This document provides a summary of a corporate presentation for BTG Pactual XVII CEO Conference in February 2016. The summary includes: 1) A brief history of the company since 1981, outlining key milestones and expansions. 2) An overview of the company's business model, which focuses on large-scale, industrialized construction projects in the low-income housing segment with strict cost control and high margins. 3) Financial highlights showing the company has increased launches, contracted sales, and deliveries over time, with a growing focus on the low-income segment.

1. Corporate Presentation
BTG Pactual XVII CEO Conference
February , 2016

2. History and Business Model
2

3. Timeline and Ownership Breakdown
48.6%
Controlling Shareholders
46.8%
153,398,749 ordinary shares
 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
 48% annual
growth in PSV
launched (CAGR)
 36% annual
growth in net
revenue (CAGR)
 Follow-on
 MCMV 2
 Establishment of
own sales team
1981 - 2005 2006-2007 2008 2009 2010 - 2012 2013
 Record net
revenue of R$ 1.7
Billion, a 20%
YoY growth
 More than
R$ 1.2 billion on
projects
delivered
 Increasing stock
liquidity
Strong cash
generation
reached R$ 158
million
2014
Others 1%
Asian 9%
Europe 20%
North American 39%
Brazil 31%
Free Floating (others 48%)
Date: 07/06/2015 3
Treasury Shares Others
4.6%

4. Verticalized
Business Model
Track Record in
Operating in the low-
Income segment
Low equity commitment,
solid margins and high
ROIC
Focus on Large
Scale Projects
 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
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
ROE¹: 13%
1. LTM ROE (2014): Net Income in the Last Twelve Months / Average Shareholders’ Equity in the Last Twelve Months (net of non-controlling interest in silent partnerships and SPEs)
The best low-income player in Brazil
Industrialization
 Aluminum panels and concrete walls technology
 45 days to develop a five floor building
1
2
3
4
4
 Over 30 years of experience
 Solid track record in MCMV Level 1 projects

5.  Employment and income Government subsidy (tax)
 Development
̶ Companies develop projects and
sell units to customers
 Price over R$ 225,000 / unit.
 Market interest rate
 Consumer Confidence
 Mortgage
Business segments
1. Company estimates - maximum exposure of cash as % of total PSV
Features
 Construction (services)
̶ Developers will submit projects to
Caixa or Banco do Brasil for
evaluation and approval
 Price up to R$ 76,000 / unit.
 Usually, the local government
provides financial compensation, land
and / or infrastructure.
 Development
̶ Companies develop projects and
sell units to customers
 Price up to R$ 225,000 / unit.
 Interest Rate subsidized 4.5% - 8.2%
 Level 2, subsidy up to R$ 27,500 /
unit.
Drivers
~15%~20%~5% ~10%
MCMV Level 1 MCMV Level 2 e 3 Medium Income (SFH)+ +
PSV launched
2014
20% / R$ 340 million72% / R$ 1.2 billion 8% / R$ 119 million
Cash commitment1
5

6. Launched - Construction Service
(PSV R$ million)
CAGR: -6%
2014
456
2013
523
2012
698
2011
924
2010
686
2009
630
Launched - Development
(PSV R$ million)
522380
154
1,198
2013
2,041
2012
1,647
201120102009
CAGR:+91%
2014
Construction Service Development
MCMV Level 1
+ Little or no cash burn
+ Higher ROE
+ Lower risk
+ Non-cyclical market
- Gross Margin
Development
- Higher cash burn
- Lower ROE
- Higher risk
- Cyclical market
+ Gross Margin
Total Launched - Track Record
(PSV R$ million)
630 686 924 698 456523
522
380
72%80%
70%
36%
20%
2,565
2013
1,198
1,654
2014
2,041
2012
2,345
1,647
2011
1,447
36%
2010
1,067
2009
783
154
Construction Service
% Construction Service
Development
The Growth Coming From The Construction Service
(MCMV Level 1)
6

