five hundred twenty-seven reais and fifteen centavos), corresponding to 5% (five per cent) of the consolidated net income or 5% (five percent) of the Company’s net income will be allocated to the Legal Reserve, pursuant to Article 193 of the Brazilian Corporate Law;

(ii) R$59,966,503.96 (fifty-nine million, nine hundred sixty-six thousand, Five hundred three reais and ninety-six centavos), corresponding to 25% (twenty-five per cent)

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of the consolidated net income or 25% (twenty-five per cent) of the Company’s net income, after the constitution of the legal reserve, pursuant to article 202 of the Brazilian Corporate Law, will be distributed to shareholders as dividend exactly in proportion to their interest in the Company’s capital stock;

(ii.1) Those who are shareholders of the Company on this date shall be entitled to the aforementioned dividends;

(ii.2) The payment of the aforementioned dividends to shareholders shall be carried out on May 10, 2011, through the financial institution trustee of the shares issued by the Company; and

(ii.3) The procedure for payment of the aforementioned dividends shall be clarified in a Notice to the Shareholders to be disclosed by the Company in due course.

(iii) To allocate the remaining balance of the net income for the fiscal year, in the amount of R$179,899,511.87 (one hundred seventy-nine million, eight hundred ninety-nine thousand, five hundred eleven reais and eighty-seven centavos) to the Profit Retention Reserve, based on the Capital Budget approved in item 7.4 below.

(iii.1) With regard to the Profit Retention Reserve, to record that the balance of capitalized interest incurred by the parent company in the subsidiaries’ construction projects, reflected as the difference between consolidated and individual financial statements for the fiscal years ended 2008 and 2009, in the amount of thirty-one million, eight hundred ninety-two thousand, seven hundred forty-six reais and ninety-one centavos (R$31,892,746.91) was also allocated to the Profit Retention Reserve. Thus, the Profit Retention Reserve constituted in the fiscal year ended December 31, 2010, amounted to two hundred eleven million, seven hundred ninety-two thousand, two hundred fifty-eight reais and seventy-eight centavos (R$211,792,258.78), pursuant to the terms of the Capital Budget approved in item 7.4 below.

7.4 Approve, by majority vote and with the amendments suggested by the shareholders, the Company’s proposed 2010 capital budget, whose purpose is to enable the Company to complete the real estate projects launched till December 31, 2010, and which are included in these minutes as Annex I.

7.5 Considering that seven (7) positions must be filled on the Company’s Board of Directors, elect the following members to the Company’s Board of Directors, is hereby

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instated and shall remain so until the Annual Shareholders’ Meeting that approves the financial statements for the fiscal year ending December 31, 2012: (i) CARLOS EDUARDO

TEREPINS,a Brazilian citizen, married, civil engineer, identity card no. 3.533.312, issued by SSP/SP, individual taxpayer’s register (CPF/MF) no. 771.861.508-10, domiciled in the city of São Paulo, State of São Paulo, with business address at Rua Hungria, nº 1400, 2º andar, Conjunto 21, CEP 01455-000; (ii) LUIS TEREPINS, a Brazilian citizen, married, civil engineer, identity card no 3.533.242, issued by SSP/SP, individual taxpayer’s register

(CPF/MF) no 913.274.318-15, domiciled in the city of São Paulo, State of São Paulo, at Rua

Capitão Antônio Rosa, nº 160, Jardim Paulistano, CEP 01443-010; (iii) RUBENS

ANTÔNIO TIBURSKI, a Brazilian citizen, married, businessman, identity card no. 1.840.550, issued by SSP/SP, individual taxpayer’s register (CPF/MF) no. 321.282.239-20, domiciled in

the city of São Paulo, State of São Paulo, with business address at Alameda Santos, nº

1.940, 2º andar, conjunto 22, Cerqueira César, CEP 01418-200; (iv) CLAUDIO KIER

CITRIN, a Brazilian citizen, married, businessman, identity card no. 102.483.307-9 issued by SSP/RGS, individual taxpayer’s register (CPF/MF) no 364.228.000-53, domiciled in the city of

