3Q13 Disclosure and Results

1. 1
Earnings Release | Conference Call – 3Q13
November 12th, 2013

2. 2
Agenda
Ricardo Ribeiro
Vice President
Carlos Wollenweber
CFO | IR Officer
Operational Highlights
Financial Highlights

3. 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. 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 3Q132Q131Q13
With MCMV Level 1 projectWithout 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. 5
Inventory
8%
31%
2012
23%
2011
<2011
17%
Finished Units2013
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. 6
Deliveries
Deliveries
(PSV Launched - R$ million)
Units
1,606
726
502
61
163
9M133Q132Q131Q13
Delivered PSV
718 4,008 6,332
MCMV Level 15%
RET1
17%
Low-Income
27%
Medium
26%
Upper-Middle
25%

7. 7
Carlos Wollenweber
CFO | IR Officer
Financial Highlights

8. 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. 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
million
192 218 -26
Accounts Receivable
from Finished Units
BRL
million
698 668 30

10. 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%
3Q132Q131Q13
North
31%Southeast
51%
18%Midweast
Inventory by Region
(% PSV)
Midweast
Southeast
40%North
18%
43%
4Q12 3Q13

11. 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
293111
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
242 326
598
206125
+84%
+65%
-15%
9M139M123Q132Q133Q12
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. 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 Debt343
Net Debt
22% 28% 24%
Net Debt / Shareholder's
Equity
12
445 394
Capital Structure

13. 13
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. 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