Corporate Presentation

1. 1
Corporate Presentation
July, 2013

2. History and Business Model

3. 3
More Than 30 Years of History
47%
Filadélphia
Participações S.A.1 Others
53%
155,298,749 ordinary shares
1. Holding owned by Ricardo Valadares Gontijo and family
 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
 32% growth in
units launched
from the
previous year
 57% growth in
contracted PSV
from the
previous year
 Establishment of
own sales team
1981 - 2005 2006-2007 2008 2009 2010 2011
 Record net
revenue of R$ 1.1
Billion, a 37%
YoY growth
 MCMV II
 Follow-on: $
228.8 million for
the Company
 Increasing stock
liquidity
 The most relevant
player in the
MCMV 2nd phase
Level 1
 More than
R$ 1 billion on
projects delivered
during 2012
2012
LatinAmerican
Asia 13.8%
NorthAmerican
4.1%
Europe
15.8%
Brazil
17.2%
49.1%
Free Floating ( others 53%)

4. 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
4
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: 17%
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

5. 2012- 2011- D %
Launched PSV
% Direcional
BRL million 2,346 1,447 62%
Contracted PSV
% Direcional
BRL million 2,267 1,230 84%
Sales Over Supply (VSO) % PSV 71.7% 58.8% 12.9 p.p.
Net Revenues BRL million 1,449 1,107 31%
Adjusted¹ Net Income BRL million 227 199 14%
Adjusted¹ Net Margin % 15.6% 17.9% -2.3 p.p.
Main Figures
51 -Adjusted by non-cash expenses (Stock-Options Program).

6. 1Q13 1Q12 D %
Launched PSV
% Direcional
BRL million 420 143 193%
Contracted PSV
% Direcional
BRL million 530 133 300%
Sales Over Supply (VSO) % PSV 40.7% 16.1% 24.6 p.p.
Net Revenues BRL million 389 344 13%
Adjusted¹ Net Income BRL million 57 54 5%
Adjusted¹ Net Margin % 14.7% 15.8% -1.1 p.p.
1Q13 - Main Figures
61 -Adjusted by non-cash expenses (Stock-Options Program).

7. 7
The Growth Coming From The Very Low-Income
Total PSV Launched– Track Record
(R$ million)
783710
2008 2012
CAGR +35%
1,067
2009
2,346
2010
1,447
2011
Development MCMV Level 1
Launched PSV - MCMV Level 1
(R$ million)
924
634
2010
686
20092008
710
2012
698
2011
CAGR 0%
Launched PSV - Development
(R$ million)
0
CAGR +123%
522
2012
380
20112010
1,647
2009
149
2008

8. Very Low Income Projects:
# of projects: 19
# of Units: 45,757
Total PSV: R$ 2,954.5 MM
8
MCMV Level 1 – Government’s first priority
2,600,000
+300%
MCMV2
1,600,000
800,000
200,000
MCMV1
1,000,000
400,000
400,000
200,000
Income < R$1.6k (MCMV Level 1)
Income < R$3.1k
Income < R$ 5.0k
MCMV1 & MCMV2
(# of units)
1st Phase MCMV 2nd Phase MCMV
 # of projects: 3
 # of Units: 7,391
 Total PSV: R$ 380.3 million
 # of projects: 16
 # of Units: 38,366
 Total PSV: R$ 2,574.2 MM
+
Direcional`s Contracted MCMV – Level 1
(PSV million)
Direcional`s Contracted MCMV – Level 1
(Units)
+215%
+333%
1Q13
405
2012
1,647
2011
522
2010
380
+38%
+214%
+162%
8,872
2012
23,234
70,894
2011
58,892
2010
7,391
51,451
Average Price

