1

Corporate Presentation JP Morgan | 2013 Brazilian Real Estate Conference

August 28th, 2013

Main Figures

2 1 -Adjusted by non-cash expenses (Stock-Options Program).

2Q13 2Q12 D % 1H13 1H12 D %(a) (b) (a/b) (c) (d) (c/d)

Launched PSV% Direcional

BRL million 446 470 -5% 866 613 41%

Contracted PSV% Direcional

BRL million 543 448 21% 1,073 580 85%

Sales Over Supply (VSO) % PSV 50% 37% 13.1 p.p. 63% 43% 20.8 p.p.

Net Revenues BRL million 466 338 38% 855 682 25%

Adjusted¹ Net Income BRL million 62 49 26% 119 104 15%

Adjusted¹ Net Margin % 13.3% 14.5% -1.2 p.p. 13.9% 15.2% -1.3 p.p.

ROE % 17.6% 15.9% 1.7 p.p. 17.2% 17.1% 0.1 p.p.

3

Construction Service versus Development

Total PSV Launched – Track Record

(R$ million)

710 634 686 924 698

93%

70%

36%36%19%

0%

59

1H13 2012

1,647

807

2011 2009

380

2010

522

149

2008

Construction Service Development

Development % Construction Service Construction Service

MCMV Level 1

Lower Margin

Little or no cash burn

Higher ROE

Lower risk

Non-cyclical market

Development

Higher Margin

Higher cash burn

Lower ROE

Higher risk

Cyclical market

4

Focus on Performance

36%

9%

1Q12

50%

41%

60%

31%

9%

2Q12

56%

8%

4Q11

49%

43%

7%

3Q11

45%

49%

7%

2Q11

33%

59%

8%

1Q11

29%

63%

8%

1Q13

75%

18% 7%

4Q12

70%

23%

7%

3Q12 2Q13

6% 16%

78%

Units Under Construction by Construction Method

(% of Units)

1 Aluminum mold and concrete walls method

Industrial Construction¹ Concrete Blocks Conventional Structure (Concrete Pillars)

2Q13 2Q12 D %

Units Under Construction 62,631 39,852 57%

% of Industrialization (# of units) 78% 56% 22 p.p.

Construction Sites 55 37 48.6%

Average # of Units by Construction Sites 1,139 970 17%

# of Cities 14 10 40%

MCMV Level 1 - Overview

Results PMCMV (Phase 1 & 2) - Up-To-Date

Total Hired % Balance Concluded % %(a) (b) (c) (c/a) (c/b)

Level 1 2,000,000 1,272,624 64% 727,376 340,774 17% 27%

Level 2 1,200,000 1,184,942 99% 15,058 822,361 69% 69%

Level 3 400,000 325,709 81% 74,291 84,724 21% 26%

Total 3,600,000 2,783,275 816,725 1,247,859

6

MCMV Level 1 – Government’s First Priority (1/2)

Program Challenges ("Ministério das Cidades")

Hire 700k units up to 2014

Quality assurance and delivery

Investments on projects sustainability

Improvements in the construction process

Level 1: Status

(Units)

Delivered

340,774

17%

Contracted

1,272,624

64%

MCMV 1 & 2

2,000,000

100%

Very Low Income Projects:

# of projects: 23

# of Units: 53,001

Total PSV: R$ 3,430.9 MM

7

MCMV Level 1 – Government’s first priority (2/2)

1st Phase MCMV 2nd Phase MCMV

# of projects: 3

# of Units: 7,391

Total PSV: R$ 380.3 million

# of projects: 20

# of Units: 45,610

Total PSV: R$ 3,050.6 MM

+

Direcional’s Contracted MCMV – Level 1

(PSV million)

Direcional`s Contracted MCMV – Level 1

(Units)

+215%

+333%

2012 2011

1,647

522

2010

380

70,894

58,89251,451

2010

7,391

+214%

+162%

+38%

2012

23,234

2011

8,872

Average Price

Highlights

9

Significant reduction of inventory

Reduction of 9% in total inventory in the 1Q13 and 25% in the 1H13;

Reduction of 16 % in inventory of finished units in the 1Q13 and 32% in the 1H13.

15%

<2010 2%

Finished Units

15%

2013

2%

2012 38%

2011

29%

2010

Midweast 17%

Southeast 33%

North 50%

603

-9%

-25%

2Q13

515

88

1Q13

667

561

106

2012

800

670

130

Under Construction Finished units

Inventory Market Value by Region

(% PSV)

Inventory by Launch Period

(% PSV)

Inventory

(R$ million)

88

-16%

-32%

2Q13 1Q13

106

2012

130

Finished units

Inventory of Finished units

(R$ million)

2T13

Accounts Receivable from finished units

and services(a+b)

R$

milhões886

Services (a)R$

milhões218

Developments (b)R$

milhões668

Net debt (c)R$

milhões445

2XPerformed Accounts Receivable/Net debt

10

“Repasse” and Cash Burn

Financing Transfer (“Repasses”)

(R$ million)

+53%

50

50

+44%

+39%

1H13

263

128

135

1H12

183

90

93

2Q13

153

71

82

1Q13

110

57

53

2Q12

100

"Associativo" SFH

2Q13*

-7

1Q13

-30

4Q12

-5

3Q12

-43

2Q12*

-50

Cash Burn

(R$ Million)

* Adjusted by dividends and share repurchases

11

ROE’s Sustainable Growth

Net Income and Annualized ROE ¹²

(R$ million)

119

104

6257

49

+15%

+9%

+26%

1H13

+17.2%

1H12

+17.1%

2Q13

+17.6%

1Q13

+16.8%

2Q12

+15.9%

Adjusted Net Income ¹

Annualized ROE¹²

1 -Adjusted by non-cash expenses (Stock-Options Program).

