Corporate Presentation

1. 1
Corporate Presentation

2. Disclaimer
This presentation may contain forward-looking statements. Such forward-looking statements are and will be subject to
many risks and uncertainties relating to factors that are beyond Direcional’s ability to control or estimate precisely, such
as future market conditions, competitive environment, currency and inflation fluctuations, changes in governmental and
regulatory policies and other factors relating to the operations of Direcional, which may cause actual future results of
Direcional to differ materially from those expressed or implied in such forward-looking statements
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of
this presentation. Such forward-looking statements shall not be construed as guarantee of future performance.
Direcional does not undertake to publicly review or update these forward-looking statements in view of events or
2
Direcional does not undertake to publicly review or update these forward-looking statements in view of events or
circumstances occurring after the date of this presentation
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any
securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment
whatsoever
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in
whole or in part without Direcional’s prior written consent.

3. 652
2,227
5,359
9,360
12,364
Start-up in 1981
Industrial projects acting
as contractor to third
parties
IPO
Over 30 Years of History
A consistent track record and focus
Capture
significant
market
opportunities
MCMV II
Follow-on: $
228.8 million for
What’s Next?
CAGR 06-10: 109%
CAGR 06-10: 100%
67
176
710
783
1,067
Development of projects
focused on the low-
income market
parties
Beginning of
large scale
developments
for the low-
income market
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
3
Source: Company Reports
Units Launched
Consolidation
of a leading
position in
Manaus and
Brasilia
Establishment
of own sales
team
Important geographic
expansion: Brasília, Rio
de Janeiro and Campinas
1981 - 2005 2006 2007 2008 2009 2010 2011
228.8 million for
the Company
Increasing
liquidity
PSV Launched (R$ mm)
67

4. Management Team
Ricardo Valadares Gontijo
Chairman & CEO
Ricardo Valadares Gontijo
Chairman & CEO
• Founder, CEO and Chairman of the Board
40 years of construction experience
• Civil Engineer graduated by UFMG with Gold Medal Award.
Ricardo Ribeiro Gontijo
Commercial Officer
Ricardo Ribeiro Gontijo
Commercial Officer
Roberto Senna
General Manager
Roberto Senna
General Manager
• Civil Engineer degree from The Federal University of Bahia- UFBA, MBA degree from Fundação
Getulio Vargas, FGV, and specialization courses at the Wharton School- University of Philadelphia, and
University of Carlifornia- Irvine.
• Joined Odebrecht Group in 1979 and has held senior management positions in Brazil and abroad
• He was President of Metro-Rio, Director of Telemar Holding and member of the Board of several
companies of the group.
• He was CEO of Bairro Novo, a real estate subsidiary from Odebrecht Group, focused on residential
development and construction in the low income
•Board Member and responsible for Marketing, Sales and New Business
•Civil Engineer graduated by UFMG with the Gold Medal Award
•Joined Direcional in 2004.
4
Commercial OfficerCommercial Officer
Carlos Wollenweber
CFO & IR Officer
Carlos Wollenweber
CFO & IR Officer
Lucas Rocha
Engineering Officer
Lucas Rocha
Engineering Officer
Ana Carolina Huss
Human Resources Officer
Ana Carolina Huss
Human Resources Officer
•Joined Direcional in 2004.
•Extensive experience in the Brazilian real estate market.
•From 2007 to 2009, Controller of BR Properties
•From 2005 to 2007, Financial Director of Valora
•From 2001 to 2005, Financial Manager of Gafisa
•Electrical Engineer graduated by PUC / SP has master degree in Economics and Finance at PUC / SP
and MBA degree at MIT (Massachusetts Institute of Technology)
•Responsible for the engineering department with more than 30 years of experience in construction
•Holds a bachelor’s degree in Civil Engineering
•Joined Direcional in 1985
• Psychologist, graduated at University Paulista, MBA in Business Management, post graduate in
Knowledge Management at FVG and certified in Bright Link in professional coaching
• Human Resources Manager at Natura Cosméticos and Accor Brasil
• Responsible for the department ¨People and Organization¨ of the Bairro Novo, a company of the
Odebrecht group.

5. Shareholder’s Structure
47.01% 15.04%
Filadélphia
Participações S.A. 1 Ridgecrest, LLCTarpon2 Other
6.91% 24.52%
GIC
6.52%
51. Holding owbed by Ricardo Valadares Gontijo and his family
2. Funds managed by Tarpon Investimentos S.A.