7. MCMV Level 1 vs Development: Net FCF with no Sales
Cancellations
Cash flow (traditional project vs MCMV Level 1 project)
-20%
-10%
0%
10%
20%
10Q9Q8Q7Q6Q5Q4Q3Q2Q1Q0Q-1Q-2Q-3Q-4Q
Traditional Development
MCMV Level 1 MCMV Level 1 Project Construction
• 100% of units sold to the Federal Government: No delinquency and sales cancelations from this segment, benefiting
consolidated figures
• The Fist range of MCMV implies almost no working capital needs.
Land
acquisition Comercial
launch
End of
construction
Hired to
Traditional Project Construction
Cash Exposure
MCMV Level 1
Development
7

8. Low-Income Segment
8
Consistent track record in the Low-Income segment(2007-14):
 # of projects/phases : 43
# Units : 16,584
Total PSV : R$ 1,370.3 million
Average PSV : R$ 31.9 million
Average Units : 386
+46.8%
9M14
2,239
9M15
3,288
2015
232
2014
119
2013
11
2012
108
2011
210
2010
303
2009
358
2008
184
2007
58
Low-Income Segment
20082007 20152014
1,198
2013
2,041
2012
1,647
2011
522
2010
380
2009
154
MCMV Level 1
Launches
(PSV - R$ million)
 The VSO of Low-Income projects launched
in 2014 was 80%, greatly superior to the
Company's consolidated ratio, which, excluding
Level 1 projects, was 45%.
 Industrial construction method, with
aluminum structures and concrete walls, thus
the development may be delivered in an
estimated period from 15 to 18 months.
 “Associativo” financing model, according
to which customers are transferred to banks
when the sale is carried out, which significantly
reduces the risk of a sale being canceled.
Landbank - Low-Income
(PSV - R$ million)

9. Focus on Industrialization
9

10. Focus on Performance
56% 60% 70% 75% 78% 83% 85% 88% 89% 90% 90% 91%
36% 31%
23% 18% 16%
88%
2%3%2%3%4%4%5%6%6%
3Q13
11%
2Q131Q13
8%
1Q15
7%7% 8%7%
3Q12
9%
2Q12
9%
2Q15
7%
4Q143Q142Q14
8%
1Q14
8%
4Q13
10%
4Q12
Units Under Construction by Construction Method
(% of Units)
1 Aluminum mold and concrete walls method
Concrete BlocksConventional Structure (Concrete Pillars) Industrial Construction¹
10
2Q15 2Q14 D %
Units Under Construction 73.028 76.211 -4,2%
% of Industrialization (# of units) 91% 88% 2 p.p.
Construction Sites 58 58 0%
Average # of Units by Construction Sites 1.259 1.314 -4%
# of Cities 19 19 0%

11. Construction Technology
45 days to develop 2 buildings with 5 floors and 4 apartments per floor
Video: http://www.direcional.com.br/ri
Aluminum Panels and Concrete Walls
11

12. Operating and Financial Highlights
12

13. Launches
456
208
36
154
438
2015
+35%
+478%
-4%
20144Q153Q154Q14
Launches: Development
(PSV - R$ million)
 In 4Q15, Direcional launched three projects, totaling 1,000 units
and PSV of R$ 227 million (% Direcional of R$ 208 million).
 In 2015, 53% of launches were targeted at the low-income
segment.
Launches by Region - 9M15
(% PSV)
79%
Southeast
Midwest
21%
Launches by Segment - 9M15
(% PSV)
Medium
36%
Upper-Middle
Low-Income
22%
53%
13

14. Contracted Net Sales
+12%
-21%
2015
345
2014
437
4Q15
104
3Q15
93
4Q14
137
-24%
Contracted Net Sales: Development
(PSV R$ million)
 Contracted net sales reached R$ 104 million in 4Q15, a 12%
growth compared to 3Q15;
In 2015, the Low-Income segment reached 41% of total sales, and
projects located in the southeast region represented 50% of the
total sales;
 The northern region was responsible for 26% of sales in 2015,
even though it had no launches in the period.
Midwest
24%
Southeast 50%
North
26%
Sales by Region –4Q15
(% PSV)
Upper-Middle / Commercial
14%
Medium45%
Low-Income
41%
Sales by Segment – 4Q15
(% PSV)
14