2- Annualized ROE: Annualized Adjusted Net Income for the quarter / Average Shareholders’ Equity for the period

12

Land Bank

Swap

77%

Cash

23%

Low-Income 39%

6%

12%

Medium 39%

Commercial

4%

RET

Upper-Middle

North

Southeast 52%

27%

Midwest

21%

Land Bank by Region

(% PSV)

Land Bank by Segment

(% PSV)

Type of Payment

(% PSV)

Low-Income

Medium

36%

46%

Upper-Middle 5%

Commercial 13%

Land Bank Southeast

(% PSV)

52% of the land bank is in Southeast

Land Bank focused in the low and medium low income segment;

Units with price up to R$ 350k represent 82% the Land Bank.

NAV R$ Million

Net Asset Value (A+B+C+D+E) 2,075

(+) Cash 500

(-) Debt -945

(=) Net Debt (A) -445

(+) Accounts Receivable - Developments 2,200

(+) Accounts Receivable - Construction Services 2,339

(-) Taxes -111

(-) Construction Obligation -2,126

(-) G&A (2 years) -220

(=) Result of Sales (B) 2,082

(+) Units in Inventory (PSV) 603

(-) Taxes -24

(-) Construction Obligation -152

(=) Result of Inventory Sales (C) 428

Land bank (D) 93

Others (E) -83

# of Shares 155

Net Asset Value per Share 13.4

13

NAV | Direcional

Net Asset Value (R$ million) 2,075

Stock Price (16/08) (a) 11.54

Net Asset Value per Share (b) 13.4

Stock Price vs NAV (b/a) -16%

Stock Price vs NAV

14

Improvement on DIRR3 Float

Number of Investors

(#)

+174%

Jun.13

662

800

Dec.12

933

480

453

Sep.12

652

283

369

Jun.12

531

214

317

Mar.12

533

217

316

+57%

1,462

Investment Funds

Personal Investors

10,978

+763%

2Q13 4Q12

7,795

3Q12

2,539

2Q12

1,039

1Q12

1,272

Average Trading Volume

(# of Transactions)

Average Trading Volume

(R$ 000)

1,857

616

245108115

+1,516%

2Q13 4Q12 3Q12 2Q12 1Q12

47%

Controlling

shareholder

Free Float

53%

Type of Payment

(% PSV)

49%

4%

Asia

Latin American

14%

North American 16%

Europe 17%

Brazil

Free Floating

(others 53%)

History and Business Model

16

More Than 30 Years of History

47%

Controlling

Shareholders¹ Others

53%

155,298,749 ordinary shares

1. Participation held directly and indirectly by the Controlling Shareholder

Industrial projects acting

as contractor to third

parties

Important geographic

expansion: Brasília, Rio

de Janeiro and

Campinas

Development of projects

focused on the low-

income segment

Beginning of large scale

projects for the low-

income segment

Consolidation of a

leading position in

Manaus and Brasilia

Operations expansion to

PA, RO and ES

IPO 36% annual

growth in PSV

launched (CAGR)

69% annual

growth in net

revenue (CAGR)

Follow-on

MCMV 2

Establishment of

own sales team

1981 - 2005 2006-2007 2008 2009 2010-2011 2012

Record net

revenue of R$ 1.4

Billion, a 28%

YoY growth

More than

R$ 1 billion on

projects

delivered during

2012

Increasing stock

liquidity

The most relevant

player in the

MCMV 2nd phase

Level 1

Focus on Cash

Generation and

Construction

Service business

2013

Asia

North American

Latin American 4%

14%

16%

Europe 17%

Brazil 49%

Abertura do Free Float (Outros)

Unique Footprint Strong footprint in markets with high growth potential, low

competition and high barriers to entry Low competition in

profitable markets

Track Record in

Operating in the low-

Income segment

Over 30 years of experience

Solid track record in MCMV Level 1 projects

Low equity commitment,

solid margins and high

ROIC

Focus on Large

Scale Projects

Verticalized

Business Model

Strong expertise in large scale ventures

Own work force

Performance-based compensation

Standardized and industrialized production on-site

Large scale operations in

the low-income

segments, with strict

cost control and high

margins

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Direcional: A Unique Business Model

The most profitable

and efficient player in

the low-income

sector

‘’’’

High efficiency and profitability

ROE¹ among the highest in the sector

1

2

3

5

Annualized ROE¹: 18%

1. Annualized ROE: Annualized 1Q13 Net Profit / Average Shareholders' Equity in the same period

The best low-income player in Brazil

Industrialization Aluminum panels and concrete walls technology

45 days to develop a five floors building

4

18

Contacts

Carlos Wollenweber CFO | IR Officer

Paulo Sousa IR Analyst

Luiz Felipe Almeida IR Analyst

www.direcional.com.b/ir

ri@direcional.com.br

(55 31) 3214-6200

(55 31) 3214-6450