6. 6
Business Model
6

7. Unique Footprint
Strong footprint in markets with high growth potential, low
competition and high barriers to entry
Low competition in
profitable markets
Direcional: A Unique Business Model
The best low-income player in Brazil
The most profitable
and efficient player
in the low income
sector
‘’’’‘
Highest efficiency and profitability in the sector
1st Annualized ROE¹ among peers
~25,8% of ROE
~22,6% of Net Margin
1st Net margin among peers
1
profitable markets
Track Record in
Operating in the
Low Income
Over 30 years of experience
Solid track record in 0-3 minimum wages projects
Low capital
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
7
Source: Company Report
1. Annualized ROE: Annualized Quarter´s Net Profit / Average Shareholders' Equity in the same period
2
3
4

8. Unique Footprint: High Growth Markets with Barriers to Entry
Land Bank Composition Barriers to Entry
Detailed mapping of logistics and supply
Scarcity of
Suppliers
Industrialization of raw materials
Vertically integrated model is rapidly
replicated
Direcional's Approach
1
Direcional is the leading company in underpenetrated markets with high growth potential
AM
8.7%
RO
4.2%
PA
13.3%
8
Complex
Logistics
Detailed mapping of logistics and supply
channels
Large and vertically integrated projects
Adverse
Weather
Conditions
Pre-manufactured building materials
adapted to diverse climates
Expertise in coordinating construction
cycle and weather demands
Unskilled
Labor
Highly-trained workers
Standardized and fully-integrated
construction
Compensation based on performance
1
ES
1.1%
MG
39.5%
SP
3.4%
DF
27.6%
RJ
2.2%
Popular;
79,9%
Upper
middle; 1,7% Medium;
17,2%
Commercial;
1,3%
“Minha Casa, Minha Vida”
• 50.2 thousand units eligible for the
program
• 74.6% of total LandBank
Source: IBGE and Company Report
1. Based on 4Q10 Release

9. Focus on Large Scale Projects …
Strong and unique expertise in large scale ventures
2
Large Scale Projects
Project Status
Total of
units
Units to be
launched
Main Advantages of Scale
Economies of Scale
Industrialization process of raw
materials
Manaus Total Ville AM Under construction
Total Ville Bella Cittá PA Under construction
Total Ville Marabá PA Under construction
Allegro Residencial Club AM Under construction
Setor Total Ville DF Under construction
Total Ville Porto Velho RO Under construction
Dream Park ES Under construction
Eliza Miranda AM Under construction
3,640 2,136
4,714 3,732
5,604 4,664
1,648 704
5,088 2,480
2,852 1,868
1,034 752
9Source: Company Report
1. Projects with more than 1,000 units
Optimize construction processes
Urbanized projects
Licensed Projects
Lower Execution Risk
Lower Inflation Risk
Eliza Miranda AM Under construction
Cachoeiras do Madeira RO Under construction
Águas Claras DF Launching in 1H11
Granjas Werneck MG Launching in 2H11
Floramar MG Launching in 1H11
Samambaia DF Launching in 1H12
Projeto Macaé RJ Under construction
Sítio São João MG Launching in 2H11
Ferroeste MG Launching in 2H11
Total
80.8% of the units to be launched in large scale projects1
16 projects with close to 65 thousand units
2,112 128
1,278 426
1,148 1,148
15,000 15,000
1,172 1,172
14,614 14,614
1,125 719
2,500 2,500
2,388 2,388
65,917 54,431

10. … Through a Verticalized Business Model
More than 8,000 exclusive workers assuring quality, commitment, efficiency and cost control
Verticalized Business Model Ability to Deliver
3
Best Execution in the SectorBest Execution in the Sector
Construction DNAConstruction DNA
Own Work Force
VerticalizationVerticalization
Standardized /
Industrialization
10
Performance Based
Compensation
Capacity to Hire and Train
Operational Team
Lower Turnover
Source: Company Reports
On Schedule:
100% of Projects Delivered
on Time
With High Quality:
Lower Maintenance Cost
On Budget:
Margin Stability
Own Work Force
Industrialization
Economies of Scale
All projects are based on
few designs