São Paulo, State of São Paulo, with business address at Alameda Santos, nº 1.940, 2º andar, conjunto 22, Cerqueira César, CEP 01418-200; (v) LARS REIBEL, a Brazilian

citizen, married, business administrator, identity card no. 21.758.710-0, individual taxpayer’s

register (CPF/MF) no. 147.704.008-02, domiciled in the city of São Paulo, State of São

Paulo, at Rua Alexandre Dumas, 2.100, 14º andar, CEP 04717-004; (vi) JOÃO COX

NETO, a Brazilian citizen, married, economist, identity card no. 3.944.885, issued by

SSP/BA, individual taxpayer’s register (CPF/MF) no 239.577.781-150, domiciled in the city of

São Paulo, State of São Paulo, at Rua Canário, 80, apto. 11, Bloco B, Moema, CEP 04565-907; and (vii) AFFONSO CELSO PASTORE, a Brazilian citizen, married, economista, economist, identity card no. 2.314.137 issued by SSP/SP, individual taxpayer’s register

(CPF/MF) no 011.327.848-91, domiciled in the city of São Paulo, State of São Paulo, at Rua

Dr. Melo Alves, 731, apto. 61, Jardins, CEP01417-010.

7.5.1 The members CARLOS EDUARDO TEREPINS and CLAUDIO KIER CITRIN were elected for the positions of Chairman and Vice-Chairman of the Board of Directors, respectively.

7.5.2 The members Mr. LARS REIBEL and Mr. JOÃO COX NETO are considered independent members pursuant to the Regulations of the Novo Mercado, the special listing segment of the BM&FBOVESPA, and to the Company’s Bylaws.

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7.5.3 The investiture of the Board of Directors hereby elected is conditioned to (i) the presentation of clearance certificate, in accordance with the applicable legislation; (ii) the execution of the instrument of investiture, drawn up in the Company’s books. 7.6 Approve, by majority of the shareholders that voted, the overall annual budget for the management’s compensation for the fiscal year 2010, in the total amount of up to R$18,000,000.00 (eighteen million reais).

7.6.1. The distribution of the overall annual compensation approved herein among the Management shall be resolved upon by the Board of Directors in due course, pursuant to the sole paragraph of Article 14 of the Company’s Bylaws.

7.7 Approve, by majority of the shareholders that voted, the alteration of the mass circulation newspaper to be used by the Company for publishing its acts. Thus, as of this date, all of the Company’s acts, such as financial statements, minutes of Board of Directors’ Meetings and Shareholders’ Meetings, notices to shareholders and others, when required, will be published in the Brasil Econômico newspaper and the Official Gazette of the State of São Paulo.

7.8 In view of the request made by the Company’s minority shareholders representing the minimum percentage required by Article 2 of CVM Rule no. 324 of January 19, 2000, the Company’s Fiscal Council is hereby instated and shall remain so until the Annual Shareholders’ Meeting that approves the financial statements for the fiscal year ending December 31, 2011; the following are hereby elected as members of the Company’s Fiscal Council: (i) Mr. SÉRGIO BERNSTEIN, a Brazilian citizen, married, civil engineer, identity card no 5.850.726-7 issued by SSP/SP, individual taxpayer’s register (CPF/MF) no.007.296.208-91, domiciled in the city and state of São Paulo, at Rua Barão de Santa Eulália, nº 231, apto 121, CEP 05685-090, as sitting member, and Mr. MARCOS DUARTE

SANTOS, a Brazilian citizen, single, production engineer, identity card no 08.383.583-5, individual taxpayer’s register (CPF/MF) no. 014.066.837-36, domiciled in the city and state of Rio de Janeiro, with business address at Rua Ataulfo de Paiva, nº 204, salas 1001 a 1010, Leblon, CEP 22440-030, as its alternate, elected by minority shareholders through a separate vote, pursuant to article 161, paragraph 4º of Law 6404/76; (ii) JEDIEL LIMA

DA ROCHA, a Brazilian citizen, single, business administrator, identity card no 3.128.312

issued by SSP/MG, individual taxpayer’s register (CPF/MF) no.584.323.536-04, domiciled in

the city of Jundiaí, State of São Paulo, at Rua João Massagardi Filho, nº 109, Condomínio

