4Q09 Disclosure and Results

1. March 25, 2010

2. 4Q09 and 2009 Highlightsg g
Opening RemarksOpening Remarks
CEO | Ricardo Valadares Gontijo
History
IPOIPO
Market in 2009: “Minha Casa, Minha Vida” Program
Strategy
Di i l G thDirecional Growth
- Sales, Profits, Margins
View for the Future
2

3. Recent EventsRecent Events
IPO – Initial Public Offering
Transaction completed in November 2009
Listed in Novo Mercado of BM&FBovespa
Offering proceeds of R$ 274 million, 100% primary
Free Float represents more than 39% of capital
Sh h ld B kd Fundos
Shareholder Breakdown Filadélphia
Participações S.A.1
Fundos
administrados
pela Tarpon2
Outros
acionistas
60,7% 23,7% 15,6%
Tarpon2
Other
Free float = 39,3%
3
1. Holding controlled by Mr. Ricardo Valadares Gontijo
2. Funds Managed by Tarpon Investimentos S.A.

4. “Minha Casa, Minha Vida” ProgramMinha Casa, Minha Vida Program
Largest Housing Program in Brazil's history: R$ 34 billion to build 1 million houses
Di i l h diff ti t d iti i t t k d t f th PDirecional has a differentiated positioning to take advantage of the Program
Differentiated Positioning
Geographic Distribution of Benefits
Decentralized
Process
Decentralized
Process
Caixa Econômica Federal (“CEF”) has a
decentralized approval process
Long lasting relationship with CEF
10.3%
Regional
Approach
Regional
Approach
The MCMV program has regional quotas
34.3%
7.0%
Limited
Competition
Limited
Competition
Limited competition from well capitalized
companies in regions where Direcional is
operating
36.4%
7.0%
CompetitionCompetition
PipelinePipeline
operating
43.763 units of the pipeline are eligible to
12.0%
4
PipelinePipeline
“Minha Casa, Minha Vida”
Our verticallized Business model with high control of costs and
procces, alloows us to perform in all ranges of the Program

5. Land BankLand Bank
Land Bank of R$ 6,9 billion (R$ 4,7 billion % Direcional) with 57,522 unidades
Land Bank average cost of 7.5% of potential PSV and 72.4% acquired through swapLand Bank average cost of 7.5% of potential PSV and 72.4% acquired through swap
Land Bank Composition Large Scale Projects
AM
PA
Status Units
Units to be
launched
PSV to be launchProject
RO
MG
RO
DF
Manaus
Total Ville
AM Under construction 3,576 2,642 302.2
Total Ville
Bella Città
PA 4,049 3,561 380.2
Total Ville
PA 5 712 5 188 562 9
Under construction
U d i95.3% of our
PSV
Total Ville
Marabá
PA 5,712 5,188 562.9
Allegro
Total Ville
AM 1,648 704 106.7
Santa
M i
DF 5,096 3,475 331.3
Under construction
Under construction
Under construction
PSV Breakdown per Segment Maria
DF 5,096 3,475 331.3
Total Ville
Porto Velho
RO 2,428 1,938 172.2
Granjas
Werneck
MG
Launching in
1H11E
15,000 15,000 1.500.0
Under construction
Under construction
Mid‐high
Commercial
1.0%
Samambaia DF 14,614 14,614 1.584.0
52,123 47,122 4,939.4Total
Launching in
1H11E
1.1%
Medium
16.7%
Popular
81.1%81.2%
5
“MINHA CASA, MINHA VIDA”
43,763 units elegble programa
More than 76.1% of total Landbank
88% of the units comprise large scale projects
17,546 units ready to be launched

6. LaunchesLaunches
Direcional PSV launched in 2009 reached R$ 783.3 million (Total PSV of R$ 921.6 million) with 9,360 units
distributed in 19 projects.
In 4Q09 868 units were launched with a PSV of R$ 89.7 million (R$ 80.9 million % Direcional)
Units Segmentation - 2009 Dispersion - 2009
320 3%
9,360
320.3%
Popular
Medium
20%
North
Mid-west
12%
2,227
5,359
2007 2008 2009
p
79%
Mid-high
1%
75%
Southeast
13%
The average price of units launched in 2009 was R$ 98.5 thousand
7,346 units (78.5%) are elegible for the “Minha Casa, Vinha Vida” Program
6
Direcional is operating in all ranges of the program: 3,602 units in the range of 0-3 minimum wages

7. SalesSales
In 2009 we sold 7,824 units with total PSV of R$ 805.0 million (R$ 660.7 million % Direcional)
Average sales speed in the quarter launch of 49 7%
Contracted Sales 4Q09 (R$ MN)
Average sales speed in the quarter launch of 49.7%
Segmentation
84 7
137.3
38.4
24.2675 units
1,106 units
+62.1%
84.7
4Q08 4Q09
Direcional Partners
d
Dispersion
144 33 156 units
7,824 units
Contracted Sales 2009 (R$ MN)
Mid‐west
7%
441.2
660.7
164.8
144.33,156 units
+49.7%
Southeast
13%
7
2008 2009
Direcional Partners
13%