9. 9
Focus on Performance
33%
49%
3Q11
45%
59%
7%
43%
8%
1Q11
29%
63%
8%
49%
7%
2Q11
7%
31%
60%
75%
18%
4Q12
70%
23%
7%
1Q133Q124Q11
8%
41% 36%
56%
2Q12
9%9%
1Q12
50%
Units Under Construction by Construction Method
(% of Units)
1 Aluminum mold and concrete walls method
Conventional Structure (Concrete Pillars) Concrete Blocks Industrial Construction¹
1Q13 1Q12 D %
Units Under Construction 55,119 35,899 54%
% of Industrialization (# of units) 75% 50% 24 p.p.
Construction Sites 49 37 32.4%
Average # of Units by Construction Sites 1,125 970 16%
# of Cities 13 10 30%

10. Development
Development PSV - Track Record
(Units)
36
1,606
2012
5,576
3,142
2011
1,705
5,296
2010
2,337
1Q13
4,259
Delivered
Launched

11. Operating Highlights
11

12. Launches Breakdown – 2Q13
12
Launches by Segment
(% PSV)
Launches by Region
(% PSV)
10% 13%
25%
1%
1H13
26%
60%
1H12
28%
62%
2%
2Q13
36%
37%
2Q12
27%
73%
SoutheastNorthNortheastMidwest
13%
18% 14%
1%
17%
13%
1H13
93%
2% 4%
1H12
42%
2Q13
90%
10%
2Q12
8%
2%
8%
55%
7%
2%
MCMV Level 1Upper-Middle
Commercial Medium RET1
Low-Income
Launched PSV
(R$ million) +41%
-5%
+6%
1H13
866
807
59
1H12
613
259
354
2Q13
446
403
44
1Q13
420
405
15
2Q12
470
259
211
Development
MCMV Level 1
RO
RJ
SP
4
DF
CE
3
5
6
1
2

13. 13
Sales and VSO – 2Q13
2Q13
49.6%
21.2%
1Q13
40.7%
15.2%
4Q12
55.4%
15.2%
3Q12
41.3%
18.7%
2Q12
36.5%
21.2%
With MCMV Level 1 project
Without MCMV Level 1 project
2Q12 95%88% 3%
2%
1%
1%
3Q12 97%95%
1%
1%
0%
4Q12 99%98% 0% 0%
1Q13 100%100% 0%
2Q13 98%
3 M 6 M 9 M 12 M 15 M
Sales by Period of Launching - 1Q13
(% PSV – Ex-MCMV Level 1)
7%
7%
1Q12
2Q123Q12
4Q12
<2012
18%
6%
22%
2%1Q13
2Q13
38%
Contracted PSV
(R$ million)
Sales-over-supply (VSO)
(% Units)
Sales Speed
(% Units)
Record sales in 2Q13;
SoS of 49.6%.
321
2Q13
543
403
140
1Q13
+85%
405
125
2Q12
448
259
189
+21%
+2%
1H13
1,073
807
266
1H12
580
259
530
MCMV Level 1
Development

14. 14
Land Bank
 59,5% are large scale projects (over 1,000 units)
 74,6% are eligible for the MCMV Program
 76,7% were acquired by physical or financial Swap
 Average acquisition price of 9,4% over PSV
R$ 6.4 Billion
63,461 units
Land Bank by Segment
(% PSV)
Land Bank Track Record in 1Q13
(R$ million in PSV)
2
269
6,447 -286
1Q13Launches
15
Review of
Assumptions
Acquired
Land Bank
2012
6,734
Land Bank by Region
(% PSV)
Type of Payment
(1Q13 – % PSV)
Swap
58.9% Cash41.1%
53%
Low-Income
Upper-Middle
6%
Medium
38%
Commercial3%
Acquisition of 1 plant of
land with total PSV of R$
43.5 million.
ES
2%
AM
14%
MG
40%
RO
5%
SP
7%
PA
9%
DF
21%GO
2%

15. 15
Inventory
2.012
Concluded Units
2.011
2.013
<2010
2.010
29%
38%
2% 15%
2%
15%
Midweast 17.0%
Southeast 33.4%
North 49.5%
Inventory Track Record
(R$ million)
Inventory by Launch Period
(% PSV)
Inventory Market Value by Region
(% PSV)
2Q13: Reduction of 16% in total inventory;
1H13: Reduction of 32 % in inventory of completed units.
88
1Q13
667
561
106
2012
800
670
130 603 -24.6%
-9.5%
2Q13
515
Under Construction
Concluded Units
Total % Direcional
Under Construction 600.236 514.981 85,3% 1.620 79,9%
Finished Units 104.277 88.443 14,7% 408 20,1%
Total 704.513 603.423 100,0% 2.028 100,0%
Inventory
PSV in Inventory (BRL'000)
% Units in Inventory %