15. Inventories
Inventory by Region
(% PSV)
Inventory Evolution – 4Q15
(PSV R$ million)
Inventory by Launch Period
(% PSV)
4Q15
989
Price
adjustment
and swaps
50
Net Sales
345
Launches
438
2014
846
Finished Units
26%
<2012
11%
2012
15%
2013
5%
2014
16%
2015
26%
Midwest
Southeast47%
22%
North
32%
 By the end of 4Q15, Direcional had 3,346 units in inventory
totaling a PSV of R$ 989 million in terms of market value;
 Reduction of R$ 64 million (20%) in inventories in the Northern
region, when compared to the end of 2014.
15

16. Inventory - Finished Units
Inventory Evolution
(Units)
Finished Inventory
(Geographic Segmentation - % PSV)
32%
Southeast 47%
Midwest
22%
North
 Direcional presented a high turnover of its inventory of finished
units. Over the 2015, Direcional sold 46% of the units that were
concluded by the end of 2014;
 Reduction of R$ 33 million in finished inventory of the Northern
region during 9M15, representing a reduction of 39%;
 27% of the inventory of finished units is comprised by hotel units,
which have a low carrying cost.
16
398
558
899
739
Concluded
Inventory 4Q15
Delivery and Sales
Cancellations Units
Gross Sales of
Concluded Units
Concluded
Inventory 2014
13%
Southeast 47%
North
40%
Midwest
Finished Inventory 2014
(Geographic Segmentation - % PSV)

17. Deliveries
Deliveries Evolution
(LTM: PSV - R$ million)
Deliveries by Economic Segment – 4Q15 LTM
(% PSV)
Deliveries by region – 4Q15 LTM
(% PSV)
37%
Midwest
33%
Southeast
North
30%
8% Low-Income
22%
Upper-Middle
Commercial
8%
Medium
56%
MCMV Level 1
6%
The PSV delivered on the accumulated amount for the last twelve
months reached R$ 861 million;
 In 4Q15LTM, 37% of the volume of deliveries occurred in the
Southeast region.
864
526
628 610
4Q14
LTM
3Q15
LTM
2Q15
LTM
607
1Q15
LTM
702 676
383
4Q15
LTM
887
479
Development MCMV Level 1
861
PSV Delivered
1,526 1,751 1,235 1,228
17

18. Sales Cancellations
Sales Cancellations by Region – 4Q15
(% Units)
Sales Cancellations by Period of Launching – 4Q15
(% Units)
Sales Cancellations and Resale of Cancelled Units
(Units)
445504
351406
633617
279352269325
523540
63%70%
77%80%83%88%
63%
63%60%59%
70%64%
-30%
-12%
4Q153Q152Q151Q154Q143Q14
<2012
9%
62%
13%
2012
11%
2013
2014
2015
5%
27%
Southeast
56%
Midwest
17%
North
 62% of the units arising from canceled sales in 4Q15 were
resold in the same period.
 Decrease of 30% in the volume of units arising from canceled
sales in 4Q15 yoy;
Concentration of cancellations in projects launched until 2012 as
well as in the Northern region.
18Resale in the Period% Resale (until 3Q15)Cancellations Resale (until 3Q15)

19. Land Bank
 62.4% are large scale projects (over 1,000 units)
 89% were acquired by physical or financial Swap
 Average acquisition price of 11% over PSV
Land Bank by Segment
(% PSV)
Land Bank Track Record in 9M15
(R$ million in PSV)
Land Bank by Region
(% PSV)
Type of Payment
(% PSV)
Swap 89% Cash11%
Commercial
9%
Upper-Middle
12%
Medium
44%
Low-Income
35%
134
518
Acquired
Land Bank
2014
9,261
9M15
9,415
Launches
230
Review of
Assumptions
/ Traded and
Cancellation
19
ES
2%
AM
7.5%
MG
37%
RO
1%
SP
6%
PA
6%
DF
22%GO
0.5%
R$ 9.42 Billion
60,487 units