8. InventoryInventory
Inventories at Market Value in 12/31/2009
PSV in Inventory
(R$'000)
Units in Inventory
% Units in
Inventory
U d C t ti P j t 649 031 3 942 53 2%Under Construction Projects 649,031 3,942 53.2%
Launches 4Q09 76,582 743 85.6%
Launches 3Q09 215,892 1,322 29.6%
Launches 2Q09 88,169 672 22.0%
L h 1Q09 41 684 309 32 0%Launches 1Q09 41,684 309 32.0%
Launches 4Q08 113,057 458 35.5%
Launches 3Q08 58,712 251 15.1%
Launches 2Q08 17,594 75 5.7%
L h 1Q08 20 386 50 4 6%Launches 1Q08 20,386 50 4.6%
Previous launches 1,654 62 5.7%
Finished Projects 37,779 155 5.6%
Total Inventory 686,810 4,097
Direcional closed the year 2009 with 155 completed units in stock with market value totals of R$ 37.8 million
Th j t d t ti l d h 74 1% f th i it ld
8
The projects under construction already have, on average, 74.1% of their units sold

9. Financial ResultsFinancial Results
Net Revenue (R$ MN)
377.6
+ 43.5%
82.2
115.6
263.2
+ 40.6%
Gross Income and Gross Margin
4Q08 4Q09 2008 2009
g
106.6
127.3
39.0%
35 0%
32.0
40.4
35.0%
40.5%
33.7%
9
4Q08 4Q09 2008 2009
Gross Income (R$ MN) Gross Margin (%)

10. Financial Results – Cont.Financial Results Cont.
Sales Expenses Adjusted G&A ¹
(R$ MN) (R$ MN)
7,626 4,285
15,197 15,347
4Q08 4Q09 2008 2009
5,937
14,710 19,127
27,874
4Q08 4Q09 2008 2009
9.3%
7.2%
7.5% 7.3%
3.7%
5.8%
4.1%
6.2%
2 7%
2.5%
1 9%
5.8%
4.8%
5.4%
3.2%
2.7%
2.7% 1.9%
4Q08 4Q09 2008 2009
% Net Revenue % Total Sales
4Q08 4Q09 2008 2009
% Net Revenue % Total Sales
10
% Net Revenue % Total Sales
1. Adjusted for expenses (non‐cash) with the Stock‐Option
Program of R$ 6.0 million recognized in the period.

11. Financial Results – Cont.
Adjusted Ebitda and Adjusted Ebitda Margin
Financial Results Cont.
78.3
105.8
19.1 31.0
23.3% 26.8%
29.7% 28.0%
4Q08 4Q09 2008 2009
Adjusted Ebitda (R$ MM) Adjusted Ebitda Margin (%)
Adjusted Net Income and Adjusted Net Margin
64.4
85.1
j j g
12.5
25.1
15.3%
21.7%
24.5%
22.5%
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4Q08 4Q09 2008 2009
Adjusted Net Income (R$ MN) Adjusted net margin (%)

12. Balance SheetBalance Sheet
Cash and Cash Equivalents (R$’000) 2008 2009
Loans and Financing
SFH 57,156 121,165
Caixa Econômica Federal 1,769 31,221
Banco Santander / ABN AMRO Real 33,798 44,340
Banco Itaú / Unibanco 12,629 37,029Banco Itaú / Unibanco 12,629 37,029
Outher Banks 8,960 8,575
FINAME and others 0 2,133
Total debt 57,156 123,298
C h d C h E i l t 60 174 313 881Cash and Cash Equivalents 60,174 313,881
Net Debt -3,018 -190,583
Net Debt / Equity -1.00% -29.00%
Amortization Schedule (R$ MN) Cash Burn (R$ MN)
32 7
14.5
25.3
22.5
32.7
41.2
48.1
27.8
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1Q09 2Q09 3Q09 4Q09
6.2
2010 2011 2012 2013

13. Results To Be RecognizedResults To Be Recognized
Results to be Recognized (R$’000) 2008 2009 Chg%g ( $ ) g
Deferred Revenues 325,683 579,201 77.8%
Deferred Costs ‐183,497 ‐340,385 85.5%
Deferred Results 142,186 238,816 68.0%
Margin 43.7% 41.2% ‐2.4 p.p.
Recognition Schedule
65.6%
26.2%
8.3%
13
2010 2011 2012+

14. 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.
14

15. ContactContact
Investor Relations Department
Daniel Amaral
CFO
Paulo Tropia
IR Analyst
Lucas Bousas
IR Analyst
www.direcional.com.br
ri@direcional com brri@direcional.com.br
(55 31) 3235-4607