11. Unique Expertise in the Low Income Segment
Solid track record in all the low income segments
Characteristics
Developer approach
̶ Companies develop projects
and sell units to customers
Price above R$170 k / unit
CAIXA does not facilitate customer
financing
Developer approach
̶ Companies develop projects
and sell units to customers
Price is capped at R$170 k / unit
CAIXA facilitates customer financing
Builder approach
̶ Homebuilders present
projects to Caixa for
evaluation and approval
Normally land/infrastructure is given
by local Government
Price is capped at R$54 k / unit
4
Mid / Low Income Low Income (MCMV – 4-10 MW) Very Low Income (MCMV – 0-3 MW)+ +
11
1. Company estimates – maximum cash exposure in % of total VGV
Main Players
Equity
Commitment1
Units Launched
2010
~5%~15%~20% ~10%
60% / 7,391 units12% / 1,503 units 28% / 3,470 units
PSV Launched
2010
36% / R$ 380 mm35% / R$ 245 mm 29% / R$ 441 mm

12. Top Notch Operational Performance
Direcional has been confirming its efficient cash cycle with sound financial results
Efficient Cash Cycle Highest Results in the Sector
Land
Acquisition
Sales
Speed
Land
Acquisition
Sales
Speed
38% VSO80% Swaps
19%
24%
MRV
PDG
Helbor
12
Efficient Cash
Cycle
Management
Cash
Collection
Austere
Budget
Client
Financing
Construction
Financing
Cash
Collection
Austere
Budget
Client
Financing
Construction
Financing
Avg. Unit Selling Price
NetMargin2010
Source: Company Reports
80-100% of
construction
cost
G&A of 6%
of Revenues
4%
9%
14%
- 150.000 300.000 450.000
CCDI
Rodobens
PDG
Even
Inpar
Cyrela
Tecnisa
Rossi
Trisul
Gafisa

13. 13
Growth Drivers
13

14. MCMV Program Highlights
The largest housing program of the Brazilian history
First Priority of the New Government and currently at
full speed with Dilma’s recent election
The 0-3 segment has expanded three-fold, reaching
600.000
200.000
BRL 34 billion
BRL 72 billion
2.000.000 uniits
4-6
Wages
7-10
Wages
Growth Drivers: MCMV 2nd Phase
0-3 segment presents an outstanding growth opportunity
The 0-3 segment has expanded three-fold, reaching
1.2 million units
The regional distribution of the program should benefit
Direcional
400.000
1.200.000400.000
200.000
Phase 1 Phase 2
0-3
Wages
14
Total
(R$'000)
% Direcional
(R$'000)
Residencial meu Orgulho - 1ª Fase * Junho Manaus -AM 190.598 190.598 3.511
Bairro Carioca Outubro Rio de Janeiro - RJ 114.240 114.240 2.240
Residencial Jardim Alterosa Dezembro Belo Horizonte - MG 75.440 75.440 1.640
Total 2010 380.278 380.278 7.391
2010 Projects
Launch
Date
City - State
PSV
Nr. of
Units

15. Growth Drivers: Selective Geographic Expansion
Direcional operates in Brazil’s most complex markets and expects to replicate this model in new attractive
areas
Development of 0-3 MW Projects
Geographic Expansion Strategy New Sites Selection Criteria
High Housing Demand
Access to Credit Lines
15
Immediate gain of market share and visibility
New projects leveraging on our unique
business model
Access to Credit Lines
Operational Complexity & Region Expertise
Land Availability

16. 16
4Q10 - Operating and Financials Highlights
16

17. Launches
5,193 units were launched in 4Q10, totaling a PSV of R$ 415 million (% Direcional)
12,364 units were launched in 2010, totaling a PSV of R$ 1,067 million (% Direcional)
Launched PSV - % Direcional
(R$ million)
Launches (Units)
1,067
36%
413%
12,364
32%
498%
17
81
415
783
1,067
4Q09 4Q10 2009 2010
868
5,193
9,360
12,364
4Q09 4Q10 2009 2010
Total
(R$'000)
% Direcional
(R$'000)
1 Bairro Carioca Outubro Rio de Janeiro - RJ 114,240 114,240 2,240 0-3 SM
2 Eliza Miranda Mall Novembro Manaus - AM 22,391 8,956 158 Popular
3 Vila Verde Novembro Belo Horizonte - MG 87,086 86,999 440 Médio
4 Parque Ponta Negra - JHSF Novembro Manaus - AM 218,814 87,525 545 Médio-alto
5 Villagio Harmonia Dezembro Porto Velho - RO 41,708 41,666 170 Médio
6 Residencial Jardim Alterosa Dezembro Belo Horizonte - MG 75,440 75,440 1,640 0-3 SM
559,679 414,827 5,193
4Q10 Projects
Launch
Date
City - State Segment
Units #
LAUNCHES 4Q10
PSV