Santa Teresa, Jardim Santa Tereza, CEP 13211-421 as sitting member, and ALESSANDRO

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17.842.863-2 issued by SSP/SP, individual taxpayer’s register (CPF/MF) no 246.380.948-56,

domiciled in the city of Jundiaí, State of São Paulo, at Rua Congo, nº 480, apartamento

701, CEP 13207-340, as its alternate; and (iii) MAURICIO RIBEIRO DE MENEZES, a

Brazilian citizen, single, engineer, identity card no 22.264.093-5 SSP/SP, individual

taxpayer’s register (CPF/MF) no 219.886.398-75, domiciled in the city of São Paulo, State of

São Paulo, at Avenida Otacílio Tomanik, nº 685, apartamento 93, CEP 05363-000, as sitting member, and Mr. LUIZ DENARDI MATTAR, a Brazilian citizen, single, engineer,

identity card no 28.374.617-8 SSP/SP, individual taxpayer’s register (CPF/MF) no

022.735.738-80, domiciled in the city of São Paulo, State of São Paulo, at Rua Dr. Virgilio de Carvalho Pinto, nº 381, apartamento 102, Pinheiros, CEP 05415-030, as its alternate.

7.8.1.The Fiscal Council members shall receive ten percent (10%) of the average compensation allocated to each executive officer, excluding benefits, public agency payments and profit sharing, pursuant to paragraph 3 of Article 162 of the Brazilian Corporation Law.

7.8.2.The investiture of the Fiscal Council’s sitting members and their alternates hereby elected is conditioned to (i) the presentation of clearance certificate, in accordance with the applicable legislation; (ii) the execution of the instrument of investiture, drawn up in the Company’s books; and (iii) the execution of the Statement of Consent from Fiscal Council Members, pursuant to the form included in Exhibit D of the Novo Mercado listing rules.

7.9 To place on record on this date, that in the minutes of the Annual and Extraordinary Shareholders’ Meeting held on April 9, 2010 (“AGOE 2010”) the adjusted net income, that is, after the constitution of a legal reserve in accordance with article 193 of Brazilian Corporate Law, for the fiscal year ended December 31, 2009, was stated as one hundred four million, nine hundred fifty-eight thousand and twenty-one reais and five centavos (R$104,958,021.05), when it should have been recorded as one hundred four million, nine hundred sixty-one thousand and twenty-one reais and five centavos (R$104,961,021.05). We would like to make it clear that there was an immaterial difference in the drawing up of the minutes of AGOE 2010 and that all other documents approved by shareholders at AGOE 2010 contained the correct adjusted net income amount. Thus all the amounts approved by and distributed to shareholders at AGOE 2010 were done correctly, based on the Financial Statements and Management Report, together with the Independent Auditor's Report for the fiscal year ended December 31, 2009 and the Capital Budget approved at AGOE 2010, all of which contained the correct amount of one hundred four million, nine hundred sixty-one thousand, twenty-one reais and five

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centavos (R$104,961,021.05) as adjusted net income for the fiscal year ended December 31, 2009.

7.10 The votes cast by shareholders, including abstentions, were received and initialed by the Chairman of the meeting, and later filed at the Company’s headquarters.

8. CLOSURE AND APPROVAL OF THE MINUTES:There being no further business to discuss, and as nobody else took the floor, the meeting was adjourned and these minutes were drawn up, read, found in compliance, and signed by all those present.

This is a free English translation of the original instrument drawn up in the Company’s Records.

São Paulo, April 29, 2011.

Presiding Board:

__________________________________ Carlos Eduardo Terepins

Chairman __________________________________ Dany Muszkat Secretary Shareholders Attending: ____________________________________________ GENOA FUNDO DE INVESTIMENTOS EM PARTICIPAÇÕES

Banco Santander S.A.

represented by Danilo Christofaro Barbieri and Saulo dos Santos Clemente

_______________________________ Luis Terepins

represented by Flavia Sinopoli Lafraia

__________________________________ EDUARDO CYTRYNOWICZ

_______________________________ DANY MUSZKAT

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JOÃO EDUARDO AZEVEDO SILVA represented by Flavia Sinopoli Lafraia

