4Q13 Disclosure and Results

1. 1
Earnings Release | Conference Call – 4Q13
March 18th, 2014

2. 2
Agenda
Ricardo Ribeiro
Vice President
Carlos Wollenweber
CFO | IR Officer
Operational Highlights
Financial Highlights

3. 2013 2012 D %
(a) (b) (a/b)
Launched
PSV % Direcional
BRL million 2,565 2,346 9%
Contracted PSV
PSV % Direcional
BRL million 2,652 2,267 17%
Sales Over Supply (VSO) % PSV 78.4% 71.7% +6.7 p.p.
Net Revenues BRL million 1,744 1,449 20%
Cash Flow Generation BRL million 76 -183 n.a
3
2013 Highlights

4. 4
Launches
20% 14%
2013
82%
4%
2012
60%
20%
Launches by Region - Development
(% PSV)
16%
43%
27%
2013
24%
30%
3%
2012
33%
24%
Launches by Region - MCMV Level 1
(% PSV)
AP
MG
RJ
GO
CE
Launches 4Q13
2013:
 MCMV Level 1 represented 80% of the PSV launched;
 82% of the launches in the development segment were
in the southeast region.
+9%
2,565
+24%
2013
2,041
523
2012
2,346
1,647
698
Launched PSV
(R$ million)
MCMV Level 1
Development
SoutheastNorthMidwest Northeast

5. 5
Net Sales and Inventory
Midweast 18%
North 51%
Southeast 31%
800
670
2013
-9%
2012
725
571
154
130
Under Construction
Finished Units
Inventory by Region
(% PSV)
Inventory
(PSV - R$ million)
North 38%
Southeast 44%
Midweast 18%
2012 2013
2,652
+17%
2013
2,041
610
2012
2,267
1,647
620
Contracted Net Sales
(PSV - R$ million)
MCMV Level 1
Development
21.1%
15.4%
21.2%
15.2%15.2%
55.1%
46.9%49.6%
40.7%
55.4%
3Q13 4Q132Q131Q134Q12
With MCMV Level 1 project
Without MCMV Level 1 project
Sales-over-supply ratio (VSO)¹
(% Total PSV)
1 - VSO ratio = Sales for the period / (Opening Inventory + Launches in the Period)

6. 6
Deliveries
Deliveries
(PSV Launched - R$ million)
Units
1,606
1,237
1,127
305291
511502
61
163
20132012201120104Q133Q132Q131Q13
Delivered PSV
718 4,008 7,224
1%
MCMV Level 1
32%
RET1
Commercial
10%
Low-Income
16%
Medium
25%
Upper-Middle
16%
13,55611,3341,8871,351
Residencial
Meu Orgulho

7. 7
Carlos Wollenweber
CFO | IR Officer
Financial Highlights

8. 8
Cash Flow Generation with Growth
1 - Cash Flow: measured by the change in net debt adjusted for dividend payments and shares buyback
2013
76
2012
-183
Cash Flow ¹ Generation- Anual
(R$ million)
Financing Pass-through (“Repasses”)
(R$ million)
633
+39%
2013
273
360
2012
455
233
222
"Associativo"
SFH
Service
74%
Development
26%
Service
84%
Development
16%
Breakdown of Results to be Recognized
(% Total)
47%
31%
2013
836
2012
457
Revenue from Service
% of Gross Revenue
Revenue from Services
(R$ million)
20132012

9. 9
Inventory
Sales and Cancellation (“Distratos”) - Development
(R$ million – PSV)
8%7%7%10%
4%
27%
20%
27%
33%
26%
4Q13 2013
231
2012
157
75
3Q13
68
4Q12
49
Cancellation
% Cancellation over Sales - Development
% Cancellation over Sales - Total
Inventory
(R$ million – PSV)
725 -9%
4Q13
571
154
4Q12
800
670
130
Under ConstructionFinished Units
2013 Launches and Sales - Development
(R$ million – PSV)
Deliveries and Launches - Development Segment
(R$ million – PSV)
686
924
698
523
+19%
+60%
2013
839
2012
828
2011
305
2010
291
LaunchesDeliveries
+17%
Launches
523
Net Sales
610
Cancellations
231
Gross Sales
841

10. 10
Financial Results
1. Adjusted for (non-cash) expenses with the stock option program
Adjusted¹ G&A
(R$ million)
5.8%
6.6%
6.0%
6.7%
+5%
+5%
2013
101
2012
96
4Q13
26
4Q12
25
% Net revenue
Adjusted¹ G&A
Selling Expenses
(R$ million)
2.4%2.8%3.3%
2.4%
4Q13 2013
41
+2%
+61% 40
20124Q12
9 14
Selling Expenses% Net revenue
+50%
4Q134Q12
3,746
586
659
3,160
1,846
2,505
Development
MCMV Level 1
Revenues to be Recognized
(R$ million)
Gross Revenue
(R$ million)
1,024
457
2012
1,482
214
238
4Q13
452
242
131
4Q12
373
+21%
+21%
2013
1,792
956
836
Development
MCMV Level 1

11. INCOME STATEMENT - (R$ ´000) 4Q13 3Q13 D % 2013
Gross Revenues 452 465 -3% 1,792
Services Revenues 238 206 15% 836
% Gross Revenue 53% 44% 8 p.p. 47%
Real Estate Sales Revenues 214 259 -17% 956
% Gross Revenue 47% 56% -8 p.p. 53%
Net Operating revenue 438 451 -3% 1,744
Adjusted Gross Profit¹ 110 122 -10% 454
Adjusted Gross Margin¹ 25% 27% -2 p.p. 26%
G&A² -26 -28 -5% -101
%Net Revenue -6.0% -6.2% 0.1 p.p. -5.8%
Selling expenses -14 -10 40% -41
%Net Revenue -3.3% -2.3% 1.0 p.p. -2.4%
Financial Result 1.1 -0.5 -316% 1.5
Equity pick-up 3.8 3.5 10% 11.8
Tax -6.0 -6.2 -2% -23.7
Other operating income and expenses -3.3 -4.3 -25% -11.0
Non-controlling interest in SPEs and SCPs -3.6 -2.3 54% -8.3
Net Income² 50 63 -20% 232
1111
Consolidated Income Statement
1. Adjustment excluding capitalized interest for construction financing
2. Adjusted for (non-cash) expenses with stock option programs

12. 1212
Dividend Policy
The Board of Directors approved on March 17th, 2014, the new dividend policy of Directional
with the following guidelines :
 The amount to be paid to shareholders will be 40% of Cash Flow Generation¹ of the period.
 The amount to be distributed may not exceed 50% of net income for the period neither be
lower than 25%.
 This policy is contingent to the attainment of the leverage ratio: net debt to equity must be
lower than 30%.
 Frequency of Payment: dividends will be paid 2 times per year, occurring an anticipation
after the publication of the third quarter results for the period.
 The policy will be valid from the results for the year 2014 onwards.
1 - Cash Flow: measured by the change in net debt adjusted for dividend payments and shares buyback

13. 13
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) 3214-6200
(55 31) 3214-6450
Carlos Wollenweber
CFO | IR Officer
Paulo Sousa
IR Coordinator
Luiz Felipe Almeida
IR Analist