16. Financial Highlights
16

17. 17
Financial Results
396
+10.9%
+6.3%
1Q13
246
150
4Q12
373
237
136
1Q12
357
259
98
Net Revenue
(R$ million)
2009
378
365
13
2008
263
255
8
2007
102
102
CAGR +68%
2012
1,368
914
454
2011
1,072
806
266
2010
782
668
114
Net Revenue – Track Record1
(R$ million)
Development
Services
Revenue from Services – Track Record1
(R$ million)
150136120103988272585748332115
1Q13
39.2%
4Q12
39.9%
3Q12
31.3%
2Q12
30.8%
1Q12
27.5%
4Q11
27.1%
3Q11
23.7%
2Q11
23.0%
1Q11
23.8%
4Q10
17.7%
3Q10
15.2%
2Q10
12.2%
1Q10
10.1%
Revenue from Service% of Gross Revenue
Revenues from Real Estate Sales
Revenues from Services
1.Non adjusted in accordance to the new consolidation account rules

18. 18
Operational Consistency
Adjusted¹ Gross Profit
(R$ million)
112 +3.8%
1Q13
97
15
29%
1Q12
108
96
12
31%
Gross Profit
Interest capitalized in costs
Adjusted Gross Margin¹
Gross Revenue
(R$ million)
38%
28%
396 +10.9%
1Q13
246
150
1Q12
357
259
98
Revenues from Real Estate Sales
Revenues from Services
% from Services
1.Adjusted by non-cash expenses (Stock-Options Program). 2. Aluminum mold and concrete walls method
Adjusted¹ Net Income
(R$ million)
15%
16%
+5%
1Q13
57
1Q12
54
Adjusted¹ Net Margin
Adjusted¹ Net Income

19. 19
Financial Results
1. Adjusted by non-cash expenses (Stock-Options Program).
Adjusted¹ G&A
(R$ million)
Sales Expenses
(R$ million)
97
73
232424
-1.8%
+32.6%
2012
6.7%
2011
6.6%
1T13
6.0%
4T12
6.4%
1T12
6.9%
40
28
699
-32.6%
+42.3%
2012
2.8%
2011
2.6%
1T13
1.6%
4T12
2.4%
1T12
2.6%
Sales Expenses% Net RevenueAdjusted¹ G&A% Net Revenue
+4.4%
30.4%
2012
317
21.9%
2011
243
22.0%
1T13
83
21.4%
4T12
83
22.2%
1T12
80
23.2%
Adjusted¹ EBITDA Margin
Adjusted¹ EBITDA
(R$ million)
227
199
576654
14.1%
2012
15.6%
2011
17.9%
1T13
14.7%
4T12
17.6%
1T12
15.8%
Adjusted¹ Net Income
(R$ million)
Adjusted¹ Net IncomeAdjusted¹ Net Margin

20. 20
“Repasse” and Cash Burn
-30
1Q134Q121Q12
-75
-43
3Q12
-5
-50
2Q12
Cash Burn
(R$ Million)
+33%
110.3
-19%
72.8
136.2
1Q12
63.4
4Q12
39.8
82.9
43.1
1Q13
52.9
57.4
Financing Transfer (“Repasses”)
(R$ million)
"Associativo"
SFH
Cash Burn – Adjusted by Accounts Receivable
(R$ milhões)
Net Cash Burn from
the increase on
Accounts Receivable
of Finished Units
40.2
70.5
Cash Burn Variation on
Accounts Receivable
of Finished Units
-30.3
Seasonal reduction in the number of financing installments passed on to the banks impacted cash flow in 1Q13;
Net of accounts receivable from completed units, it represents cash flow of R$ 40 million;
The increase in accounts receivable from completed units is due to the PSV of R$154 million delivered in the quarter.
BRL (Million) 1Q13 4Q12 D %
Accounts Receivable (BRL'000) -Development 1,450 1,375 5%
Concluded Units 577 506 14%
Under Construction 874 869 1%