20. Financial Results
1. Adjustment excluding interest on financing for construction;
Gross Operating Revenue
(R$ million)
Adjusted¹ Gross Profit and Gross Margin
(R$ million)
-12%
+4%
-8%
9M15
1,233
791
441
9M14
1,337
878
459
3Q15
415
236
179
2Q15
354
120
238
161
3Q14
474
399
Revenues from Real Estate Sales
Revenues from Services
112
307
250
8185
-22%
9M15
287
-15%
+2%
37
24.5%
9M14
340
33
26.4%
3Q15
96
15
24.5%
9
24.8%
3Q14
123
11
26.6%
94
2Q15
Interest capitalized in costs
Gross ProfitAdjusted Gross Margin¹
20

21. G&A Expenses
(R$ million)
Selling Expenses
(R$ million)
Net Income
(R$ million)
Financial Results
79
262628
84
-6%
-3%
-8%
9M15
6.7%
9M14
6.5%
3Q15
6.5%
2Q15
7.0%
3Q14
6.0%
G&A% Net revenue
93
145
2928
52
3Q14
11.3%
3Q15
7.3%
2Q15
7.3%
+4%
11.3%
7.9%
9M14
-45%
9M15
-36%
Net Margin Net Income
30
39
1211
14
9M15
-18%
2.6%
9M14
-22%
+6%
2.8% 3.0%
3Q15
2.9%
2Q153Q14
3.0%
% Net revenue
Selling Expenses
21

22. Cash Flow Generation
Cash Flow Generation (Cash Burn)
(R$ million)
1. Cash flow generation: net debt variation net of dividends and share buyback programs
Mortgage Transfer (“Repasses”)
(R$ million)
2011
-176
22
2014
158
2013
76
2012
-183
9M15
4
3Q14
358
9M14
34
91
3Q15
91
70
21
2Q15
92
88
29
167
138
449
-1%
9M15
-33%
-46%
301
267
"Associativo"
SFH
22

23. Capital Structure
Capital Structure
(R$ million)
Gross Debt Breakdown
(% of Debt)
FINAME and Leasing4.0%
Debentures
20.5%
Working Capital
0.4%
SFH
69.0%
CRI
10.0%
23
Dividends Cash
3Q15
504
Cash Burn
31
SFH Debt
45
Corporate
debt
28
Buyback
Program
6
40
Cash
2Q15
563
Cash Position Changes - 3Q15
(R$ million)
Net Debt
Without SFH
-233
Net Debt
369
Cash and
Cash
Equivalent
504
Debt
873
SFH
602
271
Debt
(R$ million)
201
Net Debt
11.4% 16.6% 21.0%
Net Debt/Equity
292 369
31%
35%
40%
3Q15
504
873
2Q15
563
855
3Q14
718
919
% Corporate Debt
Cash
Corporate Debt
31%
35%
40%
602
2Q15
299
557
3Q14
367
552
3Q15
271
SFH

24. Revenues to be recognized
83%
MCMV Level 1
17%
Development
Breakdown of Revenues to be Recognized
(% Total )
Revenues to be Recognized
(R$ million)
 The company has R$ 2.65 billion of
revenue to be recognized, of which 83%
relates to MCMV Level1 projects.
24
-7%
2,658 -29%
3Q15
2,209
449
2Q15
2,852
2,354
498
3Q14
3,745
3,189
556
MCMV Level 1
Development

25. Buyback program and Interim Dividend
 Direcional concluded its repurchase program in this quarter (3Q15), with the acquisition of 1.5 million
shares, at an average price of R$ 3.63, totaling a disbursement of R$ 5.6 million. In 9M15, 7.0 million
shares were repurchased, with total disbursement of R$ 40.5 million.
 In July, the Board of Directors approved interim dividends totaling R$ 40 million, representing the
amount of R$ 0.27 for each share.
25
Total Approved 7,034,205
Total Runs 5,508,200
% Executed 78%
Dividends 40,000,000.00R$
Total shares(ex-treasury) 147,890,549
Dividends per share 0.27
Plan Buyback (Status until 08/10/2015)
Dividend
Total Approved 7,034,205
Total Runs 7,034,205
% Executed 100%
Plan Buyback (Status until 9/30/2015)

26. Disclosure and Contacts
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.
www.direcional.com.b/ir
ir@direcional.com.br
(55 31) 3431-5511
(55 31) 3431-5509
Fernando José Mancio Ramos
CFO | IR Officer
26