Direcional is a leading Brazilian real estate developer focused on low-income housing. In the first half of 2013, the company saw an 85% increase in contracted PSV and 25% growth in net revenues compared to the same period in 2012. Direcional has a large land bank concentrated in the Southeast region and focused on the low and medium income segments. The company utilizes an industrialized construction method that allows building units 45 days faster than conventional methods. With over 30 years of experience in low-income development and a strong track record in the MCMV program, Direcional has established a unique vertically integrated business model in the sector.

1. 1
Corporate Presentation
JP Morgan | 2013 Brazilian Real Estate Conference
August 28th, 2013

2. Main Figures
21 -Adjusted by non-cash expenses (Stock-Options Program).
2Q13 2Q12 D % 1H13 1H12 D %
(a) (b) (a/b) (c) (d) (c/d)
Launched PSV
% Direcional
BRL million 446 470 -5% 866 613 41%
Contracted PSV
% Direcional
BRL million 543 448 21% 1,073 580 85%
Sales Over Supply (VSO) % PSV 50% 37% 13.1 p.p. 63% 43% 20.8 p.p.
Net Revenues BRL million 466 338 38% 855 682 25%
Adjusted¹ Net Income BRL million 62 49 26% 119 104 15%
Adjusted¹ Net Margin % 13.3% 14.5% -1.2 p.p. 13.9% 15.2% -1.3 p.p.
ROE % 17.6% 15.9% 1.7 p.p. 17.2% 17.1% 0.1 p.p.

3. 3
Construction Service versus Development
Total PSV Launched – Track Record
(R$ million)
710 634 686 924 698
93%
70%
36%36%
19%
0%
59
1H132012
1,647
807
20112009
380
2010
522
149
2008
Construction Service Development
Development % Construction ServiceConstruction Service
MCMV Level 1
 Lower Margin
 Little or no cash burn
 Higher ROE
 Lower risk
 Non-cyclical market
Development
 Higher Margin
 Higher cash burn
 Lower ROE
 Higher risk
 Cyclical market

4. 4
Focus on Performance
36%
9%
1Q12
50%
41%
60%
31%
9%
2Q12
56%
8%
4Q11
49%
43%
7%
3Q11
45%
49%
7%
2Q11
33%
59%
8%
1Q11
29%
63%
8%
1Q13
75%
18%
7%
4Q12
70%
23%
7%
3Q12 2Q13
6%
16%
78%
Units Under Construction by Construction Method
(% of Units)
1 Aluminum mold and concrete walls method
Industrial Construction¹Concrete BlocksConventional Structure (Concrete Pillars)
2Q13 2Q12 D %
Units Under Construction 62,631 39,852 57%
% of Industrialization (# of units) 78% 56% 22 p.p.
Construction Sites 55 37 48.6%
Average # of Units by Construction Sites 1,139 970 17%
# of Cities 14 10 40%

5. MCMV Level 1 - Overview

6. Results PMCMV (Phase 1 & 2) - Up-To-Date
Total Hired % Balance Concluded % %
(a) (b) (c) (c/a) (c/b)
Level 1 2,000,000 1,272,624 64% 727,376 340,774 17% 27%
Level 2 1,200,000 1,184,942 99% 15,058 822,361 69% 69%
Level 3 400,000 325,709 81% 74,291 84,724 21% 26%
Total 3,600,000 2,783,275 816,725 1,247,859
6
MCMV Level 1 – Government’s First Priority (1/2)
Program Challenges ("Ministério das Cidades")
 Hire 700k units up to 2014
 Quality assurance and delivery
 Investments on projects sustainability
 Improvements in the construction process
Level 1: Status
(Units)
Delivered
340,774
17%
Contracted
1,272,624
64%
MCMV 1 & 2
2,000,000
100%

7. Very Low Income Projects:
# of projects: 23
# of Units: 53,001
Total PSV: R$ 3,430.9 MM
7
MCMV Level 1 – Government’s first priority (2/2)
1st Phase MCMV 2nd Phase MCMV
 # of projects: 3
 # of Units: 7,391
 Total PSV: R$ 380.3 million
 # of projects: 20
 # of Units: 45,610
 Total PSV: R$ 3,050.6 MM
+
Direcional’s Contracted MCMV – Level 1
(PSV million)
Direcional`s Contracted MCMV – Level 1
(Units)
+215%
+333%
20122011
1,647
522
2010
380
70,894
58,892
51,451
2010
7,391
+214%
+162%
+38%
2012
23,234
2011
8,872
Average Price

8. Highlights

9. 9
Significant reduction of inventory
 Reduction of 9% in total inventory in the 1Q13 and 25% in the 1H13;
 Reduction of 16 % in inventory of finished units in the 1Q13 and 32% in the 1H13.
15%
<2010
2%
Finished Units
15%
2013
2%
2012
38%
2011
29%
2010
Midweast 17%
Southeast 33%
North 50%
603
-9%
-25%
2Q13
515
88
1Q13
667
561
106
2012
800
670
130
Under ConstructionFinished units
Inventory Market Value by Region
(% PSV)
Inventory by Launch Period
(% PSV)
Inventory
(R$ million)
88
-16%
-32%
2Q131Q13
106
2012
130
Finished units
Inventory of Finished units
(R$ million)