18. Launches Breakdown
Launches
(Segment Breakdown)
Launches
(Geographic Breakdown)
56.0%
17.0% 13.0%
50.0%
44.0%
12.0%
11.0%83.0%
75.0%
39.0%
4Q09 4Q10 2009 2010
74.7%
39.0%
59.8%
100.0%
3.0%
40.0%
28.1%
11.7%
20.0% 5.1%
10.5%
1.0% 7.0%
4Q09 4Q10 2009 2010
18
Vila Verde Parque Ponta NegraEliza Miranda Mall
Villagio Harmonia
Bairro Carioca
Jardim Alterosa
4Q09 4Q10 2009 2010
North Mid-west Southeast
4Q09 4Q10 2009 2010
0-3 MW Popular Medium Upper Middle

19. Sales
Contracted PSV - % Direcional (R$ million) Contracted Units
In 4Q10 we sold 5,341 units with total PSV of R$ 406 million (% Direcional)
In 2010, we sold 12,359 units with total PSV of R$ 1,037 million (% Direcional)
406
661
1037
57%
196%
5,341
7,824
12,359
58%
383%
19
Sales (Geographic Breakdown) Sales (Segment Breakdown)
137
4T09 4T10 2009 2010
1,106
4T09 4T10 2009 2010
64.2%
10.1%
79.7%
46.4%
28.1%
6.6%
7.7%
12.6%
7.7%
83.3%
12.6%
41.1%
4Q09 4Q10 2009 2010
North Mid-west Southeast
46.0% 41.4%
67.1%
48.5%
34.8% 38.4%
28.6%
43.3%
15.7% 16.2%
4.3%
8.2%
3.5% 4.0%
4Q09 4Q10 2009 2010
0-3 MW Popular Medium Upper Middle

20. 36.0%
38.3%
20.5%
24.2%
19.4%
20.8%
27.6%
4Q09 1Q10 2Q10* 3Q10 4Q10*
With 0-3 MW projects Without 0-3 MW projects
Sales Speed
Sales Over Supply of 38.3% in 4Q10;
49% of 4Q10 launched units are sold in 4Q10
In 2010 we launched 12,364 units and sales 12,359 units
Sales Over Supply (VSO)
PSV % Direcional
Sales Speed (%)
(# of units)
14%
17%
89%
17%
49%
38%
19%
4%
27%
31%
7%
3%
12%
5%
3%4Q09
1Q10
2Q10
3Q10
4Q10
3M 6M 9M 12M 15M
44%
96%
48%
98%
49%
4Q09 1Q10 2Q10* 3Q10 4Q10*
20
(# of units)

21. Total % Direcional
Launches 4Q10 209,851 120,111 665 665 50.6%
Launches 3Q10 100,151 90,364 1,020 951 55.3%
Launches 2Q10 70,985 70,606 184 153 3.7%
Launches 1Q10 86,519 77,623 669 622 51.0%
Inventory
PSV in Inventory (R$'000)
Units in
Inventory
Units in
Inventory
(without swap)
% Units in Inventory
Inventory
PSV of R$ 598 million (% Direcional) , representing 4,697 units;
Completed units of R$ 14.9 million (% Direcional) , representing 201 units;
Projects under construction have an average of 83.5% units comercialized
Stock (market value) @ 12/31/2010
Launches 1Q10 86,519 77,623 669 622 51.0%
Launches 4Q09 1,821 1,728 17 17 2.0%
Launches 3Q09 98,396 87,336 759 536 12.6%
Launches 2Q09 25,745 22,054 249 134 4.5%
Launches 1Q09 30,006 26,046 213 197 20.7%
Launches 4Q08 64,772 47,403 339 260 21.5%
Launches 3Q08 26,986 21,319 231 97 6.4%
Launches 2Q08 5,755 5,381 67 13 1.8%
Launches 1Q08 10,793 9,561 44 26 2.7%
Previous launches 6,682 3,606 39 13 2.3%
Under Construction 738,462 583,137 4,496 3,684 16.5%
Finished Units 36,986 14,887 201 200 4.5%
Total Inventory 775,448 598,024 4,697 3,884 14.5%
21
Only 4.5% of our
inventory are from
finished units

