1Q10 Disclosure and Results

1. 1Q101Q101Q101Q10May 13, 2010
1Q101Q10May 13, 2010 1Q101Q10

2. 1Q10 Operating Highlightsp g g g
Operating HighlightsOperating Highlights
COO | Ricardo Ribeiro
G t H i P “Mi h C Mi h Vid ” Government Housing Program: “Minha Casa, Minha Vida”
 Launches
 SalesSales
 Land Bank
 Inventory
2

3. “Minha Casa, Minha Vida” ProgramMinha Casa, Minha Vida Program
 In the 1Q10, the Federal Government announced its intention to continue with the program “My House, My Life”
(Minha Casa Minha Vida MCMV) allocating an additional R$ 72 billion in subsidies to build two million housing(Minha Casa, Minha Vida - MCMV), allocating an additional R$ 72 billion in subsidies to build two million housing
units by 2014.
 The announcement demonstrates a strong commitment to reducing the housing deficit in the country, especially
for the poorest portion of the population. About 60% of units constructed must be targeted to families with
incomes of up to three minimum wages.
BENEFITS BREAKDOWN BY INCOME BRACKETS
MCMV – 1st PHASE MCMV – 2nd PHASE
66‐‐10 mw10 mw
10%10%66‐‐10 mw10 mw
00‐‐3 mw3 mw
60%60%
33‐‐6 mw6 mw
30%30%
10%10%
00‐‐3 mw3 mw
40%40%
33‐‐6 mw6 mw
20%20%
Subsidies: R$ 72 billion (up to 2014)Subsidies: R$ 34 billion
40%40%
3
Units: 2 millionUnits: 1 million

4. O-3 Minimum Wage ProjectsO 3 Minimum Wage Projects
 To operate profitably in this income range of the program, we believe it is essential to have a constructive process
integrated with full control over activities, processes and costs. In the projects under construction, which amountedintegrated with full control over activities, processes and costs. In the projects under construction, which amounted
to 3.6 thousand units in 1Q10, we are achieving very positive results:
OZIAS MONTEIRO PROJECT
Accumulated Results up to 03/31/2010 - R$'000
Revenues from Services 16,760
Deductions from Gross Revenues (549)
Net Revenues 16,212
Cost of services (12,312)
Gross Profit 3,899
% Gross Margin 24.1%
Operating revenues (expenses): 14
Tax Expenses (5)
2Q09
R$ 33.9 millions
Launch
Total PSV
Manaus – AM Location
Tax Expenses (5)
Financial Expenses (13)
Financial Revenues 32
EBT (Earnings Before Tax) 3,913
Income Tax Provision (26)
R$ 42,345
R$ 1,086
800
Price (R$/unit)
Price (R$/sq.m).
# Units Deferred Income Tax (IRPJ) (21)
Deferred Social Contribution (CSLL) (11)
Net Income 3,855
% Net Margin 23.8%
4
 Direcional is currently analyzing projects for the construction of 28.0 thousand residential units in this segment,
which is the focus of the second phase of “Minha Casa, Minha Vida“ Program.

5. LaunchesLaunches
 1,266 units were launched in 1Q10, totaling a PSV of R$ 168.4 million (R$ 141.1 million % Direcional)
 Launches were concentrated in popular projects, in the North and Midwest regions (97.8% of units)
Launches (R$ MN)
27.3
+67%
100.6
89
168.4
p p p j , g ( )
92.0 80.9
141.1
8.6
8.8
100.6
89.7
Launched Units Launches by Segment Geographic Dispersion
1Q09 4Q09 1Q10
Direcional Partners
Launches by Segment Geographic Dispersion
+31%
43.5% 24.5%
2.2%
100 0% 100 0%
2.2%
966
868
1,266
1Q09 4Q09 1Q10 1T09 4T09 1T10
100.0%
56.5%
73.3%
1T09 4T09 1T10
100.0% 100.0% 97.8%
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
5
1Q09 4Q09 1Q10 1T09 4T09 1T10
Norte Centro-oeste Sudeste
1T09 4T09 1T10
Popular Média-alta
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
Upper Middle North Midwest Southeast