10. 2T13
Accounts Receivable from finished units
and services
(a+b)
R$
milhões
886
Services (a)
R$
milhões
218
Developments (b)
R$
milhões
668
Net debt (c)
R$
milhões
445
2XPerformed Accounts Receivable/Net debt
10
“Repasse” and Cash Burn
Financing Transfer (“Repasses”)
(R$ million)
+53%
50
50
+44%
+39%
1H13
263
128
135
1H12
183
90
93
2Q13
153
71
82
1Q13
110
57
53
2Q12
100
"Associativo"SFH
2Q13*
-7
1Q13
-30
4Q12
-5
3Q12
-43
2Q12*
-50
Cash Burn
(R$ Million)
* Adjusted by dividends and share repurchases

11. 11
ROE’s Sustainable Growth
Net Income and Annualized ROE ¹²
(R$ million)
119
104
62
57
49
+15%
+9%
+26%
1H13
+17.2%
1H12
+17.1%
2Q13
+17.6%
1Q13
+16.8%
2Q12
+15.9%
Adjusted Net Income ¹
Annualized ROE¹²
1 -Adjusted by non-cash expenses (Stock-Options Program).
2- Annualized ROE: Annualized Adjusted Net Income for the quarter / Average Shareholders’ Equity for the period

12. 12
Land Bank
Swap
77%
Cash
23%
Low-Income 39%
6%
12%
Medium39%
Commercial
4%
RET
Upper-Middle
North
Southeast 52%
27%
Midwest
21%
Land Bank by Region
(% PSV)
Land Bank by Segment
(% PSV)
Type of Payment
(% PSV)
Low-Income
Medium
36%
46%
Upper-Middle
5%
Commercial 13%
Land Bank Southeast
(% PSV)
 52% of the land bank is in Southeast
 Land Bank focused in the low and medium low income segment;
 Units with price up to R$ 350k represent 82% the Land Bank.

13. NAV R$ Million
Net Asset Value (A+B+C+D+E) 2,075
(+) Cash 500
(-) Debt -945
(=) Net Debt (A) -445
(+) Accounts Receivable - Developments 2,200
(+) Accounts Receivable - Construction Services 2,339
(-) Taxes -111
(-) Construction Obligation -2,126
(-) G&A (2 years) -220
(=) Result of Sales (B) 2,082
(+) Units in Inventory (PSV) 603
(-) Taxes -24
(-) Construction Obligation -152
(=) Result of Inventory Sales (C) 428
Land bank (D) 93
Others (E) -83
# of Shares 155
Net Asset Value per Share 13.4
13
NAV | Direcional
Net Asset Value (R$ million) 2,075
Stock Price (16/08) (a) 11.54
Net Asset Value per Share (b) 13.4
Stock Price vs NAV (b/a) -16%
Stock Price vs NAV

14. 14
Improvement on DIRR3 Float
Number of Investors
(#)
+174%
Jun.13
662
800
Dec.12
933
480
453
Sep.12
652
283
369
Jun.12
531
214
317
Mar.12
533
217
316
+57%
1,462
Investment Funds
Personal Investors
10,978
+763%
2Q134Q12
7,795
3Q12
2,539
2Q12
1,039
1Q12
1,272
Average Trading Volume
(# of Transactions)
Average Trading Volume
(R$ 000)
1,857
616
245
108115
+1,516%
2Q134Q123Q122Q121Q12
47%
Controlling
shareholder
Free Float
53%
Type of Payment
(% PSV)
49%
4%
Asia
Latin American
14%
North American 16%
Europe 17%
Brazil
Free Floating
(others 53%)

15. History and Business Model

16. 16
More Than 30 Years of History
47%
Controlling
Shareholders¹
Others
53%
155,298,749 ordinary shares
1. Participation held directly and indirectly by the Controlling Shareholder
 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  36% annual
growth in PSV
launched (CAGR)
 69% annual
growth in net
revenue (CAGR)
 Follow-on
 MCMV 2
 Establishment of
own sales team
1981 - 2005 2006-2007 2008 2009 2010-2011 2012
 Record net
revenue of R$ 1.4
Billion, a 28%
YoY growth
 More than
R$ 1 billion on
projects
delivered during
2012
 Increasing stock
liquidity
 The most relevant
player in the
MCMV 2nd phase
Level 1
 Focus on Cash
Generation and
Construction
Service business
2013
Asia
North American
Latin American 4%
14%
16%
Europe 17%
Brazil 49%
Abertura do Free Float (Outros)

17. Unique Footprint
 Strong footprint in markets with high growth potential, low
competition and high barriers to entry
Low competition in
profitable markets
Track Record in
Operating in the low-
Income segment
 Over 30 years of experience
 Solid track record in MCMV Level 1 projects
Low equity commitment,
solid margins and high
ROIC
Focus on Large
Scale Projects
Verticalized
Business Model
 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
17
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
1
2
3
5
Annualized ROE¹: 18%
1. Annualized ROE: Annualized 1Q13 Net Profit / Average Shareholders' Equity in the same period
The best low-income player in Brazil
Industrialization
 Aluminum panels and concrete walls technology
 45 days to develop a five floors building
4

18. 18
Contacts
Carlos Wollenweber
CFO | IR Officer
Paulo Sousa
IR Analyst
Luiz Felipe Almeida
IR Analyst
www.direcional.com.b/ir
ri@direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450