22. Delivered Units in 4Q10
Completed Projects - 4Q10 City - State Units
Total PSV
(R$'000)
Direcional PSV
(R$'000)
Segment
Grand Prix Manaus - AM 192 42,026 36,983 Medium
Paradiso Club Taguatinga - DF 358 61,111 59,950 Medium
Paradiso Uno Taguatinga - DF 42 10,156 9,963 Medium
Maura Valadares Belo Horizonte - MG 72 30,479 18,755 Upper Middle
Le Parc de France Belo Horizonte - MG 36 10,155 9,962 Medium
Al Mare Macaé - RJ 172 29,585 14,792 Medium
Vivere Campinas - SP 88 34,746 17,373 Upper Middle
Total 960 218,258 167,778
22
Grand PrixParadiso Club Al MareParadiso Club Le Parc de France

23. 25
51 85 176
21.7%
19.3%
22.5%
22.6%
4Q09 4Q10 2009 2010
Adjusted Net Income Adjusted Net Margin
102%
107%
Financial Performance
Net Revenues Adjusted Net Income and Adjusted Net Margin1
116
263
378
782
4Q09 4Q10 2009 2010
128%
107%
Adjusted Net Income Adjusted Net Margin
63.4 102.3 263.2 377.6 781.9
24.0% 21.1%
24.5% 22.5% 22.6%
2006 2007 2008 2009 2010
Net Revenue Net Margin
231. Adjusted by non-cash expenses (Stock-Option Program of R$ 2,7 million in 4Q10 and R$ 9,9 million in 2010).
CAGR: 87.4%
Development,
85.5%
Management
Fee, 1.1%
0-3 MW
Projects, 12.9%
Brokerage, 0.5%
Gross Revenue Breakdown Net Revenue and Net Margin Evolution

24. 40
79 127 248
35.0%
29.9%
33.7% 31.7%
4Q09 4Q10 2009 2010
94%
95%
8.7
17.4
21.8
50.0
4Q09 4Q10 2009 2010
Financial Performance
Gross Profit and Gross Margin Adjusted G&A ¹ (R$ million)
7,5%
6,6% 5,8% 6,4%
% RevenueGross Profit Gross Margin
4.3
6.2
15.3
20.0
4Q09 4Q10 2009 2010
4Q09 4Q10 2009 2010
24
Adjusted EBITDA and Adjusted Ebitda MarginCommercial Expenses (R$ million)
2,7%
1,3% 1,9% 1,6%
% Revenue
% Sales
31
65 106 202
26.9%
24.7%
28.0% 25.8%
4Q09 4Q10 2009 2010
Adjusted Ebitda Adjusted Ebitda Margin
109%
91%
1. Adjusted by non-cash expenses (Stock-Option Program of R$ 2,7 million in 4Q10 and R$ 9,9 million in 2010).

25. Cash Position
Loans and Financing
(ex- securitization)
Cash Position 4Q09 3Q10 4Q10 ∆∆∆∆ % ∆∆∆∆ %
(R$'000) (a) (b) (c) (c/a) (c/b)
Loans and Financing 123,298 245,724 302,374 145% 23%
SFH 108,056 184,243 226,056 109.2% 22.7%
Securitization of receivables 13,109 53,097 46,843 257.3% -11.8%
FINAME and others 2,133 8,384 8,882 316.4% 5.9%
Working Capital 0 0 20,593 100.0% 100.0%
Cash and Cash Equivalents 313,881 235,075 190,852 -39.2% -18.8%
Net debt -190,583 10,649 111,522 -158.5% 947.3%
Net debt - ex securitization -190,583 -43,665 57,208 -158.5% -231.0%
Net debt / Shareholder's Equity -29.0% 1.4% 14.1% -148.5%
SFH, 88.5%
FINAME and
Leasing, 3.5%
Working
Capital, 8.1%
25
1. Cash Burn: variation of the net debt (-) equity increases
2. 2Q10 * : adjusted by co-obligation in the securitization of receivables, amounting R$ 54.3 million
Amortization Schedule (R$ million) Cash Burn¹ (R$ million)
Net debt / Ebitda -1.8x 0.1x 0.5x
13
45
28 27
15
25
22
33
41
19
86
101
54
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10* 3Q10 4Q10*
122
59
102
20
2011 2012 2013 +2014
Cash Burn¹ (R$ million)

26. Unearned results (R$'000) 4Q09 3Q10 4Q10 ∆∆∆∆ % ∆∆∆∆ %
(a) (b) (c) (c/a) (c/b)
Deferred revenues 579.201 673.976 740.269 27,8% 9,8%
Deferred costs -340.385 -395.440 -424.802 24,8% 7,4%
Deferred results 238.816 278.536 315.467 32,1% 13,3%
Deferred results - Margin 41,2% 41,3% 42,6%
Estimated schedule for deferred results apropriation 2011 2012 2013+
50,2% 39,2% 10,6%
Unearned results
26
Results Recognition Schedule
50.2%
39.2%
10.6%
2011 2012 2013+