SILVIO LUIZ GAVA

_________________________________ DAVID CYTRYNOWICZ

_________________________________ PHEONIX FUNDO DE INVESTIMENTO MULTIMERCADO CRÉDITO PRIVADO Citibank Distribuidora de Títulos e Valores

Mobiliários S.A.

represented by Cláudio Kier Citrin

_________________________________ GELARE LLC

_________________________________ BNYMELLON ARXFUNDO DE

INVESTIMENTO DE AÇÕES

_________________________________ BNYMELLON ARXEXTRA FUNDO DE

INVESTIMENTO MULTIMERCADO represented by Flavia Sinopoli Lafraia

_________________________________ BNYMELLON ARXLONG SHORT MASTER FUNDO DE INVESTIMENTO MULTIMERCADO

_________________________________ BNYMELLON ARXLONG TERM FUNDO DE

_________________________________ MELLON DATA EQUITY FUNDO DE INVESTIMENTO DE AÇÕES PREVIDENCIÁRIO

_________________________________ CLUBE DE INVESTIMENTO DOS EMPREGADOS

DA VALE -INVESTVALE

_________________________________ MELLON BRASPREV FUNDO DE INVESTIMENTO MULTIMERCADO PREVIDENCIÁRIO CRÉDITO PRIVADO represented by Flavia Sinopoli Lafraia

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_________________________________ BNYMELLON CAPIBARIBE FUNDO DE

INVESTIMENTO EM AÇÕES represented by Flavia Sinopoli Lafraia

_________________________________ GREEN HGFUND,LLC

Credit Suisse Hedging-Griffo Serviços Internacionais S.A.

represented by Daliane Cecilia Duarte da Silva

_________________________________ CSHGVERDE MASTER FUNDO DE

INVESTIMENTO MULTIMERCADO Credit Suisse Hedging-Griffo Corretora de

Valores S.A.

_________________________________ CSHGVERDE EQUITY MASTER FUNDO DE

INVESTIMENTO EM AÇÕES

Credit Suisse Hedging-Griffo Corretora de Valores S.A.

_________________________________ FAMA STRIKER MNMASTER FUNDO DE INVESTIMENTO MULTIMERCADO LONGO

PRAZO

BNY Mellon Serviços Financeiros Distribuidora de Títulos e Valores

Mobiliários S.A.

represented by Ricardo Wonseuk Kim

_________________________________ FAMA CHALLENGER MASTER FUNDO DE

INVESTIMENTO DE AÇÕES BNY Mellon Serviços Financeiros

Distribuidora de Títulos e Valores Mobiliários S.A.

_________________________________ CARNEGGIE LLC

_________________________________ CHASE MANHATTAN BANK AS TRUSTEE OF

THE RETIRE PLAN OF THE CMBANK AND CERTAIN AFFILIATED COMPANIES represented by Ricardo Wonseuk Kim

_________________________________ LOCKHEED MARTIN CORPORATION MASTER

RETIREMENT TRUST

_________________________________ VANDERBILT UNIVERSITY

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_________________________________ FEBEVALOR FUNDO DE INVESTIMENTO EM

AÇÕES

BEM – Distribuidora de Títulos e Valores Mobiliários Ltda.

_________________________________ POLO NORTE FUNDO DE INVESTIMENTO

MULTIMERCADO

Mobiliários S.A.

_________________________________ POLO FUNDO DE INVESTIMENTO EM AÇÕES

Banco Santander (Brasil) S.A. represented by Daliane Cecilia Duarte da

Silva

_________________________________ VINSON FUND LLC

Silva

_________________________________ CREDIT AGRICOLE ASSET MANAGEMENT

Silva

_________________________________ RICARDO WONSEUK KIM

_________________________________ EMMUMBRELLA FUNDS

Citibank N.A.

_________________________________ FIDELITY INVESTMENT TRUST:FIDELITY

TOTAL INTERNATIONAL EQUITY FUND Citibank N.A.

_________________________________ MACKENZIE UNIVERSAL WORLD REAL

ESTATE CLASS Citibank N.A.

_________________________________ GLOBAL XBRAZIL FINANCIALS EFT

Citibank N.A.

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_________________________________ FORMULA INVESTING INTERNATIONAL

VALUE 400FUND Citibank N.A.