6. SalesSales
 In 1Q10 we sold 1,309 units with total PSV of R$ 202.9 million (R$ 163.9 million % Direcional)
 Sales Over Total Supply of 32.2% in the 1Q10.
Contracted Sales (R$ MN)
Sales Over Total Supply of 32.2% in the 1Q10.
+82%
161 4
202.9
90.2
137.3 163.9
28.2
24.2
39.0118.4
161.4
1Q09 4Q09 1Q10
Direcional Partners
S l b S t G hi Di i Sales Over Total SupplySales by Segment Geographic Dispersion
27.1% 19.5% 17.7%
7.2% 9.7%
5.5%
4.0% 28.1% 34.6%
15.1% 7.7% 7.7%
44.2% 45.1%
Sales Over Total Supply
65.7% 70.8% 76.8% 80.9%
64.2% 57.7% 20.7% 22.1%
32.2%
6
1T09 4T09 1T10
Popular Média Média - Alta
1T09 4T09 1T10
Norte Centro-oeste Sudeste
1Q09 4Q09 1Q101Q09 4Q09 1Q10
North Midwest SoutheastMedium Upper Middle
1T09 2T09 3T09 4T09 1T101Q09 4Q09 1Q102Q09 3Q09

7. Land BankLand Bank
 Land Bank of R$ 7.5 billion (R$ 5.2 billion % Direcional) with 61,194 units
 Land Bank average cost of 7.7% of estimated PSV and 71.9% acquired through swapLand Bank average cost of 7.7% of estimated PSV and 71.9% acquired through swap
Land Bank Composition Large Scale Projects
AM
PA Project Status Total units
Units to be
l h d
PSV (R$ MN) to
b l h
RO
MG
RO
PA
DF
j S
launched be launch
Manaus Total Ville AM Under Construction 3,576 2,136 249.1
Total Ville Bella Cittá PA Under Construction 4,049 3,177 357.3
Total Ville Marabá PA Under Construction 5 712 5 188 562 9
94% of PSV
Total Ville Marabá PA Under Construction 5,712 5,188 562.9
Allegro Residencial Club AM Under Construction 1,648 704 111.6
Setor Total Ville DF Under Construction 5,096 3,165 301.8
Total Ville Porto Velho RO Under Construction 2,428 1,938 175.8
Dream Park ES Under Construction 1,034 752 126.8
PSV Breakdown per Segment
Média‐alta
1 1%Popular
Comercial
0.8%
Dream Park ES Under Construction 1,034 752 126.8
Eliza Miranda AM Under Construction 2,112 128 19.7
Cachoeiras do Madeira RO Under Construction 1,278 426 75.4
Águas Claras DF Launching in 1H11 1,148 1,148 400.2
Granjas Werneck MG Launching in 2H11 15,000 15,000 1.500.0
Commercial
Upper Middle
1.1%
Médio
18.3%
Popular
79.9%
j g
Floramar MG Launching in 1H11 1,261 1,261 211.9
Samambaia DF Launching in 1H12 14,614 14,614 1.584.0
Projeto Macaé RJ Launching in 2H10 1,182 1,182 95.7
Sítio São João MG Launching in 2H11 2,500 2,500 250.0
Medium
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“MINHA CASA, MINHA VIDA”
47.731 units elegible program
78.0% of total land bank
87,1% of the units comprise large scale projects
17.614 units ready to be launched
Total 62,638 53,319 6,022.2

8. InventoryInventory
 Direcional closed 1Q10 with 4,030 units in stock, whose market value totals R$ 712.9 million (R$ 549.1 million %
Direcional) . Units from finished projects amounts 188 with a PSV of R$ 37.4 million.
 The projects under construction already have, on average, 76.0% of their units sold.
Inventories at Market Value in 03/31/2010
PSV in Inventory (R$'000)
Units in Inventory
% Units in
InventoryTotal % Direcional
Under Construction Projects 675,519 533,237 3,842 24.0%
Launches 1Q10 135,691 116,521 1,028 82.6%
Launches 4Q09 44,743 40,596 416 47.9%
Launches 3Q09 229,563 164,404 1,115 25.9%
Launches 2Q09 57,958 52,536 418 14.1%
Launches 1Q09 35,372 30,859 244 25.7%
Launches 4Q08 94,142 69,320 365 29.8%
Launches 3Q08 38,619 30,532 147 9.7%
Launches 2Q08 12,506 9,217 50 4.0%
Launches 1Q08 15,543 13,688 35 3.2%
Previous launches 11,381 5,564 24 4.2%
Finished Projects 37,400 15,835 188 5.0%
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Total Inventory 712,919 549,072 4,030

9. 1Q10 Financial Highlightsg g
Financial HighlightsFinancial Highlights
CFO | Daniel Amaral
Fi i l R lt Financial Results
 Balance Sheet | Cash Position
 Results to be RecognizedResults to be Recognized
9