27. Subsequent Event : Follow-On
20.8 million new shares were issued in the primary offer and 7.2 million sold in the secondary offering
Increased the free float from 39.5% to 53.0%.
Before Follow On After Follow On
Tarpon,
15.0%
Ridgecrest,
8.0%
GIC, 3.6%
Other,
12.9%
Tarpon;
Ridgecrest;
6,9%
GIC; 6,2%
Other;
24,8%
224
1,416
86
228
12/30/2010 02/10/2011
Total# of Shareholders
Jurídical
Person
Individual
430%
27
600.9
3,901.2
Average Daily Volume - (R$`000)
549%
Dec/2010 Feb/2011
Controlling,
60.5%
Controlling;
47,0%
Tarpon;
15,0%

28. 28
Appendix
28

29. Rising Income
▲ Basic Goods Basket
▲ Real Minimum Wage
▲ Average Wage (Monthly)
HOUSEHOLDS’ DISPOSABLE INCOME
(Jan/03 – Aug/10)
Emerging Class C
EMERGING CLASS C (1)
(% households, 2003 – 2009)
Positive Job Market Trends
Poised to Capitalize on Soaring Demand
+ +
Brazil’s social upward mobility has favored the sector
500
600
115
120
‘04-’10 EMPLOYMENT GROWTH
(%, Jan/04 – Nov/10)
50%
58%
27%
38%
5.7%
3%
5%
7%
9%
11%
13%
15%
Jan-04 Aug-05 Apr-07 Nov-08 Jul-10
29
The steady increase of household
disposable income, along with a higher
availability of housing credit, drives the
search for new homes
29 million individuals entered the class C
income segment in the last 6 years, and
18 million are expected to join it in the
next 5 years
Source: FGV (A Nova Classe Média: O Lado Brilhante dos Pobres), DIEESE, IPEA and McCann Erickson do Brasil
1. Households earning R$1,126 to R$4,854 per month.
0
100
200
300
400
Jan-03 Nov-04 Sep-06 Aug-08 Jun-10
90
95
100
105
110
2.2x
1.8x
Jan/04 – Nov/10 %
Min 5.7%
Max 13.1%
Nov/10 5.7%
Average of 12M 6.9%
UNEMPLOYMENT RATE
(%, 12-month moving average)
37%
2003 2009 2014
66mm 95mm
+29mm
113mm
+18mm
-3%
Total Formal Informal

30. Corporate Governance
Board of Directors
Shareholderes
► Own Governance Standards
► Nominate Members to the Board of
Directors
Advisory Committees
► Nominated by the Board of
Directors
► Not deliberative
Investment
Committee
Finance
Committee
Compensation
Committee
► Fixed Assets
► Diversification
► Mergers and Acquisitions
► Cash Management Policies
► Capital Structure
► Risk Management
Board of Executive Officers
Operations
Not deliberative
► Bi-monthly meetings or ad-
hoc
Deliberative Committees
► Board of Directors + Directors
+ Guests
► Monthly meetings or ad-hoc
Committee
Investment
Committees
Engineering
Committee
Human
Resource
Committee
► Land bank purchases
► Launchings
► Pre-budget approval (release)
► Approval of budget and
planning (beginning work)
► Performance Valuation
► Variable Compensation
30

31. Company Structure
Engineering/
Construction
Detailed
Design
Health, Safety
& Environment
Administrative
Support
Quality/
Technology
AM
DF,PA,RO
MG,ES
SP,RJ
CFO / IR
HR Budget/Supply/
Planning
Shareholders
Clients
31Source: Company
Development /
Commercial
Viability
Studies
Market
Support/Sales
Conceptual
Design /
Products
Legal
(Real Estate)
AM
Special
Projects
(“0 – 3”)
President CEO
Legal
(Corporate)
Comunic. &
Market. Corp.
Sustainability/C
ustomer
Relationship
Guidelines
Results
Shareholders
MG,ES
DF,PA,RO
SP,RJ
Clients

32. Contatos
Carlos Wollenweber
CFO | IR Officer
Lucas Bousas
IR Analyst
32
IR Analyst
Paulo Sousa
IR Assistant
www.direcional.com.br
ri@direcional.com.br
(55 31) 3214-6200
(55 31) 3214-6450