1

Earnings Release | Conference Call – 3Q13

November 12th, 2013

2

Agenda

Ricardo Ribeiro

Vice President

Carlos Wollenweber

CFO | IR Officer

Operational Highlights

Financial Highlights

3

Highlights of 3Q13 and 9M13

Cash Generation of R$ 68 million in 3Q13 and R$ 31 million in 9M13, with a growth in Net Revenues

of 22% YoY

Record Launches of R$ 1.6 billion in 9M13, 80% in the segment MCMV Level 1

Record Sales of R$ 1.7 billion in 9M13

Reduction of 9% in total inventory in 9M13, with 51% growth in sales YoY

Financing pass-through to banks reached a record R$192 million in 3Q13 and R$455 million in 9M13, an increase of 41% and 43%, respectively, if compared whit the same period of 2012

Delivery of 6,332 units in 9M13, representing PSV of R$ 726 million

ROE LTM of 18%

4

Launches and Net Sales

Focus on the MCMV Level 1, representing 80% of launches in the 9M13. Best third quarter in sales and SoS 47%.

659

479

3Q13

642

504

138

2Q13

543

403

1,715

+51%

+15%

+18%

9M13

1,311

404

9M12

1,139

140

3Q12

558

400

158

Contracted Net Sales

(PSV - R$ million)

15%21%

15%15%19%

47%50%

41%

55%

41%

3Q12 4Q12 3Q13 2Q13 1Q13

With MCMV Level 1 project Without MCMV Level 1 project

Sales by Period of Launching - 3Q13

(% PSV - Ex-MCMV Level 1)

3Q13

63%

1H13

1% 2012

20%

<2012 16%

Sales-over-supply ratio (SoS)

(% Total PSV)

33%

<2012

35% 32%

9M13

2012

3Q13 9M13

+44%

1,311

9M13

+75%

+42%

1,646

400

143

335

9M12

1,157

659

497

3Q13

780

504

276

2Q13

446

403

44

3Q12

543

Launches

(PSV - R$ million)

Development

MCMV Level 1

Development

MCMV Level 1

5

Inventory

8%

31%

2012

23%

2011

<2011

17%

Finished Units 2013

20%

Midweast 18%

North 51%

Southeast 31%

9M13

727

603

124

2012

800

670

130

-9%

Finished Units

Under Construction

Inventory by Region

(% PSV)

Inventory by Launch Period

(% PSV)

Inventory Track Record

(R$ million)

43%

18% Midweast

North 40%

Southeast

4Q12 3Q13

Reduction of 9% in total inventory in 9M13 Geographical diversification of the inventory.

6

Deliveries

Deliveries

(PSV Launched - R$ million)

Units

1,606

726

502

61

163

9M13 3Q13 2Q13 1Q13

Delivered PSV

718 4,008 6,332

MCMV Level 1 5%

RET1

17% Low-Income

27%

Medium

26%

Upper-Middle

25%

7

Carlos Wollenweber

CFO | IR Officer

Financial Highlights

8

Cash Generation with Growth (1/2)

1 - Cash Burn: measured by the change in net debt adjusted for dividend payments and shares buyback

2 – Numbers prior to 2012 are not adjusted in accordance with the new consolidation accounting practices (IFRS 11).

9M13

31

2012

-156

2011

-176

2010

-283

2009

-95

Cash Burn¹² - Anual

(R$ million)

Net Revenues - Track Record²

(R$ million)

+22%

CAGR +57%

9M13

1,306

9M12

1,073

2012

1,450

2011

1,072

2010

782

2009

378

3Q13

68

2Q13

-7

1Q13

-30

Cash Generation (Cash Burn)¹ - Quarterly Basis

(R$ million)

9

Cash Generation with Growth (2/2)

1 - Numbers prior to 2012 are not adjusted in accordance with the new consolidation accounting practices (IFRS 11).