21. 21
Capital Structure
Receivables Assignment
2.1% CRI
11.7%
Working Capital
3.2% FINAME and Leasing2.5%
SFH
80.5%
Net Debt Adjusted by Receivables from Delivered Units
(R$ million – 1Q13)
203
Net Debt
Adjusted By
Receivables
from Delivered
Units
Receivables
from Delivered
Units
577
Net Debt
374
Cash and
Equivalents
434
Total Debt
807
1Q13 4Q12 D %
(BRL million) (a) (b) (a/b)
Debt 807.3 793.2 1.8%
SFH 649.7 622.6 4.4%
CRI 94.8 99.8 -5.0%
Securitization - 3.6 -100.0%
Receivables Assigned 16.7 28.9 -42.2%
Working Capital 20.2 18.2 10.6%
FINAME and others 25.9 20.1 29.1%
Cash 433.7 449.9 -3.6%
Net debt 373.6 343.3 8.8%
Net debt / Equity 24.6% 22.7% 2 p.p.
Debt Breakdown
(% Total Debt)

22. 22
Deferred Results
Schedule of Deferred Results
(%)
6%
41%
53%
201520142013
Deferred Results
(R$ million)
4Q12
699
226
49034.1%
2.6%
1Q13
716
256
443
1Q12
534
324
210
Development
MCMV Level 1
1Q13 4Q12 D %
(R$ million) (a) (b) (a/b)
Consolidated Deferred results (1+2) 716.5 698.5 2.6%
Deferred results - Margin 27.3% 27.9% -0.5 p.p.
Deferred results - Development (1) 226.3 255.7 -11.5%
Margin 38.7% 38.8% -0.1 p.p.
Deferred results - MCMV Level 1 projects (2) 490.2 442.8 10.7%
Margin 24.1% 24.0% 0.1 p.p.

23. 23
Improvement on DIRR3 Float
Number of Investors
(#)
+69%
1,573
+195%
Mar.13
675
898
Dec.12
933
480
453
Sep.12
652
283
369
Jun.12
531
214
317
Mar.12
533
217
316
Investment Funds
Personal Investors
+51%
11,789
+827%
1Q134Q12
7,795
3Q12
2,539
2Q12
1,039
1Q12
1,272
Average Trading Volume
(# of Transactions)
Average Trading Volume
(R$ 000)
616
245
108115
+121%
1,359
+1,083%
1Q134Q123Q122Q121Q12

24. BISA3; -16,1%
CYRE3; 14,3%
EVEN3; 14,4%
EZTC3; 24,5%GFSA3; -5,8%
HBOR3; 26,1%
MRVE3; 12,9%
DIRR3 17,2%
RDNI3; 10,3%
RSID3; -12,7%
TCSA3; -8,4%
SETOR; -4,0%
TRIS3; 6,7%
25%
30%
35%
40%
45%
50%
55%
60%
-50% -30% -10% 10% 30% 50%
NetRevenueLTM/TotalAssets
Net Margin¹
Slow turnover and margin above averageSlow turnover and margin below average
Fast turnover and margin below average Fast turnover and margin above average
Company; ROE LTM
Size: Leverage (Assets/Equity)
Color: Average Prince - Launched Units Last 24 months
Low - up to R$ 200k per unit
Medium - between R$ 200k and R$ 400k per unit
High - above R$ 400k per unit
Setor
1. Direcional: Adjusted for non-cash expenses (Stock-Options Program)
24
Outstanding Results
17.2%
Source: Company Earning Release 1Q13 Annualized
(As of 1Q13)

25. Appendix
25

26. 26
Brasilian Mortgage Track Record

27. 27
Construction Inflation (INCC) Track Record
Brazilian construction cost index, base 100 = Jan/2005

28. 28
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