10. Financial Results
Net Revenue (R$ MN)
Financial Results
115.6
142.7
+ 120%
65.0
115.6
Gross Profit and Gross Margin (R$ MN)
1T09 4T09 1T101Q09 4Q09 1Q10
40 4
50.0
g ( )
+ 129%
21.9
40.4
33.7% 35.0% 35.1%
10
1T09 4T09 1T10
Lucro Bruto (R$ MM) Margem Bruta (%)
1Q09 4Q09 1Q10
Gross Profit Gross Margin

11. Financial Results – Cont.Financial Results Cont.
Sales Expenses (R$ MN) Adjusted G&A¹
(R$ MN)
2 8
4.3
3.9
8.7 8.4
2.8
1T09 4T09 1T10
3.4
1T09 4T09 1T101Q09 4Q09 1Q10 1Q09 4Q09 1Q10
4.3%
3.7% 5.2%
7.5%
5.9%
5.4%
4 1%2.8%
2.4% 2.7%
1.9%
2.8%
4.1%
1T09 4T09 1T10
% Revenues % Total Sales
1T09 4T09 1T10
% Revenues % Total Sales
1Q09 4Q09 1Q10 1Q09 4Q09 1Q10
11
1. Adjusted for expenses (non‐cash) with the Stock‐Option
Program of R$ 1.8 million recognized in the period.

12. Financial Results – Cont.
Adjusted Ebitda and Adjusted Ebitda Margin
Financial Results Cont.
31.0
42.4
+ 134%
18.1
27.9% 26.8% 29.7%
1Q09 4Q09 1Q101T09 4T09 1T10
Ebitda ajustado (R$ MM) Margem Ebitda ajustada (%)
Adjusted Net Income and Adjusted Net Margin
AdjustedEBITDA EBITDA Margin
1Q09 4Q09 1Q10
Adjusted Net Income and Adjusted Net Margin
37.5
+ 155%
14 7
25.1
22.6% 21.7%
26.3%
12
14.7
1T09 4T09 1T10
Lucro Líquido ajustado (R$ MM) Margem Líquida ajustada (%)
1Q09 4Q09 1Q10
AdjustedNet Income AdjustedNet Margin

13. Balance SheetBalance Sheet
Cash Position 1Q09 4Q09 1Q10 Chg. % Chg. %Q Q Q g g
(R$ ‘000) (a) (b) (c) (c/a) (c/b)
Loans and Financing 64,018 123,298 142,672 122.9% 15.7%
SFH 64,018 121,165 138,545 116.4% 14.3%
FINAME and Others 2 133 4 127 93 5%FINAME and Others ‐ 2,133 4,127 ‐ 93.5%
Cash and Cash Equivalents 52,514 313,881 292,019 456.1% ‐7.0%
Net debt 11,504 ‐190,583 ‐149,347 ‐1398.2% ‐21.6%
N D b / Sh h ld ' E i 3 6% 29 0% 21 5% 2 1Net Debt / Shareholder's Equity 3.6% ‐29.0% ‐21.5%‐25.1 p.p. 7.5 p.p.
Amortization Schedule (R$ MN) Cash Burn (R$ MN)Amortization Schedule (R$ MN) Cash Burn (R$ MN)
44.7
41.2
12.9
28.2 26.6
14.5
25.3
22.5
32.7
67.2
58.9
16 6
13
1T08 2T08 3T08 4T08 1T09 2T09 3T09 4T09 1T10
16.6
2010 2011 + 2012 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10

14. Results To Be RecognizedResults To Be Recognized
Results to be Recognized (R$’000)
1Q09 4Q09 1Q10 Var. % Var. %
(a) (b) (c) (c/a) c/b)
Deferred Revenues 369,397 579,201 623,125 68.7% 7.6%Deferred Revenues 369,397 579,201 623,125
Deferred Costs ‐205,171 ‐340,385 ‐372,923 81.8% 9.6%
Deferred Results 164,226 238,816 250,202 52.4% 4.8%
Margin 44.5% 41.2% 40.2% ‐ 4.3 p.p. ‐ 1.1 p.p.
57 0%
Recognition Schedule
57.0%
35.2%
7.8%
14
2010 2011 2012+

15. DisclaimerDisclaimer
This presentation contains certain forward-looking statements concerning the business prospectsThis 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 nosubject 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.
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16. ContactContact
Investor Relations Department
Daniel Amaral
CFO | IR Officer
Paulo Tropia
IR Analyst
Lucas Bousas
IR Analyst
www.direcional.com.br
ri@direcional com br
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ri@direcional.com.br
(55 31) 3235-4607
(55 31) 3241-1502