2Q10 Disclosure and Results

1. 1Q101Q102Q102Q10May 13, 2010
1Q101Q10August 10, 2010 2Q102Q10

2. 2Q10 Operating Highlightsp g g g
Operating HighlightsOperating Highlights
“Mi h C Mi h Vid ” P “Minha Casa, Minha Vida” Program
 Launches
 SalesSales
 Land Bank
 Inventory
2

3. “Minha Casa, Minha Vida” Program, g
 Housing loans contracted by CEF in 1H10 totaled R$ 34 billion. The figure is 95% above the same period of 2009
and 46% higher than the entire year of 2008and 46% higher than the entire year of 2008.
 Government expects to finalize all the details of the 2nd phase of the MCMV Program, including the new price
cap for the units, by the end of August 2010. The Federal Government had already previously announced thep , y g y p y
intention to allocate an additional R$ 72 billion in subsidies to build 2 million housing units by 2014:
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. “Meu Orgulho Project”Meu Orgulho Project
 In June/2010 we entered into an agreement with CEF and the State Government of Amazonas, aimed at the
implementation of a housing project within the "Programa Minha Casa Minha Vida” for families with monthlyimplementation of a housing project within the Programa Minha Casa, Minha Vida , for families with monthly
income of up to three minimum wages, in the city of Manaus, Amazonas State
 The agreement provides for the construction of 3,511 housing units, with a total amount of R$ 190,6 million. The
land has a total building potential of 8,895 units. The construction of additional units is subject to obtaining
approvals from CEF.
“Meu Orgulho Project”
Segment ResidentialMCMV – 0‐3 M.W R$ 149.2 MN
Total PSV R$ 190.6 MNLocation Manaus ‐ AM
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# Units
Segment Residential
Infrastructure3,511
MCMV 0 3 M.W R$ 149.2 MN
R$ 41.4 MN

5. LaunchesLaunches
 4,117 units were launched in 2Q10, totaling a PSV of R$ 356.3 million (R$ 349.0 million % Direcional)
 Launches were concentrated in popular projects (92.8% of units), in the North and Mid-west regions
Launches - % Direcional (R$ MN)
+41%
+44%
p p p j ( % ), g
% Direcional
+41%
248
349 490
490
G hi Di iL h b S t
2Q09 2Q10 1H09 1H10
Units Geographic Dispersion
+35%
+34%
Launches by Segment
14.7% 17.0%12.7% 9.6%
0.5%
7.5%
28.8%
8.2% 6.3%
4.5% 7.2% 3.4% 6.0%
3,056
4,117
4,022
5,383 87.3% 85.3% 90.4% 82.5%
49.2% 85.3% 37.3% 65.2%
38.1% 53.0%
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2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10
Southeast Mid‐west North
2Q09 2Q10 1H09 1H10
Upper Middle Medium Popular 0 ‐ 3 MW

6. SalesSales
 In 2Q10 we sold 4,629 units with total PSV of R$ 361.4 million (R$ 323.8 million % Direcional)
 Sales Over Total Supply of 56.8% in the 2Q10.
Contracted PSV - % Direcional (R$ MN)
Sales Over Total Supply of 56.8% in the 2Q10.
+70%
+74%
% Direcional
+70%
190
324 281
488
2Q09 2Q10 1H09 1H10
Sales by Segment Geographic Dispersion Sales Over Total Supply
# of Units
51.5%
56.8%
17.4%
9.0% 5.4%
13.0% 8.2%
4.5% 1.3% 5.1% 2.2%
1.0% 7.2% 1.0% 13.3%
12.0% 5.0%
13.0% 5.6%
41.8%
20.6%
24.4%
58.8% 75.9%
45.8% 59.1%
27.8%
36.1%
30.5%
87.0% 87.8% 86.0% 81.1%
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2Q09 3Q09 4Q09 1Q10 2Q102Q09 2Q10 1H09 1H10
Upper middle Medium Popular 0‐3 MW
2Q09 2Q10 1H09 1H10
Southeast Mid‐west North

7. Land BankLand Bank
 Land Bank of R$ 8.1 billion (R$ 5.7 billion % Direcional) with 65,158 units
 Land Bank average cost of 8.1% of estimated PSV and 73.1% acquired through swapLand Bank average cost of 8.1% of estimated PSV and 73.1% acquired through swap
Land Bank Composition Large Scale Projects
AM
PA Project Status
Total of
it
Units to be
l h d
PSV (R$ MN) to
b l h d
RO
MG
RO
PA
DF
j S
units launched be launched
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
93% 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 2,855 266.4
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
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 1.500.0Upper
Middl
Commercial
1.7%
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
Middle
1.3%
Medium
20.4%
Popular
76.6%
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“MINHA CASA, MINHA VIDA”
46.927 units elegible program
72.0% of total land bank
82.2% of the units comprise large scale projects
17,304 units ready to be launched
Total 62,638 53,009 5,986.8