_________________________________ COLLEGE RETIREMENT EQUITIES FUND

Citibank N.A.

_________________________________ WHEELS COMMON INVESTMENT FUND

TRUSTEES LIMITED Citibank N.A.

_________________________________ USAAEMERGING MARKETS FUND

Citibank N.A.

_________________________________ UNIVERSITY OF PITTSBURGH MEDICAL

CENTER SYSTEM Citibank N.A.

_________________________________ THE PENSION RESERVES INVESTMENT

MANAGEMENT BOARD Citibank N.A.

_________________________________ TEACHER RETIREMENT SYSTEM OF TEXAS

Citibank N.A.

_________________________________ STATE STREET EMERGING MARKETS

Citibank N.A.

_________________________________ PYRAMIS EMERGING MARKETS EQUITY

TRUST Citibank N.A.

_________________________________ PRINCIPAL LIFE INSURANCE COMPANY

Citibank N.A.

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PRINCIPAL EMERGING MARKETS EQUITY FUND

Citibank N.A.

NATIONAL COUNCIL FOR SOCIAL SECURITY FUND

Citibank N.A.

_________________________________ MINISTRY OF STRATEGY AND FINANCE

Citibank N.A.

_________________________________ LEGG MASON GLOBAL FUNDS PLC

Citibank N.A.

_________________________________ INTERNATIONAL BANK FOR

RECONSTRUCTION AND DEVELOPMENT, A TFSRPAT/RETSTAFF BEM PLAN AND

TRUST Citibank N.A.

_________________________________ INTEGRA EMERGING MARKETS EQUITY

FUND Citibank N.A.

_________________________________ HARMONY OVERSEAS EQUITY POOL

Citibank N.A.

_________________________________ FORD MOTOR COMPANY DEFINED BENEFIT

MASTER TRUST Citibank N.A.

_________________________________ FIDELITY NORTHSTAR FUND

Citibank N.A.

_________________________________ VARIABLE INSURANCE PRODUCTS FUND IV:

EMERGING MARKETS PORTFOLIO Citibank N.A.

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_________________________________ FIDELITY GREATOR CANADA FUND

Citibank N.A.

_________________________________ FIDELITY EMERGING MARKETS FUND

Citibank N.A.

_________________________________ EWING MARION KAUFFMAN FOUNDATION

Citibank N.A.

_________________________________ ALPINE CYCLICAL ADVANTAGE PROPERTY

FUND Citibank N.A.

_________________________________ ALPINE EMERGING MARKETS REAL ESTATE

FUND Citibank N.A.

_________________________________ ALPINE INTERNATIONAL REAL ESTATE

EQUITY FUND Citibank N.A.

_________________________________ DRIEHAUS INTERNATIONAL SMALL CAP GROWTH FUND, A SERIES OF DRIEHAUS

MUTUAL FUNDS Citibank N.A.

_________________________________ DRIEHAUS COMPANIES PROFIT SHARING

PLAN AND TRUST Citibank N.A.

_________________________________ CATHOLIC HEALTH INITIATIVES

Citibank N.A.

_________________________________ AMERICAN AIRLINES INC.,MASTER FIXED

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Citibank N.A.

_________________________________ BRUNEI INVESTMENT AGENCY

Citibank N.A.

_________________________________ BATTERYMARCH GLOBAL EMERGING

MARKETS FUND Citibank N.A.

_________________________________ BNPPARIBAS L1–EQUITY LATIN AMERICA

Citibank N.A.

_________________________________ BRITISH COAL STAFF SUPERANNUATION

SCHEME

HSBC Corretora de Títulos e Valores Mobiliários S.A.

_________________________________ MINEWORKERS PENSION SCHEME HSBC Corretora de Títulos e Valores

Mobiliários S.A.

_________________________________ NORGES BANK

_________________________________ STICHTING F&CMULTI MANAGER

EMERGING EQUITY ACTIVE HSBC Corretora de Títulos e Valores

Mobiliários S.A.