15

45%33%

24%14%

4%

9M13

598

2012

457

2011¹

269

2010¹

117

2009¹

Revenue from Services

% of Gross Revenue

Revenue from Services – Track Record

(R$ million)

MCMV Level 1

83%

Development

17%

Breakdown of Deferred Results

(9M13)

Financing Pass-through (“Repasses”)

(R$ million)

+41%

+43%

9M13

455

217

238

9M12

319

170

150

3Q13

192

89

103 153

71

82

4Q12

136

63

73

3Q12

136

79

56

2Q12

100

50 50

1Q12

83

40 43

2Q13

"Associativo"

SFH 3Q13 2Q13 D

Accounts Receivable BRL

million192 218 -26

Accounts Receivable

from Finished Units

BRL

million698 668 30

10

Cancellation

18% Southeast

North 65%

Midweast

17%

Cancellation by Region - 9M13

(% Contracted PSV )

Sales and Cancellation (“Distratos”) - Development

(R$ million – PSV)

8%10%9%6%

28%

18%

33%29%

19%

9M12

108

9%

3Q13

68

2Q13

57

3Q12

38

9M13

156

Cancellation

% Cancellation over Sales - Development

% Cancellation over Sales - Total

Adjusted Gross Margin¹(%)

1. Adjustment excluding capitalized interest for production financing

27%

24%

29%

3Q13 2Q13 1Q13

North

31% Southeast

51%

18% Midweast

Inventory by Region

(% PSV)

Midweast

Southeast

40% North

18%

43%

4Q12 3Q13

11

Revenue by Segment

+21%

+16%

-3%

9M13

1,340

9M12

1,109

3Q13

465

2Q13

478

3Q12

402

Gross Revenue

(R$ million)

Adjusted¹ Gross Profit and Gross Margin

(R$ million)

37

30.7%

3Q13

122

111

11

27.0%

2Q13

344

97

14

23.7%

3Q12

118

105

14

30.3%

+4%

+10%

+3%

9M13

305

39

26.4%

9M12

330

293 111

Gross Profit

Interest capitalized in costs

Adjusted Gross Margin¹

Net Income

(R$ million)

2Q13

61

13.1%

3Q12

55

14.0%

+17%

+2%

+14%

9M13

178

13.6%

9M12

152

14.2%

3Q13

62

13.8%

Net Margin

242 326598

206125

+84%

+65% -15%

9M13 9M12 3Q13 2Q13 3Q12

Gross Revenue – MCMV Level 1

(R$ million)

-5%

-7%

+10%

9M13

741

9M12

783

3Q13

259

2Q13

236

3Q12

277

Gross Revenue –Development

(R$ million)

1. Adjustment excluding capitalized interest for production financing

12

Capital Structure

(R$ million)

22%

Debentures

CRI 7%

Working Capital 2%

FINAME and Leasing 4%

SFH

65%

Loans and Financing – 3Q13

(% of Debt)

945

4Q12

450

793

3Q13

519

913

2Q13

500

Cash

Gross Debt 343

Net Debt

22% 28% 24%

Net Debt / Shareholder's

Equity

12

445 394

Capital Structure

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Disclosure

This presentation contains certain forward-looking statements concerning the business prospects,

projections of operating and financial results and growth potential of the Company, which are based on

management’s current expectations and estimates of the future performance of the Company. Although the

Company believes such forward-looking statements are based on reasonable assumptions, it can give no

assurance that its expectations will be achieved. Expectations and estimates that are based on the future

prospects of the Company are highly dependent upon market behavior, Brazil’s political and economic

situation, existing and future regulations of the industry and international markets and, therefore, are

subject to changes outside the Company’s and management’s control. The Company undertakes no

obligation to update any information contained herein or to revise any forward-looking statement as a result

of new information, future events or other information.

14

Contatos

Carlos Wollenweber CFO | IR Officer

Paulo Sousa IR Coordinator

Luiz Felipe Almeida IR Analyst

www.direcional.com.b/ir

ir@direcional.com.br

(55 31) 3214-6200

(55 31) 3214-6450