The document provides an earnings release and conference call summary for a real estate company for the first quarter of 2015. It highlights that the company generated cash flow of R$63 million in 1Q15, saw a 27% increase in services revenue, and reduced its leverage ratio to 13%. Inventory levels increased 35% to R$855 million compared to the previous quarter. Deliveries decreased 88% to R$85 million in 1Q15. The company also discussed its financial results, capital structure, buyback program, and contacts for investor relations.

1. 1
Earnings Release | Conference Call – 1Q15
May 18th, 2015

2. 2
Agenda
Ricardo Ribeiro
Vice President
Fernando Ramos
CFO and IR Officer
Operational Highlights
Financial Highlights

3. 3
Highlights
 Cash flow generation of R$ 63 million in 1Q15.
 Increase of 27% in services revenue (MCMV Level 1) if compared
to the 1Q14, totaling R$ 317 million in 1Q15 which accounted for
76% of total revenue recognized during the period.
 Reduction of the company's leverage ratio (net debt over
equity) which accounted only 13%, one of the lowest
among peers listed on the BM&F Bovespa.
 At the end of 1Q15, sales revenue to be
recognized totaled R$ 3.1 billion, accounting
for approximately 21 months of revenue
 Share buyback program and dividends in
accordance to the approved policy.

4. 4
Launches and Sales
Contracted Net Sales
(PSV - R$ million)
110
137
194 36
331
4Q141Q14
772
1Q15
-89%
-96%
882
Development MCMV Level 1
61% Midwest
22%
North
18%
Southeast
Geographic Segmentation of Cancellations – 1Q15
(% PSV)
Cancellations and Cancellation Resale
(Units)
613 632 617 633
406504 535 476 481
239
59%
76%77%
85%82%
70%64%
75%
61%
59%
4Q141Q14 2Q14 3Q14 1Q15
-36%
Resale (until 1Q15) Resale in the Period
% Resale (until 1Q15)Cancellations
Contracted Gross Sales – Development
(PSV - R$ million)
97
227
185
4Q14 1Q15
-47%
1Q14
-57%
Launches
(PSV - R$ million)
194
154
20
4Q14
772
1Q14
-94%
348
-97%
1Q15
Development MCMV Level 1

5. 5
Inventory
Inventory Track Record
(PSV - R$ million)
20%
2012
<2012
Finished Units
25%
2%2015
2014
26%
5%
21%
2013
Inventory by Launch Period
(% PSV)
855
1%
+35%
1Q14
631
452
179
218
629
846
4Q14
639
216
1Q15
Finished Units
Under Construction
38%
North
12%
Southeast 50%
Midwest
Inventory by Region
(% PSV)
846
20
Launches
36
26
Net Sales 1Q15
855
Value
Variation
4Q14

6. 6
Deliveries
MCMV Level 1
51%
Medium
36%
Low-Income
13%
1Q15 LTM Deliveries
(Geographic and Economic Segmentation -PSV%)
Northeast
4%
Southeast
24%
Midwest
16%
North 56%
1Q15
LTM
1,046
2Q14
LTM
1,806
805
1Q14
LTM
721
4Q13
LTM
1,676
1,001
3Q13
LTM
839
398
1,020
1,237
905
674 760
1,526
3Q14
LTM
864
4Q14
LTM
607
1,751
628
1,235
887
115
Deliveries – Track Record
(Over the past 12 months: R$ million)
MCMV Level 1
Development
Deliveries
(PSV - R$ million)
-86%
85320
-88%
737
1Q15
45
4Q14
601
325
417
276
1Q14
40
MCMV Level 1
Development
 Deliveries amounted R$ 85 million in the 1Q15, a decrease of 88% when compared to the 4Q14;

7. Low-Income Segment
7
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
+16.3%
1Q14
2,565
1Q15
2,983
1Q15
20
2014
119
2013
11
2012
108
2011
210
2010
303
2009
358
2008
184
2007
58
Low-Income Segment
20082007 1Q152014
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)

8. 8
Fernando Ramos
CFO and IR Officer
Financial Highlights

9. 9
Financial Results
1. Adjustment excluding interest on financing for construction;
250
404
317
160
167
102
4Q14
571
1Q14
409 419
-27%
+2%
1Q15
Gross Operating Revenue
(R$ million)
Revenues from Services
Revenues from Real Estate Sales
Adjusted¹ Gross Profit and Gross Margin
(R$ million)
92
120
85
12
23.9%
1Q14
104
11
26.1%
13
1Q15
-6%
132
4Q14
24.4%
-26%
97
Gross ProfitAdjusted Gross Margin¹
Interest capitalized in costs

10. 1010
G&A
(R$ million)
30 31 27
-13%
-10%
1Q15
6,7%
4Q14
5,6%
1Q14
7,5%
% Net revenue
Selling Expenses
(R$ million)
13 811
-24%
1Q15
2,0%
4Q14
2,3%
1Q14
2,7%
-37%
% Net revenue
Net Income
(R$ million)
46
61
36
-22%
11,0%
1Q14
11,7%
-40%
1Q15
9,1%
4Q14
Net Magin
Financial Results

11. 11
Cash Flow Generation
1. Cash flow generation: net debt variation net of dividends and share buyback programs.
457
836
317269
76%
67%
47%
31%
23%
14%
1Q152014
1,281
2013201220112010
117
Revenue from Service
% of Gross Revenue
Revenue from Services
(R$ million)
Financing Pass-through (“Repasses”)
((R$ million - Cash Reception Criterion)
118 -20%
-26%
1Q15
109
9
4Q14
159
145
14
1Q14
148
115
33
SFH"Associativo"
Cash Flow Generation (Cash Burn)¹
(R$ million)
158
20142013
76
2012
-183
2011
-176
1Q15
63

12. 12
Capital Structure
Capital Structure
(R$ million)
266
Net Debt
16% 16% 13%
Net Debt/Equity
283 230
CRI
12%
Working Capital
1%
SFH
61%
FINAME and Leasing
5%
Debentures22%
1Q15
685
915
4Q14
665
948
1Q14
603
869
Cash
Debt
Gross Debt Breakdown
(% of Debt)
Net Debt
Without SFH
-324
Net Debt
230
Cash and
Cash
Equivalent
685
Debt
915
SFH
554
361
Debt
(R$ million)

13. Buyback program and Dividend
13
 In March, the Board of Directors approved the share buyback program limited to the maximum
purchase of 7,034,205 and maximum period of 365 days, whose objective is the subsequent sale or
cancellation.
+3.7% or R$ 0,006
Total Approved 7,034,205
Total Runs 5,480,900
% Executed 78%
Total Shares 153,398,749
Available sharesbefore buyback 153,265,983
Available sharesafterbuyback 147,820,683
Dividends 26,873,977.64R$
Dividendspershare
Before Buyback R$ 0.1753
AfterBuyback R$ 0.1818
Plan Buyback (Status until 15/05/2015)

14. 14
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) 3431-5509
(55 31) 3431-5510
Fernando José Mancio Ramos
CFO | IR Officer