_________________________________ STICHTING PENSIOENFONDS MEDISCH

SPECIALISTEN

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STICHTING PENSIOENFONDS VOOR HUISARTSEN

VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND, UMA SÉRIE DA VANGUARD

STAR FUNDS

_________________________________ FUNDO DE INVESTIMENTO EM AÇÕES

VOTORANTIM VISION

_________________________________ FUNDO DE INVESTIMENTO VOTORANTIM

SUSTENTABILIDADE EM AÇÕES represented by Daliane Cecilia Duarte da

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Corporate Taxpayers’ ID (CNPJ/MF) NO. CNPJ nº. 43.470.988/0001-65 ANNEX I TO

MINUTES OF THE ANNUAL SHAREHOLDERS’ MEETING HELD ON APRIL 29,2011

CAPITAL BUDGET PROPOSED FOR FISCAL YEAR2011/2012

Even Construtora e Incorporadora S.A.

Management’s Proposal for 2011/2012 Capital Budget In Thousand R$

Retained profits (art. 196) 289,085

Statutory reserves (art. 194) 20,986

Accounts receivable (2011 and 2012) 2,433,826

Sources 2,743,896

Total estimated cost to be incurred from projects launched until December 31, 2010 (2011 and 2012)

1,272,979

Land debt + National Housing System (SFH) (2011 and 2012) 800,249

Balance for investments in coming years 670,668

Investments

2,743,896

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Corporate Taxpayers’ ID (CNPJ/MF) NO. CNPJ nº. 43.470.988/0001-65

TERMS OF NON-INSTALLATIONOF THE EXTRAORDINARY SHAREHOLDERS’ MEETING

HELD ON APRIL 29,2011

8. DATE,TIME AND VENUE:APRIL 29, 2011, at 11:00 a.m., at the headquarters of EVEN CONSTRUTORA E INCORPORADORA S.A. (“Company”), located in the city and state of São Paulo, at Rua Hungria, nº 1400, 2º andar, Conjunto 21, CEP 01455-000.

9. CALL NOTICE: Call Notice was published pursuant to Article 124 of Law 6,404 of December 15, 1976, as amended (“Brazilian Corporate Law”), (a) in the Official Gazette of the State of São Paulo, in the editions of April 12, 13 and 14, 2011, on pages 92, 28 and 80, respectively, and (b) in the “Diário do Comércio e Indústria” newspaper, on the editions of April 12, 13 and 14, 2011, on pages C5, C7 and C8, respectively.

10. ATTENDANCE: Shareholders representing 47% (forty-seven percent) of the total voting capital of the Company, as may be verified through the signatures in the Shareholders’ Attendance Book were present, as well as Mr. Mauricio Ribeiro de Menezes, member of the Company’s Fiscal Council.

11. PRESIDING BOARD: Chairman: Mr. Carlos Eduardo Terepins; Secretary: Mr. Dany Muszkat.

12. AGENDA: To resolve on amending item “xxii” of Article 20 of the Company’s Bylaws, relating to the powers of the Board of Directors regarding the provision of guarantees and the hiring of loans, financing and guarantees by the Company.

13. RESOLUTIONS:The shareholders present recorded that, due to the lack of quorum required by Article 135 of Brazilian Corporate Law, the Extraordinary Shareholders’ Meeting was not installed. Thus, the Company’s management is responsible for announcing the second call for the Extraordinary Shareholders’ Meeting, in accordance

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with Article 124, paragraph 1, item II of Brazilian Corporate law, which will be installed with the presence of any number of shareholders.

14. CLOSURE AND APPROVAL OF THE MINUTES:There being no further business to discuss, and as nobody else took the floor, the meeting was adjourned and these minutes were drawn up, read, found in compliance, and signed by all those present.

São Paulo, April 29, 2011.