8. InventoryInventory
 Direcional ended 2Q10 with 3,462 units in stock, which market value totaled R$ 707.9 million (R$ 576.8 million %
Direcional). Units from finished projects amounts to 177 with a R$ 33.9 million PSV.
 The projects under construction already have, in average, 79.4% of their units sold.
Inventories at Market Value in 06/30/2010
PSV in Inventory (R$'000)
# of Units in
Inventory
% Units
in InventoryTotal % Direcional
Launches 2Q10 147 018 141 822 473 11 5%Launches 2Q10 147,018 141,822 473 11.5%
Launches 1Q10 114,484 99,019 797 64.1%
Launches 4Q09 19,272 16,526 147 16.9%
Launches 3Q09 171,245 130,889 850 19.9%
Launches 2Q09 39,409 35,684 256 8.7%
Launches 1Q09 34,129 29,523 224 23.6%
Launches 4Q08 83,776 60,998 317 26.2%
Launches 3Q08 35,296 27,983 131 8.6%
Launches 2Q08 10,210 6,983 43 3.4%
L h 1Q08 9 750 8 435 27 2 5%Launches 1Q08 9,750 8,435 27 2.5%
Previous launches 9,398 4,699 20 3.5%
Total Under Construction 673,985 562,561 3,285 20.6%
Finished Projects 33,896 14,193 177 4.7%
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Total Inventory 707,881 576,754 3,462

9. 2Q10 Financial Highlightsg g
Financial HighlightsFinancial Highlights
Fi i l R lt Financial Results
 Balance Sheet | Cash Position
 Results to be RecognizedResults to be Recognized
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10. Financial Results
Net Revenue (R$ MN)
Financial Results
96%
106%
84 165 149 308
Gross Profit and Gross Margin (R$ MN)
2Q09 2Q10 1H09 1H10
129%
129%
24 56 46 106
28,7%
33,6%
30,9% 34,3%
10
2Q09 2Q10 1H09 1H10
Gross Profit (R$ MN) Gross Margin (%)

11. Financial Results – Cont.Financial Results Cont.
Sales Expenses (R$ MN) Adjusted G&A¹
% Direcional
(R$ MN)
% Direcional
3.5 4.5
6.2
8.4
3.7
11.0
7.1
19.4
2Q09 2Q10 1H09 1H10 2Q09 2Q10 1H09 1H10
4 1% 4.2%4.1%
2.7%
4.2%
2.7%
1.5%
1 2%
1.8%
1.5%
4.4%
6.7%
4.7%
6.3%
1.6%
3.1%
2.0%
3.4%
5%
1.2%
2Q09 2Q10 1H09 1H10
% Revenues % Total Sales
2Q09 2Q10 1H09 1H10
% Revenues % Total Sales
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1. Adjusted for expenses (non‐cash) with the Stock‐Option Program of R$ 1.8 million recognized in the period and non‐recurring expenses of R$ 0,4
million related to IPO (November/ 2009).

12. Financial Results – Cont.Financial Results Cont.
Adjusted EBITDA and Adjusted EBITDA Margin
110%
121%
21 45 39 87
25.3% 27.1% 26.5% 28.3%
2Q09 2Q10 1H09 1H10
Adjusted EBITDA (R$ MN) Adjusted EBITDA Margin (%)
Adj t d N t I d Adj t d N t I M i
1H09 1H10
Adjusted Net Income and Adjusted Net Income Margin
151%
153%
16
41
31
78
19.3%
24.8%
20.8%
25.5%
12
16
2Q09 2Q10 1H09 1H10
Adjusted Net Income (R$ MN) Adjusted Net Margin (%)
1H09 1H10

13. Balance SheetBalance Sheet
Cash Position 2Q09 1Q10 2Q10  
(R$'000) (a) (b) (c) (c/a) (c/b)
Loans and Financing 84,996 142,672 220,384 159.3% 54.5%
SFH 82,318 137,554 161,435 96.1% 17.4%
Securitization of receivables 1,569 991 55,123 3413.3% 5462.4%
FINAME d h 1 109 4 127 3 826 245 0% 7 3%FINAME and others 1,109 4,127 3,826 245.0% ‐7.3%
Cash and Cash Equivalents 59,442 292,019 296,036 398.0% 1.4%
Net Debt 25,554 ‐149,347 (75,652) ‐396.0% ‐49.3%
Net Debt/Shareholder's Equity 7 3% ‐21 5% ‐10 3% ‐17 6 p p ‐11 2 p p
Amortization Schedule (R$ MN) Cash Burn1 (R$ MN)
Net Debt/Shareholder s Equity 7.3% 21.5% 10.3% 17.6 p.p. 11.2 p.p.
142.2 44.7 41 2142.2
47.6 30.6
June/2011 June/2012 + June/2013
12.9
28.2 26.6
14.5
25.3 22.5
32.7
41.2
19.4
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10*
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1. Cash Burn: measured by the variation of the net debt, less the capital increases
2. 2Q10 * : adjusted by co‐obligation in the securitization of receivables amounting R$ 54.3 million

14. Results To Be RecognizedResults To Be Recognized
Results to be Recognized (R$'000) 2Q09 1Q10 2Q10  %  %
(a) (b) (c) (c/a) (c/b)
Deferred revenues 444,878 623,125 655,288 47.3% 5.2%
Deferred costs ‐254,199 ‐372,923 ‐394,571 55.2% 5.8%
Deferred results 190,679 250,202 260,717 36.7% 4.2%
Deferred results ‐ Margin 42.9% 40.2% 39.8% ‐3.1 p.p. ‐3.9 p.p.
Recognition Schedule
45.3% 44.3%
10.4%
2010 2011 2012+
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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
Lucas Bousas
IR Analyst
Paulo Tropia
IR Analyst
www.direcional.com.br
ri@direcional com br
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ri@direcional.com.br
(55 31) 3214-6450
(55 31) 3214-6451