Presiding Board:

Chairman __________________________________ Dany Muszkat Secretary Shareholders Attending: ____________________________________________ GENOA FUNDO DE INVESTIMENTOS EM PARTICIPAÇÕES

Banco Santander S.A.

represented by Danilo Christofaro Barbieri e Saulo dos Santos Clemente

_______________________________ Luis Terepins

__________________________________ EDUARDO CYTRYNOWICZ

_______________________________ DANY MUSZKAT

__________________________________ JOÃO EDUARDO AZEVEDO SILVA represented by Flavia Sinopoli Lafraia

__________________________________ SILVIO LUIZ GAVA

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_________________________________ DAVID CYTRYNOWICZ

_________________________________ PHEONIX FUNDO DE INVESTIMENTO MULTIMERCADO CRÉDITO PRIVADO Citibank Distribuidora de Títulos e

Valores Mobiliários S.A. represented by Cláudio Kier Citrin

_________________________________ GELARE LLC

_________________________________ BNYMELLON ARXFUNDO DE

_________________________________ BNYMELLON ARXEXTRA FUNDO DE

INVESTIMENTO MULTIMERCADO represented by Flavia Sinopoli Lafraia

_________________________________ BNYMELLON ARXLONG SHORT MASTER FUNDO DE INVESTIMENTO MULTIMERCADO

_________________________________ BNYMELLON ARXLONG TERM FUNDO DE

_________________________________ MELLON DATA EQUITY FUNDO DE INVESTIMENTO DE AÇÕES PREVIDENCIÁRIO

_________________________________ CLUBE DE INVESTIMENTO DOS EMPREGADOS

DA VALE -INVESTVALE

_________________________________ MELLON BRASPREV FUNDO DE INVESTIMENTO MULTIMERCADO PREVIDENCIÁRIO CRÉDITO PRIVADO represented by Flavia Sinopoli Lafraia

_________________________________ BNYMELLON CAPIBARIBE FUNDO DE

_________________________________ GREEN HGFUND,LLC

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represented by Flavia Sinopoli Lafraia Internacionais S.A.

_________________________________ CSHGVERDE MASTER FUNDO DE

INVESTIMENTO MULTIMERCADO Credit Suisse Hedging-Griffo Corretora de

Valores S.A.

_________________________________ CSHGVERDE EQUITY MASTER FUNDO DE

Credit Suisse Hedging-Griffo Corretora de Valores S.A.

_________________________________ FAMA STRIKER MNMASTER FUNDO DE INVESTIMENTO MULTIMERCADO LONGO

PRAZO

Mobiliários S.A.

_________________________________ FAMA CHALLENGER MASTER FUNDO DE

INVESTIMENTO DE AÇÕES BNY Mellon Serviços Financeiros

Distribuidora de Títulos e Valores Mobiliários S.A.

_________________________________ CARNEGGIE LLC

_________________________________ CHASE MANHATTAN BANK AS TRUSTEE OF

THE RETIRE PLAN OF THE CMBANK AND CERTAIN AFFILIATED COMPANIES represented by Ricardo Wonseuk Kim

_________________________________ LOCKHEED MARTIN CORPORATION MASTER

RETIREMENT TRUST

_________________________________ VANDERBILT UNIVERSITY

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_________________________________ FEBEVALOR FUNDO DE INVESTIMENTO EM

AÇÕES

BEM – Distribuidora de Títulos e Valores Mobiliários Ltda.

_________________________________ POLO NORTE FUNDO DE INVESTIMENTO

MULTIMERCADO

Mobiliários S.A.

_________________________________ POLO FUNDO DE INVESTIMENTO EM AÇÕES

Silva

_________________________________ VINSON FUND LLC

Silva

_________________________________ CREDIT AGRICOLE ASSET MANAGEMENT

Silva

_________________________________ RICARDO WONSEUK KIM

_________________________________ EMMUMBRELLA FUNDS

Citibank N.A.

_________________________________ FIDELITY INVESTMENT TRUST:FIDELITY

TOTAL INTERNATIONAL EQUITY FUND Citibank N.A.

_________________________________ MACKENZIE UNIVERSAL WORLD REAL

ESTATE CLASS Citibank N.A.

_________________________________ GLOBAL XBRAZIL FINANCIALS EFT

Citibank N.A.

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_________________________________ FORMULA INVESTING INTERNATIONAL

VALUE 400FUND Citibank N.A.

_________________________________ COLLEGE RETIREMENT EQUITIES FUND

Citibank N.A.

_________________________________ WHEELS COMMON INVESTMENT FUND

TRUSTEES LIMITED Citibank N.A.

_________________________________ USAAEMERGING MARKETS FUND

Citibank N.A.

_________________________________ UNIVERSITY OF PITTSBURGH MEDICAL

CENTER SYSTEM Citibank N.A.

_________________________________ THE PENSION RESERVES INVESTMENT

MANAGEMENT BOARD Citibank N.A.

_________________________________ TEACHER RETIREMENT SYSTEM OF TEXAS

Citibank N.A.

_________________________________ STATE STREET EMERGING MARKETS

Citibank N.A.

_________________________________ PYRAMIS EMERGING MARKETS EQUITY

TRUST Citibank N.A.

_________________________________ PRINCIPAL LIFE INSURANCE COMPANY

Citibank N.A.

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_________________________________ PRINCIPAL EMERGING MARKETS EQUITY

FUND Citibank N.A.

_________________________________ NATIONAL COUNCIL FOR SOCIAL

SECURITY FUND Citibank N.A.

_________________________________ MINISTRY OF STRATEGY AND FINANCE

Citibank N.A.

_________________________________ LEGG MASON GLOBAL FUNDS PLC

Citibank N.A.

_________________________________ INTERNATIONAL BANK FOR

RECONSTRUCTION AND DEVELOPMENT, A TFSRPAT/RETSTAFF BEM PLAN AND

TRUST Citibank N.A.

_________________________________ INTEGRA EMERGING MARKETS EQUITY

FUND Citibank N.A.

_________________________________ HARMONY OVERSEAS EQUITY POOL

Citibank N.A.

_________________________________ FORD MOTOR COMPANY DEFINED BENEFIT

MASTER TRUST Citibank N.A.

_________________________________ FIDELITY NORTHSTAR FUND

Citibank N.A.

________________________________ VARIABLE INSURANCE PRODUCTS FUND

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Citibank N.A.

_________________________________ FIDELITY GREATOR CANADA FUND

Citibank N.A.

_________________________________ FIDELITY EMERGING MARKETS FUND

Citibank N.A.

_________________________________ EWING MARION KAUFFMAN FOUNDATION

Citibank N.A.

_________________________________ ALPINE CYCLICAL ADVANTAGE PROPERTY

FUND Citibank N.A.

_________________________________ ALPINE EMERGING MARKETS REAL ESTATE

FUND Citibank N.A.

_________________________________ ALPINE INTERNATIONAL REAL ESTATE

EQUITY FUND Citibank N.A.

_________________________________ DRIEHAUS INTERNATIONAL SMALL CAP GROWTH FUND, A SERIES OF DRIEHAUS

MUTUAL FUNDS Citibank N.A.

_________________________________ DRIEHAUS COMPANIES PROFIT SHARING

PLAN AND TRUST Citibank N.A.

_________________________________ CATHOLIC HEALTH INITIATIVES

_________________________________ AMERICAN AIRLINES INC.,MASTER FIXED

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Citibank N.A.

BENEFIT PENSION TRUST Citibank N.A.

_________________________________ BRUNEI INVESTMENT AGENCY

Citibank N.A.

_________________________________ BATTERYMARCH GLOBAL EMERGING

MARKETS FUND Citibank N.A.

_________________________________ BNPPARIBAS L1–EQUITY LATIN AMERICA

Citibank N.A.

_________________________________ BRITISH COAL STAFF SUPERANNUATION

SCHEME

_________________________________ MINEWORKERS PENSION SCHEME HSBC Corretora de Títulos e Valores

Mobiliários S.A.

_________________________________ NORGES BANK

_________________________________ STICHTING F&CMULTI MANAGER

EMERGING EQUITY ACTIVE HSBC Corretora de Títulos e Valores

Mobiliários S.A.

_________________________________ STICHTING PENSIOENFONDS MEDISCH

SPECIALISTEN

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_________________________________ STICHTING PENSIOENFONDS VOOR

HUISARTSEN

_________________________________ VANGUARD TOTAL INTERNATIONAL

STOCK INDEX FUND, UMA SÉRIE DA VANGUARD STAR FUNDS

_________________________________ FUNDO DE INVESTIMENTO EM AÇÕES

VOTORANTIM VISION

_________________________________ FUNDO DE INVESTIMENTO VOTORANTIM

SUSTENTABILIDADE EM AÇÕES represented by Daliane Cecilia Duarte da